Under Armour Inc (UAA) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Under Armour Q4 '24 Earnings Conference Call. (Operator Instructions) Please also note, today's event is being recorded.

大家早安，歡迎參加 Under Armour '24 年第 4 季財報電話會議。 （操作員說明）也請注意，今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Lance Allega, Senior Vice President, Investor Relations, Treasury and Corporate Development. Sir, please go ahead.

現在，我想請投資者關係、財務和企業發展高級副總裁 Lance Allega 發言。先生，請繼續。

Good morning, and welcome to Under Armour's Fourth Quarter and Full Year Fiscal 2024 Earnings Conference Call. Today's event is being recorded for replay.

早上好，歡迎參加 Under Armour 2024 財年第四季和全年財報電話會議。今天的事件正在錄製以供重播。

Joining us on today's call are Under Armour President and CEO, Kevin Plank; and CFO, David Bergman. Our remarks today will include certain forward-looking statements that reflect Under Armour's management's current view of our business as of May 16, 2024. These statements may include projections for our business in the present and future quarters and fiscal years. Forward-looking statements are not guarantees of future business performance, and our actual results may differ materially from those expressed or implied in the views provided. Statements made are subject to risks and other uncertainties detailed in this morning's press release and documents filed regularly with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

參加今天電話會議的還有 Under Armour 總裁兼執行長 Kevin Plank；和財務長大衛·伯格曼。我們今天的言論將包括某些前瞻性陳述，這些陳述反映了Under Armour 管理層截至2024 年5 月16 日對我們業務的當前看法。 。前瞻性陳述並非對未來業務績效的保證，我們的實際結果可能與所提供的觀點中明示或暗示的結果有重大差異。所做的聲明受到今天上午的新聞稿和定期向 SEC 提交的文件中詳述的風險和其他不確定性的影響，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Today's discussion may also include non-GAAP references. Under Armour believes these measures give investors a helpful perspective on underlying business trends. When applicable, these measures are reconciled to the most comparable U.S. GAAP measures. Reconciliations, along with other pertinent information, can be found in this morning's press release and at about.underarmour.com.

今天的討論可能還包括非公認會計準則參考。 Under Armour 相信這些措施可以讓投資人對潛在的商業趨勢有一個有用的視角。如果適用，這些措施會與最具可比性的美國公認會計準則措施進行調整。調節表以及其他相關資訊可在今天上午的新聞稿和 about.underarmour.com 上找到。

With that, I will turn the call over to Kevin.

這樣，我會將電話轉給凱文。

Thank you, Lance, and to everyone joining us this morning. We've got a lot to get through on today's call, including some extended prepared remarks, so let's dive right in.

謝謝你，蘭斯，也謝謝今天早上加入我們的所有人。在今天的電話會議上，我們有很多內容要討論，包括一些準備好的長篇評論，所以讓我們直接開始吧。

Four-plus years removed from the President and CEO role at Under Armour, I am bringing a clear sense of purpose and 100% commitment with 0 distractions from making UA excellent. I've gained a unique perspective from the Executive Chair Board seat. And while I've maintained a presence in the business throughout, that role was very different from the responsibility and opportunity I now have as CEO to affect the day-to-day decisions of this brand. I look forward to applying these lessons with renewed approach to leadership.

離開 Under Armour 總裁兼執行長四年多以來，我帶著清晰的目標感和 100% 的承諾，零幹擾地致力於讓 UA 變得卓越。我從執行主席董事會席位中獲得了獨特的視角。雖然我一直在該公司工作，但這個角色與我現在作為執行長所擁有的影響該品牌日常決策的責任和機會非常不同。我期待以新的領導方式應用這些經驗教訓。

During this time, our industry has undergone significant changes, including a global pandemic that tested the resilience of the consumer value chain and increased competition with many new capable entrants that have altered shopping behavior and preferences. However, our aspiration to build the world's best athletic performance brand has not changed.

在此期間，我們的行業經歷了重大變化，包括考驗消費者價值鏈彈性的全球大流行，以及許多有能力的新進入者的競爭加劇，改變了購物行為和偏好。然而，我們打造全球最佳運動表現品牌的願望並沒有改變。

Our goal has always been to be a premium brand of choice driven by industry-leading athletic performance products, inspirational storytelling and elevated consumer experiences. Yet, we have not consistently nor holistically delivered on this ambition. A lack of continuity, increased complexity have challenged our execution with several CEOs and heads of product marketing in North America over the past half decade. Ongoing turnover of critical leadership has been central to our inability to stay agile and decisive.

我們的目標始終是成為由業界領先的運動性能產品、鼓舞人心的故事和提升的消費者體驗所驅動的優質品牌。然而，我們並沒有始終如一地或全面地實現這一目標。在過去的五年裡，缺乏連續性、增加的複雜性對我們與北美幾位執行長和產品行銷主管的執行力提出了挑戰。關鍵領導階層的持續更替是我們無法保持敏捷和果斷的核心原因。

From uneven execution across product and marketing to suboptimal segmentation, wholesale relationships and DTC performance, there remains a significant opportunity to activate more effectively across the dimensions that matter to drive improved brand affinity and therefore, demand. With several of our executive team being new to their roles, my top priority is to bring clarity and stability to our business. Said better, we must make the complex simple and the simple compelling.

從產品和行銷的執行不均勻，到細分、批發關係和 DTC 績效的次優，仍然存在重要的機會來更有效地激活各個維度，從而提高品牌親和力，從而提高需求。由於我們的幾位管理團隊都是新角色，我的首要任務是為我們的業務帶來清晰度和穩定性。更好地說，我們必須使複雜簡單，使簡單引人注目。

To address this, we will reconstitute Under Armour's brand strength over the next 18 months by focusing on brand-building fundamentals like making great products, telling the best story about those products and servicing every aspect of delivering our business while building the best team. As a podium brand, meaning 1 of just 3 or 4 global brands that have the credibility of being recognized worldwide as an authentic on-field, court and pitch athletic performance brand, we have an incredible foundation from which to reconstitute a winning culture.

為了解決這個問題，我們將在未來18 個月內重建Under Armour 的品牌實力，重點關注品牌建設的基礎知識，例如製造出色的產品、講述這些產品的最佳故事以及為業務交付的各個方面提供服務，同時打造最佳團隊。作為一個登上領獎台的品牌，意味著只有3 或4 個全球品牌中的一個，這些品牌在全球範圍內被公認為是真正的現場、球場和球場運動表現品牌，我們擁有令人難以置信的基礎來重建獲勝文化。

And while I have no delusions that this is to be a repeat of how this brand was built the first time, there are certainly parts that will rhyme. And I plan to use every tool of resource or experience available to me and UA to make us successful.

雖然我並不妄想這會重複這個品牌第一次建立的方式，但肯定有一些部分會押韻。我計劃利用我和 UA 可用的一切資源或經驗工具來使我們成功。

That said, I do not arrive at the next part of the call easily, but it is where we are today. We had a confluence of factors, including lower wholesale orders, proactive decisions to restore brand health to our eCommerce and lead times to bring new products to market. We are at crossroads of defensive necessity and offensive opportunity.

也就是說，我並不容易進入電話會議的下一部分，但這就是我們今天所處的位置。我們受到多種因素的影響，包括批發訂單減少、恢復電子商務品牌健康的積極決策以及將新產品推向市場的交貨時間。我們正處於防守必要性和進攻機會的十字路口。

Therefore, before driving forward, we'll be taking a larger step back in fiscal '25 with an expectation that our revenue will be down at a low double-digit rate. This includes an approximate 15% to 17% decline in North America driven by 3 factors that I will go into later in the call as we work to meaningfully reset this business while navigating an environment made more challenging by our execution in the past.

因此，在向前邁進之前，我們將在 25 財年大幅後退一步，預計我們的收入將以兩位數的速度下降。其中包括北美地區約15% 至17% 的下降，這是由3 個因素驅動的，我將在稍後的電話會議中討論這些因素，因為我們努力有意義地重新調整這項業務，同時應對因我們過去的執行而變得更具挑戰性的環境。

In our international regions, we expect revenue to be down at a low single-digit rate due to some conservative macro consumer trends we see as well as applying lessons learned here in North America to ensure that we protect the brand strength that we've built in EMEA, APAC and Latin America.

在我們的國際地區，由於我們看到一些保守的宏觀消費趨勢，以及應用在北美學到的經驗教訓，我們預計收入將以較低的個位數下降，以確保我們保護我們已經建立的品牌實力歐洲、中東和非洲地區、亞太地區和拉丁美洲。

From a channel perspective, we see our wholesale business to be down at a low double-digit rate and direct-to-consumer to be down approximately 10% due to proactive actions to significantly reduce the discounting level within our own eCommerce business. This reflects some of the foundational steps in our ambition to create a more premium stance for our brand.

從通路角度來看，由於我們採取了積極行動，大幅降低了我們自己的電子商務業務中的折扣水平，我們預計我們的批發業務將以兩位數的速度下降，而直接面向消費者的業務將下降約10%。這反映了我們為品牌創造更優質立場的雄心壯誌所採取的一些基本步驟。

By product, we expect apparel and footwear sales to be down at a low double-digit rate and our accessories business to remain essentially flat year-over-year. Even with this revenue contraction, we expect a gross margin improvement of 75 to 100 basis points due to the material reduction in promotional and discounting activities through our DTC business and proactive product and costing initiatives.

按產品劃分，我們預計服裝和鞋類銷售額將以較低的兩位數下降，而我們的配件業務將比去年同期基本持平。即使收入出現萎縮，我們預計毛利率仍將提高 75 至 100 個基點，因為透過我們的 DTC 業務以及積極的產品和成本核算舉措，促銷和折扣活動大幅減少。

Turning to SG&A. As we work to streamline our business further, we anticipate our expenses to be down 2% to 4% in fiscal '25. This includes a Board-approved restructuring plan to help strengthen and support additional financial and operational efficiencies.

轉向SG&A。隨著我們努力進一步簡化業務，我們預計 25 財年的支出將下降 2% 至 4%。這包括董事會批准的重組計劃，以幫助加強和支持額外的財務和營運效率。

While Dave will provide more detail, we expect to incur total estimated pretax restructuring and related charges of approximately $70 million to $90 million. Excluding the midpoint of this restructuring range, we expect $130 million to $150 million in adjusted operating income, representing $0.18 to $0.21 of adjusted diluted earnings per share.

雖然戴夫將提供更多細節，但我們預計稅前重組和相關費用總額約為 7,000 萬至 9,000 萬美元。排除此重組範圍的中點，我們預期調整後營業收入為 1.3 億至 1.5 億美元，相當於調整後稀釋每股收益 0.18 至 0.21 美元。

This is not where I envisioned Under Armour playing at this point in our journey. That said, we'll use this turbulence to reconstitute our brand and business, giving athletes, retail customers and shareholders bigger and better reasons to care about and believe in Under Armour's potential, a potential backed by nearly 1,900 retail stores and a worldwide presence in almost 100 countries, respected by athletes as a podium brand with a distinctive positioning of innovation and performance that is truly unique.

這不是我想像中的 Under Armour 在我們旅程中的這個階段進行的比賽。也就是說，我們將利用這次動盪來重組我們的品牌和業務，讓運動員、零售客戶和股東有更大更好的理由關心和相信Under Armour 的潛力，這種潛力得到了近1,900 家零售店和全球業務的支持。

From a product perspective, we're not just chasing the low-hanging fruit of sportswear. We're reinvigorating our culture of blowing athletes' minds with a consistent drumbeat of innovation. We must become a brand of launches, creating products that solve athlete problems while communicating the story of how and why our products deliver.

從產品的角度來看，我們不僅追求運動服這唾手可得的果實。我們正在透過持續不斷的創新重振我們的文化，讓運動員們驚嘆不已。我們必須成為一個發布品牌，創造能夠解決運動員問題的產品，同時傳達我們的產品如何以及為何實現這一目標的故事。

The good news is that we're already doing this. For example, we delivered 6 new footwear drops in February alone: Infinite Pro and Infinite Elite, SlipSpeed Mega, Curry color drops at the NBA All-Star game, the Apparition from UA sportswear and the Drive Pro in golf. The larger problem is that you've probably never heard about any or most of them. We'll make sure that if a product is important enough for us to make and release, it's also important enough to celebrate with storytelling or plainly, we just won't make it.

好消息是我們已經在這樣做了。例如，僅在 2 月份，我們就交付了 6 款新鞋：Infinite Pro 和 Infinite Elite、SlipSpeed Mega、NBA 全明星賽中的 Curry 配色、UA 運動服的 Apparition 以及高爾夫中的 Drive Pro。更大的問題是您可能從未聽說過其中的任何一個或大部分。我們將確保，如果一個產品對我們來說足夠重要，足以讓我們製作和發布，那麼它也足夠重要，足以透過講故事來慶祝，否則我們就不會做它。

So giving stakeholders reasons to believe begs the question, how do we plan to strengthen the Under Armour brand? It starts by reminding everyone, ourselves included, why we're here. Under Armour is a sports house. This is our reason for being. It's our DNA and identity. Under Armour is about athletes and innovation, leading with team sports. We equip those athletes to push the boundaries of what is possible by inspiring them with performance solutions they never knew they needed and once they've tried them, cannot imagine living without.

因此，讓利害關係人有理由相信，這就引出了一個問題：我們計劃如何加強 Under Armour 品牌？它首先提醒每個人，包括我們自己，我們為什麼在這裡。 Under Armour 是一家運動品牌。這就是我們存在的理由。這是我們的 DNA 和身分。 Under Armour 致力於運動員和創新，以團隊運動為主導。我們透過激勵他們提供性能解決方案來幫助這些運動員突破可能的界限，他們從來不知道自己需要這些解決方案，一旦他們嘗試過，就無法想像沒有它們的生活。

At the backbone of all this is an authentic passion with an identity of grit. Under Armour was not born on that podium, but of an underdog spirit, the long shot, the athlete without all the gifts who some way, somehow finds a way to persevere. That underdog grit is our differentiator, and we will embrace this mentality in this chapter as a brand.

這一切的支柱是真正的熱情和毅力。 Under Armour 並非誕生於頒獎台上，而是源自於一種失敗者精神、遠見卓識，是一位沒有所有天賦的運動員，卻以某種方式找到了堅持下去的方法。失敗者的勇氣是我們的與眾不同之處，我們將在本章中作為一個品牌擁抱這種心態。

With this brand positioning recentered and solidified, we're narrowing and simplifying our Protect This House strategy to rebuild our core through 3 main priorities: first is delivering better products and storytelling, to amplify demand and loyalty; second is running smarter plays by simplifying, modernizing and optimizing our systems, structure and processes so we harness efficiency for effectiveness; and third, is elevating consumer experiences, mandating excellence where, when and how athletes choose to engage with our brand and transact.

隨著這個品牌定位的集中和鞏固，我們正在縮小和簡化我們的「保護這個家」策略，透過三個主要優先事項重建我們的核心：首先是提供更好的產品和講故事，以擴大需求和忠誠度；其次是透過簡化、現代化和優化我們的系統、結構和流程來運行更聰明的遊戲，以便我們利用效率來提高效率；第三，提升消費者體驗，要求運動員在選擇與我們的品牌互動和交易的地點、時間和方式時做到卓越。

So starting with delivering better products and storytelling. This is about the constant and a [movement] with troika, of athlete, product and story, particularly in our North American business. This balance of this triad has been underserved for quite some time.

因此，從提供更好的產品和講故事開始。這是關於運動員、產品和故事三駕馬車的持續和[運動]，特別是在我們的北美業務中。相當長一段時間以來，這三位一體的平衡一直無法充分利用。

In our largest market, we have become a brand that, well, competes primarily on price versus our core competency, which is performance and technical innovation, an aspect of UA that has frankly gone untold for too long. To correct this, we must reprioritize our innovation agenda by reminding athletes that our products perform like no other in the industry, a flawless balance of science, function and style made to empower them to be the best at whatever they do from Monday to Sunday.

在我們最大的市場中，我們已經成為一個主要在價格上競爭的品牌，而我們的核心競爭力是性能和技術創新，坦白說，UA 的一個方面長期以來一直未被提及。為了糾正這個問題，我們必須重新調整我們的創新議程，提醒運動員我們的產品性能與業內其他產品不同，科學、功能和風格的完美平衡使他們能夠在周一到週日的任何活動中都做到最好。

We are eliminating products that do not meet our standard to sell much more of much fewer products accomplished by editing more intentionally. Led by our Chief Product Officer, Yassine Saidi, we are committed to this vision, but it requires having one point of view with considerably improved design language, a reduced but more intentional fabric library that includes a clear good, better, best segmentation for distribution, trend-right colorways and standardized fits across all the athletes we serve.

我們正在消除不符合我們標準的產品，以便透過更有意地編輯來銷售更多或更少的產品。在我們的首席產品長Yassine Saidi 的領導下，我們致力於實現這一願景，但這需要有一個觀點，並顯著改進的設計語言，一個精簡但更有意的面料庫，其中包括清晰的良好、更好、最佳的分銷細分、適合我們服務的所有運動員的潮流配色和標準化合身。

Dissecting our execution further, too many areas of our product strategy have been designated as priorities. This has caused operational inefficiency and a strain on resources, which has diluted our ability to have a consumer-centric point of view, consistent storytelling and an effective go-to-market process.

進一步剖析我們的執行情況，我們的產品策略中有太多領域被指定為優先事項。這導致了營運效率低下和資源緊張，削弱了我們以消費者為中心的觀點、一致的故事敘述和有效的上市流程的能力。

Over the past few years, it's also evident that we've taken our eyes off of our core men's apparel business, which, particularly in North America, has permitted this business to become more promotional and commoditized. That has significantly impacted our brand's perception. We will rectify this. This focus does not mean that we are deprioritizing our footwear or women's business per se, but from a sequencing perspective, men's apparel will be our highest priority.

在過去的幾年裡，很明顯，我們已經將注意力從我們的核心男裝業務上移開了，這使得這項業務變得更加促銷和商品化，特別是在北美。這極大地影響了我們品牌的認知。我們將糾正這一點。這種關注並不意味著我們會降低鞋類或女裝業務本身的優先級，但從排序的角度來看，男裝將是我們的最高優先級。

We're also reorganizing our product and marketing teams around our largest revenue sports categories of training, running, sportswear, golf and basketball while ensuring that the authenticator of team sports is still our front porch in every region where we compete. Here in North America, the United States, that means our presence in American football, soccer, baseball, softball, volleyball, lacrosse as the core sports we'll speak to and solve problems for with our amazing performance innovation. The specific core sport authenticators will, of course, vary by region.

我們也圍繞著我們收入最大的運動類別（訓練、跑步、運動服、高爾夫和籃球）重組我們的產品和行銷團隊，同時確保團隊運動的認證者仍然是我們參與競爭的每個地區的前沿。在北美，美國，這意味著我們在美式足球、足球、棒球、壘球、排球、長曲棍球等核心運動中的存在，我們將透過我們驚人的表現創新來談論並解決問題。當然，具體的核心運動認證器會因地區而異。

So given the newness of our leadership and product lead times, the critical mass of elevated offerings won't fully come to market until our fall/winter '25 collection, which is the second half of our fiscal '26. However, as we work through this in-between period, I challenge the team to adjust our operating and go-to-market models in 3 actionable ways. First, refine our product assortment and reduce our SKU or style count by roughly 25% over the next 18 months, intentionally decreasing our good discounted level mix while scaling our better and best offerings to drive balance into our segmentation. This will significantly reduce workloads for our teams and allow them to focus and prioritize on making any product that comes from our engine excellent with a product and story that we will be proud of.

因此，考慮到我們的領導力和產品交付時間的新穎性，直到我們的 25 年秋冬系列（也就是我們 26 財年的下半年）之前，大量的高端產品才會完全進入市場。然而，當我們度過這個中間時期時，我要求團隊以 3 種可行的方式調整我們的營運和上市模式。首先，在接下來的18 個月內，完善我們的產品種類，將我們的SKU 或款式數量減少大約25%，有意減少我們良好的折扣水平組合，同時擴大我們更好和最好的產品，以推動我們細分市場的平衡。這將顯著減少我們團隊的工作量，並使他們能夠集中精力並優先考慮使來自我們引擎的任何產品變得優秀，並提供我們引以為傲的產品和故事。

Secondly, our current go-to-market has only one gear with an 18-month process to get a product from an idea to the selling floor. This is just plain uncompetitive in the 2024 landscape. That said, we'll be pursuing a faster 6- and 12-month go-to-market capability, which was recently demonstrated with the release of the world's first true performance headwear that immediately sold out, the StealthForm Uncrushable hat, which debuted on Jordan Spieth at this year's Masters Golf Tournament that delivered in just 6 months and is now on preorder for athletes at a $45 price point.

其次，我們目前的上市流程只有一種設備，需要 18 個月的時間才能將產品從創意推向銷售平台。在 2024 年的情況下，這顯然毫無競爭力。也就是說，我們將追求更快的6 個月和12 個月的上市能力，最近發布的世界上第一個真正的高性能頭飾StealthForm Uncrushable 帽子就證明了這一點，該帽子立即售罄，該帽子首次亮相於喬丹·斯皮思 (Jordan Spieth) 在今年的大師高爾夫錦標賽上的表現僅用了 6 個月的時間，現已開始接受運動員預訂，價格為 45 美元。

The StealthForm Uncrushable is also a good metaphor for who we expect to be in our industry: innovative, premium, stylish, and nothing else like it in the market, a product that truly helps you perform better with its comfortable fit, technical material cooling and stretch that feels like a secure hug for your head and deliver to the market with speed.

StealthForm Uncrushable 也是我們對產業期望的一個很好的比喻：創新、優質、時尚，是市場上獨一無二的產品，該產品以其舒適的貼合性、技術材料的冷卻和性能真正幫助您表現得更好。

And finally, building out a direct-to-consumer line of exclusive products for our own stores and eCommerce. Wholesale is about 60% of our business and will be hypercritical for our success and how we will achieve the elevated position and vision of the UA brand I'm describing. Yet it has been far too long since we've shown retailers our vision.

最後，為我們自己的商店和電子商務建立直接面向消費者的獨家產品系列。批發業務約占我們業務的 60%，對於我們的成功以及我們如何實現我所描述的 UA 品牌的提升地位和願景至關重要。然而，我們已經很久沒有向零售商展示我們的願景了。

So using our own physical and digital stores as a proving ground, we will demonstrate what excellence can look like for the Under Armour brand, whether that is through a more premium price point or meaningfully amplified storytelling to drive success. We want our partners to call us because they're inspired by the innovation they see us building and not just what they sold from us before.

因此，我們將利用我們自己的實體店和數位商店作為試驗場，展示 Under Armour 品牌的卓越表現，無論是透過更高的價格點還是透過有意義的放大故事來推動成功。我們希望我們的合作夥伴給我們打電話，因為他們受到我們所創造的創新的啟發，而不僅僅是他們以前從我們那裡銷售的產品。

While delivering better products and segmentation is central to our ability to drive greater future demand, our products must be married with authentic inspirational storytelling and technical education about how Under Armour makes athletes better. Our DNA, reason to buy and storytelling must permeate all consumer touch points.

雖然提供更好的產品和細分市場對於我們推動未來更大需求的能力至關重要，但我們的產品必須與真實的勵志故事和有關 Under Armour 如何讓運動員變得更好的技術教育相結合。我們的 DNA、購買理由和故事敘述必須滲透到所有消費者接觸點。

With some of the highest performing material sciences in our industry, including temperature management, moisture wicking, sustainable fabrics, cushioning, compression-based support, to be candid, we've done a poor job consistently communicating our product advantages to athletes. This must be fixed as it's hard to sell something that is a best-kept secret.

坦白說，憑藉我們行業中一些性能最高的材料科學，包括溫度管理、吸濕排汗、可持續面料、緩衝、基於壓縮的支撐，我們在向運動員傳達我們的產品優勢方面做得很差。這個問題必須解決，因為保守秘密的東西很難出售。

In this respect, we are working to dramatically overhaul our product descriptions and hang tags and how our DTC and wholesale sales forces are equipped to tout our product attributes. When athletes research Under Armour online or choose our products in a store, it should be clear to them by answering 3 simple questions, what it is, what it does and how it will make them better.

在這方面，我們正在努力徹底改革我們的產品描述和吊牌，以及我們的 DTC 和批發銷售人員如何配備來宣傳我們的產品屬性。當運動員在線研究 Under Armour 或在商店中選擇我們的產品時，他們應該通過回答 3 個簡單的問題來清楚地了解：它是什麼、它有什麼作用以及它如何讓他們變得更好。

Going forward, a simplistic 3-point description of every UA product will be found consistently on our hang tags, point of purchase and website and conveyed by our associates on the floor. Brands are built with consistency. So make no mistake, we'll be strengthening our brand in this chapter.

展望未來，我們的吊牌、購買點和網站上將一致地找到每件 UA 產品的簡化 3 點描述，並由我們在場的員工傳達。品牌是建立在一致性的基礎上的。因此，毫無疑問，我們將在本章中加強我們的品牌。

That's not to say we haven't succeeded in marrying these efforts well in our recent path. When our product and marketing engines are aligned, showcasing product innovations with relevant storytelling, we've seen success in driving positive demand. A recent example can be seen at this year's Boston Marathon, where UA athlete, Sharon Lokedi took her third podium wearing our $250 Velociti Elite 2 running shoe, a trend we think will continue. In preparation for the race, we immersed media and influencers in run experience and flooded our social media channels.

這並不是說我們沒有成功地將這些努力結合到我們最近的道路上。當我們的產品和行銷引擎保持一致，透過相關的故事敘述來展示產品創新時，我們在推動積極需求方面取得了成功。最近的一個例子是今年的波士頓馬拉松賽，UA 運動員 Sharon Lokedi 穿著我們價值 250 美元的 Velociti Elite 2 跑鞋第三次登上頒獎台，我們認為這一趨勢將會持續下去。為了準備比賽，我們讓媒體和有影響力的人沉浸在跑步體驗中，並淹沒了我們的社交媒體管道。

Of course, there are other examples where we've been running this consistent play and have shown up proudly like our SlipSpeed launch and ongoing business there, our Unstoppable pants and the surrounding collections that make Unstoppable a force for UA and our women's Meridian products where we are building trust with her. We are at our best when we're on offense. We must harness and homogenize this approach more effectively across all consumer connections.

當然，還有其他例子表明我們一直在進行這種一致的遊戲，並自豪地展示了我們的SlipSpeed 發布和正在進行的業務、我們的Unstoppable 褲子和周邊系列，這些系列使Unstoppable 成為UA 和我們的女性Meridian 產品的力量，其中我們正在與她建立信任。當我們進攻時，我們會處於最佳狀態。我們必須在所有消費者聯繫中更有效地利用和同質化這種方法。

Strong product team also requires strategic and operational collaboration with marketing to bring it all together. As mentioned on our last call, we've consolidated our global and North American marketing teams to bring a cleaner, more creative, integrated approach for faster decision-making and improved oversight into our spending and the returns we get for our investments there. Concerning our search for a new Chief Marketing Officer, I pressed pause while assuming the CEO role. And we'll be reengaging that search immediately as we have a strong candidate pool and expect to have this chair filled soon.

強大的產品團隊還需要與行銷部門進行策略和營運協作，將其整合在一起。正如我們在上次電話會議中提到的，我們整合了我們的全球和北美行銷團隊，以帶來更清潔、更具創意的綜合方法，以加快決策速度，並改善對我們在當地的支出和投資回報的監督。關於我們尋找新的行銷長的問題，我在擔任執行長的同時按下了暫停鍵。我們將立即重新進行搜索，因為我們擁有強大的候選人庫，並預計很快就能填補該職位。

Over the past 4-plus years, the company has become overly siloed and bureaucratic with competing internal agendas. We now have just one agenda as I'm describing it to you today. And communicating that to internal and external stakeholders is my immediate priority to build complete alignment. Given these changes in iterative evolutions, we are working quickly to disband these silos and drive a more productive, collaborative culture.

在過去四年多的時間裡，該公司變得過於孤立和官僚化，內部議程相互競爭。正如我今天向大家描述的那樣，我們現在只有一個議程。與內部和外部利害關係人溝通這一點是我建立完全一致性的當務之急。鑑於迭代演進中的這些變化，我們正在迅速努力消除這些孤島並推動更有效率的協作文化。

And this brings us to the second priority within our refined Protect This House strategy, running smarter plays, where we will simplify our operating model, modernize our supply chain and planning process and optimize our cost base to drive greater efficiencies. To begin with, on a broad basis, we are simply doing too much stuff. There are too many products, too many initiatives, too much of too much. To reconstitute this brand, we must be highly focused and prioritize what needs to get done so that our teams know exactly what to do with a clear definition of success for them.

這使我們進入了完善的「保護這個房子」策略中的第二個優先事項，即運行更智慧的策略，我們將簡化我們的營運模式，實現供應鏈和規劃流程的現代化，並優化我們的成本基礎以提高效率。首先，從廣泛的角度來看，我們只是做了太多的事情。產品太多，舉措太多，太多了。為了重建這個品牌，我們必須高度專注並優先考慮需要完成的工作，以便我們的團隊確切地知道該做什麼，並明確定義他們的成功。

As such, we are going to streamline across the organization. We will reduce the number of agencies, consultants and outside experts across the brand, which has reached unacceptable levels, especially in functions like marketing. We are building the talent, and they will now be empowered to run with their expertise and ability to drive our vision. We are also working to reduce the number of reports generated, unnecessary meetings and even the number of fabrics for our designers to choose from.

因此，我們將精簡整個組織。我們將減少整個品牌的代理商、顧問和外部專家的數量，這已經達到了不可接受的水平，特別是在行銷等職能部門。我們正在培養人才，他們現在將能夠利用自己的專業知識和能力來推動我們的願景。我們也致力於減少產生的報告數量、不必要的會議，甚至減少可供設計師選擇的布料數量。

In the overall bureaucracy that occurs when the business scales for being small to midsize to large, in short, we will be much more intentional everywhere. This includes activities that may have had a reason to exist at one time or another but no longer serve the brand.

簡而言之，當業務規模從小型到中型再到大型時，就會出現整體官僚主義，我們在任何地方都會更加刻意。這包括曾經有理由存在但不再為品牌服務的活動。

We're now prioritizing to ensure that anything we do or have our teams doing are only the activities that directly contribute in one way or another to our simplest of job descriptions, selling more shirts and shoes. We've talked about being consumer focused for years but never entirely organized our business as such. To enable consistency, we're employing a category portfolio structure designed to unlock the team's full potential, particularly how the work aligns with our talent, speed of delivery and the execution required to put us on a growth path.

我們現在優先確保我們所做的或讓我們的團隊所做的任何事情都只是以某種方式直接有助於我們最簡單的工作描述的活動，即銷售更多的襯衫和鞋子。多年來我們一直在談論以消費者為中心，但從未完全如此組織我們的業務。為了實現一致性，我們採用了一種類別組合結構，旨在釋放團隊的全部潛力，特別是工作如何與我們的才能、交付速度和執行力相結合，使我們走上成長之路。

Under this structure, our product, marketing and sales organizations will work as a collective to develop singular go-to-market strategies that allow each category to obsess the needs of our athletes throughout their journey under the broader UA innovation brand umbrella.

在這種結構下，我們的產品、行銷和銷售組織將作為一個集體來製定獨特的市場策略，使每個類別都能在更廣泛的 UA 創新品牌保護傘下滿足我們運動員整個旅程的需求。

We'll be driven by technology and design, enabling us to lead our categories with clear intent and a sharper point of view. This structure will also provide greater visibility in the category and product performance, which is critical to developing greater agility and adaptation.

我們將以技術和設計為驅動力，使我們能夠以明確的意圖和更敏銳的觀點引領我們的類別。這種結構還將提供更大的類別和產品性能可見性，這對於提高敏捷性和適應性至關重要。

On the product side, there was a critical piece of the puzzle that had been missing to power up this strategy. So a few weeks back, we announced that Yuron White, a 25-year sports industry veteran, had joined UA as our Senior Vice President of Sportswear, Running, Basketball, Curry and Collaborations. Complementing our legacy world-class experts already here, Yuron brings decades of game-changing product strategies, operational excellence and talent development, so we're excited to have him joining Yassine's team to lead those critical categories for the brand.

在產品方面，缺少一個關鍵的拼圖來推動這項策略。幾週前，我們宣布，擁有 25 年體育產業經驗的 Yuron White 已加入 UA，擔任我們的運動服裝、跑步、籃球、柯瑞和合作高級副總裁。 Yuron 帶來了數十年改變遊戲規則的產品策略、卓越營運和人才發展，對我們現有的世界級專家進行了補充，因此我們很高興他加入 Yassine 的團隊，領導該品牌的這些關鍵類別。

As an important companion to our changes in product and marketing, we'll also improve our supply chain, end-to-end planning capabilities, both of which offer significant opportunity to drive operating efficiencies within our cost of goods sold line. These initiatives, along with proactive moves to reduce discounting and promotions and a reduction in SKUs gives us great confidence in our ability to improve ASPs and gross margin in the years ahead.

作為我們產品和行銷變革的重要夥伴，我們也將改善我們的供應鏈、端到端規劃能力，這兩者都為在我們的銷售成本範圍內提高營運效率提供了重要機會。這些舉措，再加上減少折扣和促銷以及減少 SKU 的積極舉措，讓我們對未來幾年提高平均售價和毛利率的能力充滿信心。

Being a better, more responsive organization is a big part of our strategy. The natural question is, can we improve our cost structure while continuing to make the investments necessary to reconstitute our brand? Last year, we told you that we expected SG&A to be flat to up slightly. And with today's print, we came in better, even though our revenue was lower than our original expectation. To get there, we pushed hard on headcount and marketing, reduced travel and meeting costs and tightened our overall SG&A. This prudence will certainly continue as we move forward.

成為一個更好、反應更快的組織是我們策略的重要組成部分。自然的問題是，我們能否改善成本結構，同時繼續進行必要的投資來重建我們的品牌？去年，我們告訴過您，我們預計 SG&A 將持平或略有上升。儘管我們的收入低於我們最初的預期，但透過今天的印刷，我們的表現更好了。為了實現這一目標，我們大力增加員工數量和行銷，減少差旅和會議成本，並收緊整體銷售、管理和管理費用。隨著我們的前進，這種審慎態度肯定會繼續下去。

In fiscal '25, we will optimize our SG&A cost base to ensure efficient and effective spending that supports the long-term health of the Under Armour brand. Of course, it's more than just cost cutting. This year, we will be even more intentional, identifying ways to streamline and realign the entire organization globally to set us up for an even more productive P&L once revenue inflects more positively.

在 25 財年，我們將優化 SG&A 成本基礎，以確保高效且有效的支出，支持 Under Armour 品牌的長期健康發展。當然，這不僅僅是削減成本。今年，我們將更加有意識地尋找在全球範圍內精簡和重新調整整個組織的方法，以便在收入產生更積極的影響時實現更有效率的損益表。

Now we move to our third priority, elevating consumer experiences, which is critical to becoming more premium in building better connections with athletes. In this case, we must drive excellence in our retail, eCommerce and wholesale businesses, aligning with our Protect This House strategy. We must ensure that our efforts to deliver better products and storytelling, enabled by a simplified operating model, will manifest through deliberate merchandising strategies and thoughtful distribution choices, particularly here in North America.

現在我們轉向第三個優先事項，提升消費者體驗，這對於在與運動員建立更好的聯繫方面變得更加優質至關重要。在這種情況下，我們必須推動零售、電子商務和批發業務的卓越發展，與我們的「保護這棟房子」策略保持一致。我們必須確保我們透過簡化的營運模式提供更好的產品和講故事的努力將透過深思熟慮的銷售策略和深思熟慮的分銷選擇來體現，特別是在北美。

And this brings me to probably our most important question to answer. So what is happening in North America? The anticipated North America decline in fiscal '25 is driven by 3 factors.

這讓我想到了可能是我們需要回答的最重要的問題。那麼北美正在發生什麼事呢？預計北美地區 25 財年的下滑是由 3 個因素所驅動的。

The first is sector-specific. We're expecting lower wholesale revenue due to retailer cautiousness amid softer consumer demand in an intensely competitive environment. The second is specific to Under Armour as our softened brand and inconsistent execution were worsened by the impacts of the challenging retail environment over the past few years. The third is our proactive action to reset our business in our largest market by significantly reducing the discounting occurring with the brand, starting with our own DTC business.

第一個是特定部門的。我們預計，由於零售商在競爭激烈的環境下消費者需求疲軟而持謹慎態度，因此批發收入將會下降。第二個是針對 Under Armour 的，因為過去幾年充滿挑戰的零售環境的影響加劇了我們品牌的軟化和執行不一致的情況。第三是我們積極採取行動，從我們自己的 DTC 業務開始，大幅減少品牌折扣，重新調整我們在最大市場的業務。

This reset begins through new leadership here in the Americas. Kara Trent, who is just a couple of months into the role, is a 9-year Under Armour veteran, who most recently led our EMEA region, where she built an accretive brand and business strength over the last few years. She's a leader with a point of view and knows what winning looks like. To arrest the slide in North America, Kara is bringing a strategy to simplify the business by focusing on 3 key areas: digital, team sports and our premium wholesale partners.

這種重置是透過美洲的新領導層開始的。 Kara Trent 剛上任幾個月，是一名在 Under Armour 工作了 9 年的資深人士，她最近領導了我們的 EMEA 地區，並在過去幾年中在那裡建立了不斷增長的品牌和業務實力。她是一位有自己觀點的領導者，知道勝利會是什麼樣子。為了阻止北美市場的下滑，卡拉提出了一項簡化業務的策略，重點放在三個關鍵領域：數位化、團隊運動和我們的優質批發合作夥伴。

Our eCommerce business has been overly dependent on promotions and is yet to be a flagship representation of a premium athletic brand. That said, our fiscal '25 outlook contemplates, among other actions, more than 50% fewer site-wide promotional days than last year and a reduction in the depth of discounts on the days that we do choose to promote. As consumers adjust to our new value proposition, these actions will weigh on our top line.

我們的電子商務業務過度依賴促銷，尚未成為優質運動品牌的旗艦代表。也就是說，我們的 25 財年展望除其他外，還考慮了將全網促銷天數比去年減少 50% 以上，並減少我們選擇促銷的日子的折扣深度。隨著消費者適應我們新的價值主張，這些行動將對我們的營收產生影響。

The digital goal is to transform our eCommerce business into a significantly more premium platform over the next 18 months. This includes improving our online merchandising, creating a more engaging brand-building environment that encourages our consumers through compelling products with a clear story of why it will make them better. This means more DTC exclusive products and utilizing our new 6- or 12-month speed-to-market process to deliver limited volume products that drive brand heat and help create more brand demand moments.

數位化目標是在未來 18 個月內將我們的電子商務業務轉變為更優質的平台。這包括改善我們的線上銷售，創造一個更具吸引力的品牌建立環境，透過引人注目的產品來鼓勵我們的消費者，並清楚地說明為什麼它會讓他們變得更好。這意味著更多的 DTC 獨家產品，並利用我們新的 6 或 12 個月快速上市流程來提供限量產品，從而推動品牌熱度並幫助創造更多品牌需求時刻。

Further, we intend to reduce the number of made-for-outlet products on our website to drive a more premium assortment as well overall. So these actions will benefit us in creating a more elevated product offering and shopping experience for athletes over the long term. It also means harnessing the growing power of our U.S. loyalty program, UA Rewards, where we continue to see strong enrollment trends. With nearly 4 million members, we've engaged members with exclusive programs like a trip to the NBA All-Star game, an exclusive members-only product, including collabs with Logic and Justin Jefferson, which sold out in just hours.

此外，我們打算減少網站上專賣店產品的數量，以推動整體產品種類更優質。因此，從長遠來看，這些行動將有利於我們為運動員創造更優質的產品和購物體驗。這也意味著利用我們美國忠誠度計劃 UA Rewards 不斷增長的力量，我們繼續看到強勁的註冊趨勢。我們擁有近400 萬會員，為會員提供獨家計劃，例如觀看NBA 全明星賽之旅、僅限會員的獨家產品，其中包括與Logic 和賈斯汀·杰斐遜(Justin Jefferson) 的合作產品，這些產品在短短幾個小時內就售罄。

Our members also continue to show a higher premium purchase frequency and revenue per member, so we're encouraged about what this can mean over time. As a companion piece of this, as we improve our operating model and supply chain, we'll increase the awareness and velocity when we release new products, ensuring that newness is consistently associated with the brand, underscoring this concept of becoming a brand of launches, products that you never expected but could only be built by UA, telling a better story with fewer, more impactful products.

我們的會員也繼續表現出更高的溢價購買頻率和每位會員的收入，因此我們對隨著時間的推移這意味著什麼感到鼓舞。同時，隨著我們改進營運模式和供應鏈，我們將提高發布新產品時的認知度和速度，確保新穎性始終與品牌相關聯，強調成為發布品牌的概念，你意想不到但只能由UA打造的產品，用更少、更有影響力的產品講述更好的故事。

Shifting to our own doors. Though a very small portion of North America's revenue today, our brand houses must become a premium showcase for the Under Armour brand. There is a significant opportunity to improve these stores, and we're working to create a more homogenous look and feel, curated with less product and more storytelling. We're piloting a new store concept now that we expect to test and learn from throughout fiscal '25.

轉移到我們自己的門口。儘管我們的品牌公司目前只佔北美收入的一小部分，但我們必須成為 Under Armour 品牌的優質展示平台。改善這些商店有很大的機會，我們正在努力創造更同質的外觀和感覺，用更少的產品和更多的故事來策劃。我們現在正在試驗一種新的商店概念，我們希望在整個 25 財年進行測試並從中學習。

Our Factory House business must elevate the consumer experience by reducing unnecessary complexity. For example, in our 183 outlet doors in North America, we're over sorted across categories and have too many different floor sets. This compromises the clarity of experience for consumers when they walk through the door. And from an operational efficiency perspective, it's unacceptable, and we're correcting it with the right leadership now in place.

我們的工廠住宅業務必須透過減少不必要的複雜性來提升消費者體驗。例如，在北美的 183 個出口門中，我們對不同類別進行了過度分類，並且有太多不同的地板組。這會影響消費者進門時體驗的清晰度。從營運效率的角度來看，這是不可接受的，我們正在透過現有的正確領導來糾正它。

We'll also enact greater discipline and balance between our promotional activities and inventory management needs in our outlet stores. Discounting can drive revenue in the short term, but it's not good for gross margin, balancing market price algorithms and clearly can negatively impact brand perception. In tandem with optimizing our operations and logistics, we believe these actions should lead to higher store profitability, which will have a meaningful impact on our nearly $1 billion Factory House business.

我們還將在直銷店的促銷活動和庫存管理需求之間制定更嚴格的紀律和平衡。折扣可以在短期內增加收入，但不利於毛利率、平衡市場價格演算法，並且顯然會對品牌認知度產生負面影響。在優化我們的營運和物流的同時，我們相信這些行動應該會帶來更高的商店獲利能力，這將對我們近 10 億美元的 Factory House 業務產生有意義的影響。

Turning to North American wholesale. In my first month on the job, while I still have a few to meet with, I've had top-to-tops with several of our largest U.S. accounts, including DICK'S Sporting Goods, Academy, Shields and more. And as a note, I'll be meeting with key franchise retail and manufacturing partners when I travel to Europe and China before month's end.

轉向北美批發。在我上任的第一個月，雖然我還有一些要見的人，但我已經與我們幾個最大的美國客戶進行了高層接觸，包括 DICK'S Sporting Goods、Academy、Shields 等。需要說明的是，當我在月底前前往歐洲和中國時，我將與主要特許經營零售和製造合作夥伴會面。

These interactions with our U.S. partners have been productive as to where we've been and where we are and encouraging as to where we expect to be once our product and marketing engines are reoptimized and firing on all cylinders. Given product lead times, the critical mass of this renewed product vision will not be coming until fall/winter '25 with a build into subsequent seasons from there.

與我們的美國合作夥伴的這些互動對於我們的過去和現在的情況非常富有成效，並且對於我們的產品和行銷引擎重新優化並全速運轉後我們期望達到的目標感到鼓舞。考慮到產品交付週期，這個新產品願景的關鍵品質要到 25 年秋冬才會出現，並從那時開始構建到後續季節。

So it will take some time for our North American wholesale business to inflect positively. We will be making meaningful progress until then. In the meantime, we're focusing on rebuilding high-quality relationships with our key retail partners. We are confident we'll represent Under Armour in a brand-right manner, especially in sporting goods and mall accounts.

因此，我們的北美批發業務還需要一段時間才能產生積極的影響。在那之前我們將取得有意義的進展。同時，我們致力於與主要零售合作夥伴重建高品質的關係。我們有信心以品牌正確的方式代表 Under Armour，尤其是在運動用品和商場帳戶方面。

But this will only occur for us as long as we stay committed to being authentic in the team sports arena, which is critical for our success. And so we'll continue this focus through team outfitting on the field, court and pitch. This is our differentiator and reason for having a relationship with our targeted 16- to 24-year-old varsity athlete.

但只有當我們繼續致力於在團隊運動領域保持真實的時候，這種情況才會發生，這對我們的成功至關重要。因此，我們將繼續關注球場、球場和球場上的球隊裝備。這就是我們的與眾不同之處，也是我們與目標 16 至 24 歲大學運動員建立關係的原因。

Elevating our product offering from mostly good and distorting toward better and best level products are also critical enablers combined with inspirational storytelling and more joint marketing with our wholesale partners. We have opportunity to do much more with key accounts. But to do so, we need to drive our aligned product and marketing engines to differentiate our business and convince athletes and our customers to covet Under Armour.

將我們的產品從大多數良好和扭曲的產品提升到更好和最好水平的產品也是關鍵的推動因素，結合鼓舞人心的故事講述和與我們的批發合作夥伴進行更多的聯合營銷。我們有機會對大客戶做更多的事情。但要做到這一點，我們需要推動一致的產品和行銷引擎，使我們的業務脫穎而出，並說服運動員和我們的客戶垂涎 Under Armour。

Simply put, we haven't been as consistent in giving athletes or retail customers a reason to buy our brand as robustly as possible. As we execute our Protect This House strategy over the next 18 months, I'm confident this will set us on a path towards returning to growth in our critical North American market. We have the right formula for success and are driving forward with clarity and continuity of purpose.

簡而言之，我們並沒有始終如一地為運動員或零售客戶提供盡可能有力地購買我們品牌的理由。當我們在未來 18 個月內執行「保護這棟房子」策略時，我相信這將使我們走上在關鍵的北美市場恢復成長的道路。我們擁有正確的成功秘訣，並以明確且持續的目標持續前進。

With our priority of reconstituting the brand in North America, it's important to explain the role that the international business plays in our go-forward strategy. The attention we are placing on the U.S. business is underscored by our 28 years of learning and understanding of brand management, that in order to be strong abroad, we must be our strongest at home.

由於我們的首要任務是在北美重建品牌，因此解釋國際業務在我們的前進策略中所扮演的角色非常重要。我們對美國業務的關注體現在我們28年對品牌管理的學習和理解中，即為了在國外強大，我們必須在國內最強。

EMEA and APAC remain vital markets for Under Armour. And our brand is better positioned in these regions than in the U.S. today due to a history of channel discipline across our DTC and wholesale businesses. With consistently optimized brand activations, our expectation for a low single-digit revenue decline in our international business is partly due to more conservative consumer trends and ensuring that we don't erode brand equity by chasing lower-quality revenue.

歐洲、中東和非洲地區和亞太地區仍然是 Under Armour 的重要市場。由於我們 DTC 和批發業務的通路紀律歷史悠久，我們的品牌在這些地區的定位比今天在美國的定位更好。透過持續優化的品牌激活，我們預期國際業務收入將出現低個位數下降，部分原因是消費者趨勢更加保守，並確保我們不會因追求低品質收入而侵蝕品牌資產。

In EMEA, there were signs of retail caution, particularly in the U.K., which is our largest market there, including softer wholesale outlooks and increasingly cautious consumer sentiment and macroeconomic uncertainty. Sensing that trend and maintaining discipline, we expect to grow faster in our DTC channels in the region. And we'll invest in eCommerce processes and systems to support this growth. In wholesale, we'll continue to focus our business on the right partners, working to manage the environment appropriately.

在歐洲、中東和非洲，零售業出現了謹慎的跡象，特別是在我們最大的市場英國，包括批發前景疲軟、消費者情緒日益謹慎以及宏觀經濟的不確定性。感知到這一趨勢並保持紀律，我們預計我們的 DTC 管道在該地區的發展將更快。我們將投資電子商務流程和系統來支持這種成長。在批發方面，我們將繼續將業務重點放在合適的合作夥伴上，並努力適當地管理環境。

There's even more significant long-term growth potential in APAC. Still in the near term, the environment remains materially promotional in China, Southeast Asia and Japan. So our focus is to grow carefully and productively while investing in key markets, balancing short-term performance with long-term brand affinity.

亞太地區的長期成長潛力更為巨大。短期內，中國、東南亞和日本的環境仍具有實質的促進作用。因此，我們的重點是在投資關鍵市場的同時謹慎而有效率地發展，平衡短期績效與長期品牌親和力。

So we're not taking our eye off the ball in our international markets. We will focus on maintaining high-quality sales across all channels and protecting our premium brand positioning. Significantly, once we start to see a positive inflection in our largest and most profitable region of North America, more resources will be available to invest outside our home market to drive sustainable growth and profitability over the long term.

因此，我們不會將目光從國際市場移開。我們將專注於維持所有通路的高品質銷售並保護我們的優質品牌定位。值得注意的是，一旦我們開始看到北美最大、利潤最高的地區出現積極的變化，我們將有更多的資源用於本土市場以外的投資，以推動長期的可持續成長和獲利能力。

And with that, I'll hand it over to Dave to review our fourth quarter and fiscal '24 results, provide more color on our fiscal '25 outlook, and then I'm going to come back to close out our prepared remarks. Dave?

接下來，我將把它交給 Dave 來審查我們的第四季度和 24 財年業績，為我們 25 財年的前景提供更多信息，然後我將回來結束我們準備好的講話。戴夫？

Thanks, Kevin. Starting with our fourth quarter fiscal '24 results, which were in line with our outlook, revenue was down 5% to $1.3 billion with a 10% decline in North America due to softer wholesale demand and lower sales to the off-price channel. Our DTC business was also down during the quarter with positive store growth, offset by softness in our eCommerce business.

謝謝，凱文。從我們的 24 財年第四季業績開始，我們的營收下降了 5%，至 13 億美元，其中北美地區下降了 10%，原因是批發需求疲軟和折扣通路銷售減少。我們的 DTC 業務在本季也有所下降，但門市成長良好，但被電子商務業務的疲軟所抵消。

EMEA revenue was up 10% or 7% on a currency-neutral basis driven by strength in our wholesale and DTC businesses. APAC revenue was up 1% in the quarter or 5% on a currency-neutral basis driven by positive DTC sales, while wholesale results remained flat. And in Latin America, revenue was up 20% or 12% on a currency-neutral basis.

在我們批發和 DTC 業務實力的推動下，歐洲、中東和非洲地區的收入在貨幣中性的基礎上增長了 10% 或 7%。在 DTC 積極銷售的推動下，本季亞太地區營收成長 1%，在匯率中立的基礎上成長 5%，而批發業績則持平。在拉丁美洲，在貨幣中立的基礎上，收入成長了 20% 或 12%。

From a channel perspective, fourth quarter wholesale revenue was down 7% driven by softer demand in our full price and distributor businesses and lower sales to the off-price channel. Our direct-to-consumer business was flat with 7% growth in our stores, offset by a 7% decline in our eCommerce business. And licensing was up 11%, led by positive results in our North American business. By product type, apparel revenue was down 1%, driven primarily by softness in our team sports, run and outdoor businesses, offset by strength in train and golf. Footwear was down 11% due to a tough comparison and softer demand, primarily in North America.

從通路角度來看，由於我們的全價和分銷業務需求疲軟以及折扣通路銷售下降，第四季批發收入下降了 7%。我們的直接面向消費者業務持平，門市成長 7%，但被電子商務業務下降 ​​7% 所抵銷。在北美業務取得正面成果的帶動下，授權業務成長了 11%。按產品類型劃分，服裝收入下降了 1%，主要是由於我們的團隊運動、跑步和戶外業務疲軟，但被訓練和高爾夫業務的強勁所抵消。由於嚴峻的比較和需求疲軟（主要是在北美），鞋類下降了 11%。

As a reminder, we had robust growth during the fourth quarter of fiscal '23 as a significant volume of footwear products that were previously delayed due to COVID-related factory constraints meaningfully hit the market. And our accessories business was down 7%.

提醒一下，我們在 23 財年第四季度實現了強勁增長，因為先前因與新冠病毒相關的工廠限製而推遲的大量鞋類產品有意義地進入了市場。我們的配件業務下降了 7%。

Next is gross margin, which was up 170 basis points to 45% and aligned with our outlook. This increase was driven by 260 basis points of supply chain benefits, including lower product and freight costs and 100 basis points of favorable channel mix primarily related to lower sales to the off-price channel. These benefits were partially offset by 90 basis points of unfavorable pricing related to our proactive inventory management actions, including promotional activities in our DTC business and actions to reduce inventory through our Factory Houses. We also realized about 90 basis points of unfavorable foreign currency impacts.

接下來是毛利率，成長了 170 個基點，達到 45%，與我們的預期一致。這一成長是由 260 個基點的供應鏈效益所推動的，包括較低的產品和貨運成本以及 100 個基點的有利通路組合，主要與折扣通路的銷售額下降有關。這些收益被與我們積極主動的庫存管理行動相關的 90 個基點的不利定價所部分抵消，這些行動包括 DTC 業務的促銷活動以及透過工廠減少庫存的行動。我們也意識到約 90 個基點的不利外匯影響。

Moving down the P&L. Our SG&A expenses in the fourth quarter were up 5%. Excluding a $58 million litigation reserve expense, adjusted SG&A expenses were down 5% due to ongoing cost management actions, including reduced salary and nonsalary compensation, and driving efficiencies and discretionary spending across our marketing and consulting budgets.

損益表向下移動。第四季我們的 SG&A 費用增加了 5%。不包括5800 萬美元的訴訟準備金費用，調整後的SG&A 費用下降了5%，原因是持續的成本管理行動，包括減少工資和非工資補償，以及提高營銷和諮詢預算的效率和可自由支配支出。

Bringing this together, we had an operating loss of $4 million or excluding the litigation reserve expense, adjusted operating income of $54 million. Taking this to the bottom line, we realized a diluted earnings per share of $0.02 or adjusted diluted earnings per share of $0.11. From a balance sheet perspective, inventory was down 19% to $958 million, approaching our pre-pandemic levels. And we closed the year with a strong cash position of $859 million and no borrowings under our $1.1 billion revolving credit facility.

綜合起來，我們的營業虧損為 400 萬美元，或不包括訴訟準備金費用，調整後的營業收入為 5,400 萬美元。以此為底線，我們實現了 0.02 美元的稀釋每股收益或 0.11 美元的調整後稀釋每股收益。從資產負債表的角度來看，庫存下降了 19% 至 9.58 億美元，接近疫情前的水準。年底，我們擁有 8.59 億美元的強勁現金頭寸，並且 11 億美元的循環信貸額度下沒有任何借款。

For the full year, fiscal '24 revenue declined 3% to $5.7 billion primarily due to challenges in our North American business, partially offset by international growth. Despite the revenue contraction, our full year gross margin increased 130 basis points to 46.1% driven primarily by supply chain benefits related to lower freight and product costs. This was partially offset by proactive inventory management actions, including increased promotional activities in our direct-to-consumer business.

24 財年全年營收下降 3% 至 57 億美元，主要是由於我們北美業務面臨的挑戰，但部分被國際成長所抵銷。儘管營收萎縮，我們的全年毛利率仍成長了 130 個基點，達到 46.1%，這主要是由於貨運和產品成本降低帶來的供應鏈效益所致。這部分被積極的庫存管理行動所抵消，包括我們直接面向消費者業務中增加的促銷活動。

Full year SG&A expenses were up 1% to $2.4 billion. Excluding an $80 million litigation reserve expense, adjusted SG&A expenses were down 2% to $2.3 billion. Operating income was $230 million or $310 million on an adjusted basis if you exclude our litigation reserve. This aligns with the outlook we provided 1 year ago. Full year diluted earnings per share was $0.52, and our adjusted diluted earnings per share was $0.54, a beat versus our previous outlook of $0.50 to $0.52 mainly due to a better-than-anticipated tax rate and lower net interest expense.

全年 SG&A 支出成長 1%，達到 24 億美元。不包括 8,000 萬美元的訴訟準備金費用，調整後的 SG&A 費用下降 2%，至 23 億美元。如果排除我們的訴訟準備金，營業收入為 2.3 億美元，調整後的營業收入為 3.1 億美元。這與我們一年前提供的前景一致。全年稀釋每股收益為 0.52 美元，調整後稀釋每股收益為 0.54 美元，優於我們先前預期的 0.50 至 0.52 美元，主要是由於稅率優於預期和淨利息支出較低。

Shifting next to our fiscal '25 outlook. Given the magnitude of a low double-digit revenue decline, including a large step back in our wholesale volume and proactive actions we are taking to reset our North American eCommerce business, we are encouraged by our expectation for gross margin improvement and what that will mean as we retune the base over the next 18 months.

接下來轉向我們的 25 財年展望。考慮到兩位數收入下降的幅度，包括我們的批發量大幅下降以及我們正在採取的積極行動來重置我們的北美電子商務業務，我們對毛利率改善的預期及其意味著什麼感到鼓舞我們將在未來18 個月內重新調整基礎。

Additionally, we will continue to prioritize investments and manage costs aggressively. As part of this effort, our fiscal '25 restructuring plan amplifies our focus on driving higher returns to deliver more consistent, long-term shareholder value.

此外，我們將繼續優先考慮投資並積極管理成本。作為這項努力的一部分，我們的 25 財年重組計畫加強了我們對推動更高回報的關注，以提供更一致的長期股東價值。

Within this plan, we expect to incur total estimated pretax restructuring and other related transformational charges of approximately $70 million to $90 million, including up to $50 million in cash-related charges, consisting of approximately $15 million in employee severance and benefit costs and $35 million related to various transformational initiatives and up to $40 million in noncash charges comprised of approximately $7 million in employee severance and benefit costs and $33 million in facility, software and other asset-related charges and impairments.

在該計劃中，我們預計將產生約7,000 萬至9,000 萬美元的稅前重組和其他相關轉型費用，其中包括高達5,000 萬美元的現金相關費用，其中包括約1,500 萬美元的員工遣散費和福利費用以及3,500 萬美元與各種轉型措施相關的費用以及高達4,000 萬美元的非現金費用，其中包括約700 萬美元的員工遣散費和福利費用以及3,300 萬美元的設施、軟體和其他資產相關費用和減值。

That said, we continue to dig in and may uncover additional opportunities. Concerning anticipated savings and what that means for run rates moving forward, because we've only recently begun the work executing against this plan, it is too early to share those expectations. We anticipate providing additional details on our Q1 call in August.

也就是說，我們繼續挖掘並可能發現更多機會。關於預期節省以及這對未來運行率意味著什麼，因為我們最近才開始根據該計劃執行工作，所以現在分享這些預期還為時過早。我們預計在 8 月的第一季電話會議上提供更多詳細資訊。

Next, I'd like to provide some color on the first quarter of fiscal '25. From a revenue perspective, we expect our first quarter to be down at a low teen rate, marking the most pronounced decline of the year due to continued wholesale softness and DTC contraction with growth in our retail stores more than offset by a decline in our eCommerce business reflecting our actions to reduce promotions.

接下來，我想提供一些有關 25 財年第一季的資訊。從營收角度來看，我們預計第一季將以較低的青少年比率下降，這是今年最明顯的下降，原因是批發持續疲軟和DTC 收縮，而我們零售店的成長被我們電子商務的下降所抵銷。

Next, we expect our first quarter gross margin to be down about 20 to 30 basis points due to a tough comp related to the timing of prior year supply chain benefits and negative foreign currency impacts. These challenges more than offset the benefits we expect to see with less discounting in our DTC business. After that, we expect our gross margin will expand for the rest of fiscal '25 as our product costing initiatives and material reductions to our promotional activities should drive more meaningful improvement as we progress through the year.

接下來，我們預計第一季毛利率將下降約 20 至 30 個基點，原因是與上一年供應鏈效益的時間安排和外匯負面影響相關的嚴峻競爭。這些挑戰遠遠抵消了我們預期 DTC 業務折扣減少所帶來的好處。此後，我們預計我們的毛利率將在 25 財年剩餘時間內擴大，因為我們的產品成本核算舉措和促銷活動的材料削減應該會隨著我們在這一年的進展而推動更有意義的改進。

From an SG&A perspective, we expect to realize close to half of our restructuring charges during the first quarter of fiscal '25. Bringing this to the bottom line, we expect a first quarter operating loss of approximately $75 million to $80 million. Excluding planned restructuring and other related impacts, we expect an adjusted operating loss of $35 million to $40 million, translating to an adjusted diluted loss per share of $0.08 to $0.10.

從 SG&A 角度來看，我們預計在 25 財年第一季實現近一半的重組費用。綜合來看，我們預計第一季營運虧損約為 7,500 萬至 8,000 萬美元。排除計畫中的重組和其他相關影響，我們預計調整後的營運虧損為 3,500 萬美元至 4,000 萬美元，相當於調整後的每股攤薄虧損為 0.08 美元至 0.10 美元。

Given our expected revenue decline, inventory management is top of mind. And having planned for this impact, our initial expectation is that inventory will be down at a high single-digit rate in the first quarter followed by slight declines after that and then bringing fiscal '25 to a close at essentially the same level as fiscal '24. And relative to CapEx, we anticipate spending approximately $200 million to $220 million.

鑑於我們預期收入下降，庫存管理是首要考慮的問題。在計劃了這種影響後，我們最初的預期是，第一季庫存將以高個位數下降，隨後略有下降，然後到 25 財年結束時，庫存水準將與 25 財年基本相同。 .相對於資本支出，我們預計支出約為 2 億至 2.2 億美元。

Finally, our Board of Directors approved a new 3-year, $500 million share buyback program. With confidence in our ability to generate cash, we believe this program provides an excellent opportunity to enhance shareholder value without compromising the financial flexibility necessary to reconstitute our brand as we target a return to top line growth.

最後，我們的董事會批准了一項為期 3 年、價值 5 億美元的新股票回購計畫。我們對我們產生現金的能力充滿信心，相信該計劃提供了一個絕佳的機會來提高股東價值，同時又不影響重組我們品牌所需的財務靈活性，因為我們的目標是恢復營收成長。

With that, I'll turn it back to Kevin for closing remarks before we open it up for questions.

這樣，在我們開始提問之前，我將把它轉回給凱文做總結發言。

Yes. Thank you, Dave. As we wrap up today's prepared remarks, and thank you for your patience in allowing us a chance to lay out our strategy and the actions we're already taking at UA, I'll touch on one final question.

是的。謝謝你，戴夫。在我們結束今天準備好的演講時，感謝您的耐心等待，讓我們有機會制定我們的策略以及我們在 UA 已經採取的行動，我將談談最後一個問題。

So what's different this time? And what are reasons to believe in Under Armour? From my vantage point, we've got a lot going for us as an authentic on-field performance brand with more than $5 billion in revenue. Millions of athletes worldwide believe Under Armour products make them better.

那麼這次有什麼不同呢？相信 Under Armour 的理由是什麼？從我的角度來看，作為一個收入超過 50 億美元的真正的現場表演品牌，我們有很多優勢。全球數以百萬計的運動員相信 Under Armour 產品可以讓他們變得更好。

To be sure, there is much more work to be done. And while there may be 50 things to fix at Under Armour, there are also 500 things that are working really well. We are a sports house, centered on athletic performance and a heritage authenticated in competition.

可以肯定的是，還有很多工作要做。雖然 Under Armour 可能有 50 件事需要解決，但也有 500 件事確實運作良好。我們是一家體育機構，以運動表現和在比賽中得到驗證的傳統為中心。

Our refined Protect This House strategy is engineered to cut through the noise and complexity we've allowed to dilute the clear mission that once gave us our core focus and energy. As such, we are urgently working to regain our front foot, put wins on the board that can continue to build over time and optimize our business across the dimensions that matter.

我們完善的「保護這棟房子」策略旨在消除噪音和複雜性，我們允許這些噪音和複雜性淡化曾經賦予我們核心焦點和精力的明確使命。因此，我們正在緊急努力重新奪回領先地位，在董事會上取得勝利，隨著時間的推移，這些勝利可以繼續建立，並在重要的維度上優化我們的業務。

I cannot guarantee perfection as we undertake this journey, but I promise 100% team commitment to get Under Armour on a winning front foot. Leading from the top, along with our energized executive team, we will bring a clear unified vision, empowering the organization by providing stability and alignment to drive consistent execution with a clear articulation for all stakeholders of what success looks like.

我無法保證我們在踏上這趟旅程時盡善盡美，但我保證團隊 100% 的承諾，讓 Under Armour 取得勝利。在高層的領導下，我們將與我們充滿活力的執行團隊一起，帶來清晰的統一願景，透過提供穩定性和一致性來增強組織的能力，以推動一致的執行，並為所有利益相關者清晰地闡述成功的樣子。

I'll say to investors today that when you buy Under Armour, you're buying a brand, a brand with a formidable heritage that is not easily replicated and one that is more valuable than even the company is at this point. Our job, my job is to close that gap with a strong balance sheet, global presence and awareness, ample resources and a talented team to take the necessary actions to evolve our company. I'll lead from the front foot knowing the name on the front of our UA jersey matters more than the name on the back. And as a team, we'll take care of the Under Armour brand. We are fully committed to shifting our trajectory. And for that to happen, we must change rhetoric into results.

今天我要對投資者說，當你購買 Under Armour 時，你購買的是一個品牌，一個具有難以複製的強大傳統的品牌，一個比目前該公司更有價值的品牌。我們的工作，我的工作就是透過強大的資產負債表、全球影響力和意識、充足的資源和才華橫溢的團隊來縮小這一差距，以採取必要的行動來發展我們的公司。我會從前腳領先，因為我們知道 UA 球衣正面的名字比背面的名字更重要。作為一個團隊，我們將負責維護 Under Armour 品牌。我們完全致力於改變我們的發展軌跡。為此，我們必須將言語轉化為結果。

And with that, we'll open it up for questions. Operator?

接下來，我們將開放提問。操作員？

(Operator Instructions) Our first question today comes from Simeon Siegel from BMO Capital Corp.

（操作員說明）今天我們的第一個問題來自 BMO Capital Corp. 的 Simeon Siegel。

Kevin, so recognizing the tone shift, it makes me think of the last time you successfully focused, I think your words had been building a healthier rather than a [lateral] company or something to the effect. So how do you think about this go around of the brand elevation versus revenue contraction versus the last time you successfully elevated the brand and the gross margins?

凱文，所以認識到語氣的轉變，這讓我想起你上次成功集中精力時，我認為你的話是在建立一個更健康的公司，而不是一個[橫向]公司或類似的東西。那麼，與上次成功提升品牌與毛利率相比，您如何看待品牌提升與營收收縮的對比呢？

Maybe can you speak to how you'd expect the timeline of the path improvement to look? Obviously, the focus on brand health feels like the right move. But understandably, it's not an overnight fix. So would love to hear how you think that timeline and any goal posts or hurdles we should be watching for. And I guess, is your expectation in North America would return to growth in '26 or later?

也許您能談談您期望路徑改進的時間表是什麼樣的嗎？顯然，關注品牌健康是正確的舉措。但可以理解的是，這不是一朝一夕的事。因此，很想聽聽您如何看待該時間表以及我們應該關注的任何目標或障礙。我想，您預計北美會在 26 年或更晚恢復成長嗎？

And then just if I can, Dave, can you just remind us what percentage of the OpEx are fixed versus variable costs? The gross margin gains are going to be powerful, and they feel key. But just also trying to think through what the right longer-term OpEx should be on the lower revenues.

如果可以的話，Dave，您能否提醒我們固定成本與變動成本的比例是多少？毛利率的成長將會很強勁，而且感覺很關鍵。但也要試著思考在較低收入的情況下正確的長期營運支出應該是多少。

Yes. Thank you, Simeon. And I think that really gets to the heart. I'm not sure if there's a, as I said, a repeat that's available to us, but there's certainly a lot of lessons of what brand building looks like. This is going to be a little different, so we're approaching that way and frankly, just using all the reasoning and thoughtfulness that -- and experience and hopefully some wisdom that we've gained over the years and being able to apply that to this chapter is what's most important.

是的。謝謝你，西蒙。我認為這確實觸動了我們的心。我不確定是否有像我所說的那樣的重複可供我們使用，但肯定有很多關於品牌建立的經驗教訓。這會有點不同，所以我們坦率地說，只是利用所有的推理和深思熟慮，以及我們多年來獲得的經驗和希望的一些智慧，並能夠將其應用到本章是最重要的。

Let me just start because I think this really just nails into what's happening in North America. Not winning here, it hits me and our incredible team. It hits at our core. We are truly an authentically American brand. That is something we know how to do, and it's something that we can fix. I think it's not going to happen overnight, and that's why we continue to use this 18-month sort of outlook that we've been providing.

讓我開始吧，因為我認為這確實反映了北美正在發生的事情。沒有在這裡獲勝，這對我和我們不可思議的團隊來說是打擊。它擊中了我們的核心。我們是真正的美國品牌。這是我們知道如何做的事情，也是我們可以解決的事情。我認為這不會在一夜之間發生，這就是為什麼我們繼續使用我們一直提供的 18 個月展望。

And frankly, we've seen this in the face of the same cautionary consumer sentiment that you guys are hearing out in the market right now as well. The shifting consumer destocking cycle among retailers, bloated industry inventories, so they've been pretty conservative. And we're reacting and we're dealing with that.

坦白說，我們在面對你們現在在市場上聽到的同樣謹慎的消費者情緒時看到了這一點。零售商之間消費者去庫存週期的變化、產業庫存膨脹，因此他們一直相當保守。我們正在做出反應並正在處理這個問題。

But as it relates to UA specifically, it's time for us to firm our brand up. And we want to make sure that we're transparent with this messaging as well, is that what we're seeing with the call down, about 2/3 of it is happening to us here in North America and about 1/3 of it is proactive, where we actually were making sure that we cut anything out and we give ourselves room to really start building the base of the brand.

但由於它與 UA 具體相關，因此我們是時候鞏固我們的品牌了。我們希望確保我們對這一消息的透明度也是透明的，我們在電話中看到的情況是，大約 2/3 的情況發生在北美，大約 1/3 發生在我們身上是積極主動的，我們實際上是在確保我們刪除任何東西，並給自己留出空間來真正開始建立品牌的基礎。

Now if there's any positive to be taken from sort of where we are right now beyond the macro environment softness, the majority of our difficulties, as I think I laid out pretty well in the script, have been, for lack of a better phrase, pretty much self-inflicted. And the good news is that we can control that.

現在，如果說除了宏觀環境疲軟之外，我們現在的處境還有什麼積極的意義的話，那麼我們的大部分困難，正如我認為我在劇本中很好地闡述的那樣，由於缺乏更好的措辭，幾乎是自殘。好消息是我們可以控制它。

More importantly, we can address and we can fix that. At the simplest level, we find ourselves, for the most part, when we show up at retail, we're trading on price with more than should be good level product. That's just not who we are representative of the opportunity that this brand has.

更重要的是，我們可以解決並解決這個問題。在最簡單的層面上，我們發現自己在大多數情況下，當我們出現在零售店時，我們所交易的價格超出了優質產品的水平。這並不是我們所代表的這個品牌所擁有的機會。

And we're not falling on a sword saying we just have to be premium. Our eyes are wide open. That consumer is there for us. They're not mad at us. When we do it right, and we get the product and the brand and the story right, and we've seen it with SlipSpeed, Unstoppable, this -- I'm really excited about it, it's a brilliant definition of what our team does. And when our team gets together, that is our team that built that, brought that together and so many other products in the pipeline that we have like that. But contextualizing them and getting them to market, commercialize them, that's where we can be just much better in telling their stories.

我們並不是說我們必須做到優質。我們的眼睛睜得大大的。那個消費者就在我們身邊。他們並不生我們的氣。當我們做得正確時，我們的產品、品牌和故事都是正確的，我們已經在《SlipSpeed》、《Unstoppable》中看到了這一點——我對此感到非常興奮，這是對我們團隊所做工作的出色定義。當我們的團隊聚集在一起時，我們的團隊就建立了這個產品，將其整合在一起，以及我們正在開發的許多其他產品。但是，將它們置於情境中並將它們推向市場，將它們商業化，這就是我們可以更好地講述他們的故事的地方。

In the script, I consistently referred to this idea of reconstituting the brand. And that run across product, supply chain, distribution, segmentation. So we must be better, of course, across the board, but it's probably best articulated at the simplest level in our lack of consistent story with our great product. So I'm taking a brand lens to this approach in where I can be the most helpful. And that's really attacking from the product and story and making sure that those 2 functions are truly married.

在劇本中，我一直提到重構品牌的想法。這涉及產品、供應鏈、分銷、細分。因此，當然，我們必須在各個方面做得更好，但這可能最好在最簡單的層面上進行闡述，因為我們的偉大產品缺乏一致的故事。因此，我會從品牌角度來看待這種方法，以便我能提供最大的幫助。這確實是來自產品和故事的攻擊，並確保這兩個功能真正結合在一起。

Now of course, there's an entire organization that supports beneath that, but that's where I think we've been most inconsistent and where we can just get better really quickly. We need to ensure that only the amazing products that we make are the ones that make it to market, which is why just taking that 25% off the top, it's just forcing the teams to say, let's make a harder, better decision and make sure that we really, really love it, that we're excited about it and that we can articulate a story about it.

當然，現在有一個完整的組織在背後提供支持，但我認為這就是我們最不一致的地方，也是我們可以很快變得更好的地方。我們需要確保只有我們製造的令人驚嘆的產品才能進入市場，這就是為什麼只降低 25% 的價格，這只是迫使團隊說，讓我們做出更艱難、更好的決定並做出確保我們真的非常喜歡它，我們對此感到興奮，我們可以講述一個關於它的故事。

So as I said, story is essential to what we're doing, retail, in-store, online, especially with better and best. And so we're going to focus and drive there. But I do want to emphasize, I spoke about the opening we have in the CMO function, but building out marketing with just, frankly, we're so proud I think of the engine that's built on the product side.

正如我所說，故事對於我們所做的事情至關重要，無論是零售、店內還是在線，尤其是更好和最好的產品。所以我們將集中精力並開車前往那裡。但我確實想強調，我談到了我們在 CMO 職能方面的空缺，但坦白說，我們非常自豪地建立了行銷團隊，我想到了建立在產品方面的引擎。

When you look at from -- John Varvatos joining close to a year ago and Yassine now on board to lead the CPO effort and the ability to attract talent like Yuron White, giving a voice to that team is my highest priority. And it's going to take some time for us to see the goods that are coming from John and Yassine and Yuron and again, complemented with the incredible experts that we already still have here at UA. There's like a worldwide team that isn't -- they're not disappointed by this leadership coming in. They're really inspired by it because they see that this is about a bigger team winning. And everyone, I think, is really excited about our opportunity to do that.

當你看到 John Varvatos 大約一年前加入，Yassine 現在加入領導 CPO 工作以及吸引像 Yuron White 這樣的人才的能力時，為該團隊提供發言權是我的首要任務。我們需要一些時間才能再次看到來自 John、Yassine 和 Yuron 的貨物，並得到 UA 現有的令人難以置信的專家的補充。就像一支全球團隊一樣，他們不會對領導層的到來感到失望。我認為每個人都對我們有機會做到這一點感到非常興奮。

I think as you talk about the marketing side, but none of this happens because the 3 heads that we really need, it's product, story and it's the regional expertise. I mentioned Kara on the call, and she's just been a terrific leader who dove right in, in helping us reestablish the relationships with our critical wholesale partners as well as taking a real firm hand on what we're doing with our own DTC.

我認為當你談論行銷方面時，但這一切都沒有發生，因為我們真正需要的三個頭，即產品、故事和區域專業知識。我在電話中提到了卡拉，她是一位出色的領導者，她積極投入，幫助我們重建與重要批發合作夥伴的關係，並真正堅定地對待我們自己的 DTC 所做的事情。

But we're putting the pieces in place for this to happen. I don't have a crystal ball beyond -- as we're talking through fiscal '25 right now. But we do know that this brand deserves to establish our go-forward voice. I think we have a really clear point of view of how to do that and what success looks like. Now it's up to execution. And if we're looking for some kind of a bellwether to measure our success, I think gross margin is going to be a great indicator for us throughout fiscal '25.

但我們正在為實現這一目標做好準備。我沒有未來的水晶球——因為我們現在正在討論 25 財年。但我們確實知道這個品牌值得建立我們前進的聲音。我認為我們對於如何做到這一點以及成功是什麼樣子有著非常清晰的觀點。現在就到了執行的時候了。如果我們正在尋找某種指標來衡量我們的成功，我認為毛利率將成為我們整個 25 財年的重要指標。

And Simeon, this is Dave. Relative to variable and fixed, I think if you kind of remove the compensation cost, which isn't necessarily fixed and just get back to what's kind of locked in, that isn't going to change with revenue. That's probably a little bit less than 1/3 of our SG&A base, something that we've been working on over the years.

西蒙，這是戴夫。相對於可變和固定，我認為如果你去掉不一定是固定的補償成本，而只是回到鎖定的狀態，那麼這不會隨著收入而改變。這可能略低於我們多年來致力於的 SG&A 基礎的 1/3。

Our next question comes from Jay Sole from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Great. Kevin, I'm really interested in something you said at the top of the prepared remarks. You mentioned you have a renewed view on leadership. Can you just kind of take a step back and think about all of UA? Tell us what's renewed. Tell us how you think about leadership today maybe versus how you thought about it before and how it is going to help drive Under Armour forward? I mean it's clear that you have a clear vision about what needs to be done and where Under Armour needs to go. Connect for us how the leadership is going to play into that.

偉大的。凱文，我對你在準備好的發言頂部所說的內容非常感興趣。您提到您對領導力有了新的看法。您能否退後一步，思考一下 UA 的全部內容？告訴我們更新了什麼。告訴我們您現在對領導力的看法與您以前的看法有何不同，以及它將如何幫助推動 Under Armour 向前發展？我的意思是，很明顯，您對於需要做什麼以及 Under Armour 需要走向何方有著清晰的願景。請為我們聯繫領導層將如何發揮作用。

Yes. Well, thanks, Jay. I think from the top of the script to the end of my prepared remarks, number one, I love the [80] hockey reference, which is about the name of the jersey on the front versus the name on the back.

是的。嗯，謝謝，傑伊。我認為從腳本的頂部到我準備好的評論的結尾，第一，我喜歡[80]曲棍球參考，它是關於球衣正面的名稱與背面的名稱的。

It's building a team. And we've done a really good job, I think, of understanding what that means to set a vision and power that team and let them run. And we've got capability. And being in sort of the roles that I've been around the company, I've always had the ability, I think, to plug in different areas, but really been able to focus, I think, on building a team.

這是在組建一個團隊。我認為，我們在理解為團隊設定願景和權力並讓他們運作意味著什麼方面做得非常好。我們有能力。我認為，由於我在公司擔任過的角色，我一直有能力融入不同的領域，但我認為，我確實能夠專注於建立一個團隊。

Probably the thing I'm most proud of in the last 10 months is, as I described about our product team with the ability to attract John Varvatos, to get John here, to be able to attract Yassine here, the ability to get Yuron here as well. And most importantly, it was the ability to complement and keep those existing team members, our 15-year innovation head, our 21-year design head now gets to work with John.

也許在過去 10 個月裡我最自豪的事情是，正如我所描述的，我們的產品團隊有能力吸引 John Varvatos，讓 John 來到這裡，能夠吸引 Yassine 這裡，能夠讓 Yuron 來到這裡以及。最重要的是，它能夠補充和留住現有的團隊成員，我們 15 年的創新主管、我們 21 年的設計主管現在開始與約翰一起工作。

You're watching our team in sports and working with Yuron and his experience. So that meld of old and new is something that we're just going to utilize agility that we're going to play the best hand that we have. I think at the SCP and above level, we brought in 9 executives in the last 8 or 10 months. And I've been directly involved in recruiting virtually 8 of the 9. So touching this team, it really feels like it's ours. But I think not having to press too much and hopefully that an energy of finding that wisdom where you can tip your glasses to the end of your nose and sort of answer or say much more just through the way that you respond and the energy that you have.

您正在觀看我們球隊的體育比賽，並與 Yuron 和他的經驗一起工作。因此，新舊融合就是我們要利用的敏捷性，我們將發揮我們擁有的最好的牌。我認為在 SCP 及以上級別，我們在過去 8 或 10 個月內引進了 9 位高階主管。我直接參與了 9 名員工中幾乎 8 名的招募工作。但我認為不必壓力太大，希望有一種找到智慧的能量，你可以把眼鏡舉到鼻尖，透過你的反應方式和你的能量來回答或說更多。

And so I'm really looking forward to that and looking forward to watching this leadership team really explode with the likes of Yassine, the what we've done with supply chain and Shawn Curran coming here from 30-year experience at Gap. And now it's a matter of just combining them together and melding that. So it's going to be a little -- as we're pulling everybody together, this team likes each other, and it's just a matter of us running.

所以我真的很期待這一點，也期待看到這個領導團隊真正爆發出像 Yassine 這樣的人，我們在供應鏈方面所做的事情，以及擁有 Gap 30 年經驗的 Shawn Curran 來到這裡。現在的問題是將它們組合在一起並融合在一起。所以這會是一點——當我們把每個人聚集在一起時，這支球隊彼此喜歡，這只是我們跑步的問題。

Got it. And maybe, Kevin, if I could follow up on that in the spirit of leadership. Are there other potential changes in the management team in the future? And how will you work to retain this fairly new team?

知道了。凱文，也許我能本著領導精神跟進此事。未來管理團隊是否還有其他潛在的變動？您將如何努力留住這個相當新的團隊？

Well, I think we're all incentivized by seeing where we are right now is that we believe that we've got a brand that is not trading at the value that it is. And so everyone is incredibly inspired by that.

好吧，我認為我們都因為看到我們現在的處境而受到激勵，因為我們相信我們的品牌並未以其應有的價值進行交易。所以每個人都受到了難以置信的啟發。

No, I think most importantly, I'm looking for the additions that we are in the market, and we're looking for a CMO. And we'll have that position posted and leaving it open for the best candidates that come. But I tell you, our phone has been ringing. There's this buzz. I keep describing that product organization that we built. And you walk into that product, you can just feel something. And so I feel that obligation to make sure that we get a team to complement and round them out. And I know that we've got the regional leaders between Jason in APAC and Kevin Ross, another former UA veteran in EMEA and Kara Trent here.

不，我認為最重要的是，我正在尋找市場上的補充，我們正在尋找首席行銷長。我們將公佈該職位，並為最優秀的候選人留下空缺。但我告訴你，我們的電話一直響著。有這種嗡嗡聲。我一直在描述我們建立的產品組織。當你走進那個產品時，你就能感覺到一些東西。因此，我覺得有義務確保我們有一個團隊來補充和完善它們。我知道我們有亞太地區的 Jason 和歐洲、中東和非洲地區的另一位前 UA 資深人士 Kevin Ross 以及這裡的 Kara Trent 等地區領導人。

So we're pretty much stabilized, but there'll always be some limited amount of movement there. But the next one we're looking for is the addition of our new CMO.

所以我們基本上已經穩定了，但總是會有一些有限的移動。但我們正在尋找的下一個目標是新 CMO 的加入。

Our next question comes from Bob Drbul from Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的鮑勃·德布爾。

I have a couple, if that's okay. The first one is on the international outlook. How much of the macro is driving the low single-digit percent decline in international? Or is there something -- is there a weakness that you're seeing specific to Under Armour? And do you feel like you're being conservative in that international outlook? And I have a second one.

我有一對，如果可以的話。第一個是國際視野。宏觀因素在多大程度上推動了國際航運業的個位數百分比下降？或者您認為 Under Armour 存在哪些特定的弱點？您是否覺得自己的國際視野比較保守？我還有第二個。

Yes. Thanks, Bob. I think that we're cautiously approaching this. Now we've got the benefit of 20 years having done and driven the UA brand and frankly, the lessons in the last 5 or 6 years here in North America. So we're incredibly bullish on the opportunity that we have, especially mid and long term.

是的。謝謝，鮑伯。我認為我們正在謹慎地對待這個問題。現在，我們已經從 20 年來打造和推動 UA 品牌中獲益，坦白說，還有過去 5 或 6 年在北美的經驗教訓。因此，我們非常看好我們所擁有的機會，尤其是中長期機會。

I think we're being cautious in the short term because we don't want to get caught up in a situation where we feel like we're trying to flood big logo hoodies. Like we've run that play. We've seen how that works. So I think we're bringing a bit of cautiousness and frankly, a bit of experience or wisdom to the way that we're approaching that.

我認為我們在短期內保持謹慎，因為我們不想陷入這樣一種情況：我們感覺我們正在試圖淹沒大標誌連帽衫。就像我們演過那齣戲一樣。我們已經看到了它是如何運作的。因此，我認為我們在實現這一目標的方式上採取了一些謹慎態度，坦率地說，一些經驗或智慧。

But in EMEA specifically is that it's definitely -- it's soft. There is the same sort of inventory issue that we're seeing with some of our wholesalers here. And so we're just -- we're representing a bit of caution there and also that we don't need to push the sales, meaning that we don't need to do anything other than what is in the absolute best interest of making sure that the 16- to 24-year-old just loves and covets the Under Armour brand.

但在歐洲、中東和非洲地區，它絕對是軟的。我們在這裡的一些批發商也遇到了相同的庫存問題。因此，我們只是——我們在此表示一點謹慎，而且我們不需要推動銷售，這意味著我們不需要做任何除了符合絕對最佳利益的事情之外的事情。並垂涎Under Armour 品牌。

And what we've done in Europe, too, it's probably its own little sound bite. We brought Kara here from Europe from the success that she had from going back to 2019, a $600 million-ish brand that ended in 2000 -- or this past year, crossing over $1 billion. And the one thing that's really compelling is that we actually grew contribution margin from 8% to 16%, so doubling that contribution. So we've really been leveraging that hard. So we want to make sure that we can invest there as well. And as I said, I think we have the right leader to take us to the next level there.

我們在歐洲所做的也可能是它自己的小片段。我們把 Kara 從歐洲帶到了這裡，她從 2019 年起就取得了成功，這個品牌價值 6 億美元左右，於 2000 年結束，或者去年，價值超過 10 億美元。真正引人注目的一件事是，我們的邊際貢獻率實際上從 8% 提高到了 16%，因此貢獻率翻了一番。所以我們確實一直在努力利用這一點。因此，我們希望確保我們也可以在那裡投資。正如我所說，我認為我們有合適的領導者來帶領我們更上一層樓。

But what we're seeing are the signs of success. Our largest market there is the U.K. We're the #1 training brand, for instance, with JD Sports. We're within an arm's length that -- at SDI, if we're not #1, depending on the week. So we've got a great base to build from. And I think it's us just making sure that we do this smartly, and we build this as a brand together.

但我們看到的是成功的跡象。我們最大的市場是英國。在 SDI，如果我們不是第一，我們就在一線之內，取決於週。所以我們有一個很好的基礎可以建立。我認為我們只是確保我們明智地做到這一點，並共同將其打造為一個品牌。

Great. And just if I can ask a second question. Can you talk about the progress -- your view on the progress that you've made in eCommerce and the eCommerce channel? And how long will it take you to get your website to where you want it to be?

偉大的。我可以問第二個問題嗎？您能談談您對電子商務和電子商務管道的進展的看法嗎？您需要多長時間才能將您的網站帶到您想要的位置？

Yes. I think that's a work in process that we'll never be done with that, but it's something that -- we've got a tremendous team. And so Jim coming on board has brought a lot of expertise that really parallels into our loyalty program as well that we have in a place that's been really good and really positive for us.

是的。我認為這是一項正在進行的工作，我們永遠不會完成，但我們擁有一支強大的團隊。因此，吉姆的加入帶來了很多專業知識，這些專業知識與我們的忠誠度計劃非常相似，而且我們擁有一個對我們來說非常好的和非常積極的地方。

So I think we've made great progress when it comes to what we can do in the web. But frankly, I don't think that's probably the best place where I think our product and our story are just not lining up well enough.

所以我認為我們在網路方面已經取得了很大的進步。但坦白說，我認為這可能不是最好的地方，我認為我們的產品和我們的故事不夠協調。

I mentioned just finding some of the simplistic things to apply brand management, like identifying what are the 3 aspects that make this product desirable for the consumer. So I don't feel like we've played our best game online yet, and that's why we're focused by beginning with eliminating the -- or significantly reducing the amount of promotion so we can have a much cleaner story that comes through on the website.

我提到只是找到一些簡單的事情來應用品牌管理，例如確定使該產品受到消費者歡迎的三個方面。所以我覺得我們還沒有玩過最好的線上遊戲，這就是為什麼我們專注於消除——或者顯著減少促銷量，這樣我們就可以有一個更清晰的故事來實現網站。

Our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·內格爾。

A couple of questions. A couple of questions, Kevin, and I'll merge them together to make it simple. But I mean, first off, with regard to -- you talked about this in your script, but the product innovation, the new products coming. I guess just to make sure I want to understand the timing of that, when we should start to see these products.

有幾個問題。有幾個問題，凱文，我和我會將它們合併在一起以使其簡單。但我的意思是，首先，關於——你在劇本中談到了這一點，但產品創新，新產品即將推出。我想只是為了確保我想了解我們應該開始看到這些產品的時間。

And then with that, the team you've assembled, the team -- a senior leadership before you, there was already product innovation. There's already been discussion about product innovation. Are you picking up on that? Or is there really more of a revamping overall with the product innovation in Under Armour?

然後，你組成的團隊，在你之前的高階領導團隊，已經有了產品創新。關於產品創新已經有了討論。你注意到了嗎？或者說，Under Armour 的產品創新真的有更多的整體改進嗎？

Let's be clear. We haven't been standing still. Thanks, Brian, for that question. But no, I mean, we've been moving forward the whole time. So it's not like we're waiting for fall '25. We're still going to move $5 billion plus of product this year. So there are athletes out there that have us. And I think the base that we have from team sports across the board is something we're really excited about.

讓我們說清楚。我們並沒有坐以待斃。謝謝布萊恩提出這個問題。但不，我的意思是，我們一直在前進。所以我們不是在等待 25 年秋天。今年我們仍將運輸超過 50 億美元的產品。所以有一些運動員跟我們一樣。我認為我們從全面的團隊運動中獲得的基礎是我們真正感到興奮的。

And we have -- I think it's just more of a focus. This goes back to the trimming the number of SKUs that we have and being really clear with our outlook there. But Unstoppable for us is working in an incredible way and something which is our -- basically our jogger pants line that we have in 5 or 6 different expressions.

我認為這只是更多的焦點。這可以追溯到我們削減 SKU 數量並明確我們的前景。但 Unstoppable 對我們來說是以一種令人難以置信的方式工作的，這就是我們的——基本上是我們的慢跑褲系列，我們有 5 或 6 種不同的表現形式。

We've really made a commitment to driving and really getting back to the fundamentals of what makes UA, UA. Our base layer compression, as we call it here, heat gear and cold gear. We've tested that, for instance, in DSGs, Houses of Sport, and it's something that's done really well for us, and that's an area that we'll continue to expand.

我們確實致力於推動並真正回歸 UA 的基本原理。我們的基礎層壓縮，我們在這裡稱之為熱齒輪和冷齒輪。例如，我們已經在 DSG、Houses of Sport 中進行了測試，這對我們來說效果非常好，這是我們將繼續擴展的一個領域。

But it's really just reanchoring and resetting ourselves. We talked about how that men's apparel is going to be a priority for us. Just because it's the lowest hanging fruit where we can win the easiest for us, it doesn't mean we're going to neglect what we're doing on the women's front, the opportunity we have there. It doesn't mean we're going to neglect footwear, and that's why we're bringing these footwear experts across the industry. And I think that's what's so exciting.

但這實際上只是重新錨定和重置我們自己。我們討論了男裝如何成為我們的首要任務。僅僅因為這是我們可以最輕鬆地贏得勝利的最容易實現的目標，但這並不意味著我們會忽略我們在女性方面所做的事情以及我們在那裡擁有的機會。這並不意味著我們會忽視鞋類，這就是為什麼我們將這些鞋類專家引入整個行業。我認為這就是令人興奮的地方。

We, first and foremost, need to make sure that we're authenticating ourselves. And that's why I talked about the front porch of team sports. Revenue-wise, that aligns up through the 5 key categories that I mentioned in the script. But we know where we need to be better.

首先，我們需要確保我們能夠驗證自己的身份。這就是為什麼我談論團隊運動的前廊。從收入角度來看，這與我在腳本中提到的 5 個關鍵類別保持一致。但我們知道哪裡需要做得更好。

And this isn't like we're just going to go turn on the faucet, and all of a sudden, sportswear is going to be the answer, it's that we have to drive and grind this thing the right way with making sure that every product that we put to the consumer is something that has them say, wow. It's making sure that we're approaching all these things, as I say, is that any product that we build, number one, there's 3 functions that I've asked for our product teams to do.

這並不是說我們只要打開水龍頭，突然之間，運動服就會成為答案，而是我們必須以正確的方式駕駛和打磨這個東西，確保每一個我們向消費者推出的產品讓他們驚嘆不已。確保我們正在處理所有這些事情，正如我所說，我們建立的任何產品，第一，我要求我們的產品團隊完成 3 項功能。

Number one is edit and innovate, and that speaks to the 25% decline. It means being faster with the way that we are looking at product. Number two is ensuring that every product that we build begins with the athlete story of the problem that it's solving for.

第一個是編輯和創新，這說明下降了 25%。這意味著我們看待產品的方式要更快。第二是確保我們製造的每件產品都始於運動員解決問題的故事。

I just don't think we've done a good enough job there. But we've got places that are winning right now, our Vantage collection, our Meridian collection. On the footwear side, Curry is something that still, we think, has a massive upside and opportunity for us. And then we'll keep driving innovation with exploration like we did in accessories with the new StealthForm Uncrushable hat.

我只是認為我們在那裡做得不夠好。但我們現在有一些正在獲勝的地方，我們的 Vantage 系列、我們的 Meridian 系列。在鞋類方面，我們認為柯瑞對我們來說仍然有巨大的優勢和機會。然後，我們將繼續透過探索來推動創新，就像我們在配件方面所做的那樣，推出了新款 StealthForm Uncrushable 帽子。

And so as we start to replicate that and become more famous for less things, I'd like to say, companies are built because they made one product famous. Brands are built because they do it over and over again. So we need to focus on doing that through our product engine and making sure that that's not going to happen unless we have an amazing story to be told. And getting those 2 things up to speed, I think, almost go hand in hand.

因此，當我們開始複製這一點並因更少的事情而變得更加出名時，我想說，公司的建立是因為它們使一種產品變得出名。品牌的建立是因為他們一遍又一遍地這樣做。因此，我們需要專注於透過我們的產品引擎來做到這一點，並確保除非我們有一個令人驚嘆的故事要講述，否則這種情況不會發生。我認為，讓這兩件事加快速度幾乎是齊頭並進的。

That's very helpful. I appreciate that. And then as a follow-up, and I guess bigger picture as well. You're talking about and others have talked about the more promotional environment within the space broadly.

這非常有幫助。我很感激。然後作為後續行動，我想還有更大的前景。您正在談論，其他人也已經廣泛談論了該領域內更具促銷性的環境。

So I guess the question I have there, I mean, one, do you view that as more shorter term in nature? And then secondly, this is the bigger picture part. I mean for those of us who have followed Under Armour for a while, we remember very clearly when the brand was very successful. As you look at the competitive landscape now, you're putting aside some of these promotions. Do you still see that clear lane for the Under Armour brand when Under Armour's performing well? Or has competition changed that lane?

所以我想我的問題是，第一，你認為這本質上是比較短期的嗎？其次，這是更大的圖景部分。我的意思是，對於我們這些關注 Under Armour 一段時間的人來說，我們清楚地記得該品牌何時非常成功。當您審視現在的競爭格局時，您會放棄其中一些促銷活動。當Under Armour 表現出色時，您是否仍認為Under Armour 品牌的那條清晰路線？或者競爭已經改變了這條路？

Yes. Thank you. I can't speak to the -- I'm not a prognosticator on what the market has in front of us or what happens on a broad basis. But we know that we're -- I think we're just playing the hand that's right in front of us today.

是的。謝謝。我無法對市場前景或廣泛發生的情況進行預測。但我們知道我們——我認為我們只是在玩今天擺在我們面前的牌。

We're giving information, which is why we've really just -- when I say it's almost like running the company by constraints. It's like let's just take -- let's take a smaller bite. We've got 100 miles in front of us. We're going to work the 3 feet that's right in front of us right now. And I think this is what it's telling us, so that's what we're going to respond to.

我們正在提供信息，這就是為什麼我們真的只是 - 當我說這幾乎就像在約束下運營公司一樣。就好像讓我們咬一小口。我們前面還有 100 英里。我們現在要鍛鍊我們面前的 3 英尺。我認為這就是它告訴我們的，所以這就是我們要回應的。

What I want to say about UA, it's interesting because I think about this deeply. Our authentification of being in team sports as I described it in the remarks as a podium brand, it's such a unique position. And you look at anyone else that's out there, I think where Under Armour stands alone is that there's big companies, you can call them old money, there's the cool kids. They're sort of the Sunday leisure league crowd, but there's no one that stands up for the little guy, for the athlete that was not picked first, for the long shot, the underdog.

關於UA，我想說的話很有趣，因為我對此進行了深入的思考。正如我在演講中所描述的那樣，我們對團隊運動的認可是一個頒獎台品牌，這是一個如此獨特的地位。你看看其他人，我認為 Under Armour 的獨特之處在於，有大公司，你可以稱他們為老錢，還有很酷的孩子。他們有點像是周日休閒聯賽的人群，但沒有人為小人物、為沒有被選中的運動員、為遠景、為失敗者挺身而出。

I think that representation for UA, it probably has a story that speaks to virtually everyone on the planet. And it's a position I feel that we own completely uniquely. I don't approach this as saying that's something that's god-given for us for the rest of time. So we better act on it soon.

我認為 UA 的代表，它可能有一個幾乎對地球上每個人都有影響的故事。我認為我們擁有完全獨特的地位。我並不是說這是上帝在餘下的時間裡給我們的東西。所以我們最好盡快採取行動。

And that's -- we're playing that humble and hungry mentality that Under Armour long shot overcoming. And it's probably a really good metaphor for where we are right now. So I'm excited about what the future holds for us. I'm excited about this unique position that we hold in the marketplace. Now we just need to make sure that we deliver the product and the story together at once as the way it relates and goes and shows up at retail.

那就是——我們正在發揮謙虛和飢餓的心態，Under Armour 極有可能克服這種心態。這可能是對我們現在處境的一個很好的比喻。所以我對我們的未來感到興奮。我對我們在市場上佔據的獨特地位感到興奮。現在我們只需要確保我們同時提供產品和故事，就像它在零售中的關聯、傳播和展示方式一樣。

Our next question comes from Sam Poser from Williams Trading.

我們的下一個問題來自 Williams Trading 的 Sam Poser。

Kevin, I just -- a couple of things. You talked about Europe as it relates to the United States. And I'm wondering in the U.S. trying to elevate the brand, does this mean that you're going to cut off some of the more moderate distribution in order to elevate it to get away from -- over time to get to elevate the brand and make -- sort of force better and best to have more prevalence? And I have a follow-up.

凱文，我只是──有幾件事。您談到了歐洲與美國的關係。我想知道在美國試圖提升品牌，這是否意味著你要切斷一些更溫和的分銷，以提升它——隨著時間的推移，以提升品牌並讓某種力量變得更好、最好，以提高普及率？我有一個後續行動。

Yes. I don't think that we -- we like our distribution today. I don't -- that will be part of the exercise as it always is, is constantly culling our retail partners. But it's also -- it's walking into some partners. And some of this, Sam, it's been as much on us of we do walk into one of our premium or close to premium sporting goods stores even here in the States. And the only thing that's leading or explaining what the product is, is the price that's in the upper left-hand corner. And it's hard to explain the difference between a $20 graphic T-shirt and a $45 Vantage T-shirt that has RUSH technology, and it's just not clearly articulated.

是的。我認為我們不喜歡今天的發行版。我不會——這將一如既往地成為演習的一部分，不斷淘汰我們的零售合作夥伴。但它也正在與一些合作夥伴建立聯繫。山姆，其中一些是我們的責任，就像我們走進一家高級或附近的高級體育用品商店一樣，即使在美國也是如此。唯一引導或解釋產品是什麼的是左上角的價格。而且很難解釋 20 美元的圖形 T 恤和 45 美元的採用 RUSH 技術的 Vantage T 卹之間的區別，而且沒有明確闡明。

So I think we're probably in a pretty good space. We may contract some of the doors and make sure that we're only coming through -- and some of those retailers. It's on the table always for us as well. But that's something 6 weeks in the job, we'll continue to evaluate. But for the most part, I just want to -- my main priority is focusing on the product that goes to anyone and ensuring that, that product and story show up hand in hand.

所以我認為我們可能處於一個非常好的空間。我們可能會承包一些門，並確保我們只通過——以及其中一些零售商。它也始終擺在我們的桌面上。但這是工作六週後的事情，我們將繼續評估。但在大多數情況下，我只是想 - 我的主要優先事項是專注於提供給任何人的產品，並確保產品和故事齊頭並進。

And then what made you -- I mean this is a combined question. You said -- I want to know what led the decision for you to step back into this role. And to follow up on Jay's question, over the last few years, what have you learned? And how are you going to approach it to -- what have you learned over the last few years to -- that made you step back in and believe that it was time?

然後是什麼讓你——我的意思是這是一個綜合問題。你說——我想知道是什麼導致你決定重新擔任這個角色。繼續回答傑伊的問題，在過去的幾年裡，你學到了什麼？你將如何對待它——你在過去幾年中學到了什麼——讓你重新站起來並相信是時候了？

And then secondly, you said earlier that everybody should be focusing on selling shirts and shoes. But I get -- I've had the issue with brand first, product first. And I'm wondering, is it sell shirts and shoes to the right people at the right time at the right price versus just selling shirts and shoes?

其次，您之前說過每個人都應該專注於銷售襯衫和鞋子。但我明白——我遇到了品牌第一、產品第一的問題。我想知道，它是在正確的時間以正確的價格向正確的人出售襯衫和鞋子，還是只是銷售襯衫和鞋子？

Yes. Well, first of all, I think the ability to step away, it allowed me to get a lot of reflection of, number one, taking a breath after 24 years of running hard with the company since beginning in '96 or 25 years doing that. I got to watch my kid -- my son and my daughter play high school sports. I got to watch graduations. And I got to take a bit of a beat.

是的。嗯，首先，我認為離開的能力讓我得到了很多反思，第一，自 96 年或 25 年開始與公司一起努力奮鬥了 24 年之後，我喘了口氣。我必須看我的孩子——我的兒子和女兒參加高中運動。我必須觀看畢業典禮。我得稍微休息一下。

That's not to say that I haven't been close or near the business at the same time. I've been watching the business, just from a different chair. And there's a very different outlook that you can have as coming from being the Chairman to being the active CEO and being able to actually affect day-to-day decisions.

這並不是說我沒有同時接近或接近這家公司。我一直在觀察生意，只是坐在不同的椅子上。從董事長轉變為積極的首席執行官，並能夠真正影響日常決策，你可以擁有截然不同的前景。

So I view this, honestly, Sam, I've been pinching myself for the last 6 weeks. I've done different things, but I realized that what I do love doing is selling shirts and shoes. And in doing that, let me just be really clear, this isn't just selling any shirts and shoes. It's selling the best shirts and shoes. In the product spectrum of good, better, best, I think Under Armour makes a lot of good, some better and nowhere near enough best. We're going to focus on that. And again, this isn't just with an eye on we should do it because we see ourselves as a premium brand. It's because I do believe that Under Armour has that upside, and we're also going to make sure that we pay the rent.

所以我認為，老實說，Sam，過去六週我一直在掐自己。我做過不同的事情，但我意識到我真正喜歡做的是賣襯衫和鞋子。在這樣做時，讓我非常清楚，這不僅僅是銷售任何襯衫和鞋子。它賣最好的襯衫和鞋子。在好、更好、最好的產品系列中，我認為 Under Armour 生產了很多好產品，有些更好，但遠遠不夠最好。我們將重點關注這一點。再說一次，這不僅僅是為了我們應該這樣做，因為我們認為自己是一個優質品牌。這是因為我確實相信 Under Armour 有這樣的優勢，而且我們還將確保支付租金。

And so we'd like to secure and solidify this good level of business, and we want to emphasize and focus on our better and best level business. And I can tell you confidently that we have the product engine and team now in place, both legacy as well as the new additions that have come on to lead this with Yassine at the top of that engine.

因此，我們希望確保並鞏固這種良好的業務水平，並且我們希望強調並專注於我們更好、最好水平的業務。我可以自信地告訴你，我們現在已經擁有了產品引擎和團隊，既有遺留的，也有新增加的，由亞辛​​擔任該引擎的負責人。

I owe them and I owe this organization, this organization owes itself a great storytelling function. And we have some great people on our marketing teams, but we need to put all those pieces together and get product and story to be one functioning engine for us to sell only and mostly focusing on more, better and best as we look to grow from where we are today.

我欠他們，我欠這個組織，這個組織欠它自己一個偉大的說故事的功能。我們的行銷團隊中有一些優秀的人才，但我們需要將所有這些部分整合在一起，讓產品和故事成為我們只銷售的一個功能引擎，並且主要關注更多、更好和最好，因為我們希望從我們今天的處境。

Our next question comes from Laurent Vasilescu from BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Laurent Vasilescu。

I wanted to ask about the guide for international being down low single digits. Is that on a reported basis or a constant currency basis?

我想問一下國際指南是否低個位數。是依報告基礎還是以固定匯率計算？

And then, Kevin, I think you mentioned that the environment in China is very promotional. Can you provide a little bit more color on what you're seeing in that marketplace overall and how you're thinking about that business, that geography for fiscal year '25?

然後，凱文，我想你提到中國的環境非常具有促進性。您能否提供更多關於您在整個市場中看到的情況以及您如何看待 25 財年的業務和地理位置的資訊？

Laurent, this is Dave. I'll jump in on this one. I don't want Kevin to lose his voice. So I think that -- a couple of different things. When we think about the high-level lead-in, I think Kevin gave a lot of color around that relative to how we're kind of smartly approaching our international and our growth and being prudent about that.

勞倫特，這是戴夫。我會參與其中。我不想讓凱文失聲。所以我認為——有一些不同的事情。當我們考慮高層的引導時，我認為凱文對此給予了許多色彩，涉及我們如何明智地對待我們的國際和我們的成長，並對此保持謹慎。

I think within APAC, and this is actually consistent with EMEA as well, the DTC growth, we do see it being offset by some of the wholesale and distributor slowdown and caution that we see. So where we can directly control and drive the brand within DTC, we see that growing well. But it is some challenges in the markets with the wholesale and distributors.

我認為在亞太地區，這實際上也與歐洲、中東和非洲地區一致，DTC 的成長，我們確實看到它被我們看到的一些批發和分銷商的放緩和謹慎所抵消。因此，如果我們可以在 DTC 內直接控制和推動品牌，我們就會看到其成長良好。但這對批發和分銷商來說是市場上的一些挑戰。

Within APAC more specifically, I would say that it's a little bit around the retail and eComm traffic, but we're driving against that very well. We've also got a little bit of pressure with a partner in South Korea that we're working through. There are some financial pressures there. But we are planning to increase our APAC store fleet by more than 80 doors this year, and that's more back half weighted. And we're excited about the upcoming Curry tour in Asia as well, which is really going to help from a brand voice and energy perspective.

更具體地說，在亞太地區，我想說這有點圍繞零售和電子商務流量，但我們正在很好地應對這一點。我們與韓國的合作夥伴也面臨一些壓力，我們正在努力解決這個問題。那裡有一些財務壓力。但我們計劃今年在亞太地區增加 80 多家門市，而且這還多於後半加權。我們也對即將到來的庫裡亞洲之旅感到興奮，這從品牌聲音和能量的角度來看確實會有所幫助。

Within EMEA, Kevin alluded to this, but we have seen some higher inventory levels within some of our retail partners as we finished out fiscal '24. And that does impact the fiscal '25 orders a little bit. And so we planned for that appropriately. We do believe that, that's more of a temporary situation. And as those inventory levels clean up, you would expect better order flow coming through because the brand is very strong in EMEA.

在歐洲、中東和非洲地區，Kevin 提到了這一點，但在 24 財年結束時，我們發現一些零售合作夥伴的庫存水準有所上升。這確實對 25 財年的訂單產生了一些影響。因此我們對此進行了適當的計劃。我們確實相信，這只是暫時的情況。隨著庫存水準的清理，您會期望獲得更好的訂單流，因為該品牌在歐洲、中東和非洲地區非常強大。

And we have great relationships with our partners there. So a little bit of caution maybe, a little bit of prudence, making sure that we're fueling the brand, making sure we're not chasing any revenue that's not the most premium revenue that we want to get after and just playing a smart game going forward.

我們與那裡的合作夥伴有著良好的關係。因此，也許需要一點謹慎，一點謹慎，確保我們正在為品牌提供動力，確保我們不會追逐任何不是我們想要獲得的最優質收入的收入，只是玩聰明的遊戲繼續進行。

That's very helpful.

這非常有幫助。

In the spirit of supporting the team, Dave did a great job on that answer. I have nothing to add.

本著支持團隊的精神，戴夫在這個答案上做得很好。我沒什麼好補充的。

Okay. And then, Dave, maybe in order to spare Kevin's voice, you mentioned the adjusted SG&A was down 5% in 4Q. Maybe for the audience, can you just parse out where did marketing go for -- as a percentage of sales for 4Q? And as we think about the SG&A guide for the year of down 2% to 4% to your point, Kevin, you mentioned how you were able to manage that for fiscal year '24. Where does marketing as a percentage of sales go for fiscal year '25?

好的。然後，Dave，也許是為了避免 Kevin 的聲音，您提到第四季度調整後的 SG&A 下降了 5%。也許對觀眾來說，您能否解析一下行銷的去向－佔第四季銷售額的百分比？當我們考慮本年度的 SG&A 指南時，凱文，您提到了您如何能夠在 24 財年管理這一點，下降 2% 至 4%。 25 財年行銷佔銷售額的百分比在哪裡？

Yes. So when we think about marketing throughout all of fiscal '24, we ran pretty close to kind of the 10% of revenue mark. So little fluctuations up and down. I think Q4 is probably high 9%, really close to 10%, finishing out the year at about 10%.

是的。因此，當我們考慮整個 24 財年的行銷時，我們的收入非常接近 10%。所以上下波動很小。我認為第四季的成長率可能高達 9%，非常接近 10%，全年成長率約為 10%。

And that play for fiscal '25 isn't significantly different. We've rebalanced some of that and really making sure that we're prioritizing the marketing investments. And Jim has done an excellent job working with the teams on that. But you're not going to see a noticeable difference in that percentage of revenue as we go through fiscal '25.

25 財年的情況也沒有顯著差異。我們已經重新平衡了其中的一些，並真正確保我們優先考慮行銷投資。吉姆在這方面與團隊合作做得非常好。但當我們進入 25 財年時，您不會看到該收入百分比有明顯差異。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session as well as today's conference call and presentation. We thank everyone for joining this morning. You may have -- you may disconnect. Have a great day.

女士們、先生們，我們今天的問答環節以及今天的電話會議和演示就到此結束。我們感謝大家今天早上的加入。您可能會斷開連線。祝你有美好的一天。