Under Armour Inc (UAA) 2026 Q4 法說會逐字稿

Good day, and welcome to the Under Armour, Inc.'s fourth-quarter 2026 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Under Armour, Inc. 2026 會計年度第四季財報電話會議。(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Mr. Lance Allega, Senior Vice President, Finance and Capital Markets. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給財務與資本市場資深副總裁 Lance Allega 先生。請開始。

Thank you. Good morning, and welcome to -- under Armour's fiscal 2026 fourth-quarter earnings call. Today's call is being recorded, and a replay will be available on our Investor Relations website shortly after the call concludes. Joining us this morning are Kevin Plank, President and CEO; and Reza Taleghani, Chief Financial Officer.

謝謝。各位早安，歡迎參加 Under Armour 2026 會計年度第四季財報電話會議。今天的電話會議將被錄音，會後不久將在我們的投資人關係網站提供重播。今天早上與我們一同出席的有總裁兼執行長 Kevin Plank，以及財務長 Reza Taleghani。

Before we begin, please note that certain statements made on today's call are forward-looking statements within the meaning of federal securities law. These statements reflect management's current expectations as of May 12, 2026, and are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks and uncertainties, please refer to this morning's press release, filings with the SEC, including our most recent Forms 10-K and 10-Q and other public disclosures.

在開始之前，請注意，今天電話會議中的某些陳述屬於聯邦證券法所定義的前瞻性陳述。這些陳述反映管理層截至 2026 年 5 月 12 日的目前預期，並受各項風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險與不確定性的討論，請參閱今天早上的新聞稿、向 SEC 提交的文件（包括我們最新的 10-K 與 10-Q 表格）以及其他公開揭露資訊。

During today's call, we may reference certain non-GAAP financial measures. We believe these measures provide additional insight into the underlying trends of our business when considered alongside our GAAP results. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are included in today's press release and are available on our Investor Relations website at about.underarmour.com.

在今天的電話會議中，我們可能會提及某些非 GAAP 財務衡量指標。我們相信，當這些指標與我們的 GAAP 結果一併考量時，能對業務的基本趨勢提供額外洞見。非 GAAP 指標與最直接可比的 GAAP 指標之調節表已包含於今天的新聞稿中，並可於 about.underarmour.com 的投資人關係網站查閱。

With that, thank you for joining us this morning and for your continued interest in Under Armour. I'll now turn the call over to Kevin.

在此，感謝各位今天早上加入我們，也感謝各位持續關注 Under Armour。接下來我把電話交給 Kevin。

Good morning. Thank you, Lance, and welcome, everyone. To start, I want to welcome Reza Taleghani to Under Armour. He joined earlier this year as our CFO and an important time for the brand. Reza brings strong total discipline, financial clarity, and a sharp strategic lens on decision-making. We are early in this chapter that, that impact is already evident in how we define and evaluate our performance metrics and in the way we prioritize across the business.

各位早安。謝謝你，Lance，也歡迎各位。首先，我想歡迎 Reza Taleghani 加入 Under Armour。他在今年稍早加入，擔任我們的財務長，正值品牌的重要時刻。Reza 帶來強而有力的整體紀律、清晰的財務觀點，以及在決策上的敏銳策略視角。我們正處於這個篇章的早期階段，而他的影響已經很明顯，體現在我們如何定義與評估績效指標，以及我們如何在整個業務中設定優先順序。

As we move into the next phase of our transformation, our operational rigor and financial accountability will become even more critical. We are better positioned with Reza's fresh perspective, driving toward a more intentional brand and business with stronger profitability.

隨著我們進入轉型的下一階段，營運嚴謹度與財務問責將變得更加關鍵。在 Reza 的新視角帶動下，我們具備更好的定位，朝向更有意圖的品牌與業務前進，並提升獲利能力。

As we sharpen the way we operate the business, we're equally focused on elevating the strength and credibility of our product. And with that, a big congratulations to Sharon Lokedi for securing her second consecutive Boston Marathon victory in the Under Armour Velociti Elite 3. One of the most demanding stages in support that level of repeat performance is not just impressive, it's definitive.

在我們精進營運方式的同時，也同樣專注於提升產品的實力與可信度。在此，也要熱烈恭喜 Sharon Lokedi 穿著 Under Armour Velociti Elite 3，連續第二年奪下波士頓馬拉松冠軍。在最嚴苛的舞台之一，支撐這種連續奪冠的表現不僅令人印象深刻，更是最具代表性的證明。

Claiming the podium for UA at the most coveted marathon race in the world is the clearest possible proof point of what Under Armour stands for, delivering at the highest level when it matters most. Under Armour makes Pinnacle performance forward. It's now our job to ensure the world knows that, too, and commercialize that fact.

在全球最受矚目的馬拉松賽事中，UA 站上頒獎台，是對 Under Armour 代表意義最清楚的證明：在最關鍵的時刻，以最高水準交出成果。Under Armour 讓巔峰表現持續向前。現在我們的工作，是確保全世界也都知道這一點，並將這個事實商業化。

The same innovation, fit, speed and performance DNA that powers a Boston Marathon champion also power the everyday runner. This includes products like the Velociti Pro and Velociti Distance as well as the balance of our increasingly edited line of footwear, where we're consistently applying the concept of less being more. Intentionality will define this chapter for the brand.

推動波士頓馬拉松冠軍的同樣創新、貼合度、速度與性能 DNA，也同樣推動著日常跑者。這包括 Velociti Pro 與 Velociti Distance 等產品，以及我們日益精簡的鞋類產品線的其餘部分；在這裡，我們持續實踐「少即是多」的理念。「有意圖」將定義品牌的這個篇章。

In that spirit, and as I've shared before, over the past two years, we've executed a deliberate reset of the business, making more intentional choices about where end how we compete. Our focus is on elevating product, strengthening brand, and reducing complexity through structural changes, not just surface adjustments.

本著這樣的精神，也如我先前分享的，過去兩年我們對業務進行了審慎的重置，對於我們在哪裡以及如何競爭，做出更有意圖的選擇。我們的重點在於提升產品、強化品牌，並透過結構性變革降低複雜度，而不只是表面的調整。

That work requires difficult trade-offs. We've walked away from certain non-profitable parts of our business. We implemented a category management model that helps us focus investment on the categories, products and stories that strengthen the brand and improve the quality of our growth.

這項工作需要艱難的取捨。我們已退出某些不具獲利性的業務部分。我們導入品類管理模式，協助我們把投資聚焦在能強化品牌、並提升成長品質的品類、產品與故事上。

As a result, under is becoming a more focused, disciplined and intentional company, which is reflected in our execution. That progress is increasingly becoming more visible in how we go to market to the manifestation of marketing excellence, a more modern marketing engine rooted in what has always made Under Armour distinct, credibility earned through the athletes and teams to compete in our product.

因此，Under Armour 正成為一家更聚焦、更自律、也更有意圖的公司，而這也反映在我們的執行上。這項進展在我們的上市策略上愈來愈清晰可見，並體現在行銷卓越的呈現：一個更現代化的行銷引擎，根植於一直以來讓 Under Armour 與眾不同的核心——透過穿著我們產品競賽的運動員與團隊所贏得的可信度。

We are clear in our position as a podium brand built to outfit athletes from head to toe at the highest levels of competition. Our core consumer, the 16 to 24-year-old team sport athlete remains our creative anchor while we serve all assets. Our mission is to equip them to push beyond their perceived limits as the most authentic and credible brand in sports.

我們清楚自身定位：作為一個「頒獎台品牌」，致力於在最高競技層級，從頭到腳為運動員提供裝備。我們的核心消費者——16 到 24 歲的團隊運動選手——仍是我們創意的錨點，同時我們也服務所有運動員。我們的使命，是以最真實且最具可信度的運動品牌，裝備他們突破自我認知的極限。

Our innovation pipeline will continue to deliver products that become indispensable for athletes by the needs they never knew they had and once they've tried could not imagine living without. That drumbeat of innovation is already beginning to show up in our product. A strong commercial example is the Bounce CT, launching later this month in APAC and exclusively in the US through DICK'S and our own DTC channels.

我們的創新管線將持續推出產品，透過滿足運動員「從未意識到自己需要」的需求而變得不可或缺；一旦嘗試過，就難以想像沒有它的生活。這股持續的創新節奏，已開始在我們的產品上展現。一個強而有力的商業例子是 Bounce CT，將於本月稍晚在亞太地區上市，並在美國透過 DICK'S 與我們自有的 DTC 通路獨家販售。

With EMEA coming online late summer, brings premium performance to the most essential item in the athlete draw, the T-shirt. Historically, for UA, this level of innovation lived in sports-specific year. Now we are elevating everyday essentials with the same engineering in a way that feels natural to consumers.

隨著 EMEA 於夏末上線，它將高端性能帶到運動員衣櫥中最基本的單品——T 恤。過去對 UA 而言，這種等級的創新多存在於特定運動的裝備中。如今，我們以同樣的工程技術提升日常必需品，並以一種讓消費者感覺自然的方式呈現。

Coming back to UA as a management team, we felt it was important to have a defining product that showcased our ability to move from field courts pitches in the gym into our consumers' daily lives. We wanted a product that would define this versatility for the UA brand. That is the UA Bounce Cotton Tee.

作為管理團隊回到 UA，我們認為擁有一款具代表性的產品很重要，用以展現我們能把在球場、場地、球場草皮與健身房的表現，帶進消費者的日常生活。我們希望有一款產品能為 UA 品牌定義這種多用途性。那就是 UA Bounce Cotton Tee。

Now please bear with me as this is not meant to describe a singular silver bullet of success, but instead serve as a larger or broader metaphor, which you can expect for us going forward and not just making another item.

現在請各位稍微包涵，因為這並非要把它描述為單一的成功銀彈，而是作為一個更大、更廣泛的隱喻；各位可以期待我們未來會以此為方向，而不只是再做出另一個單品。

In our industry, it's been said that whoever invents the next white or black T-shirt wins. This means that you can master the simplest of items with meaningful effortless innovation, then we can do anything. The $65 Bounce CT delivers for Friday night where under a sport coat with the perfect neckline or Saturday morning in the gym. It features full UA innovation, including ultra-smooth Pima cotton and is built with our UA developed NEOLAST recyclable stretch fiber. Its Friday, Saturday performance translates just as easily to simply chilling on a Sunday and transitions from training to daily life without compromise.

在我們的產業裡，有人說，誰能發明下一件白色或黑色 T 恤，誰就能勝出。這意味著，如果你能以有意義、毫不費力的創新，把最簡單的單品做到極致，那我們就能做到任何事。售價 65 美元的 Bounce CT，無論是週五晚上搭配運動外套、擁有完美領口，或是週六早上在健身房，都能勝任。它具備完整的 UA 創新，包括超滑順的 Pima 棉，並採用我們 UA 自主研發的 NEOLAST 可回收彈性纖維打造。它在週五、週六的表現，也同樣能輕鬆延伸到週日的放鬆時光，從訓練到日常生活的轉換毫不妥協。

This is what we mean by premiumization, delivering greater performance, versatility and value through fewer, more purposeful products. It's also a reflection of where we know we have real strength today. Apparel remains the foundation of Under Armour, one of our greatest competitive advantages. Growing our $1 billion-plus footwear business is central to our midterm strategy. And as we read out footwear to build greater consistency, we're leaning into our leadership in apparel, where innovation, fit and performance ability are already well established.

這就是我們所說的「高端化」（premiumization）：透過更少、但更有目的性的產品，提供更高的性能、多用途性與價值。這也反映了我們清楚知道自己當下真正的優勢所在。服裝仍是 Under Armour 的根基，也是我們最大的競爭優勢之一。擴大我們超過 10 億美元規模的鞋類業務，是我們中期策略的核心。而在我們重新調整鞋類、以建立更高的一致性之際，我們正加大投入在服裝領域的領導地位——在這裡，創新、版型與性能能力早已相當成熟。

That same discipline is shaping how we manage our broader product portfolio. We're working to strengthen our top 10 volume-driving products across apparel, footwear, and accessories with fresh styling, stronger innovation and clear consumer storytelling while also identifying opportunities to improve price-to-value perception to drive healthier profitability across key Under Armour franchises.

同樣的紀律也正在塑造我們如何管理更廣泛的產品組合。我們正致力於強化服裝、鞋類與配件中帶動銷量的前 10 大產品，透過更新的造型、更強的創新，以及清晰的消費者敘事，同時也在找出改善「價格對價值」感知的機會，以推動 Under Armour 主要系列更健康的獲利能力。

The goal is not simply to sell more units. It's to build better products with stronger margins and greater brand impact across the categories and products where consumers already know us or meeting us for the first time. growing new consumers is a priority for us. That mindset extends beyond product that shapes how we operate company wide.

目標不只是單純賣出更多件數。而是要在消費者已經認識我們、或第一次接觸我們的品類與產品上，打造更好的產品、取得更高的毛利，並帶來更大的品牌影響力。拓展新消費者是我們的優先事項。這種思維不僅延伸到產品，也在塑造我們全公司如何運作。

Over the past year, we took a decisive step and shifted to category management. We streamlined into about a dozen sports and activities, competing head to toe. This focus simplifies our workflow and market approach. Expectations are clear roles to find, and teams are aligned around one goal, making athletes better.

過去一年，我們採取果斷行動，轉向品類管理。我們精簡為約十多個運動與活動類別，從頭到腳全面競爭。這樣的聚焦簡化了我們的工作流程與市場策略。期望更清晰、角色更明確，團隊也圍繞同一個目標對齊：讓運動員表現更好。

We reinforced this focus with one question before any endeavor. As we deploy the resources of time, people and money, will this help us some more premium shirts and shoes. That answer must be yes. The impact is already evident. Decisions are faster. Coordination, tighter. Execution, more consistent.

我們在每一項投入之前，都用一個問題來強化這份聚焦。當我們投入時間、人力與資金資源時，這是否能幫助我們賣出更多高端襯衫與鞋款。答案必須是肯定的。影響已經很明顯。決策更快。協作更緊密。執行更一致。

Taken together, these changes are creating a stronger, more disciplined foundation for the business as we enter fiscal '27. After a significant revenue rebate since our fiscal '25, particularly in North America, we expect the year ahead to see revenue stabilization in our largest region. That means fewer surprises and greater confidence in how decisions translate into results. We're seeing early signs of sell-through, cleaner inventory, and stronger partner engagement. That progress gives us more control than we've had in years and positions us to build a model that can scale over time.

綜合而言，這些改變正在為我們在進入 2027 會計年度時，打造更強、更有紀律的業務基礎。自 2025 會計年度以來，營收出現顯著回落，尤其在北美；我們預期未來一年在最大區域的營收將趨於穩定。這意味著意外更少，並對決策如何轉化為成果更有信心。我們看到初步的銷售出清跡象、庫存更乾淨，以及合作夥伴參與度更強。這些進展讓我們比過去幾年擁有更多掌控力，並使我們能建立一個可隨時間擴張的營運模式。

To support this, we're being precise about where we invest, where we leverage partners and where we make trade-offs, prioritizing what drives value and stepping away from what does not. This is critical to improving the quality of our growth. At the center of this intentionality, making clear choices about where we compete and which products we back, prioritizing those products we want to be famous for. We're removing friction and focusing the organization on what drives the brand forward.

為了支持這一點，我們精準界定投資方向、在哪些地方借力合作夥伴、以及在哪些地方做取捨，優先投入能創造價值的事項，並退出無法創造價值的項目。這對提升我們成長的品質至關重要。在這份「有意識的取捨」核心，是清楚決定我們在哪裡競爭、支持哪些產品，優先推動那些我們希望「以之聞名」的產品。我們正在移除摩擦，讓組織聚焦於推動品牌向前的關鍵動能。

Now all that being said, we are not improving our bottom line fast enough. While confident in our strategy, we will continue to work the mix and prioritize near, mid, and long-term profitability, consistency blended with agility. This is essential to seeing our transformation through and there are no sacred cows, just the lens of what is the best decision for the brand.

不過話說回來，我們改善獲利底線的速度仍不夠快。儘管我們對策略有信心，我們仍將持續調整組合，並兼顧短、中、長期的獲利能力，在一致性與敏捷性之間取得平衡。這對完成轉型至關重要；沒有任何不可動搖的「聖牛」，只有以「對品牌最好的決策是什麼」作為判斷視角。

Execution must tighten and we are holding ourselves a capital for accelerating progress. This also includes bringing an even sharper focus on editing and optimizing our product assortment, marketing spend, processes, and cost structure to improve UA's profitability.

執行必須更到位，我們也要求自己對加速進展負起責任。這也包括更聚焦於精簡並優化我們的產品組合、行銷支出、流程與成本結構，以提升 UA 的獲利能力。

Along those lines, we made strong progress simplifying our product offering, while building a focused pipeline of innovation that you'll begin to see in a much more consistent way in the coming quarters. Over the past two years, we've reduced SKUs by 25%. And with Kara now in place in our new role as Chief Merchandising Officer, we expect further reductions as we continue to sharpen the assortment, fewer, better products with concentrated demand and a more succinct consumer proposition with less complexity across the supply chain, resulting in healthier margins for UA as well as our factory and wholesale partners.

在這方面，我們在簡化產品供給上取得了強勁進展，同時建立一條聚焦的創新管線，接下來幾個季度你將開始更一致地看到成果。過去兩年，我們已將 SKU 減少 25%。而隨著 Kara 以首席商品長（Chief Merchandising Officer）的新職務到位，我們預期在持續精煉產品組合的同時還會進一步減少：更少、但更好的產品，需求更集中、消費者主張更精煉，供應鏈複雜度更低，從而為 UA 以及我們的工廠與批發合作夥伴帶來更健康的毛利。

The focused discipline we've been building into product is now expanding into marketing, with the goal of becoming more product-led and more intentional in how we activate and deploy our resources. I define this as a more focused product to brand marketing mix.

我們在產品端建立的聚焦與紀律，現在正擴展到行銷端，目標是更以產品為主導，並在啟動與配置資源時更具目的性。我將其定義為更聚焦的「產品到品牌」行銷組合。

And as we really get it right, you shouldn't be able to tell the difference between the two. Every dollar spent see brand elevating rather than trying to say everything at once, we're concentrating investment behind the products, athletes and stories and most clearly communicate our performance credibility and differentiate UA. We believe the strongest way to elevate Under Armour is not through broader messaging alone but by amplifying great product with sharper storytelling and more consistent execution at retail.

而當我們真正做到位時，你不應該能分辨兩者的差異。每一分投入都應該是在提升品牌，而不是試圖一次說完所有事情；我們將投資集中在最能清楚傳達我們性能可信度、並讓 UA 脫穎而出的產品、運動員與故事上。我們相信，提升 Under Armour 的最強方式不只是更廣泛的訊息傳遞，而是以更犀利的敘事放大優秀產品，並在零售端以更一致的方式執行。

We're applying greater rigor to how marketing investments are allocated and measured across the organization. We see a meaningful opportunity to operate more precision, more curation, and stronger returns on investment.

我們正以更嚴謹的方式，在全組織分配並衡量行銷投資。我們看到一個重要機會：以更高的精準度、更好的策展能力，以及更強的投資報酬來運作。

Importantly, unlike product transformation cycles that can take multiple seasons to materialize, we expect elements of the marketing evolution to move faster and improve how the brand connects with consumers in the near term.

重要的是，不同於可能需要多個季度才會顯現的產品轉型週期，我們預期行銷演進的部分要素將更快推進，並在短期內改善品牌與消費者的連結方式。

Pulling all of this together, as we look ahead to fiscal '27, we do expect to stabilize with revenue down slightly. That outlook reflects both continued consumer uncertainty and the deliberate choices we're making to reshape the business. We are prioritizing revenue quality over volume, strengthening the foundation and positioning the company to return to growth with stronger profitability and more consistent brand expression.

綜合以上，展望 2027 會計年度，我們確實預期營收將趨於穩定，但會小幅下滑。這一展望反映了消費者不確定性仍在，以及我們為重塑業務所做的審慎選擇。我們將優先追求營收品質而非量的成長，強化基礎，並讓公司在回到成長軌道時具備更強的獲利能力與更一致的品牌表達。

This is not about stepping back, it's about building a more focused, disciplined, and premium Under Armour with a stronger right to win in the marketplace. And while our ambition is to operate as one global brand, the business remains at different stages of evolution across regions today. Importantly, we're supported by strong experienced leadership teams with deep tenure who understand both the brand and the markets we serve.

這不是退縮，而是在打造一個更聚焦、更有紀律、更高端的 Under Armour，並在市場上擁有更強的致勝正當性。雖然我們的企圖是以一個全球品牌來運作，但目前各區域的業務仍處於不同的演進階段。重要的是，我們有經驗豐富的領導團隊支持，他們任期深、同時理解品牌與我們所服務的市場。

In North America, we expect stabilization in the year ahead and are focused on revenue quality restoring marketplace discipline and rebuilding momentum with both consumers and wholesale partners. What we're seeing gives us great confidence. Inventories, cleaner. Product feedback is positive and engagement with key accounts is strengthening. These are early, but important signs that the foundation is moving in the right direction.

在北美，我們預期未來一年將趨於穩定，並聚焦於營收品質、恢復市場紀律，以及與消費者與批發合作夥伴一同重建動能。我們所看到的情況讓我們非常有信心。庫存更乾淨。產品回饋正面，與關鍵客戶的互動也在加強。這些都是早期但重要的訊號，顯示基礎正朝正確方向前進。

In EMEA, the business remains solid and continues to serve a stable anchor for the brand. In an uncertain environment, our priority there is protect and extend that strength by expanding in key markets while maintaining the discipline that's made the region such a consistent contributor to our global performance.

在 EMEA，業務仍然穩健，並持續作為品牌的穩定支柱。在不確定的環境下，我們在當地的優先事項是保護並延伸這份優勢：在維持使該區域成為我們全球表現穩定貢獻者的紀律之下，擴張至關鍵市場。

In APAC, we're sharpening our focus and driving greater efficiency with a clear emphasis on China. We're tightening the assortment, elevating the consumer experience and ensuring we are positioned to compete effectively in this critically important market.

在 APAC，我們正進一步聚焦並提升效率，並明確以中國為重點。我們正在收斂產品組合、提升消費者體驗，並確保我們具備在這個極其重要市場中有效競爭的定位。

As we do this, we're applying the same principles that guide our broader reset: focus, organization, and clarity of brand. In fiscal '27, we expect gross margin to expand approximately 220 to 270 basis points, primarily driven by the benefit of a tariff-related refund, along with pricing actions to elevate our brand, better manage promotions, and more favorable channel mix. At the same time, our outlook reflects ongoing external pressures, including tariffs and broader geopolitical uncertainty. All in, we expect adjusted operating income to be in the range of $140 million to $160 million.

在推進這些工作時，我們也套用指導整體重整的同一套原則：聚焦、組織與品牌清晰度。在 2027 會計年度，我們預期毛利率將擴張約 220 至 270 個基點，主要受惠於與關稅相關的退款，以及為提升品牌所採取的定價行動、更好的促銷管理，以及更有利的通路組合。同時，我們的展望也反映持續的外部壓力，包括關稅與更廣泛的地緣政治不確定性。整體而言，我們預期調整後營業利益將落在 1.40 億至 1.60 億美元的區間。

In closing, what you're seeing taking shape is a more intentional and connected Under Armour with focused products, more aligned marketing and improved financial performance, which all reinforce one another. Over the past two years, we've rebuilt important parts of the company with greater clarity, discipline and accountability.

最後，你所看到正在成形的是一個更有意識、連結更緊密的 Under Armour：聚焦的產品、更一致對齊的行銷，以及改善的財務表現，而這些彼此相互強化。過去兩年，我們以更清晰的方向、更強的紀律與更高的問責，重建了公司若干重要部分。

Now following the progress we've made in reengineering our product organization, we are now applying that same focus and lens with rigor to marketing. With the goal of amplifying our product strengths, deepening consumer connection and driving more consistent demand.

如今，在我們重新設計產品組織並取得進展之後，我們正以同樣的聚焦與視角，嚴謹地套用到行銷上。目標是放大我們的產品優勢、加深與消費者的連結，並推動更一致的需求。

Most importantly, strategy is increasingly driving the decisions across the organization. We're becoming more intentional about where we compete, how we invest, and where we believe we can create the greatest long-term value.

最重要的是，策略正日益驅動整個組織的決策。我們在「在哪裡競爭、如何投資，以及我們相信能在哪裡創造最大長期價值」方面，正變得更有意識、更有取捨。

In fiscal '27, we are operating from a position of greater strength. And while we remain a work in progress throughout this transformation, the model is simpler, the strategy is clear, execution is improving, we have a core team that is deeply committed to winning for this brand and our shareholders.

在 27 財年，我們是以更強健的態勢在營運。雖然在這場轉型過程中我們仍在持續精進，但商業模式更簡化、策略更清晰、執行力正在提升；我們也擁有一支核心團隊，對於為這個品牌與股東贏得勝利有著深度承諾。

We've made significant and important progress over the last two years, and I'm excited to see forward momentum translate into disciplined delivery and into building a more predictable and profitable business in the coming quarters and years.

過去兩年我們取得了重大且關鍵的進展，我也很期待看到這股向前的動能，在未來幾季與幾年轉化為更有紀律的交付成果，並打造更可預測且更具獲利能力的業務。

And with that, I'll turn it over to Reza. Thank you.

接下來我把時間交給 Reza。謝謝。

Thank you, and good morning, everyone. I'll start by thanking Kevin and the Board for the opportunity to join Under Armour at such an important time for the brand. It's a company I have long admired and I'm excited to step into this role as we move into the next phase of the transformation. I also want to take a moment to recognize Dave Bergman for his leadership and partnership during this transition. His 21 years with the company and the foundation he helped build has positioned us well for what comes next.

謝謝，各位早安。我先感謝 Kevin 與董事會，讓我有機會在品牌如此關鍵的時刻加入 Under Armour。這是一家我長期敬佩的公司，我也很期待在我們邁入轉型下一階段之際，接下這個職務。我也想花點時間肯定 Dave Bergman 在這段交接期間的領導與合作。他在公司服務 21 年，以及他協助建立的基礎，讓我們在迎接下一步時具備良好定位。

Over the past few months, what has stood out most is the alignment across the organization. The strategy is clear, priorities are well defined, and there's a strong sense of ownership and accountability across teams. Just as important, there's a clear connection between the strategic choices we are making and how they translate into performance. As Kevin outlined, we've spent the past two years executing a reset, simplifying the model, strengthening the brand and improving execution across the organization.

過去幾個月最讓我印象深刻的是整個組織的高度一致。策略清楚、優先事項界定明確，各團隊也展現出強烈的主人翁精神與問責文化。同樣重要的是，我們所做的策略選擇與其如何轉化為績效之間，有著清楚的連結。如同 Kevin 所說，過去兩年我們執行了重整，簡化商業模式、強化品牌，並提升全組織的執行力。

From my perspective, that work is creating a more focused, more controlled, and ultimately, more predictable company. My role is to build on that foundation by driving greater financial clarity, consistency and accountability as we move forward. This is a brand that has been having tariffs, softer consumer demand, and supply chain disruption. At the same time, there's a strong sense of control across the organization, and I'm excited to strengthen that momentum.

以我的角度來看，這些工作正在打造一家更聚焦、更可控，並且最終更可預測的公司。我的角色是在此基礎上，隨著我們向前推進，帶來更高的財務透明度、一致性與問責。這個品牌一直面臨關稅、較疲弱的消費需求，以及供應鏈中斷等挑戰。同時，整個組織也有很強的掌控感，我很期待進一步強化這股動能。

As Kevin outlined, in fiscal '26, we focused on building structure and discipline, and our performance reflects that progress. While we're still early in stabilization, we're beginning to see more consistent execution. And with that context, let me turn to our results.

如同 Kevin 所說，在 26 財年，我們聚焦於建立架構與紀律，而我們的表現也反映了這些進展。雖然我們仍處於穩定化的早期階段，但已開始看到更一致的執行。在這樣的背景下，接著我來說明我們的業績。

Fiscal '26 brought its share of external pressures, particularly from tariffs. Revenue declined 4% to $5 billion. By region, North America was down 8%, EMEA was up 9%, and APAC declined 5%. Adjusted gross margin declined 220 basis points to 45.7% primarily driven by higher US tariffs along with a more promotional second half, partially offset by favorable FX and product mix. Adjusted SG&A decreased 5% to $2.2 billion. Adjusted operating income was $107 million, and adjusted diluted EPS was $0.12.

26 財年承受了不少外部壓力，尤其是關稅。營收下滑 4% 至 50 億美元。按地區來看，北美下滑 8%，EMEA 成長 9%，APAC 下滑 5%。調整後毛利率下滑 220 個基點至 45.7%，主要受較高的美國關稅以及下半年促銷力度加大所影響，部分被有利的匯率與產品組合所抵銷。調整後銷售、一般及行政費用（SG&A）下降 5% 至 22 億美元。調整後營業利益為 1.07 億美元，調整後稀釋每股盈餘（EPS）為 0.12 美元。

Turning to our fourth-quarter results. revenue was down 1% to $1.2 billion. By region, North America revenue declined 7%, primarily due to a decrease in wholesale with a slight decline in our direct-to-consumer business. In EMEA, revenue increased 7% with about 3 points of negative impact coming from shipment timing that shifted from Q4 into Q1. Quarter's results included growth across both wholesale and direct-to-consumer channels. Revenue in EMEA was down 1% constant currency.

接著看第四季業績。營收下滑 1% 至 12 億美元。按地區來看，北美營收下滑 7%，主要因批發業務下滑，直營消費者（DTC）業務亦小幅下滑。在 EMEA，營收成長 7%，其中約有 3 個百分點的負面影響來自出貨時點，從第四季遞延至第一季。本季結果包含批發與直營消費者通路的雙雙成長。EMEA 營收以固定匯率計下滑 1%。

APAC revenue increased 13% and 8% constant currency with growth in both DTC and wholesale channels. In Latin America, revenue increased 22% or 8% constant currency with strong double-digit growth across both wholesale and direct-to-consumer businesses.

APAC 營收成長 13%，以固定匯率計成長 8%，直營消費者與批發通路皆成長。在拉丁美洲，營收成長 22%，以固定匯率計成長 8%，批發與直營消費者業務皆呈現強勁的雙位數成長。

From a channel perspective, wholesale revenue declined 3%, driven by a decrease in full price sales, partially offset by distributor growth. Direct-to-consumer revenue increased 5% in the quarter, with 8% growth in our owned and operated stores and flat e-commerce revenue. And licensing revenue increased 11%, driven by strength in our international business.

從通路角度來看，批發營收下滑 3%，主要因正價銷售下滑，部分被經銷商成長所抵銷。本季直營消費者營收成長 5%，其中自營門市成長 8%，電商營收持平。授權營收成長 11%，主要受國際業務強勁表現帶動。

By product type, apparel revenue was flat, with growth in train, outdoor and sportswear, offset by softness in run, team sports, and golf. Footwear revenue was also flat with strength in run in team sports, offset by softness in other categories. Accessories revenues increased 2%, driven largely by strength in sportswear and train.

按產品類別來看，服裝營收持平，訓練、戶外與運動休閒成長，抵銷了跑步、團隊運動與高爾夫的疲弱。鞋類營收亦持平，跑步與團隊運動表現強勁，抵銷了其他品類的疲弱。配件營收成長 2%，主要由運動休閒與訓練品類的強勢帶動。

Gross margin declined 470 basis points year over year to 42% in the fourth quarter. Excluding restructuring efforts, adjusted gross margin declined 360 basis points to 43.1%. This decline was driven by 315 basis points of supply chain headwinds, including roughly 260 basis points of pressure from US tariffs. 90 basis points from increased promotional pressure, particularly in direct-to-consumer as we manage through softer traffic and took proactive steps on inventory. And 20 basis points of unfavorable regional mix. These headwinds were partially offset by 65 basis points of favorable foreign currency and channel mix impact.

第四季毛利率年減 470 個基點至 42%。若排除重組相關作為，調整後毛利率下滑 360 個基點至 43.1%。此下滑主要來自供應鏈逆風 315 個基點，其中約 260 個基點的壓力來自美國關稅；以及促銷壓力增加 90 個基點，特別是在直營消費者通路，因我們在較疲弱的來客數環境下營運，並對庫存採取前瞻性措施。另有 20 個基點來自不利的地區組合。上述逆風部分被有利的外匯與通路組合影響 65 個基點所抵銷。

Moving to SG&A expenses, which decreased 15% to $518 million in the fourth quarter, primarily driven by lower marketing spend due to timing shifts as most of last year's spend was weighted towards the second half. We also saw benefits from lower incentive compensation as well as declines in several other cost areas as we continue to focus on expense management. Excluding $15 million in transformation costs, adjusted SG&A declined 14% to $503 million.

接著看 SG&A 費用，第四季下降 15% 至 5.18 億美元，主要因行銷支出較低，源於時點移轉——去年多數支出集中在下半年。我們也受惠於較低的獎酬性薪酬，並且在其他多個成本項目上下降，因我們持續聚焦費用管理。若排除 1,500 萬美元的轉型成本，調整後 SG&A 下降 14% 至 5.03 億美元。

Over the past few months, we've conducted a comprehensive review of the business to ensure we are fully capturing the intended benefits. To complete the remaining work, we're initiating a targeted expansion of the plan. This includes incremental costs necessary to deliver the full value of this effort, bringing the total anticipated cost to approximately $305 million. We now expect the plan to be substantially complete by December 31.

過去幾個月，我們對業務進行了全面檢視，以確保我們充分取得原先預期的效益。為完成剩餘工作，我們正啟動對計畫的精準擴充。其中包含為交付此項工作完整價值所需的增量成本，使預期總成本提高至約 3.05 億美元。我們目前預期該計畫將於 12 月 31 日前大致完成。

Moving down the P&L. We reported a fourth quarter operating loss of $34 million excluding transformation expenses and restructuring charges, our adjusted operating income was $3 million. To the bottom line, our diluted loss per share was $0.10. Excluding transformation and restructuring charges, our adjusted diluted loss per share in the fourth quarter was $0.03.

再往下看損益表。第四季我們的營業損失為 3,400 萬美元（不含轉型費用與重組費用），調整後營業利益為 300 萬美元。在最終盈餘方面，我們的稀釋每股虧損為 0.10 美元；若排除轉型與重組費用，第四季調整後稀釋每股虧損為 0.03 美元。

On the balance sheet, we ended the year with $915 million in inventory down 3% year over year, reflecting continued discipline as we reshape the business. This includes deliberate actions in the fourth quarter to further reduce inventory, accelerating the reset and positioning us well for fiscal '27. Importantly, this is not just lower inventory but better inventory with improved quality driven by tighter buys, a more focused assortment and stronger alignment with demand.

在資產負債表方面，我們年末庫存為 9.15 億美元，年減 3%，反映我們在重塑業務過程中持續維持紀律。其中包含第四季為進一步降低庫存所採取的刻意行動，加速重整，並讓我們在 27 財年具備良好起點。重要的是，這不只是庫存更低，而是庫存更好：透過更緊縮的採購、更聚焦的品項組合，以及與需求更強的對齊，帶動品質提升。

We closed the year with $309 million in cash and $605 million in restricted investments, which are set aside to fully cover the principal and interest on our senior notes due this June. With that obligation coming off the books by the end of the quarter, this marks a meaningful step forward in strengthening our balance sheet. We also ended the year with $200 million in borrowings under our revolving credit facility.

年末我們持有 3.09 億美元現金，以及 6.05 億美元受限制投資，該等資金已預留用以完全覆蓋今年 6 月到期之優先票據的本金與利息。隨著該項義務在本季末自帳上解除，這是強化資產負債表的重要一步。我們年末亦有 2 億美元透過循環信用額度借款。

Looking ahead to our fiscal '27 outlook. We expect revenue to be down slightly. This includes approximately 1 point of impact from the Curry brand exit, meaning we would have been roughly flat absent that. This outlook includes a low single-digit decline in North America partially offset by low single-digit growth in EMEA and APAC.

展望我們 2027 會計年度的前景。我們預期營收將小幅下滑。其中包含約 1 個百分點來自退出 Curry 品牌的影響，若排除此因素，營收大致會持平。此一展望包含北美低個位數下滑，並由 EMEA 與 APAC 的低個位數成長部分抵銷。

As Kevin mentioned, this reflects both the dynamic retail environment and deliberate choices we are making to strengthen and protect the brand, including tightened assortments and stepping away from lower value opportunities. While some of these actions may impact near-term volume, they are intentional and aligned with our focus on driving a more profitable, higher quality business over time.

如 Kevin 所提到，這反映了動態的零售環境，以及我們為了強化並保護品牌所做的審慎選擇，包括收緊產品組合並退出較低價值的機會。雖然其中部分措施可能影響短期銷量，但這些都是有意為之，並與我們長期推動更高獲利、更高品質業務的重點一致。

For gross margin, we expect expansion of approximately 220 to 270 basis points versus last year's gross margin. This outlook assumes a potential refund related to IEEPA tariffs expensed through the P&L in fiscal '26. This positive impact is expected to contribute roughly 150 basis points, with most of the benefit recognized in the first quarter.

就毛利率而言，我們預期相較去年毛利率將擴張約 220 至 270 個基點。此一展望假設可能會有一筆與 IEEPA 關稅相關、已於 2026 會計年度透過損益表認列費用的退稅。此正面影響預期約貢獻 150 個基點，且大部分效益將在第一季認列。

Excluding this, gross margin improvement reflects pricing actions as we continue to elevate our brand, reduced discounting, and a more favorable channel mix, partially offset by supply chain headwinds related to the Middle East conflict. It also includes an assumption that the current 10% incremental tariffs through July remain at the same level for the rest of fiscal '27.

若排除此因素，毛利率改善反映了我們在持續提升品牌之際所採取的定價行動、折扣減少，以及更有利的通路組合，但部分被與中東衝突相關的供應鏈逆風所抵銷。同時也假設目前至 7 月的額外 10% 關稅在 2027 會計年度剩餘期間維持同一水準。

We expect our adjusted SG&A expenses to [increase] (sic, see press release, "decrease") at a low single-digit rate versus the prior year. This is driven primarily by about 2 points of higher compensation-related costs as we normalize against actions we took last year to offset tariff pressures, which resulted in reduced incentive compensation, lower merit increases, and changes in employee benefits.

我們預期調整後 SG&A 費用將以低個位數的幅度較前一年[增加]（原文如此；見新聞稿為「減少」）。主要原因是與薪酬相關的成本約增加 2 個百分點，因我們相較去年為抵銷關稅壓力所採取的措施進行常態化調整；去年措施導致獎酬性薪資降低、調薪幅度較小，以及員工福利變動。

There's also about 1 point from additional marketing investments that we'll be making this year, but we'll still be within the 10% to 12% of revenue that we've kept to historically. To balance this out as we dig in further on the year ahead, we anticipate that we will find other opportunities for operational improvements.

此外，今年我們將增加行銷投資，約帶來 1 個百分點的影響，但仍會維持在我們歷來維持的營收 10% 至 12% 區間內。為了在深入推進新年度計畫的同時取得平衡，我們預期將在其他方面找到營運改善的機會。

Putting that together and excluding anticipated transformation expenses and restructuring charges, we expect adjusted operating income for fiscal '27 to be in the range of $140 million to $160 million. This assumes approximately $70 million of benefit from the refund of IEEPA tariffs expensed through the P&L in fiscal '26, that tariff benefit absorbs approximately $35 million of headwinds that we're seeing related to the Middle East conflict as well as $30 million in strategic marketing investments to strengthen our brand momentum as we begin to stabilize.

綜合上述，並排除預期的轉型費用與重組費用，我們預期 2027 會計年度調整後營業利益將落在 1.40 億至 1.60 億美元之間。此假設包含約 7,000 萬美元的效益，來自 2026 會計年度已透過損益表認列之 IEEPA 關稅費用的退稅；該關稅效益同時吸收了我們所見與中東衝突相關約 3,500 萬美元的逆風，以及為強化品牌動能、在開始趨於穩定之際所投入的 3,000 萬美元策略性行銷投資。

Below the operating line, we expect an unusually high GAAP effective tax rate for the year. This was primarily driven by restructuring expenses, which will increase losses in the US and certain international markets where accounting valuation allowances prevent the recognition of related tax benefits.

在營業利益以下項目，我們預期本年度 GAAP 有效稅率將異常偏高。主要原因是重組費用將增加美國及部分國際市場的虧損，而在這些地區，由於會計上的估值備抵（valuation allowances）使得相關稅務利益無法認列。

For non-GAAP, we also expect to higher-than-normal effective tax rate, primarily due to the geographic mix of earnings. We expect taxable profits in most international markets with losses and some others, which are subject to valuation allowances that negate the related tax benefits.

就非 GAAP 而言，我們也預期有效稅率將高於正常水準，主要是由於獲利的地理分布組合所致。我們預期多數國際市場將有應稅獲利，但在美國及其他部分市場則為虧損；這些虧損市場因受估值備抵影響，相關稅務利益被抵銷而無法反映。

Both GAAP and non-GAAP tax rates are also being impacted by our current level of profitability or even a modest tax expense can result in higher effective tax rate. As profitability improves in the US, we would expect tax rates to normalize over time. All in, this results in full year adjusted diluted EPS in the range of $0.08 to $0.12.

GAAP 與非 GAAP 稅率也受到我們目前獲利水準的影響；即使僅有小幅稅費，也可能導致較高的有效稅率。隨著美國獲利能力改善，我們預期稅率將隨時間回歸正常。綜合而言，全年調整後稀釋 EPS 預期落在 0.08 至 0.12 美元之間。

Turning to some color for our first quarter. We expect revenue to decline 2% to 3% driven by an anticipated high single-digit decline in North America reflecting a challenging retail environment and reset and seasonal wholesale ordering. This will be partially offset by a low teen percentage increase in EMEA, which includes a 3 point benefit from a shift in shipment timing from Q4 into Q1. APAC revenue is expected to be roughly flat.

接著補充一些第一季的細節。我們預期營收將下滑 2% 至 3%，主要由北美預期的高個位數下滑所帶動，反映具挑戰性的零售環境，以及批發訂單的重置與季節性下單。這將由 EMEA 的低十位數百分比成長部分抵銷，其中包含因出貨時點由第四季移至第一季而帶來的 3 個百分點效益。APAC 營收預期大致持平。

Overall, we expect the first quarter to represent the weakest revenue performance of the year, with growth rates improving progressively through the balance of fiscal '27. Gross margin for the first quarter is expected to increase by 610 to 630 basis points, largely due to the assumption of a benefit from our IEEPA tariff refunds associated with the expenses that hit the P&L in fiscal '26, which would contributed about 600 basis points.

整體而言，我們預期第一季將是全年營收表現最弱的一季，並在 2027 會計年度其餘期間逐步改善成長率。第一季毛利率預期將增加 610 至 630 個基點，主要是基於我們假設可取得 IEEPA 關稅退稅的效益，該退稅與 2026 會計年度已計入損益表的費用相關，預計可貢獻約 600 個基點。

Excluding this benefit, favorable channel and product mix are expected to offset higher tariff rates currently in effect, supply chain headwinds related to the Middle East conflict and unfavorable FX and regional mix. Adjusted SG&A expenses in the quarter are expected to increase at a high single-digit rate compared to last year's adjusted SG&A driven by higher marketing expenses, which should result in first quarter adjusted operating income of $30 million to $40 million an adjusted diluted EPS of breakeven $0.02.

若排除此項效益，有利的通路與產品組合預期可抵銷目前生效的較高關稅稅率、與中東衝突相關的供應鏈逆風，以及不利的匯率與區域組合。本季調整後 SG&A 費用預期將以高個位數的幅度高於去年同期的調整後 SG&A，主要由較高的行銷費用所驅動；因此第一季調整後營業利益預期為 3,000 萬至 4,000 萬美元，調整後稀釋 EPS 預期為損益兩平至 0.02 美元。

In closing, our focus is on continuing to build a more disciplined and predictable financial model grounded in clear priorities and consistent execution. We are aligning our financial framework tightly with our strategy, focusing on improving the quality of revenue, expanding margins and driving more efficient capital allocation. That includes maintaining strong marketplace discipline, being intentional in where we invest and ensuring that every dollar supports long-term brand strength and profitability.

最後，我們的重點是持續建立一個更具紀律且更可預測的財務模型，以明確的優先事項與一致的執行為基礎。我們正將財務架構與策略緊密對齊，聚焦於提升營收品質、擴大利潤率並推動更有效率的資本配置。這包括維持強而有力的市場紀律、在投資方向上更具目的性，並確保每一美元都支持品牌長期的強度與獲利能力。

The opportunity before us is ultimately about building a more focused, higher quality business, one where product, marketing and financial performance are aligned and where we are better positioned to translate strategy into repeatable results. We've made meaningful progress strengthening the foundation. And while there is more work ahead, we are moving forward with greater clarity, discipline, and control.

我們眼前的機會，歸根結底是在打造一個更聚焦、更高品質的業務，使產品、行銷與財務表現彼此一致，並讓我們更有能力把策略轉化為可重複的成果。我們在強化基礎方面已取得實質進展。雖然前方仍有更多工作要做，但我們正以更清晰的方向、更高的紀律與更強的掌控力持續前進。

With that, we'll open the call for questions.

接下來，我們開放提問。

(Operator Instructions) Jay Sole, UBS.

(接線員指示) UBS 的 Jay Sole。

Kevin, a question for you. You called for stabilization in fiscal '27 and your outlook calls for another year of revenue contraction. How are you thinking about a return to top line growth?

Kevin，我有個問題想請教你。你提到 2027 會計年度將趨於穩定，但你的展望仍預期營收會再收縮一年。你如何看待回到營收（top line）成長？

Yeah. Thanks, jay. Let me let -- maybe Reza jump in and sort of break in a little bit here with some tactics and then let me come on the backside of that. .

是的。謝謝你，Jay。我先讓——也許讓 Reza 先加入，先就一些戰術層面補充一下，然後我再接著說明。.

Thanks, Kevin and Jay. Fiscal '27 includes a 1 point reduction from the Curie that we talked about. So we're looking at really the underlying being closer to flat. Recall that stabilization for us is roughly defined as plus or minus 1% to 2%. So we are in that range.

謝謝，Kevin 與 Jay。我們先前提到，2027 會計年度包含來自 Curie（原文如此）約 1 個百分點的減少。因此我們看的是，底層（underlying）其實更接近持平。回顧一下，我們對「穩定」的定義大致是正負 1% 到 2%。所以我們就在這個區間內。

North America, we are expecting down low single digits. EMEA, we're expecting to be up low single digits, and APAC, up low single digits. So the international markets should be continuing to perform. If I'm looking at it for the first quarter specifically, North America is down -- expected to be down about 7% to 8%, whereas EMEA is going to be up in the low teens, some of that is that shift that we talked about from Q4 into Q1, but still a strong performance overall for EMEA in the quarter.

北美方面，我們預期低個位數下滑。EMEA 我們預期低個位數成長，APAC 也預期低個位數成長。因此國際市場應會持續表現。若我特別看第一季，北美預期下滑約 7% 到 8%，而 EMEA 將在低十位數成長；其中一部分是我們提到的由第四季移至第一季的時點變動，但整體而言 EMEA 在本季仍是強勁表現。

And APAC is expected to be roughly flat. So overall, for Q1, we're expecting revenues to be down about 2% to 3%. But Kevin, I'll turn it over to you for the color.

而 APAC 預期大致持平。因此整體來看，第一季我們預期營收將下滑約 2% 到 3%。不過 Kevin，我把時間交回給你補充說明。

Yeah. So Jay, thanks for the question. And I think it's important for us to ground ourselves in the numbers. And I do just want to mark the fact that we've been targeting after -- especially in North America, minus 12% in traction two years ago to minus 8%. Looking at that roughly stabilization is something that I think our team has worked incredibly hard for and something that we look to build on.

是的。所以 Jay，謝謝你的提問。我認為對我們來說，重要的是要回到數字本身。我也想特別指出，我們一直在努力達成目標——尤其是在北美，從兩年前的動能（traction）-12%提升到-8%。從這個角度看，大致的穩定化是我認為我們團隊付出極大努力所取得的成果，也是我們希望在此基礎上持續深化的方向。

But I want to emphasize that we're focusing and prioritizing the quality of our revenue over the volume, making really deliberate decisions, particularly about our growth and our margins. So we expect to accomplish all this by doing much less things, much better.

但我想強調的是，我們聚焦並優先考量的是營收品質而非規模，並且在成長與毛利方面做出非常審慎的決策。因此，我們預期能透過「做更少的事、把每件事做得更好」來達成這一切。

So I've said that a few times, and I hope that theme of intentionality is something that really comes through for the call. But by removing this amount of volume from the system, we're reducing the amount of work that our teams have to deal with, our consumers have to digest. Our customers have to place in their stores. And it's all coming with a very heavy lens of will this deployment of time, people or money, help us sell more shirts and shoes. And so we do believe that the inflection point is upon us in fiscal '27. This is turnaround, but we also recognize consistency matters.

我已經講過幾次了，也希望這個「有意識、刻意為之」的主題能在本次電話會議中清楚傳達。但透過從系統中移除這麼多的量，我們正在降低團隊需要處理的工作量，也降低消費者需要消化的內容量。同時也減少客戶需要在門店上架的品項量。而我們看待一切的核心問題是：這次在時間、人力或資金上的投入，是否能幫助我們賣出更多上衣與鞋款。因此，我們確實相信轉折點將出現在2027財年。這是一場扭轉局面（turnaround），但我們也明白一致性同樣重要。

So our operating model, our go-to-market, none of these things are massively changing. However, we're also keeping our head on a swivel. Sorry for the sports terms, but doing things like implementing a chief merchant and having care there who can edit as aggressively as the business calls for. We're now looking to take that same sort of rigor that we've applied across the 25% reduction, and we're going deeper than that through the seasons and upcoming seasons that we have in front of us and applying that rigor to marketing is the next focus that we have.

因此，我們的營運模式、我們的上市策略（go-to-market），這些都不會發生巨幅改變。不過，我們也會保持高度警覺。抱歉用了一些運動術語，但像是設置首席商品長（chief merchant），並由具備相關能力的人來負責，能依業務需要進行更積極的精簡與取捨（edit）。我們現在希望把先前在25%縮減上所採用的同等嚴謹度，延伸到更深層——貫穿本季與接下來的季節規劃，並把同樣的嚴謹度應用到行銷上，這是我們下一個聚焦重點。

The good news, we have a large denominator, nearly $0.5 billion of marketing dollars and how we think about deploying that money. But this is something we believe is an important time of inflection for us to invest for greater sales for the brand. And that greater sales will bring greater profitability for us.

好消息是，我們的分母很大——行銷預算接近5億美元，以及我們如何部署這筆資金。但我們相信，現在是對我們而言一個重要的轉折時點，應該投資以帶動品牌更高的銷售。而更高的銷售也將為我們帶來更高的獲利能力。

And so we are certainly again, bottom line focus. But we think it's important we have our storytelling capability and driving behind things because we're not sitting here flat footed. We have a incredible innovation pipeline coming from things like the bounce key, I mentioned in my prepared remarks to what we have coming back with fleece and the support we're getting from our partners there and, of course, base layer compression business that we have.

因此，我們當然仍然是以盈虧底線為重。但我們認為，建立敘事能力並在背後推動各項工作同樣重要，因為我們不是站在原地不動。我們有非常強的創新產品管線，從我在事先準備的發言中提到的 bounce key，到我們在刷毛（fleece）品類的回歸，以及我們從合作夥伴那裡獲得的支持，當然也包括我們的貼身底層壓縮（base layer compression）業務。

So the good news about all of this is that we're seeing greater buy-in from our key strategic partners across the world, really, in Europe in the JDs and SDIs and El Cortez and glasses to right here at home with the biggest partners that you, of course, know and are aware of. So -- we do believe this is an inflection for us and we look to go forward from here.

因此，這一切的好消息是，我們看到全球各地的關鍵策略合作夥伴對我們的投入度更高——在歐洲的 JD、SDI、El Cortez，以及 Glasses，乃至於在本土這裡，與你們當然熟悉且了解的最大合作夥伴。所以——我們確實相信這對我們而言是一個轉折點，也期待從此往前推進。

Simeon Siegel, Guggenheim.

Simeon Siegel，Guggenheim。

Can to follow up on that a little bit. So maybe can you help give us some context around the declines in North America revenue that we're seeing now. So just to call out some specific categories, partners, price points broad based, just maybe framing how much of the current declines are the intentional healthier pullbacks versus external?

我想就此再追問一下。所以你們能否協助提供一些背景，說明我們目前看到北美營收下滑的原因？例如點出一些具體的品類、合作夥伴、價格帶是否為全面性影響，並請你們框架一下：目前的下滑有多少是你們刻意、為了更健康而主動收縮（pullbacks），又有多少是外部因素造成的？

And then just to the point of what we can see in terms of healthier sales, maybe you guys can quantify the gross margin drivers a bit more for 4Q and the specific drivers for '27 outside of tariffs. Just help us think through cost and pricing, general health metrics that we can see. And then, sorry, if you answered already question. Just any help on what all of that should lead for long-term gross margin levels.

另外，關於我們能看到的「更健康的銷售」這一點，也許你們可以更量化地說明一下第四季（4Q）的毛利率驅動因素，以及2027財年（'27）除關稅之外的具體驅動因素。請幫助我們理解成本與定價，以及我們能觀察到的一般健康度指標。然後，抱歉，如果你們已經回答過這個問題。也請協助說明，這一切對長期毛利率水準應該意味著什麼。

Yeah. Let me kick off, and then I'll have Reza kick in. So what we're seeing right now is when we talk about stabilization, we recognize Q1 is going to be the trough force and not the trend. And so it's a bit of an outlier. The decline that we see reflects some of the softer carryover we had for spring, summer '26 order books and frankly a bit of a cautious retail environment.

好的。我先開頭，然後我會請 Reza 補充。我們現在看到的是，當我們談到穩定化時，我們認知到第一季（Q1）會是谷底（trough），而不是趨勢。因此它有點像是離群值。我們看到的下滑，反映了我們在2026年春夏（spring, summer '26）訂單簿（order books）上較弱的延續效應，坦白說也反映了較為謹慎的零售環境。

There is a stronger foundation now in place, I mentioned Cara taking over chief merchant, Adam stepping in and filling your shoes with a long time Under Armour vet. So we've got zero real transition value with those two experts.

目前已建立起更強的基礎；我提到 Cara 接任首席商品長，Adam 也接手並填補你的職位，他是長期的 Under Armour 資深老將。因此，這兩位專家到位後，我們幾乎沒有任何實質的交接摩擦成本。

The partner confidence that we're getting, I just want to emphasize that, and we're beginning to see that show up with better reaction to our fall '26 order books. And so I can't emphasize enough, particularly here in North America, the trend they're on, which again was minus 12%, minus 8%, and now we're calling flattish. And so while we are seeing some modesty there, the quality of that revenue, the way they're expecting us, they're openness to bringing in new innovations from us is something which is really important.

我們從合作夥伴那裡獲得的信心，我想再次強調這點；而且我們開始看到這反映在他們對我們2026年秋季（fall '26）訂單簿更好的反應上。因此我再怎麼強調都不為過，特別是在北美，他們所處的趨勢——同樣地，從-12%、-8%，到我們現在所說的接近持平（flattish）。所以，儘管我們仍看到一些溫和的疲弱，但營收品質、他們對我們的期待，以及他們願意導入我們新創新產品的開放度，都是非常重要的。

So the better products that we have is -- I think we've made this point on a few calls, which is focusing on our top 10 volume drivers, full price sell-throughs, and the good news is that we are seeing the trend. We talk about the trough. I think it's a good way to think about sort of where we've been at this moment, is that looking for the opportunity for us to grow here because we're watching awareness grow positively, consideration grow positively. So the metrics are also heading in our ways, but we want to see that translate into full price sales.

因此，我們更好的產品——我想我們在幾次電話會議上都提過——就是聚焦在我們前十大出貨量驅動品項（top 10 volume drivers）、正價售罄（full price sell-through）。好消息是，我們確實看到趨勢在改善。我們談到谷底（trough）。我認為用這個方式來理解我們此刻所處的位置很恰當：我們正在尋找在此基礎上成長的機會，因為我們看到品牌認知（awareness）正向成長、考慮度（consideration）也正向成長。所以這些指標也正朝對我們有利的方向前進，但我們希望看到它轉化為正價銷售。

We want to see that into growth. We want to see that into bottom line profitability. So while '27 is a deliberate stabilization year with improving trends beyond just the first quarter, we believe we're positioned really well for sustainable growth in fiscal '20 and beyond.

我們希望看到它轉化為成長。我們希望看到它轉化為盈虧底線的獲利。因此，雖然2027財年（'27）是一個刻意追求穩定化的年度，且改善趨勢不僅限於第一季，我們相信我們已為2028財年及之後的可持續成長做好非常好的布局。

And let me just step in on the gross margin points that you asked as well. So for fiscal '27, we're expecting -- we're guiding around 220 to 270 basis points increase -- or benefit to gross margin. If you back out the fiscal '26 tariff refund that I talked about, the 150 basis points, that gets you to about plus 70 to plus 120 basis points versus '26 in for Q1, you're really going to see it in Q1, where it's -- we're basically looking at 610 to 630 basis points versus last year. So gross margin going up.

我也補充你問到的毛利率重點。就2027財年而言，我們預期——我們的指引是毛利率提升約220到270個基點（basis points），也就是對毛利率的正面貢獻。如果把我提到的2026財年關稅退稅（tariff refund）影響扣除，也就是150個基點，那麼相較2026財年，第一季（Q1）大約是增加70到120個基點；而你會在Q1看到最明顯的變化——我們基本上預期相較去年提升610到630個基點。所以毛利率在上升。

And if you back out tariffs, that's about 600 basis points of that as well. I think the message around gross margin really is as we're looking at 2027, we're definitely expecting gross margin to not only stabilize, but to improve. So even if you back out the tariff benefits, we're expecting that the strategy around improving, but taking the products that we have and selling them at a full price, some of the channel mix that we have should lead to a benefit in terms of overall gross margins for the brand.

如果把關稅因素扣除，其中大約有600個基點也是如此。我認為關於毛利率的訊息是：當我們看2027財年時，我們明確預期毛利率不僅會穩定，還會改善。因此，即使扣除關稅帶來的好處，我們也預期，透過改善策略——把我們現有的產品以正價售出，以及我們的通路組合（channel mix）調整——都應該能為品牌整體毛利率帶來正面效益。

Peter McGoldrick, Stifel.

Peter McGoldrick，Stifel。

I was hoping you could give us more clarity on the quality of sales commentary you shared today. Is this an extension of an evergreen process? Or have you stepped away from new business specifically for the coming year? And if so, can you help us think about how that's embedded in the outlook?

我希望您能就今天分享的銷售評論中「銷售品質」的情況，提供更清楚的說明。這是既有、長期持續流程的延伸嗎？還是您已在接下來一年特別地暫停新業務？若是如此，能否協助我們理解這如何反映在財年展望之中？

Yeah. Why don't I take, Kevin then you can add, obviously. So there's a general theme that we're looking at in terms of the quality of sales. So it was one of the things that we saw in Q4. We strategically we're looking at basically resetting the year. So we talked about reducing the inventory in Q4 on purpose as we started the balance of fiscal '27.

好的。不如我先回答，Kevin 你再補充，當然。我們在銷售品質方面確實有一個整體主題在檢視。這也是我們在第四季看到的事情之一。我們在策略上基本上是在做年度的重置。因此我們談到在第四季刻意降低庫存，作為我們開始 27 財年剩餘期間的起點。

There is a brand elevation strategy that we're pursuing here. So as you look at products, Kevin and the team have spent the last couple of years really resetting on the product side, and we have some good product introductions that are coming. But if you go to any of our stores, you'll see an elevated product offering already. So we are expecting that, that will result in benefits as it relates to just pricing.

我們正在推動一項品牌升級策略。因此當你看產品面，Kevin 和團隊在過去幾年確實在產品端做了重置，而且我們也有一些很好的新品即將推出。但如果你走進我們任何一家門市，你已經會看到更升級的產品供給。因此我們預期這將帶來效益，尤其是在定價方面。

So it's not pricing for pricing's sake, it's that you have a new product that's coming out that is at an elevated price point. And that also fits into the distribution strategy that we have, be it wholesale or in our own direct-to-consumer channels as well. So there is, as we talk about gross margin improvement, part of that is related to expecting that we're moving more and more to a more elevated product offering that enjoys a higher price point.

所以這不是為了漲價而漲價，而是因為即將推出的新產品本身就位於更高的價格帶。而這也符合我們的通路策略，不論是批發通路或我們自有的直面消費者（DTC）通路。因此當我們談毛利率改善時，其中一部分來自於我們預期將愈來愈多地轉向更高端的產品組合，而這些產品享有更高的價格點。

And I think we've been talking about this for the last 12 or 14 months, the thing about tariffs that actually fits in line with our premiumization for the brand. And so we'd be doing this anyway. Where we've been aggressive is in some of our top 10 that we have replacing our number one apparel item the Tech tee with new innovation will be coming out later this year, introducing some pinnacle North Star products like Bounce CT that can come in and again, emphasizing and building around where we already have permission with the consumer to win, things like our base layer and our compression.

而且我想我們在過去 12 到 14 個月一直在談這件事：關於關稅的部分，其實也與我們品牌高端化的方向一致。所以即便沒有關稅因素，我們也會這麼做。我們較為積極的地方在於：在我們前十大品類中，以新的創新產品取代我們第一大服飾單品 Tech Tee（科技 T），新品會在今年稍晚推出；同時導入一些旗艦、北極星（North Star）級的產品，例如 Bounce CT，能夠加入並再次強調、建立在我們已獲得消費者認可、具備勝出條件的領域，例如我們的貼身層（base layer）與壓縮（compression）產品。

And so we're being thoughtful. We don't feel like we're being opportunistic. We feel like we're being prudent with what the business calls for. And frankly, just getting confident with where -- we know that we can win and we can excel and the ability for us to extend from there we're taking baby steps towards that having the right product that moves, of course, locking down on field, on pitch, on court in the gym first and foremost. And then finding natural ways that this brand can extend beyond those places where the consumer sees us today.

所以我們是審慎思考的。我們不覺得自己是在投機取巧。我們覺得是在依照業務所需做出謹慎的決策。坦白說，就是在我們知道自己能贏、能做得很出色的地方建立信心；至於從那裡再延伸出去的能力，我們會以循序漸進的方式前進，先確保有能賣得動的正確產品，當然，首先要在場上、在球場、在球場（court）、在健身房等核心場景把基本盤鎖定。接著再找到這個品牌能夠自然延伸到消費者目前認知我們以外場景的方式。

Excellent. And then just a follow-up on that. On DTC quality of sales improvement, that's been a focus for some time, finally moving in the right direction. Are we now reaching a more normalized promotional environment? And then on a consolidated basis, how should we think of promotions embedded in the gross margin outlook for fiscal '27?

很好。那我再追問一下。關於 DTC 銷售品質的改善，這一直是你們一段時間以來的重點，現在終於朝正確方向前進。我們是否已經回到較為正常化的促銷環境？另外，以合併口徑來看，在 27 財年的毛利率展望中，促銷因素應該如何理解、其內含假設為何？

Yeah. I think as it relates to e-com, that's something that we constantly look at. We recently had a marketing summit and one of the proofs we came back with was that if we can improve and grow our e-commerce traffic, it will take care of everything else in the business. And so I do think it's a good canary in the coal mine for what's happening out there.

是的。就電商而言，這是我們持續關注的事情。我們最近舉辦了一場行銷高峰會，其中一個我們帶回來的驗證是：只要我們能改善並提升電商流量，其他業務面向基本上都會隨之改善。因此我確實認為，這是一個很好的「煤礦中的金絲雀」指標，用來觀察外部環境正在發生什麼。

Traffic is certainly not brilliant today, but it's something that we're as I say, work the mix. We're looking at different ways that we can really consolidate our line, the offering that we have and making it more intentional. So the consumer isn't walking into an environment of, welcome to Under Armour, we sell a bunch of stuff. What would you like to buy versus, here's three great things that you couldn't live without and that only Under Armour could make. And so leaning and driving on that. But it is the consumer is something that we are watching closely and including consumer confidence right now.

目前流量當然談不上亮眼，但正如我所說，我們正在調整組合。我們在尋找不同方法，真正把我們的產品線與供給做整合，並讓它更有意圖性。讓消費者走進來時，不是「歡迎來到 Under Armour，我們什麼都賣，你想買什麼？」而是「這裡有三樣你離不開的好東西，而且只有 Under Armour 做得出來」。因此我們會朝這個方向傾斜並推動。但我們也在密切觀察消費者狀況，包括目前的消費者信心。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

I have I have some technical step, and then I have also -- I wanted to first start with your -- the brand direction. You guys are one of the few brands out there that support like every track in field sport. Can you talk about the sports that you're focusing on, especially after the victories -- the two victories at Boston. And how -- and sort of the reach -- how you're thinking about the reach by sport, both individual sport and team sports and what you're doing across all that?

我有一些技術性問題，另外我也想先從你們的品牌方向談起。你們是少數幾個幾乎支持田徑與場地運動各個項目的品牌之一。能否談談你們正在聚焦的運動項目，特別是在波士頓的兩場勝利之後？以及——也就是你們如何思考各運動項目的觸及範圍——包含個人運動與團隊運動，你們在這整體上是如何布局與推進的？

Yeah, Sam. Let me take the first part of that question. So our sports focus, as I said, we've limited and we called things down on the leadership, the decision makers we have in the building so we can be more deliberate, more intentional and I'll probably wear you out with that word, but it's something that we're driving across the business, ensuring that every dollar is driving an ROI return for what we put into it. The 12 categories that we have are the ones that you know, and it's -- we basically listed out training in an sportswear being our major growth opportunities, all of that underpinned and supported by Team Sports.

好的，Sam。我先回答你問題的第一部分。關於我們的運動聚焦，如我所說，我們已經收斂並在領導層、決策者層面把範圍縮小，讓我們能更審慎、更有意圖性——我可能會一直用這個詞講到你厭煩，但這確實是我們在全公司推動的方向，確保每一塊錢的投入都能帶來投資報酬（ROI）。我們的 12 個品類就是你所熟悉的那些——我們基本上列出訓練與運動休閒（sportswear）作為主要成長機會，而這一切都以團隊運動作為基礎並提供支撐。

You've seen the initiatives we have from a marketing standpoint around flag football, particularly with women as being the articulation of that voice and it's something that we're driving back towards making sure that authenticity and credibility is something that always creams from Under Armour.

你也看到我們在行銷面推動的各項計畫，例如圍繞腰旗美式足球（flag football）的行動，特別是以女性作為詮釋這個聲音的主體；我們也正把它往回推進，確保「真實性」與「可信度」始終是 Under Armour 所散發出來的核心。

You're right, Sharon Lokedi's win is something which is defining for the brand. As I said in my prepared remarks, it's not just a moment, but when you can do that twice, it tells the consumer that the largest market that we have to compete in from a footwear standpoint that Under Armour can not only compete, but we can absolutely win. And doing it back-to-back is significant. Sharing though, is you're not going to sell a lot of $250 running shorts that we have.

你說得對，Sharon Lokedi 的勝利對品牌而言是具有指標性的。正如我在事先準備的發言中提到，這不只是某個瞬間；但當你能做到兩次時，就會讓消費者相信：在我們必須競爭的最大鞋類市場中，Under Armour 不僅能競爭，而且我們絕對能贏。而且連續兩次做到意義重大。不過要分享的是，你不會因此賣出很多我們那種 250 美元的跑步短褲。

But we have the greatest opportunity for us to be able to build, I think something more extraordinary for as we bring that out to our Velociti Distance, our Velociti Pro and get into commercial price points where we can actually sell and activate with the consumer.

但我們最大的機會在於，當我們把這股動能延伸到 Velociti Distance、Velociti Pro，並進入更具商業化的價格帶時，我們就能真正銷售並與消費者互動、啟動需求，我認為這能讓我們打造出更非凡的成果。

So the two largest places where the consumer is participating today is we hear you on track and field, and we do support the majority of those sports, as helping and supporting some of the 3,000 colleges that -- Under Armour -- or sorry, 400-plus colleges we have and 3,000-plus high schools that we have around the country. So these are things that all feed into it. But we believe that running is a place that we have permission to win. We just need to tell the consumer about that and do it in a more articulated way.

所以目前消費者參與度最高的兩個領域是——我們聽到你對田徑的看法，而我們也確實支持其中大多數運動項目，同時也協助並支持我們在全國合作的約 400 多所大學以及 3,000 多所高中。這些都會相互帶動、形成合力。但我們相信跑步是我們「有資格、被允許」去贏的領域。我們只是需要把這件事更清楚地告訴消費者，並用更具體、更到位的方式去表達。

And then can you mentioned that the tax rate is going to be elevated. Can you give us an idea of exactly what that looks like -- are you -- what kind of -- what tax rate we're looking at? And then also the interest expense line after you pay down the debt, can you give us some idea of what you're assuming there as well, please?

另外你提到稅率將會偏高。能否讓我們了解具體會是什麼樣子——也就是你們預期的稅率大概是多少？還有在你們償還債務之後，利息費用那一行，能否也請你們提供一下你們的假設？謝謝。

Yes, sure. Thanks. So on the tax rate, we're not guiding to a specific ETR number. But I think what you need to know is what we mentioned on the call, it's basically both on a GAAP and non-GAAP basis. It's really the geography of where the earnings are coming from and the ability to use your deductions against that.

是的，當然。謝謝。關於稅率方面，我們不會針對特定的有效稅率（ETR）數字提供指引。但我認為你需要知道的是我們在電話會議上提到的，基本上無論是依 GAAP 或非 GAAP 口徑。主要取決於獲利來源的地理分布，以及能否運用扣除項目去抵減相對應的所得。

So while I would tell you, if North America starts to go -- return to growth, we're very well positioned in terms of our tax structure. When you have basically certain jurisdictions like China and other areas where you have to pay taxes.

所以我會告訴你，如果北美開始——回到成長，我們在稅務結構方面其實處於非常有利的位置。但當你在某些司法管轄區（例如中國及其他地區）必須繳稅時，情況就不同。

And then you're not able to basically use the losses to offset what you have because some of the restructuring expenses that we've taken, it results in an elevated effective tax rate. Under normalized instances, we would be in the high 20s -- mid- to high 20s is where we would be, but that's not what we're looking at currently.

此外，你基本上無法用虧損去抵減你所擁有的所得，因為我們已認列的一些重組費用，會導致有效稅率偏高。在正常化的情況下，我們會落在 20% 後段——大約中到高 20% 的區間，但目前我們看到的並不是那樣。

In terms of the interest expense, think of it as basically our debt once we get past the June pay off and everything. So we have basically $400 million of senior notes, and we have $200 million currently drawn under the revolver. The revolver balances will obviously fluctuate over the course of the year.

至於利息費用，可以把它理解為：在我們完成 6 月的償付以及相關事項之後，我們的債務水位大致會是什麼樣子。我們基本上有 4 億美元的優先票據，另外目前在循環信貸額度（revolver）下已動用 2 億美元。循環信貸的餘額在一年當中顯然會有所波動。

On a blended basis, you're looking at around 6.5%, 6.6% interest expense against that. So for modeling purposes, that's where we would guide you. Our revolver is priced at SOFR plus 150 basis points. And so that's how it comes out on a blended basis.

以加權平均來看，你看到的利息費用大約是 6.5%、6.6%。所以就建模（modeling）而言，我們會建議你用這個水準。我們的循環信貸定價是 SOFR 加 150 個基點。因此加權後大致就會落在那個水準。

And then I mean just -- I mean then we could assume that your tax rate in the -- probably in the first two quarters will be the highest because of the -- I mean that's just what it sounds like based on the first quarter, the way you're guiding.

然後我的意思是——也就是說，我們可以假設你們的稅率在——可能前兩季會是最高的，因為——我的意思是，從第一季以及你們給的指引聽起來就是這樣。

I think that's a fair assumption. But obviously, as well. So.

我認為這是個合理的假設。但當然，也同樣如此。所以。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Congratulations and welcome. I guess the question for you is, what are your first impressions as you settle in at Under Armour. And then I guess the second question I'd like to ask is just can you guys give some more color on the increased spend in marketing and sort of how your strategy is evolving there?

恭喜並歡迎加入。我想問你的問題是，當你逐漸適應 Under Armour 之後，你的第一印象是什麼？然後第二個問題是，你們能否就行銷支出增加提供更多細節，以及你們在這方面的策略如何演進？

Thank you so much. It's a great question and one that Kevin actually asked me last week, and we had a senior leadership meeting that I basically went through this. So I'll just give you some inside base following what I shared with the management team as well. Really, the first thing that I'll start with is the management team is really impressive. And I'm not just saying that because my boss is in the room, but honestly, from every layer, whether it's the senior management to the levels below my finance team.

非常感謝。這是個很好的問題，Kevin 其實上週也問過我；我們也開了一場高階領導會議，我基本上在會上把這些都講了一遍。所以我就依照我也跟管理團隊分享過的內容，給你一些內部觀點。我首先要說的是，管理團隊真的令人印象深刻。我不是因為我的老闆在現場才這麼說；老實講，從各個層級——不論是高階管理層，或是我財務團隊以下的層級——都是如此。

I think it's very, very clear in terms of what everybody is focused on. So I would tell you and everybody on this call, rest assured that things that are controllable are being controlled. So we have a clear strategy. We have a clear way forward.

我認為每個人聚焦的方向非常、非常清楚。所以我會告訴你以及所有參與這通電話會議的人，請放心：可控的事情正在被妥善控制。我們有清晰的策略。我們有明確的前進方向。

Obviously, I have a partner in Kevin, about 30 years of experience in this industry and those company intimately. But we are mid journey in turning around the company. And just to overly simplify it, I would tell you -- and obviously, you guys know that I come from consumer products background as well, but very simplistically, you got to look at it as revenues driven it's product plus brand times marketing equals revenues.

顯然，我有 Kevin 這位夥伴，他在這個產業有大約 30 年的經驗，對這家公司也非常熟悉。但我們正處於公司轉型的中段旅程。如果要過度簡化地說——而且你們也知道我同樣來自消費品背景——非常簡單地看，營收的驅動因素就是：產品加品牌，再乘上行銷，等於營收。

The biggest surprise for me is really on product. The product truly is phenomenal. And I'm just going to share with you an example of my daughter who's literally one of our aspiration, target consumers, who is 23. When I started here, for those of you who haven't been here, we have a phenomenal campus store that's in our headquarters building here in Baltimore. I went down and obviously, I did some shopping for myself, and

對我來說最大的驚喜其實在產品。產品真的非常出色。我跟你分享一個例子：我女兒幾乎就是我們理想、目標消費者之一，她 23 歲。我剛到這裡時，對於還沒來過的人，我們在巴爾的摩總部大樓裡有一家很棒的園區門市。我下去逛了逛，當然也幫自己買了一些東西，然後——

I did some shopping for my family, and I bought my daughter a Meridian top. And if you don't know Meridian, I highly recommend buying so -- the Meridian top that I got here and to be fully transparent with you, she was not an Under Armour consumer previously. My son has always been, but she wasn't. She tries the top on and -- and again, she is very honest. And she basically said, this is one of the best tops I've ever had. Why don't you sell this?

我也幫家人買了一些，並且買了一件 Meridian 上衣給我女兒。如果你不認識 Meridian，我非常推薦你買——我在這裡買的那件 Meridian 上衣，而且我完全坦白跟你說，她以前不是 Under Armour 的消費者。我兒子一直都是，但她不是。她試穿之後——再說一次，她非常誠實。她基本上說，這是她穿過最棒的上衣之一。你們為什麼不賣這個？

And that really comes down to the point here is we really have brand and product, and for brand, people want us to win. I can't tell you how many people have reached out and said like, we really liked the Under Armour, we wanted to win. I feel like there's really good affinity towards the brand. The product is great. The issue is marketing.

而這其實就回到重點：我們確實有品牌與產品；就品牌而言，大家希望我們贏。我無法告訴你有多少人主動聯繫我說，他們真的喜歡 Under Armour，希望我們能贏。我覺得品牌確實有很強的好感度。產品很棒。問題在於行銷。

And so I'm looking at that as an example of you have somebody who looks at something, who wouldn't even think to have gone and purchased that product. And so I'll just touch on one other thing, and then I'll segue over to Kevin for more detail on the marketing side.

所以我把這當作一個例子：你有一個人看到某樣產品，但她甚至不會想到要去購買那個產品。我再補充一點，然後我會把行銷面的細節交給 Kevin 來說。

The other thing is as I come into this role, obviously, I bring a fresh perspective. You should just know that we have a huge focus on profitability, like driving profitability. So we're scrubbing the cost structure, we're looking at the revenue realities of where we are.

另一點是，我進入這個職位，顯然帶來新的觀點。你們應該知道，我們非常聚焦在獲利能力，也就是推動獲利提升。所以我們正在徹底檢視成本結構，也在看清楚我們目前所處的營收現實。

We're rightsizing the company for those revenue realities. And there's a huge focus and clear strategy in terms of navigating this dynamic environment that we're in right now. But let me turn it over to Kevin to talk about the marketing point.

我們正在依照這些營收現實來調整公司規模。同時，我們對於如何在當前這個充滿變動的環境中前行，有非常強的聚焦與清晰的策略。不過我先把時間交給 Kevin，請他談談行銷的部分。

Yeah. Thank you, Reza, and absolutely getting your daughter to know that what we make and how great it is, it's critical. So Bob, thank you for the question because this is something that's been highly discussed, talk through contemplated and frankly, deliberately decided on what we believe is the right thing for us to take for our business. And so let me just take a minute here and sort of go through marketing.

好的。謝謝你，Reza，而且讓你女兒知道我們做了什麼、以及產品有多好，這點絕對至關重要。所以 Bob，謝謝你的問題，因為這件事我們討論很多、反覆推敲，也坦白說，是我們深思熟慮後刻意做出的決定——我們相信這對我們的業務是正確的作法。所以我花一點時間，簡單談一下行銷。

We recently -- we did a structural review to identify how we can drive greater marketing spend synergy because we found ourselves really running three smaller companies with a $3 billion on in America and $1.2 billion-ish in Europe and south of $1 billion one in APAC that we're looking to grow, and we believe that we can get and drive, I think, just more competency with the way that we're cutting through to our consumer. Under Armour, we like to say that our currency is product, but our voice is overwhelming storytelling.

我們最近——我們做了一次結構性檢視，來找出如何在行銷支出上創造更大的協同效益，因為我們發現自己其實像是在營運三家較小的公司：美洲約 30 億美元、歐洲約 12 億美元左右，以及亞太不到 10 億美元、但我們希望成長的業務；我們相信在觸達消費者的方式上，我們可以做得更有能力、更有效率。Under Armour 我們常說，我們的貨幣是產品，但我們的聲音是強而有力的敘事。

I don't feel like we've been living up to that. I believe that there's more efficiency in our current nearly $0.5 billion marketing budget. We align this year, though, to deploy and spend that additional $30 million, which is we know something that would be highly scrutinized. But to be honest with you, this isn't just us throwing money at something.

我不覺得我們一直有做到這點。我相信在我們目前接近 5 億美元的行銷預算中，還有更高的效率可以挖掘。不過今年我們仍對齊了要部署並額外投入 3,000 萬美元的支出——我們知道這會受到高度檢視。但老實跟你說，這並不是我們只是把錢砸在某件事上。

We believe that this will actually help us drive more efficiency. And we want to better ensure that we can move back to growth in fiscal '28. And so we think it's an important time for us to do it. And there's 2 places that we're looking to deploy those dollars. Number one, this isn't about acquiring new products or new properties, this is about celebrating the product that we already have.

我們相信這實際上將有助於我們提升更多效率。而且我們希望更好地確保我們能在2028財年重回成長。因此我們認為現在是我們採取行動的重要時點。我們正在考慮把這些資金部署到兩個方向。第一，這不是要收購新產品或新資產，而是要彰顯我們已經擁有的產品。

As I mentioned, Bounce, our women's bra program, which is something which is extraordinary with new innovations coming out, heat year, cold gear fleece and making sure the products we have are actually selling through.

如我提到的，Bounce——我們的女性內衣（胸罩）計畫——是一個非常出色的項目，持續推出新的創新，包括HeatGear、ColdGear抓絨，並確保我們現有的產品確實能順利售罄。

We have several launches coming later this year as well, as I've said, emphasizing that our innovation pipeline is full. And so we want to make sure we're not missing that opportunity. I don't believe that we've been as clear as we could be in the past. Secondly, we also want to make sure that we're paying off the assets where we have spent money, things like our new partnership with the NFL, the Collegiate partnerships and the nine figures plus that we spend on sports marketing, making sure that we're doing a better job activating that.

今年稍晚我們也還有數個新品上市，如我所說，這凸顯我們的創新管線非常充實。因此我們要確保不錯失這個機會。我不認為過去我們的表達有做到應有的清晰程度。第二，我們也希望確保能把我們已投入資金的資產變現回收，例如與NFL的新合作、大學合作夥伴關係，以及我們在運動行銷上投入的數億美元，確保我們能更好地把這些投入「啟動」起來。

So where we are now is that we're focused on effectiveness, doing fewer but better impactful activations, clear messaging and things that will help us, frankly, sell more premium shirts and shoes, everything going through that lends that discipline. And then also being more data-driven with the allocation of every marketing dollar spent and that we're going through and driving a serious ROI as to does this investment makes sense to us.

所以我們目前的重點是有效性：做得更少，但做得更好、更有影響力的啟動活動；清晰的訊息傳遞；以及坦白說，能幫助我們賣出更多高端上衣與鞋款的事情——所有推進的工作都要符合這種紀律。同時，我們也會在每一筆行銷費用的配置上更以數據為導向，並嚴格推動ROI，評估這項投資對我們而言是否合理。

And as I said, I like this construct of when we're doing it right, we're mostly talking and describing the benefits of what our brand -- of what our product does, but through a brand lens, it's something that matters. This is going to be a targeted investment to strengthen the brand that will position our business. And as Reza said, it sticks within our current 10% to 11%, but we agree. We want to focus on SG&A. We want to get SG&A down. We're hyper aware of that, and we're a bit at this moment where we do think it's an inflection.

如我所說，我喜歡這樣的架構：當我們做對時，我們主要是在談、在描述我們品牌——也就是我們產品——所帶來的效益，但會透過品牌視角來呈現，讓它成為有意義的事情。這將是一項有針對性的投資，用以強化品牌並為我們的業務定位。正如Reza所說，這仍會維持在我們目前的10%到11%區間內，但我們同意。我們要聚焦SG&A。我們希望把SG&A降下來。我們對此高度警覺，而此刻我們也確實認為這是一個轉折點。

So I believe that what you've seen us be able to action so far in -- on the product side, which at this point is mostly just works for you as it begins to come through. But that 25% that we've taken out, the additional cuts that we're making to SKUs, just taking simply volume out of the system, will leave our team in a much, much better place.

所以我相信，你們目前看到我們在產品端能夠採取的行動——到目前為止多半只是「讓它為你運作」並逐步顯現成效。但我們已削減的25%，以及我們正在對SKU進一步做的刪減，單純把系統中的量降下來，將使我們的團隊處於更、更加有利的位置。

Maybe I could just leave you as we think about marketing, too, is just how we're thinking about the business and we had recently a two-week summit, I described loosely earlier. But after that, we brought all of our marketing leaders from APAC from EMEA together, and we spent three or four days here in Baltimore and in on-site off-site -- and we align on these four proofs.

也許我在談行銷時可以補充一下我們如何看待這門生意：我們最近舉辦了一個為期兩週的高峰會，我先前也大致提過。會後，我們把來自APAC與EMEA的所有行銷領導者聚在一起，在巴爾的摩花了三到四天，包含場內與場外活動——並就這四項「驗證」達成一致。

The first one, I said is if we can drive more consumer traffic to our website, the overall business will grow. Secondly, it was this heightened focus that we have on new consumers. I mentioned that in my prepared remarks. Third is the need that we have for to focus on that product to brand marketing. And again, when we're doing it right, you should not be able to tell the difference between the two, and that's what's the brilliance or the cleverness that hopefully you'll be seeing is our marketing.

第一，我說的是：如果我們能為網站帶來更多消費者流量，整體業務就會成長。第二，是我們對新消費者的更高強度聚焦。我在事先準備的發言中也提到過。第三，是我們需要聚焦在「產品到品牌」的行銷。同樣地，當我們做對時，你應該分不出兩者的差別；而這正是我們希望你們能看到的——我們行銷的精妙或巧思所在。

And fourth and finally is aligning on the pooling of more of our marketing dollars together that we're leveraging and creating content here from a global basis to say that having to be done exclusively in the regions, of course, allowing them to translate and make it region or mark appropriate but having just a greater strength here from headquarters as well with a stronger point of view.

第四也是最後一點，是就把更多行銷預算集中起來達成一致：我們以全球為基礎在這裡槓桿資源並製作內容，而不是必須完全由各區域各自完成；當然也允許各區域進行翻譯並做在地化、符合市場需求，但同時總部也要以更強的觀點與更大的力量來支撐。

So this brand knows who it is. We know who the consumer that we're hunting for is as well, and we have incredible empathy for the products that they will choose and desire.

因此，這個品牌知道自己是誰。我們也知道我們要鎖定的消費者是誰，並且對他們會選擇與渴望的產品有極高的同理心。

Laurent Vasilescu, BNP Paribas.

Laurent Vasilescu，法國巴黎銀行（BNP Paribas）。

This is William Dossett on for Laurent. And also congrats Reza on the new role.

我是William Dossett，代替Laurent提問。也恭喜Reza擔任新職務。

So my two questions were with respect to channel and regional performance. So in North America in fiscal '27 guidance were down low single digits. How should we think about the trajectory of wholesale versus BTC, especially considering that the wholesale partnerships have become increasingly collaborative in recent quarters.

我有兩個問題，關於通路與區域表現。在北美，2027財年的指引是低個位數下滑。我們該如何看待批發（wholesale）相對於BTC的走勢軌跡，尤其考量到近幾季批發合作夥伴關係變得愈來愈具協作性？

And then on Asia within the guidance for low single-digit growth, can you give us an update on what you're seeing on the ground there, especially in China. Back in February, it was made that the -- there was a stabilization in Asia expected within 12 months. Is that still the base case or are you ahead of that target?

另外，亞洲在指引中為低個位數成長，你們能否更新一下當地的實際觀察，尤其是在中國？回到2月時，曾提到——預期亞洲會在12個月內趨於穩定。這仍是基本情境（base case），還是你們已經超前於該目標？

Why don't I start with that, Kevin, and then you can pick up from maybe the Asia point. But the overall, in terms of North America direct-to-consumer channels that we're looking at, if I'm thinking about DTC really our factory house stores is what's driving a lot of that are expected to continue to outperform.

Kevin，我先從這題開始，然後你可以接著談亞洲的部分。整體而言，就我們在北美所關注的直營消費者（direct-to-consumer）通路來看，如果我談DTC，真正帶動多數表現的是我們的Factory House門市，而且預期將持續優於其他通路。

In terms of wholesale, we're seeing decent sell-through currently. And I think as we're in the sell-in for the further seasons, the early indications are that it is an improving trend, which is what you're seeing in the numbers that are coming out. if we're looking at it overall, I gave indications around the overall wholesale, not necessarily broken out by region.

就批發而言，我們目前看到不錯的售罄表現（sell-through）。而且當我們進入後續季度的鋪貨（sell-in）時，初步跡象顯示趨勢正在改善，這也反映在你們看到的數字上。若從整體來看，我提供的是整體批發的指引訊號，未必按區域拆分。

But our expectation is that wholesale in this year is going to be up slightly, it will be flat to up slightly. And then if I'm looking at direct-to-consumer specifically, we expect that the factory house will perform.

但我們的預期是，今年批發將小幅成長，可能持平到小幅上升。而若我專看直營消費者通路，我們預期Factory House會有表現。

Let me turn that over to Kevin, to talk about the China trends.

我把問題交給Kevin，請他談談中國的趨勢。

Yeah. So Laurent, thank you. Let me just back up a little bit on some of that wholesale because we are seeing incredible partnership where I think some of what wholesale is seeing from us plays out real time. The wholesale gets to see some of the trends of where we're going. So we are exploring right now deeper partnership, deeper collaboration, and when I say collaboration, I mean, literally collabs with things that will help us premiumize and elevate the brand.

好的。Laurent，謝謝。我先稍微回到批發的部分，因為我們確實看到非常強的合作夥伴關係；我認為批發端從我們這裡看到的一些變化，是即時反映出來的。批發端能看到我們前進方向的一些趨勢。因此我們目前正在探索更深的夥伴關係、更深的協作；我說的協作，是指真正的聯名合作（collabs），以協助我們提升高端化並拉升品牌定位。

Our wholesale must grow, though, it's 60% of our business, something that we're focused on. So we know that we have to win there. So this is the total execution from, a, the right product, be the right storytelling for the customer on the sell in to see the way it executes at retail or online in their stores, too. So we are focused on that full end-to-end throughput that we have as our product goes to market.

不過，我們的批發業務必須成長——它占我們業務的60%，也是我們聚焦的重點。所以我們知道必須在那裡取勝。因此這需要端到端的完整執行：a，正確的產品；b，對客戶的正確敘事與故事講法，從鋪貨（sell-in）到在零售端或其線上商店的落地執行。所以我們聚焦在產品上市時，從頭到尾的全流程貫通與執行效率。

As it relates to China, Under Armour is in a pretty unique place. We've got a terrific leader across APAC and Simon Passage, who is a brand-first leader. Simon took on this commercial role probably 18 or 20 months ago. And what he's done is basically helped us perform a bit of a flip where we were incredibly promotional, incredibly discounted, and we did a really great job so far as we're watching to turn the inflection of that business from down in the teens where we were a little more than a year ago to something we're looking at flattish to a positive there.

就中國而言，Under Armour 處於一個相當獨特的位置。我們在亞太區（APAC）有一位非常出色的領導者——Simon Passage，他是一位以品牌為先的領導者。Simon 大概在 18 或 20 個月前接下這個商務職務。而他所做的，基本上是幫助我們實現某種「翻轉」：過去我們促銷非常多、折扣非常深；而到目前為止，我們做得很不錯——我們看到這項業務的拐點正在出現，從一年多前的十幾個百分點下滑，轉變為我們目前看到的大致持平到正成長。

The market is not great, meaning the consumer is tough everywhere. So you're not having sort of any places where you get a free lunch or an easy ride. But I think what we're doing right now is brand-right marketing. We've exited or exiting performance marketing, reducing it significantly as we can flip that into brand right marketing that's actually driving and selling a product versus selling a price savings or a discount.

市場狀況並不好，也就是說，消費者在各地都很艱難。所以你不會有那種可以「白撿便宜」或輕鬆順風的地方。但我認為我們現在在做的是「品牌正確」的行銷。我們已經退出或正在退出成效型行銷，並大幅降低其比重，轉而投入到真正「品牌正確」的行銷——這種行銷是在推動並銷售產品，而不是在賣省錢或折扣。

We also have a terrific pro there named Carol Chen, who runs the business force, who is an industry vet, who knows the partners, who knows our franchisees and is someone who's been critical and a real staple for Simon there as we look in market.

我們那邊也有一位非常出色的專業人士 Carol Chen，她負責業務團隊，是一位產業老將，了解合作夥伴、了解我們的加盟商；在我們進行市場布局時，她一直是 Simon 的關鍵支柱與重要後盾。

For us, we're testing new retail concepts. We're trying new things and working the merchandising mix. I think China, I don't know if I could compare it to the US. I guess I could just say broadly that I don't think there's as I said, there's no free rides that you get in any market around the world right now. It's more competitive, especially with some of the local options they have there in China, but Under Armour is certainly holding its own, and we have a great plan for growth there.

對我們而言，我們正在測試新的零售概念。我們在嘗試新做法並調整商品組合。我認為中國——我不知道是否能拿來和美國比較。我想我只能概括地說，正如我提到的，現在全球任何市場都沒有「免費順風車」。競爭更激烈，尤其是在中國有一些本土選擇；但 Under Armour 當然也站穩腳步，而且我們在那裡有很好的成長計畫。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團（Citigroup）。

It's Tracy Kogan filling in for Paul. I was hoping you could tell us what your CapEx expectations were for this year and free cash flow? And then secondly, I was wondering if you built any benefit from World Cup into your guidance?

我是 Tracy Kogan，代替 Paul 提問。我想請教你們今年的資本支出（CapEx）預期以及自由現金流？第二個問題是，你們在指引中是否納入了世界盃帶來的任何效益？

With regards to CapEx, I think it will be similar to what you've seen last year. So we're past building our campus here in Baltimore. So that's kind of a more normalized level going forward, I think. In terms of free cash flow, we're expecting free cash flow generation in the year. the expectations of both the core operations as well as some working capital benefit building in terms of the free cash flow that we'll see this year.

關於資本支出（CapEx），我認為會與你們去年看到的水準相近。因為我們在巴爾的摩的園區建設已經告一段落。所以我認為往後會回到較為正常化的水準。至於自由現金流，我們預期本年度會產生自由現金流；這反映了核心營運的表現，以及在營運資金方面帶來的一些效益，會體現在今年的自由現金流之中。

We did have some one-timers last year in terms of free cash flow, which you're well aware of in terms of some settlement payments and things like that. And so yes, I mean, I think we expect it to be a good year in terms of overall free cash flow generation even after CapEx investments. What was the second part of the question, sorry?

去年在自由現金流方面有一些一次性項目，你們也很清楚，例如部分和解款項之類的支出。所以是的，我的意思是，我們預期即使在資本支出投資之後，整體自由現金流的產生仍會是表現不錯的一年。不好意思，問題的第二部分是什麼？

If you've built any benefit from the World Cup into your guidance?

你們的指引是否納入了世界盃帶來的任何效益？

Not anything that's of particular note. Obviously, we have some assets that we plans to activate during the course of the World Cup, but there isn't anything that would be a onetime that wouldn't be recurring in future years that's outsized. .

沒有什麼特別值得一提的。當然，我們有一些資產計畫在世界盃期間啟動運用，但沒有任何那種一次性、且未來年度不會重複、並且幅度特別大的項目。.

Yes. And from a pure market standpoint there, we're going to have, I think, 10 to a dozen players that will be participating in the World Cup here in the US. It's going to be a period of time. It's one where it's incredibly expensive to get in. And so Basically, the majority, if not all of our marketing in Europe is built around football. And so bringing the beautiful game here to the US is something we're going to celebrate with a number of our players like locates and the range that we have, which is extraordinary.

是的。就純市場角度而言，我們在美國這裡的世界盃，預計會有大約 10 到 12 名球員參賽。這會是一段期間的活動。而且要切入其中的成本非常高。因此，基本上我們在歐洲的大部分（如果不是全部）行銷都圍繞足球展開。所以把這項「美麗的運動」帶到美國，是我們會與多位球員一起慶祝的事情——例如我們的球員陣容與覆蓋範圍都非常出色。

And so we want to make sure we're supporting some of the players we'll have on the Spanish national team and some of the other national teams. But as far as a major play in World Cup, it's something that we want to make sure that we're understood and play in football, but we want to definitely take our time and not try to outspend in some place where we think it may be a bit uphill for us. And so we have a position to win. We're going to continue to do that through our language in Europe, especially.

因此，我們希望確保能支持一些我們將在西班牙國家隊以及其他國家隊中的球員。但就世界盃的大規模投入而言，我們希望確保外界理解我們在足球領域的參與與布局；同時我們也一定會循序漸進，不會在我們認為對我們而言可能較為吃力的地方去拚命砸錢。因此，我們有一個能夠取勝的定位。我們會持續這麼做，尤其是透過我們在歐洲的溝通語言與方式。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Congrats Reza on the new role.

恭喜你，Reza，升任新職。

You talked about the e-commerce channel and how things can do well there, they bode well for the overall business. Can you double click on the levers you can pull to improve traffic there and what guidance assumes as the year moves forward? And then as a follow-on, with the product assortment evolving towards brand elevation, how are you thinking about segmentation of newness across B2C versus wholesale channels?

你談到電商通路，以及那裡的表現若能改善，將有利於整體業務。能否更深入說明你們可以運用哪些槓桿來提升那裡的流量，以及你們的指引對於今年後續進展的假設是什麼？另外，隨著產品組合朝向品牌提升演進，你們如何看待在 B2C 與批發通路之間，新品（新鮮度）的配置與分層？

Why don't I start with the numbers side of it and then Kevin can talk to some of the macro points as well. E-commerce is stabilizing after 2026. We are expecting it to improve as the year goes on. There is a bit of a reset that's happening in e-commerce. One of the folks that Kevin touched on is how we're trying to basically be much more intentional in the way that we present ourselves in the e-commerce channel because that really is the best reflection of the brand.

我先從數字面來回答，然後 Kevin 也可以補充一些宏觀層面的觀點。電商在 2026 年之後正在趨於穩定。我們預期它會隨著年度推進而改善。電商正在發生一些重置。Kevin 提到的一點是，我們正努力在電商通路中以更有意識、更有策略的方式呈現自己，因為那其實是品牌最好的映照。

So there are changes that you're going to be seeing, particularly in North America in terms of how that is. We do expect that to take some time to bear fruit. There is -- you're absolutely right, traffic is challenged in terms of e-commerce overall. What we're cognizant of is not over investing marketing dollars on performance because -- to drive unqualified traffic. I don't think that will have much of a benefit.

因此你會看到一些變化，特別是在北美，關於我們呈現方式的調整。我們確實預期這需要一些時間才能見到成效。你說得完全正確，整體電商的流量確實面臨挑戰。我們注意到的一點是，不要在成效型行銷上過度投入行銷費用，因為——那只是在導入不夠精準的流量。我不認為那會帶來太大效益。

So we want to make sure that we're executing the brand elevation play we have in e-commerce. And to do that, you're going to start to see from a marketing perspective, a greater mix in terms of what we're doing both at the brand level as well as performance to try to do that.

所以我們要確保在電商上落實我們的品牌提升策略。為了做到這點，從行銷角度來看，你會開始看到我們在品牌層級與成效層級的投入組合有更大的調整，以推動這件事。

But I think the bigger point is really from a macro perspective, strategically resetting the presence that we have on e-commerce and they get brought more brand elevating and to drive higher price points and ASPs. Kevin, I don't know if you want to add to that?

但我認為更大的重點是，從宏觀角度來看，我們正在策略性地重置我們在電商上的呈現方式，使其更能提升品牌形象，並推動更高的定價與更高的平均售價（ASP）。Kevin，你是否想補充？

I think it's good coverage. Thank you.

我覺得已經涵蓋得很好了。謝謝。

And this will conclude our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

今天的問答環節以及我們的電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。