Under Armour Inc (UAA) 2021 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Under Armour fourth quarter earnings webcast and conference call. (Operator Instructions) Please be advised, today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎收聽 Under Armour 第四季度收益網絡直播和電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）

I'd now like to hand the conference over to Lance Allega, Senior Vice President, Investor Relations and Corporate Development.

我現在想將會議交給投資者關係和企業發展高級副總裁 Lance Allega。

Good morning. Thank you, everyone, for joining us for Under Armour's Fourth Quarter and Full Year Fiscal 2021 Earnings Conference Call. The information provided on today's call will include forward-looking statements that reflect Under Armour's view of its current business as of February 11, 2022.

早上好。感謝大家加入我們參加安德瑪 2021 財年第四季度和全年收益電話會議。今天電話會議上提供的信息將包括反映安德瑪截至 2022 年 2 月 11 日對其當前業務的看法的前瞻性陳述。

Statements made are subject to risks and uncertainties that are detailed in documents regularly filed with the SEC and the safe harbor statement included in this morning's press release, both of which can be found on our website at about.underarmour.com. It is important to note that the ongoing uncertainty related to COVID-19 and its potential effects on the global retail environment could continue to impact our business results going forward.

所做的聲明受到風險和不確定性的影響，這些風險和不確定性在定期提交給美國證券交易委員會的文件和今天上午的新聞稿中包含的安全港聲明中詳細說明，這兩個文件都可以在我們的網站 about.underarmour.com 上找到。值得注意的是，與 COVID-19 相關的持續不確定性及其對全球零售環境的潛在影響可能會繼續影響我們未來的業務業績。

We may reference non-GAAP financial information on today's call, including adjusted and currency-neutral terms, which are defined under SEC rules in this morning's press release. You may also hear us refer to amounts under U.S. GAAP. Reconciliations of GAAP to non-GAAP measures can also be found in our press release, which identify and quantify all excluded items and provides our view about why we believe this information is helpful to investors.

我們可能會在今天的電話會議上參考非 GAAP 財務信息，包括調整和貨幣中性條款，這些條款在今天上午的新聞稿中根據 SEC 規則定義。您可能還會聽到我們提到美國公認會計原則下的金額。 GAAP 與非 GAAP 措施的對賬也可以在我們的新聞稿中找到，該新聞稿識別和量化所有被排除的項目，並就我們為什麼認為這些信息對投資者有幫助提供了我們的看法。

Joining us on today's call will be Under Armour President and CEO, Patrik Frisk; and CFO, Dave Bergman. Patrik?

加入我們今天電話會議的將是 Under Armour 總裁兼首席執行官 Patrik Frisk；和首席財務官戴夫·伯格曼。帕特里克？

Thank you, Lance, and good morning, everyone, and welcome to our fourth quarter and year-end 2021 conference call. At the beginning of last year, we were confronted with significant uncertainty about our business due to impacts from the COVID-19 pandemic. With dynamic changes in purchase behavior and marketplace demand, we faced several obstacles as we worked through what we believe to be a recovery year following a difficult 2020.

謝謝蘭斯，大家早上好，歡迎參加我們的 2021 年第四季度和年終電話會議。去年年初，由於 COVID-19 大流行的影響，我們的業務面臨重大不確定性。隨著購買行為和市場需求的動態變化，我們在經歷了艱難的 2020 年之後的複甦之年時遇到了一些障礙。

At that point, it would have been easy to stay conservative and adopt a wait-and-see strategy, yet the tremendous progress we made following our multiyear transformation, including healthier demand for the Under Armour brand, and the passion that this team shows up with every day meant going on offense was the only path for 2021. And because we stayed on offense, Under Armour delivered a record year of financial results, a year that exemplifies the power of our long-term strategic plan and our ability to stay hyperfocused on execution while leveraging our core strengths to position us more strongly for our next chapter of growth.

那時，保持保守並採取觀望策略很容易，但我們在多年轉型後取得了巨大進步，包括對安德瑪品牌的更健康需求，以及這支團隊表現出的熱情每天都意味著進攻是 2021 年的唯一途徑。由於我們堅持進攻，Under Armour 實現了創紀錄的財務業績，這一年體現了我們長期戰略計劃的力量和我們保持高度專注的能力在執行方面，同時利用我們的核心優勢為我們的下一個增長篇章提供更強大的定位。

Throughout 2021, we worked methodically to expand our brand's awareness and engagement, ensuring we showed up more consistently, louder and with a sharper point of view about the distinct role we play in an athlete's journey to compete. We underscored our commitment to performance by delivering some of the most innovative products that we've ever produced.

整個 2021 年，我們有條不紊地努力擴大我們品牌的知名度和參與度，確保我們以更一致、更響亮和更敏銳的視角展示我們在運動員比賽過程中所扮演的獨特角色。我們通過提供一些我們曾經生產過的最具創新性的產品來強調我們對性能的承諾。

We forged deeper and more productive relationships with our key wholesale partners. We saw significant progress in our largest long-term growth drivers, our international, direct-to-consumer, women's and footwear businesses. And we're stronger financially than we've ever been.

我們與主要批發合作夥伴建立了更深入、更富有成效的關係。我們看到我們最大的長期增長動力，即我們的國際、直接面向消費者、女裝和鞋類業務的重大進展。而且我們在財務上比以往任何時候都更強大。

In this respect, looking at some of our highlights. While our year-over-year comparisons benefited from the significant COVID-19 impacts we experienced in 2020, we are equally pleased with our performance over the past 2 years.

在這方面，看看我們的一些亮點。雖然我們的同比比較受益於我們在 2020 年經歷的重大 COVID-19 影響，但我們對過去 2 年的表現同樣感到滿意。

For the full year 2021, revenue was up 27% to reach $5.7 billion, which is a record. Versus 2019, revenue is up 8%. So solid progress from before the pandemic and the result driven by several strategies that have lifted the quality and composition of our sales compared to a few years ago.

2021 年全年，收入增長 27%，達到 57 億美元，創歷史新高。與 2019 年相比，收入增長了 8%。與幾年前相比，從大流行之前取得瞭如此堅實的進展，以及由幾種策略推動的結果，這些策略提高了我們的銷售質量和構成。

Breaking that down. Wholesale revenue increased 36% to $3.2 billion in 2021. On a 2-year basis, wholesale is up 3%. As detailed in previous calls, this performance has been tempered by the strategic decisions we've made to improve brand health by reducing our sales to the off-price channel and exiting approximately 2,500 undifferentiated retail doors in North America, an effort which is now concluded.

打破它。 2021 年批發收入增長 36% 至 32 億美元。在 2 年的基礎上，批發收入增長 3%。正如之前的電話會議所詳述的那樣，我們為改善品牌健康狀況而做出的戰略決策削弱了這一表現，該決策通過減少對低價渠道的銷售並退出北美約 2,500 家無差異零售店，這項努力現已結束.

Our direct-to-consumer business was up 26% to $2.3 billion in 2021. Versus 2019, direct-to-consumer is up 29%, with strong momentum in our owned and operated stores and our e-commerce business. Following a 40% increase in 2020, our e-commerce business was up 4% in 2021, equating to 45% growth on a 2-year stack. This result gives us confidence that this business is well positioned following a prolonged period of elevated promotional activities.

2021 年，我們的直接面向消費者的業務增長了 26%，達到 23 億美元。與 2019 年相比，直接面向消費者的業務增長了 29%，我們擁有和經營的商店以及我們的電子商務業務發展勢頭強勁。在 2020 年增長 40% 之後，我們的電子商務業務在 2021 年增長了 4%，相當於兩年增長 45%。這一結果使我們相信，在長時間的促銷活動之後，該業務處於有利地位。

2021 gross margin was up 210 basis points to a record 50.3%. Versus 2019, gross margin is up 340 basis points, so excellent progress over 2 years driven by benefits from pricing and a more favorable channel mix being offset by supply chain headwinds related to COVID-19 and the absence of MyFitnessPal, which we sold at the end of 2020.

2021 年毛利率上升 210 個基點，達到創紀錄的 50.3%。與 2019 年相比，毛利率上升了 340 個基點，因此在定價和更有利的渠道組合的推動下，2 年內取得了出色的進展，但與 COVID-19 相關的供應鏈逆風和我們在2020 年底。

Rounding out the P&L. Our full year operating income reached $486 million, net income was $360 million, and our diluted earnings per share was $0.77, all 3 of which are records. We also realized strong balance sheet and cash flow performances with inventory down 9% to an absolute dollar value that is only slightly higher than in 2015 when we were a $4 billion business.

四捨五入的損益。我們全年營業收入達到 4.86 億美元，淨收入為 3.6 億美元，每股攤薄收益為 0.77 美元，三項均創歷史新高。我們還實現了強勁的資產負債表和現金流表現，庫存下降 9% 至絕對美元價值，僅略高於 2015 年，當時我們是一家 40 億美元的企業。

And finally, one more record having ended the year with $1.7 billion in cash. All in, what an incredible period for Under Armour. Having operated for nearly 2 years amid a global pandemic, I am proud of the progress we've made, the resilience we've shown and the potential we have to do even better in the future.

最後，以 17 億美元現金結束了這一年的另一項記錄。總而言之，對於 Under Armour 來說，這是一段多麼令人難以置信的時期。在全球大流行中經營了近 2 年，我為我們所取得的進步、我們表現出的韌性以及我們未來必須做得更好的潛力感到自豪。

By staying focused on our key strategies, we are competing and executing at progressively higher levels, helping us unlock value and returns for our shareholders. Driving us forward at the heart of why we exist is our purpose. We empower those who strive for more.

通過專注於我們的關鍵戰略，我們在競爭和執行方面的水平越來越高，幫助我們為股東釋放價值和回報。我們存在的核心是推動我們前進是我們的宗旨。我們賦予那些追求更多的人權力。

For Under Armour, everything is about the journey. From an awful workout when you want to quit but don't, to pushing through that last rep and adding one more, to earning that PR because you put in the work, Under Armour makes you better. We do this by delivering innovative products, experiences and styles influenced by athlete insight and real-world data. Innovations wrapped [in art.]

對於 Under Armour 來說，一切都與旅程有關。從您想退出但又不想退出的糟糕鍛煉，到完成最後一個代表並再增加一個代表，再到因為您投入工作而獲得 PR，Under Armour 讓您變得更好。我們通過提供受運動員洞察力和真實數據影響的創新產品、體驗和風格來做到這一點。 [在藝術中]的創新

Engineered to empower the journey to sport through training, competition and recovery, 2021 was an exceptional year for Under Armour products. There are too many to list, but a few standouts on the apparel side include RUSH, Iso-Chill, Rival Fleece, Crossback, Infinity, Unstoppable and Meridian, all names that delivered a 33% increase in revenue we achieved.

2021 年旨在通過訓練、比賽和恢復為運動之旅賦能，對於 Under Armour 產品而言是非凡的一年。有太多無法列出，但服裝方面的一些傑出品牌包括 RUSH、Iso-Chill、Rival Fleece、Crossback、Infinity、Unstoppable 和 Meridian，所有這些品牌都為我們帶來了 33% 的收入增長。

On the footwear side, franchises like HOVR Sonic, Machina and Infinite; UA Flow Velociti Wind; Charged Pursuit, Assert, Aurora; Curry; and Project Rock contributed nicely to 35% growth, validating one of our largest long-term growth opportunities.

在鞋類方面，HOVR Sonic、Machina 和 Infinite 等特許經營權； UA Flow Velociti Wind；帶電追擊、斷言、極光；咖哩; Project Rock 為 35% 的增長做出了巨大貢獻，驗證了我們最大的長期增長機會之一。

2021 was also an exceptional year in Under Armour's progress to connect our brand even more deeply with consumers. From the optionality we created in our P&L, we were able to make incremental marketing investments, which we expect to fuel even stronger brand momentum in the years ahead.

2021 年也是 Under Armour 將我們的品牌與消費者更深入地聯繫起來的非凡一年。通過我們在損益表中創建的可選性，我們能夠進行增量營銷投資，我們預計這將在未來幾年推動更強勁的品牌發展勢頭。

At the center of these efforts, product, experience and inspiration fits The Only Way is Through. More than a mantra, it's become an ethos, synonymous with the hard work necessary to power the journey, and it's always a journey. From an initial product drawing to shopping bag to the closet, we obsess athletes and those who strive for more.

在這些努力的核心，產品、經驗和靈感都符合 The Only Way is Through。它不僅僅是一種口頭禪，它已成為一種精神，是推動旅程所需的辛勤工作的代名詞，而且它始終是一段旅程。從最初的產品圖紙到購物袋再到衣櫥，我們著迷於運動員和那些追求更多的人。

However, being purpose-led means that it's about more than just shirts and shoes. And sport is so much more than just a game. It teaches us to push past our limits, to be collaborators, to be leaders. It increases confidence, reduces stress and improves mental health.

然而，以目標為導向意味著它不僅僅是襯衫和鞋子。運動不僅僅是一場比賽。它教會我們超越極限，成為合作者，成為領導者。它可以增加信心，減輕壓力並改善心理健康。

Yet many young athletes face barriers that prevent them from starting their journey to sport. With a lack of fields and courts, gaps in coaching, shrinking leagues and the shortage of gear to play, train and compete with, we recognize that not everyone has access to sport.

然而，許多年輕運動員面臨著阻礙他們開始運動之旅的障礙。由於場地和球場的缺乏、教練的差距、聯賽的萎縮以及比賽、訓練和比賽的裝備短缺，我們認識到並不是每個人都可以參加運動。

Addressing this opportunity, a few weeks ago, we announced the long-term commitment of our resources, focus and energy to break down these barriers. As we lay the foundation for our Access to Sport initiative, we are excited to share more in the years ahead as we build opportunities for millions of youth to engage in sport by 2030, ensuring that the next generations of focused performers are inspired even more holistically than those before them.

幾週前，我們抓住了這個機會，宣布了我們的資源、重點和精力的長期承諾，以打破這些障礙。隨著我們為“參與體育運動”計劃奠定基礎，我們很高興能在未來幾年分享更多信息，因為我們會在 2030 年之前為數百萬青年參與體育運動創造機會，確保下一代專注的表演者受到更全面的啟發比他們之前的人。

Now back to our business. And the last 2 years have proven to be one of the most dynamic yet opportunistic times in Under Armour's history. Managing the marketplace prudently through our constant focus on operational excellence to ensure we're keeping the brand healthy and moving forward, we are delighted with our results.

現在回到我們的業務。過去 2 年被證明是 Under Armour 歷史上最具活力但機會最多的時期之一。通過我們對卓越運營的持續關注，謹慎地管理市場，以確保我們保持品牌健康並向前發展，我們對我們的結果感到高興。

That said, let's look at how our regions performed in 2021, starting with North America, where revenue was up 29% to $3.8 billion or up 4% since 2019. In our largest market, we continue to focus on 3 fundamentals.

也就是說，讓我們看看我們的地區在 2021 年的表現如何，從北美開始，自 2019 年以來，該地區的收入增長了 29% 至 38 億美元或增長 4%。在我們最大的市場中，我們繼續關註三個基本面。

First is becoming a better retailer by creating more compelling in-store experiences and delivering best-in-class service across our fleet. Additionally, this means continuing to build on the momentum we've seen in our e-commerce business. Realizing we'd likely see traffic declines compared to the abnormality that was 2020, we stayed focused on quality by investing in high-return vehicles like targeted PLAs and improved product wayfinding to improve our online shopping experience, and it's working. In 2021, while we did experience a year-over-year traffic decline, it was more than offset by meaningful increase in conversion and therefore, solid revenue growth.

首先是通過創造更引人注目的店內體驗並在我們的車隊中提供一流的服務，成為更好的零售商。此外，這意味著繼續鞏固我們在電子商務業務中看到的勢頭。意識到與 2020 年的異常情況相比，我們可能會看到流量下降，因此我們通過投資目標 PLA 等高回報車輛並改進產品尋路以改善我們的在線購物體驗，從而繼續專注於質量，並且它正在發揮作用。 2021 年，雖然我們確實經歷了同比流量下降，但它被轉化率的顯著增長以及收入的穩健增長所抵消。

Second, with the critical mass of undifferentiated wholesale door exits behind us, we are encouraged by the productivity KPIs we're seeing across this channel in North America. A more premium position driven by outstanding inventory management and promotional discipline is translating nicely to additional shelf space opportunities with our largest strategic partners, higher AURs and significantly better turns. And that last point turns, which is really about execution, is a core element that gives me confidence that we're in an excellent position to adapt to however the environment may develop over the short term.

其次，隨著我們身後大量無差異的批發門出口，我們對我們在北美通過該渠道看到的生產力 KPI 感到鼓舞。由出色的庫存管理和促銷紀律驅動的更優質的位置很好地轉化為與我們最大的戰略合作夥伴的額外貨架空間機會、更高的 AUR 和明顯更好的周轉率。最後一點，實際上是關於執行的，是一個核心要素，讓我相信我們處於適應環境的絕佳位置，但短期內可能會發展。

Third, we are continuing to drive performance by investing more smartly in marketing, which shows up in improved brand affinity scores around awareness, consideration and conversion. Gaining better productivity from how and where we spend has always been the goal. By delivering higher quality traffic through strategic paid media and targeted e-mail activations, our ability to connect more meaningfully across key moments and multiple platforms has never been greater.

第三，我們繼續通過更明智地投資於營銷來推動業績，這體現在品牌知名度、考慮和轉換方面的品牌親和力得分有所提高。從我們的支出方式和地點獲得更高的生產力一直是我們的目標。通過戰略性付費媒體和有針對性的電子郵件激活提供更高質量的流量，我們在關鍵時刻和多個平台之間進行更有意義的聯繫的能力從未如此強大。

Turning to our international business. Revenue in EMEA was up 41% driven by nearly 50% growth in our wholesale business and continued momentum in direct-to-consumer. We are encouraged by the quality of business results delivered in 2021. Our efforts to position Under Armour as premium performance, healthier wholesale relationships and improved retail capabilities continue to validate the power of our playbook. Our 2-year performance is strong as well, with revenue in EMEA up 36% versus 2019.

轉向我們的國際業務。在我們的批發業務增長近 50% 以及直接面向消費者的持續勢頭的推動下，歐洲、中東和非洲地區的收入增長了 41%。我們對 2021 年交付的業務成果質量感到鼓舞。我們努力將 Under Armour 定位為卓越的業績、更健康的批發關係和改進的零售能力，這繼續驗證了我們劇本的力量。我們 2 年的表現也很強勁，歐洲、中東和非洲地區的收入與 2019 年相比增長了 36%。

Next up is Asia Pacific, where revenue was up 32% in 2021 driven by nearly 50% growth in our wholesale business and a strong increase in direct-to-consumer sales. Clearly, the story here is about a more challenging environment that has developed in China as of late as evidenced by a 6% decline in our fourth quarter APAC revenue. The recent market trends in China are impacting our business.

接下來是亞太地區，在我們的批發業務增長近 50% 和直接面向消費者的銷售強勁增長的推動下，該地區的收入在 2021 年增長了 32%。顯然，這裡的故事是關於最近在中國發展的更具挑戰性的環境，我們第四季度亞太地區收入下降 6% 就是明證。中國近期的市場趨勢正在影響我們的業務。

However, our focus in China remains the same: staying premium; continuing to invest in digital innovation, including working to deliver much improved end-to-end consumer engagement platform; and ensuring that store expansions are done at an appropriate pace in the dynamic market conditions. Versus 2019, revenue in Asia Pacific was up 31%, so strong growth on a 2-year basis.

然而，我們在中國的關注點保持不變：保持優質；繼續投資於數字創新，包括努力提供大大改進的端到端消費者參與平台；並確保在瞬息萬變的市場條件下以適當的速度擴張門店。與 2019 年相比，亞太地區的收入增長了 31%，因此在 2 年的基礎上增長強勁。

And finally, revenue in our Latin America region in 2021 was up 18% driven by strength in our full-price wholesale and distributor businesses. As a reminder, we have transitioned certain countries in this region to a strategic distributor model, a decision we believe will begin to optimize this region's ability to grow and contribute more profitably in the years to come. Versus 2019, revenue in Latin America is about flat on a 2-year basis.

最後，由於我們全價批發和分銷業務的實力，2021 年我們拉丁美洲地區的收入增長了 18%。提醒一下，我們已將該地區的某些國家/地區轉變為戰略分銷商模式，我們相信這一決定將開始優化該地區的增長能力，並在未來幾年貢獻更多的利潤。與 2019 年相比，拉丁美洲的收入在 2 年的基礎上基本持平。

So in closing, we remain both confident and cautious in this operating environment. And while current macro factors are having material impact on our business, we have no intentions of sitting idle. Innovation, consumer connectivity and inspiring those to strive for more are not tactics at Under Armour. They are a way of life.

因此，在結束時，我們對這種經營環境仍然充滿信心和謹慎。儘管當前的宏觀因素對我們的業務產生了重大影響，但我們無意坐視不管。創新、消費者連接和激勵人們追求更多不是安德瑪的策略。它們是一種生活方式。

Moving forward, we believe that the things we can control will continue to serve us as strengths, just as they did in fiscal 2021. Regardless of the short-term environment, we are running a stronger, better company, one that is increasingly more capable of delivering sustainable, profitable growth and value creation for our shareholders over the long term.

展望未來，我們相信我們可以控制的事情將繼續成為我們的優勢，就像他們在 2021 財年所做的那樣。無論短期環境如何，我們都在經營一家更強大、更好、更有能力的公司長期為我們的股東提供可持續的、盈利的增長和價值創造。

I am pleased with where Under Armour is sitting, incredibly proud of this team. And in my nearly 5 years here, I have never been more excited about our future.

我對安德瑪所處的位置感到滿意，為這支球隊感到無比自豪。在我在這裡的近 5 年裡，我對我們的未來從未如此興奮過。

And with that, I'll hand it over to Dave.

有了這個，我會把它交給戴夫。

Thanks, Patrik. Since the beginning of COVID-19 pandemic, our intent has been to deliver appropriate financial performance while protecting the Under Armour brand and positioning ourselves for sustainable, profitable growth over the long term. Leveraging the strength of a data-driven, consumer-centric strategy and a constant focus on operational excellence, we believe we can emerge from this unprecedented time as a stronger, more profitable company.

謝謝，帕特里克。自 COVID-19 大流行開始以來，我們的目標一直是提供適當的財務業績，同時保護 Under Armour 品牌，並為實現長期可持續的盈利增長做好準備。憑藉數據驅動、以消費者為中心的戰略以及對卓越運營的持續關注，我們相信我們可以從這個前所未有的時代中脫穎而出，成為一家更強大、更有利可圖的公司。

Despite the high level of uncertainty, we committed to staying agile to minimize downside risk while executing against our playbook to help us capitalize on upside opportunities as they arose. In 2021, we did just this.

儘管存在高度的不確定性，我們仍致力於保持敏捷性以最大程度地降低下行風險，同時執行我們的劇本以幫助我們利用出現的上行機會。 2021 年，我們做到了這一點。

That isn't to say that uncertainty is over. We remain vigilant about the dynamic environment we are operating in, including ongoing supply chain headwinds, rising wages and inflationary input cost pressures that continue to permeate the marketplace. Yet we remain confident in our ability to deliver against our plan by staying focused on our business strategies and remaining nimble as we implement them.

這並不是說不確定性已經結束。我們對我們所處的動態環境保持警惕，包括持續的供應鏈逆風、工資上漲和持續滲透市場的通脹投入成本壓力。然而，我們仍然有信心通過專注於我們的業務戰略並在實施這些戰略時保持靈活，從而實現我們的計劃。

Our fourth quarter results reinforce that confidence. Compared to the prior year, revenue was up 9% to $1.5 billion. As a reminder, we expected several headwinds in the quarter, including lower sales of SPORTSMASKs, lower sales to the off-price channel, the absence of MyFitnessPal and proactive supply constraints, among others.

我們第四季度的業績加強了這種信心。與上一年相比，收入增長 9% 至 15 億美元。提醒一下，我們預計本季度會遇到一些不利因素，包括 SPORTSMASK 的銷售額下降、低價渠道的銷售額下降、MyFitnessPal 的缺失以及積極的供應限制等。

Versus our previous expectation, our revenue overdrive was primarily due to higher demand across our full-price wholesale and direct-to-consumer businesses, particularly in North America, coupled with better-than-expected supply chain execution during this challenging environment. From a channel perspective, fourth quarter wholesale revenue was up 16% driven by strong performance in our full-price business, partially offset by lower year-over-year sales to the off-price channel.

與我們之前的預期相比，我們的收入超速增長主要是由於我們全價批發和直接面向消費者的業務需求增加，特別是在北美，加上在這個充滿挑戰的環境中供應鏈執行好於預期。從渠道的角度來看，第四季度批發收入增長了 16%，這得益於我們全價業務的強勁表現，部分被低價渠道的同比銷售額下降所抵消。

Our direct-to-consumer business increased 10%, led by 14% growth in our owned and operated retail stores and 4% growth in our e-commerce business. In addition, our e-commerce business is up more than 30% on a 2-year basis. And licensing revenue was down 33% driven primarily by the recognition timing of minimum royalty payments.

我們的直接面向消費者的業務增長了 10%，其中我們擁有和經營的零售店增長了 14%，電子商務業務增長了 4%。此外，我們的電子商務業務在兩年內增長了 30% 以上。許可收入下降了 33%，主要是由於最低特許權使用費的確認時間。

By product type, apparel revenue was up 18%, with strength in our training and outdoor businesses. Footwear was up 17% driven primarily by our running and training categories. And our accessories business was down 27% due to planned lower sales of our SPORTSMASKs compared to last year's fourth quarter.

按產品類型劃分，服裝收入增長 18%，我們的訓練和戶外業務表現強勁。鞋類增長 17%，主要受我們的跑步和訓練類別的推動。由於與去年第四季度相比，我們的 SPORTSMASK 計劃銷售額下降，我們的配件業務下降了 27%。

From a regional and segment perspective, fourth quarter revenue in North America was up 15% to $1.1 billion driven by premium growth in our full-price wholesale and direct-to-consumer businesses. So excellent barometers to improving brand strength and consumer demand in our largest region. Compared to 2019, North American revenue was up 8% in the fourth quarter driven by higher quality revenue than 2 years ago.

從區域和細分市場的角度來看，在我們全價批發和直接面向消費者業務的溢價增長的推動下，北美第四季度的收入增長了 15% 至 11 億美元。如此出色的晴雨表可以提高我們最大地區的品牌實力和消費者需求。與 2019 年相比，由於質量收入高於兩年前，第四季度北美收入增長了 8%。

In our international business, EMEA revenue was up 24% driven primarily by strength in our wholesale business. Compared to the fourth quarter of 2019, revenue in EMEA was up 11%.

在我們的國際業務中，EMEA 收入增長了 24%，這主要得益於我們批發業務的實力。與 2019 年第四季度相比，歐洲、中東和非洲地區的收入增長了 11%。

Next up is APAC, where the business was down 6% in the quarter driven by softer demand in our wholesale business, which more than offset DTC growth. Compared to 2019, total APAC revenue was up 19%.

接下來是亞太地區，由於我們的批發業務需求疲軟，該季度的業務下降了 6%，這遠遠抵消了 DTC 的增長。與 2019 年相比，亞太地區總收入增長了 19%。

And finally, in line with expectations, Latin America revenue was down 22% due to the change in our business model as we moved certain countries to distributors, an effort which is now completed. Versus the fourth quarter of 2019, Latin America was down 20%.

最後，與預期一致，由於我們將某些國家轉移到分銷商，我們的業務模式發生了變化，拉丁美洲的收入下降了 22%，這項工作現已完成。與 2019 年第四季度相比，拉丁美洲下降了 20%。

Related to gross margin, our fourth quarter improved 130 basis points to 50.7%. This expansion was driven by 350 basis points of pricing improvements due primarily to lower promotional activity within our DTC business, favorable pricing related to sales to the off-price channel and lower promotions and markdowns across our wholesale business. And 90 basis points of benefit related to lower restructuring charges.

與毛利率相關，我們的第四季度提高了 130 個基點至 50.7%。這一擴張是由 350 個基點的定價改進推動的，這主要是由於我們 DTC 業務中的促銷活動減少、與折扣渠道銷售相關的優惠定價以及我們批發業務的促銷和降價促銷活動減少。以及與較低的重組費用相關的 90 個基點的收益。

These improvements were partially offset by 190 basis points of COVID-related supply chain impacts driven by higher freight costs, which meaningfully offset product cost benefits during the quarter; 80 basis points related to the absence of MyFitnessPal; and 50 basis points of unfavorable product mix related primarily to lower SPORTSMASK sales, which carry a higher gross margin. Versus our previous expectation, our fourth quarter gross margin overdelivery was primarily due to favorable pricing developments from lower-than-planned promotional activity within our DTC business, more favorable pricing related to sales to the off-price channel and lower-than-planned promotions and markdowns within our wholesale business.

這些改善被較高的貨運成本驅動的與 COVID 相關的供應鏈影響 190 個基點部分抵消，這在本季度有效地抵消了產品成本收益；與缺少 MyFitnessPal 相關的 80 個基點；以及 50 個基點的不利產品組合，主要與 SPORTSMASK 銷售額下降有關，而其毛利率較高。與我們之前的預期相比，我們第四季度的毛利率超額交付主要是由於我們的 DTC 業務中促銷活動低於計劃的有利定價發展、與折扣渠道銷售相關的更優惠定價以及低於計劃的促銷活動和我們批發業務中的降價促銷。

SG&A expenses were up 15% to $676 million primarily due to increased marketing investments, incentive compensation and nonsalaried workforce wages. Related to our 2020 restructuring plan, we recorded $14 million of charges in the fourth quarter. In this morning's press release, we noted that we have reduced the high end of our planned expectations by $25 million. So we now expect to recognize total planned charges ranging from $525 million to $550 million.

SG&A 費用增長 15% 至 6.76 億美元，主要是由於營銷投資、激勵性薪酬和無薪勞動力工資的增加。與我們的 2020 年重組計劃相關，我們在第四季度記錄了 1400 萬美元的費用。在今天上午的新聞稿中，我們注意到我們已將計劃預期的高端降低了 2500 萬美元。因此，我們現在預計將確認總計劃費用從 5.25 億美元到 5.5 億美元不等。

Thus far, we've realized $514 million of pretax restructuring and related charges. We expect to recognize any remaining charges related to this plan by the end of the first quarter of our fiscal year 2023.

到目前為止，我們已經實現了 5.14 億美元的稅前重組和相關費用。我們預計在 2023 財年第一季度末確認與該計劃相關的任何剩餘費用。

Moving on, our fourth quarter operating income was $86 million. Excluding restructuring and impairment charges, adjusted operating income was $100 million. After tax, we realized a net income of $110 million or $0.23 of diluted earnings per share during the quarter. Excluding restructuring charges, income related to our first year of the MyFitnessPal divestiture earnout and the noncash amortization of debt discount on our senior convertible notes, our adjusted net income was $67 million or $0.14 of adjusted diluted earnings per share.

繼續前進，我們第四季度的營業收入為 8600 萬美元。不計重組和減值費用，調整後的營業收入為 1 億美元。稅後，我們在本季度實現了 1.1 億美元的淨收入或每股攤薄收益 0.23 美元。不包括重組費用、與我們第一年的 MyFitnessPal 剝離收益相關的收入以及我們的高級可轉換票據債務折扣的非現金攤銷，我們調整後的淨收入為 6700 萬美元或調整後的稀釋每股收益 0.14 美元。

From a balance sheet perspective, inventory was down 9% to $811 million driven by continued improvements in our operating model and inbound shipping delays due to COVID-related supply chain pressures. Our cash and cash equivalents were $1.7 billion at the end of the quarter, and we had no borrowings under our $1.1 billion revolving credit facility.

從資產負債表的角度來看，庫存下降了 9% 至 8.11 億美元，這是由於我們運營模式的持續改進以及與 COVID 相關的供應鏈壓力導致的入境運輸延遲。截至本季度末，我們的現金和現金等價物為 17 億美元，我們在 11 億美元的循環信貸額度下沒有借款。

Finally, following last year's convertible bond exchanges, we are proud to share that our cash position less debt of $663 million nearly doubled to $1 billion by the end of the fourth quarter.

最後，繼去年的可轉換債券交易之後，我們很自豪地宣布，到第四季度末，我們的現金頭寸減去 6.63 億美元的債務後幾乎翻了一番，達到 10 億美元。

Looking forward, one last reminder about our fiscal reporting year change. Mechanically, the current period we're in right now, January 1 through March 31, 2022, will serve as a transition period until we begin our new fiscal year 2023 on April 1. To revisit what we detailed last year, we believe this change, namely putting our 2 largest quarters in the middle of our new fiscal year, will provide us with greater visibility when providing our initial annual outlook.

展望未來，最後提醒一下我們的財政報告年度變化。從機械上講，我們現在所處的當前時期，即 2022 年 1 月 1 日至 3 月 31 日，將作為過渡期，直到我們於 4 月 1 日開始新的 2023 財年。為了重新審視我們去年詳述的內容，我們相信這種變化，即將我們最大的兩個季度放在我們新財年的中間，將在提供我們最初的年度展望時為我們提供更大的知名度。

In this respect, by the time of our next call, which is expected in early May, we'll have booked orders in hand for the majority of our fall/winter wholesale business. Accordingly, we are not providing a financial outlook for fiscal 2023 on today's call.

在這方面，到我們下一次電話會議（預計在 5 月初）時，我們的大部分秋冬批發業務都已經預訂了手頭的訂單。因此，我們沒有在今天的電話會議上提供 2023 財年的財務展望。

That said, let's turn to our outlook for the current transition quarter. From a revenue perspective, we now expect our transition period to be up at a mid-single-digit rate compared to the previous expectation of a low single-digit rate increase. This includes approximately 10 points of revenue headwinds related to reductions in our spring/summer 2022 wholesale order book from supply constraints associated with ongoing COVID-19 pandemic impacts.

也就是說，讓我們轉向我們對當前過渡季度的展望。從收入的角度來看，我們現在預計我們的過渡期將以中個位數的速度增長，而之前的預期是個位數的低增長。這包括大約 10 個與我們 2022 年春夏批發訂單減少相關的收入逆風，原因是與持續的 COVID-19 大流行影響相關的供應限制。

Moving forward, we expect many of these headwinds to continue well into fiscal 2023 until longer-than-usual transit times, backlogs and congestion find balance, associated freight and logistics costs normalize and inbound shipping delays subside. At this time, we do expect these uncertainties to cause material impacts and variability in our future results. And accordingly, we will remain cautious and agile as we operate our business into fiscal 2023.

展望未來，我們預計這些不利因素中的許多將持續到 2023 財年，直到比平時更長的運輸時間、積壓和擁堵找到平衡、相關的貨運和物流成本正常化以及入境運輸延誤消退。目前，我們確實預計這些不確定性會對我們未來的結果造成重大影響和可變性。因此，在我們將業務運營到 2023 財年時，我們將保持謹慎和敏捷。

That said, the proactive strategies we're employing, greater operational agility and overall demand for the Under Armour brand give us confidence in our ability to navigate this dynamic and challenging business environment effectively. And we believe these COVID-related supply chain pressures are just a temporary speed bump on our road to continued profitable growth over the long term.

也就是說，我們正在採用的積極戰略、更高的運營敏捷性和對 Under Armour 品牌的整體需求使我們對有效駕馭這個充滿活力和充滿挑戰的商業環境的能力充滿信心。我們認為，這些與 COVID 相關的供應鏈壓力只是我們在實現長期持續盈利增長的道路上的暫時減速。

Turning to gross margin. We expect our transition quarter rate to be down approximately 200 basis points against our Q1 2021 adjusted gross margin, which includes approximately 240 basis points of negative impact from higher freight expenses related to ongoing COVID-19 supply chain challenges in addition to an unfavorable sales mix, partially offset by pricing benefits. With that, we expect operating income to reach approximately $30 million to $35 million and diluted earnings per share to be approximately $0.02 to $0.03.

轉向毛利率。我們預計，與 2021 年第一季度調整後的毛利率相比，我們的過渡季度利率將下降約 200 個基點，其中包括與持續的 COVID-19 供應鏈挑戰相關的更高運費以及不利的銷售組合帶來的約 240 個基點的負面影響，部分被定價收益所抵消。因此，我們預計營業收入將達到約 3000 萬美元至 3500 萬美元，每股攤薄收益約為 0.02 美元至 0.03 美元。

In closing, we're proud of the record results we achieved in 2021 and the consistent progress we've made over the past couple of years. This gives us great confidence in our brand and business and our team's ability to navigate this dynamic environment. As we work through our transition quarter and head into fiscal 2023, we're monitoring and tracking the dynamic supply chain and inflationary pressures. And we'll be mindful of the uncertainty and volatility that comes along with it. These conditions demand that we maintain a high degree of agility, and I am confident we will.

最後，我們為我們在 2021 年取得的創紀錄成績以及我們在過去幾年中取得的持續進展感到自豪。這使我們對我們的品牌和業務以及我們的團隊駕馭這種動態環境的能力充滿信心。隨著我們完成過渡季度並進入 2023 財年，我們正在監控和跟踪動態供應鍊和通脹壓力。我們會注意隨之而來的不確定性和波動性。這些條件要求我們保持高度的敏捷性，我相信我們會做到的。

With that, we'll turn it back to the operator for your questions. Operator?

有了這個，我們會將它轉回給運營商以解決您的問題。操作員？

(Operator Instructions) Our first question comes from Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Congrats on a nice quarter.

祝賀一個不錯的季度。

Thank you.

謝謝你。

Thank you, Matt.

謝謝你，馬特。

So Patrik, can you talk to overall health of the athletic channel today? And on your mid-single-digit top line stub quarter outlook, I guess, how best to think about the underlying demand for your brand in North America and international relative to that mid-singles as we consider the 10-point supply chain constraints that you cited on your reported numbers?

那麼帕特里克，你能談談今天體育頻道的整體健康狀況嗎？在您的中個位數頂線存根季度展望中，我想，當我們考慮到 10 點供應鏈限制時，如何最好地考慮您的品牌在北美和國際相對於中單的潛在需求你引用了你報告的數字？

Yes. Thank you, Matt. First of all, I believe that currently, the inventory levels in the channel are probably the healthiest they've been in the last decade, let's say. And I think that sets us up for a good trajectory going forward.

是的。謝謝你，馬特。首先，我認為目前渠道中的庫存水平可能是過去十年中最健康的水平，可以說。我認為這為我們奠定了良好的前進軌跡。

So a lot of what we're seeing right now, and Dave called it out in his script, right? I mean we have about a 10-point headwind in this quarter alone simply based on logistics, I would say, in transport and inbound, outbound and all that stuff.

所以我們現在看到的很多東西，戴夫在他的劇本中提到了，對吧？我的意思是，僅在本季度我們就有大約 10 點的逆風，僅基於物流，我想說，在運輸和入境、出境和所有這些方面。

So for us, we feel the brand is continuing its trajectory. We feel that our playbook is working. We see in our metrics in terms of both awareness, consideration and engagement from the consumer that we continue to get stronger. So the extra marketing that we talked to all of you about in our last earnings call has really started to make the impact that we want to. So feeling very good about athletic, feeling very good about the Under Armour brand and the trajectory we're on right now. And we're looking forward to just navigating through this, what we believe, short-term speed bump.

所以對我們來說，我們覺得這個品牌正在繼續它的發展軌跡。我們覺得我們的劇本正在奏效。我們從消費者的意識、考慮和參與度方面的指標中看到，我們繼續變得更強大。因此，我們在上次財報電話會議中與大家討論的額外營銷確實開始產生我們想要的影響。所以對運動感覺非常好，對 Under Armour 品牌和我們現在的發展軌跡感覺非常好。我們期待著度過這個我們相信的短期減速帶。

Great. And then, Dave, while I know you're not providing explicit full year guidance at this time, given the multiple moving parts in the stub quarter, how best to think about this year's 9.3% operating margin as a base? Meaning, is the expectation for continued gross margin expansion and SG&A leverage from this base multiyear as we think moving forward?

偉大的。然後，戴夫，雖然我知道你目前沒有提供明確的全年指導，但考慮到存根季度的多個活動部分，如何最好地考慮今年 9.3% 的營業利潤率作為基礎？意思是，我們認為未來多年的毛利率持續增長和 SG&A 槓桿的預期是什麼？

Yes. It's a great question. Again, we're not at a point where we're going to give any real details on fiscal '23. But we're excited about what we were able to deliver for 2021. And it's a lot of things coming together there from all the work that we've done, whether it be on the GTM and the operating model, the help with our major accounts and then getting to a point now where we can really prioritize better and manage our cost structure and be much more nimble after the restructuring efforts that we've been driving through. So it does set us up well going forward.

是的。這是一個很好的問題。同樣，我們還沒有提供有關 23 財年的任何真實細節。但是我們對我們能夠在 2021 年交付的成果感到興奮。我們所做的所有工作都匯集了很多東西，無論是在 GTM 和運營模式上，還是對我們專業的幫助賬目，然後現在我們可以真正更好地優先考慮和管理我們的成本結構，並且在我們一直在進行的重組工作之後變得更加靈活。所以它確實為我們的前進奠定了良好的基礎。

I will say that our continued goal is to invest in the brand for the longer term. But at the same time, we have to be able to continue to leverage our cost structure, and that is definitely one of our constant goals.

我會說，我們的持續目標是長期投資該品牌。但與此同時，我們必須能夠繼續利用我們的成本結構，這絕對是我們不變的目標之一。

So as we move forward, we do see opportunities in gross margin. We also see opportunities in leveraging SG&A. But we are going to have some near-term pressures in the first half of fiscal '23 because of the supply chain issues, whether it be on top line or whether it be on the freight costs as well.

因此，隨著我們向前發展，我們確實看到了毛利率的機會。我們還看到了利用 SG&A 的機會。但由於供應鏈問題，我們將在 23 財年上半年面臨一些近期壓力，無論是頂線還是運費成本。

Again, we see that as temporary, and we see that as dissipating a lot in the back half of fiscal '23. But that is something that we are going to be navigating very, very nimbly.

同樣，我們認為這是暫時的，我們認為這在 23 財年的後半段消散了很多。但這是我們將非常、非常靈活地進行導航的事情。

Our next question comes from Erinn Murphy with Piper Sandler.

我們的下一個問題來自 Erinn Murphy 和 Piper Sandler。

I guess my question is around North America and the strength that you've been seeing in this market. How sustainable do you see this growth? I think it was up 8% on a 2-year stack basis and then particularly as we lap the stimulus comparisons from last year here in March and April.

我想我的問題是關於北美以及你在這個市場上看到的實力。您認為這種增長的可持續性如何？我認為它在 2 年堆棧的基礎上增長了 8%，尤其是當我們在 3 月和 4 月與去年的刺激比較進行比較時。

And then secondly, again, related to this marketplace, I think, Dave, you talked about seeing additional shelf space here in North America. Can you just expound upon a little bit of what you're seeing? What type of accounts are kind of -- are taking incremental space from you guys?

其次，再次與這個市場有關，我認為，戴夫，你談到在北美看到更多的貨架空間。你能簡單解釋一下你所看到的嗎？什麼類型的賬戶——正在從你們那裡佔用更多的空間？

Patrik here. I'll kick it off, and then I'll bounce it over to Dave when I've given some color. First of all, the health of our growth right now is dramatically different than where we were in '18, '19, right, in terms of the composition of the revenue, significantly less off-price sales; reduced discounting, markdowns and promotion in all of our channels; the type of inventory management that we have and subsequently, much better turn in both our owned as well as our wholesale partners; and then the fact that we have exited about 2,500 doors that we felt were undifferentiated. And without -- the fact that we're still growing despite of that just shows the type of trajectory that we're expecting going forward.

帕特里克在這裡。我會開始它，然後當我給它一些顏色時，我會把它反彈給戴夫。首先，就收入構成而言，我們現在的增長健康狀況與我們在 18 和 19 年的情況大不相同，就收入構成而言，低價銷售明顯減少；減少我們所有渠道的折扣、降價和促銷；我們擁有的庫存管理類型，以及隨後更好地轉交我們的自有合作夥伴和批發合作夥伴；然後我們已經退出了大約 2,500 扇我們認為沒有區別的門。沒有——儘管如此，我們仍在增長的事實只是顯示了我們期待前進的軌跡類型。

So for me, at this point in time, we're continuing to earn back shelf space. And we're able to now -- through the work that we've done in our P&L, we're able to invest in the right way behind the brand, which also comes on back of a much better understanding of our return on -- marketing investment models that we're running. I don't know, Dave. Do you want to add something to that?

所以對我來說，在這個時間點，我們正在繼續贏回貨架空間。而且我們現在能夠 - 通過我們在損益表中所做的工作，我們能夠以正確的方式投資於品牌背後，這也得益於對我們回報的更好理解 - - 我們正在運行的營銷投資模型。我不知道，戴夫。你想添加一些東西嗎？

Yes. I mean I think that it's important to note that the momentum in North America is definitely real. And if you think about the overdrive that we delivered in Q4, over 75% of that was driven by the North America business.

是的。我的意思是我認為重要的是要注意北美的勢頭絕對是真實的。如果您考慮我們在第四季度交付的超速駕駛，其中超過 75% 是由北美業務推動的。

So it is definitely not a demand challenge as we think about this transition quarter or even going into the beginning of fiscal '23. It is a supply challenge with the COVID impacts. And so that's a position that we're excited to be in and really challenge our supply chain team to be able to continue to deliver for us.

因此，當我們考慮這個過渡季度甚至進入 23 財年開始時，這絕對不是需求挑戰。這是一個具有 COVID 影響的供應挑戰。因此，我們很高興能夠進入這個職位，並真正挑戰我們的供應鏈團隊，使其能夠繼續為我們提供服務。

And just one more thing. We're not taking our foot off the gas as it relates to marketing here in the transition quarter either. We're going to continue to spend on the brand for future seasons.

還有一件事。我們也不會因為它與過渡季度的營銷有關而鬆懈。我們將在未來的季節繼續在品牌上花錢。

Got it. And then just on the shelf space gains, just curious on what types of accounts or kind of where you're seeing that most.

知道了。然後只是在貨架上的空間收益，只是好奇什麼類型的帳戶或你在哪裡看到的最多。

Well, right now, we're not at a point where we're going to be giving kind of an account level or distribution level input there, but I appreciate the question. Thank you.

好吧，現在，我們還沒有到我們將在那裡提供某種帳戶級別或分發級別輸入的地步，但我很欣賞這個問題。謝謝你。

Our next question comes from Simeon Siegel with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Congrats on the ongoing results. The ongoing gross margin is just great. It's really great to see. You mentioned the pricing. How was AUR? And then maybe just because you mentioned the SPORTSMASKs, are we apples-to-apples now? So anything to keep in mind there? And then just thoughts on how you're prioritizing inventory between DTC and wholesale given the constraints.

祝賀正在進行的結果。持續的毛利率非常好。真的很高興看到。你提到了定價。 AUR 怎麼樣？然後也許只是因為你提到了 SPORTSMASK，我們現在是蘋果對蘋果了嗎？那麼有什麼要記住的嗎？然後只是考慮一下在限制條件下如何在 DTC 和批發之間優先考慮庫存。

Yes. A couple of things there. Gross margin, definitely, we're excited about the growth there as well. It is unfortunate, the amount of freight costs that we're dealing with.

是的。那裡有幾件事。毛利率，當然，我們也對那裡的增長感到興奮。不幸的是，我們正在處理的運費金額。

The SPORTSMASK headwind has been real in the back half of '21. And we expect that, that's going to be continuing a little bit here through the transition period and a little bit into early '23. But definitely starting to become a lower impact as we go forward and definitely normalize more by the back half of fiscal '23. And that does create a tiny bit of a gross margin headwind just from that aspect.

SPORTSMASK 逆風在 21 年的後半段是真實存在的。我們預計，這將在過渡期和 23 年初繼續一點點。但是隨著我們的前進，肯定會開始產生較低的影響，並且肯定會在 23 財年的後半段實現更多正常化。從這方面來看，這確實產生了一點毛利率的逆風。

But again, the biggest challenge we have on the gross margin side right now is the freight cost. If you think about in the stub period here, we actually would be going forward further year-over-year in the stub quarter in gross margin if it wasn't for these freight costs. So I think that's definitely important to keep in mind.

但同樣，我們目前在毛利率方面面臨的最大挑戰是運費。如果您在這裡考慮存根期間，如果不是因為這些運費成本，我們實際上會在存根季度的毛利率同比進一步增長。所以我認為牢記這一點絕對很重要。

Great. And then because you mentioned it a few times, I mean, the cash generation has been great. So you're growing cash. Unlike your peers, you're also growing your share counts. Any thoughts on the cash?

偉大的。然後因為你多次提到它，我的意思是，現金產生非常好。所以你正在增加現金。與您的同行不同，您的股票數量也在增加。對現金有什麼想法嗎？

Yes. I mean I think at this point, we continue to evaluate our options. We're very pleased with what we've been able to drive from a liquidity management, working capital management and overall profitability here.

是的。我的意思是，我認為在這一點上，我們將繼續評估我們的選擇。我們對我們能夠從流動性管理、營運資金管理和整體盈利能力中取得的成果感到非常滿意。

So we're staying focused on kind of navigating the current environment and therefore, operating with agility. And so having that additional cash is helpful there. We will be reinvesting some of that back into the business, whether it be through the DTC expansion, whether it be through some of our systems, a little bit with the headquarter consolidation work that we're going to be doing.

因此，我們一直專注於在當前環境中導航，從而靈活地操作。因此，擁有額外的現金在那裡很有幫助。我們將把其中的一部分重新投資到業務中，無論是通過 DTC 擴展，還是通過我們的一些系統，以及我們將要進行的總部整合工作。

We're also evaluating would we do a possible further debt buydown. So that's a consideration as well. And then even a share buyback is a possible consideration also. But nothing finalized there, but we're definitely looking at opportunities, but pleased with the position that we currently have.

我們還在評估是否會進一步減持債務。所以這也是一個考慮因素。然後，即使是股票回購也是一個可能的考慮因素。但是那裡沒有最終確定，但我們肯定在尋找機會，但對我們目前擁有的職位感到滿意。

Our next question comes from Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

I just want to understand the 10-point headwind that you're seeing in the stub quarter a little bit better. Is that delayed product that's still coming to you, just late? Or is that product that wholesale partners canceled because of the expected timing of when it would be received, and that caused you to cancel orders? So just maybe to alleviate a product backup. I just want to understand that dynamic a little bit better. And to what extent are you trying to get your wholesale partners to order early for fall just to maybe avoid some of these supply chain issues for the upcoming year?

我只是想更好地理解你在存根季度看到的 10 點逆風。那個延遲的產品還在來找你嗎，只是遲到了嗎？還是批發合作夥伴因為預計收到貨的時間而取消了該產品，導致您取消了訂單？所以也許只是為了減輕產品備份。我只是想更好地理解這種動態。您在多大程度上試圖讓您的批發合作夥伴在秋季提前訂購，以避免來年出現這些供應鏈問題？

Yes. I mean a couple of things. Relative to the 10-point headwind on the transition quarter, this is not really expected timing delays. This is actually us proactively understanding the capacity issues with our vendors and then working with them and also working with our customers to actually cancel purchase orders for production and also cancel sales orders with our customers ahead of time.

是的。我的意思是幾件事。相對於過渡季度的 10 點逆風，這並不是真正預期的時間延遲。這實際上是我們主動了解我們的供應商的產能問題，然後與他們合作，並與我們的客戶合作，實際取消生產採購訂單，並提前取消與客戶的銷售訂單。

And we worked with our customers on that so that we all had the visibility and transparency together to be able to drive through those decisions. And we did prioritize those decisions to make sure that we were protecting premium DTC and also our top wholesale accounts. But we wanted to go about it that way because those pressures were real.

我們與我們的客戶合作，以便我們所有人都擁有可見性和透明度，能夠推動這些決策。我們確實優先考慮了這些決定，以確保我們保護優質 DTC 以及我們的頂級批發賬戶。但我們想那樣做，因為這些壓力是真實的。

If we didn't approach it that way, then we would be having a lot of product coming in late. It would not be making it to the floors, and our wholesalers will probably be frustrated with the late visibility to that. And we would probably end up with some excess inventory.

如果我們不這樣處理，那麼我們會有很多產品遲到。它不會到達地板，我們的批發商可能會對遲到的可見性感到沮喪。我們最終可能會得到一些多餘的庫存。

So to proactively avoid all of that, we actually got ahead of this a while back and canceled those orders. And that's really what's driving this headwind. And again, we do think it's temporary, and we expect it to continue into Q1, Q2 of '23.

因此，為了主動避免所有這些，我們實際上提前了一段時間並取消了這些訂單。這就是推動這種逆風的真正原因。再說一次，我們確實認為這是暫時的，我們預計它會持續到 23 年的第一季度和第二季度。

And to take the second half of that question, Paul, as it relates to deliveries in future seasons and order books, et cetera, we continue to work with our accounts and internally, of course, in our own channels to make sure that we're balancing the remainder of the first half as well as into the second half of '22 here, where we see, to Dave's earlier point in the script, still some challenges, right? But we're ahead of it, and we're really working through that right now.

對於這個問題的後半部分，保羅，因為它與未來季節的交付和訂單簿等有關，我們將繼續與我們的客戶合作，當然，在我們自己的渠道中，以確保我們重新平衡上半場的剩餘部分以及 22 年的下半場，在這裡，我們看到，戴夫在劇本中的早期觀點，仍然存在一些挑戰，對吧？但我們領先於它，我們現在正在努力解決這個問題。

But it is about a balance because we need to not just look at North America. We need to look at it globally, and we need to look at it across channels. And we're now battle-tested, if you like, in terms of having done this for many seasons now. And the relationship with our internal teams, of course, and our external partners in wholesale are excellent right now. So I'm sure we're going to get through it well.

但這是一種平衡，因為我們不僅需要關注北美。我們需要在全球範圍內看待它，我們需要跨渠道看待它。如果你願意的話，我們現在已經經過了實戰考驗，因為我們已經做了很多季了。當然，與我們的內部團隊以及我們在批發領域的外部合作夥伴的關係現在非常好。所以我相信我們會很好地度過難關。

Our next question comes from John Kernan with Cowen.

我們的下一個問題來自 John Kernan 和 Cowen。

Congrats on a strong year.

祝賀強勁的一年。

Thanks, John.

謝謝，約翰。

Thanks, John.

謝謝，約翰。

Dave, as you look out into beyond spring/summer, what's the duration of these freight costs and supply chain costs into the back half of your next fiscal year? Obviously, we all see the impacts in the first half. I'm just curious, is this something that's going to have duration into the back half on freight costs and airfreight and shipping? Curious as your thoughts of how we just think about gross margin beyond just Q1.

戴夫，當您展望春夏之後，這些貨運成本和供應鏈成本在您下一個財政年度後半段的持續時間是多少？顯然，我們都看到了上半年的影響。我只是好奇，這是否會在貨運成本、空運和運輸方面持續到後半段？好奇你對我們如何看待第一季度以外的毛利率的想法。

Yes. I mean again, we're not going to give a ton of detail yet on fiscal '23. But what I would say is we are anticipating that we will continue to use and need heavier airfreight in this transition quarter and also in the first 2 quarters of fiscal '23.

是的。我的意思是，我們不會在 23 財年提供大量細節。但我想說的是，我們預計在這個過渡季度以及 23 財年的前兩個季度，我們將繼續使用並需要更多的空運。

We do not anticipate to have to use a lot of airfreight in the back half of fiscal '23. So we believe that airfreight costs could actually become a tailwind for us in the back half of fiscal '23, whereas it would continue to probably be a headwind for us in the front half of fiscal '23.

我們預計在 23 財年的後半段不必使用大量空運。因此，我們認為，在 23 財年的後半段，空運成本實際上可能成為我們的順風，而在 23 財年的前半段，它可能繼續成為我們的逆風。

And then relative to ocean freight rates, that's also been a developing cost increase as well. That one is probably going to take a little bit longer to subside. So we're continuing to monitor that and work through it. But that's kind of what we're seeing at this point.

然後相對於海運費率，這也是一個發展中的成本增加。那可能需要更長的時間才能消退。因此，我們將繼續監控並解決它。但這就是我們目前所看到的。

Got it. That's helpful. And just one follow-up. Asia Pac was -- has been a bright spot for you, particularly versus some of the results your peers are reporting. Maybe a little bit more challenging in the fourth quarter. But if you look at it, it represents almost half of your total sales growth off the 2019 base for the end of 2021.

知道了。這很有幫助。只有一次跟進。亞太地區對您來說是一個亮點，尤其是與您的同行報告的一些結果相比。第四季度可能更具挑戰性。但如果你看一下，它幾乎占到 2021 年底 2019 年基數的總銷售額增長的一半。

So just curious, what are you seeing in Asia? How are you navigating China? And any structural changes to how you engage with Chinese consumers on the ground there?

所以只是好奇，你在亞洲看到了什麼？你是如何駕馭中國的？您在當地與中國消費者互動的方式是否有任何結構性變化？

Yes. For sure, APAC is still probably, I would say, most affected at this point in terms of traffic patterns due to COVID, especially in China. And that's certainly something that's affecting the marketplace there.

是的。可以肯定的是，我會說，亞太地區目前可能仍然是受新冠疫情影響最大的交通模式，尤其是在中國。這肯定會影響那裡的市場。

But also, I would say, some of the supply chain things we're dealing with are not isolated to just [the West.] I think that's also having an impact in China.

而且，我想說的是，我們正在處理的一些供應鏈問題並不僅僅局限於[西方]。我認為這也對中國產生了影響。

But as it relates to Under Armour, we have an advantage in China to some degree, right? It's a smaller part of our business overall than some of our competition. And we continue to really be focused on our strategy there, staying premium. We're continuing to invest in the digital innovation and this entire end-to-end consumer engagement platform. And we're also continuing to build out stores. But we're very, very cautious about how we do that, of course, in this current environment.

但就安德瑪而言，我們在中國有一定的優勢，對吧？與我們的一些競爭對手相比，這只是我們整體業務的一小部分。我們將繼續真正專注於我們的戰略，保持優質。我們將繼續投資於數字創新和整個端到端的消費者參與平台。我們還在繼續建立商店。但是，當然，在當前的環境下，我們對如何做到這一點非常非常謹慎。

So we're feeling good about what we're doing over there. And again, we mentioned it in the script, we think it is shorter term in nature and very, very pleased with the progress we continue to make despite of these headwinds.

所以我們對我們在那裡所做的事情感覺很好。再一次，我們在劇本中提到了它，我們認為它本質上是短期的，並且非常非常高興儘管有這些不利因素，我們仍繼續取得進展。

Our next question comes from Sam Poser with Williams Trading.

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

One, I just -- just some housekeeping. I wonder if you could break out the marketing expense and the other expense for the quarter. And then I was also wondering how much of your inventory is in transit right now.

一，我只是 - 只是一些家務。我想知道你是否可以列出本季度的營銷費用和其他費用。然後我還想知道您現在有多少庫存在運輸中。

And I just noticed it when I went by it, what's the status on 58th and Fifth Avenue? Because last time I was in the city, I saw that the store was wrapped with Under Armour.

我路過的時候才注意到，58 大道和第五大道的狀況如何？因為上次我在城裡，我看到這家商店被Under Armour包裹著。

Yes. I guess a couple of things there. From an SG&A perspective in Q4, our global marketing spend was in the neighborhood of $200 million, maybe a little bit more. So definitely one of the highest percentage marketing to revenue quarters that we've had, and we did that on purpose to really invest in the brand as we go into next year. And then also, we're going to continue to invest pretty heavy here in the transition quarter as well, really keep the gas on as we step into fiscal '23.

是的。我想那裡有幾件事。從第四季度的 SG&A 角度來看，我們的全球營銷支出約為 2 億美元，可能還要多一些。因此，絕對是我們所擁有的收入季度營銷比例最高的季度之一，我們這樣做是為了在明年進入該品牌時真正投資。然後，我們還將在過渡季度繼續在這裡進行大量投資，在我們進入 23 財年時真正保持加油。

Relative to inventory in transit, I don't have that exact number handy, but I think that our inventory management continues to be a huge focus for us. I think we're very proactive in how we handled the supply constraint situation. So we'll have some ups and downs in inventory, but we're going to continue to manage it tightly and continue to protect the working capital and cash conversion cycle that we've driven to this year, which is something that we're really, really proud of.

相對於在途庫存，我手頭沒有確切的數字，但我認為我們的庫存管理仍然是我們關注的重點。我認為我們在處理供應緊張情況方面非常積極主動。所以我們的庫存會有一些起伏，但我們將繼續嚴格管理它，並繼續保護我們今年推動的營運資金和現金轉換週期，這是我們正在做的事情真的，真的很自豪。

And then last on Fifth Avenue, we're continuing to market the space. It's not exactly a great market right now, but that's okay. We're continuing to work through it, and we've planned for that.

最後在第五大道，我們繼續推銷這個空間。現在這不是一個很好的市場，但沒關係。我們正在繼續努力，我們已經為此做好了計劃。

If I can, just one quick follow-up. It sounds to me like you're sort of getting ahead of a lot of things in the transition quarter. Would that -- I know you're not guiding, but would that mean that as a percent at least in the, I think, the third quarter of fiscal '23 that we would begin to potentially see some leverage in the marketing?

如果可以，只需快速跟進。在我看來，你在過渡季度的很多事情上都領先了很多。那 - 我知道你不是在指導，但這是否意味著至少在我認為的 23 財年第三季度，我們將開始在營銷中看到一些影響力？

Well, I would say that, again, we're at a point now where we feel like we are going to manage SG&A relative to what revenue and gross margin are doing. We have that ability now. So we're going to stay agile yet balanced while making appropriate brand investments to continue to fuel the growth.

好吧，我要再說一次，我們現在正處於這樣一個時刻，我們覺得我們將根據收入和毛利率來管理 SG&A。我們現在有這個能力。因此，我們將保持敏捷和平衡，同時進行適當的品牌投資以繼續推動增長。

But as I mentioned earlier, cost structure leverage is a constant goal. And that comes with marketing as well. I think it's an area that we're always going to try and protect more than other areas. But we need to continue to leverage our cost structure and continue to grow profitability and bottom line as well.

但正如我之前提到的，成本結構槓桿是一個不變的目標。這也伴隨著營銷。我認為這是一個我們總是會比其他領域更多地嘗試和保護的領域。但我們需要繼續利用我們的成本結構，並繼續提高盈利能力和底線。

Our next question comes from Kate Fitzsimons with Wells Fargo.

我們的下一個問題來自富國銀行的 Kate Fitzsimons。

I guess not to beat a dead horse, but just when looking out on the stub quarter, Dave, you had alluded to 240 basis points of freight pressures. Should we think about that being the height of the freight pressures maybe relative to what you're expecting in the first half of F '23?

我想不是為了打敗一匹死馬，但就在展望存根季度時，戴夫，你已經提到了 240 個基點的貨運壓力。我們是否應該考慮到貨運壓力的高度可能與您在 F '23 上半年的預期有關？

And Patrik, you alluded to several times in your prepared comments just about greater consideration and awareness that the brand has made. I'm curious if you can just speak more directly to strides you've made in some of the growth categories, especially women's and footwear, coming off of calendar '21.

Patrik，您在準備好的評論中多次提到該品牌所做的更多考慮和認識。我很好奇您是否可以更直接地談論您在 21 年日曆中的某些增長類別（尤其是女裝和鞋類）取得的進展。

Yes. I would say that as we think about Q1 and Q2 of fiscal '23, those freight impacts are going to be pretty sizable. I don't know that we're ready to give detail on whether it's going to be a little bit larger or a little bit smaller than what we saw in or what we're expecting in the transition quarter. But it will be significant, and it is something that's going to impact our gross margin in the first half of the year.

是的。我想說的是，當我們考慮 23 財年的第一季度和第二季度時，這些貨運影響將相當大。我不知道我們是否準備好詳細說明它是否會比我們在過渡季度看到的或我們對過渡季度的預期大一點或小一點。但這將是重要的，這將影響我們上半年的毛利率。

Yes. And Kate, as it relates to our metrics, our KPIs, we've talked a lot today about -- and I did in my prepared remarks as well, around how we're going to continue to spend. And how we're spending is really more in top of funnel.

是的。凱特，因為它與我們的指標、我們的 KPI 相關，我們今天已經談了很多——我在準備好的評論中也談到了我們將如何繼續支出。我們的支出方式實際上更多的是在渠道之上。

That was something we weren't able to necessarily afford to do in years past as much as we're doing now. And that's what we're going to continue to do. And the idea there is really to increase both awareness and attraction and then ultimately further down in the funnel consideration for the brand.

這是我們在過去幾年中不一定能像現在這樣做的事情。這就是我們將繼續做的事情。真正的想法是提高知名度和吸引力，然後最終進一步降低品牌的漏斗考慮。

And what we're seeing right now is -- and this is across the world, by the way. This is not just North America. We're seeing strong momentum in all of those metrics compared to where we were just a few years ago. So we're very excited about that. And that's also why Dave and I feel so confident in continuing to spend here in the stub quarter.

我們現在看到的是——順便說一句，這是全世界。這不僅僅是北美。與幾年前相比，我們在所有這些指標上都看到了強勁的勢頭。所以我們對此感到非常興奮。這也是為什麼戴夫和我對繼續在存根季度在這裡消費充滿信心的原因。

The leverage that we're getting out of our ROMI metrics while we're continuing to get better at connecting and engaging consumers in their decision journey gives us confidence that this is the right decision to do at this point in time. So very excited about where we are and what that means for the brand going forward.

在我們繼續更好地連接和吸引消費者參與決策過程的同時，我們從我們的 ROMI 指標中獲得的影響力讓我們相信，這是在這個時間點做出的正確決定。對我們所處的位置以及這對品牌未來的意義感到非常興奮。

And just to add a little color on that, too. Our current campaign, The Only Way is Through, just kicked off here a few weeks ago with the theme of what we call the Gift of the Game, which is already showing really good results for us as well.

也只是為此添加一點顏色。我們目前的活動，唯一的方式是通過，幾週前剛剛在這裡開始，主題是我們稱之為遊戲的禮物，這也已經為我們展示了非常好的結果。

Our next question comes from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

Just a follow-up on the 10-point headwind that you mentioned since it sounds like it's very intentional in terms of your actions that are driving that. Do you care to comment just on how that -- the magnitude of the drag looks over the next few quarters? And then just on pricing, could you comment on your plans for the year and if that stub quarter here fully reflects your planned pricing or if there's additional actions to roll through yet?

只是對你提到的 10 點逆風的後續行動，因為這聽起來像是你的行動是故意的。您是否願意就這一點發表評論——未來幾個季度的阻力幅度如何？然後就定價而言，您能否評論一下您的年度計劃，以及此處的存根季度是否完全反映了您的計劃定價，或者是否還有其他行動要實施？

Jonathan, this is Dave. We're not going to be giving exact numbers here yet for fiscal '23. But I would say that from the proactive work we've done, the supply chain constraints and therefore, impacts to our top line for fiscal '23 Q1, Q2, they're not going to be that significantly different than what we're seeing here in transition quarter, at least that's our current visibility. Again, we'll give a lot more color on that in the early May call. But that's kind of what we're seeing at this point. And then definitely not seeing that type of an impact for Q3 and Q4 fiscal '23.

喬納森，這是戴夫。我們不會在這裡給出 23 財年的確切數字。但我想說的是，從我們所做的積極工作、供應鏈限制以及因此對我們 23 財年第一季度和第二季度收入的影響來看，它們不會與我們所看到的有太大不同在過渡季度，至少這是我們目前的知名度。同樣，我們將在 5 月初的電話會議中對此進行更多說明。但這就是我們目前所看到的。然後絕對看不到對 23 財年第三季度和第四季度的這種影響。

And Jonathan, Patrik here. As it relates to pricing, we have most of our benefit right now in terms of our gross to net in the stub quarter and coming out of '21. But we will be raising some prices here in '22.

喬納森，帕特里克在這裡。由於它與定價有關，就存根季度的總淨額和 21 年以來的淨額而言，我們現在擁有大部分收益。但我們將在 22 年提高一些價格。

And it's really about a continuation of our pricing strategy. As the brand gets stronger, as the market continues to evolve and the conditions evolve, we're definitely looking at opportunistically raising prices where we can, but it's going to be more surgical in nature versus kind of an across-the-board approach.

這實際上是關於我們定價策略的延續。隨著品牌變得更強大，隨著市場的不斷發展和條件的發展，我們肯定會在可能的情況下考慮機會性地提高價格，但它在本質上將更具外科手術性，而不是一種全面的方法。

Okay. That's helpful. And then just one broader question on the margin outlook. Given everything you've seen today about the performance last year and then the current headwinds, anything that's changed in terms of the time line to get back to low double-digit operating margin? Anything that's changed in your view?

好的。這很有幫助。然後是關於利潤率前景的一個更廣泛的問題。鑑於您今天所看到的有關去年業績的所有情況以及當前的不利因素，在恢復低兩位數營業利潤率的時間線方面有什麼變化嗎？在你看來有什麼改變嗎？

Look, I think over time, our goals and our strategy are still solid. And we've made a lot of progress in 2021. And as we navigate through kind of these -- the short-term impacts here with supply chain through the first half of '23, we believe we're going to be well on the road towards that trajectory.

看，我認為隨著時間的推移，我們的目標和戰略仍然穩固。我們在 2021 年取得了很大進展。當我們在這些方面進行導航時——到 23 年上半年對供應鏈的短期影響，我們相信我們會在朝著那個軌蹟的方向前進。

So again, we'll give more details in the early May call, but we've got the momentum. We've got the control over our cost structure. We've got great relationships with our accounts. And so as soon as we can get past these logistical challenges, we're ready to run.

再說一次，我們將在 5 月初的電話會議中提供更多細節，但我們已經有了動力。我們已經控制了我們的成本結構。我們與我們的客戶建立了良好的關係。因此，一旦我們能夠克服這些後勤挑戰，我們就準備好運行了。

Our next question comes from Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Nice recap on a great year, Patrik. I wanted to ask about the sort of unmet demand that you've got here both in the transition quarter and in the first half of the upcoming fiscal year. In your mind, does that represent sort of organic demand for the brand that you think you might be able to capture in maybe calendar year 2023 and beyond? Is that how you would characterize it? Or do you think this is more if you can't meet the demand today, it's possible that it goes away?

對偉大的一年的精彩回顧，帕特里克。我想問一下你們在過渡季度和即將到來的財政年度上半年遇到的那種未滿足的需求。在您看來，這是否代表了您認為可能在 2023 年及以後能夠捕捉到的品牌的有機需求？你會這樣描述它嗎？或者您認為如果您今天不能滿足需求，它可能會消失嗎？

No. I -- this -- according to how we see things -- and Kimberly, what Dave said before is very true. This is real demand that's out there so -- for the brand. And it's quality demand. We don't believe that because we are not able to meet that demand right now because of these proactive decisions that we're going to be somehow disadvantaged going forward.

不，我——這——根據我們對事物的看法——和金伯利，戴夫之前所說的非常真實。這是對品牌的真實需求。而且是質量要求。我們不相信這一點，因為我們現在無法滿足這些需求，因為這些積極的決定我們將在某種程度上處於不利地位。

We believe that the inventory levels now in general, as I said earlier here today, are healthier than it has ever been in this sector, in our sector, perhaps the best they've been for a decade. So we believe that as we continue to now also spend on the brand, as we have now pruned our distribution to be in the right places, as we continue to win shelf space back and be more specific and focused around what we're doing, we're going to continue to grow this brand going forward.

我們相信，正如我今天早些時候在這裡所說的，現在總體上的庫存水平比這個行業、我們這個行業的任何時候都要健康，也許是十年來最好的。因此，我們相信，隨著我們現在繼續在品牌上進行支出，因為我們現在已經將我們的分銷修剪到正確的地方，隨著我們繼續贏得貨架空間並更加具體和專注於我們正在做的事情，我們將繼續發展這個品牌。

Again, we believe this is very short term. We believe it's a speed bump. The communication and engagement we're driving with the consumer is still there. So once things start to unlock, we believe we're going to be able to unlock the sales again.

同樣，我們認為這是非常短期的。我們相信這是一個減速帶。我們與消費者的溝通和參與仍然存在。因此，一旦事情開始解鎖，我們相信我們將能夠再次解鎖銷售。

Fantastic. And looking at that inventory that you mentioned, Patrik, inventory coming out of 2021, it's down 9% compared to 2019, but revenue is up 6%. So you've got a nice 15-point differential there.

極好的。看看你提到的庫存，Patrik，2021 年的庫存與 2019 年相比下降了 9%，但收入增長了 6%。所以你有一個不錯的 15 分差。

The channel inventory is clearly very, very lean. How are you feeling about your own inventory levels? I'm wondering if maybe you wish it had a little more. It sounds like you'd have even -- an even more robust revenue outlook if you had a bit more. And how should we think about the way that you would be planning inventory over the next 1 to 2 years if this level is maybe just a little bit too lean?

渠道庫存顯然非常非常精簡。您對自己的庫存水平感覺如何？我想知道你是否希望它有更多。聽起來你甚至會有 - 如果你有更多的話，收入前景會更加強勁。如果這個水平可能有點過於精簡，我們應該如何考慮您在未來 1 到 2 年內計劃庫存的方式？

Yes. Good questions. Dave, if you kick it off with some of the numbers, I'll take some of the inventory at the end.

是的。好問題。戴夫，如果你以一些數字開始，我會在最後拿一些庫存。

Yes. I mean I think again, we're very comfortable with the mix of inventory, with demand kind of versus excess and our ability to utilize the off-price channel and our own factory houses to work while keeping that third-party off-price really low. And the inventory that we're running now, yes, it's very well managed. We're excited about where we were able to end the year, but we're not at a point where we feel like we're leaving sales off the table.

是的。我的意思是我再想一想，我們對庫存的混合非常滿意，需求與過剩之間的關係以及我們利用折扣渠道和我們自己的工廠工作的能力，同時保持第三方折扣低的。我們現在正在運行的庫存，是的，它管理得非常好。我們對我們能夠在今年結束的地方感到興奮，但我們還沒有到覺得我們將銷售排除在外的地步。

We've had to cancel a lot of purchase orders, which we've mentioned, because of the supply chain constraints. But outside of that, we feel like the operating model is working. And therefore, as we get past kind of these speed bumps with the supply chain challenges, we believe that we're going to be able to continue to grow that top line and continue to manage inventory tightly. And we're excited about being able to do that and what that means for continued free cash flow going forward.

由於供應鏈的限制，我們不得不取消很多我們已經提到的採購訂單。但除此之外，我們覺得運營模式正在發揮作用。因此，隨著我們克服供應鏈挑戰的這些減速帶，我們相信我們將能夠繼續增加收入並繼續嚴格管理庫存。我們很高興能夠做到這一點，以及這對未來持續的自由現金流意味著什麼。

Great. So it's more about getting back to that smooth flow of inventory rather than carrying a higher level of inventory. Am I hearing you right on that?

偉大的。因此，更重要的是要恢復庫存的順暢流動，而不是攜帶更高水平的庫存。我沒聽錯嗎？

Yes. I think for us, it's all about balance, right? And we're certainly going to make sure that we're not missing opportunities in terms of driving revenue where there's opportunity, but it's also about making sure that we continue to become more efficient in where and how we place inventory.

是的。我認為對我們來說，一切都與平衡有關，對吧？我們當然會確保我們不會錯過在有機會的情況下增加收入的機會，但這也是為了確保我們在放置庫存的地點和方式上繼續變得更有效率。

And one of the great things about the work we've done through our transformation is an ability to actually do just that, right, and in terms of working closely with both our wholesale partners and our internal teams as well as our vendors, to really demand plan better. We have built out a demand planning function that works incredibly well with our supply planning function. And we're getting better and better at predicting where demand is going to happen. And that is a skill. It takes time to build out. You need the systems and you need people and you need the expertise, and Under Armour is at that stage now.

我們通過轉型所做的工作的一大優點是能夠真正做到這一點，正確的，並且與我們的批發合作夥伴和我們的內部團隊以及我們的供應商密切合作，真正做到需求計劃更好。我們已經建立了一個需求計劃功能，該功能與我們的供應計劃功能配合得非常好。而且我們在預測需求將發生的地方越來越好。這是一種技能。建立起來需要時間。你需要係統，你需要人，你需要專業知識，而 Under Armour 現在正處於那個階段。

Our last question will come from Michael Binetti with Credit Suisse.

我們的最後一個問題將來自瑞士信貸的 Michael Binetti。

I just wanted to clarify one of the questions earlier. And maybe, Dave, you -- we could think alongside you. Last quarter, I think you spoke to spring/summer order book reductions on the third quarter call. Is that 10 points that you pointed to today higher or lower than you expected at that point?

我只是想在前面澄清一個問題。也許，戴夫，你——我們可以和你一起思考。上個季度，我認為您在第三季度電話會議上談到了春季/夏季訂單減少。您今天指出的 10 個點是高於還是低於您當時的預期？

And then on the SG&A, if we just look at what's implied for the stub quarter here, it's a bit higher than as a percent of revenues that we see usually in the March quarter pre-COVID. I know you've done a lot of work to take out fixed costs. And again, I know we're not going to get into anything specific for '23.

然後在 SG&A 上，如果我們只看這裡存根季度的含義，它會比我們通常在 COVID 之前的 3 月季度看到的收入百分比略高。我知道你已經做了很多工作來消除固定成本。再說一次，我知道我們不會討論 23 年的任何具體內容。

But maybe can you just help us think in the medium term how the SG&A leverage profile works? I know you've said a few times you're going to keep the foot on the gas on the marketing in the first quarter. But maybe just some higher-level SG&A thoughts as we roll into fiscal '23.

但也許您能幫助我們從中期考慮一下 SG&A 槓桿配置文件是如何運作的嗎？我知道你已經說過幾次你將在第一季度繼續關注營銷。但當我們進入 23 財年時，也許只是一些更高層次的 SG&A 想法。

Sure. So Michael, first, on the spring/summer '22, 3 months back, we were signaling that we were going to have that headwind pressure, and the amount of that pressure actually is pretty close to what we anticipated 3 months back. So we called the ball pretty well relative to that as far as the proactive management with our vendors and our accounts.

當然。所以邁克爾，首先，在 3 個月前的 22 年春夏，我們發出信號，我們將面臨逆風壓力，而這種壓力的大小實際上非常接近我們 3 個月前的預期。因此，就我們的供應商和客戶的主動管理而言，我們做得很好。

Relative to SG&A, Q4 was a pretty big quarter for us in '21 just with the magnitude of that marketing expense being in that $200 million range plus increased incentive compensation that comes along with the performance this -- in 2021. But we also, and we talked about this before, did some minimum wage increases relative to our retail stores in North America and also our distribution centers. So all those investments came through Q4 '21. And they were partially offset by the continued cost efficiencies across the enterprise from all the restructuring work and the operating model evolution.

相對於 SG&A，21 年第四季度對我們來說是一個相當大的季度，只是營銷費用的規模在 2 億美元範圍內，加上隨著業績的增加而增加的激勵薪酬——在 2021 年。但我們也和我們之前討論過這個問題，相對於我們在北美的零售店以及我們的配送中心，最低工資是否有所增加。因此，所有這些投資都來自 21 年第四季度。並且它們被所有重組工作和運營模式演變所帶來的整個企業持續的成本效率所部分抵消。

When you think about the stub quarter here that we're currently in, it's still a pretty heavy SG&A quarter, and that's on purpose. It's really driven by increased marketing investments that we are strategically making and that we want to stay on the gas and fuel the brand to really roll into fiscal '23 in the right place from a brand perspective and then also does have the continued increase in the nonsalaried wages that I just mentioned.

當您考慮我們目前所處的存根季度時，它仍然是一個相當沉重的 SG&A 季度，這是故意的。這真的是由我們戰略性地增加營銷投資推動的，我們希望繼續加油並推動品牌從品牌角度真正進入 23 財年，然後確實在我剛才提到的非工資工資。

So as we think about fiscal '23, again, I'll just keep reiterating that we want to continue to find ways to leverage our new kind of rebased cost structure while protecting the key investments. And the balance around that, we'll be ready to talk about in the early May call.

因此，當我們再次考慮 23 財年時，我將繼續重申，我們希望繼續尋找方法來利用我們新的重新調整成本結構，同時保護關鍵投資。圍繞這一點的平衡，我們將準備在 5 月初的電話會議中討論。

That concludes today's question-and-answer session. Thank you for participating. You may now disconnect.

今天的問答環節到此結束。感謝您的參與。您現在可以斷開連接。