Under Armour Inc (UAA) 2021 Q3 法說會逐字稿

Good day, everyone, and welcome to the Under Armour, Inc. Third Quarter Earnings Webcast and Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes. It is now my play of serve to hand the conference over to Lance Allega, SVP, Investor Relations and Corporate Development. You may proceed.

大家好，歡迎來到 Under Armour, Inc. 第三季度收益網絡直播和電話會議。 （操作員說明）作為提醒，本次電話會議正在錄音以供重播。現在我的職責是把會議交給投資者關係和企業發展高級副總裁 Lance Allega。你可以繼續。

Thank you. Good morning to everyone joining on this call this morning for Under Armour's Third Quarter 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 November 2, 2021. 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.

謝謝你。今天早上參加此次電話會議的所有人早上好，參加安德瑪 2021 財年第三季度收益電話會議。在今天的電話會議上提供的信息將包括反映安德瑪截至 2021 年 11 月 2 日對其當前業務的看法的前瞻性陳述。所做的陳述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和安全港的文件中有詳細說明今天上午的新聞稿中包含的聲明，兩者都可以在我們的網站 about.underarmour.com 上找到。

It's 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 moving forward. 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 be found in our press release, which identify and qualify all excluded items and provides our view about why we believe this information is helpful to investors. Joining us on today's call will be under our President and CEO, Patrik Frisk; and CFO, David Bergman. Thank you. Patrik?

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。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 措施的對賬可以在我們的新聞稿中找到，該新聞稿識別和限定所有被排除的項目，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。加入我們今天的電話會議的將是我們的總裁兼首席執行官 Patrik Frisk；和首席財務官大衛伯格曼。謝謝你。帕特里克？

Thank you, Lance, and good morning. In the third quarter, higher-than-expected demand for the Under Armour brand and outstanding execution from our global team allowed us to drive strong top and bottom line results. Everything we do at Under Armour is based on driving sustainable long-term growth while at the same time, ensuring we're setting a solid foundation to deliver near-term value to our shareholders. This is the balance you should expect from us and is the commitment we work towards every day.

謝謝你，蘭斯，早上好。在第三季度，對 Under Armour 品牌的高於預期的需求以及我們全球團隊的出色執行力使我們能夠推動強勁的頂線和底線業績。我們在 Under Armour 所做的一切都是基於推動可持續的長期增長，同時確保我們為為股東創造短期價值奠定堅實的基礎。這是您應該從我們這裡得到的平衡，也是我們每天努力的承諾。

We strike this balance by leveraging our strategic playbook across key elements of our business, including a consumer-centric strategy to drive deep, authentic and emotional connections with focused performers, innovative products and experiences that advantage and inspire an athlete's journey, a constant focus on operational excellence to ensure we manage the marketplace efficiently and steady financial discipline to create meaningful levers to drive greater profitability.

我們通過在我們業務的關鍵要素中利用我們的戰略手冊來實現這種平衡，包括以消費者為中心的戰略，以推動與專注的表演者建立深入、真實和情感的聯繫、有利於和激發運動員旅程的創新產品和體驗、持續關注卓越運營，以確保我們有效地管理市場和穩定的財務紀律，以創造有意義的槓桿來推動更高的盈利能力。

These strengths were evident in our third quarter results with revenue up 8%, gross margin up 310 basis points to a record 51% and solid adjusted EPS performance at $0.31. In this spirit, as we work to close out 2021, I feel good about the progress we've made, the resiliency we've earned and the potential we have to do even better in the future.

這些優勢在我們的第三季度業績中很明顯，收入增長 8%，毛利率增長 310 個基點，達到創紀錄的 51%，調整後每股收益表現穩健，為 0.31 美元。本著這種精神，在我們努力結束 2021 年之際，我對我們取得的進展、我們獲得的彈性以及我們未來必須做得更好的潛力感到滿意。

Demand for our product and consideration for our brand is growing. That gives me confidence that despite potential impact from near-term headwinds, the long-term opportunities before us and our ability to compete and win in an ever-changing global landscape are stronger than ever. Of course, it all starts with brand, so with that, let's get into some third quarter highlights, starting with the incremental investments we're making in marketing and how they're translating to improving brand affinity from our focus on consumer awareness, attraction and consideration.

對我們產品的需求和對我們品牌的考慮正在增長。這讓我相信，儘管近期不利因素可能產生影響，但我們面前的長期機遇以及我們在不斷變化的全球格局中競爭和取勝的能力比以往任何時候都更加強大。當然，這一切都始於品牌，因此，讓我們進入第三季度的一些亮點，從我們在營銷方面進行的增量投資開始，以及它們如何從我們對消費者意識、吸引力的關注轉化為提高品牌親和力和考慮。

As part of our Holistic Journey to Compete strategy, which centers on goal setting, training and what it takes to earn results, we use the team sports lens to focus on the importance of mental strength as an unlock to realize one's full potential. Through uniquely Under Armour execution by our social media, TV, retail and digital activations, the only way is through and train your mine train your game showed up as one global brand and voice across categories, channels and our marketing funnel. Coming off this effort, we've now shifted gears into fourth quarter activation, which is centered on cold weather training. Knowing athletes sometimes see cold as their kryptonite, our human performance research lab is helping equip them and reshape this type of training as an asset to take their performance to new levels. Validated by the experiences of our most elite athletes, we're inspiring and educating focused performers for the winter ahead with powerful storytelling, workout routines, product reviews and premium retail capsules, our ecosystem is well set to inspire and capitalize on growing demand.

作為我們的整體競爭之旅戰略的一部分，該戰略以目標設定、訓練和取得成果的方式為中心，我們使用團隊運動的鏡頭來關注精神力量的重要性，作為實現個人全部潛力的解鎖手段。通過我們的社交媒體、電視、零售和數字激活獨特的 Under Armour 執行，唯一的方法是通過並培訓您的礦山培訓您的遊戲作為一個全球品牌和跨類別、渠道和我們的營銷渠道的聲音出現。完成這項工作後，我們現在將齒輪轉移到第四季度的激活，該激活以寒冷天氣訓練為中心。知道運動員有時將寒冷視為他們的氪石，我們的人類表現研究實驗室正在幫助他們裝備並重塑這種類型的訓練，將其作為一種資產，將他們的表現提升到新的水平。經過我們最優秀運動員的經驗驗證，我們正在通過強大的故事講述、鍛煉程序、產品評論和優質零售膠囊來激勵和教育專注的表演者在未來的冬天，我們的生態系統將很好地激發和利用不斷增長的需求。

Turning to product. Given the third quarter bridge summer and fall, we realized success on both sides of the temperature spectrum, including solid sell-through of our Iso-Chill apparel products, which cool you; and fleece, which saw strength in men's and youth as athletes gear up for the cooler months ahead. There's also continued momentum in men's unstoppable bottoms and women's leggings, including Meridian and our No-Slip Waistband technology. And finally, the Project Rock collection and tops featuring Rush also built on their year-to-date momentum, so consistency in some of our best sellers. In footwear, our core running products, including Pursuit, Aurora and Assert saw strength in all regions globally. Additionally, Project Rock footwear performed well, and we had success in our slides business. Regionally, a few of the highlights included the Curry HOVR Splash and Mega Clone in APAC, HOVR Strt and Bandit Trail in EMEA and Flow Velociti SE and cleated footwear in the Americas, driven by better-than-expected back-to-school demand as team sports returned.

轉向產品。鑑於第三季度夏季和秋季之間的過渡，我們在溫度範圍的兩個方面都取得了成功，包括我們的 Iso-Chill 服裝產品的穩定銷售，讓您涼爽；和羊毛，隨著運動員為未來涼爽的幾個月做準備，男子和青年人的力量得到了體現。男士不可阻擋的下裝和女士緊身褲也有持續的發展勢頭，包括 Meridian 和我們的防滑腰帶技術。最後，以 Rush 為特色的 Project Rock 系列和上衣也建立在其年初至今的勢頭之上，因此在我們的一些暢銷產品中保持一致。在鞋類方面，我們的核心跑步產品，包括 Pursuit、Aurora 和 Assert，在全球所有地區都表現出色。此外，Project Rock 鞋類表現良好，我們的滑梯業務也取得了成功。從地區來看，一些亮點包括亞太地區的 Curry HOVR Splash 和 Mega Clone、歐洲、中東和非洲的 HOVR Strt 和 Bandit Trail，以及美洲的 Flow Velociti SE 和防滑鞋，這是由於返校需求好於預期，團隊運動回歸。

Let's turn next to our regions, starting with North America, where revenue was up 8% to $1 billion, indicative of improving brand health in our largest market, we had stronger-than-expected back-to-school and direct-to-consumer demand. In fact, North America drove the majority of the third quarter overdelivery for the company, so encouraging to see continued progress here. Compared to 2019, North American revenue was up 2% in the third quarter. It is important, however, to revisit some key differences in these comparable periods, 2021 North America versus 2019, including a significant increase in our direct-to-consumer business, substantially lower off-price sales, reduced promotional and markdown activities, proactive supply constraints and undifferentiated wholesale exits. So all in, meaningfully higher quality and more productive dollars going through our P&L now than just 2 years ago.

讓我們看看我們的地區，從北美開始，收入增長 8% 至 10 億美元，這表明我們最大市場的品牌健康狀況有所改善，我們的返校和直接面向消費者的情況強於預期要求。事實上，北美推動了該公司第三季度的大部分超額交付，因此看到這裡的持續進展令人鼓舞。與 2019 年相比，第三季度北美收入增長了 2%。然而，重要的是要重新審視這些可比時期（2021 年北美與 2019 年）的一些關鍵差異，包括我們直接面向消費者的業務顯著增加、大幅降低折扣銷售、減少促銷和降價活動、積極供應約束和無差別的批發退出。因此，與兩年前相比，現在通過我們的損益表獲得有意義的更高質量和更高效的美元。

Turning to our international business. Revenue in our Asia Pacific region was up 19%, driven primarily by wholesale growth. Given some of the recent market trends, particularly in China, where traffic continues to struggle, our consumer insights data tells us that our brand health is holding steady in an otherwise dynamic environment. We attribute this to the investments we're making into marketing, CRM and store expansions, including opening our 1,000th store in the region.

轉向我們的國際業務。我們亞太地區的收入增長了 19%，主要受批發增長的推動。鑑於最近的一些市場趨勢，特別是在中國，客流量繼續掙扎，我們的消費者洞察數據告訴我們，我們的品牌健康在一個充滿活力的環境中保持穩定。我們將此歸因於我們在營銷、CRM 和門店擴張方面的投資，包括在該地區開設第 1,000 家門店。

Versus 2019, third quarter APAC revenue was up 37%, so solid progress on a 2-year stack. Next up is EMEA, where revenue was up 15%, driven by wholesale, which saw continued momentum from our distributor partnerships and a solid direct-to-consumer performance. In our 2 most prominent countries in this region, the U.K. and Germany, we remain focused on brand development, building long-term relationships with our key wholesale partners and strengthening our direct-to-consumer team and retail capabilities. EMEA wholesale growth was balanced across our full price and distributor businesses. Versus 2019, third quarter revenue in EMEA was up 50%.

與 2019 年相比，第三季度亞太地區收入增長了 37%，因此在 2 年的堆棧中取得了穩健的進展。接下來是歐洲、中東和非洲地區，在批發業務的推動下，該地區的收入增長了 15%，這得益於我們的分銷商合作夥伴關係和穩固的直接面向消費者的業績表現持續強勁。在我們在該地區最著名的兩個國家，英國和德國，我們仍然專注於品牌發展，與我們的主要批發合作夥伴建立長期關係，並加強我們直接面向消費者的團隊和零售能力。 EMEA 批發增長在我們的全價和分銷業務中保持平衡。與 2019 年相比，歐洲、中東和非洲地區第三季度的收入增長了 50%。

And finally, our Latin America region was up 27%, driven by strength in our full-price wholesale and distributor businesses. Versus 2019, third quarter revenue in Latin America was up 8%. As previously detailed, we are transitioning certain countries in this region to a strategic distributor model, of which most of this change takes place in the fourth quarter. Accordingly, we expect top line pressure in Latin America as we finish out 2021.

最後，在我們全價批發和分銷業務實力的推動下，我們的拉丁美洲地區增長了 27%。與 2019 年相比，拉丁美洲第三季度的收入增長了 8%。如前所述，我們正在將該地區的某些國家轉變為戰略分銷商模式，其中大部分變化發生在第四季度。因此，我們預計在 2021 年結束時拉丁美洲將面臨頂線壓力。

Another highlight is the performance of our direct-to-consumer business, which was up 12%. And although traffic trends were somewhat mixed in our own stores and mirrored various COVID restrictions around the world, we continued to see improvements in average selling prices and productivity. Due to higher-than-expected demand during the quarter, we further reduced promotions and realized higher price sell-through, which, of course, you see in our gross margin results. Versus 2019, direct-to-consumer was up 31% for the third quarter. Overall, we're pleased that our strategies towards improved presentation and experiences in our stores and online are driving better economics throughout this business.

另一個亮點是我們的直接面向消費者業務的表現，增長了 12%。儘管我們自己的商店的客流量趨勢有些參差不齊，並反映了世界各地的各種 COVID 限制，但我們繼續看到平均售價和生產力的改善。由於本季度的需求高於預期，我們進一步減少了促銷活動並實現了更高的價格銷售，這當然可以在我們的毛利率結果中看到。與 2019 年相比，第三季度直接面向消費者的銷售額增長了 31%。總體而言，我們很高興我們改善商店和在線展示和體驗的策略正在推動整個業務的經濟增長。

So in summary, we're pleased with our third quarter performance and our ability to close up Under Armour's and split adjusted EPS here in our history. In the near term, however, we remain both confident and cautious with several fluid headwinds continuing to impact nearly every sector, it's important to remember that Under Armour is battle-tested and mission proven. I am incredibly proud of our global team and how we work to maintain balance and trajectory regardless of what has thrown our way. We continue to get sharper, smarter and more efficient. Across our business, by channel, product or region, there remains one constant: we obsess the intersection of -- Under Armour serving focused performers, industry-leading innovations, premium experiences, heart-led but data-driven, we empower those who strive for more. And with that, I'll hand it over to Dave.

因此，總而言之，我們對第三季度的業績以及我們在歷史上關閉 Under Armour 和拆分調整後每股收益的能力感到滿意。然而，在短期內，我們仍然充滿信心和謹慎，因為幾個流動的逆風繼續影響幾乎每個行業，重要的是要記住，Under Armour 已經過實戰考驗和使命證明。我為我們的全球團隊以及我們如何努力保持平衡和軌跡而感到無比自豪，無論發生了什麼事情。我們繼續變得更敏銳、更智能、更高效。在我們的業務中，無論是渠道、產品還是地區，都有一個不變的因素：我們著迷於——Under Armour 為專注的表演者提供服務、行業領先的創新、優質體驗、以心為導向但以數據為驅動力，我們賦予那些努力奮鬥的人權力更多。有了這個，我會把它交給戴夫。

Thanks, Patrik. With 3 quarters of the year behind us, our strong third quarter results demonstrate our ability to execute quickly to meet the needs of our consumers and customers, all while driving toward record revenue and earnings in 2021. So let's dive right into our results. Compared to the prior year, revenue was up 8% to $1.5 billion. Versus our previous outlook, this overdrive was primarily due to higher demand across our full-price wholesale and Factory House businesses in North America.

謝謝，帕特里克。今年已經過去了三個季度，我們強勁的第三季度業績表明我們有能力快速執行以滿足消費者和客戶的需求，同時在 2021 年實現創紀錄的收入和收益。因此，讓我們直接了解我們的業績。與去年相比，收入增長 8% 至 15 億美元。與我們之前的展望相比，這種超速增長主要是由於我們在北美的全價批發和工廠廠房業務的需求增加。

Patrik covered our regional performance earlier, so now let's click down into our channel results on a global basis. Third quarter wholesale revenue was up 10%, driven by higher-than-expected demand in our full-price business, particularly in North American wholesale, which was tempered by a reduction in sales to the off-price channel as we continue to work to elevate our brand positioning. Our direct-to-consumer business increased 12%, led by 21% growth in our owned and operated retail stores, partially offset by a 4% decline in e-commerce, which faced a difficult comparison to last year's third quarter. But I would also note that when compared to the third quarter of 2019, our e-commerce business was up over 50%. And licensing revenue was up 24%, driven by improving strength within our North American partner businesses. By product type, apparel revenue was up 14% with strength across all categories, particularly in train and golf. Footwear was up 10%, driven primarily by strength in running. And our accessories business was down 13% due to lower sales of our sports masks compared to last year's third quarter.

Patrik 早些時候介紹了我們的區域表現，現在讓我們點擊查看我們在全球範圍內的渠道結果。第三季度批發收入增長了 10%，這是由於我們的全價業務需求高於預期，尤其是在北美批發業務中，由於我們繼續努力實現低價渠道的銷售減少，這一點得到了緩和。提升我們的品牌定位。我們的直接面向消費者的業務增長了 12%，其中我們擁有和經營的零售店增長了 21%，部分被電子商務下降 4% 所抵消，電子商務與去年第三季度相比很難進行比較。但我還要指出，與 2019 年第三季度相比，我們的電子商務業務增長了 50% 以上。在我們北美合作夥伴業務實力增強的推動下，許可收入增長了 24%。按產品類型劃分，服裝收入增長了 14%，所有類別都表現強勁，尤其是在火車和高爾夫領域。鞋類價格上漲 10%，主要受跑步力量的推動。與去年第三季度相比，由於我們的運動口罩銷量下降，我們的配件業務下降了 13%。

Relative to gross margin, our third quarter improved 310 basis points over last year, landing at 51%. This expansion was driven by 400 basis points of pricing improvements due primarily to lower promotional activity within our DTC channel, along with lower promotions and markdowns within our wholesale business and 120 basis points of benefit due to channel mix, primarily related to lower mix of off-price sales versus last year's third quarter. Partially offsetting these improvements was about 100 basis points of negative impact related to the absence of MyFitnessPal and 90 basis points of negative impacts from higher freight and logistics costs due to COVID-related supply chain pressures. Versus our previous expectation, our higher-than-expected Q3 gross margin improvement was primarily due to lower than-planned promotional activity within our DTC business and more favorable pricing related to sales to our off-price partners.

相對於毛利率，我們第三季度比去年提高了 310 個基點，達到 51%。這種擴張是由 400 個基點的定價改進推動的，這主要是由於我們 DTC 渠道中的促銷活動減少，以及我們批發業務中的促銷和降價幅度較低，以及渠道組合帶來的 120 個基點的收益，主要與較低的折扣組合有關-價格銷售與去年第三季度的對比。部分抵消了這些改進的是與缺少 MyFitnessPal 相關的約 100 個基點的負面影響，以及由於與 COVID 相關的供應鏈壓力而導致的更高貨運和物流成本的 90 個基點的負面影響。與我們之前的預期相比，我們高於預期的第三季度毛利率改善主要是由於我們的 DTC 業務中的促銷活動低於計劃，以及與我們的折扣合作夥伴的銷售相關的更優惠的定價。

SG&A expenses were up 8% to $599 million due to increased marketing investments, incentive compensation and nonsalaried workforce wages.

由於營銷投資、激勵性薪酬和無薪勞動力工資的增加，SG&A 費用增長 8% 至 5.99 億美元。

Relative to our 2020 restructuring plan, we recorded $17 million of charges in the third quarter. In this morning's press release, we noted that we have reduced our plan expectations by $25 million. So we now expect to recognize total planned charges ranging from $525 million to $575 million. Thus far, we've realized $500 million of pretax restructuring and related charges. As a reminder, all remaining charges are related to initiatives outlined in 2020, meaning nothing new has been added in 2021. We expect to recognize any remaining charges related to this plan by the first calendar quarter of 2022.

相對於我們的 2020 年重組計劃，我們在第三季度記錄了 1700 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 5.75 億美元不等。到目前為止，我們已經實現了 5 億美元的稅前重組和相關費用。提醒一下，所有剩餘費用都與 2020 年概述的計劃有關，這意味著 2021 年沒有增加任何新費用。我們預計到 2022 年第一季度將確認與該計劃相關的任何剩餘費用。

Moving on. Our third quarter operating income was $172 million. Excluding restructuring and impairment charges, adjusted operating income was $189 million. After tax, we realized a net income of $113 million or $0.24 of diluted earnings per share during the quarter. Excluding restructuring charges, loss on extinguishment of $169 million in principal amount of senior convertible notes and the noncash amortization of debt discount on our senior convertible notes. Our adjusted net income was $145 million, or $0.31 of adjusted diluted earnings per share.

繼續。我們第三季度的營業收入為 1.72 億美元。不計重組和減值費用，調整後的營業收入為 1.89 億美元。稅後，我們在本季度實現了 1.13 億美元的淨收入或每股攤薄收益 0.24 美元。不包括重組費用、1.69億美元的優先可轉換票據本金損失以及我們的優先可轉換票據債務貼現的非現金攤銷。我們調整後的淨收入為 1.45 億美元，或調整後的稀釋每股收益 0.31 美元。

In this respect, we are excited to report that the $0.71 of adjusted diluted earnings per share that we've realized year-to-date has surpassed our highest previous full year split adjusted earnings, thus solid traction and excellent progress. Inventory was down 21% to $838 million, driven by improvements in our operating model and inbound shipping delays due to COVID-related supply chain pressures. Our cash and cash equivalents were $1.3 billion at the end of the quarter, and we had no borrowings under our $1.1 billion revolving credit facility.

在這方面，我們很高興地報告，我們今年迄今實現的 0.71 美元的調整後稀釋每股收益已經超過了我們之前的最高全年拆分調整後收益，因此具有堅實的牽引力和出色的進展。庫存下降 21% 至 8.38 億美元，原因是我們運營模式的改進以及與 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 13 億美元，我們在 11 億美元的循環信貸額度下沒有借款。

With respect to debt, during the third quarter, we entered into exchange agreements with certain convertible bondholders for $169 million in principal amount of our outstanding convertible notes and terminated certain related cap call transactions. We utilized net $168 million in cash, issued 7.7 million shares of our Class C stock and recorded a related loss of approximately $24 million, which is captured in other income and expenses.

在債務方面，在第三季度，我們與某些可轉換債券持有人就我們未償還的可轉換票據本金 1.69 億美元簽訂了交換協議，並終止了某些相關的上限交易。我們動用了 1.68 億美元的現金淨額，發行了 770 萬股 C 類股票，並錄得約 2400 萬美元的相關虧損，計入其他收入和支出。

Following this transaction and our actions in the second quarter, $81 million of convertible notes remain outstanding. Now moving on to the balance of the year. As we noted earlier in this call, the current global retail environment remains varied with some markets realizing a steadier return to growth like in the Americas, albeit with continued weak traffic trends, somewhat mixed environments across different regions in EMEA and conservative assumptions about APAC as it navigates ongoing phases of closures, reopenings and restrictions. Factoring in the current supply chain challenges emanating from Southeast Asia and logistics challenges being experienced worldwide, we're staying appropriately cautious in the near term. However, it is important to note that today's revised outlook assumes no additional shutdowns of manufacturing partners or further retail sector disruptions as we close out 2021.

在本次交易和我們在第二季度採取的行動之後，仍有 8100 萬美元的可轉換票據未償還。現在進入今年的餘額。正如我們在本次電話會議前面所指出的那樣，當前的全球零售環境仍然各不相同，一些市場實現了穩定的增長，例如美洲，儘管客流量趨勢持續疲軟，歐洲、中東和非洲不同地區的環境有些混雜，以及對亞太地區的保守假設它在關閉、重新開放和限制的持續階段進行導航。考慮到當前來自東南亞的供應鏈挑戰和全球正在經歷的物流挑戰，我們在短期內保持適當的謹慎。然而，重要的是要注意，今天修訂後的前景假設在 2021 年結束時，製造合作夥伴不會額外關閉或零售業進一步中斷。

Now turning to our updated 2021 outlook. Let's start with revenue, which we now expect to be up approximately 25% for the full year. This reflects a high 20s percentage rate increase in North America and a mid-30s increase in our international business. From a channel perspective, wholesale is expected to be up at a mid-30s rate, and our DTC business up at a mid-20s rate with e-commerce up at a low single-digit rate for the full year against 2020. Concerning our top line expectation for the fourth quarter, the same significant headwinds from our last call remain in play. In addition to the developing COVID-related supply chain issues currently facing the sector.

現在轉向我們更新的 2021 年展望。讓我們從收入開始，我們現在預計全年將增長約 25%。這反映了北美 20 年代的高增長率和 30 年代中期的國際業務增長。從渠道的角度來看，批發預計將以 30 年代中期的速度增長，我們的 DTC 業務將以 20 年代中期的速度增長，而電子商務則在 2020 年全年以低個位數的速度增長。關於我們的對第四季度的最高預期，與我們上次電話會議相同的重大不利因素仍在發揮作用。除了目前該行業面臨的與 COVID 相關的供應鏈問題。

Turning to gross margin. On a GAAP basis, we expect the full year rate to be up approximately 130 basis points against our 2020 adjusted gross margin of 48.6%, with benefits from pricing and changes in foreign currency being partially offset by higher expected freight expenses and the sale of MyFitnessPal, which carried a high gross margin rate. The gross margin improvement relative to our previous outlook is primarily due to pricing benefits, partially offset by increased freight expenses related to supply chain challenges, which we continue to monitor. Versus 2020, we now expect that full year SG&A will be up 6% to 7%.

轉向毛利率。根據公認會計原則，我們預計全年利率將比我們 2020 年調整後的毛利率 48.6% 提高約 130 個基點，定價和外幣變化帶來的好處被更高的預期運費和出售 MyFitnessPal 部分抵消, 毛利率較高。與我們之前的展望相比，毛利率的提高主要是由於定價優勢，部分被與供應鏈挑戰相關的運費增加所抵消，我們將繼續監測。與 2020 年相比，我們現在預計全年 SG&A 將增長 6% 至 7%。

As laid out previously, specific to 2021, we have taken advantage of our improved results and proactively made incremental investments, particularly in marketing, to build even deeper connections with our consumers. We also expect higher incentive compensation, which is up against 2020 when we had significant reductions against target levels as well as higher nonsalaried wages. With that, we now expect operating income to reach approximately $425 million this year or $475 million on an adjusted basis. Translated to rate, we expect to deliver an operating margin of just under 8% or an adjusted operating margin of approximately 8.5% in 2021.

如前所述，具體到 2021 年，我們利用我們改進的結果並積極進行增量投資，特別是在營銷方面，以與我們的消費者建立更深層次的聯繫。我們還預計會有更高的激勵薪酬，這與 2020 年相比有所上升，當時我們大幅削減了目標水平以及更高的非薪金工資。有了這個，我們現在預計今年的營業收入將達到約 4.25 億美元，或調整後的 4.75 億美元。換算成利率，我們預計 2021 年的營業利潤率將略低於 8%，調整後的營業利潤率約為 8.5%。

All of this takes us to an expected diluted earnings per share of approximately $0.55 or adjusted diluted earnings per share of approximately $0.74 in 2021, with an average weighted diluted share count of approximately 468 million shares. And finally, from a balance sheet perspective, we expect to end the year with inventory relatively flat against 2020's year-end, and we expect to close the year with approximately $1.5 billion in cash and cash equivalents.

所有這些使我們在 2021 年的預期稀釋後每股收益約為 0.55 美元或調整後的稀釋後每股收益約為 0.74 美元，平均加權稀釋後的股票數量約為 4.68 億股。最後，從資產負債表的角度來看，我們預計今年年底庫存將與 2020 年底相比相對持平，我們預計今年年底將有大約 15 億美元的現金和現金等價物。

Looking forward, a reminder that we are changing our fiscal reporting year in 2022. Mechanically, the first calendar quarter will serve as a transition period until we begin our new fiscal year 2023 and on April 1. Accordingly, we are not providing color for next year on today's call. That said, there are supply chain pressures that are challenging the industry in the near term. And while we believe the impact to our P&L in 2021 are expected to be relatively minimal, we are taking precautions to navigate some of the volatility and anticipated business disruptions in the first half of 2022, including the work we began in the second quarter of 2021 to adjust orders and shipping with our factory partners and logistics suppliers, working with wholesale customers to narrow and edit our spring/summer 2022 order book and assessing various mitigation offsets for inflationary pressures, including elevated logistics costs and higher wages. Given that the situation is still fluid, it is difficult to estimate the full extent of potential effects on our business at this point. However, on what we know -- based on what we know today, we are forecasting material impacts to the first half of 2022. And therefore, with respect to the first calendar quarter, we expect revenue to be up at a low single-digit rate. Concerning a longer-term view, as of this week, nearly all factories that Under Armour does business with, including those in Vietnam are open. So definitely encouraging news. Of course, full capacity will take some time to ramp back up, and this is only one part of the equation.

展望未來，提醒我們將在 2022 年更改我們的財政報告年度。機械地，第一個日曆季度將作為過渡期，直到我們開始新的 2023 財政年度和 4 月 1 日。因此，我們不會為下一個財政年度提供顏色今天的電話是一年。也就是說，供應鏈壓力在短期內對行業構成挑戰。雖然我們認為 2021 年對我們的損益表的影響預計相對較小，但我們正在採取預防措施來應對 2022 年上半年的一些波動和預期的業務中斷，包括我們在 2021 年第二季度開始的工作與我們的工廠合作夥伴和物流供應商一起調整訂單和運輸，與批發客戶合作縮小和編輯我們的 2022 年春夏訂單，並評估各種緩解通脹壓力的抵消措施，包括物流成本上升和工資上漲。鑑於情況仍然不穩定，目前很難估計對我們業務的潛在影響的全部程度。然而，根據我們所知道的——根據我們今天所知道的，我們預測對 2022 年上半年的重大影響。因此，就第一個日曆季度而言，我們預計收入將以低個位數增長速度。從長遠來看，截至本週，與安德瑪有業務往來的幾乎所有工廠，包括越南的工廠，都已開業。所以絕對是令人鼓舞的消息。當然，滿負荷需要一些時間才能恢復，這只是等式的一部分。

Over the next several quarters, we expect longer-than-usual transit times as backlogs and congestion find balance. So this may create some variability in our results. 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 effectively through the coming environment. With that, I'd like to close today's call by returning to Patrik's opening thought and the balance we are committed to striking between driving sustainable long-term growth while delivering near-term value to our shareholders. All global companies operate in a constantly changing environment. And over the past few years, through our transformation and the pandemic, Under Armour has demonstrated its ability to effectively manage our business under a range of conditions.

在接下來的幾個季度中，隨著積壓和擁堵找到平衡，我們預計運輸時間會比平時更長。因此，這可能會在我們的結果中產生一些可變性。也就是說，我們正在採用的積極戰略、更高的運營敏捷性以及對 Under Armour 品牌的整體需求使我們對我們在即將到來的環境中有效駕馭的能力充滿信心。有了這個，我想結束今天的電話會議，回到 Patrik 的開場思想和我們致力於在推動可持續長期增長和為股東提供短期價值之間達成的平衡。所有全球公司都在不斷變化的環境中運營。在過去幾年中，通過我們的轉型和大流行，Under Armour 展示了其在各種條件下有效管理我們業務的能力。

Lastly, as we look to close out the strongest top and bottom line performance in our history, the work we've done to rearchitect our strategy, operations and financial discipline sets us up well to leverage this balance and thus create improved value for our shareholders over the long term. With that, we'll turn it back to the operator for your questions. Operator?

最後，當我們希望結束我們歷史上最強勁的頂線和底線業績時，我們為重新設計我們的戰略、運營和財務紀律所做的工作使我們能夠很好地利用這種平衡，從而為我們的股東創造更高的價值從長遠來看。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) And our first question will come from the line of Erinn Murphy with Piper Sandler.

（操作員說明）我們的第一個問題將來自 Erinn Murphy 和 Piper Sandler。

Great. And really nice to see the strong performance to date. Dave, I wanted to follow up with something you were just talking about as it relates to the supply chain challenges. Can you share a little bit more about your ability to get product to the North American and the European market here in the fourth quarter as we think about holiday?

偉大的。很高興看到迄今為止的強勁表現。戴夫，我想跟進您剛才談到的與供應鏈挑戰有關的事情。當我們考慮假期時，您能否分享更多關於您在第四季度將產品推向北美和歐洲市場的能力？

And then with your guidance or your preliminary look for the first calendar quarter, up low single digits, is that, again, just ability to get product? Or have you really just seeing the impact of the curtailed manufacturing as it relates to your ability to just even produce spring/summer?

然後在您的指導或您對第一個日曆季度的初步預期下，以低個位數增長，這是否只是獲得產品的能力？或者你真的只是看到了縮減製造業的影響，因為它與你甚至生產春/夏的能力有關嗎？

Sure, Erinn. Relative to the supply chain impacts in Q4, as I had mentioned, almost all of our -- you know the vaccination rates across Asia continue to trend up. And it's really kind of now pushing down the line a little bit where the congestion and container availability at the origin ports have improved, but the local ports of entry is where the bigger challenges are developing that we're monitoring.

當然，愛琳。正如我所提到的，相對於第四季度的供應鏈影響，幾乎我們所有人——你知道整個亞洲的疫苗接種率繼續呈上升趨勢。現在，在原港口的擁堵和集裝箱可用性有所改善的情況下，這確實有點降低了界限，但我們正在監測的更大挑戰正在發展的地方是當地入境港口。

To date, we've seen some timing changes in inbound product and how we can get that out to our partners, but we haven't seen any cancellations. And so the forecast and the outlook that we've given for the rest of the year in Q4, we feel good about. But it's definitely a very fluid situation. Relative to calendar Q1, this really relates to the factories getting up and running, but not at full capacity and that creating a challenge to be able to produce all the orders needed to meet our demand. So we've actually had to cancel some of our purchase orders relative to Spring/Summer '22 product to be able to alleviate some of that pressure on the factories. And based on that, and therefore, the change in inbound product to be able to go out, that's where we're saying the impact is driving us towards what we see as of today as a low single-digit growth rate for calendar Q1.

迄今為止，我們已經看到入境產品的一些時間變化以及我們如何將其提供給我們的合作夥伴，但我們還沒有看到任何取消。因此，我們在第四季度給出的今年剩餘時間的預測和展望，我們感覺很好。但這絕對是一個非常不穩定的情況。相對於日曆 Q1，這確實與工廠的啟動和運行有關，但不是滿負荷運轉，這對能夠生產滿足我們需求所需的所有訂單提出了挑戰。因此，我們實際上不得不取消一些與 Spring/Summer '22 產品相關的採購訂單，以減輕工廠的部分壓力。基於這一點，因此，入境產品的變化能夠走出去，這就是我們所說的影響正在推動我們朝著我們今天看到的日曆第一季度低個位數增長率的方向發展。

Got it. That's super helpful. And then just if I can follow up. On the North American segment, it looks like in the first 9 months of this year, you're up about 3% versus 2019, so squarely in line with your long-range plan. Curious if you can talk a little bit more about how you think about the go-forward trajectory. It seems like the fourth quarter has even guided nicely ahead of that. So I would love to hear about the brand momentum that you're seeing currently in the North American market.

知道了。這非常有幫助。然後，如果我可以跟進。在北美市場，今年前 9 個月，您與 2019 年相比增長了約 3%，完全符合您的長期計劃。好奇你能否多談談你對前進軌蹟的看法。似乎第四季度甚至在此之前已經有了很好的指導。所以我很想听聽你目前在北美市場看到的品牌勢頭。

Yes, Erinn, this is Dave. We are excited about the momentum. And again, I think the biggest thing that I would point out is the health of that revenue. So not only are we growing again, but -- and even against 2019, but it is at a much healthier mix, a much smaller percentage of off-price sales to third-party, lot less promotions and discounting. So just overall, a much healthier revenue stream at the same time that we're returning to growth, which is, I think, the exciting part. And I think it's all about kind of who we are doubling down with the bigger partners that really support our brand and really understand the focus performer. And that's where we're driving most.

是的，艾琳，這是戴夫。我們對這種勢頭感到興奮。再說一次，我認為我要指出的最重要的事情是該收入的健康狀況。因此，我們不僅再次增長，而且 - 甚至與 2019 年相比，它的組合更加健康，向第三方銷售的低價銷售比例要小得多，促銷和折扣也少得多。因此，總體而言，在我們恢復增長的同時，收入流更加健康，我認為這是令人興奮的部分。而且我認為這完全是關於我們與真正支持我們品牌並真正了解焦點執行者的更大合作夥伴加倍合作的人。這就是我們開車最多的地方。

But we can't really give any details yet as far as next year on growth rates, but we are excited about the momentum. Patrik, I don't know if you want to add anything there.

但就明年的增長率而言，我們還不能真正提供任何細節，但我們對這一勢頭感到興奮。 Patrik，我不知道您是否想在此處添加任何內容。

Yes. I also want to just -- it's great, Dave. I just wanted to highlight also the fact that some of the demand constraints are now fully in play for us as well in terms of exiting 3,000 doors or so in North America. And of course, that's taking full effect into next year. So all of these things together really is giving us great confidence in that we have now established a new platform or a new level, if you like, for the brand in terms of driving it towards a more premium position again. So I feel very good about that.

是的。我也想——太好了，戴夫。我只是想強調一個事實，即一些需求限制現在對我們來說已經完全發揮了作用，就北美大約有 3,000 扇門而言。當然，這將在明年全面生效。因此，所有這些加在一起確實給了我們很大的信心，我們現在已經為品牌建立了一個新平台或一個新水平，如果你願意的話，可以將其再次推向更高的地位。所以我對此感覺很好。

And our next question will come from the line of Matthew Boss with JPMorgan.

我們的下一個問題將來自摩根大通的 Matthew Boss。

Congrats on a really nice quarter.

祝賀一個非常好的季度。

Thanks, Matthew.

謝謝，馬修。

So Patrik, with nearly 2 years now at the helm, I guess, how would you characterize larger picture, maybe the brand heat that you're seeing in men's and women's apparel today? And do you believe we've seen the tipping point for footwear expansion? Just trying to think about maybe ranking opportunities on tap from here.

因此，Patrik 已經掌舵了將近 2 年，我想，您如何描述更大的圖景，也許是您今天在男裝和女裝中看到的品牌熱度？你認為我們已經看到了鞋類擴張的轉折點嗎？只是想從這裡開始考慮排名機會。

Thank you, Matthew. First of all, I am confident that we've now gone through what I would characterize as the majority of our transformational work. We're now in the new operating model but not just the operating model, we've also gone through at the same time, a reset for our product engines and our marketing engine. So our go-to-market is really doing a great job of driving the brand to a more premium position. What you see now in our numbers, there's a lot of balance here, right? You see a balance between wholesale and DTC. You see also balance across the categories in terms of footwear and apparel. We also now saw, specifically here in the third quarter, the back-to-school happening again in a more normal fashion, I guess, you could say, in terms of team sports being played, and Under Armour really coming into its own with the performance we saw now in things like cleated product and team product as well. So across the board, whether it's team sports, train or run, men's or women's, we are able to really drive our brand in all of those different categories and areas. And that's really what I feel really good about is the holistic win for the brand right now in the marketplace. And we really feel like we have proven that out now. And now for us, it's all about driving forward and continuing to fuel the brand, which we've been able to do here in the back half as we've reinvested some of the -- some of the money here into marketing and really been able to activate full funnel and you see the results.

謝謝你，馬修。首先，我相信我們現在已經完成了我認為的大部分轉型工作。我們現在處於新的運營模式，而不僅僅是運營模式，我們也同時經歷了產品引擎和營銷引擎的重置。因此，我們的市場營銷確實在推動品牌走向更優質的位置方面做得很好。你現在從我們的數據中看到，這裡有很多平衡，對吧？您會看到批發和 DTC 之間的平衡。您還可以看到鞋類和服裝類別之間的平衡。我們現在也看到，特別是在第三季度，返校以一種更正常的方式再次發生，我想，你可以說，就團隊運動而言，Under Armour 真的進入了自己的我們現在在防滑產品和團隊產品等方面看到的表現也是如此。因此，全面而言，無論是團隊運動、訓練還是跑步、男子還是女子，我們都能夠在所有這些不同的類別和領域真正推動我們的品牌。這就是我真正感到非常高興的是該品牌目前在市場上的整體勝利。我們真的覺得我們現在已經證明了這一點。現在對我們來說，這一切都是為了推動品牌前進並繼續為品牌提供動力，我們已經能夠在後半部分做到這一點，因為我們已經將其中的一些資金重新投入到營銷中，並且真正做到了能夠激活完整的渠道，您會看到結果。

Great. And then maybe a follow-up for Dave. Can you speak to pricing power that you're seeing for the brands, maybe both across apparel and footwear? And if we tie the AUR opportunity to gross margin, is there any ceiling to think about as your gross margin exit this year, I think, around the 50% level?

偉大的。然後也許是戴夫的後續行動。您能否談談您對品牌的定價能力，可能包括服裝和鞋類？如果我們將 AUR 機會與毛利率聯繫起來，我認為今年你的毛利率退出是否有任何上限，在 50% 左右？

Yes. I guess there's a couple of aspects there. We do continue to see pretty strong benefits that we're able to drive by holding price higher, not doing much promotions or discounts. Sell-through has been good with wholesale partners. So not having to discount or give as many markdown dollars. So that is definitely contributing a lot to some of the pricing benefits we're seeing and some of the gross margin benefits.

是的。我想那裡有幾個方面。我們確實繼續看到相當強大的好處，我們可以通過保持更高的價格來推動，而不是做太多的促銷或折扣。批發合作夥伴的銷售情況良好。所以不必打折或提供盡可能多的降價美元。因此，這肯定對我們看到的一些定價優勢和一些毛利率優勢做出了很大貢獻。

And that all ties into our longer-term strategy of continuing to drive the brand to a more premium position. So we're definitely excited about the momentum to be able to do that and the sell-through that is allowing for that as well. We are also looking at ticket pricing also when you think about some of the inflationary pressures, wage pressures, et cetera. So we have a team that's been looking at that, and we're going to be very strategic and targeted in how we might do that, but we do think that there is some MSRP opportunities for us as well based on our premium positioning and the quality of certain groups of our products versus others. So we're going to keep driving on that front as well.

這一切都與我們繼續將品牌推向更高地位的長期戰略聯繫在一起。因此，我們對能夠做到這一點的勢頭以及允許這樣做的銷售量感到非常興奮。當您考慮一些通貨膨脹壓力、工資壓力等時，我們也在考慮票價。所以我們有一個團隊一直在研究這個問題，我們將非常具有戰略性並有針對性地考慮如何做到這一點，但我們確實認為，基於我們的高端定位和我們的某些產品組相對於其他產品的質量。所以我們也將繼續在這方面前進。

And our next question will come from the line of John Kernan with Cowen.

我們的下一個問題將來自 John Kernan 和 Cowen 的觀點。

Congrats on a really strong 9 months here.

恭喜在這裡度過了一個非常強大的 9 個月。

Thanks, John.

謝謝，約翰。

Patrik, you -- if we look at the first 9 months of this year, you're at a double-digit operating margin. I know that was the long-term target. Can you give us any update in terms of the timing of reaching those targets on a full year basis, certainly tremendous progress made towards those targets this year regardless of what happens in the fourth quarter this year, and you've done in the face of a lot of disruptions. Just curious if you maybe pull forward the timing of reaching those double -- that double-digit operating margin target.

帕特里克，你——如果我們看看今年的前 9 個月，你的營業利潤率是兩位數。我知道這是長期目標。您能否就全年實現這些目標的時間向我們提供任何更新，無論今年第四季度發生什麼，今年這些目標肯定取得了巨大進展，而且您已經做到了很多干擾。只是好奇你是否可以提前達到那個雙倍的時間——即兩位數的營業利潤率目標。

John, this is Dave. I'm actually going to jump in here because Patrik gets pretty excited about this topic. Yes, we're obviously very pleased with the progress we're making on overall margins and being able to leverage the cost structure better. And to your point, I think that our ability to drive the double-digit operating margins is something we feel very, very good about and probably better about than even previous based on the momentum that we're having. But at this point, we're not ready to be able to share details for the upcoming years.

約翰，這是戴夫。我實際上要跳到這裡，因為 Patrik 對這個話題非常興奮。是的，我們顯然對我們在整體利潤率方面取得的進展以及能夠更好地利用成本結構感到非常滿意。就你的觀點而言，我認為我們推動兩位數營業利潤率的能力是我們感覺非常、非常好的事情，而且基於我們所擁有的勢頭，甚至可能比以前更好。但在這一點上，我們還沒有準備好分享未來幾年的細節。

But we are excited about the progress. We do think there are continued opportunities on gross margin and SG&A leverage, and you can be sure that we're going to be driving towards that.

但我們對進展感到興奮。我們確實認為在毛利率和 SG&A 槓桿方面存在持續的機會，您可以確定我們將朝著這個方向努力。

Understood. Just one quick follow-up. DTC, obviously, it's had an outsized contribution to growth this year off that pre-COVID days, you made some adjustments to wholesale distribution. Any comments on DTC profitability and how that has changed as e-commerce has become a bigger portion of the mix? Just your overall view of the direct-to-consumer channel and what we can anticipate for normalized growth in that channel as we go into your new fiscal year and beyond.

明白了。只需快速跟進。 DTC，顯然，它對今年的增長做出了巨大的貢獻，在 COVID 之前的日子裡，你對批發分銷進行了一些調整。對 DTC 的盈利能力有何評論，以及隨著電子商務成為其中更大的一部分，這種情況發生了怎樣的變化？只是您對直接面向消費者的渠道的總體看法，以及我們在進入新財年及以後的情況下對該渠道正常增長的預期。

Yes, John, this is Dave. Great question. As you know, we don't necessarily give channel profitability publicly. But what I would say is that we have been focusing a lot on DTC. We've been making a lot of investments there. And we're starting to see some of the benefits of that pay off. I think one of the areas that we've also put a lot of work in is just to our retail full-price commercial concept. And so we are seeing continued profitability improvements from that output, which is going to help overall DTC profitability as well.

是的，約翰，這是戴夫。好問題。如您所知，我們不一定會公開提供渠道盈利能力。但我想說的是，我們一直非常關注 DTC。我們在那裡進行了大量投資。我們開始看到這種回報的一些好處。我認為我們也投入大量工作的領域之一就是我們的零售全價商業概念。因此，我們看到該產出的盈利能力持續改善，這也將有助於整體 DTC 盈利能力。

And then obviously, our Factory House business has been an extremely profitable business and e-com as well. So we're pushing on all cylinders, but we're not disclosing the actual percentages, although we do believe they are continuing to improve with the benefits we're driving.

很明顯，我們的 Factory House 業務一直是一項非常有利可圖的業務，而且電子商務也是如此。因此，我們正在推動所有氣缸，但我們沒有披露實際百分比，儘管我們確實相信它們會隨著我們所帶來的好處而繼續改善。

Yes. I'll just add a little bit more color. We are making great progress, but there's still a lot of work to do. So we believe that as we go into future years here, we're going to have an opportunity to continue to get better across both our own retail and our own e-com. So very excited about the progress we've made so far, but there is more work to do, and we'll be updating you accordingly as we move into the future.

是的。我只會添加更多的顏色。我們正在取得很大進展，但仍有許多工作要做。所以我們相信，隨著我們在這裡進入未來幾年，我們將有機會在我們自己的零售和我們自己的電子商務中繼續變得更好。我們對迄今為止取得的進展感到非常興奮，但還有更多工作要做，我們將在未來進行相應的更新。

And our next question will come from line of Jim Duffy with Stifel.

我們的下一個問題將來自 Jim Duffy 和 Stifel。

Terrific results, guys.

很棒的結果，伙計們。

Thanks, Jim.

謝謝，吉姆。

I'm hoping you can speak to your view on product costs into next year and pricing strategies. You mentioned you're taking some pricing action that's helping the margins. Do you expect you can offset the entirety of the inflation that you're seeing? Or is that yet to be determined?

我希望你能談談你對明年產品成本和定價策略的看法。您提到您正在採取一些有助於提高利潤率的定價措施。你認為你可以抵消你所看到的全部通貨膨脹嗎？還是尚未確定？

Dave, why don't you take that one?

戴夫，你為什麼不拿那個？

Yes. Jim, great question. The inflationary pressures are real, and we are tracking those. We are working with our vendors, obviously. But I think there's a couple of parts there that we're going to be able to help on the top line side of gross margin as well, which is continuing to stay more premium, continue with, especially on the DTC front, being less promotional, less discounted, which will help offset some of that. But then as we mentioned, we do have a team that's working in partnership with our product organization and also with our commercial teams around opportunities to increase price for the brand.

是的。吉姆，好問題。通脹壓力是真實存在的，我們正在追踪這些壓力。顯然，我們正在與我們的供應商合作。但我認為我們將能夠在毛利率的頂線方面提供一些幫助，繼續保持更高的溢價，繼續，尤其是在 DTC 方面，減少促銷，折扣較少，這將有助於抵消其中的一部分。但正如我們所提到的，我們確實有一個團隊與我們的產品組織以及我們的商業團隊合作，圍繞提高品牌價格的機會。

I don't know that we would be able to affect too much of that for spring/summer. But when you think more about fall/winter of next year, there's probably a bigger opportunity there based on life cycle and time line. And we're excited about that. We think we're earning that in certain areas, and that's where we're going to go after it. But it will be very strategic, very targeted. And in general, we are looking to continue to improve our gross margin percentage as we go forward.

我不知道我們能否在春夏影響太多。但是當你更多地考慮明年的秋冬時，根據生命週期和時間線，那裡可能會有更大的機會。我們對此感到興奮。我們認為我們在某些領域賺到了，這就是我們要追求的地方。但這將是非常戰略性的，非常有針對性的。總的來說，我們希望在前進的過程中繼續提高我們的毛利率。

Got it. Dave, we've heard from some other companies a view on product cost environment into next year. Is there anything you can share specific to your portfolio, a range of the type of inflation that you're seeing on the product cost side?

知道了。戴夫，我們從其他一些公司那裡聽到了對明年產品成本環境的看法。你有什麼可以分享特定於你的投資組合的東西嗎？你在產品成本方面看到的一系列通貨膨脹？

To be frank, it's continuing to develop. And so at this point, I think we're going to be cautious in the level of detail we give for that on next year. We do have another call or 2 that we can give more detail coming up, but we're going to hold for that and continue to work with our supply chain and our partners to drive through and get the best clarity on that before we give more comments.

坦率地說，它還在繼續發展。因此，在這一點上，我認為我們將在明年為此提供的詳細程度保持謹慎。我們確實還有另外一兩個電話，我們可以提供更多細節，但我們將堅持這一點，並繼續與我們的供應鍊和我們的合作夥伴合作，在我們提供更多信息之前推動並獲得最好的清晰度註釋。

Our next question will come from the line of Randy Konik with Jefferies.

我們的下一個問題將來自 Randy Konik 和 Jefferies 的觀點。

So I just wanted to kind of follow up on, Dave, you said a comment earlier in the prepared remarks as it related to the off-price channel. And you talked about favorable pricing to the off-price partners. Can you elaborate on that a little bit more in terms of -- is that dynamic changing at all? And then maybe give us either some qualitative or quantitative perspective on just how far are you taking that exposure down to the off-price channel, which obviously helps your brand in the full-price channel of the distribution?

所以我只是想跟進一下，戴夫，你早些時候在準備好的評論中發表了評論，因為它與折扣渠道有關。你談到了對低價合作夥伴的優惠定價。您能否詳細說明一下——這種動態變化是否存在？然後也許給我們一些定性或定量的觀點，說明您將這種曝光率降低到折扣渠道的程度，這顯然有助於您的品牌進入全價分銷渠道？

Sure. Relative to the whole third-party off-price channel, we have embarked for the last couple of years on continuing to kind of wean that down to really get into that 3% to 4% range of revenue. We're excited that this year, we've been able to basically drive it down to a planned level of about 3% this year. And that obviously creates a little bit of a tailwind on gross margin percentage with that mix of business coming down.

當然。相對於整個第三方折扣渠道，在過去的幾年裡，我們一直在繼續減少這種情況，以真正進入 3% 到 4% 的收入範圍。我們很高興今年，我們基本上能夠將其降低到今年計劃的 3% 左右的水平。隨著業務組合的下降，這顯然會對毛利率百分比產生一點推動作用。

And then outside of that, we've tightened up our supply chain process. We've employed some demand constraints. All of those things are helping to keep the brand more premium, but they're also helping to reduce the amount of excess that we create. So overall, just a tighter process based on our new operating model. And therefore, we feel better about being able to move a lot of that excess through our own factory house stores and more of a brand right way and also in a more profitable way.

除此之外，我們還收緊了我們的供應鏈流程。我們採用了一些需求限制。所有這些都有助於保持品牌更加優質，但它們也有助於減少我們創造的過剩量。所以總的來說，只是一個基於我們新運營模式的更嚴格的流程。因此，我們對能夠通過我們自己的工廠商店和更多品牌正確的方式以及更有利可圖的方式轉移大量多餘的商品感到更好。

I would say that the other piece of it is that as we have reduced the amount that we're selling to the third-party off-price channel, the demand for the brand continues and is strong. And so those partners would like more product. And when they want more, and we don't have as much to give, generally, that means that they're going to pay a little bit more to us. And so we're seeing that benefit even on the smaller amount that we are selling to them, we're getting better prices, which has helped the gross margins as well. And we plan to continue as we go forward to manage it in that 3% to 4% mix of revenue globally. So going forward, it really shouldn't be much of a revenue headwind or tailwind or a gross margin headwind or tailwind in general going forward. It's just a small piece of our business that we maintain going forward.

我想說的另一部分是，隨著我們減少了向第三方折扣渠道銷售的數量，對品牌的需求持續強勁。所以那些合作夥伴想要更多的產品。當他們想要更多，而我們沒有那麼多東西可以給予時，一般來說，這意味著他們將向我們支付更多的錢。因此，即使我們向他們出售的數量較少，我們也看到了這種好處，我們得到了更好的價格，這也有助於提高毛利率。我們計劃繼續在全球 3% 到 4% 的收入組合中管理它。因此，展望未來，總體而言，它確實不應該是收入逆風或順風或毛利率逆風或順風。這只是我們繼續前進的一小部分業務。

That was very helpful. And then last question would be, can you give an update on the progress or the initiative around SKU count reduction and improved productivity around that initiative? Give us some color there on what you've done on both the apparel and footwear side.

這很有幫助。最後一個問題是，您能否提供有關減少 SKU 數量和提高生產力的進展或舉措的最新信息？給我們一些關於你在服裝和鞋類方面所做的事情的顏色。

Yes. I'm sure, Randy. This is Patrik. We did a lot of work around SKU management actually as far back as starting in 2017 and 2018, and we got it down to a reduction of about 50% or so. We never have expanded from that point. So in other words, we readjusted ourselves to a level that we felt would be able to sustain the growth that we were planning. And we're still at that level. And the way we think about it going forward is really in a balanced way. In other words, we will invest in SKUs where we see opportunity, but we're also very diligent about taking things out through our life management cycle for our products, ensuring that we're not getting on top of our SKUs in terms of the balance of this holistically across the company.

是的。我敢肯定，蘭迪。這是帕特里克。實際上早在 2017 年和 2018 年開始，我們就圍繞 SKU 管理做了很多工作，我們將其降低到大約 50% 左右。從那時起，我們從未擴展過。因此，換句話說，我們將自己重新調整到我們認為能夠維持我們計劃的增長的水平。而且我們還處於那個水平。我們對未來的思考方式確實是平衡的。換句話說，我們將投資於我們看到機會的 SKU，但我們也非常努力地在我們的產品生命管理週期中採取措施，確保我們不會在 SKU 方面超越我們的產品整個公司的整體平衡。

The other interesting thing is also the fact that at that point in time in '17, '18 in our first round of transformation, we also took down our trims and our materials, both by about 80%. And we've been able to maintain those levels, too. So coming back a little bit to what Dave talked about previously here in terms of our operating model and our efficiencies, because we now have a way to make sure that we are holding ourselves accountable to what different products should be doing in our line to help grow the brand and the business, the teams are doing an excellent job maintaining the discipline. And as a consequence, we'll grow our SKUs a little bit as we grow as a brand going forward, but it's always going to be in a controlled way where we're holding ourselves accountable.

另一個有趣的事情是，在 17 年和 18 年的第一輪改造中，我們還把裝飾和材料都減少了大約 80%。我們也能夠保持這些水平。因此，回到 Dave 之前在我們的運營模式和效率方面談到的內容，因為我們現在有辦法確保我們對我們的生產線中應該做的不同產品負責以提供幫助發展品牌和業務，團隊在維護紀律方面做得很好。因此，隨著我們作為一個品牌的發展，我們會稍微增加 SKU，但它總是會以一種可控的方式進行，我們要對自己負責。

And our next question will come from the line of Sam Poser with Williams Trading.

我們的下一個問題將來自 Sam Poser 與 Williams Trading 的對話。

I want to follow up on some of the supply chain stuff. Can you give us some idea of -- it's going to hurt you a bit in the March quarter and maybe a little beyond that. But can you give us some idea like sort of where these problems are happening? What's your exposure to Southern Vietnam? I noticed that you had lots of -- especially on the apparel side, a lot of a product sort of spread all over the place. So is this an issue that's going to face footwear more than apparel? Can you give us some more -- a little color on maybe your sourcing situation?

我想跟進一些供應鏈的事情。你能給我們一些想法嗎——它會在 3 月季度對你造成一點傷害，甚至可能會超出這個範圍。但是你能給我們一些想法，比如這些問題發生在哪裡嗎？你對越南南部有什麼了解？我注意到你們有很多——尤其是在服裝方面，很多產品都散佈在各處。那麼，這是一個比服裝更需要面對鞋類的問題嗎？您能否再給我們一些信息——也許是您的採購情況？

Sure, Sam. This is Patrik. First of all, I think in terms of how we -- our position from a sourcing perspective, we feel that we are balanced across the globe. In other words, we have about 50% of everything that we make coming out of APAC and the rest of it is split between Middle East, Europe and Latin America. We have a balanced portfolio in terms of how we think about sourcing, first of all. In terms of what's happening right now, the factories have been closed, especially impacting the industry, I would say, out of Vietnam because there is a mix of apparel and footwear that's coming out of there, especially South Vietnam. All those factories are now -- at least our factories are open. However, it's going to take the remainder of this year to really get them ramped up to full capacity and full speed.

當然，山姆。這是帕特里克。首先，我認為就我們如何 - 從採購的角度來看我們的立場，我們覺得我們在全球範圍內是平衡的。換句話說，我們生產的所有產品中約有 50% 來自亞太地區，其餘部分則分佈在中東、歐洲和拉丁美洲。首先，在我們如何看待採購方面，我們有一個平衡的投資組合。就目前發生的情況而言，工廠已經關閉，尤其是對越南的行業產生了影響，因為那裡有服裝和鞋類產品，尤其是南越。所有這些工廠現在都 - 至少我們的工廠是開放的。然而，要真正讓它們達到滿負荷和全速還需要今年剩餘的時間。

So for us, in terms of how we think about what's really going to be affecting us going forward more so because we've taken actions already to let's say, prune our order books for the beginning of next year to make sure that we're able to deliver against the expectation of our partners and our own direct consumer.

所以對我們來說，就我們如何考慮真正影響我們前進的因素而言，因為我們已經採取了行動，比如說，修剪明年年初的訂單，以確保我們在能夠滿足我們的合作夥伴和我們自己的直接消費者的期望。

What we're seeing now is more of a logistics and transportation challenge. And the majority, we believe in the medium term here, in other words, from the end of this coming quarter going forward is going to be inbound more so than outbound. And that has to do with just congestion at every step of the chain, right, whether it's a container or a chassis or access to port or unloading a port and then the entire journey once it lands in inbound. So we see the logistics and shipment being the biggest concern for us, let's say, in the medium term here as we turn the corner into '22.

我們現在看到的更多是物流和運輸方面的挑戰。大多數人，我們相信這裡的中期，換句話說，從下個季度末開始，入境將比出境更多。這與鏈條每一步的擁堵有關，對，無論是集裝箱還是底盤，還是進入港口或卸貨港口，然後是整個旅程，一旦它降落在入境處。因此，我們認為物流和運輸是我們最關心的問題，比方說，在中期內，我們將轉入 22 年。

And I guess Sam, just to give a little quarterly color, I guess. We see some minimal impacts for Q4 of this year, which is already assumed in the outlook we gave, definitely incurring a fair amount more in inbound freight costs to get things here and catch up a little bit. And that is an impact for Q4 on gross margin. And then calendar Q1 and calendar Q2 is probably where we see a little bit of the bigger revenue impact because of the canceled POs to be able to realistically get the factories back up and caught up and not be missing POs to customers. So we've worked with our customers on those PO cancellations. So that's a bigger impact on calendar Q1 and calendar Q2.

我猜是山姆，我猜只是為了給一點季度色彩。我們看到今年第四季度的一些影響微乎其微，這已經在我們給出的展望中做出了假設，肯定會產生相當多的入境貨運成本，以便將貨物運到這裡並趕上一點。這對第四季度的毛利率產生了影響。然後日曆 Q1 和日曆 Q2 可能是我們看到更大的收入影響的地方，因為取消的採購訂單能夠真正讓工廠恢復並趕上，不會錯過客戶的採購訂單。因此，我們已與客戶合作處理這些訂單取消問題。所以這對日曆 Q1 和日曆 Q2 的影響更大。

And then after that, it should start to dissipate, and we're continuing to work through it. So I think we have really good partnerships with our suppliers. But some of the challenges down the pipeline that Patrik mentioned on once the product actually gets to the inbound port are still a pretty big challenge.

然後在那之後，它應該開始消散，我們將繼續努力解決它。所以我認為我們與供應商有著非常好的合作夥伴關係。但是，一旦產品真正到達入境港口，Patrik 提到的管道中的一些挑戰仍然是一個相當大的挑戰。

But then I know that -- Patrik, this is for you. I know that a lot of the problems facing you are good, but are they ending up being good for the brand in the long term? Like you wish you didn't have them, but it helps make your brand more premium and get more focused because of the supply chain delays?

但後來我知道-- Patrik，這是給你的。我知道你面臨的很多問題都是好的，但從長遠來看，它們最終對品牌有好處嗎？就像您希望自己沒有它們一樣，但由於供應鏈延遲，它有助於使您的品牌更加優質並更加專注？

Well, that's a great question, Sam. And I think it's a good observation. I think when you -- any time when you're faced with a constraint, right, it forces you to make choices. And I think we've had to make some choices. To Dave's earlier point, especially as you think about the first quarter of next year, not so much perhaps this year, but certainly going into next year, as we were very -- we have to be strategic, right, in what we're actually delivering into the market based on the capacity that we're able to get through the pipes.

嗯，這是一個很好的問題，山姆。我認為這是一個很好的觀察。我認為當你——任何時候當你面臨限制時，它會迫使你做出選擇。我認為我們必須做出一些選擇。對於戴夫早些時候的觀點，特別是當你考慮明年第一季度時，也許不是今年，但肯定會進入明年，因為我們非常 - 我們必須具有戰略性，對，我們現在實際上是根據我們能夠通過管道的容量向市場投放產品。

So the question could probably be answered with a yes, somewhat, because I think it is helping us to make the right prioritization of what's going to go where and ultimately help us continue to drive this premiumization that we're driving right now with the brand. So I think it's a good observation, Sam, and I probably -- there's probably some truth to that.

所以這個問題可能會得到肯定的回答，在某種程度上，因為我認為它有助於我們正確地確定將要發生的事情的優先級，並最終幫助我們繼續推動我們目前正在推動的品牌高端化.所以我認為這是一個很好的觀察，Sam，我可能 - 這可能有一些道理。

Our next question will come from Simeon Siegel with BMO Capital Markets.

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

Congrats on the ongoing progress, great job.

恭喜不斷進步，幹得好。

Thanks, Simeon.

謝謝，西蒙。

Patrik, just maybe just a follow-up on that. So obviously, the flip side, to Sam's point the flip side of supply chain issues is just an industry-wide lid on discounts. Just curious, what's your view on industry promotions for holiday? And then more thinking into next year, and maybe talk about what you think happens when promotions ultimately do come back across the industry, just speaking to where you believe you've elevated the brand and your ability to hold the line there?

Patrik，也許只是對此的跟進。所以很明顯，另一方面，在 Sam 看來，供應鏈問題的另一面只是整個行業對折扣的限制。只是好奇，您對假期的行業促銷有何看法？然後更多地考慮明年，也許談談你認為促銷最終會在整個行業回歸時會發生什麼，只是談談你認為你已經提升了品牌的地方以及你在那裡保持線的能力？

And then, Dave, just you've made a bunch of really impressive strategic changes in your marketing approach. So can you just talk to how you're thinking about marketing expense going forward into next year, whether it's dollar growth, percent of sales? Or just how strategically you guys are focused on it.

然後，戴夫，您在營銷方法中做出了一系列非常令人印象深刻的戰略變化。那麼您能否談談您如何看待明年的營銷費用，無論是美元增長還是銷售額百分比？或者只是你們在戰略上專注於它。

Yes. Simeon, this is Patrik. Yes. So I think in terms of how we're thinking about driving the brand going forward, we're going to be continuing to follow our strategy, which is ultimately now a consumer-led strategy, right? So in other words, we're laser focused on the consumer and understanding the consumer, understanding how the consumer moves through his or her journey as they're on their way to do an activity in sports. And really, this year, to pivot a little bit into your second question around marketing, we've really activated against this concept of the journey to compete through the same campaign that we started last year, the only way is through change your game and being on the offensive.

是的。西蒙，這是帕特里克。是的。所以我認為就我們如何考慮推動品牌向前發展而言，我們將繼續遵循我們的戰略，這最終是一個以消費者為主導的戰略，對吧？因此，換句話說，我們專注於消費者並了解消費者，了解消費者在進行體育活動的途中如何度過他或她的旅程。事實上，今年，為了稍微轉向你關於營銷的第二個問題，我們已經真正激活了通過我們去年開始的同一活動進行競爭的旅程的概念，唯一的方法是改變你的遊戲和處於進攻狀態。

And I think for us, that marketing spend and the activation that we're able to do is being done much better now. And it's being done better because we understand through our return on marketing investment models that we're able to run, how to do it better. So we're more effective, we're more efficient, and it's having a better effect on the consumer as we're activating against it. We're going to continue to do that into the future and invest into marketing for the brand. And I don't know, Dave, if you want to add a little bit more on that.

我認為對我們來說，營銷支出和我們能夠做的激活現在做得更好。而且它做得更好，因為我們通過我們能夠運行的營銷投資模型的回報了解如何做得更好。所以我們更有效，我們更有效率，並且當我們針對它進行激活時，它對消費者產生了更好的影響。我們將在未來繼續這樣做，並投資於品牌營銷。我不知道，戴夫，您是否想在此基礎上再補充一點。

Yes. I guess relative to the dollar investment, we've talked a lot about kind of heavying up our investment this year based on our overdrive and being able to reinvest a fair amount of that back into the brand, which has been really exciting to do and is definitely back half weighted this year, a lot of top-of-funnel marketing around brand awareness, consideration, which we're super excited about what that could mean for us as we go into next year with that kind of behind our backs.

是的。我想相對於美元投資，我們已經談論了很多關於今年基於我們的超速駕駛增加我們的投資，並能夠將相當多的資金重新投資回品牌，這真的很令人興奮，而且今年絕對是後半部分，圍繞品牌知名度、考慮因素進行了很多頂級營銷，當我們背著這種背景進入明年時，我們對這對我們意味著什麼感到非常興奮。

But I would say that although we're going to run a higher percentage of revenue this year, we do expect to be able to leverage marketing as a percentage of revenue as we go into next year and the following year because we need to leverage every area of our cost structure going forward, and we feel confident about being able to do that and still get more return and more bang for the buck based on what we've been doing this year. And based on all the ROI work we've been doing from a marketing perspective and changing the mix and how we spend through the restructuring activities as well.

但我想說的是，儘管我們今年將獲得更高的收入百分比，但我們確實希望能夠在明年和下一年利用營銷佔收入的百分比，因為我們需要利用每一個在我們未來的成本結構領域，我們對能夠做到這一點充滿信心，並且根據我們今年一直在做的事情，我們仍然可以獲得更多的回報和更多的收益。並且基於我們從營銷角度所做的所有投資回報率工作，並通過重組活動改變組合以及我們的支出方式。

So you will probably see some leverage in marketing as a percentage of revenue as we go into next year and beyond. But I don't think you will see any decrease in the power of our marketing. If anything, you should see an increase in the power.

因此，隨著我們進入明年及以後，您可能會看到營銷中的一些影響佔收入的百分比。但我認為您不會看到我們的營銷力量有任何下降。如果有的話，您應該會看到功率的增加。

Yes, that's right. And I would just add a comment around -- your question around holiday and promotional environment. I think that there currently is a perceived scarcity around product, in general, across different sectors in the marketplace. And I think that's going to enable us to continue to drive a more premium position for our brand. What is unclear is a little bit around traffic patterns. We're seeing some things going on with the consumer around the world, which is not necessarily consistent. But in terms of our offering and how we think about promotions, we're going to be less promotional than 2020 and 2019, and we're going to continue to drive the brand to higher levels. That really is our approach going into holiday this year.

是的，這是正確的。我只想添加一條評論——關於假期和促銷環境的問題。我認為目前市場上不同領域的產品普遍存在稀缺性。我認為這將使我們能夠繼續為我們的品牌推動更高的地位。尚不清楚的是交通模式。我們看到世界各地的消費者正在發生一些事情，這不一定是一致的。但就我們的產品和我們對促銷的看法而言，我們的促銷力度將低於 2020 年和 2019 年，我們將繼續將品牌推向更高的水平。這確實是我們今年進入假期的方法。

Our next question will come from the line of Brian Nagel with Oppenheimer.

我們的下一個問題將來自布賴恩·內格爾和奧本海默的觀點。

Great quarter. Congratulations.

很棒的季度。恭喜。

Thanks, Brian.

謝謝，布賴恩。

So a couple of questions. If you want to focus on just the supply chain, I'll merge the questions together. But I mean, first off, you've laid out kind of the trajectory here through the holiday and then into early next year. The question I have there, are there -- particularly as you look at -- look towards the first quarter of next year. Are there levers you can pull, mainly like others have mentioned, airfreight and bringing products in potentially at a higher cost. And would you pull that? And then the second question I have is, as you look at the data now, you include this continued nice sales acceleration for your brand, particularly in the United States. Do you believe that the ability of your company to manage supply chain relatively well here is actually serving as a driver of incremental market share?

所以有幾個問題。如果您只想關注供應鏈，我會將問題合併在一起。但我的意思是，首先，你已經制定了整個假期的軌跡，然後到明年年初。我在那裡的問題是——特別是當你看到的時候——著眼於明年第一季度。是否有可以拉動的槓桿，主要像其他人提到的那樣，空運和潛在地以更高的成本引入產品。你會拉那個嗎？然後我的第二個問題是，當您現在查看數據時，您將這種持續的良好銷售加速納入您的品牌，尤其是在美國。您是否認為貴公司在這里相對較好地管理供應鏈的能力實際上是增加市場份額的驅動力？

Well, I feel -- thanks, Brian. I'll start off, and I'll pass it over to Dave. I think Dave, if you've got any additional comments once I've commented on this. I think, in general, in terms of the operating ability that we currently have, the agility that we have and the improvements we've made in our supply chain and our vendor base over the last years have now put us in a position where we can go both ways. We've talked a little bit here today about our ability to navigate through a pandemic where we had to scale our orders back by 30% and then ramping it up again for '21 and kind of going through what is now a logistic and transportation quagmire and navigating through that, adjusting again our order base a little bit for first half of '22. All of those different things are not possible unless you run an efficient and effective machine. And I think that's what you're really seeing from Under Armour at this point in time.

嗯，我覺得——謝謝，布賴恩。我會開始，我會把它交給戴夫。我認為戴夫，如果您在我對此發表評論後還有其他評論。我認為，總的來說，就我們目前擁有的運營能力、我們擁有的敏捷性以及過去幾年我們在供應鍊和供應商基礎上所做的改進而言，我們現在處於可以雙向。我們今天在這裡談了一點關於我們應對大流行的能力，在這種大流行中，我們不得不將訂單縮減 30%，然後在 21 年再次增加訂單，並經歷現在的物流和運輸泥潭並瀏覽它，再次調整我們在 22 年上半年的訂單基礎。除非您運行高效且有效的機器，否則所有這些不同的事情都是不可能的。我認為這就是你目前在 Under Armour 身上真正看到的。

It's an ability to navigate anything that's thrown at us and do so in the most efficient way possible. Just think about the last 2 quarters. I mean, our inventory position in the last quarter was down 26%. It's now down 21%. And we're guiding to a flattish end to the year. I think that is a testament to how we're able to navigate and understand demand much better and then throwing that over to supply chain to execute more efficiently and better.

這是一種駕馭任何拋給我們的東西的能力，並以最有效的方式進行。想想最近兩個季度。我的意思是，我們上一季度的庫存狀況下降了 26%。現在下跌了 21%。我們正在為今年的平淡做準備。我認為這證明了我們如何能夠更好地導航和理解需求，然後將其交給供應鏈以更有效、更好地執行。

And I think also, going back to what Dave talked about earlier as it relates to our off-price or what we're selling into that channel, being also able to manage that in combination with how we think about our wholesale and our own direct-to-consumer. All of that coming together and being able to navigate the last 2 years, should give you an indication of the ability of this team's ability to execute. Dave, I don't know if you want to add a bit to that.

而且我認為，回到 Dave 之前談到的與我們的折扣價或我們在該渠道銷售的產品有關的內容，還能夠結合我們對批發和我們自己的直銷的看法來管理它- 對消費者。所有這些結合在一起並能夠駕馭過去 2 年，應該讓您了解這支球隊的執行能力。戴夫，我不知道你是否想補充一點。

Yes. I guess, Brian, to add a little bit to that. You touched on airfreight. We are, I would say, employing every lever possible to try and mitigate as best we can and keep the experience to our customers and our consumers strong. So we have used a fair -- a lot of air freight this year, which we're not excited about, but it's a necessary thing with the challenges that we're all being faced with.

是的。我想，布賴恩，補充一點。你談到了空運。我想說，我們正在利用一切可能的槓桿來盡可能地嘗試和減輕影響，並為我們的客戶和消費者提供強大的體驗。所以我們今年使用了一個公平的 - 大量的空運，我們對此並不感到興奮，但這是我們都面臨的挑戰的必要事情。

And I think as we approach next year, we would expect the use of airfreight to be something that we would still employ, probably not as much as we did in this year in 2021, but still more than pre-COVID 2020. And I would say that, that is probably going to be more front half calendar 2022-focused, which will put a little bit of pressure on gross margin, but is helping us to mitigate some of those challenges from a timing perspective and try and keep that impact from being not as significant. So it is a work in process.

而且我認為，隨著我們明年的臨近，我們預計空運的使用將成為我們仍然會使用的東西，可能不會像我們在 2021 年那樣多，但仍會超過 COVID 2020 之前。我會話雖如此，這可能會更側重於 2022 年的前半年，這將對毛利率造成一點壓力，但有助於我們從時間的角度緩解其中的一些挑戰，並儘量避免這種影響沒有那麼重要。因此，這是一項正在進行的工作。

There's a lot of pieces to that puzzle as we're driving through. But our supply chain has been excellent in working with our partners, not just the factories but also our logistics providers to mitigate this as best we can. And so we feel very good about how we can navigate through and we're trying to stay ahead of it relative to the POs and the relationships that we have.

當我們開車經過時，這個難題有很多部分。但我們的供應鏈在與我們的合作夥伴合作方面表現出色，不僅是工廠，還有我們的物流供應商，以盡我們所能減輕這種情況。因此，我們對如何導航感到非常滿意，並且我們正努力相對於 PO 和我們擁有的關係保持領先。

And our next question will come from the line of Bob Drbul with Guggenheim Securities.

我們的下一個問題將來自古根海姆證券公司的 Bob Drbul。

Just a couple of questions for me. The first one is you talked about the recent trends in China. I was just wondering if you can elaborate a little bit with what you saw in the quarter and sort of what you're seeing this quarter to date and how you have that planned into the fourth quarter? And then I think you called out running as a category. I was just wondering if you could give us maybe a little more color on basketball and even the kids business.

對我來說只是幾個問題。第一個是你談到了中國最近的趨勢。我只是想知道您是否可以詳細說明一下您在本季度看到的情況以及您在本季度迄今為止看到的情況以及您如何計劃到第四季度？然後我認為您將跑步作為一個類別。我只是想知道你是否能給我們在籃球甚至兒童事業上多一點色彩。

Bob, this is Patrik. But I think China, we're still seeing COVID effects, if you like, in terms of how the consumer is navigating the landscape. There are lots of ins and outs on a, I would say, weekly or monthly basis in terms of localized closures as it relates to brick-and-mortar. And the traffic in terms of -- full-price traffic really has not returned to pre-COVID levels yet. It's just the way it is. And I think we're also seeing somewhat of a tempered traffic pattern in e-commerce. And I think that is -- a lot of that has to do with the big platforms, right? Tmall and JD that are seeing also a diminished traffic pattern on their platform. So the digital landscape in China is shifting. You're seeing resurgence of smaller platforms and commercial ventures starting up around these bigger platforms.

鮑勃，這是帕特里克。但我認為，就消費者如何駕馭環境而言，如果你願意的話，我們仍然可以看到中國的 COVID 影響。我想說，就與實體店有關的局部關閉而言，每週或每月都會有很多來龍去脈。就流量而言——全價流量確實還沒有恢復到 COVID 之前的水平。就是這樣。而且我認為我們在電子商務中也看到了某種緩和的流量模式。我認為這與大平台有關，對吧？天貓和京東也看到其平台上的流量模式減少。因此，中國的數字格局正在發生變化。您會看到圍繞這些更大平台啟動的小型平台和商業企業的複蘇。

The good news for us, I guess, is that we've made a lot of investments into our digital teams over there over the last few years. And when we feel that we're able to navigate this new landscape, but it is a varied landscape and it isn't necessarily 100% clear how this holiday period is going to pan out in China. So there's a softness, I would say, in the traffic patterns in China right now.

我想，對我們來說，好消息是我們在過去幾年裡對我們的數字團隊進行了大量投資。當我們覺得我們能夠駕馭這個新的景觀時，它是一個多變的景觀，並不一定 100% 清楚這個假期在中國將如何發展。所以我想說，現在中國的交通模式有一種軟弱。

And can you talk a little bit about maybe basketball and the kids business?

你能談談籃球和兒童事業嗎？

Oh yes, basketball and the kids business, sorry about that, Paul (sic) [Bob] basketball. And basketball, we're very excited about. And this comes back to a little bit what I talked about earlier. -- both basketball and kids. As we've seen a more normalized back-to-school this year, it's absolutely the case that all of our team sports are doing better and basketball is certainly a part of that. We're also very excited about our latest release for women that just came into the market and our breakthrough basketball shoe that has been doing great. Our Curry business is doing great.

哦，是的，籃球和孩子們的生意，對不起，保羅（原文如此）[鮑勃]籃球。還有籃球，我們非常興奮。這又回到了我之前談到的一點。 ——籃球和孩子。正如我們今年看到的更加正常的返校一樣，我們所有的團隊運動都做得更好，籃球當然是其中的一部分。我們也對我們剛剛上市的最新款女式籃球鞋以及我們一直表現出色的突破性籃球鞋感到非常興奮。我們的咖哩生意做得很好。

And we just think that there is just a vitality, if you like, in the team sports business right now that we haven't seen for a few years. So -- and that goes across kids and also basketball, but also the other team sports, American football as well as baseball.

而且我們只是認為，如果你願意的話，現在的團隊運動業務中存在著我們幾年未見的活力。所以——這不僅適用於兒童，也適用於籃球，也適用於其他團隊運動、美式足球和棒球。

And I would just say that in total, this year versus 2020, we are seeing youth growth rates higher than kind of the men's and women's, which is a great sign as well.

我只想說，總的來說，今年與 2020 年相比，我們看到青年增長率高於男性和女性，這也是一個很好的跡象。

And our next question will come from the line of Paul Lejuez with Citi.

我們的下一個問題將來自花旗的 Paul Lejuez。

Curious, prior to your purchase cancellations that you mentioned, curious how you were thinking about your unit buys for 2022? And how were you thinking about that differently in your direct-to-consumer business versus the units that would be required to service your wholesale accounts?

好奇，在您提到的取消購買之前，好奇您如何考慮 2022 年的單位購買？在您的直接面向消費者的業務與為您的批發賬戶提供服務所需的單位中，您如何看待這一點？

And then post PO cancellations, how is that unit out? So at just what percentage did you have to cancel?

然後發布訂單取消，那個單位怎麼樣？那麼，您必須取消多少百分比？

Paul, this is Dave. We haven't been giving real unit numbers as far as in our expectations. And I appreciate the interest in next year's unit growth, but it's not something we're ready to give color on yet. We'll be talking about that more on the upcoming call or the one following that, knowing that our fiscal year change happens on April 1 as well. So we're kind of being careful relative to how much detail we give on the go forward.

保羅，這是戴夫。就我們的預期而言，我們沒有提供真實的單位數量。我很欣賞對明年單位增長的興趣，但我們還沒有準備好對此進行說明。我們將在即將召開的電話會議或之後的電話會議上討論更多內容，因為我們知道我們的財政年度變更也發生在 4 月 1 日。因此，相對於我們在前進中提供多少細節，我們有點小心。

Okay. And just a follow-up on a couple of other questions that were asked. You mentioned, I think you maybe saw some differences in geographies. From a consumer perspective, how would you characterize the promotional environment, as you think about the different regions? Are you seeing big differences in APAC versus EMEA compared to the more team promotional environment that we're seeing here in the U.S.?

好的。並且只是對提出的其他幾個問題的跟進。你提到過，我想你可能看到了地理上的一些差異。從消費者的角度來看，當您考慮不同地區時，您會如何描述促銷環境？與我們在美國看到的更多團隊促銷環境相比，您是否看到亞太地區與 EMEA 的巨大差異？

Paul, this is Patrik. I'll give you my kind of high level around the globe, if you like. I think that you're seeing more of a discounted environment in China right now in APAC and with softness in traffic patterns. In Europe, we see a pretty interesting phenomenon where actually the consumer has gone back to brick-and-mortar more strongly than we would have anticipated. Actually, creating a bit of softness in the e-commerce digital channels, not just for us but also for the pure players in Europe. So the consumer really is enjoying being back out and shopping in stores, and they're doing so at a, let's say, premium level. So not really a very discounted level.

保羅，這是帕特里克。如果你願意，我會給你我在全球範圍內的高水平。我認為您現在在亞太地區看到中國的折扣環境以及流量模式的疲軟。在歐洲，我們看到了一個非常有趣的現象，實際上消費者回歸實體店的力度超出了我們的預期。實際上，在電子商務數字渠道中創造了一些軟性，不僅對我們，而且對歐洲的純粹參與者也是如此。因此，消費者真的很享受在商店購物的樂趣，並且他們這樣做是在一個比方說的高級水平上。所以不是一個非常折扣的水平。

And in North America, I think the consumer has stayed in digital and have continued to go back at higher rates in terms of traffic to the stores. At a more -- and less discounts at an elevated level for us. So I think it's a mixed bag across the world. The 3 regions are behaving a little bit differently right now, which makes it a little bit challenging perhaps to, let's say, understand exactly how they're going to navigate through this next couple of months.

在北美，我認為消費者一直停留在數字化領域，並且在商店客流量方面繼續以更高的速度回歸。對我們來說，在更高的水平上提供更多和更少的折扣。所以我認為這在世界範圍內是一個混合包。這 3 個地區現在的行為略有不同，這可能讓我們很難理解他們將如何度過接下來的幾個月。

But at the end of the day, we feel confident that the forecast that we currently have given today is going to be kind of where we're heading. But it is interesting. I don't think I've seen it like this before where everybody is at different stages with COVID. Everybody is at different stages with retail and e-commerce. But in general, in the Western world, there is definitely less discounting and more so in China, at least in terms of how we think about our sector right now.

但歸根結底，我們相信我們今天給出的預測將是我們前進的方向。但這很有趣。我認為我以前從未見過這樣的情況，每個人都處於 COVID 的不同階段。每個人都處於零售和電子商務的不同階段。但總的來說，在西方世界，折扣肯定更少，而在中國則更多，至少就我們目前對我們行業的看法而言。

And our next question will come from the line of Jonathan Komp with Baird.

我們的下一個問題將來自 Jonathan Komp 和 Baird。

Just a follow-up on the running category. Would you say that's the best example where your strategy to move more premium is underway. And when you think about the broader brand metrics, I know you track a lot of them internally, could you share maybe a couple of insights, recent movement or improvement you're seeing across some of those metrics?

只是對跑步類別的跟進。您是否會說這是您正在實施提高溢價戰略的最佳示例。當您考慮更廣泛的品牌指標時，我知道您在內部跟踪了很多指標，您能否分享一些見解、最近的變化或您在其中一些指標上看到的改進？

Yes, Jon. We are very excited about our running category. It's been a category that we have methodically and strategically and tactically we really worked on in a meaningful way since '18 when we launched our HOVR platform. This year, we came out with our Flow platform with the Velociti Wind and the Velociti SE on the back of the Curry release last year in basketball. And I think what you're seeing now with Under Armour is really an ability to execute on running head to toe, and we're doing that across the globe, which I'm very excited about, in a premium way.

是的，喬恩。我們對我們的跑步類別感到非常興奮。自 18 年推出 HOVR 平台以來，我們一直在系統地、戰略地和戰術上以一種有意義的方式致力於這一類別。今年，我們推出了帶有 Velociti Wind 和 Velociti SE 的 Flow 平台，這是在去年 Curry 發布的籃球運動的背面。而且我認為你現在看到的 Under Armour 確實是一種從頭到腳運行的能力，我們正在全球範圍內以一種優質的方式做到這一點，我對此感到非常興奮。

So really, what you've seen over the last 3 years is this running effort evolving into becoming a new platform for Under Armour, across both men's and women's across apparel and footwear. And we're very excited about the innovation that we continue to drive in this category and how we think about it going forward into '22 and beyond. So more to come on this from Under Armour, but we're here, we're in it. We're in it to win it, and we're going to stay in running and do a better job there as we go forward. So very excited about that.

所以說真的，你在過去 3 年中看到的是，這種持續的努力正在演變為 Under Armour 的新平台，涵蓋男裝和女裝，涵蓋服裝和鞋類。我們對我們在這個類別中繼續推動的創新以及我們如何看待它進入 22 年及以後的想法感到非常興奮。還有更多來自 Under Armour 的內容，但我們在這裡，我們在其中。我們要贏得它，我們將繼續前進，並在前進的過程中做得更好。對此非常興奮。

Okay. That's really helpful. And then, Dave, just one follow-up. I know you mentioned the sub quarter or the March quarter could grow low single digits for revenue even with the headwinds that you mentioned. So should we be thinking that overall that you're moving more towards sort of a -- sort of a mid- to high single-digit growth rate given that Q1, you'll be still low single digits even with the constraints. Just trying to get a sense of more of the underlying pace that you might be at.

好的。這真的很有幫助。然後，戴夫，只是一個後續行動。我知道你提到子季度或 3 月季度的收入可能會增長低個位數，即使有你提到的逆風。因此，我們是否應該認為總體而言，鑑於第一季度，您正朝著中高個位數的增長率邁進，即使有限制，您仍將處於低個位數。只是想了解更多你可能處於的潛在節奏。

So Jonathan, great question, and I'd love to give you more details on that. But we're not ready to give that exact numbers or impacts yet for calendar Q1 or for the new fiscal '23 next year. So definitely appreciate the question.

所以喬納森，很好的問題，我很想給你更多的細節。但我們還沒有準備好給出日曆第一季度或明年新的 23 財年的確切數字或影響。所以絕對欣賞這個問題。

We wouldn't call out the impact of the supply chain cancellations if it was not material. So it is definitely a pretty big impact. But kind of giving a normalized run rate growth isn't something that we're ready to give at this point, but definitely appreciate the question.

如果供應鏈取消的影響不重要，我們不會提及它。所以這絕對是一個相當大的影響。但是，在這一點上，我們還沒有準備好提供標準化的運行速度增長，但絕對感謝這個問題。

Thank you. This concludes our question-and-answer session for today. Everyone, this also concludes our webcast and conference call today. Thank you very much for your participation. You may now disconnect. Everybody, have a wonderful day.

謝謝你。今天的問答環節到此結束。大家，今天的網絡直播和電話會議也到此結束。非常感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。