Under Armour Inc (UAA) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Under Armour First Quarter 2021 Earnings Webcast and Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們先生們，感謝你們的支持，歡迎來到安德瑪 2021 年第一季度收益網絡直播和電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to Lance Allega, SVP, Investor Relations and Corporate Development. Thank you, sir. Please go ahead.

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。謝謝你，先生。請繼續。

Thank you. Good morning, and thank you to everyone for joining us for Under Armour's First Quarter Fiscal 2021 Earnings Conference Call.

謝謝你。早上好，感謝大家參加安德瑪 2021 財年第一季度收益電話會議。

Yesterday after the close of market, we announced that we have entered into a settlement with the U.S. Securities and Exchange Commission, resolving a previously announced investigation related to disclosure and the impact of certain pull-forward sales for the third quarter of 2015 through the fourth quarter of 2016. This settlement is to our disclosures and does not include any allegations from the SEC that sales during these periods did not comply with GAAP. The details of the settlement are outlined in our press release, and we are happy to put this behind us.

昨天收市後，我們宣布我們已與美國證券交易委員會達成和解，解決了先前宣布的與 2015 年第三季度至第四季度披露和某些提前銷售的影響有關的調查2016 年季度。該和解是我們披露的，不包括美國證券交易委員會關於這些期間的銷售不符合公認會計原則的任何指控。我們的新聞稿中概述了和解的細節，我們很高興將其拋在腦後。

The information provided on today's call will include forward-looking statements to reflect Under Armour's view of its current business as of May 4, 2021. Statements are made 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.

今天電話會議上提供的信息將包括前瞻性陳述，以反映安德瑪截至 2021 年 5 月 4 日對其當前業務的看法。陳述受制於風險和不確定性，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 is important to note that the ongoing uncertainty related to COVID-19 and its potential impacts 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 also be found in the press release, which identify and quantify all excluded items and provides our view about why we believe this information is helpful to investors.

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 措施的對賬也可以在新聞稿中找到，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觀點。

Joining us on today's call will be Under Armour President and CEO, Patrik Frisk; and CFO, Dave Bergman. Following our prepared remarks, we'll open the call for questions.

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。在我們準備好的評論之後，我們將打開提問的電話。

And with that, may the fourth be with you. And now I'll turn the call over to Patrik.

有了這個，願第四個與你同在。現在我將把電話轉給Patrik。

Thank you, Lance, and good morning, everyone, and welcome to our first quarter 2021 conference call. With the continued disciplined execution of our strategic playbook, we're happy with our results, which marks a better-than-expected start to our year.

謝謝蘭斯，大家早上好，歡迎參加我們的 2021 年第一季度電話會議。隨著我們戰略手冊的持續嚴格執行，我們對我們的結果感到滿意，這標誌著我們今年的開局好於預期。

As with many companies, our year-over-year comparisons are affected by the significant COVID impacts we experienced in 2020. Putting these dynamics aside for a moment and perhaps what we're most encouraged to see at this early point in our year, is that on a 2-year stack, that is skipping over 2020, we're running a better, higher quality and more profitable business. This is even more evident because of the strategies we've employed over the past couple of years, including significantly reduced sales to the off-price channel, proactive supply constraints against demand signals, the early days of exiting undifferentiated distribution, and certainly, on an annual basis, the absence of MyFitnessPal, which we sold at the end of last year.

與許多公司一樣，我們的年度比較受到我們在 2020 年經歷的重大 COVID 影響的影響。暫時擱置這些動態，也許我們在今年年初最鼓舞人心的是在 2 年的堆棧中，即跳過 2020 年，我們正在運營更好、更高質量和更有利可圖的業務。由於我們在過去幾年中採用的策略，這一點更加明顯，包括顯著減少對低價渠道的銷售、針對需求信號的主動供應限制、退出無差異分銷的早期階段，當然，在每年，我們在去年年底出售的 MyFitnessPal 的缺席。

By staying focused on athletic performance, operational excellence and connecting even more deeply with our consumers, these efforts are beginning to drive more consistent results, particularly in North America, our largest and most challenged business over the past couple of years. At the highest level, we are executing well strategically, operationally and financially.

通過專注於運動表現、卓越運營以及更深入地與我們的消費者建立聯繫，這些努力開始推動更一致的結果，特別是在北美，我們在過去幾年中最大和最具挑戰性的業務。在最高級別，我們在戰略、運營和財務上都執行得很好。

Given these and other factors, including market dynamics and continued strong momentum in fitness and wellness, we have meaningfully updated our outlook for the year, with revenue now expected to grow at a high-teen percentage rate, bringing our business essentially back in line with our results from 2019.

鑑於這些因素和其他因素，包括市場動態以及健身和健康領域的持續強勁勢頭，我們有意義地更新了我們的年度展望，預計收入現在將以青少年百分比的速度增長，使我們的業務基本上恢復到與我們從 2019 年開始的結果。

As our transformation continues to translate into improved momentum for Under Armour, there are no changes to the strategies we outlined earlier this year: strengthening the brand, continuous operating model improvement, elevating a direct-to-consumer-focused approach and staying disciplined about turning greater profitability and value to shareholders.

隨著我們的轉型繼續轉化為 Under Armour 的改善勢頭，我們今年早些時候概述的戰略沒有變化：加強品牌、持續改進運營模式、提升以直接面向消費者為中心的方法以及在轉型方面保持自律為股東帶來更大的盈利能力和價值。

Using this construct, I'll take a few minutes to highlight some of the progress we're making in these areas, starting with brand strength. From a marketing and consumer engagement perspective, our global campaign, The Only Way is Through, is delivering a singular Under Armour voice with focused performers. In 2021, we are evolving these efforts to bring the ecosystem of how we engage and inspire athletes across both physical and digital experiences into even better alignment.

使用這個結構，我將花幾分鐘時間來強調我們在這些領域取得的一些進展，從品牌實力開始。從營銷和消費者參與的角度來看，我們的全球活動“唯一的途徑是通過”，正在通過專注的表演者提供獨特的 Under Armour 聲音。到 2021 年，我們將不斷發展這些努力，以使我們如何在物理和數字體驗中參與和激勵運動員的生態系統更加一致。

These factors, driven by more robust data-driven decisions, a constant consumer insights feedback loop and our meaningfully improved outlook gives us confidence that this is an opportune time to amplify the momentum even more greatly in the second half of this year. As such, we plan to make additional investments to support our marketing efforts to help drive awareness and increase conversion. These accelerated investments will primarily focus on North America and critical countries like China and Germany, where we are still significantly underpenetrated from a brand awareness perspective.

這些因素，由更強大的數據驅動決策、持續的消費者洞察反饋循環和我們有意義地改善的前景驅動，讓我們相信，這是在今年下半年進一步放大勢頭的好時機。因此，我們計劃進行額外投資以支持我們的營銷工作，以幫助提高知名度和提高轉化率。這些加速投資將主要集中在北美以及中國和德國等關鍵國家，從品牌知名度的角度來看，我們在這些國家的滲透率仍然顯著不足。

Next is product. As a premium athletic performance brand, the products that Under Armour delivers to the marketplace must meet and exceed the consumers' high expectation of performance, fit and style unfailingly to make them better. So whether it's bringing newness and excitement to women with our crossback and Infinity bras and no slip waste band leggings, to the next generation of RUSH and Iso-Chill apparel for all athletes, our go-to-market process, storytelling and operational excellence are helping to drive more robust consumer demand.

接下來是產品。作為優質運動性能品牌，Under Armour 向市場提供的產品必須始終滿足並超越消費者對性能、合身性和風格的高期望，以使它們變得更好。因此，無論是通過我們的 crossback 和 Infinity 文胸以及無防滑廢料綁帶打底褲為女性帶來新鮮感和興奮，還是為所有運動員打造的下一代 RUSH 和 Iso-Chill 服裝，我們的上市流程、講故事和卓越運營都是有助於推動更強勁的消費需求。

Taking a moment to talk about our run category. We continue to be quite pleased with the success of our Under Armour HOVR franchise as it's broadened our appeal and preference among runners by offering multiple price points and seasonal newness to inspire loyalty. During the first quarter, we saw strength in HOVR Sonic, Machina and Infinite.

花點時間談談我們的跑步類別。我們繼續對我們的 Under Armour HOVR 特許經營權的成功感到非常高興，因為它通過提供多個價格點和季節性新品來激發忠誠度，從而擴大了我們在跑步者中的吸引力和偏好。在第一季度，我們看到了 HOVR Sonic、Machina 和 Infinite 的實力。

We also successfully launched our most pinnacle running footwear ever with the UA Flow Velociti Wind. Priced at $160, this product is delivering well against our expectations. It's also pushing performance with data from our MapMyRun digital app, telling us that runners wearing these shoes are on average going further and faster than any other UA running shoe. So while still early, very exciting to see.

我們還使用 UA Flow Velociti Wind 成功推出了我們有史以來最頂級的跑鞋。這款產品的售價為 160 美元，其表現超出了我們的預期。它還利用來自我們 MapMyRun 數字應用程序的數據推動性能，告訴我們穿著這些鞋的跑步者平均比任何其他 UA 跑鞋跑得更遠、更快。所以趁著還早，很興奮。

Switching gears to our second area of focus, which is continuous operating model improvement. With the critical mass of our transformation now behind us, and appropriately rebased cost structure and optionality that scaled smartly with future growth, we believe we are firmly on a path to returning to double-digit operating margin over the long term. This, of course, is not a one-and-done strategy, there is no finish line. Yet instead an ever-present focus on getting better, better process, more optimal structure, more efficient systems and vigilance around our decision-making. By region, channel or product, we are constantly challenging ourselves to leverage our foundational horsepower by being more precise and return-based on the investment choices we make as a global company to advance our strategic and financial goals.

轉向我們的第二個重點領域，即持續改進運營模式。現在，隨著我們轉型的關鍵規模已經過去，以及隨著未來增長巧妙地調整成本結構和可選性，我們相信我們正堅定地走在長期恢復兩位數營業利潤率的道路上。當然，這不是一勞永逸的策略，沒有終點線。然而，始終關注的是獲得更好、更好的流程、更優化的結構、更高效的系統以及對我們的決策保持警惕。根據地區、渠道或產品，我們不斷挑戰自己，通過更加精確和基於我們作為全球公司所做的投資選擇的回報來利用我們的基礎能力，以推進我們的戰略和財務目標。

Looking at our business by region. Let's review how some of this is playing out. I'll start with North America, which by many accounts, I believe to be in the healthiest position it's been in, in quite a few years from both a brand and financial perspective. High-quality revenue driven by a sharp focus around tight inventory management, proactive demand constraints, improving segmentation and servicing our customers well puts us in the sweet spot of our strategy to return to brand-right premium growth.

按地區查看我們的業務。讓我們回顧一下其中一些是如何進行的。我將從北美開始，從品牌和財務角度來看，我相信在很多年裡，它處於最健康的位置。圍繞嚴格的庫存管理、積極的需求限制、改善細分和為客戶提供良好服務所驅動的高質量收入使我們處於恢復品牌權利溢價增長戰略的最佳位置。

To support this confidence and recall in my earlier 2-year stack example, we see our full-price wholesale business in North America in 2021 being meaningfully here than the same business in 2019. Keep in mind, this is despite several headwinds in the comp set, including proactive demand constraints, exiting undifferentiated retail, a significant reduction in sales to the off-price channel and overall promotional activities. So we've taken, in total, an encouraging sign as to the future of our business.

為了支持這種信心並回顧我之前的 2 年堆棧示例，我們認為 2021 年我們在北美的全價批發業務比 2019 年的相同業務有意義。請記住，儘管競爭中有一些不利因素包括積極的需求約束、退出無差異化零售、大幅減少對折扣渠道的銷售和整體促銷活動。因此，對於我們業務的未來，我們總體上看到了一個令人鼓舞的跡象。

The other side of this equation is our direct-to-consumer business in North America, where we remain committed to reducing our promotional activity and driving improved store and digital productivity. And while traffic challenges persist in our physical stores, the business is performing above plan, and we expect it to deliver solid growth in 2021.

這個等式的另一面是我們在北美的直接面向消費者的業務，我們仍然致力於減少我們的促銷活動並推動提高商店和數字生產力。儘管我們的實體店仍然面臨客流量挑戰，但該業務的表現超出了計劃，我們預計它將在 2021 年實現穩健增長。

Shifting next to Asia Pacific. While short-term pandemic-driven impacts continue to present traffic challenges and higher promotional activities across the region, we remain confident in our ability to navigate these dynamics to emerge a stronger brand. Opportunistically, given an accelerated shift to online purchase behaviors, investments into CRM and digital activations remain center stage in our playbook to driving better brand affinity in the long term. From a direct-to-consumer perspective, we remain appropriately cautious concerning the right balance of return on those investments relative to the environment and staying premium.

轉移到亞太地區。雖然短期大流行驅動的影響繼續給整個地區帶來交通挑戰和更高的促銷活動，但我們仍然有信心駕馭這些動態以打造更強大的品牌。機會主義是，鑑於在線購買行為的加速轉變，對 CRM 和數字激活的投資仍然是我們劇本的核心，以長期推動更好的品牌親和力。從直接面向消費者的角度來看，我們對這些投資相對於環境的回報和保持溢價的適當平衡保持適當謹慎。

Next up is EMEA. And even though ongoing impacts from COVID-19 and related restrictions are tempering our near-term growth expectations a bit, there's no change to our expectations for this crucial market. With stronger-than-expected bookings coming in for the fourth quarter, we remain encouraged by our strategies to tightly manage inventory while investing in brand awareness and consideration. The reception to new products, combined with the strength of our go-to-market, is enabling us to build strong demand among key wholesale and distributor partners. And within our direct-to-consumer business, while stores are a bit more challenged due to pandemic restrictions, like last year, our e-commerce business continues to serve as a healthy offset to drive growth.

接下來是歐洲、中東和非洲。儘管 COVID-19 和相關限制的持續影響正在稍微緩和我們的近期增長預期，但我們對這個關鍵市場的預期沒有改變。隨著第四季度的預訂量強於預期，我們仍然對我們在投資品牌知名度和考慮度的同時嚴格管理庫存的策略感到鼓舞。對新產品的接受，加上我們進入市場的實力，使我們能夠在主要批發和分銷商合作夥伴中建立強勁的需求。在我們的直接面向消費者的業務中，雖然與去年一樣，由於大流行的限制，商店面臨更大的挑戰，但我們的電子商務業務繼續作為推動增長的健康抵消。

And finally, our Latin America region. As discussed on our last call, we have begun transitioning our business in certain countries to a strategic distributor model. While we expect this change to negatively impact our revenue in 2021, over the long term, we believe it will help drive greater profitability and provide a better opportunity to increase brand awareness and affinity across this region.

最後，我們的拉丁美洲地區。正如我們上次電話會議所討論的，我們已經開始將我們在某些國家的業務轉變為戰略分銷商模式。雖然我們預計這一變化將對我們 2021 年的收入產生負面影響，但從長遠來看，我們相信這將有助於提高盈利能力，並提供更好的機會來提高該地區的品牌知名度和親和力。

Now moving to our third priority, elevating a direct consumer-focused approach. Consumer shopping preferences continues to blur the lines between physical and digital demanding that brands create unique personalized experiences to integrate seamlessly into their lives. For Under Armour, we believe building out the capabilities to execute a powerful omnichannel strategy will enable us to create more connected shopping experiences across all consumer touch points.

現在轉向我們的第三個優先事項，提升以消費者為中心的直接方法。消費者購物偏好繼續模糊實體和數字之間的界限，要求品牌創造獨特的個性化體驗，以無縫融入他們的生活。對於 Under Armour，我們相信建立執行強大的全渠道戰略的能力將使我們能夠在所有消費者接觸點上創造更加互聯的購物體驗。

From an owned store perspective, our first quarter results, led by improved traffic trends and higher average order values, along with higher gross margins due to reduced promotional activity, are encouraging signs for how we're thinking about our long-term opportunity in retail. In the near term, however, even amid optimism from recent trends, we'll continue to keep an appropriate level of conservatism in the mix.

從自有商店的角度來看，我們的第一季度業績（由改善的客流量趨勢和更高的平均訂單價值以及由於促銷活動減少而導致的更高毛利率）是令人鼓舞的跡象，表明我們正在考慮我們在零售領域的長期機會.然而，在短期內，即使在近期趨勢樂觀的情況下，我們仍將繼續保持適當水平的保守主義。

Globally, our e-commerce business was up 69% in the first quarter, representing approximately 45% of our total direct-to-consumer business and included solid growth across all regions with better-than-expected conversion. Given the outside strength of e-commerce in 2020 and the continued shift to online due to the pandemic, we are hyper-focused on better understanding the consumer journey and building greater digital capabilities to unlock even deeper connections with athletes. And ultimately, while it's left to be seen about how sticky last year's e-commerce results are against this year's performance, we're confident that making additional investments in our sites, teams and processes to support our long-term growth expectations is money well spent.

在全球範圍內，我們的電子商務業務在第一季度增長了 69%，約占我們直接面向消費者的總業務的 45%，其中包括所有地區的穩健增長，轉化率好於預期。鑑於 2020 年電子商務的外部實力以及由於大流行而繼續轉向在線，我們非常專注於更好地了解消費者的旅程並建立更強大的數字能力以解鎖與運動員更深層次的聯繫。最終，雖然去年的電子商務結果與今年的業績相比有多大的粘性還有待觀察，但我們相信，對我們的網站、團隊和流程進行額外投資以支持我們的長期增長預期是很划算的花費。

Bringing all these strategies together leads us to our last focus, maintaining our discipline around profitability to drive sustainable shareholder value over the long term. With our expectation of revenue being up at a high-teen rate for the full year, I am pleased with our progress and our expectation to deliver an adjusted operating margin in line with 2019. This is a nice step up towards a double-digit rate over the long term.

將所有這些策略結合在一起，使我們達到了最後一個重點，保持我們圍繞盈利能力的紀律，以長期推動可持續的股東價值。由於我們預計全年收入將以十幾歲的速度增長，我對我們的進展感到滿意，並且我們期望實現與 2019 年一致的調整後營業利潤率。這是朝著兩位數增長率邁出的一大步從長遠來看。

So to wrap up, I'm pleased with the progress we are making. Our transformational strategy to architect a global operating model capable of driving sustainable and profitable growth is on track. With a solid start to the year, it's about continuing to execute the play with patience and allowing the processes, tools and structure we've built to drive improved capabilities across Under Armour and further enable our ability to compete for premium brand-right growth.

最後，我對我們取得的進展感到滿意。我們構建能夠推動可持續和盈利增長的全球運營模式的轉型戰略正在步入正軌。今年開局良好，我們將繼續耐心地執行比賽，並允許我們建立的流程、工具和結構來推動整個 Under Armour 的能力提升，並進一步增強我們競爭優質品牌權利增長的能力。

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

有了這個，我會把它交給戴夫。

Thanks, Patrik. Today's results are strong evidence that our transformed operating model can efficiently serve strong demand for the Under Armour brand against the continued backdrop of uncertainty due to the COVID-19 pandemic.

謝謝，帕特里克。今天的結果有力地證明，在 COVID-19 大流行帶來的持續不確定性背景下，我們轉型的運營模式可以有效地滿足對 Under Armour 品牌的強勁需求。

With an outstanding start to the year, let's dive right in with our first quarter results. Revenue was up 35% to $1.3 billion compared to the prior year. This was better than expected due to higher demand across our wholesale and DTC businesses. From a channel perspective, our wholesale revenue was up 35%. Keep in mind, approximately 2/3 of this growth was due to a Q4 '20 to Q1 '21 shift related to COVID-19 impacts connected to customer order flow and changes in supply chain timing, as noted on our last call. In addition, most of our Q1 wholesale over-delivery was due to stronger sell-through and higher demand from our North American customers.

有了一個出色的開端，讓我們直接了解我們的第一季度業績。與去年相比，收入增長 35% 至 13 億美元。由於我們的批發和 DTC 業務的需求增加，這好於預期。從渠道角度來看，我們的批發收入增長了 35%。請記住，這一增長的大約 2/3 是由於與客戶訂單流和供應鏈時間變化相關的 COVID-19 影響相關的 20 年第四季度到 21 年第一季度的轉變，正如我們上次電話會議所述。此外，我們第一季度批發超額交付的大部分原因是銷售強勁和北美客戶的需求增加。

Our direct-to-consumer business increased 54%, led by a 69% growth in e-commerce and 44% growth in our owned and operated retail stores. Our DTC results were better-than-expected, primarily due to higher average order values in retail and higher e-commerce conversion rates. Our licensing business was up 9%, driven primarily by North America.

我們的直接面向消費者的業務增長了 54%，其中電子商務增長了 69%，我們擁有和經營的零售店增長了 44%。我們的 DTC 結果好於預期，主要是由於零售的平均訂單價值較高和電子商務轉化率較高。我們的授權業務增長了 9%，主要受北美推動。

By product type, apparel revenue was up 35%, driven by our train and run categories. Footwear was up 47%, driven by our run and team sports categories. And our accessories business was up 73%, with most of the growth being driven by sports masks.

按產品類型劃分，在我們的火車和跑步類別的推動下，服裝收入增長了 35%。在我們的跑步和團隊運動類別的推動下，鞋類增長了 47%。我們的配飾業務增長了 73%，其中大部分增長是由運動口罩推動的。

From a regional and segment perspective, first quarter revenue in North America was up 32%, driven by growth in our wholesale business, which was driven in part by Q4 to Q1 COVID-19-impacted order shift. Additionally, we saw strength in our North American DTC business, with Factory House and e-commerce leading the way for growth.

從區域和細分市場的角度來看，北美第一季度的收入增長了 32%，這得益於我們批發業務的增長，這部分是由於第四季度至第一季度受 COVID-19 影響的訂單轉移。此外，我們看到了北美 DTC 業務的實力，其中 Factory House 和電子商務引領了增長之路。

In EMEA, revenue was up 41%, driven by growth in wholesale, led by our distributor business, including the Q4 to Q1 COVID-19-impacted order shift as well as strength in e-commerce. It's important to note that EMEA continues to face significant impacts due to COVID, with about 1/3 of our owned and partner mono-branded doors closed at the end of the quarter.

在歐洲、中東和非洲地區，在批發業務增長的推動下，我們的經銷商業務收入增長了 41%，包括第四季度至第一季度受 COVID-19 影響的訂單轉移以及電子商務的實力。值得注意的是，由於 COVID，歐洲、中東和非洲地區繼續面臨重大影響，我們擁有和合作夥伴的約 1/3 的單一品牌門在本季度末關閉。

Revenue in Asia Pacific was up 120%, with balanced growth across all channels, including our wholesale business, which partly benefited from Q4 to Q1 COVID-19-impacted order shifts. As a reminder, stores in APAC were closed through most of Q1 2020, so we are comping a more significant COVID-19 impact here than in our other regions.

亞太地區的收入增長了 120%，包括我們的批發業務在內的所有渠道均實現了平衡增長，這部分受益於第四季度至第一季度受 COVID-19 影響的訂單轉移。提醒一下，亞太地區的商店在 2020 年第一季度的大部分時間裡都關門了，因此我們在這裡的 COVID-19 影響比我們其他地區的影響更大。

In Latin America, revenue was down 9%, driven primarily by lower wholesale results, partially offset by growth in e-commerce.

在拉丁美洲，收入下降了 9%，主要是由於批發業績下降，部分被電子商務的增長所抵消。

First quarter gross margin was significantly better-than-expected, with a 370 basis point improvement to 50%, driven by approximately 270 basis points of pricing improvements due to lower promotional activity within our DTC channel, along with lower promotions and markdowns within our wholesale business. In addition, we experienced 130 basis points of supply chain benefits, including improved inventory levels resulting in lower reserves and product costing improvements.

第一季度毛利率顯著好於預期，提高了 370 個基點至 50%，這是由於我們的 DTC 渠道內促銷活動減少，以及我們的批發內促銷和降價促銷活動減少導致定價提高了約 270 個基點。商業。此外，我們還獲得了 130 個基點的供應鏈效益，包括庫存水平的提高導致儲備減少和產品成本核算的改善。

And finally, we realized 50 basis points of favorable channel mix due to a lower mix of off-price sales and a higher mix of DTC. Offsetting these improvements was about 140 basis points of negative gross margin impact related to the absence of MyFitnessPal, a factor we expect to impact us throughout this year.

最後，由於低價銷售組合減少和 DTC 組合增加，我們實現了 50 個基點的有利渠道組合。抵消這些改善的是與缺少 MyFitnessPal 相關的大約 140 個基點的負面毛利率影響，我們預計這一因素將在今年全年影響我們。

Overall, versus our previous outlook for first quarter gross margin, we saw tighter inventories driven by stronger-than-expected demand and lower promotions, which resulted in a reduced requirement for inventory reserves, along with more favorable pricing.

總體而言，與我們之前對第一季度毛利率的展望相比，我們看到由於需求強於預期和促銷活動減少導致庫存趨緊，這導致庫存儲備需求減少，同時定價更加優惠。

SG&A expenses were down 7% to $515 million, primarily due to lower legal and marketing costs versus the prior year. Relative to our 2020 restructuring plan, we recorded $7 million of charges in the first quarter, an amount less than we had anticipated due to slower-than-expected execution.

SG&A 費用下降 7% 至 5.15 億美元，主要是由於法律和營銷成本與去年相比有所下降。相對於我們的 2020 年重組計劃，我們在第一季度記錄了 700 萬美元的費用，由於執行速度慢於預期，這一數字低於我們的預期。

Including Q1, we've now realized $480 million of pretax restructuring and related charges. As detailed last September, this plan contemplates total charges ranging from $550 million to $600 million. It's important to note that all remaining charges are related to initiatives that we determined in 2020, meaning we are not adding anything new in 2021. We expect to incur approximately $35 million to $40 million of charges in the second quarter as we work towards completing this program in the second half of 2021.

包括第一季度，我們現在已經實現了 4.8 億美元的稅前重組和相關費用。正如去年 9 月詳述的那樣，該計劃預計總費用從 5.5 億美元到 6 億美元不等。重要的是要注意，所有剩餘費用都與我們在 2020 年確定的計劃有關，這意味著我們不會在 2021 年增加任何新內容。我們預計在第二季度將產生大約 3500 萬至 4000 萬美元的費用，因為我們正在努力完成這項工作2021年下半年計劃。

Moving on. Our first quarter operating income was $107 million. Excluding restructuring and impairment charges, adjusted operating income was $114 million. After tax, we realized net income of $78 million or $0.17 of diluted earnings per share during the quarter. Excluding restructuring charges and the noncash amortization of debt discount on our senior convertible notes, our adjusted net income was $75 million or $0.16 of adjusted diluted earnings per share. And finally, inventory at the end of the first quarter was down 9% to $852 million, a clear indicator of the improvements we have made to drive a more efficient operating model.

繼續。我們第一季度的營業收入為 1.07 億美元。不計重組和減值費用，調整後的營業收入為 1.14 億美元。稅後，我們在本季度實現了 7800 萬美元的淨收入或每股攤薄收益 0.17 美元。不包括重組費用和優先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 7500 萬美元或調整後的稀釋每股收益 0.16 美元。最後，第一季度末的庫存下降了 9% 至 8.52 億美元，這清楚地表明我們為推動更高效的運營模式所做的改進。

Now moving on to our updated 2021 outlook. While recent consumer trends continue to be more positive than we anticipated, we remain cautious with respect to demand and the overall marketplace due to the COVID-19 pandemic. Therefore, today's outlook is predicated on our business continuing under the same general macros we've seen most recently, with no significant shutdowns as well as moderate improvements within the greater retail landscape as the year progresses.

現在繼續我們更新的 2021 年展望。儘管最近的消費趨勢繼續比我們預期的更為積極，但由於 COVID-19 大流行，我們對需求和整體市場仍持謹慎態度。因此，今天的前景是基於我們的業務繼續在我們最近看到的相同的一般宏觀環境下，隨著時間的推移，沒有重大的停工以及在更大的零售環境中的適度改善。

That said, let's start at the top with revenue, which we expect to be up at a high-teen percentage rate for the full year. This reflects a high-teen percentage increase in North America and a low 30s percentage rate increase in our international business. And while we see improvements across our regions, more robust demand in North America is driving most of the gain relative to our last outlook.

也就是說，讓我們從收入開始，我們預計全年收入將以青少年百分比的速度增長。這反映了北美青少年百分比的高增長和我們國際業務的 30 年代低百分比增長。雖然我們看到我們各地區的改善，但北美更強勁的需求正在推動相對於我們上次展望的大部分收益。

From a channel perspective, our Q4 bookings have come in better within our wholesale business than our initial expectations. As discussed, we are focused on managing our inventory tightly, including constraining supply to meet demand and exiting undifferentiated retail, particularly in North America.

從渠道的角度來看，我們在批發業務中的第四季度預訂量比我們最初的預期要好。如前所述，我們專注於嚴格管理庫存，包括限制供應以滿足需求和退出無差異零售，尤其是在北美。

In our DTC business, we also expect to see stronger results drive through the remainder of the year, with retail store growth far outpacing that of e-commerce, given that business is up against some difficult comps in 2020.

在我們的 DTC 業務中，鑑於 2020 年業務面臨一些困難的競爭，我們還預計在今年剩餘時間內將看到更強勁的業績增長，零售店的增長遠遠超過電子商務的增長。

For gross margin, on a GAAP basis, we expect the full year rate to be up approximately 50 basis points against our 2020 adjusted gross margin of 48.6%, with benefits from pricing and supply chain efficiency partially offset by the sale of MyFitnessPal, which carried a high gross margin rate. The gross margin improvement relative to our previous outlook is due to improving benefits within pricing, partially offset by changes in channel mix and increased freight expense related to port congestion and logistical costs, which remains a rapidly evolving situation.

對於毛利率，按公認會計原則計算，我們預計全年毛利率將比我們 2020 年調整後的 48.6% 的毛利率提高約 50 個基點，定價和供應鏈效率的好處部分被出售 MyFitnessPal 所抵消，其中高毛利率。相對於我們之前的展望，毛利率的提高是由於定價方面的收益提高，但部分被渠道組合的變化以及與港口擁堵和物流成本相關的運費增加所抵消，這仍然是一個快速發展的情況。

From an SG&A perspective, as we stated on our last call, We believe we have appropriately re-based our cost structure to scale for future growth. The improved discipline and processes we employ help ensure we stay return-based with the optionality to invest in critical areas like marketing in our DTC and international businesses.

從 SG&A 的角度來看，正如我們在上次電話會議中所說，我們相信我們已經適當地重新調整了我們的成本結構，以適應未來的增長。我們採用的改進的紀律和流程有助於確保我們保持以回報為基礎，並可選擇投資關鍵領域，如我們的 DTC 和國際業務的營銷。

As Patrik laid out, we intend to take advantage of some of our improved outlook in the second half of this year with incremental investments, particularly in marketing, to continue driving the underlying momentum we're seeing. In this respect, we expect SG&A to be up at a rate that is approximately 1/2 that of our revenue growth.

正如帕特里克所說，我們打算通過增加投資，特別是在營銷方面，利用我們在今年下半年改善的一些前景，繼續推動我們所看到的潛在勢頭。在這方面，我們預計 SG&A 的增長速度約為我們收入增長的 1/2。

In addition to these incremental marketing investments, the other significant part of the overall increase in SG&A relative to our prior outlook is higher incentive compensation when compared to a year that saw significant reductions against target levels. When combined, these marketing investments and planned higher incentive compensation represent about 3/4 of the increase in our year-over-year SG&A dollars, meaning without them, the underlying SG&A is planned up slightly at about 2% to 3% in absolute dollars, which is consistent with the initial outlook we provided earlier this year. That said, remaining discipline about controlling costs and ensuring the right balance between growth, productivity and profitability is our top priority.

除了這些增量營銷投資外，與我們之前的展望相比，SG&A 總體增長的另一個重要部分是與目標水平顯著減少的一年相比，激勵薪酬更高。合併後，這些營銷投資和計劃中的更高激勵薪酬約占我們每年 SG&A 美元增長的 3/4，這意味著如果沒有它們，基礎 SG&A 計劃以絕對美元計小幅增長約 2% 至 3% ，這與我們今年早些時候提供的初步展望一致。也就是說，在控製成本和確保增長、生產力和盈利能力之間保持適當平衡是我們的首要任務。

After these factors, we now expect operating income to reach approximately $105 million to $115 million this year or about $230 million to $240 million on an adjusted basis. Translated to rate, we expect to deliver an operating margin of approximately 2% or an adjusted operating margin of approximately 4.5% in 2021. All of this takes us to a diluted loss per share of approximately $0.02 to $0.04, or excluding restructuring impacts, about $0.28 to $0.30 of adjusted diluted earnings per share.

在這些因素之後，我們現在預計今年的營業收入將達到約 1.05 億美元至 1.15 億美元，或在調整後的基礎上達到約 2.3 億美元至 2.4 億美元。換算成利率，我們預計 2021 年的營業利潤率約為 2%，調整後的營業利潤率約為 4.5%。所有這一切使我們的每股攤薄虧損約為 0.02 美元至 0.04 美元，或不包括重組影響，約為調整後稀釋後每股收益 0.28 美元至 0.30 美元。

To sum it up, we believe we have appropriately updated our outlook to reflect the improvements we see across the business. And to reiterate some of the comments we made on our last call, headwinds should be taken into consideration for our full year outlook, particularly in the second half, including the absence of MyFitnessPal; continued supply and demand constraints; the exit of undifferentiated retail, which starts in the back half of this year; changes to our Latin American operating model; and lower expected sales of our sports masks.

總而言之，我們相信我們已經適當地更新了我們的前景，以反映我們在整個業務中看到的改進。重申我們在上次電話會議上發表的一些評論，我們的全年展望應考慮逆風，尤其是在下半年，包括 MyFitnessPal 的缺席；持續的供需限制；無差別零售退出，今年下半年開始；改變我們的拉丁美洲運營模式；以及我們運動口罩的預期銷量下降。

For a little more color on the quarterly flow, we expect our second quarter revenue to be up approximately 70% as we lap last year's significantly shuttered retail world, with the highest regional growth seen in North America and Latin America.

對於季度流量的更多色彩，我們預計我們的第二季度收入將增長約 70%，因為我們在去年顯著關閉的零售世界中，北美和拉丁美洲的區域增長率最高。

Next, we expect Q2 gross margin to be down about 120 to 140 basis points primarily due to the following negative impacts: channel mix, with e-commerce being a considerably lower portion of the overall business when compared to last year; and within the wholesale channel, we expect a higher percentage of off-price sales versus last year's second quarter when off-price was predominantly closed. Additionally, the absence of MyFitnessPal will negatively impact the quarter. And finally, we anticipate increased freight expense from a supply chain perspective relative to the prior year as we work through ongoing logistics and transportation challenges.

接下來，我們預計第二季度毛利率將下降約 120 至 140 個基點，主要是由於以下負面影響：渠道組合，與去年相比，電子商務在整體業務中所佔的比例大大降低；在批發渠道中，我們預計折扣銷售的百分比將高於去年第二季度，當時折扣主要是關閉的。此外，MyFitnessPal 的缺席將對本季度產生負面影響。最後，隨著我們應對持續的物流和運輸挑戰，我們預計從供應鏈的角度來看，貨運費用將比上一年增加。

These negative factors are expected to be partially offset by an improvement in pricing due to lower planned promotional and discounting activities, along with some tailwinds from changes in foreign currency.

由於計劃中的促銷和折扣活動減少以及外匯變化帶來的一些不利因素，預計這些負面因素將被部分抵消。

Bringing this to the bottom line, we expect second quarter adjusted operating income to be approximately $40 million to $45 million or about $0.04 to $0.06 of adjusted diluted earnings per share.

將其歸結為底線，我們預計第二季度調整後的營業收入約為 4000 萬美元至 4500 萬美元，或調整後的稀釋後每股收益約為 0.04 美元至 0.06 美元。

To close out, with an incredibly focused strategy led by a talented, passionate team and improved operations from our multiyear transformation, we believe Under Armour is well positioned to deliver on our expectations for 2021 and beyond.

最後，憑藉由才華橫溢、充滿激情的團隊領導的令人難以置信的專注戰略，以及我們多年轉型帶來的改進運營，我們相信 Under Armour 完全有能力實現我們對 2021 年及以後的預期。

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

有了這個，我們會將它轉回給運營商以解決您的問題。

(Operator Instructions) Your first question is from the line of Erinn Murphy with Piper Sandler.

（操作員說明）您的第一個問題來自 Erinn Murphy 和 Piper Sandler。

Congrats to the team there. I was hoping you could spend a little bit more time, Patrik, talking about the North American landscape. It sounds like the outlook here is a lot brighter than you would have thought 3 months ago, which seems like the main reason for the guide up today.

祝賀那裡的團隊。我希望你能多花點時間，Patrik，談談北美的風景。聽起來這裡的前景比你 3 個月前想像的要光明得多，這似乎是今天指南上升的主要原因。

Can you just share more about what you're seeing? And then really on the wholesale order books, I'm very curious what's implied in the back half. Given the second quarter strength that you're seeing, it seems like you've still left some wiggle room there. So just any insights maybe, from Dave as well, on what the retailers are looking at for the second half?

你能分享更多關於你所看到的嗎？然後真的在批發訂單書上，我很好奇後半部分暗示了什麼。鑑於您所看到的第二季度的實力，您似乎仍然在那裡留下了一些迴旋餘地。那麼，戴夫也可能對零售商下半年的看法有任何見解嗎？

Thank you. Well, let's start with North America. For us, thinking about North America today and the journey that we've been on, I mentioned in my script that we feel that the North American business is in a healthier position this year than it's been in a very long time. And that has to do with the quality of what's in the market for us right now as a brand, and the fact that we understand the consumer better and what's working for them. We're leveraging that into our go-to-market. We're also leveraging our marketing spend more efficiently, and we're doing that through the ROMI work, return on investment and marketing model that we now have here at Under Armour.

謝謝你。好吧，讓我們從北美開始。對於我們來說，想想今天的北美以及我們一直在走的旅程，我在劇本中提到，我們覺得今年北美業務比很長時間以來處於更健康的位置。這與我們現在作為一個品牌在市場上的質量有關，以及我們更好地了解消費者以及什麼對他們有用。我們正在利用它進入我們的市場。我們也在更有效地利用我們的營銷支出，我們正在通過我們現在在 Under Armour 擁有的 ROMI 工作、投資回報和營銷模式來做到這一點。

And this whole go-to-market that we started to deploy in early 2020 makes us better each season. And part of that is the execution that you're now seeing across innovation, across gender, across our various categories and across the world. And in North America, being our biggest business, it just has a disproportionate impact, we believe.

我們在 2020 年初開始部署的整個市場推廣讓我們每個賽季都變得更好。其中一部分是你現在看到的跨創新、跨性別、跨我們各個類別和全世界的執行。我們相信，在北美，作為我們最大的業務，它只會產生不成比例的影響。

But we're also seeing strength in the fitness and wellness industry that we're benefiting from, for sure. And we believe that's going to continue as we go into the rest of '21 and beyond at this point. So a lot to be proud of from the team. There's definitely a spring in our step at this point in terms of how we think about North America. Execution is, of course, everything, and we are executing. We're getting the right stuff at the right place at the right time, better innovation, better product, better marketing, all coordinated and the consumer is responding.

但我們當然也看到了我們從中受益的健身和保健行業的實力。我們相信，隨著我們進入 21 年及以後的剩餘時間，這種情況將繼續下去。團隊有很多值得驕傲的地方。就我們如何看待北美而言，在這一點上，我們肯定有一個春天。當然，執行就是一切，我們正在執行。我們在正確的時間、正確的地點獲得正確的產品、更好的創新、更好的產品、更好的營銷，所有這些都協調一致，消費者也在做出反應。

Dave, I don't know if you want to add a little bit of color there?

戴夫，我不知道你是否想在那裡添加一點顏色？

Yes, Erinn, I think maybe what I would just remind on when we think about back half North America. The demand constraints work that we've put in place, we think, is the right thing for premium growth. But that has a little bit of an impact on back half.

是的，Erinn，當我們想到北美後半部時，我想也許我會提醒一下。我們認為，我們實施的需求限制工作是保費增長的正確選擇。但這對後半場有一點影響。

But then also, the plans to exit on differentiated retail and really focus on premium side is more of a back half impact for North America as well. And then also, we mentioned the sport masks business is a factor as well as far as being down back half versus back half of last year. So a couple of different factors that are going on there. And then we are still operating in highly uncertain times with COVID-19. So we're trying to be prudent with our planning as well.

但同時，退出差異化零售並真正專注於高端市場的計劃對北美也產生了更多的影響。然後，我們還提到運動口罩業務是一個因素，並且與去年下半年相比下降了一半。因此，有幾個不同的因素正在發生。然後，我們仍在使用 COVID-19 在高度不確定的時期開展業務。因此，我們也在努力謹慎地制定計劃。

Got it. Fair enough. And then If I could just ask a follow-up on what you're seeing in the women's department right now. Just how did men's versus women's kind of perform on that 35% apparel growth in the quarter?

知道了。很公平。然後如果我可以就你現在在女性部門看到的情況進行跟進。男裝和女裝在本季度 35% 的服裝增長中表現如何？

Yes. Women's -- really, as we came into 2020, our women's business started to show meaningful improvement. And a lot of that, I would attribute to better product, better communication, better marketing. And across both tops, bottoms as well as footwear, we're resonating with the consumer right now in many different styles.

是的。女裝——真的，隨著我們進入 2020 年，我們的女裝業務開始出現有意義的改善。其中很多，我會歸功於更好的產品、更好的溝通、更好的營銷。無論是上衣、下裝還是鞋類，我們現在都以多種不同的風格與消費者產生共鳴。

If I had to make a call out, I think what's really encouraging for me in our run category, for example, in the footwear space, the launches that we've had around the Flow Velociti Wind, continuing with the HOVR and Machina and Sonic and Infinite is resonating for both genders.

如果我不得不大聲疾呼，我認為在我們的跑步類別中對我來說真正令人鼓舞的是，例如，在鞋類領域，我們圍繞 Flow Velociti Wind 發布的產品，以及 HOVR 和 Machina 和 Sonic 繼續Infinite 正在引起兩性的共鳴。

And then when it comes to apparel for women, our Infinity cross bra as well as our Meridian leggings and many other products that we're now innovating into for women as it relates to leggings like our no-slip waste band, for example, which is really been a great innovation for us this year, are all resonating.

然後在女裝方面，我們的 Infinity 交叉文胸以及 Meridian 緊身褲以及我們現在正在為女性創新的許多其他產品，因為它與我們的防滑廢物帶等緊身褲有關，例如，今年對我們來說真的是一個偉大的創新，都引起了共鳴。

So it's more comprehensive. It's across more styles. It's across categories. It's tops, it's bottoms, it's footwear. And it's that holistic approach that we're taking to the business head to toe through the go-to-market. But it's also about the communication. We're showing up in a way that the consumer expects Under Armour to show up in, and it's resonating. So very, very excited about what that might mean for us going forward.

所以比較全面。它跨越了更多的風格。它是跨類別的。是上衣，是下裝，是鞋類。這是我們通過進入市場從頭到腳對企業採取的整體方法。但這也與溝通有關。我們以消費者期望 Under Armour 出現的方式出現，並且引起了共鳴。非常非常興奮這對我們未來可能意味著什麼。

Your next question is from the line of Jim Duffy with Stifel.

您的下一個問題來自 Jim Duffy 和 Stifel。

I wanted to start on the inventory position. Given where you guys have come from, I'm really pleased to be asking this question. But I'm curious, as you look at the accelerating demand, how you feel about the inventory position? Do you feel you have enough to capitalize on the demand that's materializing? Can you give us an update on your capacity to chase should demand outstrip your supply? And then I have a follow-up on that.

我想從庫存位置開始。鑑於你們來自哪裡，我很高興提出這個問題。但我很好奇，當您看到不斷增長的需求時，您對庫存狀況有何看法？你覺得你有足夠的能力來利用正在實現的需求嗎？如果需求超過供應，您能否向我們提供有關您追逐能力的最新信息？然後我對此進行了跟進。

Sure, Jim. This is Patrik. I'll start it off, and I'll hand it over to Dave. Maybe he can give you a little bit more color, too.

當然，吉姆。這是帕特里克。我會開始的，然後我會把它交給戴夫。也許他也可以給你更多的色彩。

Well, we came into this year, and we've talked about this now for the last 6 months and the last 2 calls around this notion of demand constraint. What it means is that we're tightening how we think about inventory across both in terms of exiting undifferentiated retail, which is exiting somewhere between 2,000 to 3,000 doors that will take full effect in the back half of this year.

好吧，我們進入了今年，在過去的 6 個月和最近的 2 次電話會議中，我們已經討論過這個需求約束的概念。這意味著我們正在收緊我們對兩者庫存的看法，以退出無差異零售，即將在今年下半年全面生效的 2,000 至 3,000 家門店退出。

We're also tightening the buckets that's in an inventory. Things like order replenishment and at once. Dialing it in better, making sure that we have, of course, the right product at the right place but not necessarily spreading ourselves so thin across, but being very, very selective with our investments.

我們還在收緊庫存中的存儲桶。諸如訂單補貨之類的事情。更好地撥通它，當然，確保我們在正確的地方擁有正確的產品，但不一定要把我們自己分散得如此之薄，而是對我們的投資非常、非常有選擇性。

The reality is, Jim, that we won't have a tremendous amount of opportunity to capitalize on accelerating demand beyond what we're actually seeing and what we're thinking about right now simply because we are constraining ourselves. That's part of the model that we're running right now, and we believe very strongly and because we do want to continue to tighten up the availability of bad inventory, making sure that we're staying as clean as we can in every channel and every point of distribution.

現實是，吉姆，我們不會有大量的機會來利用超出我們實際看到的和我們現在正在考慮的加速需求的機會，這僅僅是因為我們限制了自己。這是我們目前正在運行的模型的一部分，我們非常堅信，因為我們確實希望繼續收緊不良庫存的可用性，確保我們在每個渠道都盡可能保持清潔，並且每個分發點。

And as it relates to chase, that's going to be something that we're not going to do so much of in '21. And we're doing that also to be careful with what we're seeing right now in terms of everything that's happening in supply chain. We think that would be a very risky proposition at this point. So we're being very careful with any sort of chase for the back half of 2021.

由於它與追逐有關，這將是我們在 21 年不會做太多的事情。我們這樣做也是為了謹慎對待我們現在看到的供應鏈中發生的一切。我們認為在這一點上這將是一個非常冒險的提議。因此，我們對 2021 年下半年的任何形式的追逐都非常謹慎。

I don't know if you want to add some color on that, Dave?

我不知道你是否想在上面加點顏色，戴夫？

Patrik, I think you covered it pretty well.

Patrik，我認為你講得很好。

And then, Patrik, you spoke to this in your prepared remarks. But thinking about the foundation of revenue for '21, a much healthier base of business than prior years, more direct-to-consumer as a percent of the mix. I'm curious, as you look relative to prior years, if we were to think about units versus ASP in that revenue base, how would that shape up? Is there any way to frame the ASP accretion that you've seen over a couple of year period relative to that 2019 base? And then do you see opportunities with your tighter inventories, healthier revenue base to leverage pricing power in the product line?

然後，Patrik，你在準備好的發言中談到了這一點。但考慮到 21 年的收入基礎，比前幾年更健康的業務基礎，更直接面向消費者的比例。我很好奇，當您與前幾年相比時，如果我們要考慮該收入基礎中的單位與平均售價，那將如何形成？有什麼方法可以確定您在幾年內看到的相對於 2019 年基數的 ASP 增長？然後，您是否看到了通過更緊縮的庫存、更健康的收入基礎來利用產品線的定價能力的機會？

Yes. It's a little different when you go across in terms of what's going on. A lot of this, of course, is driven by a combination of factors. One is the actual availability of inventory. One is the better product that you're launching and the better ability to launch product well, right, which is resonating with the consumer. In other words, you're getting a bang for your buck in both ends in terms of us being able to be more premium as it relates to less promotional activity in our own channel in terms of markdowns, driving our average selling prices up.

是的。當您了解正在發生的事情時，情況會有所不同。當然，其中很多是由多種因素共同推動的。一是庫存的實際可用性。一個是你推出的產品更好，更好地推出產品的能力，對，這會引起消費者的共鳴。換句話說，就我們能夠獲得更高的溢價而言，您在兩端都得到了實惠，因為這與我們自己的渠道中的促銷活動減少有關，從而推動我們的平均售價上漲。

It's also resulting in less markdown in the wholesale channel because our innovation is matching our inventory levels. So the weeks on hand are lower. And as a consequence, they're selling our product better, which means that we're not diluting our gross-to-net so much.

由於我們的創新與我們的庫存水平相匹配，因此批發渠道的降價也減少了。因此，手頭的周數較低。因此，他們更好地銷售我們的產品，這意味著我們並沒有過多地稀釋我們的總淨額。

And what we're seeing right now with this approach that we've taken is that all of those things are happening simultaneously. And it's about balance, right? It's about balance in terms of how much inventory you have in those different channels and buckets and how you're able to communicate your innovation and your product stories to the marketplace, which we're doing much better.

我們現在通過我們採用的這種方法看到的是，所有這些事情都是同時發生的。這是關於平衡的，對吧？這是關於您在這些不同渠道和存儲桶中擁有多少庫存以及如何將您的創新和產品故事傳達給市場的平衡，我們做得更好。

And I would just highlight also the fact that if you think about the digital revenue aspect of this, the work that we've done on our e-commerce over the last 18 months, specifically as it relates to what we did midway through last year, for example, with the new North American site and our ability to merchandise better, be faster. We're now also upgrading the European sites to the same standard as the North American site. They're on the same platform, which will enable us to capitalize a little more on being better also in digital in the back half of the year.

我還要強調一個事實，如果你考慮一下這方面的數字收入，過去 18 個月我們在電子商務方面所做的工作，特別是與我們去年中期所做的工作有關，例如，借助新的北美站點和我們的商品銷售能力，我們可以做得更好、更快。我們現在還將歐洲站點升級到與北美站點相同的標準。他們在同一個平台上，這將使我們能夠在今年下半年更好地利用數字化優勢。

I don't know, Dave, do you want to talk about some of the gross-to-net maybe?

我不知道，戴夫，你是不是想談談一些從毛到淨的事情？

Yes. I mean I think just to kind of sum it up, maybe, Jim, with the healthier mix that we're seeing versus 2019, that does bring along higher AUR and average order value, AOV. So we are seeing that progress, and we're excited about continuing to drive that healthier business forward.

是的。我的意思是我想總結一下，也許，吉姆，與 2019 年相比，我們看到的更健康的組合確實帶來了更高的 AUR 和平均訂單價值，AOV。所以我們看到了這一進展，我們很高興繼續推動更健康的業務向前發展。

Your next question is from the line of Randy Konik with Jefferies.

您的下一個問題來自傑富瑞的 Randy Konik。

A quick question. So just on -- just to be a little more specific on the improvement in sell-through. Is there any kind of quantification you can give us on the changes you've seen on sell-through improvement, let's say, today versus, I don't know, 6 months or a year or 2 years ago? Just give us some perspective there. And maybe a little more color on the differences and changes you've seen on that sell-through in apparel versus footwear in the business?

一個快速的問題。所以就 - 只是為了更具體地說明銷售量的改善。對於您在銷售改善方面看到的變化，您是否可以給我們任何形式的量化，比如說，今天與，我不知道，6 個月、一年或 2 年前？只是給我們一些觀點。或許你在服裝和鞋類的銷售中看到的差異和變化有更多的色彩？

Randy, this is Dave. We typically don't quantify the sell-through changes. But what I would say is that the bigger improvements that we started really seeing in sell-through were really back half of last year and continuing forward through Q1. And we're excited about the fact that that's also leading towards less need for promotions, less need for markdowns, less need for returns. So again, kind of the revenue dilution aspects of that have been fairly favorable as well as we continue forward. And that's helping from a gross margin perspective. That's helping from an inventory management perspective and taking back less returns. And also making it maybe a little bit easier also to manage that off-price third-party mix in that kind of 3% to 4% range that we think is kind of the sweet spot as we go forward.

蘭迪，這是戴夫。我們通常不會量化銷售變化。但我要說的是，我們在銷售中真正開始看到的更大改進實際上是在去年下半年並持續到第一季度。我們對這樣一個事實感到興奮，因為這也導致對促銷的需求減少，對降價的需求減少，對退貨的需求也減少了。再說一次，這種收入稀釋方面是相當有利的，我們繼續前進。從毛利率的角度來看，這是有幫助的。從庫存管理的角度來看，這有助於減少退貨。並且還可以更容易地管理那種 3% 到 4% 範圍內的低價第三方組合，我們認為這是我們前進的最佳點。

So we continually monitor the weeks of stock that are at our wholesale partners, which has been at very, very healthy levels for, really, 2 to 3 quarters now. And we continue to see that. We continue to have great partnerships and discussions with our key accounts. And we're excited to -- working together with them to maximize sell-through as we continue to move forward.

因此，我們不斷監控批發合作夥伴的庫存週數，現在已經有 2 到 3 個季度處於非常非常健康的水平。我們繼續看到這一點。我們繼續與我們的主要客戶建立良好的合作夥伴關係和討論。我們很高興 - 與他們合作，在我們繼續前進的過程中最大限度地提高銷售額。

Great, helpful. And then maybe a follow-up on just your journey and path towards a long-term thought process around double-digit operating margins. Can you give us some framework on how you're thinking about how the DTC business, more specifically online, kind of factors into your assumptions and kind of just the way you're thinking about the margin structure across the business around that channel distribution?

很棒，很有幫助。然後也許只是你的旅程和通往兩位數營業利潤率的長期思考過程的後續行動。您能否給我們一些框架，說明您如何考慮 DTC 業務，更具體地說是在線業務，如何影響您的假設，以及您如何考慮圍繞該渠道分銷的整個業務的利潤率結構？

Yes. I mean there's a couple of different things going on there, Randy, great question. And we are definitely on that journey towards double-digit operating margin. It is going to come in a couple of different ways.

是的。我的意思是那裡發生了一些不同的事情，蘭迪，很好的問題。我們肯定正朝著兩位數的營業利潤率邁進。它將以幾種不同的方式出現。

You're right, we are going to continue to lean forward on DTC and really the best expression of our brand and driving those touch points with the consumers. That will continue to mix up a little bit of our revenue as we go forward. Keep in mind, though, that a lot of the doors we open in APAC are partner doors, and those go through wholesale. So that might temper the increasing mix of DTC a little bit. But you will continue to see the DTC mix go up, and with that comes generally higher gross margin.

你是對的，我們將繼續依靠 DTC 和真正的我們品牌的最佳表達，並推動與消費者的這些接觸點。隨著我們的前進，這將繼續混合我們的一些收入。但請記住，我們在亞太地區開設的許多門都是合作夥伴門，並且是批發的。因此，這可能會稍微緩和 DTC 不斷增加的組合。但是您將繼續看到 DTC 組合上升，隨之而來的是總體上更高的毛利率。

When you couple that with a lot of the costing improvements that our supply chain has been driving over the last few years. So part of that journey is continued positive developments on the gross margin front. But then also there's kind of a 2-part story within SG&A. As you know, when you start to mix up in DTC on the revenue side, that does bring with it a little bit more in SG&A and operating costs with rent and everything else. So that does pressure kind of the SG&A to revenue a little bit. But with all the extensive work we've done with re-basing the cost structure and the operating model and restructuring, we feel like we're in a really good spot. It's kind of re-basing that cost structure to be able to leverage a lot better as we grow. And that's what we're going to be doing as we go into '22 and beyond.

當您將其與我們的供應鏈在過去幾年中一直在推動的大量成本改進相結合時。因此，這一旅程的一部分是毛利率方面的持續積極發展。但是，SG&A 內部也有一個兩部分的故事。如您所知，當您開始在收入方面混淆 DTC 時，確實會帶來更多的 SG&A 和運營成本以及租金和其他一切。所以這確實給 SG&A 帶來了一點收入壓力。但是，隨著我們在重新調整成本結構和運營模式以及重組方面所做的所有廣泛工作，我們覺得我們處於一個非常好的位置。這是一種重新確定成本結構的基礎，以便隨著我們的發展能夠更好地利用。這就是我們進入 22 年及以後要做的事情。

So you'll continue to see a little bit of improvement SG&A to revenue, a little bit of improvement in gross margin, and that's really kind of the simplest way to lay out the journey to double-digit operating margin. So we're excited about running forward on that.

因此，您將繼續看到 SG&A 對收入的一點點改善，毛利率的一點點改善，這確實是實現兩位數營業利潤率的最簡單方法。所以我們很高興能繼續前進。

Your next question is from the line of Paul Trussell with Deutsche Bank.

您的下一個問題來自德意志銀行的 Paul Trussell。

Congrats on very strong results and momentum. I wanted to continue on the margin conversation. If you can give a little bit additional detail on the updated forecast for SG&A this year, the second half, in particular. I think your prior guidance for the year was slight growth. So it certainly sounds like there's a major step-up. So just want to better understand that the prior guide did not include that majority of marketing investments that you now plan on making. And it also sounds like the assumption is maybe little incremental revenue despite the brand building campaign that you're pursuing?

祝賀非常強勁的結果和勢頭。我想繼續邊緣對話。如果你能提供一些關於今年 SG&A 更新預測的更多細節，尤其是下半年。我認為您之前對今年的指導是小幅增長。因此，聽起來確實有很大的進步。因此，只是想更好地了解之前的指南並未包括您現在計劃進行的大部分營銷投資。儘管您正在進行品牌建設活動，但聽起來假設可能很少增加收入？

Yes. Paul, this is Dave. Excluding the incremental investments that we're making in the marketing and that we plan in incentive comp, we do expect the rest of SG&A to grow slightly, which is what we had mentioned on our last call.

是的。保羅，這是戴夫。不包括我們在營銷中進行的增量投資以及我們計劃在激勵補償中進行的投資，我們確實預計 SG&A 的其餘部分會略有增長，這就是我們在上次電話會議中提到的。

And this is similar to what we expected coming into the year, driven by continued investments into retail and international, offset by savings initiatives related to our restructuring and our capital preservation strategies from 2020, along with lower legal expenses as well.

這與我們對今年的預期相似，這得益於對零售和國際的持續投資，但與我們的重組相關的儲蓄舉措和我們從 2020 年開始的資本保全戰略以及較低的法律費用相抵消。

So you are seeing an increase from our last forecast, especially in marketing as we want to invest more in the brand and continue that momentum in the back half of the year. And then you are seeing a higher expectation of incentive compensation with the improving results. But again, we feel good about the cost structure as we drive into '22 and going forward. And these increases that we mentioned versus the prior outlook are not long-term commitments. So it is something that we can continue to adjust. And as we move into 2022, continue to rely on that reset cost base.

因此，您會看到我們上次預測的增長，尤其是在營銷方面，因為我們希望在品牌上進行更多投資，並在下半年繼續保持這種勢頭。然後，隨著結果的改善，您會看到對激勵補償的更高期望。但同樣，隨著我們進入 22 世紀並繼續前進，我們對成本結構感到滿意。我們提到的與之前前景相比的這些增長並不是長期承諾。所以我們可以繼續調整。隨著我們進入 2022 年，繼續依賴重置成本基礎。

Understood. And then I guess just my follow-up, maybe just turning to other geographies outside of North America. Could you maybe just give a little bit more detail on what you're seeing in Europe? In China specifically? And then also, how to think about the LatAm business?

明白了。然後我想只是我的後續行動，也許只是轉向北美以外的其他地區。您能否詳細介紹一下您在歐洲看到的情況？具體在中國？然後，如何看待拉美業務？

Yes. Paul, this is Patrik. Well, Europe, maybe I'll start there very quickly. As most of you know, it's locked down basically as it relates to retail apart from the U.K. that opened up a few weeks ago, and we've seen the business there rebound really well after the reopening. And we expect Europe to gradually open up in this quarter. And it might be a little bouncy -- opening up, closing down. So we'll see how that plays out in the back half of the year.

是的。保羅，這是帕特里克。好吧，歐洲，也許我會很快從那裡開始。正如你們大多數人所知，它基本上被鎖定，因為它與幾週前開放的英國以外的零售業有關，我們已經看到那裡的業務在重新開放後反彈得非常好。我們預計歐洲將在本季度逐步開放。它可能有點彈性——打開，關閉。因此，我們將在今年下半年看到情況如何。

In terms of China, we're really excited about the progress we're making there in terms of our digital space, in terms of our e-comm and the opening up of additional doors this year. We're doing that in a careful manner, making sure that we're prioritizing profitability, of course. But we've seen the traffic rebound, especially in the outlet business.

就中國而言，我們對我們在數字空間、電子商務和今年開放更多大門方面取得的進展感到非常興奮。當然，我們正在謹慎行事，確保我們優先考慮盈利能力。但我們已經看到客流量反彈，尤其是在奧特萊斯業務中。

But I would say that China is a more promotional market now than it was before COVID hit. So we're watching that and just trying to understand when the new normal, so to speak, will be there. But from a traffic perspective, traffic has been stronger in outlets than in full price and continues to be strong online. And we're going to continue to build out stores in China in this year and accelerating from last year, of course. But we're looking for quality, again, over quantity there.

但我想說的是，中國現在比新冠疫情爆發前更具促銷性。因此，我們正在關注這一點，並試圖了解新常態何時會出現。但從流量的角度來看，奧特萊斯的流量一直強於全價，並且在線上繼續保持強勁。我們將在今年繼續在中國開設門店，當然，從去年開始加速。但我們再次尋求質量，而不是數量。

And Brian, on LatAm, it's really continued focus on profitability and continuing some of the potential distributor model shifts to continue to improve both predictability and profitability while building the brand. So that's kind of our continued drive in LatAm.

布賴恩，在拉美，它確實繼續關注盈利能力，並繼續一些潛在的分銷商模式轉變，以在建立品牌的同時繼續提高可預測性和盈利能力。所以這就是我們在拉丁美洲的持續推動。

Your next question is from the line of Brian Nagel with Oppenheimer.

您的下一個問題來自奧本海默的 Brian Nagel。

Congrats on nice results. My first question, just with regard to the sales trend, and particularly, the significant improvement with sales we saw here in the Q1. So I'll kind of merge 2 points together. But Patrik, you mentioned the product launches. Is there a way to -- actually, my question was, is there a way to break out to help us understand to what extent these new products, whether they be in run or other categories are helping to drive the sales? And then second, I recognize there's a lot of moving parts here. But is there any way that you look at your business, say on stimulus, the government-provided stimulus help you drive sales?

恭喜取得好成績。我的第一個問題是關於銷售趨勢，特別是我們在第一季度看到的銷售顯著改善。所以我會把2點合併在一起。但是Patrik，您提到了產品發布。有沒有辦法——實際上，我的問題是，有沒有辦法幫助我們了解這些新產品在多大程度上，無論是在運行還是其他類別有助於推動銷售？其次，我認識到這裡有很多活動部件。但是，您有什麼方法可以看待您的業務，比如說刺激措施，政府提供的刺激措施可以幫助您推動銷售？

Brian, I think the way to think about what we're seeing with the brand right now is I would use the word holistic. And the reason I'm doing that is because the growth that we see in the brand really is global. It really is across categories, it's across gender, and it's really happening in both apparel and footwear.

布賴恩，我認為思考我們現在看到的品牌的方式是我會使用整體這個詞。我這樣做的原因是因為我們在品牌中看到的增長確實是全球性的。它確實是跨類別的，它是跨性別的，而且它確實發生在服裝和鞋類中。

In the U.S., I would say that it's hard to understand exactly how much of that is driven by the stimulus or not. But certainly, some of it is. But also, at the same time, I would say traffic is still down, right, in retail. So yes, there is certainly some stimulus going on. But we've also been very good at converting a lot better, both in our e-commerce business as well as our retail business. And we're seeing the consumer convert into higher-priced product as we're being less promotional.

在美國，我會說很難確切地理解其中有多少是由刺激措施驅動的。但可以肯定的是，其中一些是。但與此同時，我會說零售業的流量仍然在下降。所以，是的，肯定有一些刺激措施正在發生。但我們也非常擅長更好地轉換，無論是在我們的電子商務業務還是我們的零售業務中。而且我們看到消費者轉換為價格更高的產品，因為我們的促銷活動減少了。

So I think, holistically, we're doing a better job executing across our categories, across gender, across our innovation, across our go-to-market, across the globe. And that's really what's going on at this point.

所以我認為，從整體上看，我們在各個類別、性別、創新、進入市場和全球範圍內的執行情況都做得更好。這就是目前正在發生的事情。

And I think, Brian, also, I think it's important to note that just, in general, the fitness and wellness sector is doing very well, continues to be pretty strong amid COVID and strong consumer behaviors, workout tendencies, et cetera. So obviously, that's a benefit as well.

而且我認為，布賴恩，我認為重要的是要注意，總的來說，健身和保健行業表現非常好，在 COVID 和強烈的消費者行為、鍛煉傾向等情況下繼續保持強勁勢頭。所以很明顯，這也是一個好處。

Great. And then if I could -- just one follow-up to those points. But again, sales clearly much better here than Q1. As you look at the landscape, hopefully heading towards post-COVID world, do you think -- should there be bigger market share opportunities for Under Armour? Meaning, are you seeing signs of competitive fallout that could lend a better market share as we pull out of the crisis?

偉大的。然後，如果可以的話 - 只需對這些要點進行一次跟進。但同樣，這裡的銷售顯然比第一季度要好得多。當您看到前景時，希望走向後 COVID 世界，您認為安德瑪是否應該有更大的市場份額機會？意思是，隨著我們擺脫危機，您是否看到了競爭影響的跡象，這些跡象可能會帶來更好的市場份額？

I think to Dave's earlier point, Brian, the sector we're in right now, athletic performance, wellness, health, is going to, we believe, continue to be a growth sector. And I don't think that you've fully seen any dramatic fallout in our sector yet because it is buoyant.

我認為戴夫早先的觀點，布賴恩，我們現在所處的領域，運動表現、健康、健康，我們相信，將繼續成為一個增長領域。而且我認為您還沒有完全看到我們行業的任何戲劇性影響，因為它很活躍。

So I think it's going to come down to being, in our case, very consumer-centric, understanding the expectation from the consumer, understanding the consumer journey, delivering against their expectation with great product, great marketing to make them better, which is why we're here.

所以我認為，在我們的案例中，這將歸結為非常以消費者為中心，了解消費者的期望，了解消費者的旅程，以出色的產品滿足他們的期望，進行出色的營銷以使他們變得更好，這就是為什麼我們在這裡。

And that way, we'll stay competitive and we'll get better every time because our go-to-market is engineered that way. It's engineered for us to continue to get better and to make our focus -- perform in consumer better. And as long as we're focused on that, we're going to be okay.

這樣，我們將保持競爭力，並且每次都會變得更好，因為我們的市場是這樣設計的。它旨在讓我們繼續變得更好，並使我們的重點——在消費者中表現得更好。只要我們專注於這一點，我們就會好起來的。

Your next question is from the line of John Kernan with Cowen.

您的下一個問題來自 John Kernan 與 Cowen 的對話。

Dave, I wanted to go back to gross margin. Obviously, a lot of upside in Q1. You took the guidance up for the year. In Q2, there's obviously a decline, and it looks like fairly flat in the back half of the year. How much has the increase in freight and some of the other areas of inflation, like commodity inflation, affected your gross margin outlook for the back half of the year?

戴夫，我想回到毛利率。顯然，第一季度有很多上漲空間。你接受了這一年的指導。第二季度明顯下降，下半年看起來相當平穩。運費和其他一些通脹領域（如商品通脹）的增長對您下半年的毛利率前景有何影響？

Yes. I mean it's definitely been a factor, and one that we've been discussing a lot lately, John. I mean, obviously, globally, there is a lot of pressure just on logistics, on container availability, port delays, things like that. And I believe our supply chain has done a remarkable job navigating that to date, but it is challenging.

是的。我的意思是，這絕對是一個因素，也是我們最近經常討論的一個因素，約翰。我的意思是，顯然，在全球範圍內，物流、集裝箱可用性、港口延誤等方面都面臨著很大的壓力。我相信我們的供應鏈迄今為止在導航方面做得非常出色，但它具有挑戰性。

And so we do have some of that pressure built into this updated forecast. I wouldn't say that it is a massive factor, but it is big enough that we wanted to call it out and that we actually did adjust our forecast to make sure that we're covering for it.

所以我們確實在這個更新的預測中內置了一些壓力。我不會說這是一個很大的因素，但它已經足夠大了，我們想把它說出來，而且我們實際上確實調整了我們的預測以確保我們能夠覆蓋它。

The good thing is that the improvements that we've been seeing versus our expectations in our pricing ability, including the lower promotions, markdowns, off-price, and then also, inventory reserve assumptions relative to the health of our inventory, those improvements are actually outweighing the new, tougher news relative to freight and logistical challenges.

好消息是，我們在定價能力方面看到的改進與我們的預期相比，包括較低的促銷、降價、折扣，以及與庫存健康狀況相關的庫存儲備假設，這些改進是實際上超過了與貨運和物流挑戰相關的新的、更嚴峻的新聞。

So net-net, that's why you're seeing a little bit of the higher outlook that we're giving for the full year on gross margin than our prior call. So we're monitoring it. Our supply chain is on it, and we're navigating it fairly well at this point.

所以淨淨值，這就是為什麼你看到我們對全年毛利率的展望比我們之前的預測要高一些。所以我們正在監控它。我們的供應鏈就在上面，我們在這一點上做得很好。

That's helpful. And then maybe on the revenue side. Versus the 2019 pre-COVID base, how do we think about how you're planning the back half of the year? It looks like overall up low single digits or so. I'm just curious, what are the macro assumptions embedded in that? You came into the year taking a fairly conservative view of the overall macro environment. You then came in and there was a fair amount of upside to your Q1 outlook. I'm just curious how you're thinking about the back half of the year from a bigger picture perspective, both in North America and international?

這很有幫助。然後也許在收入方面。與 2019 年 COVID 之前的基礎相比，我們如何看待您如何計劃下半年？它看起來像整體低個位數左右。我只是好奇，其中嵌入的宏觀假設是什麼？今年你對整體宏觀環境持相當保守的看法。然後你進來了，你的第一季度前景有相當大的上漲空間。我只是好奇你是如何從更大的角度考慮今年下半年的，無論是在北美還是國際上？

Yes. I think, again, it really gets back to a lot of positives relative to the momentum of the business, improved Q4 orders coming in. So a lot of favorable developments. But we've got to just continue to think about the fact that there are a fair amount of those back half headwinds as well, which are not as related to health of the business. So the sale of MyFitnessPal, that was 85% to 90% of our Connected Fitness segment. So that's a pretty big impact for back half of the year.

是的。我認為，相對於業務的發展勢頭，它確實回到了很多積極的方面，第四季度的訂單有所改善。所以有很多有利的發展。但我們必須繼續考慮這樣一個事實，即也有相當多的後半部分逆風，這與企業的健康狀況無關。因此，MyFitnessPal 的銷售，占我們互聯健身部門的 85% 到 90%。因此，這對今年下半年產生了相當大的影響。

Big demand constraint work we've been talking about, exiting undifferentiated retail, which doesn't really come into play until back half of this year. The LatAm business model changes have more of a back half impact, and then the sport mask business as well.

我們一直在談論的大需求限制工作，退出無差異零售，直到今年下半年才真正發揮作用。拉丁美洲商業模式的變化對後半部的影響更大，然後是運動面具業務。

So those are definitely some pretty decent-sized headwinds. Relative to 2019, I think, again, the biggest call out is just overall health of the business mix of accounts. And we're excited about continuing to kind of drive that forward.

所以這些絕對是一些相當大的逆風。相對於 2019 年，我認為，最大的呼聲就是賬戶業務組合的整體健康狀況。我們很高興繼續推動這一進程。

Your next question is from the line of Matthew Boss with JPMorgan.

您的下一個問題來自摩根大通的 Matthew Boss。

Congrats again on the nice quarter. So Patrik, you cited accelerated marketing as a potential opportunity to drive greater brand awareness. So if we took a step back, where is overall brand awareness today? And where do you see the lowest hanging fruit as we think about marketing, maybe as we think about men's, women's or apparel versus footwear?

再次祝賀美好的季度。因此，Patrik，您將加速營銷視為提高品牌知名度的潛在機會。因此，如果我們退後一步，今天的整體品牌知名度在哪裡？當我們考慮營銷時，也許當我們考慮男裝、女裝或服裝與鞋類時，您認為最容易實現的成果在哪裡？

To think about our marketing journey, if you like, in terms of inside of our go-to-market, that really began last year with The Only Way is Through early in the year that we then had to switch to Through This Together in March when everything went digital. But the advantage of that was we learned a lot.

想想我們的營銷之旅，如果你願意的話，就我們進入市場的內部而言，這真的始於去年年初的唯一途徑是通過，然後我們不得不在三月份切換到通過這個一起當一切都數字化了。但這樣做的好處是我們學到了很多東西。

And with our new tools and our modeling capability that we have, we were able to actually use the time, especially in the digital space, to really learn what works for Under Armour in terms of how to think about resonating with the consumer to make them better.

借助我們的新工具和我們擁有的建模能力，我們能夠真正利用時間，尤其是在數字空間中，真正了解安德瑪在如何考慮與消費者產生共鳴以製造它們方面的作用更好的。

So as Dave and I saw the numbers improve here this year, now it's much easier for us to make the decision to invest back into the brand because we understand what buttons to push, and we understand what kind of returns we should be expecting. And it is really around building brand top of funnel now for us in the back half of the year, more so than we thought we would be able to do coming into the year.

因此，隨著 Dave 和我看到今年這裡的數字有所改善，現在我們更容易做出重新投資品牌的決定，因為我們了解要推動哪些按鈕，並且我們了解我們應該期待什麼樣的回報。現在真的是在今年下半年為我們建立漏斗頂部的品牌，這比我們想像的進入今年所能做的要多。

So it's just that understanding of what works for us as a brand and having the right asset base to be able to activate against in the right space to really connect with the consumer and raise the engagement level, both from an awareness and consideration perspective. So very excited that we're able to do this, and it should really set the stage for us also for '22.

因此，從認知和考慮的角度來看，這只是了解什麼對我們品牌有用，並擁有正確的資產基礎，能夠在正確的空間激活，真正與消費者建立聯繫並提高參與度。我們能夠做到這一點非常興奮，它也應該為我們在 22 年奠定基礎。

Great. And then maybe, Patrik, as we think post pandemic, how do you think the athletic industry exits this crisis? And what do you see as a reasonable annual revenue growth rate for Under Armour? I think in the past, you talked about mid to high single digits. Is that still the best way to think about Under Armour on an annual growth rate?

偉大的。然後也許，帕特里克，正如我們認為的大流行後，你認為體育產業如何擺脫這場危機？你認為安德瑪合理的年收入增長率是多少？我認為過去，您談到了中高個位數。這仍然是考慮 Under Armour 年增長率的最佳方式嗎？

And then with that, lastly, David, is SG&A up slightly? So is that now -- with the pieces that we have, is that the best way to think about SG&A dollar growth multiyear? Again, only given the pieces that we have today, is that the best way to think about it?

最後，大衛，SG&A 是否略有上升？那麼現在 - 就我們所擁有的部分而言，這是考慮 SG&A 美元多年增長的最佳方式嗎？同樣，僅考慮到我們今天擁有的部分，這是思考它的最佳方式嗎？

I'll kick it off, Matt. And I think when we see what's going on right now in the marketplace, we're being a little bit cautious, of course, in terms of what the future holds post pandemic as it relates to the consumer. We're still busy working and making sure that we're building our foundation as strong as it possibly can be here in '21 and going into '22. We're in the long game here for us, and the long game for us is internal. So we're going to continue to make the right decisions to make our foundation stronger.

我會開始的，馬特。而且我認為，當我們看到市場上正在發生的事情時，我們當然會有點謹慎，因為它與消費者有關的未來在大流行之後會發生什麼。我們仍在忙於工作，並確保我們在 21 年和 22 年建立盡可能強大的基礎。我們在這里為我們進行了長期的比賽，而對我們來說，長期的比賽是內部的。因此，我們將繼續做出正確的決定，使我們的基礎更加強大。

And make no mistake, Under Armour is returning to growth. We're a growth brand. We have a growth mindset. I think the difference now, it's a holistic growth mindset across top line, bottom line, spend, everywhere. So for us, we're going to be very excited to, at some future date, have all of you come to our Investor Day, and we'll be able to lay out the future for all of you.

毫無疑問，Under Armour 正在恢復增長。我們是成長型品牌。我們有成長的心態。我認為現在的不同之處在於，這是一種跨越頂線、底線、支出、無處不在的整體增長心態。所以對我們來說，我們很高興在未來的某個日子讓你們所有人參加我們的投資者日，我們將能夠為你們所有人規劃未來。

Dave, do you want to add a little bit?

戴夫，你想補充一點嗎？

Yes, Matt, I completely understand the interest in discussing longer-term revenue growth rates, but we're just not in a spot where we want to talk about that yet. We continue to drive forward, and we're really, really excited about this foundation that we've laid and as we're driving through 2021.

是的，馬特，我完全理解討論長期收入增長率的興趣，但我們還沒有到我們想談論這個的地方。我們繼續前進，我們對我們已經奠定的這個基礎感到非常非常興奮，因為我們正在邁向 2021 年。

And relative to SG&A and going forward, due to all the work that we've done, yes, we will be able to leverage SG&A more as we go into '22 and beyond and continue to work that SG&A revenue percentage down as we go forward over the next couple of years. Relative to what growth rate that relates to, we'll probably discuss that a little bit more at a future date when we're ready to discuss more about the revenue growth as well.

相對於 SG&A 和未來，由於我們所做的所有工作，是的，隨著我們進入 22 年及以後，我們將能夠更多地利用 SG&A，並在我們前進的過程中繼續努力降低 SG&A 收入百分比在接下來的幾年裡。相對於與之相關的增長率，我們可能會在將來準備好討論更多有關收入增長的日期時更多地討論這一點。

Your next question is from the line of Sam Poser with Williams Trading.

您的下一個問題來自 Sam Poser 與 Williams Trading 的對話。

A couple of it was, on your increased marketing spend, I mean, we've seen this from lots of other companies when they start investing more into their direct-to-consumer marketing, you see sort of a faster response to the sales increases. So the question is, how much of your revised sales plan is reflective of your increased direct-to-consumer marketing?

其中一些是，在您增加營銷支出時，我的意思是，當許多其他公司開始對直接面向消費者的營銷進行更多投資時，我們已經看到了這一點，您會看到對銷售增長的更快響應.所以問題是，您修改後的銷售計劃中有多少反映了您增加的直接面向消費者的營銷？

Sam, this is Patrik. That's a great question. And just to clarify, the marketing spend that we're now driving in the back half that predominantly is going top of funnel versus down funnel in performance marketing where you would see most of the quick return, so to speak. So we're really balancing and making sure that we're driving towards a more balanced funnel, something that we've been wanting to do for quite some time. And we've been somewhat hindered by because we've had also a lot of commitments in the past to -- tied to long-term contracts and other things that hasn't really permitted us to go up funnel and drive brand marketing. And that's what we're able to do now.

山姆，這是帕特里克。這是一個很好的問題。只是為了澄清一下，我們現在在後半部分推動的營銷支出主要是在績效營銷中的漏斗頂部而不是漏斗底部，可以這麼說，你會看到大部分快速回報。所以我們真的在平衡，並確保我們朝著更平衡的漏斗方向前進，這是我們很長一段時間以來一直想做的事情。而且我們受到了一些阻礙，因為我們過去也有很多承諾 - 與長期合同和其他並沒有真正讓我們進入漏斗並推動品牌營銷的事情有關。這就是我們現在能夠做到的。

So hence my commentary a little bit around how we're now investing for the future, and really, a lot of that top of funnel marketing is really to set the stage for '22 and beyond. It doesn't mean we're not going to spend down in the funnel. We have already planned that to support the revenue that we now have guided to. So this is really about additional brand marketing that we're talking about.

因此，因此我的評論是關於我們現在如何為未來進行投資，實際上，很多漏斗營銷的頂部實際上是為 22 年及以後的發展奠定基礎。這並不意味著我們不會在漏斗中花錢。我們已經計劃這樣做以支持我們現在指導的收入。所以這實際上是關於我們正在談論的額外品牌營銷。

And Dave, I don't know if you want to add something to that?

戴夫，我不知道你是否想添加一些東西？

Yes, Sam, I think just to take that a step further, the majority of the -- or the largest piece of our increase in our revenue outlook is driven from the wholesale side. And to Patrik's point, the revenue that we are seeing is incremental versus our last call. There's not much of that is directly tied to the increased marketing. So it is much more of the opportunity for longer-term investment in the brand. And so we'll see more benefits from '22 and '23 relative to these investments.

是的，山姆，我認為只是更進一步，我們收入前景增長的大部分或最大部分來自批發方面。就帕特里克而言，我們看到的收入與我們上次通話相比是遞增的。這與增加的營銷沒有直接關係。因此，更多的是對品牌進行長期投資的機會。因此，相對於這些投資，我們將看到 '22 和 '23 帶來的更多好處。

Let me just follow up. I mean, your direct-to-consumer business has been -- was very good, both in your stores and on your digital business. So -- and that digital -- incremental digital marketing isn't as expensive as doing sort of bigger picture things. So are you increasing your digital and consumer -- direct consumer-facing marketing in the back half? Is that part of the increase? Even though I understand it's a larger picture stuff.

讓我跟進。我的意思是，您的直接面向消費者的業務一直非常好，無論是在您的商店還是在您的數字業務中。所以——還有那個數字——增量數字營銷並不像做一些更大的事情那樣昂貴。那麼，你是否正在增加你的數字和消費者——在後半部分直接面向消費者的營銷？那是增加的一部分嗎？儘管我知道這是一個更大的圖片。

Yes, it is. It is, Sam. That was my commentary earlier against what we have been able to learn through a lot of the new capabilities, tools and other things that we put in play that we were able to actually accelerate in 2020 due to the pandemic. A lot of that spend that now is going into the back half of the year isn't digital. Even though it's top of funnel, it's actually digital top of funnel, and that is absolutely what's going on.

是的。是的，山姆。那是我早些時候對我們通過大量新功能、工具和其他東西所學到的東西的評論，這些東西我們在 2020 年由於大流行而能夠真正加速。現在進入下半年的很多支出都不是數字化的。即使它是漏斗的頂部，它實際上是漏斗的數字頂部，這絕對是正在發生的事情。

Your final question is from the line of Jay Sole with UBS.

您的最後一個問題來自瑞銀的 Jay Sole。

My question is just about the normal inventory reserve requirements that you normally take that you sort of maybe did not take this quarter and the pricing gains that you had. How did the reserve requirements in this quarter and the pricing that you got compared to what you would expect to see in a normal quarter in terms of did you -- it was better, but I mean it's sort of been planned to be better, but there was upside. Can you just give us an idea of how those 2 factors really impacted gross margin?

我的問題只是關於您通常在本季度可能沒有採取的正常庫存儲備要求以及您所獲得的定價收益。本季度的準備金要求和您獲得的定價與您在正常季度的預期相比如何？有上行空間。你能告訴我們這兩個因素是如何真正影響毛利率的嗎？

Yes. I mean I think that the best way to look at it would be that it wasn't exactly the driving factor for year-over-year. Again, year-over-year, we've talked about the 370 basis points. But as far as versus our actual expectations, it is definitely a factor. We obviously have moved through inventory very, very well. We set ourselves up well in the back half of last year for tighter supply chain management.

是的。我的意思是，我認為最好的看待它的方式是它並不是同比增長的驅動因素。同樣，與去年同期相比，我們談到了 370 個基點。但就我們的實際預期而言，這絕對是一個因素。我們顯然已經非常非常好地通過了庫存。去年下半年，我們為加強供應鏈管理做好了準備。

But then coming into this year, with the incremental drive-through in Q1, and then also with the updated forecast, we are running even healthier inventory than we originally thought. And the mix of that inventory is healthy as well, not just the level of the inventory. And so when you add those things together and our ability to sell through more at full price, it does have an impact and your required reserves are lower than anticipated. We haven't broken out the exact basis point of that difference versus our prior outlook, but it is meaningful enough that we wanted to call it out.

但是進入今年，隨著第一季度的增量驅動，以及更新的預測，我們的庫存比我們最初想像的還要健康。而且庫存的組合也是健康的，而不僅僅是庫存水平。因此，當您將這些東西加在一起以及我們以全價出售更多產品的能力時，它確實會產生影響，並且您的所需儲備低於預期。我們還沒有打破這種差異與我們之前的展望的確切基點，但它足夠有意義，我們想把它說出來。

Understood. If I can ask one more. Just on the balance sheet, there's a lot of cash in the balance sheet right now, much more than there would be at the end of a normal Q1. The new guidance suggests you'll generate a decent amount of free cash flow this year.

明白了。如果我可以再問一個。僅在資產負債表上，目前資產負債表中有大量現金，遠遠超過正常第一季度末的現金。新的指導建議您今年將產生可觀的自由現金流。

What's the plan for how the balance sheet might change over the course of the year? And is that taken into account? Obviously, it's not in the guidance, right? But I mean, just maybe give us a nice sense of how the balance sheet might change.

資產負債表在一年中如何變化的計劃是什麼？是否考慮到了這一點？顯然，它不在指導中，對吧？但我的意思是，也許只是讓我們對資產負債表可能發生的變化有一個很好的了解。

Yes. I mean, right now, again, we are very focused on continued working capital improvements, CapEx prioritization. And all of that work has been going very well, and you see that coming through the numbers and you see that in the updated forecast. So yes, we do intend to be able to drive continued free cash flow this year. And we will be at a pretty high cash balance as we drive through the remaining quarters of this year.

是的。我的意思是，現在，再次，我們非常專注於持續改善營運資金，資本支出優先級。所有這些工作都進行得非常順利，您可以通過數字看到這一點，並且您可以在更新的預測中看到這一點。所以，是的，我們確實打算在今年推動持續的自由現金流。在今年剩餘的幾個季度裡，我們的現金餘額將非常高。

Right now, we are happy with being very, very liquid and very nimble as well. And we mentioned on the last call that would we consider something like maybe debt buyback or something along those lines? We are considering it. But at this point in time, we feel really good about where we are, and we're continuing to be nimble and drive forward. So more of that in the future. We're continuing to work on that, but we feel good with where we are.

現在，我們對非常、非常靈活且非常靈活感到滿意。我們在上次電話會議中提到，我們會考慮諸如債務回購或類似的事情嗎？我們正在考慮。但是在這個時間點上，我們對自己所處的位置感覺非常好，並且我們將繼續保持敏捷並向前推進。所以將來會更多。我們正在繼續努力，但我們對我們所處的位置感覺良好。

There are no further questions. This concludes the Under Armour First Quarter Earnings Webcast and Conference Call. Thank you for your participation. You may now disconnect.

沒有進一步的問題。 Under Armour 第一季度收益網絡廣播和電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Thank you.

謝謝你。

Thank you.

謝謝你。

Thank you.

謝謝你。