Under Armour Inc (UAA) 2022 Q1 法說會逐字稿

Good morning, everyone. Thank you for standing by, and welcome to the transition quarter ended March 31 conference call. (Operator Instructions) And please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Mr. Lance Allega, Senior Vice President, Investor Relations and Corporate Development.

大家早安。感謝您的耐心等待，歡迎參加 3 月 31 日結束的過渡季度電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將會議交給今天的發言人，投資者關係和企業發展高級副總裁 Lance Allega 先生。

Good morning, and thank you to everyone for joining us for Under Armour's transition quarter ended March 31, 2022, 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 May 6, 2022. Statements made are subject to risks and uncertainties 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.

早安，感謝大家參加我們截至 2022 年 3 月 31 日的 Under Armour 過渡季度財報電話會議。今天的電話會議中提供的資訊將包括反映Under Armour 對截至2022 年5 月6 日的當前業務的看法的前瞻性陳述。風險和不確定性的影響今天早上的新聞稿，這兩篇文章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 impact on the global retail environment could continue to impact our business results.

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的業務表現。

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

我們可能會在今天的電話會議上參考非公認會計準則財務信息，包括調整後的貨幣中性條款，這些條款是根據今天上午的新聞稿中的 SEC 規則定義的。您可能也會聽到我們提到美國公認會計準則下的金額。 GAAP 與非 GAAP 指標的對帳也可以在我們的新聞稿中找到，其中確定並量化了所有排除的項目，並提供了我們關於為什麼我們認為這些資訊對投資者有幫助的觀點。

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

Under Armour 總裁兼執行長 Patrik Frisk 將參加今天的電話會議。和財務長大衛·伯格曼。繼續吧，派崔克。

Thanks, Lance, and good morning to everyone. On today's call, we'll review results from our transition quarter that ended March 31, 2022, and provide our initial outlook for fiscal '23.

謝謝蘭斯，大家早安。在今天的電話會議上，我們將回顧截至 2022 年 3 月 31 日的過渡季度的結果，並提供 23 財年的初步展望。

Having successfully executed a multiyear transformation after delivering the best year in Under Armour's history in 2021, results for our transition period came in lighter than we had expected due to ongoing supply challenges and emergent COVID-19 impact on our Asia Pacific business. These trends, which we believe to be temporary, are also expected to impact how fiscal '23 is shaping up. Dave will discuss these elements later in our call.

在2021 年實現Under Armour 歷史上最好的一年之後，我們成功執行了多年轉型，但由於持續的供應挑戰和新冠肺炎(COVID-19) 對我們亞太區業務的影響，過渡期的業績低於我們的預期。我們認為這些趨勢是暫時的，預計也會影響 23 財年的發展。戴夫將在稍後的電話會議中討論這些要素。

Yet despite these near-term headwinds, I'd underscore the confidence we have in our long-term growth potential. Over the past few years following the completion of a multiyear transformation, including work to recenter our strategy, operations and financial discipline, we've strengthened our brand, delivered higher quality revenue and are managing our business for improved profitability, including improved margins, cash flow and return on capital.

然而，儘管存在這些近期阻力，我仍要強調我們對長期成長潛力的信心。在過去的幾年裡，在完成多年轉型（包括重新調整我們的策略、營運和財務紀律）之後，我們增強了我們的品牌，提供了更高品質的收入，並正在管理我們的業務以提高盈利能力，包括提高利潤率、現金資本流量和回報率。

The engine that makes this model work most efficiently is profitable top line growth. This is my #1 priority as CEO. We believe our direct-to-consumer, footwear, women's and international businesses will drive this growth over the long term.

使此模式最有效運作的引擎是獲利的頂線成長。這是我擔任執行長的第一要務。我們相信，我們的直接面向消費者、鞋類、女裝和國際業務將長期推動這一成長。

Across these drivers, our growth strategy is anchored in 5 platforms engineered to accelerate our ability to scale and grow the Under Armour brand. First is consumer-centricity, which lies at the core of our reason for being. To activate our purpose of empowering those who strive for more, we are committed to having a deep understanding of our athletes, their functional and emotional needs and their behaviors and preferences as they complete their journey from discovery to purchase to advocacy. By incorporating insights, data and analytics, we work to ensure we evolve as consumers evolve, creating repeatable connection points.

在這些驅動因素中，我們的成長策略以 5 個平台為基礎，旨在加速我們擴大和發展 Under Armour 品牌的能力。首先是以消費者為中心，這是我們存在理由的核心。為了激活我們為那些追求更多的人提供幫助的目標，我們致力於深入了解我們的運動員、他們的功能和情感需求以及他們完成從發現到購買再到宣傳的旅程時的行為和偏好。透過整合洞察、數據和分析，我們努力確保我們隨著消費者的發展而發展，創造可重複的連接點。

Our second platform, product engine, is the creation of industry-leading innovations. These inventions wrapped in art enable athletes to train, compete and recover at the highest level possible. Leveraging consumer insight ensures our product is optimized for performance, style and cultural relevance. Through our train, compete and recover architecture, our constant focus is on delivering tangible performance advantages to drive loyalty, always ensuring we deliver products that athletes didn't know they needed and now can't imagine living without.

我們的第二個平台，產品引擎，是業界領先的創新的創造。這些包裹著藝術的發明使運動員能夠以盡可能高的水平進行訓練、比賽和恢復。利用消費者洞察確保我們的產品在性能、風格和文化相關性方面得到最佳化。透過我們的訓練、比賽和恢復架構，我們始終致力於提供實際的性能優勢以提高忠誠度，並始終確保我們提供運動員不知道自己需要、現在無法想像沒有的產品。

Third is our go-to-market platform, which is how we manage the marketplace, balancing product creation, storytelling and experiences with strong commercial relationships among our wholesale partners. We made considerable progress here by optimizing our work process calendar, delivering increasingly better segmentation and ultimately, ensuring that wherever and whenever we show up, consumers are engaging with us, the brand-right premium way.

第三是我們的進入市場平台，這是我們管理市場、平衡產品創造、講故事和體驗以及批發合作夥伴之間的強大商業關係的方式。我們透過優化工作流程日曆、提供越來越好的細分並最終確保無論何時何地我們出現，消費者都能以品牌正確的優質方式與我們互動，從而取得了長足的進步。

Fourth is end-to-end planning, which is another Under Armour innovating product platform. As we work to solve complexity among our product creation and life cycle management, sustainability, logistics and forecasting, we're collaborating on ways to bring supply chain discipline, company functions, suppliers and customers in sync to create the most optimal ecosystem possible. Having completed work on many of the individual components of this effort, we are now focused on connecting them to get even sharper and more efficient as we grow.

四是端到端規劃，這是Under Armour的另一個創新產品平台。當我們致力於解決產品創建和生命週期管理、永續性、物流和預測之間的複雜性時，我們正在合作尋找使供應鏈紀律、公司職能、供應商和客戶同步的方法，以創建盡可能最佳的生態系。在完成了這項工作的許多單獨組成部分的工作後，我們現在專注於將它們連接起來，以便隨著我們的成長而變得更加敏銳和高效。

Finally is omnichannel excellence, which targets delivering a seamless premium experience across all brand touch points. By establishing a voice-of-the-consumer capability, we're utilizing a channel-agnostic approach to map an athlete's purchase journey, identifying and reducing friction points along the way.

最後是全通路卓越，其目標是在所有品牌接觸點提供無縫的優質體驗。透過建立消費者之聲功能，我們利用與管道無關的方法來繪製運動員的購買旅程，識別並減少沿途的摩擦點。

Furthermore, harnessing the power of our eCommerce platform to improve performance and speed, along with endless aisle, buy online and pick up in store and flex payment capabilities are driving a more enjoyable digital experience. Adding even more horsepower to this effort and taking lessons learned from a successful program implemented in China over the past year, we plan to launch a loyalty test pilot in North America by the end of 2022. This program will engage consumers more deeply with all facets of our human performance system via content, events, rewards and community-based interactions, all to make the focused performer better.

此外，利用我們電子商務平台的力量來提高性能和速度，以及無盡的通道、線上購買和店內取貨以及靈活的支付功能，正在推動更愉快的數位體驗。為了加強這項工作的力度，並吸取過去一年在中國實施的成功計劃的經驗教訓，我們計劃於 2022 年底前在北美推出忠誠度測試試點。透過內容、活動、獎勵和社區為基礎的互動來改變我們的人類表現系統，所有這些都是為了讓專注的績效者變得更好。

Additionally, we continue to evolve our brand house and factory house store concepts, strengthening our ability to deliver an efficient and well-balanced multichannel experience. When combined, these platforms activate a powerful ecosystem of how we show up to empower and deliver performance for Under Armour athletes.

此外，我們繼續發展我們的品牌店和工廠店概念，增強我們提供高效且均衡的多通路體驗的能力。這些平台結合起來，可以激活一個強大的生態系統，幫助我們為 Under Armour 運動員賦能並提供表現。

At the short point of connectivity and inspiration, we lead with Team Sports and our incredible roster of sports assets. And so far in 2022, we've seen incredible examples of Under Armour making this happen.

在連結性和靈感方面，我們以團隊運動和令人難以置信的體育資產名冊領先。 2022 年迄今為止，我們已經看到了 Under Armour 實現這一目標的令人難以置信的例子。

Starting in basketball, we were thrilled to see 29 Under Armour NCAA teams qualify for this year's men's and women's March Madness tournament. And they left it all on the court, playing with the hunger, grit and swagger that our athletes are known for.

從籃球開始，我們很高興看到 29 支 Under Armour NCAA 球隊獲得參加今年男子和女子瘋狂三月錦標賽的資格。他們把一切都留在了球場上，帶著我們運動員聞名的飢餓、勇氣和昂首闊步的精神打球。

By starting and ending the season in first place and playing in our women-specific Flow Breakthru 2 shoes, the South Carolina women's basketball team brought their second national championship home to Colombia. Built and designed for women, the Breakthru 2 is optimized anatomically for the best fit, support and grip on the court. Looking to this fall, we're excited to add #3 to this highly coveted franchise.

透過在賽季開始和結束時都獲得第一名，並穿著我們的女性專用 Flow Breakthru 2 鞋進行比賽，南卡羅來納州女子籃球隊將他們的第二個全國冠軍帶回了哥倫比亞。 Breakthru 2 專為女性打造和設計，在解剖學上進行了優化，以在球場上提供最佳的貼合度、支撐力和抓地力。展望今年秋天，我們很高興能為這個令人垂涎的系列添加#3。

In the NBA, Stephen Curry hit a record 16 3-pointers on his way to 50 points to win MVP in his eighth consecutive All-Star game appearance in February, wearing his signature Curry 9 basketball shoe. Steph's impact off the court is equally impressive, and Under Armour is proud to stand with him, having donated to the Cleveland Metro School District to support their basketball programming.

在NBA，史蒂芬柯瑞(Stephen Curry) 在2 月連續第八次參加全明星賽時，穿著他標誌性的Curry 9 籃球鞋，命中了創紀錄的16 個三分球，拿下50 分並贏得了MVP。史蒂芬在球場外的影響力同樣令人印象深刻，Under Armour 很榮幸能與他站在一起，並已向克利夫蘭都會學區捐款支持他們的籃球項目。

In the other conference, Joel Embiid is having his best year ever, becoming the first international player in history to win the NBA scoring title and is in the running for overall MVP for the current season.

在另一場比賽中，喬爾恩比德迎來了他有史以來最好的一年，成為歷史上第一位贏得 NBA 得分王頭銜的國際球員，並正在競選本賽季的總 MVP。

We are also honored that our partner, Dow and Under Armour won gold at the 2022 Edison Awards in the performance-based design category. The rubberless unit sold technology used in our UA Flow lightweight basketball and running shoes was designed to bring energy return, shock absorption and traction to enhance field cushion and speed without sacrificing durability. We are proud of the work we've done together with Dow to bring this innovative technology to market that serves our purpose of making athletes better while improving manufacturing efficiency and reducing material usage.

我們也很榮幸我們的合作夥伴陶氏化學和 Under Armour 榮獲 2022 年愛迪生獎基於性能的設計類別金獎。我們的 UA Flow 輕質籃球鞋和跑鞋中使用的無橡膠單元技術旨在帶來能量回流、減震和牽引力，從而在不犧牲耐用性的情況下增強場地緩衝和速度。我們與陶氏化學合作將這項創新技術推向市場，這有助於我們實現讓運動員變得更好、同時提高製造效率和減少材料使用的目的，對此我們感到非常自豪。

From a global football perspective, we recently announced our partnership with Aston Villa centerback and captain Tyrone Mings. In addition to our training product and his boot of choice, the UA Clone Magnetico, Mings cited our values as the significant factors in signing with us, which is well aligned with his plan for community givebacks and empowering access to sport. This is an outstanding example of how Under Armour being purpose-led is attracting the talent we believe exemplifies the balance necessary to build an eternal brand.

從全球足球的角度來看，我們最近宣布與阿斯頓維拉中衛和隊長蒂龍·明斯建立合作夥伴關係。除了我們的訓練產品和他選擇的 UA Clone Magnetico 球鞋之外，Mings 還將我們的價值觀視為與我們簽約的重要因素，這與他回饋社區和增強參與運動的計劃非常一致。這是一個突出的例子，說明 Under Armour 如何以目標為導向來吸引人才，我們相信這體現了建立永恆品牌所需的平衡。

Next up, Major League Baseball is well underway, and we're excited to watch our athletes build on their momentum from last season. From Bryce Harper's 2021 national MVP and his Signature UA Harper 6 cleat that delivers speed, traction and power to Freddie Freeman building off last year's World Series performance, there is another fantastic season of baseball ahead of us.

接下來，美國職棒大聯盟正在順利進行，我們很高興看到我們的運動員在上賽季的基礎上再接再厲。從布萊斯哈珀(Bryce Harper) 的2021 年全國MVP 到他的標誌性UA Harper 6 球鞋，再到繼去年世界大賽表現的弗雷迪·弗里曼(Freddie Freeman) 的基礎上，提供速度、牽引力和力量，我們將迎來另一個精彩的棒球賽季。

And we'd be remiss not to call out Jordan Spieth for taking home his 13th PGA Tour victory with his RBC Heritage Triumph in Hilton Head, pulling out a win following a sudden death playoff. Building on the excitement of this win, we're also incredibly proud to share that our 10-year partnership with Jordan has been extended by another 4 years through 2029.

如果喬丹·斯皮思(Jordan Spieth) 在希爾頓黑德(Hilton Head) 的RBC Heritage 勝利中奪得個人第13 場PGA 巡迴賽勝利，那麼我們就太失職了，他在突然死亡延長賽後取得了勝利。在這場勝利的激動人心的基礎上，我們也非常自豪地宣布，我們與 Jordan 的 10 年合作夥伴關係又延長了 4 年，直至 2029 年。

These are just a few examples of how we drive brand affinity utilizing the best athletes on the planet, a halo that manifests itself through our run, train and recover products. And in the second half of 2022, we have several exciting innovations coming.

這些只是我們如何利用地球上最優秀的運動員來提高品牌親和力的幾個例子，這一光環透過我們的跑步、訓練和恢復產品體現出來。 2022 年下半年，我們將推出幾項令人興奮的創新。

In our run business, we are driving loyalty through our innovation franchises, a strategy that hits 2 of our long-term growth drivers, footwear and women's. Translating success from our basketball business, we are excited to launch our first-ever women-specific running footwear with the UA Flow Synchronicity expected this fall. With the midsole optimized for ground, field and geometry engineered around her anatomical differences, we see this as a game changer in how Under Armour makes her better.

在我們經營的業務中，我們透過我們的創新特許經營來提高忠誠度，這項策略打擊了我們的兩個長期成長動力：鞋類和女裝。為了將籃球業務的成功轉化為成果，我們很高興推出首款女性專用跑鞋，預計今年秋季推出 UA Flow Synchronicity。中底針對地面、場地和幾何形狀進行了優化，圍繞著她的解剖學差異進行設計，我們認為這將改變 Under Armour 如何讓她變得更好。

Also launching this fall are reimagined versions of 2 of our most popular HOVR franchises, the UA HOVR Phantom 3 delivers improved stepping comfort with newly developed knit advancements and for the very first time, a 100% full HOVR platform for even more advanced cushion. The UA HOVR Infinite 4, a long-distance running shoe, features less rubber under foot for a more flexible sensation balanced by a firmer carrier for a more efficient foot plant as the miles fly by.

今年秋季推出的還有我們最受歡迎的2 款HOVR 系列的重新設計版本，UA HOVR Phantom 3 透過新開發的針織技術改進了腳步舒適度，並首次採用100% 完整HOVR 平台，提供更先進的緩衝墊。 UA HOVR Infinite 4 是一款長距離跑鞋，腳下的橡膠較少，可提供更靈活的感覺，並透過更堅固的載體平衡，隨著里程的流逝，腳部植物會更有效。

We are equally excited about upcoming apparel launches as well. A few highlights in our train business include expanding our high-performance UA Rush technology this fall. Rush is designed with mineral line fabrics to return infrared energy to your body, helping you work harder and recover. Combined with our seamless and smartphone technologies, we're redefining fit, form and function across performance tops, bottoms and bras.

我們對即將推出的服裝也同樣感到興奮。我們火車業務的一些亮點包括今年秋季擴展我們的高性能 UA Rush 技術。 Rush 採用礦物線布料設計，可將紅外線能量送回您的身體，幫助您更努力地工作和恢復。結合我們的無縫技術和智​​慧型手機技術，我們正在重新定義高性能上衣、下裝和胸罩的貼合度、形式和功能。

And finally, when athletes recover consistently, they're able to push themselves to become better, enabling higher performance levels than ever thought possible. In this respect, it's time we reinvented a classic, and we're doing just that.

最後，當運動員持續恢復時，他們能夠推動自己變得更好，從而達到比想像的更高的表現水平。在這方面，我們是時候重塑經典了，而我們也正在這樣做。

This fall, we are launching our next evolution of fleece across all collections. This new incredibly warm and lightweight material will be featured in one of Under Armour's most popular franchises, Armour fleece with an improved athletic fit, premium finishing details, has the right amount of stretch. Additionally, this fall's fleece use over 80% sustainable recycled fibers on our way to targeting 100% recycled materials in 2023.

今年秋天，我們將在所有系列中推出新一代抓絨布料。這種令人難以置信的保暖輕質新型材料將出現在 Under Armour 最受歡迎的系列產品之一中，即 Armour 羊毛，具有改進的運動貼合度、優質的整理細節和適當的彈性。此外，今年秋季的羊毛衫使用了超過 80% 的可持續再生纖維，我們的目標是在 2023 年使用 100% 的再生材料。

Another highlight and in line with our core value of acting sustainably are our investments in amplifying our sustainability efforts, including building a new global headquarter here in Baltimore. This new brand center will help fuel our next chapter of growth and our goal of using 80% renewable energy by 2025 and a 30% reduction in greenhouse gas emissions by 2030.

與我們永續發展的核心價值一致的另一個亮點是我們對加強永續發展努力的投資，包括在巴爾的摩建立一個新的全球總部。這個新的品牌中心將有助於推動我們的新成長篇章，實現我們在 2025 年使用 80% 再生能源、到 2030 年減少 30% 溫室氣體排放的目標。

Within sustainability, we are focused on 3 main areas. First, from a materials perspective, we are working to redefine yarns to include fabrics that have improved stretch, dry faster, perform better and most importantly, are 100% recyclable.

在永續發展方面，我們將重點放在三個主要領域。首先，從材料的角度來看，我們正在努力重新定義紗線，包括具有更好的拉伸性、更快的乾燥速度、更好的性能以及最重要的是 100% 可回收的布料。

Second, from a chemistry standpoint, we are leveraging solutions and high-efficiency dyeing processes that yield improved colors while reducing water usage and improving wastewater quality. And finally, from a process viewpoint, as we continue to utilize even more recycled material in our own manufacturing methods, we are working hard to establish a circularity model to ensure we're leaving our home field cleaner and less depleted than before. More will come on this when we release our 2022 Sustainability Report, which is expected this fall.

其次，從化學角度來看，我們正在利用解決方案和高效染色過程來改善顏色，同時減少用水量並提高廢水品質。最後，從工藝的角度來看，隨著我們繼續在自己的製造方法中使用更多的回收材料，我們正在努力建立循環模型，以確保我們離開時的主場比以前更清潔、更少消耗。當我們預計在今年秋季發布 2022 年永續發展報告時，將會對此進行更多介紹。

Turning to our longer-term view. I'd like to emphasize my confidence in the balance we've struck among our strategic operational and financial principles to fuel sustainable profitable growth. And while we work -- done to grow the brand over the past few years has come to fruition, growth for the company, at least in fiscal '23, will be tempered compared to how we see the trajectory developing in the years that follow.

轉向我們的長期觀點。我想強調的是，我對我們在策略營運和財務原則之間取得的平衡充滿信心，以推動可持續的獲利成長。雖然我們在過去幾年為發展品牌所做的努力已經取得成果，但與我們看到的未來​​幾年的發展軌跡相比，公司的成長（至少在 23 財年）將有所緩和。

I'll close by underscoring that Under Armour is a growth company with an incredible opportunity ahead of us. Our fundamentals are strong. Our underlying brand strength is improving, and our confidence remains unchanged.

最後我要強調的是，Under Armour 是一家成長型公司，我們面臨著難以置信的機會。我們的基礎很強大。我們的品牌基礎實力正在增強，我們的信心沒有改變。

That said, it's essential to look past near-term pressures and focus on the long-standing influxes. The price of freight, supply chain challenges and COVID-19 are not as powerful as the global passion for sport. I'm confident that we are well positioned to deliver on our promise of growth as we work through 2023 and beyond.

也就是說，有必要忽略短期壓力並專注於長期的湧入。貨運價格、供應鏈挑戰和 COVID-19 並不像全球對體育的熱情那麼強大。我相信，我們有能力實現 2023 年及以後的成長承諾。

And now I'll turn it over to Dave.

現在我將把它交給戴夫。

Thanks, Patrik. With that, let's review our results for the transition quarter that ended March 31, 2022. Our revenue increased 3% to $1.3 billion in the quarter compared to the prior year.

謝謝，派崔克。接下來，讓我們回顧一下截至 2022 年 3 月 31 日的過渡季度的業績。

As a reminder, we mentioned on our last call that we expected transition quarter revenue to be up at a mid-single-digit rate. That expectation included an estimated 10 percentage points of revenue headwinds related to reductions in our spring/summer 2022 wholesale order book from supply constraints associated with ongoing COVID-19 pandemic impacts. Since providing that outlook, our APAC revenue has been affected by inbound shipping delays driven by COVID-19 disruptions.

提醒一下，我們在上次電話會議中提到，我們預計過渡季度營收將以中個位數的速度成長。這項預期包括，由於與持續的 COVID-19 大流行影響相關的供應限制，我們的 2022 年春夏批發訂單減少，預計收入將受到 10 個百分點的不利影響。自從提供這一前景以來，我們的亞太地區收入一直受到 COVID-19 中斷造成的入境運輸延誤的影響。

In addition, we encountered restricted store hours and store closures in China due to COVID-19, which caused significant reductions in retail traffic. Together, these developing challenges weighed on our transition quarter revenue by about 1.5 percentage points. So revenue would have been in the middle of our expected range excluding the impact of these events.

此外，由於 COVID-19，我們在中國遇到了商店營業時間限制和商店關閉的情況，導致零售客流量大幅減少。這些不斷發展的挑戰加在一起，使我們轉型季度的營收下降了約 1.5 個百分點。因此，如果排除這些事件的影響，收入將處於我們預期範圍的中間。

Clicking into revenue by channel. Wholesale was up 4% to $829 million driven primarily by increases in our distributor and off-price businesses. Keep in mind, our off-price business was still within 3% to 4% of our total revenue where we expect it to remain for fiscal '23.

按管道點擊收入。批發業務成長 4%，達到 8.29 億美元，主要是由於我們的經銷商和折扣業務的成長。請記住，我們的折扣業務仍佔總收入的 3% 至 4% 以內，我們預計 23 財年仍將保持這一比例。

Our direct-to-consumer business was up 1% with 2% growth in eCommerce sales and flat results in our owned and operated stores. Of this, eCommerce represented 45% of total DTC sales in the transition quarter.

我們的直接面向消費者業務成長了 1%，電子商務銷售額成長了 2%，而我們自有和經營的商店業績持平。其中，電子商務佔轉型季度 DTC 總銷售額的 45%。

Our licensing revenue was up 23% driven by a timing shift in APAC and solid growth in North America. From a regional perspective, North America revenue was up 4% to $841 million, including growth in our wholesale and DTC businesses. EMEA saw strong results with revenue up 18% driven by growth in our wholesale and DTC channels. Revenue in Asia Pacific was down 14% due to COVID-related inbound shipping delays and challenging market conditions amplified by retail store closures and restrictions in China. And in Latin America, revenue was down 6%, impacted by shifts in our business towards a distributor model, which we completed in the third quarter of fiscal 2021.

由於亞太地區的時間轉變和北美的穩健成長，我們的授權收入成長了 23%。從區域角度來看，北美收入成長了 4%，達到 8.41 億美元，其中包括批發和 DTC 業務的成長。歐洲、中東和非洲地區取得了強勁的業績，在我們的批發和 DTC 通路成長的推動下，營收成長了 18%。由於新冠肺炎相關的入境運輸延誤以及中國零售店關閉和限制措施加劇的市場環境挑戰，亞太地區收入下降了 14%。在拉丁美洲，由於我們在 2021 財年第三季完成的業務向經銷商模式的轉變，收入下降了 6%。

By product type, apparel revenue was up 8% primarily due to strength in our train and Team Sports categories. Footwear was down 4% primarily due to COVID-19-related supply constraints. Despite this, we saw growth in our train and outdoor categories. And finally, our accessories business was down 18% due to expected lower sales of our sports masks compared to last year, which we anticipate normalizing by the second quarter of fiscal 2023.

按產品類型劃分，服裝收入成長了 8%，這主要得益於我們訓練和團隊運動類別的實力。鞋類下降 4%，主要是由於與 COVID-19 相關的供應限制。儘管如此，我們還是看到了火車和戶外類別的成長。最後，由於我們的運動口罩銷量預計低於去年，我們的配件業務下降了 18%，我們預計到 2023 財年第二季將恢復正常。

Our transition quarter gross margin fell 350 basis points year-over-year to 46.5%. This was driven by 330 basis points of COVID-related supply chain impacts driven by elevated freight costs, particularly for ocean freight, which came in considerably higher than we had expected, along with increased airfreight utilization. 80 basis points of unfavorable channel mix related to higher sales to the off-price and distributor channels, which carry a lower gross margin, 30 basis points of unfavorable regional mix and 20 basis points of negative impact from changes in foreign currency. These headwinds were partially offset by 120 basis points of pricing improvements due to better pricing of sales to the off-price channel and lower promotional activity within our DTC business.

我們過渡季度的毛利率年減 350 個基點至 46.5%。這是由於與新冠肺炎相關的供應鏈受到貨運成本上升 330 個基點的影響，尤其是海運成本，其價格遠高於我們的預期，同時空運利用率也有所增加。 80 個基點的不利管道組合與折扣和分銷管道的銷售增加有關，這些管道的毛利率較低，30 個基點的不利區域組合以及 20 個基點的外幣變動的負面影響。這些不利因素被定價改善 120 個基點所部分抵消，這是由於折扣管道的銷售定價更好以及我們的 DTC 業務內促銷活動減少所致。

SG&A expenses were up 16% to $594 million primarily due to increased marketing investments, higher salaried and nonsalaried workforce wages due to last year's compensation increases for our teammates and higher consulting services.

SG&A 費用增加 16%，達到 5.94 億美元，主要是由於行銷投資增加、帶薪和無薪員工薪資上漲（由於去年我們隊友的薪資上漲以及諮詢服務的增加）。

Related to our 2020 restructuring plan, we recorded $57 million in the transition quarter, bringing our planned total to $571 million of pretax restructuring and related charges. And with this, I am pleased to announce that we do not anticipate any further charges under this plan. And thus, our 2020 restructuring plan is now considered closed.

與 2020 年重組計畫相關，我們在過渡季度錄得 5,700 萬美元，使計畫的稅前重組及相關費用總額達到 5.71 億美元。藉此，我很高興地宣布，我們預計該計劃下不會產生任何進一步的費用。因此，我們的 2020 年重整計畫現已結束。

Next, operating loss was $46 million in the quarter. Excluding restructuring and other charges, adjusted operating income was $11 million, which was below our outlook due to lower-than-planned APAC revenue and higher freight costs.

接下來，該季度的營運虧損為 4,600 萬美元。不包括重組和其他費用，調整後的營業收入為 1,100 萬美元，由於亞太地區收入低於計劃和貨運成本上升，低於我們的預期。

After tax, we realized a net loss of $60 million or $0.13 of diluted loss per share in the quarter. Excluding restructuring charges of $57 million, our adjusted net loss was $3 million or $0.01 of adjusted diluted loss per share.

稅後，我們本季實現淨虧損 6,000 萬美元，即稀釋後每股虧損 0.13 美元。不包括 5,700 萬美元的重組費用，我們調整後的淨虧損為 300 萬美元，即調整後每股攤薄虧損 0.01 美元。

Moving to the balance sheet. At the end of the transition quarter, inventory was down 3% to $824 million driven primarily by inbound shipping delays due to COVID-related supply chain pressures. Our cash and cash equivalents were $1 billion, and we had no borrowings under our $1.1 billion revolving credit facility. And we're putting that cash to work.

轉向資產負債表。在過渡季度末，庫存下降 3% 至 8.24 億美元，主要是由於新冠疫情相關的供應鏈壓力導致入庫運輸延遲。我們的現金和現金等價物為 10 億美元，且我們的 11 億美元循環信貸額度下沒有借款。我們正在將這些現金投入使用。

In February, we announced our share repurchase program a 2-year, $500 million authorization that helps create value for shareholders. Having already executed $300 million of this program, we're well underway.

今年 2 月，我們宣布了為期 2 年、價值 5 億美元的股票回購計劃，旨在幫助股東創造價值。該計劃已經執行了 3 億美元，目前進展順利。

Next, let's dive into our fiscal '23 outlook. Given our fiscal year change, please keep in mind that the comparable periods we are using are the corresponding quarters from the trailing 12-month period from April 1, 2021, through March 31, 2022. Accordingly, we'll refer to this as our baseline period.

接下來，讓我們深入探討 '23 財年展望。鑑於我們的財政年度發生變化，請記住，我們使用的可比較期間是從2021 年4 月1 日到2022 年3 月31 日的過去12 個月期間的相應季度。的基線期。

With that, let's dive in. As supply challenges and COVID-19-related impacts in China conspire to impact fiscal '23, we expect these headwinds to impact Under Armour in the near term with more positive momentum developing as the year progresses and what we believe to be temporary issues normalize.

說到這裡，讓我們深入探討一下。將出現更積極的勢頭。

As a reminder, the achievement of our outlook is dependent on current macroeconomic factors, including supply challenges, COVID-19 impacts, inflationary pressures and geopolitical risks not getting worse from what we are seeing today. With that, we expect revenue to be up 5% to 7% in fiscal '23 compared to the baseline period of $5.7 billion, reflecting mid-single-digit growth in North America and low teens growth in our international business.

提醒一下，我們的前景能否實現取決於當前的宏觀經濟因素，包括供應挑戰、COVID-19 影響、通膨壓力和地緣政治風險，以及地緣政治風險是否會比我們今天所看到的情況變得更糟。因此，我們預計 23 財年的營收將比基準期 57 億美元成長 5% 至 7%，反映出北美地區的中個位數成長和國際業務的低兩位數成長。

This expectation includes approximately 3 percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays and emergent COVID-19 impacts in China. To click down a bit more, we expect the first half of fiscal '23 to be the most heavily impacted by order cancellations and supply chain delays. We also expect the emergent COVID-19 impacts in China to lessen as the year progresses. As a result, we expect total company sales growth to gradually improve as the year develops with our highest year-over-year revenue increase expected to be in our fourth quarter.

這項預期包括與我們的策略決策相關的約 3 個百分點的阻力，即我們與供應商和客戶合作取消受產能問題、供應鏈延誤和中國新出現的 COVID-19 影響影響的訂單。再往下看，我們預計 23 財年上半年將受到訂單取消和供應鏈延誤的影響最嚴重。我們也預計，隨著時間的推移，新冠肺炎 (COVID-19) 對中國的影響將會減輕。因此，我們預計隨著時間的推移，公司總銷售額成長將逐漸改善，並預計第四季營收將年增幅最高。

For gross margin, we expect the full year rate to be down 150 to 200 basis points from the baseline period rate of 49.6% due to expected inflationary pressures on freight and product costs, unfavorable channel mix and changes in foreign currency. We anticipate our most significant declines in gross margin to be in the second quarter as elevated freight costs, particularly for ocean shipments, peak against our year-over-year comparisons. And then as these costs find balance, we expect a smaller decline in the third quarter with year-over-year gross margin improvement anticipated in the fourth quarter as we finish out the year.

就毛利率而言，由於運費和產品成本的預期通膨壓力、不利的通路組合以及外匯變化，我們預計全年毛利率將較基準期毛利率49.6%下降150至200個基點。我們預計毛利率最顯著的下降將出現在第二季度，因為貨運成本（特別是海運成本）的上升與去年同期相比達到頂峰。然後，隨著這些成本找到平衡，我們預計第三季的降幅較小，而在年底時預計第四季的毛利率將比去年同期改善。

From an SG&A perspective, we expect total spending growth to be slightly below our 5% to 7% revenue growth rate in fiscal '23 as compared to the baseline period. Considering these factors, we expect fiscal '23 operating income to reach $375 million to $400 million compared to the baseline period of $424 million in adjusted operating income.

從 SG&A 角度來看，我們預期 23 財年的總支出成長率與基準期相比將略低於 5% 至 7% 的營收成長率。考慮到這些因素，我們預計 23 財年的營業收入將達到 3.75 億至 4 億美元，而基準期調整後營業收入為 4.24 億美元。

As a percent of revenue, this represents an operating margin of approximately 6% to 6.5%, which compares to a baseline period adjusted rate of 7.4%. We expect diluted earnings per share for the fiscal '23 to be in the range of $0.79 to $0.84 versus the comparable baseline of $0.47. This includes a $0.28 benefit from a favorable tax allowance release related to anticipated profitability in key tax jurisdictions we expect to realize in the fourth quarter.

以佔收入的百分比計算，這意味著營業利潤率約為 6% 至 6.5%，而基準期調整後的營業利潤率為 7.4%。我們預計 23 財年的攤薄後每股收益將在 0.79 美元至 0.84 美元之間，而可比基準為 0.47 美元。其中包括與我們預計在第四季度實現的主要稅收管轄區的預期盈利能力相關的有利稅收減免釋放帶來的 0.28 美元收益。

Of this $0.28 benefit, $0.16 of this amount is related to prior restructuring charges. And therefore, our adjusted diluted earnings per share is expected to be between $0.63 and $0.68. This compares to adjusted diluted earnings per share for the baseline period of $0.68.

在這 0.28 美元的收益中，其中 0.16 美元與先前的重組費用有關。因此，我們調整後的稀釋每股收益預計在 0.63 美元至 0.68 美元之間。相比之下，基準期調整後稀釋每股收益為 0.68 美元。

Next, I'd like to provide some color for the first quarter of fiscal '23, where we expect revenue to be flat to down slightly versus the prior year quarter. This includes about 10 percentage points of headwinds from proactive reductions and cancellations to our order book due to COVID-19-related supply constraints previously discussed. Due to higher freight costs, we expect our first quarter gross margin to be down approximately 250 basis points compared to the prior year.

接下來，我想對 23 財年第一季的情況進行一些說明，我們預計該季度的營收將與去年同期持平甚至略有下降。這包括由於先前討論的與 COVID-19 相關的供應限製而主動減少和取消訂單所帶來的約 10 個百分點的阻力。由於貨運成本上升，我們預計第一季毛利率將比去年同期下降約 250 個基點。

Taking this to the bottom line, we expect a first quarter operating income of $25 million to $35 million. This should translate to $0.02 to $0.03 of diluted earnings per share.

綜合考慮，我們預計第一季營業收入為 2,500 萬至 3,500 萬美元。這應轉化為稀釋後每股收益 0.02 至 0.03 美元。

In closing, we are on offense even amid this continued, highly uncertain environment. And though the year ahead faces temporary headwinds, we are confident that the work we have done to transform our business, along with the strength of the Under Armour brand, sets us up to grow more meaningfully, delivering sustainable, profitable growth over the long term.

最後，即使在這種持續的、高度不確定的環境中，我們仍處於進攻狀態。儘管未來一年面臨暫時的阻力，但我們相信，我們為業務轉型所做的工作以及 Under Armour 品牌的實力將使我們能夠實現更有意義的成長，實現長期可持續的獲利成長。

Now we'll turn it back to the operator for questions. Operator?

現在我們將把它轉回給操作員詢問問題。操作員？

(Operator Instructions) First question comes from the line of Jay Sole of UBS.

（操作員說明） 第一個問題來自UBS 的Jay Sole。

Great. I guess I just want to ask about the revenue guidance for the fiscal year, talking about mid-single-digit growth rate in North America. Just talk about where that growth is going to come from whether by channel or by product category?

偉大的。我想我只是想問一下本財年的收入指引，談論北美的中個位數成長率。只需談談成長將來自哪裡，無論是按管道還是按產品類別？

Yes, Jay. This is Dave. We haven't really broken it down too much yet in detail within the release. But in general, we did say that for the full year, we expect North America to be mid-single digit and for international growth to be low teens.

是的，傑伊。這是戴夫。我們還沒有在版本中對其進行詳細的分解。但總的來說，我們確實說過，全年北美成長將達到中個位數，國際成長將達到十幾位數。

If you break that down a little bit further, we definitely believe footwear will be growing much higher than our apparel growth. And we think about some of the supply challenges we've been talking about, more affected footwear last year as well. So definitely expecting footwear to grow a fair amount faster than apparel in fiscal '23, but we're not actually breaking down by channel at this point.

如果你進一步細分，我們肯定相信鞋類的成長將遠高於服裝的成長。我們考慮了我們一直在談論的一些供應挑戰，去年受影響較大的鞋類也是如此。因此，我們肯定預計 23 財年鞋類的成長速度將比服裝快得多，但目前我們實際上並沒有按管道進行細分。

All right. I could follow up then maybe Patrik, you talked about your confidence in the long-term outlook. Could you sort of maybe connect what fiscal '23 is going to look like versus your longer-term view of what kind of sales growth you expect from Under Armour and what kind of margins you expect?

好的。我可以跟進，也許帕特里克，你談到了你對長期前景的信心。您能否將 23 財年的情況與您對 Under Armour 的銷售成長預期和利潤預期的長期看法聯繫起來？

Sure. I think first of all, thanks for the question, Jay. And I just wanted to make sure that I set the record straight a little bit here.

當然。我想首先謝謝你的提問，傑伊。我只是想確保我在這裡澄清了一點。

We came into our last call being very adamant that we saw some of these developments that currently are still with us here on the supply chain and logistics side, what we weren't seeing as visibly at that point in time was what happened towards the end of last quarter, which was the development in China and also the even further acceleration in freight costs, all of these things being what we believe are temporary.

我們在參加最後一次電話會議時非常堅定地認為，我們看到了其中一些發展，目前在供應鏈和物流方面仍然存在，但我們當時沒有看到的是最後發生的事情上個季度，中國的發展以及貨運成本的進一步加速，所有這些我們認為都是暫時的。

And of course, there's a somewhat of a frustration, I would say, in the team because we do feel that we have demand for the brand in the marketplace across the world. And the actions that we've taken, both in the quarter that we just came out of where we had also pulled back on our order stock simply to make sure that we could get things here in time again, staying disciplined, making sure that we're not getting on top of our skis in terms of building too much inventory in an uncertain environment.

當然，我想說，團隊中存在一些挫折感，因為我們確實覺得全球市場對該品牌有需求。我們所採取的行動，在我們剛結束的季度中，我們還減少了訂單庫存，只是為了確保我們能夠再次及時收到貨物，保持紀律，確保我們在不確定的環境中，我們沒有在建立過多庫存方面佔優勢。

The same thing plays into 2023, right? We -- like Dave just said, we have a 10-point headwind just in the first quarter in orders that we've canceled, and that demand that was actually there. So there's certainly a bit of frustration.

同樣的事情會持續到 2023 年，對嗎？正如戴夫剛才所說，我們在第一季取消的訂單以及實際存在的需求方面遇到了 10 個百分點的阻力。所以肯定會有一點沮喪。

But at the same time, it's temporary. The underlying demand for the brand is there. The brand is getting stronger. The work we've done around transformation is working. Our operating model is foundationally -- the fundamentals are really good right now for us.

但同時，這也是暫時的。品牌的潛在需求就在那裡。品牌越來越強大。我們圍繞轉型所做的工作正在發揮作用。我們的營運模式是基礎性的——目前的基本面對我們來說確實很好。

So we have to get through this temporary time that we're in right now, get out on the other side. And like Dave said and I also said in my script, we feel good about growth going forward. And also, we feel good about an ability to continue to grow our margins back again.

所以我們必須度過現在所處的暫時時期，從另一邊出去。正如戴夫所說，我也在劇本中所說，我們對未來的成長感到滿意。而且，我們對繼續擴大利潤率的能力感到滿意。

So this is a temporary state for this brand, and there is certainly a bit of frustration in the teams because we had to make these decisions that if we hadn't made them, we would have been sitting most likely with inventory coming in late. And we want to continue to stay disciplined.

因此，對於這個品牌來說，這是暫時的狀態，團隊肯定會感到有些沮喪，因為我們必須做出這些決定，如果我們沒有做出這些決定，我們很可能會面臨庫存遲到的情況。我們希望繼續保持紀律。

We've done so much great work over the last few years and making sure that we have the right level of inventories. We came again into this quarter, I would say, even lean, right, with a negative 3 inventory. Would I like to have that a little bit higher? Probably, right, at this point.

在過去的幾年裡，我們做了很多出色的工作，確保我們有適當的庫存水準。我想說，我們再次進入本季度，甚至是精益，對的，庫存為負 3。我想要高一點嗎？也許，對，在這一點上。

But the reality is also when I look at it longer term, we will start to build back inventory in the back half of the year, to Dave's earlier point. And we'll start to get healthier from a revenue growth perspective as well in the back half of the year as we accelerate out of this temporary situation. So I just wanted to give a little bit more color for everyone on the call in terms of how we see the situation right now.

但現實是，當我從長遠來看時，我們將在今年下半年開始恢復庫存，正如戴夫早些時候所說的那樣。隨著我們加速擺脫這種暫時的局面，從收入成長的角度來看，我們將在今年下半年開始變得更加健康。因此，我只是想向參加電話會議的每個人提供更多關於我們如何看待當前局勢的資訊。

And Jay, maybe to take that a little bit further, this is Dave. We talked about the 3 percentage points of headwinds in fiscal '23. So if you kind of adjusted for that, you would point to an 8% to 10% kind of underlying range for fiscal '23.

傑伊，也許更進一步，我是戴夫。我們討論了 23 財年 3 個百分點的不利因素。因此，如果你對此進行調整，你會指出 23 財年的基本範圍為 8% 到 10%。

But based on where we are with our relationships and where we are with our long-term planning, we see fiscal '24 with the ability to grow more than that. So we're excited about that. We're excited about continuing to improve gross margin after fiscal '23 and then also even deeper leverage on the SG&A with all the cost structure work and finally bringing our restructuring plan to closure. So definitely excited about launching into fiscal '24.

但根據我們的關係狀況以及我們的長期規劃，我們認為 24 財年的成長能力將不止於此。所以我們對此感到興奮。我們很高興能夠在 23 財年之後繼續提高毛利率，然後透過所有成本結構工作進一步提高 SG&A 槓桿率，並最終完成我們的重組計劃。對於進入 24 財年，我們絕對感到興奮。

Next question comes from the line of Matthew Boss of JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

So Patrik, to your comments there, so a number of moving parts that are outside of your control. But is your overall assessment that you're getting at that underlying demand for the Under Armour brand today relative to 3 months ago is unchanged.

派翠克（Patrik），對於您的評論，有許多超出您控制範圍的活動部件。但您對目前 Under Armour 品牌的潛在需求的整體評估與 3 個月前相比是否沒有變化？

And then, Dave, just on the 5 to 7 revenue outlook for this year and your visibility, I guess, what are you seeing in terms of the order book, visibility and the supply situation as you see it today? Just trying to get a sense of your confidence in the 5 to 7 today given the moving parts?

然後，戴夫，關於今年 5 到 7 年的收入前景以及您的能見度，我想，您今天所看到的訂單、能見度和供應情況方面有何看法？只是想了解一下您對今天 5 點到 7 點的信心嗎？

Sure, Matthew. I'll take the first part of that. Yes, the demand is there the same way it was on our last call. And again, I reiterate, remember we have to cancel product in the transition quarter. We talked about that already actually last fall in our earnings call last fall, the last one for the year. And again, in February, we talked about it. And we also then mentioned the visibility we had into the first part of 2023 that Dave now quantified for you today, but the demand, the underlying demand is there.

當然，馬修。我將採取第一部分。是的，需求與我們上次通話時一樣。我再次重申，請記住我們必須在過渡季度取消產品。事實上，我們在去年秋天的財報電話會議上就已經討論過這一點，也是今年的最後一次電話會議。二月份，我們再次討論了這個問題。然後我們也提到了戴夫今天為您量化的 2023 年上半年的可見性，但需求，潛在的需求是存在的。

And Matthew, I guess, further to your question more towards my angle, I would say that from a revenue perspective, we've got on the wholesale side, very good visibility for the first 3 quarters based on orders that we have. And we're comfortable with that.

馬修，我想，從我的角度進一步回答你的問題，我想說，從收入的角度來看，我們在批發方面，根據我們的訂單，前三個季度的可見性非常好。我們對此感到滿意。

Q4 is something that we'll be kind of working through here in the coming weeks. So I would say that we have very good visibility so far on the wholesale side.

第四季是我們將在未來幾週內完成的工作。所以我想說，到目前為止，我們在批發方面擁有非常好的知名度。

DTC side, I think we're planning very appropriately based on traffic and what we're seeing and our ability to drive conversion. And then when you think about the supply chain side, we've talked a lot about this on the last few calls about how the constraints with the factories created situations with the delays and the cancellations that we've had to proactively work through.

DTC 方面，我認為我們根據流量、我們所看到的情況以及我們推動轉換的能力進行了非常適當的規劃。然後，當你考慮供應鏈方面時，我們在最近幾次電話中討論了很多關於工廠的限制如何造成延誤和取消的情況，我們必須主動解決這些問題。

But our supply chain team is not sleeping. They are pushing hard for us every day. And we believe that the availability is really going to open up for us in the back half of this year, especially as we kind of go through and finish out Q3 and start running into Q4 more uninhibited by some of these issues. So I think we'll see a more complete quarter for us in Q4 and then really driving without these headwinds per se in fiscal '24.

但我們的供應鏈團隊並沒有睡覺。他們每天都在為我們努力。我們相信，可用性確實會在今年下半年向我們開放，特別是當我們經歷並完成第三季度並開始不受其中一些問題的阻礙進入第四季度時。因此，我認為我們將在第四季度看到一個更完整的季度，然後在 24 財年真正在沒有這些阻力的情況下行駛。

Great. And then, Dave, on the gross margin outlook for the down 150 to 200, so if we think outside of freight, could you just help walk through the assumptions you're embedding on underlying merchandise margins, specifically promotions and pricing?

偉大的。然後，戴夫，毛利率前景將下降 150 至 200，所以如果我們考慮貨運之外的問題，您能否幫助解釋一下您嵌入的基本商品利潤率（特別是促銷和定價）的假設？

And I guess my point is, what's the overall health of full-price selling in the athletic channel? Again, a number of moving parts, but is the athletic inventory situation today any different than, again, what it was 3 or 6 months ago as we think about pricing and promotion and the rational environment that I think we talked about on [the last] call?

我想我的觀點是，運動頻道全價銷售的整體健康狀況如何？同樣，有許多活動部件，但今天的運動庫存情況與 3 或 6 個月前有什麼不同，因為我們考慮定價和促銷以及我認為我們在[最後一次討論中討論過的理性環境] ] 稱呼？

Yes, I can start, Dave, by just giving a little bit of color around what I see in the market, and then you can dig into some of the more detailed nuances there. I would say that I think it's mixed at this point in terms of how I think about what's going on with inventory in the marketplace.

是的，戴夫，我可以先對我在市場上看到的情況進行一些說明，然後您可以深入研究一些更詳細的細微差別。我想說的是，就我對市場庫存狀況的看法而言，我認為目前情況是好壞參半。

One of the reasons why we have been so, let's say, considerate in terms of how we had approached the inventory in the transition quarter and also in the beginning of '23 is that we did not want to be getting product in late that we would have to drive through a promotional liquidation. To Dave's earlier point, I mean, we're still looking to keep our liquidation number in that 3% to 4% range in 2023. And we see no reason why we couldn't do that.

比方說，我們在過渡季度以及 23 年初處理庫存的方式如此周到的原因之一是，我們不希望產品遲到，否則我們將無法及時獲得產品。對於戴夫之前的觀點，我的意思是，我們仍然希望在 2023 年將清算數量保持在 3% 到 4% 的範圍內。

And a lot of that is because we have been so diligent around this. How that plays out for other players in our space, I think, will depend on where you are in the world in terms of geography, but also in terms of how much product you have order potentially that might come in late, et cetera.

這很大程度上是因為我們在這方面非常努力。我認為，對於我們這個領域的其他參與者來說，這將取決於你在世界上的地理位置，也取決於你可能訂購的產品數量，這些產品可能會晚到，等等。

So I think we'll see a mixed view here as we develop into the year a little bit more because simply, there's going to be pockets of inventory here and there that is going to have to be liquidated. That's not necessarily the case for Under Armour though. Dave, do you want to add some more color?

因此，我認為，隨著今年的發展，我們會看到不同的觀點，因為簡單來說，這裡那裡都會有一些庫存需要清算。但對於 Under Armour 來說，情況不一定是如此。戴夫，你想添加更多顏色嗎？

Yes. I mean, I guess, a little bit more detail kind of on the year-over-year gross margin walk. As far as the headwinds, the largest we see is the freight cost, mainly around ocean freight. And we don't anticipate that to settle very much this fiscal year.

是的。我想，我的意思是，關於同比毛利率走勢的更多細節。就不利因素而言，我們看到最大的是運費成本，主要是海運成本。我們預計這個問題不會在本財年得到很大解決。

And then the other piece of it is product costing. It's -- when you think about the materials and the labor and the impacts of inflation, so we're feeling some of that as well.

另一部分是產品成本會計。當你想到材料、勞動力以及通貨膨脹的影響時，我們也會感受到其中的一些。

Now we are working to counter that with some price increases, but that work and the actual actualization of that isn't going to be until a little bit in Q3 and then more so in Q4 and then more of a full benefit of that in fiscal '24.

現在，我們正在努力通過一些價格上漲來應對這一問題，但這項工作和實際實現要到第三季度才會實現，然後在第四季度更加如此，然後在財政方面更加充分地受益'24。

Relative to region mix, not really much change or impact there on gross margin. As far as channel mix, there's a little bit of a headwind there with a little bit higher mix of distributor sales, which are a little bit lower gross margin.

相對於區域組合，毛利率並沒有太大變化或影響。就通路組合而言，存在一些不利因素，分銷商銷售組合稍高，毛利率略低。

And then we do have a tiny bit of headwind relative to footwear growing faster than apparel and accessories. And obviously, footwear for us, we've talked about, is a little bit lower gross margin than our apparel. But as far as a kind of promotional discounting aspect, we are not intending and nor are we planning on a big difference from 2021 at this point. We want to continue to hold premium and drive the brand.

然後，鞋類的成長速度快於服裝和配件，我們確實遇到了一點阻力。顯然，我們已經談到，鞋類產品的毛利率比服裝產品的毛利率要低一些。但就促銷折扣方面而言，我們目前不打算也不打算與 2021 年有很大不同。我們希望繼續保持溢價並推動品牌發展。

Next question comes from the line of Paul Lejuez of Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Curious if you can talk about are there any regions where you're seeing orders getting canceled for demand reasons rather than you guys working with your partners from a supply chain perspective? Or is it all with you guys working with those guys, with your partners to make sure inventories stay clean? So I just want to make sure I'm clear on whether or not you are seeing demand-driven cancellations at all.

很好奇您是否可以談談是否有任何地區的訂單因需求原因而被取消，而不是您從供應鏈的角度與合作夥伴合作？或者這一切都是你們與那些人、你們的合作夥伴一起工作以確保庫存保持乾淨？所以我只是想確保我清楚你們是否看到了需求驅動的取消。

And then just going back to the pricing question, how are you approaching pricing and trying to pass through higher prices on a regional basis? Where do you think you have more pricing power versus the regions where maybe you don't?

然後回到定價問題，您如何制定定價並嘗試在區域基礎上提高價格？您認為與其他地區相比，您在哪些地區擁有更大的定價能力？

Yes, I'll kick it off here. David, maybe you want to add a little bit on the pricing at the end. I'll give some color on that, too.

是的，我就從這裡開始吧。大衛，也許你想在最後補充一點定價。我也會對此給予一些顏色。

No, we're not seeing cancellations because of demand not being there. That's number one.

不，我們沒有看到因為需求不足而取消的情況。這是第一名。

Two, in terms of pricing, we're being careful in terms of how we think about pricing. It's not an across-the-board approach. We're being very, very thoughtful about how we do it in terms of our families and product categories and the regionality of it all.

第二，在定價方面，我們對定價的看法非常謹慎。這不是一種全面的方法。我們非常非常認真地考慮如何在我們的產品系列、產品類別以及所有區域方面做到這一點。

But we see opportunity. We absolutely do. And we have looked through, let's say, every single product that we make, and we're making the appropriate adjustments where we feel confident that we can drive them to and sustain them, right?

但我們看到了機會。我們絕對願意。比方說，我們已經仔細檢查了我們生產的每一個產品，並且我們正在做出適當的調整，我們有信心能夠推動它們並維持它們，對嗎？

So there's opportunity here, we think, to sustain price increases here on the back of also building a more premium brand again. And that's really important as part of this journey that we're on.

因此，我們認為，在再次打造更優質的品牌的同時，這裡有機會維持價格上漲。作為我們當前旅程的一部分，這非常重要。

So we are making great progress there. But to Dave's point, again, it's going to be successfully coming into play here throughout this year and then being fully implemented in '24. Dave, I don't know if you have any more color you'd like to add there.

所以我們在那裡取得了很大的進展。但 Dave 再次強調，它將在今年在這裡成功發揮作用，然後在 24 年全面實施。戴夫，我不知道你是否還有想要添加的顏色。

No. I mean, I think that pretty much sums it up. I mean, we've been able to do some pricing action for fall/winter '22 product and then a fair amount more that we're executing for spring/summer '23 product. And then there's a little bit of trail out of things we still believe we have opportunity in in fall/winter '23.

不，我的意思是，我認為這已經概括了一切。我的意思是，我們已經能夠對 22 年秋冬產品進行一些定價行動，然後對 23 年春夏產品執行更多定價行動。然後我們仍然相信我們在 23 年秋冬有機會做一些事情。

So again, it will be a build of the benefit on that pricing, but it's been very strategic, not generally across-the-board increases, but in areas where we really feel from a price value and innovation perspective, we have some opportunities. And we're excited to be able to drive that through and feel the benefit of that as we go further into the year.

因此，這將是基於定價的好處，但它是非常具有戰略意義的，通常不是全面增加，但在我們從價格價值和創新角度真正感受到的領域，我們有一些機會。我們很高興能夠推動這一目標的實現，並隨著今年的深入而感受到它的好處。

And Dave, what sort of range should we be thinking about in terms of what you've already taken and what you plan to take in terms of price increases?

戴夫，就您已經採取的措施以及您計劃採取的價格上漲措施而言，我們應該考慮什麼樣的範圍？

Well, we're not getting into that much detail publicly, but I would say that the majority of the benefit we will see towards the very end of Q4 and then a full year run rate benefit in fiscal '24. As far as the actual percentage increases, they vary depending on the product. It's very specific and targeted. It's not a broad X percent change.

好吧，我們不會公開討論那麼多細節，但我想說，我們將在第四季度末看到大部分收益，然後在 24 財年實現全年運行率收益。至於實際百分比的增加，則根據產品的不同而有所不同。這是非常具體和有針對性的。這並不是一個廣泛的 X% 變化。

Next question comes from the line of Sam Poser of Williams Harding.

下一個問題來自 Williams Harding 的 Sam Poser。

Let me ask you this -- about -- I'm going to go back on to the pricing. Is the pricing like -- how much new product do you have as a percentage? And on the new products, are you including that as price increases? You brought up the new fleece that you're bringing in for fall. Is that something that is now 15% higher than it would have been a year ago because of all of this? I mean -- or do you have to cycle through to bring enough new product and to get the payoff for the price increases that you're planning into '24?

讓我問你這個問題——關於——我將回到定價問題。定價是這樣的－你們有多少新產品的百分比？對於新產品，您是否將其納入價格上漲的範圍內？你帶來了秋季推出的新羊毛衫。由於所有這些因素，現在的數字是否比一年前高出 15%？我的意思是——或者你必須循環往復地推出足夠的新產品，並為你計劃在 24 年漲價而獲得回報？

It's Patrik. Maybe I'll start, David, you can take it on the back. So I just wanted to add some color there because you were specific about some product.

是派崔克。也許我會開始，大衛，你可以把它放在後面。所以我只是想在那裡添加一些顏色，因為你對某些產品有特定的要求。

I think it's a combination, Sam, because, of course, a great opportunity to raise price is when you're actually introducing something new. And to your point, we have great newness coming in, in certain categories. And when we do that, that's absolutely an opportunity for us that we're going to take. And so that's correct. So Dave, do you have something else you want?

我認為這是一個組合，山姆，因為當然，提高價格的絕佳機會是當你真正推出新產品時。就您而言，我們在某些​​類別中出現了巨大的新鮮事物。當我們這樣做時，這對我們來說絕對是一個我們要抓住的機會。所以這是正確的。戴夫，你還有什麼想要的嗎？

Yes. No, it's definitely both, to your point, Sam. And I think that there is definitely going to be a lot of opportunity relative to carryover styles as we start to ship them back in for the coming seasons.

是的。不，就你的觀點而言，這絕對是兩者兼而有之，山姆。我認為，當我們開始在下一季將它們運回時，相對於遺留款式肯定會有很多機會。

What we have not been doing much of is going out onto the floor and reticketing what's out there. That has not been something that we've been pursuing a lot. It's more as we've been shipping in the next season or to Patrik's point, as we're launching new product, but it is a combination of both.

我們沒有做太多的事情，就是去現場重新訂票。這並不是我們一直追求的目標。這更多是因為我們在下一季發貨，或者按照帕特里克的觀點，因為我們正在推出新產品，但它是兩者的結合。

So it just takes time to cycle through. And then secondly, Patrik, you mentioned your confidence of how -- of the direction that you're going. We have a pause because of some external factors. But looking back, is there anything -- any indicator you may have missed earlier that you sort of hit yourself in the head and said if we had just responded to this 3 months earlier, we sort of saw it but didn't take them seriously as we should have. Anything that you could -- would have, could have kind of situation?

所以只是需要時間來循環。其次，派崔克，你提到了你對前進方向的信心。由於一些外部因素，我們暫停了。但回顧過去，是否有任何跡象表明您之前可能錯過了這一點，這表明您有點撞到了自己的頭，並說如果我們在3 個月前就對此做出回應，我們就看到了這一點，但沒有認真對待它們我們應該這樣做。任何你可能會出現的情況？

Well, I think -- yes, I think it's a great question, Sam. And believe me you, I spent many nights trying to pound that one through.

嗯，我認為——是的，我認為這是一個很好的問題，山姆。相信我，我花了很多個夜晚試圖把它擊垮。

But here's the reality. Could we have potentially, right, if you think about where we were in fall, and I'll just take everybody here back a little bit in time. If you think about where we were last fall when we were starting to experiencing the shutdowns in the factory base and some of the impact that had, it was all like a rubber band effect, right? It took some time to -- and then they kind of accelerated.

但這就是現實。我們是否有可能，對吧，如果你想想我們秋天的情況，我會帶大家回到過去。如果你想想去年秋天我們開始經歷工廠關閉以及由此產生的一些影響時，一切就像橡皮筋效應一樣，對嗎？這花了一些時間——然後他們就加速了。

And then actually, you didn't have a lot of effect in the back half of last year. Rather you had an effect coming into this year and our sub-quarter. And when we saw that developing, first of all, we didn't know how long we were going to be constrained.

然後實際上去年下半年你們並沒有產生很大的效果。相反，您對今年和我們的子季度產生了影響。當我們看到這種情況發展時，首先，我們不知道我們會受到限制多久。

So we took the kind of the high road of saying, you know what, we're going to make sure that we can make the things that we can deliver as much on time as possible because we actually don't know. We don't have visibility right now to how much of a delay it's going to be.

所以我們採取了一種高調的方式說，你知道嗎，我們將確保我們能夠盡可能按時交付我們可以交付的東西，因為我們實際上不知道。我們現在無法得知會延遲多少時間。

We could have at that point said no, let's make all of it and gamble and then maybe sell some of it in future seasons. I come back then to the discipline that we have been driving for the last 3 years. Ever since 2018, if you remember, we've continued to wash through old inventory, get our inventory levels in check, improve our balance sheet to make sure that we're able to build a less promotional, more full price, more premium brand again.

我們當時可以說不，讓我們把所有的錢都賺了，然後賭博，然後也許在未來的季節裡賣掉其中的一些。然後我回到過去三年來我們一直在推動的紀律。如果你還記得的話，自 2018 年以來，我們一直在繼續清理舊庫存，控制庫存水平，改善我們的資產負債表，以確保我們能夠打造一個促銷更少、價格更全、更優質的品牌再次。

And I think we've been very successful with that. And that's what I mean in terms of the demand that we now see and also the premiumization that we're coming back to in the brand. So we could have done some of that, but we chose not to.

我認為我們在這方面非常成功。這就是我的意思是我們現在看到的需求以及我們在品牌中回歸的高端化。所以我們本來可以做一些這樣的事情，但我們選擇不這麼做。

And we took the same approach here early in '23, where we also had the demand to Dave's earlier points, 3 points for the whole year and 10 points just in the first quarter of demand that was there. There are orders that we canceled because we knew that we were not going to be able to make it in time. And when I say in time, like way in time, right?

我們在 23 年初就採取了同樣的方法，我們也對戴夫早期的點提出了要求，全年 3 個點，僅在第一季度的需求中就有 10 個點。我們取消了一些訂單，因為我們知道我們無法及時交貨。當我說及時，就像及時，對吧？

So this isn't like 15 days, 30 days. It's more -- it's much more than that. So it would have been a high risk for us. And in an environment where you have so much uncertainty, where COVID is still playing into things, where actually supply chain continues to play into things, we just did not want to jeopardize future seasons for short-term maybes at this point. And those were the decisions we made that were based on external circumstances. So that's the kind of color I can give you on that, Sam.

所以這不像15天，30天。不僅如此。所以這對我們來說是一個很高的風險。在一個充滿不確定性的環境中，新冠疫情仍在發揮作用，實際上供應鏈仍在繼續發揮作用，我們只是不想在這一點上因為短期的可能性而危及未來的季節。這些是我們根據外在環境所做的決定。這就是我可以給你的顏色，山姆。

And I have one last thing. The average selling prices on your direct-to-consumer in the quarter year-over-year, could you give us some color there, Dave?

我還有最後一件事。該季度直接面向消費者的平均售價與去年同期相比，您能為我們提供一些資訊嗎，戴夫？

Dave?

戴夫？

We haven't normally given that level of detail at this point.

目前我們通常不會提供如此詳細的資訊。

But this isn't normal times, and it sort of talked to the health of the business. So I think maybe you can make an exception for today if you have it on hand?

但這不是正常時期，這在某種程度上關係到業務的健康狀況。所以我想如果你手邊有的話，也許你今天可以破例？

We can circle back with you.

我們可以和你一起繞回去。

Next question comes from the line of Simeon Siegel of BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Simeon Siegel。

Can you -- how are inventory units versus the reported dollar change on the balance sheet? And then maybe to follow up on that last one a little bit. Within the 5 to 7 revenue growth, can you tell us how you're thinking about AUR versus units?

您能－庫存單位與資產負債表上所報告的美元變動相比如何？然後也許會跟進最後一個。在 5 到 7 的營收成長中，您能否告訴我們您如何看待 AUR 與單位？

And then just with today's guidance bringing annual gross margin closer to the pre-pandemic levels, just how are you thinking about the right long-term gross margin level?

那麼，根據今天的指引，年度毛利率更接近大流行前的水平，您如何考慮正確的長期毛利率水平？

So a couple of things. Relative to inventory, obviously, we have seen the cost of our inventory go up a little bit. So relative to that, it is more of a units down than the actual inventory value or cost. And that's something that we would expect too. As we continue through the year, we know that our costing on inventory will continue to go up a little bit as we've discussed in our gross margin outlook.

有幾件事。顯然，相對於庫存，我們看到庫存成本略有上升。因此，相對於此，它比實際庫存價值或成本要低一個單位。這也是我們所期望的。隨著今年的繼續，我們知道我們的庫存成本將繼續略有上升，正如我們在毛利率展望中所討論的。

And then relative to kind of a price mix perspective, we do see pricing continuing to be something that has been a little bit stronger for us. And therefore, the unit growth has been a little less than the pricing difference. And that's something that we want to continue driving.

然後相對於價格組合的角度來看，我們確實認為定價對我們來說仍然有點強。因此，單位成長略小於定價差異。這就是我們想要繼續推動的事情。

And then long-term gross margins?

那麼長期毛利率呢？

Long-term gross margin, again, this year is more of a temporary situation, we believe, which is a lot of it is dealing with the freight situation, not just the ocean freight costs, but also airfreight utilization. And we believe that as we get into fiscal '24, we'll see much more positive improvement relative to that front.

再一次，長期毛利率，今年更多的是暫時的情況，我們認為，這很大程度上與貨運情況有關，不僅僅是海運成本，還有空運利用率。我們相信，當我們進入 24 財年時，我們將看到相對於此方面的更積極改善。

And then as we go forward long term, we do believe that there is a lot of opportunity there to be able to get to that 50%-plus gross margin when you think about the APAC growth and that being a higher gross margin region for us, when you see the over-index growth that we're continuing to drive in the longer term relative to direct-to-consumer as a mix of business and the gross margin benefits there as well.

然後，從長遠來看，我們確實相信，考慮到亞太地區的增長以及對我們來說毛利率較高的地區，有很多機會能夠實現 50% 以上的毛利率，當你看到我們在長期內繼續推動相對於直接面向消費者的業務和毛利率收益的組合的超指數增長時。

We will continue to see a little bit of long-term gross margin headwind because of the footwear mix and intending to grow footwear faster than apparel. But we believe that the other opportunities would more than offset that.

由於鞋類產品的組合以及鞋類產品的成長速度將快於服飾產品，我們將繼續看到一些長期的毛利率逆風。但我們相信其他機會足以抵消這一點。

Great. And then just one quick one, if I can. Just given where the shares are, you guys are obviously new to the repurchase game with the new authorization. So just any way to help us think about how you want to approach repurchases?

偉大的。如果可以的話，然後快一點。考慮到股票的位置，你們顯然是新授權回購遊戲的新手。那麼有什麼方法可以幫助我們思考您希望如何回購呢？

Yes. I mean, right now, we executed the initial $300 million ASR of the $500 million commitment. And obviously, we'll be looking over the next year to 2 years on the right times to fulfill the remainder of that -- the remaining $200 million.

是的。我的意思是，現在我們已經執行了 5 億美元承諾中的初始 3 億美元 ASR。顯然，我們將在未來一到兩年的時間內尋找合適的時間來完成剩下的任務——剩下的 2 億美元。

Outside of that, we continue to look at our long-term planning and our long-term capital and the uses of that capital. We're not right now at a point where we're going to give an indication of if we're going to roll right into another program or not. But it's definitely something that we continue to look at.

除此之外，我們繼續關注我們的長期規劃和長期資本以及該資本的用途。我們現在還沒有到要表明是否要直接進入另一個計劃的階段。但這絕對是我們繼續關注的事情。

Next question comes from the line of Michael Binetti of Credit Suisse.

下一個問題來自瑞士信貸銀行的邁克爾·比內蒂。

I guess on SG&A, we're just looking at the math you guys laid out for the year versus the quarter. It looks like SG&A spend goes from like 9%, 10% in the first quarter, down to like 1% to 4% rest of year. It's obviously below where it's been running in the last few quarters. Is that a good run rate as you think out longer term?

我想在銷售管理費用方面，我們只是看一下你們為年度和季度製定的數學數據。 SG&A 支出似乎從第一季的 9%、10% 左右，下降到今年剩餘時間的 1% 至 4% 左右。它顯然低於過去幾個季度的運行水平。從長遠來看，這是一個好的運行率嗎？

And maybe a little bit of color on what flows in the spending lines after the June quarter to help us think alongside you there? And then it was nice to see, I guess, we're looking at things on a 3-year basis to go back before COVID. It was nice to see the acceleration in D2C in the quarter in total versus the December quarter.

也許對六月季度之後支出線的流動情況有一些了解，以幫助我們與您一起思考？然後很高興看到，我想，我們正在以三年為基礎來回顧新冠疫情之前的情況。很高興看到本季 D2C 總量與 12 月季度相比有所加速。

I'm curious about wholesale, though, thoughts on wholesale inventories in the channel today, what you're seeing from competitors. I know you said you don't have as much inventory as you wanted, Patrik, but do your retailers in the U.S. have enough in general? Or are they still hungry? Or are you starting to see inventories build?

不過，我對批發感到好奇，對今天通路中批發庫存的想法以及您從競爭對手那裡看到的情況感到好奇。我知道你說過你沒有你想要的庫存，帕特里克，但是你在美國的零售商總體上有足夠的庫存嗎？還是他們還餓嗎？或者您是否開始看到庫存增加？

Yes. I think I'll start there, Dave, and then you can dig into. I'll start at the end and maybe then hand it off to you.

是的。我想我會從這裡開始，戴夫，然後你就可以深入研究了。我會從最後開始，然後也許會把它交給你。

I think what's interesting right now is the fact that I think everybody's inventory is coming in, in a somewhat disjointed fashion. What I mean by that is I think that you could say in general that it's been hard in our industry to get the right stuff, the right place at the right time. You might have stuff that you can get into the channel, but it's not necessarily always coordinated.

我認為現在有趣的是，我認為每個人的庫存都以一種有點脫節的方式進入。我的意思是，我認為你可以普遍地說，在我們的行業中，很難在正確的時間、正確的地點獲得正確的東西。您可能有可以進入頻道的東西，但不一定總是協調一致的。

And I think we'll continue to see some of that play out here early in '23. So I don't think that the inventory levels are extraordinarily high or anything like that at this point in time. It's the quality and the, let's say, the consistency and the composition of it that might be a little bit out of sync, out of order, so to speak, here and there.

我認為我們將在 23 年初繼續看到其中的一些內容上演。因此，我認為目前庫存水準並沒有特別高或類似的情況。可以說，它的品質、一致性和組成可能有點不同步、無序，可以說，到處都是。

And that's why it's so hard to give a -- an exact indicator of the health of every channel is because it is a little bit helter-skelter in terms of how things have come in, better in some places and worse in others. And also the same would be -- could be said for categories, right?

這就是為什麼很難給出每個管道健康狀況的準確指標，因為就事情的發生方式而言，它有點混亂，有些地方更好，有些地方更糟。對於類別來說也是如此，對嗎？

You're delivering some things better than other things. So that's really what's going on right now. I think it's playing out across categories and across geographies and also across channels. So Dave, you want to dig in?

你交付的某些東西比其他東西更好。這就是現在正在發生的事情。我認為它正在跨類別、跨地域、跨渠道發揮作用。那麼戴夫，你想深入研究嗎？

Yes. Michael, relative to SG&A, you're correct in that the transition quarter was a pretty high SG&A quarter, and that was planned that way. We actually closed the quarter pretty much right on where we had planned it to be.

是的。邁克爾，相對於 SG&A，你是對的，過渡季度是一個相當高的 SG&A 季度，而且是這樣計劃的。事實上，我們本季的結束情況幾乎與我們的計劃一致。

And that was mainly a higher marketing investment that we had strategically decided to make in the transition quarter, but then also the increased salaried and nonsalaried workforce wages that we had talked about previously and last year about the investments there.

這主要是我們策略性地決定在過渡季度進行的更高的行銷投資，但也包括我們之前和去年討論過的帶薪和非帶薪勞動力工資的增加。

And when you think about Q1 of '23, we're kind of continuing that forward for 1 quarter. And so you do see a higher anticipated spend in the first quarter of the year. And part of that is to continue those investments in brand marketing and give us a little bit of a tailwind from a brand perspective as we push into the back half of the year when we have more inventory availability and more ability to kind of run there.

當你想到 23 年第一季時，我們會繼續將這一趨勢持續一個季度。因此，您確實會看到今年第一季的預期支出更高。其中一部分是繼續對品牌行銷進行投資，並從品牌角度為我們提供一點推動力，因為我們將進入今年下半年，屆時我們將擁有更多的庫存和更多的營運能力。

So we do anticipate leveraging SG&A and keeping it under that revenue growth rate that we mentioned of 5% to 7%. I would say that the leveraging is not as significant as I would normally like, and that is because of the revenue headwinds that we're talking about that we believe are temporary.

因此，我們確實預計會利用 SG&A 並將其保持在我們提到的 5% 至 7% 的收入成長率以下。我想說的是，槓桿作用並不像我通常希望的那麼重要，這是因為我們正在談論的收入逆風，我們認為這是暫時的。

So as we step into fiscal '24, we would anticipate leveraging SG&A more so than what we're planning to do here in fiscal '23. But hopefully, that gives you some extra color.

因此，當我們進入 24 財年時，我們預計會比 23 財年計劃更多地利用 SG&A。但希望這能給你一些額外的色彩。

And then would you say -- I mean, it looks like back of the year, you've got revenues growing like 7% to 9% and SG&A only 1% to 4%. That's a considerable amount of leverage. I mean, as you look to '24, is that -- I mean, is that an appropriate framework, do you think?

然後你會說——我的意思是，看起來今年年初，你的收入成長了 7% 到 9%，而 SG&A 只有 1% 到 4%。這是相當大的槓桿。我的意思是，當你展望 24 世紀時，你認為這是一個合適的框架嗎？

That might be a little bit aggressive assumption as we think about '24, but definitely leveraging better than what you would see full year '23.

當我們考慮 24 年時，這可能是一個有點激進的假設，但肯定比你在 23 年全年看到的情況更好。

Next question comes from the line of John Kernan of Cowen.

下一個問題來自 Cowen 的 John Kernan。

Dave, maybe you can talk to how you're planning the balance sheet as we go through the remainder of the year? It looks like the stub quarter did see a fair amount of working capital volatility. I think the cash flow from operations earned about a little over $300 million. How do we plan working capital, particularly inventory and the balance sheet as we go through the remainder of the year?

戴夫，也許你可以談談在今年剩下的時間裡你是如何規劃資產負債表的？看起來末季確實出現了相當大的營運資金波動。我認為營運現金流大約賺了 3 億美元多一點。在今年剩下的時間裡，我們如何規劃營運資金，特別是庫存和資產負債表？

Sure, John. A couple of things to think about there. As we go into the back half of the year and the supply chain challenges free up more and we're able to meet more demand, we will be bringing in more inventory. So you will see the inventory growth go up a little bit in the back half of the year as we buy into that and get ready for that demand that we can actually service better in the back half of the year and then also going into a bigger growth in fiscal '24. So you will see that develop from an inventory perspective.

當然，約翰。有幾件事需要考慮。隨著進入今年下半年，供應鏈面臨的挑戰將釋放更多，我們能夠滿足更多需求，我們將引入更多庫存。因此，你會看到庫存增長在今年下半年略有上升，因為我們買入了這一點並為需求做好了準備，我們實際上可以在今年下半年更好地服務，然後也進入更大的規模24 財年的成長。所以你會從庫存的角度看到這種情況的發展。

Relative to the rest of working capital, we're continuing to run it very tight. We're in a very healthy AR position. We're in some of the best AR aging positions around the world that we've been in now probably for the last 6 to 9 months versus years back. So cash conversion cycle is still very tight.

相對於其他營運資金，我們的營運資金仍然非常緊張。我們處於非常健康的 AR 位置。與幾年前相比，我們可能在過去 6 到 9 個月裡一直處於世界上一些最好的 AR 老化位置。所以現金週轉週期還是很緊張的。

The other aspect would probably be from a CapEx perspective. We are going to be investing a little bit more in CapEx this year than we have in the last few years, which hopefully should make sense. We tailored back during COVID and some of those challenges and also during the restructuring period, whereas we've talked publicly about being in that kind of 3% to 5% range CapEx to revenue. We were running more like 2% or less for a few years, whereas this year, we'll probably run closer to the midpoint of that 3% to 5% range.

另一個面向可能是從資本支出的角度來看。今年我們在資本支出上的投資將比過去幾年多一點，希望這應該是有意義的。我們在新冠疫情期間以及其中一些挑戰以及重組期間進行了調整，而我們已經公開談論過將資本支出與收入之比控制在 3% 到 5% 的範圍內。幾年來，我們的利率一直在 2% 或更低，而今年，我們可能會接近 3% 到 5% 範圍的中點。

And that is investing in retail store build-outs. That's investing in fixtures and shop-in-shops within wholesale partners around the world. That is investing in omni and digital. But it also has to do with starting to build out our new long-term headquarters here in Baltimore as well, which we're super excited about for our teammates.

這就是投資擴建零售店。這是對世界各地批發合作夥伴內的固定裝置和店中店的投資。這就是投資全方位和數位化。但這也與開始在巴爾的摩建立我們新的長期總部有關，我們對我們的隊友感到非常興奮。

That's really helpful. Just one final question for me. Just how do we think about China within Asia Pac? Asia Pac had been a region that -- a big growth region really during the pandemic and during your fiscal '21. How do we think about Asia and China in fiscal '23 and '24?

這真的很有幫助。對我來說還有最後一個問題。我們如何看待亞太地區的中國？在大流行期間和 21 財年期間，亞太地區確實是一個巨大的成長地區。我們如何看待 23 財年和 24 財年的亞洲和中國？

I think the -- if you think about APAC as a region, the area outside of China, and now I'm talking specifically about Southeast APAC, Australia, Singapore, Thailand, et cetera. And also, I would say our market in South Korea is doing well.

我認為，如果你將亞太地區視為一個地區，即中國以外的地區，現在我具體談論亞太地區東南部、澳洲、新加坡、泰國等。而且，我想說我們在韓國的市場表現良好。

China is what China is right now, and we're attracted like everybody else in that market. And we'll continue to monitor and manage according to how things develop. Dave, I don't know if you want to give some color on the magnitude of what we see there right now?

中國就是現在的中國，我們像這個市場上的其他人一樣被吸引。我們將根據事態發展繼續進行監控和管理。戴夫，我不知道你是否想對我們現在所看到的情況的嚴重程度進行一些說明？

Yes. I mean, again, APAC as a region is a very strong area for us to continue to grow. China specifically, as we've talked about, is experiencing some headwinds. We don't see that as an Under Armour brand thing. It is more of a market challenge and then obviously, right now with the lockdowns and store restrictions that we're dealing with.

是的。我的意思是，亞太地區作為一個地區是我們繼續發展的一個非常強大的地區。正如我們所討論的，特別是中國正在經歷一些阻力。我們不認為這是 Under Armour 品牌的事。這更多的是一個市場挑戰，顯然，現在我們正在應對封鎖和商店限制。

So I think the team is doing an excellent job, and we're ready to continue growing the brand there. But there are temporary challenges that we are absolutely experiencing there. And it's a combination.

因此，我認為該團隊做得非常出色，我們已準備好繼續在那裡發展品牌。但我們確實正在經歷一些暫時的挑戰。這是一個組合。

It's the restrictions and the lockdowns. It's also the impact that, that has on transportation and therefore, our ability to be able to get product to the right place at the right time within China and then just a little bit of overall softness continuing in the market for many of the international brands that aren't based in China.

這是限制和封鎖。這也是對運輸的影響，因此，我們能夠在中國境內的正確時間將產品運送到正確的地點，然後許多國際品牌的市場繼續出現一點點整體疲軟的影響總部不在中國。

So a lot of play there, but we're continuing to move through. And we see that situation improving a little bit as we get into Q2 and then even more so as we get into Q3 and Q4.

那裡有很多比賽，但我們將繼續前進。我們看到，進入第二季時，情況有所改善，進入第三季和第四季時，情況甚至會有所改善。

Next question comes from the line of Katie Fitzsimons of Wells Fargo.

下一個問題來自富國銀行的凱蒂·菲茨西蒙斯。

Yes. Most of mine have been taken, but I was wondering if you could kind of expand maybe on some of the conversations with your wholesale partners, particularly here in North America within the FY '23? How do you -- can you just -- in terms of the current health of the relationship, Patrik, you've [already] spoken to kind of progress there.

是的。我的大部分內容都已被佔用，但我想知道您是否可以擴展與您的批發合作夥伴的一些對話，特別是在 23 財年的北美地區？就目前兩國關係的健康狀況而言，你可以嗎？

But when we're thinking about fall holiday, have your partners booked earlier, just given some supply chain constraints that they're seeing? Just how should we think about how some of those conversations are evolving with you to spring? And then, Dave, real quick, just a modeling question. Just any thoughts on the tax rate here in '23?

但是，當我們考慮秋季假期時，您的伴侶是否已經提前預訂，只是考慮到他們看到的一些供應鏈限制？我們應該如何思考其中一些對話將如何與您一起發展？然後，戴夫，很快，只是一個建模問題。對 23 年這裡的稅率有什麼想法嗎？

Yes. Sure. Thank you, Katie. From a wholesale perspective, with our wholesale partners in the U.S., first of all, we're now through the [active] on all the undifferentiated retail. So we're incredibly focused in the North American marketplace.

是的。當然。謝謝你，凱蒂。從批發的角度來看，我們在美國的批發合作夥伴首先，我們現在正在經歷所有無差異零售的[活躍]。因此，我們非常專注於北美市場。

Our relationships are great, I would say. I would categorize it as the best I've felt about that since I got here, and we continue to make great progress with -- across the board, I would say. So excited about that. Some disappointment, of course, in terms of our ability to fulfill demand in the stub quarter to some extent, but also early in '23.

我想說，我們的關係很好。我將其歸類為自從我來到這裡以來我所感受到的最好的，我想說的是，我們繼續在全面方面取得巨大進展。對此感到非常興奮。當然，我們在一定程度上滿足殘季需求的能力方面有些令人失望，但也包括 23 年初的需求。

But to Dave's earlier point, we'll see inventory start to build back towards the back half of the year and into our fourth quarter. And I'm excited about the work that the teams are doing. Dave?

但就戴夫早些時候的觀點而言，我們將看到庫存在今年下半年和第四季開始回升。我對團隊正在做的工作感到興奮。戴夫？

Yes. And relative to the tax rate, it's interesting. There's obviously a lot going on within our taxes right now. But a couple of things to consider.

是的。相對於稅率，這很有趣。現在我們的稅收顯然發生了很多事情。但有幾點要考慮。

When you think about the benefit that we expect in Q4, that is a valuation allowance that we're expecting to reverse based on rebuilding profitability and kind of hitting that 36-month trailing profitability factor. So that is definitely a benefit. But we're looking at a tax rate that's probably going to end up being in the high single to low double-digit range when all things are considered.

當你考慮到我們在第四季度預期的收益時，我們預計會根據重建獲利能力和達到 36 個月的追蹤獲利因素來扭轉估值津貼。所以這絕對是一個好處。但考慮到所有因素後，我們正在考慮的稅率可能最終會處於高個位數到低兩位數的範圍內。

Still there? Katie, are you there?

還在嗎？凱蒂，你在嗎？

Sorry. And if I could just one follow-up just on that inventory question. You guys are speaking from a greater alignment of supply and demand. How should we think about that prioritization maybe as we think about 3Q and into 4Q between wholesale and DTC, maybe just given some of the wholesale orders in the first half of the year, you guys haven't been able to meet that demand, I guess I should say or you don't meet the demand to (inaudible) that also you would have liked?

對不起。如果我可以就庫存問題進行一次後續行動。你們是從供需更協調的角度來說話的。我們應該如何考慮這個優先級，也許當我們考慮批發和DTC之間的第三季度和第四季度時，也許只是考慮到上半年的一些批發訂單，你們還無法滿足這個需求，我想我應該說，或者您沒有滿足您也會喜歡的要求（聽不清楚）？

Dave, do you want to take it or?

戴夫，你想接受還是？

Yes. To be honest, Katie, I was having a little bit of a hard time hearing you. I think you were talking about, is it inventory availability to service back half demand? Is that what you're getting at?

是的。說實話，凱蒂，我聽你說話有點困難。我想你在談論的是，庫存可用性是否可以滿足後半需求？這就是你的意思嗎？

And where it's going? Is it how are we prioritizing it is what I heard. Yes. Yes. So I think -- Dave, go ahead.

它要去哪裡？我聽說的是我們如何確定優先順序？是的。是的。所以我想——戴夫，繼續吧。

Yes, I was going to say, again, we do see a lot more availability opening up in Q3 and Q4, especially Q4. We are prioritizing our kind of our key wholesale partners the most and then also in conjunction with that, our brand house and eComm channel.

是的，我想說，我們確實看到第三季和第四季有更多的可用性，尤其是第四季。我們最優先考慮我們的主要批發合作夥伴，然後再結合我們的品牌和電子商務管道。

But I think as we get to Q4, pretty much all of our retailers should be able to feel kind of the full open availability of getting product to them. So it shouldn't have to be as much prioritization as we get into Q4.

但我認為，當我們進入第四季度時，幾乎所有零售商都應該能夠感受到向他們提供產品的完全開放的可用性。因此，它不應該像我們進入第四季度那樣優先考慮。

Next question comes from the line of Bob Drbul of Guggenheim.

下一個問題來自古根漢的鮑伯‧德布爾（Bob Drbul）。

Just a couple of quick questions for me. On the marketing, can you address a little bit sort of how you're planning the marketing spend and/or endorsements in fiscal '23 and into '24? And I'm just wondering if you can maybe just give us an update on your kids business, sort of where the trends are there and what you're seeing with that segment.

只是問我幾個簡單的問題。在行銷方面，您能否談談您如何規劃 23 財年和 24 財年的行銷支出和/或認可？我只是想知道您是否可以向我們介紹一下您的兒童業務的最新情況，例如那裡的趨勢以及您對該細分市場的看法。

Sure. I think our general spend of marketing in a normalized environment would be somewhere between 10% to 11%. We've been spending a little bit higher, like Dave said, in the transition quarter. And we're going to spend a little higher here in the coming quarter but should normalize towards the back half of the year.

當然。我認為在正常化環境下我們的行銷支出一般會在 10% 到 11% 之間。正如戴夫所說，在過渡季度，我們的支出增加。下個季度我們的支出將稍高一些，但應該會在今年下半年趨於正常化。

And we kind of aim to stay in that kind of spend in terms of marketing going forward between 10% and 11%. And of course, if it comes to endorsement, we've been announcing some pretty exciting things here lately. I talked about in my script around expanding Jordan, for example, Tyrone Mings, the centerback for Aston Villa and others here in just lately.

我們的目標是未來行銷支出維持在 10% 到 11% 之間。當然，如果談到認可，我們最近在這裡宣布了一些非常令人興奮的事情。我在劇本中談到了擴張喬丹，例如阿斯頓維拉的中後衛蒂龍·明斯以及最近在這裡的其他人。

So we'll continue to adjust our portfolio in the way that it makes sense for us as a brand as we go forward. The main thing for us when it comes to the relationships that we have is really our ability to activate them. And as we move into the future and we continue to get better and better in terms of understanding, first of all, what assets matter to us.

因此，隨著我們的發展，我們將繼續調整我們的產品組合，使其對我們作為一個品牌有意義。當談到我們所擁有的關係時，對我們來說最重要的是我們啟動它們的能力。隨著我們走向未來，我們對首先什麼資產對我們重要的理解越來越好。

And we do that through a return on marketing investment modeling that we do and the mixed media approach that we have, where we now have these tools in place where we can understand what makes sense for the brand. And also what makes sense for either the partner in this case. And for us, we now feel very good about the mix that we have and the rebalancing that we've done also through the restructuring over the last 3, 4 years.

我們透過我們所做的行銷投資回報模型和我們擁有的混合媒體方法來做到這一點，我們現在擁有這些工具，可以讓我們了解什麼對品牌有意義。在這種情況下，對合作夥伴來說什麼是有意義的。對我們來說，我們現在對我們的組合以及過去三、四年透過重組所做的再平衡感到非常滿意。

And that's really exciting for us because we're now able to activate more of our partnerships than we've ever have been able to do before, which is really exciting.

這對我們來說真的很令人興奮，因為我們現在能夠激活比以前更多的合作夥伴關係，這真的很令人興奮。

And the kids business.

還有孩子們的事。

And the kids -- sorry, I thought Dave was going -- okay. Yes, the youth business is healthy. Our youth business is healthy. And we saw an increase in both our Team Sports business and our youth business as we came into back-to-school in 2021. And that's started to normalize more, and that trend for us in terms of the strength of our youth business has continued. And we are very excited about how we think about that going forward as we see a normalized back-to-school season this year too, especially here in the U.S. in the back half of the year.

孩子們——抱歉，我以為戴夫會去——好吧。是的，青年事業是健康的。我們的青年事業健康發展。隨著 2021 年重返校園，我們看到團隊運動業務和青少年業務都有所增長。我們對未來的想法感到非常興奮，因為我們今年也看到了正常的返校季節，尤其是在今年下半年的美國。

That'll close us out for today. I appreciate you participating and attending the call today, and I look forward to catching up with you. Thank you.

今天我們就到此為止了。感謝您今天參與並參加電話會議，我期待與您會面。謝謝。

Thank you.

謝謝。

Thank you, everybody. Thank you.

謝謝大家。謝謝。

Thank you so much to our presenters and to everyone that participated. This concludes today's conference call. You may now disconnect. Have a great day.

非常感謝我們的主持人和所有參與者。今天的電話會議到此結束。您現在可以斷開連線。祝你有美好的一天。