Wolverine World Wide Inc (WWW) 2021 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Wolverine World Wide Inc. Third Quarter Fiscal 2021 Results Call. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 Wolverine World Wide Inc. 2021 財年第三季業績電話會議。 （操作員說明）

And now like to turn the conference over to Alex Wiseman, Vice President. Please go ahead.

現在將會議交給副總裁亞歷克斯·懷斯曼 (Alex Wiseman)。請繼續。

Good morning, and welcome to our third quarter 2021 conference call. On the call today are Blake Krueger, our Chairman and Chief Executive Officer; Brendan Hoffman, our President; and Mike Stornant, our Senior Vice President and Chief Financial Officer.

早上好，歡迎參加我們的 2021 年第三季電話會議。今天參加電話會議的是我們的董事長兼執行長 Blake Krueger；布倫丹·霍夫曼，我們的總裁；以及我們的資深副總裁兼財務長 Mike Stornant。

Earlier this morning, we announced our financial results for the third quarter 2021. The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com. If you would prefer to have a copy of the release sent to you directly, please call Allison Malkin at 203-682-8225.

今天早些時候，我們公佈了 2021 年第三季的財務業績。新聞稿可在許多新聞網站上找到，也可以在我們的公司網站 wolverineworldwide.com 上查看。如果您希望直接向您發送該新聞稿的副本，請致電 Allison Malkin，電話：203-682-8225。

This morning's press release and comments made during today's earnings call include non-GAAP disclosures, which adjust for example, for the impacts of environmental and other related costs, net of cost recoveries, costs related to the COVID-19 pandemic, including airfreight costs, severance expenses and other related costs; and foreign exchange rate changes. References to underlying performance reflect the exclusion of the recently acquired Sweaty Betty brand. These disclosures were reconciled and attached tables within the body of the release.

今天早上的新聞稿和在今天的財報電話會議上發表的評論包括非公認會計準則披露，其中包括環境和其他相關成本的影響、扣除成本回收、與COVID-19 大流行相關的成本（包括空運成本）、遣散費及其他相關費用；以及外匯匯率的變動。對基本業績的提及反映了最近收購的 Sweaty Betty 品牌被排除在外。這些揭露內容經過核對並附在新聞稿正文中的表格中。

I'd also like to remind you that statements describing the company's expectations, plans, predictions and projections such as those regarding the company's outlook for fiscal year 2021 and 2022, and growth opportunities and trends expected to affect the company's future performance made during today's conference call are forward-looking statements under U.S. securities laws. As a result, we must caution you that there are a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. These important risk factors are identified in the company's SEC filings and in our press releases.

我還想提醒您，今天會議上發表的描述公司預期、計劃、預測和預測的聲明，例如有關公司 2021 和 2022 財年展望的聲明，以及預計影響公司未來業績的增長機會和趨勢電話是美國證券法規定的前瞻性陳述。因此，我們必須提醒您，有許多因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。這些重要的風險因素已在公司向 SEC 提交的文件和我們的新聞稿中確定。

With that being said, I'd now like to turn the call over to Blake Krueger.

話雖如此，我現在想把電話轉給布萊克·克魯格。

Thanks, Alex. Good morning, everyone, and thanks for joining us. I hope everyone on the call is safe and well.

謝謝，亞歷克斯。大家早安，感謝您加入我們。我希望通話中的每個人都安然無恙。

Consumer demand for our market-leading brands and product offerings continues to surge and exceeded our expectations in Q3. Our strategic focus on a deeper connection with consumers' digital and DTC capabilities and product and design innovation is paying dividends. While the supply chain challenges that have been well documented across many industries has limited our ability to fully service this growing demand in the short term, I have never been so enthusiastic about our future and our outlook for 2022.

消費者對我們市場領先品牌和產品的需求持續激增，並超越了我們在第三季的預期。我們的策略重點是與消費者的數位和 DTC 能力以及產品和設計創新建立更深入的聯繫，這一點正在帶來回報。儘管許多行業所面臨的供應鏈挑戰限制了我們在短期內充分滿足這一不斷增長的需求的能力，但我對我們的未來和 2022 年的展望從未如此熱情。

Earlier today, we reported over 29% revenue growth versus 2020 and 11% over 2019. Third quarter revenue was approximately $637 million. Earnings leverage driven by gross margin increases was very good. We estimate that factory closures and logistics delays impacted Q3 by at least $60 million. The Wolverine Michigan Group's revenue was up 13% year-over-year, and the Wolverine Boston Group's revenue was up over 33%. Both groups delivered growth over 2019.

今天早些時候，我們報告營收較 2020 年成長超過 29%，較 2019 年成長 11%。第三季營收約為 6.37 億美元。毛利率成長帶動的獲利槓桿非常好。我們估計工廠關閉和物流延誤對第三季的影響至少為 6,000 萬美元。 Wolverine 密西根集團的營收年增 13%，Wolverine 波士頓集團的營收成長超過 33%。兩個集團在 2019 年都實現了成長。

Adjusted earnings per share for the company were $0.62, in line with our expectation despite the shortfall in revenue driven by macro supply chain issues. We believe the company is well positioned to deliver accelerated future growth with a number of fundamental elements supporting our enthusiasm.

儘管宏觀供應鏈問題導致收入短缺，但該公司調整後每股收益為 0.62 美元，符合我們的預期。我們相信，該公司處於有利地位，能夠透過支持我們熱情的許多基本要素來實現未來的加速成長。

Our brand portfolio strategy and international distribution base continue to reduce risk and provide a meaningful strategic benefit in the current environment. As the company is not dependent on any single product category, geographic region, consumer group or distribution channel. While consumer lifestyle choices have an increased demand for performance products, the underlying trends in this category are long term in nature and are expected to persist.

我們的品牌組合策略和國際分銷基地持續降低風險，並在當前環境中提供有意義的策略利益。由於公司不依賴任何單一產品類別、地理區域、消費者群體或分銷管道。雖然消費者生活方式的選擇對高性能產品的需求不斷增加，但該類別的潛在趨勢本質上是長期的，並且預計將持續下去。

Consumers are increasingly focused on health and wellness with running, hiking, the outdoors and exercise in general, serving as the primary activations of this mindset. Participation in running in the U.S. has increased every year over the last 5 years. and a significant majority of new runners that they plan to continue running in the future. Participation in all outdoor activities, including hiking, walking and boating, has also increased with over 20 million new hikes in the U.S. alone since 2015. This past spring and summer, National Park shattered attendance records and new boat purchases and water activities in general reached a 13-year high.

消費者越來越關注健康和保健，跑步、健行、戶外活動和一般運動是這種心態的主要活化方式。過去五年來，美國的跑步參與度逐年增加。以及絕大多數新跑者計劃在未來繼續跑步。自2015 年以來，包括遠足、步行和划船在內的所有戶外活動的參與度也有所增加，僅在美國就有超過2000 萬人次新的遠足活動。去年春夏，國家公園打破了出席人數記錄，新購船和水上活動總體上達到了創13年新高。

Consumers renewed affinity for the outdoors is expected to continue into the future. especially as consumers begin to travel again. The work category has also showed strong growth, supported by healthy macro industry conditions and workwear fashion tailwinds. Warehousing jobs have more than doubled since 2005, and construction companies are expected to hire hundreds of thousands of additional workers over the coming months. Looking ahead, the passage of a major infrastructure plan in the U.S. will further boost momentum in this category.

消費者對戶外活動的重新喜愛預計將持續到未來。尤其是當消費者再次開始旅行時。在健康的宏觀產業狀況和工作服時尚順風的支持下，工作類別也顯示出強勁成長。自 2005 年以來，倉儲工作增加了一倍多，預計建築公司將在未來幾個月內僱用數十萬名工人。展望未來，美國一項重大基礎設施計劃的通過將進一步推動這一類別的發展勢頭。

Across all brands and product categories, we have placed our consumers at the heart of our global strategy and that has changed how we bring product to market and operate the business. This strategic focus led to our recent acquisition of Sweaty Betty, a trend-right women's activewear brand that adds a very meaningful DTC business to our portfolio, with over 80% of revenue generated through DTC channels. Including Sweaty Betty, DTC e-commerce revenue more than doubled in Q3 relative to 2019. And our DTC stores are up over 35% versus that year.

在所有品牌和產品類別中，我們將消費者置於全球策略的核心，這改變了我們將產品推向市場和營運業務的方式。這個策略重點導致我們最近收購了 Sweaty Betty，這是一個引領潮流的女性運動服品牌，為我們的產品組合增添了非常有意義的 DTC 業務，超過 80% 的收入來自 DTC 管道。包括 Sweaty Betty 在內，DTC 電子商務營收在第三季比 2019 年成長了一倍多。我們的 DTC 商店比去年成長了 35% 以上。

Our owned online business and the online business of our wholesale customers now account for over 30% of global revenue. Together with the DTC businesses operated by our distributor partners around the world, nearly 40% of our global revenue and a larger percentage of our pairs, is now generated through consumer direct channels, enabling enhanced brand shopping experiences, a wealth of consumer insights and data and a more efficient business model.

我們自有的線上業務和批發客戶的線上業務目前佔全球收入的30%以上。加上我們在世界各地的經銷商合作夥伴經營的DTC 業務，我們近40% 的全球收入和更大比例的合作夥伴現在是透過消費者直接管道產生的，從而增強了品牌購物體驗、豐富的消費者洞察和數據以及更有效率的商業模式。

We continue to capitalize on the fundamental consumer trends that are playing out in the market. In addition to our strong DTC business, these trends are reflected by continued strength in retail sell-through and a historically high order backlog that now extends into Q3 of 2022. We remain bullish on our outlook in light of these trends and the composition of our brand portfolio, which over-indexes in trending performance in lifestyle categories. We expect strong long-term consumer demand, especially for Saucony, Merrell, Sweaty Betty, our work brands and Sperry, which will launch a line of products in the active sport category next spring.

我們繼續利用市場上正在發生的基本消費趨勢。除了我們強大的DTC 業務外，這些趨勢還體現在零售銷量的持續強勁以及積壓訂單處於歷史高位，目前這種情況已延續到2022 年第三季度。鑑於這些趨勢以及我們的業務組成，我們仍然看好我們的前景。品牌組合，在生活方式類別中的趨勢表現指數過高。我們預期長期消費者需求強勁，尤其是 Saucony、Merrell、Sweaty Betty、我們的工作品牌和 Sperry，後者將於明年春天推出一系列活躍運動類別的產品。

For our call today, Brendan Hoffman will provide some additional insight on key brand performance during the quarter. Mike Stornant will review our Q3 financial and updated outlook in more detail, and I'll conclude with some final remarks. With this, I'll now hand it over to Brendan. Brendan?

在我們今天的電話會議中，布倫丹·霍夫曼（Brendan Hoffman）將提供有關本季度主要品牌表現的一些額外見解。麥克·斯托南特 (Mike Stornant) 將更詳細地回顧我們第三季度的財務和最新展望，最後我將發表一些評論。現在，我將把它交給布倫丹。布倫丹？

Thanks, Blake. In the third quarter, we acquired Sweaty Betty, a powerhouse brand that operates in a global addressable activewear market of over $200 billion. The brand delivers on our key strategic priorities by delivering a powerful line of industry-leading products, expanding our direct-to-consumer presence and growing our business internationally. We plan to leverage these strengths by deploying Sweaty Betty's best practices and apparel expertise across our portfolio.

謝謝，布萊克。第三季度，我們收購了 Sweaty Betty，這是一個在全球超過 2,000 億美元的潛在運動服市場中經營的強大品牌。該品牌透過提供強大的行業領先產品線、擴大我們的直接面向消費者的業務以及發展我們的國際業務，實現了我們的關鍵戰略重點。我們計劃透過在我們的產品組合中部署 Sweaty Betty 的最佳實踐和服裝專業知識來利用這些優勢。

The business grew over 50% in the third quarter, ahead of our expectations. Less than 3 months after welcoming Sweaty Betty to the Wolverine family, we are even more excited about the growth potential, product collaborations and operational synergies in front of us.

第三季業務成長超過50%，超出我們的預期。在歡迎 Sweaty Betty 加入 Wolverine 家族不到 3 個月後，我們對眼前的成長潛力、產品合作和營運綜效感到更加興奮。

Saucony delivered a very strong performance in Q3, with more than 40% growth over 2020 and 60% versus 2019 despite some supply chain challenges. Saucony.com was up more than 50% and nearly triple 2019. The brand has seen global success with all regions contributing significant growth. Outside the U.S. market, technical running and lifestyle performance in Europe was especially strong, up 30% versus 2020. Our Saucony Originals lifestyle business continues to perform well, especially internationally. Our performance in Europe continues to accelerate while the Asia Pacific region is a big opportunity for us moving forward with the brand delivering over 60% growth in Q3.

儘管存在一些供應鏈挑戰，索康尼在第三季度的表現非常強勁，與 2020 年相比增長了 40% 以上，與 2019 年相比增長了 60%。 Saucony.com 的成長率超過 50%，2019 年成長近兩倍。該品牌在全球範圍內取得了成功，所有地區都貢獻了顯著的成長。在美國市場之外，歐洲的技術跑步和生活方式表現尤其強勁，與 2020 年相比增長了 30%。我們的 Saucony Originals 生活方式業務繼續表現良好，尤其是在國際市場。我們在歐洲的業績持續加速，而亞太地區對我們來說是一個巨大的機遇，該品牌在第三季度實現了超過 60% 的成長。

Saucony stores in the online business are performing well in China as the brand's joint venture there continues to gain momentum. Saucony continues to deliver a consistent flow of powerhouse performance product and trend-right lifestyle product. This has translated to consistent robust growth for the brand over the last several quarters and we expect this to continue into 2022. The road-running category leads the way, including the recent launches of the new Ride 14, the brand's biggest franchise shoe, and Triumph's 19. The innovative Endorphin collection continues to generate heat in the marketplace and deliver substantial revenue for the brand, thanks to recent franchise updates, including the Pro 2, Speed 2 and Shift 2. Saucony's trail running business also grew by more than 40% in the quarter.

隨著該品牌在中國的合資企業不斷發展勢頭，索康尼的線上業務商店在中國表現良好。索康尼持續提供穩定的高性能產品和潮流生活方式產品。這意味著該品牌在過去幾季中持續強勁成長，我們預計這種情況將持續到 2022 年。公路跑類別處於領先地位，包括最近推出的新款 Ride 14（該品牌最大的特許經營鞋）和Triumph 的19. 創新Endorphin 系列繼續在市場上產生熱度，並為該品牌帶來可觀的收入，這要歸功於最近的特許經營更新，包括 Pro 2、Speed 2 和Shift 2. Saucony 的越野跑業務也成長了40% 以上在本季。

Let me shift to Merrell. The brand continues to experience record demand and great momentum in all global channels. During Q3, Merrell was impacted by factory closures in Vietnam, which resulted in missed revenue opportunities of at least $25 million. Despite these challenges, Merrell still delivered mid-single-digit growth in the quarter versus 2020. Merrell's DTC business grew mid-single digits in the quarter, with merrell.com building on its nearly doubling of the business last year.

讓我轉向梅雷爾。該品牌在所有全球通路中繼續經歷創紀錄的需求和強勁的勢頭。第三季度，Merrell 受到越南工廠關閉的影響，導致錯過了至少 2500 萬美元的收入機會。儘管面臨這些挑戰，與2020 年相比，Merrell 在本季度仍實現了中個位數增長。Merrell 的DTC 業務在本季度實現了中個位數增長，merrell.com 的業務在去年幾乎翻倍的基礎上繼續發展。

Merrell stores also continued to outperform our expectations, a promising indicator of the strength of the brand and the consumers' return to shopping in stores. Merrell holds the #1 U.S. market share position in the height category and as the category leader in many key markets across the globe. While Merrell continues to successfully optimize its well-established and market-leading core product franchises, fresh, innovative product offerings are driving brand heat and new consumer interest.

Merrell 商店的表現也持續超越我們的預期，這是品牌實力和消費者回歸商店購物的一個有希望的指標。 Merrell 在身高類別中佔據美國市場份額第一名，並且是全球許多主要市場的類別領導者。儘管 Merrell 繼續成功優化其成熟且市場領先的核心產品系列，但新鮮、創新的產品正在推動品牌熱度和新的消費者興趣。

The Moab Speed and Moab Flight collections are energizing the performance category. These styles represent the brand vision for fast, lightweight footwear for the trail and light hiking, and also build on the heritage and success of the world's #1 hiker, the Moab. This momentum is further fueled by the uptick in organic media placements that bridge both performance and lifestyle. For example, Amy Levitz used the Moab Speed in the September issue of vogue for a major photo shoot and style with the Louis Vuitton jacket in skirt.

Moab Speed 和 Moab Flight 系列為性能類別注入了活力。這些款式代表了品牌對於快速、輕便的越野和輕型健行鞋的願景，同時也以世界排名第一的健行者 Moab 的傳統和成功為基礎。連接績效和生活方式的有機媒體投放的增加進一步推動了這一勢頭。例如，艾米·萊維茨 (Amy Levitz) 在《時尚》九月號中使用了 Moab Speed 進行重大照片拍攝，並與 Louis Vuitton 夾克搭配裙子進行造型。

Additionally, Merrell was featured on The Today's Show during Q3, showcasing the Moab Speed, which aligns well to the brand's step further campaign, encouraging increased commitment to the outdoors. Both collections have exceeded our expectations, and we are excited about the potential for new performance collections in 2022.

此外，Merrell 在第三季的《Today's Show》中進行了專題報道，展示了 Moab Speed，這與該品牌的進一步活動非常契合，鼓勵人們更多地投入戶外活動。這兩個系列都超出了我們的預期，我們對 2022 年新性能係列的潛力感到興奮。

Merrell's lifestyle business performed better than the brand's overall growth in Q3. We are seeing positive results from our strategic focus on further elevating Merrell as a lifestyle brand. Recent brand health research indicates that consumers are incorporating Merrell into their own identity in an increasingly higher degree. These trends are manifesting in the strong performance we are seeing in lifestyle product, including Hydro Moc and the newly launched cloud all-day casual sneaker collection made with eco-friendly materials.

邁樂的生活方式業務在第三季度的表現優於該品牌的整體成長。我們的策略重點是進一步提升 Merrell 作為生活風格品牌，我們看到了積極的成果。最近的品牌健康研究表明，消費者越來越多地將 Merrell 融入自己的身份中。這些趨勢體現在我們在生活風格產品中看到的強勁表現，包括 Hydro Moc 和新推出的環保材質製成的雲端全天休閒運動鞋系列。

As we mentioned on our Q2 call, Merrell introduced its 1 TRL capsule collection on merrell.com, which focuses on younger, fashion-forward consumers demanding authentic outdoor influence style. Looking ahead, Merrell possesses a substantial growth opportunity globally, particularly in EMEA, which has seen increasing momentum for several quarters; and in Asia Pacific, where the China JV is just beginning to gain momentum. Outdoor and performance trends are strong around the world, and Merrell is capitalizing on its heritage and brand positioning.

正如我們在第二季度電話會議中提到的，Merrell 在 merrell.com 上推出了 1 TRL 膠囊系列，該系列專注於追求正宗戶外影響風格的年輕、時尚前衛的消費者。展望未來，梅雷爾在全球擁有巨大的成長機會，特別是在歐洲、中東和非洲地區，該地區的成長勢頭已連續幾季成長；在亞太地區，中國合資企業剛開始發展勢頭。戶外和性能趨勢在全球範圍內都很強勁，而 Merrell 正在利用其傳統和品牌定位。

In Q3, our work business accounted for nearly 20% of total revenue the category continued to deliver strong growth, with Wolverine, the leader in the U.S. work boot category, up over 16%; Cat Footwear, up nearly 40%; and with strong contributions from our smaller brands. As Blake indicated, we expect continued strong growth in the work category as we pivot towards 2022.

第三季度，我們的工裝業務佔總營收近20%，品類持續強勁成長，美國工裝靴品類龍頭Wolverine成長超過16%； Cat Footwear，上漲近40%；以及我們較小品牌的強大貢獻。正如 Blake 所言，隨著我們邁向 2022 年，我們預計工作類別將繼續強勁成長。

Based on the performance of Merrell, Saucony, Sweaty Betty, Wolverine and our other work brands, our performance business developed growth of nearly 30% over 2019 during the third quarter.

基於Merrell、Saucony、Sweaty Betty、Wolverine等工作品牌的業績，我們的運動鞋業務第三季較2019年成長近30%。

The Sperry brand continued its steady recovery in Q3 with over 40% growth. The brand's DTC business was up 25%, driven by ongoing e-commerce growth and very good Sperry stores performance. All product categories delivered strong double-digit increases in the quarter. The overall boat market showed strong growth, particularly in men's, and Sperry gained significant market share growth in this key category.

Sperry 品牌在第三季持續穩定復甦，成長超過 40%。在持續的電子商務成長和 Sperry 商店出色業績的推動下，該品牌的 DTC 業務增長了 25%。本季所有產品類別均實現了兩位數的強勁成長。整個船舶市場呈現出強勁的成長勢頭，尤其是男士船舶市場，Sperry 在這一關鍵類別中的市場份額獲得了顯著增長。

From a fashion standpoint, there are clear indications that we are at the forefront of a boat shoe trend, with very encouraging demand from key retailers for the first half of 2022. I hope you all saw 007 James Bond wearing a pair of our iconic boat shoes in No Time to Die.

從時尚的角度來看，有明顯跡象表明我們處於船鞋趨勢的前沿，2022 年上半年主要零售商的需求非常令人鼓舞。我希望你們都看到007 詹姆斯·邦德穿著我們標誌性的船鞋款《無暇赴死》中的鞋子。

In the coming months, Sperry plans to build on the energy created by recent collaborations with Rowing Blazers and Netflix' Outer Banks, and product capsules with John Legend and Rebecca Minkoff. The brand is also well positioned for the current seasonal women's boot business with strong demand and healthy inventory levels.

在接下來的幾個月裡，斯佩里計劃利用最近與 Rowing Blazers 和 Netflix 的 Outer Banks 的合作以及與 John Legend 和 Rebecca Minkoff 的產品膠囊所創造的能量。該品牌在當前季節性女靴業務中也處於有利地位，需求強勁且庫存水準良好。

Sperry will also leverage the easy-on-off trend during Q4 with the new Moc Sider and the Cozyfloat Collections. In Spring '22, the brand will launch its new Sperry Sport Collection to tap into macro consumer trends with more trend-right, performance-based product for the water. Looking forward, our product lines are robust across the brand portfolio and order demand continues to strengthen. We have been flexible and responded quickly to navigate the ongoing macro supply chain challenges to service the increased demand we are seeing in nearly every brand. We believe strong product, coupled with more precise merchandising and consumer focus as well as healthier inventory positions will drive growth over the next year.

Sperry 也將利用第四季的易穿脫趨勢，推出全新 Moc Si​​der 和 Cozyfloat 系列。 22 年春季，品牌將推出全新 Sperry Sport 系列，推出更多順應潮流、注重效能的水產品，以迎合宏觀消費趨勢。展望未來，我們的產品線在整個品牌組合中都很強大，訂單需求持續增強。我們一直靈活且快速回應，以應對當前的宏觀供應鏈挑戰，以滿足幾乎每個品牌日益增長的需求。我們相信，強大的產品，加上更精確的銷售和消費者關注以及更健康的庫存狀況將推動明年的成長。

Our DTC channels remain a top priority and a source of opportunity for the business. We have pivoted to a more dynamic e-commerce operating model to enable faster implementation of technical enhancements and new commercial capabilities, which will also help us extend improved online functionality to our global online wholesale customers. In addition to our global DTC e-commerce business, we are seeing meaningful wholesale growth with our online retail customers.

我們的 DTC 管道仍然是首要任務，也是業務機會的來源。我們轉向更具活力的電子商務營運模式，以更快地實施技術增強和新的商業功能，這也將幫助我們將改進的線上功能擴展到全球線上批發客戶。除了我們的全球 DTC 電子商務業務外，我們還看到線上零售客戶的批發業務出現了有意義的成長。

As global economies have reopened, we have seen consumers shift a portion of their spending back to brick-and-mortar stores. About 50% of our footwear is now sold online in the important U.S. market. This bodes well for the current brand operating model that we are executing, including a more continuous product flow and best-in-class digital marketing content to benefit all channels. We continue to look closely at our store fleet and suspect there may be favorable and profitable opportunities for us to explore as we expand our footprint in key markets starting in 2022.

隨著全球經濟重新開放，我們看到消費者將部分支出轉移回實體店面。我們大約 50% 的鞋類現在在重要的美國市場上在線銷售。這對我們目前正在執行的品牌營運模式來說是個好兆頭，包括更連續的產品流和一流的數位行銷內容，以使所有管道受益。我們將繼續密切關注我們的門市隊伍，並懷疑，隨著我們從 2022 年開始擴大在主要市場的足跡，可能會探索有利且有利可圖的機會。

I'm now going to hand it off to Mike to review the third quarter financial results and our increased 2021 outlook in more detail. Mike?

我現在將把它交給 Mike，讓他更詳細地審查第三季的財務表現和我們上調的 2021 年前景。麥克風？

Thanks, Brendan. Let me start by reviewing the company's strong third quarter financial performance, and then I'll cover our revised outlook for 2021.

謝謝，布倫丹。首先讓我回顧一下該公司強勁的第三季財務業績，然後我將介紹我們修訂後的 2021 年展望。

Third quarter revenue of approximately $637 million represents growth of over 29% compared to the prior year and includes $39 million from the recently acquired Sweaty Betty business. On a pro forma basis, Sweaty Betty grew over 50% versus 2020. Based on increased consumer demand experienced across the portfolio during the quarter, the company was on track to deliver just under $700 million in third quarter revenue. But as Blake mentioned, the unprecedented factory closures and other well-documented supply chain disruption impeded our ability to service this strong demand.

第三季營收約 6.37 億美元，較上年成長超過 29%，其中包括最近收購的 Sweaty Betty 業務的 3,900 萬美元。根據預計，Sweaty Betty 與 2020 年相比成長了 50% 以上。根據本季整個產品組合中消費者需求的成長，該公司預計在第三季實現略低於 7 億美元的收入。但正如布萊克所提到的，史無前例的工廠關閉和其他有據可查的供應鏈中斷阻礙了我們滿足這一強勁需求的能力。

Despite these headwinds, Saucony and Sperry each delivered over 40% growth. Merrell was impacted most heavily by the factory closures in Southern Vietnam, yet still delivered mid-single-digit growth. Our work business also continued to drive meaningful growth at over 20%.

儘管存在這些不利因素，Saucony 和 Sperry 仍實現了超過 40% 的成長。梅雷爾受到越南南部工廠關閉的影響最為嚴重，但仍實現了中個位數成長。我們的工作業務也繼續以超過 20% 的速度實現有意義的成長。

Adjusted gross margin improved 330 basis points versus the prior year to 44.6% due to the higher average selling prices, favorable product mix and the addition of Sweaty Betty for nearly 2 months of the quarter. Merrell, Saucony and Sperry, all well exceeded gross margin expectations in the quarter, a testament to their strong position in the marketplace, and robust pipeline of relevant trend-right product. SwettyBetty's premium positioning, distinctive product offering and strong consumer trends are yielding robust gross margins, which are accretive to our underlying business in Q3.

由於平均售價提高、有利的產品組合以及本季近 2 個月 Sweaty Betty 的加入，調整後的毛利率較上年同期提高了 330 個基點，達到 44.6%。 Merrell、Saucony 和 Sperry 本季的毛利率均遠超預期，證明了它們在市場中的強大地位，以及相關潮流產品的強大管道。 SwettyBetty 的高端定位、獨特的產品供應和強勁的消費趨勢正在產生強勁的毛利率，這為我們第三季的基礎業務帶來了成長。

Total air freight costs were approximately $10 million in the quarter, of which $7 million was excluded from our adjusted results. Including the full air freight impact, our adjusted gross margin would have been 43.5%, still 220 basis points higher than last year. We continue to use air freight where appropriate to mitigate exceptional supply chain delays caused specifically by COVID.

本季的空運總成本約為 1,000 萬美元，其中 700 萬美元未計入我們的調整後業績。包括全部空運影響在內，我們調整後的毛利率將為 43.5%，仍比去年高 220 個基點。我們繼續在適當的情況下使用空運，以減輕因新冠肺炎而造成的異常供應鏈延誤。

Adjusted selling, general and administrative expenses of approximately $208 million, or $56 million more than last year, primarily due to increased revenue, the addition of Sweaty Betty and increased marketing investments. Adjusted operating margin was 12% for Q3, an improvement of 140 basis points over last year and ahead of our expectations. This very strong leverage on the company's revenue growth resulted from gross margin expansion and a balanced operating expense management.

調整後的銷售、一般和管理費用約為 2.08 億美元，比去年增加 5,600 萬美元，這主要是由於收入增加、Sweaty Betty 的增加以及行銷投資的增加。第三季調整後營業利益率為 12%，比去年提高 140 個基點，超出我們的預期。這種對公司收入成長的強大槓桿作用源於毛利率的擴張和平衡的營運費用管理。

Adjusted diluted earnings per share were $0.62 compared to $0.35 in the prior year, a growth of 77% or 3.5x our revenue growth in the quarter. Reported diluted earnings per share were breakeven and include a number of nonrecurring or exceptional items comprised of approximately $34 million of costs related to bond retirements executed in the quarter to significantly improve the company's capital structure and future liquidity, including future savings of nearly $10 million in annual interest expense; approximately $10 million of costs directly related to the acquisition of Sweaty Betty; approximately $17 million of costs related to our legacy environmental matters, including ongoing defense costs and estimate of potential future settlement costs for a portion of the outstanding litigation; and finally, approximately $7 million of airfreight considered to be well above normalized levels based on historical experience.

調整後攤薄每股收益為 0.62 美元，而去年同期為 0.35 美元，成長了 77%，即本季營收成長的 3.5 倍。報告的稀釋每股收益實現盈虧平衡，並包括許多非經常性或特殊項目，其中包括與本季度執行的債券退休相關的約3400 萬美元成本，以顯著改善公司的資本結構和未來流動性，包括未來節省近1,000 萬美元年度利息支出；與收購 Sweaty Betty 直接相關的約 1,000 萬美元成本；與我們遺留的環境問題相關的約 1700 萬美元的費用，包括正在進行的辯護費用以及對部分未決訴訟的未來潛在和解費用的估計；最後，根據歷史經驗，大約 700 萬美元的空運被認為遠高於正常水平。

During the quarter, the company and 3M entered into a nonbinding term sheet outlining proposed settlement terms on certain individual lawsuits filed against the company related to our legacy environmental issue. While the proposed settlement remains subject to finalizing terms and contingencies that allow any of the parties to opt out of the proposed settlement, we believe this is another important step towards potential resolution of these matters.

本季度，公司和 3M 簽訂了一份不具約束力的條款清單，概述了針對公司提起的與我們遺留環境問題相關的某些個人訴訟的擬議和解條款。雖然擬議的和解方案仍需最終確定條款和意外情況，允許任何一方選擇退出擬議的和解方案，但我們認為這是朝著解決這些問題邁出的另一個重要步驟。

Let me now shift to the balance sheet. Total inventory grew approximately 26% versus 2020, including 16 percentage points of growth from Sweaty Betty. Underlying inventory was up approximately 10% compared to last year and still down compared to 2019. Our inventory position has improved over the last 2 quarters, especially for Saucony, Sperry and our work brands, but is still not in line with the higher demand. Merrell continues to manage through the recovery from closed Vietnam factories, which has put more pressure on inventory levels.

現在讓我轉向資產負債表。總庫存較 2020 年成長約 26%，其中 Sweaty Betty 成長了 16 個百分點。基礎庫存與去年相比增長了約10%，但與2019 年相比仍然有所下降。過去2 個季度我們的庫存狀況有所改善，特別是Saucony、Sperry 和我們的工作品牌，但仍無法滿足更高的需求。梅雷爾繼續從關閉的越南工廠中恢復過來，這給庫存水準帶來了更大的壓力。

Based on current visibility, inventory levels that will continue to improve as we benefit from supply chain diversification, the addition of several new factories and incremental capacity for 2022, higher production orders placed in mid-2021 and other actions we have taken to counterbalance macro supply chain headwinds. This August 1, we acquired Sweaty Betty for approximately $410 million. The purchase was financed through a combination of existing cash and borrowing under the company's revolver. We also executed some important refinancing activities to support future growth and optimize our capital structure. Most notably, a bond refinancing and a new credit facility that gives us added liquidity and flexibility to invest in growth.

根據目前的可見性，隨著我們受益於供應鏈多元化、增加幾家新工廠和2022 年產能增量、2021 年中期下達的生產訂單增加以及我們為平衡宏觀供應而採取的其他行動，庫存水平將繼續改善連鎖逆風。今年 8 月 1 日，我們以約 4.1 億美元收購了 Sweaty Betty。此次購買的資金是透過現有現金和公司循環借款相結合的方式進行的。我們也執行了一些重要的再融資活動，以支持未來的成長並優化我們的資本結構。最值得注意的是，債券再融資和新的信貸安排為我們提供了更多的流動性和投資成長的靈活性。

As a result of these recent actions, we've added a powerhouse growth brand of the portfolio and our balance sheet remains extremely healthy, with total liquidity of approximately $800 million.

由於最近採取的這些行動，我們在投資組合中增加了一個強大的成長品牌，我們的資產負債表仍然非常健康，總流動性約為 8 億美元。

I will now provide an update on our outlook for the rest of 2021. I First, let me focus on the strength of demand signals across the portfolio that support a very optimistic outlook for growth over the next several quarters. Our order book remains at historically high levels, and provides very clear demand visibility for our global wholesale and distributor businesses well into 2022. Retail sell-through continues to be very strong. Despite shipment delays and supply chain disruption, our order cancellations have been limited as retailers remain committed to our industry-leading brands and product offerings.

現在，我將提供有關 2021 年剩餘時間的最新展望。首先，讓我重點關注整個投資組合中需求訊號的強度，這些訊號支持未來幾季非常樂觀的成長前景。我們的訂單量保持在歷史最高水平，並為我們的全球批發和分銷業務提供了非常清晰的需求可見性，直到 2022 年。零售銷售仍然非常強勁。儘管出現發貨延誤和供應鏈中斷，但由於零售商仍然致力於我們行業領先的品牌和產品供應，因此我們的訂單取消數量有限。

The positive momentum of our performance and work footwear brands continues, and now Sperry is beginning to show signs of a healthy recovery. Sweaty Betty is now the fourth largest brand in our portfolio and is driving outpaced growth. Trends in our D2C business remained strong with year-to-date underlying eCommerce revenue up nearly double 2019 and year-to-date underlying store revenue up mid-teens. Finally, demand in our APAC and Latin America regions is recovering nicely as we transition to spring 2022, and we see near-term strength across many international markets.

我們的功能鞋和工作鞋品牌的積極勢頭仍在繼續，現在 Sperry 開始顯示出健康復甦的跡象。 Sweaty Betty 現在是我們產品組合中的第四大品牌，並且正在推動超額成長。我們的 D2C 業務趨勢依然強勁，年初至今的基礎電子商務收入比 2019 年增長了近一倍，年初至今的基礎商店收入增長了 15% 左右。最後，隨著 2022 年春季的到來，亞太地區和拉丁美洲地區的需求正在良好復甦，我們看到許多國際市場的近期強勁勢頭。

All of these indicators give us great confidence for the future, the strength of new product offerings and improved go-to-market tactics across the portfolio will allow us to continue to fuel growth, despite the macro supply chain headwinds that we believe will persist well into 2022. In the short term, the impact of factory closures and a volatile logistics environment is having an unplanned negative impact on revenue for the last 4 months of 2021. As a result, we are adjusting our fiscal 2021 outlook.

所有這些指標都讓我們對未來充滿信心，新產品的實力和整個產品組合改進的上市策略將使我們能夠繼續推動成長，儘管我們認為宏觀供應鏈的不利因素將持續存在到2022 年。短期來看，工廠關閉和不穩定的物流環境對2021 年最後4 個​​月的收入產生了意想不到的負面影響。因此，我們正在調整2021 財年的前景。

We now expect fiscal 2021 revenue of approximately $2.4 billion, growth of nearly 35% compared to the prior year and approximately 28% growth on an underlying basis. Despite the shorter-term supply chain impact, we still expect to deliver up to 25% growth in the fourth quarter. We expect strong gross margin performance to continue in Q4, thanks to low levels of excess inventory, lower promotional activity in the market and continuing expansion of our D2C businesses.

我們目前預計 2021 財年營收約 24 億美元，較上年成長近 35%，基礎成長約 28%。儘管供應鏈受到短期影響，我們仍預計第四季將實現高達 25% 的成長。由於庫存過剩水平較低、市場促銷活動減少以及 D2C 業務的持續擴張，我們預計第四季度將繼續保持強勁的毛利率表現。

There will be ongoing cost pressure related to higher freight and logistics costs throughout the fourth quarter, and we will continue to invest behind our future growth opportunities, including brand enhancing marketing and key talent. We now expect full year adjusted diluted earnings per share in the range of $2.05 to $2.10, and Q4 adjusted diluted earnings per share of $0.38 to $0.43, representing 100% growth over 2020 at the high end of that range.

第四季貨運和物流成本上漲將帶來持續的成本壓力，我們將繼續投資未來的成長機會，包括品牌提升行銷和關鍵人才。我們目前預計全年調整後稀釋每股收益在 2.05 美元至 2.10 美元之間，第四季度調整後稀釋每股收益在 0.38 美元至 0.43 美元之間，較 2020 年在該範圍的高端增長 100%。

Full year reported diluted earnings per share are now expected in the range of $1.16 to $1.21. We have good line of sight to the start of 2022 and have great enthusiasm for continued brand momentum as we pivot into the new year. While certain known supply chain headwinds will continue to be in play, we still expect to deliver mid-teens underlying growth and mid-20s overall growth in the first quarter of 2022. Our confidence in delivering double-digit underlying growth next year remains very high, and we believe Sweaty Betty adds significantly to the growth profile of the company.

目前預計全年攤薄每股收益將介於 1.16 美元至 1.21 美元之間。我們對 2022 年伊始抱持著良好的願景，並對在新的一年持續保持品牌動力充滿熱情。儘管某些已知的供應鏈不利因素將繼續發揮作用，但我們仍預計2022 年第一季將實現十幾歲左右的基本增長和20 歲左右的總體增長。我們對明年實現兩位數基本增長的信心仍然非常高，我們相信汗水貝蒂將顯著促進公司的發展。

With that, I will hand it back over to Blake for some closing remarks. Blake?

至此，我將把它交還給布萊克，讓他發表一些結束語。布萊克？

Thanks, Mike. Our healthy growth and strong financial performance in Q3 are a testament to the company's strategic focus and accelerated brand investments. Over the last several years, we've consistently invested behind digital and DTC capabilities, technology, talent and eCommerce as well as product innovation and design. In Q3, we made an important acquisition of Sweaty Betty, which will be an important catalyst for growth across our performance brands.

謝謝，麥克。我們第三季的健康成長和強勁的財務表現證明了公司的策略重點和加速的品牌投資。在過去的幾年裡，我們持續投資於數位和 DTC 能力、技術、人才和電子商務以及產品創新和設計。第三季度，我們對 Sweaty Betty 進行了重要收購，這將成為我們功能品牌成長的重要催化劑。

Our product pipeline is robust. Consumer demand is surging and brand heat and ongoing trends favor our brands. We are confident as we plan for double-digit growth in 2022. The advantageous position we find ourselves in today is a credit to our team's expertise and relentless work, especially over the last couple of years. The global marketplace continues to be dynamic and fast changing and our people and company are excelling in this environment.

我們的產品線很強大。消費者需求激增，品牌熱度和持續趨勢有利於我們的品牌。我們充滿信心，計劃在 2022 年實現兩位數的增長。我們今天所處的有利地位歸功於我們團隊的專業知識和不懈的工作，特別是在過去幾年中。全球市場持續充滿活力且快速變化，我們的員工和公司在這種環境中表現出色。

I'd like to close by thanking our team members around the world for their tremendous efforts in making this a pivotal year for the company. With that, I'll now turn the call back over to the operator. Operator?

最後，我要感謝我們世界各地的團隊成員為今年成為公司的關鍵一年所做的巨大努力。這樣，我現在將把電話轉回給接線生。操作員？

(Operator Instructions) The first question is from Erinn Murphy with Piper Sandler.

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

I have a couple of questions. I wanted to start first with the order book for 2022. It sounds like you have good visibility through the third quarter now of next year. Could you talk a little bit more about that? And then with the facilities in Vietnam now ramping up after kind of a long period of downtime, is that impacting your ability to produce spring 2022?

我有一些問題。我想先從 2022 年的訂單開始。聽起來明年第三季的前景很好。能多談談嗎？然後，越南的設施在經過一段長時間的停工後現在正在恢復生產，這是否會影響你們 2022 年春季的生產能力？

Yes. I'll take the first question with respect to the order book. Our order book really has been very strong for a year now. And most recently, over the last couple of months, it's been accelerating. We have good visibility across the brand portfolio. The increases, frankly, are at historically high numbers that I've never seen in my career, all of which is very helpful as we try to mitigate some of the supply chain headwinds we're all facing. So the order book is building. Certainly Q1, Q2, well in. We're still getting some more orders in Q3, and we'll be getting some Q4 future orders in the near future.

是的。我將回答有關訂單的第一個問題。一年來我們的訂單確實非常強勁。最近，在過去的幾個月裡，這一趨勢一直在加速。我們在整個品牌組合中擁有良好的知名度。坦白說，這些成長是我職業生涯中從未見過的歷史最高數字，所有這些都非常有幫助，因為我們試圖減輕我們都面臨的一些供應鏈阻力。所以訂單正在增加。當然，第一季、第二季都很好。我們在第三季仍然會收到更多訂單，並且在不久的將來我們將收到一些第四季的訂單。

With respect to Vietnam, a number of the factories in the South were closed over the last 2.5, 3 months. They're reopening. Reopening is probably going to be a bit of a ramp up here as we look ahead. I would say on supply chain, in general, we've been very proactive for a year. We've been focused on additional capacity cost, taking cost out of the supply chain, but also speed. So we're going to continue -- the macro supply chain issues are going to continue to impact us in the whole industry and many industries well into 2022. We feel very good about what we can control and the proactive actions we've taken.

就越南而言，在過去2.5、3個月裡，南方的許多工廠都關閉了。他們正在重新開放。展望未來，重新開放可能會有所加快。我想說，在供應鏈方面，總的來說，我們一年來一直非常積極。我們一直關注額外的產能成本，降低供應鏈的成本，同時也關注速度。因此，我們將繼續——到 2022 年，宏觀供應鏈問題將繼續影響我們整個行業和許多行業。我們對我們能夠控制的事情以及我們所採取的積極行動感到非常滿意。

Certainly, in the short term and midterm, we've added substantial new capacity with our existing factory base and sister factories, as well as a couple of dozen of new factories that have been added to our mix. Supply chain is going to continue to be a bit of a slow poke here compared to historical time lines. But again, in that regard, we've taken a number of actions, air freight, the use of fast boats, shipping directly, bypassing the distribution centers. So we feel very good about where we stand today and the actions we've taken to control what we can control.

當然，在短期和中期，我們已經透過現有的工廠基地和姊妹工廠以及數十家新工廠增加了大量新產能。與歷史時間線相比，供應鏈將繼續變得有點緩慢。但在這方面，我們再次採取了一些行動，空運、使用快艇、直接運輸、繞過配送中心。因此，我們對我們今天的處境以及我們為控制我們可以控制的事情而採取的行動感到非常滿意。

Great. I just had a follow-up for Mike, if possible. On the third quarter gross margin, you talked about it being better if you excluded the air freight. But I guess even if I do that and then back out the benefit that SwettyBetty had, the $39 million to sales and $26 million to gross profit, gross margins would have been in the mid-30% range, like 35%, 36% versus last year. So I'm just trying to understand a little bit more about what is going on under the hood with the gross margin. Is that input cost? Is it something else that we're not thinking -- that I'm not thinking through?

偉大的。如果可能的話，我剛剛對邁克進行了跟進。關於第三季的毛利率，您談到如果不包括空運，情況會更好。但我想，即使我這樣做，然後取消 SwettyBetty 所獲得的收益，即 3,900 萬美元的銷售額和 2,600 萬美元的毛利，毛利率也會在 30% 左右，例如 35%、36% 與去年。所以我只是想多了解毛利率的幕後情況。這是投入成本嗎？難道還有其他我們沒想到的──我沒有考慮清楚的事情嗎？

Yes, sure. I think the Sweaty Betty benefit in the quarter was about 140 basis points on margin, just the mix benefit there because of their strength in D2C, Erinn. So I think even after that, we still are above last year's gross margin performance. So overall, our ability to kind of maintain a healthy gross margin going in on the wholesale side has been very good, very strong. Obviously, scarce inventory helps in that regard. Our e-commerce and store performance overall, the gross margins have held up to our expectations very well. We're not over promotional right now in the marketplace. As a result, we're getting good good flow through.

是的，當然。我認為 Sweaty Betty 本季的利潤率大約是 140 個基點，只是由於他們在 D2C、Erinn 的實力而帶來的混合收益。所以我認為即使在那之後，我們的毛利率表現仍然高於去年。總的來說，我們在批發方面保持健康毛利率的能力非常好、非常強。顯然，稀缺的庫存在這方面有所幫助。我們的電子商務和商店整體業績、毛利率都很好地達到了我們的預期。我們現在在市場上還沒有過度促銷。結果，我們獲得了良好的流量。

And then on the input cost side, we've been able to manage that really well. So as it relates to product costs, et cetera. So I think overall, the health of the gross margin line is quite strong. We're certainly getting the benefit of the mix as we grow our D2C business and add Sweaty Betty into that overall. But I still see continuing expansion in gross margin as we move forward as that mix continues to get richer.

然後在投入成本方面，我們能夠很好地管理這一點。因為它涉及產品成本等。因此，我認為總體而言，毛利率線的健康狀況相當強勁。隨著我們發展 D2C 業務並將 Sweaty Betty 納入其中，我們肯定會從這種組合中受益。但隨著我們繼續前進，隨著這種組合繼續變得更加豐富，我仍然認為毛利率將繼續擴大。

(Operator Instructions) The next question is from Jim Duffy with Stifel.

（操作員說明）下一個問題來自 Stifel 的 Jim Duffy。

Can I ask you to speak more about the supply chain mechanics and how they play forward from here into 2022? Can you get more detail on brand-specific impacts? I know you flagged Merrell, are there other brands that are impacted? I'm curious how that impacts your international distributor business. And then looking out to 2022, is it going to impact revenue timing between Q1 and Q2? If you could help us think through that some more, that would be great.

我可以請您多談談供應鏈機制以及它們從現在到 2022 年的發展嗎？您能否獲得更多有關品牌特定影響的詳細資訊？我知道您標記了 Merrell，還有其他品牌受到影響嗎？我很好奇這對您的國際經銷商業務有何影響。然後展望 2022 年，這是否會影響第一季和第二季之間的收入時間表？如果您能幫助我們進一步思考，那就太好了。

Yes. I would say, obviously, for the factory closures that happened in Southern Vietnam, of all of our brands, Merrell was the most impacted. There'll be still some continuing impact on Merrell's growth. They have an extremely strong order book, obviously, into Q1 and maybe potentially Q2 of next year. We have several other brands that had some capacity there, not to the extent of Merrell, Saucony would be one of those brands. But Saucony was also able to increase their inventory levels going into some of the most severe Vietnam shutdown.

是的。顯然，我想說，對於越南南部發生的工廠關閉事件，在我們所有品牌中，梅雷受到的影響最大。這仍然會對梅雷爾的成長產生一些持續的影響。顯然，他們在第一季甚至明年第二季都有非常強勁的訂單。我們還有其他幾個品牌在那裡有一定的產能，但沒有達到邁樂的程度，索康尼就是其中之一。但在越南一些最嚴重的停工期間，索康尼也能夠提高庫存水準。

So obviously, we haven't provided complete guidance for next year. But despite all of these supply chain headwinds logistics headwinds, we still expect very, very strong growth in the first half of the year, mid-teens on an organic basis and probably over -- well over 20% when it comes to -- including Sweaty Betty.

顯然，我們還沒有為明年提供完整的指導。但是，儘管存在所有這些供應鏈逆風和物流逆風，我們仍然預計今年上半年將出現非常非常強勁的增長，有機增長將達到十幾歲左右，甚至可能超過 20%，包括滿頭大汗的貝蒂。

Yes. And I think just to add on to what Blake said, I think the tools we now have in our toolbox going forward, whether it be as Blake said, just shipping directly to retailers, diversifying our sourcing base are going to serve us very well as we get to the other side of this and continue to grow as a company.

是的。我想補充一下布萊克所說的，我認為我們工具箱中現在擁有的工具，無論是像布萊克所說的那樣，直接運送給零售商，使我們的採購基地多樣化，都將為我們提供很好的服務我們克服了這一點，並作為一家公司繼續發展。

Jim, the only other point that you asked about on the international side, too, it's a good question because obviously, can impact the timing of deliveries to our distributors a little bit. That's certainly hampering us in Q4. But obviously, we have a little more flexibility there as it relates to getting goods into the market on time even if we don't hit the quarter-end deadline. So some of the Merrell headwinds that Blake referred to are certainly impacting our international business, but we don't see that creating any specific risk there. It's just more of a timing shift.

吉姆，您在國際方面詢問的唯一另一點也是，這是一個很好的問題，因為顯然，這可能會稍微影響向我們經銷商的交貨時間。這肯定會阻礙我們第四季的發展。但顯然，我們在這方面有更多的靈活性，因為即使我們沒有在季度末的最後期限內按時將貨物推向市場，也是如此。因此，布萊克提到的一些梅雷爾逆風肯定會影響我們的國際業務，但我們認為這不會產生任何特定的風險。這只是更多的時間轉變。

Got it. And then a follow-up, just wanted to talk about the order backlog a little bit. You guys are not alone in expressing strength and confidence in visibility into next year. I'm curious how solid these orders are. Because it feels like retailers are ordering from everybody and then they'll see who can deliver just given the backdrop. Can you just speak about how you feel about orders and your confidence in how solid those are and presumptions for cancellation rates and so forth?

知道了。然後是後續，只是想談談訂單積壓的情況。你們並不是唯一一個對明年表現出力量和信心的人。我很好奇這些命令有多可靠。因為感覺零售商正在向每個人訂購，然後他們會看看誰可以在特定背景下交貨。您能否談談您對訂單的感受以及您對訂單可靠性的信心以及取消率的假設等？

No, I think very solid. I mean, we're talking to the retailers all the time. We'll get the team in a few weeks to have FFANY, but they're hungering for goods and they're hungering for the right goods. And as we've talked about. Our brands are playing in the right space and also some of the competitors have made some decisions to exit some of the retailers, which has also provided shelf space for us. So I think we feel extremely confident that the orders we have are -- will be followed through on.

不，我認為非常紮實。我的意思是，我們一直在與零售商交談。我們將在幾週內讓團隊擁有 FFANY，但他們渴望商品，而且他們渴望合適的商品。正如我們所討論的。我們的品牌正在正確的空間中發揮作用，一些競爭對手也做出了退出一些零售商的決定，這也為我們提供了貨架空間。因此，我認為我們非常有信心，我們所下的命令將得到執行。

I would say, Jim, so far this year, we've seen very minimal order cancellations. So that certainly gives us some additional confidence.

我想說，吉姆，今年到目前為止，我們看到的訂單取消量非常少。所以這無疑給了我們一些額外的信心。

The next question comes from Jay Sole with UBS.

下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Maybe, Mike, I just want to ask you about the air freight. I think that this year and for the year-to-date, it's like $20 million and sort of unusual air freight expenses. As you think about next year, presumably, the company won't need to use airfreight the same way. But do you see other cost inflation, whether it's in ocean shipping rates or container rates or whatever that would impact margins? So if we think about that $22 million, how much really goes away next year? In other words, like what's the offset from rising costs in other areas to get the product to where you do to the go?

也許，麥克，我只是想問你有關空運的問題。我認為今年以及今年迄今為止，大約有 2000 萬美元以及一些不尋常的空運費用。想像明年，該公司可能不需要以同樣的方式使用空運。但您是否看到其他成本上漲，無論是海運費率、貨櫃費率還是其他會影響利潤率的因素？那麼，如果我們考慮一下這 2,200 萬美元，明年到底會損失多少呢？換句話說，為了將產品運送到您需要的地方，其他領域的成本上升會抵消什麼？

Yes. I think, again, as we finalize our outlook for next year, we'll have more specific insights on where we see higher input costs or higher inflationary pressure on the business. So I won't be incredibly specific about it. But I will say that we expect to continue to use airfreight as a way to mitigate some of the other delays we're seeing. And we're lucky enough to have ocean contracts that take us into May of next year at very low rates relative to the spot rate market today. And -- but we're going to plan for increases there. The team on the sourcing side, on the global operations side of the business has done a tremendous job with our factories to manage product cost increases for next year. And so we have some visibility to that.

是的。我再次認為，當我們最終確定明年的前景時，我們將對哪些領域的投入成本更高或企業的通膨壓力更高有更具體的見解。所以我不會對此說得非常具體。但我要說的是，我們希望繼續使用空運來減少我們所看到的其他一些延誤。我們很幸運能夠以相對於今天的即期匯率市場非常低的價格簽訂明年五月的海運合約。而且 - 但我們將計劃在那裡增加。採購方面、業務全球營運方面的團隊與我們的工廠一起做了大量工作，以管理明年的產品成本增加。所以我們對此有一定的了解。

But overall, obviously, we're expecting and already communicated price increases across our own businesses here in North America and in our European-owned businesses as well. And so we would expect to manage our margin and enhance our margin outlook for next year based on the pricing powers that our brands have right now. We have -- we feel a very reasonable price increases that we need to pass along, but really not a lot of resistance on those.

但總的來說，顯然，我們預計並已經傳達了我們在北美的自有企業以及我們在歐洲擁有的企業的價格上漲。因此，我們希望根據我們品牌目前擁有的定價能力來管理我們的利潤率並提高明年的利潤率前景。我們認為我們需要傳遞非常合理的價格上漲，但實際上並沒有太多阻力。

Okay. Got it. Maybe if I can ask one more about Sweaty Betty. I think it was mentioned that Sweaty Betty was going to help give expertise or you're going to apply the Sweaty Betty expertise across the entire portfolio, presumably help grow the apparel business for Merrell and maybe some of the other brands. Can you just talk about how the Sweaty Betty acquisition may be creates new opportunity to do apparel and the other brands? And what kind of revenue opportunities you see there? And then just on the Sweaty Betty guidance for this year, I think it was $100 million for revenue impact to this year. Has that changed at all? Just based on the commentary in the press release, I wasn't sure if it seems like it would had been shifted a little bit.

好的。知道了。也許我可以再問一個關於汗水貝蒂的事。我認為有人提到 Sweaty Betty 將幫助提供專業知識，或者您將在整個產品組合中應用 Sweaty Betty 專業知識，大概有助於發展 Merrell 以及其他一些品牌的服裝業務。您能談談收購 Sweaty Betty 可能如何為服裝和其他品牌創造新的機會嗎？您在那裡看到了什麼樣的收入機會？然後就汗水貝蒂今年的指導而言，我認為今年的收入影響為 1 億美元。這有什麼改變嗎？僅根據新聞稿中的評論，我不確定它是否會有所改變。

Well, I'll start with the first. I mean we are -- having spent more time now with the Sweaty Betty team, and Blake and I were offsite with them with some of our Board members last week, we are even more enthusiastic about the capabilities they're going to be able to bring to us in many areas, and apparel is certainly a top priority. Julia and her team have spent time with our brands to start to think about how we can utilize their expertise, which goes across the gamut of supply chain design, production,to really bring product to market in Merrell and Saucony and some of our other brands in a way we haven't been able to do before.

好吧，我將從第一個開始。我的意思是，我們現在在 Sweaty Betty 團隊中花費了更多時間，而上週我和布萊克與我們的一些董事會成員一起在異地與他們在一起，我們對他們將能夠實現的功能更加充滿熱情給我們帶來很多領域，而服裝無疑是重中之重。朱莉婭和她的團隊花了很多時間與我們的品牌合作，開始思考如何利用他們的專業知識（涵蓋供應鏈設計、生產的各個領域），真正將產品推向Merrell 和Saucony 以及我們的一些其他品牌的市場以一種我們以前無法做到的方式。

We certainly have on our website apparel in these brands, but I think they think of it as more of a collection that will enhance the footwear that obviously is our strength. So very excited about what that can be. Now it won't really come to fruition until 2023 at this point, but the planning and the work and the effort going into it has already started.

我們的網站上當然有這些品牌的服裝，但我認為他們更多地將其視為一個系列，可以增強顯然是我們優勢的鞋類產品。對那會發生什麼事感到非常興奮。現在要到 2023 年才能真正實現，但規劃、工作和努力已經開始。

Yes. On the outlook side, Jay, we're really encouraged by Sweaty Betty's performance this year. We're expecting slightly better results this year than we originally anticipated. So no declines there at all. If anything, we expect it to be slightly better.

是的。從前景來看，傑伊，我們對汗水貝蒂今年的表現感到非常鼓舞。我們預計今年的結果會比我們最初的預期稍好。所以根本沒有下降。如果有的話，我們預計會稍微好一點。

The next question comes from Laurent Vasilescu from Exane BNB Paribas.

下一個問題來自 Exane BNB Paribas 的 Laurent Vasilescu。

I wanted to ask about the $60 million, Mike. Is that lost revenues? Or is that really a shift into 1Q? I think you talked about in the prior calls, there was a $40 million shift between the first quarters, but I'd love to get some additional color on that.

我想問一下那 6000 萬美元的事，麥克。這是收入損失嗎？或者這真的是進入第一季的轉變嗎？我想您在之前的電話會議中談到，第一季之間存在 4000 萬美元的轉變，但我希望對此有更多了解。

Well, I guess the way we really measured it, Laurent, is that we know from Vietnam, in particular. Obviously, on the logistics side, it tends to be timing related, right? So as Blake mentioned, we haven't seen a lot of cancellations in the business. And our retail customers and also our distributors around the world have been fairly patient with some of these logistics delays. To the extent Vietnam production can be replaced, then it will be a timing issue. To the extent it can't, then maybe there's some revenue in there that we're not going to be able to kind of push forward into future quarters.

好吧，我想我們真正衡量它的方式，勞倫特，是我們特別從越南了解的。顯然，在物流方面，它往往與時間相關，對吧？正如布萊克所提到的，我們還沒有看到很多業務被取消。我們的零售客戶以及世界各地的經銷商對其中一些物流延誤相當耐心。如果越南的生產能夠被替代，那麼這將是一個時間問題。如果不能的話，那麼也許其中有一些收入我們將無法推進到未來的幾季。

But the guidance that we gave for the first quarter, which was very strong and very -- Blake just reiterated a high level of confidence in that number, really doesn't rely any major shift of revenue coming out of Q4 into Q1. It's based on the order book we have today, the knowledge of supply chain capabilities and timing that we see today. So again, that shift concept really isn't something that we're focused on. We're looking at the reality of each month's production capabilities and the demand that we're seeing month by month. And as a result, we're still seeing really strong growth in the first half of next year despite those issues.

但我們為第一季提供的指導非常強勁，布萊克剛剛重申了對這個數字的高度信心，實際上並不依賴收入從第四季度到第一季的任何重大轉變。它是基於我們今天擁有的訂單、我們今天看到的供應鏈能力和時間表的知識。再說一遍，這種轉變概念確實不是我們關注的重點。我們正在研究每個月的生產能力的實際情況以及我們逐月看到的需求。因此，儘管有這些問題，我們仍然會在明年上半年看到強勁的成長。

That's great to hear that for next year, it's really strong double digit, not driven by any shift into 1Q. I wanted to follow up on Vietnam. In the press release, you say -- we're encouraged to see factories reopen, but there are some recent closures. I'd love to get some context. What are you seeing as you could see that COVID'S picking back up in Vietnam, but I'd just like to hear what you're seeing what percentage or is it in the South as well as the North? Any further color on that would be very helpful for the audience.

很高興聽到明年的成長將達到兩位數，而不是由第一季的任何轉變所推動。我想跟進越南的情況。在新聞稿中，您說——我們很高興看到工廠重新開業，但最近有一些工廠關閉。我很想了解一些背景資訊。你看到了什麼，因為你可以看到新冠病毒在越南重新流行，但我只想聽聽你看到的情況是多少百分比，或者是在南方還是北方？任何進一步的色彩都會對觀眾非常有幫助。

Yes. I mean what we're seeing right now still seems to be concentrated in the southern -- in the south and southern factories. The north, while not untouched was -- and we've got several factories up in the north, largely got through the latest variant very well. Obviously, it's hard to predict how governments and countries are going to react to the COVID situation. We've seen a wide variety of responses. I think there was some original fear that when the factories reopen, that it was going to be very difficult to get workers back in place and ramp up. And certainly, there's going to be some ramp-up challenges.

是的。我的意思是，我們現在看到的情況似乎仍然集中在南部——南部和南部的工廠。北方雖然也沒有受到影響，但我們在北方有幾家工廠，基本上很好地適應了最新的變體。顯然，很難預測政府和國家將如何應對新冠疫情。我們看到了各種各樣的回應。我認為，人們最初擔心的是，當工廠重新開放時，讓工人重返崗位並增加產能將非常困難。當然，將會遇到一些挑戰。

But I think from our perspective, right now, things are going better than anyone really anticipated, with respect to getting workers back in, getting the factories back up to production levels and a little bit better right now than anticipated. Right now, we're not anticipating any slide back into closures for the Southern Vietnam factories. But it's -- again, it's hard to predict. But we're not anticipating that right now.

但我認為，從我們的角度來看，目前情況比任何人真正預期的都要好，在讓工人重返崗位、讓工廠恢復生產水平方面，現在比預期要好一些。目前，我們預計越南南部的工廠不會再次關閉。但這又是很難預測的。但我們現在並沒有預料到這一點。

That's great to hear, Blake. And then lastly, just as a follow-up, Mike, maybe you can give us some more color. If you assume, on Jay's question, there's $60 million of Sweaty Betty in the fourth quarter, it looks like you're implying the underlying business to be down high single digits. Is that the right way to think about it? Am I doing the right math? And if that's the case, how do we think about the puts and takes across the key brands?

很高興聽到這個消息，布萊克。最後，作為後續行動，麥克，也許你可以給我們更多的色彩。對於 Jay 的問題，如果你假設 Sweaty Betty 第四季的收入為 6000 萬美元，那麼你似乎是在暗示基礎業務將出現高個位數的下降。這是正確的思考方式嗎？我做的數學正確嗎？如果是這樣的話，我們如何看待主要品牌的看跌期權和看跌期權？

No, I think we're -- while we're seeing it, I guess, the math that I'm looking at here is still nice double -- almost double-digit growth in our underlying business in Q4. Some of our larger brands, and Blake mentioned the impact Merrell's taking on the Vietnam closures and the ramp-up there, but fundamentally, we're still seeing great growth in Saucony's, Sperry and our work brands. Sweaty Betty should be incremental to that. So about 10% growth on an underlying basis for the fourth quarter.

不，我認為我們——雖然我們看到了這一點，但我想，我在這裡看到的數學仍然是不錯的雙——第四季度我們的基礎業務幾乎兩位數的增長。我們的一些較大品牌，布萊克提到了 Merrell 對越南關閉和擴張的影響，但從根本上說，我們仍然看到 Saucony、Sperry 和我們的工作品牌的巨大增長。汗流浹背的貝蒂應該對此有所貢獻。因此，第四季的基本成長率約為 10%。

The next question comes from Jonathan Komp from Baird.

下一個問題來自貝爾德 (Baird) 的喬納森康普 (Jonathan Komp)。

Can I just follow up on the fourth quarter? I want to, Mike, follow-up and understand. I know for the underlying business the last couple of years, you saw revenue hit a high point in the fourth quarter. And this year, you're implying sequentially lower dollars, especially when you take out Sweaty Betty. So could I just maybe understand the fourth quarter assumption a little better? And then I know previously you thought 12% operating margin was potentially achievable on a non-GAAP basis. And can you maybe just clarify the delta versus what you expect now?

我可以跟進第四季嗎？麥克，我想跟進並理解。我知道，對於過去幾年的基礎業務，您會看到第四季度的收入達到了高點。今年，你的意思是美元將連續下降，尤其是當你拿出《汗流浹背的貝蒂》時。那麼我是否可以更好地理解第四季的假設？我知道您之前認為按照非 GAAP 基準可以實現 12% 的營業利潤率。您能否澄清一下增量與您現在的預期？

Yes. I think as we've been cycling through the year, John -- I'll take the last question first. I mean we've been investing a lot in our brands. The potential growth that we've seen as it's kind of crystallize every quarter and accelerate it. Now we've invested in our brands and in our e-com capabilities in other parts of the business. So the investment thesis stays pretty constant, and we have 1 quarter here in Q4 where we're taking a more meaningful hit on some of these delayed shipments. So you're going to see a little bit of deleverage against what we've normally deleverd in the first 3 quarters on the earnings side.

是的。我想，由於我們這一年都在騎自行車，約翰——我會先回答最後一個問題。我的意思是我們在我們的品牌上投入了大量資金。我們看到的潛在成長每季都會具體化並加速。現在，我們已經在業務的其他部分投資了我們的品牌和電子商務能力。因此，投資理論保持相當穩定，第四季度有一個季度的時間，我們對其中一些延遲的發貨採取了更有意義的打擊。因此，在獲利方面，與我們通常在前三個季度去槓桿化的情況相比，你會看到一些去槓桿化。

But I think fundamentally, it's really a slowdown for Merrell in Q4 as it relates to the supply chain. So the lower revenue flow-through for sure has an impact on Q4 EPS and earnings, and then some of the incremental investments that we've made that we're going to continue to move forward with are still embedded in our Q4 outlook as well. So the business -- the mix of the business is a little bit different now with Sweaty Betty included as a D2C business, right, higher gross margins, but also a higher SG&A profile for that business. Our underlying or organic D2C business is also growing and continuing to take a bigger share of the mix. And so the P&L kind of shifts around a little bit there.

但我認為從根本上講，梅雷爾在第四季度確實出現了放緩，因為這與供應鏈有關。因此，較低的收入流量肯定會對第四季度的每股收益和收益產生影響，然後我們將繼續推進的一些增量投資仍然包含在我們的第四季度展望中。因此，業務組合現在有點不同，Sweaty Betty 被納入 D2C 業務，對，毛利率更高，但該業務的 SG&A 狀況也更高。我們的基礎或有機 D2C 業務也在成長，並繼續佔據更大的份額。因此，損益表在那裡發生了一些變化。

But I think overall, we're continuing to feel very confident, especially with price increases that we're planning for going into next year. We remain really confident in the margin profile of the business, the operating margin delivery. And unfortunately, in Q4, we're going to have a little bit of a little bit of a bump in the road. But fundamentally, with all the actions that we're taking and the outlook that we have for next year, we remain really confident, not just on the growth side of the equation but on the leverage side as well.

但我認為總體而言，我們仍然非常有信心，特別是考慮到我們計劃明年開始漲價。我們對業務的利潤狀況、營業利潤交付仍充滿信心。不幸的是，在第四季度，我們的道路將會遇到一些坎坷。但從根本上說，憑藉我們正在採取的所有行動以及對明年的展望，我們仍然非常有信心，不僅對成長方面而且對槓桿方面也充滿信心。

Okay. So it sounds like we shouldn't be sort of permanently anchoring lower from that 12% operating margin or maybe it's early to tell, but just wanted to clarify.

好的。因此，聽起來我們不應該永久地將營業利潤率固定在 12% 的水平以下，或者現在下結論還為時過早，但我們只是想澄清一下。

No, I don't think that Q4 is an indicator of that at all. I think you're right to think that next year, with the growth that we've kind of foreshadowed here and the health of the business overall, we will we will be comfortable at that level.

不，我認為第四季根本不能說明這一點。我認為你的想法是正確的，明年，隨著我們在這裡預示的成長和整體業務的健康發展，我們將在這個水平上感到滿意。

Okay. And then just one broader question, if I could, on Saucony, given the 2-year strength you're seeing there and just the broader really enhancements to that brand in the last couple of years. Is there any more detail you can share sort of the size of that brand, the opportunity? Just how to frame up sort of the multiyear profile of the of the growth that you see as well as just even more details on sort of the mix and size of the brand today would be helpful.

好的。然後是一個更廣泛的問題，我是否可以，關於索康尼，考慮到你在那裡看到的兩年的實力以及過去幾年對該品牌更廣泛的真正增強。您是否可以分享更多關於該品牌的規模、機會等細節？如何建立您所看到的多年成長概況以及有關當今品牌組合和規模的更多詳細資訊將會有所幫助。

Yes. I mean we -- we're not sure which of our brands is going to be our first billion-dollar brand, Merrell or Saucony. So it's -- for us, it's obviously a good race to be involved in. Saucony has tremendous tailwinds right now. A lot of them go to the management team and their product offerings. And some of them, the result of what we've all lived through for the last 20 months. So we're very bullish on the Saucony opportunity. Our joint venture in China is going extremely well. There's an apparel opportunity, especially with Sweaty Betty, sitting there for Saucony.

是的。我的意思是，我們不確定哪個品牌將成為我們的第一個價值十億美元的品牌，邁樂還是索康尼。所以對我們來說，這顯然是一場很好的比賽。索康尼現在擁有巨大的順風車。其中許多都流向了管理團隊及其產品。其中一些是我們過去 20 個月所經歷的結果。所以我們非常看好索康尼的機會。我們在中國的合資企業進展得非常順利。這裡有一個服裝機會，尤其是 Saucony 的 Sweaty Betty。

And you have to remember that we also have a Saucony Originals business, which is more of a lifestyle business based on current and some older but done in lifestyle materials, colors and uppers that is growing. It's a tremendous success in Italy, one of the world's top 3 fashion markets. And so there's a great opportunity for Saucony there. So it's -- the Endorphin collection, which is now approaching 2 years old, is a significant success for the brand. The brand continues to increase the number of participants on virtually every marathon or race that's run either in China or here in the United States. So we're very bullish on the brand today. And obviously, it's growing at a highly accelerated pace.

你必須記住，我們還有 Saucony Originals 業務，它更多的是基於當前和一些較舊的生活方式業務，但採用正在增長的生活方式材料、顏色和鞋面。它在世界三大時尚市場之一的義大利取得了巨大成功。因此，這對索康尼來說是一個很好的機會。因此，Endorphin 系列現已推出近 2 年，是該品牌的重大成功。該品牌幾乎在中國或美國舉辦的每場馬拉鬆或比賽中的參與者人數都在增加。所以我們今天非常看好這個品牌。顯然，它正在以極快的速度成長。

Is it possible just to say this year with the growth, again, what size you might be tracking towards to finish the year in revenue?

是否可以再次說一下，隨著今年的成長，您可能會追蹤今年的營收規模是多少？

I think, Saucony, I don't want to get a quote into an exact number, but I mean Saucony is going to be up an extremely strong double digits this year.

我想，索康尼，我不想提供確切的數字，但我的意思是，索康尼今年的銷量將達到非常強勁的兩位數。

The next question comes from Sam Poser from Williams Trading.

下一個問題來自 Williams Trading 的 Sam Poser。

I have 3 questions. One, just housekeeping. Are you guys putting out of investor presentation this morning?

我有 3 個問題。一，只是家事服務。你們今天早上要參加投資者介紹嗎？

Yes. That will go on later this afternoon, Sam.

是的。這將在今天下午晚些時候進行，山姆。

Okay. All right. So here we go. So I want to follow up on on Laurent's question. It says -- I'm just going to read it. We are encouraged here to see factories reopen, but recent closures will impact our ability to fully service incrementally strong demand we're seeing in the fourth quarter and adjusted the outlook accordingly. The question is, are you seeing more closings now? Or is the closing, the recent closings that you're speaking of, the closings that happened in the past and that the factories that are now reopening?

好的。好的。那麼我們就開始吧。所以我想跟進 Laurent 的問題。它說——我只是要讀它。我們很高興看到工廠重新開業，但最近的關閉將影響我們充分滿足第四季度日益強勁的需求的能力，並相應調整前景。問題是，你現在看到更多的關閉嗎？還是關閉，你所說的最近的關閉，過去發生的關閉以及現在重新開業的工廠？

Yes, those closing would be the -- what happened in the past, Sam, that basically started in July, the end of July, but continues through August and September and maybe a few into early October. Those factories are now reopened, and they're ramping up.

是的，這些關閉將是 - 過去發生的事情，薩姆，基本上從七月開始，七月底，但持續到八月和九月，也許有一些持續到十月初。這些工廠現已重新開業，並且正在加速生產。

Okay. And now regarding the air freight costs and how you report it. One, what is your airfreight cost assumption in the adjusted margin -- in the implied adjusted margin in the fourth quarter? And then why do you continue to take this as a non-GAAP charge when you're the only company out there doing that? And if you were to take that as a non-GAAP charge, why not take the $60 million in lost revenue as revenue against the non-GAAP gross margin? I mean it's like -- it didn't come. It's all -- I understand it's there. I don't understand why you take it out of the gross margin.

好的。現在關於空運費用以及如何報告。第一，調整後利潤率（第四季隱含調整後利潤率）中的空運成本假設是多少？那麼，當你是唯一一家這樣做的公司時，為什麼你還要繼續將其視為非公認會計原則費用？如果您將其視為非 GAAP 費用，為什麼不將 6000 萬美元的收入損失作為非 GAAP 毛利率的收入呢？我的意思是——它沒有來。就這樣——我明白它就在那裡。我不明白你為什麼要把它從毛利率中扣除。

We'd expect about the same level of air freight in Q4 as we had in Q3, which is about $10 million give or take, and so a similar approach, similar treatment. We started the year with this approach, Sam, based on the fact that we obviously didn't anticipate the severity or the length of disruption that we were seeing from the supply chain issues. And we felt like this -- excluding these incremental and exceptional airfreight costs would be more relevant to our historical treatment as well as what the future would look like. Obviously, things have changed, and we're not going to change our treatment this year and how we handle that. But it's been well documented. I think it's clear in terms of how we're treating it and what the impact is.

我們預期第四季的空運水準與第三季大致相同，即約 1,000 萬美元的給予或接受，因此採用類似的方法、類似的待遇。薩姆，我們在今年開始就採用了這種方法，因為我們顯然沒有預料到供應鏈問題所造成的破壞的嚴重程度或持續時間。我們認為，排除這些增量和特殊的空運成本將與我們的歷史處理以及未來的情況更相關。顯然，情況已經發生了變化，我們今年不會改變我們的治療方法以及處理方式。但它已被充分記錄。我認為我們如何對待它以及它的影響是什麼是很清楚的。

And so we'll finish the year with the same treatment in Q4. And as we cycle into next year, we're in a position to price for those increases, not just for airfreight, but for some of the other costs that we talked about earlier. And so we'll reflect that and we'll we'll treat freight and other costs that are now elevated on an extended period of time as more normalized, and we won't have a non-GAAP adjustment going forward.

因此，我們將在第四季以相同的處理方式結束今年。隨著明年的到來，我們能夠為這些上漲定價，不僅是空運，還包括我們之前討論過的其他一些成本。因此，我們將反映這一點，我們將把目前在較長一段時間內上漲的運費和其他成本視為更加正常化，並且我們未來不會進行非公認會計準則調整。

So then we need to add back -- I mean I assume there's going to be air freight in the first quarter just given how everything...

那我們需要補充一下——我的意思是，考慮到一切……我假設第一季將會有空運。

Our guidance when we provide it -- when we provide the guidance next year, we'll reflect all of that stuff. And you'll see how we've been able to manage that...

當我們提供指導時——當我們明年提供指導時，我們將反映所有這些內容。您將會看到我們如何做到這一點......

But then you're providing non-GAAP guidance that's going to prove to be put back in next year. I mean, especially in the first quarter because you're going to probably have an incremental air freight over the $4 million you had in Q1?

但隨後你提供的非公認會計準則指引將被證明會在明年恢復。我的意思是，尤其是在第一季度，因為您的航空貨運量可能會比第一季的 400 萬美元增加？

I think our adjusted guidance is going to be apples-to-apples, and we'll have -- again, we'll have the opportunity to price in these increases that we didn't have a chance to do this year. So do you have another question?

我認為我們調整後的指導將是同類的，我們將再次有機會對這些成長進行定價，而今年我們沒有機會這樣做。那麼您還有其他問題嗎？

No. Good luck with the holiday season.

不，祝你假期好運。

The next question comes from Dana Telsey from Telsey Advisory Group.

下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

As we're going through this time period, we hear of price increases that companies are taking on product. Are you taking price increases? And how does it vary by division? And then I have a follow-up on the $500 million, I believe, guide earlier in the year on e-commerce. Is that still on track? Or how are you seeing that unfold for the year? Then just one quick follow-up after that.

當我們經歷這個時期時，我們聽到公司正在對產品進行價格上漲。你們接受漲價嗎？不同部門的情況有何不同？然後我跟進了今年早些時候發布的 5 億美元電子商務指南。那還在軌道上嗎？或者您如何看待今年的發展？之後只需進行一次快速跟進。

Yes. I mean I'll start with the e-commerce. If you include Sweaty Betty, we will exceed the $500 million, but obviously, that wasn't in our initial outlook. So no, we'll fall short of that. I mean I think it's been pretty well documented out there how the shifts back into stores. I think for us, the biggest headwind was just the inventory, just not having the quantity of inventory to hit those numbers. And of course, the way it shifted completely played havoc with the marketing calendar.

是的。我的意思是我將從電子商務開始。如果算上汗水貝蒂，我們的收入將超過 5 億美元，但顯然，這不在我們最初的預期中。所以不，我們會達不到這一點。我的意思是，我認為已經有很好的記錄表明如何將其轉移回商店。我認為對我們來說，最大的阻力只是庫存，只是沒有足夠的庫存數量來達到這些數字。當然，它的轉變方式徹底破壞了行銷日曆。

So really proud of the work the team has done. The numbers we have are still almost double what they were 2 years ago. So we are -- have clearly shifted to become an e-commerce DTC focused business. We've added great talent and Matt Blonder as our Head of digital, and he's brought in talent to support him. We've become much better at managing the funnel as we find new customers and expose them to the brands. And I think we're starting to understand what to do with the data we now collect as a DTC-focused company. So I think there are a lot of positives that even though we'll fall short of that number most likely have set us up to for the path we want to be on in the future.

對團隊所做的工作感到非常自豪。我們的數字仍然幾乎是兩年前的兩倍。因此，我們已明確轉變為以電子商務 DTC 為重點的企業。我們聘請了優秀人才，馬特布朗德 (Matt Blonder) 擔任我們的數位主管，他也引進了人才來支持他。當我們發現新客戶並向他們展示品牌時，我們在管理管道方面變得更加出色。我認為我們開始了解如何處理我們作為一家專注於 DTC 的公司現在收集的數據。因此，我認為有很多積極因素，即使我們達不到這個數字，也很可能已經為我們未來想要走的道路做好了準備。

I think as we look -- as we look at it by brand, it is very reflective of where the inventory levels are challenged. So that further reinforces, in our minds, that it's largely an inventory-based headwind. I think on the pricing, we -- as Mike and Blake have said, we have had visibility now for quite a few months into what the supply chain challenges we're going to be into '22 and the cost increases that are well documented across all industries and inflation. And so we were -- have been able to price accordingly for 2022, beginning in spring. We did it very strategically by brand, by style, where we think from as merchants, the product allows us to have some elasticity there. I will tell you in going to market with our retailers, there has been zero pushback. I think there's actually enthusiasm for the opportunity to get some increased gross margin based on the retails. And of course, Dana, as you and I have talked about the reduction in promotions out there has further enhanced the gross margin profile going forward.

我認為，當我們按品牌來看時，它非常反映了庫存水準面臨的挑戰。因此，在我們看來，這進一步強化了這在很大程度上是基於庫存的逆風。我認為在定價方面，正如邁克和布萊克所說，我們已經在好幾個月的時間裡了解了我們將在 22 年面臨的供應鏈挑戰以及成本的增加，這些都有據可查。所有行業和通貨膨脹。因此，我們能夠從春季開始為 2022 年制定相應的定價。我們透過品牌、風格進行了策略性的調整，身為商人，我們認為產品讓我們有一定的彈性。我會告訴你，在與我們的零售商一起進入市場時，阻力為零。我認為，人們實際上對根據零售額增加毛利率的機會充滿熱情。當然，達納，正如你和我所談論的那樣，促銷活動的減少進一步提高了未來的毛利率狀況。

So we feel we're in a good position there. I'll be curious to see how the competition also prices the goods. I mean we've gotten a little bit of visibility, but we think we'll be well positioned to still provide the value that our footwear has always offered, but yet doing it with some increased strategic retail pricing.

所以我們覺得我們在這方面處於有利位置。我很好奇競爭對手是如何為商品定價的。我的意思是，我們已經獲得了一點知名度，但我們認為我們將處於有利位置，仍然可以提供我們的鞋類一直提供的價值，但同時會提高一些戰略零售價格。

Got it. And then, Brendan, you had mentioned that Sperry is going to be launching activewear next year. Tell us a little bit about the offering. If you learn anything from Sweaty Betty to inform you for Sperry? Or how do you see that...

知道了。然後，布倫丹，您提到斯佩里將於明年推出運動服。請告訴我們一些有關該產品的資訊。你是否從汗流滿面的貝蒂那裡了解到任何信息來通知你斯佩里的情況？或者你怎麼看...

Not activewear apparel, footwear around the water. We're really excited. This is something Blake really pushed about a year ago with the new team coming in, they just jumped on it. And so we just have really authentic cool product to wear around the water activities on the water, boating, surfing, wind surfing that also translates into great lifestyle footwear. So really excited not only with how it looks and how it's priced, but just how quickly the team was able to accomplish this as we try to shorten our our lead time. So anxious for you guys to see that if you're able to come to market later this month for the shoe show.

不適用於水周圍的運動服、鞋類。我們真的很興奮。這是布萊克大約一年前隨著新團隊的到來而真正推動的事情，他們只是欣然接受。因此，我們擁有真正正宗的酷產品，可以在水上活動、划船、衝浪、風帆衝浪時穿著，也可以轉化為出色的生活方式鞋類。我們不僅對它的外觀和定價感到興奮，而且在我們試圖縮短交貨時間的同時，團隊能夠以多快的速度完成這項任務。如果你們能夠在本月稍後進入市場參加鞋展，那麼你們非常渴望看到這一點。

The next question comes from Steve Marotta from CL King & Associates.

下一個問題來自 CL King & Associates 的 Steve Marotta。

I wanted to just ask one question. Can you draw distinctions between the ability to deliver timely domestically versus internationally? And you can, of course, exclude Vietnam in the analysis. And what I'm trying to get at is how how acute -- how much more acute are port and trucking issues here domestically than they are internationally? And how do you see that working out in, say, the first half of next year?

我只想問一個問題。您能區分國內和國際及時交付的能力嗎？當然，您可以在分析中排除越南。我想了解的是，國內的港口和卡車運輸問題比國際上的問題嚴重多少？您如何看待明年上半年的狀況？

Yes. I mean, it's a very good question. Certainly, here in the United States, when you look at Long Beach and even up to Vancouver and some of the other ports, we have unusually high congestion here in the U.S. It's not just the ports, it's the rail yards. It's some shortages and trucks and more are accurately in truckers. And we see that continuing throughout most of 2022 right now. We think it's going to take a little bit of time to unclog, that has been built into our forecast and the estimates that we have talked about. We're seeing less congestion in that regard internationally. And so for our international business, it's more of a pure capacity issue and a timing issue when they can get stuff. And there seems to be -- obviously, every country is different, but there seems to be less of a supply chain congestion issue in most of our key international markets.

是的。我的意思是，這是一個非常好的問題。當然，在美國，當你看看長灘，甚至溫哥華和其他一些港口時，你會發現美國這裡的擁擠異常嚴重。不只是港口，還有鐵路站場。這是一些短缺和卡車，更多的是卡車司機。我們看到這種情況在 2022 年的大部分時間裡都會持續下去。我們認為需要一點時間來疏通，這已納入我們的預測和我們討論過的估計中。我們看到國際上這方面的壅塞減少。因此，對於我們的國際業務來說，這更多的是純粹的產能問題和他們可以獲得東西的時間問題。顯然，每個國家都有所不同，但我們大多數主要國際市場的供應鏈擁塞問題似乎較少。

And I'm assuming that analysis is also baked into future guidance. In other words, the -- so many of your pairs are sold internationally and the ease at which those pairs are being delivered on a comparative basis to the U.S. is also built into your forecast?

我假設分析也被納入未來的指導中。換句話說，您的許多鞋款都在國際上銷售，與美國相比，這些鞋款的交付難易程度也納入了您的預測中？

That's correct. I mean, obviously, we're focused on serving all of our customers, consumers and distributors as best we can in this unusual environment. But that is correct.

這是正確的。我的意思是，顯然，我們專注於在這個不尋常的環境中盡我們所能為所有客戶、消費者和經銷商提供服務。但這是正確的。

The next question is from Susan Anderson from B. Riley.

下一個問題來自 B. Riley 的 Susan Anderson。

I wanted to ask about Asia. It sounds like China is going well for you. Maybe if you could talk about the performance there and then also throughout Asia. I think some others have mentioned that China was softening, but it doesn't sound like that's the case for you guys.

我想問一下亞洲的情況。聽起來中國對你來說進展順利。也許您可以談談那裡以及整個亞洲的表現。我想其他人已經提到中國正在軟化，但聽起來你們的情況並非如此。

Yes, I would say when we look at just Greater China, Saucony is having a lot of success there right now. We're very happy with the progress of that brand in Greater China. APAC for us is a major growth opportunity as we look forward. We've got some great businesses in many countries around Asia. But when you step back and look at our company, I would say we're underpenetrated at the moment in APAC. And so internally here, we view it as one of our top growth opportunities really across the portfolio. But especially for Saucony, Merrell and several of our other brands.

是的，我想說，當我們只看大中華區時，索康尼目前在那裡取得了巨大的成功。我們對該品牌在大中華區的進步感到非常高興。我們期待亞太地區對我們來說是一個重大的成長機會。我們在亞洲許多國家都有一些出色的業務。但當你退後一步看看我們公司時，我會說我們目前在亞太地區的滲透率還不夠。因此，在內部，我們將其視為整個投資組合中真正的最大成長機會之一。尤其是對於 Saucony、Merrell 和我們的其他幾個品牌。

And then I just wanted to follow up on the Sperry performance. It sounds like you're confident that we're heading into a boat shoe trend. Maybe if you could talk about what you're seeing that -- driving that confidence? And I'm curious, which products are selling well? Is it the duck boots or the casual seeker or the boat shoe? Or is it really just kind of all of the above in that brand?

然後我只是想跟進斯佩里的表演。聽起來您對我們即將進入船鞋潮流充滿信心。也許你可以談談你所看到的東西——推動這種信心？我很好奇，哪些產品賣得好？是鴨靴、休閒鞋還是船鞋？或者它真的只是該品牌的上述所有內容嗎？

Yes. Well, I think specific to boat shoes, I mean, we're seeing it on the reports with our classic AO and the market share we're taking. We're seeing it -- just as you shop the market, you're seeing people merchandise them front and forward. When I was in London a few months ago, I mean, there were windows of just boat shoes for other brands. So I think it's clear there is a boat trend going. And I think Sperry, we know Sperry is at the forefront of taking advantage of that. I mentioned that seeing in the James Bond movie also doesn't hurt.

是的。嗯，我認為具體到船鞋，我的意思是，我們在報告中看到了我們的經典 AO 和我們所佔據的市場份額。我們看到了這一點——就像你在市場上購物一樣，你會看到人們在前面和前面推銷它們。幾個月前我在倫敦時，我的意思是，櫥窗裡只有其他品牌的船鞋。所以我認為很明顯船舶趨勢正在發展。我認為斯佩里，我們知道斯佩里處於利用這一優勢的最前沿。我提到看詹姆士龐德電影也沒什麼壞處。

I think the other franchises we have, like the boots, we're in better inventory position there. And as we've seen the cold weather start to hit, we've seen a real pickup there as well. So part of Blake and my enthusiasm on Sperry is not just that the trends are breaking our way, but the way the product has evolved, which is just coming to market now. So we have the benefit of having showcased it to our retailers in advance of the end consumer and you guys seeing it, but that's starting to come to market now. And then as I said, for those of you that are able to come to shoe show at the end of the month, we can give you a preview of what's coming in 2022, and it's just really exciting.

我認為我們擁有的其他特許經營權，例如靴子，我們在那裡的庫存狀況更好。當我們看到寒冷的天氣開始襲來時，我們也看到了那裡的真正回升。因此，Blake 和我對 Sperry 的熱情不僅在於趨勢正在打破我們的方式，還在於產品的發展方式，現在剛剛上市。因此，我們的好處是在最終消費者和你們看到它之前向我們的零售商展示它，但現在它已經開始進入市場。正如我所說，對於那些能夠在本月底參加鞋展的人來說，我們可以讓您預覽 2022 年即將發生的事情，這真的很令人興奮。

I would say just a little more color, we're seeing a positive reaction to the new product. But very encouragingly, we're seeing a strong response to the core boat shoe product that we've carried for many years. Obviously, some new materials and colors, but strong reaction there. The boat shoe category in total grew -- was a growth driver in the United States in the most recent quarter. And I think Sperry took about 650 basis points of market share in Q3 in the category.

我想說的是，多一點顏色，我們看到了對新產品的正面反應。但非常令人鼓舞的是，我們看到人們對我們多年來銷售的核心船鞋產品的強烈反響。顯然，一些新的材料和顏色，但反應強烈。船鞋類別整體成長－是美國最近一個季度的成長動力。我認為 Sperry 在第三季度佔據了該類別約 650 個基點的市場份額。

This concludes the question after session. I would like to turn the conference back over to Alex Weisman for any closing remarks.

會議結束後的問題到此結束。我想將會議轉回亞歷克斯·韋斯曼（Alex Weisman）發表閉幕詞。

On behalf of Wolverine Worldwide, I'd like to thank you for joining us today. As a reminder, our conference call replay is available on our website at wolverineworldwide.com. The replay will be available until December 10, 2021. Thank you, and have a good day.

我謹代表 Wolverine Worldwide 感謝您今天加入我們。請注意，我們的電話會議重播可在我們的網站 wolverineworldwide.com 上查看。重播將持續到 2021 年 12 月 10 日。謝謝，祝您有美好的一天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。