Wolverine World Wide Inc (WWW) 2020 Q4 法說會逐字稿

Greetings, and welcome to Wolverine Worldwide, Inc. Fourth Quarter Fiscal 2020 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Wolverine Worldwide, Inc. 2020 財年第四季業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn this conference over to your host, Mr. Brett Parent, Vice President of Strategy and Investor Relations. Please go ahead. You may begin, sir.

現在我想把這次會議交給東道主策略和投資者關係副總裁 Brett Parent 先生。請繼續。您可以開始了，先生。

Good morning, and welcome to our fourth quarter and full Year 2020 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 2020 年第四季和全年電話會議。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 fourth quarter and full year 2020. The 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 news release sent to you directly, please call Allison Malkin at (203) 682-8225.

今天早些時候，我們公佈了 2020 年第四季度和全年的財務業績。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新聞稿副本，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 adjusts, for example, for the impact of environmental and other related costs, net of cost recoveries, costs related to the COVID-19 pandemic, including severance, credit loss expenses, certain inventory reserves and other related costs and foreign exchange rate changes. 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，其中調整了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，包括遣散費、信用損失費用、某些存貨準備金和其他相關成本以及外匯匯率變動。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 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，描述公司的期望、計劃、預測和預測的聲明，例如今天電話會議期間做出的有關公司 2021 財年前景的聲明，根據美國證券法屬於前瞻性聲明。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, Brett. Good morning, everyone, and thanks for joining us. I hope everyone on the call is safe and well. Earlier this morning, we reported fourth quarter revenue of approximately $510 million, adjusted earnings per share of $0.21 and operating cash flow of $174 million, all exceeding our highest expectations entering the quarter.

謝謝，布雷特。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。今天早些時候，我們報告第四季度收入約為 5.1 億美元，調整後每股收益為 0.21 美元，營運現金流為 1.74 億美元，全部超出了我們進入本季的最高預期。

In Q4, we finished the year of an incredible effort that focused on change and agility. During which time, we remained open for business, drove solid financial results and near record cash flow and also helped take care of our communities. We've set the stage for accelerated future growth. Specifically, we invested in new leadership, product design and innovation, digital product development tools, consumer insights and digital marketing capabilities, all aimed at bringing to market a continuous flow of powerful product marketing stories. This all sets the stage for our brands, led by Saucony, Merrell, Sperry and Wolverine to launch innovations related to their biggest product franchises in 2021, supported by compelling digital marketing content.

在第四季度，我們完成了一年的令人難以置信的努力，重點是變革和敏捷性。在此期間，我們保持營業，推動了穩健的財務表現和接近創紀錄的現金流，並幫助照顧我們的社區。我們已經為未來的加速成長奠定了基礎。具體來說，我們投資於新的領導力、產品設計和創新、數位產品開發工具、消費者洞察和數位行銷能力，所有這些都旨在為市場帶來源源不斷的強大產品行銷故事。這一切都為我們以 Saucony、Merrell、Sperry 和 Wolverine 為首的品牌在引人注目的數位行銷內容的支持下，在 2021 年推出與其最大的產品特許經營相關的創新奠定了基礎。

We reoriented our brands around our DTC-first mindset and go-to-market operating model, while prioritizing our digital platforms globally. Our e-commerce revenue grew 32% in Q4, up 50% for the full year 2020. And so far, in Q1 2021 has accelerated to over 60% growth. We added an elevated leadership talent in this area and shifted even more of our marketing investments towards digital.

我們圍繞 DTC 優先的理念和進入市場的營運模式重新定位我們的品牌，同時優先考慮我們的全球數位平台。我們的電子商務收入在第四季度增長了 32%，2020 年全年增長了 50%。到目前為止，2021 年第一季增長加速到 60% 以上。我們增加了該領域的領導人才，並將更多的行銷投資轉向數位化。

We also continue to invest behind key global strategic growth initiatives, with a focus on ramping up our joint venture in China to realize the sizable opportunity that exists for Saucony and Merrell in this market. A heartfelt thanks to our team who successfully dealt with a constant barrage of unprecedented challenges in 2020, enabling the company to jump-start 2021.

我們也繼續投資關鍵的全球策略成長計劃，重點是擴大我們在中國的合資企業，以實現索康尼和邁樂在這個市場上存在的巨大機會。衷心感謝我們的團隊成功應對了2020年接二連三的前所未有的挑戰，使公司在2021年取得了開門紅。

Our brands are well positioned in trending categories and distribution channels, and we have a clear line of sight to increase demand from our DTC business and retail partners. We will share more about our strategic priorities, growth drivers and 2021 expectations later in the call. First, however, I'll provide some additional insight on our Q4 performance. Then Mike Stornant will detail our 2020 results and share our financial outlook for 2021, and Brendan will speak to our major growth initiatives.

我們的品牌在流行品類和分銷管道中處於有利地位，並且我們對增加 DTC 業務和零售合作夥伴的需求有著清晰的視野。我們將在稍後的電話會議中分享更多有關我們的策略重點、成長動力和 2021 年預期的資訊。不過，首先，我將提供有關我們第四季業績的一些額外見解。然後 Mike Stornant 將詳細介紹我們 2020 年的業績並分享我們 2021 年的財務前景，Brendan 將談論我們的主要成長計劃。

In the fourth quarter, the Wolverine Michigan Group's revenue was down 17.1% on a reported basis and down 17.3% on a constant currency basis. The Wolverine Boston Group's revenue was down 15.6% on a reported basis and down 16.1% on a constant currency basis.

第四季度，Wolverine 密西根集團的報告收入下降了 17.1%，以固定匯率計算下降了 17.3%。 Wolverine Boston Group 的營收以報告基礎計算下降 15.6%，以固定匯率計算下降 16.1%。

Let me focus on key brand performance, starting with Saucony. Despite several planned product launch shifts out of Q4, Saucony revenue grew mid-single digits in the quarter, with growth across all major product categories. We expect the brand to accelerate to growth of about 50% in Q1 and deliver very strong increases and continued momentum throughout 2021. In Q4, saucony.com grew over 65%, and the brand expanded operating margin in this channel by more than 800 basis points.

讓我專注於關鍵品牌表現，從索康尼開始。儘管計劃在第四季度推出一些產品，但索康尼的收入在本季度實現了中個位數成長，所有主要產品類別均實現成長。我們預計品牌將在第一季加速成長約50%，並在2021 年實現非常強勁的成長和持續成長動能。第四季度，saucony.com 成長超過65%，該品牌在該通路的營業利潤率擴大了800% 以上點。

Asia Pacific also grew as the brand's new China JV began to gain some traction, with 32 stores opened by year-end. Spectacular product is the key ingredient contributing to Saucony's success, led by the innovative Endorphin collection, which helped drive double-digit Q4 growth in the road running category.

隨著該品牌新的中國合資企業開始獲得一些關注，亞太地區也實現了成長，到年底開設了 32 家門市。出色的產品是索康尼成功的關鍵因素，其中以創新的 Endorphin 系列為首，該系列幫助推動了公路跑類別第四季度兩位數的增長。

The Originals lifestyle business, which represents the brand heritage retro running collection featured in top-tier fashion accounts, also delivered growth in the quarter.

Originals 生活方式業務代表了頂級時尚客戶中特色的品牌傳統復古跑步系列，該業務在本季度也實現了成長。

Looking to 2021, Saucony plans to launch new products across many of its biggest franchises, including the Kinvara, Guide, Peregrine and Ride franchises, along with expansions of the Endorphin series. And that's just in the first half of the year. The brand will continue to advance award-winning integration of its speed roll, design geometry and power run midsole cushioning technology. Saucony will further leverage the Italian product design and marketing hub for its Originals business, building on its pinnacle positioning and success in Italy, with elevated trend-right product that will expand into key strategic markets like China, the U.S. and Greater Europe. We anticipate a fast start to a big year for Saucony.

展望 2021 年，索康尼計劃在其許多最大的特許經營品牌中推出新產品，包括 Kinvara、Guide、Peregrine 和 Ride 特許經營品牌，以及 Endorphin 系列的擴展產品。而這還只是今年上半年的狀況。該品牌將繼續推進屢獲殊榮的速度滾動、設計幾何形狀和動力運行中底緩衝技術的整合。索康尼將進一步利用義大利的產品設計和行銷中心來發展其Originals 業務，以其在義大利的巔峰定位和成功為基礎，推出符合潮流的優質產品，並將其擴展到中國、美國和大歐洲等關鍵策略市場。我們預計索康尼將迎來重要的一年。

Moving to Merrell. Revenue exceeded our expectations, down low double digits in Q4, largely due to rightsizing the inventory position for some of our international partners which we discussed last quarter. The brand delivered high single-digit growth in North America, with merrell.com up over 60%, thanks to over 70% growth in new consumers. Merrell stores were down only mid-single digits in Q4 and nicely ahead of expectations despite significant traffic declines related to the pandemic. Merrell remains focused on cultivating a strong mix of iconic product with compelling new franchises across both the performance and lifestyle category.

搬到梅雷爾。第四季的收入超出了我們的預期，下降了兩位數，這主要是由於我們上季度討論過的一些國際合作夥伴的庫存狀況調整。該品牌在北美實現了高個位數成長，其中 merrell.com 成長超過 60%，這得益於新消費者超過 70% 的成長。儘管疫情導致客流量大幅下降，但第四季 Merrell 門市僅下降了中個位數，遠遠超出預期。 Merrell 仍然專注於在性能和生活方式類別中培育標誌性產品與引人注目的新特許經營權的強大組合。

In Q4, the industry-leading Moab collection along with the new Antora and Nova 2, were among the top-selling style. Cold weather boots contributed meaningfully to Merrell's Q4 performance as well, delivering growth of over 40%.

第四季度，業界領先的 Moab 系列以及新款 Antora 和 Nova 2 躋身最暢銷款式之列。寒冷天氣靴也對 Merrell 第四季的業績做出了重大貢獻，成長超過 40%。

Turning to 2021. This year marks Merrell's 40th anniversary, and the brand will maximize a moment with its Future 40 campaign and a slate of powerful global product marketing story. We expect Merrell to have a strong year and build on its momentum with several significant introductions behind its biggest franchises, beginning with the Moab collection, the #1 hiking franchise in the market. The brand plans to launch the Moab Speed and Moab Light, lighter, faster and more athletic styles in Q1. In the back half, Merrell will launch new introductions of the Moab Speed Thermo and the award-winning Thermo Rogue 3, 2 innovative winter hikers that feel like sneakers.

展望 2021 年。今年是 Merrell 成立 40 週年，該品牌將透過「Future 40」活動和一系列強大的全球產品行銷故事來充分利用這一時刻。我們預計 Merrell 將迎來強勁的一年，並通過在其最大的特許經營權背後推出幾項重要的產品來鞏固其勢頭，首先是市場上排名第一的徒步特許經營權 Moab 系列。該品牌計劃在第一季推出更輕、更快、更運動化的Moab Speed和Moab Light。下半年，Merrell 將推出新推出的 Moab Speed Thermo 和屢獲殊榮的 Thermo Rogue 3，兩款創新的冬季健行鞋，感覺像運動鞋。

Merrell also plans to capitalize on the easy on-off trend with compelling new colorways, patterns and materials in the Jungle Moc, capped off with the launch of the new Jungle Moc Explore in Q3. The fast-growing Hydro Moc and Hut Moc styles are expected to further bolster the brand strength in the slip-on category.

Merrell 還計劃利用 Jungle Moc 中易於穿脫的趨勢，推出引人注目的新配色、圖案和材料，並在第三季度推出全新 Jungle Moc Explore 鞋款。快速成長的 Hydro Moc 和 Hut Moc 款式預計將進一步增強一腳蹬類別的品牌實力。

Turning now to Sperry. Revenue was down just over 20% in Q4, a significant sequential improvement versus the prior 2 quarters. Boots helped deliver better-than-expected revenue in the U.S. wholesale channel, with diversified silhouettes and new colors for women and an expansion in demand. Sperry's full-price business mix has been very strong, especially in boots, contributing to nearly 500 basis points of gross margin expansion for the brand in Q4.

現在轉向斯佩里。第四季營收下降了 20% 多一點，與前兩個季度相比有了顯著的環比改善。 Boots 憑藉多樣化的款式和針對女性的新顏色以及需求的擴大，幫助美國批發管道實現了好於預期的收入。 Sperry 的全價業務組合非常強勁，尤其是靴子業務，為該品牌第四季度的毛利率擴張貢獻了近 500 個基點。

The Sperry brand possesses unique elasticity across genders, product categories and price points, with the ability to sell products ranging from its premium Gold Cup collection to the authentic original boat shoe and saltwater boots, all the way to offerings at more accessible price points for younger consumer, like the all-new Float collection. Launching in late March, Float is a fun and affordable injected version of the boat shoe and is expected to be one of Sperry's biggest launches in several years.

Sperry 品牌在性別、產品類別和價位方面擁有獨特的彈性，能夠銷售從優質金杯系列到正宗原創船鞋和鹹水靴的產品，一直到以更實惠的價位為年輕人提供的產品消費者喜歡全新的Float 系列。 Float 於 3 月下旬推出，是一款有趣且價格實惠的注塑船鞋，預計將成為 Sperry 幾年來最大的產品之一。

Product capsule, leveraging fashion, entertainment and pop culture icons are planned throughout the year, including collaborations with John Legend, with Rebecca Minkoff, the Netflix hit series Outer Banks and Good Humor ice cream.

全年規劃利用時尚、娛樂和流行文化偶像的產品膠囊，包括與 John Legend、Rebecca Minkoff、Netflix 熱門影集《Outer Banks》和 Good Humor 冰淇淋的合作。

Before Brendan and I share some additional insights on our strategic growth priorities in 2021, I'm going to hand it off to Mike to review the fourth quarter and full year financial results in more detail. Mike?

在我和布倫丹分享有關 2021 年策略成長優先事項的一些額外見解之前，我將讓麥克更詳細地回顧第四季度和全年的財務表現。麥克風？

Thanks, Blake, and thanks to all of you for joining us. Let me start by providing additional detail on the company's fourth quarter performance, then briefly touch on the full year results and finish with more insight on our outlook for 2021.

謝謝布萊克，也謝謝你們大家加入我們。首先，我將提供有關公司第四季度業績的更多詳細信息，然後簡要介紹全年業績，最後對我們對 2021 年的展望進行更多見解。

Fourth quarter revenue of nearly $510 million was down 16% compared to the prior year, but was meaningfully higher than we projected coming into the quarter. Our owned e-commerce business remained a key growth driver, up approximately 32%. As expected, the quarterly revenue result included about $85 million of negative impact from certain discrete issues, including lower sales to our third-party international distributors related to high spring carryover inventory, a planned shift in the timing of several key Saucony product launches and lean inventory for some of our stronger selling product collections across the portfolio.

第四季營收近 5.1 億美元，比去年同期下降 16%，但明顯高於我們對本季的預期。我們自有的電子商務業務仍然是主要的成長動力，成長了約 32%。正如預期的那樣，季度收入結果包括某些離散問題造成的約8500 萬美元的負面影響，包括與春季結轉庫存高相關的第三方國際分銷商的銷售額下降、索康尼幾個關鍵產品發布時間的計劃轉變以及精益生產我們整個產品組合中一些更暢銷的產品系列的庫存。

North America was our strongest region, led by high single-digit growth from Saucony and Merrell. EMEA, Latin America and Asia Pacific were all impacted by the carryover inventory adjustment mentioned above and were down in the 30% to 40% range.

北美是我們最強勁的地區，索康尼和邁樂的高個位數成長帶動了北美地區的發展。歐洲、中東和非洲、拉丁美洲和亞太地區均受到上述結轉庫存調整的影響，下降幅度在 30% 至 40% 之間。

Adjusted gross margin of 41.4% was up significantly, expanding 360 basis points over the prior year. Better gross margin on our full price business, reduced closeouts and an increased mix of DTC business, were partially offset by a negative impact from FX.

調整後毛利率大幅上升41.4%，較上年擴大360個基點。我們的全價業務毛利率提高、清倉減少以及 DTC 業務組合增加，但部分被外匯的負面影響所抵消。

Adjusted selling, general and administrative expenses of $177.4 million in the quarter were $8.8 million more than the prior year due mostly to the higher mix of DTC revenue which included over $7 million of incremental investment in digital e-commerce marketing.

本季調整後的銷售、一般和管理費用為 1.774 億美元，比上年同期增加 880 萬美元，主要是由於 DTC 收入組合較高，其中包括超過 700 萬美元的數位電子商務行銷增量投資。

During the quarter, the company recorded a $222 million noncash impairment related to the Sperry trade name. The global pandemic continues to have a pronounced impact on consumer soft goods, including the casual footwear market and has put pressure on many of Sperry's key retail customers. These were the main considerations in evaluating the potential impairment during the quarter.

本季度，該公司記錄了與 Sperry 商標相關的 2.22 億美元非現金減損。全球疫情持續對包括休閒鞋市場在內的軟消費品產生顯著影響，並給 Sperry 的許多主要零售客戶帶來壓力。這些是評估本季潛在減損的主要考慮因素。

Our outlook for Sperry remains bright. Consumers and our retail partners alike share a strong affinity for the brand. With its authenticity, deep heritage and brand values, we expect Sperry will return to double-digit growth in 2021.

我們對斯佩里的景觀仍然光明。消費者和我們的零售合作夥伴都對該品牌有著強烈的親和力。憑藉其真實性、深厚底蘊和品牌價值，我們預計 Sperry 將在 2021 年恢復兩位數成長。

Q4 adjusted operating margin was 6.6%, down compared to the prior year due to lower revenue, but better than our expectations entering the quarter. Net interest expense was up $4.3 million year-over-year as a result of the proactive liquidity measures taken in Q2 of 2020 in response to the uncertain market conditions at the time. The adjusted effective tax rate of 14.6% was up 590 basis points due to a more favorable geographic mix last year.

第四季調整後營業利潤率為 6.6%，由於收入下降而低於去年同期，但好於我們進入本季的預期。由於2020年第二季為因應當時不確定的市場狀況而採取的積極的流動性措施，淨利息支出較去年同期增加430萬美元。由於去年更有利的地理組合，調整後的有效稅率為 14.6%，上升了 590 個基點。

Adjusted diluted earnings per share of $0.21, $0.22 on a constant currency basis, exceeded our expectations for the quarter. The reported loss per share of $2.10 includes the previously discussed noncash impairment charge.

調整後攤薄每股收益為 0.21 美元，按固定匯率計算為 0.22 美元，超出了我們對本季的預期。報告的每股虧損 2.10 美元包括先前討論的非現金減損費用。

Let me shift to the balance sheet. Year-end inventory was down 30.2% versus last year, and we entered 2021 with a lean inventory position, particularly in certain categories. However, our global supply chain has made needed adjustments to support significant growth in the first quarter and will continue to improve for the balance of 2021.

讓我轉向資產負債表。年末庫存比去年下降了 30.2%，進入 2021 年時，我們的庫存狀況很清淡，尤其是在某些類別中。然而，我們的全球供應鏈已經做出了必要的調整，以支持第一季的顯著成長，並將在 2021 年餘下時間繼續改善。

Our current backlog position, coupled with the strength of our global DTC businesses, give us valuable insight and confidence to invest in at least $100 million of incremental inventory this year to support growth.

我們目前的積壓狀況，加上我們全球 DTC 業務的實力，給了我們寶貴的洞察力和信心，讓我們今年投資至少 1 億美元的增量庫存以支持成長。

Cash generated from operating activities in Q4 was $173.6 million, significantly more than expected. We finished the year with $76 million less debt than last year, and total liquidity of $1.1 billion, including $347 million of cash on hand and approximately $800 million of revolver capacity.

第四季經營活動產生的現金為 1.736 億美元，大幅超出預期。今年我們的債務比去年減少了 7,600 萬美元，流動性總額為 11 億美元，其中包括 3.47 億美元的手頭現金和約 8 億美元的循環能力。

Our bank defined leverage ratio continued to improve, ending at a very healthy 1.6x.

我們銀行的槓桿率持續改善，最終達到非常健康的 1.6 倍。

Now I'll provide a brief summary of our full year 2020 results. The company reported revenue of $1.79 billion for 2020, down only 21% despite the global pandemic's impact on more than 3/4 of the year. Adjusted operating margin was 7.5%, down from 11.5% in the prior year due to lower revenue.

現在我將簡要總結 2020 年全年業績。該公司公佈的 2020 年營收為 17.9 億美元，儘管全球疫情影響了全年超過 3/4 的時間，但僅下降了 21%。由於收入下降，調整後營業利潤率為 7.5%，低於上年的 11.5%。

Full year adjusted earnings per share were $0.93, and reported loss per share was $1.70, reflecting the noncash impairment taken in Q4 and specific COVID-related costs incurred during the year. In the face of an unprecedented disruption to our business, the company acted quickly and decisively. Our nimble business model allowed us to adjust to the environment and prioritize cash flow and liquidity while positioning our brands for future growth.

全年調整後每股收益為 0.93 美元，報告每股虧損為 1.70 美元，反映了第四季度的非現金減值以及年內發生的特定新冠肺炎相關成本。面對我們的業務遭受前所未有的干擾，該公司採取了迅速而果斷的行動。我們靈活的商業模式使我們能夠適應環境，優先考慮現金流和流動性，同時為我們的品牌定位未來的成長。

Ultimately, we delivered $309 million of operating cash flow for the year, significantly exceeding the prior year and our most bullish expectations. In addition, our healthy balance sheet enabled us to continue to pay dividends to our shareholders throughout 2020, without interruption, reaching 132 consecutive quarters of returning capital to shareholders through dividends. We are now poised for an accelerated recovery in 2021 and in an enviable position with ample resources to invest in growth initiatives.

最終，我們今年實現了 3.09 億美元的營運現金流，大大超越了去年和我們最樂觀的預期。此外，健康的資產負債表使我們能夠在2020年全年不間斷地向股東派息，已連續132個季度透過股息向股東返還資本。我們現在已準備好在 2021 年加速復甦，並處於令人羨慕的位置，擁有充足的資源來投資成長計畫。

I'll now turn to our outlook for 2021. The global pandemic has changed the way we operate, and we expect it will continue to impact our global business for at least the next year. Despite these macro challenges, we believe that the positive trends in our business that strengthened in the second half of 2020 will improve in 2021. Our brands continue to build momentum, particularly those in performance, athletic, outdoor and work categories, with Saucony and Merrell leading the way.

現在我將談談我們對 2021 年的展望。全球大流行改變了我們的營運方式，我們預計它將至少在明年繼續影響我們的全球業務。儘管面臨這些宏觀挑戰，我們相信我們業務在 2020 年下半年加強的積極趨勢將在 2021 年得到改善。我們的品牌繼續保持勢頭，特別是在性能、運動、戶外和工作類別中，包括 Saucony 和 Merrell一路領先。

Our global DTC e-commerce business, a key strategic growth priority for the company, has accelerated to start this year, and demand from our retail partners is very strong for the foreseeable future. The company currently expects revenue in the range of $2.19 billion to $2.25 billion in fiscal 2021, growth of 22% to 26% versus the prior year, approaching 2019 revenue at the high end of the range.

我們的全球DTC電子商務業務是公司的關鍵策略成長重點，今年加速啟動，在可預見的未來，我們的零售合作夥伴的需求非常強勁。該公司目前預計 2021 財年營收將介於 21.9 億美元至 22.5 億美元之間，較上年成長 22% 至 26%，接近 2019 年營收區間的高端。

We expect gross margin to be at least 43% despite increased freight and logistics costs that will continue to be a headwind in 2021. The company's cost structure will reflect the significant growth in our DTC e-commerce and includes higher and more normalized incentive compensation costs and an increased pension expense of $5 million.

儘管貨運和物流成本增加將在2021 年繼續成為不利因素，但我們預計毛利率將至少達到43%。該公司的成本結構將反映我們DTC 電子商務的顯著增長，並包括更高、更規範的激勵補償成本退休金支出增加 500 萬美元。

We expect adjusted operating margin of approximately 11.5% and an effective tax rate of 19% to 21%. Reported diluted earnings per share are expected to be in the range of $1.75 to $1.90. And adjusted diluted earnings per share are expected to be in the range of $1.90 to $2.05.

我們預計調整後營業利潤率約為 11.5%，有效稅率為 19% 至 21%。報告的稀釋後每股收益預計在 1.75 美元至 1.90 美元之間。調整後的稀釋每股收益預計在 1.90 美元至 2.05 美元之間。

Before handing it over to Brendan, I would like to briefly thank our team for their extraordinary efforts this past year. While 2020 is a year that we are glad to get behind us, the grit and determination of every team member was something for all of us to be proud of.

在將其交給布倫丹之前，我想簡要感謝我們的團隊在過去一年中所做的非凡努力。雖然 2020 年是我們很高興過去的一年，但每個團隊成員的勇氣和決心讓我們所有人都感到自豪。

With that, I'll hand it over to Brendan to share more insight on our strategic growth drivers. Brendan?

接下來，我將把它交給布倫丹分享更多關於我們策略成長驅動力的見解。布倫丹？

Thanks, Mike. In my 6 months with the company, I have gained a good understanding of the business and a tremendous appreciation for our team as they successfully responded to a unique and challenging year. I continue to be energized by our portfolio of great brands and have focused my attention on our biggest growth opportunities by prioritizing our global direct-to-consumer e-commerce and accelerating our largest brands.

謝謝，麥克。在公司工作的 6 個月裡，我對業務有了很好的了解，並對我們的團隊表示了極大的讚賞，因為他們成功應對了獨特且充滿挑戰的一年。我繼續受到我們偉大品牌組合的激勵，並透過優先考慮我們的全球直接面向消費者的電子商務和加速我們最大的品牌，將注意力集中在我們最大的成長機會上。

The focus and progress we are making every day has me even more confident in the meaningful growth potential we have in front of us. Consumers are spending more and more time connecting digitally and in many cases, directly with their favorite brands. Our brands are capitalizing on this by engaging more closely with consumers on our digital platforms with richer brand and product storytelling. We are benefiting from consumer intelligence as we interpret real-time data to test newness and inform our inventory investment across product lines.

我們每天所取得的關注和進步讓我對我們面前的有意義的成長潛力更加充滿信心。消費者花費越來越多的時間透過數位方式連接，在許多情況下，直接與他們喜愛的品牌連接。我們的品牌正在利用這一點，在我們的數位平台上透過更豐富的品牌和產品故事與消費者進行更密切的互動。當我們解釋即時數據以測試新穎性並為我們跨產品線的庫存投資提供資訊時，我們受益於消費者情報。

We continue to see significant runway ahead in our digital businesses. We are investing in digital leadership, shifting the majority of our marketing investments to digital, developing enhanced content and optimizing our digital user experiences to increase conversion, including a focus on mobile through the launch of mobile apps for our brands, beginning with Merrell later this spring. All of this positions us well to achieve our aggressive target of $500 million of digital revenue in 2021.

我們繼續看到我們的數位業務前景廣闊。我們正在投資數位領導力，將大部分行銷投資轉向數位化，開發增強型內容並優化我們的數位用戶體驗以提高轉換率，包括透過為我們的品牌推出行動應用程式來關注行動領域，從今年晚點時候的Merrell 開始春天。所有這些都使我們能夠很好地實現 2021 年數字收入 5 億美元的宏偉目標。

The growing scale of our own direct-to-consumer business, coupled with the DTC channels controlled by our third-party international distributor partners, accounted for roughly 1/3 of our revenue in 2020 and is anticipated to approach 40% in 2021. The expansion of this controlled distribution will help us to accelerate the go-to-market process, implement successful agile testing skills, improve our demand planning and ultimately develop more trend-right product on a continuous basis.

我們自己的直接面向消費者業務規模不斷擴大，加上我們的第三方國際分銷合作夥伴控制的DTC管道，約占我們2020年收入的1/3，預計2021年將接近40%。這種受控分銷的擴展將幫助我們加快上市流程，實施成功的敏捷測試技能，改善我們的需求規劃，並最終持續開發更多符合趨勢的產品。

In the current digital landscape, we are fortunate to be brand owners with direct control of our destiny. Consumers are choosing authentic brands and footwear categories with real functional or comfort benefits, and our brands are well positioned to take advantage of these trends. Saucony and Merrell, our 2 largest brands, are prime examples, and we expect they will account for nearly half of our revenue in 2021.

在當前的數位環境中，我們很幸運能夠成為直接掌控自己命運的品牌擁有者。消費者正在選擇具有真正功能性或舒適性的正宗品牌和鞋類類別，我們的品牌處於有利地位，可以利用這些趨勢。我們最大的兩個品牌 Saucony 和 Merrell 就是最好的例子，我們預計它們將占我們 2021 年收入的近一半。

Saucony's momentum is accelerating, and we believe the brand is poised to maximize big opportunities in the fast-growing running and lifestyle sneaker categories. Coming as I do from a fashion background, I'm particularly excited about the global expansion opportunity for Saucony Originals and its validation in high-end Italian fashion boutiques. As Blake mentioned, we expect Saucony to grow about 50% in Q1, a very fast start to an exciting year.

索康尼的勢頭正在加速，我們相信該品牌已準備好在快速增長的跑步和生活方式運動鞋類別中最大限度地抓住巨大機會。由於我有時尚背景，我對 Saucony Originals 的全球擴張機會及其在義大利高端時尚精品店的驗證感到特別興奮。正如布萊克所提到的，我們預計索康尼第一季將成長約 50%，這是令人興奮的一年的快速開局。

Merrell is anchored in the outdoors and leads the growing U.S. hiking market, where it is gaining share and expanding its retail distribution. The brand has also established a solid foothold with easy on-off silhouettes within the lifestyle category.

Merrell 立足於戶外領域，引領著不斷成長的美國健行市場，該公司正在擴大該市場的份額並擴大其零售分銷。該品牌還憑藉易於穿脫的輪廓在生活方式類別中建立了穩固的立足點。

Merrell's own e-commerce business is the largest in the portfolio and we anticipate it will contribute the most dollar growth in 2021. We expect Merrell to grow by approximately 20% in Q1, with even stronger growth expected in Q2 and beyond.

Merrell 自己的電子商務業務是投資組合中最大的業務，我們預計它將在2021 年貢獻最大的美元成長。我們預計Merrell 在第一季將成長約20%，預計第二季及以後的成長將更加強勁。

The Wolverine brand continues to lead the very healthy U.S. work boot category. And our work boot portfolio captured over 30% market share in 2020. We expect the Wolverine brand to grow approximately 20% in Q1, driven by new technology launched this past year, along with new product launches and collaborations that will drive growth throughout the year.

Wolverine 品牌持續引領美國健康工作靴類別。我們的工作靴產品組合在2020 年佔據了超過30% 的市場份額。我們預計，在去年推出的新技術以及新產品發布和合作的推動下，Wolverine 品牌將在第一季增長約20%，這將推動全年成長。

Sperry has refreshed its brand platform and injected excitement into its many new product offerings, which Blake referenced earlier, and we expect will result in a return to growth in Q1 and strong double-digit growth in 2021 overall. Overall, we are pleased with the momentum in the business as we start the year. The new product pipeline is stronger than ever, and we are focused on leading with digital and DTC e-commerce. We have strong order demand, and as Mike outlined, expect this to translate into meaningful growth in 2021.

Sperry 更新了其品牌平台，並為其許多新產品注入了活力，Blake 之前提到過這一點，我們預計將在第一季度恢復增長，並在 2021 年整體實現兩位數的強勁增長。整體而言，我們對新年伊始的業務動能感到滿意。新產品線比以往任何時候都更強大，我們專注於數位化和 DTC 電子商務的領先地位。我們有強勁的訂單需求，正如 Mike 所概述的那樣，預計這將在 2021 年轉化為有意義的成長。

Blake will now share some additional insight on our expectations related to the macro environment before concluding our remarks. Blake?

在結束我們的演講之前，布萊克現在將就我們對宏觀環境的預期分享一些額外的見解。布萊克？

Thanks, Brendan. We are optimistic even though our outlook continues to assume a somewhat volatile global environment related to the pandemic. However, as vaccines are rolled out and restrictions are eased, we believe consumers will begin to return to social activities, and we will see a meaningful increase in consumer spending, which has been fairly strong already in the U.S. this year. We have proven our ability to manage through seismic change and remain nimble, investing behind our brands and strategies to drive sales and profitable growth post-COVID.

謝謝，布倫丹。儘管我們的前景繼續假設與大流行相關的全球環境有些不穩定，但我們仍持樂觀態度。然而，隨著疫苗的推出和限制的放鬆，我們相信消費者將開始重返社會活動，我們將看到消費者支出大幅成長，而今年美國的消費支出已經相當強勁。我們已經證明了我們有能力應對巨大的變化並保持靈活性，投資我們的品牌和策略，以推動疫情後的銷售和利潤成長。

Regionally, we are already witnessing some positive signs in the U.S. where our brands saw a wholesale sell-through grow mid-single digits in the first period of 2021. We continue to see some delays in bottlenecks in the global supply chain, partially caused by the pandemic and partially by pent-up consumer demand, but believe this pressure will wane over the course of the year.

從地區來看，我們已經在美國看到了一些積極跡象，我們的品牌在 2021 年第一季的批發銷售成長了中個位數。我們繼續看到全球供應鏈瓶頸出現一些延遲，部分原因是疫情的影響，部分是由於被壓抑的消費者需求，但相信這種壓力將在今年內減弱。

For Q1, we currently expect a $20 million shift in revenue to Q2 directly related to logistic delays, but still expect to deliver mid-teens growth in Q1. Despite some of these macro factors, we are excited about 2021 and are confident in our ability to deliver a strong recovery.

對於第一季度，我們目前預計第二季度的收入將有 2000 萬美元的轉移，這與物流延誤直接相關，但仍預計第一季將實現中雙位數的成長。儘管存在一些宏觀因素，我們對 2021 年感到興奮，並對我們實現強勁復甦的能力充滿信心。

In this environment, our brands are poised to win. We believe this year will be a time of opportunity for companies like ours who have invested in talent, digital and online skill sets, new product innovation and closely connecting with their consumers. Our investments and focus are working, as witnessed by a strong order book and a fast start to 2021.

在這種環境下，我們的品牌必將獲勝。我們相信，對於像我們這樣在人才、數位和線上技能、新產品創新以及與消費者密切聯繫方面進行投資的公司來說，今年將是一個機會期。我們的投資和重點正在發揮作用，強勁的訂單和 2021 年的快速開局就證明了這一點。

In closing, I'd like to thank our team members and recognize their exceptional work and efforts in laying the foundation for what I believe will prove to be a pivotal year in the company's history. They met every challenge with focus and determination, navigating the global pandemic, setting the company up for future growth, and supporting our communities along the way.

最後，我要感謝我們的團隊成員，並認可他們的出色工作和努力，為我相信將成為公司歷史上關鍵的一年奠定了基礎。他們以專注和決心應對每一項挑戰，應對全球大流行，為公司未來的發展做好準備，並一路支持我們的社區。

With that, I'll now turn the call back over to the operator. Operator?

這樣，我現在將把電話轉回給接線生。操作員？

(Operator Instructions) Our first question comes from the line of Jim Duffy with Stifel.

（操作員說明）我們的第一個問題來自 Jim Duffy 和 Stifel 的線路。

Nice work through challenging times. Hope your families are all doing well. I wanted to ask a question on the changing composition of the business. So 2020 revenue is down only 20% or so. But a definitive portfolio shift active brands, Merrell is still the largest, Saucony now the second largest. And then, of course, you have the work brands. Guys, if we're thinking relative to the 2019 baseline, where do you see the 2021 revenue mix for Merrell, Saucony and the work portfolio as a percent of the total business?

在充滿挑戰的時期做得很好。希望你的家人一切都好。我想問一個有關業務組成變化的問題。因此2020年收入僅下降20%左右。但在明確的組合轉向活躍品牌中，邁樂仍然是最大的，索康尼現在是第二大。當然，還有工作品牌。各位，如果我們相對於 2019 年基準進行思考，您認為 Merrell、Saucony 和工作組合 2021 年的收入組合佔總業務的百分比是多少？

Yes. I would -- Jim, right now, we would anticipate that, that percentage for that -- those group of brands would continue to increase for 2021. We've got great plans for some of the other brands in our portfolio. But certainly, the momentum right now behind the outdoors, running, athletic, at-home comfy and some of the other activity-based recreational pursuits for consumers is going to continue. So as we look ahead, we would expect for 2021, frankly, double-digit increases from all of our brands compared to 2020, even digit increases for Merrell, Saucony, Wolverine and Chaco, for example, versus 2019.

是的。我會 - 吉姆，現在，我們預計這些品牌的百分比將在 2021 年繼續增加。我們對投資組合中的其他一些品牌制定了宏偉的計劃。但可以肯定的是，目前消費者對戶外、跑步、運動、居家舒適和其他一些基於活動的娛樂追求的勢頭將繼續下去。因此，展望未來，坦白說，我們預計 2021 年我們所有品牌的銷量將比 2020 年實現兩位數增長，例如 Merrell、Saucony、Wolverine 和 Chaco 與 2019 年相比將實現甚至數字增長。

And I believe the work portfolio performed well during 2020 as well. I forget if it was you Blake or Brendan, who said, Merrell and Saucony combined about half the business. If we add the work portfolio in, are you up around 2/3?

我相信 2020 年的工作組合也表現良好。我忘了是你布萊克還是布倫丹說過，梅雷爾和索康尼合計了大約一半的業務。如果我們加上工作組合，你的成績是 2/3 左右嗎？

Just a little under that.

就在那個之下一點點。

A little less.

少一點。

Right in that range though. So if you had the work -- the total work portfolio, and not just the Wolverine brand, that's a pretty good estimate.

不過就在這個範圍內。因此，如果你有工作——整個工作組合，而不僅僅是金剛狼品牌，這是一個相當不錯的估計。

A lot of the work in 2020 was a bit of -- a little bit of a pleasant surprise for us. The key distribution channels, and fleet and some of the other work retailers, frankly, remained open throughout the pandemic, and that certainly was a tailwind.

2020 年的許多工作對我們來說都有點——一點點驚喜。坦白說，主要的分銷管道、車隊和其他一些工作零售商在整個大流行期間保持開放，這無疑是一個順風車。

And then one follow-on question, if I may. I just wanted to ask on the international market expectations. In the guidance, have you embedded a second half rebound for the international business, some recapture of some of the pressure that you saw in this fourth quarter?

如果可以的話，還有一個後續問題。我只是想問一下對國際市場的預期。在指導中，您是否嵌入了國際業務下半年的反彈，以重新承受您在第四季度看到的一些壓力？

There's a good recovery in the international business plan this year, not quite to 2019 levels yet. We still have some of those headwinds in Latin America, in particular, where markets are closed down and in some of our Asia-Pac markets as well. But we're going to see very nice growth in Q1 for the international business, approaching almost 30%. So -- and I think a good balanced performance throughout each quarter, Jim, which is good to see. So I would say a good recovery for the year, not necessarily back-half weighted.

今年國際業務計畫恢復良好，但尚未達到 2019 年的水準。我們在拉丁美洲仍然面臨一些不利因素，特別是在市場關閉的情況下，在我們的一些亞太市場也是如此。但我們將看到第一季國際業務的成長非常好，接近 30%。所以——我認為每個季度都有良好的平衡表現，吉姆，這是很高興看到的。所以我想說今年復甦良好，不一定是後半加權。

Our next question comes from the line of Jonathan Komp with Baird.

我們的下一個問題來自喬納森·康普（Jonathan Komp）和貝爾德（Baird）的對話。

Yes. I want to ask a little bit more detail about the state of the channel that you see. Obviously, when you look at -- you finished 2020, it sounds like there are some shifts in product launches and now maybe some delays in product availability for the first quarter. But just a broader commentary about strong backlog and your sense of inventory relative to sell-through, as you sit here today?

是的。我想詢問有關您所看到的頻道狀態的更多詳細資訊。顯然，當您回顧 2020 年時，聽起來產品發布發生了一些變化，現在第一季的產品供應可能會出現一些延遲。但是，當您今天坐在這裡時，只是對大量積壓以及您對庫存相對於銷售量的感覺進行更廣泛的評論嗎？

Yes. I mean, fundamentally, Jonathan, we feel pretty optimistic about 2021. We see light at the end of the pandemic tunnel right now. It's -- maybe the vaccine rollout isn't going as smooth as all of us would wish, but there's certainly light at the end of the tunnel. We have a very resilient portfolio of brands. And we have probably the best visibility into future demand that I've seen in 25 years. Our backlog right now is extremely high. That's probably due to a number of different factors. So I think some of the proactive actions we took in 2020 to invest in talent and digital again and double down on content and user experience is all paying dividends for us right now.

是的。我的意思是，從根本上講，喬納森，我們對 2021 年感到非常樂觀。我們現在看到了大流行隧道盡頭的曙光。也許疫苗的推出並不像我們所有人希望的那麼順利，但隧道盡頭肯定有曙光。我們擁有非常有彈性的品牌組合。我們對未來需求的洞察力可能是 25 年來最好的。我們現在的積壓非常多。這可能是由於許多不同的因素造成的。因此，我認為我們在 2020 年採取的一些積極行動，再次投資於人才和數位化，並加倍投入內容和用戶體驗，現在都為我們帶來了紅利。

We think some of the consumer behaviors and trends that we witnessed in 2020, whether it's outdoors, whether it's running, we think these are going to stick. We do believe it was 5 years compression of behavior changes into maybe a 12 or 18-month period, but we think these trends are going to continue, and they're providing us some tailwind.

我們認為，我們在 2020 年目睹的一些消費者行為和趨勢，無論是戶外還是跑步，我們認為這些都會持續下去。我們確實相信，行為變化的時間可能會被壓縮為 12 或 18 個月，但我們認為這些趨勢將持續下去，並且它們為我們提供了一些推動力。

And Jonathan, just to add on to your inventory question. From an e-commerce perspective, I mean, that's one of the things I was most impressed about with our Q4 e-comm performance was knowing that we didn't have the level of inventory we would like in some of the key franchises and knowing that will be in place as we circle the next holiday, I think, is tremendously exciting for me in the organization as we map out a $500 million e-com business for 2021.

喬納森，我想補充你的庫存問題。我的意思是，從電子商務的角度來看，我對第四季度電子商務表現印象最深刻的事情之一是，我們知道我們在一些關鍵特許經營中沒有達到我們想要的庫存水平，並且知道我認為，當我們在下一個假期到來時，這一點將會到位，這對我們組織中的我來說是非常令人興奮的，因為我們為2021 年規劃了5 億美元的電子商務業務。

And then maybe just a little more specifics on the supply chain and logistics issues right now. I'm seeing that some of those challenges across any number of industries, including, obviously, consumer soft goods, we tried to quantify that for you. For us, we see -- we don't really see any lost sales, but we do see a $20 million shift maybe from the end of Q1 into the beginning of Q2. We do expect some of those port congestion issues, ocean freight, inland transportation issues to steadily improve over the course of the year.

然後現在可能只是關於供應鏈和物流問題的更多細節。我發現許多行業都面臨一些挑戰，顯然包括消費品，我們試圖為您量化這些挑戰。對我們來說，我們並沒有真正看到任何銷售損失，但我們確實看到從第一季末到第二季初可能有 2000 萬美元的轉移。我們確實預計其中一些港口擁堵問題、海運、內陸運輸問題將在今年穩步改善。

Great. And then separately, on operating margin, I know in the 2021 production, you're assuming getting back close to 2019 levels, that's with much higher gross margin. And it looks like higher G&A dollar spend even versus 2019 by a good amount. So can you maybe just highlight the shifts in the business mix that are driving that? And then if you're using some of the gross margin upside to reinvest in the brands, any more detail there, that would be helpful?

偉大的。然後，就營業利潤率而言，我知道在 2021 年的生產中，你假設會回到接近 2019 年的水平，那就是毛利率要高得多。與 2019 年相比，G&A 美元支出似乎高出許多。那麼您能否強調一下推動這一趨勢的業務組合的變化？然後，如果您使用一些毛利率上升來對品牌進行再投資，那麼那裡有更多詳細信息，這會有幫助嗎？

Yes, Jon, it's absolute correlation between the benefit we're getting off of driving a bigger DTC business, especially with our e-comm growth. Both in terms of gross margin expansion, but also operating margin leverage there, there's a nice accretive benefit to that business. And frankly, as we've invested in e-commerce growth, over the last 1.5 years, we've seen tremendous leverage despite the investments. So that's really promising.

是的，喬恩，我們從推動更大的 DTC 業務中獲得的收益之間是絕對相關的，尤其是與我們的電子商務成長。無論是在毛利率擴張方面，還是在營業利潤槓桿方面，該業務都有一個不錯的增值效益。坦白說，隨著我們在過去 1.5 年裡對電子商務成長進行投資，儘管進行了投資，我們還是看到了巨大的槓桿作用。所以這確實很有希望。

And when we look at the guidance for '21, there are some different headwinds that aren't related to the mix. It's really some of the supply chain and freight-related costs that we talked about before, just anticipating that, that could be in place for a while. It also includes some incremental investments that we're planning to make in our biggest growth opportunities. And as you baseline 2019, as you're referring to, most of that investment is going towards our digital capabilities, investing in advertising and content and technology platforms that support our e-commerce growth.

當我們查看 21 年的指導時，發現了一些與組合無關的不同阻力。這實際上是我們之前討論過的一些供應鏈和貨運相關成本，只是預計這些成本可能會持續一段時間。它還包括我們計劃在最大的成長機會中進行的一些增量投資。正如您所提到的，以 2019 年為基準，大部分投資都用於我們的數位能力，投資於支援我們電子商務成長的廣告、內容和技術平台。

So I like the fact that we're delivering on operating margin despite lower revenues in 2019 and would see us be able to pivot out of that into 2022 and continue to expand operating margin given the growth in e-commerce as a driver behind that.

因此，我喜歡這樣一個事實：儘管2019 年收入較低，但我們仍能實現營業利潤率，並且鑑於電子商務的增長是其背後的推動力，我們將能夠在2022 年擺脫這一困境並繼續擴大營業利潤率。

Well, I think even from a wholesale perspective, the inventories have been so clean this year that we haven't had to discount maybe like you would in the past in any business. And so for me, it's exciting to see, have such a clean base now to build on without some of the noise that comes into any business normally through all the promotional activity.

好吧，我認為即使從批發的角度來看，今年的庫存也非常乾淨，以至於我們不必像過去在任何業務中那樣進行折扣。因此，對我來說，很高興看到現在擁有如此乾淨的基礎，沒有任何通常透過所有促銷活動進入任何企業的噪音。

Some of the cleanup we did in the international side of the business in 2020 is going to help there, too. But we still have a recovery to achieve on the royalty side of the business, which is one of the reasons you're not seeing as much operating margin expansion in the '21 outlook until we get that sort of international business back to normal levels.

2020 年我們在國際業務方面所做的一些清理工作也將對此有所幫助。但在業務的特許權使用費方面，我們仍然需要實現復甦，這就是為什麼在我們將此類國際業務恢復到正常水平之前，您在 21 年前景中看不到營業利潤率大幅擴張的原因之一。

Our next question comes from the line of Matthew Degulis with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Matthew Degulis。

So Brendan, you touched on this a bit, but given that Wolverine is becoming much more of a DTC company, can you talk about how the shifts in the order calendar ability to react in the overall mindset of the company?

Brendan，您稍微談到了這一點，但考慮到 Wolverine 正在變得越來越像 DTC 公司，您能否談談訂單日曆的變化如何對公司的整體思維方式做出反應？

Well, I think you just summed it up, Matthew. I mean, this was something Blake had started before I got here, and hopefully, I'm accelerating is just this shift to a direct-to-consumer first lens and just what that means in terms of having continuous product, continuous storytelling. So we're kind of doing 2 things, parallel path right now as we're working through the supply chain issues that Blake mentioned that are in the macro environment, also working on a better -- building a better mousetrap. So we can have quicker speed to market from idea to shelf and a continuous flow. And I think the organization is really embracing that as they see this past year, the power of our e-commerce, ability to sell directly to our e-commerce channel.

嗯，我想你剛剛總結了一下，馬修。我的意思是，這是布萊克在我來到這裡之前就開始做的事情，希望我正在加速這種向直接面向消費者的第一鏡頭的轉變，以及這對於擁有連續的產品、連續的故事講述而言意味著什麼。因此，我們現在正在做兩件事，並行的路徑，因為我們正在解決布萊克提到的宏觀環境中的供應鏈問題，同時也致力於更好的工作——建造更好的捕鼠器。因此，我們可以加快從創意到貨架的上市速度，並實現持續的流程。我認為，正如他們在過去一年所看到的那樣，該組織確實接受了我們電子商務的力量，以及直接向我們的電子商務管道銷售的能力。

And as I referenced in my remarks, when you factor in all of our international partners and the model brand stores we have out there, it's almost 40% of our business right now is already done directly to the consumer. At the same time, as we say, this will only benefit wholesale. Wholesale -- our wholesale partners will benefit by the assets we're creating by the constant flow of newness. So we think that this will lift all of our channels, but through the lens of e-commerce.

正如我在演講中提到的，當你考慮到我們所有的國際合作夥伴和我們擁有的示範品牌商店時，我們現在幾乎 40% 的業務已經直接面向消費者。同時，正如我們所說，這只會使批發受益。批發－我們的批發合作夥伴將受益於我們透過不斷推陳出新所創造的資產。因此，我們認為這將提升我們所有的管道，但透過電子商務的視角。

Got it. And then next one is for Blake likely. Can you talk about the health of the overall footwear industry? From my seat on the outside looking in, it seems most high-quality companies are short-term inventory right now, which is driving full price sales and a healthier overall landscape. But I'm curious your thoughts on how and if the industry can keep this discipline intact longer term?

知道了。下一個可能是布萊克的。能談談鞋業整體的健康狀況嗎？從我坐在外面的位置來看，目前大多數優質公司似乎都在短期庫存，這推動了全價銷售和更健康的整體格局。但我很好奇您對行業如何以及是否能夠長期保持這一學科完整的想法？

Yes. I think fundamentally, I do think the good -- a lot of the good brands and companies like ourselves are a little bit lean on inventory right now. And obviously, we have greater insight today in the future than we had last March, for example. A lot has changed.

是的。我認為從根本上來說，我確實認為好的方面——許多像我們這樣的優秀品牌和公司現在都有點依賴庫存。顯然，我們今天對未來的洞察力比去年三月的洞察力更大。發生了很多變化。

I would say, as we look ahead into the future, our industry is driven by innovation and design. And you get rewarded for bringing freshness to the marketplace. Even our wholesale customers have realized that past year and currently. I think it's 1 of the reasons why our future order backlog is up so much. They need to plan a constant flow of freshness, consumer right -- hitting consumer trends into their stores. And certainly, we're seeing that in our own e-comm and DTC business. So fundamentally, it comes back to product, product, product, as I always say, coupled with powerful marketing stories.

我想說，當我們展望未來時，我們的產業是由創新和設計所驅動的。您會因為為市場帶來新鮮感而獲得獎勵。甚至我們的批發客戶在過去的一年和現在也意識到了這一點。我認為這是我們未來的訂單積壓如此之多的原因之一。他們需要規劃源源不絕的新鮮感、消費者權利——將消費者趨勢帶入他們的商店。當然，我們在自己的電子商務和 DTC 業務中也看到了這一點。所以從根本上來說，正如我常說的，它又回到了產品、產品、產品，再加上強大的行銷故事。

And we focused on that in 2020. We doubled down. We continue to invest in talent, in those capabilities, digital and otherwise. And we're starting to reap the benefits of that now. But certainly, we think the industry as a whole is a pretty good inventory position right now.

2020 年我們重點關注這一點。我們加倍努力。我們繼續投資於人才、這些能力、數位化和其他方面。我們現在開始受益於此。但當然，我們認為整個產業目前的庫存狀況相當不錯。

Our next question comes from the line of Mitch Kummetz with Pivotal Research.

我們的下一個問題來自 Pivotal Research 的 Mitch Kummetz。

Mike, let me start with you. Can you speak a little bit more to the shape of 2020 as you see it, particularly on the top line? I mean, I would guess, Q2 would be the biggest increase given the comparison plus the $20 million shift that you already referred to, but maybe you just maybe -- anything else on the rest of the shape of the year?

麥克，讓我從你開始。您能否多談談您對 2020 年的看法，特別是在營收方面？我的意思是，我猜，考慮到比較加上您已經提到的2000 萬美元的轉變，第二季度將是最大的增幅，但也許您只是也許- 今年剩下的時間還有什麼其他情況嗎？

And also even in Q1, so it sounds like $20 million shifting out of Q1 to Q2. But if I recall correctly, there was supposed to be, I think, like a $25 million shift from Q4 to Q1. I don't know if that happened or not, but maybe could you just address the shape in the context of kind of those things?

即使在第一季度，聽起來也有 2000 萬美元從第一季轉移到第二季度。但如果我沒記錯的話，我認為應該有 2500 萬美元從第四季轉移到第一季。我不知道這是否發生過，但也許你可以在這些事情的背景下解決形狀問題嗎？

Yes. Let me start with the kind of the quarterly flow of the business. Obviously, we have a lot more visibility to the next 2 or 3 quarters out. And as Blake mentioned in his comments, I mean, we've got a very strong order backlog today that gives us not only visibility, but confident. Q4 would be where we might put the most conservatism in the outlook. But when you look at the shape of the business and the growth trajectory of each quarter, Q2 is definitely our biggest growth quarter for obvious reasons. But we're going to see -- we're going to see a large percentage of our total revenue deliver in the first half of the year. There's a really good balance between H1 and H2. And yes, there's definitely a shift here that Blake talked about into Q2 that will help kind of drive that up even a little bit more.

是的。我先從季度業務流程的情況說起。顯然，我們對接下來的兩三個季度有更多的了解。正如布萊克在他的評論中提到的，我的意思是，我們今天有非常強大的訂單積壓，這不僅給我們帶來了可見性，而且給了我們信心。第四季的前景可能最為保守。但當你看看業務的形狀和每季的成長軌跡時，第二季度絕對是我們最大的成長季度，原因顯而易見。但我們將會看到——我們將看到我們總收入的很大一部分是在今年上半年實現的。 H1 和 H2 之間有一個非常好的平衡。是的，布萊克在第二季談到的肯定是一個轉變，這將有助於進一步推動這一趨勢。

There were some delays or shifts, I should say, for Saucony launches that came out of Q4 into Q1 this year as well as some of the international issues that we've already talked about. Not quite $25 million in total, but it was meaningful, and it's helping to drive a really solid Q1 performance in terms of growth kind of year-over-year, which is against a pre-COVID, mostly for us anyway, a pre-COVID time frame in Q1 of 2020.

我應該說，索康尼今年從第四季度到第一季的發布以及我們已經討論過的一些國際問題存在一些延遲或轉變。總共不到 2500 萬美元，但它很有意義，而且它有助於推動第一季度業績的同比增長，這與新冠​​疫情之前的情況相比，無論如何，主要是對我們而言， 2020 年第一季的新冠疫情時間範圍。

So I think the visibility, the health of the business and then the momentum we're seeing, not just in the brands, but in the e-commerce business off to a really strong start in Q1, kind of give us confidence that this will be a nicely balanced year and not a back-weighted year.

因此，我認為可見度、業務的健康狀況以及我們所看到的勢頭，不僅在品牌方面，而且在電子商務業務中，第一季都有一個非常強勁的開局，這讓我們有信心，這將給我們帶來信心。這是一個非常平衡的一年，而不是一個反向加權的一年。

Got it. And then just from a channel perspective, can you say where e-comm landed as a percent of sales for 2020? And then is there any way you could sort of frame the operating margin profile of e-com versus the balance of the business? And then I guess, lastly, it sounds like you expect outpaced e-com growth in 2021, but I just want to confirm that?

知道了。然後僅從通路角度來看，您能說出 2020 年電子商務佔銷售額的百分比嗎？那麼有什麼方法可以建構電子商務的營業利潤率與業務平衡的關係呢？最後，我想，聽起來您預計 2021 年的成長速度將超過電子商務，但我只是想確認一下？

Absolutely. So yes. I mean the mix for Q4, and that's our biggest quarter for e-commerce typically in a normal year. E-commerce was about 22% of revenue in Q4, it was about a little over 20% and for the full year. In 2019 as a baseline, that was just over 10%. So we have a significant acceleration there.

絕對地。所以是的。我指的是第四季的組合，這通常是正常年份中我們電子商務最大的季度。第四季電子商務約佔營收的 22%，全年約佔 20% 多一點。以 2019 年為基準，這一比例略高於 10%。所以我們在那裡有一個顯著的加速。

When you think -- we think about 2021 and we talk about $500 million target we have to achieve in the e-commerce -- global e-commerce business this year, that's more than double 2019 levels. And that's going to represent -- yes, outpace growth against certainly industry averages and real meaningful growth over 2020 as well. And that when we do achieve that, we're going to be closer to 25%, maybe a little above 25% of the overall mix coming from our e-commerce business. So I should say e-commerce in stores.

當你想到 2021 年時，我們談到今年我們必須在電子商務領域實現 5 億美元的目標，即全球電子商務業務，這是 2019 年水準的兩倍多。這將代表——是的，成長速度肯定超過行業平均水平，並且在 2020 年也將實現真正有意義的成長。當我們真正實現這一目標時，我們的電子商務業務將接近整體組合的 25%，也許略高於 25%。所以我應該說商店裡的電子商務。

So we're headed in the right direction. That acceleration is definitely taking hold in the business, and we would expect that to continue even beyond 2021.

所以我們正朝著正確的方向前進。這種加速肯定會在該行業佔據主導地位，我們預計這種情況甚至會持續到 2021 年之後。

On the margin side, we don't give all the gory details of the margin mix for the e-commerce business. What I can say, kind of repeating what I mentioned to Jonathan, is that we have very strong leverage coming out of that business for the last 2 years in a row now. We've invested heavily. As you look at the SG&A dollar spend from 2019 to 2021, nearly all of the increase there is coming from investments and focus in digital investments. So I would say that we continue to get leverage. We think that as we continue to grow that channel, we'll get more leverage going forward, and it's an accretive contributor to the business.

在利潤方面，我們沒有提供電子商務業務利潤組合的所有細節。我可以說的是，重複我向喬納森提到的內容，我們在過去的連續兩年中從該業務中獲得了非常強大的影響力。我們投入了大量資金。縱觀 2019 年至 2021 年的銷售、一般行政費用 (SG&A) 美元支出，幾乎所有成長都來自投資和對數位投資的關注。所以我想說我們繼續獲得影響力。我們認為，隨著我們繼續發展該管道，我們將獲得更多的影響力，這對業務做出了增值貢獻。

Our next question comes from the line of Erinn Murphy with Piper Jaffray (sic) [Piper Sandler].

我們的下一個問題來自 Erinn Murphy 和 Piper Jaffray（原文如此）[Piper Sandler]。

And it's now Piper Sandler, but anyway. So a couple of questions for you. First on Sperry, I would love to know if you're kind of seeing any differences in purchasing patterns between new customers versus existing customers? Any green shoots you got from a new -- or I should say, a younger customer? And then maybe as we think about 2021 for that brand, share a little bit more about the new launch you have in March? And then I've got a follow-up.

現在是派珀·桑德勒，但無論如何。有幾個問題想問你。首先關於 Sperry，我很想知道您是否發現新客戶與現有客戶之間的購買模式有任何差異？您從新客戶（或者我應該說，年輕客戶）那裡得到了什麼新芽嗎？然後，當我們思考品牌的 2021 年時，能否分享一下您 3 月推出的新產品？然後我有一個後續行動。

Yes. I mean, as you know, we obviously love the Sperry brand. We think it's going to be one of our biggest brands in the future. Sperry, we haven't seen any significant shifts in the consumers base. Sperry is a pretty unique in that regard. And never -- it doesn't ever matter whether I'm talking to a 16-year-old who loves the brand or 65-year-old who loves the brand. Sperry has pretty unique appeal across genders and across ages. Erinn, as you know, last year, we infused the Sperry brand with some top talent, leadership in marketing, leadership and product development, and we're just really starting to see the fruits of those -- of their efforts, frankly.

是的。我的意思是，如您所知，我們顯然很喜歡 Sperry 品牌。我們認為它將成為我們未來最大的品牌之一。斯佩里，我們沒有看到消費者基礎有任何重大變化。斯佩里在這方面非常獨特。而且永遠不會——無論我是在和一個熱愛這個品牌的 16 歲年輕人還是一個熱愛這個品牌的 65 歲年輕人交談，這都不重要。斯佩里對不同性別和年齡的人都有獨特的吸引力。 Erinn，如你所知，去年，我們為Sperry 品牌注入了一些頂尖人才、行銷、領導力和產品開發方面的領導力，坦白說，我們才真正開始看到這些成果——他們的努力的成果。

When we look forward on the product pipeline side, I think the Float introduction will be a big idea -- a big introduction, probably one of the biggest for Sperry in several years. But we have new offerings in boat Shoe category, in the boot category, Balkan Ice category. Sperry is a brand where the consumers have given permission to play across a number of different product category. So we're positive on Sperry right now. We expect Sperry to deliver growth in Q1 and -- versus 2020, double-digit growth for the full year.

當我們展望產品管道方面時，我認為 Float 的引入將是一個偉大的想法——一個偉大的引入，可能是 Sperry 幾年來最大的引入之一。但我們在船鞋類別、靴子類別、巴爾幹冰鞋類別中提供了新產品。 Sperry 是一個消費者已允許在多個不同產品類別中使用的品牌。所以我們現在對斯佩里持正面態度。我們預計 Sperry 第一季將實現成長，與 2020 年相比，全年將實現兩位數成長。

I mean, I'm excited, as Blake mentioned, with the product that's starting with Float and really will then be a constant flow for the next 4 quarters and beyond, but also the storytelling that they're starting to develop to match with that. Like reference the talent we brought in, and you're really starting -- I'm really starting to see it come to fruition with what they're working on for Q2 and beyond. Just the constant storytelling a little bit more -- in a little bit more of an authentic and scrappy way than maybe we've done in the past. So I think the combination of that storytelling what the product Blake referenced is making us very energized about the Sperry's future.

我的意思是，正如Blake 所提到的，我對以Float 開始的產品感到很興奮，並且在接下來的4 個季度及以後確實會成為一個持續的流程，而且他們開始開發與之相匹配的故事講述。就像參考我們引進的人才一樣，你真的開始了——我真的開始看到他們在第二季及以後所做的工作取得了成果。只是不斷地講故事，比我們過去所做的更真實、更鬥志旺盛。因此，我認為 Blake 提到的產品敘述故事的結合讓我們對 Sperry 的未來充滿了活力。

Great. And then just a follow-up on the port delays that you're seeing. I guess, is there kind of a time line that you think they could be remedied? We've heard from different companies it could be late spring, it could be all the way into summer? And then are you needing to airfreight product to avoid some of the congestion at the ports? And then just translating that through to gross margin? And sorry if I missed it, how will that impact the first quarter or the first half gross margin?

偉大的。然後是您所看到的連接埠延遲的後續情況。我想，您認為這些問題是否可以補救？我們從不同的公司聽說，可能是春末，也可能是一直進入夏季？那麼您是否需要空運產品以避免港口擁塞？然後將其轉化為毛利率？抱歉，如果我錯過了，這將如何影響第一季或上半年的毛利率？

Yes. I mean, we are airfreighting. As you know, airfreight costs have also gone up. We've built a lot of that into our plan for 2021. We have historically been very judicious when it comes to air freight. When you air freight footwear, you're airfreighting a lot of air. And on the other hand, we have extremely strong demand now and predicted over the next several quarters.

是的。我的意思是，我們是空運。如您所知，空運成本也上漲了。我們已經在 2021 年的計劃中納入了很多內容。在空運方面，我們歷來都非常明智。當您空運鞋類時，您會空運大量的空氣。另一方面，我們現在和預測未來幾季的需求都非常強勁。

So I wish I had a crystal ball and could tell you exactly when the port congestion is going to relieve itself. We think it's going to get better over time. We think it's going to be around, though, for a minimum of several months. We've been -- we've implemented some strategies to address this situation using different ports by using fast boats and several other avenues available to us, but we think it's going to last for a while yet. And frankly, it's built into our plans and built into the kind of quarterly cadence that Mike talked about earlier.

所以我希望我有一個水晶球，可以準確地告訴你港口擁堵何時會緩解。我們認為隨著時間的推移，情況會變得更好。不過，我們認為它會持續至少幾個月。我們已經實施了一些策略，透過使用不同的港口、使用快艇和我們可用的其他幾種途徑來解決這種情況，但我們認為這種情況還會持續一段時間。坦白說，它已納入我們的計劃和麥克之前談到的季度節奏中。

I would also add, Erinn, while it's never preferred, this is a year where, if we need to, we'll invest and do what we need to do to get the goods as soon as we can get them. Because the demand is there, and we obviously have the market share opportunity, the shelf space opportunity with a couple of our biggest brands right now that we're not going to let that opportunity pass us by. So hard to predict where this will go in terms of the full year, but we're trying to be conservative in that outlook. We had a couple of unusual events in Q1. We had 2 different vessels that had significant number of our containers on them that had either been damaged or we lost containers into the water in 25 years I've been with the company. At this magnitude, that's never happened before, and we had 2 in 1 quarter. So part of the reason we're seeing a shift here from Q1 to Q2 is just that very unusual event. But our team is way in front of this right now. They're doing a great job of managing it, keeping costs in line. And we're just dedicated to moving these goods as fast as we can to meet the demand we have.

我還要補充一點，艾琳，雖然這從來不是首選，但今年，如果我們需要的話，我們將投資並做我們需要做的事情，以便盡快獲得貨物。因為需求就在那裡，而且我們顯然擁有市場份額機會，以及我們現在幾個最大品牌的貨架空間機會，我們不會讓這個機會溜走。很難預測全年的情況，但我們試圖在這一前景上保持保守。我們在第一季發生了一些不尋常的事件。在我公司工作的 25 年裡，我們有 2 艘不同的船隻，船上裝有大量容器，這些容器要么被損壞，要么掉入水中。如此嚴重的情況以前從未發生過，我們在 1 季就發生了 2 次。因此，我們看到從第一季到第二季的轉變的部分原因是這個非常不尋常的事件。但我們的團隊現在已經走在前面了。他們在管理方面做得很好，控製成本。我們致力於盡快運送這些貨物以滿足我們的需求。

Our next question comes from the line of Dana Telsey with Telsey Advisory Group.

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

Congratulations on the nice progress.

祝賀您取得了良好的進展。

Thank you, Dana.

謝謝你，達納。

As you think about the wholesale business, you talked in the past about new players that you're targeting for the brands. What are you seeing there? And what are the opportunities in wholesale going forward, given I think you mentioned mid-single digits growth so far in the first quarter as you see it? And then on operating cash flow for 2021, how are you looking at that in CapEx and the return on CapEx investments in digital? What do you foresee?

當您考慮批發業務時，您過去談到了您為品牌定位的新參與者。你在那裡看到什麼？考慮到您提到的第一季迄今為止的中個位數成長，未來批發業的機會是什麼？然後，關於 2021 年的營運現金流，您如何看待資本支出以及數位資本支出投資的回報？你預見什麼？

Dana, on the new -- I mean, wholesale, we're bullish on wholesale for some of the reasons I said. We're certainly seeing our product resonate in digital as well with these -- with our wholesalers. So there's certainly an increased penetration within their e-com business, where with most of the big digital titans. So I'm not sure if -- maybe you have to clarify what you're referencing, we said new wholesale accounts.

達納，關於新的——我的意思是，批發，出於我所說的一些原因，我們看好批發。我們當然看到我們的產品在數位領域也與我們的批發商產生了共鳴。因此，他們的電子商務業務（大多數大型數位巨頭都在其中）的滲透率肯定有所提高。所以我不確定——也許你必須澄清你所指的是什麼，我們說的是新的批發帳戶。

I thought you were going in even with going into new wholesale accounts with the digital operations also. Are there new retailers that you're interacting with to capture, whether it's a younger customer or newer customer that you're seeing?

我以為你甚至會透過數位業務進入新的批發帳戶。您是否正在與新零售商互動以吸引新客戶，無論是年輕客戶還是新客戶？

Well, I mean, we're certainly looking at all the new business models out there, the subscription services and the like that we think footwear hasn't dived as deeply into, but we want to be on the forefront of that. And I think some of our brands like Wolverine are taking advantage some of the wholesale distribution locations where we might have presence with some of our other brands, but trying to get shelf space from the other competition that I think we're seeing some opportunities on in '21 and making sure that we fuel their shift to digital as well. I mean some of our big partners have expressed how they're shifting heavily into digital and how they're expressed transitioning some of their product mix, and we're well poised to take advantage of that in the athletic, outdoor and workspace.

嗯，我的意思是，我們當然正在研究所有新的商業模式、訂閱服務等，我們認為鞋類還沒有深入研究這些領域，但我們希望站在這方面的最前沿。我認為我們的一些品牌，如金剛狼，正在利用一些批發分銷地點，在那裡我們可能與其他一些品牌合作，但試圖從其他競爭對手那裡獲得貨架空間，我認為我們在這方面看到了一些機會21年，並確保我們也推動他們向數位化的轉變。我的意思是，我們的一些大合作夥伴已經表達了他們如何大力轉向數位化，以及他們如何表達他們的一些產品組合的轉變，我們已經準備好在運動、戶外和工作空間中利用這一點。

And I think we're also leveraging the portfolio today and really shifting the distribution in our wholesale channels. And I think that's critical. We look at our digital penetration with pure-play retailers and our sporting goods and outdoor retail penetration. That's become a much bigger percentage of our total business and obviously, healthier channels overall. So in this environment, we've been able to kind of prioritize those channels and partner with the best retail partners we can. But we've always had a real broad base of accounts that don't necessarily require us to go out and get new customers, but just to emphasize the ones that are performing the best in this environment.

我認為我們今天也在利用該產品組合，並真正改變我們批發通路的分銷。我認為這是關鍵。我們研究了純零售商的數位滲透率以及運動用品和戶外零售的滲透率。這在我們的總業務中所佔的比例要大得多，顯然，整體通路也更加健康。因此，在這種環境下，我們能夠優先考慮這些管道，並與最好的零售合作夥伴合作。但我們一直擁有真正廣泛的客戶基礎，這不一定需要我們出去尋找新客戶，而只是強調在這種環境中表現最好的客戶。

And then I think your question on CapEx is a good one. It's -- when we think about digital and e-commerce, in particular, we've invested over the years. We -- I think we were ahead of the curve on the investment side of the business here because we set the platforms up. We put the tools in place before this acceleration began. So when we look at investment in the e-com platform, it's in people. It's in other resources. It's certainly optimizing our demand creation and our performance marketing. There is some CapEx there too, Dana, which supports our entire global business through the distribution and supply chain and everything else. But as it relates specifically to e-com, it's a pretty small percentage of the total.

然後我認為你關於資本支出的問題是一個很好的問題。尤其是當我們考慮數位和電子商務時，我們多年來一直在投資。我認為我們在業務投資方面處於領先地位，因為我們建立了平台。在這種加速開始之前，我們就已經準備好了工具。因此，當我們審視電子商務平台的投資時，重點是人。它在其他資源中。它無疑正在優化我們的需求創造和績效行銷。達納，那裡也有一些資本支出，它透過分銷和供應鏈以及其他一切來支持我們的整個全球業務。但由於它專門與電子商務相關，因此只佔總數的一小部分。

Our next question comes from the line of Laurent Vasilescu with Exane BMP Paribas.

我們的下一個問題來自 Laurent Vasilescu 和 Exane BMP Paribas。

Mike, I wanted to follow-up on Mitch's question. I think it was called out that Saucony would be up about 50% for the first quarter. An extra shift from 4Q into 1Q, how do we think about the growth just in terms of underlying growth? And then can you parse out how much the China partnership will contribute to FY '21 revenues?

麥克，我想跟進米奇的問題。我認為索康尼第一季的股價將上漲約 50%。從第四季到第一季的額外轉變，我們如何僅從潛在成長的角度來看待成長？那麼您能分析出與中國的合作關係將為 21 財年的收入貢獻多少嗎？

I can talk to the Saucony share. Again, 50% growth for Saucony in Q1 was tremendous growth on a global scale for them, also really strong continued performance on the e-com channel for Saucony. Yes, they're benefiting from those launches that we talked about that split out of Q4 and moved into Q1. But even excluding that, there would be very strong double-digit growth for the Saucony business in the first quarter. And that's, frankly, obviously going to accelerate into Q2 as we go up against easier comparisons. But we think that the pipeline there and the consistent flow of the new product that's coming to market through the course of the full year is going to keep that momentum going.

我可以和索康尼分享。同樣，索康尼第一季 50% 的成長對他們來說在全球範圍內是巨大的成長，而且索康尼在電子商務通路上的持續表現也非常強勁。是的，他們受益於我們談到的那些從第四季度分離出來並進入第一季的發布。但即使排除這一點，索康尼業務第一季也將出現非常強勁的兩位數成長。坦白說，隨著我們進行更簡單的比較，這顯然會加速進入第二季。但我們認為，那裡的管道以及全年上市的新產品的持續流動將保持這種勢頭。

Yes. I would say we anticipate a very strong double-digit increase for Saucony for the entire year at this point. With respect to China, we've got a foothold there in China. Our joint venture is meeting expectations even with the bump in the road caused by the pandemic. The dollars there are probably not overly significant at this point for the Saucony brand, but we did end the year with 32 Saucony stores opened. So a great presentation in China, our best product, a great apparel program in China. But frankly, it's -- we kind of view China's opportunity in front of us.

是的。我想說的是，我們預計索康尼全年將實現非常強勁的兩位數成長。就中國而言，我們已經在中國立足了。儘管疫情造成了道路上的坎坷，我們的合資企業仍達到了預期。對於 Saucony 品牌來說，目前的美元可能還不算太重要，但我們確實在年底開設了 32 家 Saucony 商店。所以在中國有一個很棒的展示，我們最好的產品，在中國有一個很棒的服裝項目。但坦白說，我們認為中國面臨機會。

Very clear. And then as a follow-up, sorry, if I missed this on Erinn's question. But Mike, did you guide -- give color on just where -- if you can give us color on the first quarter gross margins? I think you had about $3.1 million of air freight costs in 4Q. How do we think about that for 1Q? And then just a housekeeping question here. Anything in terms of how we think about the $0.15 adjustment in the FY '21 EPS guide? What's driving that? That would be very helpful.

非常清楚。然後作為後續行動，抱歉，如果我在艾琳的問題上錯過了這一點。但是麥克，您是否可以為我們提供有關第一季毛利率的資訊？我認為第四季的空運成本約為 310 萬美元。我們如何看待第一季的情況？然後這裡只是一個內務問題。我們如何看待 21 財年 EPS 指南中 0.15 美元的調整？是什麼推動了這一點？這將非常有幫助。

Yes. On the latter point, that's predominantly almost all related to the ongoing litigation costs that we have -- that we'll continue to have for the next year or 2 years on the legacy environmental issue. And then on the -- we didn't give guidance on the margin rates for Q1. I would say, currently, where the kind of the street sits at about 10%, operating margin is in line with what we would expect. And we are still managing through freight and other things, and there's some variables there that we'll be able to report on at the end of the quarter. But as we did mention, that's going to be an ongoing component for us to manage as we look to the rest of the year.

是的。關於後一點，這主要與我們正在進行的訴訟成本有關——我們將在未來一年或兩年內繼續承擔遺留環境問題的訴訟成本。然後，我們沒有對第一季的保證金率給予指引。我想說，目前，該街道的營業利潤率約為 10%，營業利潤率符合我們的預期。我們仍在透過貨運和其他事項進行管理，其中存在一些變量，我們將能夠在本季度末報告。但正如我們確實提到的，在我們展望今年剩餘時間時，這將是我們需要管理的持續組成部分。

Our next question comes from the line of Alec Legg with B. Riley FBR.

我們的下一個問題來自 Alec Legg 和 B. Riley FBR 的線路。

Just a question on the Merrell website. You mentioned 70% growth in new consumers. Any additional details on that? Was that mostly consumers moving from in-store to online? Or were there a large mix of new consumers to the brand? And then any details on other brands that might have seen large meaningful growth online and either through acquiring new customers?

只是 Merrell 網站上的一個問題。您提到新消費者成長了 70%。還有其他詳細資訊嗎？大部分消費者是從實體店轉向網路嗎？或者該品牌是否有大量新消費者？那麼，其他品牌可能在網路上或透過獲取新客戶實現了大幅成長，有什麼詳細資訊嗎？

I don't think it was so much migrating them from our own online stores because remember, our online stores are really all outlets. So -- and this was full price business. So I think it was a lot of new customers. It was probably customers that maybe have bought Merrell elsewhere and with stores being closed, went right to our site. So now that was exciting for us. And as I mentioned in my remarks, we're going to be launching a mobile app with Merrell later on this spring. So we're going to continue the investment and making sure we have they can shop us however they want to shop us. And certainly, there are other brands that are learning within our portfolio from that as well. So we -- so yes, it's -- in terms of new customers and migrating, we're not going to give that information, but it's exciting to see all the KPIs and how they're trending for Merrell and Saucony and really all of our brands online.

我認為從我們自己的線上商店遷移它們並沒有那麼重要，因為請記住，我們的線上商店實際上都是銷售點。所以——這是全價業務。所以我認為有很多新客戶。可能是顧客在其他地方購買了 Merrell，並且在商店關閉的情況下直接訪問了我們的網站。所以現在這對我們來說是令人興奮的。正如我在演講中提到的，我們將在今年春天晚些時候與 Merrell 一起推出一款行動應用程式。因此，我們將繼續投資，確保他們可以以任何方式購買我們的產品。當然，還有其他品牌也在我們的產品組合中從中學習。所以，是的，就新客戶和遷移而言，我們不會提供這些信息，但令人興奮的是看到所有 KPI 以及它們對 Merrell 和 Saucony 的趨勢，以及所有其他產品的趨勢我們的品牌在線。

Yes. And I think this is just also related to the flood of new consumers to the outdoors, right? Whether it's camping in the backyard or visiting the National Park or hiking on a trail. There was a tremendous uptick in consumers looking at the outdoors. And I think Merrell was the recipient of some of that increased interest.

是的。我認為這也與新消費者湧入戶外活動有關，對吧？無論是在後院露營、參觀國家公園或在小徑上健行。關注戶外活動的消費者大幅增加。我認為梅雷爾是其中一些增加的興趣的接受者。

Ladies and gentlemen, we have reached the end of today's question-and-answer session. I would like to turn this call back over to Mr. Brett Parent for closing remarks.

女士們、先生們，今天的問答環節到此結束。我想將這通電話轉回給布雷特·帕倫特先生進行總結發言。

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 March 25, 2021. Thank you, and have a good day.

我謹代表全球金鋼狼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 3 月 25 日。謝謝，祝您有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and enjoy the rest of your day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有個愉快的一天。