Wolverine World Wide Inc (WWW) 2021 Q4 法說會逐字稿

Greetings, and welcome to the Wolverine World Wide Fourth Quarter Fiscal 2021 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Wolverine World Wide 2021 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。

It is now my pleasure to introduce your host, Alex Wiseman, Vice President of Finance and Investor Relations. Thank you, Alex. You may begin.

現在我很高興向您介紹主持人，財務與投資者關係副總裁 Alex Wiseman。謝謝你，亞歷克斯。你可以開始了。

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

早上好，歡迎參加我們的 2021 年第四季電話會議。今天參加電話會議的是我們的總裁兼執行長 Brendan Hoffman；以及我們的執行副總裁兼財務長 Mike Stornant。

Earlier this morning, we announced our financial results for the fourth quarter and full year 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 Jean Fontana at 646-277-1214.

今天早些時候，我們公佈了 2021 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該新聞稿的副本，請致電 Jean Fontana，電話：646-277-1214。

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 organic performance reflect the exclusion of the Sweaty Betty brand, which was acquired in August 2021. These disclosures were reconciled in the attached tables within the body of the release or in supplemental tables found on our website under the Investor Relations tab at the Webcast and Presentations link.

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）、遣散費和其他相關費用以及外匯匯率變動。對有機業績的提及反映了排除了2021 年8 月收購的Sweaty Betty 品牌。這些披露已在新聞稿正文中的附表或我們網站上網絡廣播“投資者關係”選項卡下的補充表格中進行了核對。和演示文稿鏈接。

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 2022, 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，在今天的電話會議上做出的描述公司預期、計劃、預測和預測的陳述，例如有關公司2022 財年展望、增長機會和預計影響公司未來業績的趨勢的陳述，均屬前瞻性陳述。根據美國證券法的聲明。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 Brendan Hoffman.

話雖如此，我現在想把電話轉給布倫丹·霍夫曼。

Thanks, Alex. Thank you for joining us today for a discussion on our fourth quarter and full year results, as well as our go-forward priorities and outlook. I'm very pleased to be speaking with you for the first time as CEO of Wolverine World Wide. I joined the company as President in the fall of 2020, and I'm more confident than ever in the untapped growth potential of our powerful and diversified portfolio of world-class brands, which operate in attractive categories, deliver industry-leading product innovation and are supported by centers of excellence.

謝謝，亞歷克斯。感謝您今天加入我們，討論我們的第四季和全年業績，以及我們未來的優先事項和前景。我很高興能作為 Wolverine World Wide 的執行長第一次與您交談。我於2020 年秋季加入公司擔任總裁，我對我們強大且多元化的世界級品牌組合尚未開發的增長潛力比以往任何時候都更有信心，這些品牌在有吸引力的類別中運營，提供行業領先的產品創新和得到卓越中心的支持。

To drive our business forward, we have an incredible team in place, which we further strengthened with new talent over the past year. We firmly believe that the consumer and marketplace trends that accelerated during the pandemic will continue to provide tailwinds, as evidenced by the strong demand we see across our brands. As we emerge from the pandemic, we believe that consumers will maintain healthy lifestyles that will fuel continued growth in the Outdoor and Active categories for some time, and we are competitively well-positioned to capitalize on this opportunity.

為了推動我們的業務向前發展，我們擁有一支令人難以置信的團隊，在過去的一年裡，我們透過新人才進一步加強了這一團隊。我們堅信，疫情期間加速的消費者和市場趨勢將繼續提供推動力，我們在各品牌中看到的強勁需求就證明了這一點。隨著我們擺脫大流行，我們相信消費者將保持健康的生活方式，這將在一段時間內推動戶外和運動類別的持續成長，並且我們處於有利的競爭地位，可以利用這一機會。

Today, I will begin my discussion with some highlights from the fourth quarter and an update on our progress in advancing our growth strategies. I will conclude by sharing a few aspects of my approach to the Wolverine business that I believe will further improve execution against our goals in the year ahead and set us up for long-term sustainable growth.

今天，我將首先討論第四季度的一些亮點以及我們在推動成長策略方面取得的最新進展。最後，我將分享我對 Wolverine 業務的處理方法的幾個方面，我相信這些方法將進一步提高我們未來一年目標的執行力，並為我們的長期永續成長奠定基礎。

For the fourth quarter, strong consumer demand across key brands yielded 25% revenue growth. We were very pleased with the performance of our most recently acquired brand, Sweaty Betty, which delivered revenue ahead of our expectations. Excluding the incremental sales from Sweaty Betty, revenue grew nearly 10%, with Saucony and Wolverine being the biggest contributors to organic growth. Inventory constraints created by Vietnam factory closures and ongoing supply chain challenges impacted our top line growth, with demand for Merrell, Saucony and other brands left unmet, which Mike will speak to in more detail.

第四季度，主要品牌強勁的消費者需求帶來了 25% 的營收成長。我們對最近收購的品牌 Sweaty Betty 的表現感到非常滿意，該品牌的收入超出了我們的預期。排除Sweaty Betty的增量銷售額，收入成長了近10%，其中Saucony和Wolverine是有機成長的最大貢獻者。越南工廠關閉造成的庫存限制和持續的供應鏈挑戰影響了我們的營收成長，對 Merrell、Saucony 和其他品牌的需求未能得到滿足，Mike 將對此進行更詳細的討論。

For the full year, we delivered revenue of $2.4 billion, representing nearly 35% growth compared to the prior year, including over $115 million of revenue from the Sweaty Betty acquisition. Excluding Sweaty Betty, revenue grew 28%. We remain excited about Sweaty Betty as it further diversifies our portfolio as one of the few female-founded, female-led activewear brands in the market, creating products just for women. This team continues to execute on its key strategic priorities by delivering a powerful line of industry-leading products, while growing internationally and expanding Wolverine's direct-to-consumer presence and capabilities, which can be leveraged across the portfolio.

我們全年營收 24 億美元，比上年成長近 35%，其中包括收購 Sweaty Betty 帶來超過 1.15 億美元的收入。不包括汗流浹背的貝蒂，收入成長了 28%。我們仍然對 Sweaty Betty 感到興奮，因為它進一步豐富了我們的產品組合，成為市場上為數不多的由女性創立、女性主導的運動服品牌之一，專為女性打造產品。該團隊透過提供強大的行業領先產品系列，繼續執行其關鍵策略優先事項，同時在國際上發展並擴大 Wolverine 的直接面向消費者的業務和能力，這些可以在整個產品組合中得到利用。

Merrell and Saucony each delivered record revenue in the year, with growth of 22% and 57%, respectively. On a full year pro forma basis, Sweaty Betty grew over 40%. Sperry faced significant category headwinds early on during the pandemic, but delivered marked improvement in 2021, delivering over 24% growth.

Merrell 和 Saucony 今年的營收分別創下了 22% 和 57% 的成長紀錄。以預計全年計算，Sweaty Betty 成長了 40% 以上。 Sperry 在疫情爆發初期就面臨嚴重的品類逆風，但在 2021 年取得了顯著改善，實現了超過 24% 的增長。

While navigating macro challenges throughout the year, we made significant progress in delivering on our 3 primary growth drivers. Beginning with our DTC and digital focus, we continue to deliver growth in our direct-to-consumer business and further advanced our DTC penetration and international mix with the acquisition of Sweaty Betty. Including Sweaty Betty, fourth quarter direct-to-consumer revenue grew 60% compared to 2020 and represented 35% of our total revenue. DTC e-commerce revenue grew 58% versus the prior year and 109% versus 2019. DTC store revenue was up 68% versus the prior year and 45% versus 2019.

在應對全年宏觀挑戰的同時，我們在實現三大主要成長動力方面取得了重大進展。從我們的 DTC 和數位重點開始，我們繼續實現直接面向消費者業務的成長，並透過收購 Sweaty Betty 進一步提高我們的 DTC 滲透率和國際組合。包括 Sweaty Betty 在內，第四季直接面向消費者的營收比 2020 年成長了 60%，占我們總營收的 35%。 DTC 電子商務營收較前一年成長 58%，較 2019 年成長 109%。DTC 商店營收較前一年成長 68%，較 2019 年成長 45%。

Excluding Sweaty Betty, fourth quarter direct-to-consumer revenue grew 12%, reflecting e-commerce growth of 13% and store revenue growth of 11%. The DTC mix in our organic business grew to 28% of revenue, up from 19% in Q4 2019. Our focus on driving authentic engagement and meeting consumers where they shop, creating a constant flow of content and storytelling and employing enhancements to our e-commerce platform globally are paying dividends across our brands. The progress we are making along with our acquisition of Sweaty Betty has enabled us to grow active customers by 24% versus the prior year and 50% compared to 2019, drive double-digit increases in conversion rate and achieve higher retention rates as compared to 2019.

不包括Sweaty Betty，第四季直接面向消費者的營收成長12%，反映出電子商務成長13%和商店營收成長11%。我們有機業務中的DTC 組合佔收入的比例從2019 年第四季的19% 增至28%。我們的重點是推動真實的參與度並在消費者購物時與他們見面，創造持續的內容流和故事講述，並增強我們的電子全球的商務平台正在為我們的品牌帶來紅利。收購Sweaty Betty 所取得的進展使我們的活躍客戶數量比上年增長了24%，與2019 年相比增長了50%，與2019 年相比，轉換率實現了兩位數的增長，並實現了更高的保留率。

We will continue to focus on investments to drive DTC growth through continued e-commerce upgrades and digital strategies. As an example of this, we are making improvements to our recently launched Merrell mobile app in 2022 to further elevate the customer experience and drive customer acquisition and engagement. Future enhancements to the mobile app will be focused on experiential elements related to Merrell's purpose and additional customer-facing functionality. We are very excited by the consumer engagements we are seeing and we'll use our learnings to further evolve and introduce mobile applications to our other brands.

我們將繼續專注於投資，透過持續的電子商務升級和數位化策略來推動 DTC 的成長。舉個例子，我們將在 2022 年對最近推出的 Merrell 行動應用程式進行改進，以進一步提升客戶體驗並推動客戶獲取和參與。行動應用程式的未來增強將側重於與 Merrell 的目的相關的體驗元素以及其他面向客戶的功能。我們對所看到的消費者參與感到非常興奮，我們將利用我們的經驗進一步發展行動應用程式並將其引入我們的其他品牌。

Moving on to product innovation. Product innovation is embedded in our DNA and is the cornerstone of our brand's success. Our big 4 brands have maintained a leadership position in their respective categories through consistent delivery of new product innovation in both proven franchise businesses, as well as new product introductions that add excitement to the offerings and provide a halo for the brands. Our 4 largest brands all launched new products within their key product franchise collections in 2021. We cannot underscore enough the importance of our brands' franchise businesses, including the Merrell Moab collection; Saucony Endorphin running shoes; the Sperry Authentic Originals collection, which is leading the boat shoe resurgence; as well as continued innovation from Sweaty Betty's core collections such as its power leggings.

持續進行產品創新。產品創新深植於我們的基因之中，是我們品牌成功的基石。我們的四大品牌透過在兩個成熟的特許經營業務中持續提供新產品創新以及為產品增添活力並為品牌增添光環的新產品推出，在各自類別中保持了領導地位。我們的 4 個最大品牌均在 2021 年推出了其主要產品特許經營系列中的新產品。我們無法充分強調我們品牌特許經營業務的重要性，包括 Merrell Moab 系列；索康尼Endorphin跑鞋；引領船鞋復興的 Sperry Authentic Originals 系列；以及 Sweaty Betty 的核心系列（例如強力緊身褲）的持續創新。

Supported by continued updates and innovation, these franchise businesses not only provide steady revenue streams, but also provide substantial growth opportunities. Our product innovation also provides the brand equity necessary to enter new categories.

在持續更新和創新的支持下，這些特許經營業務不僅提供穩定的收入來源，而且提供大量的成長機會。我們的產品創新也提供了進入新類別所需的品牌資產。

Our third growth strategy is to accelerate international growth. For the full year, international revenue grew over 50% as compared to 2020. Excluding Sweaty Betty, international revenue grew 34% as compared to 2020 and we were particularly pleased with our performance in EMEA, which delivered revenue in excess of 2019 levels. Asia Pacific and Latin America delivered revenue growth of 30% and 50%, respectively, versus 2020 and are accelerating to pre-pandemic levels, which we expect to occur in the first half of 2022. For the fourth quarter, international sales grew approximately 51%. Excluding Sweaty Betty, international revenue grew 10%, led by the Asia Pacific and Latin America regions. Revenue in the APAC region grew 27% in the fourth quarter.

我們的第三個成長策略是加速國際成長。全年國際收入較 2020 年增長超過 50%。不包括 Sweaty Betty，國際收入較 2020 年增長 34%，我們對 EMEA 的表現尤其滿意，該地區的收入超過 2019 年的水平。與2020 年相比，亞太地區和拉丁美洲的收入分別增長了30% 和50%，並且正在加速達到大流行前的水平，我們預計這將在2022 年上半年實現。第四季度，國際銷售額增長了約51% %。不包括 Sweaty Betty，國際營收成長了 10%，其中亞太地區和拉丁美洲地區成長最快。第四季亞太地區營收成長 27%。

While still in the early innings, we saw over 60% revenue growth in China, predominantly driven by Merrell and Saucony through our joint venture.

儘管仍處於起步階段，但我們在中國的收入成長了 60% 以上，這主要是由 Merrell 和 Saucony 透過我們的合資企業推動的。

Turning to EMEA. Revenue was roughly flat due to the impact of late product deliveries and factory delays. Nonetheless, we are encouraged by the strong order book demand in EMEA and expect improved results as inventory levels sequentially improve and normalize.

轉向歐洲、中東和非洲地區。由於產品交付延遲和工廠延誤的影響，收入大致持平。儘管如此，我們對歐洲、中東和非洲地區強勁的訂單需求感到鼓舞，並預計隨著庫存水準逐步改善和正常化，業績將有所改善。

Looking ahead to 2022, we remain optimistic about the momentum in our brands for several reasons. First, we have an incredibly strong order book, reflecting continued momentum in our largest brands. We continue to refine our wholesale strategy with a focus on both brick-and-mortar and e-commerce partners that are right for our brands as well as take advantage of distribution decisions made by other brands. Second, we continue to drive outsized growth in our DTC business and are pleased with the increase in new customers as we advance our initiatives in e-commerce and engagement. Third, we have the tailwinds of favorable industry dynamics in active, outdoor and work categories that we believe are sustainable. As consumers return to experiential activities, the elasticity and use and portability of our products help us to adapt these changing lifestyle trends. And finally, we have a number of exciting and innovative new product launches across our biggest brands, supported by powerful marketing stories, collaborations and the resulting earned media.

展望 2022 年，我們對品牌的發展動能保持樂觀，原因有幾個。首先，我們擁有令人難以置信的強勁訂單，反映出我們最大品牌的持續成長動能。我們繼續完善我們的批發策略，重點關注適合我們品牌的實體和電子商務合作夥伴，並利用其他品牌做出的分銷決策。其次，我們繼續推動 DTC 業務的大幅成長，並對隨著我們推動電子商務和參與方面的舉措而增加的新客戶感到高興。第三，我們在活躍、戶外和工作類別中擁有有利的行業動態，我們認為這些類別是可持續的。隨著消費者回歸體驗式活動，我們產品的彈性、使用性和便攜性幫助我們適應這些不斷變化的生活方式趨勢。最後，在強大的行銷故事、合作和由此產生的贏得媒體的支持下，我們最大的品牌推出了許多令人興奮和創新的新產品。

I will now turn the call over to Mike to discuss our fourth quarter financial results and 2022 outlook before I discuss how we'll approach our growth strategies to drive improved execution in 2022 and beyond.

現在，我將把電話轉給 Mike，討論我們第四季度的財務業績和 2022 年前景，然後再討論我們將如何制定成長策略，以推動 2022 年及以後的執行力的提高。

Thanks, Brendan, and thank you all for joining the call. 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 insights on our outlook for 2022.

謝謝布倫丹，也感謝大家加入這通通話。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 2022 年的前景進行展望。

Fourth quarter revenue of nearly $636 million was up 25% compared to the prior year, and exceeded our expectations coming into the quarter despite well-known Vietnam factory closures in Q3 and persistent logistics delays. Sweaty Betty, the newest addition to the Wolverine family, contributed over $75 million of revenue in the quarter and exceeded our expectations.

儘管眾所周知的越南工廠在第三季度關閉且物流持續延誤，但第四季度的收入接近 6.36 億美元，比去年同期增長 25%，超出了我們對本季的預期。 Sweaty Betty 是 Wolverine 家族的最新成員，本季貢獻了超過 7,500 萬美元的收入，超出了我們的預期。

As we mentioned during our Q3 earnings call, Merrell was hit hardest by the Vietnam factory closures. Unmet demand for Merrell in Q4 was at least $50 million. And as a result, revenue declined by low single digits. The fundamentals of Merrell's global business remain very healthy, including an incredibly strong order book entering 2022. During Q4, the brand's lifestyle category grew mid-single digits, and the work category grew by nearly 30%. Merrell's Q4 D2C business grew nearly 10% compared to 2020 and over 50% versus 2019. As Brendan mentioned, fiscal 2021 was an exceptional year for Merrell, with 22% growth and record revenue.

正如我們在第三季財報電話會議中提到的，梅雷爾因越南工廠關閉而受到的打擊最為嚴重。第四季 Merrell 未滿足的需求至少為 5,000 萬美元。結果，收入下降了低個位數。 Merrell 全球業務的基本面仍然非常健康，包括進入 2022 年的令人難以置信的強勁訂單。第四季度，該品牌的生活方式類別實現了中個位數增長，工作類別增長了近 30%。梅雷爾第四季的D2C 業務較2020 年成長近10%，較2019 年成長超過50%。正如Brendan 所提到的，2021 財年對梅雷爾來說是非凡的一年，成長了22% ，收入創紀錄。

Moving to Saucony. Fourth quarter revenue reached an all-time high, increasing nearly 25% and over 30% growth compared to 2019. All geographic regions delivered growth, led by North America and Asia Pacific, which benefited from our China joint venture. The brand achieved market share gains in road running and trail running categories in the U.S. and improved its strong market share in Europe. Saucony also gained market share in the lifestyle category, in the important Italy market. Saucony continues to increase its D2C mix, as Q4 e-commerce revenue grew nearly 38% compared to 2020 and nearly 130% versus 2019. While Saucony was impacted by Vietnam factory closures, a relatively strong inventory position entering the quarter helped to mitigate the downside.

搬到索康尼。第四季營收創歷史新高，與 2019 年相比成長近 25%，成長超過 30%。所有地理區域均實現成長，其中北美和亞太地區領先，這得益於我們的中國合資企業。該品牌在美國公路跑和越野跑類別中實現了市場份額的成長，並提高了其在歐洲的強勁市場份額。索康尼還在重要的義大利市場的生活方式類別中獲得了市場份額。索康尼繼續增加其D2C 組合，第四季度電子商務收入較2020 年增長近38%，較2019 年增長近130%。雖然索康尼受到越南工廠關閉的影響，但進入本季度相對強勁的庫存狀況有助於緩解下行趨勢。

Turning to profitability. Adjusted Q4 gross margin of 43% expanded 160 basis points versus 2020 despite an 80 basis point headwind from higher ocean freight costs. Total air freight costs in the quarter was $4.7 million, of which $2.3 million was considered extraordinary and excluded from adjusted results. Adjusted selling, general and administrative expenses of approximately $224 million for Q4 were up $47 million or 26% compared to the prior year. This was due partially to an increase in variable costs on higher revenue, the addition of Sweaty Betty, and higher labor rates in our distribution centers. More importantly, we continue to invest in our teams and strategic marketing aimed at consumer acquisition and brand heat during the quarter.

轉向盈利能力。儘管海運費上漲帶來了 80 個基點的阻力，但第四季度調整後毛利率為 43%，與 2020 年相比增長了 160 個基點。本季的空運總成本為 470 萬美元，其中 230 萬美元被認為是非正常成本，不包括在調整後的業績中。第四季調整後的銷售、一般和管理費用約為 2.24 億美元，比上年增加 4,700 萬美元，成長 26%。部分原因是收入增加導致變動成本增加、Sweaty Betty 的增加以及配送中心人工費率的提高。更重要的是，我們繼續投資於我們的團隊和策略行銷，旨在本季吸引消費者和品牌熱度。

Adjusted operating margin for Q4 was 7.7%, up 110 basis points versus the prior year. Net interest expense was down $4 million year-over-year due to the debt financing executed earlier in the year. Adjusted diluted earnings per share for the quarter were $0.41, compared to $0.21 in the prior year, growth of 94% or nearly 4x our revenue growth in the quarter.

第四季調整後營業利益率為 7.7%，比上年增長 110 個基點。由於今年稍早執行的債務融資，淨利息支出較去年同期減少 400 萬美元。本季調整後攤薄每股收益為 0.41 美元，而去年同期為 0.21 美元，成長 94%，幾乎是本季營收成長的 4 倍。

The reported loss per share of $0.18 includes certain exceptional costs incurred in the quarter. The most significant contributor is approximately $44 million of costs related to our legacy environmental matter. During the quarter, we were pleased to make very meaningful progress towards resolving a large portion of the outstanding litigation and accrued approximately $40 million in incremental settlement costs.

報告的每股虧損 0.18 美元包括本季發生的某些特殊成本。最重要的貢獻是與我們遺留的環境問題相關的約 4,400 萬美元的成本。在本季度，我們很高興在解決大部分未決訴訟方面取得了非常有意義的進展，並累積了約 4000 萬美元的增量和解費用。

Turning to the balance sheet. Ending inventory of $365 million grew approximately $120 million or 50%; 30%, excluding Sweaty Betty. Our available inventory position continued to improve and we expect sequential improvement each quarter in 2022.

轉向資產負債表。期末庫存為 3.65 億美元，成長約 1.2 億美元，成長 50%； 30%，不含汗流浹背的貝蒂。我們的可用庫存狀況持續改善，我們預計 2022 年每季都會持續改善。

Before moving to our outlook for 2022, I'd like to share a few highlights of our strong full year earnings performance in 2021. Full year adjusted earnings per share were $2.09, increasing 125%. This strong earnings leverage was driven by a healthy gross margin expansion, disciplined management of the business and our flexible operating model that was adjusted to respond to global market changes from quarter-to-quarter during the year. These benefits help to mitigate unforeseen inflationary cost pressure from ocean freight, hourly labor, small parcel freight and performance marketing.

在展望 2022 年之前，我想先分享一下我們 2021 年全年強勁盈利表現的一些亮點。全年調整後每股收益為 2.09 美元，增長 125%。這種強勁的獲利槓桿是由健康的毛利率擴張、嚴格的業務管理以及靈活的營運模式所推動的，該模式是為了應對年內每個季度的全球市場變化而進行調整的。這些好處有助於減輕海運、小時工、小包裹貨運和績效行銷帶來的不可預見的通膨成本壓力。

I will now turn to our outlook for 2022. Looking forward, our global order demand for 2022 remains very high and is expected to continue to exceed availability of inventory in the very near term. This strong demand is true for all brands in the portfolio, as we continue to benefit from relevant consumer and category trends in footwear and apparel. Thankfully, we believe the actions taken last year to improve our supply capacity and inventory position should allow us to service the increased demand at a higher level in 2022.

現在我將談談我們對 2022 年的展望。展望未來，我們 2022 年的全球訂單需求仍然非常高，預計在短期內將繼續超過庫存供應。這種強勁的需求對於產品組合中的所有品牌都是如此，因為我們繼續受益於鞋類和服裝的相關消費者和品類趨勢。值得慶幸的是，我們相信去年為提高供應能力和庫存狀況而採取的行動將使我們能夠在 2022 年以更高的水平滿足不斷增長的需求。

We have developed our outlook with a keen awareness of supply chain logistics risks that we believe will persist, appreciating that our #1 operational priority is the improvement in getting inventory on time.

我們對供應鏈物流風險有著敏銳的認識，我們相信這些風險將持續存在，因此我們制定了我們的前景，並認識到我們的第一大營運重點是改善按時獲得庫存的情況。

The company currently expects to deliver record revenue in the range of $2.775 billion to $2.85 billion in fiscal 2022, growth of 15% to 18%. This includes double-digit growth from our organic brands, excluding Sweaty Betty. Our 4 largest brands, Merrell, Saucony, Sperry and Sweaty Betty, are expected to contribute approximately 2/3 of our revenue in 2022. The addition of Sweaty Betty will also benefit the penetration of our D2C and international businesses in 2022.

該公司目前預計 2022 財年營收將創紀錄地達到 27.75 億美元至 28.5 億美元，成長 15% 至 18%。這包括我們的有機品牌（不包括 Sweaty Betty）的兩位數成長。我們的4大品牌Merrell、Saucony、Sperry和Sweaty Betty預計將在2022年貢獻我們約2/3的收入。Sweaty Betty的加入也將有利於我們2022年D2C和國際業務的滲透。

We expect our direct-to-consumer businesses to be approximately 30% of global revenue and our international markets to be over 35% of global revenue for the full year. We expect adjusted gross margin in the range of 43.5% to 44%. We are planning for the benefit of a higher mix of D2C, including a full year of Sweaty Betty and mid-single-digit price increases that will be phased in monthly throughout the year. We believe these benefits will be offset by higher supply chain costs.

我們預計全年直接面向消費者的業務將佔全球收入的 30% 左右，國際市場將佔全球收入的 35% 以上。我們預計調整後毛利率在 43.5% 至 44% 之間。我們正在計劃從 D2C 的更高組合中受益，包括全年的 Sweaty Betty 以及全年每月分階段進行的中個位數價格上漲。我們相信這些好處將被更高的供應鏈成本所抵銷。

Adjusted selling, general and administrative expenses are expected to be approximately 33% of revenue and will reflect significant growth in D2C, including the full year impact of Sweaty Betty. In 2022, we plan to prioritize our marketing spend to elevate brand awareness and attract new consumers. Marketing expense as a percent of revenue should approach 8.5%, as we continue to fuel the momentum in our biggest brands. The phasing of top of funnel marketing spend is weighted earlier in the year in an effort to accelerate the related benefits on brand heat.

調整後的銷售、一般和管理費用預計將佔收入的 33% 左右，並將反映出 D2C 的顯著增長，包括 Sweaty Betty 的全年影響。 2022 年，我們計劃優先考慮行銷支出，以提升品牌知名度並吸引新消費者。隨著我們繼續推動我們最大品牌的發展勢頭，行銷費用佔收入的百分比應接近 8.5%。今年早些時候，我們就分階段進行了漏斗頂部行銷支出，以加速品牌熱度的相關效益。

We expect adjusted operating margin of approximately 11%, an effective tax rate of approximately 20% and an average share count of approximately 82.5 million. Adjusted diluted earnings per share are expected to be in the range of $2.50 to $2.65. Reported diluted earnings per share are expected to be in the range of $2.30 to $2.45 and reflect estimated future costs primarily related to legacy environmental litigation.

我們預計調整後營業利潤率約為 11%，有效稅率約為 20%，平均股數約為 8,250 萬股。調整後的稀釋每股收益預計在 2.50 美元至 2.65 美元之間。報告的稀釋後每股收益預計在 2.30 美元至 2.45 美元之間，反映了主要與遺留環境訴訟相關的預期未來成本。

Brendan hit on several actions we are taking to reinforce the supply chain, but I would like to reiterate that we've built and continue to pursue more flexibility in our supply network. We were very proactive in this regard and have secured 40% more production capacity and have committed to early production on core inventory.

布倫丹談到了我們為加強供應鏈而採取的幾項行動，但我想重申，我們已經建立並繼續在我們的供應網絡中尋求更大的靈活性。我們在這方面非常積極主動，已確保產能增加 40%，並致力於核心庫存的早期生產。

Production orders placed and confirmed for 2022 are up over 75% compared to the same point in time last year. We expect our forward coverage position on core inventory to increase sequentially each quarter, giving us added protection against unforeseen future volatility in the supply chain. To this end, we expect to invest approximately $220 million into working capital during 2022 to support the demand we continue to see across all of our brands.

與去年同期相比，2022 年下達並確認的生產訂單成長了 75% 以上。我們預計我們對核心庫存的遠期覆蓋頭寸將每個季度連續增加，從而為我們提供額外的保護，以應對供應鏈中不可預見的未來波動。為此，我們預計在 2022 年期間投資約 2.2 億美元的營運資金，以支持我們所有品牌持續看到的需求。

For the first quarter, production in our Vietnam factories has improved to about 70% of pre-closure levels, but the recovery is happening more slowly than planned. We expect Q1 revenue of approximately $595 million to $610 million or growth of approximately 16.5% to 19.5%, with Merrell and Saucony expected to be approximately flat for the quarter.

第一季度，我們越南工廠的產量已提高至關閉前水準的 70% 左右，但復甦速度比計劃慢。我們預計第一季營收約為 5.95 億至 6.1 億美元，增幅約為 16.5% 至 19.5%，其中 Merrell 和 Saucony 預計該季度營收大致持平。

Adjusted earnings per share in Q1 are expected to be in the range of $0.37 to $0.40, including operating margin of approximately 8%. Looking beyond the first quarter, we expect high teens growth in Q2 and Q3, with a low to mid-teens growth in Q4. This quarterly phasing is based on the alignment of our strong future order book, with the improved inventory pipeline mentioned earlier.

第一季調整後每股收益預計在 0.37 美元至 0.40 美元之間，其中營業利潤率約為 8%。展望第一季之後，我們預計第二季和第三季將出現高青少年成長，而第四季將出現低至中青少年成長。這個季度的分階段是基於我們強大的未來訂單與前面提到的改進的庫存管道的結合。

I'll pass the call back to Brendan for insight on our execution in 2022.

我會將電話轉給 Brendan，以獲取有關我們 2022 年執行情況的見解。

Thanks, Mike. Now, I'll share how we'll be approaching our business to drive improved sustainable performance. First, we will increase focus and prioritization. We will make concentrated bets that will have a more meaningful impact on our business. In addition to prioritizing the biggest brands that can generate the largest financial payback, we will invest in international markets where we have a long runway for growth. And then driving accelerated growth in our direct-to-consumer business. As we become more global, we will continue to invest in key international regions, including China, with JVs for Merrell and Saucony and expand e-commerce capabilities globally. For Sperry, we are adding 14 new distributors in EMEA, where we are seeing incredibly strong demand for boat shoes. The potential for Sweaty Betty in 2022 is also incredibly exciting.

謝謝，麥克。現在，我將分享我們將如何開展業務以推動永續績效的提升。首先，我們將提高重點和優先順序。我們將集中押注，對我們的業務產生更有意義的影響。除了優先考慮能夠產生最大財務回報的最大品牌外，我們還將投資於具有長期成長潛力的國際市場。然後推動我們直接面向消費者的業務加速成長。隨著我們更加全球化，我們將繼續投資於包括中國在內的主要國際地區，與 Merrell 和 Saucony 建立合資企業，並在全球範圍內擴大電子商務能力。對於 Sperry，我們在歐洲、中東和非洲地區增加了 14 家新經銷商，我們看到那裡對船鞋的需求異常強勁。 Sweaty Betty 在 2022 年的潛力也非常令人興奮。

By the end of the year, over 1/3 of the sales came from outside the U.K. Following the launch of its first stores in Singapore and Ireland, the brand will continue to grow globally, with confirmed retail expansion plans in several markets, including the U.S. Importantly, we will encourage our brands to chase opportunities with greater speed and agility to drive accelerated growth.

到今年年底，超過1/3 的銷售額來自英國以外的地區。繼在新加坡和愛爾蘭開設第一家商店後，該品牌將繼續在全球範圍內增長，並在多個市場確定了零售擴張計劃，包括重要的是，我們將鼓勵我們的品牌以更快的速度和敏捷性追逐機遇，以推動加速成長。

Second, we will leverage our largest brands' leadership position through more informed product innovation, greater emphasis on messaging brand values and investments in driving brand awareness. We will deliver product innovation with a consumer-centric focus and utilize more testing and consumer research to better inform our direction. These will include investments in proven franchises as well as product introductions that expand our consumer reach.

其次，我們將透過更明智的產品創新、更加重視傳遞品牌價值以及提高品牌知名度的投資來利用我們最大品牌的領導地位。我們將以消費者為中心提供產品創新，並利用更多的測試和消費者研究來更好地引導我們的方向。這些將包括對經過驗證的特許經營權的投資以及擴大我們的消費者覆蓋範圍的產品推出。

In 2021, we invested in developing agile testing capabilities to enable more informed product decisions. This comes with the need to fail quickly, learn and course correct as a best practice. We will also emphasize messaging with purpose that aligns with our brand and customer values. We know that consumers choose authentic brands that make great products, but they also want brands that stand for something. We will also create a better balance of brand and performance marketing to drive new customer acquisition, while maintaining engagement with our loyal customers.

2021 年，我們投資開發敏捷測試功能，以實現更明智的產品決策。這就需要快速失敗、學習並糾正方向作為最佳實踐。我們也將強調與我們的品牌和客戶價值觀一致的目的的訊息傳遞。我們知道，消費者選擇生產優質產品的正宗品牌，但他們也想要代表某些東西的品牌。我們也將在品牌和績效行銷之間取得更好的平衡，以推動新客戶的獲取，同時保持與忠實客戶的互動。

A top priority is to drive higher unweighted awareness in our leading brands, with a focus on driving top line growth. We will shift marketing investments to more top-of-funnel programs, including media placement, as well as social and influencer strategies designed to accelerate growth in new customers. We will continue to evolve these strategies as we test and learn.

當務之急是提高我們領先品牌的非加權認知度，重點是推動營收成長。我們將把行銷投資轉向更多的漏斗頂部計劃，包括媒體投放，以及旨在加速新客戶成長的社交和影響者策略。我們將在測試和學習的過程中繼續改進這些策略。

Third, we will go after white space opportunities. We will leverage our brand equity and product development capabilities to expand into new categories that will broaden our customer reach and drive higher spend per customer. We will focus our efforts on categories that have attractive total addressable markets, no clear market leader and are a logical extension of our own performance brands where we can achieve leading market share position. For example, we plan to leverage Sweaty Betty's strength and expertise in apparel through the sharing of best practices across our portfolio. We also remain excited about the growth potential, product collaborations and operational synergies in front of us with Sweaty Betty.

第三，我們將追求空白機會。我們將利用我們的品牌資產和產品開發能力擴展到新的類別，從而擴大我們的客戶範圍並提高每位客戶的支出。我們將把精力集中在具有有吸引力的總體目標市場、沒有明確的市場領導者、並且是我們自己的高性能品牌的邏輯延伸的類別上，我們可以在這些類別中實現領先的市場份額地位。例如，我們計劃透過在我們的產品組合中分享最佳實踐，利用 Sweaty Betty 在服裝領域的實力和專業知識。我們也對與 Sweaty Betty 的成長潛力、產品合作和營運協同效應感到興奮。

With the continued focus on the outdoors, Sweaty Betty will be offering an expanded ski and snow collection and will be introducing a hiking footwear collection in collaboration with Merrell. This will be the first time Sweaty Betty is partnering with one of our brands, and we see additional collaborations within the portfolio to come. Note that this collaboration was in the works prior to our acquisition, further demonstrating the great fit Sweaty Betty is to Wolverine.

隨著對戶外活動的持續關注，Sweaty Betty 將提供更多的滑雪和雪地系列，並將與 Merrell 合作推出健行鞋系列。這將是 Sweaty Betty 第一次與我們的品牌合作，我們預計產品組合中還會有更多合作。請注意，這次合作是在我們收購之前就已經開始的，這進一步證明了汗水貝蒂與金鋼狼的完美契合。

In support of our updated approach to executing our strategies, we will continue to add talent to create best-in-class teams across the organization.

為了支持我們執行策略的更新方法，我們將繼續增加人才，在整個組織內創建一流的團隊。

In conclusion, our mission remains the same: To empower, engage and inspire our customers every step of the way. We remain committed to advancing our primary growth strategies with a more focused approach to execution as we capitalize on the sustained, favorable industry backdrop in outdoor and performance categories. We are also in the process of developing a longer-term strategic plan to unlock the potential of our biggest businesses. With our portfolio of powerful brands, the right strategies in place and a talented team to execute, we are extremely excited about our growth potential. I look forward to providing more details on our strategic plan in the future.

總之，我們的使命始終如一：在每一步中為客戶提供支持、參與和激勵。我們仍然致力於利用戶外和表演類別持續、有利的行業背景，以更有針對性的執行方式推進我們的主要成長策略。我們也正在製定長期策略計劃，以釋放我們最大業務的潛力。憑藉我們強大的品牌組合、正確的策略和優秀的執行團隊，我們對我們的成長潛力感到非常興奮。我期待著未來提供有關我們戰略計劃的更多細節。

With that, I will turn it back to the operator to open the call up for Q&A.

這樣，我會將其轉回給接線員以打開問答電話。

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

（操作員說明）我們的第一個問題來自 Stifel 的 Jim Duffy。

I wanted to start by asking about the composition of the inventory. Can you give us some perspective how much of the inventory balances on the books at year end are in transit? And then, if you could speak to the inventory positions for the 4 major brands that will help set our expectations for growth for each of the brands across the quarters?

我想先詢問庫存的構成。您能否告訴我們年末帳面上有多少庫存餘額在運送途中？然後，您是否可以談談 4 個主要品牌的庫存狀況，這將有助於我們設定每個品牌各季度成長的預期？

Yes. Thanks, Jim. Yes. Well, I mean, directionally, obviously, it's our #1 challenge and focus every day is delivering shoes and especially, for our big brands. So still not in the inventory position we would like, given all the challenges, and we can go into that a little bit more, but I'll have Mike give you the specifics on the question, yes.

是的。謝謝，吉姆。是的。嗯，我的意思是，從方向上來說，顯然這是我們的第一大挑戰，每天的重點是提供鞋子，特別是為我們的大品牌提供鞋子。因此，考慮到所有的挑戰，仍然沒有達到我們想要的庫存位置，我們可以進一步討論這個問題，但我會讓麥克向你提供這個問題的具體細節，是的。

Yes. When you look at the in-transit question, Jim, it's about $50 million coming into the year. I'd say today, it's probably in a similar position. And so those added days on the logistics side of things are obviously backing up the goods. So the production has been stronger and availability of the goods coming out of the factory, but obviously, the logistics and the hold time at the port has kind of slowed things down.

是的。吉姆，當你看一下在途問題時，今年大約有 5000 萬美元。今天我想說，它可能處於類似的位置。因此，物流方面增加的天數顯然是在支援貨物。因此，生產更加強勁，工廠的貨物供應也更加充足，但顯然，物流和港口的停留時間有點放慢了速度。

Understood. And then any color on inventory as it stands for each of the different 4 major brand franchises? Is there 1 franchise that has greater challenges than others?

明白了。那麼庫存上有什麼顏色代表 4 個主要品牌特許經營權中的每一個呢？是否有 1 個特許經營權比其他特許經營權面臨更大的挑戰？

And I think Vietnam was the call out in the prepared remarks for Merrell and Saucony and that's going to have a bit of an impact, timing-wise, on Q1. And so I'd say, coming into the year, Saucony in a little bit better position than Merrell as it relates to the production they would normally get out of Vietnam. But we're already seeing that improve quite a bit and the goods flowing more towards the end of the quarter.

我認為越南是為 Merrell 和 Saucony 準備好的演講中提到的，這將從時間上對第一季產生一些影響。所以我想說，進入今年，索康尼的處境比邁樂好一點，因為這與他們通常從越南生產的產品有關。但我們已經看到情況有了很大改善，並且到本季末貨物流動更多。

So on the other brands, I think inventories are improving, the position is stronger. Obviously, overall, we've got a nice position in inventory even, just coming into the year. And some of that seasonal product that will carry over into later deliveries in the later part of spring and summer.

因此，對於其他品牌，我認為庫存正在改善，地位更強。顯然，總體而言，我們的庫存狀況即使在今年才剛開始。其中一些季節性產品將延續到春季和夏季後期的交付。

But yes, I think the challenges for us are mostly in the first quarter, and they mostly relate to the Vietnam's recovery.

但是，是的，我認為我們面臨的挑戰主要是在第一季度，而且主要與越南的復甦有關。

Great. And Brendan, I wanted to ask about your comments on product strategy and the test and learn approach. You have some very productive key franchises. Certainly, those remain important. As you think about the composition of growth, how does that mix between key franchises and new product?

偉大的。布倫丹（Brendan），我想問您對產品策略以及測試和學習方法的評論。您擁有一些非常富有成效的關鍵特許經營權。當然，這些仍然很重要。當您考慮成長的組成時，主要特許經營權和新產品之間如何結合？

Yes. Well, I think we will always rely heavily on the key franchises. And I think part of the test and learn and the innovation is within those key franchises. So for example, Sperry is launching the PLUSHWAVE 2 in the boat shoe, which is going to be quite -- look quite a bit different from what the traditional boat shoe looks like with more [vis tech,] more modern -- more modern looking. The Moab, we're launching the Moab 3 later this year. So that's our biggest franchise in Merrell. So it's -- and then obviously, in Saucony, the Endorphin continues to evolve and come up with not just next year's version, but also, product line extension. So I'd say throughout our franchises, there's tremendous innovation. And using test and learn with customer insights and then, just trying things and putting them up on the site and seeing what works and what we can expand on.

是的。嗯，我認為我們將始終嚴重依賴主要特許經營權。我認為測試、學習和創新的一部分是在這些關鍵的特許經營範圍內。例如，Sperry 正在推出 PLUSHWAVE 2 船鞋，它看起來與傳統船鞋的外觀有很大不同，具有更多[相對科技，]更現代——更現代的外觀。 Moab，我們將在今年稍後推出 Moab 3。這是我們在梅雷爾最大的特許經營權。所以很明顯，在 Saucony，Endorphin 繼續發展，不僅推出了明年的版本，而且還擴展了產品線。所以我想說，在我們的整個特許經營中，都有巨大的創新。透過測試和學習以及客戶洞察，然後嘗試一些東西並將它們放在網站上，看看哪些有效以及我們可以擴展哪些。

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

我們的下一個問題來自特爾西諮詢小組的達納·特爾西。

Good morning, everyone. So as you think about the first quarter and the first quarter guidance, did Omicron play a factor in January and you're seeing a pickup since then, as we've heard from others? Or how would you shape the first quarter that way? And then just quick follow-up.

大家，早安。因此，當您考慮第一季和第一季指導時，Omicron 在 1 月份是否發揮了作用，並且從那時起您看到了回升，正如我們從其他人那裡聽到的那樣？或者你會如何塑造第一季？然後快速跟進。

Yes. Well, I mean, certainly, it did. I'd say, even in December in the U.K., as that becomes a much more important part of our business, not only with our own EMEA business, but with Sweaty Betty, obviously, they got hit first and there was a real challenge before Christmas just to keep the stores open. And then seeing it here in January, less impactful for us in our legacy business with retail stores just because we don't have a huge -- it's mostly outlet stores that we were able to continue to staff. But just in terms of the general tone of the shopper and just some of the bottlenecks that happened with Omicron in terms of our warehouses and moving goods. So we certainly feel a lot better now at the end of February with how it's kind of burned through.

是的。嗯，我的意思是，確實如此。我想說，即使在12 月在英國，這也成為我們業務中更加重要的一部分，不僅是我們自己的EMEA 業務，而且還有Sweaty Betty，顯然，他們首先受到了打擊，之前就遇到了真正的挑戰聖誕節只是為了讓商店繼續營業。然後在一月份看到這一點，對我們零售店的傳統業務影響較小，只是因為我們沒有大型的零售店——我們能夠繼續為員工提供服務的主要是直銷店。但僅就購物者的整體語氣以及 Omicron 在我們的倉庫和貨物運輸方面發生的一些瓶頸而言。所以，在二月底，我們確實感覺好多了，因為它是如何被燒毀的。

I think the port congestion, obviously, was also impacted by that -- by the cases of Omicron. That has started to really tail off and normalize, so I think that was more impactful in January, Dana.

我認為港口壅塞顯然也受到了 Omicron 案例的影響。這種情況已經開始真正減少並正常化，所以我認為一月份的影響更大，達納。

Got it. Three other follow-ups. Sweaty Betty, what type of contribution are you thinking about for 2022? I think you had previously given guidance that it could be $0.15 to $0.20 accretive in 2022. Is that still the case or any changes?

知道了。其他三個後續。 Sweaty Betty，您想在 2022 年做出什麼類型的貢獻？我認為您之前曾給出指導，2022 年可能會增加 0.15 至 0.20 美元。情況仍然如此還是有任何變化？

Mike, any update on the approach to air freight and how you're thinking about it for 2022?

Mike，關於空運方法有何最新進展以及您對 2022 年的看法如何？

And Brendan, on the marketing, 8.5% of sales in 2022. What are you planning? What should we be looking for? And does it differ by quarter in terms of the nuances?

Brendan 在行銷方面表示，2022 年銷售額將達到 8.5%。您有什麼計畫？我們應該尋找什麼？每季的細微差別是否有所不同？

Yes. Let me cover the first 2 questions there, Dana. With Sweaty Betty, they're definitely on track against what we would expect. That range that you gave, we're probably closer to the high end of that range for 2022. So good performance there. And again, the growth in the stub period in '21 was really in line, actually slightly better than we expected. So good progress with Sweaty Betty.

是的。讓我來回答前兩個問題，達納。有了《汗水貝蒂》，他們肯定會達到我們的期望。您給出的範圍，我們可能更接近 2022 年該範圍的高端。那裡的表現非常好。再說一遍，21 年存根期的成長確實符合預期，實際上比我們預期的要好一些。與大汗淋漓的貝蒂取得了很好的進展。

On the air freight side, last year, all in, we spent almost $35 million in air freight and obviously, adjusted out a portion of that. And as we think about '22, we think the total air freight dollars will come down a bit, but obviously, you had the opportunity to price that in with the progressive price increases that we mentioned in the remarks. And so it will come down. We think airfreight itself will come down, but obviously, the full year impact of the ocean freight rates and some of the other costs are going to more than offset that, overall. But we've got that factored into the outlook, and we've priced accordingly for the cost in there that we think are going to be permanent in nature.

在空運方面，去年我們總共花了近 3500 萬美元的空運費用，顯然，我們調整了其中的一部分。當我們考慮 22 年時，我們認為空運總金額將略有下降，但顯然，您有機會透過我們在評論中提到的逐步提價來定價。所以它會下降。我們認為空運本身將會下降，但顯然，全年海運費率和其他一些成本的影響總體上將足以抵消這一影響。但我們已將這一點納入前景，並針對我們認為本質上將是永久性的成本進行了相應定價。

And I think, just on the marketing question, we obviously are going to continue to see our marketing expense penetration rise as we become more direct-to-consumer. And that's inclusive, of course, of Sweaty Betty already being there. In terms of the phasing, it phases pretty equally across the year, a little bit more in Q4, just obviously, as we get into holiday. But as I said in my remarks, the big shift we're making is to try to go up the funnel. We've spent a long time here going after the performance marketing in the bottom of the funnel, and we recognize, at the brand level and the e-commerce center of excellence that we need to change that marketing mix and get more brand awareness, not only for 2022, but to set the stage for the future.

我認為，就行銷問題而言，隨著我們變得更加直接面向消費者，我們顯然將繼續看到我們的行銷費用滲透率上升。當然，這也包括已經在那裡的汗水貝蒂。就分階段而言，全年的分階段相當均勻，第四季度的階段要多一點，很明顯，隨著我們進入假期。但正如我在發言中所說，我們正在做出的重大轉變是嘗試進入漏斗。我們花了很長時間在這裡追求漏斗底部的績效行銷，我們認識到，在品牌層面和電子商務卓越中心，我們需要改變行銷組合併獲得更多的品牌知名度，不僅是為了2022 年，而且是為未來奠定基礎。

So we're starting to make that -- balance that, not go make a hard left turn, but do a more balanced penetration of the funnel, and you'll see that in some of the way we're messaging across the year. And the only other reason why the marketing shift will change, Dana, is just as product deliveries move around, trying to make sure we match the campaigns up with the intended product launches.

因此，我們開始做到這一點——平衡這一點，不是急速左轉，而是對漏斗進行更平衡的滲透，你會在我們全年傳遞訊息的某些方式中看到這一點。達納，行銷轉變變化的唯一另一個原因是產品交付不斷變化，試圖確保我們將行銷活動與預期的產品發布相匹配。

Our next question comes from Laurent Vasilescu with BNP Paribas Exane.

我們的下一個問題來自法國巴黎銀行 Exane 的 Laurent Vasilescu。

This is actually Aubrey Tianello on for Laurent. Can you hear me okay?

這實際上是勞倫特的奧布里·蒂安內洛。你聽得到我說話嗎？

Yes.

是的。

I wanted to start with the revenue guidance. It's great to hear you're still going to be looking for double-digit organic growth this year despite all the supply chain disruption. Our quick math says that implies something like high single-digit growth for Sweaty Betty on a pro forma basis. Does that sound about right to you? And any color you can give on what's implied for Sweaty Betty growth in 2022?

我想從收入指導開始。儘管供應鏈中斷，但很高興聽到您今年仍將尋求兩位數的有機成長。我們的快速計算表明，這意味著汗水貝蒂在預計的基礎上將實現高個位數增長。這對你來說聽起來合適嗎？您可以對《汗水貝蒂》2022 年的成長有何暗示？

No, yes, we're still expecting Sweaty Betty to outpace the average for the year. In terms of growth rate, I would say, on a pro forma basis, closer to 20%, maybe slightly above 20% growth for Sweaty Betty. We can walk you through the puts and takes of that later if you want.

不，是的，我們仍然預計汗水貝蒂會超過今年的平均水平。就成長率而言，我想說，根據預估，Sweaty Betty 的成長率接近 20%，可能略高於 20%。如果您願意，我們可以稍後引導您完成該操作。

And we're working closely with Julia and her team. We bought them because they were a growth -- on a growth trajectory, and we want to fuel that growth. So we're going to do everything we can to make sure that number -- we stay on that path, they were on when we acquired them. And so far, we're thrilled with the results.

我們正在與朱莉婭和她的團隊密切合作。我們購買它們是因為它們是一種成長——處於成長軌道上，我們希望推動這種成長。因此，我們將盡一切努力確保這個數字——我們保持在這條道路上，當我們獲得它們時，它們就在。到目前為止，我們對結果感到非常興奮。

Excellent. That's great to hear. And then just wanted to follow up on the question about inventory. I appreciate the color on in-transit inventory. Curious if there's any revenue that slipped out of 4Q into 1Q '22? I think you called out $50 million on just Merrell alone this quarter. Does any of that move into 1Q or not?

出色的。聽到這個消息我很高興。然後只想跟進有關庫存的問題。我很欣賞在途庫存的顏色。好奇是否有任何收入從 2022 年第四季滑入第一季？我認為本季度您僅在 Merrell 身上就花費了 5000 萬美元。這些是否會進入第一季？

Well, a big portion of the lost revenue related to production that just didn't happen in the Vietnam factories. So that won't shift. We kind of unfortunately talk about that production being gone forever. And some of it, a good portion of it was seasonal anyway, so we wouldn't have continued with producing that product and having it kind of spill over in Q1. But there certainly was a negative impact in Q4 from a number of factors, including that, and there will be some benefit in Q1 for some of that timing shift, but not as much as you would normally expect based on the fact that a lot of it was related to factory production.

嗯，收入損失的很大一部分與越南工廠沒有發生的生產有關。所以這不會改變。不幸的是，我們談到該作品將永遠消失。其中一些，其中很大一部分是季節性的，所以我們不會繼續生產該產品並在第一季產生溢出效應。但第四季度確實受到了許多因素的負面影響，包括這一點，而且第一季的一些時間變化也會帶來一些好處，但不會像你通常預期的那麼好，因為很多人都在做。這與工廠生產有關。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

You there, Jay?

傑伊，你在嗎？

Jay, are you on mute?

傑伊，你靜音了嗎？

Sorry, I was on mute there. My question is just about the international business. If you could just talk a little bit about your outlook -- if you go through the different international markets and if you include Sweaty Betty in that, that would be great.

抱歉，我當時處於靜音狀態。我的問題只是關於國際業務。如果你能談談你的展望——如果你經歷過不同的國際市場，如果你把汗水貝蒂也包括在內，那就太好了。

Yes. Well, I mean, obviously, international is a big part of our growth story, and we're pleased with the results we had in 2021. It does differ by region, just as Omicron is -- virus and general is playing its way through there and certain regions are impacted a little bit more by some of the product delays, but very bullish overall. Thrilled with the results Sweaty Betty is getting. They're continuing to open up stores. Opened up 1 in Ireland, opened up 1 in Singapore and seeing great results.

是的。嗯，我的意思是，顯然，國際化是我們成長故事的重要組成部分，我們對 2021 年的結果感到滿意。它確實因地區而異，就像 Omicron 一樣——病毒和將軍正在發揮作用那裡和某些地區受到一些產品延遲的影響稍大一些，但總體而言非常樂觀。對汗流浹背的貝蒂所得到的結果感到非常興奮。他們正在繼續開設商店。在愛爾蘭開設了 1 家，在新加坡開設了 1 家，並取得了良好的結果。

Also, excited that we can finally start to travel. I haven't been able to travel and visit our regions and our partners and going to make my first trip down to South America next month. So excited to see some of this firsthand.

另外，很高興我們終於可以開始旅行了。我無法旅行和訪問我們的地區和我們的合作夥伴，也無法下個月第一次前往南美洲。很高興能親眼看到其中的一些內容。

Jay, the benefit that we're seeing in the international business right now is partially due to the -- I mean, slightly slower recovery, I guess, in some of the markets outside of Europe for us. So in Latin America, in particular, that -- those key countries are now certainly normalizing in the growth rates that we're expecting for Latin America. And Asia Pacific, the joint venture getting back on track are very, very strong. So we'd expect growth rates in those regions to outpace 2021 for sure and be at the higher end, if not, kind of in the mid-20s in terms of overall growth rate for international markets.

傑伊，我們現在在國際業務中看到的好處部分是由於——我的意思是，我想，歐洲以外的一些市場的復甦速度稍慢。因此，特別是在拉丁美洲，那些關鍵國家現在肯定正在實現我們對拉丁美洲的預期成長率的正常化。在亞太地區，合資企業重回正軌的勢頭非常非常強勁。因此，我們預計這些地區的成長率肯定會超過 2021 年，並且就國際市場的整體成長率而言，即使沒有達到較高水平，也將達到 20 多歲左右。

Europe was a strong performer in '21, one of our strongest markets with Merrell and Saucony being strong brands in those countries. And so still expect really strong growth in line with our overall guidance in Europe and even better performance in those other international markets based on the timing of the recovery.

歐洲在 21 年表現強勁，是我們最強勁的市場之一，其中 Merrell 和 Saucony 是這些國家的強勢品牌。因此，我們仍然預期歐洲市場將出現真正強勁的成長，這與我們對歐洲的整體指導一致，根據復甦的時間，其他國際市場的表現甚至會更好。

Our next question comes from Jonathan Komp with Baird.

我們的下一個問題來自 Jonathan Komp 和 Baird。

This is Alex Conway on for Jonathan Komp. Yes. Just one question. Can you share a little more detail on the growth of the organic business you're assuming for Q1? And what's changed since your prior outlook of at least mid-20% revenue growth that you gave previously?

我是亞歷克斯康威 (Alex Conway) 替補喬納森康普 (Jonathan Komp)。是的。只有一個問題。您能否分享更多關於您預計第一季有機業務成長的細節？與您之前給出的收入成長至少 20% 中期的預期相比，發生了什麼變化？

Right. The outlook we gave previously was all -- we included Sweaty Betty, but I mean, it's -- I think in Q1, it's just essentially the logistics delays that we're seeing. And we have a lot of -- we have a lot of production on the water. We have a lot of goods that aren't going to necessarily hit the port until the middle of March. And we just haven't had confidence or predictability around the turnaround in those goods making it into the warehouse and getting to the customers in a timely way. So we took a pretty cautious outlook for our legacy brands in that respect.

正確的。我們之前給出的前景是全部 - 我們包括汗水貝蒂，但我的意思是，我認為在第一季度，這本質上只是我們看到的物流延誤。我們有很多——我們有很多水上生產。我們有很多貨物要到三月中旬才能到達港口。我們對這些貨物進入倉庫並及時到達客戶手中的周轉沒有信心或可預測性。因此，我們在這方面對我們的傳統品牌持非常謹慎的態度。

And then for Sweaty Betty, it's -- they don't have the same challenges there. So it's a -- they're in line with what we would have expected back in November.

對於汗流浹背的貝蒂來說，他們在那裡沒有同樣的挑戰。所以這與我們 11 月的預期一致。

Yes. And as was mentioned earlier, I mean, Omicron obviously has changed since we spoke last and just how that slowed down everything in addition to what we were seeing earlier. So it's certainly -- the demand is there. It's just getting the product here to meet that demand.

是的。正如前面提到的，我的意思是，自從我們上次談話以來，Omicron 顯然已經發生了變化，除了我們之前看到的情況之外，這又如何減慢了一切。所以，需求是肯定存在的。它只是將產品帶到這裡來滿足這種需求。

Our next question comes from Susan Anderson with B. Riley.

我們的下一個問題來自 Susan Anderson 和 B. Riley。

I was wondering if you gave -- I think I heard a little bit of color around Merrell and Saucony, but just performance by brand, any color you could give in the quarter there?

我想知道你是否給出了——我想我聽到了一些有關邁樂和索康尼的色彩，但只是品牌的表現，你可以在本季度給出任何色彩嗎？

Yes. Well, Saucony continued to deliver high growth. They were up in the 24%, 25% range and about 55% for the year. As Mike said earlier, they had started the year with more inventory and that helped fuel more of the demand. Merrell struggled a little bit more getting the inventory here, given the issues we talked about. So for the quarter, they were closer to flat, but still up over 20% for the full year. And with an order book that is just at historic levels.

是的。索康尼繼續實現高成長。全年漲幅分別為 24%、25% 及 55% 左右。正如邁克早些時候所說，他們年初的庫存增加了，這有助於刺激更多的需求。考慮到我們討論的問題，梅雷爾在獲取庫存方面遇到了一些困難。因此，就本季而言，它們接近持平，但全年仍成長超過 20%。訂單簿也處於歷史水準。

The other brands performed well, Susan, in the quarter, in line with what we expected.

其他品牌Susan 在本季表現良好，符合我們的預期。

Great. And so Sperry was also up in the quarter?

偉大的。那麼斯佩里在本季的表現也有所上升嗎？

Sperry for the quarter was flat, slightly up; for the year, up 25%. So happy to see that turnaround there and for those of you that were in New York during FFANY, saw some of the great product that they're bringing to market. So really bullish on their '22 and go forward.

斯佩里本季業績持平，略有上升；全年成長 25%。很高興看到那裡的轉變，對於那些在 FFANY 期間在紐約的人來說，看到了他們向市場推出的一些出色產品。所以真的很看好他們的22歲並繼續前進。

And obviously, having a boat shoe trend that we're at the forefront of is terrific news as well.

顯然，我們處於前沿的船鞋潮流也是一個好消息。

Great. Yes, the product looks great. And then just a follow-up on the gross margin. It sounds like you're expecting the air freight to come down a bit this year. Should we expect any of the extraordinary airfreight in the year to be adjusted for? And then also, what other drivers within gross margin are you seeing for this year? Are you planning on raising prices across all the brands? I think you mentioned Sweaty Betty. And then maybe, if you could talk about other inflationary pressures, too.

偉大的。是的，該產品看起來很棒。然後是毛利率的後續情況。聽起來您預計今年的空運運費會下降。我們是否應該預期今年的異常空運量會有所調整？另外，您認為今年毛利率還有哪些驅動因素？您是否計劃提高所有品牌的價格？我想你提到了汗水貝蒂。然後也許，如果你也可以談談其他通膨壓力。

Yes. Well, I'll start, and Mike can follow up. I think in terms of pricing, we certainly appreciate the pricing power we have across our brands. And as we got to the middle of last year and knew this was coming, both the inflationary pressures and the freight pressures, every brand went in and strategically took price adjustments, which I think is a great opportunity for us to better match the value of the product we're offering the customer with the retail.

是的。好吧，我開始，麥克可以跟進。我認為在定價方面，我們當然很欣賞我們各個品牌的定價能力。當我們到了去年年中，知道這個即將到來，無論是通膨壓力還是貨運壓力，每個品牌都介入並策略性地進行價格調整，我認為這對我們來說是一個很好的機會，可以更好地匹配價值我們透過零售提供給客戶的產品。

So in Merrell, for example, the Moab went up from $125 to $135. In Saucony, the Endorphin Shift went up $10 from $140 to $150. And Sweaty Betty, we took the gold boat shoes from $165 to $170. So I think very digestible price changes that will provide us a little bit of coverage for what we're seeing now and more importantly, as things start to normalize, I think we'll be able to hold those prices. And we'll continue to look at it and continue to see where there's opportunities. We got no pushback from our retailers as we made those price adjustments in the back half of last year, just starting to get them to market and anecdotally, haven't seen any pressure and feel good about what the competition did in relation to where we took the price changes. So feel really good about that.

例如，在 Merrell，Moab 從 125 美元漲到了 135 美元。 Saucony 的 Endorphin Shift 價格上漲了 10 美元，從 140 美元漲到 150 美元。 Sweaty Betty，我們把金色船鞋從 165 美元提高到了 170 美元。因此，我認為非常容易消化的價格變化將為我們現在所看到的情況提供一些保障，更重要的是，隨著事情開始正常化，我認為我們將能夠維持這些價格。我們將繼續關注它並繼續看看哪裡有機會。當我們在去年下半年進行價格調整時，我們沒有受到零售商的反對，剛開始將它們推向市場，有趣的是，我們沒有看到任何壓力，並且對競爭對手相對於我們的表現感到滿意接受了價格變動。所以對此感覺很好。

In terms of adjusting out extraordinary freight in 2022, we're not going to do that. We're just going to report the numbers as they are. And I feel like we, as I said, have pretty good mitigation against the permanent charges in terms of the inflationary costs and have done enough on the -- what we hope for some transitory trade issues to cover ourselves in '22 as is shown in the guidance.

在調整 2022 年的特殊貨運方面，我們不會這麼做。我們將按原樣報告數字。正如我所說，我覺得我們已經很好地緩解了通貨膨脹成本方面的永久性費用，並且在我們希望在 22 年解決一些暫時性貿易問題方面做得足夠多，如圖所示指引。

Our next question comes from Mitch Kummetz with Seaport.

我們的下一個問題來自 Seaport 的 Mitch Kummetz。

Mike, can you quantify the supply chain impact on Q1 sales and operating margin? And do you think the issues there, will those sales get pushed out into Q2? Is that factored into your guide? Or do they kind of go away like they did the 4Q kind of shortfall? And then I have a follow-up.

麥克，您能量化供應鏈對第一季銷售額和營業利潤率的影響嗎？您認為那裡的問題是，這些銷售會被推遲到第二季嗎？您的指南中是否考慮了這一點？或者他們會像第四季的短缺一樣消失嗎？然後我有一個後續行動。

Yes. I mean, on the supply chain, it's pretty meaningful. It's probably about 80 or 90 bps in the quarter for the newer or the ocean freight and some of the other transitory costs that we've been talking about that didn't occur a year ago. So that put pressure on margins. Brendan just talked about the phasing in of the pricing that we're seeing impact for.

是的。我的意思是，在供應鏈上，這是非常有意義的。本季較新的海運費用和我們一直在談論的其他一些暫時性成本可能約為 80 或 90 個基點，而這些成本一年前並未發生。這給利潤率帶來了壓力。布倫丹剛剛談到了我們看到的影響的逐步定價。

So I think in Q1, we see a couple of factors there putting pressure on operating margin, mostly the new supply chain costs. And then, just some mix issues that are impacting the timing of our wholesale business in Q1 more so than permanently impacting it, as you're pointing out, Mitch. So yes, we would expect to shift from Q1 to Q2, but there'll probably be a similar shift from Q2 to Q3, right? So I think all of that is reflected in our outlook, though, and the phasing of growth that we mentioned in the prepared remarks.

因此，我認為在第一季度，我們看到有幾個因素對營業利潤率造成壓力，其中主要是新的供應鏈成本。然後，正如您所指出的，米奇，一些混合問題對我們第一季批發業務的時間表的影響更大，而不是永久影響。所以，是的，我們預計會從第一季轉移到第二季度，但從第二季度到第三季度可能也會有類似的轉移，對吧？因此，我認為所有這些都反映在我們的前景以及我們在準備好的發言中提到的成長階段中。

Okay. And then, secondly, just across some of your bigger brands. So you gave Sweaty Betty -- you gave pro forma growth for '22. What was the pro forma revenues in '21, just so we have some context for what that growth is coming off of?

好的。其次，就是一些更大的品牌。所以你給了汗水貝蒂——你給了22年的預計成長。 21 年的預計收入是多少，以便我們了解成長的背景？

And then also, across Merrell, Saucony and Sperry, you gave the full year growth rates. Can you give those on a 2-year basis, just so we have a better sense as to kind of how those brands performed in '21 versus '19?

然後，您還給出了 Merrell、Saucony 和 Sperry 的全年增長率。您能否以 2 年為基礎提供這些數據，以便我們更了解這些品牌在 21 年與 19 年的表現如何？

Well, on Sweaty Betty, the pro forma for '21 is in line with what we shared, I think, back in August when we acquired the business, around $250 million or so. Right in that range. So that was the basis for the 40% pro forma growth there.

嗯，就 Sweaty Betty 而言，我認為 21 年的預估與我們在 8 月收購該業務時分享的內容一致，約為 2.5 億美元左右。就在這個範圍內。這就是預計 40% 成長的基礎。

On a 2-year stack, we're probably not going to go through that in detail. I would just say, obviously, overall, for the legacy business, we were able to deliver a low single-digit growth over 2019, obviously. And we had some brands that exceeded 2019 pretty favorably and some that didn't. But I think overall, good performance in the face of the supply chain challenges that we saw in the business.

對於兩年的堆棧，我們可能不會詳細討論這一點。我只想說，顯然，總體而言，對於傳統業務，我們在 2019 年能夠實現較低的個位數成長。我們有一些品牌的業績超過了 2019 年，而有些則沒有。但我認為總體而言，面對我們在業務中看到的供應鏈挑戰，表現良好。

Our next question comes from Erinn Murphy with Piper Sandler.

我們的下一個問題來自艾琳·墨菲和派珀·桑德勒。

This is [Matt] on for Erinn. I just had a quick question on gross margins. I think you mentioned on the last call and a few times so far about ocean freight, and I think they're locked in until May. Can you just give us kind of the puts and takes of gross margin for the year? And is it increasing more in the back half? And how is Sweaty Betty kind of impacting, kind of, the puts and takes there? Appreciate it.

這是艾琳的[馬特]。我只是想問一個關於毛利率的問題。我想你在上次電話會議上以及迄今為止幾次提到了海運，我認為它們會鎖定到五月。可以為我們介紹一下今年的毛利率嗎？後半段增加更多嗎？汗水貝蒂對那裡的投入和拿取有何影響？欣賞它。

Sure. Well, Sweaty Betty is a positive factor, contributor to gross margin because of the strength of their DTC business. It's over 80% of the mix of their business. So that will continue to be a benefit going into the year. Obviously, Q4 is our biggest direct-to-consumer quarter. And so we see the biggest lift in gross margin in Q4 from that mix. But overall, I think the biggest factor that will improve gross margin in Q2 and Q3 is related to the phasing of where pricing increases start to hit.

當然。嗯，Sweaty Betty 是一個積極因素，由於 DTC 業務的實力，它對毛利率做出了貢獻。這是他們業務組合的 80% 以上。因此，這將繼續成為今年的一個好處。顯然，第四季是我們最大的直接面向消費者的季度。因此，我們看到第四季毛利率在這一組合中出現了最大的提升。但總體而言，我認為第二季和第三季毛利率提高的最大因素與定價開始上漲的階段有關。

So we will see a progressive improvement right around 44% margins in the second and third quarter based on the improvement there. And all of the puts and takes on freight, airfreight, ocean freight and all the other costs, you're right to point out that the contracts expire in May. We're negotiating those right now. We're comfortable to learn that we've got the capacity that we need to be able to contract that. We don't have the pricing settled yet, but we've got some pretty conservative estimates built into the outlook that will kick in once the May contracts are settled.

因此，我們將看到第二季和第三季的利潤率在改善的基礎上逐步提高約 44%。所有關於運費、空運、海運和所有其他成本的看跌期權和承購期權，您指出合約將於五月到期是正確的。我們現在正在就這些進行談判。我們很高興得知我們已經具備了解決這個問題所需的能力。我們尚未確定定價，但我們對前景進行了一些相當保守的估計，一旦 5 月合約確定，這些估計就會生效。

Our next question comes from Steve Marotta with CL King.

我們的下一個問題來自史蒂夫馬洛塔和 CL King。

Brendan, you mentioned earlier that based on consumer-centric product innovations, that there could be additional new categories with the exception of what you had mentioned as well, Sweaty Betty and Merrell collaboration. What else can we expect maybe, from some other of the brands? And maybe you could dovetail those comments into considering Sweaty Betty's apparel and the best practices that might be able to utilize in some of the legacy brands, when can we expect the impact of, say, better apparel design and delivery to affect some of the more legacy brands? And I have one follow-up.

Brendan，您之前提到，基於以消費者為中心的產品創新，除了您提到的 Sweaty Betty 和 Merrell 合作之外，可能還會有其他新類別。對於其他品牌，我們還能期待什麼？也許你可以將這些評論與考慮汗水貝蒂的服裝以及可能能夠在一些傳統品牌中利用的最佳實踐相結合，我們什麼時候可以期望更好的服裝設計和交付的影響來影響一些更多的品牌傳統品牌？我還有一個後續行動。

Okay. Thanks, Steve. Yes, 100%. I mean, the teams, Julia and -- Sweaty Betty and her team are already working with Chris and the Merrell team and Anne and the Saucony team specifically on imprinting best practices from an apparel company onto what we're doing with specifically, those 2 brands. So we're trying to figure out exactly how much we can integrate or just learn from each other or have some centers of excellence around apparel. It is very important to me and the brand leaders to be able to bring apparel to the market. Not only do we think it's a revenue opportunity, but I think from a DTC standpoint, whether or not it's e-commerce or we open up lifestyle stores in the U.S. or around the world, where we have them, I think you have to offer those adjacent categories to really reach and connect with the customer. So that is very much top of mind and happening.

好的。謝謝，史蒂夫。是的，100%。我的意思是，團隊，Julia 和Sweaty Betty 和她的團隊已經與Chris 和Merrell 團隊以及Anne 和Saucony 團隊合作，專門將一家服裝公司的最佳實踐印記到我們具體正在做的事情上，這兩個團隊品牌。因此，我們正在努力弄清楚我們到底可以整合多少，或者只是互相學習，或者圍繞服裝建立一些卓越中心。能夠將服裝推向市場對我和品牌領導者來說非常重要。我們認為這不僅是一個收入機會，而且我認為從 DTC 的角度來看，無論是電子商務還是我們在美國或世界各地開設生活方式商店，我認為你必須提供這些相鄰的類別才能真正接觸並與客戶建立聯繫。所以這是非常重要的並且正在發生。

In terms of some of the other extensions within our footwear business that you talked about within the brands. Merrell is launching the Bravada 2, which takes them further into categories like light hike and they're going to do a big marketing campaign around that. Sperry Sport launches next month, which is really authentic footwear for the water, whether it be water surfing or boating that then will also have a lifestyle aspect to it. So I think there's a lot of different product extensions within their core business that the brands and their product leads are constantly working on, in addition to doing collabs to drive some typical brand heat.

就您在品牌內談到的我們鞋類業務的其他一些擴展而言。 Merrell 正在推出 Bravada 2，這將讓他們進一步進入輕型健行等類別，他們將圍繞這一點開展大型行銷活動。 Sperry Sport 將於下個月推出，這是真正適合水上運動的鞋類，無論是水上衝浪還是划船，都將具有生活方式的一面。因此，我認為除了透過合作來推動一些典型的品牌熱度之外，品牌及其產品負責人還在不斷致力於其核心業務中的許多不同的產品擴展。

Our Wolverine work boot brand has been one of the best. The one I'm most excited about is they're doing another campaign with Rawlings, the baseball company. And doing a launch at Yankee Stadium in April, if baseball is being played. Merrell continues to do their collabs with -- including Sweaty Betty, as I mentioned, which will happen in the next few months and Unlikely Hikers, which is a brand -- a partner that's important to them. Sperry has a collab coming with Herschel and Rowing Blazers.

我們的金鋼狼工作靴品牌是最好的品牌之一。我最興奮的是他們正在與棒球公司羅林斯進行另一場活動。如果正在打棒球的話，四月還會在洋基球場舉行發表會。 Merrell 繼續與他們合作，包括 Sweaty Betty，正如我所提到的，這將在接下來的幾個月內進行，以及 Likely Hikers，這是一個對他們來說很重要的合作夥伴。 Sperry 與 Herschel 和 Rowing Blazers 合作推出。

So every brand is chock-full of making sure we have collaborations to generate news and brand heat. Then you said you had a follow-up?

因此，每個品牌都充滿了確保我們合作以產生新聞和品牌熱度。然後你說有後續？

Yes, that's terrifically helpful. Mike, what do you expect to end the year from a leverage ratio standpoint?

是的，這非常有幫助。麥克，從槓桿率的角度來看，您預計今年年底會是什麼樣子？

End 2022?

2022 年底？

Yes.

是的。

Yes. I think in line with where we are, our credit facility definition of leverage, we're under 2.5x at the end of the year. I'd say we'd probably be at a similar place at the end of '22 as well. Noted in my comments that we're pushing hard to invest in inventory and a large portion of our free cash flow will be going to invest in core inventory to support the growth we're seeing in the business.

是的。我認為，根據我們的現狀以及我們對槓桿的信貸安排定義，我們到年底的槓桿率將低於 2.5 倍。我想說，到 22 年底我們也可能處於類似的境地。我在評論中指出，我們正在努力推動庫存投資，我們的自由現金流的很大一部分將投資於核心庫存，以支持我們在業務中看到的成長。

Thank you. There are no further questions at this time. I would like to turn the floor back over to Brendan Hoffman for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給布倫丹·霍夫曼（Brendan Hoffman）以徵求結束語。

Yes. Thank you. Thanks, everyone. Really appreciate your time today and look forward to talking to you along the way. Take care.

是的。謝謝。感謝大家。非常感謝您今天的寶貴時間，並期待與您交談。小心。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。