Yeti Holdings Inc (YETI) 2023 Q3 法說會逐字稿

Good morning, and welcome to the YETI Holdings Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Tom Shaw, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 YETI Holdings 2023 年第三季財報電話會議。 （操作員說明）請注意，該事件正在被記錄。我現在想將會議交給投資者關係副總裁湯姆·肖 (Tom Shaw)。請繼續。

Good morning, and thanks for joining us to discuss YETI Holdings' third quarter 2023 results. Leading the call today will be Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we'll open the call for your questions. Before we begin, we'd like to remind you that some of the statements that we make today on this call may be considered forward-looking. As such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. For more information, please refer to the risk factors detailed in our most recently filed Form 10-Q and the Form 8-K filed with the SEC today. We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events or otherwise, except as required by law.

早安，感謝您與我們一起討論 YETI Holdings 的 2023 年第三季業績。今天的電話會議將由總裁兼執行長 Matt Reintjes 主持。和首席財務官邁克·麥克馬倫。在我們準備好的發言之後，我們將開始電話詢問您的問題。在開始之前，我們想提醒您，我們今天在這次電話會議上所做的一些陳述可能被認為是前瞻性的。由於此類前瞻性陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。欲了解更多信息，請參閱我們最近向 SEC 提交的表格 10-Q 和表格 8-K 中詳細說明的風險因素。我們不承擔因新資訊、未來事件或其他原因而修改或更新今天所做的任何前瞻性陳述的義務，除非法律要求。

Unless otherwise stated, our financial measures disclosed on this call will be on a non-GAAP basis. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release or in the presentation posted this morning to our Investor Relations section of our website at yeti.com. And now I'd like to turn the call over to Matt.

除非另有說明，我們在本次電話會議中揭露的財務指標將基於非公認會計原則。我們使用非公認會計原則衡量標準，因為我們相信它們更準確地代表了我們業務的真實營運績效和基本結果。這些非 GAAP 衡量標準與其最直接可比較的 GAAP 衡量標準的對帳包含在新聞稿或今天早上在 Yeti.com 網站投資者關係部分發布的簡報中。現在我想把電話轉給馬特。

Thanks, Tom, and good morning, everyone. YETI posted another strong quarter and continues to build momentum with our brand and products, particularly when compared to a very strong year ago period that included the full benefit of our soft cooler lineup as well as strong wholesale replenishment. Further highlighting our reported results, we also saw the strength of our brand and our point-of-sale data with consumer demand meaningfully outpacing our reported sales. While we expect consumers to continue to be more discerning with spin, we've seen the positive signs that they are highly receptive to new products. Leaning into this dynamic has been a key driver of our business year-to-date. In particular, we have seen the success of category expansion in cargo and Drinkware, reaching both new and existing customers.

謝謝，湯姆，大家早安。 YETI 發布了另一個強勁的季度業績，並繼續透過我們的品牌和產品打造動力，特別是與去年同期的強勁表現相比，其中包括我們的軟冷卻器系列的全部優勢以及強勁的批發補貨。進一步強調我們報告的結果，我們也看到了我們的品牌實力和銷售點數據，消費者需求明顯超過了我們報告的銷售額。雖然我們預計消費者對旋轉將繼續更加挑剔，但我們已經看到了積極的跡象，表明他們對新產品的接受度很高。依靠這種動態一直是我們今年迄今業務的關鍵驅動力。特別是，我們看到了貨物和飲料器具類別擴張的成功，涵蓋了新客戶和現有客戶。

Color, combined with the new product this quarter, showed well in our power pink, camp green and cosmic lilac colorways. Our data insights and analytics would indicate that these launches continue the positive trend we have seen in the growth of our acquisition and retention of female consumers across a range of age groups, complementing the balanced demographic makeup of YETI across genders, household incomes and regions. Beyond the top line, our gross margin was a clear positive story this quarter, showcasing the power of the brand. We delivered remarkably strong gross margin expansion of nearly 650 basis points, highlighted by the ongoing recovery of inbound freight costs and favorable product costs.

顏色與本季的新產品相結合，在我們的活力粉紅色、露營綠色和宇宙淡紫色配色中表現出色。我們的數據洞察和分析表明，這些產品的推出延續了我們在各個年齡層女性消費者的獲取和保留增長方面所看到的積極趨勢，補充了 YETI 跨性別、家庭收入和地區的均衡人口結構。除了營收之外，本季我們的毛利率也明顯呈現正面態勢，展現了品牌的力量。我們的毛利率實現了近 650 個基點的強勁成長，入境貨運成本的持續復甦和有利的產品成本凸顯了這一點。

This result further supports our efforts to stay on offense with brand and growth investments while also taking care of the bottom line. As we executed our financial plan during the quarter, we were focused on several key initiatives. To start, we successfully reintroduced our M Series soft coolers at the beginning of the fourth quarter. This included the return of the M20 backpack and M30 tote as well as the new smaller M12 backpack and M15 tote. The third product impacted by the voluntary recall, the SideKick Dry, returned to our DTC channel at the end of October. Importantly, these product families will continue to build in the quarters ahead as we more fully position inventory across channels, expand colorways and add new sizes.

這一結果進一步支持了我們在品牌和成長投資方面保持進攻的努力，同時也照顧到了利潤。當我們在本季度執行財務計劃時，我們重點關注了幾項關鍵舉措。首先，我們在第四季初成功重新推出了 M 系列軟冷卻器。其中包括 M20 背包和 M30 手提包的回歸，以及新的較小的 M12 背包和 M15 手提包。受自願召回影響的第三種產品 SideKick Dry 於 10 月底返回我們的 DTC 頻道。重要的是，隨著我們更充分地跨通路庫存、擴大配色方案並增加新尺寸，這些產品系列將在未來幾季繼續發展。

For example, we introduced a limited release all black colorway, across many of our coolers and bags in the current quarter, while 2 additional SideKick Dry sizes are planned early next year. We also built upon our omnichannel capabilities and reach in the third quarter, including the debut of Drinkware customization in Australia through our e-commerce site and more recently, similar capabilities in Canada. These consumer-facing offerings have long been core to our U.S. business and are now part of our global offering. We also opened 3 U.S.-based retail stores during the quarter, the most openings we have had in a single period, bringing our total stores to 17. Finally, starting at the end of October, we began a new partnership with Tractor Supply with an initial focus on their fusion doors.

例如，我們在本季度的許多冷藏箱和袋子中推出了限量版全黑色配色，同時計劃在明年初推出另外 2 種 SideKick Dry 尺寸。我們還在第三季度建立了全通路能力和覆蓋範圍，包括透過我們的電子商務網站在澳洲首次推出飲料器具客製化服務，以及最近在加拿大推出的類似功能。這些面向消費者的產品長期以來一直是我們美國業務的核心，現在已成為我們全球產品的一部分。本季我們還在美國開設了3 家零售店，這是我們在單一時期開設的零售店數量最多的一次，使我們的商店總數達到17 家。最後，從10 月底開始，我們開始與Tractor Supply 建立新的合作關係，最初的重點是他們的融合門。

TSC's unique national reach and strong heritage in Farm & Ranch provide what we see as highly complementary distribution to our existing channel. Now let me give a deeper look across our strategic growth priorities around brand, product, channel and geography. Starting with brand. YETI's diverse reach around the globe continues to show the strength of the connections we are making. From fishing tournaments to Formula 1 races, golf courses to food festivals, prominent cambios on Netflix, to concert tours. Our brand and product were part of an integrated and global story in Q3. Continuing the tradition of durability, performance, design and functionality that tie our product and our brand, these connections to broad and diverse global communities are the backbone of our customer acquisition and retention efforts, keeping YETI top of mind and the powerful word of mouth strong.

TSC 在農場和牧場方面獨特的全國影響力和深厚的傳統為我們現有的管道提供了高度互補的分銷。現在讓我更深入地了解我們圍繞品牌、產品、通路和地理位置的策略成長重點。從品牌開始。 YETI 在全球的多元化影響力繼續展示了我們正在建立的聯繫的力量。從釣魚錦標賽到一級方程式賽車，從高爾夫球場到美食節，從 Netflix 上的著名 cambios 到音樂會巡迴演出。我們的品牌和產品是第三季綜合全球故事的一部分。延續將我們的產品和品牌聯繫在一起的耐用性、性能、設計和功能的傳統，這些與廣泛而多樣化的全球社區的聯繫是我們獲取和保留客戶努力的支柱，使YETI 保持在首位並保持強大的口碑。

Our 15 active enthusiast communities in 180-plus top-tier ambassadors continue to grow our audiences in real, connected, meaningful ways while also deepening our ties. These relationships pave the way for continued product innovation and brand investment unique to YETI. This quarter, we added global ambassadors and partners from Europe to Canada to Japan and from fishing to culinary. Our diverse media coverage included names such as Fast Company, Food & Wine, Parade, Variety, GQ and Outside showcasing the varied in connected ways in which product and brands seamlessly and naturally fit into culture without being forced upon the consumer. Last quarter, we discussed the debut of our every single use campaign. Showcasing our product durability and contrasting YETI to single-use disposable alternatives.

我們的 15 個活躍愛好者社群由 180 多名頂級大使組成，繼續以真實、互聯、有意義的方式擴大我們的受眾群體，同時加深我們的聯繫。這些關係為 YETI 獨特的持續產品創新和品牌投資鋪平了道路。本季度，我們增加了全球大使和合作夥伴，從​​歐洲到加拿大再到日本，從漁業到烹飪。我們多元化的媒體報導包括《Fast Company》、《Food & Wine》、《Parade》、《Variety》、《GQ》和《Outside》等，展示了產品和品牌無縫、自然地融入文化的各種相互關聯的方式，而不是強加在消費者身上。上個季度，我們討論了每次使用活動的首次亮相。展示我們的產品耐用性，並將 YETI 與一次性替代品進行比較。

The campaign was so well received, we expanded across major metropolitan areas and across 18 college campuses as well as internationally providing a platform to reach new consumers, both domestically and abroad. This is one example of the impactful and nuanced way in which we walk consumers from awareness to consideration to purchase and repeat. Looking at our product pipeline. I mentioned earlier the heightened importance of meeting a more discerning consumer with a reason to engage. This is taking on even more importance in today's marketplace. In Drinkware, the diversity of our portfolio has been key to driving growth year-to-date. Response to our fall colorways, Rambler bottles, straw cap offerings and new Yonder water bottle sizes and accessories were standouts in Q3, continuing the health and wellness theme and awareness of the importance of hydration, our 2 strong mug products continue to outperform our expectation this year.

該活動廣受好評，我們的業務擴展到主要大都市地區和 18 個大學校園，並在國際上提供了接觸國內外新消費者的平台。這是我們以有影響力和細緻入微的方式引導消費者從認知到考慮再到購買和重複的一個例子。看看我們的產品管道。我之前提到過，與更有眼光的消費者見面並有理由參與的重要性越來越高。這在當今的市場中變得更加重要。在 Drinkware 領域，我們產品組合的多樣性是推動今年迄今成長的關鍵。響應我們的秋季配色，Rambler 水瓶、草帽產品以及新的Yonder 水瓶尺寸和配件在第三季度表現出色，延續了健康和保健主題以及對補水重要性的認識，我們的2 種強大的馬克杯產品繼續超出我們的預期年。

Also, the addition of the highly successful beverage bucket remains a great example of how the brand continues to move beyond individual use Drinkware. This trend of expansion has continued into Q4. We have launched 3 smaller capacity stackable Rambler tumbler and mugs built to the YETI standards of durability and quality and providing more reasons to use YETI throughout the day. Additionally, we officially launched our YETI cocktail shaker packaged together with our classic 20-ounce Rambler or sold separately as a great accessory that fits on top of millions of YETI Ramblers in use since 2014. We also debuted our insulated wine chiller last week, providing another example of the evolution of our Drinkware family. In the weeks ahead, we have a number of product offerings in the works with the intention to keep YETI top of mind with the consumer. Particularly as we go into the crowded time of year for messaging and buying.

此外，非常成功的飲料桶的添加仍然是該品牌如何繼續超越個人使用飲料器具的一個很好的例子。這種擴張趨勢一直持續到第四季。我們推出了 3 款較小容量的可堆疊 Rambler 玻璃杯和馬克杯，符合 YETI 的耐用性和品質標準，為全天使用 YETI 提供更多理由。此外，我們正式推出了YETI 雞尾酒調酒器，與我們經典的20 盎司Rambler 一起包裝，或作為出色的配件單獨出售，適合自2014 年以來數以百萬計的YETI Rambler 使用。我們上週還推出了隔熱葡萄酒冷卻器，提供我們酒具系列演變的另一個例子。在未來幾週內，我們將推出多種產品，旨在讓 YETI 成為消費者心中的首選。尤其是當我們進入一年中訊息傳遞和購買的擁擠時段時。

This will include the return of our annual gear garage specials later in the quarter and the introduction this week of the next size in our straw mug family. In our cooler business, I would underscore 3 points. First, we saw strong consumer demand with double-digit increases in both hard coolers and in our soft coolers not impacted by the recall. Second, the successful introduction of our redesigned soft coolers last month, and third, our ongoing focus of adding size and portability options to expand our global use cases and audiences. With an unmatched product portfolio, we are well positioned for what we believe will be a competitive holiday period for consumer attention and spend. Beyond coolers, the equipment side of the business was highlighted by our extended family of GoBox storage and protective cases, which launched earlier this year. This remains a highly productive product family with a tight assortment and tons of potential.

這將包括我們在本季度晚些時候回歸的年度齒輪車庫特價商品以及本週推出的草杯系列的下一個尺寸。在我們的冷卻器業務中，我想強調三點。首先，我們看到強勁的消費者需求，硬冷卻器和不受召回影響的軟冷卻器都出現了兩位數的成長。其次，我們上個月成功推出了重新設計的軟冷卻器，第三，我們持續專注於增加尺寸和便攜性選項，以擴大我們的全球用例和受眾。憑藉無與倫比的產品組合，我們已做好充分準備，迎接消費者關注和消費競爭激烈的假期。除了冷卻器之外，我們今年稍早推出的 GoBox 儲存和保護箱擴充系列也突顯了設備業務。這仍然是一個高產量的產品系列，品種齊全，潛力巨大。

Similar to our cargo products, our discrete range of waterproof and everyday carry bags continued to deliver with reintroduction of the Sidekick Dry energizing our waterproof lineup. As we look at the strength of our omnichannel go-to-market, we're increasingly focused on driving impactful and differentiated experiences. Starting with DTC, the quarter was highlighted by sequentially higher growth achieving 60% of total sales and our largest third quarter ever in terms of customer acquisition and retention. While we continue to see weaker order values against our strong customer acquisition and retention, we believe this is partially due to new consumers we are gaining across very attractive demographics, entering through Drinkware at lower UPT and order value.

與我們的貨運產品類似，我們的防水和日常攜帶包系列繼續提供，重新推出 Sidekick Dry 為我們的防水產品線注入了活力。當我們審視全通路進入市場的實力時，我們越來越重視推動有影響力和差異化的體驗。從 DTC 開始，本季的亮點是連續較高的成長，實現了總銷售額的 60%，並且是我們在客戶獲取和保留方面有史以來最大的第三季。雖然我們繼續看到訂單價值疲軟，但我們的客戶獲取和保留能力強勁，但我們相信，這部分是由於我們在非常有吸引力的人口統計數據中獲得了新消費者，透過Drinkware 以較低的UPT 和訂單價值進入。

As previously indicated, the Amazon channel was strong in the quarter with a particularly successful Prime Day in July, focused on a range of older seasonal colors and end-of-life products. In our e-commerce business, we saw outstanding Drinkware performance supported by new product and color execution. We also took continued steps to elevate yeti.com to enhance the premium distinct site experience. Using a category approach, we've effectively reengineered the buy flow on yeti.com to align with consumer use cases, showcase the value of our products and simplify the buying decisions. We launched this enhanced experience of all day Drinkware in the first quarter and have more recently expanded to Adventure Packed bags and the cold standard in coolers. We've seen positive results from these efforts and are now carrying these enhancements to our suite of global e-commerce sites.

如前所述，亞馬遜通路在本季表現強勁，7 月的 Prime Day 特別成功，重點銷售一系列較舊的季節性顏色和報廢產品。在我們的電子商務業務中，我們看到了新產品和色彩執行支援的出色飲料性能。我們也持續採取措施提升 Yeti.com，以增強優質、獨特的網站體驗。使用類別方法，我們有效地重新設計了 Yeti.com 上的購買流程，以符合消費者的使用案例，展示我們產品的價值並簡化購買決策。我們在第一季推出了全日飲具的增強體驗，最近又擴展到 Adventure Packed 袋和冷卻器中的冷標準。我們已經看到了這些努力的積極成果，現在正在將這些增強功能應用到我們的全球電子商務網站套件中。

Moreover, we plan to build upon these enhancements in 2024. Corporate sales improved quarter-over-quarter. So performance is expected to remain inconsistent following the tremendous success we experienced last year and some signs of more conservative corporate spending. We are focused on some exciting new partnerships in the pipeline for 2024 as we continue to grow and diversify our global customer base. YETI stores remains an impactful and unique opportunity for the brand. We're focused on the product and brand experience across all of our 17 stores. In our San Jose, California location, we debuted an evolved store design creating what we believe is a strong balance of commerce and brands, leveraging a similar format, our new store in Honolu set a first day sales record in just the first 2 hours of operation. We also piloted in-store Drinkware customization in our original Austin, Texas store, which we are actively looking to expand to several additional store locations.

此外，我們計劃在 2024 年以這些增強為基礎。企業銷售額逐季度有所改善。因此，在我們去年取得巨大成功以及企業支出更加保守的一些跡象之後，預計業績將繼續不一致。隨著我們不斷擴大全球客戶群並使其多元化，我們將重點關注 2024 年即將建立的一些令人興奮的新合作夥伴關係。 YETI 商店對於該品牌來說仍然是一個有影響力且獨特的機會。我們專注於所有 17 家商店的產品和品牌體驗。在我們位於加州聖荷西的門市，我們首次推出了改進的商店設計，創造了我們認為商業和品牌之間的強大平衡，利用類似的格式，我們在檀香山的新商店在開業的前2 小時內就創造了首日銷售記錄。手術。我們還在德克薩斯州奧斯汀最初的商店中試行了店內飲料定制服務，我們正在積極尋求將其擴展到其他幾個商店地點。

With opportunities to drive customer acquisition and awareness, we will continue to look to accelerate store efforts in the years ahead. These stores continue to showcase the range and diversity of our evolving product portfolio and play a unique role for our entire omnichannel. YETI stores not only drive purchase but as importantly, our data would suggest drive awareness, education and consideration that benefits all of our channels. Shifting to wholesale, results remain varied across the channel. We saw some continued tight inventory management going into the second half of the year. However, our strong execution on demand creation and innovation supported good sell-through overall. As we continue to build with our existing wholesale partners, we also began late last month, the previously announced paste launch with Tractor Supply.

借助推動客戶獲取和認知度的機會，我們將在未來幾年繼續加快商店的發展。這些商店繼續展示我們不斷發展的產品組合的範圍和多樣性，並為我們的整個全通路發揮獨特的作用。 YETI 商店不僅可以推動購買，而且重要的是，我們的數據表明可以提高意識、教育和考慮，從而使我們所有的管道受益。轉向批發，整個通路的結果仍有差異。我們看到下半年庫存管理持續緊張。然而，我們對需求創造和創新的強大執行力支持了整體良好的銷售。在我們繼續與現有批發合作夥伴合作的同時，我們也在上個月末開始了先前宣布與 Tractor Supply 合作推出的漿料。

YETI has a strong heritage in the farm and ranch space, and we see this as a great fit given Tractor Supply's unique scale and life out here strategy. TSE delivers on all 3 of our long-standing criteria when considering new dealers, reach new customers, create new buying occasions and enhance our existing portfolio of dealers. A mix of coolers and equipment and Drinkware will be available over time in approximately 800 of their remodeled fusion doors and on their website. We will work closely with the TSE team as we look at further opportunities in 2024 and beyond. International once again reached approximately 16% of our sales as our team and the brand performed very well. We were very pleased to deliver double-digit sales gains in all regions while also building our localized awareness and scale.

YETI 在農場和牧場領域擁有深厚的傳統，考慮到 Tractor Supply 獨特的規模和生活策略，我們認為這是一個非常合適的選擇。在考慮新經銷商、接觸新客戶、創造新的購買機會以及增強我們現有的經銷商組合時，東證交所滿足了我們所有 3 項長期標準。隨著時間的推移，他們將在大約 800 個改造後的融合門和網站上提供各種冷卻器、設備和飲具。我們將與 TSE 團隊密切合作，尋找 2024 年及以後的更多機會。由於我們的團隊和品牌表現非常出色，國際業務再次達到了我們銷售額的約 16%。我們非常高興在所有地區實現了兩位數的銷售成長，同時也建立了我們的在地化意識和規模。

Australia and New Zealand had a tremendous performance this quarter. As mentioned, Australia became the first international market to offer e-commerce Drinkware customization. We also drove a number of diverse brand activations across professional rugby, on mountain snow sports and fishing. In addition, our team executed a successful transition to a new distribution center in August, which will provide more flexibility for growth and our customization efforts. In Europe, I had the opportunity to travel with our team and market during the quarter, meet with our local partners and dealers and as importantly, see the brand come to life. Even with relatively early-stage brand awareness, we are seeing highly encouraging signs and are actively accelerating a range of awareness efforts, particularly as we look at the U.K., Germany and the broader DAC region.

澳洲和紐西蘭本季表現出色。如前所述，澳洲成為第一個提供電子商務飲料客製化的國際市場。我們也推動了職業橄欖球、山地雪上運動和釣魚領域的一系列多元化品牌活動。此外，我們的團隊在八月成功過渡到新的配送中心，這將為我們的成長和客製化工作提供更大的靈活性。在歐洲，我有機會在本季與我們的團隊和市場一起旅行，與我們當地的合作夥伴和經銷商會面，更重要的是，看到品牌的生命力。即使品牌知名度還處於相對早期階段，我們也看到了非常令人鼓舞的跡象，並正在積極加速一系列的知名度提升工作，特別是當我們關注英國、德國和更廣泛的 DAC 地區時。

Operationally, we ramped our new distribution center in the Netherlands this quarter to support growth and efficiency. In Canada, our wholesale business continues to see strength in our larger accounts, offset by softer independent trends. Our DTC channel remains strong and is increasingly leveraging many of the same tools as the U.S. to drive experience and reach across e-commerce and corporate sales. This included last week's debut of Drinkware customization on yeti.ca and we expect added functionality in the quarters ahead. Overall, YETI performed well in the third quarter and is positioned to execute on Q4 while building for long-term growth. For the fourth quarter and beyond, we will continue to focus on growing our global brand audience and an elevated cadence of innovation as we further extend our portfolio.

在營運方面，我們本季擴建了荷蘭的新配送中心，以支援成長和提高效率。在加拿大，我們的批發業務繼續在較大的客戶中看到實力，但被疲軟的獨立趨勢所抵消。我們的 DTC 管道依然強大，並且越來越多地利用許多與美國相同的工具來推動電子商務和企業銷售的體驗和覆蓋範圍。這包括上週在 Yeti.ca 上首次推出的 Drinkware 客製化功能，我們預計在未來幾季會增加更多功能。總體而言，YETI 在第三季度表現良好，並準備在第四季度執行，同時實現長期成長。在第四季度及以後，隨著我們進一步擴展我們的產品組合，我們將繼續專注於擴大我們的全球品牌受眾並提高創新節奏。

The strength of our financial flexibility also means we will remain on offense in this environment, investing in global capabilities, driving our product road map, building brand and thoughtfully allocating capital. Finally, with the holidays and year-end fast approaching. I want to acknowledge and thank our amazing team and all our global partners for their ongoing support, execution and commitment throughout the year. I'll now turn the call over to Mike to discuss our results and outlook in more detail.

我們財務靈活性的優勢也意味著我們將在這種環境下繼續進攻，投資全球能力，推動我們的產品路線圖，建立品牌並深思熟慮地分配資本。最後，隨著假期和年底的臨近。我要感謝我們出色的團隊和所有全球合作夥伴全年的持續支持、執行和承諾。我現在將把電話轉給麥克，更詳細地討論我們的結果和前景。

Thanks, Matt. I'll begin with a review of our third quarter performance, followed by an updated outlook for the full year. Our GAAP results reported in today's press release are inclusive of some minor charges and adjustments associated with the voluntary product recall. This primarily includes slightly lower recall-related costs versus what was assumed in our reserve. We did not make any further adjustments to our recall reserve during the quarter as actual recall claim trends are generally in line with our assumptions, which we updated in the second quarter. As is our normal practice, all of the financial details that I will discuss on today's call are adjusted non-GAAP metrics. Now on to our results.

謝謝，馬特。我將首先回顧我們第三季的業績，然後更新全年展望。今天的新聞稿中報告的 GAAP 業績包含一些與自願性產品召回相關的小額費用和調整。這主要包括與我們的儲備金假設相比略低的召回相關成本。本季我們沒有對召回準備金進行任何進一步調整，因為實際召回索賠趨勢總體上符合我們在第二季度更新的假設。按照我們的慣例，我在今天的電話會議上討論的所有財務細節都是經過調整的非公認會計準則指標。現在來看我們的結果。

Third quarter sales were flat year-over-year at $434 million. The quarter included $6.3 million of gift card redemptions related to remedies we are offering customers impacted by the product recall. Excluding these gift card redemptions, top line results for the period were in line with our outlook of a low single-digit decline versus the prior year. But similar to last quarter, a portion of these gift card redemptions were used to purchase products with constrained supply, which impacted our ability to fulfill orders from customers and other channels. Thus, we do not believe that the full amount of gift card redemptions are incremental to our results.

第三季銷售額與去年同期持平，為 4.34 億美元。本季包括 630 萬美元的禮品卡兌換，這些禮品卡兌換與我們為受產品召回影響的客戶提供的補救措施相關。不包括這些禮品卡兌換，該期間的營收結果符合我們對上一年低個位數下降的預期。但與上季類似，這些禮品卡兌換的一部分用於購買供應有限的產品，這影響了我們履行客戶和其他通路訂單的能力。因此，我們認為禮品卡兌換的全額不會增加我們的績效。

Overall, we were pleased with our sales performance in Q3 given several factors that impacted our top line growth. First, due to the product recall, we were without several of our top-selling soft cooler products for most of the quarter, including during the key summer months. Second, as we discussed with you all last quarter, we did accelerate the launch of our fall seasonal colors in Q3, which drove a need to start shipping the product into wholesale in Q2. And third, we faced a challenging compare as we posted a strong 20% total growth rate and a 25% growth rate for our wholesale channel in the prior year quarter. As a reminder, last year, we benefited from a restocking of our product by the wholesale channel as the channel was able to get back to optimal stock levels after a number of periods of constrained supply.

總的來說，考慮到影響我們收入成長的幾個因素，我們對第三季的銷售業績感到滿意。首先，由於產品召回，我們在本季的大部分時間（包括關鍵的夏季月份）都沒有幾種最暢銷的軟冷卻器產品。其次，正如我們上個季度與大家討論的那樣，我們確實在第三季度加快了秋季季節性顏色的推出，這推動了在第二季度開始批發產品的需求。第三，我們面臨著一個具有挑戰性的比較，因為我們在上一季實現了 20% 的強勁總成長率和 25% 的批發通路成長率。提醒一下，去年，我們受益於批發渠道的產品補貨，因為該渠道在經歷了多次供應緊張後能夠恢復到最佳庫存水平。

This had an impact across both Drinkware and Coolers & Equipment with the most significant impact to hard coolers. There are clearly a number of dynamics that have impacted our reported growth rate on a quarter-to-quarter basis this year. But one aspect of our business that we continue to be pleased with is the strong consumer demand that we have consistently seen across our major channels and product categories. In the third quarter, we saw positive sell-through growth in our U.S. wholesale channel across both Drinkware and Coolers & Equipment. From a channel perspective, direct-to-consumer sales grew 14% to $259 million, representing 60% of total sales. Growth within DTC was led by our Amazon business, including a highly successful Prime Day, though we also saw sequentially higher growth rates in each of our other DTC businesses.

這對飲料器具和冷卻器及設備產生了影響，其中對硬冷卻器的影響最為顯著。顯然有許多動態影響了我們今年報告的季度成長率。但我們業務中令我們持續滿意的一個方面是我們在主要管道和產品類別中持續看到的強勁消費者需求。第三季度，我們的美國批發通路的飲料器具和冷卻器及設備的銷售量均出現正面成長。從通路角度來看，直接面向消費者的銷售額成長了14%，達到2.59億美元，佔總銷售額的60%。 DTC 的成長是由我們的亞馬遜業務帶動的，包括非常成功的 Prime Day，儘管我們也看到其他 DTC 業務的成長率逐年提高。

In our e-commerce business, as Matt said, we saw exceptional growth in new and returning customers as well as strong growth in the overall number of transactions. However, this was partially offset by a lower average order value in Q3 versus the prior year quarter. At a product category level in DTC, we saw strong performance in cargo, drinkware and hard coolers which more than offset the impact of the recall in soft coolers. Wholesale sales decreased 16% to $174 million, with declines in both Coolers & Equipment and Drinkware. As discussed, the decline was driven by the impact of the recall in soft coolers and a significant sell-in comparison versus the prior year. However, as I mentioned, we were very pleased with our growth on a sell-through basis. By category, Coolers & Equipment sales decreased 8% to $172 million, driven by the factors that I have outlined that impacted hard cooler and soft cooler sales.

正如馬特所說，在我們的電子商務業務中，我們看到新客戶和回頭客的顯著增長以及交易總數的強勁增長。然而，這被第三季平均訂單價值較去年同期較低所部分抵銷。在 DTC 的產品類別層面，我們看到貨物、飲料和硬冷卻器的強勁表現，這遠遠抵消了軟冷卻器召回的影響。批發銷售額下降 16%，至 1.74 億美元，其中冷卻器和設備以及飲具的銷售額均有所下降。正如所討論的，下降的原因是軟冷卻器召回的影響以及與前一年相比的顯著銷售量。然而，正如我所提到的，我們對銷量的成長感到非常滿意。按類別劃分，冷卻器和設備銷售額下降 8%，至 1.72 億美元，這是由我概述的影響硬冷卻器和軟冷卻器銷售的因素推動的。

Our line of GoBoxes have outperformed expectations since their first quarter launch, and we were excited to see both color and distribution expansion during the quarter. Bags were also supported by color with camp green and cosmic lilac both contributing to growth across our Crossroads Collection. In soft coolers, as Matt mentioned, we reintroduced our newly designed M Series soft coolers to the market in early Q4. In order to help support the launch, we did begin the initial shipments of these products into a portion of our wholesale channel in late Q3. This was contemplated in the outlook that we communicated to you all last quarter. Despite not having a full assortment yet, we are pleased with the early results from the launch of these important products.

自第一季推出以來，我們的 GoBox 系列產品的表現超出了預期，我們很高興看到本季的色彩和分銷擴張。包款的顏色也得到了支持，營地綠和宇宙紫丁香都有助於我們 Crossroads 系列的成長。在軟冷卻器方面，正如 Matt 所提到的，我們在第四季初向市場重新推出了新設計的 M 系列軟冷卻器。為了幫助支援產品的發布，我們確實在第三季末開始將這些產品首次運送到我們的部分批發管道。我們在上個季度向大家傳達的展望中就考慮到了這一點。儘管尚未提供完整的產品系列，但我們對這些重要產品推出的早期結果感到滿意。

Drinkware sales increased 6% to $253 million, with growth in DTC (inaudible) our innovation in Drinkware resonate with consumers and put us in a position to capitalize on trends in the market. For instance, we expanded our Yonder product line with new sizes and lid offerings and launch new color-matched lids in our Rambler stainless bottle line. In addition, we had incredibly successful fall color launches in camp green, cosmic lilac and power pink. We also remain encouraged by some of the initial success we are seeing as we look to move beyond individual use drinking vessels into more group sharing and entertaining options. As Matt outlined earlier, we think we can further capitalize on these trends in Q4 with our extensive lineup of new innovation. This includes an expanded range of products designed for coffee occasions with 3 smaller sized cups and mugs, a great new hydration solution with the Rambler 42-ounce straw mug and the introductions of new entertaining options with the YETI Cocktail Shaker and Wine chiller.

隨著 DTC（聽不清楚）的成長，飲具銷售額成長了 6%，達到 2.53 億美元。我們在飲具方面的創新引起了消費者的共鳴，並使我們能夠利用市場趨勢。例如，我們透過新尺寸和蓋子產品擴展了 Yonder 產品線，並在 Rambler 不銹鋼瓶系列中推出了新的顏色匹配的蓋子。此外，我們也成功推出了營地綠、宇宙紫丁香和活力粉紅等秋季色彩。我們也對我們所看到的一些初步成功感到鼓舞，因為我們希望超越個人使用的飲用容器，進入更多的團體共享和娛樂選擇。正如馬特之前概述的那樣，我們認為我們可以透過我們廣泛的新創新陣容進一步利用第四季度的這些趨勢。其中包括專為咖啡場合設計的擴展產品系列（包括3 個較小尺寸的杯子和馬克杯）、Rambler 42 盎司吸管杯的全新水合解決方案，以及YETI 雞尾酒調酒器和葡萄酒冷卻器的新娛樂選擇。

Internationally, sales grew 20% to $68 million, representing nearly 16% of total sales with double-digit gains across all 3 regions: Europe, Australia and Canada. Gross profit increased 13% to $250 million or 57.8% of sales compared to 51.3% in the same period last year. Positive drivers this quarter included 480 basis points from lower inbound freight, 150 basis points from lower product costs, 110 basis points from favorable channel mix and 20 basis points from all other impacts. These gains were partially offset by 110 basis points from higher promotions associated with our successful Amazon Prime Day.

國際方面，銷售額成長 20%，達到 6,800 萬美元，佔總銷售額的近 16%，歐洲、澳洲和加拿大這三個地區均達到兩位數成長。毛利成長 13%，達到 2.5 億美元，佔銷售額的 57.8%，去年同期為 51.3%。本季的正面推動因素包括入境運費下降 480 個基點、產品成本降低 150 個基點、有利的通路組合帶來 110 個基點以及所有其他影響帶來的 20 個基點。這些收益被我們成功的亞馬遜 Prime Day 相關的促銷活動增加了 110 個基點所部分抵消。

SG&A expenses for the quarter increased 20% to $179 million or 41.3% of sales compared to 34.4% in the same period last year. Non-variable expenses increased 370 basis points as a percent of sales, driven by a rebuild of incentive compensation costs for our employees, sustained investments in areas such as headcount and demand creation to support our future growth and the impact of the recall on our top line.

本季的 SG&A 費用成長 20%，達到 1.79 億美元，佔銷售額的 41.3%，而去年同期為 34.4%。固定費用佔銷售額的百分比增長了 370 個基點，這主要得益於員工激勵薪酬成本的重建、在員工人數和需求創造等領域的持續投資以支持我們未來的增長以及召回對我們高層的影響線。

Variable expenses increased 320 basis points as a percent of sales, primarily driven by 2 factors: One, we had higher Amazon marketplace fees given the higher growth in this channel; second, we had higher outbound freight expenses in Q3 given the growth and the corresponding increase in sales mix of our overall DTC business (inaudible) which I mentioned earlier. Operating income decreased 3% to $71 million or 16.5% of sales compared to 16.9% during the same period last year. Net income also decreased 3% to $53 million or $0.60 per diluted share compared to $0.63 in the prior year period. Turning to our balance sheet. We ended the third quarter with $281 million in cash compared to $78 million in the year ago period. Inventory decreased 22% year-over-year to $341 million. After 4 straight quarters of sequential declines, inventory did increase from Q2 to Q3 by $19 million as we enter our seasonally highest sales quarter.

變動費用佔銷售額的百分比增加了 320 個基點，主要由兩個因素驅動：一是由於該通路的成長速度更快，我們的亞馬遜市場費用更高；其次，鑑於我之前提到的整個 DTC 業務（聽不清楚）的成長和銷售組合的相應增加，我們在第三季的出境貨運費用較高。營業收入下降 3%，至 7,100 萬美元，佔銷售額的 16.5%，去年同期為 16.9%。淨利潤也下降了 3%，至 5,300 萬美元，即稀釋後每股收益 0.60 美元，而去年同期為 0.63 美元。轉向我們的資產負債表。截至第三季末，我們的現金為 2.81 億美元，而去年同期為 7,800 萬美元。庫存年減 22% 至 3.41 億美元。在連續 4 個季度連續下降之後，隨著我們進入季節性最高銷售季度，庫存確實從第二季度到第三季度增加了 1900 萬美元。

Total debt, excluding unamortized deferred financing fees and finance leases, was $83 million compared to $96 million at the end of last year's third quarter. During the quarter, we made a principal payment of $1 million on our recently amended term loan. Now turning to our updated fiscal 2023 outlook. We now expect full year sales of approximately $1.7 billion, representing growth of approximately 4% compared to fiscal 2022's adjusted net sales. While remaining in the range of our prior outlook, our updated estimate reflects a number of factors. First, it reflects the benefits of strong overall demand across our channels. At the same time, we do expect to see the continuation of several recent trends, cautious ordering patterns in the wholesale channel, somewhat tempered growth and in corporate sales following a very strong 2022 and lower average order values and e-commerce. Notably, our work to establish our Tractor Supply partnership has been in process since earlier in the year and was thus contemplated in our prior outlook.

不包括未攤銷的遞延融資費用和融資租賃在內的總債務為 8,300 萬美元，而去年第三季末的債務總額為 9,600 萬美元。本季度，我們為最近修改的定期貸款支付了 100 萬美元的本金。現在轉向我們更新的 2023 財年展望。我們目前預計全年銷售額約為 17 億美元，與 2022 財年調整後的淨銷售額相比將成長約 4%。雖然我們的最新預測仍保持在我們先前的展望範圍內，但它反映了許多因素。首先，它反映了我們整個通路強勁的整體需求帶來的好處。同時，我們確實預期近期的一些趨勢將會延續，批發通路的謹慎訂購模式，繼 2022 年非常強勁且平均訂單價值和電子商務較低之後，企業銷售的成長有所放緩。值得注意的是，我們建立拖拉機供應合作夥伴關係的工作自今年早些時候就開始進行，因此我們在先前的展望中也考慮到了這一點。

Looking specifically at the fourth quarter, this updated outlook implies approximately 10% sales growth, which puts us back in the range of our long-term growth algorithm. This includes more balanced category growth between Drinkware and Coolers & Equipment, supported by new innovation in Drinkware and the launch of our soft cooler product impacted by the recall back into the market. By channel, we expect to maintain double-digit growth in DTC while returning to growth at wholesale. From a mix perspective, we still expect DTC sales mix of approximately 60% for the year.

具體來看第四季度，更新後的展望意味著大約 10% 的銷售成長，這使我們回到了長期成長演算法的範圍內。這包括飲料器具和冷卻器及設備之間更加平衡的品類增長，這得益於飲料器具的新創新以及受召回市場影響的軟冷卻器產品的推出。按通路劃分，我們預期直銷業務將維持兩位數成長，同時批發業務將恢復成長。從組合角度來看，我們仍預期今年 DTC 銷售組合約為 60%。

As a final point on our sales outlook, consistent with last quarter, this outlook does not include the impact of any gift card redemptions in the fourth quarter.

作為我們銷售前景的最後一點，與上個季度一致，該前景不包括第四季度任何禮品卡兌換的影響。

Our gross margins continue to improve, and thus, we are increasing our full year gross margin outlook to approximately 56.5% compared to 52.7% in fiscal 2022. This is driven by the combined impact of lower inbound freight costs and favorable product costs. Year-over-year gross margin expansion is expected to moderate somewhat from the third quarter to the fourth quarter due to more normalized mix benefits as well as the overall strength of Q3 gross margins.

我們的毛利率持續改善，因此，我們將全年毛利率預期從 2022 財年的 52.7% 提高至約 56.5%。這是由入境貨運成本下降和有利的產品成本的綜合影響所推動的。由於更正常化的組合效益以及第三季毛利率的整體實力，預計第三季到第四季的毛利率將年減。

On the SG&A line, we expect full year SG&A dollar growth to approach the high teens level. As we have outlined throughout the year, our SG&A growth in fiscal 2023 is being driven by investments to support our future growth, incentive compensation and variable expenses to support our DTC businesses.

在SG&A 方面，我們預計全年SG&A 美元成長將接近十幾歲的水平。正如我們全年概述的那樣，我們 2023 財年的銷售、管理及行政費用 (SG&A) 增長是由支持我們未來增長的投資、激勵薪酬和支持我們的 DTC 業務的可變費用推動的。

Our fourth quarter growth rate in SG&A is expected to be in the range of our year-to-date results. With these updates, we now expect an operating margin of approximately 16% for the year at the high end of our prior range. For the fourth quarter, we continue to expect a return to over 20% operating margins, inclusive of approximately $2 million in interest expense and an effective tax rate of 25.1%, our full year earnings per diluted share is now expected to be approximately $2.32, which is the high end of our prior outlook. For cash, we now expect free cash flow of approximately $200 million at the high end of our prior outlook with capital expenditures of approximately $55 million, down $5 million from our prior outlook.

我們第四季的銷售、管理及行政費用成長率預計將在我們今年迄今的業績範圍內。透過這些更新，我們現在預計今年的營業利潤率約為 16%，處於我們先前範圍的高端。對於第四季度，我們繼續預計營業利潤率將達到 20% 以上，其中包括約 200 萬美元的利息支出和 25.1% 的有效稅率，我們的全年攤薄每股收益預計約為 2.32 美元，這是我們之前展望的上限。就現金而言，我們目前預計自由現金流約為 2 億美元，達到我們先前預期的上限，資本支出約為 5,500 萬美元，比我們先前預期的減少 500 萬美元。

Overall, as we enter the fourth quarter, we are pleased with our execution thus far this year. While our growth rate this year is not where we expect it to be going forward, it is in the range of what we set out to do at the beginning of the year given the impact of the recall. Our gross margins continue to recover to the levels we saw before the run-up in inbound freight costs. And our balance sheet along with our ability to generate good cash flow continues to be a strength. While we are certainly mindful of the ongoing uncertainties with the consumer and macro environment, we remain optimistic as we move closer to the holidays. We believe we have an incredibly exciting lineup of new products in the market, and we believe the YETI brand is as powerful as ever.

總的來說，隨著我們進入第四季度，我們對今年迄今為止的執行感到滿意。雖然我們今年的成長率沒有達到我們預期的水平，但考慮到召回的影響，它在我們年初設定的範圍內。我們的毛利率繼續恢復到入境貨運成本上漲之前的水平。我們的資產負債表以及產生良好現金流的能力仍然是我們的優勢。雖然我們當然注意到消費者和宏觀環境持續存在的不確定性，但隨著假期的臨近，我們仍然保持樂觀。我們相信我們在市場上擁有令人難以置信的令人興奮的新產品陣容，我們相信 YETI 品牌一如既往地強大。

Now I would like to turn the call back over to the operator to take your questions.

現在我想將電話轉回給接線員回答您的問題。

(Operator Instructions) Our first question comes from Peter Keith from Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Peter Keith。

I guess it's encouraging to see that you called out sell-through was positive at wholesale for the quarter. But I guess everyone is kind of nervous on the consumer and maybe some -- worried about some slowdown overall in September and October. You are lowering a little bit on the sales guide. Could you give us a sense on maybe the sell-through and overall sales trends, how they progressed in recent months?

我想看到您稱本季批發銷售量為正值是令人鼓舞的。但我想每個人都對消費者感到緊張，也許有些人擔心 9 月和 10 月整體經濟放緩。你在銷售指南上降低了一點。您能否讓我們了解一下銷售量和整體銷售趨勢，以及近幾個月的進展？

I would say we feel very good about the quarter we just posted. We talked, both Mike and I commented on the strength of the sell-through -- the strength of our ability to not only acquire but retain consumers in a competitive environment for consumer attention. And I think that's a mix of the strength. The brand, the product portfolio that we have, the products that we continue and innovation, we continue to bring out. As we look into Q4, those are the same dynamics we're focused on driving customer acquisition and customer retention, making sure that we're top of mind as people go into this important holiday season. As you've seen following the story for a while, that's something that YETI has consistently done in the fourth quarter. I think that even with a more discerning consumer, the data that we saw in Q3 and what we expect in Q4 as it will continue to be prominent during the holiday season.

我想說，我們對剛發布的季度感覺非常好。我們進行了交談，麥克和我都對銷售的實力進行了評論，即我們在競爭激烈的環境中吸引消費者並留住消費者的能力。我認為這是力量的結合。我們擁有的品牌、產品組合、我們持續推出的產品和創新。當我們展望第四季度時，我們致力於推動客戶獲取和客戶保留，確保我們在人們進入這個重要的假期季節時成為首要考慮因素。正如您在關注這個故事一段時間後所看到的，這是 YETI 在第四季度一貫做的事情。我認為，即使消費者更加挑剔，我們在第三季度看到的數據以及我們對第四季度的預期也將在假期期間繼續表現突出。

Okay. That's great. Just -- I know you're not guiding to next year, but one thesis that's being floated around is that even though you're lapping the recall with all the various puts and takes that's happened in 2023 that you don't really have an easy compare as we look out to next year. I guess just how do you think about the underlying trends as we pivot from 2023 to 2024 and then last the recall?

好的。那太棒了。只是——我知道你並沒有對明年進行指導，但有一個流傳甚廣的論點是，即使你對 2023 年發生的各種不同的情況進行了回顧，但你並沒有真正擁有一個當我們展望明年時，很容易進行比較。我想，當我們從 2023 年轉向 2024 年，然後最後進行召回時，您如何看待潛在趨勢？

Yes, Peter. So a couple of things I'd say. Number one, as we look to next year, we'll have more to say on 2024 on our next earnings call, but it just at a high level, what really is encouraging for us, like Matt said, the overall strength of the brand and expansion of the brand. As we look at other opportunities for us to continue to grow just the consumer demand strength that we've been seeing, the growth outside the U.S. that we believe is an opportunity for us, getting our full portfolio back with the M Series and the SideKick Dry coming back to the market, if you look at the innovation that we've launched in the second half of this year being able to annualize that, the new customers that Matt talked about that we acquired and what we typically see with those new customers coming in and us able to increase value with them over time. We believe that we have an opportunity to kind of get back to those growth levels that we've traditionally targeted. And then despite the -- or even with the compare, we just think the opportunity is there for us.

是的，彼得。我想說幾件事。第一，展望明年，我們將在下一次財報電話會議上對 2024 年有更多話要說，但這只是一個高水平，真正令我們鼓舞的是，正如馬特所說，品牌的整體實力以及品牌的擴張。當我們尋找其他機會繼續成長我們所看到的消費者需求強度時，我們認為美國以外的成長對我們來說是一個機會，透過 M 系列和 SideKick 重新獲得我們的完整產品組合回到市場，如果你看看我們在今年下半年推出的創新，能夠將其年化，馬特談到的我們獲得的新客戶以及我們通常在這些新客戶中看到的情況隨著時間的推移，我們能夠與他們一起增加價值。我們相信，我們有機會恢復到我們傳統目標的成長水準。然後，儘管——或者甚至進行比較，我們只是認為機會就在我們身邊。

Yes, it is. I apologize. So my first question is just on the new distribution agreement with Tractor Supply. How do you think about that from an incrementality standpoint. I mean, you've already been in Farm & Ranch, but clearly, tractor is the leader in that space? And how should we think about maybe that impact as you kind of move through next year. Any details or color you can provide around that would be helpful. That's my first question.

是的。我道歉。所以我的第一個問題是關於與 Tractor Supply 簽訂的新分銷協議。從增量的角度來看，您如何看待這一點？我的意思是，您已經涉足《農場與牧場》，但顯然拖拉機是該領域的領導者？當你進入明年時，我們應該如何考慮這種影響。您可以提供的任何細節或顏色都會有所幫助。這是我的第一個問題。

Peter, thanks for the question. Tractor Supply, we've known for a while, and we've watched and their names come up. We think they do a wonderful job in that Farm & Ranch community and then connecting to those consumers as we watch the evolution of their Fusion store build-out and strategy. One of the opportunities we saw as we looked at the mapping of our distribution footprint and consistent with how we've always thought about distribution, whether we were taking our footprint down or selectively looking at opportunities to expand our footprint. It's always around, do we think we can intersect with a new consumer in a new buying occasion and is it complementary and incremental or kind of affords us a chance to reach people that fits with the rest of our distribution footprint. And that includes our Amazon reach, our e-commerce reach and our wholesale partnerships.

彼得，謝謝你的提問。拖拉機供應公司，我們認識有一段時間了，我們觀察過，他們的名字也出現了。我們認為他們在農場和牧場社區做得很好，然後在我們觀察他們的 Fusion 商店建設和策略的演變時與這些消費者建立了聯繫。當我們查看我們的分銷足跡圖時，我們看到了機會之一，這與我們一直以來對分銷的看法是一致的，無論我們是減少我們的足跡還是有選擇地尋找擴大我們足蹟的機會。它總是存在的，我們是否認為我們可以在新的購買場合與新消費者產生交叉，它是否是互補和增量的，或者是否為我們提供了接觸與我們其他分銷足跡相符的人的機會。這包括我們的亞馬遜覆蓋範圍、電子商務覆蓋範圍和批發合作夥伴關係。

And when we map that out and looked at our analytics across all those different touch points, there was a really nice overlay with where Tractor Supply is located today and where we think that business can play a role for us. So we're excited about the partnership. As you've seen with us in the past, we're slow and paced in how we roll out these partnerships for the benefit of both parties and making sure that we do it the right way that we get the right assortment, the right merchandising in the right stores, and we're in the very, very early days of that with Tractor Supply, but see the long-term potential there.

當我們繪製出這一點並查看所有不同接觸點的分析時，發現 Tractor Supply 今天所處的位置以及我們認為業務可以為我們發揮作用的位置有一個非常好的重疊。因此，我們對此次合作感到非常興奮。正如您過去在我們這裡看到的那樣，為了雙方的利益，我們在推出這些合作夥伴關係方面進展緩慢，節奏緩慢，並確保我們以正確的方式開展工作，獲得正確的品種、正確的商品推銷在合適的商店，我們正處於Tractor Supply 的非常早期階段，但我們看到了那裡的長期潛力。

Got it. That's helpful. And then, I guess, Mike, maybe one for you. You talked about the SG&A growth, high teens. I know we get the variable components there. But how about the nonvariable portion? How do we think about that as moving kind of into next year? I mean this has been obviously a slower year on the top line, but you've kind of forged ahead with a lot of investment within the P&L and SG&A. How should we think about maybe the cadence as we move into 2024 within your SG&A?

知道了。這很有幫助。然後，我想，麥克，也許有一個適合你。您談到了 SG&A 成長，高青少年。我知道我們在那裡得到了可變組件。但是不變的部分呢？我們如何看待明年的情況？我的意思是，今年的營收成長顯然較慢，但您在損益表和銷售管理費用方面進行了大量投資，取得了一定的進展。當我們進入 2024 年時，我們應該如何考慮你們 SG&A 的節奏？

Yes. Peter, so I'd say a couple of things. So I mean, like you talked about the big -- as we looked at our SG&A for the year, the nonvariable piece is largely the same. What's been a tick hire versus some of our comments in prior quarters, has really been that variable piece driven by some dynamics in the business. But the nonvariable piece has been really consistent. And we said there's really been 3 primary drivers of that. One, incentive compensation; two the impact of the stop sale; and three, the investments we're making. As we look to go to next year, 2 of those, we believe, are largely not going to be factors on an ongoing basis. The incentive compensation and the impact of the recall and the stop sale on our top line. And we're always going to invest in our business and we continue to plan to do that next year.

是的。彼得，我想說幾件事。所以我的意思是，就像您談到的大問題一樣，當我們查看今年的銷售及管理費用時，不變的部分基本上是相同的。與我們前幾季的一些評論相比，這次招募確實是由業務中的一些動態驅動的可變部分。但不變的部分確實是一致的。我們說過，這確實有 3 個主要驅動因素。一、激勵性薪酬；二、停售的影響；第三，我們正在進行的投資。當我們展望明年時，我們認為其中兩個基本上不會成為持續的因素。激勵補償以及召回和停止銷售對我們營收的影響。我們始終會投資我們的業務，並且明年我們將繼續計劃這樣做。

But it is our intent to, over time, get leverage on our OpEx where we'll have more to say on 2024 specifically when we get into our Q4 earnings call. But over time, we do believe that we can get leverage on our OpEx. It's just there were several discrete impacts this year that we believe will not continue as we go into next year.

但我們的目的是，隨著時間的推移，我們將在 2024 年獲得更多的營運支出，特別是在我們進入第四季財報電話會議時。但隨著時間的推移，我們確實相信我們可以利用我們的營運支出。只是今年出現了一些離散的影響，我們認為這些影響在進入明年時不會持續下去。

The next question comes from Megan Alexander from Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

I guess maybe a little bit of a follow-up on the earlier question, but could you just help us unpack what's changing in the implied 4Q wholesale guide? I think if my math is correct, it maybe implies wholesale is up low single digits versus double digits prior. So is it possible to contextualize maybe how much of that was a benefit to the third quarter from early load-in? And how much of it is what you're seeing in terms of retail order replenishment and conservative retail ordering patterns?

我想也許是對之前問題的一些後續行動，但你能幫我們解釋一下隱含的第四季度批發指南中發生的變化嗎？我認為如果我的數學是正確的，這可能意味著批發量比之前的兩位數上漲了低個位數。那麼，是否有可能了解早期加載對第三季帶來的好處有多少？您所看到的零售訂單補充和保守的零售訂購模式有多少？

So I'd say a couple of things as we look to the fourth quarter. I would agree that the implied is that we said we wanted to get back to growth in Q4. That's coming off a Q3 where we had a pretty challenging compare in the prior year Q3 wholesale grew 25% which is a big part of the reason why -- what led to the results this quarter. But as we look to -- now we believe we're at more normalized inventory levels as we look at where how sell-through is performing, being positive across both Drinkware and C&E, having our full complement of products available with the M Series coming back. We believe that, that kind of leads us to kind of those growth levels that we communicated for Q4. At the same time, we do believe that we are seeing a more cautious ordering environment. It's not consistent across all dealers, some dealers that we're seeing are doing really well with us.

因此，在我們展望第四季時，我想說幾句話。我同意這暗示我們說我們希望在第四季度恢復成長。這是第三季的結果，與前一年第三季相比，我們的批發成長了 25%，這是相當具有挑戰性的，這是導致本季業績的一個重要原因。但正如我們所看到的，現在我們相信我們處於更正常化的庫存水平，因為我們專注於銷售量的表現，在Drinkware 和C&E 方面都是積極的，隨著M 系列的到來，我們將提供全套產品後退。我們相信，這會讓我們達到我們在第四季度傳達的成長水平。同時，我們確實相信我們正在看到更謹慎的訂購環境。所有經銷商的情況並不一致，我們看到一些經銷商與我們合作得非常好。

But it's just as we look at the environment and kind of how different dealers are looking at their outlook for the consumer, we felt like that was the kind of what we see for the fourth quarter. But I think the most important thing is we continue to be encouraged by what we're seeing at a sell-through level and expect that to continue.

但正如我們觀察環境以及不同經銷商如何看待消費者的前景一樣，我們覺得這就是我們在第四季度看到的情況。但我認為最重要的是我們繼續對我們所看到的銷售水平感到鼓舞，並期望這種情況能夠持續下去。

Okay. That's helpful. And then maybe just a follow-up on the gross margin. Obviously, a very impressive performance even despite a pretty large promotion headwind from Prime Day. I guess how should we think about the bridge to 4Q and then into '24 would you expect freight and product cost to continue to build into 4Q in '24? And then I guess on the promotion piece, presumably the Amazon Prime Day, headwind goes away, but how should we think about that promotion line more broadly? And is there an opportunity to perhaps lean into Amazon and promotions in more earnest given what you're seeing from some of your retail partners?

好的。這很有幫助。然後也許只是毛利率的後續行動。顯然，儘管 Prime Day 的促銷阻力相當大，但其表現非常令人印象深刻。我想我們應該如何考慮通往第四季和 24 年的橋樑，您是否預計運費和產品成本將繼續增加到 24 年的第四季？然後我想在促銷活動上，大概是亞馬遜 Prime Day，逆風就會消失，但我們應該如何更廣泛地考慮促銷活動？鑑於您從一些零售合作夥伴那裡看到的情況，是否有機會更認真地利用亞馬遜和促銷活動？

Yes. I'd say on gross margins, we were obviously thrilled with the results that we posted in Q3. As we look to Q4, really nothing has changed on our outlook for gross margins in Q4 by itself. We took the year up again this quarter to 56% -- approximately 55.5%, really the strength in Q3 is what led us to do that. Q4 is largely kind of in line with what we've expected for the last few quarters. On the product COGS side, expect that to generally be in line with what we've been posting. I would expect the benefit from inbound freight, I would not expect that to continue to build because in the prior year, we started to see some of the benefits of the lower rates roll through our results in Q4 of the prior year, whereas Q2 and Q3 of last year were kind of the peak impact of when we saw those higher rates. And if you look at the drivers that we provided on a quarter-to-quarter basis, you can see that the negative impact went down from Q3 to Q4 of last year. So I would not expect that line specifically to continue to build.

是的。我想說的是，就毛利率而言，我們顯然對第三季發布的結果感到興奮。當我們展望第四季時，我們對第四季毛利率的展望實際上沒有任何變化。本季我們再次將全年成長率提高到 56%——大約 55.5%，實際上第三季的實力促使我們做到了這一點。第四季在很大程度上符合我們對過去幾季的預期。在產品銷貨成本方面，預計其總體上與我們發布的內容一致。我預計入境貨運會帶來好處，但我預計這種情況不會繼續增加，因為在前一年，我們開始看到較低費率帶來的一些好處貫穿了前一年第四季的業績，而第二季和去年第三季是我們看到利率上升的高峰影響。如果你看我們按季度提供的驅動因素，你會發現負面影響從去年第三季到第四季有所下降。所以我不指望這條線會繼續建造。

And Megan, I'd just add one thing on the promotional cadence. YETI has been consistent in our approach to promotion and very selective as a primarily full price seller consistent across all of our channels to market. And we think that's one of the values is that we drive the value behind the brand and drive the demand behind the product. The way we've looked at promotion and it would be consistent with the way we would do in the future is if you think about product transitions, selective things as we think about inventory management on the margin. And then really kind of optimizing and selective at busy time of the year where you're trying to drive attention demand, traffic to the brand. And that largely stays -- will stay the same and consistent, and I think it will be consistent with quarters in the past and going forward inclusive of how we use Amazon.

梅根，我只想在促銷節奏上添加一件事。 YETI 的促銷方式始終如一，作為主要全價賣家，我們在所有市場管道上都保持一致，並且非常挑剔。我們認為價值觀之一是我們推動品牌背後的價值並推動產品背後的需求。我們看待促銷的方式與我們未來的方式是一致的，那就是，如果你考慮產品轉型，選擇性的事情，就像我們考慮邊際庫存管理一樣。然後在一年中的繁忙時間進行真正的優化和選擇性，你試圖推動注意力需求和品牌流量。這在很大程度上將保持不變和一致，我認為這將與過去幾個季度以及未來的情況保持一致，包括我們如何使用亞馬遜。

And so I think as we called out, we had a successful Prime Day. It was successful and it accomplished a number of objectives for us, and we think is consistent with how we approach the brand and how we approach promotion.

所以我認為，正如我們所呼籲的那樣，我們度過了一個成功的黃金日。它很成功，為我們實現了許多目標，我們認為這與我們對待品牌和促銷的方式是一致的。

And Megan, the only other thing I'd say back on gross margin is you asked about '24. We do expect to continue to be able to recapture more gross margin benefit from the inbound freight as we look into '24. We gave up somewhere in the neighborhood of 600 basis points directly related to inbound freight, we're going to recapture 400-or-so in total this year, that would imply we've got more to go as we go into 2024.

梅根，關於毛利率，我唯一要說的就是你問到的「24」。當我們展望 24 年時，我們確實預計將繼續能夠從入境貨運中重新獲得更多的毛利率收益。我們放棄了與入境貨運直接相關的大約 600 個基點，今年我們總共將重新獲得 400 個左右的基點，這意味著進入 2024 年我們還有更多的工作要做。

The next question comes from Sharon Zackfia from William Blair.

下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

I guess I wanted to ask two questions kind of on your longer-term outlook because it's been kind of hard to figure things out from the outside with the stop sale and recall this year. I guess, is a 20% operating margin still kind of an achievable number over time for the business? And if so, kind of what's the time line do you think you can recapture that? And then secondarily, on the idea of double-digit revenue growth, I know historically, you had expected that to come from both Drinkware and Coolers & Equipment over the long term. Just wanted to check if that's still the case? Or do you expect a disproportionate impact from either or -- and maybe embedded in that kind of what you need in the U.S. business to achieve double digit over time, just given how the international is growing.

我想我想問兩個關於您的長期前景的問題，因為今年的停止銷售和召回很難從外部弄清楚事情的真相。我想，隨著時間的推移，20% 的營業利潤率對企業來說仍然是一個可以實現的數字嗎？如果是這樣，您認為您可以在什麼時間範圍內重新獲得它？其次，就兩位數收入成長的想法而言，我知道從歷史上看，您預計從長遠來看，飲料器具和冷卻器及設備都將實現兩位數的收入成長。只是想檢查一下情況是否仍然如此？或者你是否預期這兩者中的任何一個都會產生不成比例的影響——考慮到國際業務的成長方式，美國業務可能會隨著時間的推移而實現兩位數的成長。

I would say, while on this call, we're not updating 2024 and updating our kind of long-range guide. What I think we have shown through even a really challenging end period with this recall is that there is gross margin opportunity in front of us that we -- and as Mike just talked about, we see operating margin improvement opportunity based on some of the unique things that affected and are affecting 2023. The top line as we've shown outsized growth internationally and as we continue to prove the demand opportunity there and as we continue to mature our operations internationally, we think that continues to be a really interesting area to drive long-term growth for YETI. As it relates to the U.S. market, I think while we obviously have a very well-established and in-demand business, when we talk about things like sell-through being strong, our sell-through data comes from the U.S. market.

我想說，在這次電話會議上，我們不會更新 2024 年，也不會更新我們的長期指南。我認為，即使在這次召回的一個真正具有挑戰性的末期，我們也已經表明，我們面前有毛利率機會——正如邁克剛才談到的，我們看到了基於一些獨特的運營利潤率改善的機會。影響和正在影響2023 年的事情。最重要的是，隨著我們在國際上表現出巨大的增長，隨著我們繼續證明那裡的需求機會，隨著我們繼續成熟我們的國際業務，我們認為這仍然是一個非常有趣的領域推動 Yeti 的長期成長。由於它與美國市場有關，我認為雖然我們顯然擁有非常完善且需求旺盛的業務，但當我們談論諸如銷售強勁之類的事情時，我們的銷售數據來自美國市場。

We don't have that same level of visibility globally on the sell-through. So you can extrapolate from that, that the U.S. market continues to be very vibrant for us, which means that the innovation, the expansion, the new color ways within Drinkware, within coolers, hard coolers within soft coolers, there's a really receptive market and opportunity for us in the U.S. So I think all those elements as we get into talking about 2024 and what our guide is in 2024 will be a piece of that. And then as we start to talk about what long term looks like is an update from our original back in 2018 when we went public.

我們在全球銷售方面沒有同樣程度的可見度。因此，您可以從中推斷，美國市場對我們來說仍然非常充滿活力，這意味著飲料器內、冷卻器內、硬冷卻器內軟冷卻器內的創新、擴張和新顏色方式，有一個非常容易接受的市場，並且因此，我認為，當我們談論 2024 年以及我們 2024 年的指南時，所有這些要素都將成為其中的一部分。然後，當我們開始談論長期發展時，我們對 2018 年上市時的情況進行了更新。

I guess just a follow up on that. I don't think you talked about kind of categories. So I know historically, coolers and Drinkware were supposed to both grow at a double-digit pace. Do you think that's still kind of the right long-term growth rate for both categories?

我想這只是後續行動。我認為您沒有談論類別。所以我知道從歷史上看，冷卻器和飲料器具都應該以兩位數的速度成長。您認為這對於這兩個類別來說仍然是正確的長期成長率嗎？

Thanks, Sharon for catching my miss. And that, I would say, I think it's -- I don't think there's anything about the opportunity in those broadly defined categories that would say one, over time, will naturally grow slower or naturally go faster. I think really, it comes down to how do we continue to expand the definition of Drinkware. You've seen us do that this year and with success as we called out. I think in Coolers & Equipment, there's a lot of things, as we called out on this call that are under that umbrella that we really like the growth. And if I take Coolers & Equipment, hard coolers, our longest standing category continues to be an outstanding performer, and we also called out what I would call the very limited assortment we have in cargo and gearboxes continue to be an outstanding performer. So I think it would be tough to sit here and say one versus the other because a lot of that will be predicated on the innovation and the acceleration and the awareness we bring within those two portfolios.

謝謝莎倫接住我的思念。我想說的是，我認為在那些廣泛定義的類別中，沒有任何機會可以說，隨著時間的推移，機會自然會增長得更慢或自然地增長得更快。我認為，這實際上取決於我們如何繼續擴大飲料器具的定義。你們已經看到我們今年做到了這一點，並且正如我們所呼籲的那樣取得了成功。我認為在冷卻器和設備領域，正如我們在這次電話會議中所呼籲的那樣，有很多事情是我們真正喜歡的成長。如果我拿冷卻器和設備、硬冷卻器來說，我們歷史最悠久的類別仍然表現出色，而且我們還指出，我們在貨物和變速箱方面擁有的非常有限的品種仍然表現出色。因此，我認為坐在這裡很難進行比較，因為這很大程度上取決於我們在這兩個產品組合中帶來的創新、加速和意識。

The next question comes from Jim Duffy from Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Great execution, guys. I'm going to take a different approach to questions on future years. Matt, I'm hoping you can speak to how you're thinking about strategic objectives for the organization in 2024. What's are the areas of the business that are going to be prioritized for allocation of capital? What are some of the areas where you want to strengthen your organizational competencies? What are some of the operational objectives where you believe you have room for improvement?

執行得很好，夥計們。我將採取不同的方法來回答未來幾年的問題。 Matt，我希望您能談談您對組織 2024 年策略目標的看法。資本配置將優先考慮哪些業務領域？您希望在哪些領域加強您的組織能力？您認為哪些營運目標還有進步空間？

Jim, thanks for the question. I'd answer it in a couple of ways, and I think you'll hear us talk more about this as we go into 2024. But if I refer back to my prepared remarks, we sounds simplistic, but we introduced a little bit of new language, which is 4 key things: brand, products, channels and geographies. And I'll take 3 of those 4. The investments we've made in growing the brand and the places that we're showing up and the way we're connecting with consumers domestically and globally I think you'll see us continue to do that and take what I believe is the greatest in-house marketing and creative team out there and putting us in front of a really diverse audience.

吉姆，謝謝你的提問。我會用幾種方式回答這個問題，我想當我們進入2024 年時，您會聽到我們更多地談論這個問題。但如果我回顧一下我準備好的言論，我們聽起來很簡單，但我們引進了一些新語言，有四個關鍵點：品牌、產品、通路和地理。我會選擇這 4 項中的 3 項。我們在發展品牌方面所做的投資、我們展示的場所以及我們與國內和全球消費者聯繫的方式，我想您會看到我們繼續做到這一點，並利用我認為最優秀的內部行銷和創意團隊，讓我們面對真正多元化的受眾。

And I think you saw elements of that if you followed us this year, and you heard elements of that in the quarter. But I think that investment is one of those things that's just in the rhythm of what YETI has done and done really well without outsized sort of investment is part of the rhythm of what we do.

我認為，如果您今年關注我們，您將看到其中的內容，並且您會在本季度聽到其中的內容。但我認為投資是符合 YETI 所做工作節奏的事情之一，而且做得非常好，沒有大規模的投資是我們工作節奏的一部分。

We're really smart with the dollars we spend. We're really directed in how we do it in a really impactful nuanced way. I think on the product side, you're going to see us continue to invest in innovation, and that's capabilities and capacity and as an asset-light business. That's smartly adding talent to an incredibly talented R&D and product and design and sourcing team that we have within YETI. And so I think that would be the second piece is really amplifying the capabilities that we have within the business and then rounding out capacity and rounding out skills that allow us to get into more and more what I'll call YETI worthy innovation areas.

我們花的錢真的很聰明。我們真正關注如何以一種真正有影響力的細緻入微的方式做到這一點。我認為在產品方面，你會看到我們繼續投資於創新，這就是能力和產能，以及作為輕資產業務。這巧妙地為 YETI 內部才華橫溢的研發、產品、設計和採購團隊增添了人才。因此，我認為第二部分是真正增強我們在業務中擁有的能力，然後完善能力和完善技能，使我們能夠進入越來越多的我稱之為「YETI 值得」的創新領域。

As it relates to geography, to Sharon's last question, we think the U.S. market remains incredibly receptive and strong for product innovation into our expanding brand reach but really when I think about geography, I think about the international opportunity.

由於它與地理位置有關，對於莎倫的最後一個問題，我們認為美國市場對於我們不斷擴大的品牌影響力的產品創新仍然具有令人難以置信的接受性和強勁的能力，但實際上，當我想到地理位置時，我想到的是國際機會。

In the very early days, we are in the U.K. and Europe, and the large attractive markets where we haven't hit maturation in scale, and we can do that in an efficient and effective way like we have seen in Australia and Canada. And then looking kind of further out to what the opportunities are in select markets in Asia. And so I think if I round it all up, I would say, continue to grow the brand the right way, smartly as we think about our OpEx and SG&A put kind of positive pressure into the innovation and expansion of the product portfolios and the redefinition of Drinkware and the expansion of Coolers & Equipment. And then the third one would be the thoughtful acceleration of our geographic expansion to take advantage of the inherent opportunity that we see the proof points for.

在很早的時候，我們在英國和歐洲，以及我們在規模上尚未成熟的大型有吸引力的市場，我們可以像在澳洲和加拿大看到的那樣，以高效和有效的方式做到這一點。然後進一步尋找亞洲特定市場的機會。因此，我認為，如果我把這一切總結起來，我會說，繼續以正確的方式、明智地發展品牌，因為我們考慮到我們的營運支出和銷售及管理費用，對產品組合的創新和擴展以及重新定義施加了積極的壓力飲料器具的開發以及冷卻器和設備的擴展。第三個是深思熟慮地加速我們的地理擴張，以利用我們看到的證據所證明的固有機會。

The next question comes from Robbie Ohmes from Bank of America.

下一個問題來自美國銀行的羅比·歐姆斯。

It was actually the question is really -- I just want to clarify on the hard coolers. The -- so hard coolers were down against tough shipment comparisons, but they're an outstanding performer at retail right now, and that's the sell-through or is it doing really well on DTC because it sounds like the weaker DTC, that there's some pressure from average order size? I'm just trying to get an understanding of what hard coolers did in the quarter.

事實上，問題是——我只是想澄清一下硬冷卻器的問題。如此硬的冷卻器在嚴格的出貨量比較中表現不佳，但它們現在在零售方面表現出色，這就是銷售量，或者它在DTC 上表現得很好，因為它聽起來像是較弱的DTC，有一些來自平均訂單量的壓力？我只是想了解硬質冷卻器在本季的表現。

So what I would say is it did -- hard coolers did well on a consumer demand basis, which encompasses both wholesale sell-through where we saw really strong growth of hard coolers on a sell-through basis as well as within DTC. So when we talk about consumer demand, that's essentially what we're referring to as kind of U.S.-based sell-through and our major DTC channels and we did see growth of hard coolers within DTC. I think the comments around AOV, I think, are driven by a couple of things. One, not having the soft coolers in DTC for the full quarter.

所以我想說的是，硬式冷卻器在消費者需求方面表現良好，其中包括批發銷售，我們看到硬式冷卻器在銷售和 DTC 內的強勁增長。因此，當我們談論消費者需求時，這本質上就是我們所說的基於美國的銷售和我們主要的 DTC 管道，我們確實看到了 DTC 內硬冷卻器的成長。我認為圍繞 AOV 的評論是由幾個因素驅動的。第一，整個季度 DTC 中都沒有軟冷卻器。

And number two, more of kind of strength of Drinkware and new customers coming into -- growth of new customers coming into the brand via Drinkware and a UPT question within Drinkware as well. So that was the the real story around kind of the AOV. But to your original question, we feel really good about how hard coolers performed at a point-of-sale level within wholesale as well as within DTC.

第二，更多的是 Drinkware 的實力和新客戶的進入——透過 Drinkware 進入該品牌的新客戶的成長以及 Drinkware 內的 UPT 問題。這就是 AOV 的真實故事。但對於您最初的問題，我們對硬式冷卻器在批發和 DTC 銷售點層面的表現感到非常滿意。

That is really helpful. And just a follow-up question. I'm just curious if you're seeing any changes in the competition and what they're doing. And are any of the partners looking to sort of merchandise into lower price point versions of what you guys do, just given the challenges out there for the consumer.

這真的很有幫助。只是一個後續問題。我只是好奇你是否看到競爭對手和他們正在做的事情有什麼變化。考慮到消費者面臨的挑戰，是否有任何合作夥伴希望將商品分類為你們所做的更低價格的版本。

Thanks, Robbie. I'll take that one. I would say a couple of things to that. We're not seeing lower price point trade down. I think that as we talked in the past, I think when you have products in a premium category. We tend to be a want kind of a want category, not a need category. And I think our job, and we've done it successfully is for years. And I think in the most recent quarter is drive that desire. So we haven't seen that trade down. But take from the competitive environment, particularly in Drinkware is I think there's a lot of interest in that category. There's a number of entrants that have come into it over the last 12 to 18 months or kind of driven, what I would call a significant share of voice in that space. But I think that when we look at our results, the partnerships we have with our wholesale partners, the success we're seeing in our DTC business.

謝謝，羅比。我會接受那個。我想對此說幾句話。我們沒有看到更低的價格點下跌。我認為，正如我們過去所說，當你擁有優質類別的產品時。我們傾向於成為一個想要的類別，而不是一個需要的類別。我認為我們的工作已經持續多年，而且我們已經成功完成了這項工作。我認為最近一個季度正在推動這種願望。所以我們還沒有看到這種交易下降。但從競爭環境來看，尤其是在飲料領域，我認為人們對這個類別很感興趣。在過去的 12 到 18 個月裡，有許多進入者進入了這個領域，或者有些受驅動力，我將其稱為該領域的重要份額。但我認為，當我們審視我們的業績、我們與批發合作夥伴的合作關係以及我們在 DTC 業務中所看到的成功時。

We're taking a different tact, which is continuing to thoughtfully expand our Drinkware category and business. You've seen us do it this year, which is not just chase what I think is an important trend, but a trend in hydration, make sure we have relevant products but there also we continue to redefine the game and make sure that we're in front of consumers in more broadly defined Drinkware. I think you'll see us continue to do that. We think that's a winning strategy. We think it's not only a winning strategy in the near term. But the mid and long term. And we're seeing that receptivity in our sell-through and point of sale, and we're also seeing the receptivity from the -- welcome from our wholesale partners.

我們正在採取不同的策略，繼續深思熟慮地擴大我們的飲料品類和業務。你已經看到我們今年這樣做了，這不僅僅是追逐我認為重要的趨勢，而是水合作用的趨勢，確保我們有相關產品，但我們也繼續重新定義遊戲並確保我們'我們以更廣泛定義的飲料器具呈現在消費者面前。我想你會看到我們繼續這樣做。我們認為這是一個制勝策略。我們認為這不僅是近期的致勝策略。但從中長期來看。我們在銷售和銷售點中看到了這種接受度，而且我們也看到了來自批發合作夥伴的歡迎。

The next question comes from Brooke Roach from Goldman Sachs.

下一個問題來自高盛的布魯克·羅奇。

Matt, I was hoping if you could elaborate on your plans for contribution of growth from new innovation versus the core as you look ahead. How are you thinking about the potential for the YETI brand to move into new categories beyond the targeted expansions of your current categories? And do you think that adjacent categories require any innovation know-how or functionality that you currently don't have in-house?

馬特，我希望您能在展望未來時詳細說明您的計劃，即新創新與核心對成長的貢獻。您如何看待 YETI 品牌在當前類別的目標擴張之外進入新類別的潛力？您認為相鄰類別是否需要您目前內部不具備的任何創新知識或功能？

Brooke, a great question, and I would -- I'll mix a couple of things. I think I would call it really -- it's definitional to start with, which is if you say that our base is -- and we have a proven competence in Drinkware, hard coolers, soft coolers, I would extend the early days of cargo, but all the capabilities and competence in cargo, in bags. We think within that, what I would call base there's significant opportunity for expansion, new customer use cases, new use environments, innovation, including things like colorways but also new form factors. So within that core, we think there's significant opportunity and I have all the confidence in the world in the talent and capabilities between our in-house engineering design plus our incredible supplier relationships and sourcing and procurement teams.

布魯克，這是一個很好的問題，我會——我會混合一些東西。我想我會稱之為真正的——從一開始就是定義性的，如果你說我們的基地是——而且我們在飲料、硬冷卻器、軟冷卻器方面擁有經過驗證的能力，我會延長早期的貨運時間，但所有的能力和能力都體現在貨物和袋子上。我們認為，在我所說的基礎上，存在著巨大的擴展機會、新的客戶用例、新的使用環境、創新，包括諸如配色之類的東西，也包括新的外形因素。因此，在這個核心內，我們認為存在著巨大的機會，而且我對我們內部工程設計以及我們令人難以置信的供應商關係以及採購團隊之間的人才和能力充滿信心。

As we think about the road map beyond where YETI could go, where customers, we believe, have given us explicit permission and almost borderline demand that we would move into it. I think we do have many of those capabilities in-house to go after some of those things. I think some of them, as I mentioned earlier, may be additional talent capability, capacity that we would bring into the business but that's no different than our evolution from being a hard cooler only company back in 2014 to adding soft coolers, to adding Drinkware, to adding cargo, to adding bags. The small but mighty chair business we have. We made incredible chairs and blankets and all these other things that are sort of percolating out there. So I don't think there is something that is so epic a shift that it wouldn't feel in line with what we're doing. But I think that's part of -- to one of the questions earlier, that's part of the investment area that we're going to continue to make.

當我們思考 YETI 未來發展方向之外的路線圖時，我們相信客戶已經給了我們明確的許可，並且幾乎要求我們進入其中。我認為我們內部確實擁有許多這樣的能力來實現其中的一些目標。我認為，正如我之前提到的，其中一些可能是額外的人才能力，我們將帶入業務的能力，但這與我們從2014 年僅提供硬冷卻器公司到添加軟冷卻器、再到添加飲料器具的演變沒有什麼不同，添加貨物，添加行李。我們擁有規模雖小但實力雄厚的椅子業務。我們製作了令人難以置信的椅子和毯子以及所有其他可以滲透到那裡的東西。因此，我認為沒有什麼事情會發生如此巨大的轉變，以至於感覺與我們正在做的事情不符。但我認為這是我們將繼續進行的投資領域的一部分。

And our last question comes from Anna Glaessgen from B. Riley.

我們的最後一個問題來自 B. Riley 的 Anna Glaessgen。

I just have one. I just want to understand a little bit better the Amazon Prime dynamic, great that it did well for you guys. My understanding was that historically, the discounts you offer are on end-of-season colors, like, I think, the yellow and purple from this most recent season. Did you just have more of those colors left over after the key selling period or was there more product allocated for the Amazon Prime Day versus the prior year?

我只有一個。我只是想更了解亞馬遜 Prime 動態，很高興它對你們有好處。我的理解是，從歷史上看，你們提供的折扣是針對季末顏色的，例如我認為最近一季的黃色和紫色。在關鍵銷售期之後，您是否還剩下更多的顏色，或者與去年相比，為亞馬遜 Prime Day 分配的產品是否更多？

Yes. A good question. I would say, to your point, what we did for Prime Day this year was largely consistent with how we've acted on a promotional basis in the past. It was end-of-life product, prior season colors, and I do think it's an important point. While we did have a big Prime Day, we were less promotional on e-commerce this year than we were last year. So -- but specifically to answer your question, we were thrilled with the results of Prime Day. We did make a larger assortment or volume of product available than we have. And we were thrilled with the results. We thought it was a really good sign of just demand for the overall brand. There was another Prime Day. And obviously, this quarter that we really didn't participate in. We chose to participate at a greater level of the one in July, and we're thrilled with the results.

是的。這是個好問題。我想說，就你的觀點而言，我們今年為會員日所做的事情與我們過去的促銷活動基本一致。這是停產產品，前一季的顏色，我確實認為這是很重要的一點。雖然我們確實舉辦了盛大的會員日活動，但今年我們在電子商務方面的促銷活動比去年少。所以，特別是為了回答你的問題，我們對 Prime Day 的結果感到非常興奮。我們確實提供了比我們現有的更多種類或數量的產品。我們對結果感到非常興奮。我們認為這是對整個品牌的公正需求的一個非常好的跡象。還有一個黃金日。顯然，這個季度我們確實沒有參與。我們選擇參與 7 月更高級別的活動，我們對結果感到非常興奮。

This concludes our question-and-answer session. I would like to turn the conference back over to Matt Reintjes for any closing remarks.

我們的問答環節到此結束。我想將會議轉回馬特雷因傑斯 (Matt Reintjes) 發表閉幕詞。

Thank you all for joining us today. Look forward to speaking on our Q4 call and update you on the continued progress at YETI.

感謝大家今天加入我們。期待在我們的第四季度電話會議上發言，並向您介紹 YETI 的持續進展。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。