(YETI) 2023 Q4 法說會逐字稿

Good day, and welcome to the YETI Holdings Fourth Quarter 2023 Earnings Conference Call.

美好的一天，歡迎參加 YETI Holdings 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Tom Shaw, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Tom Shaw。請繼續。

Good morning, and thanks for joining us to discuss YETI Holdings' fourth quarter and fiscal 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.

早安，感謝您與我們討論 YETI Holdings 第四季度和 2023 財年的業績。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。

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, and 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.

在我們開始之前，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視為前瞻性陳述，並且此類前瞻性陳述受到各種風險和不確定性的影響，這些風險和不確定性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。

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. 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.

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。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。

Reconciliations of these non-GAAP measures to the 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.

這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳包含在新聞稿或今天早上在我們網站 Yeti.com 投資者關係部分發布的簡報中。

And now I would like to turn the call over to Matt.

現在我想把電話轉給馬特。

Thanks, Tom, and good morning, everyone. I would like to start our call with some perspective on YETI's 2023 and how it informs 2024. YETI delivered a solid year of growth in gross margin expansion, even with one of our more challenging fourth quarters. We continue to see real strength in our brand and momentum in our Drinkware business. While at the same time, we saw inconsistent consumer spending in the fourth quarter on our coolers product.

謝謝，湯姆，大家早安。在我們的電話會議開始時，我想對 YETI 的 2023 年以及它如何影響 2024 年提出一些看法。YETI 在毛利率擴張方面實現了穩健的增長，儘管我們第四季度面臨著更大的挑戰。我們繼續看到我們品牌的真正實力和飲料業務的勢頭。同時，我們看到第四季度消費者在我們的冷卻器產品上的支出不一致。

Overall, we remain confident about YETI's brand and potential as we continue to expand our products and our audiences. As we look at our Drinkware business, we saw continued market interest in sustainable products that not only address hydration, but also provide for multiple use cases in various occasions. Our diverse portfolio is designed for versatility and durability and is well positioned to address what we believe are long-term market needs.

總體而言，隨著我們繼續擴大我們的產品和受眾，我們對 YETI 的品牌和潛力仍然充滿信心。當我們審視我們的飲具業務時，我們看到市場對永續產品的持續興趣，這些產品不僅可以解決水合作用問題，而且還可以在各種場合提供多種用例。我們多樣化的產品組合專為多功能性和耐用性而設計，能夠很好地滿足我們認為的長期市場需求。

By leaning into this, we not only delivered our strongest quarter of the year, but we also saw YETI Drinkware reach annual sales of $1 billion in 2023. Even more exciting, we achieved this milestone through balanced growth across our portfolio and consumer demographics. This included gains in customer acquisition, retention and customer value with both female and male consumers.

透過這一點，我們不僅實現了今年最強勁的季度，而且我們還看到YETI Drinkware 在2023 年實現了10 億美元的年銷售額。更令人興奮的是，我們透過產品組合和消費者群體的平衡成長實現了這一里程碑。這包括女性和男性消費者的客戶獲取、保留和客戶價值的收益。

We expect these dynamics will create a foundation for our continued success and expansion in the category. As we mentioned in previous quarters, consumers continue to be more discerning with spend. We saw this play out in the fourth quarter as this caution extended into our coolers. While the coolers performance for the quarter fell short of our expectations, as consumer demand shifted away from higher-priced goods, we believe we maintained our premium share in the market. Even though we anticipate some of these headwinds will persist this year, we have a number of actions in place to drive demand, including a range of new products.

我們預計這些動態將為我們在該類別中的持續成功和擴張奠定基礎。正如我們在前幾個季度提到的，消費者在消費方面繼續變得更加挑剔。我們在第四季度看到了這種情況，因為這種謹慎情緒延伸到了我們的冷卻器。儘管本季冷卻器的表現未達到我們的預期，但隨著消費者需求從高價商品轉向，我們相信我們維持了市場的優質份額。儘管我們預計今年一些不利因素將持續存在，但我們採取了一系列行動來推動需求，包括推出一系列新產品。

Now taking a look at some of our financial highlights. In the fourth quarter of 2023, we continue to showcase our gross margin strength, hitting a record 60% and delivered adjusted operating margin growth, emphasizing the quality of our revenue. As has become a standard of the YETI story, our balance sheet remains a source of strength with excellent inventory management, an all-time high cash of nearly $440 million.

現在來看看我們的一些財務亮點。 2023 年第四季度，我們繼續展示我們的毛利率實力，達到創紀錄的 60%，並實現調整後的營業利潤率成長，強調了我們的收入品質。正如 YETI 故事的標準一樣，我們的資產負債表憑藉出色的庫存管理和近 4.4 億美元的歷史最高現金水平，仍然是實力的來源。

Sales' growth of 6% was paced by continued expansion of our Drinkware against the previously mentioned cooler challenges landing the quarter below our double-digit growth target. We saw this dynamic in coolers in both our DTC and wholesale channels. As we shift to 2024, I remain incredibly enthusiastic about the opportunity to drive our business and our growing global brand.

銷售額成長 6% 的原因是我們的飲料器具的持續擴張，以應對前面提到的冷卻器挑戰，使本季低於我們兩位數的成長目標。我們在 DTC 和批發渠道的冷卻器中都看到了這種動態。當我們邁入 2024 年時，我仍然對推動我們的業務和不斷發展的全球品牌的機會充滿熱情。

Let me start with how we plan to put our balance sheet to work. In addition to priority investments in the business, we were pleased to announce the acquisition of 2 new product portfolios in cookware and bags. In cookware, by leveraging acquired designs and processes, we are developing a new line of YETI cast iron cookware and accessories that will launch later this summer, allowing us to access the $10 billion-plus premium cookware market. Also, at the beginning of February, we completed our acquisition of MYSTERY RANCH, a Bozeman Montana-based designer and manufacturer of highly durable backpacks and bags. The team in Bozeman shares the YETI commitment to superior design, driving innovation and supporting our communities with the best gear you can make.

讓我從我們規劃如何發揮資產負債表開始。除了對該業務的優先投資外，我們很高興地宣布收購了炊具和箱包領域的 2 個新產品組合。在炊具方面，透過利用收購的設計和工藝，我們正在開發新的 YETI 鑄鐵炊具和配件系列，該系列將於今年夏天晚些時候推出，使我們能夠進入價值超過 100 億美元的優質炊具市場。此外，二月初，我們完成了對 MYSTERY RANCH 的收購，這是一家位於蒙大拿州博茲曼的高度耐用背包和包袋的設計和製造商。博茲曼的團隊與 YETI 一樣致力於卓越的設計、推動創新並用您能製造的最好的裝備支持我們的社區。

This range of mission-based outdoor and everyday designs will perfectly complement YETI's premium line of waterproof and everyday bags. I look forward to the coming seasons as we introduce this incredible range of bags and packs to our global audiences, further opening our opportunity in the $9 billion-plus premium bags category.

這一系列基於任務的戶外和日常設計將完美補充 YETI 的優質防水和日常包款系列。我期待著接下來的季節，我們將向全球觀眾推出一系列令人難以置信的包款和背包，進一步為我們在價值超過 90 億美元的高檔包款類別中打開機會。

We also made significant talent additions in the business over the past few months to support these moves. Layne Rigney joined up to run Softgoods, including our MYSTERY RANCH acquisition. Layne was most recently CEO of Osprey Packs and prior to that, President of CamelBak. In addition, we have added additional resources to support M&A including a corporate development leader to help us identify and execute on inorganic opportunities to support our product expansion. All these inorganic moves complement our incredible in-house product development team and build upon the potential for the future.

在過去的幾個月裡，我們還在業務中增加了大量人才來支持這些措施。 Layne Rigney 加入營運 Softgoods，包括收購 MYSTERY RANCH。 Layne 最近擔任 Osprey Packs 首席執行官，此前擔任 CamelBak 總裁。此外，我們還增加了額外的資源來支持併購，包括一位企業發展領導者，幫助我們識別和執行無機機會，以支持我們的產品擴張。所有這些無機舉措補充了我們令人難以置信的內部產品開發團隊，並為未來的潛力奠定了基礎。

Additionally, today, we announced that our Board of Directors has authorized the repurchase of up to $300 million of YETI's common stock. We plan to be opportunistic with repurchases to offset dilution, as we see buybacks that fit within our capital allocation priority. The primary focus of our capital allocation strategy remains on investment in the business, product expansionary M&A and finally, opportunistic share repurchase. The deployment of capital in supportive M&A, coupled with the share repurchase authorization, shows not only the power of our cash generation, but also the ability to put it to work to support long-term sustainable growth and deliver multiple levers of value for shareholders.

此外，今天，我們宣布董事會已授權回購最多 3 億美元的 YETI 普通股。我們計劃透過回購來抵銷稀釋的機會，因為我們認為回購符合我們的資本配置優先事項。我們資本配置策略的主要重點仍是業務投資、產品擴張併購以及最後的機會性股票回購。在支持性併購中的資本配置，加上股票回購授權，不僅顯示了我們現金生成的力量，而且還顯示了我們利用現金支持長期可持續增長並為股東提供多種價值槓桿的能力。

In conjunction with these capital allocation updates, we remain laser-focused on making the right decisions to drive our long-standing strategic growth priorities. As I provide updates across our 4 focus areas, the overarching themes are brand reach, product diversification, channel build and globalization, areas where we made incredible strides in 2023.

結合這些資本配置更新，我們仍然專注於做出正確的決策，以推動我們長期的策略成長優先事項。當我提供 4 個重點領域的最新資訊時，首要主題是品牌影響力、產品多元化、通路建立和全球化，這些領域是我們在 2023 年取得令人難以置信的進步的領域。

Starting with brand and expanding our global customer base. We continue to leverage a breadth and depth strategy by broadening reach while remaining deeply connected and relevant to our consumers. Across our 15 targeted active communities of enthusiasts, we're seeing the payoff of connecting ambassadors, partners and brand and product storytelling to consumers on both a global and localized scale.

從品牌著手，擴大我們的全球客戶群。我們繼續利用廣度和深度的策略，擴大影響範圍，同時保持與消費者的緊密聯繫和相關性。在我們 15 個目標活躍的愛好者社群中，我們看到了在全球和本地範圍內將大使、合作夥伴以及品牌和產品故事與消費者聯繫起來的回報。

With the ongoing push on new product innovation, our priority and opportunity this year will be highlighting the range of our assortment to larger audiences. We will focus broad-based marketing efforts on driving awareness, consideration and purchase of our product lines as well as top-of-funnel brand efforts.

隨著新產品創新的持續推動，我們今年的首要任務和機會將是向更多受眾展示我們的產品系列。我們將把廣泛的行銷工作重點放在提高人們對我們產品線的認識、考慮和購買以及漏斗頂部的品牌努力上。

When we look at 2024 and beyond, we see incredible opportunity to build upon existing and new brand partnerships and collaborations. Some of our global reach partners have already started their 2024 activities during the first quarter, including the World Surf League and Natural Selection Tour and our partners at Austin and Tennessee are getting ready to kick off their 2024 season.

展望 2024 年及以後，我們看到了建立現有和新品牌合作關係的絕佳機會。我們的一些全球合作夥伴已在第一季開始了 2024 年的活動，包括世界衝浪聯盟和自然選擇巡迴賽，我們在奧斯汀和田納西州的合作夥伴正準備開始他們的 2024 年賽季。

With these and many other partners, we are continuing to build out the diversity of our domestic and international reach. In addition to our marketing and brand efforts, we plan to continue to leverage our data insights and analytics work to amplify our diversified assortment of products, which will allow us to segment use cases.

與這些以及許多其他合作夥伴一起，我們將繼續擴大我們國內和國際影響力的多樣性。除了我們的行銷和品牌努力之外，我們還計劃繼續利用我們的數據洞察和分析工作來擴大我們多樣化的產品種類，這將使我們能夠細分用例。

With a coffee, cocktails, health and wellness or travel, we build addressable audiences and deliver dedicated brand and product programming. These efforts drive awareness, consideration and conversion wrapped in a brand and product story of YI.

透過咖啡、雞尾酒、健康和保健或旅行，我們建立目標受眾並提供專門的品牌和產品規劃。這些努力提高了 YI 品牌和產品故事中的認知度、考慮度和轉換率。

As we connect in real ways with consumers through brand and product, we also open the brand for future product innovation and category expansion.

當我們透過品牌和產品與消費者建立真正的連結時，我們也為未來的產品創新和品類拓展打開了品牌的大門。

Turning to innovation. We were incredibly proud of the expansion of new products during the year, driving new use cases, extended color options and delivering acquisition and retention on a global scale. This was most apparent with the increasing diversification of our Drinkware portfolio in the second half of the year.

轉向創新。我們對這一年中新產品的擴展感到無比自豪，推動了新的用例，擴展了顏色選項，並在全球範圍內實現了用戶獲取和保留。這一點在下半年我們的飲具產品組合日益多樣化方面表現得最為明顯。

In Drinkware, we added 3 smaller volume ramblers designed for coffee and other beverage uses, a larger 42 ounce straw handled mug to sit alongside our other straw-lid offerings, and a YETI cocktail shaker and an insulated wine chiller to complement our beverage bucket and ice scoop. Overall, the success of these introductions help support strong consumer demand and sell-through across our channels.

在Drinkware 中，我們添加了3 個專為咖啡和其他飲料用途而設計的較小容量的漫步器、一個較大的42 盎司吸管杯，可與我們的其他吸管蓋產品並排放置，以及一個YETI 雞尾酒調酒器和一個隔熱葡萄酒冷卻器，以補充我們的飲料桶和冰勺。總體而言，這些產品的成功推出有助於支持強勁的消費者需求和整個通路的銷售。

On the Coolers & Equipment side, our cargo line is delivering above expectations as we maintain our bullishness on the potential of the cargo and storage space. In addition, we saw good growth in backpacks, duffles and tote bags, which gives us strong momentum to continue the bags expansion. Within coolers, we had high expectations for the holiday season given the strong year-to-date Q3 consumer sell-through trends of hard coolers, coupled with the return of key soft coolers.

在冷卻器和設備方面，我們的貨運線的交付超出預期，因為我們對貨物和儲存空間的潛力保持樂觀。此外，我們看到背包、行李袋和手提袋的良好成長，這為我們繼續擴張箱包提供了強勁動力。在冷藏箱方面，鑑於今年第三季硬冷藏箱消費者銷售趨勢強勁，加上主要軟冷藏箱的回歸，我們對假期季節抱有很高的期望。

While we returned to growth in soft coolers, overall demand for hard and soft coolers fell short of expectations. Even as interest in the overall YETI brand remained high across our track data and consumer analytics, we saw softness at higher price points and larger baskets, particularly those above $300. We believe that part of this reflects our position of having little direct promotional activity against a more promotionally driven market backdrop and supporting our gross margin strength in the period.

雖然我們恢復了軟冷卻器的成長，但對硬冷卻器和軟冷卻器的整體需求低於預期。儘管根據我們的追蹤數據和消費者分析，人們對整個 YETI 品牌的興趣仍然很高，但我們發現更高的價格點和更大的購物籃（尤其是 300 美元以上的購物籃）表現疲軟。我們認為，這部分反映了我們在促銷驅動的市場背景下幾乎沒有直接促銷活動的立場，並支持了我們在此期間的毛利率優勢。

We also underappreciated the combined impacts of 2022's new innovation, seasonal color strength and a limited end-of-life promotion in the year ago fourth quarter period. Despite the near-term dynamics that impacted coolers in Q4, we remain very confident in these categories as we look to extend our category leadership by driving awareness and releasing new innovation.

我們也低估了 2022 年的新創新、季節性色彩強度以及去年第四季有限的報廢促銷的綜合影響。儘管近期的動態影響了第四季度的冷卻器，但我們對這些類別仍然非常有信心，因為我們希望透過提高意識和發布新的創新來擴大我們的類別領導地位。

As we consider what we learned in 2023, several key themes will be evident in our product approach this year. First, we will continue to focus on the Cooler and Equipment category and driving our assortment and price points. We expect to fire up our marketing engine to drive deeper awareness of the return and expansion of our Soft Cooler M-Series with extended colorways.

當我們思考 2023 年的經驗時，我們今年的產品方法中將出現幾個明顯的關鍵主題。首先，我們將繼續專注於冷卻器和設備類別，並推動我們的品種和價格點。我們希望啟動我們的行銷引擎，以加深人們對 Soft Cooler M 系列的回歸和擴展的認識，並擴展其配色。

At the same time, we will introduce our next Wheeled Cooler, which will round up the portfolio with a new price point and size in this family. As has been our practice, we plan moves in the stack to create new pricing windows for innovation. To that end, in Q1, we will announce targeted changes in some existing Roadie and Tundra products to create new pricing tiers for near-term 2024 product launches.

同時，我們將推出下一代輪式冷卻器，它將以新的價位和尺寸完善該系列的產品組合。正如我們的做法一樣，我們計劃在堆疊中採取行動，為創新創建新的定價視窗。為此，我們將在第一季宣布對一些現有 Roadie 和 Tundra 產品進行有針對性的更改，以便為 2024 年近期的產品發布創建新的定價等級。

Next, we will continue to develop and drive broader food and beverage within Drinkware, including additional awareness of the 2023 expansion and upcoming 2024 innovation. In the near term, we are repositioning some of our stackable cups, refreshing our straw bottle assortment and broadly distributing a straw lid for the first time with our Yonder water bottles.

接下來，我們將繼續在 Drinkware 內開發和推動更廣泛的食品和飲料，包括提高對 2023 年擴張和即將到來的 2024 年創新的認識。在短期內，我們將重新定位一些可堆疊的杯子，更新我們的吸管瓶品種，並首次在 Yonder 水瓶中廣泛分佈吸管蓋。

In addition, we expect in 2024 to continue to expand Drinkware, tabletop and barware. Finally, we will continue to lean into strategic color deployment across our portfolio through our inspired by seasonal color strategy and integrated storytelling in addition to incorporating a range of limited colors throughout the year. The first wave of colors kicks off next week with our already leaked and highly anticipated return of King Crab Orange in the debut of a (inaudible).

此外，我們預計到 2024 年將繼續擴大飲料用具、桌面和酒吧用具的銷售範圍。最後，除了全年融入一系列有限的顏色外，我們還將透過季節性色彩策略和綜合故事敘述​​的啟發，繼續在整個產品組合中進行策略性色彩部署。第一波顏色將於下週拉開序幕，我們已經洩漏且備受期待的帝王蟹橙將在（聽不清楚）的首次亮相中回歸。

Importantly, our product strategy will stay true to who we are and focus on long-term sustainable growth. We have developed a nimble commercialization engine but remain uncompromising in our focus of our core tenets of durability, performance and design.

重要的是，我們的產品策略將忠於我們自己，並專注於長期可持續成長。我們開發了靈活的商業化引擎，但仍堅定不移地專注於耐用性、性能和設計的核心原則。

We believe this is the right approach to building an enduring brand and meeting true customer needs. Within our channel strategy, our business continued a balance shift to DTC in 2023. This is a result of our investments and efforts in digital marketing, technology, analytics capabilities, somewhat impacted by the U.S. wholesale destocking efforts and tight inventory management we saw throughout the year.

我們相信這是建立持久品牌和滿足真正客戶需求的正確方法。在我們的通路策略中，我們的業務在2023 年繼續向DTC 平衡轉移。這是我們在數位行銷、技術、分析能力方面投資和努力的結果，在一定程度上受到了美國批發去庫存努力和我們在整個過程中看到的嚴格庫存管理的影響。年。

These interim dynamics are while having powerful, diverse and substantial channels to market, including both wholesale and D2C have been a priority. Within our DTC channels, we saw a number of encouraging customer trends highlighted by both new and returning growth in each quarter in 2023. Within yeti.com, we drove new customer acquisition across both females and males with a positive trend in purchase frequency.

這些臨時動態是在擁有強大、多樣化和實質的市場管道（包括批發和 D2C）的同時優先考慮的。在我們的DTC 管道中，我們看到了許多令人鼓舞的客戶趨勢，突顯了2023 年每個季度的新客戶成長和回歸成長。在Yeti.com 中，我們推動了女性和男性的新客戶獲取，購買頻率呈現正向趨勢。

Returning customer growth was even more impressive, delivering strong metrics across gender and age. While average order values were pressured in part due to product mix, we believe these overall customer measures continued to demonstrate strength. Moreover, it provides a strong foundation to drive engagement in 2024 as we amplify and action our analytics insights. Amazon remained strong in the fourth quarter. And even though we did not participate in October Prime Day, we did see a good engagement during the holiday gifting period. The channel continues to prove effective in reaching both new and existing customers on the platform.

返回的客戶成長更加令人印象深刻，提供了跨性別和年齡的強大指標。雖然平均訂單價值在一定程度上因產品組合而受到壓力，但我們相信這些整體客戶指標繼續表現出實力。此外，隨著我們擴大分析洞察並付諸行動，它為 2024 年推動參與奠定了堅實的基礎。亞馬遜第四季依然強勁。儘管我們沒有參加十月黃金日，但我們在節日送禮期間確實看到了良好的參與。事實證明，該管道在吸引平台上的新客戶和現有客戶方面繼續有效。

The performance of our corporate sales channel was more inconsistent in both the quarter and full year 2023 following years of blockbuster growth. We see significant untapped potential in both the domestic and global markets. To that end, we are focused on expanding customization capabilities, strategic partnerships and our inbound and outbound sales efforts. Our YETI stores increased from 13 to 18 locations during the year. We were pleased with our stores overall execution and in particular, the growth during the holiday period. We continue to see YETI stores as powerful tools to drive awareness, consideration, purchase and broader customer acquisition.

經過多年的迅猛成長，我們的企業銷售通路的業績在 2023 年季度和全年都更加不一致。我們看到國內和全球市場都有巨大的未開發潛力。為此，我們專注於擴大客製化能力、策略夥伴關係以及我們的入站和出站銷售工作。年內，我們的 YETI 商店數量從 13 家增加至 18 家。我們對商店的整體執行情況感到滿意，特別是假期期間的成長。我們繼續將 YETI 商店視為推動認知度、考慮度、購買和更廣泛客戶獲取的強大工具。

Beyond the 4-wall value creation, our data would indicate a broader sales impact across the rest of our channels as new stores come online. We are currently expecting to add 4 to 5 locations in 2024, including our first store in New York City and our first international store in Calgary, planned to be just in time for the Calgary Stampede, which last year drew 1.4 million visitors over a 10-day period, an incredible event we have actively participated in for over 8 years.

除了四面牆價值創造之外，我們的數據還表明，隨著新商店上線，我們其他管道的銷售影響將更加廣泛。目前，我們預計在2024 年增加4 到5 個門市，包括我們在紐約市的第一家商店和我們在卡加利的第一家國際商店，計劃正好趕上卡加利牛仔節，去年的10 場比賽吸引了140 萬名遊客天的時間，這是我們八年多來積極參與的令人難以置信的活動。

Shifting to wholesale. YETI returned to growth in the fourth quarter, while inventory in the channel is in good shape and running below where we entered 2023, we have seen little overall change to cautious ordering trends in the channel. We will continue to lean into areas of strength across our partners and leverage new products.

轉向批發。 YETI 在第四季度恢復成長，雖然該通路的庫存狀況良好，且低於我們進入 2023 年的水平，但我們看到該通路謹慎訂購趨勢的總體變化不大。我們將繼續深入合作夥伴的優勢領域並利用新產品。

In addition, we will thoughtfully expand our reach, including growth with our leading wholesale partners, previously communicated potential expansion with Tractor Supply and new opportunities that leverage our diversified product assortment.

此外，我們將深思熟慮地擴大我們的影響力，包括與我們領先的批發合作夥伴的成長、先前與 Tractor Supply 溝通的潛在擴張以及利用我們多元化產品種類的新機會。

Our international business had a great 2023, growing 28% for the year and increasing its mix of our total business to just under 16%. Moreover, we finished the year with almost 40% growth in the quarter, marking our highest growth rate of the year and underscoring the momentum of the business. Thematically, our international business is focused on 3 initiatives this year, growing brand awareness; building our successful omnichannel; and supporting the significant opportunity in the customization business.

我們的國際業務在 2023 年表現出色，全年成長了 28%，占我們總業務的比例增加到略低於 16%。此外，我們在本季度實現了近 40% 的成長，創下了今年的最高成長率，凸顯了業務的強勁勢頭。從主題來看，我們的國際業務今年聚焦在三項措施：提高品牌知名度；打造我們成功的全通路；並支持客製化業務的重大機會。

In addition, we continue to work on cultivating new markets as we further develop the existing ones. As we look specifically at each region, nowhere is our momentum more evident than in Europe, and we expect outsized growth to continue in 2024. We're accelerating marketing activities this year, including event activation and development of our ambassador roster. We will continue to invest in our team to support a range of activities, including our brand marketing and our growing wholesale base, which now covers nearly 1,000 doors in the region.

此外，我們在進一步開發現有市場的同時，也將繼續努力培育新市場。當我們具體觀察每個地區時，我們的勢頭在歐洲最為明顯，我們預計 2024 年將繼續大幅增長。今年我們正在加快行銷活動，包括活動啟動和大使名冊的發展。我們將繼續投資我們的團隊，以支持一系列活動，包括我們的品牌行銷和不斷擴大的批發基地，該基地現已覆蓋該地區近 1,000 家門市。

Momentum in Australia sustained through 2023, and I had the opportunity to experience it firsthand this past January. Seeing the work our team has accomplished throughout Australia with our local partners and dealers was incredible. The way the Australian consumer has adopted YETI as their own has amplified my conviction about the global opportunity for us.

澳洲的勢頭持續到 2023 年，今年 1 月我有機會親身體驗。看到我們的團隊與當地合作夥伴和經銷商在澳洲各地完成的工作令人難以置信。澳洲消費者將 YETI 視為自己的消費者的方式增強了我對我們的全球機會的信念。

Our focus now is on building an even more robust wholesale network in Australia plus customization for both corporate sales and e-commerce opportunities. We have extensive room to scale this business. Canada remains our largest international market. Similar to our other regions, customization and corporate sales are a focus, and we expect to more fully develop these capabilities. We will also thoughtfully add to our wholesale doors as we are actively looking at several new accounts.

我們現在的重點是在澳洲建立一個更強大的批發網絡，並為企業銷售和電子商務機會提供客製化服務。我們有廣闊的空間來擴展這項業務。加拿大仍然是我們最大的國際市場。與我們其他地區類似，客製化和企業銷售是重點，我們希望更充分地發展這些能力。由於我們正在積極尋找幾個新客戶，因此我們還將深思熟慮地增加我們的批發業務。

Before I turn the call over to Mike, I would first like to thank our team and all our partners for their outstanding focus, execution and dedication to YETI.

在將電話轉給 Mike 之前，我首先要感謝我們的團隊和所有合作夥伴對 YETI 的出色關注、執行力和奉獻精神。

This collective effort is essential to our success and puts the brand in a great position to grow, drive gross margin expansion and invest while continuing to deliver increased profitability. With a capital-light model, clean balance sheet and strong cash flow, we believe we have ample opportunities to put capital to work in support of value creation and our growth agenda. Most importantly, we remain confident in the long-term sustainable growth potential for the YETI brand.

這種集體努力對於我們的成功至關重要，並使品牌處於有利地位，能夠實現成長、推動毛利率擴張和投資，同時繼續提高獲利能力。憑藉著輕資本模式、乾淨的資產負債表和強勁的現金流，我們相信我們有足夠的機會利用資本來支持價值創造和我們的成長議程。最重要的是，我們對 YETI 品牌的長期永續成長潛力仍然充滿信心。

With that, I'll now turn the call over to Mike.

這樣，我現在將把電話轉給麥克。

Thanks, Matt, and good morning, everyone. I'll start today with a quick update on the impact of our voluntary product recall on our GAAP results, followed by a more detailed look at our non-GAAP measures for the fourth quarter and fiscal year. I'll then provide our outlook for fiscal 2024 and some additional details on our capital allocation actions outlined today.

謝謝馬特，大家早安。今天，我將首先快速介紹自願產品召回對 GAAP 業績的影響，然後更詳細地介紹我們第四季度和財年的非 GAAP 措施。然後，我將提供我們對 2024 財年的展望以及今天概述的資本配置行動的一些其他細節。

Our GAAP results reported in today's press release includes favorable recall reserve adjustments of $4.9 million associated with the product recall that commenced last March. Specifically, sales benefited by $2.8 million, primarily due to lower-than-anticipated redemption rates, cost of goods benefited by $1.3 million due to lower costs related to recall logistics and product replacement remedy elections and SG&A benefited by $0.8 million due to lower other recall-related costs.

今天的新聞稿中報告的 GAAP 業績包括與去年 3 月開始的產品召回相關的 490 萬美元的有利召回準備金調整。具體而言，銷售額受益280 萬美元，主要是由於贖回率低於預期；由於與召回物流和產品更換補救選擇相關的成本降低，商品成本受益130 萬美元；由於其他召回減少，SG&A 受益80萬美元。相關費用。

These benefits have been excluded from our adjusted non-GAAP metrics. As we review our performance for the fourth quarter and fiscal year 2023, I would like to remind everyone that all of the financials discussed on today's call are adjusted non-GAAP metrics.

這些收益已被排除在我們調整後的非公認會計原則指標之外。在我們回顧第四季度和 2023 財年的業績時，我想提醒大家，今天電話會議上討論的所有財務數據都是調整後的非 GAAP 指標。

Now turning to our results for the quarter. Fourth quarter sales increased 6% to $517 million. We were pleased with a number of aspects of our business during the period. The Drinkware category grew 12% as our recent new product introductions helped drive a broad-based growth story across both wholesale and D2C.

現在轉向我們本季的業績。第四季銷售額成長 6%，達到 5.17 億美元。我們對在此期間業務的許多方面感到滿意。由於我們最近推出的新產品幫助推動了批發和 D2C 領域的廣泛成長，飲料類別成長了 12%。

Our D2C customer base continued to grow with gains in both new and returning customers. And our international business continued to show momentum, posting growth of almost 40% versus the prior period. These are all great indicators of our continued brand strength, the successful broadening of our product assortment and the significant opportunity that we have in front of us.

我們的 D2C 客戶群持續成長，新客戶和回頭客均增加。我們的國際業務持續呈現成長勢頭，較上年同期成長近 40%。這些都是我們持續的品牌實力、成功擴大我們的產品種類以及我們面前的重大機會的重要指標。

However, our top line results were below our expectations in Q4 largely due to the performance of coolers that Matt laid out, and then I will discuss a bit later. For the full year, sales increased 3% to $1.68 billion. By category, Drinkware sales increased 12% to $346 million, which was above our expectations. We had a fantastic lineup of new product launches during the fourth quarter, which not only broadened our portfolio but also strengthened our ability to take advantage of the trends in the market that we have seen throughout the year.

然而，我們第四季度的營收結果低於我們的預期，很大程度上是由於馬特佈置的冷卻器的性能，我稍後會討論。全年銷售額成長 3%，達到 16.8 億美元。按類別劃分，飲料器具銷售額成長 12%，達到 3.46 億美元，超出了我們的預期。我們在第四季度推出了一系列精彩的新產品，這不僅擴大了我們的產品組合，而且增強了我們利用全年市場趨勢的能力。

Draw mugs continue to be one of our best performing product families as we added a broader range of color options this year and then introduced our larger-sized 42-ounce version in November. Our bottles business continues to grow as we offered expanded color and lid options across many of our classic Rambler sizes as well as Yonder water bottles. The new smaller-sized Ramblers were well received in all of our markets around the globe due to both their stackable format as well as the new use cases that they offer both new and existing customers.

繪圖杯仍然是我們表現最好的產品系列之一，因為我們今年增加了更廣泛的顏色選擇，然後在 11 月推出了更大尺寸的 42 盎司版本。我們的瓶子業務持續成長，我們為許多經典 Rambler 尺寸以及 Yonder 水瓶提供了更多的顏色和蓋子選擇。新型小型 Rambler 因其可堆疊的格式以及為新舊客戶提供的新用例而在全球所有市場廣受好​​評。

Finally, we remain very pleased with the success of our growing range of tabletop offerings, including the previously released beverage bucket and the Q4 introductions of the cocktail shaker and wine chiller. Overall, Drinkware sales for the year increased 8%, crossing the $1 billion mark for the first time.

最後，我們對不斷增長的桌面產品系列的成功感到非常高興，包括先前發布的飲料桶以及第四季度推出的雞尾酒調酒器和葡萄酒冷卻器。整體而言，今年飲料器具銷售額成長了 8%，首次突破 10 億美元大關。

Coolers & Equipment sales decreased 4% to $162 million. This was below our expectations driven by lower demand for both hard and soft coolers as we saw signs of more cautious spending from consumers on higher ticket items. Demand for hard coolers have been strong for much of the year, but slowed during the holiday period.

冷卻器及設備銷售額下降 4%，至 1.62 億美元。這低於我們的預期，因為我們看到消費者對高價商品的支出更加謹慎的跡象，導致硬冷卻器和軟冷卻器的需求下降。今年大部分時間，硬式冷卻器的需求一直強勁，但在假期期間放緩。

In addition, our hard cooler growth was impacted by a challenging compare, given last Q4, we ran a successful end-of-life promotion and launched 2 new sizes within our Roadie family. Soft coolers, the full channel relaunch of the M-Series line drove year-over-year category growth in Q4. But sales from these newly released products were below our expectations.

此外，我們的硬冷卻器成長受到了具有挑戰性的比較的影響，考慮到上個季度，我們成功進行了生命週期終止促銷，並在 Roadie 系列中推出了 2 種新尺寸。軟冷卻器、M 系列產品線的全通路重新推出推動了第四季類別的年成長。但這些新發布產品的銷售量低於我們的預期。

We believe there were 2 factors that contributed to this. One, after being out of the market for most of the year, we believe the awareness for these new products is still building. And two, in an effort to maximize initial production, we elected to limit the assortment of color options within these products. We expect to have our full color portfolio available to us this year and are excited about the growth opportunity in soft coolers in 2024. Despite these near-term dynamics that impacted coolers in Q4, we remain very confident in these categories as we look to extend our category leadership by driving awareness and releasing new innovation.

我們認為有兩個因素造成了這種情況。第一，在退出市場一年的大部分時間後，我們相信這些新產品的知名度仍在增強。第二，為了最大限度地提高初始產量，我們選擇限制這些產品的顏色選擇種類。我們預計今年將推出全彩產品組合，並對 2024 年軟冷卻器的成長機會感到興奮。儘管這些近期動態影響了第四季度的冷卻器，但我們對這些類別仍然非常有信心，因為我們希望擴展透過提高意識和發布新的創新，我們在品類中處於領先地位。

Outside of coolers, our cargo line had a fantastic year. Our GoBox family was introduced early last year and consistently outperformed each quarter, benefiting from growing category awareness and expanded wholesale merchandising. Our bags business also had a strong quarter as we focus on driving ongoing category consideration for our Crossroads, Camino and hang up product families. For the full year, sales in the broader Coolers & Equipment category decreased 5% to $619 million.

除了冷卻器之外，我們的貨運線度過了美好的一年。我們的 GoBox 系列於去年初推出，受惠於不斷成長的品類意識和擴大的批發銷售，每季的表現都持續出色。我們的箱包業務本季也表現強勁，因為我們專注於推動 Crossroads、Camino 和懸掛產品系列的持續類別考量。全年，更廣泛的冷卻器和設備類別的銷售額下降 5%，至 6.19 億美元。

From a channel perspective, direct-to-consumer sales grew 9% to $344 million, representing 67% of total sales, driven by strength in Drinkware. We saw a relatively balanced performance within Amazon and e-commerce during the period, supported by growth of both new and returning customers across both digital channels.

從通路角度來看，在 Drinkware 實力的推動下，直接面向消費者的銷售額成長了 9%，達到 3.44 億美元，佔總銷售額的 67%。在此期間，我們看到亞馬遜和電子商業的表現相對平衡，這得益於兩個數位管道的新客戶和回頭客的成長。

This combined performance was somewhat offset by a continuation of several trends that we mentioned last quarter. First, we saw inconsistent corporate sales ordering, which led to a slight decline in sales from this channel versus the prior year period. And second, we continue to see lower average order values within e-commerce, which again had an impact on both our topline and our costs.

我們上季度提到的幾個趨勢的延續在一定程度上抵消了這種綜合表現。首先，我們看到企業銷售訂單不一致，導致該通路的銷售額較上年同期略有下降。其次，我們繼續看到電子商務的平均訂單價值較低，這再次對我們的營收和成本產生了影響。

For the full year, D2C sales increased 9% to $1.01 billion, representing 60% of overall sales mix compared to 57% last year. The approximate mix within D2C for the year consisted of 52% from our global websites and YETI stores, 25% from the Amazon marketplace and 23% from corporate sales.

全年 D2C 銷售額成長 9%，達到 10.1 億美元，佔整體銷售額的 60%，而去年為 57%。今年 D2C 的大致組合包括 52% 來自我們的全球網站和 YETI 商店，25% 來自亞馬遜市場，23% 來自企業銷售。

Wholesale sales increased 1% to $173 million with Drinkware growth offsetting a decline in Coolers & Equipment. Overall sell-through in the channel was positive, and we were very pleased with the performance of Drinkware on a sell-through basis. Consistent with what we are seeing in our DTC channels, our consumers that shop at one of our great retail partners are responding to new products, new colors and the breadth of our product offering.

批發銷售額成長 1%，達到 1.73 億美元，飲料器具的成長抵消了冷卻器和設備的下降。該通路的整體銷售是正面的，我們對 Drinkware 的銷售表現非常滿意。與我們在 DTC 通路中看到的情況一致，在我們偉大的零售合作夥伴之一購物的消費者對新產品、新顏色和我們產品系列的廣度做出了反應。

For the full year, wholesale channel sales decreased 5% to $675 million, reflecting both a cautious ordering environment and the absence of our M-Series products for much of the year. Outside the U.S., sales grew 39% to $86 million, representing nearly 17% of total sales with double-digit gains across all 3 regions, Europe, Australia and Canada.

全年批發通路銷售額下降 5% 至 6.75 億美元，反映出謹慎的訂購環境以及今年大部分時間沒有我們的 M 系列產品。美國以外的地區銷售額成長 39%，達到 8,600 萬美元，佔總銷售額的近 17%，歐洲、澳洲和加拿大這三個地區均達到兩位數成長。

For the year, international sales grew 28% to just under 16% of sales compared to 12% last year. We remain incredibly encouraged by what we are seeing in these markets. We have made and will continue to make investments to raise brand awareness and support future growth as we believe this is a significant growth driver for YETI going forward.

今年，國際銷售額成長了 28%，佔銷售額的比例略低於 16%，而去年為 12%。我們對這些市場的所見所聞仍然感到無比鼓舞。我們已經並將繼續進行投資，以提高品牌知名度並支持未來成長，因為我們相信這是 YETI 未來的重要成長動力。

As a final point on sales, this quarter did include $6.5 million of gift card redemptions related to remedies offered to customers impacted by the product recall. Gross profit increased 18% to $311 million or 60.2% of sales compared to 54.3% in the same period last year. Positive drivers of this 590 basis point increase include 380 basis points from lower inbound freight, 160 basis points from lower product costs, and 50 basis points from favorable channel mix.

作為銷售的最後一點，本季確實包括 650 萬美元的禮品卡兌換，這些禮品卡兌換與向受產品召回影響的客戶提供的補救措施有關。毛利成長 18%，達到 3.11 億美元，佔銷售額的 60.2%，去年同期為 54.3%。推動這 590 個基點成長的正面因素包括入境運費下降 380 個基點、產品成本下降 160 個基點以及有利的通路組合 50 個基點。

Full year gross profit increased 11% to $956 million, expanding 420 basis points to 56.9% of sales. SG&A expenses for the quarter increased 19% to $209 million or 40.3% of sales compared to 36% in the same period last year.

全年毛利成長 11%，達到 9.56 億美元，佔銷售額的比例提高 420 個基點，達到 56.9%。本季的 SG&A 費用成長 19%，達到 2.09 億美元，佔銷售額的 40.3%，而去年同期為 36%。

The drivers of this increase were consistent with prior quarters. Non-variable expenses increased 240 basis points as a percent of sales, driven by higher demand creation, a rebuild of incentive compensation costs for our employees and sustained investments in headcount to support our future growth.

這一成長的驅動因素與前幾季一致。受需求增加、員工激勵薪酬成本重建以及為支持未來成長而持續投資員工的推動，固定費用佔銷售額的百分比增加了 240 個基點。

Variable expenses increased 200 basis points as a percent of sales, primarily driven by the higher mix of our D2C channel. This includes higher Amazon marketplace fees and higher outbound freight expenses. In addition, like last quarter, variable expenses were impacted by lower AOVs within our e-commerce channels. Full year SG&A expenses increased 18% to $694 million, increasing 540 basis points to 41.3% of sales with year-over-year growth slightly above our original mid-teens outlook given the mix and ordering dynamics in our DTC channels that I just mentioned.

變動費用佔銷售額的百分比增加了 200 個基點，這主要是由於我們的 D2C 通路組合增加所致。這包括更高的亞馬遜市場費用和更高的出境運費。此外，與上季一樣，變動費用受到我們電子商務通路內 AOV 較低的影響。考慮到我剛才提到的DTC 通路的組合和訂購動態，全年SG&A 費用增長18%，達到6.94 億美元，佔銷售額的比例增加540 個基點，達到41.3%，同比增長略高於我們最初的15% 左右的預期。

Operating income increased 15% to $103 million or 19.8% of sales, an increase of 150 basis points over the 18.3% that we reported in the prior year period.

營業收入成長 15%，達到 1.03 億美元，佔銷售額的 19.8%，比我們去年同期報告的 18.3% 成長 150 個基點。

We were pleased by our return to operating margin expansion in Q4 following some of the recent macro and recall-related volatility of the past 2 years. For the full year, operating income decreased 4% to $263 million contracting 120 basis points year-over-year to 15.6% of sales. Net income increased 16% to $79 million or $0.90 per diluted share, compared to $0.78 in the prior year period. Full year net income declined 4% to $197 million or $2.25 per diluted share.

在經歷了過去兩年近期宏觀和召回相關的波動之後，我們對第四季度營業利潤率恢復擴張感到高興。全年營業收入下降 4%，至 2.63 億美元，年減 120 個基點，佔銷售額的 15.6%。淨利潤成長 16%，達到 7,900 萬美元，即稀釋後每股收益 0.90 美元，去年同期為 0.78 美元。全年淨利下降 4%，至 1.97 億美元，即稀釋後每股收益 2.25 美元。

Turning to our balance sheet. We ended the year with $439 million in cash compared to $235 million in the year ago period. Working capital efficiency supported this growth, driving more than a fourfold increase in free cash flow year-over-year to $235 million. This included a 9% reduction in inventory year-over-year to $337 million. Total debt, excluding unamortized deferred financing fees and finance leases, was $82 million compared to $90 million at the end of last year's fourth quarter.

轉向我們的資產負債表。截至年底，我們的現金為 4.39 億美元，而去年同期為 2.35 億美元。營運資本效率支持了這一增長，推動自由現金流年增四倍多，達到 2.35 億美元。其中庫存年減 9%，至 3.37 億美元。不包括未攤銷的遞延融資費用和融資租賃在內的債務總額為 8,200 萬美元，而去年第四季末為 9,000 萬美元。

During the quarter, we made a principal payment of $1 million on our term loan. Regarding our acquisitions of MYSTERY RANCH and Butter Pat Industries, both transactions were completed in Q1 of this year, utilizing cash on hand for a combined consideration of $48.5 million. As Matt mentioned, these acquisitions provide unique opportunities to accelerate product innovation in bags and cookware, 2 categories with significant addressable market sizes and that are a natural fit for the YETI brand.

本季度，我們支付了 100 萬美元的定期貸款本金。關於我們對 MYSTERY RANCH 和 Butter Pat Industries 的收購，兩筆交易均於今年第一季完成，利用手頭現金，總代價為 4,850 萬美元。正如 Matt 所提到的，這些收購為加速箱包和炊具的產品創新提供了獨特的機會，這兩個類別具有巨大的潛在市場規模，並且非常適合 YETI 品牌。

Now turning to our fiscal 2024 outlook. We expect full year sales to increase between 7% and 9% compared to fiscal 2023's adjusted net sales. There are a number of dynamics in our planned 2024 top line growth rate. First, we are taking a prudently conservative approach to planning our top line in a year where we expect ongoing spending pressures and macro uncertainty.

現在轉向我們的 2024 財年展望。與 2023 財年調整後的淨銷售額相比，我們預計全年銷售額將成長 7% 至 9%。我們計劃的 2024 年營收成長率存在多種動態。首先，我們正在採取審慎保守的方法來規劃我們今年的營收，預計支出壓力和宏觀不確定性將持續存在。

Second, as a reminder, we do have the gift card redemptions in our fiscal 2023 results. We do not expect to see the same level of redemptions in fiscal 2024. As has been our practice, our outlook does not include an assumption for future gift card redemptions. Third, our sales outlook does assume approximately 200 basis points of growth from our recent acquisitions.

其次，提醒一下，我們的 2023 財年業績確實有禮品卡兌換。我們預計 2024 財年不會出現同樣水準的兌換。按照我們的慣例，我們的前景不包括對未來禮品卡兌換的假設。第三，我們的銷售前景確實假設我們最近的收購將成長約 200 個基點。

However, as we integrate the products in YETI, we do expect some interplay between the MYSTERY RANCH product line and the existing YETI bags product line. From a channel perspective, we expect balanced channel growth between wholesale and D2C. Over the last few years, you all have seen our DTC businesses grow much faster than our wholesale business. There are a few dynamics that are causing the channels to grow more in line with each other in fiscal 2024. First, sales of MYSTERY RANCH products will have a higher mix of wholesale sales in year 1. MYSTERY RANCH currently goes to market through 4 primary channels, direct; traditional outdoor retail; specialty; and international 2-step distribution. Second, we will continue the measured rollout of Tractor Supply.

然而，當我們將產品整合到 YETI 時，我們確實預期 MYSTERY RANCH 產品線和現有 YETI 箱包產品線之間會產生一些交互作用。從通路角度來看，我們預期批發和D2C之間的通路成長將保持平衡。在過去的幾年裡，大家都看到我們的DTC業務比我們的批發業務成長得快得多。有一些動態導致 2024 財年各通路的成長更加一致。首先，第一年 MYSTERY RANCH 產品的銷售將有更高的批發銷售組合。MYSTERY RANCH 目前透過 4 個主要管道進入市場管道，直接；傳統戶外零售；專業;和國際兩步驟分銷。其次，我們將繼續有計劃地推出拖拉機供應。

We are very pleased with the partnership so far and any 2024 sell-in will be well supported by sell-through trends. From a category perspective, we expect Coolers & Equipment growth to outpace Drinkware growth due to 2 factors, first, having our full portfolio of soft coolers in 2024; and second, due to the incremental sales of MYSTERY RANCH products.

我們對迄今為止的合作關係感到非常滿意，2024 年的任何銷售都將得到銷售趨勢的有力支持。從類別角度來看，我們預期冷卻器和設備的成長將超過飲料器具的成長，原因有二：首先，我們將在 2024 年擁有完整的軟冷卻器產品組合；二是MYSTERY RANCH產品銷售增量。

From a geographic perspective, we expect international growth of between 20% and 25% and domestic growth in the mid-single-digit range. In terms of phasing across the year, we expect a stronger growth rate in the first quarter with more balanced growth for the duration of the year. This relative strength in Q1 largely reflects better wholesale sell-in opportunities as our inventory in the channel is in a much healthier position coming out of this holiday season versus the prior year.

從地理角度來看，我們預計國際成長將在 20% 至 25% 之間，國內成長將在中個位數範圍內。從全年分階段來看，我們預計第一季成長率將更加強勁，全年成長將更加平衡。第一季的相對強勢很大程度上反映了更好的批發銷售機會，因為我們在這個假期季節後通路中的庫存與去年相比處於更健康的狀態。

We expect gross margins of approximately 57.5% for the year, up from 56.9% in fiscal 2023, which was also above our most recent expectation of 56.5%. The ongoing recovery of inbound freight costs remains the largest driver of margin expansion this year, that we have factored in some offset stemming from the ongoing complex in the Red Sea. Additional product cost opportunities are expected to be partially offset by the pricing actions in hard coolers that Matt mentioned, while channel mix is expected to be roughly neutral. From a timing perspective, we expect much stronger year-over-year margin expansion in the first half of the year.

我們預計今年毛利率約為 57.5%，高於 2023 財年的 56.9%，也高於我們最近預期的 56.5%。入境貨運成本的持續復甦仍然是今年利潤率擴張的最大驅動力，我們已將紅海持續複雜的局勢所產生的一些抵消因素考慮在內。額外的產品成本機會預計將被馬特提到的硬冷卻器的定價行為部分抵消，而通路組合預計將大致保持中性。從時間角度來看，我們預計今年上半年的利潤率年增將更加強勁。

In SG&A, we expect year-over-year growth to be in the range of sales growth, inclusive of the annualization of last year's investments as well as continued investments in fiscal 2024. Our investments are focused on several key areas to support future growth, including global expansion, continued growth within our D2C business and building out the infrastructure needed to support future M&A opportunities. We expect SG&A growth will start the year up double digits with growth moderating in the second half. Together, we expect adjusted operating margin of approximately 16% for the year, compared to 15.6% in fiscal 2023.

在 SG&A 方面，我們預計同比成長將在銷售成長範圍內，包括去年投資的年化以及 2024 財年的持續投資。我們的投資集中在支持未來成長的幾個關鍵領域，包括全球擴張、D2C 業務的持續成長以及建立支持未來併購機會所需的基礎設施。我們預計 SG&A 成長將在年初實現兩位數成長，下半年成長放緩。總之，我們預計今年調整後的營業利潤率約為 16%，而 2023 財年為 15.6%。

Below the operating line, we expect an effective tax rate of approximately 25.3% for fiscal 2024, slightly above the 24.8% rate last year. Based on full year diluted shares outstanding of approximately 87.4 million, we expect adjusted earnings per diluted share to increase 9% to 11% to between $2.45 and $2.50 compared to $2.25 in fiscal 2023. As Matt noted, our Board recently authorized a $300 million share repurchase program. Our outlook assumes a level of share buyback to offset planned share count dilution for the year.

在營業線以下，我們預計 2024 財年的有效稅率約為 25.3%，略高於去年的 24.8%。基於全年攤薄後流通股約為8,740 萬股，我們預計調整後每股攤薄收益將成長9% 至11%，達到2.45 至2.50 美元，而2023 財年為2.25 美元。正如馬特指出的，我們的董事會最近授權發行3 億美元的股票回購計畫。我們的前景假設一定程度的股票回購可以抵消今年計劃的股票數量稀釋。

We will be opportunistic with the remaining authorization as we look to return value to shareholders over time. We expect capital expenditures of approximately $60 million, which is in the range of prior years and reflects continued investments across global technology, product expansion, customization capabilities and retail store openings.

我們將利用剩餘的授權來把握機會，因為我們希望隨著時間的推移向股東回報價值。我們預計資本支出約為 6,000 萬美元，處於前幾年的範圍內，反映了在全球技術、產品擴展、客製化能力和零售店開設方面的持續投資。

We expect free cash flow of between $100 million and $150 million for the year. Overall, while we have embedded some caution into our 2024 outlook, we are excited to enter the year with expected growth across all channels, all categories and all geographies. We have opportunities to drive deeper connections with more customers, leverage our expanding product portfolio, including our integration of the 2 acquisitions and further develop and scale several aspects of our international businesses.

我們預計今年的自由現金流將在 1 億至 1.5 億美元之間。總體而言，雖然我們對 2024 年的展望持謹慎態度，但我們很高興進入這一年，所有管道、所有類別和所有地區都將實現預期成長。我們有機會與更多客戶建立更深入的聯繫，利用我們不斷擴大的產品組合，包括對兩次收購的整合，並進一步發展和擴大我們國際業務的多個方面。

We expect to thoughtfully balance our gross margins and investments to drive operating margin leverage, and we will look at additional opportunities to deploy capital that support our growth initiatives and return value to shareholders.

我們希望仔細平衡我們的毛利率和投資，以提高營業利潤率，並且我們將尋找更多機會來部署資本，以支持我們的成長計劃並為股東回報價值。

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)

（操作員說明）

The first question today comes from Brooke Roach with Goldman Sachs.

今天的第一個問題來自高盛的布魯克·羅奇。

Mike, I was hoping you could contextualize how you're thinking about the medium- to long-term growth outlook for the YETI brand as some of these core categories like hard coolers and Drinkware become a little bit more mature, and then as you bridge that midterm outlook to FY '24, can you elaborate on how you're thinking about the drivers of your outlook for organic growth in both coolers and Drinkware as you think through pricing actions in coolers, the macro and discretionary trends that you might be seeing and competitor category dynamics?

麥克，我希望您能具體說明一下您對 YETI 品牌中長期增長前景的看法，因為其中一些核心類別（如硬冷卻器和飲料器皿）變得更加成熟，然後當您橋接時24 財年中期展望，當您思考冷卻器的定價行為、您可能看到的宏觀和酌情趨勢時，您能否詳細說明您如何看待冷卻器和飲料器具有機增長前景的驅動因素以及競爭對手的品類動態？

As we think about and we stack up our growth levers over the medium and long term, we remain incredibly bullish on the YETI brand and the TAM that, that brand has. And the thing that we've built for the last 15-plus years in building out YETI's relevance, its audience, the global nature of it. And so we'll break it down in the medium and long term over -- across a number of things. We think about products and product expansion, both the products we have in the portfolio today, not the ones that are on road map.

當我們思考並累積中長期成長槓桿時，我們仍然非常看好 YETI 品牌和品牌所擁有的 TAM。我們在過去 15 年多的時間裡打造了 YETI 的相關性、受眾和全球性。因此，我們將在中長期內將其分解為多個方面。我們考慮產品和產品擴展，包括我們今天產品組合中的產品，而不是路線圖上的產品。

I think the success we saw last year, particularly in Drinkware and seeing that expansion as we continue to redefine that category and what's possible in this broader food and beverage space. We think about customer growth, both our domestic and global customer growth and acquisition. And then the globalization of the business and the success we've had in these relatively early markets around the world and the markets that we aren't currently in. And then when you add in our philosophy and our approach to M&A as an innovation extension, we announced the MYSTERY RANCH acquisition and the Butter Pat acquisition really as expansionary in the product portfolio.

我認為我們去年看到了成功，特別是在飲料方面，隨著我們繼續重新定義該類別以及在這個更廣泛的食品和飲料領域的可能性，我們看到了這種擴張。我們考慮客戶成長，包括國內和全球客戶的成長和取得。然後是業務的全球化以及我們在全球這些相對早期的市場以及我們目前尚未涉足的市場中取得的成功。然後當你添加我們的理念和我們的併購方法作為創新延伸時，我們宣布收購MYSTERY RANCH 和收購Butter Pat 確實是為了擴大產品組合。

So think about them as things that come in and they hit our product road map and help us continue to grow underneath this YETI brand. We continue to support the brand. We continue to believe that all those levers stack up to supporting double-digit growth potential underneath the YETI brand. And that TAM is large. The other thing I would add is that we're building the business to support that and evolving our business model as we built this incredibly strong commercialization engine that's diverse and its reach and then investing in the future. And I think that's how we look at it in the near term, but really that's how we build out our medium- and long-term growth algorithm.

因此，將它們視為進來的東西，它們符合我們的產品路線圖，並幫助我們在 YETI 品牌下繼續發展。我們將繼續支持該品牌。我們仍然相信，所有這些槓桿疊加起來將支持 YETI 品牌實現兩位數的成長潛力。而且 TAM 很大。我要補充的另一件事是，我們正在建立業務來支持這一點，並發展我們的業務模式，因為我們建立了這個令人難以置信的強大商業化引擎，它是多樣化的，其影響範圍，然後投資未來。我認為這就是我們在短期內看待它的方式，但實際上這就是我們建構中長期成長演算法的方式。

And then Brooke, as it relates to 2024, specifically, obviously, the guide was 7% to 9% growth for the year. And I think there's a couple of important points that I'd call out, number one, like we said, we felt it was appropriate to factor in some level of caution for the year, given it's our first outlook and as we look at the current environment; second, there's both -- there's -- we said there's 200 basis points from M&A, but I think it's important to note that there could be some interplay between the MYSTERY RANCH bag business and our bags business. But as we look at the other pillars that could drive growth, I mean, international, we expect to be a driver of growth next year.

然後布魯克，因為它與 2024 年有關，具體來說，顯然，該年的指導是 7% 到 9% 的增長。我認為我要指出幾個重要的觀點，第一，就像我們所說的，考慮到這是我們的第一個展望，並且當我們審視今年的情況時，我們認為對今年採取一定程度的謹慎態度是適當的。當前環境；其次，我們說過併購帶來了 200 個基點，但我認為重要的是要注意 MYSTERY RANCH 包袋業務和我們的包袋業務之間可能存在一些相互作用。但當我們審視可能推動成長的其他支柱時，我的意思是國際成長，我們預計將成為明年成長的驅動力。

At a category level, we'll expect CE to grow slightly faster than Drinkware really and I think there's -- one of the big factors there is getting the soft coolers back out, which we're really excited about. And then from a channel perspective, we've got growth across both wholesale and D2C. So I think the really important part for us and what we really want to call out is that it's a broad-based growth story across our entire business, channels, categories, geographies, and we're focused on delivering the year.

在品類層面，我們預期消費性電子產品的成長速度實際上會比飲料器具稍快一些，我認為其中一個重要因素是軟冷卻器的回歸，我們對此感到非常興奮。然後從通路角度來看，我們在批發和 D2C 方面都取得了成長。因此，我認為對我們來說真正重要的部分以及我們真正想要指出的是，這是一個跨越我們整個業務、渠道、類別、地域的廣泛增長故事，我們專注於實現這一年的目標。

The next question comes from Peter Benedict with Baird.

下一個問題來自彼得·本尼迪克特和​​貝爾德。

First one, just on the new brand or the M&A that's happening, is your plan to kind of run out those products under their legacy brands? Are you going to flip them to YETI? Are you going to have the legacy brand by YETI? What's the approach there? Matt, maybe how you're thinking about that kind of longer term? And as you mentioned kind of some building blocks that would support double-digit growth longer term for the YETI brand, is that to say that you think that 10% to 15% top line algo is still the right way to think about the business longer term and that, that's inclusive of M&A and wholesale distribution gains, et cetera, both domestically and internationally? That's my first question.

第一個，就新品牌或正在進行的併購而言，您是否計劃在其傳統品牌下淘汰這些產品？你要把它們換成YETI嗎？您打算擁有 YETI 的傳統品牌嗎？那裡有什麼方法？馬特，也許你是如何考慮這種長期的？正如您所提到的一些構建模組可以支持 YETI 品牌長期實現兩位數增長，這是否意味著您認為 10% 到 15% 的營收演算法仍然是長期考慮業務的正確方式這包括國內和國際的併購和批發分銷收益等嗎？這是我的第一個問題。

I would say when we think about M&A, and we talk about it as product expansionary, part of the thesis is the ability to leverage the halo of the YETI brand, the commercial go-to-market platforms that we've built and the global expansion we have. I think in the near term, I would expect us to operate these acquisitions, in particular, MYSTERY RANCH and YETI in 2024, largely as they are, while we work on the integration. But as we think about forward road mapping, I think the expectation is that the technology, the design, the talent and team that we'll put behind, that really will be to build out a larger YETI portfolio and take advantage of this front-end commercialization engine we have.

我想說，當我們考慮併購時，我們將其視為產品擴張，論文的一部分是利用 YETI 品牌光環、我們建立的商業上市平台以及全球市場的能力。我們有擴張。我認為在短期內，我預計我們將在 2024 年運營這些收購，特別是 MYSTERY RANCH 和 Yeti，基本上按原樣進行，同時我們致力於整合。但當我們考慮未來的路線圖時，我認為我們的期望是我們將投入的技術、設計、人才和團隊，這實際上將是建立一個更大的 YETI 產品組合併利用這一前沿優勢——我們擁有終端商業化引擎。

I think with each acquisition, there are also nuances and specifics. There are areas where the MYSTERY RANCH brand has incredible relevance and credibility and we'll continue to stoke and foster that because I think that's important for both storytelling, innovation, how we build out the overall portfolio. But really, when we think about M&A, it's not the beginning of building a house of brand strategy. It's really how we build underneath what we believe is the potential in the TAM for YETI.

我認為每次收購都存在細微差別和細節。神秘牧場品牌在某些領域具有令人難以置信的相關性和可信度，我們將繼續推動和培育這一點，因為我認為這對於講故事、創新以及我們如何建立整體產品組合都很重要。但實際上，當我們考慮併購時，這並不是建立品牌策略之家的開始。這確實是我們如何在 YETI 的 TAM 中建立我們所相信的潛力的方式。

Now I think when we think about the growth algorithm, I'll go back to what I said in response to Brooke's question. The building blocks, we believe are there. That's how we're investing behind the business. That's how we're building the team. That's the focus from a product engine and from a commercialization and globalization. We're not updating our long-term growth algorithm on this call right now, but I wanted to convey, those are the building blocks as we think about this business getting to double digit and back to double-digit growth.

現在我想當我們考慮成長演算法時，我會回到我在回答布魯克的問題時所說的。我們相信，構建模組就在那裡。這就是我們在業務背後進行投資的方式。這就是我們建立團隊的方式。這是產品引擎、商業化和全球化的重點。我們現在不會在這次電話會議上更新我們的長期成長演算法，但我想傳達的是，這些是我們考慮該業務實現兩位數成長並恢復兩位數成長的基石。

Got it. Understood. And my second question is around kind of the sourcing and the inbound freight. You've mentioned some inbound freight considerations given what's going on in the Red Sea. Can you talk a little bit about how you've worked your contract versus spot mix?

知道了。明白了。我的第二個問題是關於採購和入境貨運的類型。鑑於紅海的情況，您提到了一些入境貨運注意事項。您能談談您是如何處理合約與現貨混合的嗎？

I know historically, you've done a lot of spot. That's still the case. And then just remind us your sourcing mix, where your products are coming from, tariffs have become a discussion topic in the market. I recall last time, some of your soft products were coming from China, and they were tariffed. We know your Drinkware is there. But maybe give us an update on where you're sourcing and with specific to that what's coming out of China today.

我知道，從歷史上看，你已經做了很多事。情況依然如此。然後提醒我們您的採購組合，您的產品來自哪裡，關稅已成為市場上的討論主題。我記得上次你們的一些軟產品來自中國，而且被加了關稅。我們知道您的飲具就在那裡。但也許請告訴我們您在哪裡採購的最新情況，以及今天從中國採購的具體情況。

Peter, it's Mike. I'll take the first question, and thanks for the question. So I'd say, on the Red Sea, it's something we're watching very closely. We do think inbound freight container cost savings are going to be the primary driver of our margin story this year, just like in 2023. We did factor in some offset due to the situation in the Red Sea. From a contracting, I would say, a large piece of our rates are contracted but there can be certain surcharges that get charged when something like this happens.

彼得，是麥克。我來回答第一個問題，謝謝你的提問。所以我想說，在紅海，我們正在密切關注這個問題。我們確實認為，與 2023 年一樣，入境貨運貨櫃成本的節省將成為我們今年利潤故事的主要驅動力。由於紅海的情況，我們確實考慮了一些抵消因素。我想說，從簽約的角度來看，我們的大部分費率都是簽約的，但當發生類似情況時，可能會收取一定的附加費。

So that's why you can see some higher rates get charged. But I think the caution that we talked about in our outlook, our outlook, it applies both top line and margins, we feel really good about delivering the gross margin that we put out today, given all the factors involved, the freight -- lower freight costs, product cost savings, situation that we talked about in the Red Sea as well as the hard cooler pricing changes that Matt talked about.

這就是為什麼您會看到收取更高費率的原因。但我認為我們在前景中談到的謹慎，我們的前景，它適用於營收和利潤率，考慮到所涉及的所有因素，運費 - 較低，我們對今天公佈的毛利率感到非常滿意運費成本、產品成本節省、我們在紅海談到的情況以及馬特談到的硬質冷卻器定價變化。

I think the thing I would add, Peter, is the majority of any disruption we see on the Red Sea, direct disruption is primarily in support of our European business. The majority of our freight lanes that come to the U.S. don't. We don't expect to see that direct disruption that you read about in the news. I think when it comes to tariffs at the risk of over speculating on what could be, the thing I would point to is the way we handled it back in 2018 when the China tariffs hit.

彼得，我想我要補充的是，我們在紅海看到的大部分幹擾，直接幹擾主要是為了支持我們的歐洲業務。我們前往美國的大多數貨運路線都沒有。我們預計不會看到您在新聞中讀到的那種直接破壞。我認為，當談到關稅問題時，我想指出的是 2018 年中國關稅來襲時我們的處理方式。

We've had significant change in our supply base since 2018 and then kind of well documented evolution of our Softgoods business primarily out of China in response to that. And I think as our sourcing level has evolved, we've moved things to North America. We've moved things throughout Southeast Asia. We still have a primary source base of Drinkware in China. But as we've indicated, we've been working since -- actually before 2018 on alternative locations to augment our Drinkware and we're successfully sourcing product today outside of China for Drinkware. But China is still the primary base for our Drinkware business.

自 2018 年以來，我們的供應基礎發生了重大變化，隨後我們的紡織品業務（主要來自中國）的演變有據可查，以應對這一變化。我認為隨著我們的採購水準不斷提高，我們已經將業務轉移到了北美。我們已經把東西搬到整個東南亞了。我們在中國仍然擁有飲料用具的主要來源基地。但正如我們所指出的，我們從那時起（實際上是在 2018 年之前）就一直在尋找替代地點來增強我們的 Drinkware，並且今天我們成功地在中國境外為 Drinkware 採購產品。但中國仍是我們飲具業務的主要基地。

I think the thing I would take away from it is -- are 2 things. One, regardless of what may come, we continue to evolve and diversify our supply base. That's part of the mission of our supply chain and operations team. The second thing is when these things happen, we have a playbook and we successfully ran it back in 2018, we would anticipate doing the same thing if they were to come.

我認為我要從中汲取的東西是──有兩件事。第一，無論發生什麼，我們都會繼續發展我們的供應基礎並使之多樣化。這是我們供應鏈和營運團隊使命的一部分。第二件事是，當這些事情發生時，我們有一個劇本，我們在 2018 年成功運行了它，如果它們發生，我們預計會做同樣的事情。

The next question comes from Peter Keith with Piper Sandler.

下一個問題來自 Peter Keith 和 Piper Sandler。

Just looking at wholesale, you've talked all year about sell-through outpacing sell-in, I guess how is the gap between those 2 trending? Is that widening or narrowing and even on that sell-through trend, has that softened with the cooler weakness? Or has that started to pick up as 2023 progressed?

就批發而言，您全年都在談論銷售量超過銷售量，我想這兩個趨勢之間的差距如何？這種情況是在擴大還是在縮小，甚至在銷售趨勢上，這種情況是否會隨著疲軟的降溫而減弱？或者隨著 2023 年的進展，這種情況是否開始好轉？

So I'd say -- and like we said in our prepared remarks, sell-through growth, which is really just in the U.S. was positive, and it was really strong in Drinkware. Some of the dynamics we talked about with coolers applied on a sell-through basis as well. The gap -- and you're right, we've talked about this all year long, where there's been a gap between sell-through and sell-in.

所以我想說——就像我們在準備好的發言中所說的那樣，銷售量增長（僅在美國）是積極的，而且在 Drinkware 領域確實很強勁。我們討論的一些與冷卻器相關的動態也適用於銷售情況。差距－你是對的，我們一整年都在討論這個問題，即售出率和售入率之間存在差距。

A lot of that was driven by coming out of last holiday season, and we talked about this being a little -- the channel being a little higher on inventory and I'm seeing some caution from some of our retail partners, the gap significantly narrowed in Q4. And we would expect that to sort of continue as we go into 2024, given we feel really good about our inventory position coming out of this holiday season, and we expect to stay more in balance as we go through this year.

其中很大一部分是由於上個假期季節的結束而推動的，我們談到了這一點——渠道庫存略高，我看到我們的一些零售合作夥伴持謹慎態度，差距顯著縮小在第四季度。鑑於我們對這個假期結束後的庫存狀況感覺非常好，我們預計這種情況將在進入 2024 年時繼續下去，並且我們預計今年將保持更加平衡。

Okay. Helpful. And then maybe just sticking on the cooler weakness, understanding it's a bigger ticket category. I guess, is there an element there with coolers and specifically hard coolers where there's maybe a little bit of lack of newness from the last 12 months that may pressure that category more so than others in the portfolio?

好的。有幫助。然後也許只是堅持更冷的弱點，了解這是一個更大的門票類別。我想，冷卻器，特別是硬冷卻器中是否有一個元素，在過去 12 個月中可能有點缺乏新鮮感，這可能會比產品組合中的其他類別給該類別帶來更大的壓力？

I would say, we launched some really exciting products late last year in our Wheeled Coolers in 2 larger sizes, a little higher price point and the overall stack of our coolers kind of on the higher end of what we consider our consumer pricing. We feel great about those products. They really sort of settled into the market in 2023. They were part of the growth story for the first 9 months, but really the portfolio performed in the first 9 months.

我想說，去年年底，我們在輪式冷卻器中推出了一些非常令人興奮的產品，有2 種更大的尺寸，價格稍高一些，並且我們的冷卻器的整體堆疊處於我們認為的消費者定價的高端。我們對這些產品感覺很好。他們確實在 2023 年進入了市場。他們是前 9 個月成長故事的一部分，但實際上投資組合在前 9 個月表現良好。

So Q4 was the outlier for us. I think as you heard on the call, we've got some things coming this year that we're really excited about, both in what they address from a consumer need perspective, the price points they hit while still maintaining as we would, the YETI premium and being something that is both highly functional and durable and delivered all the performance we want.

所以第四季對我們來說是異常值。我認為，正如您在電話會議中聽到的那樣，我們今年將推出一些令我們非常興奮的產品，無論是從消費者需求的角度解決的問題，還是在保持我們不變的同時達到的價格點， YETI 是優質產品，功能強大且耐用，並提供了我們想要的所有性能。

So I think you'll see that in Wheeled Cooler solution that we talked about on the call, and I think you're going to see it in some other coolers later as we go into the year.

因此，我認為您會在我們在電話會議中討論的輪式冷卻器解決方案中看到這一點，並且我認為當我們進入今年時，您會在其他一些冷卻器中看到它。

So we feel great about the rounding out of the lineup on hard coolers. I think soft coolers really being back in full force with a full assortment in a full kind of addressing of the color range. I think it's a great thing. And then getting back and telling the consumers they're back and ready to go. I mean that was a highlight product for us as we wrapped 2022. And obviously, 2023, we had the voluntary recall, but we're ready to get back at it with the soft coolers. And I think you'll see us a little loud out there about the soft coolers and really getting after the hard cooler new product launches this year.

因此，我們對硬質冷卻器產品陣容的完善感到非常高興。我認為軟冷卻器確實全面回歸，擁有完整的品種和完整的顏色範圍。我認為這是一件很棒的事。然後返回並告訴消費者他們回來了並準備好出發。我的意思是，當我們結束 2022 年時，這對我們來說是一個亮點產品。顯然，到 2023 年，我們進行了自願召回，但我們已經準備好用軟冷卻器來反擊它。我想你會看到我們對軟冷卻器的宣傳有點大聲，並且真正關註今年硬冷卻器新產品的推出。

The next question comes from Robby Ohmes with Bank of America.

下一個問題來自美國銀行的羅比·歐姆斯 (Robby Ohmes)。

So I wanted to follow up on the M&A strategy since I think this is the first chance we've had to really hear you talk about it. So a couple of things. Can you -- are you -- when you're making these acquisitions and maybe future acquisitions, is there a significant IP in MYSTERY RANCH or Butter Pat that's applicable to the YETI line? Is there like an IP story behind some of these acquisitions? And is that -- what you're looking at a lot in future acquisitions? And you guys have mentioned the play between MYSTERY RANCH and YETI as something to think, can you elaborate a little more on that? Like we should expect YETI to be a little softer, maybe in certain places because of the MYSTERY RANCH acquisition? I just wanted to get more clarification on that.

所以我想跟進併購策略，因為我認為這是我們第一次有機會真正聽到你談論它。有幾件事。當您進行這些收購以及未來的收購時，您能否—在 MYSTERY RANCH 或 Butter Pat 中是否存在適用於 YETI 系列的重要智慧財產權？其中一些收購背後是否有類似的智慧財產權故事？這就是您在未來收購中經常關注的內容嗎？你們提到《神秘牧場》和《YETI》之間的比賽值得思考，你能詳細說明一下嗎？就像我們應該預期 YETI 會稍微軟一些，也許在某些地方是因為 MYSTERY RANCH 的收購？我只是想得到更多澄清。

Yes, I would say whenever we -- and we talked a little bit about this, but whenever we look at M&A through the lens of product, which is really what we're doing here, we're looking for talent acquisition in what I would call technology or designs and kind of technology and designs in conjunction for what they bring that we think is a differentiated point of view that's leverageable and it's scalable.

是的，我想說，每當我們——我們對此進行了一些討論，但每當我們透過產品的角度看待併購時，這正是我們在這裡所做的，我們正在尋找我所從事的人才收購工作。將技術或設計以及它們所帶來的技術和設計結合起來，我們認為這是一種可利用且可擴展的差異化觀點。

So when I think about the MYSTERY RANCH acquisition and when you think about the YETI product portfolio today in bags, we have high-end waterproof, fully submersible packs that have been a wonderful part of the YETI story. We've expanded into kind of higher end everyday packs. MYSTERY RANCH really brings 2 things that I think are important. One, impacts, one is carry and the other one's access, how you use the product. And there are some things around the MYSTERY RANCH designs that are protectable and have been protected that we really like around the carry and around the access and design that we think has the potential to be really ownable, scalable, identifiable as you think about building out the Packs brand.

因此，當我想到收購 MYSTERY RANCH 時，當您想到今天的 YETI 箱包產品組合時，我們擁有高端防水、完全潛水式背包，它們是 YETI 故事中精彩的一部分。我們已經擴展到更高端的日常包。神秘牧場確實帶來了我認為很重要的兩件事。一是影響，一個是攜帶，另一個是訪問，你如何使用該產品。圍繞著神秘牧場的設計，有一些東西是可保護的，並且已經受到保護，我們非常喜歡圍繞攜帶、訪問和設計，我們認為當您考慮建造時，這些東西有潛力真正可擁有、可擴展、可識別包品牌。

So it is something that as we look at acquisitions, technology, design, talent are really the 3 big things because we are thinking about this like additions to our product development engine. As it relates to the interplay between YETI legacy bags and the MYSTERY RANCH packs, I think what Mike was expressing is we just don't know exactly how they'll interplay. And kind of when you do this, you create awareness around the category.

因此，當我們考慮收​​購時，技術、設計、人才確實是三件大事，因為我們正在考慮將其視為我們產品開發引擎的補充。由於它涉及 YETI 傳統套件和 MYSTERY RANCH 套件之間的相互作用，我認為 Mike 表達的是我們只是不知道它們將如何相互作用。當你這樣做時，你就建立了對該類別的認識。

And so as we bring those -- that assortment together, there's going to be some moving parts in there. There's going to be some SKU rationalization. There's going to be some price point rationalization, that's going to be kind of building up that assortment. So I think we just went into the year with a little bit of being thoughtful about how we plan for it in year 1. And then in year 2, we expect to kind of build out a more robust portfolio.

因此，當我們將這些種類放在一起時，其中將會有一些活動部件。將會有一些 SKU 合理化。將會有一些價格點合理化，這將在一定程度上擴大該品種。因此，我認為我們剛剛進入這一年，對第一年的計劃進行了一些思考。然後在第二年，我們期望建立一個更強大的投資組合。

Got you. That's really helpful. And then, Mike, I just want to clarify, on the 2024 guidance, just a couple of quick things. Do you expect Amazon to be a growth driver? Should it be balanced growth support from Amazon and YETI online in 2024, similar to 2023? Or would you be leaning on 1 channel more than another? And then the other clarification we get just the -- on the Non-wheeled Coolers and pricing and things like that, is there a need for inventory clearance in some of the legacy Non-wheeled large ticket coolers and we might see you guys showing up with those?

明白你了。這真的很有幫助。然後，麥克，我只想就 2024 年指導方針澄清幾件簡單的事情。您認為亞馬遜會成為成長動力嗎？ 2024年是否應該像2023年那樣，獲得亞馬遜和YETI在線的均衡成長支持？或者您會比另一個管道更依賴一個管道嗎？然後我們得到的另一個澄清是——關於無輪式冷卻器和定價以及類似的事情，是否需要清理一些傳統的無輪式大票冷卻器的庫存，我們可能會看到你們出現和那些？

I know a long time ago, you guys had shown up in the off-price channel with some soft cooler bags with the zipper that wasn't that great. But anything like that we should anticipate for 2024.

我知道很久以前，你們出現在折扣頻道時，帶著一些拉鍊不太好的軟冷藏袋。但我們應該在 2024 年預見類似的情況。

First, on the D2C subchannels, we expect relatively balanced growth across our own e-commerce, Amazon, corporate sales, the 3 major ones. Amazon obviously had a really, really strong year in 2023, and that was a big part of the SG&A story in 2023. As we go into 2024, we expect those to be more balanced. As we think about your second question around inventory, I mean, just to be clear, what we talked about was, as we're introducing new products, you've seen us do this before. We'll change our pricing stack to just make sure that the entire portfolio makes sense as we look at price versus value. And so that's really what's happening here. There are -- I would -- just to directly answer the question, there's really no inventory clearance risk as we look out to the year.

首先，在D2C子通路上，我們預期自有電商、亞馬遜、企業銷售三大通路的成長相對均衡。顯然，亞馬遜在 2023 年經歷了非常非常強勁的一年，這是 2023 年 SG&A 故事的重要組成部分。隨著我們進入 2024 年，我們預計這些將更加平衡。當我們考慮你關於庫存的第二個問題時，我的意思是，為了澄清，我們討論的是，當我們推出新產品時，你之前已經看到我們這樣做了。我們將更改定價堆棧，以確保在我們考慮價格與價值時整個投資組合有意義。這就是這裡發生的事情。我想直接回答這個問題，展望今年，確實不存在庫存清理風險。

You've seen us from time to time, take things end-of-life as we introduce new innovation. But there -- as we look out for the year, there's -- I wouldn't call out any significant risk for -- it's significant end of life is that any different than what we've done in the past.

您時常會看到我們在推出新的創新產品時淘汰產品。但是，當我們展望這一年時，我不會指出任何重大風險，它的重大終結是與我們過去所做的任何不同。

The next question comes from Jim Duffy with Stifel.

下一個問題來自吉姆·達菲和斯蒂菲爾。

I wanted to ask about the hard cooler category. The question is what gives you the confidence that the pressures are related to the macro versus simply maturity of the category and perhaps saturation of the addressable market after a number of strong years of sales?

我想問一下硬冷卻器類別。問題是，是什麼讓您確信這些壓力與宏觀因素有關，而不是與該類別的成熟度有關，或者在經歷了多年的強勁銷售之後，目標市場可能已經飽和？

Jim, this is Matt. Thanks for the question. I think that's a question that we've been answering for years on how many more hard coolers can you sell. And obviously, we've been selling hard coolers since 2006 and we've continued to drive growth in that. I think the thing that was most interesting, it's why we were -- tried to be very clear about that dynamic is we had 9 months of very strong consumer demand in hard coolers and we saw a pretty acute change in the fourth quarter. And when we go back through our continued improving in what I think are pretty powerful consumer analytics and data analytics capabilities now really, we started to piece apart the dynamic that came to play in Q4.

吉姆，這是馬特。謝謝你的提問。我認為這是我們多年來一直在回答的問題：你還能再銷售多少台硬式冷卻器。顯然，我們自 2006 年以來一直在銷售硬冷卻器，並且我們一直在繼續推動這一領域的成長。我認為最有趣的事情是，這就是為什麼我們試圖非常清楚地了解這一動態，因為我們在硬冷卻器方面有9 個月的消費者需求非常強勁，我們在第四季度看到了相當劇烈的變化。當我們回顧我們對我認為現在非常強大的消費者分析和數據分析能力的持續改進時，我們開始分解第四季度發揮的作用。

We look at the market opportunity, we look at consumers that own YETI cooler vis-a-vis consumers that know the YETI brand or own YETI Drinkware, we look at the global opportunity that remains untapped in hard coolers, the price points that we still haven't filled in, the mobility solutions, as we talked about with this Wheeled Cooler, and we believe that hard coolers has continued and a significant place for YETI going forward.

我們著眼於市場機會，我們著眼於擁有 YETI 冷卻器的消費者與了解 YETI 品牌或擁有 YETI Drinkware 的消費者，我們著眼於硬式冷卻器尚未開發的全球機會，我們仍然認為價格點尚未填寫移動解決方案，正如我們談論的輪式冷卻器一樣，我們相信硬冷卻器將繼續存在，並且是YETI 未來發展的重要地位。

So I think that challenge that consumer dynamic that we saw, I think the biggest thing for us was just how quickly that changed from 9 months of really strong performance.

因此，我認為我們看到的消費者動態面臨的挑戰，我認為對我們來說最重要的是，從 9 個月的強勁表現來看，這種變化有多快。

And then the Packs category, it seems like a lot of exciting opportunity there, including luggage. Layne's a great addition because the team -- he knows the category well. Curious how you see leveraging MYSTERY RANCH. I think of them as being appreciated by hunters for carrying heavy loads. Do you see the opportunity and expanding that capability to the YETI line? Or is there opportunity leveraging MYSTERY RANCH into broader categories like those occupied by Osprey and others, perhaps the larger addressable audiences?

然後是背包類別，那裡似乎有很多令人興奮的機會，包括行李箱。萊恩是一個很好的補充，因為他對團隊非常了解。很好奇您如何看待利用神秘牧場。我認為它們因攜帶重物而受到獵人的讚賞。您是否看到了機會並將這種能力擴展到 YETI 系列？或者是否有機會利用《神秘牧場》進入更廣泛的類別，例如魚鷹和其他產品所佔據的類別，也許是更大的目標受眾？

Yes, I would say -- thanks, Jim, and it's a great question, a great insight. MYSTERY RANCH is known for their carry systems. And what I mentioned earlier, and I believe Robby's question was carry and access are 2 hugely important things in driving differentiation in packs. And so we see with Layne's leadership and the talent team we now have in Bozeman with the talent -- incredibly talented team we have in Austin. The ability to really become not only a big player and a relevant player in outdoor broadly, but also everyday carry and I think that's where MYSTERY RANCH as a brand had made a little bit of move there, but their legacy history was really tied into those heavy hauling, heavy carry environments. And so that's why we saw incredibly complementary. And we think those technologies and those designs are leverageable and have more broad, more scalable application.

是的，我想說——謝謝，吉姆，這是一個很好的問題，一個很好的見解。神秘牧場以其攜帶系統而聞名。我之前提到過，我相信羅比的問題是攜帶和獲取是推動背包差異化的兩個非常重要的因素。因此，我們看到了萊恩的領導力和我們在博茲曼擁有的人才團隊，以及我們在奧斯汀擁有的才華橫溢的團隊。不僅能夠真正成為戶外領域的大玩家和相關玩家，而且能夠日常攜帶，我認為這就是 MYSTERY RANCH 作為一個品牌在這方面做出的一些舉動，但他們的遺產歷史確實與這些聯繫在一起重載、重載環境。這就是為什麼我們看到了令人難以置信的互補性。我們認為這些技術和設計是可利用的，並且具有更廣泛、更可擴展的應用。

The next question comes from Noah Zatzkin with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

With the comments around balanced channel growth this year, how should we think about the mix between DTC and wholesale looking longer term? Is the current mix kind of the right way to think about the business or would you expect to reaccelerate DTC relative to wholesale in 2025 and beyond?

鑑於今年有關通路平衡成長的評論，從長遠來看，我們應該如何考慮 DTC 和批發之間的組合？目前的組合是否是考慮業務的正確方式，或者您是否預計在 2025 年及以後重新加速 DTC 相對於批發的發展？

Noah, thanks for the question. So correct. So we expect the 2 channels to grow relatively in line with each other this year, but there -- there's really 1 thing I'd call out in that in year 1 of MYSTERY RANCH, we expect a higher mix of wholesale versus direct. So that's 1 factor that is driving them to kind of grow more in line with each other. But over the long term, we believe that D2C will grow faster than wholesale. And not only just with our investments in D2C across both e-commerce and corporate sales, strategic partnerships, stores, et cetera. But also as we look outside the U.S., we don't have that full complement of D2C channels in the other regions where we're operating, Europe, Canada, Australia.

諾亞，謝謝你的提問。非常正確。因此，我們預計今年這兩個管道的成長相對一致，但是，我確實要指出一件事，在神秘牧場的第一年，我們預計批發與直接的混合比例會更高。所以這是促使他們變得更加一致的因素之一。但從長遠來看，我們相信D2C的成長速度將快於批發。不僅僅是我們在電子商務和企業銷售、策略合作夥伴關係、商店等方面對 D2C 的投資。但當我們放眼美國以外的地區時，我們在歐洲、加拿大、澳洲等營運業務的其他地區並沒有完整的 D2C 管道。

So as we look to build out those other D2C channels within those new regions, we think that's going to help drive faster growth in D2C over the long term.

因此，當我們希望在這些新區域內建立其他 D2C 管道時，我們認為這將有助於推動 D2C 的長期更快成長。

The next question comes from Megan Alexander with Morgan Stanley.

下一個問題來自摩根士丹利的梅根亞歷山大。

I just wanted to maybe touch on the new price points in coolers. You've been pretty steadfast in wanting to maintain the premium positioning. So I guess how should we think about introducing some lower price points, your comments on marketing and how you kind of balance that with the strategy to maintain a premium position?

我只是想談談冷卻器的新價格點。您一直非常堅定地想要保持優質定位。所以我想我們應該如何考慮引入一些較低的價格點，您對行銷的評論以及您如何平衡這一點與保持溢價地位的策略？

Megan, thanks for the question. What I would say is we do not plan to introduce a price point that is a new price point -- entry price point for YETI being a place we've not been before. So this is not -- I wouldn't expect to see a significant step-down from any sort of pricing. This will make a lot of sense from bottom to top. And so it's a price point we've been at before.

梅根，謝謝你的提問。我想說的是，我們不打算引入一個新的價格點——YETI 的入門價格點是我們以前從未去過的地方。所以這不是——我不希望看到任何形式的定價大幅下降。這從下到上都很有意義。這是我們之前經歷過的價格點。

Okay. That makes a lot of sense. And then maybe just a follow-up on maybe MYSTERY RANCH in particular. Can you give us any more color on maybe the margin profile of that business? And what growth has maybe looked like for that business over the last year or two?

好的。這很有意義。然後也許只是《神秘牧場》的後續。您能給我們更多關於該業務的利潤狀況的資訊嗎？過去一兩年該業務的成長如何？

So we didn't disclose any specifics on the MYSTERY RANCH business other than to say what we believe the 2 acquisitions will provide this year from a total growth standpoint. And then we said that they are slightly EPS-accretive. But beyond that, I'd say from a margin profile, it doesn't have a -- obviously, we didn't call it out as a significant driver this year. And so I would not expect a -- we don't expect a significant impact from that in 2024. But I mean, like Matt said, we think there's significant opportunity to grow that business in the overall bags business. And both from a wholesale and a D2C standpoint and then also both inside the U.S. and international as well.

因此，我們沒有透露有關 MYSTERY RANCH 業務的任何細節，只是說我們認為從整體成長的角度來看，這兩項收購將在今年帶來什麼。然後我們說它們會略微增加每股盈餘。但除此之外，我想說，從利潤率來看，它沒有——顯然，我們今年沒有將其稱為重要的驅動因素。因此，我預計 2024 年不會產生重大影響。但我的意思是，正如馬特所說，我們認為在整個箱包業務中存在發展該業務的重大機會。無論是從批發和 D2C 角度來看，還是從美國國內和國際角度來看。

I would just add 1 thing, Megan, there's nothing about those packs structurally that's fundamentally different than YETI packs and I think as we evolve and grow and fit to channels to market, those are all part of our thesis on the opportunity that we see.

我只想補充一件事，梅根，這些包在結構上與YETI 包沒有什麼本質上的不同，我認為隨著我們的發展和成長並適應市場渠道，這些都是我們關於我們看到的機會的論文的一部分。

The next question comes from Brian McNamara with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Brian McNamara。

I just have one. I was hoping you could comment on what you're seeing in terms of competitive dynamics in Drinkware, given the competitor's recent emergence, in your view, is that competitor good for the category? Does it appeals to perhaps a different demographic? Or do you expect competitive pressures to increase from here?

我只有一個。我希望您能評論一下您所看到的 Drinkware 競爭動態，考慮到競爭對手最近的出現，在您看來，該競爭對手對該類別有利嗎？它是否吸引不同的人群？或者您預期競爭壓力會從此增加嗎？

Thanks, Brian. I would say YETI has dealt with competitors coming into our broadly defined space since our very beginning. And everything going back in history from private labels, knockoff, me-toos, brands entering. I think that the recent activity in Drinkware really fits in with the macro theme that we're seeing, which is an awareness around health and wellness hydration. So I think that sometimes competition brings awareness to a category and creates market opportunity. Obviously, we announced today that we have a $1 billion Drinkware business that had strong growth in the fourth quarter. And I think we not only appeal to a broad and diverse and growing broad and diverse audience.

謝謝，布萊恩。我想說，YETI 從一開始就一直在與進入我們廣泛定義的領域的競爭對手打交道。一切都可以追溯到歷史上，從自有品牌、仿冒品、模仿、品牌進入。我認為 Drinkware 最近的活動確實符合我們所看到的宏觀主題，即對健康和保健補水的認識。所以我認為有時競爭會提高某個類別的知名度並創造市場機會。顯然，我們今天宣布我們擁有價值 10 億美元的飲料器具業務，該業務在第四季度實現了強勁增長。我認為我們不僅吸引廣泛且多樣化且不斷增長的廣泛且多樣化的受眾。

But we also have a diverse assortment and we're covering a wide range within Drinkware and these expansion areas underneath the Drinkware that we're getting into. So I think I would say singular competition is bad. I think attention to the category is good. And I think our approach to it is long term and sustainable. And I think the YETI brand and the way we've built it has given us permission to touch a lot of different aspects and broader aspects within that category.

但我們也有各種各樣的產品，我們涵蓋了飲料器具以及我們正在進入的飲料器具下面的這些擴展領域。所以我認為單一競爭是不好的。我認為關注品類是好的。我認為我們的方法是長期且可持續的。我認為 YETI 品牌以及我們建立它的方式使我們能夠觸及該類別中的許多不同方面和更廣泛的方面。

The next question comes from Zach Riddle with William Blair.

下一個問題來自扎克·里德爾和威廉·布萊爾。

So just 2 quick questions here, but could you give us an update on the Tractor Supply rollout as far as maybe how many stores or kind of the breadth of product that's available within the stores? And then secondarily, on the wholesale front, with the acquisition of MYSTERY RANCH and Butter Pat, could you just give us your thoughts on maybe the need for new wholesale door growth as you pursue bags and cookware growth a little bit more aggressively?

這裡只有兩個簡單的問題，但您能否向我們介紹拖拉機供應推出的最新情況，以及商店內有多少家商店或商店內提供的產品種類？其次，在批發方面，隨著對 MYSTERY RANCH 和 Butter Pat 的收購，您能否告訴我們您的想法，即當您更積極地追求箱包和炊具增長時，可能需要新的批發門增長？

Zach, and thanks for the question. So it's what I'd say about Tractor Supply, first, we're -- we started it in the second half of this of 2023, really pleased and excited about the opportunity. We've been saying since the beginning that this will be a gradual rollout, it's going to be phased both in terms of the number of doors as well as the assortment per door. And so we don't give specific dollars for individual customers. But what I'd say is as we go out in 2024, any sell-in that we have is going to be backed up by sell-through.

札克，​​謝謝你的提問。因此，這就是我對 Tractor Supply 的看法，首先，我們在 2023 年下半年啟動了它，對這個機會感到非常高興和興奮。我們從一開始就一直在說，這將是一個逐步推出的過程，它將在門的數量以及每扇門的種類方面分階段進行。因此，我們不會為個人客戶提供具體的金額。但我想說的是，當我們在 2024 年推出時，我們的任何賣出都將得到售罄的支持。

So we'll have a -- we'll feel really comfortable as we go through the year in terms of this is us capturing consumer demand. And as we've talked about many times, we want to make sure that we're expanding the opportunities to reach new customers and new places with new products. And this is just really just part of that overall strategy.

因此，當我們度過這一年時，我們會感到非常舒服，因為我們抓住了消費者的需求。正如我們多次談到的，我們希望確保擴大透過新產品接觸新客戶和新地區的機會。這實際上只是總體戰略的一部分。

Yes. Zach, I would add on the -- as our portfolio continues to evolve and even our existing portfolio today, it creates opportunities for additional wholesale partners domestically and globally. Our approach to wholesale expansion has always been really thoughtful and first and foremost focused on driving the productivity of our existing partners, supporting our existing partners. We used to use the phrase of consolidate around strength because we thought that was a great way to support that important part of our omnichannel.

是的。扎克，我想補充一點——隨著我們的產品組合不斷發展，甚至我們今天現有的產品組合，它為國內和全球的更多批發合作夥伴創造了機會。我們的批發擴張方法一直非常周到，首要的重點是提高現有合作夥伴的生產力，並支持我們現有的合作夥伴。我們過去常常使用「鞏固實力」這個詞，因為我們認為這是支持我們全通路這一重要部分的好方法。

I think as the portfolio grows, I think there will be opportunity, probably less need than opportunity to go out and do that. And we've had a lot of success in the past working with our existing partners on expanding their assortment into categories that maybe they weren't naturally or historically in, which is a great win and something that we would primarily focus on as we look at additional opportunities.

我認為隨著投資組合的成長，我認為將會有機會，可能比走出去這樣做的機會更需要。過去，我們與現有合作夥伴合作，將他們的產品種類擴展到可能不自然或歷史上不屬於的類別，取得了巨大的成功，這是一個巨大的勝利，也是我們在尋找時主要關注的事情在額外的機會。

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, everyone, for joining today. We look forward to updating on our Q1 upcoming call, and have a wonderful rest of the week and weekend.

謝謝大家今天的加入。我們期待著第一季即將召開的電話會議的最新情況，並度過愉快的一周和週末。

The 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。