Yeti Holdings Inc (YETI) 2024 Q2 法說會逐字稿

Good morning ladies and gentlemen and welcome to the YETI holdings 2Q 2024 earnings conference call. (Operator Instructions) This call is being recorded on Thursday August 8, 2024.

女士們、先生們早安，歡迎參加 YETI Holdings 2024 年第二季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 8 月 8 日星期四。

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

現在我想將會議交給投資者關係副總裁 Tom Shaw 先生。請繼續。

Good morning and thanks for joining us to discuss YETI Holdings' second quarter fiscal 2024 results.

早安，感謝您與我們討論 YETI Holdings 的 2024 財年第二季業績。

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.

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.

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視為前瞻性陳述，而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實際結果有所不同從這些陳述中可以看出。

For more information, please refer to the risk factors detailed in our most recently filed Form 10-K. 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.

如需了解更多信息，請參閱我們最近提交的表格 10-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 discussed 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.

除非另有說明，我們在本次電話會議中討論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 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.

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。

And now I'd like to turn the call over to Matt.

現在我想把電話轉給馬特。

Thanks, Tom and good morning.

謝謝，湯姆，早安。

YETI wrapped a great first half of 2024 showcasing the strength of our brand, our products and our global go-to-market. As we’ve highlighted in the past, the second quarter includes a number of key moments, including Mother’s Day, Father’s Day in the return of summer, creating a perfect understanding for our branded products.

YETI 圓滿結束了 2024 年上半年，展現了我們品牌、產品和全球市場的實力。正如我們過去所強調的那樣，第二季度包括多個關鍵時刻，包括夏季回歸時的母親節、父親節，為我們的品牌產品創造了完美的理解。

On innovation across our portfolio, in particular coolers, proved to be impactful, creating what we believe will be momentum going into the second half of the year and beyond. Complementing our focus on coolers, we continue to drive expansion in our Drinkware portfolio. These efforts are seen in our wholesale sell-through, our social engagement and sentiment, and our global performance.

我們產品組合的創新，特別是冷卻器，被證明是有影響力的，我們相信這將在今年下半年及以後創造動力。為了補充我們對冷卻器的關注，我們繼續推動飲料器具產品組合的擴展。這些努力體現在我們的批發銷售、社會參與和情緒以及我們的全球業績。

In the quarter, we drove 9% sales growth, above expectations, and led by coolers and equipment, and international, emphasizing this top-line performance and showing the continued residence and strength of the brand. We delivered excellent gross margin expansion, on top of significant improvement last year.

本季度，我們的銷售額成長了 9%，高於預期，在冷卻器和設備以及國際業務的帶動下，強調了這一頂級業績，並展示了該品牌的持續存在和實力。除了去年的顯著改善之外，我們還實現了出色的毛利率擴張。

I would like to thank our team for managing and neutralizing the ongoing risks in the dynamic supply chain environment. We anticipate that the end result of these efforts, and the momentum we are seeing, puts us on pace to deliver record-high gross margins for the full year.

我要感謝我們的團隊管理和消除動態供應鏈環境中持續存在的風險。我們預計，這些努力的最終結果以及我們所看到的勢頭將使我們預計將在全年實現創紀錄的高毛利率。

Our top-line and gross margin execution continues to support our long-term growth and strategic investments, while also delivering upside to the bottom line.

我們的營收和毛利率執行持續支持我們的長期成長和策略投資，同時也為獲利帶來上升空間。

As we move to the second half of the year, we have ample reason to be encouraged across product categories, channels, and geographies. While being mindful of the macroeconomic and geopolitical complexities that we expect to remain present through the year, our focus remains on controlling what we can, and being nimble and prepared to respond effectively in a face of uncertainty.

隨著下半年的到來，我們有充分的理由在產品類別、通路和地理上受到鼓舞。雖然我們預計今年宏觀經濟和地緣政治的複雜性仍將存在，但我們的重點仍然是控制我們所能控制的，並靈活並準備好在面對不確定性時有效應對。

For YETI, that always begins with our approach to customer engagement and delivering uncompromising products. It also means a commitment to investment so we can efficiently and globally scale our business.

對 YETI 來說，這始終始於我們的客戶參與方法和提供不妥協的產品。它也意味著對投資的承諾，以便我們能夠有效率地在全球範圍內擴展我們的業務。

This investment includes the addition of key roles in our leadership team to manage Asia and Europe, additions to our global logistics footprint, and the build-out of capabilities across our regions to support our expanding product offering.

這項投資包括在我們的領導團隊中增加管理亞洲和歐洲的關鍵角色，擴大我們的全球物流足跡，以及增強我們跨地區的能力以支持我們不斷擴大的產品供應。

Additionally, we continue to drive the strategic diversification of our global supply. Today, approximately 40% of our total cost of goods is tied to products sourced from China, primarily related to our Drinkware portfolio.

此外，我們持續推動全球供應的策略多元化。如今，我們大約 40% 的商品總成本與來自中國的產品相關，主要與我們的飲料產品組合相關。

As we have previously discussed, we began our major supply chain transformation journey in 2018, beginning with our soft goods. At that time, we also indicated we started to optimize our Drinkware supply base, including process improvements and automation efforts with our partners.

正如我們之前所討論的，我們於 2018 年開始了主要的供應鏈轉型之旅，從我們的軟商品開始。當時，我們也表示我們開始優化我們的飲料供應基地，包括與合作夥伴進行流程改善和自動化工作。

As mentioned in early 2023, we successfully proved out our model and began our first production location for Drinkware outside of China. We are pleased with the quality and performance of this initiative and by year-end 2024, expect to bring online a second non-China location for Drinkware.

正如 2023 年初所提到的，我們成功證明了我們的模式，並在中國境外建立了第一個飲料用俱生產基地。我們對此舉的品質和表現感到滿意，預計到 2024 年底，將為 Drinkware 開設第二個非中國辦事處。

As a result, we expect that by the end of this year, approximately 20% of our global Drinkware production capacity will be located outside of China. As we look forward to other opportunities and initiatives, we believe we can extend this program further, providing greater global scale, diversification, and reach of our supply base.

因此，我們預計到今年年底，我們全球飲料器具產能的約 20% 將位於中國境外。當我們期待其他機會和舉措時，我們相信我們可以進一步擴展該計劃，提供更大的全球規模、多元化和我們的供應基地的覆蓋範圍。

Additionally, we expect to have the flexibility to allocate capacity to specific end markets for cost optimization. By the end of 2025, we plan that roughly half of our Drinkware production capacity will reside outside of China and available to support our global growth.

此外，我們希望能夠靈活地將產能分配給特定的終端市場以優化成本。到 2025 年底，我們計劃大約一半的飲具產能將位於中國境外，以支持我們的全球成長。

Going forward, we anticipate opportunity to scale this diversification even further to meet the needs of the business. This has been and will continue to be a significant priority for YETI. Our work here is designed to give us maximum flexibility to address a range of future global tariff scenarios and cost dynamics.

展望未來，我們預計有機會進一步擴大這種多元化，以滿足業務需求。這已經並將繼續成為 YETI 的重要優先事項。我們在這裡的工作旨在為我們提供最大的靈活性，以應對一系列未來的全球關稅情景和成本動態。

To be clear, as we expressed when we started these initiatives in 2018, we will focus on making the right long-term decisions to support our growing global business while being mindful of the geopolitical landscape.

需要明確的是，正如我們在 2018 年啟動這些舉措時所表達的那樣，我們將專注於做出正確的長期決策，以支持我們不斷增長的全球業務，同時關注地緣政治格局。

Moving to our strategic priorities, a constant focus for our brand is extending our reach and broadening our access to global consumers. Many of these efforts are rooted in the communities we support. We have methodically evolved this focus while staying true to who we are across a range of varied but often connected audiences.

轉向我們的策略重點，我們品牌的持續關注點是擴大我們的影響力並擴大我們接觸全球消費者的機會。其中許多努力都植根於我們支持的社區。我們有條不紊地發展了這一重點，同時在一系列不同但經常相互聯繫的受眾中保持我們的真實身份。

For instance, YETI has built a deep heritage and Western lifestyle. A very natural extension of these pursuits is the global equestrian community, where we have thoughtfully built the foundation over the past few years. Many of these relationships start when we identify our product and use which contributes to a natural relevance.

例如，YETI 就建立了深厚的底蘊和西方生活方式。這些追求的一個非常自然的延伸是全球馬術界，我們在過去幾年裡精心建立了基礎。當我們識別我們的產品和用途時，許多這些關係就開始了，這有助於產生自然的相關性。

In this case, products are being used to address hydration, storage, organization, and thermal retention. We then establish the brand through partnerships with organizations such as US Equestrians, supporting global competition and aligning with ambassadors.

在這種情況下，產品被用來解決水合、儲存、組織和保溫問題。然後，我們透過與美國馬術協會等組織合作建立品牌，支持全球競爭並與大使合作。

This is how we have built our 15 communities and is a key to how we establish sustainable relevance. We have taken a similar approach in golf, highlighted by our recent partnership with the Caddie Network, including 25 caddies across the PGA and LPGA tours, using our products on a global stage.

這就是我們建立 15 個社區的方式，也是我們建立永續相關性的關鍵。我們在高爾夫領域採取了類似的方法，最近與 Caddy Network 的合作凸顯了這一點，其中包括 PGA 和 LPGA 巡迴賽的 25 名球童，在全球舞台上使用我們的產品。

This has led to our products organically making their way into the hands of the touring professionals, earning social mentions in press, and driving broader interest across golf. These organic, connected approaches to community building drive high relevance with a range of new and existing customers, both at home and abroad. Our global focus extends to our ambassador network as well.

這使得我們的產品有機地進入了巡迴賽專業人士的手中，贏得了媒體的社會關注，並激發了人們對高爾夫的更廣泛興趣。這些有機、互聯的社區營造方法與國內外一系列新舊客戶建立了高度相關性。我們的全球關注點也延伸到我們的大使網絡。

In Europe, year-to-date, we have partnered with nine new ambassadors across the world in skiing, snowboarding, climbing, and culinary. Overall, international ambassadors now represent nearly 30% of our total and will continue to be a significant focus as we look to extend the brand to new regions over time.

在歐洲，今年迄今為止，我們已與世界各地的九位新大使在滑雪、單板滑雪、攀岩和烹飪方面進行了合作。總體而言，國際大使目前占我們總數的近 30%，隨著時間的推移，我們希望將品牌擴展到新的地區，國際大使將繼續成為我們關注的重點。

Speaking of ambassadors, we were excited to see three of ours compete in Paris at the Summer Olympics, including John John Florence and Caitlin Simmers in surfing and Alex Magus in sports climbing. We are incredibly proud to partner with some of the best in what they do.

說到大使，我們很高興看到我們的三位大使在巴黎參加夏季奧運會，其中包括衝浪項目的約翰·約翰·弗洛倫斯和凱特琳·西默斯，以及攀岩項目的亞歷克斯·馬格斯。我們非常自豪能夠與一些最優秀的人合作。

Our reach is further supported by our partnerships and licensing programs. We are excited to announce YETI’s continued movement to sports through our newly signed licensing agreement with the NFL.

我們的合作夥伴關係和授權計劃進一步支持了我們的影響力。我們很高興地宣布，YETI 通過與 NFL 新簽署的許可協議繼續向體育運動邁進。

Under this agreement, fans will soon be able to purchase officially licensed YETI Drinkware and coolers for all 32 NFL teams. The NFL license has also been key to us establishing our first NFL team partnership with the Dallas Cowboys as the official cooler and Drinkware of the team.

根據該協議，球迷很快就能為所有 32 支 NFL 球隊購買官方授權的 YETI 飲具和冷卻器。NFL 許可證對於我們與達拉斯牛仔隊建立第一個 NFL 球隊合作關係也是至關重要的，作為該隊的官方冷卻器和飲具。

Launching this season, we look forward to building out this program as we move into 2025 and beyond. These new deals build on a sports foundation that now includes three of the largest pro leagues in the US in addition to a wide range of global partnerships.

本賽季啟動後，我們期待在 2025 年及以後繼續完善這項計劃。這些新交易建立在體育基礎之上，除了廣泛的全球合作夥伴關係之外，該基礎現在還包括美國三個最大的職業聯賽。

Looking at innovation, we reinforced our leadership position in coolers this quarter as our full range of soft coolers was in-market and we delivered on the previously mentioned innovation in hard coolers.

在創新方面，本季度我們鞏固了我們在冷卻器領域的領導地位，因為我們的全系列軟冷卻器已上市，並且我們在硬冷卻器方面實現了前面提到的創新。

To extend awareness and consideration, we leveraged our strong heritage in the category with a range of media placements across linear and streaming TV, online channels, and a focus on live sports, including the Stanley Cup playoffs and CrossFit games, integrating our product campaigns and brand audiences.

為了擴大知名度和考慮度，我們利用我們在該類別中的深厚傳統，在線上性和串流媒體電視、線上頻道上進行一系列媒體投放，並專注於體育直播，包括史丹利盃季後賽和CrossFit 比賽，將我們的產品活動與品牌受眾。

In conjunction with these efforts, we prioritized education around these products, reinforcing the why and the how our products have redefined the category. We delivered these messages while bringing innovation to the hard cooler category.

結合這些努力，我們優先考慮了圍繞這些產品的教育，強化了我們的產品重新定義該類別的原因和方式。我們傳遞了這些訊息，同時為硬冷卻器類別帶來創新。

First, with the wheeled Roadie 32 and then the personal sized Roadie 15 later in the quarter. We are particularly excited with the most recent launch of the Roadie 15, our smallest hard cooler in the lineup, featuring an attractive $200 opening price point. We see the strong early demand signal for this product and are working to build our supply.

首先，推出輪式 Roadie 32，然後在本季稍後推出個人尺寸的 Roadie 15。我們對最近推出的 Roadie 15 感到特別興奮，它是我們系列中最小的硬式冷卻器，具有極具吸引力的 200 美元起價。我們看到了對該產品的強烈早期需求訊號，並正在努力建立我們的供應。

Overall, despite some of the persistent narrative in the market around higher ticket spending, we saw our cooler category performance build throughout the quarter and ultimately exceed our expectations, which we believe will set us up well for the back half of the year.

總體而言，儘管市場上一直存在圍繞門票支出增加的一些說法，但我們看到整個季度我們的類別表現更加涼爽，並最終超出了我們的預期，我們相信這將為我們今年下半年奠定良好的基礎。

To complement our coolers, later this year, we will introduce our first food organization and storage containers. These highly durable products are optimized for use within our hard cooler and soft cooler ecosystem and also as a standalone.

為了補充我們的冷卻器，今年晚些時候，我們將推出我們的第一個食品組織和儲存容器。這些高度耐用的產品經過最佳化，可在我們的硬冷卻器和軟冷卻器生態系統中使用，也可作為獨立產品使用。

On the equipment side, we continue to integrate the designs and talent of Mystery Ranch with the YETI team. We've established a robust long-term roadmap for the category and are on track to launch a range of new products starting in the first quarter of 2025, roughly one year post acquisition.

在設備方面，我們繼續將神秘牧場的設計和人才與YETI團隊融合。我們已經為該類別制定了穩健的長期路線圖，並預計在 2025 年第一季（收購後約一年）開始推出一系列新產品。

In Drinkware, our new products continue to deliver, including our expanded stackable tumblers and straw mugs. We're also seeing strong receptivity to new additions that are highlighting the opportunity in the broader food and beverage space. This was particularly evident with the French press, which received a number of industry accolades, strong social sentiment and excellent consumer demand.

在飲具方面，我們繼續推出新產品，包括擴展的可堆疊玻璃杯和吸管杯。我們也看到人們對新產品的強烈接受度，這些新產品凸顯了更廣泛的食品和飲料領域的機會。這一點在法國媒體上表現得特別明顯，該媒體獲得了許多行業榮譽、強烈的社會情緒和良好的消費者需求。

Our category expansion will continue in the second half of the year, starting with the introduction of our first line of cookware products. As planned, we will introduce three sizes of YETI cast iron skillets later this month, which will initially be available in our YETI direct channels, with prices ranging from $150 to $250. We believe this will be the best cast iron in the world, opening the door for broader opportunities in the cookware and culinary space going forward.

我們的品類擴張將在下半年繼續進行，首先推出我們的第一系列炊具產品。按照計劃，我們將在本月稍後推出三種尺寸的 YETI 鑄鐵煎鍋，最初將在我們的 YETI 直接管道中提供，價格從 150 美元到 250 美元不等。我們相信這將是世界上最好的鑄鐵，為未來炊具和烹飪領域更廣闊的機會打開大門。

Importantly, any expansion will fit within the YETI ecosystem and ethos of leading products built with durability, performance, and design.

重要的是，任何擴展都將符合 YETI 生態系統以及以耐用性、性能和設計打造的領先產品的精神。

Great Products is supported by a range of impactful channels to market, leveraging a strong network of wholesale partners and extending our reach through our DTC channels. Excluding the impact of gift cards on our DTC business, our second quarter results demonstrated the balanced strength of these channels.

Great Products 得到一系列有影響力的市場管道的支持，利用強大的批發合作夥伴網絡，並透過我們的 DTC 管道擴大我們的影響力。排除禮品卡對我們 DTC 業務的影響，我們第二季的業績證明了這些管道的均衡實力。

As expected, we saw the full impact of the gift card comparison in our e-commerce business. In the quarter, we were pleased by the positive trend we saw in average order value and units per transaction, as we expect consumers to continue to be discerning with their purchases.

正如預期的那樣，我們看到了禮品卡比較對我們電子商務業務的全面影響。本季度，我們對平均訂單價值和每筆交易數量的正面趨勢感到高興，因為我們預期消費者將繼續對購買行為保持敏銳。

Our Amazon marketplace continues to provide reach, driving strong growth across Drinkware and C&E. Growth in corporate sales included the emergence of our international business and positive order volume in our US business, even though we continue to see signs of caution in corporate spending.

我們的亞馬遜市場持續提供影響力，推動 Drinkware 和 C&E 的強勁成長。儘管我們繼續看到企業支出謹慎的跡象，但企業銷售的成長包括我們國際業務的出現和美國業務的積極訂單量。

Within our retail stores, we're focused on delivering an unparalleled customer experience. We added our 21 YETI retail store outside of Kansas City during the second quarter. We remain on track to reach 24 locations by the end of the year, and we are incredibly excited to announce today's grand opening of our first Canadian store in Calgary.

在我們的零售店內，我們專注於提供無與倫比的客戶體驗。第二季度，我們在堪薩斯城郊外新增了 21 家 YETI 零售店。我們仍有望在今年年底前開設 24 個門市，我們非常高興地宣布今天我們在卡加利的第一家加拿大商店隆重開業。

In our wholesale channel, we saw balanced, positive demand across our categories, highlighting the brand's strong positioning in consideration for the summer buying season. And we've maintained healthy inventory levels across the channel.

在我們的批發管道中，我們看到各個類別的需求平衡且積極，凸顯了該品牌在夏季購買季節方面的強大定位。我們在整個渠道中保持了健康的庫存水準。

As we highlighted in recent quarters, we continue to build our brand experience with our existing accounts, thoughtfully partner with new accounts globally, and explore new wholesale opportunities that match our broadening range of product categories.

正如我們在最近幾季所強調的那樣，我們繼續利用現有客戶打造品牌體驗，與全球新客戶進行深思熟慮的合作，並探索與我們不斷擴大的產品類別相匹配的新批發機會。

Our international growth continues to showcase the relevance and opportunity for YETI. It also reinforces that our growth and brand playbook travel.

我們的國際成長持續展示了 Yeti 的相關性和機會。它還加強了我們的成長和品牌劇本旅行。

International revenues for the period increased 34% to reach 17% of our total business, continuing to ramp from a 13% mix last year and 11% during the 2022 period. We're incredibly bullish on this opportunity, particularly as Europe growth inflects as we begin our approach to Asia in 2025.

該期間的國際收入成長了 34%，占我們總業務的 17%，繼續從去年的 13% 和 2022 年期間的 11% 成長。我們非常看好這個機會，特別是隨著我們在 2025 年開始進軍亞洲，歐洲的成長也發生了變化。

Providing a little more color on our existing region, Europe posted strong gains across channels. We also made several important foundational improvements during the quarter.

歐洲在各個管道上取得了強勁的成長，為我們現有的地區增添了更多色彩。我們在本季也做出了幾項重要的基礎性改進。

First, we successfully completed the transition of our 3PL in the UK, following similar work in the Netherlands last year. Both facilities are operational and providing a more efficient network to our service for our customers.

首先，繼去年在荷蘭進行類似工作後，我們在英國成功完成了 3PL 的轉型。這兩個設施都已投入運行，並為我們為客戶提供更有效率的服務網路。

And second, we're excited to add Matt Reintjes as our new Managing Director of the EMEA region. With his focus on building our brand in Europe and driving productivity, we are incredibly excited with this addition as we look to scale what is still a relatively untapped opportunity.

其次，我們很高興任命 Matt Reintjes 為我們歐洲、中東和非洲地區的新任董事總經理。由於他專注於在歐洲建立我們的品牌並提高生產力，我們對這項補充感到非常興奮，因為我們希望擴大仍然相對未開發的機會。

Our Australian business continues to outperform expectations with strength across channels. To extend our momentum, we remain focused on meeting the needs of the urban customer, an area where we still see meaningful opportunity.

我們的澳洲業務憑藉跨通路的實力持續超出預期。為了擴大我們的勢頭，我們仍然專注於滿足城市客戶的需求，我們仍然在這個領域看到了有意義的機會。

The key step here is the recent debut of a store test with Rebel Sports, the leading premium sports retailer in the market. Customization is another opportunity for both e-commerce and corporate sales.

這裡的關鍵一步是最近與市場領先的高端體育零售商 Rebel Sports 進行的商店測試。客製化是電子商務和企業銷售的另一個機會。

In Canada, we continue to drive the reach of our omni-channel and expanded product offerings to match the US. Additionally, we are finding opportunities to share impactful brand spend across North America.

在加拿大，我們繼續擴大全通路的覆蓋範圍並擴大產品範圍，以與美國相匹配。此外，我們正在尋找機會在北美分享有影響力的品牌支出。

As mentioned, we ran a brand campaign that showcased YETI around the boards throughout the Stanley Cup playoffs, with a combination of brand and product marketing highlighting our NHL license. This was amplified with both a Canadian and American team in the Stanley Cup finals.

如前所述，我們開展了一場品牌活動，在整個史丹利杯季後賽的各個板塊上展示了 YETI，並結合品牌和產品行銷來強調我們的 NHL 授權。在史丹利杯決賽中，加拿大隊和美國隊都放大了這一點。

While the wholesale environment in Canada remains challenging, we were encouraged by the sell-through performance at our largest accounts. Similar to Australia, we are also making progress scaling our customization business, including our e-commerce capabilities and the growing traction of our corporate sales.

儘管加拿大的批發環境仍然充滿挑戰，但我們最大客戶的銷售表現令我們感到鼓舞。與澳洲類似，我們也在擴大客製化業務方面取得進展，包括我們的電子商務能力和企業銷售日益增長的吸引力。

As I look at our accomplishments for the first half of the year and the immense opportunity in front of us. I'm proud of our team and their ability to drive the YETI brand and deliver strong and profitable growth.

當我回顧我們上半年的成就以及我們面前的巨大機會。我為我們的團隊以及他們推動 YETI 品牌和實現強勁盈利增長的能力感到自豪。

Given the ongoing and considerable challenges in the market, we remain highly focused on managing our P&L and the strength of our balance sheet, all while investing in the incredible growth opportunity we see globally.

鑑於市場持續存在的巨大挑戰，我們仍然高度關注管理我們的損益表和資產負債表的實力，同時投資於我們在全球看到的令人難以置信的成長機會。

Now, I would like to turn the call over to Mike to discuss our results and updated outlook.

現在，我想將電話轉給麥克，討論我們的結果和最新的前景。

Thanks, Matt, and good morning, everyone.

謝謝馬特，大家早安。

To start, I would like to provide a quick overview of several items contained in our second quarter GAAP numbers that impacted both the year ago and current period results. I'll then review our non-GAAP performance for the period and close with an update to our fiscal 2024 outlook. We then look forward to taking your questions for the balance of the call.

首先，我想快速概述第二季 GAAP 數據中包含的幾個影響上年同期和本期業績的項目。然後，我將回顧我們在此期間的非 GAAP 業績，並最後更新我們的 2024 財年展望。然後，我們期待在電話會議中回答您的問題。

I'll start with two call-outs that impacted our gap results. First, last year's second quarter included several adjustments to our recall reserve. This reserve was initially established in Q4 of 2022 and then updated in Q2 of 2023 to better reflect actual consumer recall activity.

我將從影響我們差距結果的兩點開始。首先，去年第二季我們對召回儲備進行了多次調整。該儲備最初於 2022 年第四季建立，然後於 2023 年第二季更新，以更好地反映實際的消費者召回活動。

This update and other period costs reduced prior year GAAP sales by $24.5 million, reduced prior year GAAP cost of goods sold by $5.1 million, and reduced prior year GAAP SG&A expense by $10.7 million. By comparison, no adjustments were made to the recall reserve in this year's second quarter.

此次更新和其他期間成本使去年 GAAP 銷售額減少了 2,450 萬美元，將上年 GAAP 銷售成本減少了 510 萬美元，並將去年 GAAP SG&A 費用減少了 1,070 萬美元。相比之下，今年第二季的召回準備金並未進行調整。

Second, our GAAP results this quarter include transition costs associated with the two acquisitions that we made earlier this year, primarily the impact of purchase accounting on our gross margins.

其次，我們本季公認的會計原則結果包括與我們今年稍早進行的兩次收購相關的過渡成本，主要是購買會計對我們毛利率的影響。

As per our historical reporting practices, the impact of these and other non-recurring items are excluded from our non-GAAP results. All of the results that I will discuss on today's call will be on a non-GAAP basis to better focus on the operational performance of the business.

根據我們的歷史報告慣例，這些和其他非經常性項目的影響不包括在我們的非公認會計準則績效中。我將在今天的電話會議上討論的所有結果都將基於非公認會計原則（Non-GAAP），以更好地關注業務的營運績效。

Now, moving on to the details of the quarter, second quarter sales increased 9% to $464 million. This was above our expectations and was led by our performance in coolers and equipment and our international business. There were two compare dynamics in our growth rate this quarter that I wanted to specifically mention.

現在，讓我們來看看本季的詳細情況，第二季銷售額成長了 9%，達到 4.64 億美元。這超出了我們的預期，並且是由我們在冷卻器和設備以及國際業務方面的表現所帶動的。我想特別提及本季成長率的兩個比較動態。

First, this quarter's year-over-year growth includes a nearly 300 basis points net headwind from gift card redemptions with 12.5 million redeemed last Q2 compared to just 2.3 million redeemed this quarter.

首先，本季的年增率包括來自禮品卡兌換的近 300 個基點的淨阻力，上一季兌換了 1,250 萬張禮品卡，而本季僅兌換了 230 萬張禮品卡。

And second, this quarter also includes the contributions from Mystery Ranch. We are pleased with the integration of our two acquisitions and they remain on track to deliver approximately 200 basis points of top-line growth for YETI in 2024.

其次，本季也包括神秘牧場的貢獻。我們對兩項收購的整合感到高興，它們仍有望在 2024 年為 YETI 帶來約 200 個基點的營收成長。

Reviewing our categories, coolers and equipment sales increased 14% to $206 million. We had a strong quarter in coolers supported by the combined initiatives and growing momentum that Matt outlined. Soft coolers outperformed our expectations with the complete line of M-series Backpacks and Totes fully in stock across the market following last year's recall.

回顧我們的產品類別，冷卻器和設備銷售額成長了 14%，達到 2.06 億美元。在馬特概述的綜合舉措和成長勢頭的支持下，我們在冷卻器領域取得了強勁的季度業績。軟冷藏箱的表現超出了我們的預期，自去年召回以來，M 系列背包和手袋的全系列產品在市場上庫存充足。

Our hard cooler business faced a tough comparison given the benefit it experienced last year from not having soft coolers in the market heading into the peak summer season. But we were very pleased with the initial performance of the new Roadie 32 and Roadie 15, further supporting our optimism for coolers in the back half of the year.

考慮到去年進入夏季旺季時市場上沒有軟冷卻器的好處，我們的硬冷卻器業務面臨嚴峻的比較。但我們對新款 Roadie 32 和 Roadie 15 的初步表現非常滿意，進一步支持了我們對下半年冷卻器的樂觀態度。

Within our equipment categories, the YETI bags business continues to perform well with our SideKick and Panga product lines exceeding our expectations. In addition, our Camino Tote bags continue to grow nicely as the awareness of this fantastic product line builds. Finally, and as indicated, Mystery Ranch products continue to perform in line with our expectations.

在我們的設備類別中，YETI 箱包業務繼續表現良好，我們的 SideKick 和 Panga 產品線超出了我們的預期。此外，隨著人們對這條出色產品線的認識不斷增強，我們的 Camino 手提袋繼續保持良好成長。最後，正如所指出的，神秘牧場產品的表現繼續符合我們的預期。

Frankfurt sales increased 6% to $247 million, which was generally in line with expectations. Category growth continues to be supported by the overall breadth of our product assortment, the strong success of new innovation launched over the past year, and the contribution from our international business. Our growing lineup of tabletop and barware options was also a highlight in Q2.

法蘭克福銷售額成長 6%，達到 2.47 億美元，基本符合預期。我們產品種類的整體廣度、過去一年推出的新創新的巨大成功以及我們國際業務的貢獻繼續支持品類增長。我們不斷成長的桌面和酒吧用具選擇陣容也是第二季的一大亮點。

As Matt mentioned, the French press is off to a fantastic start since launch, and we are seeing good attachment for several other products in our portfolio, such as our new Rambler 16 stackable cup and our new Rambler 14 stackable mug. As a reminder, all of these products launched within the last 12 months.

正如Matt 所提到的，法國壓濾機自推出以來就取得了良好的開端，我們看到我們產品組合中的其他幾款產品具有良好的依附性，例如我們的新款Rambler 16 可疊放杯和新款Rambler 14 可疊放馬克杯。提醒一下，所有這些產品都是在過去 12 個月內推出的。

In addition, our limited flask and shot glass releases were a success, selling out in less than a week. We plan to have both products back in stock later in the third quarter. From a channel perspective, wholesale sales increased 11% to $213 million, driven by growth in both C&E and Drinkware. We saw growth on a sell-through basis across both categories as well.

此外，我們推出的限量酒瓶和小酒杯也取得了成功，不到一周就售罄。我們計劃在第三季稍後恢復這兩種產品的庫存。從通路角度來看，在會展和飲料產業成長的推動下，批發銷售額成長了 11%，達到 2.13 億美元。我們也看到了這兩個類別的銷售成長。

Inventory in the channel remains healthy and is well-positioned to support demand for the back half of the year. Direct-to-consumer sales grew 7% to $250 million, also with solid growth in both C&E and Drinkware.

該通路的庫存保持健康，足以支持今年下半年的需求。直接面向消費者的銷售額成長了 7%，達到 2.5 億美元，餐飲和娛樂用品領域也實現了穩健成長。

All of our DSC channels posted growth in the quarter, led by our Amazon business. We were also pleased with the growth of e-commerce, especially considering it absorbed the entire gift card impact. Excluding the headwind from gift cards, total D2C growth was approximately 12%.

在亞馬遜業務的帶動下，我們所有的 DSC 管道在本季均實現了成長。我們也對電子商務的成長感到高興，特別是考慮到它吸收了整個禮品卡的影響。排除禮品卡帶來的不利影響，D2C 總成長約 12%。

Outside the US, sales grew 34% to $77 million, driven by strong growth in Europe and Australia. We continue to be very pleased with the results and the momentum that we are seeing internationally, and expect to continue investing to drive brand awareness, build out our local teams, and establish the infrastructure needed to support. What we believe is a significant opportunity for growth.

在歐洲和澳洲強勁成長的推動下，美國以外地區的銷售額成長了 34%，達到 7,700 萬美元。我們仍然對我們在國際上看到的結果和勢頭感到非常滿意，並期望繼續投資以提高品牌知名度，建立我們的本地團隊，並建立支持所需的基礎設施。我們相信這是一個重要的成長機會。

Moving on to margins, gross profit increased 14% to $268 million, or 57.7% of sales, compared to 54.9% in the same period last year. Positive drivers of this 280 basis points increase include 320 basis points from lower inbound freight and 90 basis points from lower product costs.

利潤率方面，毛利成長 14%，達到 2.68 億美元，佔銷售額的 57.7%，去年同期為 54.9%。推動這 280 個基點成長的正面因素包括入境運費下降 320 個基點和產品成本下降 90 個基點。

These gains were partially offset by 50 basis points from strategic price decreases on certain hard coolers that we implemented during the first quarter, and 80 basis points from a combination of other smaller impacts.

這些收益被我們在第一季度實施的某些硬式冷卻器的策略性降價所部分抵消了 50 個基點，以及其他較小影響的組合所抵消了 80 個基點。

SG&A expenses for the quarter increased 12% to $188 million, or 40.5% of sales, compared to 39.1% in the same period last year. Non-variable expenses increased 80 basis points as a percent of sales, primarily driven by higher employee costs. Variable expenses increased 60 basis points as a percent of sales, primarily driven by our Amazon channel.

本季的 SG&A 費用成長 12%，達到 1.88 億美元，佔銷售額的 40.5%，去年同期為 39.1%。固定費用佔銷售額的百分比增加了 80 個基點，這主要是由於員工成本上升。可變費用佔銷售額的百分比增加了 60 個基點，這主要是由我們的亞馬遜管道推動的。

Looking forward, we do expect to get some modest leverage on our variable costs in the second half of this year. Operating income increased 19% to $80 million, or 17.3% of sales, an increase of 160 basis points over the 15.7% that we reported in the prior year period. Net income increased 20% to $60 million, or $0.70 per diluted share, compared to $0.57 in the prior year period.

展望未來，我們確實預期今年下半年我們的變動成本將獲得一定程度的槓桿作用。營業收入成長 19%，達到 8,000 萬美元，佔銷售額的 17.3%，比我們去年同期報告的 15.7% 成長 160 個基點。淨利潤成長 20%，達到 6,000 萬美元，即稀釋後每股收益 0.70 美元，去年同期為 0.57 美元。

Turning to our balance sheet, we ended the quarter with $213 million in cash, compared to $223 million in the year-ago period. Inventory increased 17% year-over-year to $378 million, primarily driven by the return of our full lineup of soft coolers, as well as inventory from our acquisition of Mystery Ranch.

談到我們的資產負債表，本季末我們的現金為 2.13 億美元，去年同期為 2.23 億美元。庫存年增 17% 至 3.78 億美元，主要是由於我們全系列軟冷卻器的回歸以及我們收購 Mystery Ranch 帶來的庫存所致。

We continue to expect year-end inventory growth to be in the range of sales growth. So as we indicated last quarter, growth on a quarter-to-quarter basis can fluctuate based on the timing of wholesale channel shipments and product launches.

我們繼續預期年底庫存成長將在銷售成長範圍內。因此，正如我們上季度所指出的，季度環比增長可能會根據批發管道發貨和產品發布的時間而波動。

Total debt, excluding unamortized deferred financing fees and finance leases, was $80 million, compared to $84 million at the end of last year's second quarter.

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 8,000 萬美元，而去年第二季末為 8,400 萬美元。

Now, turning to our fiscal 2024 outlook. We now expect full-year sales to increase between 8% and 10%, compared to fiscal 2023's adjusted net sales, which is up from our prior outlook of between 7% and 9% top-line growth.

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，我們現在預計全年銷售額將成長 8% 至 10%，高於我們先前預期的 7% 至 9% 的營收成長。

This range continues to include a contribution of approximately 200 basis points from our Q1 acquisitions, but also includes a headwind of approximately 150 basis points from gift cards. Our expectations for the back half of the year are relatively unchanged and we expect growth to be balanced across the third and fourth quarters.

這一範圍繼續包括我們第一季收購帶來的約 200 個基點的貢獻，但也包括禮品卡帶來的約 150 個基點的阻力。我們對今年下半年的預期相對不變，預計第三季和第四季的成長將保持平衡。

We continue to take what we would call a prudently conservative approach in our demand planning for the second half of the year. We are updating several elements of our outlook as we look across channels, categories, and geographies.

我們在下半年的需求計畫中繼續採取謹慎保守的態度。當我們跨通路、品類和地理進行研究時，我們正在更新我們的展望的幾個要素。

By channel, we now expect slightly higher performance from our wholesale channel versus D2C, given our performance in Q2 and our expectation for continued sell-in and sell-through strength in the second half of the year.

從通路來看，考慮到我們第二季的業績以及我們對下半年持續銷售和銷售強勁的預期，我們現在預計批發通路的業績將略高於 D2C。

By category, we continue to expect coolers and equipment to outpace Drinkware, supported by strong performance in soft coolers, recent innovation in hard coolers, and the incremental sales of Mystery Ranch products.

按類別劃分，我們繼續預計冷卻器和設備將超越 Drinkware，這得益於軟冷卻器的強勁表現、硬冷卻器的最新創新以及神秘牧場產品銷量的增量。

Finally, we now expect international growth to approach 30%, with domestic growth holding in the mid-single-digit range. In our strong Q2 performance, we are increasing our 2024 gross margin target to approximately 58.5%, up from our prior target of approximately 58%, and versus 56.9% last year.

最後，我們現在預計國際成長將接近 30%，國內成長維持在中個位數範圍。鑑於第二季的強勁表現，我們將 2024 年毛利率目標提高至約 58.5%，高於先前約 58% 的目標，而去年為 56.9%。

Over the last six quarters, we have realized significant benefits and gross margins from the post-pandemic drop in inbound freight rates. Given we have now accomplished much of the benefit from these lower freight costs, we continue to expect our second half gross margins to be approximately flat as compared to the prior year period.

在過去的六個季度中，我們從疫情後入境運費的下降中實現了顯著的效益和毛利率。鑑於我們現在已經從貨運成本降低中獲得了大部分收益，我們仍然預計下半年毛利率將與去年同期基本持平。

Also, I want to mention a relatively new dynamic in the market as it relates to inbound freight costs. While most of our projected capacity is under contract, we are seeing peak season surcharges on inbound freight shipments earlier in the year than we have seen in prior years, and at higher levels.

另外，我想提一下市場上相對較新的動態，因為它與入境貨運成本有關。雖然我們的大部分預計運能都處於合約狀態，但我們發現今年入境貨運的旺季附加費比往年更早，而且水準更高。

However, we believe these costs will be transitory and manageable within our P&L, which is allowing us to flow through the upside in our Q2 gross margins to the full-year outlook.

然而，我們相信這些成本將是暫時的，並且在我們的損益表中是可控的，這使我們能夠將第二季毛利率的上升趨勢轉向全年前景。

With continued gross margin traction, we are investing a portion of these incremental gains into SG&A across a number of initiatives to support our global expansion efforts. As a result, we now expect to grow full-year SG&A slightly above the high end of our sales range, with similar growth rates expected in both the third and fourth quarters.

隨著毛利率的持續成長，我們將這些增量收益的一部分投資到SG&A，透過一系列舉措來支持我們的全球擴張工作。因此，我們現在預計全年 SG&A 的成長將略高於我們銷售範圍的上限，第三季和第四季的成長率預計將類似。

We now expect, adjusted operating margin of approximately 16.5% at the high end of our prior outlook of between 16% and 16.5% and compared to 15.6% in fiscal 2023. Below the operating line we expect an effective tax rate of approximately 25.2% for the year, slightly above the 24.8% rate in 2023 and full-year diluted shares outstanding of approximately 86 million reflecting the $100 million accelerated share repurchase that was fully executed in April. And we now expect adjusted earnings per diluted share to increase 16% to 18% to between $2.61 and $2.65 compared to $2.25 in fiscal 2023.

我們現在預計，調整後的營業利潤率約為 16.5%，高於我們先前預期 16% 至 16.5% 的上限，而 2023 財年為 15.6%。在營業線以下，我們預計全年有效稅率約為25.2%，略高於2023 年的24.8%，全年攤薄後流通股約為8,600 萬股，反映4 月份全面執行的1 億美元加速股票回購。我們現在預計調整後每股攤薄收益將成長 16% 至 18%，達到 2.61 至 2.65 美元，而 2023 財年為 2.25 美元。

As for cash, we now expect full-year capital expenditures of between $50 million and $60 million and free cash flow of between $150 million and $200 million. Going forward we will remain opportunistic with our capital allocation approach, balancing both M&A opportunities and the remaining $200 million share repurchase authorization.

至於現金，我們目前預計全年資本支出將在 5,000 萬至 6,000 萬美元之間，自由現金流在 1.5 億至 2 億美元之間。展望未來，我們將繼續採取機會主義的資本配置方式，平衡併購機會和剩餘的 2 億美元股票回購授權。

This was another great quarter for YETI. Our execution in the first half led to strong top and bottom line performance which supported our confidence in raising our outlook for the year. Heading into the back half of the year, we will remain consistent in our focus, driving growth through product innovation, international expansion, and our powerful omni-channel model.

對於 Yeti 來說，這是另一個偉大的季度。我們上半年的執行帶來了強勁的營收和利潤表現，這支持了我們提高今年前景的信心。進入今年下半年，我們將保持不變的重點，透過產品創新、國際擴張和強大的全通路模式推動成長。

Delivering strong earnings growth while also investing in our business to take advantage of what we believe is a tremendous opportunity in front of us and generating strong free cash flow which will allow us to create further value for our shareholders. Most importantly, we will remain focused on growing and strengthening the incredible YETI brand.

實現強勁的獲利成長，同時投資於我們的業務，以利用我們認為擺在我們面前的巨大機遇，並產生強勁的自由現金流，這將使我們能夠為股東創造更多價值。最重要的是，我們將繼續專注於發展和強化令人難以置信的 YETI 品牌。

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

現在我想把電話轉給接線生來回答你的問題。

(Operator Instructions) Our first question will be coming from group growth.

（操作員說明）我們的第一個問題來自團體成長。

Good morning and thank you so much for taking our question.

早安，非常感謝您提出我們的問題。

Matt, you spoke in the prepared remarks about sales momentum for coolers building throughout the quarter. We've heard a lot of comments recently from a variety of sources suggesting a choppier macro backdrop.

馬特，您在準備好的評論中談到了整個季度冷卻器的銷售勢頭。最近，我們從各種來源聽到了很多評論，顯示宏觀背景更加波動。

I'm hoping you can give us an update on how you're seeing current demand trends for the YETI brand in the US, across each of your key categories as you head into the back-to-school season. And then if you look forward what gives you confidence to sustain momentum in holiday and into 2025?

我希望您能向我們介紹您如何看待 YETI 品牌目前在美國各個關鍵類別的需求趨勢，以及進入返校季節的最新情況。那麼，如果您展望未來，是什麼讓您有信心在假期和 2025 年保持動力？

Brooke, thanks for the question. Yeah, I'd say a few things, as we look at the market as we said around coolers. We really like what we saw in coolers in Q2 and the performance as we had both soft coolers and hard coolers fully in the market.

布魯克，謝謝你的提問。是的，當我們觀察冷卻器市場時，我想說幾句話。我們真的很喜歡第二季的冷卻器和性能，因為我們在市場上有軟冷卻器和硬冷卻器。

We had introduced innovation and really gave the consumer choice and gave them choice not only across form factor, but across price points. Which I think is an important thing as we think about both the individual use and the giftable nature of our products in Q2 and importantly as we go into that Q4 gift-giving season.

我們引入了創新，真正為消費者提供了選擇，不僅為他們提供了跨外形尺寸的選擇，還為他們提供了跨價位的選擇。我認為這是一件重要的事情，因為我們在第二季度考慮了我們產品的個人使用和禮品性質，而且重要的是，當我們進入第四季度的送禮季節時。

We saw positive wholesale trends, importantly our inventory we think is really good shape in the US market and around the world. And then, we see that innovation continues to work and when you support the innovation with strong brand, strong product marketing we really like the uptake that we're seeing.

我們看到了積極的批發趨勢，重要的是我們認為我們的庫存在美國市場和世界各地都非常良好。然後，我們看到創新繼續發揮作用，當您透過強大的品牌和強大的產品行銷來支持創新時，我們真的很喜歡我們所看到的吸收。

So we feel good about where the business is positioned recognizing that it is a choppier market and as I said in my remarks and we've said for multiple quarters we think higher price point items are going to continue to be in focus. So we're really trying to drive consideration and purchase over traffic.

因此，我們對業務的定位感到滿意，認識到這是一個波動較大的市場，正如我在演講中所說的那樣，並且我們在多個季度中都說過，我們認為價格較高的產品將繼續成為焦點。因此，我們確實在努力提高考慮度和購買量，而不是流量。

If traffic slows down then we want to drive we want to drive value want to drive engagement and want to put products in front of consumers, that they want and that's where the innovation and brand play in.

如果流量放緩，那麼我們想要推動價值，想要推動參與度，想要將產品擺在消費者面前，這是他們想要的，這就是創新和品牌發揮作用的地方。

I would say we're seeing that same opportunity globally and the global markets where we're newer. We're really seeing great consumer adoption. We're seeing great brand interest seeing great interest across the range of the portfolio and in our more established international markets, they're really continuing to hit their stride. And I think that's what leads to a strong quarter overall for YETI, but really a particularly strong international quarter.

我想說的是，我們在全球以及我們較新的全球市場都看到了同樣的機會。我們確實看到了消費者的廣泛採用。我們看到了巨大的品牌興趣，在我們更成熟的國際市場上，我們看到了對整個產品組合的巨大興趣，他們確實在繼續大步前進。我認為這就是 YETI 整體季度表現強勁的原因，而且國際季度的表現尤其強勁。

Great, thanks. And then maybe for Mike, with YETI now on track to achieve an all-time high gross margin rate of 58.5%, can you provide your thoughts on the opportunities you see ahead for gross margins from here? What are the puts and takes in second half gross margins that we should be mindful of? And what is the sustainable long-term rate for the company?

太好了，謝謝。那麼對於 Mike 來說，YETI 現在預計將實現 58.5% 的歷史最高毛利率，您能否談談您對未來毛利率機會的看法？下半年毛利率有哪些值得我們留意的？公司的可持續長期利率是多少？

Hey, Brooke. Good morning. Thanks for the question.

嘿，布魯克。早安.謝謝你的提問。

So we were obviously really pleased with our gross margins in Q2, expanded 280 basis points versus the prior year. The primary driver within Q2, being inbound transportation costs, but we also saw benefits in product costs as well.

因此，我們顯然對第二季的毛利率非常滿意，與前一年相比擴大了 280 個基點。第二季的主要驅動因素是入境運輸成本，但我們也看到了產品成本的好處。

I would say for the second half, as we get into the -- you'll see gross margins much more in line with the prior year, which is really consistent with what we said last quarter. But if you look at what we did in Q2, that led to our ability to take gross margins up by 50 basis points for the year from 58% to 58.5%.

我想說的是，下半年，當我們進入時，你會看到毛利率與上一年更加一致，這與我們上季度所說的非常一致。但如果你看看我們在第二季所做的事情，你會發現我們今年的毛利率提高了 50 個基點，從 58% 上升到 58.5%。

There are a few things happening in the market that we wanted to address. It's a narrative there around transportation costs. But even with those, we think we can manage those within our P&L, given some opportunities and other line items, and still be able to increase gross margins for the year to 58.5%, which would be an increase of 160 basis points versus last year.

我們想要解決市場上發生的一些事情。這是關於運輸成本的敘述。但即使有了這些，我們認為，只要有一些機會和其他項目，我們就可以在損益表中管理這些內容，並且仍然能夠將今年的毛利率提高到 58.5%，這將比去年​​增加 160 個基點。

As we go forward now, we want to be careful. We're not giving guidance for 2025 here today, but we still believe, we have opportunities within gross margins as we look forward. I think there's some opportunities in sales mix.

當我們現在前進時，我們要小心。我們今天不會在這裡給出 2025 年的指導，但我們仍然相信，展望未來，我們在毛利率方面有機會。我認為銷售組合中有一些機會。

We did take the hard cooler pricing actions this year, which were in place for the majority of this year. We think there's opportunities to optimize other line items. I think stepping back, we have incredibly strong gross margins and we have more levers to pull as we go forward.

今年我們確實採取了嚴格的冷卻器定價行動，這些行動在今年的大部分時間裡都在實施。我們認為還有機會優化其他訂單項目。我認為退一步來說，我們擁有令人難以置信的強勁毛利率，並且在我們前進的過程中我們有更多的槓桿可以拉動。

You could see some sensitivity to sales mix going forward, whether that be product mix, channel mix of international while the regions are building, etcetera. But we still believe we have opportunities to drive up margins over time with that sort of variable out there.

您可能會看到對未來銷售組合的一些敏感性，無論是產品組合、區域建設過程中的國際通路組合等等。但我們仍然相信，隨著時間的推移，隨著此類變數的存在，我們有機會提高利潤率。

I think the other important thing is we're going to continue to manage gross margin and SG&A together to drive up operating margins over time, which is really what our priority is going to be going forward.

我認為另一件重要的事情是，我們將繼續共同管理毛利率和銷售管理費用，以隨著時間的推移提高營業利潤率，這確實是我們未來的首要任務。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會把它傳遞下去。

Megan Alexander.

梅根·亞歷山大.

Hey, good morning. Thanks so much for taking our questions. Maybe just to follow up on Brooke's first question there, on the cooler demand, obviously some positive trends you're seeing, but can you comment on whether sell-through was positive either in the quarter or exiting the quarter?

嘿，早安。非常感謝您回答我們的問題。也許只是為了跟進布魯克的第一個問題，關於需求降溫，顯然您看到了一些積極的趨勢，但您能否評論本季或本季結束時的銷售率是否為正？

Then maybe more broadly, can you comment just on what you saw from a sell-through perspective around some of those key moments like Mother's Day and Father's Day and how that compared to maybe the low periods in between and just how that informs your embedded expectations as we look to the back half?

然後，也許更廣泛地說，您能否從銷售角度評論一下您在母親節和父親節等一些關鍵時刻所看到的情況，以及與中間的低谷時期相比如何，以及這如何影響您的內在期望當我們看後半部時？

Megan, a couple of things I'd say there. We did see positive sell-through in coolers and equipment, and we mentioned that on the call. I feel great about where those products are positioned, the assortment we have.

梅根，我要說幾件事。我們確實看到了冷卻器和設備的積極銷售，我們在電話會議上提到了這一點。我對這些產品的定位以及我們擁有的品種感到非常滿意。

As I said, getting our soft cooler line-up plus our hard cooler line-up, plus the introduction of our opening price point. Wheeled cooler with our Roadie 32 and then the introduction of our Roadie 15 personal-sized opening price point cooler, it really is a great -- was a big contributor to Q2, but also a great setup for the rest of the year.

正如我所說，獲得我們的軟冷卻器系列和硬冷卻器系列，再加上我們的開盤價格點的介紹。帶有我們的Roadie 32 的輪式冷卻器，然後推出了我們的Roadie 15 個人尺寸的開放價格點冷卻器，它確實是一個偉大的- 是第二季度的重要貢獻者，但也是今年剩餘時間的一個很好的設定。

As we focus on driving demand, I think, as I said, I think the consumer is going to be more discerning. I think higher price points are going to be in focus. And so the desirability of our product as a gift-giving item, we saw continue to play out in Q2, and we would expect that that will be a big part of our Q4 performance.

正如我所說，當我們專注於推動需求時，我認為消費者會變得更加挑剔。我認為更高的價格點將成為焦點。因此，我們的產品作為送禮品的需求在第二季度繼續發揮作用，我們預計這將成為我們第四季度業績的重要組成部分。

I think the thing that's harder to your question of the low moments and the holidays is just the cadence of how we introduce product. As I said on the call, we saw strong demand for our Roadie 15. We're building supply, so we're still building into our kind of full assortment from a capacity and from an inventory perspective there.

我認為，對於你的低潮時刻和假期問題來說，更困難的是我們推出產品的節奏。正如我在電話中所說，我們看到了對 Roadie 15 的強勁需求。我們正在建立供應，因此我們仍在從產能和庫存的角度構建我們的完整品種。

So I think all those are opportunities. We feel good about delivering a strong 2024, and we feel good about the way we've set up the back half of the year. But we're also prepared for a range of outcomes. There's a lot of things in the market that are outside of our control. So we focus on the things we can, which is brand, product, consumer demand, and really strong channels to market.

所以我認為所有這些都是機會。我們對 2024 年的業績表現感到滿意，對今年下半年的安排也感到滿意。但我們也為一系列結果做好了準備。市場上有很多事情是我們無法控制的。因此，我們專注於我們能做的事情，即品牌、產品、消費者需求以及真正強大的市場管道。

Got it. That's really helpful. And maybe then big picture, I guess if you take out the gift card lap from last year, you've had two straight quarters of kind of a return to underlying double-digit growth. International seems to be accelerating. So does the performance and what you're seeing give you some improved confidence that you can get back to that low double-digit top line algo?

知道了。這真的很有幫助。也許從大局來看，我想如果你除去去年的禮品卡圈，你已經連續兩個季度恢復了兩位數的潛在成長。國際化似乎正在加速。那麼，您所看到的表現和所看到的情況是否讓您更有信心，相信您可以回到兩位數的低頂線演算法？

I think, the things that you laid out are the things that we're seeing in the business, which is internationals doing what we have said we believed it would do, which is create an incredible opportunity for scaling this brand globally, that there's still strong relevance and resonance with our coolers and equipment business, and that the innovation, diversification, and reach of our Drinkware portfolio continues to unlock opportunity for us.

我認為，你列出的事情就是我們在業務中看到的事情，國際公司正在做我們所說的我們相信會做的事情，這為在全球範圍內擴展該品牌創造了難以置信的機會，仍然有與我們的冷卻器和設備業務有很強的相關性和共鳴，我們的飲料產品組合的創新、多元化和覆蓋範圍繼續為我們帶來機會。

So that return to double-digit growth is, as you said, if you can take out the noise of the gift cards, that's where we are today. I think if you kind of roll through the year, that sort of plays out. And that's really our focus is how do we keep driving outsized demand for what we think is an incredible product portfolio and a growing product portfolio with a lot of consumer adoption still out there in front of us.

因此，正如您所說，如果您能夠消除禮品卡的噪音，那麼就可以恢復兩位數的增長，這就是我們今天的處境。我認為，如果你能堅持這一年，這種情況就會發生。我們真正關注的重點是如何繼續推動對我們認為令人難以置信的產品組合和不斷增長的產品組合的巨大需求，並且仍然有大量消費者採用我們面前的產品組合。

Awesome. Thank you so much.

驚人的。太感謝了。

Randy Konik.

蘭迪·科尼克。

Yeah. Thanks a lot guys. And good morning. I guess, Matt, what I want to kind of think about and talk through is the way you go about innovation. I think in the past over the years, we've talked about usage occasion and portability as kind of key tenants for innovation.

是的。非常感謝大家。早安.馬特，我想我想思考和討論的是創新的方式。我認為在過去的這些年裡，我們一直在談論使用場合和可移植性作為創新的關鍵租戶。

You talked on the call about the success of the French press. You've talked in the press release about launching cookware later in the year. So are you thinking more of a holistic dynamic of both, everybody thinks of YETI outside the home around campfires and in the great outdoors, but also kind of more attacking inside the home as well?

您在電話中談到了法國媒體的成功。您在新聞稿中談到了今年稍後推出炊具的問題。那麼，你是否更多地考慮兩者的整體動態，每個人都認為 YETI 在篝火旁和戶外活動中，但在家裡也有更多的攻擊性？

Maybe kind of give us your thought process around, the more recent innovation and then going forward and maybe kind of elaborate on how you think about the cookware category opportunity going forward. Thanks.

也許可以向我們介紹一下您的思考過程、最近的創新以及未來的發展，也許可以詳細說明您如何看待未來炊具類別的機會。謝謝。

Thanks Randy. Good morning. I would say a few things. As we think about our product innovation and our product expansion, outdoor DNA is absolutely been central to what we do. It's part of the reason we put the level of durability, performance, and then ultimately design into our product. And we make products that from a durability and performance can stand up to drops and knocks and being outdoors. But design that we think is portable and transferable between inside and outside.

謝謝蘭迪。早安.我想說幾句話。當我們思考我們的產品創新和產品擴展時，戶外 DNA 絕對是我們工作的核心。這是我們將耐用性、性能水平以及最終設計融入我們的產品中的部分原因。我們生產的產品具有耐用性和性能，能夠承受跌落、撞擊和戶外活動。但我們認為設計是便攜的，可以在內部和外部之間轉移。

Funny enough, the French press, one of the audiences that was most demanding, the French press were some of our most extreme ambassadors because that's how they prepared coffee around the campsite. But it's a spectacular product to use in the home too. And so I think that idea of one of the things that YETI has always, I believe, done well from a product perspective is incredible range and versatility.

有趣的是，法國媒體，要求最高的觀眾之一，法國媒體是我們最極端的大使之一，因為他們就是這樣在露營地周圍準備咖啡的。但它也是適合家庭使用的絕佳產品。因此，我認為從產品角度來看，YETI 一直做得很好的事情之一就是令人難以置信的範圍和多功能性。

So I wouldn't say it's a change of strategy. It's really at the end of the day, we want to be a brand that stays with a consumer throughout their daily journey. We don't want to be a pickup and put down brand.

所以我不會說這是策略的改變。歸根結底，我們希望成為一個在消費者的日常旅程中與他們保持聯繫的品牌。我們不想成為一個拿起就放下的品牌。

And the way you fill that in is you continue to connect these products so that we touch consumers at more and more moments throughout their daily life. And that could be a cup that stays with you all day, or it could be how you start your day and how you end your day. And it may be multiple YETI products along the way.

填補這一空白的方法是繼續連結這些產品，以便我們在消費者的日常生活中越來越多的時刻接觸到他們。這可能是陪伴您一整天的杯子，也可能是您開始新的一天和結束一天的方式。一路上可能會有多種 YETI 產品。

So a French press to a backpack to a cooler at night is kind of a little bit of that ecosystem around the consumer. So I think you'll always see us have an outdoor angle. The cookware does. The cast iron is a brilliant live fire, amazing kind of campfire over a grill type product.

因此，法式壓榨機、背包、夜間冷藏箱都是圍繞消費者的生態系統的一部分。所以我想你總是會看到我們有一個戶外角度。炊具可以。鑄鐵是一種明亮的活火，是燒烤類產品上令人驚嘆的營火。

But I think as consumers will get to see it in the home, it's a spectacular product inside the home and on the range. So I think as you think about us continuing to organically build out our product portfolio and sort of keep pushing those edges, I think that's sort of the ethos that we have.

但我認為，當消費者在家中看到它時，它在家裡和球場上都是一款引人注目的產品。因此，我認為，當您想到我們繼續有機地建立我們的產品組合併不斷推動這些優勢時，我認為這就是我們所擁有的精神。

Super helpful. Last question. Just on international, you're obviously firing away on all cylinders, but you've also kind of made some key strategic hires to lead those regions. Maybe talk a little bit further about those leaders, some of the teams they're looking to build out and kind of, because it feels like international already strong can kind of kick into a, kind of a higher gear over time.

超有幫助。最後一個問題。就國際而言，您顯然正在全力以赴，但您也聘請了一些關鍵的策略人員來領導這些地區。也許可以進一步談談這些領導者，他們正在尋求建立的一些團隊，因為感覺國際已經很強大，隨著時間的推移，可以進入一個更高的檔次。

Just maybe give us some perspective there on the hires and how you think they are going to go about their strategy of further building out these opportunities internationally. Thanks guys.

也許請給我們一些關於招募的看法，以及您認為他們將如何實施進一步在國際上建立這些機會的策略。謝謝你們。

Yeah, thanks. I think in our most established markets, Canada, Australia, we have incredible teams with strong leaders and strong leadership teams that continue to drive the opportunity in those markets.

是的，謝謝。我認為在我們最成熟的市場，加拿大、澳大利亞，我們擁有令人難以置信的團隊，擁有強大的領導者和強大的領導團隊，將繼續推動這些市場的機會。

Europe is in the Middle East is a newer market for us, but as we called out on the call, it's really hitting some growth inflection. We're seeing really strong consumer receptivity and we're seeing a lot of what I would call look alike to how we saw the US market, the Canadian market and the Australian market develop.

歐洲位於中東，對我們來說是一個較新的市場，但正如我們在電話會議上所呼籲的那樣，它確實遇到了一些成長轉折點。我們看到消費者的接受度非常強，而且我們看到很多我所說的與我們看到的美國市場、加拿大市場和澳洲市場的發展方式相似的情況。

Partnerships, consumer events, signing up ambassadors, building out diverse retail and wholesale partners, a strong DTC business. And so the addition of leadership, Martin in Europe is really to kind of continue that and to continue to scale that business and build upon the strong team that we have in Europe today.

合作夥伴關係、消費者活動、簽約大使、建立多元化的零售和批發合作夥伴、強大的 DTC 業務。因此，馬丁在歐洲的領導力的增加實際上是為了繼續這一點，繼續擴大業務規模，並以我們今天在歐洲擁有的強大團隊為基礎。

But as you know well, Europe is many, many unique markets. And so how we address each of those markets was one of the things that attracted us to Martin is a lot of experience building, growing, scaling businesses throughout Europe and a great fit for YETI.

但正如您所知，歐洲有很多很多獨特的市場。因此，我們如何應對每個市場的問題是 Martin 吸引我們的原因之一，因為它在整個歐洲建立、發展和擴展業務方面擁有豐富的經驗，這非常適合 YETI。

As we go to Asia, really underdeveloped there. We have indicated in the past, we have a small partnership in Japan through a retailer, but bringing Naoji on board gave us the opportunity to really think differently, not only about the opportunity in Japan, but secondarily the opportunity throughout the rest of Asia.

當我們去亞洲時，那裡確實很不發達。我們過去曾表示，我們透過一家零售商在日本建立了小型合作夥伴關係，但 Naoji 的加入讓我們有機會真正以不同的方式思考，不僅是日本的機會，其次是整個亞洲其他地區的機會。

So I think you'll see the same thing that I talked about in Europe is we're going to start to build that team. We're going to build our great range of partners to go to market, build up our direct piece of business and then build the brand through awareness, partnerships, ambassadors, event activations. And so we're really excited for the multi-year opportunity that International is for YETI.

所以我想你會看到我在歐洲談到的同樣的事情，我們將開始建立這個團隊。我們將建立廣泛的合作夥伴來進入市場，建立我們的直接業務，然後透過知名度、合作夥伴關係、大使、活動活化來建立品牌。因此，我們對 YETI 國際賽提供的多年機會感到非常興奮。

Super helpful. Thanks guys.

超有幫助。謝謝你們。

Thanks Randy.

謝謝蘭迪。

Brian McNamara.

布萊恩·麥克納馬拉。

Good morning, this is Madison calling on for Brian. Thanks for taking our question.

早安，我是麥迪遜來找布萊恩。感謝您提出我們的問題。

Would you mind commenting on the competitive dynamics you're seeing in Drinkware, particularly from emerging players like Stanley and more recently a [Walla]. Is this simply a rising tide continuing to lift all boats or are you seeing any competitive pressures there? Thanks.

您介意評論一下您在 Drinkware 中看到的競爭動態嗎，特別是來自像 Stanley 這樣的新興玩家以及最近的[瓦拉]。這只是水漲船高，還是您看到了任何競爭壓力？謝謝。

Thanks Madison for the question. I would say a couple of things. When we've said this previously, I think things that bring attention to categories that we're in and bring maybe casual participants or newer participants or newer owners in that category, we think in total is actually good. We have immense confidence in our product portfolio, our ability to build our brand, to create desirability in our consumers.

感謝麥迪遜的提問。我想說幾件事。當我們之前說過這一點時，我認為那些能夠引起人們對我們所處類別的關注，並可能帶來該類別中的臨時參與者或新參與者或新所有者的事物，我們認為總的來說實際上是好的。我們對我們的產品組合、我們建立品牌的能力以及創造消費者需求的能力充滿信心。

And so I think the fact that the Drinkware in particular hydration element of the Drinkware category has gotten a lot of attention, we think is actually great. It supports both the portfolio we have today and the product portfolio going forward.

因此，我認為飲料器具，特別是飲料器具類別中的水合元素已經引起了很多關注，我們認為這實際上很棒。它支持我們今天擁有的產品組合和未來的產品組合。

I would also say between the range of consumers that we address across demographics, the range of channels we have to market both our amazing wholesale partners and our D2C business and the reach we have through the marketplaces.

我還要說的是，我們針對不同人口統計的消費者範圍、我們必須行銷我們出色的批發合作夥伴和我們的 D2C 業務的管道範圍，以及我們透過市場所達到的影響力。

We think we're really well positioned to continue to capitalize on both the opportunity that's in Drinkware and hydration, but also importantly, as that market gets, a lot of attention, we're actually continuing to diversify our Drinkware and food and beverage type offerings.

我們認為我們確實處於有利地位，可以繼續利用飲料和水袋領域的機會，但同樣重要的是，隨著該市場得到大量關注，我們實際上正在繼續使我們的飲料和食品和飲料類型多樣化供品。

And so we like our strategy, we like where it's going, we like the growth it's delivering, we like the scale we have and we're excited about the innovation we have coming.

因此，我們喜歡我們的策略，我們喜歡它的發展方向，我們喜歡它帶來的成長，我們喜歡我們擁有的規模，我們對即將到來的創新感到興奮。

Great. And then just a similar question on coolers. Ninja just debuted their cooler offering at a similar price point to the new entry-level Roadie 15. This brand has a strong history of gaining share when entering new categories. Is there any concern there regarding potential share loss? Thanks.

偉大的。然後是關於冷卻器的類似問題。Ninja 剛剛推出了其更酷的產品，價格與新款入門級 Roadie 15 相似。該品牌在進入新類別時擁有贏得市場份額的悠久歷史。是否擔心潛在的股份損失？謝謝。

Thanks, Madison. Could you repeat the front end of that question? I think I missed the who you were asking about.

謝謝，麥迪遜。你能重複一下這個問題的前端嗎？我想我錯過了你問的那個人。

The Ninja, the new Ninja coolers, Shark Ninja?

忍者，新的忍者冷卻器，鯊魚忍者？

Okay. Yeah. I think there's a few things. Is we think about our strategy in coolers. The relationship between our hard coolers, our soft coolers, and then the build-up we have in hard coolers. Really, in its same philosophy I talked about earlier, we really focus on durability, performance, design, and standing behind those three things.

好的。是的。我認為有幾件事。我們是否考慮了我們在冷卻器方面的策略？我們的硬冷卻器、軟冷卻器以及硬冷卻器中的堆積之間的關係。實際上，按照我之前談到的相同理念，我們真正專注於耐用性、性能、設計以及這三件事背後的支援。

Our products need to be able to handle the kind of environments in which our products get used. And so I think when you look at the market, largely that is a market that we have sustained and really established the leadership position in, and we continue to do that.

我們的產品需要能夠應對我們產品的使用環境。因此，我認為，當你觀察市場時，很大程度上我們已經維持並真正確立了領導地位，並且我們將繼續這樣做。

Through time we've seen products come onto the market at various price points with maybe a different consumer value prop around some of those items, or around some of those features. I think for us, it's continuing to do what YETI does, which is put great product in front of consumers, continue to drive that desirability, continue to drive that demand. And I think Q2 showed what's possible and what happens when we do that.

隨著時間的推移，我們看到產品以不同的價位進入市場，其中一些產品或一些功能可能具有不同的消費者價值支撐。我認為對我們來說，它正在繼續做 YETI 所做的事情，即將優秀的產品呈現在消費者面前，繼續推動這種渴望，繼續推動這種需求。我認為第二季度展示了什麼是可能的，以及當我們這樣做時會發生什麼。

Great. Thanks so much.

偉大的。非常感謝。

Alex Perry.

亞歷克斯·佩里。

Hi, thanks for taking my questions here. Just on the NFL license for Drinkware, how significant do you think this could be. Can you give us any case studies on when you rolled out other professional leagues in terms of sales uplift that you saw? And just sort of remind us on the timing of the NFL license rollout. Thanks.

您好，感謝您在這裡提出我的問題。就 Drinkware 的 NFL 許可而言，您認為這有多重要？您能否提供我們一些案例研究，說明您在推出其他職業聯賽時看到的銷售提升？只是提醒我們 NFL 許可證推出的時間。謝謝。

Yeah. Hi Alex, thanks for the question. We won't, and kind of haven't gotten into quantifying the magnitude of the various partnerships that we have. What we do know well is the way to execute those most effectively, so that you get, ultimately get to consumers what they want, but also that you build broad relationships that are more than just a licensing deal.

是的。嗨亞歷克斯，謝謝你的提問。我們不會，也沒有量化我們擁有的各種合作關係的規模。我們所熟知的是最有效地執行這些措施的方法，以便您最終獲得消費者想要的東西，同時還可以建立廣泛的關係，而不僅僅是許可協議。

And I think that's one of the hallmarks of getting this umbrella NFL deal done. And then the specific deal with the Cowboys, the Dallas Cowboys, gives us a chance to continue to kind of broaden and deepen that relationship.

我認為這是完成 NFL 保護傘交易的標誌之一。然後與牛仔隊達拉斯牛仔隊的具體交易讓我們有機會繼續擴大和深化這種關係。

We think these are important and they're important to do a variety of them because you reach consumers that have different passions, different needs, they love the Cowboys and they love the YETI brand. They love the Kansas City Chiefs and they love the YETI brand.

我們認為這些很重要，而且做各種各樣的事情很重要，因為你可以接觸到具有不同熱情、不同需求的消費者，他們喜歡牛仔隊，也喜歡 YETI 品牌。他們熱愛堪薩斯城酋長隊，也熱愛 YETI 品牌。

I think all those things are, is kind of why we like these types of relationships. I would expect like all of our partnerships that it to contribute to the business and be a driver of performance. But the quantification is, it's really the stack up of all these things that gives us the range and the opportunity to address more consumers and more buying occasions.

我認為所有這些都是我們喜歡這些類型的關係的原因。我希望像我們所有的合作夥伴一樣，它能為業務做出貢獻並成為績效的驅動力。但量化是，正是所有這些因素的疊加才為我們提供了範圍和機會來滿足更多消費者和更多購買場合的需求。

And back to my comment earlier, kind of be part of their life. And that's why we ultimately like the NFL. Obviously the NFL is the NFL. I mean, it's a huge, it's a huge followership. It has a growing global followership. They're now playing games, as you know, all over the world. So all those create opportunities for us that fits within our overall strategy of continuing to build this global brand.

回到我之前的評論，成為他們生活的一部分。這就是我們最終喜歡 NFL 的原因。顯然，NFL就是NFL。我的意思是，這是一個巨大的追隨者。它在全球的追隨者越來越多。如你所知，他們現在在世界各地玩遊戲。因此，所有這些都為我們創造了機會，符合我們繼續打造這個全球品牌的整體策略。

Incredibly helpful. And then just my follow-up is, can you just provide any commentary on the sort of Amazon Prime Day in July, maybe versus last year? And do you plan to participate in any more, Prime events as you move through the year? Thanks.

非常有幫助。然後我的後續問題是，您能否對 7 月的亞馬遜 Prime Day（也許與去年相比）提供任何評論？您是否計劃在這一年中參加更多 Prime 活動？謝謝。

Hey, Alex, it's Mike. Thanks for the question. So don't want to get into current quarter commentary too deeply. But, obviously in our remarks, we talked about Amazon. It had a good Q2. It's had several quarters in a row, good performance, feel like Amazon provides a lot of reach for us, allows us to reach new consumers that prefer to shop on Amazon.

嘿，亞歷克斯，我是麥克。謝謝你的提問。因此，不想太深入地了解當前季度的評論。但是，顯然在我們的演講中，我們談論了亞馬遜。第二季表現不錯。它已經連續幾個季度表現良好，感覺亞馬遜為我們提供了很大的覆蓋範圍，使我們能夠接觸到更喜歡在亞馬遜購物的新消費者。

I would say we've been pretty consistent in how we approach promotional periods. The types of products is typically a way for us to build demand in a moment with colors that have from prior seasons or first generation products that we've moved to new generations.

我想說的是，我們在促銷期間的處理方式非常一致。產品類型通常是我們利用前幾季的顏色或我們已經轉向新一代的第一代產品的顏色來瞬間建立需求的一種方式。

So nothing's really changed there. And then in terms of the future, we'll have to see how the year goes. Again, don't want to get too deep in our commentary on how we're seeing demand in Q3 or the rest half of the year, or the second half of the year. We're focused on hitting the outlook that we provided today, which we raised, obviously, and we feel really good about.

所以那裡什麼都沒有真正改變。然後就未來而言，我們必須看看這一年的進展如何。再次強調，我們不想太深入地討論我們如何看待第三季、今年剩餘時間或下半年的需求。我們專注於實現今天提供的前景，顯然，我們對此感到非常滿意。

Perfect. Incredibly helpful. Best of luck going forward

完美的。非常有幫助。祝你未來好運

Thanks, Alex.

謝謝，亞歷克斯。

Peter Benedict.

彼得·本尼迪克特.

Hey, good morning, guys. Thanks for taking the question. Congratulations on that NFL deal. I must say, though, it does pain me to see the Dallas Cowboy partnership. I guess I understand it, but that one hurts. Thinking about the evolving macro, I'm kind of curious how you could alter your marketing approach in the back half of the year if things do get tougher maybe than you envisioned them.

嘿，早上好，夥計們。感謝您提出問題。恭喜達成 NFL 交易。不過，我必須說，看到達拉斯牛仔隊的合作關係確實讓我感到痛苦。我想我明白了，但那很傷人。考慮到不斷變化的宏觀形勢，我有點好奇，如果事情確實變得比你想像的更艱難，你如何在今年下半年改變你的行銷方式。

Do you just message differently? Do you adjust the promotional cadence? It looks like the innovation price points are coming in at, I think, relatively attractive within your range. I'm just kind of curious how you would maybe pivot the business in the event that things are on the tougher side. That's my first question.

你只是傳達不同的訊息嗎？你們會調整促銷節奏嗎？我認為，看起來創新價格點在您的範圍內相對有吸引力。我只是有點好奇，如果事情變得更困難，你會如何調整業務。這是我的第一個問題。

Good morning, Peter, and thanks for that. You'll note, I mentioned the Kansas City Chiefs just as a -- had put my imbalance back to that equation. So I appreciate your concern for the for the NFL license.

早安，彼得，謝謝你。你會注意到，我提到堪薩斯城酋長隊只是因為──把我的不平衡帶回了這個等式。感謝您對 NFL 許可證的關心。

What I would say on the macro, this is we have a lot of practice at when there is disruption, how do we change our marketing to make sure we stay in front of the consumer. And that whether that was kind of the March 2020 period and disruption that created and we had to shift our marketing away from some strategies that will more active and person engaged and became more digital in nature.

我想說的是，在宏觀方面，我們有很多實踐，當出現混亂時，我們如何改變我們的行銷方式，以確保我們站在消費者面前。無論是 2020 年 3 月的那段時期，還是造成的混亂，我們都必須改變我們的行銷策略，放棄一些更積極、更人性化、本質上更數位化的策略。

I think -- and I say that because one of the benefits of having built what I believe is the best kind of in-house marketing creative talent content team out there is that they can pivot really quickly and address a change in consumer dynamic.

我認為——我這麼說是因為建立我認為最好的內部行銷創意人才內容團隊的好處之一是，他們可以真正快速地轉變並應對消費者動態的變化。

So if the world were to get rocky in the back half of the year and it became a battle for consumer attention and demand. I think performance marketing comes into play how we balance brand spend versus product spend, how we position different parts of our portfolio in front of the consumer, depending upon what's -- what the appetite is.

因此，如果世界在今年下半年變得不穩定，那麼這就變成了一場爭奪消費者註意力和需求的戰爭。我認為效果行銷會發揮作用，我們如何平衡品牌支出與產品支出，如何在消費者面前定位我們產品組合的不同部分，這取決於消費者的胃口是什麼。

I think the other thing is how we lean into those gifting times a year. At the end of the day, our product portfolio from a gifting perspective has really approachable price points. And they're also highly desired. And so you get that great combination between $30 or $35 Drinkware or $200 or $250 or $300 cooler, but you get an incredible outsized value for that gift on the recipient side. And so all those dynamics we can play into.

我認為另一件事是我們如何度過一年中的送禮時光。歸根究底，從送禮角度來看，我們的產品組合確實具有平易近人的價格。而且它們也很受歡迎。因此，您可以獲得 30 或 35 美元的飲料器或 200 或 250 或 300 美元的冷卻器的完美組合，但您會從接收方獲得該禮物的超值價值。所以我們可以利用所有這些動力。

But we're also playing a long game, which is we want to continue to invest in this business in this brand. We want to continue to grow awareness beyond the moment in time. So I think what you would see us do is really look at balancing the momentary more traffic, more transactionally driven activities with the support of the brand over the long term.

但我們也在打一場持久戰，我們希望繼續投資這個品牌的這項業務。我們希望繼續提高超越當下的意識。因此，我認為您會看到我們所做的實際上是平衡暫時的更多流量、更多交易驅動的活動與品牌的長期支持。

That makes sense. Thanks for that, Matt. And then I guess the next question just is around kind of the innovation, the new products that are coming out. You mentioned the cookware. It sounds like the price points there are maybe a little below where maybe that legacy product was.

這是有道理的。謝謝你，馬特。然後我想下一個問題就是圍繞著創新，即將推出的新產品。你提到了炊具。聽起來價格點可能比舊產品的價格低一點。

I can't recall exactly, but I'm more curious around the bags launch for 2025. Not sure how much you'll be willing to share, but just how are you thinking about that bag portfolio expansion in the first part of next year, whether in terms of the range of product or where the price point's going to fall relative to what you currently have out there. Just kind of curious what else you're willing to share there. Thank you.

我記不太清楚了，但我更好奇 2025 年推出的包包。不確定您願意分享多少，但您如何看待明年上半年的箱包產品組合擴張，無論是產品範圍還是價格點相對於產品的下降幅度你現在已經在那裡了。只是有點好奇你還願意在那裡分享什麼。謝謝。

Yeah, thanks Peter. And as you mentioned, the cookware, we're excited about it is a slightly different price point than the legacy product. As we brought that, we actually moved that price point down as we worked with our suppliers to not only drive some what we think are some incredible improvements to what was already the best cookware on the market or the best cast iron on the market, but also get it to a place that we thought was a really great kind of fit within the pricing strategy and the pricing ladder at YETI.

是的，謝謝彼得。正如您所提到的，我們很高興炊具的價格與傳統產品略有不同。當我們提出這一點時，我們實際上降低了價格點，因為我們與供應商合作，不僅推動了對市場上最好的炊具或市場上最好的鑄鐵的一些我們認為令人難以置信的改進，而且我們也認為它非常適合 YETI 的定價策略和定價階梯。

The thing about bags, we haven't discussed the range and what's coming. What I would say is we're going to build into this, and we believe in the opportunity in every day. We believe in opportunity in active outdoor. We believe in the opportunity in travel and in adventure. And so, I think as you watch us over time, what you're going to see is this melding of YETI plus the acquired designs and talent that we now have within the business.

關於包袋，我們還沒有討論其範圍和即將推出的產品。我想說的是，我們將為此努力，我們相信每天都有機會。我們相信戶外活動中蘊藏著機會。我們相信旅行和冒險中的機會。因此，我認為，當您隨著時間的推移觀察我們時，您將看到 YETI 與我們現在在業務中獲得的設計和人才的融合。

Now, we're going to continue to expand that product portfolio, which will then allow us to address a wide range of price points, but always with that idea that there is a durability and performance aspect to what we do.

現在，我們將繼續擴大該產品組合，這將使我們能夠解決各種價格點，但始終秉承這樣的理念：我們所做的事情具有耐用性和性能。

And I think that idea that we're not going to go down market and have something that doesn't sort of represent YETI, but I think the breadth and the different use cases and environments we're going to address, we think is really exciting, not just domestically, but globally.

我認為我們不會進入低端市場並擁有一些不能代表 YETI 的東西，但我認為我們要解決的廣度以及不同的用例和環境，我們認為確實是不僅在國內，而且在全球範圍內，都令人興奮。

All right. Sounds good. Good luck. Thanks very much.

好的。聽起來不錯。祝你好運。非常感謝。

Joe Altobello.

喬·阿爾托貝洛。

Thanks. Hey, guys. Good morning. I appreciate the question. So, I guess the first question for you, Matt, you sound a lot different than you did six months ago with respect to cooler demand and demand across price points. I just wanted to clarify, you did not see any meaningful trade down in the quarter in the cooler segment. And maybe you could tease out what the impact of price and mix was in C&E revenue in the quarter.

謝謝。嘿，夥計們。早安.我很欣賞這個問題。所以，我想你的第一個問題，馬特，在需求降溫和跨價格點的需求方面，你聽起來與六個月前有很大不同。我只是想澄清一下，本季冷卻器領域沒有看到任何有意義的交易下降。也許您可以梳理出價格和組合對本季會展娛樂收入的影響。

Yeah. Joe, thanks for the question. And I'll hopefully address, I think, what you're getting at. If you took sentiment today versus sentiment six months ago, it was really the difference between having our soft coolers fully assorted back in the market, what I knew was coming and what we indicated was coming in innovation in our hard coolers, and really the idea that we were pretty bullish on what was coming out.

是的。喬，謝謝你的提問。我想我希望能夠解決您所要表達的內容。如果你把今天的情緒與六個月前的情緒相比，你會發現，我們的軟冷卻器完全分類回到市場之間確實存在差異，我所知道的即將到來的東西和我們所表明的硬冷卻器創新的東西，以及真正的想法我們對即將發生的事情非常樂觀。

But I think at that time, there was a lot more price point sensitivity, which we've seen some of that continue to play forward. But also, we weren't fully assorted in the market in the way in which we wanted.

但我認為當時對價格點的敏感度要高得多，我們已經看到其中一些因素繼續發揮作用。而且，我們並沒有按照我們想要的方式在市場上充分分類。

And so, I think the trade down question, I don't know if it's trade down as much as it is, we put products out in front of consumers at sizes, functionality, price points that met what their needs were.

因此，我認為降價問題，我不知道是否降價到瞭如此程度，我們以滿足消費者需求的尺寸、功能和價格點將產品擺在消費者面前。

And we were excited, as we said, we were excited to get back to the $200 entry price point in hard coolers. It's a place we had been in the past for a long time. It's been a successful price point for us. And I think it's a successful price point because it matches a size, a personal use, a carry ease that works really well in the market.

正如我們所說，我們很興奮能夠回到 200 美元的硬冷卻器入門價格點。這是一個我們過去已經待了很長時間的地方。這對我們來說是一個成功的價格點。我認為這是一個成功的價格點，因為它與尺寸、個人用途、攜帶方便相匹配，在市場上非常有效。

And then building on the success we had in our wheeled coolers and bringing something that we think had a better form factor and fit at a different price point was a really attractive thing to do. So I think any change in the last six months has really feel great about the line-up we have, feel great about the innovation, the forward innovation over the coming years that we have in those categories.

然後，以我們在輪式冷卻器方面取得的成功為基礎，推出一些我們認為具有更好外形尺寸並適合不同價位的產品，這是一件非常有吸引力的事情。因此，我認為過去六個月的任何變化都讓我們對我們的產品陣容、創新以及未來幾年我們在這些類別中的前瞻性創新感到非常滿意。

And that's in a backdrop where we think the consumer's going to be discerning and we're going to have to drive interest in and demand for our brand. And that's something I think we do well.

在這樣的背景下，我們認為消費者將會變得挑剔，我們必須提高對我們品牌的興趣和需求。我認為我們在這方面做得很好。

Got it. Very helpful. Maybe just to follow up on that, you mentioned cautious corporate spend. Can you elaborate on that a little bit? And how does the corporate channel do this quarter?

知道了。非常有幫助。也許只是為了跟進這一點，您提到了謹慎的企業支出。能詳細說明一下嗎？企業通路本季表現如何？

Hey, Joe, it's Mike. So as we talked about the remarks, we saw growth across all of our D2C channels, corporate sales included. A few things we'd call out. One, this has really been to date heavily US business, as we just didn't have the customization capabilities outside the US that you need to really grow and expand that business. But we're starting to see some momentum outside the US within corporate sales.

嘿，喬，我是麥克。因此，當我們談論這些言論時，我們看到所有 D2C 管道（包括企業銷售）的成長。我們要指出的一些事情。第一，迄今為止，這確實是美國業務的重頭戲，因為我們在美國以外沒有真正發展和擴展該業務所需的客製化能力。但我們開始看到美國以外的企業銷售出現一些勢頭。

The second thing, on the US side, we were pleased with the overall order volume growth that we saw in the quarter. We did see some more cautious order values, but we're going to continue to try to manage that to drive overall growth both in the US and outside the US.

第二件事，在美國方面，我們對本季的整體訂單量成長感到滿意。我們確實看到了一些更謹慎的訂單價值，但我們將繼續努力管理這一點，以推動美國和美國以外的整體成長。

We really believe that as we launch custom capabilities in Canada, in Australia, and then eventually Europe, that corporate sales business can be a part of the overall growth story outside the United States.

我們堅信，隨著我們在加拿大、澳洲以及最終在歐洲推出客製化功能，企業銷售業務可以成為美國以外整體成長故事的一部分。

Got it. Very helpful.

知道了。非常有幫助。

Our final question will be coming from Jim Duffy.

我們的最後一個問題將來自吉姆·達菲。

Thank you. Thanks for taking my question. I know the call has gone long. Hope you're doing well, Matt and Mike. I want to talk about newness. Can you help us understand the importance of newness maybe with some metrics? Is there a way to shape it or put context around it? I don't know if there's a metric like contribution of products in the last 12 months or something similar, which can be helpful there.

謝謝。感謝您提出我的問題。我知道這個電話已經打了很久了。希望你們一切順利，馬特和麥克。我想談談新鮮感。您能否透過一些指標幫助我們了解新穎性的重要性？有沒有辦法塑造它或圍繞它添加背景？我不知道是否有類似過去 12 個月內產品貢獻之類的指標或類似的指標，這可能會有所幫助。

Hey, Jim. It's Mike. Thanks for the question. We generally have not given too much detail in terms of the contribution of new products or the mix of new products as we've gone. The only thing we've talked about and we've been relatively consistent here is just the importance of newness, not only to overall growth, but it also creates excitement for the business. It drives traffic that lifts the rest of the portfolio as well.

嘿，吉姆。是麥克。謝謝你的提問。我們通常沒有就新產品的貢獻或新產品的組合提供太多細節。我們唯一談論的並且我們在這裡一直相對一致的是新鮮感的重要性，不僅對整體成長，而且還為業務創造興奮。它帶來的流量也提升了投資組合的其餘部分。

The one thing I will say is that the contribution from new products, as the business has grown from an overall percentage standpoint, it hasn't materially changed over time. In our view though, it just speaks to the need to continue to drive excitement and growth and continue to put out new products to broaden the portfolio both in Drinkware and C&E. But other than that, we haven't given too much specifics on the exact contribution from new products.

我要說的一件事是，新產品的貢獻，從整體百分比的角度來看，業務已經成長，但隨著時間的推移，它並沒有發生重大變化。但在我們看來，這只是說明需要繼續推動興奮和成長，並繼續推出新產品以擴大飲料器具和會展娛樂領域的產品組合。但除此之外，我們還沒有對新產品的具體貢獻給太多細節。

Okay, great. I'll leave it at that. Clearly, you've done a great job with the new products. So thanks for taking my question.

好的，太好了。我就這樣吧。顯然，你們在新產品方面做得非常出色。謝謝你提出我的問題。

Thank you, Jim. You're welcome.

謝謝你，吉姆。不客氣。

I'd now like to turn the call over back to Mr. Matt Reintjes for final closing comments.

現在我想將電話轉回給 Matt Reintjes 先生以徵求最後的總結意見。

Thanks all for joining us. We look forward to speaking to you during our Q3 call.

感謝大家加入我們。我們期待在第三季的電話會議上與您交談。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。