Yeti Holdings Inc (YETI) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the YETI Holdings Third Quarter 2024 Earnings Conference Call. (Operator Instructions) This call is being recorded on Thursday, November 7, 2024.

早上好，女士們、先生們，歡迎參加 YETI Holdings 2024 年第三季收益電話會議。（操作員說明）此通話錄音時間為 2024 年 11 月 7 日星期四。

I would now like to turn the conference over to Maria Lycouris, Investor Relations for YETI. Please go ahead.

我現在想將會議交給 YETI 投資者關係部門的 Maria Lycouris。請繼續。

Good morning and thank you for joining us to discuss YETI Holdings' third quarter fiscal 2024 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，感謝您與我們一起討論 YETI Holdings 的 2024 財年第三季業績。今天的電話會議將由總裁兼執行長 Matt Reintjes 主持。和首席財務官邁克·麥克馬倫。在我們準備好的發言之後，我們將開始電話詢問您的問題。

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 risk factors detailed in our most recent 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.

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。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. 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 the Investor Relations section of our website at yeti.com.

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。這些非 GAAP 衡量標準與其最直接可比較的 GAAP 衡量標準的調整包含在新聞稿或今天早上發佈在我們網站 Yeti.com 投資者關係部分的簡報中。

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

我現在想把電話轉給馬特。

Thanks, Maria, and good morning. YETI wrapped another strong quarter, with growing brand engagement, performance across our broadening product portfolio and outstanding growth in our international business, all driven by the consistent successful execution of our strategic priorities. Our net sales were up 10% in the quarter with growth across all channels.

謝謝，瑪麗亞，早安。YETI 迎來了一個強勁的季度，品牌參與度不斷提高，我們不斷擴大的產品組合的業績以及國際業務的出色增長，所有這些都是由我們戰略重點的持續成功執行推動的。本季我們的淨銷售額成長了 10%，所有通路均實現成長。

On the product side, innovation continues to be a catalyst, with drinkware delivering several highly anticipated launches in bar and tableware, underscoring the expansion opportunities we see. In coolers & equipment, we saw good performance from both legacy and newer products, including several newly launched accessories that complement our existing lineup. On the international front, we saw our fourth consecutive quarter of over 30% growth outside of the US while also delivering solid growth in a more challenging US market, where we continue to see high quality but more discerning buyers.

在產品方面，創新仍然是催化劑，飲料器具在酒吧和餐具方面推出了幾款備受期待的產品，凸顯了我們看到的擴張機會。在冷卻器和設備方面，我們看到了傳統產品和更新產品的良好性能，包括一些新推出的配件，補充了我們現有的產品線。在國際方面，我們在美國以外地區實現了連續第四個季度超過 30% 的成長，同時在更具挑戰性的美國市場也實現了穩健成長，我們繼續看到高品質但更挑剔的買家。

Taken together, YETI's brand strength, strong product innovation cadence, and global growth position us to remain on track to deliver on our full year top- and bottom-line outlook. As a reminder, our top-line outlook takes into consideration an expectation of more intentional consumer buying in Q4 as we closely watch spending in the shortened holiday season.

總而言之，YETI 的品牌實力、強勁的產品創新節奏和全球成長使我們能夠繼續實現全年營收和利潤前景。提醒一下，我們的頂線展望考慮到了第四季度消費者更有意購買的預期，因為我們密切關注縮短的假期季節的支出。

As it relates to our global supply chain expansion programs, our previously announced efforts remain solidly on track. As a reminder, approximately 40% of our total cost of goods has historically been tied to product sourced from China, primarily related to our drinkware portfolio. This supply chain initiative gives us the opportunity to support greater global scale, target end markets for cost and service optimization, and evolve our supply base.

由於這與我們的全球供應鏈擴張計劃有關，因此我們先前宣布的努力仍然堅定地走在正軌上。提醒一下，我們大約 40% 的商品總成本歷來與從中國採購的產品有關，主要與我們的飲具產品組合有關。這項供應鏈計畫使我們有機會支援更大的全球規模、目標終端市場以實現成本和服務優化，並發展我們的供應基礎。

Notably, we commenced production at our second drinkware facility outside of China during the quarter, and we are on pace for a third facility. We have great partners in this effort and are encouraged by the process and automation improvements over the past few years to enable these successful moves.

值得注意的是，我們在本季在中國境外的第二個飲料工廠開始生產，我們正在加快建造第三個工廠的步伐。我們在這方面擁有優秀的合作夥伴，並且對過去幾年中流程和自動化的改進感到鼓舞，以實現這些成功的舉措。

All in all, we are pleased with the performance of this initiative, and as a result, we remain confident that by the end of this year, approximately 20% of our global drinkware capacity will be located outside of China and by the end of 2025, 50% of our drinkware capacity will be outside of China. This initiative is a key priority for YETI and will be actively managed to ensure we are supporting our growing global business and positioning for long-term success.

總而言之，我們對這項措施的表現感到滿意，因此，我們仍然有信心，到今年年底，我們全球約 20% 的飲料產能將位於中國境外，到 2025 年底，我們50% 的飲料產能將位於中國境外。這項舉措是 YETI 的首要任務，將積極管理，以確保我們支持不斷增長的全球業務和長期成功的定位。

We continue to have confidence in the long-term opportunity in front of YETI across geographies, channels, and product expansion. In the near term, our demand drivers heading into the holiday season are underpinning the reiteration of our outlook and supporting our continued delivery of high-quality growth, strong profitability and a very sound balance sheet. Our long-term growth strategy continues to prioritize the expansion of brand reach and engagement, greater product diversification, expansion of our omnichannel approach, and international.

我們仍然對 YETI 面臨的跨地域、通路和產品擴展的長期機會充滿信心。短期內，進入假期的需求驅動因素支撐著我們重申前景，並支持我們繼續實現高品質成長、強勁獲利能力和非常穩健的資產負債表。我們的長期成長策略繼續優先考慮擴大品牌影響力和參與度、更大的產品多樣化、擴大我們的全通路方法和國際化。

Turning to brand. In the third quarter, our team did a terrific job extending our global reach and access to consumers. YETI showed up at over 100 events around the globe, spanning our broad and growing enthusiast communities, from the first annual YETI Open bass fishing tournament in Missouri to the outdoor enthusiast Game Fair in the United Kingdom, a multi-day event attracting over 125,000 attendees. Notably, The Game Fair was also our highest sales volume event globally in 2024. This is just another point that underscores the effectiveness of our playbook as we bridge to global audiences and create brand and product resonance.

轉向品牌。第三季度，我們的團隊在擴大我們的全球影響力和接觸消費者方面做得非常出色。YETI 參加了全球100 多場活動，涵蓋了我們廣泛且不斷增長的愛好者社區，從密蘇裡州首屆年度YETI 公開鱸魚釣魚錦標賽到英國的戶外愛好者Game Fair，這項為期多天的活動吸引了超過125,000 名參與者。值得注意的是，Game Fair 也是我們 2024 年全球銷售量最高的活動。這只是強調我們的策略在我們與全球受眾建立橋樑並創造品牌和產品共鳴時的有效性的另一點。

Showing our reach and range, we also hosted and participated in exciting events across hospitality and sports. Culinary was highlighted with activations and ambassador engagement at a number of live fire cooking events around the globe, with a notably stronger presence in Europe, including the World Barbecue Championship in Stuttgart, the Big Grill in Dublin, and Meatopia in London. Our entry into the culinary space was further displayed in Eater's Stepping Off the Line in September, featuring YETI-produced content from the Underground Cooking and In Season series.

我們也主辦並參加了酒店和體育領域的精彩活動，展示了我們的影響力和範圍。烹飪在全球範圍內的許多現場火烹飪活動中都受到了重視，其中包括斯圖加特的世界燒烤錦標賽、都柏林的 Big Grill 和倫敦的 Meatopia 等，其中在歐洲的影響力尤其明顯。我們進軍烹飪領域的舉措在 9 月的 Eater's Stepping Off the Line 中得到了進一步展示，其中包含 YETI 製作的 Underground Cooking 和 In Season 系列內容。

On the sports side, YETI hosted a skateboarding trip in the Pacific Northwest with a group of skaters, five of whom are brand ambassadors. On the back of this event, iconic industry magazine Thrasher published a 25-plus page spread in their December issue featuring the experience.

在體育方面，YETI 與一群滑板手一起在太平洋西北地區舉辦了一次滑板之旅，其中五人是品牌大使。在活動結束後，標誌性產業雜誌 Thrasher 在 12 月號上發表了 25 多頁的跨頁內容，介紹了這項活動。

In surf, we had the US Open of Surfing in Huntington Beach as well as the World Surf League finals in San Clemente, where two of our ambassadors, John John Florence and Caity Simmers, both won World Titles. With the exciting momentum we are seeing in the surf community, we published our fifth YETI Presents coffee table book last month titled Waves, which celebrates the intersection of the sport and nature.

在衝浪方面，我們在亨廷頓海灘舉行了美國衝浪公開賽，並在聖克萊門特舉行了世界衝浪聯盟決賽，我們的兩位大使約翰·約翰·弗洛倫斯和凱蒂·西默斯都在那裡贏得了世界冠軍。憑藉我們在衝浪社群中看到的令人興奮的勢頭，我們上個月出版了第五本 YETI Presents 咖啡桌書籍，名為《Waves》，該書慶祝了運動與自然的交集。

We are energized by the massive opportunities we see ahead of YETI to connect to new consumers and enthusiast groups in authentic and real ways, supporting them in the pursuits they care about in providing product relevant to their lives.

我們對 YETI 之前看到的大量機會感到充滿活力，能夠以真實的方式與新消費者和愛好者群體建立聯繫，支持他們追求他們所關心的追求，提供與他們的生活相關的產品。

As it relates to our sports partnerships, we entered tailgating season with 11 of the top college football programs selling YETI customized drinkware. These programs, alongside our NFL and other sports league partnerships, put YETI products into the hands of sports enthusiasts that span a broad spectrum of consumers.

由於與我們的體育合作夥伴關係相關，我們與 11 個頂級大學橄欖球項目一起進入車尾聚會季節，銷售 YETI 定制飲料。這些計劃與我們的 NFL 和其他體育聯盟合作夥伴關係一起，將 YETI 產品交付到涵蓋廣泛消費者的體育愛好者手中。

Beyond drinkware, we've also leveraged the American football season to promote our hard and soft coolers during live sports moments, including linear and streaming placements during recent Thursday night and Monday night NFL football games, which collectively generated over tens of millions of impressions for the brand.

除了飲料之外，我們還利用美式足球賽季在體育賽事直播期間宣傳我們的硬式和軟式冷卻器，包括最近週四晚上和周一晚上NFL 橄欖球比賽期間的線性和流媒體投放，這些廣告總共產生了超過數千萬次展示品牌。

Another high-profile media moment in the quarter came out of our partnership with Liquid Death, where we collaborated to create a one-of-a-kind functional cooler casket. Between the cult following of both brands and shared commitment to reducing single-use plastics, we saw significant social and earned media exposure after the campaign launch. The joint Instagram posts around the collaboration reached over 7 million people, and the initial launch post alone was our most shared Instagram post of all time in one of our most viewed videos of all time.

本季另一個備受矚目的媒體時刻來自我們與 Liquid Death 的合作，我們合作創建了一個獨特的功能性冷藏箱。在兩個品牌的狂熱追隨者和減少一次性塑膠的共同承諾之間，我們在活動啟動後看到了顯著的社交和贏得媒體曝光。關於這次合作的聯合 Instagram 帖子吸引了超過 700 萬人，僅最初的發布帖子就成為我們有史以來分享次數最多的 Instagram 帖子，也是我們有史以來觀看次數最多的視頻之一。

Turning to product innovation. Our team is designing and developing products for frequency and consistency of use in daily lives, whether it be in the wild, in the home, for passion pursuits, or simply for everyday routines. We continue to meaningfully increase our addressable market with the expansion of our existing categories plus our entrance into newer, large global markets such as bags and cookware.

轉向產品創新。我們的團隊正在設計和開發適合日常生活中使用頻率和一致性的產品，無論是在野外、在家中、為了熱情追求，還是僅僅為了日常生活。透過擴大現有品類以及進入包包和炊具等新興的大型全球市場，我們將繼續有意義地擴大我們的潛在市場。

In drinkware, we continue to innovate, seeing expansion opportunities building out the portfolio in beverage and food offerings. During the quarter, we launched four highly anticipated products, two pitchers, as well as the full release of our flask and shot glasses, which marked 18 new products launched over the last 12 months in this category. Early performance and feedback on barware has been extremely positive and fits with our tableware and drinkware expansion. As we enter the gifting season, we are optimistic about the potential of these products.

在飲料用具方面，我們不斷創新，看到了飲料和食品產品組合的擴張機會。本季度，我們推出了四款備受期待的產品、兩款水壺，以及全面發布的燒瓶和小玻璃杯，這標誌著過去 12 個月內該類別推出了 18 款新產品。酒吧用具的早期表現和回饋非常積極，適合我們餐具和飲料用具的擴展。隨著進入送禮季節，我們對這些產品的潛力感到樂觀。

In hard coolers, both innovation and legacy products have been key drivers, with broad-based strength in our Roadie and Tundra hard cooler families. In soft coolers, we continue to see strength in our newer backpack format as well as our smaller-sized thermal lunch style bags. More recently, we launched several new accessories that complement our cooler and equipment portfolio. Our Loadout Bucket Swivel Seat, which launched in September, has been in high demand due to the range of use cases from garage to sideline to the field.

在硬式冷卻器中，創新和傳統產品都是關鍵驅動力，我們的 Roadie 和 Tundra 硬式冷卻器系列具有廣泛的優勢。在軟冷藏箱中，我們繼續看到新型背包形式以及較小尺寸的熱午餐袋的優勢。最近，我們推出了多種新配件，以補充我們的冷卻器和設備產品組合。我們的裝載斗式旋轉座椅於 9 月推出，由於用途廣泛，從車庫到邊線再到野外，需求量很大。

And last month, our food organization and storage containers went live to complement the functionality and versatility of our hard and soft coolers and tie to our food expansion theme. Beyond coolers and drinkware, bags performed well in the quarter, and we're on track to launch a new range of everyday and all-weather bags in 2025, inspired by YETI and Mystery Ranch designs.

上個月，我們的食品組織和儲存容器投入使用，以補充我們的硬質和軟質冷卻器的功能和多功能性，並與我們的食品擴展主題相結合。除了冷藏箱和飲具之外，箱包在本季度也表現出色，我們預計在 2025 年推出一系列新的日常箱包和全天候箱包，靈感來自 YETI 和神秘牧場的設計。

Finally, while cookware is our newest family, the initial performance and feedback we've received around our cast iron skillet is extremely encouraging, showcasing our product strategy as we bridge the natural connection of our offerings, from live fire cooking to food storage to coolers to serving to eating. This is how we build out the YETI product ecosystem. The introduction of cast iron received positive attention from key tastemakers in culinary media, namely Eater and Food & Wine, where they highlighted quality and performance of our products.

最後，雖然炊具是我們最新的系列，但我們圍繞鑄鐵煎鍋收到的初步性能和反饋非常令人鼓舞，展示了我們的產品策略，因為我們在我們的產品之間建立了自然聯繫，從明火烹飪到食品儲存再到冷卻器到服務到吃飯。這就是我們建構 YETI 產品生態系統的方式。鑄鐵的推出受到了烹飪媒體《Eater》和《Food & Wine》等主要時尚領導者的積極關注，他們強調了我們產品的品質和性能。

As we continue to expand our product portfolio, we are leveraging our strong and diverse omnichannel. We performed well across channels in the quarter, delivering growth in wholesale and DTC. In our wholesale channel, our release cadence and innovation strategy has supported healthy sell-in with our partners. Our Wetlands collection saw exceptional demand during the quarter, with partners such as Bass Pro Shops, Academy Sports and our independent doors doing an excellent job leaning into merchandising around this collection and attracting their loyal enthusiast shoppers.

隨著我們不斷擴大產品組合，我們正在利用強大而多樣化的全通路。本季我們的跨通路表現良好，批發和 DTC 業務均成長。在我們的批發管道中，我們的發布節奏和創新策略支持了與合作夥伴的健康銷售。我們的 Wetlands 系列在本季度出現了巨大的需求，Bass Pro Shops、Academy Sports 和我們的獨立品牌等合作夥伴在圍繞該系列進行銷售並吸引其忠實的狂熱購物者方面做得非常出色。

Channel inventory remains in good shape as we manage product distribution and new innovation launches. Wholesale plays an incredibly significant role for YETI as we want to be where consumers shop and intersect with them during buying occasions, whether those are impulse or intentional.

在我們管理產品分銷和新創新發布的過程中，通路庫存保持良好狀態。批發對 YETI 發揮著極其重要的作用，因為我們希望成為消費者在購買場合（無論是衝動還是有意）購物並與他們互動的地方。

In DTC, while we continue to see some weaker traffic trends, the quality and value of customers that are shopping with us is higher, suggesting more deliberate loyal purchasing. To support those who shop directly with us, we're building new ways to connect. During the quarter, we launched our YETI ID program with a more unique and personalized experience, exclusive to account holders on yeti.com. This includes a preference center, product registration, and gear locker experience as we engage more deeply with our customers. The Amazon Marketplace showed strong demand in the quarter, and in corporate sales, we saw growth across all regions with strength outside of the US.

在 DTC 中，雖然我們繼續看到一些疲軟的流量趨勢，但在我們這裡購物的客戶的品質和價值更高，這表明更刻意的忠誠購買。為了支持那些直接在我們這裡購物的人，我們正在建立新的聯繫方式。本季度，我們推出了 YETI ID 計劃，為 Yeti.com 帳戶持有者提供更獨特、更個人化的體驗。隨著我們與客戶的互動更加深入，這包括偏好中心、產品註冊和裝備櫃體驗。亞馬遜商城在本季顯示出強勁的需求，在企業銷售方面，我們看到美國以外所有地區的成長勢頭強勁。

In retail, we opened our 23rd store in the third quarter with our 24th coming this month, hitting our commitment of six store openings this year. Our newest location in Virginia at Tysons Corner has seen strong traffic, and across our fleet, we are seeing strong drinkware performance. In general, we continue to see our stores have a positive impact on omnichannel performance in the markets where they are present, raising awareness of our brand and exposure to the full product portfolio.

在零售方面，我們在第三季開設了第 23 家門市，本月將開設第 24 家門市，實現了今年開設 6 家門市的承諾。我們在弗吉尼亞州泰森斯角的最新地點人流量很大，在我們的車隊中，我們看到了強勁的飲具性能。總的來說，我們繼續看到我們的商店對其所在市場的全通路績效產生積極影響，提高了我們的品牌知名度和對完整產品組合的曝光。

Turning to our international business. We continue to see momentum and growing awareness in non-US markets. Our brand playbook and go-to-market strategy is seeing traction in Europe and is receiving strong reception for retail partners and consumers. We're on the front end of this significant opportunity, and we remain focused on continuing our brand expansion strategy as we scale our infrastructure and omnichannel approach.

轉向我們的國際業務。我們繼續看到非美國市場的勢頭和意識不斷增強。我們的品牌策略和進入市場策略在歐洲受到關注，並受到零售合作夥伴和消費者的強烈歡迎。我們正處於這一重大機會的前端，隨著我們擴展基礎設施和全通路方法，我們將繼續專注於繼續我們的品牌擴張策略。

Our emphasis on team, brand, and distribution are supporting our continued robust growth. As we expand our reach, grow our wholesale partner footprint, as customization ramps up in 2025, we expect strong performance across our European markets with particular focus in the UK and Germany. Australia continues to deliver exceptional growth across all channels, powered by our national wholesale partners and with good execution at our important smaller independent retailers.

我們對團隊、品牌和分銷的重視正在支持我們持續強勁的成長。隨著我們擴大業務範圍、擴大批發合作夥伴的足跡，以及 2025 年客製化的加強，我們預計歐洲市場將表現強勁，尤其是英國和德國。在我們的全國批發合作夥伴的推動下以及我們重要的小型獨立零售商的良好執行力的推動下，澳洲在所有通路上繼續實現卓越的成長。

In DTC, customization has been a real positive as we continue to scale capacity, and we see opportunity to continue driving this demand through e-commerce and corporate sales. Similarly, in Canada, we are scaling our custom business and expanding our corporate sales partnerships.

在 DTC 中，隨著我們不斷擴大產能，客製化發揮了真正的積極作用，我們看到了透過電子商務和企業銷售繼續推動這一需求的機會。同樣，在加拿大，我們正在擴大我們的客製化業務並擴大我們的企業銷售合作夥伴關係。

On the wholesale front, while broader consumer headwinds and channel cautions persist, we are focused on strong merchandising and brand presence. On the DTC side, we see positive response to our enhanced customization offering. And our first Canadian YETI store, which opened in Calgary during the quarter, has exceeded our early expectations.

在批發方面，雖然更廣泛的消費者阻力和管道謹慎仍然存在，但我們專注於強大的銷售和品牌影響力。在 DTC 方面，我們看到了對我們增強的客製化服務的積極回應。我們的第一家加拿大 YETI 商店於本季在卡加利開業，其表現超出了我們的早期預期。

Before I turn the call over to Mike, I want to share a few thoughts as we look to wrap 2024 and why in my 10th year leading YETI I'm so excited about the future. Taking our updated outlook for 2024 combined with our historical quarter-to-quarter and year-to-year quality of execution since we went public in 2018, YETI has more than doubled revenue and tripled EPS.

在將電話轉給 Mike 之前，我想分享一些關於 2024 年即將結束的想法，以及為什麼在我領導 YETI 的第 10 年裡我對未來如此興奮。根據我們對 2024 年最新的展望，結合我們自 2018 年上市以來的歷史季度和年度執行質量，YETI 的收入增加了一倍多，每股收益增加了兩倍。

When I sit here today more enthusiastic about where we're going than at any other point in our history, execution has been a hallmark of the business, and I expect the future to be no different. The real excitement comes as I look towards the long term and what is in front of this brand, this product portfolio and this team. Innovation, expansion and execution are our priorities.

當我今天坐在這裡時，比我們歷史上任何時候都更加熱衷於我們的發展方向，執行力一直是企業的標誌，我預計未來也不會有所不同。當我著眼於長期以及這個品牌、這個產品組合和這個團隊所面臨的情況時，真正的興奮來自於我。創新、擴張和執行是我們的首要任務。

Our drinkware business continues to evolve and grow its addressable market. We see proof points to the growth and relevance from our innovation, not only deeper into drinkware, but also broader into the food space. This evolution has led to food storage and premium cookware, collectively representing a large global TAM we track to be over $10 billion.

我們的飲具業務不斷發展並擴大其目標市場。我們看到了我們創新的成長和相關性的證據，不僅深入到飲料器具領域，而且更廣泛地進入了食品領域。這種演變催生了食品儲存和高級炊具，根據我們統計，全球 TAM 規模超過 100 億美元。

Underlying our enthusiasm around this expansion are the global macro trends around hydration, health and wellness and being active, outdoors, all themes we believe strongly benefit YETI long term across product families. Additionally, our relevance and expansion in coolers, not only with our current hard and soft cooler solutions, but also the opportunity in broader daily use, such as smaller-format thermal bags, fit within the macro themes and expand how YETI enables daily life.

我們對擴張充滿熱情的背後是圍繞補水、健康和保健以及積極戶外活動的全球宏觀趨勢，我們相信所有這些主題都將使 YETI 整個產品系列的長期受益。此外，我們在冷卻器方面的相關性和擴展，不僅包括我們目前的硬冷卻器和軟冷卻器解決方案，還包括更廣泛的日常使用機會，例如較小規格的保溫袋，符合宏觀主題，並擴展了YETI 如何實現日常生活。

With YETI continuing to extend the market opportunity in drinkware and coolers, I'm equally excited and enthusiastic about the expansion and growth opportunity in premium bags, packs and luggage. As I look across the landscape of everyday, travel, hike, hunt, sport, all weather and water-based packs, bags and luggage, I believe that we have the right brand, DNA, designs and capabilities to sustainably build out and address another large and expansive $10 billion-plus global TAM.

隨著 YETI 繼續擴大飲料器和冷卻器領域的市場機會，我對高檔包袋、背包和行李箱領域的擴張和成長機會同樣感到興奮和熱情。當我縱觀日常、旅行、遠足、狩獵、運動、全天候和水基背包、箱包和行李箱時，我相信我們擁有正確的品牌、DNA、設計和能力，可以可持續地發展並解決另一個問題規模龐大、規模龐大、價值超過100 億美元的全球TAM。

The ecosystem of YETI products is growing and varied, with multiple avenues for expansion beyond what we've already publicly disclosed. Importantly, we remain committed to and connected by the ethos of product rooted in premium durability, performance and design, and underlying all of it is a powerful and vibrant outdoor-inspired and lifestyle-oriented brand that we cultivate through real relationships with expansive global audiences.

YETI 產品的生態系統正在不斷發展和多樣化，除了我們已經公開揭露的內容之外，還有多種擴展途徑。重要的是，我們仍然致力於並與根植於優質耐用性、性能和設計的產品精神聯繫在一起，而這一切的背後是一個強大而充滿活力的戶外靈感和生活方式導向的品牌，我們透過與廣泛的全球受眾建立真正的關係來培育這個品牌。

While near-term dynamics in markets can be unpredictable and have an influence on the business, the consistent long-term opportunity in front of us is as rich and achievable as I've seen in my time at YETI. Recognizing the current market environment remains choppy, we are focused on managing through the unknowns heading into Q4 in 2025 to deliver on our '24 full year outlook and our long-term potential. To that end, I would like to thank our team for their unwavering commitment to building our brand and innovation, supporting our customers and driving our profitable growth.

雖然市場的近期動態可能難以預測並對業務產生影響，但我們面前的長期機會是豐富且可實現的，正如我在 YETI 期間所看到的那樣。我們意識到當前的市場環境仍然不穩定，我們將專注於應對 2025 年第四季的未知因素，以實現我們的 24 年全年展望和長期潛力。為此，我要感謝我們的團隊堅定不移地致力於打造我們的品牌和創新、支持我們的客戶並推動我們的獲利成長。

Now I will turn the call over to Mike.

現在我將把電話轉給麥克。

Thanks, Matt, and good morning, everyone. I'll start by providing a brief overview of items contained in our third quarter GAAP numbers that affected both the year ago and current period results. I'll then provide a review of our third quarter performance, followed by an update on our outlook for the full year. We will then open it up for your questions.

謝謝馬特，大家早安。首先，我將簡要概述第三季 GAAP 數據中包含的影響上年同期和本期業績的項目。然後，我將回顧我們第三季的業績，然後更新我們對全年的展望。然後我們將打開它來回答您的問題。

There were two items of note that impacted our GAAP results. First, the prior year quarter's results included a $0.8 million benefit to cost of goods sold related to our product recalls. There were no adjustments made to our recall reserve in the current period.

有兩項值得注意的事項影響了我們的 GAAP 結果。首先，上一季的業績包括與我們的產品召回相關的銷售成本收益 80 萬美元。本期召回儲備未進行調整。

Second, similar to our two prior quarters, our GAAP results include costs associated with the acquisitions that we made earlier this year. These include the impact of purchase accounting on gross margins as well as other minor transition costs within our operating expenses.

其次，與我們前兩個季度類似，我們的公認會計準則結果包括與我們今年稍早進行的收購相關的成本。其中包括採購會計對毛利率的影響以及我們營運費用中的其他次要過渡成本。

Per our standard reporting practices, the impact of these and other nonrecurring items are excluded from non-GAAP results. All results presented on today's call will be on a non-GAAP basis in order to better focus on the operating performance of the business during the quarter.

根據我們的標準報告實踐，這些和其他非經常性項目的影響不包括在非公認會計原則結果中。今天電話會議上公佈的所有業績都將基於非公認會計原則（Non-GAAP），以便更好地關注本季度業務的運營業績。

Now turning to our third quarter results. Sales increased 10% in the quarter to $478 million. This was in line with our expectations and was driven by growth across all categories, channels and geographies. This quarter's year-over-year growth includes an approximately 100 basis point net headwind from gift card redemptions related to our product recall. Our results this quarter include $2.7 million in gift card redemptions compared to $6.3 million in gift card redemptions in the prior year quarter.

現在轉向我們的第三季業績。該季度銷售額成長 10%，達到 4.78 億美元。這符合我們的預期，並且是由所有類別、管道和地區的成長所推動的。本季的年增率包括與我們的產品召回相關的禮品卡兌換帶來的約 100 個基點的淨阻力。我們本季的業績包括 270 萬美元的禮品卡兌換，而去年同期的禮品卡兌換為 630 萬美元。

On a year-to-date basis, sales are up 10% versus the comparable period last year, again, across all of our categories, channels and geographies. We believe this demonstrates the continued momentum and growth potential of the YETI brand and product portfolio, with more growth available for us to go capture in new communities, new categories and new geographies.

今年迄今，我們所有品類、通路和地區的銷售額與去年同期相比再次成長了 10%。我們相信，這表明了 YETI 品牌和產品組合的持續發展勢頭和成長潛力，我們可以在新社區、新類別和新地區獲得更多成長。

Now moving on to our sales by product category. Coolers & equipment sales increased 12% to $193 million. We have been very pleased with the performance of C&E this year as this was the third quarter in a row with double-digit growth in the category. Hard coolers had a strong quarter, supported by our recent innovation. In particular, we are thrilled with the customer feedback and sales performance of the new Roadie 15 Hard Cooler and believe that this product is in position to have a very successful holiday season. Soft coolers benefited from continued good demand for our line of backpack coolers, and our Daytrip lunch products also performed well, particularly during the key back-to-school shopping period.

現在繼續按產品類別進行銷售。冷卻器和設備銷售額成長 12%，達到 1.93 億美元。我們對今年 C&E 的表現非常滿意，因為這是該類別連續第三個季度實現兩位數成長。在我們最近的創新的支持下，硬質冷卻器在本季度表現強勁。尤其是，我們對新款 Roadie 15 硬式冷卻器的客戶回饋和銷售業績感到非常興奮，並相信該產品能夠在假期季節取得非常成功的業績。軟冷卻器受益於我們的背包冷卻器系列的持續良好需求，我們的一日遊午餐產品也表現良好，特別是在關鍵的返校購物期間。

Within equipment, our bags category had a great quarter, exceeding our expectations, with continued strong performance in our SideKick, Camino and Panga product lines. Finally, Mystery Ranch branded products continue to perform in line with our expectations, and we are excited about what the future holds as we near the launch of our YETI branded backpacks that leverage the premium design, carry and performance tenets of Mystery Ranch.

在設備方面，我們的箱包類別季度表現出色，超出了我們的預期，SideKick、Camino 和 Panga 產品線的表現持續強勁。最後，Mystery Ranch 品牌產品的表現持續符合我們的預期，隨著我們即將推出 YETI 品牌背包，我們對未來感到興奮，該背包利用了 Mystery Ranch 的優質設計、攜帶和性能原則。

Drinkware sales increased 9% to $275 million, supported by our broad and diverse portfolio of products, our continued innovation and our global growth opportunity. As Matt mentioned, this quarter, we continued our expansion into barware and tableware with the launch of our pitcher in two sizes as well as the full release of our flask and shot glasses following the very successful limited release in Q2.

在我們廣泛且多樣化的產品組合、持續創新和全球成長機會的支持下，飲料器具銷售額成長了 9%，達到 2.75 億美元。正如馬特所提到的，本季度，我們繼續向酒吧用具和餐具領域擴張，推出了兩種尺寸的水罐，以及繼第二季度非常成功的限量發布後，全面發布了燒瓶和小酒杯。

As we continue to expand our portfolio, we are seeing some really encouraging consumer behavior. As we launch more and more products that are intended for group sharing like our Beverage Bucket, Wine Chiller, French Press and Pitcher, we are seeing a nice lift in other parts of our portfolio, such as our lineup of stackable cups in six different sizes. We believe that this dynamic will only build as the awareness of our full portfolio continues to grow. One final point on drinkware that we believe is often overlooked, we see a tremendous growth opportunity in drinkware outside the United States, led by our expanding brand awareness and retail partner footprint.

隨著我們不斷擴大產品組合，我們看到了一些真正令人鼓舞的消費者行為。隨著我們推出越來越多適合團體共享的產品，例如飲料桶、葡萄酒冷卻器、法式濾壓壺和水罐，我們看到產品組合的其他部分也有了很大的提升，例如六種不同尺寸的可堆疊杯子系列。我們相信，只有隨著我們整個產品組合的意識不斷增強，這種動力才會增強。關於飲料用具的最後一點，我們認為經常被忽視，在我們不斷擴大的品牌知名度和零售合作夥伴足蹟的帶動下，我們看到美國以外的飲料用具存在巨大的成長機會。

Moving on to our performance by channel. Wholesale sales were $198 million in the third quarter, up 14% versus the same period last year. In the US, we continue to benefit from the strength and diversity of our wholesale channel, diversity in terms of size, pursuits and location. We think this positions us well to capture the demand that is in the market regardless of macroeconomic conditions. Longer term, we also believe that this puts us in a great position to grow our shelf space with our wholesale partners as we expand our product portfolio.

繼續我們按管道的表現。第三季批發銷售額為1.98億美元，比去年同期成長14%。在美國，我們繼續受益於批發管道的實力和多樣性，以及規模、追求和地點的多樣性。我們認為，無論宏觀經濟狀況如何，這都使我們能夠很好地抓住市場需求。從長遠來看，我們也相信，隨著我們擴大產品組合，這使我們能夠與批發合作夥伴一起擴大貨架空間。

Outside the US, wholesale dealer growth remains a focal point of our strategy as we continue to see plenty of opportunity for new partnerships around the globe. Finally, inventory in the channel remains healthy and is well positioned to support demand as we enter the holiday season.

在美國以外，批發經銷商的成長仍然是我們策略的重點，因為我們繼續看到全球範圍內建立新合作夥伴關係的大量機會。最後，通路中的庫存保持健康，並且在進入假期季節時能夠很好地支援需求。

Direct-to-consumer sales grew 8% to $281 million, driven by good growth in both C&E and drinkware. Similar to last quarter, all of our D2C channels posted growth in the quarter, led again by our Amazon business. Excluding the headwind from gift cards, total D2C growth was approximately 10%.

受會展娛樂和飲料用具良好成長的推動，直接面向消費者的銷售額成長了 8%，達到 2.81 億美元。與上季類似，我們所有的 D2C 通路在本季均實現成長，亞馬遜業務再次領先。排除禮品卡帶來的不利影響，D2C 總成長約 10%。

Turning now to our international business. Outside the US, sales grew 30% to $88 million, driven by exceptional growth in Europe and Australia. We are encouraged by the momentum and brand awareness we are seeing in new markets, and we will continue to invest in building our presence and scaling our infrastructure and omnichannel capabilities in these geographies.

現在轉向我們的國際業務。在歐洲和澳洲的強勁成長推動下，美國以外地區的銷售額成長了 30%，達到 8,800 萬美元。我們對新市場的勢頭和品牌知名度感到鼓舞，我們將繼續投資在這些地區建立我們的業務並擴展我們的基礎設施和全通路能力。

One example of those capabilities is within drinkware customization. We are now offering customers in Australia and Canada, both consumer and corporate sales, the ability to customize and personalize their YETI products. This has been a driver of our growth so far this year, and we believe it will be a successful offering for us this holiday season.

這些功能的一個例子是飲料器具客製化。我們現在為澳洲和加拿大的消費者和企業銷售客戶提供客製化和個人化其 YETI 產品的能力。這是我們今年迄今為止成長的推動力，我們相信這將是我們這個假期的成功產品。

As it relates to margins, gross profit increased 11% to $278 million or 58.2% of sales compared to 57.8% in the third quarter last year. The drivers of this roughly 40 basis point increase in gross margins during the third quarter included: lower inbound freight and mobile product costs had favorable impacts of 160 basis points and 80 basis points, respectively. These gains were offset by 40 basis points from higher customization costs, 40 basis points from supplier and product transition costs, 30 basis points from the strategic price decreases on certain hard coolers that we implemented during the first quarter, and 90 basis points from a combination of other smaller impacts.

就利潤率而言，毛利成長了 11%，達到 2.78 億美元，佔銷售額的 58.2%，而去年第三季為 57.8%。第三季毛利率成長約 40 個基點的驅動因素包括：入境運費和行動產品成本降低分別產生了 160 個基點和 80 個基點的有利影響。這些收益被更高的定製成本抵消了40 個基點，供應商和產品轉換成本抵消了40 個基點，我們在第一季度實施的某些硬冷卻器的戰略降價抵消了30 個基點，以及綜合成本抵消了90 個基點其他較小的影響。

SG&A expenses for the quarter increased 11% to $199 million or 41.7% of sales compared to 41.3% in the same period last year. Non-variable expenses increased 170 basis points as a percent of sales, primarily driven by higher employee costs and higher marketing expenses as we continue to spend into growing brand awareness and in building out our global teams to support the growth opportunity that we see looking forward. Variable expenses decreased by 130 basis points as a percent of sales due to a higher mix of wholesale sales as well as strong AOVs across our DTC channels.

本季的 SG&A 費用成長 11%，達到 1.99 億美元，佔銷售額的 41.7%，而去年同期為 41.3%。固定費用佔銷售額的百分比增加了 170 個基點，這主要是由於員工成本和行銷費用的增加，因為我們繼續投資於提高品牌知名度和建立我們的全球團隊，以支持我們看到的未來​​成長機會。由於批發銷售組合的增加以及我們 DTC 通路的強勁 AOV，可變費用佔銷售額的百分比下降了 130 個基點。

Operating income increased 11% to $79 million or 16.6% of sales, an increase of 10 basis points over the prior year period. Net income increased 14% to $60 million, and earnings per diluted share was $0.71 compared to $0.60 in the prior year period, an increase of 18%. Year-to-date, our earnings per diluted share of $1.74 is up nearly 30% versus the same period last year.

營業收入成長 11%，達到 7,900 萬美元，佔銷售額的 16.6%，比上年同期成長 10 個基點。淨利潤成長 14%，達到 6,000 萬美元，攤薄後每股收益為 0.71 美元，而去年同期為 0.60 美元，成長 18%。今年迄今為止，我們的每股攤薄收益為 1.74 美元，比去年同期成長了近 30%。

Turning to our balance sheet. We ended the quarter with $280 million in cash, which was relatively flat on a year-over-year basis despite our $100 million share repurchase and our two acquisitions that were all completed in the first half of this year. Inventory increased 8% year-over-year to $370 million. As we look forward, we expect year-end inventory to be approximately flat versus the prior year as we continue to drive efficiencies in our global inventory planning.

轉向我們的資產負債表。本季結束時，我們的現金為 2.8 億美元，儘管我們回購了 1 億美元的股票，並且兩項收購均在今年上半年完成，但與去年同期相比，現金仍相對持平。庫存年增 8% 至 3.7 億美元。展望未來，隨著我們繼續提高全球庫存規劃的效率，我們預計年終庫存將與去年基本持平。

Total debt, excluding unamortized deferred financing fees and finance leases, was approximately $79 million compared to approximately $83 million at the end of last year's third quarter.

債務總額（不包括未攤銷的遞延融資費用和融資租賃）約為 7,900 萬美元，而去年第三季末約為 8,300 萬美元。

Now turning to our fiscal 2024 outlook. We now expect full year sales to increase approximately 9% compared to fiscal 2023's adjusted net sales, which is the midpoint of our prior range of 8% to 10%. We continue to take a prudently conservative approach in our demand planning for the remainder of the year. As Matt said, we believe this is the right approach given the current macroeconomic backdrop as well as the shorter shopping period between the Thanksgiving and Christmas holidays this year.

現在轉向我們的 2024 財年展望。我們現在預計全年銷售額將比 2023 財年調整後的淨銷售額增長約 9%，這是我們之前 8% 至 10% 範圍的中點。我們在今年剩餘時間的需求計畫中繼續採取審慎保守的態度。正如馬特所說，考慮到當前的宏觀經濟背景以及今年感恩節和聖誕節假期之間的購物時間較短，我們認為這是正確的做法。

The components of our full year sales outlook remain largely consistent. We continue to expect slightly higher performance from our wholesale channel versus D2C given our current momentum in wholesale.

我們全年銷售前景的組成部分基本上保持一致。鑑於我們目前的批發勢頭，我們繼續預期批發管道的業績將略高於 D2C。

By category, we continue to expect coolers & equipment to outpace drinkware, supported by strong performance in hard coolers and bags. Finally, we expect international growth to remain in the 30% range, with domestic growth in the mid-single digits.

按類別劃分，我們繼續預計冷卻器和設備將超越飲料器具，這得益於硬冷卻器和袋子的強勁表現。最後，我們預計國際成長將保持在 30% 的範圍內，國內成長將保持在中個位數。

Moving down the P&L. Our 2024 gross margin target remained at approximately 58.5% versus 56.9% last year. This 160 basis point expansion for the year has not only been driven by lower inbound freight costs, but also the efforts of our teams to drive savings in other areas such as product costs.

損益表向下移動。我們 2024 年的毛利率目標維持在約 58.5%，而去年為 56.9%。今年 160 個基點的擴張不僅是由於入境貨運成本降低所致，也是由於我們團隊在產品成本等其他領域的努力節省。

As we mentioned last quarter, we did see elevated surcharges on inbound freight shipments through much of the third quarter, which we manage well within our P&L. Those surcharges have started to come down, but we would expect a year-over-year benefit to our gross margins from lower inbound rate to be smaller in Q4 than in Q3. When combined with the impact of our hard cooler price decreases and an unfavorable impact to margins from sales mix, we continue to expect fourth quarter gross margins to be relatively flat on a year-over-year basis.

正如我們上季度提到的，我們確實看到第三季大部分時間入境貨運附加費有所上升，我們在損益表中對此進行了很好的管理。這些附加費已開始下降，但我們預計第四季度入境率下降對毛利率的年比收益將小於第三季。考慮到我們的硬冷卻器價格下降的影響以及銷售組合對利潤率的不利影響，我們仍然預計第四季度的毛利率將與去年同期相比相對持平。

Moving on to SG&A. We continue to expect full year SG&A growth to be slightly above full year sales growth. As we have consistently said this year, we are investing a portion of the increase in gross margin that we will see in 2024 back into SG&A in order to drive future growth.

繼續討論SG&A。我們繼續預計全年 SG&A 成長將略高於全年銷售成長。正如我們今年一直所說的那樣，我們將把 2024 年毛利率成長的一部分投資回銷售、管理和行政費用 (SG&A)，以推動未來的成長。

Our expectations for adjusted operating margins also have not changed. We continue to expect operating margins of 16.5%, 90 basis points higher than the 15.6% that we delivered in fiscal 2023. This represents operating profit dollar growth of approximately 15%.

我們對調整後營業利益率的預期也沒有改變。我們仍預期營業利益率為 16.5%，比 2023 財年的 15.6% 高出 90 個基點。這意味著營業利潤成長約 15%。

Below the operating line, we now expect an effective tax rate of approximately 24.8% for fiscal 2024, in line with the prior year, and we continue to expect full year diluted shares outstanding of approximately $86 million. As a result, we now expect adjusted earnings per diluted share of approximately $2.65, which is the high end of our prior range and represents year-over-year growth of approximately 18%.

在營業線以下，我們現在預計 2024 財年的有效稅率約為 24.8%，與上一年一致，並且我們繼續預計全年攤薄後已發行股票約為 8,600 萬美元。因此，我們現在預計調整後每股攤薄收益約為 2.65 美元，這是我們之前區間的上限，年增約 18%。

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

至於現金，我們目前預計全年資本支出為 5,000 萬美元，自由現金流前景維持在 1.5 億至 2 億美元之間。我們將在未來的資本配置方法中保持機會主義，平衡併購機會和股票回購授權中剩餘的 2 億美元。

All in all, we are proud of our third quarter performance and the broad strength we saw across our businesses. Our top- and bottom-line execution in the first nine months of this year gives us confidence we can achieve our full year guidance while also continuing to drive our strategic priorities forward.

總而言之，我們對第三季的業績以及我們在各個業務中看到的廣泛實力感到自豪。今年前九個月的頂線和底線執行情況讓我們有信心實現全年指導，同時繼續推動我們的策略重點向前發展。

Our growing cash position gives us the opportunity to further invest in the business while also opportunistically pursuing a combination of strategic acquisitions and share repurchases. As we move into our year-end, we continue to focus on strengthening the brand, expanding our product portfolio, and driving omnichannel and international growth.

我們不斷增長的現金狀況使我們有機會進一步投資業務，同時也機會主義地尋求策略性收購和股票回購的結合。進入年底，我們繼續專注於強化品牌、擴大產品組合併推動全通路和國際成長。

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員來回答你的問題。

(Operator Instructions) Peter Benedict, Baird.

（操作員說明）Peter Benedict，Baird。

First one is just kind of around the all tariff question. I appreciate the efforts you're making to diversify your sourcing outside of China. I'm curious how the international supply chain works at this point. If we kind of fast forward maybe 12 to 18 months, how much of the China sourced drinkware can you just shift directly to other international markets and then not bring to the United States? Is that a nuance that we should be aware of or thinking of as we try to pencil out potential tariff cost impacts on the business? That's my first question.

第一個是圍繞所有關稅問題。我很欣賞你們為實現中國以外的採購多元化所做的努力。我很好奇目前國際供應鏈是如何運作的。如果我們快轉到 12 到 18 個月，有多少來自中國的飲料可以直接轉移到其他國際市場，而不是帶到美國？當我們試圖消除關稅成本對業務的潛在影響時，我們是否應該意識到或考慮這一細微差別？這是我的第一個問題。

Peter, it's Mike. Thanks for the question. Yes, so absolutely. So as we go through this, any product made in China can go directly to the region, so to Europe, to Canada, to Australia. So one of the things we've talked about as we've gone through this is this is obviously currently primarily a US dynamic, which we feel as our international business grows, sort of helps offset some of the potential cost risk that is out there.

彼得，是麥克。謝謝你的提問。是的，絕對是如此。因此，當我們經歷這個過程時，任何中國製造的產品都可以直接銷往該地區，例如歐洲、加拿大、澳洲。因此，我們在經歷這個過程時討論的一件事是，這顯然目前主要是美國的動態，我們認為隨著我們的國際業務的成長，這在某種程度上有助於抵消一些潛在的成本風險。

Okay. That's helpful. And another question, Mike, kind of -- how do we think about the pace of SG&A growth and really more of the nonvariable side as we look at -- obviously, you've mentioned you've been investing to support international growth. But as we kind of look out beyond this year and maybe you have some gross margin tailwinds that maybe moderate, or just how do you think about your ability to manage the SG&A line in the event that gross margin isn't as much of a tailwind as it has been for the last year or two?

好的。這很有幫助。還有另一個問題，麥克，我們如何看待SG&A成長的速度，以及我們所關注的更多不變的方面——顯然，你提到你一直在投資以支持國際成長。但當我們展望今年之後，也許你會遇到一些可能溫和的毛利率順風車，或者在毛利率不那麼順風車的情況下，你如何看待你管理SG&A線的能力過去一兩年都是這樣嗎？

Yes. So I'd say our comments have been pretty consistent here. And I'd say that everything that we've done this year has largely been intentional. So coming into the year, we knew we were going to have some gross margin tailwinds and we viewed it as -- that as an opportunity for us to invest some of that back into the business and still allow operating margins to expand.

是的。所以我想說我們的評論在這裡非常一致。我想說，我們今年所做的一切很大程度上都是有意為之。因此，進入今年，我們知道我們將有一些毛利率的順風車，我們認為這是一個機會，讓我們可以將其中的一些資金重新投資到業務中，同時仍然允許營業利潤率擴大。

So year-to-date, gross margins are up 240 basis points. We've taken 70 basis points of that and still expanded operating margins 170 basis points. For the year, we're -- the outlook that we put out today would imply gross margin expansion of 160 basis points. Again, SG&A -- investing 70 basis points of that back into SG&A and allowing for 90 basis points of operating margin expansion, that's all intentional.

今年迄今為止，毛利率上升了 240 個基點。我們已經採取了 70 個基點，但營業利潤率仍擴大了 170 個基點。對於今年，我們今天發布的前景意味著毛利率將增加 160 個基點。同樣，SG&A——將其中的 70 個基點投資回 SG&A，並允許營業利潤率擴張 90 個基點，這都是有意為之。

So as we go into next year, we're going to be very thoughtful about how we approach that. So -- and we've been pretty consistent that it is our intention to manage gross margin and operating margins together to drive operating margins up over time. And we're obviously not giving specific guidance on 2025 today. But we've been pretty consistent that, that is our intention as we go into next year.

因此，當我們進入明年時，我們將認真考慮如何實現這一目標。因此，我們一直非常一致地認為，我們的目的是一起管理毛利率和營業利潤率，以隨著時間的推移提高營業利潤率。我們今天顯然不會給出 2025 年的具體指引。但我們一直非常一致，這就是我們進入明年的意圖。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

This is Alexia Morgan on for Peter Keith. Maybe just more on the tariff topic. So you're de-emphasizing China exposure within drinkware, that's great. But how should we think about gross margin impact there? And is the facility move expected to be relatively smooth in terms of margin impact? Or how should we think about that?

這是彼得·基思的亞歷克西婭·摩根。也許只是更多關於關稅話題。所以你不再強調飲料中與中國的接觸，這很好。但我們該如何考慮毛利率的影響呢？就利潤率影響而言，設施搬遷預計會相對穩定嗎？或者說我們該如何思考這個問題？

Yes. Thanks for the question. So obviously, there's been a lot of focus on the potential impact of tariffs. But I think it's really important to remember at the present time, there are a lot of unknowns, so the amount of the tariffs, the specific products, the timing, et cetera. There's just too much that we don't know to try and quantify beyond what we talked about last quarter and then reiterated today in terms of what we're doing. So -- and I think that's where we'd like to focus is here's what we are doing, the plan that we laid out last quarter and that we reiterated today is on track, number one.

是的。謝謝你的提問。顯然，人們非常關注關稅的潛在影響。但我認為目前記住這一點非常重要，有許多未知因素，例如關稅金額、具體產品、時間等等。除了我們上個季度討論的內容以及今天重申的我們正在做的事情之外，還有太多的事情我們不知道，無法嘗試和量化。所以 - 我認為這就是我們想要關注的地方，這就是我們正在做的事情，我們上季度製定的計劃以及我們今天重申的計劃正在步入正軌，這是第一。

Number two, we're working very closely with our suppliers who have strong -- we have strong long-standing relationships with. We're working with them on a solution and also assessing potential new partners. And third, if we -- we'll have to see as we go through this, but I think we would look at price potentially as an option to offset any potential tariff risk.

第二，我們正在與我們的供應商密切合作，他們與我們有著牢固的長期關係。我們正在與他們合作制定解決方案，並評估潛在的新合作夥伴。第三，如果我們——我們必須在經歷這個過程中看到，但我認為我們可能會將價格視為抵消任何潛在關稅風險的選項。

So basically, we're focused on the things that we can control. And the other thing that I would lay out, that just as a reminder, we have been through this before, in the 2018, 2019 time frame with soft goods. And we navigated that successfully, and we believe the plan that we have in place today will allow us to do that again. But again, there are -- there's just a lot of unknowns right now to lay out a specific number.

所以基本上，我們專注於我們可以控制的事情。我要說的另一件事是，作為提醒，我們之前在 2018 年、2019 年的時間範圍內就軟商品經歷過這種情況。我們成功地完成了這項任務，我們相信今天制定的計劃將使我們能夠再次做到這一點。但同樣，目前還存在著許多未知因素，無法列出具體數字。

Okay. That's helpful. And then one more just on wholesale sell-in. So sales were really strong in the quarter. And sorry, you mentioned healthy wholesale selling already. But could you go more into detail on the wholesale sell-through dynamics that you saw in Q3 and then maybe how those compared to earlier in the year?

好的。這很有幫助。然後還有一個只是批發銷售。因此，本季的銷售確實強勁。抱歉，您已經提到了健康的批發銷售。但您能否更詳細地介紹您在第三季看到的批發銷售動態，以及與今年稍早相比如何？

Yes. So here's what I'd say. We've been very pleased with our sell-in and our sell-through this year. As we look this year in the U.S -- now one thing I do want to make sure is clear is that when we talk comparing sell-in and sell-through, when we talk sell-through, that's primarily a US dynamic, and so whereas the wholesale reported number is global.

是的。這就是我要說的。我們對今年的銷售情況和銷售情況非常滿意。正如我們今年在美國的情況——現在我確實想明確的一件事是，當我們談論比較銷售和銷售時，當我們談論銷售時，這主要是美國的動態，所以而報告的批發數量是全球性的。

And so when you look at just the US sell-in piece, they're reasonably aligned across both C&E and drinkware. We've been really pleased with how sell-through has performed this year. And I think as we go into the holidays, we think we're in a really, really good inventory position to have a successful Q4.

因此，當你只看美國的銷售情況時，你會發現它們在消費、娛樂和飲料方面的表現相當一致。我們對今年的銷售表現非常滿意。我認為，當我們進入假期時，我們認為我們的庫存狀況非常非常好，可以在第四季度取得成功。

Okay. Thank you. That's it for me.

好的。謝謝。對我來說就是這樣。

Randy Konik, Jefferies LLC.

蘭迪·科尼克，傑富瑞有限責任公司。

I guess maybe, Matt, for you, considering the international business has continued to power ahead here, maybe frame up for us where are we today with bodies in the different regions in terms of employees, just infrastructure, the way everything is set up as we think about additional growth in areas like Europe and Asia? Just to try to frame it out for us in terms of where we've been, where are we and where we're going in those markets ahead?

馬特，我想也許對你來說，考慮到國際業務在這裡繼續強勁發展，也許可以為我們框架，我們今天在不同地區的機構在員工、基礎設施、一切設置的方式方面處於什麼位置我們考慮歐洲和亞洲等地區的額外成長嗎？只是試著為我們勾勒出我們在這些市場中的過去、現在和未來的發展方向？

Thanks, Randy. I would say a couple of things. As we've talked in the past, we've kind of built these pillars of international growth through time. And we've said before, Canada and Australia, those two markets from a team infrastructure really are built out and they're in the scale mode. We called out -- in particular, we called out Australia today and just the strong growth and execution that, that incredible team we have down under continues to deliver.

謝謝，蘭迪。我想說幾件事。正如我們過去所說，隨著時間的推移，我們已經建立了這些國際成長的支柱。我們之前說過，加拿大和澳大利亞，這兩個團隊基礎設施市場確實已經建成，並且處於規模模式。我們今天特別讚揚了澳大利亞，我們所擁有的令人難以置信的團隊繼續提供強勁的成長和執行力。

Europe was a couple of years behind that in its build-out. But with the team that we put together in Europe focused on Continental Europe and focused on the UK, we feel really good about the infrastructure that we have built. There's still some more investment in front of that as we continue to kind of go up the scale. But I would say we're still in -- when you look at the relative size of that market, we're still in the early days of the potential in Europe. And that's why we continue to call out even specifically Germany and the UK.

歐洲的建設落後了幾年。但是，由於我們在歐洲組成的專注於歐洲大陸和英國的團隊，我們對我們所建立的基礎設施感到非常滿意。隨著我們繼續擴大規模，前面還有更多的投資。但我想說，當你看看該市場的相對規模時，我們仍處於歐洲市場潛力的早期階段。這就是為什麼我們繼續特別呼籲德國和英國。

We think the opportunity is extraordinary. The reception has been outstanding. The playbook is working. And it's really powering meaningful growth for us now, and it's kind of -- as we reported today, that's part of what you're seeing in that result is the strong execution of Europe and the UK. But I would say even more exciting is how early we are in that opportunity.

我們認為這個機會非比尋常。接待情況非常優異。劇本正在發揮作用。它現在確實為我們帶來了有意義的成長，正如我們今天報導的那樣，你在結果中看到的部分原因是歐洲和英國的強大執行力。但我想說，更令人興奮的是我們很早就抓住了這個機會。

Asia is further back in that investment. We're very early in the start-up in Asia and building out our go-to-market strategy and our resourcing there. So I think Asia, North Asia, Japan, Korea will be a story over the years to come. I think Europe, in the UK, we'll be talking more and more about in the near term as we kind of take the foundation we've built and really scale off of it.

亞洲在這方面的投資進一步落後。我們在亞洲的初創階段還處於早期階段，並正在製定我們的市場策略和資源分配。所以我認為亞洲、北亞、日本、韓國將成為未來幾年的故事。我認為歐洲，在英國，我們將在短期內越來越多地討論，因為我們將利用我們已經建立的基礎並真正擴大規模。

And then I guess lastly, maybe give us some -- further unpack how you're thinking about product evolution ahead and innovation. You talked a lot about the excitement around barware. You also kind of gave us some good perspective on the investments in [stock] that you've been doing on the culinary side of the different -- another audience that you're targeting. Maybe just give us some perspective of how you're thinking about going forward, how we should be thinking about innovation around other categories or other areas for the strong YETI brand to go into ahead.

最後，我想，也許可以給我們一些東西——進一步闡明您對未來產品演變和創新的看法。您談到了很多關於酒吧用具的興奮點。您還為我們提供了一些關於您在不同的烹飪方面所做的[股票]投資的好觀點——您所瞄準的另一個受眾。也許只是給我們一些關於您如何考慮未來發展的觀點，我們應該如何考慮圍繞其他類別或其他領域的創新，以使強大的 YETI 品牌繼續前進。

Yes. What I will say here, Randy, is if you look back, I think our historical evolution sort of laid all the foundations for what we're talking about today and really are the setup for where we're going in the future. I don't expect and it has never been a hallmark of YETI to go just scattershot the brand and scattershot the product portfolio. We really want to thoughtfully build it out so it all connects.

是的。蘭迪，我要說的是，如果你回顧過去，我認為我們的歷史演變為我們今天所討論的內容奠定了所有基礎，並且確實為我們未來的發展奠定了基礎。我沒想到，YETI 的標誌也從來沒有隻是漫無目的地展示品牌和產品組合。我們真的想深思熟慮地建造它，以便將所有內容連接起來。

And so what you're seeing, and I think 2024 is really an example of that and I think you'll see it continue into 2025 and beyond is, as we build out drinkware and we connect more into food and culinary and as we build out our coolers and really expand the use cases there, and as our bags portfolio continues to evolve and as we continue to fall -- of all of our storage cargo protective case business, you're going to also see those all fit together within the YETI ecosystem.

所以你所看到的，我認為 2024 年確實是一個例子，我認為你會看到它持續到 2025 年及以後，因為我們生產飲料用具，我們更多地與食品和烹飪聯繫起來，當我們生產出我們的冷卻器並真正擴展那裡的用例，隨著我們的箱包產品組合不斷發展，隨著我們所有存儲貨物保護箱業務的不斷下降，您還將看到所有這些都適合在YETI 生態系統。

And so what we're really ultimately trying to do is surround the consumer with more use cases in their daily lives, make the brand more present and the brand more relevant because we know we have the brand heat. We know we have the right products, ethos and we feel those opportunities to grow it. We're incredibly excited about what's in front of us in bags. We think that is a massive global market that is right for YETI.

因此，我們最終真正想做的是在消費者的日常生活中提供更多用例，讓品牌更具存在感，讓品牌更具相關性，因為我們知道我們擁有品牌熱度。我們知道我們擁有合適的產品和精神，並且我們感受到這些機會來發展它。我們對眼前袋子裡的東西感到非常興奮。我們認為這是一個適合 Yeti 的龐大全球市場。

I think that combination of drinkware moving -- a market moving from being very cup focused to being very solution-oriented, and that's the barware serveware tabletop connection to cooking and culinary we're really excited about. And I think over the next kind of near and midterm, you're going to see us aggressively build that out. But I think you're going to look at it and say that all really makes sense underneath the YETI umbrella.

我認為飲料器具的組合正在改變——市場從以杯子為中心轉變為以解決方案為導向，這就是我們真正興奮的吧台餐具與烹飪和烹飪的桌面連接。我認為在下一個近期和中期，你將看到我們積極地建造它。但我認為你會看到它並說在 YETI 保護傘下這一切確實有意義。

Great. Thanks, guys.

偉大的。謝謝，夥計們。

Phillip Blee, William Blair.

菲利普·布萊爾，威廉·布萊爾。

Can you talk a little bit more about your expectations for the upcoming holiday? Maybe what you're seeing in quarter-to-date trends? And then any level of conservatism built in ahead of peak season, the ability to chase? And then any impact of a potentially more promotional competitive environment?

您能多談談您對即將到來的假期的期望嗎？也許您在本季至今的趨勢中看到了什麼？然後在旺季之前建立任何程度的保守主義，追趕的能力？那麼潛在的更具促銷性的競爭環境會產生什麼影響呢？

Phillip, I'd say a couple of things, and I'll reiterate a little bit of what I said and Mike said. Q4 is always big for us. YETI has always been an incredible gifting solution and gifting product and a highly desirable one. I'd say, year-to-year and depending upon environments, you see different behaviors in Q4, when buying starts, kind of when the season falls. So we closely monitor those. We feel great about how we're positioned for the holidays. We have incredible plans with our wholesale partners domestically and globally to address the consumer when they shop.

菲利普，我想說幾句話，我會重申我和麥克所說的話。第四季對我們來說總是重要的。YETI 一直是令人難以置信的禮品解決方案和禮品產品，也是非常理想的產品。我想說，每年，根據環境的不同，你會在第四季度看到不同的行為，當購買開始時，就像季節下降時一樣。所以我們密切監視這些。我們對假期的安排感到非常滿意。我們與國內和全球的批發合作夥伴制定了令人難以置信的計劃，以便在消費者購物時滿足他們的需求。

This year, there is a shortened run between the goalposts of the traditionally defined sort of holiday buying season. And so we're well primed. We're well primed for that. We're excited about the innovation we put into the market this year that's still undiscovered that still has opportunity to be a great holiday, great gifting solution.

今年，傳統定義的假期購物季的目標間隔縮短了。所以我們已經做好準備了。我們已經為此做好了充分準備。我們對今年投入市場的創新感到興奮，這些創新仍然未被發現，仍然有機會成為一個很棒的節日、很棒的禮物解決方案。

And as our history has been, we always have some things that we have for the holidays to stoke energy and demand and drive traffic and interest. So I think it's -- I think we're early in the quarter as it relates to the holiday. And I think as we go forward and get into the shortened season, we're ready to react to what the market gives.

正如我們的歷史一樣，我們總是在假期中準備一些東西來激發能量和需求，並推動流量和興趣。所以我認為我們正處於本季的早期，因為它與假期有關。我認為，當我們繼續前進並進入縮短的賽季時，我們已經準備好對市場給予的情況做出反應。

And I would say, as it relates to the promotional environment, we haven't seen anything outstanding and unusual in the quarter to date. And as we have always done, our promotional cadence has continued to be consistent and similar to what we've done in the past.

我想說，由於與促銷環境有關，我們在本季度迄今為止還沒有看到任何突出和不尋常的事情。正如我們一直以來所做的那樣，我們的促銷節奏仍然與我們過去所做的保持一致和相似。

Okay. Excellent. Very helpful. And then on gross margin, outside of any potential impact of new tariff, can you talk about what inning you are in for some of your gross margin improvements, maybe between kind of the normalizing transportation costs that are more macro versus some of your internal initiatives on controllable and product cost just to kind of try and give us some sort of gauge on the go-forward rate?

好的。出色的。非常有幫助。然後，在毛利率方面，除了新關稅的任何潛在影響之外，您能否談談您的毛利率改善處於什麼階段，也許是在更加宏觀的運輸成本正常化與一些內部舉措之間可控和產品成本只是為了嘗試給我們某種關於前進率的衡量標準？

Yes. Phillip, so difficult to put an inning on it because I'd say this is a continual process that we have internally to manage our COGS, to manage our gross margins. And there's things that happen every year in terms of things going on in the business, things going on in the market that can -- that we need to react to as well. Obviously, we've been really pleased with our gross margins in 2024, the expansion that we've had. The outlook that we put out was essentially holding to the 58.5%, which was nice expansion year-over-year.

是的。菲利普，很難投入一局，因為我想說這是一個持續的過程，我們在內部管理我們的銷貨成本，管理我們的毛利率。每年都會發生一些事情，包括業務中發生的事情、市場上發生的事情，我們也需要對此做出反應。顯然，我們對 2024 年的毛利率以及我們的擴張感到非常滿意。我們提出的前景基本上維持在 58.5%，這是同比良好的擴張。

The outlook -- what it implies for Q4 is essentially a flat gross margin in Q4 like we talked about. But there are some things driving that, that we believe are specific to this time period that won't necessarily continue as we go into next year. We'll lap the hard cooler price decreases, sales mix, the faster growing -- wholesale is growing faster than D2C, C&E is growing faster than drinkware, those are both somewhat dilutive to gross margins. It's our intention to sort of grow the categories together. It's our intention to grow D2C faster than wholesale. So we think that also can provide some benefit going forward.

前景——這對第四季度意味著本質上是第四季度的毛利率持平，就像我們談到的那樣。但我們認為，有一些特定於這段時期的因素推動了這一趨勢，而這些因素在進入明年時不一定會持續下去。我們將關注硬冷器價格下降、銷售組合、成長更快——批發成長快於D2C，C&E成長快於飲料，這些都在一定程度上稀釋了毛利率。我們的目的是共同發展這些類別。我們的目標是讓 D2C 的成長速度快於批發。因此，我們認為這也可以為未來帶來一些好處。

And then lastly, one thing that's going to impact in Q4 is we've talked about these freight surcharges that we've seen. We did a nice job of managing those, we believe. But the benefit that we'll get in Q4 from great year-over-year is going to be lower than what we saw in Q3 because a lot of those surcharges are going to flow through our P&L in Q4.

最後，將對第四季度產生影響的一件事是我們已經討論了我們看到的這些貨運附加費。我們相信，我們在管理這些方面做得很好。但我們在第四季從同比中獲得的好處將低於我們在第三季度看到的，因為許多附加費將流經我們第四季的損益表。

So -- but we said all along, we think those are transitory, and we are starting to see those come down. So again, not giving specific guidance on 2025, but other than to say we're going to continue to do what we've been doing, which is manage our product costs, manage our inbound freight costs and continue to drive gross and operating margins up over time.

所以 - 但我們一直說，我們認為這些都是暫時的，我們開始看到這些下降。再次強調，我們沒有給出 2025 年的具體指導，而是說我們將繼續做我們一直在做的事情，即管理我們的產品成本、管理我們的入境貨運成本並繼續提高毛利率和營業利潤率隨著時間的推移。

And the only thing I would just add to what Mike said is, I mean we have strong gross margins and we have strong operating margins, and we continue to work both and see opportunity. And I think when you have a situation where you drive top line growth, you have strong gross margins, you have strong operating margins, we think really good things will continue to happen in our P&L, and they'll continue to strengthen what we think is already an incredibly strong balance sheet.

我對麥克所說的唯一要補充的是，我的意思是我們擁有強勁的毛利率和強勁的營業利潤率，我們將繼續努力並看到機會。我認為，當你推動營收成長、擁有強勁的毛利率、強勁的營業利潤率時，我們認為我們的損益表中將繼續發生真正好的事情，並且它們將繼續強化我們的想法已經是一個非常強勁的資產負債表了。

Thanks. Best of luck on holiday.

謝謝。祝假期好運。

Thanks, Phil.

謝謝，菲爾。

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

I wanted to just ask kind of big picture. You're talking to mid-single-digit growth in the US this year. There's obviously been a lot of noise year-over-year as it relates to gift cards, some acquisitions. So I guess when you think about kind of the go-forward, is mid-single-digit growth in the US the right level? And is that category up low single digits and you're gaining some share? And if not, maybe how do you think about that kind of growth in the US going forward?

我只是想問大局。你說的是美國今年的中個位數成長。顯然，與禮品卡和一些收購相關的問題逐年出現了許多噪音。所以我想當你考慮未來的發展方向時，美國中等個位數的成長是否合適？該類別是否增長了低個位數，並且您正在獲得一些份額？如果不是，也許您如何看待美國未來的這種成長？

Megan, thanks for the question. I would say, while we're not sitting here in kind of our Q3 call in Q4 updating any version of our long-term outlook, what I would reiterate is the signs we're seeing in the brand potential and what the market opportunity is for the brand, the expansion opportunities we're seeing in the product portfolio as we continue to build it out, just opens more and more new doors.

梅根，謝謝你的提問。我想說，雖然我們不會坐在這裡參加第四季度的第三季度電話會議，更新我們長期前景的任何版本，但我要重申的是我們在品牌潛力和市場機會方面看到的跡象對於該品牌來說，隨著我們不斷建立產品組合，我們在產品組合中看到了擴張機會，這為我們打開了越來越多的新大門。

The growth opportunity domestically that we see as we think about that product expansion gets us incredibly excited. Without giving a specific number on it or pegging to a number, I think that quarter-to-quarter, year-to-year, there can be some changes based on background, market backdrop, strong, weaker, how our product cadence and our product expansion comes out.

當我們考慮產品擴張時，我們看到的國內成長機會讓我們非常興奮。在沒有給出具體數字或與數字掛鉤的情況下，我認為逐季度、逐年，可能會根據背景、市場背景、強弱、我們的產品節奏和我們的產品節奏而發生一些變化。 。

But I think when you step back from it all, to your point on the bigger picture, we're incredibly bullish on the brand. We're incredibly bullish on the product expansion and where we can go, the consumer receptivity, the partners we have today to get to market and address those consumers domestically.

但我認為，當你從這一切中退一步，從更大的角度來看你的觀點時，我們非常看好這個品牌。我們非常看好產品的擴展、我們的發展方向、消費者的接受度以及我們今天進入市場並滿足國內消費者需求的合作夥伴。

And that's before you get to the very early days of what we think are really long run international growth. So I think as we go through our annual guidance, we'll talk more about that. But I think when you think about -- when you step back and think about potential and you think about relevance and you think about connection, product and consumer, we feel great about where we are.

那是在我們認為真正的長期國際成長的早期階段之前。所以我認為，當我們審查年度指導時，我們會更多地討論這一點。但我認為，當你退一步思考潛力、相關性、連結、產品和消費者時，我們對自己所處的位置感覺很好。

Okay. Awesome. That's helpful. And maybe -- sorry to ask another question on tariffs, but maybe a little bit different. Your balance sheet is in a really great spot. And how do you think about perhaps the ability to take on some debt and increase leverage to give yourself a little bit more flexibility on the bottom line? Or are there investments in capacity that you can accelerate?

好的。驚人的。這很有幫助。也許——很抱歉問另一個關於關稅的問題，但也許有點不同。您的資產負債表處於非常好的位置。您如何看待承擔一些債務並增加槓桿以使自己在盈利方面擁有更多靈活性的能力？或是有可以加速的產能投資？

It's obviously encouraging to hear that you will be able to get 50% outside of China by the end of 2025. But is there anything that you can do from a capital standpoint to perhaps accelerate that further? It would just be great to kind of hear a little bit more how you're thinking about the ability to leverage the balance sheet to offset some of these maybe short-term headwinds.

聽說到 2025 年底您將能夠在中國境外獲得 50% 的資金，這顯然令人鼓舞。但從資本的角度來看，你能做些什麼來進一步加速這一進程嗎？如果能夠更多地聽到您如何考慮利用資產負債表來抵消其中一些可能的短期阻力的能力，那就太好了。

Yes, Megan, thanks for that question. I would say we do have an incredibly strong balance sheet. We feel great about it. We feel great about our free cash flow generation and what that says about the business operationally.

是的，梅根，謝謝你的提問。我想說，我們的資產負債表確實非常強勁。我們對此感覺很好。我們對自由現金流的產生以及這對業務運營的影響感到非常滿意。

When we think about our supply chain alongside all of our other strategic initiatives, we continue to look for ways to get to the answer faster and get to the right answer with more thoughtful approaches, leveraging the people, capabilities and capacity we have, the capital we have. So I think as we get deeper into this and we understand as it specifically relates to tariffs what we're dealing with, those kind of flexibility conversations, those kind of investment conversations, we absolutely look at.

當我們考慮我們的供應鏈以及所有其他策略舉措時，我們將繼續尋找方法，以更快地找到答案，並透過更周到的方法找到正確的答案，利用我們擁有的人員、能力和能力、資本我們有。因此，我認為，隨著我們更深入地了解這一點，我們理解它與我們正在處理的關稅特別相關，這些靈活性對話，那些投資對話，我們絕對會關注。

And as Mike said, we'll look at everything -- as it relates to tariffs, we look at everything from consumer pricing to how we manage and operationalize the business to investments we make in the continued evolution of our supply chain. So all that is active, on the table discussions, and some of it being actioned right now.

正如麥克所說，我們將關註一切——因為它與關稅有關，我們會關注從消費者定價到我們如何管理和運營業務，再到我們在供應鏈持續發展中進行的投資的一切。因此，所有這些都在積極討論中，其中一些現在正在採取行動。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

This is Martin, on for Joe. I just want to touch on 4Q again. EPS this quarter was up 18%. And if we've done the math right, you're sort of implying flat for next quarter. I know you mentioned the shorter buying season and you've touched a little bit on margins. But just wondering if there's any pull forward or any other dynamics that hadn't been mentioned yet?

這是馬丁，替喬發言。我只想再談 4Q。本季每股收益成長 18%。如果我們計算正確的話，你就意味著下個季度將持平。我知道您提到了較短的購買季節，並且您已經觸及了一些利潤率。但只是想知道是否有任何推動力或任何其他尚未提及的動力？

No. I think we've -- I mean it's largely the consistent story. So when you think about Q4, I think there's a couple of components to Q4 related to sales, gross margin, operating expenses, and I think we've touched on a lot of those in terms of the environment that Matt talked about, some of the dynamics in gross margin that we believe are specific to this quarter, and then our decision to continue to invest into the business using some of the upside in gross margin we've had this year.

不。我認為我們——我的意思是，這在很大程度上是一致的故事。因此，當你想到第四季度時，我認為第四季度有幾個與銷售、毛利率、營運費用相關的組成部分，我認為我們已經在馬特談到的環境方面觸及了很多內容，其中一些我們認為本季特有的毛利率動態，然後我們決定利用今年毛利率的一些上升空間來繼續投資該業務。

But I think everything needs to be looked at in terms of context of the year, both our results year-to-date and then the -- and then as well as our outlook. And so we are very pleased with the year that we've had so far in the year that we're about to post, both on a top line basis and a bottom-line basis. There's some unique dynamics in Q4 that we talked about. I think the other thing is that when we put out an outlook, we obviously want to make sure that we feel good about that, and that's what we've done today. So nothing beyond what we've talked about.

但我認為一切都需要從今年的背景來看待，包括我們今年迄今的業績，然後是我們的前景。因此，我們對今年迄今為止的表現非常滿意，我們即將發布這一年的業績，無論是在頂線基礎上還是在底線基礎上。我們談到了第四季的一些獨特動態。我認為另一件事是，當我們提出展望時，我們顯然希望確保我們對此感覺良好，而這就是我們今天所做的。所以沒有什麼超出我們所討論的內容。

Okay. Understood. And could you just update us on the competitive landscape and how your market share is holding up?

好的。明白了。您能否向我們介紹一下競爭格局以及您的市場佔有率的最新情況？

I'll take that. The -- a couple of things on the competitive landscape. We haven't seen largely any significant changes in the competitive landscape. I think when you look at our results and how we continue to deliver quarter-to-quarter, the partnerships we have, the shelf space we continue to maintain and grow domestically, the opportunity that we're seeing globally,

我會接受的。關於競爭格局的一些事情。我們還沒有看到競爭格局有任何重大變化。我認為，當你看看我們的業績以及我們如何繼續按季度交付、我們擁有的合作夥伴關係、我們在國內繼續保持和增長的貨架空間、我們在全球看到的機會時，

I think markets are competitive, and you have market alternatives that come and go, and some come and stay for a bit. But I think the residual kind of strength of YETI and the strength of the brand that we're building and the diversification and growth of the product portfolio, I think they're all signs of kind of how we weather the market. And so I feel good about where we are. I wouldn't say we've seen any appreciable or material changes to the market.

我認為市場是競爭性的，市場上的替代品來來去去，有些來了又停留一段時間。但我認為 YETI 的剩餘實力和我們正在建立的品牌實力以及產品組合的多元化和成長，我認為它們都是我們如何應對市場的跡象。所以我對我們現在的處境感覺很好。我不會說我們看到市場發生任何明顯或實質的變化。

Jim Duffy, Stifel.

吉姆·達菲，斯蒂菲爾。

This is Peter McGoldrick on for Jim. Just first, thinking of the composition of the 30% year-over-year international revenue growth, can you provide some insight to the contribution of new dealer growth and gains within existing customers for this quarter? And then as we look forward, how should we expect that to evolve sequentially as we look forward over the midterm?

我是彼得·麥戈德里克（Peter McGoldrick）替吉姆發言。首先，考慮一下 30% 的國際營收年增率的組成，您能否對本季新經銷商成長和現有客戶收益的貢獻提供一些見解？然後，當我們展望未來時，我們應該如何預期這種情況會在我們展望中期時依次演變？

Peter, we haven't historically given kind of a resolution down into those markets at that level of specificity. But what I would say to you is if you kind of follow how we've talked about Canada and Australia and those markets largely built out the infrastructure established, the omnichannel and the things that we point out, customization, strong wholesale partnerships, our e-commerce businesses, that would lead you to believe that it's evolving a lot like the US.

彼得，我們歷來沒有針對這些市場給予如此具體的解決方案。但我要對你說的是，如果你遵循我們談論加拿大和澳大利亞的方式，這些市場很大程度上是建立在已建立的基礎設施、全渠道和我們指出的事情上的，定制、強大的批發合作夥伴關係、我們的電子商務-商業企業，這會讓你相信它的發展很像美國。

And when we talk about the playbook we run, we aren't traditionally an open new door -- negative comp door type brand. That's not been the approach we've taken, and we've taken that and exported it to the globe. Europe, obviously, we've been adding some wholesale doors. But that, as we've called out in the past, has been a really strong e-commerce business. We have a growing Amazon marketplace. We've got a growing corporate sales custom business.

當我們談論我們運行的劇本時，我們傳統上並不是一個開放的新門——負面競爭門類型的品牌。這不是我們採取的方法，但我們已經採取了這種方法並將其出口到全球。顯然，在歐洲，我們一直在增加一些批發門。但正如我們過去所指出的那樣，這是一項非常強大的電子商務業務。我們有一個不斷成長的亞馬遜市場。我們的企業銷售客製化業務不斷成長。

And then the other dynamic in Europe is there aren't large kind of pan-European multinational retailers like you see in the US and Australia and Canada. And so it tends to be more picking the right doors. And so it's a much more methodical process as it relates to a wholesale build-out, which would lead you to kind of the conclusion that the business that we have is performing well.

歐洲的另一個動態是，沒有像美國、澳洲和加拿大那樣的大型泛歐跨國零售商。因此，選擇正確的門往往更為重要。因此，這是一個更有條理的過程，因為它涉及批發擴建，這會讓你得出這樣的結論：我們的業務表現良好。

And then just thinking about drinkware, specifically in holiday, YETI is a giftable staple already. Can you share any figures underpinning the fourth quarter outlook as it relates to wholesale shelf space, reorder rates, ETC contribution, new products or international contribution?

再想想飲料用具，尤其是在節慶期間，YETI 已經是一種送禮佳品。您能否分享任何支持第四季度前景的數據，因為它涉及批發貨架空間、再訂購率、ETC 貢獻、新產品或國際貢獻？

Yes. So thanks for the question. I mean here's what I'd say. We didn't give specific -- when we gave our outlook for the year and we talked about sort of we expect the channel category in international dynamics to sort of continue that we've seen this year, wholesale growing faster than D2C, C&E growing faster than drinkware. And that's -- I would expect Q4 to look similar to that.

是的。謝謝你的提問。我的意思是，這就是我要說的。我們沒有給出具體信息——當我們給出今年的展望時，我們談到了我們預計國際動態中的渠道類別將繼續我們今年所看到的情況，批發增長速度快於 D2C、C&E 增長速度比飲料器具更快。我預計第四季的情況與此類似。

We think we've got -- for drinkware specifically, and Matt talked about this, I mean the number of products that we've released in the last 12 months that we think are highly giftable items at highly giftable price points and we think could set us up for a really strong holiday season. But I think Q4, as it relates to the relationships between channels and categories and international, will look pretty similar to how we've looked all year long.

我們認為，特別是對於飲料用具，馬特談到了這一點，我的意思是我們在過去 12 個月內發布的產品數量，我們認為這些產品的價格非常適合送禮，而且我們認為可以讓我們度過一個非常充實的假期。但我認為第四季度，因為它涉及通路、類別和國際之間的關係，看起來將與我們全年的情況非常相似。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

This is Savannah Sommer on for Brooke Roach. In your prepared remarks, you mentioned a lot of excitement around the expanded bags launch planned for next year. Should we think about a similar value proposition rebalancing to your existing bags and packs business ahead of the launch, similar to the changes you made with your hard cooler expansion earlier this year? If so, how should we think about the breadth and depth of those price changes?

我是布魯克羅奇 (Brooke Roach) 的薩凡納索默 (Savannah Sommer)。在您準備好的發言中，您提到了明年計劃推出的擴大箱包的令人興奮的內容。我們是否應該在推出之前考慮對您現有的箱包和背包業務進行類似的價值主張重新平衡，類似於您今年早些時候在硬冷卻器擴張中所做的改變？如果是這樣，我們應該如何考慮這些價格變化的廣度和深度？

Yes. Savannah, thanks for the question. We are excited, not only about the literal launch of those bags, but actually what it starts from an expansion in growth in what we see as the, frankly, the long-term potential in bags, as I laid out on the call, that run from everyday travel, sport, hike, hunt, water-based things, all-weather bags. I mean all those we think are incredible sort of a natural growth extensions for YETI in this bags, packs, and luggage space.

是的。薩凡納，謝謝你的提問。我們感到興奮，不僅是這些包袋的字面推出，而且實際上是從我們所看到的包袋長期潛力的擴大增長開始的，正如我在電話會議上所說的那樣，遠離日常旅行、運動、遠足、狩獵、水性物品、全天候包。我的意思是，我們認為所有這些都是 YETI 在箱包、背包和行李箱領域令人難以置信的自然成長延伸。

As I think about Q1, the bags that we are bringing out in kind of the first half of next year really are expansionary and additive to what we have today. So there is some interplay between the bags that we have in the market and these. But I wouldn't expect anything meaningfully -- kind of meaningfully transition-wise between those. It's really we're looking to expand line, create more choices for consumers in our bags and packs.

當我想到第一季時，我們在明年上半年推出的包款確實是對我們今天的產品的擴展和補充。因此，我們市場上的袋子和這些之間存在一些相互作用。但我不期望有任何有意義的事情——在這些之間進行有意義的過渡。我們確實希望擴大產品線，為消費者在我們的包款中創造更多選擇。

Thank you. I'd now like to turn the call back over to Matt Reintjes for final closing remarks.

謝謝。現在我想將電話轉回給 Matt Reintjes，讓其作最後的總結發言。

Thanks, everybody, for joining us. We look forward to speaking with you on our Q4 and full year call. Have a wonderful rest of your month.

謝謝大家加入我們。我們期待在第四季度和全年電話會議上與您交談。祝你這個月過得愉快。

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。