Yeti Holdings Inc (YETI) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Yeti Holdings fourth-quarter 2024 earnings conference call. (Operator instructions) This call is being recorded on Thursday, February 13, 2025.

女士們、先生們，早上好，歡迎參加 Yeti Holdings 2024 年第四季財報電話會議。（操作員指示）本次通話於 2025 年 2 月 13 日星期四進行錄音。

I would now like to turn the conference over to Maria Lycouris, Investor Relations for Yeti.

現在，我想將會議交給 Yeti 投資者關係部門的 Maria Lycouris。

Good morning and thank you for joining us to discuss Yeti Holdings's fourth quarter and 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 a call for your questions.

早安，感謝您加入我們討論 Yeti Holdings 的第四季和 2024 財年業績。今天主持電話會議的將是總裁兼執行長 Matt Reintjes 和財務長 Mike McMullen。在我們發表完準備好的發言後，我們將開始回答您的問題。

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，我們今天在本次電話會議上做出的一些陳述可能被視為前瞻性的，而這些前瞻性陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。

For more information, please refer to the risk factors detailed in our most recently filed Form-10K. We undertake no obligation to revise or update any forward-looking statements made today as a result of the new information, future events, or otherwise, except as required by law.

欲了解更多信息，請參閱我們最近提交的 Form-10K 中詳述的風險因素。除非法律要求，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作的任何前瞻性陳述的義務。

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上討論的財務指標均採用非 GAAP 基礎。我們使用非公認會計準則指標，因為我們相信它們更準確地反映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 the investor relations section of our website at yeti.com.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表已包含在新聞稿中或今天早上發佈到我們網站 yeti.com 投資者關係部分的簡報中。

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

現在我想把電話轉給馬特。

Thanks, Maria, and good morning. 2024 was an excellent year for Yeti with strong top and bottom line growth, fueled by our brand strength, expanding product portfolio and growing global presence. Over the past 12 months, our team has clearly executed against our strategic priorities. Starting with Brand. Yeti consumer and owner studies continue to show strong passion for the brand and support our product expansion strategy.

謝謝，瑪麗亞，早安。 2024 年對 Yeti 來說是極好的一年，得益於我們的品牌實力、不斷擴大的產品組合和不斷增長的全球影響力，營收和利潤均實現了強勁增長。在過去的 12 個月裡，我們的團隊明確地執行了我們的策略重點。從品牌開始。Yeti 消費者和擁有者的研究繼續顯示出對該品牌的強烈熱情，並支持我們的產品擴展策略。

In 2024, we participated in over 200 consumer events around the world, ended the year with roughly 200 global ambassadors and secured meaningful partnerships, growing our addressable market across key consumer groups. In innovation, we delivered impactful additions in drinkware, food, coolers and bags, plus expanded our color options.

2024 年，我們參與了全球 200 多場消費者活動，年底擁有了約 200 名全球大使，並建立了有意義的合作夥伴關係，在主要消費者群體中擴大了我們的潛在市場。在創新方面，我們在飲具、食品、冷藏箱和袋子方面推出了有影響力的附加產品，並擴大了顏色選擇。

Within our omnichannel, we grew our DTC and wholesale across geographies, continuing to find meaningful ways to intersect with consumers where they shop. And finally, internationally, Yeti's global brand residence is unlocking tremendous white space in international markets. Additionally, Yeti delivered excellent adjusted gross margin and adjusted operating margin expansion throughout the year despite a choppy macro and competitive domestic environment.

在我們的全通路中，我們跨地區發展我們的 DTC 和批發業務，繼續尋找有意義的方式與消費者在購物的地方互動。最後，在國際上，Yeti 的全球品牌駐地正在釋放國際市場上巨大的空白。此外，儘管宏觀環境波動且國內競爭激烈，Yeti 全年仍實現了出色的調整後毛利率和調整後營業利潤率擴張。

We ended the year with a cash position of approximately $360 million, building on our strong balance sheet. Our momentum continued in the fourth quarter, even as we saw signs of discerning consumer buying more promotional activity and heightened competition, particularly in the US market. Innovation and product diversification continued to drive demand across Yeti in the quarter with particular strength in the Coolers & Equipment category, specifically in hard coolers and bags and with strong growth internationally. We delivered over $200 million in free cash flow for the second year in a row, and we expect another strong year in 2025.

截至年底，我們的現金狀況約為 3.6 億美元，這鞏固了我們強勁的資產負債表。儘管我們看到有跡象表明消費者更加挑剔，購買促銷活動增多，競爭加劇，尤其是在美國市場，但我們的勢頭在第四季度繼續保持。本季度，創新和產品多樣化繼續推動 Yeti 的需求，其中冷卻器和設備類別尤為強勁，特別是硬冷卻器和袋子，並且在國際上增長強勁。我們連續第二年實現了超過 2 億美元的自由現金流，並預計 2025 年將再創強勁業績。

This robust cash generation gives us a flexibility to pursue a targeted capital allocation strategy, which is centered around driving long-term sustainable growth and delivering value to shareholders through three key levers, Investment in the business, accelerating innovation and building upon our share repurchase cadence started in 2024.

強勁的現金創造能力使我們能夠靈活地實施有針對性的資本配置策略，該策略的核心是透過三個關鍵槓桿來推動長期永續成長並為股東創造價值，即投資業務、加速創新以及鞏固我們自 2024 年開始的股票回購節奏。

In the year, we meaningfully delivered on these capital allocation priorities with $200 million in announced share buybacks, representing roughly 6% of outstanding shares and the acquisition of Mystery Ranch and Butter Pat.

今年，我們透過宣布回購 2 億美元股票（約佔流通股的 6%）以及收購 Mystery Ranch 和 Butter Pat，切實履行了這些資本配置優先事項。

These deals enable the accelerated launch of Yeti cast iron Cookware and the limited release of the Bozeman backpack in 2024. This is what we mean when we talk about our capital allocation strategy driving innovation. Notably, in the fourth quarter, we also acquired capabilities, technology and IP that provides us with a foundation to engineer and develop a unique powered cooler system.

這些交易使得 Yeti 鑄鐵炊具的加速推出和 Bozeman 背包在 2024 年的限量發售成為可能。這就是我們所說的資本配置策略推動創新的意思。值得注意的是，在第四季度，我們還獲得了能力、技術和 IP，為我們設計和開發獨特的動力冷卻器系統提供了基礎。

We believe this technology is highly complementary to our existing Hard Cooler portfolio and is another example of the significant opportunity we see for future product innovation. Over the year, we also made great progress on our supply chain diversification.

我們相信這項技術與我們現有的 Hard Cooler 產品組合高度互補，也是我們看到的未來​​產品創新重大機會的另一個例子。這一年，我們在供應鏈多元化方面也取得了巨大進展。

We achieved our target of 20% of our global Drinkware capacity shifted outside of China by the end of 2024. And importantly, we are firmly ahead of plan and now expect that by the end of 2025 to have 80% of US Drinkware capacity located outside of China.

我們實現了 2024 年底將全球 20% 的飲具產能轉移到中國以外的目標。重要的是，我們堅定地提前完成計劃，預計到 2025 年底，美國 80% 的飲具產能將位於中國境外。

Our team's strong operational execution across sourcing, process and automation improvements as well as cost and service optimization gives us tremendous confidence in our ability to cost effectively support our growing global demand.

我們團隊在採購、流程和自動化改進以及成本和服務優化方面的強大營運執行力，使我們對以經濟有效的方式支援不斷增長的全球需求的能力充滿信心。

Looking ahead to 2025 and beyond, I'm more excited than ever about the opportunities to drive our business and our growing global brand. As we execute our plan, we expect to continue to deliver top line performance despite anticipated FX headwinds and market dynamics that Mike will discuss in more detail shortly.

展望 2025 年及以後，我比以往任何時候都更加興奮於推動我們的業務和不斷發展的全球品牌的機會。隨著我們計劃的實施，儘管預計會出現外匯逆風和市場動態，但我們仍有望繼續實現營收表現（Mike 稍後將對此進行詳細討論）。

While also expanding adjusted operating margins and strong earnings growth, all while maintaining a very healthy balance sheet. While we expect macro pressures to persist in 2025, our long-standing strategic growth priorities remain the same, which we believe will support our ability to deliver long-term sustainable growth.

同時也擴大了調整後的營業利潤率和強勁的獲利成長，同時維持了非常健康的資產負債表。雖然我們預計宏觀壓力將在 2025 年持續存在，但我們的長期策略成長重點保持不變，我們相信這將支持我們實現長期可持續成長的能力。

Turning to brand. Numerous enthusiast communities are at the core of what we do, supporting their activities and pursuits. The deep connectivity and trust we have fostered is evident in the testimonies of Yeti owners and a strong engagement we've seen over the last year. Our most recent US owner study completed in December underscores the strength of our brand.

轉向品牌。眾多愛好者社群是我們工作的核心，支持他們的活動和追求。我們所建立的深厚聯繫和信任在 Yeti 用戶的評價以及我們在過去一年中看到的強烈參與度中得到了充分體現。我們最近在 12 月完成的美國業主研究凸顯了我們品牌的實力。

2024 was the seventh consecutive year that 95% of Yeti owners surveyed responded they have recommended Yeti to peers, highlighting our incredible brand loyalty and a testament to our products. Moreover, the study shows that our consumers want us to be in the newer categories we're scaling, in particular, bags and travel.

2024 年是連續第七年，受訪的 Yeti 用戶中有 95% 表示他們會向同事推薦 Yeti，這突顯了我們令人難以置信的品牌忠誠度和對我們產品的證明。此外，研究表明，消費者希望我們進入正在擴展的新類別，尤其是箱包和旅行產品。

This, along with our key design attributes of durability, performance and design gives us confidence in our unique positioning and differentiation in the market. To that end, in the fourth quarter, we continue to expand our presence and awareness through events, strategic partnerships and broadening ambassador engagement throughout our target communities. We made notable progress in the large, diverse and global world of hospitality and sports where we continue to drive significant traction for our brand.

這一點，加上我們耐用性、性能和設計等關鍵設計屬性，讓我們對自己在市場上的獨特定位和差異化充滿信心。為此，在第四季度，我們將繼續透過活動、策略合作夥伴關係和擴大大使在目標社區的參與來擴大我們的影響力和知名度。我們在龐大、多元且全球化的酒店和體育領域取得了顯著進展，並繼續為我們的品牌帶來巨大的發展動力。

In hospitality, we secured partnerships with a number of premium, experiential and excursion focused travel lodges and resorts across the US and Globe. In Europe, Yeti also had an unmistakable presence at two key film festivals in our largest European markets during the quarter. Most notably the 2024 European Outdoor Film Festival kicked off in October, attracting over 190,000 spectators across 10 different countries. At each stop, Yeti 's branded products were prominently featured.

在酒店業，我們與美國和全球的許多高端、體驗式和短途旅行為重點的旅行旅館和度假村建立了合作夥伴關係。在歐洲，Yeti 本季在我們最大的歐洲市場的兩個主要電影節上也表現出色。最值得注意的是，2024年歐洲戶外電影節於10月開幕，吸引了來自10個不同國家的190,000多名觀眾。在每一站，Yeti 的品牌產品都被顯著展示。

Sports front, our professional and collegiate sports partnerships accelerated in the fourth quarter, benefiting from events such as the NFL playoffs, Formula One's Championship Finale and the College Football playoff featuring two of our partners in Nostradame and Ohio State. In the quarter, custom Yeti bottles and cups were gifted at Major League Baseball's 2024 Rawlings Gold Glove awards as well as the 2024 Heisman Trophy ceremony.

體育方面，我們的職業和大學體育合作夥伴關係在第四季度加速發展，受益於 NFL 季後賽、一級方程式錦標賽決賽以及以我們的兩個合作夥伴諾查丹瑪斯和俄亥俄州立大學為特色的大學橄欖球季後賽等賽事。本季度，美國職棒大聯盟 (Major League Baseball) 2024 年羅林斯金手套獎頒獎典禮以及 2024 年海斯曼獎頒獎典禮上都贈送了定制的 Yeti 瓶子和杯子。

These are just a few recent anecdotes that highlight the relevance and resonance of our brand across occasions and pursuits on the field, in the stands and at home. Yeti 's expanding partnership with the Oracle Red Bull racing team is another great testament to the quality of partners we have and the trust in our brand.

這些只是最近的幾個軼事，它們突顯了我們的品牌在球場上、看台上和家裡的各種場合和追求中的相關性和共鳴。Yeti 與 Oracle Red Bull 車隊不斷擴大的合作關係再次充分證明了我們合作夥伴的品質以及對我們品牌的信任。

Our successful and long-standing Drinkware and Cooler partnership which not only supports driver hydration, but also pit crude performance was on full display at the Austin Grand Prix in October in the Las Vegas GP in November, where Maxesoppin secured its fourth straight Formula One World Driver's Championship.

我們與 Drinkware 和 Cooler 之間長期成功的合作關係不僅支持駕駛員補水，還提高了維修站的耐用性，這在 10 月份的奧斯汀大獎賽和 11 月份的拉斯維加斯大獎賽上得到了充分展示，Maxesoppin 在那次比賽中連續第四次獲得一級方程式世界車手錦標賽冠軍。

Image is a max and team supporting Yeti products at the Austin GP Race weekend earned our highest organic impressions in the fourth quarter. The strong collaboration with culminated and Yeti also being named as the team's official bags and luggage partner as we head into the 2025 season, outfitting one of the most traveled sports organizations on the planet.

圖像是最大值，並且在奧斯汀 GP 賽車週末支持 Yeti 產品的團隊在第四季度獲得了最高的有機印象。與 Ye​​ti 的緊密合作達到了頂峰，在我們邁入 2025 賽季之際，Yeti 還被指定為球隊的官方箱包合作夥伴，為地球上旅行次數最多的體育組織之一提供裝備。

As we look forward to 2025 and beyond, we see incredible runway to grow with new and existing partners and to continue to extend our reach to new markets, communities and consumers.

展望 2025 年及以後，我們看到了與新舊合作夥伴共同成長的廣闊前景，並將繼續將影響力拓展到新的市場、社區和消費者。

Now turning to product innovation. 2024 was a landmark year for new innovation, with 24 new product launches and record color and reductions, driving strong demand and adoption of categories and geographies.

現在來談談產品創新。 2024 年是新創新的里程碑之年，共有 24 款新產品推出，並創下了顏色和降價幅度的記錄，推動了類別和地區的強勁需求和採用。

Drinkware led on the innovation front, from hydration to broadening the portfolio into new areas such as barware, tableware and cookware. Overall, the breadth and depth of our Drinkware category offerings clearly differentiates Yeti with products developed for frequency and consistency of use across consumers' daily lives, broadening consideration and ownership while balancing and diversifying our portfolio.

飲具在創新方面處於領先地位，從飲水器到將產品組合拓展到酒吧用具、餐具和炊具等新領域。總體而言，我們的飲具類別產品的廣度和深度明顯區別於 Yeti，其產品專為滿足消費者日常生活中的使用頻率和一致性而開發，擴大了考慮範圍和所有權，同時平衡和多樣化了我們的產品組合。

The consumer demand we saw for these products across our channels gives us confidence that our diversification strategy is resonating, despite a more crowded and promotional hydration market focused on a very narrow set of solutions.

儘管補水市場競爭日益激烈，且促銷活動​​越來越側重於一套非常狹窄的解決方案，但我們透過各種管道看到的消費者對這些產品的需求讓我們相信，我們的多元化策略正在產生共鳴。

On the Cooler & Equipment side, hard cooler saw excellent growth across both new innovation and legacy products throughout the year with sustained performance in our Roadie and Tundra hard cooler families. Strong holiday demand supports the premium product and price point innovation strategy we discussed in previous quarters.

在冷卻器和設備方面，硬冷卻器在全年的創新產品和傳統產品中都取得了出色的成長，我們的 Roadie 和 Tundra 硬冷卻器系列表現出色。強勁的假期需求支持了我們在前幾個季度討論的優質產品和價格點創新策略。

In soft coolers, our backpacks and thermal lunch tile bags continued their positive momentum into the year-end.

在軟冷卻器方面，我們的背包和保溫午餐袋在年底繼續保持積極的發展勢頭。

Turning to Bags. Our portfolio had a fantastic quarter with great performance in our Yeti Crossroads packs, Camino totes and Sidekick and Panga Dry backs. We also launched our limited run Bozeman Pack nodding to what's coming, starting in the first half of 2025 in a new range of everyday and all-weather bags. This limited run product inspired by Yeti and Mystery Ranch designs drew significant excitement and sold out quickly.

轉向袋子。我們的產品組合在本季度表現出色，其中 Yeti Crossroads 背包、Camino 手提包以及 Sidekick 和 Panga Dry 背包均表現出色。我們還推出了限量版 Bozeman Pack，以迎接未來的發展，從 2025 年上半年開始，我們將推出一系列新的日常和全天候包款。這款受 Yeti 和 Mystery Ranch 設計啟發的限量產品引起了極大的興奮並很快售罄。

We have a big opportunity in front of us with a massive global addressable market across premium bags, packs and luggage and exciting launches that highlight our unique designs and capabilities, all leveraging our strong commercial engine and brand. After making major strides in new product innovation over the last two years, our focus on the first half of 2025 will center around new packs, lunch style bags and boxes, insulated food transport updates to our flagship roadie '24 cooler and an exciting extension in our premium chairs to name a few, with more to come in the second half of 2025.

我們面前有一個巨大的機遇，即全球龐大的潛在市場，涵蓋高檔箱包、背包和行李箱，以及突出我們獨特設計和能力的激動人心的產品發布，所有這些都利用了我們強大的商業引擎和品牌。在過去兩年取得新產品創新重大進展之後，2025 年上半年我們的重點將集中在新背包、午餐式包和盒子、旗艦 roadie '24 冷藏箱的隔熱食品運輸更新以及高級椅子令人興奮的擴展等等，2025 年下半年還將推出更多產品。

Hiding awareness and broadening consideration and ownership of our suite of products is a key priority, while also continuing to address new areas for expansion with our innovation road map. In Coolers, we see a strong growth path in both hard and soft cooler solutions as we address more areas across our consumers' day-to-day lives from smaller format thermal bags to powered cooler systems.

隱藏意識並擴大對我們產品套件的考慮和所有權是我們的首要任務，同時我們也將繼續透過創新路線圖解決新的擴展領域。在冷卻器方面，隨著我們解決消費者日常生活中更多領域的問題（從小型保溫袋到動力冷卻器系統），我們看到硬式和軟式冷卻器解決方案都呈現出強勁的成長路徑。

This acquisition of the IP around powered coolers is one example of how we're leveraging our balance sheet much like Mystery Ranch and Butter Pak to support the strategic and globally relevant evolution of our business, further expanding our technology, capabilities and market opportunity.

這次對動力冷卻器智慧財產權的收購就是一個例子，說明我們如何像 Mystery Ranch 和 Butter Pak 一樣利用我們的資產負債表來支持我們業務的策略性和全球相關性發展，進一步擴展我們的技術、能力和市場機會。

As our innovation pipeline ramps and we extend further into emerging and legacy categories, we're giving consumers more reasons to choose Yeti without compromising on the durability, performance and design we're known for.

隨著我們的創新管道不斷拓寬，並進一步擴展到新興和傳統類別，我們為消費者提供了更多選擇 Yeti 的理由，同時又不損害我們所聞名的耐用性、性能和設計。

Turning now to our omnichannel strategy. As our portfolio of products grows, we continue to benefit from our diverse footprint across wholesale and DTC. Our flexibility to shift dynamically between channels allows us to maximize buying opportunities and strategically position our products where our consumers want to shop.

現在來談談我們的全通路策略。隨著我們的產品組合不斷增長，我們將繼續受益於我們在批發和DTC領域的多元化足跡。我們能夠在通路之間靈活地動態轉換，這使我們能夠最大限度地利用購買機會，並將我們的產品策略性地定位在消費者想要購物的地方。

Starting with wholesale. Our wholesale channel was strong throughout the year with new innovation resonating well with our partners and their shoppers, allowing us to maintain a solid channel inventory position.

從批發開始。我們的批發通路全年表現強勁，新創新與我們的合作夥伴及其購物者產生了良好共鳴，使我們能夠保持穩固的通路庫存地位。

In the fourth quarter, our Hard Coolers were a highlight, and we benefited from shelf space expansion at key retailers. Additionally, holiday merchandising around our giftable price points in Drinkware particularly barware and tableware and our Camo relaunch saw strong demand. Notably, 2024 was the first year of wholesale actively participated in Yeti's Gear Garage Event, which drove excellent demand and sell-through in the channel. We remain very pleased with our wholesale relationships and the interest in our innovation.

在第四季度，我們的硬式冷卻器 (Hard Cooler) 成為亮點，並受益於主要零售商的貨架空間擴張。此外，圍繞著飲具（尤其是酒吧用具和餐具）禮品價位的節日商品以及我們重新推出的 Camo 商品都獲得了強勁的需求。值得注意的是，2024 年是批發商積極參與 Yeti 的 Gear Garage 活動的第一年，這推動了通路中的出色需求和銷售。我們對我們的批發關係和對我們創新的興趣仍然感到非常滿意。

We also continue to evaluate expansion opportunities that address new consumers during differentiated purchasing occasions, but importantly complement our overall go-to-market. On the DTC side, while we saw a continuation of softer overall traffic trends, we were able to maximize our impact by staying nimble and strategically allocating marketing dollars to our various channels through major shopping periods.

我們還將持續評估擴張機會，以在差異化的購買場合滿足新消費者的需求，但重要的是補充我們的整體行銷。在DTC方面，雖然我們看到整體流量趨勢持續疲軟，但我們能夠保持靈活，並在主要購物期間將行銷資金策略性地分配給我們的各個管道，從而最大限度地發揮我們的影響力。

Gear Garage was a key moment for us during the quarter, with our Camo drops sparking huge demand, prompting high consumer engagement and purchase intent, which led to larger baskets and a continuation of the increased consumer value we saw in the third quarter.

Gear Garage 是我們在本季度的關鍵時刻，我們的 Camo 產品線引發了巨大的需求，激發了消費者的高參與度和購買意向，從而帶來了更大的購物籃，並延續了我們在第三季度看到的消費者價值的增長。

While we observed increased competition and promotional intensity in the market, Yeti continued past practice of using targeted promotions in these high noise periods. Additionally, following the launch of our Yeti ID program last quarter, we observed a significant increase in account creation, enabling deeper engagement with our customers and a more unique and personalized experience with the brand.

雖然我們觀察到市場競爭和促銷力度不斷加大，但 Yeti 仍延續了過去的做法，在這些高噪音時期使用有針對性的促銷活動。此外，繼上個季度推出 Yeti ID 計畫後，我們觀察到帳戶創建數量顯著增加，這使我們能夠與客戶進行更深入的互動，並為品牌帶來更獨特、個人化的體驗。

Amazon continues to perform very well as our team drives strong operational efficiencies across the marketplace, effectively reaching consumers who shop that channel. In corporate sales, we saw robust growth across all regions with strong inbound sales performance domestically and great traction in international markets through our ongoing execution.

由於我們的團隊在整個市場上推動了強大的營運效率，並有效地接觸了透過該管道購物的消費者，亞馬遜繼續表現良好。在企業銷售方面，我們看到所有地區都實現了強勁增長，國內入站銷售業績強勁，並透過我們持續的執行在國際市場上獲得了巨大的吸引力。

On the retail front, we hit our plan of 24 stores by the end of 2024, adding 6 to the fleet over the course of the year. From a strategic perspective, our stores continue to play an important role in exposing consumers to our full portfolio of products and raising overall awareness of our brand. Importantly, lifting our omnichannel performance in markets where they're located.

在零售方面，我們計劃在 2024 年底前開設 24 家門市，並在一年內增加 6 家門市。從策略角度來看，我們的商店在向消費者展示我們的全系列產品和提高我們品牌的整體知名度方面繼續發揮著重要作用。重要的是，提升我們在所在市場的全通路表現。

Over the next year, we plan to continue growing our presence on a similar cadence to 2024. The international front, 2024 was a terrific year, growing 30%, reaching 18% of our total business mix. We continue to see great traction across markets with our product resonating and our go-to-market strategy gaining significant momentum. In Europe, we saw remarkable growth in the fourth quarter and for the full year, led by strong performance in the UK and Germany and broad demand across channels and partners.

在接下來的一年裡，我們計劃以與 2024 年類似的節奏繼續擴大我們的影響力。從國際角度來看，2024 年是輝煌的一年，成長了 30%，達到我們總業務組合的 18%。我們的產品在各市場持續獲得巨大迴響，我們的市場進入策略也獲得顯著發展動能。在歐洲，我們在第四季度和全年都取得了顯著的成長，這得益於英國和德國的強勁表現以及各通路和合作夥伴的廣泛需求。

While we are still relatively early in our expansion with our significant ground ahead, we continue to grow our presence at key events and across local retailers, ending the year with over 1,000 doors in the region. Over the next year, we will continue to focus on our omnichannel expansion by increasing our wholesale footprint ramping up customization and growing our brand.

儘管我們的擴張仍處於相對較早的階段，還有很大的發展空間，但我們繼續在重要活動和當地零售商中擴大我們的影響力，到今年年底，我們在該地區的門市已超過 1,000 家。在接下來的一年裡，我們將繼續專注於全通路擴張，增加批發業務，加強客製化並發展我們的品牌。

Australia continued its strong momentum into the year-end, capping off an exceptional year. In the fourth quarter, our national wholesale partners delivered strong performance our DTC channel benefited from robust Drinkware demand, particularly in custom Drinkware. The Yeti brand has taken a strong root in this market, and we're energized about the opportunities we continue to see to grow our consumer base and broaden our omnichannel presence.

澳洲在年底繼續保持強勁勢頭，為非凡的一年畫上了圓滿的句號。第四季度，我們的全國批發合作夥伴表現強勁，我們的 DTC 通路受益於強勁的飲具需求，尤其是客製化飲具。Yeti 品牌已在這個市場上紮下了堅實的基礎，我們對繼續看到的擴大消費者群體和拓寬全通路業務的機會充滿信心。

In Canada, we saw steady growth for the quarter and full year. In wholesale, we saw healthy sell-through at our key retailers despite a more challenging consumer backdrop and in DTC strong performance in our custom Drinkware business and corporate sales drove our performance in the quarter.

在加拿大，我們本季和全年實現了穩定成長。在批發方面，儘管消費環境更具挑戰性，但我們的主要零售商的銷售情況仍然健康；在 DTC 方面，我們的客製化飲具業務和企業銷售表現強勁，推動了我們本季度的業績。

Looking to the year ahead, we want to continue to double down on our customization and corporate sales efforts expanding our offerings and growing our brand presence in the market. Over the next year, we will continue to drive forward our key international initiatives, growing brand awareness and building our successful omnichannel. In 2025, we will also expand our presence in the Asian market.

展望未來的一年，我們希望繼續加倍加強客製化和企業銷售力度，擴大我們的產品範圍並提升我們品牌在市場上的影響力。在接下來的一年裡，我們將繼續推動我們的關鍵國際舉措，提高品牌知名度並建立我們成功的全通路。2025年，我們也將擴大在亞洲市場的業務。

In January, we held our first market introduction event in Tokyo with our team, brand ambassadors and partners all in attendance. We have already begun to lay the groundwork for the next step. And in the coming months, we will begin executing our proven market expansion playbook by launching our go-to-market building a localized wholesale footprint and ramping up brand building activities as we establish the Yeti brand and prepare for future scale and growth.

一月份，我們在東京舉辦了首次市場推廣活動，我們的團隊、品牌大使和合作夥伴都出席了活動。我們已經開始為下一步奠定基礎。在接下來的幾個月裡，我們將開始執行經過驗證的市場擴張策略，啟動我們的行銷計劃，建立在地化的批發足跡，並在建立 Yeti 品牌並為未來的規模和成長做好準備的同時加強品牌建設活動。

Before I turn the call over to Mike, I want to reiterate my excitement and optimism about the path ahead for Yeti. Our compelling brand, diverse and growing product portfolio and global market opportunity, position us well to execute our long-term growth potential.

在我將電話轉給麥克之前，我想重申我對 Yeti 未來發展的興奮和樂觀。我們引人注目的品牌、多樣化且不斷增長的產品組合以及全球市場機會，使我們能夠充分發揮我們的長期成長潛力。

To that end, we look forward to providing more detail about each of our strategic priorities and how they will translate into long-term growth and future shareholder value at an Investor Day later this year. Finally, none of what I discussed today would be possible without our outstanding team and all of our partners with tireless efforts and commitment to the Yeti brand drive our vision forward and position us for continued growth, margin expansion and profitability alongside our healthy balance sheet and strong cash generation.

為此，我們期待在今年稍後的投資者日上提供有關我們的每個策略重點的更多細節，以及它們將如何轉化為長期成長和未來股東價值。最後，如果沒有我們優秀的團隊和所有合作夥伴的不懈努力和對 Yeti 品牌的承諾，我今天所討論的一切都不可能實現，推動我們的願景向前發展，並讓我們在健康的資產負債表和強勁的現金產生能力的同時，實現持續增長、利潤率擴大和盈利。

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

說完這些，我現在將電話轉給麥克。

Thanks, Matt, and good morning, everyone. I'll start by highlighting a few items that impacted our fourth quarter GAAP results in the current and prior year periods. Then I'll provide a review of our fourth quarter and full year 2024 performance. I'll then discuss our full year 2025 outlook before opening it up to your questions.

謝謝，馬特，大家早安。首先，我將重點介紹影響當前和去年第四季 GAAP 業績的幾個因素。然後我將對我們的第四季和 2024 年全年業績進行回顧。然後，我將討論我們對 2025 年全年的展望，然後回答您的問題。

First, our GAAP results reported today include an unfavorable recall reserve adjustment of $9.9 million. This is related to the product recall that was first announced in early fiscal 2023. As we reviewed the trend of recall claims and costs in 2024 and projected out the reserve that we would need going forward we made the determination that this reserve adjustment was necessary.

首先，我們今天報告的 GAAP 結果包括 990 萬美元的不利召回準備金調整。這與 2023 財年初首次宣布的產品召回有關。當我們回顧 2024 年召回索賠和成本的趨勢並預測未來所需的儲備金時，我們確定這項儲備金調整是必要的。

In this adjustment, sales were unfavorably impacted by $8.8 million due to higher estimated consumer recall participation rates. Cost of goods benefited by $0.7 million due to lower recall-related costs and SG&A was unfavorably impacted by $1.8 million, primarily due to higher recall claim volume. As a reminder, in the prior year period, we made a favorable recall reserve adjustment based on the trend of recall claims at that time.

在這次調整中，由於預計消費者召回參與率較高，銷售額受到了 880 萬美元的不利影響。由於召回相關成本降低，商品成本受益 70 萬美元，而銷售、一般及行政費用受到 180 萬美元的不利影響，這主要是由於召回索賠增加。提醒一下，在去年同期，我們根據當時召回索賠的趨勢做出了有利的召回儲備調整。

For our standard reporting practices the impact of these and other non-operational or non-recurring items are excluded from non-GAAP results. All results discussed on today's call will be adjusted non-GAAP metrics in order to better focus on the operating performance of the business during the fourth quarter and fiscal year 2024.

對於我們的標準報告實踐，這些和其他非營運或非經常性項目的影響不包括在非 GAAP 結果中。今天電話會議上討論的所有結果都將根據非 GAAP 指標進行調整，以便更好地關注第四季度和 2024 財年的業務運營業績。

Yeti just completed an incredibly strong year in 2024. We grew sales 9% to $1.84 billion with growth across all of our channels, categories and geographies. We grew operating income 18% to $309 million, while still investing in future growth opportunities and infrastructure.

Yeti 在 2024 年剛剛度過了極其強勁的一年。我們的銷售額成長了 9%，達到 18.4 億美元，所有通路、產品類別和地區均實現了成長。我們的營業收入成長了 18%，達到 3.09 億美元，同時仍在投資未來的成長機會和基礎設施。

We grew our earnings per share by 21% to $2.73, which reflects the impact of $200 million in accelerated share repurchases executed during the year. We generated $220 million of free cash flow and maintained our incredibly strong balance sheet, while also executing on three acquisitions, some of which contributed to growth in 2024. And we did all of that while continuing to expand the product portfolio and grow the brand in both the US and around the world.

我們的每股盈餘成長了 21%，達到 2.73 美元，這反映了年內執行的 2 億美元加速股票回購的影響。我們創造了 2.2 億美元的自由現金流，並保持了極其強勁的資產負債表，同時也進行了三項收購，其中一些收購有助於實現 2024 年的成長。我們在完成所有這些工作的同時，也繼續擴大產品組合，並在美國和世界各地發展品牌。

Turning now to our fourth quarter results. Sales increased 7% to $555 million, which was above our expectations. We were very pleased with the execution of our teams during the quarter. Three growth highlights include strong performance in Coolers & Equipment, which grew 17%. 10% growth in our DSC channel and continued strong momentum in our International business, which grew 27% in Q4. I'll discuss each of these in more detail as I review our performance in each of our categories, channels and geographies.

現在來談談我們第四季的業績。銷售額成長 7%，達到 5.55 億美元，超出我們的預期。我們對本季團隊的表現非常滿意。三大成長亮點包括冷卻器與設備業務的強勁表現，成長了 17%。我們的 DSC 管道成長了 10%，國際業務持續保持強勁勢頭，第四季度成長了 27%。當我回顧我們在每個類別、管道和地區的表現時，我將更詳細地討論每一個問題。

First, by category. In the fourth quarter Coolers & Equipment sales increased 17% to $189 million. This was above our expectations, driven by excellent performance in Hard Coolers and in bags. Notably, this was our fourth consecutive quarter of double-digit growth in C&E. In hard coolers, as anticipated, our Roadie 15 performed extremely well during the holidays following its launch in late Q2.

第一，依類別劃分。第四季冷卻器與設備銷售額成長 17%，達到 1.89 億美元。這超出了我們的預期，這要歸功於硬式冷卻器和袋子的出色表現。值得注意的是，這是我們連續第四個季度在文化和娛樂領域實現兩位數成長。在硬冷卻器方面，正如預期的那樣，我們的 Roadie 15 在第二季末推出後，在假期期間表現非常出色。

In Soft Coolers, our backpack coolers and smaller-sized thermal lunch bags also continued to perform well. In Equipment, bags had an outstanding quarter. We saw strong demand for our Crossroads, Camino, Sidekick and Panga families and our Mystery Ranch branded products performed in line with our expectations.

在軟冷卻器方面，我們的背包冷卻器和小尺寸的保溫午餐袋也繼續表現良好。在裝備方面，包款本季表現出色。我們發現 Crossroads、Camino、Sidekick 和 Panga 系列產品的需求強勁，而 Mystery Ranch 品牌產品的表現符合我們的預期。

As Matt said, we are incredibly excited about the upcoming launch of our new lineup of Yeti branded Mystery Ranch inspired packs in the first half of 2025. Within cargo, our GoBox product family and accessories also contributed to our growth, and we believe there is tremendous opportunity to scale this category through both product innovation and higher overall consumer awareness in 2025 and beyond.

正如馬特所說，我們對即將於 2025 年上半年推出的全新 Yeti 品牌 Mystery Ranch 風格背包系列感到非常興奮。在貨運方面，我們的 GoBox 產品系列和配件也為我們的成長做出了貢獻，我們相信，在 2025 年及以後，透過產品創新和更高的整體消費者意識，這一類別有巨大的擴大機會。

For the full year, sales in Coolers & Equipment increased 14% to $707 million. For Drinkware, Q4 sales grew 3% to $358 million. As Matt said, the overall US Drinkware market experienced higher levels of promotions and elevated competition during the quarter. Our overall Drinkwear business in the US was down slightly year-over-year in Q4, but we saw good performance within several areas of our portfolio, including our highly giftable barware, our stackable cups, and our bottle lineup.

全年而言，冷卻器與設備銷售額成長 14%，達到 7.07 億美元。對於飲具而言，第四季的銷售額成長了 3%，達到 3.58 億美元。正如馬特所說，本季美國飲具市場整體促銷水平更高，競爭也更加激烈。我們在美國整體的飲品服飾業務在第四季度同比略有下降，但我們產品組合的幾個領域表現良好，包括非常適合送禮的酒吧用具、可堆疊的杯子和瓶子系列。

We believe this speaks to the importance of our efforts over the last few years to broaden and diversify our Drinkware portfolio to over 60 individual products. Outside the US, our Drinkware business grew over 20% with significant room for further growth in both existing and new markets. For the full year, Drinkware sales grew 7% to approximately $1.1 billion, with growth in every region around the globe including the US.

我們相信，這反映了過去幾年來我們為擴大飲具產品組合併使其多樣化至 60 多種獨立產品所做的努力的重要性。在美國以外，我們的飲具業務成長超過20%，並且在現有市場和新市場都有很大的成長空間。全年，飲具銷售額成長 7%，達到約 11 億美元，包括美國在內的全球每個地區成長。

Turning to our performance by channel. Direct-to-consumer sales were $377 million, growing 10% in the fourth quarter representing 68% of total sales. We saw growth across all of our DSC channels with notable strength in corporate sales and our Amazon business. One of the key success stories with NBC during the quarter was our Drinkware customization offers, which are now live globally for both e-commerce and corporate sales customers. For the full year, DSD sales increased 9% to $1.1 billion representing 60% of our overall sales mix, in line with full year 2023.

談談我們按管道表現的情況。直接面向消費者的銷售額為 3.77 億美元，第四季成長 10%，佔總銷售額的 68%。我們看到所有 DSC 管道均實現了成長，其中企業銷售和亞馬遜業務表現尤為強勁。本季 NBC 的關鍵成功案例是我們的飲具客製化服務，該服務現已面向全球電子商務和企業銷售客戶提供。全年而言，DSD 銷售額成長 9%，達到 11 億美元，占我們整體銷售組合的 60%，與 2023 年全年銷售額持平。

The approximate mix within D2C remained relatively consistent year-over-year with 51% from our global Yeti websites and Yeti stores, 25% from the Amazon marketplace, and 24% from corporate sales. In wholesale, sales increased 3% to $179 million compared to the prior year quarter. In the US sell-through and sell-in grew at similar rates in Q4, both in Coolers & Equipment and in Drinkware with particularly strong sell-through growth within C&E. For the full year, wholesale channel sales increased 10% to $743 million, driven by positive sell-in and sell-through growth in every market in which we operate, including the US.

D2C 中的大致結構與去年同期保持相對穩定，其中 51% 來自我們的全球 Yeti 網站和 Yeti 商店，25% 來自亞馬遜市場，24% 來自企業銷售。批發業務方面，銷售額較去年同期成長 3%，達到 1.79 億美元。在美國，第四季度冷卻器和設備以及飲具的銷售量和銷售額成長率相似，其中C&E的銷售量成長尤為強勁。全年批發通路銷售額成長 10%，達到 7.43 億美元，這得益於包括美國在內的每個經營市場的銷售量和銷售率均實現積極成長。

Shifting to our International business. We saw another quarter of excellent growth internationally with our business outside the US increasing 27% to $109 million in Q4. All of our regions grew with Australia and Europe continuing their exceptional double-digit growth. Our efforts to drive brand awareness, grow our distribution network and roll out our omnichannel model are working.

轉向我們的國際業務。我們的國際業務又實現了一個季度的優異成長，美國以外業務在第四季度成長了 27%，達到 1.09 億美元。我們所有地區都實現了成長，其中澳洲和歐洲繼續保持了兩位數的快速成長。我們提高品牌知名度、擴大分銷網絡和推出全通路模式的努力正在取得成效。

And we see significant runway ahead of us as we continue to capitalize on the global opportunity for Yeti. For the full year, International sales grew 30% to $339 million, representing 18% of total sales, up from 16% of sales last year.

隨著我們繼續利用 Yeti 的全球機遇，我們看到了巨大的發展空間。全年國際銷售額成長 30%，達到 3.39 億美元，佔總銷售額的 18%，高於去年的 16%。

Before wrapping up on sales, note that the fourth quarter included $1.7 million of gift card redemptions related to remedies offered to customers impacted by the product recall, compared to $6.5 million in gift card redemptions during the same period last year.

在結束銷售之前，請注意，第四季包括 170 萬美元的禮品卡兌換，與向受產品召回影響的客戶提供補救措施有關，而去年同期的禮品卡兌換額為 650 萬美元。

On margins, gross profit increased 8% to $335 million or 60.2% of sales which is flat versus the prior year period. Drivers of gross margin included lower inbound freight costs and lower product costs offset by higher customization costs and a number of other smaller items within our cost of goods sold.

就利潤率而言，毛利成長 8% 至 3.35 億美元，佔銷售額的 60.2%，與去年同期持平。毛利率的驅動因素包括較低的入境運費和較低的產品成本，但較高的定製成本和銷售成本中的許多其他較小項目抵消了這一成本。

Full year gross profit increased 13% to $1.1 billion expanding 170 basis points to 58.6% of sales. The full year gross profit expansion was led by lower inbound freight costs and lower product costs. Before moving on to our SG&A expenses for the quarter, we would like to note that our breakout of SG&A expenses will be shifting from variable and non-variable expenses to the following groupings, marketing costs, employee compensation and benefits costs, distribution and fulfillment costs, depreciation and amortization expenses, and finally, general and administrative costs.

全年毛利成長 13%，達到 11 億美元，擴大 170 個基點，佔銷售額的 58.6%。全年毛利的成長主要得益於入境運費和產品成本的下降。在討論本季的銷售、一般和行政費用之前，我們想指出的是，銷售、一般和行政費用的分類將從變動費用和非變動費用轉向以下幾類：行銷成本、員工薪酬和福利成本、分銷和履行成本、折舊和攤提費用，以及最後是一般和管理費用。

In the fourth quarter, SG&A expenses increased 7% to $224 million or 40.3% of sales, which is flat compared to the prior year period. Distribution and fulfillment expense leverage on higher sales was offset by higher employee compensation and benefits costs and higher general and administrative costs.

第四季度，銷售、一般及行政支出增加 7% 至 2.24 億美元，佔銷售額的 40.3%，與去年同期持平。銷售額增加所帶來的分銷和履行費用槓桿被員工薪酬和福利成本以及一般及管理費用的增加所抵消。

Full year SG&A expenses increased 11% to $768 million, increasing 40 basis points to 41.7% of sales. Operating income increased 8% to $111 million or 19.9% of sales, a 10 basis point increase over the fourth quarter last year.

全年銷售、一般及行政開支增加 11% 至 7.68 億美元，增加 40 個基點至銷售額的 41.7%。營業收入成長 8%，達到 1.11 億美元，佔銷售額的 19.9%，比去年第四季增加了 10 個基點。

For the full year, operating income grew 18% to $309 million, a 120 basis point increase year-over-year to 16.8% of sales. Net income increased 7% to $85 million or $1 per diluted share, representing growth of 11% versus the $0.90 per diluted share in the prior year period. On a full year basis, net income grew 19% to $234 million or $2.73 per diluted share, representing growth of 21% versus the $2.25 per diluted share during the same period last year.

全年營業收入成長 18% 至 3.09 億美元，年增 120 個基點，佔銷售額的 16.8%。淨收入成長 7% 至 8,500 萬美元，即每股攤薄收益 1 美元，較去年同期的每股攤薄收益 0.90 美元增長 11%。全年淨利潤成長 19% 至 2.34 億美元，即每股攤薄利潤 2.73 美元，較去年同期的每股攤薄利潤 2.25 美元成長 21%。

Now turning to our balance sheet. We ended 2024 with $359 million in cash, as compared to $439 million at the end of 2023. We generated $220 million of free cash flow during the year, which helped enable the strategic deployment of capital that I mentioned earlier, including $200 million in share repurchases and the acquisitions of Mystery Ranch, Butter Pat and the IP for a future powered cooler platform.

現在轉向我們的資產負債表。截至 2024 年底，我們的現金餘額為 3.59 億美元，而 2023 年底為 4.39 億美元。我們在本年度創造了 2.2 億美元的自由現金流，這有助於實現我先前提到的資本策略部署，包括 2 億美元的股票回購以及對 Mystery Ranch、Butter Pat 和未來動力冷卻器平台 IP 的收購。

Inventory decreased 8% year-over-year to $310 million. Total debt, excluding finance leases and unamortized deferred financing fees was $78 million compared to $82 million at the end of the fourth quarter last year.

庫存年減8%至3.1億美元。不包括融資租賃和未攤銷遞延融資費用的總債務為 7,800 萬美元，而去年第四季末的總債務為 8,200 萬美元。

Now turning to our outlook for fiscal 2025. We expect full year sales to increase between approximately 5% and 7% compared to fiscal 2024 adjusted net sales. With the growth of our International business, and the recent strengthening of the US dollar, we expect an approximately 100 basis point headwind from FX in 2025.

現在來談談我們對 2025 財年的展望。我們預計全年銷售額將與 2024 財年調整後淨銷售額相比成長約 5% 至 7%。隨著我們國際業務的成長以及美元近期的走強，我們預計 2025 年外匯將面臨約 100 個基點的逆風。

From a phasing perspective, we expect total growth to be stronger in the second half of the year versus the first half of the year, specifically driven by Drinkware. Drivers of this dynamic include the pacing of our Drinkware innovation, which is much heavier weighted into the second half of the year and a stronger Drinkware growth compare in the first half of the year versus the second half of the year.

從階段角度來看，我們預計下半年的整體成長將比上半年更強勁，這主要得益於 Drinkware 的成長。這項動態的驅動因素包括我們的飲具創新步伐，這在下半年佔據了更大的比重，而且上半年的飲具成長比下半年更為強勁。

Specifically, we expect low to mid-single-digit growth in the first half, with growth in the high single to low double-digit range in the second half. From a channel perspective, we expect our wholesale and D2C businesses to grow relatively in line with each other in 2025. By category, we continue to expect Coolers & Equipment growth to outpace Drinkware growth in 2025. We have great momentum in several categories within C&E and given our planned innovation, we believe that we are set up for another strong year.

具體而言，我們預期上半年成長率為低個位數至中個位數，下半年成長率為高個位數至低兩位數。從通路角度來看，我們預計 2025 年我們的批發和 D2C 業務將相對同步成長。按類別劃分，我們繼續預期 2025 年冷卻器和設備的成長將超過飲具的成長。我們在 C&E 的多個類別中都表現出色，考慮到我們計劃的創新，我們相信我們將迎來強勁的一年。

We expect Drinkware to grow in the mid-single-digit range in 2025. That includes first half growth that is approximately flat and second half growth that will approach double digits as our innovation engine resumes.

我們預計到 2025 年，Drinkware 的銷售量將達到中位數個位數成長。其中上半年成長基本上持平，下半年成長將接近兩位數，因為我們的創新引擎恢復了。

By quarter, in the first half, we expect Drinkware to be down slightly year-over-year in Q1, but returned to growth in Q2. I also want to call out that the Drinkware growth dynamics in the first half of the year are primarily within the US market.

按季度來看，我們預計上半年飲料器具銷售在第一季將比去年同期略有下降，但在第二季將恢復成長。我還想指出的是，今年上半年的飲具成長動力主要在美國市場。

We expect our Drinkware business outside the US to grow consistently at a double-digit rate each quarter during 2025. From a geographic perspective, we expect total domestic growth in the mid-single-digit range and total International growth in the mid-teens, even with approximately 500 basis points of growth headwinds from FX. We expect International growth to be relatively consistent during the year, while the US will see stronger growth in the second half versus the first half.

我們預計，2025 年美國以外的飲具業務每季將以兩位數的速度持續成長。從地理區域來看，我們預期國內整體成長將在個位數中段，國際整體成長將在十幾位數中段，即便外匯帶來約 500 個基點的成長阻力。我們預計今年國際經濟成長將相對穩定，而美國下半年的成長將強於上半年。

As Matt mentioned, we are also very excited about the launch of our Japanese commercial business during 2025. We see 2025 as a foundational year for Yeti Japan with 2026 serving as the first full year of operations. We expect gross margins to remain relatively flat for the year with continued benefits from product costs offset by sales mix and FX headwinds.

正如馬特所說，我們也對 2025 年日本商業業務的啟動感到非常興奮。我們認為 2025 年是 Yeti Japan 的基礎年，2026 年是其營運的第一個完整年。我們預計今年的毛利率將保持相對平穩，產品成本的持續收益將被銷售組合和外匯不利因素所抵銷。

From a phasing perspective, we expect the impact from sales mix to be the largest in the first quarter and therefore, we expect a roughly 50 basis point decline in gross margins year-over-year in Q1. The rest of the year, we expect small year-over-year increases in gross margin each quarter as sales mix normalizes.

從階段角度來看，我們預期銷售組合的影響在第一季最大，因此，我們預計第一季毛利率將年減約 50 個基點。今年剩餘時間，隨著銷售組合正常化，我們預計每季的毛利率將年比小幅成長。

One dynamic that we have not included in our outlook for the year is tariffs. As you all know, it remains a fluid situation, which we are monitoring closely. As Matt said, we are ahead of plan in our efforts to strategically shift our supply chain outside of China.

我們在今年的展望中沒有考慮到的一個動態是關稅。眾所周知，局勢仍然不穩定，我們正密切關注。正如馬特所說，我們在將供應鏈策略性地轉移到中國以外方面已經提前做好了計劃。

This progress has been made possible through the extraordinary work of our team and our strong, long-standing relationships with our existing suppliers. As we progress through the year, we will continue to look at all mitigating actions available to us, including price.

這項進展得益於我們團隊的出色工作以及與現有供應商之間長期牢固的關係。隨著時間的流逝，我們將繼續研究所有可用的緩解措施，包括價格。

For SG&A, we expect year-over-year growth to be slightly below our sales growth in 2025. We will continue to invest behind our key initiatives, global expansion, supply chain diversification, continued D2C growth and innovation acceleration. The timing of some of these discrete investments will drive roughly 250 basis points of SG&A deleverage in Q1, but we expect improvement as we go through the year and we expect to end the year with roughly 10 basis points of leverage in SG&A.

對於銷售、一般及行政費用，我們預計 2025 年的年成長將略低於銷售額的成長。我們將繼續投資於我們的關鍵舉措、全球擴張、供應鏈多樣化、持續的 D2C 成長和創新加速。其中一些離散投資的時機將推動第一季銷售、一般和行政費用去槓桿化約 250 個基點，但我們預計隨著時間的推移情況會有所改善，我們預計到年底銷售、一般和行政費用的槓桿率將達到約 10 個基點。

As a result, we expect adjusted operating income to increase between approximately 5.5% and 7.5% in 2025. We expect a year-over-year decline in operating income in Q1, but for the remaining three quarters, we expect operating income to grow in line to slightly above sales.

因此，我們預計 2025 年調整後營業收入將成長約 5.5% 至 7.5%。我們預計第一季的營業收入將年減，但對於剩餘的三個季度，我們預計營業收入將與銷售額同步成長或略高於銷售額。

We estimate that FX will have a roughly 350 basis point impact on our operating income growth in 2025. Below the operating line, we expect an effective tax rate of approximately 24.5% for fiscal 2025, in line with the prior year.

我們估計，外匯將對我們的 2025 年營業收入成長產生約 350 個基點的影響。在營業線以下，我們預計 2025 財年的有效稅率約為 24.5%，與前一年持平。

Based on full year diluted shares outstanding of approximately $84.3 million, we expect adjusted earnings per diluted share to increase between 6% and 8% to between $2.90 and $2.95, compared to $2.73 in fiscal 2024. We estimate that FX will be a headwind of approximately $0.10 per share in 2025. As it relates to our share repurchase program, our Board recently increased our share repurchase authorization by $350 million bringing the total available under our authorization to $450 million as of today.

基於全年約 8,430 萬美元的攤薄流通股，我們預計調整後每股攤薄收益將增長 6% 至 8%，至 2.90 美元至 2.95 美元之間，而 2024 財年為 2.73 美元。我們預計，到 2025 年，外匯市場將帶來約 0.10 美元/股的阻力。就我們的股票回購計畫而言，董事會最近將股票回購授權增加了 3.5 億美元，使截至今天我們授權的可用總額達到 4.5 億美元。

While our outlook does not include any impact from future share repurchases during 2025, we do expect to leverage share repurchases as part of our capital allocation strategy this year. We expect capital expenditures of between $60 million and $70 million which reflects continued investments in technology, new product innovation and our supply chain.

雖然我們的展望不包括 2025 年未來股票回購的任何影響，但我們確實希望利用股票回購作為今年資本配置策略的一部分。我們預計資本支出在 6,000 萬至 7,000 萬美元之間，這反映了對技術、新產品創新和供應鏈的持續投資。

We expect free cash flow of approximately $200 million in 2025, representing another strong free cash flow year for the business. In summation, we are very proud of the results we delivered in 2024, even in the context of a challenging macro and consumer backdrop. While we anticipate headwinds from FX and continued inconsistency in the US market, we believe we are well positioned to deliver against our outlook.

我們預計 2025 年的自由現金流將達到約 2 億美元，這意味著該業務將迎來另一個強勁的自由現金流年。總而言之，即使在充滿挑戰的宏觀和消費者背景下，我們也對 2024 年的業績感到非常自豪。儘管我們預期外匯市場將面臨阻力且美國市場將持續不穩定，但我們相信我們有能力實現我們的願景。

We will continue to execute on our strategic priorities, which we believe will support our ability to deliver long-term sustainable growth. 2025 is an exciting year for Yeti, and we are eager to continue growing our brands, delivering innovation and driving omnichannel growth on a global basis.

我們將繼續執行我們的策略重點，我們相信這將支持我們實現長期可持續成長的能力。 2025 年對 Yeti 來說是令人興奮的一年，我們渴望繼續發展我們的品牌、實現創新並在全球範圍內推動全通路成長。

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

現在我想將電話轉回給接線員來回答您的問題。

Thank you. Ladies and gentlemen, we will now begin the question and answer session.

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Peter Benedict, Baird

彼得·本尼迪克特·貝爾德

Hi, good morning, guys. Thanks for taking the question. Mike, maybe on tariffs. So was wondering if you could maybe frame for us, it looks like the 10% China tariff, maybe the one that's most certain here. I know you talked about being ahead of plan in terms of diversifying out of China. Maybe what would that level of tariff due to kind of the outlook assuming no offsets? And curious if you could maybe frame your exposure to some other markets on imports, places like Mexico that have been in the news of late. That's my first question.

大家早安。感謝您回答這個問題。麥克，也許是關於關稅。所以想知道您是否可以為我們估算一下，看起來 10% 的中國關稅可能是這裡最確定的關稅。我知道您談到了在中國以外地區實現業務多元化的提前計劃。假設沒有抵消，那麼這種關稅水準可能是多少？我很好奇您是否可以介紹一下您對其他進口市場的了解，例如最近成為新聞焦點的墨西哥等地。這是我的第一個問題。

Hey, Peter, thanks for the question. So yes, if you took the tariff announcement on February 1 that went into effect on February 4, which is essentially the 10% tariff on goods coming out of China. We think that, that would have less than a $10 million impact on the year in terms of additional cost. We, that is not in our outlook for a few reasons. One, it's obviously a very fluid dynamic situation.

嘿，彼得，謝謝你提問。所以是的，如果你考慮 2 月 1 日發布的、於 2 月 4 日生效的關稅公告，這實際上是對來自中國的商品徵收 10% 的關稅。我們認為，這對當年的額外成本影響不會超過 1,000 萬美元。由於一些原因，我們並不認為這是可行的。首先，這顯然是一個非常不穩定的動態情況。

And number two, I mean, that's a, we view that as a manageable number that we are going to continue to work, and we're going to do that via additional cost optimization. And we're also, as we said consistently, we are going to continue to look at price.

第二，我的意思是，我們認為這是一個可控的數字，我們將繼續努力，我們將透過額外的成本優化來實現這一目標。正如我們一直說的，我們將繼續關注價格。

But that kind of gives an idea of if that the tariff that you referenced were to stay in place for the full year. That's what we could be looking at. In terms of other regions, I guess, Mexico is the one I'd call out, but it is a far lower piece of our business than what we talked about with China.

但這在某種程度上說明了您所提到的關稅是否會在全年保持不變。這就是我們所看到的。就其他地區而言，我想首先要提到的是墨西哥，但它在我們業務中所佔的份額遠低於我們與中國所談論的份額。

And we're running the same playbook that we're running there. We're running in Mexico as well, continue to work with our partners to find ways to offset any potential cost. But obviously, nothing has been officially announced there.

我們執行的也是和在那裡執行的相同的劇本。我們也在墨西哥開展業務，繼續與我們的合作夥伴合作，尋找抵消任何潛在成本的方法。但顯然，官方尚未宣布任何消息。

Got it. Okay. That's really helpful. My follow-up would be kind of around the acquisition that you did in the fourth quarter. Do you expect that to, it doesn't sound like it's going to contribute to sales this year, but maybe it is a little bit.

知道了。好的。這真的很有幫助。我的後續問題將圍繞您在第四季度進行的收購。您是否預計這會對今年的銷售產生貢獻，但也許會有一點貢獻。

I don't know if you could maybe frame that or is this more of a development type situation? And Matt, just how do you, maybe speak to how you're thinking about maintaining discipline within M&A. You obviously have a lot of cash flow. I'm sure you guys get shown anything under the sun, that's even remotely tangential to your business, just maybe talk about your approach to M&A, how you're thinking about it and how you remain disciplined on that front? Thank you.

我不知道您是否可以這樣理解，或者這更像是一種發展類型的情況？馬特，您能談談您如何看待在併購中保持紀律嗎？你的現金流顯然非常充足。我相信你們已經了解到了一切與你們的業務稍微相關的事情，也許可以談談你們對併購的態度，你們是如何考慮的，以及你們是如何在這方面保持紀律的？謝謝。

Good morning, Peter, thanks for the question. I'll start with the powered cooler technology and IP that we acquired in the fourth quarter. We're incredibly excited about how that fits within our overall architecture of Hard Coolers and how that fits underneath the Yeti brand and the global opportunity for it. So we're very excited about that.

早安，彼得，謝謝你的提問。我將從我們在第四季度獲得的動力冷卻器技術和 IP 開始。我們非常興奮，它如何融入我們的 Hard Coolers 整體架構，如何融入 Yeti 品牌及其全球機會。我們對此感到非常興奮。

As you said, we don't expect it to contribute to 2025, it is an in-development program off of a platform that we had spent some time looking at and had an opportunity to bring that in to accelerate what we think will deliver, what we believe will deliver a unique powered cooler solution that fits alongside our Funders and Roadies and the rest of our portfolio.

正如您所說，我們並不期望它能為 2025 年做出貢獻，它是一個基於平台的開發項目，我們花了一些時間研究它，並有機會將其引入以加速我們認為將實現的目標，我們相信它將提供一個獨特的動力冷卻器解決方案，與我們的 Funders 和 Roadies 以及我們產品組合的其他部分相得益彰。

So more to come on that, but we're working aggressively and actively on that program right now. I think as it relates to broader M&A, I think what I would point to is in 2024, two really good illustrations of how we think about M&A.

關於這一點還有更多內容，但我們目前正積極主動地開展該計劃。我認為，就更廣泛的併購而言，我想指出的是，在 2024 年，有兩個非常好的例子可以說明我們如何看待併購。

We look for things that bring ingredients or bring technologies or bring know-how to accelerate stuff that very likely is already on our product road map. And it gives us a chance to accelerate those programs fitting underneath the Yeti brand. So we're highly disciplined about how we think about M&A as you said, it's, there's a lot of things out there.

我們尋找能夠帶來原料、技術或專門知識的東西來加速很可能已經在我們的產品路線圖上的專案。這讓我們有機會加速推進 Yeti 品牌下的各項計畫。因此，我們對如何考慮併購非常自律，正如您所說，有很多事情需要考慮。

We have a lot of conversations. And when we enjoy kind of getting to see all the different areas where we believe Yeti could go, we'd probably spend as much time on should we go there? And then how does that acquisition or how does the acquisition of the technologies materials, capabilities, know-how accelerate our vision for the expansion of the Yeti product road map.

我們進行了很多對話。當我們欣賞雪人可能會去到的所有不同地方時，我們可能會花很多時間考慮是否應該去那裡？那麼，這次收購或說對技術材料、能力、專有技術的收購如何加速我們擴展 Yeti 產品路線圖的願景。

Great, thanks so much. Good luck.

太好了，非常感謝。祝你好運。

Thanks, Peter.

謝謝，彼得。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

I was hoping you could elaborate on your comments regarding US growth in 2025 and the dynamics that you're seeing, specifically in the US Drinkware business. What are you seeing in wholesale versus DTC growth for US Drinkware as you enter 2025? And what gives you confidence in that second half inflection to a return to stabilize growth in the US? Thank you so much.

我希望您能詳細說明您對 2025 年美國經濟成長的評論以及您所看到的動態，特別是在美國飲具業務方面。進入 2025 年，您認為美國飲具批發市場與 DTC 市場的成長如何？您如何相信下半年美國經濟將恢復穩定成長？太感謝了。

Hey, Brooke, the first part of your question was, I think, muted. So if we don't address everything you asked, please let me know. So in terms of US Drinkware in 2025, so like we called out, we said, we think in general, the US will be in the mid-single-digit growth range.

嘿，布魯克，我認為你問題的第一部分被忽略了。因此，如果我們沒有解決您提出的所有問題，請告訴我。因此，就 2025 年美國飲具而言，正如我們所呼籲的那樣，我們認為總體而言，美國將處於中等個位數增長範圍。

We think Drinkware globally will be in that range as well. We did want to provide some color really for the first time on kind of what we see at that US Drinkware level. And we think it will be essentially flat in the, or Drinkware total will be flat in the first half, down in Q1. But as we look to the second half, I think there's a couple of things to call out.

我們認為全球的飲料器皿也將處於這個範圍。我們確實希望首次提供一些有關我們在美國飲具水平上看到的情況的細節。我們認為，飲料器具總量在上半年將基本持平，第一季將下降。但當我們展望下半場時，我認為有幾件事需要注意。

One, we do have the phasing or the pacing of our innovation is much more second half weighted this year. And I think one of the drivers of that is all the work we're doing around our supply chain and diversification of that. I mean that is it does have an impact on sort of our, that did impact the pacing in our product road map this year, number one.

首先，我們確實已經確定了創新的階段，或者說，今年下半年我們的創新步伐將更加重於下半年。我認為其中一個驅動因素是我們圍繞供應鏈及其多樣化所做的所有工作。我的意思是，它確實對我們的產品路線圖產生了影響，這是第一點。

In terms of why we're confident because when we look at the, what we have planned coming out in the second half, I mean, we feel like it's a robust lineup that will allow us to get back to that growth rate. The other thing I'd say is from a compared perspective, Drinkware had a strong first half of last year.

至於我們為什麼有信心，是因為當我們回顧下半年的計畫時，我們覺得強大的陣容可以讓我們恢復到原來的成長率。我想說的另一件事是，從比較的角度來看，Drinkware 去年上半年表現強勁。

I mean it grew 12% in the first quarter of 2024. And so as we look at it from a compare standpoint there's a pretty big difference in terms of growth rate in the first half versus the second half for Drinkware. And so I think that's playing a role as well.

我的意思是它在 2024 年第一季成長了 12%。因此，從比較的角度來看，飲具上半年與下半年的成長率有很大差異。所以我認為這也發揮了一定作用。

Yes, Brooke, this is Matt. The one thing I would add, early in January, I was in visiting our factories, the Drinkware factories that we're transitioning out of China. And I would say that piece of a big focus at Yeti in the first half of the year is the successful diversification of our supply chain, which allows us to have what we think is a really exciting innovation road map in the second half within Drinkware.

是的，布魯克，這是馬特。我想補充一點，今年 1 月初，我參觀了我們的工廠，我們正在從中國轉移出來的飲具工廠。我想說，Yeti 在上半年的一大重點是成功實現供應鏈多元化，這使我們能夠在下半年在 Drinkware 內部製定出真正令人興奮的創新路線圖。

And so I think when you think quarter-to-quarter, there's some movement there. Overall, we feel great about the potential expansion in Drinkware, the continued adoption of our new innovation in Drinkware, both in the US and then obviously, we expect continued outcome growth outside of the US with incredible runway in front of it.

因此，我認為，當你考慮季度變化時，你會發現其中存在一些變化。總體而言，我們對飲具領域的潛在擴張以及我們在飲具領域的新創新持續採用感到非常滿意，無論是在美國還是在美國以外，我們顯然都預計我們的業績將繼續增長，並且前途無量。

Thanks Matt. And if I could just follow up. Can you discuss the outlook for DTC versus wholesale dynamics in the US market going forward? It seems like you've got some great momentum with ongoing legacy, consumers and levers of the brand, some good innovation coming. How does that play out in DTC versus wholesale in your core market?

謝謝馬特。請容許我繼續跟進。您能討論一下未來美國市場 DTC 與批發市場的前景嗎？看起來你已經獲得了一些巨大的動力，包括持續的傳統、消費者和品牌槓桿，以及一些好的創新。在您的核心市場中，DTC 與批發市場有何不同？

Yes. I think in the US, it's been interesting as we went into the 2020 period and the hard shift to DTC and what we've been excited about is our ability to retain the customers that we acquired through that period and build a strong D2C business what's been as exciting is watching wholesale come back over that time.

是的。我認為在美國，有趣的是，當我們進入2020年時期並艱難轉向DTC時，讓我們興奮的是，我們有能力留住我們在此期間獲得的客戶並建立強大的D2C業務，同樣令人興奮的是看到批發業務在這段時間內復甦。

And so we think we've got a really balanced omnichannel. I think the diversification we have underneath DTC and the diversity of wholesale partners we have, I think gives us a lot of opportunity to win and to find areas where we can continue to grow. And so I think we haven't updated any sort of long-term view on DTC versus wholesale, but I think they're working in a really complementary way right now.

因此我們認為我們擁有真正平衡的全通路。我認為，我們在 DTC 之下的多樣化以及我們擁有的批發合作夥伴的多樣化，為我們提供了很大的獲勝機會，並找到了可以繼續發展的領域。因此，我認為我們還沒有更新任何關於 DTC 與批發的長期觀點，但我認為他們現在正在以真正互補的方式合作。

We have incredible wholesale partners. We have strong DTC channels. And so that's, our focus is really how do we drive getting Yeti in front of consumers when and where they want to shop. And we're following what we think has been a changing consumer dynamic on where they choose to shop.

我們擁有令人難以置信的批發合作夥伴。我們擁有強大的 DTC 管道。所以，我們的重點其實是如何讓 Yeti 出現在消費者想要購物的時間和地點。我們正在關註消費者在購物地點選擇上不斷變化的動態。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我會傳達的。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普 (Megan Clapp)。

Hi there, thanks so much. Just first wanted to clarify one thing. I think you mentioned a 53rd week in the press release in 2025. I don't think that's something most in consensus we're modeling. So I just wanted to clarify that the 53rd week is included in your top line? And how does that play into the first half, second half dynamics or top line growth? If I'm doing my math correctly, I think it could be kind of 4 points to the back half. So is that part of the expected acceleration in the back half as well? Thank you.

你好，非常感謝。首先我想澄清一件事。我記得您在 2025 年的新聞稿中提到第 53 週。我認為，這並不是我們所建模的大多數共識。所以我只是想澄清一下，第 53 週是否包含在您的頂線中？這對上半年、下半年的動態或營收成長有何影響？如果我的計算正確的話，我認為後半部分可能會有 4 分左右。那麼這也是後半部預期加速的一部分嗎？謝謝。

Hey, Megan, thanks for the question So I think the 53rd week for us is a relatively minor impact. It is less than a point of growth on the total year. The last time we saw this in 2020, we called out, we call that less than a point of growth, and that was when we were much smaller than we are now. It's our lowest week of sales of the year. So minimal impact from a top line perspective. And if anything, from an operating income, it's slightly dilutive on the year. So no real impact that we would call out from that 53rd week.

嘿，梅根，謝謝你的提問，所以我認為第 53 週對我們來說影響相對較小。與全年相比，這一增長還不到一個點。我們上次在 2020 年看到這種情況時，我們大聲疾呼，我們稱之為低於一個增長點，那時我們的規模比現在小得多。這是我們今年銷售額最低的一週。因此從營收角度來看，影響微乎其微。如果有的話，從營業收入來看，今年的利潤會稍微稀釋一些。因此，從第 53 週開始，我們不會發現任何實際影響。

Okay. Great. That's super helpful. And maybe as a follow-up on Drinkware. I wanted to just ask a little bit more about the competitive environment and the promotional intensity you're seeing. Is, did you see anything in the fourth quarter or anything year-to-date that you would describe as potentially irrational from competition?

好的。偉大的。這非常有幫助。或許可以作為 Drinkware 的後續。我想多問一些有關競爭環境和您所看到的促銷強度的問題。那麼，您是否發現第四季度或今年迄今為止的任何競爭中出現了任何可能不合理的情況？

And I think you mentioned in the prepared remarks that you continued your strategy of maintaining more targeted promotions. But if you are seeing a bit more promotional intensity, how do you think about adjusting your promotional strategy or your pricing strategy in that category to make sure you're maintaining share?

我記得您在準備好的發言中提到過，您繼續執行維持更有針對性的促銷活動的策略。但如果您看到促銷力道加大，您會如何考慮調整該類別的促銷策略或定價策略，以確保保持份額？

Hi, Megan, while I won't speak to the rationality or irrational behaviors of the others in the market. What I would say is, we believe and we continue to show that our diversification of our Drinkware approach is working and it's showing resonance with consumers that we can continue to use promotions as a tool for transitioning in and out of products as we drive more innovation, as we continue to up the cadence of our innovation.

你好，梅根，我不會談論市場上其他人的理性或非理性行為。我想說的是，我們相信並且我們會繼續證明，我們的飲具多樣化方法正在發揮作用，並且引起了消費者的共鳴，我們可以繼續使用促銷作為產品進出轉換的工具，同時推動更多創新，繼續加快我們的創新節奏。

I don't think, I think it's more about the market backdrop and kind of the consumer mindset than something that we're going to strongly react to. I also think, as I mentioned in my remarks, the idea that we continue to broaden and diversify the use cases and the reasons for people to buy is going against a bit of where the focus is in the Drinkware category right now, which tends to be around a pretty consolidated set of products. And so I think I feel good about our short-term strategy.

我不認為，我認為這更多的是關於市場背景和消費者心態，而不是我們會做出強烈反應的事情。我還認為，正如我在評論中提到的那樣，我們繼續拓寬和多樣化使用案例和人們購買的原因的想法與目前飲具類別的重點相悖，飲具類別的重點往往圍繞一組相當整合的產品。因此我對我們的短期策略感到滿意。

I feel really good about our midterm strategy and continue to drive Yeti growth and Yeti relevance and Drinkware, both in the US and obviously, around the world.

我對我們的中期策略感到非常滿意，並將繼續推動 Yeti 在美國乃至全世界的成長、Yeti 的相關性和 Drinkware。

Okay. Awesome. Thank you.

好的。驚人的。謝謝。

Randy Konik, Jefferies

蘭迪·科尼克（Randy Konik），傑富瑞

Yeah, thanks a lot. I guess a couple of things. Just on the [map]. When you talked about innovation and ramping, maybe you can give us some perspective on how you think about what that makes like over the next 12 to 24 months and how that's perhaps different or the same from the footing perspective or amount of units that we've seen in the last couple of years? Just kind of contextualize that for us.

是的，非常感謝。我想有幾件事。就在[地圖]。當您談到創新和擴張時，也許您可以給我們一些觀點，說明您認為未來 12 到 24 個月內創新和擴張將會產生什麼影響，以及從過去幾年我們看到的基礎角度或單位數量來看，創新和擴張有何不同或相同？只需為我們將其具體化即可。

And just on the Bag side of the ledger, maybe just also give us some perspective on how big is that kind of category now and kind of what you think about the opportunity in long-term there, as it relates to the innovation question. Thanks.

就帳簿的袋子方面而言，您能否為我們介紹一下目前這種類別的規模，以及您對於長期存在的創新問題機會的看法。謝謝。

Yes. Thanks, Randy. I think what I would say is, you saw an up tempo in innovation in 2024, and that was really the result of a little bit of catch-up from the 2020, 2021 period and getting back online with our partners an incredible work by our product development team. I think that pacing is going to be largely consistent going forward. We see opportunities to continue to bring vitality and expansion in our Drinkware.

是的。謝謝，蘭迪。我想說的是，您看到了 2024 年創新的加快，這實際上是 2020 年、2021 年期間的一點追趕，以及與我們的合作夥伴重新上線的結果，這是我們產品開發團隊的出色工作。我認為今後的步調將基本保持一致。我們看到了繼續為我們的飲具帶來活力和擴張的機會。

We've talked about a couple of times on this call. You've seen us bring vitality and expansion into our Hard Coolers, and we called out the success of that work. I think we see the same thing in our protective case in GoBox line of products.

我們在這次通話中已經討論過幾次了。您已經看到我們為 Hard Coolers 注入了活力和擴張力，我們也高度讚揚了這項工作的成功。我認為我們在 GoBox 產品系列的保護殼中也看到了同樣的事情。

And I called out even some things on the call an expansion into our chair, our small chair franchise, which is really fun and a great product that I think is very, very Yeti. I think as it relates to Bags, we've talked about early this year, two new families of bags coming out.

我在電話會議上甚至提到了對我們的椅子進行擴展，我們的小椅子特許經營權，這真的很有趣，而且是一款很棒的產品，我認為它非常非常 Yeti。我認為就包款而言，我們今年早些時候已經討論過即將推出的兩款新包款系列。

One of those, a direct result of what we think is our thoughtful approach to M&A. So it has some of the the ingredients that we acquired in Mystery Ranch with the design and capabilities that we had at Yeti. So I think it would be a great kind of new step into what we think is a really, really large global bags and travel opportunity. We haven't dimensionalized the size of our Bags business today. But we did call out the strong growth in 2024, the kind of acceleration of the cadence of innovation that we have coming in 2025.

其中之一，是我們認為對併購深思熟慮的方法的直接結果。因此，它擁有我們在 Mystery Ranch 獲得的一些要素以及我們在 Yeti 所擁有的設計和功能。所以我認為這將是一個很棒的新舉措，我們認為這是一個非常大的全球行李和旅行機會。我們今天還沒有確定我們箱包業務的規模。但我們確實預期 2024 年將強勁成長，2025 年創新節奏也將加速。

And I think in that category specifically, you're going to see us do more and more of that. And that is, and I think it fits with the Yeti brand, it fits with the Yeti consumer, both the existing ones and the ones we acquired. So we're very excited about what that can become.

我認為，具體到這個類別，你會看到我們做得越來越多。而且，我認為它適合 Yeti 品牌，適合 Yeti 消費者，包括現有的消費者和我們收購的消費者。所以我們對於其未來發展感到非常興奮。

Great. Last question. Maybe you would help us dimensionalize in International from a vantage point. I think you said mid-teens growth. And maybe kind of talk about what countries that's primarily coming from? And then maybe kind of looking out a few more years from now, the country opportunities of focus that you may not be in that or maybe starting just to go into part of that growth forecast for 2025, just to kind of give us some perspective of that enduring growth opportunity in the International markets and where the markets are ahead? Thanks.

偉大的。最後一個問題。也許您可以從一個有利的角度幫助我們在國際上實現維度化。我覺得你說的是十幾歲時的成長。或許可以討論一下這些產品主要來自哪些國家？然後也許可以展望幾年後，您可能還沒有關注到國家重點關注的機遇，或者可能只是開始深入研究 2025 年的部分成長預測，只是為了讓我們了解國際市場持久的成長機會以及市場未來的發展方向？謝謝。

Hey, Randy. So in terms of the first part of the question, I'll take, I think, well, first of all we've got growth plan in '25 or including the outlook in every region outside the US. We talked about the strength in 2024 of Europe and Australia.

嘿，蘭迪。因此就問題的第一部分而言，我認為，首先，我們有25年的成長計劃，包括美國以外每個地區的前景。我們討論了 2024 年歐洲和澳洲的實力。

And I think it's fair to say that, that's planned to continue in 2025 with the faster growth coming from Europe, given the size of that, of our business there. We haven't been there as long as we've been in Canada or Australia and frankly just the overall market opportunity that we have in front of us in Europe. So that's going to be our fastest-growing region in 2025.

我認為可以這麼說，考慮到我們在歐洲的業務規模，這一趨勢將在 2025 年繼續下去，歐洲將實現更快的成長。我們在那裡的時間不如在加拿大或澳洲那麼長，坦白說，我們在歐洲面臨整體的市場機會。因此，到 2025 年，這將成為我們成長最快的地區。

The other thing that we talked about was Japan we will start our commercial sales there. But it's not an overly significant impact in '25. I think really the first full year, will, we expect that to be a meaningful driver as 2026.

我們談到的另一件事是日本，我們將在那裡開始商業銷售。但它對 25 年的影響並不太大。我認為，真正的第一個完整年份，我們預計它將在 2026 年成為一個有意義的推動力。

Yes, Randy, let me just add a little bit of color on that. So, when we think about the UK and Europe alone, we're so early stage in the potential opportunity there. And we have an incredible team that's kind of building the momentum in that market that I think we're going to be talking about the UK and Europe as a growth driver for Yeti for years to come.

是的，蘭迪，讓我對此做一點補充。因此，當我們僅考慮英國和歐洲時，我們在那裡的潛在機會還處於早期階段。我們擁有一支出色的團隊，他們正在該市場中積聚勢頭，我認為我們將在未來幾年將英國和歐洲視為 Yeti 的成長動力。

And I think that's got that kind of opportunity. Just based on product relevance market size, what we're seeing across multiple countries, both the English speaking and the non-English speaking parts of the UK and Europe.

我認為這是一個這樣的機會。僅基於產品相關市場規模，我們看到的情況遍及多個國家，包括英國和歐洲的英語地區和非英語地區。

In early January, I was in Tokyo for the launch of our brand there. We have partners from all over the region or potential partners from all of the region that showed up to many trade fair that we held in Tokyo. And I will tell you it felt like what I had seen when we got going in the early days in Australia in the early days in the UK, the early days in Germany. The energy and the potential, really I walked away from that with our team, and we're fired up for what Asia can bring.

一月初，我去東京參加了我們的品牌的發表會。我們在東京舉辦的許多貿易展覽會上都有來自該地區各地的合作夥伴和潛在合作夥伴。我會告訴你，那種感覺就像我們早期在澳洲、英國和德國看到的那樣。我和我們的團隊確實感受到了這種活力和潛力，我們對亞洲能帶來的一切充滿期待。

Very helpful thanks guys.

非常有幫助，謝謝大家。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Oh thanks. Good morning to both of you. I know you talked about having a very diverse DTC customer base as well as diverse cookware wholesalers. Could you talk about some of the things you're doing just to raise customer awareness around product launches. And as you have this higher tempo of launches, does that also require maybe spending a little bit more on advertising?

哦，謝謝。你們倆早安。我知道您談到擁有非常多樣化的 DTC 客戶群以及多樣化的炊具批發商。您能否談談您為提高客戶對產品發布的認知度而做的一些事情？而且隨著產品發表節奏的加快，是否也需要在廣告上投入更多？

Yes. Peter, good morning. A couple of things on that. I think what the diversity of our channels does is, whether that's DTC and everything from our flagship e-commerce sites to Amazon to the corporate sales is it gives us pretty efficient ways to get out in front of consumers. And so it's a cost efficient in many ways, a cost-efficient way of creating marketing our corporate sales, our partnerships, Amazon, in particular, in there.

是的。彼得，早安。關於這一點，有幾件事。我認為我們通路的多樣性，無論是DTC還是從我們的旗艦電子商務網站到亞馬遜再到企業銷售，都為我們提供了非常有效的方式來接觸消費者。因此，從很多方面來說，這都是一種成本效益高的方式，是一種為我們的企業銷售、我們的合作夥伴關係（尤其是亞馬遜）創造行銷的成本高效的方式。

I think the thing that we're looking at, and you'll start to see us shift is, we're actually moving some of our marketing up funnel a bit to the mid-funnel to create that combination between brand awareness and product marketing and awareness versus lower funnel transaction, which I think is more the contested part of marketing spend right now.

我認為我們正在關注的事情是，你會開始看到我們的轉變，我們實際上正在將部分行銷管道向上移動到中部管道，以創造品牌知名度和產品行銷以及知名度與下層管道交易之間的結合，我認為這是目前行銷支出中更有爭議的部分。

So what we're doing is we have kind of constant review between broad brand awareness spend and our performance marketing. And we're pretty dynamic period-to-period on where we're putting the pressure out there. We keep the hum of building the overall brand halo through many of the things that you're familiar with ambassadors partnerships, our sponsorship type relationships.

因此，我們所做的就是對廣泛的品牌知名度支出和我們的績效行銷進行持續的審查。而且我們在每個時期都會非常動態地施加壓力。我們透過您熟悉的大使夥伴關係、贊助類型關係等多種方式，不斷打造整體品牌光環。

And then as we go down into the more kind of product launch awareness type mid-funnel things, we move between brand-focused and product focused. So I would say I wouldn't expect a big pop in our marketing spend. It's more about the micro adjustments we make within what we think is a really thoughtful kind of marketing budget.

然後，當我們深入研究更多類似產品發布意識類型的中部漏斗事物時，我們會在品牌為中心和產品為中心之間轉變。因此我想說，我預計我們的行銷支出不會大幅增加。這更多的是我們在我們認為非常周到的行銷預算範圍內所做的微調。

Okay, helpful. And then maybe just as a related question, is you're leaning into some categories that whether they're new or existing like Bags Cookware, Chairs. Are you thinking about expanding wholesale relationships maybe with some niche players? Or is this something where you leverage the existing wholesale relationships you have in place today?

好的，很有幫助。然後也許只是作為一個相關的問題，您是否傾向於一些類別，無論它們是新的還是現有的，例如包包炊具和椅子。您是否考慮擴大與一些小眾參與者的批發關係？或者這是您利用目前已建立的批發關係的一種方式？

I'll start with, we have a, as you called out and I mishear we have a diverse set of wholesalers that we think can represent our product portfolio. Now as our portfolio evolves, all wholesalers aren't probably the right place for everything just based on the nature of the customer that comes in and what they represent. So one of the things we work very closely with our existing partners on is the merchandising and what makes sense inside their stores.

首先，正如您所說，我們有一群多元化的批發商，我們認為他們可以代表我們的產品組合。現在，隨著我們產品組合的不斷發展，根據客戶的性質及其所代表的含義，所有批發商可能都不是適合所有事物的地方。因此，我們與現有合作夥伴密切合作的一件事就是商品推銷以及在他們的商店裡做什麼才合理。

Alongside that, and I mentioned it in the prepared remarks, we're constantly looking at partners that we think could fill in and complement our wholesale and then ultimately complement our entire omnichannel. Whether that is some, more kind of homewares type places for some of our recent launches in 2024 or as our portfolio expands, as Bags expands, it creates a potential new opportunity for places for Yeti in wholesale to be placed.

除此之外，我在準備好的發言中提到過，我們一直在尋找我們認為可以填補和補充我們的批發業務並最終補充我們整個全通路的合作夥伴。無論是 2024 年我們最近推出的一些更多家居用品類型的場所，還是隨著我們產品組合的擴大，隨著箱包的擴大，它都為 Yeti 的批發場所創造了潛在的新機會。

So no different position or shift from, I think, where we've been over the last 9, 10 years, which is, we want to build a strong a wholesale network and is complementary wholesale network as we can to support the product road map that we have and the product road map that's coming.

因此，我認為，與過去 9 至 10 年相比，我們的立場和轉變沒有什麼不同，也就是說，我們希望建立一個強大的批發網絡，並儘可能地補充批發網絡，以支持我們現有的產品路線圖和即將推出的產品路線圖。

Very good. Thank you very much.

非常好。非常感謝。

Sabrina [Baxamusa], William Blair.

薩布麗娜[巴克薩穆薩]，威廉·布萊爾。

Hi, This is Sabrina on for (inaudible). Could you provide some insight into how demand trends have been tracking quarter-to-date? And then any insight into sell-through or sell-in trends?

嗨，我是 Sabrina，（聽不清楚）。您能否提供一些關於本季迄今需求趨勢的見解？那麼對於銷售量或銷售趨勢有什麼見解嗎？

Hi, good morning. So we don't traditionally provide sort of commentary of the current quarter when we release earnings. But in terms of sell in, sell-through. What I'd say is first of all, we saw sell-through growth overall for the year, last year in every region, including (technical difficulty).

嗨，早安。因此，我們在發布收益時通常不會提供本季的評論。但就銷售量和銷售率而言。我想說的是，首先，去年我們在每個地區都看到了整體的銷售成長，包括（技術難度）。

The other thing I'd say in Q4 specifically, Q4 and our sell-through and sell-in were aligned for each category. So we saw really strong growth within C&E both in sell-in and sell-through and Drinkware sell-through kind of matched the sell-in that we saw. So I think where that's left is we feel good about where channel inventories are. They're healthy sort of heading into the year. And we'll continue to manage that as we go into, we go through 2025.

我想說的另一件事是，在第四季度，我們每個類別的銷售量和銷售量都是一致的。因此，我們看到 C&E 在銷售量和銷售轉換率方面都實現了強勁成長，並且飲具銷售轉換率與我們看到銷售量相符。所以我認為剩下的就是我們對渠道庫存的狀況感到滿意。他們即將迎來新的一年，身體狀況良好。在邁入 2025 年之際，我們將繼續實現這一目標。

Great. Thank you. And then going back to kind of the promotional environment, you kind of (technical difficulty) on competitive and promotional pressures during the fourth quarter. Do you expect those to remain elevated headwinds going forward? Does your guide embed some of that normalizing throughout the year?

偉大的。謝謝。然後回到促銷環境，你會在第四季遇到競爭和促銷壓力的技術困難。您是否預期未來這些不利因素仍將持續存在？您的指南是否在全年嵌入了一些規範化內容？

Yes. I think that, we do expect that a Drinkware in particular, I think some of this is related to the fact that it's a pretty consolidated assortment out there that's competing for a relatively narrow portion of the market. And I think there's a lot of competition around creating, kind of playing into the value piece. So I wouldn't expect to end. We contemplate all of that in our guide.

是的。我認為，我們確實期望飲具，特別是飲具，我認為這與這樣一個事實有關：市場上的飲具種類相當集中，但都在爭奪相對較窄的市場份額。我認為在創造方面存在著許多競爭，都在爭奪價值。所以我並不指望它結束。我們在指南中考慮到了所有這些。

I think more importantly, our expansion strategy which we've had underway for a number of years, we think is the ultimate mid and long-term defense to kind of the competitive environment that exists right now. And we think we'll continue to persist in 2025.

我認為更重要的是，我們認為我們多年來一直實施的擴張策略是對當前競爭環境的最終中長期防禦。我們認為我們會繼續堅持到 2025 年。

I appreciate the help. Thanks.

我很感謝你的幫忙。謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Hey, good morning. It's Martin on for Joe. Where do you see wholesale growth coming from? Is it new doors? Or is it expanded shelf space? And additionally, you did mention wholesale expansion opportunities that address new consumers. What might that look like?

嘿，早安。馬丁代替喬上場。您認為批發成長將來自哪裡？是新門嗎？還是擴大了貨架空間？此外，您確實提到了針對新消費者的批發擴張機會。那會是什麼樣子的呢？

Yes. In terms of the first part of the question, I think it's a, like Matt said, we're constantly looking at new opportunities within wholesale. We don't have a significant door expansion planned in our outlook. What I'd say is it's a combination of sell-through growth of assortment expansion as our product portfolio grows. We're having conversations with our existing wholesale partners about, looking at ways to sort of accommodate that expansion, and we've seen good success there, as our product portfolio grows. So I, I'd say it's a combination of both just overall consumer demand. And us constantly looking at our footprint and optimizing our wholesale footprint.

是的。關於問題的第一部分，我認為就像馬特所說的那樣，我們一直在尋找批發領域的新機會。我們並沒有計劃進行大規模的門市擴張。我想說的是，隨著我們的產品組合不斷擴大，銷售額也隨之成長，產品種類也隨之擴大。我們正在與現有的批發合作夥伴進行對話，尋找適應這種擴張的方法，隨著我們產品組合的不斷增長，我們已經看到了良好的成功。因此，我認為這是兩者和整體消費者需求的結合。我們不斷關注我們的足跡並優化我們的批發足跡。

And Martin, I would just add to the piece of the question about kind of expansion opportunities. I mean our focus is on where people shop for what. And as our portfolio continues to evolve, we continue to analyze our wholesale footprint and say, do those match and do we intercept the consumers in those shopping occasions. And so it's a broad range from small independents to bigger players that are the opportunities for us. I wouldn't say the opportunity set has fundamentally changed.

馬丁，我只想補充一下有關擴張機會的問題。我的意思是我們的重點是人們在哪裡購物。隨著我們的產品組合不斷發展，我們將繼續分析我們的批發足跡，並判斷這些是否匹配，我們是否在那些購物場合吸引了消費者。所以，對我們來說，機會的範圍很廣，從小型獨立企業到大型企業。我不會說機會已經發生了根本性的改變。

Our analysis of them is what we kind of keep calibrating on. So nothing specific to call out, but we are focused on and we have been for years on we want strong wholesale partnerships that continue to grow, and we want to bring innovation to them. So we bring newness to their customers. And those are the best relationships we've had for years.

我們不斷對它們進行分析。所以沒有什麼特別需要指出的，但我們專注於並且多年來一直致力於建立持續發展的強大批發合作夥伴關係，並希望為他們帶來創新。因此我們為他們的客戶帶來了新鮮感。這是我們多年來最好的關係。

Great. That was very helpful. Thank you.

偉大的。這非常有幫助。謝謝。

There are no further questions at this time, I will now turn the call over to Matt for closing remarks.

現在沒有其他問題了，我現在將電話交給馬特作結束語。

Thanks everyone for joining us. We look forward to speaking with you on our Q1 call.

感謝大家的參與。我們期待在第一季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。感謝您的參與，並請您斷開線路。