Yeti Holdings Inc (YETI) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the YETI Holdings first quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 8, 2025. I would now like to turn the conference call over to Maria Lycouris, Investor Relations for YETI. Please go ahead.

女士們、先生們，早安，歡迎參加 YETI Holdings 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 8 日星期四錄製。現在，我想將電話會議交給 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 first quarter fiscal 2025 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，感謝您加入我們討論 YETI Holdings 2025 財年第一季的業績。今天主持電話會議的將是總裁兼執行長 Matt Reintjes；以及財務長 Mike McMullen。在我們準備好發言之後，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.

在我們開始之前，我們想提醒您，我們今天在電話會議上做出的一些陳述可能被視為前瞻性的，並且這些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。

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

欲了解更多信息，請參閱我們最近提交的 10-K 表中詳述的風險因素。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做出的任何前瞻性聲明的義務。

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將採用非 GAAP 基礎。我們使用非公認會計準則衡量指標，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 on 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 指標的對帳資訊包含在新聞稿中或今天早上在我們網站 yeti.com 的投資者關係部分發布的簡報中。

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. I want to start off today's call highlighting YETI's three key focus areas in this unique moment in time, accelerating the pace of product innovation, materially transforming our supply chain, minimizing exposure to China, and delivering operating discipline to maintain our fortress balance sheet. Before I go into further detail on these and how YETI is positioned to win in this fast-evolving and a highly volatile market, I want to first acknowledge our strong execution in the first quarter.

謝謝，瑪麗亞，早安。在今天的電話會議上，我想首先強調 YETI 在這個特殊時刻的三個重點關注領域：加快產品創新步伐、實質性地改造我們的供應鏈、最大限度地減少對中國的依賴、以及提供運營紀律以維持我們的堡壘資產負債表。在我進一步詳細介紹這些以及 YETI 如何在快速發展和高度波動的市場中獲勝之前，我想先承認我們在第一季的強勁執行力。

Overall, we delivered high-quality growth, strong gross and operating margins, and great balance sheet. These results were underpinned by excellent performance in Coolers & Equipment and our international business, showcasing the impact of two of our growth strategies: product innovation and global expansion.

總體而言，我們實現了高品質的成長、強勁的毛利率和營業利潤率以及良好的資產負債表。這些業績得益於冷卻器和設備業務以及我們國際業務的出色表現，展現了我們的兩大成長策略—產品創新和全球擴張—的影響。

Specifically, in hard coolers, our longest-standing product group and packs and bags, our newest product group, we saw continued momentum with category innovation winning across our global channels. Our dynamic and growing global brand, broad and expanding product portfolio, and diverse omnichannel presence supported our performance in the face of what we believe is growing macroeconomic and consumer uncertainty.

具體來說，在我們歷史最悠久的產品組硬式冷藏箱和最新的產品組背包和袋子中，我們看到了持續的勢頭，類別創新在我們的全球管道中獲勝。我們充滿活力且不斷發展的全球品牌、廣泛且不斷擴大的產品組合以及多樣化的全通路業務，在我們認為日益增長的宏觀經濟和消費者不確定性面前支撐了我們的業績。

Our disciplined approach to operations and cost management is how we delivered better-than-planned profitability during the quarter and informs how we will manage the rest of 2025. Our outlook on the year, which Mike will discuss in more detail, incorporates not only our confidence in this business but also projected headwinds.

我們嚴謹的營運和成本管理方法使我們在本季度實現了超出計劃的盈利能力，並指導了我們如何管理 2025 年剩餘的時間。我們對今年的展望（麥克將對此進行更詳細的討論）不僅體現了我們對這項業務的信心，也體現了預期的逆風。

This includes the estimated direct impact of tariffs and trade disruptions on our top-line and profitability and the potential for a more cautious consumer backdrop. But the end result is that we expect the durability of the YETI brand, the vitality of our product innovation, and the strength of our financial position to put us in a situation where we not only navigate 2025 but also set up for 2026.

這包括關稅和貿易中斷對我們的營業收入和獲利能力的預期直接影響，以及更謹慎的消費者背景的可能性。但最終的結果是，我們預計 YETI 品牌的持久性、我們產品創新的活力以及我們財務狀況的強勁將使我們不僅能夠應對 2025 年，而且還能為 2026 年做好準備。

While the market and geopolitical scenarios we face today are markedly different from those present during our February end-of-year earnings call, we are focused on winning in this environment and building upon YETI's strength. Here's a bit more color on our three key priorities during this time.

雖然我們今天面臨的市場和地緣政治形勢與我們 2 月年底收益電話會議上的情況截然不同，但我們專注於在這種環境中取勝並增強 YETI 的實力。以下是我們在此期間的三個主要優先事項的詳細說明。

First, product innovation and expansion. Our product innovation pipeline is incredibly robust. Even amidst significant supply chain disruption, we are on pace for a record number of new product releases and next-generation products this year. For the year, we expect over 30 new product introductions versus 24 last year and meaning additional next-generation releases. However, we now expect that the full impact of this innovation on our 2025 growth will be partially offset by inventory supply disruption caused by our supply chain diversification efforts.

一是產品創新拓展。我們的產品創新管道極為強大。即使面臨嚴重的供應鏈中斷，我們今年仍有望推出創紀錄數量的新產品和下一代產品。今年，我們預計將推出 30 多種新產品，而去年為 24 種，這意味著將有更多的下一代產品發布。然而，我們現在預計，這項創新對我們 2025 年成長的全部影響將被我們供應鏈多元化努力造成的庫存供應中斷部分抵消。

Some of these new programs will initially release exclusively outside the US and others will be supply constrained for the year. In addition, there are a number of programs that we had originally planned for this year that we shifted launch timing out of 2025 as we prioritize our transition.

其中一些新節目最初將在美國以外地區獨家發行，其他節目的供應量將在今年受到限制。此外，由於我們優先考慮轉型，許多我們原計劃於今年啟動的專案都將啟動時間從 2025 年推遲。

So while the impact of innovation on our 2025 growth has changed due to shifting priorities, nothing has changed about our overall pipeline and our enthusiasm about what we have coming this year and beyond. For instance, in Drinkware, on the back of the successful launch of food bowls we have planned releases later this year across a range of hydration and food-related products, including an exciting lineup of insulated sports jugs.

因此，雖然創新對我們 2025 年成長的影響由於優先事項的變化而發生了變化，但我們的整體管道以及我們對今年及以後的熱情並沒有改變。例如，在飲具方面，在成功推出食物碗的基礎上，我們計劃在今年稍後推出一系列補水和食品相關產品，包括令人興奮的隔熱運動水壺系列。

In Coolers & Equipment, we have additional releases planned for backpacks, thermal lunch bags and boxes, our first beach chair, and an extension in our GoBox protective case family. Importantly, we are also using the urgency of the supply chain disruption to reshape by adding a new nimbleness, increasing speed to market. I'm incredibly proud of how our team is leveraging this complex time to drive meaningful rethinking and redesign of our development process to realize benefits in 2025 and beyond.

在冷卻器和設備方面，我們計劃推出更多產品，包括背包、保溫午餐袋和盒子、我們的第一把沙灘椅以及 GoBox 保護套系列的擴展。重要的是，我們也利用供應鏈中斷的迫切性進行重塑，增加新的彈性，並加快上市速度。我為我們的團隊如何利用這個複雜的時期來推動對我們的開發流程進行有意義的重新思考和重新設計以在 2025 年及以後實現效益而感到無比自豪。

Second, supply chain transformation. As indicated, we have accelerated our efforts to shift our Drinkware production out of China. Our project started in 2023 is ahead of plan, and we now expect 90% of our US Drinkware capacity to be ex-China by the end of the year. For context, on a go-forward basis, we expect to have less than 5% of our total COGS related to products from China for the US market.

第二，供應鏈轉型。如上所述，我們已加快步伐將飲俱生產轉移出中國。我們的計畫於 2023 年啟動，比計畫提前完成，目前我們預計到今年年底，我們 90% 的美國飲具產能將銷往中國以外地區。就未來而言，我們預計，與美國市場上來自中國的產品相關的銷售成本佔總銷售成本的比例將不到 5%。

This is a remarkable transition due to the multiyear effort by our team and partners materially and strategically diversifying our global supply chain and putting us in a much-improved situation starting in 2026.

這是一個非凡的轉變，由於我們團隊和合作夥伴多年的努力，我們在物質和策略上實現了全球供應鏈的多樣化，並從 2026 年開始使我們的狀況大大改善。

Third, operational discipline. We continue to focus on disciplined management of our P&L and maintaining the strength of our balance sheet through the following actions. We're working to offset costs in our supply chain in partnership with our suppliers. We're executing on a number of operating expense reduction opportunities while still making key strategic investments.

三是作戰紀律。我們將繼續專注於嚴格管理我們的損益表，並透過以下行動維持資產負債表的強勁。我們正在與供應商合作，努力抵銷供應鏈中的成本。我們正在進行一系列營運費用削減機會，同時仍在進行關鍵的策略投資。

We've taken action to protect our balance sheet and minimize our exposure to tariffs by lowering our inventory levels and we have lowered our planned CapEx for the year to focus our resources on targeted supply chain and innovation programs.

我們已採取行動保護我們的資產負債表，並透過降低庫存水準來最大限度地減少關稅風險，並且我們降低了今年的計劃資本支出，以將資源集中在有針對性的供應鏈和創新項目上。

While managing through this period is our primary focus in 2025, we also believe that our supply chain diversification efforts will put us in a much stronger position starting in 2026. For that reason, we are continuing to invest for the long term. I thought I'd take a moment to share a few examples of continued investment that we believe set YETI up to address our future global growth potential.

雖然度過這段時期是我們 2025 年的主要重點，但我們也相信，從 2026 年開始，我們的供應鏈多元化努力將使我們處於更有利的地位。因此，我們將繼續進行長期投資。我想花點時間分享一些持續投資的例子，我們相信這些投資將使 YETI 能夠應對我們未來的全球成長潛力。

Later this summer, we will open and staff our first Asia-based testing and innovation location to complement our Austin, Texas-based innovation center, providing additional speed and capacity for product development and testing. In Q1, we opened our packs, bags, and luggage design and development office in Denver, Colorado, as a complement to our Bozeman Montana-based team that is focused on the wild and fire and military communities.

今年夏天晚些時候，我們將在亞洲開設第一個測試和創新基地並配備人員，以補充我們位於德克薩斯州奧斯汀的創新中心，為產品開發和測試提供額外的速度和能力。在第一季度，我們在科羅拉多州丹佛開設了背包、袋子和行李箱設計和開發辦公室，作為我們位於蒙大拿州博茲曼的團隊的補充，該團隊專注於野外、火災和軍事社區。

To support global growth, in Q1, we also established a team in Japan to start the buildout of Japan and beyond. Additionally, we continue investment in our team and capabilities in the UK and Europe. All of these investments are intended to drive a near- and long-term innovation and growth potential for YETI.

為了支持全球成長，在第一季度，我們還在日本成立了一支團隊，開始在日本和其他地區開展業務。此外，我們將繼續投資於英國和歐洲的團隊和能力。所有這些投資旨在推動 YETI 的近期和長期創新和成長潛力。

Switching to our brand. We kicked off the year with a number of successful events, partnerships, and ambassador engagements that show how YETI is resonating on a global scale in our diverse and growing enthusiast communities.

轉換到我們的品牌。我們以一系列成功的活動、合作夥伴關係和大使活動拉開了新的一年的序幕，展示了 YETI 如何在我們多元化且不斷壯大的愛好者社群中引起全球共鳴。

One highlight here is our deepening partnerships in sports and entertainment. On the sports side, we are building our presence at both the professional and collegiate levels in the US and abroad. In the first quarter, we launched a wide range of collegiate signature Drinkware cup programs. At the professional level, we recently partnered with the Chicago Cubs for the creation of the YETI yard within Wrigley Field.

這其中的一大亮點是我們在運動和娛樂領域不斷深化的合作。在體育方面，我們正在美國和國外的專業和大學層面上建立我們的影響力。第一季度，我們推出了一系列大學生標誌性飲具杯計劃。在專業層面上，我們最近與芝加哥小熊隊合作，在瑞格利球場內創建了 YETI 球場。

This activation sits in center field where fans can enjoy a unique game experience in a backyard like setting with fully stocked YETI Coolers & Drinkware. In addition to being an official partner of the Cubs and Wrigley Field, YETI signage will be visible throughout the stadium and our Souvenir Cubs branded Rambler cups will be available at the stand in the YETI yard for purchase.

活動位於中心球場，球迷可以在後院般的環境中享受獨特的比賽體驗，並配備齊全的 YETI 冷卻器和飲具。除了作為小熊隊和瑞格利球場的官方合作夥伴之外，YETI 的標誌還將在整個體育場內可見，並且我們的紀念小熊隊品牌 Rambler 杯將在 YETI 球場的展位上出售。

Additionally, our signature cup program has extended further into golf. We're seeing great traction with notable engagement around recent championship events. Furthermore, we're very excited to announce our first golf ambassador with the addition of American pro golfer, Ricky Fowler, to our roster in late April.

此外，我們的簽名杯計劃已進一步延伸至高爾夫領域。我們看到，最近的錦標賽賽事吸引了大量關注，參與度顯著提高。此外，我們非常高興地宣布，美國職業高爾夫球手里奇·福勒 (Ricky Fowler) 將於 4 月底加入我們的第一位高爾夫大使。

Around entertainment, YETI hosted activations at two major international country music festivals in the first quarter. In Europe, we made our fifth annual appearance at the Country 2 Country music festival in London, Europe's largest country music festival. And in Australia, we had a large presence at the country music channel festival in Ipswich, which is widely regarded as the largest country music festival in the Southern Hemisphere.

在娛樂方面，YETI 在第一季在兩個主要的國際鄉村音樂節上舉辦了活動。在歐洲，我們第五次亮相倫敦的 Country 2 Country 音樂節，這是歐洲最大的鄉村音樂節。在澳大利亞，我們在伊普斯維奇鄉村音樂節上表現出色，該音樂節被廣泛認為是南半球最大的鄉村音樂節。

The enthusiasm for YETI was unmistakable at these events, demonstrating that our brand, community marketing and product are resonating. In the year ahead, we remain focused on broadening our global addressable audience and continuing to build deep and connected relationships with consumers and partners across communities and activities.

在這些活動中，人們對 YETI 的熱情顯而易見，顯示我們的品牌、社群行銷和產品引起了共鳴。在未來的一年裡，我們將繼續致力於擴大我們的全球目標受眾，並繼續與社區和活動中的消費者和合作夥伴建立深厚而緊密的關係。

We shift to innovation. We're seeing our product perform across price points, showing the durability of demand for the brand and the portfolio. 2025 is planned to be an extraordinary year for product innovation, even with meaningful and impactful trade-off decisions we have made to support our global supply chain diversification.

我們轉向創新。我們看到我們的產品在各個價位上都有良好的表現，這表明該品牌和產品組合的需求具有持久性。 2025 年預計將成為產品創新的非凡一年，儘管我們為支持全球供應鏈多樣化做出了有意義且有影響力的權衡決策。

In Drinkware, a combination of new innovation and legacy product drove demand in 1Q with traction in our stackable cup range as well as bottles offset by what we expected to be a broader category reset in drinkware and the highly concentrated and contested high capacity straw tumblers, after the extraordinary run up of the past couple of years. This correction is further emphasizing the strong positioning of our portfolio and our stated strategy of driving diversity in drinkware to create durable demand.

在飲具方面，新創新和傳統產品的結合推動了第一季度的需求，我們的可堆疊杯系列以及瓶子的吸引力被我們預期的飲具類別的更廣泛重置以及高度集中和有爭議的大容量吸管杯所抵消，在過去幾年的非凡增長之後。此次調整進一步強調了我們產品組合的強勢定位以及我們推動飲具多元化以創造持久需求的既定策略。

For example, during the quarter, we executed the full channel rollout of our pour over product. Since its launch, the pour over has garnered significant buzz including features in Food & Wine magazine where it was dubbed a seriously high-quality piece of coffee gear. Our commitment to our coffee portfolio growth is another example of how we are continuing to extend and diversify our product range beyond hydration.

例如，在本季度，我們實施了濾泡產品的全通路推廣。自推出以來，這款手沖咖啡機就引起了廣泛關注，《美食與美酒》雜誌也對其進行了報道，稱其是一款真正高品質的咖啡設備。我們致力於擴大咖啡產品組合，這是我們如何繼續擴展和多樣化除補水之外的產品範圍的另一個例子。

In April, we also launched our insulated food bowls, expanding our culinary offerings following our cookware debut last year. This expanded suite of products brings to life YETI's outdoor kitchen offering, which blends our outdoor DNA providing every day durable and high-performance solutions for the campsite and closer to home.

今年四月，我們還推出了保溫碗，繼去年推出炊具之後，進一步擴大了我們的烹飪產品範圍。這套擴展的產品為 YETI 的戶外廚房產品注入了新的活力，它融合了我們的戶外 DNA，為露營地和家附近提供日常耐用且高性能的解決方案。

On the Coolers & Equipment front, hard coolers saw another quarter of strong growth led by the Roadie 15 and in soft coolers, cube style, and backpack coolers saw traction. Starting later in Q2, we're leaning into innovation to bring more smaller format thermal totes, lunch bags, and lunchboxes. And just in time for summer next week, we will introduce our first premium low profile beach chair.

在冷卻器和設備方面，硬式冷卻器在 Roadie 15 的帶動下又經歷了一個季度的強勁增長，而軟式冷卻器、立方體式冷卻器和背包式冷卻器也受到了歡迎。從第二季後期開始，我們將傾向於創新，推出更多小尺寸的保溫手提袋、午餐袋和午餐盒。下週正好趕上夏季，我們將推出第一款優質低調沙灘椅。

Moving to packs and bags, we saw another excellent quarter with continued momentum at our Crossroads packs and Camino Tote bags.

至於背包和袋子，我們看到另一個季度表現優異，Crossroads 背包和 Camino Tote 袋子繼續保持強勁增長勢頭。

In innovation, we launched our Ranchero backpacks in the first quarter marking our first full launch of YETI's new everyday bags following the limited run of the Bozeman pack in the fourth quarter. YETI is bringing a unique point of view to this fragmented bag space supported by our strong design, brand and commercial engine. We remain very optimistic about the massive global addressable market we see in front of us across premium bags, packs, and luggage.

在創新方面，我們在第一季度推出了 Ranchero 背包，這是繼第四季度限量推出 Bozeman 背包之後，我們首次全面推出 YETI 新款日常包。YETI 憑藉我們強大的設計、品牌和商業引擎，為這個分散的包款領域帶來了獨特的視角。我們對於高端包款、背包和行李箱領域巨大的全球潛在市場仍然非常樂觀。

Turning to our omni-channel performance. As we continue to broaden our product portfolio, our diverse omni-channel is an asset. In our tracked US channels, we saw positive sell-through in the quarter highlighted by strong growth in hard coolers and bags notwithstanding previously mentioned softness in concentrated parts of our drinkware portfolio, demonstrating the power of our strategy over the past two years of meaningful product diversification.

轉向我們的全通路表現。隨著我們不斷拓寬產品組合，我們多樣化的全通路是一筆寶貴的資產。在我們追蹤的美國管道中，我們看到本季的銷售情況良好，儘管之前提到過我們的飲具組合中集中部分錶現疲軟，但硬質冷卻器和袋子的銷售強勁增長，證明了我們過去兩年有意義的產品多元化戰略的威力。

It also highlights the continued potential for drinkware innovation, which we believe is a great setup later this year and into 2026. US channel inventory ended the quarter in good shape. We do expect some cautious buying and inventory management from our partners in the US market as we move through 2025.

這也凸顯了飲具創新的持續潛力，我們相信這將為今年稍後以及 2026 年帶來良好的發展。美國通路庫存在本季結束時狀況良好。我們確實預計，隨著 2025 年的到來，我們在美國市場的合作夥伴會採取一些謹慎的採購和庫存管理措施。

Additionally, as our product portfolio evolves, we continue to strategically evaluate wholesale expansion opportunities that support our current go-to-market strategy geared towards addressing new consumers and new purchase occasions.

此外，隨著我們的產品組合不斷發展，我們將繼續從策略上評估批發擴張機會，以支持我們當前的行銷策略，以滿足新消費者和新購買場合的需求。

In our DTC business, our global DTC, Amazon marketplace and US corporate sales were standouts even though yeti.com saw strong performance in hard coolers and bags, softer traffic trends and lower conversion were correlated with lower UPT, primarily a result of lower price point drinkware.

在我們的 DTC 業務中，儘管 yeti.com 在硬質冷藏箱和袋子方面表現強勁，但我們的全球 DTC、亞馬遜市場和美國企業銷售額表現突出，但較弱的流量趨勢和較低的轉換率與較低的 UPT 相關，這主要是由於飲具價格較低造成的。

In a more cautious consumer market, we are pleased with the momentum in our higher price points on yeti.com, reinforcing the desirability of our brand even in what we believe is a more competitive transactional and promotional market.

在更謹慎的消費市場中，我們對 yeti.com 上更高價格點的勢頭感到滿意，即使在我們認為競爭更加激烈的交易和促銷市場中，這也增強了我們品牌的吸引力。

One standout is strong growth in yeti.com account creation with approximately 40% of all YETI CRM contacts holding accounts as of the end of the first quarter. Importantly, we've seen over time that accountholders have both a higher lifetime value and frequency of returns to the site, supporting deeper engagement and penetration within our existing customer base.

其中一個突出的特點是 yeti.com 帳戶創建量的強勁增長，截至第一季末，所有 YETI CRM 聯絡人中約有 40% 擁有帳戶。重要的是，隨著時間的推移，我們發現帳戶持有者的終身價值和返回網站的頻率都更高，從而支持我們在現有客戶群中進行更深入的參與和滲透。

As it relates to our retail stores, we opened our 25th store in Short Hills, New Jersey, in late April and our 26th store opens this week in King of Prussia, Pennsylvania.

就我們的零售店而言，我們於 4 月底在新澤西州肖特希爾斯開設了第 25 家店，本週在賓夕法尼亞州普魯士王開設了第 26 家店。

As we go into the back half of the year and with a premium on execution, we plan to slow the pace of new store openings to focus on the current fleet while dedicating our corporate resources on the successful execution of our supply chain transformation and product innovation expansion this year.

隨著我們進入下半年並更加重視執行，我們計劃放慢新店開設的速度，將精力集中在現有的門市上，同時將公司資源用於今年成功實施供應鏈轉型和產品創新擴展。

Turning to our international business. We continue to see exceptional momentum in our non-US markets. We saw broad strength in Europe with Germany, the Netherlands, and the UK being standouts. Strong results in the UK are a function of our growing brand awareness and diverse go-to-market. We believe this is a model that can be applied to other European markets and drive sustainable growth into the future.

轉向我們的國際業務。我們繼續看到美國以外市場的非凡發展勢頭。我們看到歐洲整體實力強勁，其中德國、荷蘭和英國表現優異。在英國取得的強勁業績得益於我們不斷成長的品牌知名度和多樣化的行銷策略。我們相信這種模式可以應用於其他歐洲市場並推動未來的永續成長。

In Australia, our DTC channel had a terrific quarter with great momentum in our custom drinkware business. The back-to-school season also supported strong cooler and bags performance with our smaller cooler options like daytrip, flip and Roadie 15 seeing strength along with robust demand for the Camino Tote. The consistent brand traction we see reinforces our opportunity continued to drive growth and awareness with Australian customers.

在澳大利亞，我們的 DTC 通路本季表現出色，客製化飲具業務發展勢頭強勁。返校季也支持了冷藏箱和包包的強勁表現，我們的小型冷藏箱選項（如 daytrip、flip 和 Roadie 15）表現強勁，而 Camino Tote 的需求也十分強勁。我們看到的持續的品牌吸引力增強了我們繼續推動澳洲客戶成長和知名度的機會。

Canada, our most mature international market, also delivered strong results across channels during the quarter with growth in both DTC and wholesale businesses. In wholesale, we saw positive sell in and even stronger sell-through with great traction across key partners and in DTC, our e-com business was supported by momentum in custom drinkware and corporate sales.

加拿大是我們最成熟的國際市場，本季各通路也取得了強勁業績，DTC 和批發業務均實現成長。在批發方面，我們看到了積極的銷售業績和更強勁的銷售量，這得益於主要合作夥伴和 DTC 的巨大吸引力，我們的電子商務業務得到了定制飲具和企業銷售勢頭的支持。

Much like the US, we are closely monitoring Canada for signs of demand impact with the current geopolitical backdrop. Overall, I'm incredibly proud of what our team in Canada is doing to support that important market and our customers and partners in Canada.

與美國一樣，我們也密切關注加拿大在當前地緣政治背景下的需求影響跡象。總的來說，我為我們加拿大團隊為支持這個重要市場以及我們在加拿大的客戶和合作夥伴所做的工作感到無比自豪。

Finally, in our newest market, Japan, we are in the early stages of executing our market expansion playbook. In the first quarter, we began to lay the foundation for our community marketing efforts and ambassador engagement. We plan to kick off our sales and marketing efforts in earnest in the second quarter and as we expect to start shipping this summer, there are several factors that underpin our confidence in YETI's position in the Japanese market.

最後，在我們的最新市場日本，我們正處於執行市場擴張計畫的早期階段。第一季度，我們開始為社群行銷工作和大使參與奠定基礎。我們計劃在第二季認真啟動銷售和行銷工作，並預計今年夏天開始出貨，有幾個因素增強了我們對 YETI 在日本市場地位的信心。

First, Japan has a strong affinity towards Americana heritage and brands. Second, the outdoor market has seen significant growth across Japan and the rest of Asia over the last 10 years. Third, Japan has a strong culture and appreciation of craftsmanship and great product. And finally, we've laid the foundation to build a strong marketplace position across our infrastructure team and key retail partners as we prepare to begin shipments this month.

首先，日本對美國文化遺產和品牌有著強烈的喜愛。其次，在過去10年裡，日本和亞洲其他地區的戶外市場都出現了顯著成長。第三，日本擁有深厚的文化底蘊與工藝及優質產品的欣賞能力。最後，我們為在基礎設施團隊和主要零售合作夥伴之間建立強大的市場地位奠定了基礎，並準備在本月開始出貨。

To close out my comments, I want to reiterate that despite the macro and trade uncertainty, the resilience of our brand, our broad and innovative product portfolio, our diverse omni-channel presence and global growth opportunity give me incredible confidence in our long-term runway, and importantly, position us well for 2026.

最後，我想重申，儘管存在宏觀和貿易不確定性，但我們品牌的韌性、廣泛而創新的產品組合、多樣化的全通路業務和全球成長機會讓我對我們的長期發展充滿信心，而且重要的是，這為我們在 2026 年做好了準備。

We continue to closely monitor tariff policies and execute mitigation efforts and sourcing strategies to manage through the near-term, all while our team works to aggressively drive our supply chain transformation and innovation.

我們將繼續密切關注關稅政策，並執行緩解措施和採購策略以應對短期挑戰，同時我們的團隊致力於積極推動供應鏈轉型和創新。

I want to thank the entire YETI team for their steadfast commitment to driving results that strengthen YETI for now and for the long-term. We're highly motivated by the potential in front of us and the incredible communities and pursuits we serve around the world and we're committed to delivering exceptional brand experiences and premium products as we have since day one.

我要感謝整個 YETI 團隊，感謝他們堅定不移地致力於推動成果，從而增強 YETI 的當前和長遠實力。我們對眼前的潛力以及我們在世界各地服務的令人難以置信的社區和追求充滿動力，我們致力於像第一天一樣提供卓越的品牌體驗和優質的產品。

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 reviewing our first quarter 2025 performance, followed by an update on our outlook for the full year before opening it up to questions.

謝謝，馬特，大家早安。我將首先回顧我們 2025 年第一季的業績，然後更新我們對全年的展望，然後回答問題。

As a reminder, 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.

提醒一下，今天電話會議上呈現的所有結果都將以非 GAAP 為基礎，以便更好地專注於本季度的業務營運業績。

Turning now to our first-quarter results. Sales increased 3% to $351 million, which was in line with our expectations, led by strong growth in Coolers & Equipment and continued momentum in our international business. During the quarter, FX impacted our growth by approximately 100 basis points.

現在來談談我們的第一季業績。銷售額成長 3% 至 3.51 億美元，符合我們的預期，這得益於冷卻器和設備的強勁成長以及國際業務的持續成長動能。本季度，外匯對我們的成長影響了約 100 個基點。

At the product category level, Coolers & Equipment sales increased 17% to $140.2 million in Q1, our fifth consecutive quarter of double-digit growth in C&E. In hard coolers, we saw strong demand for the Roadie 15 and in soft coolers, our portable formats such as our backpack and flip coolers also continued to perform well.

在產品類別層面，第一季冷卻器和設備銷售額成長 17%，達到 1.402 億美元，這是我們連續第五個季度實現 C&E 兩位數成長。在硬質冷藏箱中，我們看到了對 Roadie 15 的強勁需求，而在軟質冷藏箱中，我們的便攜式冷藏箱（例如背包式和翻蓋式冷藏箱）也繼續表現良好。

Bags were another highlight in Q1, with strong demand for both new and existing products. Our Crossroads packs, Camino Totes, and SideKick Dry gear cases all posted strong growth. But the highlight of the quarter was the successful launch of our new Ranchero backpack, which we introduced in two sizes. This is our first full launch of a product that leverages our new designs and capabilities and only reinforces our excitement about our product roadmap and the resulting opportunity that we have in bags.

包款是第一季的另一個亮點，新產品和現有產品的需求都很強勁。我們的 Crossroads 背包、Camino Totes 和 SideKick Dry 裝備箱均實現了強勁成長。但本季的亮點是成功推出我們的新款 Ranchero 背包，背包有兩種尺寸。這是我們首次全面推出利用新設計和新功能的產品，這只會增強我們對我們的產品路線圖以及由此帶來的包袋機會的興奮之情。

Drinkware sales decreased 4% to $205.6 million during the period. As anticipated, we experienced a challenging market in the US in Q1, and as a reminder this quarter we had a difficult compare versus the prior year quarter.

本期間飲具銷售額下降 4% 至 2.056 億美元。正如預期的那樣，我們在第一季經歷了美國市場的挑戰，需要提醒的是，與去年同期相比，本季的業績表現並不理想。

In Q1 of the prior year, we grew total drinkware 13% supported by a very strong lineup of new product offerings. This year, the cadence of our new product launch activities has been limited by our supply chain diversification efforts, which is impacting our growth. Despite these headwinds, our new innovation launched throughout 2024 continued to perform well, particularly our stackable formats and straw bottles.

去年第一季度，在一系列強勁的新產品的支持下，我們的飲具總銷量成長了 13%。今年，由於供應鏈多元化努力，我們的新產品發布節奏受到限制，這影響了我們的成長。儘管面臨這些不利因素，我們在 2024 年推出的新創新產品仍然表現良好，尤其是我們的可堆疊格式和吸管瓶。

Outside the US, our drinkware business grew double-digits, and we see significant runway to continue this pace as we broaden our retail partner footprint, drive brand awareness and expand our presence in new and existing markets.

在美國以外，我們的飲具業務實現了兩位數成長，隨著我們擴大零售合作夥伴的覆蓋範圍、提高品牌知名度並擴大我們在新市場和現有市場的影響力，我們看到了繼續保持這一增長速度的巨大潛力。

Moving to our performance by channel. Direct-to-consumer sales grew 4% to $196.2 million representing 56% of total sales. Our Amazon business outperformed again both domestically and abroad as we strategically allocated marketing dollars during the quarter and continued to expand in European markets.

轉向按通路表現。直接面向消費者的銷售額成長 4%，達到 1.962 億美元，佔總銷售額的 56%。由於我們在本季度策略性地分配了行銷資金並繼續在歐洲市場擴張，我們的亞馬遜業務在國內外再次表現出色。

Corporate sales also displayed continued strength driven by inbound performance and international growth following our recent expansion of customization globally.

在我們近期在全球擴大客製化業務之後，企業銷售也表現出持續強勁的勢頭，這得益於入境業績和國際成長。

In the wholesale channel, sales were $154.9 million increasing 1% compared to the prior year quarter driven by robust demand for our hard coolers and bags on both a sell-in and sell-through basis.

在批發通路，銷售額為 1.549 億美元，比去年同期成長 1%，這得益於我們的硬質冷藏箱和袋子在銷售和售出方面的強勁需求。

In the US, the diversity of our wholesale channel in terms of size, pursuits, and location is positioning us well to capture demand across a broad range of consumers. And outside the US, we are continuing to drive growth with new and existing partners.

在美國，我們的批發管道在規模、追求和位置方面的多樣性使我們能夠很好地滿足廣大消費者的需求。在美國以外，我們將繼續與新舊合作夥伴一起推動成長。

Turning to our international business. We have started 2025 off strong with sales outside the US growing 22% to $79.9 million in the first quarter, despite an approximately 500 basis point headwind from FX. All regions saw growth led by exceptional performance in Europe. Our initiatives to increase brand awareness, expand our distribution network and ramp our omni-channel model continue to deliver results and when combined with our entry into the Japanese market, we see significant growth opportunities ahead.

轉向我們的國際業務。儘管外匯市場面臨約 500 個基點的阻力，但我們在 2025 年開局強勁，第一季美國以外的銷售額仍成長 22%，達到 7,990 萬美元。所有地區均實現成長，其中歐洲表現尤為出色。我們提高品牌知名度、擴大分銷網絡和提升全通路模式的舉措繼續取得成效，再加上我們進入日本市場，我們看到了未來巨大的成長機會。

Now moving down the P&L. Gross profit increased 3% to $201.3 million or 57.3% of sales, a 20-basis point decrease versus the prior year period. The decrease was driven by a lower drinkware mix and an unfavorable FX impact partially offset by a benefit from product costs. Excluding FX, our gross margins expanded approximately 20 basis points year-over-year.

現在向下移動損益表。毛利成長 3% 至 2.013 億美元，佔銷售額的 57.3%，比去年同期下降 20 個基點。下降的原因是飲具組合減少以及不利的外匯影響，但產品成本收益部分抵消了這種影響。不計外匯因素，我們的毛利率年增約 20 個基點。

SG&A expenses in the first quarter increased 6% to $166.2 million or 47.3% of sales, a 140-basis point increase compared to the prior year period driven by higher general and administrative expenses and higher employee costs to support future growth. This increase was planned and expected as it is related to the continuation of key projects that began in 2024 and extended into the first quarter, which is our lowest revenue quarter of the year.

第一季銷售、一般及行政支出成長 6% 至 1.662 億美元，佔銷售額的 47.3%，與去年同期相比增加了 140 個基點，原因是一般及行政開支和員工成本增加，以支持未來成長。這一增長是計劃內的和預期中的，因為它與 2024 年開始並延續到第一季（今年收入最低的季度）的關鍵項目的延續有關。

However, I do want to call out that SG&A was below our internal plan for the quarter and below the levels that we outlined on our February earnings call. This was due to overall cost management and response to the ongoing dynamic economic environment.

不過，我確實想指出，銷售、一般及行政費用低於我們本季的內部計劃，也低於我們在二月份收益電話會議上概述的水平。這是由於總體成本管理和對持續動態經濟環境的反應。

Operating income decreased 11% to $35.2 million or 10% of sales. FX had an approximately 600 basis point impact on our operating income growth in Q1.

營業收入下降 11% 至 3,520 萬美元，佔銷售額的 10%。外匯對我們第一季的營業收入成長產生了約 600 個基點的影響。

Net income decreased 12% to $25.8 million or $0.31 per diluted share, representing a decrease of 9% versus the $0.34 per diluted share in the prior year period. FX had an approximate $0.02 impact on our EPS in Q1 or worth 600 basis points of growth.

淨收入下降 12% 至 2,580 萬美元或每股攤薄收益 0.31 美元，較去年同期每股攤薄收益 0.34 美元下降 9%。外匯對我們第一季的每股收益產生了約 0.02 美元的影響，相當於 600 個基點的成長。

Turning to our balance sheet. We ended the first quarter with $259 million in cash as compared to $173.9 million in the first quarter of 2024. Inventory decreased 9% year-over-year to $330.5 million, reflecting the strategic management of our purchases during the quarter.

轉向我們的資產負債表。我們第一季末的現金為 2.59 億美元，而 2024 年第一季為 1.739 億美元。庫存年減 9% 至 3.305 億美元，反映了我們本季對採購的策略管理。

Total debt, excluding finance leases and unamortized deferred financing fees, was $77 million compared to $81.2 million at the end of last year's first quarter. From a total liquidity standpoint, we ended Q1 in a substantial net cash position and with our $300 million revolving credit facility fully available.

不包括融資租賃和未攤銷遞延融資費用的總債務為 7,700 萬美元，而去年第一季末的總債務為 8,120 萬美元。從整體流動性的角度來看，我們在第一季結束時擁有大量淨現金，並且我們的 3 億美元循環信貸額度完全可用。

Now turning to our fiscal 2025 outlook. We expect full-year sales to increase between 1% and 4% as compared to fiscal 2024's adjusted net sales. Given the recent weakening of the US dollar, we do not expect a material impact from FX for the rest of the year or on our full-year results.

現在來談談我們的 2025 財年展望。我們預計全年銷售額將比 2024 財年的調整後淨銷售額成長 1% 至 4%。鑑於近期美元走弱，我們預計外匯不會對今年剩餘時間或我們的全年業績產生重大影響。

The primary driver of our revised top-line outlook for the year is the impact of inventory supply disruptions in connection with our accelerated supply chain diversification efforts. We expect this to have an approximately 300 basis point impact on our growth for the year, net of pricing actions.

我們修改今年營收前景的主要驅動因素是我們加速供應鏈多元化努力所導致的庫存供應中斷的影響。我們預計，扣除定價行動後，這將對我們今年的成長產生約 300 個基點的影響。

As Matt mentioned, we are in the midst of a significant supply chain transformation as we diversify our drinkware sourcing away from China. This is impacting our available supply and thus our top-line growth in the following ways.

正如馬特所提到的，隨著我們飲具採購從中國轉向多元化，我們正處於重大的供應鏈轉型之中。這將以以下方式影響我們的可用供應，從而影響我們的收入成長。

First, we expect to be supply constrained on new and existing drinkware products as we transition our manufacturing lines. We also halted shipments and shutdown our production in China for over three weeks at the beginning of Q2.

首先，我們預計，隨著生產線的轉變，新的和現有的飲具產品的供應將受到限制。我們還在第二季初暫停了發貨並關閉了在中國的生產超過三週。

Second, we have made a number of go-to-market changes as we prioritize the shift of our drinkware production out of China. For instance, we have made the decision to entirely push the launch of several new products originally planned for the second half of 2025 to the first half of 2026 due to expected limited supply. In addition, we are also exclusively launching several new products outside the US for the first time.

其次，我們做出了一些市場調整，優先將飲俱生產轉移出中國。例如，由於預計供應有限，我們決定將原計劃於 2025 年下半年推出的幾款新產品全部推遲到 2026 年上半年。此外，我們也首次在美國以外獨家推出了幾款新產品。

And third, this transition is having an overall impact on our new product qualification and launch processes across all categories as our team has shifted resources and focus to the incredibly important task of diversifying our drinkware production out of China.

第三，由於我們的團隊已將資源和精力轉移到實現飲俱生產多元化這一極其重要的任務上，即從中國轉向多元化，這一轉變對我們所有類別的新產品認證和發布流程產生了整體影響。

In addition to the impact on our growth from this supply chain disruption, we also believe there is greater risk that a weaker overall consumer demand environment could materialize for the rest of the year. We are monitoring consumer behavior and wholesale inventory purchase patterns closely.

除了供應鏈中斷對我們的成長造成影響之外，我們還認為，今年剩餘時間內整體消費需求環境疲軟的風險可能更大。我們正在密切監控消費者行為和批發庫存購買模式。

While we see signs of strength in certain areas of our business, which we expect to continue, we also see an increased risk of an overall weaker market going forward.

雖然我們看到某些業務領域出現強勁跡象，並且預計這種勢頭將持續下去，但我們也看到未來整體市場疲軟的風險增加。

In terms of phasing, we expect total sales to be flat to slightly down year-over-year in Q2 driven by US drinkware due to both the supply disruptions that I mentioned earlier as well as the continuation of the softer market dynamics that we have seen the last two quarters.

從階段來看，我們預計第二季總銷售額將與去年同期持平或略有下降，這主要是由於美國飲具的銷售下滑，這既是由於我之前提到的供應中斷，也是由於過去兩個季度市場持續疲軟。

At the low end of our full year guide, we expect first half and second half growth to be relatively consistent. This assumes that consumer demand environment weakens into the second half of the year. At the high end of our guide, we expect second half growth to accelerate to the mid to high-single-digit range. This assumes more modest consumer demand softness in the second half.

在我們的全年指引的低端，我們預計上半年和下半年的成長將相對一致。這意味著下半年消費需求環境將會減弱。在我們的指導高端，我們預計下半年的成長將加速至中高個位數範圍。這意味著下半年消費需求疲軟程度將更加溫和。

From a channel perspective, we still expect our wholesale and D2C businesses to grow relatively in line with each other in 2025. By category, we still expect C&E growth to outpace drinkware growth each quarter in 2025. As for drinkware, we now expect first-half growth to be down year-over-year driven by our US region as we expect many of the market dynamics that we have seen the last two quarters to continue through Q2. That said we still expect drinkware growth to resume in the second half, driven by the new drinkware innovation that Matt mentioned.

從通路角度來看，我們仍然預期我們的批發和 D2C 業務在 2025 年將相對同步成長。按類別劃分，我們仍然預期 2025 年每季的 C&E 成長速度都將超過飲料器具的成長速度。至於飲具，我們現在預計上半年的成長將同比下降，原因是我們預計過去兩個季度看到的許多市場動態將持續到第二季​​。儘管如此，我們仍然預計，在馬特提到的新型飲具創新的推動下，下半年飲具市場將恢復成長。

Next, in terms of our sales by geography, for the year, we expect our US business to be in a range of flat to down low-single-digits year-over-year. We expect our international business to grow between 15% and 20% this year at relatively consistent levels across the first and the second half of the year. We remain confident in the significant opportunity we see for YETI's growth outside US, and we are excited about the next step in our international journey with the launch of shipments in Japan later this month.

接下來，就按地區劃分的銷售額而言，我們預計今年美國業務的銷售額將與去年同期持平或下降個位數。我們預計今年我們的國際業務將成長 15% 至 20%，上半年和下半年的水準將保持相對穩定。我們仍然對 YETI 在美國以外地區的巨大增長機會充滿信心，並且對本月晚些時候在日本推出發貨的國際化征程的下一步感到興奮。

We now expect gross margins of approximately 54%, which is a decline of approximately 450 basis points versus both the prior year and our original FY2025 expectations. The primary driver of the decline is the impact of tariffs.

我們現在預計毛利率約為 54%，與前一年和我們最初的 2025 財年預期相比均下降約 450 個基點。下降的主要原因是關稅的影響。

In this outlook, we are assuming that the following tariffs on products that we import into the US are in place through the end of the year, a 145% total tariff rate on products sourced from China and a 10% reciprocal tariff rate on products sourced from all other countries where applicable to our business. Note that we are assuming that the current pause on higher reciprocal tariff rates on products sourced from non-China countries is extended to the end of 2025.

在此展望中，我們假設對我們進口到美國的產品徵收以下關稅，直至今年年底，對來自中國的產品徵收 145% 的總關稅，對來自所有適用於我們業務的其他國家的產品徵收 10% 的互惠關稅。請注意，我們假設目前對來自非中國國家的產品暫停提高互惠關稅的政策將延長至 2025 年底。

Collectively, the gross amount of tariffs that are included in this outlook is approximately $100 million. That is before our mitigation efforts, which include pricing as well as cost offsets in partnership with our suppliers. Net of our mitigation efforts, the impact from tariffs that is included in this outlook is approximately 450 basis points.

整體而言，本展望所包含的關稅總額約為 1 億美元。這是在我們採取緩解措施之前，這些措施包括與我們的供應商合作定價和抵銷成本。扣除我們的緩解措施後，本展望中包含的關稅影響約為 450 個基點。

From a phasing perspective, we expect the year-over-year impact from tariffs to build as we go through the year as the costs work their way onto our balance sheet and through our income statement. And as a result, the year-over-year decline in gross margins will increase as we go through the year.

從分階段的角度來看，我們預期隨著成本逐漸進入我們的資產負債表和損益表，關稅的年比影響將會逐漸增加。因此，隨著時間的推移，毛利率的年減幅度將會加大。

For operating expenses, we now expect approximately 30 basis points of deleverage for the year. The primary change from our original outlook, which called for slight deleverage in 2025 is related to our lower sales outlook for the year. Note that we are partially offsetting the loss of leverage from lower sales through a number of other cost reduction actions across our business.

對於營運費用，我們目前預計今年的去槓桿率約為 30 個基點。我們最初的預期是 2025 年略微去槓桿，而這次的主要變化與我們下調今年的銷售預期有關。請注意，我們正在透過業務範圍內的其他一系列成本削減措施來部分抵消銷售額下降造成的槓桿損失。

We now expect operating income to be approximately 12% of sales in 2025, a decline of slightly less than 500 basis points versus both the prior year and our original outlook, as with gross margins, the primary driver of lower operating margins is the impact of tariffs net of our mitigation efforts. We expect our operating margins to be relatively consistent each quarter for the rest of the year.

我們現在預計，2025 年營業收入將佔銷售額的約 12%，與前一年和我們最初的預測相比，下降幅度略低於 500 個基點，因為與毛利率一樣，營業利潤率下降的主要驅動因素是關稅扣除我們的緩解措施後的影響。我們預計今年剩餘時間內每季的營業利潤率將保持相對穩定。

Below the operating line, we expect an effective tax rate of approximately 26%. This increase in rate versus the prior year and versus our prior outlook is due to lower pre-tax income for fiscal 2025. We now expect full year diluted shares outstanding of approximately 83.7 million for fiscal year 2025. This does not assume any impact for additional share repurchases in 2025.

在營業線以下，我們預計有效稅率約為 26%。與前一年和我們先前的預測相比，這一利率有所上升，原因是 2025 財年的稅前收入較低。我們現在預計 2025 財年全年稀釋流通股數約為 8,370 萬股。這不會對 2025 年的額外股票回購產生任何影響。

As we go through the year, we will continue to evaluate additional capital allocation opportunities including share repurchases. This results in adjusted earnings per diluted share of between $1.96 and $2.02 as compared to $2.73 in fiscal 2024 and a range of $2.90 to $2.95 in our prior outlook. The two primary drivers of our lower EPS outlook are lower top-line due primarily to supply chain disruption and higher tariff costs.

在接下來的一年裡，我們將繼續評估包括股票回購在內的額外資本配置機會。這導致調整後的每股攤薄收益在 1.96 美元至 2.02 美元之間，而 2024 財年為 2.73 美元，我們先前的預測範圍為 2.90 美元至 2.95 美元。我們降低每股盈餘預期的兩個主要原因是由於供應鏈中斷和關稅成本上升導致的營收下降。

We expect capital expenditures of approximately $60 million this year compared to our previous outlook of $60 million to $70 million. We are closely scrutinizing our capital expenditures this year and are pausing some non-critical projects and spend. However, at the same time, the expected capital expenditures related to our supply chain diversification efforts have increased.

我們預計今年的資本支出約為 6,000 萬美元，而我們之前預測的是 6,000 萬至 7,000 萬美元。我們正在密切審查今年的資本支出，並暫停一些非關鍵項目和支出。然而，與此同時，與我們的供應鏈多元化努力相關的預期資本支出也有所增加。

We expect free cash flow of between $100 million and $125 million in 2025 versus our prior outlook of approximately $200 million. So even in a year of disruption and significant change, our ability to generate cash remains intact.

我們預計 2025 年自由現金流將在 1 億美元至 1.25 億美元之間，而我們先前的預測約為 2 億美元。因此，即使經歷了動盪和重大變革的一年，我們的現金創造能力依然完好無損。

Related to inventory, while we remain focused on new innovation, we are actively managing our exposure from China and other locations. As a result, we now expect year-end inventory to decline year-over-year. As we go through the year, we will assess the need for increasing our inventory based on the tariff situation as well as the overall macro environment.

關於庫存，我們一方面繼續專注於新的創新，另一方面也積極管理來自中國和其他地區的風險敞口。因此，我們目前預計年底庫存將年減。隨著時間的推移，我們將根據關稅情況以及整體宏觀環境來評估增加庫存的必要性。

Before I close, I wanted to make a few final points. First, clearly, there is a level of uncertainty related to tariffs right now.

在結束之前，我想最後講幾點。首先，顯然，目前關稅存在一定程度的不確定性。

Second, I want to reiterate and emphasize the things that we are doing to mitigate the impact of tariffs. We are accelerating our efforts to diversify our supply chain out of China. We are aggressively pursuing various ways to mitigate the impact of tariffs both on the cost front in partnership with our suppliers as well as via pricing. We are tightly managing our operating expenses and our cash.

第二，我想重申並強調我們為減輕關稅影響所採取的措施。我們正在加快努力，使我們的供應鏈從中國走向多元化。我們正在積極尋求各種方法來減輕關稅的影響，包括與供應商合作在成本方面以及透過定價。我們嚴格管理營運費用和現金。

And third, I want to make sure that it is clear that by the end of this year, our efforts to diversify our supply chain will put us in a much stronger position. On a go-forward basis, meaning once we work through any remaining inventory purchased at higher tariff rates, products purchased from China for the US market will represent less than 5% of our total cost of goods.

第三，我要確保到今年年底，我們為實現供應鏈多元化所做的努力將使我們處於更有利的地位。從長遠來看，一旦我們處理完以較高關稅稅率購買的任何剩餘庫存，從中國為美國市場購買的產品將占我們總商品成本的不到 5%。

Obviously, the level of tariffs has materially changed from our last earnings call resulting in the change in our outlook. But what has not changed is our commitment to our strategic priorities, the strength of the YETI brand and the opportunity we have to deliver sustainable long-term growth on a global basis.

顯然，關稅水準與我們上次的收益電話會議相比發生了重大變化，導致我們的前景發生了變化。但不變的是我們對策略重點的承諾、YETI 品牌的實力以及我們在全球範圍內實現可持續長期成長的機會。

Now, I will turn the call back over to the operator to take your questions.

現在，我將把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. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Good morning, guys. Matt, maybe just remind us again that number of new product introductions expected for 2025 and how that compared to -- how that compares to 2024. And on that cadence, would we expect that kind of level of cadence from 2025 to continue into 2026 and beyond?

大家早安。馬特，也許只是再次提醒我們，預計 2025 年將推出多少新產品，以及與 2024 年相比如何。按照這樣的節奏，我們是否預期 2025 年的節奏會持續到 2026 年甚至更久？

And relatedly to that, maybe give us a little more flavor around versus -- initial response or changes in behavior of response of these newer products in the last 12 months versus what you probably saw a few years ago. Maybe give us a little kind of what's changed there, improved or accelerated product acceptance, adoption, resonating with consumers, just that would be super helpful. Thanks and then I have a follow-up.

與此相關的是，也許我們可以更詳細地了解這些新產品在過去 12 個月中的初步反應或反應行為變化，以及與幾年前的情況相比的情況。也許可以告訴我們那裡有什麼變化，改進或加速了產品的接受度、採用度，以及與消費者的共鳴，這將非常有幫助。謝謝，然後我有一個後續問題。

Thanks, Randy. Good morning. I'll start with incredibly excited about the setup this year for innovation and not just what's coming in 2025, but really how it sets us up for 2026 and beyond. And I do think that you're going to see an up level cadence from us as we take advantage of the brand that we think that we've built in the umbrella of that brand to build out the product portfolio.

謝謝，蘭迪。早安.首先，我對今年的創新設定感到非常興奮，不僅是 2025 年將會發生什麼，而且它實際上如何為我們做好 2026 年及以後的準備。我確實認為，當我們利用我們認為已經在該品牌的保護傘下建立的品牌來建立產品組合時，你會看到我們更高水平的節奏。

So this year, we expect about 30 new products that would be versus 24 in 2024. That that's obviously as we talked about the impact disrupted by the supply constraints, the shift in our supply chain. But what we thought it was important to continue to bring innovation, continue to support the YETI brand, continue to support our partners and continue to take share and find shelf space. So we're excited about that.

因此，我們預計今年將有約 30 種新產品，而 2024 年將有 24 種。這顯然就是我們談到的供應限制、供應鏈轉變所帶來的影響。但我們認為重要的是繼續創新，繼續支持 YETI 品牌，繼續支持我們的合作夥伴，繼續佔領市場份額並尋找貨架空間。所以我們對此感到很興奮。

As we go-forward, this up cadence is something that I think you're going to continue to see from us. As you heard on the call, we've made a number of investments. We've aligned resources in our team to focus around our drinkware business and our Coolers & Equipment business and within that specifically our bags and soft coolers and the rest of our gear and equipment, which includes our hard coolers.

隨著我們不斷前進，我認為您將繼續看到我們保持這種上升節奏。正如您在電話中聽到的，我們進行了一些投資。我們已調整團隊資源，重點關注飲具業務和冷卻器及設備業務，特別是我們的袋子和軟冷卻器以及其餘的裝備和設備，其中包括我們的硬冷卻器。

So driving focus, driving execution, using this moment of disruption to improve our process, to improve our speed to market and drive a lot of focus. So we're excited about what's coming there. I think when we think about the last couple years, the results we talked about in Q1 and we've talked about for the last couple quarters I think are evidence of the importance of innovation. The growth we talked about in hard coolers, the growth we've seen in bags, the things that we have indicated are coming.

因此，推動重點，推動執行，利用這一中斷時刻來改善我們的流程，提高我們的上市速度並推動大量關注。因此，我們對即將發生的事情感到興奮。我認為，當我們回顧過去幾年時，我們在第一季討論的結果以及過去幾季討論的結果證明了創新的重要性。我們談到的硬質冷藏箱的增長、我們看到的袋子的增長，以及我們所指出的即將發生的事情。

The recently launched Food Bowls continue to expand our drinkware portfolio. So I think that, that innovation is an important part of what we do. But also importantly our base is strong. We have products that continue to deliver year-after-year and then we build the innovation planks of growth on top of it. And that's the model that we've successfully run. And I think going forward; you're going to see that pace continue.

最近推出的 Food Bowls 繼續擴大我們的飲具產品組合。所以我認為創新是我們工作的重要部分。但同樣重要的是我們的基礎很強大。我們擁有年復一年持續交付的產品，並且在此基礎上建立了創新成長平台。這就是我們成功運行的模型。我認為展望未來；你會看到這種步伐持續下去。

Great. And then, Mike, I really appreciate you framing out all the tariff impact, et cetera. And I think you quoted $100 million impact, I'm assuming that's basically a back half kind of number, not an annualized number. But that being said, when we think about all the movement out of China and you think, and we assume, let's say if we assume that there's going to be less onerous tariffs outside of China.

偉大的。然後，麥克，我真的很感謝你闡述了所有的關稅影響等等。我認為您引用了 1 億美元的影響，我認為這基本上是一個後半部分的數字，而不是年化數字。但話雖如此，當我們考慮所有來自中國的動向時，我們會想，我們會假設，假設我們假設中國以外的關稅會減少。

How much of that $100 million is China specific at the moment in the number you quoted? Just so we can get a sense of how we think through without getting guidance from you, how we think through going into 2026 and beyond, where I think the story basically sets up in a very favorable way. Thanks.

您引用的這 1 億美元中有多少是專門用於中國的？這樣，我們就可以了解在沒有您的指導的情況下我們如何思考，我們如何思考進入 2026 年及以後，我認為故事基本上以一種非常有利的方式展開。謝謝。

Randy, so first, appreciate the comment. Me per se, the tariffs will start impacting us in Q2. So it's not an annualized number. That's a 2025 impact that will start in Q2. But the impact will build as we go through the year in Q3 and in Q4. I mean of the $100 million that we quoted; I think it's safe to say that approximately 90% of that is China. So the biggest piece given the rate there.

蘭迪，首先，感謝您的評論。就我個人而言，關稅將在第二季開始對我們產生影響。所以這不是一個年化數字。這是 2025 年的影響，將從第二季開始。但隨著第三季和第四季的到來，其影響將會逐漸增加。我的意思是我們報價的 1 億美元；我認為可以肯定地說其中約 90% 來自中國。因此，最大的一塊是那裡的利率。

So 145% rate, tariff rate on China and 10% on other countries were applicable to us. Obviously that that puts the bulk of the impact on China, specifically in which why we keep pointing back to we feel really good about the position we're going to be in at the end of the year and into 2026 with approximately 5% of our COGS exposed to goods that are -- that come from China and imported into the US.

因此，我們適用 145% 的稅率，對中國適用 10% 的關稅，對其他國家適用 10% 的關稅。顯然，這對中國產生了最大的影響，具體來說，我們一直強調，我們對今年年底和 2026 年的狀況感到非常滿意，大約 5% 的銷貨成本將來自中國並進口到美國的商品。

Super helpful. Thanks, guys.

超有幫助。謝謝大家。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our question. I was hoping you could talk a little bit more about your outlook for the drinkware business. You talked a little bit about some specific categories that are underperforming. What percentage of the business is those underperforming categories? And when do you think you might get to a neutral stance there outside of the supply chain disruptions associated with tariffs? And then, what's your final outlook, what's your current outlook for wholesale and how your partners are talking to you now about forward demand? Thanks.

早安，感謝您回答我們的問題。希望您能再多談談您對飲具業務的展望。您談到了一些表現不佳的具體類別。這些表現不佳的類別佔業務總量的百分之多少？您認為除了與關稅相關的供應鏈中斷之外，何時才能採取中立立場？那麼，您的最終展望是什麼，您目前對批發的展望是什麼，以及您的合作夥伴現在如何與您談論遠期需求？謝謝。

Hi, Brooke. What I would say, I'll start with in drinkware, we've been consistent over the last couple of years is that market has had rapid expansion that our strategy has been continue to diversify our drinkware portfolio, address more use cases, address more user needs, stay with the consumer throughout their day and their week, which by definition allowed us to avoid heavy concentration risk that, that I think that category is experiencing right now in the correction.

你好，布魯克。我想說的是，首先從飲具開始，過去幾年我們一直保持一致，市場在快速擴張，我們的策略是繼續使我們的飲具產品組合多樣化，滿足更多的用例，滿足更多的用戶需求，在消費者的一天和一周內與他們保持聯繫，這讓我們避免了高度集中的風險，我認為這個類別目前正在經歷調整。

I think as we look forward, we expect that to largely settle out, we think there's a -- there is an underlying durable demand in that category and we think that our product portfolio is set up to go out and address that. I think you see it in hydration vessels that are coming. You've heard us talk or heard us talk on the call about sports jugs and our excitement around what's happening in sports from youth to collegiate to professional.

我認為，展望未來，我們預計這個問題將基本解決，我們認為該類別存在潛在的持久需求，我們認為我們的產品組合可以解決這個問題。我想您會在即將出現的水合容器中看到它。您已經聽過我們或在電話中聽到我們談論體育賽事以及我們對從青少年到大學再到職業的體育運動的興奮之情。

And we think we have a lot of relevance there. I think the coffee, tea, barware we're really excited about and I think there's a lot of innovation yet to come from us as we get through 2025 and really set up for 2026 and beyond. I think those large format, highly trend driven elements of the drinkware category, I think those cycle. And so what we're doing is we're really focused on a strategy that cuts through the base of that. So I think you'll see us keep pushing that strategy forward. We have an incredible team working on it. Obviously, a lot of that team right now is focused on our supply chain transformation.

我們認為我們在這方面具有很大的相關性。我認為我們對咖啡、茶和酒吧用具感到非常興奮，而且我認為在我們度過 2025 年並為 2026 年及以後做好準備時，我們還有許多創新等著我們。我認為那些飲具類別的大尺寸、高度趨勢驅動的元素，我認為那些是循環的。因此，我們真正關注的是製定一個能夠突破這一基礎的戰略。所以我想你會看到我們繼續推進這項策略。我們有一個非常出色的團隊致力於此。顯然，目前團隊的許多成員都專注於我們的供應鏈轉型。

But I think the point I wanted to make on the call was, we are also driving improvements to our underlying process that we think will yield benefits not only in the supply chain transformation, but in our innovation going forward.

但我認為我在電話會議上想要表達的觀點是，我們也在推動底層流程的改進，我們認為這不僅會在供應鏈轉型中帶來好處，而且會在我們未來的創新中帶來好處。

From a wholesale perspective, we have incredible partnerships. We continue to strengthen those partnerships. We talk to our partners about innovation that's coming. They share our enthusiasm about the roadmap. They see it much further out, obviously, than we publicly disclose.

從批發角度來看，我們擁有令人難以置信的合作關係。我們將繼續加強這些夥伴關係。我們與合作夥伴討論即將到來的創新。他們和我們一樣對這份路線圖充滿熱情。顯然，他們看得比我們公開披露的要遠得多。

And that's what allows us to plan for our shelf space, that's why we continue to extend shelf space with the innovation we have. So we think it's a good setup. The macro uncertainty, the consumer uncertainty kind of surrounding is a little bit of an overhang on that. But otherwise, we think the foundation is really strong.

這使我們能夠規劃貨架空間，這就是我們繼續利用創新來擴大貨架空間的原因。所以我們認為這是一個很好的設定。宏觀不確定性、消費者不確定性等環境因素對此造成了一定影響。但除此之外，我們認為基礎確實很牢固。

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

偉大的。非常感謝。我會傳達的。

(Operator Instructions) Peter Benedict, Baird.

（操作員指示）彼得·本尼迪克特，貝爾德。

Hi, good morning, guys. Thanks for taking the question. First on the mitigation efforts that you guys have kind of planned baked in here. Maybe if you could expand a little bit more on the approach you're taking to pricing. We know you've already raised some price, but I recall back during the supply chain disruptions around COVID and freight, you guys did not do much pricing. You've started to do a little. Is your approach kind of the same here? And so that's my first question and I have a follow-up.

大家好，早安。感謝您回答這個問題。首先，你們已經計劃好了緩解措施。也許您可以進一步詳細說明您所採取的定價方法。我們知道你們已經提高了一些價格，但我記得在 COVID 和貨運導致的供應鏈中斷期間，你們並沒有做太多的定價。你已經開始做一些事情了。您在這裡採用的方法是否相同？這是我的第一個問題，我還有一個後續問題。

Good morning, Peter. Thanks for the question. I'll start with our focus right now and our greatest mitigation to tariffs is moving and that's what the business is focused on, is shifting our supply chain and driving that transformation. I think that's what allows us to communicate what our exposure will be in particular to China in 2026. And I think that's a remarkable transformation that we've taken the business on through incredible effort by our team. So I think that, that first and foremost.

早安，彼得。謝謝你的提問。我首先要談談我們現在的重點，我們對關稅的最大緩解措施是轉移，這也是我們業務的重點，即轉變我們的供應鏈並推動這項轉型。我認為這使我們能夠傳達我們在 2026 年對中國的關注程度。我認為這是我們團隊透過不懈努力實現的一次非凡的業務轉變。所以我認為，這是首要的。

As it relates to the other mitigation efforts, our suppliers are incredibly supportive. They drive participation in how we continue to get product to market, but also how we manage through this rising cost time.

就其他緩解措施而言，我們的供應商給予了極大的支持。他們推動我們如何繼續將產品推向市場，以及如何應對不斷上升的成本。

I think as it relates to pricing, we've always been very targeted and thoughtful about our pricing. We like pricing that'll stick in the market. We want to make sure that we're not swinging prices around, reacting to a moment in time and the thing that we balance against everything is we will be in a very different situation in 2026 from a source supply in a country of origin perspective. So we take all those things into consideration of the moment in time versus the long-term setup for the business.

我認為就定價而言，我們的定價一直非常有針對性且經過深思熟慮。我們喜歡能夠適應市場的定價。我們希望確保價格不會大幅波動，不會對某個時刻做出反應，而我們要權衡的是，從原產國的供應角度來看，2026 年我們的處境將截然不同。因此，我們會將所有這些因素都考慮在內，並考慮業務的長期發展。

Yeah, that makes sense. Sounds like the prior approach. My follow-up question is really on the international business. It is nice to see the growth that's happening there. Can you talk to us about any thoughts about how you could accelerate that growth any further? I know you're launching Japan now. How should we be thinking about 2026 and beyond in terms of growth initiatives from international? Thank you.

是的，這很有道理。聽起來像是之前的方法。我的後續問題其實是關於國際業務的。我很高興看到那裡正在發生的發展。您能否與我們談談關於如何進一步加速這一成長的想法？我知道你現在正在進軍日本。從國際成長計畫的角度來看，我們應該如何看待 2026 年及以後？謝謝。

Yeah. I think there's a few things going on that we're excited about internationally. One is the continued growth and stability from our established international markets. I think the things that we're seeing happen in Europe right now, I think we're nearing one of those great kind of inflection runs that YETI has when brand tips over from an awareness perspective, the partnerships, the ambassadors, all that set up to drive the durable long-term demand.

是的。我認為國際上正在發生一些讓我們興奮的事情。一是我們的成熟國際市場持續成長、穩定發展。我認為，就我們現在在歐洲看到的情況來看，我們正接近 YETI 所經歷的偉大轉折點之一，從品牌知名度、合作夥伴關係、大使等角度來看，所有這些都將推動持久的長期需求。

And so we think there's incredible opportunity in front of us in the UK and Europe. The teams built out and now it's a matter of supercharging. So we're focused on demand creation, partnerships, wholesale reach and driving our DTC business, which has proven successful in our longest standing international markets.

因此我們認為英國和歐洲面臨著難以置信的機會。球隊已經建立，現在需要做的就是增強實力。因此，我們專注於創造需求、建立合作夥伴關係、擴大批發業務以及推動我們的 DTC 業務，這在我們歷史最悠久的國際市場上已被證明是成功的。

I think Japan, what you're going to see from us, and we've talked about this in Japan is -- Japan will bridge us into the rest of Asia. And so as we focus from Japan to the rest of North Asia and then Greater China opportunities in Southeast Asia, we're building out a team that's going to be capable of going after those opportunities. And so we're laying those markers right now for getting Japan going and then tumbling into the rest of Asia.

我認為，日本，你們將從我們這裡看到，而且我們在日本也討論過這個問題——日本將成為我們與亞洲其他國家溝通的橋樑。因此，當我們的注意力從日本轉向北亞其他地區，再轉向東南亞的大中華區機會時，我們正在組建一支能夠抓住這些機會的團隊。因此，我們現在正在奠定這些基礎，以使日本能夠發展，然後進入亞洲其他地區。

Great. Thanks so much.

偉大的。非常感謝。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hi, this is Alexia Morgan for Peter Keith. Thanks for taking our question. My first question is just a clarification. You had mentioned you were monitoring Canada, but I was wondering if you were seeing any impact to demand so far internationally, perhaps signaling like any anti-American views given the current political environment.

大家好，我是 Peter Keith 的 Alexia Morgan。感謝您回答我們的問題。我的第一個問題只是想澄清一下。您曾提到您正在監視加拿大，但我想知道您是否看到迄今為止國際需求受到的任何影響，或許這暗示著在當前政治環境下存在任何反美觀點。

Hi Alexia, thanks for the question. I would say, we watch the, obviously the geopolitical landscape is rapidly changing right now in all the markets in which we operate. We have teams that are local there and they're on the ground and they're highly connected to their customers. I think the thing that we've done well is we've built brand -- our brand outside the US to make sure that it's really relevant to the local audience and almost feels of the place.

你好，Alexia，謝謝你的提問。我想說的是，我們觀察到，在我們經營的所有市場中，地緣政治格局顯然正在迅速變化。我們在當地有團隊，他們紮根當地並與客戶保持密切的聯繫。我認為我們做得很好的事情是建立了品牌——我們的品牌在美國以外，以確保它與當地觀眾真正相關並且幾乎能感受到當地風情。

So I think we're in a really good position from an affinity for YETI and a connection and a lot of that's driven by the incredibly talented team that we have outside of the US. I wouldn't call out anything of note that we've seen to-date, but obviously it's a really fluid situation and we're monitoring closely and our teams locally are very focused on making sure YETI stays in front of the consumer, that it has relevance, that we're talking in a voice in the regions that, that shows that we understand the place, that we are passionate about our customers and our consumers and that we have products that are relevant to their lives.

因此，我認為，從對 YETI 的熱愛和聯繫來看，我們處於非常有利的地位，這在很大程度上得益於我們在美國以外擁有的才華橫溢的團隊。我不會說出我們迄今為止看到的任何值得注意的事情，但顯然這是一個非常不穩定的情況，我們正在密切關注，我們當地的團隊非常專注於確保 YETI 始終走在消費者前面，它具有相關性，我們在這些地區的聲音表明我們了解這個地方，我們對我們的客戶和消費者充滿熱情，我們的產品與他們的生活息息相關。

Okay. That's great. Thank you. And then my second question is just on quarter-to-date, if you're able to provide any color on Q2 sales so far or anything that you're seeing as it relates to consumer demand.

好的。那太棒了。謝謝。我的第二個問題是，就本季度迄今為止的情況而言，您是否能夠提供迄今為止第二季度銷售情況的任何信息，或者您觀察到的與消費者需求相關的任何信息。

Yeah. Good morning and thank you for the question. We generally don't talk about intra quarter trends, but I would say it's something we're watching very closely, pointing back to some of the comments that Matt had at the beginning of the call. We do think it's a relatively choppy environment out there. I think that was some of the backdrop for the comments around our outlook for the rest of the year.

是的。早安，感謝您的提問。我們通常不會談論季度內趨勢，但我想說這是我們正在密切關注的事情，並回顧馬特在電話會議開始時的一些評論。我們確實認為外面的環境相對不穩定。我認為這就是我們對今年剩餘時間前景的評論的一些背景。

We expect that we could see some signs of wholesale caution in ordering, but one of the benefits we have is a pretty diverse wholesale channel footprint. And at the same time, we're seeing some signs of strength within our wholesale channel and more broadly within our Amazon business, within our corporate sales business. So I think the word that we would continue to use or words we would continue to use are choppy or inconsistent. But beyond that we generally haven't. We don't talk about intra-quarter trends on these calls.

我們預計我們會看到批發商在訂購方面表現出一些謹慎的跡象，但我們的優勢之一是批發通路覆蓋範圍相當多樣化。同時，我們在批發通路、亞馬遜業務和企業銷售業務中看到了一些強勁跡象。所以我認為我們將繼續使用的詞語或我們將繼續使用的詞語是不連貫或不一致的。但除此之外我們通常不會這麼做。我們在這些電話會議上不會談論季度內趨勢。

Okay, understood. Thank you.

好的，明白了。謝謝。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey guys, good morning. I guess, first question on the guidance reduction, obviously, I would imagine most of this is tariff supply chain related, but how much are you building in to that EPS reduction, for example, sort of factoring in a softer consumer this year?

謝謝。大家好，早安。我想，第一個問題是關於指導減少，顯然，我想這大部分是與關稅供應鏈相關的，但是您在多大程度上考慮了每股收益的減少，例如，考慮到今年消費者的疲軟情緒？

Yeah. Hey Joe, it's Mike. So here's what I'd say. We -- there was 300 basis points of impact that we called out that is specifically related to supply disruption. If you look at the midpoint of our prior guide, that takes you down to kind of that, that 3% range of a guide of 1% to 4%. We said that on the low end of that, that we would expect to see or that would imply that we have a -- we see consumer softness here forward on the high end, things stay kind of where they are now. So I'd say that's how we bracketed it with supply being the specific call down and then the range being representative of what we could see from a macro or consumer spending environment.

是的。嘿喬，我是麥克。這就是我要說的。我們－我們指出的影響有 300 個基點，具體與供應中斷有關。如果您查看我們先前指南的中點，您會發現該範圍處於 1% 至 4% 的指南範圍的 3% 左右。我們說過，在低端，我們預計會看到，或者這意味著我們有一個 - 我們看到高端的消費者疲軟，事情保持現在的狀態。所以我想說，這就是我們如何將其括起來的，供應是具體的下調，然後範圍代表了我們從宏觀或消費者支出環境中所看到的情況。

Really helpful. And just to follow-up on that, obviously you're not the only one who's being impacted by this. How would you assess where you guys are positioned vis-a-vis tariffs versus, let's say, a SharkNinja or a Stanley, for example?

真的很有幫助。順便問一下，顯然你並不是唯一一個受到此事影響的人。舉例來說，您如何評估您在關稅方面的定位，與 SharkNinja 或 Stanley 相比如何？

Hi Joe, Matt. I think it's hard to comment on how others are positioned. What I would say is this is a project. Our supply chain diversification is a project that goes all the way back to 2018. And we started to move our soft coolers and our soft goods to position them in markets where we wanted to be. And that has continued. And in 2023, we really started in earnest our drinkware supply chain transformation. You saw us report through 2024 on the results of that.

嗨，喬，馬特。我認為很難評論其他人的定位。我想說的是，這是一個專案。我們的供應鏈多元化項目可以追溯到 2018 年。我們開始將我們的軟冷卻器和軟商品定位到我們想要的市場。這種情況一直持續著。2023年，我們真正開始認真進行飲具供應鏈轉型。您會看到我們針對 2024 年的結果進行報告。

Our growing confidence, the impact of our efforts from our team is what's kind of led us to a position where we think we're going to be in a really, really good spot going into 2026. So 2025, I would call it transition year. 2026 really sets us up for the global supply chain to support our global demand and importantly our US domestic demand going forward.

我們不斷增強的信心，以及我們團隊努力的影響，讓我們相信，到 2026 年，我們將處於一個非常非常好的位置。所以我會稱 2025 年為過渡年。 2026 年確實為我們建立了全球供應鏈，以支持我們未來的全球需求以及重要的美國國內需求。

So I feel great about where we are and how we're positioned. And supply chains are something will continue to evolve and grow, and I think that will evolve and grow with the business and we have the team in place to execute it.

因此，我對我們目前的狀況和定位感到非常滿意。供應鏈將會不斷發展壯大，我認為它會隨著業務的發展而不斷發展和壯大，而且我們擁有合適的團隊來執行它。

Okay. Thank you.

好的。謝謝。

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），Stifel。

Well, thank you. Thank you for taking our question. I'm going to ask you guys to speak in more detail around the drinkware supply chain diversification. Which regions are gaining share? What do you guys see as the keys to operational execution? Mike, maybe you can speak in more detail about how that creates inventory challenges and the timeline for the normalization of inventory supply. Another related question you mentioned, adjusting POs in real time to tariffs. Realistically, how nimble can you be with that as it relates to policy shifts? Thank you.

好的，謝謝你。感謝您回答我們的問題。我將請你們更詳細地談談飲料器皿供應鏈多樣化問題。哪些地區的份額正在增加？你們認為營運執行的關鍵是什麼？麥克，也許您可以更詳細地談談這如何帶來庫存挑戰以及庫存供應正常化的時間表。您提到的另一個相關問題是，根據關稅即時調整採購訂單。實際上，當它與政策轉變相關時，您能有多靈活地應對？謝謝。

Jim, I'll start with a few thoughts and then have Mike step in and we'll try to cover all those pieces. I would say our primary focus from a supply chain transition is, we're broadening our footprint in Southeast Asia, so ex-China, but moving to multiple locations in Southeast Asia, which we think is a great next phase in the diversification of our supply chain. And then our team continues to look around the globe for kind of continued evolution of our supply chain. But that's the easiest and the quickest answer on the first step.

吉姆，我先講幾個想法，然後讓麥克介入，我們會嘗試涵蓋所有這些部分。我想說，我們在供應鏈轉型方面的主要重點是擴大我們在東南亞的業務範圍，也就是除中國之外，還轉移到東南亞的多個地點，我們認為這是我們供應鏈多元化的下一個重要階段。然後我們的團隊繼續在全球範圍內尋找我們供應鏈的持續發展。但這是第一步最簡單、最快捷的答案。

On the operational execution, the good news is we are already producing products across these markets. So we're not starting from zero. So we know how to do it. We have partners that are experienced in it. As we talked in prior calls, we're also using this not only as a chance to improve our product development process, but also our manufacturing partnerships.

在營運執行方面，好消息是我們已經在這些市場上生產產品。所以我們不是從零開始。所以我們知道如何做。我們擁有在這方面經驗豐富的合作夥伴。正如我們在之前的電話會議中談到的那樣，我們不僅利用這個機會來改進我們的產品開發流程，而且還改進我們的製造合作夥伴關係。

So bringing in automation, which is allowing the speed, the quality, the consistency of what we do. So it's a significant lift, it's a significant transformation of our supply chain. But we have an incredibly talented team and a really good plan to do it.

引入自動化可以提高我們工作的速度、品質和一致性。所以這是一個重大的提升，也是我們供應鏈的重大轉型。但我們擁有一支才華橫溢的團隊和一套非常好的計劃來實現這一目標。

And hey, Jim, this is Mike. On the other parts of your question, what we said today was we expect inventory levels to be down this year both at year-end and as we go through the year. And the shift of our supply chain out of China to other regions is a big piece of that. There are products that both new and existing that we primarily drinkware. There are some C&E products, but primarily drinkware that we know we're going to be constrained as we go through the year.

嘿，吉姆，我是麥克。關於您問題的其他部分，我們今天說的是，我們預計今年年底和全年的庫存水準都會下降。其中很重要的一個因素就是將我們的供應鏈從中國轉移到其他地區。我們主要販售飲具，既有新產品，也有現有產品。有一些 C&E 產品，但主要是飲具，我們知道隨著時間推移，這些產品的產量將受到限制。

We have also had made the decision that there are certain products that it just didn't make sense to scale the supply, the supply chain in China. And so therefore we push those launches out to 2026. There are others, like we said that it makes sense that we're going to go ahead and launch, but we're going to launch outside the US first. And obviously 80% or a little less than 80% of our business is in the US, so that has a meaningful impact as well.

我們也做出了這樣的決定：對於某些產品來說，擴大在中國的供應和供應鏈是沒有意義的。因此我們將這些發射推遲到 2026 年。還有其他的，就像我們說的，我們繼續前進並推出是有意義的，但我們將首先在美國以外推出。顯然，我們 80% 或略低於 80% 的業務在美國，因此這也產生了重大影響。

But I mean, and so that's all kind of wrapped into the supply driven growth impact that we called out. We are -- I'd say we have a couple goals here and one of those is to we want to try to minimize the impact that this is having on 2026 going forward. And so we are looking at things like our safety stocks trying to minimize inventory that we're buying out of China.

但我的意思是，這一切都與我們所說的供應驅動的成長影響有關。我們——我想說我們在這裡有幾個目標，其中之一就是我們希望盡量減少這對 2026 年未來的影響。因此，我們正在研究安全庫存等問題，試圖盡量減少從中國購買的庫存。

And so that's all kind of wrapped into the guide, and -- but we can be nimble here as we go. We've seen the team over the last five weeks or so. The efforts of our team to react to this have been nothing short of remarkable. And so we'll continue to do that as we go-forward.

這些都包含在指南中，但我們可以靈活地進行。大約在過去五週的時間裡，我們已經見過這個團隊了。我們的團隊對此所做的努力非常出色。因此，我們將繼續這樣做。

Great. Thank you. And just a follow-up, you mentioned keeping the safety stocks tight, talked about less than 5% of cost of goods from China. How do we think about that? Is that a run rate basis beginning 2026 or should there be some capitalized inventory that carries into 2026, perhaps making that higher in terms of its influence on the P&L?

偉大的。謝謝。再問一下，您提到要保持安全庫存緊張，並談到來自中國的商品成本不到 5%。我們對此有何看法？這是從 2026 年開始的運行率基礎嗎？還是應該有一些資本化庫存延續到 2026 年，可能使其對損益表的影響更大？

Yeah, so you're right. I mean there will be some bleed off into 2026. That 5% number was kind of a -- that's the go-forward run rate today. I mean there could be opportunities to reduce that further as we go-forward. But sitting here today, that is what we see is from a -- on a go-forward basis with the comment that there will be some caveat of capitalized tariff on our balance sheet that bleeds out in the first part of 2026. Sorry, Jim. Longer-term, we feel really good about how we're set up.

是的，你是對的。我的意思是到 2026 年還會有一些流失。5% 這個數字有點像——這是今天的預期運行率。我的意思是，隨著我們不斷前進，我們可能有機會進一步減少這個數字。但今天坐在這裡，我們看到的是從未來的角度來看，我們的資產負債表上會有一些資本化關稅的警告，這些關稅將在 2026 年上半年流失。對不起，吉姆。從長遠來看，我們對目前的狀況感到非常滿意。

Great. Thanks, Matt and Mike.

偉大的。謝謝，馬特和麥克。

Thanks, Jim.

謝謝，吉姆。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Good morning. Thanks for squeezing me in. I'd like to touch on the guidance reduction and how you're planning inventory ahead. It feels like the majority of the sales reduction is related to a lack of inventory to be able to meet underlying demand. And so as you think about how you're distributing and allocating inventory this year amid that dynamic, can you talk about how you prioritize between DTC and wholesale and within wholesale how you're deallocating inventory amid that constraint?

早安.謝謝你把我擠進來。我想談談指導減少以及您如何規劃未來的庫存。感覺銷售額的下降主要是因為庫存不足，無法滿足潛在需求。因此，當您考慮如何在這種動態下分配和配置今年的庫存時，您能否談談如何在 DTC 和批發之間確定優先順序，以及在批發中如何在這種限制下重新分配庫存？

I'll take the how we think about the commercial management of the inventory constraint. Mike wants to add anything on just the overall impact of the inventory. What I would say is, when in some of this innovation and even some of our in line product, we do expect to have to have some constraints as we go into the back half of the year, some of that's new constraint, meaning the product hadn't launched. So it's all new.

我將討論我們如何看待庫存約束的商業管理。麥克想補充一些有關庫存整體影響的內容。我想說的是，當我們進入下半年時，我們確實預計會遇到一些限制，其中一些是新的限制，這意味著產品尚未推出。所以一切都是新的。

But what we were attempting to do is make sure we can support broadly our channels. But what we mentioned on the call was some things were going to launch outside of the US because we didn't have enough to service broadly are omni-channel in the US. Some things will be supply constrained and so we won't be able to fill the full omni-channel and some things will get pushed while we build kind of more supply to be able to more fully support the demand.

但我們試圖做的是確保我們能夠廣泛地支持我們的管道。但我們在電話會議上提到，有些產品將在美國以外推出，因為我們在美國沒有足夠的服務來提供全通路服務。有些商品的供應會受到限制，因此我們將無法滿足全通路需求，而有些商品則會受到推動，同時我們會建立更多的供應，以便能夠更充分地滿足需求。

So I would say it's actually a multi-layer versus a, we're going to bias one channel or the other domestically. It really is a how much inventory do we have? How much supply can we get? What's the demand look like? And then we allocate it really to try and support the consumer and ultimately be present. And so I think the setup of 2025 for 2026 from an innovation perspective will give us almost a second bite at innovation that we launch in limited supply this year.

所以我想說這其實是一個多層次的問題，我們會在國內偏向一個管道或另一個管道。這實際上是一個我們有多少庫存的問題？我們能得到多少供應？需求是什麼樣的？然後我們真正地分配它來嘗試支持消費者並最終實現存在。因此，我認為，從創新角度來看，2025 年為 2026 年所做的安排將為我們在今年限量推出的創新提供第二次機會。

The only other thing I'd -- that I'd added to my earlier comments on inventory is I think one of the things that we're trying to take away from this is learning of best practices and how we apply what we're learning during this process going forward.

我唯一想說的是——在我之前關於庫存的評論中，我想補充的是，我們試圖從中學到的教訓之一是學習最佳實踐，以及如何在未來的過程中應用我們所學到的知識。

And one of those is as we're reducing safety stocks, does this give us an opportunity to kind of run at lower inventory levels going forward. There's going to be periods where we may be ahead of launches or ahead of peak seasons where that may go up and down, but it's certainly something that we're focused on as we go-forward and making sure we manage our working capital as effectively as we can.

其中之一就是，當我們減少安全庫存時，這是否為我們提供了一個機會，讓我們能夠在未來以較低的庫存水準運作。在產品發布或旺季來臨之前，我們可能會遇到一些時期，這些時期可能會出現波動，但這肯定是我們未來工作的重點，並確保盡可能有效地管理我們的營運資金。

Great. Thanks, guys.

偉大的。謝謝大家。

Thank you. There are no further questions at this time. I will now hand the call back over to Matt Reintjes for the closing remarks.

謝謝。目前沒有其他問題。現在我將把電話交還給 Matt Reintjes 做結束語。

Thanks all for joining us. Look forward to updating you on our Q2 call. Have a wonderful day.

感謝大家的參與。期待在第二季電話會議上向您通報最新情況。祝您有美好的一天。

Thank you. That concludes our conference call for today. Thank you all for joining. You may all disconnect your lines.

謝謝。今天的電話會議到此結束。感謝大家的加入。你們都可以斷開自己的線路。