Yeti Holdings Inc (YETI) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the YETI Holdings second quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, August 7, 2025. I would now like to turn the conference over to Arvind Bhatia, Head of Investor Relations, at YETI. Please go ahead, sir.

女士們、先生們，早安，歡迎參加 YETI Holdings 2025 年第二季財報電話會議。（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。現在，我想將會議交給 YETI 投資者關係主管 Arvind Bhatia。先生，請繼續。

Good morning, and thank you for joining us to discuss YETI Holdings' second quarter fiscal 2025 results. Leading the call today will be Matt Reintjes, President and CEO; and Mike McMullen, CFO. Following our prepared remarks, we will open the call for your questions.

早安，感謝您加入我們討論 YETI Holdings 2025 財年第二季的業績。今日電話會議主持人為總裁兼執行長 Matt Reintjes 和財務長 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 would like to remind you that some of the statements that we make today on this call may be considered forward-looking, and such forward-looking statements are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. For more information, please refer to the risk factors detailed in our most recently filed Form 10-K and subsequent Form 10-Qs.

在開始之前，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。欲了解更多信息，請參閱我們最近提交的 10-K 表格和後續的 10-Q 表格中詳述的風險因素。

We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events, or otherwise, except as required by law. Unless otherwise stated, our financial measures discussed on this call will be on a non-GAAP basis. We use non-GAAP measures as we believe they more accurately represent the true operational performance and underlying results of our business. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release or in the presentation posted this morning to the Investor Relations section of our website at yeti.com.

除非法律要求，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做的任何前瞻性聲明的義務。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。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發佈到我們網站 yeti.com 投資者關係部分的簡報中。

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

現在我想把電話轉給馬特。

Thanks, Arvind, and good morning. Before we discuss our second quarter results, I want to take a moment to acknowledge the devastating floods that recently hit our home state of Texas. Our hearts continue to go out to our Central Texas community, the families and friends impacted by this tragedy. I specifically want to acknowledge and thank the first responders, volunteer,s and our long-standing partners at operation relief, who deployed to provide meals to impacted communities all over the country during natural disasters.

謝謝，Arvind，早安。在我們討論第二季度業績之前，我想花點時間了解最近襲擊我們家鄉德克薩斯州的毀滅性洪水。我們繼續向德州中部社區以及受這場悲劇影響的家人和朋友表示慰問。我特別要感謝救援行動中的急救人員、志工和長期合作夥伴，他們在自然災害期間為全國各地受災社區提供餐點。

Give them a follow. Their simple act of a hot meal is incredibly impactful. We're also deeply grateful for the overwhelming support and generosity of the YETI community across all 50 states who stepped up to purchase the special edition Texas Strong Tumbler, all sales generated from these 10,000 ramblers win to support the long road to recovery in County, Texas.

關注他們。他們簡單的一頓熱飯卻產生了巨大的影響。我們也非常感謝全美 50 個州的 YETI 社區的鼎力支持和慷慨解囊，他們踴躍購買特別版 Texas Strong Tumbler，這 10,000 名漫步者所產生全部銷售額將用於支持德克薩斯州漫長的複蘇之路。

Turning now to YETI. I'm excited to share that we are making excellent progress on our long-term strategic priorities, driving innovation, expanding our global presence, and broadening our customer base, plus more near term, transforming our supply chain. These efforts are delivering results in several ways.

現在轉向 YETI。我很高興地告訴大家，我們在長期策略重點、推動創新、擴大全球影響力、拓寬客戶群以及近期轉變供應鏈方面取得了巨大進展。這些努力正在以多種方式取得成果。

We're seeing increased momentum in product innovation with notable strength in bags and packs. Our international expansion is thriving with outstanding performance in the UK and Europe and strong demand from our end consumers in Canada and Australia. Our brand continues to grow, resonating with audiences, both at home and around the world.

我們看到產品創新勢頭強勁，其中包款和背包領域表現尤為突出。我們的國際擴張正在蓬勃發展，在英國和歐洲表現出色，加拿大和澳洲的終端消費者需求強勁。我們的品牌不斷發展，引起國內外觀眾的共鳴。

At the same time, we're executing a major transformation in our supply chain that is setting us up extremely well for 2026 and beyond. While top line demand in Q2 came in slightly below expectations, reflecting ongoing macroeconomic uncertainty and cautious behavior from consumers and our retail partners, we believe the actions we're taking position us extremely well for long-term sustainable growth in both revenue and earnings.

同時，我們正在對供應鏈進行重大轉型，為2026年及以後的發展做好充分準備。雖然第二季的營收需求略低於預期，反映出持續的宏觀經濟不確定性以及消費者和零售合作夥伴的謹慎行為，但我們相信，我們正在採取的行動將使我們在收入和收益的長期可持續增長方面處於非常有利的地位。

I'd like to take a few minutes to outline how we plan to deliver on our growth ambitions, beginning with product innovation. First, we are on track to open our Asia-based innovation center in Thailand later this month. I had the opportunity to visit and meet with our local team in July, and I came away energized by their talent, passion, and capabilities. This facility will complement our Austin Innovation Center, significantly increasing our speed and capacity for product development and further enhancing our innovation capabilities.

我想花幾分鐘概述我們計劃如何實現我們的成長目標，首先是產品創新。首先，我們計劃在本月稍後在泰國開設亞洲創新中心。7 月我有幸拜訪並會見了我們當地的團隊，他們的才華、熱情和能力給我留下了深刻的印象。該設施將補充我們的奧斯汀創新中心，顯著提高我們的產品開發速度和能力，並進一步增強我們的創新能力。

Importantly, it marks a critical step towards establishing a 24/7 global innovation cycle, continuous product generation, faster time to market, and greater agility in responding to market opportunities. Second, our teams continue to execute exceptionally well against a robust innovation pipeline. As a result of the up-tempo pace of innovation you have seen, we're now on track to exceed our prior target of launching 30 new products in the fiscal year, even while making strategic trade-offs to advance supply chain diversification.

重要的是，它標誌著我們朝著建立全天候全球創新週期、持續產品生成、更快上市時間和更靈活地響應市場機會邁出了關鍵一步。其次，我們的團隊在強大的創新管道下持續表現出色。由於您所看到的創新步伐加快，我們現在預計將超越先前的目標，即在本財年推出 30 種新產品，同時做出策略性權衡以推進供應鏈多樣化。

A large portion of these new launches are limited to initial releases, setting a stage for the full force of our innovation to power our growth in the quarters ahead.

這些新產品中很大一部分僅限於初始版本，為我們充分發揮創新力量以推動未來幾季的成長奠定了基礎。

In Drinkware, while the market remained highly promotional and as we have discussed, continues to shift away from the recent trend-driven growth, we remain focused on broadening our portfolio in sustainable innovation while maintaining our discipline on high-quality, profitable growth. We are seeing this play out in response to our first food bowls, insulated food jars, updated rambler jug and travel model. We expect similar momentum later this year as we expand into our new half-gallon and 40-ounce sports jugs.

在飲具領域，雖然市場仍然高度促銷，並且正如我們所討論的那樣，繼續遠離近期的趨勢驅動型增長，但我們仍然專注於擴大可持續創新的產品組合，同時保持高品質、盈利性增長的紀律。我們看到這種情況在我們第一次使用食物碗、保溫食品罐、升級版的漫步者水壺和旅行模型時出現。隨著我們擴大新款半加侖和 40 盎司運動水壺的銷量，我們預計今年晚些時候也將出現類似的勢頭。

Meanwhile, straw bottles and stackable cups continue to perform well for us. Our underlying innovation in Drinkware is performing well and as we have seen the market cleanup, we are expecting to return to growth later this year, driven by our innovation and stabilization in the overall Drinkware category.

同時，吸管瓶和可堆疊杯子繼續表現良好。我們在飲具方面的基礎創新表現良好，隨著市場的清理，我們預計今年稍後將恢復成長，這得益於我們在整個飲具類別中的創新和穩定。

Supporting our continued reach and relevance in health, wellness, sports, and lifestyle, we recently acquired designs, tooling and intellectual property to enable us to bring a patented, category-leading shaker bottle into the YETI family. This innovation fits seamlessly with our commitment to delivering premium high-performance products. Moreover, our accelerating innovation and launch of exciting new products under the YETI brand showcases how we leverage open innovation in combination with our powerful internal product development machine.

為了支持我們在健康、保健、運動和生活方式領域的持續影響力和相關性，我們最近獲得了設計、工具和智慧財產權，使我們能夠將專利的、類別領先的搖搖杯帶入 YET​​I 系列。這項創新與我們提供優質高性能產品的承諾完美契合。此外，我們在 YETI 品牌下加速創新並推出令人興奮的新產品，展示了我們如何利用開放式創新與我們強大的內部產品開發機器相結合。

In coolers and equipment, our new smaller format, but high-performance and appropriately named Daytrip soft coolers positions us well in the $50 to $150 price band and complements our $200 to $350 high-performance soft coolers. The data has demonstrated impressive early traction even with limited inventory in the second quarter. Higher-priced soft coolers were more challenged in the quarter as we saw some evidence of consumer trade down.

在冷卻器和設備方面，我們新推出的體積較小但性能出色且恰如其名的 Daytrip 軟冷卻器，其價格區間在 50 至 150 美元之間，是對我們 200 至 350 美元高性能軟冷卻器的補充。即使第二季庫存有限，數據也顯示出令人印象深刻的早期吸引力。由於我們看到一些消費者交易量下降的跡象，高價軟冷卻器在本季面臨更大的挑戰。

While we expect the higher end products to be staples of our portfolio long term, we are pleased with our strategy to capture a consumer up and down the price and performance ladder. We also extended our highly regarded chairs with our first beach chair, launched just in time for the peak summer. In addition, our Roadie 15 and wheeled Roadie 32 hard coolers, which launched a strong reception more than a year ago, have continued to see great performance.

雖然我們預計高端產品將成為我們長期產品組合的主要產品，但我們對我們的策略感到滿意，即在價格和性能方面吸引上下游消費者。我們還擴展了我們備受好評的椅子系列，推出了第一款沙灘椅，恰逢夏季高峰。此外，我們的 Roadie 15 和帶輪子的 Roadie 32 硬式冷卻器在一年多前推出後就受到了熱烈歡迎，並且繼續保持著出色的表現。

In bags and packs, our momentum is unmistakable. Our rugged all-weather Cayo backpack debuted in late Q2 to rave early reviews and exceeded our initial expectations. Meanwhile, the Ranchero backpack introduced in Q1 continues its ascent, recently clenching the title of Best Outdoor Daily Pack by Men's Health. These wins not only underscore our relentless commitment to innovation but also cement our leadership in delivering performance-driven, highly sought after gear supported by a broad brand umbrella.

在包包和背包領域，我們的勢頭是毋庸置疑的。我們的堅固耐用的全天候 Cayo 背包於第二季末首次亮相，獲得了熱烈的早期評價，並超出了我們最初的預期。與此同時，第一季推出的 Ranchero 背包繼續保持上升勢頭，最近榮獲《男性健康》雜誌評選的「最佳戶外日常背包」稱號。這些勝利不僅強調了我們對創新的不懈承諾，而且鞏固了我們在提供以性能為導向、備受追捧的裝備方面的領導地位，並得到了廣泛的品牌支持。

Equally exciting is the performance of our long-standing Camino totes and Crossroad backpacks. Camino has experienced a notable spike recently, is mostly sold out domestically across all channels, including yeti.com and wholesale. For context, Camino launched in 2018 and has garnered over 5,000 4.8 star reviews. It's a great product, full stop. And as many of you have heard me say over the years, it might be YETI's most versatile product and has been my personal favorite since launch.

同樣令人興奮的是我們長期暢銷的 Camino 手提包和 Crossroad 背包的表現。Camino 最近經歷了明顯的飆升，在包括 yeti.com 和批發在內的所有國內管道中基本上都已售罄。具體來說，Camino 於 2018 年推出，已獲得超過 5,000 條 4.8 星評價。這真是一個很棒的產品，句點。正如多年來你們許多人聽我說過的那樣，它可能是 YETI 最通用的產品，並且自推出以來一直是我個人最喜歡的。

The broadening consumer interest highlights the product's incredible design and styling backed by practical versatility and durability. With a large market opportunity in bags and Camino innovations on the horizon, we're well positioned to build on this momentum and deliver meaningful growth over the long term. This wave of enthusiasm for Camino is creating a halo effect, fueling elevated interest across our bags and packs lineup including our everyday travel and drive bags and amplifying our brand momentum.

消費者日益增長的興趣凸顯了該產品令人難以置信的設計和造型，以及實用的多功能性和耐用性。隨著箱包和 Camino 創新領域即將出現巨大的市場機遇，我們已做好準備，充分利用這一勢頭，實現長期有意義的成長。對 Camino 的這種熱情正在產生光環效應，激發人們對我們的包款和背包系列（包括我們的日常旅行包和駕駛包）的興趣，並增強我們的品牌勢頭。

What we are seeing with Camino underscores the enduring popularity and the lasting appeal and reliability of our innovation in the market. Speaking to the timeless nature of our brand and design, our product remains bestsellers years after launch, reflecting not only the desirability, but also the functionality.

Camino 的表現凸顯了我們的創新在市場上持久的受歡迎程度以及持久的吸引力和可靠性。說到我們品牌和設計的永恆本質，我們的產品在推出多年後仍然是暢銷品，這不僅反映了其吸引力，也反映了其功能性。

Overall, we expect our coolers and equipment business to perform well in the back half as our bags category continues to build and inventory availability for our innovation improves. I'm very encouraged by how our product engine is gaining momentum and how well we're positioned to build on this strength in the second half of the year and into 2026. We continue to drive incremental investment towards product and R&D and are seeing the benefits of this investment.

總體而言，隨著我們的包款類別不斷擴大以及創新庫存可用性的提高，我們預計我們的冷卻器和設備業務將在下半年表現良好。我對我們的產品引擎如何獲得動力以及我們如何在下半年和 2026 年充分發揮這一優勢感到非常鼓舞。我們繼續增加對產品和研發的投資，並看到了這些投資的回報。

The second key growth pillar for us is international expansion. I'm pleased with how the YETI brand continues to resonate strongly outside the US, supported by a growing diversified product portfolio and disciplined execution of our go-to-market strategies.

我們的第二個關鍵成長支柱是國際擴張。我很高興看到 YETI 品牌在美國以外繼續引起強烈共鳴，這得益於日益多樣化的產品組合和嚴格的行銷策略執行。

Europe once again delivered very strong growth in the quarter. This reflects both rising brand awareness and the effectiveness of driving engagement with our localized approach. We believe our model is scalable and will support sustained growth across the European market.

本季歐洲再次實現了強勁成長。這不僅反映了品牌知名度的提升，也反映了我們在地化方法推動參與的有效性。我們相信我們的模式具有可擴展性，並將支持整個歐洲市場的持續成長。

In Japan, late in the quarter, distribution rapidly expanded from 17 to over 270 doors, and we're targeting more than 400 doors by year-end. We've also established a digital presence and initiated localized marketing to build awareness and engagement. In early July, we hosted our second successful trade show in Tokyo, drawing nearly 400 buyers, media, and influencers, highlighted by strong enthusiasm and pent-up demand. As we move into the second half of the year, we're focused on executing our go-to-market, supported by strong alignment between the YETI brand and Japanese consumers' appreciation for premium well crafted product.

在日本，本季末，經銷門市數量從 17 家迅速擴大到 270 多家，我們的目標是到年底達到 400 多家。我們還建立了數位業務並啟動了本地化行銷來提高知名度和參與度。7 月初，我們在東京成功舉辦了第二屆貿易展，吸引了近 400 名買家、媒體和有影響力的人士，表現出強烈的熱情和被壓抑的需求。隨著進入下半年，我們專注於實施行銷策略，並透過 YETI 品牌與日本消費者對優質精良產品的欣賞之間的緊密結合來提供支援。

Against a large outdoor market and early investments in community engagement and partnerships, we're optimistic about Japan and the rest of Asia's long-term potential as a meaningful contributor to our international growth.

面對龐大的戶外市場和對社區參與和合作夥伴關係的早期投資，我們對日本和亞洲其他地區的長期潛力持樂觀態度，認為它們將對我們的國際成長做出有意義的貢獻。

In Canada, we're seeing sustained end consumer demand even as the wholesale sell-in environment is cautious. Localized marketing and strong performance from new innovation and color infusions have driven brand interest and momentum.

在加拿大，儘管批發銷售環境謹慎，但我們仍看到終端消費者需求持續存在。在地化行銷以及新創新和色彩注入帶來的強勁表現推動了品牌興趣和發展勢頭。

Sell-through in Australia remains strong in our tracked channels supporting our positive international outlook. While certain retail partners slowed their purchasing during Q2 against expanding consumer demand, we're encouraged by the rebound we have seen quarter-to-date in Q3.

在我們追蹤的管道中，澳洲的銷售量依然強勁，支持了我們積極的國際前景。儘管某些零售合作夥伴在第二季因消費者需求擴大而放慢了採購速度，但我們對第三季迄今出現的反彈感到鼓舞。

Our third key growth pillar is broadening our global customer base. We are relentlessly elevating brand awareness, deepening engagement and forging long-term loyalty for the brand. This commitment drives us to connect with more people, more meaningfully across the globe. To that end, I'm excited to announce today that we're launching a strategic partnership with Fanatics later this month. This collaboration significantly expands our presence in sports.

我們的第三個關鍵成長支柱是擴大我們的全球客戶群。我們不斷提升品牌知名度、深化參與度並建立品牌的長期忠誠度。這項承諾促使我們與全球更多人建立更有意義的聯繫。為此，我今天很高興地宣布，我們將於本月晚些時候與 Fanatics 建立戰略合作夥伴關係。此次合作大大擴展了我們在體育領域的影響力。

Additionally, we are bringing team color drinkware and hard coolers to fans across all 32 NFL teams, many MLB, NHL and over 50 NCAA programs. Our products will be available on yeti.com, YETI stores, certain wholesale partners, fanatics.com, league and team sites, and at live events, further strengthening our connection with passionate fan bases and driving long-term growth in this vertical.

此外，我們還為所有 32 支 NFL 球隊、許多 MLB、NHL 和 50 多個 NCAA 項目的球迷提供球隊顏色的飲具和硬冷卻器。我們的產品將在 yeti.com、YETI 商店、某些批發合作夥伴、fanatics.com、聯盟和球隊網站以及現場活動中提供，進一步加強我們與熱情粉絲群的聯繫並推動該垂直領域的長期增長。

As we continue to deepen engagement with our global communities, our recent events and partnerships exemplify YETI's commitment to authentic connection and brand growth worldwide. During the second quarter, YETI had a presence at over 70 events globally, connecting with diverse enthusiast communities across sports, culinary, entertainment, and beyond.

隨著我們繼續深化與全球社群的聯繫，我們最近的活動和合作夥伴關係體現了 YETI 對全球真實聯繫和品牌成長的承諾。第二季度，YETI 在全球參與了 70 多場活動，與體育、烹飪、娛樂等領域的不同愛好者社群建立了聯繫。

In May, we hosted our inaugural wild private dining room experience at the Ecology Center in San Juan Capistrano, California, to celebrate the launch of our outdoor Kitchen Collection. This immersive event featured a five-course live-fire meal prepared by YETI Global Chef ambassadors and served in YETI cookware and tableware, attended by media, creators, and ambassadors, the event brought our culinary story to life. At the 2025 Calgary Stampede in early July, our long-standing partnership included direct sponsorship, consumer activation and meaningful engagement with media, ambassador and partners.

五月，我們在加州聖胡安卡皮斯特拉諾的生態中心舉辦了首屆野生私人餐廳體驗活動，以慶祝我們的戶外廚房系列的推出。此次沉浸式活動以 YETI 全球廚師大使烹製的五道菜實火大餐為特色，並使用 YETI 炊具和餐具供應，媒體、創作者和大使出席了此次活動，將我們的烹飪故事變為現實。在 7 月初舉行的 2025 年卡加利牛仔節上，我們長期的合作夥伴關係包括直接贊助、消費者活化以及與媒體、大使和合作夥伴的有意義的互動。

Attendance was nearly 1.5 million and our on-site mobile customization machine drove strong sales performance. Importantly, we had YETI ambassadors competing with our own Chad Mayfield delivering a winning run. This was a standout example of multifaceted engagement delivering both brand impact and commercial results.

到場人數接近150萬人，我們現場的行動客製化機器帶動了強勁的銷售業績。重要的是，我們派出了 YETI 大使與我們自己的 Chad Mayfield 競爭，並取得了勝利。這是多方面參與帶來品牌影響力和商業成果的傑出典範。

Our team in Australia proudly supported our ambassador in surfing legend, Mick Fanning's Charity Golf Day, which raised over $700,000 for flood affected communities in Northern New South Wales. The event reached an audience of over 11 million, amplifying the impact of this incredible organization. Last month, YETI had a large presence of the game far in the UK, an annual celebration of British Countryside culture and a touchstone for YETI's UK community engagement.

我們在澳洲的團隊自豪地支持了我們的衝浪傳奇大使米克·範甯的慈善高爾夫日，該活動為新南威爾斯州北部受洪水影響的社區籌集了超過 70 萬美元。這次活動的觀眾人數超過 1,100 萬，擴大了這個傑出組織的影響力。上個月，YETI 在英國舉行了大型遊戲活動，這是英國鄉村文化的年度慶典，也是 YETI 英國社區參與的試金石。

The event had nearly 130,000 attendees and marked our highest grossing three-day selling event globally. It was awesome. Our media strategy continues to amplify brand visibility and product storytelling through regional content like YETI presents, partner films, shorts, and our new field test series. We're reaching audiences across platforms while showcasing the durability, performance, and design of our products.

這項活動吸引了近 13 萬名參與者，是我們全球票房最高的三天銷售活動。太棒了。我們的媒體策略繼續透過 YETI 呈現、合作電影、短片和我們的新現場測試系列等區域內容來擴大品牌知名度和產品故事。我們透過各個平台吸引受眾，同時展示我們產品的耐用性、性能和設計。

This year marks the tenth anniversary of YETI Presents with 85 films released to date, generating over 33 million views and 2.6 million hours of watch time. Our field test series pushes YETI Gear to the extreme. In the first episode shown across YouTube, Instagram, and TikTok, our new all-weather Cayo backpack was subjected to harsh real-world conditions, mud, water impact and more, highlighting its rugged water-resistant design and reinforcing our commitment to performance-driven innovation.

今年是 YETI Presents 成立十週年，迄今已上映 85 部電影，觀看次數超過 3,300 萬次，觀看時長達 260 萬小時。我們的現場測試系列將 YETI Gear 推向了極致。在 YouTube、Instagram 和 TikTok 上播出的第一集中，我們的新款全天候 Cayo 背包經受了惡劣的現實條件、泥漿、水衝擊等考驗，突顯了其堅固的防水設計，並強化了我們對性能驅動創新的承諾。

Meanwhile, recognizing the breakout momentum behind the Camino, our team acted swiftly to seize the opportunity, amplifying the surge in consumer demand with a targeted campaign by intensifying our social efforts and collaborating with key creators, we supported the product's position. Strategic digital activations and timely engagement with our community ensure that excitement translated into real business impact, solidifying the Camino's breakout status and laying the groundwork for sustained growth.

同時，認識到 Camino 背後的突破性勢頭，我們的團隊迅速採取行動抓住機遇，透過加強社會努力和與主要創作者合作，透過有針對性的活動擴大消費者需求的增長，我們支持該產品的地位。策略性的數位活化和與社區的及時互動確保了興奮轉化為真正的商業影響，鞏固了 Camino 的突破地位並為持續成長奠定了基礎。

Looking ahead, the momentum we're seeing across global communities underscores the significant opportunity to further penetrate new and existing markets. To that end, we're making incremental investments behind both brand and social campaigns to increase reach, frequency and engagement as we expand our customer base and strengthen brand equity worldwide.

展望未來，我們在全球社會看到的勢頭凸顯了進一步滲透新市場和現有市場的重大機會。為此，我們在品牌和社交活動方面不斷增加投資，以提高覆蓋面、頻率和參與度，同時擴大我們的客戶群並加強全球品牌資產。

Turning to our omnichannel performance. As we expand our product portfolio, we continue to meet consumers where and how they prefer to shop. In wholesale, we saw some cautious ordering and tighter inventory management from partners. Despite this, demand remains strong for innovation and inventory levels remain healthy across the portfolio. We continue to monitor these dynamics closely while exploring new opportunities to expand our reach to underserved consumer segments.

轉向我們的全通路表現。隨著我們擴大產品組合，我們將繼續滿足消費者在他們喜歡的購物地點和方式的需求。在批發方面，我們看到合作夥伴採取了一些謹慎的訂購措施並加強了庫存管理。儘管如此，對創新的需求依然強勁，整個投資組合的庫存水準依然保持健康。我們將繼續密切關注這些動態，同時探索新的機會，以擴大我們對服務不足的消費者群體的影響力。

In our direct-to-consumer channels, performance on the Amazon marketplace remained robust as we capitalized on the diversity of our omnichannel approach to meet evolving shopping behaviors. Corporate sales also delivered outstanding results propelled by our deepening strategic partnerships, especially in the sports and hospitality sectors as we continue to leverage our advanced customization capabilities.

在我們的直接面向消費者的管道中，亞馬遜市場的表現依然強勁，因為我們利用全通路方法的多樣性來滿足不斷變化的購物行為。由於我們不斷深化的策略夥伴關係，企業銷售也取得了出色的業績，尤其是在體育和酒店領域，我們繼續利用我們先進的客製化能力。

On yeti.com, site traffic was up, and we saw strong engagement with new product launches and a continuation of trends around increased customer value. However, conversion rates were below expectations amid less intentional shopping behavior. We're applying key learnings from our May drop days campaign to enhance account creation, engagement, and conversion including early access designed to grow our customer base and build brand affinity.

在 yeti.com 上，網站流量上升，我們看到新產品發布的參與度很高，並且客戶價值不斷增加的趨勢持續存在。然而，由於購物行為缺乏針對性，轉換率低於預期。我們正在運用五月促銷日活動中累積的關鍵經驗來增強帳戶創建、參與和轉化，包括旨在擴大客戶群和建立品牌親和力的早期訪問。

In retail, we opened our 27th store in early June and plan to open our 28th store next week, which will be our last store opening for the year. While we remain very excited about the long-term retail potential for us. As I've previously shared, we are intentionally slowing the pace of new store openings in the near term. Our focus is on optimizing the performance of our existing fleet as we continue to see the positive impact in lift in our wholesale and direct channels in locations where a YETI retail store anchors the market. I fully expect future store expansion to be part of YETI's complementary go-to-market.

在零售方面，我們於 6 月初開設了第 27 家門市，並計劃下週開設第 28 家門市，這將是我們今年開設的最後一家門市。我們對我們的長期零售潛力仍然感到非常興奮。正如我之前所分享的，我們近期有意放慢新店開幕的速度。我們的重點是優化現有車隊的性能，因為我們繼續看到在 YETI 零售店佔據市場中心的地區，我們的批發和直銷管道的提升產生積極影響。我完全相信未來的門市擴張將成為 YETI 互補的行銷策略的一部分。

Next, I want to switch gears and talk about one of our highest near-term priorities, which is the transformation of our global supply chain. This year, I've had the opportunity to visit all of our key suppliers across Southeast Asia either factories and witnessed firsthand the incredible progress being made. I was fired up by the momentum on the ground and a clear commitment from our partners to support this critical transition.

接下來，我想換個話題，談談我們近期的首要任務之一，那就是全球供應鏈的轉型。今年，我有機會參觀了我們在東南亞的所有主要供應商和工廠，並親眼目睹了所取得的令人難以置信的進步。我對當前的勢頭以及我們的合作夥伴支持這一關鍵轉型的明確承諾感到振奮。

I'm pleased to report that we remain firmly on track with our accelerated diversification strategy. We continue to expect that by year-end, on a go-forward basis, less than 5% of our total cost of goods sold will be exposed to US tariffs on goods sourced from China. Importantly, we will have our multi-country sourcing strategy fully in place. This is a testament to outstanding vision and execution by our product and supply chain teams. They are some of the best in the business, and I could not be more proud of the impact they are having on YETI.

我很高興地報告，我們將繼續堅定地推動我們的加速多元化策略。我們繼續預計，到今年年底，從未來來看，我們銷售商品總成本中將只有不到 5% 受到美國對中國商品徵收關稅的影響。重要的是，我們將全面實施多國採購策略。這證明了我們的產品和供應鏈團隊的傑出遠見和執行力。他們是業內最優秀的人才之一，我對他們對 YETI 的影響感到無比自豪。

This positions us exceptionally well to enter 2026 with a more resilient, agile and diversified supply base. One that enhances our ability to scale globally while mitigating geopolitical and operational risk. Amid a dynamic environment, our fortress balance sheet and healthy free cash flow continue to support investments in growth and innovation, while also advancing our capital allocation priorities, including share repurchases.

這使我們處於非常有利的地位，可以在 2026 年擁有更具彈性、更靈活和更多樣化的供應基礎。它增強了我們在全球範圍內擴展的能力，同時降低了地緣政治和營運風險。在動態的環境中，我們穩健的資產負債表和健康的自由現金流繼續支持對成長和創新的投資，同時也推動我們的資本配置優先事項，包括股票回購。

Mike will provide a further update on capital allocation in his prepared remarks. As it relates to our full year 2025 outlook, we are modestly adjusting our top line expectations to reflect a slightly more prolonged recovery in the drinkware market in the US. At the same time, we're raising our EPS outlook, thanks to our operating discipline and tariff relief on the China sourced goods, partially offset by new tariffs elsewhere.

麥克將在其準備好的發言中提供有關資本配置的進一步更新。因為這與我們對 2025 年全年的展望有關，我們正在適度調整我們的營收預期，以反映美國飲具市場略微更長的復甦時間。同時，由於我們的經營紀律和對中國產商品的關稅減免（部分被其他地方的新關稅所抵消），我們提高了每股收益預期。

Given the unprecedented tariff uncertainty and shifting macroeconomic landscape since we announced a targeted late 2025 Investor Day, we've made the strategic decision to move our Investor Day to the first half of next year. This timing importantly, will allow us to showcase the full impact of innovation acceleration in our broadening product pipeline, the capabilities of our diversified and resilient supply chain, and provide a clear view of our long-term growth and margin expansion initiatives. Looking ahead, with breakthrough innovation, surging brand momentum and a world of global opportunity in front of us, we have a great setup, redefining what's possible for YETI.

鑑於自我們宣布計劃於 2025 年底舉行投資者日以來前所未有的關稅不確定性和不斷變化的宏觀經濟格局，我們做出了將投資者日移至明年上半年的戰略決策。重要的是，這個時機將使我們能夠展示創新加速對我們不斷拓寬的產品線、多元化和有彈性的供應鏈的能力的全面影響，並清楚地展示我們的長期增長和利潤率擴大計劃。展望未來，憑藉突破性的創新、強勁的品牌勢頭和擺在我們面前的全球機遇，我們擁有良好的基礎，可以重新定義 YETI 的可能性。

Summarizing my thoughts a bit here. I recognize that ups and downs can be part of any great brand and growth story, and some innings are tougher than others, but all great franchises string together wins season after season. While I like our track record, the opportunity in front of our team is even greater. I remain highly confident in our strategy, direction of travel, and that this team will deliver on YETI's potential.

這裡稍微總結一下我的想法。我意識到，任何偉大的品牌和成長故事都會經歷起起落落，有些階段會比其他階段更艱難，但所有偉大的球隊都會在一個又一個賽季中連續獲勝。雖然我喜歡我們的過往記錄，但我們的團隊面前有更大的機會。我對我們的策略、前進方向以及這個團隊將發揮 YETI 的潛力充滿信心。

To emphasize the point, the strength of our brand is a key differentiator, resonating deeply with a growing base of loyal customers around the world. We're in the early phase of realizing the impact of product expansion and a significant global opportunity providing substantial runway for growth.

為了強調這一點，我們品牌的實力是一個關鍵的區別因素，與世界各地日益增長的忠實客戶群產生了深刻的共鳴。我們正處於實現產品擴展的影響和為成長提供巨大跑道的重大全球機會的早期階段。

We have built a tested, proven, and resilient business model. I want to thank our YETI team for their passion and unwavering commitment to our brand and long-term vision. We're well positioned to continue to break norms and reset expectations of what a product should be and what a brand can be. With that, I'll now turn the call over to Mike.

我們已經建立了經過測試、證明且具彈性的商業模式。我要感謝我們的 YETI 團隊對我們的品牌和長期願景的熱情和堅定不移的承諾。我們已做好準備，繼續打破常規，重新設定人們對產品和品牌的期望。說完這些，我現在將電話轉給麥克。

Thanks, Matt, and good morning, everyone. Let me start by reviewing our performance for the second quarter of 2025, after which I'll discuss our revised full year outlook before opening the floor for questions. As a reminder, all results presented on today's call will be on a non-GAAP basis to better focus on the operating performance of the business during the quarter.

謝謝，馬特，大家早安。首先，我回顧我們 2025 年第二季的業績，然後我將討論我們修訂後的全年展望，然後再開始提問。提醒一下，今天電話會議上呈現的所有結果都將以非公認會計準則為基礎，以便更好地關注本季度的業務經營業績。

In the second quarter, sales decreased 4% to $445.9 million, which was slightly below our expectations. As Matt mentioned, this was due to more cautious spending from both consumers and our retail partners. At the product category level, Drinkware sales declined 4% to $236.4 million. The US drink wear market remained challenging, reflecting a more promotional environment compounded by temporary inventory constraints stemming from our ongoing supply chain transition, but we continue to be pleased with how our new products are performing.

第二季度，銷售額下降 4% 至 4.459 億美元，略低於我們的預期。正如馬特所提到的，這是由於消費者和我們的零售合作夥伴的支出更加謹慎。在產品類別層面，飲具銷售額下降 4% 至 2.364 億美元。美國飲料服裝市場仍然充滿挑戰，反映出促銷環境更加激烈，加上我們正在進行的供應鏈轉型導致的暫時庫存限制，但我們對新產品的表現仍然感到滿意。

Coolers and equipment sales decreased 3% to $200.6 million in the second quarter. We saw continued growth in hard coolers, offset by a decline in soft coolers. Our bags business gained further traction as we expanded our product lineup and capitalize on the significant opportunities within the bags and packs market. As Matt mentioned, we expect our business in the coolers and equipment category to improve meaningfully in the back half of the year, driven by our innovation and improved inventory availability.

第二季冷卻器和設備銷售額下降 3% 至 2.006 億美元。我們看到硬冷卻器銷量持續成長，但軟冷卻器銷量卻下降。隨著我們擴大產品陣容並抓住箱包市場的巨大機遇，我們的箱包業務獲得了進一步的發展。正如馬特所提到的，我們預計，在創新和庫存可用性提高的推動下，我們的冷卻器和設備類別的業務將在下半年取得顯著改善。

Turning to our performance by channel. Direct-to-consumer sales decreased 1% to $248.6 million, accounting for approximately 56% of total sales during the second quarter. Our Amazon marketplace remains strong, both in the US and internationally as we leverage our omnichannel model and supported it with a strategic allocation of marketing dollars.

談談我們按管道的表現。直接面向消費者的銷售額下降 1% 至 2.486 億美元，約佔第二季總銷售額的 56%。由於我們利用全通路模式並透過策略性地分配行銷資金來支持它，我們的亞馬遜市場在美國和國際上都保持強勁。

Corporate sales also remained robust in the US with momentum building internationally following the recent global rollout of customization and as we add strategic partnerships around the world. Strong performance in these direct-to-consumer channels was offset by softer US e-commerce demand. We saw lower-than-expected conversion on yeti.com, which offset both higher average order value and higher traffic year-over-year.

隨著我們最近在全球推出客製化服務以及在世界各地建立策略合作夥伴關係，企業銷售在美國也保持強勁，國際銷售勢頭強勁。這些直接面向消費者的管道的強勁表現被美國電子商務需求的疲軟所抵消。我們發現 yeti.com 的轉換率低於預期，抵消了同比較高的平均訂單價值和較高的流量。

In the wholesale channel, sales were $197.3 million, decreasing 7% compared to the prior-year quarter with declines in both the US and in our international regions. The year-over-year decline within our wholesale channels outside the US was driven by ordering patterns by some of our retail partners, which I will discuss in more detail during my comments on our international business.

在批發通路，銷售額為 1.973 億美元，與去年同期相比下降 7%，美國和國際地區均下滑。我們在美國以外批發通路的同比下滑是由於我們的一些零售合作夥伴的訂購模式所致，我將在評論我們的國際業務時更詳細地討論這一點。

In our US wholesale channel, the primary driver of the year-over-year decline was Drinkware, reflective of the highly promotional overall market and an increased level of caution from consumers and our retail partners. We believe this is a transitory issue indicative of macroeconomic headwinds. Our strategy to broaden our wholesale channel and drive engagement with a wide range of consumers across markets, pursuits and demographics remains unchanged.

在我們的美國批發通路中，飲具是較去年同期下降的主要驅動因素，這反映了整體市場的高度促銷以及消費者和零售合作夥伴的謹慎程度的提高。我們認為這是一個暫時性問題，顯示宏觀經濟面臨逆風。我們的策略保持不變，即拓寬批發管道，推動與不同市場、不同追求和不同人口統計群體的廣大消費者的互動。

Finally, sell-through growth outpaced sell-in growth in the US in Q2, and our overall channel inventory levels remain healthy, giving us confidence in our back half expectations.

最後，第二季美國的銷售成長超過了銷售成長，我們的整體通路庫存水準保持健康，這使我們對下半年的預期充滿信心。

Moving to our international business. Sales outside the US grew 2% to $78.1 million, representing approximately 18% of total sales in the second quarter of this year. Europe continues to lead our international performance with another quarter of strong growth year-over-year. Our efforts to build brand awareness, expand distribution, and scale our omnichannel model in Europe are gaining traction.

轉向我們的國際業務。美國以外地區的銷售額成長 2%，達到 7,810 萬美元，約佔今年第二季總銷售額的 18%。歐洲持續引領我們的國際業績，本季較去年同期再創強勁成長。我們在歐洲建立品牌知名度、擴大分銷和擴展全通路模式的努力正在取得進展。

Also, as Matt mentioned, our expansion in Japan during the second quarter marks an exciting step in the Asia Pacific region, and we are very optimistic about the growth opportunity we see in this market.

此外，正如馬特所提到的，我們第二季在日本的擴張標誌著我們在亞太地區邁出了令人興奮的一步，我們對這個市場的成長機會非常樂觀。

Within our international markets, direct-to-consumer sales remained strong. However, our international wholesale channels, primarily in Australia and Canada were more challenged from a sell-in perspective. We believe this is a one-quarter dynamic that was driven by inventory balancing and overall caution by our wholesale partners in these two regions.

在我們的國際市場中，直接面向消費者的銷售依然強勁。然而，我們的國際批發管道（主要在澳洲和加拿大）從銷售角度來看面臨的挑戰更大。我們認為，這是一個季度的動態，是由庫存平衡和這兩個地區的批發合作夥伴的整體謹慎所驅動的。

Sell-through in both Australia and Canada continues to be very strong, which gives us the confidence to hold our international sales outlook for the year. We will continue to extend YETI's presence and reach as we expand with both new and existing retailers outside the US.

澳洲和加拿大的銷售持續強勁，這使我們有信心維持今年的國際銷售前景。隨著我們與美國境外的新舊零售商的合作不斷擴大，我們將繼續擴大 YETI 的影響力和覆蓋範圍。

Now moving down the P&L. Adjusted gross profit decreased 4% to $257.6 million or 57.8% of adjusted sales compared to 57.7% of adjusted sales in the second quarter of last year. This 10-basis-point increase was driven by product cost optimization and selective price increases, offset by approximately 180 basis points of impact from higher tariffs. That said, relative to our most recent guidance, tariff costs came in lower than expected primarily due to the reduction in tariff rates for products sourced from China from 145% to 30% that was announced on May 12.

現在向下移動損益表。調整後毛利下降 4% 至 2.576 億美元，佔調整後銷售額的 57.8%，而去年第二季調整後銷售額的 57.7%。這 10 個基點的成長是由產品成本優化和選擇性漲價推動的，但被關稅上調帶來的約 180 個基點的影響所抵消。儘管如此，相對於我們最近的指導，關稅成本低於預期，主要是因為 5 月 12 日宣布將來自中國的產品的關稅稅率從 145% 降至 30%。

Adjusted SG&A expenses in the second quarter were $184.4 million, a decline of $3.1 million or 2% versus the prior-year period. As a percent of adjusted sales, adjusted SG&A expenses were 41.3% versus 40.5% in the prior-year period. We continue to manage our operating expenses tightly while also making strategic investments to drive future growth. On an adjusted basis, operating income decreased 9% to $73.2 million or 16.4% of sales and net income decreased 7% to $55.2 million.

第二季調整後的銷售、一般及行政費用為 1.844 億美元，較去年同期下降 310 萬美元，降幅為 2%。調整後的銷售、一般及行政費用佔調整後銷售額的百分比為 41.3%，去年同期為 40.5%。我們繼續嚴格管理營運費用，同時進行策略性投資以推動未來成長。經調整後，營業收入下降 9% 至 7,320 萬美元，佔銷售額的 16.4%，淨收入下降 7% 至 5,520 萬美元。

Adjusted net income per share decreased 6% to $0.66 versus $0.70 in the prior-year period. Our EPS this quarter includes a $0.07 net impact from higher tariff costs. Turning to our balance sheet. We ended the second quarter with $269.7 million in cash as compared to $212.9 million in the second quarter of 2024.

調整後每股淨收益下降 6% 至 0.66 美元，去年同期為 0.70 美元。本季我們的每股盈餘包括更高關稅成本帶來的 0.07 美元淨影響。轉向我們的資產負債表。我們第二季末的現金為 2.697 億美元，而 2024 年第二季為 2.129 億美元。

During the second quarter, we repurchased 745,000 shares of YETI's common stock on the open market for $23 million under our current $450 million share repurchase authorization. This is part of an overall plan to repurchase approximately $200 million worth of shares during fiscal 2025. In addition, we continue to deploy capital strategically to strengthen our innovation capabilities. This includes both investing internally and acquiring technology and design expertise. We believe that acquisitions such as the one we are announcing today along with what you all have seen us do with acquisitions in the bags, cookware and power cooler categories are great examples of targeted investments that will enable us to build long-term value.

在第二季度，我們根據目前的 4.5 億美元股票回購授權，在公開市場上以 2,300 萬美元的價格回購了 745,000 股 YETI 普通股。這是 2025 財年回購價值約 2 億美元股票的整體計畫的一部分。此外，我們繼續策略性地部署資本，以增強我們的創新能力。這包括內部投資和獲取技術和設計專業知識。我們相信，我們今天宣布的收購以及大家看到的我們在箱包、炊具和電冰箱類別中的收購都是有針對性的投資的很好的例子，這些投資將使我們能夠創造長期價值。

Total debt, excluding finance leases and unamortized deferred financing fees was $75.9 million compared to $80.2 million at the end of last year's second quarter. From a total liquidity standpoint, we ended Q2 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 7,590 萬美元，而去年第二季末的總債務為 8,020 萬美元。從整體流動性的角度來看，我們在第二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。

Inventory decreased 10% year-over-year to $342.1 million, reflecting strategic management of our inventory purchases during the quarter.

庫存年減 10% 至 3.421 億美元，反映了我們本季對庫存採購的策略管理。

Turning to our updated fiscal 2025 outlook. We now expect full year sales to be flat to up 2% as compared to fiscal 2024 adjusted net sales. Consistent with last quarter, we expect inventory supply disruption in connection with our supply chain diversification efforts to have an approximately 300-basis-point impact on our growth this year. The primary driver of the change in our top line outlook is the performance of our Drinkware business in the US. We now anticipate our total Drinkware business to be in a range of flat to down low single digits in fiscal 2025 versus the prior year.

轉向我們最新的 2025 財年展望。我們現在預計全年銷售額將與 2024 財年調整後的淨銷售額持平或成長 2%。與上一季一致，我們預計與我們的供應鏈多元化努力相關的庫存供應中斷將對我們今年的成長產生約 300 個基點的影響。我們營業收入前景變化的主要驅動因素是我們在美國的飲具業務的表現。我們現在預計，到 2025 財年，我們的飲具業務總量將與前一年相比保持持平或下降個位數。

From a channel perspective, we still expect our wholesale and DTC channels to grow in line with each other this year. And geographically, we are holding our outlook for our international business to grow between 15% and 20% in fiscal 2025. As I stated earlier, the growth dynamics that we saw in Q2 were largely due to timing within our international wholesale channel. We expect the strong consumer demand trends that we saw outside the US in Q2 to continue and to drive overall growth in the back half of the year.

從通路角度來看，我們仍然預期今年我們的批發和DTC通路將同步成長。從地理上看，我們預計 2025 財年我們的國際業務將成長 15% 至 20%。正如我之前所說，我們在第二季度看到的成長動力很大程度上歸功於我們的國際批發管道的時機。我們預計，第二季度美國以外地區強勁的消費需求趨勢將持續下去，並推動下半年的整體成長。

Within the US, we expect our business to be down low-single digits this year due primarily to the dynamics we have discussed in the Drinkware category. As it relates to phasing for the remainder of the year, for Q3, we anticipate that total sales will be in a range of flat to slightly positive versus last year with a decrease in Drinkware balanced by growth in coolers and equipment. We are encouraged by the momentum we saw exiting Q2 and what we have seen quarter-to-date in Q3.

在美國，我們預計今年我們的業務將下降個位數，這主要是由於我們在飲具類別中討論過的動態。就今年剩餘時間的分階段而言，我們預計第三季的總銷售額將與去年相比持平或略有成長，飲具銷售額的下降將與冷卻器和設備銷售額的成長相平衡。我們對第二季末的勢頭以及第三季迄今的表現感到鼓舞。

Geographically, we expect US sales in Q3 to decline relatively in line with what we saw in Q2. Looking ahead to Q4, we expect a slight step up in total growth with growth across both our Drinkware and coolers and equipment categories. When we look at the pipeline of new products that we have slated for release later this year, it gives us the confidence that Drinkware can return to growth in Q4.

從地理位置來看，我們預計第三季美國銷售額將與第二季的銷售額相對下降。展望第四季度，我們預計整體成長將略有提升，飲具、冷卻器和設備類別都將成長。當我們回顧我們計劃於今年稍後發布的新產品時，我們有信心 Drinkware 能夠在第四季度恢復成長。

We are now projecting gross margins for the year to be between 56.5% and 57%, which is an increase of 200 to 250 basis points as compared to our prior fiscal 2025 guidance. This improvement is due to changes in tariff rates since our last update as well as our ability to drive cost efficiencies while undergoing a significant transformation of our supply chain.

我們現在預測今年的毛利率將在 56.5% 至 57% 之間，與我們先前 2025 財年的指引相比增加 200 至 250 個基點。這項改善是由於我們上次更新以來關稅稅率的變化，以及我們在經歷供應鏈重大轉型的同時提高成本效率的能力。

Trade policy discussions are ongoing, and the ultimate outcome regarding tariff rates remains unknown. In our guidance, we are currently assuming that the latest tariff rates, as announced remain through the end of the year, including a total 30% rate on goods from China and an approximately 20% rate on goods from other regions.

貿易政策討論仍在進行中，有關關稅稅率的最終結果仍不得而知。在我們的指導中，我們目前假設最新宣布的關稅稅率將維持到今年年底，其中對來自中國的商品徵收總稅率 30%，對來自其他地區的商品徵收約 20% 的稅率。

Collectively, the net tariff costs included in this outlook is approximately $40 million or 220 basis points as a percent of adjusted sales. From a phasing perspective, we continue to expect the year-over-year impact of tariffs to grow progressively throughout the year. We now expect operating expense growth of between 2% and 4% versus the prior year. This reflects the impact of ongoing investment in our growth initiatives, partially offset by continued cost optimization.

整體而言，本展望中包含的淨關稅成本約為 4,000 萬美元，佔調整後銷售額的 220 個基點。從分階段的角度來看，我們仍然預期關稅的年比影響將在全年逐步成長。我們現在預計營業費用將比上年增長 2% 至 4%。這反映了我們對成長計劃的持續投資的影響，但部分被持續的成本優化所抵消。

We now expect operating income for the full year to be between 14% and 14.5% of adjusted sales, including a net impact of approximately 220 basis points from higher tariff costs versus the prior year. We expect a year-over-year decline in operating income percent to be relatively consistent in Q3 and Q4. Below the operating line, we expect an effective tax rate of approximately 25.5%, slightly better than our prior guidance.

我們現在預計全年營業收入將佔調整後銷售額的 14% 至 14.5%，其中包括與上年相比關稅成本上漲約 220 個基點的淨影響。我們預計第三季和第四季的營業收入將年減百分比相對一致。在營業線以下，我們預期有效稅率約為 25.5%，略好於我們先前的預期。

We now expect full year 2025 diluted shares outstanding of approximately $82 million, which reflects the impact of $200 million of stock repurchases anticipated through this fiscal year-end. We now expect adjusted earnings per diluted share of between $2.34 and $2.48 as compared to $1.96 to $2.02 in our prior outlook. The increase in our EPS outlook reflects the lower tariff rate on China sourced goods, partially offset by increased tariffs on imports from other regions since our last update. And our updated guidance includes close to a $0.40 net unfavorable impact from higher tariff costs versus the prior year.

我們現在預計 2025 年全年稀釋流通股數約為 8,200 萬美元，這反映了預計到本財年末的 2 億美元股票回購的影響。我們現在預計調整後每股攤薄收益在 2.34 美元至 2.48 美元之間，而我們先前的預測為 1.96 美元至 2.02 美元。我們的每股盈餘預期上調反映了中國產商品關稅稅率的降低，但自我們上次更新以來，其他地區進口商品關稅的上調部分抵消了這一影響。我們的最新指引包括與前一年相比關稅成本上升帶來的近 0.40 美元的淨不利影響。

Our capital expenditures for the year are now projected to be approximately $50 million, down from an earlier estimate of $60 million. This reduction mainly reflects a shift in accounting treatment for capital investments in our Memphis distribution center, which will now be recorded under cash flows from financing activities rather than investing activities.

我們今年的資本支出預計約為 5,000 萬美元，低於先前估計的 6,000 萬美元。這一減少主要反映了我們孟菲斯配送中心資本投資會計處理的轉變，現在將記錄在融資活動而非投資活動的現金流下。

It's important to note that this year's capital spending remains focused on advancing our technology, launching innovative products, and strengthening our supply chain. We now expect free cash flow of between $150 million and $200 million in 2025 versus our prior outlook of approximately $100 million to $125 million. As it relates to year-end inventory, we continue to expect a decline year-over-year. As we move through the second half, we will maintain flexibility to increase our inventory based on our assessment of the market conditions.

值得注意的是，今年的資本支出仍集中在推動我們的技術、推出創新產品和加強我們的供應鏈。我們現在預計 2025 年的自由現金流將在 1.5 億美元至 2 億美元之間，而我們先前的預測約為 1 億美元至 1.25 億美元。就年終庫存而言，我們預計庫存仍將年減。隨著下半年的到來，我們將根據對市場狀況的評估，靈活地增加庫存。

In closing, as we navigate the current landscape of tariff volatility and heightened consumer caution, our determination to deliver on our strategic priorities remains unwavering. Each of our decisions is rooted in a relentless drive to invest in transformative growth initiatives and bolster our supply chain resilience, all while maintaining control over costs and effective capital deployment. With this disciplined approach, we are confident in our ability to achieve long-term sustainable growth and to unlock value for our shareholders.

最後，儘管我們面臨當前關稅波動和消費者謹慎情緒增強的局面，但我們實現策略重點的決心依然堅定不移。我們的每一個決定都植根於對變革性成長計畫進行投資和增強供應鏈彈性的不懈努力，同時保持對成本的控制和有效的資本部署。透過這種嚴謹的方法，我們有信心實現長期可持續成長並為股東創造價值。

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

現在，我將把電話轉給接線員來回答你們的問題。

(Operator Instructions) Phillip Blee, William Blair.

（操作員指示）菲利普·布萊、威廉·布萊爾。

Hey, guys, good morning. Thanks for the question. Can you just talk about your expectations between volume and price in the second half of the year after some of these price increases that you rolled through in April? And just maybe speak to your confidence in the implied acceleration or level of conservatism potentially embedded in versus the alternative of a more significant cut to your top line guide and giving yourself kind of plenty of wiggle room here? Thanks.

嘿，大家早安。謝謝你的提問。在四月實施了部分價格上調之後，您能否談談對下半年銷售和價格的預期？也許只是說說您對隱含的加速或保守程度的信心，而不是大幅削減您的頂線指南並在這裡給自己留出足夠的迴旋餘地？謝謝。

Hey, Philip, good morning. Thank you for the question. So I would say from a price and volume perspective, the pricing actions that we took in early April, which we talked about were relatively minor. It was on a small portion of our product portfolio, and it was not a significant lift in average price.

嘿，菲利普，早安。謝謝你的提問。因此，我想說，從價格和數量的角度來看，我們在 4 月初採取的定價行動相對較小。它只占我們產品組合的一小部分，而且對平均價格的提升並不顯著。

So -- the impact we talked about to our gross margins was -- in Q2 was around 70 bps. You send that through the year and assume it's over over three quarters of the year. It's not a significant move. So I would say it's more volume than price.

因此，我們談到的對毛利率的影響是——第二季約為 70 個基點。你將其發送到全年並假設它已經過了一年的四分之三。這不是一個重大舉措。所以我想說數量比價格重要。

In terms of our expectations for the year, if you look at some of the things we talked about in Q2 and some of the dynamics in Q2 and how that projects out for the end of the year. One, international, we -- while Q2 came in at just 2% growth, we held our outlook for the year. When we looked at the opportunity in Europe, the growth in Europe, the fact that international DTC continued to grow well, that overall consumer demand, including wholesale sell-through remains strong.

就我們對今年的預期而言，如果你看一下我們在第二季度討論的一些事情以及第二季度的一些動態以及對年底的預測。首先，在國際方面，儘管第二季的成長率僅為 2%，但我們對今年的前景保持了不變。當我們看到歐洲的機會、歐洲的成長、國際 DTC 持續良好成長的事實以及包括批發銷售在內的整體消費者需求仍然強勁時。

Really Q2 came down like we talked about, just order timing and a little bit of caution from some of our wholesale partners in Australia and Canada. So we still feel really good about the year for our overall international business, which is what led to us holding our guide.

實際上，第二季度的情況正如我們所談論的那樣，只是訂單時間以及來自澳大利亞和加拿大的一些批發合作夥伴的一點謹慎。因此，我們對今年的整體國際業務仍然感到非常滿意，這也是我們制定指南的原因。

Second, C&E, when we look at our opportunity in hard coolers, the momentum that our bags business has with innovation, what's happening with Camino, like we feel like bags will give us an opportunity to really continue to return back to growth in C&E in the second half?

其次，C&E，當我們看看硬冷藏箱領域的機會，我們的箱包業務在創新方面的勢頭，Camino 的情況如何，我們覺得箱包會給我們一個機會，讓我們在下半年真正繼續恢復 C&E 的成長？

And then lastly, Drinkware, while the US market is taking a little bit longer to recover than we had expected, we do have the innovation we have planned plus the innovation we've come out with recently. When you look at -- we'll start to comp some of the dynamics that we've talked about in the US drinkware market where you've got a portion of our portfolio that seems -- that started to come under pressure last Q4, we'll start to comp that in Q4, and we believe that will allow us to to get back to growth in Drinkware in Q4. So you pull all that together, and that's what gave us confidence to issue the outlook that we did this morning.

最後，關於飲具，雖然美國市場的復甦時間比我們預期的要長一些，但我們確實有計劃的創新以及最近推出的創新。當您看到 - 我們將開始比較我們在美國飲具市場中討論過的一些動態，我們的部分投資組合似乎 - 在去年第四季度開始面臨壓力，我們將在第四季度開始比較，我們相信這將使我們在第四季度恢復飲具的增長。所以，把所有這些綜合起來，我們就有信心發布今天上午的展望。

Okay. Great. That's super helpful. And then just on the Camino totes, I mean, obviously, it's gone a bit viral and social media has been sold out. Can you talk about your ability to chase into inventory here to capture some of this demand? And then maybe give some color on the current size of your bags revenue within C&E category and then how this kind of recent influx of traffic and demand is informing your plans for further innovation in the category? Thank you, guys.

好的。偉大的。這非常有幫助。然後就 Camino 手提包而言，我的意思是，顯然它已經有點流行了，社交媒體已經售罄。您能否談談您在這裡追逐庫存以滿足部分需求的能力？然後，能否介紹一下目前 C&E 類別中箱包收入的規模，以及最近的客流量和需求激增如何為您在該類別的進一步創新計劃提供參考？謝謝你們。

Good morning, Phil. Thanks for the question. We've been -- and you've been around the story for a while. We've been incredibly excited about our bags business and the bags potential. And I think Caminos while it's been a product we've had since 2018, it's been a standout for us in our portfolio and the recent interest in it, I think further emphasizes that.

早上好，菲爾。謝謝你的提問。我們——你也已經關注這個故事有一段時間了。我們對我們的箱包業務和箱包潛力感到無比興奮。我認為 Caminos 雖然是我們自 2018 年以來就擁有的產品，但它在我們的產品組合中一直很突出，而且最近人們對它的興趣進一步強調了這一點。

So we're incredibly excited and bullish on the emergence and the continued growth -- accelerated growth we're seeing in our bags portfolio and the potential to expand it in the global relevance in a really large marketplace. So we're going to continue to lean into bags. We continue to make investments in team and talent. We continue to make investments in capabilities. And I think you're going to see that read through in the product portfolio expansion we have there.

因此，我們對於箱包產品的出現和持續成長感到非常興奮和樂觀——我們看到我們的箱包產品組合正在加速成長，並且有潛力在一個真正龐大的市場中擴大其全球影響力。所以我們將繼續依賴袋子。我們持續對團隊和人才進行投資。我們將繼續對能力進行投資。我認為您將在我們的產品組合擴充中看到這一點。

So we'll -- as it relates to Camino in the near term, obviously, we have an incredibly talented supply chain and an operations team, great partners. We're working to optimize the opportunity in 2025. But really, what we're trying to do is drive sustainable long-term growth and the continued emergence of bags as a really important portion, not only of our C&E but really overall an important part of YETI.

因此，就短期內與 Camino 相關而言，顯然，我們擁有非常有才華的供應鏈和營運團隊以及優秀的合作夥伴。我們正在努力優化 2025 年的機會。但實際上，我們正​​在努力推動可持續的長期成長，並讓包包繼續成為一個真正重要的部分，不僅是我們 C&E 的重要組成部分，而且是 YETI 的重要組成部分。

So we'll keep growing the Camino as you know it today. As I mentioned on the call, we're going to continue to innovate around the Camino, but really as part of our overall bag strategy, which is going to touch every day, pursuit-specific travel, waterproof. So we're really -- we're excited about what's happening around bags.

因此，我們將繼續發展你們今天所知道的 Camino。正如我在電話中提到的，我們將繼續圍繞 Camino 進行創新，但實際上作為我們整體包款策略的一部分，它將涉及日常、特定追求的旅行和防水。所以我們真的——我們對圍繞袋子發生的事情感到非常興奮。

Excellent. Very helpful. Thank you, guys. That's a lot.

出色的。非常有幫助。謝謝你們。那太多了。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our question. Matt, given the success of some of the recent innovation launches, I'd love to get your perspective on the opportunity for these items to scale to the same degree that they could potentially offset lower productivity levels in some of your core?

早安，感謝您回答我們的問題。馬特，鑑於最近推出的一些創新產品取得了成功，我很想听聽您對這些產品是否有機會擴大到相同的程度，從而有可能抵消一些核心產品的生產力水平較低這一問題的看法？

And then for Mike, a follow-up question on the US Drinkware business. Can you provide any color on the level of pressure that the supply chain transition is having on this year's ability to scale new innovation and the magnitude of that potential opportunity as you move into 2026? Maybe said another way, when do you expect the US Drinkware business to inflect back to sustainable growth?

然後，對於麥克，請問一個關於美國飲具業務的後續問題。您能否說明供應鏈轉型對今年擴大新創新能力的壓力程度，以及進入 2026 年時潛在機會的規模？換句話說，您預期美國飲具業務何時能夠恢復永續成長？

Thanks, Brooke. Great question. Here's what I would say. I think that the innovation that we're putting out today is as strong as it's ever been for YETI and it's in a much greater assortment, magnitude, which we think yields incredible forward opportunity for the business. This is an interesting year where we -- our pace of innovation, our expansion of innovation has been at its highest level. But as we talked about in your question that Michael addressed around the inventory constraints and the supply chain transformations had a little bit of an impact on that.

謝謝，布魯克。好問題。我想說的是：我認為我們今天推出的創新與 YETI 以往任何時候一樣強大，而且種類和規模都更加豐富，我們認為這為業務帶來了難以置信的未來機會。這是有趣的一年，我們的創新步伐、創新擴展都達到了最高水準。但正如我們在您的問題中提到的那樣，邁克爾談到了庫存限制，而供應鏈轉型對此有一點影響。

I think, as we think about the expectation from our innovation is, our innovation should deliver two things: the continued relevant diversification of our product portfolio, and it should drive forward growth. And that's the expectation we have of all of our innovation.

我認為，當我們思考對創新的期望時，我們的創新應該實現兩件事：我們產品組合的持續相關多樣化，以及推動未來的成長。這正是我們對所有創新的期望。

And so when you think about some of our long-standing legacy products, we talk about the dynamic that's happening in Drinkware right now, below the surface, we're seeing what we want to see, which is the traction of our innovation. It hasn't, as we'll talk about in the Drinkware category, it hasn't yet comped against the drag of the market correction that we've seen in Drinkware, but that's what our forward look and some of the commentary we had today gives us confidence on where we're going.

因此，當您想到我們的一些長期傳承的產品時，我們會談論飲具目前正在發生的動態，在表面之下，我們看到了我們想要看到的東西，這就是我們創新的動力。正如我們在飲具類別中討論的那樣，它還沒有與我們在飲具中看到的市場調整的阻力相抗衡，但這就是我們的前瞻性，我們今天的一些評論讓我們對我們的發展方向充滿信心。

And then when you step back, you look at what's happening in drinkware and the expansion and the growth opportunity that we're seeing with our innovation, you put on top of that the incredible range of innovation we're bringing into our soft coolers, I mentioned our day trip line, the expansion of our hard coolers the broad expansion and really untapped opportunity that we have in bags and packs and beyond. It gives us a lot of confidence underneath this brand umbrella of YETI that we continue to invest in and continues to show incredible strength.

然後，當你退一步看，你會看到飲具領域正在發生的事情，以及我們透過創新看到的擴張和成長機會，除此之外，你還會看到我們為軟冷卻器帶來的令人難以置信的創新範圍，我提到了我們的一日遊系列，我們硬冷卻器的擴展，我們在包袋、背包和其他領域的廣泛擴展和尚未開發的機會。這讓我們對 YETI 這個品牌充滿信心，我們會繼續投資，並繼續展現出令人難以置信的實力。

And Brett, just to your second question. So we mentioned today that the 300 basis points of top line impact due to supply that we talked about last quarter was still in essentially in our guidance for the year, still having an impact for the year. That's impacting some of our existing products, but it's also having an impact on some of our new products. We've had to shift out the launch of some new products. We're going to be limited in supply in several new products in Drinkware.

布雷特，我只想回答你的第二個問題。因此，我們今天提到，上個季度我們談到的由於供應而導致的 300 個基點的營收影響基本上仍然在我們的年度指導範圍內，並且仍然會對全年產生影響。這不僅影響了我們的一些現有產品，也影響了我們的一些新產品。我們不得不推遲一些新產品的發布。我們將限制飲具中幾款新產品的供應。

And the bulk of that 300 basis points is in Drinkware. We've also, for the first time, going to be launching some products outside the US first and exclusively, which is something we've never done before. And as Matt said, we'll start to roll over the -- some of the dynamics that we're seeing in the US drinkware market in Q4. We'll also, we believe -- this is -- given it's such a significant transformation of our supply chain this year, we'll start to get some relief from that in -- as we get into 2026.

這 300 個基點中的大部分都投入了飲具中。我們還將首次在美國以外地區獨家推出一些產品，這是我們以前從未做過的事情。正如馬特所說，我們將開始關注第四季度美國飲具市場的一些動態。我們也相信，鑑於今年我們的供應鏈發生瞭如此重大的轉變，到 2026 年，我們將開始從中獲得一些緩解。

So when you -- without getting to specifics about when we expect that to start to get back to growth in 2026, we're confident that when you take the fact that we'll start to roll over that compare, we'll get past some of the supply chain constraints that we've talked about, the innovation that we've talked about will start to build. We're confident in what that could mean in our ability to get back to growth in US drinkware.

因此，當您 - 無需具體了解我們預計何時會在 2026 年開始恢復增長時，我們相信，當您考慮到我們將開始推翻這一比較的事實時，我們將克服我們談到的一些供應鏈限制，我們所談到的創新將開始建立。我們相信，這意味著我們有能力恢復美國飲具市場的成長。

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

偉大的。非常感謝。我會傳達的。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

I think, I heard in the commentary, both from a geographic standpoint and a product standpoint, the theme of sell-through outpacing sell-in. Is there any way to kind of get a little bit more granular on that, how much sell-through has outpaced sell-in, as I believe the inventories recorrect in the marketplace and the channel, you should obviously get reorders to pick back up. So it would be super helpful there.

我認為，我從評論中聽到，無論從地理角度還是產品角度來看，銷售量都超過了銷售量。有沒有什麼方法可以更詳細地了解這一點，有多少銷售量超過了銷售量，因為我相信市場和通路中的庫存會重新調整，你顯然應該重新訂購以回升。所以這會非常有幫助。

And then, Mike, how do we think about -- because everyone is going to start to look through to next year and beyond, you guys have done a great job of kind of staying highly profitable, high margins, had some different moving pieces, whether it's tariffs or other things impacted the numbers a little bit, is there a way that we should be thinking about maybe not quantify the gross margins, but like qualify somehow how we should be thinking about long-term gross margins from a qualitative perspective with the different moving pieces long term. So it would be very helpful to get some thoughts on the different moving pieces there and how we should be thinking about it. Thanks.

然後，麥克，我們該如何考慮——因為每個人都會開始展望明年及以後，你們在保持高利潤、高利潤率方面做得很好，有一些不同的變動因素，無論是關稅還是其他因素都對數字產生了一點影響，我們是否應該考慮一種方式，也許不能量化毛利率，而是以某種方式我們應該如何從定性的角度考慮長期變化。因此，了解其中不同的活動部分以及我們應該如何思考它會非常有幫助。謝謝。

Yeah. Thanks, Randy. Thanks for the question. So let me take the first question, sell-through versus sell-in. And let me kind of separate US from international. So in the US, we don't give too many specifics or specific numbers around sell-through. We do tend to talk about trends. And the trend that we talked about in the US in Q2 was that sell-through -- while sell-in was down, we talked about sell-through was greater than -- or outpaced sell-in.

是的。謝謝，蘭迪。謝謝你的提問。那麼讓我來回答第一個問題，即銷售通過還是銷售進入。讓我將美國和國際區分開來。因此在美國，我們不會提供太多有關銷售的具體資訊或具體數字。我們確實傾向於談論趨勢。我們在第二季度談到的美國趨勢是，雖然銷售量下降，但我們談到的銷售量大於或超過了銷售量。

And really, the color there was around the health of our inventory levels that we continue to manage wholesale inventory level as well, and -- which we believe puts us in a good spot for the second half and going forward. Outside the US, I think the main point we wanted to make there is really consumer demand overall outside the US was really strong.

實際上，這與我們的庫存水平的健康狀況有關，我們也在繼續管理批發庫存水平，我們相信這將使我們在下半年及未來處於有利地位。在美國以外，我認為我們想要表達的重點是美國以外的整體消費需求確實非常強勁。

And where the weakness was and what led to that 2% growth overall and international wholesale being down was some order timing and overall caution in two markets in Canada and Australia. But when we look at the data we have and our track channels around consumer demand in those two countries, nothing has really changed in our belief in the opportunity and our bullishness for the year, and that's what led to us holding our outlook for the year for our international business.

而導致整體成長 2% 和國際批發量下降的弱點在於加拿大和澳洲兩個市場的訂單時機和整體謹慎。但是，當我們查看所掌握的數據以及圍繞這兩個國家消費者需求的追蹤管道時，我們對今年機會的信心和樂觀態度並沒有真正改變，這也是我們維持今年國際業務展望的原因。

As we think about gross margins going forward, I mean, obviously, there's a lot moving around as it relates to tariffs. What we've got baked in our guidance for the year is essentially the latest announcements, 30% total rate for China and an approximately 20% rate for the other countries in which we source -- from which we source.

當我們考慮未來的毛利率時，我的意思是，顯然，與關稅相關的變化很多。我們今年的指導方針中已經包含了最新的公告，即中國的總稅率為 30%，而我們採購的其他國家的稅率約為 20%。

So I think, the thing that I would say is, there is still some uncertainty there. There's still some things that need to sort of become more clear. But I would say, looking forward, the opportunities that we see in gross margin are continue to work through product cost efficiencies and opportunities to drive down product costs within our supply chain, we've shown a consistent ability to do that, number one.

所以我認為，我想說的是，這裡仍然存在一些不確定性。還有一些事情需要進一步明確。但我想說，展望未來，我們在毛利率方面看到的機會將繼續透過產品成本效率和降低供應鏈內產品成本的機會來實現，我們已經展示了一貫做到這一點的能力，這是第一。

Number two, sales mix. And I think as Drinkware returns to growth, we think that will be an opportunity for us given Drinkware has a higher gross margin than the rest of our portfolio. And there are other pieces of our COGS that we believe we have an opportunity to drive efficiency. And so I think tariffs were obviously at a what we believe is a more stable point now, but it's still pretty uncertain. But we're going to focus on what we can control, which is driving efficiencies within our supply chain costs, which we've shown a pretty consistent ability to do.

第二，銷售組合。我認為，隨著 Drinkware 恢復成長，我們認為這對我們來說將是一個機會，因為 Drinkware 的毛利率高於我們投資組合中的其他產品。我們相信，我們的 COGS 的其他部分也有機會提高效率。因此，我認為關稅顯然處於我們認為現在更穩定的水平，但仍然相當不確定。但我們將專注於我們能夠控制的事情，即提高供應鏈成本的效率，我們已經展示了相當一致的能力。

Great. And just one last one for Matt. If you think about at the IPO in 2018, the way the company approached innovation and got products developing to market, let's say, in that year. Maybe give us some perspective of what you've changed from a corporate structure perspective, people perspective to change the way you're going about that innovation process and go-to-market process today versus at IPO to kind of dimensionalize? How you're able to kind of push out 30 new products a year and getting the market quickly, et cetera. Maybe per helpful to get some perspective of what's changed and what allows you to kind of get things out the door faster and more things at that?

偉大的。最後再問馬特一個問題。如果你回想一下 2018 年的 IPO，那麼可以說，那一年公司對待創新和將產品推向市場的方式。也許您可以從公司結構角度、人員角度向我們介紹您所做的改變，以改變您目前進行創新流程和上市流程的方式，而不是像 IPO 那樣進行維度化？您如何能夠每年推出 30 種新產品並迅速佔領市場等等。也許這有助於了解發生了什麼變化，以及是什麼讓您更快完成更多的事情？

Perk. Thanks, Randy, and I appreciate that question. Here's what I would say. The things that haven't changed is we have an absolute focus on bringing innovative products that represent durability, performance and design, full stop, no change there. Almost everything else has rapidly evolved or changed materially.

振作。謝謝，蘭迪，我很感謝你的提問。我想說的是：不變的是，我們絕對專注於推出代表耐用性、性能和設計的創新產品，句號，沒有任何變化。幾乎所有其他事物都已迅速發展或發生重大變化。

We went from one team working on everything to three focus teams that are focused around drinkware, the bags and soft cooler opportunity, and then many of our other hard goods coolers and otherwise. So focus teams, focused resources. We announced today the Thailand Innovation Center. We've always had incredible global teams, but now we're solidifying that investment to create, as I said in my prepared remarks, almost a 24/7 kind of innovation cycle. The sophistication we built in our supply chain, our procurement team, our sourcing ability, which I think is evidenced by the supply chain diversification and transformation that we've been under.

我們從一個負責所有事情的團隊發展為三個專注團隊，分別專注於飲具、袋子和軟冷卻器機會，然後是我們的許多其他硬質商品冷卻器和其他產品。因此要集中團隊、集中資源。我們今天宣布成立泰國創新中心。我們一直擁有出色的全球團隊，但現在我們正在鞏固這項投資，以創造一種幾乎全天候的創新週期，正如我在準備好的演講中所說的那樣。我認為，我們在供應鏈、採購團隊和採購能力方面建立的成熟度，可以從我們所經歷的供應鏈多樣化和轉型中得到證明。

So we have incredibly talented leaders. We've got focused teams. We've got robust product pipelines and I think we've significantly enhanced our capabilities. And then we're very targeted using open innovation to go out and find things that we think are additive to the overall portfolio, including the Shaker bottle designs that we acquired and announced today. So philosophically, nothing's changed. Operationally, execution-wise, I think everything has. And it's made me and my now coming on 10 years at YETI more bullish about the next 10 years.

因此，我們擁有非常有才華的領導者。我們有專注的團隊。我們擁有強大的產品線，我認為我們的能力已經顯著增強。然後，我們非常有針對性地利用開放式創新去尋找我們認為可以添加到整體產品組合中的東西，包括我們今天收購和宣布的 Shaker 瓶設計。因此從哲學上來說，什麼都沒有改變。從操作和執行角度來看，我認為一切都已經完成了。這讓我以及我在 YETI 即將度過的 10 年對未來 10 年更加充滿信心。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hi, guys, thanks for taking my quesitons. So first, just on the EBIT margins, the 220 basis points, I guess, gross and EBIT impact this year. How do we think about the recovery of that divot as we look to '26, '27. Is there any reason why you wouldn't get most or all of that back? I know you talked about some cost efficiencies on top of the tariff stuff. So just conceptually, that's my first question. And my second question is around capital allocation. Why is $200 million of buyback this year the right number? How did you arrive at that level? And then what conditions could or might cause you to do more or less?

大家好，感謝你們回答我的問題。首先，就息稅前利潤率而言，我猜今年的毛利和息稅前利潤影響為 220 個基點。當我們展望 26、27 年時，我們如何看待那塊草皮的恢復呢？有什麼原因導致您無法收回大部分或全部資金？我知道您除了關稅問題之外還談到了一些成本效益問題。從概念上來說，這是我的第一個問題。我的第二個問題是關於資本配置。為什麼今年 2 億美元的回購是正確的數字？您是如何達到這個水準的？那麼什麼情況可能會導致你做得更多或更少呢？

Hey, Peter, good morning. Thanks for the question. So while we're not giving guidance beyond '25 today, I mean we can talk in general. I would say, again, on tariffs, there's a lot that's uncertain in terms of where those rates ultimately land.

嘿，彼得，早安。謝謝你的提問。因此，雖然我們今天沒有提供 25 年後的發展指導，但我們可以進行一般性討論。我想再次強調，關於關稅，其最終稅率仍有許多不確定因素。

What we're assuming today is what has been announced. So last quarter, we felt like we could recapture much of the impact that we called out, that was at China at 145 and rest of world at 10, now where the rates are, assuming we stay at these levels, which I don't know that we have the same level of recapture we did when we talked about last quarter, given there isn't such a huge disparity between where we've been to where we're moving.

我們今天假設的就是已經宣布的內容。因此，上個季度，我們感覺我們可以重新獲得我們所呼籲的大部分影響，當時中國為 145，世界其他地區為 10，現在的利率是這樣的，假設我們保持在這些水平，我不知道我們是否具有我們在上個季度談到的相同水平的重新獲得能力，因為我們曾經去過的地方和我們正在移動的地方之間並沒有那麼大的差距。

But at the same time, we'll have to see what happens with tariffs, but I do want to continue to call out. We do have other offsets within COGS, and we're going to continue to pursue all of those offsets as well as all the mitigation strategies we have around cost. We'll continue to look at price. So I'd say it's too early to say. There's a lot moving around. But I think, again, we've shown a pretty consistent ability to drive cost out of our supply chain.

但同時，我們必須看看關稅會發生什麼，但我確實想繼續呼籲。我們確實在 COGS 中採取了其他抵銷措施，我們將繼續推行所有這些抵銷措施以及所有圍繞成本的緩解策略。我們將繼續關注價格。所以我認為現在說還太早。周圍有很多東西在移動。但我認為，我們再次展現了相當穩定地降低供應鏈成本的能力。

From a capital allocation standpoint, in terms of the $200 million, when we look at our cash flow, we were pleased today to take up our outlook up to $150 million to $200 million. I mean, I think it's -- there's a number of factors that play into it, where our cash is going to be. We want to make sure we maintain a really strong balance sheet, which we've consistently done.

從資本配置的角度來看，就 2 億美元而言，當我們查看我們的現金流時，我們今天很高興將我們的預期提高到 1.5 億至 2 億美元。我的意思是，我認為有很多因素都會影響我們的現金流向。我們希望確保維持真正強勁的資產負債表，我們一直都是這麼做的。

We want to make sure that we balance opportunities within acquisitions like the one we announced today. And when we looked at all of those factors, that's essentially how we landed at the $200 million, but we will continue to evaluate it, and we'll continue to find ways to return capital to shareholders, balance with investing back in the business.

我們希望確保在今天宣布的收購中平衡機會。當我們考慮了所有這些因素後，我們基本上確定了 2 億美元的估值，但我們會繼續對其進行評估，並繼續尋找向股東返還資本的方法，並在投資業務的同時實現平衡。

Great. Thanks Mike, makes sense on both fronts. I'll turn it over.

偉大的。謝謝麥克，兩方面都很有道理。我把它翻過來。

Thanks, Peter.

謝謝，彼得。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

This is [Alexia Morgan] on for Peter. My first question is about Drinkware. You had mentioned it getting more promotional. You gave some detail there for Q2. I was wondering if you could give some more color on what's driving that dynamic? Like is it more due to competitive promos? Or is it that demand needs stimulated by promos? And then does guidance assume that the promo environment continues in the second half?

我是 [Alexia Morgan]，為 Peter 報道。我的第一個問題是關於飲具的。您曾提到它會得到更多的宣傳。您在那裡提供了有關第二季度的一些細節。我想知道您是否可以更詳細地解釋一下推動這種動態的因素？是不是更多的是因為競爭性促銷？還是需求需要透過促銷來刺激？那麼指導是否假設促銷環境在下半年持續持續？

Alexia, yes, I'll take that. the comment about the promotional environment is a broader comment about the market. And if you were to kind of go out and see what's happening at retail or you were to go online right now and look at some of the brands out there that there's a lot more activity around pricing. And I think that is a few things.

亞歷克西亞，是的，我接受。關於促銷環境的評論是對市場的更廣泛的評論。如果你出去看看零售業正在發生什麼，或者你現在上網看看一些品牌，你會發現在定價方面有很多活動。我認為有以下幾點。

I think, it's an indication of the consumer dynamic. I think it is an indication of what we've talked about for a number of quarters, which is as markets have rapid acceleration on the other side of that, that there's a cleanup. And I think, if you look at where the promotion is happening, I think, some of it's inventory activities by some brands out there.

我認為，這是消費者動態的表現。我認為這表明了我們幾個季度以來一直在談論的事情，即隨著市場在另一方面快速加速，會出現清理。而且我認為，如果你看看促銷活動在哪裡進行，你會發現其中一些是一些品牌的庫存活動。

I think, some of it's that trend off on certain form factors and sizes, which is what we're watching and seeing in a very concentrated way in the market, but it has an effect on the broader market. And I think, how that plays against our strategy, if you look at what we've done over the last couple of years is we have broadly diversified our Drinkware portfolio and our assortment, and we're covering everything from individual use hydration to food bowl, food storage, food transportation. And I think, that is a -- I think that's a much broader strategic play, and we think is why to some of the prior questions, we believe in the long-term opportunity of growth in the broadly defined Drinkware category.

我認為，其中一些趨勢取決於某些外形和尺寸，這也是我們在市場上非常集中觀察和看到的，但它對更廣泛的市場有影響。我認為，這與我們的策略相悖，如果你看看我們過去幾年所做的，我們就會發現，我們的飲具組合和產品種類已經非常多樣化，涵蓋了從個人用水壺到食物碗、食物儲存、食物運輸等所有產品。我認為，這是一個更廣泛的策略性舉措，我們認為這就是為什麼對於先前的一些問題，我們相信廣義的飲具類別具有長期成長機會。

And just to the second part of -- just to the second part of the question on our guidance, I mean, essentially what we said was as we took -- the change in our guidance was really around what's happening in the US drinkware market. And I would say heaviest in Q3, we expect Q3 to look similar to Q2. But we do expect things to start to improve in Q4 when we look at the innovation we have coming, when we look at starting to comp some of the dynamics of the market we've talked about. And then that led to the overall -- the change in our guidance. But we do -- while we expect Drinkware to be flat to down slightly this year, we do feel like we're in a position where we can return to growth starting in Q4.

對於我們的指導問題的第二部分，我的意思是，基本上我們所說的是，我們的指導的變化實際上是圍繞美國飲具市場的情況而發生的。我想說第三季最為嚴重，我們預計第三季將與第二季相似。但是，當我們看到即將到來的創新，當我們看到開始比較我們所談論的一些市場動態時，我們確實預計第四季度情況會開始改善。然後這導致了整體——我們的指導發生了變化。但我們確實如此——儘管我們預計今年的 Drinkware 銷量將持平或略有下降，但我們確實覺得我們能夠從第四季度開始恢復成長。

Thank you. And then just one more. The strong demand for bags in Q2 was very encouraging and then some of the soft coolers going viral in more recent weeks was also very exciting. We were wondering if there has been a focus recently on products or in this case, like new colorways geared more towards women? Or were those just new colorways that happens to go viral?

謝謝。然後再來一個。第二季度對袋子的強勁需求非常令人鼓舞，而最近幾週流行的一些軟冷卻器也非常令人興奮。我們想知道最近是否專注於產品，或者在這種情況下，例如更適合女性的新配色？還是這些只是碰巧流行的新配色？

Great question, Alexia. What I would say is I think what you're seeing is great products getting in front of consumers. And I do think color matters in the range of color. But if you look at what's happened in the market in the last few weeks, we have this incredible Wetlands Camo that's had really great market receptivity, and we have Caminos in a range of colors that continue to go in and out of stock. And so I think what that speaks to is the broad-based receptivity to our innovation but also our relevance across a diverse -- an important audience to us. So that's across a range of demographics, across a range of pursuits and use cases. And that's been the strategy for YETI going back to the very beginning, and I think we're seeing the success of it play out. .

很好的問題，Alexia。我想說的是，我認為你所看到的是優質的產品出現在消費者面前。我確實認為顏色在色彩範圍內很重要。但如果你看看過去幾週市場的情況，我們這款令人難以置信的濕地迷彩 (Wetlands Camo) 確實很受市場歡迎，而且我們還有多種顏色的 Caminos，而且一直處於缺貨狀態。所以我認為這不僅顯示我們的創新得到了廣泛的接受，也顯示我們與多元化的重要受眾群體息息相關。這涉及一系列的人口統計、一系列的追求和用例。這就是 YETI 從一開始就採取的策略，我認為我們正在見證它的成功。。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

Thanks. Hey, guys, good morning. I guess first on the momentum that you touched on a little bit coming out of Q2 and into Q3. Can you contextualize that for us? What sort of sales lift are you seeing here in July and August, but in particular, international? I mean, you mentioned that, that was sort of a one-quarter phenomenon. Are you seeing that international business back up into the double digits here in early Q3?

謝謝。嘿，大家早安。我想先談談您提到的從第二季到第三季的勢頭。您能為我們解釋一下這個情況嗎？您在 7 月和 8 月看到了什麼樣的銷售成長，特別是國際銷售成長嗎？我的意思是，你提到過，這是四分之一的現象。您是否看到第三季初國際業務回升至兩位數？

Hey, Joe, thanks for the question. So yes, I mean, so I think we're not getting too specific on what we're seeing. I mean, we're encouraged by what we're seeing so far this quarter. I'd say the same thing as we apply to it as we exited Q2.

嘿，喬，謝謝你的提問。是的，我的意思是，我認為我們對所看到的情況還沒有太具體的了解。我的意思是，我們對本季迄今為止所看到的情況感到鼓舞。我想說的是，當我們退出第二季時，我們也會應用同樣的話。

And I really -- I think the best indication of what we're seeing and how we're encouraged we are by it is the fact that we held our outlook for international for the year to grow 15% to 20%. So when you look at growth in the second half versus what we did in the first half, yes, I mean, I would say that we're back up to those growth rates that we had seen. And as a reminder, I mean, we posted seven quarters in a row of over 20% growth outside the US And so up until this one. So we feel good about our international business in the second half and obviously, what we're seeing so far in Q3.

我真的——我認為，我們所看到的情況以及我們如何受到鼓舞的最佳證明是，我們對今年國際業務的預期是增長 15% 至 20%。因此，當你將下半年的成長與上半年的成長進行比較時，是的，我的意思是，我會說我們已經恢復到了我們所看到的成長率。需要提醒的是，我們在美國以外連續七個季度實現了超過 20% 的成長率，直到今年。因此，我們對下半年的國際業務以及目前第三季的業績感到樂觀。

Got it. Helpful. And just to follow up on that. I wanted to ask about the other category. I know we hardly ever talk about it. It's a very small from a revenue standpoint, but it's been pretty weak of late. Is that an indication of how people are engaging with the brand because there's a lot of apparel in there, et cetera. So I'm just curious how we should look at that. Is that sort of a canary in the coal mine? Or it's just kind of a sort of a rounding error?

知道了。很有幫助。只是為了跟進這一點。我想問的是其他類別。我知道我們幾乎從未談論過它。從收入角度來看，這個數字非常小，但最近表現相當疲軟。這是否表明人們對該品牌的參與度很高，因為裡面有很多服裝等等。所以我只是好奇我們應該如何看待這個問題。這不是煤礦裡的金絲雀嗎？或者這只是一種捨入誤差？

No. I mean I don't think that's an indication all of how people are engaging with the brand. To your point, it's a really small piece of our business. I would say changes in merchandising and sort of marketing strategies can play an impact on that.

不。我的意思是，我認為這並不能完全表明人們如何與該品牌互動。正如您所說，這只是我們業務的一小部分。我想說商品銷售和行銷策略的改變會對此產生影響。

Freight revenue hits in there as we work to drive people to our yeti.com and create accounts so we can drive more engagement with our customers. We've done some things with shipping that can play a role within other, but nothing has changed at all in terms of what's hitting in there, or I don't -- I would not read into that at all, that is an indication of how people are engaging with the brand.

當我們努力吸引人們造訪我們的 yeti.com 並建立帳戶以便與客戶進行更多互動時，貨運收入就受到了影響。我們在運輸方面做了一些可以在其他方面發揮作用的事情，但就其中的影響而言，什麼都沒有改變，或者我不會——我根本不會去解讀這一點，這表明了人們如何與品牌互動。

This concludes our Q&A session. I'll hand the call over back to Matt Reintjes, Chief Executive Officer, for closing remarks.

我們的問答環節到此結束。我將把電話轉回給執行長馬特‧雷恩傑斯 (Matt Reintjes)，請他做最後發言。

Thanks all for joining today. We look forward to speaking on our 3Q call. Have a wonderful week.

感謝大家今天的參加。我們期待在第三季電話會議上發言。祝您有個愉快的一周。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。