Yeti Holdings Inc (YETI) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the YETI Holdings third quarter 2025 earnings conference call. (Operator Instructions) Following the presentation, we will conduct a question-and-answer session. This call is being recorded on Thursday, November 6, 2025.

各位女士、先生，早安，歡迎參加 YETI Holdings 2025 年第三季收益電話會議。（操作說明）示範結束後，我們將進行問答環節。本次通話於2025年11月6日星期四進行錄音。

I would like I would now like to turn the conference over to Arvind Bhatia, Head of Investor Relations at YETI. Please go ahead.

現在，我想把會議交給 YETI 投資者關係主管 Arvind Bhatia。請繼續。

Good morning, and thank you for joining us to discuss YETI Holdings' third 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，感謝各位參加本次會議，共同探討 YETI Holdings 2025 財年第三季業績。今天主持電話會議的是總裁兼執行長 Matt Reintjes 和財務長 Mike McMullen。在我們發言完畢後，我們將開放提問環節。

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，我們想提醒各位，我們今天在本次電話會議上所作的一些陳述可能被視為前瞻性陳述，而此類前瞻性陳述受到各種風險和不確定性的影響，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存在重大差異。有關更多信息，請參閱我們最新提交的 10-K 表格和後續 10-Q 表格中詳細列出的風險因素。

Take no advisor update 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.

除法律要求外，請勿將今天發布的展望性聲明視為任何形式的更新，即使這些聲明是由於新資訊、未來事件或其他原因而產生的。除非另有說明，本次電話會議中討論的財務指標將以非公認會計準則為基礎。我們使用非GAAP指標，因為我們認為這些指標能更準確地反映我們業務的真實營運績效和潛在結果。

Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release or in the presentation posted this morning to the Investor Relations section of our website at yeti.com.

這些非GAAP指標與其最直接可比較的GAAP指標的調節表已包含在新聞稿或今天早上發佈在我們網站 yeti.com 投資者關係部分的簡報中。

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

現在我想把電話交給馬特。

Thanks, Arvind, and good morning. YETI's third quarter performance highlights growing momentum from consistent and strong execution against our long-standing strategic priorities, driving product innovation, broadening our brand and addressable market and expanding our global presence.

謝謝你，Arvind，早安。YETI 第三季的業績凸顯了我們在長期策略重點方面持續強勁的執行力所帶來的發展勢頭，包括推動產品創新、擴大品牌和目標市場以及拓展全球業務。

These initiatives are yielding meaningful results and building towards what we believe is a long-term top line growth range of high single to low double digits. Our product innovation pipeline has never been more robust, extending and deepening our portfolio. Our brand is connecting with both legacy and new customers domestically and abroad.

這些舉措正在取得顯著成效，並朝著我們認為的長期營收成長目標邁進，即實現高個位數到低兩位數的成長。我們的產品創新管道從未如此強大，不斷擴展和深化我們的產品組合。我們的品牌正在與國內外的新舊客戶建立聯繫。

Our international growth is accelerating with exceptional performance in UK and Europe robust consumer demand in Australia and Canada and a great early read in Asia with more opportunity to come.

我們的國際業務成長正在加速，在英國和歐洲表現卓越，在澳洲和加拿大消費者需求強勁，在亞洲也取得了良好的早期發展勢頭，未來還有更多機會。

Strong consumer demand for our products across channels and geographies, combined with recent innovation continues to reinforce the durability and growing relevance of the YETI brand. This demand translated into top line growth, fueled by robust double-digit gains in our Coolers & Equipment category and our international markets.

消費者對我們產品在各個通路和地區的強勁需求，加上近期的創新，不斷鞏固了 YETI 品牌的持久性和日益增長的相關性。這種需求轉化為營收成長，這主要得益於我們的冷凍設備及設備類別和國際市場強勁的兩位數成長。

These results were achieved despite softer US e-commerce performance and significant caution in wholesale selling, which created a notable gap compared to very strong double-digit sell-through across both Drinkware and Coolers as reported in that channel. The quarter underscores the strength of our diversified go-to-market strategy, our ability to meet the consumers shop and the accelerating impact of our international expansion.

儘管美國電子商務表現疲軟，批發銷售也較為謹慎，但這與該通路報道的飲具和冷藏箱兩位數強勁的銷售率相比，卻出現了明顯的差距，最終仍取得了這些成績。本季凸顯了我們多元化市場策略的優勢、滿足消費者購物需求的能力以及國際擴張帶來的加速影響。

Turning to growth and starting with product innovation. Our products continue to set the standard for durability, design and performance. Our two core categories, drinkware and Coolers and equipment anchor a dynamic portfolio built on 13 scalable product platforms fueling innovation and long-term growth.

轉向成長，從產品創新開始。我們的產品在耐用性、設計和性能方面持續樹立產業標竿。我們的兩大核心類別——飲具和冷藏設備——構成了一個動態的產品組合，該組合建立在 13 個可擴展的產品平台之上，從而推動創新和長期成長。

These platforms are featured in our updated quarterly highlights presentation available on our Investor Relations website. Across these platforms, we are on track to launch more than 30 new products in 2025, even as we navigate strategic trade-offs to advance supply chain diversification.

這些平台已在我們更新的季度亮點簡報中進行了介紹，該簡報可在我們投資者關係網站上查閱。在這些平台上，我們正​​按計畫於 2025 年推出 30 多款新產品，同時我們也在權衡各種策略利弊，以推動供應鏈多元化。

Importantly, we have a robust pipeline that is aligned with the continued momentum of our brand and positions us for sustained expansion. As we stoke the brand globally, we create natural opportunity for product innovation, expansion and vitality. Within Drinkware, the strength of our core portfolio and our uptempo focus on innovation is driving accelerated momentum despite ongoing wholesale inventory pressure and promotional intensity in the US market.

重要的是，我們擁有強大的產品線，這與我們品牌持續的發展勢頭相符，並為我們實現持續擴張奠定了基礎。隨著我們在全球推廣品牌，我們自然而然地為產品創新、擴張和活力創造了機會。在飲具領域，儘管美國市場持續面臨批發庫存壓力和促銷力度，但我們核心產品組合的實力以及對創新的快速關注，正在推動業務加速成長。

Even as overall sell-in was down year over year in the US wholesale, sell-through strength highlights the underlying momentum of YETI, in particular, the durability of our Drinkware business in that highly contested market. It reinforces our global strategy of building a sound foundation through diversification to set up for growth in Drinkware in Q4 and beyond. Our innovation this year has spanned across several Drinkware platforms, showcasing the diversity and range of our portfolio.

儘管美國批發市場的整體銷售額同比下降，但銷售強勁，凸顯了 YETI 的潛在發展勢頭，尤其是在競爭激烈的市場中，我們的飲具業務展現出了持久的生命力。它強化了我們透過多元化發展建立穩固基礎的全球策略，為第四季度及以後飲具業務的成長奠定了基礎。今年，我們的創新涵蓋了多個飲具平台，展現了我們產品組合的多樣性和廣泛性。

Recent launches include our insulated bottle updated Rambler drug ceramic line drinker and a cast iron ore -- pan. Within the last two weeks, we launched our silo jug built for everything, from sports to job sites and outdoor. This is a that works not only for athletes but for anyone looking for large capacity, easy-to-access hydration with YETI cold holding power.

最近推出的產品包括我們的保溫瓶、更新的 Rambler 藥用陶瓷系列飲水器和鑄鐵礦石——平底鍋。在過去的兩個星期裡，我們推出了一款適用於各種場合的筒倉水壺，從運動到工地和戶外活動，無所不能。這款產品不僅適用於運動員，也適用於任何尋求大容量、易於取用且具有 YETI 保溫性能的飲水設備的人。

We believe this launch continues to position YETI as a go-to brand across a wide range of use environments and very naturally fit with our expanding focus on sports. Looking at the remainder of the year and into 2026, we're energized by feedback we've received from our partners about the innovation ahead in Drinkware, including the upcoming release of our YETI Shaker bottle, featuring a patented design that improves upon the standard shaker, providing an incredible mix experience while removing the traditional wire ball.

我們相信，此次新品發布將進一步鞏固 YETI 作為各種使用環境中首選品牌的地位，並且與我們不斷擴大的體育領域關注點非常契合。展望今年剩餘時間以及 2026 年，我們從合作夥伴那裡收到了關於飲具創新方面的反饋，這讓我們倍感振奮，其中包括即將推出的 YETI 搖搖杯，它採用專利設計，改進了標準搖搖杯，在去除傳統金屬球的同時，提供了令人難以置信的混合體驗。

This speed to launch is enabled by the acquisition of the design, tooling and IP we communicated in our second quarter call. With the shaker bottle, which will be manufactured in the United States we are targeting a roughly $2.5 billion market, fueled by the rapid growing demand for hydration powders, protein supplements and wellness products, aligning with Yeti's expansion into sport, health and wellness. Early feedback from wholesale sports and health partners has been very positive.

我們在第二季電話會議上提到的設計、工具和智慧財產權的收購，使得產品能夠如此迅速地上市。這款搖搖杯將在美國生產，我們瞄準的市場規模約為 25 億美元，這得益於人們對補水粉、蛋白質補充劑和保健產品的需求快速增長，也與 Yeti 向運動、健康和保健領域的擴張相一致。來自體育和健康領域批發合作夥伴的早期回饋非常積極。

The acquired design and IP comes from Helomics, which will cease operations as we relaunch an updated design to build upon the market awareness and momentum from Helimix's over 39,000 4.5 star reviews on Amazon. This quick turn launch represents a compelling opportunity to drive organic growth going into 2026 and deliver a margin-accretive product line with a strong ROI.

此次收購的設計和智慧財產權來自 Helomics，隨著我們重新推出更新後的設計，Helomics 將停止運營，以鞏固 Helimix 在亞馬遜上超過 39,000 條 4.5 星好評所帶來的市場認知度和發展勢頭。此次快速上市為推動 2026 年的自然成長提供了絕佳機會，並打造了一條利潤率提升、投資回報率高的產品線。

Importantly, this further hires in new and existing markets. The breadth of innovation across our Drinkware portfolio is demonstrating clear traction and setting us up for continued success in long-term category leadership. In Coolers & Equipment, our double-digit growth for the quarter underscores the broad demand we're seeing across the portfolio. On the innovation front, our day trip soft coolers saw significant demand. Additionally, we have several highly anticipated day trip line expansions planned in the coming months to address an even wider market opportunity.

重要的是，這將進一步促進新市場和現有市場的招募。我們在飲具產品組合中的創新廣度正在展現出明顯的吸引力，並為我們長期維持品類領先地位奠定了基礎。在冷藏設備和器材領域，我們本季的兩位數成長凸顯了我們在整個產品組合中看到的廣泛需求。在創新方面，我們的一日遊軟式冷藏箱獲得了極大的市場需求。此外，為了抓住更廣泛的市場機遇，我們計劃在未來幾個月內擴大幾條備受期待的一日遊路線。

In bags and packs, we continue to see strength across new and legacy products with notable performance in backpacks, totes and doubles. Following strong demand for Camino totes, which sold out across channels a number of times, we've worked to replenish inventory through limited rereleases and are partnering with our retailers to capture some of the anticipated holiday demand and sustained momentum of this iconic product.

在箱包領域，我們看到新產品和傳統產品持續保持強勁勢頭，其中背包、手提袋和雙人包的表現尤為突出。由於 Camino 手提袋需求強勁，多次在各個管道售罄，我們已努力透過限量重新發售來補充庫存，並與零售商合作，以抓住預期中的假日需求，並保持這款標誌性產品的持續增長勢頭。

In hard coolers, our Roadie and Tundra families continue to extend reach even as we lap the significant debut of the Roadie 15 and Roadie 32 in the prior year. The recent additions of customization capabilities on a range of our coolers unlock significant opportunities, particularly among our existing partnerships and sports relationships. Last month, we launched an expansion of our storage and protective case platform with the GoBox One, which comes at a giftable price point right in time for the holiday shopping season.

在硬式冷藏箱領域，我們的 Roadie 和 Tundra 系列產品不斷擴大其影響力，即便我們在前一年已經推出了 Roadie 15 和 Roadie 32，取得了顯著的成績。最近，我們在一系列冷藏箱產品中增加了客製化功能，這帶來了巨大的機遇，尤其是在我們現有的合作夥伴關係和體育合作關係方面。上個月，我們推出了儲存和保護箱平台的擴展產品 GoBox One，其價格非常適合作為節日購物季的禮物。

Expect to see much broader expansion here in 2026. I'm also very excited about the build-out of our global innovation capabilities. Our Thailand Innovation Center focused on hard goods is now fully operational and already driving impact, giving us the capability to significantly increase our speed and capacity for product development. In addition, pleased to announce a new development and innovation office in Vietnam to open in early 2026, dedicated to the design and development of bags and soft cooler bags.

預計2026年這裡將出現更大範圍的擴張。我也對我們全球創新能力的建構感到非常興奮。我們專注於硬商品的泰國創新中心現已全面投入運營，並已產生影響，使我們能夠顯著提高產品開發的速度和能力。此外，我們很高興地宣布，將於 2026 年初在越南開設一家新的研發創新辦公室，致力於箱包和軟式保溫袋的設計和開發。

This will complement our existing product talent and capabilities in Austin, Denver, Bosman and Thailand. Together, these innovation centers will enable a 24/7 global cycle across both current and future products and provide us with the ability to respond with even greater agility to market opportunities, fueling long-term growth and competitive advantage.

這將與我們在奧斯汀、丹佛、博斯曼和泰國的現有產品人才和能力形成互補。這些創新中心將共同實現全天候全球循環，涵蓋現有和未來的產品，並使我們能夠更靈活地應對市場機會，從而推動長期成長和競爭優勢。

It's clear that our product expansion and innovation are working. And as we look forward with our pipeline stronger than ever and significant white space ahead, we are well positioned to execute. Our second strategic growth priority focuses on broadening our brand and our global customer base through brand awareness community engagement and a unique omnichannel strategy that enables us to reach consumers where and how they shop. We are amplifying our brand marketing as we approach Yeti's 20th anniversary.

很明顯，我們的產品擴張和創新正在發揮作用。展望未來，我們的產品線比以往任何時候都更加強大，並且還有很大的發展空間，我們已做好充分準備去執行。我們的第二個策略成長重點是擴大我們的品牌和全球客戶群，透過品牌知名度、社群參與和獨特的全通路策略，使我們能夠在消費者購物的地點和方式觸達他們。在 Yeti 即將迎來 20 週年之際，我們將加大品牌行銷。

Starting later this month, we will release our largest ever US brand campaign around major sporting events in the run-up to peak holiday shopping. Partnering with the incredible talent at Widening Kennedy, we're on the front end of shaping the next decade of our brand. This brand campaign will span linear connected and digital media.

從本月稍後開始，我們將圍繞重大體育賽事，在假期購物高峰期到來之際，推出我們有史以來規模最大的美國品牌推廣活動。透過與 Widening Kennedy 的傑出人才合作，我們正處於塑造品牌未來十年的前沿。此次品牌推廣活動將涵蓋傳統有線媒體和數位媒體。

Additionally, to amplify our reach, particularly on social platforms like TikTok, we've added a new media partner to drive this effort. These initiatives mark a significant step towards elevating YETI's always-on brand presence and impact, connecting to our powerful foundational audience while broadening our reach.

此外，為了擴大我們的影響力，尤其是在 TikTok 等社群平台上，我們新增了一位媒體合作夥伴來推動這項工作。這些舉措標誌著在提升 YETI 品牌始終在線的形象和影響力方面邁出了重要一步，在與我們強大的基礎受眾群體建立聯繫的同時，也擴大了我們的影響力。

In terms of engagement at the local level, in Q3, YETI activated at over 80 events worldwide, deepening connections with consumers across the ions and communities. To that end, our sports presence has never been higher. Following the launch of our strategic partnership with Fanatics, we are now licensed with the NBA, rounding out Major League relationships across NFL, NHL, MLS and MLB.

在本地層面的參與方面，第三季度，YETI 在全球 80 多場活動中開展了活動，加深了與各地消費者和社區的聯繫。為此，我們在體育領域的參與度達到了前所未有的高度。繼與 Fanatics 建立戰略合作夥伴關係之後，我們現在又獲得了 NBA 的授權，從而完善了與 NFL、NHL、MLS 和 MLB 等主要聯盟的合作關係。

We're also proud to have recently signed on as an exclusive partner including courtside presence for League One volleyball, a fast-growing women's professional valuable League and parent to roughly 2,000 youth and junior teams and 24,000 players. Internationally, YETI's footprint is expanding through continued partnerships with top clubs and teams, including Tottenham Hotspur, now featuring YETI on the front of the women's team training kit, the New Zealand All Blacks, Oracle Red Bell racing and more to come.

我們也很自豪地宣布，我們最近已簽約成為女子職業排球聯賽（League One volleyball）的獨家合作夥伴，包括場邊支援。女子職業排球聯賽發展迅速，擁有很高的職業價值，旗下擁有約 2,000 支青少年和青年隊以及 24,000 名球員。在國際上，YETI 的影響力正透過與頂級俱樂部和球隊的持續合作而不斷擴大，其中包括托特納姆熱刺隊（現在女子隊訓練服的正面印有 YETI 的標誌）、新西蘭全黑隊、Oracle Red Bell 賽車隊等等，未來還將有更多合作夥伴加入。

Our limited edition team product launches and signature cut programs continue to power these partnerships into consumers' hands. At the collegiate level, YETI has outfitted over 50 NCAA schools and 80-plus Division one teams covering almost 4,000 athletes, including a strong combination of both women's and men's sports.

我們推出的限量版團隊產品和特色剪裁項目，持續推動這些合作關係將產品送到消費者手中。在大學層面，YETI 為超過 50 所 NCAA 學校和 80 多支一級聯賽隊伍提供了裝備，涵蓋近 4000 名運動員，其中包括強大的男女運動組合。

As we continue to grow our sport relationships, we see further exciting potential to expand our channels to market from youth up to professional. These initiatives highlight YETI's accelerating momentum in sports from grassroots to the global stage supporting athletes with high-performance products and driving brand growth across new audiences and markets.

隨著我們不斷拓展體育界的合作關係，我們看到了進一步拓展市場管道的巨大潛力，從青少年到職業選手，都能受益匪淺。這些舉措凸顯了 YETI 在運動領域的發展勢頭，從基層到全球舞台，YETI 透過高性能產品支持運動員，並推動品牌在新受眾和市場中的成長。

As we execute our brand-building strategy, YETI is unlocking significant opportunities for global growth, leveraging strategic partnerships and a refreshed media approach to expand our reach and our influence.

隨著我們執行品牌建立策略，YETI 正在釋放巨大的全球成長機會，利用策略合作夥伴關係和全新的媒體策略來擴大我們的覆蓋範圍和影響力。

Shifting to our channel performance. The continued expansion of our product portfolio, combined with our diversified presence across channels, is a key part of our strategy to broaden our audience. Our wholesale channel demonstrated very strong momentum despite a continuation of more cost is ordering and tighter inventory management from our retail partners, particularly in the US Sell-through trends remain strong, reflecting healthy consumer demand throughout the quarter. As we enter year-end, we are well positioned from a channel inventory perspective and feel great about our setup heading into 2026.

轉向我們的頻道表現。不斷擴大我們的產品組合，並拓展我們的管道，是我們擴大受眾群體策略的關鍵組成部分。儘管我們的零售合作夥伴（尤其是在美國）持續加大訂購成本和加強庫存管理，但我們的批發通路仍展現出非常強勁的成長動能。銷售趨勢依然強勁，反映出整個季度消費者需求健康。隨著年末的到來，從通路庫存的角度來看，我們處於有利地位，並且對2026年的佈局充滿信心。

Last month, we started a new wholesale partnership with Nordstrom, where YETI is being featured in their holiday gift activation across 91 doors and online and permanent placement in 70 Nordstrom Home doors. This new retail partnership underscores our focus on adding complementary distribution channels to support our diverse product portfolio. In our direct-to-consumer channels, we continue to leverage our omnichannel approach to meet evolving shopping behaviors with speed and agility.

上個月，我們與 Nordstrom 建立了新的批發合作關係，YETI 將在 Nordstrom 的 91 家門市和線上商店的節日禮品促銷活動中亮相，並在 70 家 Nordstrom Home 門市進行永久陳列。這項新的零售合作關係凸顯了我們致力於增加互補通路以支援我們多樣化產品組合的重點。在我們的直接面向消費者的管道中，我們將繼續利用全通路方法，快速且靈活地滿足不斷變化的購物行為。

YETI's Amazon Marketplace continues to see strong performance in our corporate sales business once again exceeded expectations, supported by expanded customization capabilities across hard coolers and select bags as well as our growing partnerships in sports and hospitality. Notably, our collaboration with Fanatics, a leading global digital sports platform is off to an exceptional start.

YETI 的亞馬遜市場繼續保持強勁的業績，我們的企業銷售業務再次超出預期，這得益於硬質冷藏箱和特定包袋的定制能力不斷增強，以及我們在體育和酒店業的合作夥伴關係日益密切。值得一提的是，我們與全球領先的數位體育平台 Fanatics 的合作開局非常順利。

This partnership significantly expands YETI'S presence in the sports licensing market and is already driving strong engagement across fan communities. We're incredibly excited about the momentum we're seeing and the opportunities ahead as we build on this performance and further accelerate growth across our consumer and commercial channels.

此次合作顯著擴大了 YETI 在體育授權市場的份額，並已在粉絲群中引發了強烈的反響。我們對目前的發展動能和未來的機會感到無比興奮，我們將在此基礎上繼續努力，進一步加速在消費者和商業管道的成長。

On yeti.com, traffic and average order value grew in Q3 with strong engagement around new product launches. Conversion rates remained pressured in the quarter, impacting our overall performance and reflecting a greater prevalence of deal shopping by consumers. In response, we focused on effective deployment of performance marketing spend, prioritize higher-quality traffic and launched targeted initiatives to improve conversion efficiency.

在 yeti.com 網站上，第三季流量和平均訂單價值均有所增長，這得益於新產品發布帶來的強勁互動。本季轉換率持續承壓，影響了我們的整體業績，反映出消費者更傾向於貨比三家。為此，我們專注於有效部署效果行銷支出，優先考慮更高品質的流量，並推出有針對性的措施來提高轉換效率。

In the near term, we're optimistic about our upcoming Dear garage event, which is expected to further elevate customer engagement and drive traffic and purchase intent. These efforts are laying a strong foundation for yeti.com in 2026.

短期內，我們對即將舉行的 Dear garage 活動持樂觀態度，預計活動將進一步提升客戶參與度，並推動流量和購買意願。這些努力為 yeti.com 在 2026 年的發展奠定了堅實的基礎。

In retail, we remain focused on maximizing the performance of our existing stores. During the quarter, we launched localized branded apparel and accessories in 16 stores to add a unique impulse purchase moment. We also introduced immersive walk-throughs on yeti.com to showcase the YETI retail experience. With more initiatives planned for Q4, we're building upon our retail foundation to support the next phase of growth and continued impact on the rest of our channels to market. Our third key growth driver is expanding our global presence.

在零售方面，我們始終專注於最大限度地提高現有門市的業績。本季度，我們在 16 家門市推出了在地化品牌服裝和配飾，以增加獨特的衝動購買時刻。我們還在 yeti.com 上推出了沉浸式漫遊功能，以展示 YETI 的零售體驗。隨著第四季度更多舉措的計劃，我們將鞏固零售基礎，以支持下一階段的成長，並持續影響我們其他市場通路。我們的第三個關鍵成長動力是擴大我們的全球業務。

The YETI brand continues to build as we execute our proven go-to-market strategy across our international markets. I recently spent time in the UK and Europe with a number of iconic global brand partners. I walked away from those meetings incredibly energized about the mutual brand respect, passion and creativity for working together. Mike will talk further about the performance in the quarter and the setup for Q4 but suffice it to say, we're on the front of the global wave.

隨著我們在國際市場上執行行之有效的市場推廣策略，YETI 品牌不斷發展壯大。我最近在英國和歐洲與一些全球知名品牌合作夥伴進行了交流。那些會議讓我深受鼓舞，因為我們彼此尊重品牌，並且充滿熱情和創造力地想要合作。麥克將進一步討論本季的業績和第四季的安排，但總而言之，我們正處於全球浪潮的前沿。

Europe continues to show outstanding growth led by excellent performance in the UK and continued traction across key European markets. In addition to the recent partner meetings in the UK and Europe, I also joined partners across Asia earlier this year. The energy and momentum is undeniable.

歐洲經濟持續保持強勁成長勢頭，這主要得益於英國市場的出色表現以及歐洲主要市場的持續成長。除了最近在英國和歐洲舉行的合作夥伴會議外，今年稍早我還與亞洲各地的合作夥伴進行了會面。這股能量和勢頭是毋庸置疑的。

Combined, these markets echo the early surge we saw during YETI's rapid US expansion and again, in Canada and Australia. What's unfolding is not just market growth. It's a product-led brand endorsed movement. We're confident in the trajectory ahead and energized by the opportunity it represents.

這些市場的整體情況與 YETI 在美國快速擴張期間以及在加拿大和澳洲的早期成長勢頭相呼應。現在發生的事情不僅僅是市場成長。這是一場以產品為主導、品牌代言的運動。我們對未來的發展軌跡充滿信心，並因其所代表的機會而倍感振奮。

In Japan, our presence continues to scale quickly with over 270 doors open to date and 400-plus stores expected by year-end. Looking ahead with our core leadership team in place, our priority is consistent execution of our go-to-market strategy, leveraging the strong fit between YETI's premium positioning and the Japanese consumers' appreciation for quality. We see the broader Asia region as a key long-term driver of international growth potential. This year, complementing our launch directly in Japan. We added distribution in Thailand.

在日本，我們的業務持續快速成長，迄今已開設超過 270 家門市，預計到年底將開設 400 多家門市。展望未來，我們的核心領導團隊已經到位，我們的首要任務是持續執行我們的市場推廣策略，充分利用 YETI 的高端定位與日本消費者對品質的重視之間的高度契合度。我們認為，更廣泛的亞洲地區是國際成長潛力的關鍵長期驅動力。今年，我們將直接在日本推出產品。我們在泰國新增了分銷管道。

In addition, we have signed distributor partners and are planning launches in three Asian markets next year, Malaysia, Singapore and the Philippines. We are also making progress against our plans and potential partnerships in Korea, China, Indonesia, Taiwan and Hong Kong. In Canada, consumer demand for YETI products continues to be robust even as our wholesale partners remain cautious during the third quarter. Seasonal colorways and innovation across categories are resonating in Canada highlighting the relevance of our diverse product offering and the impact of our localized brand strategy. In Australia, we delivered growth across all channels in core categories during the quarter, and we anticipate further acceleration in Q4.

此外，我們已與分銷合作夥伴簽約，並計劃明年在馬來西亞、新加坡和菲律賓這三個亞洲市場推出產品。我們在韓國、中國、印尼、台灣和香港的計劃和潛在合作夥伴關係方面也取得了進展。在加拿大，儘管我們的批發合作夥伴在第三季仍保持謹慎，但消費者對 YETI 產品的需求依然強勁。季節性配色和各品類的創新在加拿大引起了共鳴，凸顯了我們多樣化產品供應的重要性以及我們在地化品牌策略的影響。在澳大利亞，本季我們在核心品類的所有管道都實現了成長，我們預計第四季將進一步加速成長。

Brand enthusiasm remains strong, positioning us for sustained momentum through the end of the year and into 2026. Going into 2026 and beyond, we continue to see attractive opportunities for further global expansion across the Middle East and South America. In terms of supply chain transformation, our diversification plan is well on track with key factory partners now live across multiple geographies.

品牌熱情依然強勁，這將使我們保持持續成長動能直至年底乃至 2026 年。展望 2026 年及以後，我們繼續看到在中東和南美洲進一步進行全球擴張的誘人機會。在供應鏈轉型方面，我們的多元化計劃進展順利，主要工廠合作夥伴現已遍布多個地區。

These partners are consistently meeting our high standards for quality and cost. 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.

這些合作夥伴始終能夠滿足我們對品質和成本的高標準要求。我們仍然預計，到今年年底，我們銷售商品總成本中受美國對中國商品徵收關稅影響的比例將低於 5%。

And importantly, our multi-country sourcing strategy will be fully operational. As we look ahead to 2026, we're extremely well positioned with a more resilient flexible and diversified supply base that strengthens our ability to scale globally while mitigating geopolitical and operational risks.

更重要的是，我們的多國採購策略將全面投入營運。展望 2026 年，我們擁有更具韌性、更靈活、更多元化的供應鏈基礎，這增強了我們在全球範圍內擴展規模的能力，同時降低了地緣政治和營運風險，使我們處於非常有利的地位。

As we navigate a dynamic macro, our fortress balance sheet and very robust free cash flow generation continue to underpin strategic investments in growth and innovation. At the same time, it enables us to execute our growth-oriented capital allocation priorities in addition to creating value through share buybacks. With $173 million in share repurchases year-to-date, we are upsizing our 2025 plan from $200 million now targeting $300 million by year-end, bringing our total repurchase to $500 million across 2024 and 2025, representing approximately 14% of our shares outstanding.

在應對瞬息萬變的宏觀經濟情勢時，我們穩健的資產負債表和非常強勁的自由現金流產生能力將繼續為成長和創新方面的策略投資提供支撐。同時，它使我們能夠執行以成長為導向的資本配置優先事項，並透過股票回購創造價值。今年迄今為止，我們已回購了 1.73 億美元的股票，因此我們將 2025 年的回購計劃從 2 億美元提高到 3 億美元，目標是在年底前實現 3 億美元，使我們在 2024 年和 2025 年的總回購額達到 5 億美元，約占我們已發行股份的 14%。

Alongside our growth and disciplined capital allocation, we're making investments and focusing resources on potentially transformative technologies, including artificial intelligence to unlock new growth opportunities, enhance consumer engagement and drive efficiency. We're early on the journey but committed to it.

在實現成長和進行有紀律的資本配置的同時，我們正在投資並集中資源於可能具有變革意義的技術，包括人工智慧，以釋放新的成長機會，增強消費者參與度並提高效率。我們雖然還處於起步階段，但我們決心堅持下去。

Our AI strategy spans high-impact applications from automated custom image moderation reducing the necessity for manual processes, customer support, sites, search advanced marketing analytics and back-office automation tests. We are also leveraging AI to amplify brand visibility in the evolving search landscape. Recent initiatives include AI-enabled product customization including the launch of a Gen AI photo to line art feature to elevate consumer creativity and the launch of Ranger, a conversational shopping assistant designed to boost conversion on yeti.com.

我們的人工智慧策略涵蓋了許多高影響力應用，包括自動化自訂圖像審核（減少了人工流程的需求）、客戶支援、網站、搜尋高級行銷分析和後台自動化測試。我們也利用人工智慧來提升品牌在不斷變化的搜尋環境中的知名度。近期推出的措施包括人工智慧賦能的產品客製化，例如推出 Gen AI 照片轉線條藝術功能以提升消費者的創造力，以及推出 Ranger，這是一款旨在提高 yeti.com 轉換率的對話式購物助理。

Our efforts around AI-driven content optimization helps secure YETI the number one share of voice across major AI discovery platforms over the past quarter, and we've modernized our marketing measurement with AI-powered -- modeling. These initiatives not only differentiate YETI, but also deepen consumer insights enable data-driven decisions and create the potential to strengthen long-term margins.

我們在人工智慧驅動的內容優化方面的努力，幫助 YETI 在過去一個季度中在主要的 AI 發現平台上獲得了第一的市場份額，並且我們利用人工智慧驅動的建模實現了行銷衡量的現代化。這些舉措不僅使 YETI 脫穎而出，而且還加深了對消費者的了解，從而能夠做出數據驅動的決策，並創造了提高長期利潤率的潛力。

As it relates to our full year 2025 outlook, we remain confident in our disciplined execution against a well-established strategy, and we believe we are well positioned to continue our momentum into year-end. I'm incredibly encouraged by the global feedback we're receiving underscoring growing passion for the YETI brand, strong enthusiasm for our products in anticipation for the innovation ahead. As mentioned last quarter, we plan to hold our Investor Day in the first half of next year.

就我們 2025 年全年展望而言，我們仍然對我們嚴格執行既定策略充滿信心，並且我們相信我們已做好充分準備，將這種勢頭延續到年底。我對收到的全球回饋感到無比鼓舞，這些回饋凸顯了人們對 YETI 品牌日益增長的熱情，以及對我們產品的強烈期待，並展望未來的創新。正如上個季度所提到的，我們計劃在明年上半年舉辦投資者日。

Today, we're excited to announce that we'll be hosting the event in Austin, Texas to fully showcase YETI and where we are going. We will be providing additional details on the event in the near future. Looking ahead, we're entering an incredibly exciting chapter for YETI, driven by immense passion for our brand, the amazing quality and innovation in our products and the scalable nature of the business model.

今天，我們很高興地宣布，我們將在德州奧斯汀舉辦這項活動，全面展示 YETI 以及我們的未來發展方向。我們將在近期提供更多有關此活動的詳情。展望未來，YETI 即將迎來一個令人興奮的新篇章，這源自於我們對品牌的無比熱情、我們產品的卓越品質和創新性，以及我們商業模式的可擴展性。

We have strong foundation to build off as we advance the business towards the global growth potential for YETI with a clear focus on execution against our strategic priorities. I'll finish by thanking our team and partners for their commitment to building this brand the right way setting us up for the incredible potential in front of us.

我們擁有堅實的基礎，可以以此為基礎，推動 YETI 的業務朝著全球成長潛力邁進，並明確專注於執行我們的策略重點。最後，我要感謝我們的團隊和合作夥伴，感謝他們致力於以正確的方式打造這個品牌，為我們面前的巨大潛力奠定了基礎。

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

接下來，我將把電話交給麥克。

Thanks, Matt, and good morning, everyone. I appreciate you all joining us today. I'll start by reviewing our third quarter 2025 performance, then share our outlook for the full year. Following that, we look forward to taking your 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。感謝各位今天蒞臨。我將首先回顧我們 2025 年第三季的業績，然後分享我們對全年的展望。接下來，我們期待回答您的問題。再次提醒大家，今天電話會議上公佈的所有業績都將採用非GAAP準則，以便更能反映本季公司的營運表現。

Let's begin with the top line. In the third quarter, we delivered sales growth of 2%, reaching $487.8 million, which was above our expectations. This performance was driven by double-digit growth in both our Coolers & Equipment category and in our international business. In addition, we are incredibly encouraged by the underlying momentum we are seeing across the business. Consumer demand is strong, and our recent innovation is resonating even as caution persists among consumers and wholesale partners.

讓我們從第一行開始。第三季度，我們的銷售額成長了 2%，達到 4.878 億美元，超出了我們的預期。這項業績主要得益於我們的冷凍設備及設備類別和國際業務的兩位數成長。此外，我們對公司整體的發展動能感到無比鼓舞。消費者需求強勁，儘管消費者和批發合作夥伴仍保持謹慎態度，但我們最近的創新也引起了共鳴。

Looking at our product categories, Drinkware sales declined 4% to $263.8 million, which was in line with our expectations. The US drinkware market remains challenged during Q3 with similar levels of promotional activity as compared to the prior quarter. However, there was real strength within key pieces of our broad and diversified Drinkware portfolio. And outside the US, Drinkware continued its growth trend.

從產品類別來看，飲具銷售額下降了 4%，至 2.638 億美元，這與我們的預期相符。第三季美國飲具市場仍面臨挑戰，促銷活動水準與上一季基本持平。然而，我們廣泛而多元化的飲具產品組合中的關鍵產品卻擁有真正的優勢。在美國以外，飲具市場也持續保持成長動能。

As we said last quarter, we believe that our global drink wear business will return to growth in Q4, driven by innovation, international growth and as we lap the more challenging market dynamics that began in the fourth quarter of last year. Coolers & Equipment had a strong quarter globally with sales up 12% to $215.4 million. Bags had a fantastic quarter across the full portfolio of products, and we saw strong growth from soft coolers. Both categories benefited from recent innovation, and we believe that there is tremendous opportunity for growth in each category going forward. Diving into performance by channel.

正如我們上個季度所說，我們相信，在創新、國際成長以及我們逐漸擺脫去年第四季開始的更具挑戰性的市場動態的推動下，我們的全球飲具業務將在第四季度恢復成長。冷凍設備及設備業務在全球本季表現強勁，銷售額成長 12%，達到 2.154 億美元。箱包業務在本季度表現出色，所有產品系列均取得優異成績，其中軟式冷藏箱實現了強勁增長。這兩個類別都受益於近期的創新，我們相信，未來每個類別都有巨大的成長機會。深入分析各通路的表現。

Direct-to-consumer sales grew 3% to $288.7 million. Our Amazon Marketplace continued its strong performance even in the face of a softer Prime Day event as compared to last year, underscoring consistently strong consumer demand for the YETI brand within this channel.

直接面向消費者的銷售額成長了 3%，達到 2.887 億美元。儘管今年的 Prime Day 活動不如去年，但我們的亞馬遜商城依然保持了強勁的業績，凸顯了消費者對該通路中 YETI 品牌的持續強勁需求。

Corporate sales continued to deliver soft solid growth, and we are excited about the growing number of strategic partnerships that we are developing around the world. When combined with an expanding portfolio of customization capabilities, we believe this will enable us to capture demand while at the same time growing our brand on a global basis. As for e-commerce, while we were pleased with the performance of our international sites in the US, yeti.com saw a continuation of trends from Q2.

企業銷售額持續保持穩健成長，我們對在全球發展越來越多的策略合作夥伴關係感到興奮。我們相信，結合不斷擴展的客製化能力，這將使我們能夠在滿足市場需求的同時，在全球範圍內發展我們的品牌。至於電子商務方面，雖然我們對美國國際網站的表現感到滿意，但 yeti.com 的趨勢與第二季相比有所延續。

Traffic and average order values grew year-over-year but conversion continued to be a challenge, which we believe is a sign of a discerning consumer. In the wholesale channel, sales increased 1% to $199 million in the third quarter. Our international wholesale business delivered good growth, both on a sell-in and sell-through basis.

流量和平均訂單價值年增，但轉換率仍面臨挑戰，我們認為這顯示消費者眼光更加挑剔。第三季度，批發通路銷售額成長 1%，達到 1.99 億美元。我們的國際批發業務實現了良好的成長，無論是進貨量或銷貨量都取得了成長。

In the US wholesale channel, strong C&E performance was offset by a decline in the drink work category, stemming from a continuation of trends seen in the second quarter, elevated promotional intensity, coupled with conservative ordering from some of our wholesale partners but we believe the underlying trends and sell-through are incredibly important.

在美國批發管道，C&E 的強勁表​​現被飲料類產品的下滑所抵消，這源於第二季度趨勢的延續、促銷力度的加大，以及一些批發合作夥伴的保守訂購，但我們認為潛在的趨勢和銷售情況至關重要。

We observed double-digit sell-through growth in the US for both C&E and Drinkware. This accelerated the trend we saw in the prior quarter where sell-through growth is exceeding selling growth and has resulted in a reduction in our channel inventory levels versus the prior year. We believe this positions us well for the future, especially when combined with the exciting new US distribution opportunities that we have announced this year, including Fanatics and Nordstrom.

我們觀察到，在美國，C&E 和飲具的銷售額均實現了兩位數的成長。這加速了我們在上一季看到的趨勢，即銷售成長超過了銷售成長，導致我們的通路庫存水準比前一年有所下降。我們相信這將使我們在未來佔據有利地位，尤其是結合我們今年宣布的令人興奮的美國新分銷機會，包括 Fanatics 和 Nordstrom。

Moving to our international business. Sales outside the US grew 14% to $100.4 million, representing approximately 21% of total sales in the third quarter. This reflects growth in every region, Europe, Australia, New Zealand and Canada as well as very early contribution from our launch of Japan. Europe was the real growth highlight in Q3, continuing the trends that we have seen this year.

接下來談談我們的國際業務。美國以外的銷售額成長了 14%，達到 1.004 億美元，約佔第三季總銷售額的 21%。這反映了歐洲、澳洲、紐西蘭和加拿大等各個地區的成長，以及我們在日本市場推出後的早期貢獻。歐洲是第三季真正的成長亮點，延續了我們今年以來看到的趨勢。

We have tremendous momentum in the UK, where we continue to benefit from growing brand awareness, strong consumer engagement and increasing interest from wholesale partners. Also, we are pleased with the progress we are making in Japan. This is a foundational year for us in Japan, hiring the team, establishing relationships and building the infrastructure that we needed to capitalize on what we believe is a tremendous opportunity. Now moving down the P&L. Adjusted gross profit decreased 2% to $272.5 million or 55.9% of adjusted sales compared to 58.2% of adjusted sales in the third quarter of last year.

我們在英國的發展勢頭強勁，持續受益於不斷提高的品牌知名度、強大的消費者參與度和批發合作夥伴日益增長的興趣。此外，我們對在日本的進展感到滿意。今年是我們進入日本市場的基礎之年，我們將組建團隊、建立合作關係並建立必要的基礎設施，以抓住我們認為的巨大機會。現在來看損益表。經調整後的毛利下降 2% 至 2.725 億美元，佔經調整銷售額的 55.9%，而去年第三季則為 58.2%。

This 230 basis point year-over-year decline was driven by a 320 basis point unfavorable impact from higher tariff costs. In addition, a lower mix of Drinkware sales in the quarter had an 80 basis point unfavorable impact on gross margin. These were partially offset by a 60 basis points benefit from continued product cost savings a 50 basis points benefit from selective price increases executed early this year and a 60 basis points benefit from a number of other smaller factors.

年比下降 230 個基點，主要是由於關稅成本上升帶來的 320 個基點的不利影響。此外，本季飲具銷售佔比下降，對毛利率產生了 80 個基點的不利影響。這些損失部分被以下因素抵銷：持續的產品成本節約帶來的 60 個基點收益；今年年初實施的選擇性漲價帶來的 50 個基點收益；以及其他一些較小因素帶來的 60 個基點收益。

Adjusted SG&A expenses in the third quarter increased 3% to $205.9 million or 42.2% of sales compared to 41.7% in the prior year period. We continue to make strategic investments to drive future growth in key areas such as product development and technology, while at the same time, taking a disciplined approach to managing our operating expenses.

第三季調整後的銷售、一般及行政費用成長 3% 至 2.059 億美元，佔銷售額的 42.2%，而上年同期為 41.7%。我們將繼續進行策略性投資，以推動產品開發和技術等關鍵領域的未來成長，同時採取嚴謹的措施來管理我們的營運費用。

On an adjusted basis, operating income decreased 16% to $66.6 million or 13.7% of sales and net income decreased 18% to $49.6 million or 10.2% of sales. Adjusted net income per share decreased 14% to $0.61 versus $0.71 in the prior year period. Our EPS this quarter includes a $0.14 net impact from incremental costs associated with tariffs announced in 2025.

經調整後，營業收入下降 16% 至 6,660 萬美元，佔銷售額的 13.7%；淨收入下降 18% 至 4,960 萬美元，佔銷售額的 10.2%。經調整後的每股淨收益下降 14% 至 0.61 美元，而去年同期為 0.71 美元。本季我們的每股盈餘包括因 2025 年宣布的關稅相關的增量成本而產生的 0.14 美元淨影響。

Turning to our balance sheet. We ended the quarter with $164.5 million in cash as compared to $280.5 million in the prior year quarter. During the third quarter, we repurchased 4.3 million shares of YETI's common stock on the open market for $150 million, bringing the year-to-date total to 5 million shares for $173 million.

接下來來看看我們的資產負債表。本季末，我們持有現金1.645億美元，去年同期為2.805億美元。第三季度，我們在公開市場上以 1.5 億美元的價格回購了 430 萬股 YETI 普通股，使今年迄今的回購總數達到 500 萬股，總金額為 1.73 億美元。

Total debt, excluding finance leases and unamortized deferred financing fees was $74.9 million compared to $79.1 million at the end of last year's third quarter. From a total liquidity standpoint, we ended Q3 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，總債務為 7,490 萬美元，而去年第三季末為 7,910 萬美元。從整體流動性角度來看，我們在第三季末擁有大量淨現金，並且我們的 3 億美元循環信貸額度已全部可用。

Inventory decreased 12% year-over-year to $324 million, reflecting strategic management of our inventory purchases and continued supply constraints related to our supply chain transformation. Now turning to our updated fiscal 2025 outlook. We now expect full year sales to increase between 1% and 2% versus fiscal 2024 adjusted net sales and as compared to our prior outlook of flat to up 2%.

庫存年減 12% 至 3.24 億美元，反映出我們對庫存採購的策略管理以及與供應鏈轉型相關的持續供應限制。現在來看看我們更新後的2025財年展望。我們現在預計全年銷售額將比 2024 財年調整後的淨銷售額成長 1% 至 2%，而我們先前的預期是持平或成長 2%。

This updated guidance continues to include an approximately 300 basis point unfavorable impact related to our supply chain diversification efforts and subsequent inventory supply disruptions, which is consistent with our previous outlook. From a product perspective, we expect C&E to be up mid-single digits and drinkware to be down slightly for the full year fiscal 2025.

此次更新後的業績指引仍包含約 300 個基點的不利影響，這些不利影響與我們的供應鏈多元化努力以及隨後的庫存供應中斷有關，這與我們先前的展望一致。從產品角度來看，我們預計 2025 財年全年 C&E 產品銷售額將達到個位數中段成長，而飲具銷售額將略有下降。

As I mentioned earlier, for the fourth quarter, we continue to expect positive growth in Drinkware, reflecting the impact of recent innovation, growth outside the United States and the lapping of market dynamics that we began to see in Q4 in 2024. From a channel standpoint, we expect D2C growth to be slightly above wholesale growth in fiscal 2025.

正如我之前提到的，我們預計第四季度飲具業務將繼續保持正成長，這反映了近期創新、美國以外市場成長以及我們在 2024 年第四季開始看到的市場動態趨於平穩的影響。從通路角度來看，我們預計 2025 財年 D2C 成長將略高於批發成長。

Geographically, we are maintaining our outlook for our international business as we continue to expect growth of between 15% and 20% in fiscal 2025. This implies an acceleration in international growth in Q4, reflecting the timing of order patterns that we mentioned last quarter and the continued strong consumer demand that we have seen throughout this year.

從地理上看，我們維持對國際業務的展望，預計 2025 財年將實現 15% 至 20% 的成長。這意味著第四季度國際成長將加速，反映了我們上個季度提到的訂單模式的時間安排，以及我們今年以來看到的持續強勁的消費者需求。

In the US, we anticipate a low single-digit decline for the year, largely due to the dynamics within the Drinkware category that we have discussed. That said, we remain encouraged by the resilience of our US Drinkware business, and we anticipate improving growth trends in the fourth quarter.

在美國，我們預計今年將出現個位數的下滑，這主要是由於我們已經討論過的飲品品類內部的動態變化。儘管如此，我們仍然對美國飲具業務的韌性感到鼓舞，並預計第四季度成長趨勢將有所改善。

We continue to expect gross margins for the year to be between 56.5% and 57%, as was the case last quarter, this reflects an approximately $40 million or 220 basis point net impact from tariffs. Trade policy discussions are ongoing, and the ultimate outcome regarding tariff rates remains uncertain. In our guidance, we are assuming that the latest tariff rates as announced, remain through the end of the year.

我們仍然預計今年的毛利率將在 56.5% 至 57% 之間，與上一季的情況相同，這反映了關稅帶來的約 4000 萬美元或 220 個基點的淨影響。貿易政策討論仍在進行中，關稅稅率的最終結果仍不明朗。我們的指導意見假設最新公佈的關稅稅率將維持到年底。

But given the late timing of the year and our successful efforts to transition our supply chain, the recent reduction in the tariff rate on goods imported from China will not have a material impact on our gross margins in 2025. We continue to expect operating expense growth of between 2% and 4% versus the prior year.

但鑑於今年時間已近尾聲，且我們已成功轉型供應鏈，近期中國進口商品關稅的降低不會對我們 2025 年的毛利率產生實質影響。我們仍預計營運費用將比上年增加 2% 至 4%。

This reflects the impact of ongoing investment in our growth initiatives, partially offset by continued cost optimization. We continue to expect operating income for the full year to be between 14% and 14.5% of adjusted sales reflecting a net unfavorable impact of approximately 220 basis points from higher tariff costs versus the prior year.

這反映了我們對成長計畫持續投資的影響，但部分被持續的成本優化所抵消。我們仍預期全年營業收入將佔調整後銷售額的 14% 至 14.5%，反映出與去年相比，關稅成本上升將帶來約 220 個基點的淨不利影響。

Below the operating line, we continue to expect an effective tax rate of approximately 25.5%. We now expect full year 2025 diluted shares outstanding of approximately $81.5 million versus our previous outlook of $82 million. This reflects the impact of our increased share repurchase target through fiscal year-end to $300 million versus $200 million in our prior outlook.

在營業利潤線以下，我們預計實際稅率約為 25.5%。我們現在預計 2025 年全年稀釋後流通股約為 8,150 萬美元，而我們先前的預期為 8,200 萬美元。這反映了我們將本財年末的股票回購目標從先前的 2 億美元提高到 3 億美元的影響。

Reflecting the narrowing of our sales guidance and the impact of our increased share repurchase target. We now expect adjusted earnings per diluted share of between $2.38 and $2.49, including an approximately $0.40 net unfavorable impact from higher tariff costs versus the prior year. Consistent with our previous outlook, our capital expenditures for the year are projected to be approximately $50 million.

這反映了我們銷售預期範圍的縮小以及我們提高股票回購目標的影響。我們現在預計調整後的每股攤薄收益將在 2.38 美元至 2.49 美元之間，其中包括與去年相比，關稅成本上升帶來的約 0.40 美元的淨不利影響。與我們先前的預測一致，我們預計今年的資本支出約為 5000 萬美元。

Our capital spending remains focused on advancing our technology, launching innovative products and strengthening our supply chain. We now expect free cash flow of approximately $200 million in 2025 compared to the prior outlook of $150 million to $200 million.

我們的資本支出仍集中用於推動技術發展、推出創新產品和加強供應鏈。我們現在預計 2025 年的自由現金流約為 2 億美元，而先前的預期為 1.5 億美元至 2 億美元。

As it relates to year-end inventory, we continue to expect a decline year-over-year. We are proud of the results we delivered and the growing momentum we created in the third quarter, especially against the backdrop of a persistently dynamic macroeconomic environment and heightened overall consumer caution. This performance reflects our unwavering commitment to executing on our strategic growth priorities.

至於年末庫存，我們仍然預期會比去年同期下降。我們為第三季度取得的成績和不斷增長的勢頭感到自豪，尤其是在宏觀經濟環境持續動態變化和消費者整體謹慎情緒高漲的背景下。這一業績反映了我們對執行策略成長重點的堅定承諾。

At the same time, we continue to focus on fortifying our supply chain, exercising cost discipline and capital management, and driving operational excellence. These efforts are designed to support sustainable, long-term global growth and deliver value to our shareholders.

同時，我們將繼續專注於加強供應鏈，實施成本控制和資本管理，並推動卓越營運。這些舉措旨在支持可持續的、長期的全球成長，並為我們的股東創造價值。

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

現在我將把電話轉交給接線員，由她來回答您的問題。

(Operator Instructions) Randy Konik, Jefferies.

（操作說明）蘭迪·科尼克，傑富瑞。

Hey, what's up guys? Thanks for taking my questions. I guess, Matt, you led off the call this in and you said something to the effect of, we see this business long term having a growth algo potential of high single digits to low double digits, I believe.

嘿，大家好！謝謝您回答我的問題。我想，馬特，是你首先在電話會議上發言的，你當時說了類似這樣的話：我們認為，從長遠來看，這項業務的成長演算法潛力在個位數高位到兩位數低位之間。

Maybe kind of think about -- not -- I don't necessarily need the timing of that but maybe kind of think about or give us kind of the building blocks you think about to kind of get back towards that growth all go in time? How do you kind of put all those pieces together? Obviously, on the product side, and the GEO side. Just give us a little more framing up of how you think about that. That would be helpful. Thanks.

或許可以考慮一下——不是說——我不一定需要知道具體時間，但或許可以考慮一下，或是給我們一些你認為能夠幫助我們重回正軌、最終實現成長的要素？你如何把所有這些碎片拼湊起來？顯然，這體現在產品方面和地理位置。請您再詳細闡述您的想法。那會很有幫助。謝謝。

Thanks, Randy. Good morning, I appreciate the question. I think as people who have followed along with the story since our IPO, everything in this business is built on product and making great product. And I look I look at where we were a year ago, growing 9% where we've been since the IPO, low double-digit growth CAGR.

謝謝你，蘭迪。早安，感謝您的提問。我認為，對於從我們 IPO 以來就一直關注我們發展歷程的人來說，這個行業的一切都建立在產品和打造優秀產品之上。我回顧我們一年前的發展狀況，當時成長率為 9%，而自 IPO 以來，我們的成長率一直保持在兩位數的低水準。

I look at the setup that we have across innovation, both the strength of our existing portfolio I think you started to hear that on the call today, the things that we saw in the third quarter, the buildup for the rest of the year in the US, in particular, the expansion opportunity, the drive we've seen in C&E, which is really driven by both legacy products and new expansions and the things that we're seeing that are really exciting in the bags.

我審視了我們在創新方面的佈局，包括我們現有產品組合的實力（我想你們在今天的電話會議上已經開始聽到這一點），我們在第三季度看到的成果，以及今年剩餘時間在美國的佈局，特別是擴張機會，我們在C&E領域看到的動力（這實際上是由傳統產品和新擴張共同推動的），以及我們在包裝袋中看到的一些令人興奮的產品。

The second big one is the brand reach. And I think this brand continues to grow globally. We reach new audiences. We have new interactions with consumers we create more opportunities to bring YETI products into different ports or parts of their life. And then the third one is, as I said on the call, I think we're -- from a global perspective, we're on the front end of the wave.

第二大因素是品牌影響力。我認為這個品牌在全球範圍內將繼續發展壯大。我們接觸了新的受眾。我們與消費者有了新的互動，創造了更多機會，將 YETI 產品帶入他們生活的不同面向或領域。第三點，正如我在電話會議上所說，我認為從全球角度來看，我們正處於這波浪潮的前沿。

And so when you step back and think about what the growth algorithm going forward for YETI is it's going to be built on innovation, both the performance of the products we have today and the expansion is going to be built on the continued brand relevance and deep connection and the reach that we have with the brand. And the third one is the global opportunity we have in front of us. And I think that's what we started to see in Q3. I think we've indicated the things that we'll see in Q4, and it's what we're excited about as we go into 2026 and be beyond.

因此，當我們回顧YETI未來的成長演算法時，會發現它將建立在創新之上，包括我們現有產品的性能，而擴張將建立在持續的品牌相關性、深厚的品牌聯繫以及我們與品牌的廣泛影響力之上。第三個是我們面前的全球機會。我認為這就是我們在第三季開始看到的現象。我認為我們已經指出了第四季度將要發生的事情，這也是我們展望 2026 年及以後所感到興奮的事情。

That's great. And then I guess my follow-up on the wholesale side, can you just kind of elaborate a little bit more? It sounds like the sell-through is very strong sell-ins more subdued. I'm talking about the United States market and the wholesale. Should we expect that the sell-in start to improve as inventories get worked down, improvement to 2026.

那太棒了。然後，我想就批發方面再補充一點，可以再詳細說明嗎？聽起來銷售情況非常強勁，而進貨情況則較為疲軟。我指的是美國市場和批發市場。我們是否應該預期隨著庫存減少，銷售情況會開始改善，改善將持續到 2026 年。

And on the direct-to-consumer side, you talked about, I believe, a conversion down but traffic and AOV eating, I believe up. as you launch more things like the silo jug in my eight -- because I bought it for him, he loves it, as you kind of keep pushing out more and more newness and it gets more and more attention to it, do you think that these traffic levels and continue to rise and convert to 2023? I just want to get your pro --

在直接面向消費者方面，您提到轉換率下降，但流量和平均訂單價值卻上升了。隨著您推出更多產品，例如我兒子（因為他很喜歡）的筒倉水壺——因為我給他買了一個，他很喜歡——隨著您不斷推出更多新品，這些產品也越來越受到關注，您認為到2023年，流量和轉換率會繼續上升嗎？我只是想得到你的專業服務--

Thank you, Rick. It is an incredible product that we're really excited about. And I think it exemplifies the strategy we have. And I think it's why we've had the results and why we continue to be bullish on what's happening in Drinkware particularly in the US And we're building on that incredible foundation we have and really think that the forward look and the opportunity in that category is great.

謝謝你，里克。這是一款非常棒的產品，我們對此感到非常興奮。我認為這體現了我們的策略。我認為這就是我們取得這些成績的原因，也是我們繼續看好飲具市場（尤其是美國市場）發展前景的原因。我們正在鞏固我們擁有的堅實基礎，並且真心認為該領域的未來前景和機會非常廣闊。

I think when you talk about the US wholesale, the sell-in, sell-through dynamic, I think we always start with looking at sell-through, where is the consumer demand in that important to us that importance of that moment to sell to and interact with consumers see their demand for YETI is outstanding, and we're really used about what we see there. The sell-in dynamic is sensitive to what's happening with from an inventory position. I think it's disproportionately a Drinkware story. And we said this for the last quarters.

我認為，當我們談到美國批發市場、進貨和銷售動態時，我們總是從銷售開始，關註消費者的需求在哪裡，這對我們來說很重要，因為在那個時刻向消費者銷售產品並與之互動非常重要，我們看到他們對 YETI 的需求非常旺盛，我們對在那裡看到的情況非常熟悉。銷售動態對庫存狀況的變化非常敏感。我認為這主要還是關於飲具的故事。我們過去幾個季度一直都是這麼說的。

We expected the Drinkware category to settle out. We work very closely with our wholesale partners on what their inventory is. And we've seen, we believe, categorical destocking happening around drinkware. The grades is we're seeing the strength on the consumer demand. We're seeing the strength from the innovation.

我們預期飲品類別的價格會趨於穩定。我們與批發合作夥伴密切合作，以了解他們的庫存情況。我們認為，我們已經看到飲具領域出現了徹底的去庫存現象。從成績來看，我們看到了消費者需求的強勁動能。我們看到了創新帶來的力量。

We're seeing the strength of the opportunity to go forward as we talk about the portfolio that we have coming in Drinkware in particular. As it relates to D2C, we always want to look for strength in that traffic and AOV are both really positive signs, I think, in our dot-com. The conversion rate is really something that we're focused on, how do we drive more efficiency, more productivity, higher conversion of the people that are showing up on our dot-com site. But I think what the results show is it exemplifies the power of our omnichannel strategy. And we talk a lot about, we want to be where consumers are shopping.

我們看到，尤其是在飲具領域，我們即將推出的產品組合蘊含著巨大的發展機會。就 D2C 而言，我們總是希望尋找優勢，流量和 AOV 都是我們網站運作中非常正面的訊號。轉換率是我們真正關注的重點，我們如何提高效率、提高生產力，提高造訪我們網站的使用者的轉換率。但我認為，結果表明，這充分體現了我們全通路策略的強大力量。我們經常談到，我們希望出現在消費者購物的地方。

We're thrilled with the performance we've seen on the Amazon marketplace. We love to see our wholesale partners showing really strong sell-through growth and consumer demand, and we continue to invest behind making yeti.com a flagship place for discovery consideration and ultimately purchase, which should continue to improve the conversion.

我們對在亞馬遜市場的表現感到非常滿意。我們很高興看到我們的批發合作夥伴實現了強勁的銷售成長和消費者需求，我們將繼續投資，使 yeti.com 成為發現、考慮和最終購買的旗艦平台，這應該會繼續提高轉換率。

Super helpful. Thank you.

非常有用。謝謝。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Good morning and thank you for taking our question, Matt, Mike, I was hoping you could help us understand the scaling opportunity of some of the new sport focused launches that you are putting into the marketplace in the back half of this year, whether that is the fanatics, the sport jug and some of the blender boring into the marketplace, kind of contribution do you expect from that as you go over the course of the year? And will that be the return to growth? What's the forecast for your core business of legacy products? Thank you.

早安，感謝你們回答我們的問題。 Matt、Mike，我希望你們能幫助我們了解一下，今年下半年你們將推出的一些新的運動主題產品，例如Fanatics、Sport Jug以及一些攪拌機產品，在市場推廣方面有哪些規模化的機會。你們預計這些產品在今年內能做出怎樣的貢獻？那會是回歸成長嗎？貴公司傳統產品核心業務的預測如何？謝謝。

Thanks, Brooke. I'll the front end of that. And Mike set out on the topic. What I would say largely is we feel really good as we look at our Drinkware portfolio and the innovation been driving and the diversification. We've had these conversations over quarters as that category had a lot of attention around it.

謝謝你，布魯克。我會負責前端部分。於是麥克開始談論這個話題。總的來說，我們對自己的飲具產品組合、創新以及多元化發展感到非常滿意。過去幾季我們一直在討論這些問題，因為這個類別受到了很多關注。

And we said our strategy is diversified, and build a strong foundation in base and then grow off of it. And I think that when we look across the portfolio we have today, it isn't about the things we've done coming in bottles and jugs. We're really excited about the tumblers and cups. We just had a release yesterday, of a launch format straw and you can see what the social response to that was an elite proof, large handled tublet. We're really excited about that travel mug but when we look to sport and where we're going, we believe we can play from the sideline to the home, to the outdoors, to the job site.

我們說過，我們的策略是多元化的，先打好堅實的基礎，然後再以此為基礎發展壯大。我認為，當我們審視我們今天的產品組合時，重點不在於我們用瓶裝和罐裝產品所做的工作。我們對這些保溫杯和水杯感到非常興奮。我們昨天剛發布了一款首發規格的吸管，你可以看到社交媒體對此的反應——這是一款精英級產品，配有大號手柄的管狀包裝。我們對這款旅行杯感到非常興奮，但當我們展望運動和我們的未來時，我們相信我們可以從場邊到家中，從戶外到工作場所，都能參與其中。

And I think that the jug is an incredible versus all YETI product in that way. I think where the sports come into play is that connection of Fantom and connecting brands, the channels to market that Fanatics offers the licensing partnerships that go through existing wholesale partners that we have and provide a direct-to-consumer opportunity, I think are really exciting. You'll see us continue to innovate in that category because we believe that ports on top of our outdoor legacy on top of our historical fishing legacy is an incredible way of expanding our audience through innovation, through connection to consumers. And so we're really excited about where this is going.

我覺得從這個角度來看，這款水壺是 YETI 所有產品中最出色的一款。我認為運動發揮作用的地方在於 Fantom 與品牌之間的聯繫，Fanatics 提供的市場管道，以及透過我們現有的批發合作夥伴進行的授權合作，並提供直接面向消費者的機會，我認為這真的很令人興奮。你會看到我們繼續在這個領域進行創新，因為我們相信，在我們悠久的捕魚傳統之上，再加上我們戶外運動的傳統，透過創新和與消費者的聯繫，是擴大受眾群體的絕佳途徑。所以我們對它的發展方向感到非常興奮。

Hey Brooke, it's Mike. So in terms of the forecast, I mean, I'd say it's all part of what we talked about as why we believe Drinkware will return to growth in Q4. I mean, we said it was driven by innovation. This is obviously a piece of that. The sports shut we talked about silo talked about, the shaker bottle launching this quarter.

嗨，布魯克，我是麥克。所以就預測而言，我的意思是，我認為這都符合我們之前討論的內容，這也是為什麼我們相信飲具業務將在第四季度恢復成長。我的意思是，我們說過這是由創新驅動的。這顯然是其中的一部分。我們之前討論過的體育賽事停擺，以及本季即將推出的搖搖杯。

It will be late in the quarter, not a huge amount, but it's all just part of that overall innovation story. And then the second thing we talked about is why we believe that Drinkware can return to growth in Q4 is just the international growth story and the opportunities that we see to continue to grow Drinkware as we expand internationally. So it's all part of the overall story.

雖然要到季度末才會實現，金額也不大，但這都是整體創新故事的一部分。然後我們討論的第二件事是，我們認為 Drinkware 能夠在第四季度恢復成長的原因在於國際成長的故事，以及我們看到的隨著我們在國際上擴張而繼續發展 Drinkware 的機會。所以這一切都是整個故事的一部分。

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

太好了，非常感謝。我會轉達的。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

Hey, good morning, guys. Thanks for taking my question. I guess I'll ask about the promotional environment as you think about the double-digit sell-through US wholesale for Drinkware, how much of promotion is driving that? And -- and then how do we square that with kind of the lower conversion that's happening on yeti.com, is there just a higher promotional cadence in wholesale and not as much on your site.

嘿，大家早安。謝謝您回答我的問題。我想問促銷環境的情況，因為考慮到美國飲具批發銷售額達到兩位數，促銷活動在其中起到了多大作用？那麼——我們該如何解釋 yeti.com 上較低的轉換率呢？是批發管道的促銷頻率較高，而網站上的促銷頻率則較低？

Just trying to understand that and understand how you think about the promotional cadence in the holiday and going forward and how much you do and how much your partner to do.

我只是想了解這一點，了解您如何看待假期及未來的促銷節奏，以及您和您的伴侶分別需要投入多少精力。

Good morning, Peter. Thanks for the question. I would say a couple of things. We've been talking for a number of quarters that not only did we expect Drinkware in the US, in particular, to be promotional in nature but it's been consistent, and we've seen that. And that's across brands, go out and do market surveys. You'll see that out there I think for us, we've had a really nice combination of sell-through driven by the innovation that we've launched.

早安，彼得。謝謝你的提問。我想說幾點。我們已經討論過好幾個季度了，我們不僅預期美國（尤其是美國）的飲具市場會具有促銷性質，而且這種情況一直持續，我們也看到了這一點。而且這適用於所有品牌，要出去做市場調查。我認為，對我們來說，我們憑藉創新產品實現了非常好的銷售表現。

And when we look at, we talked about our Wetlands came, when we look at this new launch of the silo jug, we've got this travel straw that just announced yesterday. We go back over the quarters and look at the innovation that we brought to market in color material finish in form factors, we really believe that innovation expansion, brand relevance is the thing that drives YETI not a -- it really drives it in an environment that is highly promotional and continues to be that way. From our promotional posture, our promotions are consistent with things that we've done in the past. As we transition out of colors transition out of styles. And we'll continue to do that.

當我們回顧一下，我們談到了我們的濕地項目，回顧一下這款新推出的筒倉水壺，以及昨天剛發布的旅行吸管。我們回顧過去幾個季度，審視我們在色彩、材料、表面處理和外形設計方面為市場帶來的創新，我們堅信，創新拓展和品牌相關性才是推動 YETI 發展的動力，而不是——在這樣一個高度促銷的環境中，它才是真正推動 YETI 發展的動力，而且這種情況還會持續下去。從我們的宣傳策略來看，我們的宣傳方式與我們過去的做法是一致的。隨著色彩的更迭，風格也隨之轉變。我們將繼續這樣做。

As we get bigger and the portfolio gets bigger, there may be incremental ones we do just based on the numbers. But I think largely, what we're focused on is how do we drive the premium nature of YETI, the desire for the innovation, the looking to YETI for what's new. And I think that's what our team has done an extraordinary job this year amidst an incredibly complex supply chain transition, of which I'm really proud of the work we've done and the setup that we have both in innovation and the posture of our global supply base for 2026.

隨著公司規模和投資組合的擴大，我們可能會根據數位情況進行一些增量投資。但我認為，我們主要關注的是如何提升 YETI 的高端形象，滿足消費者對創新的渴望，以及讓消費者期待 YETI 帶來最新產品。我認為，在極其複雜的供應鏈轉型中，我們的團隊今年做得非常出色，我為我們所做的工作以及我們在創新和2026年全球供應鏈基礎的佈局感到非常自豪。

I think as it gets to yeti.com and the conversion, I really think that there's -- we're continuing to watch where consumers want to shop at some changing and shifting behaviors. I think that ties in a little bit to some of our comments on the call about how we're looking at AI and what that does to search and how we play into it. And so it's an area we're really focused on but the overall display is the power of having our diverse omnichannel to market from wholesale through our diverse D2C all the way to our dot-com and our retail stores. I think that's -- we want to be where yet can win.

我認為，就 yeti.com 和轉換率而言，我真的認為——我們將繼續關註消費者的購物意願以及他們不斷變化的行為。我認為這與我們在電話會議上談到的一些關於我們如何看待人工智慧、人工智慧對搜尋的影響以及我們如何參與其中的評論有點關係。因此，這是我們真正關注的領域，但整體展示的是我們多元化的全通路行銷的力量，從批發到多元化的 D2C，再到我們的網路和零售店。我認為那就是──我們想達到既能贏又能贏的程度。

Got you. Thanks so much, guys. Good luck.

抓到你了。非常感謝各位。祝你好運。

Phillip Blee, William Blair.

菲利普·布利，威廉·布萊爾。

Matt, Mike, Arvin, good morning. So I just want to talk a little bit about the fourth quarter. The implied guide assumes a bit of a sales acceleration, can you maybe just provide a bit more color on your confidence there. A lot of retailers are calling out consumer demand that's been increasingly choppy. But are you seeing any of that? Or have you already seen some of that improvement in sell-in or sell-through quarter-to-date?

馬特、麥克、阿文，早安。所以我想簡單談談第四季的情況。這份隱含的指導方針假設銷售額會略有成長，您能否就此提供更多細節來說明您的信心？許多零售商都指出，消費者需求越來越不穩定。但你看到這些了嗎？或者，您已經看到本季迄今的銷售情況有所改善？

And then just a clarification question on Drinkware the category should inflect positive in the fourth quarter but do you see the potential for the US market to return to growth? Or is it maybe more of an international? Thank you.

那麼，關於飲品類，還有一個需要澄清的問題。該品類在第四季應該會呈現正面態勢，但您認為美國市場有潛力恢復成長嗎？或者它更偏向國際性？謝謝。

Yeah, hey, Philip, good morning. Thanks for the question. So I'd say both your questions are related. So as we look at Q4 and where we sit today, I mean, we've been -- all year long, we talked about strength in C&E and we saw that in Q3. We had a really good back quarter, really strong soft coolers quarter. in an overall really strong C&E quarter in both the US

嗨，菲利普，早安。謝謝你的提問。所以我覺得你的兩個問題是相關的。所以，當我們回顧第四季度以及我們目前的處境時，我的意思是，我們——一整年都在談論 C&E 的強勁勢頭，我們在第三季度也看到了這一點。我們下季業績非常好，軟冷藏櫃業務表現特別強勁。整體而言，美國和美國的C&E業務季度表現都非常出色。

and international. In Drinkware, really strong outside the US in Q3 and then in the US, it played out about like we expected. But as we've consistently said, when we look at the innovation we have coming, when we look at the growth outside the US that we think can continue and we start to comp some of those that when the market dynamics really started in Q4 of last year.

以及國際性的。在飲具方面，第三季在美國以外表現非常強勁，而在美國，情況則基本上符合我們的預期。但正如我們一直所說，當我們展望即將到來的創新，展望我們認為可以持續的美國以外地區的成長，並開始將其中一些與去年第四季市場動態真正開始時的情況進行比較時，我們就會明白這一點。

We expect to see a stabilization but the factors that sort of combined to say that, hey, we believe we can get Drinkware back to growth in Q4. We believe we can continue the growth we've seen in C&E. And that should lead to a better outcome in the US market. when you run the math, it kind of says the US

我們預期市場將趨於穩定，但各種因素綜合起來表明，我們相信飲具業務可以在第四季度恢復成長。我們相信我們能夠繼續保持我們在C&E領域所取得的成長勢頭。這應該會為美國市場帶來更好的結果。當你進行計算後，你會發現美國市場的情況似乎更糟。

based on our guide, will definitely improve as we look to -- from Q3 to Q4. And I think it's all those factors that we've talked about. You mentioned consumer demand being choppy. I mean, really, like Matt mentioned, consumer demand was at a sell-through level was strong in Q3 and we feel good about that as we head into Q4. On the DTC side, I think the choppiness comes from across channels.

根據我們的指導，從第三季度到第四季度，情況肯定會有所改善。我認為正是我們討論過的那些因素所造成的。你提到消費者需求波動較大。我的意思是，真的，就像 Matt 提到的那樣，第三季消費者需求達到了強勁的銷售水平，我們對進入第四季充滿信心。我認為，在 DTC 這邊，卡頓現像源自於不同管道之間的差異。

So Amazon and corporate sales have been strong US e-commerce has been a little more challenged. But overall, we feel good about where we are as we head into Q4.

因此，亞馬遜和企業銷售表現強勁，而美國電子商務則面臨更多挑戰。但總的來說，我們對進入第四季時的狀況感到滿意。

Great, very helpful. Thank you guys.

太好了，很有幫助。謝謝大家。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hi. This is Alexia Morgan on for Pierre. I was wanting to follow up on the previous question. So international in Q4 implies a pretty big step up just to get to the 15% to 20% guidance for the year. I was wondering what gives you confidence there on that step-up? And then also what level of international growth is sustainable to support your provided long-term algo for high single to low double-digit sales growth.

你好。這是替皮埃爾解說的阿萊克西婭·摩根。我想就上一個問題做個後續說明。因此，第四季度國際業務成長意味著需要大幅提升才能達到全年 15% 至 20% 的成長預期。我想知道是什麼讓你對邁上那一步充滿信心？此外，為了支持您提供的長期演算法實現高個位數到低兩位數的銷售成長，國際成長的可持續水準又是多少呢？

Yes. Alexia, thanks for the question. So I'd say you are correct. So the guide would imply a step-up from Q3 to Q4. But I'd say a couple of things.

是的。Alexia，謝謝你的提問。所以我覺得你是對的。因此，該指南暗示著從第三季到第四季將有所提升。但我有幾點想說。

One, the step-up is in and around the level that -- of growth that we have seen over the last quarters or so, last year and in the first quarter of this year. So it's not like we're not getting back to levels where we've been before. number one. Number two, all your lung, we talked about some timing differences related to international wholesale that growth is going to move around a bit. You saw the return of us back to double-digit growth in Q3, and we expect that momentum to continue as we go into Q4.

第一，成長幅度與過去幾季、去年以及今年第一季我們所看到的成長水準大致相當。所以，這並不是說我們無法恢復到以前的水準。第一點。第二，關於你的肺，我們討論了一些與國際批發相關的時序差異，成長將會略有波動。你們已經看到我們在第三季度恢復了兩位數的成長，我們預計這一勢頭將在第四季度繼續保持。

But also, just like in the US, we have some consumer demand reporting that gives -- that has remained strong outside the US And so when we combine all those factors together, it gave us confidence that we can get back to the levels that we would need in Q4 in order to hold our guide for the year. In terms of long-term international.

但同時，就像在美國一樣，我們的一些消費者需求報告顯示，美國以外的地區也保持強勁。因此，當我們把所有這些因素綜合起來時，我們有信心在第四季度恢復到我們需要的水平，以實現我們全年的業績指引。從長遠國際角度來看。

I mean, obviously not giving any guidance beyond 2025 this year or this quarter -- but what I'd say is we believe when we look at the opportunities that we have in Europe, that we have in Asia, both in Japan and beyond that based on some of the comments that Matt made this morning, we still believe we have a significant opportunity in front of us and the word we've used is we believe we're on the front of the wave in terms of what we think the opportunity is outside the US.

我的意思是，顯然今年或本季度不會給出2025年以後的任何指導——但我想說的是，當我們審視我們在歐洲、亞洲（包括日本及其他地區）所擁有的機會時，基於馬特今天早上的一些評論，我們仍然相信我們面前有一個重大的機會，我們用的一個詞是，我們相信，就我們認為美國以外的機會而言，我們正處於浪潮的前沿的前沿。

Okay, thank you. I'll pass it on.

好的，謝謝。我會轉達的。

Joe Altobello, Raymond Jame.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

I want to quickly touch on Paris. You have a net tariff impact this year of about $0.40 per share. I realize you're not giving any kind of guidance for next year, but just trying to get an idea of what that might look like going forward?

我想簡單談談巴黎。今年您的淨關稅影響約為每股 0.40 美元。我知道您沒有給出任何關於明年的指導，但我只是想了解未來可能會是什麼樣子？

Yes. Thanks for the question. So I mean, you're right. We're not giving any kind of guidance beyond 2025 on this call. There are also a lot of moving pieces.

是的。謝謝你的提問。所以，我的意思是，你是對的。本次電話會議我們不提供2025年以後的任何指導意見。此外，還有許多變數。

So on one hand, you've got the rate on imports into the US from China coming down recently, won't have a material impact on 2025 given the timing, like we've said, for most of this year, China has been at 30%. And by the end of this year, we will largely be out of China for goods imported into the US we will see an annualization of the full year impact of tariffs in other countries outside of China. I'd say the other thing is given how we've diversified our supply chain.

一方面，最近中國對美國的進口率有所下降，考慮到時間因素，這對 2025 年不會產生實質影響，就像我們之前說的，今年大部分時間裡，中國的進口率都維持在 30%。到今年年底，我們將基本擺脫對中國的依賴，對於進口到美國的商品，我們將看到中國以外其他國家全年關稅影響的年度化結果。我認為另一點是，我們已經實現了供應鏈的多元化。

We now have the opportunity to look at where we produce and optimize our sourcing based on where tariff rates sits. I mean, there are some countries that we in which we source that do not currently pay a tariff. So I think next, we'll look for ways to optimize our cost, continue to partner with our suppliers, and then lastly, we'll also look at price. So there are a lot of pieces moving around, and there's work for us to go do that we're going to continue to go do. So not giving guidance specifically beyond this year other than to say it's something that we're watching closely and that we will -- it's a -- it remains a significant priority for us, and we'll have -- and we'll continue to work at it.

我們現在有機會根據關稅稅率來審視我們的生產地點並優化採購。我的意思是，我們從一些國家採購商品，而這些國家目前並不繳關稅。所以我認為接下來，我們會尋找優化成本的方法，繼續與供應商合作，最後，我們也會考慮價格。所以有很多事情正在發生變化，我們還有很多工作要做，我們會繼續做下去。因此，除了表示我們正在密切關注此事，我們將進行——這仍然是我們的一項重要優先事項，我們將繼續努力之外，不會給出今年以後的具體指導。

That's helpful. And just kind of quickly looking at this quarter, were US sales up if you exclude Drinkware?

那很有幫助。簡單看一下本季，如果排除飲具產品，美國銷售額是否有成長？

Well, I think -- yes, I mean, we didn't give the specific number, but we talked about T&E strength in the US and international. So I think it's fair to say that US sales were up, if you exclude Drinkware, correct?

嗯，我想——是的，我的意思是，我們沒有給出具體數字，但我們討論了美國和國際上的差旅和培訓實力。所以，如果排除飲具類產品，我認為可以說美國銷售額有成長，對嗎？

The only thing I would add to that is, if you really think about and you'll see it in our revised investor deck a more blown out view of our product portfolio. But really, the drag in our Drinkware business is pretty concentrated around that trend-driven last couple of years style. And the overall strength in our drink business is what gives us confidence in the expansionary strategy, the innovation, the growth we're driving, the relevance to consumers. So it's -- I think -- and that's why we feel good about the forward look.

我唯一要補充的是，如果你仔細想想，你會發現我們在修訂後的投資人簡報中更全面地展示了我們的產品組合。但實際上，我們飲具業務的拖累主要集中在過去幾年受潮流驅動的風格。我們飲料業務的整體實力讓我們對擴張策略、創新、我們正在推動的成長以及與消費者的相關性充滿信心。所以——我認為——這就是為什麼我們對未來充滿信心的原因。

Great, thank you and good luck.

太好了，謝謝，祝你好運。

Molly Baum, Morgan Stanley.

莫莉‧鮑姆，摩根士丹利。

Hi, thanks so much for taking our question. I want to follow up on your thoughts around 4Q, specifically the holiday season. I know you mentioned that you had a softer Prime Day versus last year. So can you maybe give a little bit more detail on what drove this? And if that's -- if there's any read through there on what we might expect for some of these key holiday selling periods.

您好，非常感謝您回答我們的問題。我想就您關於第四季度，特別是假日季的看法做個後續探討。我知道你提到今年的Prime Day比去年要冷清一點。那麼，您能否更詳細說明一下促成此事的原因？如果這能為我們預測一些關鍵假日銷售期的情況提供一些線索的話。

Molly. So Yes. We mentioned overall strength on Amazon despite a softer July Prime Day versus the prior year. And we saw that we weren't alone and sort of seeing that. So I think the holiday time period is different.

莫莉。是的。我們提到，儘管亞馬遜7月的Prime Day活動表現不如去年同期，但整體表現依然強勁。我們發現我們並不孤單，也意識到了這一點。所以我認為假期時段有所不同。

It's not one event. It's over a longer period of time which I think placed our advantage a little bit because that's what we saw in Q3. Was that just sort of sustained demand -- strong consumer demand on Amazon. But it's just one piece of our overall growth story in Q4. Obviously, our dot-com business and what we have planned around gear garage is always an important piece of our Q4 business and we feel good about where things stand and what we have planned.

這不是單一事件。時間跨度更長，我認為這讓我們稍微佔了一些優勢，因為我們在第三季就看到了這一點。那是不是持續的需求——亞馬遜上強勁的消費者需求？但這只是我們第四季整體成長故事的一部分。顯然，我們的互聯網業務以及我們圍繞裝備車庫制定的計劃始終是我們第四季度業務的重要組成部分，我們對目前的狀況和我們的計劃感到滿意。

We will -- obviously, we believe, given the overall strength on Amazon, we're set up for a good holiday season. And then as we're just talking the US, obviously. I mean we feel really good about where our international business is toleration that we have planned in Q4. So I don't think you can take a direct read through from Prime Day and apply it to the holiday season because there's just too many other factors at play.

顯然，我們相信，鑑於亞馬遜的整體實力，我們已經為即將到來的假期季節做好了充分準備。然後，顯然，我們現在談論的是美國。我的意思是，我們對第四季度國際業務的預期表現感到非常滿意。所以我認為不能直接將亞馬遜會員日的經驗應用在假日季，因為還有太多其他因素在運作。

Got it that makes sense thanks so much.

明白了，這很有道理，非常感謝。

Noah Zatzkin form KeyBanc Capital Markets.

來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Hi, thanks for taking my question. I guess just on kind of the M&A front. I think there was kind of a thought some time ago that maybe tuck-ins would kind of play a role in how you're thinking about the long-term algo. So how do kind of tuck-in acquisitions factor into the high single-digit to low double-digit long-term growth rate? And then just in general, kind of how are you thinking about M&A more near term?

您好，感謝您回答我的問題。我猜主要是關於併購方面的事情。我認為之前有人認為，或許在考慮長期演算法時，調整策略會起到一定作用。那麼，這種零星收購對達到高個位數到低兩位數的長期成長率有何影響呢？那麼總的來說，您對近期併購活動有何看法？

Thanks, Noah. I appreciate the question. A couple of things I would say. We obviously talked a lot on the call and you have seen over the last couple of years, our capital allocation priorities. And disproportionately, it's been a really strong sign in the buybacks that we've completed.

謝謝你，諾亞。感謝您的提問。我有幾點想說。顯然，我們在電話會議上談了很多，而且在過去的幾年裡，你們也看到了我們的資本配置重點。而且，在我們完成的股票回購中，這一點尤其明顯地反映得非常明顯。

And as we communicated on the call, with the upsized target for the year, it would be $500 million over the last two years in buybacks. And I think that shows the conviction we have in what we're doing at YETI and what's in front of us. As it relates to acquisitions in that, what I would call, very targeted deployment of capital around technologies, designs, IP is really all innovation-focused. And so if you go back and look at the types of things that we've done, it's not tuck-in in the traditional sense of the tuck-in of a business or a brand. It's really about access to capabilities so that we can accelerate the innovation pipeline.

正如我們在電話會議上溝通的那樣，隨著今年目標的提高，過去兩年回購金額將達到 5 億美元。我認為這體現了我們對 YETI 所做的事情以及我們面前的挑戰的信心。就收購而言，我稱之為圍繞技術、設計、智慧財產權進行有針對性的資本部署，實際上都是以創新為中心。所以，如果你回顧我們過去所做的事情，你會發現它並不是傳統意義上對企業或品牌的整合。關鍵在於獲取資源，進而加速創新進程。

We did it with the expansion we've had in bags underneath the YETI brand, and you saw that starting earlier this year, and we're excited about what's to come in 2016 and beyond. In the cast iron, we had an opportunity to get a small niche design, make it a Yeti design, enhance it, bring it to market and really set a marker out there in the market for what we can do in this expanding Cookware and culinary world.

我們透過 YETI 品牌旗下包款的擴張實現了這一點，你們也看到了，這種擴張從今年年初開始，我們對 2016 年及以後的發展感到興奮。在鑄鐵鍋領域，我們有機會打造一個小眾設計，使其成為 Yeti 的設計，對其進行改進，推向市場，並在不斷擴展的炊具和烹飪領域真正樹立一個標桿，展現我們的能力。

And then the shaker bottle, similarly, we got a chance to get something that was unique in the market from a design perspective enhance the product and bring it back to the market, which is what we communicated will happen in Q4.

同樣，搖搖杯也是如此​​，我們有機會從設計的角度對市場上獨一無二的產品進行改進，並將其重新推向市場，這就是我們之前宣布的將在第四季度實現的目標。

And so those opportunities, I look at them as adjuncts to the investment we make in the people, technologies, processes we have inside the business. And so we'll continue to look for those, which sort of jump the curve on getting product to market, jump the curve on technology, expand sort of our open innovation, our Ace Hardware thought process.

因此，我認為這些機會是我們對企業內部的人員、技術和流程進行投資的補充。因此，我們將繼續尋找那些能夠加快產品上市速度、加快技術發展速度、擴展我們開放式創新和 Ace Hardware 思維方式的創新者。

But suffice it to say that our forward look on this business is driving growth underneath the YETI brand that we think complements our channels to market, complements our brand extension strategy. and really addresses consumer needs and consumer opportunities we see.

但總而言之，我們對這項業務的前瞻性展望正在推動 YETI 品牌下的成長，我們認為這與我們的市場通路和品牌延伸策略相輔相成，並真正滿足了我們所看到的消費者需求和市場機會。

Thank you, very helpful.

謝謝，很有幫助。

John Kernan, TD Colin.

約翰·克南，TD 科林。

Good morning. This is Chris Zuber on for John. Just on the international sort of bigger picture, the double-digit growth you've demonstrated through much of this year and the international mix of sales now around roughly 20%, how are you thinking about the margin profile of this business relative to the US or the company average overall? And then just secondly, on the product launches. You've talked about the opening of the Thailand Innovation Center, complementing the Austin Center.

早安.這裡是克里斯祖伯，替約翰為您報道。從國際市場更大的角度來看，今年大部分時間裡你們都實現了兩位數的成長，目前國際銷售額佔比約為 20%，您如何看待這項業務相對於美國或公司整體平均水平的利潤率狀況？其次，就是產品發表方面。您曾談到泰國創新中心的開放，該中心是對奧斯汀中心的補充。

Now you're adding Vietnam, you're on track to exceed roughly 30 new product launches this year. Is that how we -- and how are you thinking about the run rate of launches going forward?

現在加上越南市場，你們今年推出的新產品數量預計將超過 30 個。這就是我們——以及你們——對未來發射頻率的看法嗎？

Appreciate the question. I'll take the first question and then we'll pass it to Matt for the innovation question. So international margins, so what we said is that there's some channel and product mix differences across the different regions. But from a gross margin perspective, when you normalize for that, our gross margins are pretty similar to the US, outside the US versus the US

感謝您的提問。我先回答第一個問題，然後我們把問題交給 Matt，讓他回答有關創新方面的問題。所以國際利潤率，也就是我們之前說的，不同地區在通路和產品組合上有些差異。但從毛利率的角度來看，如果考慮到這一點，我們的毛利率與美國非常相似，美國以外地區的毛利率與美國本土的毛利率相比也相當。

And so from an operating margin standpoint, I really think it kind of varies by where the region is and it's maturity. So regions where we've been in for a while, Canada, Australia have really strong profitability places like Europe and Asia, where we're building, where we're growing brand awareness, we're investing.

因此，從營業利潤率的角度來看，我認為這很大程度上取決於該地區的狀況和成熟度。所以，我們在加拿大、澳洲等地區已經耕耘了一段時間，而像歐洲和亞洲這樣盈利能力非常強的地區，我們正在那裡建設，我們正在那裡提高品牌知名度，我們正在進行投資。

Obviously, it's a little different. So I think you'll start to see as Europe continues to grow and become a more mature piece of our business like Australia and Canada, then I think you'll see that start to -- Europe starts to sort of progress toward where Australia and Canada are but then you've got our efforts in Asia where we're going to be investing as well. So that's kind of how I would think about it.

顯然，情況略有不同。所以我認為，隨著歐洲業務的持續成長，並像澳洲和加拿大一樣成為我們業務中更成熟的部分，你會看到歐洲開始朝著澳洲和加拿大的方向發展，同時我們也會在亞洲進行投資。我大概就是這麼想的。

There are a lot of moving parts in there but it's really -- from a gross margin perspective at a channel level, they're very similar.

這裡面有很多變數，但從通路層面的毛利率來看，它們其實非常相似。

What I would add is as we think about the cadence and pace of innovation, it's really less about this year versus 35% next year versus 25 or whatever the numbers may be last year. It's really about opportunity we see product market fit, opportunity to merchandise in our existing channels to market opportunity to expand our channels to market, intercept the consumer at a new buying occasion.

我想補充的是，當我們思考創新的節奏和速度時，這實際上並不是指今年的35%與明年的25%或去年的任何數字相比。我們看到的機會在於產品與市場的契合度，在於利用現有通路進行銷售的機會，在於拓展銷售管道的機會，在於在新的購買時機接觸消費者。

But what I think Thailand, Vietnam, Bosman, Denver, Austin offer us is immense capabilities to respond to market opportunities we see to bring innovative products to market, to control our innovation to partner with the best contract manufacturers around the world to bring it to the consumer and our partners in the most efficient and effective manner. And so I think everything from ideation to the innovation, to the development to ultimately the sourcing and execution. We're building capabilities to take advantage of the global opportunity that we see.

但我認為，泰國、越南、博斯曼、丹佛、奧斯汀為我們提供了巨大的能力，使我們能夠抓住市場機遇，將創新產品推向市場，掌控我們的創新，與世界各地最好的代工製造商合作，以最有效的方式將產品推向消費者和我們的合作夥伴。所以我認為，從構思到創新，再到開發，最終到採購和執行，所有環節都至關重要。我們正在提升自身能力，以抓住我們所看到的全球機會。

And that includes the continued penetration growth deepening of our relationships in the US, which is an incredibly important market to us and the expansionary opportunities that the rest of the world offers.

這包括不斷擴大市場滲透率，深化我們在美國（對我們來說是一個極其重要的市場）的關係，以及世界其他地區提供的擴張機會。

Thank you, best of luck.

謝謝，祝你好運。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

Good morning, guys. Thanks for taking my question. I had kind of a bigger picture question. Thinking through the long-term algo kind of why reiterate that high single digit to low double-digit growth now. And -- to what extent is -- or thinking through balancing a few investments required to drive the innovation required to get to that growth versus maybe seeing some more OpEx leverage in the out year four years beyond.

各位早安。謝謝您回答我的問題。我有一個更宏觀的問題。從長遠角度思考，為什麼現在要重申高個位數到低兩位數的成長目標？而且——在多大程度上——或者說，思考如何平衡一些必要的投資，以推動實現成長所需的創新，與在未來一到四年內獲得更多的營運支出槓桿作用。

Anna, thanks for the question. I'm going to do my best. I think I got most of that but let me kind of take a crack at it and if you have a quick follow-up, we'll address it. The timing is when you really think about we're building this brick by brick. We've always been product focused.

安娜，謝謝你的提問。我會盡我所能。我想我基本上都明白了，不過讓我再試著解釋一下，如果你還有什麼後續問題，我們再討論。關鍵在於，你要真正意識到我們正在一磚一瓦地建造它。我們一直都以產品為中心。

We've always been brand expansionary focused. We've always talked about the international opportunity. I think what we have seen build over the last number of quarters and really kind of came together in Q3 is the kind of foundational opportunity we continue to see in the US, the global opportunity we're seeing outside of the US the proof points of the reach the brand is getting in this next evolution in connection as we talked a lot about sport. In the innovation, both the investment we've made, which we think is a very scalable investment that has a high return but the strength of our existing portfolio to continue to drive us forward and the impact of the expansionary growth.

我們一直專注於品牌擴張。我們一直在談論國際機會。我認為，過去幾個季度以來我們所看到的，並在第三季度真正匯聚在一起的，是我們在美國持續看到的基礎性機遇，以及我們在美國以外地區看到的全球機遇，這些都證明了該品牌在下一個發展階段所獲得的影響力，正如我們之前多次談到的體育領域一樣。在創新方面，我們既投入了我們認為具有很高回報的可擴展投資，也投入了我們現有的投資組合的實力，這將繼續推動我們前進，以及擴張性增長的影響。

And so it was a great time for us to start that build towards this moment, and then we'll go into our 2026 guide in the Q4 call when we're back together and it will go into an Investor Day. And all along, what I expect from YETI is what we have seen since we went public in 2018, which is we just continue to execute. We continue to build this brand the right way. We continue to innovate and lead the market, and we continue to find new market opportunities around the world. And I think that's as simple as the rationale is, and we think the algorithm builds into that.

因此，現在正是我們開始為這一刻做準備的好時機，然後我們將在第四季度電話會議上討論我們的 2026 年業績指引，屆時我們將再次聚在一起，並在投資者日上進行討論。一直以來，我對 YETI 的期望都和我們自 2018 年上市以來所看到的一樣，那就是我們將繼續穩步前進。我們將繼續以正確的方式打造這個品牌。我們不斷創新，引領市場，並持續在全球尋找新的市場機會。我認為這就是其基本原理，我們認為演算法正是基於此構建的。

Thank you. There are no further questions at this time. I will now turn the call over to CEO, Matt Reintjes. Please go ahead.

謝謝。目前沒有其他問題了。現在我將把電話交給執行長馬特·雷恩特傑斯。請繼續。

Thanks, everyone, for joining us. We look forward to connecting on our fourth quarter call. Have a wonderful rest of the week.

謝謝大家的參與。我們期待在第四季財報電話會議上與您聯繫。祝您本週餘下的日子過得愉快。

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了。