Yeti Holdings Inc (YETI) 2021 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the YETI Holdings Second Quarter 2021 Earnings Conference Call. (Operator Instructions) The conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 YETI Holdings 2021 年第二季度收益電話會議。 （操作員指示）會議正在錄製。演講結束後，將有機會提問。 （操作員說明）

I would now like to turn the conference over to Tom Shaw, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁湯姆·肖 (Tom Shaw)。請繼續。

Good morning, everyone, and thanks for joining us to discuss YETI Holdings' Second Quarter 2021 Results.

大家早上好，感謝您加入我們討論 YETI Holdings 2021 年第二季度業績。

Before we begin, we would like to remind you that some of the statements that we make today on this call, including those statements relating to the impact of the COVID-19 pandemic on our business, 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 quarterly report on Form 10-Q and the Form 8-K filed with the SEC earlier this morning along with the associated press release. We undertake no obligation to revise or update any forward-looking statements made today as a result of new information, future events or otherwise, except as required by law.

在開始之前，我們想提醒您，我們今天在本次電話會議上發表的一些聲明，包括與 COVID-19 大流行對我們業務的影響有關的聲明，可能被視為前瞻性的。此類前瞻性陳述面臨各種風險和不確定性，可能導致我們的實際結果與這些陳述存在重大差異。欲了解更多信息，請參閱我們今天上午早些時候向 SEC 提交的最新季度報告 10-Q 表格和 8-K 表格中詳細介紹的風險因素以及相關新聞稿。我們不承擔因新信息、未來事件或其他原因而修改或更新今天做出的任何前瞻性陳述的義務，除非法律要求。

During our call today, we'll be discussing certain non-GAAP measures pertaining to completed fiscal periods. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release issued this morning. We use non-GAAP measures as a lead in some of our financial discussions as we believe they more accurately represent the true operational performance and underlying results of our business.

在今天的電話會議中，我們將討論與已完成財務期間相關的某些非公認會計原則措施。今天上午發布的新聞稿中包含了這些非公認會計準則衡量指標與其最直接可比的公認會計準則衡量指標的調節表。我們在一些財務討論中使用非公認會計原則衡量標準，因為我們相信它們更準確地代表了我們業務的真實運營績效和基本結果。

Today's call will be led by Matt Reintjes, President and CEO of YETI; and Paul Carbone, CFO. Following our prepared remarks, we'll open the call for your questions.

今天的電話會議將由 YETI 總裁兼首席執行官 Matt Reintjes 主持；和首席財務官保羅·卡本 (Paul Carbone)。在我們準備好的發言之後，我們將開始電話詢問您的問題。

And with that, I'll turn the call over to Matt.

然後，我會將電話轉給馬特。

Thanks, Tom, and good morning.

謝謝，湯姆，早上好。

YETI had a remarkable second quarter with sales increasing over 40% for the second straight quarter. This performance continues the trend of high demand for the brand during the start of summer and the gift-giving celebrations of moms, dads and grads. This Q2 was punctuated by the broader return to some pandemic-disrupted activities such as travel and the continued trend in people looking for active outdoor adventures.

YETI 第二季度表現出色，銷售額連續第二個季度增長超過 40%。此次演出延續了初夏期間對該品牌的高需求趨勢以及媽媽、爸爸和畢業生的送禮慶祝活動。第二季度，一些受疫情影響的活動（例如旅行）廣泛回歸，以及人們尋求積極戶外探險的持續趨勢。

Several key elements continue to drive our results. It all starts with our unrelenting focus on designing products to deliver performance, durability and versatility to support new activities since the pandemic and for the activities disrupted during the pandemic. Great product comes alive through relevant and impactful brand and product storytelling. Our incredibly talented team of in-house creatives continues to find unique and meaningful ways to build connections with customers globally and across a wide range of outlets from digital to in-person experiences, amplifying the strength and heritage of the brand. And finally, in an increasingly digital-led world, we continue to make strategic investments in data analytics and our technology stack to better personalize the consumer journey and engagement with YETI.

幾個關鍵因素繼續推動我們的業績。這一切都始於我們不懈地致力於設計產品，以提供性能、耐用性和多功能性，以支持自大流行以來的新活動以及大流行期間中斷的活動。偉大的產品通過相關且有影響力的品牌和產品故事講述而變得生動。我們才華橫溢的內部創意團隊不斷尋找獨特且有意義的方式，與全球客戶以及從數字到親身體驗的各種渠道建立聯繫，從而增強品牌的實力和傳統。最後，在日益數字化的世界中，我們繼續對數據分析和技術堆棧進行戰略投資，以更好地個性化消費者旅程和與 YETI 的互動。

As we turn to the second quarter, our 45% net sales growth was ahead of our expectations with strength in the quarter across all our channels. Those channels most impacted by the prior year's COVID-19 disruptions as well as channels such as YETI.com that saw incredible strength in the year ago period delivered in the second quarter.

當我們轉向第二季度時，我們 45% 的淨銷售額增長超出了我們的預期，本季度我們所有渠道的表現都強勁。這些渠道受去年 COVID-19 中斷影響最大，以及 YETI.com 等渠道，在第二季度的上年同期表現強勁。

In DTC, we posted 48% growth on top of last year's increase of 61%. This included strong performance through Mother's Day and Father's Day as we highlighted the range and relevance of our product portfolio while also earning impactful media placement across key outlets from The New York Times and Chicago Tribune to Vanity Fair, Vice and CNN. We saw significant growth during the quarter in wholesale, where we continue our efforts to replenish inventory to support the ongoing strong demand in the channel.

在 DTC 方面，我們在去年 61% 的基礎上實現了 48% 的增長。這包括在母親節和父親節期間的強勁表現，因為我們強調了我們產品組合的範圍和相關性，同時還在《紐約時報》、《芝加哥論壇報》、《名利場》、《Vice》和CNN 等主要媒體上獲得了有影響力的媒體投放。本季度批發業務顯著增長，我們繼續努力補充庫存，以支持渠道持續強勁的需求。

Finally, we tripled our international revenues in what was our largest net sales quarter to date for this business as we continue to see the penetration of the brand even amidst the ongoing pandemic challenges in many of the international locations.

最後，我們的國際收入在該業務迄今為止最大的淨銷售額季度中增加了兩倍，因為即使在許多國際地區持續面臨流行病挑戰的情況下，我們仍然看到該品牌的滲透力。

This top line performance drove better-than-planned profitability with adjusted operating margins expanding 160 basis points and adjusted EPS growth of 66%. Importantly, this top-to-bottom performance was driven by the dedication, creativity and passion of our employees and partners powering through the ongoing pandemic, resulting in another strong quarter for YETI.

這一營收業績推動盈利能力好於計劃，調整後營業利潤率擴大 160 個基點，調整後每股收益增長 66%。重要的是，這種自上而下的業績是由我們的員工和合作夥伴在持續的大流行中奮力拼搏的奉獻精神、創造力和熱情推動的，從而為YETI 帶來了另一個強勁的季度。

Before we touch on progress around our 4 strategic growth priorities, I want to provide some color on our focus for the balance of 2021. What we unequivocally believe today is that overall brand demand is incredibly strong. We're capitalizing on a continuing influx of new customers and returning brand advocates. And we're better equipped than ever to reach new global customers.

在我們討論 4 個戰略增長重點的進展之前，我想先介紹一下我們 2021 年的重點。今天我們明確地認為，整體品牌需求非常強勁。我們正在利用不斷湧入的新客戶和回歸的品牌擁護者。我們比以往任何時候都更有能力接觸新的全球客戶。

At the same time, global supply chains remain incredibly challenged and strained. Despite the ongoing supply chain disruptions including cost and transportation pressures, our team continues to do a remarkable job managing and mitigating to minimize the impact while we continue to focus on growth. Most recently, we have seen the government-mandated shutdowns at one of our soft cooler suppliers in Vietnam as a result of the ongoing impacts of COVID. While our prior work to drive supplier redundancy in key product areas helps our ability to absorb this type of temporary disruption, the shutdown does underscore the inherent volatility that lingers globally.

與此同時，全球供應鏈仍然面臨巨大的挑戰和緊張。儘管供應鏈持續中斷，包括成本和運輸壓力，但我們的團隊在管理和緩解方面繼續出色地工作，以最大程度地減少影響，同時繼續專注於增長。最近，由於新冠疫情的持續影響，我們在越南的一家軟冷卻器供應商被政府強制關閉。雖然我們之前在關鍵產品領域推動供應商冗餘的工作有助於我們吸收此類暫時中斷的能力，但此次停工確實凸顯了全球範圍內持續存在的固有波動。

As evidenced by our results and updated outlook, we're managing through this overall backdrop well, and we'll continue to tighten our grip on what we can most directly control. We remain focused on servicing the tremendous momentum heading into the balance of this year to ensure we drive growth this year and beyond.

正如我們的業績和最新展望所證明的那樣，我們在這一總體背景下管理得很好，並且我們將繼續加強對我們最能直接控制的事情的控制。我們仍然專注於為今年餘下的時間提供巨大的動力，以確保我們推動今年及以後的增長。

As it relates to our key growth priorities, I'd first like to discuss our brand efforts. For the quarter, we continue our multi-faceted depth and breadth marketing strategy, partnering with incredibly talented ambassadors and organizations to support our depth in a wide variety of active outdoor pursuits, magnified by breadth across our online and offline media partnerships and our recently restarted in-person activations, which connects us directly with consumers. We believe the uniqueness of this approach spanning broad reach efforts and very directed and specific consumer engagement is part of the continued advantage of YETI's brand effectiveness.

由於這關係到我們的主要增長重點，我首先想討論一下我們的品牌努力。在本季度，我們繼續實施多方面的深度和廣度營銷策略，與才華橫溢的大使和組織合作，支持我們在各種積極的戶外活動中的深度，並通過我們的線上和線下媒體合作夥伴關係以及我們最近重新啟動的廣度來放大面對面的激活，將我們與消費者直接聯繫起來。我們相信，這種方法的獨特性涵蓋了廣泛的影響力和非常有針對性和具體的消費者參與，這是 YETI 品牌有效性持續優勢的一部分。

Looking at some examples. We once again celebrated National Barbecue Month in May. This includes sharing YETI ambassadors tips from the pit and recipes ranging from pork belly burnt ends to spare ribs on our social channels and the highly anticipated return of Memphis in May Barbecue Festival.

看一些例子。五月我們再次慶祝全國燒烤月。這包括在我們的社交渠道上分享 YETI 大使的坑道技巧和食譜，從五花肉燒焦的末端到排骨，以及備受期待的孟菲斯五月燒烤節回歸。

The success of Mother's Day and Father's Day showcased how we built upon last year's efforts that spotlight special occasions through gift curation, storytelling and product customization.

母親節和父親節的成功展示了我們如何在去年的基礎上通過禮品策劃、講故事和產品定制來突出特殊場合的努力。

As we did in 2020, we once again highlighted our small, independent wholesale partners through our mom-and-pop shops campaign. And this year, we released a short film of YETI Co-Founder Roy Seiders interviewing one of our first retail partners, Tackle Box Outfitters in San Antonio, Texas.

正如我們在 2020 年所做的那樣，我們再次通過夫妻店活動突出了我們的小型獨立批發合作夥伴。今年，我們發布了 YETI 聯合創始人 Roy Seiders 採訪我們首批零售合作夥伴之一——德克薩斯州聖安東尼奧市的 Tackle Box Outfitters 的短片。

We also began to see a return to in-person consumer experiences and brand activation this quarter. In June, we attended the Mountain Games in Vail for the first time since 2019, displaying and selling products to the 56,000 consumers who attended while promoting the reduction of single-use plastic in the process. In addition to our mobile retail store, we also featured 2 large water silos that distributed over 600 gallons of water throughout the 4-day event, equivalent to 4,000 20-ounce plastic bottles.

本季度我們還開始看到面對面的消費者體驗和品牌激活的回歸。 6 月，我們自 2019 年以來首次參加了韋爾山地運動會，向參加的 56,000 名消費者展示和銷售產品，同時促進在此過程中減少一次性塑料的使用。除了我們的移動零售店外，我們還設有 2 個大型水筒，在為期 4 天的活動中分發了 600 多加侖的水，相當於 4,000 個 20 盎司的塑料瓶。

With the February launch of our Crossroads Bags Collection, we engaged our ambassador network to support the launch through the development of social content and videos. In addition, we partnered with Hypebeast to develop content and brand placement of bags featuring our first skate ambassador, Geoff Rowley, and showcasing product highlights including our Tuffskin Nylon.

隨著我們的 Crossroads Bags 系列於 2 月份推出，我們聘請了大使網絡，通過開發社交內容和視頻來支持此次發布。此外，我們還與 Hypebeast 合作開發內容和品牌定位，以我們的第一位滑板大使 Geoff Rowley 為主角，並展示包括我們的 Tuffskin Nylon 在內的產品亮點。

Our YETI Dispatch magalog continues to be a powerful and productive tool to showcase our product and tell YETI experience stories. This spring, we expanded our initial April mailing of 1 million magalogs with an additional 1 million unit run in May targeting prospects. This content serves as a great introduction to the brand and product portfolio while driving conversion. The return on this catalog investment continues to remain meaningfully above industry standards. Moreover, we continue to find ways to bring this amazing print to life digitally with content available across our social channels and on YETI.com.

我們的 YETI Dispatch 雜誌仍然是一個強大且高效的工具，可以展示我們的產品並講述 YETI 體驗故事。今年春天，我們擴大了 4 月份最初郵寄 100 萬份 Magalog 的範圍，並在 5 月份針對潛在客戶額外郵寄了 100 萬份。此內容可以很好地介紹品牌和產品組合，同時推動轉化。該目錄投資的回報繼續顯著高於行業標準。此外，我們繼續尋找方法，通過我們的社交渠道和 YETI.com 上提供的內容，以數字方式將這一令人驚嘆的印刷品變為現實。

And finally, we were excited and honored to kick off our Austin FC partnership as the official jersey sponsor of Austin FC in their inaugural season in Major League Soccer. This partnership is an important and impactful way to support YETI's hometown while driving reach and exposure as the front-of-jersey brand. Our visibility on the verde and black jerseys has already carried us to audiences in 7 key urban markets throughout the U.S. and has been shown on 7 nationally televised matches.

最後，我們很高興也很榮幸能夠作為奧斯汀足球俱樂部在美國職業足球大聯盟的首個賽季的官方球衣贊助商開始與奧斯汀足球俱樂部的合作夥伴關係。此次合作是支持 YETI 家鄉的重要且有影響力的方式，同時擴大了球衣正面品牌的影響力和曝光度。我們在綠色和黑色球衣上的知名度已經將我們帶到了美國 7 個主要城市市場的觀眾手中，並在 7 場全國電視轉播的比賽中進行了轉播。

On the product side, our second quarter focus was on amplifying our 2020 and Q1 2021 product introduction while working with our supply chain partners on ramping supply. Demand for hard coolers, including our Roadie 24, which launched in the first half of 2020, continued to outpace supply. We remain focused on building inventory across both hard and soft coolers and anticipate these levels will continue to be pressured as demand outstrips supply throughout the second half of the year. Drinkware growth accelerated in the quarter, supported by strong demand, improved inventory positioning and great momentum in our corporate sales business.

在產品方面，我們第二季度的重點是擴大 2020 年和 2021 年第一季度的產品介紹，同時與供應鏈合作夥伴合作增加供應。對硬質冷卻器（包括 2020 年上半年推出的 Roadie 24）的需求繼續超過供應。我們仍然專注於建立硬冷卻器和軟冷卻器的庫存，並預計隨著下半年供不應求，這些水平將繼續受到壓力。在強勁的需求、改善的庫存定位以及我們企業銷售業務的強勁勢頭的支持下，飲料器具的增長在本季度加速。

In the current quarter, we had a full online and offline marketing launch of our fall colors. Along with the products, we have some incredible digital stories about the inspiration for these colors that will be rolled out through our digital properties and social. We introduced YETI Thin Ice in July, which is optimized to fit into our soft cooler. And we have 2 new iterations of Drinkware with the Rambler 18-ounce HotShot and the larger-sized Rambler 64-ounce Bottle coming in August. In the weeks ahead, we're excited to reintroduce our Travel Mug, now delivered in 20- and 30-ounce sizes, including an updated lid.

在本季度，我們全面推出了秋季色彩的線上和線下營銷活動。除了產品之外，我們還有一些關於這些顏色靈感的令人難以置信的數字故事，這些故事將通過我們的數字資產和社交媒體推出。我們於 7 月推出了 YETI Thin Ice，它經過優化以適合我們的軟冷卻器。我們還有 2 款新的 Drinkware，其中 Rambler 18 盎司 HotShot 和更大尺寸的 Rambler 64 盎司 Bottle 將於 8 月推出。在接下來的幾週內，我們很高興重新推出我們的旅行杯，目​​前提供 20 盎司和 30 盎司尺寸，包括更新的蓋子。

We are also introducing a great functional update to our highly regarded top-selling Camino Carryall tote with enhanced organization from a new pocket and 2 deployable dividers on each side of the bag.

我們還為備受推崇的暢銷 Camino Carryall 手提包推出了一項出色的功能更新，通過新的口袋和包兩側各有 2 個可展開的隔板增強了組織性。

We will also officially occupy our new soft goods design office in Vancouver next month, which will provide full sample-making, patterning and prototyping capability for our design team.

下個月我們還將正式入駐位於溫哥華的新的紡織品設計辦公室，這將為我們的設計團隊提供完整的樣品製作、圖案製作和原型製作能力。

Supporting our brand and product efforts, we continue to leverage our channel strategy to achieve the growth we expect from DTC and wholesale, with each exceeding 40% growth in the quarter. DTC represented 55% of our sales mix for the quarter, and we saw a range of positive gains across our direct business given the varying comparisons from last year's COVID-impacted period. YETI.com delivered very solid growth on top of triple-digit increases last year, including growth across all domestic regions.

為了支持我們的品牌和產品工作，我們繼續利用我們的渠道策略來實現我們預期的 DTC 和批發增長，本季度增長均超過 40%。 DTC 占我們本季度銷售組合的 55%，與去年受新冠疫情影響的時期相比，我們的直接業務取得了一系列積極的收益。 YETI.com 在去年三位數增長的基礎上實現了非常穩健的增長，包括在所有國內地區的增長。

As it relates to our data analytics progress. First, we greatly enhanced our data platform. With the ongoing shift to a digital first customer, we have made the investment in talent and capabilities over the past 2 years to create a data framework to better understand our customer behavior. Second, we are using this platform to gather key insights into the business. High-level data shows our Q2 online business was driven by an increase in both unique customers to the site and revenue per customer. In addition, the quality of our new and returning customers is strong both in terms of retention rates and in the average value of each customer. This is yielding both higher sequential and year-over-year customer lifetime value.

因為它關係到我們的數據分析進展。首先，我們大大增強了我們的數據平台。隨著向數字化第一客戶的不斷轉變，我們在過去兩年中對人才和能力進行了投資，以創建一個數據框架，以更好地了解我們的客戶行為。其次，我們正在使用這個平台收集有關業務的關鍵見解。高級數據顯示，我們第二季度的在線業務是由網站唯一客戶數量和每位客戶收入的增長推動的。此外，我們的新客戶和回頭客的質量在保留率和每個客戶的平均價值方面都很強。這將產生更高的連續和逐年客戶生命週期價值。

Finally, an enhanced data platform enables more sophisticated approaches to interact with our customers. This includes leveraging machine learning to understand the most relevant purchase journey. We are ramping up our efforts here and have already seen promising results this quarter in terms of optimized customer reach, expanded product consideration and conversion. Ultimately, we expect customers to receive an enhanced personalized experience that will drive both improved engagement and conversion for the brand.

最後，增強的數據平台支持更複雜的方法與客戶互動。這包括利用機器學習來了解最相關的購買旅程。我們正在加大力度，本季度在優化客戶覆蓋範圍、擴大產品考慮和轉化方面已經看到了可喜的成果。最終，我們希望客戶能夠獲得增強的個性化體驗，從而提高品牌的參與度和轉化率。

Across the rest of DTC, the Amazon Marketplace business continued to perform well particularly as we cycled against some of last year's disruptions. Corporate sales capitalized on increasing trends seen in back to work and employee giving. Our increased customization capacity, expanded color options and an enhanced service structure also supported our success here.

在 DTC 的其他業務中，亞馬遜商城業務繼續表現良好，尤其是在我們應對去年的一些中斷的情況下。企業銷售利用了重返工作崗位和員工捐贈的不斷增長的趨勢。我們增強的定制能力、更多的顏色選擇和增強的服務結構也支持了我們在這裡的成功。

Finally, international DTC and strength in YETI-owned retail continue to build momentum and are beginning to more meaningfully contribute to the overall business.

最後，國際 DTC 和 YETI 旗下零售業的實力繼續增強勢頭，並開始為整體業務做出更有意義的貢獻。

At wholesale, we remain focused on driving inventory replenishment and merchandising productivity with our existing partners. Consumer demand in the channel was very strong in the quarter. While overall channel inventory has improved slightly, this progress continues to be offset by stronger-than-anticipated demand in certain product areas such as hard and soft coolers. While we expect channel inventory to continue to improve throughout the year, our current visibility pushes these full replenishment actions into 2022.

在批發方面，我們仍然專注於與現有合作夥伴一起推動庫存補充和銷售效率。本季度該渠道的消費者需求非常強勁。雖然整體渠道庫存略有改善，但這一進展繼續被某些產品領域（例如硬冷卻器和軟冷卻器）強於預期的需求所抵消。雖然我們預計全年渠道庫存將繼續改善，但我們目前的可見性將這些全面補貨行動推遲到 2022 年。

YETI's international business continued to show great progress that we believe will support long-term sustainable growth. All of our regions are showing strong demand, and we will continue to focus on these markets to ensure scale, first, to maximize the currently active markets and then, ultimately, to replicate in new markets.

YETI 的國際業務繼續取得巨大進展，我們相信這將支持長期可持續增長。我們所有的地區都表現出強勁的需求，我們將繼續專注於這些市場，以確保規模，首先最大化當前活躍的市場，然後最終在新市場進行複制。

Canada had an excellent quarter, underscoring the continued growth opportunity. We saw strong DTC traction here through both yeti.ca and local corporate sales. In addition, we lapped significant COVID-related wholesale disruptions from last year even as varying degrees of store restrictions remain in place throughout this year's quarter. Overall, our team is doing a phenomenal job of investing in and driving local relevance and channel consistency, helping to ensure relevant engagement with the Canadian customer.

加拿大的季度表現出色，凸顯了持續增長的機會。我們通過 Yeti.ca 和當地企業銷售看到了 DTC 的強勁吸引力。此外，儘管今年整個季度仍然存在不同程度的商店限制，但我們還是擺脫了去年因新冠疫情導致的批發嚴重中斷的情況。總體而言，我們的團隊在投資和推動本地相關性和渠道一致性方面做得非常出色，有助於確保與加拿大客戶的相關互動。

The outstanding success in Australia continues as we are executing significantly above plan. We still believe in the tremendous opportunity ahead as we drive deeper distribution across the larger coastal markets and further build out localized marketing support.

我們在澳大利亞的卓越成功仍在繼續，我們的執行遠遠超出了計劃。我們仍然相信，隨著我們在更大的沿海市場推動更深層次的分銷並進一步建立本地化營銷支持，未來將存在巨大的機遇。

In Europe, we recently opened our new subsidiary in Amsterdam. And we continue to make strides as consumers are discovering the brand through strong word-of-mouth. We are particularly encouraged by the significant interest in hard coolers across the region. In addition to the 5 new local language websites launched early in the year, we have now added nearly 250 additional targeted wholesale doors across the region. We were excited by our recent retail execution at Selfridges in London. Our presence at this historic premium location in the heart of London has been extended several times from its debut in June, and we believe it is driving incremental brand awareness and consideration.

在歐洲，我們最近在阿姆斯特丹開設了新的子公司。隨著消費者通過強大的口碑發現我們的品牌，我們不斷取得進步。我們對整個地區對硬冷卻器的濃厚興趣感到特別鼓舞。除了今年年初推出的 5 個新的本地語言網站外，我們現在還在該地區增加了近 250 個有針對性的批發門。我們對倫敦 Selfridges 最近的零售執行感到興奮。自 6 月份首次亮相以來，我們在倫敦市中心這個歷史悠久的優質地點的業務已經擴大了數次，我們相信這正在推動品牌知名度和考慮度的提高。

Before handing the call over to Paul, I would like to give a quick thanks to Dave Schnadig, who stepped down as Chair of the Board and Chair of our Nominating and Governance Committee at our Annual Shareholder Meeting in May. Dave held the Chair role for nearly 9 years partnering with YETI through much of its early growth and maturation, both as an investor and adviser to our Founders. And Dave was a champion of our growth as we went through the IPO process. Dave was reelected to our Board at the May Shareholder Meeting and will continue to provide his unique insight and experience to our Board as Bob Shearer takes on the role of Chair of the Board.

在將電話轉交給 Paul 之前，我要快速感謝 Dave Schnadig，他在 5 月份的年度股東大會上辭去了董事會主席兼提名和治理委員會主席的職務。 Dave 擔任主席職務近 9 年，與 YETI 合作，經歷了 YETI 的早期成長和成熟過程，同時擔任我們創始人的投資者和顧問。在我們完成 IPO 過程中，戴夫是我們成長的捍衛者。戴夫（Dave）在五月股東大會上再次當選為我們的董事會成員，並將在鮑勃·希勒（Bob Shearer）擔任董事會主席期間繼續為我們的董事會提供他獨特的見解和經驗。

In closing, I want to reiterate that we remain focused on providing unique and inspiring brand and product experiences, and we'll continue investing to ensure that we meet the global consumer wherever they choose to shop. I continue to be proud of our YETI team and thank our customers and partners for all they do to support us as we address both the challenges and the incredible opportunities before us.

最後，我想重申，我們仍然專注於提供獨特且鼓舞人心的品牌和產品體驗，我們將繼續投資，以確保我們能夠滿足全球消費者選擇購物的任何需求。我仍然為我們的 YETI 團隊感到自豪，並感謝我們的客戶和合作夥伴在我們應對面前的挑戰和難以置信的機遇時為我們所做的一切支持。

And now I would like to turn the call over to Paul.

現在我想把電話轉給保羅。

Thanks, Matt, and good morning.

謝謝，馬特，早上好。

YETI continued to see outstanding brand momentum and performance during the second quarter, and I'll add my sincere thanks to the incredible efforts of our team that are driving these results.

YETI 在第二季度繼續展現出出色的品牌勢頭和業績，我要對我們團隊為推動這些成果所做的令人難以置信的努力表示衷心的感謝。

I will start with a review of the quarter followed by thoughts on the balance of the year and our updated outlook. We will then open the call up for your questions.

我將首先回顧本季度，然後對今年的餘額和我們更新的前景進行思考。然後我們將打開電話詢問您的問題。

Net sales increased 45% and to $357.7 million compared to $246.9 million in the prior year period. While this growth compares against COVID-impacted results last year, it represents the fourth straight quarter we have generated a 2-year compounded annual growth rate in the low to mid-20% range. Direct-to-consumer net sales grew 48% to $196.9 million compared to $133 million in the same period last year. Direct-to-consumer performance was driven by strength in both our Drinkware and Coolers & Equipment categories. All direct-to-consumer channels grew in excess of 20% during the period. YETI.com drove another impressive quarter even against last year's triple-digit strength. And we experienced sharp recoveries in our corporate sales and YETI retail businesses. Overall, our direct-to-consumer mix increased slightly to 55% of net sales for the period compared to 54% last year.

淨銷售額較上年同期的 2.469 億美元增長 45%，達到 3.577 億美元。雖然這一增長與去年受新冠疫情影響的業績相比，但這代表我們連續第四個季度實現了 20% 低至中的兩年復合年增長率。直接面向消費者的淨銷售額增長 48%，達到 1.969 億美元，而去年同期為 1.33 億美元。直接面向消費者的業績是由我們的飲料器具和冷卻器及設備類別的實力推動的。在此期間，所有直接面向消費者的渠道增長超過 20%。即使與去年三位數的強勁勢頭相比，YETI.com 的季度業績仍令人印象深刻。我們的企業銷售和 YETI 零售業務也經歷了急劇復甦。總體而言，我們的直接面向消費者的產品組合佔本期間淨銷售額的比例略增至 55%，而去年為 54%。

Wholesale net sales increased 41% to $160.8 million compared to $113.9 million last year. Wholesale performance was driven by both our Drinkware and Coolers & Equipment categories with particular strength in Drinkware. As Matt mentioned, channel demand remains strong, and we have made some replenishment progress. However, we have significant opportunity ahead with wholesale channel inventory still down year-over-year.

批發淨銷售額增長 41%，達到 1.608 億美元，而去年為 1.139 億美元。批發業績由我們的飲料器具和冷卻器及設備類別推動，尤其是飲料器具。正如馬特提到的，渠道需求依然強勁，我們已經取得了一些補貨進展。然而，我們面臨著巨大的機遇，批發渠道庫存仍同比下降。

By category, Drinkware net sales increased 69% to $192.9 million compared to $114.3 million last year. This strength reflects broad-based demand across our Drinkware lineup, improving product availability and the strong recovery of our corporate sales business. We continue to see great results in our Rambler Tumbler business with strong growth from heritage sizes, incrementality from newer options and improved functionality led by MagSlider Lids now standard across the line. Colster showed impressive growth considering the lapping of its successful launch last year. In bottle, growth outperformed the broader Drinkware category, benefiting from underlying demand momentum and the inclusion of the HotShot Cap as a standard lid. Supporting the overall category, customization remained in high demand for both YETI.com and corporate customers.

按類別劃分，Drinkware 淨銷售額從去年的 1.143 億美元增長了 69%，達到 1.929 億美元。這種優勢反映了我們的飲具產品線的廣泛需求，提高了產品可用性以及我們企業銷售業務的強勁復甦。我們繼續看到我們的 Rambler 玻璃杯業務取得了巨大的成果，傳統尺寸帶來了強勁增長，新選項帶來了增量，以及由 MagSlider Lids 主導的改進功能，現已成為全線標配。考慮到去年的成功推出，科爾斯特的增長令人印象深刻。瓶裝產品的增長表現優於更廣泛的飲料器具類別，受益於潛在的需求勢頭以及將 HotShot 瓶蓋納入標準瓶蓋。為整個類別提供支持，YETI.com 和企業客戶對定制的需求仍然很高。

On the Coolers & Equipment side, net sales increased 23% to $157.8 million compared to $128.6 million during the same period last year. Strong soft cooler momentum led by our Hopper M30 in backflip styles helped drive the overall category even as hard cooler growth was more limited during the period due to ongoing inventory constraints.

在冷卻器和設備方面，淨銷售額增長 23%，達到 1.578 億美元，而去年同期為 1.286 億美元。儘管由於持續的庫存限制，在此期間硬冷卻器的增長更加有限，但我們的後空翻式 Hopper M30 引領的強勁軟冷卻器勢頭幫助推動了整個類別的發展。

Within bags, driving broader customer awareness as well as consistent in-stocks were second quarter priorities. We remain encouraged by the customer response to our bag collection and the opportunity to build out this category.

在箱包方面，提高更廣泛的客戶意識以及穩定的庫存是第二季度的首要任務。我們仍然對客戶對我們包袋系列的反應以及建立此類別的機會感到鼓舞。

Internationally, net sales more than tripled to $33 million reaching 9% of total net sales. This performance was led by a recovery in Canada following last year's extensive retailer restrictions due to the COVID-19 pandemic as well as strong contributions from Australia, the U.K. and Europe.

在國際上，淨銷售額增長了兩倍多，達到 3,300 萬美元，佔總淨銷售額的 9%。這一業績的推動因素是加拿大在去年因 COVID-19 大流行而實施廣泛的零售商限制後的複蘇，以及澳大利亞、英國和歐洲的強勁貢獻。

Gross profit increased 52% to $209.1 million or 58.5% of net sales compared to $137.5 million or 55.7% of net sales in the same period last year. The 280 basis point year-over-year expansion was driven by the following favorable factors: 110 basis points from channel mix; 90 basis points from product cost improvements; 80 basis points from lapping higher noncore inventory reserves last year; 40 basis points from fewer promotions in our direct-to-consumer channel; and 70 basis points from all other impacts. These gains were partially offset by 90 basis points from higher duties related to the expiration of the GSP program at the beginning of the year and 30 basis points from higher inbound freight.

毛利潤增長 52%，達到 2.091 億美元，占淨銷售額的 58.5%，而去年同期為 1.375 億美元，占淨銷售額的 55.7%。同比增長 280 個基點是由以下有利因素推動的：渠道組合增長 110 個基點；產品成本改善90個基點；較去年非核心庫存儲備增加 80 個基點；我們直接面向消費者的渠道中的促銷活動減少了 40 個基點；以及所有其他影響的 70 個基點。這些收益被年初普惠制計劃到期導致的關稅上漲 90 個基點以及入境運費上漲 30 個基點所部分抵消。

Adjusted SG&A expenses for the second quarter increased by 49% to $131.7 million or 36.8% of net sales as compared to $88.2 million or 35.7% of net sales in the same period last year. The increase of 110 basis points as a percent of net sales was driven by nonvariable expenses increase as a percent of net sales by 190 basis points primarily driven by higher marketing expenses. Excluding marketing, the expense rate decreased for the period as a strong rate of revenue growth outpaced more normalized spending following last year's cost curtailment efforts in response to COVID-19. Variable expenses decreased by 80 basis points as sales growth across our 2 channels was more balanced in the quarter.

第二季度調整後的銷售、管理及行政費用增加了 49%，達到 1.317 億美元，占淨銷售額的 36.8%，而去年同期為 8820 萬美元，占淨銷售額的 35.7%。占淨銷售額的百分比增加了 110 個基點，這是由於固定費用占淨銷售額的百分比增加了 190 個基點，這主要是由於營銷費用的增加。不包括營銷費用，該期間的費用率有所下降，因為繼去年為應對 COVID-19 而採取的成本削減措施後，強勁的收入增長率超過了更加正常化的支出。由於本季度我們兩個渠道的銷售增長更加平衡，可變費用減少了 80 個基點。

Adjusted operating income increased 57% to $77.4 million, expanding approximately 160 basis points to 21.6% of net sales compared to $49.3 million or 20% of net sales during the same period last year.

調整後營業收入增長 57%，達到 7,740 萬美元，占淨銷售額的 21.6%，較去年同期的 4,930 萬美元或占淨銷售額的 20% 增加約 160 個基點。

Our effective tax rate was 20.4% during the quarter compared to 25.2% in last year's second quarter, with the lower rate reflecting a discrete income tax benefit related to stock compensation.

本季度我們的有效稅率為 20.4%，而去年第二季度為 25.2%，較低的稅率反映了與股票薪酬相關的離散所得稅優惠。

Adjusted net income increased 68% to $60 million or $0.68 per diluted share compared to $35.6 million or $0.41 per diluted share in the prior year period.

調整後淨利潤增長 68%，達到 6000 萬美元，即稀釋後每股收益 0.68 美元，而上年同期為 3560 萬美元，即稀釋後每股收益 0.41 美元。

Now turning to our balance sheet. As of July 3, 2021, we had cash of $233.8 million compared to $127.5 million in the year ago period. Inventory increased 60% to $221.7 million compared to $138.8 million during the same quarter last year. Inventory growth on a 2-year compounded annual growth basis was 11%, slightly below our plan given the better-than-expected top line results.

現在轉向我們的資產負債表。截至 2021 年 7 月 3 日，我們的現金為 2.338 億美元，而去年同期為 1.275 億美元。庫存增加 60%，達到 2.217 億美元，而去年同期為 1.388 億美元。鑑於好於預期的營收業績，按 2 年復合年增長率計算的庫存增長率為 11%，略低於我們的計劃。

Total debt, excluding unamortized deferred financing fees and finance leases, was $123.8 million compared to $292.5 million at the end of last year's second quarter. During the quarter, we made principal payments of $5.6 million.

不包括未攤銷的遞延融資費用和融資租賃在內的債務總額為 1.238 億美元，而去年第二季度末的債務總額為 2.925 億美元。本季度，我們支付了 560 萬美元的本金。

Now onto our updated thoughts for the full year, where we are again raising both the top and bottom line outlooks. We now expect full year net sales to increase between 26% and 28% compared to fiscal 2020. The higher range incorporates the outperformance from the second quarter as well as implied mid- to high-teens growth for the second half of the year on top of the strong 27% growth comparison from the second half of last year. By quarter, third quarter net sales growth is expected to be somewhat higher than fourth quarter growth.

現在談談我們對全年的最新想法，我們再次提高了頂線和底線的前景。我們現在預計，與 2020 財年相比，全年淨銷售額將增長 26% 至 28%。較高範圍包括第二季度的優異表現以及下半年的隱含中高雙位數增長與去年下半年相比強勁增長27%。從季度來看，第三季度淨銷售額增速預計將略高於第四季度增速。

We continue to expect flat gross margins for the year from the record 57.6% level last year. This reflects similar year-over-year margin contraction expected in both the third and fourth quarters given the exceptionally strong comparisons from last year, the impact of the nonrenewal of GSP and higher inbound freight expense. On the GSP front, we continue to assume no renewal for the balance of the year and have yet to see alignment to move this bill through Congress.

我們繼續預計今年的毛利率將與去年創紀錄的 57.6% 持平。這反映出，鑑於與去年的異常強勁的比較、普惠制不續籤的影響以及入境運費上漲的影響，預計第三季度和第四季度的利潤率將出現類似的同比收縮。在普惠制方面，我們繼續假設今年剩餘時間不會續簽，並且尚未看到一致通過國會推動該法案。

Looking at SG&A, we expect expense dollar growth to continue to trend in line with sales growth. Nonvariable expenses overall for the year are still expected to trend slightly below our revised total sales growth, while variable expenses tied most directly to our faster-growing and higher gross margin direct-to-consumer channel will grow slightly faster than total sales.

就銷售、管理費用而言，我們預計費用增長將繼續與銷售增長保持一致。預計今年總體不變費用仍將略低於我們修訂後的總銷售額增長，而與我們增長更快、毛利率更高的直接面向消費者渠道最直接相關的可變費用將略快於總銷售額的增長。

As we continue to normalize from last year's cost containment efforts, we expect the rate of adjusted SG&A growth to ease sequentially in the third quarter and then again to a greater extent in the fourth quarter. More pointedly, we expect the third quarter adjusted SG&A growth rate to be slightly below the 36% growth from the first quarter before dropping to single-digit growth in the fourth quarter.

隨著我們繼續從去年的成本控制努力走向正常化，我們預計調整後的銷售及管理費用增長率將在第三季度連續放緩，然後在第四季度更大程度地再次放緩。更明確的是，我們預計第三季度調整後的 SG&A 增長率將略低於第一季度 36% 的增長率，然後在第四季度降至個位數增長。

Our full year adjusted operating margin outlook remains at approximately 20.5%, which is also consistent with the prior year. We expect the adjusted operating margin rate to be lower year-over-year in the third quarter and slightly higher year-over-year in the fourth quarter.

我們全年調整後的營業利潤率預期保持在 20.5% 左右，這也與上年一致。我們預計第三季度調整後營業利潤率將同比下降，第四季度同比略高。

The effective tax rate for fiscal 2021 is now expected to be approximately 23% given the slight benefit to plan recorded in the second quarter.

鑑於第二季度計劃略有受益，目前預計 2021 財年的有效稅率約為 23%。

Based on full year diluted shares outstanding of approximately 88.6 million, we expect adjusted earnings per diluted share to grow 29% to 32% to between $2.42 and $2.46 compared to $1.87 in fiscal 2020.

基於全年攤薄後流通股約為 8860 萬股，我們預計調整後每股攤薄收益將增長 29% 至 32%，達到 2.42 至 2.46 美元，而 2020 財年為 1.87 美元。

Our use of cash is also consistent as we move into the back half of the year primarily focused on our inventory replenishment efforts. Inventory levels are expected to build significantly year-over-year during the next 2 quarters as we continue to focus on replenishing our channels to meet demand and look to mitigate potential supply chain disruptions.

我們對現金的使用也保持一致，因為我們進入下半年主要關注庫存補充工作。隨著我們繼續專注於補充渠道以滿足需求並尋求減輕潛在的供應鏈中斷，預計未來兩個季度庫存水平將同比顯著增加。

Our CapEx outlook continues to be between $55 million and $60 million for the year, primarily reflecting technology upgrades including enhancements to SAP, website optimization and expanded data analytics capabilities as well as more traditional spending in product development.

我們今年的資本支出前景仍然在 5500 萬美元至 6000 萬美元之間，主要反映了技術升級，包括 SAP 增強、網站優化和擴展的數據分析功能以及產品開發方面更傳統的支出。

Overall, our year-to-date performance has been outstanding. As our increased outlook would indicate, we are positioned for a strong second half of the year. We are managing our business thoughtfully through this period of uncertainty as the pandemic continues to evolve around the world. Managing through these pieces is difficult, and we remain confident in the execution of our team as we continue to capitalize on the incredibly strong demand that we have seen for our brand.

總體而言，我們今年迄今為止的表現非常出色。正如我們提高的前景所表明的那樣，我們準備迎接今年下半年的強勁增長。隨著疫情在全球範圍內持續發展，我們正在這段不確定的時期精心管理我們的業務。管理這些部分是困難的，我們對我們團隊的執行力仍然充滿信心，因為我們繼續利用我們看到的對我們品牌的極其強勁的需求。

With that, I would now like to turn the call back over to the operator to take your questions.

現在，我想將電話轉回給接線員回答您的問題。

(Operator Instructions) Our first question comes from Robby Ohmes of Bank of America.

（操作員指令）我們的第一個問題來自美國銀行的 Robby Ohmes。

This is [Alex] on for Robby. Just first, can you talk to us a bit more about the channel inventory levels at your largest accounts? When would you sort of expect channel partners to be back at sort of appropriate inventory levels? It seems like maybe the replenishment has gotten pushed out a bit, so just trying to get a little more color there.

這是羅比的[亞歷克斯]。首先，您能否與我們詳細談談您最大客戶的渠道庫存水平？您預計渠道合作夥伴什麼時候能夠恢復到適當的庫存水平？看來補貨可能已經被推遲了一點，所以只是想在那裡多一點顏色。

This is Paul. Thanks for the question. One of the biggest factors in reloading the channel is demand. So demand is very, very strong. As we talked about, we made a little bit of progress during the second quarter, although inventory levels in the channel still ended down year-over-year. I think it's going to normalize based on different categories. I think Drinkware will be the soonest, and hard coolers will be the longest. And I think it goes into -- we're looking into 2022 until we really fully restock the channel, but we're really happy with the demand and try to satisfy that demand in any channel that it comes to us.

這是保羅。謝謝你的提問。重新加載該頻道的最大因素之一是需求。所以需求非常非常強烈。正如我們所說，我們在第二季度取得了一些進展，儘管渠道的庫存水平仍然同比下降。我認為它將根據不同的類別進行標準化。我認為飲料器將是最快的，而硬質冷卻器將是最長的。我認為，我們正在考慮到 2022 年，直到我們真正完全補充該渠道的庫存，但我們對需求感到非常滿意，並嘗試在任何渠道中滿足該需求。

Perfect. That's really helpful. And just my second question, can you just give us a bit more color on the supply chain disruption that you're seeing? I think you called out soft cooler bag production being impacted? Are you also seeing that in the hard cooler side as well? And what sort of mitigation strategies are you looking at to try to offset this? Are there opportunities to ramp production elsewhere?

完美的。這真的很有幫助。我的第二個問題是，您能否給我們更多關於您所看到的供應鏈中斷的信息？我想您指出軟冰袋的生產受到了影響？您是否也在硬冷卻器方面看到了這一點？您正在考慮採取什麼樣的緩解策略來抵消這一影響？是否有機會在其他地方提高產量？

Yes, it's a great question. So I'll start with the hard cooler. And just as a reminder, hard coolers, Philippines, Poland and North America, we are -- for hard cooler, it's really a capacity issue. And we are producing as many hard coolers as possible. And then the transportation, the timing of the elongated transportation, but it's really a capacity issue. But a country like the Philippines does have a low vaccination rate, so that's something that we watch. Specifically what Matt called out in Vietnam, you've read in the headlines there, we're in the third week of the government-mandated shutdown. One of the great things is our dual sourcing, so we're able to -- and that's really around hard coolers and bags in the Philippines -- and soft coolers and bags in the Philippines, excuse me. And we do have second sourcing, so we can make up some of it. But these are the unknowns and the continued things that we face as we go into the back half of the year.

是的，這是一個很好的問題。所以我將從硬冷卻器開始。提醒一下，硬冷卻器、菲律賓、波蘭和北美，我們——對於硬冷卻器來說，這實際上是一個容量問題。我們正在生產盡可能多的硬冷卻器。然後是運輸，延長運輸的時間，但這確實是一個容量問題。但像菲律賓這樣的國家疫苗接種率確實很低，所以這是我們所關注的。具體來說，馬特在越南所呼籲的，你已經在那裡的頭條新聞中讀到了，我們已經進入政府強制關閉的第三週了。最棒的事情之一是我們的雙重採購，所以我們能夠 - 這實際上是圍繞菲律賓的硬冷卻器和袋子 - 以及菲律賓的軟冷卻器和袋子，對不起。而且我們確實有第二來源，所以我們可以彌補一些。但這些都是進入下半年時我們面臨的未知因素和持續的事情。

Our next question comes from Sharon Zackfia of William Blair.

我們的下一個問題來自威廉·布萊爾的莎朗·扎克菲亞。

I guess a question on gross margin, Paul. So I think the implication is for something like 150 basis points like sequential degradation in the back half. Can you kind of break that down to the components because there's a lot of moving parts there? And I think previously, you had talked about flattish gross margin in the fourth quarter. Is that still the case? Are we going to see most of this kind of occur in the third quarter?

我想是關於毛利率的問題，保羅。所以我認為這意味著大約 150 個基點，比如後半部分的連續退化。您能否將其分解為各個組件，因為那裡有很多活動部件？我想之前您曾談到第四季度的毛利率持平。現在還是這樣嗎？我們會看到大部分此類情況發生在第三季度嗎？

Yes. So thanks, Sharon. So our guidance implies about a 57% gross margin in the back half of the year, in the 2H. And we see that today, more -- the deceleration more evenly split between Q3 and Q4, so unlike prior. The pieces that go into that from what we talked about at the end of Q1, which was flat gross margin for the year; and today, we're a flat gross margin for the year. But what has changed is inbound freight and other costs have added about $8 million to the gross margin or the product cost. And then that's being offset to keep flat for the year with a little bit of overperformance in Q2 and then a little bit more of the fixed cost leverage as we raised the top line.

是的。謝謝，莎倫。因此，我們的指導意味著今年下半年（下半年）毛利率約為 57%。今天我們看到，第三季度和第四季度的減速更加均勻，這與之前不同。我們在第一季度末討論過的內容，當年毛利率持平；今天，我們今年的毛利率持平。但發生的變化是入境運費和其他成本使毛利率或產品成本增加了約 800 萬美元。然後，通過第二季度的一點點超額表現，以及隨著我們提高營收而增加一點固定成本槓桿，這一點被抵消，以保持全年持平。

From a component, we would expect to see DTC still being a slight tailwind as we go into the back half of the year. The cost improvement, still we are -- we're seeing cost increases or input cost increases. I think that will be less pronounced in the back half of the year and then certainly offset by GSP and inbound freight.

從組成部分來看，進入今年下半年，我們預計 DTC 仍將是一個輕微的推動因素。成本改善，我們仍然看到成本增加或投入成本增加。我認為這在今年下半年不會那麼明顯，然後肯定會被普惠制和入境貨運所抵消。

One follow-up, too. I guess, given the low inventory [uplift] that you have, are you able to kind of stock up at all on inventory? Do you have like more safety stock? It doesn't really sound like that's the case right now, but just curious if there's any opportunity there.

還有一個後續。我想，鑑於您的庫存[提升]較低，您是否能夠儲備庫存？您還有更多的安全庫存嗎？目前看來情況並非如此，但只是好奇是否有任何機會。

So we are buying as much as possible. So inventory was up 60%, but on a 2 year, it was only up 11%, 11% CAGR. Similar to [Alex's] question and my responses, we are doing everything we tend to build up inventory but for the strong demand. So we continue to believe that -- or we continue to expect inventory up significantly in the back half of the year rolling over significant negatives last year. And by product category, similar to the wholesale channel, Drinkware, soft coolers and hard coolers in when we'll get healthier through the product categories.

所以我們盡可能多地購買。因此，庫存增加了 60%，但兩年來，僅增加了 11%，複合年增長率為 11%。與[亞歷克斯]的問題和我的回答類似，我們正在盡一切努力建立庫存，但為了滿足強勁的需求。因此，我們仍然相信，或者我們繼續預計今年下半年庫存將大幅增加，從而克服去年的重大負面影響。按產品類別劃分，類似於批發渠道、飲料、軟冷卻器和硬冷卻器，我們將通過產品類別變得更健康。

Our next question comes from Camilo Lyon of BTIG.

我們的下一個問題來自 BTIG 的卡米洛·里昂 (Camilo Lyon)。

Congrats on a great quarter. I was curious if you could talk about what you're seeing either domestically or in your international markets with respect to the Delta virus -- Delta variant, has there been any sort of impact in demand that you've seen in any of these regions? Any sort of updated thoughts on that would be helpful.

恭喜您度過了一個出色的季度。我很好奇您能否談談您在國內或國際市場上看到的關於 Delta 病毒（Delta 變種）的情況，您在這些地區看到的需求是否受到了任何影響？任何對此的最新想法都會有所幫助。

Camilo, it's Matt. The -- as we look across our domestic regions and our global regions, one of the things that we learned from the disruption last year is how we shift channels based upon what's happening and what those dynamics are. Obviously, there are parts of the world, and we talked about Canada and Australia on the prepared remarks around continued disruption around wholesale openings and closings, different parts of those particular markets that are applying different rules around the COVID broadly, specifically to Delta variant being the driver. What we've seen is an ability, if wholesale is disrupted, how we manage it and push resource towards the direct-to-consumer and engaging the consumer.

卡米洛，我是馬特。當我們縱觀國內地區和全球地區時，我們從去年的混亂中學到的一件事是我們如何根據正在發生的事情和這些動態來改變渠道。顯然，世界上有一些地方，我們在準備好的評論中談到了加拿大和澳大利亞，這些評論涉及批發開張和關閉的持續中斷，這些特定市場的不同部分廣泛地圍繞新冠病毒應用不同的規則，特別是針對達美航空的變種司機。我們看到的是一種能力，如果批發中斷，我們如何管理它並將資源推向直接面向消費者並吸引消費者。

But as we said on the call, we've seen broad-based strength in demand across all regions in the U.S. and across our emerging but now more significant international regions. So we feel great about our ability to reach the consumer. We feel great about our ability to continue to stoke excitement for the brand and ultimately drive that demand.

但正如我們在電話會議上所說，我們看到美國所有地區以及新興但現在更重要的國際地區的需求普遍強勁。因此，我們對自己接觸消費者的能力感到非常滿意。我們對自己能夠繼續激髮品牌熱情並最終推動需求的能力感到非常高興。

That's great. And then my follow-up is -- 2-part follow-up actually. With respect to the channel replenishment that you talked about in wholesale, is there an ability -- I just want to confirm this. Is there an ability to start fulfilling demand for spring of '22? Are your wholesale partners trying to get ahead of this, and do you have any capacity to do so by starting to take spring receipts earlier, perhaps maybe in end of Q3 or Q4, where it typically might fall into Q1? Is there any thought of that? And can you do that given the supply constraints?

那太棒了。然後我的後續行動實際上是由兩部分組成的後續行動。關於你說的批發渠道補貨，有沒有能力——我只是想確認一下。有能力開始滿足22年春季的需求嗎？您的批發合作夥伴是否試圖搶先一步，您是否有能力提前開始收取春季收據，也許在第三季度或第四季度末（通常可能屬於第一季度）？有沒有這樣的想法？考慮到供應限制，你能做到這一點嗎？

And then just longer term on your sales outlook, you now averaged over 20% growth over the past 4 years. Brand momentum is solid both in the U.S. and abroad. What prevents you from keeping this 20% growth trajectory going?

從長遠來看，您的銷售前景在過去 4 年中平均增長了 20% 以上。在美國和國外，品牌勢頭都很強勁。是什麼阻礙您保持 20% 的增長軌跡？

I'll take the front-end question on the channel replan, and Paul can probably jump in on how we're thinking about what we feel has been a very strong run of very strong growth above 20%, as you point out.

我將回答有關渠道重新規劃的前端問題，Paul 可能會插話我們如何思考我們所認為的 20% 以上的強勁增長，正如您所指出的。

On the channel replan, obviously, our full focus right now is servicing the demand we see today, and that's working with our -- across our suppliers on capacity planning in the near term but also sort of looking further out with them on how we start to get ahead of 2022 demand and beyond. So I would say our near-term focus across hard coolers, soft coolers, Drinkware is to drive supply to support demand we're seeing in the market today. We don't have plans to get ahead of 2022 in 2021 because I think we're going to continue to stoke demand in the year, and we're going to continue to push supply into this year to help support that demand.

顯然，在渠道重新規劃方面，我們現在的全部重點是滿足我們今天看到的需求，這是與我們的供應商合作制定近期的產能規劃，同時也與他們進一步探討我們如何開始滿足2022 年及以後的需求。因此，我想說，我們近期在硬冷卻器、軟冷卻器、飲料器皿方面的重點是推動供應，以支持我們今天在市場上看到的需求。我們沒有計劃在 2021 年提前到 2022 年，因為我認為我們將繼續刺激這一年的需求，並且我們將繼續推動今年的供應以幫助支持該需求。

We have an incredible supply chain team. Obviously, we've overrun what we thought the first half of the year was going to look like due to that great demand. So they're working on not only the in-the-moment replenishment but also as we build that supply back up into 2022, as Paul mentioned.

我們擁有一支令人難以置信的供應鏈團隊。顯然，由於巨大的需求，我們已經超出了我們預計的上半年業績。因此，正如保羅提到的，他們不僅致力於即時補貨，而且還致力於將供應恢復到 2022 年。

And then thinking about sales, while not giving any outlook for '22, I'd say broader or more macro thinking, we expect the outdoor leisure trends to continue. And we think that's certainly a great thing for YETI as life and commuting has come back, so in-person events, that's also a benefit. So is it -- does it continue with 20%? Does it not? That one I won't answer, but we think the macro trends are very positive for us.

然後考慮銷售，雖然沒有給出 22 年的任何前景，但我想說的是更廣泛或更宏觀的思考，我們預計戶外休閒趨勢將繼續下去。我們認為這對 YETI 來說無疑是一件好事，因為生活和通勤已經恢復，所以面對面的活動，這也是一個好處。那麼是嗎——會繼續保持20%嗎？不是嗎？我不會回答這個問題，但我們認為宏觀趨勢對我們來說非常積極。

Our next question comes from Peter Benedict of Baird.

我們的下一個問題來自貝爾德 (Baird) 的彼得·本尼迪克特 (Peter Benedict)。

So I guess my first question is just around any plans you have or how you think about using price as a lever to offset some of the rising cost pressures that are out there in the market.

因此，我想我的第一個問題是關於您有什麼計劃，或者您如何考慮使用價格作為槓桿來抵消市場上一些不斷上升的成本壓力。

Peter, the -- obviously, we talked about this quite a bit through the tariff challenges of a couple of years ago, some of the supply disruptions in last year, where we had supply disruptions but obviously saw incredible strength in demand in 2020. We use price as a last lever. We think there's some real benefit to the consistency of our pricing in the market for our consumers and also for the consistency of how we tell the stories.

彼得，顯然，我們在幾年前的關稅挑戰、去年的一些供應中斷中多次討論過這個問題，當時我們出現了供應中斷，但顯然看到 2020 年的需求強勁。我們使用價格作為最後一個槓桿。我們認為，我們的市場定價的一致性對於我們的消費者以及我們講述故事的方式的一致性都有一些真正的好處。

Where we look at price very strategically is as we introduce new products, as we expand product families, we would selectively look at price. But we look at addressing the cost pressures across the range of opportunities in front of us. And some of those are working with our supply partners on price negotiations that offset some of the increases because of the volume we're driving. Some of it may be selectively as we introduce new products looking and bringing enhanced benefits and features to the product, we look at how we can bring price into it.

當我們推出新產品、擴大產品系列時，我們會非常戰略性地考慮價格。但我們著眼於解決我們面前的各種機會中的成本壓力。其中一些正在與我們的供應合作夥伴進行價格談判，以抵消由於我們正在推動的銷量而帶來的部分上漲。其中一些可能是有選擇性的，因為我們推出新產品，尋找並為產品帶來增強的優勢和功能，我們會考慮如何將價格納入其中。

But price as a broad-based lever is not something we've historically done. It's always something that's there, and we continue to watch how we manage and mitigate and contain the near term and cost pressures.

但價格作為基礎廣泛的槓桿並不是我們歷史上做過的事情。它總是存在的，我們將繼續關注如何管理、減輕和控制短期和成本壓力。

Okay. Got you. That makes sense. And then, Matt, you talked earlier in your prepared remarks about your customer retention efforts. It really sounds like those are starting to scale here. Maybe, I don't know, can you expand on it a little bit? Are there any metrics you could share on maybe progress to date where you stand today, where the opportunity lies in terms of driving this more personalized engagement with consumers and driving repeat orders, et cetera?

好的。明白你了。這就說得通了。然後，馬特，您之前在準備好的發言中談到了您的客戶保留工作。聽起來這些確實已經開始規模化了。也許，我不知道，你能稍微擴展一下嗎？您是否可以分享一些指標來說明您目前的進展情況、推動與消費者更加個性化的互動以及推動重複訂單等方面的機會所在？

Yes, Peter, it's an incredibly exciting area for us. It's one that we've talked quite a bit about the investment we've made in people and in technology and in the process and really the thought of how we take the passion, enthusiasm for the YETI brand, engage the consumer in the way they want to be engaged with at the moment in time where they're in that consideration funnel and move them to conversion.

是的，彼得，這對我們來說是一個非常令人興奮的領域。我們已經談了很多關於我們在人員、技術和流程方面的投資，以及我們如何利用對 YETI 品牌的熱情和熱情，以消費者喜歡的方式吸引他們的想法。想要在他們處於考慮漏斗中的那一刻參與進來，並促使他們進行轉化。

While we aren't sharing specifics today, we did mention that what we're seeing from a consideration and a conversion and the size of the orders has been really positive. The team continues. The beautiful thing about this advanced analytics is we get smarter every day and every week. And we also have the ability to adjust, and we have the ability to test into things.

雖然我們今天沒有透露具體細節，但我們確實提到，我們從考慮、轉換和訂單規模中看到的情況非常積極。團隊繼續。這種高級分析的美妙之處在於我們每天、每週都變得更加聰明。我們也有能力調整，我們有能力測試事物。

And when we think about the 3 big things we're trying to do is, one, we wanted to drive the talent and the resource to be able to really take advantage of the digital evolution that continues. We want to use this data and this platform to understand the behaviors of our consumers and then really take a data-led approach to creating that digital engagement and that consumer experience. And a couple of things that we've done by leveraging our machine learning, one we've worked to optimize our customer outreach, which is the number of times we contact the customer, the types of information we put in front of them depending on where they are in the consideration process based upon our data and using propensity models to purchase.

當我們想到我們正在嘗試做的三件大事時，第一，我們希望推動人才和資源能夠真正利用持續的數字發展。我們希望利用這些數據和這個平台來了解消費者的行為，然後真正採用數據主導的方法來創建數字參與和消費者體驗。我們利用機器學習做了一些事情，其中​​之一是我們努力優化我們的客戶外展，即我們聯繫客戶的次數，我們向他們提供的信息類型，具體取決於根據我們的數據並使用傾向模型進行購買，他們處於考慮過程中的哪個位置。

And so there's a lot of richness in there that we're really excited about and the data set we have and now the team we have to put that into play. And so you're going to -- you may not see it but -- because it won't be overt, but you'll start to feel more personalized, more directed communications with our customers. And then that will ultimately lead all the way back to our digital properties and how we take people on the YETI journey on our digital properties.

因此，其中有很多讓我們感到非常興奮的豐富內容，我們擁有的數據集以及現在我們必須將其付諸實踐的團隊。所以你會——你可能看不到它——因為它不會是公開的，但你會開始感受到與我們客戶的更個性化、更直接的溝通。然後，這最終將回到我們的數字資產，以及我們如何帶領人們在我們的數字資產上踏上 YETI 之旅。

Our next question comes from Brooke Roach of Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

A lot of ground has been covered, but Matt, maybe I wanted to follow up a little bit on the international momentum. Can you talk a little bit about the profile of your customer that you're seeing internationally maybe in the context of the data and analytics that you've been implementing? What are you seeing in the international customer base versus the U.S. in terms of awareness and bringing those customers up the adoption curve? And how are -- what progress have you made so far on building out the international ambassador program?

已經涵蓋了很多內容，但是馬特，也許我想跟進一下國際勢頭。您能否談談您在國際上看到的客戶概況（也許是在您一直在實施的數據和分析的背景下）？與美國相比，您認為國際客戶群在認知度和提升這些客戶的採用曲線方面有何表現？到目前為止，你們在建立國際大使計劃方面取得了哪些進展？

Great. A lot of good stuff in there. I would say, starting with the data analytics and our advanced analytics, the base of that is really primarily focused on our U.S. domestic customers. It's where we have the largest data set. So we're much more intelligent 15 years into this journey in the U.S. We're a little more nascent internationally. So what I would say what we know about that customer is it doesn't look fundamentally different than our U.S. consumer from what we've seen from interest areas in some of the demographics information we have internationally. We obviously have a lot lower awareness internationally than we do in the U.S.

偉大的。裡面有很多好東西。我想說，從數據分析和我們的高級分析開始，其基礎實際上主要集中在我們的美國國內客戶。這是我們擁有最大數據集的地方。因此，在美國踏上這段旅程 15 年後，我們變得更加聰明。我們在國際上還處於起步階段。因此，我想說的是，我們對該客戶的了解是，從我們從國際上擁有的一些人口統計信息的興趣領域中看到的情況來看，它看起來與我們的美國消費者並沒有本質上的不同。我們在國際上的認知度顯然比在美國低得多。

But what we're seeing from a behavior perspective is our early-adopting international customers are buying in a mix that looks quite a bit like what our early-adopting U.S. customers and, frankly, a little bit of how our U.S. mix looks today. We're seeing really strong adoption in coolers, particularly hard coolers, in Europe and Australia. Drinkware is performing very well. We're just starting the evolution in our marketing and how we talk to that consumer in a YETI-like voice but with some local market relevance.

但從行為角度來看，我們看到，我們早期採用的國際客戶的購買組合與我們早期採用的美國客戶的購買組合非常相似，坦率地說，也有點像我們今天的美國產品組合。我們看到歐洲和澳大利亞的冷卻器，尤其是硬冷卻器的採用率非常高。飲具表現非常好。我們剛剛開始改進營銷方式，以及如何以雪人般的聲音與消費者交談，但又具有一定的本地市場相關性。

We just launched a colorway recently that we call Highlands, really inspired by the Scottish Highlands. It was our first sort of story around a product around color that we told internationally that works around the globe. And so it's -- we really like the progress.

我們最近剛剛推出了一款名為 Highlands 的配色，其靈感來自蘇格蘭高地。這是我們第一個圍繞顏色產品的故事，我們在全球範圍內講述了該產品。所以，我們真的很喜歡這個進展。

On the ambassador front, and we've said this in the past, we plan to run a very similar playbook internationally that we ran in the U.S. We've seen that successful over the last 3 years in Australia and in Canada. We're seeing the early stages of that success of running this depth and breadth marketing strategy in Europe. Our ambassador roster continues to grow internationally, but many of our original ambassadors have an international reputation and an international halo, whether that's John John Florence in surfing, who recently completed in the Olympics; or Geoff Rowley, who is a global skate ambassador. So we're getting the benefit of the group we have today, and we're just adding to it and strengthening it.

在大使方面，我們過去已經說過，我們計劃在國際上運行一個與我們在美國運行的非常相似的策略。過去三年我們在澳大利亞和加拿大看到了這一策略的成功。我們看到在歐洲實施這種深度和廣度的營銷策略取得成功的早期階段。我們的大使名單在國際上不斷擴大，但我們的許多最初的大使都擁有國際聲譽和國際光環，無論是衝浪運動員約翰·弗洛倫斯（John John Florence），還是最近在奧運會上完成比賽的約翰·弗洛倫斯（John John Florence）；或者全球滑板大使傑夫·羅利 (Geoff Rowley)。因此，我們正在從今天的團隊中獲益，並且我們只是對其進行補充和加強。

And Paul, maybe to just follow up on some of the topics earlier regarding some of the supply chain, can you talk a little bit more about what you're seeing in terms of transportation and logistics and maybe how you -- how YETI is navigating those challenges given some of the factory closures in other regions of the world?

Paul，也許只是為了跟進之前有關供應鏈的一些話題，您能否多談談您在運輸和物流方面所看到的情況，以及 YETI 是如何進行導航的世界其他地區的一些工廠關閉面臨哪些挑戰？

Yes. So we're seeing a couple of things from a transportation. So certainly, the elongated time from back to our manufacturer to our DCs, it hasn't gotten materially longer since the end of first quarter; but certainly year-over-year, it's significantly longer. So there's time challenges.

是的。所以我們從交通中看到了一些事情。當然，從我們的製造商回到我們的配送中心的時間延長了，自第一季度末以來並沒有顯著延長；但可以肯定的是，與去年同期相比，它的時間要長得多。所以存在時間挑戰。

The second challenge is -- and the most -- the one that we talked a lot about on calls like this is the cost and seeing transportation cost increasing. What we're focused on is obtaining containers -- obtaining space on ships to get product here. So those are the 2 biggest.

第二個挑戰是——也是最大的——我們在這樣的電話會議上經常討論的一個挑戰是成本和運輸成本的增加。我們的重點是獲得集裝箱——獲得船上的空間來在這裡獲取產品。所以這些是最大的兩個。

And then from a manufacturer supplier, it's really about -- if we think about hard coolers, it's really about adding capacity because we are producing at full capacity. So it's really how do we add capacity and become even more efficient. On the other end, on the Drinkware, it's about increasing volume or increasing manufacturing. So they have the capacity, and it's just continuing to catch up with demand. And soft coolers are kind of in between that. So that's kind of how we think about it, and it is something that we're very focused on.

然後從製造商供應商來看，這實際上是——如果我們考慮硬冷卻器，這實際上是關於增加產能，因為我們正在滿負荷生產。因此，這實際上是我們如何增加容量並提高效率的問題。另一方面，在飲料器具上，它是關於增加產量或增加產量。所以他們有能力，而且只是繼續滿足需求。軟冷卻器介於兩者之間。這就是我們的想法，也是我們非常關注的事情。

Our next question comes from Joe Altobello of Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的喬·阿爾托貝洛。

Just want to go back to the international business for a second. It sounds like the customer demographics and the usage occasions are similar to what you guys saw in the U.S. in the early days of the business. But can you talk about the competition that you're seeing internationally? How much does it differ by market? How does it differ from the competition that you see in the U.S.? Is that primarily at the lower end or the higher end of the category from a pricing standpoint?

只是想回到國際業務上來。聽起來客戶人口統計數據和使用場合與你們在美國業務早期看到的類似。但您能談談您在國際上看到的競爭嗎？不同市場的差異有多大？它與您在美國看到的競爭有何不同？從定價的角度來看，這主要是該類別的低端還是高端？

Joe, great question. I would say, when we think about -- just to add to the front of that, the demographic and the use occasion, obviously, there are activities in pursuits globally that are more prevalent than they are in the U.S. and activities at more prevalent in the U.S. than globally. And that's a bit of how we're nuancing the positioning. But the base kind of idea of large active outdoor markets has really held true, and we've been able to address that even when we think about the variety of wholesale partners that have -- in Europe that have joined in with us. We're in everything from very well-regarded, long-established sporting goods and doing things in the culinary community, in retailers or even things like butcher shops in Germany. And so it's a really YETI-like approach to finding ways to be relevant to people in their lives and a lot of different variety.

喬，好問題。我想說，當我們考慮到——只是補充一下，人口統計和使用場合，顯然，全球範圍內的追求活動比美國更普遍，而在美國更普遍。美國高於全球。這就是我們微妙定位的方式。但大型活躍戶外市場的基本理念確實是正確的，即使我們考慮到在歐洲加入我們的各種批發合作夥伴，我們也能夠解決這個問題。我們涉足各個領域，從備受推崇、歷史悠久的體育用品到烹飪界、零售商，甚至德國的肉店等。因此，這確實是一種類似 YETI 的方法，旨在尋找與人們的生活和許多不同種類相關的方法。

I would say, as we think about the growth and expansion, it's going to be highly targeted at people who can be that same reference and the excitement for what YETI is and drive the word-of-mouth reference and the passion for the brand. And we're doing that digitally through our e-commerce and our DTC first approach internationally and through these referential wholesale partners that we're signing up.

我想說的是，當我們考慮增長和擴張時，它將高度針對能夠成為 YETI 的相同參考和興奮點的人們，並推動口碑參考和對該品牌的熱情。我們正在通過我們的電子商務和國際上的 DTC 優先方法以及我們正在簽約的這些參考批發合作夥伴以數字方式實現這一目標。

Got it. Okay. Just one follow-up on that in terms of how you're thinking about YETI from a growth standpoint. I think early in the year, the thinking was that cooler growth would slightly outpace Drinkware. Is that still the case?

知道了。好的。只是關於您如何從增長的角度思考 YETI 的後續問題。我認為今年早些時候，人們的想法是冷卻器的增長將略微超過 Drinkware。現在還是這樣嗎？

So as you can appreciate, we don't give it to that level. Certainly, the very strong first half of C&E being up 34%, Drinkware is up 51% because of the strong second quarter. So I would say, as I think about this overall, as we've talked about between the 2 categories for the year, they're similar, as we've said in the past.

正如您所理解的，我們並沒有達到這個水平。當然，C&E 上半年非常強勁，增長了 34%，Drinkware 由於第二季度表現強勁，增長了 51%。所以我想說，就我整體而言，正如我們在今年的兩個類別之間討論的那樣，它們是相似的，正如我們過去所說的那樣。

Our next question comes from Xian Siew of Exane BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Xian Siew。

I think you talked about how nonvariable SG&A would maybe leverage, if not drive the marketing. Just thinking -- how are you thinking about marketing right now? Is it just leaning into the opportunity with demand so strong right now and should kind of normalize a bit? And maybe as you think about '22, is it maybe stepping down and normalizing as well? Or yes, if you could help us think about that.

我想你談到瞭如果不推動營銷的話，不變的銷售及管理費用可能會如何發揮作用。只是想一想——您現在如何看待營銷？現在需求如此強勁，是否只是在抓住機遇，應該稍微正常化一點？也許當你想到22年時，它是否也可能下台並正常化？或者是的，如果你能幫助我們思考一下的話。

Yes, it's a great question. And as a reminder, in Q2 last year, when the early dark days of COVID, we made some very quick decisions to make sure we thoughtfully created cost containment if the world wasn't going to resume in the way it did. We were fortunate, obviously, as we talked about in Q2 last year, that particularly in our digital channels, it resumed very quickly. And then our wholesale partners, they were deemed essential, which allowed us to deliver a strong Q2 2020 amidst that and then continuing on through the year.

是的，這是一個很好的問題。提醒一下，去年第二季度，當新冠肺炎疫情初期的黑暗時期時，我們做出了一些非常快速的決定，以確保在世界不打算像以前那樣恢復的情況下，我們深思熟慮地控製成本。顯然，我們很幸運，正如我們在去年第二季度談到的那樣，特別是在我們的數字渠道中，它恢復得非常快。然後我們的批發合作夥伴被認為是必不可少的，這使我們能夠在 2020 年第二季度實現強勁的業績，並持續全年。

This year, what you see is a little bit of rebuild in that marketing. We haven't changed our marketing approach. We haven't loosened up anything around our expectations of how our marketing returns, whether that's our direct performance marketing through our digital channels or our brand-building efforts.

今年，你看到的是營銷方面的一些重建。我們沒有改變我們的營銷方式。我們沒有放鬆對營銷回報的期望，無論是通過數字渠道進行的直接績效營銷還是品牌建設工作。

But 15 years into our history, with the kind of growth we're producing, with the kind of new customers we're acquiring, we still consider ourselves in a brand awareness, growth mode, customer acquisition mode, but we want to do it in a highly profitable way. And so we use our marketing as an incredible asset and an incredible lever to do that. But I wouldn't say the quarter would show anything that we fundamentally changed about how we run a very disciplined brand-building marketing, performance marketing program.

但我們的歷史已經過去 15 年了，隨著我們正在實現的增長，隨著我們正在獲取的新客戶，我們仍然認為自己處於品牌知名度、增長模式、客戶獲取模式中，但我們想要這樣做以一種高利潤的方式。因此，我們將營銷作為實現這一目標的寶貴資產和槓桿。但我不會說這個季度會顯示出我們如何運行非常嚴格的品牌建設營銷、績效營銷計劃的根本改變。

And then from a numbers perspective, we have delevered marketing year-to-date based on what Matt said about us really clamping down at the end of Q1 last year, so the last couple of weeks in Q1, and then Q2. As we look forward, we would expect Q3 to also delever because we didn't really turn it fully back on until Q4. We expect Q4 to leverage because that's when we turned it on last year.

然後從數字的角度來看，根據馬特所說的我們在去年第一季度末、第一季度的最後幾週以及第二季度的實際情況，我們已經削減了今年迄今為止的營銷力度。展望未來，我們預計第三季度也會去槓桿化，因為直到第四季度我們才真正完全恢復槓桿化。我們預計第四季度將發揮槓桿作用，因為去年我們就在那時開啟了槓桿作用。

And then overall, and we've talked about this broadly, we see marketing at around 8% of sales. We didn't get there last year. We'll get closer this year. It's really one of those, and I know our Head of Marketing will always take more, but the top line -- the strong top line will actually be one of the impediments to getting back to that 8%. So it's same target and really rolling over last year's actions.

總的來說，我們已經廣泛地討論過這一點，我們認為營銷佔銷售額的 8% 左右。去年我們沒能到達那裡。今年我們會更接近。這確實是其中之一，我知道我們的營銷主管總是會需要更多，但收入——強勁的收入實際上將成為回到 8% 的障礙之一。因此，這是相同的目標，並且確實延續了去年的行動。

Okay. Got it. That's very helpful. And maybe just as a follow-up on the flip side of expenses. I think you mentioned variable expenses leverage this quarter, typically with the DTC channel growing faster, it delevers. I think you said it was just more maybe a balanced growth between wholesale and DTC. I just want to make sure there's no maybe inflection point here where you're starting to see better efficiencies on the variable expenses.

好的。知道了。這非常有幫助。也許只是作為費用另一面的後續行動。我想你提到了本季度的可變費用槓桿，通常隨著 DTC 渠道增長更快，它會去槓桿化。我想你說過這可能只是批發和 DTC 之間的平衡增長。我只是想確保這裡不存在拐點，您開始看到可變費用的效率更高。

No, it's really that more balanced growth and driving the variable to leverage slightly this quarter.

不，這確實是更平衡的增長，並推動該變量在本季度略有槓桿化。

Okay. So I guess, longer term, are there opportunities to change that? Or how are we thinking about it?

好的。所以我想，從長遠來看，是否有機會改變這一點？或者說我們是如何思考這個問題的？

I think if going back where we longer term expect DTC to grow faster than wholesale, that may still -- you may still come back to a world of deleveraging variable expenses, which we take all day long because of the higher gross margin of the DTC channel.

我認為，如果回到我們長期預期DTC 增長速度快於批發的水平，那可能仍然會回到可變費用去槓桿化的世界，我們整天都在採取這種做法，因為DTC 的毛利率更高。渠道。

Our next question comes from Wendy Nicholson of Citi.

我們的下一個問題來自花旗銀行的溫迪·尼科爾森。

Just I think 2 kind of quick housekeeping items. First, just as you think about capital allocation, I know you want to invest obviously more in inventory and working capital to build up your safety stocks and all of that. But you're still building a lot of cash on the balance sheet. So what's the current thinking about either a dividend or a share repurchase program? And then second of all, any date on the timing of expanding luggage into wholesale beyond the Panga Duffel?

我只是覺得有兩種快速的家務用品。首先，正如您考慮資本配置一樣，我知道您顯然希望在庫存和營運資本上進行更多投資，以建立安全庫存等。但你的資產負債表上仍然積累了大量現金。那麼，目前對於股息或股票回購計劃的想法是什麼？其次，除了 Panga Duffel 之外，是否有將行李箱擴大到批發市場的具體時間？

Wendy, it's Matt. Thanks for the questions. As we think about capital allocation, and it's a great question, one obviously this business is focused on, driving high-quality revenue that ultimately produces a strong cash position for the business. One of the things that we've said is, as we've worked with our Board on the best ways to think about returning value to our shareholders is that we're a growth-oriented company, and so first and foremost, as you said, investing in inventory, investing in capital expenses that we think, whether those are technology as we talked about advanced analytics or the innovation engine.

溫迪，是馬特。感謝您的提問。當我們考慮資本配置時，這是一個很好的問題，顯然該業務的重點是推動高質量的收入，最終為該業務帶來強勁的現金狀況。我們說過的一件事是，我們與董事會合作，以最佳方式思考為股東回報價值，我們是一家以增長為導向的公司，因此首先也是最重要的，正如您說，投資庫存，投資我們認為的資本支出，無論這些是我們談論的高級分析技術還是創新引擎。

The other thing that we've talked about is we would look at strategic M&A as an innovation accelerant and things that we think, whether it's technologies, materials, processes, things that we think help continue to drive what we believe is a very long growth story for YETI.

我們討論的另一件事是，我們將把戰略併購視為創新加速劑，以及我們認為的事物，無論是技術、材料、流程，還是我們認為有助於繼續推動我們認為非常長期增長的事物雪人的故事。

As it relates specifically to expansion of bags and channel expansion, when we launched these products, we said one of the things we want to do is we want to make sure we ramp it the right way, we tell the right stories, we build the awareness in the channel, and that's really what we've done. And the pandemic has provided some additional challenges with ramping suppliers, in some cases, some new suppliers, from a remote perspective. And so that's what led us to the we're not betting on bags and luggage to carry the year for YETI. We're going to keep driving the productivity of our existing portfolio. We're going to launch it through our dot-com only.

由於它與箱包的擴張和渠道擴張特別相關，當我們推出這些產品時，我們說我們想做的一件事是我們要確保以正確的方式提升它，我們講述正確的故事，我們建立渠道中的意識，這就是我們所做的。從遠程角度來看，大流行給供應商的增加帶來了一些額外的挑戰，在某些情況下，還帶來了一些新的供應商。這就是為什麼我們不賭包袋和行李箱會為YETI 帶來新的一年。我們將繼續提高現有產品組合的生產力。我們將僅通過我們的網絡公司推出它。

We're going to learn. We've had great consumer feedback on it. The receptivity has been strong, and we continue to learn. And I think as that portfolio expands, we believe that is a significant category opportunity for YETI. And then we'll look at channels as they present themselves and as they make sense for the product portfolio and then makes sense for the brand.

我們要學習。我們收到了很好的消費者反饋。我們的接受能力很強，我們會繼續學習。我認為，隨著產品組合的擴大，我們相信這對 YETI 來說是一個重要的類別機會。然後我們將研究渠道的表現，以及它們對產品組合和品牌的意義。

Fair enough. Okay. And obviously, one area where you could spend more capital is in company-owned retail doors. Can you just update us maybe for the next year or 2 with your thoughts in terms of how many new stores you want to open?

很公平。好的。顯然，您可以花費更多資金的一個領域是公司擁有的零售門。您能否向我們介紹一下您希望在未來一兩年開設多少家新店的想法？

Yes, I'll take that one. We -- what we've said in the past is, coming out of or as we move through COVID, we're going to continue to take an approach of seeing what happens in physical retail. I will say this year, as we think about retail, we have a couple of our temporary sites going into permanent sites. So the one here in Austin, our second location here in Austin, and then also the one in Dallas and then our Fort Lauderdale next year will go into a permanent site. So start with this strategy of doing temp locations to test out the air and then go into permanent locations has worked well for us.

是的，我會接受那個。我們過去說過，從新冠疫情中走出來或在經歷新冠疫情后，我們將繼續採取措施觀察實體零售業會發生什麼。我想說，今年，當我們考慮零售業時，我們有幾個臨時站點變成了永久站點。因此，奧斯汀的一個，我們在奧斯汀的第二個地點，然後是達拉斯的一個，然後明年我們的勞德代爾堡將成為永久地點。因此，從臨時地點測試空氣質量開始，然後進入永久地點的策略對我們來說效果很好。

We have a couple of additional stores that we're looking at, that may come online this year. But we're taking it slowly and really see what traffic returns. And I will say we are delighted with the performance in the retail stores, the 7 stores we have. They had a great quarter, really focusing on the operations, focusing on when a customer comes in, servicing that customer. So we're really happy with the stores and the way they're performing.

我們正在考慮另外幾家商店，可能會在今年上線。但我們正在慢慢地進行，並真正觀察流量的回報。我想說的是，我們對我們擁有的 7 家零售店的表現感到滿意。他們度過了一個很棒的季度，真正專注於運營，專注於客戶何時進來，並為該客戶提供服務。因此，我們對商店及其表現方式非常滿意。

We have time for one final question from Peter Grom of UBS.

我們還有時間回答瑞銀集團 (UBS) 彼得·格羅姆 (Peter Grom) 提出的最後一個問題。

This is just a quick housekeeping one. But was there any impact from Prime Day in the quarter as we think about the better-than-expected growth versus your expectations? And then I -- maybe my broader question is, so we've heard from some of your Drinkware competitors that the initial read on back-to-school is very strong. And I know this is a bit of an accrued situation, and things can change rapidly. But I would love to understand what you're hearing from your customers around back-to-school and kind of how that informs your outlook for Q3 in the back of the year.

這只是一個快速的內務管理。但是，當我們考慮好於預期的增長與您的預期相比時，本季度的 Prime Day 是否有任何影響？然後我——也許我更廣泛的問題是，所以我們從一些 Drinkware 競爭對手那裡聽說，關於返校的初步閱讀非常強烈。我知道這是一種累積的情況，事情可能會迅速發生變化。但我很想了解您在返校期間從客戶那裡聽到的消息，以及這對您今年下半年第三季度的展望有何影響。

Thanks, Peter. The -- what I would say on Prime Day, the short answer is no. We wouldn't attribute a whole lot to the Prime Day. We didn't run a prime deal. We just kept running the business at full price. As we said in the past, our Amazon Marketplace presence is and always on full price channel. It's safe for those moments when we're transitioning products like we talked about with the Camino. But it's a full-price channel for us and is a key part of our DTC approach and continues to perform but nothing we would attribute to Prime Day.

謝謝，彼得。我在黃金日要說的，簡短的答案是否定的。我們不會將太多的事情歸功於黃金日。我們沒有進行優惠交易。我們只是繼續以全價經營業務。正如我們過去所說，我們的亞馬遜商城始終處於全價渠道。當我們正在轉換產品時，就像我們在 Camino 上談到的那樣，這是安全的。但這對我們來說是一個全價渠道，也是我們 DTC 方法的關鍵部分，並且繼續發揮作用，但我們不會將其歸因於 Prime Day。

And then as it relates to back school, while we don't comment on intra-quarter things, when we look back at Q2, obviously, with the growth we had in our Drinkware business, our Drinkware business continues to be very relevant and vibrant. And we talked about that our bottles business had a really strong performance within that overall Drinkware portfolio.

然後，由於它與回學校有關，雖然我們不對季度內的事情發表評論，但當我們回顧第二季度時，顯然，隨著我們的飲料器具業務的增長，我們的飲料器具業務仍然非常相關和充滿活力。我們談到，我們的瓶子業務在整個飲料產品組合中表現非常強勁。

This concludes the question-and-answer session. I would like to turn the conference back over to Matt Reintjes for any closing remarks.

問答環節到此結束。我想將會議轉回馬特·雷因傑斯 (Matt Reintjes) 發表閉幕詞。

Thank you, and thank you all for joining us today. We look forward to speaking on our third quarter call and wish everyone a wonderful week.

謝謝大家，也謝謝大家今天加入我們。我們期待在第三季度電話會議上發言，並祝大家度過愉快的一周。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。