20-May-2021 Deckers Outdoor Corp. (DECK) Q4 2021 Earnings Call-part1

Corrected Transcript
20-May-2021
Q4 2021 Earnings Call
(DECK)
FACTSET: callstreet
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Total Pages: 26
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德克斯户外用品公司（DECK）2021 年第四季度收益电话会议
修正记录 2021 年 5 月 20 日

CORPORATE PARTICIPANTS
Erinn Kohler
Vice President-Investor Relations & Corporate Planning, Deckers Outdoor Corp.
David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.

公司参会人员
Erinn Kohler
德克斯户外用品公司投资者关系与企业规划副总裁
David Powers
德克斯户外用品公司总裁、首席执行官兼董事
Steven J. Fasching
德克斯户外用品公司首席财务官

OTHER PARTICIPANTS
Camilo Lyon
Analyst, BTIG LLC
Jonathan Robert Komp
Analyst, Robert W. Baird & Co., Inc.
Jay Sole
Analyst, UBS Securities LLC
Sam Poser
Analyst, Williams Trading LLC
Jim Duffy
Analyst, Stifel, Nicolaus & Co., Inc.
Paul Lejuez
Analyst, Citigroup Global Markets, Inc.
Dana Lauren Telsey
Analyst, Telsey Advisory Group LLC
Laurent Vasilescu
Analyst, Exane, Inc.

其他参会人员
Camilo Lyon
BTIG 有限责任公司分析师
Jonathan Robert Komp
罗伯特・W・贝尔德公司分析师
Jay Sole
瑞银证券有限责任公司分析师
Sam Poser
威廉姆斯交易有限责任公司分析师
Jim Duffy
Stifel, Nicolaus & Co., Inc. 分析师
Paul Lejuez
花旗环球金融市场公司分析师
Dana Lauren Telsey
Telsey 咨询集团有限责任公司分析师
Laurent Vasilescu
Exane 公司分析师

MANAGEMENT DISCUSSION SECTION
Operator: Good afternoon and thank you for standing by. Welcome to the Deckers Brands fourth quarter fiscal 2021 earnings conference call. At this time, all participants will in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] I would like to remind everyone that this conference call is being recorded.

管理层讨论部分
接线员：下午好，感谢您的等待。欢迎参加德克斯品牌 2021 财年第四季度收益电话会议。目前，所有参会者均处于仅听模式。演示结束后，我们将进行问答环节。[接线员指示] 我想提醒大家，本次电话会议正在录音。

I'll now turn the call over to Erinn Kohler, VP, Investor Relations and Corporate Planning.

现在，我将电话转交给投资者关系与企业规划副总裁 Erinn Kohler。

Erinn Kohler
Vice President-Investor Relations & Corporate Planning, Deckers Outdoor Corp.
Hello and thank you everyone for joining us today. On the call is Dave Powers, President and Chief Executive Officer, and Steve Fasching, Chief Financial Officer. Before we begin, I would like to remind everyone of the company's Safe Harbor policy. Please note that certain statements made on this call are forward looking statements within the meaning of the federal securities laws, which are subject to considerable risks and uncertainties.

Erinn Kohler
德克斯户外用品公司投资者关系与企业规划副总裁
大家好，感谢各位今天参加会议。出席电话会议的有总裁兼首席执行官 Dave Powers 和首席财务官 Steve Fasching。在开始之前，我想提醒大家注意公司的安全港政策。请注意，本次电话会议上的某些陈述属于联邦证券法所定义的前瞻性陈述，这些陈述面临相当大的风险和不确定性。

These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements made on this call today other than statements of historical facts are forward-looking statements and include statements regarding changes in consumer behavior; strength of our brands and demand for our products; changes to our product allocation, segmentation and distribution strategies; changes to our marketing plans and strategies; changes to our capital allocation strategies;

这些前瞻性陈述旨在符合 1995 年《私人证券诉讼改革法案》所确立的责任安全港规定。今天在本次电话会议上所作的所有陈述（除历史事实陈述外）均为前瞻性陈述，包括关于消费者行为变化、我们品牌的实力和产品需求、产品分配、细分和分销策略的变化、营销计划和策略的变化、资本配置策略的变化；

the impact of the COVID-19 pandemic on our business, our anticipated revenues, brand performance, product mix, gross margins, expenses and liquidity position and our potential repurchase of shares.

COVID-19 大流行对我们业务的影响、我们的预期收入、品牌表现、产品组合、毛利率、费用和流动性状况，以及我们可能进行的股票回购等陈述。

Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted assumed or implied by the forward-looking statements.

本次电话会议上的前瞻性陈述代表管理层的当前预期，并基于作出该等陈述时可获得的信息。前瞻性陈述涉及许多已知和未知的风险、不确定性和其他因素，这些因素可能导致我们的实际结果与前瞻性陈述所预测、假设或暗示的任何结果存在重大差异。

The company has explained some of these risks and uncertainties in its SEC filings, including the Risk Factors section of its annual report on Form 10-K and quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements.

公司已在其向美国证券交易委员会（SEC）提交的文件中解释了其中一些风险和不确定性，包括其 10-K 表格年度报告和 10-Q 表格季度报告中的 “风险因素” 部分。除非法律或纽约证券交易所上市规则要求，否则公司明确拒绝任何更新任何前瞻性陈述的意图或义务。

With that, I'll now turn it over to Dave.

话虽如此，现在我将把电话转交给 Dave。

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
Thanks, Erinn. Good afternoon, everyone, and thank you for joining us today. Before diving into the business, I'd like to express my gratitude for the progress towards ending the pandemic's toll in the United States.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
谢谢，Erinn。大家下午好，感谢各位今天参加会议。在深入探讨业务之前，我想对美国在结束大流行造成的损失方面取得的进展表示感谢。

However, countries around the world are still struggling with dangerous outbreaks. Many of our employees have friends and family members that are currently being impacted by the devastating COVID-19 surge within India, Nepal and other South Asian countries. Our hearts go out to everyone who has been affected by this pandemic over the past year and a half. And on behalf of Deckers, I wish for everyone's health and safety moving forward.

然而，世界各国仍在与危险的疫情爆发作斗争。我们的许多员工的朋友和家人目前正受到印度、尼泊尔和其他南亚国家毁灭性的 COVID-19 疫情蔓延的影响。我们向过去一年半中受此大流行影响的每一个人表示同情。我代表德克斯，祝愿大家未来健康平安。

As I reflect on this past year, I am continually impressed by the tenacity and resiliency of the Deckers organization and the dedication demonstrated by our teams as they continue to deliver exceptional results. FY 2021 results were driven by the exceptional brand and marketplace management of our leaders but also by the global operations, retail and supply chain teams who allowed us to fulfill the demand for our brands. By continuing to be aggressive with HOKA globally and capturing the opportunity in UGG, we were able to exceed expectations in a challenging environment and have accelerated the pace of growth for our brands.

回顾过去一年，德克斯组织的韧性和适应力，以及我们团队在持续交付卓越成果时所展现的奉献精神，一直给我留下深刻印象。2021 财年的业绩不仅得益于我们领导人出色的品牌和市场管理，还得益于全球运营、零售和供应链团队，他们使我们能够满足对我们品牌的需求。通过继续在全球范围内积极推广 HOKA 并抓住 UGG 的机遇，我们能够在充满挑战的环境中超出预期，并加快了我们品牌的增长步伐。

Today I'm excited to share the results of a record-breaking year for Deckers. We saw a strong finish to fiscal 2021 with full year revenue increasing 19% versus last year to over $2.5 billion and earnings per share increasing 40% to $13.47. FY 2021 performance was driven by expanded awareness and adoption of HOKA around the world as more consumers experienced the benefits of the brand's innovative products, consumers actively seeking UGG for its unique combination of fashion appeal and the unmistakable feeling of the brand, best-in-class e-commerce capabilities that enabled consumer acquisition in a disrupted physical retail environment, strategic prioritization of brand strength and demand creation through disciplined marketplace management and the grit of our employees who overcame significant macro challenges and operational pressures to deliver exceptional results.

今天，我很高兴分享德克斯创纪录的一年的业绩。我们看到 2021 财年以强劲的成绩收官，全年收入同比增长 19%，超过 25 亿美元，每股收益增长 40%，达到 13.47 美元。2021 财年的表现得益于 HOKA 在全球范围内的认知度和采用率的扩大，因为越来越多的消费者体验到该品牌创新产品的好处；消费者积极寻求 UGG，因为它独特的时尚吸引力和该品牌 unmistakable 的感觉；一流的电子商务能力，使我们能够在受干扰的实体零售环境中获取消费者；通过严格的市场管理对品牌实力和需求创造进行战略优先排序；以及我们员工的勇气，他们克服了重大的宏观挑战和运营压力，交付了卓越的成果。

Many of these items that drove performance during the year were the results of our long-term strategies that remain top of mind as we transition into fiscal 2022 and beyond. As a reminder, these include accelerating consumer adoption of the HOKA brand globally, building UGG as a year-round global lifestyle brand through our diverse product offering, executing our digital first approach by growing direct-to-consumer acquisition and retention online with a specific focus on gaining closet space with 18 to 34 year old consumers, tailoring distribution strategies unique to each of our brands in order to properly balance brand health in conjunction with sustainable growth which includes the recent reset activities for the UGG brand internationally, and focusing

这一年中推动业绩的许多因素都是我们长期战略的结果，在我们过渡到 2022 财年及以后时，这些战略仍然是首要任务。提醒一下，这些战略包括加速全球消费者对 HOKA 品牌的采用；通过我们多样化的产品供应，将 UGG 打造为全年全球生活方式品牌；通过在线增长直接面向消费者的获取和留存，执行我们的数字优先方法，特别关注在 18 至 34 岁消费者的衣橱中占据空间；为我们每个品牌定制独特的分销策略，以适当平衡品牌健康与可持续增长，包括最近对 UGG 品牌在国际上的重置活动；以及专注于

spend behind these key initiatives to drive optimal returns on investment while maintaining top tier levels of profitability.

在这些关键举措上投入资金，以推动最佳投资回报，同时保持顶级盈利水平。

While we believe that remaining committed to our long-term strategies was the primary enabler of our success this year, Deckers also uniquely benefited from certain circumstances resulting from the pandemic. Fiscal 2021 revenue exceeded our pre-pandemic expectations as we saw an acceleration of certain growth opportunities. With brands scaling faster than previously anticipated, we now need to accelerate critical investments to scale our supply chain and logistics infrastructure as well as bolster our teams with additional talent to prepare for emerging opportunities. Fiscal 2022 will be another positive step in the evolution of Deckers Brands as we strategically invest behind core infrastructure needs and seed opportunities that will enable sustainable long-term revenue and earnings growth.

虽然我们认为，坚持我们的长期战略是我们今年成功的主要推动力，但德克斯也从大流行带来的某些情况中获得了独特的好处。2021 财年的收入超过了我们大流行前的预期，因为我们看到了某些增长机会的加速。随着品牌扩张速度快于先前的预期，我们现在需要加速关键投资，以扩大我们的供应链和物流基础设施，并通过额外的人才来增强我们的团队，为新出现的机会做准备。2022 财年将是德克斯品牌发展的另一个积极步骤，因为我们战略性地投资于核心基础设施需求，并为将实现可持续长期收入和收益增长的机会播下种子。

Over the long term, we're investing in major drivers of our business, including building HOKA to a $1 billion plus global performance brand that represents a significant portion of total company revenue, driving our direct-to-consumer business towards 50% of our global revenues, scaling international markets across brands and seeding opportunities beyond footwear. Steve will provide more details on these investments as well as our forwardlooking revenue and margin expectations later in the call. In the meantime, I will share some details around fiscal 2021 performance at the brand and channel levels as well as provide some context around fiscal 2022 building blocks.

从长远来看，我们正在投资于我们业务的主要驱动力，包括将 HOKA 打造为一个收入超过 10 亿美元的全球性能品牌，该品牌占公司总收入的很大一部分；将我们的直接面向消费者的业务推向占我们全球收入的 50%；在各品牌中拓展国际市场；以及在鞋类以外的领域播下机会的种子。Steve 将在稍后的电话会议中提供有关这些投资以及我们前瞻性收入和利润率预期的更多细节。与此同时，我将分享 2021 财年在品牌和渠道层面的表现的一些细节，并提供 2022 财年构建模块的一些背景。

Starting with the brand highlights. Global UGG fiscal 2021 revenue increased 13% versus last year to $1.717 billion. The brand's success in FY 2021 was primarily due to US consumers actively seeking UGG products all year long with search interest increasing 27% over fiscal 2020 according to Google Trends, which led to accelerated consumer acquisition online as the brand added over 2.5 million new consumers to its global ecommerce database and captured the critical 18 to 34 year aged consumer in the US, which increased 83% to the elevated fashion appeal of the brand.

从品牌亮点开始。2021 财年全球 UGG 收入同比增长 13%，达到 17.17 亿美元。UGG 品牌在 2021 财年的成功主要归功于美国消费者全年积极寻求 UGG 产品，根据谷歌趋势，搜索兴趣比 2020 财年增加了 27%，这导致在线消费者获取加速，因为该品牌在其全球电子商务数据库中增加了超过 250 万新消费者，并抓住了美国关键的 18 至 34 岁消费者，由于该品牌提升的时尚吸引力，这一群体增加了 83%。

And lastly, more consumers purchased multiple UGG products than ever before as the brand saw an 85% increase in consumers purchasing two or more products during the year. We believe much of the brand heat that created momentum for UGG in the US resulted from the brand's strategically managed distribution network, authentic PR activations, fashion collaborations, targeted digital marketing and a compelling product offering that has expanded the fashion relevance of UGG brand DNA across new categories.

最后，购买多种 UGG 产品的消费者比以往任何时候都多，因为该品牌在这一年中购买两种或更多产品的消费者增加了 85%。我们认为，为 UGG 在美国创造动力的许多品牌热度源于该品牌战略性管理的分销网络、真实的公关活动、时尚合作、有针对性的数字营销，以及引人注目的产品供应，这些产品供应在新类别中扩展了 UGG 品牌 DNA 的时尚相关性。

As evidence of the UGG brand's success with a diversified assortment, fiscal 2021 product performance was driven by the expansion of the Fluff franchise as the brand drove demand to both the original Fluff Yeah as well as complementary styles with similar slipper/sandal hybrid attributes, increased adoption of the Neumel franchise among men, women and kids, the introduction of the Ultra Mini and Classic Clear boots, which were particularly popular with younger consumers, development of the Tasman into a fashion slipper/sneaker as UGG featured the style in a number of recent collaborations helping to raise the hybrid style's profile, the brand's first ever ready-to-wear apparel collection which featured fashionable sportswear and outerwear pieces and heritage slippers having greater year-round relevancy as many people were working from home and seeking the comfort of what we've referred to as the feeling of UGG.

作为 UGG 品牌在多样化产品组合方面成功的证据，2021 财年的产品表现受到 Fluff 系列扩张的推动，因为该品牌推动了对原始 Fluff Yeah 以及具有类似拖鞋 / 凉鞋混合属性的互补款式的需求；Neumel 系列在男性、女性和儿童中的采用率增加；Ultra Mini 和 Classic Clear 靴子的推出，这些靴子特别受年轻消费者的欢迎；Tasman 发展成为时尚拖鞋 / 运动鞋，因为 UGG 在最近的许多合作中都采用了这种款式，有助于提高这种混合款式的知名度；该品牌有史以来第一个成衣系列，以时尚运动服和户外服装为特色；以及传统拖鞋全年具有更大的相关性，因为许多人在家工作，寻求我们所说的 UGG 的舒适感。

These styles that drove UGG growth this year made up the majority of both the brand's top 10 styles purchased by acquired consumers as well as the top 10 styles purchased by consumers 18 to 34 years old. While women remain the primary purchasers of UGG products, the brand's mix of gender continues to shift towards men's and kids' products. Part of this shift is due to many consumers purchasing UGG for the whole family.

今年推动 UGG 增长的这些款式，在新获取消费者购买的该品牌前 10 大款式和 18 至 34 岁消费者购买的前 10 大款式中均占多数。尽管女性仍然是 UGG 产品的主要购买者，但该品牌的性别组合继续向男性和儿童产品转移。这种转变的部分原因是许多消费者为全家购买 UGG。

In the US, as compared to last year, UGG experienced an 88% increase in DTC revenue from orders containing both men's and women's product and a 117% increase in orders containing both kids and women's product. With more purchasing for the whole family, both men's and kids' footwear increased as a percentage of total UGG brand business.

在美国，与去年相比，UGG 来自包含男性和女性产品订单的直接面向消费者（DTC）收入增长了 88%，来自包含儿童和女性产品订单的收入增长了 117%。随着更多家庭购买，男性和儿童鞋类在 UGG 品牌总业务中的占比均有所增加。

While the US business has been driving UGG category diversification over the past few years, we have been encouraged by the adoption of new categories within international regions over the last year as well, such as the Ultra Mini which was a top five style in its introductory season, the Classic Clear which was ranked second new style in terms of dollar volume, Fluff franchise volume was 2.5 times larger than last year and sneakers were a standout in our Asia-Pacific region.

尽管美国业务在过去几年中一直在推动 UGG 的品类多元化，但过去一年国际地区对新类别的采用也令我们感到鼓舞，例如 Ultra Mini 在其推出季节是前五名款式，Classic Clear 在美元销量方面排名第二新款式，Fluff 系列销量是去年的 2.5 倍，运动鞋在我们的亚太地区表现突出。

Improvements in new category adoption are largely attributable to localized marketing activations meant to build UGG brand heat internationally and attract younger consumers to the brand. Our targeted digital marketing efforts are paying off as UGG experienced a significant increase in e-commerce traffic from visitors aged 18 to 34 in both the UK and China during FY 2021. These early indicators of success and our plan to further invest behind localized marketing tactics give us confidence that UGG will rebound and return to growth in the brand's international markets during fiscal 2022.

新类别采用的改善在很大程度上归因于本地化营销活动，这些活动旨在在国际上建立 UGG 品牌热度并吸引年轻消费者。我们有针对性的数字营销努力正在取得成效，因为在 2021 财年，UGG 在英国和中国都经历了 18 至 34 岁访问者的电子商务流量的显著增加。这些成功的早期迹象以及我们进一步投资于本地化营销策略的计划，使我们有信心 UGG 将在 2022 财年反弹并在该品牌的国际市场恢复增长。

UGG has a difficult task ahead in lapping a record year where we benefited from the pandemic driving greater attention to the brand. However, with our planned investments in demand creation, we have confidence the brand can drive top line revenue growth in fiscal 2022 by fulfilling wholesale demand as we reset the marketplace with fill-in product and satisfy some of the missed opportunities in fiscal 2021 due to inventory shortages, maintaining momentum with the younger consumers around the world and driving repeat purchases from consumers new to the brand in FY 2021, recovering lost volume in EMEA with the goal of lapping fiscal 2020 revenues and maximizing demand capture through DTC, increasing local investments in China to elevate the brand and accelerate revenue growth, all while working to lap growth on heritage slipper products that benefited from the pandemic.

UGG 面临着一项艰巨的任务，要在一个创纪录的年份之后继续增长，在这一年里，我们受益于大流行推动了对该品牌的更多关注。然而，通过我们在需求创造方面的计划投资，我们有信心该品牌能够在 2022 财年推动收入增长，方法是在我们用填充产品重置市场时满足批发需求，满足 2021 财年因库存短缺而错过的一些机会，保持与世界各地年轻消费者的势头，并推动 2021 财年新接触该品牌的消费者的重复购买，恢复欧洲、中东和非洲（EMEA）的损失销量，目标是超过 2020 财年的收入，并通过直接面向消费者（DTC）最大限度地捕捉需求，增加在中国的本地投资以提升品牌并加速收入增长，同时努力在受益于大流行的传统拖鞋产品上实现增长。

Shifting attention to HOKA. Global revenue in fiscal 2021 increased 62% versus last year to $571 million. The growth of HOKA over the past year was a testament to the brand's methodical approach to managing a consistent brand message and introducing innovative products that resonate across the global distribution landscape.

将注意力转向 HOKA。2021 财年全球收入同比增长 62%，达到 5.71 亿美元。HOKA 在过去一年的增长证明了该品牌在管理一致的品牌信息和推出在全球分销领域引起共鸣的创新产品方面的有条不紊的方法。

HOKA continues to exhibit balanced growth across its ecosystem of access points with every region and channel of distribution increasing volume above last year. The increasing scale of HOKA is undeniably impressive. But even more importantly, the brand is growing in the right way and making meaningful progress towards strategic initiatives.

HOKA 继续在其接入点生态系统中展现出平衡的增长，每个地区和分销渠道的销量都比去年有所增加。HOKA 不断扩大的规模无疑令人印象深刻。但更重要的是，该品牌正在以正确的方式增长，并在战略举措方面取得有意义的进展。

In a year of uncertainty, HOKA initially doubled down on key franchises with the goal of amplifying hero styles to bring new consumers to the brand. As these styles drove consumer acquisition, HOKA was successful in driving more repeat purchases in alternate products. This is the result of the HOKA team's development of innovative products built for speed such as the Carbon X 2 and Mach 4, the outdoors with the Speedgoat and Challenger for trail running and the Kaha for hiking and recovery featuring the ORA flip flops and slides.

在充满不确定性的一年里，HOKA 最初加倍关注关键系列，目标是放大明星款式，为品牌带来新消费者。随着这些款式推动消费者获取，HOKA 成功地推动了更多替代产品的重复购买。这是 HOKA 团队开发专为速度打造的创新产品的结果，例如 Carbon X 2 和 Mach 4；为户外打造的 Speedgoat 和 Challenger 用于越野跑，Kaha 用于徒步旅行和恢复，配有 ORA 人字拖和凉鞋。

In addition to providing great products for all athletes, HOKA has also created meaningful partnerships to build the lifestyle relevance of its performance products. One such partnership includes the brand's recent launch with Free People, which helps expose HOKA products to consumers who may not otherwise discover the brand.

除了为所有运动员提供出色的产品外，HOKA 还建立了有意义的合作伙伴关系，以建立其性能产品的生活方式相关性。其中一项合作包括该品牌最近与 Free People 的推出，这有助于将 HOKA 产品展示给否则可能不会发现该品牌的消费者。

This is not meant to signal a shift towards fashion for the HOKA brand but rather the brand embracing the fashionable attributes of its performance products and gaining an audience of younger consumers. In addition to targeting youth wholesale distribution, the HOKA DTC team prioritize digital spend on platforms where younger consumers are spending time and discovering brands online.

这并不意味着 HOKA 品牌转向时尚，而是该品牌拥抱其性能产品的时尚属性，并获得年轻消费者的受众。除了针对年轻批发分销外，HOKA 的直接面向消费者（DTC）团队还将数字支出优先用于年轻消费者花费时间和在线发现品牌的平台。

The brand has also been working to create a seamless replenishment experience for consumers who may have discovered HOKA elsewhere. Through these efforts, HOKA was able to increase 18 to 34 year old consumer acquisition online by 156% as compared to last year. We believe the HOKA brand's commitment to building a more diverse outdoor community by including underrepresented groups in 60% of marketing content is resonating well with younger consumers.

该品牌还一直在努力为可能在其他地方发现 HOKA 的消费者创造无缝的补货体验。通过这些努力，HOKA 在网上获取 18 至 34 岁消费者的数量比去年增加了 156%。我们相信，HOKA 品牌致力于通过在 60% 的营销内容中纳入代表性不足的群体来建立一个更多样化的户外社区，这与年轻消费者产生了良好的共鸣。

HOKA is winning with a combination of disruptive product innovation, emotionally connected inclusive marketing and a consistent consumer experience based on the quality of the brand's products and ecosystem of access points.

HOKA 凭借颠覆性的产品创新、情感连接的包容性营销，以及基于该品牌产品质量和接入点生态系统的一致消费者体验而获胜。

From a regional standpoint, both domestic and international posted impressive gains in fiscal 2021. But the international revenue growth rate was able to outpace domestic off a lower base. As we've spoken about in prior earnings calls, the mix of international unit to the global total continues to move towards the 50:50 split. But revenue is more favored towards domestic because of the use of distributors internationally.

从地区角度来看，2021 财年国内和国际都取得了令人印象深刻的增长。但国际收入增长率能够在较低的基数上超过国内。正如我们在之前的收益电话会议中所说，国际销量占全球总量的比例继续向 50:50 的比例移动。但由于在国际上使用分销商，收入更偏向国内。

In FY 2021, distributors drove the largest proportion of international HOKA revenue growth, greater than both wholesale and direct-to-consumer channels. We see this as both a positive reflection of HOKA's distributors' ability to scale the brand as well as an opportunity for global growth as we continue to strategically evolve our distribution of the brand around the world.

在 2021 财年，分销商推动了国际 HOKA 收入增长的最大比例，超过了批发和直接面向消费者渠道。我们认为这既是 HOKA 分销商扩展品牌能力的积极反映，也是随着我们继续战略性地发展该品牌在全球的分销，实现全球增长的机会。

Looking ahead to fiscal 2022, we anticipate HOKA growth will continue at a rapid pace driven by acquiring new consumers by building brand awareness, retaining existing consumers with product and category innovation, gaining market share with wholesale partners, building global brand presence through a return of in-person event sponsorship, focusing on key markets in Europe such as Germany and the UK and increasing the frequency of product drops to maintain excitement with consumers.

展望 2022 财年，我们预计 HOKA 将继续快速增长，驱动力包括通过建立品牌知名度获取新消费者；通过产品和类别创新留住现有消费者；与批发合作伙伴获得市场份额；通过回归亲自赞助活动建立全球品牌影响力；关注欧洲的关键市场，如德国和英国；以及增加产品投放频率，以保持消费者的兴奋感。

In addition, as we invest for the longer term, we are earmarking investment in China for the HOKA brand to build a meaningful presence in that region. This includes building a team local to the market and creating a retail presence for the HOKA brand.

此外，随着我们进行长期投资，我们正在为 HOKA 品牌在中国指定投资，以在该地区建立有意义的影响力。这包括建立本地市场团队和为 HOKA 品牌创建零售存在。

Turning to Teva, despite relatively flat revenue of $139 million, Teva made productive strides towards the future, as the brand invested behind the Universal franchise, which experienced strong growth versus last year, increased the penetration of DTC to the total brand by 10 percentage points, nearly doubled direct-to-consumer acquisition year over year, strengthened partnerships with strategic wholesale accounts, contributed incremental profitability to Deckers' bottom line, and made further enhancement towards sustainability goals. Looking ahead, Teva is focused on being a leader in sustainability, building year-round innovative product for the modern outdoor consumer, taking market share in the closed-toe space with the brand's Ember franchise, building on DTC consumer acquisition, and maintaining a high proportion of 18 to 34 year old consumers.

转向 Teva，尽管收入相对持平，为 1.39 亿美元，但 Teva 朝着未来迈出了富有成效的步伐，因为该品牌在 Universal 系列上进行了投资，该系列与去年相比实现了强劲增长，将直接面向消费者（DTC）在整个品牌中的渗透率提高了 10 个百分点，直接面向消费者的获取量同比几乎翻了一番，加强了与战略批发客户的合作伙伴关系，为德克斯的底线贡献了增量利润，并在可持续发展目标方面取得了进一步的提升。展望未来，Teva 专注于成为可持续发展的领导者，为现代户外消费者打造全年创新产品，凭借该品牌的 Ember 系列在封闭式鞋类领域占据市场份额，在直接面向消费者的消费者获取方面再接再厉，并保持高比例的 18 至 34 岁消费者。

Moving to Koolaburra, global revenue in fiscal 2021 increased 9% versus last year to $76 million. Performance this year was influenced by conservative ordering at the onset of the pandemic, as we chose to reduce inventory purchases in strategic areas of the brand portfolio. Based on high levels of consumer demand, Koolaburra experienced both top line revenue growth and record profitability despite scarce product availability and disruptions in the wholesale family value channel.

转向 Koolaburra，2021 财年全球收入同比增长 9%，达到 7600 万美元。今年的表现受到大流行开始时保守订购的影响，因为我们选择减少该品牌产品组合中战略领域的库存购买。基于高水平的消费者需求，尽管产品供应稀缺且批发家庭价值渠道受到干扰，Koolaburra 仍实现了收入增长和创纪录的盈利能力。

For the year ahead, we expect Koolaburra to continue building market share with existing wholesale partners through door count expansion, build on the direct-to-consumer momentum experienced in fiscal 2021 as the brand more than doubled consumer acquisition compared to the prior year, further diversify the assortment through the growth of men's product and women's non-boot categories, which experienced outsized growth this year, and expand the brand's lifestyle appeal through license opportunities with new product adjacencies.

展望未来一年，我们预计 Koolaburra 将通过扩大门店数量继续与现有批发合作伙伴建立市场份额，在 2021 财年经历的直接面向消费者的 momentum 的基础上再接再厉，因为该品牌的消费者获取量比前一年增加了一倍多，通过男性产品和女性非靴子类别的增长进一步多样化产品组合，这些类别今年实现了巨大的增长，并通过与新产品相邻的许可机会扩大该品牌的生活方式吸引力。

And finally, Sanuk revenue in fiscal 2021 declined to $42 million. Over the last year, the Sanuk team made great progress to right-size the brand's distribution, focusing on wholesale channel leaders and own direct-to-consumer. Through this process, the brand implemented a product segmentation and exclusive strategy, tailoring the consumer experience for each unique access point. With an optimized marketplace, we believe Sanuk has the opportunity to build on its loyal consumer base through innovation in comfort and sustainability and continue as a positive contributor to our total company bottom line.

最后，Sanuk 在 2021 财年的收入下降至 4200 万美元。在过去的一年里，Sanuk 团队在调整该品牌的分销规模方面取得了巨大进展，专注于批发渠道领导者和自己的直接面向消费者业务。通过这个过程，该品牌实施了产品细分和独家战略，为每个独特的接入点定制消费者体验。随着市场的优化，我们相信 Sanuk 有机会通过在舒适性和可持续性方面的创新，在其忠诚的消费者基础上再接再厉，并继续为我们公司的整体底线做出积极贡献。

With respect to channel performance in fiscal 2021, the strength of e-commerce drove DTC to increase 45% over the prior year, helping improve our mix of DTC revenue to 42%, up from 35% last year. Every brand in our portfolio experienced growth through the direct-to-consumer channel across both domestic and international regions. Global consumer acquisition online, which increased 88% over last year, was the primary driver of DTC performance in fiscal 2021. This was partially offset by a decline in retail traffic that resulted from macro pandemic pressures.

关于 2021 财年的渠道表现，电子商务的实力推动直接面向消费者（DTC）同比增长 45%，帮助将我们的 DTC 收入组合从去年的 35% 提高到 42%。我们投资组合中的每个品牌都通过国内外的直接面向消费者渠道实现了增长。全球在线消费者获取量比去年增加了 88%，是 2021 财年 DTC 表现的主要驱动力。这部分被宏观大流行压力导致的零售流量下降所抵消。

Despite the reduction in consumer traffic to stores, people were shopping with the intent to purchase, as we saw a 30% increase in conversion. We believe this higher rate of purchase conversion can be attributed to improved omnichannel capabilities, including buy online, pickup in store, mobile POS systems, and curbside pickup, which helped provide a more seamless experience at our stores. A huge thank you to our store employees who made consumer safety and a positive experience a top priority amidst difficult circumstances.

尽管商店的消费者流量减少，但人们购物时有购买的意图，因为我们看到转化率提高了 30%。我们认为，这种更高的购买转化率可归因于全渠道能力的改善，包括在线购买、店内提货、移动 POS 系统和路边提货，这些都有助于在我们的商店提供更无缝的体验。非常感谢我们的商店员工，他们在困难的情况下将消费者安全和积极体验作为首要任务。

Global wholesale revenue in fiscal year 2021 increased 6% as compared to last year. Wholesale growth was driven by the global expansion of HOKA, with offsets from international UGG as well as global reductions in Teva and Sanuk. UGG experienced strength in domestic wholesale that was more than offset by an international decline, which was due to a combination of marketplace reset initiatives and macro pressures from the pandemic. We see a path for international UGG wholesale to return to growth in fiscal 2022, helping to drive strength in global wholesale moving forward.

2021 财年全球批发收入同比增长 6%。批发增长是由 HOKA 的全球扩张推动的，被国际 UGG 以及 Teva 和 Sanuk 的全球减少所抵消。UGG 在国内批发方面表现强劲，但被国际下滑所抵消，这是由于市场重置举措和大流行的宏观压力共同作用的结果。我们看到国际 UGG 批发在 2022 财年恢复增长的路径，这将有助于推动全球批发未来的实力。

Before I hand off the call to Steve, I wanted to take a moment to highlight some of our brands' recent activities on the sustainability front, which we believe is having a positive impact on consumers' passion for our brands. Here at Deckers, we believe doing good is core to doing well and we intend to continue leading in this space.

在我把电话转交给 Steve 之前，我想花点时间强调我们品牌最近在可持续发展方面的一些活动，我们相信这对消费者对我们品牌的热情产生了积极影响。在德克斯，我们认为做好事是做得好的核心，我们打算继续在这个领域领先。

Over the past few months, UGG announced Earth Day commitments, which highlighted the brand's commitment to regenerative farming. UGG introduced its first ever Plant Power Collection, which features carbon-neutral plantbased materials. Teva launched its TevaForever program, where consumers are now able to recycle old sandals that will be reborn into new things such as playgrounds or running tracks. Sanuk introduced a limited edition collaboration with the Surfrider Foundation using environmentally friendly materials, with proceeds benefiting Surfrider's mission to protect clean water and maintain healthy beaches.

在过去的几个月里，UGG 宣布了地球日承诺，强调了该品牌对再生农业的承诺。UGG 推出了其首个 Plant Power 系列，该系列以碳中和植物基材料为特色。Teva 启动了 TevaForever 计划，消费者现在可以回收旧凉鞋，这些凉鞋将重生为新的东西，如操场或跑道。Sanuk 与 Surfrider 基金会推出了限量版合作，使用环保材料，收益用于 Surfrider 保护清洁水和维护健康海滩的使命。

And we held our second Art of Kindness event, which is a weeklong global giving initiative that encourages our employees across the globe to volunteer time towards causes helping others. This second Art of Kindness event included over 3,800 volunteer hours, and we were able to double employee participation from last year's event. A huge thank you to all employees who participated and helped to make a positive impact around the world. Our brands and our company are committed to giving back and doing business in the right way, and we look forward to pushing further progress in sustainability and service over the next year and beyond.

我们举办了第二届 “善良艺术” 活动，这是一项为期一周的全球捐赠倡议，鼓励我们全球的员工为帮助他人的事业贡献时间。第二届 “善良艺术” 活动包括超过 3800 个志愿者小时，我们能够将员工参与度从去年的活动中翻倍。非常感谢所有参与并帮助在世界各地产生积极影响的员工。我们的品牌和公司致力于回馈社会并以正确的方式开展业务，我们期待在明年及以后在可持续发展和服务方面取得进一步进展。

With that, I'll hand the call over to Steve to provide further details on our fiscal 2021 financial results as well as our initial outlook on fiscal 2022. Steve?

话虽如此，我将把电话转交给 Steve，以提供有关我们 2021 财年财务结果以及我们对 2022 财年初步展望的进一步细节。Steve？