20-May-2021 Deckers Outdoor Corp. (DECK) Q4 2021 Earnings Call-part3

问答环节
接线员：谢谢。我们现在将开始问答环节。[接线员指示] 我们的第一个问题来自 BTIG 的 Camilo Lyon。请讲。

Camilo Lyon
Analyst, BTIG LLC
Thank you. Good afternoon, everyone, and congrats on a strong finish to the year. I want...
Camilo Lyon
BTIG 有限责任公司分析师
谢谢。大家下午好，祝贺今年以强劲的成绩结束。我想...
David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
Hi.
David Powers
德克斯户外用品公司总裁、首席执行官兼董事
嗨。
Camilo Lyon
Analyst, BTIG LLC
Hi. I wanted to follow up, Steve, on a comment you made just at the end of your remarks regarding in-filling some of the wholesale partners of yours with inventory sooner. Clearly, I think there's an anticipation there to avoid some of the supply chain disruptions that many have suffered this past year. I'm curious, how are you thinking about inventory build in anticipation of any chase opportunities given that you're probably having to hold on to some of that inventory a little bit longer into the season given the earlier shipments that you've spoken about?
Camilo Lyon
BTIG 有限责任公司分析师
嗨。Steve，我想跟进你在讲话结束时关于更快地为你的一些批发合作伙伴补充库存的评论。显然，我认为那里有一个预期，以避免许多人在过去一年中遭受的一些供应链中断。我很好奇，考虑到你可能不得不将一些库存保留到季节稍长一点，因为你已经谈到了早期的发货，你如何考虑库存积累，以期待任何追逐机会？
Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
Thanks, Camilo. A good question. What we're seeing – and I'll take a step back just to explain what's going on. I think with inventories low, our own inventory again down 11%, and lower inventories, as you mentioned, kind of lower in the channel, we do want to bring in more inventory in the first couple of quarters. And we do want to get it out to our wholesale customers so that they have it in stock and on shelves during the prime selling season.
Steven J. Fasching
德克斯户外用品公司首席财务官
谢谢，Camilo。一个好问题。我们所看到的 —— 我将退后一步来解释正在发生的事情。我认为，由于库存低，我们自己的库存再次下降 11%，而且正如你所提到的，渠道中的库存较低，我们确实想在头几个季度引入更多库存。我们确实想把它交给我们的批发客户，以便他们在主要销售季节有库存并上架。
So that is a shift from what we normally see. It may limit, I would say, the chase opportunities. That's why we're seeing kind of a more robust first half. I think that's why it was important to talk about kind of that first half context because we're going to see a significant portion of that growth as we expect to fulfill those wholesale orders really in the first half as we bring inventory in. So we're replenishing our depleted inventory and we're getting that out to our wholesale accounts sooner so that they have it in stock, so we'll see. Again, it's one of the challenges that
所以这与我们通常看到的情况有所不同。我想说，这可能会限制追逐机会。这就是为什么我们看到上半年更加稳健。我认为这就是为什么谈论上半年的背景很重要，因为我们预计随着我们在上半年引入库存，我们将看到很大一部分增长，因为我们预计将在上半年真正履行这些批发订单。所以我们正在补充我们耗尽的库存，并更快地将其交给我们的批发客户，以便他们有库存，所以我们会看到。再次，这是挑战之一
we're dealing with. As you know, there's significant disruption in the whole supply chain channel, another reason to try to get this inventory in earlier so that we can avoid some of that disruption.
我们正在处理。如你所知，整个供应链渠道存在重大中断，这是试图更早地将这些库存引入的另一个原因，以便我们可以避免一些中断。

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
And just to add on to that, we did submit orders earlier than usual this year, so we are a little bit ahead of the game as far as production goes. But getting product into the country through the logistics domestically and on to our key accounts poses a pretty meaningful challenge. We think we can overcome it. But the demand for inventory right now is still very strong. So our accounts are looking for inventory to keep the momentum going but also start building reserves and stocks heading into the fall and holiday timeframe as well for all of our brands.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
补充一点，我们今年确实比往常更早提交了订单，所以就生产而言，我们有点领先。但通过国内物流将产品运入该国并送达我们的主要客户面临相当大的挑战。我们认为可以克服这一点。但目前对库存的需求仍然非常强劲。因此，我们的客户正在寻找库存以保持势头，同时也开始为所有品牌在秋季和假期期间建立储备和库存。

Camilo Lyon
Analyst, BTIG LLC
Got it, a few just quick follow-ups. Within that context, Dave and Steve, you mentioned some inflationary pressures impacting gross margin. Is there any price-taking that you are embedding in UGG or HOKA?
And then just from a longer-term perspective, you talked about the investment that you're making in the business and the right investment to be making in terms of infrastructure, distribution centers, digital investments to further the growth and long-term opportunities that you have in front of you. How do you think about what that looks like in the context of longer-term EBIT margin opportunities as you start to leverage these investments this year in years two, three, and four from now?

Camilo Lyon
BTIG 有限责任公司分析师
了解了，还有几个快速跟进的问题。在这种情况下，Dave 和 Steve，你们提到一些通胀压力影响毛利率。UGG 或 HOKA 是否有任何提价计划？
然后从长期角度来看，你们谈到了在业务上的投资，以及在基础设施、配送中心、数字投资方面的正确投资，以推动增长和眼前的长期机会。当你们今年开始利用这些投资，在未来两、三、四年里，如何看待长期息税前利润（EBIT） margin 机会的情况？

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
I can start. So in price increases, selectively but not broad-based. And so we're looking at opportunities by categories where we can. Fluff is an example of that. But generally speaking, we're not passing on price increases across the board, just more selective styles going into the back of this year. I think we have more flexibility in our DTC channels to maybe do things here and there. But the season's sold in, the inventory is on its way, and the wholesale accounts are expecting the prices that we've already established. But we have healthy margins and we're expecting healthy full price sell-throughs again. And I'm confident in that.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
我可以先回答。关于提价，我们会有选择性地进行，而不是全面提价。因此，我们正在寻找可以提价的品类机会。Fluff 系列就是一个例子。但总体而言，我们不会全面传递涨价，只是在今年下半年对更具选择性的款式进行调整。我认为我们的直接面向消费者（DTC）渠道有更多灵活性，可以在某些方面进行调整。但本季产品已售出，库存正在运输中，批发客户期望的是我们已经确定的价格。不过我们的利润率健康，并且预计再次实现健康的全价销售。我对此充满信心。

From an investment perspective, with this rate of growth and the way that we pulled back on spend last year, we have some investments we need to make. We think that the demand for our brands is certainly stronger than it's ever been. Our brands matter to our consumers. They're really meaningful both on a product but also an emotional level. And we see a healthy path for growth, but we need to invest in the infrastructure to not only allow that but then to sustain it and build it even further.

从投资角度来看，鉴于这样的增长速度以及我们去年削减支出的方式，我们需要进行一些投资。我们认为，对我们品牌的需求无疑比以往任何时候都更强劲。我们的品牌对消费者至关重要。它们不仅在产品层面，而且在情感层面都具有真正的意义。我们看到了健康的增长路径，但我们需要投资于基础设施，不仅要支持这一增长，还要维持并进一步扩大它。

So we think the 17% to 18% range is about right to be able to continue double-digit growth of the top line, but we also have to spend to fuel that. Over the out years, there may be a little upside to that and we can think about flowing that through, and we'll see how this year goes. But right now, we feel like the right balance from a healthy brand-building sustainable business is in the 17% to 18% range.

因此，我们认为 17% 至 18% 的区间对于能够继续实现收入的两位数增长是合适的，但我们也必须投入资金来推动这一增长。在未来几年，可能会有一点上升空间，我们可以考虑将其转化为利润，我们会看看今年的情况如何。但目前，我们认为从健康的品牌建设和可持续业务的角度来看，17% 至 18% 的区间是正确的平衡。

Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
A
And I think just to add on to that, Camilo, it's more than just a one-year investment.

Steven J. Fasching
德克斯户外用品公司首席财务官
我想补充一点，Camilo，这不仅仅是一年的投资。

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
Yeah.
A
Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
So as Dave said, we've kind of targeted a range that we think is appropriate, that kind of balances the investment as well as what it can drive in sustainable growth both from a revenue and an earnings perspective. And yeah, there are some things that we'll be able to look at once these investments are in place to see what we can then leverage. But I think, as Dave said, we need to make these investments now. Let's see how they go. And then we'll be in a better position down the road as to kind of figuring out how we could benefit from some of these investments.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
是的。
Steven J. Fasching
德克斯户外用品公司首席财务官
正如 Dave 所说，我们已经设定了一个我们认为合适的区间，这个区间既平衡了投资，又从收入和收益的角度平衡了它可以推动的可持续增长。是的，一旦这些投资到位，我们将能够考察一些事情，看看我们可以利用什么。但我认为，正如 Dave 所说，我们现在需要进行这些投资。让我们看看它们的效果如何。然后，我们将在未来更好地弄清楚如何从这些投资中受益。

David Powers
A
And as we've been talking about the last few years, a much higher percentage of our OpEx is variable, so we have a lot more flexibility in the year to either flow through or invest faster to drive top line growth. So we feel pretty confident that these are sustainable levels. And as I said, there might be opportunity for increase as we get into the next couple years.

David Powers
此外，正如我们过去几年一直在谈论的，我们的运营支出（OpEx）中有更高比例是可变的，因此我们在年内有更多灵活性，可以要么转化为利润，要么更快地投资以推动收入增长。因此，我们非常有信心这些水平是可持续的。正如我所说，随着我们进入未来几年，可能会有增长的机会。

Camilo Lyon
Analyst, BTIG LLC
Excellent color, congrats on the momentum.
David Powers
Thanks, Camilo.
A
Operator: Our next question comes from Jonathan Komp with Baird. Please go ahead.

Camilo Lyon
BTIG 有限责任公司分析师
非常清晰的阐述，祝贺你们的发展势头。
David Powers
谢谢，Camilo。
接线员：我们的下一个问题来自贝尔德公司的 Jonathan Komp。请讲。

Jonathan Robert Komp
Analyst, Robert W. Baird & Co., Inc.
Hi, thank you. Maybe, Dave, just first a follow-up. I think you just mentioned double-digit top line growth. So I just wanted to maybe follow up the context and your thoughts beyond the next year, if you think that's a sustainable growth rate and maybe any thoughts on the pieces.
Maybe relatedly, Steve, I think you mentioned some efficiencies from some of the infrastructure and analytics investments. Any ability to break out some of the benefits you expect to see from some of the investments this year?

Jonathan Robert Komp
罗伯特・W・贝尔德公司分析师
嗨，谢谢。Dave，也许首先跟进一下。我认为你刚刚提到了收入的两位数增长。所以我只是想跟进一下背景，以及你对明年之后的看法，如果你认为这是一个可持续的增长率，也许对各个部分有什么想法。
也许相关的是，Steve，我认为你提到了一些基础设施和分析投资带来的效率。有没有能力说明一下你预计今年的一些投资会带来哪些好处？

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
So I'll answer your first question, Jonathan. We see that path – certainly this year is a little bit of a higher than normalized growth rate because of the fill-in component of particularly the UGG business and refilling the inventories for our wholesale accounts. So 19% is the highest we've ever guided, and we're confident in it. But

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
我来回答你的第一个问题，Jonathan。我们看到了这条路径 —— 当然，今年的增长率比正常水平略高，因为特别是 UGG 业务的填充部分和为我们的批发客户补充库存。所以 19% 是我们有史以来指导的最高水平，我们对此充满信心。但

we're mindful that a portion of that is fill-in. So you'll see the growth rates probably start to normalize closer to low double digits over the next year or two. But at this point, we feel like we have a clear line of sight to be able to continue to grow our brands globally, especially with the return to growth that we're starting to see in international and HOKA really taking hold, and the investments that we're making.

我们注意到其中一部分是填充。因此，在未来一两年，你可能会看到增长率开始正常化，接近低两位数。但在这一点上，我们觉得我们有一个清晰的视野，能够继续在全球范围内发展我们的品牌，尤其是随着我们开始看到国际市场的恢复增长和 HOKA 真正站稳脚跟，以及我们正在进行的投资。

Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
A
And then, Jon, just on kind of the leverage that we talked about kind of from a two-year stack, so clearly, what we're passing through is some benefit that we've seen in 2021. So as Dave kind of mentioned, we benefited by an acceleration of revenue and didn't necessarily spend against that revenue acceleration in FY 2021. So 2022, there will be a bit of that catch-up to spend against really a two-year stack of high teen revenue growth. That we believe sets the foundation for growth.

Steven J. Fasching
德克斯户外用品公司首席财务官
然后，Jon，关于我们谈到的从两年叠加的角度来看的杠杆作用，显然，我们正在传递的是我们在 2021 年看到的一些好处。正如 Dave 提到的，我们受益于收入的加速增长，而在 2021 财年不一定针对收入加速增长进行支出。因此，2022 年，将有一点追赶，针对两年的高 teens 收入增长进行支出。我们认为这为增长奠定了基础。

In reference in my prepared remarks, where I talked about how we've progressed from where we were, say, two years ago, we're taking some of that leverage that we achieved in 2021 and really passing it through in 2022 as we've seen some of those efficiencies. So it's some of the full price selling. There is going to be some on talent from where we were, say, two years ago. And so that's where we start to settle down from a proportion of SG&A spend to revenue in that, call it, roughly kind of 35% – 35.5% range.

在我准备好的讲话中，我谈到了我们如何从两年前的状态发展到现在，我们正在利用我们在 2021 年实现的一些杠杆作用，并在 2022 年真正传递这些杠杆作用，因为我们已经看到了一些效率。所以这是一些全价销售。从两年前的状态来看，在人才方面也会有一些提升。因此，从销售、一般和行政费用（SG&A）支出占收入的比例来看，我们开始稳定在大约 35% 至 35.5% 的区间。

So again, to the earlier question also, let's see how things go. This is a year where we're coming off the heels of strong revenue growth. We constrained some of that spending. 2022, we think it's important that we get back to making those investments that are setting us up for continuing this growth that we're seeing.

同样，对于之前的问题，让我们看看情况如何。这是一个我们在强劲的收入增长之后的一年。我们限制了一些支出。2022 年，我们认为重要的是我们要重新进行那些投资，这些投资将使我们能够继续我们所看到的这种增长。

Jonathan Robert Komp
Analyst, Robert W. Baird & Co., Inc.
Great, then just one more on HOKA. Any commentary on how some of that newer distribution in wholesale is faring either domestic or globally. And then it looks like a lot of new products coming up the next few months. So just any more comments on the pipeline and the approach to new product drops.

Jonathan Robert Komp
罗伯特・W・贝尔德公司分析师
很好，那么再问一个关于 HOKA 的问题。关于国内或全球一些较新的批发分销表现如何，有什么评论吗？然后看起来未来几个月会有很多新产品推出。所以关于产品 pipeline 和新产品投放的方法，还有什么评论吗？

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
I would say generally speaking, across the board in new and existing counts, sell-through continues to be very strong. And as you know, we've been very methodical. The teams have done a great job of controlling strategic distribution, not going to too many doors too fast. That's just the case of DICK's, et cetera. That philosophy is applied globally. And we're focused on healthy full price sell-through and creating demand and that is paying off and that's working.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
我想说，一般来说，无论是新的还是现有的门店，销售率都持续非常强劲。如你所知，我们一直非常有条理。团队在控制战略分销方面做得很好，没有太快进入太多门店。DICK's 等就是这种情况。这一理念在全球范围内应用。我们专注于健康的全价销售和创造需求，这正在取得成效，并且有效。

The areas that we're expanding into is obviously bolstering outdoor, so trail and hike. You're going to start to see a little more product and focus in marketing on lifestyle opportunities. So still performance product but adapted for a lifestyle consumer. And then we're going to continue to drive that growth across the board globally. Each market is a little bit different as to which category we push first and how we get there, but that's the intent.

我们正在扩展的领域显然是加强户外领域，如越野和徒步。你将开始看到更多产品，并在营销中关注生活方式机会。所以仍然是性能产品，但适应生活方式消费者。然后我们将继续在全球范围内全面推动这种增长。每个市场在我们首先推动哪个类别以及如何到达那里方面略有不同，但这就是意图。

And the pipeline from my perspective is very strong. We have some great launches coming up this year. We have the Clifton 8 launching in the next quarter, which we have a lot of demand. We're already pre-selling it on our website and the demand is there. So we feel great about the pipeline assuming we can get the product to the supply chain, of course, and then expanding into other categories over the next 12 to 18 months. We're very excited about it.

从我的角度来看，产品 pipeline 非常强劲。我们今年有一些很棒的产品发布。下一季度将推出 Clifton 8，我们有很多需求。我们已经在我们的网站上预售，需求存在。因此，我们对 pipeline 感觉很好，当然，假设我们可以将产品交付给供应链，然后在未来 12 至 18 个月扩展到其他类别。我们对此非常兴奋。

Jonathan Robert Komp
Analyst, Robert W. Baird & Co., Inc.
Excellent. Thank you.
David Powers
...sorry, Clifton 8's in June.
Jonathan Robert Komp
Analyst, Robert W. Baird & Co., Inc.
Yeah, that's right. Okay, thank you.
David Powers
Okay.
A
Operator: Our next question comes from Jay Sole with UBS. Please go ahead.

Jonathan Robert Komp
罗伯特・W・贝尔德公司分析师
太棒了。谢谢。
David Powers
抱歉，Clifton 8 在六月推出。
Jonathan Robert Komp
是的，对的。好的，谢谢。
David Powers
好的。
接线员：我们的下一个问题来自瑞银的 Jay Sole。请讲。

Jay Sole
Analyst, UBS Securities LLC
Great. Thank you so much. Dave, I was just wondering if you could elaborate on the last answer a little bit. If you could maybe just take a step back and tell us where you see HOKA and the maturity curve of this brand as it grows to a much bigger brand. As you see where the brand is right now, what's baked into the guidance? Maybe take us through geographically where you see the biggest opportunities and where you hope to end the year by and where you see going it from there. And then maybe that would be a great place to start. Thank you.

Jay Sole
瑞银证券有限责任公司分析师
太好了。非常感谢。Dave，我只是想知道你是否可以稍微阐述一下最后一个答案。如果你可以退一步，告诉我们当 HOKA 成长为一个更大的品牌时，你如何看待它的成熟曲线。正如你看到的，该品牌现在的位置，指导方针中包含了什么？也许带我们了解一下你认为最大的机会在地理上的位置，你希望今年结束时的位置，以及你从那里看到的发展方向。然后也许这将是一个很好的起点。谢谢。

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
Sure. So as we said in the script, we think that HOKA can get to $800 million this year. Obviously, that's continued very aggressive growth opportunities. We also talked about the fact that the international growth is really kicking in from a units perspective, which is great to see the balance of that business globally and the balance across distribution. The one area that we talked about investing in and we're starting to invest in infrastructure building this year is China. It's still a relatively small business in China. It's a very exciting market for us to get into. We've been leveraging really the UGG team on the ground there for DTC for HOKA. But it's time to start putting dedicated fulltime heads on the HOKA team in China to get after that.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
当然。正如我们在讲稿中所说，我们认为 HOKA 今年可以达到 8 亿美元。显然，这是持续的非常积极的增长机会。我们还谈到了一个事实，即从销量的角度来看，国际增长确实正在启动，这很高兴看到该业务在全球的平衡和分销的平衡。我们谈到要投资并今年开始投资基础设施建设的一个领域是中国。在中国，这仍然是一项相对较小的业务。进入这个市场对我们来说是一个非常令人兴奋的市场。我们一直在利用 UGG 在当地的团队来开展 HOKA 的直接面向消费者（DTC）业务。但现在是时候开始为中国的 HOKA 团队配备专门的全职负责人来处理这个问题了。

So $800 million this year. Obviously, we're on the path to $1 billion earlier than we expected. And the momentum seems to be just building as people become more aware of the brand and we bring more consumers, particularly younger consumers, into our ecosystem really focusing on repeat purchases and expanding into new styles beyond just core running. We think the formula there is right. I think the controlled distribution, the product assortment, the fact that we are resonating in multiple categories in multiple markets globally gives us a lot of confidence that I'd say, in some ways, we're still in the early innings for this brand.

所以今年 8 亿美元。显然，我们正在比预期更早地走向 10 亿美元的道路。随着人们对该品牌的更多了解，以及我们将更多消费者，特别是年轻消费者带入我们的生态系统，真正专注于重复购买和扩展到核心跑步之外的新款式， momentum 似乎正在建立。我们认为那里的公式是正确的。我认为，受控的分销、产品 assortment ，以及我们在全球多个市场的多个类别中产生共鸣的事实，让我们有很多信心，可以说，在某些方面，我们仍然处于这个品牌的早期阶段。

Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
A
Yeah. And I think, Jay, just to add on to that. What we're seeing – and we had the question on the wholesale distribution. So as Dave said, we're seeing tremendous progress within our wholesale distribution. As Dave also said, what we're seeing is an acceleration of units. Now you don't necessarily see that in the same proportion on revenue because much of our international is through distributors.

Steven J. Fasching
德克斯户外用品公司首席财务官
是的。Jay，我想补充一点。我们所看到的 —— 我们有关于批发分销的问题。正如 Dave 所说，我们在批发分销方面看到了巨大的进步。正如 Dave 也所说，我们看到的是销量的加速增长。现在，你不一定会在收入上看到相同的比例，因为我们的国际业务大部分是通过分销商进行的。

So when we think about HOKA and as Dave said, approaching $800 million faster than we previously thought, clearly, $1 billion in our sights; a lot of opportunity, one, as we bring more customers through our direct channels. We're seeing higher adoption through direct-to-consumer channel. On the international front, the investments that we're making will drive greater acceleration of growth on the international front. And then we have a channel opportunity that we can think about kind of down the road. So clearly, very excited about the potential of HOKA and where it can go. And we're sitting in a very great place.

因此，当我们想到 HOKA，正如 Dave 所说，比我们之前想象的更快地接近 8 亿美元，显然，10 亿美元在我们的视线中；有很多机会，第一，当我们通过直接渠道带来更多客户时。我们看到通过直接面向消费者渠道的采用率更高。在国际方面，我们正在进行的投资将推动国际方面的增长进一步加速。然后我们有一个渠道机会，我们可以在未来考虑。因此，显然，对 HOKA 的潜力和它可以走向的方向非常兴奋。我们处于一个非常好的位置。

Jay Sole
Analyst, UBS Securities LLC
Got it. That's super helpful. Thanks so much.
David Powers
Thanks, Jay.
A
Operator: Our next question comes from Sam Poser with Williams Trading. Please go ahead.

Jay Sole
瑞银证券有限责任公司分析师
明白了。这非常有帮助。非常感谢。
David Powers
谢谢，Jay。
接线员：我们的下一个问题来自威廉姆斯交易的 Sam Poser。请讲。

Sam Poser
Analyst, Williams Trading LLC
Good afternoon. Thanks for taking my questions. I guess is your SG&A going to follow the flow of the business in the year? So should we think about that 35% – will we see it more frontend-loaded on the investment or is it going to spread out a little more?

Sam Poser
威廉姆斯交易有限责任公司分析师
下午好。感谢接受我的问题。我想知道你们的销售、一般和行政费用（SG&A）是否会跟随今年业务的 flow ？那么我们应该如何看待 35%—— 我们会看到投资更多地前置，还是会更分散一些？

Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
A
It's going to be spread out. Some of it needs to ramp. So you will see it a little bit in disproportion to the revenue growth. So we're going to see more revenue growth upfront as we're filling in the wholesale channels. We're going to be ramping investments really throughout the year. So more revenue growth on the front half, a ramping of investments really over the year.

Steven J. Fasching
德克斯户外用品公司首席财务官
它将被分散。其中一些需要逐步增加。因此，你会看到它与收入增长有点不成比例。因此，随着我们填充批发渠道，我们将在前期看到更多的收入增长。我们真的将在全年逐步增加投资。因此，上半年更多的收入增长，全年真的逐步增加投资。

Sam Poser
Analyst, Williams Trading LLC
Okay. And then I got two more. One, do you expect the wholesale absolute revenue from UGG to be higher in Q2 or Q3 in absolute dollars? Or is Q3 still going to be the biggest, it's just going to be less growth?

Sam Poser
威廉姆斯交易有限责任公司分析师
好的。然后我还有两个问题。第一，你预计 UGG 的批发绝对收入在第二季度还是第三季度以绝对美元计算更高？或者第三季度仍然是最大的，只是增长较少？

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
In some ways, it's hard to call that right now, Sam, because of the supply chain challenges. And so that's one of the reasons that quarterly guidance is challenging because it's hard to say exactly when product is going to arrive and when we can get it out based on the quarter-end. So that's one of the things we're kind of dealing with is putting in more confidence into when product can arrive and calling the ball on that. Certainly, you're going to see

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
在某种程度上，Sam，现在很难说，因为供应链存在挑战。因此，这是季度指导具有挑战性的原因之一，因为很难根据季度末确切说明产品何时到达以及我们何时可以将其运出。因此，我们正在处理的事情之一是对产品何时可以到达并对此做出判断更有信心。当然，你会看到

an increase in the first half bigger than we have in the past. But exactly how that relates to Q3 versus Q2 sales, still a little early to make that call.

上半年的增长比我们过去的更大。但这与第三季度与第二季度的销售具体有什么关系，现在做出判断还为时过早。

Steven J. Fasching
Chief Financial Officer, Deckers Outdoor Corp.
A
Yeah. And I think the other challenge, Sam, is we had such a strong Q3-Q4 that when you look at the comparison 2022 to 2021; we're going to be comparing against some very strong quarters in the back half. So when you think about percentage growth, it's really front half loaded in those terms, especially as we're trying to fill that wholesale channel earlier this year.

Steven J. Fasching
德克斯户外用品公司首席财务官
是的。Sam，我认为另一个挑战是，我们的第三季度至第四季度非常强劲，因此当你将 2022 年与 2021 年进行比较时；我们将与后半部分的一些非常强劲的季度进行比较。因此，当你考虑百分比增长时，在这些方面，它实际上是前半部分加载的，尤其是因为我们今年早些时候试图填充那个批发渠道。

Sam Poser
Analyst, Williams Trading LLC
Got you. And what percent of the marketing – of that increased SG&A is being put towards digital marketing?

Sam Poser
威廉姆斯交易有限责任公司分析师
明白了。在增加的销售、一般和行政费用（SG&A）中，有多少百分比用于数字营销？

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
Yeah, I'd have to get the exact number on that. It's significant. And we're continuing to invest in marketing across the board for HOKA. And then also – but in key categories, incremental marketing spend for UGG. So as a percentage of sales, marketing is going up across the board. So I don't know if we have the exact number of that. We can maybe get into a Q&A later. But that's how we're thinking about it. So a big part of the growth is reliant on the fact that we are increasing marketing spend broadly and in new areas such as apparel and UGG, for example, and men's and kids'. But the rest is really on head count and resources on the ground in China and infrastructure building.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
是的，我必须得到确切的数字。这是重要的。我们正在继续全面为 HOKA 投资营销。然后还有 —— 但在关键类别中，为 UGG 增加营销支出。因此，作为销售额的百分比，营销正在全面上升。所以我不知道我们是否有确切的数字。我们也许可以在稍后的问答环节中讨论。但这就是我们的想法。因此，增长的很大一部分依赖于我们正在广泛增加营销支出，以及在新领域，例如服装和 UGG，例如，以及男性和儿童。但其余的真的在于中国的员工人数和实地资源以及基础设施建设。

Sam Poser
Analyst, Williams Trading LLC
Thanks. And then one last thing. M&A, are you looking at anybody? You talked about building out HOKA apparel and you said you might hire it, you might buy it. I know I'm not going to get an answer, but I'll ask anyway. So you did a collab with Cotopaxi, very interesting, both with the shoe you did as well as the apparel line, the outdoor apparel line itself.

Sam Poser
威廉姆斯交易有限责任公司分析师
谢谢。然后最后一件事。并购方面，你在看任何人吗？你谈到了打造 HOKA 服装，你说你可能会雇佣，你可能会购买。我知道我不会得到答案，但我还是会问。所以你与 Cotopaxi 进行了合作，非常有趣，无论是你做的鞋子还是服装系列，户外服装系列本身。

David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
And yeah, just...
Sam Poser
Analyst, Williams Trading LLC
[indiscernible] (00:57:57).
David Powers
President, Chief Executive Officer & Director, Deckers Outdoor Corp.
A
Yeah, just good business practice. We're always having conversations. And we're open but very selective. The biggest challenge for us is we have so much opportunity in our organic business today, it's hard to contemplate really doing something significant on top of that from a resource and just management's time perspective. The focus has served us well over the last four or five years. And we're going to continue down that approach.

David Powers
德克斯户外用品公司总裁、首席执行官兼董事
是的，只是...
Sam Poser
威廉姆斯交易有限责任公司分析师
[听不清]（00:57:57）。
David Powers
德克斯户外用品公司总裁、首席执行官兼董事
是的，只是良好的商业惯例。我们一直在进行对话。我们是开放的，但非常有选择性。我们面临的最大挑战是，我们今天的有机业务有如此多的机会，从资源和管理层的时间角度来看，很难真正考虑在此基础上做一些重要的事情。在过去的四五年里，这种专注对我们很有帮助。我们将继续采用这种方法。

But that being said, just part of my job is just knowing what's happening out in the environment, talking to different brands and companies, early stages, late stages. But right now, we're intently focused on the core organic growth that we have in front of us. And as it relates to apparel, actually, we believe more so now than ever that we don't necessarily need an acquisition to allow us to grow that business. Right now, we're focused on building internal talent and capabilities because of the strength of the brand. We think we can do that on top of our strong DTC channel, our supply chain and our omnichannel capabilities.

但话虽如此，我的部分工作只是了解环境中正在发生的事情，与不同的品牌和公司交谈，早期阶段，后期阶段。但现在，我们专注于我们面前的核心有机增长。实际上，关于服装，我们现在比以往任何时候都更相信，我们不一定需要收购来允许我们发展该业务。现在，由于品牌的实力，我们专注于培养内部人才和能力。我们认为，在我们强大的直接面向消费者（DTC）渠道、我们的供应链和我们的全渠道能力之上，我们可以做到这一点。

Sam Poser
Analyst, Williams Trading LLC
Thanks very much. Continued success.
David Powers
Thanks, Sam.

Sam Poser
威廉姆斯交易有限责任公司分析师
非常感谢。继续取得成功。
David Powers
谢谢，Sam。