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Business Wire
4 days ago
- Business
- Business Wire
MGX, BlackRock, Global Infrastructure Partners, and Microsoft Welcome Kuwait Investment Authority (KIA) to the AI Infrastructure Partnership
KUWAIT CITY & ABU DHABI, United Arab Emirates & NEW YORK--(BUSINESS WIRE)--MGX, BlackRock, Global Infrastructure Partners (GIP), a part of BlackRock, and Microsoft today announced that the Kuwait Investment Authority (KIA) will join the AI Infrastructure Partnership (AIP). This addition further reinforces AIP's global reach and strategic impact as it accelerates investment in next-generation AI infrastructure. KIA's participation underscores the partnership between leading regional and global institutions in advancing the infrastructure and innovation needed to power the future of artificial intelligence. KIA is the first non-founder financial anchor investor to join AIP. With decades of deep investment experience, KIA is well positioned to support AIP's growth and help execute its global strategy. Established in September 2024 by BlackRock, Global Infrastructure Partners (GIP), MGX, and Microsoft, AIP was created to help mobilize $30 billion of equity capital from investors, asset owners, and corporations, with the potential to reach up to $100 billion when including debt financing. Over the past year, it has become one of the world's leading AI infrastructure platforms with the addition of technology partners NVIDIA, xAI, and Cisco, along with agreements with GE Vernova and NextEra Energy to help accelerate the scaling of energy solutions for AI data centers. Sheikh Saoud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), said, 'KIA's participation in AIP reflects our long-term commitment to investing in transformative global infrastructure that drives innovation and economic progress. We view AI infrastructure as an instrumental driver of future growth, and we are proud to collaborate with leading global partners to accelerate its development at scale.' Ahmed Yahia Al Idrissi, Managing Director and CEO of MGX, said, 'We are delighted to welcome KIA as a strategic capital partner, marking a significant milestone that further reinforces the strength and long-term vision of the AIP Partnership. As the demand for AI infrastructure continues to rise, we must scale our investments and accelerate the pace of execution, working with our global partners.' Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners, a part of BlackRock, said: 'We are pleased to welcome KIA as a partner in AIP. We have a longstanding and deep relationship with KIA and we look forward to working with them and our other partners to position AIP at the forefront of helping to further our joint ambition to enhance AI innovation and economic growth.' Forward-Looking Statements This press release, and other statements that the parties may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the parties' or AIP's future financial or business performance, strategies or expectations, including the anticipated timing, consummation and expected benefits of AIP. Forward-looking statements are typically identified by words or phrases such as 'trend,' 'potential,' 'opportunity,' 'pipeline,' 'believe,' 'comfortable,' 'expect,' 'anticipate,' 'current,' 'intention,' 'estimate,' 'position,' 'assume,' 'outlook,' 'continue,' 'remain,' 'maintain,' 'sustain,' 'seek,' 'achieve,' and similar expressions, or future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' 'may' and similar expressions. The parties caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any projections or forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and the parties assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. Certain of the parties have previously disclosed risk factors in their respective United States Securities and Exchange Commission ('SEC') reports. These risk factors and those identified elsewhere in this release, among others, could cause actual results to differ materially from forward-looking statements or historical performance. Such parties' Annual Reports on Form 10–K, Quarterly Reports on Form 10-Q and subsequent filings with the SEC, accessible on the SEC's website at and on the applicable party's website, discuss certain of these factors in more detail and identify additional factors that can affect forward–looking statements. The information contained on each party's website is not a part of this press release, and therefore, is not incorporated herein by reference.
Associated Press
4 days ago
- Business
- Associated Press
Rail Vision Secures $335,000 Follow-On Order from Major Latin American Mining Company After Successful Trial
The order marks a significant commercial milestone and signals Rail Vision's continued expansion in the Latin American market Ra'anana, Israel, June 03, 2025 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN), a leader in railway safety and AI-driven vision technology, announced today it has secured a $335,000 follow-on order from a prominent Latin American mining company for its MainLine system. The order follows a long-term and successful trial of the system under demanding operational and environmental conditions. This order reinforces Rail Vision's increasing commercial traction in Latin America and marks an important step in expanding the client's deployment of MainLine across its railway fleet. The system will play a critical role in enhancing safety and optimizing rail transport efficiency within the mining company's extensive mining operations. Rail Vision's MainLine product provides real-time obstacle detection, classification, and alerting up to two kilometers ahead, ensuring safer, more efficient railway operations under extreme weather and lighting conditions. The company's technology is proven, scalable, and driving increased adoption, which aims to position Rail Vision for potential long-term revenue growth and market penetration. 'This additional order is a strong endorsement of our technology by one of the region's most respected industrial players,' said David BenDavid, CEO of Rail Vision. 'It marks a significant commercial milestone that follows a year of rigorous testing and validation. This transition from pilot to scaled deployment reflects the growing demand for our AI-powered railway safety solutions and signals our accelerating momentum in the Latin American market. We view this as a gateway to further potential expansion across the region and a strong step toward our global growth strategy.' About Rail Vision Ltd. Rail Vision is revolutionizing railway safety with cutting-edge AI-driven vision technology. By integrating advanced electro-optics, deep learning, and big data analytics, Rail Vision's solutions help railway operators enhance safety, optimize efficiency, and transition toward autonomous operations. The company's expanding customer adoption and repeat orders reinforce its position as a key technology provider in the railway industry. For more information, visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates' and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the increasing adoption of its technology, its potential long-term revenue growth and market penetration, its accelerating momentum and potential expansion in the Latin American market and its global growth strategy. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ('SEC'), including, but not limited to, the risks detailed in the Company's annual report on Form 20-F filed with the SEC on March 23, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites. Investor Relations Michal Efraty 15 Ha'Tidhar St., POB 2155 4366517 Ra'anana, Israel Email: [email protected] Phone: +972(0)9-9577706
Yahoo
4 days ago
- Business
- Yahoo
Rail Vision Secures $335,000 Follow-On Order from Major Latin American Mining Company After Successful Trial
The order marks a significant commercial milestone and signals Rail Vision's continued expansion in the Latin American market Ra'anana, Israel, June 03, 2025 (GLOBE NEWSWIRE) -- Rail Vision Ltd. (Nasdaq: RVSN), a leader in railway safety and AI-driven vision technology, announced today it has secured a $335,000 follow-on order from a prominent Latin American mining company for its MainLine system. The order follows a long-term and successful trial of the system under demanding operational and environmental conditions. This order reinforces Rail Vision's increasing commercial traction in Latin America and marks an important step in expanding the client's deployment of MainLine across its railway fleet. The system will play a critical role in enhancing safety and optimizing rail transport efficiency within the mining company's extensive mining operations. Rail Vision's MainLine product provides real-time obstacle detection, classification, and alerting up to two kilometers ahead, ensuring safer, more efficient railway operations under extreme weather and lighting conditions. The company's technology is proven, scalable, and driving increased adoption, which aims to position Rail Vision for potential long-term revenue growth and market penetration. 'This additional order is a strong endorsement of our technology by one of the region's most respected industrial players,' said David BenDavid, CEO of Rail Vision. 'It marks a significant commercial milestone that follows a year of rigorous testing and validation. This transition from pilot to scaled deployment reflects the growing demand for our AI-powered railway safety solutions and signals our accelerating momentum in the Latin American market. We view this as a gateway to further potential expansion across the region and a strong step toward our global growth strategy.' About Rail Vision Ltd. Rail Vision is revolutionizing railway safety with cutting-edge AI-driven vision technology. By integrating advanced electro-optics, deep learning, and big data analytics, Rail Vision's solutions help railway operators enhance safety, optimize efficiency, and transition toward autonomous operations. The company's expanding customer adoption and repeat orders reinforce its position as a key technology provider in the railway industry. For more information, visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates' and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the increasing adoption of its technology, its potential long-term revenue growth and market penetration, its accelerating momentum and potential expansion in the Latin American market and its global growth strategy. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ('SEC'), including, but not limited to, the risks detailed in the Company's annual report on Form 20-F filed with the SEC on March 23, 2023. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Rail Vision is not responsible for the contents of third-party websites. Investor Relations Michal Efraty15 Ha'Tidhar St., POB 21554366517 Ra'anana, IsraelEmail: investors@ +972(0)9-9577706Sign in to access your portfolio
Business Wire
29-05-2025
- Business
- Business Wire
Arrowhead Pharmaceuticals to Participate in June 2025 Investor Conferences
PASADENA, Calif.--(BUSINESS WIRE)--Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced that it is scheduled to participate in the following upcoming investor events: Jefferies Global Healthcare Conference – June 4-5, 2025 46 th Annual Goldman Sachs Global Healthcare Conference – June 9-11, 2025 Type: Fireside Chat Presentation Date/Time: June 9, 2025, 2:00 p.m. EDT Presentation webcasts may be accessed on the Events and Presentations page under the Investors section of the Arrowhead website. About Arrowhead Pharmaceuticals Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead's RNAi-based therapeutics leverage this natural pathway of gene silencing. For more information, please visit or follow us on X (formerly Twitter) at @ArrowheadPharma, LinkedIn, Facebook, and Instagram. To be added to the Company's email list and receive news directly, please visit Safe Harbor Statement under the Private Securities Litigation Reform Act: This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as 'may,' 'will,' 'expect,' 'believe,' 'anticipate,' 'hope,' 'intend,' 'plan,' 'project,' 'could,' 'estimate,' 'continue,' 'target,' 'forecast' or 'continue' or the negative of these words or other variations thereof or comparable terminology are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline or product candidates, including anticipated regulatory submissions and clinical program results, prospects or benefits of our collaborations with other companies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our expectations regarding the potential benefits of the partnership, licensing and/or collaboration arrangements and other strategic arrangements and transactions we have entered into or may enter into in the future; our beliefs and expectations regarding milestone, royalty or other payments that could be due to or from third parties under existing agreements; and our estimates regarding future revenues, research and development expenses, capital requirements and payments to third parties. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our product candidates, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of our scientific studies, our ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances. Source: Arrowhead Pharmaceuticals, Inc.
Yahoo
23-05-2025
- Business
- Yahoo
Q4 2025 Deckers Outdoor Corp Earnings Call
Erinn Kohler; Vice President, Investor Relations and Corporate Planning; Deckers Outdoor Corp Stefano Caroti; President, Chief Executive Officer; Deckers Outdoor Corp Steven Fasching; Chief Financial Officer; Deckers Outdoor Corp Jonathan Komp; Analyst; Robert W. Baird & Co Inc Jay Sole; Analyst; UBS Laurent Vasilescu; Analyst; Exane BNP Paribas Sam Poser; Analyst; Williams Trading John Kernan; Analyst; TD Cowen Rick Patel; Analyst; Raymond James Operator Good afternoon and thank you for standing by. Welcome to the Decker Brand's fourth quarter fiscal 2025 earnings conference call. (Operator Instructions)I would like to remind everyone that this conference call is being recorded. I'll now turn the call over to Erinn Koller, Vice President Investor Relations, and AMP corporate planning. Erinn Kohler Hello and thank you everyone for joining us today. On the call is Stefano Caroti, 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 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. These forward-looking statements are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1, statements made on this call today, other than statements of historical fact, are forward-looking statements and include statements regarding our ability to respond to the macroeconomic environment and the impacts on our business and operating results, including changes to global trade policy and fluctuations in foreign currency exchange current and long-term strategic objectives, the performance of our brands and demand for our products, anticipated impacts from our brand. Product marketing, marketplace, and distribution strategies, product development plans and the timing of product launches, changes in consumer behavior, our ability to achieve our financial outlook, including anticipated revenues, product mix, margins, expenses, inventory levels, promotional activity, anticipated rates of full price selling, and earnings per share, and our capital allocation strategy, including the potential repurchase of 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 company has explained some of these risks and uncertainties in its SEC filings, including in the risk factor 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 note, as previously disclosed, the company effected a six-for-one forward stock split during the second quarter of fiscal year 2025. The share per share and resulting financial amounts mentioned on this call has been adjusted to reflect the effectiveness of the stock this call, management may refer to financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including constant currency. In addition, the company reports comparable direct to consumer sales on a constant currency basis for operations that were open throughout the current and prior reporting company believes that these non-GAAP financial measures are important indicators of its operating performance because they exclude items that are unrelated to and may not be indicative of its core operating results. Please review our earnings release published today for additional information regarding our non-GAAP financial that, I'll now turn it over to Stefano. Stefano Caroti Thanks, Erinn. Good afternoon and thank you all for joining today's call. I'd like to begin by congratulating the entire Decker's organization on another exceptional year. For the full fiscal year 2025, Decker's record performance included revenue growing 16% versus last year to just shy of $5 margin expanding 230 basis points above last year to 57.9%, operating margins improving 200 basis points over last year to 23.6%. In earnings per share, increasing 30% versus last year to $6.33. We are incredibly proud of our talented team whose dedication has driven these exceptional results. Our team's focus on the long term has proven to be a winning incredible progress over the past five years, including total company revenue growing at a compounded annual rate of 19%, HOKA adding approximately $1.9 billion of revenue, adding $1 billion of revenue. Gross margin expanding 600 basis points, operating margins increasing 750 basis points. And delivering an EPS compound annual growth rate of 32%.These results demonstrate the strong foundation we've built and provide a powerful framework in which we continue to operate. In the nearly four months since our last earnings call, there's been a significant amount of uncertainty introduced as a result of shifting US trade we expect impacts to our business in fiscal 2026, we do believe that our company and brands are highly capable of responding to challenges with the ability to adapt to consumer and marketplace shifts as needed. Our discipline approach has yielded two industry leading brands, UGG and with distinct products that operate in differentiated marketplaces, giving us multiple levers to adjust in this period of uncertainty. We are confident in our long term strategy, which remains guided by a consumer first mindset as we see an ability to drive increased adoption of our brands through awareness building activations globally, elevating our product and creating meaningful connections to grow our consumer base well beyond today's to being brand led using the strength of our authenticity to continue to gain share across expanding categories, seasons, and applications, supported by innovation-focused our unique ability to create products that are both technical and comfortable and can command leading marketplace positions all paired with our consistent globally driven approach that aims to balance US and international profiles as international growth outpaces US also aim for a balanced channel mix of 50/50, DTC, and wholesale across the company. These building blocks of growth will be enabled by our talented and creative employees and fortified by the financial and operational discipline we've demonstrated as we continue building for a bright future ahead. Steve will provide further specifics on how we're thinking about the year ahead, as well as a financial recap on our fourth quarter and full fiscal year that, however, I'll share some brand highlights from the year just completed and some updates on how we're looking at the future of these captivating brands, starting with HOKA, our fastest growing brand. Global revenue in fiscal 2025 increased 24% versus the prior year to $2.2 revenue growth versus last year was robust across channels and regions, with wholesale revenue growing 24%, outpacing door growth, indicating share gains with existing doors as we increase brand presence. DTC revenue increasing 23%, driven by continued global gains in consumer acquisition and retention. International revenue expanding 39% and now representing 34% of global revenue, up from 30% last US revenue rising 17%, now totaling just under $1.5 billion. The HOKA brand's success across channels and regions continues to benefit from efforts to build brand awareness around the world. According to our most recent proprietary brand awareness survey, consumer awareness of HOKA in the US has now reached 50%, which is a 25% increase from the same point in time last across international markets, awareness has increased to an average of approximately 30%, which is up from approximately 20% at this point last year. This represents meaningful progress in our continued journey to build HOKA into a leading global performance brand. Achieved primarily through deepening our global investments in brand building points of distribution across key markets and most importantly, driving innovation with product newness and technology upgrades. Opening HOKA retail stores in influential locations contributes to this progress and demonstrates our commitment to brand building a few weeks ago, I was able to attend the grand opening of our newest HOKA flagship store in Shanghai. This first of its kind flagship, which we are more appropriately labelling an experience center, is the highest and most comprehensive expression of HOKA to date. The HOKA Experience Center. Features a high tech testing lab open to all consumers, a shoe personalization station, a community hub for hosting unique consumer experiences, exclusive products, and much more.I saw firsthand the enthusiasm from people exploring the store immersed in the origins of HOKA throughout as they experienced the full breadth of the brand's innovative products. We we're still in the early stages of building out the HOKA brand's physical DTC experience center gives us a concept of engaging elements to deploy in future locations over time. At the same time, we continue to leverage our valued wholesale partners. To further expand the HOKA brand's in-store we view the progress in awareness both in the US and internationally as inflection points that indicate a growing appetite for a wider HOKA distribution. Further, the HOKA brand continues to level up both global brand campaigns and major product launches. The recent Everybody Bondi campaign, our most successful globally integrated campaign to date, reached a massive audience, generating record levels of impressions, a widespread press coverage around global the product front, HOKA made great strides in fiscal '25 with key advancements, including introducing category defining technology for pinnacle athletes with Cielo X1 and Tecton X. Continuing to elevate well established franchises with technology upgrades to the Bondi, Clifton, and Mach and diversifying the assortment and marketplace with all new innovation and run specialty focused differentiation in the Skyward X and Skyflow through our most advanced innovation to material and foam enhancements and unique geometries, the brand is expanding the aperture of consumer adoption. HOKA now has five franchises that each deliver more than $100 million of global revenue, reflecting the power of the brand's top models and strength of the assortment overall. As many of you are aware, two of these top revenue driving franchises are Bondi and of which are in the midst of model upgrades, with Bondi nine having launched in January and Clifton 10 in April. The consumer response and feedback from our wholesale partners has been extremely positive on both franchises, with great appreciation for the enhanced ride and fit of these new models. Over the next three months, we expect HOKA to continue delighting consumers with compelling product upgrades in the race, road, and trail categories. Including Rocket X3, designed for the highest performing athletes to set a new 8, a highly anticipated redesign of our most popular motion-controlled road running franchise, [MFA 5], crafted to absorb the trail's impact on the underfoot through unique cushioning. We are very confident these new models will resonate well with consumers around the world.I'd like to thank and congratulate the entire HOKA team on another incredible year. Looking ahead, the global addressable market for Hoka continues to expand as more people are adopting active lifestyles. We see this as an opportunity to increase the brand's market share through a relentless focus on innovation across broader use like to say that we are in the early miles of a long-distance run for this powerful performance band. With our global markets in different stages of the journey. In the United States, we developed a successful playbook, the Bill HOKA, into a top performing brand in specialty acquisition in the brand's DTC channel as consumers have the ability to engage with the full breadth of the product assortment. And creates opportunities for new consumers to discover and experience HOKA to select wholesale expansion as brand awareness continue to see substantial US market share opportunities head through controlled distribution increases, expanded categories, replenishment, and further consumer acquisition in the DTC channel. HOKA is still emerging across international markets. With our view that EMEA and China are the brand's two largest direct percentage growth drivers in the near term, aided by distributor contributions in other markets, in EMEA, HOKA is moving up brand rankings with our specialty partners in the UK, Germany, France, and one of the fastest growing athletic footwear brands with key influential sporting goods retailers and is expanding its presence with key lifestyle athletic partners as the brand gains recognition with the consumer. In China, HOKA is increasing its partner footprint in key city with strong local operators, resonating as a premium performance band online with a high degree of full price selling, gaining share at major road races in the region, and altogether building strong community engagement through local investments, partnerships, and athlete the strength of these markets, we expect to drive higher proportional international growth in relation to the US as we aim for regional parity, but realize this will take time as HOKA continues to expand in we remain committed to bringing more consumers to the starting line. While the origins of HOKA were primarily rooted in highly technical applications. The global consumer today has found HOKA to be much more than just the most comfortable shoe to wear for running down running 50 miles, a 5K, a brisk walk around the block, or simply a desire to be more comfortable in everyday life. The applications for HOKA footwear are vast and increasing. Our plan to inspire a growing audience to show up at HOKA starting line includes winning a road, developing products that allow athletes to run faster and longer with shorter recovery the trail, delivering disruptive innovation across different surfaces and terrains. Igniting and scaling lifestyle, infusing HOKA technology and comfort into products that authentically resonate with the lifestyle accelerating fitness through lateral movement solutions that expand the use cases of our products. Although we have solid presence today in the road and trail categories, we still see much more room to increase HOKA share. Lifestyle and fitness are still in their global infancy for HOKA, and we believe that the brand can begin to establish meaningful market share in the years to has an abundance of opportunity in sight, and our teams are aligned on the path forward to maximize the potential of this exceptional brand for years to to UGG, which also delivered another year of outstanding performance. Global revenue in fiscal '25 increased 13% first last year to $2.5 billion. The brand drove strong growth versus last year across channels and regions, with wholesale revenue increasing 15%, reflecting an elevated presence with key influential retailers that are enhancing the brand's global revenue rising 11%, driven by continued global gains in consumer acquisitions and retention. International revenue expanding 20%, now representing 39% of global sales, up from 37% last year, and US revenue growing 9%, now totaling just over $1.5 built a universal love for its products through its iconic design and authentic brand codes that resonate across different is particularly evident as we look at the brand's fastest growing styles in fiscal 25, which include the Tasman. A shoe slipper hybrid, the Ultra Mini, a look-up version of our original classic boot, the Lommel, a lifestyle sneaker rich with that brand DNA. The diskette, a platform outdoor the Gold Star clog, a slip-on shoe with an adaptable strap for versatile wearing. These styles have a number of important traits that further a conviction in the brand's growth initiatives in the year heads, including recognizable visual identity, year-round wearability, global adoption, and resonance with male attributes directly influence our perspective on the brand's future growth sources, which encompass elevating and expanding the global marketplace, leaning into international growth aligned with our company's objective to reach 50% of our adoption from male consumers and capturing the 365 opportunity to develop year-round products. We're very pleased with progress made in the early stages of our refocused men's product initiative. Some recent wins on this front include delivering our first male-focused global campaign in over five years, featuring Post a male focused collaboration with LA based designer Reese Cooper. Exceeding product with the influential European footballers, NBA players, and Hollywood A-listers. Earning media placement across key publications like GQ Sports, Esquire, and High an exclusive men's pop-up at Selfridges in London and tripling full price sell-through of men's spring product in China during the fourth quarter, which benefited from new introductions such as the lo mell, Tasman lug, and peak see tremendous potential to accelerate A adoption with male consumers and the teams working hard to make this a reality. Much of the UGG brand's current and future success is underpinned by increasing 365 I mentioned earlier, the progress we're seeing with the brand's faster growing styles is a catalyst for continued year-round adoption, leveraging consumer insights in close collaboration with our wholesale partners. We're focused on extending the product wins we're seeing with the Tasman franchise, Golden Collection, and [Lomel].To put this initiative in perspective, only about 25% of UGG brand revenue comes from our first and fourth fiscal quarters. Which align with the brand's spring and summer seasonal product lines. We believe I can continue to build the shoulder periods with products that are distinctly and resonate with consumers year round, with an increasing addressable market for the UGG brand and with global trends continuing to shift towards casualization, UGG is well positioned to gain share across geographies, categories, and seasons for years to great confidence that I will continue to drive growth in the US and further believe that the brand most significant long-term growth capture will come from international markets. I guess proven to be highly resilient with consumers in turbulent we believe that the brand is well situated to deliver sustained success over the long run. I want to congratulate and thank the entire team for their delivery of another outstanding year, and I very much look forward to their continued success. With that, I'll head over to Steve to provide further details on our fourth full fiscal year '25 results as well as our initial thoughts on fiscal year '26. Steven Fasching Thanks, Stefano, and good afternoon, everyone. I would echo Stefano's commentary that highlights Decker's exceptional performance in fiscal year 2025, as we drove our fifth consecutive year of double-digit revenue and earnings per share continues to gain market share with performance runners while also continuing to expand its addressable market by building global awareness and attracting consumers who want to wear more technical and comfortable footwear for a variety of use cases continues to build share across genders, generations, and geographies, inspiring brand love and consumer adoption for a variety of unique product franchises that span across of these leading brands are succeeding by putting the consumer first, driving strong loyalty through compelling and continuous product innovation that maintains their distinct respective brand codes. Looking ahead, while the macroeconomic environment remains fluid and there is greater uncertainty around consumer spending, we remain committed to our fundamentals. Decker's flexible operating model and disciplined approach to financial management allows us to be nimble and navigate the current economic environment with we exited fiscal year 2025 in a position of outstanding financial strength as our profitability profile and rock solid balance sheet reinforce our ability to continue investing behind our long-term strategies. With that, let's get into a recap of our fourth quarter and full fiscal year 2025 the fourth quarter, revenue came in at $1.02 billion representing an increase of 6% versus the prior year. Performance in the quarter was driven by HOKA and UGG, which saw increases of 10% and 4% respectively. For HOKA, Global wholesale was the primary driver of growth in the fourth quarter, as the brand benefited from expanded distribution and sell-in of the Bondi 9 that launched in mid-January and experienced strong sell-through in the channel throughout the quarter as many consumers sought out new products in a DTC standpoint, the HOKA brand drove a 3% increase versus last year, which reflected continued strong growth from international regions and a slight decline in the US due to some unique factors in the quarter. These included consumers opting to explore and purchase new product updates in store, higher levels of promotion on outgoing models, and slower new consumer acquisition in the face of macroeconomic in the near term this has put pressure on the HOKA brand's DTC growth, we are encouraged by the online retention metrics from repeat consumers in both the US and internationally and expect this trend to improve following the first fiscal the UGG brand's fourth quarter performance, wholesale was also the primary driver of global growth in the fourth quarter, as the channel benefited from selling of transitional styles like the Lowmel sneaker in addition to spring season sandals from the Goldman DTC was down 3% versus last year in the fourth quarter, primarily due to limited availability of key styles during the quarter this year as a result of strong self through earlier in the year, whereas last year's fourth quarter benefited from 3rd quarter back order margin in the fourth quarter was 56.7%, a 50 basis point increase from the prior year period. The improved gross margin primarily relates to benefits from higher levels of full price selling for and favorable brand and product mix, primarily due to higher margin products within driving a larger percentage of growth, with partial offsets from increased freight costs, though less than what we anticipated. Unfavorable channel mix shifts with wholesale growing faster than DTC and unfavourable foreign currency exchange for the quarter was $406 million representing 39.7% of revenue, which compares to last year's $395 million and 41.2% of revenue. SG&A as a percentage of revenue was down 150 basis points year over year, primarily due to favorable impacts of foreign currency exchange rate measurement. These results drove diluted earnings per share of $1 which compares to $0.82 in the prior year period, representing a 22% fourth quarter closed out another impressive year for debtors. For full fiscal year 2025, results included revenue increasing 16% versus last year to a record $4.986 billion. As compared to last year, revenue growth was driven by the HOKA brand delivering an incremental $426 million to eclipse $2.2 billion in annual revenue with double digit percentage gain across all regions and broad-based UGG growth as the brand grew 13%, surpassing $2.5 billion of revenue led by growth from international markets. Gross margins for the year were 57.9%, up 230 basis points versus last year. The increase in gross margin was primarily related to favorable brand and product mix shifts, with our highest margin products driving the majority of growth and favorable UGG full price selling as the brand delivered a near 60% gross margin with partial offsets from increased freight costs across all dollar spend for the year was $1.71 billion up 17% versus the prior year $1.46 billion. SG&A represents 34.2% of revenue, which is slightly above last year's rate of 34%.Key areas of increased investment in fiscal year 2025 included higher marketing spend, including successful strategic spend that amplified HOKA global awareness and increased investment supporting UGG growth initiatives. Investments in talent to support key functions and infrastructure investments and related depreciation to support the continued growth of our all resulted in a full fiscal year 2025 operating margin of 23.6%, which is 200 basis points above last year, primarily reflecting the improvement in gross margin experienced. Our top tier operating margin reflects another year of exceptionally low levels of promotional activity coupled with better than expected returns on our marketing we are incredibly proud of the disciplined marketplace management and well targeted spend that contributed to these results, we are mindful of the current consumer environment and would not expect for these dynamics to be as favorable in the year the full year, our effective tax rate was 22.3%, which is slightly below last year's 22.4%. Our record breaking performance coupled with a lower share count from share repurchase activity and increased interest income on our strong cash balance culminated in a record diluted earnings per share of $6.33 which represents a 30% increase over last year's $ to our balance sheet at March 31, 2025, we ended the year with $1.9 billion of cash and equivalents, inclusive of repurchasing $567 million worth of shares in the year, driven by back to back years of delivering a free cash flow above $900 million. Inventory was $495 million up 4% versus the same point in time last year, and during the period we had no outstanding the year, these results once again returned invested capital above 35%. During the fourth quarter, we repurchased approximately $266 million worth of shares at a weighted average price per share of $149.62. For the entire fiscal year 2025, we repurchased 3.8 million shares for approximately $567 million at a weighted average price per share of $ to our forward-looking update, as a result of macroeconomic uncertainty related to global trade policy, we will not be providing a formal outlook for fiscal year 2026 at this time, but would like to provide insights into how we are thinking about the year to the introduction of tariff uncertainty aligned with our longer term aspirations, we were targeting our brands to deliver another year of double digit growth led by mid-teen growth from HOKA and mid-single digit growth on the tariffs as of today's date, which are still subject to change, we expect to face an increase of up to $150 million to our cost of goods sold in fiscal year 2026 with a related yet to be determined impact to a sourcing perspective, less than 5% of our footwear production comes from China, some of which would not be routed for sale into the US. The remainder of our production comes from Southeast Asian countries, primarily teams are closely monitoring changes to tariff policies and continue to evaluate levers to mitigate the impact on our business, including but not limited to flexing the pricing power of our brands which we are assessing for strategic, selective, and staggered implementation in the US market and negotiating cost sharing with our factory even with these mitigation efforts we expect to absorb a portion of the tariff impact as we do not anticipate that these actions will fully offset incremental costs in fiscal year 2026. We also believe that there is potential to see demand erosion associated with the combination of price increases and general softness in the consumer spending our approach to fiscal year 2026 remains consistent with long-term objectives highlighted by the following framework. From a revenue perspective, we expect Hoki to continue as our fastest growing brand, to grow as it builds on top of impressive recent momentum, international growth to outpace the wholesale to likely outpace DTC, particularly for HOKA, as we view increased awareness as an inflection point to strategically expand points of distribution for a growing consumer base to experience the brand. We have a healthy order book across both brands that has not experienced material changes year-to-date but would note we have yet to see the full impact of the tariff have existing and new partners who want to support the HOKA brand with incremental doors. We will continue to be selective about where and how many additional doors are open, but believe this is a great opportunity for HOKA to acquire new consumers through brand discovery at the same time, continues to bolster its position as a leading premium lifestyle brand, and there continues to be more demand from wholesalers than we have been willing to fulfil. From a gross margin perspective, we are facing a number of headwinds that include increased tariffs, higher levels of promotion relative to the exceptionally low levels experienced over the last couple of years, unfavourable impacts from more expensive upgraded materials absorbed into our margins, and higher ocean freight rates in the first believe these headwinds can be fractionally offset by selective and staggered price increases in the US and partial cost sharing with factory partners. Overall, this is expected to result in a decline in our gross margin relative to the record high of 57.9% achieved in fiscal year the SG&A front, we are planning to largely keep our planned investments intact as the strength of our operating model continues to fuel the future of our brands. We will continue to tightly manage our expenses and drive efficiencies, but at the same time, provided the ability to grow brand awareness and share, we will look to invest in our brands. This could result in a short-term increase in our SG&A expense ratio to revenue. But we believe over the longer term better positions our brands in the global we are viewing the current environment as an opportunity to flex our best-in-class operating model and free cash flow generation. We plan to invest in variable areas where we have a proven ability to adjust if necessary. Keep in mind our investments drove better than expected returns in fiscal year 2025, as evidenced by our 23.6% operating we expect to continue investments that support strategic areas of growth, we are actively engaged to drive efficiencies in other areas of the business that can help offset some of these incremental investments. Our ability to continue investing in alignment with our long-term strategy is something we see as a competitive advantage. With a normalized consumer environment, we believe we can deliver leverage in the coming to how we're looking at SG&A, we expect to deploy focused capital expenditures in the range of $120 million to $130 million to support the future of our company. Further, as we lean into our strong cash position thus far in the first quarter of fiscal year 2026 as our subsequent event date of May 9, 2025, we have repurchased approximately $84 million worth of shares at a weighted average price per share of $ of May 9, 2025, the company still had approximately $291 million remaining under its stock repurchase authorization. As announced today, the board of directors approved an increase of $2.25 billion on top of the company's existing stock repurchase authorization, bringing the total amount authorized to $2.5 billion representing more than 10% of our current market believe this highlights the board's confidence in our strategic plan and allows us to be opportunistic in our approach to repurchasing shares. While it is not our practice to provide quarterly guidance, and we do not intend to do so going forward in light of the current environment, we want to provide our outlook for the quarter ending June the first quarter of fiscal year 2026, we expect revenue to be in the range of $890 million to $910 million with HOKA increasing at least low double digits and increasing at least mid-single digits. Gross margin is expected to be down approximately 250 basis points versus last year due to higher freight cost expensed relative to last year, increased promotional activity as we lap exceptionally low levels in the prior year, and channel mix headwinds with wholesale growing faster than is expected to increase slightly faster than revenue in the period as we prioritize disciplined and efficient spend while investing in brand building marketing. Diluted earnings per share is expected to be in the range of $0.62 to $0.67 as compared to last year's stock split restated $ Stefano mentioned, Decker's has the experience and resilience to operate from a position of strength during this period of uncertainty. We have premium brands that are in demand, distinctive, and have proven capability of delivering category leading growth, coupled with our powerful financial model that generates top tier levels of profitability, free cash flow, and return on invested capital, giving us one of the healthiest debt-free balance sheets in our $1.9 billion of cash and an increased share repurchase authorization that now totals $2.5 billion we are capable of continuing to return value to shareholders, even in a more challenged environment. I remain confident in the opportunities ahead for UGG and HOKA and look forward to sharing our continued progress in fiscal year everyone. And with that, I'll now hand off the call to Stefano for his closing remarks. Stefano Caroti Thank you, Steve. Fiscal 2025 was a record setting industry leading growth from UGG and HOKA, gross margin and operating margin expanding to new heights. In disciplined financial management that further bolstered the strength of our balance we turn the page to fiscal year 2026, it is clear that we're operating in a very different environment. Our strategy and the significant opportunities ahead for UGG and HOKA remain consistent. We'll take advantage of our best in class operating model and continue advancing towards building HOKA to become a leading performance brand through disruptive innovation, elevating UGG to global brand our DTC business through consumer acquisition and retention and increasing our international business through the implementation of our successful US we turn to Q&A, I'd like to address the Board Chair succession we announced this afternoon. As you saw, Cynthia Davis was named our next Board Chair, succeeding Mike Devine, who's retiring from the Board after nearly 14 years of service, including six years as Chair. We're deeply grateful for Mike's incredible dedication to Deckers over the leadership during a period of immense growth and evolution has helped put us in the strong position we're in today. On a personal note, I'm extremely thankful to Mike for his support during my transition. I'd also like to congratulate Cynthia on her new the iconic brands continue to gain momentum on a global scale, we know that Cynthia's expertise and experience on our board over the last seven years will be integral to our continued success. On behalf of our management team, I'd like to thank our employees around the world for their continued successful execution of our strategies and their continued dedication to building a bright future for you all for joining today's call and thank you to our shareholders for your continued support. With that, I'll turn the call over to the operator for Q&A. Operator (Operator Instructions)Jonathan Komp, Baird. Jonathan Komp Yeah, hi, good afternoon. I want to ask about the slowdown in HOKA [USD2C]. Steve, I know you mentioned several factors contributing. I don't know if you can give a little more color to the magnitude of those impacts and maybe just a broader gives you confidence that, there's not a broader change in the competitive dynamics and the trail and road category, especially as you're still working to establish, lifestyle and fitness? Steven Fasching Yeah, thanks, John. This is Steve. I'll start and I think Stefano can jump in too. I think, as I said in the prepared remarks, it was isolated in terms of some of the pressure that we saw in the US or in DTC in the US. When you look at it in terms of dollars, right, it's not huge dollars, but it is impacting the percentages.I think when we look at the international business, the international DTC business did incredibly well. So that's where I think some factors were unique to the US market. I think we knew there would be some pressure on the DTC business. I'm not entirely surprised by that performance. Generally, where the quarter came in is where we expected HOKA to come not too surprised. They're very encouraged by the international business and very encouraged by the wholesale business. So as we expanded distribution, we saw very strong sell through with that expanded distribution which we knew would put a little bit of pressure in the near I said in the prepared remarks, we expect a little bit of near term pressure in DTC in the US for a number of factors, as we called out. But once we get beyond Q1, with the success that we're seeing with the new introductions in HOKA, we're encouraged you're going to start to see those numbers improve. Stefano Caroti And John hates this stuff now. Remember the Q4 was our biggest quarter ever for HOKA, and we grew $425 million year over year. And I personally never felt stronger about the power of this brand, the team that we have in place, as well as the financial model, and we see no change to our long-term expectations. Jonathan Komp Okay, and maybe just one follow up. I know you mentioned Q1, at least slow double digit total global growth for HOKA, and it sounds like the US could improve after Q1. So just, are there still scenarios where you think, mid 10s or higher growth for the year is possible?And then, thinking about the long term aspirations for HOKA, how would you frame up sort of the importance and relative size of the potential for lifestyle and fitness in some of the emerging categories? Steven Fasching Yeah, sure, thanks, John. I'll start and stuff if you want to jump in. Look, we're encouraged by where HOKA is growing. I think, as I said, we haven't given full your guidance. We gave you a bit of a framework of how we're thinking about the very encouraged with the opportunity that HOKA has both in the US and internationally, as we've said for a couple of years, we knew that the growth rates internationally would outpace what we're seeing in the US. We're very encouraged with the strong progress that we're seeing and making on the international front.I think what's also encouraging to your point is when we look at awareness as we continue to grow awareness. We're still growing the brand. There's a lot that's going on in the US since the beginning of January. We know that that's had a bit of an impact on the also had model changeovers. We've expanded wholesale distribution. All of that's putting a little bit of pressure on DTC. I would be careful to put too much on just one number in DTC in the US. We're seeing incredible results across the globe. We are very encouraged with the progress that we are feedback that we're getting from wholesale is very encouraging. We're seeing strong shelters with HOKA and so again. Don't judge one quarter on what the potential is. That's our framework, and I think why it was important to lay it out there. We do see this, in a normalized environment in terms of a mid-teen grower.I think what we are dealing with right now is with all the noise going on in the US economy, it's hard to gauge what impact that demand is going to have. And that's where we want to kind of see things play out, but we're encouraged with where Hoka is and the opportunity it has in front of it. Stefano Caroti Yeah, in, as we said previously, we're playing the long game. HOKA has still enormous potential across regions, channels, categories, seasons. The total addressable market the HOKA competes in is very sizable. So, plenty of opportunity for us in running, in trail, in hike, fitness, despite our gains in brand awareness to this point, we still have plenty of opportunity here in the US and internationally. Our business in the US is $1.5 billion approximately, and it's one-third of that the upside is very significant and vis a visa competitor were still relatively under penetrated. And as our product offer expands across these categories, we'll be able to better segment the market and expand distribution both in DTC and wholesale. With new partners and also existing partners. So, we're very positive about the future of this brand. Jonathan Komp Great, that's very helpful thank you. Operator Jay Sole, UBS. Jay Sole Thank you so much. .I'm curious about the fourth quarter for HOKA. Can you just talk about units versus ASPs, and, maybe can you give us a little bit more color on how you felt about the transition to the Bondi 9 Clifton 10 was executed, over the quarter and here into Q1? Steven Fasching Yeah, Jay, I think clearly one of the impacts that we had is with the model changeovers, so there was more price promotion which impacted revenue, right, but volumes were still strong. So, we did see some top line dollar pressure as a result of promotions in that quarter, but volumes still healthy. Now there is a little bit of shift too in terms of where some of that volume went with the wholesale expansion year on year again, this is where I think there's been a lot of attention on the DTC performance without necessarily recognition of the strategic nature of our wholesale expansion. So generally, what we saw was very encouraging. Good to see kind of how the transition with, the Clifton and the Bondi have occurred kind of since the beginning of January, and the feedback again has continued to be strong as we've closed out those older models and transition to the newer models. Jay Sole Got it. And then I can just ask you about the $150 million in tariff cost. Is that sort of like the unmitigated cost? And then and there's an assumption that, you can like you said, you can take some price, you can share some cost to your vendors, so the overall net number will be less. So just want to make sure we got the 150 is a gross number or a net number. Steven Fasching Correct, yes, so the 150 is a gross number, in terms of how we're looking at still working through the details, we do kind of have a three pronged approach, so looking again at, price movements using some of our pricing power, but we probably know we have more pricing power than what we may take the price up to go to your 0.150 is a gross number and then you know we would look to recapture maybe up to 50%. Jay Sole Understood. Great. Thank you so much. Operator Laura Vasilescu, BNP Paribas. Laurent Vasilescu Good you very much for taking my question. Steve, I recognize you're not exciting for the year, but you did provide a framework that calls for HOKA to grow mid-teens. How do you think about that framework between HOKA DTC and wholesale?And then the full year framework of mid-teens growth for HOKA, would it have been included the guide that you're actually giving us for 12 in terms of low double digit growth for HOKA? Steven Fasching So it didn't quite follow the last part of the question so I think and I'll let you follow up but let me just kind of address the first part. So, I think yes, we're looking at the current year, right? We have some movements specifically related to tariffs and how that's going to impact demand in the US and that's where we're holding back on our full year guide at this point in terms of how we think about, okay, yeah, that's the right framework part of this year we do know as we've expanded US wholesale we've included more doors and that's been intentional and strategic to bring more consumers into the brand. It's also taking advantage of some of the growing awareness of the HOKA brand, so that's all been intentional. I think what we're waiting to see is as we get into later months this year, what does, price adjustments have on the consumer, what else is going on in the economy in the we think this is the demand pressures are largely related to the US, we still want to sort that out, again, in a normal environment we would see mid mid-team growth we think with HOKA, and then we'll see. It may be more or less than kind of what we're thinking in terms of what that pressure is on kind of on the consumer and all that's definitely jump in here. Stefano Caroti Yeah, what is very encouraging is that. Our biggest two updates, Bondi 9 and Clifton 10, are performing very well in the marketplace here in the US and internationally, across all channels. And we're about to introduce, one of our other Top 5 franchises, the EMEA, the motion Control the read on the shoe so far, from people inside it is very strong. So, we're a strong pipeline of products, in, at the beginning of this year and the back half of the year. That should help continue the momentum. Steven Fasching And then I think Laurent, the second part of your question was around the Q1 guide and was that pre-tariff or post-tariff. So no, that is post-tariff. I think just to provide some perspective on that, recall, so tariffs are in place, so we are incurring a higher tariff in Q1 does not include is any price increases, right? So, we're not able to mitigate any of the tariff impact that is included in that Q1 guide because that won't come until after Q1? So, what you're seeing in our Q1 guide is kind of as of today what we know from a tariff front does not include any of the mitigating factors of price adjustments or cost sharing with partners? Laurent Vasilescu Very helpful. And then as a follow up, curious to know how much legacy product you have in the marketplace and when do you expect DTC to accelerate and then I think you mentioned that HOKA International was 30% last year, last fiscal year, fiscal '25 was 34%. Should we assume it goes to like something like 37% for fiscal '26? Is that the right framework? Steven Fasching Yeah, again, so we're not giving specific numbers in terms of growth, but what we are encouraged by is the continued success that we're seeing on the international front. So again, we haven't given specific guided numbers on the full year, but we are very encouraged with the continued progress that we're making on the international front. And then I think there was one more part. Laurent Vasilescu Yeah, the first part was just yeah how much legacy product do you have? I mean, just out there in the marketplace, like, do you think the marketplace is clean following the Bondi and Clifton transition upgrade cycle? Stefano Caroti Yeah, Bondi 8 are pretty much liquidating the marketplace. There's not a huge hangover of [cry and nines]. There may be some Arahi 7 in the marketplace, but, not huge positions. Laurent Vasilescu Okay, thank you very much and best of luck. Stefano Caroti Thank you, Laurent. Operator Sam Poser, Williams Trading. Sam Poser Thank you very much. I have a couple here. One on the inventory, when we think about inventory at the end of Q1, are you going to be pulling forward, are you trying to pull forward stuff, on the risk of what could happen on July 9th, and I guess then again, yeah, on July 9th really, and how should we think about where inventory is going to be at the end of the of the end of the first quarter? Steven Fasching Yeah, I think comparatively speaking to prior years you are going to see a bigger increase in inventory, a couple of reasons for that. One is, as you said, Sam, is, how we're taking a look at tariffs and bringing inventory in a little bit earlier in the US. The other call out I would say is that we are going through a DTC transition in Europe, so we've brought more inventory in early to mitigate any potential issues with that warehouse you're going to see inventory increasing intentionally more this year early on compared to last year as we navigate kind of those two events. But as our inventory is incredibly lean and tight and well managed. Sam Poser And thanks. And then, secondly, can you talk a little bit, you talked about your wholesale expansion in the US or globally, but really in the US, can you talk about sort of how you're approaching that with HOKA and, what, the decision making factors in that, I think the more specifics would be great. Stefano Caroti Yeah, the decision making factors are the same. Door productivity turns, we've grown revenues faster than door expansion in the US and internationally this past year, and that is still the plan for the foreseeable terms of expansion, we are, we did the tests, we journeys which went well to try to attract the younger consumer. So, we'll be. Systematically and slowly expanding with them, we are adding a few more doors with some of our partners in sporting goods and in athletic specialty both here and internationally with the likes of Intersports for check, the JD group across different divisions, etc. Sam Poser Thanks. And then lastly, are there any new model? Are you working on some new models that nobody's seen yet, maybe making silhouette changes or, offering new ideas from silhouette, and maybe less the lower max cushioning or mini max cushioning idea or anything like that in the offing? Stefano Caroti Oh, yes, we're a strong pipelines of products that are being, presented as we speak, for spring summer 26, including some lower profile, versions.A product that has performed well for us, especially a higher tiers of distribution is Mafate Speed light, that is resonating with consumers. Also, [Speedoat] to, again, small pairage in high-end, pinnacle energy distribution, is off to a great start. So, the team is, working, at, broadening our, palette. Sam Poser All right. Thank you very much. Operator John Kernan, TD Cowen. John Kernan Good. Thanks for taking my a lot of questions on HOKA. Obviously, UGG outperformed your expectations pretty significantly in the fourth quarter. Just curious if you give more color on and by region, channel, and how you're thinking about UGG and fiscal '26? Stefano Caroti I get has the more salivation it's ever had, and, as I said previously, we no longer compete in the boot and slipper category. We're now also competing across different segments, pandal, sneakers, clogs, and, in very distinctive and ownable new segments, such as the slipper sneaker hybrids. We've had a lot of success, with, new as the Lowmel and some of the new sandals like the Golden Globe ride that we introduced this season really across the globe. Most interestingly, our men's business continues to outpace their women's business, so that's an area we'll continue to invest in. So, we feel very strongly about their brand this year and beyond. Steven Fasching And Jen, I think a good question. I think just to clear up because there was a lot of discussion in terms of perception of the UGG brand as we entered Q4 and now what you're seeing with the results is the strong performance of. It's an indication of how strong the demand is for.I think as we've said for years now in terms of a scarcity model approach, there are going to be times where you're going to run lean on inventory, right? And that is what contributes to these high levels of gross margin that we've example again is what we just delivered in Q4. The demand for UGG remains incredibly strong. Just said, and that's across the globe. What we were able to do is bring in a little bit more inventory to expedite it in terms of the quarter that's what helped contribute to a stronger performance, but I think the point here is we're going to manage inventory, we manage the scarcity model, when we run low, it's high levels of gross margin and increased levels of profitability and so again another strong brand in a great performance in the fourth quarter and you know I think just a demonstration of how strong the demand continues for us. So good question. I appreciate you bringing it up. John Kernan You bet. Just one more for me. How should we think about these new wholesale partner doors for HOKA, globally, both domestically and internationally, and, which doors do you think you have the biggest opportunity?Which account to the biggest shop turn the end? Stefano Caroti As I mentioned, it's really by channel, we have that's like specialty in sporting goods, both here and internationally, as I said, our, we're much more under penetrated than many of our competitors, and as our offer expands, we'll be able to offer different channels and different accounts a distinctive we feel good about where we are. We feel good about, what our marketplace plans are across regions. John Kernan Got it, thank you. Operator Rick Patel, Raymond James Financial. Rick Patel Thanks. Good afternoon. Question on HOKA being planned mid-teens before the escalation of tariffs. So is there something that you're seeing in the wholesale order book for this fall or the way that consumers are shopping that leads you to have a more conservative view with the near term plan up low double digits? Steven Fasching Yeah, I think, Rick, and I appreciate the question. As I said in the prepared remarks, our order books remain strong. We haven't seen any fallout at this point, but it's, we see things on a macro element shifting, right? And we see low levels of consumer largely attributed to the US market. We're not seeing anything on the international front. The International front continues to be very strong. The orders that we're seeing in the US continue to be very strong. It's really just us being a little cautious in terms of what the consumer response may be in the fall. So, there aren't any indications yet, but we expect that there may be, and those are hard to again people will begin to see higher prices across many things that they're purchasing. We don't know what that fallout is on what purchasing intent is, so again we'll see again why we're not guiding to the full year yet, once we have more certainty and we can see how that impacts, the US consumer then we'll be in a better position to give some guidance on that. Sam Poser And also I have a question on the go to market strategy for HOKA in the US. So it sounds like you're more willing to lean into the wholesale channel this year than you have in the past, maybe just some color on the thinking behind that and you know how we should think about the long term potential of the D2C channel, which I think historically has been a strategic priority for you. Stefano Caroti Our long term aim is to have a 50/50 split between DTC and wholesale. Keep in mind that the DTC for us is by and large, e-commerce. We have a very small retail footprint in the US and internationally, a bit more in Asia, which will gradually expand as we find the right locations. So, we're leaning on our wholesale partners. And as I said, as the offer expands, we'll be able to segment the marketplace, offer differentiated but we're very selective because you should be very selective. We have more asks then, what we grant in terms of, distribution. And, we've been speaking to a wide variety of potential partners, but we want to make sure we do it right, systematically and methodically, as we've done until now. Steven Fasching Yeah, and I think great, just one more thing on that because as you've heard us talk about it kind of in FY '25 and now FY '26, this is not a change in our strategy. This is us taking advantage of the opportunity presented to us with a growing awareness. Consumers looking for more places to find our working with the right strategic partners and wholesalers, this is an opportunity to get product in front of consumers who are searching our brand. Yes, we recognize that it puts a little bit of pressure in the near term on some of that. See comp data, but as I said in my prepared remarks, once we get beyond Q1, our expectation is you're going to see some improvements there.I think the other call out and we're talking about it again in our prepared remarks, is with new model changeovers, one of the dynamics that we saw, since January is that customers wanted to go see, feel, and try on the that helped contribute to the strong wholesale performance that we saw. So there was a willingness on the part of the consumer to go into a physical retail presence to find the shoe to try it on because these were significant upgrades to our models that put a little bit of pressure on again, yes, the numbers were a little bit lower than what you've seen historically, not a change in. Strategy we're confident that they're going to return. There are unique dynamics that happened between January and now that have affected the DTC comp growth. We're not concerned about that with these unique factors, our ability to continue to grow this, but we're going to feel some pressure as we've opened up these points of distribution. So that's some of the near-term pressure that you're seeing. Sam Poser Really helpful. Thank you. Operator And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.
