羅技 (LOGI) 2014 Q1 法說會逐字稿

Good day, and welcome to the Logitech first quarter financial results conference call. At this time, all participants are in listen-only mode. We will be conducting a question-and-answer session, and instructions will follow at that time. This call is being recorded for replay purposes and may not be reproduced in whole or in part without written authorization from Logitech.

大家好，歡迎參加羅技第一季財務業績電話會議。目前，所有參與者均處於只聽模式。我們將進行問答環節，屆時將給予具體說明。本次通話將被錄音，用於回放，未經羅技公司書面授權，不得全部或部分複製。

I would like to introduce your host for today's call, Ms. Teresa Thuruthiyil, Senior Director of Investor Relations at Logitech.

我謹向大家介紹今天電話會議的主持人，羅技公司投資者關係資深總監 Teresa Thuruthiyil 女士。

Good morning and good afternoon. Welcome to the Logitech conference call to discuss the Company's financial results for the first quarter ended June 30, 2013.

早安，下午好。歡迎參加羅技公司關於截至 2013 年 6 月 30 日的第一季財務業績的電話會議。

The press release, our prepared remarks and slides, as well as a live webcast of this call are all available online at logitech.com. As noted in our press release, we published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments today. They will not be read on this call.

新聞稿、我們準備好的演講稿和幻燈片，以及本次電話會議的現場網路直播，都可以在 logitech.com 上線上取得。正如我們在新聞稿中所述，我們已提前在網站上公佈了本次電話會議的發言稿。這些發言旨在代替今天冗長的正式發言。本次通話中不會宣讀這些內容。

During the course of this call, we may make forward-looking statements, including forward-looking statements with respect to future operating results that are being made under the safe harbor of the Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements.

在本次電話會議期間，我們可能會做出前瞻性陳述，包括根據 1995 年證券訴訟改革法案的安全港條款對未來營運績效所做的前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與陳述中預期的結果有重大差異。

Factors that could cause actual results to differ materially include those set forth in Logitech's annual report on Form 10-K dated May 30, 2013, and any subsequent filings, all of which are available online on the SEC/EDGAR database and in the final paragraphs of the press release and prepared remarks from Logitech reporting first quarter financial results for fiscal 2014.

可能導致實際結果與預期結果有重大差異的因素包括羅技公司於 2013 年 5 月 30 日提交的 10-K 表格年度報告以及任何後續文件中列出的因素，所有這些文件都可以在 SEC/EDGAR 資料庫中在線查閱，也可以在羅技公司發布 2014 財年第一季度財務業績的新聞稿和最後一季財務業績的新聞稿中找到好的。

The forward-looking statements made during this call represent management's outlook only as of today, and the Company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise.

本次電話會議中所作的前瞻性陳述僅代表管理階層截至今日的展望，本公司不承擔因新發展或其他原因而更新或修改任何前瞻性陳述的義務。

This call is being recorded and will be available for replay on the Logitech website.

本次通話將會被錄音，錄音內容將在羅技網站上提供回放。

Joining us for the call today are Bracken Darrell, President and Chief Executive Officer, and Joe Greenhalgh, Vice President of Investor Relations and Corporate Treasurer.

今天參加電話會議的有總裁兼執行長布雷肯·達雷爾，以及投資者關係副總裁兼公司財務主管喬·格林哈爾。

I'd now like to turn the call over to Bracken.

現在我想把電話交給布雷肯。

Thanks, Teresa, and thanks to all of you for joining us.

謝謝特蕾莎，也謝謝各位的參與。

Our first quarter results demonstrate that our turnaround is on track. We grew sales for the first time in seven quarters and improved profitability significantly compared to the prior year.

我們第一季的業績表明，我們的扭虧為盈計畫正在按計劃進行。我們七個季度以來首次實現了銷售額成長，與前一年相比，獲利能力顯著提高。

The overall performance in Q1 reveals many positive indicators. Let me briefly share some of them with you. At our Investor Day in May, we identified tablet accessories, PC gaming peripherals, and wireless speakers as categories with strong growth potential over the next several years.

第一季的整體表現顯示出許多積極的跡象。讓我簡單地和你們分享其中的一些例子。在五月的投資者日上，我們確定了平板電腦配件、PC 遊戲週邊和無線揚聲器是未來幾年具有強勁成長潛力的類別。

Those three were in fact our strongest growing categories by far in Q1. In total, they grew by nearly 90% over the prior year, with much of the growth driven by products that we launched this quarter, in Q1. We are pleased with the initial selling for these new products, but it's premature to draw conclusions about consumer demand, especially in PC gaming and tablet cases.

事實上，這三個類別是我們第一季成長最快的類別。與前一年相比，整體成長了近 90%，其中大部分成長是由我們在第一季推出的產品推動的。我們對這些新產品的初步銷售情況感到滿意，但現在就消費者需求得出結論還為時過早，尤其是在電腦遊戲和平板電腦保護套領域。

Our first quarter has historically been a relatively quiet period for new product introductions, but we changed that for several reasons. As I've said before, making Logitech faster is one of my top priorities. That means taking a more aggressive approach to win and how frequently we refresh our portfolio in growth categories. We launched a relatively large number of new products in the quarter. This helped us achieve our first Q1 with sequential sales growth in well over a decade.

從歷史上看，我們第一季是新產品推出相對平靜的時期，但由於多種原因，我們改變了這一現狀。正如我之前所說，提高羅技產品的速度是我的首要任務之一。這意味著要採取更積極的策略來贏得市場，並更頻繁地更新我們在成長型類別中的投資組合。本季我們推出了數量相對較多的新產品。這幫助我們實現了十多年來的第一個季度銷售額環比增長。

To be clear, our new product rollout in Q1 wasn't the result of just moving our launches up earlier in the year though. It reflects the progress we've made in shortening the product cycles for key products and the speed with which we can drive process improvements across the organization. We will continue to introduce new products in high potential categories, such as tablet accessories and PC gaming, as we move through the fiscal year.

需要澄清的是，我們在第一季推出的新產品並不是因為我們提前了產品發佈時間。這反映了我們在縮短關鍵產品的產品週期方面的進展，以及我們推動整個組織流程改進的速度。隨著本財年的推進，我們將繼續在平板電腦配件和PC遊戲等高潛力類別中推出新產品。

Our next major product launch for tablet accessories is dependent on the release date for new tablets. I'm pleased to report that our faster and more aggressive product development approach to tablets should enable us to ship our initial lineup of new products shortly after the next big tablet release. Note that should that release be later than planned, a significant portion of our Q2 tablet accessories sales would likely move into Q3.

我們下一款平板電腦配件主要產品的發佈時間取決於新款平板電腦的上市日期。我很高興地報告，我們更快、更積極的平板電腦產品開發方法應該能夠讓我們在下一款大型平板電腦發布後不久就推出我們的首批新產品。請注意，如果該產品的發佈時間晚於計劃，我們第二季度平板電腦配件銷售額的很大一部分可能會轉移到第三季度。

I was encouraged that our sales in pointing devices and keyboards and desktops categories once again outperformed the PC market. We continue to plan for a depressed PC market, but we believe our mice and keyboard sales should do better than that market, as we look forward to delivering innovative new products in the coming months.

令我感到鼓舞的是，我們在指點設備、鍵盤和桌上型電腦類別的銷售額再次超過了個人電腦市場。我們仍在為低迷的個人電腦市場做準備，但我們相信，隨著未來幾個月推出創新產品，我們的滑鼠和鍵盤銷售應該會比市場整體表現更好。

Our Americas region delivered very strong performance in Q1, with sales up by 12% despite the significant decline in sales of the product lines that we are in the process of exiting. While we don't plan for sustained growth of this magnitude, we believe that the outlook for our business in the Americas is the strongest it's been in many quarters.

儘管我們正在逐步退出的產品線的銷售額大幅下降，但我們美洲地區在第一季的業績表現非常強勁，銷售額增長了 12%。雖然我們不打算持續保持如此巨大的成長，但我們相信，我們在美洲的業務前景是近幾季以來最強勁的。

Now let me give you an update on our Harmony remotes. After exploring a number of unattractive offers for this business, I concluded that retaining ownership is in the best interest of our shareholders. I was pleased to see a return to growth in the remotes category in Q1, although we aren't planning for that growth to be sustained. Our short-term strategic priority with Harmony is to improve profitability over the course of the fiscal year.

現在讓我來為大家介紹一下我們的Harmony遙控器。在考察了多家對這家企業並不有吸引力的收購要約後，我得出結論：保留所有權符合我們股東的最佳利益。我很高興看到遙控器品類在第一季恢復成長，儘管我們並不打算讓這種成長持續下去。我們與 Harmony 的短期策略重點是在本財年內提高獲利能力。

Speaking of profitability, I was very pleased with the strength of our gross margin in Q1, especially given the quarter's retail product mix. Two of our fastest growing, relatively low-margin categories, tablet accessories and wireless speakers, significantly grew their share of the overall mix. The dilutive impact on gross margin from this mix shift was offset by a number of factors, with one of the most important being product cost reductions that we delivered across all of our PC-related products.

說到獲利能力，我對第一季的毛利率表現非常滿意，尤其考慮到本季的零售產品組合。平板電腦配件和無線揚聲器是我們成長最快、利潤率相對較低的兩個類別，它們在整體產品組合中的份額顯著增長。這種產品組合變化對毛利率的稀釋影響被多種因素抵消，其中最重要的因素之一是我們降低了所有 PC 相關產品的成本。

Profit maximization is our primary goal in categories such as mice, keyboards, webcams, and PC speakers, and our Q1 results demonstrate the progress we're making.

在滑鼠、鍵盤、網路攝影機和電腦音箱等類別中，利潤最大化是我們的首要目標，而我們第一季的業績也證明了我們正在取得的進展。

The performance of our LifeSize division has fallen short of our expectations during the last year, with this Q1 being a particularly disappointing quarter. LifeSize is facing a variety of challenges including a changing industry landscape, the impact of an evolving product line, and weak execution.

過去一年，我們 LifeSize 部門的業績未達預期，其中第一季尤其令人失望。LifeSize 面臨著各種挑戰，包括不斷變化的行業格局、不斷發展的產品線的影響以及執行力不足。

Under the circumstances, I determined that we need to make a leadership change. We have initiated an external search for a new LifeSize CEO. While we conduct our search, Craig Malloy, who served as LifeSize CEO from its inception through the end of 2011, will return in an acting capacity. Craig's been a member of LifeSize's supervisory board for the last 18 months and is well positioned to provide interim leadership.

鑑於目前的情況，我認為我們需要更換領導層。我們已啟動外部招聘，尋找新的 LifeSize 執行長。在我們進行遴選期間，從 LifeSize 成立到 2011 年底一直擔任執行長的 Craig Malloy 將以代理執行長的身份回歸。克雷格在過去 18 個月裡一直是 LifeSize 監事會成員，完全有能力提供臨時領導。

We believe we have the right strategy for LifeSzie. We have a combination of compelling new room systems, scalable and rich software infrastructure, and the promise of a highly differentiated cloud solution. As we execute our strategy, our top priority for this business continues to be getting LifeSize to profitability by the end of fiscal 2014.

我們相信我們為 LifeSzie 制定了正確的策略。我們擁有極具吸引力的新型態會議室系統、可擴展且功能豐富的軟體基礎設施，以及極具差異化的雲端解決方案的潛力。在執行我們的策略過程中，我們這項業務的首要任務仍然是讓 LifeSize 在 2014 財年末獲利。

I'm pleased with the momentum we established in Q1, and with the proof points that our turnaround strategy is working. We're on track to deliver against our fiscal year '14 targets of $2 billion in sales and $50 million in operating income. Our plan to achieve our operating income target assumes we will opportunistically manage the mix between gross margin and operating expenses. If we see gross margin upside, we may increase our spending to drive sales growth. If our gross margin tracks closely with our 34% outlook, we will manage our spending accordingly.

我對我們在第一季取得的進展勢頭感到滿意，也對我們的扭虧為盈策略正在奏效的證明感到欣慰。我們預計將實現 2014 財年 20 億美元的銷售額和 5,000 萬美元的營業收入目標。我們實現營業收入目標的計劃假設我們將靈活地管理毛利率和營業費用之間的關係。如果毛利率有上升空間，我們可能會增加支出以推動銷售成長。如果我們的毛利率與 34% 的預期基本一致，我們將相應地管理支出。

Improving our profitability remains my top priority, and I look forward to updating you on our progress in the coming quarters.

提高獲利能力仍然是我的首要任務，我期待在接下來的幾季中向您報告我們的進度。

Joe and I are now available to take your questions. Please follow the instructions of the operator.

現在我和喬可以回答您的問題了。請遵照操作員的指示。

Thank you. (Operator Instructions) Alexander Peterc, Exane BNP Paribas.

謝謝。（操作說明）Alexander Peterc，Exane BNP Paribas。

Yes. Hi. Thank you for taking the questions and congratulations on a very solid quarter. I'm just wondering on the gross margin mechanics. Can you maybe give us a little bit more granularity here? Was this down to mice and keyboards doing just fine versus planned steeper declines? Or, did you have good progress in profitability in lower-margin categories such as the new growth ones -- tablets, keyboards, and wireless speakers?

是的。你好。感謝您回答問題，並祝賀您本季取得了非常出色的成績。我只是想了解一下毛利率的計算機制。能否再詳細說明一下？這是因為滑鼠和鍵盤運作良好，而不是因為預期會出現更劇烈的下降嗎？或者，您在利潤率較低的類別（例如平板電腦、鍵盤和無線揚聲器等新興成長類別）的獲利能力方面是否取得了良好進展？

Thanks.

謝謝。

Yes, the improvement in gross margin is a combination of a couple of different things. We certainly did have better gross margins than we've had in prior year in most of our categories. And in pointing devices, keyboards, and desktops, we had a significant improvement as we'd planned.

是的，毛利率的增加是多種因素共同作用的結果。我們大多數品類的毛利率確實比前一年高。正如我們計劃的那樣，我們在指點設備、鍵盤和桌上型電腦方面都取得了顯著的進步。

So, I think it's a little bit of everything. We saw improvement across both the growth categories and the non-growth categories, and we felt good about where we are in gross margin. I wouldn't get over the tips of our skis, as we say in the US, meaning too excited about that, because we will certainly manage the gross margin operating expense equation going forward to make sure we deliver our profitability commitment.

所以，我覺得它包含了各種各樣的元素。我們看到成長類和非成長類產品都取得了進步，我們對目前的毛利率狀況感到滿意。我不會高興得太早，就像我們美國人常說的“得意忘形”，因為我們一定會繼續控制毛利率和運營費用，以確保我們實現盈利承諾。

OK. Thanks very much.

好的。非常感謝。

Paul Coster, J.P. Morgan.

Paul Coster，摩根大通。

Yes, thanks. Bracken, you seem to have made a big stride in the right direction here, but you seem a little hesitant to read too much into it. Why not? If your product cadence is accelerating, why should we really be too concerned about a dip moving forward? And going back to margins, why should they dip significantly from here?

好的，謝謝。布雷肯，你似乎已經朝著正確的方向邁出了一大步，但你似乎有點猶豫，不敢對此過度解讀。為什麼不呢？如果你的產品迭代速度正在加快，我們為什麼還要過度擔心未來的下滑呢？再說利潤率，為什麼它會從現在開始大幅下降？

Well, I think margins aside when I look at the top line, I think we basically shifted our seasonality from Q2 to Q1 with our new product launches in Q1. Those product launches probably would have happened in Q2, and some of those would have happened in Q2 in prior years. We also have a factor that is the unknown on the launch of the new iPad in Q2. So, when you put those together, our expectation is we'll probably be down in top line in the mid-single digits, could be a couple of points higher than that, depending on the iPad launch, in Q2.

嗯，我覺得拋開利潤率不談，從營收來看，我們基本上已經透過在第一季推出新產品，將季節性因素從第二季轉移到了第一季。這些產品原本可能會在第二季發布，而其中一些產品在往年也會在第二季發布。我們還面臨一個未知因素，那就是新款 iPad 是否會在第二季發布。所以，綜合考慮這些因素，我們預計營收可能會下降個位數中段，也可能比這個數字高出幾個百分點，這取決於第二季 iPad 的發布情況。

So, I think if you look at us at the first two quarters taken together, that's probably the right way to think about the picture, and if we sound hesitant we're not. We're very confident. I feel very good about the first quarter. But I want to make sure that we look at this as a first half, not just a first quarter.

所以，我認為，如果你把我們前兩個季度的表現放在一起看，這可能是看待問題的正確方式，如果我們聽起來猶豫不決，那並不是真的猶豫。我們非常有信心。我對第一季的表現非常滿意。但我希望我們把這看作是上半場，而不僅僅是第一節。

Can you just give us a little bit of color around the tablet accessories? Why did it make such a huge leap forward versus this time last year?

能否為我們介紹一下平板電腦配件方面的狀況？為什麼它比去年同期取得瞭如此巨大的進步？

This time last year we told you that we were -- well, actually, we were just starting to get into tablet accessories at all. We had a couple of products out there that frankly weren't homegrown products.

去年這個時候，我們告訴過你們，我們——嗯，實際上，我們才剛開始涉足平板電腦配件。我們當時推出的幾款產品，坦白說，並不是我們自己研發的。

We had just launched the ultrathin keyboard cover, and now that's become our number one product in the Company. It's doing very, very well. You'll remember last quarter we launched the -- or, I think it was last quarter, or the beginning of last quarter -- we launched the mini, and now this quarter we expanded that into folio covers with keyboards, and even some regular folio covers without keyboards.

我們剛剛推出了超薄鍵盤保護套，現在它已經成為我們公司最暢銷的產品。它做得非常好。您可能還記得上個季度我們推出了——或者，我想應該是上個季度，或者上個季度初——我們推出了迷你版，而本季度我們將其擴展到了帶鍵盤的翻蓋保護套，甚至還有一些不帶鍵盤的普通翻蓋保護套。

So, we've expanded our lineup pretty significantly now. We're now attacking a broader portfolio of the market, and that's why you're seeing significant growth.

所以，我們現在的產品線已經大幅擴展了。我們現在瞄準的是更廣泛的市場組合，這就是為什麼你會看到顯著成長的原因。

OK. Thanks very much.

好的。非常感謝。

Thank you.

謝謝。

Michael Foeth, Bank of Vontobel.

Michael Foeth，馮托貝爾銀行。

Yes. Hello. Just a question regarding remotes. You decided to keep it now, but you haven't adjusted your guidance for it, and I'm a bit puzzled why it is. It's a significant revenue contributor over the full year. So, is it included in guidance, or not?

是的。你好。關於遙控器有個問題。你決定保留它，但你還沒有調整你的指導方針，我有點不明白為什麼。它是全年重要的收入來源。那麼，這是否包含在指導方針中？

Yes, Michael. This is Joe. When we set out the start of the year and provided our guidance, while we intended to sell the Harmony business, we didn't know when that would happen or even if it would. So, we assumed we'd have it for the full year. So, it's been there from the beginning.

是的，邁克爾。這是喬。年初我們制定計劃並提供指導時，雖然我們打算出售 Harmony 業務，但我們不知道何時會出售，甚至不知道是否會出售。所以，我們以為我們會用一整年。所以，它從一開始就存在了。

OK. Good. That's clear. And can you comment whether the remotes business right now is profitable? You said you're focusing on profitability improvements there, but is it profitable, or not?

好的。好的。這一點很清楚。您能否評價一下目前遙控器業務是否獲利？你說過你正在專注於提高那裡的獲利能力，但它到底獲利不獲利呢？

No, it's not profitable, and on a fully loaded basis, it's not profitable. And our objective is to be profitable as we exit the fiscal year.

不，它不盈利，而且從全部成本來看，它也不盈利。我們的目標是在財政年度結束時實現盈利。

I want to add a couple more things about the remotes decision, because I think it's worth -- it's important that investors understand it. When we went into it, we had every interest in selling it. As I said in my opening remarks, we decided not to because, frankly, the offers just weren't very good.

關於遙控器的決定，我還想補充幾點，因為我認為這很重要，投資人應該了解這一點。我們當初投資的時候，就一心想把它賣掉。正如我在開場白中所說，我們決定不這樣做，因為坦白說，這些報價並不好。

In the meantime, we launched new products. They've done very well. We got new distribution that looks very promising. And we've now, after the decision to keep it, we've separated key parts of that business, so that it's not a distraction on our primary growth-focus areas.

同時，我們推出了新產品。他們做得非常好。我們獲得了一種新的發行版，看起來很有前景。現在，在決定保留該業務之後，我們已經將該業務的關鍵部分分離出來，以免它分散我們對主要成長重點領域的注意力。

So, I feel good about the decision. I think we're in a good spot, and I think we can make this business profitable and ultimately turn it back into something interesting from a growth standpoint, potentially.

所以，我對這個決定感到很滿意。我認為我們現在處境不錯，我認為我們能夠讓這項業務獲利，並最終從成長的角度來看，有可能讓它重新變得有趣。

OK. Excellent. And then, just a last question, can you update us on your search for a CFO?

好的。出色的。最後一個問題，您能否向我們介紹一下您尋找財務長的進展？

Yes, absolutely. The search continues. I don't have names to mention on the call, but we're certainly on the right path. And I think we're in a good spot, and we'll deliver against the original timing that I mentioned in, I think, the first call, which is I think this often takes four to six months. And I think we'll certainly do that.

是的，絕對的。搜尋工作仍在繼續。我不方便透露通話中涉及的具體人名，但我們肯定走在正確的道路上。我認為我們現在處境不錯，我們會按時完成我在第一次電話會議中提到的原定時間，我認為這通常需要四到六個月。我認為我們肯定會這麼做。

OK. Excellent. Thank you.

好的。出色的。謝謝。

Thank you.

謝謝。

Andreas Mueller, Zurcher Kantonalbank.

安德烈亞斯‧穆勒 (Andreas Mueller)，蘇黎世州銀行。

Yes, thank you for taking my question. I've got two questions on this. Can you give us an update basically on the measures and the success for these measures to get to your medium targets later on? And which measures are still sort of a challenge and on which you are maybe more than on track?

是的，謝謝您回答我的問題。關於這個問題，我有兩個問題。能否簡單介紹一下為實現中期目標而採取的措施及其成效？哪些措施仍然具有挑戰性，而哪些措施您可能已經取得了超乎預期的進展？

And then, the next question will be on the cost savings programs. Are there still any costs to be had which we could implement in our models from these cost savings?

接下來，下一個問題將是關於成本節約計劃的。從這些成本節約中，是否有其他成本可以納入我們的模型中？

And the last one is, are there still any restructuring charges ahead of us?

最後一個問題是，我們是否仍面臨任何重組費用？

OK. Thanks, Andreas. Let me answer each of those. First, in terms of measures for how we look in terms of -- and I'm assuming you're referring to the Analyst and Investor Day, fiscal year '15/fiscal year '16 numbers we put out there.

好的。謝謝你，安德烈亞斯。讓我逐一回答這些問題。首先，就我們看待問題的衡量標準而言——我假設您指的是分析師和投資者日，以及我們公佈的 2015 財年/2016 財年數據。

We're one quarter in to a long path. So, it's way too early to give you any sense for which measures we feel good about, which measures we don't. I would just say Q1, we feel good. It indicates we're on track, but it's too early to go back and reflect on what specifically might be different from those measures. Nothing, so far.

我們已經走完了漫長旅程的四分之一。所以，現在就告訴你我們對哪些措施感到滿意，對哪些措施感到不滿意，還為時過早。我只想說，Q1，我們感覺良好。這表明我們正走在正確的道路上，但現在回過頭來反思具體有哪些措施可能與之前的不同還為時過早。目前還沒有任何消息。

The second thing on cost savings, I think we certainly do have a lot of cost savings completed. They're already in our P&L. Now, you're seeing some reinvestment into the OpEx as we increase the number of activities we had in Q1 versus what we'd normally do. Those cost savings will show up as we go through the year in OpEx.

關於成本節約的第二點，我認為我們確實已經完成了許多成本節約工作。它們已經計入我們的損益表了。現在，由於我們增加了第一季開展的活動數量，與正常情況下相比，我們增加了營運支出的一些再投資。這些成本節約將在全年的營運支出中反映出來。

We continue to have aggressive cost savings on all of our portfolio, and we always have and we're going to continue to do that going forward.

我們持續在所有業務組合中採取積極的成本節約措施，過去如此，將來也將繼續如此。

In terms of restructuring, this quarter we took advantage, or Q1 we took advantage, of an opportunity we saw where we really needed to reduce costs, because something wasn't performing well enough. And we'll continue to do that if we see an opportunity going through the year, but I don't have any specific plans to mention now.

就重組而言，本季（或第一季）我們抓住了一個機會，因為我們發現確實需要降低成本，因為某些方面表現不夠好。如果今年有機會，我們會繼續這樣做，但我現在沒有任何具體的計劃可以透露。

OK. Thanks.

好的。謝謝。

Thank you.

謝謝。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi. Thank you for taking my question. Clearly, growth has been very strong in some of the growth areas that you've called out. I think what I wanted to ask was whether you've been reluctant to highlight actually a very strong revenue performance in some of the traditional areas, areas that we might view as being managed for cash? You had pointing devices flat year on year. Keyboards looked better than normal seasonality. So, what I wanted to try and establish was whether you think we're seeing a bottoming, or at least a kind of stabilizing of revenues in those -- not legacy, but -- more conventional segments? Or, whether this quarter was also the result of just a particularly strong product offering in those areas, and if that might normalize again over the next few quarters?

你好。感謝您回答我的問題。顯然，在你提到的某些成長領域，成長勢頭非常強勁。我想問的是，您是否一直不願意強調公司在一些傳統領域（我們可能認為這些領域是以現金流為導向的）實際上非常強勁的收入表現？你們的指點設備數量逐年持平。鍵盤的外觀比往年同期好。所以，我想弄清楚的是，您是否認為我們正在看到收入觸底反彈，或至少在那些——不是傳統領域，而是——更傳統的領域，收入正在趨於穩定？或者，本季業績是否也僅僅是由於這些領域的產品供應特別強勁所致，而這種情況是否會在接下來的幾個季度內再次恢復正常？

Yes, I would say -- first, it's probably best to take them in total and then go through some of the individual categories. If you start in total, the PC market was down 11%. That's pretty close to what we expect it to be.

是的，我的建議是──首先，最好先將它們視為一個整體來考慮，然後再逐一分析各個類別。如果從整體來看，個人電腦市場下降了 11%。這和我們預期的差不多。

You might remember when we started the year, we said we expect the PC platforms to decline globally by about 10% over the next three years, and that was more conservative and continues to be more conservative than the big experts in the field would say. But, they've adjusted their expectations for this year -- I think they finally got them right, at least for this fiscal year -- to about that number. I think they're expecting about that kind of decline rate. So, that does have an impact overall.

你可能還記得，年初的時候我們說過，我們預計未來三年全球 PC 平台市場份額將下降約 10%，這比該領域一些權威專家的預測要保守得多，而且現在仍然如此。但是，他們已經調整了今年的預期——我認為他們終於做對了，至少在本財年是這樣——大約是這個數字。我認為他們預期的就是這種程度的下降速度。所以，這確實會對整體產生影響。

Now, we also said that we expect to be in a position where we could, or should even, grow share in some of those categories that support that. So, PC accessories. You're seeing that in pointing devices. You're seeing it in keyboards.

現在，我們也說過，我們預計我們能夠，甚至應該，在一些支持這一目標的類別中擴大市場份額。所以，電腦配件。你在指點設備中就能看到這一點。你在鍵盤上就能看到它。

There are two different stories there. In pointing devices, as you said, we have a good product offering. We'll continue to make sure we have a very competitive product offering. At some point, we won't be able to gain share anymore, but we think we can continue to gain share for the foreseeable future.

那裡有兩種不同的故事。正如您所說，我們在指向設備領域擁有豐富的產品線。我們將持續確保提供極具競爭力的產品。在某個時候，我們將無法再獲得市場份額，但我們認為在可預見的未來，我們仍然可以繼續獲得市場份額。

And in the keyboard segment, you might remember that really underneath that is a tale of two cities. On the one side, you've got a keyboard combo category that looks a lot like pointing devices. On the other side, you have a keyboard segment that's now going into the living room and supporting smart TVs and PCs being hooked up to smart TVs. It's growing. So, that combination is giving us growth in Q1, but if you look at Q4 we had growth in Q4, too. So, we expect that to continue.

而在鍵盤部分，你可能還記得，背後其實是兩個城市的故事。一方面，你會看到一種鍵盤組合類別，它看起來很像指點設備。另一方面，鍵盤部分現在正被引入客廳，支援智慧電視和連接到智慧電視的電腦。它正在增長。因此，這種組合使我們在第一季實現了成長，但如果你看一下第四季度，我們會發現第四季度也實現了成長。所以，我們預計這種情況會持續下去。

Maybe one follow-up, if I may.

如果可以的話，我想再補充一點。

Sure.

當然。

Your prepared comments highlight some increase in inventories at channel partners in Asia and the US. Is that also contributing to maybe your slightly more cautious outlook comments for the second quarter?

您準備的評論中提到，亞洲和美國的通路合作夥伴的庫存有所增加。這也是您對第二季前景持較為謹慎態度的原因之一？

No, not at all. That has really nothing to do with that. At the end of the day, we're really looking at our Q1 saying we shifted seasonality. So, we did things in Q1 that we haven't done in the past. We feel good about them. The early feedback in terms of a real sell-out, sell-through looks good. So, there's nothing about that that causes us to pause at all.

不，完全不是。那跟那件事真的沒有任何關係。歸根結底，我們第一季的業績表明，我們改變了季節性規律。所以，我們在第一季做了一些過去從未做過的事情。我們對他們感覺很好。從目前的回饋來看，實際售罄情況良好。所以，這件事本身並沒有讓我們有任何顧慮。

OK. Very clear. Thank you.

好的。非常清楚。謝謝。

Thank you.

謝謝。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Hey, Bracken. A couple of questions. It looks like in a lot of the product lines the revenue growth was quite a bit better than the unit growth, and I'm wondering are you guys taking pricing action on an individual level? Or, rejiggering the product mix and that ASP increase is more related to product mix than actual price increases?

嘿，布雷肯。幾個問題。看起來很多產品線的營收成長都遠高於銷售成長，我想知道你們是否針對具體產品採取了定價策略？或者，產品組合的調整，以及平均售價的上漲與產品組合有關，而不是實際的價格上漲？

And then, secondly, in those more traditional categories, mice and keyboards, was there anything in there in terms of new products this quarter that were pushed ahead? Or, is the new product introductions that were pushed into the first quarter here more related to the growth categories?

其次，在滑鼠和鍵盤這些更傳統的類別中，本季是否有任何新產品被推出？或者，這裡延後到第一季推出的新產品是否與成長型類別更相關？

Thanks.

謝謝。

Let me take that one first. Yes, we didn't push or pull anything forward from Q2 into any of those categories. So, there isn't something we pulled forward from Q2 that we normally would have done -- or pull it forward into Q1 that we normally would have done in Q2, in those categories or in any category. So, the answer to that is, no, there's nothing unusual going on there.

讓我先處理這個。是的，我們沒有將第二季的任何內容推進或撤回到這些類別。所以，我們沒有像往常一樣把第二季度的工作提前到第一季度，也沒有像往常一樣把第二季度的工作提前到第一季度，無論是在這些類別還是任何類別中。所以，答案是，不，那裡沒有什麼不尋常的事情發生。

In terms of specific products, we don't -- so, in other words, I guess the rest of the story is we don't have any specific products that I'd say we launched that are really driving that, with the exception of we've done very well in the TV area, and that was a product we launched last year and we expect to continue to do well there.

就具體產品而言，我們沒有——所以，換句話說，我想剩下的故事是，除了我們在電視領域做得非常好之外，我們沒有任何已經推出的真正推動這一目標的具體產品，而電視是我們去年推出的產品，我們預計它將繼續在那裡取得成功。

On your ASP question, it's a good question, and I'd say there are two things going on there. First, we've done a few selective price increases to offset currency in Japan, but that's really minor. Overall, no, we are not increasing pricing.

關於你提出的 ASP 問題，這是一個很好的問題，我認為這裡涉及兩方面的問題。首先，為了抵銷日本的匯率波動，我們進行了一些選擇性的價格上漲，但這真的微不足道。總的來說，不，我們不會提高價格。

We are seeing improvement of product mix, and that's driven off a couple of things. First, you remember we've been talking about that we went through a product line simplification, where we got rid of some of our worst performing products at the low end of the market. Guess what? That's now showing up. And the second part is we are focusing -- we continue to focus on the medium- and high-end of our lineups.

我們看到產品組合有所改善，主要歸功於以下兩點。首先，你們還記得我們之前討論過簡化產品線，淘汰了一些低端市場表現最差的產品嗎？你猜怎麼著？現在顯示出來了。第二部分是，我們將繼續專注於我們產品線的中高端市場。

So, we like that profile. It's pretty strong this quarter. Will it stay that strong? I don't know, but it is -- we expect to continue to see an improvement in ASP.

所以，我們喜歡這樣的背景。本季表現相當強勁。它會一直這麼強勢嗎？我不知道，但確實如此——我們預計平均售價（ASP）將繼續提高。

Great. Thanks very much.

偉大的。非常感謝。

(Operator Instructions) John Bright, Avondale Partners.

（操作說明）約翰·布萊特，Avondale Partners。

Thank you, Bracken and Joe. Bracken, you expressed some confidence in that sell-in being higher than sell-through wasn't a concern. What gives you the confidence?

謝謝布雷肯和喬。布雷肯，你曾表示有信心，認為進貨量高於出貨量不會造成問題。是什麼讓你充滿自信？

I guess at the end of the day we have a decent glimpse into what's happening at the retail level, and so far we see good signs. I'll give you an example. Our tablet keyboard business, we launched a lot of new products this quarter. The first round of market share that we saw was a 12-point increase. That's real sell-through. So, that's what we expected. It's what we're getting. And I think that gives us confidence that we're not going to see a channel inventory issue at all. In fact, I would say we're in pretty good shape from that standpoint.

我想最終我們對零售層面正在發生的事情有了比較清晰的了解，到目前為止，我們看到了一些好兆頭。我給你舉個例子。我們的平板電腦鍵盤業務，本季我們推出了許多新產品。我們看到的第一輪市佔率成長了 12 個百分點。這才是真正的銷售業績。正如我們所預料的。這就是我們得到的。我認為這讓我們有信心，我們根本不會有通路庫存問題。事實上，從這個角度來看，我認為我們處境相當不錯。

On Harmony, you talked about improved profitability as a goal. Can you talk about how you're going to go about accomplishing that?

在 Harmony 節目中，你曾提到提高獲利能力是目標之一。你能談談你打算如何實現這個目標嗎？

Yes, we've already started it. So, we've reduced the overall operating expense on that business pretty substantially, and we'll continue to whittle away at that as we go through the year.

是的，我們已經開始了。因此，我們已經大幅降低了該業務的整體營運費用，並且我們將在今年繼續削減這部分費用。

You may remember that part of our overall strategy in the portfolio was to reduce or eliminate the low, especially the low, end of that lineup, up to about the midpoint, and we've done that. And you can see it in the ASPs.

您可能還記得，我們​​整體投資組合策略的一部分是減少或消除該系列產品中較低的部分，特別是較低的部分，直到中點左右，而我們已經做到了這一點。你可以在應用程式商店中看到這一點。

So, those two steps along with the continued, very focused innovation path puts us in a pretty good spot, I think.

所以，我認為這兩項舉措，再加上持續、高度專注的創新之路，使我們處於相當有利的位置。

I would remind everybody on the call, when I said we were going to exit Harmony, I said one thing. I said -- boy, this is a business that in many ways we should love. It's got leadership market share, by far. It's got intellectual property that nobody else has, which is really impressive. It's got technology that is really state of the art, and we're ahead of most of the field.

我想提醒所有參加電話會議的人，當我說我們要退出 Harmony 時，我只說了一件事。我說——哎呀，這真是一個我們在很多方面都應該熱愛的行業。它擁有遙遙領先的市場份額。它擁有其他公司所沒有的智慧財產權，這真的很令人印象深刻。它採用了最先進的技術，我們領先於該領域的絕大多數同行。

So, it's got a lot of things to love -- and a brand by the way that's a leader in its category. So, there's a lot of things to love about that business that are very strong. Getting it back to a level where it is actually profitable is step one. But there might be a step two and a step three beyond that. Right now, we're very focused on profitability.

所以，它有很多值得喜愛的地方——而且順便說一句，它還是該領域的領先品牌。所以，這家公司有很多非常強大的優勢，值得我們喜歡。讓它恢復到真正盈利的水平是第一步。但可能還有第二步，甚至第三步。目前，我們非常注重獲利能力。

Greg Malloy's return as the new head of LifeSize, is there a timeline for a turnaround in that business? It's been struggling for a bit now. Give us your thought process on what we should expect, as far as that turnaround is concerned.

Greg Malloy 回歸擔任 LifeSize 的新負責人，該公司何時才能轉虧為盈？它最近一段時間一直不太順利。請您談談您對這項轉變的預期。

Yes, we haven't changed our expectation. We announced our commitment to stay in the LifeSize business and that we felt good about the strategy. We still do. We still stay committed to the timeline for getting to EBITDA positive as Q4. So, that's our game plan, and we're excited about having Craig back in, even for an interim period. Yes. So, no change there.

是的，我們的預期沒有改變。我們宣布將繼續從事 LifeSize 業務，並且我們對這項策略感到滿意。我們現在仍然這樣做。我們仍致力於實現第四季度 EBITDA 轉正的目標。所以，這就是我們的計劃，我們很高興克雷格能夠回歸，即使只是暫時的。是的。所以，這方面沒有任何改變。

Looking forward on new products, have you identified organically or through M&A new product either categories or potential products that would be a good fit going forward that can help drive growth?

展望新產品，您是否透過自身發展或併購，確定了適合未來發展並能推動成長的新產品類別或潛在產品？

The Logitech brand and the engineering technology capabilities within Logitech give us more opportunities than we could ever do. Right now, we're very focused on the pieces that you see on the board. So, we're very, very focused there.

羅技品牌及其工程技術能力為我們提供了比我們自身所能獲得的更多機會。目前，我們非常關注棋盤上的這些棋子。所以，我們非常非常重視這一點。

But we're looking at other things. So, you know that we announced this quarter we bought a very small smartphone cover business. It came with a couple of designers and a cool little design. That was an experiment to see how that market works, and we're testing and understanding that now.

但我們也關注其他方面。你們也知道，我們本季宣布收購了一家規模很小的智慧型手機殼公司。它配備了幾位設計師和一個很酷的小設計。那是一次實驗，目的是了解這個市場是如何運作的，我們現在正在進行測試和了解。

We're also looking at other things all the time, and we certainly are looking at some other categories, but I can't talk about them now, and I don't want to get anybody excited about them. I think we're going to continue to learn. We'll take our shots where we see a really good, strong opportunity. We'll risk manage them well. And in the meantime, we're going to make sure that we transform the business in the categories that are very obvious to you.

我們一直在關注其他方面，當然也關注其他一些類別，但我現在不能談論它們，也不想讓任何人對此感到興奮。我認為我們會繼續學習。我們會抓住真正絕佳的機會出手。我們會妥善進行風險管理。同時，我們將確保在你們顯而易見的幾個方面對業務進行轉型。

Thank you.

謝謝。

Thank you, John.

謝謝你，約翰。

Andy Hargreaves, Pacific Crest.

安迪·哈格里夫斯，太平洋山脊。

Thanks. Just wondering if you would dig into the more frequent product launches a little bit more? And specifically, what are the risks of that strategy? Obviously, it shifts the seasonality a little bit. Is there --? Well, I don't know, just talk about the puts and takes of that a little bit.

謝謝。想問您能否更深入探討產品發布頻率較高的情況？具體來說，這種策略有哪些風險？顯然，這會稍微改變季節性。有沒有 - ？嗯，我不知道，就稍微談談其中的利弊吧。

Sure. I think it's probably a little bit deceiving to say that we're shifting -- we're changing something. We're actually adding something. So, we're not changing our strategy within the core PC peripherals business. It's very much the same. What we're doing is we're adding a strategy to attack the new business areas that we're focused on now. So, especially tablet accessories. That's a business that's fast. There are frequent tablet upgrades, and we need to be in the market. We need to be playing aggressively there, and that's our game plan.

當然。我認為說我們正在轉變——我們正在改變某些東西——可能有點誤導性。我們實際上增加了一些東西。所以，我們不會改變我們在核心PC週邊業務方面的策略。非常相似。我們正在做的，是製定一項策略，以攻克我們目前關注的新業務領域。所以，尤其是平板電腦配件。這是一個發展速度很快的行業。平板電腦更新換代頻繁，我們需要時時關注市場動態。我們需要在那裡採取積極主動的打法，這就是我們的比賽計畫。

In terms of risks, it creates [a broad path]. It is a very different business. So, the life of a tablet is significantly -- first of all, our tablet peripherals so far have been formfitting. And so the life of a tablet is a shorter shelf life. So, we have to manage our phase-in's and phase-out's of new products much better.

從風險角度來看，它創造了[一條寬廣的道路]。這是一個截然不同的行業。所以，平板電腦的壽命很大程度上取決於——首先，到目前為止，我們的平板電腦週邊設備都是貼合機身的。因此，平板電腦的使用壽命較短。因此，我們必須更好地管理新產品的引入和淘汰。

I would say we're learning how to do that. We're getting better and better, and that I think it's very exciting because as we learn how to do that better and better, we're beginning to apply it the rest of our business. So, product line simplification won't have to happen once every three or four years in that business.

我認為我們正在學習如何做到這一點。我們越來越好，我認為這非常令人興奮，因為隨著我們不斷學習如何做得更好，我們開始將其應用到我們業務的其他方面。因此，該行業不必每三、四年就進行一次產品線簡化。

So, yes, I could give you more color than that, but I would say higher frequency of tablet accessory, for example, launches is something you can expect from us, but we're not going to go crazy with it. We're going to focus on making sure we launch really great products consistently on the frequency that the market dictates.

是的，我可以透露更多信息，但我想說的是，平板電腦配件的發布頻率可能會更高，但你們可以期待我們推出更多產品，但我們不會在這方面大肆宣傳。我們將專注於確保按照市場要求的頻率，持續推出真正優秀的產品。

And, can we just take by your commentary that the vast majority of the tablet accessory purchases are made essentially at the time of the tablet purchase?

根據您的評論，我們是否可以認為絕大多數平板電腦配件的購買都是在購買平板電腦的同時進行的？

I'm not sure that's true. It's really a mixed bag.

我不確定這是不是真的。情況真是好壞參半。

OK. The only other question I had was a little bit more on the gross margin. Should we take then that you guys feel really good about where you are in the core and it's just a matter of managing the costs in the remotes business? Tablet business, are you guys comfortable with where the margins are, and it's just a matter of driving volume there? Or, are you trying to improve margins there as well?

好的。我唯一的另一個問題是關於毛利率的。那麼我們是否可以理解為，你們對核心業務的現狀非常滿意，而遠端業務的成本控制只是個問題？平板電腦業務方面，你們對目前的利潤率滿意嗎？現在的問題只是如何提高銷售量？或者，你們也在嘗試提高那裡的利潤率嗎？

So, Andy, I think on the latter point there, one of the things that we talked about on our Investor Day was that the tablet accessories have a gross margin that's a little lower than certainly the PC-related categories. Our goal is to bring that up over time. We actually are making good progress on that. We did in Q1. So, it wasn't just the PC-related categories where our gross margin improved. It was also in tablet accessories.

所以，安迪，關於後一點，我們在投資者日上討論過的一件事是，平板電腦配件的毛利率肯定比 PC 相關類別要低一些。我們的目標是逐步實現這一點。我們在這方面確實取得了不錯的進展。我們在第一季做到了。所以，我們的毛利率提高的不僅是個人電腦相關類別。它也出現在平板電腦配件類別中。

So, that's a category where we see opportunity to continue doing that going forward. It's obviously never going to look like mice, but by the same token we think it can be a very, very profitable business for us. So, yes, it's going to be a combination of continued improvements on the PC peripherals, which is in line with what we said about our goal of maximizing profitability in those categories, combined with continued improvements with the faster growing areas like tablet accessories.

所以，我們認為在這個領域未來還有繼續發展的機會。它顯然永遠不會看起來像老鼠，但同樣地，我們認為這會為我們帶來非常非常豐厚的利潤。所以，是的，我們將結合持續改進 PC 週邊裝置（這與我們之前所說的最大限度地提高這些類別的盈利能力的目標一致），以及持續改進平板電腦配件等增長更快的領域。

OK. Thank you.

好的。謝謝。

(Operator Instructions) Felix Remmers, Credit Suisse.

（操作說明）瑞士信貸 Felix Remmers。

Yes. Hi. Thank you for taking my question. Only two quick questions here. I was wondering if you want to share sales growth CAGR guidance for the remotes business, as you did for all the other product categories during your Investor Day?

是的。你好。感謝您回答我的問題。這裡只有兩個簡單的問題。我想問一下，您是否願意分享遙控器業務的銷售成長複合年增長率 (CAGR) 預期，就像您在投資者日上分享其他所有產品類別的預期一樣？

And then, secondly, I was wondering how confident are you to reach your OpEx guidance for the year of $630 million?

其次，我想知道您對實現今年 6.3 億美元的營運支出目標有多大信心？

Let me answer the latter first. So, our OpEx guidance, as you put it, for the year, we're going to be looking at managing OpEx and gross margin in a coordinated way, as I said in my opening remarks. So, our commitment is we really will make sure that we deliver the guidance of $50 million in profit.

讓我先回答後一個問題。所以，正如你所說，對於我們今年的營運支出指導，我們將著眼於協調管理營運支出和毛利率，正如我在開場白中所說。因此，我們承諾一定會確保實現 5,000 萬美元的利潤目標。

So, if we have higher gross margins, we may invest more in OpEx to see if we can manage the top line better. If the gross margin comes in about where we gave in the original guidance, our OpEx, we'll make sure we deliver the OpEx commitment.

因此，如果我們有更高的毛利率，我們可能會增加營運支出，看看能否更好地控制營收。如果毛利率達到我們最初給出的預期目標，那麼我們的營運支出（OpEx）將確保我們履行營運支出方面的承諾。

On the remotes, yes, that's a very fair question. We aren't going to give you a specific number today, but what I would say is we don't have an expectation of growth this year. We should see -- well, I expect we'll see some decline this year. We're making sure that we've got the right products in the right places so that we can manage the appropriate level of intensity in merchandising and sell-through.

關於遙控器，是的，這是一個非常合理的問題。今天我們不會給出具體數字，但我可以肯定的是，我們預計今年不會有成長。我們應該會看到——嗯，我預計今年會出現一些下滑。我們正在確保將合適的產品放在合適的地方，以便我們能夠控制適當的商品陳列和銷售力度。

So, we're looking at that right now, really going to try to make sure we manage this to improve the profitability equation and get this business in a position where we want to grow it. So, it's got to be profitable in order to grow it. And so, yes, I wouldn't expect growth. We'll probably see some decline there this year, and then we'll position ourselves for later.

所以，我們現在正在研究這個問題，真的要努力確保我們能夠管理好這個問題，以改善獲利狀況，並使這項業務達到我們想要發展的目標。所以，它必須獲利才能發展壯大。所以，是的，我不指望會有成長。今年我們可能會看到那裡的銷量有所下滑，然後我們會為以後的發展做好準備。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Vikram Kumar, TT International.

Vikram Kumar，TT International。

Yes. Hi there. Thanks for the time. Just on that point you just made about OpEx, I'm a bit confused about the strategy on that, because if you look at OpEx to sales for this group, whether it's because of LifeSize or because of operational gearing effects, that's the biggest hit to the margin we've had over the last few years. If we now go to a point where we're more efficient in the way we spend R&D, and we get product release right, we move towards mid-, high-end, and the gross margin blends it up, why should that necessarily then involve you guys having the discretion or a decision to reinvest back into that OpEx? Why don't we let the natural effects of the improving gross margin and some very hard top line defense -- and in some areas, attack -- drop through to you then get that operational leverage back on the OpEx to sales? Because it sounds to me as if you're basically capping your upside to sales. You're saying -- if we do a good job, we'll reinvest back in, because it was hard work getting there, and if we don't do a good job, well, OK. Fine. We admit we should take some costs out.

是的。你好呀。感謝您抽出時間。關於您剛才提到的營運支出，我對這方面的策略有點困惑，因為如果您看一下該集團的營運支出與銷售額之比，無論是由於 LifeSize 還是由於營運槓桿效應，這都是過去幾年裡我們對利潤率的最大打擊。如果我們現在能夠更有效地利用研發資源，而產品發布也做得更好，我們向中高端市場邁進，毛利率也隨之提高，那麼為什麼你們就一定有權決定是否將研發投入再投資到營運支出中呢？為什麼我們不讓毛利率提高的自然效應以及一些非常強硬的收入防禦措施（在某些領域甚至是進攻措施）惠及您，從而讓您重新獲得營運支出對銷售額的槓桿作用呢？因為聽起來你好像基本上限制了銷售的成長空間。你的意思是──如果我們做得好，我們會重新投資，因為走到今天這一步很不容易；如果我們做得不好，那也沒關係。美好的。我們承認應該削減一些成本。

I don't see why it's a tradeoff there.

我不明白為什麼這需要權衡取捨。

Yes, I think that's a very fair interpretation, Vikram. Let me be really clear. Any increase or change in our commitment, our guidance for OpEx, because we saw how our gross margin, would be a temporary thing. So, when we talked about our fiscal year '15/fiscal year '16 guidance, we're very committed to that, and we think we can deliver that.

是的，我認為這是一個非常合理的解釋，維克拉姆。讓我把話說清楚。因為我們看到毛利率只是暫時的，所以我們對營運支出的承諾和指導方針的任何增加或改變。所以，當我們談到 2015 財年/2016 財年的業績指引時，我們對此非常堅定，並且我們認為我們能夠實現這一目標。

As you might guess, we're always looking at more cost savings opportunity in every line, but especially in OpEx. So, we're going to continue to guide it.

正如您可能猜到的那樣，我們一直在各個方面尋找更多的成本節約機會，尤其是在營運支出方面。所以，我們會繼續引導它。

But in the short-term basis, we're certainly going to look at whether we should be investing more to drive the top line better. And if we see stronger gross margin, we may do that. But, don't misinterpret it. It's not a conclusion that we should have a higher level of spending in OpEx in the fiscal year '15/fiscal year '16 guidance we gave at Analyst and Investor Day.

但就短期而言，我們肯定會考慮是否應該增加投資，以更好地推動營收成長。如果毛利率走強，我們可能會這樣做。但是，請不要誤會我的意思。這並不意味著我們應該在分析師和投資者日上給出的 2015 財年/2016 財年營運支出指引中提高支出水準。

Yes, because ultimately we're still talking about a business that even in your targets we're talking about low, mid-single digit EBIT margin, and this year the $50 million-plus EBIT that people are expecting is very low single-digit. So, from my point of view, if we do a good job defending revenue better than the cynics expect and we get the added kicker of the gross margin -- whether it's mix or price, whatever that's driving it -- you want to see that dropping through, given I guess that inefficient on OpEx to sales. That would be my viewpoint. More of a statement than a question, to be honest.

是的，因為歸根結底，我們談論的仍然是一家即使在你們的目標中，息稅前利潤率也只有個位數低段的企業，而今年人們預期的 5000 萬美元以上的息稅前利潤也只是個位數低段。所以，從我的角度來看，如果我們能比那些憤世嫉俗的人預期的更好地捍衛收入，並且我們還能獲得毛利率的額外增長——無論是產品組合還是價格，無論是什麼因素驅動的——你都會希望看到毛利率下降，因為我認為營運支出對銷售額的影響並不大。我的觀點也是如此。說實話，這與其說是一個問題，不如說是一個陳述。

Yes, I appreciate your view. But I guess the thing I'd add is if you look at the split of our OpEx G&A, R&D, and sales and marketing, where you're seeing it right now is the sales and marketing line. That's a discretionary line we make a choice in. To your point, we can choose to do it or choose not to do it, and it really will be dependent on whether we feel like it's merited over the next quarter or two or three. But I think over the mid- and long term, our expectation is we're going to deliver the kind of OpEx that we should be delivering for a business the size we are. So, if you look at our Analyst and Investor Day commitments, I think those are the kinds of levels of OpEx we think we should be.

是的，我贊同你的觀點。但我想補充的是，如果你看一下我們的營運支出、一般管理費用、研發費用以及銷售和行銷費用的組成，你會發現目前佔比最高的是銷售和行銷費用。這是我們可自由選擇的一條線。正如你所說，我們可以選擇做，也可以選擇不做，這真的取決於我們是否覺得在接下來的一個季度、兩個季度或三個季度內這樣做是值得的。但我認為，從中長期來看，我們期望能夠實現我們這樣規模的企業應該達到的營運支出水準。所以，如果你看看我們在分析師日和投資者日上的承諾，我認為這些就是我們應該達到的營運支出水準。

OK.

好的。

Thanks, Vikram.

謝謝你，維克拉姆。

Thank you. As there are no further questions, that concludes our conference call for today. You may now all disconnect. Thank you.

謝謝。由於沒有其他問題，今天的電話會議到此結束。現在你們都可以斷開連結了。謝謝。