羅技 (LOGI) 2014 Q2 法說會逐字稿

Good day and welcome to the Logitech second-quarter financial results conference call. (Operator Instructions). This call is being recorded for replay purposes and may not be reproduced in whole or in part without written authorization from Logitech. I would like to introduce your host for today's call, Mr. Joe Greenhalgh, Vice President of Investor Relations and Corporate Treasurer at Logitech.

大家好，歡迎參加羅技第二季財務業績電話會議。（操作說明）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。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副總裁兼公司財務主管喬·格林哈爾格先生。

Welcome to the Logitech conference call to discuss the Company's financial results for the second quarter, ended September 30, 2013. The press release, our prepared remarks and slides, as well as the 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 and they will not be read on this call.

歡迎參加羅技公司關於截至 2013 年 9 月 30 日的第二季財務業績的電話會議。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，因此不會在本次電話會議上宣讀。

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 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聲明，包括根據 1995 年證券訴訟改革法案安全港條款作出的有關未來經營業績的前瞻性聲明。前瞻性陳述涉及風險和不確定性，實際結果可能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 subsequent filings, which are available online on the SEC EDGAR database, and in the final paragraph of the press release and prepared remarks from Logitech, reporting second-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 日發布的 10-K 表格年度報告及其後續文件中列出的因素（這些文件可在 SEC EDGAR 數據庫中在線查閱），以及羅技公司在發布 2014 財年第二季度財務業績的新聞稿和準備的最後一段文章的最後一段。

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觀點，本公司不承擔因新情況或其他原因而更新或修改任何前瞻性陳述的義務。

Please note that today's call will include results reported on both a GAAP and a non-GAAP basis. Non-GAAP reporting is provided to help you better understand our business. However, non-GAAP financial results are not meant to be considered in isolation or as a substitute for, or superior to, GAAP results. You should be aware that non-GAAP measures have inherent limitations and should be used only in conjunction with Logitech's consolidated financial statements prepared in accordance with GAAP.

請注意，今天的電話會議將包括根據美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 報告的績效。我們提供非GAAP財務報告，以幫助您更了解我們的業務。然而，非GAAP財務結果不應被孤立地看待，也不應被視為GAAP結果的替代或優於GAAP結果。您應該了解，非GAAP指標有其固有的局限性，只能與羅技依照GAAP編製的合併財務報表一起使用。

Our press release includes a table detailing the non-GAAP measures, together with the corresponding GAAP numbers and a reconciliation to GAAP. You can also find this information posted on our investor relations website. The slides that accompany this call include both GAAP and non-GAAP measures and are also available on our investor relations website. We encourage listeners to review these items.

我們的新聞稿包含一張表格，詳細列出了非GAAP指標，以及對應的GAAP資料和與GAAP的調節表。您也可以在我們的投資者關係網站上找到這些資訊。本次電話會議的投影片包含 GAAP 和非 GAAP 指標，也可在我們的投資者關係網站上取得。我們鼓勵聽眾查看這些內容。

This call is being recorded and will be available for replay on the Logitech website. Joining us for the call today are Bracken Darrel, President and Chief Executive Officer, and Vincent Pilette, Senior Vice President Finance and Chief Financial Officer. I'd now like to turn the call over to Bracken.

本次通話將會被錄音，錄音內容將在羅技網站上提供回放。今天參加電話會議的有總裁兼執行長 Bracken Darrel，以及資深副總裁兼財務長 Vincent Pilette。現在我想把電話交給布雷肯。

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

謝謝你，喬，也謝謝各位的參與。

With two quarters behind us we are on track in our turnaround. We've significantly increased operating profitability and the signs generally look good inside our growth businesses. Total sales declined by 3% in Q2 and by 1% on a year-to-date basis, better in both cases than expectations at the start of the year. Our operating income doubled on a non-GAAP basis in the first half. We are ahead of our own expectations so far this year, but it's still early in our first turnaround year.

兩個季度過去了，我們的扭虧為盈計畫進展順利。我們的營運獲利能力顯著提高，而且我們成長型業務的整體發展狀況良好。第二季總銷售額下降了 3%，年初至今下降了 1%，但這兩個數字都比年初的預期好。上半年，我們以非GAAP準則計算的營業收入翻了一番。今年到目前為止，我們的業績超出了預期，但這仍然是我們第一個轉型年的初期。

A few comments before we open for questions.

在正式開始提問之前，我想先說明幾點。

The sales growth of our tablet accessories slowed in Q2, but don't confuse that with the slowing in our underlying business at the consumer level. We are looking very strong in market share around the world in tablet accessories. As I mentioned could be the case during last quarter's call, our sales don't reflect this growth because of the timing of our new product launches.

第二季我們平板電腦配件的銷售成長放緩，但不要將此與我們面向消費者的基礎業務的放緩混淆。我們在全球平板電腦配件市場佔有率方面表現非常強勁。正如我在上個季度電話會議上提到的那樣，由於新產品上市的時間安排，我們的銷售額並沒有反映出這種成長。

Back in Q1 we launched a number of new tablet accessories. We held back in Q2 while we waited for what we expected would be a late-quarter release of the next-generation iPad. When the iPad launch moved to Q3 so did our launches. Meanwhile, we launched our first folios for Samsung tablets. I'm very pleased with the improvements we've made to accelerate our time to market in the tablet accessories category.

今年第一季度，我們推出了一系列新的平板電腦配件。第二季我們按兵不動，等待下一代 iPad 在本季末發布。iPad 的發佈時間推遲到了第三季度，我們的產品發布也隨之推遲了。同時，我們推出了首款適用於三星平板電腦的保護殼。我對我們在平板電腦配件領域為加快產品上市速度所做的改進感到非常滿意。

And the benefits from those improvements will soon become visible. We'll be in the market faster than we've ever been and I suspect you will find our products around the world surprisingly soon.

這些改進帶來的好處很快就會顯現出來。我們將以前所未有的速度進入市場，我估計您很快就會在世界各地看到我們的產品。

I'm also very pleased with the sales of our wireless speakers, which more than doubled in the first half of fiscal 2014 compared to the prior year. Our star performer has been the UE Boom, which continues to generate strong demand. Earlier this month we launched the UE Mini Boom, which strengthens our portfolio of mobile speakers.

我對我們的無線揚聲器的銷售情況也非常滿意，2014 財年上半年銷售量比上年同期增長了一倍多。我們表現最出色的產品是 UE Boom，它持續產生強勁的需求。本月初，我們推出了 UE Mini Boom，進一步豐富了我們的行動揚聲器產品線。

Our gaming category also delivered double-digit sales growth through the first half of the year, with solid growth in the Americas and Asia Pacific. Our results in the category in EMEA were the only disappointment in our Q2, driven by sales executions in Germany, our largest market in the region. While I believe it will take us several quarters to fully implement the improvements, we understand what needs to be done and we have begun to make progress.

今年上半年，我們的遊戲類產品也實現了兩位數的銷售成長，其中美洲和亞太地區的成長尤為強勁。在第二季度，我們在歐洲、中東和非洲地區的該品類業績是唯一令人失望的，這主要是由於我們在該地區最大的市場——德國的銷售執行情況不佳。雖然我相信我們需要幾個季度的時間才能完全落實這些改進措施，但我們明白需要做什麼，並且已經開始取得進展。

The pointing device and keyboard and desktop categories both delivered sales growth through the first half of the year, performing better than we had anticipated when the year began. I'm very pleased with these results, but we are not planning for a sustained momentum in the coming quarters, given our expectation for a declining PC market.

今年上半年，指點設備和鍵盤以及桌上型電腦類別的銷售額均實現成長，表現優於年初的預期。我對這些結果非常滿意，但鑑於我們預計個人電腦市場將會下滑，我們並不打算在接下來的幾季維持這種成長勢頭。

While the first-half performance of our LifeSize business has been a disappointment, we moved quickly and decisively to improve the situation. In Q2 we replaced the leader and brought back LifeSize's founder, Craig Malloy. In the past two months he implemented an aggressive restructuring which included a broad-based reduction in staffing levels, a rationalization of the product portfolio and a refocusing of the development of priorities. We took these actions with the primary goal of achieving sustainable profitability this fiscal year, and I believe we'll get there.

雖然我們 LifeSize 業務上半年的業績令人失望，但我們迅速果斷地採取了行動來改善這種情況。第二季度，我們更換了領導人，並請回了 LifeSize 的創辦人 Craig Malloy。在過去的兩個月裡，他實施了一項積極的重組計劃，其中包括大規模裁員、產品組合合理化以及重新調整發展重點。我們採取這些行動的主要目標是在本財年實現可持續獲利，我相信我們能夠實現這一目標。

Before wrapping up my comments I'd like to let our new CFO, Vince Pilette, provide a short introduction. I interviewed many candidates and Vincent brought the perfect combination of big-company experience and a small-company action mindset. Vincent?

在結束我的演講之前，我想請我們的新任財務長文斯·皮萊特做個簡短的介紹。我面試了很多候選人，Vincent 完美地結合了大公司的經驗和小公司的行動思維。文森？

Thank you, Bracken. I'm very excited to be part of this turnaround. In the first half of this fiscal year we delivered better-than-expected non-GAAP gross margin of 36%, driven by product mix. We took the right steps to lower our cost structure across all functions, reducing our first-half non-GAAP operating expenses as a percent of sales by 120 basis points, creating operating leverage. As a result, we doubled our first-half non-GAAP operating profit margin to 4.9% of sales, with a 7% operating profit margin, in Q2.

謝謝你，布雷肯。我很興奮能參與這個轉型過程。在本財年上半年，由於產品組合的最佳化，我們實現了高於預期的非GAAP毛利率36%。我們採取了正確的措施來降低所有職能部門的成本結構，將上半年非GAAP營運費用佔銷售額的百分比降低了120個基點，從而創造了營運槓桿。因此，我們上半年的非GAAP營業利潤率翻了一番，達到銷售額的4.9%，第二季營業利益率為7%。

We are making good progress, but more work lies ahead, as we are still in the early stages of our three-year turnaround plan. I'm looking forward to working with the Logitech team and with all of you within the shareholder community.

我們取得了良好的進展，但前方還有更多工作要做，因為我們仍處於三年轉型計畫的早期階段。我期待與羅技團隊以及各位股東攜手合作。

Thanks, Vincent.

謝謝你，文森。

We are re-confirming our fiscal 2014 outlook of approximately $2b in sales and GAAP operating income of $50m, which now includes $13m of costs related to restructuring that were not anticipated when we first provided the full-year outlook. Our outlook is based on the prudent assumption that the sales performance of our PC peripherals will not be sustainable in the face of a double-digit PC market decline.

我們再次確認 2014 財年銷售額約為 20 億美元，GAAP 營業收入約為 5,000 萬美元，其中現在包括 1,300 萬美元的重組相關成本，這些成本在我們最初提供全年展望時並未預料到。我們的展望是基於一個審慎的假設，在個人電腦市場兩位數下滑的情況下，我們的個人電腦週邊的銷售業績將無法持續。

On a non-GAAP basis our operating income is expected to be approximately $100m, an increase of $13m compared to the previously-expected non-GAAP operating income.

以非GAAP準則計算，我們的營業收入預計約為1億美元，比先前預期的非GAAP營業收入增加1,300萬美元。

As I mentioned at the start I'm pleased with the progress we've achieved through the first half of fiscal 2014, both in transforming our P&L and in transforming Logitech as a company. Although we have more work in front of us I'm confident that we are shaping a faster and more profitable Logitech, as demonstrated by the increase in our outlook for fiscal-year 2014 profitability. I'm confident we'll first turn the Company's profitability and growth around, and then turn this into a great company again.

正如我在開頭提到的，我對我們在 2014 財年上半年的進展感到滿意，無論是在改善損益表方面，還是在改變羅技公司方面。儘管我們面前還有更多工作要做，但我相信我們正在打造一個發展更快、盈利能力更強的羅技，正如我們提高了 2014 財年盈利預期所證明的那樣。我有信心，我們首先能夠扭轉公司的獲利和成長頹勢，然後讓公司再次成為一家偉大的公司。

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

現在我和文森可以回答您的問題了。請遵照操作員的指示。

(Operator Instructions). [Alex Rah], Exane.

（操作說明）[Alex Rah]，Exane。

Hi. Hi, good morning. I just wanted to ask about how you feel about your inventory level going into the current quarter, considering a significant product transition at Apple, for instance. That would be one.

你好。您好，早安。我想問一下，考慮到蘋果正在進行重大的產品轉型，您對本季的庫存水準有何看法。那算一個。

And, second, also you've commented in the past that you wanted to make Logitech more nimble and faster to react to new product introduction. How long do you think you may need to put together new keyboards for new recently-announced tablets? That would be extremely helpful, thank you.

其次，您過去也曾表示，希望羅技能更靈活，更快對新產品的推出做出反應。您認為組裝新發布的平板電腦所需的鍵盤可能需要多長時間？那將非常有幫助，謝謝。

Okay, thanks, Alex. First, in terms of inventory level I feel good about where we are as we go from Q2 to Q3. We are -- we normally would have an inventory build going into Q3 ahead of the holiday season and I think we are in very good shape across the board. We could go through it by region, but I don't think there's probably a need to do that. Suffice to say I feel good about where we are. I do think we continue to have room in inventory to continue to get more efficient, but we'll look at that over time.

好的，謝謝你，Alex。首先，就庫存水準而言，我對我們從第二季到第三季的狀況感到滿意。我們通常會在第三季假期前增加庫存，我認為我們目前各方面的情況都非常好。我們可以按地區進行分析，但我認為可能沒有必要這樣做。總之，我對我們目前的狀況感到滿意。我認為我們的庫存還有提升空間，可以繼續提高效率，但我們會隨著時間的推移再做決定。

On the iPad I'm -- we're not announcing anything today, but stay tuned. Don't confuse PR with real performance. We will be in the market surprisingly soon and I'll leave it at that.

在 iPad 上——我們今天不會宣布任何事情，敬請期待。不要把公關宣傳和實際業績混為一談。我們很快就會進入市場，我就說到這裡吧。

All right. It's -- does this mean before Christmas by any chance, or that's the target at least?

好的。這——這是否意味著會在聖誕節前完成，或者至少這是目標日期？

I think it's safe to say we'll be in the market very soon and --

我認為可以肯定地說，我們很快就會進入市場——

Okay, yes.

好的，是的。

-- certainly ought to be before Christmas.

——肯定應該在聖誕節前完成。

Got you, thank you very much.

明白了，非常感謝。

Paul Coster, JPMorgan.

Paul Coster，摩根大通。

Yes, thanks for taking my question. Bracken -- excuse me. I may be a little picky here, but in your prepared remarks you talked about the first turnaround year. What does that mean and when do you expect to return to growth?

是的，謝謝您回答我的問題。布雷肯——不好意思。我可能有點吹毛求疵，但在你準備好的演講稿中，你談到了第一個扭虧為盈的年份。這意味著什麼？您預計何時恢復成長？

I don't think you're being picky. I think the -- it's a fair comment. When we described first turnaround year we are really referring to the analyst and investor day of our three-year view of what we are trying to accomplish financially. And we're really anchored. We [really] talked about the first year, which was this year, and the third year, which was 2016. And then the fiscal-year 2015 was just a placeholder in between. So this is our first year and you can look at those -- look at that set of projections as what we are trying to accomplish from a turnaround.

我覺得你不算挑剔。我認為——這是一個合理的評論。當我們描述第一個轉型年時，我們實際上指的是分析師和投資者對我們三年財務目標的展望。我們真的穩住了。我們（真的）談到了第一年（也就是今年）和第三年（也就是 2016 年）。而 2015 財政年度只是一個過渡年份。所以這是我們第一年，你可以看看這些——看看這組預測，它們代表了我們試圖透過扭虧為盈來實現的目標。

Got it. The tablet accessories are not a major portion of your business at the moment, so the concentration risk maybe is not that great with respect to Apple. But maybe it will increase in time if you are successful. Can you talk to us a little bit about how you stay close to Apple and mitigate the risks of missing out on a product cycle or misunderstanding their product?

知道了。目前平板電腦配件並不是您業務的主要部分，因此相對於蘋果而言，集中風險可能並不大。但如果你成功了，也許隨著時間的推移它會增加。您能否談談您如何與蘋果保持密切聯繫，並降低錯過產品週期或誤解其產品的風險？

Our IQ has gone up exponentially since we started into this about a year -- a little over a year and a half ago. First, Apple shares no information directly with us. They are as secretive as you hear and we respect that. And I think it creates a very fair and level playing field for all the competitors in the market that create tablet accessories. But we are working very hard to understand and predict what Apple will try to do with their next generation of products based on what they've done with the last one.

自從我們大約一年半前開始做這件事以來，我們的智商呈指數級增長。首先，蘋果公司不會直接與我們分享任何資訊。他們確實像你聽到的那樣行事隱秘，我們對此表示尊重。我認為這為市場上所有生產平板電腦配件的競爭者創造了一個非常公平的競爭環境。但我們正在努力了解和預測蘋果根據其上一代產品的做法，將在下一代產品中嘗試做些什麼。

And I would say our IQ has proven to be better and better and better. This is probably the best on yet. We feel like we really understood where this was going but, honestly, they can always come in with a surprise. So there are no guarantees in this world. We are just going to keep trying to raise all the intelligence we have about what Apple and -- as well as other tablet accessory makers are -- or tablet makers are doing. And I think we'll continue to improve there and, therefore, become faster and faster to market.

而且我認為，我們的智商已經越來越高了。這可能是目前為止最好的一個。我們覺得自己真的明白了事情的走向，但說實話，他們總是能帶給我們驚喜。所以，這世上沒有什麼是絕對有保障的。我們將繼續努力，收集我們所掌握的關於蘋果公司以及其他平板電腦配件製造商或平板電腦製造商正在做的事情的所有資訊。我認為我們會繼續在這方面改進，因此，產品上市速度也會越來越快。

Okay. And the last question is what was the problem in Germany. Is there a broader lesson regarding the rest of the regions?

好的。最後一個問題是，德國究竟出了什麼問題。對於其他地區而言，是否有更廣泛的借鏡意義？

In Germany -- I'm not sure there's a broader lesson for the other regions. We just mis-executed on our gaming approach and we really took a good strong hit in terms of, overall, our distribution levels, our levels of promotions were too low etc. So we've rectified that. We're -- as we go into Q3 I think we've got the right kind of plans in place and we are doing other things to make sure that we are in a position in Germany to get our gaming business back to where it really ought to be.

在德國——我不確定這是否對其他地區有更廣泛的借鏡意義。我們在遊戲策略上執行失誤，導致整體分銷水準、促銷力度等各方面都遭受了沉重打擊。所以我們已經修正了這個問題。進入第三季度，我認為我們已經制定了正確的計劃，並且我們正在採取其他措施，以確保我們在德國能夠使我們的遊戲業務恢復到應有的水平。

Okay, got it. Thank you.

好的，明白了。謝謝。

Thank you.

謝謝。

Youssef Essaegh, Barclays.

Youssef Essaegh，巴克萊銀行。

Hi, thank you for taking my question. Actually, it's two of them. The first one is regarding the tablet business. So you were boosted in the first quarter by the introduction of the new [keyboard-less] accessories, but sales were up just 3% year on year -- sorry, I meant fiscal second quarter. This quarter will benefit from the launch of the new iPads on Christmas, hopefully, but the -- my worry is actually about the speed at which these cycles start and end.

您好，感謝您回答我的問題。實際上，是兩個。第一個問題與平板電腦業務有關。所以，第一季由於推出了新的[無鍵盤]配件，你們的業績有所提升，但銷售額同比增長僅為 3%——抱歉，我指的是第二財季。希望本季能受益於聖誕節期間新款 iPad 的發布，但是——我真正擔心的是這些週期開始和結束的速度。

It seems like in just a single quarter you are going to be launching a product and then you will be selling a lot of it, and then it's going to die by the end of the quarter. So how do you expect the inventory management to be to these regards going forward?

似乎你只需要一個季度就能推出一款產品，然後賣出很多，但到了季度末，這款產品就會消失。那麼，您預計未來庫存管理在這方面會如何發展？

And my second question is regarding the restructuring charges, given now you try and give more numbers with and without all the non-cash expenses. If you can help us with a little bit of guidance for [this source the] second half of 2014. Thank you.

我的第二個問題是關於重組費用的，因為現在您試圖給出包含和不包含所有非現金支出的更多數字。如果您能為我們提供一些關於[此來源]2014年下半年的指導，我們將不勝感激。謝謝。

I'm going to take the first one and I'm going to let Vincent handle the second question.

我來回答第一個問題，第二個問題就交給文森來回答吧。

First of all, in terms of inventory management in what is unquestionably a much faster-cycle business in tablets than the ones we're used to, I would say if you'd asked that question a year and a half ago the answer was we are treating this business like our -- the rest of our business, where we're -- the tablets are on a fast cycle, but we're not. So that doesn't work very well long term and, therefore, we've changed ourselves inside dramatically.

首先，就庫存管理而言，平板電腦業務的周期無疑比我們以往的業務快得多。如果一年半前你問這個問題，我的回答是，我們對待這項業務的方式與我們對待其他業務的方式一樣——平板電腦的周期很快，但我們並沒有這樣做。所以從長遠來看，這種方法效果並不好，因此，我們內部發生了巨大的變化。

Now, as we go through and look at what we think is a much faster cycle, what I can tell you is I don't think it's a quarterly cycle. I think it's a six-month cycle. I also don't think every tablet will completely change shape and form every six months. If it gets to that we'll deal with it, but I doubt it. So it's not quite as accelerated as what you described.

現在，當我們審視我們認為速度快得多的週期時，我可以告訴你們的是，我認為它不是季度週期。我認為這是一個六個月的周期。我也不認為每六個月平板電腦都會徹底改變形狀和外觀。如果真到了那一步我們會處理，但我懷疑不會。所以它的速度並沒有你描述的那麼快。

What I can say is we're -- we've learned a tremendous amount about how to transition in the context of this business both in terms of phasing out the old and, maybe more important, in terms of bring out the new fast and broad. And so I feel quite good right now about what we've got to and I don't -- I'm not worried by the transition process that comes with the tablet accessory business.

我可以說的是，我們已經學到了很多關於如何在這個行業中進行轉型的知識，包括逐步淘汰舊事物，以及（也許更重要的是）快速、廣泛地推出新事物。所以，我現在對我們所取得的成就感到非常滿意，我並不擔心平板電腦配件業務帶來的轉型過程。

Hi, Youssef, this is Vincent. I will follow up on the GAAP/non-GAAP guidance. So we've confirmed our GAAP operating income guidance of $50m, which now includes $13m of restructuring charges that were not planned when we initially re-confirmed our guidance back in the spring.

你好，優素福，我是文森。我將跟進GAAP/非GAAP準則的相關事宜。因此，我們確認了 GAAP 營業收入預期為 5000 萬美元，其中現在包括 1300 萬美元的重組費用，這筆費用在我們最初於今年春季重新確認預期時並未計劃在內。

And then on a non-GAAP basis we have raised our full-year operating income guidance 15%, to $100m. And the delta between GAAP and non-GAAP, as you know, excludes stock-based comp, amortization of intangibles and year-to-date restructuring.

然後，按照非GAAP準則，我們將全年營業收入預期提高了15%，達到1億美元。如您所知，GAAP 和非 GAAP 之間的差額不包括股票選擇權激勵、無形資產攤銷和年初至今的重組。

Thanks. Specifically for the restructuring can you give a little bit more detail, or --?

謝謝。關於重組的具體細節，您能否提供更多資訊？

So most --

所以大多數——

And I'm fine if you prefer not to.

如果你不想去，我也沒意見。

Yes. No, absolutely. Most of the restructuring is linked to what Bracken mentioned around LifeSize. Craig Malloy took quick actions to reduce the overall cost structure, re-position the portfolio and $11m of that $13m is linked to the LifeSize activities to re-position the business.

是的。不，絕對的。大部分重組都與布雷肯提到的 LifeSize 有關。Craig Malloy 迅速採取行動降低整體成本結構，重新調整產品組合，其中 1,300 萬美元中有 1,100 萬美元與 LifeSize 活動有關，旨在重新定位業務。

I like to think of what Craig did at LifeSize is very similar to what we did here several quarters ago, which was to really shrink the overall size of the G&A, or the overhead, to the size of the business. And I think he's done a great job and I think they are in a much better position right now.

我認為 Craig 在 LifeSize 所做的工作與我們幾個季度前在這裡所做的工作非常相似，那就是真正地將 G&A（一般及行政費用）或管理費用的總體規模縮減到與業務規模相匹配的水平。我認為他做得非常出色，他們現在的處境好多了。

Thank you.

謝謝。

Tavis McCourt, Raymond James. (Operator Instructions).

Tavis McCourt，Raymond James。（操作說明）

Thanks. Thanks very much for taking my questions. Actually, I had three of them. Bracken, I wonder if you could differentiate this year's audio launches from last year's. So we had a bunch of audio launches last year and then they petered out towards the back half of the fiscal year. What kind of sell-through trends would give you confidence today that that doesn't repeat itself?

謝謝。非常感謝您回答我的問題。實際上，我有三個。布雷肯，我想知道你能否區分今年的音響產品發表會和去年的發表會。所以去年我們推出了一系列音響產品，但到了財年下半年，這些產品就逐漸停產了。如今什麼樣的銷售趨勢才能讓你確信情況不會重演？

Secondly, I wonder if you could share any tablet keyboard share data. It certainly appears that whatever impending competition had been out there seems to be getting less relevant. But I wanted to know if you had any share data related to that.

其次，我想知道您是否可以分享一些平板電腦鍵盤共享資料。顯然，之前存在的競爭似乎正在變得越來越不重要。但我很想知道您是否有任何與此相關的股票數據。

And then finally, Vincent, as working capital appears to be a focus here, remind us of what you believe the cash position of the Company needs to be and at what point does it start to make sense talking about re-deploying some of the free cash flow beyond the current dividend payment? Thanks.

最後，Vincent，鑑於營運資金似乎是這裡的重點，請您提醒我們，您認為公司的現金狀況需要達到什麼水準？以及在什麼情況下，討論將部分自由現金流重新部署到當前股息支付之外才有意義？謝謝。

Okay, let me -- those are interesting questions. So, first, in terms of audio launch differences one thing that -- one of the most valuable things you can do in a company is make sure you are learning aggressively from what you did before. And we learned so much last year from the way we executed [the] strategy we had in the music business.

好的，讓我來回答吧——這些問題很有趣。首先，就音訊發布差異而言，有一點——在公司裡你能做的最有價值的事情之一就是確保你積極地從以前所做的事情中學習。去年，我們從執行音樂產業策略的方式中學到了很多。

You know that what we did last year was we launched across a whole -- a very wide array of music products, from headphones to speakers. And we had a lot of different items in them. And what we learned was, boy, it's very difficult to win a war on so many fronts at the same time, especially when you are trying to invent a business there. So we took our lumps last year, honestly, and we learned. And we've really focused and we are really focused on Bluetooth speakers this year.

你知道，我們去年推出的產品涵蓋範圍非常廣泛，從耳機到揚聲器，應有盡有。裡面有很多不同的物品。我們從中得到的教訓是，要同時在這麼多戰線上贏得戰爭是非常困難的，尤其是當你試圖在那裡開創一項事業的時候。所以，老實說，我們去年吃了不少苦頭，也學到教訓了。今年我們確實非常重視藍牙音箱，而且我們將繼續專注於藍牙音箱領域。

And so far -- you asked about the underlying consumption trends -- consumer trends -- they look very good. We are -- we have very, very strong growth there in real sell-out consumption, where consumers are walking out, so comparable or better than what we said we would do at the analyst and investor day on a year-in year-out. So I feel quite good about that.

到目前為止——你問到了潛在的消費趨勢——消費者趨勢——看起來非常好。我們——我們在實際售罄消費方面實現了非常非常強勁的成長，消費者直接走出店門，這與我們在分析師和投資者日上所說的同比目標相當甚至更好。所以我對此感覺相當不錯。

On the tablet keyboard share data, without being too specific, although we could be -- it's broadly available. The tablet keyboard shares are starting to look a lot like our shares of some many of our other categories where we're really moving into strong leadership positions. And it varies by market around the world, but generally speaking it's -- we have very strong shares and we feel very good about them so far. Now Vincent.

在平板電腦鍵盤上共享數據，無需過於具體，儘管我們可以說得更具體一些——它已廣泛可用。平板電腦鍵盤的市場份額開始與我們在其他許多類別中的市場份額非常相似，我們在這些類別中正真正取得強大的領導地位。世界各地市場情況不盡相同，但總的來說——我們的股票表現非常強勁，到目前為止我們對它們的表現非常滿意。現在是文森特。

Yes. So in terms of working capital first I would like to talk about what we did in the quarter. We definitely continued to improve our overall collection. You've seen in the prepared remarks that DSO went down 3 days to 44 days, an improvement in our AR position. Similarly, we've optimized our inventory position and continue to make it more efficient. Inventory in turns increased to 4.8 turns. And then the last piece is we've de-risked a little bit our position on DPO, which on the high end, to give us a little bit more working capital flexibility as we'll continue to move forward.

是的。首先，關於營運資金，我想談談我們本季所做的工作。我們的整體藏品品質確實持續提升。從準備好的發言稿中可以看出，DSO 減少了 3 天，降至 44 天，這改善了我們的應收帳款狀況。同樣，我們已經優化了庫存狀況，並將繼續提高其效率。庫存週轉次數增加到 4.8 次。最後一點是，我們降低了DPO（應付帳款）的部位風險，使其處於較高水平，以便我們在繼續前進的過程中擁有更大的營運資金靈活性。

The Company has a good cash position and has always been a very good cash generator from an operations perspective. We delivered $15m of cash from ops this quarter. And on an annual basis we're trending pretty much in line with non-GAAP operating profit.

公司現金狀況良好，從營運角度來看，一直都是非常優秀的現金創造企業。本季我們從營運中獲得了 1500 萬美元的現金流。從年度來看，我們的趨勢與非GAAP營業利潤基本一致。

When in terms of the working capital needed I just want to remind the strategy, so the overall strategy is to keep somewhat around 15% to 20% of cash for -- of sales for cash for just working capital. Secondly, the Company continues to look for M&A opportunities, [taxing] opportunity into our overall strategy and accelerate our move towards mobility.

關於所需的營運資金，我只想提醒一下策略，所以整體策略是保持銷售額的 15% 到 20% 左右作為營運資金。其次，公司將繼續尋找併購機會，將併購機會納入我們的整體策略，並加速向行動化轉型。

And then third, as you know from the past, the Board has used almost all tools to return cash to shareholders. In the past they had a buyback program. Last quarter we just paid $36m dividend. And I think on the on-going basis the Board will look at the overall cash balance, the overall strategy and what needs or could be returned to shareholders.

第三，正如您從過去所了解的，董事會幾乎動用了所有手段來向股東返還現金。過去他們曾推行回購計畫。上個季度我們剛剛支付了3600萬美元的股息。我認為，董事會將持續關注整體現金餘額、整體策略以及需要或可以返還給股東的事項。

Okay, thanks very much.

好的，非常感謝。

John Bright, Avondale Partners.

John Bright，Avondale Partners。

Thank you. Bracken, relative to PC units your mice sales have performed well. Is this due to increased purchases by businesses versus consumers? And, if that's the case, do you have a particular channel or channels that maybe are focused on the business consumer that are doing better for mice sales?

謝謝。布雷肯，相對於個人電腦而言，你們的滑鼠銷售表現良好。這是因為企業採購量增加而非消費者採購量增加所致嗎？如果情況確實如此，您是否有一些專門針對企業消費者的管道，在滑鼠銷售方面表現更好？

John, there's no magic to this number right now. At the end of the day our mice sales so far have been pretty correlated with PC sales. And PC sales have been weak and, therefore, as we look into the back half of the year we don't expect that we'll continue to have this kind of sales growth in our sales performance in mice. The PC market right now is down 11% and we expect that our -- the overall PC platform products will not perform like they did in the first half.

約翰，這個數字現在沒有什麼神奇之處。歸根結底，到目前為止，我們的滑鼠銷量與PC銷量相當相關。個人電腦的銷售一直疲軟，因此，展望下半年，我們預計滑鼠的銷售業績不會繼續保持這種成長勢頭。目前個人電腦市場下滑了 11%，我們預期我們的整體個人電腦平台產品不會像上半年那樣表現出色。

Now that said, to answer your question very specifically, the -- no, there's no specific channel that's into the business channel that's outperformed the consumer market. Certainly, it's done a little bit better, but I think overall we're certainly pleased with what we saw in the first half, particularly given the weakness of the PC platform, but we definitely don't expect that to continue in the second half.

也就是說，為了更具體地回答你的問題，——不，沒有一個特定的商業管道的表現優於消費者市場。當然，情況有所好轉，但我認為總體而言，我們對上半年的表現感到滿意，特別是考慮到 PC 平台的疲軟，但我們絕對不指望這種情況能在下半年繼續下去。

My second question is regarding LifeSize. You've made some changes, you brought back the founder, when should we expect profitability at LifeSize?

我的第二個問題是關於真人大小的。你們做了一些改變，也請回了創辦人，LifeSize 什麼時候才能獲利？

Well, as I mentioned earlier, our goal is to expect profitability. Outside of the amortization that came with buying the -- with us buying the company [we'd] expect them to get back to breakeven or profitability as we exit the year.

正如我之前提到的，我們的目標是實現盈利。除了收購帶來的攤銷費用之外——我們收購這家公司後，預計到年底他們將恢復損益平衡或獲利。

Final question, can you -- and this one's a bit difficult. But can you talk about ideas within your new product pipeline for the tablet accessories as well as smartphones? Everyone's seen the leak of the Gameboy-type device that you had in place or that's out there for a smartphone. Are there other types of ideas that you could share with us for those two market segments?

最後一個問題，你能──這個問題有點難。您能否談談您針對平板電腦配件和智慧型手機的新產品線中的想法？大家都看到了洩漏的類似 Gameboy 的設備，要么是已經上市的，要么是即將推出的智慧型手機版。針對這兩個細分市場，您還有其他類型的想法可以跟我們分享嗎？

Naturally, as you'd expect, John, it's hard to share upstream ideas because that's a great way to communicate directly with other people who might like them too who might want to introduce them. But we're always looking at new things both in -- in all the segments that we're in. We call it mobility for a reason, because mobility is -- today mobility for us is just tablets and speaker -- and mobile speakers, Bluetooth speakers. But we're always looking for other things and we'll continue to look for them. And regarding any leak that came out I'm not going to reply to or respond to it right now.

當然，約翰，正如你所料，很難分享上游的想法，因為這是與其他可能也喜歡這些想法並可能想要介紹這些想法的人直接溝通的好方法。但我們始終在關注我們所涉足的所有領域的新事物。我們稱之為移動性是有原因的，因為移動性——今天對我們來說的移動性就是平板電腦和揚聲器——以及移動揚聲器、藍牙揚聲器。但我們一直在尋找其他東西，而且我們會繼續尋找下去。至於任何洩漏的訊息，我現在不會回覆或回應。

More optimistic or less optimistic on the new product portfolio as you look into next year?

展望明年，您對新產品組合的看法是更樂觀還是更悲觀？

As I look into next year? I'm more optimistic about what we're doing overall. And I feel really good about the transitions we've made in innovation and in product design. So as I look into next year I feel very good about it. I feel as good about it as I did when I stood up at analyst and investor day in May and I expect to feel better and better about it over time.

展望明年？我對我們整體的工作進展更加樂觀。我對我們在創新和產品設計方面的進步感到非常滿意。展望明年，我感覺非常好。我對此感覺和五月在分析師和投資者日上發言時一樣好，而且隨著時間的推移，我預計我會越來越有信心。

Thank you.

謝謝。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi, thanks for taking my question. You've mentioned that you don't view the out-performance that you've seen in mice and, to some extent, keyboards this quarter as sustainable, given secular declines in the PC market. I can understand a level of caution there, but can you maybe go into a bit more detail on to what extent you expect to continue outperforming that market and maybe some of the factors led -- that led to that out-performance this quarter?

您好，感謝您回答我的問題。您曾提到，鑑於個人電腦市場的長期下滑，您認為本季滑鼠以及在某種程度上鍵盤的優異表現是不可持續的。我能理解您在這方面的謹慎態度，但您能否更詳細地說明一下您預計在多大程度上能夠繼續跑贏大盤，以及導致本季度業績優異的一些因素？

The out-performance we've had has been largely driven by very nice share gains. As you look around the world we have a very strong share performance. There's a point where you can't expect that to continue and so as we look into the back half we think it's prudent to assume that our PC platform will be proportional to the decline in the PC market. And the PC market continues on a strong decline.

我們所取得的優異業績主要得益於股價的顯著上漲。放眼全球，我們的股票表現非常強勁。這種情況不可能一直持續下去，因此，展望下半年，我們認為謹慎的做法是假設我們的 PC 平台將與 PC 市場的下滑成正比。個人電腦市場持續大幅下滑。

Okay, thank you.

好的，謝謝。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Yes, hi, I have just one question. Basically, you're increasing your underlying operating profit guidance for this year and I was trying to understand what the impact of restructuring, and also the guidance increase, what kind of impact that has on your 2015 and 2016 targets, which you shared with us at the investor day. Are you sticking to those $90m and $150m targets, or is there any change to that on the back of this year's increase?

你好，我只有一個問題。基本上，你們提高了今年的基本營業利潤預期，我試圖了解重組以及預期上調的影響，以及這對你們在投資者日上與我們分享的 2015 年和 2016 年目標會產生什麼樣的影響。你們是否堅持9000萬美元和1.5億美元的目標，還是會因為今年的成長而有所調整？

Yes, we're not changing anything about our targets going forward right now. We're sticking to them. And remember it's really a 2016 -- we really anchored this in 2016 and we called 2015 a bridge year and I continue to say that. So, yes, I wouldn't expect anything to change there right now.

是的，目前我們不會改變未來的目標。我們會堅持這些做法。記住，這真的是 2016 年——我們真正把這個基石放在了 2016 年，我們稱 2015 年為過渡年，我一直都這麼說。所以，是的，我預計目前那裡不會有任何變化。

(Technical difficulty) anticipated earlier this year is not having any incremental positive impact on what you were expecting at the time?

今年早些時候預料到的（技術難題）並沒有對您當時的預期產生任何積極的額外影響？

We missed the first part of your question there for some reason.

不知何故，我們漏看了您問題的第一部分。

Yes, the question is basically the restructuring, you had not planned that restructuring six months ago, and now you're implementing that and so as far as I see there is no incremental benefit in the future from that restructuring.

是的，問題基本上在於重組，你們六個月前並沒有計劃進行重組，現在卻在實施，所以在我看來，這種重組在未來不會帶來任何額外的好處。

Okay, Michael, this is Vincent, right? So we were able to raise our underlying, as you mentioned, operating income by 15% to $100m for this year. At this point we're only going to guide the FY '14 and then at the next analyst day probably at that point in time will be time to refresh the overall model, but for now we stick to our three-year plan.

好的，邁克爾，這位是文森特，對吧？正如您所提到的，我們今年的基礎營業收入成長了 15%，達到 1 億美元。目前我們只對 2014 財年進行指導，然後在下一次分析師日上，可能會對整體模型進行更新，但就目前而言，我們堅持三年計畫。

It's great that we are able to raise and are a little bit ahead, but we would not want to run before we get really comfortable. Remember the restructuring is really to get LifeSize profitable by the end of this fiscal year and let's first deliver that before we do anything for future years.

我們能夠籌集資金並且略有領先優勢固然很好，但我們不想在真正安心之前貿然行動。記住，重組的真正目的是讓 LifeSize 在本財年結束前獲利，讓我們先實現這個目標，然後再考慮未來幾年的事情。

Okay, that's fair enough. I totally appreciate. Thanks and congrats for the good results.

好吧，這很合理。我非常感激。謝謝，也恭喜你們取得好成績。

Thank you.

謝謝。

Thank you.

謝謝。

Andy Hargreaves, Pacific Crest.

安迪·哈格里夫斯，太平洋山脊。

[Okay], just a couple of questions, one on gross margin. I'm not asking you to give us a target, but just wondering -- and maybe this is for Vincent. Are you targeting an actual margin percentage as you think about the business, or are you just going after overall gross profit dollars?

好的，就問幾個問題，一個是關於毛利率的。我不是叫你給我們一個目標，只是好奇──也許這是為了文森。在考慮業務時，你是以實際利潤率為目標，還是僅以總毛利為目標？

And then my second question is just on the tablet peripherals. Can you give us any sense for -- obviously, I'm assuming attachments to iOS are pretty high. But can you give us any more granularity on how much the -- variance there is in your attach rate by price band?

我的第二個問題是關於平板電腦週邊的。您能否給我們一些建議——顯然，我假設人們對 iOS 的依戀程度相當高。但是，您能否更詳細地說明一下，按價格區間劃分的附加率的差異有多大？

Let me first start with the first question and then Bracken will address the second one. So on a gross margin GAAP basis last quarter we delivered 35.2% and in this quarter 34.5%, which includes some restructuring. In the first half on a GAAP basis we delivered about 35%. In the back half of the year, here in the second half, we are going to go back to our normal overall target margin, which is around 34%, and that's really coming from a mix perspective.

我先回答第一個問題，然後布雷肯會回答第二個問題。因此，以 GAAP 毛利率計算，上個季度我們實現了 35.2%，本季實現了 34.5%，其中包括一些重組。上半年以 GAAP 準則計算，我們完成了約 35%。今年下半年，我們將恢復到正常的整體目標利潤率，大約是 34%，這主要是從產品組合的角度來看的。

As Bracken mentioned, it's prudent not to assume that we're going to continue to have an over-performance in the light of a double-digit decline in the PC market. And then obviously we're going to double down on the mobility part of the portfolio. That will bring the margin at around approximately that 34%. But to answer your question, we're really focusing on the bottom line, creating operating leverage across the whole P&L and delivering the $100m non-GAAP operating profit that we now guided to.

正如布雷肯所提到的，鑑於個人電腦市場兩位數的下滑，我們不應想當然地認為我們會繼續取得超額收益。顯然，我們將加大對產品組合中出行領域的投入。這樣一來，利潤率將達到約 34%。但要回答你的問題，我們真正關注的是底線，在整個損益表中創造營運槓桿，並實現我們現在預測的 1 億美元非 GAAP 營業利潤。

Related to your second question on attach rates by price band, yes, I think maybe the easier way to think about it is attach rates for small versus big iPads. And right now the attach rate for the small iPad is significantly lower than the attach rate for the large iPad, but growing. So it's a good attach rate already and it continues to grow, but there's a long way to grow ahead of it. And it really depends on how much consumers decide they want to use that for productivity, but more and more seem to be choosing to do that.

關於你提出的第二個問題，即按價格區間劃分的附加率，是的，我認為也許更容易理解的方式是考慮小型 iPad 與大型 iPad 的附加率。目前，小尺寸 iPad 的附加率遠低於大尺寸 iPad 的附加率，但正在成長。所以目前的附加率已經相當不錯，而且還在持續成長，但未來還有很長的成長空間。這實際上取決於消費者決定在多大程度上利用這項技術來提高生產力，但越來越多的人似乎選擇這樣做。

Okay, thank you.

好的，謝謝。

(Operator Instructions). Joem Iffert, UBS.

（操作說明）Joem Iffert，瑞銀集團。

Hello, thanks for taking my questions. The first one would be how successful are you with your peripherals for Android?

您好，感謝您回答我的問題。第一個問題是：您的安卓週邊產品使用如何？

The second question would be would you share with us your non-GAAP operating profit target for 2015, i.e., what would you see were the potential amortizations here?

第二個問題是，您能否與我們分享一下您 2015 年的非 GAAP 營業利潤目標，即，您認為這裡潛在的攤銷額是多少？

And the last question would be would you also share with us what is your assumptions for the current quarter, as you did in the conference call for the Q1 results. Can we expect something -- sales to be down between 5% to 10%? Is this a fair assumption overall for the Group? Thank you very much.

最後一個問題是，您能否像在第一季業績電話會議上一樣，與我們分享您對本季的假設？我們可以預期銷售額會下降 5% 到 10% 嗎？對於整個集團而言，這種假設是否合理？非常感謝。

Let me start with the first one and I'm going to let Vincent handle the second and then I'll come back in on the third. On the Android and how we're doing so far, it's a little too early to say. We just launched something for Samsung. It's just too early to draw any conclusions about it. We feel really good about the product and everybody we show it to seems to love it, but I don't have any specific numbers I can share with you right now to tell you how we're doing.

讓我先來解答第一個問題，第二個問題交給文森解答，第三個問題我再回來解答。至於安卓系統目前的表現，現在下結論還太早。我們剛剛為三星推出了一款產品。現在就此下任何結論還為時過早。我們對這款產品非常滿意，我們展示給每個人看，他們似乎都很喜歡，但我現在還沒有任何具體的數字可以和你們分享，來告訴你們我們的銷售情況如何。

I think one thing is for sure. I really don't think anybody's done a great set of Android keyboard covers yet. I think ours is very good and so we'll see. It's -- the attach rate -- undoubtedly, attach rate for Android is lower than the attach rate for Apple products so far, including Samsung. But I suspect that's going to change because the platform is the platform. And I think we'll see over the time. And there just haven't been products available.

我認為有一件事是肯定的。我覺得目前還沒有人做出真正優秀的安卓鍵盤保護套。我認為我們的方案非常好，所以我們拭目以待。毫無疑問，Android 的附加率目前低於蘋果產品（包括三星產品）的附加率。但我認為這種情況將會改變，因為平台就是平台。我想隨著時間的推移，我們會看到的。而且一直沒有相關產品上市。

I'm going to let you handle the next one, Vincent.

文森特，下一個就交給你處理了。

Yes, so in terms in guidance at this point in time we're only going to comment and re-guide, if you want, for the full fiscal year. So we told you that the $50m initially assumed for this year on a non-GAAP basis meant $87m when you exclude stock-based comp and amortization of intangibles. And we've now just raised this non-GAAP operating profit guidance 15% to $100m.

是的，所以就目前的指導意見而言，我們只會對整個財政年度的業績進行評論和重新指導（如果您需要的話）。因此我們告訴過你，今年最初假設的非GAAP基礎為5000萬美元，如果排除股票選擇權激勵和無形資產攤銷，則為8700萬美元。我們現在已將非GAAP營業利潤預期上調15%至1億美元。

For modeling purposes you can easily take this year's stock-based comp and amortization together if you want and take that flat over next year. Maybe stock-based comp will be a [little] bit higher depending on what stock price does. And amortization will continue to trend slightly down.

為了建模的目的，如果你願意，可以輕鬆地將今年的股票型薪資和攤提合併在一起，然後將其平攤到明年。根據股價走勢，股票選擇權激勵措施可能會略微提高一些。攤銷費用將繼續小幅下降。

(Multiple speakers). Sorry, if I may quickly follow up on the 2015 amortizations, when will these amortizations be finished? In three years, four years, just that we get a rough feeling here?

（多人發言）不好意思，請容許我快速跟進2015年的攤銷情況，這些攤銷何時完成？三、四年後，我們是不是就能大致了解狀況了？

Yes, so -- yes, sorry. So we won't give that level of details now and then at our next analyst day when we refresh our overall three-year model we'll give both GAAP and non-GAAP translation.

是的，所以——是的，抱歉。因此，我們現在不會提供如此詳細的信息，而是在下次分析師日更新我們整體三年模型時，提供 GAAP 和非 GAAP 轉換。

Okay, but these amortizations are not CapEx related, right?

好的，但是這些攤銷與資本支出無關，對吧？

No, no.

不，不。

(Multiple speakers) relations contracts --

（多位發言者）關係契約—

Correct.

正確的。

Okay.

好的。

Yes. They're related to acquisitions and, therefore, will disappear at one point in time. I don't have the scale in front of me.

是的。它們與收購有關，因此，總有一天會消失。我手邊沒有秤。

Thank you.

謝謝。

Related to your last -- excuse me. Related to your last question, what guidance are we giving for Q3, we're not really giving guidance for Q3. What I would say is, as we look into the back half I think we feel about the same now as we did as we went into Q2.

與您上次的內容有關—不好意思。關於您最後一個問題，即我們對第三季有何預測，我們實際上並沒有對第三季做出預測。我想說的是，展望下半季，我認為我們現在的感覺和進入第二季時的感覺差不多。

Our expectation is that this PC platform decline is steep enough and we don't see anything underlying that that's changing right now. So we think it's prudent to assume that that's going to continue and we don't think it's prudent to assume that we're going to outperforming that at the level that we have in the past. So if you -- you can do your own math there. We held the guidance at the top-line level, which would say we would be down mid-single digits in the back half if that prudent assumption plays out.

我們預計PC平台的下滑幅度已經足夠大了，而且我們目前沒有看到任何跡象表明這種情況會改變。所以我們認為謹慎的做法是假設這種情況會繼續下去，但我們不認為謹慎的做法是假設我們會像過去那樣超越這種水平。所以如果你——你可以自己算算。我們維持了營收預期不變，這意味著如果這個謹慎的假設成真，下半年我們的營收將出現個位數中段的下滑。

Thank you very much.

非常感謝。

(Operator Instructions). Andreas Mueller, ZKB.

（操作說明）Andreas Mueller，ZKB。

Yes, that's for taking my question. Good afternoon gentlemen. It's a question on what are the factors behind the sequential decline in marketing and selling expenses? And can you discuss these factors also for this quarter we are in as well?

是的，謝謝你回答我的問題。下午好，先生們。這是一個關於行銷和銷售費用連續下降背後的因素是什麼的問題？您能否也談談這些因素對本季的影響？

Yes. So hi, Andreas, this is Vincent. So overall, as we mentioned, [whether] OpEx as a percent of revenue will continue to trend down by function it's slightly different and the Company took some actions to reduce the overall staffing level a few quarters ago and, obviously, we benefit from that.

是的。你好，安德烈亞斯，我是文森。所以總的來說，正如我們所提到的，營運支出佔收入的百分比是否會繼續按職能下降，情況略有不同，公司在幾個季度前採取了一些措施來減少整體員工人數，顯然，我們從中受益。

On the sales and marketing line there is a lot of variable costs. This is linked to both product launches and overall sales level, so that will obviously move along with the product launch schedules and the overall sales. But as a percent of revenue you'll continue to see Logitech becoming more and more efficient.

銷售和行銷環節有很多變動成本。這與產品發布和整體銷售水準都有關聯，因此顯然會隨著產品發布計劃和整體銷售情況而變化。但從收入佔比來看，羅技的效率將會越來越高。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

I would now like to turn the conference back to Mr. Darrell for closing comments.

現在我謹將會議交還給達雷爾先生，請他作總結發言。

Well, thank you very much. Let me just remind you of a few things. You know that we had better-than-expected sales and operating income in the first half and we feel very good about that. That's despite some pretty tough headwinds on the PC market and persistent tough market conditions in Europe. We continue to expect net sales of $2b and we have raised our non-GAAP operating income expectation to $100m.

非常感謝。我只想提醒你幾件事。您知道，我們上半年的銷售和營業收入都優於預期，我們對此感到非常滿意。儘管個人電腦市場面臨一些相當嚴峻的逆風，歐洲市場環境也持續低迷，但情況依然如此。我們仍預期淨銷售額為 20 億美元，並將非 GAAP 營業收入預期上調至 1 億美元。

I'd just close by saying we're making good progress building a faster and more profitable Logitech. As Vincent said, we're going to continue to optimize our operating expenses going forward. We're driving profitability improvements and you can see them now as we look at our outlook for fiscal-year 2014 profitability. And I'd guess I'd close on saying our improvements in time to market of these key product launches will become visible soon.

最後我想說的是，我們在打造一個速度更快、獲利能力更強的羅技公司方面取得了良好的進展。正如文森所說，我們將繼續優化未來的營運支出。我們正在努力提高獲利能力，從我們對 2014 財年獲利能力的展望中，您現在就可以看到這些成果。最後我想說的是，我們在關鍵產品上市時間的改進很快就會顯現出來。

With that, I'll close and say thank you all very much.

最後，我要結束今天的演講，並衷心感謝大家。

That concludes our conference call for today. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連線了。謝謝。