羅技 (LOGI) 2014 Q3 法說會逐字稿

Good day and welcome to the Logitech third-quarter financial results conference call. At this time all participants are in a listen-only mode. We will be conducting a question-and-answer session and instructions will follow at that time.

大家好，歡迎參加羅技第三季財務業績電話會議。目前所有參與者均處於唯讀模式。我們將進行問答環節，屆時將給予具體指示。

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. Please proceed.

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。請繼續。

Welcome to the Logitech conference call to discuss the Company's financial results for the third quarter ended December 31, 2013. The press release, our prepared remarks and slides, as well as a live webcast of this call, are available online at Logitech.com.

歡迎參加羅技公司關於截至 2013 年 12 月 31 日的第三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。

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.

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. 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，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 subsequent filings which are all available online on the SEC Edgar database, and in the final paragraphs of the press release and prepared remarks from Logitech reporting third-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 2013 年 5 月 30 日提交的 10-K 表格年度報告及其後續文件中列出的因素（所有這些文件均可在 SEC Edgar 數據庫中在線查閱），以及羅技公司發布 2014 財年第幾季財務業績的最後幾季的新聞稿和最後幾段準備。

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. 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財務表現不應被孤立地看待，也不應被視為GAAP業績的替代或優於GAAP業績。非公認會計準則指標有固有的局限性，只能與羅技依照公認會計準則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. This information is also 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。此資訊也發佈在我們的投資者關係網站上。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 today are Bracken Darrell, President and Chief Executive Officer, and Vincent Pilette, Chief Financial Officer. I would 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。今天到場的嘉賓有總裁兼執行長布雷肯·達雷爾和財務長文森·皮萊特。現在我想把電話交給布雷肯。

Thanks, Joe, and thanks to all of you for joining us. I'm pleased by our solid performance in Q3. We grew our total retail sales by 4% and our retail growth categories by 62% with sell-through growth closely aligned to those. We also delivered a substantial improvement in the Company's profitability. We still have more work ahead but our turnaround is on track. A few comments before we open for questions.

謝謝你，喬，也謝謝各位的參與。我對我們第三季的穩健表現感到滿意。我們的總零售額成長了 4%，零售成長類別成長了 62%，銷售轉換率的成長與此密切相關。我們也大幅提高了公司的獲利能力。我們還有很多工作要做，但我們的扭虧為盈計畫正在按計劃進行。在正式開始提問之前，我想先說明幾點。

Our tablet sales nearly doubled in Q3. Like the categories we're joining, we are getting faster. In another big step forward in our execution our new products were on shelf within days of the iPad Air. Earlier this month at CES we announced the protective Keyboard Folio for Samsung's soon-to-be launched Galaxy Pro tablets. And our Keyboard Folio will be available concurrent with these tablets.

第三季度，我們的平板電腦銷量幾乎翻了一番。就像我們加入的這些類別一樣，我們的速度也在不斷提升。在執行上又向前邁出了一大步，我們的新產品在 iPad Air 上市幾天後就上架了。本月初在CES展會上，我們發表了適用於三星即將推出的Galaxy Pro平板電腦的保護性鍵盤保護套。我們的鍵盤保護套將與這些平板電腦同時上市。

I'm also very pleased with the sales of our Bluetooth wireless mobile speakers which grew by 131% in Q3 and 126% on a year-to-date basis. The growth has primarily been driven by UE BOOM, which continues to generate strong demand. It was even our best selling product across all categories in Q3 and it is getting lots of amazing reviews.

我對我們的藍牙無線行動揚聲器的銷量也感到非常滿意，第三季度增長了 131%，年初至今增長了 126%。成長主要由UE BOOM推動，該公司持續產生強勁的需求。它甚至成為我們第三季所有品類中最暢銷的產品，並且獲得了許多好評。

PC Gaming delivered 25% sales growth in Q3, with growth achieved across all regions. Our results from the category in EMEA, which were relatively weak in Q2, have already begun to improve and confirm that we are moving quickly to implement operational improvements in the region.

PC遊戲業務第三季銷售額成長25%，所有地區均成長。我們在 EMEA 地區的業績在第二季相對較弱，但目前已經開始改善，這證實了我們正在迅速推進該地區的營運改善。

As we expected at the start of the quarter, sales of our profit maximizing product categories such as porting devices, keyboards and desktops and video declined in Q3 given the ongoing weakness in the market for new PCs which was down by around 6%. Our focus on improving profitability paid off nicely in the quarter with better margins across most of these product categories.

正如我們在本季初所預期的那樣，由於新 PC 市場持續疲軟（下降了約 6%），我們利潤最大化的產品類別（如連接埠設備、鍵盤、桌上型電腦和視訊）的銷售額在第三季度有所下降。本季度，我們專注於提高獲利能力，並在大多數產品類別中實現了更高的利潤率，取得了不錯的成效。

Before I wrap up my comments I'd like to turn it over to Vincent for additional commentary for the quarter.

在我結束演講之前，我想把發言權交給文森特，讓他對本季的情況做進一步評論。

Thank you, Bracken, and hello, everyone. Our ability to deliver 84% growth in non-GAAP EPS on a single-digit sales growth demonstrates our progress in adjusting our cost structure. The actions we have taken to restructure the business, combined with our ongoing focus on streamlining our operations, are creating the opportunity for operating leverage.

謝謝你，布雷肯，大家好。我們能夠在銷售額實現個位數成長的情況下，實現非GAAP每股收益成長84%，這證明了我們在調整成本結構方面的進展。我們為重組業務而採取的措施，加上我們持續專注於精簡運營，正在創造營運槓桿的機會。

As we anticipated, the cost reduction initiatives we have implemented have resulted in reduced spending in both our cost of goods sold and our operating expenses. Our product costs have improved across most of our product categories resulting in healthy relatively stable gross margins through the first three quarters of the fiscal year.

正如我們預期的那樣，我們實施的成本削減措施已經降低了我們的銷售成本和營運費用。我們大部分產品類別的產品成本都有所改善，因此在本財年的前三個季度實現了相對穩定的健康毛利率。

Our non-GAAP operating expenses declined on a sequential basis from Q2 to Q3 for the first time in five years. We spent less sequentially in sales and marketing while delivering 18% sequential sales growth, which demonstrates our progress in unlocking operating leverage while continue to invest in our growth categories.

我們的非GAAP營運費用從第二季到第三季季減，這是五年來首次出現這種情況。我們在銷售和行銷方面的支出環比減少，同時實現了 18% 的環比銷售成長，這表明我們在釋放營運槓桿方面取得了進展，同時我們將繼續投資於我們的成長類別。

We are very pleased that were able to return LifeSize to profitability one quarter sooner than we had expected. The improved bottom-line performance was achieved through portfolio rationalization and reduced spending as we accelerated our actions to streamline the business.

我們非常高興能夠比預期提前一個季度使 LifeSize 恢復盈利。透過優化投資組合和減少支出，加快業務精簡步伐，我們實現了獲利能力的提升。

Cash flow from operations was $94 million in Q3 and $108 million year to date with the year-to-date total closely aligned with our non-GAAP operating profit for the same period. This alignment is a key element of our business model and one that we will continue to manage going forward. On that note I will turn it back to Bracken.

第三季經營活動產生的現金流為 9,400 萬美元，年初至今為 1.08 億美元，年初至今的總額與同期非 GAAP 營業利潤基本一致。這種一致性是我們商業模式的關鍵要素，也是我們未來將繼續努力的方向。就此，我還是把話題轉回布雷肯身上吧。

Thanks, Vincent. Based on our Q3 performance which combined better-than-expected sales and a significant improvement in operating income, we raised our full-year outlook for fiscal year 2014. We now expect sales of just under $2.1 billion compared to the previously expected $2 billion, and non-GAAP operating income in the range of $120 million to $125 million compared to the previous expected $100 million.

謝謝你，文森。根據我們第三季的業績，銷售額好於預期，營業收入也大幅提高，我們提高了 2014 財年的全年業績預期。我們現在預計銷售額將略低於 21 億美元，而先前預計為 20 億美元；非 GAAP 營業收入將在 1.2 億美元至 1.25 億美元之間，而此前預計為 1 億美元。

The entire Logitech team is aligned with the goals we outlined when I joined the Company. When I took over as CEO in January of 2013 I told you I didn't join Logitech for a quick turnaround, but to build an amazing Company, medium and especially long term. We know that a turnaround in growth and profitability is a critical step in building a path to that amazing Company. With these Q3 results we have moved Logitech another important step forward.

整個羅技團隊都與我加入公司時我們所設定的目標保持一致。2013 年 1 月我接任 CEO 時就告訴你們，我加入羅技不是為了快速扭轉局面，而是為了打造一家卓越的公司，著眼於中長期發展。我們知道，實現成長和獲利能力的轉變是打造卓越公司的關鍵一步。憑藉這些第三季業績，羅技又向前邁出了重要一步。

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

現在我和文森可以回答大家的問題了。請遵照操作員的指示。

(Operator Instructions). Alex Duval, Goldman Sachs.

（操作說明）Alex Duval，高盛集團。

Well done to the management team on a strong set of results. Just wanted to touch first on the question of OpEx. Given that, on a GAAP basis, you are now almost at the fiscal 2014 run rate you had laid out in your long-term plan, I was wondering to what extent there could be scope for another round of restructuring.

管理團隊取得了一系列優異的成績，幹得好！首先我想簡單談談營運成本的問題。鑑於按照 GAAP 準則，你們現在幾乎已經達到了你們長期計劃中製定的 2014 財年運行速度，我想知道是否還有空間進行另一輪重組。

And given that Logitech did double-digit margins for seven consecutive years before 2008, I wondered to what extent there could be scope to approach those kind of levels, specifically given the traction you are showing on some of these new products.

鑑於羅技在 2008 年之前連續七年實現了兩位數的利潤率，我想知道，考慮到你們的一些新產品所展現出的良好勢頭，你們在多大程度上能夠達到這樣的水平。

My second question, finally, is just on the gross margin, how I should think about that. You cited in your remarks that you printed that you've seen some drag in the quarter from the robust growth in tablet accessories and audio wireless. I was wondering to what extent there's scope for that to normalize upwards and what kind of effect we could see on the overall gross margin? Thank you very much.

最後，我的第二個問題是關於毛利率的，我該如何看待它。您在發表的演講中提到，平板電腦配件和無線音訊產品的強勁成長對本季業績造成了一定的拖累。我想知道這種情況向上恢復正常的可能性有多大，以及這會對整體毛利率產生什麼樣的影響？非常感謝。

Hey, thanks, Alex. I will take it first on OpEx, this is Vincent. So we very pleased -- back in May when we laid out a three-year plan for our turnaround we said that the first step was really to right size the cost structure, the Company took some restructuring actions and then committed to some savings.

嘿，謝謝你，亞歷克斯。我先從營運支出方面來說，我是文森。所以我們很高興——早在五月份，當我們制定了為期三年的扭虧為盈計劃時，我們就說過第一步是真正調整成本結構，公司採取了一些重組措施，並致力於節省一些開支。

We are very pleased to be slightly ahead of that plan in this year in terms of delivering on the savings. And as you know, in that three-year plan it was about to keeping the OpEx at a certain run rate to create the operating leverage as the Company returns to growth.

今年在節省成本方面，我們非常高興地略微提前完成了計劃。如您所知，那項三年計畫旨在將營運支出保持在一定的運行速度，以便在公司恢復成長的同時創造營運槓桿。

So you continue to see us focus on getting efficiencies in our overall cost structure and the savings we will capture will be used to fund and fuel the growth moving forward.

因此，您將看到我們繼續專注於提高整體成本結構的效率，而我們節省的資金將用於資助和推動未來的成長。

You'll also remember that the operating profit margin that was on a GAAP basis were laid out at slightly below 7% for FY '16, that is slightly higher than 8% on a non-GAAP basis. And we are still on track, now that we have right sized the cost structure, to have this operating leverage and deliver this operating profit margin growth over the next two years. So that is for OpEx.

您還應該記得，2016 財年以 GAAP 計算的營業利潤率略低於 7%，而以非 GAAP 計算的營業利潤率略高於 8%。現在我們已經調整了成本結構，我們仍然預計在未來兩年內實現這一經營槓桿效應和營業利潤率成長。以上是關於營運支出的部分。

On the gross margin level, as we said, we're somewhat very stable on a gross margin level, within a point. Obviously things may change based on mix, but we're working really hard at creating the product cost savings to make sure that we can offset any negative impact of mix. So from a gross margin perspective I would say stable, trending slightly up over the next two years.

正如我們所說，毛利率方面，我們的毛利率相當穩定，波動幅度在一個百分點以內。顯然，情況可能會根據產品組合而變化，但我們正在努力降低產品成本，以確保能夠抵消產品組合帶來的任何負面影響。因此，從毛利率的角度來看，我認為未來兩年​​將保持穩定，並且略有上升趨勢。

Great, that is very clear. And I had a quick follow-up just in terms of PC Gaming. You have shown a very solid performance in this quarter and clearly rectifying some of the issues in Europe.

很好，這很清楚。然後，我快速地補充了一些關於PC遊戲方面的內容。本季你們的表現非常出色，並且明顯地糾正了歐洲的一些問題。

How do think about your longer-term target that you had set out, which initially, to me anyway, seemed quite aggressive? Do you think that that is still on track for the longer-term given the renewed focus of resources on the PC Gaming category?

你如何看待你所訂定的長期目標？在我看來，這個目標最初似乎相當激進。鑑於目前資源重新集中於PC遊戲領域，您認為從長遠來看，這一目標是否仍能實現？

Yes, I think the PC Gaming number did come back, it is still -- we still have plenty of room to do better than that over time. I mean we are not -- we don't yet have the portfolio that we need to have in PC Gaming across the board. It is not going to happen overnight. And we will absolutely fill it in.

是的，我認為PC遊戲銷售確實有所回升，但隨著時間的推移，我們仍然有很大的提升空間。我的意思是，我們還沒有——我們還沒有在PC遊戲領域全面擁有所需的產品組合。這不會一蹴可幾。我們一定會把它填上。

So, yes, I still feel good about the targets we had set back at the Analyst and Investor Day. And of course, March 6 we'll be really talking about all of the categories.

所以，是的，我對我們在分析師和投資者日上設定的目標仍然感到滿意。當然，3月6日我們會詳細討論所有類別。

That is very helpful. Many thanks.

那很有幫助。非常感謝。

Alexander Peterc, Exane BNP.

Alexander Peterc，Exane BNP。

Congratulations for great results. I just have a couple of category questions on audio. Obviously the market share in streaming audio, speakers is not where it is in your leading categories which are mice and keyboards.

恭喜取得如此優異的成績。我還有一些關於音訊方面的分類問題。顯然，串流音訊和揚聲器的市場份額不如滑鼠和鍵盤等領先類別。

Do you have any plans for expansion of your lineup in audio or do you think that your current positioning is satisfactory? And if so how are you planning forward with this specific category, which is really booming?

你們是否有計劃擴展音頻產品線，還是認為目前的市場定位已經令人滿意？如果是這樣，您打算如何規劃在這個蓬勃發展的特定領域未來的發展？

The second category I would like you to address is how do you feel about your addressing the smartphone segment? You have obviously started supplying the gaming controller, but do you intend to expand also in charging cases? I saw that audio was (inaudible) already on sale. Will you be generating the distribution and do you have greater plans for smartphones?

我想請您談談的第二個問題是，您對進軍智慧型手機市場有何感想？你們顯然已經開始供應遊戲控制器了，但是你們是否打算將業務拓展到充電盒領域呢？我看到音頻（聽不清楚）已經在賣了。你們會負責分銷嗎？你們對智慧型手機還有更大的計畫嗎？

And just a small housekeeping question on G&A. The hike in Q4, is that a one-off just this quarter, calendar Q4 and fiscal Q3? How should we think about the G&A shaping in the coming quarters? Thanks.

還有一點關於一般及行政費用的小問題。第四季的漲幅是一次性的，僅限於本季（日曆第四季度，財政第三季）嗎？我們應該如何考慮未來幾季的管理費用結構？謝謝。

I will take the first two and then I'll hand the G&A question off to Vincent. On the speaker's question, will we continue to expand the lineup for Bluetooth speakers -- we are certainly always looking at areas where we can continue to offer new products that can meet consumer needs. But I say I think we have a lot of room left to grow in BOOM.

前兩個問題我先回答，然後把行政管理方面的問題交給文森。關於講者提出的問題，我們是否會繼續擴大藍牙音箱的產品線——我們當然一直在尋找能夠繼續提供滿足消費者需求的新產品的領域。但我認為 BOOM 還有很大的發展空間。

BOOM had a very good -- a very good year so far. As we said, it was our number one selling product in the third quarter. But we can do much better in distribution and in the execution of our distribution around the world. So we have a lot of room left.

BOOM 今年表現非常出色——到目前為止，今年表現非常出色。正如我們所說，它是我們第三季銷售第一的產品。但我們在分銷和全球分銷執行方面還有很大的提升空間。所以我們還有很多空間。

On the smartphone business, yes, we did launch a small initiative, a very small initiative in a couple of places, and we are expanding that a little bit over time. We are learning. In the whole smartphone space, we would like to have an initiative in there. We don't have anything that I would look at right now and say, boy, we should call that out as a big new growth area today, but the goal is to try to build something.

關於智慧型手機業務，是的，我們確實在幾個地方推出了一項小規模的計劃，而且隨著時間的推移，我們會逐步擴大這項計劃的規模。我們正在學習。在整個智慧型手機領域，我們希望能夠有所作為。目前我們還沒有什麼讓我覺得「哇，我們應該把它列為一個新的成長點」的東西，但我們的目標是努力打造一些東西。

And the game controller, which is a little bit different, it's really early days. This is the birth of a category and birthing new categories sometimes comes really quickly, sometimes it takes time. We are prepared for it to take time. And I think we will continue to look at that category both from a developer standpoint, from an operating system standpoint and from a product standpoint to continue to evolve and change over time. G&A?

遊戲控制器有點不一樣，目前還處於早期階段。這是一個新類別的誕生，新類別的誕生有時很快，有時則需要時間。我們已做好花費時間的準備。我認為我們將繼續從開發者、作業系統和產品三個角度來審視這個類別，使其隨著時間的推移而不斷發展和變化。一般及行政費用？

Yes, so, Alexander, in term of G&A, so G&A is growing on a year-over-year basis. If you remember last year disappointing results and the variable compensation was at an all-time low. This year not only we are meeting the target, but we also are taking in some areas from accelerators. And so, the G&A increase on a year-over-year basis is due to that variable compensation.

是的，亞歷山大，就一般及行政費用而言，一般及行政費用逐年增加。如果你還記得去年令人失望的業績，以及浮動薪資處於歷史最低點。今年我們不僅實現了目標，而且還從一些加速器計畫中汲取了經驗。因此，年度一般及行政費用的增長是由於可變薪酬造成的。

As we move forward, if we perform at plan or at target I would expect G&A to be stable to slightly down. Now if you remember when we tackled and talked about the cost structure our first priority was to make sure that we right sized the businesses that were losing money. LifeSize is one example of that and we did that across all categories.

展望未來，如果我們按計劃或目標執行，我預計一般及行政費用將保持穩定或略有下降。如果你還記得，當我們著手解決成本結構問題時，我們的首要任務是確保對虧損的業務進行適當規模的調整。真人大小就是一個例子，我們在所有類別中都採用了這種方法。

Moving forward our next step in terms of efficiencies is really to work on the infrastructure functions, which a lot of them are in G&A, and capture the savings from there to do one of two things -- either protect on the downside to deliver the operating profit that was committed; or, if we continue to perform, to fund into new products and the growing categories that we have.

展望未來，我們在提高效率方面的下一步是著手改進基礎設施職能，其中許多職能都屬於一般及行政費用，並從中節省開支，用於以下兩件事之一：要么在風險下行時進行防範，以實現承諾的營業利潤；要么，如果我們繼續保持良好的業績，則將資金投入到新產品和我們正在增長的品類中。

Okay, thank you very much.

好的，非常感謝。

Paul Coster, JPMorgan.

Paul Coster，摩根大通。

You've had a little bit of experience now with the Apple category, the tablets. And can you give us some sense of what percentage of lifetime revenue for the keyboard case you get in the quarter in which the new Apple product launches?

你現在已經對蘋果平板電腦這個品類有了一些了解。能否大致說明一下，在蘋果推出新產品的季度裡，鍵盤保護套的終身收入佔比是多少？

And really the reason I am asking this is because my view is that you had some stock outs even on it for the Air products, which is a good thing I suppose, whereas you didn't for the keyboard cases for other -- for prior generation Apple's.

我之所以問這個問題，是因為我覺得你們甚至對 Air 產品都出現了缺貨的情況，這當然是件好事，而其他型號（上一代蘋果產品）的鍵盤保護套卻沒有出現這種情況。

It is a great question and it is one that we continue -- that I don't think there is a really definitive answer for because I think it is changing. At one point we said it was about a third happening when somebody buys one, about a third happening in the first couple months, three months and another third happens later. That is as good as any estimate right now.

這是一個很好的問題，也是我們一直在探討的問題——我認為這個問題沒有確切的答案，因為我認為情況一直在變化。我們曾說過，大約三分之一的事件發生在有人購買產品時，大約三分之一發生在最初的幾個月或三個月內，還有三分之一發生在之後。目前來看，這已經是比較準確的估計了。

But I think it will continue to change over time. We have really had a good -- a very good experience building a business now around the iPad and we expect to continue to do that. But the iPad continues to change and it is going to continue to change.

但我認為隨著時間的推移，這種情況會繼續改變。我們圍繞 iPad 打造業務的經驗非常出色，我們希望繼續這樣做。但iPad一直在變化，而且還會繼續改變。

We are also, as you know, trying to build the same kind of ecosystem around Samsung tablets now and we will go beyond that when we think there's enough scale. So there is plenty of opportunity in this tablet space and the consumer buying behavior continues to evolve.

如您所知，我們現在也嘗試圍繞三星平板電腦建立相同的生態系統，當我們認為規模足夠大時，我們會更進一步。因此，平板電腦領域蘊藏著巨大的機會，消費者的購買行為也不斷演變。

Okay. And my follow-up question is, obviously at least Best Buy, as a proxy for what is happening in bricks and mortar, is illustrating the margin pressure that that channel is experiencing on line. Can you talk a little bit about online versus bricks and mortar distribution, the channel inventory exiting 4Q and the possibility of some margin squeeze from some of your channel partners?

好的。我的後續問題是，顯然，至少百思買（Best Buy）作為實體店的代表，正在反映出該通路在線上所面臨的利潤壓力。您能否談談線上與線下分銷的差異、第四季末的通路庫存情況，以及部分通路夥伴可能造成的利潤擠壓？

This is not new to our business. The margin pressure, the retail margin pressure versus the eTail margin pressure is not a new thing; I mean it has been happening now for years. It's certainly been happening as long as I have been here and it is not going to change.

這在我們公司並不新鮮。零售利潤率壓力與電商利潤率壓力之間的矛盾並非新鮮事；我的意思是，這種情況已經持續多年了。自從我來到這裡，這種情況就一直存在，而且不會改變。

And it is happening all over the world. Some places are more extreme than others in terms of the amount of eTail development versus retail so far, but across the world eTail is climbing up there.

而且這種情況正在世界各地發生。就目前零售業與電子商務的發展規模相比，有些地方的情況更為極端，但從全球來看，零售業正在蓬勃發展。

I think we have got a pretty good way to manage that honestly and do the best we can to make sure that we are not experiencing margin pressure from that. But it comes back to one simple thing; if you have great products your margins will be sustained. If you don't, they won't.

說實話，我認為我們已經找到了相當不錯的方法來應對這種情況，我們會盡最大努力確保不會因此面臨利潤率壓力。但歸根究底，就是一個簡單的道理：如果你擁有優質的產品，你的利潤率就能維持下去。如果你不這樣做，他們就不會這樣做。

Right. And --.

正確的。和 - 。

And if I can add -- sorry, go ahead, Paul.

如果我可以補充一點——抱歉，請繼續，保羅。

No, sorry, Vincent.

不，抱歉，文森特。

I was just going to add two comments in term of (inaudible) inventory just to put some numbers. So our sale on the retail side, our still into the channel was up 4% on a year-over-year basis. The sell-through was up 6% and on a year-to-date those two metrics are fairly aligned.

我本來只是想補充兩條關於（聽不清楚）庫存的信息，只是為了提供一些數字。因此，我們在零售通路的銷售額年增了 4%。銷售轉換率成長了 6%，今年迄今為止，這兩個指標基本上一致。

When you look at the total dollar perspective we are lower than we were a year ago. So we feel really good about our overall channel inventory now (inaudible) by SKU it may change here and there, but I think we are very comfortable about our position moving forward.

從美元總額來看，我們比一年前還要低。所以我們現在對整體渠道庫存感覺非常好（聽不清楚），按 SKU 劃分可能會有一些變化，但我認為我們對未來的發展前景非常有信心。

Yes, right, thanks. And then just one quick one, tax rate was a little lower than we expected. Anything interesting happening there?

好的，謝謝。還有一點要說明，稅率比我們預期的還要低。那邊發生什麼有趣的事了嗎？

Yes.

是的。

He asked about tax rate.

他詢問了稅率。

I'm sorry, tax rate. So on a GAAP basis -- sorry I didn't hear the question. On the tax rate there was a one-time special reserve release due to statutory expiration, that is on a GAAP basis.

抱歉，是稅率。所以按照公認會計準則來看——抱歉，我沒聽清楚問題。稅率方面，由於法定期限到期，根據公認會計原則，有一次性特別儲備金釋放。

As you know, we're focusing on the operational rate which the best proxy is the non-GAAP tax rate, the non-GAAP tax rate for the year is estimated at 14.7% and the guidance from an operating profit that we have given, which is $120 million to $125 million of operating profit.

如您所知，我們關注的是營運率，而最好的指標是非GAAP稅率，今年的非GAAP稅率估計為14.7%，我們給出的營運利潤指引為1.2億美元至1.25億美元。

All right, thank you very much.

好的，非常感謝。

John Bright, Avondale Partners.

John Bright，Avondale Partners。

Vincent, can you talk about LifeSize, the magnitude of the LifeSize cost reductions that were better than you expected? And I'm going to assume those were probably the sales and marketing component of that?

Vincent，可以談談 LifeSize 嗎？ LifeSize 的成本降低幅度是否超出了你的預期？我猜這些大概就是銷售和行銷方面的工作吧？

Yes, Jon, so just as a reminder, operationally and that is filed in our 10-Q. We lost money on an operating basis (inaudible) last quarter. It was in the tune of about $3 million. And this quarter we are profitable at around 5% of revenue.

是的，Jon，提醒一下，營運方面，這已記錄在我們的 10-Q 文件中。上季我們經營虧損（聽不清楚）。金額約為300萬美元。本季我們的獲利率約為營收的 5%。

On a stabilized revenue stream when we look at the business footprint it was frankly across all of the functions obviously sales and marketing, they still have a better skill set tailored to the revenue but also to the way the market is evolving today.

在穩定的收入來源下，當我們審視業務佈局時，坦白說，在所有職能部門，尤其是銷售和行銷部門，他們仍然擁有更適合收入成長以及當今市場發展方式的技能組合。

On the R&D side as well we're moving from hardware centric to hardware and software loaded kind of solutions, a lot more cloud-based type of solutions. So that also was part of the reduction. And on the G&A we also right size. So my answer would be it has been right sized for the current level of revenue, it was across all functions and now the team is entirely focusing on profitable growth.

在研發方面，我們也正從以硬體為中心轉向以硬體和軟體為核心的解決方案，以及更多基於雲端的解決方案。所以這也是減幅的一部分。在一般及行政費用方面，我們也進行了規模調整。所以我的答案是，目前的規模與目前的收入水平相匹配，涵蓋了所有職能部門，現在團隊正全力專注於獲利成長。

What is the status of -- Harmony's profitability? I know you don't want to give specifics, but maybe give us an idea of the status of Harmony's profitability?

Harmony的獲利狀況如何？我知道您不想透露具體細節，但能否讓我們了解Harmony的獲利狀況？

We promised that -- or we committed to you and to ourselves that as we exited this year the back half of the year we would -- Harmony would be profitable. Harmony was certainly profitable in Q3 and it will -- we will absolutely meet that goal.

我們承諾過——或者說，我們向你們和我們自己承諾過——在今年下半年結束時，Harmony 將實現盈利。Harmony在第三季確實實現了盈利，而且我們一定會實現這個目標。

Bracken, let me stay with you for a second. Strategically one of the important areas will be potentially new products and new category development. I know it is something that you want to hold close to the vest as you go into this year, but could you give us a flavor for any new categories or particular product developments that you might want to share with us?

布雷肯，讓我陪你一會兒。從策略角度來看，重要的領域之一可能是新產品和新品類的開發。我知道在今年伊始，您想對此事保密，但您能否透露一些您想與我們分享的新類別或特定產品開發方面的資訊？

As you said, we are going to hold things pretty a close to the vest. What I would say, John, rather than get into specific new categories what I would say is if you -- four of our top six products this quarter were new categories within the last 24 months.

正如你所說，我們會對此事嚴格保密。約翰，我想說的是，與其深入探討具體的新類別，不如說我們本季排名前六的產品中有四個是在過去 24 個月內推出的新類別。

Now a couple of those were iPad -- iPad Air products or iPad products. But I think that demonstrates we have the ability here to create new categories in this new world that we are entering. And it is one of the reasons why I came to the Company. I am really excited about the capability to do that. It doesn't happen overnight. But I think you are going to see more from us over time.

其中有幾款是 iPad——iPad Air 產品或 iPad 產品。但我認為這表明我們有能力在這個我們正在進入的新世界中創造新的類別。這也是我加入這家公司的原因之一。我對此感到非常興奮。這並非一朝一夕就能完成的。但我認為隨著時間的推移，你們會看到我們更多的作品。

Thank you.

謝謝。

Youssef Essaegh, Barclays.

Youssef Essaegh，巴克萊銀行。

I'm going to have two, if I may. So the first one is about the mix of products in keyboards. I was very surprised this morning when I read about the volumes continuing to deteriorate in line with the category, but then the sales were up. So you have given some indication more wireless keyboards [in this quarter]. With the replacement cycle of corporate PCs starting next April, assuming those XP support stops, do you expect the mix to go back to something more normal?

如果可以的話，我想吃兩個。第一個問題是關於鍵盤產品的組合。今天早上我看到新聞報導銷量持續下滑，與同類產品的情況一致，這讓我非常驚訝，但銷量卻上升了。所以你們已經暗示本季將推出更多無線鍵盤。隨著企業電腦的更換週期從明年四月開始，假設 XP 系統停止支持，您認為系統組合會恢復到更正常的狀態嗎？

And my second question is regarding the tablet category. You have benefited obviously from a very strong Christmas and a focus on tablets and potential of the new iPads, and although this happens fortunately only once a year. So I was wondering going forward for the next few quarters how do you see your growth, happening. And also with Apple becoming less and less of the growth of tablets how do you see your strategy to address the non-Samsung and non-Apple tablets? Thank you.

我的第二個問題是關於平板電腦的類別。顯然，你們受益於非常強勁的聖誕節銷售，以及對平板電腦和新款 iPad 的潛力的關注，儘管幸運的是，這種情況一年只發生一次。所以我想知道，在接下來的幾個季度裡，您如何看待貴公司的成長？而且隨著蘋果在平板電腦成長中的份額越來越小，您認為貴公司將如何應對非三星和非蘋果平板電腦市場？謝謝。

Okay, on keyboards if I understood your question well, why did we see the -- see growth in sales or -- it's a decline in sales actually -- but a decline in sales and decline in volume. The truth is the keyboard category will keep evolving; it is not a sudden change in any direction, but it will keep evolving.

好的，關於鍵盤，如果我理解你的問題沒錯的話，為什麼我們看到——看到銷售額成長，或者——實際上是銷售額下降——但銷售額和銷量都在下降。事實上，鍵盤品類將會不斷發展演變；它不會突然朝任何特定方向發展，而是會持續演變。

You might remember we have -- we've seen quite a bit of growth in the keyboard for the living room. I think that is going to continue. And we will see -- you talked about the replacement cycle on corporate PCs, which is everybody's favorite topic. But honestly we are really not counting on any of that. We are still expecting a trend line on the overall PC category to look like it has, which is down 10% for this year.

您可能還記得，我們​​已經看到客廳鍵盤市場有了相當大的成長。我認為這種情況還會持續下去。我們拭目以待——您談到了企業個人電腦的更換週期，這是每個人都喜歡的話題。但說實話，我們真的沒期待這些。我們仍預期個人電腦整體品類的發展趨勢將與今年的情況類似，即下降 10%。

So I don't expect any big changes in the overall keyboard category going forward. I think you will have some ups and downs, but it should be -- our trendline should be the same. If we have a much better PC number over time that certainly will help us overall and help us in the keyboard category.

因此，我預計未來鍵盤整體類別不會發生任何重大變化。我認為你會經歷一些起伏，但應該是這樣——我們的趨勢線應該是一樣的。如果我們的PC銷售量隨著時間的推移大幅提升，那肯定會對我們整體以及鍵盤產品線都有幫助。

On the tablets, I still feel very strongly -- very good about the tablet -- our tablet growth potential. We have grown well around the iPad, there's still a lot of attachment rate left to go. We've got room across Samsung and probably other tablets going forward.

對於平板電腦，我仍然非常有信心——非常看好——我們平板電腦的成長潛力。我們圍繞 iPad 已經取得了不錯的進展，但用戶依從性還有很大的提升空間。我們目前在三星平板電腦市場還有發展空間，未來也可能在其他平板電腦市場有所佈置。

In terms of quarter over quarter, we had a very strong quarter this quarter. Next quarter certainly won't be as strong. I think Q2 to Q1 this year is probably what -- you could look at Q4 to Q3. I don't know whether it will be quite that different, but -- you'll have a low bit of a seesaw. But over time the overall trend line on tablets will continue to be very good.

從環比來看，我們本季業績非常強勁。下個季度肯定不會像上個季度那麼強勁。我認為今年第二季到第一季的情況可能比較理想——你也可以看看第四季到第三季的情況。我不知道情況是否會有那麼大的不同，但是——你會感覺像在玩蹺蹺板一樣。但從長遠來看，平板電腦的整體發展趨勢仍將非常好。

Thank you.

謝謝。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Nice quarter. Bracken, I wonder if you could give us a little bit of perspective on where you guys are in the Bluetooth speaker category. Obviously the BOOM had a great quarter. It is a highly, highly competitive category.

不錯的街區。Bracken，我想請你談談你們在藍牙音箱領域的位置。顯然，BOOM公司本季表現出色。這是一個競爭非常非常激烈的領域。

And so, I guess any perspective you can give on where you are on a market share basis now, what is reasonable to expect? Because I think it is a relatively large market, but just kind of the things you expect to bring to the table to maintain growth there in a relatively crowded space? Thanks.

所以，我想請您就目前貴公司所處的市佔率狀況，以及合理的預期目標，給予一些看法？因為我認為這是一個相對較大的市場，但是，在這樣一個競爭相對激烈的領域，你希望帶來哪些東西來維持成長呢？謝謝。

Yes, it is a crowded space, a different business for us. And we brought this UE BOOM to market under the UE brand, not Logitech, for the reason you describe, it is a crowded space, some different competitors.

是的，這裡人很多，對我們來說是另一種生意。我們之所以將這款 UE BOOM 以 UE 品牌而非羅技品牌推向市場，原因正如你所描述的，這是一個競爭激烈的市場，有許多不同的競爭對手。

We are still relatively small, but we are growing market share, I can't give you specifics because we don't have them yet; the market shares will come out for Q4 shortly and it varies around the world. We have got places around the world where our market share has done very, very well, other places honestly where we have a lot of room to grow.

我們目前規模還相對較小，但市佔率正在成長。我無法提供具體數據，因為我們還沒有這些數據；第四季的市佔率數據很快就會公佈，而且全球各地的情況都不盡相同。我們在世界各地有些地方的市場份額做得非常好，而在其他一些地方，我們還有很大的成長空間。

Overall I feel pretty good about where we are. I think we've got a product that is getting really strong reviews and it demonstrates our capability to create products in that category that can be very attractive even relative to the competitive set we are in.

總的來說，我對我們目前的狀況感到相當滿意。我認為我們的產品獲得了非常高的評價，這證明了我們有能力在這個類別中創造出非常有吸引力的產品，即使相對於我們所處的競爭環境也是如此。

And we are learning, we are still relatively young in this category. And as we learn and apply we will get better and better and better. So I'm optimistic that we can perform well in this whole Bluetooth speaker space.

我們還在學習，在這個領域我們仍然相對年輕。隨著我們不斷學習和實踐，我們會變得越來越好。所以我很樂觀，相信我們能在整個藍牙音箱領域取得好成績。

Okay, thanks a lot.

好的，非常感謝。

(Operator Instructions). Andrew Humphrey, Morgan Stanley.

（操作說明）安德魯漢弗萊，摩根士丹利。

Congratulations on a great quarter. I had a couple, if I may. One is on OpEx. I think it would be great if you could outline some of the specific initiatives on OpEx that you think have yet to come to full fruition, so where there could still be some cost savings to come. And any extent to which you can quantify them.

恭喜你們本季業績出色。如果可以的話，我想提一下，我有兩個。一個是營運支出。我認為，如果您能概述一些您認為尚未完全實現的營運支出具體舉措，以便找出未來可能節省成本的領域，那就太好了。以及你能量化的任何程度。

And secondly, I wanted to ask about iPads. You have given us lots of useful color there. I wanted to ask specifically about the contribution of covers in the quarter relative to keyboards. And what I am driving at there is if we have kind of reached the point where keyboards have had a good chunk of the refresh cycle from the most recent iPad, to what extent are you expecting cases to take over in the next quarter or two?

其次，我想問關於iPad的問題。你給我們提供了許多有用的色彩。我想具體詢問一下本季封面作品相對於鍵盤作品的貢獻。我的意思是，如果鍵盤已經經歷了從最新款 iPad 開始的大部分更新周期，那麼你預計在接下來的一個或兩個季度裡，保護殼會在多大程度上取代鍵盤呢？

Yes, well, first -- let me answer that one first and then I will hand off the OpEx question to Vincent. We have had a very good growth curve on the keyboard covers and we launched covers a little while ago; we launched more covers this quarter. And we are gaining ground there I would say.

是的，好吧，首先——讓我先回答這個問題，然後再把營運支出方面的問題交給 Vincent。我們的鍵盤保護套銷售成長非常順利，我們前段時間推出了鍵盤保護套；本季我們又推出了更多鍵盤保護套。我認為我們在這方面正在取得進展。

It is still a relatively small part of our overall tablet portfolio but it is growing. And it is a very interesting category for us. It is another new category that has the potential to be quite sizable and I think between it and keyboard covers, as I said, I continue to feel that we can see good strong growth over the next year or two.

雖然目前平板電腦在我們整體產品組合中所佔比例仍然相對較小，但正在不斷成長。對我們來說，這是一個非常有趣的類別。這是另一個具有相當規模潛力的新類別，我認為，正如我所說，它和鍵盤保護套加起來，在未來一兩年內仍將保持強勁增長。

On the OpEx question, Andrew, we worked really first, as I mentioned earlier, on making sure that certain businesses that were losing money were being right sized. And that was across all functions. The Company overall, as you remember, took a restructuring, we lowered our headcount in the tune of 10% to 15% depending on where you were in the business. And today you see the result.

關於營運支出問題，安德魯，正如我之前提到的，我們首先著手確保某些虧損的業務規模能夠得到合理調整。而這種情況在所有職能部門都存在。如您所知，公司整體進行了重組，我們根據您在公司中的職位不同，減少了 10% 到 15% 的員工人數。今天你們看到了成果。

So we see a big decline getting into where we think is the right cost structure now to support the growth moving forward. Savings moving forward will come from indirect procurements. We work a lot around making our OpEx more variable, less fix in nature and now we are going to centralize some of those variable cost pools and get some efficiencies out of that.

因此，我們看到成本大幅下降，並逐漸降至我們認為能夠支持未來成長的合適成本結構水準。未來節省成本將主要來自間接採購。我們一直在努力使我們的營運支出更加靈活，減少固定性，現在我們將集中一些變動成本池，並從中獲得一些效率提升。

The infrastructure functions supporting all of the businesses and the way we approach supporting both regions and businesses also can get more efficient. Those efficiencies will be used to fund some new growth initiatives and then used also to improve the operating profit margin as we create the operating leverage in the business.

支援所有企業的基礎設施功能以及我們支援各個地區和企業的方式也可以變得更有效率。這些效率提升將用於資助一些新的成長計劃，然後也用於提高營業利潤率，從而在業務中創造經營槓桿。

In terms of quantifying, I would go back at this point in time to the model we shared back in May. And obviously we're on track to that model and will stay committed to it. And then on March 6 (inaudible) we will review the overall business model and the impact on the P&L.

就量化而言，我現在會回到我們五月分享的模型。顯然，我們正朝著這個模式穩步前進，並將繼續致力於此。然後，在 3 月 6 日（聽不清楚），我們將檢視整體商業模式及其對損益表的影響。

That is great, thank you.

太好了，謝謝。

Joern Iffert, UBS.

約恩伊費特，瑞銀集團。

The first one would be can you a little bit more quantify your success with Samsung and the tablets? And I think you started to introduce products I think it was September/October 2013. And if it is not so successful what makes it more difficult versus success with the Apple and tablets?

第一個問題是，您能否更具體地量化一下您在三星平板電腦專案上的成功？我想你們開始推出產品的時間應該是 2013 年 9 月/10 月。如果它不夠成功，那麼與蘋果平板電腦的成功相比，它面臨的困難是什麼？

And the second question would be on the 2015 and 2016 EBIT guidance of $90 million and $150 million. Is this under review now? What is your thinking about this? Thanks very much.

第二個問題是關於 2015 年和 2016 年 EBIT 預期分別為 9,000 萬美元和 1.5 億美元的情況。目前是否正在審查中？你對此有何看法？非常感謝。

I will take both of those. On the Samsung, you asked me to quantify our level in Samsung, we are not sharing obviously specifics with specific products. What I would say is the attach rate on a Samsung product for a keyboard folio is much, much lower than it is for an iPad. But we believe it is growing and the potential there -- there is no reason why you couldn't see very similar attach rates over time.

這兩個我都要。關於三星，你讓我量化我們在三星的水平，我們顯然不會分享具體產品的具體細節。我想說的是，三星產品搭配鍵盤保護殼的比例遠低於 iPad。但我們相信它正在成長，並且具有潛力——隨著時間的推移，沒有理由看不到非常相似的附加率。

It probably won't happen overnight. There is a big ecosystem now around the Apple iPad that supports that keyboard cover attach rate and should support it and continue to grow. Samsung, it hasn't been there but it is coming. A lot of this is how well do we merchandise in-store around Samsung product. How much have we promoted it? What is the awareness of that?

這可能不會一夜之間發生。現在圍繞著蘋果 iPad 已經形成了一個龐大的生態系統，它支援這種鍵盤保護套的安裝速度，並且應該會繼續支援這種速度並不斷發展壯大。三星雖然還沒進入這個領域，但它正在到來。這很大程度上取決於我們如何在店內圍繞三星產品進行商品陳列。我們做了多少宣傳？人們對此有何認識？

So there is a lot going on there. And I would say it is a good -- it's a cycle, whatever that means, a year or two behind where the iPad is. But I think the potential is certainly there.

所以那裡發生了很多事。我認為這是一個很好的周期——不管這意味著什麼，它比 iPad 落後一兩年。但我認為這種潛力是肯定存在的。

In terms of our 2015-2016 guidance or the outline we gave in the Analyst and Investor Day, that's still the number for now. As you know, on March 6 we're going to have another one. We will have another -- and I invite you, please come. We will have another one coming up. And at that we will certainly update where we are.

就我們 2015-2016 年的業績指引，或者說我們在分析師和投資者日上提出的方案而言，目前這個數字仍然不變。如您所知，3月6日我們將舉行另一場活動。我們還會再舉辦一次——我誠摯地邀請您參加。我們接下來還會推出另一款。屆時我們一定會更新我們的最新進展。

All right, thank you very much.

好的，非常感謝。

Felix Remmers, Credit Suisse.

瑞士信貸的菲利克斯·雷默斯。

Actually I have two. The first question would be on gross margin. I was wondering how the gross margin progression is in tablet accessories. So do you still see some volume benefits as this category is growing? And if it is already at the average of the overall Company?

其實我有兩個。第一個問題是關於毛利率的。我想知道平板電腦配件的毛利率成長如何。那麼，隨著該品類的成長，您是否仍看到銷售成長的好處？如果它已經達到公司整體的平均值呢？

And the second question would be on unified communication, do you think there is a chance that you can take on the players like Plantronics or [Jabra] in this market because they are growing quite nicely here? And then what would you need to like be successful in this market?

第二個問題是關於統一通訊的，您認為您有機會在這個市場上與 Plantronics 或 Jabra 等公司競爭嗎？因為他們在這個市場發展得相當不錯？那麼，要想在這個市場取得成功，你需要具備哪些條件呢？

Okay, Felix, this is Vincent. Let me take the first question and then pass it to Bracken For the second one. So in term of the gross margin, as I mentioned, we've improved almost across all categories our gross margin on a category-by-category basis and tablet is in that camp of having improved the gross margin on both a year-over-year and sequential basis.

好的，菲利克斯，這位是文森。第一個問題我先回答，第二個問題交給布雷肯。因此，就毛利率而言，正如我所提到的，我們幾乎在所有類別中都提高了毛利率，平板電腦也屬於這一類，其毛利率在同比和環比方面都有所提高。

As we said, in that category the most important criteria of success is first speed and time to market. And I think this quarter demonstrates that we've made tremendous progress in that area. And then as some of those products within that category are getting more mature and higher in volume gross margin is improving. The whole category has improved on a year-over-year basis, but it is still slightly below the corporate average.

正如我們所說，在這一類別中，最重要的成功標準是速度和上市時間。我認為本季的數據表明，我們在該領域取得了巨大的進步。然後，隨著該類別中的一些產品日趨成熟，銷量不斷提高，毛利率也隨之提高。整個類別較去年同期有所改善，但仍略低於企業平均。

And on that Unified Communications front, Unified Communications is a really interesting space. As we have talked about in these conference calls before, we are developing products both that work with Lync and with Jabber. And we are really excited about it. I think it is one of these hidden gems that we don't talk about much, but I think has really big potential.

而就統一通訊領域而言，統一通訊真是一個非常有趣的領域。正如我們之前在電話會議中討論的那樣，我們正在開發既能與 Lync 配合使用，又能與 Jabber 配合使用的產品。我們對此感到非常興奮。我認為它是那種我們很少談論，但卻極具潛力的隱藏瑰寶之一。

We are seeing it so we are certainly seeing the growth come here. We don't break that out separately yet, but it is a very interesting category for us. And you are right, it is a different competitive set -- we compete with different players in different parts of our business and that competitive set is very focused on Unified Communications. But we feel very good about our positioning there and the capabilities we are bringing to that and I think we can -- I think we will have a very successful business there, short-term and over time.

我們看到了，所以我們確實看到了這裡的成長。我們目前還沒有單獨列出這個類別，但對我們來說，這是一個非常有趣的類別。你說得對，競爭環境確實不同——我們在業務的不同領域與不同的競爭對手競爭，而這個競爭環境主要集中在統一通訊領域。但我們對我們在那裡的定位以及我們為之帶來的能力感到非常滿意，我認為我們能夠——我認為我們將在那裡取得非常成功的業務，無論短期還是長期。

Okay, thank you.

好的，謝謝。

It appears there are no further questions. At this time I will turn the conference back over to Mr. Darrell for closing remarks.

看來沒有其他問題了。現在我將把會議交還給達雷爾先生，請他作閉幕致詞。

Thank you and thank you all so much. I hope we see you March 6. I will close by saying the actions we've taken to streamline both the processes and costs are helping us to be significantly faster and more profitable. We are committed to building a design company, a design company that leverages technology, innovation and consumer insights. And I can't wait to see all of you or we can't wait to see all of you at Analyst and Investor Day in New York on March 6. Thanks so much.

謝謝，也謝謝大家。我希望能在3月6日見到您。最後我想說，我們為簡化流程和降低成本的措施，正在幫助我們大幅提高速度和獲利能力。我們致力於打造一家設計公司，一家充分利用技術、創新和消費者洞察的設計公司。我迫不及待在3月6日紐約舉行的分析師和投資者日上見到大家，或是說我們迫不及待想見到大家。非常感謝。

Thank you.

謝謝。

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

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。