羅技 (LOGI) 2014 Q4 法說會逐字稿

Good day, and welcome to the Logitech fourth quarter financial results conference call.

美好的一天，歡迎來到羅技第四季度財務業績電話會議。

(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.

（操作員說明。）此通話正在錄製以供重播之用，未經羅技書面授權，不得全部或部分複制。

I would like to introduce your host for today's call, Mr. Joe Greenhalgh, Vice President of Investor Relations and Corporate Treasurer at Logitech.

我想介紹一下今天電話會議的主持人，羅技投資者關係副總裁兼公司財務主管 Joe Greenhalgh 先生。

Welcome to the Logitech conference call to discuss the Company's financial results for the fourth quarter ended March 31, 2014.

歡迎參加羅技電話會議，討論公司截至 2014 年 3 月 31 日的第四季度財務業績。

The press release, our prepared remarks and slides, as well as the live webcast of this call, are all available online at logitech.com.

新聞稿、我們準備好的評論和幻燈片，以及此次電話會議的網絡直播，均可在 logitech.com 在線獲取。

As noted in our press release, we published our prepared remarks on our website in advance of this call.

正如我們的新聞稿中所述，我們在本次電話會議之前在我們的網站上發布了我們準備好的評論。

Those remarks are intended to serve in place of extended formal comments today and they will not be read on this call.

這些評論旨在代替今天的擴展正式評論，並且不會在本次電話會議上閱讀。

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.

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做出的關於未來經營業績的前瞻性陳述。

The forward-looking statements involves risks and uncertainties that could actual results to differ materially from those anticipated in the statements.

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存在重大差異。

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 fourth quarter financial results for fiscal 2014.

可能導致實際結果出現重大差異的因素包括羅技 2013 年 5 月 30 日 10-K 表格年度報告和後續文件中規定的因素，這些文件可在美國證券交易委員會 EDGAR 數據庫在線獲取，以及羅技報告 2014 財年第四季度財務業績的新聞稿和準備好的評論。

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.

本次電話會議期間做出的前瞻性陳述僅代表管理層截至今天的展望，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。

Please note that today's call will include results reported on both a GAAP and a non-GAAP basis.

請注意，今天的電話會議將包括按 GAAP 和非 GAAP 報告的結果。

Non-GAAP reporting is provided to help you better understand our business.

提供非 GAAP 報告是為了幫助您更好地了解我們的業務。

However, non-GAAP financial results are not meant to be considered in isolation or as a substitute for, or superior to, GAAP results.

但是，非 GAAP 財務結果並不意味著孤立地考慮或替代或優於 GAAP 結果。

Non-GAAP measures have inherent limitations and should be used only in conjunction with Logitech's consolidated financial statements prepared in accordance with GAAP.

非 GAAP 措施具有固有的局限性，只能與根據 GAAP 編制的羅技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.

我們的新聞稿包括一張詳細說明非 GAAP 措施的表格，以及相應的 GAAP 數字和與 GAAP 的對賬。

This information is also posted on our Investor Relations website.

此信息也發佈在我們的投資者關係網站上。

The slides that accompany this call include both GAAP and non-GAAP measures and are also available on our Investor Relations website.

本次電話會議隨附的幻燈片包括 GAAP 和非 GAAP 措施，也可在我們的投資者關係網站上找到。

We encourage listeners to review these items.

我們鼓勵聽眾審查這些項目。

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

此通話正在錄音中，可在羅技網站上重播。

Joining us today are Bracken Darrell, President and Chief Executive Officer, and Vincent Pilette, Chief Financial Officer.

今天加入我們的有總裁兼首席執行官 Bracken Darrell 和首席財務官 Vincent Pilette。

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

我現在想把電話轉給布雷肯。

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

謝謝，喬，感謝大家加入我們。

I'm pleased with our Q4 results, which brought fiscal year '14 to a strong conclusion.

我對我們的第四季度業績感到滿意，它為 14 財年畫上了一個有力的句號。

Q4 was another year of good progress, and we're ahead of schedule on our three-year turnaround plan.

第 4 季度又是取得良好進展的一年，我們提前完成了三年周轉計劃。

Let me describe a few highlights of fiscal year 2014.

讓我描述一下 2014 財年的一些亮點。

We set sales and profitability targets at the beginning of this first year of our turnaround plan, and we delivered them.

我們在扭虧為盈計劃的第一年之初就設定了銷售和盈利目標，並且我們實現了這些目標。

We exceeded our sales and profitability outlook.

我們超出了我們的銷售和盈利預期。

We returned to sales growth, albeit slight for the year and stronger for Q4, and we delivered our non-GAAP operating income more than $50 million higher than expected, 60% higher than our initial goal.

我們恢復了銷售增長，儘管全年略有增長，但第四季度增長強勁，我們實現了非 GAAP 營業收入，比預期高出 5000 萬美元，比我們最初的目標高出 60%。

We defined a new growth category, aggregating the exciting growth opportunities in PC gaming, tablets and other accessories, and mobile speakers.

我們定義了一個新的增長類別，匯集了 PC 遊戲、平板電腦和其他配件以及移動揚聲器方面令人興奮的增長機會。

Then, we set growth targets against that growth category, and we over-delivered on those targets.

然後，我們針對該增長類別設定了增長目標，並且我們超額完成了這些目標。

Our sales and our growth category increased compared to the prior year in all four quarters and by 50% for the full year, demonstrating that we can deliver growth beyond our core PC peripherals market.

我們的銷售額和增長類別在所有四個季度都比上一年有所增長，全年增長了 50%，這表明我們可以在核心 PC 外圍設備市場之外實現增長。

We committed at the start of the year to significantly reduce our operating expense footprint during fiscal year '14 while continuing to invest in high-growth potential products, and we did it.

我們在年初承諾在 14 財年大幅減少運營費用，同時繼續投資於高增長潛力的產品，我們做到了。

The reduction in our operating expenses was a key driver of our improved profitability.

運營費用的減少是我們提高盈利能力的關鍵驅動因素。

We delivered our best cash flow from operations in the last four years.

在過去四年中，我們從運營中獲得了最好的現金流。

With prudent management of our balance sheet, we generated $202 million of operating cash flow and ended the year with a cash balance that was $136 million higher than in the prior year.

通過審慎管理我們的資產負債表，我們產生了 2.02 億美元的經營現金流，並在年底的現金餘額比上一年增加了 1.36 億美元。

Finally, we said we were going to upgrade our innovation and deliver better products than we had in the past several years, with an emphasis on design, and I believe we did that, too.

最後，我們說我們將升級我們的創新並提供比過去幾年更好的產品，重點是設計，我相信我們也做到了。

We hired a Chief Design Officer, upgraded our design organization, and won 21 design awards, more than ever in our history, including a Gold IF, eight Good Design awards, and five Red Dot awards.

我們聘請了一位首席設計官，升級了我們的設計組織，並贏得了 21 項設計大獎，這在我們的歷史上比以往任何時候都多，其中包括一項金 IF、八項優秀設計獎和五項紅點獎。

While we're pleased with these awards, we measure our real success on consumer purchase levels and satisfaction with our products.

雖然我們對這些獎項感到滿意，但我們會根據消費者購買水平和對我們產品的滿意度來衡量我們真正的成功。

That's my brief look-back at fiscal year '14.

這是我對 14 財年的簡要回顧。

Before I comment on priorities for fiscal year '15, I'd like to turn it over to Vincent for additional commentary on the quarter and the year.

在我對 15 財年的優先事項發表評論之前，我想將其轉交給 Vincent 以獲取有關該季度和年度的更多評論。

Thank you, Bracken.

謝謝你，布雷肯。

We're very pleased by the significant progress we made in improving our operational execution and reducing our cost structure during fiscal year 2014, which has made us nimbler and more profitable.

我們對 2014 財年在改進運營執行和降低成本結構方面取得的重大進展感到非常高興，這使我們變得更加靈活和盈利。

For the full year, we improve our non-GAAP gross margin by 30 basis points, driven by our supply chain cost reduction initiatives and a clear focus on running some categories for profit maximization.

全年，我們將非公認會計原則毛利率提高了 30 個基點，這得益於我們的供應鏈成本降低計劃以及明確關注運營某些類別以實現利潤最大化。

The gross margin improvement enabled us to fund the expansion of the growth category, which now represents about 24% of our retail sales compared to 16% in fiscal year 2013.

毛利率的提高使我們能夠為增長類別的擴張提供資金，該類別目前約占我們零售額的 24%，而 2013 財年為 16%。

Quarter after quarter, we have consistently reduced our non-GAAP operating expenses, ending the full year at 28.5% of sales compared to 31.6% in fiscal year 2013.

一個季度又一個季度，我們不斷減少我們的非 GAAP 運營費用，與 2013 財年的 31.6% 相比，全年銷售額佔銷售額的 28.5%。

In Q4, we delivered our lowest non-GAAP operating expense quarter of the year, which as a percent of sales was down by over 500 basis points compared to the prior year.

在第四季度，我們實現了本年度最低的非 GAAP 運營費用季度，佔銷售額的百分比與上一年相比下降了 500 多個基點。

For the full year, operating expense was down nearly $60 million as we delivered on our savings commitment made earlier this year.

由於我們兌現了今年早些時候做出的節約承諾，全年運營費用下降了近 6000 萬美元。

While we are pleased by our progress in reducing our costs, there is still more work to be done to create investment capacity to support future growth and deliver the operating leverage that our business model is capable of.

雖然我們對我們在降低成本方面取得的進展感到高興，但要創造投資能力以支持未來增長並提供我們的業務模式能夠提供的運營槓桿，還有更多工作要做。

We see ongoing opportunities for savings related to our $250 million annual [indirect] procurement spend, as well as our global infrastructure and related processes.

我們看到與我們 2.5 億美元的年度 [間接] 採購支出以及我們的全球基礎設施和相關流程相關的持續節約機會。

The most recent example of infrastructure savings is the $5 million restructuring charge that we booked in Q4.

基礎設施節省的最新例子是我們在第四季度登記的 500 萬美元重組費用。

This charge reflects the consolidation of our Silicon Valley campus from two buildings down to one.

這筆費用反映了我們矽谷園區從兩棟建築合併為一棟。

The objective of this consolidation was twofold - first, moving to an open space environment to improve our collaboration and speed of execution, and second, reduce our facility expenses, going forward.

這種整合的目標有兩個——首先，轉移到開放空間環境以改善我們的協作和執行速度，其次，減少我們的設施費用，向前發展。

Becoming a faster and more profitable company is one of the key priorities of our transformation.

成為一家速度更快、利潤更高的公司是我們轉型的關鍵優先事項之一。

We do not currently expect restructuring charges of a similar magnitude in fiscal year 2015, but we will continue to seek out and drive infrastructure-related savings to generate additional investment capacity.

我們目前預計 2015 財年不會出現類似規模的重組費用，但我們將繼續尋找並推動與基礎設施相關的儲蓄，以產生額外的投資能力。

We were very pleased with our cash generation in fiscal year 2014, with our strong performance in Q4 being a major driver.

我們對 2014 財年的現金產生感到非常滿意，我們在第四季度的強勁表現是主要推動力。

This quarter, we generated $94 million in cash flow from operations, delivering our best Q4 in the last six years.

本季度，我們從運營中產生了 9400 萬美元的現金流，實現了過去六年來最好的第四季度。

For the full year, cash flow from operations topped $200 million for the first time since fiscal 2010, and it was 43% higher than our -- that our non-GAAP operating income of $140 million.

全年，運營現金流自 2010 財年以來首次突破 2 億美元，比我們的 1.4 億美元的非 GAAP 營業收入高出 43%。

One of the core elements of our business model is our consistent ability to deliver strong cash flow on an annual basis, and this will continue to be a key area of focus, going forward.

我們業務模式的核心要素之一是我們始終如一地每年提供強勁現金流的能力，這將繼續成為未來的重點關注領域。

Note that in Q1 FY15, cash flow from operations will be impacted by the payout of variable compensations linked to our strong performance in FY14.

請注意，在 2015 財年第一季度，運營現金流將受到與我們 2014 財年強勁業績相關的可變薪酬支出的影響。

Before I turn back to Bracken, I would like to extend my thanks to all employees of Logitech for their hard work and dedication in helping the Company make significant progress towards our long-term business model.

在我回到 Bracken 之前，我想感謝羅技的所有員工，感謝他們的辛勤工作和奉獻，幫助公司在我們的長期業務模式方面取得重大進展。

On that note, I'll turn back to Bracken.

關於這一點，我會回到布雷肯。

Thanks, Vincent.

謝謝，文森特。

I want to highlight several of our key priorities for fiscal year '15.

我想強調我們 15 財年的幾個主要優先事項。

At the top of the list is to create sustained growth.

排在首位的是創造持續增長。

Starting with PC gaming, we exited fiscal year '14 with strong momentum, with second half sales up by 45% over the prior year.

從 PC 遊戲開始，我們以強勁的勢頭結束了 14 財年，下半年銷售額比上一年增長了 45%。

Building on that momentum, earlier this month, we launched our newest gaming mouse, the G502 Proteus Core Tunable Mouse.

在此勢頭的基礎上，本月早些時候，我們推出了最新的遊戲鼠標 G502 Proteus Core Tunable Mouse。

This first-of-its-kind mouse has already received very favorable reviews, and we're excited about its potential to drive share gains in fiscal year '15.

這款首創的鼠標已經獲得了非常好的評價，我們對它在 15 財年推動市場份額增長的潛力感到興奮。

You can expect to see other innovative new PC gaming products from us in the coming months.

在接下來的幾個月裡，您可以期待看到我們推出其他創新的 PC 遊戲新產品。

Turning to tablet accessories, our plans assume that the tablet market will continue to grow, possibly at a reduced rate, and that sales of our products will benefit from that growth.

談到平板電腦配件，我們的計劃假設平板電腦市場將繼續增長，可能會以較低的速度增長，並且我們產品的銷售將從這種增長中受益。

We'll continue to leverage our keyboard expertise as a competitive advantage by developing tablet keyboard products that drive increased attach rates for both the Apple and Android platforms.

我們將繼續利用我們的鍵盤專業知識作為競爭優勢，開發可提高 Apple 和 Android 平台連接率的平板電腦鍵盤產品。

We also expect to benefit from higher attach rate on 12-inch tablets should the larger form factor prove popular for productivity-related applications.

如果更大的外形尺寸在與生產力相關的應用程序中流行，我們還希望從 12 英寸平板電腦的更高附加率中受益。

We're gradually building momentum in the large and growing tablet case market.

我們正逐漸在龐大且不斷增長的平板電腦外殼市場建立勢頭。

While our share of tablet keyboards designed for the iPad is over 50%, our table cover share is still in the single digits.

雖然我們為 iPad 設計的平板電腦鍵盤的份額超過 50%，但我們的桌面覆蓋份額仍然是個位數。

It's a fragmented market, and we see opportunity for meaningful gains in the coming year.

這是一個分散的市場，我們看到了來年取得有意義收益的機會。

Earlier this week, we announced our three newest protective cases for the iPad, and you can expect further additions as we move through the fiscal year.

本週早些時候，我們宣布了三款最新的 iPad 保護殼，隨著我們財政年度的推進，您可以期待更多的產品。

In mobile speakers, we have simply been thrilled with the strong consumer recession for our flagship offering, the UE BOOM.

在移動揚聲器方面，我們對旗艦產品 UE BOOM 的強勁消費衰退感到非常興奮。

The success of this product, which we launched in just a limited number of markets in Q1 of fiscal year '14, was the primary factor in nearly tripling our sales of mobile speakers during the year.

我們在 14 財年第一季度僅在有限數量的市場推出的這款產品的成功是我們移動揚聲器銷量在這一年增長近兩倍的主要因素。

We significantly expanded distribution as we moved through fiscal year '14, positioning us for continued growth and share expansion in fiscal year '15, and there's more to come in mobile speakers in the year ahead.

隨著 14 財年的推進，我們顯著擴大了分銷，為 15 財年的持續增長和份額擴張做好了準備，未來一年移動揚聲器還將有更多產品。

Another key priority for us in fiscal year '15 is to continue profit maximizing our PC peripheral offerings.

我們在 15 財年的另一個重要優先事項是繼續實現 PC 外設產品利潤最大化。

We achieved margin improvements across most of our PC peripheral lines in fiscal year '14, and we're well positioned for more of the same in fiscal year '15.

我們在 14 財年的大部分 PC 外設產品線都實現了利潤率的提高，並且我們已做好準備在 15 財年實現更多相同目標。

Some of these savings will flow to the bottom line, but we'll invest a significant portion in our growth category to support our long-term targets.

其中一些節餘將流向利潤，但我們將在增長類別中投入很大一部分，以支持我們的長期目標。

We'll also use some of these savings to plant seeds by making small investments in markets with attractive long-term growth where we can create a strong market position.

我們還將利用這些儲蓄中的一部分通過在具有有吸引力的長期增長的市場進行小額投資來播下種子，在這些市場中我們可以創造強大的市場地位。

While we're not planning for improvements in the market for new PCs during fiscal year '15, we can't dismiss the possibility that it could be healthier than expected.

雖然我們不打算在 15 財年改進新 PC 市場，但我們不能排除它可能比預期更健康的可能性。

Should that be the case, we expect that our PC peripheral categories would benefit.

如果是這樣，我們預計我們的 PC 外圍設備類別將受益。

Our significantly improved results in fiscal year '14 demonstrate that we're on the right path, and I'm confident in our ability to continue executing our strategy to return to consistent, full-year sales growth while becoming a faster, more profitable company.

我們在 14 財年顯著改善的業績表明我們走在正確的道路上，我相信我們有能力繼續執行我們的戰略以恢復穩定的全年銷售增長，同時成為一家更快、更盈利的公司.

Thus, we're confirming the full-year outlook for the fiscal 2015 today that we shared at our March Investor Day, for sales of $2.16 billion and non-GAAP operating income of $145 million.

因此，我們今天確認我們在 3 月投資者日分享的 2015 財年全年展望，銷售額為 21.6 億美元，非 GAAP 營業收入為 1.45 億美元。

It's early in the year, and there are many uncertainties at this stage, such as tablet growth rates, PC growth rates, and more.

現在是年初，這個階段有很多不確定因素，比如平板增長率、PC增長率等等。

However, I feel very good about our fiscal year '14 finish, and I'm excited about fiscal year '15.

然而，我對我們 14 財年的結束感覺非常好，我對 15 財年感到興奮。

And with that, Vincent and I are available now to take your questions.

有了這個，文森特和我現在可以回答你的問題了。

Please follow the instructions of the operator.

請遵循接線員的指示。

Operator, are you giving instructions?

接線員，你在發出指令嗎？

Hello?

你好？

(Operator instructions.) Alexander Peterc, Exane BNP Paribas.

（操作員說明。）Alexander Peterc，Exane BNP Paribas。

Yes, hi, hello, thanks for taking my question.

是的，你好，你好，謝謝你提出我的問題。

Just--.

只是 - 。

--Hi, Alex.

- 嗨，亞歷克斯。

Hi, thanks for taking the question, and congratulations for strong results.

您好，感謝您提出問題，並祝賀您取得了豐碩的成果。

I'd just like to understand here, in light of the slow iPad numbers that Apple reported today, how at ease are you with your strong exposure to the Apple [camp here in] tablets, and how do you feel with respect to the overall underlying growth there?

鑑於 Apple 今天報告的 iPad 數據緩慢，我想在這裡了解一下，您對 Apple [camp here in] 平板電腦的強烈曝光是否放心，以及您對整體的感覺如何基礎增長在那裡？

And would you say your weak tablet accessory quarter is solely due to the [pro transition]?

你會說你疲軟的平板電腦配件季度完全是由於 [pro transition] 嗎？

It has nothing to do with the slow tablets units reported by Apple here?

這與 Apple 此處報告的慢速平板電腦單元無關？

And then, second -- and then, I have a follow-up.

然後，其次——然後，我有一個後續行動。

Thank you.

謝謝。

Okay.

好的。

Okay, we'll let you come back, Alex.

好的，我們會讓你回來，亞歷克斯。

I'll answer the first one.

我會回答第一個。

Yes, our net sales in tablets had really nothing to do with Apple's quarter.

是的，我們的平板電腦淨銷售額與 Apple 的季度毫無關係。

In fact, if you look at our underlying [sell-out], you can see we had a 76% growth in units.

事實上，如果你看一下我們的基礎 [sell-out]，你會發現我們的單位增長了 76%。

And if you could see our -- what we look at underneath that, it looked very strong for the quarter.

如果你能看到我們的——我們在下面看到的東西，這個季度看起來非常強勁。

So, our underlying sales were very strong in the tablet accessories market.

因此，我們在平板電腦配件市場的基礎銷售非常強勁。

We're transitioning.

我們正在過渡。

You've seen our last three or four quarters.

你已經看到了我們過去的三四個季度。

Our strongest performing product has been the ultra-thin keyboard, and we're transitioning out of that product.

我們性能最強的產品是超薄鍵盤，我們正在淘汰該產品。

You saw that we restricted sales just so that we could move out that product and be ready for the new one so it could flow right into stores.

你看到我們限制銷售只是為了讓我們可以搬出該產品並為新產品做好準備，以便它可以直接流入商店。

Now, your first question, I guess, how does that make us feel about the overall tablet market in general, we have so much -- there's such a large installed base on iPads that fit our products.

現在，你的第一個問題，我想，這讓我們對整個平板電腦市場有何看法，我們有這麼多 - iPad 上的安裝基數如此之大，適合我們的產品。

In fact, one of our strongest selling keyboard covers is actually the keyboard covers that apply to the prior iPad.

事實上，我們最暢銷的鍵盤保護套之一就是適用於舊款 iPad 的鍵盤保護套。

So, we have a big install base.

因此，我們擁有龐大的安裝基礎。

It looks to us as if a lot of that install base is still attracted by keyboard covers, or keyboards, and so we don't see any big issue with delivering a strong keyboard cover business in fiscal year 2015.

在我們看來，很多安裝基礎仍然被鍵盤蓋或鍵盤所吸引，因此我們認為在 2015 財年提供強大的鍵盤蓋業務沒有任何大問題。

That said, we also have -- there's also a natural relationship we think between tablets and PCs, and if the tablets go south, the PCs will probably be a little stronger, so I think there's a natural counterweight.

也就是說，我們也有——我們認為平板電腦和個人電腦之間也存在一種自然關係，如果平板電腦向南發展，個人電腦可能會更強大一些，所以我認為這是一種自然的平衡。

But, we feel very good about the overall tablet keyboard market still.

但是，我們仍然對整個平板電腦鍵盤市場感到非常滿意。

Okay.

好的。

And then, just as a quick follow-up, firstly on how you feel about your guidance being only marginally above for the current year at the non-GAAP EBIT level with what you just reported?

然後，作為快速跟進，首先，您如何看待您對本年度非 GAAP EBIT 水平的指導僅略高於您剛剛報告的水平？

Isn't that a little bit like -- I mean, I know you can outperform, but just -- if you could just explain [your rationale] here of not [doing anything] with your guidance.

這不是有點像——我的意思是，我知道你可以表現出色，但只是——如果你能在這裡解釋 [你的理由] 在你的指導下不 [做任何事情]。

Then, finally, you've expanded to more geographies, your SmartPhone accessory.

然後，最後，您已經擴展到更多地區，您的智能手機配件。

(Inaudible) learned from these expansions what's working, what's working less well in the new products that you've launched, the performance covers and so on.

（聽不清）從這些擴展中了解到在您推出的新產品中哪些有效，哪些不太有效，性能涵蓋等等。

Thanks.

謝謝。

Yes, absolutely.

是的，一點沒錯。

Well, when we -- we're not touching the annual guidance right now because we just gave it, so it's very early in the year.

好吧，當我們 - 我們現在沒有觸及年度指導，因為我們剛剛給出了它，所以它在今年很早。

we haven't even gotten into our first quarter to speak of yet.

我們甚至還沒有進入我們的第一季度。

We certainly wouldn't change anything at this point.

我們現在當然不會改變任何東西。

It's just too early.

只是太早了。

We're also going to - we know that Q1 will be our toughest quarter of the year.

我們也將 - 我們知道第一季度將是我們今年最艱難的季度。

We've got very strong comps from the year-ago number.

與一年前的數字相比，我們的表現非常強勁。

You might remember -- those of you who were on the call a year ago, you might remember that we had -- we announced last year that we were basically completely changing the seasonality of this business as we launched products into all of our new growth categories at the same time in Q1, and we had this very unusual seasonal strength.

你可能還記得——一年前參加電話會議的那些人，你可能還記得我們——我們去年宣布，我們基本上完全改變了這項業務的季節性，因為我們在所有新的增長中推出了產品第一季度同時類別，我們有這種非常不尋常的季節性強度。

We expect to actually be down low single digits in the first quarter, but we still feel very good about the year, and we -- but it's just too early to touch the guidance.

我們預計第一季度實際上會下降個位數，但我們對這一年仍然感覺非常好，而且我們 - 但現在觸及指導還為時過早。

Okay, thanks a lot.

好的，非常感謝。

Youssef Essaegh, Barclays.

Youssef Essaegh，巴克萊銀行。

Hi there, Youssef Essaegh of Barclays.

你好，巴克萊銀行的 Youssef Essaegh。

Thanks for taking my questions.

感謝您回答我的問題。

So, I have two.

所以，我有兩個。

The first one is regarding the strong trends that you have shown this quarter in PCs.

第一個是關於您本季度在 PC 中展示的強勁趨勢。

I was just wondering if you can give us a little bit of an idea of how [is this] sustainable this year.

我只是想知道你是否可以給我們一些關於今年[這]如何可持續的想法。

Do you expect eventually to start to go back in line with the rest of the market, or is there anything in particular that should drive it a little bit higher?

您預計最終會開始與市場其他部分保持一致，還是有什麼特別的因素可以推動它走高一點？

And then, the second one, if I may, is just to bounce back on the previous question, if you can give us a little bit of color on the split between Android and tablet in your sales in keyboards and covers, and how do you feel your first strides seem to be Android case market has been so far.

然後，第二個問題，如果可以的話，只是回到上一個問題，如果你能給我們一些關於 Android 和平板電腦在你的鍵盤和外殼銷售中的分歧的顏色，你如何感覺你的第一步似乎是 Android 案例市場已經到目前為止。

Thanks.

謝謝。

Okay.

好的。

Well, let me start with your PC question.

好吧，讓我從您的 PC 問題開始。

So, if I understand it correctly, you're asking do we -- we finished strongly.

所以，如果我理解正確的話，你是在問我們 - 我們完成得很好。

We had a good quarter in PCs.

我們在個人電腦上有一個很好的季度。

We actually finished with a decline of about 5% or 6%, and the market was down about 8%.

我們實際上以大約 5% 或 6% 的跌幅收盤，而市場下跌了大約 8%。

I think our expectation is that the market for PCs is -- we're assuming a pretty negative view of the market for the year, down about 7%, and we're assuming about down 6% for our overall PC peripherals market.

我認為我們的預期是 PC 市場 - 我們假設今年市場前景非常負面，下降約 7%，我們假設整個 PC 外圍設備市場下降約 6%。

You can certainly get forecasts right now that are stronger than that.

您現在當然可以得到比這更準確的預測。

We're just not going to count on it.

我們只是不會指望它。

if it comes, we certainly have the capacity to deliver it, and we've grown share consistently all year long.

如果它來了，我們當然有能力實現它，而且我們全年的份額都在持續增長。

And I have no reason to think we won't do it this year, as well.

而且我沒有理由認為我們今年也不會這樣做。

We're really well positioned there.

我們在那裡的位置非常好。

On the tablet split between Apple and Android, as you know, we just got into this Android market about midway through last year.

如您所知，在 Apple 和 Android 之間的平板電腦上，我們大約在去年中旬才進入這個 Android 市場。

It's very early days.

現在還很早。

It's still a very small portion of our total market, but we feel good about what we've got out there, and we think we're really in a good spot.

它仍然只占我們整個市場的一小部分，但我們對我們所擁有的東西感覺很好，我們認為我們真的處於一個好位置。

I think it's one of the potential counterweights at some point in the future, even though I'm not worried about this year having an impact from Apple tablet sales, certainly as we go into next year and the year after, having a stronger attach in the Samsung portfolio would really help us to offset that.

我認為這是未來某個時候的潛在抗衡力量之一，儘管我並不擔心今年會受到 Apple 平板電腦銷售的影響，當然隨著我們進入明年和後年，我們會更加重視三星產品組合確實可以幫助我們抵消這一點。

I think we're going to be positioned to do that.

我認為我們將能夠做到這一點。

Let me go back and answer Alex's first question.

讓我回去回答亞歷克斯的第一個問題。

He asked about SmartPhones, what we've learned so far.

他詢問了關於智能手機的問題，以及我們目前了解到的情況。

It's early days.

現在還早。

We launched in -- last quarter, kind of the end -- middle to end of last quarter.

我們在 - 上個季度推出，有點結束 - 上個季度的中期到末尾。

We launched some products into the SmartPhone market, and we described them as learning.

我們向智能手機市場推出了一些產品，我們將它們描述為學習。

We're expanding that now.

我們現在正在擴展它。

And I would say we're really -- we're learning how that market behaves, how the returns process works, how the whole market operates.

而且我會說我們真的 - 我們正在學習該市場的行為方式，回報過程的運作方式，整個市場的運作方式。

And so far, I think it's a market we can do something in.

到目前為止，我認為這是一個我們可以做點什麼的市場。

We continue to work on the portfolio.

我們繼續致力於投資組合。

Stay tuned.

敬請關注。

Thanks.

謝謝。

Am I still on the line?

我還在線上嗎？

Yes.

是的。

Yes, you are.

是的，你是。

Yes.

是的。

Sorry, just very quickly on the PC, so you're not going to count on it for the rest of the year, but can you tell us maybe why you did so well in the quarter that just ended in March?

抱歉，在 PC 上的速度非常快，所以你不會在今年餘下的時間裡指望它，但你能告訴我們為什麼你在 3 月份剛剛結束的那個季度表現如此出色嗎？

Well, I think we've consistently outperformed the overall PC market.

好吧，我認為我們的表現一直優於整個 PC 市場。

And by the way, the PC market didn't perform so badly last quarter.

順便說一下，PC 市場上個季度的表現並沒有那麼糟糕。

It actually had growth on the business side in -- or some -- a lot of stability on the business side.

它實際上在業務方面有增長 - 或者一些 - 在業務方面有很大的穩定性。

The consumer side, [that] continue to be weak, or weaker.

消費者方面，[that] 繼續疲軟，或更弱。

So, I think we just outperformed the market, and I have no reason to think we won't in the future.

所以，我認為我們的表現優於市場，而且我沒有理由認為我們將來不會。

John Bright, Avondale Partners.

約翰·布萊特，埃文代爾合夥公司。

Thank you.

謝謝。

Bracken, on the quarter itself, let me go back to the gross margin question.

Bracken，關於本季度本身，讓我回到毛利率問題。

You talked about a small impact from pricing related to the transition on the ultra-thin keyboard cover.

您談到了與超薄鍵盤蓋過渡相關的定價的微小影響。

Is the challenge that you have in that case predicting demand, and is that something that's going to be more of a challenge as you're speeding up the Company, looking forward?

在這種情況下，你面臨的挑戰是預測需求嗎？隨著你加速公司發展，這是否會成為一個更大的挑戰，期待？

I think there's -- I think it's probably not actually going to be more and more of a challenge.

我認為 - 我認為這實際上可能不會成為越來越多的挑戰。

It's going to be less and less of one.

它會越來越少。

We certainly are going to learn our way through different categories on how to manage the demand curve.

我們當然會通過不同的類別來學習如何管理需求曲線。

This one in particular, remember, it was our largest-selling product, so the ultra-thin does have a big impact on our business.

請記住，尤其是這款產品，它是我們銷量最大的產品，因此超薄產品確實對我們的業務產生了重大影響。

It's becoming smaller now as we move to beyond just the ultra-thin keyboard into folios like the fabric skin keyboard and others that are doing very well, by the way.

它現在變得越來越小，因為我們超越了超薄鍵盤，進入了作品集，例如織物皮膚鍵盤和其他表現非常好的作品集。

So, I think we're going to be less dependent on any single product in the future.

所以，我認為我們將來會減少對任何單一產品的依賴。

And I don't expect it to be a big problem, going forward, at all.

而且我認為這根本不會成為一個大問題。

Vincent, is it -- when I talk about gross margins for FY15 and then on the long-term basis as well, what are you feeling comfortable talking about, either for FY15 ranges, and-or long-term?

文森特，是嗎——當我談到 2015 財年的毛利率以及長期的毛利率時，你覺得談論什麼，無論是 2015 財年的範圍，還是長期？

Yes.

是的。

So, on March 6, John, you remember we guided the business at a gross margin of 35.2%, and the profit maximization categories have a different gross margin than the growth.

所以，在 3 月 6 日，約翰，你還記得我們以 35.2% 的毛利率指導業務，利潤最大化類別的毛利率與增長不同。

But, all of the savings we're driving from a supply chain, from a procurement perspective, as well as getting the effect of scale as we grow certain growth category, makes us comfortable to guide the business at 35.2% for FY15, and we're not changing that.

但是，從採購的角度來看，我們從供應鏈中推動的所有節省，以及隨著我們增長某些增長類別而獲得的規模效應，使我們能夠輕鬆地將 2015 財年的業務引導至 35.2%，而且我們不會改變這一點。

So, within a couple of the similar points there, that's where I think our business model will land.

因此，在幾個相似點中，這就是我認為我們的商業模式將會落地的地方。

On the buyback, is this a buyback where you can be opportunistic?

關於回購，這是一個你可以投機取巧的回購嗎？

I think you mentioned in your prepared text that you now have all the approvals in place.

我想你在準備好的文本中提到你現在已經獲得了所有批准。

Can you be opportunistic in where you want to buy back more, or is this more of a structured buyback that has price limits set on it?

你能在你想回購更多的地方投機取巧嗎，或者這更像是一個設置了價格限制的結構性回購？

So, the buyback, as we mentioned on March 6, we got the Board approval for $250 million program over two years that we will run on an opportunistic basis.

因此，回購，正如我們在 3 月 6 日提到的，我們在兩年內獲得了 2.5 億美元計劃的董事會批准，我們將在機會主義的基礎上運行。

And that's how we will do it.

這就是我們將如何做到的。

we'll look at different points in the market and valuations and buy at the time.

我們會觀察市場的不同點和估值，然後在當時買入。

Last question - Bracken, you've done a terrific job on the turnaround.

最後一個問題 - Bracken，你在扭轉局面方面做得非常出色。

And as the Company moves from the turnaround mode to the growth mode, you've talked about a lot of the organic initiatives in place.

隨著公司從扭虧為盈模式轉向增長模式，您已經談到了很多已經實施的有機舉措。

Give us a flavor, from an acquisition standpoint, how important that's going to be as we look forward.

從收購的角度來看，給我們一個味道，這在我們期待的時候會有多重要。

I look at acquisition opportunities every week now, so I'm scanning about -- I'm scanning a huge range of companies, products, technologies, week in and week out.

我現在每週都會查看收購機會，所以我正在掃描——我正在掃描大量的公司、產品、技術，一周又一周。

And I've -- I wouldn't sit back and expect us to do a $400 million or $500 million acquisition, but I think we will find over time the right kind of fold-in acquisitions that can give us a position in new markets, new categories, that will enable us to grow in high-growth categories.

而且我 - 我不會坐下來期望我們進行 4 億美元或 5 億美元的收購，但我認為隨著時間的推移我們會找到合適的折疊式收購，這可以讓我們在新市場中佔據一席之地，新類別，這將使我們能夠在高增長類別中發展。

So, that's the kind of thing we're really looking at, and I'm optimistic that we'll find some things, over time.

所以，這就是我們真正關注的事情，我很樂觀，隨著時間的推移，我們會找到一些東西。

Thank you.

謝謝。

Thank you, John.

謝謝你，約翰。

Tavis McCourt, Raymond James.

塔維斯麥考特，雷蒙德詹姆斯。

Hey, guys, thanks for taking my questions, and congratulations on a good finish to the year.

嘿，伙計們，謝謝你提出我的問題，祝賀你今年取得了圓滿的成績。

First, a housekeeping item.

首先是家政用品。

Vincent, can you remind us what we should be using for a GAAP and non-GAAP tax rate for fiscal '15?

文森特，你能提醒我們 15 財年的 GAAP 和非 GAAP 稅率應該使用什麼嗎？

And then, operational question, or maybe strategic, I don't know, but obviously you guys have to be really pleased with the UE BOOM specifically in the mobile speaker entry this year.

然後，運營問題，或者可能是戰略問題，我不知道，但顯然你們必須對今年移動揚聲器條目中的 UE BOOM 非常滿意。

In terms of where you think you are on a market share basis and the segment of that market that you're competing in, obviously that share has probably gone up through the year, but I was just trying to get sense of how low the share is today, and are there other areas within mobile speakers, or audio more broadly, where you see opportunities to kind of double down on your bet here that seems to be working?

就你認為你在市場份額基礎上所處的位置以及你正在競爭的那個市場部分而言，顯然這個份額可能在這一年中有所上升，但我只是想了解這個份額有多低今天，在移動揚聲器或更廣泛的音頻領域，您是否看到有機會加倍下注似乎有效？

Thanks.

謝謝。

Well, I'll quickly get the tax rate out of the way.

好吧，我會盡快解決稅率問題。

So, in fiscal '14, we finished with a non-GAAP tax rate of 13.2% for $140 million operating profit.

因此，在 14 財年，我們以 13.2% 的非 GAAP 稅率完成了 1.4 億美元的營業利潤。

The reason to move to non-GAAP is to avoid any impact of one-time reserve release.

轉向非 GAAP 的原因是為了避免一次性準備金釋放的任何影響。

And that's our core operational rate, so it would use the same for GAAP and non-GAAP, and I cannot predict different one-time item in our GAAP tax rate that can come up during the year.

這是我們的核心運營率，因此它對 GAAP 和非 GAAP 使用相同的稅率，我無法預測我們的 GAAP 稅率中可能出現的不同一次性項目。

On your strategic question, I guess you're right, it is strategic and operational.

關於你的戰略問題，我想你是對的，它是戰略性和運營性的。

Yes, we feel great about the UE BOOM, and we're really excited with the overall Bluetooth speaker market.

是的，我們對 UE BOOM 感覺很好，我們對整個藍牙音箱市場感到非常興奮。

We think -- as I think we said when we launched this thing, wires are going to go away and everything's going to be wireless.

我們認為 - 正如我認為我們在推出這個東西時所說的那樣，電線將會消失，一切都將是無線的。

And so, we're very excited about it.

因此，我們對此感到非常興奮。

The UE BOOM has done very, very well, and it's done -- it's in different places around the world but it's still a relatively small share compared to what it can be.

UE BOOM 做得非常非常好，而且已經做到了——它在世界各地不同的地方，但與它可能達到的份額相比，它的份額仍然相對較小。

Now, we have markets where it is the number one player, it's the number one performing product in the market, but the good news is those are relatively small markets.

現在，我們的市場是頭號玩家，它是市場上表現最好的產品，但好消息是這些市場相對較小。

We have strong potential in other markets around the world.

我們在全球其他市場擁有強大的潛力。

We also now have offerings not only at the UE BOOM price point, but we have that $199 and $99 and $49, and we're not done yet.

我們現在不僅提供 UE BOOM 價格點的產品，而且我們有 199 美元、99 美元和 49 美元的產品，而且我們還沒有完成。

So, I think we have a lot -- we have strong potential here, going forward, and we like the formula we have.

所以，我認為我們有很多 - 我們在這裡有強大的潛力，向前邁進，我們喜歡我們擁有的公式。

And we're going to -- as you said, we're going to double down on it.

我們將——正如你所說，我們將加倍努力。

Great.

偉大的。

Thanks very much.

非常感謝。

Thanks, Tavis.

謝謝，塔維斯。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel 銀行。

Yes, good afternoon.

是的，下午好。

Question on -- for you, Vincent, regarding net working capital.

問題 - 對你來說，文森特，關於淨營運資金。

I mean, you squeezed out quite a lot of cash from net working capital, and I was wondering how sustainable that is and how we should think about net working capital intensity going forward in your business model.

我的意思是，你從淨營運資本中榨取了大量現金，我想知道這有多可持續，以及我們應該如何考慮你的商業模式中未來的淨營運資本強度。

Yes.

是的。

So, from a working capital days, we finished the year in the cash conversion cycle of about 29 days, and it's an improvement of four days year-over-year.

因此，從營運資金天數來看，我們在大約 29 天的現金轉換週期中結束了這一年，同比增加了四天。

You've seen the cash from operation generate this year of $202 million.

您已經看到今年運營產生的現金為 2.02 億美元。

I think in a prudent way moving forward, and for your model, our objective is to deliver cash flow from operations at about one-time non-GAAP operating profit.

我認為以一種謹慎的方式向前發展，對於您的模型，我們的目標是以大約一次性的非 GAAP 營業利潤提供來自運營的現金流。

That -- the way I would model.

那——我會建模的方式。

And from a capital expenditure perspective, we have run rate of about $40 million, and that's for maintenance CapEx.

從資本支出的角度來看，我們的運行率約為 4000 萬美元，這是用於維護資本支出。

And we have enough capacity to deliver the future growth, so I would use a similar run rate.

而且我們有足夠的能力來實現未來的增長，所以我會使用類似的運行率。

Okay, excellent.

好的，優秀。

Thank you.

謝謝。

(Operator Instructions.) Paul Coster, JPMorgan.

（操作員說明。）摩根大通的 Paul Coster。

Hi, this is Paul Chung for Paul Coster.

大家好，我是 Paul Coster 的 Paul Chung。

Thanks for taking my question.

感謝您提出我的問題。

Great quarter, guys.

偉大的季度，伙計們。

Can you give us a little bit more detail on the breakdown between protective covers and keyboard tablets?

您能否更詳細地介紹一下保護套和鍵盤平板電腦之間的故障？

I know you mentioned your market share was in the mid single-digit on covers, but if covers become a higher percentage, can you discuss how the margins will trend?

我知道你提到你的市場份額在封面上處於中個位數，但如果封面變得更高，你能討論一下利潤率的趨勢嗎？

Yes, I'll address that.

是的，我會解決這個問題。

Today our keyboard covers are the vast majority of that business.

今天，我們的鍵盤蓋佔據了該業務的絕大部分。

So it's more 80%, 90%.

所以它更多是 80%、90%。

And the margin equation, though, is very similar between the two, so you would -- you can't -- you shouldn't expect a big change as we start to grow the cover market faster.

不過，兩者之間的利潤率方程式非常相似，所以你不會——你不能——你不應該期望隨著我們開始更快地發展封面市場而發生重大變化。

Okay.

好的。

Got it.

知道了。

But as I said, I'm really optimistic of our ability to do that.

但正如我所說，我對我們做到這一點的能力非常樂觀。

And I think it's a big opportunity for us.

我認為這對我們來說是一個很大的機會。

Okay.

好的。

And why are you releasing a flurry of new iPad tablet accessories?

為什麼要發布一系列新的 iPad 平板電腦配件？

You know the iPad Air has been out for about six months now; why not wait until the new release of the next generation where adoption rates are probably most likely the highest?

你知道 iPad Air 已經推出大約六個月了；為什麼不等到採用率可能最高的下一代新版本發布呢？

We just saw that we had a big opportunity to launch some products that would accessorize the iPad Air in a strong way.

我們剛剛看到我們有一個很好的機會來推出一些能夠以強有力的方式為 iPad Air 配飾的產品。

So, we're not going to do anything but keep doubling down on accessorizing new products in the iPad space, in the Android space.

因此，我們不會做任何事情，只會繼續加倍努力為 iPad 領域和 Android 領域的新產品提供配件。

And so, we think that cycles are fast enough, and we certainly thought we had an opportunity in the market to take some share there that we weren't really participating in.

因此，我們認為周期足夠快，我們當然認為我們有機會在市場上佔據一些我們沒有真正參與的份額。

Okay, thanks.

好的謝謝。

Thanks guys.

多謝你們。

Andrew Humphrey, Morgan Stanley.

安德魯·漢弗萊，摩根士丹利。

Hello, good afternoon, and thanks for taking my question.

您好，下午好，感謝您提出我的問題。

Just a couple from me.

只是我的一對。

The targets that you've articulated and moved around slightly in the recent Investor Day include some growth in your PC keyboard or keyboards and desktop business, which clearly is outperformance versus the broader PC market.

您在最近的投資者日明確闡述並略微調整的目標包括您的 PC 鍵盤或鍵盤和台式機業務的一些增長，這顯然優於更廣泛的 PC 市場。

More recently, I guess you've launched a kind of -- an update on your living room product there for keyboards particularly.

最近，我猜你推出了一種 - 特別是針對鍵盤的客廳產品更新。

Can you say is that a sort of thing we should be looking to see more of over the next few years in terms of outperformance in the keyboard business versus the broader PC market?

你能說在鍵盤業務相對於更廣泛的 PC 市場的表現方面，我們應該在未來幾年看到更多這樣的事情嗎？

My second question is on the Americas business in particular, your sell-through that was about 10 percentage point higher than sell into the channel.

我的第二個問題特別是關於美洲業務，您的銷售比銷售渠道高出約 10 個百分點。

Can you give us a bit more color on what's behind that?

你能給我們更多的顏色嗎？

Is that a function of looking to purge the channel a bit on tablet accessories ahead of new product launches?

是不是希望在新產品發布之前稍微清理一下平板電腦配件的渠道？

And finally, I wonder if you could go into a bit more detail on the strength that you've seen in gaming this quarter and the puts and takes behind that.

最後，我想知道您是否可以更詳細地說明您在本季度的遊戲中看到的實力以及看跌期權和支持率。

Sure.

當然。

On the keyboard question, yes, there are two different areas where we see growth in keyboards.

在鍵盤問題上，是的，我們看到鍵盤在兩個不同的領域有所增長。

One of them, as you said, is keyboard for TVs, and you're right, we did launch a new keyboard that has illuminated keys, which is great.

正如您所說，其中一個是電視鍵盤，您是對的，我們確實推出了一款帶有發光鍵的新鍵盤，這很棒。

And we're not done yet there.

我們還沒有完成。

It's a pretty interesting space, the long-term growth potential there.

這是一個非常有趣的空間，那裡的長期增長潛力。

We also see a couple of other areas in the key growth segment that I don't want to get into specifically for competitive reasons, but we think there are opportunities there.

我們還看到了關鍵增長部分的其他幾個領域，出於競爭原因我不想專門進入，但我們認為那裡有機會。

You answered your own question on the sell-through, sell-through versus sell-in in the Americas.

您回答了自己關於美洲銷售率、銷售率與銷售率的問題。

You're exactly right, it relates to a full discussion we had about tablets earlier.

你完全正確，它與我們之前對平板電腦的全面討論有關。

And third question was?

第三個問題是？

The strength in gaming.

電競實力。

Yes, strength in gaming.

是的，遊戲實力。

I think in the first half of the year, we said, boy, we expect to start a little slow, and we managed to do that very effectively, especially in Q2.

我認為在今年上半年，我們說，男孩，我們預計開始會有點慢，我們設法非常有效地做到了這一點，尤其是在第二季度。

But, we said we'd pick it up in the back half once we started to launch some really meaningful new products.

但是，我們說過，一旦我們開始推出一些真正有意義的新產品，我們就會在後半段重新開始。

But, we're launching meaningful new products, and we're seeing a difference there.

但是，我們正在推出有意義的新產品，我們看到了其中的不同之處。

And I expect that to continue right into next year.

我希望這種情況會持續到明年。

That's great.

那太棒了。

Thank you.

謝謝。

Thank you.

謝謝。

Joern Iffert, UBS.

喬恩·伊弗特，瑞銀。

Thanks for taking my question.

感謝您提出我的問題。

And please apologize my ignorance.

請為我的無知道歉。

It's on your three-year profitability plan.

它在您的三年盈利計劃中。

The non-GAAP EBIT of $185 million by fiscal year 2016, just to get a better feeling for savings and investments, can you roughly give us a split what will be the contribution from further maximizing profitability in mice, keyboards, and what will be the contribution of your growth areas here?

到 2016 財年，非 GAAP 息稅前利潤為 1.85 億美元，只是為了更好地了解儲蓄和投資，您能否粗略地給我們拆分一下鼠標、鍵盤的進一步最大化盈利能力的貢獻是什麼？你的增長領域的貢獻在這裡？

Is it 50-50?

是50-50嗎？

Is it more focused on maximizing the current cash [cows]?

它是否更專注於最大化當前現金[奶牛]？

That would be the first question.

這將是第一個問題。

And second question would be what is your general dividend policy and payout targets for the next couple of years?

第二個問題是您未來幾年的一般股息政策和派息目標是什麼？

Thanks.

謝謝。

Hey, Joern, this is Vincent.

嘿，喬恩，這是文森特。

I'll take an attempt at both.

我會嘗試兩者。

So, the $185 million of operating profit targets for fiscal 2016, the third year of our turnaround would really come from the growth category becoming a much bigger piece of our portfolio.

因此，2016 財年 1.85 億美元的營業利潤目標，即我們扭虧為盈的第三年，實際上將來自增長類別，成為我們投資組合中更大的一部分。

And as you've seen in our top line target, we finished the year now, the full year up 1%, next year that growth accelerate slightly, and then we continue to accelerate as the growth category become a bigger piece of the portfolio.

正如你在我們的最高目標中看到的那樣，我們今年結束了，全年增長了 1%，明年增長略有加速，然後隨著增長類別成為投資組合中更大的一部分，我們將繼續加速。

Maybe just slight margin improvement, but that's pretty much (inaudible) in some of growing or [scanning] the gross categories and improving the margin there.

也許只是輕微的利潤率改善，但在一些增長或 [掃描] 總類別並提高那裡的利潤率方面，這幾乎是（聽不清）。

And then, from an operating expense perspective, for sure we bring the profit maximization category to deliver more profit, but we really expect to invest some of that to fuel the growth and fund the growth category.

然後，從運營費用的角度來看，我們肯定會帶來利潤最大化類別來提供更多利潤，但我們真的希望投資其中的一部分來推動增長並為增長類別提供資金。

So that's on the $185 million.

這就是 1.85 億美元。

And then, the second question is around dividend.

然後，第二個問題是關於股息。

So, we clarified our capital allocation framework at the Investor Day.

因此，我們在投資者日闡明了我們的資本配置框架。

As I mentioned, the number one usage for cash would be for tuck-in acquisition, and Bracken mentioned that he and the management team are really very active reviewing the different opportunities there.

正如我提到的，現金的首要用途是收購，布拉肯提到他和管理團隊非常積極地審查那裡的不同機會。

Secondly, we would do the annual dividends.

其次，我們會做年度股息。

The amount is normally clarified during the proxy in July and then ratified by shareholder at the AGM meeting in September, and so expect information over the summer around that topic.

該數額通常在 7 月的委託書期間明確，然後在 9 月的年度股東大會上由股東批准，因此預計夏季將有關於該主題的信息。

And then, we have the $250 million buyback program for opportunistically purchase -- share repurchase.

然後，我們有 2.5 億美元的回購計劃，用於機會性購買——股票回購。

All right, thank you very much.

好的，非常感謝。

Thanks, Joern.

謝謝，喬恩。

Youssef Essaegh, Barclays.

Youssef Essaegh，巴克萊銀行。

Hey there, sorry, I jumped back in the queue.

嘿，對不起，我跳回了隊列。

Just a quick question again on the guidance.

只是關於指導的快速問題。

Do you take into account the potential revenue from new products like the one you described earlier as a -- [that was] in learning mode at the moment?

您是否考慮過新產品的潛在收入，例如您之前描述為 - [那是] 目前處於學習模式的產品？

Like, basically is there going to be a new category added to the already long list that you have at the movement that you take already into account in your guidance as it is now?

就像，基本上是否會有一個新的類別添加到你已經在你的指南中已經考慮到的運動中已經很長的列表中，就像現在一樣？

No, we don't, it's not in the guidance.

不，我們沒有，它不在指南中。

But, as we prove that out, we will come back and talk to you about that, but it's not in the guidance currently.

但是，當我們證明這一點時，我們會回來與您討論這一點，但目前不在指南中。

And that is consistent with we always said and reaffirmed in March.

這與我們在 3 月份總是說和重申的一致。

The current turnaround plan targets are based on the current business we have, maximizing profit for the PC category and doubling down on the three growth opportunities - tablets, music, and PC gaming.

當前的扭虧為盈計劃目標基於我們目前的業務，即最大限度地提高 PC 類別的利潤，並加倍把握三大增長機會——平板電腦、音樂和 PC 遊戲。

Thank you.

謝謝。

Thank you.

謝謝。

It appears there are no further questions.

看來沒有進一步的問題了。

At this time, I will turn the conference back over to Mr. Darrell for closing remarks.

此時，我將把會議交還給 Darrell 先生作閉幕詞。

Well, thank you all for participating today.

嗯，謝謝大家今天的參與。

I'm really thrilled with the quarter and the year, and I'm really proud of what the team here has done, and every employee.

我對本季度和本年度感到非常興奮，我為這裡的團隊和每位員工所做的一切感到自豪。

But, I'm so excited, and we can do so much more.

但是，我很興奮，我們可以做更多。

We've entered the next phase for Logitech.

我們已經進入羅技的下一階段。

I'm more enthusiastic than I've been since I joined the Company.

自從我加入公司以來，我比以往任何時候都更加熱情。

I think we're going to continue to evolve it into a long-term growth engine.

我認為我們將繼續將其發展成為一個長期增長引擎。

The landscape in which we play continues to be dynamic, but we've never had so many opportunities.

我們所處的環境繼續充滿活力，但我們從未有過這麼多機會。

We expect to expand the scope of our growth category periodically, adding to our long-term growth potential, that and-or healthier PC market, both could benefit us in this fiscal year.

我們希望定期擴大我們的增長類別的範圍，增加我們的長期增長潛力，那個和/或更健康的 PC 市場，都可以在本財年使我們受益。

Our team's focused on delivering our full-year targets for fiscal year '15 while building an amazing company for the years to follow.

我們的團隊專注於實現我們 15 財年的全年目標，同時在接下來的幾年裡打造一家令人驚嘆的公司。

And we'll certainly keep you updated on our progress.

我們一定會讓您了解我們的最新進展。

Thanks again.

再次感謝。

That concludes our conference call for today.

我們今天的電話會議到此結束。

You may now all disconnect.

您現在可能會全部斷開連接。

Thank you.

謝謝。