羅技 (LOGI) 2015 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。目前所有與會者均處於靜音模式。我們將進行問答環節，屆時將提供相關說明。

This call is being recorded for replay purposes, and may not be reproduced in whole or in part without written authorization from Logitech.

本次通話將被錄音，用於回放，未經羅技公司書面授權，不得全部或部分複製。

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

現在我謹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財務主管喬·格林哈爾格先生。請開始吧。

Welcome to the Logitech conference call to discuss the Company's financial results for the third quarter ended December 31st, 2014. The press release, our prepared remarks and slides, as well as the live webcast of this call are available online at Logitech.com.

歡迎參加羅技公司關於截至2014年12月31日的第三季財務業績的電話會議。新聞稿、我們準備好的發言稿和投影片，以及本次電話會議的即時網路直播，皆可在Logitech.com網站上查看。

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發布了準備好的發言稿。這些發言稿旨在取代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.

在本次電話會議期間，我們可能會做出前瞻性陳述，包括有關未來經營績效的前瞻性陳述，這些陳述是根據 1995 年證券訴訟改革法案的安全港條款做出的。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements. Factors that could cause actual results to differ materially include those set forth in Logitech's Annual Report on Form 10-K dated November 13th, 2014 and subsequent filings, which are 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 2015.

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。可能導致實際結果有重大差異的因素包括羅技公司於2014年11月13日提交的10-K表格年度報告及其後續文件中所述的因素（這些文件可在美國證券交易委員會EDGAR資料庫線上查閱），以及羅技公司發布2015財年第三季財務業績的新聞稿和準備發言的最後幾段中所述的因素。

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.

請注意，今天的電話會議將包含按美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 編制的業績報告。提供非美國通用會計準則報告旨在幫助您更了解我們的業務。

However, non-GAAP financial results are not meant to be considered in isolation or as a substitute for or superior to GAAP results. Non-GAAP measures have inherent limitations and should be used only in conjunction with Logitech's consolidated financial statements prepared in accordance with GAAP.

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GAAP指標有其固有的局限性，僅應與羅技公司根據GAAP編制的合併財務報表結合使用。

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財務指標及其對應的GAAP財務數據，並附有與GAAP的調節表。這些資訊也已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財務指標，同樣可在我們的投資者關係網站上查閱。我們建議各位聽眾仔細閱讀這些資料。

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

本次通話將會被錄音，錄音內容將在羅技網站上提供回放。

Joining us today are Bracken Darrell, President and Chief Executive Officer, and Vincent Pilette, Chief Financial Officer. I'd now like to turn the call over to Bracken.

今天和我們連線的是總裁兼執行長布雷肯·達雷爾和財務長文森特·皮萊特。現在我把電話交給布雷肯。

Thanks, Joe, and thanks to all of you for joining us. I?m very pleased with our Q3 performance. Despite much more significant currency headwinds than expected, we grew our sales ahead of expectations. We're grown retail sales for seven consecutive quarters.

謝謝喬，也謝謝各位的參與。我對我們第三季的業績非常滿意。儘管匯率波動帶來的不利影響遠遠超出預期，但我們的銷售額仍然超出了預期。我們零售額已連續七個季度實現成長。

More important is our growth in retail excluding categories we exited last year. That's how I assess our real growth power for the future. If you look at our sales this quarter in those terms in constant currency, we grew 7% overall and a full 11% in the Americas.

更重要的是，我們零售業務的成長（不包括去年退出的類別）。我以此來評估我們未來的真正成長潛力。如果以固定匯率計算，本季我們的銷售額整體成長了7%，美洲地區的增幅更是高達11%。

Our profitability continues to improve, creating more capacity to invest and drive more growth ahead. And our cash generation is excellent, with cash flow from operations up by 86% for the last 12 months compared to the prior year.

我們的獲利能力持續提升，從而擁有更多投資能力，並推動未來進一步成長。同時，我們的現金流狀況也十分出色，過去12個月的經營活動現金流較上年同期成長了86%。

Vincent and I will look a little deeper into our Q3 performance, then I'll come back to discuss our outlook. Let me start by looking at the categories within our growth portfolio.

Vincent 和我將更深入地分析我們第三季的業績，之後我會回來討論我們的展望。首先，讓我來看看我們成長型投資組合中的各個類別。

Our PC gaming category delivered a strong quarter, with sales up by 21%, but our growth was constrained by a decline in sales of legacy steering wheels. Our sales of gaming headsets, mice, and keyboards all grew faster than the overall PC gaming category.

我們的PC遊戲產品類別本季表現強勁，銷售額成長了21%，但由於傳統方向盤銷售下滑，整體成長受到限制。遊戲耳機、滑鼠和鍵盤的銷售成長速度均超過了PC遊戲產品類別的整體成長速度。

In fact, our PC gaming sales excluding wheels and gamepads grew 40% in constant currency. Our gaming portfolio has never been stronger, and we continue to design great products.

事實上，不包括方向盤和遊戲手把在內，我們的PC遊戲銷售額以固定匯率計算成長了40%。我們的遊戲產品組合從未如此強大，我們也將繼續設計出色的產品。

As one indication of the strength of our innovation in the category, earlier this month we were honored to receive 2015 CES Innovation Awards for three of our newest gaming products, the Proteus Core tunable gaming mouse, the Hyperion Fury ultrafast gaming mouse, and the Orion Spark RGB mechanical keyboard. All three of those products made strong contributions to our growth in Q3.

為了彰顯我們在該領域的創新實力，本月初，我們榮幸地憑藉三款最新遊戲產品——Proteus Core可調式遊戲滑鼠、Hyperion Fury超高速遊戲滑鼠和Orion Spark RGB機械鍵盤——榮獲2015年CES創新獎。這三款產品均對我們第三季的業績成長做出了顯著貢獻。

In mobile speakers, we delivered another quarter of very strong growth. Our success in this category continues to be led by UE BOOM. Building on the momentum we've created with UE BOOM, we're further strengthening our portfolio to take advantage of the growing opportunity in mobile speakers.

在行動音箱領域，我們又實現了一個季度的強勁成長。 UE BOOM 繼續引領我們在這個領域的成功。我們將以 UE BOOM 帶來的成長動能為基礎，進一步強化產品組合，以掌握行動音箱市場日益增長的機會。

Earlier this month, we announced the UE MEGABOOM, our next generation mobile wireless speaker that delivers more power, more 360-degree sound, and more bass and a waterproof acoustic skin. It's simply awesome.

本月初，我們發布了新一代行動無線揚聲器UE MEGABOOM，它擁有更強的功率、更出色的360度環繞音效、更震撼的低音以及防水聲學外殼。簡直太棒了！

Our innovation in this category goes beyond hardware, though, and as we've designed our UE products to receive updates for new features via the app. The most recent example is our announcement of the world's first multi speaker pairing of more than 10 speakers. We're building an innovative and flexible platform with our UE speakers that enables easy delivery of exciting new features to our growing user community.

我們在該領域的創新遠不止於硬件，我們還設計了UE產品，使其可以透過應用程式接收新功能更新。最近的例子是我們發布了全球首個超過10個揚聲器的多揚聲器配對方案。我們正在利用UE揚聲器建立一個創新且靈活的平台，以便輕鬆地將令人興奮的新功能交付給不斷增長的用戶群。

Our tablet and other accessories category was weak. As we've seen throughout fiscal 2015, sales continue to be negatively impacted by the market for the new iPad platform. We also had business impact as we have phased in our new products for the new iPad.

我們的平板電腦及其他配件品類表現疲軟。正如我們在2015財年所見，新款iPad平台的市場持續對此品類的銷售造成負面影響。此外，由於我們逐步推出適用於新款iPad的新產品，也對業務造成了一定影響。

Let's move to the profit maximization category, which is primarily composed of PC peripherals. Excluding our video collaboration offerings, which I'll get to shortly, our sales in the profit maximization category declined by 1%, similar to the declines we've seen reported for new PC global shipments.

接下來我們來看看利潤最大化類別，這個類別主要由PC週邊組成。除去稍後我會提到的視訊協作產品，該類別的銷售額下降了1%，與我們看到的新PC全球出貨量下降幅度相近。

Within our product max category, sales in our PC keyboards and desktops grew by 5%, outpacing the market for PC shipments. One of the key contributors to this growth was our new Bluetooth multi device keyboard, K480, the first desktop keyboard designed for use with up to three devices on any major operating system and, by the way, my keyboard right now, and a winner of a 2015 CES Innovation Award. We are pleased so far with this new innovation.

在我們的產品類別中，PC鍵盤和桌上型電腦的銷售量成長了5%，超過了PC市場的整體出貨量。推動這一成長的關鍵因素之一是我們新推出的藍牙多裝置鍵盤K480。這款鍵盤是首款可在任何主流作業系統上同時連接多達三個裝置的桌上型電腦鍵盤（順便說一句，它現在就是我的鍵盤），並榮獲了2015年CES創新獎。我們對這項創新目前的表現非常滿意。

We delivered 22% sales growth in our retail video category, driven primarily by sales of our video collaboration offerings, which doubled compared to the prior year. The video collaboration product growth, born originally out of our consumer webcams, demonstrates clearly how we continue to innovate inside our profit maximization category to create segments that can outgrow the PC platform.

我們的零售視訊產品銷售額成長了22%，主要得益於視訊協作產品的銷售成長，其銷售額較前一年翻了一番。視訊協作產品的成長最初源自於我們的消費級網路攝影機，這清楚地展現了我們如何在利潤最大化的領域內不斷創新，從而打造出能夠超越PC平台成長的細分市場。

Before handing over to Vincent, I want to say that our ability to improve our profitability despite the impact of currency headwinds illustrates our improved operational execution. Vincent now has further detail on the quarter.

在將發言權交給文森之前，我想說，儘管受到匯率不利因素的影響，我們仍能提高獲利能力，這體現了我們營運執行力的提升。文森特現在將帶來本季的更多詳細資訊。

Thank you, Bracken, and good morning, everyone. In Q3, we delivered better than expected results despite the significant headwinds from the stronger US dollar. It was our seventh consecutive quarter of sales growth for our strategic retail business and our seventh consecutive quarter of double digit operating profit growth.

謝謝布雷肯，大家早安。儘管美元走強帶來了顯著的不利影響，但我們在第三季仍取得了超乎預期的業績。這是我們策略性零售業務連續第七個季度實現銷售成長，也是我們連續第七個季度實現兩位數的營業利潤成長。

Let me start by focusing on how the recent volatility in currency exchange rates is impacting our business. In October, we confirmed our fiscal 2015 sales outlook of $2.16 billion, assuming a euro to US dollar exchange rate of about 1.3 for the second half of the fiscal year.

首先，我想重點談談近期匯率波動對我們業務的影響。 10月份，我們確認了2015財年的銷售額預期為21.6億美元，該預期基於下半年歐元兌美元匯率約為1.3的假設。

The rapid depreciation of the euro as well as other currencies has shaved close to $50 million from our second half revenue outlook in US dollars. For Q3 specifically, the year-over-year US dollar appreciation created about $20 million negative sales impact in US dollars, or the equivalent of 3 percentage points of growth.

歐元及其他貨幣的快速貶值使我們下半年的美元營收預期減少了近5,000萬美元。具體到第三季度，美元年比升值導致我們以美元計價的銷售額減少了約2,000萬美元，相當於3個百分點的成長率下降。

We look at constant currency sales growth as one of the key indicators of our performance, and that is why we have provided you with more constant currency information today.

我們將以固定匯率計算的銷售成長視為衡量績效的關鍵指標之一，因此今天我們特地向您提供了更多以固定匯率計算的資訊。

While the US dollar appreciation impacts our gross margin, our cost reduction initiatives have enabled us to deliver strong gross margin improvement, up 210 basis points year-over-year in Q3, with great improvement in almost all of our profit maximization categories as well as our music category as it scales up.

儘管美元升值影響了我們的毛利率，但我們的成本削減措施使我們能夠實現強勁的毛利率提升，第三季度同比增長 210 個基點，幾乎所有利潤最大化類別以及音樂類別（隨著規模擴大）都取得了巨大進步。

Disciplined cost management and operational execution will continue to play a key role in our transformation. However, we are not planning on sustaining this level of gross margin improvement over an extended period of time should the euro continue to weaken.

嚴格的成本管理和高效的營運執行將繼續在我們轉型過程中發揮關鍵作用。然而，如果歐元持續走弱，我們並不打算長期維持這種毛利率提升水準。

Consistent with the plans we shared with you during the last earnings cycle, Q3 was the first quarter in the last seven quarters that we have allowed our non-GAAP operating expenses to increase compared to the prior year. The 4% increase reflects investments in sales, marketing, and product marketing to drive short term and long term sales growth in mobile speakers, PC gaming, and the rollout of Lifesize Cloud.

與我們在上一個財報週期中與您分享的計劃一致，第三季度是過去七個季度以來，我們首次允許非GAAP營運費用較上年同期增長。這4%的成長反映了我們在銷售、行銷和產品行銷方面的投入，旨在推動行動音箱、PC遊戲以及Lifesize Cloud雲端服務的短期和長期銷售成長。

Those investments, as well as other seed investments for which we have virtually no revenue today, were partially offset by continued savings in our infrastructure. We will continue to demonstrate disciplined spend management while investing selectively to drive future growth.

這些投資，以及其他目前幾乎沒有產生任何收益的種子輪投資，部分被我們在基礎設施方面持續節省的成本所抵消。我們將繼續保持嚴格的支出管理，同時選擇性地進行投資以推動未來的成長。

Q3 was another quarter of strong cash generation, driven by the improvement we have made to managing our working capital. Our cash flow from operations for the quarter was $76 million, driven by a cash conversion cycle of just 20 days, the second best in our history.

第三季現金流依然強勁，這主要得益於我們營運資本管理水準的提升。本季經營活動產生的現金流為7,600萬美元，現金週轉週期僅20天，創歷史第二佳績。

Over the last 12 months, we generated cash flow from operations of $232 million, up by 86% compared to the prior 12 month period. Our strong cash position enables us to drive a healthy capital allocation strategy, focused on business investments and small acquisition as a priority, annual dividends, and opportunistic share buybacks.

過去12個月，我們的營運活動現金流為2.32億美元，較前12個月成長86%。我們充裕的現金儲備使我們能夠推行穩健的資本配置策略，優先考慮業務投資和小規模收購、年度分紅以及擇機回購股票。

Finally, I received questions from many of you about the impact on our business from last week's rapid and steep dip appreciation of the Swiss franc. Let me share with you three data points to put this in perspective.

最後，我收到很多朋友詢問上周瑞士法郎快速大幅升值對我們業務的影響。讓我分享三個數據點，讓大家更能理解這個問題。

First, our sales in Sweden represent about 2% of our total sales. Second, our operating expenses for our headquarters in Switzerland represent about 10% of our total operating expense. And third, we hold very little of our cash in Swiss francs.

首先，我們在瑞典的銷售額約佔總銷售額的2%。其次，我們位於瑞士總部的營運費用約佔總營運費用的10%。第三，我們持有的瑞士法郎現金非常少。

While extreme volatility like we saw last week can always present some near term challenges, the appreciation of the Swiss franc should not have any material impact on our long term financial model.

雖然像上週那樣的極端波動總是會帶來一些短期挑戰，但瑞士法郎升值不應對我們的長期財務模型產生任何實質影響。

And on that note, I'll turn it back to Bracken.

說到這裡，我還是把話題轉回布雷肯身上吧。

Thanks, Vincent. Looking at the remainder of the year, despite significant currency headwinds, we are increasing our outlook for non-GAAP operating income for fiscal 2015 by $15 million to approximately $185 million.

謝謝，文森特。展望今年剩餘時間，儘管面臨重大的匯率不利因素，我們仍將2015財年非GAAP營業收入預期上調1500萬美元至約1.85億美元。

This is the second time this fiscal year that we've increased our profit outlook. And that's in spite of the fact that we're adjusting our outlook for fiscal 2015 sales from $2.16 billion to approximately $2.11 billion to reflect the US dollar's appreciation versus various currencies.

這是本財年我們第二次調高獲利預期。儘管我們已將2015財年的銷售預期從21.6億美元下調至約21.1億美元，以反映美元對多種貨幣的升值，但我們仍然提高了獲利預期。

I'm very pleased with our progress and momentum in the business. We're building the foundation to deliver more and more great products. While we now have, I believe, a powerful product portfolio, you can expect us to launch more unique, beautifully designed products in the coming quarters.

我對我們在業務上取得的進展和發展勢頭感到非常滿意。我們正在夯實基礎，以便推出更多優質產品。雖然我們目前的產品組合已經相當強大，但我相信在接下來的幾個季度裡，我們將推出更多獨特且設計精美的產品。

We're gaining share in most of our categories. Sales of our PC peripherals are stable and margins are improving due to our cost reduction initiatives. We're positioned for continued growth in our growth businesses, and we're quietly developing additional engines for new growth.

我們在大多數產品類別中市場佔有率都在成長。由於成本削減措施的實施，我們的PC外設銷售保持穩定，利潤率也不斷提高。我們已做好準備，確保成長型業務持續成長，同時也悄悄開發新的成長引擎。

We look forward to sharing more on our opportunities and growth plans during our upcoming Analyst and Investor Day, which will be held on March 11th in Zurich.

我們期待在即將於 3 月 11 日在蘇黎世舉行的分析師和投資者日上，與大家分享更多關於我們的機會和成長計畫的資訊。

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

現在，我和文森可以回答您的問題了。請聽從接線生的指示。

Thank you. (Operator instructions.) Felix Remmers, Credit Suisse.

謝謝。 （操作員指示。）瑞士信貸的菲利克斯·雷默斯。

Yes. Hi, everyone. Two questions from my side. First, are you now allowed to buy back shares? That will be the first question.

是的，大家好。我有兩個問題。首先，現在允許回購股票嗎？這是我的第一個問題。

And the second question is regarding tablet accessories. Here it seems to me that you are underperforming your peers, if I look at comments from Zack, for example. And I was wondering what do you plan to do to put this category back into growth mode here?

第二個問題是關於平板電腦配件的。在我看來，你們在這方面的表現似乎不如同行，例如我看了Zack的評論。我想知道你們打算採取什麼措施來重振這個品類的成長？

Yes, I'll go ahead and answer both. Yes, we are in a position now to do a share buyback. And I'll let Vincent add anything he wants to on that one first.

是的，我會回答這兩個問題。是的，我們現在有能力進行股票回購。至於文森想補充的，我先讓他補充一下。

No. Buyback is open and, as we mentioned, we will buy back on an opportunistic basis.

不。股票回購計劃是開放的，而且正如我們所說，我們會根據市場情況擇機回購。

And as for our performance in tablet accessories, we certainly had an extremely strong year last year. And we hit some market share points as we exited the quarter in Q3 last year. I think we actually hit a 60 share in the US.

至於我們在平板電腦配件方面的表現，去年我們確實取得了非常強勁的成績。去年第三季末，我們的市佔率也達到了相當高的水平。我記得我們在美國市場的市佔率甚至達到了60%。

This year at least one of our competitors has actually put themselves back in position by getting a key merchandising improvement that really put them on more of an equal footing.

今年，至少我們的一位競爭對手透過關鍵的商品銷售改進，重新回到了與我們平等的競爭地位。

So, I would say we're back to more kind of where we ought to be from a market share standpoint, our natural point. That said, I think we can do a lot better going forward, and I'm optimistic about how we can perform in this category.

所以，我認為從市場佔有率的角度來看，我們已經回到了我們應該在的位置，也就是我們應該在的位置。話雖如此，我認為我們未來還有很大的提升空間，我對我們在這個領域的表現充滿信心。

Anything else, Felix?

還有什麼事嗎，菲利克斯？

Maybe one follow up looking a bit more forward. So, you are comfortable that this category will at some point, let's say next year, next fiscal year, grow again?

或許我們可以展望一下未來。您是否確信，比如說明年，下一個財政年度，這個類別會再次成長？

That's really hard to say. This is a category very dependent on the core iPad platform and the Samsung tablet platform. What I would say is we're in a great position to grow at least with or above the category.

這很難說。這個品類非常依賴iPad核心平台和三星平板電腦平台。但我認為，我們至少有能力與該品類保持同步成長，甚至超越它。

If the category grows, I suspect we'll have a really good performance. If the category is flat or down, we'll have less of a good performance. We're not reliant on this category to drive our growth initiative and to turn this company back into a growth business.

如果該品類成長，我預期我們的業績會非常出色。如果該品類持平或下滑，我們的業績就不會那麼理想。我們不依賴該品類來推動成長計劃，也不指望它能讓公司重回成長軌道。

Okay, thanks. That's from my side.

好的，謝謝。這是我的看法。

Thank you, Felix.

謝謝你，菲利克斯。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Great. Thanks for taking my questions, and nice quarter with a tough FX headwind. Vincent, you gave us the foreign currency impact on fiscal Q3. I was wondering if you could give us an estimate of what it may be on a year-over-year basis in fiscal Q4.

太好了。感謝您回答我的問題，儘管面臨外匯市場的不利影響，但本季業績依然不錯。 Vincent，您已經分析了外匯匯率對第三財季的影響。我想請您估算一下，第四財季年比匯率波動的影響會有多大。

And then, Bracken, on the UE BOOM, which continues to impress, wonder if you had any market share data you can share with us. This is a category, it seems like there's a lot of different brands doing well right now. At some point there'll be some consolidation. So, I think in the past you mentioned you'd like to get this to be a top three brand in a number of geographies to be sustainable. And just kind of an update on that progress would be great. Thanks.

布雷肯，關於UE BOOM，它持續給我們留下了深刻的印象。我想請問您是否可以分享一些市場佔有率數據？目前這個品類似乎有很多不同的品牌都發展得很好。但未來一定會出現一些整合。我記得您之前提到過，為了永續發展，您希望UE BOOM在多個地區都能躋身前三名。如果您能提供這方面的最新進展，那就太好了。謝謝。

I'll make it very simple. For Q4, the year-over-year impact on our sales due to the US dollar appreciation is about $30 million, Tavis.

我簡單說一下。塔維斯，由於美元升值，第四季我們銷售額年減約3000萬美元。

Thank you.

謝謝。

Yes. And Tavis, I'll give you a few facts on our music business in general. If you look in the US, the final market share data I don't think is out yet. But, I believe we'll end up back in about the top four, up versus year ago by at least a half a point.

是的。塔維斯，我給你介紹一下我們音樂產業的整體情況。就美國而言，最終的市場份額數據我想還沒出來。但我相信我們最終會重回前四，比去年至少提升0.5個百分點。

If you look around the world, I think I've got this right, I think we're the number one Bluetooth speaker brand in Australia. We're the number one brand in New Zealand. We're probably -- although we don't have market share data on it, probably the number one brand in Switzerland. And we're seeing market share improvements in most of our geographies around the world.

放眼全球，我覺得我的數據沒錯，我們在澳洲是排名第一的藍牙音箱品牌。我們在新西蘭也是排名第一的品牌。雖然我們沒有瑞士的市佔率數據，但我們可能也是瑞士排名第一的品牌。而且，我們在全球大部分地區的市場份額都在成長。

So, we're making very good progress. And I'm optimistic ahead for the Bluetooth speaker business.

所以，我們取得了非常好的進展。我對藍牙音箱業務的未來充滿信心。

Great. Thanks very much.

太好了，非常感謝。

Thank you.

謝謝。

Alexander Peterc, Exane.

Alexander Peterc，Exane。

Yes. Hi and good morning to you. Thanks for taking my question. I'd just like to clarify a little bit further on FX, first on gross margins. Would your gross margin have been better under the old exchange rate, i.e., do you have any headwind there? And what is the impact on OpEx from, say, a 10% move of the euro versus dollar?

是的。您好，早安。感謝您回答我的問題。我想就外匯問題再補充一些細節，首先是關於毛利率。如果採用先前的匯率，您的毛利率是否會更高？也就是說，您在這方面是否有任何不利因素？另外，如果歐元兌美元匯率波動10%，會對營運成本產生什麼影響？

And then, the second question would be on tablets. I'd just like to understand, you had -- last year, I distinctly remember that you had a fiscal Q4 which was particularly weak because you were transitioning the Ultrathin, it would seem. Correct me if I'm wrong.

第二個問題是關於平板電腦的。我想了解一下，我記得去年第四財季業績特別疲軟，似乎是因為你們當時正在過渡到超薄平板電腦產品線。如果我記錯了，請指正。

So, you have -- at last you have an easy comps base going into fiscal Q4 this year. So, should we assume from that that the steep declines we've seen in this category over the past four quarters would be softening at least, if not going back into growth in the current quarter? I just want to understand the comps here, not exactly a guidance.

所以，你們終於有了——至少在今年第四財季開始前有一個相對容易比較的基數。那麼，我們是否可以據此推斷，過去四個季度該類別的大幅下滑至少會有所緩和，甚至在本季恢復成長？我只是想了解這個比較基數，而不是尋求績效指引。

And then finally, are we getting anything on smartphones yet? There's no Case Plus for the iPhone 6 or 6 Plus as far as I understand. So, are you looking at this category still, or are you trying to approach the smartphone category in a different way? Thanks.

最後，關於智慧型手機保護殼，你們有推出嗎？據我所知，目前還沒有適用於 iPhone 6 或 6 Plus 的 Case Plus 產品。所以，你們還在關注這個品類嗎？還是打算換個思路來拓展智慧型手機市場？謝謝。

Hey, Alex. Let me just take currency first and then I'll pass it to Bracken. So, on currency, when we have short term volatility, we do have some natural protection. We may have bought inventory a while ago. We have some hedging in place.

嗨，Alex。我先講講貨幣方面，然後再把問題交給Bracken。關於貨幣，當出現短期波動時，我們有一些天然的保護措施。我們可能之前已經購買了一些庫存，也採取了一些對沖措施。

And so, in the very short term, like Q3, the flow through from a top line impact is somewhat minimal. It's not zero, but it's somewhat minimal and manageable.

因此，在非常短期的時間內，例如第三季度，營收成長帶來的影響微乎其微。雖然並非完全沒有影響，但影響很小，而且是可以控制的。

As you move forward and if the US dollar appreciation is maintained, you're going to have an impact on the gross margin. In our Analysts' Day in March, we're going to quantify what it means for FY 2016.

隨著美元升值趨勢的持續，毛利率將會受到影響。在三月的分析師日上，我們將量化分析這對2016財年的影響。

When it comes OpEx, about 10% of our OpEx is in euro. About 10% is in Swiss franc. When the Swiss franc was pegged to the euro, there was 20% of our pegs that was helping with a natural hedge. We're going to lose that with now the Swiss franc floating or disconnected from the euro. And again, we're going to assess and adjust to see what it means for FY 2016.

就營運支出而言，我們約有10%的營運支出以歐元計價，約有10%以瑞士法郎計價。瑞士法郎與歐元掛鉤時，我們20%的掛鉤資產起到了一定的對沖作用。現在瑞士法郎實行浮動匯率製或與歐元脫鉤，我們將失去這部分對沖。我們將再次評估並調整，以了解這對2016財年的影響。

Okay. And Alex, on your two questions on categories. So, on tablets, yes, we do have a weaker comp versus a year ago in Q4. It's hard for me to say whether that's going to result in a better trend line.

好的。 Alex，關於你提出的兩個品類問題。平板電腦方面，是的，第四季的年比數據確實有所下降。我很難說這是否會帶來更好的成長趨勢。

The tablet category has been down all year. The tablet accessory category has been down all year too, and we have no reason to think that's going to stop.

平板電腦品類全年持續低迷。平板電腦配件類別也全年低迷，而且我們沒有理由認為這種情況會停止。

On smartphones, we have -- I think I've told you all before. We have several seeds, I think we've said six or seven right now, that were in development in the backroom. This was one of those that earlier -- I mean it would have been included in what we'd have earlier called a seed. We're still experimenting there.

在智慧型手機領域，我們有一些——我想我之前也跟大家說過——我們正在進行一些研發項目，目前大概有六七個，都是在後台進行的。這個就是其中之一，之前它應該也算在我們所說的「種子項目」裡。我們目前還在進行相關的實驗。

We've got a lot of smartphone initiatives though, including our music business, which is really a smartphone business. It's a connected business. And we have others that are in development.

我們有很多智慧型手機相關的項目，包括我們的音樂業務，而音樂業務實際上也是一項智慧型手機業務。這是一個互聯互通的業務。此外，我們還有其他項目正在開發中。

So, without getting too much more specific on what we're working on ahead, I would just say, yes, you can certainly expect more from us in the future connecting -- or taking advantage of the huge smartphone market.

所以，在不透露我們未來工作的具體內容的情況下，我只想說，是的，你們當然可以期待我們在未來推出更多產品，以連接——或者說，利用巨大的智慧型手機市場。

Great. Thanks a lot.

太好了，非常感謝。

Thanks, Alex.

謝謝你，亞歷克斯。

Youssef Essaegh, Barclays

尤瑟夫·埃薩格，巴克萊銀行

Hi. Thanks for letting me ask questions. So, FX was clearly a hit. But overall, if you look at the growth categories and you compare them to the kind of growth that we have in the profit max categories, even without the FX impact in reality you're still a little bit behind. And it's not necessarily your fault, right? I mean, the tablet market outlook has changed significantly since you started working on this kind of product.

您好。感謝您允許我提問。外匯交易顯然取得了成功。但總體而言，如果您查看成長類別，並將其與我們利潤最大化類別的成長進行比較，即使不考慮外匯交易的影響，實際上您仍然略微落後。這不一定是您的錯，對吧？我的意思是，自從您開始研發這類產品以來，平板電腦市場的前景已經發生了顯著變化。

So, I was wondering -- and that's probably more a question for the Capital Markets Day. But, in parallel, you can maybe help us understand how you see OpEx supporting eventually a little bit more of a change of product strategy that will help you be back on track on the kind of growth that you've been guiding for recently.

所以，我一直在想——這可能更適合在資本市場日上討論。但同時，您能否幫我們了解一下，您認為營運支出（OpEx）最終將如何支持產品策略的進一步調整，從而幫助您重回正軌，實現您近期一直追求的成長目標？

Yes. Thanks, Youssef. We'll certainly answer that in our Markets Day that I hope you'll all be at in Zurich. But, let me just give you a couple of ways I think about that right now.

是的，謝謝你，優素福。我們一定會在蘇黎世的市集日活動回答這個問題，希望大家都能來參加。不過，現在讓我先說說我目前的想法。

First, if you looked at our growth businesses excluding tablet accessories, we'd be up about 40%. So, it's a pretty good story. And if you -- and of course, as you said, tablet accessories has gone through a change. And I don't know whether it's a permanent change, a temporary change. We're optimistic about it, but you never know.

首先，如果我們只看成長業務，不把平板電腦配件排除在外，成長率大約是40%。所以，情況相當不錯。當然，正如您所說，平板電腦配件市場已經發生了變化。我不知道這種變化是永久性的還是暫時的。我們對此持樂觀態度，但誰也說不準。

The great news is that we have more growth businesses than you see on the surface, because if you look back in what we call PC peripherals, we've actually got growth stories within there including video collaboration, which doubled year-over-year.

好消息是，我們擁有的成長型業務比你表面上看到的要多，因為如果你回顧一下我們稱之為 PC 週邊的業務，你會發現其中實際上有很多成長案例，包括視訊協作，其業務同比增長了一倍。

So, we have plenty of growth -- I think we have plenty of growth engines out there with or without the tablet accessories business. As to the investment of OpEx to drive those growth categories, we -- and I don't want to disclose too much ahead of our Capital Markets Day, as you called it, or our Analyst and Investor Day, as we do.

所以，我們有很多成長空間——我認為無論有沒有平板電腦配件業務，我們都有很多成長引擎。至於用於推動這些成長領域的營運支出，我們——我不想在你們所說的「資本市場日」或我們通常舉辦的「分析師和投資者日」之前透露太多。

But, we've certainly been very aggressive about moving especially R&D resources out of PC peripherals and into the growth businesses. And I'll dimensionalize that when we're together, but it's been significant and it will continue to be.

但是，我們確實一直非常積極地將研發資源從個人電腦週邊領域轉移到成長型業務領域。等我們見面的時候我會詳細說明，但這確實意義重大，而且未來也會繼續如此。

Thank you. So, can I ask another quick one on the balance sheet? So, as you pointed out, you have now a record level of cash and you describe your share buyback as being opportunistic. So, I'm just wondering what's your plan? Are you thinking about holding the balance sheet like it is today, or are you thinking about maybe restructuring it somehow and do a special dividend, anything of that kind? Thanks.

謝謝。那麼，我可以再問一個關於資產負債表的問題嗎？正如您所指出的，您目前擁有創紀錄的現金儲備，並且您稱股票回購是一種機會主義行為。所以，我想知道您的計劃是什麼？您打算維持目前的資產負債表現狀，還是考慮進行一些重組，例如派發特別股息之類的？謝謝。

So, at this point in time, the capital allocation strategy, it's pretty clear. Our priority and where we spend most of our time is really looking at business investment opportunities, including small acquisition, as you know.

所以，就目前而言，我們的資本配置策略非常明確。如您所知，我們的首要任務以及我們投入最多時間的地方在於尋找商業投資機會，包括小型收購。

We have an annual dividend in place, and we grew it 25% this year. As we continue to increase our performance, you are going to continue to see growth in that dividend.

我們實行年度分紅制度，今年分紅成長了25%。隨著我們業績的持續提升，分紅也將持續成長。

And then, on the buyback, it will all depend on how big the opportunity is when I mention buyback opportunity.

至於回購，那將完全取決於我所說的回購機會有多大。

Thank you.

謝謝。

Thanks, Youssef.

謝謝你，優素福。

Andreas Mueller, Zurcher Kantonalbank.

安德烈亞斯‧穆勒 (Andreas Mueller)，蘇黎世州銀行。

Yes, thank you very much for taking my question. Good afternoon. I would like to know, could you please dissect the 2% gross margin increase into firstly cost reduction and economies of scale, and secondly the exiting of the nonstrategic products?

是的，非常感謝您回答我的問題。午安.我想請您詳細分析一下，2%的毛利率成長是源自於成本降低和規模經濟，還是源自於非策略性產品的退出？

Sure.

當然。

Hey, Andreas. Good afternoon to you. So, on the gross margin, 210 basis points up on a year-over-year basis, a lot is driven by cost reductions, which are really meaning rate improvement within each of our categories. Almost all of our profit maximization are improving the gross margin rate. Consolidated components, working on the manufacturing side is important.

嗨，安德烈亞斯，下午好。毛利率方面，年增210個基點，這主要得益於成本降低，實際上意味著我們各個品類的毛利率都有所提高。我們幾乎所有的利潤最大化措施都旨在提高毛利率。整合零件，以及在生產環節的努力都至關重要。

When you look at scale in the growth category, it's mainly music. With scaling, obviously you have an overhead now amortized on a much bigger number. But, we're also -- with the MEGABOOM, leveraging between BOOM and MEGABOOM, we're investing in automation in our manufacturing, which reduced labor cost. And that's about two-thirds of our gross margin improvement.

從成長型業務的規模來看，音樂產業無疑是成長的主要動力。規模擴大後，顯然需要將營運成本分攤到更大的業務單位。但同時，透過MEGABOOM項目，我們利用BOOM和MEGABOOM兩家公司的優勢，投資生產自動化，從而降低了勞動成本。這大約占我們毛利率提升的三分之二。

When it comes to product mix, so for example we discontinued products last year. We had about $11 million of revenue of discontinued products in our revenue last year. It's down to zero now. Last year it was sold at a negative gross margin to get rid of those discontinued products. And so, the mix also is giving about a third of margin boost, if you want.

就產品組合而言，例如，我們去年停產了一些產品。去年，這些停產產品的收入約為1,100萬美元。現在，這部分收入已經降至零。去年，為了清理這些停產產品，我們以負毛利率出售它們。因此，如果你願意的話，產品組合的調整也帶來了約三分之一的利潤率提升。

Okay. Thank you. Second question on the PC market. How do you see the PC market in 2015? And do you see any opportunity out of Windows 10 on your PC gaming business?

好的，謝謝。第二個問題是關於PC市場的。您如何看待2015年的PC市場？您認為Windows 10會為您的PC遊戲業務帶來什麼機會嗎？

On PC gaming. So, how do we see the PC market? We'll certainly give you our viewpoint on that in Zurich.

關於PC遊戲。那麼，我們如何看待PC市場呢？我們一定會在蘇黎世與您分享我們的觀點。

Overall, I would expect -- right now I would say our planning assumption is to continue to view the PC market down mid single digits, because that's a safe assumption for us. And we really want to put more focus on creating new growth engines.

總的來說，我預計——就目前而言，我們的規劃假設是繼續將個人電腦市場視為個位數中段的下滑趨勢，因為對我們來說，這是一個比較穩健的假設。我們真正希望將更多精力放在打造新的成長引擎上。

So, we're continuing to plan that way. It could be better than that. Last quarter was down 2.6%. So, it's really difficult for me to guide better than the PC makers would. But, that would be -- our planning assumption will be that it'll be down mid single digits. We'll update that in Zurich.

所以，我們將繼續按此計劃進行。情況可能會更好。上個季度下降了2.6%。因此，我很難給出比個人電腦製造商更好的預測。但是，我們的計劃假設是下降幅度在個位數中段。我們將在蘇黎世更新這項數據。

On Windows 10, now I'll go beyond the PC. Every update that comes through Windows is an opportunity to see re-stimulation in our keyboard and mouse and the various things around the PC. And what I see of Windows 10 looks really good, so we'll see.

現在，關於 Windows 10，我要把目光投向電腦以外的領域。 Windows 的每個更新都讓我們有機會重新體驗鍵盤、滑鼠以及電腦周圍的各種功能。就我目前所見，Windows 10 的確非常出色，讓我們拭目以待。

It's too early to say. There have been a lot of updates on Windows. And some have been very successful in attracting users back or new users and some have not. So, it's really hard for me to say, but everything I hear about Windows 10 sounds very good.

現在下結論還為時過早。 Windows 系統經歷了多次更新，有些更新非常成功，吸引了新舊用戶，有些則不然。所以，我很難妄下斷言，但我聽到的關於 Windows 10 的一切都聽起來很不錯。

Okay. If I can do a follow up, how indicative is the year-on-year growth of 11% of the marketing and sales expense going forward? I mean, were there some seasonal impacts as well that you pushed a bit more or is that really sustainable, kind of the increase going forward?

好的。如果可以的話，我想問一下，行銷和銷售費用年增11%這個數字對未來的發展有多大參考價值？我的意思是，這其中是否也存在一些季節性因素導致成長幅度偏大，還是說這種成長趨勢是可持續的？

I'll answer a couple different ways, Andreas. So, we invested this quarter. First quarter in seven quarters that we've increased our OpEx about 4% on a year-over-year basis. For those who have not looked at the breakdown, we really invested in sales and product marketing, while G&A is down 14% on a year-over-year basis.

安德烈亞斯，我可以從幾個不同的角度來回答這個問題。首先，我們本季進行了投資。這是七個季度以來，我們首次將營運支出較去年同期成長約4%。對於沒有仔細查看細分資料的人來說，我們主要投資於銷售和產品行銷，而一般及行政費用則是年減了14%。

So, as I mentioned, we continue to drive infrastructure savings and then redirect that into investments. About two-thirds of that S&M investment was field investment. So, helping the growth could be demo days at Best Buy for our music business, as an example.

正如我之前提到的，我們持續推動基礎設施成本節約，並將節省的資金重新投入投資。銷售和行銷投資中約有三分之二是現場投資。例如，在百思買舉辦音樂事業的演示日活動，就能促進業務成長。

And about a third is for longer term product marketing as we invest into categories that don't have revenue yet but will deliver the long term growth model. That's about the ratio.

大約三分之一的資金用於長期產品行銷，因為我們將投資那些目前還沒有收入但能夠帶來長期成長的類別。比例大概就是這樣。

When we move forward in Q4, as you see in profit guidance, we are very pleased to be able to raise our profit guidance for the year. But, it does continue to plan on a moderate increase in our OpEx.

展望第四季度，正如您在獲利預期中所見，我們非常高興能夠上調全年獲利預期。但同時，我們仍計劃適度增加營運支出。

And then, the second angle I will take is our long term business model calls for an OpEx of about 25% of revenue for a 10% operating profit margin. And while we made good progress, we are not there yet. So, you will continue to see some increase in OpEx in dollars to invest but an overall long term operating leverage as we continue to trend toward the long term business model.

其次，我要談的第二個角度是，我們的長期商業模式要求營運支出佔收入的25%左右，以達到10%的營業利潤率。雖然我們取得了不錯的進展，但尚未達到目標。因此，您會看到用於投資的營運支出金額持續增加，但隨著我們繼續朝著長期商業模式發展，整體營運槓桿效應將持續增強。

Okay. Thank you very much.

好的，非常感謝。

(Operator instructions.) Paul Coster, JP Morgan.

（操作說明。）保羅·科斯特，摩根大通。

Yes, thanks very much for taking my question. And by the way, I love the K480 keyboard. I?m using it as well.

是的，非常感謝您回答我的問題。順便說一句，我非常喜歡K480鍵盤，我自己也在使用。

That's good to hear.

聽到這個消息真好。

Are there any channel expansion opportunities left to the company, either by region or by vertical?

公司在區域或垂直領域是否還有其他通路拓展機會？

Yes. And without getting into excruciating detail, I would say -- I'll give you one example. We continue to see telco expansion opportunities, especially in our music business, but beyond our music as well.

是的。我就不贅述細節了，舉個例子吧。我們持續看到電信業的擴張機會，尤其是在音樂領域，但其他領域也是如此。

But, yes, I think we've got channel opportunity expansion across multiple categories. And we intend to get them over the next couple of years.

是的，我認為我們在多個品類中都有拓展通路的機會。我們計劃在未來幾年內實現這些機會。

By geography, is there anything you can sort of call out as major trends that you're able to observe through sales of your products? I'm thinking in particular of the difference between perhaps the mobile and the PC platforms by region.

從地理上看，您能否透過產品銷售觀察到一些主要趨勢？我特別想了解不同地區行動平台和PC平台之間的差異。

First of all, not all the data is in on PC performance, but I'll give you a few things of PC versus mobile versus overall the smartphone. As we all know, the smartphone continues to just grow unabated, which I'd say is very good for us because some of our growth categories are really connecting to PC, especially our music business.

首先，關於PC效能的數據還不完整，但我會簡單介紹PC、行動裝置以及智慧型手機的整體表現。眾所周知，智慧型手機市場持續高速成長，這對我們來說非常有利，因為我們的一些成長領域與PC密切相關，尤其是音樂業務。

And in terms of tablets, we've talked a lot about those today. And in terms of the PC, obviously the PC market seems to have been a little stronger in the US, or weakened less in the US than other markets, but everywhere a little bit better.

至於平板電腦，我們今天已經談了很多。至於個人電腦，顯然美國的PC市場似乎比其他市場更強勁一些，或者說美國的PC市場下滑幅度小於其他市場，但整體而言，世界各地的PC市場都略有改善。

So, beyond that, I can't give any more great insights. But, I would say I'm just -- overall I'm sort of optimistic in general about the industry of consumer electronics and where it's going. Having just come back from CES, it just feels like the whole industry ought to be headed for another growth trend. It's going to be pretty exciting, and we certainly intend to be a big part of that.

所以，除此之外，我暫時也說不出什麼更深刻的見解了。不過，總的來說，我對消費性電子產業及其發展方向持樂觀態度。剛從CES回來，感覺整個產業應該會迎來新一輪的成長。這令人非常興奮，而我們當然也打算成為其中的重要力量。

For my last question, Bracken, if you sort of step back from things a bit, you and Vincent have obviously sort of effected a very substantial transformation of this company already. Where do we stand in terms of the big process here? What have we done and what's next?

最後一個問題，布雷肯，如果你稍微退後一步來看，你和文森特顯然已經對這家公司進行了非常實質性的變革。就整個流程而言，我們目前處於什麼階段？我們已經完成了哪些工作，下一步該做什麼？

Well, first of all, it wasn't just me and Vincent. There are a lot of people who've really driven an enormous change in this company, and I'm really proud to represent them. But, we're just two of them.

首先，這不只是我和文森兩個人的功勞。有許多人才真正推動了公司發生的巨大變革，我非常榮幸能代表他們。但是，我們只是其中的兩個人。

In terms of where we stand, Vincent and I are -- and we'll talk about this in Zurich. Vincent and I kind of think of this as chapter one. And chapter one's finished and now we're on to chapter two.

就我們目前的處境而言，我和文森特——我們會在蘇黎世談這件事——我和文森特都把這看作是第一章。第一章結束了，現在我們進入第二章。

And chapter one was getting our profitability right and setting the table for becoming a growth company again. Chapter two will be becoming a growth company. And so, I'd say that's a pretty good description of where we are.

第一階段的目標是提升獲利能力，為再次成為成長型公司奠定基礎。第二階段的目標是真正成為一家成長型公司。所以，我認為這很好地概括了我們目前的狀況。

We're really created a lot of the assets we need to generate growth long term now. And now it's about continuing to pour it on and execute.

我們已經累積了許多實現長期成長所需的資源。現在需要做的就是繼續投入資源並有效執行。

Okay, thanks.

好的，謝謝。

Thanks, Paul.

謝謝你，保羅。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi. Thanks for taking my questions, just a couple from me. One is on OpEx, and I'm afraid it's another FX question. You mentioned that you have about 10% of OpEx in euro, 10% in the franc. If you were to mark-to-market, say, this quarter's OpEx at today's FX rates, what do you think the impact would be? I mean, is it broadly neutral given one has significantly weakened and one is significantly stronger, or should we see that move one way or the other?

您好。感謝您回答我的問題，我只有幾個問題。一個是關於營運支出（OpEx）的，恐怕又涉及外匯問題了。您提到貴公司大約10%的營運支出以歐元計價，10%以瑞士法郎計價。如果以當前匯率對本季的營運支出進行市值計價，您認為會有什麼影響？我的意思是，考慮到一種貨幣大幅貶值而另一種貨幣大幅升值，整體影響是中性的嗎？還是說我們應該看到匯率朝著某個方向波動？

And my second question is around the UE BOOM. Clearly in tablet accessories, you've seen a little disruption from product transitions. And I think we've seen that in other categories in the past. How do you anticipate things looking as far as the US MEGABOOM is concerned? How are you managing that with your distributors? Do you anticipate those two products to be sitting alongside? I'd just like you to talk me through that dynamic.

我的第二個問題是關於UE BOOM的。顯然，平板電腦配件市場已經因為產品轉型而出現了一些波動。我認為我們過去在其他品類中也看到過這種情況。您預計美國MEGABOOM的市場前景如何？您是如何與經銷商協調的？您預計這兩款產品會同時販售嗎？我想請您詳細解釋一下這方面的動態。

So, Andrew, let me quickly answer the OpEx. You actually provided the answer. So, because they are about the same size, moving forward, if you look at next quarter for example, the benefit on the euro will be cancelled by the cost of the Swiss franc.

安德魯，讓我快速回答一下營運支出的問題。其實你已經回答過了。因為它們的規模大致相同，所以展望未來，例如，如果你看看下個季度，歐元帶來的好處將被瑞士法郎的成本抵消。

In Q3, we obviously have the double benefit of having the Swiss franc following the euro. So, that's to answer.

第三季度，我們顯然受益於瑞士法郎跟隨歐元走勢的雙重利多。所以，答案就在這裡。

Okay. And on MEGABOOM versus BOOM, the wonderful thing about the BOOM is that it has great sound, a 360 orientation, which means you can set it in the middle of the table and everybody hears the same thing. It's very, very rugged, and you can actually drop it in the water or take it in the shower.

好的。關於MEGABOOM和BOOM，BOOM的優點在於它音質出色，支援360度環繞，這意味著你可以把它放在桌子中央，每個人都能聽到同樣的聲音。它非常非常耐用，甚至可以掉進水裡或帶進淋浴間。

The MEGABOOM is all those things squared. So, everything there is just bigger, deeper sound, still 360, completely waterproof. You can leave it in the water for 30 minutes and it's fine, and it's super rugged.

MEGABOOM 就是所有這些優點的平方。所以，它擁有更大、更深的音效，依然是 360° 環繞音效，而且完全防水。你可以把它放在水裡 30 分鐘都沒事，而且它超級耐用。

And so, the difference between the two is one is just a much bigger version of the first. We do expect them to be in distribution in most of the same places and to sit alongside each other.

因此，兩者的差別在於，其中一款只是另一款的放大版。我們預計它們將在大部分相同的管道銷售，並且並排擺放。

Thanks very much. Actually, if I could sneak one more in as well --.

非常感謝。其實，如果我還能再加一個就好了——。

Sure.

當然。

I was just looking through the presentation. And clearly you had stronger sell-in than sell-through in a couple of markets, particularly Americas and Europe. I know you've had that at times in Q3 before, and it's clearly a better situation than having stock outs in your strongest quarter. But, are there any particular areas where you have concerns there?

我剛才瀏覽了一下簡報。很明顯，在某些市場，特別是美洲和歐洲，你們的進貨量大於出貨量。我知道你們第三季也偶爾會出現這種情況，但這顯然比在業績最好的季度出現缺貨要好得多。不過，你們在哪些方面比較擔心呢？

Andrew, this is Vincent. So, no, not really. And what you refer to is the selling in US dollars was up 2% on retail, for sell-through about flat.

安德魯，我是文森。所以，不，並非如此。你指的是以美元計價的銷售額比零售價上漲了2%，而銷售量基本上持平。

When you look at it on -- that's a growth rate perspective. When you look at the channel inventory dollars, on the year-over-year basis we're only up $3 million. So, I would call it roughly flat on a year-over-year basis and no particular concern from that perspective.

從成長率的角度來看，通路庫存金額較去年同期僅成長了300萬美元。因此，我認為同比基本上持平，從這個角度來看，無需特別擔憂。

Okay. Thanks very much.

好的，非常感謝。

Thank you. It appears there are no further questions. At this time, I'll turn the call back over to Mr. Darrell for closing remarks.

謝謝。看來沒有其他問題了。現在，我將把電話轉回給達雷爾先生，請他作總結發言。

Well, let me just first say I hope that we see many of you in Zurich, and thanks a lot for joining us today.

首先，我希望能在蘇黎世見到你們中的許多人，非常感謝你們今天能來參加我們的節目。

We're having a strong year, and we really appreciate your following us as we turn Logitech back into a growth company. Thanks again. Take care.

我們今年業績斐然，非常感謝您一路以來對羅技的關注，我們將努力使羅技重回成長軌道。再次感謝。祝您一切順利。

That concludes our conference call for today. You may all disconnect, and everyone have a great day.

今天的電話會議到此結束。大家可以掛斷電話了，祝大家今天過得愉快。