羅技 (LOGI) 2015 Q4 法說會逐字稿

Good day and welcome to the Logitech fourth quarter financial results conference call. (Operator Instructions). This call is being recorded for replay purposes and may not be reproduced in whole or in part without the authorization from Logitech.

各位來賓，歡迎參加羅技第四季財務業績電話會議。 （操作說明）本次電話會議將進行錄音，僅供回放之用，未經羅技授權，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.

現在我謹向大家介紹今天電話會議的主持人，羅技公司投資者關係副總裁兼公司財務主管喬·格林哈爾格先生。

Welcome to the Logitech conference call to discuss the company's financial results for the fourth quarter ended March 31, 2015. The press release, our prepared remarks and slides as well as a live webcast of this call are all available online at Logitech.com. As noted in our press release, we published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments today and they will not be read on this call.

歡迎參加羅技公司關於截至2015年3月31日的第四季財務表現的電話會議。新聞稿、我們準備好的發言稿和幻燈片以及本次電話會議的即時網路直播均可在Logitech.com網站上取得。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. The 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 30, 2014, 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 fourth quarter financial results for fiscal 2015.

在本次電話會議中，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》安全港條款作出的關於未來經營業績的前瞻性陳述。這些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。可能導致實際結果出現重大差異的因素包括羅技公司2014年11月30日提交的10-K表格年度報告及其後續文件中所述的因素（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2015財年第四季度財務業績的新聞稿和準備好的發言因素的最後幾段中所述的因素。

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。但是，非美國通用會計準則財務績效不應單獨考慮，也不應被視為替代或優於美國通用會計準則績效。非美國通用會計準則指標有固有的局限性，應僅與羅技公司根據美國通用會計準則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. Joining us today from Zurich 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.

本次電話會議正在錄音，錄音回放可在羅技官網上查看。今天從蘇黎世連線的是羅技總裁兼執行長布雷肯·達雷爾和財務長文森·皮萊特。現在我將把電話交給布雷肯。

Thanks, Joe. And thanks all of you for joining us. Fiscal year 2015 was a very strong year. In two years we've tripled our profits, we've delivered the highest earnings per share this year in seven years, and we've transitioned the company into growth mode.

謝謝喬。也感謝各位的參與。 2015財年是業績非常強勁的一年。兩年內，我們的利潤成長了兩倍，今年的每股盈餘創下七年來新高，公司也成功轉型進入成長階段。

Now let me give a brief overview. And I'll also give you a few telling facts that will show you our business model is working well. As you know, our basic business model is two key things, optimize profit in PC peripherals and build new categories that will become sustainable growth engines. It's that simple.

現在讓我做一個簡要概述。我也會提供一些事實，向您展示我們的商業模式運作良好。如您所知，我們的基本商業模式包含兩方面：一是優化PC週邊的利潤，二是打造能夠持續成長的新品類。就這麼簡單。

So how are we doing optimizing profit? Not only did we deliver our three-year goal in year two, but we also over-delivered virtually every line item of our profit improvement goal, gross margin, overheads or OpEx and operating income. In short we crushed the skull.

那麼，我們在利潤優化方面做得如何呢？我們不僅在第二年就實現了三年目標，而且幾乎在所有利潤提升目標、毛利率、營運成本和營業收入方面都超額完成了目標。簡而言之，我們取得了巨大的成功。

This year's operating income is not only the best since 2008 but we tripled profit between fiscal year 2013 and fiscal year 2015, and actually delivered the second strongest EPS in the last seven years. All that even though the PC market was down, the iPad market was down even more and the dollar strengthened radically.

今年的營業收入不僅是自2008年以來最高的，而且我們在2013財年至2015財年期間的利潤增長了兩倍，每股收益也達到了近七年來的第二高水平。所有這一切都是在PC市場低迷、iPad市場跌幅更大、美元大幅走強的情況下取得的。

As our founder would often say, we didn't miss because of market weakness or currency upheaval; we delivered in spite of it. So I think you'll agree our profit optimization strategy is working well. But as I said at our Analyst Investor Day our transition to becoming a growth company is also working very well.

正如我們的創辦人常說的，我們並非因為市場疲軟或匯率波動而失敗，而是克服了這些困難，最終取得了成功。所以我相信您會認同，我們的利潤優化策略行之有效。但正如我在分析師投資人日上所說，我們向成長型公司轉型的過程也進展順利。

Looking at our business from a distance one might say how can you claim the growth story is working very well, Bracken, when your reported net sales in FY15 were flat? Well, the answer is that it's clear once you look more deeply into the business that we are growing. But to understand our real existing growth rate you need to dissect our business just a little bit. Vincent and I will do that now. I'll also share some telling growth facts underneath that.

從旁觀者的角度來看，有人可能會問，布雷肯，既然你們2015財年的淨銷售額持平，又怎麼能說成長勢頭良好呢？答案是，只要深入了解業務，就會發現我們確實在成長。但要了解我們實際的成長率，需要稍微剖析一下我們的業務。文森和我現在就來做這件事。我也會分享一些能說明成長情況的數據。

Let me start by saying that we are growing 6% in retail strategic and that's the most relevant growth rate. Why is this 6% retail strategic constant currency growth rate the most relevant? First, I suggest you exclude OEM and Lifesize. Neither is central to our strategy. And more importantly together they operate at breakeven contribution, more on that later. That makes retail strategic 90% of our net sales and 100% of our profit.

首先，我要說明的是，我們的零售策略業務成長率為 6%，這是最相關的成長率。為什麼說這 6% 的零售策略業務固定匯率成長率最相關呢？首先，我建議您排除 OEM 和 Lifesize 業務。這兩項業務並非我們策略的核心。更重要的是，它們加起來的貢獻僅達到損益平衡，這一點我們稍後會詳細說明。這樣一來，零售策略業務就占我們淨銷售額的 90% 和利潤的 100%。

You'll also notice I ignored the things we exited in fiscal year 2014 though all the fiscal year 2015 comparisons have them in the base. Strategic retail is just retail for fiscal year 2016. So our real growth rate for the company figuratively speaking is 6% in fiscal year 2015 and our back half and exit rate for Q4 was actually 7%.

您也會注意到，我忽略了我們在2014財年退出的業務，儘管所有2015財年的比較都包含了這些業務。策略性零售業務在2016財年僅指零售業務。因此，從某種意義上說，我們公司2015財年的實際成長率為6%，而我們下半年的成長率和第四季的退出率實際上為7%。

And the really cool thing is the way we are growing new businesses. Remember we've grown three new businesses from essentially seeds to real businesses in just the past three years. These businesses, Bluetooth speakers, video collaboration and tablet accessories, are all virtually new in the past three years, and they generated $380m in sales in fiscal year 2015. This year alone our growth categories, those three categories plus reinvigorated gaming, were up by 28% in constant currency. And that growth rate as we exited the year was even stronger at 45%, 45% in Q4.

真正令人興奮的是我們拓展新業務的方式。要知道，在過去的三年裡，我們已經從零開始，將三項新業務發展成真正的企業了。這三項業務分別是藍牙音箱、視訊協作和平板電腦配件，它們幾乎都是在過去三年才出現的，並在2015財年創造了3.8億美元的銷售額。光是今年，我們成長的這三大業務類別，加上重新煥發活力的遊戲業務，以固定匯率計算就成長了28%。而到了年底，這成長率更是高達45%，第四季更是達到了45%。

If you're starting to appreciate the growth story let me tell you more exciting things. Let me show you how much it's changed our profile, just one level below the surface. Here are some telling facts you haven't heard from us before.

如果您開始對我們的成長故事感興趣，那麼讓我來告訴您一些更令人興奮的事情。讓我向您展示，這種成長如何改變了我們的面貌，這只是表面之下的一層。以下是一些您從未聽說過的重要事實。

Remember when we said a few years ago that we would do fewer, bigger products with great design? UE BOOM was not only our biggest product in fiscal year 2015; it's now our biggest product ever, best this year and best in the almost 34-year history of the Company. Our Bluetooth speaker business more than doubled. And we are off to a strong start with our next music product UE MEGABOOM, which was launched last quarter. It immediately became one of our top five products as well.

還記得幾年前我們說過要推出更少但更大、設計更出色的產品嗎？ UE BOOM 不僅是我們 2015 財年最暢銷的產品，現在更是我們有史以來最暢銷的產品，也是今年乃至公司近 34 年歷史上最成功的產品。我們的藍牙音箱業務成長了一倍以上。而我們上季推出的下一款音樂產品 UE MEGABOOM 也取得了強勁的開局，並迅速躋身我們最暢銷的五款產品之列。

And this fewer, bigger strategies is not just working in music, let's look at an example from video collaboration. The Logitech ConferenceCam CC3000e has become bigger than any standalone keyboard. That's right. That one product is larger than any single standalone keyboard we make. Naturally, it too is one of our top selling products for the year and the quarter.

這種「少而精」的策略並非只適用於音樂領域，我們來看一個視訊協作的例子。羅技ConferenceCam CC3000e的體積已經超過​​了任何一款獨立鍵盤。沒錯，這款產品比我們生產的任何一款獨立鍵盤都要大。當然，它也成為了我們年度和季度最暢銷的產品之一。

Our overall video collaboration business also more than doubled this year. And we are building on that momentum with the Logitech ConferenceCam Connect, a portable all-in-one videoconference solution we began shipping at the end of Q4.

今年我們的整體視訊協作業務也成長了一倍以上。我們正乘著這一勢頭，推出羅技ConferenceCam Connect，這是一款便攜式一體化視訊會議解決方案，我們已於第四季末開始出貨。

One more example of a fewer and bigger focus in gaming, we launched the G502 Proteus Core tunable gaming mouse this year, and almost immediately became not only our biggest gaming mouse but helped propel our overall gaming business to 43% growth in Q4 and 28% for the full year. That mouse too is now also one of our top selling products. In fact, five of our top 13 products in the company are now from our growth categories.

遊戲領域我們採取精簡而有效率的策略，這又是一個例證。今年，我們推出了G502 Proteus Core可調式遊戲滑鼠，它幾乎立刻成為我們最暢銷的遊戲滑鼠，並助力我們整體遊戲業務在第四季度實現了43%的增長，全年增長了28%。這款滑鼠現在也躋身我們最暢銷的產品之列。事實上，我們公司銷售前13的產品中，有5款都來自我們的成長型產品類別。

I'm really excited about the growth story as products, because we love products. But let's now look at our transformation from another perspective, regional sales. Overall, we have very good momentum. In the Americas region, we delivered a second straight year of high single-digit growth with growth of 9% in constant currency.

我對產品方面的成長前景感到非常興奮，因為我們熱愛產品。但現在讓我們從另一個角度——區域銷售——來審視我們的轉型。總體而言，我們發展勢頭良好。在美洲地區，我們連續第二年實現了接近兩位數的成長，以固定匯率計算成長了9%。

In Asia Pacific we delivered two straight years of low single-digit sales growth. But Asia Pacific growth in the back half started to look like [AMR's] growth in the past few years. Q4 in constant currency showed strong acceleration to 11%.

在亞太地區，我們連續兩年實現了個位數低成長。但下半年亞太地區的成長動能開始與[AMR]過去幾年的成長趨勢相似。以固定匯率計算，第四季成長強勁加速至11%。

And EMEA, well, even all the noise of a sluggish Europe -- even with all the noise of a sluggish Europe if you double click on our EMEA business you'll find a nice surprise. Our sales performance in EMEA is stronger than it appears. The combination of a strong US dollar and extremely weak Russia and UK markets obscure quite a story. Our constant currency sales in EMEA excluding Russia and Ukraine grew 11% in Q4.

至於歐洲、中東和非洲地區（EMEA），即便歐洲整體經濟低迷，但如果您深入分析我們的EMEA業務，您會發現一個令人驚訝的事實。我們在EMEA的銷售業績比表面看起來強勁得多。美元走強以及俄羅斯和英國市場極度疲軟掩蓋了其中的真相。第四季度，我們EMEA地區（不包括俄羅斯和烏克蘭）的固定匯率銷售額成長了11%。

Our growth tells us that customers like what we are doing. We also have another kind of growth occurring, growth in our reputation for design. We have strong momentum with design and innovation experts. We are winning more design awards than in any year ever in the company's history. Just last month we announced that six of our products were awarded with Red Dot 2015 Design Awards. Over the last two years we've received almost 50 prestigious design awards, more product design awards than in any year -- any period in our history, and we expect more to be coming soon.

我們的成長顯示客戶認可我們的產品和服務。同時，我們在設計領域的聲譽也不斷提升。我們與設計和創新專家保持著強勁的發展勢頭。我們獲得的年度設計獎項數量超過了公司歷史上任何一年。就在上個月，我們宣布六款產品榮獲2015年紅點設計大獎。過去兩年，我們已斬獲近50項享有盛譽的設計獎項，獲獎數量超過了公司歷史上任何一年或任何時期，而且我們預計未來還將有更多獎項紛至沓來。

Now I'll hand it back over to Vincent for more details on our performance.

現在我將把鏡頭交還給文森特，讓他詳細談談我們的表現。

Thank you, Bracken. And, good afternoon everyone. I'm also very pleased by our Q4 and full year performance. For the second year in a row we've finished the fiscal year with better than expected results and this time despite the significant headwinds from the stronger US dollar.

謝謝布雷肯。大家下午好。我對我們第四季和全年的業績也感到非常滿意。我們連續第二年實現了超乎預期的財年業績，而且這次還是在美元走強帶來的巨大不利影響下取得的。

Our underlying growth drivers are improving significantly as Bracket highlighted with our retail strategic sales up by 6% in constant currency in fiscal year 2015. We improved our gross margin for the second year in a row and delivered a record gross margin in FY15. We reduced our operating expenses in absolute terms for the second straight year and achieved the lowest level of spend in the last five years. And as a result, we delivered our highest EPS in the last seven years.

正如Bracket所強調的，我們潛在的成長動力顯著改善，2015財年零售策略銷售額以固定匯率計算成長了6%。我們的毛利率連續第二年提升，並在2015財年創下歷史新高。我們連續第二年降低了營運支出，並達到了近五年來的最低水準。因此，我們的每股盈餘也達到了近七年來的最高水準。

And we continue to generate strong cash from operations, achieving a record cash conversion cycle in FY15. Although we have a lot of work in front of us to capture our full market opportunity and navigate through the changes of global currency headwinds, we are very excited by the momentum we have exiting the fiscal year 2015.

我們持續從經營活動中產生強勁的現金流，並在2015財年實現了創紀錄的現金週轉週期。儘管我們還有很多工作要做，才能充分把握市場機會並應對全球貨幣波動帶來的不利影響，但我們對2015財年末取得的良好勢頭感到非常振奮。

As I come back on a few numbers, let's start with our operating profit. For fiscal year 2015 we delivered non-GAAP operating profit of $191m, well above our initial turnaround target highlighted here in Zurich about two years ago. The 9% operating profit margin achieved in FY15 compares to 6.5% profit margin ago and 3.1% two years ago.

接下來我再談幾個數據，先從營業利潤說起。 2015財年，我們實現了1.91億美元的非GAAP營業利潤，遠超過兩年前在蘇黎世提出的扭虧為盈目標。 2015財年9%的營業利益率高於上一財年的6.5%和兩年前的3.1%。

The accelerated profit improvement was driven by a higher gross margin and disciplined spending combined with improvements to the fundamental growth drivers, such as innovation, product design and distribution effectiveness.

利潤加速成長得益於更高的毛利率和嚴格的支出控制，以及創新、產品設計和分銷效率等基本成長驅動因素的改善。

Our FY15 non-GAAP gross margin improved by 190 basis points to a record 36.8%. While our gross margin did benefit from non-recurring events, our rate improvement mainly reflects the success of our product cost reduction initiatives. We achieved gross margin improvements across all product categories in our profit maximization category by more strategically managing product design and component costs.

2015財年，我們的非GAAP毛利率提升190個基點，達到創紀錄的36.8%。雖然毛利率的提升確實受益於一些非經常性事件，但主要原因在於我們產品成本削減措施的成功。透過更具策略性地管理產品設計和零件成本，我們在利潤最大化類別的所有產品類別中都實現了毛利率的提升。

In the growth category we improved gross margin as we scaled the business. As an example, gross margin in the mobile speaker category improved by about 400 basis points year over year and has become a good proof point of the advantage of scale in that category.

在成長型業務領域，隨著業務規模的擴大，我們的毛利率也得到了提升。例如，移動音箱品類的毛利率年增約400個基點，充分證明了該品類規模經濟的優勢。

Going into fiscal year 2016 we face currency headwinds of historical magnitude which significantly impact our gross margin. We have deployed pricing increases across most of our products in key impacted markets. We have developed new cost reduction initiatives, specifically related to the decline in oil price and the dollar appreciation. It will take time to see the impact of those actions, but we are confidently maintaining our long term gross margin target of around 35%.

進入2016財年，我們面臨前所未有的匯率波動，這將對我們的毛利率產生重大影響。我們已在受影響的主要市場中提高了大部分產品的價格。同時，我們也制定了新的成本削減計劃，專門應對油價下跌和美元升值。這些措施的效果需要時間才能顯現，但我們有信心維持35%左右的長期毛利率目標。

On the operating expense front we continue to demonstrate disciplined spend management with our non-GAAP operating expenses down for the second consecutive year and falling below $600m for the first time since fiscal year 2010. The spending reductions we delivered go beyond what you can see in our results as we used some of the savings to invest in future growth particularly in support of our growth category.

在營運費用方面，我們持續展現出嚴格的支出管理能力，非GAAP營運費用連續第二年下降，並自2010財年以來首次降至6億美元以下。我們實現的支出削減遠不止業績報告所顯示的，因為我們將部分節省下來的資金用於投資未來的成長，特別是支持我們的成長型業務。

Our infrastructure spend was down 11% year over year, while our business spend, R&D, marketing and sales was up 2%. Non-GAAP G&A was down to 4.6% of net sales on track to achieve the long term business model of around 4%.

我們的基礎設施支出較去年同期下降了11%，而業務支出、研發、行銷和銷售支出則增加了2%。非GAAP一般及行政費用佔淨銷售額的比例降至4.6%，可望實現長期業務模式設定的4%左右的目標。

Disciplined spend management, which means not only making every dollar more effective but also generating savings to invest in our growth engine, has become part of our organization's DNA. It will serve us well in fiscal year 2016 as we accelerate the transformation of our internal support functions towards our long-term model. Savings from this accelerated transformation will be used to offset currency headwinds and to invest in R&D and sales to support our growth opportunities.

嚴格的支出管理，不僅意味著提高每一分錢的利用效率，更意味著節省開支以投資我們的成長引擎，這已成為我們組織基因的一部分。在2016財年，隨著我們加速內部支援職能向長期模式轉型，這將對我們大有裨益。此次加速轉型所節省的資金將用於抵銷匯率波動帶來的不利影響，並投資於研發和銷售，以支持我們的成長機會。

Moving onto cash flow, Q4 was another very strong cash generation quarter, driven by the improvement we have made managing our working capital. Our cash flow from operations for the quarter was $42m, driven by cash conversion cycle of just 26 days, the second best in our history in a Q4. For FY15 we generated cash flow from operations of $179m with our cash conversion cycle reaching an all-time low of just 23 days.

再來看現金流，第四季現金流表現依然強勁，這主要得益於我們營運資本管理的改善。本季經營活動產生的現金流為4,200萬美元，現金週轉週期僅26天，創下公司史上第四季第二佳紀錄。 2015財年全年，我們的經營活動現金流達到1.79億美元，現金週轉週期更是創下歷史新低，僅23天。

Moving forward we have slightly adjusted our inventory strategy. We ended Q4 with a high inventory balance compared with the prior year. A portion of this increase was related to the West Coast port strike in the United States, but much of it was driven by our strategic actions. With sales in our mobile speaker category and video collaboration category doubling for the second year in a row, we chose to invest in more inventory for those categories in support of our strong sales momentum.

展望未來，我們對庫存策略進行了微調。第四季末，我們的庫存餘額高於去年同期水準。部分成長與美國西海岸港口罷工有關，但大部分成長是由我們的戰略舉措所驅動。由於行動音箱和視訊協作產品的銷售額連續第二年翻番，我們決定增加這兩個品類的庫存，以支持強勁的銷售動能。

Additionally, as one example of our cost reduction initiatives, we have implemented a strategy to reduce air freight expenses by building products early enough to allow for shipment via sea. As a result of this operational shift, we expect that our inventory levels during fiscal year 2016 will be somewhat higher than what they were during most of FY15.

此外，作為我們降低成本措施的一個例子，我們實施了一項策略，透過提前生產產品以適應海運，從而降低空運成本。由於此營運模式的調整，我們預計2016財年的庫存水準將略高於2015財年大部分時間的水準。

Our strong cash position continues to be the foundation of our capital allocation strategy focus on small acquisitions as a priority, annual dividends and opportunistic share buybacks. As we shared last month, we plan to pay out $250m in dividends for FY15 through FY17. Regarding buybacks, we have $248m remaining in our current program, which we began to use last quarter.

我們強勁的現金儲備仍然是我們資本配置策略的基礎，該策略優先考慮小型收購、年度分紅和擇機回購股票。正如我們上個月所宣布的，我們計劃在2015財年至2017財年期間派發2.5億美元的股息。關於股票回購，我們目前的回購計畫中還剩餘2.48億美元，該計畫已於上季開始實施。

Let me wrap up my comments by focusing on currency. The fiscal year 2016 outlook that we shared at last month's Analyst & Investor Day assumed that the euro/USD exchange rate was at $1.12. It has fallen well below that rate so far in FY16, and there is little reason to believe that it will reach or exceed that planning rate in the near future.

最後，我想重點談談匯率問題。我們在上個月的分析師和投資者日上分享的2016財年展望是基於歐元兌美元匯率為1.12美元的假設。但2016財年至今，該匯率已遠低於這一水平，幾乎沒有理由相信它在短期內會達到或超過這一預期水平。

As I mentioned, we are taking a variety of actions to offset the impact of the stronger dollar including double-digit price increases for our products in a number of markets. But keep in mind that holding our non-GAAP operating income outlook constant in the face of increasing currency headwinds indicates in fact an effective increase in our outlook and in our underlying efficiency.

正如我之前提到的，我們正在採取一系列措施來抵消美元走強的影響，包括在多個市場對我們的產品進行兩位數以上的漲價。但請記住，在匯率不利因素日益加劇的情況下，我們仍能維持非GAAP營業收入預期不變，這實際上表明我們的預期和基本效率都有所提高。

In constant currency, our FY16 operating profit outlook would represent approximately a 35% growth if the currency rates stay at the level they are today. The structural changes we are making to the business will position us very well to reach our long-term model faster once the currency volatility has settled.

以固定匯率計算，如果匯率維持在目前水平，我們2016財年的營業利潤預期將成長約35%。我們正在進行的業務結構調整將使我們能夠更好地實現長期商業模式，一旦匯率波動趨於穩定，我們就能更快達成目標。

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. I want to close on how we'll continue to build a great design company in the years ahead, an innovation company with strong sustainable growth. Before I do let me add a comment to Vincent's about the strong dollar.

謝謝，文森特。最後我想談談我們將如何在未來幾年繼續打造一家卓越的設計公司，一家擁有強勁可持續成長的創新公司。在此之前，我想補充一下文森特關於美元走強的觀點。

While this creates some short-term pain we are assuming the strong dollar is here to stay and we are playing offence, going on the attack by treating this as an opportunity to accelerate our transformation to strong growth. We are doing things right now that we might have done more gradually had the dollar appreciation never happened.

儘管這會造成一些短期陣痛，但我們預期強勢美元將持續，因此我們採取積極主動的策略，將此視為加速轉型、實現強勁成長的契機。如果美元升值從未發生，我們或許會採取更循序漸進的方式，而現在我們卻積極地推動這些措施。

Let me share some of these key actions with you. First, we are focusing our entire company on our strategic retail business growth. In that regard we are actually increasing our investment in growth categories and future growth categories, so called plants and seeds. We continue to approach future growth categories or seeds with small start-up style teams.

讓我來和大家分享其中的一些關鍵措施。首先，我們正將整個公司的重心放在策略性零售業務成長上。為此，我們正在增加對現有成長品類和未來成長品類（即所謂的「種子」和「苗頭」）的投資。我們將繼續以小型創業團隊的形式來開拓未來的成長品類或「種子」領域。

Remember growing from seeds to strong growth businesses is not new to us. As I mentioned earlier, in fiscal year 2015 we generated $380m in sales from mobile speakers, tablet accessories and video collaboration, all businesses that started as seeds within the last few years.

請記住，從新創公司發展成為強勁成長的企業對我們來說並不陌生。正如我之前提到的，在2015財年，我們透過行動音箱、平板電腦配件和視訊協作業務創造了3.8億美元的銷售額，而這些業務都是在過去幾年裡從初創階段發展起來的。

One consequence of our focus on our retail business going forward is that we've begun the process to exit the OEM business. It will be gradual over fiscal year 2016, as we'll honor our commitments to customers that extend over varying periods of time. We are working through the operational details of this transition with our customers, and we'll share more with you over the coming months.

我們未來將專注於零售業務，由此帶來的一個結果是，我們已開始逐步退出OEM業務。這個過程將在2016財年內分階段進行，我們將履行對客戶在不同時期所做的承諾。我們正在與客戶討論此次過渡的具體營運細節，並將在未來幾個月內與您分享更多資訊。

This business gave birth to Logitech, and our final exit from it is now the real symbol of just how far we've come. From two small offices, one in Apples, Switzerland and another on the top of a bicycle shop in University Avenue, Palo Alto, that little company originally served PC makers but we've become an innovation company creating new businesses under our own brands. Logitech has transformed.

這家公司孕育了羅技，而我們最終退出，也真正像徵著我們一路走來的歷程。最初，這家小公司只有兩間小小的辦公室，一間位於瑞士蘋果公司所在地，另一間則位於帕洛阿爾託大學大道一家自行車店的樓上，主要服務於個人電腦製造商。但如今，我們已發展成為一家創新公司，以自有品牌打造全新業務。羅技已經完成了轉型。

Regarding our Lifesize business we continue to see significant momentum in its new cloud-based video communication offering. In the nine months since its launch we have acquired more than 1,100 customers, almost every week hitting new peaks in concurrent cloud calls. And usage as measured by unique monthly callers has been doubling every quarter.

關於我們的 Lifesize 業務，其全新的雲端視訊通訊產品持續保持強勁成長動能。自推出以來的九個月內，我們已新增超過 1100 家客戶，幾乎每週並發雲端通話量都創下新高。以每月獨立通話用戶數衡量的使用量也每季翻倍。

Looking at this fast growth rate we decided to reorganize Lifesize with the goal of deemphasizing Lifesize's legacy offering more quickly to enable maximum traction with Lifesize cloud. Like our move in Logitech to exit the non-strategic parts of our business we've begun to do the same with Lifesize, and we'll then double down on the cloud opportunity to grow faster.

鑑於Lifesize的快速成長，我們決定對其進行重組，目標是更快地弱化其傳統業務，從而最大限度地發揮Lifesize雲端服務的優勢。就像我們在羅技剝離非策略性業務一樣，我們也開始對Lifesize採取同樣的措施，並將增加對雲端服務的投入，以實現更快的成長。

This business is obviously not synergistic with our focus on strategic retail. We are implementing these actions and considering others to optimize the value of this unique asset.

顯然，這項業務與我們專注於策略零售的策略方向並不契合。我們正在採取這些措施，並考慮其他方案，以最大限度地發揮這項獨特資產的價值。

Another key step we are taking is streamlining our overall cost structure through product, overhead and infrastructure cost reductions as strategically targeted restructuring. This realignment is based on an analysis of each of our key business areas rather than an across-the-board headcount reduction.

我們正在採取的另一項關鍵措施是透過策略性重組，削減產品成本、管理費用和基礎設施成本，從而精簡整體成本結構。此次調整是基於各個關鍵業務領域的分析，而非全面裁員。

We will reduce positions in some areas and increase them in others like software with the goal of becoming a faster, more profitable company with capabilities well aligned to our growth businesses. Over the coming year the restructuring cost is expected to be between $15m and $20m with the savings used to continue to fueling new capabilities to expand the growth and offset currency headwinds.

我們將裁減部分領域的職位，同時增加軟體等其他領域的職位，目標是成為一家發展速度更快、盈利能力更強、且能力與我們的成長業務更加契合的公司。預計未來一年的重組成本將在1500萬美元至2000萬美元之間，節省下來的資金將用於繼續發展新的能力，以擴大增長並抵消匯率波動帶來的不利影響。

That brings me to our outlook for fiscal year 206. Consistent with last month's Analyst and Investor Day, our outlook for fiscal year 2016 non-GAAP operating income remains $150m. We are planning to deliver that in spite of the uncertainty around the length of the transition period to exit OEM as well as any impact from shifting Lifesize to a stronger focus on cloud-based offerings. We are also confirming our outlook for 7% constant currency growth for our retail strategic sales.

接下來，我想談談我們對2016財年的展望。與上個月的分析師和投資者日活動一致，我們預計2016財年非GAAP營業收入將達到1.5億美元。儘管退出OEM業務的過渡期長短以及Lifesize業務重心轉向雲端產品可能帶來的影響存在不確定性，但我們仍計劃實現這一目標。此外，我們確認零售策略銷售額將以固定匯率實現7%的成長。

I am very pleased with our results in fiscal year 2015 and with the progress we are making in becoming a growth company. Best EPS in seven years, strongest constant currency retail growth in four years, a growth strategy that's working and delivering big products and we are excited about the surprises in store in fiscal year 2016.

我對我們2015財年的業績以及我們在轉型為成長型公司方面取得的進展感到非常滿意。我們實現了七年來最佳的每股盈餘，四年來最強勁的以固定匯率計算的零售成長，我們的成長策略行之有效，並不斷推出優質產品。我們對2016財年即將帶來的驚喜充滿期待。

Finally, we are playing offence or in European football terms going on the attack. We are taking the strong dollar appreciation that many of you see as -- many see as some kind of a crisis and turning it into an opportunity to accelerate our transformation to strong growth. We've sharpened our strategic focus through our retail strategic business and are rapidly aligning the company to that. We are generating significant cost savings and using those savings to fund current growth categories as well as seeds to drive future growth.

最後，我們正在採取進攻策略，或者用歐洲足球術語來說，就是發動攻擊。我們正將許多人視為某種危機的美元強勢升值轉化為加速轉型、實現強勁成長的機會。我們透過零售策略業務強化了策略重點，並正迅速調整公司策略以與之保持一致。我們正在大幅削減成本，並將這些節省下來的資金用於當前成長領域的投資，以及為未來成長奠定基礎。

I'm more excited than ever about Logitech's future. And I'll look forward to sharing updates with you as we move through fiscal year 2016. And with that, Vincent and I are available now to take your questions. Please follow the instructions of the operator.

我對羅技的未來比以往任何時候都更有信心。在接下來的2016財年裡，我期待與大家分享最新的進展。現在，我和Vincent可以回答大家的問題了。請聽從接線生的指示。

(Operator Instructions). Youssef Essaegh, Barclays.

（操作說明）。尤瑟夫·埃薩格，巴克萊銀行。

Hello, thank you for giving me the opportunity to speak first here. I wanted to ask you about the OEM business. It still represents about 6% of your sales and now you have decided to run down this business. So I was just wondering if this was taken into account when you first guided us for 2015, sorry 2016 a few weeks ago or that wasn't the case and this is a new decision. And if so, what do you think is going to replace the OEM revenue in your guidance? Thank you.

您好，感謝您給我這個機會先發言。我想問一下關於OEM業務的問題。它目前仍佔您銷售額的6%左右，但現在您決定逐步削減這項業務。我想知道，您在幾週前首次發布2015年（抱歉，應該是2016年）業績展望時，是否已經考慮到了這一點，還是說您當時並沒有考慮，而現在才做出這個決定？如果是這樣，您認為在您的業績展望中，OEM業務的收入將由什麼來取代？謝謝。

Yes. That was -- Youssef, thanks for the question. Yes, it was not considered in the guidance we gave before, but we're very comfortable that -- you'll notice we're really guiding on strategic retail. And we're assuming that we're going to exit the OEM business over the rest of the year. The combination of OEM and Lifesize are our assumption here, and we're going to manage it that way, is that we'll break even, essentially, on those businesses, so they won't affect the bottom line.

是的。沒錯——尤瑟夫，謝謝你的提問。是的，我們先前的業績指引中沒有考慮到這一點，但我們非常有信心——你會注意到，我們主要關注的是策略性零售。我們預計在今年剩餘時間內退出OEM業務。我們假設OEM和Lifesize業務合併後，基本上能夠達到收支平衡，因此不會影響最終利潤。

Okay. So in that case, in the rest of the businesses, where are you seeing the upside? Is it in mobile speakers or what else otherwise?

好的。那麼，在其他業務領域，您認為成長點在哪裡？是行動音箱還是其他什麼領域？

Hey, Youssef. Just to be very clear, in the guidance we're guiding on retail strategic, same than a few weeks ago, 7% in constant currency up. We're not guiding on the full-year total company level for revenue because we're still working the plan with our customer with regard to OEM and understand the full impact on the topline.

嗨，Youssef。為了避免誤解，我再說一遍，關於零售策略的業績指引，和幾週前一樣，以固定匯率計算成長7%。我們沒有給出全年公司整體營收的指引，因為我們仍在與客戶就OEM合作計劃進行磋商，並了解其對營收的全面影響。

As Bracken mentioned, we know all the levers in our P&L. Those two business combined run at breakeven. And we confirm the bottom-line guidance of the $150m, despite the currency headwind.

正如布雷肯所說，我們清楚損益表中的所有影響因素。這兩項業務合計達到損益兩平。儘管面臨匯率不利因素，我們仍確認1.5億美元的淨利預期。

Okay. Sorry, I missed that the revenue guidance is not there anymore. Okay, thank you. I'm so sorry about that. Thank you.

好的。抱歉，我沒注意到營收預期已經取消了。好的，謝謝。對此我深感抱歉。謝謝。

Okay. Thanks, Youssef.

好的，謝謝你，優素福。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi Andrew.

你好，安德魯。

Hi there. Thanks for taking my question. Just on the gross margin mix, if I may, you had a stronger performance in growth categories this quarter, slightly weaker in profit maximization, which is good for topline I think. But on the gross margin side of things, I think typically you've said margin for the profit maximization category is higher. I wonder, can you talk about your full-year gross margin guidance in that context, that just-over-35% figure that you've given at $1.12? How does mix effect that given what you've seen this quarter?

您好。感謝您回答我的問題。關於毛利率組成，如果可以的話，我想問一下，本季度您在增長型產品類別中的表現更強勁，而利潤最大化型產品類別的表現略弱，我認為這對營收成長是有利的。但是就毛利率而言，我記得您通常說過利潤最大化產品的毛利率更高。我想請您談談您給出的全年毛利率預期，也就是每股收益1.12美元時略高於35%的毛利率。考慮到本季的情況，產品組成對全年毛利率預期有何影響？

Yes. So -- Andrew, this is Vincent. So in Q4, Q4 is always a lower gross margin. We have two impacts, a higher E&O write-off as we prepare to exit the OEM business. And that's about counting for about a point. And we have a currency impact now that starts to show up, partially offset still by a hedge, but of 1.6 percentage point. If you add those two, that gives you the operational trend that we've been in Q4 always, lower, but somewhat in line with the rest of the year.

是的。安德魯，我是文森。第四季毛利率通常較低。我們受到兩方面的影響：一是準備退出OEM業務，導致E&O（錯誤和遺留資產）減損增加，這大約佔1個百分點；二是匯率波動的影響開始顯現，雖然部分被對沖抵消，但仍有1.6個百分點。將這兩方面因素加起來，就形成了我們第四季一貫的營運趨勢——毛利率較低，但與全年其他季度基本持平。

Moving forward, we did consider the currency impact. We have pricing actions. We did consider a cash reduction. And we still maintain an overall gross margin of around 35%.

展望未來，我們確實考慮了匯率的影響。我們採取了價格調整措施。我們也考慮過減少現金流。我們仍然維持在35%左右的整體毛利率。

Great. Thank you very much.

太好了，非常感謝。

Joern Iffert, UBS.

約恩‧伊弗特，瑞銀集團。

Thanks for taking my questions. The first one would be on the average selling price hikes, and has this already happened with the distributors and retailers or is this still in process? And what is the acceptance level here on the customer side? Do you also observe competitors doing this or are they waiting before (inaudible) is doing this? An update would be appreciated.

感謝您回答我的問題。第一個問題是關於平均售價上漲的，分銷商和零售商是否已經開始提價，還是仍在進行中？消費者對此的接受程度如何？您是否觀察到競爭對手也在這樣做，還是他們在等待（聽不清楚）跟進？希望能得到一些最新資訊。

Next one please on the restructuring cost of $15m to $20. What is here cash; what is non-cash? And can you give us some more details on the benefits on here, reduced headcount, what roughly could be the percentage, and other structural savings? And if you are stating that you reinvest this in growth, does it mean your growth for the future is becoming more in brackets, capital intensive?

接下來請問關於1500萬至2000萬美元的重組成本。其中哪些是現金，哪些是非現金？能否詳細說明重組帶來的益處，例如裁員，裁員比例大概是多少，以及其他結構性成本節約？如果您表示會將這筆資金再投資於成長，這是否意味著您未來的成長將更依賴資本投入？

And the last question would be, please, on the momentum starting into Q1 2016, if you are on a similar run rate like you have exited Q4 2015. Thanks very much.

最後一個問題是，關於2016年第一季的發展勢頭，你們的業績成長速度是否與2015年第四季末的成長速度相似？非常感謝。

Okay. We'll take each -- I'll take the first and the third one and then I'll hand off the middle one to Vincent. So in terms of pricing, yes, the pricing actions are communicated. They're under way, and virtually everywhere we're going to be raising price around the world, which is most of the markets that are non-US or US-dollar based, the communication's happened. You'll start -- it'll start to show up in -- with customers sometime in the late April through the end of May. I think we'll see it in -- I think we'll start to see the effect of it in Q1.

好的。我們依序進行──我先拿第一個和第三個，然後把中間那個交給文森。關於定價方面，是的，價格調整方案已經公佈，正在進行中。我們幾乎在全球範圍內所有將要提價的市場（包括大多數非美國市場或以美元計價的市場）都已經進行了溝通。您將在四月下旬到五月底之間開始感受到價格上漲的影響。我認為我們會在第一季看到價格調整的效果。

I can't speak for competitors, obviously, on what they're doing from a pricing standpoint. What I can say is when you look at the computer industry as a whole, the electronics industry as a whole, you're just hearing price increases every day. They're going across. And even when I meet with customers, they almost seem -- as I've noticed, customers, they seem not only not surprised, but waiting for us to raise price. So I'm optimistic that the pricing will go through as planned. It's a little too early to say how -- where we'll end up on that, but we've certainly been aggressive on the pricing side.

顯然，我無法代表競爭對手談論他們的定價策略。但我可以肯定的是，縱觀整個電腦產業乃至整個電子產業，你會發現每天都在聽到漲價的消息。漲價的趨勢已經蔓延開來。甚至在我與客戶會面時，他們似乎——正如我所觀察到的——不僅沒有感到意外，反而似乎在等待我們提價。因此，我對價格調整按計劃進行持樂觀態度。現在談論最終價格還為時過早，但我們在價格方面無疑採取了積極的策略。

On the momentum coming out of the quarter, it's really too early to say. This is the very beginning of our quarter, so it'd be very premature for me to give you any glimpse of that. But I felt very good about the momentum coming out of Q4. We finished the back half of the year, the entire back half of the year with 7% constant currency strategic retail growth. And that's the strongest half-year period we've had yet, and I'm optimistic we're going to deliver the guidance for this year on strategic retail.

至於本季的業績勢頭，現在下結論還為時過早。畢竟這只是本季的開始，現在就做出任何預測都為時過早。但我對第四季的業績動能感到非常樂觀。我們以7%的固定匯率實現了下半年策略性零售業務的成長。這是我們迄今表現最強勁的半年業績，我對我們能夠實現今年戰略零售業務的業績指引充滿信心。

Joern, it is Vincent. On restructuring, most of the restructuring cost will be cash items. In terms of impact, the majority of the impact is for OEM and Lifesize. And then the third dimension, as Bracken mentioned, is a realignment of our infrastructure functions to their [end-stage] business model.

約恩，我是文森。關於重組，大部分重組成本將以現金項目的形式出現。就影響而言，主要影響在於OEM和Lifesize。正如布雷肯所提到的，第三個面向是調整我們的基礎設施功能，以適應他們（最終階段）的商業模式。

These -- the savings coming from that third action will either be used to offset stronger currency headwinds, if that is the case, or used to invest in new capabilities, like R&D and software or new funding, if you want, the seeds for future new categories. It's not really that it is more capital intensive. It's that we're creating the OpEx room in our P&L to be able to fund the future mid-term and long-term growth.

第三項措施節省下來的資金，要么用於抵消匯率波動帶來的不利影響（如果確實如此），要么用於投資新的能力，例如研發和軟體開發，或者用於新的資金投入，為未來的新領域奠定基礎。這並非意味著需要更多資本投入，而是我們在損益表中預留了營運支出空間，以便為未來的中長期成長提供資金。

Going into Q1, Bracken give you the momentum on the topline in term of impact on spend. You should see an OpEx that's slightly flat to declining moving into Q1. And obviously the big unknown -- we're still working through all the details with all of customers -- is the length of the transition of the OEM business as we exit that business. And that is why we chose to focus our guidance on retail strategic, but confirming to investors that we feel very confident in our overall operating profit guidance of $150m for the full year.

進入第一季度，布雷肯表示，營收成長勢頭強勁，支出也將受到影響。預計第一季營運支出將略有持平或下降。當然，最大的未知數——我們仍在與所有客戶敲定所有細節——是退出OEM業務後的過渡期。因此，我們選擇將業績指引的重點放在零售策略上，但同時向投資人重申，我們對全年1.5億美元的整體營運利潤目標非常有信心。

Thanks very much. Just, please, one very quick follow-up. On your guidance on the 7% organic growth in strategic retail, taking into account I read that the price hikes would be 10% to 15%, does it mean that volumes should be flattish for fiscal year 2016 in your guidance? Is this fair to assume?

非常感謝。請容許我再快速確認一下。關於您之前提到的策略性零售7%的有機成長預期，考慮到我看到的價格上漲幅度會達到10%到15%，這是否意味著您在2016財年的銷售預期中會保持平穩？這樣的假設是否合理？

That's a very good question. You had a lot of debate. As you know, it's never an easy thing to increase price. We see many dynamics in the market. We will not be alone. And currency is forcing all companies to look at that.

這是一個很好的問題。你們進行了大量的討論。如你所知，提價從來都不是一件容易的事。我們看到市場有很多變化。我們並非孤軍奮戰。匯率波動迫使所有公司都必須正視這個問題。

We do not want to plan for 100% success and we do some kind of a trade-off between volume and price or price per unit. Our goal really when we do those price increases is to protect our gross margin or gross profit of the business.

我們不是追求百分之百的成功，而是在銷售和單價之間進行權衡。我們提價的真正目的是為了保護公司的毛利率或毛利。

Thank you very much.

非常感謝。

I would add I think we -- as you know, we have very strong market shares in most of our categories, 40%, 50%. And that puts us in a good position as we take these pricing moves.

我想補充一點，正如您所知，我們在大多數品類中都擁有非常強大的市場份額，達到 40% 到 50%。這使我們在採取這些定價策略時處於有利地位。

All right. Thanks.

好的，謝謝。

Thank you.

謝謝。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Okay. Thanks. A couple of questions, first, Bracken, on the pricing. I think you raised prices on some of the mature products a couple of years ago or maybe throughout the last couple of years. Aside from that, do you have any history of raising prices by this much, have any at least evidence of what the elasticity of demand may be?

好的，謝謝。布雷肯，我有幾個問題，首先是關於定價的。我記得你幾年前或過去幾年提高過一些成熟產品的價格。除此之外，你之前有過如此大幅度漲價的歷史嗎？或至少能提供一些關於需求彈性的數據嗎？

Yes. We have -- we've had -- over the past, we've had periods in specific markets where we've raised price before. And so -- when currency issues have happened in individual markets in Asia, etc., we've raised price. I don't think -- I think it's very safe to say we've never raised prices this dramatically in Europe, and I think that's the big one.

是的。過去，我們曾在特定市場有過漲價的時期。例如，當亞洲等地的個別市場出現貨幣問題時，我們都會漲價。我認為，可以非常肯定地說，我們從未在歐洲如此大幅度地漲價，我認為這才是關鍵所在。

The good news on that is that, and I'm sure you're hearing this elsewhere, because of the incredible depth of the change in the currency and the timeframe, it's really put the whole industry in a position I think where there's a lot of gross margin pain if you don't do something on pricing. So we'll see. We can only speak for ourselves. We're out there, we're raising our prices, and we're confident that we're going to make it work.

好消息是，我相信你們也從其他地方聽到了類似的說法，由於貨幣匯率變化幅度巨大且持續時間很長，整個行業都面臨著這樣的困境：如果不採取價格調整措施，毛利率將會受到嚴重影響。所以，我們拭目以待。我們只能代表自己發言。我們已經開始漲價，我們有信心能夠成功應對。

And then a couple of follow-ups on the non-strategic businesses. So the rationale for the OEM business historically was it gave you a lot of volume I think, covered overhead. What are the impacts of losing the scale from a manufacturing standpoint and its potential impact on the mouse and keyboard retail businesses?

接下來是一些關於非策略性業務的後續問題。從歷史上看，OEM業務的優勢在於它能帶來大量的訂單量，足以覆蓋營運成本。從製造角度來看，規模經濟的喪失會帶來哪些影響？這又會對滑鼠和鍵盤零售業務產生哪些潛在影響？

Yes. You can bet that we really did our homework on that, Tavis, because that was one of the big questions. As we really drilled into that, we found we were well above mission -- minimum order quantities and minimum efficient scale in all the components that we use, both in our in-house mice, as well as the ones we were building for OEMs. So we're convinced, with a big margin of error, that this is not -- this is a good move from a profitability standpoint over the medium term. So we're not -- we didn't find any issues there at all.

是的。塔維斯，你肯定我們在這方面下了不少功夫，因為這是我們最關心的問題之一。深入研究後，我們發現我們所有組件的訂購量和最小有效規模都遠超預期，無論是我們自產的滑鼠，還是我們為OEM廠商代工的滑鼠。因此，我們有理由相信，即使誤差範圍很大，從中長期獲利的角度來看，這絕對是個明智之舉。所以我們完全沒有發現任何問題。

Okay. And two follow-ups for Vincent. Vincent, the 7% constant currency gross guidance for retail in fiscal 2016, what would that be on a reported basis? I know OEM and Lifesize are going to be a bit of moving target this year, but at least on a retail basis, given where the currency is now, (multiple speakers).

好的。還有兩個問題要問Vincent。 Vincent，2016財年零售業務以固定匯率計算的毛利率預期為7%，那麼實際報告的毛利率是多少？我知道今年OEM和Lifesize業務的業績可能會有些波動，但至少就零售業務而言，考慮到目前的匯率狀況（多位發言者），情況會是怎樣的呢？

So your guess in term of what the rate will be through FY2016 is as good as mine, but if you use today's rate of the euro/USD at $1.06, we would lose about 6 percentage point on a reported basis. So at 7%, constant currency gross rate would be equivalent on a 1% USD year over year using $1.06 in FY2016.

所以，對於2016財年之前的利率走勢，你的猜測和我一樣準確。但如果你採用目前歐元兌美元1.06美元的匯率，以報告數據計算，我們將損失約6個百分點。因此，如果以固定匯率計算，毛利率為7%，則相當於2016財年美元年增1%（匯率為1.06美元）。

Great. And on Lifesize as you focus on the cloud business, some of those legacy products generated nice gross margin. Is that a business that'll go into a loss-making category for a few quarters as you make this transition or will you cut costs and --?

太好了。 Lifesize 在專注於雲端業務的同時，一些傳統產品也帶來了不錯的毛利率。在轉型期間，這部分業務會虧損幾季嗎？還是會削減成本？

So we're still working the transition point. I think in term of the cloud that we've focused, we've had a very successful launch in the first 10 months. Obviously, as you know, with cloud, you build infrastructure and then you need scale to be able to be more profitable. But we don't see a big disconnect between the gross margin we had on the infrastructure business. And the cloud gross margin is slightly under today, but moving towards that 65% that we've had. So from that perspective, we're not too worried.

所以我們仍在努力實現轉型。就我們重點關注的雲端業務而言，我認為我們在前十個月的推廣非常成功。當然，如您所知，雲端業務需要建立基礎設施，然後需要規模化才能提高獲利能力。但我們並沒有看到基礎設施業務的毛利率與雲端業務毛利率之間有太大的差距。雖然目前的雲端業務毛利率略低於基礎設施業務，但正在朝著我們先前達到的65%的目標邁進。因此，從這個角度來看，我們並不太擔心。

The real thing for us is, for both OEM and Lifesize, is managing the transition. For OEM, it's exiting the business. And for Lifesize, it's really doubling down on that cloud, which will shrink the overall revenue, but accelerate the growth and the penetration in our customer space.

對我們而言，無論是OEM還是Lifesize，真正的挑戰在於如何管理轉型。對OEM來說，這意味著退出原有業務。而對Lifesize來說，就是要加倍投入雲端運算，雖然會降低整體收入，但會加速成長，並提升我們在客戶領域的滲透率。

Okay. Thanks, Vincent. Thanks, Bracken.

好的。謝謝你，文森。謝謝你，布雷肯。

Thanks, Tavis.

謝謝你，塔維斯。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Yes. Hello, guys. One question on the OEM business exit again. Can you remind us how integrated the manufacturing of retail and OEM mice is? And would you eventually consider fully outsourcing or externalizing the production of both retail and OEM?

是的。大家好。關於OEM業務退出，我還有一個問題。可否請您介紹一下零售版和OEM版滑鼠的生產整合程度？您最終是否會考慮將零售版和OEM版的生產完全外包？

Yes. The answer to your question is they're not very integrated, surprisingly not integrated. It might surprise some of you that most of our OEM mice were not made in our factory, which makes us even more logical. In fact our factory now makes -- this may also surprise you. Our factory also makes a lot of our growth products, where we have IP and knowhow that we really don't want to share broadly with other people, at least as we launch these categories.

是的。你問題的答案是，它們的整合度並不高，令人驚訝的是，整合度確實很低。或許你們中的一些人會感到驚訝，我們的大部分OEM滑鼠並非由我們自己的工廠生產，反而讓我們更加合乎邏輯。事實上，我們工廠現在也生產──這或許也會讓你們感到驚訝。我們工廠也生產許多成長型產品，這些產品擁有我們並不打算廣泛分享的智慧財產權和技術訣竅，至少在產品線推出初期是如此。

So you will simply stop producing OEM mice in your (multiple speakers)?

所以你們（多揚聲器）將停止生產OEM滑鼠嗎？

Yes. We're going to stop selling OEM mice, and most of those we didn't produce.

是的，我們將停止銷售代工滑鼠，其中大部分都不是我們生產的。

Okay. Right. So is there -- is it in fact just a phase-out or can you sell this business or the IP?

好的。沒錯。那麼，這實際上只是逐步淘汰，還是可以出售這項業務或智慧財產權？

That's a good question. We got that in the press conference we had today. Yes. I think it's a declining business. It's operating -- it's a very low-margin business. It's hard to imagine that we're going to sell that for a lot, so I wouldn't assume much if you think that there's a possibility of selling it.

這是個好問題。我們在今天的新聞發布會上也遇到了這個問題。是的，我認為這是一項正在衰退的業務。它目前還在運作——但利潤率非常低。很難想像我們會把它賣個好價錢，所​​以如果你認為有可能賣掉它，我建議你不要抱太大期望。

Our number-one objective is really working with the customer and making sure we can live with our commitment and work a transition plan that would work first and foremost for our customers.

我們的首要目標是真正與客戶合作，確保我們能夠履行承諾，並制定一個首先對客戶有利的過渡計畫。

Okay. Thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instructions). Paul Coster, JPMorgan.

（操作說明）。保羅‧科斯特，摩根大通。

Thanks for taking my questions. So regarding the OEM exit, which seems to make sense, I just want to check though that you're not losing some kind of intimacy regarding OEM intentions or (inaudible).

感謝您回答我的問題。關於OEM退出，這似乎合情合理，但我只是想確認一下，您是否因此失去了對OEM意圖或（聽不清楚）的某種了解。

Yes. We are -- this is -- and, Paul, you're exactly right. This is one the arguments we made for staying in it to ourselves. I think as we got further into that we realized a lot of the benefit, and maybe there was in the beginning or even the last decade, has dissipated. The kind of relationship we've ended up with, with the OEMs we supply is great, but we think most of that relationship, we'll be able to sustain what we need going forward as a big -- the biggest mouse player in the industry. So we don't think we're losing anything there.

是的。我們確實──就是這樣──保羅，你說得完全正確。這正是我們當初堅持留在公司內部的理由之一。我認為隨著我們深入了解，我們意識到許多好處，或許在初期甚至過去十年裡還存在，但現在已經消失了。我們最終與OEM廠商建立的關係非常好，而且我們認為，作為業內最大的滑鼠廠商，我們能夠維持這種關係的大部分，滿足我們未來發展的需求。所以我們認為我們在這方面並沒有損失什麼。

Okay. And then on the growth category side, I think we've all seen categories that experienced hyper-growth for two, three years and then slowed down pretty dramatically. It sounds like you've got really good momentum on the mobile speaker side, at minimum, and also on the video, on the conferencing side. Can you talk to us a little bit about whether -- how long you see this hyper-growth phase lasting for, for those categories?

好的。說到成長型品類，我想我們都看過一些品類經歷了兩三年的高速成長，然後成長急劇放緩。聽起來你們在行動音箱領域至少在發展勢頭上非常強勁，視訊會議領域也是如此。能否跟我們談談，你們認為這些品類的高速成長階段會持續多久？

They're both -- I think they're still both at very early stages. I'm sure you won't see the kind of growth we did see at the very beginning, but I think you're going to see very strong growth over the next several years in both categories.

我認為它們都還處於非常早期的階段。我確信你不會看到像最初階段那樣迅猛的成長，但我認為在未來幾年裡，這兩個領域都會出現非常強勁的成長。

Video collaboration, for example, there's -- some people would estimate there are 20m rooms that ought to be video-enabled right now. About 1m of them are, 1m, so there's a lot of room left. We're always saying for the cost of one room -- one chair in a conference room, you can video-enable the room now.

例如，視訊協作方面，有人估計目前有2000萬間會議室應該配備視訊功能。但實際上只有大約100萬間實現了視訊功能，所以還有很多空間。我們一直強調，只要花費一間會議室——或者說會議室裡一張椅子——的成本，就能讓整個會議室都配備視訊功能。

On the Bluetooth speaker side, the growth has just been extraordinary. And I think -- we don't see a real -- something that's going to really stop that. Undoubtedly, it will start to crest a little bit, but I think it's going to still grow for some time. And I would ask PC -- add that PC gaming is on a good structural growth curve, and the consumer dynamics there don't suggest there's any end in sight there either.

藍牙音箱市場的成長速度簡直驚人。而且我認為，目前來看，這種成長動能不會有太大放緩的跡象。毫無疑問，成長速度可能會略有放緩，但我認為它還會持續成長一段時間。另外，PC遊戲市場也處於良好的結構性成長階段，目前的消費趨勢也表明，PC遊戲市場的成長動能依然強勁。

So those are three of the four growth businesses we have where I feel really good about the fundamental category growth. And we're building more. So the new seat stuff is not in any of those categories, and they're all in either non-existent categories or very small ones that we think can have exponential growth.

所以，這四大成長型業務中，有三項我非常看好其基本面的成長。而且我們還在拓展更多業務。新款座椅產品不屬於上述任何類別，它們要么屬於尚未開發的類別，要么屬於我們認為具有指數級增長潛力的規模很小的類別。

Thank you.

謝謝。

I would add one other thing on music, which I think is really interesting, Bluetooth speakers. If you look at the penetration of the Bluetooth speaker category relative to mobile phones, it is -- it's almost as small as that video collaboration penetration of the rooms that ought to have video. So it's very, very small, in the single -- 2%, 3%, 4%, 5%. There's a lot of room left.

關於音樂，我還想補充一點，我覺得很有意思，那就是藍牙音箱。如果你看看藍牙音箱相對於手機的普及率，你會發現它——幾乎和視訊協作設備在應該配備視訊會議功能的房間中的普及率一樣低。所以，它的普及率非常非常低，只有2%、3%、4%、5%。這方面還有很大的發展空間。

Thank you.

謝謝。

Thank you, Paul.

謝謝你，保羅。

Andreas Mueller, Zurcher.

安德烈亞斯·穆勒，蘇黎世。

Yes. Thanks for taking my question. I have a question on the inventory days. How many days would you say of these 17 days longer inventory days are the structural, basically, changing from airfreight to shipping and also holding more inventories on these growth categories?

是的，謝謝您回答我的問題。我還有一個關於庫存週轉天數的問題。您認為這17天延長的庫存週轉天數中，有多少天是由於結構性因素造成的，主要是因為從空運轉向海運，以及這些增長型品類的庫存增加？

Yes. So on the year-over-year basis, when you look at March 31 inventory, inventory days, you're right, we're up 17 days. If you look at a dollar basis, we're up $50m. I would say about half of that growth would be that structural growth that we will keep into the inventory. The rest is coming from the port strike in the US, as I mentioned. So about half of it, Andreas.

是的。所以，從年比來看，如果你看一下3月31日的庫存和庫存週轉天數，你說得對，我們增加了17天。如果以美元計算，我們增加了5000萬美元。我認為這部分成長中大約一半是結構性成長，我們會將其保留在庫存中。另一半正如我之前提到的，來自美國的港口罷工。所以大約一半，安德烈亞斯。

Okay. Thanks.

好的，謝謝。

(Operator Instructions). Felix Remmers, Credit Suisse.

（操作說明）。瑞士信貸的菲利克斯·雷默斯。

Yes. Hi everyone. Yes. Hi. You hear me?

是的。大家好。是的。嗨。你們聽得到我說話嗎？

Yes.

是的。

Yes, sir.

是的，先生。

Perfect. Okay. Thanks for taking my question. On OEM, one last point. Not clear to me is the timeline, so how we should model the transition or the phase-out here? So can we assume, for fiscal year 2017 already, zero sales in that category?

好的。謝謝您回答我的問題。關於OEM，還有最後一點。我不清楚具體的時間安排，所以我們應該如何模擬過渡或逐步淘汰的過程？我們是否可以假設2017財年該類別的銷售額為零？

And on Lifesize, what are the incremental steps you're taking? Because the transition to the cloud is actually nothing new. We have talked about it a couple of quarters now. So I was wondering, what are the incremental steps you're taking? And I was wondering how much sales you're generating already in the cloud here.

那麼，在 Lifesize 上，你們正在採取哪些循序漸進的步驟呢？因為往雲端遷移其實不是什麼新鮮事。我們已經討論過好幾個季度了。所以我想知道，你們正在採取哪些循序漸進的步驟？我還想了解一下，你們目前在雲端的銷售額是多少？

And then lastly, the PC gaming appears to do underlying very well, so can you share some color here on the trajectory at the moment? So last quarter you grew 24%, if you adjust for everything, so is that number actually growing quarter over quarter?

最後，PC遊戲業務的整體表現似乎非常出色，您能否簡單介紹一下目前的發展趨勢？上個季度你們成長了24%，如果將所有因素都考慮進去，那麼這個數字就比成長了嗎？

Okay. Let me -- I'll take a couple of these, just to divide it up. I'll let Vincent take one too. So the -- on the OEM timeframe, it's really hard for us to say right now. We're planning -- as Vincent said, our priority really is to make sure that the customers that we serve for many years have a good transition into other places.

好的。我拿幾個，這樣可以分用。也給文森特拿一個。至於OEM的時間安排，我們現在真的很難說。正如文森特所說，我們的首要任務是確保我們服務多年的客戶能夠順利過渡到其他管道。

So we're going to manage that. I don't know how long that will take. It -- I certainly don't expect it to happen past fiscal year 2016. So -- but I -- but we'll see at what quarter we're actually fully out. So we'll just have to see.

所以我們會想辦法解決這個問題。我不知道這需要多長時間。我當然不認為會在2016財年之後發生。所以，我們拭目以待，看看究竟在哪個季度能夠完全解決。

I'll let you take the second.

第二球就讓你打吧。

If I can just add on that OEM, Felix, we now have built a reputation of delivering on what we say. And rather than throwing some numbers, will it take three months or six months? We just don't know, and we're asking if it's possible to really your model around retail strategic for the sales, which will grow in 7% constant currency, and understand that we will manage the decline of that business to keep it breakeven on the OEM side and deliver the $150m for the full year. After that, if you need to plug a number, your guess is as good as mine.

如果我還能加上那家OEM廠商，Felix，我們現在已經建立了言出必行的良好聲譽。與其拋出一些數字，不如說說需要三個月還是六個月？我們真的不知道。我們想問的是，你們的零售策略模式是否真的能夠有效促進銷售，預計銷售額將以7%的固定匯率成長。同時，我們也明白，我們會妥善處理OEM業務的下滑，確保收支平衡，並實現全年1.5億美元的目標。之後，如果你需要給一個具體的數字，那我也只能靠猜測了。

As soon as we have more information and an operational plan worked out with our customers, then we will inform you of what it means for the full year. That's on OEM.

一旦我們掌握更多資訊並與客戶制定營運計劃，我們將立即告知您全年的具體安排。這指的是原始設備製造商（OEM）方面的情況。

Let me take the PC gaming one and then I'm going to hand the Lifesize back to Vincent. So about PC gaming, you asked do we see momentum. Is the momentum headed in our direction on PC gaming? I think the answer is yes. We're starting -- we're really -- we've really had a very strong quarter and really strong year on improving our mouse lineup. And we've really got a strong lineup right now. We've grown a lot of market share and we see a lot more room there.

先拿一下PC遊戲滑鼠，然後把Lifesize滑鼠還給Vincent。關於PC遊戲，你問我們是否看到了成長動能。 PC遊戲市場的發展動能是否對我們有利？我認為答案是肯定的。我們——實際上——我們在改進滑鼠產品線方面，上個季度和今年都取得了非常強勁的進展。我們現在的產品線非常強大。我們擴大了市場份額，而且我們看到了更大的發展空間。

In keyboards, we've launched some great keyboards. We've been constrained on demand, so you're going to see us unlock that demand -- or supply, unlock that supply, especially as we exit Q2 and into Q3, when the peak season hits. And then there's headsets, which have been very, very strong.

在鍵盤方面，我們推出了一些非常棒的鍵盤。由於需求有限，我們將逐步釋放需求——或者說釋放供應，尤其是在第二季度末進入第三季度，也就是銷售旺季到來之際。此外，耳機市場也表現非常強勁。

So yes, I think the momentum's going to get better and better. We'll see.

所以，是的，我認為勢頭會越來越好。我們拭目以待。

So, on Lifesize, Felix, this is -- so we launched the cloud about 10 months ago. We told you that was the strategy for the asset to make it more valuable, shifting from the old to the new. But we're managing a slow transition. We've seen two things. One is a very fast adoption of our cloud. Yes, still small in terms of base, but by any SaaS business model, if you want, we have a very fast start.

菲利克斯，關於 Lifesize，我們大約在 10 個月前推出了雲端服務。我們之前說過，這是我們提升資產價值的策略，目的是從舊平台過渡到新平台。但我們正在逐步推進過渡。我們觀察到兩點。一是雲端服務的普及速度非常快。是的，用戶基數仍然很小，但就任何 SaaS 商業模式而言，我們的起步速度都非常快。

At the same time, we've seen a faster decline of the infrastructure revenue. And rather than trying to balance all of it, we thought we would take the opportunity now to refocus also all the sales organizations to be cloud-based focused. And then we'll still take orders for the old revenue, but we're not going to sell it, anymore, actively. And I think that's the next step, if you want, in the acceleration of the transformation.

同時，我們看到基礎設施收入下滑速度加快。與其試圖平衡所有收入來源，我們認為應該抓住這個機會，將所有銷售團隊的重心轉移到雲端業務。這樣一來，我們仍然會接受原有收入來源的訂單，但不會再主動銷售。我認為，如果你願意的話，這可以算是加速轉型過程中的下一步。

Yes. Not to insult your knowhow here, but in case you're not as familiar with what -- when we say SaaS, software as a service. That's what we're referring to.

是的。我無意冒犯您的專業知識，但如果您不太了解－我們說的SaaS，就是軟體即服務。這就是我們指的。

Sure. Okay. Thank you very much.

當然。好的。非常感謝。

Thank you.

謝謝。

There are no further questions at this time. I would like to turn the conference back over to Mr. Darrell for closing remarks.

目前沒有其他問題了。現在我將會議交還給達雷爾先生，請他作總結發言。

Okay. Thank you very much. I just -- I'll just close with three or four things. First, we're really proud and excited about the year we just closed. This retail strategic, which is obviously what we're focused on in constant currency, 6% for the full year, 7% in the back half of the year, and then guiding to 7% going into next year, I think we're just in the right place on this.

好的，非常感謝。我最後想補充三、四點。首先，我們對剛剛過去的一年感到非常自豪和興奮。零售策略方面，我們顯然是重點關注的，以固定匯率計算，全年成長6%，下半年成長7%，並預計明年也能達到7%。我認為我們目前正處於正確的方向。

The second one is we're very proud of the earnings performance. It took a lot of work to get there. And I think we've really got all the engines firing underneath, the plumbing that's working, to make sure that we have our earnings just continue to improve over time.

第二點是，我們對獲利表現感到非常自豪。這背後付出了很多努力。我認為我們已經讓所有環節運作良好，確保我們的獲利能持續成長。

The third one is, you know and you've heard it and we've written it, we're really organizing this business, including the exit of OEM, to focus and double down on retail strategic. That's what Logitech's going to be going forward. And I think you'll be excited about some of the surprises we have in store in that area in the next year.

第三點，你們都知道，也聽說了，我們還寫過，我們正在對公司進行重組，包括退出OEM業務，以便集中精力並加倍投入零售戰略。這就是羅技未來的發展方向。我相信，明年我們在這個領域準備的一些驚喜一定會讓你們感到興奮。

So with that, I'm going to close. Thank you all very, very much for attending. And we're going to go out in the sun here in Zurich.

那麼，我的發言就到此結束了。非常感謝各位的到來。接下來，我們要去蘇黎世享受陽光了。

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

今天的電話會議到此結束。您可以掛斷電話了。謝謝。