羅技 (LOGI) 2016 Q1 法說會逐字稿

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

各位來賓，歡迎參加羅技第一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，未經羅技書面授權，不得全部或部分複製。我謹介紹本次電話會議的主持人，羅技投資者關係副總裁兼公司財務主管喬·格林哈爾格先生。

Welcome to the Logitech conference call to discuss the Company's financial results for the first quarter ended June 30, 2015.

歡迎參加羅技公司關於截至 2015 年 6 月 30 日的第一季財務業績的電話會議。

The press release, our prepared remarks and slides, as well as a live webcast of this call, are available online at Logitech.com. As noted in our press release, we've 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.

新聞稿、我們準備好的演講稿和幻燈片，以及本次電話會議的即時網路直播，均可在 Logitech.com 網站上查看。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.

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》安全港條款作出的有關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。

Factors that could cause actual results to differ materially include those set forth in Logitech's Annual Report on Form 10-K dated June 5, 2015 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 first-quarter financial results for fiscal 2016.

可能導致實際結果與預期結果有重大差異的因素包括羅技公司 2015 年 6 月 5 日發布的 10-K 表格年度報告及其後續文件中列出的因素，這些文件可在 SEC EDGAR 數據庫在線查閱，以及羅技公司發布 2016 財年第一季度財務業績的新聞稿和準備好的發言的最後段落的最後段落中列出的因素。

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展望，本公司不承擔因新發展或其他原因而更新或修改任何前瞻性陳述的義務。

Please note that today's call will include results reported on both a GAAP and a non-GAAP basis. 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、相應的GAAP財務指標以及與GAAP的調節表。這些資訊也發佈在我們的投資者關係網站上。本次電話會議的幻燈片包含GAAP和非GAAP財務指標，同樣可以在我們的投資者關係網站上找到。我們建議聽眾查閱這些資料。

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 from Lausanne 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.

今天從洛桑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 all of you for joining us.

謝謝你，喬，也謝謝各位的參與。

Just an upfront note that the sales performance we refer to will be in constant currency.

首先說明一下，我們所指的銷售業績將以固定匯率計算。

Q1 gives us a good start to the fiscal year. The growth momentum we saw accelerate through last year continued right into Q1. Our retail sales grew 7%.

第一季為我們新財年開了個好頭。去年持續加速的成長動能延續到了第一季。我們的零售額成長了7%。

While our normal trend since we started down this strategic path has been negative growth in the profit maximization categories and double-digit growth in our growth categories, this quarter we saw relative balance. Both the growth and the profit maximization categories grew upper single digits. That's better than you'd expect for profit maximization and not as good a growth.

自從我們開始實施這項策略以來，通常情況下，利潤最大化類別的績效呈現負成長，而成長類別的績效則維持兩位數成長。但本季度，我們看到了相對平衡的局面。成長類別和利潤最大化類別的表現均實現了接近兩位數的成長。利潤最大化類別的績效表現優於預期，但成長類別的績效則不盡人意。

Vincent and I will take you through this deeper now. First I'll drill down into the categories within our growth portfolio.

接下來，我和文森將帶您更深入地了解這方面的內容。首先，我將詳細分析我們成長型投資組合中的各個類別。

Our growth portfolio grew 9% in Q1, and overall continues to have a strong and improving product lineup in growing categories. Our newest edition, video collaboration, continued to perform very strongly and was our fastest growing category in constant currency in Q1.

第一季度，我們的成長型產品組合成長了9%，整體而言，我們在成長型類別中持續保持強勁且不斷完善的產品陣容。我們最新推出的視訊協作產品表現依然非常出色，是第一季以固定匯率計算成長最快的品類。

One of the key growth drivers was the Logitech ConferenceCam Connect. That's the very well received $500 portable all-in-one video conferencing solution. We also continue to see strong sales from the $1,000 Logitech ConferenceCam CC3000e that launched well over a year ago.

羅技ConferenceCam Connect是關鍵的成長驅動力之一。這款售價500美元的便攜式一體化視訊會議解決方案廣受好評。此外，一年多前推出的售價1,000美元的羅技ConferenceCam CC3000e也持續保持強勁的銷售動能。

Our mobile speakers continue to grow very strongly. This time, our new speaker UE MEGABOOM -- our new premium speaker UE MEGABOOM was the new star. In fact, this highest priced speaker became the second best selling product in the whole Company less than six months after launch, and with constrained supply.

我們的行動音箱銷售持續強勁成長。這次，我們推出的新款高階音響UE MEGABOOM成為了耀眼的新星。事實上，這款價格最高的音箱在上市不到六個月的時間裡，在供不應求的情況下，就成為了公司銷售第二的產品。

UE BOOM continues to be an outstanding performer, and again was the top selling product in the Company. That's worth repeating. The number one and number two products in the Company in sales this quarter were the BOOM and MEGABOOM, a real tribute to the strength of our product innovation driven off our design focus.

UE BOOM 的表現依然出色，再次成為公司最暢銷的產品。這一點值得再次強調。本季公司銷售第一和第二的產品分別是 BOOM 和 MEGABOOM，充分體現了我們以設計為核心的產品創新實力。

But there's more in store, so to speak, in mobile speakers, as you probably know by now. Barely evident yet in the numbers is another new Bluetooth speaker, UE ROLL. It's an amazing little powerhouse speaker. It began shipping very late in the quarter. UE ROLL features a go-anywhere waterproof build that carries the essence of the original UE BOOM and is made to be part of today's ultra-mobile lifestyle.

但正如你可能已經知道的那樣，行動音箱領域還有更多驚喜。另一款全新的藍牙音箱——UE ROLL——雖然目前銷售數據還不太明顯，但它卻是一款令人驚豔的小型強勁音箱。 UE ROLL 在本季末才開始出貨。它採用防水設計，可以隨身攜帶，傳承了第一代 UE BOOM 的精髓，專為滿足當今超移動生活方式的需求而打造。

With UE ROLL, BOOM and MEGABOOM, our mobile speaker offering is excellent, and we are well positioned to continue delivering strong sales growth and share gains.

憑藉 UE ROLL、BOOM 和 MEGABOOM，我們的行動揚聲器產品非常出色，我們已做好充分準備，繼續實現強勁的銷售成長和市場份額提升。

Gaming was flat this quarter. There were two primary factors that held gaming back. The first was the steep sales decline of our legacy steering wheels. This was expected, and a result of our transition to the newer wheels we announced last month. New wheels for the PC, Xbox and PlayStation will begin shipping in the next few months.

本季遊戲業務表現平平。主要有兩個因素拖累了遊戲業務的成長。首先是我們舊款方向盤銷售大幅下滑。這在預料之中，也是我們上個月宣布推出新款方向盤後必然出現的結果。適用於PC、Xbox和PlayStation平台的新方向盤將在未來幾個月內開始出貨。

The second driver of the slower growth in overall gaming was lower PC gaming sales in the Americas, particularly in mice, where we've had such a strong growth trajectory in the past year. Lower category growth in the quarter was, we believe, temporary, but we'll watch it closely.

導致整體遊戲市場成長放緩的第二個原因是美洲地區PC遊戲銷售下降，尤其是滑鼠銷量，而過去一年我們在滑鼠領域一直保持著強勁的成長勢頭。我們認為本季該品類成長放緩只是暫時的，但我們會密切關注事態發展。

Generally speaking, regardless of what happens to the gaming mouse category in the US, we have new gaming products on the way, particularly in the second half, that should generate robust growth for fiscal year 2016 in total.

總的來說，無論美國遊戲滑鼠市場的發展趨勢如何，我們都有新的遊戲產品即將推出，尤其是在下半年，這些產品應該會為 2016 財年帶來強勁的成長。

Our tablet and other accessories category continued to perform poorly. While the decline in the tablet market is no longer news, as a result, neither is our decline in tablet accessories. We have begun the process to simplify our lineups and pace our innovation to a slower moving and smaller market, but you know us by now and I assure you we have innovation ahead there too.

我們的平板電腦及其他配件品類表現持續低迷。平板電腦市場下滑已是眾所周知的事實，因此，我們的平板電腦配件銷量下滑也同樣不是什麼新鮮事。我們已經開始簡化產品線，並調整創新節奏，以適應這個成長速度較慢、規模較小的市場。但您也了解我們，我向您保證，我們在這個領域同樣擁有創新實力。

Our profit maximization category looked like a growth category this quarter, with sales of PC peripherals up by 8%, even though PC shipments declined almost 10%. We believe we appeal to the enormous installed base of PC users with simply great innovation.

本季，我們的利潤最大化類別呈現成長態勢，PC外設銷售額成長了8%，儘管PC出貨量下降了近10%。我們相信，憑藉著卓越的創新，我們能夠吸引龐大的PC用戶群。

The best example of this innovation can be seen in pointing devices, which grew by 10%. This growth was driven largely by the success of our flagship mouse, the MX Master, which sells for $99. Both consumers and the trade press give this a huge -- well, gave this a huge welcome, and its reception has been much, much stronger than any of its predecessors. It's perhaps gotten the best press for a mouse we've ever seen, and dare I say it was deserved. Building on that momentum, at the end of the quarter we began shipping an equally innovative mouse, the MX Anywhere 2 mobile mouse.

這項創新的最佳例證體現在指點設備領域，其銷售量成長了10%。這項成長主要得益於我們旗艦滑鼠MX Master的成功，這款滑鼠售價99美元。消費者和產業媒體都對它給予了極大的歡迎，其市場反應遠超過以往任何一款產品。它或許獲得了我們所見過的滑鼠產品中最好的媒體評價，而且我認為它實至名歸。乘著這股勢頭，我們在本季末開始發售另一款同樣具有創新性的滑鼠－MX Anywhere 2移動滑鼠。

Another example of meaningful innovation is our wireless touch keyboard K400 Plus. This living room keyboard again targeted the installed base. The K400 Plus makes it easy to control your computer screen on your TV. Continued high caliber innovation in keyboards helped drive 7% growth in keyboards and desktops in Q1.

另一項意義非凡的創新是我們的無線觸控鍵盤 K400 Plus。這款客廳鍵盤同樣瞄準了現有用戶群。 K400 Plus 讓您輕鬆在電視上控制電腦螢幕。鍵盤領域持續的高水準創新推動了第一季鍵盤和桌上型電腦銷量成長 7%。

Stepping back from the categories to the regions in which we play, it's really good to see the regional growth symmetry this quarter. The Americas delivered 10% growth, Asia Pacific delivered double-digit growth, and EMEA, if you exclude emerging markets which were dragged down by the continuing story of a weak Russia and Ukraine, EMEA grew by 11%.

拋開產品類別，從我們所處的區域來看，本季各區域的成長對稱性令人欣喜。美洲地區實現了10%的成長，亞太地區實現了兩位數的成長，而歐洲、中東和非洲地區（EMEA）——如果排除受俄羅斯和烏克蘭持續疲軟局勢拖累的新興市場——則成長了11%。

So, all three regions, excluding emerging markets in EMEA, grew double digits. We've grown double digits for three of the last four quarters in AMR, consecutive quarters in Asia. And while this is the first quarter we've broken through the double-digit barrier in EMEA excluding Russia and Ukraine, we've had consecutive quarters of growth overall there as well.

因此，除歐洲、中東和非洲新興市場外，其他三個地區的成長均達到兩位數。在過去四個季度中，美洲和中東地區有三個季度實現了兩位數成長，亞洲地區則連續幾季保持成長。雖然這是我們在俄羅斯和烏克蘭以外的歐洲、中東和非洲地區首次突破兩位數成長，但該地區整體也連續幾季實現成長。

Now Vincent will go into more details on our performance.

現在文森特將詳細介紹我們的表現。

Thank you, Bracken. Our Q1 results position us very well to deliver our full-year outlook. As Bracken mentioned, our retail business is achieving its sales growth target, and we saw growth in all three regions for the second consecutive quarter.

謝謝布雷肯。我們第一季的業績讓我們有信心實現全年預期目標。正如布雷肯所說，我們的零售業務正在實現銷售成長目標，並且連續第二個季度在所有三個地區都實現了成長。

We continue to generate cost savings that have offset some of the impact from the stronger US dollar on our gross margin. We held our non-GAAP operating expenses flat, while freeing up capacity for investment in the business to drive future growth.

我們持續降低成本，部分抵銷了美元走強對毛利率的影響。我們維持了非GAAP營運費用不變，同時釋放了可用於業務投資的資金，以推動未來成長。

If I come back on a few numbers, let's start with our gross margin, which was down by 120 basis points. Currency headwinds alone, net of hedging, had an impact of 230 basis points in Q1, nearly double the year-over-year decline that we reported. We were able to offset some of this decline through our product and manufacturing cost reductions, product mix, as well as to a lesser extent the early impact from pricing increases.

回到幾個具體數字，我們先來看毛利率，它下降了120個基點。僅匯率不利因素，扣除對沖收益後，就對第一季的毛利率造成了230個基點的影響，幾乎是我們去年同期降幅的兩倍。我們透過降低產品和製造成本、調整產品組合，以及在一定程度上抵消了早期漲價的影響，來部分抵消了這一降幅。

While we expect the currency headwinds to remain throughout the fiscal year, we will continue to drive initiatives to offset as much of the impact as fast as possible. As an example, we expect to save at least $10m during FY2016 from our switch to more shipment via sea rather than air.

儘管我們預期匯率波動帶來的不利影響將持續整個財年，但我們將繼續推動各項舉措，以盡快抵銷其影響。例如，我們預計在2016財年，透過將更多貨物運輸方式從空運轉向海運，至少可以節省1,000萬美元。

Another initiative which we discussed last quarter is increasing the prices of most of our products in key currency impacted markets. We made those price changes over the course of Q1, and the affected products are now making their way into retail shops.

我們上季討論的另一項舉措是提高受主要貨幣波動影響市場的大部分產品價格。我們已在第一季完成了這些價格調整，受影響的產品目前正陸續上架零售商店。

We continue to demonstrate that disciplined spend management is now part of the Company's DNA, with our non-GAAP operating expenses unchanged from the prior year. At a high level, that may look like little has changed. When you look a little deeper, you'll see that we increased our R&D spending by about 9% to drive future long-term growth, and we funded that investment mostly through G&A and overall infrastructure cost reductions.

我們持續證明，嚴格的支出管理已融入公司的企業基因，非GAAP營運費用與前一年持平。乍看之下，似乎變化不大。但深入分析後，您會發現，為了推動未來的長期成長，我們將研發支出增加了約9%，而這筆投資的資金主要來自一般及行政費用和整體基礎設施成本的削減。

Last quarter, we announced a strategic shift focusing Logitech on our growing profitable retail business, exiting OEM and refocusing Lifesize on its smaller cloud solution. We booked a $13m restructuring charge in Q1 as part of our $15m to $20m estimate for the full year.

上個季度，我們宣布了一項策略調整，將羅技的業務重心放在不斷增長的盈利零售業務上，退出OEM業務，並將Lifesize的業務重心重新放在規模較小的雲端解決方案上。我們在第一季計入了1300萬美元的重組費用，這是我們全年1500萬至2000萬美元重組費用預估的一部分。

The OEM exit plan has been now fully developed with our customers and partners, and we will be out of that business by the end of the calendar year. We continue to work the repositioning of Lifesize, and are still evaluating all options for that business.

我們已與客戶和合作夥伴全面製定了OEM退出計劃，並將於年底前退出該業務。我們將繼續推進Lifesize的重新定位，並仍在評估該業務的所有可能性。

Finally, we are taking actions to further reduce our infrastructure functions to fund new growth opportunities, and you should continue to see infrastructure costs trending down, offset by investment in growth initiatives. We still expect the restructuring charges to be $15m to $20m for the full year, and we will give you regular updates on this important transition to growth taking place in FY2016.

最後，我們正在採取措施進一步精簡基礎設施職能，以便為新的成長機會提供資金。您應該會看到基礎設施成本持續下降，並被成長計畫的投資所抵消。我們仍預計全年重組費用為1500萬美元至2000萬美元，並將定期向您通報2016財年這一重要的成長轉型進展。

Moving on to cash, our cash flow from operations was negative in Q1 and the main driver was the increase in our inventory. This increase was driven primarily by two key factors.

接下來談談現金流。我們第一季的經營活動現金流為負，主要原因是庫存增加。庫存增加主要受兩個關鍵因素驅動。

The first one is the ramp up to launch several new products in preparation for the holiday season. We are excited by the portfolio we are building to support our growth objectives. Exiting Q1, we had over $20m in inventory for new products not yet launched.

首先，我們正在加緊推動多款新產品的上市，為即將到來的假期季節做好準備。我們對正在建構的產品組合充滿信心，這些產品將幫助我們實現成長目標。第一季末，我們尚未上市的新產品庫存價值超過2,000萬美元。

The second factor contributing to the inventory increase is linked to operational and strategic actions. For example, the change in our inventory strategy to utilize sea shipments rather than air means that in many cases we are building and then shipping products to our distribution centers sooner than would have happened last year.

導致庫存增加的第二個因素與營運和策略性措施有關。例如，我們調整了庫存策略，採用海運而非空運，這意味著在許多情況下，我們生產產品並運送到配送中心的速度比去年更快。

Other operational shifts result from our strategy to build more products in our own factory in China. We are doing this to improve confidentiality, take on more complex projects, achieve more flexibility and reduce costs through the increased use of automation. We are now targeting a long-term ratio of 60/40 as the new norm for the split between products we build in-house and those that we outsource.

其他營運調整源自於我們在中國自有工廠生產更多產品的策略。我們這樣做是為了提高保密性、承接更複雜的專案、實現更大的靈活性，並透過提高自動化程度來降低成本。我們目前的目標是，長期內自產產品與外包產品的比例達到60/40，作為新的常態。

Looking at our inventory balances going forward, the incremental impact from the ramp of our new products will dissipate towards the end of the year as we ship to our customers. However, our overall inventory balance will be up year over year throughout the fiscal year, due to the strategic and operational actions we are taking. As a result, we expect that cash from operations will be unbalanced during the year, with a weak first half and a stronger second half.

展望未來，隨著新產品陸續交付給客戶，其帶來的增量影響將在年底逐漸消散。然而，由於我們採取的策略和營運措施，本財年整體庫存餘額將較去年同期上升。因此，我們預期本財年經營活動產生的現金流將出現不平衡，上半年疲軟，下半年強勁。

Our strong total net cash position continues to be the foundation for our capital allocation strategy, focused on investing in the business and small acquisitions as a priority. As an example of using our capital to invest in our business, we acquired earlier this year the exclusive rights to use an automated ear scanner for our professional UE custom ear monitors, which will help continue to develop that business line.

我們強勁的淨現金狀況仍然是我們資本配置策略的基礎，該策略優先考慮對業務的投資和小規模收購。例如，為了利用資本投資業務，我們今年稍早獲得了專業客製化耳機監聽耳機專用自動耳部掃描器的獨家使用權，這將有助於我們繼續發展該業務線。

Annual dividends and opportunistic share buybacks complement our overall capital allocation. As we announced earlier in confirming our preliminary proxy, we are requesting shareholder approval at our September AGM for a dividend in the amount of $85m, nearly doubling the payout in the prior fiscal year.

年度分紅和擇機回購是我們整體資本配置的補充。正如我們先前在確認初步委託書中宣布的那樣，我們請求股東在9月份的年度股東大會上批准派發8500萬美元的股息，這幾乎是上一財年派息額的兩倍。

Regarding buybacks, we have about $240m remaining on our current program.

關於股票回購，我們目前的計畫還剩下約 2.4 億美元。

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。

Thank you, Vincent. Now I want to close with an overview of the brand transformation we announced a few weeks ago. We've spent the last two years reinventing Logitech from the inside. We are back to creating great products. We are gaining market share in our legacy categories, while we are creating powerful products in new categories like music and video collaboration.

謝謝Vincent。現在我想總結一下我們幾週前宣布的品牌轉型計劃。過去兩年，我們從內部重塑了羅技。我們回歸初心，致力於打造卓越的產品。我們在傳統產品類別中不斷擴大市場份額，同時也在音樂和視訊協作等新興領域開發強大的產品。

We have dramatically improved our profitability, so we can afford to invest more in growth. And within that lower cost envelope, we've moved R&D resources out of legacy and into new categories. Both our current growth areas are new seeds.

我們的獲利能力已大幅提升，因此能夠加大對成長的投資。在成本降低的前提下，我們將研發資源從傳統領域轉移到了新的領域。我們目前的兩個成長點都是全新的領域。

We've built a strong internal design team for the first time in the Company's history, placing design at the center of everything we do. This complements the long and powerful history of engineering on which Logitech was built.

我們首次在公司歷史上組建了一支強大的內部設計團隊，將設計置於我們一切工作的核心。這與羅技賴以建立的悠久而強大的工程技術傳統相得益彰。

And we are transforming culturally. We are making progress on the path to make Logitech a great small company again, to shrink our behaviors, act humble, small, fast and creatively, to grow our topline faster. We are shaping a small company culture that's based on increased collaboration, flatter hierarchy and faster moving, fully empowered teams. It already feels different here now.

我們正在進行文化轉型。我們正朝著讓羅技重回卓越小公司的目標穩步前進，精簡我們的行為，以謙遜、精簡、高效和創新的方式行事，從而更快地實現營收成長。我們正在塑造一種基於加強協作、扁平化層級和快速行動、充分授權的團隊的小公司文化。現在，我們已經感受到了這種變化。

So we are transforming our products, the categories in which we play and even our Company culture, and now we'll start to transform our brand identity. Or as one of our leaders said it, our brand will catch up with the change that's already happened inside the Company.

所以我們正在改變我們的產品、我們所處的品類，甚至是我們的公司文化，現在我們將開始改變我們的品牌形象。或者正如我們一位領導者所說，我們的品牌將跟上公司內部已經發生的變革。

First we'll change the Logitech logo. With simple geometry, circles and lines, the new logo is more open, smarter and approachable. It doesn't carry the eye symbol that was with us for decades that only a small percentage of consumers associated with the brand.

首先，我們將更換羅技的標誌。新標誌採用簡潔的幾何圖形，以圓形和線條為主，顯得更開放、更聰明且平易近人。它摒棄了沿用數十年的眼睛圖案，因為只有極少數消費者會將這個圖案與羅技品牌聯繫起來。

Second, we announced another sub-brand, Logi. Some of our most loyal consumers began to call us by this nickname years ago. And we believe that in today's world, but especially in the world we'll be part of in 5 to 10 years, technology will be so pervasive that it will be in the clothes we wear, the tires on our cars, the chairs on which we are sitting.

其次，我們宣布推出另一個子品牌 Logi。幾年前，一些最忠實的消費者就開始用這個暱稱稱呼我們。我們相信，在當今世界，尤其是在我們未來 5 到 10 年將要面對的世界裡，科技將無所不在，它甚至會融入我們穿的衣服、汽車的輪胎，以及我們坐的椅子中。

With that as a backdrop, we believe that the term tech in our brand name will make us sound like part of a past generation of tech companies rather than a leader of a new set of consumer companies using technology to improve people's lives. We'll continue to use the Logitech name for the Company and brand in our PC related categories. The rest will be Logi or, if it's mobile music, UE.

基於此背景，我們認為品牌名稱中的「科技」一詞會讓我們聽起來像是老一代科技公司，而不是引領新一代消費品公司、利用科技改善人們生活的領導企業。我們將繼續在PC相關產品類別中使用Logitech作為公司名稱和品牌名稱。其他產品類別將使用Logi，如果是行動音樂產品，則使用UE。

We've begun the process of gradually introducing Logi on our newest products and categories. Last week, we introduced our first family of products under the Logi label, the Logi BLOK family of protective cases for the iPad. This lineup is both strong and beautiful.

我們已開始逐步將 Logi 品牌引入我們最新的產品和產品類別。上週，我們推出了首個 Logi 品牌產品系列－Logi BLOK 系列 iPad 保護殼。此系列產品性能卓越，外觀精美。

That brings me to our outlook for fiscal year 2016. Our outlook for fiscal year 2016 non-GAAP operating income remains $150m. We are also confirming our outlook for 7% constant currency growth for our retail sales.

接下來，我想談談我們對2016財年的展望。我們預計2016財年非GAAP營業收入仍為1.5億美元。同時，我們也確認零售銷售額以固定匯率計算成長7%的預期不變。

Our first-quarter results put us soundly on track to deliver our fiscal year 2016 goals. We are on the offensive. We are consistently growing the future of Logitech, our retail business. At the same time, we are decisively exiting OEMs and restructuring Lifesize for a new world. We look forward to sustaining our momentum through the remainder of the fiscal year as we begin to launch big, new products with strong growth prospects under our transformed brand.

第一季的業績表明，我們正穩步朝著實現2016財年目標邁進。我們正積極進取，持續發展羅技零售業務的未來。同時，我們正果斷退出OEM業務，並對Lifesize進行重組，以適應新的市場環境。我們期待在本財年剩餘時間內保持這一發展勢頭，並在煥新品牌下推出一系列具有強勁成長前景的新產品。

With that, Vincent and I are available now to take your questions. Please follow the instructions of the operator, as usual.

現在，我和文森可以回答您的問題了。請照例聽從接線員的指示。

(Operator Instructions). Alexander Peterc, BNP Paribas.

（操作說明）。 Alexander Peterc，法國巴黎銀行。

Yes. Hi. Thank you for taking my question. Congratulations for your solid results. I'd just like to ask you, you had a funny mix this quarter with, as you said, profit max looking more like growth, so I was wondering how much of these trends we can extrapolate into the rest of the year. Would you expect the PC related profit max categories to revert to the minus 5 to minus 10 that you used to guide to?

是的，您好。感謝您回答我的問題。祝賀您取得了不錯的業績。我想問一下，您本季的業績比較複雜，正如您所說，利潤高峰看起來更像是成長，所以我想知道這些趨勢有多少可以延續到今年剩餘時間。您認為與個人電腦相關的利潤高峰類別會回到您先前預測的-5%到-10%的範圍內嗎？

And in tablets specifically, tablet accessories, the decline there was sharper than that of the tablets market, at least if we judge by Apple's numbers that were published this week. Is this disconnect due to the production [position] you have there? Thank you.

尤其是在平板電腦及其配件方面，下滑幅度比平板電腦市場本身還要嚴重，至少從蘋果本周公布的數據來看是如此。這種差異是否與貴公司在該領域的生產佈局有關？謝謝。

Okay. I'll take both of those. Yes, on the PC peripherals market, as I keep saying -- the term I use here is one Robin, which is a small bird that comes out in the springtime. One Robin does not make a spring. So it was a very strong quarter in PC peripherals. I do think it's built off of implementing or placing design and technology right back into the core business and it's driving a growth of -- it gave us a very strong quarter.

好的，我兩個都接受。是的，在PC週邊市場，正如我一直說的——我在這裡用的比喻是“一隻知更鳥”，知更鳥是一種春天出現的小鳥。一隻知更鳥並不能帶來春天。所以，PC週邊市場本季表現非常強勁。我認為這得益於我們將設計和技術重新融入核心業務，並推動了成長——正是這種融合讓我們取得了非常亮眼的季度業績。

I would be very hesitant to extrapolate that for the rest of the year. So our assumption as we go through the rest of the year is that it will continue to be in the negative 5, negative 10 range that we've given in the past, and only time will tell whether it's better than that.

我非常不願意將這個趨勢推論到今年剩餘時間。因此，我們假設今年剩餘時間氣溫將繼續維持在過去預測的-5到-10的範圍內，至於情況是否會好轉，只有時間才能證明。

On the tablet side, yes, our performance was worse. Our sellout was better and we are transitioning in new products and transitioning to a tighter portfolio, so that's the difference you're seeing versus the iPad sales.

是的，平板電腦方面，我們的表現確實不如iPad。不過，我們的產品銷售情況更好，我們正在推出新產品，並逐步精簡產品組合，所以這就是你看到的與iPad銷量之間的差異。

Thanks, Alex.

謝謝你，亞歷克斯。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Thanks for taking my questions. First a follow-up on that last question, Bracken. So, on the profit maximization categories, it looks like on average ASP increase was probably 5%, if I take your quantity increase of 2% and your constant currency sales of 7%. So how much of that is just the launch of new products that tend to have higher ASPs, so kind of mix versus active ASP increases?

感謝您回答我的問題。布雷肯，首先我想就您最後一個問題做個後續。關於利潤最大化類別，如果我假設銷量成長2%，以固定匯率計算的銷售額成長7%，那麼平均售價成長約為5%。這其中有多少是由於新產品上市（通常平均售價較高）造成的？也就是說，這其中有多少是因為產品組合調整，又有多少是因為主動提高平均售價所造成的？

And then if you could talk about at what point will you know whether the ASP increases you're taking in Europe and elsewhere will stick, and have you seen anything on the competitive front to suggest that competitors will be raising prices as well?

那麼，您能否談談您何時才能知道您在歐洲和其他地區採取的平均售價上漲措施是否會持續下去？以及您是否看到任何競爭方面的跡象表明競爭對手也會提高價格？

Yes. On your first question, Tavis, thanks, we haven't seen too much of the pricing that would have flowed through; yes, some. I'll let Vincent comment on whether we can be more specific than that. But it would be relatively limited so far, because the implementation periods for price increases, especially in Europe where most of them are, tend to be 60 to 90 days. So you just haven't seen much yet.

是的。關於你的第一個問題，Tavis，謝謝。我們還沒有看到太多實際的價格變動資訊；是的，有一些。我會讓Vincent來回答我們是否能提供更具體的資訊。但到目前為止，資訊仍然相對有限，因為價格上漲的實施期，尤其是在歐洲（大部分價格上漲都發生在歐洲），通常為60到90天。所以你目前看到的還不多。

So most of those ASP increases are exactly what you then concluded, which is that we're selling really premium products. MX Master is our highest selling productivity mouse, so very logical that you're seeing that kind of increase.

所以，大部分的平均售價成長都印證了你的結論，那就是我們銷售的是真正的高端產品。 MX Master 是我們銷量最高的生產力滑鼠，因此出現這樣的成長非常合乎情理。

Yes, on the tablet side, the question was? Repeat the question again.

是的，平板電腦這邊的問題是？請再重複一遍問題。

Yes. So I think you actually answered it there, Bracken, so let me move on to gross margins, and maybe this is a good one for Vincent. They came in much better than -- I don't know if you guided for gross margins, but certainly better than my model in June. And I'm wondering, talk about the sustainability of that. How much of that was mix towards the profit maximization categories or other things that were going on in the quarter?

是的。布雷肯，我覺得你剛才已經回答了這個問題，那我們來談談毛利率吧，也許這對文森來說是個好消息。毛利率比－我不知道你有沒有給出毛利率預期，但肯定比我六月的預測要好得多。我想知道，這種成長的可持續性如何？其中有多少是利潤最大化類別的利潤成長，又有多少是本季其他因素造成的？

Yes. Hey, Tavis. So we guided actually the number for the full year at around 35% to 35.5% gross margin, non-GAAP. We delivered the first quarter 36.7%. We knew Q1 would be higher, because the full impact of currency is not totally flushed through the P&L. We're still selling inventory that we bought at old currency rates, so we knew the full impact would not be totally faced yet.

是的，嗨，塔維斯。我們之前預計全年毛利率（非GAAP）在35%到35.5%左右。第一季我們實現了36.7%。我們知道第一季會更高，因為匯率波動的影響還沒有完全反映在損益表中。我們仍在銷售先前以舊匯率購買的庫存，所以我們知道匯率波動的全部影響還沒有完全顯現。

Now, we already took actions, and to offset the currency impact the biggest gain was product cost savings. We do expect that to sustain through the year. We are slightly ahead of plan. And that was also helped this quarter, as you know, by product mix, with profit max having better gross margin than our growth categories, and that we don't see sustainable through the year.

我們已經採取了應對措施，為了抵銷匯率波動的影響，最大的收益來自於產品成本的節省。我們預計這一優勢將持續到年底。目前我們的業績略微超前於計劃。如您所知，本季產品組合的最佳化也對此有所幫助，利潤最大化產品的毛利率高於我們的成長型產品，但我們認為這種優勢無法持續到年底。

As Bracken mentioned, we'll continue to plan for profit max to be aligned to the PC industry, and you know last quarter the PC shipment declined up to 10%. Then we'll see if mix is sustainable or not, but we're not planning and not forecasting on that.

正如布雷肯所提到的，我們將繼續規劃利潤最大化方案，使其與個人電腦產業保持一致。您也知道，上季個人電腦出貨量下降了高達10%。之後我們會觀察這種組合是否可持續，但我們目前不會就此進行規劃或預測。

And then the third element in terms of gross margin improvement is pricing actions. We've deployed all of our actions, but in terms of impact onto the margin, it's still very minimal in Q1. We know going into the distribution environment we have acted on all those prices. We have not seen yet the impact on sales out and whether or not all of those price increases will seek. So we'll continue to be conservative on that side and keep gross margin at around 35% to 35.5% for the year.

第三個影響毛利率提升的因素是定價策略。我們已經實施了所有相關措施，但就第一季的毛利率而言，影響仍然微乎其微。我們知道，在分銷環境下，我們已經對價格進行了調整。但我們尚未看到這些措施對銷售的影響，也不確定這些漲價是否會持續。因此，我們將繼續保持謹慎，並將全年毛利率維持在35%至35.5%左右。

I can't help but piggyback on that and say we're starting to show a pretty resilient model, and we'll see if we can repeat that over time. But if anybody on this call has been told that the PC would be down double digits, the tablet market would be down double digits and we would grow 7%, I think most people would have said impossible.

我忍不住要補充一點，我們目前展現出相當強的韌性，接下來就看我們能否長期維持這種勢頭了。但如果在座各位事先被告知，PC市場和平板電腦市場都會出現兩位數的下滑，而我們卻能實現7%的成長，我想大多數人都會覺得這不可能。

But I think it shows we're growing very strongly in music, very strong in video collaboration. We can turn it on in the PC peripherals business to some extent, for some period of time at least, when needed. So it's a good show of really what we're doing in terms of building a more balanced portfolio.

但我認為這顯示我們在音樂和視訊協作領域都發展迅速。必要時，我們也可以在一定程度上，至少在一段時間內，將業務拓展到PC週邊領域。因此，這很好地展現了我們在建立更均衡的業務組合方面所做的努力。

And final question is on mobile music. So that's been a big growth category for you guys for a couple of years, and the category itself has been growing quite nicely. At what point does that category in your opinion become more of a market share game? Are we still seeing very strong growth in the category itself, or are you going to have to take a lot of share to keep these growth rates up here?

最後一個問題是關於行動音樂的。過去幾年，行動音樂一直是你們成長最快的領域，而且這個領域本身的成長動能也相當不錯。你們認為，行動音樂領域在什麼情況下會更演變成市佔率爭奪戰？我們目前還能看到這個領域本身的強勁成長嗎？還是說，為了維持目前的成長速度，你們需要搶佔大量的市佔率？

Well, the market share, the growth is slowing off a very high rate, so it's still growing very high. Globally, it's kind of 40%, 50% plus and staying there. And we love our portfolio. We think we've got a portfolio where we can grow market share for an extended period of time. So right now, for the foreseeable future, we certainly see strong growth ahead.

市場佔有率的成長速度雖然從極高水準放緩，但仍保持著很高的成長速度。在全球範圍內，市場佔有率大約在40%到50%以上，並且維持在這個水準。我們非常看好我們的投資組合。我們認為，憑藉這個投資組合，我們可以在相當長的一段時間內持續擴大市場份額。因此，在可預見的未來，我們堅信未來將保持強勁的成長動能。

Great. Thanks a lot.

太好了，非常感謝。

Thank you.

謝謝。

Paul Coster, JPMorgan.

Paul Coster，摩根大通。

Hi. Thanks. This is Paul Chung on for Paul Coster. Just to follow up on Tavis' question on margin, given your steps through these air shipment costs, is this mostly for your profit max categories or for your growth categories? And if it's more for the growth categories, should we expect them to move above the corporate average?

您好，謝謝。我是Paul Coster的Paul Chung。關於Tavis提出的利潤率問題，鑑於您分析了這些空運成本，這些成本主要用於利潤最大化類別還是成長類別？如果更多用於成長類別，我們是否可以預期這些類別的利潤率會高於公司平均？

Hey, Paul. This is Vincent. So when we announced in March and then confirmed in April our guidance for the year, we explained that currency in the short term was definitely a big headwind for our gross margin and announced a series of measures categorized between cost opportunities and then pricing opportunities, as we discussed.

嗨，保羅。我是文森。我們在三月公佈了全年業績預期，並在四月再次確認。當時我們解釋說，短期匯率波動無疑會對我們的毛利率造成很大的不利影響，並宣布了一系列措施，這些措施分為成本控制機會和定價機會兩類，正如我們之前討論過的。

On the cost side, we have a lot of different activities. We really manage supply chain savings like a sales process, with all the ideas funneled, qualifying those ideas, putting a small budget into and then transforming that into savings.

在成本方面，我們進行了許多不同的活動。我們像管理銷售流程一樣管理供應鏈節約，收集所有想法，對這些想法進行篩選，投入少量預算，然後將其轉化為實際的節約。

In terms of the specific action around air shipment, about $10m savings for the full year, which require a little bit more inventory but it's across all of the categories, and it's really about through better planning and, as I mentioned, using some of our capital to put some safety stock in different distribution centers.

就空運方面的具體措施而言，全年可節省約 1000 萬美元，這需要增加一些庫存，但涵蓋所有類別，這實際上是透過更好的規劃，以及正如我提到的，利用我們的一些資金在不同的配送中心存放一些安全庫存來實現的。

At this point in time, we are not planning the growth category to be above the corporate average in terms of gross margin. We still have the distinction, because we run the business on profit max for better profit but we run the growth category for growth and market share gain. So our whole objective there is to develop big businesses, as Bracken mentioned, not to drive in the short term a higher gross margin.

目前，我們並不打算讓成長型業務的毛利率高於公司平均。我們仍然保持著這種差異：我們主要業務以利潤最大化為目標，追求更高的利潤；而成長型業務則以成長和市場佔有率提升為目標。因此，正如布雷肯所說，我們的目標是發展大型業務，而不是在短期內追求更高的毛利率。

That said, I would add, and we said this at our analyst/investor day, I think every year we've had pretty much the same story. Our growth categories tend to either straddle or come close to straddling the corporate average, so video collaboration very strong, gaming strong.

話雖如此，我還要補充一點，正如我們在分析師/投資者日上提到的，我認為我們每年的情況都大同小異。我們的成長領域往往與企業平均值持平或接近，例如視訊協作和遊戲領域表現非常強勁。

Music improving.

音樂水準提高。

Music improving, but not at the corporate average, and tablets below that. So we've already got a story that I think is on the right track for that.

音樂產業正在進步，但未達到企業平均水平，平板電腦產業則更低。所以我認為，我們已經掌握了一個朝著正確方向發展的故事。

Got you. And also, for the mobile speakers, can you give us a sense of market share in US, Europe, which countries you see the strongest opportunities?

明白了。另外，關於移動音箱，您能否介紹一下在美國和歐洲的市場份額，以及您認為哪些國家最具發展潛力？

And finally, how's the UE ROLL performing? I think it's a great product. Just wanted to hear your take.

最後，UE ROLL 的表現如何？我覺得它是一款很棒的產品。想聽聽你的看法。

I love to hear that. Make sure to tell Paul Coster that. I think it's a great product, too.

聽到這個消息我很高興。一定要轉告保羅·科斯特。我也覺得這產品很棒。

In terms of market share, I'll give you that. The rest of it is a little harder for me to talk about publicly. But in the US, we're somewhere in the 13%, 14% range, so we continue to have nice market share gains over time. In Europe we're a little lower than that. Germany is about somewhere between 10% and 12%, and then you go through the other countries. You've got some extraordinary numbers in some parts of the world, Australia, New Zealand. We've got a very strong position in Switzerland. But we've got great competitors out there.

就市場佔有率而言，我承認。至於其他方面，我不太方便公開談論。但在美國，我們的市佔率大概在13%到14%之間，所以我們一直在穩定成長。在歐洲，我們的市佔率略低一些。德國的市佔率大約在10%到12%之間，其他國家的情況則有所不同。在世界某些地區，例如澳洲和紐西蘭，我們的市佔率非常驚人。我們在瑞士也佔有非常穩固的地位。但我們也面臨強大的競爭對手。

So I don't want to share too much about where we're prioritizing and where we're not. I think we're just trying to do the best we can in every market we're in, and so far it's been quite good.

所以我不想過度透露我們的優先發展方向和優先事項。我認為我們只是盡力在每個市場都做到最好，到目前為止，情況還不錯。

Great. Thanks.

太好了，謝謝。

Thank you.

謝謝。

Youssef Essaegh, Barclays.

Youssef Essaegh，巴克萊銀行。

Hi. Thanks for letting me ask my question. Sorry, I would like to circle back, if possible, on the question of your PC category. You had outstanding results and the PC market hasn't been doing well. So to help us understand a little why that happened, can you maybe just remind us stuff like, for instance, how long things live in your channel, especially now that you move into freight rather than air? So maybe the period of time between when you ship and when PC sales are happening, you see a disconnect of maybe a quarter or something. What have you seen, for instance, so far this quarter? Thank you.

您好。感謝您允許我提問。抱歉，如果可以的話，我想再補充一下關於您PC產品類別的問題。您取得了非常出色的業績，但PC市場整體表現不佳。為了幫助我們更好地了解原因，您能否提供一些信息，例如，產品在您的渠道中停留的時間，尤其是在您現在從空運轉向貨運之後？例如，從發貨到PC銷售之間的時間差，您是否觀察到大約一個季度左右？例如，本季至今，您觀察到的情況如何？謝謝。

I think underneath that question is, is this going into the channel and not making it out to the retail, and it is. Our channel inventories look pretty healthy from what we can see. It's always a little difficult to call that exactly right, but it looks pretty good. On the sellout side, we've seen strong sellout directly to consumers on the PC peripherals categories right now.

我認為這個問題背後的關鍵在於，這些產品是否會進入通路而不是最終到達零售終端，答案是肯定的。就我們目前所見，通路庫存狀況良好。雖然很難完全確定庫存情況，但總體來說情況不錯。在銷售方面，我們看到目前PC週邊品類的直接面向消費者的銷售情況非常強勁。

If I can help with some numbers. So the move to shipment via sea has not really changed anything in terms of selling into the distribution model. It's really between our manufacturer all the way to our own distribution center before you go to the distributor, so it has no impact on the revenue.

我可以提供一些數據。改用海運並沒有真正改變我們的分銷模式。貨物實際上是從我們的製造商一直運送到我們自己的配送中心，然後再送到分銷商手中，所以對收入沒有任何影響。

When you look at the channel, you have one slide that we post on our website, and you can see that the sell in and the sales out, which is really expressed as sell-through, which is the best number we have, are exactly aligned for all three regions. So across the regions we've seen strong growth and equal growth between sales out and sell-in, so no change in our channel overall.

當你查看頻道數據時，你會看到我們網站上發布的一張幻燈片，從中可以看到，三個區域的進貨量和出貨量（實際上是以售罄率來衡量的，這是我們掌握的最佳數據）完全一致。因此，我們看到所有區域的出貨量和進貨量都實現了強勁增長，並且增長勢頭均衡，所以整體通路狀況沒有變化。

With regard to the reason, I think Bracken mentioned it, the great products has helped really offset the current decline in the PC market, and we're definitely not yet forecasting that for the future. We'll realign to the PC industry.

至於原因，我想布雷肯已經提到過了，優秀的產品確實有效地抵消了目前PC市場的下滑，而且我們目前絕對沒有預測這種情況會持續下去。我們會重新調整業務重心，回歸PC產業。

Okey-dokey. And how is that moving to your forecast for the margin? So you started the year with a very strong margin, and you still -- for the reasons you explained about the time the parts got into your inventory, so at the moment you've got them at a better price, but how low do you expect it to go through the year?

好的。那麼，你對利潤率的預測如何？年初你們的利潤率非常高，而且由於你剛才解釋的零件入庫時間的原因，目前你們的進貨價格比較優惠，但你預計今年利潤率會降到多低？

No, that's a fair question. So really, the full year, we've guided 35% to 35.5% in terms of gross margin. Q1 is way too early to start changing that. We still have a big operational plan in front of us. Full impact from currency will hit in Q2. We will also have a better estimate and read of the impact of pricing increases in Q2 versus the very material impact in Q1.

沒錯，這個問題問得好。所以，全年毛利率預期我們定在35%到35.5%之間。現在就根據第一季的數據調整預期還為時過早。我們還有龐大的營運計畫需要落實。匯率的全面影響將在第二季顯現。此外，與第一季已經非常顯著的影響相比，我們在第二季也能更準確地評估和判斷價格上漲的影響。

Those are two big levers, if you want, before we can really conclude that the margin has upside for the year. So we'll stay conservative and really focus on our operational plan, the way we laid it out in March, and see what happens.

如果要說有什麼關鍵因素，那就是在真正得出利潤率今年有上升空間的結論之前，還有兩大關鍵因素需要考慮。所以我們會保持保守，專注於三月制定的營運計劃，看看情況如何發展。

So the bottom is basically this quarter, and then from there you're going to start to work out the price increases, etc., back towards a high level, isn't it?

所以，底部基本上就在本季度，然後從那裡開始，你要計算價格上漲等等，最終回到高位，對吧？

Yes. So we're going to be able to read the impact of our price increase we deployed in Q1.

是的。所以我們將能夠看到我們在第一季實施的價格上漲措施的影響。

Correct.

正確的。

All right. Thank you.

好的，謝謝。

Thank you.

謝謝。

Andreas Mueller, ZKB.

Andreas Mueller，ZKB。

Hello. Thanks for taking my question. I've got a question on the cash conversion cycle. You guided long term for below 30 days. Is that still a valid figure?

您好。感謝您回答我的問題。我有一個關於現金週轉週期的問題。您之前建議長期現金週轉週期應低於30天。這個數字現在還適用嗎？

Hey, Andreas. This is Vincent. So last year, same period, we were down below 30 days. All things being equal, we said we would be around 25 to 30 days. Then in April we announced some more strategic actions to offset the impact of currency, such as moving more to sea logistics. We would put some more safety stock in some distribution centers.

嗨，安德烈亞斯。我是文森。去年同期，我們的周轉天數低於30天。我們當時預計，如果一切順利，週轉天數會控制在25到30天左右。然後在四月份，我們宣布了一些策略性舉措來抵消匯率波動的影響，例如更多地轉向海運物流。我們也會在一些配送中心增加一些安全庫存。

To date, you have to estimate what a midterm -- not a long term, but a midterm cash conversion cycle. I would run more 30 to 35 days versus 25 to 30. But once we've made those strategic decisions, then on the long term we'll continue to improve that model and get better in that model and be able to continue to reduce our working capital. So, long term maybe I wouldn't change. Midterm, I would move from 30 to 35 days.

目前，你需要估算的是中期現金週轉週期──不是長期，而是中期現金週轉週期。我傾向於將週期延長至30到35天，而不是25到30天。但一旦我們做出這些策略決策，從長遠來看，我們將繼續改進這個模型，使其更加完善，並能夠繼續降低我們的營運資本。所以，從長遠來看，我可能不會改變。但從中期來看，我會將週期從30天延長至35天。

Okay. Then, on Lifesize, what was the revenue share of the legacy systems in this quarter?

好的。那麼，就 Lifesize 而言，本季傳統系統的營收份額是多少？

And also, could you elaborate a bit on the strategic alternatives beyond the sale of the business? What do you have there in mind?

另外，除了出售公司之外，您能否詳細談談其他策略選擇？您有什麼想法？

Yes. So at a very high level -- we can go more into one-on-one discussion during the call. But at a very high level, the business is separated between the legacy infrastructure, the in-room hardware and the proprietary hardware for your network, versus the cloud that we launched about a year ago, and that's really more cloud-based solutions with an icon in the room.

是的。所以，從宏觀層面來說——我們可以在通話中進行更深入的討論。但從宏觀層面來看，業務分為兩部分：傳統基礎設施，包括機房內的硬體和您網路使用的專有硬體；以及我們大約一年前推出的雲端服務，它實際上是基於雲端的解決方案，只是在機房裡保留了圖標。

We've seen strong decline of our infrastructure revenue, as we announced. Actually, our refocus on the cloud, over the first 12 months the cloud launch has been very successful. We have very strong customer subscription and usage of the seeds, so we're pretty optimistic on that cloud asset, if you want. And I will leave it at what we said, which is we're exploring all strategic options. I'll let you speculate. But as soon as we know more, we'll let you know. Our objective here is to maximize the value for our shareholders.

正如我們之前宣布的，我們的基礎設施收入大幅下滑。事實上，在過去12個月裡，我們重新聚焦在雲端運算業務，並取得了非常成功的雲端服務上線。我們擁有非常強勁的客戶訂閱量和種子用戶的使用率，因此我們對這項雲端資產相當樂觀。我在此重申我們先前的說法，即我們正在探索所有戰略選擇。就讓大家自行猜測吧。一旦有更多信息，我們會立即通知大家。我們的目標是為股東創造最大價值。

Okay. Thank you.

好的，謝謝。

Thank you.

謝謝。

Felix Remmers, Credit Suisse.

瑞士信貸的菲利克斯·雷默斯。

Yes. Hi, everyone. Three questions from my side. On the EMEA region, I was wondering how big is your exposure to Russia and Ukraine, and when will that headwind level off in terms of base?

是的，大家好。我有三個問題。關於歐洲、中東和非洲地區，我想了解你們在俄羅斯和烏克蘭的業務佔比有多大，以及這種不利因素何時才能緩解？

The second question will be on PC gaming. The weakness you were talking about in the Americas region on the mice, what is your initial assessment here? What was the reason? Is it really just seasonal or anything?

第二個問題是關於PC遊戲的。您之前提到美洲地區滑鼠表現較弱，您對此的初步評估是什麼？原因是什麼？這真的只是季節性因素造成的嗎？

And the last question would be on the seeds we were talking about the last couple of quarters you're working on. During the quarter, did you kill any of these projects, or is there a high chance that we can see new products coming out of the seeds for the holiday season? I would appreciate an update here.

最後一個問題是關於您過去幾個季度一直在研發的那些種子專案。在這個季度裡，您是否取消了任何專案？或者我們很有可能在假期季節看到這些種子項目推出新產品？希望能得到一些最新進展。

Okay. I'll try to answer generally the rest of them, while Vincent's getting an exact number. Russia/Ukraine, it's relatively limited, about 15% of our total EMEA market, and that real big drop in Russia/Ukraine started Q3, Q4. So I think you'll hit some base periods that are relatively low here before too long, we hope.

好的。我會盡量概括地回答其他問題，同時Vincent會去取得確切的數字。俄羅斯/烏克蘭市場相對有限，大約只占我們整個歐洲、中東和非洲市場的15%，而俄羅斯/烏克蘭市場的大幅下滑是從第三季和第四季開始的。所以我認為，我們希望不久之後，這裡的市場基數就會降到相對較低的水平。

On the PC gaming side, the question about mouse weakness, what's our theory on that, it's a little hard to say. This is a small enough market still that I think you do have these jumps and wobbles based on promoted activity and new product launches, etc. We did launch a lot of activity. In the last 18 months we've launched a lot of new mice, and so I don't think we need more mice right now to be competitive. We've got great products. We probably helped drive that market to some extent, so I think for the next -- right now, I think that's probably the best answer I can give you.

關於PC遊戲方面，滑鼠效能不足的問題，我們對此有何看法？這很難說。這個市場目前還比較小，所以市場波動很大，這主要是受推廣活動和新產品發表等因素的影響。我們確實進行了許多推廣活動。在過去的18個月裡，我們推出了許多新款滑鼠，所以我覺得現在我們不需要再推出更多滑鼠產品來保持競爭力。我們已經擁有非常優秀的產品。我們可能在某種程度上推動了這個市場的發展，所以我覺得就目前而言，這大概是我能給的最佳答案了。

I think as we go into Q3 and Q4, we've got enough new product activity across the board that I feel very good about robust growth in the back half, as we said at the opening.

我認為，隨著我們進入第三季度和第四季度，我們在各個方面都有足夠的新產品活動，所以我對下半年的強勁增長感到非常樂觀，正如我們在開篇所說的那樣。

And finally, on seeds, I don't have a report out to give you, except to say I continue to be really excited about what we're working on. And when we're ready to launch something, I promise you, you'll be one of the first to know.

最後，關於種子項目，我目前還沒有具體的報告可以分享，但我可以肯定地說，我對我們正在進行的工作仍然感到非常興奮。一旦我們準備好推出新產品，我保證，你們將是第一批知道的人。

Okay. Thanks.

好的，謝謝。

Okay. Thanks.

好的，謝謝。

(Operator Instructions). Joern Iffert, UBS.

（操作說明）。 Joern Iffert，瑞銀集團。

Thanks for taking my questions. Hello, gentlemen. If I may quickly follow up or try to follow up on the seed investment question of my colleague, if you don't want to share what is coming up near term, I understand this, but maybe in your medium-term vision, in your five years' budget, can you maybe help us? What percentage of revenues should come from the seed investments? Is it 10%, is it 20%, just that we get a better feeling for the product churn over the next couple of years?

感謝您回答我的問題。您好，先生們。如果可以的話，我想就我同事提出的種子投資問題再補充一點。如果您不想透露近期計劃，我完全理解，但或許在您的中期規劃，也就是五年預算中，您能否幫我們解答一下？種子投資應該佔總收入的多少比例？是10%還是20%？我們只是想更了解未來幾年的產品流失率。

And the last question would be in terms of momentum. Sorry if this was already answered. I was kicked out of the call. And can you confirm that momentum is similar to Q1 when you're running into Q2 for the Group? Thanks.

最後一個問題是關於市場動能的。如果這個問題之前已經有人問過，我很抱歉。我被踢出了電話會議。您能否確認一下，當集團進入第二季時，市場動能是否與第一季類似？謝謝。

Hey, Joern. This is Vincent. Let me take the seed, about the long-term five-year budget model, while I'm working actually on this year's budget. But look, when we talk about the model, we've been very clear, right? We believe we can return Logitech, Logitech retail, that is, into high single-digit growth and long-term model 10% operating bottom line without really counting on the seeds. And we don't want to put in our model revenue targets for our seeds.

嗨，Joern。我是Vincent。我先來談談關於五年長期預算模型的種子計劃，因為我目前正在製定今年的預算。但是，當我們之前談到這個模型時，已經說得很清楚了，對吧？我們相信，即使不依賴種子計劃，我們也能讓羅技（也就是羅技零售業務）恢復到接近兩位數的成長，並實現長期10%的營運利潤率。而且，我們也不打算把種子計畫的收入目標納入我們的模型。

Now, we do have operational targets, which is product development milestones, understanding of the customer insight, and then of course a successful launch. But we're managing it much more as product bets and trying to understand market opportunities, versus really worrying about a P&L for those seeds in the short term or midterm.

現在，我們確實有一些營運目標，包括產品開發里程碑、對客戶洞察的理解，當然還有成功上市。但我們更多是將其視為產品投資，努力了解市場機會，而不是真正擔心這些種子項目在短期或中期內的損益。

Well said. I don't have anything to add on that one. On the momentum question, I think your question really is, as we finish the quarter going into -- last quarter, going into this quarter, how does the momentum look. It's early to say. We don't usually give any glimpse of that in this call, because it's just the nature of the beast we're in, I'd say. I don't have any visibility that would say our momentum changed dramatically in one direction or another, but I gave you my personal insight.

說得好。我沒什麼要補充的。關於成長勢頭的問題，我認為你真正的問題是，隨著上個季度結束，進入本季度，成長勢頭如何？現在下結論還為時過早。我們通常不會在電話會議上透露這方面的訊息，因為這就是我們所處環境的固有特性。我目前沒有任何跡象表明我們的成長勢頭發生了顯著變化，但我已向你分享了我的個人看法。

I think the PC peripherals business, we had a great quarter. We're not going to count on that for the year. We're going to count on delivering our commitment, and we believe we will do that.

我認為PC週邊業務本季表現出色。但我們不會把全年的業績寄託於此。我們將依靠履行我們的承諾，而且我們相信我們能夠做到。

All right. Thanks very much.

好的，非常感謝。

Thank you.

謝謝。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Yes. Good afternoon. Just two questions from my side. Just to be clear, on the branding strategy, in gaming, are you intending to keep the branding unchanged, or will there be changes, as well?

是的，下午好。我有兩個問題。首先，關於品牌策略，在遊戲領域，你們打算保持品牌不變，還是也會做出一些改變？

And then the second question is on the financial side. On top of the restructuring costs, you also had some $4m of other one-off items that I couldn't relate to. Can you please specify what was that for? Thank you.

第二個問題是關於財務方面的。除了重組費用之外，您還有大約400萬美元的其他一次性支出，我不太清楚具體用途。請問這筆錢是做什麼用的？謝謝。

Okay. Vincent will come back and get that one. I'll take the branding question. Our game plan is if it's a PC product it'll stay Logitech, and if it's not a PC product it'll go to Logi over time or UE if it's in the mobile speakers. Since most of our gaming products today are predominantly PC related, they'll be Logitech. We'll reserve the right to keep re-looking at that, because we hope that over the next several years we build a very strong Logi brand, but I think that's the answer for now.

好的。 Vincent會回來回答這個問題。我來回答品牌方面的問題。我們的計畫是，如果是PC產品，就繼續用Logitech；如果不是PC產品，以後會用Logi，如果是行動音箱產品，就用UE。因為我們目前的遊戲產品大多與PC相關，所以它們會用Logitech。我們會保留隨時重新評估的權利，因為我們希望在未來幾年內打造一個非常強大的Logi品牌，但我認為目前這就是答案。

Do you want to answer the other one, Vincent?

文森特，你想回答另一個問題嗎？

Yes. So the $4m excluded from our non-GAAP are related to the accounting investigations from last year, which we closed last November, and which items are described in our Form 10-K of 2015. This quarter, we proposed to the SEC to settle the case for $7.5m, and the $4m is to bring the accrual to that level on our balance sheet.

是的。因此，從非GAAP財務報表中剔除的400萬美元與去年的會計調查有關，該調查已於去年11月結束，具體項目已在2015年的10-K表格中列明。本季度，我們向美國證券交易委員會（SEC）提議以750萬美元達成和解，而這400萬美元是為了使我們資產負債表上的應計項目達到該水準。

The SEC is now reviewing and going through their review and approval process. I do not want to speak of it on the output. There is no guarantee that that will be the final amount, but that's where we stand at this point in time. There is more explanations in our slides posted on our website.

美國證券交易委員會（SEC）目前正在進行審查和批准程序。我不想就最終結果發表評論。最終金額尚無法保證，但這就是我們目前的進展。更多詳情請參閱我們網站上發布的幻燈片。

Okay. Thank you.

好的，謝謝。

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

看來沒有其他問題了。現在，我將會議交還給達雷爾先生，請他作總結發言。

Okay. I'll be very quick. We feel good about the finish of the first quarter, optimistic about the year, and feel very good about the strategy we've pursued. Thanks a lot, and we'll look forward to talking to you guys in Q2 or after Q2.

好的，我就長話短說。我們對第一季的收尾工作感到滿意，對全年前景充滿信心，也對我們採取的策略感到非常滿意。非常感謝，我們期待在第二季或之後與大家再次交流。

Thank you.

謝謝。

Bye-bye.

再見。

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

今天的會議到此結束。各位現在可以斷開連接了。謝謝。