羅技 (LOGI) 2016 Q2 法說會逐字稿

Good day, and welcome to the Logitech second 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.

各位來賓，歡迎參加羅技第二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。

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

我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 second quarter, ended September 30th, 2015.

歡迎參加羅技公司關於截至 2015 年 9 月 30 日的第二季財務表現的電話會議。

Our press release, our prepared remarks and slides, as well as a live webcast of this call are available online at Logitech.com.

我們的新聞稿、準備好的演講稿和幻燈片，以及本次電話會議的現場網路直播，都可以在 Logitech.com 上線上取得。

As noted in our press release, we published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments today, and will not be read on this call.

正如我們在新聞稿中所述，我們已提前在網站上發布了準備好的發言稿。這些發言稿旨在取代今天冗長的正式發言，因此不會在本次電話會議上宣讀。

During the course of this call, we may make forward-looking statements, including forward-looking statements with respect to future operating results that are being made under the Safe Harbor of the Securities Litigation Reform Act of 1995.

在本次電話會議期間，我們可能會做出前瞻性聲明，包括根據 1995 年證券訴訟改革法案安全港條款作出的有關未來經營業績的前瞻性聲明。

These statements involve risks and uncertainties that could cause actual results to differ materially from the 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 June 5th, 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 second quarter financial results for fiscal 2016.

這些聲明涉及風險和不確定性，可能導致實際結果與聲明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2015年6月5日提交的10-K表格年度報告及其後續文件中所述的因素（這些文件可在美國證券交易委員會EDGAR數據庫在線查閱），以及羅技公司發布2016財年第二季度財務業績的新聞稿和準備好的手稿的最後幾段中發言的因素。

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.

請注意，今天的電話會議將包含根據美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 編制的財務報告。提供非美國通用會計準則報告旨在幫助您更好地了解我們的業務，但非美國通用會計準則財務結果不應被孤立地看待，也不應被視為替代或優於美國通用會計準則財務結果。

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

非公認會計準則指標有固有的局限性，只能與羅技依照公認會計準則編製的合併財務報表一起使用。

Our press release includes a table detailing the non-GAAP measures, together with the corresponding GAAP numbers, and a reconciliation to GAAP. This information is also posted on our Investor Relations website.

我們的新聞稿包含一個表格，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。

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.

本次電話會議的投影片包含GAAP和非GAAP財務指標，也可在我們的投資人關係網站上查閱。我們建議聽眾仔細閱讀這些資料。

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

本次通話正在錄音，錄音將在羅技網站上提供回放。

Unless noted otherwise, comparisons between periods are year over year, and in constant currency.

除非另有說明，各期間之間的比較均按年計算，並以不變貨幣為單位。

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

今天到場的嘉賓有總裁兼執行長布雷肯·達雷爾和財務長文森·皮萊特。

I'll now turn the call over to Bracken.

現在我將把電話交給布雷肯。

Thanks, Joe, and thanks all of you for joining us. Our Q2 results demonstrate that our innovation engine and commitment to design are delivering, with power.

謝謝喬，也謝謝各位的參與。我們第二季的業績表明，我們的創新引擎和對設計的投入正在發揮強大的作用。

Our momentum is strong, with Q2 retail sales growth of 12%, our best growth since 2010. Our sales growth was not just exciting, but it was broad based.

我們的發展勢頭強勁，第二季零售額成長12%，這是自2010年以來最好的成長。我們的銷售成長不僅令人振奮，而且基礎廣泛。

We continued to see strong growth across all regions. Asia-Pacific grew 26%, the best in nearly four years, albeit on a low compare from last year. Americas grew 9%, and EMEA was up by 7%, the strongest in over three years, and up by 12% excluding the economically challenged markets in Russia and Ukraine.

所有地區均持續保持強勁成長。亞太地區成長26%，創近四年來最佳表現，儘管去年同期基數較低。美洲地區成長9%，歐洲、中東和非洲地區成長7%，創三年多來最高水準；若剔除經濟情勢嚴峻的俄羅斯和烏克蘭市場，則成長12%。

And we grew market share in virtually all of our categories, and we're entering new ones. Our overall growth category was up by 45% this quarter, as mobile speakers, video collaboration, and gaming each grew more than 50%.

我們在幾乎所有品類中都實現了市佔率成長，並且正在進入新的品類。本季度，我們的整體成長品類成長了45%，其中行動音箱、視訊協作和遊戲三個品類的成長均超過50%。

Mobile speakers grew 78% and reached a record high sales for a single quarter. Given-- exciting, given our annual peak quarter is still ahead of us. This continues to be a great category for us, as music streaming service adoption grows rapidly.

行動音箱銷量成長了78%，創下單季銷量新高。考慮到我們全年銷售高峰季度尚未到來，這無疑令人振奮。隨著音樂串流服務的快速普及，行動音箱仍然是我們非常重要的一個品類。

With increasingly unlimited amounts of music on your mobile device, if it's a social music experience you want, listening with your friends, then you need a Bluetooth speaker. If you want your music to go anywhere, or you want it at home and on the go, you probably want one of ours. This explosion of music streaming is still at an early stage, and the opportunity ahead of us is big.

隨著行動裝置上音樂數量的日益增長，如果你想要與朋友一起享受社交音樂體驗，那麼你需要一個藍牙音箱。如果你想隨時隨地聆聽音樂，無論是在家還是外出，你都可能需要我們的產品。音樂串流媒體的蓬勃發展仍處於早期階段，我們面前的機會巨大。

Video collaboration grew 55%, another powerful quarter. If the big driver of the Bluetooth speaker category is cloud-based music services, the driver of growth in video collaboration is cloud-based video conferencing services. Cloud-based video conferencing is growing fast, and we're uniquely positioned to take advantage of that growth.

視訊協作業務成長了55%，又是一個強勁的季度。如果說藍牙音箱品類成長的主要驅動力是雲端音樂服務，那麼視訊協作業務成長的主要驅動力就是雲端視訊會議服務。雲端視訊會議服務發展迅猛，而我們擁有得天獨厚的優勢，能夠充分利用這一成長機會。

Small and medium-sized businesses need the video and audio equipment to convert huddle rooms, small conference rooms, and more into video conference rooms, and that's the role our video collaboration plays, as our conference cams are designed to be compatible with all cloud-based services out there. We're still just scratching the surface of the potential of this new market.

中小企業需要視訊和音訊設備，將小型會議室、洽談室等空間改造成視訊會議室，而這正是我們視訊協作解決方案的作用所在，因為我們的會議攝影機設計相容於所有雲端服務。我們目前對這個新興市場的潛力還只是略知皮毛。

Gaming grew 54% in Q2. Our gaming growth was broad-based, too, with PC gaming sales up by 24%. PC gaming growth is a secular trend, and we have the best-in-class capability to equip gamers with mice, keyboards, headsets, and more.

第二季遊戲業務成長了54%。我們的遊戲業務成長也十分全面，其中PC遊戲銷售額成長了24%。 PC遊戲業務的成長是一個長期趨勢，我們擁有業界領先的能力，可以為遊戲玩家提供滑鼠、鍵盤、耳機等設備。

Our wheel sales more than doubled thanks to the recently introduced new wheels for Xbox, PS-4, and the PC.

由於最近推出了適用於 Xbox、PS4 和 PC 的新方向盤，我們的方向盤銷售量翻了一番還多。

The tablet and other accessories category continued to be weak, consistent with the decline of the tablet market that drives it. During the quarter, we announced some really exciting news, the creation of the first-ever third-party keyboard for the not-yet-launched iPad Pro. We created it working closely behind the scenes with Apple.

平板電腦及其他配件類別持續疲軟，與支撐該品類的平板電腦市場整體下滑趨勢一致。本季度，我們發布了一項令人振奮的消息：我們為尚未發布的 iPad Pro 打造了首款第三方鍵盤。這款鍵盤是我們與蘋果密切合作開發的。

Our CREATE keyboard will be the first third-party product compatible with the iPad Pro Smart connector. You can expect to see CREATE on shelf at the same time that the iPad Pro becomes available.

我們的 CREATE 鍵盤將是首款相容於 iPad Pro 智慧連接器的第三方產品。預計 CREATE 鍵盤將與 iPad Pro 同步上市。

Once again, our profit maximization category performed well. We delivered low-single-digit growth in pointing devices and keyboards and combos. We demonstrated continued leadership as we gained share across our profit maximization category.

我們的利潤最大化品類再次表現優異。指點設備和鍵盤及組合產品實現了個位數低成長。我們在整個利潤最大化品類中不斷擴大市場份額，展現了持續的領先地位。

Our success here is driven by innovation. Though we've shifted R&D spending dramatically toward growth categories, we've improved our innovation program in all categories, including PC peripherals through great technology and better design.

我們的成功源自於創新。雖然我們已大幅調整研發投入，將資金轉向成長型領域，但我們透過卓越的技術和更優的設計，改進了所有領域的創新項目，包括個人電腦週邊。

Now Vincent will go through more details on our performance.

現在文森特將詳細介紹我們的演出情況。

Thank you, Bracken. Our performance through the first half positioned us very well to deliver on our full-year outlook. We are delivering better-than-expected results and showing an exciting level of consistency.

謝謝你，布雷肯。上半年的出色表現讓我們在實現全年目標方面佔據了非常有利的地位。我們取得了超乎預期的業績，並展現出了令人振奮的穩定性。

Our retail business grew double digits in constant currency, and all three regions grew for the third straight quarter, showing very good momentum. Innovative, well-designed products are a key driver of these results, as Bracken mentioned, but operational excellence is also a key part of our growth strategy.

以固定匯率計算，我們的零售業務實現了兩大成長，三大區域業務連續第三個季度實現成長，展現出強勁的成長勢頭。正如布雷肯所言，創新且設計精良的產品是推動業績成長的關鍵因素，而卓越的營運也是我們成長策略的重要組成部分。

Cost savings are helping partially offset the impact from the stronger US dollar on our gross margin. We lowered our non-GAAP operating expenses compared to the prior year, as we continued to take actions to reduce our infrastructure functions, while freeing up capacity for investment in the business.

成本節約有助於部分抵銷美元走強對毛利率的影響。與前一年相比，我們的非GAAP營運費用有所下降，這得益於我們持續採取措施精簡基礎設施職能，從而釋放資源用於業務投資。

Said another way, we are cutting costs in the right places, and investing back into growth.

換句話說，我們正在正確的地方削減成本，並將資金重新投入成長。

Let me comment on a few numbers. I will start with gross margin, which was down by 420 basis points. While the decrease is primarily due to the dramatic increase of the US dollar compared to 12 months ago, about 100 basis points of the decline is the result of artificially high gross margins in the prior year, as we left our books open due to last year's delayed filings.

讓我解釋一下幾個數據。首先是毛利率，下降了420個基點。雖然毛利率下降的主要原因是美元匯率較12個月前大幅上漲，但其中約100個基點的下降是由於上一年毛利率人為偏高造成的，因為去年的財務報表提交延遲，導致我們賬目未結清。

We offset some of the overall decline through our product and manufacturing cost reductions. For example, we renegotiated lower resin prices for plastics used in pointing devices. We increased our volume discounts for batteries and metals, for our mobile speakers, and we implemented enhanced Lean manufacturing processes, reducing our overhead costs.

我們透過降低產品和製造成本來抵消部分整體下滑。例如，我們重新談判降低了用於指點設備的塑膠樹脂價格。我們提高了電池和金屬（用於行動揚聲器）的批量折扣，並實施了更完善的精益生產流程，從而降低了管理費用。

In addition to benefiting from our cost saving initiatives, we have also started to see the benefits of the price increases we implemented in Q1.

除了受益於我們的成本節約措施外，我們也開始看到我們在第一季實施的價格上漲帶來的好處。

As a result of these actions, we expect to deliver gross margins for full fiscal 2016 at the long-term target level of about 35%.

由於採取了這些措施，我們預計 2016 財年全年毛利率將達到約 35% 的長期目標水準。

Our focus on costs extend beyond products costs to operating expense, of course, and to infrastructure costs, in particular. We reduced our infrastructure costs 10% year over year to drop overall operating expenses by 3%, and then invested back two-thirds of that into R&D to drive long-term growth. R&D was up 7% in Q2 and up 8% for the first half.

我們對成本的關注不僅限於產品成本，當然也包括營運費用，尤其是基礎設施成本。我們比去年同期降低了10%的基礎設施成本，從而使整體營運費用下降了3%，並將其中三分之二的資金重新投入研發，以推動長期成長。第二季研發投入成長了7%，上半年成長了8%。

Let me give you an update on Lifesize. We are pleased with the adoption rate and sales growth of its cloud-based offerings. At the same time, we are shrinking the Lifesize legacy business as planned.

讓我向您報告Lifesize的最新情況。我們對Lifesize雲端產品的採用率和銷售成長感到滿意。同時，我們正在按計劃縮減Lifesize的傳統業務。

To enable Lifesize to focus exclusively on its cloud-based portfolio, we have implemented the remaining steps in our restructuring plan, which resulted in a restructuring charge of approximately $5 million in the quarter.

為了使 Lifesize 能夠專注於其基於雲端的產品組合，我們實施了重組計劃中的剩餘步驟，這導致本季度產生了約 500 萬美元的重組費用。

Also, as part of this restructuring, we are in the process of implementing a structural separation of Lifesize from the rest of Logitech. So, Lifesize is managing its business with an independent balance sheet and income statement moving forward, just like a stand-alone company, and that will maximize our flexibility ahead.

此外，作為重組的一部分，我們正在將Lifesize從羅技集團的其他業務中分離出來。因此，Lifesize今後將像一家獨立公司一樣，擁有獨立的資產負債表和損益表來管理其業務，這將最大限度地提高我們未來的靈活性。

Our cash flow from operations was $11 million in Q2. Our cash conversion cycle was 39 days, unchanged from Q1.

第二季度，我們的經營活動現金流為1,100萬美元。現金週轉週期為39天，與第一季持平。

Consistent with the strategy that we shared last quarter, our inventory levels reflect several strategic actions. The first relates to new product inventories. We have a particularly strong product portfolio for the holidays, and we wanted to ensure that we have sufficient inventory available for the peak holiday season.

與上季公佈的策略一致，我們的庫存水準體現了多項策略舉措。首先是新產品庫存。我們擁有強大的假日產品組合，因此我們希望確保在假日銷售旺季擁有充足的庫存。

The second factor in our higher inventory is executing the operational strategies that we shared with you last quarter to reduce costs.

庫存增加的第二個因素是執行了我們上個季度與大家分享的降低成本的營運策略。

How does high inventory reduce spending? Well, by shipping via sea, rather than air, we carry more inventory, but we have lower logistic costs generating a strong ROI.

高庫存如何降低支出？嗯，透過海運而不是空運，我們雖然持有更多庫存，但物流成本更低，從而產生了很高的投資回報率。

The third factor is that we're manufacturing more at our own factory than last year as we build more strategic products in house. This keeps our manufacturing processes and launch information more private, and enables us to tackle more challenging and innovative products that can create longer-term sustainable advantage.

第三個因素是，由於我們自主研發了更多策略性產品，今年我們在自有工廠的產量比去年增加。這不僅能更好地保護我們的生產流程和產品發布資訊的隱私，還能讓我們專注於更具挑戰性和創新性的產品，從而創造更長期的可持續競爭優勢。

Looking at our inventory balance going forward, we expect that the incremental inventory for the holidays will decline through the remainder of the year. Our overall inventory balance will decrease in the second half, but remain up, year over year due to the strategic actions I mentioned.

展望未來，我們預計假期期間的新增庫存將在今年剩餘時間內下降。由於我之前提到的策略性舉措，我們的整體庫存餘額在下半年將有所減少，但仍將保持同比增長。

Our cash generation continues to be the foundation of our capital allocation strategy. We are focused on investing in the business, and small acquisitions as a priority. Annual dividends and opportunistic share buybacks are also a priority, but secondary to sustained growth investment.

現金流的持續成長仍然是我們資本配置策略的基石。我們專注於業務投資，並將小型收購列為優先事項。年度分紅和擇機回購股票也是我們的優先事項，但應讓位給持續成長的投資。

Consistent with this strategy, in Q2 we paid an $86 million annual dividend, and invested $40 million in opportunistic share repurchases. We have $200 million remaining on our current share repurchase program.

根據這項策略，我們在第二季派發了8,600萬美元的年度股息，並投資4,000萬美元進行擇機股票回購。我們目前的股票回購計畫還剩2億美元。

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。

Thanks, Vincent. I'm excited about our momentum. We're transforming Logitech back into a growth company. We've entered the holiday season with the strongest-ever product portfolio. Our portfolio is increasingly well aligned with the shift to a mobility and Internet is everywhere world. We're gaining share in nearly all of our categories.

謝謝，文森特。我對我們目前的勢頭感到非常興奮。我們正在將羅技重新打造為成長型公司。我們以史上最強大的產品組合進入了假期季節。我們的產品組合與行動化和網路無所不在的世界趨勢越來越契合。我們在幾乎所有產品類別中都獲得了市場份額的成長。

Our first half performance demonstrates that our strategy is working. We moved R&D resources out of the PC peripheral space, and into growth categories. We have a model in place that can deliver growth in a variety of market conditions, and we'll keep adding new growth engines over time.

上半年的業績顯示我們的策略行之有效。我們將研發資源從個人電腦週邊領域轉移到了其他成長領域。我們已建立起一套能夠在各種市場環境下實現成長的模式，並且我們將持續拓展新的成長引擎。

We grew our retail top line double digits in the first half, even as the PC and table markets declined. That highlights the transformation of our portfolio and the power of our innovations that can enable us to grow strongly across a range of market scenarios.

儘管個人電腦和平板電腦市場下滑，但我們上半年的零售收入仍實現了兩位數成長。這凸顯了我們產品組合的轉型以及創新能力的強大，使我們能夠在各種市場環境下保持強勁成長。

One key element of our business model is to develop new categories in the increasingly connected consumer tech world, projects we call seeds. We've done it with Bluetooth speakers. We've done it with video collaboration. We've done it with tablet accessories. And in each case, we've gone from zero share to become the leader or a leader.

我們商業模式的關鍵要素之一是在日益互聯的消費科技領域開發新的產品類別，我們稱之為「種子計畫」。我們已經成功開發了藍牙音箱、視訊協作和平板電腦配件等產品。而且，在每個案例中，我們都從零市場份額發展成為行業領導者或領導者。

I'm enthusiastic about the newest seed that we're bringing to market, the Circle portable home connection camera. This amazingly easy setup and use in-home camera -- and I encourage all of you to buy one -- makes your phone a portal into your home, giving you the same security features you expect from an in-home camera, but with software that enables you to feel almost as if you're at home with your family, wherever you are.

我非常興奮地向大家介紹我們即將推向市場的最新產品——Circle便攜式家庭連接攝影機。這款家用相機設定和使用都極為簡便，我強烈推薦大家購買。它能讓您的手機成為通往家中的門戶，提供您期望從家用攝影機獲得的所有安全功能，同時其軟體還能讓您無論身在何處，都能感受到與家人在一起的溫馨氛圍。

While this is a new market for us, and it'll take time to build, we bring a strong combination of hardware and software engineering expertise, and deep consumer insights to this party.

雖然這對我們來說是一個全新的市場，需要時間來發展，但我們擁有強大的硬體和軟體工程專業知識，以及對消費者的深刻洞察，能夠為這個市場帶來強大的實力。

That brings me to our outlook. We started the year targeting fiscal year '16 non-GAAP operating income of $150 million and constant currency retail sales growth of 7%.

這就引出了我們的展望。年初我們設定的目標是2016財年非GAAP營業收入達到1.5億美元，以固定匯率計算的零售銷售額成長7%。

I don't intend to revisit our annual targets often, and I won't today. But I will say we have strong momentum coming out of the first half of the year into our biggest quarter. I'm very excited about our progress. We have nearly completed our exit from OEM, and we've taken further actions to restructure and repair Lifesize for the new world.

我並不打算經常回顧我們的年度目標，今天也不會。但我必須說，上半年我們勢頭強勁，即將迎來最重要的季度。我對我們所取得的進展感到非常興奮。我們已基本完成退出OEM業務，並採取了進一步措施，重組和改進Lifesize，以適應新的市場環境。

We're laser focused on strong, sustainable growth over the long term, and we have a strong portfolio of product categories, including new ones that we can grow into. In other words, we've just started to become the growth business we can be.

我們專注於實現長期強勁、可持續的成長，並擁有強大的產品組合，包括我們可以擴展的新興領域。換句話說，我們才剛開始成為一家能夠實現高速成長的企業。

And with that, Vincent and I are available now to take your questions. Please follow the operator's instruction.

現在，我和文森可以回答您的問題了。請聽從接線生的指示。

(Operator Instructions). Your first question comes from the line of Alexander Peterc from Exane. Your line is now open.

（操作員說明）您的第一個問題來自Exane的Alexander Peterc的線路。您的線路現已開通。

Yes, hi, and thanks for taking my question. I have a few, actually, a few lined up, thank you.

是的，你好，謝謝你回答我的問題。實際上，我還有幾個問題，謝謝。

The first one is on guidance, which now looks very conservative. You say you don't want to change it too often, which I understand, but it looks like you're going to hit 7% like-for-like growth for the full year by achieving just shy of 4% in fiscal Q3 and Q4. So, that's a big slowdown from what you just reported, and comps don't appear to me to be that more challenging in the second half of your fiscal year.

首先是關於業績指引，現在看來非常保守。您說不想頻繁調整指引，我理解，但看起來您全年同店銷售額成長目標要達到7%是因為第三財季和第四財季的成長率都略低於4%。所以，這比您剛剛公佈的數據大幅放緩，而且在我看來，下半年的同店銷售額成長挑戰似乎並沒有那麼大。

Could you just clarify what justifies this caution? Or you just prefer to err on the side of something a bit more conservative? And the same goes, probably, for your non-GAAP EBIT guidance.

您能否解釋一下這種謹慎態度的理由？或者您只是傾向於採取更保守的做法？對於非GAAP EBIT預期，可能也是如此。

And the on categories, one, on speakers. How is the Roll doing? Is that delivering as you expected? And is the re-acceleration down to the placing of your new product releases? I understand they're always a bit delayed. Is that the cause here?

還有關於產品類別，第一點是關於揚聲器。 Roll 的表現如何？是否達到了您的預期？銷售回升是否與新產品發佈時間有關？我了解到新產品發布總是會有些延遲。這是原因嗎？

And on the iPad keyboard, do you expect the Pro to make a significant change in the category and really change the ASPs, as well, and drive this category back into growth?

那麼，對於 iPad 鍵盤，您是否認為 Pro 會為這個品類帶來重大改變，真正改變平均售價，並推動這個品類重回成長軌道？

And I was just wondering, you know, a bit more provocative, you can't really predict when your tablet accessory and other will be back in growth? Would you move it to profit max, perhaps?

我只是想問一個更尖銳的問題，你真的無法預測你的平板電腦配件和其他產品何時才能恢復成長嗎？你會考慮將其調整為利潤最大化嗎？

Thank you.

謝謝。

Okay. You covered a lot there. So, let me start with the guidance.

好的，你講了很多。那麼，讓我先從指導意見開始。

You know, I said it a few minutes-- I guess, you know, a few minutes ago, you know, we set our targets at the beginning of the year, and I really never intended them to revisit them often, and I don't want to revisit them now. You know, the biggest half of our year is ahead of us, the third quarter's the biggest, so, it's just in my-- in our view, it's just not time to revisit our guidance.

你知道，我幾分鐘前就說過──我想，就在幾分鐘前，我們在年初就設定了目標，我本來就沒打算常常調整這些目標，現在也不想調整。你知道，今年最重要的半年還在後面，第三季是最重要的，所以，在我看來，現在還不是調整業績指引的時候。

On the speakers category, you know, we did-- we rolled out UE Roll. We're rolling out UE Roll all over the world. It's very early to even talk about it. What I can say is I think the three products we have in our music portfolio are the best three products in the category. That's a humble comment-- not so humble comment from a relatively humble guy, but I feel terrific about all three of them.

在揚聲器領域，我們推出了UE Roll。我們正在全球推廣UE Roll。現在談論它還為時過早。但我可以肯定地說，我認為我們音樂產品組合中的三款產品是同類產品中最好的。這番話或許有些謙虛——對於一個相對謙遜的人來說，這番話也算不上謙虛，但我對這三款產品都感到非常滿意。

On the iPad, on the iPad Pro, you know, it's impossible for me to really predict what will happen to the category. We take a pretty conservative view of that category, going forward, the tablet category, tablet accessories category.

就 iPad 和 iPad Pro 而言，我真的很難預測這個類別未來的發展趨勢。我們對平板電腦品類以及平板電腦配件品類的未來發展持相當保守的態度。

So, we're not projecting a big change in the direction of the category. We're really excited about the product. We're really excited about the iPad Pro and what it can do, and we think we've got something that really complements the category really well, and we're especially excited to have worked kind of behind the scenes or absolutely behind the scenes with Apple. That was really an exciting project for us.

所以，我們預期這個品類的發展方向不會有太大變化。我們對這款產品感到非常興奮。我們對iPad Pro及其功能感到非常興奮，我們認為我們推出了一款能夠很好地補充現有品類的產品，尤其令人興奮的是，我們能夠與蘋果公司進行幕後合作，或者說完全幕後合作。這對我們來說真是一個令人興奮的項目。

Okay, thanks a lot.

好的，非常感謝。

Thank you.

謝謝。

Your next question comes from Tavis McCourt from Raymond James. Your line is now open.

下一個問題來自Raymond James公司的Tavis McCourt。您的提問通道已開放。

Hey, Tavis.

嘿，塔維斯。

Hey, guys. Hey. Thanks for taking my questions, and a great start to the year.

嘿，大家好。謝謝你們回答我的問題，新年伊始一切順利。

Thank you.

謝謝。

So, a couple of questions on a lot of these currency swings. I know you kind of give us the top-line impact, but I was wondering, given your assets in China, did or will the Chinese devaluation have any material impact on the business or cost structure?

關於匯率波動，我有幾個問題。我知道你們通常會給出整體影響，但我想問的是，考慮到你們在中國的投資，人民幣貶值是否或將會對你們的業務或成本結構產生任何實質影響？

Hey, Tavis, this is Vincent. So, the 3% depreciation in the Chinese currency may have a slight positive impact. It certainly did not impact Q2. It will be more of a Q3/Q4 and it's somewhat minimal. It still has to be worked, as we renegotiate with all of our vendors, some dealing in Chinese currencies, others dealing in US dollars.

嗨，塔維斯，我是文森。人民幣貶值3%可能帶來輕微的正面影響。它肯定沒有影響到第二季。影響主要體現在第三季和第四季，而且影響微乎其微。我們還需要與所有供應商重新談判，有些供應商以人民幣結算，有些則以美元結算，所以這方面的影響還需要進一步顯現。

So, definitely it's a help against the US dollar's appreciation, but not large enough to offset the US dollar's appreciation.

所以，這肯定有助於抑制美元升值，但不足以抵銷美元升值的影響。

Okay, and, in terms of cash flow, you gave a little bit of guidance around inventory, so I got that, but I guess if you're looking at a full-year cash flow from operations or free cash flow, it's been reasonably weak in the first half of the fiscal year. I presume it gets better in the second half of the year, but are there any other balance sheet categories outside of inventory that we should expect to help out in that regard in the next two quarters?

好的，關於現金流方面，您之前提到了一些關於存貨的情況，我明白了。但我想，如果著眼於全年的經營活動現金流或自由現金流，上半年的表現確實比較疲軟。我估計下半年情況會有所好轉，但除了存貨之外，未來兩個季度還有哪些資產負債表項目有望對此有所幫助呢？

No. When you look at cash flow, yes, you're correct. So, first half is weaker than the first half. In many years past, that was the trend for Logitech. The last two years it was a bit more balanced, and this year, with the inventory increase in the first half, as you know, that consumed working capital. As we work inventory down in the second half, that will free up excess cash flow.

不。從現金流來看，你說得對。所以，上半年的業績確實不如下半年。過去幾年，羅技的業績一直是如此。過去兩年情況稍微好轉一些，但今年上半年庫存增加，如你所知，這消耗了營運資金。隨著下半年庫存的減少，將會釋放出更多的現金流。

CapEx is -- has been in the range of around $45 million to $50 million, very stable for many years. Last year, it was exceptionally low at $40 million. This year it will be on the high end, around $50 million, and that's more about tooling as we bring more in house manufacturing.

資本支出一直穩定在4500萬美元到5000萬美元之間，多年來一直如此。去年，資本支出異常低，僅4000萬美元。今年預計將達到較高水平，約為5000萬美元，這主要是由於我們將更多生產環節轉移到內部，用於模具製造。

But otherwise, nothing really special. It's all about the inventory. I expect the second half cash flow to be much stronger.

除此之外，沒什麼特別的。關鍵在於庫存。我預計下半年現金流會強得多。

Great. And, Bracken, kind of a broad pricing question for you. If I look at your sell-through and sell-in trends, it looks like there's been average ASP increases and very substantial ones, if you look at it in local currency terms, across almost all the product categories.

好的。布雷肯，我有個關於定價方面比較廣泛的問題想問你。我看了看你的銷售趨勢，幾乎所有產品類別的平均售價都有所上漲，而且如果以當地貨幣計算，漲幅相當可觀。

And I'm wondering how much of that is the impact of maybe more temporal new products coming out at higher price points versus specific policies on your part to try to raise prices on products where your market share is relatively high?

我想知道，這其中有多少是由於價格較高的短期新產品推出所致，又有多少是由於貴公司採取特定政策，試圖提高市場份額相對較高的產品的價格所致？

Well, it's a certainly a mix, Tavis. I mean, we've done both. So, we raised prices across most of the geographies where we-- where we sell in local currencies that have weakened relative to the dollar.

嗯，這當然是多種因素共同作用的結果，塔維斯。我的意思是，我們兩種方法都試過了。所以，在我們以當地貨幣銷售、而這些貨幣對美元貶值的地區，我們提高了大部分地區的商品價格。

So, there's -- you are seeing that impact there, and you're seeing the impact in our P&L, and you'll probably see a little more, over time.

所以，你已經看到了這種影響，也看到了它對我們的損益表的影響，而且隨著時間的推移，你可能會看到更多影響。

The -- on the mix side, though, as you called out, and it's absolutely true, our portfolio is getting more and more premium. It's not that we're not innovating at the -- at all into the portfolio, we're just having a lot of success in products like our music products, like our video collaboration products that have extremely high price points for -- relative to our average.

不過，正如您所指出的，在產品組合方面，我們的產品組合確實越來越高端化，這完全屬實。這並不是說我們沒有在產品組合中進行創新，而是我們在音樂產品、視訊協作產品等價格遠高於平均水平的產品上取得了巨大成功。

Great. Thanks a lot.

太好了，非常感謝。

All right. Thanks, Tav.

好的，謝謝你，塔夫。

Your next question comes from Paul Coster from JPMorgan. Your line is now open.

下一個問題來自摩根大通的保羅‧科斯特。您的提問通道已開啟。

Hi, Paul.

你好，保羅。

Hey, thanks. This is Paul Chung, on for Coster. Thanks for taking my question.

嘿，謝謝。我是保羅·鐘，替科斯特連線。感謝您回答我的問題。

Okay. Hi, Paul.

好的。你好，保羅。

First, on mobile speakers, the segment has been lumpy on a quarterly basis. What's driving the volatility there, whether it be from shipping, channel strategy, et cetera? Assume the UE Roll is a solid contributor this quarter?

首先，就行動音箱市場而言，該細分市場的季度業績波動較大。造成這種波動的原因是什麼？是出貨量、通路策略還是其他因素？假設本季用戶設備銷售量（UE Roll）將持續成長？

Yes, the -- it's a -- that has been extremely strong all the way through, consistently through every quarter, really. We had a -- we were up 78% this quarter, as we called out in the script, and you can see in the documents.

是的，這個——它——一直以來都非常強勁，每個季度都保持著穩定的成長。正如我們在腳本中提到的，本季我們成長了78%，您也可以在文件中看到。

The Bluetooth speaker category has been very strong, and we've been consistently growing share around the world in that category. And we -- you're always going to have some peaks and valleys, based on the product launch scenarios you have, but we just feel extremely good about our performance there and the portfolio, as I said earlier.

藍牙音箱類別一直表現強勁，我們在全球的市佔率也持續成長。當然，產品發表會總是會有起伏，但正如我之前所說，我們對目前在該品類的表現和產品組合都非常滿意。

Okay. And then for the new Logitech Circle, first can you confirm what category this will be classified under? Is that going to be under video collaboration? And how big --

好的。那麼關於新的羅技 Circle，首先您能確認一下它將被歸類到哪個類別嗎？是視訊協作類嗎？它的規模有多大？

Yes, Paul.

是的，保羅。

Yes?

是的？

Sorry, this is Vincent. So, when we launch a seed, as we said, we first want to start small, test the market, and get ready to scale fast similarly with what we did with the video collaboration group that was initially in the web can category.

抱歉，我是文森。正如我們所說，當我們啟動種子輪專案時，我們首先希望從小規模做起，測試市場，並做好快速擴張的準備，就像我們最初在網路應用領域推出的視訊協作小組一樣。

The Circle will be in the video collaboration current category. the impact, obviously, on the quarter was zero. For second half, it will still be expected to be small and really a launch for -- a ramp-up for FY '17.

Circle 目前仍屬於視訊協作類別。顯然，它對本季的影響為零。預計下半年其影響仍然很小，主要是為了 2017 財年的啟動和成長做準備。

Now, we'll see how that goes, but at this point in time, in second half we'll report revenue as part of video collaboration.

現在，我們將拭​​目以待，但就目前而言，下半年我們將把視訊協作業務的收入納入報告。

Okay. How big do you think that TAM is, in your view? And how is your project differentiated from Dropcam?

好的。您認為TAM（潛在市場規模）有多大？您的專案與Dropcam有何不同？

Okay, I'll answer the second part. So, the product is different from Dropcam in several different ways. One of them, for example, is you -- we, essentially, have a way of capturing in 30 seconds your day. It isn't time lapsed. It's actually pattern recognized.

好的，我來回答第二個問題。我們的產品與 Dropcam 有幾個不同之處。例如，其中一個不同之處在於，我們基本上可以用 30 秒的時間記錄你的一天。它不是延時拍攝，而是透過模式識別來捕捉你的一天。

So, in a time lapsed 30 second picture of a day, for example, you would get -- in a normal room, you'd have 80% of nothing moving and 20% of something moving.

例如，在一天的 30 秒延時照片中，在一個普通的房間裡，你會看到 80% 的時間裡沒有任何東西在移動，而 20% 的時間裡有東西在移動。

In our -- if you buy one of our cameras, and I'd encourage you to do that, you'll get, basically, 95% or 100% of things moving, because we recognize when things are actually happening in the room. So, that's one key difference. There are others.

如果您購買我們的攝影機（我強烈建議您這樣做），您基本上可以捕捉到95%到100%的動態畫面，因為我們能夠識別房間裡實際發生的事件。這是其中一個關鍵差異。當然還有其他差別。

On the total addressable market, it's really early to say. We're -- it's a market that's on a very interesting growth path. We think, regardless of what a defined market would look like, we think there is going to be a secular trend of more and more people wanting to be able to communicate into their homes via all means, including this kind of camera.

至於潛在市場總量，現在下結論還為時過早。這是一個正處於非常有趣的成長期的市場。我們認為，無論最終的市場規模如何，越來越多的人希望能夠透過各種方式（包括這種攝影機）與家人溝通，這將會是一個長期趨勢。

So, we feel -- we're really excited about the potential of the overall market. I couldn't tell you what the TAM is, but I think we have expectations that one day it will be very large.

所以，我們對整個市場的潛力感到非常興奮。我無法告訴你潛在市場規模（TAM）是多少，但我認為我們預期它未來會非常龐大。

Got you. And then on the recorded video, I noticed that you're offering free 24/7 footage. Is this trial with possible monetization later? I know Dropcam charges around $10 a month.

明白了。然後我在錄製的影片裡注意到，你們提供全天候免費錄影。這是試用版嗎？以後可能會收費嗎？我知道Dropcam每月收費約10美元。

Well, stay tuned on that. Obviously, we're very aware of how this market works, and we're very attracted by the idea of monetizing, in other ways, the services we offer.

敬請關注。顯然，我們非常了解這個市場的運作方式，我們對以其他方式將我們提供的服務貨幣化這個想法非常感興趣。

I would add one other thing about our camera that's different from Dropcam. It's portable. So, you can pick it up and move it around. A child can pick it up, walk into another room, and show a piece of artwork that he or she's doing to their father or mother who's far away.

關於我們的相機，我還想補充一點與 Dropcam 不同的地方：它是便攜式的。您可以拿起它，隨意移動。孩子可以拿起它，走到另一個房間，向遠方的父母展示他們正在創作的藝術作品。

So, anyway, we're really excited about this category, and we'll -- and on the monetization, stay tuned.

總之，我們對這個類別感到非常興奮，至於獲利模式，敬請期待。

Okay, thanks.

好的，謝謝。

Thank you. Thanks, Paul.

謝謝。謝謝你，保羅。

(Operator Instructions). Your next question comes from the line of Andreas Mueller from [SKB]. Your line is now open.

（操作員說明）您的下一個問題來自[SKB]的Andreas Mueller的線路。您的線路現已開通。

Yes. Thanks for taking my question. Good morning.

是的。謝謝您回答我的問題。早安.

Good morning.

早安.

What will be the -- what will be the overall currency impact on gross margin this quarter? And what other variables will drive the gross margin in Q3?

本季匯率波動對毛利率的整體影響為何？還有哪些因素會影響第三季的毛利率？

And then, the other question will be, what kind of attach rate do you expect for the keyboard case for iPad Pro?

那麼，另一個問題是，你預期 iPad Pro 鍵盤保護套的購買率會是多少？

Let me answer, first, the gross margin, Andrea. So, on the gross margin side, let me fist go back to the top line. We have about 7 points of currency impact on a global basis on the business on local currency versus US dollars reporting. That has been the case for two quarter.

安德里亞，我先來回答毛利率的問題。關於毛利率，我先回到營收方面。在全球範圍內，以當地貨幣而非美元計價，我們的業務受到匯率波動的影響，大約有7個百分點。這種情況已經持續了兩個季度。

It will still be -- if currency stays at where it is today, no change, it would be 6 points in Q3, and it will to 2 points in Q4.

如果貨幣匯率維持現狀，沒有變化，那麼第三季將上漲 6 點，第四季將下跌 2 點。

So, you can see that past December the currency impact will become much more minimum. At this point in time, the flow through is at the highest level, which means that we hedge on about a four months run rate. We have lost the benefit of past hedging or prior purchases, and the gross margin impact on a year-over-year basis is still pretty material.

因此，您可以看到，12月之後匯率的影響將大大降低。目前，匯率波動的影響處於最高水平，這意味著我們大約以四個月的周期進行對沖。我們已經失去了過去對沖或先前購買帶來的收益，而且同比毛利率的影響仍然相當顯著。

When you look at gross margin moving forward, you know, that Q3 and Q4 are normally weaker than the first half, but for the full year, we should be around 35%, and some upsides to mature currency impact are the cost savings and the price increases that I've mentioned.

展望未來，毛利率通常會低於上半年，但全年來看，我們應該可以達到 35% 左右。此外，正如我之前提到的，成熟的匯率影響帶來的一些好處包括成本節約和價格上漲。

And on the attach rate, we, obviously, don't know the -- we don't have any official number we quote on that.

至於附加率，我們顯然不知道——我們沒有任何官方數字可以引用。

I guess the perspective I'd add is the -- what we see in attach rates in iPads so far is the smaller they are, the lower it is, so, the larger they are, the higher it is. So, I would expect the attach rate for the iPad Pro to be significantly larger than the large iPads today, which are running in the -- between 10% and 15%.

我想補充一點，目前我們看到的iPad手機掛載率是這樣的：尺寸越小，掛載率越低；尺寸越大，掛載率越高。因此，我預期iPad Pro的掛載率會遠高於目前尺寸較大的iPad，後者的掛載率在10%到15%之間。

But it's really hard to say what it will be.

但真的很難說會是什麼樣子。

Okay. And last question, what's the typical buyer of a UE Boom tool? Is that -- do you sell it mainly into the existing customer base or into new customers there?

好的。最後一個問題，UE Boom 工具的典型買家是誰？你們主要是向現有客戶群銷售，還是向現有客戶群中的新客戶銷售？

We grew -- I'll repeat it again, because it's fun to say. We grew 78% this quarter, and, honestly, we have such a low penetration of the number of people who could buy a UE Boom that it's almost all incremental buyers.

我們成長了——我再說一遍，因為說起來很爽。本季我們成長了78%，而且說實話，UE Boom的潛在買家群體滲透率很低，所以幾乎都是新增買家。

That said, you've got a lot of people, because of the features we have, that are buying multiples. So, I would guess, we guess, that we're going to have people buy more, existing people buy more, as well.

也就是說，由於我們產品的功能，許多人會購買多份。所以，我估計，我們也估計，會有更多人購買，現有客戶也會繼續購買。

The Double Up feature, which is soon to be X Up, so Double Up means you can get -- you can pair one with the other one and it'll play in stereo. We're soon going to be able to pair one with many, and I don't even -- I won't even give a number, 20-plus. I doubt if you'll have people buying 20-plus, but you'll certainly have some people buying a lot more than two.

Double Up 功能（即將更名為 X Up）是指您可以將兩個裝置配對，以實現立體聲播放。我們很快就能實現一個設備連接多個設備，具體數量我不好說，大概 20 個以上。我懷疑會不會有人一次買 20 個以上，但一定會有人買兩個以上。

So, there are opportunities on both sides of that ball, and we're really excited about the potential, and we're going to keep upgrading that product for the existing users, too, so that they get benefits of buying multiples.

所以，雙方都有機會，我們對這種潛力感到非常興奮，我們也會繼續升級現有用戶的產品，以便他們能夠享受購買多件產品的好處。

Okay, thank you.

好的，謝謝。

Thank you, Andreas.

謝謝你，安德烈亞斯。

Your next question comes from the line of Felix Remmers from Credit Suisse. Your line is now open.

您的下一個問題來自瑞士信貸的菲利克斯·雷默斯。您的提問專線已開通。

Hi, Felix.

你好，菲利克斯。

Hi. Thank you for taking my questions. I have three of them, one on cash flow.

您好。感謝您回答我的問題。我有三個問題，其中一個是關於現金流。

Assuming that you would hit your non-GAAP EBIT guidance, what can we expect in terms of operating cash flow, given the rather subdued performance on this side in the first half?

假設您能夠實現非GAAP EBIT預期目標，考慮到上半年該業務表現較為疲軟，我們對經營現金流量有何預期？

Then the second question would be on Asia. Just wondering, given the strong performance there, if there -- if you had any strategic changes to a year ago or just the key reasons why that is so strong?

第二個問題是關於亞洲市場的。鑑於亞洲市場的強勁表現，我想問一下，你們是否對去年的策略進行了任何調整，或者說，亞洲市場表現如此強勁的關鍵原因是什麼？

And then on Lifesize, I mean, this restructuring sounds very expensive to me. Can you share a bit more color on what you actually do? I mean, $3 million, $4 million more, just to run it on a separate P&L sounds a bit expensive here.

至於 Lifesize，我覺得這次重組成本太高了。能詳細說說具體操作嗎？我的意思是，光是為了單獨列出損益表，就要額外花費 300 萬、400 萬美元，這聽起來有點太貴了。

Let me start on cash flow and Lifesize first.

讓我先從現金流和Lifesize說起。

So, on cash flow, as we said, first half weaker, second half stronger. Normally, the Company has been running on cash flow at around -- between net income and operating income. We don't give a guidance, per se, on cash flow, but you can triangulate on that, and then you need to just factor in your mind that we will run inventory slightly higher than where we finished last year. We were around $250 million. We say that's too low for our strategy today. But we will be below $300 million in inventory as we exit the year. So, you can pick the number there. CapEx, as I mentioned, is slightly higher, on the high side of our range, but within the range.

所以，關於現金流，正如我們所說，上半年疲軟，下半年強勁。通常情況下，公司的現金流在淨利潤和營業利潤之間。我們不會直接給出現金流指引，但您可以根據這個數據進行估算。此外，您還需要考慮到，我們的庫存將略高於去年年底的水平。去年年底我們的庫存約為2.5億美元。我們認為這個數字對於我們目前的策略來說太低了。但到年底，我們的庫存將低於3億美元。您可以自行判斷這個數字。正如我所提到的，資本支出略有上升，處於我們預期範圍的上限，但仍在預期範圍內。

From there, you should be able to derive a new model, but, again, we don't intend to guide on cash flow, per se.

從那裡，你應該能夠推導出一個新的模型，但是，我們再次聲明，我們並不打算就現金流本身提供指導。

Lifesize, we've actually accelerated the repositionings of the business and its cloud business. The first part of the plan was to milk the legacy business and fund the acceleration of the cloud. The cloud is having a very strong start. After 15 months, over 2,500 paying customers, and the legacy business has been now more of a distraction. So, we still operate to customers, but we're not pushing it any more.

Lifesize 實際上已經加快了業務及其雲端業務的重新定位。計畫的第一部分是榨取傳統業務的剩餘價值，為雲端業務的加速發展提供資金。雲端業務開局非常強勁。 15 個月後，我們已經擁有超過 2500 家付費客戶，而傳統業務現在反而成了我們的負擔。因此，我們仍然為客戶提供服務，但我們不再過度依賴它了。

The restructuring that we've implemented is a pure headcount reduction to reposition the skill set, entirely focus the employee base to make the cloud successful, which, as I mentioned, has good traction.

我們實施的重組純粹是為了減少員工人數，重新調整技能組合，讓員工完全專注於雲端業務的成功，正如我所提到的，雲端業務已經取得了良好的進展。

Very little of the restructuring is just, per se, for the separation. The separation is more legal, contractually, to enable them to have their own balance sheet and income statement, which will, then, enable us to make more -- a broad range of decisions that we need to make to continue to accelerate the cloud.

在此次重組中，真正出於分離目的的部分其實很少。分離更多是出於法律和合約層面的考量，目的是為了讓各部門擁有自己的資產負債表和損益表，從而使我們能夠做出更多——一系列我們需要做出的決策，以繼續加速雲端運算的發展。

On the -- on your question on Asia, Felix, the -- a couple things. First, we did have an easier compare in Asia, which I mentioned in the -- when I was going through the opening.

關於你問的亞洲問題，Felix，有幾點需要說明。首先，亞洲的情況比較容易比較，我在開頭講解的時候也提到過。

But beyond that, we really do have great performance in Asia right now, and I think it's driven off a few things.

但除此之外，我們目前在亞洲的業績確實非常出色，我認為這是由幾個因素推動的。

One is our execution has continued to improve there, and we've seen each -- we call them clusters, but each of the clusters across the region doing better and better. Our growth businesses are doing really well in Asia. Video collaboration has a big, big opportunity out there.

一方面，我們在亞洲的執行力持續提升，我們看到各個業務集群——我們稱之為“集群”，但實際上，整個區域內的每個集群都在不斷進步。我們的成長型業務在亞洲表現非常出色。視訊協作領域蘊藏著巨大的商機。

Music has done exceptionally well. We've gone from nowhere to be the market leader in some big markets out there. And gaming continues to be -- it's a very big market for gaming.

音樂業務發展異常出色。我們從默默無聞一躍成為一些大型市場的領導者。遊戲業務也持續成長－遊戲市場規模非常龐大。

So, it's just -- we're well positioned in Asia, and I think we're executing well.

所以，我們目前在亞洲市場佔有有利地位，而且我認為我們執行得也很好。

Okay, thank you. So, maybe one follow-up. Just -- on how many headcounts do you reduce in Lifesize, then, if you -- the most of the $22 million to $25 million is spent on headcount reduction. Can you share that with us?

好的，謝謝。那麼，可能還有一個後續問題。如果Lifesize公司將2,200萬到2,500萬美元的預算大部分用於裁員，那麼你們究竟裁掉了多少人？能否和我們分享一下？

Yes, so the restructuring covers three pieces for the overall company, the infrastructure function on the retail business in order to accelerate the investment in growth, the exit of OEM, and then the refocus of Lifesize as a stand-alone, cloud-based company.

是的，此次重組涵蓋了公司整體的三個面向：零售業務的基礎設施職能，以加速對成長的投資；OEM業務的退出；以及將Lifesize重新定位為一家獨立的、基於雲端的公司。

The headcount reduction in Lifesize, which you mentioned, with the restructuring amount you mentioned, is around 100 heads.

您提到的 Lifesize 裁員，加上您提到的重組金額，大約會減少 100 人。

Okay. Thank you very much.

好的，非常感謝。

Your next question comes from Tavis McCourt from Raymond James. Your line is now open.

下一個問題來自Raymond James公司的Tavis McCourt。您的提問通道已開放。

Hey, thanks. Just a follow-up on the Asia question. The sell-through was strong, but it looked like there was also -- the sell-in growth was much stronger than sell-through this quarter. Was that -- I guess any commentary on channel inventory there. Was it weak coming into the quarter, or any commentary around that?

嗨，謝謝。關於亞洲的問題，我還有後續。銷售情況很強勁，但似乎本季進貨量的成長遠超銷售量。這是不是——我想請問一下渠道庫存方面的情況？季度初庫存是否疲軟？或者您對此有什麼看法？

Yes, Travis. This is Vincent. We look at it, obviously, very closely. If you go back to a year ago, sell-in in Asia was minus 1%, sell-out was plus 5%, and so you have an effect of compares.

是的，特拉維斯。我是文森。我們當然會非常仔細地研究這個問題。如果回顧一年前，亞洲地區的進貨量下降了1%，售出量上升了5%，所以會受到比較的影響。

When you look at total Company first, weeks on the hand, backward-looking is flat, year-over-year. Forward-looking is actually down, so improving, and that's really based on how we look at the business, moving forward.

首先從公司整體來看，回顧過去幾週的情況，與去年同期相比持平。展望未來，實際上有所下降，因此情況正在改善，這主要取決於我們如何看待公司未來的發展前景。

In dollars it's just slightly up. so, very well positioned for the total Company. Asia is actually similar to the global trend here with flat backward-looking, slightly down forward-looking. So, no issue on that side, neither in Asia, nor in the other regions.

以美元計價，僅略為上漲。因此，公司整體情勢非常有利。亞洲市場其實與全球趨勢相似，回顧過去持平，展望未來略有下降。因此，無論是在亞洲還是其他地區，這方面都沒有問題。

Great. Thanks very much.

太好了，非常感謝。

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

謝謝。目前看來沒有其他問題了。接下來我將把會議交還給達雷爾先生，請他作總結發言。

Okay. Well, thanks for joining us on the call today. We have strong momentum. If we execute like we're capable of, we're standing at the doorway of a new Logitech growth period. And my entire team and I fully intend to engage with enthusiasm, operational excellence, and passion the exciting opportunity in front of us.

好的。感謝各位今天參加我們的電話會議。我們目前勢頭強勁。如果我們能發揮出應有的水平，我們將迎來羅技新的成長期。我和我的整個團隊都將滿懷熱情、追求卓越運營，全力以赴地掌握眼前的激動人心的機會。

Thank you.

謝謝。

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。