羅技 (LOGI) 2016 Q4 法說會逐字稿

Good day and welcome to the Logitech fourth-quarter and full-year fiscal 2016 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.

各位好，歡迎參加羅技公司2016財年第四季及全年財務業績電話會議。（操作員說明）本次通話將被錄音，用於回放，未經羅技公司書面授權，不得全部或部分複製。

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

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

Welcome to the Logitech conference call to discuss the company's financial results for the fourth quarter and full fiscal year ended March 31, 2016. The press release, our prepared remarks, and slides as well as a live webcast of this call are available online at Logitech.com.

歡迎參加羅技公司關於截至 2016 年 3 月 31 日的第四季和整個財年財務表現的電話會議。新聞稿、我們準備好的發言稿、幻燈片以及本次電話會議的現場網路直播均可在 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 they will not be read on this call.

正如我們在新聞稿中所述，我們已提前在網站上公佈了本次電話會議的發言稿。這些發言旨在代替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 and 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.

在本次電話會議期間，我們可能會做出前瞻性聲明，包括根據《安全港》和 1995 年《證券訴訟改革法案》做出的有關未來營運績效的前瞻性聲明。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. The company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise.

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於 2015 年 6 月 5 日發布的 10-K 表格年度報告以及後續文件中列出的因素。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聲明的義務。

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括根據美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 報告的績效。我們提供非GAAP財務報告，以幫助您更了解我們的業務。然而，非GAAP財務表現不應被孤立地看待，也不應被視為GAAP業績的替代或優於GAAP業績。非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. The slides that accompany this call 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指標，以及對應的GAAP資料和與GAAP的調節表。此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也可在我們的投資者關係網站上找到。我們鼓勵聽眾查看這些內容。

Unless noted otherwise, comparisons between periods are year over year and in constant currency and all reported results and updated outlook are focused on continuing operations and do not include the performance of Lifesize, which is reported under discontinued operations. This call is being recorded and will be available for replay on the Logitech website.

除非另有說明，各期間之間的比較均以同比和固定匯率計算，所有報告的業績和更新的展望均側重於持續經營，不包括 Lifesize 的業績，Lifesize 的業績在終止經營項下報告。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 Zurich are Bracken Darrell, President and Chief Executive Officer, and Vincent Pilette, Chief Financial Officer.

今天從蘇黎世連線的是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。

Thank you, Joe. And thanks to all of you for joining us today. We grew 9% in fiscal year 2016, the high end of our latest range, and delivered 20% more profit than we expected at the beginning of the year. And again, better than our latest increased guidance.

謝謝你，喬。感謝各位今天蒞臨。我們在 2016 財年實現了 9% 的成長，這是我們最新業績的巔峰，並且比年初預期的利潤高出 20%。而且，這比我們最近提高的預期還要好。

Our 9% sales growth was more than twice the rate of the prior year and our best growth in five years. We grew in every region of the world with growing categories representing more than 80% of our sales. We gained share in nearly every category through meaningful innovation and strong execution. We continue to make progress transforming Logitech into a design-centric growth company.

我們的銷售額成長了 9%，是前一年增速的兩倍多，也是五年來最好的成長速度。我們在世界各地都實現了成長，成長型類別占我們銷售額的 80% 以上。我們透過有意義的創新和強有力的執行，在幾乎所有類別中都獲得了市場份額。我們正持續推動羅技向以設計為中心的成長型公司轉型。

That's not bad, but I believe you're only beginning to see what Logitech is capable of. One distinguishing characteristic of the Logitech we're creating is the strength and resilience that comes from our portfolio strategy. Our Q4 results demonstrate this well.

這還不錯，但我相信你才剛開始了解羅技的真正實力。我們正在打造的羅技公司的一個顯著特點是，我們產品組合策略所帶來的實力和韌性。我們的第四季業績很好地證明了這一點。

In spite of the Q4 decline of our mobile speakers business which drove substantial growth over prior quarters, our Q4 sales went up and we reached the high end of our latest yearly revenue target. It was one of the key messages from our latest analyst day: all of our product categories have growth potential. Therefore, as most will be up and some will be down, we'll sustain our growth over time.

儘管第四季度行動揚聲器業務出現下滑（此前幾個季度該業務曾推動大幅增長），但我們第四季度的銷售額仍然上升，並達到了最新年度收入目標的上限。這是我們最近一次分析師日活動傳達的關鍵訊息之一：我們所有的產品類別都具有成長潛力。因此，由於大部分股票會上漲，部分股票會下跌，我們將能夠保持成長勢頭。

In Q4 we more than offset the impact of a weak quarter in mobile speakers with strong growth in video collaboration and gaming as well as in our core PC peripheral categories and in tablet accessories. We have a strong and balanced portfolio that will deliver sustainable growth.

第四季度，我們憑藉視訊協作和遊戲業務的強勁成長，以及核心 PC 週邊類別和平板電腦配件業務的強勁成長，彌補了行動揚聲器業務疲軟帶來的影響。我們擁有強大且均衡的投資組合，這將帶來永續成長。

That resilience also exists at a regional level. Q4 sales in the Americas were down but that didn't prevent us from reaching our growth targets as the decline was more than offset thanks to the powerful growth from the other two regions. We delivered strong double-digit growth in EMEA and Asia-Pacific, with accelerating growth in EMEA for the last three quarters and its strongest growth in the last three years. And in Asia-Pacific it was our fifth-straight quarter of double-digit growth.

這種韌性也存在於區域層面。美洲地區第四季銷售額有所下降，但這並沒有阻止我們實現成長目標，因為其他兩個地區的強勁成長完全抵消了這一降幅。我們在歐洲、中東和非洲地區以及亞太地區實現了強勁的兩位數成長，其中歐洲、中東和非洲地區的成長在過去三個季度加速，並在過去三年中實現了最強勁的成長。在亞太地區，我們連續第五個季度實現了兩位數成長。

Looking into our product categories, gaming delivered strong growth in Q4. For FY16, our gaming sales grew by 23%. Within the gaming category, our strongest growth came in Q4 and for the year was in keyboards, with roughly 60% growth for the year.

從我們的產品類別來看，遊戲在第四季度實現了強勁成長。2016財年，我們的遊戲銷售額成長了23%。在遊戲類產品中，我們在第四季和全年成長最快的是鍵盤產品，全年成長率約為 60%。

We further strengthened our keyboard lineup during the quarter with the launch of two new mechanical gaming keyboards, the G610 Orion Brown and the G610 Orion Red, and we announced our best gaming mouse ever and perhaps our best ever in the company's history, the G900 Chaos Spectrum.

本季度，我們透過推出兩款新的機械遊戲鍵盤——G610 Orion Brown 和 G610 Orion Red，進一步加強了我們的鍵盤產品線；此外，我們還發布了我們有史以來最好的遊戲滑鼠，也許也是公司歷史上最好的滑鼠——G900 Chaos Spectrum。

It breaks several rules gamers have come to live by. They believe wireless mice were slower than wired mice because of the lag time. This new professional-grade wireless gaming mouse is faster than any other mouse, wired or wireless.

它打破了遊戲玩家習以為常的幾條規則。他們認為無線滑鼠比有線滑鼠慢，是因為有延遲時間。這款全新的專業級無線遊戲滑鼠比其他滑鼠，無論是有線滑鼠還是無線滑鼠，速度都更快。

They feared that wireless mice might have a short battery life, but this has strong, long battery life that's trusted by professional e-sports gamers. And it's beautiful. It's an amazing product at an impressive price, $150.

他們曾擔心無線滑鼠的電池續航力可能較短，但這款滑鼠擁有強勁、持久的電池續航力，深受專業電競玩家的信賴。而且它很漂亮。這是一款非常棒的產品，價格也很實惠，只要 150 美元。

Video collaboration accelerated, delivering the best growth for the quarter and the year with FY16 sales up by 51%. During the quarter we launched Logitech GROUP, a transformation and team collaboration that provides high-quality HD video conferencing for groups of up to 20 and works with the video conferencing apps you already use.

視訊協作加速發展，實現了本季和全年最佳成長，2016 財年銷售額成長 51%。本季度我們推出了 Logitech GROUP，這是一款轉型和團隊協作產品，可為最多 20 人的團隊提供高品質的高清視訊會議，並可與您已使用的視訊會議應用程式配合使用。

We also announced ConferenceCam kit with Intel NUC video conferencing system, a complete solution for conference rooms. Configured and validated by Logitech and Intel, the ConferenceCam kit is compatible with virtually all PC-based cloud services. Our solution video enables a small meeting room at an affordable price point and does not require users to bring their own computer to start a video call.

我們還發布了配備英特爾 NUC 視訊會議系統的 ConferenceCam 套件，這是一套完整的會議室解決方案。由羅技和英特爾配置和驗證的 ConferenceCam 套件與幾乎所有基於 PC 的雲端服務相容。我們的視訊解決方案能夠以實惠的價格打造小型會議室，而且用戶無需自備電腦即可發起視訊通話。

Most significantly, Microsoft selected Logitech as strategic partner for Project Rigel, an initiative designed to bring a Skype meeting experience to any room with a display or a projector. Our ConferenceCams will be certified for use with Project Rigel systems and we'll deliver an affordable, purpose-built smart dock to seamlessly connect the system elements in a meeting room. Stay tuned for more later.

最重要的是，微軟選擇羅技作為 Project Rigel 的策略合作夥伴，該計畫旨在將 Skype 會議體驗帶到任何有顯示器或投影機的房間。我們的會議攝影機將獲得與 Project Rigel 系統配合使用的認證，我們將提供價格實惠的專用智慧底座，以便將會議室中的系統組件無縫連接。敬請期待後續報道。

While our mobile speaker sales declined in Q4, they were up by 37% in FY16 and we gained share. The decline in Q4 reflects several factors. The comparable to the prior year was challenging as in the prior year we shipped our highest-priced speaker offering, UE Megaboom.

雖然我們的行動揚聲器銷量在第四季有所下降，但2016財年銷量成長了37%，市佔率也得到了提升。第四季下滑反映了幾個因素。與前一年相比，情況比較具有挑戰性，因為去年我們推出了價格最高的揚聲器產品 UE Megaboom。

In addition, during Q4 as the overall market growth slowed, particularly in Americas, we aligned our sales run rate with the expectation of slower market growth continuing during FY17. That said, as we stated at last month's analyst and investor day, we expect to deliver growth in this category in FY17.

此外，在第四季度，由於整體市場成長放緩，尤其是在美洲，我們調整了銷售運行速度，以應對 2017 財年市場成長持續放緩的預期。也就是說，正如我們在上個月的分析師和投資者日上所說，我們預計在 2017 財年該類別將實現成長。

We're excited about our acquisition of Jaybird, a leader in wireless audio wearables for sports and active lifestyles, which closed just last week. This acquisition meets all of our criteria for a small tuck-in acquisition. It helps us address the fast-growing wireless audio wearables market with all the advantages of Jaybird's strong brand and sports expertise. It leverages our combined audio engineering and design capabilities and it takes advantage of our global distribution footprint. With both the Ultimate Ears and Jaybird brands now in our portfolio, we're expanding our long-term growth potential in the music market.

我們很高興上週剛完成對 Jaybird 的收購，Jaybird 是運動和積極生活方式無線音訊穿戴式裝置的領導者。此次收購符合我們對小型補充收購的所有標準。它幫助我們利用 Jaybird 強大的品牌和運動專業知識的所有優勢，進入快速成長的無線音訊穿戴式裝置市場。它充分利用了我們綜合的音訊工程和設計能力，並藉助了我們的全球分銷網絡。隨著 Ultimate Ears 和 Jaybird 這兩個品牌加入我們的產品組合，我們正在擴大我們在音樂市場的長期成長潛力。

Both pointing devices and keyboards achieved growth for the quarter and the full year, significantly outpacing the declining market for new PC shipments. Remember what we said at analyst and investor day, users aren't using their PCs less. In fact, they're using them more since 2010. So, the slower the PC sales are, the older the PC is on your desk and a good mouse or keyboard can renew that experience a bit.

指點設備和鍵盤在本季度和全年均實現了成長，顯著超過了不斷下滑的新PC出貨量市場。請記住我們在分析師和投資者日上說過的話，用戶並沒有減少使用電腦。事實上，自 2010 年以來，他們越來越多地使用它們。所以，PC銷售越慢，你桌上的PC就越老舊，而好的滑鼠或鍵盤可以稍微提升你的使用體驗。

This quarter we gained roughly 2 points of share in both categories through a combination of strong execution and innovation. This was the fourth year in a row that we grew our keyboard sales.

本季度，透過強而有力的執行和創新，我們在這兩個類別中都獲得了約 2 個百分點的市場份額。這已經是我們鍵盤銷售連續第四年成長了。

PC webcams delivered growth of 27% in Q4, the best growth in over nine years, and a 7% growth for the year. While we don't expect to sustain this level of growth as it was largely driven by a B2B deal, this is a category that we believe will present opportunities for profitable growth ahead. There is still a market out there for people who want to enhance their video calling experience using our best-of-breed webcams as well as the growing segment of video bloggers and video gamers broadcasting themselves.

PC 網路攝影機在第四季度實現了 27% 的成長，這是九年多來最好的成長，全年成長了 7%。雖然我們預計這種成長水準無法持續，因為它主要由 B2B 交易推動，但我們相信這一類別未來將帶來獲利成長的機會。市場上仍然存在著一個市場，那就是那些希望使用我們一流的網路攝影機來提升視訊通話體驗的人，以及不斷增長的視訊部落客和視訊遊戲玩家直播市場。

Our tablet and other accessories category returned to life in Q4 with sales growth of 21%, the first growth for the category in over two years. This growth was driven by the success of CREATE, our well-received keyboard for the large iPad Pro. We're not planning for consistent growth in this category, but we will continue to bring innovative offerings to the market.

我們的平板電腦及其他配件品類在第四季度重獲新生，銷售額增長了 21%，這是該品類兩年多來的首次增長。這一增長得益於 CREATE 的成功，CREATE 是我們廣受歡迎的適用於大尺寸 iPad Pro 的鍵盤。我們不打算在這個類別中持續成長，但我們會繼續為市場帶來創新產品。

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。

Thanks, Bracken. I'm very pleased by our Q4 and full-year performance. Bracken told you that we delivered 9% growth, the best in five years, but this is also the third year of accelerating growth. This growth is enabled by an innovative and diverse portfolio and the diversity of our portfolio excites us and I believe should excite you as well as an investor. It enables us to grow with the consistency we have now demonstrated.

謝謝你，布雷肯。我對我們第四季和全年的業績非常滿意。布雷肯告訴你，我們實現了 9% 的成長，這是五年來最好的成績，但這同時也是成長加速的第三年。這一增長得益於我們創新且多元化的投資組合，而我們投資組合的多元化讓我們感到興奮，我相信也應該讓您這位投資者感到興奮。它使我們能夠保持目前所展現的穩定成長動能。

This growth is also enabled by strong execution and it shows in our P&L. Our Q4 gross margin was 33.1%, up 90 basis points over the prior year and in line with the last couple of quarters. Our non-GAAP gross margin for full year was 33.9%, down 140 basis points due to the impact of currency headwinds.

這一增長也得益於強而有力的執行，這點在我們的損益表中有所體現。我們第四季的毛利率為 33.1%，比上年同期成長 90 個基點，與過去幾季的毛利率持平。受匯率不利因素影響，我們全年的非GAAP毛利率為33.9%，下降了140個基點。

We were able to offset more than half of this currency driven impact through strategic pricing actions and our ongoing product and manufacturing cost efficiencies. Our long-term target gross margin of over 35% remains unchanged and we will progressively move into the 35% plus band as we progress through FY17 as mentioned at the last analyst and investor day.

我們透過策略性定價措施以及持續的產品和製造成本效率，抵銷了超過一半的匯率波動影響。我們長期目標毛利率超過 35% 的目標保持不變，正如上次分析師和投資者日上所提到的，隨著 2017 財年的推進，我們將逐步進入 35% 以上的區間。

On the operating expense front, we continue to demonstrate disciplined spend management. Our FY16 non-GAAP operating expenses were down for the third consecutive year and reached the lowest level in the last six years. At just 25% of sales, the lowest level since FY09, this level of OpEx demonstrates the effectiveness of the actions we continue to take to reduce our infrastructure costs and reinvest some of the savings into R&D and growth initiatives.

在營運費用方面，我們持續展現出嚴格的支出管理。我們的 2016 財年非 GAAP 營運費用連續第三年下降，達到近六年來的最低水準。營運支出僅佔銷售額的 25%，是自 2009 財年以來的最低水平，這表明我們持續採取措施降低基礎設施成本並將部分節省下來的資金再投資於研發和成長計畫是有效的。

For FY16, G&A was down by 8% to 4.2% of sales, the lowest level in more than nine years. R&D increased by 5% and the R&D investments we're making are, in our belief, more effective than ever because we have integrated design into our development projects, increasingly early as we discussed several times.

2016 財年，一般及行政費用佔銷售額的比例下降了 8%，至 4.2%，為九年多來的最低水準。研發投入增加了 5%，我們認為，我們目前的研發投資比以往任何時候都更加有效，因為我們已將設計融入到我們的開發項目中，而且正如我們多次討論的那樣，我們越來越早地將設計融入其中。

Moving on to cash flow, Q4 was another quarter of strong cash generation driven by effective management of our working capital. Our cash flow from operations for the quarter was $32 million. For FY16 we generated cash flow from operations of $183 million, slightly up over the prior year despite a significant negative impact from currency.

接下來談談現金流，第四季現金流依然強勁，這得益於我們對營運資金的有效管理。本季我們的經營活動現金流為 3,200 萬美元。儘管受到匯率的重大負面影響，但2016財年我們的經營活動現金流仍達1.83億美元，略高於前一年。

Our strong cash position continues to be the foundation of our capital allocation strategy focused on small acquisition as a priority, such as Jaybird, annual dividends, and opportunistic share buybacks. As we shared at our analyst and investor day last month, we plan to return a significant amount of cash to shareholders in the form of dividends and share repurchases. In FY16 we returned $156 million in total with an $86 million dividend and $70 million in buybacks, returning more than 100% of the free cash flow we generated during the year.

我們強勁的現金狀況仍然是我們資本配置策略的基礎，該策略以小型收購（如 Jaybird）、年度分紅和機會性股票回購為優先。正如我們在上個月的分析師和投資者日上所分享的那樣，我們計劃以股息和股票回購的形式向股東返還大量現金。2016 財年，我們總共返還了 1.56 億美元，其中 8,600 萬美元用於派發股息，7,000 萬美元用於股票回購，返還金額超過了我們當年產生的自由現金流的 100%。

Let me wrap up by adding a few comments on Jaybird, the new addition to the Logitech family. Our priority with Jaybird in FY17 will be to develop the portfolio and position it to drive top line growth in the years to come, targeting the growing wireless audio wearables market. We will invest in this business and manage it at breakeven level on a non-GAAP basis in FY17 and, as a result, we do not expect this business to have a material impact on our FY17 outlook.

最後，我想就羅技家族的新成員 Jaybird 補充幾點看法。2017 財年，Jaybird 的首要任務是發展產品組合，並使其定位為在未來幾年推動營收成長，目標是不斷成長的無線音訊穿戴裝置市場。我們將投資這項業務，並在 2017 財年按照非 GAAP 準則管理至損益平衡點，因此，我們預計這項業務不會對我們 2017 財年的展望產生重大影響。

We have a lot of work in front of us to capture our full market opportunity and we are excited by the momentum we have going in FY17. And on that note I'll turn it back to Bracken.

我們還有很多工作要做，才能充分把握市場機遇，我們對 2017 財年的發展動能感到興奮。說到這裡，我還是把話題轉回布雷肯身上吧。

Thank you, Vincent.

謝謝你，文森。

FY17 is year one for a new Logitech in an important way. For the first time in our history we've entered a new fiscal year with a sole focus on what we historically called the retail business. Many of you realize that this has been the only business ahead of us for several quarters with the exit of OEM and the spinoff of Lifesize. But now we'll see it in the financials.

2017財年對羅技來說意義非凡，是全新的一年。公司歷史上第一次，我們在新的財政年度中，只專注於我們過去所稱的零售業務。你們中的許多人都意識到，隨著 OEM 的退出和 Lifesize 的分拆，在過去的幾個季度裡，這是我們唯一要面對的業務。但現在我們將在財務報表中看到這一點。

That future business grew 9% last year and we expect another year of growth ahead. Over the last several years we've built a solid foundation to support future growth. That growth will be driven by powerful design, revitalized product creation, entry into new categories, and outstanding execution.

去年，該項未來業務成長了9%，我們預計未來一年將繼續成長。過去幾年，我們為未來的發展奠定了堅實的基礎。這一成長將由強大的設計、煥然一新的產品創造、進入新領域以及卓越的執行力所驅動。

Human-centered design is at the heart of what we do now. And that's not just our design team working in a studio. It's the entire company working together to create a better experience through our physical products, combining them with the software and increasingly cloud connections. We're organized and focused across all of our people to deliver excellence in execution.

以人為本的設計是我們現在工作的核心。而且這不僅僅是我們設計團隊在工作室裡的工作。這是整個公司齊心協力，透過我們的實體產品，結合軟體和日益增長的雲端連接，創造更好的體驗。我們全體員工組織有序、目標明確，力求在執行上做到卓越。

We talk about our financial progress. It's been strong. We reference our market progress, gaining share in virtually every category now. That's strong, too. But the experts in design are also noticing.

我們談談財務進展。它一直很強勁。我們回顧一下我們的市場進展，目前我們在幾乎所有類別中都獲得了市場份額。這也很強。但設計領域的專家也注意到了這一點。

In Q4 we received impressive external recognition of our design achievements across multiple product categories. Eight of our products were selected as 2016 iF Design Award winners, with UE Roll awarded an iF Gold Award, iF Design's highest honor. We broke our previous company record by winning nine Red Dot 2016 product design awards.

第四季度，我們在多個產品類別中取得的設計成就獲得了令人矚目的外部認可。我們的八款產品被評為 2016 年 iF 設計獎獲獎產品，其中 UE Roll 榮獲 iF 金獎，這是 iF 設計獎的最高榮譽。我們打破了公司之前的紀錄，一舉就贏得九項 2016 年紅點產品設計獎。

The impact of great design and powerful innovation can be seen across our well-diversified portfolio, a portfolio that I believe has never been stronger. With the recent additions to our gaming lineup, we're well positioned for continued growth and share gains. We continue to set the pace and define the parameters for affordable and easy-to-use video conferencing. Our UE lineup resonates with consumers and is strongly competitive at multiple price points, reflected by our continued share growth.

卓越的設計和強大的創新能力對我們多元化的產品組合產生了深遠的影響，我相信，我們的產品組合從未如此強大。隨著近期遊戲產品線的擴充，我們已做好充分準備，實現持續成長和市場佔有率提升。我們持續引領潮流，並為價格實惠、易於使用的視訊會議定義標準。我們的UE產品線深受消費者喜愛，在多個價格點上都具有很強的競爭力，這體現在我們持續成長的市場份額上。

And in our PC-related categories like mice and keyboards, we're outperforming the market. Let me rephrase that. I believe we're creating our own market, driving growth by refreshing old PCs with new peripherals.

在滑鼠、鍵盤等電腦相關產品類別中，我們的表現優於市場平均。我換個說法吧。我認為我們正在創造自己的市場，透過為舊電腦配備新的周邊來推動成長。

We're focused going forward on five large multi-category markets: gaming, video collaboration, music, home control, and creativity and productivity. We see opportunities to deliver growth with products for all these markets. All of our product categories won't grow at the same time or the same rate, but the strength of our diverse product portfolio will support consistent growth.

展望未來，我們將專注於五大跨品類市場：遊戲、視訊協作、音樂、家庭控制以及創意和生產力。我們看到了透過面向所有這些市場的產品實現成長的機會。我們所有產品類別的成長速度和時間不會相同，但我們多元化的產品組合實力將支撐持續成長。

Great products along won't drive sustained growth. Great products combined with operational excellence will. Outstanding execution was a key factor in exceeding our FY16 outlook. Our execution was broad-based: making design central to what we do, rolling out the biggest brand transformation in our history, achieving our new product launch schedules, getting our products to our customers around the globe and optimizing shelf space, offsetting over half of the currency headwinds through great cost management and selective pricing moves, and reducing our absolute level spending while continuing to invest -- in fact, investing more -- in growth opportunities. All of those things made FY16 a success. And we're just getting started.

單靠優秀的產品無法持續成長。優秀的產品加上卓越的營運將會帶來成功。出色的執行力是我們2016財年業績超乎預期的關鍵因素。我們的執行力度非常廣泛：將設計作為我們工作的核心，推出公司歷史上規模最大的品牌轉型，實現新產品上市計劃，將產品送到全球客戶手中並優化貨架空間，透過出色的成本管理和選擇性定價策略抵消一半以上的匯率不利影響，並在繼續投資（實際上是加大投資）增長機會的同時，降低絕對水平支出。所有這些因素共同促成了2016財年的成功。我們才剛起步。

That brings me to our outlook. We're confirming the outlook for FY17 that we shared just a few weeks ago at our analyst and investor day of $185 million to $200 million in non-GAAP operating income and constant currency retail sales growth in the mid-single digits.

這就引出了我們的展望。我們確認了幾週前在分析師和投資者日上分享的 2017 財年展望，即非 GAAP 營業收入為 1.85 億美元至 2 億美元，按固定匯率計算的零售銷售額增長為中等個位數。

I'm very pleased with our results in FY16 and with the progress we're making. We've delivered our best constant currency growth rate in five years. We exceeded our sales and profitability targets. We continued strong cash generation.

我對我們2016財年的成績以及我們所取得的進展感到非常滿意。我們實現了五年來最佳的以固定匯率計算的成長率。我們超額完成了銷售額和獲利目標。我們持續保持強勁的現金流。

Our growth strategy is working and we're focused on delivering more of the same in FY17. You are just beginning to see what we can do in a world where everything will be connected. Imagine what we can be in a few years.

我們的成長策略正在奏效，我們將在 2017 財年繼續保持這一勢頭。你現在才剛開始看到，在一個萬物互聯的世界裡，我們能做到什麼。想像一下幾年後我們會變成什麼樣子。

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

好了，現在我和文森可以回答大家的問題了。請照常聽從操作員的指示。

(Operator Instructions) Felix Remmers, Credit Suisse.

（操作說明）瑞士信貸 Felix Remmers。

Yes. Hi, everyone. Thanks for taking my questions. Actually I have three. First, on mobile speakers, I'm just wondering what makes you so confident that you will grow next year given the weak performance this quarter. Is it new products which you have in the pipeline? Is it the lower inventory levels? Or -- I don't know. Some more color on your confidence here?

是的。大家好。謝謝您回答我的問題。其實我有三個。首先，關於移動音箱，我只是想知道，鑑於本季業績疲軟，是什麼讓您如此自信地認為明年會成長。你們是否有正在研發中的新產品？是庫存水準較低的原因嗎？或者——我不知道。想再詳細說說你​​的自信嗎？

Then the second question was on restructuring costs. You booked another $3.7 million restructuring costs. What have you done there? What can you expect in terms of cost savings going forward here?

第二個問題是關於重組成本的。您又計入了370萬美元的重組費用。你在那裡做了什麼？接下來，您在成本節約方面可以期待什麼？

And last one was on the mid-single-digit growth outlook. Can you provide some more color on how you come up with that? I mean, I remember you always have been quite cautious on the PC peripherals business. Now it sounds you're a bit more optimistic. Did the guidance include some revenue contribution from new seeds and also the Jaybird acquisition?

最後一點是關於個位數中段的成長前景。能詳細說說你​​是怎麼得出這個結論的嗎？我的意思是，我記得你一直對電腦週邊業務非常謹慎。現在聽起來你樂觀多了。該業績指引是否包含了新種子帶來的部分收入貢獻以及對 Jaybird 的收購？

Okay. Those are a lot of questions. Let me take one, let's start with restructuring. I'm going to let Vincent answer that one and then I'll cover the other two.

好的。問題真是不少。讓我舉一個例子，我們先從重組開始。我先讓文森特回答這個問題，然後再回答另外兩個問題。

Felix, we booked the rest of the program we announced a year ago. A year ago we announced $15 million to $20 million exit of OEM and infrastructure restructuring that excluded Lifesize. We had indicated at the end of Q2 that as we believe we may have further cleanup, up to 10%. We're now fully done and at this point in time we're not planning restructuring going into FY17.

菲利克斯，我們已經預定了去年宣布的剩餘項目。一年前，我們宣布了一項價值 1500 萬至 2000 萬美元的 OEM 退出和基礎設施重組計劃，但不包括 Lifesize。我們在第二季末曾表示，我們認為可能還需要進一步清理，清理工作量可能高達 10%。我們現在已經全部完成了，目前我們沒有計劃在 2017 財年進行重組。

Now, jumping to mobile speakers, your question was what gives us confidence we're going to have growth next year. A couple of things.

現在，讓我們回到行動揚聲器的話題，您的問題是，是什麼讓我們有信心明年實現成長。有幾件事。

First of all, we continued to have growth through Q4 in our mobile speaker business. The underlying business continued to grow. We really adjusted the inventory levels, the channel inventory levels, as we went through to adjust to a lower growth rate. But we still had growth around the world and most of the impact was actually in the Americas. So, that's the first point.

首先，我們的行動音箱業務在第四季度持續保持成長。基礎業務持續成長。為了適應較低的成長率，我們確實調整了庫存水準和通路庫存水準。但我們在全球範圍內仍然實現了成長，而且大部分影響實際上發生在美洲。這是第一點。

Second point is we do feel very, very good about our lineup, our ability to drive market share and we certainly will be innovating through the year. So, you can expect more from us there.

第二點是，我們對我們的產品陣容、市場份額的拓展能力感到非常非常有信心，而且我們肯定會在今年不斷創新。所以，你們可以期待我們在那裡提供更多服務。

On your last question which was the mid-single-digit growth, Vincent and I will probably do this one together. I think there's a lot in there. I think as we looked at the PC markets, the tablet markets, there's a lot of reasons to view those markets pretty conservatively.

關於你最後一個問題，即個位數中段的成長，我和 Vincent 可能會一起討論這個問題。我覺得裡面有很多東西。我認為，當我們審視個人電腦市場和平板電腦市場時，有很多理由讓我們對這些市場持相當保守的看法。

As I said though, we continue to feel very strongly about the balance and the diversity of our portfolio and its ability to grow regardless of what happens in most markets. So, we feel good about it.

正如我所說，我們仍然對我們投資組合的平衡性和多樣性以及無論大多數市場發生什麼情況，其成長能力都充滿信心。所以，我們對此感到很滿意。

How much of Jaybird is in? As we said, it was not material to our guidance, so we didn't reflect any into that. We're certainly excited about that business and the ability to grow it. And we always have new things baking in the back room and you can bet that we're going to launch a lot of new items this year. You want to add anything, Vincent?

Jaybird 佔了多少位？正如我們所說，這與我們的指導意見無關，所以我們沒有將其納入其中。我們對這項業務及其發展潛力感到非常興奮。我們後廚總是在醞釀新的產品，可以肯定的是，今年我們將推出許多新產品。文森特，你還有什麼要補充的嗎？

Just one comment. In FY17 now we're going to focus on looking at the Jaybird roadmap, the IP we bring from our side, their strong technological portfolio and look at the product roadmap moving forward. We will invest in the business and if we end up paying the earn out -- you know we have a two-year earn out structure -- it should impact more materially in FY18. FY17 is really the launch year if you want.

僅作一點評論。在 2017 財年，我們將專注於 Jaybird 的發展路線圖、我們帶來的智慧財產權、他們強大的技術組合，並展望未來的產品路線圖。我們將對這項業務進行投資，如果我們最終支付了盈利支付款項——你知道我們有一個為期兩年的盈利支付結構——它應該會在 2018 財年產生更實質性的影響。如果你願意的話，2017財年才是真正的發售之年。

Thank you. Maybe one follow up on the last one. I mean, would you be comfortable to reach your guidance of the mid-single-digit growth if your PC peripheral categories would be down like 5% on average?

謝謝。或許可以對上一個問題做個後續。我的意思是，如果你的電腦週邊類別平均下降 5%，你還能接受實現個位數中段成長的目標嗎？

I believe -- we've always said that we felt like we could grow in spite of what happens to PC peripherals. We've always taken a pretty conservative look at that. We still will take a conservative look at that.

我相信──我們一直都說，無論電腦週邊市場發生什麼，我們都能成長茁壯。我們一直對此持相當保守的態度。我們仍將以保守的態度看待這個問題。

That said, to answer your question, it's really interesting to see what's happened over the last several years on keyboards and also this year on mice. And one of the conclusions we've drawn is, as the length of the life of a PC on a desk extends, the value of a new peripheral goes up. So, we do believe there's a way to grow that business and as long as we innovate carefully and well, we believe we can have a pretty good run in it. But we don't have big expectations on it going into the year.

也就是說，要回答你的問題，鍵盤在過去幾年的發展，以及今年滑鼠的發展，確實非常有趣。我們得出的結論之一是，隨著桌上型電腦在桌面上的使用壽命延長，新周邊的價值也會增加。所以，我們相信這個行業有發展壯大的方法，只要我們謹慎而有效地進行創新，我們相信我們就能在這個行業取得相當不錯的成績。但我們對今年的表現並沒有抱太大的期望。

Thank you very much.

非常感謝。

Joern Iffert, UBS.

約恩伊費特，瑞銀集團。

Hello. Thanks for taking my questions. I'd like to start with what was your momentum start into Q1? Are you happy? Are you seeing some particular weakness or strength? This will be question number one.

你好。謝謝您回答我的問題。我想先了解你們第一季的開局勢頭如何？你快樂嗎？你發現哪些方面有明顯的弱點或優勢？這將是第一個問題。

Question number two, on your average selling price strategy there were some price hikes happening in 2016 fiscal year. You're a market leader for keyboards and mice. Do you think it's possible to squeeze some more in terms of average selling price increase this year, for FY17, supporting the margins? Are you happy with the pricing strategy?

第二個問題，關於你們的平均售價策略，2016 財年出現了一些價格上漲的情況。你們是鍵盤和滑鼠市場的領導者。您認為在2017財年，是否有可能在平均售價方面再擠出一些成長空間，以支撐利潤率？您對定價策略滿意嗎？

Last question, you were speaking about introducing new product. Can you roughly share what should be the revenue contribution for FY17 coming from your products and your budgets? Just that we understand the guidance better. Thanks.

最後一個問題，您談到了推出新產品的問題。您能否大致透露一下，根據您的預算，貴公司產品在 2017 財年的營收貢獻應該是多少？只是我們更能理解指導意見了。謝謝。

Joern, let me take the first one quickly. The first three weeks of the year support the full-year guidance we just gave you. As you know the sales out or sell through as we reported was positive growth in Q4 for us across all three regions. And including in our mobile speaker category, I would say the first weeks are in line to what we have seen in exiting Q4.

約恩，讓我快速拿下第一個。今年前三週的情況與我們剛才給出的全年指導方針相符。正如您所知，正如我們之前報告的那樣，第四季度我們三個地區的銷售額或售罄率均實現了正增長。包括我們的行動揚聲器類別在內，我認為前幾週的情況與我們在第四季末看到的情況一致。

And to take the other two, on the pricing and pricing strategy, you're right; we took pricing last year. We mentioned it. It was great because we really learned how to take pricing in Europe and continued to demonstrate our ability to take pricing in Asia-Pacific where we've done it before.

至於另外兩個問題，即定價和定價策略，你說得對；我們去年就定價問題進行了討論。我們提到過這件事。這很棒，因為我們真正學會瞭如何在歐洲進行定價，並繼續證明我們在亞太地區進行定價的能力，我們以前就做到過這一點。

Going into this year I think we're always looking for opportunities to improve price. The best opportunity is when we launch a new product. Remember we launched our latest wireless gaming mouse at $150, so you can bet that we're going to take every opportunity to do that.

展望今年，我認為我們一直在尋找降低價格的機會。最佳時機是推出新產品之時。別忘了我們最新無線遊戲滑鼠的售價是 150 美元，所以你可以肯定，我們會抓住一切機會來達到這個目標。

Will we take broader-based price increases? It depends on what happens to currency. We'll have to wait and see on that one. What was the last question?

我們會接受更大範圍的價格上漲嗎？這取決於貨幣的走勢。這件事我們只能拭目以待了。最後一個問題是什麼？

New product? You were saying you're excited about the pipeline. What is roughly the revenue contribution we can assume to better understand your guidance?

新產品？你剛才說你對這條輸油管感到興奮。為了更好地理解您的指導意見，我們可以大致假設收入貢獻是多少？

As you probably realize, we don't give guidance on what percentage of our growth will be driven through new products. What I can guide you on is I'm very excited about what we're doing. I'm very excited for the portfolio we have and we're going to have really good, exciting innovation in 2017 for sure.

您可能已經意識到，我們不會透露新產品將帶動公司成長的百分比。我可以告訴你的是，我對我們正在做的事情感到非常興奮。我對我們目前的產品組合感到非常興奮，而且我們肯定會在 2017 年推出真正優秀、令人興奮的創新產品。

Okay. Maybe then also a question for the next two years or three years on your products. When you started your job, in the meanwhile, in the last three years you've introduced products -- new products, now accounting for around, I don't know, 20%, 30% of group sales? Is this the run rate we can expect also now for the next two to three years?

好的。或許還可以問問大家，未來兩三年你們的產品會如何發展。在你開始這份工作的同時，在過去的三年裡，你推出了新產品，現在這些新產品大約佔集團銷售額的 20% 到 30%？未來兩到三年，我們是否可以預期也能維持這樣的運行速度？

I wouldn't guide that far out anyway, but what I can say is: what we've done so far, you can expect more of in the future. I think our innovation engine is working extremely well, Joern, top to bottom. And if anything, we just keep broadening the capability and deepening it. So, I'm very optimistic about our ability to continue to launch new products and to continue to enter new categories.

我不會做那麼長的預測，但我可以肯定的是：我們目前所做的一切，未來你們可以期待更多。約恩，我認為我們的創新引擎從上到下都運作得非常好。而且，我們只會不斷拓展、深化這種能力。因此，我對我們繼續推出新產品和繼續進入新領域的能力非常樂觀。

All right, fine. Thanks very much.

好吧，沒問題。非常感謝。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi there. Thanks for taking my question. I have got a couple, if I may. One is on mice and keyboards and the more PC-related businesses. You've called out that you gained a couple of points of share at least in a bunch of markets. Could you highlight which of the regions where you're doing better there, where you're seeing most strength?

你好呀。謝謝您回答我的問題。如果可以的話，我還有兩樣東西。一個是關於滑鼠、鍵盤以及更多與電腦相關的業務。您曾表示，在許多市場中，您的市佔率至少提高了幾個百分點。能否重點介紹一下你們在哪些地區做得比較好，哪些地區優勢最明顯？

My second question is on cash and it's kind of a two-pronged question. You've obviously had a couple of very good quarters in terms of cash performance after there were -- you saw some working capital outflows and a couple of things in the first part of the year. Can you talk about the likely pattern in terms of working capital over the course of this year to the extent you have visibility?

我的第二個問題是關於現金的，這是一個包含兩個面向的問題。顯然，在經歷了年初的一些營運資金流出和其他一些情況之後，你們的現金流表現已經連續幾季非常好了。您能否根據您目前掌握的信息，談談今年營運資金的可能走勢？

And also I think you've said you have around $118 million of resources left for buyback. Anything more you're planning on that front?

而且，我想您也說過您還有大約 1.18 億美元的資源可用於回購。你在這方面還有其他計畫嗎？

Okay. I'll take the first one and I'll let Vincent handle the latter two. On the mice and keyboards, I won't go through and detail market by market or even region by region. What I can say is our mouse and keyboard business has been good around the world. It's been a very broad-based, and I think that's because around the world people are simply buying fewer PCs. And the fewer PCs they buy, that means the longer the life of a PC on someone's desk.

好的。第一個我來做，後面兩個就交給文森處理吧。關於滑鼠和鍵盤，我不會逐個市場甚至逐個地區進行詳細介紹。我可以肯定地說，我們的滑鼠和鍵盤業務在全球範圍內都發展良好。這是一個非常普遍的現象，我認為這是因為世界各地的人們購買的個人電腦數量正在減少。他們購買的電腦越少，就代表電腦在某人桌上的使用壽命就越長。

Remember one thing, Andrew, the PC lifecycle is just stretching. What we see is an installed base of PCs that looks flat as a board, which means most PCs are getting pretty old, and I guess it's not too surprising that people are refreshing them. And that is very much a global reality.

安德魯，記住一件事，個人電腦的生命週期只是不斷延長。我們看到的是個人電腦的裝機量幾乎為零，這意味著大多數個人電腦都相當老舊，所以人們更新換代也就不足為奇了。而且這的確是全球普遍存在的現實。

I'll let Vincent answer your other two questions.

剩下的兩個問題就讓文森特來回答。

So, on cash performance, we generated cash from operations, $183 million, most of that was in the second half. You should always count for a first half that's a little bit more cash consuming, or generating less cash, and then a second half that delivers the cash. And that's as we prepare for the highest quarter of the year, Q3.

因此，就現金流表現而言，我們從經營活動中產生了 1.83 億美元的現金，其中大部分是在下半年產生的。你應該始終考慮到上半年現金消耗較多或現金產生較少，而下半年則會帶來現金流。而此時，我們正準備迎接一年中最重要的季度——第三季。

Last year it was more pronounced because we also took some strategic actions to build cost savings such as reducing the air shipments and moving more to sea or moving more to in-house manufacturing. Those two strategic actions have been stabilized and I don't expect major change. So, first half weaker, second half stronger, less pronounced than last year, but that has always been the pattern.

去年這種情況更加明顯，因為我們還採取了一些策略措施來節省成本，例如減少空運，更多地轉向海運或更多地轉向內部生產。這兩項策略舉措已經穩定下來，我預計不會有重大變化。所以，上半年較弱，下半年較強，雖然不如去年明顯，但這始終是常態。

In terms of overall cash, we don't guide on cash but I advise analysts that are modeling the business to model cash from us at around 1 time non-GAAP operating profit. And we've been slightly over that in the past years.

就整體現金而言，我們不提供現金指引，但我建議對業務進行建模的分析師將我們的現金流量按非GAAP營業利潤的1倍左右進行建模。過去幾年，我們略微超過了這個數字。

In terms of the buyback, we still have the buyback open. You should continue to see us buy back on an opportunistic basis and we'll update you once the program is over. Then I'm sure the board will review the overall strategy and we'll update you.

關於回購計劃，我們仍然開放回購。我們應該會繼續根據市場狀況進行回購，一旦該計劃結束，我們會及時通知您。我相信董事會將會重新審視整體策略，屆時我們將向您報告最新情況。

Great. Thank you.

偉大的。謝謝。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Thanks for taking my question. First, a housekeeping one, Vincent. I just want to make sure I understood some of the commentary around gross margin for 2017. Basically better than 2016 but somewhere between 2016 and the 35% non-GAAP long-term guidance? Is that right?

謝謝您回答我的問題。首先，文森特，一件家事。我只是想確認一下我是否理解了關於 2017 年毛利率的一些評論。基本上比 2016 年好，但介於 2016 年和 35% 的非 GAAP 長期指導值之間？是這樣嗎？

Yes, that's correct. And there too we'll move progressively through the years. As we discussed at the analyst day, the first half will be weaker, especially Q1, as we have some special items in Q1 last year. So, you will have something that will course correct. But for the full year it will move up and get around 35%.

是的，沒錯。然後，我們也會在那裡一步步地向前邁進。正如我們在分析師日上討論的那樣，上半年業績會比較疲軟，尤其是第一季度，因為去年第一季有一些特殊項目。這樣，你就能找到糾正方向的方法了。但全年來看，這一數字將會上升，達到 35% 左右。

Then a couple more, on the Jaybird acquisition I understand it's not meaningful to EPS. Which category will you actually put those revenues in? Will that be mobile speakers or will that be audio, PC, and wearables?

然後還有幾件事，關於 Jaybird 的收購，據我了解，這對每股盈餘沒有影響。您最終會將這些收入歸入哪個類別？是指行動揚聲器，還是指音訊設備、電腦和穿戴式裝置？

At this point in time in the audio, PC, and wearables. That's where we'll report in Q1 and as I said, we'll focus on the portfolio, the roadmap, investments at a breakeven level. And then later on in FY18, if it becomes bigger, maybe we'll do something different.

目前，音訊、PC 和穿戴式裝置領域都面臨著這樣的挑戰。這就是我們第一季報告的內容，正如我所說，我們將重點放在投資組合、路線圖以及達到盈虧平衡水平的投資。然後，如果到了 2018 財年，規模擴大了，我們或許會採取不同的措施。

Great. And a couple of product questions. I guess this relates somewhat to Jaybird but also UE with the wearables business. I suspect we're going to see a pretty big increase in the market for stereo Bluetooth headsets once the new iPhone comes out later this year. I guess is that something that you'll look to attack aggressively with Jaybird and UE? Or will the Jaybird specifically be the brand for your headphone business?

偉大的。還有幾個產品方面的問題。我想這與 Jaybird 有些關係，但與 UE 的可穿戴設備業務也有一定關係。我估計，隨著今年稍後新款 iPhone 的發布，立體聲藍牙耳機的市場需求將會出現相當大的成長。我猜這是你們打算用 Jaybird 和 UE 積極面對的問題吧？還是 Jaybird 將成為您耳機事業的專屬品牌？

And then, Bracken, you specifically mentioned a large B2B deal I think in the webcam business. I think webcam units were up 44% year over year, so that must have been one heck of a deal. Maybe a little more detail on that? Thanks.

然後，布雷肯，你特別提到了一筆大型 B2B 交易，我想是在網路攝影機產業。我認為網路攝影機銷量年增了 44%，所以這肯定是一筆非常划算的交易。或許可以再詳細說？謝謝。

Actually I'll just answer that one first. That was not the entire growth, so the business was still relatively flat, which is good relative to past norms. There's some good activity going. We may have hit bottom on the core webcam category. As I said in the opening remarks, there are a lot of things going on with video blogging and gaming and other things that are driving some stability in the business overall.

其實我先回答這個問題。這並非全部成長，因此業務仍然相對平穩，這相對於以往的常態而言是好事。這裡有一些不錯的活動。網路攝影機這一核心品類可能已經觸底反彈了。正如我在開場白中所說，視訊部落格、遊戲以及其他許多方面都在推動整個行業的穩定發展。

That webcam deal, we are not predicting more in the future on that yet but there could be more to come. And as there is, we'll be more specific on what it is.

關於網路攝影機交易，我們目前還不預測未來會有更多相關消息，但未來可能會有更多進展。如果真有此事，我們會更具體地說明是什麼。

And if I can just clarify, for everybody to understand correctly, webcam units was up 44%, as you mentioned. The overall quarter was up 27%, the year was 7%, so aligned with the rest of the PC peripherals. You should see webcams somewhat more aligned to the rest of the PC SKUs.

為了讓大家正確理解，我再澄清一下，正如您所提到的，網路攝影機銷量成長了 44%。本季整體成長了 27%，全年成長了 7%，與 PC 週邊其他產品的成長基本上一致。你應該會看到網路攝影機與其它PC SKU的配置更加一致。

To address your other question, which is a good one, I guess you made an assumption that we don't have any knowledge about anything that would come with the future iPhone, whether you would or wouldn't need a Bluetooth earphone. But what I would say is we're going to attack every opportunity we can in the Bluetooth earphone business over the next year and two and three. Right now we have one brand in that space. Certainly we're going to hold our cards a little closer to the vest on what we'll do with the other brand, UE, on that. But let's wait and see.

至於你的另一個問題（這是一個很好的問題），我猜你假設我們對未來的 iPhone 會配備的任何功能都一無所知，例如你是否需要藍牙耳機。但我想說的是，在接下來的兩年甚至三年裡，我們將抓住藍牙耳機業務中的每一個機會。目前我們在這個領域只有一個品牌。當然，對於我們將如何處理另一個品牌 UE，我們會更加謹慎地保密。但我們還是拭目以待吧。

Thanks a lot.

多謝。

(Operator Instructions) Paul Coster, JPMorgan.

（操作說明）Paul Coster，摩根大通。

Hi, this is Paul Chung on for Paul Coster. Thanks for taking my question. So, a question on pointing devices and keyboards.

大家好，我是Paul Chung，代Paul Coster為您報道。謝謝您回答我的問題。那麼，關於指點設備和鍵盤的問題。

Solid growth there once again, more a function of installed base. Can you talk about the competitive dynamic there? Who are you taking share from? Where does it stand? How are you winning this share? And finally do you think the firm can sustain the growth in FY17?

該領域再次實現穩健成長，這主要取決於用戶基數。您能談談那裡的競爭格局嗎？你們是從誰那裡搶佔市場份額的？它目前處於什麼位置？你是如何贏得這部分市佔率的？最後，您認為該公司能否在 2017 財年保持成長？

Okay. First of all, I want to thank you for having the same name as Paul so we never make a mistake. My middle name, too, by the way.

好的。首先，我要感謝你和保羅同名，這樣我們就不會犯錯。順便說一句，那也是我的中間名。

So, to answer your question, who we're taking from, it's really pretty broad-based. We're really just -- it depends on the market around the world who's losing or holding share. But generally I would say it's more about our innovation is appealing to existing users.

所以，要回答你的問題，我們的素材來源非常廣泛。實際上，這取決於世界各地市場的情況，看誰在失去市場份額，誰在維持市場份額。但總的來說，我認為更重要的是我們的創新是否能吸引現有用戶。

And in a way I almost don't think of it as taking share, although technically that's what it is. I think of it as growing the attachment or the buyers, the number of buyers of a mouse and keyboard who have an existing PC that's getting older. So, I'm really excited about what we're doing there. I do think the overall innovation in the market around this has decreased and that means that our innovation is pretty lonely. And that's been very good for us. But I wouldn't interpret that necessarily as a share activity. I think it's really about there's a market potential.

從某種意義上說，我幾乎不認為這是在佔有股份，儘管從技術上講，它就是佔有股份。我認為這是在增加買家的依賴性，也就是那些擁有老舊電腦的滑鼠和鍵盤買家的數量。所以，我對我們在那裡所做的事情感到非常興奮。我認為市場上圍繞這一領域的整體創新已經減少，這意味著我們的創新相當孤立。這對我們來說非常有利。但我不認為這一定意味著分享行為。我認為這主要取決於市場潛力。

Okay. Thanks. And then switching to Jaybird, can you give us a sense of the margin profile, what kind of market share the firm has and a sense of the magnitude of revenues possibly?

好的。謝謝。接下來談談 Jaybird，您能否介紹一下該公司的利潤率、市場份額以及可能的收入規模？

We haven't really provided any of that yet publically. I mean, some of this you could find. I think at the end of the day you can bet that we wouldn't be interested in it if we didn't think the margin profile was in line with the kind of margin targets that we're after.

我們目前還沒有公開提供任何相關資訊。我的意思是，其中一些你可以找到。我認為歸根結底，如果我們認為利潤率狀況不符合我們所追求的利潤率目標，我們肯定不會對它感興趣。

In terms of market share, whatever it is today, our goal of course will always be to try to increase it and, even more important, to broaden it around the world.

就市場份額而言，無論目前是多少，我們的目標當然始終是努力提高市場份額，更重要的是，在全球範圍內擴大市場份額。

Okay. I think Tavis touched on this before, but it seems like you're taking advantage of these upcoming trends, whether it be a headphone jack being removed. But can you talk about any other target markets the firm is looking at, whether it be virtual reality or any other emerging types of segments?

好的。我認為 Tavis 之前也提到過這一點，但看起來你們正在利用這些即將到來的趨勢，例如取消耳機插孔。但您能否談談公司正在關注的其他目標市場，無論是虛擬實境還是其他新興細分市場？

First of all, we're not relying on anything happening to a headphone jack at all. We're interested in our Bluetooth earphone business because we think it's a good opportunity for us to play.

首先，我們根本不指望耳機插孔有任何問題。我們對藍牙耳機業務很感興趣，因為我們認為這是一個很好的發展機會。

In terms of other emerging realities, as I mentioned, we're attacking five different large domains: music, gaming, video collaboration, smart home, creativity and productivity. All of those are multi-category markets. Some of those we play in -- we don't play in all the categories of any of those, so we have adjacent opportunities in all of those.

至於其他新興領域，如我所提到的，我們正在攻克五大領域：音樂、遊戲、視訊協作、智慧家庭、創造力和生產力。這些都是多品類市場。我們參與的一些比賽——我們不會參與任何比賽的所有類別，所以我們在所有這些類別中都有相關的機會。

And within all of those there are also, as you're suggesting, emerging categories that are going to come out and we're working or exploring various spots within those markets. You mentioned virtual reality, augmented reality. I think we all believe that will be a really big long-term opportunity for lots of companies. We hope to be one of those, but I don't think that's going to come for awhile, at least not to the point where it's developed enough to be excited about short-term.

正如你所建議的那樣，在所有這些類別中，也存在一些新興類別，我們正在這些市場中探索或開拓不同的領域。你提到了虛擬實境和擴增實境。我認為我們都相信，這對許多公司來說將是一個真正的大長期機會。我們希望成為其中之一，但我認為這在一段時間內不會實現，至少不會發展到足以讓人對短期前景感到興奮的地步。

Okay. And then finally on the Logitech Circle, how's that product been performing? Has it grabbed some market share? Can you confirm the contribution of video collaboration?

好的。最後，關於羅技 Circle，這款產品表現如何？它是否已經佔據了一些市場份額？能確認一下視訊協作的貢獻嗎？

What I can say on that one is we love the product. We love it. And we continue to invest in innovating there and so you'll see more and more coming out to improve the experience.

我只能說，我們非常喜歡這款產品。我們很喜歡。我們將繼續加大投入，進行創新，因此你會看到越來越多的創新成果推出，以改善使用者體驗。

As you know, that's a very small -- the overall in-home video market is a very small market today and we're really just at the very early stages of it. And we're systematically expanding our footprint there and we'll do that slowly. We're also expanding our offering. We haven't even had a recurring revenue offering for that just yet, but you can bet that might come before too long.

如您所知，目前家庭視訊市場規模非常小，我們仍處於起步階段。我們正在有條不紊地擴大在那裡的業務規模，而且我們會循序漸進地進行。我們也在拓展產品和服務範圍。我們目前還沒有針對該領域推出經常性收入方案，但可以肯定的是，這種情況很快就會出現。

So, too early to say how big it will be for us and how long it will take, but we're excited about it and I think it will play a really important role in our smart home strategy.

所以現在說它對我們有多大影響以及需要多長時間還為時過早，但我們對此感到興奮，我認為它將在我們的智慧家庭策略中發揮非常重要的作用。

Okay. Thanks. Then last housekeeping, do you expect any ongoing litigation costs in FY17?

好的。謝謝。最後，還有一個問題，您預計 2017 財政年度會有任何持續的訴訟費用嗎？

No, we don't. It's interesting. Some of you may have seen the different things that happened, the different calls from different law firms right after we settled the FCC. A couple of points on that I'll make.

不，我們沒有。很有意思。你們中的一些人可能已經看到了之後發生的事情，以及在我們與聯邦通信委員會達成和解後，不同律師事務所打來的各種電話。關於這一點，我想提幾點。

First, the FCC settlement was already public and the amount that we'd accrued and this just finalized it. It's great to have that behind us. These various things, we don't expect any significant litigation costs for those at all.

首先，FCC 的和解協議已經公開，我們已經累積了一定的金額，而這次只是最終確定了金額。很高興這件事已經過去了。我們預計這些事項不會產生任何重大訴訟費用。

Great. Thanks.

偉大的。謝謝。

Rob Cihra, Sterne Agee.

羅布·西赫拉，斯特恩·阿吉。

Great. Thanks very much for taking my question. On mobile speakers, just a couple more questions if that's all right. One being pricing -- just pricing's actually looked a little more aggressive lately. Just wondering if you see that as a sign of things to come, how you feel about your price points here?

偉大的。非常感謝您回答我的問題。關於行動揚聲器，如果可以的話，我還有幾個問題。一是價格——最近的價格策略看起來確實更具競爭力。我只是想知道您是否認為這是未來趨勢的預兆，您對目前的定價有何看法？

And then secondly, just specifically for the quarter, any more color in terms of maybe what your sell through will look like there versus your reported selling? Just to get a sense of how much of that was inventory drawdown versus what the end market demands still looked like. Thanks.

其次，就本季而言，能否提供更多關於實際銷售情況與報告銷售情況之間差異的資訊？只是想了解其中有多少是庫存減少，又有多少是終端市場需求仍然存在。謝謝。

Let me answer the first one, Rob, and then I'll let Vincent answer the second one. On the pricing, I think it?s -- like all the markets we're in, they're all competitive so you always have pricing activity and promotions and things. Around the world it's a little hard to see exactly where the prices are at any given point in time, but I think it will be a price competitive market. We've got terrific innovation there and so we ought to be able to play at the top end of that market and that's our intention.

羅布，我先回答第一個問題，然後讓文森回答第二個問題。關於定價，我認為——就像我們所處的所有市場一樣，它們都充滿競爭，所以總會有價格波動和促銷活動等等。在全球範圍內，很難準確判斷任何特定時間的價格水平，但我認為這將是一個價格競爭激烈的市場。我們擁有非常出色的創新能力，因此我們應該能夠在高端市場中佔有一席之地，而這正是我們的目標。

Rob, on a central basis, for mobile speaker, we normally don't break it, but I think it's an important data point. We saw for the quarter a sell through (inaudible) for sales of that, plus 10% on a global basis. In the past we've seen growth in the range of 30% to 40%, sometimes 50%. And then in March at the IA day we mentioned a slowdown in the market and a market that would still grow but at a lower level. This quarter we positioned our selling to make sure that we have optimized inventory going into our lower market.

Rob，就行動揚聲器而言，我們通常不會將其拆分，但我認為這是一個重要的數據點。本季全球銷售額（聽不清楚）為該數值加上 10%。過去我們曾看到成長率在 30% 到 40% 之間，有時甚至達到 50%。然後在 3 月的 IA 日上，我們提到了市場放緩，市場仍將成長，但成長會降低。本季我們調整了銷售策略，以確保在低價市場擁有最佳庫存。

Do you think that 10% sell-in growth, if you had -- I know things are dynamic but if you had to guess, do you think that's the growth rate for the market at this stage?

您認為 10% 的銷售額成長率——我知道情況瞬息萬變，但如果讓您猜測的話——您認為這是現階段市場的成長率嗎？

Yeah, at this point in time. We guided in March the market as we saw it, around 10% to 15%, and we don't have new data points that would lead to a change in our view at this point in time.

是的，目前是這樣。我們在三月對市場趨勢的預期是上漲 10% 到 15%，目前我們還沒有新的數據點會改變我們的看法。

Great. Thanks very much.

偉大的。非常感謝。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Hi. Actually you just answered my questions regarding sell through on mobile speakers and the market growth. And just one detail I wanted to make sure I'm getting right here. Jaybird, you're planning to maintain the Jaybird brand separately from the UE brand? Is that correct?

你好。實際上，你剛才已經回答了我關於行動音箱銷售情況和市場成長的問題。還有一點細節我想確認一下。Jaybird，你們打算將Jaybird品牌與UE品牌分開經營嗎？是這樣嗎？

That is correct. They've done a great job of building a brand that's narrowly positioned for exercise and specialty outdoor and we absolutely are going to keep that in place.

沒錯。他們成功地打造了一個專注於運動和專業戶外領域的品牌，我們絕對會保持這種定位。

Okay, thank you. And then just maybe just one add-on on the mobile speakers. In terms of the competitive landscape, obviously it's a very crowded market you've been playing in very well. These new speakers, Amazon Echo, for example, are you seeing --? We see more and more speakers which have the same form factor as you, so you were sort of a trendsetter there. But are you seeing that competitive landscape significantly changing and seeing more pressure on your position, basically?

好的，謝謝。然後或許只需要在移動式音箱上增加一個附加元件。就競爭格局而言，顯然這是一個非常擁擠的市場，而你在這個市場中表現得非常出色。例如，亞馬遜 Echo 這些新型揚聲器，你看到了嗎？我們看到越來越多的揚聲器採用與你相同的外形尺寸，所以你在這方面算是引領潮流的人。但您是否看到競爭格局發生了顯著變化，並且您的地位面臨更大的壓力？

I think the Amazon Echo story is a great one and I think it's competitive, but it's also complementary. I think over time you'll -- we're certainly continuing to innovate in the space and you can expect more from us there.

我認為亞馬遜 Echo 的發展歷程非常精彩，它既具有競爭力，又具有互補性。我認為隨著時間的推移，我們會繼續在這個領域進行創新，您可以期待我們在這方面取得更多成就。

But it's exciting. There's a lot going on. And as you said, it's really exciting that the form factor that we created in this category has become a standard and that means that we have to continue to innovate. And you can stay tuned because we certainly will.

但這很令人興奮。發生了很多事。正如你所說，我們在這個類別中創造的外形尺寸已經成為一種標準，這真的令人興奮，這意味著我們必須繼續創新。請繼續關注，我們一定會關注的。

Excellent. Thank you.

出色的。謝謝。

(Operator Instructions) Andreas Mueller, ZKB.

（操作說明）Andreas Mueller，ZKB。

Hello. Thank you for taking my question. Just around wireless speakers again, I was wondering in the US why does this -- this difference between US and the rest of the world. Were the inventories that high in the US, or is the rest of the world just growing faster? And if yes, why was that such a slowdown in the US? Or do you expect such a slowdown in the US for wireless speakers relative to other regions?

你好。感謝您回答我的問題。再說回無線音箱，我一直在想，為什麼美國和世界其他地方會有這種差異。美國的庫存真的那麼高嗎？還是世界其他地區的成長速度更快？如果答案是肯定的，為什麼美國的經濟成長會如此放緩？或者，您是否預期美國無線音箱市場相對於其他地區會出現這樣的放緩？

I think there are a couple of things there, Andreas. First of all, it wasn't just US. You had some adjustment in the mobile speakers around the world.

安德烈亞斯，我覺得這裡面有兩點值得注意。首先，這不僅僅是我們遇到的情況。你們對世界各地的行動揚聲器進行了一些調整。

A lot of that, some of that's driven by the fact that the wireless speaker has a very strong Q3, our Q3, skew. So, you have a really strong sell in Q3. What does or doesn't sell ends up being there in Q4, so you have an adjustment factor. So, I'd say that's the big factor.

很多原因，包括無線揚聲器的 Q3 值（我們的 Q3 值）偏高，都是造成的。所以，第三季會有非常強勁的拋售機會。第四季哪些產品賣得好，哪些賣得不好，最後都會反映在產品清單中，所以你需要進行調整。所以，我認為這是關鍵因素。

It is bigger. It certainly is bigger in the US and the reason for that is our business is more developed in the US because the Bluetooth speaker market is more developed in the US. We also have penetration in a lot more place, more telcos for example. I think it's just a more mature market there.

它更大。在美國，藍牙音箱市場肯定更大，原因是我們的業務在美國發展得更好，因為美國的藍牙音箱市場發展得更好。我們的產品滲透範圍也更廣了，例如涵蓋了更多的電信業者。我認為那裡的市場更成熟一些。

Okay. Then on the Jaybird, I was wondering, the wristband, how important is that for you strategically? It's basically fitness and health. Could that be developed as well besides the earphones?

好的。然後，關於 Jaybird，我想知道，腕帶對你來說在戰略上有多重要？它主要涉及健身和健康。除了耳機之外，這個功能也可以開發嗎？

I wouldn't read too much into the wristband. It was a very tiny business for the Jaybird team and I just wouldn't read too much into that. We're really excited about the earphone business and that's our focus.

我不會對腕帶的內容過度解讀。對於 Jaybird 團隊來說，這只是一項非常小的業務，我不會對此過度解讀。我們對耳機業務充滿熱情，這也是我們關注的重點。

Thank you.

謝謝。

Gunther Hollfelder, Baader.

岡瑟·霍爾費爾德，巴德爾。

Thank you. It's actually Baader-Helvea. I had just a follow up question also on the mobile speaker business and the Amazon offering.

謝謝。實際上是巴德爾-赫爾維亞公司。我還有一個關於行動音箱業務和亞馬遜產品的小問題。

First, don't you think that the situation in the US, when you were saying that the inventory reduction was mainly in the US, that Amazon might have an impact here with the Echo offering? Which is not the case in other countries today.

首先，您剛剛說庫存減少主要發生在美國，您不認為亞馬遜的 Echo 產品可能會對美國市場產生影響嗎？但如今其他國家的情況並非如此。

And on the other hand, if you said -- you said, I mean, this could also be an opportunity for you guys. Would it be, for example, an option to license the Alexa voice service from Amazon, using it in your mobile speakers, for example, with the additional content?

另一方面，如果你說——你說，我的意思是，這對你們來說也可能是個機會。例如，是否可以選擇從亞馬遜獲得 Alexa 語音服務的授權，並將其用於行動揚聲器等設備，同時添加其他內容？

I wouldn't have a discussion for you about future products or future benefits or features we might sell.

我不會跟你討論我們未來可能銷售的產品、未來的福利或功能。

In terms of the Amazon effect, yes, Amazon is in the US, the US effect, and I'm sure it did have some effect on the mobile Bluetooth speaker category. I would say that's certainly true. And as we go forward we're really looking hard at what innovation we need to make sure we can play well, no matter where we are in the world, in a world where there are personal systems in play.

就亞馬遜效應而言，是的，亞馬遜位於美國，這就是美國效應，我相信它確實對行動藍牙音箱市場產生了一定的影響。我認為這當然沒錯。展望未來，我們正在認真研究我們需要哪些創新，以確保無論身處世界何處，我們都能在一個個人系統發揮作用的世界中發揮出色。

Thank you.

謝謝。

It appears that there are no further questions in queue at this time so I'll turn the call back over to Mr. Darrell for closing remarks.

目前看來沒有其他問題要提問了，所以我會把電話轉回給達雷爾先生做總結發言。

Thank you so much. We're really excited about the year we just had. I can still remember this call about three years ago and I remember being pretty nervous and very excited about the next three years to come. I'm a lot more excited now than I was then and not nervous.

太感謝了。我們對剛剛過去的一年感到非常興奮。我至今仍記得大約三年前的那通電話，當時我既緊張又興奮，對未來三年充滿期待。我現在比那時興奮得多，一點也不緊張。

I think we've got a great team. We've got a great portfolio. Our lineup is very diversified. We've demonstrated we can execute. And I think the next year and then the years after that are going to be very exciting for Logitech. and I hope you'll be along on every one of these calls with just as many questions and we'll be ready to answer them. Thank you.

我認為我們擁有一支很棒的團隊。我們擁有非常出色的投資組合。我們的產品線非常豐富。我們已經證明我們有能力執行。我認為接下來的一年以及之後的幾年對羅技來說將會非常令人興奮。我希望你們每次都能參加這些電話會議，並提出同樣多的問題，我們會準備好回答這些問題。謝謝。

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

今天的電話會議到此結束。現在你們都可以斷開連結了。謝謝。