羅技 (LOGI) 2020 Q1 法說會逐字稿

Good day, and welcome to the Logitech First Quarter Fiscal 2020 Financial Results Conference Call.

美好的一天，歡迎參加羅技 2020 財年第一季財務業績電話會議。

(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.

（操作員說明）本通話錄音僅供重播之用，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. Ben Lu, Head of Investor Relations.

我想介紹一下今天電話會議的主持人，投資者關係主管陸本先生。

Thank you, Sharon.

謝謝你，莎倫。

Welcome to the Logitech conference call to discuss the company's financial results for the first quarter of fiscal year 2020.

歡迎參加羅技電話會議，討論公司 2020 財年第一季的財務表現。

The press release, the prepared remarks and slides as well as a live webcast of this call are available online at the Investor Relations page of our website, ir.logitech.com.

本次電話會議的新聞稿、準備好的評論和幻燈片以及現場網路直播均可在我們網站 ir.logitech.com 的投資者關係頁面上線上取得。

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

在本次電話會議期間，我們可能會做出前瞻性陳述，包括根據 1995 年《證券訴訟改革法案》的安全港做出的有關未來經營績效的陳述。

The forward-looking statements involve risks and uncertainties, and actual results could differ materially as noted in our quarterly and other filings with the SEC.

前瞻性陳述涉及風險和不確定性，實際結果可能與我們向 SEC 提交的季度文件和其他文件中指出的存在重大差異。

The company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise.

該公司不承擔因新的發展或其他原因而更新或修改任何前瞻性陳述的義務。

Please note that today's call will include results reported on a non-GAAP basis.

請注意，今天的電話會議將包括以非公認會計原則報告的結果。

Non-GAAP financial results have inherent limitations and are not meant to be considered in isolation from or as a substitute for or superior to GAAP results.

非 GAAP 財務業績具有固有的局限性，不應孤立地考慮、替代或優於 GAAP 業績。

Our press release and slides provide a reconciliation between GAAP and non-GAAP numbers and are posted on our IR website.

我們的新聞稿和幻燈片提供了 GAAP 和非 GAAP 數據之間的對賬，並發佈在我們的 IR 網站上。

We encourage listeners to review these items.

我們鼓勵聽眾回顧這些項目。

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

除非另有說明，各時期之間的比較是按年比較並以固定匯率計算的。

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

此通話正在錄音，並將在羅技網站上重播。

Joining us today from California are Bracken Darrell, President and Chief Executive Officer; and Nate Olmstead, Chief Financial Officer.

今天從加州加入我們的是總裁兼執行長 Bracken Darrell；和首席財務官內特·奧爾姆斯特德。

I'll now turn the call over to Bracken.

我現在將把電話轉給布雷肯。

Thanks, Ben, and thanks to all of you for joining us.

謝謝本，也謝謝你們大家加入我們。

We had a good Q1 and a strong start to the year.

我們第一季表現良好，今年開局強勁。

We delivered total sales growth of 9% in constant currency, at the high end of our full year sales guidance of mid to high single-digit growth.

以固定匯率計算，我們的總銷售額成長了 9%，處於中高個位數成長的全年銷售指引的高端。

All of you deal in investment portfolios in one way or another, and investment portfolio with only one stock is usually more volatile than one that's more diversified.

你們所有人都以一種或另一種方式處理投資組合，而僅包含一種股票的投資組合通常比更加多元化的投資組合波動更大。

Narrowly focused consumer hardware businesses are the same.

狹隘的消費硬體業務也是如此。

They suffer the ups and downs of their single category with no offsets.

他們經歷了單一類別的起起落落，卻沒有任何抵消。

Quarter in and quarter out, some categories will do better while others will do worse.

季度以來，有些類別會表現較好，而有些類別則會表現較差。

Logitech differs from many other hardware companies because of our portfolio diversity.

羅技與許多其他硬體公司不同，因為我們的產品組合多樣化。

This diversity has tended to smooth short-term category-specific fluctuations and provides stable funding for our investment priorities.

這種多樣性往往會平滑特定類別的短期波動，並為我們的投資重​​點提供穩定的資金。

That consistent funding approach is critical to our objective of long-term, sustainable growth.

這種持續的融資方式對於我們實現長期永續成長的目標至關重要。

But the key aim of our multi-brand, multi-category company is to deliver amazing customer experiences in many categories, a growing number where we can lead long term.

但我們多品牌、多品類公司的主要目標是在許多品類中提供令人驚嘆的客戶體驗，我們可以長期引領越來越多的品類。

We deliver category leadership across our broad-based portfolio through our strong capabilities in design, engineering, go-to-market, marketing and operations.

我們透過在設計、工程、上市、行銷和營運方面的強大能力，在廣泛的產品組合中保持類別領先地位。

That is the recipe.

這就是食譜。

That is a recipe that's allowed us to consistently deliver ahead of our peers on both the top and the bottom line, and Q1 is no different.

這是一個讓我們能夠在營收和利潤上始終領先同業的秘訣，第一季也不例外。

You've heard us talk about the secular trends driving our business: the growth of video communication, the rise of e-gaming as a sport and the democratization of content creation.

您已經聽過我們談論推動我們業務發展的長期趨勢：視訊通訊的成長、電子遊戲作為一項運動的興起以及內容創作的民主化。

Those 3 major global trends continue to drive our business now and will drive it long term.

這三大全球趨勢現在繼續推動我們的業務發展，並將長期推動我們的業務發展。

We're excited about being the world's leading peripherals player, bringing video to everybody, equipping and supporting gamers and enabling content creators.

我們很高興能夠成為世界領先的周邊廠商，為每個人帶來視頻，為遊戲玩家提供裝備和支持，並為內容創作者提供支持。

Now let's dig into the performance of our different categories.

現在讓我們深入研究一下不同類別的表現。

Video Collaboration sales grew 28% from Q1 with all 3 of our regions delivering double-digit growth.

視訊協作銷售額較第一季成長 28%，我們所有 3 個地區均達到兩位數成長。

Our MeetUp huddle room product continued to see strong traction with customers, and sales were again very strong this quarter.

我們的 MeetUp 小型會議室產品持續受到客戶的強烈關注，本季的銷售再次非常強勁。

Sales of our recently introduced Rally camera system for larger conference rooms climbed to new highs.

我們最近推出的大型會議室 Rally 攝影機系統的銷售量攀升至新高。

That could very well become our second best-selling SKU at Video Collaboration after MeetUp despite being released less than a year ago.

儘管發布不到一年，但它很可能成為繼 MeetUp 之後我們在視訊協作領域第二暢銷的 SKU。

And our Tap touch controller that's embedded with great software giving users single-touch access to their video solution just started shipping to great customer feedback.

我們的 Tap 觸控控制器嵌入了出色的軟體，使用戶可以透過單點觸控存取其視訊解決方案，剛開始出貨，並獲得了良好的客戶回饋。

And now you're beginning to see how we've been investing in software capabilities that go beyond the software that brings products to life like MeetUp and Tap.

現在您開始了解我們如何投資於軟體功能，這些功能超出了 MeetUp 和 Tap 等使產品栩栩如生的軟體範圍。

Logitech Sync is a perfect example.

羅技同步就是一個完美的例子。

Sync, which is in beta now, is our new videoconferencing device management platform that gives our customers seamless, cloud-based device administration insights and control.

Sync 是我們新的視訊會議設備管理平台，目前處於測試階段，它為我們的客戶提供無縫、基於雲端的裝置管理洞察和控制。

It automatically flags issues in real-time and offers in-depth diagnostics so that problems can be addressed quickly.

它會自動即時標記問題並提供深入的診斷，以便快速解決問題。

And we won't just stop there.

我們不會就此止步。

Whether that's Logitech Sync for Video Collaboration or Logitech Capture for our webcams to help capture the fast-growing streaming opportunities, we'll continue to double down on building out our software capabilities to deliver amazing customer experiences.

無論是用於視訊協作的羅技 Sync 還是用於網路攝影機的羅技 Capture 來幫助捕捉快速增長的串流媒體機會，我們將繼續加倍努力建立我們的軟體功能，以提供令人驚嘆的客戶體驗。

Now let me talk about our PC Peripherals business.

現在我來談談我們的PC週邊業務。

The PC Peripherals business generally has bounced around quarter-to-quarter from slightly negative to mid-single digits or even better.

PC 週邊業務整體上每季都從小幅負值反彈到中個位數甚至更好。

Sales were roughly flat this quarter, yet the category remains consistent and stable.

本季銷售額大致持平，但該類別保持一致和穩定。

And as we stated in our March Analyst and Investor Day, we should be able to drive low single-digit growth for the foreseeable future here.

正如我們在三月分析師和投資者日中所說，我們應該能夠在可預見的未來推動低個位數成長。

As usual, you can count on us to bring out some really cool innovation throughout the year.

像往常一樣，您可以信賴我們全年都會推出一些非常酷的創新。

So stay tuned.

所以請繼續關注。

In Gaming, while sales grew just 2%, nothing's changed regarding the long-term structural growth trajectory of the category.

在遊戲領域，雖然銷售額僅成長 2%，但該類別的長期結構性成長軌跡並沒有任何變化。

So why the flattish growth in Q1?

那為什麼第一季成長持平呢？

The bottom line are really tough compare in headsets.

與耳機相比，底線確實很艱難。

Most of you are aware of the unprecedented impact of Fortnite last year on young gamers and then how it brought in millions of them.

你們中的大多數人都知道去年《要塞英雄》對年輕遊戲玩家產生了前所未有的影響，以及它如何吸引了數以百萬計的年輕玩家。

In the U.S., for example, where Fortnite has had the biggest impact, we saw the console and PC gaming headset market double almost overnight.

例如，在《要塞英雄》影響最大的美國，我們看到遊戲機和 PC 遊戲耳機市場幾乎在一夜之間翻了一番。

Excluding headsets, our Gaming business was actually up over 20% and even accelerated versus last quarter.

不包括耳機在內，我們的遊戲業務實際上成長了 20% 以上，甚至比上季還要加速。

We don't see a change to the structural growth in Gaming overall.

我們認為遊戲產業的結構性成長總體上沒有變化。

Gaming is here to stay, and we'll continue to bring out innovative new products that will elevate every gamer's potential and delight them.

遊戲將繼續存在，我們將繼續推出創新的新產品，以提升每個遊戲玩家的潛力並讓他們感到高興。

You might have noticed the release of our newest and latest PRO X Gaming headset with a mic that was developed with none other than our Blue Microphone technology and team.

您可能已經注意到我們最新發布的 PRO X 遊戲耳機，其麥克風是由我們的 Blue Microphone 技術和團隊開發的。

Blue VO!

藍色VO！

CE gives everyone the ability to customize and tune how they sound in a game, and it's unique to Logitech.

CE 讓每個人都能夠自訂和調整遊戲中的聲音，這是羅技獨有的。

No distortion, no noise, no outside feedback, just the clear and crisp sound of your voice that everyone hears that can really change the game for -- in multiplayer social games.

在多人社交遊戲中，沒有失真、沒有噪音、沒有外界回饋，只有每個人都能聽到的清晰、清脆的聲音，這可以真正改變遊戲規則。

Wired Magazine called it quite possibly the best headphone Logitech's ever made.

《連線》雜誌稱其很可能是羅技有史以來最好的耳機。

We also introduced a new version of our flagship ASTRO A50 headset.

我們也推出了旗艦產品 ASTRO A50 耳機的新版本。

It has a new design, a new base station for even better wireless connection and better sound.

它採用了新的設計、新的基地台，可提供更好的無線連接和更好的聲音。

It will be available later this summer.

該產品將於今年夏天晚些時候上市。

You'll notice that these 2 products are just some of our premium-priced innovations.

您會注意到，這兩種產品只是我們的一些高價創新產品。

With the broadening of the base of new gamers as a result of Fortnite, we aim to capitalize on the tremendous upgrade potential such a big base of first-timers provide.

隨著《要塞英雄》新玩家群的擴大，我們的目標是充分利用如此龐大的初次玩家群所提供的巨大升級潛力。

Of course, we have more exciting gaming innovations coming throughout the year.

當然，我們全年都會推出更多令人興奮的遊戲創新。

Tablet & Other Accessories sales grew 21% this quarter as we rolled out the new Slim Folio for the latest-generation iPad Pro.

隨著我們為最新一代 iPad Pro 推出新款 Slim Folio，平板電腦及其他配件銷售額本季成長了 21%。

We had a robust double-digit growth in both our traditional retail channel as well as in our educational channel -- education channel.

我們的傳統零售通路和教育通路都實現了強勁的兩位數成長。

This demonstrates our continued strength in both enabling and supporting the Apple ecosystem both for consumers and education.

這證明了我們在為消費者和教育啟用和支持 Apple 生態系統方面的持續實力。

Mobile Speakers were up 51% in Q1 probably due to the successful launch of our new WONDERBOOM 2. As we've said before, don't expect this type of growth to persist because growth rates are often driven by the timing of our new product introductions.

行動音箱在第一季成長了51%，這可能是由於我們新的WONDERBOOM 2 的成功推出。產品推出的時機決定的介紹。

Last year in Q2, for example, is especially strong because of the launches of our newest versions of BOOM and MEGABOOM, so that will impact our Mobile Speaker comps this coming quarter.

例如，去年第二季的表現尤其強勁，因為我們推出了最新版本的 BOOM 和 MEGABOOM，因此這將影響我們下一季的行動揚聲器產品。

While the overall Mobile Speaker market remains soft, we're attacking various opportunities here to deliver great music experiences for consumers whether that's through new channels or new product.

雖然整個行動揚聲器市場仍然疲軟，但我們正在抓住各種機會，無論是透過新管道還是新產品，為消費者提供出色的音樂體驗。

Audio & Wearables sales were up 15% this quarter with Blue Microphones contributing roughly 2 points to our overall company growth.

本季音訊和穿戴式裝置銷售額成長了 15%，其中 Blue Microphones 為我們公司的整體成長貢獻了約 2 個百分點。

While we didn't have Blue in our Q1 figures last year, if we look at their year-over-year sales, Blue delivered another quarter of double-digit growth on the back of the continued trend toward podcast creation.

雖然我們去年第一季的數據中沒有 Blue，但如果我們看一下它們的同比銷售額，就會發現在播客創作的持續趨勢的支持下，Blue 又實現了兩位數的增長。

Next week, our Jaybird team will introduce another exciting product that I've been using whenever I go running.

下週，我們的 Jaybird 團隊將推出另一款令人興奮的產品，我每次跑步時都會使用它。

It takes everything you love about our existing Jaybird products and experience and then bring it to the next level.

它吸收了您對我們現有 Jaybird 產品和體驗的喜愛，然後將其提升到一個新的水平。

Now before I turn the call over to Nate, I'd like to be the first on this call to congratulate him on being named our new CFO.

現在，在我將電話轉給 Nate 之前，我想成為第一個參加電話會議的人，祝賀他被任命為我們的新財務長。

He is no longer interim.

他不再是臨時的。

He's already become a great operating and financial partner for me and my team, and I look forward to working together.

他已經成為我和我的團隊的優秀營運和財務合作夥伴，我期待著合作。

So Nate, you're in charge.

所以內特，你負責。

All right.

好的。

Thanks, Bracken.

謝謝，布雷肯。

Q1 results were strong with balanced performance across all our financial metrics, thanks to solid execution and strong financial discipline.

由於紮實的執行力和嚴格的財務紀律，第一季業績強勁，所有財務指標表現均衡。

We grew sales at the high end of our full year guidance, gained share in our key categories, invested wisely in our strategic priorities and expanded both gross and operating margins despite tariff and currency headwinds.

儘管存在關稅和貨幣不利因素，我們的銷售額仍實現了全年指導的高端增長，在關鍵類別中獲得了份額，對戰略重點進行了明智的投資，並擴大了毛利率和營業利潤率。

Sales grew 9% in constant currency to $644 million, and non-GAAP operating profits grew 11% to $67 million.

以固定匯率計算，銷售額成長 9%，達到 6.44 億美元，非 GAAP 營業利潤成長 11%，達到 6,700 萬美元。

Our Q1 non-GAAP gross margin increased 40 basis points to 37.8%, in the middle of our recently revised target margin range of 36% to 40%.

我們第一季的非 GAAP 毛利率成長了 40 個基點，達到 37.8%，處於我們最近修訂的 36% 至 40% 目標利潤範圍的中間位置。

We continue to see the benefit from mix shifts in our portfolio, and our teams did a nice job taking operational actions to mitigate cost headwinds from China tariffs and unfavorable currency exchange rates.

我們繼續看到投資組合組合轉變的好處，我們的團隊在採取營運行動來減輕中國關稅和不利貨幣匯率帶來的成本阻力方面做得很好。

We continue to proactively and aggressively take steps to reduce the impact of tariffs, including further diversifying our manufacturing locations and recently informing our U.S. partners of price increases for select products.

我們繼續積極主動地採取措施減少關稅的影響，包括進一步實現我們的製造地點多元化，以及最近通知我們的美國合作夥伴某些產品的價格上漲。

We have implemented price increases many times over the past 7 or 8 years, and price sensitivity is never completely predictable.

在過去的七、八年裡，我們已經多次實施漲價，而價格敏感度從來都不是完全可預測的。

But we feel good about our approach for the year and are confident in our full year guidance.

但我們對今年的方法感到滿意，並對全年指導充滿信心。

Our non-GAAP operating expenses increased 6% to $176 million or up 3% excluding Blue.

我們的非 GAAP 營運支出成長 6%，達到 1.76 億美元，不包括 Blue 則成長 3%。

Our sales and marketing and R&D spend were both up 7% as we continue to invest in our portfolio, brand, demand generation and coverage.

隨著我們繼續投資於我們的產品組合、品牌、需求產生和覆蓋範圍，我們的銷售和行銷以及研發支出均成長了 7%。

At the same time, we continue to keep our G&A spending flattish at around $20 million per quarter.

同時，我們繼續將 G&A 支出保持在每季 2000 萬美元左右。

So with a disciplined approach to managing and balancing costs, we delivered another strong profit quarter.

因此，透過嚴格的管理和平衡成本的方法，我們又實現了強勁的利潤季度。

Now let me talk briefly about our cash flows.

現在讓我簡單談談我們的現金流。

Cash flow from operations was $37 million in Q1, a nice increase from $12 million in Q1 last year.

第一季營運現金流為 3,700 萬美元，較去年第一季的 1,200 萬美元大幅成長。

Our full year cash flows tend to be heavily skewed toward the second half, and we are still targeting full year operating cash flow to roughly equal our full year non-GAAP operating profit.

我們的全年現金流往往嚴重偏向下半年，而且我們的目標仍然是全年營運現金流大致等於全年非公認會計原則營運利潤。

In summary, Q1 was another quarter where we demonstrated the resilience of our diversified product portfolio.

總而言之，第一季是我們展示多元化產品組合彈性的另一個季度。

As Bracken said earlier, this is a key strength of our business model.

正如布雷肯之前所說，這是我們商業模式的關鍵優勢。

We will continue to invest in adding new categories and capabilities so that we can consistently deliver top and bottom line growth over the long term.

我們將繼續投資增加新的類別和功能，以便我們能夠持續實現長期的營收和利潤成長。

Now I'll turn it back to Bracken.

現在我會把它轉回給布雷肯。

Thanks a lot, Nate.

非常感謝，內特。

We just wrapped up Q1 and delivered a strong start to the year as we said.

正如我們所說，我們剛剛結束了第一季度，並為今年帶來了強勁的開局。

So today, we're confirming sales growth of mid to high single digits in constant currency and non-GAAP operating income of $375 million to $385 million.

因此，今天，我們確認以固定匯率計算的銷售額將實現中高個位數成長，非 GAAP 營業收入將達到 3.75 億美元至 3.85 億美元。

And with that, Nate and I are ready for your questions.

現在，內特和我已經準備好回答你們的問題了。

(Operator Instructions) Your first question comes from the line of Asiya Merchant with Citigroup.

（操作員說明） 您的第一個問題來自花旗集團的Asiya Merchant 專線。

Congratulations, everyone, strong quarter given the backdrop that we've been hearing about throughout the quarter.

恭喜大家，鑑於我們在整個季度中聽到的背景，本季表現強勁。

I have a couple of questions.

我有幾個問題。

One, Gaming.

一、遊戲。

I know you addressed that head-on, Bracken, about Gaming headset versus Gaming keyboards and other peripherals within Gaming, but how should we think about the rest of the year unfolding?

Bracken，我知道您正面談到了遊戲耳機與遊戲鍵盤和其他遊戲週邊設備的比較，但我們應該如何看待今年剩餘時間的發展？

I know first quarter was tough comps.

我知道第一季的比賽很艱難。

But as we see the comps easing in the back half, September, December quarter, relative to the expectations sort of like mid to high-teens growth, how should we think about the Gaming category unfolding for the rest of the year?

但當我們看到後半段、9 月和 12 月季度的競爭有所緩和時，相對於預期的中高青少年成長，我們應該如何看待今年剩餘時間遊戲類別的發展？

Well, I think as I said in my opening, the growth outside of the headset business was actually stronger than it was last quarter, so quite strong.

嗯，我認為正如我在開場白中所說，耳機業務以外的成長實際上比上季度強勁，非常強勁。

That included our new controller in ASTRO and, of course, all of our existing businesses, strong mice -- mouse performance.

這包括我們在 ASTRO 中的新控制器，當然還有我們所有現有的業務，強大的滑鼠——滑鼠性能。

We're going to wait and see how the headset category develops over the rest of the year, but I feel really good about the Gaming business overall.

我們將拭目以待耳機類別在今年剩餘時間內的發展情況，但我對整體遊戲業務感覺非常好。

And I think our expectations, we'll deliver somewhere in the range we gave earlier.

我認為我們的期望，我們將在我們之前給出的範圍內實現。

Okay.

好的。

That's good to know.

很高興知道這一點。

And then the 4% year-on-year sell-through, that seemed -- relative to the sell-in that you guys reported, it seemed a little weaker.

然後，4% 的同比銷售量，相對於你們報告的銷售量，似乎有點弱。

Maybe you can talk a little bit about the divergence between the sell-through versus the sell-in.

也許你可以談談賣出與賣出之間的差異。

Yes.

是的。

Sure.

當然。

This is Nate.

這是內特。

I'll take that one.

我會接受那個。

So I think if you look at it on a dollar-to-dollar basis, the gap really wasn't quite as large.

所以我認為，如果你從美元兌美元的角度來看，差距確實沒有那麼大。

Our U.S. dollar revenue growth was 6%, and we reported the sell-through of 4%.

我們的美元收入成長了 6%，我們報告的銷售率為 4%。

So pretty close on those 2. The widest gap you probably saw was in EMEA where similar to prior quarters, as we mentioned, we've made some strategic decisions about how we think about demand generation investments and shifting some of those investments from -- really from gross margin down into OpEx to build the brand and strengthen the brand over the long term.

非常接近這兩個。以及將其中一些投資從 -真正從毛利率下降到營運支出來建立品牌並長期強化品牌。

So that really explains the majority of the spread between our U.S. dollar sell-in growth at 12% and the sell-through growth at 5%.

因此，這確實解釋了我們以美元計價的銷售成長率為 12%，而銷售成長率為 5%。

Your next question comes from Jörn Iffert with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的 Jörn Ifffert。

The first one would be please on the video communication or collaboration.

第一個是視訊通訊或協作。

I thought Polycom is entering already with a product below $1,000.

我認為 Polycom 已經以低於 1,000 美元的產品進入市場。

Do you see tighter competition here already?

您是否已經看到這裡的競爭更加激烈了？

And also to this product category, can you give us some more clarity what is your current head count on direct sales force and what you are planning here for the next 12 months?

對於該產品類別，您能否更清楚地告訴我們您目前的直銷人員人數以及未來 12 個月的計劃？

And second question would be please going into Q2.

第二個問題請進入第二季。

I mean we have a couple of companies reporting softer consumer environments, et cetera.

我的意思是，我們有幾家公司報告說消費者環境更加疲軟，等等。

I'm not seeing anything, for example, in China.

例如，我在中國沒有看到任何東西。

And the last question on Gaming.

最後一個關於遊戲的問題。

After Google and Apple launched their streaming services, do you see potential for cooperation here on the hardware side or if it's independent?

谷歌和蘋果推出串流媒體服務後，您認為在硬體方面有合作的潛力還是獨立？

Or do you see Apple, Google going into the peripheral space in Gaming?

或者你認為蘋果、谷歌會進入遊戲週邊領域嗎？

Okay.

好的。

So you asked a lot of questions really fast.

所以你很快就問了很多問題。

Let me -- we'll go through them one at a time.

讓我——我們將一次一個地介紹它們。

So competitive entries into videoconferencing.

視訊會議領域的競爭如此激烈。

Yes, we expected them, we're getting them, there will be more.

是的，我們期望它們，我們正在得到它們，還會有更多。

And that's -- competition makes you better.

那就是——競爭讓你變得更好。

So we will be better.

所以我們會變得更好。

We're already better than we were 6 months ago.

我們已經比 6 個月前更好了。

And so far, I don't think it's had any impact on our business, but we're going to rise to the occasion.

到目前為止，我認為這對我們的業務沒有任何影響，但我們將應對這種情況。

And the other good thing about that is I think when you -- as Guerrino De Luca, our current Chairman said to me a long time ago, "Man, oh, man, you don't want to be in a category with no competition because then there's no growth." So I think that really growth in this category will accelerate as you get more people out there talking about the benefits and the cost savings opportunities and more of Video Collaboration.

另一個好處是，我認為，正如我們現任主席 Guerrino De Luca 很久以前對我說的那樣，“夥計，哦，夥計，你不想進入一個沒有競爭的類別因為那樣就沒有增長。”因此，我認為，隨著越來越多的人談論視訊協作的好處和成本節約機會以及更多，這個類別的真正成長將會加速。

So I love good competition, and we've got good competitors.

所以我喜歡良好的競爭，我們有很好的競爭對手。

Direct sales numbers.

直接銷售數字。

I don't think we've quoted externally our direct sales numbers.

我認為我們沒有對外引用我們的直接銷售數據。

Probably I'm not going to do it now.

也許我現在不會這樣做。

But what I can tell you is that we're accelerating rapidly the number we have around the world.

但我可以告訴你的是，我們正在迅速增加我們在世界各地的數量。

We're -- each region in the world is hiring, and we're trying to hire wisely.

我們——世界上每個地區都在招聘，而且我們正在努力明智地招聘。

We've all been through the hiring surges that end up happening -- a surge and then you lose half the people because they were the wrong ones.

我們都經歷過最終發生的招募激增——招募激增，然後你就失去了一半的人，因為他們選錯了人。

So we're -- but we're hiring very aggressively around the world.

所以我們——但我們正在世界各地非常積極地招募。

Q2, your comment about is there a story over in China on the weaker markets.

Q2，您的評論是關於中國市場疲軟的故事。

I think China has had such a period of long, strong growth; for us too, by the way.

我認為中國已經經歷瞭如此漫長而強勁的成長時期；順便說一句，對我們來說也是如此。

If you look at last couple of years, we've been up 20% in China, I think you can say 19% or 20%, 21%, 22%, 23%.

如果你看看過去幾年，我們在中國成長了 20%，我想你可以說是 19% 或 20%、21%、22%、23%。

And no, I don't expect to stay like that, and we didn't see that this quarter or even last quarter.

不，我不希望保持這種狀態，我們本季甚至上個季度都沒有看到這種情況。

It was lower.

它更低。

But I don't see anything in our categories that suggest China is in for a big slowdown.

但我在我們的類別中沒有看到任何跡象表明中國正面臨大幅放緩。

It seems pretty stable to me.

對我來說似乎相當穩定。

I think our China business won't have the 20-plus percent growth this year that it might have had last year or the year before, but I do think it's going to continue to be solid.

我認為我們的中國業務今年不會像去年或前年那樣實現 20% 以上的成長，但我確實認為它將繼續保持穩健。

And then finally, Google, Apple entering the streaming business and others.

最後，Google、蘋果等公司也進入了串流媒體業務。

No, I don't see that as a downside at all.

不，我根本不認為這是缺點。

I see it as a pure upside.

我認為這是一個純粹的好處。

A lot of this streaming entry really is going to enable people to get into the gaming experience at a much lower cost for the PC, et cetera, and I think that's a great thing for us because they still need peripherals.

許多串流媒體條目確實將使人們能夠以更低的 PC 成本獲得遊戲體驗，我認為這對我們來說是一件好事，因為他們仍然需要周邊設備。

And I can't imagine those people will ever see peripherals in gaming as a strategic category.

我無法想像那些人會將遊戲週邊視為一個戰略類別。

So this is our place.

所以這是我們的地方。

We love it.

我們喜歡它。

But coming back to the streaming services, I think you have a cooperation with Apple on the tablet -- keyboard or tablet peripherals.

但回到串流媒體服務，我認為你與蘋果在平板電腦上有合作——鍵盤或平板電腦週邊設備。

Do you also see room for cooperation here with Google, with Apple?

您是否也看到了與Google、蘋果的合作空間？

Or will this remain independent?

或者這會保持獨立嗎？

We never share anything we're doing with anyone -- any new partner on the outside before we do it.

在我們這樣做之前，我們從不與任何人——任何外部的新合作夥伴——分享我們正在做的任何事情。

And what I would just say is I think we've always been a harmless, capable partner for these big players, trying to enable their experiences, and that's what we're going to continue to be.

我想說的是，我認為我們一直是這些大玩家的無害、有能力的合作夥伴，努力為他們提供體驗，這就是我們將繼續做的。

And if I sound too modest there, I do feel like we're really capable, but we're not a threat to anybody like that.

如果我聽起來太謙虛了，我確實覺得我們確實有能力，但我們不會對任何人構成威脅。

We're just trying to help them realize their goals, just like we're trying to realize our own.

我們只是想幫助他們實現他們的目標，就像我們試圖實現我們自己的目標一樣。

Next question comes from Paul Chung with JPMorgan.

下一個問題來自摩根大通的 Paul Chung。

So first off, on VC, how good is your visibility into the full year?

首先，在創投方面，您對全年的能見度如何？

Does your enterprise channel kind of provide you better visibility into demand relative to, I think, some of your more consumer-oriented products?

我認為，相對於您的一些更面向消費者的產品，您的企業管道是否可以讓您更了解需求？

And then on seasonality, have you kind of been able to determine any patterns for this business?

然後就季節性而言，您是否能夠確定該業務的任何模式？

Or are we kind of still early days?

或者我們還處於早期階段嗎？

I did notice that F 1Q has been typical low point for the year.

我確實注意到 F 第一季是今年典型的低點。

So do you see enterprise volume patterns kind of accelerate more so in the second half of the fiscal year.

那麼，您是否認為企業數量模式在本財年下半年會加速？

Well, first of all, on visibility, I would say yes and no.

嗯，首先，關於可見性，我會說是與否。

I think anything -- the sales cycles are longer in Video Collaboration than they are in our consumer business.

我認為，視訊協作的銷售週期比我們的消費者業務更長。

So we use Salesforce.com, et cetera, like everybody else does.

因此，我們像其他人一樣使用 Salesforce.com 等。

So we do probably have better visibility of the customer base on potential sales.

因此，我們確實可以更了解客戶群的潛在銷售情況。

On the other hand, it doesn't mean we have -- we can't tell you exactly what the sales are going to be next quarter or this quarter.

另一方面，這並不意味著我們已經——我們無法確切地告訴您下個季度或本季的銷售額是多少。

This isn't quite like some B2B businesses where you really have very clear picture of exactly what's going to sell next quarter and the quarter after that and then you work them through.

這與某些 B2B 企業不太一樣，在這些企業中，您確實非常清楚地了解下季度和下一個季度將銷售什麼產品，然後再解決。

So it's a little -- I would say it's in between there, but it certainly is better.

所以它有點——我想說它介於兩者之間，但它肯定更好。

We're going to have growth all year long, and we're excited about it.

我們將全年實現成長，我們對此感到興奮。

From a seasonality standpoint, so far, I would say there hasn't been a lot of seasonality in our VC business.

從季節性的角度來看，到目前為止，我想說我們的創投業務並沒有太多的季節性。

It's different from our consumer business where you have a really strong, of course, calendar Q4.

這與我們的消費者業務不同，當然，第四季的日曆非常強勁。

You do see some improvement through the year, and it's probably seasonal, but I think a lot of it is just the momentum of the business that's continued to get stronger quarter-over-quarter.

今年你確實看到了一些改善，這可能是季節性的，但我認為這很大程度上只是業務的勢頭逐季持續增強。

And while every quarter is not bigger than the last quarter, it's pretty close.

雖然每季都不比上季大，但也非常接近。

So there's a little bit of seasonality, but I wouldn't overstate.

所以有一點季節性，但我不會誇大其詞。

You can kind of see them in the numbers if you eyeball them.

如果你仔細觀察的話，你可以在數字中看到它們。

Yes.

是的。

I think just to add a little to that.

我想補充一點。

Obviously, as we do get more exposure to those enterprise accounts, seasonality -- sometimes you get a large deal on one quarter, and you don't have one the next quarter.

顯然，隨著我們確實更多地接觸這些企業帳戶，季節性——有時你在一個季度得到一筆大交易，但在下一個季度就沒有了。

So you can move around a little bit for that reason.

所以你可以因為這個原因稍微走動一下。

And then as Bracken mentioned, we don't really have the holiday sale -- the same sort of holiday sales push that you might have more on the consumer side, but you do have that enterprise strength in calendar Q4 that I would expect to see just as companies and corporations close out their fiscal years.

然後，正如 Bracken 所提到的，我們並沒有真正進行假日銷售——與消費者方面可能會有更多的假期銷售推動相同，但在日曆第四季度，您確實擁有我希望看到的企業實力正如公司和企業結束其財政年度一樣。

As Bracken said, I think right now, we just see a lot of opportunity to continue growth.

正如布雷肯所說，我認為現在我們看到了很多繼續成長的機會。

We're investing in that space to increase our coverage, and we'll go from there.

我們正在該領域進行投資以擴大我們的覆蓋範圍，我們將從那裡開始。

Yes.

是的。

I would just add one other thing about that, thinking about what you just said, Nate.

我想補充一件事，考慮一下你剛才所說的，內特。

We also have large deals that get agreed to upfront, and then they're deployed over a year or even 2. So it does make it a little more predictable than the rest.

我們還有一些預先同意的大型交易，然後在一年甚至兩年內部署。

Our DCS, by the way, is -- underneath this 28% sell-in, our DCS is more stable this quarter.

順便說一下，我們的 DCS——在 28% 的賣出率之下，本季我們的 DCS 更加穩定。

I mean it looked a lot like last quarter.

我的意思是，看起來很像上個季度。

So it's very stable.

所以它非常穩定。

But to Nate's point, it does sell-in...

但就內特而言，它確實很暢銷...

Okay.

好的。

And then the next question is on Pointing Devices and keyboards.

下一個問題是關於指點設備和鍵盤。

So you've mentioned the benefits of kind of addressing a large aging kind of PC installed base, and you continue to post growth in these more mature categories.

因此，您提到了解決大量老化的 PC 安裝基礎的好處，並且您繼續在這些更成熟的類別中實現成長。

But now, PC shipments are actually squeezing out some growth near term, right?

但現在，個人電腦出貨量實際上正在擠壓近期的一些成長，對嗎？

So we did notice some positive correlation with your mice and keyboards sales relative to kind of PC shipments over the years.

因此，我們確實注意到，多年來，滑鼠和鍵盤的銷量相對於 PC 的出貨量呈正相關。

So should we see some incremental benefit in these segments near term?

那麼，我們是否應該在短期內看到這些領域的一些增量效益？

If so, why didn't we see any benefit this quarter in particular, particularly in the Pointing Devices?

如果是這樣，為什麼我們在本季沒有看到任何好處，特別是在指點設備方面？

Yes.

是的。

I think, first of all, the installed base is so much bigger than the PC shipments that I'm not sure that going forward, you're going to see a lot of correlation between PC shipments and our business or even our -- or our categories because the truth is we've sort of disconnected our selling from a PC shipment sale.

我認為，首先，安裝基數比個人電腦出貨量大得多，我不確定未來你會看到個人電腦出貨量與我們的業務甚至我們的——或我們的類別，因為事實是我們已經將我們的銷售與PC 出貨銷售分開了。

So one of the reasons why it used to be more highly correlated was, first of all, the installed base was lower.

因此，它曾經具有更高相關性的原因之一是，首先，安裝基礎較低。

And then also, we had programs where we're really aggressively trying to upgrade.

此外，我們確實積極嘗試升級一些程式。

If somebody bought a new PC, we would on the spot, if we were lucky, have one of the retailers or even e-tailers trying to upgrade the mouse that they bought because we'd say, "Well, that mouse is pretty low end.

如果有人買了一台新電腦，如果幸運的話，我們會當場讓零售商甚至電子零售商嘗試升級他們購買的滑鼠，因為我們會說，「嗯，那個滑鼠相當低結尾。

But if you buy a higher, you'd have a better experience when you get home with a PC." But that's a much smaller story now.

但如果你買一台更高的，當你帶著電腦回家時，你就會有更好的體驗。

So I don't think you see a high correlation.

所以我認為你沒有看到很高的相關性。

On the other hand, I think the opportunity we have -- the thing that really drives our business now is our NPIs, our new product introductions.

另一方面，我認為我們擁有的機會——現在真正推動我們業務發展的是我們的 NPI，我們的新產品推出。

And I think if -- our new product introduction cycles, if they hit this quarter, we tend to have a better quarter if they hit the next quarter.

我認為，如果我們的新產品推出週期，如果它們在本季推出，那麼如果它們在下個季度推出，我們往往會有一個更好的季度。

So I think that's probably a lot more of a driver for us going long term than PC shipments are.

因此，我認為這可能比個人電腦出貨量更能推動我們的長期發展。

And I think as we go through the rest of the year, you'll see us do some cool things.

我認為，在今年剩下的時間裡，你會看到我們做了一些很酷的事情。

We've got good innovation coming.

我們即將迎來良好的創新。

Next question comes from Andreas Müller with ZKB.

下一個問題來自 ZKB 的 Andreas Müller。

I had 2 question also in Pointing Devices.

我在指點設備方面也有兩個問題。

I mean can you explain the declining sales outside of the cordless mice category?

我的意思是，您能解釋一下無線滑鼠類別之外的銷售下降嗎？

And I assume cordless mice still or -- is still growing.

我認為無線老鼠仍在成長。

But then you mentioned I think trackballs and pointers.

但後來你提到我認為軌跡球和指針。

I mean is that such -- are these such large categories to move the needle?

我的意思是，這些大類別是否能夠起到推動作用？

And what's happening there?

那裡發生了什麼事？

That's the first question.

這是第一個問題。

Oh, sure.

哦，當然。

Yes.

是的。

No.

不。

I don't think there's a big story to be told on mice.

我認為關於老鼠沒有什麼大故事可講。

We've had negative quarters off and on for as long as I've been here on the mouse business.

自從我從事滑鼠業務以來，我們就斷斷續續地經歷過季度業績下滑。

And I do think it's much more a function, as I said earlier, of what have we launched, what's the traction on the latest thing we've launched, what's coming up next, are we selling in.

我確實認為，正如我之前所說，這更多的是我們推出的產品、我們推出的最新產品的吸引力是什麼、接下來會發生什麼、我們是否在銷售。

A lot of that's what's happening there.

那裡正在發生很多這樣的事情。

And no, I don't think -- by the way, I think you're right -- I know you're right.

不，我不認為——順便說一句，我認為你是對的——我知道你是對的。

Our cordless mice continue to be strong.

我們的無線滑鼠仍然很強大。

The kind of let's call them more niche products in the mouse category could be very attractive, and I think we're going to continue to do those things.

讓我們稱其為滑鼠類別中更小眾的產品可能非常有吸引力，我認為我們將繼續做這些事情。

Like the vertical mouse we launched last year has done very, very well.

就像我們去年推出的垂直滑鼠就做得非常非常好。

We upgraded -- you mentioned trackball.

我們升級了——你提到了軌跡球。

We upgraded our trackball about a year ago.

大約一年前，我們升級了軌跡球。

So the growth curve on that has probably faded out a little bit, but we've got more stuff coming.

因此，成長曲線可能已經減弱了一點，但我們還會有更多的東西出現。

So I don't think -- I wouldn't overthink this quarter on mice.

所以我認為——我不會在本季對老鼠過度思考。

I think it's just part of the wobble that's happened in that business for as long as we've had it.

我認為這只是該行業自成立以來就一直存在的波動的一部分。

And if you added up -- look at all of our PC Peripherals business, looks fine, up 2%.

如果你加起來——看看我們所有的 PC 週邊業務，看起來不錯，成長了 2%。

If we're up single digit, low single digit, that's good.

如果我們上升個位數，下降個位數，那很好。

I agree.

我同意。

The second question on cash conversion.

第二個問題，關於現金兌換。

I mean the cash conversion cycle of these 50 days, what would be kind of cash conversion?

我是說這50天的現金轉換週期，現金轉換是什麼樣的？

I mean if we hadn't had Blue Mic or the tariffs, sort of the normalized basis.

我的意思是，如果我們沒有 Blue Mic 或關稅，那就是標準化的基礎。

Of course, it's then fluctuating between -- with seasonality.

當然，它會隨著季節性而波動。

But I mean how many days we would have been lower with the -- without the exceptionals there?

但我的意思是，如果沒有例外情況，我們會減少幾天？

Yes.

是的。

I'll take that one.

我會接受那個。

So I think there's a few days of cash conversion cycle tied up in those items you mentioned, I think, primarily on the tariffs side.

因此，我認為有幾天的現金轉換週期與您提到的這些項目相關，我認為主要是在關稅方面。

Obviously, we did pull in some inventories.

顯然，我們確實提取了一些庫存。

We've done -- in past quarters when the tariff increases were announced, tried to take proactive action there to help out on the cost side.

在過去幾季宣布關稅上調時，我們已經嘗試採取積極行動來幫助解決成本問題。

So we did do that again this quarter.

所以本季我們確實又這樣做了。

The other thing in cash conversion cycle, obviously, it's just the linearity of the business.

顯然，現金轉換週期中的另一件事是業務的線性。

Sequentially, cash conversion cycle improved 7 days as the business had a little better linearity to it than it did in Q4, and then year-over-year was up.

隨後，現金轉換週期改善了 7 天，因為業務的線性度比第四季好一些，然後比去年同期上升。

So it's going to still move around.

所以它仍然會四處移動。

There's some headwind in that number from Blue as they had a little bit longer cash conversion cycle.

Blue 的這個數字有些阻力，因為他們的現金轉換週期稍微長一些。

And as we continue to integrate that business and bring them into our operations, we could see some improvement in that in the future.

隨著我們繼續整合該業務並將其納入我們的營運中，我們未來可能會看到一些改進。

By the way, they had a higher cash conversion cycle than we have.

順便說一句，他們的現金轉換週期比我們更高。

So we can definitely do better with Blue than that.

所以我們絕對可以用 Blue 做得更好。

Yes.

是的。

The next question comes from Thomas Forte with D.A. Davidson.

下一個問題來自 Thomas Forte 和 D.A.戴維森。

Great.

偉大的。

First off, I want to congratulate Nate for being named CFO.

首先，我要祝賀 Nate 被任命為財務長。

And then want to talk about 2 things, first on gross margin and then second on Gaming.

然後想談兩件事，首先是毛利率，其次是遊戲。

On the gross margin front, I think it's remarkable that you had a 40 basis point increase year-over-year despite the tariffs.

在毛利率方面，我認為儘管存在關稅，但同比增長 40 個基點是值得注意的。

So wanted to know if you can give some more information on what you're doing to mitigate the tariffs.

因此想知道您是否可以提供更多關於您正在採取哪些措施來減輕關稅的資訊。

And then on Gaming in particular, I want to talk about new products and how you thought about your new premium console controller from ASTRO.

然後，特別是在遊戲方面，我想談談新產品以及您對 ASTRO 的新型高級控制台控制器的看法。

Great.

偉大的。

Let me -- I'll take the second one first, and then I'll hand it off to Nate, although I do want to make a comment on the gross margin front before I jump over to the Gaming question.

讓我——我會先討論第二個問題，然後我會把它交給內特，儘管我確實想在跳到遊戲問題之前對毛利率方面發表評論。

I also am very impressed that we had such a strong quarter in gross margin because we had 170 basis points of impact from currency.

令我印象深刻的是，我們季度的毛利率如此強勁，因為我們受到了 170 個基點的匯率影響。

So we managed to offset that, which is great, and still deliver kind of in the middle of the range, which -- of our long-term range.

因此，我們設法抵消了這一點，這很好，並且仍然在我們的長期範圍的中間範圍內提供。

So I feel good about that.

所以我對此感覺很好。

On the Gaming side, the C40 is our first foray into controllers since we bought ASTRO, and it's been a good, strong performer.

在遊戲方面，C40 是我們自購買 ASTRO 以來首次涉足控制器領域，它的表現非常出色。

And it's still very early days for us in that new category, but it's a big category.

對我們來說，這個新類別還處於早期階段，但它是一個很大的類別。

There's a lot of potential there, and we're going to -- we're optimistic about the long term.

那裡有很大的潛力，我們對長期前景持樂觀態度。

Do you want to go back to the...

你想回到那...

Yes.

是的。

And then I think on gross margin Bracken mentioned there were really 2 significant headwinds this year.

然後我認為在毛利率方面，布雷肯提到今年確實存在兩個重大阻力。

Currency actually, the larger of the 2, was actually about 120 basis points, [exceeding out] our hedging.

事實上，貨幣匯率（兩者中較大的一個）實際上約為 120 個基點，[超出]我們的對沖。

And then tariffs added a little bit on top of that as well.

除此之外，關稅還增加了一點。

I think in terms of tariffs, obviously, we've taken actions for some quarters now to diversify manufacturing locations.

我認為就關稅而言，顯然我們已經在某些季度採取了行動，以使製造地點多樣化。

That's probably the most important one as well as, as I mentioned pulling in some inventory ahead of the tariff increases to get you sort of a onetime benefit.

這可能是最重要的，正如我所提到的，在關稅增加之前拉入一些庫存，以獲得某種一次性的好處。

So both of those were significant helps this quarter.

因此，這兩項都對本季產生了重大幫助。

Also on gross margin, just keep in mind, we're continuing to see some benefits from the portfolio mix shifts.

另外，在毛利率方面，請記住，我們繼續看到投資組合組合變化帶來的一些好處。

Things like VC, which grew faster than the overall company, again, have relatively higher margins, and so that helps as well.

像創投這樣的公司，其成長速度快於整個公司，同樣具有相對較高的利潤率，因此這也有幫助。

Looking forward, obviously, we only had a half of -- so the tariffs increased kind of in the middle of the quarter.

展望未來，顯然，我們只有一半——因此關稅在本季中期有所增加。

So we'll have some additional tariff cost increases next quarter that we're taking steps to mitigate.

因此，下個季度我們將採取一些額外的關稅成本增加措施來緩解這種情況。

I mentioned we did notify some of our U.S. partners of -- or all of our U.S. partners for some selected price increases, so that's an additional new step that we're taking in Q2.

我提到我們確實通知了我們的一些美國合作夥伴或所有美國合作夥伴進行了一些選定的價格上漲，所以這是我們在第二季度採取的額外新步驟。

But that gives you a flavor of some of the things that we're doing.

但這讓您對我們正在做的一些事情有所了解。

Again, I give a lot of credit to the operations team for moving quickly and doing a really good job mitigating those costs.

再次，我對營運團隊的快速行動以及在降低這些成本方面做得非常出色表示高度讚揚。

Your next question comes from Jürgen Wagner with MainFirst Bank.

您的下一個問題來自 MainFirst Bank 的 Jürgen Wagner。

Actually, a follow-up on the gross margin.

實際上，是毛利率的後續。

Can you quantify the product mix impact on the gross margin?

您能否量化產品組合對毛利率的影響？

You mentioned Video Collaboration.

您提到了視訊協作。

So how much benefit it was?

那麼到底有多少好處呢？

And on M&A, last time, I think -- or end of last year, we discussed potential Plantronics addition.

關於併購，我認為上次，或者說去年年底，我們討論了 Plantronics 的潛在補充。

What can we expect this year with the new CFO?

今年我們對新任財務長有何期待？

Okay.

好的。

Well, our new CFO is really a wet blanket on all acquisitions, so expect us to do nothing.

好吧，我們的新財務長確實對所有收購都是掃興的，所以我們什麼都不做。

I'm kidding.

我在開玩笑。

No.

不。

Nate's all in on our current approach.

內特全力支持我們目前的做法。

We're an organic growth company that uses acquisitions to accelerate or differentiate what we're doing.

我們是一家有機成長的公司，透過收購來加速或差異化我們正在做的事情。

And Nate, I'll speak for you, Nate, because we've talked about it a lot.

內特，我會代表你發言，內特，因為我們已經討論過很多次了。

He's totally bought into that, and we're always looking at new stuff and potential M&A.

他完全相信這一點，我們一直在尋找新事物和潛在的併購。

And stars have to line up to make them happen.

明星們必須齊心協力才能實現這一目標。

But yes, I think you can expect more M&A.

但是，是的，我認為你可以期待更多的併購。

You want to go ahead?

你想繼續嗎？

Yes.

是的。

I think on the product mix, I think I'll refrain from probably getting into too much detail on that.

我認為關於產品組合，我想我可能不會對此涉及太多細節。

But I would say there's always puts and takes, but that is one where I would expect some continued benefit for us just because, again, I think with some predictability, we expect VC to grow faster.

但我想說的是，總是有放有放，但我希望我們能持續受益，因為我再次認為，在一定的可預測性下，我們預期創投會成長得更快。

Another thing this quarter, which was nice to see, obviously, we had good growth in Mobile Speakers and the products that did ship this quarter were higher margin than the same period in the prior year.

本季的另一件事很高興看到，顯然，我們在行動揚聲器方面取得了良好的成長，本季出貨的產品的利潤率高於去年同期。

So that was also a factor, sort of a mix benefit within that category itself.

所以這也是一個因素，有點像是該類別本身的混合效益。

And I thought Mobile Speaker would be rather lower gross margin product.

我認為行動揚聲器將是毛利率相當低的產品。

Overall it is.

總體來說是的。

But like I said, just on a year-over-year basis, the products that were strong this quarter were higher margin.

但正如我所說，僅與去年同期相比，本季表現強勁的產品利潤率較高。

So it's still, overall as a category, below the company average, but the products that shipped this quarter and provided some of that growth were on the higher end.

因此，總體而言，作為一個類別，它仍然低於公司平均水平，但本季發貨並提供部分成長的產品處於較高水平。

Okay.

好的。

And then on M&A, Bracken, did you say smaller acquisitions or you -- did you just say acquisitions are part of your strategy now?

然後，關於併購，Bracken，您是說規模較小的收購還是您剛剛說收購是您現在策略的一部分？

Yes.

是的。

Yes.

是的。

No.

不。

Acquisitions are a part of our strategy.

收購是我們策略的一部分。

So you can expect us to continue to be pursuing them as we've been in the past, small, medium.

因此，您可以期待我們像過去一樣繼續追求小型、中型。

And it's not impossible we can do something large.

我們做大事也不是不可能的。

We've talked about before the large stuff is really -- the stars all have to align to make that happen.

我們之前已經討論過，重要的事情是——所有的星星都必須齊心協力才能實現這一點。

So -- but small and medium is certainly in the strike zone.

所以——但是中小型企業肯定處於攻擊區域。

The next question comes from Ananda Baruah with Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Congrats on a solid quarter, and yes, Nate, congrats on the appointment.

恭喜季度表現穩定，是的，內特，恭喜你的任命。

I look forward to working with you.

我期待與您合作。

So just to start at a higher level, do you still feel the same for this fiscal year, Bracken, about the key revenue segments?

那麼，從更高的層面開始，Bracken，您對本財年的關鍵收入部分仍然有同樣的感覺嗎？

And if you don't one way or another, could you just sort of highlight what we should know about the differences?

如果你不這樣做，你能否強調一下我們應該了解的差異？

And then I have a couple of follow-ups.

然後我有一些後續行動。

Appreciate it.

欣賞它。

Okay.

好的。

Yes.

是的。

Look, we've got 3 businesses that are big for us.

看，我們有 3 項對我們來說很重要的業務。

It's Video Collaboration, it's Gaming and it's C&P.

這是視訊協作、遊戲和 C&P。

And then we've got a growing number of other businesses that are contributors, including the M&A that we've done in the past.

然後，我們有越來越多的其他企業做出貢獻，包括我們過去進行的併購。

So I feel about the same about all of them that I did as we started the year.

所以我對他們所有人的感覺和年初時的感受是一樣的。

I think the one that was the most uncertain for us was Gaming because we really didn't know how big the Fortnite effect was.

我認為對我們來說最不確定的是遊戲，因為我們真的不知道《要塞英雄》的影響有多大。

It was really hard to say.

真的很難說。

And so now that we've seen a quarter of that, which is probably the strongest year-over-year quarter in terms of a compare, and now we have a better visibility to it.

現在我們已經看到了其中的四分之一，就比較而言，這可能是同比最強勁的季度，現在我們對其有了更好的了解。

So I would say generally speaking, we feel good about our guidance that we started the year with based on that.

所以我想說，總的來說，我們對年初基於此的指導感到滿意。

When we do the back of the envelope or the spreadsheet exercise, we feel good about that and pretty much the same geography of growth.

當我們進行信封背面或電子表格練習時，我們對此感覺良好，並且增長的地理分佈幾乎相同。

And would you say -- do you feel that Fortnite is about as you had expected kind of at the start of the year?

你會說──你覺得《要塞英雄》和你年初的預期一樣嗎？

Or is it different from what you expected one way or another?

或者它與你的預期有什麼不同？

I'd say it was stronger than expected.

我想說它比預期的要強。

I think the Fortnite effect was -- it looked and felt strong at the time.

我認為《要塞英雄》的影響在當時看起來和感覺都很強烈。

But I think after looking at it over a quarter, it looks and feels very strong there.

但我認為在看了四分之一之後，它看起來和感覺都非常強大。

The good thing about that is that strength also is probably a pretty good indicator of how many new people came into the Gaming business because of Fortnite and mainly came into headsets.

這樣做的好處是，實力也可能是一個很好的指標，表明有多少新人因為《堡壘之夜》而進入遊戲行業，並且主要進入耳機領域。

And since we have a big headset business now by virtue of the fact of having both ASTRO and Logitech G in the Gaming business, we made a bet that we were going to emphasize trade-up opportunities off the low end as we did some of our new products.

由於遊戲業務中同時擁有 ASTRO 和 Logitech G，我們現在擁有龐大的耳機業務，因此我們打賭，我們將強調低端產品的升級機會，就像我們所做的一些工作一樣。

So our Pro headset is a perfect example of that.

所以我們的 Pro 耳機就是一個完美的例子。

It's got the Blue VO!

它有藍色 VO！

CE microphone built in.

內建CE麥克風。

It's a very -- it's a beautiful design.

這是一個非常——這是一個美麗的設計。

And so I hope that is going to pay off and we're going to be able to drive some trade-up through the year and into next year.

因此，我希望這能得到回報，我們將能夠在今年和明年推動一些以舊換新。

Ananda, one comment on the headset growth.

Ananda，對耳機增長的評論。

I went back and looked at the market data, so this is not Logitech specific, but for the market back in the calendar Q4 a year ago.

我回去查看了市場數據，所以這不是羅技特有的，而是一年前第四季的市場數據。

Typically, that market showed a decline of about 40% calendar Q4 to calendar Q1.

通常情況下，該市場在第四季度與第一季相比下降了約 40%。

And a year ago, it actually grew 1% calendar Q4 to calendar Q1.

一年前，第四季度到第一季實際上成長了 1%。

Just to highlight -- so a 41 point swing in typical seasonality in the market in headsets a year ago, just to kind of augment Bracken's comments about the tough compare and really how powerful that headset growth was a year ago in the market.

只是為了強調——一年前耳機市場的典型季節性波動為 41 個百分點，這只是為了強化 Bracken 關於艱難比較的評論，以及一年前耳機市場成長的強勁程度。

All the context is really helpful.

所有的上下文都非常有幫助。

I appreciate it.

我很感激。

So just to make sure that I'm accurately understanding what you guys are saying.

所以只是為了確保我準確地理解你們在說什麼。

Bracken, the Fortnite headwind as you start this year was perhaps a bit more pronounced than you originally envisioned it would be, but you're still putting up solid numbers in the non-headset business.

Bracken，今年剛開始時，《要塞英雄》的逆風可能比你最初想像的要明顯一些，但你仍然在非耳機業務中取得了可靠的成績。

And you guys also feel that based on the amount of headsets that were purchased about 12 months ago, there's sort of a proof point there as to the attractiveness of the headset market and sort of the key segments of your Gaming.

你們還認為，根據大約 12 個月前購買的耳機數量，有證據表明耳機市場的吸引力以及遊戲的關鍵部分。

Is that all accurate?

這一切準確嗎？

Yes.

是的。

I think that's a pretty good summary.

我認為這是一個非常好的總結。

I think on your last comment, I think we know the headset market is a great market.

我認為根據您最後的評論，我認為我們知道耳機市場是一個巨大的市場。

And so we're bringing out new things into that market.

因此，我們正在向該市場推出新產品。

And the really interesting thing is going to be to see if we can upgrade some of those people who came in, that big kind of wave of people who came in, if we can upgrade them to higher-end headsets because a lot of them bought the medium and low end.

真正有趣的事情是看看我們是否可以升級其中一些進來的人，一大群進來的人，如果我們可以將他們升級到更高端的耳機，因為他們中的許多人都購買了中低端。

That's great context.

這是很好的背景。

Okay.

好的。

Okay.

好的。

Cool.

涼爽的。

And then a follow-up if I could.

如果可以的話，然後跟進。

Could you just sort of connect some of the dots for us on the interplay between what can be your ongoing OpEx investments and sort of the driving of incremental revenue growth and which -- kind of how that plays into the key segments, just so we can kind of mental math that out for ourselves?

您能否為我們介紹一下您正在進行的營運支出投資與增量收入成長的推動因素之間的相互作用以及這如何影響關鍵領域，以便我們能夠是為我們自己做的心算嗎？

And then...

進而...

It's a great question, Ananda.

這是一個很好的問題，阿南達。

Probably not going to be able to go deep enough to satisfy a spreadsheet exercise or a model that would suggest it.

可能無法深入到足以滿足電子表格練習或建議它的模型。

But what I would say is if you look, for example, at this quarter, we grew kind of equally, not in absolute value, but in percentage terms, both in R&D and sales and marketing costs.

但我想說的是，例如，如果你看一下本季度，我們在研發、銷售和行銷成本方面的成長都相當，不是絕對值，而是百分比。

And if you really dug underneath that on the sales and marketing expenses, we're really trying to increase the amount of real marketing spending we're doing at the expense of promotion, as Nate said earlier.

如果你真的深入挖掘銷售和行銷費用，我們確實在努力增加我們正在做的實際行銷支出，但以犧牲促銷為代價，正如內特早些時候所說。

And I think that's been a strategy of ours for a while.

我認為這已經成為我們的策略有一段時間了。

We're going to keep it up.

我們將繼續保持下去。

We sort of started this over in Asia Pacific, and now we're moving it into EMEA and beginning to move it into AMR.

我們從亞太地區開始，現在我們正在將其轉移到歐洲、中東和非洲地區，並開始將其轉移到 AMR。

So that path feels like the right long-term path for a company that's trying to build sustainable brands and a sustainable business.

因此，對於一家試圖建立永續品牌和永續業務的公司來說，這條道路感覺像是正確的長期道路。

On the R&D side, we have really good choices right now and good opportunities to invest in R&D.

在研發方面，我們現在有很好的選擇，也有很好的投資研發的機會。

So we're going to keep doing that.

所以我們將繼續這樣做。

That's more broad-based.

這是更廣泛的基礎。

But I would say we're certainly doing it in Gaming, we're certainly doing it in PC and in other categories as well.

但我想說，我們肯定會在遊戲、PC 和其他類別中這樣做。

And of course, some of that is we also -- when we do an acquisition, that's an add-on, too.

當然，其中一些也是我們的——當我們進行收購時，這也是一個附加項目。

Okay.

好的。

Got it.

知道了。

And so yes -- no, you've been talking for the last year or so about sort of real marketing versus promotion.

所以是的——不，你在過去一年左右的時間裡一直在談論真正的行銷與促銷。

So on the SG&A side, it's really that -- is it really that moving globally kind of [with ease]?

因此，在銷售、管理和行政費用方面，確實是這樣——在全球範圍內移動真的是[輕鬆]嗎？

And then in addition to that, well, it seemed that you guys also are doing sort of some Video Collaboration enterprise hiring.

除此之外，嗯，你們似乎也在做一些視訊協作企業的招募。

Would those be the big buckets?

那些會是大桶子嗎？

Yes.

是的。

Yes.

是的。

You described it perfectly.

你描述得很完美。

That's exactly right.

完全正確。

Your next question comes from Nehal Chokshi with Maxim Group.

您的下一個問題來自 Maxim Group 的 Nehal Chokshi。

Congratulations on continuing to deliver on the benefits of the diversification of the business.

恭喜您繼續發揮業務多元化的優勢。

That's really great.

那真是太棒了。

Thank you.

謝謝。

On the Gaming side, did I hear you correct that the -- excluding headsets, Gaming was up 20% year-over-year?

在遊戲方面，我是否聽到您說得對——不包括耳機，遊戲比去年同期增長了 20%？

Yes.

是的。

Over 20% and had an acceleration versus Q4.

超過 20%，並且與第四季度相比有所加速。

Okay.

好的。

Okay, exactly.

好吧，完全正確。

And so what percent does the ASTRO and PC Gaming represent overall Gaming in the June quarter?

那麼 ASTRO 和 PC Gaming 佔 6 月季度整體遊戲的百分比是多少？

What percentage is ASTRO and PC Gaming?

ASTRO 和 PC Gaming 的比例是多少？

We don't actually break that out.

我們實際上並沒有打破這一點。

So we -- but a majority is -- I mean the vast majority of it is obviously our PC Gaming business.

所以我們——但大多數是——我的意思是絕大多數顯然是我們的電腦遊戲業務。

And ASTRO had a great year for us last year.

去年 ASTRO 對我們來說是美好的一年。

And now we've added the controller, so it's growing there, too.

現在我們添加了控制器，因此它也在不斷增長。

Right.

正確的。

I guess what I'm trying to get at is that is the installed base of headsets -- active headsets greater than before the Fortnite phenomenon took over?

我想我想了解的是耳機的安裝基礎──主動耳機比《要塞英雄》現像出現之前還要多？

It almost has to be.

幾乎必須如此。

I mean -- well, it does -- mathematically, it has to be.

我的意思是——嗯，確實如此——從數學上來說，它必須是這樣。

So yes, it is definitely bigger.

所以是的，它肯定更大。

Any chance you can give a little bit of quantification how much bigger it might be?

您是否有機會給出一點量化，它可能會大多少？

No, I'm not even sure we have that.

不，我什至不確定我們有這個。

That's a tricky number to get because you actually have to know real user number involved.

這是一個很難獲得的數字，因為您實際上必須知道所涉及的真實用戶數量。

But you can kind of figure that it has to be because so many new gamers came into it.

但你可以認為這一定是因為有很多新玩家加入其中。

And that's why, as I mentioned earlier, we see upgrade potential now.

這就是為什麼，正如我之前提到的，我們現在看到了升級潛力。

Whether that upgrade potential happens this year or next year, it will happen, I think, because as you get into your first headset -- I have experienced this game with one of our Pro headsets with somebody yesterday.

無論這種升級潛力發生在今年還是明年，我認為它都會發生，因為當你戴上你的第一款耳機時——我昨天和某人一起用我們的一款 Pro 耳機體驗了這款遊戲。

And the difference in the Blue VO!

還有 Blue VO 的差別！

CE, for example, is just the design is significant.

例如CE，只是設計很重要。

So I think we will see upgrades, but I don't -- we don't have the exact number of installed base.

所以我認為我們會看到升級，但我沒有——我們沒有確切的安裝基數。

Understood.

明白了。

Understood.

明白了。

And then this slide in the presentation deck that shows the sell-through versus the U.S. dollar as is, can you just walk me through again why there was such a big differential between the EMEA year-over-year of 12% and 5% sell-through?

然後簡報中的這張投影片顯示了相對於美元的銷售額，您能否再次向我解釋為什麼 EMEA 的同比銷售額存在 12% 和 5% 的巨大差異-通過？

Yes.

是的。

Yes.

是的。

Sure.

當然。

Let me try again.

讓我再試一次。

So the U.S. dollar sell-in growth of 12% versus the sell-through growth of 5%, those are both U.S. dollar.

因此，以美元計價的銷售成長 12%，而售出成長 5%，兩者都是以美元計算的。

And the majority of that spread is caused by again this strategy of moving from transactional promotional spend down into OpEx.

而這種差異的大部分是由這種從交易性促銷支出轉向營運支出的策略所造成的。

And the sell-through numbers are reported really on a gross basis versus the revenue sell-in numbers are on a net basis.

銷售數據實際上是按總額報告的，而收入銷售數據是按淨額報告的。

And so the reduction in that promo spend means that the gross revenue or the sell-through translates into a higher net revenue number just because there's really less discounting, which is the difference -- the primary difference between the gross and the net.

因此，促銷支出的減少意味著總收入或銷售量會轉化為更高的淨收入數字，只是因為折扣確實減少了，這就是差異 - 總收入和淨收入之間的主要差異。

Did you follow that?

你遵循了嗎？

Does that make sense?

這樣有道理嗎？

I guess the headlines I see here...

我想我在這裡看到的頭條新聞...

Those are drivers actually for the last couple of quarters, yes.

是的，這些實際上是過去幾季的驅動因素。

Yes.

是的。

The headline I see here is channel inventory build.

我在這裡看到的標題是渠道庫存建設。

But you're telling me no, that is not the case because the differential is no discounting actually.

但你告訴我不，事實並非如此，因為差異實際上並沒有折扣。

Is that correct, no promotional activity?

是這樣嗎，沒有促銷活動嗎？

That's right.

這是正確的。

That's right.

這是正確的。

You got it.

你明白了。

We're reducing promotional activity, which is coming off the top line, so it's not a channel inventory build.

我們正在減少促銷活動，這與營收無關，因此這不是通路庫存的增加。

The channel inventory is relatively stable quarter-over-quarter -- or year-over-year.

通路庫存環比或較去年同期相對穩定。

Understood.

明白了。

Okay.

好的。

And then that reduced promotional activities, is that across all product sets?

那麼促銷活動的減少是針對所有產品組的嗎？

Or is it focused on certain product sets?

或者它專注於某些產品集？

It's focused on certain product sets, but it's fairly broad.

它專注於某些產品集，但範圍相當廣泛。

It's mostly our consumer business.

這主要是我們的消費者業務。

The B2B part of it would look stable, but all the consumer part, which is most of our businesses generally.

B2B 部分看起來很穩定，但所有消費者部分，通常是我們的大部分業務。

And we're doing -- and that is more in Europe than elsewhere.

我們正在做的事情——而且在歐洲比其他地方做得更多。

Your next question comes from Michael Foeth with Vontobel.

您的下一個問題來自 Vontobel 的 Michael Foeth。

So 2 questions from my side.

我這邊有兩個問題。

And the first one is you talked about the mitigation measures against the China tariffs and production shifts.

第一個是你談到針對中國關稅和生產轉移的緩解措施。

My question would be what specifically have you shifted in terms of production or changed in terms of production?

我的問題是，你們在生產方面具體進行了哪些轉變或改變？

And are there more plans to do so?

還有更多這樣做的計劃嗎？

And what sort of costs and investments are attached to that, that will impact financials in the next quarters?

什麼樣的成本和投資會影響未來幾季的財務狀況？

And the second question would be the -- in Video Collaboration.

第二個問題是視訊協作中的問題。

You mentioned the growth supported by product for larger conference rooms.

您提到了大型會議室產品支援的成長。

My question would be if there is any change in the dynamics for small rooms that you are seeing.

我的問題是，您所看到的小房間的動態是否有任何變化。

And -- because to me, the small room opportunity seems to be larger market.

而且──因為對我來說，小房間的機會似乎是更大的市場。

And my question is if there are any changes in those dynamics.

我的問題是這些動態是否有任何變化。

Okay.

好的。

Yes, I'll start with that one, and then I'll come back to the other one, and then Nate can jump in anywhere he likes.

是的，我將從那個開始，然後我會回到另一個，然後內特可以跳到他喜歡的任何地方。

From -- no, we don't see any difference in the huddle room versus medium and large conference rooms.

從——不，我們沒有看到小型會議室與中型和大型會議室有任何區別。

We just weren't in the medium and large conference rooms very much so we've talked about that more.

我們只是不太常去中型和大型會議室，所以我們對此進行了更多討論。

But the huddle rooms is obviously our sweet spot, it's where we started, and we don't see a change in that.

但小型會議室顯然是我們的最佳選擇，這是我們的起點，我們沒有看到這方面的變化。

It's a great opportunity for us worldwide.

這對我們全世界來說都是一個很好的機會。

There'll be -- the growth of small huddle rooms will be much bigger than the growth of large conference rooms.

小型會議室的成長將比大型會議室的成長大得多。

So it's still super key for us in that we don't see a big change.

因此，這對我們來說仍然非常關鍵，因為我們沒有看到重大變化。

In terms of shifts in manufacturing, without getting really specific on individual categories, et cetera, we've got -- we now have manufacturing in more countries in Asia than we ever have since Logitech started.

就製造業的轉變而言，在沒有真正具體說明個別類別等的情況下，我們現在在亞洲的國家/地區擁有比羅技成立以來更多的國家/地區的製造業。

So we're in Malaysia, in Vietnam, in Thailand, and we're even looking at a few other countries.

所以我們在馬來西亞、越南、泰國，甚至還在考慮其他一些國家。

But I don't want to exaggerate it either.

但我也不想誇大其詞。

I mean our factory is still quite busy.

我的意思是我們的工廠仍然很忙。

The factory in China has a great -- is superefficient.

中國的工廠有一個偉大之處──效率極高。

And obviously, the U.S. is just -- it's the only effective country here.

顯然，美國是唯一有效的國家。

So we have a lot of manufacturing still happening in China.

所以我們還有很多製造業仍在中國進行。

We will have a lot of manufacturing happening in China.

我們將有很多製造業發生在中國。

We love that factory.

我們喜歡那個工廠。

And so we're just spreading out a little bit.

所以我們只是分散一點。

By the way, you asked about cost.

順便說一句，你問的是費用。

Actually, relatively low cost to move these.

實際上，移動這些的成本相對較低。

We're used to doing this.

我們已經習慣這樣做了。

So we don't -- there aren't usually huge tooling costs or anything.

所以我們不會——通常沒有巨大的工具成本或任何東西。

So you aren't going to see a massive lift in our fixed asset investments or costs for the move.

因此，您不會看到我們的固定資產投資或搬遷成本大幅增加。

They're going to -- they're really feathered in pretty well into our gross margin.

他們將會——他們真的很好地融入了我們的毛利率。

(Operator Instructions) And we have a question from Reto Huber with Research Partners.

（操作員說明）Reto Huber 和研究夥伴向我們提出了一個問題。

I have 2. The first one was wondering what was the contribution of Blue Mic in Q1.

我有2個。

And then the second one, do you expect the Mobile Speaker business in Asia Pacific to flatten out in Q2 already?

第二個問題，您預期亞太地區的行動音箱業務在第二季已經趨於平緩嗎？

Or will it happen rather later?

還是會稍後發生？

You want to take the Blue Microphone, what's the contribution?

你想拿下藍色麥克風，貢獻是什麼？

What was the contribution?

貢獻是什麼？

So it was about 2 points at the company level to our overall growth.

因此，在公司層面上，我們的整體成長約為 2 個百分點。

So Blue was about 2 points of total company growth.

因此 Blue 大約占公司總成長的 2 個百分點。

Yes.

是的。

And then the difference within it, over 20%, over 20%.

然後裡面的差別，超過20%，超過20%。

In mobile, you asked when is -- the Mobile Speaker business was up 51% this quarter.

在行動領域，你問什麼時候——行動揚聲器業務本季成長了 51%。

When do we expect that to start to moderate?

我們預計這種情況什麼時候會開始放緩？

Next quarter.

下個季度。

It will absolutely not be anything like that because last year, in Q2, we launched the latest versions of BOOM and MEGABOOM, which when we launch later versions, usually, there's a big sell-in activity that happens.

絕對不會是這樣，因為去年第二季度，我們推出了 BOOM 和 MEGABOOM 的最新版本，當我們推出更高版本時，通常會發生大量的銷售活動。

So I would expect it absolutely to be nothing like that number and probably pretty strongly negative.

因此，我預計它絕對不會像這個數字那樣，並且可能非常強烈地為負值。

I was actually under the impression that in Asia Pacific, your Mobile Speakers are declining, right?

我實際上的印像是，在亞太地區，你們的移動音箱正在下降，對吧？

Yes.

是的。

Mobile Speakers are declining kind of modestly everywhere, not every country but sort of -- I'll say I think the category is probably down about 5 -- between 5% and 10%.

移動音箱在任何地方都在小幅下降，不是每個國家，但我想說的是，我認為該類別可能下降了 5 左右，下降幅度在 5% 到 10% 之間。

Asia Pacific is, for us, too.

對我們來說，亞太地區也是如此。

We have a bigger business in Asia Pacific relative to the size.

相對規模而言，我們在亞太地區的業務規模更大。

It's mostly Australia and New Zealand, but it's also a good business.

主要是澳洲和紐西蘭，但也是一門好生意。

So I think the Mobile Speaker business in Australia and New Zealand will continue to be pretty good.

所以我認為澳洲和紐西蘭的移動音箱業務將繼續保持良好勢頭。

It may have wobbles, but I think it's such an outdoor culture down there.

它可能會搖擺不定，但我認為這是一種戶外文化。

And it's pretty seasonal, but it's a great business.

雖然它的季節性很強，但這是一項很棒的生意。

We have a very large market share.

我們擁有非常大的市場佔有率。

I think we have 40% market share down there.

我認為我們在那裡擁有 40% 的市場份額。

(Operator Instructions) And there appears to be no further questions at this time.

（操作員說明） 目前似乎沒有進一步的問題。

I will turn the call back over to Mr. Darrell for closing remarks.

我將把電話轉回給達雷爾先生做總結發言。

Well, as I always say to our team, the key to a good year is a good first quarter, and we just had a good first quarter.

嗯，正如我經常對我們的團隊說的那樣，美好的一年的關鍵是良好的第一季度，而我們剛剛度過了一個良好的第一季。

So now we need to turn it into a good year.

所以現在我們需要把今年變成美好的一年。

So thanks a lot for such an engaged call.

非常感謝您撥打如此積極的電話。

I want to again congratulate my partner in crime, Nate, and all of the rest of our team who I think did a good job this quarter.

我想再次祝賀我的犯罪搭檔 Nate 以及我們團隊的所有其他成員，我認為他們本季做得很好。

And we'll see you guys next quarter.

我們下個季度再見。

That concludes our conference call for today.

我們今天的電話會議到此結束。

You may all now disconnect.

你們現在可以斷開連結了。

Thank you.

謝謝。