羅技 (LOGI) 2023 Q1 法說會逐字稿

Good morning and good afternoon. Welcome to Logitech's video call to discuss our financial results for the first quarter of fiscal 2023.

早上好，下午好。歡迎參加羅技的視頻通話，討論我們 2023 財年第一季度的財務業績。

Joining us today are Bracken Darrell, our President and CEO; and Nate Olmstead, our CFO. As a reminder, during this call, we will make forward-looking statements, including with respect to future operating results under the safe harbor of the Private Securities Litigation React of 1995. We're making these statements based on our views only as of today and our actual results could differ materially. We undertake no obligation to update or revise any of these statements.

今天加入我們的是我們的總裁兼首席執行官 Bracken Darrell；和我們的首席財務官 Nate Olmstead。提醒一下，在這次電話會議中，我們將做出前瞻性陳述，包括關於 1995 年私人證券訴訟反應安全港下的未來經營成果。我們僅根據我們今天的觀點做出這些陳述我們的實際結果可能會大不相同。我們不承擔更新或修改任何這些聲明的義務。

We will also discuss non-GAAP financial results, and you can find a reconciliation between non-GAAP and GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results in our press release and in our filings with the SEC, including our most recent annual report and subsequent filings. These materials as well as our prepared remarks and slides and a webcast of this call are all available at the Investor Relations page of our website. We do encourage you to review these materials carefully. Unless otherwise noted, comparisons between periods are year-over-year and in constant currency and sales are net sales.

我們還將討論非 GAAP 財務結果，您可以在我們的新聞稿和我們提交的文件中找到非 GAAP 和 GAAP 結果之間的對賬，以及關於我們使用非 GAAP 措施和可能影響我們財務結果的因素的信息SEC，包括我們最近的年度報告和隨後的文件。這些材料以及我們準備好的評論和幻燈片以及本次電話會議的網絡廣播都可以在我們網站的投資者關係頁面上找到。我們鼓勵您仔細查看這些材料。除非另有說明，否則期間之間的比較是同比和不變貨幣，銷售額是淨銷售額。

And finally, this call is being recorded and will be available for a replay on our website.

最後，這個電話會被記錄下來，可以在我們的網站上重播。

And with that, I will now turn the call over to Bracken. Good morning, Bracken.

有了這個，我現在將把電話轉給 Bracken。早上好，布雷肯。

Thank you, Nate, and thanks all of you for joining us. Logitech like many other companies, is experiencing the impact of a wide range of overlapping macroeconomic and geopolitical issues.

謝謝你，內特，也感謝大家加入我們。與許多其他公司一樣，羅技正在經歷一系列重疊的宏觀經濟和地緣政治問題的影響。

The war in Ukraine directly reduced our net sales about 2% versus last year, as we talked about earlier. Foreign currency headwinds have increased with the dollar strengthening to nearly 1:1 in the year amount. Inflation rose further and consumer confidence has weakened.

正如我們之前談到的，烏克蘭戰爭直接使我們的淨銷售額與去年相比減少了約 2%。外匯逆風隨著美元走強而增加，年金額接近 1:1。通貨膨脹進一步上升，消費者信心減弱。

None of these fundamentally affect our optimism for our target markets, our strategy or our business model. But as we looked at the quarter and head into the rest of the year, we believe it's prudent to take a more conservative view than we had previously. Impacted by these challenges, our net sales were down 9% in constant currency this quarter. There were clear highlights for sure, solid growth in video collaboration, keyboards and combos and porting devices as hybrid and return to work trends continued to take shape.

這些都不會從根本上影響我們對目標市場、戰略或商業模式的樂觀態度。但當我們回顧本季度並進入今年剩餘時間時，我們認為採取比以前更保守的觀點是謹慎的做法。受這些挑戰的影響，我們本季度的淨銷售額按固定匯率計算下降了 9%。肯定有明顯的亮點，視頻協作、鍵盤和組合以及移植設備的穩健增長作為混合和重返工作的趨勢繼續形成。

We grew market share, and we delivered solid gross margins at 40% despite worsening inflation and currency impacts. As I just said, our overall net sales in Q1, combined with the worsening macroeconomic picture may just take a hard look at our assumptions for the rest of the fiscal year.

儘管通貨膨脹和貨幣影響惡化，我們的市場份額增加了，毛利率穩定在 40%。正如我剛才所說，我們在第一季度的整體淨銷售額，再加上不斷惡化的宏觀經濟形勢，可能會讓我們對本財年剩餘時間的假設進行認真審視。

We can't affect currency exchange rates or inflation records, but we can adjust our business to the current conditions. And although we can't predict the depth and duration of these macroeconomic conditions, we can conservatively manage our business until we have evidence that the markets will return to stronger growth. In short, we can't change the macros, but we can adjust to them. and that's what we're doing.

我們不能影響貨幣匯率或通貨膨脹記錄，但我們可以根據當前情況調整我們的業務。儘管我們無法預測這些宏觀經濟狀況的深度和持續時間，但我們可以保守地管理我們的業務，直到我們有證據表明市場將恢復更強勁的增長。簡而言之，我們無法更改宏，但可以對其進行調整。這就是我們正在做的事情。

Based on current conditions and performance, we're implementing plans to reduce operating expenses by approximately 10% or about $150 million versus last year, predominantly through variable cost reductions. As our sales nearly doubled since fiscal year '20, we added disproportionately variable cost, which makes us ready to meet the moment. We'll continue to raise prices to offset the currency and inflation and target to keep a strong margin profile. We'll continue to invest in exciting new innovative products. This investment has been a key driver of our sustained share gains, and we believe it will be into the future. All that's leading us to provide you with an updated outlook for fiscal year '23, reducing expectations for both revenue and operating profit.

根據目前的情況和業績，我們正在實施計劃，主要通過降低可變成本來將運營費用與去年相比減少約 10% 或約 1.5 億美元。由於自 20 財年以來我們的銷售額幾乎翻了一番，我們增加了不成比例的可變成本，這使我們準備好迎接這一時刻。我們將繼續提高價格以抵消貨幣和通貨膨脹，並以保持強勁的利潤率為目標。我們將繼續投資於令人興奮的創新產品。這項投資一直是我們持續份額增長的關鍵驅動力，我們相信它將持續到未來。所有這些都導致我們為您提供 23 財年的最新展望，從而降低對收入和營業利潤的預期。

We believe this update appropriately takes into account the macroeconomic and geopolitical environment we're in as well as our own plans to lower our costs and take control of all the variables within our grasp. Before I let Nate take you through our financials and outlook in more detail, let me just say that the macro picture we're dealing with now is challenging, but we believe it's temporary. I'm as optimistic as ever about the long -- the medium and long term. I can't think of anywhere I'd rather be for the long term than writing the secular trends Logitech gets.

我們相信這次更新適當地考慮了我們所處的宏觀經濟和地緣政治環境，以及我們自己降低成本和控制我們掌握的所有變量的計劃。在讓內特更詳細地介紹我們的財務和前景之前，我只想說，我們現在面臨的宏觀形勢充滿挑戰，但我們認為這是暫時的。我對長期——中長期和長期持樂觀態度。我想不出比寫羅技獲得的長期趨勢更願意長期呆在哪裡。

Hybrid work or the idea of work from anywhere is simply the future. As I said in a few months ago, the debate is over. Hybrid one. And that will favor Logitech as offices are renewed for new footprints and more video and homes continue to upgrade for better offices. While the gaming market was soft over the past 2 quarters, we believe the interest in gaming will increase over the long term as gaming content expands, cloud gaming grows and more and more people become gamers, socially or even competitively.

混合工作或隨時隨地工作的想法只是未來。正如我幾個月前所說，辯論已經結束。雜種一。這將有利於羅技，因為辦公室正在為新的足跡而更新，更多的視頻和家庭繼續升級以獲得更好的辦公室。雖然過去兩個季度遊戲市場疲軟，但我們相信，隨著遊戲內容的擴展、雲遊戲的增長以及越來越多的人成為社交遊戲玩家，甚至是競技遊戲玩家，對遊戲的興趣將在長期內增加。

And the streaming and content creation trend will grow and grow. From individual creators producing content from home to businesses, leveraging podcasts and creators work to new markets. The use of streaming content continues to expand, driving growth of this trend. So we're going to continue to focus on great long-term growth, but run the business conservatively short term. What does that mean? Our product teams across our largest businesses, video collaboration, C&P and gaming will continue to launch a series of new products throughout the remainder of the year.

流媒體和內容創建趨勢將不斷增長。從在家製作內容的個人創作者到企業，利用播客和創作者的工作進入新市場。流媒體內容的使用不斷擴大，推動了這一趨勢的增長。因此，我們將繼續專注於巨大的長期增長，但在短期內保守地經營業務。這意味著什麼？我們最大的業務、視頻協作、C&P 和遊戲的產品團隊將在今年剩餘時間內繼續推出一系列新產品。

As in the past, you can expect these products to be packed with the innovative features with innovative features, full of lifestyle design enhancements and critical to the work at play of both consumers and enterprises. Our operations team will continue to optimize our supply chain for the short and long term as we source components from a diversified set of vendors, now much more diversified. Adjust tipping routes and mitigate transportation costs and risks, and finally, diversified manufacturing outside of China.

與過去一樣，您可以期待這些產品充滿創新功能和創新功能，充滿生活方式的設計增強功能，對消費者和企業的工作至關重要。我們的運營團隊將繼續優化我們的短期和長期供應鏈，因為我們從多元化的供應商那裡採購組件，現在更加多元化。調整傾卸路線，降低運輸成本和風險，最終實現中國以外的多元化製造。

We'll be working hard to flip the inflationary trend to cost reduction, as the macroeconomic type turns and it always turns. Our sales teams, especially our enterprise teams will continue to refine and improve their go-to-market capabilities across the globe. And we'll go out -- we'll go all out to help companies reconfigure offices, expand the video enablement and create workspaces appropriate to this hybrid world.

我們將努力將通脹趨勢轉變為降低成本，因為宏觀經濟類型會發生轉變，而且總是會發生轉變。我們的銷售團隊，尤其是我們的企業團隊，將繼續完善和提高他們在全球的上市能力。我們將走出去——我們將全力以赴幫助公司重新配置辦公室、擴展視頻支持並創建適合這個混合世界的工作空間。

We'll bring down expenses significantly to align with the market realities that we project for this fiscal year. And as we do this, we'll focus on organizing for maximum effectiveness over the next few years. Our capital allocation priorities remain unchanged: investment in our product design and development capabilities, accretive M&A and returns of capital to shareholders in the form of share repurchases and dividends.

我們將大幅降低開支，以符合我們為本財年預測的市場現實。在我們這樣做的同時，我們將專注於在接下來的幾年中實現最大效率的組織。我們的資本配置重點保持不變：投資於我們的產品設計和開發能力、增值併購以及以股票回購和分紅的形式向股東回報資本。

And finally, you can expect our commitment to sustainability to remain firmly in place. We were just named by EcoVadis as one of the top 1% of sustainability companies in the world. And our plan is to turn sustainability into a driver for good and for growth will continue.

最後，您可以期待我們對可持續發展的承諾將堅定不移地保持不變。我們剛剛被 EcoVadis 評為全球前 1% 的可持續發展公司之一。我們的計劃是將可持續性轉變為良好的驅動力，並且將繼續增長。

Now let me turn the call over to Nate for a breakdown of our financial performance this quarter and our new outlook. Nate?

現在讓我把電話轉給內特，了解我們本季度的財務業績和我們的新前景。內特？

Thanks, Bracken. Bracken described our perspective on the quarter and environment. It signals that we need to be prudent about the rest of the year or until economic trends become more consistent and favorable. I'll spend a few minutes on the quarter and then walk you through our updated outlook.

謝謝，布雷肯。 Bracken 描述了我們對季度和環境的看法。這表明我們需要對今年剩餘時間或直到經濟趨勢變得更加一致和有利之前保持謹慎。我將在本季度花幾分鐘時間，然後向您介紹我們更新後的展望。

In Q1, net sales were down 9% to $1.16 billion after growing 58% in Q1 of last year. We grew in video collaboration, keyboards and combos and pointing devices while facing tough compares in the macro environment. Gross margins remained essentially flat sequentially despite the litany of external factors that pressured profitability. I mentioned last quarter that cost increases, unfavorable currency rates and higher shipping rates may pressure half 1 fiscal '23 margins. And while we did see these impacts, we managed pricing and reduced our reliance on air freight to help offset these pressures. However, we anticipate Q2 margins will be lower than Q1 as these headwinds remain.

繼去年第一季度增長 58% 後，第一季度淨銷售額下降 9% 至 11.6 億美元。我們在視頻協作、鍵盤和組合以及指點設備方面取得了增長，同時在宏觀環境中面臨嚴峻的比較。儘管有一系列外部因素對盈利能力造成壓力，但毛利率環比基本持平。我在上個季度提到成本增加、不利的匯率和更高的運費可能會給 23 財年的一半利潤帶來壓力。雖然我們確實看到了這些影響，但我們管理了定價並減少了對空運的依賴，以幫助抵消這些壓力。然而，我們預計第二季度的利潤率將低於第一季度，因為這些不利因素仍然存在。

Operating profit was down as expected after doubling last year. Cash from operations was negative $36 million, also as expected, and an improvement of $79 million versus Q1 last year.

營業利潤在去年翻番後如預期下降。運營現金為負 3600 萬美元，也符合預期，與去年第一季度相比增加了 7900 萬美元。

Let's review some of the results across our product categories. Similar to last quarter, the gaming market continued to decline in Americas and Europe, while growing in Asia, and our results reflected these trends with sales down 13% globally. We outperformed the market, however, and gained PC gaming share. We saw momentum from our products geared toward both social and professional gamers offset by ongoing headset demand weakness in core PC and console gaming.

讓我們回顧一下我們產品類別的一些結果。與上個季度類似，美洲和歐洲的遊戲市場繼續下滑，而亞洲則在增長，我們的業績反映了這些趨勢，全球銷售額下降了 13%。然而，我們跑贏了市場，並獲得了 PC 遊戲市場份額。我們看到我們的產品面向社交和專業遊戲玩家的勢頭被核心 PC 和遊戲機遊戲中持續的耳機需求疲軟所抵消。

Video Collaboration sales increased 7% as conference room cameras and systems grew double digits to more than offset double-digit declines in business-oriented webcams, which are part of our video collaboration category. In creativity and productivity, keyboards and combos grew 7% and pointing devices were up 3%.

視頻協作銷售額增長了 7%，原因是會議室攝像頭和系統實現了兩位數的增長，抵消了面向業務的網絡攝像頭的兩位數下滑，這是我們視頻協作類別的一部分。在創造力和生產力方面，鍵盤和組合鍵增長了 7%，指點設備增長了 3%。

We saw solid and consistent demand during the quarter for PC Peripherals and introduced a series of new products. Our master series line added 2 mechanical keyboards and an upgraded mouse, and we also released a line of keyboard combos to support our enterprise customers. Taken together, these results highlight the performance of our categories, addressing the secular trends in gaming, video collaboration and hybrid work.

我們在本季度看到了對 PC 外圍設備的穩定和持續的需求，並推出了一系列新產品。我們的主系列產品線增加了 2 個機械鍵盤和一個升級的鼠標，我們還發布了一系列鍵盤組合來支持我們的企業客戶。總而言之，這些結果突出了我們類別的表現，解決了遊戲、視頻協作和混合工作的長期趨勢。

Sales of our creativity and productivity, gaming and VC products exceeded 80% of our total net sales this quarter and were flat year-over-year in constant currency. If you exclude Russia, these categories actually grew 2%. We have growth opportunities in other categories as well, but I wanted to highlight the performance of these key areas that directly address the strategic secular trends that Bracken referenced. Looking regionally, Asia Pacific grew nicely in the quarter, driven by gaming, while Americas and EMEA sales declined. Through the excellent work of our operations and sales teams, we were largely able to recover from the COVID lockdowns in China.

本季度我們的創意和生產力、遊戲和風險投資產品的銷售額超過了我們總淨銷售額的 80%，按固定匯率計算，與去年同期持平。如果排除俄羅斯，這些類別實際上增長了 2%。我們在其他類別也有增長機會，但我想強調這些關鍵領域的表現，這些領域直接解決了 Bracken 提到的戰略性長期趨勢。從地區來看，在遊戲的推動下，亞太地區在本季度增長良好，而美洲和歐洲、中東和非洲地區的銷售額下降。通過我們的運營和銷售團隊的出色工作，我們在很大程度上能夠從中國的 COVID 封鎖中恢復過來。

For those that track the sell-in and sell-through data in our earnings slides, you can see that globally, these metrics are in balance. The timing of the Shanghai reopening, however, resulted in the bulk of our China sales occurring later in the quarter which is why Asia sell-in was stronger than sell-through.

對於那些在我們的收益幻燈片中跟踪銷售和銷售數據的人，您可以看到在全球範圍內，這些指標是平衡的。然而，上海重新開放的時機導致我們的大部分中國銷售發生在本季度晚些時候，這就是為什麼亞洲銷售強於銷售。

Turning to expenses. I mentioned last quarter that we wouldn't hesitate to reduce our variable expenses, including marketing of conditions warranted given the weaker top line results, that is what we did in Q1. We reduced marketing and sales spend by 10% and reduced G&A by 9%. We've also said that investment in product design and development would remain a priority for Logitech, even during trying economic times and you'll note that we increased R&D investment by 9%. We are not done reducing or eliminating unproductive expenses from our business, and we are driving efficiency in all our spend, including fixed cost, product and freight costs and our go-to-market investments in the channel.

轉向開支。我在上個季度提到我們會毫不猶豫地減少我們的可變費用，包括考慮到較弱的收入結果，我們在第一季度所做的事情。我們將營銷和銷售支出減少了 10%，並將 G&A 減少了 9%。我們還說過，即使在經濟困難時期，對產品設計和開發的投資仍將是羅技的優先事項，您會注意到我們將研發投資增加了 9%。我們還沒有完成減少或消除業務中的非生產性費用，我們正在提高所有支出的效率，包括固定成本、產品和運費成本以及我們在渠道中的上市投資。

We can't offset every headwind that we predict for this year, but we are taking aggressive actions to align our spend with our sales, while sustaining investment, we believe, supports our longer-term growth ambitions. We ended the quarter with a cash balance of approximately $1.1 billion after returning nearly $121 million in capital to shareholders through our share repurchase program. As a sign of our confidence in cash generation, and our commitment to returning cash to shareholders, our Board approved an increase in our repurchase authorization by another $500 million, and we proposed a 10% increase to our dividend per share for approval at our September annual meeting.

我們無法抵消我們今年預測的每一個不利因素，但我們正在採取積極行動，使我們的支出與我們的銷售保持一致，同時我們相信，維持投資可以支持我們的長期增長目標。在通過我們的股票回購計劃向股東返還了近 1.21 億美元的資本後，我們在本季度末的現金餘額約為 11 億美元。作為我們對現金產生的信心以及我們向股東返還現金的承諾的標誌，我們的董事會批准將我們的回購授權再增加 5 億美元，我們提議將每股股息增加 10%，以供 9 月份批准年度會議。

Finally, I'll spend a minute on our updated fiscal year '23 outlook. In May, we provided an annual outlook of 2% to 4% growth in constant currency and an operating profit outlook of $875 million to $925 million. Since that time, we've seen continued and in some cases, intensified deterioration of economic conditions across the globe. Bracken discuss the external environment earlier.

最後，我將花一分鐘時間了解我們更新的 23 財年展望。 5 月，我們提供了按固定匯率計算的 2% 至 4% 的年度增長前景和 8.75 億美元至 9.25 億美元的營業利潤前景。從那時起，我們看到全球經濟狀況持續惡化，在某些情況下惡化。 Bracken 前面討論了外部環境。

So when we developed this new outlook, we made assumptions about a number of factors, including potentially protracted economic volatility and sustained revenue and profit pressure from the stronger U.S. dollar. Given these considerations and the actions we are taking to reduce costs versus last year, we now expect full year revenue to be down 4% to 8% in constant currency and full year non-GAAP operating income to be between $650 million and $750 million.

因此，當我們制定這一新展望時，我們對許多因素做出了假設，包括潛在的長期經濟波動以及美元走強帶來的持續收入和利潤壓力。鑑於這些考慮以及我們為降低成本而採取的與去年相比的行動，我們現在預計全年收入按固定匯率計算將下降 4% 至 8%，全年非 GAAP 營業收入將在 6.5 億美元至 7.5 億美元之間。

At the midpoint, our outlook for profit is down $200 million versus our prior estimates. At a high level, that comes through 2 headwinds and 2 partial offsets. The headwinds total about $400 million, including approximately $250 million of reduced profit from lower volumes and cost increases and $150 million of lower profit from currency changes. Offsetting these unfavorable impacts are OpEx reductions and pricing.

在中點，我們的利潤前景與我們之前的估計相比下降了 2 億美元。在高層次上，這來自 2 個逆風和 2 個部分偏移。不利因素總計約 4 億美元，其中包括因銷量和成本增加而減少的約 2.5 億美元的利潤，以及因貨幣變化而導致的 1.5 億美元的利潤減少。抵消這些不利影響的是運營支出的減少和定價。

So in summary, we see about $400 million of incremental profit headwinds for the full year, of which we have plans to offset 50% through actions we are taking.

總而言之，我們看到全年約 4 億美元的增量利潤逆風，我們計劃通過我們正在採取的行動來抵消 50%。

Nate, we can open the line for questions. Thank you.

內特，我們可以打開電話提問。謝謝你。

Great. Thank you, Nate. (Operator Instructions) We'll start with Paul Chung from JPMorgan.

偉大的。謝謝你，內特。 （操作員說明）我們將從摩根大通的 Paul Chung 開始。

So VC and keyboards were kind of a nice bright spot and a tough quarter. And in VC, you're kind of seeing some relative strength in conference cams. So where are you seeing demand across verticals, regions? Is this for new conference rooms, kind of replacement of legacy competitors? Any update you have there seeing in terms of competition as well?

所以 VC 和鍵盤是一個不錯的亮點，也是一個艱難的季度。在 VC 中，您會看到會議攝像頭的一些相對優勢。那麼，您在哪裡看到跨垂直、區域的需求？這是新的會議室，是舊競爭對手的替代品嗎？您在競爭方面也看到了任何更新？

Yes. I mean the conference cam number was strong. I mean I think -- I don't think we put it in the script, but the conference cam number grew very strong double digits this quarter. And it was about what you would have expected. I mean it was pretty much a global story. The Americas, in particular, were very strong. And I think that's -- it kind of reflects the return to work that's happening here in the West. Do you want to add anything to that, Nate?

是的。我的意思是會議攝像頭數量很大。我的意思是我認為 - 我不認為我們將它放在腳本中，但本季度會議攝像頭數量增長了非常強勁的兩位數。這是關於你所期望的。我的意思是這幾乎是一個全球性的故事。尤其是美洲，非常強大。而且我認為那是 - 它反映了西方正在發生的工作回歸。你想添加什麼嗎，內特？

Yes, I think it was pretty consistent, Paul. And the sell-through has remained pretty consistent actually going back several quarters. It's been a little bit tough to predict sometimes on the sell-in because of the start and stop nature of some of the reopenings. But if you just look at the sell-through, another quarter of double-digit sell-through as well as net sales.

是的，我認為這是相當一致的，保羅。實際上，可以追溯到幾個季度之前，銷售量一直保持相當穩定。由於某些重新開放的開始和停止性質，有時很難預測拋售情況。但是，如果您只看銷售額，那麼還有四分之一的兩位數銷售額以及淨銷售額。

Got it. Sure. And then on capital allocation, so the pace of buybacks has been quite elevated over the last 4 quarters. The increase in authorization to just kind of more of the same over the next 12 months, maybe at a similar pace or higher pace. Is that the right way to think about it? And then separately, private market valuations looking more attractive today from your seat, where are you seeing opportunities there?

知道了。當然。然後是資本配置，因此在過去 4 個季度中，回購的步伐相當快。在接下來的 12 個月中，授權的增長將大致相同，可能以類似或更高的速度增長。這是正確的思考方式嗎？另外，從你的角度來看，私人市場估值今天看起來更具吸引力，你在哪裡看到了機會？

Go ahead, Nate.

來吧，內特。

Let me take the buyback. Yes, I think, Paul, really, you think about this is the Board gave us the option to increase repurchases. But I would just think about it as we're seeing consistent to our strategy around capital allocation, right? We still prioritize investing in the business. And then from there, we have a balanced approach really on dividends and share repurchases. In fact, if you look back over the last several years, going back to FY '20, we've returned about $1.3 billion to shareholders through repurchases and dividends, and that's been roughly 50-50, a little bit more weighted towards share repurchases, to your point, recently. I think about 60% over that time share repurchases. But yes, we have confidence we'll continue to generate cash, and we think it's -- great to have that option.

讓我回購。是的，我認為，保羅，真的，你認為這是董事會給了我們增加回購的選擇權。但我只是想一想，因為我們看到我們圍繞資本配置的戰略是一致的，對吧？我們仍然優先考慮投資業務。然後從那裡開始，我們對股息和股票回購採取了一種平衡的方法。事實上，如果你回顧過去幾年，回到 20 財年，我們通過回購和分紅向股東返還了大約 13 億美元，這大約是 50-50，更側重於股票回購，就你而言，最近。我認為在那段時間大約有 60% 的股份回購。但是，是的，我們有信心繼續產生現金，我們認為擁有這樣的選擇非常棒。

Yes. I'll just add. First of all, I'm really thankful to the Board for giving us the increase in the authorization. I feel really good about the buyback program we've got going. In terms of M&A, we never stopped on M&A. We've been aggressively going after whatever we saw available. We did -- nothing really stopped us from a valuation standpoint before. But you're right. I mean there's no doubt that valuations have come down across the board. So we've got -- we've always got a lot of activity going and we have a lot of activity going now. So it's not going to let up.

是的。我就補充一下。首先，我非常感謝董事會給予我們增加的授權。我對我們正在進行的回購計劃感覺非常好。在併購方面，我們從未停止過併購。我們一直在積極追求我們看到的任何東西。我們做到了——從估值的角度來看，沒有什麼能真正阻止我們。但你是對的。我的意思是毫無疑問，估值已經全面下降。所以我們有 - 我們一直有很多活動正在進行，我們現在有很多活動正在進行。所以它不會鬆懈。

Next up, we'll be Asiya Merchant from Citi.

接下來，我們將成為花旗的 Asiya Merchant。

For the guidance that you guys are providing, I guess the question is, if you can help us understand through each of the categories, what's kind of baked in? Is this the worst that it gets? And if you can kind of walk us through how the minus 8% to minus 4% makes sense in the current environment. It suggests that it will improve from here on. Is that just a function of easier comps through the rest of the year? Or -- and if you can walk us through some of the categories, that would be great.

對於你們提供的指導，我想問題是，如果您可以幫助我們了解每個類別，那麼其中的內容是什麼？這是最糟糕的嗎？如果你能告訴我們負 8% 到負 4% 在當前環境中的意義。這表明它將從這裡開始改進。這只是在今年剩餘時間裡更容易進行比賽的一個功能嗎？或者——如果你能引導我們了解一些類別，那就太好了。

Nate, why don't you take the first part of that, and then I'll come in at the back and talk more about categories.

Nate，你為什麼不看第一部分，然後我會在後面討論更多關於類別的內容。

Okay. I was going to start with categories. No, I'm just -- so Asiya, I think early the year, you can always look at it year-over-year, you can get it quarter-over-quarter. Let me try to explain to you a little bit about how I thought about it quarter-on-quarter. What the outlook reflects is that we don't think that we've seen the -- every bit of bad news yet. And Q2 will be softer than what it has been historically. Normally, we see an increase sequentially from Q1 to Q2 in kind of the mid-teens on growth, the outlook sort of reflects that it's probably mid-single digits.

好的。我打算從類別開始。不，我只是 - 所以 Asiya，我認為今年年初，你總是可以逐年查看它，你可以按季度查看它。讓我試著向你解釋一下我對季度環比的看法。展望反映的是，我們認為我們還沒有看到——每一個壞消息。第二季度將比歷史上更疲軟。通常情況下，我們看到從第一季度到第二季度的增長在十幾歲左右，前景有點反映它可能是中個位數。

So Q2 is not going to see the same spike that it has before. And that's sort of a continuation of some of the trends that we saw in Q1. And then from there, if you think about the range that we have for the full year, the 4% to 8%, really the difference there is how we think about the holiday and the back half of the year.

因此，第二季度不會出現與以前相同的峰值。這是我們在第一季度看到的一些趨勢的延續。然後從那裡，如果您考慮我們全年的範圍，即 4% 到 8%，真正的區別在於我們對假期和下半年的看法。

So at the low end of the range, I think the holiday is a little bit weaker than typical seasonality at the high end of the range. We're starting to get back to typical seasonality in the back half. That's what it really reflects is Q2 -- our outlook reflects a weaker than normal seasonality in the back half of the year depending on which end of the range you talk about kind of at the midpoint, still weaker than normal seasonality in Q3 and then some return to normalcy in Q4. And then to your point on the year-over-year compares, that just comes down to some easier compares. So that's how I think about it sequentially.

因此，在範圍的低端，我認為假期比範圍高端的典型季節性要弱一些。我們開始在後半段恢復典型的季節性。這就是它真正反映的是第二季度——我們的前景反映了下半年弱於正常的季節性，這取決於你所說的範圍的哪一端處於中點，仍然弱於第三季度的正常季節性，然後是一些在第四季度恢復正常。然後就您的年度比較而言，這只是歸結為一些更容易的比較。這就是我按順序思考的方式。

Yes, I'll just add categories, you can jump back in, Nate. I think we're -- I think from a category standpoint, we -- our view is about the same as what you see this quarter. And we think we're going to continue to have a pretty good workspace business, mice and keyboards.

是的，我只會添加類別，你可以跳回去，Nate。我認為我們 - 我認為從類別的角度來看，我們 - 我們的觀點與您在本季度看到的大致相同。我們認為我們將繼續擁有相當不錯的工作空間業務、鼠標和鍵盤。

We're actually constrained a little bit. We're still constrained a little bit on mice, which shows up both in the mouse and the keyboard business. So I think that's going to continue to be a solid business for us. And of course, the VC business conference rooms, we think conference rooms are going to continue to be enabled. That's a good thing. We think the gaming business pullback is probably going to stay pull back. I don't think it will get -- we don't expect a big change in that we think it will pull back.

我們實際上受到了一點限制。我們仍然在鼠標方面受到了一些限制，鼠標和鍵盤業務都出現了這種情況。所以我認為這對我們來說將繼續是一項穩固的業務。當然，VC 商務會議室，我們認為會議室將繼續啟用。這是好事。我們認為遊戲業務的回落可能會繼續回落。我不認為它會得到 - 我們認為它不會出現大的變化，我們認為它會回落。

Now all that said, we just finished Prime Day. This year, Prime Day was in Q2. So -- and last year was in Q1. Our Prime Day was up 24% [versus a year ago, Nate]. So that's a constant rent. That's in dollars, by the way. So it's not all a pullback here. I mean there's still plenty of interest in our categories. I think that's kind of a good reflection of the future. But I do think it's prudent for us to really look at the world, the macroeconomic what we're looking at and just moderate across most of our categories in light of what's happening.

說了這麼多，我們剛剛結束了 Prime 會員日。今年，Prime Day 是在第二季度。所以 - 去年是在第一季度。我們的 Prime 會員日增加了 24% [與一年前相比，Nate]。所以這是一個固定的租金。順便說一句，那是美元。所以這裡不全是回調。我的意思是我們的類別仍然有很多興趣。我認為這是對未來的一種很好的反映。但我確實認為，對我們來說，真正審視世界是謹慎的，我們正在關注宏觀經濟，並根據正在發生的事情對我們的大多數類別進行適度調整。

Yes. And just to kind of rehighlight something I mentioned in my prepared remarks, Asiya, that those 4 categories that I talked about, gaming, video collaboration, keyboards and commons and pointing devices, those are the ones that are predominantly addressing the secular trends that we talk about so often. Over 80% of our net sales this quarter combined those categories were flat. They grew if you exclude the impact of Russia. So -- and that's with the gaming decline, right, of 13% in there. So it does indicate some durability, if you will, or continued interest in those categories, which I think is very healthy.

是的。只是為了再次強調我在準備好的評論中提到的東西，Asiya，我談到的這 4 個類別，遊戲、視頻協作、鍵盤和公用設備以及指點設備，這些都是主要解決我們的長期趨勢的類別經常談論。本季度我們超過 80% 的淨銷售額加起來這些類別是持平的。如果排除俄羅斯的影響，它們就會增長。所以 - 這就是遊戲下降了 13% 的情況。所以它確實表明了一些耐久性，如果你願意的話，或者對這些類別的持續興趣，我認為這是非常健康的。

Okay. And then capital still remains kind of high at $110 million. I know you guys talked about the variable cost structure and being able to manage that. Anything on CapEx and why you guys are keeping that at a high level, relative to where you guys have been in fiscal -- the last fiscal year, for example?

好的。然後資本仍然保持在 1.1 億美元的高水平。我知道你們談到了可變成本結構並能夠管理它。關於資本支出的任何內容，以及為什麼你們將其保持在較高水平，相對於你們在財政上的表現——例如上一財政年度？

Yes. I mentioned this before. What you see here is the catch up this year, some investments in facilities. Over the past couple of years, as offices have been closed, we haven't been making investments or expanding footprints. And as we've invested in our head count and in our people, we have the need to invest in CapEx this year. So the increase that you see this year is predominantly into facilities, not necessarily a new run rate, but we have some catch-up to do because it's been low the last couple of years.

是的。我之前提到過這個。你在這裡看到的是今年的追趕，對設施的一些投資。在過去的幾年裡，由於辦公室已經關閉，我們沒有進行投資或擴大足跡。由於我們已經對員工人數和員工進行了投資，因此今年我們需要投資資本支出。所以今年你看到的增長主要是設施，不一定是新的運行率，但我們有一些追趕工作，因為過去幾年一直很低。

Our next question will be from Torsten Sauter from Kepler Chevreaux.

我們的下一個問題將來自 Kepler Chevreaux 的 Torsten Sauter。

Actually, I have 2. First, is it fair to assume that you can cut the OpEx by, say, USD 150 million, USD 200 million if needed. And if so, where could you cut without hurting the franchise? And then if I may, secondly, I wonder to what extent has the deliberate direct B2B sales channel for video collaboration also supported and catalyzed sales in other categories. In other words, how much non-VC products are you selling in this deliberate enterprise channel?

實際上，我有 2 個。首先，假設您可以將 OpEx 削減 1.5 億美元，如果需要，可以削減 2 億美元，這是否公平。如果是這樣，你可以在不損害特許經營權的情況下削減哪裡？其次，如果可以的話，我想知道視頻協作的直接 B2B 銷售渠道在多大程度上也支持和催化了其他類別的銷售。換句話說，您在這個經過深思熟慮的企業渠道中銷售了多少非 VC 產品？

Let me take the second one, and Nate, I'm going to let you take the first one. I would say not much yet. The direct enterprise sales force has been, we really organized to focus completely on the conference cam business. And in fact, I used to say for years, I would say, I really don't want to hear the word mouse come out of anybody's mouth in the enterprise sales force because we're really good at mice, and we need to get good at conference cams. Boy, that's changed. We're now at the point where I feel like we're -- we've got to build a big structure at enterprise sales force. We're that I feel good about. And I think now we're ready to add to it. So we're in the very early days of taking advantage of that for the rest of our business. But we are seeing large sales through there already, but it's still very early days.

讓我拿第二個，內特，我會讓你拿第一個。我想說的不多。直接的企業銷售隊伍，我們真正組織起來完全專注於會議攝像頭業務。事實上，多年來我一直說，我會說，我真的不想听到企業銷售人員從任何人嘴裡說出老鼠這個詞，因為我們真的很擅長老鼠，我們需要得到擅長會議攝像頭。小伙子，變了我們現在處於我覺得我們的地步——我們必須在企業銷售隊伍中建立一個龐大的結構。我們是我感覺良好的人。我想現在我們已經準備好添加它了。因此，我們正處於將其用於我們其他業務的早期階段。但是我們已經看到那裡的大量銷售，但這還為時過早。

And then on your question on OpEx, that is our plan, is to reduce spend year-over-year in OpEx $150 million. We've talked about it before. As we've invested over the past few years, we've invested both in fixed and variable costs, but the majority of it actually in variable cost Torsten. So I think we've been prepared for such a time like this where we have to reduce those expenses, and so we'll go execute those plans.

然後關於你關於 OpEx 的問題，這是我們的計劃，是每年減少 1.5 億美元的 OpEx 支出。我們之前已經談過了。正如我們過去幾年的投資一樣，我們同時投資了固定成本和可變成本，但其中大部分實際上是可變成本 Torsten。所以我認為我們已經為這樣的時刻做好了準備，我們必須減少這些費用，所以我們會去執行這些計劃。

Also, it's important probably to keep in mind, OpEx is not the biggest portion of our spend in the company. We spent about $3 billion in cost of sales. And so we're looking at all areas of spend. So there's $4.5 billion of spend that I really go after and look at and make sure we're spending wisely and efficiently, looking for opportunities. Now all that spends different, and you got to think about it uniquely. And in this environment where we've seen cost pressure and cost of sales, it's difficult to reduce it, but we still need to make sure that we optimize it. So we're not focused just on one piece of it. We're looking at all of it.

此外，重要的是要記住，OpEx 並不是我們在公司支出的最大部分。我們花費了大約 30 億美元的銷售成本。因此，我們正在關注所有支出領域。因此，我真正關注並查看了 45 億美元的支出，並確保我們明智而有效地支出，尋找機會。現在所有的花費都不同了，你必須以獨特的方式考慮它。而在這個我們已經看到成本壓力和銷售成本的環境中，很難降低它，但我們仍然需要確保我們對其進行優化。所以我們不只關注其中的一部分。我們正在研究這一切。

Our next question will be from Jorn Iffert for from UBS.

我們的下一個問題將來自瑞銀的 Jorn Iffert。

I cannot switch on my video. The host is not allowing it. So I have to just ask questions acoustically. Maybe the first question is, please, on the guidance again for portfolio, the minus 8% to minus 4%. Can you help us understand what is the FX impact? What is roughly the volume impact? What are the price impacts that we can better read underlying trends? Maybe I'll take the question, one of my and start with this one, if I may.

我無法打開我的視頻。樓主不允許。所以我只能用聲學問問題。也許第一個問題是，請再次對投資組合的指導，即負 8% 至負 4%。您能幫助我們了解外匯影響嗎？成交量影響大致是多少？我們可以更好地閱讀潛在趨勢的價格影響是什麼？如果可以的話，也許我會接受我的一個問題，然後從這個問題開始。

Nathan?

內森？

Sure. Well, the straight volume impact, if you will, if you went to the midpoint to midpoint, you are, we were at plus 3% constant currency and midpoint now minus 6%. So there's a 9-point swing there, excluding the impacts of currency, as you can think about as volume -- And then the currency impact itself increased by about 3 points. So we had about a 1-point currency impact. That's now gone to 4 points for the year. So the spread between U.S. dollar and constant currency growth is expected to be about 4 points versus just 1 point previously.

當然。好吧，直接交易量的影響，如果你願意的話，如果你去到中點到中點，你是，我們在固定貨幣加 3%，現在中點為負 6%。所以那裡有 9 個點的波動，不包括貨幣的影響，你可以將其視為交易量——然後貨幣影響本身增加了大約 3 個點。所以我們對貨幣產生了大約 1 個百分點的影響。現在這一年已經達到了 4 個點。因此，美元與固定貨幣增長之間的利差預計約為 4 個百分點，而此前僅為 1 個百分點。

And on pricing versus volumes?

關於定價與數量？

Yes. So if you flow that through to -- and I kind of mentioned this in my prepared remarks, if you flow through that volume impact down to profit, it's about -- the problem -- one of the big problems of currency is flow-through at a very high rate, right? Because our cost of goods are primarily in U.S. dollars. So when we have an unfavorable currency impact flows through at a very high rate to operating profit. Frankly, if things reverse, the opposite is true, it flows through to very high rate favorably to profit.

是的。因此，如果您將其流向-我在準備好的評論中提到了這一點，如果您將交易量影響流向利潤，那就是-問題-貨幣的最大問題之一是流向以非常高的速度，對吧？因為我們的商品成本主要以美元計算。因此，當我們受到不利的貨幣影響時，會以非常高的速度流向營業利潤。坦率地說，如果事情發生逆轉，情況恰恰相反，它會有利地流向非常高的利率以獲利。

So that currency flow-through, which about 3 points, you can think of it's about $175 million of currency pressure on the top line. That flows through at a very high rate now right down to profit. That is one of the reasons why we've taken some pricing actions because normally, our strategy when currency moves unfavorably, would be to do that. So we've taken some pricing actions to help offset some of that. But then you've also got the volume impact as well from weaker demand in many of those macroeconomic factors, which flows through. And that demand side, 9 points, like I mentioned, about $475 million, $500 million of volume flowing through. We can offset more of that and that flows through at more traditional rates, but it's a combination of the OpEx and the pricing actions we've taken that are offsetting those volume and currency impacts that I mentioned.

因此，貨幣流通，大約 3 個點，你可以認為它對頂線造成了大約 1.75 億美元的貨幣壓力。現在以非常高的速度流過利潤。這就是我們採取一些定價行動的原因之一，因為通常情況下，當貨幣走勢不利時，我們的策略是這樣做。因此，我們採取了一些定價措施來幫助抵消其中的一部分。但是，你也從許多宏觀經濟因素的需求疲軟中得到了數量的影響，這些因素貫穿其中。需求方面，9 點，就像我提到的那樣，大約 4.75 億美元，5 億美元的流量流過。我們可以以更傳統的費率抵消更多的影響，但這是運營支出和我們採取的定價行動的結合，抵消了我提到的那些數量和貨幣影響。

Okay. Second question, please, on the $200 million recycling savings out of the $400 million incremental negative impact on non-GAAP EBIT. Can you help us to provide a really more clarity? Where exactly this $200 million recycling is coming from or cost savings coming from with concrete examples?

好的。第二個問題，關於非 GAAP EBIT 的 4 億美元增量負面影響中的 2 億美元回收節省。你能幫助我們提供一個更清晰的信息嗎？這 2 億美元的回收利用究竟來自哪裡，或者通過具體的例子來節省成本是從哪裡來的？

Yes. So the $200 million, about 3/4 of that will be the OpEx reductions. I mentioned, $150 million year-over-year and the other $50 million from pricing. The OpEx is very easy to measure. We know where all those are. The pricing, we've got to make some assumptions about what the impact is on volume and so forth, but that looks like what our capture rate is. We put those increases in a little later in the year. So I think have pretty good visibility to what that is. But the OpEx will primarily come out of variable expense, and a lot of that will come out of variable marketing as we've talked about. But there's other areas that we're looking at to and have plans to reduce again, mostly on the variable side, very similar to what we've been talking about for the last few quarters actually.

是的。所以 2 億美元，其中大約 3/4 將是運營支出的減少。我提到，同比增長 1.5 億美元，另外 5000 萬美元來自定價。 OpEx 很容易衡量。我們知道所有這些都在哪裡。定價，我們必須對數量的影響等做出一些假設，但這看起來像我們的捕獲率。我們將這些增長放在今年晚些時候。所以我認為對那是什麼有很好的了解。但運營支出主要來自可變費用，其中很多將來自我們已經討論過的可變營銷。但是我們正在考慮併計劃再次減少其他領域，主要是在可變方面，這與我們實際上在過去幾個季度一直在談論的非常相似。

And the last question, if I may, in terms of the end markets. And speaking about gaming, for example, do you see that consumer sales trends have stabilized recently after the weakening over the last couple of months or it's still in a declining mode and you do not know exactly when the trough is materializing in open gaming.

最後一個問題，如果可以的話，就終端市場而言。例如，談到遊戲，您是否看到消費者銷售趨勢在過去幾個月的疲軟之後最近趨於穩定，或者仍處於下降模式，您不知道開放遊戲的低谷何時出現。

I would say it's -- we're in the middle of the summer. I don't know if you can remember what you were doing last summer at this time, but I know I can't because I didn't do anything interesting. This summer, everybody is traveling, whether you're in Europe or maybe except for China, everybody is on the move. So the -- I'd say the trends are really tough to read right now in gaming. It's a very soft gaming market. Now when they come back -- when people come back in the fall and if you just think about it, you have a 12-week summer and you're traveling 2 or 3 weeks of it. That's a very different picture.

我想說的是——我們正處於盛夏。我不知道你是否還記得去年夏天這個時候你在做什麼，但我知道我不能，因為我沒有做任何有趣的事情。今年夏天，每個人都在旅行，無論你是在歐洲還是除了中國，每個人都在移動。所以——我想說現在遊戲中的趨勢真的很難讀懂。這是一個非常軟的遊戲市場。現在當他們回來的時候——當人們在秋天回來的時候，如果你仔細想想，你有一個 12 週的夏天，你要旅行 2 到 3 週。這是一個非常不同的畫面。

So it's really hard for us to extrapolate from what we're seeing this summer to -- in the middle of the summer right now to what's going to happen in the rest of the year. But I would say, I think the reality is that we're going to have a gaming market that will be down for the year. And probably significantly down like we're seeing right now. And really the key question is, when does that start to recover? It will recover. And I think it's going to be as we get further into the back half of the year.

因此，我們真的很難從我們今年夏天看到的情況推斷——現在夏天的中旬，到今年剩下的時間會發生什麼。但我會說，我認為現實情況是，我們將擁有一個全年都會下滑的遊戲市場。並且可能像我們現在看到的那樣顯著下降。真正的關鍵問題是，什麼時候開始恢復？它會恢復。我認為隨著我們進一步進入下半年。

Our next question will be from Alex Duval at Goldman Sachs.

我們的下一個問題將來自高盛的 Alex Duval。

If we look at the lower top line guidance that you put out today as well as the altered EBIT guidance, it looks like you're assuming around $0.60 of EBIT loss for every lost dollar revenue. But of course, we know that your group gross margin would be closer to 40%. So I wondered if you could just talk a little bit to the drop-through that you're assuming? How come it's so high given that, obviously, you're taking some cost out? And I wondered, is that because you're baking in an expectation of further pricing pressure so as to clear out inventories? How should we be thinking about that? And then I have a quick follow-up.

如果我們查看您今天發布的較低收入指導以及更改後的息稅前利潤指導，您似乎假設每損失一美元收入，息稅前利潤損失約為 0.60 美元。但當然，我們知道你們集團的毛利率會接近 40%。所以我想知道你是否可以對你假設的直通進行一點討論？考慮到你顯然要花掉一些成本，它怎麼會這麼高？我想知道，是不是因為你在期待進一步的定價壓力以清理庫存？我們應該如何思考這個問題？然後我有一個快速跟進。

The primary reason, Alex, why you'd see a higher flow-through is because currency is a big portion of that, right? I said there's about $175 million of incremental currency pressure on the top line and that flows through at almost 100% we can offset some of that. And again, that's gross, excluding the impact of pricing. So you can think about which headwind you want to use the pricing as an offset to when you think about the math. But the real reason why the high flow-through is going to be currency.

亞歷克斯，為什麼你會看到更高的流通量的主要原因是因為貨幣佔了很大一部分，對吧？我說收入增加了大約 1.75 億美元的貨幣壓力，而且幾乎 100% 流過，我們可以抵消其中的一部分。再說一次，這很嚴重，不包括定價的影響。因此，當您考慮數學時，您可以考慮要使用定價作為抵消的逆風。但高流通量的真正原因將是貨幣。

Very, very clear. I appreciate that. And then some investors have also been asking, even with the new guidance, obviously, your revenues and EBIT would still be at a level significantly higher than pre-pandemic. So to what extent at the moment, are you at all concerned about a mean reversion to where you were beforehand? Is the risk more about sort of consumer demand at the moment? Or are you sort of seeing signs of any of these categories of a pull forward and sort of anything that would prompt you to kind of reassess your thesis that these are more structural trends that will endure for the long term?

非常非常清楚。我很感激。然後一些投資者也一直在問，即使有了新的指導，很明顯，你的收入和息稅前利潤仍將顯著高於大流行前的水平。那麼，目前你在多大程度上擔心平均回歸到你之前的狀態？目前風險是否更多與消費者需求有關？或者你是否看到了這些類別中的任何一種向前推進的跡象，或者任何會促使你重新評估你的論點的跡象，即這些是長期存在的更具結構性的趨勢？

Yes. Right now, I wouldn't say we see anything that would suggest that our -- the structure or secular trends that we've been seeing are going to slow down. This period of kind of adjustment is temporary period. It feels like a temporary period. If you just go through each one of them, the hybrid work trend, and we're still only 1/10 of all the conference rooms enabled our conference cam number is growing strongly. And I think we're still -- and if you talk to companies around the world, so many of them, including us, are really looking at their footprints and trying to decide what are we going to do? And we've landed our plane now. We kind of know what we're doing around the world, but a lot of companies really haven't yet.

是的。現在，我不會說我們看到任何表明我們所看到的結構或長期趨勢將會放緩。這種調整時期是暫時的。感覺像是一個臨時的時期。如果你只看每一個，混合工作趨勢，我們仍然只有 1/10 的所有會議室啟用我們的會議攝像頭數量正在強勁增長。而且我認為我們仍然——如果你與世界各地的公司交談，他們中的許多人，包括我們在內，真的在關注他們的足跡並試圖決定我們要做什麼？我們現在已經降落了我們的飛機。我們有點知道我們在世界各地做什麼，但很多公司還真的不知道。

If you go into Workspaces, just the number of workspace has increased so significantly that the replacement rate, the sheer replacement rate on upgrading workspace is it looks like kind of what it did pre-pandemic, just's a lot more of them. And there's a lot more upgrading to do because you have a different dynamic. It's part of your home decor, it's you're kind of living with it all day long. So -- and you're going to be working in the home in some of the office too.

如果您進入 Workspaces，只是工作空間的數量顯著增加，以至於替換率，升級工作空間的絕對替換率看起來就像大流行前所做的那樣，只是更多。而且還有很多升級要做，因為你有不同的動態。它是你家居裝飾的一部分，你整天都在和它一起生活。所以 - 你也將在家中的一些辦公室工作。

So -- and then there's gaming. And gaming, absolutely as much confidence as ever on the gaming business. There are companies like Microsoft or more and more of the large meta who are coming into the gaming space. They're investing in the gaming space because gaming is going to be a very, very long-term strong growth engine, and that's what drives our business, the investment in content, the creation of new compelling things. This generation is below.

所以 - 然後是遊戲。和遊戲一樣，對遊戲業務的信心與以往一樣大。像微軟這樣的公司或越來越多的大型元數據正在進入遊戲領域。他們正在投資遊戲領域，因為遊戲將成為一個非常、非常長期的強勁增長引擎，這就是推動我們的業務、對內容的投資、創造新的引人注目的事物的動力。這一代在下面。

So I wouldn't -- I definitely don't think anybody should be overreacting to what's happening in gaming right now. I do think you've got had a very, very strong 2 years of gaming. And now you've got a lot of people who are back out again and doing other things and spending their money on trips and totally get it and getting back out. But I think the secular trends will continue.

所以我不會——我絕對不認為任何人應該對現在遊戲中發生的事情反應過度。我確實認為你已經有非常非常強大的 2 年遊戲了。現在你有很多人又回來了，做其他事情，把錢花在旅行上，完全得到它，然後又回來了。但我認為長期趨勢將繼續。

On to comment on gaming, I think specifically, Alex, if we went back and looked at our Analyst Day a couple of years ago, so this is I thought the gaming market or our gaming business might be kind of flat year-over-year after a really strong FY '21 at plus or minus 5%. We ended up growing 17% last year. And -- but the -- your thinking back then was, hey, listen, as things reopen. There'll be some substitution effect, other forms of entertainment. We'll probably see gaming take to slow down a bit. And I think what I'm seeing right now is I think that that's taken another year from what I thought originally, right?

關於對遊戲的評論，我特別想，亞歷克斯，如果我們回到幾年前的分析師日，所以我認為遊戲市場或我們的遊戲業務可能與去年同期持平在 21 財年非常強勁的正負 5% 之後。去年我們最終增長了 17%。而且 - 但是 - 你當時的想法是，嘿，聽著，隨著事情重新開始。會有一些替代效應，其他形式的娛樂。我們可能會看到遊戲速度有所放緩。而且我認為我現在看到的是我認為這與我最初的想法相比又花了一年時間，對吧？

The things didn't really reopen last year like they thought -- we thought they would. But we're seeing that now. A lot of the weakness that we see and that I see in the market isn't in headsets. Be clear, all the other categories have declined as well, but headsets in particular, have been down a lot. And certainly, on the console side, we know that some of that is due to shortages and timing of title releases and things like that shortages on consoles themselves. But I think also some of the headset demand probably during the past couple of years was from non-gaming use as well. People using buying headsets, using them for Zoom calls and hybrid work. So not unexpected to see some particular pressure, I think, in that category. But for the reasons Bracken mentioned, I think the fundamental drivers of the gaming industry remains strong.

去年事情並沒有像他們想像的那樣真正重新開放——我們認為他們會。但我們現在看到了。我們看到的以及我在市場上看到的許多弱點並不存在於耳機中。需要明確的是，所有其他類別也都有所下降，但尤其是頭戴式耳機，已經下降了很多。當然，在控制台方面，我們知道其中一些是由於標題發布的短缺和時間安排以及控制臺本身的短缺。但我認為，在過去幾年中，耳機的一些需求可能也來自非遊戲用途。人們使用購買耳機，將它們用於 Zoom 通話和混合工作。因此，我認為在該類別中看到一些特殊的壓力並不意外。但出於 Bracken 提到的原因，我認為遊戲行業的基本驅動力依然強勁。

All right. Next up will be Erik Woodring from Morgan Stanley.

好的。接下來是摩根士丹利的 Erik Woodring。

So maybe Bracken, I'll pose one to you and then one to Nate. As we move kind of further into this kind of post-COVID hybrid work environment. Obviously, you own a number of the markets you're establishing mice, keyboards, webcams, headsets. How should we think about your desire to enter new or adjacent markets or maybe accelerate investments into markets like music where you can regain a firmer hold on the share that you once had, kind of obviously all in a request all in the goal to get back to kind of that 8% to 10% growth range. Just curious how you think about that question.

所以也許布萊肯，我會給你擺一張，然後給內特擺一張。隨著我們進一步進入這種後 COVID 混合工作環境。顯然，您擁有許多您正在建立的鼠標、鍵盤、網絡攝像頭、耳機的市場。我們應該如何考慮您進入新市場或相鄰市場的願望，或者可能加速對音樂等市場的投資，在這些市場中您可以重新獲得曾經擁有的份額，顯然這一切都是為了重新獲得目標到那種 8% 到 10% 的增長范圍。只是好奇你如何看待這個問題。

We're always looking at new categories, Erik. Since I've been here, I think we've gone from about a little over a dozen categories to over 25 or 30 now. So -- and so we've got things in development all the time to try to go into new categories. We really try to start the seed programs first and then we'll acquire something if it makes sense to either augment that accelerated to replace it. So we're going to keep doing that.

我們一直在尋找新的類別，Erik。自從我來到這里以來，我認為我們已經從大約十幾個類別發展到現在的 25 或 30 多個類別。所以 - 所以我們一直在開發一些東西，試圖進入新的類別。我們真的嘗試首先啟動種子程序，然後如果有必要增加加速以取代它，我們將獲得一些東西。所以我們將繼續這樣做。

And I would say we've done actually quite a bit of category expansion in the enterprise space. And I think that is a good opportunity for us. We've gone in the cabling, into whiteboard cameras and into meeting room screens. And so we -- and we'll continue to look across the whole business at that, to your point, the music business, in particular, we talked about really pulling back on the Bluetooth speaker business because we just didn't love the fundamentals of that business.

我想說我們實際上已經在企業領域進行了相當多的類別擴展。我認為這對我們來說是一個很好的機會。我們已經進入了佈線、白板攝像頭和會議室屏幕。所以我們 - 我們將繼續關注整個業務，就你而言，音樂業務，特別是我們談到真正撤回藍牙揚聲器業務，因為我們只是不喜歡基本面那個生意的。

And I still feel the same way about that. I don't think you'll see us like doubling down on that. We're still in it. It's still a great contributor in many ways. But I don't think that's a space we look at, but we see spaces across the board to keep expanding.

我仍然對此有同樣的感覺。我認為你不會看到我們在這方面加倍努力。我們還在其中。它在許多方面仍然是一個偉大的貢獻者。但我不認為這是我們所關注的空間，但我們看到全面的空間不斷擴大。

But the good news is, I really think the fundamentals of our current categories can deliver that long-term guidance we talked about already. I mean, the fundamental growth opportunity in conference rooms the workspace opportunity. When I came here, I never would have dreamed that we'd have the kind of growth opportunity we have in mice and keyboards that we have now ahead of us. And of course, gaming, we just spent time talking about. And the only other thing we haven't talked about is the streaming and creating phenomenon. It's super exciting. I mean if you just think -- most of you are not in the flow of discussions on what's the future of marketing. And a lot -- what many of us would say the future of marketing is it will be disproportionately large for creators themselves where they'll actually be selling, transacting or a minimum directly, strongly influencing the sale. And those are -- and that's aspirational for all of our kids and everybody under the age of 30. So many people want to be a streamer creator. So we're in all those spaces. And there's a lot of growth ahead in all of them.

但好消息是，我真的認為我們當前類別的基本面可以提供我們已經討論過的長期指導。我的意思是，會議室的基本增長機會是工作空間的機會。當我來到這裡時，我做夢也想不到我們會在鼠標和鍵盤方面擁有現在擺在我們面前的那種增長機會。當然，遊戲，我們只是花時間談論。我們唯一沒有談到的另一件事是流媒體和創造現象。這是超級令人興奮的。我的意思是，如果你只是想——你們中的大多數人並沒有參與關於營銷未來是什麼的討論。還有很多——我們中的許多人會說，營銷的未來對於創作者自己來說將是不成比例的大，他們實際上將直接銷售、交易或最低限度，強烈影響銷售。這些都是 - 這對我們所有的孩子和 30 歲以下的每個人來說都是抱負的。很多人都想成為流媒體創作者。所以我們在所有這些空間中。所有這些都有很大的增長空間。

Okay. That's helpful. Maybe one to you, Nate. So sales and marketing down, call it, 10% in the June quarter. You've alluded to containing variable costs. of which sales and marketing, I assume, is a sizable chunk of that. How does a pullback in those efforts impact your need to discount products? And any way you can kind of help us think about the impact of discounting in fiscal '23 on kind of your net sales growth outlook that you provided last night?

好的。這很有幫助。也許是給你的，內特。因此，銷售和營銷在六月季度下降了 10%。您已經提到包含可變成本。我認為其中銷售和營銷佔了相當大的一部分。這些努力的回落如何影響您對產品打折的需求？您是否可以通過任何方式幫助我們思考 23 財年的折扣對您昨晚提供的淨銷售額增長前景的影響？

Sure. Why don't I start with this one, and Bracken, you may want to comment a little bit too on the marketing strategies. We've seen some pockets, Erik, not unexpected where promotional activity has increased, but that's really we're sticking with our strategy, which is really to drive marketing even at lower levels of marketing investment drive marketing to increase the value of the brand and to drive preference for Logitech without having to be so promotional.

當然。我為什麼不從這個開始，而 Bracken，您可能也想對營銷策略發表一些評論。我們已經看到了一些口袋，埃里克，在促銷活動增加的地方並不意外，但這確實是我們堅持我們的戰略，即使在營銷投資水平較低的情況下也能推動營銷，推動營銷以增加品牌價值並在不必如此宣傳的情況下推動對羅技的偏好。

And that's really our -- it's been our long-term strategy, and we're continuing to do that even during this year. Now I think, again, as gross margins have come down for some of the, I think, more temporal reasons that we've talked about before, cost increases, logistics rates increases, now currency, that's put some pressure on the cost structure. And so the place that we're going to go address that right now is with variable spend. And I don't think it makes a lot of sense to invest as much in marketing in the demand environment as this is volatile and in some cases, weaker. So I think you should think about it as we'll probably put that marketing back in when it makes sense. But in this environment, I think it makes more sense to pull back on that, continue to drive the investment in innovation and the long-term road maps.

這真的是我們的 - 這是我們的長期戰略，即使在今年我們也會繼續這樣做。現在我再次認為，由於我們之前討論過的一些更暫時的原因，成本增加，物流費率增加，現在是貨幣，毛利率下降了，這給成本結構帶來了一些壓力。因此，我們現在要解決的問題是可變支出。而且我認為在需求環境中對營銷進行如此多的投資並沒有多大意義，因為這是不穩定的，在某些情況下更弱。所以我認為你應該考慮一下，因為我們可能會在有意義的時候重新進行營銷。但在這種環境下，我認為撤回這一點更有意義，繼續推動對創新和長期路線圖的投資。

Yes, right, you said everything I would have said, Nate. I don't think it makes sense to overinvest in marketing when the markets themselves are retracting some employee slot.

是的，對，你說了我會說的一切，內特。當市場本身正在收回一些員工職位時，我認為過度投資於營銷是沒有意義的。

Yes. And I guess I wouldn't think about that as a signal that we're going to get more promotional as a result of that. I mean, you've heard me talk about having to manage pricing to try to offset some of those pressures. And so I think that remains the focus. In fact, this year, if I look at margins year-over-year, increased promotion was not one of the big drivers of margin pressure. Really, the things that drove margins down year-over-year were currency, cost inflation and logistics rates. Those were the biggest drivers. And so I think we're starting to see some of those things settle down a little bit. The cost increases have definitely slowed. Logistics rates at still at very high levels relative to where they've been historically, but are no longer increasing month-over-month or quarter-over-quarter like they have been. Month-over-month, I would say, they've stopped increasing. So hopefully, we'll see some of those things bottom out. And then as the economy continues to go through this cycle, we can see some favorability and some returns to the costs that we had previously in those areas, which would give us a nice lift on gross margin.

是的。而且我想我不會認為這是我們將因此獲得更多促銷的信號。我的意思是，你聽說過我必須管理定價以試圖抵消其中的一些壓力。所以我認為這仍然是重點。事實上，今年，如果我逐年查看利潤率，增加促銷並不是利潤率壓力的主要驅動力之一。確實，導致利潤率同比下降的因素是貨幣、成本通脹和物流費率。這些是最大的驅動力。所以我認為我們開始看到其中一些事情有所緩和。成本增長明顯放緩。相對於歷史上的水平，物流費率仍處於非常高的水平，但不再像以往那樣環比或環比增長。我會說，逐月增長，它們已經停止增長。所以希望，我們會看到其中一些事情觸底反彈。然後，隨著經濟繼續經歷這個週期，我們可以看到一些有利因素和我們以前在這些領域的成本的一些回報，這將使我們的毛利率得到很好的提升。

I'll just add one more thing. I think in my experience, when markets were track like games directing right now, your marketing is just less effective. So I don't think you want to spend as much in -- and that's what we're doing now. I will come back to September. So we'll come back at it does will probably increase the marketing again. But we still have a lot of marketing spending. We going to be wrong, even with these numbers, we're still going to be spending a lot of market.

我再補充一件事。我認為，根據我的經驗，當市場現在像遊戲指導一樣跟踪時，你的營銷就不太有效了。所以我認為你不想花那麼多錢——這就是我們現在正在做的事情。我會回到九月。所以我們會回來看看它確實可能會再次增加營銷。但是我們仍然有很多營銷支出。我們會錯的，即使有這些數字，我們仍然會在市場上花費很多。

Yes. I think too, Erik, sometimes we talked about the business model and what's the shape of the P&L. And I think these adjustments we're making to the spend are really to help sustain the shape of the P&L. We run OpEx at about 25% of sales. And on this lower revenue outlook and with these OpEx reductions should be seeing us still manage roughly to that same area. You'll see a lower mix of sales and marketing while we continue to sustain investments in R&D.

是的。我也想，埃里克，有時我們會討論商業模式和損益表的形狀。我認為我們對支出所做的這些調整確實有助於維持損益表的形狀。我們以大約 25% 的銷售額運行運營支出。在這種較低的收入前景和這些運營支出減少的情況下，我們應該仍然可以大致在同一領域進行管理。在我們繼續維持研發投資的同時，您會看到銷售和營銷的組合減少。

If I could just sneak one last one in Bracken, just for you. You mentioned earlier in the prepared remarks a diversification of supply chain outside of China. Can you maybe just elaborate on that a bit what you mean by that? Obviously, you have a big manufacturing base there. But any incremental details would be helpful. And that's it for me.

如果我能在 Bracken 偷偷最後一個，只為你。您之前在準備好的講話中提到了中國以外供應鏈的多元化。您能否詳細說明一下您的意思？顯然，你在那裡有一個很大的製造基地。但任何增量細節都會有所幫助。對我來說就是這樣。

Yes, absolutely, Erik. We started -- when we start -- when the tariffs happened a few years ago, I think we had about -- we have less than 1% of our total manufacturing outside of China. So we have we had flexibility because really good moving things in and out of our factory, but we really didn't have a supply chain that was set up there. So even though we have the ability to move things in and out, we know the ability to move things in that very quickly. So we've really been working on that.

是的，絕對是，埃里克。我們開始 - 當我們開始時 - 幾年前發生關稅時，我認為我們大約 - 我們在中國以外的製造總量不到 1%。所以我們有我們的靈活性，因為真的很好地將東西進出我們的工廠，但我們真的沒有在那裡建立供應鏈。因此，即使我們有能力將物品移入和移出，我們也知道能夠非常快速地將物品移入。所以我們真的一直在努力。

The first big wave of work happened during the post tariff kind of right in the middle of the tariff activity. We got to about, I'd say, 15%, 17%. Our goal is to get up closer to 30%, and that will give us flexibility not only in case of other tariffs but also just better cost positions and things. So we feel very good about the progress we're making. We're still very high on China as a manufacturing site, but we want to be flexible. We want to be able to move even beyond that 30% we need to or if we need to, either for costs or for geopolitical ease.

第一次大規模工作發生在關稅活動的中間階段。我們達到了大約，我想說，15%，17%。我們的目標是接近 30%，這將給我們提供靈活性，不僅在其他關稅的情況下，而且在更好的成本定位和事情上。所以我們對我們正在取得的進展感覺非常好。作為製造基地，我們仍然非常看好中國，但我們希望保持靈活性。我們希望能夠超過我們需要的 30%，或者如果我們需要，無論是為了成本還是為了緩解地緣政治。

Next up, Adam Angelov from Bank of America.

接下來，來自美國銀行的 Adam Angelov。

I think we've gone through most of my questions. So just one from me, please. If the revenue outlook is worse than your guidance, do you think you have further flexibility call OpEx, if needed?

我想我們已經解決了我的大部分問題。所以請給我一份。如果收入前景比您的指導差，您認為如果需要，您是否有進一步的靈活性呼叫 OpEx？

There is always opportunity. Like I said, well, I would just say, again, I would think about OpEx, but I would also think about costs overall. It's $4.5 billion if you think about OpEx and cost of goods sold. So again, all that cost is different, but it's a big number. If you're 1% inefficient on $4.5 billion, it's $45 million. So we're not going to wait and find out if the revenue is worse. We're working on all those things today.

總是有機會的。就像我說的，好吧，我只想再說一遍，我會考慮運營支出，但我也會考慮整體成本。如果您考慮運營支出和銷售商品成本，則為 45 億美元。再說一遍，所有這些成本都是不同的，但這是一個很大的數字。如果你在 45 億美元上效率低 1%，那就是 4500 萬美元。所以我們不會等待，看看收入是否更糟。我們今天正在處理所有這些事情。

But it certainly will become tougher. I mean, the more costs you have to take out, it gets a little bit tougher around the edges. But I think that our outlook captures the majority of the outcomes. But if things get worse, we'll make some decisions at that time. We're always going to try to manage our business for the environment, but for the long term. So we want to do things that make sense for the long-term health of the company.

但它肯定會變得更加艱難。我的意思是，您必須承擔的成本越多，邊緣就會變得更加艱難。但我認為我們的前景涵蓋了大部分結果。但如果情況變得更糟，我們會在那個時候做出一些決定。我們總是會嘗試為環境管理我們的業務，但從長遠來看。所以我們想做對公司長期健康有意義的事情。

Yes, Adam. I'd add to Nate's point. I think -- the way I think about any businesses, you have to adjust to the size of the business. You just have to (inaudible). And so we -- it's not a question of can we, we will. The question is how fast are we going to do it, if that happened. But we don't think that's going to happen. But if it did, we'll face into it and deal with it.

是的，亞當。我想補充一下 Nate 的觀點。我認為——就像我對任何企業的看法一樣，你必須適應企業的規模。你只需要（聽不清）。所以我們——這不是我們能不能的問題，我們會的。問題是，如果發生這種情況，我們會以多快的速度做到這一點。但我們認為這不會發生。但如果確實如此，我們將面對它並處理它。

Our next question will be from Ananda, Loop Capital.

我們的下一個問題將來自 Loop Capital 的 Ananda。

Yes, Nate. Nate, well let me go visual here yet either. So Nate, give me a heads up when I can turn it on. But let me just jump into it here, guys. Yes. So just 2, if I could. The first is Bracken, you made mention in the prepared remarks or actually, I think it was one of the questions about Asiya's about the segment. Do you expect keyboards and mice to continue to hold up well. Would love to get your thought process behind that. And then I have a follow-up.

是的，內特。內特，好吧，讓我看看這裡。所以 Nate，當我可以打開它時，請提醒我。但是，讓我在這裡跳進去，伙計們。是的。所以只要2，如果可以的話。第一個是 Bracken，你在準備好的評論中提到了，或者實際上，我認為這是關於 Asiya 關於該部分的問題之一。您是否期望鍵盤和鼠標繼續保持良好狀態。很想把你的思維過程放在後面。然後我有一個跟進。

I just -- I guess I have several things contributing to that comment and that belief that we have. One of them is that we're also dependent on it today. And I think in a hybrid world, you're going to still be dependent. It's not like the category is going to go away when you go into the office a few days a week, and many of you probably are experiencing that. And I think the awareness is up. And so there's a lot of interest. We're seeing it, and we launch new products. We have much stronger demand than we had before. As we launch a new product, we launched mechanical keyboard which did extremely well. So I think this is -- that's one key dynamic.

我只是- 我想我有幾件事有助於我們的評論和信念。其中之一是我們今天也依賴它。而且我認為在混合世界中，你仍然會依賴。當你每週去辦公室幾天時，這個類別不會消失，你們中的許多人可能正在經歷這種情況。我認為意識提高了。所以有很多興趣。我們看到了，我們推出了新產品。我們的需求比以前強得多。當我們推出新產品時，我們推出了表現非常出色的機械鍵盤。所以我認為這是 - 這是一個關鍵的動態。

The second one is, if you go back to the really heart and soul of this business, it started as a mouse business and then went to mouse and -- mice and keyboard. We have an incredibly good innovation engine in a very, very good strategy for segmentation. And I just feel very good about the vision, the strategy, the execution of the whole thing. So I think we're in more control of our own destiny there than I'd say almost anywhere else we operate. And yes, so I'm excited about those categories. Like I say that when I came to the company, I actually joined Logitech because all these categories are going to be in a long-term secular decline. They've been a long secular growth trend the whole time and it's getting better and better.

第二個是，如果你回到這個業務的真正核心和靈魂，它從鼠標業務開始，然後發展到鼠標和--鼠標和鍵盤。我們在非常非常好的細分戰略中擁有非常出色的創新引擎。我對整個事情的願景、戰略和執行感覺非常好。所以我認為我們在那裡比我說的幾乎我們經營的其他任何地方都更能控制自己的命運。是的，所以我對這些類別感到興奮。就像我說的，當我來到公司時，我實際上加入了羅技，因為所有這些類別都將處於長期的長期衰退中。它們一直是一個長期的長期增長趨勢，而且越來越好。

Is there...

在那兒...

Ananda, we actually -- we're tight on supply in some areas of the keyboard and mice market, too. So I think our results there actually could have been a little better if we -- if we had to supply. I mean, that's always the case every quarter. We've got something more short on. And in the recent quarters, it's been there.

Ananda，實際上，我們在鍵盤和鼠標市場的某些領域也供應緊張。所以我認為如果我們必須提供的話，我們在那裡的結果實際上可能會更好一些。我的意思是，每個季度都是如此。我們還有更短的東西。在最近幾個季度，它一直存在。

Do you guys have any sense, look, I know this is mostly a channel sell or what they sell so like not your enterprise sales force. As Bracken, you mentioned a little earlier, but do you have any sense -- any sense, like even if it's super broad, how much goes, how much of mice and keyboard sales are used for folks in their business environment for a business context. And then secondarily, how much is sort of middle class, upper middle class, so sort of less income sensitive. Well, it's really less inflation sensitive because employment is pretty good. So we don't have an employment issue, we have an inflation issue. So still have discretionary income.

你們有什麼感覺嗎，看，我知道這主要是渠道銷售或他們銷售的東西，而不是您的企業銷售人員。作為 Bracken，您之前提到過一點，但是您有任何意義 - 任何意義，例如即使它非常廣泛，有多少，有多少鼠標和鍵盤銷售用於商業環境中的人們的商業環境.其次，中產階級、上層中產階級有多少，所以對收入不那麼敏感。嗯，它確實對通脹不那麼敏感，因為就業情況非常好。所以我們沒有就業問題，我們有通貨膨脹問題。所以仍然有可自由支配的收入。

Okay. So to answer your first question. Yes, we have a sense. It's really, as you would guess, it's kind of a hard number to measure, but it's probably about a quarter. And we're underdeveloped in that quarter. We've never done a particularly great job of really attacking the go to market through the enterprise of the workspace where you can bet that we're focused there now. So we're going to work to resolve that one.

好的。所以回答你的第一個問題。是的，我們有感覺。正如您所猜測的那樣，這確實是一個難以衡量的數字，但可能大約是四分之一。我們在那個季度不發達。我們從來沒有做過特別出色的工作，通過工作空間的企業來真正攻擊市場，你可以打賭我們現在專注於那裡。所以我們要努力解決這個問題。

In terms of kind of high end versus low end or people with a lot of economic availability versus less. I'll just remind you that the average mouse we sell sells for, I think, $29 or $24 in the marketplace. This is not an economic hardship for most people. I mean, it's -- and especially if it's your job or if you're creating them aside, I was talking to a customer today who's actually got 2 jobs going at once. And this is the lifeblood of your business, doing it well and also just the health and making sure that your hands don't hurt and all that stuff.

就高端與低端的種類而言，或者經濟可用性高的人與更少的人而言。我只想提醒您，我們銷售的鼠標在市場上的平均售價為 29 美元或 24 美元。對於大多數人來說，這不是經濟困難。我的意思是，特別是如果這是你的工作，或者如果你在一邊創造它們，我今天正在和一位實際上同時有 2 份工作的客戶交談。這是您企業的命脈，把它做好，也只是健康，確保你的手不受傷等等。

So I think we're not too sensitive to -- now we're not -- especially the mouth and keyboard, I don't think it's super sensitive to the economic environment. And that's one of the reasons why when we lowered our discussion of where the revenue is going to be, you don't hear us too negative on mice and keywords. I think even in a recessionary environment, they're going to do okay.

所以我認為我們對——現在我們不是——特別是嘴巴和鍵盤不太敏感，我認為它對經濟環境不是超級敏感。這就是為什麼當我們降低對收入來源的討論時，您不會聽到我們對鼠標和關鍵字過於負面的原因之一。我認為即使在經濟衰退的環境中，他們也會做得很好。

That's helpful. And then I'm going to ask one more quick one here. How is the webcam -- I think it's the BRIOs, the high-end webcams that's in the video collab segment had those hold up during the quarter? Sorry. What's the -- and how they hold off and also like what's the outlook for them?

這很有幫助。然後我要在這裡再問一個快速的問題。網絡攝像頭怎麼樣——我認為是 BRIO，視頻協作領域的高端網絡攝像頭在本季度表現如何？對不起。什麼是 - 他們如何推遲，以及他們的前景如何？

Yes. Webcam just pulled away back, and I think that's not too shocking. I mean I think people are really scrambling to get on camera. And now most people have found a way to get on camera. So the market pull back. Now it's still way out versable as it was 2 years ago. So it's a much bigger business today. And we've got -- and we're excited about what kind of innovation we can do there. But I don't want to mislead you. I don't think we're going to turn webcams into a strong growth category in the future. I think it's a good, solid category that's attractive for us.

是的。網絡攝像頭剛剛拉開，我認為這並不太令人震驚。我的意思是，我認為人們真的很想上鏡頭。現在大多數人都找到了上鏡的方法。所以市場回落。現在它仍然像 2 年前一樣通用。所以今天它是一個更大的業務。而且我們已經 - 我們對我們可以在那裡進行什麼樣的創新感到興奮。但我不想誤導你。我不認為我們會在未來將網絡攝像頭變成一個強勁的增長類別。我認為這是一個很好的、可靠的類別，對我們很有吸引力。

But it's not going to be a heavy focus for us. We're going to innovate there. And I think we'll do well there, and we've got great market share, and we're gaining market share there. But I'm not -- I wouldn't point to that one and say, gosh, that's one to really look at it as a bellwether for how our business is going to do. We know what we think is going to happen there.

但這不會成為我們的重點。我們將在那裡進行創新。我認為我們會在那裡做得很好，我們擁有很大的市場份額，而且我們正在那裡獲得市場份額。但我不是——我不會指著那個說，天哪，這是一個真正將其視為我們業務發展方式的風向標的人。我們知道我們認為那裡會發生什麼。

And Bracken...

還有布雷肯...

I think about Web cam -- really think about the entire workspace, right? I think rather than -- it's a point sale, sure, but it's really part of the essential workspace. And so as you're doing more video calls, I think the web camera definitely is more essential than what it was before. So I think that's exciting. The installed base is bigger than it was before because of the sales over the last couple of years. Certainly, it's pulled back off of those highs. But our strategy is not about the entire workspace. So it's the web camera. It's the mouse, it's the keyboard. It's the headsets. How do we gain more control, more business of that entire personal workspace and webcams a part of that.

我想到了網絡攝像頭——真的想到了整個工作區，對吧？我認為這不是——當然，這是一個點銷售，但它確實是基本工作空間的一部分。因此，當您進行更多視頻通話時，我認為網絡攝像頭肯定比以前更重要。所以我認為這很令人興奮。由於過去幾年的銷售，安裝基數比以前更大。當然，它已經從那些高點回落。但我們的策略不是針對整個工作空間。所以它是網絡攝像頭。是鼠標，是鍵盤。是耳機。我們如何獲得更多的控制權，整個個人工作空間的更多業務和網絡攝像頭是其中的一部分。

Absolutely.

絕對地。

And are the webcams that are classified in video collaboration, the high-end webcams, were they also softer like you reported segment?

被歸類為視頻協作的網絡攝像頭，高端網絡攝像頭，是否也像您報告的那樣更柔和？

Yes, similar to the reported segment, not quite -- not down quite as much, but similar.

是的，類似於報告的部分，不完全 - 沒有下降那麼多，但相似。

Our next question is from Michael Foeth from Vontobel.

我們的下一個問題來自 Vontobel 的 Michael Foeth。

Actually, 2 or 3. The first one is on capital allocation and your buyback. The question is actually what are you going to do with all those shares. Are you considering canceling some of them? Or is it all for employee shares? Or do you have other intentions for those shares in order to make them revaluate to shareholders? That will be the first question. And the second one is really similar or adding up to what you just said on webcams. When you think about the sort of the creator economy and all the devices that these people need, I guess it's mice, keyboard and webcams headsets. How come there is such a disconnect between mice and keyboards and the other sort of creator economy type of products. And then I have an add-on just on one detail.

實際上，2 或 3。第一個是關於資本配置和你的回購。問題實際上是您將如何處理所有這些股票。您是否正在考慮取消其中一些？還是全部都是為了員工股份？還是您對這些股票有其他意圖，以使它們對股東進行重新估值？這將是第一個問題。第二個與您剛剛在網絡攝像頭上所說的非常相似或相加。當你想到創造者經濟和這些人需要的所有設備時，我猜是鼠標、鍵盤和網絡攝像頭耳機。為什麼鼠標和鍵盤與其他類型的創造者經濟類型的產品之間存在這種脫節。然後我在一個細節上有一個附加組件。

Nate, do you want to take the capital allocation discussion, and then I'll jump on the next one?

Nate，你要不要討論資金分配，然後我跳到下一個？

Yes, Michael, there are several uses of them. Some is for employee grants. We could cancel some. We could take some proposals to shareholders at the general meeting. We don't have anything on the proxy for this year. But we still own a relatively small percentage of that total. So it's not really a decision we face today. But yes, general uses like we've had in the past, I would say, is the message right now. Bracken, do you want to take the second one or you want to take it?

是的，邁克爾，它們有多種用途。有些是用於員工補助的。我們可以取消一些。我們可以在股東大會上向股東提出一些建議。今年我們的代理上沒有任何東西。但是我們仍然擁有這個總數的相對較小的百分比。因此，這並不是我們今天真正面臨的決定。但是，是的，我想說的是，我們過去的一般用途就是現在的信息。 Bracken，你要拿第二個還是要拿它？

Yes. No, I think what you're seeing -- what you just described what the opportunity we see is there is a big difference between what people are buying and what they probably need for the creator economy. And as you said, mice and keyboards are growing super well, why are cameras down. We've got one camera that's positioned for that audience. And then we've got a new sub cameras that we've launched called Vivo, which is very, very small. And I think really getting our story.

是的。不，我認為你所看到的——你剛才描述的我們看到的機會是，人們購買的東西和他們可能需要的創造者經濟之間存在很大差異。正如你所說，鼠標和鍵盤發展得非常好，為什麼相機會掉下來。我們有一台為這些觀眾定位的攝像機。然後我們推出了一款名為 Vivo 的新子相機，它非常非常小。而且我認為真正了解我們的故事。

Our marketing story is correct to make sure we're placed in the right places, all those things are really critical to having a long-term really great growth business. It's small today. And the opportunity is really big. I think making sure that a creator feels like they know what they need. We just launched lights, for example. And in a very, very small way. We've launched one light product so far, and it's super interesting to see how many people are looking for that. and we're in very limited distribution so far. So I think there's a big opportunity there, Michael. I think we've just got to keep working to make sure we get the right portfolio, the right positioning for those and the right distribution.

我們的營銷故事是正確的，以確保我們處於正確的位置，所有這些對於擁有長期真正偉大的增長業務至關重要。今天還小。而且機會真的很大。我認為要確保創作者覺得他們知道自己需要什麼。例如，我們剛剛推出了燈光。並且以非常非常小的方式。到目前為止，我們已經推出了一款輕型產品，看看有多少人在尋找它是非常有趣的。到目前為止，我們的分佈非常有限。所以我認為那裡有很大的機會，邁克爾。我認為我們必須繼續努力確保我們獲得正確的投資組合、正確的定位和正確的分配。

Okay. And the add-on would be in the audience the wearables space there. Could you give a bit more detail on what happened in there? What dragged sales done? What went well? And how did the actually -- how did the microphone's business before?

好的。附加組件將在觀眾那裡的可穿戴設備空間中。你能詳細介紹一下那裡發生的事情嗎？是什麼拖累了銷售？什麼進展順利？實際上，麥克風之前的業務如何？

Yes. I would say -- Nate, do you want to cover the overall segment, I'll talk about microphones in particular?

是的。我想說- Nate，你想涵蓋整個部分嗎？我會特別談談麥克風？

Sure. Are you including mobile speakers in your question, Michael, or overall?

當然。您是否在問題中包括移動揚聲器，邁克爾，還是整體？

No, no, no. Just the (inaudible) and PC wearables.

不不不。只是（聽不清）和 PC 可穿戴設備。

Yes. So I think on the one hand, we had headsets in there, and I mentioned earlier that I think headsets overall was kind of a tough market. So that was probably one of the biggest drivers of the decline. Microphones was also an area that was weaker and Bracken, I'll let you follow up with a comment on that one, but microphones as weaker year-over-year, again, coming off of, I think, a pandemic period where there was probably some additional demand for microphones above and beyond the normal creator demand. And then the other pieces of that category are sort of declining as expected. PC speakers, the category, we have very high share, but a market that has been in some decline.

是的。所以我認為，一方面，我們在那裡有耳機，我之前提到我認為整體耳機市場是一個艱難的市場。所以這可能是下降的最大驅動因素之一。麥克風也是一個較弱的領域，Bracken，我會讓你跟進對此的評論，但麥克風與去年同期相比較弱，我認為，這是一個大流行時期可能對麥克風的一些額外需求超出了正常的創作者需求。然後該類別的其他部分正如預期的那樣下降。 PC音箱這個品類，我們佔有很高的份額，但是這個市場一直在下滑。

And then the last piece I'd probably say would be Jaybird where we've made a decision to not launch new products there. So we're seeing the expected decline in Jaybird as well. Bracken, did you want to comment on Mike?

然後我可能會說的最後一件作品是 Jaybird，我們決定不在那裡推出新產品。因此，我們也看到 Jaybird 的預期下降。 Bracken，你想評論 Mike 嗎？

Yes. The mics as they said, the mic business grew dramatically during the pandemic. it's still up, I think, more than 50% versus prepandemic. And we think a lot of that growth was driven by people just felt like their mice wasn't good enough on their desktop. And so they were not really in that segment you just described is really interesting. They were in another segment, which is the microphone isn't working. And most people have found their way around dealing with that. But the underlying business that of stringers and creators and podcasters, I believe it's still very healthy.

是的。正如他們所說，麥克風業務在大流行期間急劇增長。我認為，與大流行前相比，它仍然上升了 50% 以上。我們認為，這種增長很大程度上是由人們推動的，他們只是覺得他們的鼠標在桌面上不夠好。所以他們並不是真的在你剛才描述的那個部分中，這真的很有趣。他們在另一個部分，即麥克風不工作。大多數人已經找到了解決這個問題的方法。但弦樂師、創作者和播客的基礎業務，我相信它仍然非常健康。

Now in the pandemic, a lot of people got into podcasting that weren't in it perform probably a big spike and then that's come down. But I think after we get through this period of kind of reduction to the point where you say, okay, this is the real core market, we'll see very strong growth again. I think the need for stream grading products is in the world ahead, it's going to be bigger year. And so we're pretty optimistic about it. And we haven't innovated much in our business either and that's coming.

現在在大流行中，很多人進入了播客，而播客卻沒有出現，這可能是一個很大的高峰，然後就下降了。但我認為，在我們經歷了這種下降到你所說的程度之後，好吧，這是真正的核心市場，我們將再次看到非常強勁的增長。我認為對流分級產品的需求在世界前面，這將是更大的一年。所以我們對此非常樂觀。而且我們的業務也沒有太多創新，這即將到來。

Still very strategic for us. I think also keep in mind it has some exposure to the gaming market, which we've talked about has been slower in the last couple of quarters.

對我們來說仍然非常具有戰略意義。我認為還請記住，它對遊戲市場有一定的敞口，我們已經談到了在過去幾個季度中的速度較慢。

Okay. Our final question today will come from Serge Rotzer, Credit Suisse.

好的。我們今天的最後一個問題將來自瑞士信貸的 Serge Rotzer。

I have 2 quick ones in that case. The first one is you had a very favorable sales mix in Q1 with video creation, keyboards combos, pointing devices. So the high gross profit margin products growing the low gross profit margin product declining. So now we have to expect even not improving margins. but still, we can expect higher volume sequentially, isn't it? Not high single-digit growth, as Nate mentioned, but higher volumes in Q2 than in Q1. Does this imply that the high gross profit margin -- to the high gross profit margin product will decline than in Q2. So we see lower sales in video collaboration and mice and keyboards or where I'm wrong.

在那種情況下，我有 2 個快速的。第一個是您在第一季度的銷售組合非常有利，包括視頻創作、鍵盤組合、指點設備。所以高毛利率產品增長，低毛利率產品下降。所以現在我們不得不期待甚至沒有提高利潤率。但是，我們仍然可以期待更高的成交量，不是嗎？正如 Nate 所說，不是高個位數增長，但第二季度的銷量高於第一季度。這是否意味著高毛利率——對高毛利率的產品將比Q2下降。因此，我們看到視頻協作和鼠標和鍵盤的銷售額下降，或者我錯了。

I think the reality is that the other impacts are just larger than the impact of category mix. We did see favorable category mix year-over-year surge. And I saw that in my gross margin bridge. It just wasn't as big as the other ones that I called out. So I think that story still remains. VC, I think, has gone -- it's now over 20% of our mix. It was down about 10% pre-pandemic. So it's doubled in size relative to the overall company. But the other factors are just too big. The cost increases, the logistics rates, the currency, those have kind of overwhelmed most of the other impacts.

我認為現實情況是，其他影響只是比類別組合的影響更大。我們確實看到有利的類別組合同比激增。我在我的毛利率橋中看到了這一點。它只是沒有我喊出的其他人那麼大。所以我認為這個故事仍然存在。我認為，VC 已經消失了——它現在已經超過了我們組合的 20%。大流行前下降了約10%。因此，相對於整個公司而言，它的規模翻了一番。但其他因素太大了。成本增加、物流費率、貨幣，這些已經壓倒了大多數其他影響。

Okay. Fair point. And the second one is in your inventory, can you remind me how much is finished or finished products and how much is semi-finished products because these days probably will not ship finished products around the world, given the high cost. You mentioned once you do this only if it gives sense. So I'm wondering in this ratio.

好的。有道理。第二個在你的庫存中，你能提醒我成品或成品有多少，半成品有多少，因為這些天可能不會在全球範圍內運送成品，因為成本很高。您曾經提到過，只有在有意義的情況下才這樣做。所以我想知道這個比例。

And then secondly, obviously, are there any impairment risk then on some of the inventory because it's at the wrong place or you have the wrong products in your inventory at your stock?

其次，顯然，某些庫存是否存在任何減值風險，因為它位於錯誤的位置，或者您的庫存中有錯誤的產品？

Can you -- I just want to make sure I understand your mix question between sort of raw materials and...

你能 - 我只是想確保我理解你在原材料種類和......之間的混合問題

The first one is how much is finished products and how much is components, let's say, that way. And then second, I fear that on finished products, you could have an impairment risk because you will not ship finished products from Asia to Europe and wherever because it's not worth to do that. So over time, you could have impairment risk on your inventory. What is -- yes, can you help me there?

第一個是成品有多少，組件有多少，比如說，這樣。其次，我擔心在成品上，您可能會有減值風險，因為您不會將成品從亞洲運往歐洲以及其他任何地方，因為這樣做不值得。因此，隨著時間的推移，您的庫存可能會面臨減值風險。什麼是——是的，你能幫我嗎？

Well, I think on the impairment thing, obviously, that's something we look at every quarter, and we have taken reserves in the P&L really, over the last year, I would say, including some this quarter, we didn't have very many of those in the height of the pandemic growth period because everything was selling. But we've sort of been reverting to more normal levels of reserves, I think, over the last 12 months. So that continues and something that obviously gets very close inspection every quarter to make sure that things that are aging or slow moving or things to come back from customers, those all carry reserves and that's all reflected in the P&L.

嗯，我認為關於減值問題，很明顯，這是我們每個季度都會看到的，而且我們確實在損益表中提取了準備金，在過去的一年裡，我想說，包括本季度的一些，我們沒有很多那些處於大流行成長期高峰期的人，因為一切都在賣。但我認為，在過去的 12 個月裡，我們有點恢復到更正常的儲備水平。因此，這種情況繼續下去，顯然每個季度都會進行非常仔細的檢查，以確保老化或移動緩慢的東西或從客戶那裡退回的東西，這些都帶有準備金，這都反映在損益表中。

The other thing to keep in mind, too, Serge is, our business mix has shifted. So we started off your question talking about VC. It's a very different category than, say, music speakers, right, which was -- which is a category we deemphasized, it's now just a couple of points of our sales. So that was a category and Bracken mentioned why sort of the unattractiveness of that business model. It was a much more discretionary purchase, had much higher holiday sales VC is a much steadier demand product, longer life cycles and so forth. So I think the overall amount of risk in the types of inventory that we're holding is different than what it was a few years ago as our business has shifted to more mice and keyboards, which have long product life cycles, more VC, which have long product life cycles, things like that.

另一件要記住的事情，Serge，我們的業務組合已經發生了變化。所以我們開始討論你關於 VC 的問題。這是一個與音樂揚聲器非常不同的類別，對，這是我們不再強調的類別，現在它只是我們銷售額的幾個點。所以這是一個類別，布拉肯提到了為什麼這種商業模式沒有吸引力。這是一種更加可自由支配的購買，具有更高的假期銷售額，VC 是一種更穩定的需求產品，更長的生命週期等等。所以我認為我們持有的庫存類型的總體風險與幾年前不同，因為我們的業務已經轉向更多的鼠標和鍵盤，它們具有較長的產品生命週期，更多的風險投資，這產品生命週期長，諸如此類。

Yes. I would just add to that. I think we're also just -- I mean you know this because you've been following us for a while, but I'll say for everybody else. We're not in a business that has big obsolescence risk, where new technology is going to come in really obsolete our category. I mean if we have a risk, it's -- we have a little too much inventory in one place or another one, and we need to just be patient and get it out, not hyper discounted to get it out. And that's generally the approach we've taken. I'm not saying we don't have any inventory risk you always do, but it's not -- it doesn't look like many of the categories that you probably look outside of us.

是的。我只想補充一點。我認為我們也只是 - 我的意思是你知道這一點，因為你已經關注我們一段時間了，但我會為其他所有人說。我們不是一個有很大過時風險的業務，新技術將真正過時我們的類別。我的意思是，如果我們有風險，那就是——我們在一個地方或另一個地方的庫存太多了，我們需要耐心把它拿出來，而不是為了把它拿出來打折。這通常是我們採取的方法。我並不是說我們不存在您一直存在的任何庫存風險，但事實並非如此——它看起來不像您可能在我們之外看到的許多類別。

Thanks, everyone, for your questions. Bracken and Nate, thank you. That's a wrap on our call, Bracken, any final comments.

謝謝大家，你的問題。布雷肯和內特，謝謝。這是對我們的電話的總結，Bracken，任何最後的評論。

No, I really appreciate it. It was a great high engaged discussion today. Thank you very much. We look forward to talking to you again next quarter, and stay tuned. It's an exciting time in the world. Every first quarter of the year seems to be very different from the last one over the last 3 or 4 years, and we're in another one now. So -- but I'm very optimistic about the future. I think we're in a great spot.

不，我真的很感激。今天的討論非常熱烈。非常感謝。我們期待在下個季度再次與您交談，敬請期待。這是世界上一個激動人心的時刻。今年的每個第一季度似乎都與過去 3 或 4 年的最後一個季度大不相同，而我們現在正處於另一個季度。所以——但我對未來非常樂觀。我認為我們處於一個很好的位置。

Wonderful. Thanks, everyone.

精彩的。感謝大家。

Thanks, Nate.

謝謝，內特。