羅技 (LOGI) 2023 Q2 法說會逐字稿

Okay. Good morning and good afternoon. Thank you, everyone, for joining us. Welcome to Logitech's video call to discuss our financial results for the second quarter of fiscal 2023. A call to discuss our financial results for the second quarter of fiscal 2023. Joining us today are Bracken Darrell, our President and CEO; and Nate Olmstead, our CFO.

好的。早上好，下午好。謝謝大家加入我們。歡迎參加羅技的視頻電話會議，討論我們 2023 財年第二季度的財務業績。電話會議討論我們 2023 財年第二季度的財務業績。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。

During this call, we will make forward-looking statements, including with respect to future operating results under the safe harbor Private Securities Litigation Reform Act of 1995. We're making these statements based on our views only as of today, and our actual results could differ materially.

在本次電話會議期間，我們將發表前瞻性陳述，包括根據 1995 年《安全港私人證券訴訟改革法案》規定的未來經營業績。我們僅根據我們今天的觀點和我們的實際結果做出這些陳述可能存在重大差異。

We undertake no obligation to update or revise any of these statements, and we will also discuss non-GAAP financial results. You can find a reconciliation of these 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 annual -- most recent annual report and subsequent filings.

我們不承擔更新或修改任何這些報表的義務，我們還將討論非公認會計原則的財務結果。您可以在我們的新聞稿和我們提交給 SEC 的文件中找到這些非 GAAP 和 GAAP 結果的對賬，以及關於我們使用可能影響我們財務業績的非 GAAP 措施和因素的信息，包括我們最年度的 - 最最近的年度報告和隨後的文件。

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 encourage you to review these materials carefully. Unless noted otherwise, comparisons between periods are year-over-year and in constant currency and sales are net sales. This call is being recorded and will be available for a replay on our website.

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固定貨幣，銷售額是淨銷售額。此通話正在錄音中，可在我們的網站上重播。

With that, I will now turn the call over to Bracken. Bracken?

有了這個，我現在將把電話轉給 Bracken。蕨菜？

Thank you, Nate, and thanks to all of you, as usual, for joining us. Last quarter, we discussed the ongoing macroeconomic and geopolitical challenges impacting Logitech and the world. And the short story is that the industry is volatile. Inflation continues to be an issue, the dollar remains strong, the war continues, and consumer confidence appears to be tepid.

謝謝你，內特，也謝謝大家，像往常一樣，加入我們。上個季度，我們討論了影響羅技和世界的持續宏觀經濟和地緣政治挑戰。簡而言之，這個行業是不穩定的。通貨膨脹仍然是一個問題，美元依然堅挺，戰爭仍在繼續，消費者信心似乎不溫不火。

Despite this volatility, we're committed to a straightforward approach as we manage the business. We'll continue to invest in product innovation, volume manage the near term conservatively.

儘管存在這種波動性，但我們在管理業務時仍致力於採用直截了當的方法。我們將繼續投資於產品創新，近期保守地進行數量管理。

First, let's talk about innovation. We love the categories we're in. We're optimistic about their growth trends on the markets, the strategy and our business model. We just had one of the most impressive sets of product launches in the history of Logitech.

首先，讓我們談談創新。我們喜歡我們所處的類別。我們對它們在市場、戰略和商業模式方面的增長趨勢持樂觀態度。我們剛剛推出了羅技歷史上最令人印象深刻的產品系列之一。

All told, we announced more than 20 new products in the quarter, 20. In my time at Logitech, I don't think we've ever launched this many. More important than the sheer number, though, is that I believe this year, they have never been more innovative.

總而言之，我們在本季度發布了 20 多款新產品，20 款。在我在羅技任職期間，我認為我們從未推出過這麼多。不過，比單純的數字更重要的是，我相信今年，他們從未像現在這樣創新。

We've increased our product development investments over the past 3 years, and you're seeing the results of those investments as we further separate ourselves from others in the market.

在過去 3 年中，我們增加了產品開發投資，隨著我們進一步將自己與市場上的其他公司區分開來，您會看到這些投資的成果。

And with everything going on in the world, our teams are doubling down. It's so exciting. Many of these new products, by the way, are additive to our existing portfolio. We're increasing our addressable markets.

隨著世界上發生的一切，我們的團隊正在加倍努力。它是如此令人興奮。順便說一句，這些新產品中有許多是我們現有產品組合的補充。我們正在增加我們的目標市場。

And equally as important, they're designed to take advantage of the big durable trends we've been highlighting, video everywhere, hybrid work and the explosion of gaming and content creation. We continue to develop products to help businesses and employees thrive in this new and evolving work-from-anywhere world.

同樣重要的是，它們旨在利用我們一直強調的大持久趨勢、無處不在的視頻、混合工作以及遊戲和內容創作的爆炸式增長。我們將繼續開發產品，以幫助企業和員工在這個新的、不斷發展的隨時隨地工作的世界中茁壯成長。

And as the environment changes, we're continuing to learn something new every day, every week about what the future holds. And it's that evolution that creates the demand for innovation, and that's the kind of markets we like to be in, markets where our expertise in design and user insights is rewarded by customers.

隨著環境的變化，我們每天、每週都在繼續學習關於未來的新事物。正是這種演變創造了對創新的需求，這就是我們喜歡進入的市場，我們在設計和用戶洞察方面的專業知識得到客戶回報的市場。

For example, for B2B customers, we announced Logitech Sight, addressing the question we hear most from enterprises about videoconferencing. What do I really need in a conference room to make hybrid work, work? We're passionate about creating an equitable experience for remote participants and in-room participants.

例如，對於 B2B 客戶，我們發布了 Logitech Sight，解決了我們從企業那裡聽到的最多的關於視頻會議的問題。我在會議室中真正需要什麼才能使混合工作正常工作？我們熱衷於為遠程參與者和室內參與者創造公平的體驗。

Sight is the next step bridging this gap. It's a tabletop camera that will be sold as part of our conference room solutions, and it uses AI to more intelligently track conversations and provide a more natural video perspective to enhance meeting effectiveness.

視力是彌合這一差距的下一步。這是一款桌面攝像頭，將作為我們會議室解決方案的一部分出售，它使用人工智能更智能地跟踪對話並提供更自然的視頻視角，以提高會議效率。

I'm especially excited about this product because it highlights two important areas where we continue to make strides. It's powered by AI software, an excellent example of our increasingly software-driven solutions.

我對這款產品特別興奮，因為它突出了我們繼續取得長足進步的兩個重要領域。它由人工智能軟件提供支持，這是我們日益軟件驅動的解決方案的一個很好的例子。

And it's a perfect example of a product that's completely additive to our existing portfolio of conferencing products, seamlessly working with Rally Bar in [Scribe], just to name a couple of them. Nobody else has a solution like this. It's such an important product. I think of it as the missing piece of the conference room setup.

這是一個完美的產品示例，它完全添加到我們現有的會議產品組合中，與 [Scribe] 中的 Rally Bar 無縫協作，僅舉幾例。沒有其他人有這樣的解決方案。它是如此重要的產品。我認為它是會議室設置中缺失的部分。

For the personal workspace, we launched a new set of keyboards and mice design, especially for Mac users, which will expand our addressable market and the work-from-anywhere trend.

對於個人工作空間，我們推出了一套新的鍵盤和鼠標設計，特別是針對 Mac 用戶，這將擴大我們的潛在市場和隨時隨地工作的趨勢。

And now let's look at Gaming, where the team had a really strong quarter of product launches. Similar to the trend in video and hybrid work, we're seeing more gamers demanding products to let them game from anywhere. We announced G CLOUD, a gaming device designed for cloud gamers that accesses PC and console games from nearly anywhere. And as of Sight for B2B customers, this product is completely additive to our Gaming lineup.

現在讓我們看一下游戲，該團隊在該季度推出了非常強勁的產品。與視頻和混合工作的趨勢類似，我們看到越來越多的遊戲玩家要求產品可以讓他們在任何地方玩遊戲。我們發布了 G CLOUD，這是一款專為雲遊戲玩家設計的遊戲設備，幾乎可以從任何地方訪問 PC 和主機遊戲。就 B2B 客戶的 Sight 而言，該產品完全是我們遊戲系列的補充。

Gamers want on-demand access to their favorite games and high-quality gaming experiences wherever they happen to be. And that's exactly what G CLOUD provides. Later in the quarter, we released our lineup of PRO Racing Wheels and Pedals, which I believe are far and away the best in the industry.

遊戲玩家希望隨時隨地訪問他們最喜愛的遊戲和高質量的遊戲體驗。而這正是 G CLOUD 提供的。在本季度晚些時候，我們發布了我們的 PRO Racing Wheels 和 Pedal 產品陣容，我相信它們絕對是業內最好的。

These are the high-end, high-performing products, and the response has been incredibly positive. List goes on and on.

這些都是高端、高性能的產品，反響非常積極。名單不勝枚舉。

Gaming launched its Aurora suite of products, a new set of keyboards, mice, microphones and headsets targeting a larger customer set, with expanded color and design choices, and new features like headsets more easily worn with earrings and a broader range of hair styles. For creators, we have a new studio-quality microphone and lighting.

Gaming 推出了其 Aurora 產品套件、一套新的鍵盤、鼠標、麥克風和耳機，針對更大的客戶群，具有更多的顏色和設計選擇，以及更容易佩戴耳機的耳機和更廣泛的髮型等新功能。對於創作者，我們有一個新的工作室品質的麥克風和燈光。

We're pushing ahead on the metaverse and in partnership with Meta, released an immersive audio solution, Logitech Chorus. You get the point. So what's the common thread that runs through these product launches?

我們正在推進元界，並與 Meta 合作，發布了沉浸式音頻解決方案 Logitech Chorus。你明白了。那麼貫穿這些產品發布的共同點是什麼？

They offer a high-quality, seamless experience for people to work, play and create, wherever and whenever they want. They're tightly integrated with our existing product portfolio and in some cases, expand the addressable market.

它們為人們隨時隨地工作、娛樂和創作提供了高質量、無縫的體驗。它們與我們現有的產品組合緊密集成，在某些情況下，擴大了潛在市場。

By investing in our product roadmap, while also focusing on operational efficiency, we'll ultimately come out of this downturn better positioned and poised for strong growth.

通過投資於我們的產品路線圖，同時關注運營效率，我們最終將走出這場低迷，更好地定位並為強勁增長做好準備。

Many companies talk about investing through times of economic uncertainty. We're doing it. But make no mistake, we're not operating in normal times, and we're acutely aware of the macro challenges. We're focused on what we can control.

許多公司談論在經濟不確定時期進行投資。我們正在做。但請不要誤會，我們不是在正常時期運作，我們敏銳地意識到宏觀挑戰。我們專注於我們可以控制的事情。

Last quarter, we discussed a plan under this theme. What you saw this quarter were the first steps in executing that plan, we decreased our expenses, focused on operational efficiency. We committed to reducing operating expenses by $150 million or 11% by the end of the fiscal year. We're on track to meet that goal.

上個季度，我們在這個主題下討論了一個計劃。您在本季度看到的是執行該計劃的第一步，我們減少了開支，專注於運營效率。我們承諾到本財年末將運營費用減少 1.5 億美元或 11%。我們正在實現這一目標。

For Q2, OpEx was down 15%. And part of the operational efficiency is realigning our org structure. Earlier this year, we merged our commercial organizations into one team. The goal was to serve B2B customers in a coordinated way, leveraging one Logitech to sell a portfolio of Logitech's relevant products.

第二季度，運營支出下降了 15%。運營效率的一部分是重新調整我們的組織結構。今年早些時候，我們將我們的商業組織合併為一個團隊。目標是以協調的方式為 B2B 客戶提供服務，利用一個羅技來銷售羅技的相關產品組合。

This quarter, we evolved our business group and engineering structures to directly align with our new commercial structure and customer audiences, B2B customers, end users and gamers plus streamers. Along with operational efficiencies, this will allow us to better compete within the enterprise market and better serve end users at the same time. We executed targeted pricing increases, and our operations team continues to look for more cost-effective ways of getting our products to market.

本季度，我們改進了我們的業務組和工程結構，以直接與我們的新商業結構和客戶受眾、B2B 客戶、最終用戶和遊戲玩家以及流媒體保持一致。除了提高運營效率外，這將使我們能夠更好地在企業市場中競爭，同時更好地為最終用戶服務。我們執行了有針對性的提價，我們的運營團隊繼續尋找更具成本效益的方式將我們的產品推向市場。

Our gross margin for the quarter was a strong 38.6% given inflation and currency headwinds, and we've, not yet started to see the lower shipping rates flow through our P&L. Looking ahead, you should expect us to continue to operate this way. And we'll be prudent in the near term while investing in our priorities to grow in the long term.

鑑於通貨膨脹和貨幣逆風，我們本季度的毛利率高達 38.6%，而且我們還沒有開始看到較低的運費流經我們的損益表。展望未來，您應該期望我們繼續以這種方式運營。我們將在短期內保持謹慎，同時投資於我們的優先事項以實現長期增長。

And that's why I'm so optimistic about our future. People will invest in their workspaces. People will participate in video calls. People will game, people will create content. And Logitech will be right in the middle of all of it.

這就是為什麼我對我們的未來如此樂觀。人們將投資於他們的工作空間。人們將參與視頻通話。人們會玩遊戲，人們會創造內容。而羅技將在這一切的中間。

Before I turn the call over to Nate for a breakdown of our financial performance, I'd like to say a few things about what you saw in our press release about Nate's next steps. Nate's been my CFO for nearly 4 years. We've worked through the pandemic and have grown this company nearly twice the size when I hired him.

在我將電話轉給 Nate 以了解我們的財務業績之前，我想談談您在我們的新聞稿中看到的關於 Nate 下一步行動的內容。 Nate 擔任我的首席財務官將近 4 年了。我們已經度過了大流行病，並且在我僱用他時，這家公司的規模幾乎翻了一番。

He has done an amazing job as CFO in a period that's unlike anything Logitech's ever gone through. Nate and I talk regularly about his personal aspirations and those for the company.

作為首席財務官，他在羅技經歷過的任何時期都做得非常出色。內特和我經常談論他的個人願望和公司的願望。

And over the course of these conversations, we came to an understanding that now would be a reasonable time for him to move on to the next opportunity. He's built a best-in-class finance team over the last few years that will support the transition for a new CFO.

在這些談話的過程中，我們達成了共識，現在是他轉向下一個機會的合理時機。在過去幾年中，他建立了一流的財務團隊，這將支持新 CFO 的過渡。

And as important, Nate plans to stay on Board until his replacement's in place. I am very grateful to you, Nate, for everything you've done for Logitech, and I can speak for the Board and say they are too. So Nate, with that, can you take us through the quarter's financial performance?

同樣重要的是，內特計劃留在董事會，直到他的替代者就位。 Nate，我非常感謝你為羅技所做的一切，我可以代表董事會發言並說他們也是。那麼內特，你能帶我們了解一下本季度的財務業績嗎？

Thanks, Bracken, and thanks for your kind words. Let me walk you through the quarter in more detail. In Q2, net sales were down 7% to $1.15 billion. While sales were down, this was the third consecutive quarter of improved year-over-year growth performance. We grew in Video Collaboration and Pointing Devices, while Gaming showed nice sequential improvement in year-over-year growth, down 4% after being down 13% in Q1.

謝謝，布雷肯，謝謝你的客氣話。讓我更詳細地向您介紹本季度。第二季度，淨銷售額下降 7% 至 11.5 億美元。雖然銷售額下降，但這是連續第三個季度同比增長業績有所改善。我們在視頻協作和指點設備方面有所增長，而遊戲在同比增長方面表現出良好的連續改善，在第一季度下降 13% 後下降了 4%。

Gross margins decreased versus last quarter, as expected, to 38.6%. Versus the prior year, product cost and freight rate increases were unfavorable 3 points, and currency was unfavorable 2 points. We partially offset these headwinds with our pricing actions and by driving down our use of air freight.

正如預期的那樣，毛利率與上一季度相比下降至 38.6%。與上年相比，產品成本和運費上漲不利3個百分點，貨幣不利2個百分點。我們通過定價行動和減少空運的使用部分抵消了這些不利因素。

Operating profit was $156 million, reflecting lower demand, inflationary cost pressures and unfavorable currency and our continued investment in our product development capabilities. Cash flow from operations was $73 million in Q2, and cash flow is up $215 million year-to-date versus last year.

營業利潤為 1.56 億美元，反映了需求下降、通脹成本壓力和不利的貨幣以及我們對產品開發能力的持續投資。第二季度的運營現金流為 7300 萬美元，與去年相比，今年迄今的現金流增加了 2.15 億美元。

Turning to results across our product categories. Gaming showed some resilience in the quarter, led by growth in Racing Wheels. For Q2, Gaming was down 4%, which is a marked improvement from last quarter. Americas and Europe Gaming sales remained pressured, while Asia continues to grow up 25%.

轉向我們產品類別的結果。在 Racing Wheels 的增長帶動下，遊戲在本季度表現出一定的彈性。第二季度，遊戲業務下降了 4%，與上一季度相比有了顯著改善。美洲和歐洲遊戲銷售仍然承壓，而亞洲繼續增長 25%。

As with last quarter, we outperformed the market and gained PC gaming share. We think our product portfolio is in great shape, with strong new product introductions as we head into the holiday season.

與上一季度一樣，我們的表現優於市場並獲得了 PC 遊戲市場份額。我們認為我們的產品組合狀況良好，隨著我們進入假日季節，推出了強大的新產品。

Video Collaboration posted a second consecutive quarter of 7% growth. Video conference room cameras and peripherals grew nearly 30%. This growth was offset by a decline in business-oriented webcams, which were down more than 30%, although their sales remained more than 3x higher than pre-pandemic levels.

Video Collaboration 連續第二個季度實現 7% 的增長。視頻會議室攝像機和外圍設備增長了近 30%。這一增長被面向商業的網絡攝像頭的下降所抵消，儘管其銷售額仍比大流行前水平高出 3 倍以上，但下降了 30% 以上。

We talked about this dynamic for several quarters, pressure in webcams following the incredible dynamic and pandemic-driven growth, somewhat offsetting solid and strong growth in conference room cameras and peripherals.

我們討論了幾個季度的這種動態，在令人難以置信的動態和大流行驅動的增長之後，網絡攝像頭的壓力，在一定程度上抵消了會議室攝像頭和外圍設備的穩健和強勁增長。

Pointing Devices were up 3%, driven by our new Lift Ergonomic mouse and our high-end MX Master 3S. Keyboards and Combos net sales declined 10% due to low end market softness in China and Europe, partially offset by a strong start from our new high-end MX mechanical keyboard. Keyboard sell-through was essentially flat in the quarter. And as with our business webcams, consumer webcams were pressured and down 33% from pandemic highs.

在我們新的 Lift Ergonomic 鼠標和我們的高端 MX Master 3S 的推動下，指針設備增長了 3%。由於中國和歐洲的低端市場疲軟，鍵盤和組合的淨銷售額下降了 10%，部分被我們新的高端 MX 機械鍵盤的強勁開局所抵消。本季度鍵盤銷售量基本持平。與我們的商務網絡攝像頭一樣，消費者網絡攝像頭受到壓力，從大流行的高點下降了 33%。

In any given quarter, results across our categories may not move up or down in concert. It's the benefit of having a diversified portfolio that we like so much. This quarter was no different. So what we focus on is the performance of the categories that are addressing secular trends in Gaming, Video Collaboration and hybrid work.

在任何給定的季度，我們各個類別的結果可能不會同步上升或下降。這是我們非常喜歡的多元化投資組合的好處。本季度也不例外。因此，我們關注的是解決遊戲、視頻協作和混合工作中長期趨勢的類別的表現。

Sales of our Pointing Devices, Keyboards and Combos, Gaming and VC products were 80% of our total net sales this quarter and were up 1% year-over-year in constant currency and excluding Russia. Their sales grew 1% year-over-year in constant currency and excluding Russia.

我們的指針設備、鍵盤和組合、遊戲和 VC 產品的銷售額佔本季度總淨銷售額的 80%，按固定匯率計算，不包括俄羅斯，同比增長 1%。按固定匯率計算（不包括俄羅斯），他們的銷售額同比增長 1%。

It's also important to note that the combined gross margins for this set of categories are above the company average. So our biggest categories addressing attractive secular trends grew and produced above average margins.

同樣重要的是要注意，這組類別的總毛利率高於公司平均水平。因此，我們針對有吸引力的長期趨勢的最大類別增長並產生了高於平均水平的利潤率。

Turning to expenses. Consistent with the first quarter, we reduced our expenses, most notably in sales and marketing, which was down 21%. As Bracken mentioned earlier, we remain committed to investing in product design and development to strengthen our category leadership, and we increased R&D spend by 3%.

轉向開支。與第一季度一致，我們減少了開支，尤其是在銷售和營銷方面，下降了 21%。正如 Bracken 之前提到的，我們仍然致力於投資產品設計和開發以加強我們的類別領導地位，我們將研發支出增加了 3%。

Last quarter, we committed to reduce our annual operating expenses by $150 million versus last year, and we are on track to meet that commitment by year end. We will continue to focus on finding efficiencies throughout the organization as we align our spend with our sales.

上個季度，我們承諾與去年相比將年度運營費用減少 1.5 億美元，我們有望在年底前兌現這一承諾。隨著我們的支出與銷售保持一致，我們將繼續專注於提高整個組織的效率。

We ended the quarter with a cash balance of $869 million. In September, our shareholders approved our proposed dividend distribution, which when combined with our continued buyback program, returned $276 million to shareholders in the quarter.

我們在本季度末的現金餘額為 8.69 億美元。 9 月，我們的股東批准了我們提議的股息分配，結合我們的持續回購計劃，本季度向股東返還了 2.76 億美元。

We are now halfway through the fiscal year. And despite the headwinds, we remain confident in our ability to meet the outlook we announced last quarter. As a reminder, that outlook calls for full-year revenue in FY '23 to be down 4% to 8% in constant currency.

我們現在已經過了本財年的一半。儘管存在不利因素，但我們仍然對實現上個季度宣布的前景充滿信心。提醒一下，該前景要求 23 財年全年收入按固定匯率計算下降 4% 至 8%。

The U.S. dollar continued to strengthen versus last quarter, and currency now projects to be a roughly 5-point headwind to U.S. dollar growth. Therefore, our outlook for full-year revenue in U.S. dollars would be down 9% to 13%.

與上一季度相比，美元繼續走強，目前預計該貨幣對美元增長構成大約 5 個百分點的阻力。因此，我們對美元全年收入的預期將下降 9% 至 13%。

Our full-year non-GAAP operating income outlook remains between $650 million and $750 million, despite the incremental currency pressures. This pressure is expected to be offset by incremental efficiency gains throughout the organization and favorability in logistics rates.

儘管貨幣壓力增加，我們的全年非公認會計原則營業收入前景仍保持在 6.5 億美元至 7.5 億美元之間。預計這種壓力將被整個組織的效率提升和物流費率的優勢所抵消。

Much like last quarter, our intent is to provide you with a range of reasonable outcomes, given a highly volatile -- given the highly volatile nature of the global economy. We've made assumptions about a number of factors, including potentially protracted economic volatility and sustained revenue and profit pressure from the stronger U.S. dollar.

就像上個季度一樣，鑑於全球經濟的高度波動性，我們的目的是為您提供一系列合理的結果。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。

At the high end of our outlook, we assume a relatively normal holiday cycle. While at the low end, we've assumed a holiday lift generally aligned with the worst in the last decade.

在我們展望的高端，我們假設一個相對正常的假期週期。雖然處於低端，但我們假設假期增長通常與過去十年中最糟糕的情況一致。

And while it continues to be challenging to forecast with a level of precision and certainty in line with pre-pandemic business cycles, we believe maintaining our forecast is prudent and reasonable. [You there,] Nate? It's time to open the call for your questions. Thanks.

儘管根據大流行前的商業周期進行準確和確定性的預測仍然具有挑戰性，但我們認為維持我們的預測是謹慎和合理的。 [你在那兒，] 內特？是時候打開電話詢問您的問題了。謝謝。

All right. Great. Thanks, Bracken. Thank you, Nate, (Operator Instructions) We'll start today's Q&A with Asiya Merchant from Citi.

好的。偉大的。謝謝，布雷肯。謝謝你，Nate，（操作員說明）我們將從花旗的 Asiya Merchant 開始今天的問答。

And surprised and sad to see you leave, Nate. Best of luck. And thank you for always sharing your insights and providing clarity on callbacks, et cetera. So a couple of questions that I've gotten as the release came out.

看到你離開，又驚訝又難過，內特。祝你好運。並感謝您始終分享您的見解並提供回調等方面的清晰度。因此，隨著版本的發布，我得到了幾個問題。

The macro conditions remain volatile. And I know you guys talked about seasonality in the back half of this year. Can you give us any anecdotal evidence or qualitatively how you guys are thinking about the back half of this year, especially in terms of the holiday season and calendar 1Q, which is your fiscal 4Q?

宏觀環境仍然不穩定。我知道你們在今年下半年談到了季節性。您能否給我們提供任何軼事證據或定性地考慮你們對今年下半年的看法，特別是在假期和日曆第一季度（即您的第四財季）方面？

And then another question on inventory, if I may. I think that declined. If my numbers are correct, that declined sequentially ahead of a holiday season. If you can walk us through what were some of the dynamics there, that would be great.

如果可以的話，還有一個關於庫存的問題。我認為那拒絕了。如果我的數字是正確的，那麼在假期之前，這個數字會依次下降。如果你能帶我們了解那裡的一些動態，那就太好了。

Yes, Nate, why don't you take both of those? I think Nate talked a little bit about the first one, and the second one we can cover quickly.

是的，內特，你為什麼不把這兩個都拿走？我認為 Nate 談到了第一個，第二個我們可以快速介紹。

Sure. Yes. So I think as far as the back half of the year, Asiya, like I said, the outlook really represents kind of two ends or two multiple scenarios.

當然。是的。所以我認為就下半年而言，Asiya，就像我說的那樣，前景確實代表了一種兩端或兩種多重情景。

But you can think about it, I guess, at the high end, hey, it's a pretty normal holiday lift that we would see. And then on the low end, we've assumed something that really aligns with kind of the worst sequential growth that we've seen over the last decade.

但是你可以考慮一下，我猜，在高端，嘿，這是我們會看到的非常正常的假日電梯。然後在低端，我們假設的東西與我們在過去十年中看到的最糟糕的連續增長一致。

So we're thinking about it in kind of two ways. I think some of the -- normally in the holiday, right, you'll see very strong performance from some of the consumer products.

所以我們以兩種方式考慮它。我認為一些 - 通常在假期，對，你會看到一些消費產品的表現非常強勁。

And so maybe those will be a little bit more muted because consumer confidence has been a little bit weaker. But you saw the performance in Video Collaboration, again, this quarter grew 7%. And we're excited about some of the opportunities for us in B2B.

因此，也許這些會更加平靜，因為消費者信心有所減弱。但是你看到了視頻協作的表現，本季度再次增長了 7%。我們對 B2B 中的一些機會感到興奮。

So really thinking about it across the spectrum. We've got a very diversified portfolio. So that's kind of how I would answer your first question.

所以真的要考慮這個問題。我們有一個非常多元化的投資組合。所以這就是我會如何回答你的第一個問題。

I guess on the second question, yes, it came down sequentially. We did build up some inventory because of all the supply constraints that have been out there, the logistics disruptions.

我想關於第二個問題，是的，它是按順序下降的。由於所有供應限制，物流中斷，我們確實建立了一些庫存。

Some of those are starting to alleviate. We're starting to see some some better performance from logistics providers as well as reduced costs that we think will benefit us in the second half of the year. And so we'll be working down that inventory. We'll do it prudently, but it should come down further, in fact, in Q3.

其中一些開始緩解。我們開始看到物流提供商的一些更好的表現以及我們認為將在下半年使我們受益的成本降低。因此，我們將減少庫存。我們會謹慎行事，但實際上應該在第三季度進一步下降。

Yes. I'll just add to that. We expected us here to bring inventory down in this quarter, even though it was going into our holiday quarter, and we did. So it's -- we're pretty much right on track.

是的。我只是補充一下。我們預計我們會在本季度降低庫存，即使它正在進入我們的假日季度，我們做到了。所以它是 - 我們幾乎走在正軌上。

Next question, we'll go to Paul Chung, JPMorgan.

下一個問題，我們要問摩根大通的 Paul Chung。

And Nate, you will be missed. Very nice working with you. Just first on OpEx flexibility, providing some cushion here on your operating profit outlook, which areas are you cutting back? Are there any trade-offs on revenues as a result?

內特，你會被想念的。很高興和你一起工作。首先是運營支出的靈活性，在這里為您的營業利潤前景提供一些緩衝，您正在削減哪些領域？因此，在收入上是否有任何取捨？

And you mentioned some board structure changes, et cetera? And should we expect kind of a bounce back in OpEx when kind of top line comes back or continued focus on efficiency here in the near term?

你提到了一些董事會結構的變化，等等？當某種頂線回歸或在短期內繼續關注效率時，我們是否應該期待 OpEx 出現反彈？

Let me jump in first, Nate, and then you can [answer]. Overall -- maybe I'll answer what are we not cutting back. We're actually growing our product development investment, as you know. We're pulling back in different areas throughout the business, including marketing, where, as Nate talked about in script, we pulled back pretty significantly.

讓我先跳進去，內特，然後你可以[回答]。總的來說——也許我會回答我們沒有削減什麼。如您所知，我們實際上正在增加我們的產品開發投資。我們正在整個業務的不同領域撤退，包括營銷，正如 Nate 在劇本中所說，我們大幅撤退。

But really on that top of the funnel marketing that we feel like at the end of the day, when the markets are generally softer, [top of the] marketing is not as effective, whereas search engine optimization, the things you'd expect us to keep investing and we'll certainly keep investing in. So that's really the kind of the headline. Go ahead, Nate.

但真的在我們認為在一天結束時的漏斗營銷的頂部，當市場普遍疲軟時，[top of the] 營銷並不那麼有效，而搜索引擎優化，你期望我們做的事情繼續投資，我們肯定會繼續投資。所以這真的是那種標題。來吧，內特。

Yes. I mean I obviously agree with all that. Paul, if you recall, we talked in the past about as we were building -- as we were investing more and as the revenue growth was very strong in FY '21 and even FY '22, we were conscious of the fact that we wanted to be investing in a variable way if possible and where it made sense.

是的。我的意思是我顯然同意這一切。保羅，如果你還記得的話，我們在過去談論過我們正在建設 - 因為我們投資更多，並且在 21 財年甚至 22 財年收入增長非常強勁，我們意識到我們想要的事實如果可能並且在有意義的地方以可變的方式進行投資。

And so that has helped us as we've had to reduce expenses or we've taken actions to reduce expenses here in the first half. And so you're seeing some of the benefits of that strategy in the execution that we talked about before.

這對我們有所幫助，因為我們不得不減少開支，或者我們已經採取行動減少上半年的開支。因此，您在我們之前談到的執行中看到了該策略的一些好處。

I think even when you look at our marketing spend, though, we're really aligning it with sales. And if you look back historically, we're kind of at levels right now that are consistent with the level of investment we had there before.

不過，我認為即使您查看我們的營銷支出，我們也確實將其與銷售保持一致。如果你回顧歷史，我們現在的水平與我們之前的投資水平是一致的。

So we haven't cut back, as Bracken said, on all marketing, but we're just being very thoughtful about where it makes sense to invest now. I think if conditions change and we start to see more revenue growth and gross profit expansion, you may see us increase those investments again.

因此，正如布萊肯所說，我們並沒有削減所有營銷方面的開支，但我們只是在考慮現在在哪裡投資是有意義的。我認為，如果情況發生變化，我們開始看到更多的收入增長和毛利潤增長，你可能會看到我們再次增加這些投資。

Got you. And then just a follow-up. Can you talk about the cadence of product releases? I think you mentioned 20 or so. And then kind of your commitment to R&D, you just doubled since ['19] levels. Where are you kind of seeing relative strength from new product lines like the [Mitra], the G Cloud, Mac line of keyboards? And what products are kind of resonating the most with customers?

得到你。然後只是跟進。你能談談產品發布的節奏嗎？我想你提到了20個左右。然後是您對研發的承諾，自 ['19] 水平以來，您剛剛翻了一番。您從 [Mitra]、G Cloud、Mac 系列鍵盤等新產品線中看到的相對優勢在哪裡？哪些產品最能引起客戶的共鳴？

Yes. Let me -- first of all, in terms of the cadence, we usually do launch quite a few products in Q2 ahead of Q3. And this was really a record. I mean, I think -- I don't know, we try to go back and count, but we announced 20 new products this quarter. I mentioned that in the call. So I am super excited about what we're doing. Our innovation engine is just sort of firing on all cylinders.

是的。讓我——首先，就節奏而言，我們通常會在第三季度之前在第二季度推出不少產品。這真的是一個記錄。我的意思是，我認為 - 我不知道，我們試圖回過頭來計算，但我們本季度宣布了 20 款新產品。我在電話中提到了這一點。所以我對我們正在做的事情感到非常興奮。我們的創新引擎只是在所有氣缸上點火。

The other cool thing about it is that a lot of those products are completely new markets. I mentioned in the script, new addressable markets, things like G CLOUD, [Logitech Sight].

另一個很酷的事情是，其中很多產品都是全新的市場。我在腳本中提到了新的潛在市場，例如 G CLOUD、[Logitech Sight]。

And you asked what I'm excited about. That's a good example. I mean, I think this -- the ability to -- I think anybody who's been in a video call lately and been one of the remote participants, has had somebody stand with their back to the camera, they feel really out of it. And this really answers that.

你問我對什麼感到興奮。這是一個很好的例子。我的意思是，我認為這 - 能力 - 我認為任何最近參加過視頻通話並成為遠程參與者之一的人，都有人背對著鏡頭站著，他們感覺真的很不舒服。這確實回答了這個問題。

And the cool thing about it is you need our existing products to use it. And so you have to -- and you don't have to wait to buy them. You can buy them now, and this will just be a complement when it comes out. So it's a really cool product.

它最酷的一點是您需要我們現有的產品才能使用它。所以你必須——而且你不必等待購買它們。您現在可以購買它們，而這將只是一個補充。所以它是一個非常酷的產品。

I'm excited about the Mac line of products we have. We already had a very high-end MX Master and MX Keys version. Now this brings us into a lower price point. So everybody can afford to really have an alternative to Apple's experience, which is great.

我對我們擁有的 Mac 系列產品感到興奮。我們已經有了非常高端的 MX Master 和 MX Keys 版本。現在，這使我們進入了一個較低的價格點。因此，每個人都可以負擔得起真正擁有蘋果體驗的替代品，這很棒。

And I can probably keep going, G CLOUD is going to be really interesting to see how it does. I think we're going to just keep an eye on that category. Netflix started one day and now look at it. I think these cloud gaming services are going to be really big over time. And we're the first one out that was really a mobile experience inside the home. So it's super exciting across the board.

而且我可能會繼續前進，看看 G CLOUD 的效果會非常有趣。我認為我們將只關注該類別。 Netflix 從一天開始，現在看看。我認為隨著時間的推移，這些雲遊戲服務將會變得非常大。我們是第一個真正在家中提供移動體驗的公司。因此，這一切都非常令人興奮。

Next question will be from Alex Duval, Goldman Sachs.

下一個問題將來自高盛的 Alex Duval。

And thanks so much, to Nate, for the conversations over the years. A couple of quick ones. Firstly, you saw a 7% decline organically, constant currency, in the quarter.

非常感謝 Nate 多年來的對話。幾個快速的。首先，您看到本季度以固定匯率計算有機下降 7%。

So I wondered if you could just help us understand a bit more about how you get to minus 6% at the midpoint for the full year. To what extent it's the story of comp effects or product launches? How should we be thinking about that?

所以我想知道你是否可以幫助我們更多地了解如何在全年中點達到負 6%。它在多大程度上是關於補償效果或產品發布的故事？我們應該如何思考這個問題？

And secondly, related to this, if you look at video conferencing, you referenced the backed office dynamic. Just wondered, to what extent we should think about that benefiting you from a few more quarters? How are you thinking about that as well?

其次，與此相關，如果您查看視頻會議，您會參考支持辦公室的動態。只是想知道，我們應該在多大程度上考慮從更多季度中受益？你也是怎麼想的？

Why don't I take the last one, Nate. I think we're seeing at the very beginning of really the reenablement of an office. I think there's a lot of -- there's -- one of the most common questions -- I talked to a lot of CEOs and non-CIO there's -- one of the most common questions is, "Gosh, how is this going to work long term?"

我為什麼不拿最後一個，內特。我認為我們在一開始就看到了辦公室的真正重新啟用。我認為有很多 - 有 - 最常見的問題之一 - 我與很多 CEO 和非 CIO 交談過 - 最常見的問題之一是，“天哪，這將如何運作長期？”

I mean we're an interesting example. We're -- we've redone an office -- one big office we have in Switzerland. We just changed offices in [Cork]. So we're just moving into it. We're changing offices next year in Silicon Valley, all caused or at least accelerated by what's happened during the pandemic with hybrid work becoming the way we work.

我的意思是我們是一個有趣的例子。我們是——我們重做了一個辦公室——我們在瑞士的一個大辦公室。我們剛剛換了 [Cork] 的辦公室。所以我們只是進入它。明年我們將在矽谷更換辦公室，這一切都是由大流行期間發生的事情引起或至少加速的，混合工作成為我們的工作方式。

So I think we're pretty representative maybe a little bit on the front of the curve of most companies. So I think most companies over the next few years are all going to be adjusting size structure inside the office, the whole thing.

所以我認為我們很有代表性，也許在大多數公司的曲線前沿。所以我認為未來幾年大多數公司都將調整辦公室內部的規模結構，整件事。

And that really bodes well for us because then you really got to rethink, how many rooms we're going to have, how many rooms are going to have video, how many workspaces do I need? I'm sure they're going to upgrade those. They're going to change the structure inside.

這對我們來說真的是個好兆頭，因為那時你真的需要重新考慮，我們將擁有多少個房間，有多少個房間將有視頻，我需要多少個工作空間？我相信他們會升級這些。他們將改變內部結構。

Oh, and the people at home, they really now do need better stuff. And like I said, on many calls, everybody on this call can upgrade their workspace, I can guarantee us a [workspace]. I'll tell you exactly what you should do.

哦，家裡的人，他們現在確實需要更好的東西。就像我說的，在很多電話會議上，本次電話會議的每個人都可以升級他們的工作空間，我可以向我們保證 [工作空間]。我會告訴你具體應該怎麼做。

So it's a really -- I think it's a very good-looking future for us in the whole B2B space, whether it's B2B, in the office or B2B at home.

所以這真的 - 我認為這對我們整個 B2B 空間來說都是一個非常美好的未來，無論是 B2B、辦公室還是家庭 B2B。

And then on your question around the guidance, Alex, yes, I think you kind of hit some of it in your question. The compares are much different for the first half and the second half. In the first half of last year, we grew 24% in constant currency. And in the second half of last year, we declined 9% in constant currency.

然後關於你關於指導的問題，亞歷克斯，是的，我認為你在你的問題中遇到了一些問題。上半場和下半場的對比有很大不同。去年上半年，按固定匯率計算，我們增長了 24%。去年下半年，按固定匯率計算，我們下降了 9%。

So it's a pretty big difference in the year-over-year compare half to half. And so we think that this full-year outlook is reasonable.

因此，與去年同期相比，一半與一半之間存在很大差異。因此，我們認為這一全年展望是合理的。

Next question will be from Adam Angelov, Bank of America.

下一個問題來自美國銀行的 Adam Angelov。

So firstly, on the gross margins and the 3 percentage points of inflation headwinds you mentioned, just wondering, is there any reason as these things probably ease further over the next few quarters why you wouldn't see the benefit?

因此，首先，關於您提到的毛利率和 3 個百分點的通脹逆風，只是想知道，這些事情在接下來的幾個季度可能會進一步緩解，為什麼您看不到收益？

So you mentioned shipping is not really coming through the P&L yet. Is there any long-term contracts there on the component side, on the shipping side that would prevent you seeing the benefit?

所以你提到航運還沒有真正通過損益表。在組件方面，在運輸方面是否有任何長期合同會阻止您看到好處？

And then secondly, just on G CLOUD, kind of curious to see like more strategically, kind of teased it a little bit there, but more strategically, is this a move into more of the center of Gaming and away from peripherals? Just anything you could kind of give on that.

其次，就在 G CLOUD 上，有點好奇地看到更具戰略性，有點嘲笑它，但更具戰略性的是，這是進入遊戲中心並遠離外圍設備的舉措嗎？只是你可以給予的任何東西。

Yes, I'll answer the last one first, Nate, and then you can jump into the first one. The answer is we've been systematically expanding categories for 10 years. So this is another category expansion.

是的，我會先回答最後一個，Nate，然後你可以跳到第一個。答案是我們 10 年來一直在系統地擴展類別。所以這是另一個類別擴展。

As you said, you could argue it's more into, as you call it, the center of Gaming, although needless to say, I am the CEO of Logitech. So I think our products really are the center of [Gaming]. They're the last things you touched, the central things that they're [volume gain].

正如您所說，您可能會爭辯說，它更像是遊戲的中心，儘管不用說，我是羅技的首席執行官。所以我認為我們的產品確實是[遊戲]的中心。它們是你最後接觸的東西，它們是 [音量增益] 的核心東西。

But we're going to keep expanding categories. We think there are opportunities not only in Gaming, but across the board. And several of the products we launched this time, as I said earlier, were really new addressable market opportunities for us. So yes, I'm pretty optimistic about that.

但我們將繼續擴大類別。我們認為不僅在遊戲領域，而且在所有領域都有機會。正如我之前所說，我們這次推出的幾款產品對我們來說確實是新的潛在市場機會。所以是的，我對此非常樂觀。

In terms of the cost, Adam, up in cost of goods sold, I mean that's one of the reasons why I wanted to call that out is I want to give you visibility of what some of the drivers are of the margin. And in the case of cost, you kind of got 2 big buckets, you've got logistics and the logistics cost and product cost.

就成本而言，亞當，銷售成本上升，我的意思是我想提出這一點的原因之一是我想讓你了解一些驅動因素的利潤。在成本的情況下，你有兩個大桶，你有物流，物流成本和產品成本。

Those will begin to flow through as benefits in the second half, but we have to remember, we have to work down inventory before we start to see some of those benefits. Some of it is contracts that we have, although we're able to buy on the spot rate in some cases as well.

這些將在下半年開始作為收益流出，但我們必須記住，在開始看到其中一些收益之前，我們必須減少庫存。其中一些是我們擁有的合同，儘管在某些情況下我們也能夠以即期匯率購買。

So I do believe logistics will probably see some of that benefit a little bit earlier. And then as we get into next year, probably see more of that favorability start to flow through the P&L. Of course, you always got to keep in mind that we may decide to take pricing actions going in the other direction. There's a lot of moving pieces to it.

所以我相信物流可能會更早地看到其中的一些好處。然後隨著我們進入明年，可能會看到更多的好感開始流經損益表。當然，您始終要記住，我們可能會決定採取相反的定價行動。它有很多動人的部分。

But net-net, I would expect some of those cost pressures to start to become tailwinds as we move into the back half of this year and then more so into FY '24.

但是淨淨值，我預計隨著我們進入今年下半年，然後進入 24 財年，其中一些成本壓力將開始成為不利因素。

But I will say, and if you listen carefully to Nate's script, that's 5 points of headwind. We still have delivered almost 39 points of gross margin with 5 points of headwinds between currency and cost. And as you're suggesting, Adam, neither one of those is likely to last forever. The cost is certainly at a high and currency is at an incredible high.

但我會說，如果你仔細聽 Nate 的劇本，那是 5 分的逆風。我們仍然實現了近 39 個點的毛利率，貨幣和成本之間存在 5 個點的逆風。正如你所說，亞當，其中任何一個都不可能永遠持續下去。成本肯定很高，貨幣也很高。

So I certainly wouldn't make any commitments about the next 12 months, a year or something. But long term, that's -- I'm really excited about that. And I think the fact that we could deliver 39 points of gross margin with 5 points of headwinds that are pretty [temporal], and some time frame it's exciting.

所以我當然不會對接下來的 12 個月、一年或其他時間做出任何承諾。但從長遠來看，那是 - 我對此感到非常興奮。而且我認為我們可以提供 39 個點的毛利率和 5 個點的逆風，這是相當 [暫時的]，而且在某些時間框架內，這是令人興奮的。

Yes. I mean I think that's exactly the right point, Adam, is there's a lot of earnings power here, right? We're getting more efficient on our costs. Obviously, an uncertainty involved at a time right now from a macro standpoint, but our gross margins remain strong. And you can see what some of the headwinds are there.

是的。我的意思是我認為這正是正確的觀點，亞當，這裡有很多盈利能力，對嗎？我們在成本方面的效率越來越高。顯然，從宏觀角度來看，現在有時存在不確定性，但我們的毛利率仍然強勁。你可以看到那裡有哪些不利因素。

And so we have to make some assumptions about how long it's going to take for some of those cost pressures to reverse, but there's some strong margin power in this model.

因此，我們必須對其中一些成本壓力需要多長時間才能扭轉做出一些假設，但這個模型中有一些強大的利潤能力。

Our next question will be from Jörn Iffert from UBS.

我們的下一個問題將來自瑞銀的 Jörn Iffert。

The first one I would be please on your APAC operations. Quite important success factor in the quarter. Where is this growth exactly coming from? Is it category growth? Is it share gains? Is it new regions? If you can put some light on this, it would be quite helpful.

第一個我會很高興您的亞太地區業務。本季度相當重要的成功因素。這種增長究竟來自哪裡？是品類增長嗎？是分享收益嗎？是新區嗎？如果您可以對此有所了解，那將非常有幫助。

And the second question would be, please, Bracken, you mentioned this, there are a couple of changes in the organization in the B2B go-to-market strategy and also in business group and engineering. Can you give us more details what exactly you are doing here?

第二個問題是，Bracken，你提到了這一點，B2B 進入市場戰略以及業務組和工程方面的組織都發生了一些變化。你能告訴我們更多你在這裡做什麼的細節嗎？

Yes, absolutely. We did kind of shorthand, I guess. Nate, I'll take the last one. You take the first one. Yes. So what are we doing? What are we talking about? So this set of changes really started at the end of last fiscal year, at the beginning of this one, and we quietly put 2 salesforces together.

是的，一點沒錯。我們做了一種速記，我猜。內特，我會拿最後一個。你拿第一個。是的。那麼我們在做什麼呢？我們在說啥啊？所以這一系列的變化真正開始於上一財年末，在這一年之初，我們悄悄地把兩個銷售人員放在了一起。

Why did we do that? Because we really wanted to bring all of Logitech to B2B customers as one. So now you've got one organization bringing -- one commercial organization bringing all of Logitech, whether it's a personal workspace or a room.

我們為什麼這樣做？因為我們真的想將所有羅技作為一個整體帶給 B2B 客戶。所以現在你有一個組織帶來了——一個商業組織帶來了羅技的全部，無論是個人工作區還是房間。

The reason we did that was because, I think I mentioned this in the last call, as we were aggressively selling in video conferencing equipment, we are increasingly having people say, "Oh and, before you leave, could you please -- can we talk about mice and keyboards?"

我們這樣做的原因是，我想我在上次電話會議中提到了這一點，因為我們正在大力銷售視頻會議設備，我們越來越多的人說，“哦，在你離開之前，請你 - 我們可以談論鼠標和鍵盤？”

And so we were -- we're underdeveloped in the B2B market in our whole personal workspace or as we call it B2B personal workspace mice, and keyboards and things. So by changing that commercial alignment, we have now one message to the customer, one idea of what is Logitech and one thing we can talk about.

所以我們 - 我們在整個個人工作空間的 B2B 市場上不發達，或者我們稱之為 B2B 個人工作空間鼠標、鍵盤和其他東西。因此，通過改變這種商業一致性，我們現在向客戶傳達了一條信息，一條關於什麼是羅技的想法以及一件事我們可以談論。

That was the first step. The second -- this last round of changes, we didn't change the business group structure to adapt to that. That was part of the driver here. So we have one B2B organization that interfaces directly with that group. So it's a kind of a pitcher and a catcher now. So we've got one team, and this should make us much stronger on our overall B2B business.

那是第一步。第二個——最後一輪的變化，我們沒有改變業務組結構來適應它。那是這裡的驅動程序的一部分。因此，我們有一個 B2B 組織直接與該組交互。所以它現在是一種投手和捕手。所以我們有一個團隊，這將使我們在整體 B2B 業務上更加強大。

We did a couple of other things on top of that. We centralized our software engineering for most of the business now and our hardware engineering for the first time. That's more efficient.

除此之外，我們還做了一些其他的事情。我們現在集中了大部分業務的軟件工程，第一次集中了硬件工程。這樣更有效率。

But the more important thing is, I think it's going to give us the ability to move step by step further and further into services and software-enabled services and also to leverage the fact that we have all the hardware things on one desk, all the names of people buying things, all the data that's coming in and the ability to get our products to work and do more things together.

但更重要的是，我認為這將使我們能夠一步一步地進入服務和支持軟件的服務，並利用我們在一張桌子上擁有所有硬件的事實，所有的購買商品的人的姓名、傳入的所有數據以及讓我們的產品工作並一起做更多事情的能力。

So I am really, really excited about the set of changes. It's a big new chapter for Logitech.

所以我對這一系列變化感到非常非常興奮。對於羅技來說，這是一個重要的新篇章。

Yes. And Jorn, to answer your question about AP region. Normally, we talk a lot about China there. China actually didn't have a strong quarter as it had recently, but that was more than offset by really good performance in Australia and Korea.

是的。還有 Jorn，回答你關於 AP 地區的問題。通常，我們在那裡談論很多關於中國的事情。中國實際上並沒有像最近那樣有一個強勁的季度，但這被澳大利亞和韓國的出色表現所抵消。

So just like a lot of places, we're diversified even within region. And the strength that we saw -- other than Gaming, which we saw really good performance across the region, I would say. But in Korea and Australia, it's really kind of across the portfolio, the mice, keyboard, Video Collaboration, all had very, very strong quarters.

所以就像很多地方一樣，我們甚至在區域內也是多元化的。我們看到的實力——除了遊戲之外，我們在整個地區看到了非常好的表現，我想說。但在韓國和澳大利亞，它確實有點跨產品組合，鼠標、鍵盤、視頻協作，都有非常非常強勁的季度。

And may I ask why? Why was Australia and Korea so strong in the quarter?

我可以問為什麼嗎？為什麼澳大利亞和韓國在本季度表現如此強勁？

Well, again, I think countries, you got to look at prior-year compares. And I think the way that the world has been evolving has been different by country, right? The pandemic had different timing in different places and reopenings and transitions back into retail and so forth.

好吧，我認為國家，你必須看看上一年的比較。而且我認為世界發展的方式因國家而異，對吧？大流行在不同的地方有不同的時間，重新開放和過渡到零售等等。

So there's really just a number of factors. I mean I think we saw the market was a little bit stronger in some of those areas. We had some share gains. A number of factors.

所以實際上只有幾個因素。我的意思是我認為我們看到其中一些領域的市場有點強勁。我們獲得了一些份額收益。多種因素。

But the portfolio, I think with the new product introductions that we talked about on this call, I think we're seeing some of the benefits of that. And those are investments that we kicked off and have been increasing over the last several years.

但是產品組合，我認為通過我們在這次電話會議上討論的新產品介紹，我認為我們看到了其中的一些好處。這些是我們開始的投資，並且在過去幾年中一直在增加。

Our next question will be from Rob Sanders at Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Rob Sanders。

Yes. I just had a question regarding the upcoming selling season. I was just wondering what's your priority? Is it preserve profitability, maybe hold on to elevated inventory? Or will you look to clear the channel? I mean, I noticed you haven't been too active on the promotional front so far, but I was wondering if that might change? And I have a follow-up.

是的。我只是有一個關於即將到來的銷售季節的問題。我只是想知道你的首要任務是什麼？它是保持盈利能力，還是保持高庫存？還是您會清除通道？我的意思是，我注意到到目前為止您在促銷方面並沒有太活躍，但我想知道這是否會改變？我有一個後續行動。

Yes, I'll jump in on that, Nate. I wouldn't be surprised if it's a little more promotional in Q3 than -- just because Q3 is always a little more promotional. And so it wouldn't be too surprising.

是的，我會加入的，內特。如果第三季度的促銷活動比第三季度的促銷活動多一點，我不會感到驚訝——因為第三季度總是促銷活動多一點。所以這不會太令人驚訝。

But I think our real priority is -- we've got great innovation. So I feel super about the product lineup we have and the portfolio we have, going into the Q3 and Q4 and beyond. So our -- the holiday season and beyond that.

但我認為我們真正的首要任務是——我們有很棒的創新。所以我對我們擁有的產品陣容和我們擁有的產品組合感到非常滿意，進入第三季度和第四季度及以後。所以我們的 - 假期及以後。

So I think our priorities are not going to change too much. It's -- we've really got what we need to sell, and now we need to go sell it. Do you want to add anything to that, Nate?

所以我認為我們的優先事項不會發生太大變化。這是 - 我們真的得到了我們需要出售的東西，現在我們需要去出售它。你想添加什麼嗎，內特？

No.

不。

I just had a quick follow-up. Just if you could just remind us, I know you've taken a lot of share post previous downturns because a lot of companies have kind of exited, et cetera.

我只是快速跟進。只是如果你能提醒我們，我知道你在之前的低迷時期獲得了很多份額，因為很多公司已經退出了，等等。

I was just wondering, like historically, when have you taken the most share? Is it basically as those companies kind of flame out because they start losing money? Or is it you look to kind of press your advantage and press the brand even at this stage?

我只是想知道，就像歷史上一樣，你什麼時候拿的最多？基本上是因為那些公司因為開始虧損而倒閉嗎？或者，即使在這個階段，您是否也希望發揮自己的優勢並宣傳品牌？

I think I'd characterize our share gains a little differently. I think we've gained share because we've really innovated and we focused on brand building. If you look at what we've done inside of our Gaming business, we've just consistently gained share every year.

我想我會稍微不同地描述我們的份額收益。我認為我們已經獲得了份額，因為我們確實進行了創新並且我們專注於品牌建設。如果你看看我們在遊戲業務中所做的事情，我們每年都在不斷增加份額。

It wasn't -- didn't have much to do with -- honestly, didn't have too much to do with competition. It was about us. We really innovated well and built a brand and build relationships with gamers and influencers and brought that to market.

這不是 - 沒有太多關係 - 老實說，與競爭沒有太多關係。這是關於我們的。我們確實進行了很好的創新並建立了品牌並與遊戲玩家和影響者建立了關係並將其推向了市場。

If you look at our -- if you go to Google search -- Google search trends and type in Logitech G and just look over the last 10 years, and you'll see how much -- how long that's been headed up into the right. And by the way, that's [Halo] in all of Logitech, too. So it's gone beyond that.

如果你看看我們的——如果你去谷歌搜索——谷歌搜索趨勢並輸入羅技 G，然後看看過去 10 年，你就會看到有多少——多久了.順便說一句，這也是所有羅技的 [Halo]。所以它已經超越了。

So I think generally -- and it's really not been about competitors flaming out or something. Very few competitors have left our business. It's really about us performing.

所以我一般認為——這真的不是關於競爭對手的怒火或其他什麼。很少有競爭對手離開我們的業務。這真的是關於我們的表演。

Yes, Rob, I just want to echo that. We've been talking for a while about moving from push to pull, right, and making investments in marketing, reducing reliance on promotion. And that's not something you just turn on in one quarter. That's a long-term journey.

是的，Rob，我只是想回應一下。我們一直在談論從推動到拉動的轉變，對，並在營銷方面進行投資，減少對促銷的依賴。這不是你在一個季度內打開的東西。這是一個長期的旅程。

And we accelerated that through the strength of our results during the pandemic and increased our investments. And I mean, I think that what you're seeing and what you have seen consistently over the last several quarters has been the benefits of those investments and decisions we made.

我們通過在大流行期間取得的成果加快了這一進程，並增加了投資。我的意思是，我認為你所看到的以及你在過去幾個季度中所看到的一直是我們做出的這些投資和決策的好處。

Exactly. Absolutely, great point, if we do say so ourselves. We pat ourselves on the back.

確切地。絕對的，如果我們自己這麼說的話。我們拍拍自己的背。

Next question is from Erik Woodring at Morgan Stanley.

下一個問題來自摩根士丹利的 Erik Woodring。

Nate, you will be sadly missed. I will give a shameless plug to someone that maybe used to work for you that might be on -- might be looking for a CFO job. No. But it...

內特，你會很難過的。我會給一個可能曾經為你工作的人提供一個無恥的插件，可能正在尋找一份首席財務官的工作。不，但它...

He seems to have a fan club out there.

他似乎在那裡有一個粉絲俱樂部。

In all seriousness, Nate, thanks for all of your help. Maybe I'll direct two at you. One was just getting back to your comments on gross margins. Because if you look at historically, sequentially, you see pressure in the December quarter owning to the fact that it is a bit of a more promotional period. But then you talked about some of these more temporal headwinds, inflation, logistics.

說真的，內特，感謝您的所有幫助。也許我會給你兩個。一是回到您對毛利率的評論。因為如果你從歷史上看，按順序看，你會看到 12 月季度的壓力，因為這是一個促銷期。但後來你談到了其中一些更暫時的逆風、通貨膨脹、物流。

And so I'm just wondering if there's any reason why that type of seasonality this quarter shouldn't exist? Or any -- maybe if you could walk us through some of the puts and takes to at least help us think about gross margins for December? And then I have a follow-up.

所以我只是想知道是否有任何理由為什麼本季度不應該存在這種季節性？或者任何——也許你能告訴我們一些看跌期權並至少幫助我們考慮12月份的毛利率？然後我有一個跟進。

I know that was for Nate, but I have to jump in here. First, while those headwinds are temporal, they're not that temporal. You'll see a huge change in Q3.

我知道那是給內特的，但我必須跳到這裡。首先，雖然這些逆風是暫時的，但它們並不是那麼暫時的。您將在第三季度看到巨大的變化。

Yes. My outlook really doesn't assume much change in gross margins at current levels, Erik. There's a lot of factors why Q3 gross margins might be up or down. Category mix is another one intended -- historically -- you were talking historically. Historically, Mobile Speakers was a much bigger part of our portfolio. It's now a few percent. And that was one of our lower-margin categories when it was scaled.

是的。埃里克，我的前景實際上並沒有假設毛利率在當前水平上有太大變化。第三季度毛利率可能上升或下降的因素有很多。類別組合是另一個意圖——從歷史上看——你在歷史上談論。從歷史上看，移動揚聲器是我們產品組合中更大的一部分。現在是百分之幾。這是我們擴大規模時利潤率較低的類別之一。

And so you did have some mix impacts as you went into the consumer period as well as like you said, a little bit more promotion for Black Friday and those types of big events.

所以當你進入消費期時，你確實產生了一些混合影響，就像你說的那樣，黑色星期五和那些類型的大型活動有更多的促銷活動。

I think as our business portfolio has shifted towards little bit more of the business customers, that mix effect will lessen a little bit. But yes, typically, I would still expect margins to come down a little bit in Q3.

我認為隨著我們的業務組合已經轉向更多的商業客戶，這種混合效應會有所減弱。但是，是的，通常情況下，我仍然預計第三季度的利潤率會有所下降。

But there's lots of big factors at play here in the back half, as Bracken mentioned, and he's absolutely right. We are not assuming a big significant swing in costs and seeing that favorability to flow through. I do believe that, that will happen, but we're not predicting that to be super significant here in the second half.

但正如布拉肯所說，後半場有很多重要因素在起作用，他是絕對正確的。我們並沒有假設成本會有很大的大幅波動，也沒有看到這種有利因素會流過。我確實相信，這將會發生，但我們並不認為這在下半年會變得非常重要。

And I would add, I do think it will be -- if somebody ask the question, I think it will be a little more promotional in Q3 just because we always are. And I think that's just the reality of the world we're in right now, too.

我要補充一點，我確實認為會 - 如果有人問這個問題，我認為這將在第三季度進行更多宣傳，因為我們一直都是。我認為這也是我們現在所處世界的現實。

And then maybe just as a follow-up, year-to-date, I guess, your cash flow from operations is tracking below operating income. The guide is for those to eventually converge by year-end.

然後也許只是作為一個後續的，年初至今，我猜，你的運營現金流跟踪低於營業收入。該指南適用於那些最終在年底前收斂的人。

Maybe just talk about some of the factors that give you confidence in the cash flow recovery in the back half of the year. Is that largely inventory? Or is there anything else that you would call out as a driver of that improvement? And then that's it for me.

或許只談一些讓你對下半年現金流回升充滿信心的因素。這主要是庫存嗎？或者你還有什麼可以作為這種改進的驅動力的嗎？然後對我來說就是這樣。

Got it. Yes, I think inventory, working capital, in general, will be one of the big drivers. That's -- basically, your cash flow is going to be two big components. It's going to be your profit and your working capital. I think in the back half of the year, you'll see some efficiency improvement in working capital.

知道了。是的，我認為總體而言，庫存、營運資金將是主要驅動力之一。那是 - 基本上，您的現金流將是兩個重要組成部分。這將是您的利潤和營運資金。我認為在今年下半年，您會看到營運資金的效率有所提高。

The quarter was a little bit back-end loaded as customers were -- a lot of our large customers were adjusting inventory levels early in the quarter. They started to repurchase again in the back half.

由於客戶的情況，本季度有點後端負載——我們的許多大客戶在本季度初調整了庫存水平。他們在後半段開始再次回購。

So our collections was -- we didn't finish all the collections of all the sales this quarter, so we'll see some benefit from that in Q3. Aging is great on AR, no problems there, just a little back-end loaded, and so we'll see higher collections in Q3.

所以我們的系列是 - 我們沒有完成本季度所有銷售的所有系列，所以我們將在第三季度看到一些好處。老化在 AR 上很棒，沒有問題，只是加載了一點後端，所以我們將在第三季度看到更高的集合。

Our next question will be from Serge Rotzer, Crédit Suisse.

我們的下一個問題將來自瑞士信貸的 Serge Rotzer。

Yes. Good morning, gentlemen. First question, I have two or three. You mentioned that you launched 20 new products. And I'm wondering, will these new products be margin accretive, no impact or dilutive? And secondly, even more important, what's about the availability now? Are these products already in the shelf for Q3? Or is this something for next fiscal year?

是的。早上好，先生們。第一個問題，我有兩三個。您提到您推出了 20 款新產品。我想知道，這些新產品會增加利潤、沒有影響或稀釋嗎？其次，更重要的是，現在的可用性如何？這些產品是否已經在第三季度的貨架上？或者這是下一個財政年度的事情？

Yes. So first of all, I would say, with 20 products, probably on average, their margin, they are neutral -- margin neutral. But we've got some that are accretive and a few of them are diluted. Generally, they're available. We've got a few that are coming later.

是的。首先，我想說的是，平均而言，可能有 20 種產品的利潤率是中性的——利潤率中性。但我們有一些是增值的，其中一些被稀釋了。一般來說，它們是可用的。我們有一些稍後會出現。

Logitech Sight is going to come later. We announced it early because we -- it really is complementary. You could buy a room system and then get it all set up, have it ready to go, get used to it and then bring this in and drop it right into the middle of the table, literally, and it will improve the overall experience. So that's an example on what's not available.

Logitech Sight 將稍後推出。我們很早就宣布了它，因為我們 - 它確實是互補的。你可以買一個房間系統，然後把它全部設置好，準備好，習慣它，然後把它帶進來，把它放在桌子中間，從字面上看，它會改善整體體驗。這是一個關於什麼不可用的例子。

On the other hand, other things like G CLOUD are available now. So it's kind of a mixed bag. But generally, everything is available.

另一方面，現在可以使用 G CLOUD 等其他東西。所以這是一個混合包。但一般來說，一切都是可用的。

[Probably] to take again G CLOUD, is it available only in the [U.S. dimension]? And in big volumes or only available -- let's say, a dilutive or accretive to the gaming? You mentioned that Gaming margin is increasing.

[可能] 再拿 G CLOUD，是不是只有在 [U.S.方面]？並且大量或僅可用 - 比方說，對遊戲的稀釋或增值？您提到博彩利潤正在增加。

Yes, we're going to keep it pretty limited because -- limited production to start. We try to do that with brand new categories, and then we can always turn this -- [picking it on] if we need to.

是的，我們將保持它非常有限，因為 - 有限的生產開始。我們嘗試使用全新的類別來做到這一點，然後如果需要，我們總是可以打開它——[選擇它]。

And Serge, one thing I need to -- you asked about margin, but also keep in mind the ASPs and things like [Sight] is relative to the rest of our portfolio, it's a high-ASP product. PRO Racing Wheels are high ASP product. G CLOUD is a high-ASP product.

還有 Serge，我需要做的一件事——你問到了利潤率，但也要記住 ASP 和 [Sight] 之類的東西是相對於我們的其他產品組合而言的，它是一種高 ASP 產品。 PRO Racing Wheels 是高 ASP 產品。 G CLOUD 是一款高 ASP 產品。

So it's not universal across the board. But you're seeing, again, it's not like we just flip the switch on this stuff. We've been working on these things for a while. There's a lot of software content in there, a lot of value. So I feel very good about that.

所以它並不是全面通用的。但是您再次看到，這不像我們只是打開這些東西的開關。我們已經在這些事情上工作了一段時間。裡面有很多軟件內容，很有價值。所以我對此感覺很好。

That's a good point. Probably a year on the guidance, you increased the currency impact from 4% to minus 5%. And you said reported sales will be lower or decrease is higher but you left EBIT unchanged. So basically, it's a guidance upgrade. Is this true? Do you see it as the guidance upgrade? And what's the main factor for this guidance upgrade if you'd like so?

那是個很好的觀點。可能在指導的一年內，您將貨幣影響從 4% 增加到負 5%。你說報告的銷售額會更低或下降更高，但你保持息稅前利潤不變。所以基本上，這是一個指導升級。這是真的？您是否將其視為指導升級？如果您願意，此指南升級的主要因素是什麼？

Yes. I called out two things briefly in my prepared remarks, additional efficiencies that we're finding across the organization. So that could be in OpEx. It could also be in COGS. Keep in mind, we've got $3 billion plus of spend up in our cost of goods sold. So there's a big pool of spend there for me to look for efficiency with the teams.

是的。我在準備好的評論中簡要提到了兩件事，即我們在整個組織中發現的額外效率。所以這可能在 OpEx 中。它也可能在 COGS 中。請記住，我們的商品銷售成本增加了 30 億美元以上。所以那裡有大量的支出讓我與團隊一起尋找效率。

And then also, we do think we're starting to see some of those spot rates on logistics come down, especially on the ocean. And so as we get into the back half -- really into the back half of the second half of the year into Q4, we'll probably see some favorability from that, that will help offset the currency pressure.

而且，我們確實認為我們開始看到一些物流的即期匯率下降，尤其是海運。因此，當我們進入下半年 - 真正進入第四季度下半年的下半年時，我們可能會從中看到一些有利因素，這將有助於抵消貨幣壓力。

Okay. It's a . So -- and then the last one, restructuring charge minus $11 million; and other income, minus $25 million. Is this all related to the new organization? Or can you give us some flavor here? And should we expect this to continue in the next quarters?

好的。它是 。所以——然後是最後一項，重組費用減去 1100 萬美元；和其他收入，減去 2500 萬美元。這一切都與新組織有關嗎？或者你能給我們一些味道嗎？我們是否應該期望這種情況在接下來的幾個季度繼續？

The restructuring is related to the org changes Bracken went through. The other item was a write-down of an investment that we had on our books from years ago. Lifesize, if you remember, was a company that we used to own, that we spun out. And we wrote down the value of that this quarter.

重組與 Bracken 經歷的組織變化有關。另一個項目是我們多年前在賬簿上進行的一項投資的減記。如果您還記得的話，Lifesize 是我們曾經擁有的一家公司，後來我們分拆出來了。我們記下了本季度的價值。

Noncash.

非現金。

Noncash, yes.

非現金，是的。

Our next question is from Michael Foeth at Vontobel.

我們的下一個問題來自 Vontobel 的 Michael Foeth。

And thanks, Nate, also for all the conversations. Just one left for me on pricing strategy. You said you've taken some pricing actions in the quarter already. Two questions there. One is how much leeway do you have with pricing, given that consumers, especially in Europe, are already quite squeezed? So what's your view on that? And then, how much did those pricing actions actually offset the other sort of headwinds that you had on gross margin?

並感謝 Nate，也感謝所有的對話。關於定價策略，我只剩下一份了。您說您已經在本季度採取了一些定價措施。有兩個問題。一是考慮到消費者，尤其是歐洲的消費者，已經相當吃緊，你在定價方面有多少迴旋餘地？那麼您對此有何看法？然後，這些定價行為在多大程度上抵消了您在毛利率方面的其他不利因素？

I'll let Nate answer the second, but I'll answer the first one. How much leeway do we have? I think that remains to be seen. I think we've raised prices a couple of times in the last year, and they weren't really small price increases either.

我會讓 Nate 回答第二個，但我會回答第一個。我們還有多少餘地？我認為這還有待觀察。我認為去年我們已經提高了幾次價格，而且價格漲幅也不是很小。

The last round, I would say, was really a response to the continued currency challenges, and we focused it in Europe and Japan, a couple of other places. And I think it remains to be seen. I think it's -- we feel pretty good about it on the high end on our more higher-end products.

我想說，上一輪確實是對持續的貨幣挑戰的回應，我們將重點放在歐洲和日本，以及其他幾個地方。我認為這還有待觀察。我認為這是 - 我們對我們更高端的產品的高端感覺非常好。

On the low end, it's going to be competitive, and we're not going to give up any [share] on the low end, so we'll make sure to stay competitive there. So we may moderate a little bit on the low end if we have to, but we're holding the line for now. We haven't seen competitors follow in most cases actually in the second round. So we always raise and then wait. And if we have to, we play hardball.

在低端，它將具有競爭力，我們不會放棄低端的任何[份額]，因此我們將確保在那裡保持競爭力。因此，如果必要的話，我們可能會在低端放慢一點，但我們現在堅持到底。在大多數情況下，我們實際上並沒有看到競爭對手在第二輪比賽中跟進。所以我們總是加註然後等待。如果必須，我們會採取強硬態度。

And then the second part of your question, Michael. I mentioned we had 5 points of headwinds. I mentioned those gross margins were down less than 5 points year-over-year. We've got about 1 point of benefit year-over-year from pricing thus far to help offset some of those cost pressures in currency.

然後是你問題的第二部分，邁克爾。我提到我們有 5 個不利因素。我提到這些毛利率同比下降不到 5 個百分點。到目前為止，我們從定價中獲得了大約 1 個百分點的收益，以幫助抵消一些貨幣成本壓力。

And there is Ananda.

還有阿難。

Ananda from Loop.

來自Loop的阿南達。

I am down the street from all of you in New York or around New York today. I'm here in the New York.

今天，我在紐約或紐約周邊的所有人的街道上。我在紐約這裡。

Is that right? Is that right? All right. Well, let's -- we'll get coffee about 45 minutes after this call ends back in -- you just gave up the [goose]. You should have hit me -- yes, you should have it before the call. [We're] really good at [big] cooking.

那正確嗎？那正確嗎？好的。好吧，讓我們——我們將在電話結束後大約 45 分鐘喝咖啡——你剛剛放棄了 [goose]。你應該打我——是的，你應該在打電話之前打我。 [我們]真的很擅長[大]烹飪。

Listen, thanks for the question. I appreciate it. Nate, we'll miss you, man. Really enjoyed the conversations. Hopefully, we can continue them in a different context. So different context, different setting. So I look forward to the call back.

聽著，謝謝你的提問。我很感激。內特，我們會想念你的，伙計。真的很喜歡談話。希望我們可以在不同的環境中繼續它們。所以不同的背景，不同的環境。所以我期待著回電。

We're not letting him go just yet. So...

我們還沒有讓他走。所以...

200%. Understood. I guess my question is, what's the -- how would you guys context like the visibility to the guidance maintenance relative to sort of normally -- it feels like we're still kind of like at the front end of macro making like a commercial impact, impact on commercial spend.

200%。明白了。我想我的問題是，什麼是——你們如何看待指導維護相對於正常情況的可見性——感覺我們仍然有點像在宏觀製作的前端，就像商業影響一樣，對商業支出的影響。

And certainly, it seems like we're -- we'd probably not -- we're probably still in the first half of the game of interest rate increases and things like that. So I guess I'll sort of leave the question there, but would love to get how you guys relate to sort of the conviction in the guidance maintenance.

當然，看起來我們 - 我們可能不會 - 我們可能仍處於加息遊戲的前半部分，諸如此類。所以我想我會把問題留在那裡，但很想知道你們如何與指導維護中的信念相關聯。

If I could jump in first, I think we have a relatively wide range on the guidance, right? And I think Nate -- when Nate introduced, he talked about the range of outcomes. So I think this is -- reflects the fact that there isn't a person on this call who could -- who can accurately predict what's going to happen over the next 2 quarters.

如果我能先跳進去，我認為我們的指導範圍比較廣，對吧？我認為 Nate——當 Nate 介紹時，他談到了結果的範圍。所以我認為這是 - 反映了這個電話中沒有一個人可以 - 能夠準確預測接下來兩個季度會發生什麼。

So -- but within a range, we feel pretty good. Do you want to add to that, Nate?

所以——但在一定範圍內，我們感覺還不錯。你想補充一下嗎，內特？

Yes. And I'd just come back to diversification, Ananda. I think it's really important. In times of uncertainty, diversification is really your friend.

是的。我剛回到多元化，阿南達。我認為這真的很重要。在不確定的時期，多元化真的是你的朋友。

And I call -- I mentioned those big 4 categories, 80% of the sales actually grew a little bit, excluding currency in Russia. And so that's -- it's very important. I think the -- yes, so I'll probably just say that. I think diversification really helps. And as Bracken said, we've given a range.

我打電話——我提到了那四大類，80% 的銷售額實際上增長了一點，不包括俄羅斯的貨幣。這就是——這非常重要。我認為——是的，所以我可能會這麼說。我認為多元化確實有幫助。正如布萊肯所說，我們已經給出了一個範圍。

Let me look, it's helpful. It makes -- I totally get maintaining -- I mean you guys -- you hit the quarter, and it sounds like it's tracking to expectations right now. So that all makes sense.

讓我看看，很有幫助。它使 - 我完全得到維護 - 我的意思是你們 - 你達到了這個季度，聽起來它現在正在追踪預期。所以這一切都是有道理的。

And can you remind us, Nate, what was -- sort of when you lowered the guide previously, what were the main drivers of that adjustment?

Nate，你能提醒我們一下，當你之前降低指南時，這種調整的主要驅動因素是什麼？

Yes. Two things. One was currency. We had not pushed through all of the impact of currency until last quarter. And then the other was really just the increased volatility and what looked to be a sustained volatility in the macro climate and the number of factors that we have to keep an eye on.

是的。兩件事情。一是貨幣。直到上個季度，我們才消除了貨幣的所有影響。然後另一個實際上只是波動性的增加以及宏觀氣候的持續波動以及我們必須關注的因素的數量。

So I think it was really those two things. I think all the way back to March, beginning of the year at AID, I think the war had just begun. And so like -- there was a lot of uncertainty about what would happen there. And obviously, unfortunately, that has persisted. So...

所以我認為這真的是這兩件事。我想一直回到 3 月，在 AID 的年初，我認為戰爭才剛剛開始。就像——那裡會發生什麼有很多不確定性。顯然，不幸的是，這種情況一直存在。所以...

Yes. I actually think you did your Analyst Day like 10 days before it started, something like that.

是的。實際上，我認為您在分析師日開始前 10 天就完成了，類似的事情。

Something like that.

類似的東西。

Cool. That's it for me, guys. I appreciate it. I'll get you -- listen, Bracken. Bracken, I'll [see] you at coffee shop, I'll see you [there].

涼爽的。對我來說就是這樣，伙計們。我很感激。我來接你——聽著，布雷肯。 Bracken，我會在咖啡店[見]你，我會在[那裡]見你。

I am here for any of you in New York in -- [I'll tell] you, Ananda, I'm here. I'm ready for coffee, (inaudible) .

我在這里為你們在紐約的任何人——[我會告訴]你，阿南達，我在這裡。我準備好喝咖啡了，（聽不清）。

Okay. Bracken and Nate that looks to be a wrap on questions for this morning.

好的。 Bracken 和 Nate 似乎是今天早上問題的總結。

All right. Well, thanks, everyone, and we'll see you next quarter.

好的。好的，謝謝大家，我們下個季度見。

Thanks a lot.

非常感謝。

See you there.

到時候那裡見。