羅技 (LOGI) 2023 Q3 法說會逐字稿

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

好的。大家早上好，下午好。歡迎參加羅技的視頻電話會議，討論我們 2023 財年第三季度的財務業績。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。

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 Reform Act of 1995. We're making these statements based on our views only as of today. Our actual results could differ materially. We undertake no obligation to update or revise any of these statements.

提醒一下，在本次電話會議期間，我們將做出前瞻性陳述，包括根據 1995 年《私人證券訴訟改革法案》的安全港規定的未來經營業績。我們僅根據我們的觀點做出這些陳述今天。我們的實際結果可能存在重大差異。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 and forward-looking statements in our press release and in our filings with the SEC, including our most recent annual report and subsequent filings.

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給 SEC 的文件中找到非 GAAP 和 GAAP 結果之間的對賬，以及有關我們使用非 GAAP 措施和可能影響我們財務業績和前瞻性陳述的因素的信息，包括我們的最近的年度報告和後續文件。

These materials as well as our prepared remarks and slides and a webcast of this call will all be available at the Investor Relations page of our website. We encourage you to review these materials carefully.

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將在我們網站的投資者關係頁面上提供。我們鼓勵您仔細閱讀這些材料。

And unless otherwise noted, comparisons between periods are year-over-year and in constant currency. And sales are net sales. And finally, this call is being recorded and will be available for replay on our website.

除非另有說明，否則期間之間的比較是按年比較和固定匯率。銷售額是淨銷售額。最後，此通話正在錄製中，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布雷肯。早上好，布雷肯。

Good morning, Nate. And thanks, Nate, and thanks to all of you for joining us. As you saw in our preannouncement, our third quarter results were disappointing. Enterprise demand deteriorated versus last quarter, and consumer purchases were soft and more concentrated during promotional weeks than is typical. Those factors pressured our net sales and gross margins and resulted in a revised fiscal year '23 outlook.

早上好，內特。感謝 Nate，感謝大家加入我們。正如您在我們的預告中看到的那樣，我們第三季度的業績令人失望。企業需求與上一季度相比有所惡化，消費者在促銷週期間的購買疲軟且比往常更加集中。這些因素給我們的淨銷售額和毛利率帶來了壓力，並導致修訂了 23 財年的展望。

I've discussed for the past few quarters the ongoing macroeconomic and geopolitical challenges impacting Logitech and the world. A strong dollar, global inflation and low consumer confidence continue. In the midst of these, we focused on what we can control: product innovation, a strong go-to-market strategy and disciplined P&L management.

在過去的幾個季度中，我討論了影響羅技和世界的持續宏觀經濟和地緣政治挑戰。強勢美元、全球通脹和低迷的消費者信心繼續存在。在這些過程中，我們專注於我們可以控制的事情：產品創新、強大的上市戰略和嚴格的損益管理。

So what changed during Q3 that pressured our results? First, our enterprise demand declined. Our VC business had delivered consecutive quarters of 7% growth and fell 16% this quarter.

那麼在第三季度對我們的結果施加壓力的變化是什麼？一是企業需求下降。我們的風險投資業務連續幾個季度實現了 7% 的增長，本季度下降了 16%。

You all have read the headlines. Google, Amazon, Microsoft, banks and other businesses have announced layoffs and cost containment actions. Initially resilient in the face of pressured macro conditions, businesses are increasingly cautious in their spending, given the economic volatility and uncertainty. And of course, that is impacting our enterprise business, too.

你們都看過頭條新聞。谷歌、亞馬遜、微軟、銀行和其他企業已宣布裁員和成本控制行動。鑑於經濟波動和不確定性，企業最初在面對壓力的宏觀環境時具有彈性，但在支出方面越來越謹慎。當然，這也影響了我們的企業業務。

The second change in this quarter was a shift in our consumer's purchasing patterns. Consumer sales remained weak. And importantly, of those consumers that did buy, these purchases were concentrated and timed with higher promotional intensity, resulting in lower sales and pressured margins.

本季度的第二個變化是我們消費者購買模式的轉變。消費品銷售仍然疲軟。重要的是，在那些確實購買的消費者中，這些購買是集中的，而且促銷強度更高，導致銷售額下降和利潤率受壓。

While current macroeconomic conditions and even the variables that changed in the third quarter aren't going away this quarter, they don't impact our view of the long-term potential of this business. We remain committed to the long-term growth trends, strong market strategy, the markets and the business models we have in place over time.

雖然當前的宏觀經濟狀況甚至第三季度發生變化的變量在本季度不會消失，但它們不會影響我們對該業務長期潛力的看法。我們仍然致力於長期增長趨勢、強大的市場戰略、市場和我們隨著時間的推移而建立的商業模式。

I fully expect us to return to more predictable, less volatile economic conditions. And I believe this will support business investment, rising consumer confidence, sustained growth at Logitech. Because if we look beyond the whipsaw of the daily headlines, I'm actually struck by what hasn't changed. While the pace of return to offices remains uneven, hybrid work is inevitable. Companies' approach to return to the office has been different across industries and geographies.

我完全希望我們能夠恢復到更可預測、波動性更小的經濟狀況。我相信這將支持商業投資、消費者信心的提升以及羅技的持續增長。因為如果我們超越每日頭條的洗盤，我實際上對沒有改變的東西感到震驚。儘管重返辦公室的步伐仍然參差不齊，但混合工作是不可避免的。不同行業和地區的公司重返辦公室的方式各不相同。

I hear a familiar story from CEOs and customers across industries. They're still working to determine what hybrid model works best for their teams. Logitech is no different. We're relocating and redesigning buildings in the Bay Area and across the globe focused on a hybrid work environment.

我從各行各業的首席執行官和客戶那裡聽到了一個熟悉的故事。他們仍在努力確定哪種混合模型最適合他們的團隊。羅技也不例外。我們正在搬遷和重新設計灣區和全球範圍內的建築物，專注於混合工作環境。

As companies settle out on their definitions of hybrid work, we should see investment in personal workspaces and collaboration rooms. This investment will happen. It's just a question of timing.

隨著公司確定他們對混合工作的定義，我們應該看到對個人工作空間和協作室的投資。這項投資將會發生。這只是時間問題。

Product innovation matters more than ever. The winners will have great products. That's why we keep investing. We're also diversifying the ASPs in our portfolio through innovation across our categories.

產品創新比以往任何時候都更加重要。獲勝者將擁有出色的產品。這就是我們繼續投資的原因。我們還通過跨類別的創新使我們產品組合中的 ASP 多樣化。

Our oldest business, pointing devices, had ASPs 25% higher this quarter than 4 years ago as we've systematically expanded the category into new segments with differentiated features. This is obviously by design. Making sure we have category-defining products across a broad range of ASPs is our goal.

我們最古老的業務，指點設備，本季度的平均售價比 4 年前高出 25%，因為我們已經系統地將這一類別擴展到具有差異化功能的新細分市場。這顯然是設計使然。確保我們擁有涵蓋廣泛 ASP 的類別定義產品是我們的目標。

Innovation requires investment, and our R&D investment this quarter was up 50% more than we invested in Q3 2020. Few companies have the financial resources and the management discipline to sustain investment in product development during challenging times while driving efficiency at the same time. We continue to press that advantage and are enhancing our product portfolio.

創新需要投資，我們本季度的研發投資比 2020 年第三季度的投資增加了 50%。很少有公司擁有財務資源和管理紀律來在充滿挑戰的時期維持對產品開發的投資，同時提高效率。我們將繼續發揮這一優勢，並增強我們的產品組合。

The big durable trends we've been highlighting, video everywhere, hybrid work, the explosion of gaming and content creation, continue to move ahead. People today want to work, play and create from anywhere. And we believe that our products will be a great enabler of this trend.

我們一直強調的重大持久趨勢，視頻無處不在，混合工作，遊戲和內容創作的爆炸式增長，繼續向前發展。今天的人們希望在任何地方工作、娛樂和創作。我們相信我們的產品將成為這一趨勢的重要推動者。

Let me provide a little more perspective on this quarter's performance. I mentioned consumer spending was weak in the quarter, and it was, with sell-through, excluding currency, and our prior business in Russia and Ukraine only declined mid-single digits. We grew market share in gaming, video collaboration, pointing devices and tablet keyboards.

讓我對本季度的表現提供更多的看法。我提到本季度消費者支出疲軟，而且是通過銷售，不包括貨幣，我們之前在俄羅斯和烏克蘭的業務僅下降了中等個位數。我們在遊戲、視頻協作、指點設備和平板電腦鍵盤方面的市場份額有所增加。

In video collaboration, while the number of conference cam units declined year-over-year, we continue to drive ASPs per room higher. The mix of our conference room sales is skewing to higher-end cameras. And the attach rate of accessories and services to our conference room cam sales is growing, which drives our sales revenue per room higher, evidence that our strategy, developing integrated room systems is working.

在視頻協作方面，雖然會議攝像頭的數量同比下降，但我們繼續提高每個房間的平均售價。我們的會議室銷售組合偏向更高端的相機。配件和服務對我們會議室攝像頭銷售的附加率正在增長，這推動我們每個房間的銷售收入更高，這證明我們開發集成房間系統的戰略正在發揮作用。

In keyboards and mice, we continue to gain share in the fast-growing high end of the market. So what can you expect from us in the near term? You should expect us to operate in a conservative, disciplined manner, consistent with the last few quarters.

在鍵盤和鼠標方面，我們繼續在快速增長的高端市場中獲得份額。那麼在短期內您對我們有什麼期望？你應該期望我們以保守、紀律的方式運作，與過去幾個季度一致。

Namely, we'll focus on decreasing our expenses. We plan to reduce operating expenses by $150 million or 11% by the end of fiscal year '23. We're on track to well exceed that goal.

也就是說，我們將專注於減少開支。我們計劃到 23 財年結束時將運營費用減少 1.5 億美元或 11%。我們有望超越這一目標。

For Q3, OpEx was down 23%. You've watched us be aggressive on our OpEx as we saw the market weaken, and you can expect us to continue to manage our costs based on market conditions. We'll continue to invest in product development, though. Customer needs are evolving quickly. We have the engineering and design expertise, customer insights and financial flexibility to bring new products to market to meet this demand and to accelerate refresh cycles. And we will lean into our global operations and go-to-market capabilities.

第三季度，運營支出下降了 23%。當我們看到市場疲軟時，您已經看到我們在 OpEx 上變得激進，並且您可以期望我們繼續根據市場狀況管理我們的成本。不過，我們將繼續投資於產品開發。客戶需求正在迅速變化。我們擁有工程和設計專業知識、客戶洞察力和財務靈活性，可以將新產品推向市場以滿足這一需求並加快更新周期。我們將依靠我們的全球運營和進入市場的能力。

One final note before I hand it over to Nate. First, regarding our CFO search, our search is progressing well, though we don't have an update to share with you today.

在我把它交給 Nate 之前的最後一點。首先，關於我們的首席財務官搜索，我們的搜索進展順利，儘管我們今天沒有更新可以與您分享。

Second, I'm really pleased to announce that our current Head of Global Operations and Sustainability, Prakash Arunkundrum, has been appointed Chief Operating Officer here at Logitech. Prakash has been here for close to 7 years and is a frequent presenter at our annual Analyst and Investor Day. So many of you already know him. In this newly created role, Prakash will be one of my key partners in making sure we are structured strategically and operationally for the short- and long-term road ahead.

其次，我非常高興地宣布，我們現任全球運營和可持續發展主管 Prakash Arunkundrum 已被任命為羅技的首席運營官。 Prakash 在這里工作了將近 7 年，並且經常在我們的年度分析師和投資者日上發表演講。你們中有很多人已經認識他了。在這個新設立的職位上，Prakash 將成為我的主要合作夥伴之一，確保我們在戰略和運營上為未來的短期和長期道路構建結構。

With that, I will hand it to Nate to provide some additional color on our results. Thanks, Nate.

有了這個，我將把它交給 Nate，為我們的結果提供一些額外的顏色。謝謝，內特。

Thanks, Bracken. Hello, everyone. Let me walk you through the quarter in more detail. Our Q3 results were impacted by a challenging macro environment. Net sales were down 17% to $1.27 billion. This reflects consumer purchasing concentrated in promotional weeks throughout the quarter and lower enterprise and consumer spending.

謝謝，布雷肯。大家好。讓我更詳細地介紹一下這個季度。我們的第三季度業績受到具有挑戰性的宏觀環境的影響。淨銷售額下降 17% 至 12.7 億美元。這反映出消費者購買集中在整個季度的促銷週以及較低的企業和消費者支出。

Gross margins decreased versus last year to 37.9%. Versus the prior year, currency was unfavorable 3 points. Promotions were also unfavorable 3 points, and cost inflation was unfavorable 2 points. These 8 points of headwinds were partially offset through our pricing actions and by driving down our use of expedited shipping.

毛利率較去年下降至 37.9%。與上一年相比，匯率不利 3 個百分點。促銷也不利3分，成本膨脹不利2分。這 8 點不利因素通過我們的定價行動和減少我們對加急運輸的使用而部分抵消。

Operating profit was $204 million, reflecting lower demand and gross margin pressure, partially offset by reductions in operating expense. Cash flow from operations was $280 million in Q3, and cash flow is up $118 million year-to-date versus last year.

營業利潤為 2.04 億美元，反映了較低的需求和毛利率壓力，部分被營業費用的減少所抵消。第三季度的運營現金流為 2.8 億美元，今年迄今現金流比去年增加 1.18 億美元。

Turning to results across our product categories. Gaming was down 10%. Growth in our simulation products was essentially flat and more than offset by declines in PC and console gaming. Asia Pacific was down only modestly, while Americas and Europe remain pressured.

轉向我們產品類別的結果。遊戲下降了 10%。我們模擬產品的增長基本持平，但被 PC 和遊戲機遊戲的下滑所抵消。亞太地區僅小幅下滑，而美洲和歐洲仍面臨壓力。

Despite these declines, we gained market share in nearly all gaming categories. The largest negative swing in our portfolio versus last quarter was in video collaboration, which was down 16% after posting consecutive quarters of 7% growth. Video conference room cameras and peripherals declined single digits, but we gained share. And business-oriented webcams were down more than 40%.

儘管出現了這些下滑，但我們在幾乎所有遊戲類別中都獲得了市場份額。與上一季度相比，我們的投資組合中最大的負面波動是視頻協作，在連續幾個季度增長 7% 後下降了 16%。視頻會議室攝像機和外圍設備下降個位數，但我們獲得了份額。面向商業的網絡攝像頭下降了 40% 以上。

Pointing devices were down 8% driven by pressure in the low end of our portfolio, but we grew market share in total pointing devices. Keyboards and combos net sales declined 17% with gains in the high end of the market, offset by losses in the low end of the market, and consumer webcams were down nearly 50% year-over-year.

受低端產品組合壓力的推動，指點設備下降了 8%，但我們在總指點設備中的市場份額有所增長。鍵盤和組合的淨銷售額下降了 17%，高端市場的增長被低端市場的虧損所抵消，消費者網絡攝像頭同比下降近 50%。

Turning to expenses. Consistent with last quarter, we reduced our OpEx, which was down 23% versus last year. As Bracken mentioned earlier, we remain committed to investing in product design and development to strengthen our category leadership. And while R&D was down modestly versus last year, the $63 million we invested in R&D in Q3 is more than 50% higher than our R&D investment level just 3 years ago.

談到開支。與上一季度一致，我們降低了運營支出，與去年相比下降了 23%。正如 Bracken 之前提到的，我們仍然致力於投資產品設計和開發，以加強我們的品類領導地位。雖然研發與去年相比略有下降，但我們在第三季度的研發投資 6300 萬美元比 3 年前的研發投資水平高出 50% 以上。

In Q1 of this fiscal year, we communicated our plan to reduce our annual operating expenses by $150 million versus last year, and we achieved that goal this quarter, 1 quarter ahead of schedule. I now expect that for the full year, we will reduce operating expenses by approximately $215 million or 15% versus last year. We will continue to focus on finding efficiencies throughout the organization as we manage our costs based on market conditions.

在本財年的第一季度，我們傳達了與去年相比將年度運營費用減少 1.5 億美元的計劃，我們在本季度提前一個季度實現了這一目標。我現在預計，就全年而言，我們將比去年減少約 2.15 億美元或 15% 的運營費用。我們將繼續專注於提高整個組織的效率，因為我們會根據市場情況管理成本。

We ended the quarter with a cash balance of more than $1 billion and continued a strong share buyback program, returning $90 million to shareholders in the quarter. We revised our financial outlook for FY '23 based on 3 items: softer-than-expected third quarter results; enterprise and consumer demand, which may remain weaker than we previously expected; and uncertainty in supply availability related to the recent COVID outbreaks in China.

本季度結束時，我們的現金餘額超過 10 億美元，並繼續實施強有力的股票回購計劃，在本季度向股東返還了 9000 萬美元。我們根據 3 個項目修改了 23 財年的財務前景：第三季度業績低於預期；企業和消費者需求，可能仍弱於我們之前的預期；以及與最近在中國爆發的 COVID 相關的供應可用性的不確定性。

Our outlook calls for full year revenue in FY '23 to be down 13% to 15% in constant currency. The U.S. dollar weakened versus last quarter, but currency still projects to be a roughly 5-point headwind to U.S. dollar growth for the full year. Therefore, our outlook for full year revenue in U.S. dollars would be down 18% to 20%. Our full year non-GAAP operating income outlook is now between $550 million and $600 million.

我們的展望要求按固定匯率計算，23 財年的全年收入將下降 13% 至 15%。美元與上一季度相比走弱，但貨幣預計仍將對全年美元增長造成大約 5 個百分點的阻力。因此，我們對全年美元收入的預期將下降 18% 至 20%。我們的全年非 GAAP 營業收入前景目前在 5.5 億美元至 6 億美元之間。

Nate, we can now open the line for questions.

Nate，我們現在可以開始提問了。

Great. Thanks, Bracken. Thanks, Nate. (Operator Instructions). Our first question is from George Brown at Deutsche Bank.

偉大的。謝謝，布雷肯。謝謝，內特。 （操作員說明）。我們的第一個問題來自德意志銀行的喬治布朗。

I have 2, if I may. Firstly, in terms of product launches, you released quite a few products in Q2, ahead of the holiday season. Can you provide some detail on how they performed and in particular, I'm interested in how Logitech G CLOUD has performed and whether that's met your expectations or not. And I'll leave it at that.

如果可以的話，我有 2 個。首先，在產品發布方面，你們在假期前的第二季度發布了相當多的產品。您能否提供一些有關它們的表現的詳細信息，特別是，我對羅技 G CLOUD 的表現以及是否符合您的期望很感興趣。我會把它留在那裡。

Okay. Yes. I would say overall, we announced 20 new products that we're launching in Q3 or sometime in the next 6 to -- 3 to 4 months after that. And I would say, overall, our launches are pretty well on track.

好的。是的。我想說的是，總的來說，我們宣布了 20 種新產品，我們將在第三季度或未來 6 到 3 到 4 個月的某個時間推出。我想說，總的來說，我們的發布進展順利。

The G CLOUD, in particular, is a very narrow launch. So we launched it only in the U.S. We're so far, so good. We're now expanding it into Europe and Japan. So I would say, so far, it's on track. It's a new category for us. We're always very conservative on new categories, George, because we don't want to get kind of over the tips of our skis as we would say here. But so far, so good.

特別是 G CLOUD 是一個非常狹窄的發布。所以我們只在美國推出了它。到目前為止，我們做得很好。我們現在正在將其擴展到歐洲和日本。所以我想說，到目前為止，一切都在正軌上。這對我們來說是一個新類別。喬治，我們對新類別總是非常保守，因為我們不想像我們在這裡所說的那樣過度使用滑雪板的尖端。但到目前為止，還不錯。

And generally speaking, I feel really good about our innovation in total. I mean, we continue to have just a really, really good insight-driven innovation with -- and I would say, our performance in all of our new products is pretty well on track.

總的來說，我對我們的創新總體感覺非常好。我的意思是，我們繼續擁有非常非常好的洞察力驅動的創新——我想說的是，我們在所有新產品中的表現都很好。

Perfect. And then just a second question. Just in terms of the level of discounting going forward. And after there was clearly some pull forward of demand during the Black Friday and Cyber Monday period. What could we expect going forward into Q4 and beyond from a promotional perspective, given inventory stands at quite a high level?

完美的。然後是第二個問題。就未來的折扣水平而言。在黑色星期五和網絡星期一期間顯然有一些需求提前。鑑於庫存處於相當高的水平，從促銷的角度來看，我們對第四季度及以後有什麼期望？

Yes. I don't think -- we're not in a position where I would say we're going to [heavily] discount because of the inventory levels. Our channel looks fine, and our internal inventories came down quarter-over-quarter again, as you probably saw.

是的。我不認為 - 我們不能說我們會因為庫存水平而 [大幅] 打折。我們的渠道看起來不錯，我們的內部庫存再次環比下降，正如您可能看到的那樣。

But we're going to make sure we're responsive to the environment. So I wouldn't commit to you exactly where the overall promotion levels will be. I think they were particularly high as a percentage of our business this quarter, though, and I wouldn't expect that again.

但我們要確保我們對環境做出反應。所以我不會向你承諾整體提升水平的確切位置。不過，我認為本季度它們在我們業務中所佔的比例特別高，而且我預計不會再出現這種情況。

Yes, George, just 2 quick comments on your questions. First, I think from an NPI standpoint, I agree with Bracken, off to a good start. I wouldn't say there was anything in there that was financially really that significant in the quarter. So still ramping up there.

是的，喬治，對你的問題只有 2 條快速評論。首先，我認為從 NPI 的角度來看，我同意 Bracken 的觀點，這是一個良好的開端。我不會說那裡有什麼在本季度的財務上真的那麼重要。所以仍然在那裡上升。

And then on the discounting, as Bracken said, we definitely saw consumer preference towards more promoted products this quarter. I think there's some of that assumed going forward here in Q4. Too early to say what that looks like out into next year, I would say. But that seems to be the environment that we saw during the holiday with certainly the weeks with the higher promotions had the higher percentage of sales.

然後在打折方面，正如 Bracken 所說，本季度我們確實看到了消費者對更多促銷產品的偏好。我認為在第四季度這裡有一些假設。我會說，現在說明年的情況還為時過早。但這似乎是我們在假期期間看到的環境，當然，促銷活動較多的那幾週的銷售額百分比較高。

Thanks, George. Next up, good morning, Asiya Merchant from Citi. Good to see you.

謝謝，喬治。接下來，早上好，來自 Citi 的 Asiya Merchant。很高興見到你。

Good to see you guys, too. Couple of questions. First on the VC side of things, where -- if you can give us any anecdotes about how your discussions with customers are going now? Clearly, the environment is still pretty gloomy out there as far as layoffs, but has there been any change since their reported quarter in terms of these conversations with these customers around demand for VC?

也很高興見到你們幾個問題。首先在 VC 方面，如果你能給我們講講你現在與客戶的討論進展如何的軼事？顯然，就裁員而言，環境仍然相當悲觀，但自他們報告的季度以來，就與這些客戶圍繞 VC 需求的對話而言，是否有任何變化？

And then secondly, I know in the press release, and Nate mentioned that as well, there were some supply concerns for your March quarter that you discussed in the press release with the preannouncement. Can you tell us how much of that's really affecting the March quarter? And when do you expect those to kind of play out? Or are you still expecting supply issues post-the March quarter?

其次，我在新聞稿中知道，Nate 也提到，您在新聞稿中通過預先公告討論了 3 月季度的一些供應問題。你能告訴我們其中有多少真正影響了 3 月季度？你希望這些什麼時候發揮作用？或者您是否仍然期待 3 月季度後出現供應問題？

Okay. I'll take the first, and Nate, I'll let you take the second one. Yes, I would say, overall, we just came back from CES. And I would say, generally speaking, the tone was about the same. Everybody seems very committed to the long term, making sure they've got the right setups and that I wouldn't say there's any real change the secular trend, from what I see.

好的。我拿第一個，Nate，我讓你拿第二個。是的，總的來說，我們剛從 CES 回來。我會說，一般來說，語氣大致相同。每個人似乎都非常致力於長期發展，確保他們有正確的設置，而且我不會說從我所看到的長期趨勢有任何真正的變化。

But I do feel -- I do sense the conservatism. I think you could hear it in some of our salespeople who were saying March, March, March. And I'm not sure that was the right date, but they were saying a lot of the companies are really pushing out spending into future quarters. So I think that's probably still out there. And we're certainly assuming that as we go into Q4, and it's reflected in our guidance. Nate, do you want to take the China question? Or I'm happy to.

但我確實感覺到——我確實感覺到了保守主義。我想你可以從我們的一些銷售人員那裡聽到，他們說三月，三月，三月。我不確定那是不是正確的日期，但他們說很多公司確實將支出推遲到未來幾個季度。所以我認為這可能仍然存在。我們當然會在進入第四季度時假設這一點，這反映在我們的指導中。 Nate，你想回答中國問題嗎？或者我很樂意。

Yes. No, I think -- listen, I think the thing that we probably all learned over the last few years with COVID is it's a little hard to predict. So I've made some assumptions that there could be some disruptions on supply in the quarter. We're working hard on those things. We may have opportunities through expedited freight and so forth to recover some of that.

是的。不，我想——聽著，我認為我們在過去幾年中可能都從 COVID 中學到的東西是它有點難以預測。所以我做了一些假設，即本季度的供應可能會出現一些中斷。我們正在努力做這些事情。我們可能有機會通過加急運費等方式收回部分費用。

But still a fluid situation, Asiya. So there's not really a specific number I would say we called out. We just tried to factor in a range of possibilities in the outlook. And so that was one of the things that caused us to adjust the full year outlook.

但情況仍然不穩定，Asiya。所以我想說的並不是一個具體的數字。我們只是試圖在前景中考慮一系列可能性。因此，這是導致我們調整全年展望的原因之一。

Yes, I would just add to that. I think we're in the -- we're probably in the middle of the most uncertain period right now because it's -- the new year just started. All of our factory people went back to their homes.

是的，我只想補充一點。我認為我們正處於 - 我們現在可能正處於最不確定的時期，因為它 - 新的一年才剛剛開始。我們所有的工廠員工都回到了自己的家。

And it's anybody's guess on what that's going to do to COVID rates and whether we'll have a problem getting people back or some of our suppliers also. So we're in this kind of uncertain period now. But I think it will settle out over the next few [weeks]. It's not an unlimited risk. So we bracketed it pretty well, I think, in our outlook.

任何人都在猜測這將對 COVID 率產生什麼影響，以及我們是否會遇到讓人們回來或我們的一些供應商回來的問題。所以我們現在正處於這種不確定的時期。但我認為它會在接下來的幾週 [weeks] 內解決。這不是無限的風險。因此，我認為，在我們的展望中，我們很好地把它括起來了。

I think the other thing that we've done certainly over the last couple of years through investment has been increasing the amount of automation in the factory. So we can't fully offset the risk of labor disruptions and things like that, but we have improved the company's ability to do that versus a couple of years ago by driving up that automation in the factory, which has somewhat reduced the reliance on labor. But still something that we've got to really manage tightly.

我認為我們在過去幾年中通過投資肯定做過的另一件事是增加工廠的自動化程度。因此，我們無法完全抵消勞動力中斷和類似事件的風險，但與幾年前相比，我們通過提高工廠的自動化程度提高了公司這樣做的能力，這在一定程度上減少了對勞動力的依賴.但仍然是我們必須真正嚴格管理的事情。

Great. And then just in terms of growth outlooks beyond the March quarter, you guys obviously have a target model out there. Any indication on when we should expect that growth? Are we at a point where post-the March quarter, we can return to kind of the growth rates that you guys have outlined just given the macro trends, that you're so confident on, will continue?

偉大的。然後就三月季度之後的增長前景而言，你們顯然有一個目標模型。關於我們何時應該預期增長的任何跡象？我們是否處於 3 月季度之後的某個點，我們可以回到你們剛剛根據宏觀趨勢概述的那種增長率，你們非常有信心，會繼續下去嗎？

Certainly, we're planning an Analyst and Investor Day. We'll have the date out there shortly. I think it's too early for us to tell you what next year is going to look like and -- but hopefully, we'll have a clear picture of that when we come into March.

當然，我們正在計劃一個分析師和投資者日。我們很快就會有約會。我認為現在告訴你明年會是什麼樣子還為時過早——但希望我們在三月份時能清楚地了解這一點。

I don't think -- I can't imagine that we're going to see a snapback in the macroeconomic picture in a quarter. So I wouldn't expect it to -- our fiscal year to end and then things suddenly get better. But I think -- I'm pretty optimistic about somewhere out there in the next -- over the next year or so that you'll see the market come back. But I think everybody on this call probably has an opinion on how long this is going to last.

我不認為——我無法想像我們會在一個季度內看到宏觀經濟形勢的反彈。所以我不希望它 - 我們的財政年度結束然後事情突然好轉。但我認為——我對未來的某個地方非常樂觀——在未來一年左右，你會看到市場回歸。但我認為這次電話會議的每個人都可能對這將持續多久有自己的看法。

Great. Next up will be Paul Chung from JPMorgan.

偉大的。接下來是來自摩根大通的 Paul Chung。

Just on gross margins, as we kind of think about a couple of quarters down the line, how do we think about pricing increases you've done, kind of lapping some FX headwinds, lapping some component inflation and lower shipping costs. Can we rebound comfortably into your kind of target of 39% to 44% in a couple of quarters?

就毛利率而言，當我們考慮幾個季度後，我們如何考慮你所做的定價上漲，有點抵禦一些外匯逆風，抵禦一些組件通貨膨脹和降低運輸成本。我們能否在幾個季度內輕鬆反彈到您設定的 39% 至 44% 的目標？

I'll go ahead and take that one, Bracken. Yes, I mean, Paul, this quarter, we had 8 points of headwinds year-over-year. Very similar factors in the sense that we had -- currency was the largest. We also did have some headwind this quarter from the increased promotional mix, and then we also had the inflation.

我會去拿那個，布雷肯。是的，我的意思是，保羅，本季度我們遇到了 8 點同比逆風。在我們擁有的意義上非常相似的因素 - 貨幣是最大的。本季度我們也確實因促銷組合的增加而遇到一些不利因素，然後我們也遇到了通貨膨脹。

As I mentioned last quarter, I mean, I think we feel good about some of the trends on the inflation side, start to see some of the costs come down. Ocean freight, we continue to make some progress on the rates there. And currency looks a little bit more favorable than it did last quarter.

正如我上個季度提到的，我的意思是，我認為我們對通脹方面的一些趨勢感覺良好，開始看到一些成本下降。海運，我們繼續在那裡的費率上取得一些進展。貨幣看起來比上個季度更有利。

So good trends, but we didn't really see any of that really flow through yet this quarter. And I think next quarter, I really don't expect to see a lot of that favorability yet. It takes a little bit of time with the inventory being a little bit higher. We've got to work that down to start seeing some of those benefits come through as well.

如此好的趨勢，但本季度我們還沒有真正看到任何真正的趨勢。而且我認為下個季度，我真的不希望看到很多這樣的好感。庫存稍微高一點需要一點時間。我們必須努力做到這一點，才能開始看到其中一些好處也能實現。

But yes, I think into next year, I think some of these tailwinds could probably become -- excuse me, some of these headwinds could probably become tailwinds. I think I misspoke earlier. Those are obviously headwinds. Some of those headwinds could become tailwinds.

但是，是的，我認為到明年，我認為其中一些順風可能會變成——對不起，其中一些逆風可能會變成順風。我想我之前說錯了。這些顯然是逆風。其中一些逆風可能會變成順風。

And I think in terms of the pricing, I think it's good that we took action early this year to increase prices across a number of categories. That's helped offset some of these pressures. And we'll see with the promo environment, what kind of promo environment unfolds over the next few quarters and whether we can hold those or not.

而且我認為就定價而言，我認為我們今年早些時候採取行動提高多個類別的價格是件好事。這有助於抵消其中的一些壓力。我們將在促銷環境中看到，在接下來的幾個季度會展開什麼樣的促銷環境，以及我們是否可以保持這些環境。

So lots of moving pieces, Paul. But I do think that we've been absorbing a lot of those headwinds this year, and I do expect some of those to begin to reverse into next year.

這麼多動人的作品，保羅。但我確實認為我們今年已經吸收了很多逆風，我確實預計其中一些會在明年開始逆轉。

Maybe, Paul, I'll add one more piece of perspective. I think the thing that makes me feel the best about this year is the incredible amount of headwind we're facing from a gross margin standpoint. Exactly when that reverses is a little unclear.

也許，保羅，我會再補充一個觀點。我認為今年讓我感覺最好的事情是從毛利率的角度來看，我們面臨著令人難以置信的逆風。確切的逆轉時間尚不清楚。

I mean clearly, currency is on its way now. We're not seeing it yet, but it's caught in hedges and -- natural hedges and technical hedges, et cetera. But I'm super excited that we have 800 basis points of headwind because that's going to come back out again. But we're not going to see 800 basis points of improvement. But getting us out of range again, I would sure hope we do it next year.

我的意思很明確，貨幣現在正在路上。我們還沒有看到它，但它被套期保值和 - 自然套期保值和技術套期保值，等等。但我非常興奮我們有 800 個基點的逆風，因為它會再次出現。但我們不會看到 800 個基點的改善。但是讓我們再次超出範圍，我當然希望我們明年能做到。

So by next year, you mean next fiscal year, I assume? So maybe by 2Q...

所以到明年，你的意思是下一個財政年度，我猜？所以也許到第二季度...

That's right.

這是正確的。

Okay. And then just a follow-up on OpEx, pretty material cuts. Where do you kind of see it normalizing? I assume more aggressive cuts maybe in the near term. Do we get back to that 25% of sales? Or where are you seeing further opportunities to kind of rightsize cost while top line is challenged?

好的。然後只是 OpEx 的後續行動，相當大的材料削減。你在哪裡看到它正常化？我認為短期內可能會進行更激進的削減。我們會回到銷售額的 25% 嗎？或者，在頂線受到挑戰的情況下，您在哪裡看到進一步調整成本的機會？

Paul, real quick on that one. I think on a full year basis, you'll probably see the OpEx be around 25%, which is where it has been. And come back to your earlier comment on gross margin, those things go hand in hand. So if we get good confidence in line of sight to gross margin expansion, that creates more room for investment if we see good returns available to us to drive growth.

保羅，真的很快。我認為在全年基礎上，您可能會看到 OpEx 約為 25%，這是它一直以來的水平。回到你之前對毛利率的評論，這些事情是齊頭並進的。因此，如果我們對毛利率擴張的前景充滿信心，那麼如果我們看到可用於推動增長的良好回報，就會為投資創造更多空間。

So that strategy remains unchanged. Moving away from a promotion-driven strategy to one that's more full driven through increased marketing investments. Certainly, we're committed to the investment in product innovation, and we think that, that's key. Bracken, something you'd like to add to that?

所以這個策略保持不變。從促銷驅動的策略轉變為通過增加營銷投資來更充分地驅動的策略。當然，我們致力於產品創新的投資，我們認為這是關鍵。蕨菜，你想補充什麼嗎？

No, you got everything. Perfect.

不，你得到了一切。完美的。

Thanks, Paul. Next up from Morgan Stanley, Erik Woodring.

謝謝，保羅。接下來來自摩根士丹利的埃里克伍德林。

I guess maybe first, if we take a step back and think about kind of your 4 major end markets, where do you think some of those are furthest along in terms of kind of facing the brunt of the challenges the world faces today, meaning we saw PCs correct earlier perhaps than consumer electronics, which perhaps is corrected earlier than enterprise. And so just curious where you think you could perhaps see maybe a rebound first relative to other of your end markets? And then I have a follow-up.

我想也許首先，如果我們退後一步，想想你的 4 個主要終端市場，你認為其中一些在面對當今世界面臨的挑戰方面走得最遠，這意味著我們PC 的糾正時間可能比消費電子產品更早，而消費電子產品的糾正時間可能比企業更早。所以很好奇你認為你可能會首先看到相對於你的其他終端市場的反彈？然後我有一個後續行動。

Well, that is a really good question. I'm going to hesitate to give you a definitive answer, but I'll give you kind of a feel. I think it could be that we see it first in gaming. But it kind of depends because the gaming market has -- also seemed pretty sensitive to promotion this quarter. So that may be a little less -- it makes me a little more tentative to say that.

嗯，這是一個非常好的問題。我會猶豫給你一個明確的答案，但我會給你一種感覺。我認為這可能是我們首先在遊戲中看到它。但這有點取決於遊戲市場 - 本季度似乎也對促銷非常敏感。所以這可能會少一些——這讓我更猶豫地說。

I think the enterprise spending kind of comes in later and starts out later. And I mean, it hangs in longer and then comes out a little later when you go into a softening of the economy, that's generally the view. And then our personal workspace business sits somewhere in between.

我認為企業支出有點晚進來晚開始。我的意思是，它會持續更長時間，然後在經濟疲軟時出現，這通常是人們的看法。然後我們的個人工作空間業務介於兩者之間。

I reserve the right to completely reverse though. Because to be honest, the visibility is not what we'd like. It's really hard for us to see. But I think the good news on all 3 is I really feel good about the long term. I do think those secular trends are super solid.

不過，我保留完全逆轉的權利。因為老實說，可見性不是我們想要的。我們真的很難看到。但我認為這三個方面的好消息是我真的對長期感覺良好。我確實認為這些長期趨勢非常穩固。

Okay. No, that's helpful. And then just because you mentioned it, Bracken, I'd love to just maybe get some color from you guys on maybe why visibility is different than historically? Is it different purchasing patterns? I know you mentioned the purchasing during promotional-heavy periods in the December quarter.

好的。不，那很有幫助。然後就因為你提到它，布雷肯，我很想從你們那裡得到一些顏色，也許為什麼能見度與歷史不同？是不同的採購模式嗎？我知道您提到了在 12 月季度的促銷活動期間進行的採購。

But maybe just taking a step back, are enterprises purchasing at a different cadence than they used to or consumer preferences for purchasing changing? Would just love some more color on just maybe how that visibility has changed and/or when it could improve, and why it might improve?

但也許只是退一步說，企業的採購節奏是否與以往不同，或者消費者的採購偏好是否發生了變化？是否會喜歡更多關於可見性如何變化和/或何時可以改善以及為什麼會改善的顏色？

Absolutely. Thanks, Erik. I'll just [split them into] those 2 pieces. On the consumer side, I think you said it all. The consumer demand has been weaker. And in this quarter, we saw it really concentrated in promotion.

絕對地。謝謝，埃里克。我將把它們 [split them into] 這兩部分。在消費者方面，我想你已經說了一切。消費需求有所減弱。在本季度，我們看到它真正集中在促銷上。

Now I hope that Nate was saying we're assuming it could be more promotional as we go through the rest of the year. I hope that, that starts to fade at some point soon because normally, promotion is heaviest during a holiday quarter. Now we may see that in Q4, but we'll see.

現在我希望 Nate 是在說我們假設在今年餘下的時間裡它可以更具促銷性。我希望這種情況很快會在某個時候開始消退，因為通常情況下，假期期間的促銷活動最重。現在我們可能會在第四季度看到這一點，但我們會看到的。

But we're prepared for that, but I hope that it will start to get better from a promotional standpoint. And that is not -- that would not be normal to have heavy promotion go on all the way through outside the holiday quarters all the way through the year. So we'll see.

但我們已經為此做好了準備，但我希望從促銷的角度來看它會開始變得更好。這不是——全年在假日季之外一直進行大量促銷活動是不正常的。所以我們拭目以待。

On the B2B side, it really just comes down to -- I think there's such a -- turmoil is maybe too strong a term, but there's a lot of settling that's happening. And I can't remember, since I've been in this job anyway, when we've had the kind of layoff announcements that we've had in just the last 90 days.

在 B2B 方面，它真的只是歸結為 - 我認為有這樣一個 - 動盪這個詞可能過於強烈，但正在發生很多解決方案。而且我不記得，自從我一直從事這份工作以來，我們在過去 90 天內收到了那種裁員通知。

I think there's just a lot of constriction of spending happening, and I think that automatically drops your visibility. What you think you have in visibility, suddenly, it's -- seems like it's being pushed out a quarter or 2 or something.

我認為只是發生了很多支出限制，我認為這會自動降低你的知名度。你認為你能見度的東西，突然間，它似乎被推出了四分之一或兩分之一左右。

So I think that's reduced it. I think I like the fact that it's actually a sharp reduction right now from a business standpoint because I think that means it might be a faster exit back out again. And maybe that's my optimism poking its head up.

所以我認為這減少了它。我想我喜歡這樣一個事實，即從商業角度來看，它現在實際上是在急劇減少，因為我認為這意味著它可能會更快地退出。也許這就是我的樂觀情緒。

But I would rather see that than see people kind of gradually easing into something. So I'm sort of feeling good that there's all this discussion around constriction. I don't feel good about our [business] though, don't get me wrong, but I feel good about the restriction. I think that suggests that people are making the right steps and then the clarity will come as we go into next year.

但我寧願看到這一點，也不願看到人們逐漸適應某種事物。所以我對圍繞收縮進行的所有討論感到很高興。不過，我對我們的 [業務] 感覺不佳，請不要誤會我的意思，但我對限制感到滿意。我認為這表明人們正在採取正確的步驟，然後在我們進入明年時就會變得清晰。

If I could add just a little bit to that, Erik...

如果我可以添加一點點，埃里克...

Please, of course.

當然，請。

You asked what causes it to be different. I think we're transitioning out of, obviously, a unique period globally from shutdowns. And so the diversification that we have, again, I'll come back to this in the portfolio by product, by category, by geography, are all things that I love having in a time like this because that transition is obviously different in those categories and in those geographies.

你問是什麼導致它不同。我認為我們正在從全球範圍內的停工過渡到一個獨特的時期。因此，我們所擁有的多元化，我將再次在產品組合中按產品、按類別、按地理位置回到這一點，這些都是我喜歡在這樣的時間擁有的東西，因為這些類別的轉變明顯不同在那些地區。

We still see places that are doing better, that are growing a little bit. They maybe went into the lockdown at a different time. They've come out of it differently. So that diversification continues to be, I think, a really, really important thing.

我們仍然看到做得更好的地方，正在增長一點點。他們可能在不同的時間進入封鎖狀態。他們從中脫穎而出。因此，我認為多元化仍然是一件非常非常重要的事情。

Obviously, this quarter, we're disappointed with the volumes. But the shape of the P&L held up pretty well. And I think we continue to manage well in this environment. We continue to do well from a market share standpoint. We continue to invest in our long-term priorities and continue to manage OpEx, I think, very well and do a good job with cash generation.

顯然，本季度，我們對銷量感到失望。但損益表的形狀保持得很好。我認為我們在這種環境下繼續管理得很好。從市場份額的角度來看，我們繼續做得很好。我們繼續投資於我們的長期優先事項，並繼續很好地管理 OpEx，並在現金生成方面做得很好。

So lots of things haven't changed. And again, I think the diversification in our business is really key to us being able to deliver a good strong quarter in what's a challenging macro environment.

所以很多東西都沒有改變。再一次，我認為我們業務的多元化對於我們能夠在充滿挑戰的宏觀環境中實現強勁的季度表現非常關鍵。

Okay. That's super helpful. I was just -- the last very quick follow-up was when you mentioned enterprise demand weakness, did it spill over into any other segments besides VC? Or was it mostly concentrated in VC? Just wanted [you to share] that clarification. That's it for me.

好的。這非常有幫助。我只是 - 最後一次非常快速的跟進是當你提到企業需求疲軟時，它是否蔓延到 VC 以外的任何其他領域？還是主要集中在 VC 上？只是想讓 [你分享] 那個澄清。對我來說就是這樣。

Yes. So we see it also in CNP, mice and keyboards -- mice and keyboards and -- traditional mice and keyboards and video collaboration, our 2 biggest areas in B2B. VC is a good proxy for it because it's pretty much all B2B, but we also see it in mice and keyboards.

是的。因此，我們也在 CNP、鼠標和鍵盤——鼠標和鍵盤以及——傳統的鼠標和鍵盤以及視頻協作中看到它，這是我們在 B2B 中最大的兩個領域。 VC 是它的一個很好的代理，因為它幾乎都是 B2B，但我們也在鼠標和鍵盤中看到它。

By the way, I should say it's not like people weren't buying any conference cams. They were. So we didn't suddenly go terribly negative. It was down mid-single digits. So -- but that was after being up double digits before.

順便說一下，我應該說人們並不是沒有購買任何會議攝像頭。他們是。所以我們並沒有突然變得非常消極。它下降了中個位數。所以 - 但那是在之前達到兩位數之後。

Thanks, Erik. Next up will be Adam Angelov from Bank of America.

謝謝，埃里克。接下來是來自美國銀行的 Adam Angelov。

So I just wanted to check on the channel inventory situation. So maybe if we could go by division. So I think gaming was positive sell-through in the quarter. Is that a sign that the inventory levels there are kind of at reasonable levels, and perhaps the sell-in can match the sell-through going forward? And maybe if there is any other specifics by different division, if you could add that, that would be great.

所以就想看看渠道庫存情況。所以也許我們可以按部門劃分。所以我認為遊戲在本季度的銷量是積極的。這是否表明那裡的庫存水平處於合理水平，也許未來的銷售量可以與銷售量相匹配？也許如果不同部門還有任何其他細節，如果你能補充一下，那就太好了。

And then second one, so on 2023, the calendar year, are you thinking about further price increases? And maybe if you could just share your thought process on price increases versus potentially prolonged promotion period as we -- as you mentioned already.

然後是第二個，所以在日曆年 2023 年，您是否考慮進一步提價？也許你可以像我們一樣分享你對價格上漲與可能延長促銷期的思考過程 - 正如你已經提到的那樣。

Nate, I'll let you take the first, and I'll take the second.

Nate，我讓你拿第一個，我拿第二個。

Yes. I think channel is in good shape. It's down year-over-year, which should be consistent with the overall trends in the business. I mean, I think -- we continue to see our customers, I think, being pretty cautious and conservative around restocking. Same sorts of visibility challenges that we were talking about a moment ago, I think probably apply to them as well.

是的。我認為渠道狀況良好。它同比下降，這應該與業務的整體趨勢一致。我的意思是，我認為 - 我認為我們繼續看到我們的客戶在補貨方面非常謹慎和保守。我們剛才談到的同樣的可見性挑戰，我認為也可能適用於他們。

So being a little cautious on reordering, but the channel is in good shape. As Bracken mentioned, gaming was one of those areas that was more -- seemed to be more promotional this holiday period. And so we did make some progress in reducing some of the inventory levels there.

所以對重新排序有點謹慎，但渠道狀況良好。正如 Bracken 提到的那樣，遊戲是這個假期期間似乎更具促銷性的領域之一。因此，我們在降低部分庫存水平方面確實取得了一些進展。

I'll just quickly say on the pricing side, and then I'll let you jump in there, too, Bracken. It's really a function of a lot of things, Adam. What happens with currency, what happens with inflation. So lots of elements are there for us to consider. But Bracken, something you'd want to add on that?

我會在定價方面快速說一下，然後我會讓你也跳進去，Bracken。這真的是很多事情的函數，亞當。貨幣會發生什麼，通貨膨脹會發生什麼。所以有很多因素需要我們考慮。但是 Bracken，你想補充什麼嗎？

I'll be even more definitive. I mean, if something doesn't change, I can't imagine us raising price further. I think those 900 basis points or 800 basis points of headwinds are -- they're going to eventually drop, would suggest that we won't need to.

我會更加確定。我的意思是，如果事情沒有改變，我無法想像我們會進一步提高價格。我認為那些 900 個基點或 800 個基點的逆風是——它們最終會下降，這表明我們不需要這樣做。

Now, if something radically changed again, who knows. But I don't think as long as currently it keeps heading in the direction it is and inflation keeps heading in the direction we all think it's going to go, I don't think we would need to raise price again.

現在，如果事情再次徹底改變，誰知道呢。但我認為，只要目前它繼續朝著現在的方向前進，並且通貨膨脹繼續朝著我們都認為會發生的方向前進，我認為我們就不需要再次提高價格。

Yes. Then on the inventory side, too, you asked about channel. Again, Bracken had mentioned it, I think, in his remarks. Third consecutive quarter where we've reduced our distribution center inventory sequentially. And we made good progress I think there this quarter.

是的。然後在庫存方面，你也詢問了渠道。我認為，布拉肯在他的發言中再次提到了這一點。我們連續第三個季度減少了配送中心的庫存。我認為本季度我們取得了很好的進展。

We'll be able to reduce that more into the fourth quarter and continue to normalize those levels. Not in a big hurry to do so. It's all good fresh inventory that I expect will sell, but this continues to be a focus for us.

我們將能夠在第四季度進一步降低這一水平，並繼續使這些水平正常化。並不急於這樣做。我預計這些都是很好的新鮮庫存，但這仍然是我們關注的焦點。

Next on the line will be Jorn from UBS.

下一位將是來自瑞銀的 Jorn。

The first one would be please on your implied Q4 outlook, which is targeting or guiding for sales being down around 25%. Can you really get us a rough indication, is 1/3 of this destocking, 1/3 consumer demand weakness and 1/3 China? Is this how we shall think about it?

第一個是關於你隱含的第四季度前景，這是針對或指導銷售額下降 25% 左右。你能給我們一個粗略的指示嗎，這個去庫存的1/3，1/3的消費需求疲軟和1/3的中國？我們應該這樣想嗎？

Because it seems when you're saying sales-through for your key categories, ex Russia was only down mid-single digit in Q3. It seems a quite sharp deceleration. So if you can provide some more color here would be definitely appreciated.

因為看起來當你說你的關鍵類別的銷售額時，前俄羅斯在第三季度僅下降了中個位數。這似乎是一個相當急劇的減速。因此，如果您能在這裡提供更多顏色，我們將不勝感激。

And the second question would be, please, just focusing on the freight costs, which they came down to pre-COVID levels for a couple of areas. Do you feel that this will be a very strong contributor to [as is] variables to your earnings growth in 2024? Maybe to start with these 2 questions.

第二個問題是，請只關注運費，在幾個地區，運費已降至 COVID 之前的水平。您是否認為這將對您 2024 年收入增長的 [as is] 變量產生非常強大的貢獻？也許從這兩個問題開始。

I take the first one. Yes, and then I can hit the second one, too. I mean, the outlook for Q4 really implies typical seasonality, Jorn, in Q3 to Q4. So Q3 was weaker than expected. And off of that, you would get sort of a normal mid-20% decline sequentially into Q4. So that's what -- it's what the guidance really implies.

我拿第一個。是的，然後我也可以打第二個。我的意思是，第四季度的前景確實意味著第三季度到第四季度的典型季節性，Jorn。所以第三季度弱於預期。除此之外，你會在第四季度連續出現正常的 20% 中期下降。這就是指南的真正含義。

We've got 1 quarter left, but the full year guidance basically implies that for the fourth quarter. And then on the freight cost, the benefit we got this quarter was that we didn't use air freight to the same level by long ways versus last year.

我們還有 1 個季度，但全年指導基本上意味著第四季度。然後在運費方面，我們本季度獲得的好處是我們沒有將空運使用到與去年相同的水平。

We were chasing a lot of supply last year. It's not the case this year. So we were able to reduce our air freight. So we got some year-over-year benefit there. We're still -- and ocean rates are getting -- are coming down, but they're still higher than what they were pre-pandemic. They've come down month-on-month, starting to look more positive there, but still have a ways to go before we get back to pre-pandemic levels.

去年我們追逐了大量的供應。今年情況並非如此。所以我們能夠減少我們的空運。所以我們在那裡獲得了一些同比收益。我們仍在——而且海運費率正在下降——正在下降，但它們仍然高於大流行前的水平。他們已經逐月下降，開始看起來更加積極，但在我們回到大流行前的水平之前還有一段路要走。

Okay. And then maybe the last question, if I may, on your OpEx. When we look in 2024, I mean, after you take out $250 million OpEx in fiscal year '23, is this now enough? Is this done? Are you lean enough, for example, to cope with a flattish 2024? Is this where you feel good about or is there more to come now in the next couple of quarters regarding your plans?

好的。然後可能是關於您的 OpEx 的最後一個問題，如果可以的話。當我們展望 2024 年時，我的意思是，在你在 23 財年拿出 2.5 億美元的運營支出之後，這現在夠了嗎？這是完成了嗎？例如，您是否足夠瘦以應對平坦的 2024 年？這是您感覺良好的地方，還是在接下來的幾個季度中有更多關於您的計劃的地方？

I want to clarify real quick, Jorn. I'm not sure if you said $250 million, but I said $215 million, 1-5.

我想很快澄清一下，Jorn。我不確定你說的是不是 2.5 億美元，但我說的是 2.15 億美元，1-5。

15, yes, yes.

15，是的，是的。

Wanted to make sure that you heard that clearly. Bracken, sorry, did you have a comment?

想確保你聽清楚了。蕨菜，對不起，你有什麼意見嗎？

Yes, $215 million. And we're going to keep up with the OpEx, Jorn. We're not letting up. When we look at the top line, we feel like we need to take -- we're going to continue to take more out. And so you can count on that we'll keep aggressively taking it out. We're going to respond to market conditions, and you see what they are. So you can imagine how we feel about our cost.

是的，2.15 億美元。我們將跟上 OpEx，Jorn。我們不會放棄。當我們看到頂線時，我們覺得我們需要採取——我們將繼續採取更多行動。所以你可以指望我們會繼續積極地把它拿出來。我們將對市場狀況做出反應，你會看到它們是什麼。所以你可以想像我們對成本的看法。

Our next question is from Andreas Muller at ZKB.

我們的下一個問題來自 ZKB 的 Andreas Muller。

I have 2 questions. One is really, can you say something about the Chinese sales in the quarter? And do you expect that the impact from the lifted restrictions going forward, is that the benefit or not? And then probably also the status. I mean, you mentioned something in your own production facility. Are you completely 100% operational right now? And what's there, the status basically?

我有兩個問題。一個是真的，你能談談本季度在中國的銷售情況嗎？您是否預計未來取消限制的影響是否會帶來好處？然後可能還有狀態。我的意思是，你在自己的生產設施中提到了一些事情。您現在是否完全 100% 可操作？那裡有什麼，基本上是什麼狀態？

I'll answer the second one. You want to take the first one, Nate?

我會回答第二個。你想拿第一個嗎，內特？

Yes. On China, sales have been -- I mean China, unfortunately, was negatively impacted this quarter from a sales standpoint due to the infections -- the rising infections. I think we probably had about a 1-point headwind this quarter, Andreas, from sales in December that didn't occur.

是的。在中國，銷售 - 我的意思是，不幸的是，從銷售的角度來看，本季度中國因感染而受到負面影響 - 感染不斷增加。安德烈亞斯，我認為本季度我們可能遇到了大約 1 點的不利因素，因為 12 月份的銷售沒有發生。

I think longer term, I mean, I think it's a positive. It's potentially a positive. But like I mentioned earlier, I mean, I think COVID is just unpredictable. And hopefully, this was a sort of a onetime event, but I think that's not for me to know with certainty. So -- but I think it's a positive to see a more open position by the government. I do, but it was bit of a headwind in this quarter.

我認為從長遠來看，我的意思是，我認為這是積極的。這可能是積極的。但就像我之前提到的，我的意思是，我認為 COVID 是不可預測的。希望這是一次性事件，但我認為這不是我能確定的。所以 - 但我認為看到政府採取更開放的立場是積極的。我知道，但這個季度有點逆風。

Yes, I'll add to that. I do think -- I think opening -- China opening is positive. And I think you asked about our production facility related to that. Right now, our production facility is closed because of Lunar New Year. So that's one of the things that gave us a little pause was what happens during Lunar Year and everybody comes home, how many come back. And I'd say we'll see.

是的，我會補充一點。我確實認為——我認為開放——中國的開放是積極的。我想你問過我們與此相關的生產設施。目前，我們的生產設施因農曆新年而關閉。因此，讓我們稍作停頓的事情之一是農曆年期間發生的事情，每個人都回家了，有多少人回來了。我會說我們會看到。

I mean, I think we'll manage whatever it is. But that is what it is. But I'm actually -- I hear so many negative headlines about China. I feel like the optimist in the room on that for sure.

我的意思是，我認為我們會處理好一切。但事實就是如此。但實際上——我聽到了很多關於中國的負面新聞。在這一點上，我肯定是房間裡的樂觀主義者。

I feel good about China. I think as China opens, it's going to be good for us. It's our second biggest market. It's always been a good market. As long as I've been here, it's been good.

我對中國感覺很好。我認為隨著中國的開放，這對我們有好處。這是我們的第二大市場。這一直是一個很好的市場。只要我一直在這裡，它一直很好。

We've had -- very few times we had a long period of slow growth there. So I'm excited about China. We've got great market shares. We've got a great brand there, and we're really learning a lot about the Chinese consumer there. So I'm optimistic.

我們已經 - 很少有幾次我們在那裡有很長一段時間的緩慢增長。所以我對中國感到興奮。我們有很大的市場份額。我們在那裡有一個很棒的品牌，我們真的學到了很多關於那里中國消費者的知識。所以我很樂觀。

Thanks, Andreas.

謝謝，安德烈亞斯。

Okay. I have another question about your priorities. When you go through your portfolio, do you see a need for changing some priorities for some categories with the downturn, maybe to earmark also a category as nonstrategic, one more besides -- say mobile speaker and the earbuds for example.

好的。我還有一個關於你的優先事項的問題。當你審視你的投資組合時，你是否認為有必要在經濟低迷的情況下改變某些類別的某些優先級，也許還指定一個類別為非戰略性類別，例如移動揚聲器和耳塞。

Yes. We've kind of done that, and we always redo it, and we do it on a very regular basis. So as you mentioned, we picked out a couple of categories that we said were nonstrategic, which means we're reducing our investment, and we've stayed true to that.

是的。我們已經這樣做了，而且我們總是重做，而且我們經常這樣做。所以正如你提到的，我們挑選了幾個我們認為是非戰略性的類別，這意味著我們正在減少我們的投資，我們一直堅持這一點。

I don't see any immediate changes in our current -- the last time we updated you, but we'll update you again at the Analyst/Investor Day. I think our portfolio, I'm really excited about that kind of 80% of our portfolio that we've angled forward and put our investment into.

我沒有看到我們當前的任何立即變化——上次我們更新你，但我們會在分析師/投資者日再次更新你。我認為我們的投資組合，我對我們已經傾斜並投入投資的 80% 的投資組合感到非常興奮。

We're gaining market share across those. We're investing aggressively from an engineering standpoint into them. And yet we're managing costs really well across the company in the middle of this current economic kind of storm. And so I think that bodes well for the future. But we'll update you again regularly. We'll keep you updated on where -- we're deemphasizing categories.

我們正在獲得這些市場份額。從工程的角度來看，我們正在對它們進行積極的投資。然而，在當前這種經濟風暴中，我們在整個公司範圍內都很好地管理了成本。所以我認為這預示著未來。但我們會定期再次為您更新。我們會及時通知您最新信息——我們不再強調類別。

Our next question is from George Wang at Barclays.

我們的下一個問題來自巴克萊銀行的 George Wang。

Yes, first question is maybe you can give more color just in terms of the latest B2B consolidation in terms of the go-to-market kind of sales force? And how are you guys applying learnings from the consumer vertical kind of innovation there to apply to the B2B vertical?

是的，第一個問題是，就進入市場的銷售人員而言，就最新的 B2B 整合而言，您是否可以提供更多顏色？你們如何將消費者垂直創新的經驗應用到 B2B 垂直領域？

Okay. Well, first, I would say we're trying to unlearn our consumer vertical into the B2B because I think our strength in consumer is something that really doesn't lend itself too much to the B2B side right now. We've taken -- we leverage as much of that as we possibly could have during the first 5 or 6 years in the business. And now we're building new muscle, which is how to be a B2B company.

好的。好吧，首先，我想說我們正試圖讓我們的消費者垂直進入 B2B，因為我認為我們在消費者方面的優勢目前確實不太適合 B2B 方面。我們已經採取 - 我們在業務的前 5 或 6 年內盡可能多地利用它。現在我們正在培養新的力量，這就是如何成為一家 B2B 公司。

And I'm excited about our potential there. We have a long way to go to really be, I think, first class in that space, but I think that's the upside here, it's how do we become a great execution engine in B2B.

我對我們在那裡的潛力感到興奮。我認為，要真正成為該領域的一流企業，我們還有很長的路要走，但我認為這是有利的一面，即我們如何成為 B2B 領域的優秀執行引擎。

So I think it's still early days in that path. We've got the right resources in place. We've got the right capacity. And we're putting step by step, process by process, compensation plans, everything into place to really become stronger in B2B. So keep asking us about that. I think it's more of the hot spots of our business and one of the areas to where as we improve, I think we can improve our performance.

所以我認為這條道路還處於早期階段。我們已經準備好合適的資源。我們有合適的容量。我們正在逐步、逐個流程、補償計劃、一切到位，以真正在 B2B 中變得更強大。所以繼續問我們這個問題。我認為這更多是我們業務的熱點，也是我們改進的領域之一，我認為我們可以提高我們的績效。

Maybe you can unpack a little bit in terms of the installed base refresh/the kind of upgrade cycle kind of against this iffy macro, if the economy were to slow further, how do you think this installed base refresh going to play out? Do you think that it's going to be delayed? Or do you think it's just a more temporal kind of headwind there?

也許你可以在安裝基礎更新/升級週期方面對這個不確定的宏進行一些分析，如果經濟進一步放緩，你認為這個安裝基礎更新將如何發揮作用？你認為它會延遲嗎？或者你認為這只是一種更暫時的逆風？

You're talking about on the desktop side, the nice keyboards...

你說的是桌面端，漂亮的鍵盤......

Yes, just across the portfolio, mostly on the PC installed base and also on the gaming as well.

是的，就在整個產品組合中，主要是在 PC 安裝基礎上，也包括在遊戲上。

I think if there's a dramatic slowdown that goes on for a long time, it's certainly -- it is going to delay the installed base refresh across almost every category you can think of in the world, including probably ours. But I think ours are -- if you look at our products, whether it's personal workspace or video, they kind of are required for the new world we're in.

我認為，如果出現持續很長時間的急劇放緩，那肯定是——它會延遲世界上幾乎所有你能想到的類別的安裝基礎更新，可能包括我們的類別。但我認為我們的是——如果你看看我們的產品，無論是個人工作空間還是視頻，它們都是我們所處的新世界所必需的。

So I'm not sure that you can -- on the -- in the office, for example, video collaboration, while there may be a delay, it feels like there is short term, it's really hard to imagine that lasting a really long time because in the hybrid world where you're doing so much video like we are all right now, it's really hard to imagine not video enablement in a room.

所以我不確定你是否可以——在——辦公室裡，例如，視頻協作，雖然可能會有延遲，但感覺是短期的，很難想像能持續很長時間時間，因為在混合世界中，你正在做如此多的視頻，就像我們現在一樣，真的很難想像房間裡沒有視頻支持。

So I think that's -- I think I'm pretty positive on that. Yes, it could be -- there could be some kind of a delay in that. It looks like there was this quarter, but I don't know how long that can go on. We'll see.

所以我認為那是 - 我認為我對此非常積極。是的，它可能是——這可能會有某種延遲。好像有這個季度，但不知道能持續多久。我們拭目以待。

On the workspace side, this is so central to what we do now. Everybody on this call is sitting in front of a desktop with some stuff in front of them. And I would guess 90% of you don't have really exactly what you need, even if you don't realize it quite yet.

在工作區方面，這是我們現在所做工作的核心。參加此電話會議的每個人都坐在桌面前，面前擺著一些東西。我猜你們中有 90% 的人並不真正擁有您真正需要的東西，即使您還沒有完全意識到這一點。

So I think that upgrade cycle is coming, and it's already started, and it will continue for a very long time. And maybe if you're really an optimist, then I'll stay away from going too far on this, but I think you can imagine it's become more central to our lives as part of our homes and things. So the upgrade cycle could even accelerate. But I think regardless, I think there's a good strong upgrade cycle ahead of us. And could it be slowed down a little bit? Yes. Will it be stopped? No.

所以我認為升級週期即將到來，而且已經開始，而且會持續很長時間。也許如果你真的是一個樂觀主義者，那麼我就不會在這方面走得太遠，但我想你可以想像它作為我們家庭和事物的一部分在我們的生活中變得越來越重要。因此，升級週期甚至可能會加快。但我認為無論如何，我認為我們前面有一個很好的強大升級週期。可以放慢一點嗎？是的。會被制止嗎？不。

Yes, I'd like to squeeze in my last question if I may. Can you kind of give more color and impact a little bit in terms of the recent market share gains across key categories? They're super encouraging. It seems it largely is outgrowing the industry. Is there any sort of levers and the kind of differentiation you guys have to -- for this to sustain the current market share gains?

是的，如果可以的話，我想再問最後一個問題。就最近關鍵類別的市場份額增長而言，您能否提供更多色彩和影響？他們非常鼓舞人心。它似乎在很大程度上超出了這個行業。你們有沒有什麼槓桿和差異化 - 為了維持當前的市場份額增長？

We announced last quarter that we had launched 20 -- or announced 20 new products, and it's kind of a reflection. Numbers don't tell the whole story, of course. We're actually trying to do fewer bigger -- but I think it's kind of a reflection of our investment.

我們上個季度宣布我們已經推出了 20 種——或宣布了 20 種新產品，這是一種反映。當然，數字並不能說明全部情況。我們實際上是在努力做得更少，但我認為這在某種程度上反映了我們的投資。

We started 9 or 10 years ago really focusing on design, which means putting the user in the middle of the action. And we've really matured that approach.

我們在 9 或 10 年前開始真正專注於設計，這意味著將用戶置於行動的中間。我們已經真正成熟了這種方法。

Meanwhile, we've kept investing in engineering over 50% in 4 years in our total spending on engineering. And certainly, the -- that's happening across all of our categories. So I feel very, very good about the innovation engine here, and it's the primary driver of growth, but it's not the only one. The go-to-market on the B2B side is a big opportunity, too, and we're going to keep investing there.

與此同時，我們在工程總支出中的投資在 4 年內一直保持在 50% 以上。當然，這在我們所有類別中都在發生。所以我對這裡的創新引擎感覺非常非常好，它是增長的主要驅動力，但不是唯一的驅動力。 B2B 方面的上市也是一個很大的機會，我們將繼續在那裡投資。

Maybe just one other thing. You started to mention the go-to-market. I think some of the things the teams have been doing around analytics and in e-tail or on Amazon, I think have also continued to be really impressive.

也許只是另一件事。你開始提到上市。我認為團隊圍繞分析、電子零售或亞馬遜所做的一些事情，我認為也繼續令人印象深刻。

In-house share numbers look really good at Amazon in -- across the categories. So I think it does start with the products, and you look at the ratings on the products, and you can see those are quite good, George. But I also think that you have to tip your hat to the go-to-market team with their -- what they're doing around analytics.

亞馬遜的內部份額數字在各個類別中看起來都非常好。所以我認為它確實從產品開始，你看看產品的評級，你會發現它們非常好，喬治。但我也認為你必須向進入市場的團隊致敬——他們圍繞分析所做的工作。

Really agree with that.

真的同意這一點。

Thanks, George. Our final question this morning is from Michael Foeth at Vontobel.

謝謝，喬治。我們今天早上的最後一個問題來自 Vontobel 的 Michael Foeth。

Two questions from my side. If you could give some more color on the appointment of Prakash to the CEO -- COO position, sorry. And sorry, what sort of gaps do you think you need to fill there? What improvements you're seeing on the operations side?

我這邊的兩個問題。如果你能在任命 Prakash 擔任 CEO - COO 職位時提供更多色彩，抱歉。抱歉，你認為你需要填補什麼樣的空白？您在運營方面看到了哪些改進？

And the second question would be regarding your thoughts on the creator economy. As we go into recession, do you see particular dynamics developing there and how you position yourselves to harness those opportunities?

第二個問題是關於您對創作者經濟的看法。當我們進入衰退時，您是否看到那裡正在發展的特定動力以及您如何定位自己以利用這些機會？

That's a really interesting question. And on the -- on Prakash, Prakash has always been -- I mean, he's been here for 7 years. We recruited him right out of a consulting firm, and he's just grown and grown. And a lot of what you see from a sustainability standpoint we're doing in this company, you can point right at Prakash's leadership.

這是一個非常有趣的問題。在——普拉卡什身上，普拉卡什一直——我的意思是，他已經在這裡待了 7 年。我們從一家諮詢公司招募了他，他剛剛成長。從可持續發展的角度來看，我們在這家公司所做的很多事情都可以直接指向 Prakash 的領導層。

He's got a tremendous team. And my entire staff right alongside and have been part of this drive to be better for the world from an environmental standpoint. But make no mistake, Prakash has led that from the heart and the hands and the head.

他有一個很棒的團隊。從環境的角度來看，我的全體員工都與我們並肩作戰，共同致力於讓世界變得更美好。但別搞錯了，普拉卡什是用心、用手和用腦子領導的。

But I think the next step for him and for us is to give him a larger role, not only in the overall operating execution of the company, but also in the structure and the cost of the company. And so this is another -- this is -- we're -- we've evolved very quickly structurally, very quietly behind the scenes.

但我認為他和我們的下一步是讓他發揮更大的作用，不僅在公司的整體運營執行方面，而且在公司的結構和成本方面。所以這是另一個——這是——我們——我們在結構上非常迅速地發展，在幕後非常安靜。

We've changed our structure, and we're going to keep evolving it going forward. It will just keep evolving. And he's going to be a real partner for me and for the CFO and for the whole team in helping think through that. So think of him as overseeing the overall operating cost of the company.

我們已經改變了我們的結構，我們將繼續改進它。它只會不斷發展。他將成為我、首席財務官和整個團隊的真正合作夥伴，幫助他們思考這個問題。因此，可以將他視為監督公司整體運營成本的人。

He also has responsibility for the overall M&A strategy worked out. So he's got a big chunk of responsibility now. Now there are others who have huge chunks of responsibility. I don't want to only focus on Prakash, but we did announce this move today, so it's a big one.

他還負責制定總體併購戰略。所以他現在負有很大的責任。現在還有其他人承擔著巨大的責任。我不想只關注 Prakash，但我們今天確實宣布了這一舉措，所以這是一項重大舉措。

On the greater economy, a recession and had what are our prospects going forward, the creator economy is touching so many things. I think it's one of the quiet drivers of interest in the personal workspaces.

就更大的經濟、經濟衰退以及我們未來的前景而言，創造者經濟正在觸及很多事情。我認為這是對個人工作空間產生興趣的安靜驅動因素之一。

We're not calling the mice, keyboards, webcam, et cetera. It's one of the quiet drivers of that business. And I think it's here to stay, the growth of all the things we read about, including the new world of ChatGPT and what that can unlock. I think all these are fuel for that creator economy.

我們不是在調用鼠標、鍵盤、網絡攝像頭等。它是該業務的安靜驅動程序之一。我認為它會一直存在，我們所讀到的所有內容的增長，包括 ChatGPT 的新世界以及可以解鎖的內容。我認為所有這些都是創造者經濟的燃料。

Now I do think if you go into a deeper recession, I think the creator economy will -- a lot of those people will end up in full-time jobs if they weren't already in them or trying to get full-time jobs. But they're going to keep going alongside that in this creator economy.

現在我確實認為，如果你陷入更深的衰退，我認為創作者經濟將會——很多人最終會從事全職工作，如果他們還沒有從事全職工作或試圖獲得全職工作的話。但在這個創造者經濟中，他們將繼續與此並駕齊驅。

And I think the other thing about the creator economy that's exciting to me is that I think more and more people are going to be selling to their friends directly. And we're experimenting with that. Lots of companies are.

我認為關於創作者經濟的另一件事讓我興奮的是，我認為越來越多的人將直接向他們的朋友銷售。我們正在對此進行試驗。很多公司都是。

I think there will be more and more of that kind of selling. It's probably not going to be significant in the short term, but I think in the future, there will be more and more of a network of activity to drive sales through the creator economy, and they'll be part of it.

我認為會有越來越多的這種銷售。這在短期內可能不會很重要，但我認為在未來，將會有越來越多的活動網絡通過創作者經濟來推動銷售，他們將成為其中的一部分。

Thanks, Michael, and thanks, everyone, for joining. I think that's a wrap, Nate and Bracken.

謝謝邁克爾，也謝謝大家的加入。我認為這是一個包裝，Nate 和 Bracken。

Great. Thank you. Thanks, everyone.

偉大的。謝謝你。謝謝大家。

Great. Thank you.

偉大的。謝謝你。

[See you at the] Analyst/Investor Day, which we'll announce shortly.

[在] 分析師/投資者日見，我們很快就會宣布。