羅技 (LOGI) 2022 Q3 法說會逐字稿

Thank you, everyone, for joining Logitech's Q3 fiscal '22 earnings call. This call includes forward-looking statements, including with respect to future operating results and business outlook 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 due to a number of risks and uncertainties, including those mentioned in our earnings materials and SEC filings. We undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results. You will find a reconciliation between non-GAAP to GAAP results and information about our use of non-GAAP measures in our press release and in our SEC filings. These materials as well as our prepared remarks and slides accompanying these are all available on the IR page of our website.

感謝大家參加羅技 22 年第三季度財報電話會議。本次電話會議包含前瞻性陳述，包括關於 1995 年《私人證券訴訟改革法案》安全港下的未來經營業績和業務前景的陳述。我們僅根據今天的觀點做出這些陳述。由於許多風險和不確定性，包括我們的收益材料和美國證券交易委員會文件中提到的風險和不確定性，我們的實際結果可能會存在重大差異。我們不承擔更新或修改任何這些聲明的義務。我們還將討論非公認會計準則財務業績。您可以在我們的新聞稿和 SEC 文件中找到非 GAAP 與 GAAP 結果之間的調節以及有關我們使用非 GAAP 衡量標準的信息。這些材料以及我們準備好的評論和隨附的幻燈片都可以在我們網站的 IR 頁面上找到。

We encourage you to review these materials carefully. Unless otherwise noted, comparisons between periods are year-over-year and in constant currency in sales or net sales. This call is being recorded and will be available for replay on our website. And with that, I'll turn the call over to Bracken.

我們鼓勵您仔細查看這些材料。除非另有說明，各期間之間的比較是按年比較，並以銷售額或淨銷售額按固定匯率計算。此通話正在錄音，並將在我們的網站上重播。然後，我會將電話轉給布雷肯。

Thank you so much, Nicole. I am excited about this quarter's strong performance and our ability to raise our full year outlook on top of last year -- our last year's exceptional revenue growth. We have a strong foundation heading into next fiscal year. We also continued to gain share in the majority of our categories this quarter, reinforcing that we've got an innovation engine that is really working well. The company's performance reflects the broad strength of our capabilities, especially that innovation engine, but also reflects our diverse portfolio and leading positions in growing markets. Our focus on operational execution continues to help us navigate the industry-wide supply chain challenges. And our investments in design and go-to-market are setting us up for the next chapter of growth in the coming years.

非常感謝你，妮可。我對本季度的強勁表現以及我們在去年基礎上提高全年前景的能力感到興奮——我們去年的收入增長非常出色。我們為下一財年奠定了堅實的基礎。本季度我們還在大多數類別中繼續獲得份額，這強化了我們擁有真正運轉良好的創新引擎。公司的業績反映了我們的廣泛實力，尤其是創新引擎，同時也反映了我們多元化的產品組合以及在不斷增長的市場中的領先地位。我們對運營執行的關注繼續幫助我們應對全行業供應鏈的挑戰。我們在設計和上市方面的投資正在為我們在未來幾年開啟新的增長篇章奠定基礎。

I've always said that picking good markets is a key to success. So I want to speak just a moment about the market trends. We've always focused on identifying fast-growing categories where we can develop a leadership position, leveraging our set of powerful capabilities. Today and over the last few years, Logitech has focused on design-centered innovation engine on some of the world's most exciting secular trends.

我一直說，選擇好的市場是成功的關鍵。所以我想談談市場趨勢。我們始終專注於識別快速增長的類別，利用我們強大的能力，在這些類別中我們可以建立領導地位。如今以及過去幾年，羅技一直專注於以設計為中心的創新引擎，以應對世界上一些最令人興奮的長期趨勢。

Video everywhere. Gaming is a social phenomenon, hybrid work, and the explosion of creators on all digital platforms. We are well positioned with each of these macro trends to keep growing strongly as they grow and evolve over the next decade. And I said upfront, we have an innovation engine that's mature and continues to strengthen. Our design-led innovation capability is powerful, delivering diverse product offerings and a robust pipeline for the future. We've been methodical. We've segmented our markets. We've understood customer needs, and we've reorganized our teams to create new products. And more recently, we've increased our marketing efforts to drive preference for our brand. With this consistent approach, we've established leadership positions in most of our key categories and as we have for years, continued to grow market share.

視頻無處不在。遊戲是一種社會現象，是一種混合型工作，是所有數字平台上創作者的爆炸式增長。我們對這些宏觀趨勢做好了充分準備，隨著它們在未來十年的發展和演變，保持強勁增長。我預先說過，我們擁有一個成熟且持續增強的創新引擎。我們以設計為主導的創新能力非常強大，能夠提供多樣化的產品和麵向未來的強大管道。我們一直有條不紊。我們已經細分了我們的市場。我們了解客戶的需求，並重組了我們的團隊來創造新產品。最近，我們加大了營銷力度，以提高人們對我們品牌的偏好。通過這種一致的方法，我們在大多數關鍵類別中建立了領導地位，並且正如我們多年來所做的那樣，市場份額持續增長。

Now let me briefly step into those categories. In creativity and productivity, we had our biggest quarter ever, driven by another strong performance in mice and keyboards. Hybrid work is driving and even accelerating demand for these products. We're the market leaders in these categories, and we're innovating as a leader should, developing upgrade opportunities that offer more value and have higher price points, unlocking new dimensions of advantage that cater to today's consumers like sustainability and lifestyle, and always staying ahead of what's happening in the category.

現在讓我簡要介紹一下這些類別。在創造力和生產力方面，由於鼠標和鍵盤的強勁表現，我們迎來了有史以來最大的季度。混合工作正在推動甚至加速對這些產品的需求。我們是這些類別的市場領導者，我們正在像領導者一樣進行創新，開發提供更多價值和更高價位的升級機會，釋放新的優勢維度，以滿足當今消費者的可持續性和生活方式，並且始終保持該類別中的領先地位。

I'm so excited about the reception of our newest offerings from the latest MX portfolio to the sexy Pop keys lineup. There's really something for everyone. Yet only a small percentage of people have the optimal workplace set up. Let me repeat that, a few people have the optimal product set at their desks. In fact, even our market penetration in our oldest category mice is still an opportunity. Imagine how many don't have ergonomic mice or keyboards, but actually need them. How many people don't have a cool keyboard and don't yet even know that Pop keys exists? And how many of -- even those of you on this call don't yet have the amazing MX Master and MX Keys on your home desk and office, and probably would love it. And we continue to expand our product offerings to address underserved customer segments. And like the recently announced M650 wireless mouse that has a left-handed mouse option.

我對我們的最新產品受到歡迎感到非常興奮，從最新的 MX 產品組合到性感的流行琴鍵陣容。確實適合每個人。然而，只有一小部分人擁有最佳的工作場所。讓我再說一遍，有些人的辦公桌上擺著最佳的產品。事實上，即使我們在最古老的小鼠類別中的市場滲透仍然是一個機會。想像一下有多少人沒有符合人體工程學的鼠標或鍵盤，但實際上需要它們。有多少人沒有一個很酷的鍵盤，甚至還不知道 Pop 鍵的存在？有多少人——甚至是參加這次電話會議的人——在您的家庭辦公桌和辦公室裡還沒有令人驚嘆的 MX Master 和 MX Keys，並且可能會喜歡它。我們繼續擴大我們的產品範圍，以滿足服務不足的客戶群體的需求。就像最近發布的 M650 無線鼠標一樣，它具有左手鼠標選項。

We continued our strong momentum in Gaming even after having exceptional revenue growth last year. We've been telling you that gaming is no longer a fringe hobby for a small group of customers for a long time. According to Newzoo, there are now 3 billion gamers worldwide. And whether you game for fun or competitively, our peripherals improve your experience. As the number of gamers grows, we see more and more opportunities for customer segmentation and product innovation to meet a broader set of market needs.

即使在去年取得了出色的收入增長之後，我們仍繼續保持遊戲領域的強勁勢頭。我們一直在告訴您，長期以來，遊戲不再是一小群客戶的邊緣愛好。據 Newzoo 稱，目前全球有 30 億遊戲玩家。無論您是為了娛樂還是為了競技而玩遊戲，我們的外設都能改善您的體驗。隨著遊戲玩家數量的增長，我們看到越來越多的客戶細分和產品創新機會，以滿足更廣泛的市場需求。

Our Gaming motto is that, Life is more fun when you play. And we believe this applies across the gaming community from pro to social gamers. As one example of our continued innovation, our recently launched G435 gaming headset was certainly designed with competitive gamers in mind. But it's also good for any gamer who just wants to connect with other players. It's extremely lightweight with an ultrafast connection, and it's made of recycled plastic.

我們的遊戲座右銘是，當你玩的時候，生活會更有趣。我們相信這適用於從專業遊戲玩家到社交遊戲玩家的整個遊戲社區。作為我們持續創新的一個例子，我們最近推出的 G435 遊戲耳機無疑是為競技遊戲玩家而設計的。但這對於任何只想與其他玩家聯繫的遊戲玩家來說也有好處。它非常輕巧，具有超快的連接，並且由再生塑料製成。

In Video Collaboration, we're starting to see some increased activity in our office reopenings and hybrid work planning. Video Collaboration sales improved this quarter, nearly equaling last year's high levels that were -- when sales more than tripled. We delivered 24% quarter-over-quarter growth, and conference cams grew double digits year-over-year. Video has become the de facto tool for replacing in-person meetings and audio-only conference calls. Smaller conference rooms are more vital than ever. But in fact, all meeting spaces will need video. Our mission is to develop video collaboration tools that can make remote participants feel like they can participate equally or even better than those in the room.

在視頻協作方面，我們開始看到辦公室重新開放和混合工作計劃中的活動有所增加。本季度視頻協作銷售額有所增長，幾乎與去年的高水平持平，當時銷售額增長了兩倍多。我們實現了 24% 的季度環比增長，會議攝像頭同比增長了兩位數。視頻已成為取代面對面會議和純音頻電話會議的事實上的工具。較小的會議室比以往任何時候都更加重要。但事實上，所有會議空間都需要視頻。我們的使命是開發視頻協作工具，讓遠程參與者感覺他們可以與房間裡的參與者平等甚至更好地參與。

This year, has been another year when operations has been tested for many companies globally. Our operations team continued their strong execution in the face of ongoing industry-wide supply chain challenges. As we mentioned last quarter, we continue to be impacted by higher logistics costs and prolonged delays, and challenges with component availability. However, our active supply chain management, long-term supplier relationships and our wholly owned production facility continue to help us remain competitive.

今年又是全球許多公司面臨運營考驗的一年。面對全行業供應鏈持續面臨的挑戰，我們的運營團隊繼續保持強勁的執行力。正如我們上季度提到的，我們繼續受到物流成本上升、延誤時間延長以及組件可用性挑戰的影響。然而，我們積極的供應鏈管理、長期的供應商關係和我們的全資生產設施繼續幫助我們保持競爭力。

With an eye on the future, it's really important for us that we continue our focus on sustainability at the heart of our business. We're very pleased that we were recognized for the second consecutive year for leadership on the Dow Jones Sustainability Europe Index, or DJSI. We are ranked #12 worldwide in the computer peripherals and office electronics industry for ESG. We're taking strong action including going carbon neutral, which we achieved in 2021. It's setting us on a direct path to be climate positive beyond 2030 by capturing more carbon than we create. We are carbon labeling our products with the amount of carbon created by their production, distribution, use, and end of life. The so-called scope 1, 2 and 3. So we're including everything. In addition, we're moving to recycled plastics throughout our products, which are now in 65% of our mice and keyboard product lines.

著眼於未來，繼續關注可持續發展作為我們業務的核心對我們來說非常重要。我們非常高興連續第二年被評為道瓊斯歐洲可持續發展指數 (DJSI) 的領導者。我們在 ESG 計算機外圍設備和辦公電子產品行業中排名全球第 12 位。我們正在採取強有力的行動，包括在 2021 年實現碳中和。通過捕獲比我們創造的更多的碳，它使我們走上了 2030 年後對氣候產生積極影響的直接道路。我們為我們的產品貼上碳標籤，標明產品在生產、分銷、使用和報廢過程中產生的碳量。所謂的範圍 1、2 和 3。所以我們包括所有內容。此外，我們的整個產品都採用再生塑料，目前我們 65% 的鼠標和鍵盤產品線都採用再生塑料。

Now let me turn the call over to Nate for further comments on our performance this quarter. Nate, good morning.

現在讓我把電話轉給內特，請他對我們本季度的業績做出進一步評論。內特，早上好。

Good morning, Bracken. Thank you. We delivered solid financial results in Q3 with record sales in key categories as we navigated a challenging supply chain environment. As Bracken mentioned, we gained share in the majority of our categories while investing for long-term growth. Our total company top line declined 2% in constant currency with impressive double-digit growth in keyboards and combos, strong single-digit growth in pointing Devices and Gaming and double-digit sequential growth in Video Collaboration.

早上好，布雷肯。謝謝。在充滿挑戰的供應鏈環境中，我們在第三季度取得了穩健的財務業績，關鍵類別的銷售額創歷史新高。正如布雷肯提到的，我們在投資長期增長的同時，在大多數類別中獲得了份額。按固定匯率計算，我們公司的總收入下降了 2%，其中鍵盤和組合產品實現了令人印象深刻的兩位數增長，指點設備和遊戲業務實現了強勁的個位數增長，視頻協作業務實現了兩位數的連續增長。

While I'm pleased with our top line results, and we have supply to fulfill most of the demand in the quarter, we had insufficient stock for some products, including keyboards and gaming wheels. Industry-wide supply availability, logistics disruptions, and cost increases negatively impacted our Q3 top line growth by about 3 to 4 points, and gross margins by approximately 2 percentage points. Despite these headwinds, we are increasing our sales and profit outlook, and now project to grow net sales for the full fiscal year. I'll cover our outlook in more detail later in the call.

雖然我對我們的營收結果感到滿意，並且我們的供應足以滿足本季度的大部分需求，但我們的某些產品（包括鍵盤和遊戲輪）的庫存不足。全行業的供應可用性、物流中斷和成本增加對我們第三季度的營收增長產生了約 3 至 4 個百分點的負面影響，毛利率下降了約 2 個百分點。儘管存在這些不利因素，我們仍在提高銷售額和利潤前景，現在預計整個財年的淨銷售額將增長。我將在稍後的電話會議中更詳細地介紹我們的前景。

In our Creativity & Productivity categories, Pointing Devices grew 8% and keyboards and combos grew 29%, driven by continued demand from hybrid work trends. We also saw strong growth in our B2B channel and high-end MX product lines. Although webcam sales decreased by 12%, they are still triple where they were 2 years ago, and we grew market share by more than 10 points over the last 3 months. Q3 Video Collaboration sales declined 1% after growing more than 200% in Q3 last year. And quarter-over-quarter sales increased 24%.

在我們的創造力和生產力類別中，在混合工作趨勢的持續需求的推動下，指點設備增長了 8%，鍵盤和組合增長了 29%。我們還看到 B2B 渠道和高端 MX 產品線的強勁增長。儘管網絡攝像頭銷量下降了 12%，但仍是 2 年前的三倍，而且過去 3 個月我們的市場份額增長了 10 個多百分點。第三季度視頻協作銷售額繼去年第三季度增長超過 200% 之後下降了 1%。銷售額環比增長 24%。

Similar to the first half of the year, conference room cameras and systems led the category performance growing double digits year-over-year. Gaming grew 8% off of our 73% growth last year. And with better supply and gaming wheels, the category would have grown double digits this quarter. It's been another excellent quarter for gaming with strong growth and share gains primarily enabled by an innovative product lineup and solid marketing execution. The tablet accessories category declined 37% in Q3. However, excluding Japan, where we had a large education order in the same period last year, tablet accessory sales grew 21%. Our tablet category is still more than double the size it was 2 years ago, and our strong product portfolio helped drive 5 points of share gain in the quarter.

與上半年類似，會議室攝像機和系統引領該類別表現，同比增長兩位數。遊戲業務較去年增長 73% 增長 8%。隨著供應和遊戲輪盤的改善，該類別本季度將實現兩位數增長。對於遊戲來說，這是又一個出色的季度，強勁的增長和份額增長主要得益於創新的產品陣容和紮實的營銷執行。平板電腦配件類別第三季度下降了 37%。然而，排除去年同期我們有大量教育訂單的日本，平板電腦配件銷售額增長了21%。我們的平板電腦類別規模仍是 2 年前的兩倍多，我們強大的產品組合幫助推動本季度的份額增長了 5 個百分點。

Our music categories declined as expected in Q3, down 29%, including mobile speakers down 22%. We regularly review our portfolio and redirect resources to new opportunities. And along those lines, we've made a decision to cease future product launches under the Jaybird brand. We remain committed, however, to developing wireless audio products such as Logitech Zone Wireless and UE fits.

我們的音樂類別在第三季度如預期下降了 29%，其中移動音箱下降了 22%。我們定期審查我們的投資組合併將資源重新分配給新的機會。因此，我們決定今後不再推出 Jaybird 品牌的產品。然而，我們仍然致力於開發無線音頻產品，例如 Logitech Zone Wireless 和 UE Fits。

Q3 non-GAAP gross margin was 40.6%, down as anticipated from last year's elevated levels and remained within our target range. Higher freight costs reduced gross margin about 2 points year-over-year and quarter-over-quarter. We expect those headwinds to remain factors in Q4, and they are included in our profit outlook.

第三季度非 GAAP 毛利率為 40.6%，低於去年的較高水平，但仍處於我們的目標範圍內。貨運成本上升導致毛利率同比和環比下降約 2 個百分點。我們預計這些不利因素仍將是第四季度的因素，並且它們已包含在我們的利潤前景中。

Turning to expenses in the quarter. We executed our plan to strategically invest to grow our business over the long term. Our Q3 non-GAAP operating expenses increased 30% to $361 million. The increase was largely driven by investment in marketing, sales coverage, and product development. Rounding out the P&L, our Q3 operating profit decreased 37% to $302 million, and operating margins were 18.5%, down about 10 points.

轉向本季度的支出。我們執行了戰略投資計劃，以長期發展我們的業務。我們第三季度的非 GAAP 運營支出增長了 30%，達到 3.61 億美元。這一增長主要是由營銷、銷售覆蓋和產品開發方面的投資推動的。完善損益表後，我們第三季度的營業利潤下降了 37%，至 3.02 億美元，營業利潤率為 18.5%，下降了約 10 個百分點。

Compared to 2 years ago, however, profits nearly doubled and margins are up 1.7 points. Q3 cash flow from operations was positive $377 million. We spent $116 million on share repurchases and ended the quarter with a cash balance of approximately $1.4 billion. Our cash balance is flat with Q3 last year, even as we have returned $450 million to shareholders through dividends and share repurchases year-to-date, more than double the amount of the first 3 quarters last year.

然而，與兩年前相比，利潤幾乎翻了一番，利潤率上升了 1.7 個百分點。第三季度運營現金流為正 3.77 億美元。我們花費了 1.16 億美元用於股票回購，本季度末現金餘額約為 14 億美元。我們的現金餘額與去年第三季度持平，儘管我們今年迄今已通過股息和股票回購向股東返還了 4.5 億美元，是去年前三個季度金額的兩倍多。

Our Q3 cash conversion cycle was 56 days, up from an exceptionally low 15 days last year. The primary driver of the change in our cash conversion cycle is higher inventory days, impacted by industry-wide supply chain disruptions, such as port delays as well as demand forecast fluctuations for some of our products. We also continue to leverage our balance sheet to strategically purchase hard-to-find and long lead time components to assure supply availability and maintain competitive advantage.

我們第三季度的現金轉換週期為 56 天，高於去年極低的 15 天。我們現金轉換週期變化的主要驅動因素是庫存天數增加，這是受到全行業供應鏈中斷（例如港口延誤以及我們某些產品的需求預測波動）的影響。我們還繼續利用我們的資產負債表戰略性地採購難以找到且交貨時間長的組件，以確保供應可用性並保持競爭優勢。

Looking ahead, we are increasing our fiscal '22 constant currency sales outlook to growth of 2% to 5%, up from our prior outlook of flat sales growth in constant currency, plus or minus 5%. We are also increasing our non-GAAP operating profit outlook to $850 million to $900 million, up from our prior outlook of $800 million to $850 million.

展望未來，我們將 22 財年按固定匯率計算的銷售增長預期上調至 2% 至 5%，高於之前按固定匯率計算的銷售增長持平正負 5% 的預期。我們還將非 GAAP 營業利潤預期從之前的 8 億美元至 8.5 億美元上調至 8.5 億美元至 9 億美元。

And with that, we can open the line for your questions.

這樣，我們就可以開通您的提問熱線。

The first question can come from Asiya Merchant from Citi.

第一個問題可以來自花旗銀行的Asiya Merchant。

Congratulations on a well-executed quarter. Some of the questions that we've heard from investors, as you guys report these segments and look across your portfolio, what gives you like some confidence about future years' outlook and the fact that this wasn't just some ASP benefit that's benefiting like, for example, your creativity and productivity portfolio? And then I have a question on gross margins as well.

祝賀本季度表現出色。當你們報告這些細分市場並審視您的投資組合時，我們從投資者那裡聽到的一些問題是什麼讓您對未來幾年的前景充滿信心，以及這不僅僅是一些 ASP 收益，例如，例如，您的創造力和生產力組合？然後我還有一個關於毛利率的問題。

At the end of the day, we -- across all of our categories, these are not new trends for us, as we've talked about many times, we mentioned in the script again, we've had -- it's been very long-term growth. The secular trends underneath, these are very, very strong. And I don't see any reason why any of these trends won't continue in mice and keyboards, I said this in the opening of the call, it just continues to blow my mind that if I can guarantee you that if we took picture to everybody's workspace on this call. And we didn't have to analyze them very carefully. We took a quick glance. I'll bet there's maybe 20% of the people here have an optimal setup and you follow us. So you know what we do. So there's just opportunity across the board, Asiya.

歸根結底，我們——在我們所有的類別中，這些對我們來說並不是新趨勢，正如我們多次討論過的那樣，我們在劇本中再次提到，我們已經——這已經很長時間了長期增長。其背後的長期趨勢非常非常強勁。我不明白為什麼這些趨勢不會在鼠標和鍵盤上持續下去，我在電話會議開始時就說過了，如果我能向你保證，如果我們拍下照片，它只會繼續讓我震驚到這次通話中每個人的工作區。我們不必非常仔細地分析它們。我們快速瀏覽了一眼。我敢打賭，這裡可能有 20% 的人擁有最佳設置，並且您可以跟隨我們。所以你知道我們做什麼。所以阿西亞，全面的機會都是存在的。

Okay. And then on gross margins, Nate, you talked about the impact of higher freight costs that were impacting the second half margins. Are we to assume that 2% impact continues in the fourth quarter? And when do you see any light at the end of the tunnel for these higher freight costs?

好的。然後，關於毛利率，內特，您談到了貨運成本上升對下半年利潤率的影響。我們是否假設 2% 的影響會持續到第四季度？對於這些更高的貨運成本，您什麼時候看到隧道盡頭的曙光？

Yes. I mean, yes, I think in Q4, I expect similar supply cost challenges, supply chain cost challenges. And in terms of the timing of Windows is released, it's a great question. I think there's really 2 elements to this, Asiya. There's predictability and there's also cost. And the predictability of supply -- in the supply chain really industry-wide has not been to normal levels.

是的。我的意思是，是的，我認為在第四季度，我預計會出現類似的供應成本挑戰、供應鏈成本挑戰。就Windows 的發佈時間而言，這是一個很好的問題。我認為這實際上有兩個要素，Asiya。有可預測性，也有成本。而整個行業供應鏈中供應的可預測性還沒有達到正常水平。

So you're getting more delays as things come in, both on ocean and on air, but that lower predictability is causing us to use more airfreight, more expedited supply channels to try to improve the predictability, right? And to make sure that things are in stock, you can see that demand has remained pretty resilient in a lot of these categories. And so we've increased the use of airfreight to try to overcome some of those predictability challenges that we see on the ocean. So that's one reason why the costs are higher and why I think they'll remain higher in Q4.

因此，隨著貨物的到達，無論是海運還是空運，都會出現更多的延誤，但較低的可預測性導致我們使用更多的空運、更快捷的供應渠道來嘗試提高可預測性，對嗎？為了確保商品有庫存，您可以看到許多此類商品的需求仍然相當有彈性。因此，我們增加了空運的使用，試圖克服我們在海洋上看到的一些可預測性挑戰。這就是成本較高的原因之一，也是我認為第四季度成本將保持較高水平的原因之一。

And the other reason, of course, is industry, right? Just the rates being higher. They're up 3 to 4x year-over-year, both on ocean and air. I think that we could see some relief on both predictability and cost in our next fiscal year, but probably not until the back half. But we'll keep a close eye on that and update you as we go, but I don't see any short-term release on those pressures, and we're operating under that assumption that these are going to be with us for a few quarters.

當然，另一個原因是工業，對吧？只是利率比較高而已。海運和空運均同比增長 3 至 4 倍。我認為我們可以在下一財年看到可預測性和成本方面有所緩解，但可能要到下半年才會出現。但我們會密切關注這一情況，並隨時向您通報最新情況，但我認為這些壓力不會在短期內得到緩解，而且我們的運作假設是，這些壓力將在一段時間內與我們同在。幾個季度。

Okay. And will that be offset? I mean, I think there was a supply chain and then you guys were backing on to your media spend that benefited you in fiscal '21. So is the delta there just incremental media spend on a year-on-year basis?

好的。這會被抵消嗎？我的意思是，我認為有一個供應鏈，然後你們就支持你們的媒體支出，這讓你們在 21 財年受益。那麼，增量只是同比媒體支出的增量嗎？

You're talking about year-over-year gross margins?

你說的是同比毛利率嗎？

Yes.

是的。

Yes. The 2 biggest factors year-over-year would be the return to some level of promotion. We're still not back to levels that we were 2 years ago, but there is some increase in promotion as we've been talking about doing and then also the higher logistics costs. Those would be the 2 biggest drivers year-over-year.

是的。與去年同期相比，兩個最大的因素是恢復一定程度的晉升。我們仍然沒有回到兩年前的水平，但正如我們一直在談論的那樣，促銷活動有所增加，而且物流成本也更高。這些將是同比最大的兩個驅動因素。

Okay. The next question comes from Alex Duval.

好的。下一個問題來自亞歷克斯·杜瓦爾。

Firstly, I just wanted to clarify and some investors have been asking, obviously, you beat the consensus today by around $70 million on EBIT. But then implicitly, you've only upgraded your full year guide by around $50 million. So people just wanting to understand, is that just prudence given some of these moving parts you've just been talking about or is there any sort of change in fundamentals?

首先，我只是想澄清一下，一些投資者一直在問，很明顯，您今天的息稅前利潤超出了共識約 7000 萬美元。但隱含的是，您僅將全年指南升級了約 5000 萬美元。因此，人們只是想了解，考慮到您剛才談論的一些移動部分，這只是謹慎的做法，還是基本面有任何變化？

And then secondly, more a philosophical question. Obviously, we're in this period of very hard year-on-year comps. But as we start to move forward a few quarters, those comps will ease very materially, and we'll start to see comps in the single digits. You've obviously articulated a model of 8% to 10% constant FX growth in the longer term.

其次，更多的是一個哲學問題。顯然，我們正處於同比比較非常艱難的時期。但隨著我們開始向前推進幾個季度，這些競爭將大幅緩解，我們將開始看到個位數的競爭。顯然，您已經闡明了長期外匯增長 8% 到 10% 的模型。

So should we be expecting you to hit those kind of growth rates at that point in time? How should we be thinking about that transition as you get out of this period of very challenging comps.

那麼我們是否應該期望您在那個時間點達到這樣的增長率？當你走出這段非常具有挑戰性的比賽時期時，我們應該如何考慮這種轉變。

Let me jump in on the second one, and then I'll hand the first one back to you, Nate. On the second question, which is a good one, I invite you very cordially, all of you to our Analyst Investor Day that's coming up on March, there and we'll be talking about exactly that topic, and we'll be thrilled to have you there.

讓我來談談第二個，然後我會把第一個還給你，內特。關於第二個問題，這是一個很好的問題，我非常誠摯地邀請你們所有人參加我們三月份即將舉行的分析師投資者日，在那裡我們將討論這個話題，我們將很高興你在嗎？

And Nate, do you want to talk a little bit about why we set the guidance where we did, and kind of our general feeling about it.

內特（Nate），你想談談我們為什麼要設定這樣的指導方針，以及我們對此的總體感受嗎？

Yes. Yes, it's a good catch there, Alex. I mean I think, sequentially, if I look at the guidance, really, the top line sort of indicates at the high end, something a little bit better than typical seasonality in the low end, something a little bit worsen typical seasonality. And then from a profit standpoint, as I just mentioned to Asiya's question, I think similar headwinds on gross margin pressure. I think currency could be a little bit more of a headwind sequentially than what we had here with interest rate volatility ,and of course the volatility in the market overall right now.

是的。是的，這是一個很好的收穫，亞歷克斯。我的意思是，我認為，如果我按順序查看指導，實際上，頂線有點表明高端，比低端的典型季節性要好一點，典型的季節性有點差。然後從利潤的角度來看，正如我剛才提到的 Asiya 問題，我認為毛利率壓力也存在類似的阻力。我認為，與利率波動以及目前市場整體波動相比，貨幣可能會比我們現在遇到的阻力更大一些。

So I think there's some potential for incremental cost pressure impacting margins. And of course, as you get down to the lower end on the revenue guide, you've got some additional unfavorable operating leverage in the model as well and so I took that into account. But I just think we're in a period right now. Our business, like most, operates its best in a really predictable environment. We can get our supply chain in a predictable state. We can have great matching of supply and demand. I just don't think we're quite there yet across the industry and across all the markets, but it's really encouraging to see some of the categories continuing to grow despite the tough comps. So feel great about that. And I think the underlying demand trends over the long term look really solid.

因此，我認為增量成本壓力可能會影響利潤率。當然，當你下降到收入指南的低端時，你的模型中也會有一些額外的不利的運營槓桿，所以我考慮到了這一點。但我只是認為我們現在正處於一個時期。與大多數公司一樣，我們的業務在真正可預測的環境中運營得最好。我們可以讓我們的供應鏈處於可預測的狀態。我們可以實現供需的良好匹配。我只是認為我們在整個行業和所有市場上還沒有完全做到這一點，但儘管競爭激烈，但看到某些類別繼續增長確實令人鼓舞。所以對此感覺很好。我認為從長遠來看，潛在的需求趨勢看起來非常穩固。

The next question comes from Loop Capital, Ananda.

下一個問題來自Loop Capital阿南達。

Bracken, to your point, you guys look great. You look super crisp and I'm doing this on an iPad, and I get to compare and contrast because I'm staring at Nate, and I'm staring at you, and I think I need to go out and get a new webcam.

布雷肯，就你而言，你們看起來很棒。你看起來超級清晰，我在 iPad 上做這個，我可以進行比較和對比，因為我盯著 Nate，我盯著你，我想我需要出去買一個新的網絡攝像頭。

Actually, you might need the new Litra Glow light that we just launched.

實際上，您可能需要我們剛剛推出的新款 Litra Glow 燈。

Was that what you do right behind, do you guys have this pro lighting situation going around.

這就是你們在後面所做的嗎？你們周圍有這種專業照明情況嗎？

No, no, no. It's a very beautiful it looks like a webcam, but it's a light we just launched it. So it's available.

不不不。它非常漂亮，看起來像網絡攝像頭，但它是我們剛剛推出的燈。所以它是可用的。

I'm going to say, I'm actually going to take a -- Thank, thanks for the idea. Thanks for the heads-up on that.

我想說，我實際上會採取——謝謝，謝謝你的想法。感謝您對此的提醒。

I guess just -- so a couple of things, if I could. So with the strong revenue performance, this quarter, anything -- any structural context that might be useful for us or interesting for us to be aware of? I guess I'll just start there and I have a couple of quick follow-ups.

我想，如果可以的話，我想講幾件事。因此，隨著本季度強勁的收入表現，任何可能對我們有用或讓我們感興趣的結構背景？我想我會從這裡開始，然後進行一些快速跟進。

I'll jump in on that, and then Nate you can add anything you'd like. I think the most important structural comment I'd make is it's -- this is playing out about the way we thought it would. We're really excited that at the end of the day, the growth in number of workspaces, the need for conference rooms of video, the incredible long-term growth of gaming and the equally or maybe more incredible long-term growth of [stream] in creating, those structural secular trend moves are happening. And there -- as we go through the pandemic, they've continued to happen and wherever you think we are in the pandemic now, they continue to happen.

我會介入，然後內特你可以添加任何你想要的內容。我認為我要做出的最重要的結構性評論是——這正在按照我們想像的方式發揮作用。我們真的很興奮，歸根結底，工作空間數量的增長、對視頻會議室的需求、遊戲令人難以置信的長期增長以及同樣或更令人難以置信的[流的長期增長] ] 在創造過程中，那些結構性長期趨勢走勢正在發生。在那裡，當我們經歷大流行時，它們繼續發生，無論你認為我們現在處於大流行中的任何地方，它們都繼續發生。

So it's exciting. I think it just validates our long-term thesis, but these are great long-term trends to ride. And by the way, we're not going to stop there. We're going to keep launching new categories and getting behind other new trends over time.

所以這很令人興奮。我認為這只是驗證了我們的長期論點，但這些都是值得關注的長期趨勢。順便說一句，我們不會就此止步。隨著時間的推移，我們將不斷推出新類別並落後於其他新趨勢。

That was actually one of my follow-ups. So maybe we'll just go there. Are there new categories that you guys are getting excited about or maybe already excited about?

這實際上是我的後續行動之一。所以也許我們就去那裡吧。有沒有讓你們感到興奮或已經興奮的新類別？

Yes, there are. I mean I think just as an example, we're always working on new categories. We onset of (inaudible), which we haven't talked about in the last few quarters because there's been so much demand in our existing products. We're always working on them. A lot of them don't make it out the door and some make it out the door in a quiet way, we quietly pack it back away. So when one gets to publicity, it means we're really excited about them. And I mentioned electrical lights as an example. I mean, I think being in the lighting business makes a lot of sense for us. It is super -- this one, for example, is a super easy product to use. So yes, I'm excited about some new categories that will be coming over time for sure.

是的，有。我的意思是，我認為舉個例子，我們一直在研究新的類別。我們開始（聽不清），我們在過去幾個季度沒有談論過這一點，因為我們現有產品的需求很大。我們一直在努力解決這些問題。很多沒能走出門，有的默默地走出門，我們悄悄地收拾回去。因此，當一個人出現在公眾面前時，就意味著我們對他們感到非常興奮。我提到了電燈作為例子。我的意思是，我認為從事照明業務對我們來說很有意義。它是超級的——例如，這是一款超級易於使用的產品。所以，是的，我對隨著時間的推移肯定會出現的一些新類別感到興奮。

Okay. Awesome. And I guess, just last one for me, I've seen it before. Are you seeing any genuine impact yet from new competitors?

好的。驚人的。我想，這只是我的最後一篇，我以前見過。您是否看到新競爭對手產生了真正的影響？

Yes. We've had new competitors in serially or continuously as long as I've been here. I think we had -- in the webcam category, we had a lot of new competitors and a lot of them have kind of -- have kind of receded back out again or at least they've reduced their efforts there. Others will stay, but Nate always says the same thing that I always felt, which is great competition comes with great markets, and here we're in great markets.

是的。自從我來到這里以來，我們就連續不斷地出現了新的競爭對手。我認為我們——在網絡攝像頭領域，我們有很多新的競爭對手，其中很多——已經再次退出，或者至少他們減少了在那裡的努力。其他人會留下來，但內特總是說我一直感受到的同樣的話，那就是偉大的競爭伴隨著偉大的市場，而我們正處於偉大的市場中。

So I would say it really suggests we pick the right places, and we love our innovation engine. And we built a commercial engine. Now we can deliver to both enterprises and consumers. So we're super optimistic for the future, and we feel we're very competitive.

所以我想說，這確實表明我們選擇了正確的地方，而且我們喜歡我們的創新引擎。我們建造了一個商業引擎。現在我們可以向企業和消費者提供服務。所以我們對未來非常樂觀，我們覺得我們非常有競爭力。

And I'm probably going to miss one, but off the top of my head, I think specifically Microsoft and HP and those are deep pocket folks. And they're new for them, so they're probably not quite as committed as you guys are. It's a new category for those guys in a strategic sense. But they do have deep pockets. And so I think of those guys, but I mean, Bracken, is that to say like you guys don't seem like you're really seeing a material impact yet -- and not necessary to the business, but like not really seeing them in the marketplace kind of structural in the way that in the way that you guys operate?

我可能會錯過一個，但我突然想到，特別是微軟和惠普，這些都是財力雄厚的人。而且他們對他們來說是新人，所以他們可能不像你們那麼忠誠。從戰略意義上來說，這對這些人來說是一個新類別。但他們確實財力雄厚。所以我想到了這些人，但我的意思是，布雷肯，你們似乎還沒有真正看到實質性影響——這對業務來說不是必要的，但就像沒有真正看到它們一樣市場的結構性是你們運作的方式嗎？

I think we -- the competitors you mentioned, the other competitors have been in the market and they're going to be in the market, and we know they're going to keep investing and we expect it. And so we're going to keep investing and to keep driving, keep growing. All I can say is we're growing market share across all our key categories, vast majority. So I feel good about the innovation engine, and we've got good stuff coming.

我認為我們——你提到的競爭對手，其他競爭對手已經進入市場，他們也將進入市場，我們知道他們將繼續投資，我們對此抱有期望。因此，我們將繼續投資、繼續推動、繼續增長。我只能說，我們所有關鍵類別（絕大多數）的市場份額都在增長。所以我對創新引擎感覺很好，我們即將推出一些好東西。

Next question is from JPMorgan, Paul Chung.

下一個問題來自摩根大通 Paul Chung。

Nice quarter. First up on VC, you called out strong video camera and systems [domain]. Anything you want to call out by region or a particular vertical, and how the initial trends been in the kind of the first month in the year as you're starting to see more people return to the office.

不錯的季度。首先在 VC 上，您提到了強大的攝像機和系統[領域]。您想要按地區或特定垂直領域列出的任何內容，以及當您開始看到更多人返回辦公室時，今年第一個月的初始趨勢如何。

And I would say in terms of -- within the Video Conference segment, webcams have declined, you (inaudible) declined off an incredibly high base. They're really high. Conference cams are growing double digit. That's a great story. I think that's -- even though I would say probably most people on this call would agree, we're all in the beginning of the [big thaw] of the office. It starts to warm up again in there and people actually do start to go back. I think the implementation plans for video conferencing are going to grow a lot more. So I think I feel really good about that.

我想說的是，在視頻會議領域，網絡攝像頭已經下降，你（聽不清）的下降幅度非常高。他們真的很高。會議攝像頭呈兩位數增長。這是一個很棒的故事。我認為，儘管我想說，這次電話會議上的大多數人可能都會同意，但我們都正處於辦公室[大解凍]的開始階段。那裡的天氣又開始變暖，人們確實開始回去了。我認為視頻會議的實施計劃將會增長更多。所以我認為我對此感覺很好。

Do you want to add anything, Nate?

內特，你想補充什麼嗎？

Yes. I mean I think regionally, Americas was kind of the strongest of the 3 regions, although EMEA actually had a much better quarter this quarter than it did last quarter, Paul, I think we mentioned last quarter the EMEA was a little bit soft. And so we've seen some increased activity out there. And then from a product standpoint, as Bracken said, I think it's impressive when you look -- even at something like web cameras, we're pretty much selling the same number of units as we did a year ago. Some of the mix is a little bit lower. This is more on the PC side than in the business, but we're selling kind of the equivalent number of units as we were a year ago, which is great because that means the installed base is growing and it creates such future opportunity there. So there's still a lot of interest in Webcam.

是的。我的意思是，我認為從地區角度來看，美洲是三個地區中最強的，儘管歐洲、中東和非洲本季度的表現實際上比上個季度要好得多，保羅，我認為我們上個季度提到歐洲、中東和非洲有點疲軟。所以我們看到那裡的活動有所增加。然後，從產品的角度來看，正如 Bracken 所說，我認為即使是網絡攝像頭之類的產品，我們的銷量也與一年前相同，令人印象深刻。有些混合的程度要低一些。這更多是在個人電腦方面，而不是在業務方面，但我們銷售的設備數量與一年前相當，這很好，因為這意味著安裝基礎正在增長，並在那裡創造了這樣的未來機會。所以人們對網絡攝像頭仍然很感興趣。

But last year, it was such a hot category, and I think it's been a little bit more reasonable this year, but I also think that has good potential in the future as offices reopen, I think we'll see more video at the desk, and I don't think we've quite seen that yet.

但去年，它是一個如此熱門的類別，我認為今年有點更合理了，但我也認為隨著辦公室重新開放，它在未來具有良好的潛力，我認為我們會在辦公桌上看到更多視頻，我認為我們還沒有完全看到這一點。

And I would say, Nate, that we're good at driving mix within categories. And we actually drove really good mix last year, but it wasn't us. It was the fact that we just couldn't make enough. We didn't have supply at the low end. So I think now that we've got -- we're going to have a period where we're going to -- the mix story will go the other way a little bit on webcams, but then we're set up to see what we can do with the category after that.

我想說，內特，我們擅長推動類別內的混合。事實上，去年我們的混合動力非常好，但不是我們。事實上，我們賺得還不夠。我們沒有低端供應。所以我認為現在我們已經——我們將有一段時期——混合故事會在網絡攝像頭上以另一種方式發展，但隨後我們準備好看到之後我們可以對這個類別做什麼。

Got you. And then on competition, given your cash and ability to find inventory, are you seeing some market share in that respect in VC, and I guess, across other segments as well?

明白你了。然後在競爭方面，考慮到你的現金和尋找庫存的能力，你是否在風險投資領域看到了一些市場份額，我想，在其他領域也是如此？

Yes. I was going to say, we continue to gain share in VC. And I think having a great balance sheet is an advantage. So we'll continue to try to make sure that we're well positioned with components going forward. We still have a -- we're not immune to what's happening out there, so we still have some component shortages. But I think, in generally speaking, we've really -- we've got a much improved state now, I hope it stays that way.

是的。我想說的是，我們在風險投資中的份額繼續增加。我認為擁有良好的資產負債表是一個優勢。因此，我們將繼續努力確保我們在組件方面處於有利位置。我們仍然無法免受外面發生的事情的影響，所以我們仍然存在一些零部件短缺。但我認為，總的來說，我們現在的狀態確實有了很大改善，我希望它能保持這種狀態。

Yes. It's hard to know, Paul. I mean we'll listen, as you will, to what our competitors say about their supply. I mean, the market share indicates that we did pretty well. As I mentioned, there were some categories where we just didn't have enough supply gaming wheels. It's been a challenge for us to get back to the levels that we want to be from a stock standpoint. And so I actually think we'll probably lose a little bit of share there just based on availability kind of like what happened a year ago with web cameras, and then I think we can recover that share with better supply. But we'll listen to what others have to say.

是的。這很難知道，保羅。我的意思是，我們將像您一樣傾聽我們的競爭對手對其供應的評價。我的意思是，市場份額表明我們做得很好。正如我提到的，在某些類別中我們沒有足夠的遊戲輪供應。從庫存的角度來看，回到我們想要的水平對我們來說是一個挑戰。所以我實際上認為我們可能會因為可用性而失去一點份額，就像一年前網絡攝像頭髮生的情況一樣，然後我認為我們可以通過更好的供應來恢復該份額。但我們會聽聽其他人的意見。

I think also several of the market trends are really playing to our favor, some strength in kind of the high -- if I look at Gaming, there's been some strength in the higher price bands, which is a sweet spot for us, and it's a little bit -- been a little bit weaker in the entry price bands where we also play a lot, but the market trend is towards wireless in places where we're strong. And so I think that's beneficial from a market share standpoint.

我認為還有一些市場趨勢確實對我們有利，一些高強度的力量——如果我看看遊戲，就會發現較高價格帶有一些強度，這對我們來說是一個最佳點，而且它是一點點——在我們也玩很多的入門價格帶上有點弱，但市場趨勢是在我們強勢的地方轉向無線。因此，我認為從市場份額的角度來看，這是有利的。

And last question is the pace of OpEx is on track to be up pretty strong this year against a big step-up last year. So as we think about the out year, should we see kind of the pace of OpEx slows? Or is it more kind of think about it in terms of percentage of sales in that 25% to 26% range.

最後一個問題是，與去年相比，今年運營支出的增長速度將相當強勁。因此，當我們思考今年的情況時，我們是否應該看到運營支出的步伐有所放緩？或者更應該從 25% 到 26% 範圍內的銷售額百分比來考慮。

Yes. I mean I think we won't be increasing OpEx, same growth rates this year unless revenue grows at those rates. I think we'll probably see more alignment between revenue and OpEx in the future, Paul. This was really a year we had to catch up on some investments last year with 74% revenue growth, just far ahead of what our ability was to really invest wisely into the business.

是的。我的意思是，我認為我們今年不會增加運營支出和相同的增長率，除非收入以這樣的速度增長。保羅，我認為未來我們可能會看到收入和運營支出之間更加一致。這確實是我們必須追趕去年一些投資的一年，收入增長了 74%，遠遠超出了我們真正明智地投資業務的能力。

And so taking the opportunity this year to do that to set ourselves up, which we think, for some good long-term growth opportunities. But I would say out into the future, you're going to see OpEx much more -- at a rate much closer to what you would expect relative to revenue.

因此，我們認為，利用今年的機會這樣做，可以為我們自己創造一些良好的長期增長機會。但我想說的是，在未來，你會看到更多的運營支出——相對於收入的比率更接近你的預期。

Next question is from UBS. Jorn Iffert.

下一個問題來自瑞銀。喬恩·伊弗特.

The first one would be embark on the statement. You made at the beginning of the call that Logitech recognized teams to drive innovation market prospects, what exactly was reorganized in recently?

第一個是著手發表聲明。您在電話開頭提到羅技認可團隊推動創新市場前景，最近重組的具體內容是什麼？

Well, we're constantly returning the -- for example, in our C&P business, we reorganized a few years ago actually around different segmentation approach. And I think that's been super effective. It's unlocked some openings for us, for example, ergonomics and general lifestyle categories. I think we would partly attribute Pop Keys and Pop Mouse, these new kind of lifestyle mice that include, they are mechanical, they are beautiful and fun, really focused on Gen Z. And we partly -- that's probably because of the way we've organized now. But we're not going to stop.

嗯，我們不斷地回報——例如，在我們的 C&P 業務中，我們幾年前實際上圍繞不同的細分方法進行了重組。我認為這非常有效。它為我們打開了一些機會，例如人體工程學和一般生活方式類別。我認為我們將部分歸因於 Pop Keys 和 Pop Mouse，這些新型生活方式鼠標，它們是機械的，它們美麗且有趣，真正專注於 Z 世代。而我們部分 - 這可能是因為我們的方式現在已經組織好了。但我們不會停止。

So continuing to stay really close to the customer and organize around that has been one of our, I think, strengths. And we've probably got 2 different -- 2 of our businesses right now that are going to reorganize again as we go into the next year. So we see opportunities. This is a very fluid market, lots of consumer insight and customer insight on the business side.

因此，我認為，繼續與客戶保持密切聯繫並圍繞客戶進行組織是我們的優勢之一。我們現在可能有兩個不同的業務——兩個業務將在進入明年時再次重組。所以我們看到了機會。這是一個非常流動的市場，有大量的消費者洞察和商業方面的客戶洞察。

Right. I understand. And the next question would be, please, on your capacity planning. I mean with your production site in China and also with your third-party suppliers. I mean -- What are your plans in terms of capacity expansion for the next 1 or 2 years? What are you reserving here to your suppliers? What are you doing in your own production site?

正確的。我明白。下一個問題是關於您的容量規劃。我的意思是你們在中國的生產基地以及你們的第三方供應商。我的意思是——您未來一兩年的產能擴張計劃是什麼？您在這里為供應商保留什麼？您在自己的生產現場做什麼？

Yes. Let me jump into that, Nate. It's a little bit of a hard question to answer. We have lots of different production sites and then we have lots of different component suppliers, of course, like everybody. The main focus we've had in our supply chain has really been location. So we've tried to distribute our manufacturing into new places. And so we've moved -- we have more production than ever in China, but we have a lot more production than ever out of China. So we have China -- we have production in Southeast Asia, and multiple countries now. And we really set that up for a couple of reasons. One was during the tariff period, but then we've decided to really continue to ramp that up because we want to make sure we're well positioned for whatever could happen down the road.

是的。讓我開始吧，內特。這是一個有點難以回答的問題。我們有很多不同的生產基地，然後我們有很多不同的零部件供應商，當然，就像每個人一樣。我們供應鏈的主要關注點實際上是位置。因此，我們嘗試將我們的製造業務分佈到新的地方。所以我們已經搬家了——我們在中國的產量比以往任何時候都多，但我們在中國以外的產量也比以往任何時候都多。所以我們有中國——我們現在在東南亞和多個國家都有生產。我們這樣做確實有幾個原因。其中一個是在關稅期間，但後來我們決定繼續加大力度，因為我們希望確保我們為未來可能發生的任何情況做好準備。

In terms of production planning, we've -- the expansion of our ability to produce ourselves are in other factors. There's always been a strength for us. We've been able to ramp up and ramp down pretty quickly and move things in and out of our own factories. So we're going to keep that capability.

在生產計劃方面，我們的自我生產能力的擴大還取決於其他因素。我們一直有一種力量。我們能夠非常快速地增加和減少，並將物品移入和移出我們自己的工廠。所以我們將保留這種能力。

Thanks. And the last question, please, on R&D spend. Can you give us some more clarity how much R&D is going proportionally in the existing M segments, Logitech has and how much of the R&D is going into new categories that we have a rough idea?

謝謝。最後一個問題是關於研發支出的。您能否更清楚地告訴我們，羅技現有的 M 細分市場的研發投入比例是多少，以及我們粗略了解的新類別投入了多少研發投入？

Well, I would say the vast majority goes to our existing businesses. We've got big, strong, vibrant opportunities in all 4 of those large secular trend areas. So the vast -- the super vast majority goes into that. But we have a seed program where we're always investing in small teams to really create pilot programs against new categories. And that's ongoing all the time, super exciting, always fun I've got a couple of products on my desk from that electric Glow came out of that.

嗯，我想說絕大多數都流向了我們現有的業務。我們在這四個大型長期趨勢領域都擁有巨大、強大、充滿活力的機會。所以絕大多數——絕大多數人都參與其中。但我們有一個種子計劃，我們總是投資於小團隊，以真正針對新類別創建試點計劃。這種情況一直在持續，超級令人興奮，總是很有趣，我的桌子上有幾款來自電動發光的產品。

And sometimes, that results in M&A, where we figure out -- we've learned enough about a category that we feel confident that we want to be in it, and we go out and look. Sometimes it's organic like our UE fits, if you haven't seen that product, it's really amazing, automatically fits -- customizes to your ear in 59 seconds. I don't know if we ever talked about that on this call, but it's a pretty amazing product. And it's in market now in a small way, selling direct-to-consumer as we continue to learn how to bring that thing to market. But yes, we've always got products out there. But there -- we don't -- we really measure our investment against the time frame when it needs to, when it might come out. And so we try to fill early, fill fast. And then -- and in a small way, we can keep pivoting and understand the customer need better until we get them right and then launch like Litra Glow.

有時，這會導致併購，我們發現——我們已經對某個類別有了足夠的了解，我們有信心進入其中，然後我們就出去看看。有時它是有機的，就像我們的 UE 貼合一樣，如果您還沒有見過該產品，它真的很神奇，自動貼合 - 在 59 秒內根據您的耳朵進行定制。我不知道我們是否在這次電話會議上討論過這個問題，但這是一個非常了不起的產品。隨著我們繼續學習如何將其推向市場，它現在已經以小規模的方式進入市場，直接向消費者銷售。但是，是的，我們一直都有產品。但在那裡——我們沒有——我們確實根據需要、可能出現的時間框架來衡量我們的投資。因此，我們嘗試儘早、快速地填補空缺。然後，以一種小的方式，我們可以不斷調整併更好地了解客戶的需求，直到我們找到正確的答案，然後像 Litra Glow 一樣推出。

The next question comes from Erik Woodring from Morgan Stanley, please.

下一個問題來自摩根士丹利的埃里克·伍德林（Erik Woodring）。

Congrats on your quarter here. Sorry about that. Let me get my Logitech camera up and running. So maybe this is just a high-level question. But we've seen a handful of companies that I think the market perhaps would have considered to be COVID beneficiaries, see some challenges in the near term. Obviously, you're bucking that trend. And so -- Would just love your high-level thoughts on why you think that is why Logitech has been able to do that relative to other preeminent companies, let's call it. And then I have a follow-up.

恭喜您在這裡入住。對於那個很抱歉。讓我啟動並運行我的羅技相機。所以也許這只是一個高層次的問題。但我認為市場可能會認為少數公司是新冠疫情的受益者，但我們看到它們在短期內面臨一些挑戰。顯然，你正在逆潮流而動。所以，我很想听聽您的高層次想法，為什麼您認為這就是羅技相對於其他傑出公司能夠做到這一點的原因，我們可以這樣稱呼它。然後我有一個後續行動。

Without knowing exactly which companies you're referring to, I think our belief, and I think -- I think it's turned out to be true. Our belief was that what COVID really did wasn't to drive a onetime surprise in our categories but was to accelerate what was already happening. And so -- and the cool thing about that if you have -- let's just take our PC Peripherals categories. If you have more workspaces, especially workspaces that have more dimensions of mattering to you, what does that mean? Like when you have a product in the office and you have a mouse and keyboard, it looks like everybody else is mouse and keyboard so you might not care as much as at home or suddenly you have a mouse to keyboard, it's actually part of your home decor. I don't know about you, but I didn't even -- believe it or not, I didn't even have a home office that had a permanent PC on it or backlog before. And so now I do, and a lot of people. Now the interesting thing is that that's just an increase in the installed base because I still got something in the office.

在不確切知道你指的是哪些公司的情況下，我認為我們的信念，而且我認為——我認為它被證明是正確的。我們相信，新冠疫情真正所做的並不是給我們的產品類別帶來一次性的驚喜，而是加速已經發生的事情。所以——如果你有的話，這很酷——讓我們看看我們的電腦外設類別。如果您有更多的工作空間，尤其是對您而言具有更多重要維度的工作空間，這意味著什麼？就像當你在辦公室裡有一個產品並且你有一個鼠標和鍵盤時，看起來其他人都是鼠標和鍵盤，所以你可能不像在家裡那樣關心，或者突然你有了一個鼠標和鍵盤，它實際上是你的一部分家居裝飾。我不了解你，但我什至沒有——不管你信不信，我什至沒有一個家庭辦公室，裡面有一台永久的電腦，也沒有積壓的工作。現在我和很多人都這樣做了。現在有趣的是，這只是安裝基礎的增加，因為我的辦公室裡仍然有一些東西。

And on top of that, what I got for the home and even me, was I scrambled? I got what was available nearby, I was walking out the door on March 6 or 7 or whatever it was. And I think there are a lot of us out there like that. And so -- and then to take it to people who don't work in this business, most people don't even know what's out there. And so the opportunity to continue to upgrade them is significant. So I just think this -- the biggest difference between us and most business is it's a gift that keeps on giving. Once you have it, you can upgrade it and the experience really is better. And I think -- and we're focused on upgrading people over time. So there's more spaces, and there's a constant opportunity for upgrading, especially as we keep innovating.

最重要的是，我為這個家甚至我自己得到的東西，是不是被炒作了？我得到了附近可用的東西，我在 3 月 6 日或 7 日或無論什麼時候走出門。我認為我們中有很多人都是這樣的。所以——然後把它帶給那些不在這個行業工作的人，大多數人甚至不知道外面有什麼。因此，繼續升級它們的機會非常重要。所以我認為——我們和大多數企業之間最大的區別是它是一份不斷給予的禮物。一旦你擁有它，你可以升級它，體驗確實會更好。我認為——隨著時間的推移，我們專注於提升人員水平。因此，有更多的空間，並且有不斷的升級機會，特別是當我們不斷創新時。

I mean I think the way to maybe think about that too is just existing trends that got stronger versus some new trend that got created that may be -- I wouldn't call it a fab, but might have just been more short-lived. And I think in cases where something new has been created, it's sticky, right? We've been doing this now for 2 years. People's way of working has changed their ways of learning have changed, their ways of communicating have changed.

我的意思是，我認為也可以考慮這個問題，即現有的趨勢變得更強，而一些新的趨勢可能是——我不會稱其為“晶圓廠”，但可能只是更短暫。我認為在創建新東西的情況下，它是有粘性的，對吧？我們這樣做已經有兩年了。人們的工作方式改變了，他們的學習方式改變了，他們的溝通方式也改變了。

And so we've kind of gotten up the adoption curve on a number of trends that were already and thinking a lot about like video, that was a trend before, but it's gotten a lot stronger. And we've gotten up the adoption curve where a lot more people have gotten comfortable with it, and they actually prefer it. And so I think that's -- that's what's perhaps different in many of our categories or really in all of our categories, I think, is that there were existing trends before that had good growth characteristics and all of those, I think, have gotten stronger.

因此，我們已經在一些趨勢上取得了採用曲線，這些趨勢已經存在並進行了很多思考，例如視頻，這是以前的趨勢，但它變得更加強大。我們已經達到了採用曲線，更多的人已經適應了它，而且他們實際上更喜歡它。所以我認為，這就是我們許多類別或實際上所有類別的不同之處，我認為，之前存在的趨勢具有良好的增長特徵，而且我認為所有這些趨勢都變得更強。

That's very helpful color. Maybe as a follow-up, and this is more of a near-term comment. Just -- but curious on your general ability to procure supply in the December quarter and whether that surprised to the upside relative to your expectations. Really just trying to get it. Obviously, it was an amazing quarter. Kind of what do you think led to that outperformance relative to perhaps prior expectations? And was that supply driven? Or was that something else?

這是非常有用的顏色。也許作為後續行動，這更像是近期的評論。只是 - 但對您在 12 月季度採購供應的總體能力感到好奇，以及相對於您的預期，這是否超出您的預期。真的只是想得到它。顯然，這是一個令人驚嘆的季度。您認為是什麼導致了這種表現超出之前的預期？這是供應驅動的嗎？或者是別的什麼？

It wasn't one quarter, but I think actually, we continue to be a little frustrated. We couldn't get better supply. As Nate said, we had some areas where we really just couldn't get as much as we need it from a component standpoint, and logistics continue to be a challenge. So actually, it could have been even a little stronger.

這不是一個季度，但我認為實際上，我們仍然有點沮喪。我們無法獲得更好的供應。正如內特所說，從組件的角度來看，我們在某些​​領域確實無法獲得所需的數量，而且物流仍然是一個挑戰。所以實際上，它甚至可以更強一些。

Do you want to add anything to that, Nate?

內特，你想補充什麼嗎？

No. I mean I think it was actually kind of as expected in a lot of ways. I mean, we went into the quarter knowing that we would be -- tighten some areas and it was really -- I think we recovered well. We recovered kind of late in some places, too. The linearity in Europe, for example, was pretty back-end loaded, but I think we got there on time to be on shelf for most of it, but that was the place where we probably had some more revenue if we could have supplied it.

不，我的意思是我認為這實際上在很多方面都符合預期。我的意思是，我們進入本季度時就知道我們會收緊某些領域，我認為我們恢復得很好。有些地方我們也恢復得比較晚。例如，歐洲的線性度是相當後端負載的，但我認為我們準時到達那裡，大部分都上架了，但如果我們能夠提供它，那我們可能會獲得更多收入。 。

Okay. Super. And then just last one, just channel of inventory levels. I know you guys have commented on that in the past, just maybe relative to the end of the September quarter where you think there might be opportunities for channel fill in the future? And that's it from me, thanks.

好的。極好的。最後一項是庫存水平的渠道。我知道你們過去對此發表過評論，也許只是相對於 9 月份季度末，您認為未來可能有渠道填充的機會？這就是我的，謝謝。

Yes. I mean I think the channel is in good shape. Again, I think we're light in some areas. But in general, I think our availability metrics have improved a lot. But there's always places where we can do better, but I think the channel is in a good, healthy place. And we go into Q4, again, it's always it really matters down at the SKU level, Erik, and where the demand is and where our supply is, not only in terms of products but also by country and by region. So we're going to do our best in Q4 to try to fill that, but I was happy with the strength of the demand in the categories.

是的。我的意思是我認為該頻道狀況良好。再說一遍，我認為我們在某些​​領域表現不佳。但總的來說，我認為我們的可用性指標已經提高了很多。但總有一些地方我們可以做得更好，但我認為這個渠道處於一個良好、健康的狀態。我們再次進入第四季度，埃里克，在 SKU 級別上，需求在哪里以及我們的供應在哪裡，這始終是真正重要的，不僅在產品方面，而且在國家和地區方面。因此，我們將在第四季度盡最大努力來填補這一空白，但我對這些類別的需求強勁感到滿意。

The next question from Stifel, Jürgen Wagner.

斯蒂菲爾的下一個問題是尤爾根·瓦格納 (Jürgen Wagner)。

Yes, when I look at what your gaming competitors in the U.S. reported. Recently, you must have gained a lot of share and are still gaining. Yes, how should we model revenue growth based on that higher market share in gaming. And then you talked a lot about supply demand for you on your supply side, but also in your end markets, how would you see -- I mean you said March still difficult, but further down calendar '22, how would you see supply-demand trending.

是的，當我查看美國遊戲競爭對手的報告時。最近，你一定獲得了很多份額，而且還在繼續獲得。是的，我們應該如何根據遊戲市場份額的提高來模擬收入增長。然後你談到了很多關於你的供應方面的供應需求，還有你的終端市場，你會如何看待——我的意思是你說3月份仍然很困難，但在日曆'22下，你會如何看待供應——需求趨勢。

Let me answer the first one and then you'll follow on to second one. Yes, I think in the Gaming business, we did gain share. We've been gaining share. And we love our innovation engine, love our team in that business. And without getting into your modeling, I would just say we're excited about what we're doing. I mean I think we feel like we've got a group of people and a team that's really working well, and we continue to see opportunities that are actually broadening the definition of gaming today. I had an interview with Jon Fortt, who is a CNBC reporter and anchor, and he opened the call and really with a lot of insight, I think you've said, my kids are now -- when I was growing up, I would sit and listen the music with my friends and talk, he said, now my kids are getting on playing games, putting the headphones on and talking to their friends.

讓我回答第一個問題，然後您將繼續回答第二個問題。是的，我認為在遊戲業務中，我們確實獲得了份額。我們一直在獲得份額。我們熱愛我們的創新引擎，熱愛我們在該行業的團隊。在不談你的建模的情況下，我只想說我們對我們正在做的事情感到興奮。我的意思是，我認為我們擁有一群真正運作良好的人員和團隊，並且我們繼續看到實際上拓寬當今遊戲定義的機會。我接受了喬恩·福特（Jon Fortt）的採訪，他是 CNBC 的記者和主播，他打開了電話，確實有很多洞察力，我想你已經說過，我的孩子現在——當我長大的時候，我會他說，坐下來和我的朋友們一起聽音樂和聊天，現在我的孩子們開始玩遊戲，戴上耳機和他們的朋友們聊天。

And I think that's a really big difference from where even we started in gaming. We saw it as kind of social, but only among narrow gaming set, now it's broader. And that broadening is a reflection of the market itself growing and expanding horizontally. And that opens more and more categories, more and more different kinds of products for those people like that G435 headset I talked about, it's light and colorful, beautiful where it doesn't -- it's -- it looks like part of what you want to wear if you're a 17-year-old girl instead of the stereotype of a [boy] in the basement playing games.

我認為這與我們剛開始涉足遊戲行業的情況有很大的不同。我們將其視為一種社交，但僅限於狹窄的遊戲群體，現在它的範圍更廣泛。這種擴大反映了市場本身的水平增長和擴張。這為那些像我談到的 G435 耳機這樣的人打開了越來越多的類別、越來越多不同種類的產品，它輕巧、色彩豐富、漂亮，但它看起來像是您想要的一部分如果你是一個 17 歲的女孩，就應該穿它，而不是像一個在地下室玩遊戲的[男孩]的刻板印象。

Jurgen, I'd also add on share. We're being -- I don't want to overstate our focus on share. We want to get that share the right way, as Bracken said, with innovation, with marketing investments to drive awareness and preference for our brand. But -- and I usually look at share over 3 months trends rather than 1 month. As an example, I think we lost some share in gaming, frankly, during the holiday season in probably December or a bit November because we weren't as price competitive as some others, but I think that was the right decision. We want to manage these businesses for the longer term.

Jurgen，我也想補充一下分享。我們——我不想誇大我們對分享的關注。正如布雷肯所說，我們希望以正確的方式獲得這種份額，通過創新和營銷投資來提高人們對我們品牌的認知度和偏好。但是——我通常會關注 3 個月而不是 1 個月的份額趨勢。舉個例子，坦率地說，我認為我們在 12 月或 11 月左右的假期期間失去了一些遊戲份額，因為我們不像其他一些公司那樣具有價格競爭力，但我認為這是正確的決定。我們希望長期管理這些業務。

So over the 3 months trend, again, we were gaining some share. But I can see in November and probably December that we lost some share maybe in the U.S. where we weren't as aggressive, but we're being very thoughtful about that as well. So I think it's important to keep that in mind. Just as an example, you're asking about gaming. I'll give you an example in traditional mice and keyboard because Bracken mentioned the MX series. Those products, both the MX Keys and the MX Master 3 have 4.7 stars on Amazon, over 10,000 reviews each, 86% 5-star reviews on both of those products, which is exceptionally high. But those are just an example. We really have examples like that in tablet accessories, we have examples like that in gaming.

因此，在 3 個月的趨勢中，我們再次獲得了一些份額。但我可以看到，在 11 月和可能的 12 月，我們可能在美國失去了一些份額，在美國，我們沒有那麼激進，但我們對此也非常深思熟慮。所以我認為記住這一點很重要。舉個例子，您詢問的是遊戲。我會給你舉一個傳統鼠標和鍵盤的例子，因為 Bracken 提到了 MX 系列。這些產品，M​​X Keys 和 MX Master 3 在亞馬遜上都有 4.7 星評價，每款產品都有超過 10,000 條評論，這兩款產品的 5 星評論比例為 86%，這是非常高的。但這些只是一個例子。我們在平板電腦配件中確實有類似的例子，在遊戲中也有類似的例子。

So it starts with having great innovation, great products. Obviously, we're investing more in the marketing capability to drive the awareness for those products because as I mentioned or as Bracken mentioned on this call, we still have a lot of opportunity with just increasing the awareness of how nice these products are and what a great experience it is. So it starts with having the great products, and I think we're we've done a very good job of doing that. But we have a lot more to do to drive the awareness, and I think that's a big focus.

因此，首先要有偉大的創新和偉大的產品。顯然，我們在營銷能力上投入了更多資金，以提高這些產品的知名度，因為正如我提到的或布雷肯在這次電話會議中提到的，我們仍然有很多機會，只要提高人們對這些產品有多好以及什麼的認識。這是一次很棒的經歷。因此，首先要擁有出色的產品，我認為我們在這方面做得非常好。但我們還有很多工作要做來提高人們的意識，我認為這是一個重點。

And the supply chain.

還有供應鏈。

Sorry?

對不起？

And the supply chain?

那麼供應鏈呢？

Sorry, can you state the question on that?

抱歉，您能提出這個問題嗎？

We didn't quite get that.

我們不太明白這一點。

Yes. I mean how do you see supply demand for your product shaping. You said we were still in short supply for some of our mice and keyboards.

是的。我的意思是你如何看待你的產品塑造的供應需求。您說我們的一些鼠標和鍵盤仍然供不應求。

Mostly on keyboards and also on gaming wheels, we're probably the biggest source part -- [source spots]. I think a bit on mice maybe as well. I think we did see good strength in the B2B channel, even though I think by and large, offices have not sort of reopened to capacity. I mean I'm looking at your office there. It's probably been [follow it] at other times. So I think we've seen some pickup in demand on B2B, and that's put some pressure on certain products. But I think these are -- we're still really kind of thinking about most of these headwinds is sort of been with us for a while. And so we're taking steps to try and secure supply for some of those things that have been tough to find, using the balance sheet there and battling through it. I don't know, Bracken, can you add anything on the supply situation?

主要在鍵盤和遊戲輪上，我們可能是最大的來源部分 - [來源點]。我想也許對老鼠也有一點了解。我認為我們確實在 B2B 渠道中看到了良好的實力，儘管我認為總的來說，辦事處尚未完全恢復營業。我是說我正在看你那裡的辦公室。其他時候可能也是[跟著它]。所以我認為我們已經看到 B2B 需求有所回升，這給某些產品帶來了一些壓力。但我認為，我們仍然在思考這些不利因素中的大多數已經伴隨我們一段時間了。因此，我們正在採取措施，利用那裡的資產負債表並與之鬥爭，嘗試確保一些很難找到的東西的供應。我不知道，Bracken，你能補充一下供應情況嗎？

No, I think -- look, we've still got tight spots and component availability in semiconductors, in particular, and it probably going to stay with us for a while. So we've decided we've got to live with that, and we're going to do the best we can to work around it as we've done in the past. And as we go into next year, I think that we can expect that for a while.

不，我認為——看，我們在半導體領域仍然面臨著緊張的局面和組件供應，而且這種情況可能會持續一段時間。因此，我們決定必須接受這一點，並且我們將像過去所做的那樣，盡最大努力解決這個問題。當我們進入明年時，我認為我們可以期待一段時間。

I'll come back to Jürgen's question on that, too, about R&D. One of the things that we have been investing in R&D on is second sourcing.

我也會回到尤爾根關於研發的問題。我們一直投資於研發的事情之一是二次採購。

Absolutely.

絕對地。

So I think as Bracken laid out strategically how we think about where we want to invest in R&D. This year, we have invested more of our R&D spend into existing products and ensuring supply by second sourcing. So I think positively, as availability improves in the industry on some of the semiconductors, we'll probably see an increase in our R&D productivity just because we will be able to shift more resources towards new innovation rather than second sourcing.

因此，我認為布雷肯從戰略上闡述了我們如何考慮在研發領域進行投資。今年，我們將更多的研發投入投入到現有產品上，並通過二次採購來保證供應。因此，我積極地認為，隨著行業中某些半導體的可用性提高，我們可能會看到研發生產力的提高，因為我們將能夠將更多資源轉移到新的創新而不是二次採購。

Thank you, Jurgen. I hope that office fills up soon.

謝謝你，尤爾根。我希望那個辦公室很快就滿了。

Yes, we'll see, not soon I guess.

是的，我們會看到的，我想不會很快。

(Operator Instructions) The next question comes from Serge, Credit Suisse, please.

（操作員說明）下一個問題來自瑞士信貸銀行 Serge。

Well, I would have first, VC question. You mentioned that you have seen the less webcams, less headset sales in VC, but more room solution. Is it the start of the transition to the enterprise channel or is it only that you have very limited in supply from more the consumer-oriented products in VC. Probably you can update here also on direct sales on supply chain companies, where you are moving currently.

好吧，我首先想問 VC 問題。您提到您看到 VC 中的網絡攝像頭、耳機銷售量減少，但房間解決方案增加。這是向企業渠道過渡的開始，還是只是風投中更多面向消費者的產品的供應非常有限。也許您還可以在這裡更新您目前所在的供應鏈公司的直銷信息。

And especially when I'm on the webcam, I see still some products are lagging available 2022 or available soon, like the donation or other products. If you could give us more flavor here?

尤其是當我在網絡攝像頭上時，我發現仍然有一些產品滯後於 2022 年或即將推出，例如捐贈或其他產品。你能給我們更多的味道嗎？

Let me start, Nate, you can finish. I think I wouldn't interpret the mix of sales, the stronger sales in the conference cams, the lower sales of webcams as anything more than -- they're both really strong. The conference rooms I think we're seeing -- as I mentioned earlier, I think we're seeing the early days the thaw of the office, people are going to -- are starting to rethink their footprints, and how many offices do you need, how many meeting rooms do you need? How much video do you need, which we think is going to be everywhere over time?

讓我開始，內特，你可以完成。我認為我不會將銷售組合、會議攝像機的強勁銷售和網絡攝像機的較低銷售解釋為——它們都非常強勁。我認為我們正在看到的會議室 - 正如我之前提到的，我認為我們正在看到辦公室解凍的早期，人們將開始重新思考他們的足跡，以及你有多少辦公室需要，您需要多少個會議室？您需要多少視頻，我們認為隨著時間的推移，視頻將無處不在？

And then even people restructuring offices, like there will be people closing offices and opening other ones. It's going to be -- there's going to be a lot of turmoil. So I think we're seeing the early days of that thaw and that has a lot of video conference room enablement in it ahead of us, and we're super excited about that. So that you're starting to see that double-digit growth.

然後甚至人們會重組辦公室，比如有人會關閉辦公室並開設其他辦公室。將會出現很多混亂。因此，我認為我們正處於解凍的早期階段，我們面前有很多視頻會議室的啟用，我們對此感到非常興奮。所以你開始看到兩位數的增長。

On the other hand, on the webcam side, Remember, while it's down versus a year ago, it's way, way, way out versus 2020. So those are pretty heavy numbers. As Nate said, they're actually flat in units. So it's actually not down at all. So I would say they both look pretty strong for the years ahead in terms of the number of people really using video. I mean this is just the future we're in.

另一方面，在網絡攝像頭方面，請記住，雖然與一年前相比有所下降，但與 2020 年相比，已經大幅下降。所以這些數字相當沉重。正如內特所說，它們的單位實際上是持平的。所以實際上根本沒有下降。因此，我想說，就真正使用視頻的人數而言，未來幾年它們看起來都相當強勁。我的意思是，這就是我們所處的未來。

And Nate, do you want to take the rest of that question.

內特，你想回答這個問題的其餘部分嗎？

Well, now I can't remember the -- on the enterprise channel.

好吧，現在我不記得企業頻道上的了。

Yes, how are we doing in the enablement of our sales force.

是的，我們在銷售隊伍的支持方面做得怎麼樣。

Yes.

是的。

And the procuring companies, in addition.

此外還有採購公司。

Yes. I mean we're -- listen, we're continuing to build out the enterprise sales capability, direct sales, inside sales. Also, I think the cross-selling across the portfolio is another big area of focus for us. I think we're still kind of early days on some of these things, but we're starting to see better coverage, better pipeline metrics forming, those types of things.

是的。我的意思是，聽著，我們正在繼續增強企業銷售能力、直接銷售和內部銷售。此外，我認為整個產品組合的交叉銷售是我們關注的另一個重要領域。我認為我們在其中一些事情上仍處於早期階段，但我們開始看到更好的覆蓋範圍、更好的管道指標形成等。

I just think on Bracken's point, it's interesting on the webcam. A year ago, we had 400 -- we had quarters with 400%, 500% growth on web cameras with VC, it's huge! So I think -- again, I'll just make the point, I think video at the desk in the office, it's something that didn't really exist a lot pre-pandemic, and I think will exist in the future, I'm not going to say post pandemic, but just in the future as people come back into the office, I think you'll have more video there. I don't think we've really seen all of that take off yet. Don't know when that will happen, Serge, I think that it's a good opportunity for us in FY '23 and '24. But video everywhere in the office and at home, good trend.

我只是認為布雷肯的觀點，網絡攝像頭很有趣。一年前，我們有 400 個——我們的 VC 網絡攝像頭在幾個季度增長了 400%、500%，這是巨大的！所以我想——再次強調一下，我認為辦公室辦公桌上的視頻在大流行前並不存在，但我認為將來會存在，我”我不會說大流行後，但在未來，當人們回到辦公室時，我認為那裡會有更多視頻。我認為我們還沒有真正看到這一切的騰飛。不知道什麼時候會發生，Serge，我認為這對我們 23 財年和 24 財年來說是一個很好的機會。但視頻在辦公室和家裡隨處可見，這是一個很好的趨勢。

And so yes, I don't really know that I have much more to add for you on the coverage. It's still -- we're still making investments in it. And that's really a global investment, but I don't know, Bracken, anything you'd add to that.

所以，是的，我真的不知道我還有更多可以為您補充的報導。我們仍在對其進行投資。這確實是一項全球投資，但我不知道，布雷肯，你會對此添加什麼。

We tell a long way. We're a different company than we were 3 years ago. We've really expanded our coverage directly into the largest enterprises. We still have ways to go to where we feel like we're operating at 100%. But I feel very, very good about the trend line. We're on our way.

我們說得很遠。與三年前相比，我們是一家不同的公司。我們確實已經將我們的覆蓋範圍直接擴展到最大的企業。我們還有很長的路要走，才能達到 100% 運轉的狀態。但我對趨勢線感覺非常非常好。我們正在路上。

Okay. Probably an addition, I have noticed that you have launched Logitech Select -- This is service contracts, 1 years and 3 years. Can you give us -- what's the success of -- Did you already sign a contract with the customers? Or what is happening there? What is incremental going forward? Give us some.

好的。可能還有一個補充，我注意到你們推出了 Logitech Select——這是服務合同，1年和3年。您能否告訴我們——成功的原因是什麼——您已經與客戶簽訂了合同嗎？或者那裡正在發生什麼？什麼是增量前進？給我們一些。

If we gave you growth rates quarter-over-quarter, you'd just be so excited, but they're on a very, very small basis.

如果我們給你季度環比的增長率，你會非常興奮，但它們的基礎非常非常小。

But does this mean for Logitech going forward?

但這對羅技來說意味著未來嗎？

No, I think it's very exciting. It's part of a long-term game plan we have, which is, first of all, we want to make sure that our users have everything they need. In that case, it's the customer is in the office. And we think it can bring services to them that they aren't getting now when they buy our products and then extend those services out over time. So the thing that's recurring revenue for us and a better experience for them. And so we're excited about it.

不，我認為這非常令人興奮。這是我們長期計劃的一部分，首先，我們希望確保我們的用戶擁有他們需要的一切。在這種情況下，客戶在辦公室。我們認為它可以為他們帶來他們在購買我們的產品時現在無法獲得的服務，然後隨著時間的推移擴展這些服務。所以這對我們來說是經常性收入，對他們來說是更好的體驗。所以我們對此感到興奮。

It's early days. I don't want to overstate it where it is now, but I'm optimistic for the future. And I think it's going to be exciting. We'll talk more about that at Analyst Investor Day, I have a feeling in March. So I invite you, Serge, to come and hear more.

現在還早。我不想誇大現在的情況，但我對未來持樂觀態度。我認為這將會令人興奮。我們將在分析師投資者日更多地討論這一點，我在三月份有一種感覺。所以我邀請你，Serge，來聽聽更多。

Happy to join, Bracken. And probably a last one, I had the impression that the promotional activities were quite low in the [Christmas] quite low also because of availability that the peers didn't have enough products in the channel, so they were not even in a position to make any promo.

很高興加入，布雷肯。可能是最後一個，我的印像是[聖誕節]的促銷活動相當低，也是因為同行在渠道中沒有足夠的產品，所以他們甚至無法進行任何促銷。

So would we expect now going into January to March quarter because this is a typical promotional court, especially with all the vouchers and cash the kids get from Christmas and then it's really the fight. So do you see more promotional activities now in the current quarter? Or yes, what does this mean quarter-over-quarter?

因此，我們預計現在會進入一月至三月的季度，因為這是一個典型的促銷法庭，尤其是孩子們從聖誕節獲得的所有優惠券和現金，然後才是真正的戰鬥。那麼您認為本季度有更多促銷活動嗎？或者是的，這意味著什麼季度環比？

Do you want to take that one?

你想拿走那個嗎？

Yes. I think Q3 promotional levels were kind of similar to Q2. You really have to go in and look by category, I think, in Gaming. We definitely did see some increased promotion from competitors during the holiday, but that's not atypical. I'm not sure what we've seen yet in January, Serge, but for us, at the company level, it was not really a change, Q2 to Q3, there wasn't really a margin impact from promotions changing at all there.

是的。我認為第三季度的促銷水平與第二季度類似。我認為，你真的必須按類別進行查看，在遊戲領域。我們確實看到假期期間競爭對手的促銷活動有所增加，但這並不罕見。我不確定我們在一月份看到了什麼，Serge，但對我們來說，在公司層面，這並不是真正的變化，從第二季度到第三季度，促銷活動的變化根本沒有對利潤率產生真正的影響。 。

Again, I think our strategy for the last few years and continues to be -- Let's try to rely less on promotion to drive the top line, to drive the business, and let's invest in market and drive the awareness. And I think that's a healthier way to grow over the long term. So both in the short term and long term, that's our strategy.

再說一次，我認為我們過去幾年的戰略並將繼續是——讓我們嘗試減少對促銷的依賴來推動收入、推動業務，讓我們投資市場並提高知名度。我認為從長遠來看，這是一種更健康的增長方式。因此，無論是短期還是長期，這都是我們的策略。

Okay. Last one. Microsoft wants to acquire Activision Blizzard, what does this mean for Logitech? As you have, for example, a call of [cutline] in mice and keyboards, I believe. But still, is it an opportunity for you or more a threat? Or what are you -- what is the reach with the first impression you have from these type of acquisitions.

好的。最後一個。微軟欲收購動視暴雪，這對羅技意味著什麼？我相信，例如，鼠標和鍵盤中的 [cutline] 調用。但這對你來說是一個機會還是更多的威脅？或者你是什麼——你從這類收購中得到的第一印像有多大。

So I certainly wouldn't say it's a threat. That's the gaming content business. And that gaming content business drives our business. So the better and stronger the innovation is in gaming, the more content creative that people are attracted to, the bigger our business will be long term.

所以我當然不會說這是威脅。這就是遊戲內容業務。遊戲內容業務推動了我們的業務。因此，遊戲領域的創新越好、越強，吸引人們的內容創意就越多，從長遠來看，我們的業務就會越大。

So I think Microsoft and Activision Blizzard have already been 2 big leaders in that, and it's super exciting to see them potentially coming together. But they do or they don't, gaming is going to keep growing with great content, it's inevitable.

所以我認為微軟和動視暴雪已經成為這方面的兩大領導者，看到他們有可能走到一起真是令人興奮。但無論他們這樣做還是不這樣做，遊戲都會隨著豐富的內容而不斷增長，這是不可避免的。

The next question is from ZKB, Andreas Mueller.

下一個問題來自 ZKB，Andreas Mueller。

I've got a couple of questions. One is if you have any figures or the experience about this climate pledge, friendly selection people can choose in e-shops such as Amazon. Is that really driving demand here? Can you share here a bit. What you see?

我有幾個問題。一是如果你有關於這個氣候承諾的數據或經驗，友善的選擇者可以在亞馬遜等電子商店中選擇。這真的能推動這裡的需求嗎？你能在這里分享一下嗎？你看到什麼了？

Let's take them one at a time. So I'll answer that one. The answer is, no, we don't have any data right now that I would say that we have -- we're getting big sales out of our climate policies and practices, which I think really are leading edge and leading in the industry. So we're doing it because we think it's the right thing to do. But we believe that, that's going to be a brand builder and a business builder over time. There is a growing -- certainly among younger people, Gen Z and also the Gen Y.

讓我們一次拿一個。那麼我就回答這個問題吧。答案是，不，我們現在沒有任何我想說的數據——我們從我們的氣候政策和實踐中獲得了巨大的銷量，我認為這確實是行業的領先優勢和領先地位。所以我們這樣做是因為我們認為這是正確的做法。但我們相信，隨著時間的推移，這將成為品牌建設者和業務建設者。當然，在年輕人中，Z 世代和 Y 世代的人數正在不斷增長。

There's just a general interest -- and understanding that we need to do some about the climate now. And so we believe that it's not only the right thing to do, but it will be the right thing to do for the business. And I think that's going to prove out over the next several years.

這只是一種普遍的興趣——並且理解我們現在需要對氣候做一些事情。因此，我們相信這不僅是正確的做法，而且對於企業來說也是正確的做法。我認為這將在未來幾年得到證明。

And then further on, you have been able to pass on prices, I believe and let's say 2 quarters at least. And if I remember right, I mean, that's also with the strategy. How -- what do you expect going forward is these are the same kind of factors in place that you can still pass on price increases? Or would that be gone if they demand supply is more in line?

然後，我相信，你已經能夠傳遞價格了，至少可以說兩個季度。如果我沒記錯的話，我的意思是，這也與策略有關。您對未來有何期望？這些因素與您仍然可以轉嫁價格上漲的因素相同嗎？或者如果他們要求供應更加一致，這種情況就會消失嗎？

I'll start with that, Nate, and then I'll hand it off to you. I think the best way to increase prices is to lower promotion. And Nate mentioned or other promotion practices we've had the last several quarters, and we hope to continue those right through it onward. And it's been more of our time and investment in trying to drive demand the other way, which has built our brand, that builds long-term expansion capability for the business, more efficiently, I think.

我會從這個開始，內特，然後我會把它交給你。我認為提高價格的最好方法是減少促銷。內特提到了我們在過去幾個季度進行的促銷活動，我們希望今後能夠繼續這些活動。我認為，我們投入了更多的時間和投資來嘗試以另一種方式推動需求，這建立了我們的品牌，更有效地為業務建立了長期擴張能力。

In terms of direct price increases or even decreases related to cost. I think, when there's a broad cost impact that hits the whole industry, you do eventually see price increases. That broad cost increase has only just begun. We've -- and Nate mentioned and we've talked about in the last call, we've done some selective price increases now and we'll keep an eye on that. If inflation looks like it's here to stay, we're pretty good at raising prices when we need to be. We have a history of doing that during inflationary periods or especially during currency changes in different parts of the world. So I think we're prepared for that, and we're starting down that path. We'll see where it goes.

就與成本相關的直接價格上漲甚至下降而言。我認為，當整個行業受到廣泛的成本影響時，你最終會看到價格上漲。成本的大幅上漲才剛剛開始。我們已經——內特提到過，我們在上次電話會議中也談到過，我們現在已經進行了一些有選擇的價格上漲，我們將密切關注這一點。如果通脹看起來會持續下去，我們就很擅長在需要時提高價格。我們有在通貨膨脹時期，特別是在世界不同地區貨幣變動期間這樣做的歷史。所以我認為我們已經為此做好了準備，並且我們正在沿著這條道路開始。我們會看看它會去哪裡。

Then maybe my last question is on Jaybird. How much revenue was that say, in the last quarter, for example, and also did you had some charges with ending this business basically what -- would you see some changes going forward?

那麼也許我的最後一個問題是關於 Jaybird 的。例如，上個季度的收入是多少？您是否因終止這項業務而受到一些指控？基本上，您會看到未來發生一些變化嗎？

Yes, I can take that one. Really, the revenue is about $5 million a quarter. So it really was not material at all. And in terms of the charges, yes, we had, we had some things that hit in cost of goods and also some things that hit in GAAP OpEx. In terms of cost of goods, we had about $8 million of component and other inventory write-offs related to products, and we've decided not to launch, our product, we decided not to launch.

是的，我可以接受那個。事實上，每個季度的收入約為 500 萬美元。所以它確實根本不重要。就費用而言，是的，我們有一些因素影響了商品成本，也有一些因素影響了 GAAP 運營支出。就商品成本而言，我們有大約 800 萬美元的組件和其他與產品相關的庫存沖銷，我們決定不推出我們的產品，我們決定不推出。

So that hit us this quarter, about $8 million in cost of goods. There's also some about $8 million of hit down in OpEx, which is GAAP only for us this quarter, a little bit of restructuring, a little bit of contract cancellation, things like that.

因此，本季度我們遭受了約 800 萬美元的商品成本打擊。運營支出也有大約 800 萬美元的損失，這是本季度我們僅按 GAAP 計算的，還有一些重組、一些合同取消等。

The next question comes from D.A. Davidson, Franco Granda.

下一個問題來自 D.A.戴維森，弗蘭科·格蘭達。

Let me ask a couple of questions here. So I have 1 product and 1 big picture question. So Bracken, as you mentioned earlier, you recently introduced your Pop Keys as part of your efforts to really capture a broader market. So I was wondering what kind of traction are you getting there?

讓我在這裡問幾個問題。所以我有 1 個產品和 1 個總體問題。因此，Bracken，正如您之前提到的，您最近推出了 Pop Keys，作為您真正佔領更廣闊市場的努力的一部分。所以我想知道你在那裡得到了什麼樣的牽引力？

And then secondly, with most headlines nowadays in gaming, it really revolving around this whole concept of the metaverse. And so some shape or form. Is this a trend you'll be trying to capitalize on perhaps on marketing materials or even some type of product introductions?

其次，當今遊戲界的大多數頭條新聞實際上都圍繞著虛擬宇宙的整個概念。等等一些形狀或形式。您是否會嘗試在營銷材料甚至某種類型的產品介紹中利用這一趨勢？

Yes. So Pop Keys, yes, the traction has been good. I mean I think are super excited about that. We launched it first in China. It's done really well. And I think we -- as we're expanding that around the world, the reception has been very strong. It's not only the number is good, but also the anecdotes are good. I always know when I have people reach out to me, especially people I don't even know on a product that we've just announced and asking if they can get it, it's usually a very good sign, and that's a product we've had that. I'd also add Litra Glow. I brought it up a couple of times on this call. It's the highest preorders we've ever had. And that 1 have had tons of people writing me about. So we'll see where we go with that.

是的。所以 Pop Keys，是的，牽引力很好。我的意思是我認為對此非常興奮。我們首先在中國推出了它。做得真的很好。我認為，當我們在世界範圍內擴展這一業務時，反響非常強烈。不僅數量好，軼事也好。我總是知道，當有人聯繫我時，尤其是那些我什至不認識的人，詢問我們剛剛宣布的產品是否可以獲得它，這通常是一個非常好的跡象，這就是我們的產品。我有過這樣的經歷。我還要添加 Litra Glow。我在這次電話會議上多次提到過這個問題。這是我們有史以來預訂量最高的一次。有很多人給我寫信提到這一點。所以我們會看看我們該怎麼做。

The metaverse is here, and I think it's going to keep growing. And we've been working in the VC -- on the VR and AR space quietly for years, for 5 years plus. It doesn't have to be VR and AR completely to be part of what most people are describing as the metaverse, but the meters is going to turn in, is going to keep growing what we do online, what we do virtually. So we're certainly going to be in the middle of that action. We're very excited. I think it's a potential creator for us in every way, products, marketing, everything.

虛擬宇宙就在這裡，我認為它會繼續增長。我們已經在 VC 領域——VR 和 AR 領域悄悄地工作了 5 年多了。不一定要完全是 VR 和 AR 才能成為大多數人所描述的虛擬世界的一部分，但計量將會轉變，我們在線上、虛擬上所做的事情將會不斷增長。所以我們肯定會參與這一行動。我們非常興奮。我認為它在各個方面（產品、營銷等等）對我們來說都是潛在的創造者。

Last question comes from Torsten, Kepler.

最後一個問題來自開普勒托斯頓。

Yes. And also congratulations from my side, quite a nice surprise this morning. Now just quickly, I see you want to close. You said that you want to, going forward, rely less on promotion and invest more in brand building, brand equity. Now your DEFY LOGIC campaign has started, if I'm not mistaken, about a year ago. Has your marketing search already led to any measurable improvements, say, unguarded, unguided brand awareness, price perception, also relative position of your brands?

是的。我也表示祝賀，今天早上真是一個驚喜。現在快點，我看到你想關閉。您說您希望今後減少對促銷的依賴，更多地投資於品牌建設、品牌資產。現在，如果我沒記錯的話，你們的 DEFY LOGIC 活動大約一年前就開始了。您的營銷搜索是否已經帶來了任何可衡量的改進，例如，不受保護、不受指導的品牌知名度、價格感知以及您品牌的相對地位？

Yes. We have -- we have KPIs, we're measuring now. And so it's a little early for us to give too much insight into that. Probably, if you ask us 6 months from now, we'll give you a better answer. What we do have is a little more anecdotal, but somewhat data-driven and looks pretty promising. I mean I'd say our brand, the DEFY LOGIC campaign does seem to have a direct effect on brand awareness, especially among the younger consumer set, which we're really targeting them to bring them into the fold.

是的。我們有——我們有關鍵績效指標，我們現在正在衡量。因此，我們現在對此進行過多深入的了解還為時過早。也許，如果您 6 個月後問我們，我們會給您更好的答案。我們所做的只是一些軼事，但有些是數據驅動的，看起來很有希望。我想說的是，我們的品牌 DEFY LOGIC 活動似乎確實對品牌知名度產生了直接影響，尤其是在年輕消費者群體中，我們真正的目標是讓他們融入其中。

We historically were underdeveloped in kind of the sub-30 group, and that looks like it really affects them dramatically, which is great in terms of and positive view of the brand, which was our goal. But it's not just the DEFY LOGIC campaign. We're spending a lot of marketing money on gaming. In the Gaming business, we've -- our brand definitely significantly over the past 2 years. It looks like the ROI on that spending is very high, and we're going to keep investing there.

從歷史上看，我們在 30 歲以下群體中處於不發達狀態，這看起來確實對他們產生了巨大影響，這對於品牌的積極看法是偉大的，這也是我們的目標。但這不僅僅是 DEFY LOGIC 活動。我們在遊戲上花費了大量的營銷資金。在遊戲業務中，我們的品牌在過去兩年中無疑取得了顯著的進步。看起來這筆支出的投資回報率非常高，我們將繼續在那裡投資。

And also the direct product category spending that we do, we -- whether it's digital online internet spending, real kind of ongoing -- almost like a sales engine activity that people call it marketing and it is marketing, it's [classified] marketing. That is also very measurable with the return on ad spend ratio you may be familiar with, and we're seeing great pockets investment there.

還有我們所做的直接產品類別支出，無論是數字在線互聯網支出，真正的持續性支出，幾乎就像一種銷售引擎活動，人們稱之為營銷，它是營銷，它是[分類]營銷。這也可以通過您可能熟悉的廣告支出回報率來衡量，而且我們看到了巨大的口袋投資。

So across the board, we see opportunity, and we're going to keep monitoring and measuring it and making sure we're spending the right amount for what we're getting back.

因此，總的來說，我們看到了機會，我們將繼續監控和衡量它，並確保我們花費正確的金額來獲得回報。

That's the end of our questions. Thank you, everyone. Bracken, any final comments?

我們的問題到此結束。謝謝大家。布雷肯，最後有什麼意見嗎？

Well, it's wonderful to be in 2022, and it feels like we really are probably at the beginning of the downslope of this pandemic. And we just see so many opportunities ahead for Logitech and for the world. It's like a really -- I think it's going to be an exciting time ahead as things start to fall out, and we're going to be ready to innovate left, right, and center, and grow right into all these long-term secular trends we've been part of. And I think they're not going to let up.

好吧，2022 年真是太棒了，感覺我們真的可能正處於這場大流行病衰退的開始階段。我們看到羅技和世界面臨著如此多的機遇。這就像一個真正的——我認為隨著事情開始發生變化，這將是一個激動人心的時刻，我們將準備好左翼、右翼和中間的創新，並成長為所有這些長期的世俗我們已經參與的趨勢。我認為他們不會放鬆。

Thanks so much. Thanks for all of you. Talk to you in the quarter.

非常感謝。謝謝大家。本季度與您交談。

Thank you.

謝謝。