羅技 (LOGI) 2022 Q2 法說會逐字稿

Good morning, everyone, and thank you, everyone, for joining Logitech's Q2 Fiscal 2022 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, including our most recent annual report and quarterly reports. 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 and GAAP results and information about the use of non-GAAP measures in our press release and in our SEC filings. These materials are well -- as well as our prepared remarks, slides and a webcast of this call are available on the IR page of our website. We encourage you to review these materials carefully, unless noted otherwise, comparisons between periods or year-over-year and in constant currency in sales or net sales. This call is being recorded via available replay on our website.

大家早上好，感謝大家參加羅技 2022 年第二季度財報電話會議。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（包括我們最近的年度報告和季度報告）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。您將在我們的新聞稿和 SEC 文件中找到非 GAAP 和 GAAP 結果之間的調節以及有關使用非 GAAP 措施的信息。這些材料都很好，我們準備好的評論、幻燈片和本次電話會議的網絡廣播也可以在我們網站的 IR 頁面上找到。除非另有說明，我們鼓勵您仔細查看這些材料，比較不同期間或同比以及按固定貨幣計算的銷售額或淨銷售額。此通話正在通過我們網站上的可用重播進行錄音。

And with that, I'll turn call over to Bracken.

就這樣，我將把電話轉給布雷肯。

Thank you, Nicole, and thank you for that gripping and surprising summary of the safe harbor provisions.

謝謝你，妮可，也謝謝你對安全港條款的扣人心弦和令人驚訝的總結。

This month, we celebrated our 40th anniversary here at Logitech. We've grown from a Swiss software start-up that found a niche and computer mice to a design company with leading market share across many categories. And we're growing share in the majority of our key product categories, including the original category of the mass. I mentioned our 40th anniversary, not really to look back, but as a prelude to looking into the future. Just as a PC growth trends supported our 30 years around the PC growth period, a collection of long-term trends will support our strong growth for many years ahead. Gaming will grow to become the biggest collection of sports in the world one day from both a participant and a spectator standpoint. Video Collaboration will almost totally replace audio-only collaboration. Almost everyone will create content as well as watch each other's content. And the mouse and the keyboard, those original categories, will keep growing as more people work, create and learn at a desk or a table where they can move away from that tiny screen on the phone and be comfortable for hours at a time.

這個月，我們在羅技慶祝了 40 週年紀念日。我們已經從一家找到了利基市場和電腦鼠標的瑞士軟件初創公司成長為一家在許多類別中擁有領先市場份額的設計公司。我們在大多數關鍵產品類別中的份額都在增長，包括大眾的原始類別。我提到我們成立40週年，並不是為了回顧過去，而是為了展望未來。正如 PC 增長趨勢支持了我們 30 年的 PC 增長期一樣，一系列長期趨勢也將支持我們未來許多年的強勁增長。從參與者和觀眾的角度來看，有一天，遊戲將成為世界上最大的運動項目。視頻協作將幾乎完全取代純音頻協作。幾乎每個人都會創建內容並觀看彼此的內容。隨著越來越多的人在辦公桌或桌子上工作、創作和學習，鼠標和鍵盤這些最初的類別將不斷增長，他們可以離開手機上的小屏幕，一次舒適地度過幾個小時。

I love Logitech's position in this landscape of long-term market trends. Gaming, Video Collaboration, streamers and creators and our workspace product categories, we are ideally positioned to grow in all of them. That's the long-term outlook. But let's look more near term.

我喜歡羅技在長期市場趨勢領域的地位。遊戲、視頻協作、主播和創作者以及我們的工作空間產品類別，我們處於在所有這些領域發展的理想位置。這就是長期前景。但讓我們看看更近期的情況。

Most organizations are settling into new ways of working, hybrid. And the evidence is overwhelming, that employees prefer working from home 2 to 3 days a week. Many employers have embraced this reality and a large share of the rest have at least accepted it. Companies across all industries are adjusting their offices, planning redesigns or relocating to accommodate this shift. Many companies, including Logitech, are reshaping offices to support hybrid work practices and enable more places for meeting, for collaborating and for creating together while still continuing to have dedicated workspaces for those who prefer or need it. Today is the simple, I work in the office and then I go home are over for so many of us. It used to be your workplace was the office. We've entered the next era where your workplace is your workspace, wherever that is. Traditional office desk, hot desk, home office, kitchen table, conference room, your child's room or a coffee shop, the variety of workspace is growing. And in that world, with people distributed across so many places, the video-enabled spaces in the office must grow, too. Conference rooms, huddle rooms, collaboration spaces, all will need video and must continue to grow. What an amazing opportunity this is for Logitech. We offer solutions for all of those wherever your workspace is and most of us will need more than one.

大多數組織正在適應新的混合工作方式。大量證據表明，員工更喜歡每週在家工作 2 到 3 天。許多雇主已經接受了這一現實，其餘大部分雇主至少也接受了這一現實。各行各業的公司都在調整辦公室、計劃重新設計或搬遷，以適應這一轉變。包括羅技在內的許多公司正在重塑辦公室，以支持混合工作實踐，並為會議、協作和共同創造提供更多場所，同時仍繼續為喜歡或需要的人提供專用工作空間。今天很簡單，我在辦公室工作，然後回家，對我們很多人來說就結束了。以前你的工作場所就是辦公室。我們已經進入了下一個時代，無論在哪裡，您的工作場所就是您的工作場所。傳統辦公桌、輪用辦公桌、家庭辦公室、餐桌、會議室、孩子的房間或咖啡廳，工作空間的多樣性正在不斷增加。在那個世界中，由於人們分佈在如此多的地方，辦公室中支持視頻的空間也必須擴大。會議室、小型會議室、協作空間都需要視頻，並且必須繼續增長。這對於羅技來說是一個多麼難得的機會。無論您的工作空間在哪裡，我們都可以為所有這些人提供解決方案，而我們大多數人都需要多個解決方案。

When we're not working, we want to create and not to just play. Humanity has always had the need to create new things and connect to each other. Now most people create in the digital world. Digital creation has been growing strongly for many years. And not surprisingly, it surged during the pandemic. But that surge continues.] The total number of hours watched across all streaming platforms, including Twitch, YouTube and Facebook, increased 20% year-on-year this past quarter from 7.5 billion hours to almost 9 billion hours in Q2 of 2020 -- 2021. That's 20% on top of the incredible growth we already saw last year.

當我們不工作時，我們想要創造，而不僅僅是玩耍。人類一直需要創造新事物並相互聯繫。現在大多數人在數字世界中進行創作。多年來，數字創作一直在強勁增長。毫不奇怪，它在大流行期間飆升。但這種激增仍在繼續。]上一季度，包括 Twitch、YouTube 和 Facebook 在內的所有流媒體平台的觀看總時長同比增長 20%，從 75 億小時增至 2020 年第二季度的近 90 億小時—— 2021 年。這比我們去年已經看到的令人難以置信的增長還要高 20%。

Those trends in mind, let's examine our performance in Q2 of this year. Last year, we reported tremendous Q2 growth of 73%, accelerated by the pandemic. On top of that substantially larger base, we not only sustained that growth, we actually grew again this quarter. We delivered record sales, double-digit sell-through across all regions and grew market share across almost all of our revenue. I believe we're innovating though at any time in the 40-year history of the company, too: design, engineering and sustainability. Our PC Peripherals categories remain very strong with double-digit sales growth in Pointing Devices and PC Keyboards & Combos.

考慮到這些趨勢，讓我們來看看我們今年第二季度的表現。去年，我們報告第二季度增長率高達 73%，疫情的推動加速了這一增長。除了大幅擴大的基數之外，我們不僅維持了這種增長，而且本季度實際上再次實現了增長。我們在所有地區實現了創紀錄的銷售額和兩位數的銷售率，並且幾乎所有收入的市場份額都在增長。我相信，在公司 40 年的歷史中，我們隨時都在創​​新：設計、工程和可持續發展。我們的 PC 外設類別仍然非常強勁，指點設備和 PC 鍵盤和組合的銷售額增長了兩位數。

Here's 1 example -- or 2 examples of how our design-centered approach is so powerful. On the one hand this quarter, we launched MX Keys Mini and Mini for the Mac. These keyboards were designed in result of the input and request of the creative community. The new keyboard offers the best features of popular standard-sized MX Keys, which is a larger keyboard that's sitting in front of me, but in a minimal wireless keyboard. I'm using it right now, and it's absolutely awesome. It's right here. It will likely skew 30 or 35 and older.

以下是我們以設計為中心的方法如此強大的 1 個或 2 個示例。一方面，本季度我們推出了 MX Keys Mini 和 Mac 版 Mini。這些鍵盤是根據創意社區的意見和要求而設計的。新鍵盤提供了流行的標準尺寸 MX Key 的最佳功能，這是我面前的一個更大的鍵盤，但採用的是最小的無線鍵盤。我現在正在使用它，它非常棒。就在這裡。它可能會偏向 30 歲或 35 歲及以上的人。

On the other hand, just go look at our website and type in -- later ideally so you don't -- you keep listening to me for now, type in pop keys in the search bar. You'll see a line of mechanical keyboard with replaceable emoji keys was very colorful. That's just launching in China. It's so fun and so cool, it's perfect for Gen Z. It will skew strongly under 30 and female.

另一方面，只需查看我們的網站並輸入 - 最好稍後再輸入 - 您現在繼續聽我說，在搜索欄中輸入彈出鍵。你會看到一排帶有可更換錶情鍵的機械鍵盤非常豐富多彩。這才剛剛在中國推出。它非常有趣、非常酷，非常適合 Z 世代。它會強烈偏向 30 歲以下的女性。

Our Gaming category had another strong quarter with market share growth in PC, console and simulation gaming, all of them. Underlying sell-through grew double digits in this category as well.

我們的遊戲類別又迎來了一個強勁的季度，PC、遊戲機和模擬遊戲的市場份額均有所增長。該類別的基礎銷售額也實現了兩位數增長。

Our capital category is more than double the size it was 2 years ago, and our portfolio is stronger than ever. Education and online learning are a strong and growing opportunity, not just for K-12, but as universities democratize learning with online courses and the adoption of numerous learning platforms grows in popularity. Remote teaching has become easier and there is much more we can do to help educators to lead their classes both in person and when students are at home.

我們的資本類別規模是兩年前的兩倍多，我們的投資組合比以往任何時候都更強大。教育和在線學習是一個強大且不斷增長的機會，不僅對於 K-12 而言，而且隨著大學通過在線課程實現學習民主化以及眾多學習平台的採用越來越受歡迎。遠程教學變得更加容易，我們可以做更多的事情來幫助教育工作者親自授課以及當學生在家時授課。

As organizations worldwide continue to reestablish ways of working remote, on-premise and hybrid, people are indeed using more and more video. According to market research firm, Frost & Sullivan, are the nearly 90 million meeting rooms worldwide, only about 8% are video enabled. According to them, that's 1/11 of the total rooms out there. We're working to change that and help our customers evolve with the new ways of working because it's simply a must to have videos in the rooms in the future.

隨著世界各地的組織不斷重建遠程、本地和混合工作方式，人們確實越來越多地使用視頻。根據市場研究公司 Frost & Sullivan 的數據，全球近 9000 萬個會議室中，只有約 8% 啟用了視頻功能。據他們稱，這相當於現有房間總數的 1/11。我們正在努力改變這一現狀，並幫助我們的客戶採用新的工作方式來發展，因為未來房間裡必須有視頻。

The lack of video access creates a terrible experience for remote attendees who have experienced the benefits of face-to-face video interaction over the last year. Every IT decision-maker is thinking about this. Thoughtful reformatting of the way companies work as they go hybrid is a watershed moment for many of these departments because for the first time, the structure of offices and the -- offices and the technology in the rooms, the primary role of these departments will be a driver of the cultural evolution of every company. So it isn't surprising company IT departments are making careful, broadly aligned and systematic steps here. We're investing in building out solutions for these IT leaders and investing deeply in this area.

缺乏視頻訪問給去年體驗過面對面視頻交互好處的遠程與會者帶來了糟糕的體驗。每個 IT 決策者都在思考這個問題。對這些部門中的許多部門來說，在公司走向混合型的過程中對工作方式進行深思熟慮的重新格式化是一個分水嶺，因為辦公室的結構以及辦公室和房間裡的技術將首次成為這些部門的主要角色。每個公司文化演變的驅動力。因此，公司 IT 部門在此採取謹慎、廣泛一致和系統化的步驟也就不足為奇了。我們正在投資為這些 IT 領導者構建解決方案，並在這一領域進行深入投資。

Next, I want to touch on the impact of the well-discussed supply chain industry challenges that have been headline news globally. While we've managed these global supply chain challenges well throughout the pandemic, Logitech is not immune to their effects. We continue to proactively manage our supply chain, but expect ongoing headwinds from higher logistics costs and prolonged delays and challenges with component availability. We do believe our long-term supplier relationships as well as our wholly owned production facility should help us remain competitive in the current unprecedented supply chain environment.

接下來，我想談談備受討論的供應鏈行業挑戰的影響，這些挑戰已成為全球頭條新聞。儘管我們在整個疫情期間很好地應對了這些全球供應鏈挑戰，但羅技也未能倖免於其影響。我們繼續積極管理我們的供應鏈，但預計物流成本上升、長期延誤以及組件可用性挑戰將持續帶來不利影響。我們確實相信，我們的長期供應商關係以及我們的全資生產設施應該有助於我們在當前前所未有的供應鏈環境中保持競爭力。

And before I close and hand it over to Nate, let me give a quick sustainability update. We recently raised our climate goals. We announced that we will be carbon-neutral this year and have plans to be climate positive in 10 years. And at that point, we'll be taking more carbon out of the environment than we generate. These are industry-leading commitments. We're addressing our carbon footprint across the entire value chain, designing our products for sustainability, using renewable energy at 92% right now in our facilities and supporting third-party certified carbon removal projects.

在我結束並將其交給內特之前，讓我快速介紹一下可持續發展的最新情況。我們最近提高了氣候目標。我們宣布今年將實現碳中和，併計劃在 10 年內實現氣候積極。到那時，我們從環境中吸收的碳將超過我們產生的碳。這些都是行業領先的承諾。我們正在解決整個價值鏈中的碳足跡問題，設計我們的產品以實現可持續發展，目前我們的設施中使用了 92% 的可再生能源，並支持第三方認證的碳清除項目。

We're excited about the long-term trends that are driving growth in our business. These trends drove our business pre-pandemic, accelerated during the pandemic and will be a driving force for years to come. Our long-term strategy remains unchanged. The current market trends play to our strengths and we are doubling down to become even stronger.

我們對推動我們業務增長的長期趨勢感到興奮。這些趨勢在大流行前推動了我們的業務，在大流行期間加速了這一趨勢，並將成為未來幾年的驅動力。我們的長期戰略保持不變。當前的市場趨勢發揮了我們的優勢，我們正在加倍努力，變得更加強大。

Now let me turn the call over to Nate for further comments on our business performance this quarter. Nate?

現在讓我將電話轉給內特，請其進一步評論我們本季度的業務表現。內特？

All right. Thanks, Bracken. We delivered a solid quarter and continue to execute well on a number of fronts. In Q2 and for the first half of the year, we grew the top line, maintained strong gross margins, gained share in most categories and returned record levels of cash to shareholders. We are confirming our full year outlook despite unprecedented supply chain industry challenges.

好的。謝謝，布雷肯。我們交付了一個穩定的季度業績，並在許多方面繼續表現良好。在第二季度和上半年，我們實現了營收增長，保持了強勁的毛利率，在大多數類別中獲得了份額，並向股東返還了創紀錄水平的現金。儘管供應鏈行業面臨前所未有的挑戰，但我們仍確認了全年展望。

Turning to the Q2 results. Our total company top line grew 2% in constant currency with strong momentum in our Pointing Devices and Keyboard categories, both growing double digits. Webcam sales decreased this quarter by 9% after more than tripling last year. We gained share in all 3 categories and each has good long-term growth potential driven by hybrid work and greater category awareness.

轉向第二季度的結果。按固定匯率計算，我們公司的總收入增長了 2%，其中指點設備和鍵盤類別勢頭強勁，均實現兩位數增長。網絡攝像頭銷量去年增長了兩倍多，本季度下降了 9%。我們在所有 3 個類別中都獲得了份額，並且在混合工作和更高的類別意識的推動下，每個類別都具有良好的長期增長潛力。

Q2 Video Collaboration sales declined 4%, but sell-through grew double digits in all regions. Net sales for Americas and Asia Pacific grew year-over-year. And while EMEA net sales declined versus the prior year, they grew sequentially and EMEA sales more than doubled versus 2 years ago. Gaming grew 9% against 84% growth last year and delivered impressive share gains across PC gaming, simulation and console headsets. It's been an excellent first half for gaming, enabled by a very strong lineup of innovative products, solid marketing execution and our position as the leader in the fastest-growing categories like wireless mice and keyboards.

第二季度視頻協作銷售額下降 4%，但所有地區的銷售額均實現兩位數增長。美洲和亞太地區的淨銷售額同比增長。儘管歐洲、中東和非洲地區的淨銷售額較上年有所下降，但仍呈環比增長，且歐洲、中東和非洲地區的銷售額較兩年前增長了一倍多。遊戲行業增長了 9%，而去年的增長率為 84%，並且在 PC 遊戲、模擬遊戲和遊戲機耳機領域實現了令人印象深刻的份額增長。對於遊戲來說，上半年表現非常出色，這得益於強大的創新產品陣容、紮實的營銷執行力以及我們在無線鼠標和鍵盤等增長最快類別中的領導者地位。

Sales in our Tablet Accessories category declined 3% in Q2. But excluding Japan, where we had a large education order in Q2 through Q4 last year, sales grew more than 30%. Importantly, our tablet category is still more than double the size it was 2 years ago, and our portfolio is stronger than ever as demonstrated by 6 points of share gain in the quarter.

第二季度平板電腦配件類別的銷售額下降了 3%。但不包括日本，我們去年第二季度到第四季度收到了大量教育訂單，銷售額增長了 30% 以上。重要的是，我們的平板電腦類別的規模仍然是 2 年前的兩倍多，而且我們的產品組合比以往任何時候都更強大，本季度的份額增長了 6 個百分點。

Our Music categories declined as expected in Q2, down 14% overall, including mobile speakers down 11%. Q2 non-GAAP gross margin remained strong at 42%, although down 370 basis points versus last year's elevated levels. We anticipated that gross margins would be down from last year. And as we look out to the rest of this fiscal year, I expect gross margins to be lower than current levels for 3 primary reasons. First, we expect our promotional spending will continue to increase, although still remain below historical levels. Second, we will continue to invest in retail point of sales marketing, which was significantly curtailed last year due to store closures and broad-based supply shortages. And lastly, while we continue to manage our supply chain, we expect to be impacted by industry-wide component and freight cost increases.

我們的音樂類別在第二季度出現了預期的下滑，整體下降了 14%，其中移動音箱下降了 11%。第二季度非 GAAP 毛利率仍保持在 42% 的強勁水平，儘管與去年的較高水平相比下降了 370 個基點。我們預計毛利率將低於去年。展望本財年剩餘時間，我預計毛利率將低於當前水平，原因有 3 個。首先，我們預計促銷支出將繼續增加，但仍低於歷史水平。其次，我們將繼續投資零售銷售點營銷，去年由於商店關閉和廣泛的供應短缺，這一投資大幅縮減。最後，在我們繼續管理供應鏈的同時，我們預計會受到全行業零部件和貨運成本增加的影響。

Turning to expenses. We executed our plan to strategically invest to grow our business over the long term. Our non-GAAP operating expenses increased 52% in Q2 to $337 million. The increase was largely driven by investment in marketing, sales coverage and product development. As a percentage of sales, OpEx was higher than Q2 of last year but still down versus Q2 2 years ago, highlighting our significantly increased scale as a company.

轉向開支。我們執行了戰略投資計劃，以長期發展我們的業務。我們的非 GAAP 運營支出在第二季度增長了 52%，達到 3.37 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。運營支出佔銷售額的百分比高於去年第二季度，但與兩年前第二季度相比仍有所下降，凸顯了我們作為一家公司的規模顯著擴大。

Rounding out the P&L, our Q2 operating profit decreased 40% to $211 million, and operating margins were 16.2% of sales, down about 12 percentage points versus the prior year and up about 4 points versus 2 years ago.

完善損益表後，我們第二季度的營業利潤下降了 40%，至 2.11 億美元，營業利潤率為銷售額的 16.2%，比上年下降約 12 個百分點，比兩年前上升約 4 個百分點。

Cash flow from operations was negative $63 million in Q2. We returned significant cash to shareholders with $120 million of share repurchases, paid an annual dividend of $159 million and ended the quarter with a cash balance of approximately $1.1 billion.

第二季度運營現金流為負 6300 萬美元。我們通過 1.2 億美元的股票回購向股東返還了大量現金，支付了 1.59 億美元的年度股息，本季度末現金餘額約為 11 億美元。

At the end of September, our inventory was $828 million, up $433 million from last year, while our inventory turns were 3.7x versus an unusually high 7x in Q2 a year ago. Historically, our Q2 cash flows tend to be positive, but they were negative this quarter as inventory turns were slower due to longer transit times and our continued strategic use of the balance sheet to secure long lead time components for key product categories.

截至 9 月底，我們的庫存為 8.28 億美元，比去年增加了 4.33 億美元，而我們的庫存周轉率為 3.7 倍，而去年第二季度的庫存周轉率為異常高的 7 倍。從歷史上看，我們第二季度的現金流往往為正，但本季度為負，因為運輸時間較長以及我們繼續戰略性地利用資產負債表來確保關鍵產品類別的長交貨期組件，庫存周轉速度較慢。

I expect to see positive cash flow generation in the second half but given that logistics bottlenecks and supply dynamics will remain challenging for at least the rest of this year, our cash from operations will be lower than our initial outlook. This dynamic should be temporary. And as lead times and transit times improve, cash flow will rebound due to reduced working capital.

我預計下半年將出現正現金流，但鑑於物流瓶頸和供應動態至少在今年剩餘時間內仍將面臨挑戰，我們的運營現金將低於我們最初的預期。這種動態應該是暫時的。隨著交貨時間和運輸時間的改善，現金流將因營運資金的減少而反彈。

Our Q2 cash conversion cycle was 69 days, up from an exceptionally low 19 days last year and up from 43 days 2 years ago. The primary driver of the change in our cash conversion cycle is higher inventory days, which are up about 25 days versus pre-COVID Q2 levels.

我們第二季度的現金轉換週期為 69 天，高於去年極低的 19 天，也高於兩年前的 43 天。現金轉換週期變化的主要驅動因素是庫存天數增加，與新冠疫情之前第二季度的水平相比增加了約 25 天。

Looking ahead, we are tracking to our plan of sustaining the increased revenue scale from last year and investing to build a larger, faster-growing and more profitable company for the long term. We are confirming our fiscal year '22 outlook of flat sales growth in constant currency, plus or minus 5% and maintaining our fiscal year '22 non-GAAP operating income outlook of $800 million to $850 million. We are well positioned in the market and this outlook reflects our focus on driving long-term growth.

展望未來，我們將繼續執行我們的計劃，即維持去年增加的收入規模，並投資建立一家規模更大、增長更快、利潤更高的長期公司。我們確認 22 財年的銷售增長前景按固定匯率計算持平，正負 5%，並維持 22 財年非 GAAP 營業收入預期為 8 億至 8.5 億美元。我們在市場中處於有利地位，這一前景反映了我們對推動長期增長的關注。

With that, let me hand it back to Bracken.

就這樣，讓我把它交還給布雷肯。

Thank you, Nate. Our consistent operational execution and ability to capitalize on long-term trends like hybrid work, video everywhere, gaming and content creation continue to drive our performance. These trends that drove our performance pre-COVID and accelerated during COVID continue to position us really well for the future as well. As I said at the top of the call, we may have started 40 years ago as only a mouse company, but we're far from that now. Our portfolio today is diverse. Our pipeline of upcoming products is strong, and we continue to build our capability in world-class design and sustainable innovation.

謝謝你，內特。我們始終如一的運營執行力以及利用混合工作、視頻無處不在、遊戲和內容創作等長期趨勢的能力繼續推動我們的業績。這些趨勢在新冠疫情之前推動了我們的業績，並在新冠疫情期間加速了我們的業績，繼續為我們的未來奠定了良好的基礎。正如我在電話會議開頭所說的那樣，40 年前我們可能只是一家鼠標公司，但現在我們離這個目標還很遠。今天我們的投資組合是多元化的。我們即將推出的產品陣容強大，並且我們將繼續增強我們在世界一流設計和可持續創新方面的能力。

Many of our employees listen to this call, and at this point, I want to thank each one of you for the hard work throughout this quarter and the last 1.5 years. I'm confident about this year and super excited about the years to come. Now Nate and I are ready for your questions.

我們的許多員工都聽取了這一呼籲，在此，我要感謝你們每一個人在本季度和過去 1.5 年中的辛勤工作。我對今年充滿信心，並對未來幾年感到非常興奮。現在內特和我準備好回答你們的問題了。

(Operator Instructions) And with that, I will have Asiya Merchant from Citi.

（操作員說明） 這樣，我就會獲得花旗銀行的 Asiya Merchant。

For some reason I can't start the video. It seems like the host has disabled it, so I'm just going to ask on audio. So one for Bracken, one for Nate. So Bracken, you're talking about long-term growth. You guys obviously had a very robust outlook. And it seems like some of your competitors, HP and Dell, seem to buy into the idea that peripherals are indeed a very attractive category and should see growth. But in the face of this, we're seeing some normalization. There's -- we're seeing some normalization here with sell-in versus sell-through. Are you expecting, as we exit the year and when your sell-in and sell-through kind of normalize, hopefully, that we should start to see growth, which is more in line with your target model? Or relative to what investors are concerned about that there will be this period of sustained low single-digit or flattish growth given the extraordinary growth that we've seen during the pandemic? Then I have a question for Nate as well.

由於某種原因我無法啟動視頻。看來樓主已經禁用了，所以我就通過音頻來詢問一下。所以一份給布雷肯，一份給內特。布雷肯，你談論的是長期增長。你們顯然有著非常樂觀的前景。看起來你的一些競爭對手，惠普和戴爾，似乎相信外圍設備確實是一個非常有吸引力的類別，並且應該會看到增長。但面對這種情況，我們看到了一些正常化。我們看到賣出與賣出之間出現了一些正常化。您是否預計，當我們今年結束時，當您的銷售量和銷售量趨於正常化時，希望我們應該開始看到增長，這更符合您的目標模型？或者相對於投資者擔心的，鑑於我們在大流行期間看到的非凡增長，將會出現持續的低個位數增長或持平增長時期？然後我也有一個問題要問內特。

Okay. I think the reality is that I've got a chart in front of me that actually looks back over the last couple of years of growth and the numbers are astonishing. But you have to remember that they really reset a base for us. So for example, I'll just take the mouse and keyboard and keyboard -- mouse and keyboard categories. We've really now just got these multiple extra workspaces, all of this and now they're upgradable. Our business pre-pandemic was really just an upgrade, mostly an upgrade business. And now we're the upgrade businesses for multiple places, some in the office, some at home and companies want to standardize. So yes, I believe as we go into the next year and the year after that and year after that, we're going to see long-term growth in these categories. And I think it will start to, as you call it, normalize. And I'm really excited about it. I think we're in a really good position.

好的。我認為現實情況是，我面前有一張圖表，它實際上回顧了過去幾年的增長情況，數字令人震驚。但你必須記住，他們確實為我們重置了一個基礎。例如，我將只採用鼠標和鍵盤以及鍵盤——鼠標和鍵盤類別。我們現在確實擁有了這些多個額外的工作空間，所有這些現在它們都是可升級的。我們在大流行前的業務實際上只是升級，主要是升級業務。現在我們正在為多個地方進行升級業務，有些在辦公室，有些在家裡，公司希望標準化。所以，是的，我相信，當我們進入明年、後年和後年時，我們將看到這些類別的長期增長。我認為正如你所說的那樣，它將會開始正常化。我對此感到非常興奮。我認為我們處於一個非常好的位置。

The other thing I'd say is we're not sitting on our chair, waiting for the market to happen. Most of our categories, we're the market leader and we're making it happen. So we have the best innovation engine in the history of the company, I believe, right now. That's why we're gaining share in some -- in a huge percentage of our categories. So it's -- I think we can make this happen rather than watch it happen.

我要說的另一件事是，我們不會坐在椅子上等待市場發生。我們的大多數類別都是市場領導者，並且我們正在實現這一目標。因此，我相信，我們現在擁有公司歷史上最好的創新引擎。這就是為什麼我們在某些​​類別中——在我們的很大一部分類別中——獲得了份額。所以我認為我們可以讓這一切發生，而不是眼睜睜地看著它發生。

As it relates to Video Collaboration, Bracken, it seems like even to get to the low end of your guide, 10% to 25%, I think that was shared at the analyst event, you're going to have to see some strong growth. I know there is some sell-in, sell-through dynamics that are going on there. But should we even expect, as reported, Video Collaboration sales to be in that range? Or are we still going to go through this period of sell-in, sell-through dynamics in the back half of this fiscal year for you guys?

由於它與視頻協作相關，Bracken，似乎甚至達到了指南的低端，10% 到 25%，我認為這是在分析師活動中分享的，你將不得不看到一些強勁的增長。我知道那裡正在發生一些銷售、銷售的動態。但我們是否應該預期視頻協作銷售額會在這個範圍內？或者說，在本財年後半段，我們是否仍會經歷這段銷售、售完的動態時期？

Maybe from a challenge (inaudible) standpoint, we're in pretty good shape. But I think we could end up falling below that range that we gave at the beginning of the year. I think it just depends. I mean one of the things I think we're seeing is that there's a longer period of decision-making happening in a lot of companies about how to restructure their offices. And that's probably delaying their purchases and really how they're going to set up video inside the office. So I think that's possible.

也許從挑戰（聽不清）的角度來看，我們的狀態相當好。但我認為我們最終可能會跌破年初給出的範圍。我認為這要看情況。我的意思是，我認為我們看到的一件事是，許多公司對於如何重組辦公室進行了更長的決策。這可能會推遲他們的購買以及他們如何在辦公室內設置視頻。所以我認為這是可能的。

The good news, though, is we're really diverse. We've got a great, strong, diverse portfolio. This has been a story for us for as long as I've been here, especially the last 5 years, when one thing's performing a little above what we thought, the other one is sometimes low and vice versa. So right now, if you look at our Pointing Device, Keyboard & Combo business and gaming, all of them are performing above kind of what we thought right now. So I'm convinced that the mix of these will continue to give us really strong growth for the year.

不過，好消息是我們確實很多元化。我們擁有出色、強大、多樣化的產品組合。自從我來到這里以來，這一直是我們的故事，尤其是在過去的 5 年裡，當一種事物的表現略高於我們的預期時，另一種事物的表現有時會低於我們的預期，反之亦然。所以現在，如果你看看我們的指點設備、鍵盤和組合業務以及遊戲，所有這些業務的表現都超出了我們現在的預期。因此，我相信這些因素的結合將繼續為我們帶來今年的強勁增長。

Great. And then just for Nate -- yes, sorry, go ahead, Nate.

偉大的。然後是內特——是的，抱歉，繼續吧，內特。

No, no, go ahead.

不，不，繼續吧。

Just for Nate about your inventory levels, significant discounting, if this demand slows, I mean, do you guys do have elevated inventory at this point? I know some of that is just strategic buying given everybody else can get the components they need. What gives you confidence that you're not going to lead to an environment where there will be significant discounting?

就內特而言，關於你們的庫存水平，大幅折扣，如果需求放緩，我的意思是，你們目前的庫存確實增加了嗎？我知道其中一些只是戰略性購買，因為其他人都可以獲得他們需要的組件。是什麼讓您有信心不會導致出現大幅折扣的環境？

Got it. Let me just come -- I mean, I think Bracken hit all the right points on your earlier question. I just think on the sell-through -- the sell-in and sell-through dynamic, you remember last year, our sell-in was greater than sell-through on the growth rates. So really, all you're seeing is normalization of that this year with kind of the reverse taking place, totally expected. But a lot of that just has to do with sort of last year, there was really no promotion taking place. There was very little marketing taking place, MDS-type marketing, retail marketing. And this year, we're doing those things as we've communicated. So that's the primary driver that you're seeing there, Asiya, not a surprise and not a concern. Probably will normalize as we get out to next year, but we'll see as this situation unfolds.

知道了。讓我來——我的意思是，我認為布雷肯在你之前的問題上提出了所有正確的觀點。我只是想到銷售率——銷售率和銷售率的動態，你還記得去年，我們的銷售率高於銷售率的增長率。所以實際上，你所看到的只是今年的正常化，並且發生了某種相反的情況，這是完全預料之中的。但這很大程度上與去年有關，實際上沒有進行任何促銷活動。很少有營銷活動，MDS 類型的營銷，零售營銷。今年，我們正在按照我們溝通過的方式做這些事情。所以這就是你所看到的主要驅動力，Asiya，這並不令人驚訝，也不令人擔憂。到明年，情況可能會恢復正常，但我們會隨著情況的發展而拭目以待。

In terms of inventory, again, I think as we've communicated, we have -- I mean, I think our strategy is working quite well. I think if you look at our share gains, as Bracken mentioned, really across the board we've been gaining share. And that's actually something we didn't do last year. We had pockets of share loss last year in web cameras and in many areas where we were short. So I think the bets we've made on components and finished goods and inventory replenishment have been playing out well.

在庫存方面，我再次認為，正如我們所溝通的那樣，我們的策略運作得很好。我認為，如果你看看我們的份額增長，正如布雷肯提到的，我們確實在全面提高份額。這實際上是我們去年沒有做的事情。去年，我們在網絡攝像頭以及許多我們短缺的領域都損失了一些份額。因此，我認為我們在零部件、成品以及庫存補充上所做的押注取得了良好的效果。

The other thing I would say is on inventory, and again, I've said this before, is that the places where we are making inventory bets are in our fastest-selling, longest product life cycle, places where we have high market share. So we're making those bets very strategically and very thoughtfully. And again, we have #1 or #2 position in really most of these categories. So I feel really good about our ability to -- I feel great actually about having this inventory available as we're in this type of environment.

我要說的另一件事是關於庫存，我之前已經說過，我們進行庫存押注的地方是我們銷售最快、產品生命週期最長的地方，是我們擁有高市場份額的地方。因此，我們非常有策略地、經過深思熟慮地做出這些賭注。再說一次，我們在大多數類別中都擁有第一或第二的位置。因此，我對我們的能力感到非常滿意——在我們處於這種環境中時，我對擁有這些庫存感到非常高興。

Can I add one more point to that? The implication of that is somehow we just -- if we have extra inventory, we just burn it off by selling everything at a rock-bottom discount. We just don't do that. So that's not been our practice in the past. I can't imagine doing that in the future.

我可以補充一點嗎？這意味著，如果我們有多餘的庫存，我們就會通過以最低折扣出售所有產品來消耗掉它。我們只是不這樣做。所以這不是我們過去的做法。我無法想像將來會這樣做。

The next question is with Paul Chung from JPMorgan.

下一個問題是來自摩根大通的 Paul Chung。

So just on VC, we're starting to see some return on the increased investments over the past year. Can you talk about the reception of some of the new products you've released in VC and how those are trending, Tap, docks, on earbuds, et cetera?

因此，就風險投資而言，我們開始看到過去一年增加投資的一些回報。您能否談談您在 VC 中發布的一些新產品的反響以及這些產品的流行趨勢（Tap、底座、耳機等）？

Yes, I'll just jump on that. Yes, it's probably too early to really react to those. They're just brand new. The sales cycles are a little longer in VC. But overall, I'd say I feel really good about our -- ops, my video is off for some reason. But overall, I feel really good about our innovation engine in Video Collaboration and the whole business. I mean I think we've -- we continue to just have great products coming in. Scribe's probably one of the -- our newest products. It's the whiteboard for video and that's been really exciting. The reception has been great.

是的，我會直接跳下去。是的，現在對這些做出真正的反應可能還為時過早。它們只是全新的。風險投資的銷售週期要長一些。但總的來說，我想說我對我們的操作感覺非常好，我的視頻由於某種原因被關閉了。但總的來說，我對我們在視頻協作和整個業務方面的創新引擎感覺非常好。我的意思是，我認為我們已經——我們繼續推出出色的產品。Scribe 可能是——我們最新的產品之一。這是視頻白板，這真的很令人興奮。接待情況非常好。

Actually, LogiBolt, which is a more secure way to -- basically, secure software-enabled service that comes with our workspace equipment has also been super well received. So yes, I feel really good about what we've already come out with and what's coming.

事實上，LogiBolt 是一種更安全的方式——基本上，我們的工作空間設備附帶的安全軟件支持服務也非常受歡迎。所以，是的，我對我們已經推出的產品和即將推出的產品感到非常滿意。

Yes, Paul, just to add on to that, too. As you heard, we had double-digit sell-through growth year-over-year in VC across all regions, which really again indicates very strong demand. And I think as our installed base grows, I think the portfolio comment you made is really important. As our installed base grows, it's just we're going to keep working with those customers, being able to help them build out their conference room solutions more holistically than just with the camera, like Bracken mentioned, like Scribe and other products that go in there as well. So I think good progress on the development side. That's been an area of key investment for us. If you look at the P&L and you look at the increases in R&D, a good chunk of that is going towards VC and building out that road map.

是的，保羅，我也補充一下。正如您所聽到的，我們所有地區的風險投資銷售額均實現了兩位數的同比增長，這再次表明需求非常強勁。我認為隨著我們安裝基礎的增長，我認為您所做的投資組合評論非常重要。隨著我們安裝基礎的增長，我們將繼續與這些客戶合作，能夠幫助他們更全面地構建會議室解決方案，而不僅僅是使用攝像機，就像 Bracken 提到的那樣，像 Scribe 和其他產品一樣那裡也有。所以我認為開發方面取得了良好的進展。這是我們重點投資的一個領域。如果你看看損益表和研發的增長，你會發現其中很大一部分都流向了風險投資並製定了路線圖。

Got you. And speaking of regions, what kind of drove the relative strength in Asia? And what trends are you seeing emerge there? Any lead indicators for U.S. and Europe markets as well?

明白你了。說到地區，是什麼推動了亞洲的相對實力？您認為那裡出現了哪些趨勢？美國和歐洲市場還有什麼領先指標嗎？

I mean, China was really the highlight there -- or Bracken, go ahead. Yes.

我的意思是，中國確實是那裡的亮點——或者布雷肯，繼續吧。是的。

No. It's okay. Go ahead. Go ahead, Nate.

不，沒關係。前進。繼續吧，內特。

I was going to say China was really the highlight in Asia, Paul. We actually had, and this is speaking at the total company level as well actually for VC, but China was really the highlight. But we had good strength down in other parts of Asia, too. I think the nice thing to see in China is, obviously, they have been in the pandemic the longest and have been out of it probably the longest, too. When we get on video calls now, it's always interesting to see groups of people in conference rooms and so forth. So I think it's positive to see that even in a large country like that, a large market like that, where they've sort of transitioned to a different stage in the pandemic, we still see very strong demand across the portfolio.

保羅，我想說中國確實是亞洲的亮點。我們實際上已經做到了，這是在整個公司層面上講的，實際上對於風險投資來說也是如此，但中國確實是亮點。但我們在亞洲其他地區也有很好的實力。我認為在中國看到的一件好事是，顯然，他們在疫情中呆的時間最長，而且擺脫疫情的時間也可能最長。當我們現在進行視頻通話時，看到會議室等處一群人總是很有趣。因此，我認為看到即使在這樣一個大國、一個這樣大的市場，他們已經過渡到大流行的不同階段，我們仍然看到整個投資組合的需求非常強勁，這是積極的。

Okay. And then, yes, last question on guidance. So you've generated about 54% of operating profit in the first half already. That's typically in that 40% range historically. Are you keeping kind of a bigger cushion this year on supply chain and increase in promotions, if you could expand there?

好的。然後，是的，最後一個關於指導的問題。因此，上半年您已經產生了大約 54% 的營業利潤。從歷史上看，這個比例通常在 40% 的範圍內。如果你可以在那裡擴張的話，今年你是否會在供應鏈上保留更大的緩衝並增加促銷活動？

Yes. Yes, you're right, Paul. I mean, I think the second half of this year, obviously, with Q3 being historically our biggest quarter of the year, I think it really is an unprecedented time. And so I think I am making sure that we can get through this quarter. And I think, listen, Bracken mentioned we're not immune to supply challenges. We have good stock and supply. Our channels are at good levels, but there are some products where we're chasing components and chasing supply. And I think demand during the holiday can be rather perishable. I mean people are buying for the holiday. And so we need to make sure that we can fulfill all the demand that we see. And again, with the strong double-digit sell-through, demands pretty healthy.

是的。是的，你是對的，保羅。我的意思是，我認為今年下半年，顯然，第三季度是我們今年曆史上最大的季度，我認為這確實是一個前所未有的時期。所以我想我會確保我們能夠度過這個季度。我想，聽著，布雷肯提到我們不能免受供應挑戰的影響。我們有良好的庫存和供應。我們的渠道處於良好水平，但有些產品我們正在追逐組件和追逐供應。我認為假期期間的需求可能會很容易消失。我的意思是人們正在為假期購物。因此，我們需要確保能夠滿足我們看到的所有需求。同樣，由於兩位數的強勁銷售量，需求相當健康。

Right, just adding to that, Paul. I guess the incremental margin thing that we're facing like everyone else is just incremental logistics costs, which have gone up even since Q1. They've gone up 2x to 3x on the ocean year-over-year. So I think some of that's what I'm factoring in as I look into the back half of the year. We will be spending more on air freight. I've already approved a lot more air freight this quarter than what our initial plans were. But we're using the P&L and we're using the balance sheet to fulfill the demand that's out there.

是的，只是補充一點，保羅。我想我們像其他人一樣面臨的增量利潤問題只是增量物流成本，甚至自第一季度以來就已經上升。海洋上的數量同比增長了 2 至 3 倍。因此，我認為其中一些因素是我在展望今年下半年時所考慮的因素。我們將在空運上花費更多。本季度我已經批准了比我們最初計劃多得多的空運。但我們使用損益表和資產負債表來滿足現有的需求。

The next question is from Ananda Baruah, Loop Capital.

下一個問題來自 Loop Capital 的 Ananda Baruah。

Two, if I could. I guess the first is -- and I apologize if you guys spoke to this already. There's a couple of things going on this morning. But could you, Bracken -- both of you, Bracken and Nate, speak to -- like over the last 90 days, what you guys have seen that have been different from what you were anticipating? And just sort of the things that are germane sort of to the running of the business or the things that are germane to the key end markets or the key product areas? And then I have a follow-up as well.

兩個，如果可以的話。我想第一個是——如果你們已經談過這個問題，我很抱歉。今天早上有幾件事發生。但是，布雷肯，你們倆，布雷肯和內特，能否談談——在過去 90 天裡，你們所看到的與你們預期不同的情況？那些與業務運營密切相關的事情，或者與關鍵終端市場或關鍵產品領域密切相關的事情？然後我也有後續行動。

Sure. I'll take the first one, and Nate, I'd love anything that you can tell. Yes, I would say the -- nothing is really a major change, but I would say if there's a change, I think the supply chain challenges, especially in logistics, have gotten worse. I think that's probably well covered in the media, and we're not immune to it as we said at the beginning of the call. I think we've managed it really well so far, but it's certainly gotten more challenging than you'd imagine. Would you add anything else, Nate?

當然。我會選擇第一個，內特，我很樂意聽聽你能告訴我的任何事情。是的，我想說，沒有什麼真正是重大變化，但我想說，如果有變化，我認為供應鏈挑戰，特別是物流方面的挑戰，會變得更糟。我認為媒體可能對此進行了充分報導，正如我們在電話會議開始時所說的那樣，我們也不能倖免。我認為到目前為止我們已經處理得很好，但它肯定比你想像的更具挑戰性。內特，你還想補充什麼嗎？

I think that's probably been the biggest change, yes.

我認為這可能是最大的變化，是的。

Cool, cool. I mean that's pretty good, if nothing else, if that's the only one. And then I guess -- so then the second question is the specter of more folks coming into the spaces that you guys competed, and quite frankly, to some extent, to what you guys have helped evangelize, or like sort of evangelize in the mainstream sense, been part of that thrust. What is the right way -- well, what's the way that you guys would like folks in our community to think of the idea of increased competition?

酷，酷。我的意思是，如果沒有別的，如果這是唯一的，那就很好了。然後我想 - 所以第二個問題是更多的人進入你們競爭的領域，坦率地說，在某種程度上，你們幫助傳播的東西，或者類似在主流中傳播的東西從某種意義上說，是這一推動力的一部分。什麼是正確的方式——嗯，你們希望我們社區的人們以什麼方式來思考增加競爭的想法？

And I ask it that way because like at least on the surface, it seems like -- and HP is a good example from last week, but they're not the only ones. It seems like folks are kind of poking their heads around, dipping their toes in, and it's hard to discern, from our vantage point, the context of what increased competition may look like. And so anything you can talk to that -- talk to about that and the way that you like us to sort of think of that and then Logi's positioning in the context of that.

我這樣問是因為至少從表面上看，惠普是上週的一個很好的例子，但他們並不是唯一的例子。人們似乎都在四處探尋，嘗試著嘗試，從我們的角度來看，很難辨別競爭加劇的背景。所以你可以談論任何事情——談論這個以及你希望我們思考這個問題的方式，然後洛吉在這個背景下的定位。

Thank you, Ananda. We've always expected more competition in good categories, and we play in great categories. So we've always expected new competition. That's why we've invested. So we've been investing in innovation. We've been investing in our go to market. We're really excited about the capabilities we're building in both. And I think -- so I feel really good about where we are. And I would, in a way, feel really awkward if we didn't have more competition because it would suggest something dark about the future of the category. I think these categories are super and great categories have great competitors. We love to compete. So do you want to add anything, Nate?

謝謝你，阿難。我們一直期待好的類別有更多的競爭，而且我們也參加了很棒的類別。所以我們一直期待新的競爭。這就是我們投資的原因。所以我們一直在投資創新。我們一直在投資我們的市場。我們對在這兩個方面構建的功能感到非常興奮。我認為——所以我對我們現在的處境感到非常滿意。在某種程度上，如果我們沒有更多的競爭，我會感到非常尷尬，因為這會暗示該類別的未來有些黑暗。我認為這些類別是超級的，偉大的類別有偉大的競爭對手。我們喜歡競爭。那麼你想補充什麼嗎，內特？

Yes. I mean I think 1 benefit of some of these competitors, Ananda, is just the awareness that they bring to the category as well, right? As they're trying to grow their business, they're going to bring more awareness to categories where we are very strong and that we're passionate about. I think keys to our success are to continue to segment the market to identify specific customer needs and then go address those with innovation and great design. Of course -- so I think it doesn't change our strategy. It doesn't change our focus on execution. But I think, to the extent it brings more awareness in some of these categories, I see that as a benefit.

是的。我的意思是，我認為這些競爭對手 Ananda 的一個好處就是他們也為該類別帶來了意識，對嗎？當他們努力發展業務時，他們將提高人們對我們非常強大且充滿熱情的類別的認識。我認為我們成功的關鍵是繼續細分市場，以確定特定的客戶需求，然後通過創新和出色的設計來滿足這些需求。當然——所以我認為這不會改變我們的策略。它不會改變我們對執行的關注。但我認為，就其在某些類別中提高人們的認識而言，我認為這是一個好處。

Yes, I'll just double down on that. I think you mentioned in the beginning, you said we've been out there kind of evangelizing this category in the beginning. It will be nice to have more people evangelizing the category. I think it will drive higher growth. And we're still at such a small fraction of rooms enabled and conference cams for example. 1/11th of the total rooms according to Gartner. So yes, I think this is -- it's just a -- it's probably an indicator of how strong this market opportunity is.

是的，我會加倍努力。我想你一開始就提到過，你說我們一開始就在宣傳這一類別。如果有更多人宣傳這一類別，那就太好了。我認為這將推動更高的增長。例如，我們仍然只啟用了一小部分房間和會議攝像頭。根據 Gartner 的數據，佔房間總數的 1/11。所以，是的，我認為這——這只是——它可能是這個市場機會有多強大的一個指標。

And if you guys get -- if you get legitimate sort of competition coming in, whatever -- however that shows up, but sort of that feels legitimate, do you feel that you can still prosper? Is there enough room for you to still prosper in the way that you've laid out at your last Analyst Day, hit the growth goals, hit the profit goals?

如果你們——如果你們得到合法的競爭，不管怎樣——無論出現什麼，但感覺是合法的，你覺得你仍然可以繁榮嗎？您是否還有足夠的空間繼續按照您在上一次分析師日制定的方式實現繁榮，實現增長目標，實現利潤目標？

I just don't think it's adding. All our competitors are legitimate, Ananda, though, I think its important place to start. Bracken, go ahead and let you go, yes.

我只是不認為它會增加。我們所有的競爭對手都是合法的，阿南達，不過，我認為這是一個重要的起點。布雷肯，放你走吧，是的。

No. Absolutely. We've had legitimate competitors in almost all our categories for as long as we've been around. We started out as an OEM maker of mice and keyboards, and we were selling directly and competing directly with those players over time. So we're -- we've expected the competition. They'll be great competitors. They'll make us better, and we will invest in making sure that we are better.

不，絕對。自我們存在以來，我們幾乎所有類別都有合法的競爭對手。我們最初是鼠標和鍵盤的 OEM 製造商，隨著時間的推移，我們直接銷售並與這些玩家直接競爭。所以我們——我們已經預料到了競爭。他們將是偉大的競爭對手。他們會讓我們變得更好，我們也會投資以確保我們變得更好。

I think also to that, Ananda. Yes. Let me just add a little to it. I mean, I don't build our models here internally assuming no competition. And obviously, you're seeing an increased investment in marketing and brand from us, too. I mean, that goes directly to your point, which is that we expect competition. We think these categories have gotten stronger, and we will see more competition. And so the increased investments that we're making in brand, marketing, innovation, those are all part of our strategy to compete.

我也這麼想，阿難。是的。讓我補充一點。我的意思是，假設沒有競爭，我不會在內部構建我們的模型。顯然，您也看到我們在營銷和品牌方面的投資有所增加。我的意思是，這直接涉及到你的觀點，那就是我們期待競爭。我們認為這些類別已經變得更加強大，我們將看到更多的競爭。因此，我們在品牌、營銷、創新方面增加了投資，這些都是我們競爭戰略的一部分。

The next question is from Stifel, Jürgen Wagner.

下一個問題來自尤爾根·瓦格納·斯蒂菲爾。

Follow-up on the inventory questions, I'm afraid. Can you split it up between finished goods and what are those key components you mentioned in your introductory remarks? And what is the visibility you currently have on the Christmas business across your divisions?

恐怕是庫存問題的後續。您能否將其分為成品以及您在介紹性發言中提到的關鍵組件是什麼？您目前對各部門聖誕節業務的了解程度如何？

Sure. So let me take that on the inventory side. We are holding more components as a percentage of our mix than we have in the past. As I mentioned, I think that's a key part of the strategy. The other thing is that our in-transit inventory is higher, too. So as these port delays and shipping delays and things like that occur, more of our inventory sits in transit. So you could think about that as finished goods, I guess, but it's not as productive because of these delays. And that's the primary driver of the increased days of inventory that I mentioned in my prepared remarks, Jürgen, is port delays. Things are taking weeks longer just in transit these days. And so again, as that improves, and I think it's not going to happen in the near term, and that's why I made the adjustment to the cash flow outlook for this year. As those transit times improve, as the lead times for components improve, I do expect to see our days of inventory come back down to kind of more historical levels. I don't think it's going to look like it did last year. Obviously, last year was very unusual because of the strength of the demand and we were chasing supply the entire year. But I do think days of inventory will come back down to our more historical levels. But I think that's going to take some time. And probably, I don't expect it to be this year.

當然。因此，讓我從庫存方面來看。我們持有的成分在我們的組合中所佔的比例比過去更多。正如我所提到的，我認為這是該戰略的關鍵部分。另一件事是我們的在途庫存也更高。因此，當發生港口延誤和運輸延誤等類似情況時，我們的庫存將更多地處於運輸途中。所以我想你可以將其視為成品，但由於這些延誤，它的生產力不高。這就是我在 Jürgen 準備好的發言中提到的庫存天數增加的主要驅動因素，即港口延誤。如今，貨物在運輸過程中需要花費數週的時間。同樣，隨著情況的改善，我認為短期內不會發生這種情況，這就是我對今年現金流前景進行調整的原因。隨著運輸時間的縮短，隨著組件交貨時間的縮短，我確實希望看到我們的庫存天數回落到歷史水平。我認為今年的情況不會像去年那樣。顯然，去年是非常不尋常的一年，因為需求強勁，我們全年都在追逐供應。但我確實認為庫存天數將回落至歷史水平。但我認為這需要一些時間。我預計今年不會是這樣。

Jürgen, on the visibility into the Christmas quarter, I would say, Nate and I both feel like, gosh, last year, we set aside our view of the normal seasonality of the business because of the strange year of the pandemic. I think we're -- another year, we've really set aside our normal view of seasonality and said, okay, this is another strange year, especially given the supply challenges. So I think when you put that together, I think our visibility is probably not -- we'd normally love to have, but I think we've got a plan in place that we've got products. We've got -- we've made strategic investments in inventory, and we feel good about where we are. And I think we've recommitted to the guidance because we feel good about that.

Jürgen，關於聖誕節季度的可見性，我想說，內特和我都覺得，天哪，去年，由於大流行的奇怪年份，我們擱置了對業務正常季節性的看法。我認為我們又是一年，我們真的拋開了對季節性的正常看法，並說，好吧，這又是奇怪的一年，特別是考慮到供應挑戰。所以我認為，當你把這些放在一起時，我認為我們的知名度可能不是——我們通常希望擁有，但我認為我們已經制定了一個計劃，我們已經有了產品。我們已經對庫存進行了戰略投資，我們對自己的現狀感到滿意。我認為我們已經重新承諾遵守該指導方針，因為我們對此感覺良好。

And do you have certain product categories where you have a better visibility at the moment?

您目前是否有某些產品類別的知名度更高？

Do you want to answer that, Nate? Or how would you answer that?

內特，你想回答這個問題嗎？或者你會如何回答這個問題？

Well, I mean I think we've always said Video Collaboration, you have a little bit more visibility because you can build a pipeline. You're working with enterprise customers. Certainly, for the larger deals, you have more visibility to those. But a lot of that business is more what one might call run rate as well. So some better visibility on Video Collaboration, but -- and still less than 20% of our overall sales is Video Collaboration.

嗯，我的意思是，我認為我們總是說視頻協作，你有更多的可見性，因為你可以建立一個管道。您正在與企業客戶合作。當然，對於較大的交易，您可以更清楚地了解這些交易。但其中很多業務也可以稱為運行率。因此，視頻協作的可見度有所提高，但是，視頻協作仍占我們總銷售額的不到 20%。

But I would also say, this is in a way that's not so different from the rest of our business. We've never had -- we're covering the same visibility state we're normally in, which is you go into the holiday, it's always a little bit well. Will the shopping come? It usually does. I think it will this year.

但我還要說，這與我們其他業務沒有太大不同。我們從未有過這樣的情況——我們正在報導與平常相同的能見度狀態，那就是你進入假期時，它總是有點好。購物會來嗎？通常是這樣。我想今年會的。

Next question is from UBS, Jörn Iffert.

下一個問題來自瑞銀 (UBS) Jörn Iffert。

Quickly, two, three questions, please. The first one is on your marketing spend. Sales being up slightly. Marketing spend up around 65% or 66%. If I extrapolate this for the full year, it may be around $1 billion marketing and selling line, being maybe then 80%, 90% of sales historically, about 16%, 17% pre the crisis. Does it mean your growth is becoming more capital intensive? Or is there room to streamline the marketing and selling expansion in the second half, supporting the margin somewhat? This will be the first question, please, and I would have 1 or 2 follow-ups, please.

請快點提出兩、三個問題。第一個是你的營銷支出。銷量略有上升。營銷支出增長約 65% 或 66%。如果我以此推斷全年，營銷和銷售線可能約為 10 億美元，可能佔歷史銷售額的 80%、90%，危機前約為 16%、17%。這是否意味著您的增長變得更加資本密集？或者下半年是否有精簡營銷和銷售擴張的空間，從而在一定程度上支撐利潤率？這是第一個問題，我還有一兩個後續問題。

Nate, take that.

內特，拿著那個。

Yes. If you want, Bracken, I can start on that one.

是的。如果你願意，布雷肯，我可以從那個開始。

Yes, you can go first.

是的，你可以先走。

So what we're executing right now, yes, is the strategy of shifting -- you've seen our gross margins go up and we're reinvesting some of that gross margin expansion into sales and marketing, Jörn, to try to drive up the brand and the awareness, which provide us with long-term benefits. And I think long-term leverage as well, but that's the strategy we're executing. The same one that we talked about pre-pandemic as well the shift from push-to-pull. And I think we were able to move more quickly on that because of the strength in the margins that we saw last year and it's put us in a great position to go execute that strategy aggressively this year. Bracken, do you want to add something?

所以我們現在正在執行的，是的，是轉變的策略——你已經看到我們的毛利率上升了，我們正在將部分毛利率擴張再投資到銷售和營銷上，Jörn，試圖推動增長品牌和知名度，為我們帶來長期利益。我認為長期槓桿也是如此，但這就是我們正在執行的策略。我們在大流行前討論過同樣的問題，以及從推拉式的轉變。我認為，由於我們去年看到的利潤率強勁，我們能夠在這方面採取更快的行動，這使我們處於有利位置，可以在今年積極執行該戰略。布雷肯，你想補充點什麼嗎？

Yes. I guess I would just say we're -- when you look at our overall operating income, our operating margin, really keep an eye on that, our mission is, we're going to -- we view that as a constraint. We're going to deliver certain operating margins so that we're going to invest back into marketing to the extent that we can drive longer -- stronger long-term growth and it's really -- it really performs. And marketing -- building a marketing engine really takes time, but I'm excited about where we're headed. And we've got a great team in place, and we're really changing our approach. And I think it will be -- we'll keep learning through it and making sure that we -- the investments make sense, and delivering that operating margin -- long-term operating margin we're committed to.

是的。我想我只想說，當你看看我們的整體營業收入、營業利潤率時，請真正關注這一點，我們的使命是，我們將--我們將其視為一種限制。我們將提供一定的營業利潤，以便我們能夠重新投資於營銷，從而能夠推動更長期、更強勁的長期增長，而且它確實能夠發揮作用。營銷——建立營銷引擎確實需要時間，但我對我們的發展方向感到興奮。我們擁有一支優秀的團隊，我們正在真正改變我們的方法。我認為，我們將繼續從中學習，並確保我們的投資有意義，並實現我們承諾的運營利潤率——長期運營利潤率。

And then maybe a second and third question. The second question, to follow-up here on your medium-term guidance. I mean you increased your medium-term targets of 8% to 10% from 7% to 9%. And before this is reflecting confidence, of course. But now maybe some things becoming more shaky. You mentioned Video Conferencing could be below your initial targets. I mean how should we think about the base? I mean what is the baseline from where you think you can grow 8% to 10%? Is this coming down now in the current environment? And then I would have a last technical question, please.

然後可能是第二個問題和第三個問題。第二個問題，跟進您的中期指導。我的意思是，你們將中期目標從 7% 提高到 9%，從 8% 提高到 10%。當然，在此之前反映的是信心。但現在也許有些事情變得更加不穩定。您提到視頻會議可能低於您的初始目標。我的意思是我們應該如何考慮基地？我的意思是，您認為可以增長 8% 到 10% 的基線是多少？在當前環境下，這種情況會下降嗎？然後我想問最後一個技術問題。

Sorry, go ahead, Nate. You can start, go ahead.

抱歉，請繼續，內特。你可以開始了，繼續吧。

We did, Jörn, obviously confirm the outlook for this year, so there's really no change in the base. And as Bracken mentioned, there's a different mix of growth than what we initially thought at the start of this year. But again, that's not unusual and I think it really highlights one of the benefits of our portfolio, is that it's diverse and that there's good profit generation across that portfolio. So we've been able to sustain the investment plan that we had despite the different mix of top line revenues. Bracken?

Jörn，我們確實確認了今年的前景，所以基數確實沒有變化。正如布雷肯提到的，增長組合與我們今年年初最初的想法不同。但同樣，這並不罕見，我認為這確實凸顯了我們投資組合的好處之一，那就是它是多元化的，並且該投資組合可以產生良好的利潤。因此，儘管頂線收入的組合不同，我們仍然能夠維持我們的投資計劃。蕨菜？

The only thing I'll add to that, Nate, is I think when we talked about that 8% to 10% long-term guidance and our raise in our long-term view of our growth rate capability, that really comes from the fact that both the categories are attractive for the long term and our innovation engine is attractive for the long term. And absolutely, nothing's changed on either one of those. I feel really, really good about them.

內特，我唯一要補充的是，我認為當我們談論 8% 到 10% 的長期指導以及我們對增長率能力的長期看法的提高時，這確實來自於以下事實這兩個類別都具有長期吸引力，而且我們的創新引擎具有長期吸引力。當然，其中任何一個都沒有任何改變。我對他們感覺真的非常好。

All right. And the last question. When you initiated your guidance in March and then you updated it, I think, in April on non-GAAP EBIT versus this number, I mean, what is roughly the additional freight, logistics and component costs, which have exceeded your budget? Are we speaking about $50 million, $100 million? Just to have a rough idea about this, what are the additional costs you are facing right now?

好的。最後一個問題。當你在三月份啟動你的指導，然後你在四月份更新它時，我想，關於非公認會計原則息稅前利潤與這個數字，我的意思是，超出你預算的額外運費、物流和零部件成本大約是多少？我們談論的是 5000 萬美元還是 1 億美元？粗略地了解一下，您現在面臨的額外成本是多少？

I don't think I can do the math that quickly. I'll tell -- I'll give you something on that, though, Jörn, which is this quarter, year-over-year, we had about a point hit to gross margins from increased freight costs, mostly from ocean. So I can tell you in the quarter, that's kind of what we had. And we'll probably see that throughout this year, I think. We have actually reduced the amount of air freight and we've used year-over-year, which was my expectation. But the air freight rates have gone up such that we really haven't seen a real benefit from the reduction in air freight volume. And at the same time, as we shifted things to the ocean, we've incurred some additional costs on freight there. So it's all included in our P&L to date, and it's all included in our outlook, but it has been a headwind, I think, since March.

我認為我不能那麼快地完成數學計算。我會告訴你 - 不過，Jörn，我會給你一些關於這一點的信息，即本季度，與去年同期相比，我們的毛利率因貨運成本增加而受到了約一個點的打擊，其中大部分來自海運。所以我可以在本季度告訴你，這就是我們所擁有的。我想我們今年可能會看到這種情況。我們實際上減少了​​空運量，並且逐年使用，這是我的預期。但空運價格已經上漲，我們確實沒有看到空運量減少帶來的真正好處。與此同時，當我們把東西轉移到海上時，我們在那裡產生了一些額外的運費。因此，到目前為止，這一切都包含在我們的損益表中，也都包含在我們的前景中，但我認為，自三月份以來，這一直是一個逆風。

The next question is from ZKB, from Andreas Müller.

下一個問題來自 ZKB，來自 Andreas Müller。

Two questions, if I may. One was really, I was wondering, gaming. If you saw an effect in China from this gaming law that teenagers shouldn't be that long on online gaming. Have you seen an impact? I mean, China was good. That's the first question. And the second...

如果可以的話，有兩個問題。我想知道，其中一個確實是遊戲。如果你看到這項遊戲法對中國的影響，那就是青少年不應該花那麼長時間玩網絡遊戲。你看到影響了嗎？我的意思是，中國很好。這是第一個問題。而第二個...

Andreas, why don't we stop and then I'll answer that one, then you can ask the next one. The answer is our Gaming business actually skews 18-plus. That law not just skews, the vast majority of it is 18-plus. So that law is for 18 and under. So no, we haven't really seen a big effect on our business from that. And now you want the second?

安德烈亞斯，我們為什麼不停下來，然後我會回答這個問題，然後你可以問下一個。答案是我們的遊戲業務實際上偏向 18 歲以上。該法律不僅有偏差，而且絕大多數是針對 18 歲以上的人。所以該法律適用於 18 歲及以下的人。所以不，我們還沒有真正看到這對我們的業務產生重大影響。現在你想要第二個嗎？

Probably these Chinese people spend the same time in front of a PC doing something else than gaming, isn't it?

也許這些中國人花同樣的時間在電腦前做遊戲以外的事情，不是嗎？

But I think maybe just to add a little more color to that. I think if you're going to play, you're going to buy some peripherals. So unless you stop playing completely, you're still going to buy some gaming equipment, whatever that is, I think, under S2. So -- but just to add a little data to it. We did not have any slowdown in growth in China gaming. It actually had a very, very strong quarter and growth was similar to last quarter year-over-year.

但我想也許只是為了增加一點色彩。我想如果你要玩，你就會買一些外圍設備。因此，除非你完全停止玩遊戲，否則你仍然會購買一些遊戲設備，無論是什麼，我認為，在 S2 下。所以——但只是添加一些數據。中國遊戲市場的增長並未出現任何放緩。實際上，它有一個非常非常強勁的季度，並且同比增長與上季度相似。

And growth behind the Pointing Devices, Keyboards & combos, I mean, was that really still demand from the home office? Or was it really back to the office demand that the offices just had some sort of an investment cycle in these type of products?

我的意思是，指點設備、鍵盤和組合背後的增長，真的仍然是來自家庭辦公室的需求嗎？或者說，辦公室對這類產品有某種投資週期，這真的是回到了辦公室的需求嗎？

Well, I think it's a little bit of both. We see strong growth in the B2B part of our business, but also in the B2C part and that's probably people. I think we're headed into a place where people -- we've got a bigger base now and people are upgrading. And I know -- just anecdotally, I talk to people now regularly. They told me they were not to buy MX Master, they asked me what to buy. They had something from the pandemic. Our old business was really an upgrade business. And as I said in the beginning of the call, I'm so excited about our innovation engine in this old category -- or these old categories called the mouse and keyboard. They are really alive and exciting again. We just launched -- I do encourage you go look at pop keys on our website. We might even make this category (expletive), believe it or not. So it's -- I think the innovation engine there is part of the reason we're going to -- we believe we reported it all. I didn't get you excited about keyboards and mice being (expletive). Did I, Andreas?

嗯，我認為兩者都有一點。我們看到我們業務的 B2B 部分強勁增長，但 B2C 部分也出現了強勁增長，而這可能就是人員。我認為我們正在走向這樣一個地方：我們現在有了更大的基礎，人們正在升級。我知道——只是有趣的是，我現在經常與人們交談。他們告訴我他們不買 MX Master，他們問我買什麼。他們從大流行中得到了一些東西。我們的老業務實際上是一個升級業務。正如我在電話會議開始時所說的那樣，我對我們在這個舊類別（或稱為鼠標和鍵盤的舊類別）中的創新引擎感到非常興奮。他們真的又活過來了，又令人興奮。我們剛剛推出——我鼓勵您去我們網站上查看流行鍵。不管你信不信，我們甚至可能將這個類別（咒罵）歸為一類。所以，我認為創新引擎是我們要這樣做的部分原因，我們相信我們已經報告了這一切。我沒有讓你對鍵盤和鼠標感到興奮（咒罵）。我是嗎，安德烈亞斯？

(Operator Instructions) And the next one is from D.A. Davidson, Tom Forte.

（操作員說明）下一篇來自 D.A.戴維森，湯姆·福特。

Great. So one question and one follow-up. So from a supply chain standpoint and a logistics standpoint, can you remind me to what extent do you have control? I think you have some owned and operated assets in the manufacturing side. So to what extent do you have influence on your supply chain and logistics and to what extent are you -- have less influence?

偉大的。所以一個問題和一個後續行動。那麼從供應鍊和物流的角度來看，您能提醒我您的控制力到什麼程度嗎？我認為你們在製造方面擁有一些擁有和經營的資產。那麼，您對供應鍊和物流的影響力有多大，以及您的影響力較小？

We have our own manufacturing in China. And then we manage contract manufacturing in China and outside of China. But we make about half of what we sell in that owned manufacturing. From a logistics standpoint, we really manage our logistics through the normal systems that are used broadly.

我們在中國有自己的製造工廠。然後我們管理中國和中國境外的合同製造。但我們銷售的產品的大約一半是在該自有工廠生產的。從物流的角度來看，我們實際上是通過廣泛使用的正常系統來管理我們的物流的。

Right. So the constraints are primarily then the components then? The constraint is not having the raw materials. It isn't that you don't have capacity or the ability. So increasingly, it seems like in Asia, you have to make the product and then you have to deal oftentimes with plant shutdowns because they don't have electricity. Then you have to store the product, then you get to ship to product. So sorry, Nate, you were going to chime in.

正確的。那麼約束主要是組件嗎？制約因素是沒有原材料。不是你沒有能力、沒有能力。因此，越來越多地，在亞洲，你必須生產產品，然後你必須經常處理工廠關閉的問題，因為他們沒有電力。然後你必須存儲產品，然後你才能運送產品。很抱歉，內特，你本來要插話的。

Well, I actually was going to go where you're going, too. I think this is a supply chain, right? So there's links of it. And I think what's really apparent as you look at what's happening globally across industries is just how those different links are owned by different people, right? And so yes, it is to our advantage, I think, right now that we have our own factory, and we control the purchasing for a lot of our components. In fact, we control the purchasing for a lot of our components even when we use a partner for manufacturing. And so I think that is to our benefit. But you're right, I mean, throughout the supply chain, you're going to hear stories about warehouse capacity being tight. You're certainly hearing stories about trucking capacity being tight. I mean, when we look out and see these pictures of ships and container ships stuck at port, it may not be that the problem is at the port itself with the cranes and such, but it can be with trucking, it can be with warehousing. There needs to be a place for these goods to go. And I think that's why this is not a quick fix. That's why you're seeing things like President Biden jumping in and getting involved in and why we describe this as unprecedented. I mean the supply chain is bottled up now in a few places and it's going to take some time for that to work out. But it is to our advantage, I think, in this environment to have the factory -- our own factory, and again, to manage and control a lot of the purchasing.

嗯，其實我也想去你要去的地方。我認為這是一個供應鏈，對嗎？所以有它的鏈接。我認為，當你觀察全球各行業正在發生的事情時，真正明顯的是這些不同的鏈接是如何由不同的人擁有的，對吧？所以，是的，我認為，現在我們擁有自己的工廠，並且我們控制著許多組件的採購，這對我們來說是有利的。事實上，即使我們使用合作夥伴進行製造，我們也控制著許多組件的採購。所以我認為這對我們有利。但你是對的，我的意思是，在整個供應鏈中，你會聽到有關倉庫容量緊張的故事。您肯定聽說過有關貨運能力緊張的故事。我的意思是，當我們看到這些船舶和集裝箱船滯留在港口的照片時，問題可能不是出在港口本身的起重機等方面，而是可能出在卡車運輸方面，也可能出在倉儲方面。 。這些貨物需要有一個地方去。我認為這就是為什麼這不是一個快速解決方案的原因。這就是為什麼你會看到拜登總統介入並參與其中，以及為什麼我們將其描述為前所未有的原因。我的意思是，供應鏈現在在一些地方被封鎖，需要一些時間才能解決。但我認為，在這種環境下擁有工廠——我們自己的工廠，並且管理和控制大量採購，對我們來說是有利的。

Excellent. For my follow-up question, I want to talk about the demand side, in particular, from Gaming. So it looks like you had very impressive growth on top of growth, and it was widespread across all your categories. Can you talk about demand for Gaming? And if it at all, for example, if consumers aren't able to get their hands again on the new Xbox and PlayStations this year, does that have any input? Does that just mean we'll have a better next 12 months? How should I think about that?

出色的。對於我的後續問題，我想談談需求方面，特別是遊戲方面。因此，看起來您的增長非常令人印象深刻，並且在所有類別中都廣泛存在。您能談談遊戲的需求嗎？如果確實如此，例如，如果消費者今年無法再次獲得新的 Xbox 和 PlayStation，這是否有任何影響？這是否意味著我們未來 12 個月會過得更好？我應該如何思考這個問題？

Yes. The demand was very broad across every segment, including simulation, which is mostly steering wheels, console gaming, which is one you just referred to, and PC gaming. The console gaming part of our business is relatively small. So I'm not too concerned about, whether they're concerned on the console buying side. So I think we'll probably be okay regardless. But it's exciting to see gaming so strong coming out of the pandemic or coming out of the worst of the pandemic. And I think the console demand is just a big positive. And I think that tells you how strong gaming is in general, that people are still buying those next generation of Xbox and PlayStation. Do you want to add anything, Nate?

是的。每個細分市場的需求都非常廣泛，包括模擬（主要是方向盤）、控制台遊戲（您剛才提到的）以及電腦遊戲。我們業務中的遊戲機遊戲部分相對較小。所以我不太關心他們是否關心遊戲機購買方面。所以我想無論如何我們都會沒事的。但看到遊戲在疫情大流行或疫情最嚴重的時候表現如此強勁，真是令人興奮。我認為控制台的需求是一個很大的積極因素。我認為這告訴你游戲總體上有多強大，人們仍在購買下一代 Xbox 和 PlayStation。內特，你想補充什麼嗎？

I think those are all the right points. I mean you got to be on shelf to sell. And so I think, again, that's why that is part of our strategy and I think part of the reason why we've gained share. It will be an interesting holiday, I think, for a lot of companies. I'm sure you've walked through your local stores or looked online and then there's some tightness out there. I'm not speaking to Logitech, but I'm speaking across a lot of goods. And so I think that is a big part of what the firms have to do during the holiday here, make sure they can get on shelf.

我認為這些都是正確的觀點。我的意思是你必須上架才能出售。因此，我再次認為，這就是為什麼這是我們戰略的一部分，也是我們獲得份額的部分原因。我認為，對於很多公司來說，這將是一個有趣的假期。我確信您走過當地的商店或在網上查看過，然後發現那裡有些緊張。我不是在談論羅技，而是在談論很多商品。所以我認為這是公司在假期期間必須做的一個重要部分，確保他們可以上架。

The next question is from Credit Suisse, Serge.

下一個問題是瑞士信貸 Serge 提出的。

So I will start with one question, the first of several questions. But the first one is, can you give us a feeling about the preorder situations you have seen beginning of the month, beginning of the quarter? Has this been better or worse or equal to last year or so from a consumer perspective? Because you should have a very good visibility now because in 2 months, Christmas is over. In addition, you pointed out several times, investments into point of sales, more promos is also should lead to higher sales. Of course, you have lower margins, but this has also to do with Xbox moving then at the end of the day. So therefore -- in addition, the sell-through was low, so the channel entry seems to be quite clean now. So why you don't have more confidence going into the next quarter also in relation to guidance? This would be my first question.

所以我將從一個問題開始，這是幾個問題中的第一個問題。但第一個問題是，您能給我們介紹一下您在本月初、本季度初看到的預購情況嗎？從消費者的角度來看，這與去年左右相比是更好、更差還是持平？因為你現在應該有很好的能見度，因為兩個月後，聖誕節就結束了。此外，您多次指出，對銷售點的投資、更多的促銷也應該會帶來更高的銷售額。當然，你的利潤率會降低，但這也與 Xbox 最終的遷移有關。因此，此外，銷量很低，因此現在渠道入口似乎相當乾淨。那麼，為什麼您對下一季度的指導沒有更多信心呢？這是我的第一個問題。

I guess I'll start, and Nate, you can finish. I would say we do have confidence going into the rest of the year, that's why we reconfirmed our guidance. We grew double digit on all 3 of our 4 main categories. So we feel the underlying sell-through. So that's a very good indicator. So we feel really good about that.

我想我會開始，內特，你可以完成。我想說，我們確實對今年剩餘時間充滿信心，這就是我們再次確認我們的指導的原因。我們在 4 個主要類別中的所有 3 個類別上均實現了兩位數增長。所以我們感受到了潛在的銷售。所以這是一個非常好的指標。所以我們對此感覺非常好。

And I agree with you, Serge. I think the channel is at a good level right now broadly. But again, we do have tightness in some areas, and I don't need to go into which ones, I think. But we have some catching up to do in some spots that are big holiday items. And like I mentioned, we're planning on using air freight to cover those. But we have a lot of work ahead of us, but we're prepared to have a good quarter.

我同意你的觀點，塞爾日。我認為該渠道目前總體處於良好水平。但同樣，我們在某些​​領域確實存在緊張，我認為我不需要討論哪些領域。但我們在一些重要的節日項目上還有一些工作要做。正如我提到的，我們計劃使用空運來支付這些費用。但我們還有很多工作要做，但我們已經準備好迎接一個美好的季度。

But do you believe that you can match the backlog you have for the current quarter because of longer transit and lead times?

但您是否認為由於運輸和交貨時間較長，您可以匹配本季度的積壓訂單嗎？

I think we can deliver the backlog. You're saying deliver the backlog. Do you think we can fulfill the backlog we have?

我認為我們可以交付積壓的訂單。你是說交付積壓的訂單。您認為我們能夠完成積壓的訂單嗎？

Yes.

是的。

I think we're -- I think we've kind of said at the beginning, we're not immune to these supply chain challenges. That's certainly a reality that we've lived with and I think they are worse now than they were in the first half of the year. But I feel good about where we are. I mean, in terms of really delivering what we need to for Q3 and Q4 to deliver our guidance, we're in a spot where we feel good about it. But I do think there will be -- we'll continue to have supply chain challenges.

我認為我們一開始就說過，我們不能免受這些供應鏈挑戰的影響。這當然是我們所面對的現實，我認為現在的情況比今年上半年更糟。但我對我們現在的處境感覺很好。我的意思是，就真正提供我們在第三季度和第四季度提供指導所需的內容而言，我們感覺良好。但我確實認為我們將繼續面臨供應鏈挑戰。

Okay. And probably another one to Video Collaboration. I'm a little bit puzzled, not sure what is limiting the growth currently. Is it the demand? Is it that it takes longer with the enterprise customers? Is it that you still are missing direct sales? Is it that you're not successful with the procurement companies of this world that you come into this -- in their portfolio? And how should I read the subscribers' numbers? I see from Teams and Zooms, which are still -- show high growth in -- why I can't see this better in your numbers?

好的。可能還有視頻協作的另一項。我有點困惑，不知道目前是什麼限制了增長。是需求嗎？是不是企業客戶需要更長的時間？是不是還缺少直銷？是不是你在這個世界上的採購公司的投資組合中沒有取得成功？我應該如何讀取訂戶數量？我從 Teams 和 Zooms 中看到，它們仍然顯示出高增長，為什麼我在你們的數據中看不到這一點？

Well, first of all, I think we mentioned we had a little bit of destocking and we grew 22% this quarter. So there is growth. And I think...

嗯，首先，我想我們提到我們有一點去庫存，並且本季度增長了 22%。所以有增長。我認為...

On sell-through, yes.

在銷售方面，是的。

On sell-through, yes. The real long-term question is because there's so much long-term potential growth at 8% penetration, there's so much long-term potential. I think that's just a question of how is the decision making happen. People -- making a decision for video enabling in all of your rooms is something that we did a long time ago, but not many companies have done yet. So there's a lot of thinking to go through there and people are also rethinking their formats and their footprints and things inside of offices. I know we are. So I think both those are in play. Do you want to add anything, Nate?

在銷售方面，是的。真正的長期問題是，因為 8% 的滲透率有很大的長期潛在增長，所以有很大的長期潛力。我認為這只是一個如何做出決策的問題。人們——做出在所有房間啟用視頻的決定是我們很久以前就做過的事情，但目前還沒有多少公司這樣做。因此，需要進行很多思考，人們也在重新思考他們的格式、足跡以及辦公室內的事物。我知道我們是。所以我認為這兩者都在發揮作用。內特，你想補充什麼嗎？

Well, I mean, I'd say Americas and Asia broadly did grow and both sell-through and net sales in EMEA, again, was the place where net sales slowed. But if you just look at last year, and we mentioned this, this will be true in the second half as well. And one reason why growth for the overall company and for VC, I think, will be slower in the second half is the compares on VC last year are massive. And a lot of that's in Europe, it was exceptionally strong. And I do think Europe has slowed down a bit on some of the decision making and on some of the demand for Video Collaboration. But even there, we had double-digit growth in sell-through in EMEA. So it hasn't ground to a halt and it's still strong. So -- and I think someone mentioned earlier, too, about competitors coming in. I mean, I think they're seeing the same things that we are, that this is a long-term growth category. And I wouldn't be -- I'm not really concerned about the changes in the demand profile from last year. I think we're in this for the long term and we're investing as such.

嗯，我的意思是，我想說美洲和亞洲確實出現了普遍增長，而歐洲、中東和非洲地區的銷量和淨銷售額再次成為淨銷售額放緩的地方。但如果你看看去年，我們提到過這一點，下半年也是如此。我認為下半年整個公司和風險投資的增長將會放緩的原因之一是去年風險投資的比較是巨大的。其中很多是在歐洲，它非常強大。我確實認為歐洲在一些決策和對視頻協作的一些需求方面已經放緩了一些。但即便如此，我們在歐洲、中東和非洲地區的銷售額也實現了兩位數的增長。所以它並沒有停止，而且仍然很強大。所以——我想之前也有人提到過競爭對手的加入。我的意思是，我認為他們和我們看到了同樣的事情，這是一個長期增長的類別。我不會——我並不真正擔心去年需求狀況的變化。我認為我們是為了長期發展而進行投資。

Yes. Just to throw a point out there, if you haven't looked at it, Video Collaboration in Q2 of last year grew 150%. So more than doubled.

是的。順便指出一點，如果您還沒有看過的話，去年第二季度的視頻協作增長了 150%。所以增加了一倍多。

Don't get me wrong. I think you are doing a great job. That's not the point. But you have introduced quite many new products. And you mentioned that you -- these products will be available in the winter. Now winter is quite short meanwhile with the...

別誤會我的意思。我認為你做得很好。這不是重點。但你們推出了很多新產品。您提到這些產品將在冬天上市。現在冬天很短，同時...

Not only for the winter, though.

不過，不僅僅是冬天。

Yes. But what does this mean? Will this be an inflection point when you can ship then these new products? Do you believe that this can increase the pace then? Or is it not that important?

是的。但是，這是什麼意思？當您可以發貨這些新產品時，這會是一個拐點嗎？您認為這樣可以加快步伐嗎？或者說這並不重要？

Well, I mean, I think we have availability now on most of our products and we'll keep that up. And we are launching products now, we'll be launching products next year, too. So no, I don't think that's a particular inflection point.

嗯，我的意思是，我認為我們的大多數產品現在都有貨，我們會繼續保持這種狀態。我們現在正在推出產品，明年我們也將推出產品。所以不，我認為這不是一個特定的拐點。

Last question comes from Erik from Morgan Stanley.

最後一個問題來自摩根士丹利的埃里克。

Now so if you go -- I'm based here in Manhattan. If you go to any local retailer, you'll see -- or at least I believe that Logitech has more shelf space than you have had historically. And you might not see as many competitors on the shelf as maybe you have historically. Would you say that's an accurate comment? Have you been able to gain shelf space with some of your retailers? And then is that also what is contributing to some of the higher spending with retail point of sale? And then I have a follow-up.

現在，如果你走了——我的總部設在曼哈頓。如果您去任何當地的零售商，您都會看到 - 或者至少我相信羅技的貨架空間比以往任何時候都多。而且您可能不會像歷史上那樣看到那麼多的競爭對手。你說這個評論準確嗎？您是否能夠從一些零售商處獲得貨架空間？那麼，這也是導致零售銷售點支出增加的原因嗎？然後我有一個後續行動。

Yes. Actually, I would say not -- that's probably not a good characterization. During the pandemic, we probably lost some shelf space. In webcams, for example, we lost a lot of shelf space because we just didn't have supply and e-tailers and retailers really needed to bring in other people to fulfill the demand. Now we're back and we're gaining the share back and probably gaining some shelf space back. But I don't think we've gone above where we were pre-pandemic.

是的。事實上，我想說不是——這可能不是一個好的描述。在大流行期間，我們可能失去了一些貨架空間。例如，在網絡攝像頭中，我們失去了大量的貨架空間，因為我們沒有供應，而電子零售商和零售商確實需要引進其他人來滿足需求。現在我們回來了，我們正在重新獲得份額，並可能重新獲得一些貨架空間。但我認為我們的水平還沒有超過大流行前的水平。

Nate, this ones for you. Just as we think about -- I know we're kind of throwing seasonality out the window to some degree. But when you think about the back half of the year from an OpEx perspective, in some years, you've seen a sequential decline in OpEx from the holiday quarter into March. Should we generally be thinking about OpEx this year following that same trend, or again, kind of throw seasonality out the window and it will end up where it ends up essentially?

內特，這個是給你的。正如我們所想，我知道我們在某種程度上將季節性因素拋到了九霄雲外。但是，當您從運營支出的角度考慮下半年時，您會發現在某些年份，運營支出從假期季度到三月份連續下降。今年我們是否應該普遍考慮遵循相同趨勢的運營支出，或者再次將季節性因素拋到腦後，最終會達到本質上的最終結果？

Erik, so much more of our spend is variable now than what it was before because a lot of it is marketing oriented. So I don't -- yes, I kind of agree with you, I don't think there's really as much seasonality even to the spend this year, at least I'm not really looking at it that way. We're making the investments based on long-term decisions and where we see opportunities. And so I think that's the way I'm thinking about it.

埃里克，我們現在的支出比​​以前有更多的變化，因為其中很多都是以營銷為導向的。所以我不——是的，我有點同意你的觀點，我認為即使是今年的支出也沒有那麼多季節性，至少我並沒有真正這麼看。我們根據長期決策和我們看到的機會進行投資。所以我想這就是我的想法。

I think that was our last question, if I'm reading you right, Nicole.

我想這是我們的最後一個問題，如果我沒聽錯的話，妮可。

It is. I think that's our last question.

這是。我想這是我們的最後一個問題。

No, Serge is back with one. He couldn't resist before we hang up. You got to go off mute.

不，Serge 帶著一個回來了。在我們掛斷電話之前他無法抗拒。你必須保持沉默。

Serge, you got to get off mute.

塞爾吉，你必須停止沉默。

Yes. Probably quickly back to sales and marketing costs. If I keep -- if I -- remind me correctly, you mentioned that most of the incremental costs go to direct sales in Video Collaboration and Gaming. Is this still true? Or can you give me a better feeling of where you are spending your money?

是的。可能會很快回到銷售和營銷成本。如果我沒記錯的話，您提到大部分增量成本都用於視頻協作和遊戲的直接銷售。這仍然是真的嗎？或者你能讓我更好地了解你把錢花在哪裡了嗎？

Yes. No, I don't think it goes to direct sales and Gaming. It's very broad. I mean if you -- they're marketing sales and R&D or engineering across all of our categories. So it's pretty broad.

是的。不，我不認為它會用於直接銷售和遊戲。它非常廣泛。我的意思是，如果你——他們正在我們所有類別的營銷、研發或工程。所以它的範圍相當廣泛。

Okay. Then probably last one. Currently, the M&A market is quite hard. We have seen hybrid, we have seen Turtle Beach, we have seen Steelseries. What about you, Bracken?

好的。那麼可能是最後一張。目前，併購市場形勢嚴峻。我們見過hybrid，我們見過Turtle Beach，我們見過Steelseries。你呢，布雷肯？

It's always hard for us. I mean, we're always looking at stuff. We've got things under evaluation right now and we've done things in the last year. Several -- some of them were relative -- most of them are relatively small, so we didn't talk about them. And we're always looking. We're always in the market. It's a great strategic deployment, and we're going to stay in the market, in the M&A front forever.

對我們來說總是很難。我的意思是，我們總是在看東西。我們現在正在評估一些事情，並且我們在去年已經做了一些事情。有幾個——其中一些是相對的——大多數都相對較小，所以我們沒有談論它們。我們一直在尋找。我們始終在市場中。這是一個偉大的戰略部署，我們將永遠留在市場、處於併購前沿。

Okay. I think that brings us to a close. I want to thank all of you. It was a -- this has been quite a year this year and quite a year last year, but I'm super excited about the years to come. I mean I know you can feel it in our tone, but we really feel like we've got our innovation engine humming. We've got a world that's really strange, and we're managing through it, I think, pretty well. And we'll keep proactively doing that. But thanks a lot for all your questions. They were great, and we'll see you again next quarter.

好的。我想我們就到此結束了。我要感謝你們所有人。今年和去年都是不平凡的一年，但我對未來幾年感到非常興奮。我的意思是，我知道你可以從我們的語氣中感受到這一點，但我們真的感覺我們的創新引擎正在嗡嗡作響。我們的世界確實很奇怪，但我認為我們處理得很好。我們將繼續積極主動地這樣做。但非常感謝您提出的所有問題。他們很棒，我們下個季度再見。

Thank you.

謝謝。