羅技 (LOGI) 2022 Q1 法說會逐字稿

Thank you, everyone, for joining Logitech's Q1 Fiscal '22 Earnings Call. During this call, we may make 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.

感謝大家參加羅技 22 年第一季度財報電話會議。在本次電話會議中，我們可能會做出前瞻性陳述，包括關於 1995 年《私人證券訴訟改革法案》安全港規定的未來經營業績和業務前景的陳述。

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.

我們僅根據今天的觀點發表這些聲明。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。

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

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向 SEC 提交的文件（包括我們最近的年度報告）中找到非 GAAP 和 GAAP 業績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的結果和幻燈片以及本次電話會議的網絡廣播均可在我們網站的投資者關係頁面上獲取。我們鼓勵您仔細查看這些材料，除非另有說明，否則各時期之間的比較是按年比較，並以固定貨幣和淨銷售額以及銷售額和淨銷售額進行的。

This call is being recorded and will be available for a replay on our website. And with that, I will turn it over to Bracken. But first Bracken, I will have to apologize that I did not get to wrap the safe harbor provision statement that I have promised you. So I apologize, and I hope to still be able to do that 1 day.

此通話正在錄音，並將在我們的網站上重播。有了這個，我就把它交給布雷肯。但首先，布雷肯，我必須向你道歉，因為我沒有完成我向你承諾的安全港條款聲明。所以我很抱歉，我希望仍然能夠做到這一點。

Thank you, Ben, and thanks, everybody, for joining us. Nate, I'm not going to -- Nate and I have been and Vincent before they had about that 1 day, you would wrap the safe harbor provisions. And I guarantee if you had people would have listened more carefully with those safe harbor provision. So it would be good from an SEC standpoint. So maybe in your next company, 1 day, you will do that. I will be listening forward, Ben.

謝謝你，本，也謝謝大家加入我們。內特，我不會——內特和我以及文森特在那一天之前，你會包裹安全港條款。我保證，如果有人會更仔細地傾聽這些安全港條款。因此，從 SEC 的角度來看，這將是一件好事。所以也許在你的下一家公司，有一天，你會這樣做。我會傾聽，本。

Okay. Well, this is officially Ben's last earnings call. And Nate and I couldn't be more excited about Ben's new role as a CFO, which he's going into in his new company is going to announce that soon. So we won't jump the gun. But Ben, I really want to thank you on behalf of all of Logitech, all of these investors and analysts on the call today. I know you've added tremendous value. I've learned a lot from you, and I'll keep watching you from a far and cheering for you.

好的。好吧，這是本正式的最後一次財報電話會議。內特和我對本擔任首席財務官的新職位感到非常興奮，他將在他的新公司中擔任這一職務，並將很快宣布這一職位。所以我們不會操之過急。但是本，我真的想代表羅技全體人員感謝您，感謝今天參加電話會議的所有投資者和分析師。我知道你已經增加了巨大的價值。我從你身上學到了很多，我會一直遠遠地看著你，為你加油。

Thank you, Bracken. Thanks so much to you, Nate and the team.

謝謝你，布雷肯。非常感謝你、內特和團隊。

Absolutely. Well, thank you. Thanks again. Congratulations. And now let's move on. I spent last week in New York City. Today, I'm in L.A. and in New York City just outside of the city. I was walking my daughter down the aisle at her wedding and as a proud father and one who really adores his daughter and both -- all 3 of my kids and my new son-in-law. I can't tell you what an amazing experience it was. It was really wonderful to enjoy this long-awaited celebration and gathering with my friends and family.

絕對地。嗯，謝謝。再次感謝。恭喜。現在讓我們繼續吧。我上週在紐約市度過。今天，我在洛杉磯和城外的紐約市。在我女兒的婚禮上，我陪著她走上紅毯，作為一個自豪的父親，一個真正愛他女兒的父親，還有我的三個孩子和我的新女婿。我無法告訴你那是一次多麼奇妙的經歷。與我的朋友和家人一起享受這個期待已久的慶祝活動和聚會真是太棒了。

And as I talk to people, I know many are having experience like that feel more like pre-pandemic life. While experiences like this may feel like a return to the old normal, in many ways, our work life has forever changed. In many places around the world, we won't commute into an office every day, 5 days a week. We won't waste the 10 to 20 hours a week, that's 10% to 20% of our nonsleeping, nonworking time. Think about that. we won't waste the 10 to 20 hours a week just getting to and from the place we work.

當我與人們交談時，我知道許多人都有過類似的經歷，感覺更像是大流行前的生活。雖然這樣的經歷可能讓人感覺回到了舊常態，但在很多方面，我們的工作生活已經永遠改變了。在世界上許多地方，我們不會每週 5 天每天都通勤去辦公室。我們不會浪費每週 10 到 20 個小時，那是我們非睡眠、非工作時間的 10% 到 20%。考慮一下。我們不會浪費每週 10 到 20 個小時往返工作地點。

Gone will be the lost days of flying to Tokyo or Shanghai or London or Paris for 1- or 2-hour meetings. And the reason they'll be gone is it because of the pandemic. It's because that way of working was fading even before we really realized it. The virus has been terrible. And yet it's pulled in a future that might otherwise have taken 20 years to get to or more. Autopilot has been turned off and our employees, customers and friends are looking for a new and better way to return to work.

飛往東京、上海、倫敦或巴黎參加 1 或 2 小時會議的日子將一去不復返了。他們消失的原因是因為大流行。這是因為這種工作方式在我們真正意識到之前就已經消失了。病毒太可怕了。然而，它卻被拉向了一個否則可能需要 20 年或更長時間才能實現的未來。自動駕駛儀已關閉，我們的員工、客戶和朋友正在尋找一種新的、更好的方式返回工作崗位。

Every conversation I have, and I bet you have to, recently seems to evolve to a high discussion of hybrid in some way. The new normal will not be the same for every person in every part of the world or in every company. The variety will be as diverse as you could possibly imagine. I'm sure that to start a lot more people will simply work from home all the time, like many of us are now. That was a practice previously, most confident start-ups and for some salespeople.

最近我的每一次談話（我敢打賭你一定會這樣）似乎都在某種程度上演變為對混合動力的高度討論。對於世界各地或每家公司的每個人來說，新常態都不會相同。品種將如您所能想像的那樣多樣化。我確信，更多的人會一直在家工作，就像我們現在的許多人一樣。對於大多數有信心的初創企業和一些銷售人員來說，這是以前的做法。

Even at Logitech, predominantly in the office culture prior to the pandemic, we're going to have a lot more people working full-time remotely. This new approach to work also unlocks talent. We couldn't have accessed before in jobs that are far more oriented to remote work than we realized. [Aaron Shen], who doesn't know I'm mentioning her today, runs marketing for our streamers and creators products out of New York. We have struggled to attract her from PepsiCo where she was in marking for Mountain Dew. She had to move to California with her family on the East Coast. We might have lost Vincent Borel, who also doesn't know that I just mentioned him.

即使在羅技，在大流行之前主要是在辦公室文化中，我們也會有更多的人全職遠程工作。這種新的工作方式也釋放了人才。我們以前無法接觸到比我們意識到的更面向遠程工作的工作。 [Aaron Shen] 不知道我今天提到的是她，他在紐約負責我們的主播和創作者產品的營銷。我們一直在努力從百事可樂公司吸引她，她當時在百事公司為激浪做廣告。她不得不與東海岸的家人一起搬到加利福尼亞州。我們可能失去了文森特·博雷爾，他也不知道我剛剛提到了他。

We might have lost Vincent Borel at some point. That's who she reports to. Vincent runs that group. But he moved to Florida to pursue his son's passion for water skiing and secretly his own to. (inaudible), who works for Aaron, so we're covering the whole reporting structure here, develops influencer and celebrity partnerships for our streamers and creators' team. And she surely would not have joined us if she had to move from L.A., which is the epicenter of the world that she's worked in for the last decade, the entertainment world.

我們可能在某個時候失去了文森特·博雷爾。那是她的匯報對象。文森特負責該小組。但他搬到了佛羅里達州，追求兒子對滑水的熱情，並秘密地自己從事滑水運動。 （聽不清），他為亞倫工作，所以我們在這裡涵蓋整個報告結構，為我們的主播和創作者團隊發展影響者和名人合作夥伴關係。如果她必須離開洛杉磯，她肯定不會加入我們，洛杉磯是她過去十年工作的娛樂世界的中心。

In short, remote work is growing within Logitech. But for most people and like for me on this call, working from home 2 to 3 days a week will become the new normal. Those people will need spaces and equipment to work in both places. For some, that will be a fully replicated workspace in each spot. For others, it'll be a place to plug their laptop into a monitor. In both cases, they'll need a mouse, a keyboard, and other peripherals. So you can look directly at the screen, sit back comfortably, not in a terrible video angle and be healthy ergonomically.

簡而言之，遠程工作在羅技內部不斷發展。但對於大多數人來說，就像這次電話會議上的我一樣，每週在家工作 2 到 3 天將成為新常態。這些人將需要空間和設備在這兩個地方工作。對於某些人來說，這將是每個地點完全複製的工作空間。對於其他人來說，這將是一個將筆記本電腦插入顯示器的地方。在這兩種情況下，他們都需要鼠標、鍵盤和其他外圍設備。因此，您可以直視屏幕，舒適地坐下來，而不是處於糟糕的視頻角度，並且符合人體工程學，保持健康。

Most of us will want duplicates of our tools in both places at work and at home. And larger companies will standardize on good equipment, so the conference call and employee productivity are optimized. Natasha (inaudible), who sold you know, runs our strategy team, and she's eager to get back in the office a few days a week. She has an important and high-profile job for us as well as 2 adorable kids who want her all the time. She likes the idea of working sometimes in the office, both for meetings and also just to quietly focus.

我們大多數人都希望在工作場所和家裡都有我們的工具的副本。較大的公司將對優質設備進行標準化，從而優化電話會議和員工生產力。娜塔莎（聽不清）是我們戰略團隊的負責人，她每週都會回到辦公室工作幾天。她為我們提供了一份重要且備受矚目的工作，還有兩個一直想要她的可愛的孩子。她喜歡有時在辦公室工作的想法，既可以參加會議，也可以安靜地集中註意力。

Sam Harnett, our General Counsel, who has no doubt listening right now, lives a commutable distance, but like Natasha, it's not easy -- it's not an easy daily commute. Unlike Natasha, Vincent, I've got to know Sam's daughter a little better, thanks to all our video calls. I gave you specific names because I want to note that people have -- they're real people, they have real lives with passions that aren't fully served by a world where you burn up 20% of your time commuting.

我們的總法律顧問薩姆·哈內特（Sam Harnett）現在無疑正在傾聽，他住在一個通勤距離較遠的地方，但像娜塔莎一樣，這並不容易——這不是一個輕鬆的日常通勤。與娜塔莎、文森特不同，通過我們所有的視頻通話，我對山姆的女兒有了更多的了解。我給你們起了具體的名字，因為我想指出，人們——他們是真實的人，他們有真實的生活，充滿激情，但在一個你花掉 20% 的通勤時間的世界裡，這些激情並不能得到充分滿足。

If they often do want and need some time in the office with their coworkers who are also their friends. But despite that, there will be some in most companies in parts of the world who returned to work full time to an office, a lot like we did before. There are jobs where these can't be avoided, places where commutes are almost effortless and organizations that just aren't ready to make the shift. There are places where homes just don't work as well, where living spaces are too small to work comfortably. But even their work lives will never be the same.

如果他們經常想要並且需要在辦公室與同事（也是他們的朋友）呆在一起。但儘管如此，世界各地的大多數公司中都會有一些人回到辦公室全職工作，就像我們以前所做的那樣。有些工作是無法避免的，有些地方通勤幾乎毫不費力，有些組織還沒有準備好做出轉變。在有些地方，家庭的功能不太好，居住空間太小，無法舒適地工作。但即使是他們的工作生活也永遠不會一樣。

The rise of video meetings means they will feel awkward in the office on audio-only calls. They'll often discover customers and business partners who don't want to come to meetings, who request video meetings. Video will simply overwhelm the old audio calls, including in the office one-on-one. Everyone will need a good webcam there too.

視頻會議的興起意味著他們在辦公室進行純音頻通話時會感到尷尬。他們經常會發現不想參加會議而要求視頻會議的客戶和業務合作夥伴。視頻將簡單地壓倒舊的音頻通話，包括在辦公室一對一的通話。每個人都需要一個好的網絡攝像頭。

With that new hybrid world is not or is it a wide range of stages now. Some places are reopening quickly while others are back in more protective levels, including Los Angeles, where I happen to be today that's going back to masks. The countries in EMEA have had starts and stops and reversals. And while much of Asia Pacific has been much better, some parts like Taiwan and Australia have moved back into defensive mode or even in the most severe lockdown since the pandemic started.

有了這個新的混合世界，現在不是或已經是一個廣泛的階段。一些地方正在迅速重新開放，而另一些地方則恢復了更多的保護水平，包括洛杉磯，我今天碰巧在那裡又回到了戴口罩的狀態。歐洲、中東和非洲國家經歷了起起落落和逆轉。儘管亞太地區的大部分地區情況要好得多，但台灣和澳大利亞等一些地區已重新進入防禦模式，甚至進入自疫情爆發以來最嚴重的封鎖狀態。

In a word, It's choppy, it's choppy around the world. It will stay highly uneven for some time. While the pandemic has been a huge change event, the cultural and technological trends underlying the change started well before the pandemic, as you know. And one of our clear strengths in the past 9 years has been our ability to select trends to follow and quickly address those trends. This approach has worked. After selecting the right categories, developing innovative products, we've become the market leaders in well over half of our categories today.

一句話，波濤洶湧，全世界都波濤洶湧。它將在一段時間內保持高度不均勻。雖然這場大流行是一個巨大的變革事件，但正如你所知，這場變革背後的文化和技術趨勢早在大流行之前就已經開始了。過去 9 年中我們的明顯優勢之一是我們能夠選擇要跟踪的趨勢并快速應對這些趨勢。這種方法奏效了。在選擇正確的類別、開發創新產品之後，我們今天已成為超過一半類別的市場領導者。

We weren't even present or barely present in over half of those categories a decade ago, and we have not let up looking for new categories. While we continue to innovate in the businesses, we've entered across all the categories you know, we also continue to quietly work on new categories all the time. Not all of our new category efforts turn into something. We shelved many products before you saw them. We've redistributed teams across the company from 1 team to another. And we've launched categories you saw that we subsequently shut down.

十年前，我們甚至沒有出現或幾乎沒有出現在其中一半以上的類別中，而且我們並沒有放棄尋找新的類別。我們在業務上不斷創新的同時，已經涉足了你所知道的所有品類，同時我們也一直在默默地致力於新的品類。並非我們所有的新品類努力都能取得成果。在您看到許多產品之前，我們已經將它們擱置起來。我們已將整個公司的團隊從一個團隊重新分配到另一個團隊。我們還推出了您看到但隨後被關閉的類別。

Logitech is dynamic. We continue to test and learn our way into new things. That's been a hallmark and a key to our growth and innovation. Now let's look ahead within our existing categories. We had strong growth across our businesses this quarter. Our video business is well positioned in a category with tremendous growth potential. Customers are digesting the need for more video, more webcams and more standardization of equipment in homework spaces. This is early days for the standardization, but it's happening. The conference room video growth is also still early days. Mini feared gaming would slow down dramatically as we exited this year, but our new products are fantastic and are growing quickly. In fact, our latest gaming products, like our Super like Mouse are already among our biggest of the company. That's a shift.

羅技充滿活力。我們繼續測試和學習新事物。這是我們成長和創新的標誌和關鍵。現在讓我們展望一下現有的類別。本季度我們的業務增長強勁。我們的視頻業務處於具有巨大增長潛力的類別中。客戶正在消化對家庭作業空間中更多視頻、更多網絡攝像頭和更多標準化設備的需求。雖然標準化還處於早期階段，但它正在發生。會議室視頻的增長還處於早期階段。 Mini 擔心隨著我們今年的退出，遊戲的發展速度會急劇放緩，但我們的新產品非常棒，而且增長很快。事實上，我們最新的遊戲產品，例如我們的超級鼠標，已經躋身我們公司最大的產品之列。這是一個轉變。

We're just getting our innovation and marketing engines refined here, and I'm super excited about the future of gaming. Our C&P business, which is mostly mice and keyboards, had a super strong quarter. This is a reflection of great vision, strategy and execution. We are running the play from our Analyst and Investor Day in fiscal year 2020, and you could see it. Our lifestyle products are fun and in line with cultural trends. Our ergonomic products are needed, but still have low awareness. In fact, a crazy good experience provided by many of our best products is still unknown to most who would love it. We're just firing on all cylinders and have so much upside in C&P through our awareness and new products. Our pipeline is also really exciting.

我們剛剛在這裡完善我們的創新和營銷引擎，我對遊戲的未來感到非常興奮。我們的 C&P 業務主要是鼠標和鍵盤，這個季度表現非常強勁。這是偉大願景、戰略和執行力的體現。我們正在 2020 財年的分析師和投資者日上播放該劇，您可以看到。我們的生活方式產品既有趣又符合文化趨勢。我們的人體工程學產品是需要的，但認知度仍然較低。事實上，我們許多最好的產品所提供的瘋狂的良好體驗對於大多數喜歡它的人來說仍然是未知的。我們正全力以赴，通過我們的意識和新產品，我們在 C&P 方面有很大的優勢。我們的管道也非常令人興奮。

Our key categories grew double digits this quarter. That's despite chip shortages and an incredible workload and stress created by COVID on our people. Like most companies, our employees have been challenged during COVID from the stress of uncertainty, from fear, from long hours and difficulty detaching for the Workday that just never seems to stop as their home became their offices. I think everyone needs a break. And this summer, we're encouraging everyone to take one.

本季度我們的主要類別實現了兩位數增長。儘管芯片短缺，而且新冠疫情給我們的員工帶來了令人難以置信的工作量和壓力。與大多數公司一樣，我們的員工在新冠疫情期間也面臨著不確定性壓力、恐懼、長時間工作以及工作日難以脫離的挑戰，隨著他們的家變成了辦公室，這種壓力似乎永遠不會停止。我想每個人都需要休息一下。今年夏天，我們鼓勵每個人都參加一個。

Now let me turn the call over to Nate to go deeper into the quarter. Nate?

現在讓我把電話轉給內特，進一步了解該季度的情況。內特？

Thanks, Bracken, and thank you, Ben, for your outstanding work. We're going to miss you. As Bracken said, we delivered an excellent Q1 with strong revenue growth, margin expansion, strategic investments, to improve our business and share gains. Net sales grew 58% in constant currency, profits doubled versus last year, and we remain on track to deliver to the increased full year outlook we gave in April. Similar to last year, our operations and sales teams continue to execute well, and results were strong across our categories and regions.

謝謝你，布雷肯，也謝謝你，本，所做的出色工作。我們會想念你的。正如布拉肯所說，我們第一季度業績出色，收入增長強勁，利潤率擴大，戰略投資改善了我們的業務並提高了份額。按固定匯率計算，淨銷售額增長了 58%，利潤比去年翻了一番，我們仍有望實現 4 月份提高的全年預期。與去年類似，我們的運營和銷售團隊繼續表現良好，各個品類和地區的業績表現強勁。

Our PC Peripherals categories continued their strong momentum in the quarter with 49% growth in Q1, driven by better availability and a broad portfolio of differentiated products, like Bracken mentioned. Several of our flagship offerings like the MX Master 3 mouse and MX Keys Keyboard continue to set new sales records even after being in the market for 2 years. And sales of our ergonomic split keyboard, the K860, which retails for $129, more than doubled in the quarter.

正如 Bracken 提到的，在更好的可用性和廣泛的差異化產品組合的推動下，我們的 PC 外設類別在本季度繼續保持強勁勢頭，第一季度增長了 49%。我們的幾款旗艦產品（例如 MX Master 3 鼠標和 MX Keys 鍵盤）即使在上市兩年後仍繼續創下新的銷售記錄。我們符合人體工學的分體式鍵盤 K860 的零售價為 129 美元，本季度銷量增長了一倍多。

But that impressive performance was not just in the high end. In fact, each of our top 10 mice and keyboard products with prices that range from $12.99 and to over $100 delivered strong double-digit growth and in some areas, triple-digit growth. While webcam growth has started to moderate after more than tripling last year, sales still grew 73% in the quarter, and we have regained some of the share we lost last year due to supply shortages. Our priority remains driving greater awareness of the better user experience provided by an external webcam to increase our attach rates to the large and growing installed base of monitors and PCs.

但這種令人印象深刻的表現不僅僅出現在高端領域。事實上，價格從 12.99 美元到 100 美元以上的十大鼠標和鍵盤產品均實現了兩位數的強勁增長，在某些領域甚至實現了三位數的增長。雖然網絡攝像頭的增長在去年增長了兩倍多後開始放緩，但本季度銷售額仍增長了 73%，我們已經恢復了去年因供應短缺而失去的部分份額。我們的首要任務仍然是提高人們對外部網絡攝像頭提供的更好用戶體驗的認識，以提高我們對龐大且不斷增長的顯示器和電腦安裝基礎的連接率。

Q1 video collaboration sales increased 72%, similar to the 81% growth rate in the prior year. Sell-through in the quarter was even stronger and nearly doubled versus last year. On a sequential basis, sales in the Americas and Asia Pacific remained strong, while sales in EMEA declined double digits compared to a record Q4 due to a lower opening backlog and softer demand as businesses evaluate reopening timelines.

第一季度視頻協作銷售額增長 72%，與去年 81% 的增長率相似。本季度的銷售量甚至更強勁，與去年相比幾乎翻了一番。環比來看，美洲和亞太地區的銷售依然強勁，而歐洲、中東和非洲地區的銷售額與創紀錄的第四季度相比下降了兩位數，原因是企業評估重新開業時間表時，開業積壓量減少以及需求疲軟。

Gaming had another strong quarter, with Q1 sales up 76%, continuing the fast pace of growth from last year. We delivered double-digit growth in all our gaming categories, across gaming mice, keyboards, headsets, console and stimulation. Gaming continues to become an integral part of many people's lives, whether for entertainment, socializing with friends or to showcase their skills on platforms like Twitch.

遊戲領域又一個強勁的季度，第一季度銷售額增長 76%，延續了去年的快速增長勢頭。我們的所有遊戲類別（包括遊戲鼠標、鍵盤、耳機、遊戲機和刺激）均實現了兩位數增長。遊戲繼續成為許多人生活中不可或缺的一部分，無論是為了娛樂、與朋友社交還是在 Twitch 等平台上展示自己的技能。

Tablet sales increased 66% with strong growth in both our retail and education categories. As we noted on past earnings calls, however, sales of our education tablet products could decline this year due to the onetime benefit from a large education order in Japan last year. Our audio and wearables sales rose 57% in Q1 with double-digit growth in all products. While mobile speakers fell 5% in Q1, in line with our expectations as we reallocated resources and prioritize our investments to faster-growing categories.

平板電腦銷量增長 66%，零售和教育類別均強勁增長。然而，正如我們在過去的財報電話會議上指出的那樣，由於去年日本的大筆教育訂單一度受益，我們的教育平板電腦產品的銷量今年可能會下降。我們的音頻和可穿戴設備銷售額第一季度增長了 57%，所有產品均實現兩位數增長。雖然移動揚聲器在第一季度下降了 5%，但符合我們的預期，因為我們重新分配了資源，並將投資優先考慮到增長更快的類別。

Our Q1 non-GAAP gross margin was 43.8%, up 460 basis points from last year. Gross margin was down as expected from a record level in Q4, but it remained at the high end of our target range. As we look out to the rest of the fiscal year, we continue to expect gross margins to be within our range but lower than current levels for 3 primary reasons. First, we expect our promotional spending will continue to trend toward more historical levels. Second, we will invest in retail point-of-sale marketing, which was significantly curtailed last year due to store closures. And last, industry-wide component cost increases.

我們第一季度的非 GAAP 毛利率為 43.8%，比去年增長 460 個基點。毛利率按預期較第四季度創紀錄水平有所下降，但仍處於我們目標範圍的高端。展望本財年剩餘時間，我們仍然預計毛利率將在我們的範圍內，但低於當前水平，原因有 3 個。首先，我們預計我們的促銷支出將繼續趨向歷史水平。其次，我們將投資零售銷售點營銷，去年由於商店關閉，零售銷售點營銷大幅縮減。最後，全行業的零部件成本增加。

Our non-GAAP operating expenses increased 76% in Q1 to $340 million, largely driven by increased investment in marketing, sales coverage and product development. In the quarter, we expanded our DEFY LOGIC brand campaign into parts of Europe as we look to drive greater Logitech brand awareness and consideration globally. In addition to marketing, we continued our investments to develop more innovative and environmentally friendly products.

我們的非 GAAP 運營費用在第一季度增長了 76%，達到 3.4 億美元，這主要是由於營銷、銷售覆蓋和產品開發投資的增加。本季度，我們將 DEFY LOGIC 品牌活動擴展到歐洲部分地區，因為我們希望在全球範圍內提高羅技品牌知名度和考慮度。除了營銷之外，我們還繼續投資開發更多創新和環保的產品。

Wrapping up the income statement. Our Q1 operating profit doubled year-over-year to $235 million, and operating margins were 17.9%, up 310 basis points versus the prior year period.

總結損益表。我們第一季度的營業利潤同比翻了一番，達到 2.35 億美元，營業利潤率為 17.9%，比去年同期增長了 310 個基點。

Now let me talk briefly about our cash flow. Cash flow from operations was negative $115 million in Q1. Historically, our Q1 cash flows tend to be around breakeven. While this quarter, we dipped below this level as we made tactical inventory investments and we made an annual income tax payment of $120 million, which would typically be paid in quarterly installments. We expect to resume our normal payment schedule in FY '22. Excluding this onetime change in payment timing, our Q1 cash flow would have been approximately flat. And in line with normal seasonal patterns, I still expect the vast majority of our full year cash flows to come from the second half of this fiscal year.

現在讓我簡單談談我們的現金流。第一季度運營現金流為負 1.15 億美元。從歷史上看，我們第一季度的現金流往往在盈虧平衡附近。而本季度，由於我們進行了戰術庫存投資，並且我們繳納了 1.2 億美元的年度所得稅（通常按季度分期付款），因此我們的收入跌破了這一水平。我們預計在 22 財年恢復正常付款計劃。排除付款時間的一次性變化，我們第一季度的現金流量將大致持平。與正常的季節性模式一致，我仍然預計我們全年現金流的絕大多數將來自本財年下半年。

Our Q1 cash conversion cycle was 45 days, up from 27 days last year, but down from Q1 levels a couple of years ago. DSO improved by 20 days versus last year, driven by a greater percentage of our sales occurring in months 1 and 2 of the quarter compared to last year. And our days of inventory increased by 44 days to 94 as we rebuild buffers, began migrating more of our shipments to slower but less expensive ocean freight and strategically invested in supply to ensure availability and favorable cost amidst a tightened global supply chain outlook.

我們第一季度的現金轉換週期為 45 天，高於去年的 27 天，但低於幾年前第一季度的水平。 DSO 比去年提高了 20 天，這是因為與去年相比，本季度第 1 個月和第 2 個月的銷售額比例更高。隨著我們重建緩衝區、開始將更多貨物轉移到速度較慢但成本較低的海運，並對供應進行戰略性投資，以確保在全球供應鏈前景趨緊的情況下確保可用性和有利的成本，我們的庫存天數增加了 44 天，達到 94 天。

Wrapping up significant uses of cash. We spent $55 million on share repurchases in the quarter. Finally, in terms of guidance, with a strong first quarter in the books, but with the majority of the year still ahead of us, 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. This outlook reflects continued investments in the business and is consistent with our focus on driving long-term growth. With that, let me hand things back to Bracken.

結束現金的大量使用。本季度我們花費了 5500 萬美元用於股票回購。最後，就指導而言，第一季度的賬面表現強勁，但今年的大部分時間仍在我們前面，我們確認 22 財年的銷售增長前景（按固定匯率計算，銷售額增長持平，正負 5%）維持 22 財年非 GAAP 營業收入預期為 8 億至 8.5 億美元。這一前景反映了對業務的持續投資，並且與我們致力於推動長期增長的重點一致。就這樣，讓我把事情交還給布雷肯。

Thanks Ben -- Thanks, Nate. Sorry. See, I already missed you Ben. We had a very good start to our fiscal year. Our performance this quarter demonstrates the strength of our capabilities, our excellent operational execution and our ability to capitalize on long-term trends like Gaming, streaming and creating, hybrid work and video everywhere. The same underlying trends that drove our business pre-COVID significantly accelerated during COVID and have become much more pervasive and sustainable as we look to life after the sheltered home period of COVID ends all over the world. We have an exciting long-term growth potential ahead from this bigger base. Now Nate and I are ready for your questions.

謝謝本——謝謝內特。對不起。看吧，我已經想念你了，本。我們的財年有一個良好的開端。我們本季度的業績證明了我們的實力、卓越的運營執行力以及我們利用遊戲、流媒體和創作、混合工作和無處不在的視頻等長期趨勢的能力。在新冠疫情爆發之前推動我們業務的基本趨勢在新冠疫情期間顯著加速，並且隨著我們在全球範圍內的新冠疫情居家隔離期結束後展望生活，這一趨勢變得更加普遍和可持續。在這個更大的基礎上，我們擁有令人興奮的長期增長潛力。現在內特和我準備好回答你們的問題了。

Ben, can you queue them up for the last time for you?

本，你能為你最後一次排隊嗎？

(Operator Instructions) The first question is Asiya Merchant.

（操作員說明）第一個問題是Asiya Merchant。

Congratulations on a great quarter. Just a couple of quick questions just on Video Collaboration. You mentioned a little bit of softness in EMEA. As you kind of look at -- and I know there was a great sell in the prior quarter. So people are reevaluating some of that. But as you look forward, some of the guidance that you provided at your Analyst Day for different segments, specifically as it relates to Video Collaboration of growth being double digits up to 10% to 25%, if I'm not -- or 25% to 30%. How should we kind of think about that Video Collaboration segment now for this year given EMEA softness? And do you expect that to reaccelerate given some of the channel fill drawdown this quarter?

祝賀您度過了一個美好的季度。只是幾個關於視頻協作的簡單問題。您提到歐洲、中東和非洲地區有一點疲軟。正如你所看到的——我知道上一季度的銷售量很大。因此人們正在重新評估其中的一些內容。但正如您所期待的那樣，您在分析師日針對不同細分市場提供的一些指導，特別是與視頻協作相關的增長將達到兩位數，高達 10% 到 25%（如果我不是的話，或者 25） % 至 30%。鑑於歐洲、中東和非洲地區的疲軟，我們現在應該如何看待今年的視頻協作細分市場？鑑於本季度渠道填充量有所減少，您是否預計這種情況會再次加速？

I'll jump in and Nate you can -- you go ahead, Nate. I can see you want to talk.

我會介入，內特，你可以——你繼續，內特。我看得出來你想說話。

Sure. Yes, just clarify on the outlook we gave at the Analyst Day. It was 10% to 25% growth in Video Collaboration.

當然。是的，請澄清我們在分析師日給出的前景。視頻協作增長了 10% 到 25%。

10% to 25%.

10% 至 25%。

I still think that's the right way to think about it as a double-digit grower. And listen, I mean, again, the sell-through nearly doubled this quarter. So I think we've seen in the past, sometimes the sell-in timing can be a little different from 1 quarter to another, especially as you talk about an enterprise business where you have large deals that fall on 1 side or another of the fiscal period. But we still feel great, of course, about the Video Collaboration business both this year and over the long term.

我仍然認為，作為兩位數種植者，這是正確的思考方式。聽著，我的意思是，本季度的銷量幾乎翻了一番。因此，我認為我們過去已經看到，有時一個季度的賣出時間可能會與另一個季度略有不同，特別是當您談論企業業務時，您有大量交易落在一側或另一側財政期間。但當然，無論是今年還是長期來看，我們仍然對視頻協作業務感覺良好。

Yes. I mean we're just super optimistic about that business. It's a great business for us. We have great products out there, and we have great products coming. So...

是的。我的意思是我們對這項業務非常樂觀。這對我們來說是一項偉大的事業。我們有很棒的產品，而且我們也有很棒的產品即將推出。所以...

And then because of the inventory that you guys have built up the buffer as well as supply-demand balance that you mentioned, were you like broadly share gainers across many of the categories is all I have heard from some of your peers was continued supply chain bottlenecks, logistics, nightmares, component constraints and different ICs, et cetera. So is it fair to assume that you guys gained share across several of your categories where you have pretty decent competition? We're gaining share of pre pandemic, we're gaining...

然後，由於你們建立了緩衝庫存以及你們提到的供需平衡，你們是否喜歡在許多類別中廣泛分享收益者，我從你們的一些同行那裡聽到的只是持續的供應鏈瓶頸、物流、噩夢、組件限制和不同的 IC 等等。那麼，可以公平地假設你們在幾個有相當不錯競爭的類別中獲得了份額嗎？我們正在獲得大流行前的份額，我們正在獲得......

Yes, it is. I mean, we gained share in most categories. In fact, the vast majority of our categories. And I do think part of it was just having supply availability. But we also -- we've got a great product lineup right now. I mean we've been gaining share -- we were gaining share of prepandemic, we're gaining share during the pandemic and we're gaining share as we kind of see the light at the end of the tunnel. So yes, we did though.

是的。我的意思是，我們在大多數類別中都獲得了份額。事實上，我們的絕大多數類別。我確實認為部分原因只是供應充足。但我們現在也擁有很棒的產品陣容。我的意思是，我們一直在獲得份額——我們在大流行前獲得了份額，在大流行期間獲得了份額，當我們看到隧道盡頭的曙光時，我們也在獲得份額。所以，是的，我們確實這麼做了。

And then on the inventory just because you brought it up, I think it's an important point because I think it just highlights again the way we think about our business strategically and financially and operationally and keeping those things aligned. And with a strong balance sheet, we think this is the right time and it's a good opportunity for us to use that to secure components where we can, and it's a tough environment, with secure components where we can, build up those buffer stocks. And as Bracken has said, be ready to deliver on opportunities globally. So we've got good availability now, and I think that will be a competitive advantage for us. We'll see how it plays out.

然後就庫存而言，因為您提出了這個問題，我認為這是很重要的一點，因為我認為它再次強調了我們在戰略、財務和運營方面思考業務的方式，並使這些事情保持一致。憑藉強大的資產負債表，我們認為現在是正確的時機，也是我們利用其盡可能確保組件安全的好機會，而且這是一個艱難的環境，我們可以在盡可能安全的組件上建立這些緩衝庫存。正如布雷肯所說，準備好在全球範圍內抓住機遇。因此，我們現在擁有良好的可用性，我認為這對我們來說將是一個競爭優勢。我們將看看結果如何。

Is most of the inventory in the warehouse as finished product? Or is it mostly ICs and components that you've kind of put together.

倉庫裡的庫存大部分都是成品嗎？或者它主要是您組裝在一起的 IC 和組件。

It's really a mix, but I think a lot of it's in the distribution centers, and it's out regionally, ready to be shipped. It's not out in the channel, right? It's in our distribution centers. Some of it is in components as well.

這確實是一個混合體，但我認為其中很多都在配送中心，並且是按地區銷售的，準備發貨。頻道裡還沒出來吧？它在我們的配送中心。其中一些也存在於組件中。

Our next question is from Paul Chung from JPMorgan.

我們的下一個問題來自摩根大通的 Paul Chung。

So first up, on Gaming, very nice momentum there. Can you kind of expand on the product mix, where you saw relative strength in the portfolio? And as we start to lap these tough comps, where do you see kind of momentum extending? And given the strong start to the year, do you think the flattish outlook in Gaming is on the conservative side? And I have a follow-up.

首先，在遊戲方面，勢頭非常好。您能擴大產品組合嗎？您認為產品組合的相對優勢在哪裡？當我們開始進行這些艱難的比賽時，您認為勢頭會延伸到哪裡？鑑於今年開局強勁，您認為遊戲行業的平淡前景是否屬於保守派？我有一個後續行動。

Well, I'm really excited where do we see strengths in -- within the gaming business. You got 4 or 5 segments you could really point to. And really all of them. I can honestly say excited about our Gaming business because we just had growth in every single segment, and we're growing market share across them, too. And we have a fantastic portfolio. And one of the things I said in our -- in the opening was that the nature of the innovation we've been doing in Gaming has also been changing, and it shifted from a lot of small products to fewer bigger ones. And it's -- I mean, a testament to our team. And then the other thing that's happened is our marketing engine in Gaming is probably the best we've had.

嗯，我真的很興奮我們在遊戲業務中看到了哪些優勢。你有 4 或 5 個可以真正指出的部分。確實是所有這些。老實說，我對我們的遊戲業務感到興奮，因為我們在每個細分市場都取得了增長，而且我們在各個細分市場的市場份額也在不斷增長。我們擁有出色的產品組合。我在開場白中所說的一件事是，我們在遊戲領域所做的創新的本質也在發生變化，它從大量的小產品轉向了更少的大產品。我的意思是，這是對我們團隊的證明。然後發生的另一件事是我們的遊戲營銷引擎可能是我們擁有的最好的。

I mean they've really created Logitech G over the last 5 to 7 years and they're just getting stronger and stronger. So I would say, overall, I just feel very, very good about gaming. We're not reopening the discussion around each individual category right now as an outlook. We confirm the outlook for the year that we just raised back 2 months ago, but I'm super excited about gaming, Paul.

我的意思是，他們在過去 5 到 7 年裡確實創造了 Logitech G，而且他們變得越來越強大。所以我想說，總的來說，我對遊戲感覺非常非常好。作為展望，我們現在不會重新圍繞每個單獨類別進行討論。我們確認了兩個月前剛剛提出的今年展望，但我對遊戲感到非常興奮，保羅。

Yes. I think, Paul, on the outlook, too, just 1 thing to keep in mind is, Gaming does have a big holiday period, and that's still ahead of us. So I think it's been a good start to the year, a good strong first quarter, but typically, we do almost 80% of our revenue over the next 3 quarters and a lot of that comes in the holidays. So I think with Gaming, we'll need to see how that plays out. But as Bracken said, we go into that period with a great lineup and headsets, as we probably mentioned last quarter, and I think it continues to perform well with some really cool new products.

是的。保羅，我認為，就前景而言，需要記住的一件事是，遊戲確實有一個很長的假期，而且仍然在我們前面。所以我認為這是今年的一個良好開端，第一季度表現強勁，但通常情況下，我們幾乎 80% 的收入是在接下來的 3 個季度實現的，其中很多來自假期。所以我認為對於遊戲，我們需要看看效果如何。但正如 Bracken 所說，我們以出色的陣容和耳機進入了這個時期，正如我們上個季度可能提到的那樣，我認為它在一些非常酷的新產品中繼續表現良好。

Okay. Great. And then just on the ramp in reinvestments in the business, though it's up like 70% this quarter year-on-year. The percent of sales is pretty much in line with previous years. This is the kind of right way to think about it longer term. And as we think about that spend, how are you tracking that return on investment there? And given the step-up in R&D, should we expect kind of more frequent cadence of new product releases moving forward?

好的。偉大的。然後，該業務的再投資剛剛開始增加，儘管本季度同比增長了 70%。銷售額百分比與前幾年基本一致。這是從長遠考慮的正確方法。當我們考慮這筆支出時，您如何跟踪那裡的投資回報？鑑於研發力度的加大，我們是否應該期待新產品發布的頻率會更加頻繁？

Paul, let me answer a couple of parts of that question. I'll let Nate take the 1 on basically business model question, what percentage of our spending, should we be spending on OpEx. I think in terms of the cadence of new product launches, I wouldn't necessarily relate increased investment in more new products launched. I would say, the increased investment will just enable us to do better, bigger and in the places that really matter. And we see lots of opportunities for innovation, and we're not holding back on making sure we're investing there. Nate, do you want to talk about the business model question a little bit.

保羅，讓我回答這個問題的幾個部分。我會讓 Nate 在基本的商業模式問題上選擇 1，即我們應該在運營支出上支出占我們支出的多少百分比。我認為就新產品發布的節奏而言，我不一定會增加對推出更多新產品的投資。我想說，增加的投資只會讓我們在真正重要的地方做得更好、更大。我們看到了很多創新機會，並且我們會毫不猶豫地確保我們在那裡進行投資。 Nate，你想談談商業模式問題嗎？

Sure. And just to confirm, it -- kind of you're looking at the numbers the same way I am, Paul. Our OpEx as a percent of sales this quarter was actually lower than where it was in Q1 in FY '20. And it was basically the same level as what it was for the full year in FY '20. So I think some people look at the growth rate of OpEx and maybe have questions about it. But again, the business model or the structure of our P&L actually looks very consistent historically.

當然。只是為了確認一下，保羅，你看數字的方式和我一樣。本季度我們的運營支出佔銷售額的百分比實際上低於 20 財年第一季度的水平。這與 20 財年全年的水平基本相同。所以我認為有些人看到運營支出的增長率可能會有疑問。但同樣，我們的業務模式或損益表結構實際上在歷史上看起來非常一致。

Now our strategy, as you know, is to move to a more marketing-led rather than promotion-led company. And so that's exactly what you see us executing this quarter, and you'll see it in future quarters is taking some of the incremental profits we're generating, the gross profits we're generating and reinvesting that into marketing to build the brand, to build awareness and to drive that product -- excuse me, the brand preference over the long term, which creates a virtuous cycle of higher margin products and faster growth.

如您所知，現在我們的策略是轉向一家更加以營銷為主導而非以促銷為主導的公司。這正是我們本季度執行的做法，並且在未來幾個季度中您將看到我們正在產生的一些增量利潤，我們正在產生的毛利潤，並將其再投資到營銷中以打造品牌，建立知名度並推動該產品——對不起，是長期的品牌偏好，這創造了更高利潤產品和更快增長的良性循環。

So you're seeing us execute what we've been talking about for some time. And that's what you should expect to see in the future. In terms of the percent of sales, I think something around like what you saw this quarter is probably the right way to think about it, but it's not something I would put too fine a point on. It might be a little higher than this in some quarters might be a little bit lower, but it's going to be the same strategy that we talked about.

所以你看到我們正在執行我們已經討論了一段時間的事情。這就是您將來應該看到的情況。就銷售額百分比而言，我認為像您本季度所看到的那樣可能是正確的思考方式，但我不會對此給予太多關注。在某些季度，它可能會比這個高一點，也可能會低一點，但這將與我們討論的策略相同。

Now the next question comes from Jörn Iffert from UBS.

現在下一個問題來自瑞銀集團 (UBS) 的約恩·伊弗特 (Jörn Ifffert)。

Ben and all the best to you and yes, we will miss you.

本，祝你一切順利，是的，我們會想念你的。

Thank you.

謝謝。

Maybe starting with 2 to 3 questions, if I may. The first one is on your implied outlook for the next 9 months. The midpoint implies sales may be down 12%, 13%, 14%, but your non-GAAP EBIT down around 40% to 50%. Your gross profit margin assumptions, as Nate stated, is maybe in the -- around 40%, if I understood this correctly for the current year. But if I consider the gross profit margin was standing already in fiscal year '20, and now you have better FX benefits, its falling back to the same level like fiscal year '20 despite you having pricing power to offset rising component costs, despite you have invested in your premiumization strategy. So why are you exactly so cautious on the gross profit, if I may ask? This would be the first question.

如果可以的話，也許可以從 2 到 3 個問題開始。第一個是您對未來 9 個月的預期前景。中點意味著銷售額可能下降 12%、13%、14%，但非 GAAP 息稅前利潤下降約 40% 至 50%。正如 Nate 所說，如果我對今年的理解正確的話，你們的毛利率假設可能在 40% 左右。但如果我考慮到 20 財年的毛利率已經保持不變，現在你有更好的外匯收益，那麼儘管你有定價能力來抵消不斷上漲的零部件成本，但它會回落到 20 財年的同一水平，儘管你已投資於您的高端化戰略。那麼，請問您為什麼對毛利潤如此謹慎呢？這是第一個問題。

Okay. Let's stop you there. Let's take them one at a time. So we just unload a lot. You sound like my Board or me talking to my team, I'll let Nate, I'll let you take that one, but that's...

好的。讓我們在那兒阻止你吧。讓我們一次拿一個。所以我們只是卸載很多。你聽起來就像是我的董事會或我在與我的團隊交談，我會讓內特，我會讓你接受那個，但那是......

Okay. Yes. I mean listen, Jörn, we gave a range as 39% to 44%. I think we'll be in that range this year. There are several factors on why I think gross margins, as I mentioned in my opening remarks, where I think they're going to come down from current levels. They're going to remain in that range, whether they're at 39%, 40%, 41%, 42%, 43%, we'll just have to see it. It depends on a lot of things like mix and so forth. But certainly, we have some headwinds as we talked about sequentially here with just -- we're going to have to increase promotion. The market -- as the market stabilizes and normalizes back towards more historic levels.

好的。是的。我的意思是聽著，Jörn，我們給出的範圍是 39% 到 44%。我認為今年我們將處於這個範圍內。正如我在開場白中提到的，有幾個因素可以解釋為什麼我認為毛利率將會從目前的水平下降。他們將保持在這個範圍內，無論是 39%、40%、41%、42%、43%，我們只能拭目以待。這取決於很多事情，比如混合等等。但當然，正如我們在這裡依次討論的那樣，我們遇到了一些阻力——我們將不得不增加促銷力度。市場——隨著市場穩定並正常化回到歷史水平。

I think mix is always going to be one thing that changes from quarter-to-quarter. I think over the long term, our mix trends are favorable with growth in some higher-margin categories. We'll also have to see how logistics plays out Certainly, we spent a lot on airfreight last year. I think we'll spend less on air freight this year, but rates continue to be higher than their historic levels. In fact, just recently, the ocean rates have been increasing in the spot market, 40% to 50% just in a very short period of time. So while ocean's still a lot more attractive than air, those rates have gone up from their historic levels, too.

我認為混合總是會隨著季度的變化而變化。我認為從長遠來看，我們的組合趨勢對一些利潤率較高的類別的增長是有利的。我們還必須看看物流如何發揮作用。當然，去年我們在空運上花了很多錢。我認為今年我們在航空貨運上的支出將會減少，但費率仍然高於歷史水平。事實上，就在最近一段時間，現貨市場的海價一直在上漲，在很短的時間內上漲了40%至50%。因此，儘管海運仍然比空運更具吸引力，但這些費率也較歷史水平有所上升。

So there's some near-term things here we'll have to fight through. I think over the long term, we've given a range. It's got some room for margin expansion off of those FY '20 levels you mentioned. And that's our focus is adding new categories that have that more attractive margin profile. Maybe some more software in the mix and things like that. But in the near term, there's clearly some margin pressures, but I'm comfortable we'll be in the middle of that range or somewhere around there.

因此，我們必須解決一些近期的問題。我認為從長遠來看，我們已經給出了一個範圍。與您提到的 20 財年水平相比，它還有一定的利潤擴張空間。我們的重點是添加具有更具吸引力的利潤狀況的新類別。也許還有更多的軟件之類的。但在短期內，顯然存在一些利潤壓力，但我很高興我們將處於該範圍的中間或附近。

And you and I agree with you on the pricing power. We haven't raised any prices yet though. We don't have immediate plans to -- we're going to keep an eye on the market. We feel like some of these shortages, some of these cost-driven shortages are really temporary. So we'll see.

你和我都同意你關於定價權的看法。不過我們還沒有提高任何價格。我們沒有立即計劃——我們將密切關注市場。我們覺得其中一些短缺，其中一些成本驅動的短缺確實是暫時的。所以我們拭目以待。

Yes. Thank you. And I got the message. And second question is, please, on product positioning for video conferencing and webcams. I mean we can likely expect that all the notebook providers are significantly upgrading the camera systems over the next 2 to 3 years. I mean, Apple was starting with the iPad Pro, for example, which is improving camera system. To what extent can this affect your video conferencing and webcam business from your point of view?

是的。謝謝。我收到了消息。第二個問題是關於視頻會議和網絡攝像頭的產品定位。我的意思是，我們可以預期所有筆記本電腦提供商都會在未來 2 到 3 年內大幅升級攝像頭系統。我的意思是，例如，蘋果從 iPad Pro 開始改進相機系統。從您的角度來看，這會在多大程度上影響您的視頻會議和網絡攝像頭業務？

I think the installed base is so big. You've got 1.4 billion PCs installed. So the transition no matter what people do to the existing market. It just won't put a big dent in that market for years. So we think the opportunity there is very significant, and we're going to keep investing. And even after they do there are advantages to a remote webcam that you really are really exciting. And so we're going to -- we're excited about the Webcam business. I think it's -- we've been in that business a long time, and we'll keep innovating in it to make sure that we've got products that are compelling, but we're also -- we're 35 different categories now. So we don't live or die in any 1 category.

我認為安裝基數非常大。您已經安裝了 14 億台 PC。因此，無論人們對現有市場做什麼，轉型都是如此。多年來它不會對該市場產生太大影響。因此，我們認為那裡的機會非常重要，我們將繼續投資。即使他們這樣做了，遠程網絡攝像頭的優勢也確實令人興奮。因此，我們對網絡攝像頭業務感到興奮。我認為，我們從事這項業務已經很長時間了，我們將不斷創新，以確保我們擁有引人注目的產品，但我們也有 35 個不同的類別現在。所以我們的生或死不屬於任何一類。

Yes. I'll add 1 thing to that on Jörn. On the -- kind of the bullish side of that opportunity is anything that drives increased awareness for webcam, increased awareness for video calling. So if someone's going to communicate the quality of their webcam or the importance of having a web camera, I think that we'll see some benefit from that just in the overall market opportunity. We're going to have to compete for it, right? We're going to have to come out and innovate with great features and products and a compelling value proposition for why an external web camera is a better experience. And I think the opportunity on notebooks and laptops is huge.

是的。我將在 Jörn 的基礎上添加 1 件事。這個機會的積極一面是任何能夠提高網絡攝像頭意識、視頻通話意識的東西。因此，如果有人要傳達網絡攝像頭的質量或擁有網絡攝像頭的重要性，我認為我們會在整個市場機會中看到一些好處。我們必須為此競爭，對吧？我們必須拿出出色的功能和產品進行創新，並提出令人信服的價值主張，以解釋為什麼外部網絡攝像頭可以提供更好的體驗。我認為筆記本電腦和筆記本電腦的機會是巨大的。

Because I don't think we've really communicated frankly, a lot of what the benefits are. And I think as people move towards a -- I've got 2 monitors here in front of me at home. Obviously, a lot of people may not have that. But I think as people move to kind of a monitor setup. Maybe they've got peripherals. My PC remains docked next to me, the whole time. I never interact with it at all. I'm only interacting with my peripherals. And so I think depending on someone's setup, I think there's clear advantages for an external web camera. And I think that's a big opportunity for us to communicate.

因為我認為我們並沒有真正坦誠地溝通過，很多好處是什麼。我認為，隨著人們走向——我家裡有兩台顯示器。顯然，很多人可能沒有這樣的能力。但我認為隨著人們轉向某種顯示器設置。也許他們有外圍設備。我的電腦始終保持在我旁邊。我從不與它互動。我只與我的外圍設備交互。因此，我認為根據某人的設置，我認為外部網絡攝像頭有明顯的優勢。我認為這對我們來說是一個很好的交流機會。

Thanks for this. And the last question, just a superficial one. Seasonality, I mean respect to school, now over the summer, can we expect that Q2 is on higher revenues versus Q1?

謝謝你。最後一個問題，只是一個膚淺的問題。季節性，我的意思是尊重學校，現在是夏天，我們可以預期第二季度的收入比第一季度更高嗎？

It's a good question. I mean, typically, we would see higher revenues in Q2 versus Q1. But as I said before, I think typical seasonality is kind of out the window right now, Jörn. There are so many other factors that are sort of atypical. Back-to-school was very strong last year. And as you see with the inventory, we're prepared for a good back-to-school, but I think we'll have to wait and see how that plays out. Again, compared to prior years. I'm not really counting on typical seasonality for a lot of things. Certainly, some of the promo days and things like that, we would expect to see a pickup for the holiday period, we would expect to be stronger. But we'll have to wait and see.

這是一個好問題。我的意思是，通常情況下，我們會看到第二季度的收入比第一季度更高。但正如我之前所說，我認為典型的季節性因素現在已經不復存在了，Jörn。還有很多其他因素是非典型的。去年返校的勢頭非常強勁。正如你在庫存中看到的那樣，我們已經為良好的返校做好了準備，但我認為我們必須等待，看看結果如何。再次，與往年相比。對於很多事情，我並沒有真正指望典型的季節性。當然，在一些促銷日和類似的事情上，我們預計會在假期期間看到回升，我們預計會更加強勁。但我們必須拭目以待。

Ananda Baruah from Loop Capital.

來自 Loop Capital 的阿南達·巴魯阿 (Ananda Baruah)。

And Ben congrats, you'll do awesome, and it's been great working with you, both at Logi, but for years and years before that as well. So look forward to absolutely staying in touch. And so I guess a couple of questions. The seasonality, I'd like to just touch on as well, that was one of my kind of more prominent ones. So seasonality notwithstanding, it does seem like there could be some conservatism. I guess I just want to get your thoughts on this and the revenue because I'm sort of playing around and if I do just flat revenue for September and then soft side of seasonality for December and March. I get double-digit revenue growth for the year.

Ben 恭喜你，你會做得很棒，在 Logi 和你一起工作真是太棒了，而且在此之前的很多年也是如此。因此，期待絕對保持聯繫。我想有幾個問題。我也想談談季節性，這是我認為比較突出的季節性之一。因此，儘管存在季節性，但似乎確實可能存在一些保守主義。我想我只是想了解您對此和收入的想法，因為我有點在玩弄，如果我只做 9 月份的收入持平，然後 12 月和 3 月的季節性疲軟。我今年的收入增長了兩位數。

So any context you could provide on sort of, I guess, sort of connecting for those kinds of dots with the flattish forecast? Like what are the puts and takes there? And then I have a quick follow-up.

那麼，我想，您可以提供一些背景信息，將這些點與平淡的預測聯繫起來嗎？比如那裡的看跌期權和賣出期權是什麼？然後我會進行快速跟進。

I'll start and then you can jump in later. I think we guided at the beginning of the year this flattish revenue for the full year, upper -- up 5%, down 5%, and then we raised the number because we finished so strong in Q4 even after our Analyst Day, which was the early March. We basically raised the equivalent of 7 points, 6 or 7 points in revenue. So we've done 1 raise already. And as you go into the back half of the year, obviously, the compares get stronger. So the seasonality is, as Nate said, I'll let Nate -- you're probably going to repeat yourself again on this, but it's really hard to call seasonality this year. Nate?

我先開始，然後你可以稍後加入。我認為我們在今年年初指導全年收入持平，上部增長 5%，下部下降 5%，然後我們提高了數字，因為我們在第四季度的表現非常強勁，即使在我們的分析師日之後也是如此。三月初。我們基本上提高了相當於7個點、6個或7個點的收入。所以我們已經加薪 1 次了。進入下半年，顯然，比較會變得更加強烈。因此，正如內特所說，季節性是，我會讓內特——你可能會再次重複這一點，但今年真的很難稱之為季節性。內特？

And just to put a little finer point on those compares. The second half of the year last year, we basically grew 100%. So that's -- I'm not one to use this excuse, I would say, and I certainly wouldn't say too much internally, but that's a tough compare. So our visibility and not as you know, is not 9 to 12 months out. I mean we have pretty good visibility in the short term and in some businesses like Video Collaboration, we build pipelines, and we see things further out. But we're staying with the same strategy. We're going to remain nimble. We're going to have inventory available to grow faster if the opportunity is there, and we're going to pull back hard if things slow down.

只是為了對這些比較進行更詳細的闡述。去年下半年我們基本上增長了100%。所以我想說，我不是一個使用這個藉口的人，我當然不會在內部說太多，但這是一個艱難的比較。因此，我們的可見度並不如您所知，不是 9 到 12 個月的時間。我的意思是，我們在短期內擁有相當好的可見性，在視頻協作等一些業務中，我們建立了管道，並且我們看到了更長遠的事情。但我們仍堅持同樣的策略。我們將保持敏捷。如果有機會，我們將擁有可用於更快增長的庫存，如果情況放緩，我們將大幅縮減庫存。

And I think as Bracken mentioned in his prepared remarks, there's -- it's a little choppy, right? Europe looked like it was on path to reopen strongly. And unfortunately, it's had to take a pause. And I think even in parts of the United States, we now see that as well. So it's hard to make long-term prediction, I would say, 6-month predictions, long term-wise, I think we make very comfortable predictions about what the long-term trends are in these businesses, and we invest for those. But frankly, some of the shorter periods within this fiscal year, we're just going to have to remain nimble and prepared, and that's what we're doing.

我認為正如布雷肯在他準備好的講話中提到的那樣，有點不穩定，對吧？歐洲看起來正在強勁地重新開放。不幸的是，它不得不暫停。我認為即使在美國的部分地區，我們現在也看到了這一點。所以很難做出長期預測，我想說，6 個月的預測，從長期來看，我認為我們對這些業務的長期趨勢做出了非常舒服的預測，並且我們針對這些進行投資。但坦率地說，在本財年的一些較短時期內，我們必須保持靈活並做好準備，這就是我們正在做的事情。

Very well said.

說得好。

That's really useful context. And I guess just a quick follow-up, Bracken, I would love to get your thoughts with regards to

這確實是有用的背景。我想只是一個快速的後續行動，布雷肯，我很想听聽您對以下方面的想法

(technical difficulty) you guys obviously (technical difficulty).

（技術難度）你們顯然（技術難度）。

You kind of breaking up, Ananda, but I think you were asking what Bracken served at the wedding. So Bracken, do you want to...

你有點分手了，阿南達，但我想你是在問布雷肯在婚禮上提供了什麼。那麼布雷肯，你想...

I think he was talking (inaudible)...

我認為他正在說話（聽不清）...

Would this be a good time, (inaudible)...

這是一個美好的時光嗎？（聽不清）...

I think I got that Ananda, and you might have to jump out video to just keep your audio. If I understood you correctly, though, can you talk a -- can I talk a little bit about...

我想我明白了 Ananda，你可能必須跳出視頻才能保留音頻。不過，如果我理解正確的話，你能談談——我能談談……

Yes.

是的。

Yes. So the answer is, as you know, we don't usually go in too much detail on what we're looking at, but we are always looking at things. And the vast majority of things we've done have been small. And so it will probably stay that way. But we're always looking at medium-sized even larger things. So M&A has been a surprisingly, and I'd say surprising because most companies don't do it very well. Surprising strength for us. We've been -- we've really delivered strongly when we've done M&A. I mean, I think we've done -- I don't know how many acquisitions now since I've been here. We've -- almost all of them have met or beaten there -- our expectations. So I think it means we really have an engine there we can keep driving, and we're going to keep fueling it, and we're on the hunt all the time.

是的。所以答案是，正如你所知，我們通常不會過多關注我們正在關注的內容，但我們總是在關注事物。我們所做的絕大多數事情都是小事。所以它可能會保持這種狀態。但我們總是關注中型甚至更大的東西。所以併購是令人驚訝的，我想說令人驚訝的是因為大多數公司在這方面做得不是很好。對我們來說令人驚訝的力量。當我們進行併購時，我們確實表現出色。我的意思是，我認為自從我來到這里以來，我們已經完成了多少次收購。我們——幾乎所有人都達到或超出了我們的期望。所以我認為這意味著我們確實有一個引擎，我們可以繼續行駛，我們將繼續為其加油，我們一直在尋找。

Michael Foeth from Vontobel.

來自馮托貝爾的邁克爾·福思。

Ben. Good luck to you. A couple from my side, maybe just starting with your streaming business. Can you maybe comment on how that is developing? How much of the growth that you have seen in Gaming is coming from that and how you can leverage that business to maybe to other categories or applications, if there is anything you can share with us on that front? And the second one is sort of a curiosity. Do you have any statistics or insights on the age distribution of people buying your Creativity & Productivity products? And does it correlate in any way with your DEFY LOGIC campaigns? Anything you can share with us.

本.祝你好運。我這邊的一對夫婦，也許剛剛開始從事流媒體業務。您能否評論一下這是如何發展的？您在遊戲領域看到的增長有多少來自於此，以及您如何利用該業務擴展到其他類別或應用程序，如果您在這方面有什麼可以與我們分享的嗎？第二個是一種好奇心。您是否有關於購買您的創造力和生產力產品的人的年齡分佈的統計數據或見解？它與您的 DEFY LOGIC 活動有任何關聯嗎？有什麼可以與我們分享的。

Okay. Want to answer that 1 first. The answer is we skew a little older on our Creativity & Productivity business, but we see a lot of opportunity younger, too. We also skew more male, and we think there's an opportunity in female. So you'll see a lot of things we're doing are with those 2 thoughts in mind. And the DEFY LOGIC campaign does appeal more strongly. It's very strong appeal and appeal generally. But it's even stronger against that younger target audience. So yes, we think there's an opportunity there, and we're excited about it. What was -- the first question was, remind me again?

好的。想先回答這個問題1。答案是，我們的創造力和生產力業務的年齡偏大，但我們也看到了很多年輕的機會。我們還偏向男性，我們認為女性也有機會。所以你會發現我們所做的很多事情都是考慮到這兩個想法的。 DEFY LOGIC 活動確實更具吸引力。它具有很強的吸引力和普遍的吸引力。但它對年輕目標受眾的影響更大。所以，是的，我們認為那裡有機會，我們對此感到興奮。什麼是——第一個問題是，再次提醒我嗎？

It's regarding your streaming business and how it contributes to growth.

這關係到您的流媒體業務及其如何促進增長。

Yes. And the streaming business has just been a really strong grower underneath these numbers. It's really kind of lives in different places in our different categories. But generally speaking, if you look at Blue Microphones over the past year, it's really just growing tremendously. And we think the long term there is very, very strong. And Streamlabs is also super exciting. I mean it's beaten all the expectations we had for it in terms of growth and we're very optimistic ahead and we're learning so much from -- about service business. It's a pure service player. So -- and then we've got -- we're also slowly and quietly entering new categories. We -- some of this is starting to get out. And we're excited about the potential to really be a real player in this -- in enabling people to stream and create content for everybody else. And there's a lot of room to grow there. So the growth is in so far has been very good, and I think the long term is much, much more exciting.

是的。在這些數字之下，流媒體業務確實是一個非常強勁的增長者。這確實是我們不同類別的不同地方的生活。但總的來說，如果你看看過去一年中的 Blue Microphones，你會發現它確實在飛速增長。我們認為從長遠來看，這一點非常非常強勁。 Streamlabs 也非常令人興奮。我的意思是，它超出了我們對增長的所有預期，我們對未來非常樂觀，我們從服務業務中學到了很多東西。這是一個純粹的服務玩家。所以——然後我們——我們也慢慢地、悄悄地進入新的類別。我們——其中一些已經開始消失。我們很高興能夠真正成為這方面的真正參與者，讓人們能夠為其他人傳輸和創建內容。那裡有很大的發展空間。因此，到目前為止的增長非常好，我認為從長期來看更加令人興奮。

So can we expect more subscription like offerings from Logitech going forward?

那麼，我們能否期待羅技未來提供更多類似訂閱的產品呢？

We already have that, obviously, in a couple of places. We've got a very small starting business in services on the Video Collaboration piece in the core Streamlabs and the Streamlabs has a couple of things within it. So yes, I think you can expect more -- I don't know whether you could expect to see significant in the next year or so, but it's -- we're certainly going to keep adding.

顯然，我們已經在幾個地方做到了這一點。我們在核心 Streamlabs 的視頻協作部分的服務方面有一個非常小的起始業務，Streamlabs 裡面有一些東西。所以，是的，我認為你可以期待更多——我不知道你是否可以期望在明年左右看到重大進展，但我們肯定會繼續增加。

And Michael just to add...

邁克爾補充一下......

Maybe just one -- oh, sorry.

也許只有一個——哦，抱歉。

Sorry, just to be clear -- I think you were asking the Streamlabs sort of impact on Gaming. It's really not material. I mean the growth you see is really driven by the hardware. As Bracken said, Streamlabs has done very well. And it's a very innovative organization, I would say, that's doing a lot of testing and so forth, but it's not driving the gaming results, so that's still driven by the hardware business.

抱歉，需要澄清一下——我認為您是在問 Streamlabs 對遊戲的影響。確實不是物質的。我的意思是你看到的增長實際上是由硬件驅動的。正如 Bracken 所說，Streamlabs 做得非常好。我想說，這是一個非常創新的組織，正在進行大量測試等，但它並沒有推動遊戲結果，所以這仍然是由硬件業務驅動的。

And the Gaming results are across other segment.

遊戲結果遍及其他細分市場。

Yes.

是的。

Okay. And then maybe just a last 1 on component shortages. I mean for Nate, maybe with the inventory levels that you have now. Do you think you covered for the demand that you will see in the next quarter? Or are there any areas where shortage might sort of constrain you to not be able to deliver on demand.

好的。然後也許只是關於組件短缺的最後一個。我的意思是對於內特來說，也許按照你現在的庫存水平。您認為您能滿足下個季度的需求嗎？或者是否有任何領域的短缺可能會限制您無法按需交付。

I think broadly for the next quarter, I feel good about coverage. We'll see -- I don't think this is a 1 quarter challenge for us. I think our team has been working on it for a while and then we'll continue. In some days, we bought days of components or weeks of finished goods or maybe a month of finished goods here or there. But I think broadly, we feel good about the coverage here for the next quarter, but there will be things that pop up for sure. I mean, it's a daily challenge if you're in operations and supply chain.

我認為，總體而言，對於下個季度的覆蓋範圍，我感覺良好。我們拭目以待——我認為這對我們來說不是一個季度的挑戰。我認為我們的團隊已經為此工作了一段時間，然後我們將繼續。有時，我們會購買數天的組件或數週的成品，甚至可能在這里或那裡購買一個月的成品。但我認為，總的來說，我們對下個季度的報導感覺良好，但肯定會出現一些事情。我的意思是，如果您從事運營和供應鏈工作，這就是日常挑戰。

Erik Woodring from Morgan Stanley.

摩根士丹利的埃里克·伍德林。

Ben, I just want to reiterate what everyone is saying. Been a pleasure to work with you, best of luck in the future. Look forward to following your success. I kind of want to start on pointing devices, keyboards and combos were obviously very strong, I'd say, most particularly strong, and there's this fear in the market. that there is a slowdown in the PC market, broadly speaking, from consumers and, call it, the education sector. So -- the question is, one, was there anything onetime in nature this quarter like Prime Day or the 618 festival that outwardly contributed to growth in these segments? And then the second part is, what are you seeing from enterprises in these segments as people are now returning to the office? Are they coming into the -- are they coming into the market more so than they particularly were in the past? And then I have a follow-up.

本，我只是想重申大家都說的話。很高興與您合作，祝您未來一切順利。期待您的成功。我有點想從指點設備開始，鍵盤和組合顯然非常強大，我想說，最特別強大，而且市場上存在這種恐懼。從廣義上講，個人電腦市場的放緩主要來自消費者以及教育行業。所以，問題是，第一，本季度是否有任何像 Prime Day 或 618 節日這樣的一次性活動在表面上促進了這些細分市場的增長？第二部分是，隨著人們現在返回辦公室，您對這些細分市場的企業有何看法？他們進入市場的次數是否比過去更多？然後我有一個後續行動。

Yes. I would say, yes, there is -- we did have Prime Day this quarter -- this last quarter, so that's certainly in the numbers, but it still would have been an extremely strong growth quarter. In terms of really, what do we see ahead from enterprise, et cetera? And what about the overall view of the category. I think the coolest thing about this business is, it's our oldest business. And it has probably our -- it's been an incredibly strong innovation engine. And we've done a nice job of segmenting, our team has done a nice job of segmenting the market into the different places and then really delivering big time against that. And still, the awareness is relatively low for the products that we have.

是的。我想說，是的，我們確實在本季度舉辦了 Prime Day，這是最後一個季度，所以這肯定在數字中，但它仍然是一個極其強勁的增長季度。實際上，我們對企業等行業的前景有何看法？品類的整體看法又如何呢？我認為這項業務最酷的一點是，它是我們最古老的業務。它可能是我們的——它是一個非常強大的創新引擎。我們在細分方面做得很好，我們的團隊在將市場細分到不同的地方方面做得很好，然後真正做到了這一點。儘管如此，我們所擁有的產品的認知度仍然相對較低。

So I feel like we really control our own destiny to a large extent here, not completely. Obviously, anything can happen. In terms of -- so we've got a great portfolio of products coming and one that's already out there. In terms of what are we seeing from business, we are starting to see businesses, or we believe that we have an opportunity really to move to more B2B business there. And we certainly are moving some resources there to make sure that happens. This quarter's growth you can't see it, but it was stronger in the B2B segment than it was elsewhere. And that's exciting. It's small, but it's growing fast, and we think there's a big opportunity there. You want to add anything, Nate?

所以我覺得我們在這裡確實在很大程度上掌控了自己的命運，但不是完全掌控。顯然，任何事情都有可能發生。就這一點而言，我們已經推出了一系列出色的產品，並且已經推出了產品。就我們從業務中看到的情況而言，我們開始看到業務，或者我們相信我們確實有機會轉向更多的 B2B 業務。我們當然正在向那裡轉移一些資源以確保實現這一目標。本季度的增長你看不到，但 B2B 領域的增長比其他領域更強勁。這很令人興奮。它很小，但增長很快，我們認為那裡有很大的機會。你想補充什麼嗎，內特？

Well, I mean, of course, I'm always going to be a little bit cautious about it. I mean, I think all those things are very true, and I think the lineup is as strong as it's ever been. But Erik, you've got the data as well. This was our easiest compare for pointing devices. It only grew 1% last year in this quarter because we did have some supply challenges with the factory being shut down due to COVID and so forth, factories being shut down. So I certainly think the growth rate will moderate from where it has been here, but all the positive factors Bracken mentioned, definitely agree with. And I think the key here is that this group in particular, although I think it's true else, but this group in particular, I think does a really excellent job with market segmentation and customer segmentation and understanding customer needs. And you see that in the product development. You see that in the execution. And I think that's the path to long-term success. And so we'll execute that.

嗯，我的意思是，當然，我總是對此保持謹慎。我的意思是，我認為所有這些都是非常真實的，而且我認為陣容一如既往地強大。但是埃里克，你也有數據。這是我們對指點設備最簡單的比較。去年這個季度只增長了 1%，因為我們確實遇到了一些供應挑戰，工廠因新冠肺炎等原因而關閉。因此，我當然認為增長率將從目前的水平開始放緩，但布雷肯提到的所有積極因素絕對是同意的。我認為這裡的關鍵是這個群體，雖然我認為這是事實，但我認為這個群體在市場細分和客戶細分以及理解客戶需求方面做得非常出色。你可以在產品開發中看到這一點。你在執行中看到了這一點。我認為這是通往長期成功的道路。所以我們將執行它。

Awesome. And then just on Video Collaboration. Again, I would love to get your take on what you're seeing from enterprises, again, as people go back to the office. And what I mean by that is do you find that businesses are almost pulling forward demand as they say, we've created our return-to-work strategy. And now we can make these infrastructure investments or are they saying, we've created our plan, but we're still kind of going to spread out our purchases over multiple, whatever it may be quarters or years as we somewhat reevaluate those plans within the next 3 to 6 to 9 months, again, you mentioned the choppy environment. Just wondering how that choppy environment potentially impacts big purchases for Video Collaboration?

驚人的。然後就是視頻協作。再次，當人們回到辦公室時，我很想听聽您對企業所看到的情況的看法。我的意思是，你是否發現企業幾乎像他們所說的那樣拉動了需求，我們已經制定了重返工作崗位的戰略。現在我們可以進行這些基礎設施投資，或者他們說，我們已經制定了我們的計劃，但我們仍然會將我們的採購分散到多個階段，無論是幾個季度還是幾年，因為我們在某種程度上重新評估了這些計劃接下來的3到6到9個月，您再次提到了動蕩的環境。只是想知道這種不穩定的環境可能會如何影響視頻協作的大額採購？

I mean I think you can safely say it's a mixed bag. You've got companies that are really going all in now and getting ready. I'd say most are saying, hey, we have a game plan. Let's start to enable it, but they're not moving as fast as to basically snap their fingers and over everything ready to go right away, which I think is kind of expected. We sort of expected that. So I think it's going to unfold. I think the growth is going to really unfold over the next year and 2 and 3. And I think that probably plays right into our strength, which is we've got a great portfolio out there, a great one coming. And I think we've really got a sales force now that can handle it. Do you want to add anything to that, Nate?

我的意思是，我認為你可以有把握地說這是一個混合體。有些公司現在確實全力以赴並做好了準備。我想說大多數人都會說，嘿，我們有一個遊戲計劃。讓我們開始啟用它，但他們的行動速度並沒有像打響指一樣快，一切都準備就緒，我認為這是預料之中的。我們有點預料到了這一點。所以我認為它將會展開。我認為增長將在明年、第二年和第三年真正展開。我認為這可能正好發揮了我們的優勢，那就是我們擁有一個很棒的產品組合，一個很棒的產品即將到來。我認為我們現在確實擁有一支可以處理這個問題的銷售隊伍。內特，你想補充什麼嗎？

Yes, I do think it's a mixed bag, and you got to factor in deployment time on some of these things as well. So the decision may be made, but the deployment may take months and quarters, depending on what type of solution you're talking about. So I think that's a factor too, Erik. And again, I think the long-term strategy here is to innovate and to build a great sales organization, and we're doing those things and to increase our marketing -- to increase our awareness and brand preference. But it's an attractive market, 1 that is competitive, and we're looking forward to, I think, many years of success in Video Collaboration.

是的，我確實認為這是一個混合體，您還必須考慮其中一些事情的部署時間。因此，可能會做出決定，但部署可能需要數月和數季度的時間，具體取決於您所討論的解決方案類型。所以我認為這也是一個因素，埃里克。再說一次，我認為這裡的長期戰略是創新和建立一個偉大的銷售組織，我們正在做這些事情並加強我們的營銷——以提高我們的知名度和品牌偏好。但這是一個有吸引力的市場，1 競爭激烈，我認為我們期待視頻協作領域取得多年的成功。

Jürgen Wagner from Stifel.

來自 Stifel 的於爾根·瓦格納。

Actually, a follow-up to the previous question regarding enterprises, what percent of revenue? What was it last quarter? And what do you think a realistic number would be going forward? Second question, Bracken, you said the pipeline is exciting. So what is it that makes you so exciting? And last question on visibility. You mentioned a near term lack of visibility, but better longer term or midterm. So do you think the next fiscal year would then be another growth year?

實際上，延續了上一個關於企業的問題，收入的百分比是多少？上個季度是什麼情況？您認為未來的實際數字是多少？第二個問題，Bracken，你說管道令人興奮。那麼是什麼讓你如此興奮呢？最後一個關於可見性的問題。您提到近期缺乏可見性，但長期或中期更好。那麼您認為下一個財年會是又一個增長年嗎？

It's a little too early for us to guide for next year, but I sure hope so. I expect it to be another growth year. In terms of what makes me excited about the innovation engine. We just get stronger and stronger. I would say we've all suffered from having to spend a lot more time on supply challenges than we would have liked. And so that's probably delayed a few of the things that we would love to come out sooner. But it just means that we've got a good pipeline ahead of us.

現在對明年進行指導還為時過早，但我確實希望如此。我預計今年將是又一個增長年。就是什麼讓我對創新引擎感到興奮。我們只會變得越來越強大。我想說的是，我們都因為不得不在供應挑戰上花費比我們希望的更多的時間而遭受痛苦。因此，這可能會推遲一些我們希望早點推出的內容。但這只是意味著我們前面有一個良好的管道。

I mean what you see today is not what we'll have 2 years from now, a year from now and 3 years from now in any of our businesses. So I'm excited about what's on the horizon, we don't talk specific products until we get to the launch period. And Nate, do you want to add anything or take the first...

我的意思是，你今天看到的並不是我們任何業務兩年後、一年後和三年後的樣子。因此，我對即將推出的產品感到興奮，在發布階段之前我們不會談論具體產品。 Nate，你想添加什麼還是選擇第一個......

On the enterprise revenue mix, you're going to fortunate, that's really not a bigger I'm going to broadly talk about here. I mean we don't have that type of visibility to our end customers. Unfortunately, we sell through channels. And some of those are more business oriented than consumer oriented. So we have ways of thinking about it internally, but it's just not really a great external figure. But you can see with the growth in Video Collaboration, which clearly is a business type of product, that mix is improving due to the growth in that category.

在企業收入組合方面，你會很幸運，這並不是我在這裡要廣泛討論的一個更大的問題。我的意思是我們對最終客戶沒有這種可見性。不幸的是，我們通過渠道銷售。其中一些更多的是面向商業而不是面向消費者。所以我們內部有一些思考的方法，但它並不是一個真正偉大的外部人物。但您可以看到，隨著視頻協作（這顯然是一種商業類型的產品）的增長，由於該類別的增長，這種組合正在改善。

And then I agree with Bracken next fiscal year. I think one of the things I always say is that sometimes the market trends don't align perfectly with or changes in fiscal quarters and years. So it's about building capabilities for the long term. The company we are today is the company we are tomorrow. And if that happens across the fiscal period, March 31, April 1, so be it, but we just got to continue to build capabilities for the long term.

然後我同意布雷肯下一財年的觀點。我認為我經常說的一件事是，有時市場趨勢與財政季度和年度的變化並不完全一致。所以這是關於長期能力的建設。我們今天的公司就是明天的公司。如果這種情況發生在整個財政期間，即 3 月 31 日、4 月 1 日，那就這樣吧，但我們必須繼續建設長期能力。

Serge Rotzer from Credit Suisse.

瑞士信貸銀行的塞爾吉·羅澤爾 (Serge Rotzer)。

And Bon Voyage, Ben. Enjoy your life. But coming back to Video Collaboration, you touched it several times.

一路順風，本。享受你的生活。但回到視頻協作，您已經多次接觸過它。

I have difficulties to understand why sequentially, the sales was down by $150 million. This is a big number. because I do not have expected that this could be seasonal, and it is not. So please, can you explain me again where are these $150 million are going, point one? Is the questions of the sales mix of the BRIO camps you sold in the past, quite often to private people and what makes you positive because you have to see some preorders when enterprises will buy now or invest into this Video Coloration. So you should have much better visibility, which you probably could share with us. This would be the first question.

我很難理解為什麼銷售額連續下降了 1.5 億美元。這是一個很大的數字。因為我沒想到這可能是季節性的，但事實並非如此。那麼，請您再次解釋一下，第一點，這 1.5 億美元都花在哪裡了？問題是您過去經常向私人出售的 BRIO 陣營的銷售組合，是什麼讓您感到積極，因為當企業現在購買或投資此視頻著色時，您必須看到一些預購。所以你應該有更好的可見性，你可以與我們分享。這是第一個問題。

Yes. Let me jump in, I'll start and Nate you can finish. I think in terms of why the big sequential difference, and I think really, we had a -- if you look at our Q3 and Q4, they were just super strong, especially in EMEA where I think -- and there were just a lot of momentum. And I think we mentioned last quarter that we had a big backlog that we really cleared. We were sitting on a very large backlog in Q4 that we were able to clear almost all of. And I think really -- so that made the sequential story choppy, but it doesn't change the momentum underneath it. The momentum continues to be super strong. And in terms of the Americas and AP, I think they look very similar to what you'd expect in terms of quarter-over-quarter. Do you want to add anything, Nate?

是的。讓我開始吧，我來開始，內特你來完成。我認為，就為什麼出現巨大的連續差異而言，我認為確實，如果你看看我們的第三季度和第四季度，它們非常強大，特別是在我認為的歐洲、中東和非洲地區，而且有很多的勢頭。我想我們上個季度提到過，我們確實清理了大量積壓的訂單。第四季度我們積壓了大量訂單，我們幾乎能夠清除所有訂單。我認為確實如此——這使得連續的故事變得斷斷續續，但這並沒有改變其背後的動力。這種勢頭仍然非常強勁。就美洲和美聯社而言，我認為它們看起來與您對季度環比的預期非常相似。內特，你想補充什麼嗎？

Yes. I mean just again, finer point on the data, we grew about 350% in D.C. in Europe in Q4. Again, I think as Bracken said, we had a very strong backlog coming in. We were short of supply, and we were able to fulfill that and get the channel back to a healthy level. And I think early in the call, we talked about we still maintain our outlook. I think our expectation is going to be a good growth category this year and in the future.

是的。我的意思是，從數據來看，第四季度我們在歐洲華盛頓的增長率約為 350%。再次，我認為正如布雷肯所說，我們有大量積壓訂單。我們供應短缺，但我們能夠滿足這一要求並使渠道恢復到健康水平。我認為在電話會議之初，我們談到了我們仍然維持我們的前景。我認為我們的預期今年和未來將是一個良好的增長類別。

Okay. Fair enough. Do you see any changes then in the gross profit margins? Is there a sales mix within Video Collaboration? And what's about the behavior of your peers like Jabra came up with webcam and you will see more cams coming up to the market? Do you expect gross profit margin declining? And how was it now in the current quarter in the last quarter?

好的。很公平。您認為毛利率有什麼變化嗎？視頻協作中有銷售組合嗎？您的同行（例如 Jabra 推出了網絡攝像頭）的行為又如何呢？您會看到更多的攝像頭進入市場嗎？您預計毛利率會下降嗎？上個季度當前季度情況如何？

Gross margins are super strong in that business. We love that business. And yes, there is certainly going to get more and more competitive, great markets are always competitive. But we love our competitive position. And do we think that we're going to have gross margin compression within the Video Collaboration business? Could be, I don't know. We certainly have room. It's a great mix -- it's a mix driver for us from a gross margin standpoint. So more growth is better even at a lower gross margin. But -- so we'll see if you want to add anything to that, Nate?

該業務的毛利率非常高。我們喜歡這個行業。是的，競爭肯定會變得越來越激烈，偉大的市場總是競爭激烈。但我們熱愛我們的競爭地位。我們是否認為視頻協作業務的毛利率會壓縮？可能是，我不知道。我們當然有空間。這是一個很棒的組合——從毛利率的角度來看，它對我們來說是一個混合驅動因素。因此，即使毛利率較低，增長也更好。但是——所以我們會看看你是否想添加任何內容，內特？

Maybe just our investment in R&D is -- a lot of that is going in the video collaboration category. And -- the innovation that you see there, there's some new products actually that just came out earlier this year that really highlight that. I think the whiteboard camera, I've got here with me just a really cool product. And I said I think there's going to be opportunities for us as we build up that installed base, you get into these accounts. You've sold them a great video solution to sell around that as well. And I think that's an important piece of that business. We'll need to see expand out into the future with the growth in the installed base. And I think that's an important margin driver over the long term. But certainly, it's a -- it's an attractive market, and there's a lot of competition. And I think it's reflected in our outlook. I think our expectations around pricing, not only for VC, but for the market overall.

也許我們在研發方面的投資——其中很多都在視頻協作類別中。而且 - 你在那裡看到的創新，實際上今年早些時候剛剛推出的一些新產品確實突出了這一點。我認為我隨身攜帶的白板相機是一款非常酷的產品。我說我認為當我們建立安裝基礎時，我們將會有機會進入這些帳戶。您向他們出售了出色的視頻解決方案，並圍繞該解決方案進行銷售。我認為這是該業務的重要組成部分。隨著安裝基礎的增長，我們需要看到未來的擴展。我認為從長遠來看，這是一個重要的利潤驅動因素。但可以肯定的是，這是一個有吸引力的市場，而且競爭也很激烈。我認為這反映在我們的前景中。我認為我們對定價的期望不僅是針對風險投資，而且是針對整個市場。

So I understood that the momentum will increase again in vehicle ratio. And if I didn't got you wrong it before, you mentioned that in mice and keyboards, the absolute level can be -- can remain stable. So this should all have a positive impact on the gross profit margin, isn't it from the sales mix going into the next quarter. So is this...

所以我明白，車輛比例的勢頭將再次增加。如果我之前沒有理解錯的話，您提到在鼠標和鍵盤中，絕對水平可以 - 可以保持穩定。因此，這應該會對毛利率產生積極的影響，不是來自下一季度的銷售組合嗎？這也是……

What was the comment about remaining stable on?

關於保持穩定的評論是什麼？

Yes, you mentioned to one of my colleagues that year-over-year, you see declining numbers, but you see that Q1, as an absolute level, as quite a firm or solid number to achieve also in the next quarters. Did I got this wrong?

是的，您向我的一位同事提到，您看到數字逐年下降，但您認為第一季度作為絕對水平，也是在接下來的幾個季度中實現的相當穩定或可靠的數字。我是不是搞錯了？

Yes. No, I think you're talking about gross margin, right?

是的。不，我想你說的是毛利率，對吧？

No. I'm no sorry, on the absolute level of pointing the mice and Keyboard and combos. Because you said that last year, Q1 was weak. Therefore, we have seen high growth, but you see that this level can be sustainable in mice and keyboard.

不，我不抱歉，在指向鼠標、鍵盤和組合的絕對水平上。因為你說去年第一季度很弱。因此，我們看到了高增長，但是你看到這個水平在鼠標和鍵盤上是可持續的。

The level of revenues, you mean.

你的意思是收入水平。

Yes.

是的。

Got it. I think we should probably be careful about talking too much about detailed forecast quarter-on-quarter for the different businesses. It is a -- if that category, if mice and keyboard grew faster than the overall company, it would have some favorable mix impact. But I think there's just -- there's lots of products within that category that search. So kind of a question I'll have to think about a little bit. But again, I would just think at the high level, what I would expect is that gross margin is still going to come down a bit off of these the levels we had here in Q1 due to the larger factors I talked about more earlier in the call.

知道了。我認為我們應該小心，不要過多地談論不同業務的逐季度詳細預測。如果鼠標和鍵盤的增長速度快於整個公司的增長速度，那麼它將產生一些有利的組合影響。但我認為該類別中有很多產品可供搜索。這是一個我必須思考一下的問題。但同樣，我只是從高水平上考慮，我預計毛利率仍將比第一季度的水平略有下降，因為我在早些時候談到的更大因素稱呼。

And I think over the long term, again, one of my focuses, as we talk about M&A or we talk about new product introduction is to continue to try to build a portfolio of categories that give us a mix benefit as we grow the company. It's not always going to be the case. And sometimes, that mix benefit is going to show up on the bottom line rather than on gross margin, meaning it's going to be a category that's got a lower OpEx profile or a lower investment profile, but still accretive to the overall margin rate. But that's, I think, an important part of how we think about growing the business is to look for categories where we can differentiate, where we can gain a share leadership position that gives us the ability to earn margins that are at or above the levels that we're at today.

我認為，從長遠來看，當我們談論併購或新產品推出時，我的重點之一是繼續嘗試建立一個品類組合，在我們發展公司的過程中為我們帶來混合效益。情況並非總是如此。有時，這種混合效益會體現在利潤上，而不是毛利率上，這意味著它將是一個運營支出或投資較低的類別，但仍會增加整體利潤率。但我認為，我們考慮發展業務的一個重要部分是尋找我們可以差異化的類別，我們可以獲得份額領導地位，使我們有能力賺取等於或高於水平的利潤我們今天所處的位置。

Okay. Probably last one, if I may. You touched emerging markets at your Capital Markets Day is an important topic. Can you give us a quick update here? Do you see growth here? And can this also even increased -- is the potential increasing over the next quarters or incremental growth, you see incremental growth to your guidance here?

好的。如果可以的話，可能是最後一張。您在資本市場日觸及新興市場是一個重要話題。您能給我們快速介紹一下最新情況嗎？您在這裡看到增長了嗎？這是否還會增加——未來幾個季度的潛力是否會增加，或者增量增長，您認為您的指導方針會出現增量增長？

Yes. I'll jump on. Yes, I wouldn't say we see incremental growth in the current year. It's factored into our guidance for the year, but we are really excited about the emerging markets in general. I wouldn't consider China an emerging market anymore, but we still have a very strong growth in China. And we have -- and really, if you look across Latin America at different places in the world, we see strong growth and very strong growth potential. So if anything, if I look at the my 10-year at Logitech, I say we've undershot a lot of the emerging markets compared to their potential. I don't regret that. But I think now we have that opportunity sitting out there in front of us.

是的。我就跳上去是的，我不會說今年我們會看到增量增長。它已納入我們今年的指導中，但總體而言，我們對新興市場感到非常興奮。我不再認為中國是一個新興市場，但我們在中國的增長仍然非常強勁。事實上，如果你看看拉丁美洲和世界各地，我們會看到強勁的增長和非常強勁的增長潛力。因此，如果說有什麼不同的話，如果我回顧一下我在羅技的 10 年，我會說，與許多新興市場的潛力相比，我們的表現還不夠。我對此並不後悔。但我認為現在我們面前有這個機會。

Tom Forte.

湯姆·福特.

Great. So Bracken and then first off, a comment than a question and a follow-up. So the comment Ben, it's been a pleasure working with you and best of luck to the future. First question before the follow-up. So I think investors sometimes place too much emphasis on working and learning remotely and how that positively affects your business. But I would argue that 2 of the other secular shifts to leveraging are accelerating, both Gaming and self-broadcasting. So can you talk about the notion that you're seeing acceleration in Gaming and self-broadcasting?

偉大的。所以布雷肯首先是一個評論而不是一個問題和一個後續行動。所以評論本，很高興與您合作，祝未來好運。跟進之前的第一個問題。因此，我認為投資者有時過於重視遠程工作和學習以及這如何對您的業務產生積極影響。但我認為，另外兩個向槓桿化的長期轉變正在加速，即遊戲和自播。那麼您能談談您看到遊戲和自播加速發展的想法嗎？

Yes. By the way, I love your dogs sleeping during there in the background. It's really adorable. Yes, I mean, we'll start with self-broadcasting. It's hard to talk about acceleration when we've gotten so little of the potential that's already out there, but I agree that it probably is accelerating. And more -- anybody on this call is -- if you do anything, I'm sure you're -- just as an example, I'm sure you're seeing the wave of people entering the podcasting market or a club house or all the places that people are bringing in audio or video equipment to stream or broadcast. And they're just more and more of them.

是的。順便說一句，我喜歡你的狗在後台睡覺。真的很可愛。是的，我的意思是，我們將從自我廣播開始。當我們已經獲得的潛力如此之少時，很難談論加速，但我同意它可能正在加速。還有更多 - 這次電話會議中的任何人 - 如果你做任何事情，我相信你會 - 舉個例子，我相信你會看到一波人進入播客市場或俱樂部會所或人們攜帶音頻或視頻設備進行流媒體或廣播的所有地方。而且他們的數量越來越多。

So I think it's -- my line has always been I think we're going to -- we're entering the world, we're going to listen and watch a lot more of each other than we are Netflix and all the companies get attention for content that it's actually dwarfed by the content that's created by each other. And I think that's just going to continue. I know it's just going to continue. So yes, I think that is going to grow for a very long time and become enormous.

所以我認為——我的路線一直是——我認為我們將會——我們正在進入這個世界，我們將比Netflix和所有公司都更多地傾聽和觀看彼此的節目。注意內容實際上與彼此創建的內容相形見絀。我認為這種情況將會持續下去。我知道這會繼續下去。所以，是的，我認為這將增長很長一段時間並變得巨大。

In Gaming, we've been saying this from the beginning, Tom, the gaming is -- has been underestimated or was underestimated when we started. It was probably underestimated 5 years in. I think it's probably still underestimated now for its long-term potential. And I don't know if you read this anywhere, but as 1 example about the commercial power of Gaming TSM sold its naming rights for $210 million. Those are NBA, NFL, Olympic numbers. And that's an eSports team that most people here have never heard of. So this market is absolutely going to continue to be a very strong grower.

在遊戲領域，我們從一開始就這麼說，湯姆，遊戲已經被低估了，或者在我們開始時就被低估了。五年前它可能被低估了。我認為它的長期潛力現在可能仍然被低估。我不知道你是否在任何地方讀過這篇文章，但作為有關 Gaming TSM 商業力量的一個例子，它以 2.1 億美元的價格出售了其冠名權。這些是 NBA、NFL、奧運會的數據。這是一支大多數人都沒有聽說過的電子競技隊伍。因此，這個市場絕對會繼續成為一個非常強勁的增長者。

Great. And then for my follow-up, Nate, you talked about this notion of moving promotion spending and marketing. Can you talk about long term how accretive that could be your margin?

偉大的。然後，內特，在我的後續行動中，您談到了轉移促銷支出和營銷的概念。您能談談從長遠來看，您的利潤會增加多少嗎？

So how accretive it could be to the margin?

那麼它對利潤的增加有多大呢？

Yes, operating margin.

是的，營業利潤率。

Yes. So long term, if you trade promotion spending for marketing spending, I would think that could be something that could be accretive to margins for the long term.

是的。從長遠來看，如果你用促銷支出換取營銷支出，我認為這可能會長期增加利潤。

Yes. It could be accretive to gross margin. I think it could be operating margin neutral. I really think about it as a growth strategy, I think, as well. It could lead to operating margin expansion. We may reinvest that as well. I would think about it as a way to drive growth. And then how that flows through, Tom, I think, is going to be dependent on a number of factors. Bracken, anything you'd add to that.

是的。這可能會增加毛利率。我認為營業利潤率可能是中性的。我也確實將其視為一種增長策略。這可能會導致營業利潤率擴大。我們也可能會對其進行再投資。我認為這是推動增長的一種方式。我認為，湯姆認為，這將取決於許多因素。布雷肯，任何你想添加的東西。

Yes. I would just say, Tom, our goal here is to be a long -- we guided long-term growth targets of 8% to 10%. So obviously, we've got our eyes on double digits. We -- long-term double digits, that's our (inaudible). If we felt like reinvesting some of that gross margin opportunity back into even more marketing to drive more growth. It was a good investment we would. I know that you get healthier growth when you have a stronger brand equity. And that's really underneath this and healthier growth can also be stronger growth for a given dollar spend.

是的。我只想說，湯姆，我們的目標是長期目標——我們指導的長期增長目標是 8% 到 10%。顯然，我們的目標是兩位數。我們——長期兩位數，這就是我們的（聽不清）。如果我們想將一些毛利率機會重新投資到更多的營銷中以推動更多增長。我們認為這是一項很好的投資。我知道，當你擁有更強的品牌資產時，你就會獲得更健康的增長。這確實是在這一點的基礎上，對於給定的美元支出來說，更健康的增長也可以是更強勁的增長。

And Bracken, Nate, this concludes our Q&A, so I'll turn the call back over to you.

Bracken、Nate，我們的問答到此結束，所以我會將電話轉回給您。

Well, we just finished -- I always -- I tell our teams all the time, the most important quarter of the year is really the first one because it sets a tone for the year and creates the momentum, and we're off to a great start. I think we feel very, very good coming out of this first quarter and we look forward to seeing you a quarter from now.

好吧，我們剛剛結束——我總是——我一直告訴我們的團隊，一年中最重要的季度實際上是第一個季度，因為它為今年定下了基調並創造了動力，我們即將開始一個很好的開始。我認為第一季度的表現非常非常好，我們期待在一個季度後見到您。

Thanks, everybody.

謝謝大家。

Thanks, Ben.

謝謝，本。