羅技 (LOGI) 2021 Q4 法說會逐字稿

Good morning. Welcome to Logitech's video call to discuss our financial results for the fourth quarter and full fiscal year of 2021. Joining us today are Bracken Darrell, our President and CEO; and Nathan Olmstead, our CFO.

早上好。歡迎參加羅技的視頻通話，討論我們 2021 年第四季度和整個財年的財務業績。今天加入我們的是我們的總裁兼首席執行官 Bracken Darrell；以及我們的首席財務官內森·奧爾姆斯特德 (Nathan Olmstead)。

During this call, we may make forward-looking statements, including with respect to future operating results under the safe harbor of the Private Securities Litigation Reform Act of 1995. We're making these statements based on our views only as of today. Our actual results could differ materially, and we undertake no obligation to update or revise any of these statements.

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》安全港下的未來經營業績的陳述。我們僅根據我們今天的觀點做出這些陳述。我們的實際結果可能存在重大差異，我們不承擔更新或修改任何這些聲明的義務。

We will also discuss non-GAAP financial results. You can find a reconciliation between non-GAAP and GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results in our press release and in our filings with the SEC, including our most recent annual and quarterly reports and subsequent filings. These materials as well as our prepared remarks and slides and a webcast of this call are all available at the Investor Relations page of our website. We encourage you to review these materials carefully.

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（包括我們最新的年度和季度報告）中找到非 GAAP 和 GAAP 業績之間的調節表以及有關我們使用非 GAAP 衡量標準以及可能影響我們財務業績的因素的信息以及隨後的備案。這些材料以及我們準備的評論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。

Unless noted otherwise, comparisons between periods are year-over-year and in constant currency and sales are net sales.

除非另有說明，各期間之間的比較均按固定匯率計算，銷售額為淨銷售額。

This call is being recorded and will be available for a replay on our website. And I'll now turn the call over to Bracken.

此通話正在錄音，並將在我們的網站上重播。我現在將把電話轉給布雷肯。

Thank you, Ben, and thanks to all of you for joining us. I want to start by saying I'm as worried about India as I could possibly be in a year or whatever it's been now, where this pandemic has raged on. I think we've had fears that have affected every person on this call and more. But in some ways, I was always so worried about India for all the reasons you can imagine. And I'm afraid it's happening. But I hope and pray that they really get it back under control quickly. And that the rest of the world continues to improve step-by-step and escape this pandemic.

謝謝你，本，也感謝你們所有人加入我們。首先我想說的是，我對印度的擔憂是一年後或無論現在的情況如何，因為疫情在那裡肆虐。我認為我們的恐懼已經影響了參加這次電話會議的每個人以及更多人。但在某些方面，出於你可以想像的各種原因，我總是非常擔心印度。我擔心這種事正在發生。但我希望並祈禱他們真的能盡快恢復控制。世界其他地區繼續逐步改善並擺脫這一流行病。

While the pandemic continues to disrupt our daily lives, and as I said, in some countries, and it's even getting tragically worse, it's -- we're starting to emerge from the strict shelter-in-place requirement here where I'm sitting today in California and actually broadly in the U.S. And we've been thinking -- that's got us thinking even more -- maybe more accurately about what a return to the office might look like as the pandemic subsides.

雖然這種流行病繼續擾亂我們的日常生活，正如我所說，在一些國家，情況甚至變得更悲慘，但我們正開始擺脫我現在坐的嚴格的就地避難要求今天在加利福尼亞州，實際上在整個美國，我們一直在思考——這讓我們思考得更多——也許更準確地思考，隨著疫情消退，重返辦公室可能會是什麼樣子。

Some of the behaviors that were formed during the pandemic are clearly going to endure. Video calling's meteoric rise will not reverse. Most calls are moving permanently to video. A place in your house, having one, for each person to work or to study or to do both, they're here to stay. We're all going to have places in our home.

大流行期間形成的一些行為顯然將持續下去。視頻通話的迅速崛起不會逆轉。大多數通話將永久轉為視頻。在你家裡有一個地方，供每個人工作或學習或兩者兼而有之，他們會留在這裡。我們都會在家裡有自己的位置。

While gaming was popular long before the pandemic, people are using it more and more for social interaction. Many of us noticed this first during the Fortnite phenomenon a few years ago. And this year, gaming took on an even -- took an even bigger step toward prominence in our culture.

雖然遊戲早在大流行之前就很流行，但人們越來越多地使用它進行社交互動。我們中的許多人在幾年前的《堡壘之夜》現像中首次注意到這一點。今年，遊戲向我們的文化中的突出地位邁出了更大的一步。

And the number of podcasts, funny videos, thank God, streamers and creators continue to grow throughout the pandemic, emboldening more and more people to think maybe they could get in that streaming act and create video for other people or audio. None of that is new for our strategy. While our long-term strategy is unchanged, our opportunities have changed. They're bigger and they're broader. On top of that, we now have a bigger, more profitable base to grow from.

感謝上帝，播客、有趣的視頻、流媒體和創作者的數量在整個大流行期間持續增長，這讓越來越多的人大膽地認為他們可以參與流媒體活動並為其他人創建視頻或音頻。這些對於我們的戰略來說都不是什麼新鮮事。雖然我們的長期戰略沒有改變，但我們的機遇已經改變。它們更大、更寬。最重要的是，我們現在擁有一個更大、更有利可圖的發展基礎。

Let me briefly give you a few external examples that illustrate the acceleration of the secular trends that affect us. These illustrations might help you see what we see, long-term growth. Let's start with the trend of video everywhere and working from home and office.

讓我簡單舉幾個外部例子來說明影響我們的長期趨勢的加速。這些插圖可能會幫助您了解我們所看到的長期增長。讓我們從視頻無處不在以及在家和辦公室工作的趨勢開始。

Citigroup announced that most of its employees will be designated as hybrid workers, who will spend at least 3 days of work in the office and up to 2 days in home. And that's just one of many companies that have announced similar plans. More and more will follow over the coming weeks and months.

花旗集團宣布，其大部分員工將被指定為混合員工，他們將在辦公室工作至少 3 天，在家工作最多 2 天。這只是宣布類似計劃的眾多公司之一。在接下來的幾周和幾個月裡，將會有越來越多的事情發生。

In fact, even surveys from early in the pandemic showed that companies are beginning to think then about hybrid. CBRE, one of the largest commercial real estate operators in the world, noted in a survey last September that 61% -- remember, this is last September, 61% of companies were already back then planning to offer a hybrid work arrangement. I suspect that number is even higher now. And one of the key reasons the companies are going to hybrid work is, well, it's obvious to all of you on the call now, because we like it. We, who are working at home, want it. JLL, another commercial real estate operator, said in a survey that 72% of workers view work-life balance as their #1 priority post-COVID, ahead of a comfortable salary even.

事實上，即使是大流行初期的調查也顯示，公司當時就開始考慮混合動力。全球最大的商業房地產運營商之一世邦魏理仕 (CBRE) 在去年 9 月的一項調查中指出，61%（請記住，這是去年 9 月）的公司當時已經計劃提供混合工作安排。我懷疑這個數字現在更高。公司採用混合工作的關鍵原因之一是，這對現在參加電話會議的所有人來說都是顯而易見的，因為我們喜歡它。我們這些在家工作的人都想要它。另一家商業房地產運營商仲量聯行在一項調查中表示，72% 的員工將工作與生活的平衡視為疫情后的第一要務，甚至排在舒適的薪水之前。

I've spoken with many executives over the past year. Since the onset of COVID, most, until recently, have really had no plan for how to return to work. Now plans are starting to form. Short term, the story that's come to everyone is a few days in the office and a few days at home. They need video in their offices to keep their remote-but-connected teams working well. The trends go beyond hybrid work.

在過去的一年裡，我與許多高管進行過交談。自新冠疫情爆發以來，直到最近，大多數人還沒有真正計劃如何重返工作崗位。現在計劃已經開始製定。短期來看，每個人都會遇到的情況是在辦公室呆幾天，在家里呆幾天。他們的辦公室需要視頻來保證遠程但互聯的團隊正常工作。這些趨勢不僅僅局限於混合工作。

Last week, Apple was just the latest major company to identify podcasts as a growth platform with podcast subscriptions, which will allow creators to sell subscriptions to their podcast listeners. On top of that, streaming is soaring. Social audio, like Clubhouse, has suddenly taken off, and there are more and more creators, making it seem like a feasible and attractive thing for even more and more would-be creators to do. The network effect is so powerful. We make the tools that enable existing creators to do it better and be more effective, and for new creators to try it. And gaming, it's bigger than it's ever been. And as I said, it's become the place to meet for more and more people socially.

上週，蘋果公司成為最新一家將播客視為具有播客訂閱增長平台的大公司，這將允許創作者向其播客聽眾出售訂閱。最重要的是，流媒體正在飆升。像 Clubhouse 這樣的社交音頻突然興起，創作者越來越多，這對越來越多的潛在創作者來說似乎是一件可行且有吸引力的事情。網絡效應如此強大。我們製作的工具使現有創作者能夠做得更好、更有效，並讓新創作者能夠嘗試。遊戲的規模比以往任何時候都大。正如我所說，它已成為越來越多的人社交聚會的場所。

What does all this mean for Logitech? More video-enabled rooms, more video-enabled workspaces that need to be equipped and upgraded with our growing portfolio of offerings, more streamers and more creators looking for more equipment, more gamers looking for better gear.

這一切對羅技意味著什麼？更多支持視頻的房間、更多支持視頻的工作空間需要通過我們不斷增長的產品組合進行配備和升級，更多的主播和創作者尋求更多的設備，更多的遊戲玩家尋求更好的裝備。

Before I go further, let me say that you might never have another analyst call from Logitech without an update on either our quest to be environmentally sustainable or our actions in diversity, equity and inclusion. But in some cases, you're going to hear about both. These are so central to Logitech's purpose.

在我進一步討論之前，我想說的是，如果沒有更新我們對環境可持續發展的追求或我們在多樣性、公平和包容性方面的行動，您可能永遠不會再接到羅技的分析師電話。但在某些情況下，您會聽到兩者。這些對於羅技的目標來說至關重要。

This quarter, we announced the availability of the previously announced carbon-label products we talked about, first we know of in the tech world. We're one of very few companies in the world to commit to this on every single product in an effort to reduce global carbon output by setting a new industry standard, just as calorie labels have impacted the food industry. In the process, we developed a life cycle analysis methodology to measure our product's carbon impact from its raw materials to its manufacturing and transportation, to use by the customer, consumer and then, finally, to the end of life. We're sharing our learnings and third-party certified methodology to any company, any competitor anywhere in the world for no price at all, for free.

本季度，我們宣布了之前宣布的碳標籤產品的可用性，這是我們在科技界首先了解到的。我們是世界上為數不多的在每一種產品上都致力於這一點的公司之一，旨在通過制定新的行業標準來減少全球碳排放，就像卡路里標籤對食品行業的影響一樣。在此過程中，我們開發了一種生命週期分析方法來衡量我們的產品從原材料到製造和運輸，再到客戶、消費者使用，最後到生命週期結束的碳影響。我們正在向世界各地的任何公司、任何競爭對手免費分享我們的經驗和第三方認證的方法。

I encourage you to ask companies, as you're talking to them, if they're considering carbon labeling. Don't do it because we asked you to now, do it because it's part of a program that will enable the earth to keep the earth healthy for your kids, and your grandkids.

我鼓勵您在與公司交談時詢問他們是否正在考慮碳標籤。不要因為我們現在要求你這樣做而這樣做，而是因為它是一個計劃的一部分，該計劃將使地球能夠為你的孩子和你的孫子保持地球的健康。

Now let's turn to our financial results. Logitech delivered the best year in our history, with fiscal year 2021 sales up 74% and operating income more than tripling to $1.3 billion. What drove those impressive results was not just one category or a onetime pull forward. These results were broad-based across virtually all our categories and regions, including countries that never fully locked down and those that are furthest along with their post-COVID recovery programs. Said another way, the secular trends we keep talking about are really secular and they're still secular. They will keep growing.

現在讓我們來看看我們的財務業績。羅技迎來了我們歷史上最好的一年，2021 財年銷售額增長了 74%，營業收入增長了兩倍多，達到 13 億美元。取得這些令人印象深刻的成績的原因不僅僅是一個類別或一次性的推動。這些結果幾乎涵蓋了我們所有的類別和地區，包括從未完全封鎖的國家和那些在新冠疫情后恢復計劃中進展最快的國家。換句話說，我們一直在談論的世俗趨勢確實是世俗的，而且仍然是世俗的。他們會不斷成長。

Our PC Peripherals categories were already growing consistently every year, but they increased over 50% in fiscal year 2021 to $1.9 billion. To be candid, we always felt there was potential to grow more in these categories than we were, but we were held back by limited awareness of some of our premium mice and keyboards, for example, MX Master and Anywhere, I'm using the MX Master right now, which participate in the premium end to the category. Analysts, coders and creators should be using these products, but the awareness has always been limited.

我們的 PC 外設類別每年都在持續增長，但在 2021 財年增長了 50% 以上，達到 19 億美元。坦白說，我們一直認為這些類別的增長潛力比我們現在更大，但我們對一些優質鼠標和鍵盤的認識有限，例如 MX Master 和 Anywhere，我正在使用MX Master 現在屬於該類別的高端產品。分析師、程序員和創作者應該使用這些產品，但意識始終有限。

I bet many of you on this call don't even realize how outstanding these products are. Nate and I were talking about this again last night. It was only when hybrid work and remote learning expanded, and we began to be able to invest in awareness that demand for premium price -- of premium mice and premium keyboards began to accelerate. We also have an even faster-growing alternative, ergonomic products for those who need comfort.

我敢打賭，參加這次電話會議的許多人甚至沒有意識到這些產品有多麼出色。內特和我昨晚又討論了這個問題。只有當混合工作和遠程學習擴大時，我們才開始能夠投資於人們對優質鼠標和優質鍵盤的高價需求開始加速的認識。我們還為那些需要舒適的人們提供了增長更快的替代人體工學產品。

Webcams, needless to say, have shown their highest growth -- shown the highest growth, more than tripling versus a year ago. While we've been supply-constrained through most of fiscal year 2021 and have admittedly lost some share because of it, we expect to close the gap between end market demand and our ability to fulfill it in fiscal 2022.

不用說，網絡攝像頭已經顯示出了最高的增長——顯示出最高的增長，比一年前增長了兩倍多。雖然我們在 2021 財年的大部分時間裡都受到供應限制，並且確實因此失去了一些份額，但我們預計將在 2022 財年縮小終端市場需求與我們滿足需求的能力之間的差距。

But let me put this opportunity in perspective on webcams, what we see in VC Webcams. We shipped less than 20 million units in the entire year of fiscal year 2021, the one we're talking about today, against an installed base of 500 million monitors and 1.4 billion PCs. You can see that we still have vast opportunities ahead of us to drive greater attach rates.

但讓我從網絡攝像頭的角度來看待這個機會，我們在 VC 網絡攝像頭中看到了什麼。我們今天討論的 2021 財年全年出貨量不到 2000 萬台，而安裝基數為 5 億台顯示器和 14 億台 PC。您可以看到，我們仍然有巨大的機會來提高附加率。

But what excites us even more is the increase in the number of workspaces as more companies shift to hybrid work. As we noted at our recent Analyst and Investor Day, our internal survey suggests a 2x to 3x increase in the number of people who will work more than 2 days at home and the other days in the office. This means more mice, keyboards, webcams, speakers, headsets, mics. You can expect us to continue to innovate across our product portfolio, like the MX line of mice and keyboards for enhanced productivity, or our mainstream mice and keyboards focused on lifestyle and design or those ergonomic products I talked about. Combined with that -- combine that with our increased investments in marketing, which you now know we're putting in to create greater user awareness and consideration for how something as simple as a $50 mouse or keyboard can drastically improve your PC experience, your workspace experience at home or in the office or both. And you could start to see why we're so excited about this category for the next several years.

但更讓我們興奮的是，隨著越來越多的公司轉向混合工作，工作空間的數量也隨之增加。正如我們在最近的分析師和投資者日上指出的那樣，我們的內部調查表明，在家工作 2 天以上、其他時間在辦公室工作的人數增加了 2 至 3 倍。這意味著更多的鼠標、鍵盤、網絡攝像頭、揚聲器、耳機、麥克風。您可以期待我們繼續在我們的產品組合中進行創新，例如用於提高生產力的 MX 系列鼠標和鍵盤，或者我們專注於生活方式和設計的主流鼠標和鍵盤，或者我談到的那些符合人體工程學的產品。結合這一點，再加上我們在營銷方面增加的投資，您現在知道，我們投入這些投資是為了提高用戶的意識和考慮，讓他們意識到像 50 美元的鼠標或鍵盤這樣簡單的東西如何能夠極大地改善您的 PC 體驗和工作空間在家或在辦公室或兩者兼而有之的經驗。您可能會開始明白為什麼我們對未來幾年的這一類別如此興奮。

Now let me talk about another big growth category for us, Video Collaboration. Sales almost tripled in fiscal year 2021 to over $1 billion for the first time. Our Q4 VC sales were more than what we did in all of last fiscal year. Our growth actually accelerated through the quarters of fiscal '21 as supply improved and more companies started to map out their return to work, return to the office. And that represents a clear trend toward turning on video to connect with friends, coworkers, clients and others.

現在讓我談談我們的另一個重要增長類別：視頻協作。 2021 財年銷售額幾乎增長了兩倍，首次超過 10 億美元。我們第四季度的風險投資銷售額超過了上一財年全年的銷售額。隨著供應的改善以及更多公司開始計劃重返工作崗位、重返辦公室，我們的增長實際上在 21 財年的幾個季度中加速了。這代表了通過視頻與朋友、同事、客戶和其他人聯繫的明顯趨勢。

Triple-digit growth in this category was across both our conference room video products as well as our personal collaboration products, such as the enterprise 4K BRIO Webcam or the Zone Wireless headset. We're also very excited about the opportunities for our most recently announced all-in-one devices, the Rally Bar and the Rally Bar Mini. They are just starting to roll out to great customer feedback.

我們的會議室視頻產品以及個人協作產品（例如企業 4K BRIO 網絡攝像頭或 Zone 無線耳機）均實現了該類別的三位數增長。我們也對我們最近發布的一體化設備 Rally Bar 和 Rally Bar Mini 的機會感到非常興奮。他們剛剛開始推出以獲得良好的客戶反饋。

Our Gaming category also had a very strong year, with fiscal 2021 sales up 77% and sales more than doubling in Q4. The growth was broad-based across all our Gaming categories, including PC gaming, simulation, console gaming in all of our regions. Not only has the gaming market expanded significantly over the past year, we've also reached our highest level ever in overall gaming market share.

我們的遊戲類別也經歷了非常強勁的一年，2021 財年銷售額增長了 77%，第四季度銷售額增長了一倍多。我們的所有遊戲類別都有廣泛的增長，包括我們所有地區的電腦遊戲、模擬遊戲、主機遊戲。在過去的一年裡，遊戲市場不僅顯著擴大，我們的整體遊戲市場份額也達到了歷史最高水平。

I'm extremely proud of all the innovation and products that we, our teams have been able to introduce despite the shelter-in-place mandates around the world. Our colorful and playful G733 gaming headset, developed by Tiffany Beers and her team, has quickly become one of our best-selling gaming headsets. While our newest PRO X SUPERLIGHT Gaming mice, mouse, had one of our fastest post-launch sales ramps since it was introduced just 6 months ago. These are just 2 of the many new products that supported our growth and share gains in fiscal year 2021.

儘管世界各地都頒布了就地避難令，但我對我們和我們的團隊能夠推出的所有創新和產品感到非常自豪。我們色彩繽紛、俏皮的 G733 遊戲耳機由 Tiffany Beers 及其團隊開發，已迅速成為我們最暢銷的遊戲耳機之一。我們最新的 PRO X SUPERLIGHT 遊戲鼠標自 6 個月前推出以來，是我們推出後銷量增長最快的鼠標之一。這些只是支持我們 2021 財年增長和份額增長的眾多新產品中的兩個。

Tablet and Other Accessories also had a tremendous year, with sales up almost 3x, while our tablet keyboards for education we're up over 7x. Schools around the world have needed new technology tools to deliver education to students remotely. And as we noted last quarter, a large onetime order from a Japanese school district drove a significant part of our tablet sales for the year. Even excluding this, our overall tablet sales growth was up triple digits, and our traditional retail tablet sales were up over 50% for the fiscal year.

平板電腦和其他配件也度過了輝煌的一年，銷售額增長了近 3 倍，而我們的教育平板電腦鍵盤增長了 7 倍以上。世界各地的學校都需要新的技術工具來遠程向學生提供教育。正如我們上季度指出的那樣，來自日本學區的一筆大型一次性訂單推動了我們今年平板電腦銷量的很大一部分。即使排除這一點，我們的平板電腦整體銷量增長也達到了三位數，本財年我們的傳統零售平板電腦銷量增長了 50% 以上。

Our Audio & Wearables sales grew 69% in fiscal 2021, led by Retail Headsets and Blue Microphones. And Mobile Speakers were down 22% for the full year, but that's in line with our expectations as we reallocated and prioritized our investments in other fast-growing markets.

在零售耳機和 Blue 麥克風的帶動下，我們的音頻和可穿戴設備銷售額在 2021 財年增長了 69%。移動揚聲器全年下降了 22%，但這符合我們的預期，因為我們重新分配並優先考慮了其他快速增長市場的投資。

Now let me turn the call over to you, Nate, to walk through our key financial metrics.

現在讓我把電話轉給你，內特，來介紹一下我們的關鍵財務指標。

Okay. Thanks, Bracken.

好的。謝謝，布雷肯。

We finished an excellent year on a high note with our fourth quarter sales more than doubling and with broad-based growth across all our categories and geographies. As Bracken said, fiscal 2021 sales reached $5.3 billion, up 74%, which exceeded our recently revised guidance of 63% growth. This represents over $300 million of sales upside compared to that recent guidance. And as Bracken will cover later, we are maintaining our growth rate outlook for FY '22, and therefore, effectively flowing through this FY '21 revenue upside.

我們出色地完成了這一年，第四季度銷售額翻了一番多，所有品類和地區均實現了廣泛增長。正如 Bracken 所說，2021 財年銷售額達到 53 億美元，增長 74%，超出了我們最近修訂的 63% 增長指引。與最近的指導相比，這意味著銷售額增長超過 3 億美元。正如布雷肯稍後將介紹的那樣，我們維持 22 財年的增長率前景，因此，有效地利用了 21 財年的收入增長。

Our non-GAAP operating income more than tripled to over $1.27 billion, higher than our previous outlook of $1.1 billion. Our fiscal '21 non-GAAP gross margin reached 44.8%, up over 6 percentage points from last year, almost 5 points of that was due to lower promotional spending and lower retail point-of-sale activations. We do expect, however, that these promotions and marketing activities will increase and return to more historical levels in fiscal '22, putting some downward pressure on gross margin in the months ahead.

我們的非 GAAP 營業收入增長了兩倍多，達到 12.7 億美元以上，高於我們之前預期的 11 億美元。我們的 21 財年非 GAAP 毛利率達到 44.8%，比去年增長了 6 個百分點以上，其中近 5 個百分點是由於促銷支出減少和零售銷售點激活減少所致。然而，我們確實預計這些促銷和營銷活動將增加，並在 22 財年恢復到歷史水平，從而給未來幾個月的毛利率帶來一些下行壓力。

Product mix was favorable this year, and we expect it will remain favorable to margin again next year, somewhat offsetting the pressure I just mentioned. What all this means is that our FY '22 gross margin should land within our recently revised and increased target range of 39% to 44%.

今年的產品組合是有利的，我們預計明年將再次保持有利的利潤率，在一定程度上抵消我剛才提到的壓力。這一切意味著我們 22 財年的毛利率應該落在我們最近修訂和提高的 39% 至 44% 的目標範圍內。

Our non-GAAP operating expenses increased 44% in fiscal '21 to $1.1 billion. As our business growth solidified and accelerated, we invested across many areas, including hardware and software innovation, go-to-market expansion and marketing. All of these investments had limited FY '21 revenue impact, but prime the business for future potential growth.

我們的非 GAAP 運營支出在 21 財年增長了 44%，達到 11 億美元。隨著我們業務增長的鞏固和加速，我們在許多領域進行投資，包括硬件和軟件創新、市場擴張和營銷。所有這些投資對 21 財年收入的影響有限，但為未來的潛在增長奠定了基礎。

In addition to conventional capabilities, we also invested more deeply in environmental sustainability in our own manufacturing and with all our supply chain partners. These are all areas of strategic importance and where we will continue to invest in the new fiscal year.

除了傳統能力之外，我們還與我們所有的供應鏈合作夥伴一起在我們自己的製造過程中對環境可持續性進行了更深入的投資。這些都是具有戰略重要性的領域，我們將在新財年繼續投資。

Finally, you will notice that our G&A spending increased sequentially in Q4 due to a $30 million investment into a charitable Donor-Advised Fund to support our long-term social giving strategies for equality and environmental sustainability. The net result of these business dynamics and operating decisions was strong profit growth and operating margin expansion for both Q4 and fiscal '21 overall, and improved capabilities for the longer term.

最後，您會注意到，我們的一般管理支出在第四季度連續增加，這是由於向慈善捐助者建議基金投資了 3000 萬美元，以支持我們促進平等和環境可持續性的長期社會捐贈戰略。這些業務動態和運營決策的最終結果是第四季度和 21 財年整體利潤的強勁增長和營業利潤率的擴大，以及長期能力的提高。

Now let me talk briefly about our cash flow. Cash flow from operations reached nearly $1.5 billion for the full year, up from $425 million in fiscal '20, driven by profit growth and efficient working capital management. We maintain a tight linkage and alignment between our business strategies, operational decisions and financial structure. You saw this at work in fiscal 2021 as our strong profitability, balance sheet and cash flow allowed us to invest aggressively in additional manufacturing, supply and logistics. We were able to invest at a pace and level that provided us a competitive advantage as demonstrated by recent share gains in several categories.

現在讓我簡單談談我們的現金流。在利潤增長和高效營運資本管理的推動下，全年運營現金流達到近 15 億美元，高於 20 財年的 4.25 億美元。我們的業務戰略、運營決策和財務結構之間保持緊密的聯繫和協調。您在 2021 財年看到了這一點，因為我們強勁的盈利能力、資產負債表和現金流使我們能夠積極投資於額外的製造、供應和物流。我們能夠以一定的速度和水平進行投資，這為我們提供了競爭優勢，最近幾個類別的份額增長就證明了這一點。

We will continue the strategic investment approach as we head into the new fiscal year, and we navigate a dynamic supply environment, which may lead to higher component and logistics costs than we initially projected. Positively, our efforts to find second sources and increased manufacturing output have allowed us to begin the new year with owned and channel inventory at healthier levels than in recent quarters. Our inventory is fresh and weighted toward fast-turning product categories. At the same time, longer industry lead times and tightening supply for some components will likely increase our cash conversion cycle in FY '22, but our strong balance sheet positions us well in the face of these challenges.

在進入新財年時，我們將繼續採取戰略投資方法，並應對動態的供應環境，這可能會導致零部件和物流成本高於我們最初的預計。積極的一面是，我們尋找第二來源和增加製造產量的努力使我們能夠以比最近幾個季度更健康的水平開始新的一年。我們的庫存是新鮮的，並且偏重於快速周轉的產品類別。與此同時，較長的行業交貨時間和某些零部件的供應緊張可能會增加我們 22 財年的現金轉換週期，但我們強大的資產負債表使我們能夠很好地應對這些挑戰。

Wrapping up uses of cash, we spent $43 million in the quarter on 3 small acquisitions, all in the content creation category. We do not expect them to be material to our fiscal '22 financial results, but we believe they will help us realize the growth potential of this fast-growing market over the longer term.

結束現金使用後，我們在本季度花費了 4300 萬美元進行了 3 項小型收購，全部屬於內容創作類別。我們預計它們不會對我們 22 財年的財務業績產生重大影響，但我們相信它們將幫助我們實現這個快速增長市場的長期增長潛力。

In closing, while we do not expect this past year's record sales growth rates and margins to continue, we do believe our sales volume gains are sustainable and that our long-term market opportunities have become more attractive and we plan to invest accordingly.

最後，雖然我們預計去年創紀錄的銷售增長率和利潤率不會持續下去，但我們確實相信我們的銷量增長是可持續的，而且我們的長期市場機會變得更具吸引力，我們計劃進行相應的投資。

With that, it's a good time to hand things back to Bracken, who will talk about our fiscal '22 outlook and guidance. Bracken?

現在是把事情交還給 Bracken 的好時機，他將談論我們的 22 財年展望和指導。蕨菜？

Thanks. You had to wake me up again. It's early here in California.

謝謝。你必須再次叫醒我。加州現在還早。

As Nate quantified for everyone earlier, we beat our most recent fiscal year 2021 sales guidance by about $300 million, which, of course, we gave back on our Analyst and Investor Day in March. And with not even a month into the fiscal year, I don't think anyone would have felt this, at this point, if we had maintained the same sales dollar outlook for fiscal year 2022 that we guided just 2 months ago. Had we done that, it would have meant that our fiscal year 2022 sales forecast today would be down 2% to down 11% compared to down 5% to up 5% that we guided. But we're not holding to our dollar outlook. We are passing through that sales dollar upside, and we are keeping our down 5% to up 5% sales growth outlook for the fiscal year 2022, unchanged, essentially raising the absolute dollar value of our original sales outlook by about 7%.

正如 Nate 早些時候為大家量化的那樣，我們比最近的 2021 財年銷售指引高出約 3 億美元，當然，我們在 3 月份的分析師和投資者日對此進行了回饋。在本財年開始還不到一個月的時間裡，如果我們保持 2022 財年的銷售額前景與 2 個月前指導的相同，我認為此時此刻任何人都不會感受到這一點。如果我們這樣做，這將意味著我們今天的 2022 財年銷售預測將下降 2% 至 11%，而我們指導的下降 5% 至增長 5%。但我們並不堅持美元前景。我們正在經歷銷售美元上漲的過程，我們將 2022 財年的銷售增長前景保持在下降 5% 至上升 5% 不變，實質上將我們最初銷售前景的絕對美元價值提高了約 7%。

We feel confident and equally excited about what the new year will bring us and even more optimistic about the longer-term growth potential beyond fiscal year 2022. As we hold our top line growth guidance, we're increasing our fiscal year 2022 non-GAAP operating income guidance to $800 million to $850 million versus the prior outlook of $750 million to $800 million.

我們對新的一年將給我們帶來的東西充滿信心和同樣興奮，對 2022 財年之後的長期增長潛力更加樂觀。在我們維持營收增長指引的同時，我們正在提高 2022 財年非公認會計原則 (non-GAAP) 的增長率營業收入指導值為 8 億至 8.5 億美元，而之前的預期為 7.5 億至 8 億美元。

Finally, we also announced that our Board approved an increase in our share buyback authorization from $250 million to $1 billion. The Board also proposed a 10% increase in our dividend, which will be voted on by shareholders in September.

最後，我們還宣布董事會批准將股票回購授權從 2.5 億美元增加到 10 億美元。董事會還提議將我們的股息增加 10%，並將於 9 月份由股東投票表決。

The bottom line is 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 shelter-at-home period of COVID ends. We have an exciting long-term growth potential ahead from this big base.

最重要的是，在新冠疫情爆發之前推動我們業務發展的基本趨勢相同，在新冠肺炎疫情期間顯著加速，並且隨著我們在新冠疫情居家避難期結束後展望生活，這些趨勢變得更加普遍和可持續。在這個龐大的基礎上，我們擁有令人興奮的長期增長潛力。

And with that, Nate and I are ready to take your questions.

現在，內特和我準備好回答你們的問題了。

Ben, can you queue them up?

本，你能幫他們排隊嗎？

Great. Thanks, Bracken.

偉大的。謝謝，布雷肯。

Thank you.

謝謝。

Paul from JPMorgan.

來自摩根大通的保羅.

Great quarter. So on VC, you've seen this business grow annually at 40% CAGR for the past 5 years and then this year accelerate 180% in the sixth year. As we look ahead in the next 5 years, what are some of the growth levers you see today that you can pull in? And Europe was the standout this quarter, what's kind of driving the acceleration there? And then I have a follow-up.

很棒的季度。因此，在風險投資方面，您會看到該業務在過去 5 年中每年以 40% 的複合年增長率增長，然後今年在第六年加速了 180%。當我們展望未來 5 年時，您今天看到的可以利用的增長槓桿有哪些？歐洲是本季度的佼佼者，是什麼推動了那裡的加速發展？然後我有一個後續行動。

Yes. I would say a couple of things. So first of all, Europe, part of the reason for the delta in our sell-in and sell-out is [partly with] Europe, and we were fulfilling a backlog. So we had strong sales there.

是的。我想說幾件事。首先是歐洲，我們的買入和賣出出現三角洲的部分原因是歐洲，而且我們正在履行積壓訂單。所以我們在那裡的銷售強勁。

I would say, overall, I think the key drivers over the next 5 years are going to be the same drivers that have gotten us here with one big exception, which is, I think, we took a huge step-up this year in the realization that video calling is just a must. We always said it would be video everywhere at some point, but we didn't quite realize that there would be this strong advertising program for video calling that would happen during the pandemic, and it's happened. Now it's really going to be a question of how effectively and efficiently can people video enable offices while they continue to video enable workspaces. And I think that's going to happen over the next 5, 7, 10 years.

我想說，總體而言，我認為未來 5 年的關鍵驅動因素將與讓我們走到今天這一步的驅動因素相同，但有一個很大的例外，那就是，我認為，我們今年在意識到視頻通話是必須的。我們總是說，在某個時候，視頻將會無處不在，但我們並沒有完全意識到，在大流行期間將會出現這種強大的視頻通話廣告計劃，而它確實發生了。現在真正的問題是，人們在繼續使用視頻支持工作空間的同時，如何有效和高效地使用視頻支持辦公室。我認為這將在未來 5 年、7 年、10 年發生。

I mean, Paul, I think on -- I'm just adding to that a little bit. I mean -- I think the growth levers there. Clearly, you've got the market conditions, Bracken's articulated, I think, already. But just building out our own portfolio, you see us investing a lot in innovation. And a lot of that is focused on just increasing the types of solutions, the effectiveness of the solutions that we can offer customers in video as well as our own go-to-market capabilities and operational capabilities. These are all things that were areas of investment for us in FY '21, and as I mentioned, we will continue to invest in FY '22 and beyond.

我的意思是，保羅，我想——我只是補充一點。我的意思是——我認為那裡有增長槓桿。顯然，我認為布雷肯已經闡明了市場條件。但僅僅建立我們自己的產品組合，你就會看到我們在創新方面投入了大量資金。其中很多都集中在增加解決方案的類型、我們可以通過視頻為客戶提供的解決方案的有效性以及我們自己的上市能力和運營能力。這些都是我們在 21 財年的投資領域，正如我提到的，我們將在 22 財年及以後繼續投資。

Okay. Great. And then just on marketing, how are you tracking that return on that dollar spend, obviously, besides the revenue growth you saw in the quarter? Can you provide some feedback on the DEFY LOGIC Campaign during the Super Bowl? Did you see kind of an immediate lift? And then what kind of marketing campaign should we expect heading into fiscal year '22?

好的。偉大的。然後就營銷而言，除了您在本季度看到的收入增長之外，您顯然如何跟踪美元支出的回報？您能否對超級碗期間的 DEFY LOGIC 活動提供一些反饋？您是否看到立即提升？那麼進入 22 財年我們應該期待什麼樣的營銷活動呢？

Yes, there are different kinds of marketing. There's the kind of marketing like we did in the Super Bowl, which is really what they call top of funnel. That's kind of broad and general and not really designed to immediately sell specific product, but to create awareness and attraction for the brand itself and the categories that we're in. And then there's the very, very kind of search engine optimization, click-and-buy kind of marketing. So there are different kinds of metrics across those different areas. We look at the -- we look at them all.

是的，有不同類型的營銷。就像我們在超級碗比賽中所做的那樣，這就是他們所說的漏斗頂部。這是一種廣泛和籠統的說法，並不是為了立即銷售特定產品而設計的，而是為了為品牌本身和我們所處的類別創造知名度和吸引力。然後是非常非常類型的搜索引擎優化，點擊-併購買的營銷方式。因此，這些不同領域有不同類型的指標。我們著眼於——我們著眼於他們所有人。

And I would say, overall, we feel very, very good about the DEFY LOGIC Campaign. We're excited about the kind of impact it's having both -- even just anecdotally. I probably have had -- I can't even tell you how many people have reached out to me and said that they -- it really -- that they were surprised by the campaign, but somehow felt very consistent with what Logitech has always been, which is exactly what we wanted. And so you can expect more of us there.

我想說，總的來說，我們對 DEFY LOGIC 活動感覺非常非常好。我們對它所產生的影響感到興奮——即使只是軼事。我可能 - 我什至無法告訴你有多少人聯繫過我，並表示他們 - 確實 - 他們對這次活動感到驚訝，但不知何故感覺與羅技一直以來的理念非常一致，這正是我們想要的。因此，您可以期待我們在那裡有更多的人。

And in terms of the more tactical sales oriented, we look at things like everyone else does, return on ad spend. And we try to make sure that we're investing where the returns are the highest.

在更具戰術性的銷售導向方面，我們像其他人一樣關注廣告支出回報。我們努力確保我們投資於回報率最高的地方。

Paul, I would say, in terms of areas of focus, it's across the board. But as Bracken mentioned, I think awareness is one that I just feel so strongly about for our categories. If you read the product reviews really across the lineup, great reviews. People who try the products, love the products, and they recognize like the enhanced experience that they provide.

保羅，我想說，就重點領域而言，這是全面的。但正如布雷肯提到的，我認為意識是我對我們的類別有強烈感受的一個。如果您真正閱讀了整個系列的產品評論，那就是很棒的評論。嘗試產品的人喜歡這些產品，並且喜歡它們提供的增強體驗。

And I'll just give you an example, something like our MX Keys, kind of the premium keyboard that we launched this last year, which has done so well. It's a $100 product. If you use that over 2 years, you're paying about $0.15 a day for something that is -- you're using constantly and really improves your experience. So I think there's a big opportunity for us around awareness, and Bracken mentioned some of the things we're doing there. But I would expect to see more from us to drive the awareness of the categories in general.

我只想給你舉一個例子，比如我們的 MX Keys，這是我們去年推出的高級鍵盤，效果非常好。這是一款 100 美元的產品。如果您使用該服務超過 2 年，那麼您每天只需支付約 0.15 美元即可購買您不斷使用的東西，並且確實可以改善您的體驗。所以我認為我們在意識方面有一個很大的機會，布雷肯提到了我們正在做的一些事情。但我希望我們能做出更多努力來提高人們對這些類別的總體認識。

Asiya Merchant.

阿西亞商人。

Great. Congratulations on an outstanding quarter again. A couple of questions on my part. Visibility, I know you guys are kind of maintaining your growth expectations flat, plus or minus. But how much visibility now do you have into the next couple of quarters? If you can talk to it a little bit sequentially at least here into June and then maybe even to the September quarter.

偉大的。再次祝賀本季度表現出色。我有幾個問題。可見性，我知道你們的增長預期保持不變，無論是正值還是負值。但您現在對接下來幾個季度的了解有多少？如果你能按順序談論它，至少到六月，然後甚至可能到九月這個季度。

And then just high level, the shortages that is enabling people to add on excess inventory, whether it's in the channel, whether it's sitting on the shelves. When do you expect that sell-in, sell-through to reach a more balanced environment? Is that even as you look out into the next couple of quarters?

然後是高水平的短缺，使人們能夠增加過剩的庫存，無論是在渠道中，還是在貨架上。您預計什麼時候售入、售出會達到更加平衡的環境？即使您展望未來幾個季度也是如此嗎？

And then one for Nate on the gross margin. You talked about the promo pricing returning to a more normalized level. When do you expect that? I would assume semi-shortages and other shortages in general would suggest that pricing remains more muted -- or promotional price remains more muted. That's it for me.

然後是內特的毛利率。您談到促銷定價恢復到更正常的水平。你預計什麼時候會這樣？我認為半短缺和其他短缺總體上表明定價仍然更加溫和，或者促銷價格仍然更加溫和。對我來說就是這樣。

Nate, why don't I jump -- I'll take the first 2 and then you can take the third one and you can add to what I'm saying.

內特，我為什麼不跳——我會拿前兩個，然後你可以拿第三個，你可以補充我所說的內容。

In terms of the balance of -- the inventory kind of balance of the channel inventory, et cetera, we're just about there. I mean I feel -- I think we were -- we kind of ran behind most of the pandemic year trying to fill the channel. And this time, we got a -- I think we finally started to catch up this last quarter. I think we're about there. We'll see. We could have a few additional spots that were a little weak. But generally, I think we're there.

就渠道庫存的庫存平衡等而言，我們就在那裡。我的意思是，我覺得——我認為我們是——在大流行一年的大部分時間裡，我們在試圖填補這個渠道方面落後了。這一次，我們終於開始趕上上個季度了。我想我們就到了。我們拭目以待。我們可以有一些額外的點，但有點薄弱。但總的來說，我認為我們已經做到了。

In terms of visibility, I think our -- I would say the visibility this quarter is good. The visibility into the next quarter, as you go further out, of course, it gets less and less clear for us. But we're optimistic. We're -- I would say it's a little less visible now than it would have been in a normal year because just a particularly strong -- the real strength we've had in the last 3 or 4 quarters. But we feel very, very good about our own programs. We have such control over what we're doing and the timing of our product launches and things. I think the tricky part of -- if there is a tricky part about it, maybe the trickiest part is just availability of parts. We've always been able to manage component availability well, and we continue to do that really well, but it is no secret that things like chipsets and things are really hand to mouth in some of the categories we're in and in the industry broadly, so that could always take us a little bit by surprise. But we've been able to manage that very, very well, historically, and I think we'll do it in the future.

就可見性而言，我認為本季度的可見性很好。當然，隨著時間的推移，對下個季度的能見度對我們來說會變得越來越不清楚。但我們很樂觀。我想說，現在比正常年份不太明顯，因為我們在過去 3 或 4 個季度中擁有特別強大的真正實力。但我們對自己的項目感覺非常非常好。我們對我們正在做的事情以及我們產品發布的時間和事情有這樣的控制權。我認為最棘手的部分——如果有一個棘手的部分，也許最棘手的部分就是零件的可用性。我們一直能夠很好地管理組件的可用性，並且我們將繼續做得非常好，但眾所周知，芯片組之類的東西在我們所處的和行業中的某些類別中確實是手工製造的從廣義上講，這總是會讓我們感到有點驚訝。但從歷史上看，我們已經能夠非常非常好地做到這一點，而且我認為我們將來也會做到這一點。

You want to add anything on any of that or on gross margin -- or answer the gross margin part?

您想在其中任何一個或毛利率上添加任何內容 - 或者回答毛利率部分？

Yes, I can cover gross margin. My Zoom crashed mid-stream there but back up.

是的，我可以支付毛利率。我的 Zoom 中途崩潰了，但又恢復了。

I think on gross margin, pricing and promotion and the retail point-of-sale marketing, those are really important parts to our business. And those are things that we have to do. And we will see an increase in those activities, I believe, in FY '22. There's a lot of forces at play, though, on margin, and Bracken just alluded to some of the ones around the component availability, and you asked about supply chain. I think headwinds could also persist in terms of logistics because if materials are late arriving, and we have to rush those things, those finished goods to market, we could continue to see elevated logistics costs. Also, I think, just component pricing could be a challenge in certain areas in FY '22 as well.

我認為就毛利率、定價和促銷以及零售銷售點營銷而言，這些對我們的業務來說是非常重要的部分。這些都是我們必須做的事情。我相信，我們將在 22 財年看到這些活動的增加。不過，在保證金方面，有很多因素在起作用，布雷肯剛剛提到了一些與組件可用性有關的因素，而你也問到了供應鏈的問題。我認為物流方面的不利因素也可能持續存在，因為如果材料遲到，我們必須將這些東西、那些成品趕到市場，我們可能會繼續看到物流成本上升。此外，我認為，在 22 財年的某些領域，僅組件定價也可能是一個挑戰。

So there's -- again, competing forces, favorable and unfavorable. Product mix, I believe, will continue to be favorable with faster growth in places like Video Collaboration. But nonetheless, we think the gross margins will land within that new range that we provided AID, a new increased range that we provided at AID, but down from levels that we saw here in FY '21.

因此，再次存在競爭力量，有利的和不利的。我相信，隨著視頻協作等領域的更快增長，產品組合將繼續有利。但儘管如此，我們認為毛利率將落在我們提供的 AID 的新範圍內，即我們在 AID 提供的新的增加範圍內，但低於我們在 21 財年看到的水平。

Any color on sequential stuff? You typically provide some color on sequential into the June, which is -- any color there? [Just to -- up] mid-single digits, yes.

連續的東西有顏色嗎？您通常會在六月份連續提供一些顏色，即——有什麼顏色嗎？ [只是到--上升]中個位數，是的。

Yes, I would say, in general, I don't think in FY '21 sequential historical trends sort of were irrelevant. And I think that, that could also be true here in FY '22. I just think we're in still an unusual environment with many economies going through transitions as, hopefully, they begin to reopen to sort of pre-COVID normalcy. But the timing of those changes is very hard to predict. And so I think our seasonality, it's probably harder to predict in FY '22 as well. Certainly, I still expect the holiday quarter to probably be the biggest, but other than that, it's going to be probably important for us just to remain fast, flexible and nimble and just react to the market opportunities that we see.

是的，我想說，總的來說，我不認為 21 財年連續的歷史趨勢是無關緊要的。我認為，22 財年也可能如此。我只是認為我們仍然處於一個不尋常的環境中，許多經濟體正在經歷轉型，希望它們開始重新開放，恢復到新冠疫情前的正常狀態。但這些變化的時間很難預測。因此，我認為 22 財年的季節性可能也更難預測。當然，我仍然預計假日季度可能是最大的，但除此之外，對我們來說保持快速、靈活和敏捷並對我們看到的市場機會做出反應可能很重要。

Absolutely.

絕對地。

Michael, your line is now open.

邁克爾，您的線路現已開通。

Two questions, actually, along the same lines, visibility. Can you just explain, I mean, between beginning of March when you gave your guidance for Q4 and the actual result? I mean there's a huge discrepancy, a nice one, obviously. So the question is really, could you absolutely not foresee that? Or did you try to stay on the cautious side? And if I look at that big discrepancy, I'm wondering how you can be so confident for FY '22 with your guidance, if that's the discrepancy in just 1 month.

實際上，兩個問題是相同的：可見性。我的意思是，您能否解釋一下從三月初您給出第四季度指導到實際結果之間的情況？我的意思是，這是一個巨大的差異，顯然這是一個很好的差異。所以問題是，你絕對不能預見到這一點嗎？或者你是否試圖保持謹慎？如果我看到這麼大的差異，我想知道在您的指導下，您如何對 22 財年如此有信心，如果這是短短 1 個月內的差異。

And the second question is also along the shortage situation. You talked about electronic components and semiconductors. My question is more on the plastic side. How do you make sure -- or do you see any shortages in plastics? And how do you make sure that you have sufficient availability there?

第二個問題也是關於短缺情況。您談到了電子元件和半導體。我的問題更多是在塑料方面。您如何確定——或者您是否發現塑料短缺？您如何確保那裡有足夠的可用性？

Yes, I'll take a stab at both of those. And then, Nate, you can fill in there.

是的，我會嘗試這兩點。然後，內特，你可以在那裡填寫。

On the plastic side, no, we don't have any, at least not that I'm aware of, shortages on plastics right now, but I'd say the demand has been very strong. And it's every day is a new day when it comes to component supply in the last year or so. But yes, I'd say so far, we're okay on the plastic side.

在塑料方面，不，我們目前沒有（至少據我所知）塑料短缺，但我想說需求非常強勁。就過去一年左右的零部件供應而言，每一天都是新的一天。但是，是的，到目前為止，我們在塑料方面還不錯。

On the visibility side, I think that's a very fair criticism. Our constructive comment, I think, well, how could we have been that far off? It's a good question. Yes. We're always -- we always try to make sure that what we tell you we can deliver, we deliver. And this year was just stronger and stronger. We also had a chance to fill a backlog of orders, especially in Video Collaboration that we just -- we really couldn't completely foresee getting to, and we're able to do it. But as you note, we're really strong across the board.

在可見性方面，我認為這是一個非常公平的批評。我想，我們的建設性評論，我們怎麼可能離得那麼遠呢？這是一個好問題。是的。我們總是——我們總是努力確保我們告訴您的我們能夠實現，我們就實現了。今年變得越來越強。我們還有機會填補積壓的訂單，特別是在視頻協作方面，我們確實無法完全預見到這一點，但我們能夠做到。但正如您所指出的，我們在各方面都非常強大。

I think we're -- like our business is so strong, and our market shares continue to gain, and we never completely assume that we're going to gain market share. So we probably did a little better from a market standpoint than we expected. And of course, we also had a chance to refill the channel.

我認為我們的業務如此強大，我們的市場份額不斷增加，但我們從未完全假設我們將獲得市場份額。因此，從市場的角度來看，我們的表現可能比我們預期的要好一些。當然，我們也有機會補充頻道。

So do you want to add anything to that, Nate?

那麼，內特，你想補充什麼嗎？

I think I'd still come back to the environment that we're in is fast-moving, right? And changes across countries, and we have lots of customers in every country, so -- and we're reacting with a very nimble supply chain, operations team, to those changes. But I think we saw -- also March was going to be one of the tougher -- one of the first months, but really we're looking at a tougher year-over-year compare, where we started to see pretty strong demand a year ago. So I think there was maybe a little bit of that thinking going into the outlook we provided at AID as well as we weren't really sure if there was some significance to that first month of a tougher year-over-year compare. But as Bracken said, the demand remains strong and supply also continued to improve as we went through the quarter.

我想我仍然會回到我們所處的快速變化的環境，對嗎？各個國家/地區都會發生變化，我們在每個國家/地區都有很多客戶，因此，我們正在通過非常靈活的供應鍊和運營團隊來應對這些變化。但我認為我們看到 - 三月份也將是最艱難的月份之一 - 最初的幾個月，但實際上我們正在考慮更艱難的同比比較，我們開始看到相當強勁的需求一年前。因此，我認為我們在國際開發署提供的前景中可能有一些這樣的想法，而且我們不確定第一個月的同比比較是否有任何意義。但正如布雷肯所說，隨著本季度的發展，需求依然強勁，供應也持續改善。

Great. Maybe just one last question, if I may. The -- you mentioned that you shipped around 20 million units of webcams into a 500 million monitor installed base. Do you have any -- could you give us any feel about what the actual webcam installed base is, if you have any numbers on that?

偉大的。如果可以的話，也許只是最後一個問題。您提到您向 5 億台顯示器安裝基地運送了大約 2000 萬台網絡攝像頭。您是否有任何關於實際網絡攝像頭安裝基礎的信息（如果您有任何數字）？

I don't think -- I know we don't have them available right now, but I don't -- I'm not sure we do have good numbers on that. What I would say is, I think, if you took a poll of people on this call, it would probably surprise us if few of you have webcams and should. But yes, so it's a big opportunity, let's just leave it at that. And I think we're going to go after it.

我不認為——我知道我們現在沒有可用的數據，但我不——我不確定我們是否有足夠的數據。我想說的是，我認為，如果你在這次電話會議上對人們進行了​​民意調查，如果你們中很少有人擁有網絡攝像頭並且應該這樣做，我們可能會感到驚訝。但是，是的，所以這是一個很大的機會，我們就這樣吧。我想我們會追尋它。

Jürgen, your line is now open.

Jürgen，您的線路現已開通。

Actually, I have 2 questions. I'm looking at your capital allocation. What drove the increase to, let's say, to $1 billion? So $1 billion or $2 billion? Or is there any cross read to be made on your M&A ambitions? And then, yes, if things continue to go very well, what is the capacity you have in place? I mean in terms of theoretical sales number on group level that you would be able to generate.

實際上，我有兩個問題。我正在看你的資本配置。比方說，是什麼推動了這一增長至 10 億美元？那麼10億美元還是20億美元？或者對您的併購野心是否有任何交叉解讀？然後，是的，如果事情繼續進展順利，你有什麼能力？我的意思是，就您能夠產生的集團層面的理論銷售額而言。

On the capital allocation, I wouldn't read that as any comment at all about our M&A interest or goals or capacity. I mean we're -- we -- I don't feel like we've given up anything in terms of capacity to do M&A by announcing a larger buyback. We have -- we obviously have a lot of cash and a lot of cash generation capability going into the future. And we're certainly no less ambitious on M&A. We're always looking at all sizes of things, and we'll continue to do that.

關於資本配置，我不會將其視為對我們的併購興趣、目標或能力的任何評論。我的意思是，我們——我們——我不認為我們通過宣布更大規模的回購而放棄了任何併購能力。我們顯然擁有大量現金和未來的現金生成能力。我們在併購方面的雄心當然也同樣雄心勃勃。我們一直在關注各種規模的事物，並且我們將繼續這樣做。

In terms of our theoretical capacity, yes, we do have theoretical capacity well above where we are today, in most of our categories, not all. And we try to keep ourselves in that position.

就我們的理論能力而言，是的，我們的理論能力確實遠遠高於我們今天的水平，在我們的大多數類別中，但不是全部。我們努力讓自己保持在這個位置。

I don't think I have much to add to that. I mean you saw that we did 3 small deals in the quarter. Obviously, they didn't cost us a significant amount, but we're pretty active in looking at opportunities. And so really no change in capital allocation priorities or processes.

我認為我沒有什麼可補充的。我的意思是你看到我們在本季度做了 3 筆小交易。顯然，它們並沒有讓我們付出太多代價，但我們非常積極地尋找機會。因此，資本配置優先級或流程實際上沒有變化。

Erik, your line is now open.

埃里克，您的線路現已開通。

Congrats on the good quarter. I just want to touch on the sell-in and sell-through dynamics here a little bit. Just to dig in and I try to understand it correctly. And that is, obviously, we've seen that gap widen over the last 3 quarters. It seems predominantly focused in the Americas and EMEA. So is that widening because you've had an opportunity to fill the channel and you're at the point now where you feel like channel inventory levels are still healthy? And then kind of secondary to that, would that then imply that if you're expecting to be, call it, flat year-over-year next year, that sell-through could potentially be 15% to 20% to have the impact from this year normalized next year? And then I have a follow-up.

祝賀季度表現良好。我只想簡單談談這裡的銷售和銷售動態。只是為了深入挖掘並嘗試正確理解它。顯然，我們看到過去三個季度的差距在擴大。它似乎主要集中在美洲和歐洲、中東和非洲。那麼，這種擴大是否是因為您有機會填補渠道，並且您現在感覺渠道庫存水平仍然健康？其次，這是否意味著，如果你預計明年將同比持平，那麼銷售率可能會達到 15% 到 20%，從而受到影響今年正常化明年？然後我有一個後續行動。

Nate, you want to take that one? Or I'm happy to…

內特，你想拿走那個嗎？或者我很高興...

Yes. I mean -- I think we started the year -- if you go all the way back to Q4 last year, inventories got drawn down quite low. And I would say, we've been on a steady path to improve inventory levels both within our distribution centers as well as out in the channel. And that was pretty broad-based to begin the year for the first couple of quarters and then, again, slowly over the year, some categories have gotten healthier. I think this category -- or this quarter, exiting this quarter, we really have gotten to a pretty healthy position now across the board. There's still some places where we're a little bit tight. But generally speaking, I think we're now -- we know -- I think we feel good about the level that we have and the coverage that we have.

是的。我的意思是——我想我們從今年開始——如果你一直追溯到去年第四季度，庫存下降得相當低。我想說的是，我們一直在穩步提高配送中心和渠道內的庫存水平。年初的前幾個季度，這一情況的基礎相當廣泛，然後，在這一年中，一些類別慢慢地變得更加健康。我認為這個類別——或者本季度，從本季度退出，我們現在確實已經全面達到了一個相當健康的位置。我們還有一些地方有點緊張。但總的來說，我認為我們現在——我們知道——我認為我們對我們所擁有的水平和覆蓋範圍感到滿意。

In terms of looking to next year, again, hard to predict. We'll do things strategically where it makes sense just given the dynamic supply environment, if we think we need to be more aggressive in securing components for availability, but I feel good right now about the state of the inventory.

就明年的展望而言，同樣很難預測。如果我們認為我們需要更加積極地確保組件的可用性，那麼我們將在考慮到動態供應環境的情況下戰略性地採取行動，但我現在對庫存狀況感覺良好。

Okay. Super. And then kind of a related question. Your balance sheet inventory tripled year-over-year. Days inventory, 72 days, which I think is the highest in like 2.5 years. What's primarily driving that? Is it more finished goods versus raw materials? Are there any prepurchases to get ahead of component constraints? Just curious on your color there as well.

好的。極好的。然後是一個相關的問題。您的資產負債表庫存同比增長了兩倍。庫存天數為 72 天，我認為這是 2.5 年來最高的。主要是什麼推動了這一點？與原材料相比，成品更多嗎？是否有任何預購可以克服組件限制？只是對你那裡的顏色感到好奇。

Yes. I think on the days of inventory, listen, our linearity of purchases are sort of back-end weighted. You can see that our DPO also went up as well, sort of offsetting that. So our cash conversion cycle overall, which is where I usually start, was 18 days, which was down, I believe, 26 days year-over-year, and actually, rather flat sequentially. Normally, we see an increase in our cash conversion cycle Q3 to Q4. We didn't see that this quarter.

是的。我認為在庫存時代，聽著，我們的採購線性是後端加權的。您可以看到我們的 DPO 也有所上升，這在一定程度上抵消了這一影響。因此，我們的現金轉換週期（我通常從這個週期開始）為 18 天，我相信，同比減少了 26 天，實際上，環比持平。通常情況下，我們會看到第三季度至第四季度的現金轉換週期有所增加。本季度我們沒有看到這一點。

So I think cash conversion was again strong. I do think, in the first half of next year, in particular, we could see -- probably we'll see an increase in cash conversion cycle, certainly against the very low levels that we were at in FY '21. We'll see that cash conversion cycle increase in the first half just with supply chain lead times extending a bit. And again, very comfortable that the balance sheet's very strong, and I think it's something we'll put to work so that we can enable the availability that our business needs to support growth and market opportunities.

所以我認為現金轉換再次強勁。我確實認為，特別是在明年上半年，我們可能會看到現金轉換週期有所增加，當然與 21 財年的非常低水平相比。我們將看到上半年現金周轉週期有所增加，只是供應鏈交貨時間略有延長。再說一次，我們對資產負債表非常強勁感到非常滿意，我認為我們將致力於這一點，以便我們能夠提供我們的業務所需的可用性來支持增長和市場機會。

And to answer the question very specifically about what are we investing in, it's both. So we're investing in components, and we're also investing in finished goods.

要非常具體地回答我們投資什麼的問題，兩者都是。因此，我們不僅投資零部件，還投資成品。

Yes. Awesome. And then maybe just one final one. It's great to see you meaningfully increase your buyback authorization. You clearly bought back a lot of stock in the March quarter. Should we interpret these dynamics as a sign that; one, you see value in your stock and buying it back today; and then two, that buybacks could potentially be more of a use of cash than they have been over the last, whatever, 1, 2, 3, 4 years?

是的。驚人的。然後也許只是最後一件事。很高興看到您有意義地增加了回購授權。您顯然在三月份季度回購了大量股票。我們是否應該將這些動態解釋為一個跡象：第一，您看到股票的價值並今天將其回購；第二，回購可能比過去（1、2、3、4 年）更多地使用現金？

I'll jump in, Nate, and you can add.

我會插話，內特，你可以補充。

First of all, in terms of the last part of your question, I think if you -- it is -- this is a bigger number than we've had before. On the other hand, we're a bigger company than we were before, and we have more cash than we've ever had. So I think, on the one hand, this is just a scale up. On the other hand, we do want to be prepared because we -- we've doubled the value over 2.5 years. You can almost draw a line in it for the last 9 years since last year, we doubled the value again. And we want to be in a position where we make sure that if we see a good investment here, and we do, we'll keep investing.

首先，就你問題的最後部分而言，我認為如果你——確實如此——這個數字比我們以前的數字要大。另一方面，我們是一家比以前更大的公司，我們擁有比以往更多的現金。所以我認為，一方面，這只是擴大規模。另一方面，我們確實希望做好準備，因為我們在 2.5 年內已經將價值翻了一番。從去年開始，你幾乎可以在過去的9年裡畫一條線，我們的價值又翻了一倍。我們希望能夠確保，如果我們在這裡看到了良好的投資，而且確實如此，我們將繼續投資。

In terms of -- you want to add anything else to that, Nate?

內特，您還想補充什麼嗎？

No, not in that one.

不，不是那個。

I think on the buyback versus dividend, I would just say that the buyback number of $1 billion is over 3 years. You probably need to take the dividend number and multiply it by 3 and add some growth to it or something to sort of get something that's apples-to-apples. So I think we're still very committed, obviously, to both forms of returning cash to shareholders. The stock has doubled in price, as Bracken just said, so it has become more expensive for us to buy back shares. But at the same time, our cash generation has improved a lot as well. And so I think there's -- those are some of the factors that go into the higher authorization level. But yes, as Bracken said, we believe -- we're long-term investors in the company, and we think that we have really good, long-term potential.

我認為關於回購與股息，我只想說10億美元的回購金額超過3年。您可能需要將股息數字乘以 3，然後添加一些增長或某種東西以獲得同等的結果。因此，我認為顯然我們仍然非常致力於向股東返還現金的兩種形式。正如布雷肯剛才所說，股票價格翻了一番，因此我們回購股票的成本變得更高。但與此同時，我們的現金生成能力也有了很大改善。所以我認為，這些是進入更高授權級別的一些因素。但是，正如布雷肯所說，我們相信——我們是該公司的長期投資者，我們認為我們擁有真正良好的長期潛力。

Ananda, your line is now open.

阿難，你的線路現已開通。

Congrats on solid results and good execution. And I guess just 2 quick ones for me, Bracken. In Video Collaboration, can you just give us a little context around what you're seeing on the enterprise portion? How you're seeing the business sort of develop with companies right now as they go to -- well, I guess, like what are you seeing with regards to sort of video-enabling rooms? And what's your expectations over the next couple of quarters, anecdotally, not numbers, but just trying to get a sense of behaviorally what they're up to? And then I have a follow-up.

祝賀紮實的成果和良好的執行力。我想對我來說只有兩個快速的，布雷肯。在視頻協作方面，您能給我們介紹一下您在企業部分看到的情況嗎？您如何看待現在公司的業務發展——嗯，我想，就像您對視頻支持室的看法一樣？有趣的是，您對未來幾個季度的期望是什麼，不是數字，而是試圖從行為上了解他們在做什麼？然後我有一個後續行動。

I think it's -- in terms of -- intuitively, you would say, how can we all be sitting here doing this on video? And then when we go back in the office, have the same kind of setup we had before where most people had a small fraction of rooms video enabled. So intuitively, that's what I believe -- I've believed from the beginning of the pandemic, and I continue to believe, and I'd say we're starting to see some of that. We're -- there's a -- but it's too early to say it's about to [grow] or something. But I think that you're going to see strong growth in video enablement of rooms. It's just inevitable. But anecdotally, I see enough signs to say that, that's true.

我認為，從直覺上來說，你會說，我們怎麼能坐在這里通過視頻來做這件事？然後，當我們回到辦公室時，採用與之前相同的設置，大多數人都啟用了一小部分房間的視頻。直覺上，這就是我所相信的——我從大流行一開始就相信，而且我仍然相信，我想說我們開始看到其中的一些。我們——有一個——但現在說它即將[增長]或其他什麼還為時過早。但我認為您將會看到房間視頻支持的強勁增長。這是不可避免的。但有趣的是，我看到足夠的跡象表明，這是真的。

Okay. Great. And just going back to the remarks that you guys both have made about regaining some webcam share as you've gotten greater -- as competitive availability has come back. Can you just sort of more fully illuminate for me, for us, why when you -- when component availability comes -- begins to come back for you guys, I would assume it comes back for other people, and so why is it that you're -- that -- why is it you're more advantaged just to take back share as opposed to the market?

好的。偉大的。回到你們倆關於重新獲得一些網絡攝像頭份額的言論，因為你們已經變得更大了——因為競爭性可用性已經回來了。你能否為我、為我們更全面地說明一下，為什麼當你——當組件可用時——開始為你們回來時，我認為它會為其他人回來，所以為什麼你為什麼你只是奪回份額而不是市場更有優勢？

We have -- I mean I'll really put my neck out here and say we have better products. So we have better products. We're known for having really strong products and people wanted Logitech Webcams. Here's a case where people really looked for the brand. They're really searching for our product. And when they couldn't find it, they often bought somebody else.

我們有——我的意思是我真的會竭盡全力說我們有更好的產品。所以我們有更好的產品。我們以擁有真正強大的產品而聞名，人們想要羅技網絡攝像頭。這是一個人們真正尋找品牌的案例。他們確實在尋找我們的產品。當他們找不到它時，他們經常會購買其他人。

Bracken and Nate, I think that concludes our call. We have no more questions.

布雷肯和內特，我想我們的通話到此結束。我們沒有更多問題了。

Well, thank you all. It's been -- fiscal year '21 was a tremendous year. But as I used to say to my mom growing up, every day, you kind of have to draw a line behind your heels and everything behind you is just to learn from. And the whole world, the whole exciting world ahead of us is right from that line forward. And I am super -- and I know Nate is, too, we are super excited about the future.

嗯，謝謝大家。 21 財年是偉大的一年。但正如我在成長過程中常常對我媽媽說的那樣，每一天，你都必須在自己的腳跟後面劃一條線，而你身後的一切都只是為了學習。整個世界，我們面前的整個令人興奮的世界就從這條線開始。我非常興奮，我知道內特也是如此，我們對未來非常興奮。

Thanks a lot for being along to this ride so far. I think it's going to continue to be exciting and fun.

非常感謝您到目前為止參與了這次旅程。我認為這將繼續令人興奮和有趣。

Thanks, everybody.

謝謝大家。