羅技 (LOGI) 2020 Q4 法說會逐字稿

Good morning.

早安.

Welcome to Logitech's first video call to discuss our financial results for the fourth quarter and full year 2020.

歡迎參加羅技的第一次視訊通話，討論我們 2020 年第四季和全年的財務表現。

Joining us today, and sheltering in place as everyone else, are Bracken Darrell, our President and CEO; and Nate Olmstead, our CFO.

我們的總裁兼執行長布雷肯·達雷爾 (Bracken Darrell) 今天加入了我們，並和其他人一樣在原地避難。以及我們的財務長內特·奧姆斯特德 (Nate Olmstead)。

During this call, we may make forward-looking statements, including with respect to future operating results under the safe harbor of the Securities Litigation Reform Act of 1995.

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《證券訴訟改革法案》安全港規定的未來營運績效的陳述。

We're making these statements based on our views as of today, May 12, 2020.

我們根據今天（2020 年 5 月 12 日）的觀點發表這些聲明。

Our actual results could differ materially, and we undertake no obligation to update or revise any of these statements.

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。

During today's call, we will discuss non-GAAP financial results.

在今天的電話會議中，我們將討論非公認會計準則財務表現。

You can find a reconciliation between non-GAAP and GAAP measures as well as more information about our use of non-GAAP measures and factors that could impact our financial results in our press release, and our filing with the SEC, including our most recent annual report and subsequent filings.

您可以在我們的新聞稿和我們向SEC 提交的文件（包括我們最近的年度報告）中找到非GAAP 和GAAP 衡量標準之間的調節表，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更多資​​訊。

These materials as well as our prepared remarks and slides and a webcast of this call will be available at the Investor Relations page of our website, ir.logitech.com.

這些資料以及我們準備好的評論和幻燈片以及本次電話會議的網路廣播將在我們網站 ir.logitech.com 的投資者關係頁面上提供。

We encourage you to review these materials carefully, unless noted otherwise, comparisons between periods are year-over-year and in constant currency.

我們鼓勵您仔細查看這些資料，除非另有說明，否則各時期之間的比較是逐年比較並以固定匯率進行的。

This call is being recorded and will be available for replay on our website.

此通話正在錄音，並將在我們的網站上重播。

I will now turn the call over to Bracken.

我現在將把電話轉給布雷肯。

Bracken, your line is now open.

布雷肯，您的線路現已開通。

Thank you, Ben, and thanks all of you for joining us in the first video call we've had.

謝謝你，本，也謝謝大家加入我們的第一次視訊通話。

After 8 years at Logitech, this is my 33rd analyst call, but given the exceptional moment, I'm going to start this one a little different from the other 32.

在羅技工作 8 年後，這是我的第 33 次分析師通話，但考慮到這一特殊時刻，我將以與其他 32 次稍有不同的方式開始這一通話。

On behalf of all of us at Logitech, I want to recognize several groups who deserve our attention in any discussion during this COVID-19 period.

我謹代表羅技全體員工，對在新冠肺炎 (COVID-19) 疫情期間的任何討論中值得我們關注的幾個群體表示認可。

The medical professionals in the middle of this pandemic go to work every day knowing they have a much higher probability of contracting the deadly disease than we do.

在這場大流行中，醫療專業人員每天都在工作，他們知道他們感染這種致命疾病的可能性比我們高得多。

Banksy, the mysterious and famous graffiti artist in the U.K., some of you might know, recently painted a young boy who put down Batman and Superman toys and was holding a nurse up in the air as his new super hero.

你們中的一些人可能知道，英國神秘而著名的塗鴉藝術家班克斯最近畫了一個小男孩，他放下了蝙蝠俠和超人的玩具，把一名護士舉在空中，作為他的新超級英雄。

A friend of mine is a nurse, who's been in the front line for months, managing a nursing staff and performing as a nurse herself.

我的一個朋友是一名護士，她已經在一線工作了幾個月，管理護理人員並親自擔任護士。

She's experienced constant stress that one of her team might contract the disease in the fear of contracting it herself.

她一直承受著壓力，擔心她的團隊中的一名成員可能會因為擔心自己感染這種疾病而感染這種疾病。

Now 3 of her staff are sick, she's sick, too, all diagnosed with COVID-19.

現在她的 3 名員工生病了，她自己也生病了，全部被診斷出患有 COVID-19。

And their primary goal is to get through their days of being sick to get back into the hospital because there aren't enough nurses available.

他們的主要目標是度過生病的日子，回到醫院，因為沒有足夠的護士。

Real courage is putting yourself in harm's way for the sake of others.

真正的勇氣是為了他人而將自己置於危險之中。

These medical professionals are courageous.

這些醫務人員是勇敢的。

And are indeed heroes.

並且確實是英雄。

Teachers around the world changed their approach literally over a weekend.

世界各地的教師在一個週末的時間裡改變了他們的教學方法。

I came from a family of educators, including my mother who taught first grade, which is 7-year olds -- 6- and 7-year olds, for 35 years.

我來自教育工作者家庭，其中包括我的母親，她教一年級，教7歲、6歲和7歲的孩子，教了35年。

So I have some understanding of what it's like to be a teacher, at least to be around one a lot.

所以我對當老師的感覺有一些了解，至少是常常和老師在一起。

And I can't even imagine how one can connect with and teach 30 7-year olds or 8-year olds, or teenagers over a computer screen.

我甚至無法想像如何透過電腦螢幕與 30 個 7 歲或 8 歲的孩子或青少年聯繫並進行教學。

Teachers didn't choose a profession that's remote.

教師沒有選擇偏遠的職業。

Teachers aren't adequately trained for remote teaching.

教師沒有接受過充分的遠距教學培訓。

The tools haven't been developed with them in mind.

這些工具在開發時並未考慮到這些問題。

Distance teaching came as non-invited guest, and it's completely changed the educator’s jobs.

遠距教學作為不速之客而來，徹底改變了教育者的工作。

Yet teachers around the world are evolving their approaches, experimenting and starting to make it work.

然而，世界各地的教師正在改進他們的方法，進行試驗並開始使其發揮作用。

My mom would be very proud of her peers.

我媽媽會為她的同齡人感到非常自豪。

So many parents suddenly find themselves working at a kitchen table, that's half school room and half home office.

很多家長突然發現自己在廚房的桌子上工作，一半是學校房間，一半是家庭辦公室。

I had a video call with a fellow CEO who has 2 very young children.

我與一位有兩個年幼孩子的執行長同事進行了視訊通話。

She was exhausted.

她已經筋疲力盡了。

As she and her husband shoulder, not only new work from home realities, but also teach at home realities, simultaneously.

她和丈夫不僅要承擔來自家庭現實的新工作，還要同時在家庭現實中進行教學。

Parents aren't trained for this.

父母沒有接受過這方面的訓練。

There are no rules for this, but she and a billion people around the world are learning to make it work.

這沒有任何規則，但她和世界各地的十億人正在學習如何讓它發揮作用。

I could go on and on about the heroic efforts of medical professionals, teachers, distribution center and manufacturing workers, grocery store clerks, delivery drivers, and so many other essential workers who are risking their lives to keep ours more normal.

我可以繼續講述醫療專業人員、教師、配送中心和製造工人、雜貨店店員、送貨司機以及許多其他冒著生命危險讓我們的生活更加正常的重要工作人員的英勇努力。

And there's a lot more to say about the challenges so many people, including many of you have or many of you like my CEO friend, are also juggling the remote work reality with children at home.

關於許多人面臨的挑戰，還有很多話要說，包括你們中的許多人，或你們中的許多人，例如我的執行長朋友，也在家裡與孩子一起應對遠距工作的現實。

Others are overseeing aging parents at your home or worse, far away where you can't visit them in person.

其他人則在您家中照顧年邁的父母，或者更糟的是，他們在很遠的地方，您無法親自拜訪他們。

Many are sheltering at home completely alone.

許多人完全獨自在家避難。

And perhaps now on this call, too many are now living with the anxiety of unemployment.

也許在這次呼籲中，太多人現在生活在失業的焦慮之中。

Even if you feel frustrated, challenged, and even if you feel like you're failing at times, you're making it work.

即使你感到沮喪、面臨挑戰，即使有時感覺自己失敗了，你也會讓它發揮作用。

In these times, that's a heroic, too.

在這個時代，這也是一種英雄。

So what can Logitech do to help with these new realities, even if it's just in their own little way?

那麼，羅技可以做些什麼來幫助應對這些新現實，即使只是以自己的小方式呢？

A lot.

很多。

In this unprecedented, unpredictable and uncertain moment, Logitech, our little company, your little company, has never been more relevant.

在這個前所未有、不可預測和不確定的時刻，羅技，我們的小公司，您的小公司，從未如此重要。

Before I get into what we do though, let me start with who's doing it, our people.

在介紹我們所做的事情之前，讓我先介紹一下誰在做這件事，我們的員工。

The most important thing in our business.

我們業務中最重要的事。

Our people are healthy.

我們的人民很健康。

The health and safety of our people has always been our top priority and continues to be, and everyone is healthy right now.

人民的健康和安全始終是我們的首要任務，而且仍然如此，現在每個人都很健康。

Our supply chain is also getting healthy.

我們的供應鏈也變得健康。

In January and February, as many of you know, our manufacturing sites as well as those of our suppliers came to a complete standstill, like so many others.

正如你們許多人所知，一月和二月，我們的生產基地以及供應商的生產基地和其他許多工廠一樣完全停頓。

Thanks to outstanding leadership and the dedication of our local teams, we've recovered very quickly from the shutdown of 3 straight weeks.

由於出色的領導和當地團隊的奉獻精神，我們很快就從連續三週的停工中恢復過來。

It took us to the end of the quarter to get almost back to our old production levels.

直到本季末，我們才幾乎恢復到原來的生產水準。

And now we're back at full throttle.

現在我們又全速前進了。

We're in catch-up on some categories that's sold out during the late March time frame, but our supply chain is working well now.

我們正在趕上一些在三月下旬期間售罄的類別，但我們的供應鏈現在運作良好。

Our people are working pretty well from home too.

我們的員工在家工作也很好。

Of course, like everyone else, most of our office workers suddenly became working full-time from home the second week in March.

當然，和其他人一樣，我們的大多數辦公室職員在三月的第二週突然開始全職在家工作。

Our own culture is one based on intensive video calling, and we began 3 or 4 years ago, to sponsor work from anywhere week.

我們自己的文化是一種基於密集視訊通話的文化，我們從三、四年前開始，每週在任何地方贊助工作。

First a day, and then a week to encourage companies like us to let their people start to work from home or at least try it.

首先是一天，然後是一周，鼓勵像我們這樣的公司讓他們的員工開始在家工作，或至少嘗試。

This has made the transition much easy for our people in the workfront than for many other companies.

與許多其他公司相比，這使得我們工作人員的過渡更加容易。

Of course, it still isn't perfect.

當然，它仍然不完美。

But there are aspects that are actually better, the environmental impact, for example.

但有些方面實際上更好，例如對環境的影響。

And there are things we all miss.

有些事情我們都懷念。

But our people are making it work.

但我們的員工正在使其發揮作用。

Our products have never been so relevant.

我們的產品從未如此重要。

Logitech's contribution -- just one second -- in these difficult times is that many of our products play a small but essential role in helping everyone stay engaged and connected, whether that's co-workers collaborating from home or teachers providing remote instruction to students, or kids playing and watching games and lose physical contact, the long-term secular trends that will drive sustainable growth in our 3 large businesses continue.

在這些困難時期，羅技的貢獻（僅一秒鐘）是，我們的許多產品在幫助每個人保持參與和聯繫方面發揮著微小但重要的作用，無論是同事在家協作還是教師為學生提供遠端指導，或者孩子們玩遊戲、看遊戲、失去身體接觸，這種長期趨勢將推動我們三大業務的永續成長。

While other companies are suffering drops and interest in their categories, this global crisis may have accelerated the trends underlying our big businesses.

當其他公司對其類別的興趣下降和興趣下降時，這場全球危機可能加速了我們大企業的潛在趨勢。

Companies are moving faster to adopt video-centered cultures.

公司正在更快地採用以視訊為中心的文化。

eSports and Gaming are becoming an even bigger part of our lives.

電子競技和遊戲正在成為我們生活中更重要的一部分。

And working from home, including creating and streaming content, for many of us, is settling in to stay.

對我們許多人來說，在家工作，包括創作和串流內容，已經習慣了在家工作。

Companies are setting up business continuity plans that involve a more distributed workforce, and they need a desktop set up, including a mouse and a keyboard and more.

公司正在製定涉及更加分散的員工隊伍的業務連續性計劃，並且他們需要設置桌面，包括滑鼠和鍵盤等。

Independent of the company's, employees are increasingly setting up their own personal home office, whether that's in a dedicated workspace or at their kitchen counter.

獨立於公司的員工越來越多地建立自己的個人家庭辦公室，無論是在專門的工作空間還是在廚房櫃檯上。

A growing number of companies and employees are realizing that working from home can work, so to speak, and they will duplicate their office and then upgrade it as time goes on.

越來越多的公司和員工意識到在家工作可以工作，可以這麼說，他們將複製他們的辦公室，然後隨著時間的推移進行升級。

We will see less business travel, more video and more virtual collaboration.

我們將看到更少的商務旅行、更多的視訊和更多的虛擬協作。

eSports, whether it's Fortnite or e-racing tournaments, had record viewership as real live sports have been replaced by virtual sports for now.

電子競技，無論是《要塞英雄》還是電子賽車錦標賽，都創下了收視率紀錄，因為真實的現場體育比賽目前已被虛擬體育比賽所取代。

Such as NASCAR turning to virtual e-racing.

例如納斯卡轉向虛擬電子賽車。

Twitch set record highs in viewership, while Microsoft saw all-time record engagements for Xbox Live.

Twitch 的收視率創下歷史新高，而 Microsoft 的 Xbox Live 參與度也創下歷史新高。

Traditional sports will return, but the rise of eSports will continue to happen, perhaps even faster than I originally envisioned.

傳統運動將會回歸，但電子競技的崛起將繼續發生，甚至可能比我最初設想的還要快。

Streaming, broadcast and content creation are increasingly becoming not only a form of entertainment, but also a source of income for more and more people.

串流媒體、廣播和內容創作越來越不僅成為一種娛樂形式，而且成為越來越多的人的收入來源。

You must see this happening real-time on your Instagram, LinkedIn, YouTube and Facebook feeds.

您必須在 Instagram、LinkedIn、YouTube 和 Facebook feed 上即時看到這一切的發生。

And of course, this global crisis has led an even greater focus on remote work and learning.

當然，這場全球危機導致人們更加關注遠距工作和學習。

Home offices are doubling at schools.

學校的家庭辦公室數量增加了一倍。

And things won't pop back to the old way when this is over.

當這一切結束後，事情就不會再回到原來的樣子。

Much of this is the new normal.

這在很大程度上是新常態。

More home office is to create and upgrade, more video everywhere, more gaming and more broadcasting.

更多的家庭辦公是為了創建和升級，更多的視訊無處不在，更多的遊戲和更多的廣播。

Those are exactly the secular trends we've built our future around.

這些正是我們建構未來的長期趨勢。

Logitech delivered another great year with.

羅技 (Logitech) 又迎來了輝煌的一年。

Fiscal year 2020 sales up 9% and operating income up 10%, we almost grew double digits again in spite of all the China tariffs headwinds, in spite of the negative currency, and in spite of the most recently COVID-19 supply constraints.

2020 財年銷售額成長 9%，營業收入成長 10%，儘管面臨中國關稅的不利因素、貨幣負值以及最近的 COVID-19 供應限制，但我們幾乎再次實現兩位數成長。

Of course, as the shelters at home policies went into place, we saw a rare event acceleration immediately.

當然，隨著居家避難政策的實施，我們立即看到了罕見的事件加速。

One of the biggest beneficiaries that we have seen in the recent acceleration in work from home is our PC Peripherals category, which grew 6% in fiscal year 2020 to an all-time high.

最近在家工作加速發展的最大受益者之一是我們的 PC 週邊類別，該類別在 2020 財年增長了 6%，達到歷史最高水平。

In Q4, PC Peripherals achieved double-digit growth.

第四季度，PC 外設實現了兩位數的成長。

On top of that, our sell-through in the quarter was even stronger.

最重要的是，我們本季的銷售甚至更加強勁。

Our highest gross product in PC Peripherals this past quarter was our webcams, which were up 34% with double-digit growth in all 3 regions.

上個季度我們 PC 週邊領域最高的總產值是我們的網路攝影機，在所有 3 個地區均實現了兩位數成長，成長了 34%。

It shouldn't be a surprise that video is an essential part of many home office and remote learning setups.

影片是許多家庭辦公室和遠距學習設定的重要組成部分，這不足為奇。

And with our lion's share of the webcam industry, we experienced a sudden spike in demand starting in March that led to supply constraints that we're working hard to alleviate this quarter.

由於我們在網路攝影機產業中佔據最大份額，從 3 月開始，我們經歷了需求的突然激增，這導致了我們本季正在努力緩解的供應限制。

We haven't caught up yet.

我們還沒趕上。

We see growth in the future for PC Peripherals at the double-digit -- will we see growth in the future for PC Peripherals at the double-digit sell-out rates we saw for Q4?

我們預計 PC 週邊的未來將以兩位數的速度成長——我們是否會看到 PC 週邊的未來以我們在第四季度看到的兩位數的銷售率成長？

Most likely not at double digits.

很可能不是兩位數。

But at the same time, the momentum toward remote work and distance learning will continue as we emerge from this crisis.

但同時，隨著我們擺脫這場危機，遠距工作和遠距學習的勢頭將繼續下去。

More and more people will work permanently from home.

越來越多的人將永久在家工作。

And an even larger percentage have found that they're comfortable working at home at least part of the time.

有較大比例的人發現他們至少部分時間在家工作感到舒適。

There's a lot -- that's a lot of home offices to establish.

有很多事情需要建立很多家庭辦公室。

And as I said, a lot of them to upgrade later.

正如我所說，其中許多都是稍後升級的。

Companies are already getting on this bandwagon of more work from home when it's over.

疫情結束後，各公司已經紛紛加入在家工作的潮流。

Our Video Collaboration category also benefited from the same work from home trend, with fiscal 2020 sales up 43%.

我們的視訊協作類別也受益於同樣的在家工作趨勢，2020 財年銷售額成長了 43%。

And with an acceleration, both sales and sell-through in Q4 totaled to 60%.

隨著加速，第四季的銷售額和售出率總計達到 60%。

As the world is transitioning to remote learning and work, we've seen a clear trend toward turning on video to connect to friends, coworkers, teachers, students, doctors and patients as we all practice social distancing.

隨著世界正在向遠距學習和工作過渡，我們看到了一個明顯的趨勢，在我們都實行社交距離的同時，打開影片與朋友、同事、老師、學生、醫生和病人聯繫。

Video for work became essential.

工作影片變得至關重要。

Video for social became a surprisingly good experience for a lot of people.

對許多人來說，社交影片成為了一種令人驚訝的良好體驗。

While our Gaming sales grew 8% in fiscal 2020, sell-through grew in the 15% to 20% range.

雖然我們的遊戲銷售額在 2020 財年成長了 8%，但銷量成長了 15% 至 20%。

The gap was driven by supply constraints.

這一差距是由供應限製造成的。

Our Gaming sell-through growth was further accelerated in the month of April, as Gaming provided many families a sense of escape and a way to connect with friends.

我們的遊戲銷售成長在 4 月進一步加速，因為遊戲為許多家庭提供了一種逃避現實的感覺以及與朋友聯繫的方式。

Even the World Health Organization teamed up with the gaming industry to recommend to people #PlayApartTogether.

甚至世界衛生組織也與遊戲產業合作向人們推薦#PlayApartTogether。

Tablet and Other accessories grew for a third straight year, up 7%.

平板電腦和其他配件連續第三年成長，成長 7%。

As Apple launched their latest iPad OS that bought track pads support to the iPad, we saw strong initial sales of our Combo Touch, a keyboard case with an integrated touch pad, as well as our newest Slim Folio Pro for the 11-inch and 13-inch iPad Pro.

隨著Apple 推出最新的iPad 作業系統，為iPad 購買了觸控板支持，我們看到Combo Touch（帶有集成觸控板的鍵盤保護套）以及適用於11 英寸和13 英寸的最新Slim Folio Pro 的初始銷售強勁英吋 iPad Pro。

In addition, we delivered a second consecutive year of robust iPad keyboard sales into the education channel.

此外，我們的教育通路 iPad 鍵盤銷售連續第二年保持強勁。

I'm really excited about the potential for education, particularly as each child needs a computing device now.

我對教育的潛力感到非常興奮，特別是因為現在每個孩子都需要一台計算設備。

Mobile Speakers were down 2% for the full year, in line with our expectations and slightly outperforming the broader market.

移動音箱全年下降 2%，符合我們的預期，並略優於大盤。

Though Mobile Speaker market has experienced a significant impact from COVID-19, as retailers brick-and-mortar stores around the world closed, the market itself fell strong double digits in the month of March and we expect further deterioration in the Bluetooth speaker market near term.

儘管行動揚聲器市場受到了COVID-19 的重大影響，但隨著世界各地零售商實體店的關閉，該市場本身在3 月份出現了兩位數的強勁下跌，我們預計藍牙揚聲器市場將在近期進一步惡化。

We've always thought it's important to adjust the flexibility and speed to new market opportunities and away from markets no longer look promising.

我們一直認為，調整靈活性和速度以適應新的市場機會並遠離看起來不再有希望的市場非常重要。

So we've reallocated some resources from Bluetooth speakers to several growth initiatives to accelerate their performance.

因此，我們將藍牙揚聲器的一些資源重新分配給了幾項成長計劃，以提高其性能。

Two other products that saw a major uptick in sell-through in March were headsets and Blue Microphones.

3 月銷量大幅上升的另外兩種產品是耳機和藍色麥克風。

Headset sell-through increased over 50%, while Blue more than doubled.

耳機銷量增長了 50% 以上，而 Blue 則增長了一倍多。

With Blue's growth further accelerating in the month of April, as concerts, tours, music performance is canceled, many musicians started to live stream their performances online, and oftentimes, with the Blue Yeti mic.

隨著 Blue 在 4 月的成長進一步加速，音樂會、巡迴演出、音樂表演都被取消，許多音樂家開始在線上直播他們的表演，並經常使用 Blue Yeti 麥克風。

The Blue is also the voice of video bloggers, which are also on the rise.

Blue也是影片部落客的代言人，而影音部落客的數量也不斷上升。

The bottom line is that the long-term trends that favor 85% or more of our business accelerated in March.

最重要的是，有利於我們 85% 或更多業務的長期趨勢在 3 月加速了。

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

現在讓我將電話轉給內特，向您介紹我們過去一年的主要財務指標。

Thanks, Bracken.

謝謝，布雷肯。

We finished a very good year with a very strong fourth quarter, and we head into our next fiscal year excited about the growth potential, but at the same time, realistic about the macro challenges we face.

我們以非常強勁的第四季度結束了非常好的一年，我們對下一財年的成長潛力感到興奮，但同時對我們面臨的宏觀挑戰也持現實態度。

Our focus on operational execution and financial discipline remains constant and critical during these unusual times.

在這些不尋常的時期，我們對營運執行和財務紀律的關注仍然持續且至關重要。

This consistency was on display throughout fiscal '20, and we executed well, although I believe we can do even better.

這種一致性在整個 20 財年都得到了體現，我們執行得很好，儘管我相信我們可以做得更好。

The short period between our Analyst and Investor Day on March 3 and the end of our quarter was particularly volatile with significant new global challenges as we closed out the quarter.

3 月 3 日分析師和投資者日與本季末之間的短暫時期尤其波動，在本季結束時出現了重大的新全球挑戰。

Retail partners closed stores, logistics connections were disrupted and run rate processes needed to be quickly adapted to manage large swings in demand.

零售合作夥伴關閉了商店，物流連接中斷，並且需要快速調整運行速度流程以管理需求的大幅波動。

And despite all of these challenges, we closed out another year of strong financial performance.

儘管面臨所有這些挑戰，我們仍取得了強勁的財務表現。

As Bracken said, fiscal year 2020 sales were just shy of $3 billion, up 9% in constant currency at the very high end of our guidance.

正如 Bracken 所說，2020 財年銷售額略低於 30 億美元，以固定匯率計算成長了 9%，達到了我們指引值的最高值。

That's our fifth year in a row of nearly double-digit growth.

這是我們連續第五年實現近兩位數的成長。

We also delivered non-GAAP operating profit growth of 10% to $387 million, higher than the revised guidance that we provided at our March Analyst Day.

我們也實現了非 GAAP 營業利潤成長 10%，達到 3.87 億美元，高於我們在 3 月分析師日提供的修訂後指引。

And in fact, we also exceeded our original guidance of $375 million to $385 million.

事實上，我們也超越了最初的 3.75 億美元指引值至 3.85 億美元。

Our fiscal '20 gross margin reached a record 38.4%, up 60 basis points in spite of roughly 200 basis points of China tariff and currency headwinds.

儘管中國關稅和貨幣不利因素影響了約 200 個基點，但我們 20 財年的毛利率仍達到創紀錄的 38.4%，成長了 60 個基點。

We're driving cost savings and efficiency improvements across all parts of our business from our own manufacturing plant, through our global supply chain and logistics network and in our go-to-market strategies.

我們正在從我們自己的製造工廠，透過我們的全球供應鏈和物流網絡，以及我們的市場進入策略，推動我們業務各個部分的成本節約和效率提高。

You've heard us talk about our transition to a more demand pull and marketing led business model.

您已經聽過我們談論我們向需求拉動和行銷主導的商業模式的轉變。

And this was particularly evident during Q4, where we reduced our price promotions and invested more into our marketing OpEx spend.

這在第四季度尤其明顯，我們減少了價格促銷，並增加了行銷營運支出的投資。

You can expect us to continue this transition from push to pull demand generation over the next several years.

您可以期望我們在未來幾年內繼續從推動需求產生到拉動需求產生的轉變。

On top of this, our gross margins also benefited from better product mix led by PC Peripherals, Video Collaboration and Gaming as well as profit improvement initiatives across several other categories.

除此之外，我們的毛利率還受益於以電腦週邊、視訊協作和遊戲為主導的更好的產品組合，以及其他幾個類別的利潤改善計劃。

Our non-GAAP operating expenses increased 8% in fiscal '20 to $755 million or up 7% excluding Streamlabs.

我們的非 GAAP 營運支出在 20 財年成長了 8%，達到 7.55 億美元，不包括 Streamlabs，成長了 7%。

This demonstrates our continued discipline in driving operating leverage by balancing our spend with both top line growth and gross margin expansion, while continuing to invest to capture our most attractive growth opportunities.

這表明我們在透過平衡支出與營收成長和毛利率擴張來提高營運槓桿方面的持續紀律，同時繼續投資以抓住我們最具吸引力的成長機會。

Our sales and marketing and R&D spend were up 8% and 9%, respectively, to support strong top line growth this year and in the future, while we keep our G&A spending flat for the year at a record low 2.7% of sales.

我們的銷售和行銷以及研發支出分別成長了 8% 和 9%，以支持今年和未來的強勁營收成長，同時我們將今年的一般管理支出保持在銷售額的 2.7% 的歷史最低水平。

In Q4 specifically, we reinvested the strong sales and gross profit dollar growth into various marketing initiatives into our Video Collaboration sales force and into multiple R&D projects to support future product introductions and innovations.

具體來說，在第四季度，我們將強勁的銷售和毛利成長重新投資到我們的視訊協作銷售團隊的各種行銷計劃以及多個研發項目中，以支持未來的產品推出和創新。

The net result of these business dynamics and operating decisions was strong profit growth and operating margin expansion for both Q4 and fiscal '20.

這些業務動態和經營決策的最終結果是第四季和 20 財年的利潤強勁成長和營業利潤率擴張。

Now let me briefly talk about our cash flow.

現在我簡單談談我們的現金流。

We delivered an all-time record cash flow from operations of $425 million for the full year, up significantly from $305 million in fiscal '19.

我們全年營運現金流量創歷史新高，達 4.25 億美元，遠高於 19 財年的 3.05 億美元。

In addition to strong earnings growth, our cash flow was helped by a 13-day decrease in our Q4 cash conversion cycle versus the prior year.

除了強勁的獲利成長之外，我們的現金流還得益於第四季現金轉換週期比前一年減少了 13 天。

The main drivers of this improvement were faster inventory turns and better collections performance.

這項改進的主要驅動力是更快的庫存週轉和更好的收款性能。

Working capital management is an emphasis across our company, and I'm pleased that we were able to achieve these strong results even while transforming our operations and supply chain to offset cost pressures from China tariffs.

營運資金管理是我們公司的重點，我很高興我們能夠在轉變營運和供應鏈以抵消中國關稅帶來的成本壓力的同時取得這些強勁的成果。

Looking forward, I would like to remind everyone that the first half is typically our lowest cash flow period of the year as we build inventory for the holiday season.

展望未來，我想提醒大家，上半年通常是我們一年中現金流最低的時期，因為我們為假期季節建立庫存。

And this upcoming first half will be further impacted by our need to replenish distribution center stock following the demand surge and supply constraints in Q4.

在第四季的需求激增和供應限制之後，我們需要補充配送中心庫存，這將進一步影響即將到來的上半年。

Therefore, while I still expect our full year cash flow to approximately equal our full year non-GAAP operating income, our first half cash flow may be weaker than our normal seasonality.

因此，雖然我仍然預期我們的全年現金流大約等於我們的全年非公認會計準則營業收入，但我們上半年的現金流可能比正常的季節性弱。

Before I make my final comments, I want to highlight three material but noncash and onetime items that impacted our GAAP results in Q4 and created a wider than normal spread between our GAAP and non-GAAP earnings.

在發表最後評論之前，我想強調三個重要但非現金和一次性的項目，這些項目影響了我們第四季度的GAAP 業績，並在我們的GAAP 和非GAAP 收益之間造成了比正常情況更大的差距。

I won't go into each one in detail now, but we have more information about each item in our press release.

我現在不會詳細討論每一項，但我們在新聞稿中提供了有關每一項的更多資訊。

First, we booked a $23 million GAAP expense as an estimate of the Streamlabs earnout and reflecting good growth in this business.

首先，我們登記了 2,300 萬美元的 GAAP 費用作為 Streamlabs 收益的估計，反映了該業務的良好成長。

This expense unfavorably impacted GAAP operating profit.

這項費用對公認會計準則營業利潤產生了不利影響。

Second, we recognized a $40 million gain in other income and expense due to the sale of our minority stake in Lifesize, a company we divested in 2016, but in which we retained a small investment.

其次，由於出售我們在 Lifesize 的少數股權，我們確認了 4000 萬美元的其他收入和支出收益，我們於 2016 年剝離了這家公司，但我們保留了少量投資。

This gain increased GAAP net income.

這一收益增加了 GAAP 淨利潤。

Finally, we recognized a $152 million income tax benefit related to the Q4 enactment of the Swiss tax reform.

最後，我們確認了與第四季瑞士稅改頒布相關的 1.52 億美元所得稅優惠。

This also increased our GAAP net income.

這也增加了我們的 GAAP 淨利潤。

And I realize some of you may find these three items confusing, but let me just reiterate that they are all onetime and noncash events.

我意識到你們中的一些人可能會覺得這三個項目令人困惑，但讓我重申一下，它們都是一次性的、非現金活動。

In summary, we closed out a very good fiscal year in spite of the various cost headwinds and macro challenges that we had not anticipated when we started the year.

總而言之，儘管我們在年初時遇到了各種成本阻力和宏觀挑戰，但我們還是結束了一個非常好的財政年度。

And looking forward, our upcoming fiscal year has many unknowns as well, particularly around the depth of COVID-related macroeconomic declines and the pace of any recovery as well as logistics disruptions and cost increases or potential changes in customer purchasing behaviors.

展望未來，我們即將到來的財政年度也存在許多未知因素，特別是與新冠病毒相關的宏觀經濟衰退的深度和復甦的速度，以及物流中斷和成本增加或客戶購買行為的潛在變化。

As one example, the cost of the incremental airfreight we will use in our first quarter of fiscal year 2021 to fulfill sell-out demand and replenish stock will negatively impact our Q1 gross and operating margins by 2 to 3 points versus the prior year.

舉個例子，我們將在2021 財年第一季用於滿足銷售需求和補充庫存的增量空運成本將對我們第一季的毛利率和營業利潤率產生與上一年相比2 至3 個百分點的負面影響。

In fact, we have already spent nearly as much on airfreight in Q1 as we normally do in a full year, and we have factored this incremental cost into our profit guidance.

事實上，我們第一季的空運支出幾乎與全年正常支出一樣多，我們已將這一增量成本納入我們的利潤指引中。

But even though our margins may be temporarily pressured by logistics cost increases and we cannot be certain if the recent pace of sales growth will continue, we feel confident that our products and offerings, as Bracken said, are becoming even more relevant.

但儘管我們的利潤可能會暫時受到物流成本增加的壓力，而且我們無法確定最近的銷售成長速度是否會持續下去，但我們相信，正如布雷肯所說，我們的產品和服務正在變得更加重要。

And we believe this positions us well to deliver against both our FY '21 targets and longer-term objectives.

我們相信，這使我們能夠很好地實現 21 財年目標和長期目標。

With that, let me pass it back to Bracken.

就這樣，讓我把它傳回給布雷肯。

Thank you, Nate.

謝謝你，內特。

We just gave our outlook for fiscal year 2021 in March.

我們剛剛在 3 月給出了 2021 財年的展望。

And today, we're confirming sales growth of mid-single digits in constant currency and maintaining our non-GAAP operating income of $380 million to $400 million.

今天，我們確認以固定匯率計算的銷售額將實現中個位數成長，並將我們的非 GAAP 營業收入維持在 3.8 億至 4 億美元之間。

No doubt, this is more stretching to guide to today than it was a month ago.

毫無疑問，與一個月前相比，今天的指導意義更大。

But we feel that, as Nate said, that the strength of the trends in our favor should enable us to still deliver our original guidance.

但我們認為，正如內特所說，有利於我們的趨勢的力量應該使我們仍然能夠提供我們最初的指導。

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。

Great.

偉大的。

Thank you, guys.

謝謝你們，夥計們。

Let me queue up the questions.

讓我把問題排隊。

Alex, you are now open.

亞歷克斯，你現在開放了。

Congrats on a strong quarter.

恭喜季度表現強勁。

A couple of quick ones for me.

對我來說有幾個快速的。

First of all, just given that various countries and regions are coming out of lockdowns at varying rates, I wondered if you could share any color about what you've seen in the last 2 or 3 weeks.

首先，考慮到各國和地區以不同的速度解除封鎖，我想知道您是否可以分享您在過去 2 到 3 週內看到的情況。

Any key learnings would be appreciated as we start to compare places like China versus other Asian economies, and for example, Europe and the U.S. And then secondly, obviously, video conferencing is going very strongly.

當我們開始將中國等地與其他亞洲經濟體（例如歐洲和美國）進行比較時，任何重要的學習都會受到讚賞。

And you've talked about the momentum that you see there.

您已經談到了您在那裡看到的勢頭。

But investors, in some cases, are asking about the extent to which you could see new competition, maybe from start-ups or from larger tech companies.

但在某些情況下，投資人會詢問在多大程度上可以看到新的競爭，可能來自新創公司或大型科技公司。

So I wonder to what extent you are seeing new entrants coming in there.

所以我想知道你在多大程度上看到新進入者進入那裡。

To what extent you can protect your position and how you're factoring that into your guidance for this year and future years?

您可以在多大程度上保護自己的地位以及您如何將其納入今年和未來幾年的指導中？

Let me start with your second question, Alex.

讓我從你的第二個問題開始，亞歷克斯。

I think I said this -- I think every time I get a question about competition, I've always said the same reaction.

我想我說過這樣的話——我想每次我收到有關競爭的問題時，我總是會做出同樣的反應。

And I have that to your question right now.

我現在就回答你的問題。

I think we're in competitive markets all the time.

我認為我們一直處於競爭市場。

And with growth comes more competition.

隨著成長而來的是更多的競爭。

The stronger the growth, the more interest in the category.

成長越強勁，對該類別的興趣就越大。

And I think growth makes you better.

我認為成長會讓你變得更好。

I think we would not have been the company we are without strong competition over time in all of our categories.

我認為，如果沒有長期在所有類別中的激烈競爭，我們就不會成為現在的公司。

So if we have, and surely we will have more competition in some of our video categories, it will require us to step it up in both innovation and go-to-market and cost.

因此，如果我們有，而且肯定會在某些視訊類別中面臨更多競爭，這將要求我們在創新、上市和成本方面加大力度。

And we're certainly playing as if we're going to have that.

我們肯定會打得好像我們會擁有那樣的東西。

But the most important thing for us is focus on the customer.

但對我們來說最重要的是關注客戶。

And the better we do a job of understanding inside and out what makes the customer more effective, more efficient, more engaged, the better off we're going to be.

我們越深入了解什麼能讓客戶變得更有成效、更有效率、更積極參與，我們的境況就會越好。

And that's where we're putting 95% of our effort.

這就是我們投入 95% 努力的地方。

So look, I'm optimistic in any scenario that we're going to have a great Video Collaboration business.

所以看，我對任何情況都持樂觀態度，我們將擁有出色的視訊協作業務。

In terms of the question you asked about how the world is opening up in different places, it's a little too early to say what there is to learn from that.

至於你問的關於世界各地如何開放的問題，現在說從中可以學到什麼還為時過早。

I think we're all sort of experiencing this one small step at a time.

我想我們都在經歷這一一小步。

And China certainly opened up fastest.

中國的開放速度無疑是最快的。

Within that part of the world, Taiwan never closed.

在世界的那個地區，台灣從未關閉。

And I think we've learned a lot from our Hsinchu office where we never closed the office.

我認為我們從新竹辦事處學到了很多東西，我們從未關閉過辦事處。

We never sheltered in place.

我們從未就地避難。

Within a few days of realizing what was happening, we pulled chairs out between people.

在意識到發生了什麼事後的幾天內，我們在人與人之間拉開了椅子。

We started taking temperatures as our people walked in the door, temperature -- checking temperatures when people walk in the door.

我們開始在人們走進門時測量體溫，溫度——檢查人們走進門時的溫度。

And we realize that this is kind of a petri dish for us to reapply into the rest of the world.

我們意識到，這是一種培養皿，可供我們重新應用到世界其他地方。

I think as China started to open up, we're seeing things return somewhat back to a more normalized level, and I expect that's going to happen now in Switzerland and parts of Europe and later in the U.S. and the rest of Asia.

我認為，隨著中國開始開放，我們看到事情在某種程度上回到了更正常化的水平，我預計這種情況現在會在瑞士和歐洲部分地區發生，稍後在美國和亞洲其他地區也會發生。

So I'd say, too early to say exactly what we can learn, but I'm an optimist, but I'm practical.

所以我想說，現在確切地說，我們能學到什麼還為時過早，但我是一個樂觀主義者，但我很務實。

I think it's going to take time.

我認為這需要時間。

And as these things slowly open up, we'll reapply learnings from the different parts of the world to make sure that every successive step is more effective for us.

隨著這些事情慢慢開放，我們將重新應用從世界不同地區學到的知識，以確保每個後續步驟對我們來說都更有效。

Yes.

是的。

Maybe I'd add to that, Alex.

也許我要補充一點，亞歷克斯。

It's really about adapting.

這確實是關於適應。

Things that we're doing in our own lives, we're also doing in the company.

我們在自己的生活中做的事情，我們也在公司裡做。

As I mentioned, run rate processes having to adapt within our company.

正如我所提到的，運行率流程必須在我們公司內部進行調整。

We've had to meet more frequently in some cases.

在某些情況下我們不得不更頻繁地見面。

It's about sharing those learnings and those insights.

這是關於分享這些經驗和見解。

And many times, the countries are different for reasons.

很多時候，這些國家因各種原因而有所不同。

They may have different go-to-market models, more online versus offline, different logistics situations.

他們可能有不同的進入市場模式，更多的是線上而不是線下，以及不同的物流情況。

So as Bracken said, it's a little bit early to make generalizations, but I think the key point is that we have to adapt and continue to learn and communicate internally about what we're seeing.

正如布雷肯所說，現在做出概括還為時過早，但我認為關鍵點是我們必須適應並繼續學習和內部溝通我們所看到的情況。

Tom your line is now open.

湯姆，你的線路現已開通。

So I hope everyone is staying well.

所以我希望每個人都保持良好的狀態。

I want to take the opportunity to ask the question I get most often from investors.

我想藉此機會問投資人最常提出的問題。

And that question is, when we think about your efforts in Video Collaboration and Gaming, what gives you confidence that we're not seeing a pull forward in demand for a onetime surge versus sustainability in both of those categories?

問題是，當我們考慮您在視訊協作和遊戲方面的努力時，是什麼讓您相信我們沒有看到這兩個類別的一次性激增需求與可持續性需求的拉動？

I guess it's a couple of things.

我想這有幾件事。

One is that the long-term secular trends that are really happening have been happening in both Gaming and Video Collaboration are consistent and measured.

一是遊戲和視訊協作中真正發生的長期長期趨勢是一致且可衡量的。

And you could look at it 2 years ago and 3 years ago and last year and last and 2 months ago, this sudden hit that came in the month of March, feels very, very dramatic.

你可以看看兩年前、三年前、去年、最後兩個月前，三月突然出現的打擊，感覺非常非常戲劇化。

But the truth is underneath that, the same set of decisions and interest that people had are what's driving that.

但事實是，人們相同的決策和興趣才是推動這一趨勢的因素。

Now if you step into each one of those categories, it's really interesting.

現在，如果您深入了解其中的每一個類別，您會發現非常有趣。

So if you look into video, and you say, "Gosh, we had a big surge in demand.

因此，如果您查看視頻，您會說：“天哪，我們的需求大幅增長。

And so many people bought our webcams or tried to buy our webcams that couldn't." But if you do the math on how many people are now working from home and how many of those will continue to work from home on some level, either full-time or part of the time, it's a really a small fraction of the number of people that have actually adopted a webcam from us or a mouse or keyboard within the last month.

很多人購買了我們的網路攝影機，或試圖購買我們的網路攝影機，但卻買不到。工作，或無論是全職還是部分時間，這實際上只佔上個月內實際採用我們的網路攝影機或滑鼠或鍵盤的人數的一小部分。

So could there be some pull forward?

那麼是否會有一些推動力呢？

Absolutely.

絕對地。

Will there be a long-term trend to continue to bring those in and then to upgrade the ones they have?

是否會出現繼續引進這些設備然後升級現有設備的長期趨勢？

I really believe that.

我真的相信這一點。

It remains to be seen how much of each of those is the case.

其中有多少是屬於這種情況還有待觀察。

On the Gaming front, I think Gaming is just a freight train that won't stop.

在遊戲方面，我認為遊戲只是一列不會停下來的貨運列車。

And I think that -- I don't think we will see a really significant change in the gaming business until it's as big as conventional sports.

我認為，在遊戲業務與傳統運動一樣大之前，我們不會看到遊戲業務發生真正重大的變化。

And I think we'll have varying growth rates.

我認為我們會有不同的成長率。

Sometimes it'll be stronger then sometimes weaker, but gaming is here to stay, and the growth is, too.

有時它會更強，有時會更弱，但遊戲將繼續存在，而且成長也是如此。

Paul, your line is now open.

保羅，您的線路現已開通。

So in VC, you mentioned telemedicine, teachers, workers kind of setting up home offices in your prepared remarks kind of nice drivers.

因此，在風險投資中，您在準備好的演講中提到了遠距醫療、教師、工人以及建立家庭辦公室的人員，這些都是好司機。

But can you help us better understand the decision to buy a VC solution kind of relative to a PC webcam for the home?

但是您能否幫助我們更好地理解購買 VC 解決方案（類似於家用 PC 網路攝影機）的決定？

Is that decision kind of being made at the enterprise level and distributed to employees?

該決策是在企業層級做出並分發給員工嗎？

Are consumers kind of buying the products themselves?

消費者是自己購買產品嗎？

And then how do you see the VC kind of versus webcam purchase evolve over the course of the year as it kind of looks like work from home is here to stay for a while?

那麼，您如何看待風投與網路攝影機購買在這一年中的演變，因為看起來在家工作將持續一段時間？

Yes.

是的。

Thanks, Paul.

謝謝，保羅。

First, I think the decision to buy a webcam for your home, whether it's done by the individual or done by the companies, is all over the place.

首先，我認為為家裡購買網路攝影機的決定，無論是個人還是公司，都是隨處可見的。

I think we have companies that are ordering in bulk.

我認為我們有公司正在批量訂購。

We have individuals that are buying through all the different ways you can get virtual -- get equipment today, including call it reaching out to me personally, where they couldn't find one.

我們有些人正在透過各種不同的方式購買虛擬設備——今天就購買設備，包括親自聯繫我，但他們找不到。

So I think you've got a whole range of both things happening.

所以我認為這兩件事都在發生。

And I guess you're going to have more and more people -- companies buying webcams to distribute to their workforce, as many of the banks that are on this call have done that actually.

我猜將會有越來越多的人——公司購買網路攝影機來分發給他們的員工，因為許多參加這次電話會議的銀行實際上已經這樣做了。

We're working on that right now.

我們現在正在努力。

In terms of -- you mentioned it as a webcam versus VC.

就您提到的網路攝影機與 VC 而言。

I don't think that's really what's happening.

我認為事實並非如此。

I think it's really webcams and VC equipment.

我認為這確實是網路攝影機和 VC 設備。

The offices around the world are going to continue to video enable and in fact, I suspect that while we may have a lull in the action of installing equipment into offices just because people can't get in there or because they're preoccupied with all their team that's working from home, the truth is, once you get into this video world, you don't go back.

世界各地的辦公室將繼續啟用視頻，事實上，我懷疑，雖然我們在辦公室安裝設備的行動可能會暫停，只是因為人們無法進入那裡，或者因為他們全神貫注於所有事情他們的團隊在家工作，事實是，一旦你進入這個視頻世界，你就不會再回去了。

So all those enclosed spaces that aren't video enable are going to need to be just like they were before.

因此，所有那些不支援視訊的封閉空間都需要像以前一樣。

So I don't think it will be a choice of either/or, I think it will be and.

所以我不認為這將是非此即彼的選擇，我認為它將是和。

Okay.

好的。

And then my follow-up is we're starting to see some firms kind of change channel strategy, reducing kind of retail footprint and then pushing more products to online channels, particularly on company websites.

然後我的後續行動是，我們開始看到一些公司改變通路策略，減少零售足跡，然後將更多產品推向線上管道，特別是在公司網站上。

So I assume your online mix from both the website and e-commerce is probably up considerably.

因此，我認為您的網站和電子商務的線上組合可能會大幅增加。

Is there any kind of change in future strategy to kind of possibly capture more gross margin upside on -- more shift to online sales over time?

未來的策略是否會發生任何變化，以便隨著時間的推移，更多地轉向線上銷售，從而可能獲得更多的毛利率上升？

Our online sales are relatively -- are actually quite a small percentage of our total sales, and we did see a significant increase as we -- as the last 6 weeks, 8 weeks have transpired.

我們的線上銷售額相對而言 - 實際上只占我們總銷售額的一小部分，而且我們確實看到了顯著的增長 - 隨著過去 6 週、8 週的發生。

And I suspect that's going to stay higher.

我懷疑這個數字將會維持在更高的水平。

We really want to make sure that consumers can buy their products anywhere they want to, including directly from us.

我們確實希望確保消費者可以在任何地方購買他們的產品，包括直接從我們這裡購買。

We don't like the idea of competing with our own channels, but we certainly want to make sure that our products are available, and we can offer sometimes a wider variety of products than some of our partners or e-tail and retail partners are.

我們不喜歡與我們自己的通路競爭的想法，但我們當然希望確保我們的產品可用，並且有時我們可以提供比我們的一些合作夥伴或電子零售和零售合作夥伴更廣泛的產品。

So we're going to keep investing in our own website just to make sure that people can do the right research.

因此，我們將繼續投資我們自己的網站，以確保人們能夠進行正確的研究。

And that if they want to buy it directly from us, they can.

如果他們想直接從我們這裡購買，他們可以。

And like our margin targets are achievable, and we're going to stay after them no matter where they're sold.

就像我們的利潤目標是可以實現的一樣，無論它們在哪裡銷售，我們都會堅持下去。

I do think you're going to see an increase -- a permanent increase in e-tail now.

我確實認為您現在將會看到電子零售的成長——永久性的成長。

That's probably not a surprise to anybody.

這對任何人來說可能都不奇怪。

How big that is?

那有多大？

What percentage of it is?

其比例是多少？

I don't know yet, but it's certainly increased a lot over the last 6 weeks.

我還不知道，但在過去 6 週內肯定增加了很多。

Thanks.

謝謝。

Michael, your line is now open.

邁克爾，您的線路現已開通。

Good to see you live.

很高興見到你活著。

I have actually three short questions.

我實際上有三個簡短的問題。

The first one is, you talked about penetration of video equipment in meeting rooms and also at desks in general.

第一個是，您談到了視訊設備在會議室和辦公桌上的普及。

My question is, how have your expectations as to how this penetration is going to develop in the next 2 to 3 years?

我的問題是，您對未來 2 到 3 年滲透率的發展有何預期？

How have those expectations changed over the last 2 months?

過去兩個月這些預期有何變化？

I mean, by how much is it accelerating, if you have any way of sharing your thoughts on this?

我的意思是，如果你有什麼辦法分享你對此的想法的話，它會加速多少？

The second question will be...

第二個問題將是...

Let me start to get to that question.

讓我開始回答這個問題。

Let me answer one at a time, or Nate and I'll answer them one at a time.

讓我一次回答一個問題，或是內特和我一次回答一個問題。

How have our expectations changed?

我們的期望發生了怎樣的變化？

Let me start with what hasn't changed.

讓我從沒有改變的地方開始。

It has -- what hasn't changed is our belief that video rooms, that video enablement will happen across almost all, if not all, in closed spaces around the world over time.

沒有改變的是我們的信念：隨著時間的推移，視訊室、視訊啟用將在世界各地幾乎所有（如果不是全部）封閉空間中實現。

Over the next 2 to 3 years, I think that, that's still going to happen at a very fast rate, so that -- the video equipment in the office side hasn't changed.

在接下來的兩到三年裡，我認為，這仍然會以非常快的速度發生，所以——辦公室方面的視訊設備沒有改變。

You could have a lull in the action here as people are not in offices as much.

由於人們不再經常留在辦公室裡，因此這裡的活動可能會暫停。

But I imagine those video enablement of in closed spaces inside of companies is going to continue much the same rate as it was.

但我想，公司內部封閉空間中的視訊啟用將繼續以與以前大致相同的速度進行。

What has changed is, I think more people are going to have video equipment at home.

改變的是，我認為更多的人會在家裡擁有視訊設備。

And so that's an added plus.

所以這是一個額外的好處。

I think that was happening anyway, but I think it's -- because of the -- what I mentioned in my opening, the kind of explosion of requirement of doing video to stay connected to your teammates and in your social life, has kind of pushed everyone forward in terms of getting on video.

我認為這種情況無論如何都在發生，但我認為這是——因為——我在開場白中提到的，為了與隊友和社交生活保持聯繫而製作視頻的需求激增，有點推動了每個人都在影片上轉發。

I mean, we -- this call, for example, is video today, and it wasn't last quarter, I think that's accelerating the need to have video equipment at home.

我的意思是，例如，我們今天的通話是視頻，而不是上個季度，我認為這加速了對家庭視訊設備的需求。

And I think that is a change.

我認為這是一個改變。

Okay.

好的。

And then the other question was for Nate, maybe regarding the mix effect, on the gross margin.

然後，另一個問題是針對內特的，也許是關於毛利率的混合效應。

Can you quantify how much uplift you got from mix in the quarter to the gross margin?

您能否量化本季的組合對毛利率的提升有多大？

It was the most powerful benefit we got in the quarter, Michael.

這是我們在本季度獲得的最強大的好處，邁克爾。

As you saw, the growth was particularly strong in some of our higher-margin categories like Video Collaboration, like PC Peripherals.

正如您所看到的，我們的一些利潤率較高的類別（例如視訊協作、PC 週邊）的成長尤其強勁。

That and just the incremental volume we were driving, which, of course, gave us a little bit of operating leverage on some fixed costs that are up in manufacturing in places and logistics and things like that.

這以及我們正在推動的增量，當然，這為我們在地方製造和物流等方面增加的一些固定成本提供了一點營運槓桿。

So -- but mix was very powerful and positive for us in the quarter.

所以，但混合在本季度對我們來說非常強大和積極。

It's actually been a nice story for us all year.

這對我們來說實際上是一個很棒的故事。

You've seen how we've been able to manage through some of those -- the currency and tariff headwinds.

您已經看到我們如何應對其中一些問題—貨幣和關稅逆風。

And one of the big factors there has been mix as well for the whole year.

全年的一個重要因素也是混合的。

So it's probably more than 300, 400 basis points?

那麼可能會超過300、400個基點呢？

No, it wasn't that big.

不，沒有那麼大。

It wasn't that big.

本來沒那麼大。

There's several factors in there, but mix in Q4, in particular, was the most positive one.

其中有幾個因素，但特別是第四季度的混合因素是最積極的因素。

Here's Serge speaking from Crédit Suisse.

這是瑞士信貸銀行 Serge 的發言。

I will have two or three questions.

我有兩三個問題。

The first one is on...

第一個是在...

Let's take it one at a time, Serge, so we make no mistake.

讓我們一次一個地進行，Serge，這樣我們就不會出錯。

Yes.

是的。

Yes, I think that's better.

是的，我認為這樣更好。

On the guidance.

關於指導。

You are from mid single-digit guidance and Nate mentioned that you will have or will see much less promotion.

您的表現來自中等個位數的指導，內特提到您將獲得或將看到更少的晉升。

This has been deductible so far from the top line.

到目前為止，這已從頂線扣除。

So I'm wondering how much of this less promotion is in this mid single-guidance, so that the organic growth, if you would like, is then only 1% to 2%.

所以我想知道這個中間單一指導中有多少這種較少的促銷，因此有機增長（如果你願意的話）只有 1% 到 2%。

Or how should I understand this?

或者說我該如何理解這一點？

That's a good question, Serge, but I don't think that's the level of detail we probably need to get into when we think about the guidance.

這是一個很好的問題，Serge，但我認為這不是我們在考慮指南時可能需要考慮的詳細程度。

I mean, I would just say, overall, that's what we're driving our top line to grow at, and we have a number of levers on that: shipment volume, promotion, many, many things that would go into it.

我的意思是，我只想說，總的來說，這就是我們推動營收成長的原因，我們有很多槓桿：出貨量、促銷，以及很多很多涉及其中的事情。

I think in general, we have been working towards being less aggressive on promotion and investing more in OpEx for some time, and we're going to continue to do that in the future.

我認為總的來說，一段時間以來，我們一直在努力減少促銷力度，加大對營運支出的投資，未來我們將繼續這樣做。

FY '21 is no exception to that.

21 財年也不例外。

We're continuing to build the long-term strength of our brand through marketing investments.

我們將繼續透過行銷投資來增強我們品牌的長期實力。

And again, one of the levers of that is -- for funding that is reduced promotions in our gross sales.

再說一遍，其中的槓桿之一是——為減少我們銷售總額的促銷活動提供資金。

Okay.

好的。

Got it.

知道了。

And the next one probably.

可能還有下一個。

You mentioned that some of the products has been sold out first.

你提到有些產品已經先賣完了。

And secondly, we have seen high sell-through.

其次，我們看到了高銷量。

So I'm wondering whether you will see a pent-up demand in Q1 still or even in Q2.

因此，我想知道第一季甚至第二季是否仍會看到被壓抑的需求。

How do you see that or this?

你如何看待那個或這個？

Yes.

是的。

First of all, yes, we do have some products, webcams in particular, that are -- that sold out and then -- and we're playing catch up, kind of what we're shipping and selling right out.

首先，是的，我們確實有一些產品，特別是網路攝像頭，這些產品已經售罄，然後我們正在追趕，就像我們正在運送和銷售的產品一樣。

Is there a pent-up demand?

是否存在被壓抑的需求？

Well, we did have a reduction in channel inventories in several places.

嗯，我們確實在幾個地方減少了渠道庫存。

And the question -- I'm not sure that we're going to let the channel inventories go back to where they were entirely.

問題是——我不確定我們是否會讓渠道庫存完全回到原來的水平。

We're going to keep an eye on that.

我們將密切關注這一點。

As we move more online, we may be able to reduce our channel inventories a little bit or we may need to.

隨著我們更多地轉向線上，我們也許能夠稍微減少渠道庫存，或者我們可能需要這樣做。

Maybe it's the prudent thing to do.

也許這是明智之舉。

We're going to keep an eye on that and see.

我們將密切關注這一點。

I'm sure there is some pent-up demand that you're going to see in the early part, and we see in the early part of Q1.

我確信您會在早期看到一些被壓抑的需求，我們在第一季的早期也看到了這一點。

But how long it keeps playing out?

但它能持續播放多久？

We'll have to keep an eye.

我們必須保持警惕。

Okay.

好的。

Then probably the next one on net working capital.

然後可能是關於淨營運資本的下一個。

Why are the DSO still at such a high level?

為什麼DSO仍然處於如此高的水平？

When I compare it to the past, it was half the size or half the days, it's still today.

當我與過去相比時，它是一半大小或一半天數，但今天仍然如此。

And the same is true for the DPO, sort of on a low level.

DPO 也是如此，只是等級較低。

Why are these DPOs not high or that you'll collect cash from your payables?

為什麼這些 DPO 不高或您將從應付帳款中收取現金？

Yes.

是的。

Let me take each of those.

讓我把其中的每一個都拿走。

So on the DSO, you really should just compare to last year because in the prior years, we had different accounting treatment for how we've -- how we accounted for accounts receivable and some of the rebates that go into accounts receivable.

因此，在 DSO 上，您確實應該與去年進行比較，因為在前幾年，我們對應收帳款的會計處理方式以及應收帳款中的一些回扣進行了不同的會計處理。

So really, it's only a clean compare year-over-year.

所以實際上，這只是同比的清晰比較。

This was related to the 606 accounting changes that we implemented in FY '19.

這與我們在 19 財年實施的 606 項會計變更有關。

So actually, DSO came down 5 days, Q4-to-Q4 here in FY '20.

實際上，20 財年第四季到第四季的 DSO 下降了 5 天。

We did a nice job on collections in Q4, which was one of the drivers of our strong operating cash flow for the year.

我們在第四季度的收款工作中做得很好，這是我們今年強勁的營運現金流的驅動因素之一。

On DPO, this is really just the math.

在 DPO 上，這實際上只是數學問題。

I mean, you know how DPO is calculated.

我的意思是，您知道 DPO 是如何計算的。

You've got a numerator and denominator.

你有一個分子和分母。

We had strong sales, so the denominator increased, cost of goods increased.

我們的銷售強勁，因此分母增加，商品成本增加。

And because of the supply constraints as well as just efforts to reduce our inventory levels, we were not able to replenish and make those purchases, which would have offset.

由於供應限制以及降低庫存水準的努力，我們無法補充和進行這些採購，這會抵消。

So some of the reduction -- there's no change in our payment terms and things like that.

因此，我們的付款條件和類似的事情沒有改變。

This was all just the math and the linearity of the quarter.

這只是本季的數學和線性。

But you agree that you still have a potential or a huge potential?

但你同意你仍然有潛力或巨大的潛力嗎？

I think it's important to look at all 3 of those metrics together and really focus on cash conversion cycle because depending on how your quarter shakes out in terms of if you have strong sales out of the -- or strong sales at the end of the quarter versus the beginning of the quarter, you can see movements in each one of those metrics.

我認為重要的是要同時考慮所有這 3 個指標，並真正關注現金轉換週期，因為這取決於您的季度的表現，即您是否在季度末有強勁的銷售，或者在季度末有強勁的銷售與本季初相比，您可以看到每項指標的變化。

But if you focus on cash conversion cycle, a lot of those -- those timing differences will offset each other.

但如果你關注現金轉換週期，許多時間差異將相互抵消。

Okay.

好的。

And probably the last one.

可能是最後一個。

Given the circumstances, how is your short list look likely for M&A?

鑑於這種情況，您的併購候選名單看起來如何？

Can you give us some flavor here?

你能為我們帶來一些味道嗎？

We never really share too much of our M&A targets, but there are always targets out there.

我們從來沒有真正分享太多的併購目標，但目標總是存在的。

We're looking at things all the time, and we're looking at things now.

我們一直在關注事物，現在也在關注事物。

And it's an interesting time to be doing it.

現在做這件事是一個有趣的時刻。

As I said in the opening, we have a lot of cash -- or I didn't say, actually, I will now.

正如我在開場白中所說，我們有很多現金——或者我沒有說，實際上，我現在會說。

We have a lot of cash.

我們有很多現金。

We have no debt.

我們沒有債務。

We are a great cash generator.

我們是一個偉大的現金創造者。

And our top priority for cash is to look for smart accelerants or replacements for things we're doing internally in terms of M&A.

我們的現金首要任務是尋找明智的促進劑或替代品來取代我們內部在併購方面所做的事情。

So we're looking.

所以我們正在尋找。

But let me ask...

但讓我問一下...

I was actually dodging your question.

其實我是在迴避你的問題。

No, but I can imagine that some of the companies are running out of cash, and so they're happy that they get the new model or they need cash.

不，但我可以想像，有些公司的現金已經用完了，所以他們很高興獲得新型號，或者他們需要現金。

Ananda, your line is now open.

阿難，你的線路現已開通。

Hi, Ananda.

嗨，阿南達。

I just sent you a private message that wasn't intended for you and end up, but don't -- luckily it wasn't anything personal.

我剛剛給你發了一封私人訊息，本來不是給你的，但最終沒有——幸運的是，這不是私人訊息。

Ananda, you're still on mute.

阿難，你還是靜音。

Ananda, you're still on mute here.

阿難，你還在這裡保持沉默。

You want to go somewhere else and come back to Ananda, Ben?

你想去別的地方然後回到阿南達嗎，班？

Yes.

是的。

Let me come back to him.

讓我回到他身邊。

Okay.

好的。

Andreas, your line is now open.

安德烈亞斯，您的線路現已開通。

My question -- on the collection performance, which was good going forward.

我的問題是關於收藏表現，這方面進展順利。

Do you envisage problems with some of your clients basically being cash constrained?

您是否預見到您的某些客戶基本上會出現現金緊張的問題？

And how do you protect and basically your accounts receivable?

您如何保護您的應收帳款？

Are there special measures in place for that?

為此有什麼特別措施嗎？

Yes.

是的。

We watch that very closely in all environments, and I think even more so today.

我們在所有環境中都非常密切地關注這一點，我認為今天更是如此。

This is around having good relationships with those customers as well and being in frequent communication with them.

這還在於與這些客戶建立良好的關係並與他們經常溝通。

So as I mentioned again earlier, some of our processes, we need to adapt a little bit.

正如我之前再次提到的，我們的一些流程需要進行一些調整。

I mean, this is one where we have strong processes in place, but I think now the frequency with which we will review things and that we reach out to customers just accelerates a little bit just to make sure we're really on top of it.

我的意思是，這是我們擁有強大流程的地方，但我認為現在我們審查事物以及接觸客戶的頻率只是加快了一點，只是為了確保我們真正處於領先地位。

But thus far, we have not experienced any issues.

但到目前為止，我們還沒有遇到任何問題。

And like I said, I expect us to manage that well.

就像我說的，我希望我們能夠很好地管理這一點。

Okay.

好的。

Cool.

涼爽的。

Then on the airfreight and all these additional costs you've got to get the products out of China.

然後是空運和所有這些額外費用，你必須將產品運出中國。

I mean, when do you think will that be normalized these type of problems?

我的意思是，您認為此類問題何時會正常化？

Are you seeing already the shipments by ships and so forth are going normal?

您是否看到船舶運輸等已經正常？

Or would you expect for a couple of months, these higher costs going on?

或者您預計這些更高的成本會持續幾個月嗎？

Yes.

是的。

We're looking at all forms of logistics.

我們正在研究各種形式的物流。

I think what you're really seeing here is, of course, we had the 3-week kind of closure of our factory and of our partners’ factories, and so we knew that we were going to be having to chase supply and replenishment with some airfreight in Q1.

我想你在這裡真正看到的是，當然，我們的工廠和我們合作夥伴的工廠關閉了三週，所以我們知道我們將不得不追逐供應和補貨第一季有一些空運。

But even since then, the rates have increased as well, as you probably know, across the industry for air cargo.

但即使從那時起，正如您可能知道的那樣，整個航空貨運行業的費率也在上漲。

So we're looking at all forms of transportation.

所以我們正在考慮所有形式的交通。

I certainly see this lasting through Q1.

我當然認為這種情況會持續到第一季。

We'll probably see some of this cost pressure into Q2 as well.

我們可能也會在第二季看到一些成本壓力。

And that's one of the things that we factored into our profit outlook for the year.

這是我們今年利潤前景中考慮的因素之一。

Yes.

是的。

Remember the other side of airfreight is that they -- basically, when it comes to airfreight, the product goes underneath and the passengers are on the plane most of the time.

請記住，空運的另一面是——基本上，在空運方面，產品在下面，而乘客大部分時間都在飛機上。

And if there are no passenger on the plane and the fleet is not flying.

如果飛機上沒有乘客且機隊也不會飛行。

You have lower capacity.

你的能力較低。

And so we get that airfreight pay more.

所以我們得到了更多的空運費用。

And I think you can imagine that airfreight is going to stay pretty high, I mean, for a while.

我想你可以想像空運量將在一段時間內保持相當高的水平。

I think it will come down over time, but they probably won't come down for a while.

我認為隨著時間的推移它會下降，但它們可能暫時不會下降。

I mean I think, kind of like the challenges that we've had in the past around tariffs and things, we're looking at a number of actions we can take to try to offset this, whether it's increasing capacity for certain products in the factories so that we can build up supply.

我的意思是，我認為，就像我們過去在關稅等方面遇到的挑戰一樣，我們正在考慮採取一些行動來試圖抵消這一影響，無論是增加某些產品的產能工廠，以便我們能夠建立供應。

Many, many measures that we'll take a look at.

我們將關注很多很多措施。

Okay.

好的。

And then maybe my last question then.

然後也許是我的最後一個問題。

On the inventory level, which is low, and you said they are some constraints for certain products.

關於庫存水平，庫存水平很低，你說這是對某些產品的一些限制。

But are you confident that this inventory synergies are really filled then for the strong quarters going forward?

但您是否有信心在未來強勁的季度中真正發揮這種庫存協同效應？

Yes.

是的。

So the answer is, yes.

所以答案是，是的。

I'm confident that we're going to be okay from an inventory standpoint.

我相信從庫存的角度來看我們會沒事的。

I think we're going to have to watch demand.

我認為我們將不得不觀察需求。

And our job is to match demand and supply.

我們的工作是匹配需求和供應。

Right now, supply has been tricky to call and demand has been tricky to deliver.

目前，供應很難確定，需求也很難交付。

And the good news is now the demand isn't this tricky to deliver because we're back in full production in all of our factories, and all of our supply teams are working well.

好消息是，現在滿足需求並不那麼困難，因為我們所有工廠都已恢復全面生產，而且我們所有的供應團隊都工作得很好。

So that side of it is fixed.

所以它的那一邊是固定的。

Now it's the demand side.

現在是需求方。

And any of there -- we're fulfilling the demand that -- for some of these products that really was super, super strong.

其中任何一個——我們正在滿足這些產品的需求——其中一些產品確實非常非常強大。

As we get more predictability around that, I think we'll be able to both to be sure we have the right inventory and also drop the amount of express or airfreight and fast float that we're using now and bring that cost back down.

隨著我們對此有了更多的可預測性，我認為我們將能夠確保我們擁有正確的庫存，並減少我們現在使用的快遞或空運和快速浮動的數量，並降低成本。

So I think this will moderate over the next quarter and 2 and 3, probably over the next quarter.

因此，我認為這種情況將在下個季度、第 2 季和第 3 季（可能是下個季度）有所緩解。

But let's see.

但讓我們看看。

Anybody noticed my Blue microphone.

有人注意到我的藍色麥克風了。

Are you impressed?

你印象深刻嗎？

It's actually in.

原來是在啊

I bet you all, everybody wants it.

我敢打賭，每個人都想要它。

We'll take orders after the call.

接到電話後我們將接受訂單。

Ananda, let's see if it's -- your line open.

阿南達，讓我們看看你的線路是否接通。

Ananda, we still, unfortunately, can't hear you.

阿難，不幸的是，我們仍然聽不到你的聲音。

You can also write your message on chat maybe, Ananda.

你也可以在聊天中寫下你的訊息，阿南達。

And we'll go to someone else.

我們會去找別人。

Asiya Merchant, your line is now open.

阿西亞商人，您的線路現已開通。

A couple of ones, maybe Bracken or Nate, demand visibility into the next couple of quarters, like which segments do you have strong conviction in?

有幾個人，也許是布雷肯或內特，要求了解未來幾季的情況，例如您對哪些細分市場有堅定的信念？

I know there's a secular trends you talked about, Bracken, that's impacting everything.

我知道你談到了一種長期趨勢，布雷肯，它正在影響一切。

But just even in the near term, meaning a couple of quarters out, what products do you have a lot of conviction in, in terms of getting to your mid single-digit growth rates for fiscal '21?

但即使在短期內，即幾季後，您對哪些產品充滿信心，以實現 21 財年中個位數的成長率？

And then on -- I can take -- if you can take my next question too.

然後——我可以回答——如果你也能回答我的下一個問題的話。

Gaming, it kind of decelerated on a year-on-year growth rate into this quarter versus the prior quarter.

遊戲方面，本季的年增率與上一季相比有所放緩。

I know in the past, they were the tough compares with Fortnite, et cetera.

我知道在過去，它們與《要塞英雄》等遊戲相比是很艱難的。

But then as we head into now fiscal '21, what are some of the drivers that we should be looking at, especially with the new consoles coming on and I think they're backward compatible?

但是，當我們進入 21 財年時，我們應該關注哪些驅動因素，特別是隨著新遊戲機的推出，而且我認為它們是向後相容的？

And then I have a question for Nate just on the use of cash.

然後我有一個關於現金使用的問題要問內特。

Okay.

好的。

Let's jump on the visibility first.

讓我們先討論可見性。

I don't want to be too boring here.

我不想在這裡太無聊。

I'm going to repeat myself.

我要重複一遍。

I think in terms of "visibility", I would say, really, these secular trends that are happening, don't look like they're going away.

我認為就「可見性」而言，我想說的是，這些正在發生的長期趨勢看起來並沒有消失。

Whether it's gaming, video or streaming or just having your own desktop.

無論是遊戲、影片、串流媒體還是只是擁有自己的桌面。

So we feel like we have a pretty good view that all those secular trends are going to continue exactly how they're going to continue beyond the next month or 2, depends.

因此，我們覺得我們有一個很好的觀點，即所有這些長期趨勢將繼續下去，具體情況將取決於下個月或兩個月後的情況。

I mean, there's going to be a range around it.

我的意思是，它周圍會有一個範圍。

Or when you look out over a full year, we feel like those trends are strong.

或者當你回顧一整年時，我們覺得這些趨勢很強。

They're going to continue even in a recessionary, a deeply recessionary environment.

即使在經濟衰退、深度衰退的環境中，它們也將繼續存在。

We're going to have a lot of drive into those -- all those categories.

我們將在所有這些類別中投入大量精力。

So that's why we feel confident confirming your guidance.

因此，我們有信心確認您的指導。

In terms of the gaming space.

在遊戲空間方面。

I think the -- as you looked underneath this, the real sell-out gaming continue to be strong double digits, 15% to 20%.

我認為——正如你仔細觀察的那樣，遊戲的真正售罄率仍然是兩位數，即 15% 到 20%。

So we still -- things still look very good.

所以我們仍然——事情看起來仍然非常好。

If you -- you talked about the console refresh cycle that's coming in forward compatibility.

如果您 - 您談到了向前相容性中即將推出的控制台刷新週期。

So if I buy a product today is it going to be -- is it going to work on the new consoles?

所以，如果我今天購買一個產品，它會在新遊戲機上運行嗎？

It looks like they will, but that may not be totally reflected in the console market right now.

看起來他們會的，但這可能還沒有完全反映在目前的遊戲機市場上。

And probably it will take time for awareness to build and confidence to build among consumers.

消費者的意識和信心的建立可能需要時間。

So I think that's one of the drivers for why headsets still haven't quite sold as much as we would have thought or we would have liked.

所以我認為這就是為什麼耳機銷量仍然沒有達到我們想像或我們希望的水平的驅動因素之一。

But after the Fortnite effect was over, I think there is still a pause going on.

但在《要塞英雄》的影響結束後，我認為仍有暫停。

The next reason, which is that, while we wait for the new consoles to come in, we're really going to work there.

下一個原因是，當我們等待新遊戲機到來時，我們真的要在那裡工作。

I think that will get cured over time.

我認為隨著時間的推移，這種情況會得到治癒。

There's never been a forward compatibility before as far as I know.

據我所知，以前從未有過向前相容性。

So there may be a little bit of a credibility question until we get a little closer into it, and there's more press around it.

因此，在我們進一步深入研究之前，可能會存在一些可信度問題，並且圍繞它的媒體也越來越多。

So we'll see.

所以我們拭目以待。

But I think overall, the gaming business continues to be a good and strong driver for us, and will be in the quarters and year ahead.

但我認為總體而言，遊戲業務仍然是我們的良好而強大的驅動力，並且在未來的季度和年度都會如此。

So let me just jump in.

那麼就讓我跳進去吧。

I don't think I've heard Bracken call himself boring.

我想我沒聽過布雷肯說自己很無聊。

He's called me boring all the time.

他總是說我無聊。

Only when you wear your Mister Rogers sweater like you did...

只有當你像以前一樣穿上你的羅傑斯先生毛衣時...

I think -- I mean I think just to really reiterate what Bracken said, Asiya, when I look at investments, I'm looking for long-term trends.

我認為——我的意思是，我想真正重申一下布雷肯所說的，阿西亞，當我考慮投資時，我正在尋找長期趨勢。

I'm looking for things that I have confidence they're going to provide a long term return.

我正在尋找那些我有信心能夠提供長期回報的東西。

And I haven't changed my philosophy around any of those investment areas over the last couple of months.

在過去的幾個月裡，我沒有改變我對這些投資領域的概念。

And like what Bracken said, if anything, they've only strengthened.

正如布雷肯所說，如果有什麼不同的話，那就是它們只是變得更強了。

So obviously, we're always -- I'm always focused on efficiency, always focused on cost and reinvesting our efficiency for growth.

顯然，我們始終——我始終專注於效率，始終專注於成本，並將我們的效率再投資於成長。

And I think in this environment, those bets have almost become clearer for me into where we need to drive our investments and drive the company.

我認為在這種環境下，這些賭注對我來說幾乎變得更加清晰，我們需要推動投資並推動公司發展。

So really no change.

所以真的沒有改變。

That sounds a little more exciting than boring.

這聽起來比無聊更令人興奮。

If I could -- can I throw in one more exciting question?

如果可以的話——我可以提出一個更令人興奮的問題嗎？

And that's 5G, AR, VR.

這就是 5G、AR、VR。

Obviously, these are some underlying trends that are -- 5G maybe more near-term as it comes to mobile devices, AR, VR, maybe a couple of years out or maybe a year out, especially given the new iPad launch by Apple that had some more interesting camera functionality.

顯然，這些是一些潛在的趨勢——5G對於行動裝置、AR、VR來說可能是近期出現的，可能是幾年後，也可能是一年後，特別是考慮到蘋果推出的新iPad一些更有趣的相機功能。

How are you guys thinking about that in terms of drivers for your own product portfolio?

你們如何看待自己產品組合的驅動因素？

Yes.

是的。

5G is really a difficult one to answer.

5G確實是一個很難回答的問題。

I think 5G will probably be an accelerator for gaming as it becomes an alternative to WiFi.

我認為 5G 可能會成為遊戲的加速器，因為它會成為 WiFi 的替代品。

It will just give your shorter lag times and require you have less equipment and things.

它只會讓你的延遲時間更短，並且需要你的設備和東西更少。

So I think that's really interesting.

所以我認為這真的很有趣。

And you'll still need the equipment we make.

您仍然需要我們製造的設備。

In terms of VR and AR, we've been investing in VR and AR on the right kind of level for the last four years.

在 VR 和 AR 方面，過去四年來我們一直在適當的水平上投資 VR 和 AR。

And we want to be there in the early days of exploring how AR, especially, is going to develop with interfaces and the tools you use to manipulate the things you're using or you're building or you're creating or playing within AR.

我們希望在早期探索 AR，尤其是如何透過介面和工具進行開發，以操縱您正在使用、正在建造、在 AR 中創建或玩的東西。

We've had -- I have to say, we've learned so much over the last few years with all the different approaches that are happening.

我必須說，過去幾年我們透過各種不同的方法學到了很多。

And I'm quite optimistic about it, but I don't think it's going to happen overnight, so I wouldn't put it in your -- I wouldn't put it as a line in your spreadsheet for part of our growth for the next year or 2. But it's going to come eventually.

我對此非常樂觀，但我認為這不會在一夜之間發生，所以我不會把它放在你的電子表格中作為我們增長的一部分明年或兩年。

And I think when it does, it will be -- we'll be there.

我認為當它發生時，我們就會在那裡。

We'll absolutely be there.

我們絕對會在那裡。

Jürgen, your line is now open.

Jürgen，您的線路現已開通。

Actually, you mentioned that certain products were sold out, and what impact did that have on pricing last quarter?

實際上，您提到某些產品已售罄，這對上季度的定價有何影響？

Or is that to come now this quarter, next or this year?

還是本季、明年還是今年？

And then you mentioned the earn-out for Streamlabs.

然後您提到了 Streamlabs 的收益。

How significant is that business?

這項業務有多重要？

Or was it in Q4?

還是在第四季？

And what should we look at for this year?

今年我們該關注什麼？

Those are 2 interesting questions.

這是兩個有趣的問題。

I'll take them and then Nate, you can add to what I'd say.

我會接受它們，然後內特，你可以補充我要說的話。

Yes, I'd say in terms of impact on pricing, we'd probably be a little less promotion than we normally would have, which is good.

是的，我想說，就對定價的影響而言，我們的促銷活動可能會比平常少一些，這是好事。

We don't really like to promote that much.

我們真的不喜歡宣傳那麼多。

As Nate indicated in his opening, we're shifting ourselves to a much -- to -- we're working on the shift to a more pull-oriented marketing approach, which is healthier long term, but those things don't happen overnight, and that's going to happen over the long term.

正如內特在開場白中指出的那樣，我們正在努力轉向一種更拉動的營銷方式，從長遠來看，這種方式更健康，但這些事情不會在一夜之間發生，從長遠來看，這將會發生。

We did have less promotion, especially in Q4.

我們的促銷活動確實較少，尤其是在第四季。

And I hope we can sustain that as we go forward.

我希望我們能夠在前進的過程中維持這一點。

It's really the goal.

這確實是目標。

But we will reinvest that back in the market and really build the brand and build demand.

但我們會將其重新投資回市場，真正打造品牌並創造需求。

Do you want to take the second question, Nate?

內特，你想回答第二個問題嗎？

Yes.

是的。

On Streamlabs.

在 Streamlabs 上。

So I think Bracken alluded to this, we've seen some nice increase in the demand for streaming products, whether it's the Blue microphone or things like Streamlabs as, again, musicians and others have been looking for ways to connect with their fans and with their communities.

所以我認為Bracken 提到了這一點，我們已經看到對串流媒體產品的需求出現了一些不錯的增長，無論是Blue 麥克風還是Streamlabs 之類的東西，因為音樂家和其他人一直在尋找與他們的粉絲建立聯繫的方法。

Streamlabs really, of course, was not material for us at all for the year.

當然，今年 Streamlabs 對我們來說確實一點也不重要。

For the quarter, it added about 1 point of growth at the total company level.

本季度，公司整體水準增加了約 1 個百分點。

And again, the earn-out charge that we took in the quarter is just an indication that, that growth has improved from our outlook in the past quarter.

再說一次，我們在本季收取的獲利費用只是表明，成長較我們上一季的預期有所改善。

But I will say, I love Streamlabs for a couple of reasons.

但我想說，我喜歡 Streamlabs 有幾個原因。

One, it's a really cool business.

第一，這是一項非常酷的業務。

Yes -- first it's a really cool business.

是的——首先，這是一項非常酷的業務。

It's fun to be in the business of really enabling streamers to do what they're excited about, whether they're new ones who are just streaming to 10 people or they're big time ones, really making a living doing that, we sort everybody.

從事真正讓主播能夠做他們感興趣的事情的行業是很有趣的，無論他們是剛剛向 10 個人直播的新人，還是真正以此為生的人，我們認為大家。

And it's really -- I'm learning about it.

這確實是——我正在了解這一點。

It's a really cool business.

這真是一項很酷的生意。

The second thing I love about it, it's a pure service business.

我喜歡它的第二件事是，它是一個純粹的服務業。

It's our -- really our first pure service business.

這是我們的——實際上是我們的第一個純服務業務。

So we're going to school on that, and we're trying to figure out how to reapply services back into the rest of our businesses.

因此，我們將學習這一點，並試圖找出如何將服務重新應用到我們的其他業務中。

And we have projects in the works right now, as I said at the Analyst Investor Day, we try to do that over time.

正如我在分析師投資者日所說，我們現在有一些項目正在進行中，我們會努力隨著時間的推移做到這一點。

So that's really fun.

所以這真的很有趣。

And then the third thing is, I just love the team.

第三件事是，我愛這個團隊。

There's such high energy there.

那裡有如此高的能量。

They're located in 2 different places, and now they're located everywhere like yes, but the -- it's a great team of heavy software engineering and very creative, and they're always helped with new ideas, so super fun business.

他們位於兩個不同的地方，現在他們遍布各地，是的，但是——這是一個由重型軟體工程組成的偉大團隊，非常有創造力，他們總是得到新想法的幫助，所以這是一個超級有趣的業務。

I hope you'll hear more about Streamlabs over time because it is -- it's been a really good one for us.

我希望隨著時間的推移，您會聽到更多有關 Streamlabs 的信息，因為它對我們來說非常好。

I think it's really critical that we learn to play well in a service environment and that we build great software products as well as hardware.

我認為我們學會在服務環境中發揮出色並建立出色的軟體產品和硬體非常重要。

And how big could it be, let's say, in 3, 4, 5 years out?

比如說，3年、4年、5年後它會達到多大？

We're so hesitant to give answers like that.

我們對於給出這樣的答案非常猶豫。

No need to do and then say -- rather than say it and do.

不需要先做後說——而不是先說後做。

I think it's -- but I think it's really exciting.

我認為這是——但我認為這真的很令人興奮。

And I don't know yet, but we'll be sure to tell you when we do.

我還不知道，但當我們知道時，我們一定會告訴你。

Torsten, your line is now open.

托斯頓，您的線路現已開通。

Congratulations to dealing with the crisis well.

恭喜你很好地應對了危機。

To be honest, I have two questions -- a set of a question here.

老實說，我有兩個問題——這裡有一組問題。

First, maybe on distribution.

首先，也許是在發行方面。

I saw that in your distribution, you seem to offset the decline in brick-and-mortar channels pretty well with a move to online.

我在你們的發行中看到，你們似乎透過轉向線上管道很好地抵消了實體管道的下降。

And now a few questions derived from this.

現在由此衍生出一些問題。

I mean, has the switch created any new cluster risk exposures towards bigger platforms?

我的意思是，這種轉變是否對更大的平台造成了任何新的集群風險敞口？

What do you mean cluster risk to bigger platform?

將風險聚集到更大的平台是什麼意思？

Amazon, for example.

以亞馬遜為例。

Being a big player already, a big channel for you.

已經是一個大玩家了，這對你來說是一個大管道。

I'm basically thinking about your mid-term positioning as a player on those platforms, your capability to position your products as well, is that price as well because these platforms are big and the channel seems to be more consolidated to me than the brick-and-mortar channel and more sophisticated as well.

我基本上在考慮你作為這些平台上的參與者的中期定位，你定位你的產品的能力，也是這個價格，因為這些平台很大，而且對我來說，渠道似乎比磚塊更鞏固-and -mortar 通道也更加複雜。

Yes.

是的。

So let me answer that one quickly before you go to the next one that will keep us accelerate on the logic flow.

因此，在您進入下一個問題之前，讓我快速回答這個問題，這將使我們加速邏輯流程。

Yes.

是的。

So we've obviously got a lot more online this quarter, but this isn't new for us.

因此，本季度我們顯然有更多的線上業務，但這對我們來說並不新鮮。

We started this in China about 5 years ago when -- I don't know how many of you know this, but in China, the IT malls, as they were called, collapsed one day, not exactly one day, but close.

大約五年前，我們在中國開始了這項工作，當時——我不知道你們中有多少人知道這一點，但在中國，所謂的IT商場有一天倒塌了，不是確切的一天，而是倒閉了。

And all that business moved online.

所有這些業務都轉移到了網路上。

And all the online business generated even more attention online.

所有的線上業務在網路上引起了更多關注。

And suddenly, the China marketing from about 13% online to 70% online.

突然之間，中國的網路行銷比例從 13% 左右上升到 70%。

And so we became really good at marketing and executing online businesses and we staff differently and Alibaba, did kind of the whole thing.

因此，我們變得非常擅長行銷和執行線上業務，我們的員工也有所不同，而阿里巴巴則完成了整件事。

So that's a thing that we learned, and we've actually been organizing ourselves internally unbeknownst to you because we don't really talk about this much to take that same model into the rest of the world.

所以這是我們學到的一件事，而且我們實際上一直在你不知道的情況下在內部組織我們自己，因為我們並沒有真正談論這麼多，以便將相同的模型帶入世界其他地方。

So we're better and better, I would say, at managing online customers like Amazon or the marketplace.

所以我想說，我們在管理亞馬遜或市場等線上客戶方面做得越來越好。

So I feel really good about where we are.

所以我對我們現在的處境感覺非常好。

Their consolidation, is it good, bad and different?

他們的整合，是好、壞還是不同？

I would say there's still a lot -- I mean, they're still a relatively small part of our overall universe.

我想說還有很多——我的意思是，它們仍然是我們整個宇宙中相對較小的一部分。

But they're an open playing field, and we like that.

但他們是一個開放的競爭環境，我們喜歡這一點。

We think we can win in a fair fight.

我們認為我們能夠在公平的戰鬥中獲勝。

So we like the growth of online sales.

所以我們喜歡在線銷售的成長。

And I think we're going to do well in it.

我認為我們會做得很好。

Yes.

是的。

Let me add.

讓我補充一下。

I think we're still well diversified in terms of our go-to-market channels.

我認為我們在進入市場的管道方面仍然非常多元化。

And there's strengths and weaknesses to each of them.

他們每個人都有優點和缺點。

But I think, as Bracken said, continuing to be a good partner with those customers.

但我認為，正如布雷肯所說，繼續成為這些客戶的良好合作夥伴。

And there's some great things that you can do online that are harder to do are much more expensive to do in stores.

有些很棒的事情可以在網路上做，但在商店裡做起來比較困難，而且成本要高得多。

So it's important for us to stay nimble and shift investments to capture those opportunities as they arise.

因此，對我們來說，保持靈活性並轉移投資以抓住這些機會非常重要。

Okay, very clear.

好的，非常清楚。

And maybe another one that really helps understanding, at least for me, to contextualize the situation around Video Collaboration.

也許另一件事真正有助於理解，至少對我來說，將視訊協作的情況置於背景中。

How do you see built-in video cameras?

您如何看待內建攝影機？

Many laptops, for example, are already equipped with when they are sold, right?

例如，許多筆記型電腦在出售時就已經配備了，對嗎？

I mean, look at me, I'm just calling in from my 2016 laptop, no additional equipment.

我的意思是，看看我，我只是用 2016 年的筆記型電腦打電話，沒有任何其他設備。

I don't know how the quality is, of course, and video and stuff.

當然，我不知道品質如何，還有影片之類的。

But they can -- do you really need all this stuff?

但他們可以——你真的需要所有這些東西嗎？

I mean, how big is this unmet demand really?

我的意思是，這種未被滿足的需求到底有多大？

Yes.

是的。

There's a couple of things.

有幾件事。

So first, you do get a higher quality video experience.

首先，您確實獲得了更高品質的視訊體驗。

I'm using one of our video cameras, and I hope I look okay.

我正在使用我們的一台攝影機，希望我看起來沒問題。

But it really -- you really can't do a side-by-side comparison for most built-in laptops.

但實際上，您確實無法對大多數內建筆記型電腦進行並排比較。

You'll see a significant difference.

您會看到顯著的差異。

So you do get a higher quality picture.

所以您確實獲得了更高品質的圖片。

You look better.

你看起來好多了。

And why is that?

這是為什麼呢？

It's because a lot of the -- there -- I won't even go into why.

這是因為很多——那裡——我什至不會解釋為什麼。

But the bottom line is that's usually the case.

但最重要的是，情況通常是如此。

The second thing is, if you -- once you get a -- once your desk is kind of established, you usually -- if you have a laptop, your laptop is kind of built-in here, and then you've got a screen up there.

第二件事是，如果你——一旦你得到了——一旦你的辦公桌已經建立起來，你通常——如果你有一台筆記型電腦，你的筆記型電腦就內置在這裡，然後你就得到了一台螢幕在那裡。

Well, you end up looking either up like this, which is kind of weird, or you're constantly going back and forth.

好吧，你最終要么像這樣向上看，這有點奇怪，要么你不斷地來回走動。

So once you're in there, your screen -- a lot of screens don't have built-in video cameras.

所以一旦你進入那裡，你的螢幕——很多螢幕沒有內建攝影機。

So there's a need for webcams.

所以需要網路攝影機。

And I think it was going to be for webcams over the long-term for all the dynamics -- all the regions of the dynamics that this business has always generated a need for webcams.

我認為從長遠來看，網路攝影機將適用於所有動態——該業務始終產生對網路攝影機的需求的所有動態區域。

But there will be all kinds of people -- all kinds of different solutions.

但會有各種各樣的人——各種不同的解決方案。

And today, we've got a really nice position in all of them, and we have a lot of scale, and we keep -- we'll be investing.

今天，我們在所有這些領域都佔據了非常好的位置，而且我們擁有很大的規模，而且我們將繼續投資。

And Torsten, I would say, too, I think there's room for both solutions.

對於托斯頓，我也想說，我認為這兩個解決方案都有空間。

I don't have to use my external webcam exclusively, just like I don't need to use my laptop webcam exclusively.

我不必專門使用外部網路攝像頭，就像我不需要專門使用筆記型電腦網路攝影機一樣。

And as Bracken said, I think as you set up a home office, maybe you've got a monitor because you're working at your desk for more than just 20 minutes doing e-mail, it's definitely a better experience to have that external webcam.

And as Bracken said, I think as you set up a home office, maybe you've got a monitor because you're working at your desk for more than just 20 minutes doing e-mail, it's definitely a better experience to have that external網路攝影機.

We're obviously pro webcams.

我們顯然是專業網路攝影機。

Thank you, Bracken.

謝謝你，布雷肯。

I think that ends all the Q&A for this call.

我認為本次電話會議的所有問答都到此結束。

Okay.

好的。

Well, I'm going to, in this rare moment, I'm actually going to say a few things here to close.

好吧，在這個難得的時刻，我實際上要說幾句話來結束。

So I hope it doesn't cut right away.

所以我希望它不會立即被削減。

We have never been -- Logitech's never been so integral to what matters, whether it's doctors and patients or students and teachers or gamers to each other or creators to their audiences, it's exciting to be playing this role right now.

我們從未如此 - 羅技從未如此重要地融入到重要的事情中，無論是醫生和患者、學生和教師、遊戲玩家之間還是觀眾之間的創作者，現在扮演這個角色令人興奮。

There's so many people who need us and need help.

有那麼多人需要我們，需要幫助。

These are exceptional times, and we have exceptional opportunities.

這是一個非常時期，我們擁有非常好的機會。

The late Andy Grove of Intel thing, he was the very kind CEO of Intel for many years, has a quote says, "In a crisis the weak fail, the good survive and the great improves." And I can assure you, we're going to improve.

已故英特爾的安迪·格羅夫（Andy Grove），他多年來一直是非常友善的英特爾首席執行官，有句話說：“在危機中，弱者失敗，強者生存，強者進步。”我可以向你保證，我們會改進。

We've had 5 years of nearly double-digit growth or better.

我們已經連續五年實現近兩位數或更高的成長。

We're worth 8x more today than we were 8 years ago.

今天我們的身價是 8 年前的 8 倍。

We're the leader or among the leading to you, in virtually every category we're in, and we're going to enter more as we further exploit the growth in these categories.

在我們涉足的幾乎每個類別中，我們都是領導者或領先者之一，隨著我們進一步利用這些類別的成長，我們將進入更多領域。

I have never been as energized as I am now.

我從來沒有像現在這樣充滿活力。

Even if it's a dark macro period, now the light has turned brightly on in Logitech.

即使這是一個黑暗的宏觀時期，但現在羅技的燈已經亮起來了。

We can help so many people now in so many different ways.

我們現在可以透過多種不同的方式幫助很多人。

So stay tuned, it's going to be an exciting year.

所以請繼續關注，這將是令人興奮的一年。

It's a dark period, but I think we can really do a lot of good here.

這是一個黑暗時期，但我認為我們確實可以在這裡做很多好事。

Thanks a lot for joining our first video call.

非常感謝您加入我們的第一次視訊通話。

Sorry for the glitches.

對於出現的故障，我們深表歉意。

We'll get better, I promise, like we are in everything we do.

我保證，我們會變得更好，就像我們所做的一切一樣。

See you guys.

再見。