羅技 (LOGI) 2020 Q2 法說會逐字稿

Good day, and welcome to the Logitech Second Quarter Fiscal 2020 Financial Results Conference Call.

美好的一天，歡迎參加羅技 2020 財年第二季財務業績電話會議。

(Operator Instructions) This call is being recorded for replay purposes and may not be reproduced in whole or in part without written authorization from Logitech.

（操作員說明）本通話錄音僅供重播之用，未經羅技書面授權不得全部或部分複製。

I'd now like to introduce your host for today's call, Mr. Ben Lu, Head of Investor Relations.

現在我想介紹一下今天電話會議的主持人，投資者關係主管陸本先生。

Thanks, Jack.

謝謝，傑克。

Welcome to the Logitech conference call to discuss the company's financial results for the second quarter of fiscal year 2020.

歡迎參加羅技電話會議，討論公司 2020 財年第二季的財務表現。

The press release, the prepared remarks and slides as well as a live webcast of this call are available online at the Investor Relations page of our website, ir.logitech.com.

本次電話會議的新聞稿、準備好的評論和幻燈片以及現場網路直播均可在我們網站 ir.logitech.com 的投資者關係頁面上線上取得。

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

在本次電話會議期間，我們可能會做出前瞻性陳述，包括根據 1995 年《證券訴訟改革法案》的安全港做出的有關未來經營績效的陳述。

The forward-looking statements involve risks and uncertainties, and actual results could differ materially as noted in our quarterly and other filings with the SEC.

前瞻性陳述涉及風險和不確定性，實際結果可能與我們向 SEC 提交的季度文件和其他文件中指出的存在重大差異。

The company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise.

該公司不承擔因新的發展或其他原因而更新或修改任何前瞻性陳述的義務。

Please note that today's call will include results reported on a non-GAAP basis.

請注意，今天的電話會議將包括以非公認會計原則報告的結果。

Non-GAAP financial results have inherent limitations and are not meant to be considered in isolation from or as a substitute for or superior to GAAP results.

非 GAAP 財務業績具有固有的局限性，不應孤立地考慮、替代或優於 GAAP 業績。

Our press release and slides provide a reconciliation between GAAP and non-GAAP numbers and are posted on our IR website.

我們的新聞稿和幻燈片提供了 GAAP 和非 GAAP 數據之間的對賬，並發佈在我們的 IR 網站上。

We encourage listeners to review these items.

我們鼓勵聽眾回顧這些項目。

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

除非另有說明，各時期之間的比較是按年比較並以固定匯率計算的。

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

此通話正在錄音，並將在羅技網站上重播。

Joining us today from California are Bracken Darrell, President and Chief Executive Officer; and Nate Olmstead, Chief Financial Officer.

今天從加州加入我們的是總裁兼執行長 Bracken Darrell；和首席財務官內特·奧爾姆斯特德。

I will now turn the call over to Bracken.

我現在將把電話轉給布雷肯。

Thank you, Ben.

謝謝你，本。

And thanks to all of you for joining us.

感謝大家加入我們。

We delivered a solid Q2 with strong execution in what is obviously a volatile time in the world.

在世界顯然動盪的時期，我們以強大的執行力交付了堅實的第二季業績。

There are U.S-China trade wars, volatile currencies and Brexit.

有中美貿易戰、貨幣波動和英國脫歐。

Those activities are so newsworthy and so noisy that you can temporarily lose sight of the more relevant and proportionally bigger long-term trends affecting us: the emergence of content creation as a lifestyle and a career choice by hundreds of millions of people, and maybe one day, billions; the establishment of gaming as a new super sport virtually all over the world that will eclipse traditional sports in most dimensions, if not all; and the explosion of video communication.

這些活動是如此具有新聞價值和喧囂，以至於您可能會暫時忽視影響我們的更相關且比例更大的長期趨勢：內容創作作為一種生活方式和數億人的職業選擇的出現，也許還有一個天，數十億；遊戲幾乎在全世界範圍內成為一項新的超級運動，即使不是全部，也將在大多數方面超越傳統運動；以及視訊通訊的爆炸性成長。

From large rooms to small rooms, from phones to homes, we're moving from video calls as the exception to video everywhere in our lives.

從大房間到小房間，從電話到家庭，我們正在從視訊通話的例外轉向生活中無處不在的視訊。

We have consistently managed our business well and this quarter is no different.

我們一貫良好地管理我們的業務，本季也不例外。

We delivered 6% constant currency growth despite putting through the first widespread U.S. price increases in more than a decade.

儘管美國經歷了十多年來首次普遍的物價上漲，但我們還是實現了 6% 的持續貨幣成長。

We improved our gross margins despite tariffs and currency exchange rate headwinds.

儘管存在關稅和匯率不利因素，我們的毛利率仍然有所提高。

In fact, we achieved record operating profits for a September quarter despite these factors, and we generated 25% more operating cash flow than the same quarter last year.

事實上，儘管有這些因素，我們在 9 月的季度仍實現了創紀錄的營業利潤，並且我們產生的營業現金流比去年同期增加了 25%。

Performing at this level in a market with that much turmoil could be seen as very good.

在如此動盪的市場中，能取得這樣的表現可以說是非常好的了。

Since the trade wars began, we've managed through tens of millions of dollars of impact to our business.

自貿易戰開始以來，我們的業務已受到數千萬美元的影響。

That's what you've come to expect from us and that's what we expect of ourselves.

這就是您對我們的期望，也是我們對自己的期望。

Going forward, we will see the impact of new tariffs implemented in September and more projected in December.

展望未來，我們將看到 9 月實施的新關稅的影響，以及 12 月預計的更多影響。

But again, these types of macroeconomic challenges are part of why you invest in us, a recession-resistant portfolio of categories and countries and a practice of no excuses.

但同樣，這些類型的宏觀經濟挑戰也是您投資我們的原因之一，我們是一個抗衰退的投資組合，由類別和國家組成，並且沒有任何藉口。

So I would say it's a solid quarter, where we managed our business and operations well despite the challenges.

因此，我想說，這是一個穩健的季度，儘管面臨挑戰，我們仍很好地管理了我們的業務和營運。

The macro environment is not getting any easier.

宏觀環境並沒有變得更輕鬆。

But like we have done many times in the past, we expect to manage through all of this and deliver our targets.

但就像我們過去多次所做的那樣，我們希望能夠解決所有這些問題並實現我們的目標。

Now let's dig into the performance of our different categories, many of which tap into these trends.

現在讓我們深入了解不同類別的表現，其中許多類別都利用了這些趨勢。

Video Collaboration sales grew 60% in Q2 to another record quarter.

第二季視訊協作銷售額成長 60%，再創新高。

Our recent innovations, Rally, a camera system for large conferences, and Tap, a one-touch controller that enables easy and fast access to meetings, are both delivering incremental sales on top of the continued growth we're seeing from our huddle room Meetup product.

我們最近的創新，Rally（一種用於大型會議的攝影機系統）和Tap（一種可以輕鬆快速地訪問會議的一鍵式控制器），除了我們從小型會議室聚會中看到的持續增長之外，它們都帶來了增量銷售產品。

Now because of the enterprise nature of our business, our quarterly sales growth can be uneven at times, so I wouldn't expect the 60% growth rate we just saw this past quarter to continue, just like we've said in the prior quarter that the 28% growth rate in Q1 was unusually slow due to the sell-in versus sell-out dynamic of the business.

現在，由於我們業務的企業性質，我們的季度銷售成長有時可能會不平衡，因此我預計上個季度我們剛剛看到的60% 的成長率不會持續下去，就像我們在上一季所說的那樣由於業務的銷售與銷售動態，第一季 28% 的成長率異常緩慢。

This past quarter's strong growth is a clear testament to the tremendous market opportunity ahead of us to video enable all the conference rooms in the world.

上個季度的強勁成長清楚地證明了我們面前的巨大市場機會，可以為世界上所有會議室提供視訊支援。

Such momentum puts us well on track to achieve the $1 billion VC sales potential that we laid out back in our Analyst Day in March.

這種勢頭使我們有望實現 10 億美元的創投銷售潛力，正如我們在 3 月的分析師日所闡述的那樣。

Last quarter, we announced Sync beta, our device management platform.

上個季度，我們發布了 Sync beta，我們的設備管理平台。

We've had great momentum, with close to 100 companies testing and giving us feedback.

我們的勢頭強勁，已有近 100 家公司進行測試並向我們提供回饋。

We're headed to general availability by the end of the year.

我們計劃在今年年底前全面上市。

So stay tuned on that one.

所以請繼續關注這一點。

We love the videoconferencing business.

我們喜歡視訊會議業務。

It's got all the things we love in it: cloud platforms we can enable, the need for regular innovation and great design, and a breathtaking market opportunity: in this case, 100 million rooms plus.

它擁有我們喜歡的一切：我們可以啟用的雲端平台、對定期創新和出色設計的需求，以及令人驚嘆的市場機會：在這種情況下，有 1 億多個房間。

Our PC peripherals business delivered a solid quarter of 6% growth.

我們的 PC 週邊業務在本季實現了 6% 的穩健成長。

Pointing Devices grew 5% with contributions from both existing and new products.

由於現有產品和新產品的貢獻，指點設備成長了 5%。

Our MX Vertical mouse, that was released over a year ago, continued to grow double-digit, while our Pebble mouse continues to have great sales in China.

我們一年多前發布的 MX Vertical 滑鼠繼續以兩位數成長，而我們的 Pebble 滑鼠在中國繼續保持強勁銷量。

It's doing so well that we're ramping up distribution of it across the rest of Asia and even into EMEA.

它的表現非常好，我們正在加大其在亞洲其他地區甚至歐洲、中東和非洲地區的分銷力度。

Our recently introduced MX Master 3 is a redesigned version of our flagship premium mouse that one major blog -- the major blog The Verge described as "making the best mouse even better." I love that line.

我們最近推出的 MX Master 3 是我們旗艦級優質滑鼠的重新設計版本，主流部落格 The Verge 將其描述為「讓最好的滑鼠變得更好」。我喜歡那條線。

In fact, there was even a teardown of the inner workings of the MX Master, something

事實上，甚至還拆解了 MX Master 的內部運作原理，

you don't see often for just a humble mouse, but something that's common for devices like the iPhone.

這種滑鼠並不常見，但在 iPhone 等裝置上卻很常見。

This speaks to the technical and engineering prowess that our team has been able to achieve and put into our products.

這說明了我們的團隊已經實現並投入我們的產品的技術和工程實力。

Keyboards & Combos sales increased 7% in Q2, representing the seventh consecutive quarter of growth, and with growth from all 3 regions.

第二季鍵盤和組合銷售額成長 7%，連續第七個季度成長，且所有 3 個地區均成長。

Our new slim profile MX Keys wireless keyboard has received great reviews, with PC World giving it and Editor's Choice Award and calling it easily one of the best wireless keyboards.

我們的新款纖薄 MX Keys 無線鍵盤獲得了好評，《PC World》授予它編輯選擇獎，並輕鬆稱其為最佳無線鍵盤之一。

We also saw great contributions from several other new keyboards that were more limited in their distribution.

我們也看到其他幾種新鍵盤做出了巨大的貢獻，但它們的分佈更為有限。

Let me touch upon this for a moment.

讓我暫時談談這一點。

One of the important benefits of our diversified product portfolio and our global go-to-market capability is our ability to roll out new products in a limited way and see how they do.

我們多元化的產品組合和全球上市能力的重要優勢之一是我們能夠以有限的方式推出新產品並了解它們的表現。

If they resonate well with consumers, like the Pebble when it was first launched exclusively in China, then we will expand distribution to other countries.

如果它們能與消費者產生良好的共鳴，就像首次在中國獨家推出的 Pebble 一樣，那麼我們將把分銷範圍擴大到其他國家。

If the product doesn't do as well as expected, then we'll keep them in limited distribution.

如果產品的表現不如預期，那麼我們將對其進行有限的分發。

This is one of the ways we can manage the risk of our portfolio.

這是我們管理投資組合風險的方法之一。

Turning to Gaming.

轉向遊戲。

Q2 sales were up only 2%, similar to the trends we saw last quarter.

第二季銷售額僅成長 2%，與我們上季看到的趨勢類似。

We've continued tough comparison headsets, offset by double-digit growth in all our other Gaming products.

我們繼續對耳機進行嚴格的比較，但被我們所有其他遊戲產品的兩位數成長所抵消。

The headset comparisons remain tough but we do get -- but do get easier as we head into the first half of calendar 2020.

耳機的比較仍然很困難，但我們確實得到了——但隨著我們進入 2020 年上半年，確實變得更容易。

So I expect the growth momentum in Gaming to improve with more normalized compares as we exit this fiscal year.

因此，我預計，當我們退出本財年時，遊戲的成長動能將會改善，並且更加正常化。

But it's easy to miss the big picture here and that's that the underlying gaming market is thriving and sales of several of our new products are too.

但很容易忽略這裡的大局，即基礎遊戲市場正在蓬勃發展，我們的幾種新產品的銷售也在蓬勃發展。

PRO X headset with Blue VO!

附 Blue VO 的 PRO X 耳機！

CE, our G815 and G915 wired and LIGHTSPEED wireless gaming keyboards are all off to a great start.

CE、我們的 G815 和 G915 有線和 LIGHTSPEED 無線遊戲鍵盤都取得了良好的開端。

Tablet and Other Accessories declined 6% this quarter.

平板電腦和其他配件本季下降 6%。

We maintained strong growth in our education channel offset by a decline in our traditional retail business.

我們的教育管道保持強勁成長，但被傳統零售業務的下滑所抵消。

As we had anticipated last quarter, Mobile Speakers were down 24% in Q2 largely due to the timing of when we launched BOOM 3 and MEGABOOM 3 in Q2 of last year.

正如我們上季度預期的那樣，移動音箱在第二季度下降了 24%，這主要是由於我們在去年第二季推出 BOOM 3 和 MEGABOOM 3 的時間。

While the overall Mobile Speaker market remains soft, continues -- conditions appear to be stabilizing somewhat, getting incrementally neither worse nor better.

儘管整體行動揚聲器市場仍然疲軟，但情況似乎有所穩定，既沒有變得更糟也沒有變得更好。

This provides a more favorable environment for us to continue to innovate across new experiences and products as well as expand into new channels.

這為我們持續創新新體驗、新產品以及拓展新通路提供了更有利的環境。

Overall, we expect our Mobile Speaker sales to be in line with the forecasts we provided at our Analyst Day, which called for a slight decline this fiscal year.

總體而言，我們預計我們的行動揚聲器銷量將與我們在分析師日提供的預測一致，即本財年略有下降。

Audio & Wearables were up 12% with Blue Microphones growing double digits and Jaybird flattish in the quarter.

音訊和可穿戴設備增長了 12%，其中 Blue Microphones 增長了兩位數，而 Jaybird 在本季度持平。

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

現在讓我將電話轉給內特，向您介紹我們的財務指標。

Thanks, Bracken.

謝謝，布雷肯。

I'm pleased with our overall execution and the financial results we delivered.

我對我們的整體執行力和所交付的財務表現感到滿意。

We grew sales 6% to $720 million and non-GAAP operating profits grew 6% to $89 million.

我們的銷售額成長了 6%，達到 7.2 億美元，非 GAAP 營業利潤成長了 6%，達到 8,900 萬美元。

Drilling down further, we grew sales across all regions, gained share in key segments and improved gross and operating margins while investing in our strategic priorities.

進一步深入，我們增加了所有地區的銷售額，增加了關鍵細分市場的份額，並提高了毛利率和營業利潤率，同時投資於我們的策略重點。

With regards to our top line performance in Q2, overall growth was unfavorably impacted by approximately 1 point as certain U.S. customers took time to adjust to our recently implemented price increases.

就我們第二季的營收表現而言，由於某些美國客戶需要時間來適應我們最近實施的價格上漲，因此整體成長受到了約 1 個百分點的不利影響。

We saw pockets of delayed orders in a few product categories as a result of our relatively modest pricing actions.

由於我們相對溫和的定價行動，我們在一些產品類別中看到了一些延遲的訂單。

Those increases did, however, help offset some of the tariff costs.

然而，這些增加確實有助於抵銷部分關稅成本。

Moving to margins.

轉向邊緣。

Our Q2 non-GAAP gross margin improved by 80 basis points to 38.4%, the highest we have achieved since Q4 of fiscal '17.

我們第二季的非 GAAP 毛利率提高了 80 個基點，達到 38.4%，這是我們自 17 財年第四季以來取得的最高水準。

Favorable product mix and cost savings initiatives more than offset the unfavorable year-over-year impact from tariffs and currency exchange rates.

有利的產品組合和成本節約措施足以抵銷關稅和貨幣匯率帶來的不利的年比影響。

Now as we look into the back half of our fiscal year, we will see incremental tariff pressures on our gross margins as list 4A tariffs were just implemented on September 1, but they did not have a material effect on our Q2 financials.

現在，當我們展望本財年的後半段時，我們將看到我們的毛利率面臨增量關稅壓力，因為清單4A 關稅剛剛於9 月1 日實施，但它們並沒有對我們第二季度的財務狀況產生重大影響。

I expect about 1 point of margin impact sequentially in Q3 from these new tariffs net of our ongoing mitigation efforts.

我預計，扣除我們正在進行的緩解措施後，這些新關稅將在第三季對利潤率產生約 1 個百分點的影響。

Our non-GAAP operating expenses increased 7% to $187 million with sales and marketing up 9% and R&D spend up 6% as we continued to reinvest gross profit growth back into our business to capture long-term growth opportunities.

我們的非公認會計準則營運費用成長了7%，達到1.87 億美元，其中銷售和行銷支出成長了9%，研發支出成長了6%，因為我們繼續將毛利成長重新投資到我們的業務中，以抓住長期成長機會。

At the same time we maintained our G&A spending at around $20 million again this quarter.

同時，本季我們再次將 G&A 支出維持在 2,000 萬美元左右。

So with a disciplined investment strategy funded by top line growth combined with favorable product mix, we delivered another quarter of operating margin expansion while marching toward our long-term potential as a company.

因此，憑藉由營收成長和有利的產品組合提供資金的嚴格投資策略，我們實現了另一個季度的營業利潤率擴張，同時向公司的長期潛力邁進。

Now let me talk briefly about our cash flows.

現在讓我簡單談談我們的現金流。

Cash flow from operations was $107 million in Q2, a nice $22 million increase versus the prior year quarter and helped by strong inventory management.

第二季營運現金流為 1.07 億美元，與去年同期相比增加了 2,200 萬美元，這得益於強大的庫存管理。

Despite our typical inventory build into the holidays, our overall inventory balance declined $20 million versus last year and our inventory turns of 5.3x improved against 4.9x a year ago.

儘管我們通常會在假期期間增加庫存，但我們的整體庫存餘額比去年減少了 2000 萬美元，庫存週轉率比一年前的 4.9 倍提高了 5.3 倍。

Our full year cash flows tend to be heavily skewed toward the second half, and we are still targeting full year operating cash flow to roughly equal our full year non-GAAP operating profit.

我們的全年現金流往往嚴重偏向下半年，而且我們的目標仍然是全年營運現金流大致等於全年非公認會計原則營運利潤。

In terms of capital allocation, we paid out $124 million in the quarter for our annual dividend, up roughly 10% versus last year.

在資本配置方面，本季我們支付了 1.24 億美元的年度股息，比去年增長了約 10%。

And with that, I'll turn it back to Bracken.

說到這裡，我會把它轉回給布雷肯。

Thank you, Nate.

謝謝你，內特。

We just wrapped up a solid first half and are optimistic about the second half of the year as we head into the holidays.

我們剛結束了上半年的良好業績，並在假期即將來臨之際對下半年持樂觀態度。

So today, we're confirming sales growth of mid- to high single digits in constant currency and non-GAAP operating income of $375 million to $385 million.

因此，今天，我們確認以固定匯率計算的銷售額將實現中高個位數成長，非 GAAP 營業收入將達到 3.75 億美元至 3.85 億美元。

Our guidance includes the tariffs that have been implemented to date.

我們的指導包括迄今為止已實施的關稅。

And with that, Nate and I are very ready for your questions.

至此，內特和我已經準備好回答你們的問題了。

(Operator Instructions) Asiya Merchant with Citigroup.

（操作員指示）花旗集團的 Asiya 商人。

Congratulations, strong quarter given all the volatility that Bracken talked about.

恭喜，考慮到布雷肯談到的所有波動性，本季表現強勁。

So can you guys maybe talk a little bit about, as we look in the second half -- the comps, I think, get easier but then you talked about all the volatility, the recent price increases and the tariffs that are going in as well -- if you could maybe help -- give some puts and takes as you look into the second half, easier comps against all this macro and tariffs, how you guys are thinking about it, and which categories you feel most confident about as we look in the back half of the fiscal year?

所以你們能不能談談，正如我們在下半年看到的那樣——我認為，比較變得更容易，但隨後你們談到了所有的波動性、最近的價格上漲以及即將發生的關稅- 如果你能幫忙的話- 在你展望下半年時給出一些看跌期權和期權，針對所有這些宏觀和關稅的更簡單的比較，你們如何看待它，以及在我們看來，您對哪些類別最有信心在本財年後半段？

Yes.

是的。

I'll jump in first and let Nate add.

我先插話，讓內特補充。

I think in terms of our comps, I think the comp we have in Gaming is probably the one that's going to moderate, especially as we enter next fiscal year.

我認為就我們的比較而言，我認為我們在遊戲領域的比較可能會有所放緩，特別是當我們進入下一財年時。

We expect to continue to have good performance in our VC business, solid performance in our C&P business, and I think the Gaming business will be strong, especially when you net out the effect of -- the Fortnite effect from last year.

我們預計我們的創投業務將繼續取得良好的業績，我們的 C&P 業務將繼續保持穩健的業績，而且我認為遊戲業務將會強勁，尤其是當你扣除去年《堡壘之夜》效應的影響後。

Yes.

是的。

I think the key story as we enter the back half of the year is we're going to continue to manage against the currency and tariff impacts.

我認為進入今年下半年的關鍵故事是我們將繼續應對貨幣和關稅的影響。

And we're seeing more -- as you know, more tariffs will be showing up as we exit this fiscal year.

我們看到更多——如你所知，當我們退出本財年時，將會出現更多關稅。

That's not assuming yet that the 4B tariffs come through in late December, so we'll see on those.

這還沒有假設 4B 關稅會在 12 月底生效，所以我們拭目以待。

And currencies, we don't expect any big change.

至於貨幣，我們預計不會有任何重大變化。

So -- yes, I think as we go through Q3 and Q4, every quarter is different, but I don't expect this quarter to be dramatically different.

所以，是的，我認為當我們經歷第三和第四季度時，每個季度都是不同的，但我預計這個季度不會有很大的不同。

Anything you want to add there, Nate?

內特，你還有什麼要補充的嗎？

No.

不。

I think you're right.

我認為你是對的。

I mean, obviously, we're continuing to invest in our VC sales force, we have some great new product launches this last quarter in Gaming, and we're seeing continued good performance outside of headsets, but I think you laid it out correctly.

我的意思是，顯然，我們正在繼續投資於我們的風險投資銷售隊伍，我們在上個季度在遊戲領域推出了一些很棒的新產品，並且我們看到耳機之外的持續良好表現，但我認為你的佈局是正確的。

So I think the back half of the year is it really comes down to, again, just strong execution and focus on the plans that we have and delivering on those.

因此，我認為今年下半年的情況實際上取決於強大的執行力並專注於我們現有的計劃並兌現這些計劃。

Hear, hear.

聽聽，聽聽。

And then the tariff impact that you mentioned, Nate, on the gross margins, if you can help maybe clarify that more.

然後，內特，你提到的關稅對毛利率的影響，如果你能幫忙澄清一下的話。

So you're expecting 1 point negative impact in net and that is against a favorable product mix still continuing in the back half?

因此，您預計淨值會受到 1 點的負面影響，而這與下半年仍持續的有利產品組合相反？

Yes.

是的。

So if you look sequentially, Q2 to Q3, I expect about 1 point of headwind in that sequential compare, Q2 to Q3, from the tariffs that were implemented in September.

因此，如果你按順序查看第二季度到第三季度，我預計在第二季度到第三季度的連續比較中，9 月份實施的關稅將帶來約 1 個百分點的阻力。

Those really didn't have an impact on us in Q2 because they occurred later in the quarter.

這些確實沒有對我們第二季度產生影響，因為它們發生在本季晚些時候。

So we'll see some increased pressure there sequentially, Q2 to Q3, from those September tariffs.

因此，我們將看到第二季到第三季來自 9 月關稅的壓力增加。

We have plans, obviously, to try to mitigate those things but I do expect to see some of that pressure flow through into the P&L in Q3.

顯然，我們有計劃試圖減輕這些問題，但我確實希望看到一些壓力流入第三季的損益表。

And are you seeing retailers take -- how are retailers responding to the price increases?

您是否看到零售商如何應對價格上漲？

Are they sticking?

他們堅持嗎？

Are they kind of moderating their inventory?

他們是否在調節庫存？

And that's the last one for me.

這對我來說是最後一次。

Yes.

是的。

I'd say, so far, the -- our first round of price increase in the U.S. in over a decade, we saw what you would expect.

我想說，到目前為止，我們在美國十多年來的第一輪價格上漲，我們看到了你所期望的。

Some of the retailers initially balked at taking in more inventory, that affected us a little bit this quarter, but then in the end, as the market generally accepted the price increases, those retailers bought and it's -- and the business starts to come back.

一些零售商最初不願增加庫存，這對本季的我們造成了一些影響，但最終，隨著市場普遍接受價格上漲，這些零售商購買了產品，業務開始復甦。

And I think that's kind of normal in a rising price environment.

我認為在價格上漲的環境中這是正常的。

Jörn Iffert with UBS.

瑞銀集團 (UBS) 的約恩‧伊費爾特 (Jörn Ifffert)。

The first one is, please, on your guidance.

第一個是請您的指導。

When the new list on tariffs is taking place from December, is this now reflected in your guidance or do you have then to reassess your guidance with Q3 results that you will release in January?

當新的關稅清單從 12 月開始實施時，這是否已反映在您的指導下，或者您是否需要根據 1 月發布的第三季結果重新評估您的指導？

This would be the first question.

這是第一個問題。

Second question is, please, if I look on your organic sales growth, it seems more or less everything is coming from VC now.

第二個問題是，如果我看看你們的有機銷售成長，現在似乎一切都或多或少來自創投。

Do you expect this to become more balanced over the next 12 to 18 months?

您預計未來 12 到 18 個月內這種情況會變得更加平衡嗎？

And also here, a more medium-term question, if I look on your historic growth drivers, like it was tablets and it was Mobile Speaker, then it was Gaming, now it's VC, but everything slowed down at some point in time.

還有一個更中期的問題，如果我看看你們歷史上的成長動力，例如平板電腦和行動揚聲器，然後是遊戲，現在是風險投資，但一切都在某個時間點放緩。

So what makes you confident you really can maintain your high single-digit organic growth guidance in the next 1 or 2 years here?

那麼，是什麼讓您有信心在未來 1 或 2 年內確實能夠維持高單位數有機成長指引呢？

And yes, these would be the first questions, please.

是的，這是第一個問題。

Okay.

好的。

Well, that's a good list there, Jörn, nice job.

嗯，這是一份很好的清單，Jörn，幹得好。

So let me jump into the organic sales growth and the balance.

那麼讓我來談談有機銷售成長和平衡。

I think you -- we have a portfolio.

我想你——我們有一個投資組合。

We love having kind of a broad portfolio because -- both of businesses and also geographies.

我們喜歡擁有廣泛的投資組合，因為無論是業務還是地理。

We're one of the most globally dispersed companies in the world, and we're also one of the most -- we also have a really great balanced portfolio across different regions.

我們是世界上最分散的公司之一，也是最分散的公司之一，我們在不同地區也擁有非常平衡的投資組合。

So when one category is going through strong growth, others will -- might slow down but then they come back.

因此，當一個類別經歷強勁成長時，其他類別可能會放緩，但隨後又會回來。

That pattern has repeated itself over and over again across 7, almost 8 years that I've been here.

在我來這裡的七、近八年裡，這種模式一再重複著。

And so, yes, do I think it will become more balanced over time?

所以，是的，我認為隨著時間的推移它會變得更加平衡嗎？

Yes, I do, Jörn.

是的，我願意，約恩。

I think as you go through and look quarter after quarter after quarter, I think you'll see more balance in our growth.

我認為，當你一個季度又一個季度地回顧和觀察時，我想你會看到我們的成長更加平衡。

It will spread out.

它會擴散開來。

We still -- we had really nice growth in the C&P business this quarter, up 6%, right in line with the total business.

本季我們的 C&P 業務仍然取得了非常好的成長，成長了 6%，與總業務保持一致。

And I think it reflects that, boy, that business continues to be very strong and as you said, VC was super strong, Gaming is a little softer now, that will come back again, especially as you go into next year when the Fortnite effect is over.

我認為這反映出，男孩，業務仍然非常強勁，正如你所說，風險投資非常強大，遊戲現在有點軟了，這種情況會再次回來，特別是當你進入明年《堡壘之夜》效應時結束了。

So as you look out a little further, the Tablet/Mobile Speaker dynamic has -- we've seen this before.

因此，當你看得更遠時，平板電腦/行動揚聲器的動態已經——我們之前已經看到過這一點。

We've seen different categories slow down, other categories pick up steam.

我們看到不同類別的成長放緩，而其他類別則加速成長。

We're always looking at new categories, both organic and inorganic.

我們一直在尋找新的類別，包括有機的和無機的。

So this is all contemplated in our long-term targets of upper single-digit growth.

因此，這一切都在我們實現高個位數成長的長期目標中得到考慮。

So do I expect to be able to continue to deliver that?

那我期望能夠繼續提供這項服務嗎？

Yes, I do.

是的，我願意。

In terms of the list 4B tariffs that you talked about in December, we never incorporate those in until they're officially confirmed.

就您在 12 月談到的 4B 清單關稅而言，在正式確認之前我們不會將其納入其中。

So they're not reflected in our guidance.

所以它們沒有反映在我們的指導上。

Our job is to go in and really try to figure out how can we offset any of those things, and we're certainly looking at -- looking out now and saying "Okay, what's the take?" How might we do that?

我們的工作是深入研究並真正嘗試找出如何抵消這些因素，我們當然正在考慮 - 現在向外看並說“好吧，該怎麼辦？”我們怎樣才能做到這一點？

Pricing, relocations, straight cost reductions.

定價、搬遷、直接成本降低。

So far they're not in, but we'll certainly be after it if they do get implemented.

到目前為止，它們還沒有加入，但如果它們得到實施，我們肯定會追隨它。

Yes, I agree, Bracken.

是的，我同意，布雷肯。

And since they're being implemented -- if they were implemented as, I guess, currently communicated in middle of December, it would not have an impact really on our Q3 P&L.

由於它們正在實施——我想，如果它們按照目前在 12 月中旬傳達的那樣實施，它不會對我們第三季的損益產生真正的影響。

We may look to pull in some inventory ahead of that to try to offset cost increases.

我們可能會考慮在此之前引入一些庫存，以抵消成本增加。

So we may see a little bit of inventory build ahead of that.

因此，我們可能會在此之前看到一些庫存增加。

But otherwise, really no P&L impact expected in Q3.

但除此之外，預計第三季實際上不會對損益產生影響。

Okay.

好的。

And maybe just a last question on M&A.

也許只是關於併購的最後一個問題。

Is it likely that we maybe see a -- really a new growth category you potentially will acquire, which can be a similarity to kind of VC or Gaming in its early years?

我們是否可能會看到一個真正的新增長類別，這可能與早期的風險投資或遊戲類似？

Yes.

是的。

Jörn, we're always looking at M&A, and we're also always working organically on new categories.

Jörn，我們一直在考慮併購，而且我們也一直在新類別上進行有機合作。

So we've got 5 to 10 seeds at a time in development internally that most of which you don't know about and we don't share publicly, and many of which don't get out the door in a -- over a 6- to 12-month time frame.

因此，我們一次會在內部開發 5 到 10 個種子，其中大部分是你不知道的，我們也不會公開分享，而且其中許多種子在一段時間內都沒有走出大門。範圍。

So that's why we don't share them.

這就是為什麼我們不分享它們。

And in M&A, we're always looking.

在併購中，我們一直在尋找。

So we've always got targets out there, and I'm completely dodging your question.

所以我們總是有目標，而我完全迴避你的問題。

So there you go.

所以就這樣吧。

Paul Chung with JPMorgan.

摩根大通的保羅鐘（Paul Chung）。

So first up on Video Collaboration, it looks like you're seeing pretty nice return on your -- expanding your sales team.

因此，首先在視訊協作方面，您似乎在擴大銷售團隊方面看到了相當不錯的回報。

So where are we in that kind of expansion of your sales force?

那麼，我們在銷售隊伍的擴張中處於什麼位置呢？

And how should we think about kind of the pace of OpEx spending there?

我們應該如何考慮那裡的營運支出支出的速度？

And then secondly, are you starting to see better traction for some of your higher ASP products?

其次，您是否開始看到一些更高 ASP 產品的吸引力更大？

And how are you kind of gaining share from your existing players there?

你們如何從現有玩家身上獲得份額？

And then I have a follow-up.

然後我有一個後續行動。

Yes.

是的。

I'd say in terms of what's our investment in our sales force, where are we, I would view that as a work in progress.

我想說的是，就我們對銷售團隊的投資而言，我們在哪裡，我認為這是一項正在進行的工作。

We're going to keep investing and keep building, and we're certainly nowhere near finished but we have -- as you said, we've made a lot of progress.

我們將繼續投資並繼續建設，我們當然還遠未完成，但我們已經——正如您所說，我們已經取得了許多進展。

So we feel good about the investments we're making, and they're going to -- we're going to keep investing.

因此，我們對我們正在進行的投資感到滿意，而且我們將繼續投資。

How to put a point in time on that?

如何確定一個時間點呢？

Yes, I'd say it would be hard to say we're certain percentage done because we're certainly -- we view this as a long-term investment trend, and we're going to keep going.

是的，我想說，很難說我們已經完成了一定的百分比，因為我們確實將其視為長期投資趨勢，我們將繼續前進。

Now in terms of traction in our higher ASP products, we continue to see -- Rally, for example, had a really strong quarter, so did Tap, both of which are pretty high ASP products, and those are medium-sized to large huddle rooms, and Meetup continues to do super well, too.

現在，就我們較高ASP 產品的吸引力而言，我們繼續看到——例如，Rally 的季度表現非常強勁，Tap 也是如此，這兩款產品的ASP 都相當高，而且都是中型到大型的產品房間，Meetup 也持續表現出色。

So I'd say broadly -- and by the way, all those are really high ASP products for little old Logitech who sells a lot of mice.

所以我想說的是，順便說一句，對於銷售大量滑鼠的小老羅技來說，所有這些都是真正的高 ASP 產品。

So we love the whole category, and certainly within that subcategory, Video Collaboration, the higher-end products are doing well.

所以我們喜歡整個類別，當然在視訊協作這個子類別中，高端產品表現良好。

I think on top of that, too, I'd add, just look at some of the customer metrics that we're now able to track related to that VC business.

我想最重要的是，我還要補充一點，只需看看我們現在能夠追蹤的與創投業務相關的一些客戶指標。

We are seeing deeper penetration into some of our installed base accounts.

我們看到我們的一些已安裝基礎帳戶的滲透率越來越高。

We're able to expand and work strategically with them to add some of those higher-end products and those larger solutions.

我們能夠擴展並與他們進行策略性合作，以添加一些更高端的產品和更大的解決方案。

So very nice favorable trends in that respect as well.

在這方面也有非常好的有利趨勢。

Okay.

好的。

Great.

偉大的。

And then my last question is on Streamlabs.

我的最後一個問題是關於 Streamlabs 的。

So I know you mentioned it's not going to be material in fiscal year '20.

所以我知道你提到這在 20 財年不會有重大影響。

I read somewhere they have around 1.6 million users and 480,000 mobile users.

我在某處讀到他們有大約 160 萬用戶和 48 萬行動用戶。

But can you just help us kind of frame the opportunity here and the rationale behind the acquisition?

但您能幫我們建構一下這裡的機會以及收購背後的理由嗎？

And then how can you kind of scale that existing user base?

那麼如何擴展現有的用戶群呢？

What's the kind of revenue potential and margin impact?

收入潛力和利潤影響如何？

Then what are your kind of expectations for kind of cross-selling some of the -- your existing products?

那麼您對交叉銷售某些現有產品有何期望？

And then lastly, is there kind of a shift in your acquisition strategy?

最後，您的收購策略是否有某種轉變？

Is there a preference now to kind of find smaller software tuck-ins that are potentially more accretive to gross margins?

現在是否傾向於尋找更小、更能增加毛利率的軟體？

Thanks, Paul.

謝謝，保羅。

That's a great one.

那真是太棒了。

Thank you for offering that question because we wanted to talk about it.

感謝您提出這個問題，因為我們想討論這個問題。

Yes, we're super excited about Streamlabs.

是的，我們對 Streamlabs 感到非常興奮。

It's the first sizeable acquisition we've done that is -- that really has no hardware component at all.

這是我們所做的第一次大規模收購——實際上根本沒有任何硬體組件。

And I think if you say, "How does that strategically fit into what we're doing?" It's really a direct hit.

我想如果你說，“這在戰略上如何適應我們正在做的事情？”真是直接打擊啊。

If you look at what we're doing from a broadcasting and streaming perspective, we make the webcams, we now have the microphones, even keyboards and mice that are used by streamers to put themselves out there.

如果你從廣播和串流媒體的角度來看我們正在做的事情，我們製造網路攝像頭，我們現在擁有麥克風，甚至是串流媒體用來展示自己的鍵盤和滑鼠。

And what this is, this is the layer that sits between the streamer or between the podcaster and Twitch or any of the other platforms that people are using.

這是位於串流媒體或播客與 Twitch 或人們正在使用的任何其他平台之間的層。

So it's a really, really cool addition to our business and a way for us to expand into services.

因此，這對我們的業務來說是一個非常非常酷的補充，也是我們擴展到服務領域的一種方式。

And as you said, there are millions of people using this platform.

正如你所說，有數百萬人使用這個平台。

So it's very -- it was really a great opportunity.

所以這確實是一個很好的機會。

In terms of cross-selling, et cetera, early days.

在交叉銷售等方面，早期。

We haven't even closed the acquisition yet.

我們甚至還沒有完成收購。

I hope that happens in the next few days, but we're just about there, but we'll see.

我希望這會在接下來的幾天內發生，但我們就在那裡，但我們拭目以待。

I think the key is to make sure that that business is successful.

我認為關鍵是確保該業務成功。

And I think the way that business is successful is by enabling people to either have that lifestyle experience of streaming or to actually generate some income or revenue or even a job out of it.

我認為商業成功的方式是讓人們要麼擁有串流媒體的生活方式體驗，要麼真正從中產生一些收入或收入，甚至一份工作。

And that's what those guys are doing today.

這就是那些人今天所做的事。

We want to keep enabling them, and their geographic dispersion continues to be an opportunity we think, as does just the sheer number of people doing them and even that we see other growth opportunities as well I won't get into here.

我們希望繼續為它們提供支持，我們認為它們的地理分佈仍然是一個機會，就像做這些事情的人數一樣，即使我們還看到其他成長機會，我也不會在這裡討論。

So I'm optimistic about it.

所以我對此持樂觀態度。

I'm excited about it.

我對此感到很興奮。

It's hard for us to dimensionalize.

我們很難維度化。

You mentioned it, yes, the gross margins there are significantly higher than our core business.

你提到了，是的，那裡的毛利率明顯高於我們的核心業務。

So that's pretty cool too.

所以這也很酷。

And I think you will hear more from us over time on this business and others like it.

我認為，隨著時間的推移，您會從我們這裡聽到更多關於這項業務和其他類似業務的資訊。

Jürgen Wagner with MainFirst Bank.

MainFirst 銀行的尤爾根·瓦格納 (Jürgen Wagner)。

You gave us the gross margin hit from the additional tariffs.

您向我們提供了額外關稅對毛利率的影響。

What would the gross margin impact for the remainder of this fiscal year be from FX if the U.S. dollar versus euro stays where it is today?

如果美元兌歐元維持目前的水平，外匯對本財年剩餘時間的毛利率有何影響？

And a follow-up question on M&A and organic growth.

以及關於併購和有機成長的後續問題。

We see that assets with larger focus on enterprise solutions have become a bit cheaper over the last year or so.

我們發現，在過去一年左右的時間裡，更重視企業解決方案的資產變得更便宜。

At what point would you consider buying into the enterprise space to reaccelerate your organic growth that's coming down currently?

您會在什麼時候考慮收購企業領域以重新加速目前正在下降的有機成長？

Okay.

好的。

Let me answer that first and then we'll -- I'll let Nate dig into the FX question.

讓我先回答這個問題，然後我們——我會讓 Nate 深入探討外匯問題。

We look at a very broad range of targets, categories we're in today, categories we're not publically in today.

我們著眼於非常廣泛的目標、我們今天所處的類別以及我們今天沒有公開的類別。

And that would include enterprise -- the enterprise space.

這將包括企業——企業空間。

We love the enterprise space, as you know.

如您所知，我們熱愛企業空間。

I mean it's pretty clear from our results over the last couple of years that it's an area we believe in, we're investing in, and we're learning a lot from and building capability in, both from a technology standpoint and also from a go-to-market standpoint.

我的意思是，從我們過去幾年的業績中可以清楚地看出，這是一個我們相信的領域，我們正在投資，我們正在從中學習和建立能力，無論是從技術角度還是從技術角度來看。

So absolutely, we would consider additional M&A in that space.

因此，我們絕對會考慮在該領域進行更多併購。

But we continue to be excited about the consumer business.

但我們仍然對消費者業務感到興奮。

There are more and more spaces we feel like are relevant to us, and the latest one we've talked about is broadcasting and streaming.

我們覺得越來越多的空間與我們有關，我們談論的最新空間是廣播和串流媒體。

So let's -- that's a cool opportunity for us, a little bit like Gaming probably was a few years ago.

所以，這對我們來說是一個很酷的機會，有點像幾年前的遊戲產業。

And we're excited about that, too.

我們也對此感到興奮。

Now as for the FX, you want to jump into that one, Nate?

現在說到 FX，您想跳進其中嗎，Nate？

Sure.

當然。

Jürgen, was your question on gross margin?

Jürgen，您的問題是關於毛利率的嗎？

Yes.

是的。

Sorry.

對不起。

Yes.

是的。

FX is about $10 million a quarter year-over-year impact for us at current exchange rates.

以當前匯率計算，外匯對我們每季的年比影響約為 1,000 萬美元。

Ananda Baruah with Loop Capital.

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

Just a couple from me.

只是我的一對。

Just from a macro perspective, Bracken, you guys -- you obviously sound pretty confident about the tempo of the business.

僅從宏觀角度來看，布雷肯，你們——顯然你們對業務的節奏非常有信心。

You also mentioned, just opening the call, ongoing macro headwinds.

您還在通話開始時提到了持續的宏觀逆風。

Have you seen or experienced -- do you feel like you're experiencing anything incremental over the last 90 days with regards to macro impact?

您是否看到或經歷過—您是否覺得在過去 90 天內您正在經歷任何關於宏觀影響的增量？

And just in doing the calculations it seems that the Q-over-Q growth, sequential revenue growth in September, wasn't as strong as the last couple of years.

僅僅在計算中，九月的環比增長、環比收入增長似乎不像過去幾年那麼強勁。

And so is there anything to that or is that just sort of a business -- sort of mix dynamics like that?

那麼這有什麼關係嗎？

I have a couple of follow-ups, too.

我也有一些後續行動。

Okay.

好的。

I'm going to let Nate respond to that second one.

我將讓內特回應第二個問題。

I would say in terms of the incremental macro, no, I don't think there's anything really significant that you don't know about.

我想說的是，就增量宏觀而言，不，我認為沒有什麼真正重要的事情是你不知道的。

I mean -- so the tariff changes are kind of what you'd expect.

我的意思是——所以關稅變化是你所期望的。

I don't think from a macroeconomic environment, we see any real difference over the last 90 days.

我認為從宏觀經濟環境來看，過去 90 天我們沒有看到任何真正的差異。

I think it's very similar.

我認為非常相似。

A lot of people are talking about recession, recession, recession.

很多人都在談論經濟衰退、經濟衰退、經濟衰退。

We're -- we view ourselves as kind of a recession-resistant company because of the fact that we've either got products that are really relatively low-priced and they're good escapes or are good to make you more productive at home or anywhere else you are, or they actually help you avoid needing to travel so much and you can save money if you're a company.

我們認為自己是一家能夠抵抗經濟衰退的公司，因為我們要么擁有價格相對較低的產品，它們是很好的逃避方式，要么有助於提高您在家的工作效率或您所在的任何其他地方，或者它們實際上可以幫助您避免頻繁出差，如果您是一家公司，您可以省錢。

So I don't know whether there will be a recession.

所以我不知道是否會出現衰退。

At some point, surely, there will be.

在某個時候，一定會有。

But we're -- we feel really good about our business in that context if it were to come.

但我們——如果這種情況發生的話，我們對我們的業務感覺非常好。

And I think regarding the seasonality, I think you've got to come back to just some of the product dynamics with extremely strong Gaming growth in the prior year and what that did to sort of disrupt what you might call "typical sequential growth rates." New product introductions also get into your baseline.

我認為關於季節性，我認為你必須回到前一年遊戲增長極其強勁的一些產品動態，以及這對你所謂的“典型的連續增長率”的影響。新產品的推出也會進入你的基準。

So you have some of those impacts.

所以你會產生一些影響。

I think this quarter was roughly in line with what we expected, again, other than VC probably just being a little bit stronger than what we had in our models.

我認為本季度大致符合我們的預期，再次，除了風險投資可能只是比我們模型中的情況稍強一些。

But again, that was somewhat just offsetting Q1 being a little bit slower just because of the timing of sell-in versus sell-out in that business.

但同樣，這在某種程度上只是抵消了第一季的放緩，因為該業務的賣出和賣出時間不同。

But I didn't see anything really sequentially that looked -- that was surprising to me.

但我沒有看到任何真正連續的東西——這讓我感到驚訝。

Okay.

好的。

That's great and helpful context.

這是一個很棒且很有幫助的背景。

And then just moving over to Gaming real quick.

然後很快就轉向遊戲。

You guys -- Bracken, just bigger picture, you clearly sound as enthusiastic as you have in the past about the market opportunity.

你們——Bracken，從更大的角度來看，你們顯然和過去一樣對市場機會充滿熱情。

Just for fiscal '20 -- and you sound sort of enthusiastic about the second half and the ramping into fiscal '21.

就 20 財年而言，您聽起來對下半年以及進入 21 財年充滿熱情。

Just for fiscal '20, do you feel that the market -- that the Fortnite effect is having a greater impact, just a greater headwind than you anticipated?

就20財年而言，您是否認為市場－《要塞英雄》效應正在產生更大的影響，只是比您預期的阻力更大？

Or do you think that you get back up into that forecasted range or there's at least potential to as you go through the second half of the year?

或者您認為下半年會回到預測範圍嗎？

Yes.

是的。

Well, I think the Fortnite effect was huge.

嗯，我認為《要塞英雄》的影響是巨大的。

I mean it really was.

我的意思是確實如此。

If you look at any of our -- any of the quarters we've had kind of when you add the 2 years together, it looks like a more normalized growth rate.

如果你看看我們的任何一個季度，當你把這兩年加在一起時，它看起來像是一個更正常化的成長率。

But it certainly was a big effect.

但這確實產生了很大的影響。

And I'd say it was strong, I mean really strong.

我想說它很強大，我的意思是非常強大。

The good thing about that is that I always feel like, I always love it when you have a hard compare because that means you're going to emerge from that and then the compares get easier.

這樣做的好處是，我總是覺得，當你進行艱難的比較時，我總是喜歡它，因為這意味著你將從中脫穎而出，然後比較就會變得更容易。

We're pretty close to that.

我們已經非常接近了。

So I think as we go into fiscal year 2020, I'm excited about the fact that we had that compare this year and we won't have it next year.

因此，我認為，當我們進入 2020 財年時，我很高興我們今年進行了這種比較，而明年我們將不會進行這種比較。

And as you said, I am really optimistic, Ananda, about the long-term secular growth trend here.

正如你所說，阿南達，我對這裡的長期長期成長趨勢非常樂觀。

I don't think -- I don't see anything about this that's not going to continue.

我不認為——我看不出有什麼事情不會繼續下去。

We get calls every day or almost every day -- every few days either get calls or letters from somebody who's interested in putting their gaming program into a high school or into a university or a small college.

我們每天或幾乎每天都會接到電話 - 每隔幾天就會收到有人的電話或信件，他們有興趣將他們的遊戲項目放入高中或大學或小型學院。

And I think that bodes well.

我認為這是個好兆頭。

It just says that the fundamental engine here continues to grow and drive and young people are coming into gaming as a sport.

它只是表明這裡的基本引擎繼續增長和驅動，年輕人正在將遊戲作為一項運動。

Okay.

好的。

Great.

偉大的。

And I guess let me ask a bigger picture one, Bracken.

我想讓我問一個更大的問題，布雷肯。

Do you feel any differently about the Gaming opportunity than you did at the start of this year?

您對遊戲機會的看法與今年年初相比有什麼不同嗎？

No.

不。

No.

不。

I really don't.

我真的不知道。

I feel exactly the same.

我的感覺完全一樣。

I think it's just a great opportunity for us and for a lot of other companies.

我認為這對我們和許多其他公司來說都是一個很好的機會。

Okay.

好的。

Great.

偉大的。

I have one last bigger-picture strategic question.

我還有最後一個更宏觀的戰略問題。

Really, sort of Streamlabs is a part that fits into this and just kind of broader Unified Communications as a service, UCaaS.

實際上，Streamlabs 是適合這一點的一部分，也是更廣泛的統一通訊即服務 UCaaS。

So as distinct from -- a little bit distinct from what -- sort of what took place at Plantronics last year, any way you could give us context around what the potential or the opportunity is to develop more of a service offerings aspect of the portfolio?

因此，與去年 Plantronics 發生的情況不同，您可以以任何方式向我們提供有關開發更多產品組合的服務產品方面的潛力或機會的背景資訊？

Streamlabs is a toe in the water there.

Streamlabs 已經涉足其中。

But services like that could become increasingly very large.

但這樣的服務可能會變得越來越龐大。

Unified Communication -- UCaaS is obviously service, kind of, bent oriented.

統一通訊－UCaaS 顯然是一種以服務為導向的服務。

What's the appetite to kind of dip into that pond as you go forward?

當你繼續前進時，有什麼興趣跳進那個池塘？

Whether it's those or others that we're not aware of yet as you evolve the model?

在您改進模型時，我們是否還沒有意識到這些或其他內容？

Yes.

是的。

You know, I think the -- from a -- the Streamlabs is a consumer service opportunity and Synch, S-Y-N-C-H, is a B2B service opportunity that we're -- part of a B2B service opportunity that we're really starting now where you can actually track and monitor conference room equipment or a conference room activity.

你知道，我認為 Streamlabs 是一個消費者服務機會，而 Synch，S-Y-N-C-H 是一個 B2B 服務機會，我們現在真正開始的 B2B 服務機會的一部分可以實際追蹤和監控會議室設備或會議室活動。

And we think that's a place that we can and should be playing.

我們認為這是一個我們可以而且應該打球的地方。

I don't want to overset expectations.

我不想超越期望。

I think we're going to do this at the right pace as we build capability, both organically and inorganically, as you saw with Streamlabs.

我認為，正如您在 Streamlabs 中看到的那樣，我們將在有機和無機能力建設過程中以正確的速度做到這一點。

But I do think building a service opportunity inside of our business on the back of a very strong, continued hardware capability is in our future, Ananda, and you can expect more from us there.

但我確實認為，在非常強大、持續的硬體能力的支持下，在我們的業務內部建立服務機會是我們的未來，阿南達，你可以對我們有更多的期望。

Michael Foeth with Vontobel.

麥可·福斯和馮托貝爾。

A few questions from my side.

我這邊有幾個問題。

The first one is regarding your VC business again.

第一個是關於你的創投業務。

Can you maybe comment on how your visibility is on the sales development in VC and how that differs from the rest of your portfolio?

您能否評論一下您對創投銷售發展的可見度以及這與您投資組合的其他部分有何不同？

And the second question would be, maybe if you can give us a general initial comment on how you see channel inventories going into the holiday season?

第二個問題是，也許您可以就您如何看待假期季節的通路庫存向我們提供一般性的初步評論？

How is it building up?

建設進度如何？

Have you already seen a lot?

你是不是已經看過很多了？

I mean I think that the sell-in and sell-through data that you're showing is not suggesting any significant inventory building yet.

我的意思是，我認為您所顯示的銷售和售出數據並未表明存在任何重大的庫存建設。

And then the third and final question would be regarding tariff mitigation measures.

第三個也是最後一個問題是關於關稅減免措施。

You have mentioned price increase, obviously, but are there any other specific measures that you have taken during the quarter that you can comment on?

顯然，您提到了價格上漲，但是您在本季度採取了其他具體措施嗎？

Yes.

是的。

So let's go through those.

讓我們來看看這些。

I'm going to let -- I'll let Nate talk about the channel inventory, but I think you generally described it correctly.

我會讓 - 我會讓 Nate 談談渠道庫存，但我認為你的描述總體上是正確的。

I don't think you see a big impact there.

我認為你不會看到很大的影響。

In terms of tariff mitigation, we mentioned this before.

關於降低關稅，我們之前提到過。

Within the quarter, we are relocating some manufacturing.

在本季度內，我們正在搬遷一些製造工廠。

We continue to drive our costs very hard down.

我們繼續努力降低成本。

I mean I'm personally impressed by -- and I hate -- I don't usually pat us at the back in public, but I'm personally impressed by our ability to manage gross margins in the context of both currency and tariffs.

我的意思是，我個人印象深刻——而且我討厭——我通常不會在公共場合拍拍我們的背，但我個人對我們在貨幣和關稅方面管理毛利率的能力印象深刻。

So I think we've done a really nice job of -- and our team has done a really nice job of relocating the right things and doing it quickly and doing it well, so there's no hiccup in supply.

所以我認為我們做得非常好——而且我們的團隊在重新定位正確的東西、快速完成、做得很好方面做得非常好，所以供應方面沒有出現任何問題。

But I think that's been good.

但我認為這已經很好了。

We -- as we said, in July, we -- end of July, we implemented the first pricing we have in a decade, very long time in the U.S. We've done pricing around different parts of the world.

正如我們所說，在七月，我們在七月底，我們在美國實施了十年來很長一段時間以來的首次定價。

So I don't want to overstate the difficulty factor.

所以我不想誇大難度因素。

We know what we're doing, and we're ready do it again as we need to.

我們知道我們在做什麼，我們已經準備好根據需要再次這樣做。

VC visibility.

創投的知名度。

VC does have a little better visibility than our core business in a way because we use sales force like everybody else in the enterprise space, and so we have a little better picture of the activity that's coming.

在某種程度上，創投確實比我們的核心業務有更好的可見性，因為我們像企業領域的其他人一樣使用銷售人員，因此我們對即將發生的活動有更好的了解。

And so that gives us a channel -- or a sort of profile of the way sales are developing.

因此，這為我們提供了一個管道，或者說是一種銷售發展方式的概況。

And I think you'll see -- we'll see that improve -- our ability to look into the future will improve over time as we spent more years in this business, but it's -- I'd say, it's a little bit better, and we're optimistic about that.

我想你會看到——我們會看到這種改進——隨著時間的推移，我們展望未來的能力將會提高，因為我們在這個行業花了更多年的時間，但是——我想說，這是一點點更好，我們對此持樂觀態度。

I mean I think the future of VC is -- I mean I've probably said enough about that today, but the future of video inside of all companies is bright.

我的意思是，我認為創投的未來是——我的意思是我今天可能已經說得夠多了，但所有公司內部影片的未來都是光明的。

And our -- and by building a sales force, building capability in the go-to-market structure, we're going to get better and better visibility into where those best opportunities are and exactly what you can expect from us quarter-over-quarter.

And our -- and by building a sales force, building capability in the go-to-market structure, we're going to get better and better visibility into where those best opportunities are and exactly what you can expect from us quarter-over-四分之一.

We don't guide quarter-over-quarter but -- and we'll -- we have better visibility than we have in the past already.

我們不會逐季度進行指導，但我們會比過去擁有更好的可見度。

Can you maybe just quantify how many months visibility do you have?

您能否量化一下您有多少個月的可見度？

I wouldn't -- I'd be hesitant to do that.

我不會——我會猶豫是否要這麼做。

We haven't talked about that in the past but I'd say that our visibility is getting better and better, as you would expect, with more time in the business.

我們過去沒有談論過這一點，但我想說，正如您所期望的，隨著我們在業務上投入的時間越來越多，我們的知名度越來越好。

Thomas Forte with D.A. Davidson.

福特 (Thomas Forte) 與 D.A.戴維森。

I just wanted to come back to the Gaming business.

我只是想回到遊戲產業。

Can you talk about the product life cycle in the Gaming segment for headsets and other segments in the category and how you're anticipating the effects of the Gaming segments as the new consoles are expected to roll out in the back half of next year?

您能否談談耳機遊戲領域和該類別其他領域的產品生命週期，以及隨著新遊戲機預計將於明年下半年推出，您如何預測遊戲領域的影響？

Yes.

是的。

So first of all, I think the product life cycle in Gaming is faster than, obviously, it is in our C&P business, and we've launched several good headsets just recently, the new Pro Wireless, which is a really, really cool product.

首先，我認為遊戲領域的產品生命週期顯然比我們的 C&P 業務要快，而且我們最近推出了幾款不錯的耳機，新的 Pro Wireless，這是一款非常非常酷的產品。

And I think you're going to see a lot more activity in that space, and I would expect that to -- I would expect that you'll continue to see a ramp in activity in the -- in all areas of Gaming as time goes on, but particularly in the headset space.

我認為你會在這個領域看到更多的活動，我預計隨著時間的推移，你會繼續看到遊戲所有領域的活動呈上升趨勢仍在繼續，但尤其是在耳機領域。

In terms of the console cycle, I think it remains to be seen.

就主機週期而言，我認為還有待觀察。

The console refreshes are coming.

控制台刷新即將到來。

In the past, the console refreshes came with no compatibility to past products.

過去，控制台更新與過去的產品不相容。

This time, that's different.

這次，情況有所不同。

So I'd say that bodes kind of -- that's a good counterweight to the normal trend, which would be that you have a lower sales rate in console as the new console comes in.

所以我想說，這預示著——這是對正常趨勢的一個很好的平衡，即隨著新遊戲機的推出，遊戲機的銷售率會降低。

So this time though, the -- since you've got backward compatibility, I think it may be different.

所以這一次，因為你有向後相容性，我認為它可能會有所不同。

So anyway, the bottom line is, I think our overall headset business will improve as we go through the -- especially in the first half of next year, and our overall Gaming business will improve after we escape from those Fortnite compares.

所以無論如何，底線是，我認為我們的整體耳機業務將會隨著我們的經歷而改善——尤其是在明年上半年，而在我們擺脫《堡壘之夜》的比較後，我們的整體遊戲業務將會改善。

(Operator Instructions) Nehal Chokshi with Maxim Group.

（操作員說明）Nehal Chokshi 與 Maxim Group。

So nice results, and I was wondering of the constant currency growth that you're seeing, how much of that was due to the price increases that you guys were able to implement successfully?

如此好的結果，我想知道你們所看到的貨幣持續成長，其中有多少是因為你們能夠成功實施的物價上漲所致？

I'm not sure that I would attribute anything really to the price increases per se.

我不確定我是否會將任何事情真正歸因於價格上漲本身。

You know, you assume kind of an elasticity of one to one, it's probably pretty flat.

你知道，你假設彈性是一對一的，它可能非常平坦。

I'd say the constant currency growth is really just almost purely organic and not related to price increases.

我想說的是，貨幣的持續成長實際上幾乎是純粹的有機成長，與價格上漲無關。

And in fact, as I mentioned earlier, I actually saw about a 1 point unfavorable impact just as some of our customers did delay some purchases and sort of used their existing channel inventories in the quarter.

事實上，正如我之前提到的，我實際上看到了大約 1 個百分點的不利影響，就像我們的一些客戶確實推遲了一些採購並在本季度使用了他們現有的通路庫存一樣。

So I think there was actually a little bit of headwind.

所以我認為實際上存在一些阻力。

But as tariff -- as Bracken mentioned, I think the price increase actually went about as we expected and it did help offset some of the cost increase.

但就關稅而言，正如布雷肯所提到的，我認為價格上漲實際上符合我們的預期，並且確實有助於抵消部分成本上漲。

So that 1 point impact that you saw, Nate, that implies in the price elasticity less than 1.0 then?

Nate，您看到的 1 點影響意味著價格彈性小於 1.0？

It varied a lot by product, I would say, based on the magnitude of the price increase and by the different products sold by the customer.

我想說，根據價格上漲的幅度以及顧客銷售的不同產品，不同產品的價格差異很大。

But I'll jump in, I think what Nate was referring to was less about elasticity in pricing and more about channel impact.

但我會插話，我認為內特所指的不是定價彈性，而是通路影響。

So you had -- you have customers who just don't buy.

所以你有－你的客戶就是不購買。

They don't like the look of the new pricing in the beginning.

他們一開始不喜歡新定價的外觀。

It happens every time we do this anywhere in the world.

每當我們在世界任何地方這樣做時，都會發生這種情況。

And then after a period of digestion, where the markets change and the prices are starting to lift in the market, then they come back in.

然後經過一段時間的消化，市場發生變化，市場價格開始上漲，然後它們又回來了。

And so it's not really an elasticity question.

所以這其實並不是一個彈性問題。

It's more of a channel inventory temporary impact question, and that's largely on its way to mitigating right out.

這更多的是一個渠道庫存暫時影響的問題，而且這在很大程度上正在緩解。

And I think also to just the uncertainty sometimes around these tariffs, right?

我認為有時這些關稅也存在不確定性，對嗎？

It's in the news quite often as I think you have some customers who may be willing to wait a little bit and see if maybe things will turn in their favor and then they can buy again at lower prices.

這種情況經常出現在新聞中，因為我認為有些客戶可能願意等一下，看看情況是否會對他們有利，然後他們可以以更低的價格再次購買。

So lots of dynamics.

如此多的動態。

Right.

正確的。

Understood.

明白了。

And presuming that the tariffs don't go away, when -- how long does it usually take for the customers to accept the new prices and say okay, let's go ahead and order?

假設關稅不會消失，那麼客戶通常需要多長時間才能接受新價格並說好吧，讓我們繼續訂購？

Yes.

是的。

Most take that right away.

大多數人都會立即接受。

There are a few that will slow down or stop buying some products and then over the 30, 60, 90 days, it gets back to a normalized buying level.

有些人會放慢或停止購買某些產品，然後在 30、60、90 天內恢復到正常的購買水準。

And I think we're on our way there.

我想我們正在朝著這個目標前進。

We're not quite there yet, but probably sometime in Q3 we'll be 100% there.

我們還沒有完全實現這一目標，但可能在第三季的某個時候我們將 100% 實現這一目標。

Yes.

是的。

Okay.

好的。

And then can you actually give a little bit of color as far as what was the magnitude of the price increases to offset the tariffs?

那麼能否具體說明抵銷關稅的價格上漲幅度是多少？

It's -- because of the competitive environment we're in, I'm a little hesitant to do that in any level, but we didn't fully reflect tariff pricing in here at all and -- but we put in the level that we thought was reasonable, and I'll stop at that.

這是 - 由於我們所處的競爭環境，我對在任何級別上這樣做都有點猶豫，但我們在這裡根本沒有完全反映關稅定價 - 但我們輸入了我們認為的水平我的想法很合理，我就到此為止。

Understood.

明白了。

All right.

好的。

So Gaming has been flat year-over-year, which is actually incredibly impressive given the really tough compares.

因此，遊戲業務同比持平，考慮到非常艱難的比較，這實際上令人印象深刻。

I think you guys have a pretty good view into what does the installed base actually look like in terms of growth.

我認為你們對安裝基礎在成長方面的實際情況有很好的了解。

Could you share your perspective as far as what's the Gaming accessory installed base growth rate over the past 6 months?

您能否分享一下您對過去 6 個月遊戲配件安裝基數成長率的看法？

Yes.

是的。

I'm not sure what the installed base growth rate would be at.

我不確定安裝基數成長率是多少。

I think the underlying growth rate though, if you take the headset business out, we're still growing double-digits in all 3 categories in the -- all the categories of Gaming outside of that.

我認為，如果剔除耳機業務，我們的潛在成長率仍然在所有 3 個類別中實現兩位數成長——除此之外的所有遊戲類別。

So that suggests pretty strongly that the installed base continues to grow around the world, and I'm quite sure that it does.

因此，這非常強烈地表明，世界各地的安裝基礎繼續增長，而且我很確定它確實如此。

And I imagine you can expect that to continue.

我想你可以期待這種情況繼續下去。

Now the opportunity, big opportunity right now is the fact that we sold so many headsets, and probably first-time gamer headsets, last year that there's an opportunity to upgrade those headsets over the next couple of years and that's why we launched premium headsets this year.

現在的機會，現在的巨大機會是，去年我們售出瞭如此多的耳機，可能還包括初次遊戲玩家的耳機，因此我們有機會在未來幾年內升級這些耳機，這就是我們今年推出優質耳機的原因年。

And I think you'll -- we'll start to see those take hold as we go into the -- especially into next year.

我認為，當我們進入時，尤其是明年，我們將開始看到這些措施紮根。

But they're doing well right out of the gate and that's probably because there was an opportunity.

但他們一開始就做得很好，這可能是因為有機會。

Great.

偉大的。

Finally, do you see any signs that channel inventory is elevated on the Gaming side?

最後，您是否看到任何跡象表明遊戲方面的頻道庫存增加？

Channel inventories are in good shape heading into all the holiday.

整個假期期間，渠道庫存狀況良好。

As Bracken mentioned, we had some sell-in from the new headsets, but it was pretty modest.

正如 Bracken 所提到的，我們從新耳機中獲得了一些銷量，但銷量相當有限。

So everything looks clean.

所以一切看起來都很乾淨。

It appears there are no further questions.

看來沒有其他問題了。

At this time, I will turn the call back over to Mr. Darrell for closing remarks.

此時，我會將電話轉回給達雷爾先生進行總結發言。

Well, thanks everybody, for joining us.

好的，謝謝大家加入我們。

It's an interesting time in the world and it's an exciting time at Logitech.

這是世界上一個有趣的時刻，也是羅技激動人心的時刻。

We will see you in Q4 -- Q3.

我們將在第四季至第三季見到您。

Thank you.

謝謝。

After Q3.

第三季之後。

This concludes the Logitech Second Quarter Fiscal 2020 Financial Results Conference Call.

羅技 2020 財年第二季財務業績電話會議至此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。