羅技 (LOGI) 2024 Q1 法說會逐字稿

Good morning and good afternoon. Welcome to Logitech's video call to discuss our financial results for the first quarter of fiscal year 2024. Joining us today are Guy Gecht, our Interim CEO; and Chuck Boynton, our CFO. During this call, we will make forward-looking statements, including with respect to future operating results under the safe harbor of the Private Securities Litigation Reform Act of 1995. We're making these statements based on our views only as of today. Our actual results could differ materially.

早上好，下午好。歡迎參加羅技的視頻通話，討論我們 2024 財年第一季度的財務業績。今天加入我們的是我們的臨時首席執行官 Guy Gecht；和我們的首席財務官查克·博因頓 (Chuck Boynton)。在本次電話會議中，我們將做出前瞻性陳述，包括關於 1995 年《私人證券訴訟改革法案》安全港規定的未來經營業績的陳述。我們僅根據我們今天的觀點做出這些陳述。我們的實際結果可能存在重大差異。

We undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results, and you can find a reconciliation between non-GAAP and GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results and forward-looking statements in our press release and in our filings with the SEC. These materials as well as the slides and a webcast of this call are all available at the Investor Relations page of our website. We encourage you to review these materials carefully. Unless noted otherwise, comparisons between periods are year-over-year and in constant currency and net sales. This call is being recorded and will be available for a replay on our website.

我們不承擔更新或修改任何這些聲明的義務。我們還將討論非 GAAP 財務業績，您可以在我們的新聞稿中找到非 GAAP 和 GAAP 業績之間的調節表，以及有關我們使用非 GAAP 措施和可能影響我們財務業績和前瞻性陳述的因素的信息以及我們向 SEC 提交的文件中。這些材料以及本次電話會議的幻燈片和網絡廣播均可在我們網站的投資者關係頁面上獲取。我們鼓勵您仔細查看這些材料。除非另有說明，各期間之間的比較均按固定匯率和淨銷售額計算。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 Guy.

我現在將把電話轉給蓋伊。

Thanks, Nate, and thank you all for joining us. It is a pleasure to speak with you today. Before we jump into our first quarter achievements, let me provide some context regarding my role and the Board's search process for Logitech's next CEO. I'm both honored and excited to guide this iconic brand company in the new term.

謝謝內特，也感謝大家加入我們。今天很高興與您交談。在我們開始討論第一季度的成就之前，讓我先介紹一下有關我的角色以及董事會尋找羅技下一任首席執行官的流程的背景信息。我很榮幸也很興奮能夠在新的任期內領導這家標誌性品牌公司。

During my 4 years on the Board of Logitech, I have gotten very familiar with the company as I had the opportunity to serve as the Chair of Logitech Technology and Innovation Committee of the Board and to serve as a member of the Audit Committee. I view my role as an interim CEO is to provide the consistent and steady hand to the many wonderful experienced teams working hard across Logitech.

在羅技董事會的 4 年裡，我對公司非常熟悉，因為我有機會擔任羅技董事會技術與創新委員會主席以及審計委員會成員。我認為，作為臨時首席執行官，我的職責是為羅技眾多經驗豐富、努力工作的優秀團隊提供始終如一、穩定的支持。

I'm singularly focused on making progress and ensuring we do not lose any time in our ongoing execution. Our strategy remains unchanged as do the business plans that are in place. All teams are focused on executing their proven playbook. And my focus is to remove obstacles, facilitate decision-making and ensure we lose no time.

我特別專注於取得進展並確保我們在持續執行中不會浪費任何時間。我們的戰略和現有的業務計劃保持不變。所有團隊都專注於執行他們經過驗證的劇本。我的重點是消除障礙、促進決策並確保我們不失時機。

Now a few words on the search. As we previously announced, the Board is in conducting a global CEO search, including internal and external candidates. It is progressing well. There has been a lot of interest in the opportunity, and we are pleased with the strong caliber of the candidates we are seeing. Needless to say, the Board views this decision with the utmost seriousness it deserves, and it's working diligently reviewing and interviewing candidates. Given the confidential nature of the search, I will not be able to add more color today. But rest assured that we will update you when we have news to show.

現在就搜索說幾句話。正如我們之前宣布的，董事會正在全球範圍內尋找首席執行官，包括內部和外部候選人。進展順利。人們對這個機會很感興趣，我們對我們看到的候選人的強大能力感到高興。不用說，董事會以應有的高度嚴肅態度看待這一決定，並且正在努力審查和麵試候選人。鑑於搜索的機密性，我今天無法添加更多色彩。但請放心，當我們有消息要顯示時，我們會及時通知您。

Before I turn it over to Chuck to review the team's progress on many important points, let me provide a few of the nonfinancial highlights of this quarter. Assuming Logitech is a global leader in design and innovation, we were awarded the industry's most prestigious Red Dot Design Team of the Year award previously awarded to companies such as Apple, Ferrari and others renowned for their design. We introduced 4 new products in the quarter, including Rally Bar Huddle the newest addition to Logitech's family of conference cameras that turn small meeting rooms into collaboration spaces. And design for esport athletes, our newest Logitech G Pro X gaming headset feature graphene drivers for those that require precision audio technology.

在我將其交給查克回顧團隊在許多重要問題上的進展之前，讓我提供一些本季度的非財務亮點。假設羅技是設計和創新領域的全球領導者，我們將獲得業界最負盛名的紅點年度設計團隊獎，該獎項之前頒發給蘋果、法拉利等以設計聞名的公司。我們在本季度推出了 4 款新產品，其中包括 Rally Bar Huddle，它是羅技會議攝像機系列的最新成員，可將小型會議室轉變為協作空間。我們最新的羅技 G Pro X 遊戲耳機專為電子競技運動員設計，配備石墨烯驅動器，適合需要精密音頻技術的人士。

And in addition to the products launched last quarter, we are just about to start shipping Logitech site a table top camera with 315 degrees view capabilities, delivers a truly unique video conferencing experience. And the heart of this new system is an AI director like technology that decides which participants should be highlighted on the screen. And from which angle close or far, this benefits both people in the conference room and especially remote participants who otherwise may feel they are not fully involved in the meeting because they're not seated around the table.

除了上季度推出的產品之外，我們即將開始向羅技網站發貨一款具有 315 度視角功能的桌面攝像頭，可提供真正獨特的視頻會議體驗。這個新系統的核心是類似人工智能導演的技術，它決定哪些參與者應該在屏幕上突出顯示。無論從近還是遠的角度來看，這都對會議室中的人員有利，尤其是遠程參與者，否則他們可能會因為沒有坐在桌子周圍而感到自己沒有完全參與會議。

Our sales teams closed a number of meaningful customer deals in Q1, including Honda, Kroger, TD Synnex and the Proximus group as well as the European Commission. These wins represent multiple industries in both the public and private sectors. And finally, last week, we announced the acquisition of Loupedeck, a small tuck-in deal that is adding a differentiated technology initially in gaming and streaming and later in other areas. We will continue to screen for more deals that will help us accelerate the execution of our strategy as well as bringing our unique technology to new sets of users. These were just some of the recent highlights, although most importantly for today, is that we started our fiscal year with an encouraging set of results and an updated outlook.

我們的銷售團隊在第一季度完成了許多有意義的客戶交易，包括本田、克羅格、TD Synnex 和 Proximus 集團以及歐盟委員會。這些勝利代表了公共和私營部門的多個行業。最後，上週，我們宣布收購 Loupedeck，這是一項小型交易，最初在遊戲和流媒體領域，後來在其他領域添加了差異化技術。我們將繼續篩選更多交易，這將有助於我們加快戰略的執行，並將我們獨特的技術帶給新用戶。這些只是最近的一些亮點，儘管今天最重要的是，我們以一系列令人鼓舞的結果和更新的前景開始了我們的財政年度。

As we move through the remainder of the fiscal year and lead toward our expected return to growth, you should expect to see unwavering commitment to the principles and capabilities that have become the hallmark of Logitech, innovation to capitalize on the growth trends that fuel our business, which is video everywhere, hybrid work, gaming and digital content creation, design led engineering and product innovation. (inaudible) focus on lean manufacturing and operations and a capital allocation strategy that is focused on M&A, paying a dividend and share buyback. And we do all of that with continued commitment to our values. As an example, this week, we released our annual impact report where you can read about the progress our teams have been making in the areas of sustainability and social impact. With that, I will turn it to Chuck to provide the financial details of our first quarter and to review the outlook for the remainder of the year. Chuck?

當我們度過本財年的剩餘時間並實現預期的增長回報時，您應該會看到對已成為羅技標誌的原則和能力的堅定承諾，以及利用推動我們業務增長的趨勢進行創新，這是視頻無處不在、混合工作、遊戲和數字內容創作、設計主導的工程和產品創新。 （聽不清）專注於精益製造和運營，以及專注於併購、支付股息和股票回購的資本配置策略。我們通過持續致力於我們的價值觀來做到這一切。例如，本週我們發布了年度影響報告，您可以在其中了解我們的團隊在可持續發展和社會影響領域取得的進展。接下來，我將請查克提供我們第一季度的財務詳細信息，並回顧今年剩餘時間的前景。查克？

Thank you, Guy. I also appreciate everyone joining us on the call today. First and foremost I want to thanks all of our employees for the strong execution and teamwork in the quarter. It really shows in our results, especially our strong operating cash flows. Before we get into the details on our financial performance, let me spend a minute on some reporting changes we've made to our product category classifications.

謝謝你，蓋伊。我也感謝今天加入我們電話會議的所有人。首先，我要感謝我們所有員工在本季度的強大執行力和團隊合作。這確實體現在我們的業績中，尤其是我們強勁的運營現金流。在詳細介紹我們的財務業績之前，讓我花一點時間介紹一下我們對產品類別分類所做的一些報告更改。

Our slide presentation and quarterly fact sheet provide additional information as well as a 5-year set of comparables. Many of you have asked for these updates over the last several quarters, so we hope that changes provide a simpler and clearer view of our business. These reclassifications do not impact our previously reported financial statements.

我們的幻燈片演示和季度情況說明書提供了更多信息以及 5 年的可比數據。在過去的幾個季度中，許多人都要求進行這些更新，因此我們希望這些變化能夠讓我們更簡單、更清晰地了解我們的業務。這些重新分類不會影響我們之前報告的財務報表。

Moving on to the business results for the first quarter. Net sales in constant currency declined by 15% to $974 million. Sales out was quite strong, particularly for headsets, tablet accessories and gaming. As we discussed at the Analyst Day and on the last earnings call, we believe in the benefits of lean on hand and channel inventory. For the fifth consecutive quarter, we reduced on-hand inventory significantly with our inventory turns improving to 4.2. We remain committed to our goal of improving to 5 turns or better over the next year or two.

接下來是第一季度的業務業績。按固定匯率計算的淨銷售額下降 15%，至 9.74 億美元。銷售相當強勁，尤其是耳機、平板電腦配件和遊戲。正如我們在分析師日和上次財報電話會議上討論的那樣，我們相信精益現有庫存和渠道庫存的好處。我們連續第五個季度大幅減少現有庫存，庫存周轉率改善至 4.2。我們仍然致力於在未來一兩年內提高到 5 圈或更好的目標。

Likewise, channel inventory was also reduced in the quarter, and I'm proud of the team for hitting the targets that we set. This has improved linearity and predictability. We plan to keep reducing channel inventory during the seasonally soft months of July and August and then replenish the channel in September, October and November as part of a normal build for the December quarter. Net-net, we expect channel inventory to be roughly the same at the end of Q2 as it was at the beginning. In Q1, gross margins expanded quarter-over-quarter to 39%, slightly better than anticipated as significant reductions in our on-hand inventory drove down or drove some onetime benefits in the quarter.

同樣，本季度渠道庫存也有所減少，我為團隊實現了我們設定的目標感到自豪。這提高了線性度和可預測性。我們計劃在 7 月和 8 月的季節性疲軟月份繼續減少渠道庫存，然後在 9 月、10 月和 11 月補充渠道庫存，作為 12 月季度正常建設的一部分。淨淨來看，我們預計第二季度末的渠道庫存將與年初大致相同。第一季度，毛利率環比增長至 39%，略好於預期，因為我們現有庫存的大幅減少壓低或推動了本季度的一些一次性效益。

On a year-over-year basis, margins were pressured by FX and mix but partially offset by cost improvement and less reliance on expedited shipping. Again, thank you to our operations team for such amazing execution. Sequentially in Q2, we anticipate gross margins to be pressured. And as a reminder, gross margins in our December quarter have both headwinds and tailwinds. We have the seasonally higher consumer sales and holiday promotions but those are somewhat offset by overhead absorption. While there will be quarter-to-quarter fluctuations, we feel our business is structurally positioned to generate 40% gross margins in the next 4 to 6 quarters.

與去年同期相比，利潤率受到外彙和混合因素的壓力，但部分被成本改善和對加急運輸的依賴減少所抵消。再次感謝我們的運營團隊如此出色的執行力。接下來，我們預計第二季度毛利率將受到壓力。提醒一下，我們 12 月季度的毛利率既有逆風也有順風。我們的消費者銷售和假日促銷活動季節性較高，但這些在一定程度上被管理費用吸收所抵消。雖然會出現季度波動，但我們認為我們的業務在結構上已定位為在未來 4 至 6 個季度內產生 40% 的毛利率。

Operating expenses were $271 million in the quarter, up slightly versus our internal expectations. A portion of our operating expenses were attributable to some onetime administrative expenses and the weakening U.S. dollar in the quarter. I continue to be pleased with the team's cost focus and ability to quickly dial up or dial down OpEx based on business performance. Our long-term model is to maintain operating expenses at around 25% or less of revenue. Operating income was $109 million in Q1 and better than our internal expectations due to improved demand and strong gross margins.

本季度運營費用為 2.71 億美元，略高於我們的內部預期。我們的部分運營費用歸因於一些一次性管理費用和本季度美元疲軟。我仍然對團隊對成本的關注以及根據業務績效快速提高或降低運營支出的能力感到滿意。我們的長期模式是將運營費用維持在收入的 25% 左右或更少。由於需求改善和毛利率強勁，第一季度營業收入為 1.09 億美元，好於我們的內部預期。

One big highlight for the quarter was our working capital execution. Cash flow from operations was $240 million, a first quarter record for the company, leading to a cash balance of $1.25 billion. Our capital allocation strategy remains consistent, evaluate M&A opportunities, pay an increasing annual dividend and return excess capital to our shareholders through share repurchases. We are making progress on all 3 fronts.

本季度的一大亮點是我們的營運資金執行。運營現金流為 2.4 億美元，創公司第一季度最高紀錄，現金餘額為 12.5 億美元。我們的資本配置策略保持一致，評估併購機會，支付不斷增加的年度股息，並通過股票回購將多餘資本返還給股東。我們在所有三個方面都取得了進展。

As Guy mentioned, we announced the acquisition of Loupedeck. They provide valuable technology for Logitech G and while modest and acquisition price reflects our consistent and disciplined approach to M&A. In May, we announced a [CHF 0.10] increase in our dividend, which will be voted on by our shareholders at our September Annual General Meeting. And just last month, our Board of Directors approved a new $1 billion 3-year share repurchase program. Our existing buyback program expires at the end of July and in total, we will have returned more than $1.1 billion to our shareholders as part of this program.

正如蓋伊提到的，我們宣布收購 Loupedeck。他們為 Logitech G 提供了寶貴的技術，雖然收購價格適中，但反映了我們一貫和嚴格的併購方式。 5 月份，我們宣布增加股息 [0.10 瑞士法郎]，並將由股東在 9 月份的年度股東大會上投票表決。就在上個月，我們的董事會批准了一項為期 3 年、價值 10 億美元的新股票回購計劃。我們現有的回購計劃將於 7 月底到期，作為該計劃的一部分，我們總共將向股東返還超過 11 億美元。

Our new program will replace the expiring program upon its approval by the Swiss Takeover Board.

我們的新計劃將在獲得瑞士收購委員會批准後取代即將到期的計劃。

Moving on to our outlook. We are raising the first half outlook we confirmed in May expecting first half '24 revenue of $1.875 billion to $1.975 billion. Our corresponding operating income is expected to be between $180 million and $220 million.

繼續我們的展望。我們上調了 5 月份確認的上半年前景，預計 24 年上半年收入為 18.75 億美元至 19.75 億美元。我們相應的營業收入預計在1.8億美元至2.2億美元之間。

In our last earnings call, we said we plan to revert to full year estimates either this quarter or next quarter. Today, we are updating the first half and have provided full year estimates based on the progress we made in Q1. There is uncertainty with many factors like FX inflation, the state of the consumer. And then in the December quarter, which is typically our largest quarter and so forth. However, now with 1 quarter behind us, we are providing a full fiscal year '24 outlook. We are expecting revenue of $3.8 billion to $4 billion. Our corresponding operating income is expected to be between $400 million and $500 million.

在上次財報電話會議中，我們表示計劃在本季度或下季度恢復全年預期。今天，我們正在更新上半年情況，並根據第一季度取得的進展提供全年預測。外匯通脹、消費者狀況等許多因素都存在不確定性。然後是 12 月份的季度，這通常是我們最大的季度，依此類推。然而，現在 1 季度已經過去，我們將提供 24 財年的完整展望。我們預計收入為 38 億至 40 億美元。我們相應的營業收入預計在4億至5億美元之間。

I'll close with where I started. Thank you. Thank you to all of our employees for driving such strong execution this quarter and with strong market share and some great new products launching, we are cautiously optimistic. We are going to show a short video on one of our new products, site. Nate roll the video, and then we'll take Q&A.

我將從開始的地方結束。謝謝。感謝我們所有員工在本季度推動如此強勁的執行力，憑藉強勁的市場份額和一些出色的新產品的推出，我們持謹慎樂觀的態度。我們將在我們的新產品網站上展示一段簡短的視頻。內特滾動視頻，然後我們將進行問答。

(presentation)

（推介會）

(Operator Instructions) I will start today with Asiya Merchant from Citi.

（操作員指示）我今天將從花旗銀行的 Asiya Merchant 開始。

Hopefully, you can hear me.

希望你能聽到我的聲音。

We can hear you well.

我們可以很好地聽到你的聲音。

Thank you for the color, Chuck and Guy. Great to see you on video, Guy. Chuck, if you think -- and Chuck and Guy actually, this is for both of you, can you guys talk a little bit about seasonality. It seems like at least in the implied guide the September quarter or the calendar third quarter was typically up at least in the low double digit seems to be kind of guided flattish, maybe slightly higher. Maybe you could talk about that. And as you kind of look into the December quarter, if you can kind of talk to us about the visibility that you're seeing and which product segment we feel very strongly about. And then on gross margins, I think, Chuck, you mentioned there were some onetime benefits. Clearly, gross margins came in better than what we're expecting. And in terms of hitting your 40% target, you can talk about some puts and takes to get there as the year progresses.

謝謝你的顏色，查克和蓋伊。很高興在視頻中見到你，蓋伊。查克，如果你認為——實際上查克和蓋伊，這是給你們倆的，你們能談談季節性嗎？看起來至少在隱含的指導中，九月季度或日曆第三季度通常至少以低兩位數上漲，似乎有點指導平緩，可能略高。也許你可以談談這個。當您查看 12 月季度時，是否可以與我們談談您所看到的可見度以及我們對哪些產品細分市場的感受非常強烈。然後關於毛利率，我想，查克，你提到有一些一次性的好處。顯然，毛利率好於我們的預期。就實現 40% 的目標而言，您可以討論隨著時間的推移實現這一目標的一些看跌期權和看跌期權。

Yes. Sounds great, Asiya. Thank you so much for the questions. So first, on seasonality, we outlined last quarter, as you'll recall, that if you looked at the last kind of 4 years on average, the quarters were roughly 24% Q1, 24% Q2, 30% Q3, 22% Q4. And I'm not sure that that's going to be this year. Our Q1 was better than we had expected. We performed better than our internal expectations. It was a strong quarter compared to where we expected, both top line and bottom line, and we're cautiously optimistic on the back half of the year but there are still uncertainties. Foreign exchange, the various uncertainties in the environment.

是的。聽起來不錯，阿西婭。非常感謝您的提問。首先，關於季節性，我們概述了上個季度，您會記得，如果您平均觀察過去 4 年，這些季度大約為第一季度 24%、第二季度 24%、第三季度 30%、第四季度 22% 。我不確定今年是否會如此。我們的第一季度比我們預期的要好。我們的表現比我們的內部預期要好。與我們預期的收入和利潤相比，這是一個強勁的季度，我們對今年下半年持謹慎樂觀態度，但仍然存在不確定性。外匯方面，各種不確定的環境。

Last year, the December quarter had some margin pressure because of promotions. We don't know what's going to yet happen with our December quarter this year, a single biggest quarter. The read-through though, the June 18 holiday in China was quite strong. We don't have the final results back from Prime Day, but it looks like it performed reasonably well. So I'd say we're cautiously optimistic, but we don't want the first quarter here providing estimates for the full year. We want to make sure that we're appropriately providing an outlook that is manageable.

去年，由於促銷，12 月份季度存在一些利潤壓力。我們不知道今年 12 月季度（最大的一個季度）會發生什麼。但通讀之後發現，6 月 18 日的中國假期相當強勁。我們還沒有從 Prime Day 回來的最終結果，但看起來它的表現相當不錯。所以我想說，我們持謹慎樂觀的態度，但我們不希望第一季度提供全年的估計。我們希望確保我們提供適當的可管理的前景。

The second question on margins. It was a great quarter. 39% is the low end of our long-term operating model. We feel good about that. However, there were some benefits, specifically when we brought our on-hand inventory levels down by over $100 million, that had a benefit to the overall inventory reserves that provided really a strong uplift for the quarter and we see a little bit of pressure going into Q2 on margins. For the back half of the year, we are again cautiously optimistic that we'll be in that kind of that range that's probably a little below 39% or in that range. but we're optimistic there are tailwinds. Freight costs have come down significantly, cost pressures on components. Our operations team has done a great job doing cost reduction and improvement. What we don't know is how the mix will impact. Now we have a couple of new products that are coming out that are going to provide, we think, a nice tailwind and could help on the margin side, but there is still uncertainty in the back half of the year.

第二個問題是關於邊距的。這是一個很棒的季度。 39% 是我們長期運營模式的低端。我們對此感覺很好。然而，也有一些好處，特別是當我們將現有庫存水平降低超過 1 億美元時，這對整體庫存儲備有好處，為本季度帶來了真正的強勁增長，我們看到了一些壓力進入第二季度的利潤率。對於今年下半年，我們再次持謹慎樂觀態度，認為我們將處於可能略低於 39% 的範圍內或在該範圍內。但我們對有利因素持樂觀態度。貨運成本大幅下降，零部件成本壓力加大。我們的運營團隊在降低和改進成本方面做得非常出色。我們不知道這種混合會產生怎樣的影響。現在我們有幾款新產品即將推出，我們認為它們將提供良好的推動力，並可能在利潤方面有所幫助，但今年下半年仍然存在不確定性。

Great. Next up, we'll go to Adam Angelov at Bank of America.

偉大的。接下來，我們將請到美國銀行的 Adam Angelov。

Just -- so firstly, on the inventory decline, sounded like that was a bit of a surprise. Maybe you could dig into that and why...

只是——首先，關於庫存下降，聽起來有點令人驚訝。也許你可以深入研究一下以及為什麼......

Inventory, I would say it was not a surprise. Our operations team, we have targets. Our operating model, our goal is to operate with on an inventory at about 5 turns. We hit 4.2, which is great progress considering where we've been. But it was not a surprise. It was strong execution. It was deliberate. And the great news is that not only was on-hand inventory reduced, but channel inventory came down as well, significantly high single-digit decline in channel inventory. So if you couple that on inventory and channel inventory are down, we've leaned out the supply chain, and that is great news for us and our channel partners, with lower inventory levels, we make more money, our channel makes more money, and it's good for everyone.

庫存，我想說這並不奇怪。我們的運營團隊，我們有目標。我們的運營模式，我們的目標是在大約 5 個周轉的庫存上進行運營。我們達到了 4.2，考慮到我們已經取得的進展，這是一個巨大的進步。但這並不奇怪。這是強大的執行力。這是故意的。好消息是，不僅現有庫存減少了，渠道庫存也下降了，渠道庫存降幅顯著高個位數。因此，如果您將庫存和渠道庫存下降結合起來，我們就精簡了供應鏈，這對我們和我們的渠道合作夥伴來說是個好消息，庫存水平較低，我們賺更多的錢，我們的渠道賺更多的錢，這對每個人都有好處。

Okay. Got it. That makes sense. And then just a quick one on the collaboration. So I think declined again in the quarter. Maybe you could just touch on how you're feeling about that market into H2. Are you seeing sort of some stabilization from the enterprise customers? Or is it still a lot of uncertainty?

好的。知道了。這就說得通了。然後簡單介紹一下合作。所以我認為本季度再次下降。也許您可以談談您對下半年市場的看法。您是否看到企業客戶有所穩定？還是仍然有很多不確定性？

Yes. First of all, not the numbers we want to see on the business side, the B2B video conferencing side. I would say in the last 30 days, I talked to customers and every region met face to face in Asia and North America going to Europe this afternoon. Our brand is strong and the wins are significant. What we're seeing is actually big companies decided to standardize on Logitech and they just deploy at some pace where budget get opened, they deploy us a conference room. So that should play definitely better for the future. The second thing is if you look at the market, there is the high to the midrange. We're actually doing quite well. We grew double digit at that category, where we have some pressure is kind of the lower mid range to the bottom to the lower end, where we didn't have a product for some time, and we are about to launch a product Rally Bar [Huddle]. That's a great product. It will play really well in this category, energize ourselves supposed to go in.

是的。首先，不是我們希望在業務方面看到的數字，即B2B視頻會議方面。我想說，在過去的 30 天裡，我與客戶進行了交談，今天下午我在亞洲和北美與歐洲的每個地區進行了面對面的交流。我們的品牌很強大，勝利也很顯著。我們所看到的實際上是大公司決定對羅技進行標準化，他們只是在預算開放的情況下以一定的速度進行部署，他們為我們部署了一個會議室。所以這對未來來說肯定會發揮更好的作用。第二件事是，如果你看看市場，就會發現有高中檔。我們實際上做得很好。我們在該類別中實現了兩位數的增長，我們面臨著中低端到低端的壓力，我們有一段時間沒有產品了，我們即將推出一款產品 Rally Bar [亂堆]。這是一個很棒的產品。它在這個類別中會發揮得非常好，為我們應該進入的領域注入活力。

So between this, and the site that I talked about, this is going to be a really good way for us to come back to customers, try to push deployment, win some more big accounts I feel very positive about the future of this business after talking to channel, after talking to customers. I think the opportunity there is significant. And it's, of course, the -- talking to the margin, this is the best margin category we have, so that will help a lot.

因此，在這個和我談到的網站之間，這將是我們回到客戶身邊的一個非常好的方式，嘗試推動部署，贏得更多大客戶，我對這項業務的未來感到非常樂觀與客戶交談後，與渠道交談。我認為那裡的機會很大。當然，與利潤率相比，這是我們擁有的最好的利潤率類別，因此這將有很大幫助。

I would just add, we gained a couple of points of share in the quarter. So we feel good about our -- the strength of our position. Sequentially, the video category was down $5 million, so relatively modest quarter-over-quarter. And then with these new products that Guy just mentioned, being launched, we're again cautiously optimistic about our execution in the back half of the year.

我想補充一點，我們在本季度獲得了幾個百分點的份額。因此，我們對我們的地位感到滿意。隨後，視頻類別下降了 500 萬美元，環比下降幅度相對較小。隨著蓋伊剛才提到的這些新產品的推出，我們再次對下半年的執行情況持謹慎樂觀的態度。

Next question will be from George Wang at Barclays.

下一個問題將由巴克萊銀行的喬治·王提出。

So firstly, can you talk about gaming in terms of our checks, we picked up some incremental improvement, especially kind of on the downstream, just not sure whether necessarily flow into the gaming peripherals. Just based on your guide for below seasonal 2H, sort of imply the gaming to be down again on a year-over-year basis for the H4Q. Just curious whether you think that's conservative or how much of visibility you have on the gaming side?

首先，您能從我們的檢查方面談談遊戲嗎？我們取得了一些漸進式改進，特別是在下游，只是不確定是否一定會流入遊戲外設。根據您對季節性 2 小時以下的指南，這意味著 4 季度的遊戲業務將再次同比下降。只是想知道您是否認為這是保守的，或者您在遊戲方面有多少知名度？

Well, we haven't provided specific estimates for gaming for the back half of the year. But clearly, the December quarter is the biggest quarter FOR gaming. Our gaming team has been operating incredibly well. We've got some new products coming out that we think will help. Overall, it was a really good quarter for gaming. The China team executed flawlessly for the June 18 promo, which is a really important event for us in that market. And overall, we've got strength in Japan and elsewhere. But I'd say the real test will be the December quarter for us. That's the biggest quarter for gaming.

嗯，我們還沒有提供今年下半年遊戲業的具體預測。但顯然，12 月季度是遊戲行業最大的季度。我們的遊戲團隊一直運作得非常好。我們推出了一些我們認為會有所幫助的新產品。總的來說，對於遊戲來說，這是一個非常好的季度。中國團隊完美地執行了 6 月 18 日的促銷活動，這對我們在該市場來說是一個非常重要的活動。總的來說，我們在日本和其他地方都有實力。但我想說，對我們來說真正的考驗將是十二月季度。這是遊戲行業表現最強勁的季度。

Great. Just if I can squeeze in a follow-up. I guess, you guys are always probably looking to expand the new categories, right, just the adjacencies. That's one of the kind of growth pillars. So in a high level thoughts on, if largely to what we're entering into any sort of a brand-new category, which area or which vertical do you think will be most likely in the next or few years?

偉大的。只要我能擠出後續行動就好了。我想，你們可能總是在尋求擴展新的類別，對吧，只是相鄰的類別。這是增長支柱之一。因此，從高層次的角度思考，如果主要是我們正在進入任何一種全新的類別，您認為哪個領域或哪個垂直領域最有可能在未來或幾年內出現？

George, great question. I found great plans in the company to expand the TAM, expand into new use cases where we are going after a higher-value application and use cases. Which is too early for us to talk about it, but you will see in the coming quarters more discussion about this expansion.

喬治，好問題。我發現公司有很好的計劃來擴展 TAM，擴展到新的用例，我們正在追求更高價值的應用程序和用例。現在談論這個問題還為時過早，但在接下來的幾個季度中，您將看到更多關於此擴展的討論。

Our next question will be from Alexander Duval at Goldman Sachs.

我們的下一個問題將來自高盛的亞歷山大·杜瓦爾。

Just a couple. Firstly, on OpEx, it looks like you've made some good strides on cost control in the quarter. I wonder if you could talk a bit about how much further headroom there is for cost control going forward in the remaining quarters. And then I have a quick follow-up on FX. Can you just remind us how much support we should expect to be seeing from FX in coming quarters?

只是一對。首先，在運營支出方面，本季度您在成本控制方面似乎取得了一些良好的進展。我想知道您是否可以談談剩餘季度的成本控制還有多少空間。然後我對 FX 進行了快速跟進。您能否提醒我們，未來幾個季度我們應該從外匯市場獲得多少支持？

Certainly. First, on the FX side, this quarter, we still have headwinds in the year-over-year comps. That starts to change. Next quarter, it's more balanced with where rates currently are. So I think we should be back into kind of a year-over-year balance starting in Q2 and beyond.

當然。首先，在外匯方面，本季度我們的同比比較仍然面臨阻力。這種情況開始改變。下個季度，它與目前的利率更加平衡。因此，我認為我們應該從第二季度及以後開始恢復同比平衡。

First question was the -- can you remind us -- it's early here, sorry.

第一個問題是——你能提醒我們嗎——現在還早，抱歉。

Cost control.

成本控制。

Cost control, my favorite topic. So we have done a phenomenal job lowering cost. OpEx for Q1 was a little higher than our internal targets. There was a couple of onetime administrative charges. So I think you'll see sequential improvement on OpEx. Our long-term operating model is to have OpEx below 25% of revenue. We may or may not get to that level this year, but we'll have to wait and see. But we're on that trajectory. And we believe that by the end of the year, roughly, we should be kind of at a $1 billion run rate approximately, but the real long-term target is to be below 25% of revenue.

成本控制，我最喜歡的話題。因此，我們在降低成本方面做得非常出色。第一季度的運營支出略高於我們的內部目標。有幾項一次性行政收費。所以我認為您會看到運營支出的連續改善。我們的長期運營模式是讓運營支出低於收入的 25%。今年我們可能會也可能不會達到這個水平，但我們必須拭目以待。但我們正走在這條軌道上。我們相信，到今年年底，我們的運營率大概會達到 10 億美元左右，但真正的長期目標是低於收入的 25%。

Our next question is from Ananda at Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda。

No video, got it, Nate. Cool. Yes, so just 2 quick ones, if I could. Guy, and Chuck as well, the decision to give the second half guide today as opposed to 90 days from now. Can you tell us just -- I mean just give some context around sort of visibility that gives you guys confidence in the ability to do that in the thought process around doing it? And then I just have a quick follow-up as well.

沒有視頻，明白了，內特。涼爽的。是的，如果可以的話，就只有 2 個快速的。蓋伊和查克也決定今天而不是 90 天后提供下半場指南。你能否告訴我們——我的意思是，提供一些有關可見性的背景信息，讓你們對在思考過程中做到這一點的能力充滿信心？然後我也進行了快速跟進。

Well, on the guide, we deliberated it in what we had outlined last quarter that we would either provide it this quarter or next quarter, and given the strong first quarter we had relative to expectations with 1 quarter behind us, we felt now was the right time. And is visibility better? In some areas, yes. Inflation in the U.S has come down a little bit. It's higher in the U.K. and other markets, but the U.S. inflation has come down a little bit. FX is starting to stabilize a bit. But we just felt that with 1 quarter behind us that it was the right time to update our estimates for the full year. and we're pleased to have done that 1 quarter kind of ahead of expectations.

好吧，在指南中，我們在上個季度概述的內容中進行了審議，我們將在本季度或下個季度提供它，並且考慮到我們相對於預期的強勁第一季度，我們認為現在是合適的時間。能見度更好嗎？在某些地區，是的。美國的通貨膨脹率略有下降。英國和其他市場的通脹率較高，但美國的通脹率略有下降。外匯開始趨於穩定。但我們只是覺得，一季度過去了，是時候更新我們對全年的預測了。我們很高興 1 季度的業績超出了預期。

Okay. That's helpful context, Chuck. And I guess, just bigger picture question. Any thoughts and maybe you guys haven't sort of reached this conclusion yet, but would love any context thoughts on sort of when you kind of renormalize the revenue base. I've just done some quick analysis, it seems like exiting fiscal '24. You could be there, but just would love your thoughts on that. That would be helpful.

好的。這是有用的背景，查克。我想，這只是更大的問題。任何想法，也許你們還沒有得出這個結論，但是當你重新規範收入基礎時，我會喜歡任何背景想法。我剛剛做了一些快速分析，看來要退出 24 財年了。你可以在那裡，但只是喜歡你對此的想法。那會有幫助的。

Well, I'll start, Guy, you can add color. But as we look at the year-over-year and sequential change, things are starting to stabilize. Like we are -- the year-over-year comps are getting -- they're still not where we want them to be. We're not happy. They're still declining with the rate of change is getting more favorable. Now I can't tell you when we're going to hit bottom for an asymptote, but it feels like things are starting to stabilize, and that's reflective in our cautiously optimistic estimates for the year.

好吧，我開始了，蓋伊，你可以添加顏色。但當我們觀察逐年變化和連續變化時，情況開始穩定下來。就像我們一樣——逐年比較——它們仍然沒有達到我們想要的水平。我們不高興。隨著變化率變得越來越有利，它們仍在下降。現在我無法告訴你我們何時會觸底漸近，但感覺事情開始穩定下來，這反映在我們對今年謹慎樂觀的估計中。

I would say the last 42 days here as an interim CEO, just reaffirm my conviction this is a growth company, in a growth market, with a growth trajectory -- this will come. But let me tell you another thing. We're not just waiting for the market to improve. The team here is working really hard to push whatever we can. New products obviously are going to help, win some share and get to this point where we start to be plus in front of our number again. And just a matter of time, there is a clock in our head. We want to get there. Obviously, it will take some time, but we will get there.

我想說的是，在擔任臨時首席執行官的過去 42 天裡，我重申了我的信念：這是一家成長型公司，處於成長型市場，具有成長軌跡 - 這將會到來。但讓我告訴你另一件事。我們不只是等待市場好轉。這裡的團隊正在努力工作，盡我們所能。新產品顯然會有所幫助，贏得一些份額，並達到我們開始再次領先於我們的數字的程度。只是時間問題，我們腦子裡有一個時鐘。我們想要到達那裡。顯然，這需要一些時間，但我們會實現的。

And guys, is the right way to think about -- I mean, I guess like sort of as we sit currently, does the company want sort of the financial community to think about normalized growth go forward the same as we have kind of pre-COVID or different, whether positive or negative?

伙計們，這是正確的思考方式——我的意思是，我想就像我們目前所坐的那樣，公司是否希望金融界像我們預想的那樣考慮正常化的增長。新冠病毒還是不同的，無論是積極的還是消極的？

Look, we -- and you know me from prior life, we always want more. We always want to be a higher growth and we will continue to plan, look at the right acquisition that can accelerate that, look at the right product. There's a lot of potential here. And a lot to build on, this company is super strong. The masters and innovation in design, super strong. The leadership team is super strong. We have a lot to build on. So you know how ambitious I am. And as we go forward, you will hear more, but we certainly like to do better.

聽著，我們——你從前世就知道我，我們總是想要更多。我們始終希望實現更高的增長，我們將繼續計劃，尋找可以加速增長的正確收購，尋找正確的產品。這裡有很大的潛力。這家公司非常強大，有很多值得發展的地方。大師的設計和創新，超強。領導團隊超級強大。我們還有很多值得借鑒的地方。所以你知道我有多麼雄心勃勃。隨著我們的前進，您會聽到更多，但我們當然希望做得更好。

Our next question will be from Erik Woodring at Morgan Stanley.

我們的下一個問題將來自摩根士丹利的埃里克·伍德林。

Guy, good to see you again. I just wanted to kind of double click on Asiya's seasonality question because I understand there are uncertainties today, but you're guiding to the worst seasonality in at least a decade, but also telling us the channel is normalized. And so that would, I guess, would imply demand would be worsening, but I don't really hear that from your comments, actually. So I was just wondering if you could kind of help me square that circle and understand really why we were expecting such a below seasonal September quarter? And then I have a follow-up.

伙計，很高興再次見到你。我只是想雙擊 Asiya 的季節性問題，因為我知道今天存在不確定性，但你正在引導至少十年來最糟糕的季節性，但也告訴我們渠道已經正常化。因此，我想這意味著需求將會惡化，但實際上我並沒有從您的評論中聽到這一點。所以我只是想知道你是否可以幫助我解決這個問題並真正理解為什麼我們預計九月季度的業績會低於季節性？然後我有一個後續行動。

Well, I think overall, we haven't provided updated seasonality or targets for December or the March quarter. I would say if the December quarter is really strong, then we would be above the estimates. If the December quarter and the state of the consumer is difficult because of rising interest rates and inflation and in global conflicts, et cetera, then that's a different situation. But I feel like we feel coming into the year, we started off strong relative to expectations in Q1, we feel like we've got a plan that we can manage to and that we're in a pretty good place. And we'll have to just wait and see how the December quarter happens and what happens in the March quarter. March is typically our seasonally worst quarter of the year.

嗯，我認為總體而言，我們尚未提供 12 月或 3 月季度的更新季節性或目標。我想說，如果 12 月季度真的強勁，那麼我們的業績將高於預期。如果由於利率上升、通貨膨脹以及全球衝突等原因，十二月季度和消費者狀況很困難，那麼情況就不同了。但我覺得進入今年，我們的開局相對於第一季度的預期強勁，我們感覺我們已經制定了一個可以實現的計劃，並且我們處於一個非常好的位置。我們只能拭目以待，看看 12 月季度的情況以及 3 月季度的情況如何。三月通常是一年中季節性最差的季度。

So if you look at the outline at what I mentioned earlier, generally, March is -- the March quarter is 22% of the year, it could be lower. We don't know. But, so we're -- I think I'd say we're balanced. And that would be my view. Guy, do you have a different point of view?

因此，如果你看一下我之前提到的大綱，一般來說，3 月份的季度佔全年的 22%，它可能會更低。我們不知道。但是，所以我們——我想我會說我們是平衡的。這就是我的觀點。小伙子，你有什麼不同的看法嗎？

I agree with you. Chuck and I were part of a very extensive review, operational review that we have done last week and informed us and decision to issue the guidance for the full year. I would say, Erik, you're spot on, we are not anticipating demand to be worsening. That's definitely not what we're seeing or hearing or planning on.

我同意你的看法。查克和我參與了我們上週進行的非常廣泛的審查和運營審查，並通知我們並決定發布全年指導。我想說，埃里克，你說得對，我們預計需求不會惡化。這絕對不是我們所看到、聽到或計劃的。

Awesome. Maybe Chuck, just a question for you to follow up on one of your comments there. In terms of OpEx below 25% of revenue, I think last quarter, we kind of talked about Logitech exiting the year at maybe like a $250 million quarterly run rate for OpEx. If you did do below 25%, you'd get, call it, $8 million to $10 million below that. So just wondering if you are thinking you can cut OpEx beyond your prior expectations? And then secondarily, if you are growing next would you expect to keep cutting OpEx? Or would you kind of then lean into reinvestment and try to grow OpEx base alongside your revenue base? And that's it for me.

驚人的。也許查克，只是一個問題，請您跟進您的評論之一。就運營支出低於收入 25% 而言，我認為上個季度，我們談到了羅技將以 2.5 億美元的季度運營支出退出今年。如果你確實做到了低於 25%，那麼你會得到 800 萬到 1000 萬美元。所以想知道您是否認為可以將運營支出削減到超出您之前的預期？其次，如果你接下來要增長，你會期望繼續削減運營支出嗎？或者您會傾向於再投資並嘗試在收入基礎的同時擴大運營支出基礎嗎？對我來說就是這樣。

Yes, yes. Good questions, and maybe I wasn't super clear. So our target by the end of the year is to have OpEx at a run rate of roughly $1 billion, which should imply an approximate $250 million Q4, maybe a little higher, maybe a little lower, but in that range. We have taken a lot of costs out of the company. We do not have a cost reduction plan in place right now to reduce headcount or OpEx growth, that's not our plan. We're focused on the top line and getting back to a year that has a $4 billion in front of it. And so if you -- if we're at $4 billion in revenue, $1 billion OpEx run rate is 25%. So we are -- if we're below the $4 billion, we're still going to stay at approximately $1 billion in OpEx, a run rate. So the Q4 plan is -- think of that as approximately $250 million if we're below $4 billion. And as we start to grow again, then we would have OpEx be below that 25% of total revenue number. That is the long-term operating model.

是的是的。好問題，也許我不太清楚。因此，我們到今年年底的目標是運營支出約為 10 億美元，這意味著第四季度運營支出約為 2.5 億美元，可能更高一點，也可能更低一點，但都在這個範圍內。我們從公司那裡節省了很多成本。我們目前沒有製定成本削減計劃來減少員工人數或運營支出增長，這不是我們的計劃。我們專注於營收，並回到 40 億美元的年份。因此，如果我們的收入為 40 億美元，那麼 10 億美元的運營支出運行率為 25%。因此，如果我們的運營成本低於 40 億美元，我們的運營成本仍將保持在 10 億美元左右。因此，如果我們的預算低於 40 億美元，那麼第四季度的計劃是——大約為 2.5 億美元。當我們開始再次增長時，我們的運營支出將低於總收入的 25%。這就是長期的運營模式。

So just to be explicit, Erik, when we come back to growth we like the 25% -- and we take the extra investment in growth areas. There's plenty heel opportunities to invest in. But 25% is we like it as a long-term quarter for us.

因此，埃里克，明確地說，當我們回到增長問題時，我們喜歡 25%，並且我們會在增長領域進行額外投資。有很多值得投資的機會。但我們喜歡將 25% 作為我們的長期季度。

Our next question is from Jörn Iffert at UBS.

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

2 to 3 questions, please, from my side. I will take them one by one, if it's okay. The first one is, can you please be so kind and clarify again on gross profit margins? What exactly was the one-off benefit in Q1? And where you see gross profit margins trending to in Q2?

請我提出 2 到 3 個問題。如果可以的話我會一一拿走。第一個是，能否請您再次澄清一下毛利率？第一季度的一次性收益到底是什麼？您認為第二季度的毛利率趨勢如何？

Okay. So if you look year-over-year, gross margins were 39%, down from 40% a year ago. The primary difference there is going to be FX. There's other puts and takes. But if you broadly -- it says roughly 100 basis points. The quarter though was quite strong because of significantly reduced on-hand inventory. So as we look forward into Q2, there will be some pressure because we don't think we can reduce inventory by another $110 million. So of course, there's a lot of dynamics with mix and FX and all those things. But generally, all things being equal, we see a strong gross margin trend here, but there's a bit of a onetime benefit in Q1 that will put a little bit of pressure on the results for Q1. And in 4 to 6 quarters, we see that trend improving structurally to a 40-ish percent gross margin as a company. Our long-term model for gross margins, 39% to 44%. Now to get to the high end, mix shift, more video things that can happen, but in 4 to 6 quarters, we see structurally 40%-ish gross margins.

好的。因此，如果你對比去年同期來看，毛利率為 39%，低於一年前的 40%。主要區別在於外匯。還有其他的投入和採取。但如果籠統地說，它說大約是 100 個基點。不過，由於現有庫存大幅減少，該季度表現相當強勁。因此，當我們展望第二季度時，將會面臨一些壓力，因為我們認為我們無法再減少 1.1 億美元的庫存。當然，混音、FX 以及所有這些東西都有很多動態。但總的來說，在所有條件相同的情況下，我們在這裡看到了強勁的毛利率趨勢，但第一季度有一些一次性的好處，這會給第一季度的業績帶來一些壓力。在 4 到 6 個季度內，我們看到這一趨勢在結構上得到改善，公司毛利率達到 40% 左右。我們的長期毛利率模型為39%至44%。現在要進入高端市場，混合轉變，更多視頻業務可能會發生，但在 4 到 6 個季度內，我們看到結構性毛利率將達到 40% 左右。

Next question there. You said you had 3. That's the first of three.

下一個問題在那裡。你說你有 3 個。這是三個中的第一個。

Yes, exactly. So it means in 4 to 6 quarters, you will reach the 40% gross profit margin run rate, not in the next 4 to 6 quarters, just to be clear.

對，就是這樣。因此，這意味著在 4 到 6 個季度內，您將達到 40% 的毛利率運行率，而不是在接下來的 4 到 6 個季度內，需要明確的是。

Well, we may have quarters where it's above 40%. We may have quarters where it's below. But I think structurally, in 4 to 6 quarters, we see the business on average being 40% and growing because we said the long-term model is 39% to 44%, but there's a lot of puts and takes that can happen with gross margins, primarily mix being one of the biggest impacts. Now Guy mentioned earlier, we've got some new products coming out, those could be really helpful and be a tailwind, but there's -- that's uncertain as to what's going to happen in the short term. We're just -- we've got more conviction in the intermediate term that we can hit our long-term operating model.

嗯，我們可能有一些季度的比率高於 40%。我們可能在下面有宿舍。但我認為，從結構上看，在 4 到 6 個季度中，我們看到業務平均增長 40%，並且在增長，因為我們說過長期模型是 39% 到 44%，但是毛利率可能會發生很多變化。利潤率，主要是混合是最大的影響之一。蓋伊之前提到，我們已經推出了一些新產品，這些產品可能真的很有幫助，並且是一種順風車，但是短期內會發生什麼是不確定的。我們只是——我們在中期更有信心能夠實現我們的長期運營模式。

Okay. The second question would be please, on Q2 on the revenue guide. I mean usually, Q2 is significantly higher versus Q1 due to normal seasonality. What have you seen in July so far? I mean in the first weeks of July, do you see a stable flattish development year-over-year or actually started with some growth quarter-on-quarter -- sorry, I was speaking about quarter-on-quarter not year-over-year just to double check what you see in the first weeks of July.

好的。第二個問題是關於收入指南的第二季度。我的意思是，由於正常的季節性，通常情況下，第二季度明顯高於第一季度。七月至今，你看到了什麼？我的意思是，在 7 月的前幾週，您是否看到同比穩定的平坦發展，或者實際上開始出現季度環比增長——抱歉，我說的是季度環比而不是同比——只是為了仔細檢查您在七月的前幾週看到的情況。

The data that we have so far is the first couple of weeks and I would say we're cautiously optimistic about the results so far. We don't have the final analysis in yet from Prime Day. So we still have a lot of wood to chop for the quarter, and I think we feel like we're in a good position for the second quarter.

到目前為止，我們掌握的數據是前幾週的數據，我想說，我們對迄今為止的結果持謹慎樂觀的態度。我們還沒有 Prime Day 的最終分析。因此，我們在本季度仍有很多工作要做，我認為我們感覺我們在第二季度處於有利位置。

Okay. And the last question then, please, on Video Conferencing, you said it's around $5 million down. So we can assume it's bottoming out here that Q2 in Video Conferencing and also gaming should be up quarter-on-quarter? Is this a fair assumption for these 2 categories?

好的。最後一個問題，關於視頻會議，您說大約要花 500 萬美元。因此，我們可以假設現在已經觸底，視頻會議和遊戲領域的第二季度應該會環比增長？對於這兩個類別來說，這是一個公平的假設嗎？

Yes. We even provided that level of specificity. His video bottomed out. I hope so, but I can't guarantee that. It was fairly in line with last quarter, down a little bit. And with new products coming. I think we've got tailwinds in video.

是的。我們甚至提供了這種程度的特異性。他的視頻觸底了。我希望如此，但我不能保證這一點。與上季度基本一致，略有下降。並且隨著新產品的到來。我認為我們在視頻領域有順風車。

Our next question is from Andreas Müller at ZKB.

我們的下一個問題來自 ZKB 的 Andreas Müller。

I've got a question about the difference of growth rate between keyboard and combos and my stand-alone, what was there the reason?

我有一個關於鍵盤和組合與獨立的增長率差異的問題，原因是什麼？

So keyboard and combos was down a bit, but better than our expectations. It was quite a strong quarter relative to our internal expectations. Pointing devices also performed quite well with share gains. I don't have a lot more to offer in terms of color. But generally, I would say both categories were a little better than expectations and pointing devices being a hallmark of our company. We're just thrilled to see additional share gains.

因此鍵盤和組合有所下降，但比我們的預期要好。相對於我們的內部預期，這是一個相當強勁的季度。指點設備的表現也相當出色，市場份額有所增長。在顏色方面我沒有更多可以提供的。但總的來說，我想說這兩個類別都比預期好一點，並且指點設備是我們公司的標誌。我們很高興看到更多的份額增長。

Okay. And then the cash on the balance sheet, this is now really high, would you accelerate the share buybacks. I think it's running a bit lower than $100 million. Is there room to improve that?

好的。然後資產負債表上的現金現在非常高，你會加速股票回購嗎？我認為它的運行略低於 1 億美元。這方面還有改進的空間嗎？

Well, there is room to improve. First of all, in Q1, we pay our annual dividend, so that's being paid this quarter, and that will reduce the cash balance. We have put in place a new buyback plan, the old buyback plan of $1.5 billion. We were able to execute $1.1 billion of buybacks on the old plans that's now expiring. The new plan will go to to -- for shareholder approval with the AGM. And we have announced an acquisition. So we're I would say we're executing on our capital allocation strategy of targeting M&A for growth. Now Loupedeck is a modest purchase price, but we are targeting M&A for growth. paying the dividend and growing the dividend and then excess cash returning back to shareholders. So I think we're following our playbook right down the middle.

嗯，還有改進的空間。首先，在第一季度，我們支付年度股息，因此本季度支付，這將減少現金餘額。我們已經實施了新的回購計劃，舊的回購計劃為 15 億美元。我們能夠對現已到期的舊計劃執行 11 億美元的回購。新計劃將提交年度股東大會以供股東批准。我們已經宣布了一項收購。因此，我想說，我們正在執行以併購為目標的資本配置策略，以實現增長。現在 Loupedeck 的收購價格適中，但我們的目標是通過併購來實現增長。支付股息並增加股息，然後將多餘的現金返還給股東。所以我認為我們正在遵循我們的劇本。

Okay. Understood. Then last question on the administrative cost is one-timer. What was that exactly?

好的。明白了。最後一個關於行政成本的問題是一次性的。那到底是什麼？

We don't disclose the individual details, but it was a kind of millions of dollars. So it's not a huge number either, but that was sort of a onetimer so we should see a benefit in Q2.

我們不透露具體細節，但大概有數百萬美元。所以這也不是一個巨大的數字，但這只是一次性的，所以我們應該在第二季度看到好處。

Our next question is from Michael Foeth at Vontobel.

我們的下一個問題來自 Vontobel 的 Michael Foeth。

Michael, I think you're still on mute.

邁克爾，我想你仍然處於靜音狀態。

Michael, we'll circle back. Let's go to Samik Chatterjee at JPMorgan.

邁克爾，我們會繞回來。讓我們來看看摩根大通的 Samik Chatterjee。

Can you hear me.

你能聽到我嗎。

Yes Samik.

是的，薩米克。

Okay. Great. So I jumped on a bit late. So I apologize if you've gone through this already. But in some of the PC companies, we track, there are expectations for a second half seasonal improvement in PC volumes related to the first half. I'm just wondering, as you look at your sort of momentum into the back half of the year, are you associating any improvement given the attach rate that you would typically expect to see with PC volumes into your model? Or are you largely sort of keeping that as more of potential upside that comes -- if that comes through good. Otherwise, you're sort of going to more track flattish half over half. And I have a quick follow-up.

好的。偉大的。所以我跳得有點晚了。如果您已經經歷過這件事，我深表歉意。但我們跟踪的一些個人電腦公司預計，下半年個人電腦銷量將比上半年有所改善。我只是想知道，當您審視今年下半年的勢頭時，考慮到您通常期望看到的 PC 銷量的附加率，您是否將任何改進與您的模型相關聯？或者你是否基本上將其保留為更多潛在的上行空間——如果進展順利的話。否則，你會變得更加平坦。我有一個快速的跟進。

Yes. We -- part of analysis and reviews, we're closely tracking PC ship another attach rate with that. So obviously, those are good news from our perspective, the outlook we're seeing with some of the big PC providers. As Chuck said, we're trying to be cautious here. It's just the first quarter. We're very pleased with the other achievement. Don't get me wrong. But we're not going to build on other companies talking a little bit more bullish on the second half.

是的。作為分析和評論的一部分，我們正在密切跟踪 PC 出貨量的另一個附加率。顯然，從我們的角度來看，這些都是好消息，我們看到一些大型個人電腦提供商的前景。正如查克所說，我們在這裡盡量保持謹慎。這只是第一季度。我們對另一項成就感到非常滿意。別誤會我的意思。但我們不會以其他公司對下半年更加樂觀的言論為基礎。

Okay. And for my follow-up, it was an interesting acquisition, Loupedeck to see sort of what you're doing there. But maybe if you can sort of highlight how you're thinking about what addressable market does that have? And as you look at your portfolio, what are these other sort of niche opportunities that you're thinking of in relation to M&A.

好的。對於我的後續行動，這是一次有趣的收購，Loupedeck 看看你在那裡做了什麼。但也許您可以強調一下您是如何考慮該市場的潛在市場的？當您查看您的投資組合時，您正在考慮的與併購相關的其他類型的利基機會是什麼？

Yes. So on the Loupedeck, it's a small, relatively small team but very important IP that will allow us to add very sophisticated capabilities to keyboard mice in the future. And we will use it first in for gamers and creators, but we're seeing the potential beyond that. And I'll leave it at that. We'll talk about it when we get to this. As far as M&A, we review you the M&A funnel. We encourage the team to replenish it, look at that. we have the optionality. We're not desperate for M&A organically. I like our chances and the growth trajectory. But I think we can accelerate in certain areas, whether by small tuck-in or by something a little larger than that. And we want to see -- we obviously have to bring it to the board for approval. If we have targets, we want to see what else is out there that can allow us to accelerate the -- coming back to growth and growth beyond that.

是的。因此，在 Loupedeck 上，這是一個規模較小、相對較小的團隊，但非常重要的 IP，將使我們能夠在未來為鍵盤鼠標添加非常複雜的功能。我們將首先將它用於遊戲玩家和創作者，但我們看到了除此之外的潛力。我就這樣吧。當我們談到這個時我們會討論它。就併購而言，我們將回顧併購漏斗。我們鼓勵團隊補充它，看看那個。我們有選擇權。我們並不急於進行有機併購。我喜歡我們的機會和成長軌跡。但我認為我們可以在某些領域加速，無論是通過小幅縮進還是通過比這稍大一些的措施。我們希望看到——我們顯然必須將其提交董事會批准。如果我們有目標，我們希望看看還有什麼可以讓我們加速恢復增長並超越目標。

Michael, I believe you're back. Michael Foeth from Vontobel.

邁克爾，我相信你回來了。來自馮托貝爾的邁克爾·福思。

Can you hear me now?

你能聽到我嗎？

Yes.

是的。

Yes.

是的。

Perfect. So just one, you changed your reporting structure for the some of the categories. And I was wondering if the -- what's another now, so the speakers, if you're planning to phase any of these products out -- and if that has any impact on your rather cautious guidance for the full year as well?

完美的。因此，只有一件事是，您更改了某些類別的報告結構。我想知道現在還有什麼，那麼發言人，如果您計劃逐步淘汰這些產品中的任何一個，這是否也會對您全年相當謹慎的指導產生任何影響？

No, we are not facing those products out. The challenge I gave to the general manager of that group was grow it, so it's, its own stand-alone category. So we're just trying it for housekeeping, we don't want a bunch of small cats and dog categories. And so the idea is put those together, so it's -- we're focused -- and then if they can outgrow, then we'll create a separate line for them. And that's the challenge to the General Manager, and he's accepted that challenge.

不，我們不會將這些產品排除在外。我給該集團總經理的挑戰是發展它，所以它是它自己的獨立類別。所以我們只是嘗試用它來做家務，我們不想要一堆小貓和狗類別。所以我們的想法是將它們放在一起，所以它是 - 我們專注於 - 然後如果它們可以增長，那麼我們將為它們創建一個單獨的生產線。這就是對總經理的挑戰，他接受了這個挑戰。

Okay. So if you can talk maybe just a few words about UE boom and if there is any plan to reposition that for growth going forward.

好的。因此，您是否可以簡單談談 UE 的繁榮，以及是否有任何計劃重新定位以促進未來的增長。

It's a great question. We actually, the company invested not much in this, but invested. And we're actually expecting a couple of new products in the coming months -- to do and remainder of the year to ship and hopefully, we'll energize the category there, but it's too early to say. And as Chuck just said, he told the GM wants to go outer farther, we want to see good growth, and we'll get you out of other category. But at this point, to give you the best transparency on our product categories, we feel like it's better suited than the others.

這是一個很好的問題。我們實際上，公司在這方面投入不多，但是投入了。實際上，我們預計在未來幾個月內會推出一些新產品，並在今年剩餘時間內推出，希望我們能夠為該類別注入活力，但現在說還為時過早。正如查克剛才所說，他告訴總經理想要走得更遠，我們希望看到良好的增長，我們會讓你脫離其他類別。但目前，為了給您提供我們產品類別的最佳透明度，我們認為它比其他產品更適合。

Our final question for today is from Serge Rotzer at Credit Suisse.

我們今天的最後一個問題來自瑞士信貸銀行的 Serge Rotzer。

Basically, I had a similar question like Michael because of this other -- I'm wondering that you want to see growing these product categories. As in the past, you always said that you take out research and development costs and that you squeeze them down. And we know that this product group has the lowest margin. So it gives no sense for me that you want to grow now again in these product groups as it will dilute your margins. So for me, it sounds more that you want to close these product categories, at least on your old strategy.

基本上，我有一個像邁克爾一樣的類似問題，因為另一個問題——我想知道你希望看到這些產品類別的增長。和過去一樣，你們總是說把研發成本拿出來壓下來。我們知道該產品組的利潤率最低。因此，對我來說，你現在想在這些產品組中再次增長是沒有意義的，因為這會稀釋你的利潤。所以對我來說，聽起來更像是你想關閉這些產品類別，至少在你的舊策略上是這樣。

Well, so clearly, we -- our goal is to grow the company profitably, and there's a margin threshold. So the challenge for the team is to build great products and grow those with attractive margins that make sense for the company. And if they don't meet our thresholds, then we will not seek to grow those. What we have been doing historically in those categories is kind of profit max, not investing necessarily, but harvesting the profits. And I believe there's a strategy that they can execute to do both. Now we'll see. That's why it's in the other category. It's small. It's not worth you focusing on as an investor today. but the challenge for the internal team is to build great products with attractive margins. And if they can get to the level that it's worthy, then it will create some stand-alone category.

嗯，很明顯，我們的目標是使公司盈利，並且有一個利潤門檻。因此，團隊面臨的挑戰是打造出色的產品，並發展那些對公司有意義、利潤豐厚的產品。如果它們沒有達到我們的門檻，那麼我們就不會尋求增長。歷史上我們在這些類別中所做的就是利潤最大化，不一定是投資，而是收穫利潤。我相信他們可以執行一項策略來實現這兩點。現在我們拭目以待。這就是為什麼它屬於其他類別。它很小。今天，作為投資者，不值得您關注。但內部團隊面臨的挑戰是打造具有有吸引力利潤的優質產品。如果他們能夠達到值得的水平，那麼它將創建一些獨立的類別。

And rest assured, there is no product development here that is targeted at a lower margin category. We are -- our dollars -- R&D dollars are going after higher margin, higher growth products.

請放心，這裡沒有針對低利潤類別的產品開發。我們——我們的資金——研發資金正在追求更高利潤、更高增長的產品。

And then Guy and I are aligned. It's really portfolio management. How do you manage the portfolio for growth and profit, not either or.

然後蓋伊和我就達成一致了。這實際上是投資組合管理。您如何管理投資組合以實現增長和利潤，而不是非此即彼。

Probably a follow-up here, is there a significant goodwill position linked to these products? So speakers [Jaybird], UE boom, can you give me any information here.

可能是後續問題，這些產品是否具有重要的商譽地位？那麼發言者[Jaybird]、UE繁榮，你能給我任何信息嗎？

I don't believe so. I think that any goodwill associated with those acquisitions would be fairly immaterial.

我不相信是這樣。我認為與這些收購相關的任何商譽都是相當無關緊要的。

Okay. Good. And then the last one, you have increased slightly the CapEx from $90 million to $100 million. Is there any reason or do you start to capitalize some of the OpEx, although it's a very small position, I know.

好的。好的。最後一項，您將資本支出從 9000 萬美元略微增加到 1 億美元。我知道，有什麼原因或者您是否開始利用一些運營支出，儘管這是一個非常小的頭寸。

No, it's tied to our new building here in Silicon Valley, and we hope to have you all visit us here and host you, if you're in town, the Silicon Valley. We've got a really -- a new office that we're just opening and that we're calling in from today using our great technology. So come visit us here, and we'll give you a tour of our new facility.

不，它與我們在矽谷的新大樓息息相關，如果您在矽谷小鎮，我們希望大家都能來這裡參觀並接待您。我們剛剛開設了一個真正的新辦公室，從今天起我們將使用我們出色的技術來調用它。歡迎來到我們這裡，我們將帶您參觀我們的新設施。

But still $10 million for a new building change quarter sequential change only in 3 months. So...

但新建築仍需 1000 萬美元，而季度環比變化僅在 3 個月內發生。所以...

Right, it's a -- the accounting rules for leases has changed now. Where you capitalize operating leases. So I wouldn't read into it too much.

是的，租賃的會計規則現在已經改變了。您將經營租賃資本化的地方。所以我不會過多地解讀它。

Guy, Chuck, that wraps up our Q&A for today.

蓋伊、查克，我們今天的問答就到此結束。

Thank you, Nate. Thank you, everybody, for joining us. Pleasure to be on the call with everybody. And I also want to extend many thanks to the very hard-working Logitech team that allow us to deliver this -- our achievement and build for a great future. Thank you.

謝謝你，內特。謝謝大家加入我們。很高興與大家通話。我還要向辛勤工作的羅技團隊表示衷心的感謝，是他們讓我們實現了這一目標，並為美好的未來奠定了基礎。謝謝。

Thanks all.

謝謝大家。

Thank you.

謝謝。