羅技 (LOGI) 2024 Q2 法說會逐字稿

Good morning and good afternoon. Welcome to Logitech's video call to discuss our financial results for the second quarter of fiscal year 2024. Joining us today are Guy Gecht, our Interim CEO; and Chuck Boynton, our CFO.

早安，下午好。歡迎參加羅技的視訊通話，討論我們 2024 財年第二季的財務業績。今天加入我們的是我們的臨時執行長 Guy Gecht；和我們的財務長 Chuck Boynton。

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 and our actual results could differ materially.

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》安全港下的未來經營業績的陳述。我們僅根據截至目前的觀點和實際結果做出這些陳述可能存在重大差異。

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.

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和前瞻性陳述中找到非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資訊。在我們向美國證券交易委員會提交的文件中。

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

這些資料以及本次電話會議的幻燈片和網路廣播均可在我們網站的投資者關係頁面上取得。我們鼓勵您仔細查看這些資料。除非另有說明，各期間之間的比較是按年比較，並且按銷售額中的固定匯率計算。此通話正在錄音，並將在我們的網站上重播。

One brief note before we move on to the quarterly results. Next quarter, we will plan to update and modernize our earnings materials. The totality of the information we provide today will not change.

在我們討論季度業績之前，先做一個簡短的說明。下個季度，我們將計劃更新和現代化我們的收益材料。我們今天提供的資訊總體不會改變。

I'll now turn the call over to Guy. Guy?

我現在將電話轉給蓋伊。蓋伊？

Thank you, Nate. And thank you all for joining us today. I'm very proud of the Logitech's team performance and execution this quarter, driving better than expected results despite continued challenges, especially in Asia. Our new products combined with sales execution led to significant progress toward the return to growth. And we did it while delivering record operating and gross margins exceeding any time in our history outside of the big pandemic periods along with OpEx control coming in slightly better than our 25% target.

謝謝你，內特。感謝大家今天加入我們。我對羅技團隊本季的表現和執行力感到非常自豪，儘管面臨持續的挑戰，尤其是在亞洲，但仍取得了好於預期的業績。我們的新產品與銷售執行相結合，在恢復成長方面取得了重大進展。我們做到了這一點，同時實現了創紀錄的營業利潤和毛利率，超過了大流行期間之外的歷史上任何時期，而且營運支出控制略好於我們 25% 的目標。

While we pause to congratulate the team and indeed they deserve a huge thank you for the results, you will not find here any complacency, especially not before we return to healthy growth. That may take time as we work through pandemic portfolio demand, but we are actively working toward it.

雖然我們停下來祝賀團隊，實際上他們值得對他們的成績表示衷心的感謝，但你不會在這裡發現任何自滿，特別是在我們恢復健康增長之前。當我們解決大流行的投資組合需求時，這可能需要一些時間，但我們正在積極努力實現這一目標。

Looking longer term, I'm confident about Logitech's positioning. Our portfolio aligns with doable secular trends and hybrid work, video conferencing, gaming and content creation that will continue playing out and we see no reason to why we will not maintain the number one positioning Logitech currently holds in the majority of our growth categories.

長遠來看，我對羅技的定位充滿信心。我們的產品組合符合可行的長期趨勢，混合工作、視訊會議、遊戲和內容創作將繼續發揮作用，我們認為我們沒有理由不保持羅技目前在大多數成長類別中的第一名地位。

Now let me briefly comment about the state of the business in these growth categories. And then Chuck will give you a lot more color on our performance in the quarter. I'm going to jump right into the video collaboration where our results are sequentially improving, but still far from where we wanted them to be. We're still facing market-related challenges, where some customers are taking a measured approach to equipping conference rooms, focusing first on hybrid work enablement by getting the workflow back into the office. But the need for equitable video and audio is only increasing and our new Sight Tabletop camera shipped this quarter uniquely provides the best experience for hybrid meeting.

現在讓我簡單評論一下這些成長類別的業務狀況。然後查克將為您提供有關我們本季表現的更多資訊。我將直接進入視訊協作，我們的結果正在逐步改善，但距離我們想要的目標還很遠。我們仍然面臨與市場相關的挑戰，一些客戶正在採取謹慎的方法來裝備會議室，首先專注於將工作流程帶回辦公室來實現混合工作支援。但對公平視訊和音訊的需求只會不斷增加，我們本季發貨的新型 Sight 桌面攝影機為混合會議提供了獨特的最佳體驗。

We expect to continue to see gradual improvement in this business and we'll be back in growth mode. Our solution for personal workspaces like keyboards and mice are on the verge of growth again. Mobile accessories and ourselves into the enterprise are areas of specific strengths this quarter. Between business interest and new consumer products, we see this category well-positioned for the holiday season.

我們預計這項業務將繼續逐步改善，我們將回到成長模式。我們針對鍵盤和滑鼠等個人工作空間的解決方案再次處於成長邊緣。行動配件和我們自己進入企業是本季的具體優勢領域。在商業興趣和新消費產品之間，我們認為該類別在假期季節處於有利地位。

PC gaming improved sequentially and the year-over-year declines are moderating. Simulation and console gaming remain challenged as we work through unfavorable [dotcoms] (inaudible) in FY '25. Current and upcoming products (inaudible) across our gaming portfolio in the next several quarters will further boost us in this industry that's improving, but still not back to growth.

電腦遊戲季比有所改善，年減幅度正在放緩。當我們在 25 財年經歷不利的[網路]（聽不清楚）時，模擬和主機遊戲仍然面臨挑戰。未來幾季我們遊戲產品組合中目前和即將推出的產品（聽不清楚）將進一步推動我們在這個正在改善但仍無法恢復成長的行業中的發展。

Our design-led innovation was on full display this quarter. With 16 new products, we expanded the [BOSS] gaming portfolio with the LIGHTSPEED keyboard and SUPERLIGHT 2 mouse. We launched Logitech G Litra Beam light and 2 Yeti microphones. We also launched the first product in a new category for Logitech, the Casa Pop-Up Desk, which is an all-in-one ergonomic desk setup.

我們以設計為主導的創新在本季度得到了充分展示。透過 16 款新產品，我們透過 LIGHTSPEED 鍵盤和 SUPERLIGHT 2 滑鼠擴展了 [BOSS] 遊戲產品組合。我們推出了 Logitech G Litra Beam 燈和 2 個 Yeti 麥克風。我們也推出了羅技新類別中的首款產品 Casa Pop-Up Desk，這是一款符合人體工學的一體式辦公桌設置。

We also continue to introduce new AI-powered products like our Zone Wireless 2 headsets. This headset uses AI for far end noise suppression resulting in a unique 2-way noise-free cancelling experience. Products like this demonstrate how AI can improve the user experience. More broadly, Logitech sees AI as a major strategic opportunity, just as we have enabled people to be productive by accessing PC and cloud capabilities, we envision Logitech providing the interface tools people need to access and benefit from AI. As artificial intelligence transforms how people work and live, we plan for Logitech to be at the forefront, delivering the solutions that seamlessly bridge human emotions.

我們也持續推出新的人工智慧產品，例如我們的 Zone Wireless 2 耳機。這款耳機使用 AI 進行遠端噪音抑制，從而帶來獨特的 2 路無噪音消除體驗。此類產品展示了人工智慧如何改善用戶體驗。更廣泛地說，羅技將人工智慧視為一個重大戰略機遇，就像我們透過存取 PC 和雲端功能使人們提高工作效率一樣，我們設想羅技提供人們訪問人工智慧並從中受益所需的介面工具。隨著人工智慧改變人們的工作和生活方式，我們計劃讓羅技走在最前沿，提供無縫連接人類情感的解決方案。

This is an exciting new frontier for us that you will hear more about in coming quarters. This quarter it wasn't just our innovation on full display, but also our commitment to climate action and equity within our recent Impact Report. We aligned with 2 major private sector initiatives for the UN Sustainable Development Goals. We firmly believe businesses play a critical role driving progress on these goals. And we are proud to foster alignment across companies.

對我們來說，這是一個令人興奮的新領域，您將在未來幾季聽到更多相關資訊。本季度，我們不僅全面展示了我們的創新，還展示了我們在最近的影響報告中對氣候行動和公平的承諾。我們與私營部門的兩項主要倡議保持一致，以實現聯合國永續發展目標。我們堅信，企業在推動這些目標的實現方面發揮關鍵作用。我們很自豪能夠促進公司之間的協調。

As our Chief Operating Officer, Prakash, said during Climate Week in New York City, when it's come to the environment, we need progress not just pledges. Let me close with an update on our CEO search. Over the last 4 months, the Board has been conducting a global CEO search including internal and external candidates across industries and geographies.

正如我們的營運長普拉卡什在紐約市氣候週期間所說，在環境問題上，我們需要進步而不僅僅是承諾。最後，讓我介紹一下我們執行長搜尋的最新情況。在過去的 4 個月裡，董事會一直在全球範圍內尋找首席執行官，包括跨行業和地區的內部和外部候選人。

From the first days of the search, there was a tremendous interest in the opportunity that afforded the Board the chance to meet with incredibly strong, diverse and experienced candidates. Our Board masterfully led by Chairperson Wendy Becker deserves real credit for their work. You might sense from my update that we are getting closer to finalizing a decision and indeed we are. Until then, I hope you understand I will not be able to add more color to this topic.

從搜尋的第一天起，大家就對這個機會產生了極大的興趣，董事會有機會與非常強大、多元化和經驗豐富的候選人會面。由董事長溫迪貝克爾 (Wendy Becker) 精心領導的董事會的工作值得真正的讚譽。您可能會從我的更新中感覺到我們越來越接近最終決定，而且確實如此。在那之前，我希望你能理解我無法為這個主題增添更多色彩。

In summary, this quarter, we have made real progress, but aren't satisfied. We want consistent growth and consistent financial performance and we are very focused on delivering that. Thank you again and let me turn it to Chuck to discuss the numbers. Chuck?

總而言之，本季我們取得了實際進展，但並不滿足。我們希望實現持續的成長和穩定的財務業績，並且我們非常致力於實現這一目標。再次感謝您，讓我把它交給查克來討論這些數字。查克？

Thank you, Guy. Thank you all for joining us on the call today. I'd like to echo Guy's comments about the great focus and execution of our employees throughout the quarter. Their commitment to the customer is certainly reflected in our 16 product launches ahead of the holiday season while also demonstrating the discipline to operate the business in a responsible way and generating strong operating cash flows. Tremendous work by everyone.

謝謝你，蓋伊。感謝大家今天加入我們的電話會議。我想回應蓋伊關於我們員工在整個季度的高度關注和執行力的評論。他們對客戶的承諾無疑體現在我們在假期前推出的 16 個產品中，同時也體現了以負責任的方式經營業務並產生強勁營運現金流的紀律。每個人都付出了巨大的努力。

Now moving on to the business results for the second quarter. Net sales in constant currency declined by 9% to $1.06 billion. Overall, our Europe team had a very strong quarter with both sequential and year-over-year top line growth in U.S. dollars. In constant currency, we were down mildly from the prior year. Both Americas and Asia-Pacific were down year-over-year, but showed sequential growth. Our personal workplace solutions had a really great quarter while gaining market share in Keyboards and Combos, Pointing Devices and Webcams.

現在轉向第二季的業務業績。以固定匯率計算的淨銷售額下降 9%，至 10.6 億美元。總體而言，我們的歐洲團隊度過了一個非常強勁的季度，以美元計算的收入連續增長和同比增長。以固定匯率計算，我們的業績較上年略有下降。美洲和亞太地區均較去年同期下降，但較上季成長。我們的個人工作場所解決方案在本季度表現非常出色，同時在鍵盤和組合、指點設備和網路攝影機領域獲得了市場份額。

Our video and Logi G business still had pressure versus more difficult comps last year. We have been talking on our earnings calls and our Investor Day about the benefits of lean on-hand and channel inventory. This quarter, we continued our progress in leaning out the supply chain. And in fact, our sales out was stronger than expected, which not only led us to over-performing in the top line, but also reducing channel inventory.

去年，我們的影片和 Logi G 業務仍然面臨著更困難的競爭壓力。我們一直在財報電話會議和投資者日討論精實現有庫存和通路庫存的好處。本季度，我們在供應鏈精益化方面繼續取得進展。事實上，我們的銷售強於預期，這不僅導致我們的營收表現超預期，而且還減少了通路庫存。

We are currently shipping at a fast pace, getting ready for the peak holiday season. We expect to reduce channel inventory in the March quarter to align with the seasonally lower revenue we see in Q4 as well as Q1 and Q2. Please note, this will create a negative year-over-year comparison for Q4. For the sixth consecutive quarter, we reduced on-hand inventory significantly with our inventory turns improving from 3.2 to 4.6 year-over-year. We are getting close to our target operating model of 5 turns or better.

目前我們正在快速出貨，為假期旺季做好準備。我們預計將減少三月季度的通路庫存，以適應第四季以及第一季和第二季營收的季節性下降。請注意，這將導致第四季度的同比比較出現負值。我們連續第六個季度大幅減少現有庫存，庫存週轉率比去年同期從 3.2 提高到 4.6。我們正在接近 5 轉或更好的目標營運模式。

Lastly, it's important to know that similar to last quarter, the reduction in channel inventory and on-hand inventory had a onetime positive impact on gross margins. In Q2 gross margins expanded quarter-over-quarter to 42%, better than anticipated and in the upper range of our long-term financial model.

最後，重要的是要知道，與上季類似，通路庫存和現有庫存的減少對毛利率產生了一次性的正面影響。第二季毛利率較上季成長至 42%，優於預期，處於我們長期財務模型的上限範圍內。

Year-over-year increases were driven by cost improvement, including less reliance and expedited shipping along with lower promotions partially offset by unfavorable product mix. Comparing sequentially, increases were driven by cost improvements, favorable mix as well as leverage and scale. Though we are encouraged by the gross margin improvement, Q3 gross margins are typically pressured by promotions and mix and discounting typically increases during the holiday season and our sales are more consumer-led than enterprise.

同比增長是由成本改善推動的，包括減少依賴和加快運輸，以及促銷活動的減少，但不利的產品組合部分抵消了這種影響。與上一季相比，成長是由成本改善、有利的組合以及槓桿和規模所推動的。儘管我們對毛利率的改善感到鼓舞，但第三季的毛利率通常受到促銷和混合的壓力，假期期間折扣通常會增加，而且我們的銷售更多地以消費者為主導，而不是企業。

We expect these headwinds to be partially offset by overhead absorption. In the back half of the year, we expect gross margins to be approximately 38% or 39% based on the previously mentioned onetime benefits in Q2 and sequential headwinds. Looking further ahead, with our slightly larger scale cost reduction and lower promotions, we believe that business is positioned to structurally attain the 39% to 44% gross margin target on average, although there will be quarters where we'll be below our long-term target due to various factors such as seasonality, mix or promotions.

我們預計這些不利因素將被管理費用吸收部分抵銷。基於前面提到的第二季的一次性效益和連續的不利因素，我們預計今年下半年的毛利率約為 38% 或 39%。展望未來，隨著我們規模稍大的成本削減和較少的促銷活動，我們相信業務能夠在結構上實現平均39% 至44% 的毛利率目標，儘管有些季度我們的毛利率將低於我們的長期目標。由於季節性、組合或促銷等各種因素，目標一詞會受到影響。

Operating expenses were $261 million in the quarter in line with revenue declines down 9% year-over-year. 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. Note that we expect OpEx to rise mildly in Q3 due to seasonality and certain onetime costs.

該季度營運費用為 2.61 億美元，營收年減 9%。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營運支出的能力感到滿意。我們的長期模式是將營運費用維持在收入的 25% 左右或更少。請注意，由於季節性和某些一次性成本，我們預計第三季營運支出將小幅上升。

Operating income was $183 million in Q2 and better than our expectations due to improved demand, strong gross margins and cost discipline. Following up on our record Q1 for cash generation, the team delivered strong Q2 cash flow from operations at $223 million, leading to a cash balance of approximately $1.2 billion.

由於需求改善、強勁的毛利率和成本控制，第二季營業收入為 1.83 億美元，優於我們的預期。繼第一季創紀錄的現金產生之後，該團隊在第二季度實現了 2.23 億美元的強勁營運現金流，從而實現了約 12 億美元的現金餘額。

Q2 was also reflective of our consistent capital allocation strategy, particularly our commitment to returning capital to shareholders, which totaled approximately $276 million in Q2. In September, our shareholders approved an increase to our dividend and we returned $182 million to shareholders. And we started our new $1 billion 3-year share repurchase program that was approved in June. In the second quarter, we repurchased nearly 1.9 million shares for a total consideration of $124 million. Actual cash outflow was $94 million in the quarter with the remaining balance to be paid in Q3. Please note the shares repurchase were under both the 2020 and 2023 program.

第二季也反映了我們一貫的資本配置策略，特別是我們向股東返還資本的承諾，第二季的資本總額約為 2.76 億美元。 9 月份，我們的股東批准增加股息，我們向股東返還 1.82 億美元。我們啟動了新的 10 億美元、為期 3 年的股票回購計劃，該計劃於 6 月獲得批准。第二季度，我們回購了近 190 萬股股票，總代價為 1.24 億美元。本季實際現金流出 9,400 萬美元，剩餘餘額將在第三季支付。請注意，股票回購是根據 2020 年和 2023 年計劃進行的。

Moving on to our outlook, we exceeded our first half outlook on both the top and bottom lines driven by stronger than anticipated demand, lower promotional intensity and more aggressive cost reductions. Although uncertainty still exists, we remain cautiously optimistic that our business will continue to slow our rate of decline and eventually get back to growth. Therefore, we're raising the full year outlook for fiscal year 2024. We are now expecting revenue of $4 billion to $4.15 billion. Our corresponding operating income is expected to be between $525 million and $575 million.

繼續展望我們的前景，由於需求強於預期、促銷強度降低以及更積極的成本削減，我們的營收和利潤均超過了上半年的預期。儘管不確定性仍然存在，但我們仍保持謹慎樂觀，認為我們的業務將繼續減緩下滑速度並最終恢復成長。因此，我們上調了 2024 財年的全年展望。我們目前預計營收為 40 億美元至 41.5 億美元。我們相應的營業收入預計在5.25億美元至5.75億美元之間。

Before we start Q&A, we're going to show a short video highlighting our PRO line gaming products. Nate, roll the video and then we can take Q&A.

在開始問答之前，我們將播放一段簡短的視頻，重點介紹我們的 PRO 系列遊戲產品。內特，滾動視頻，然後我們可以進行問答。

(presentation)

（推介會）

Our first question today comes from George Wang at Barclays.

我們今天的第一個問題來自巴克萊銀行的喬治王。

I have 2 quick ones. Firstly, just to kind of see if you can reconcile the fiscal to H -- just based on the (inaudible), it's still kind of below seasonal and kind of from 2H to H kind of flattish versus historical trends kind of up 15% to 20% sequentially from 2H to H. Just curious how much visibility you have and kind of tried to reconcile, you talked about improving demand and sequentially, yet you're guiding kind of below seasonal for the back half. Just curious if any color on that.

我有2個快的。首先，只是想看看你是否可以將財政與H 進行協調——僅基於（聽不清），它仍然低於季節性，並且從2H 到H 與歷史趨勢相比增長了15%，與H 相比持平。從 2H 到 H 依次為 20%。只是好奇您有多少可見度並試圖協調，您談到了需求的改善和順序，但您對後半段的指導有點低於季節性。只是好奇上面是否有顏色。

Certainly, George, thank you for the question. So if you think about the math, we're in, the rate of change, the negative is slowing down. So it's the rate of change in Q1 versus a year ago was worse than Q2 and we're projecting Q3 and Q4 to be slightly better than Q2. And so if you look at absolute dollars, because it's -- the rate of change is slowing, the halves might look somewhat comparable, but we're sort of cautiously optimistic that the back half of the year will be -- it's still probably going to be negative still down year-over-year, but should be down a little bit in line with Q2, a little bit better than Q1 and the rate of change, we're sort of confident that -- or optimistic that we're in an improving state.

當然，喬治，謝謝你的提問。因此，如果你考慮數學，我們會發現，變化的速度，負面影響正在放緩。因此，第一季的變化率與一年前相比要差於第二季度，我們預計第三季和第四季將略好於第二季。因此，如果你看一下絕對美元，因為變化速度正在放緩，兩半看起來可能有些可比，但我們對今年下半年的情況持謹慎樂觀的態度，它可能仍然會繼續下去同比仍然下降，但應該與第二季度一致，比第一季和變化率好一點，我們有信心——或者樂觀地認為處於好轉狀態。

Okay. Great. If I can squeeze in a second question quickly. Just any color on the kind of refresh cycle, kind of the upgrade cycle across gaming especially because intuitively gaming has much faster refresh cycle versus kind of traditional PC related peripherals and B2B side. So just curious whether you are already seeing a kind of rebounding the reverse cycle come after last cycle according to COVID?

好的。偉大的。如果我能快速插入第二個問題的話。只是刷新週期、遊戲升級週期上的任何顏色，特別是因為直覺上游戲的刷新週期比傳統 PC 相關週邊設備和 B2B 方面要快得多。所以只是好奇你是否已經看到根據新冠疫情，上一個週期之後出現了一種反向週期的反彈？

Certainly, I can take this and Guy can jump in. We have a handful of new NPIs that we've launched this quarter, just in time for our peak December quarter in the gaming area. We're really excited about the PRO line, you saw a commercial there, the PRO line mice and keyboards, 2 new Yeti microphones, the new lighting system. So I think we're in a really good place with the category. We do have a couple NPIs coming right after the December quarter to address console gaming headsets, but the line is being updated and refreshed. The product teams are working very hard to accelerate the time to market for new products. Guy, do you want to --

當然，我可以接受這個，Guy 也可以加入進來。我們本季推出了一些新的 NPI，正好趕上 12 月遊戲領域的高峰季度。我們對 PRO 系列感到非常興奮，您在那裡看到了一個廣告，PRO 系列滑鼠和鍵盤、2 個新的 Yeti 麥克風、新的照明系統。所以我認為我們在這個類別中處於一個非常好的位置。在 12 月季度之後，我們確實有幾個 NPI 來解決控制台遊戲耳機的問題，但該產品線正在更新和刷新。產品團隊正努力加快新產品的上市時間。夥計，你想——

So first of all, exactly that, we need to give people the reason to refresh and buy new things and we're working on this, continue to release new products. Our road map is pretty exciting. In gaming, as I mentioned the 3 categories, the PC gaming, it's the biggest spot. I think we started to see people moving and updating what they have. There's another category of console and simulation. Those are two categories where people have really pulled forward doing COVID. And I think that might take a little longer than the PC gaming, but definitely at some point people would like to upgrade and we give them pretty good reason to update.

因此，首先，我們需要給人們更新和購買新東西的理由，我們正在努力，繼續發布新產品。我們的路線圖非常令人興奮。在遊戲方面，正如我所提到的 3 個類別，PC 遊戲是最大的領域。我認為我們開始看到人們移動並更新他們擁有的東西。還有另一類控制台和模擬。這是人們真正推動應對新冠疫情的兩個類別。我認為這可能比電腦遊戲需要更長的時間，但在某些時候人們肯定會想要升級，我們給了他們很好的理由來更新。

(Operator Instructions) And our next question is from Asiya Merchant at Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Asiya Merchant。

I'm trying to turn on my video, but I think Nate's disabled, but anyway. Just on margins if I may. You mentioned there were some onetime benefits that certainly resulted in margins which were better than what you think had guided which was down sequentially for the September quarter. Can you walk us through some of those margin benefits that impacted this quarter and why we shouldn't expect that to continue in the second half? I understand there's new products that takes a little bit off, just given the new product launches, but what's there that shouldn't help you in the second half of this year?

我正在嘗試打開我的視頻，但我認為 Nate 已禁用，但無論如何。如果可以的話，只是在邊緣。您提到，有一些一次性的好處肯定會導致利潤率比您認為的指導值要好，該指導值在九月季度連續下降。您能否向我們介紹一些影響本季的利潤率效益以及為什麼我們不應該期望這種情況在下半年繼續下去？我知道，隨著新產品的推出，有些新產品的銷售量會下降，但是今年下半年有什麼對您沒有幫助呢？

Certainly, Asiya, I think, yes, great question. So first, we over-delivered revenue in Q2 and when you over-deliver revenue, you get more fixed cost absorption. So there was leverage and scale that helped in the quarter versus expectations. We also had communicated that we expected channel inventory to be flat quarter-over-quarter and it came down and when channel inventory comes down, then gross to net tends to improve.

當然，阿西婭，我想，是的，這是一個很好的問題。因此，首先，我們在第二季超額交付了收入，當您超額交付收入時，您將獲得更多的固定成本吸收。因此，與預期相比，槓桿和規模對本季有所幫助。我們也表示，我們預計通路庫存將環比持平，並且有所下降，當通路庫存下降時，毛淨值往往會改善。

We also decreased on-hand inventory again, which had a corresponding benefit as well onetime benefit to inventory reserves. So those were the -- those two are probably not going to repeat in the third quarter, maybe in the fourth quarter they will and then structurally we did a really good job on cost reduction. We drove down product costs. That had a meaningful impact both year-over-year and a little bit quarter-over-quarter. Certainly, freight and logistics costs year-over-year were a huge improvement, not so much quarter-over-quarter and then there were some mix benefits quarter-over-quarter, but tailwinds year-over-year.

我們也再次減少了現有庫存，這對庫存儲備也產生了相應的好處以及一次性的好處。所以，這兩個可能不會在第三季度重複，也許在第四季度它們會重複，然後從結構上講，我們在降低成本方面做得非常好。我們降低了產品成本。這對同比和季度環比都產生了有意義的影響。當然，貨運和物流成本年比是一個巨大的改善，但環比改善幅度不大，環比也有一些混合效益，但環比是順風順水。

So a lot in there, but I do think overall, we're in a better place now than we were. Primarily, our operations team has driven lower product costs and our commercial organization has improved linearity and has reduced discounting which has been helpful to gross margins. Now a word of caution now for Q3, it is our biggest quarter, it's more consumer-oriented and therefore it tends to be more promoted. So we do see margin pressure in Q3, and then as I mentioned in the prepared remarks in Q4, we intend to bring down channel inventory. So you'll have less leverage and scale in Q4 given it's typically seasonally our lowest quarter.

那裡有很多東西，但我確實認為總體而言，我們現在的處境比以前更好。首先，我們的營運團隊降低了產品成本，我們的商業組織提高了線性度並減少了折扣，這有助於提高毛利率。現在對第三季度提出警告，這是我們最大的季度，它更加以消費者為導向，因此往往會得到更多的促銷。因此，我們確實看到了第三季的利潤率壓力，然後正如我在第四季準備的演講中提到的那樣，我們打算降低通路庫存。因此，鑑於第四季度通常是我們季節性最低的季度，因此您在第四季度的槓桿率和規模將會減少。

Okay. And is the guide that December quarter could be more in line with seasonal?

好的。 12 月季度的指南是否更符合季節性？

December quarter will be more in line with seasonal and then I think Q4 will be a little lower because of the year-over-year reduction in channel inventory.

12 月季度將更符合季節性，然後我認為第四季度會略低，因為通路庫存比去年同期減少。

Okay. Great. And just gaming and finally one more. I think specifically in the prepared remarks you mentioned share gains across your 3 other products. You didn't mention the -- is that still a function of the fact that, are you losing share in PC gaming, or is it just because you're seeing tough comps in console and simulation that the gaming looks a little bit maybe (inaudible) some of the other competitors that talked about gaming getting growth by the quarter -- by the year-end, calendar year-end?

好的。偉大的。只是遊戲，最後又是一場。我特別認為，在準備好的評論中，您提到了其他 3 種產品的份額收益。你沒有提到——這仍然是一個事實的函數，你在電腦遊戲中失去了份額，還是只是因為你在控制台和模擬中看到了艱難的比較，遊戲看起來有點可能（聽不清楚）其他一些競爭對手談到遊戲將在本季實現成長——到年底，還是日曆年末？

There's been some share shifts in different categories, gains and losses in gaming. The important thing in gaming, console gaming is a really important category to us. One, the margins are higher. It's the heritage of Logitech. We have number one market share in mice, so really important category for us. In the keyboard space, we have #2 market share in both those categories, I think the NPIs will help gain some share back.

遊戲領域的不同類別、收益和損失的份額發生了一些變化。遊戲中最重要的是，主機遊戲對我們來說是一個非常重要的類別。一是利潤率更高。這是羅技的遺產。我們在滑鼠領域擁有第一的市場份額，這對我們來說非常重要。在鍵盤領域，我們在這兩個類別中都擁有第二大市場份額，我認為 NPI 將有助於重新獲得一些份額。

I would say when I track to where are we gaining and losing, it's normally where we have a product, been in market too long, competitors will make again, low improvement. When we have new products, normally we have big fan support, that's great. And our job is just to make sure we accelerate and get it to the market and you're just (inaudible), but obviously, gaming is definitely on it. So a lot more good products to come.

我想說，當我追蹤我們在哪裡獲得和失去時，通常是我們有一個產品，進入市場時間太長，競爭對手會再次做出改進，進步很小。當我們推出新產品時，通常我們都會得到大量粉絲的支持，這很棒。我們的工作只是確保我們加速並將其推向市場，你只是（聽不清楚），但顯然，遊戲肯定是其中之一。所以還會有更多好產品出現。

Our next question is from Erik Woodring at Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾瑞克‧伍德林。

So maybe to start, just one clarification question on the top line, Chuck, for you. And historically, again, we see revenue grow about 25% sequentially in the December quarter and then decline about 25% sequentially in the March quarter. If we assume that, we do get to, call it, 3 -- or excuse me, $4.3-ish billion of revenue for the year. So clearly above the high end of your guidance range. I would love if you could maybe just double click on the comment that you just made to Asiya about December being more in line with seasonal but 4Q being below seasonal. Is that how we should be thinking about seasonality and kind of why the guide would imply something below normal seasonality? And why would that be after such a strong second quarter? If you could just tease that out a little bit, that would be helpful. And then I have a follow-up.

所以，也許首先，查克，我想先向您澄清一個問題。從歷史上看，我們再次看到 12 月季度的營收環比增長約 25%，然後 3 月季度的營收環比下降約 25%。如果我們假設這一點，我們確實可以稱之為 3——或者對不起，今年的收入約為 43 億美元。顯然高於指導範圍的高端。如果您能雙擊您剛剛向 Asiya 發表的關於 12 月更符合季節性但第四季度低於季節性的評論，我會很高興。這就是我們應該如何思考季節性以及為什麼指南會暗示低於正常季節性的原因嗎？為什麼在第二季表現如此強勁之後會出現這種情況？如果你能稍微梳理一下這一點，那將會很有幫助。然後我有一個後續行動。

Yes, Erik, good questions. I think ultimately, because we're still in a year-over-year declining environment that the seasonality needs to be adjusted for that slope of decline and therefore, if you compare historical Q1 and Q2 to Q3 and Q4, if you adjust for that slope of decline, I think you will get back into the outlook that we see.

是的，埃里克，好問題。我認為最終，因為我們仍然處於同比下降的環境中，所以需要根據下降的斜率調整季節性，因此，如果您將歷史第一季度和第二季度與第三季度和第四季度進行比較，如果您對此進行調整下降的斜率，我認為你會回到我們所看到的前景。

The other issue that we mentioned in the prepared remarks is that we intend to reduce channel inventory in Q4. And so year-over-year, that will be down more than it was historically to bring channel inventory to the appropriate levels for Q4 and Q1 and Q2. Right now we're building channel inventory, obviously, for the prime selling season.

我們在準備好的發言中提到的另一個問題是我們打算在第四季減少通路庫存。因此，與去年同期相比，下降幅度將超過歷史水平，以使第四季度、第一季和第二季的通路庫存達到適當水平。顯然，目前我們正在為黃金銷售季節建立通路庫存。

So I think you're a little high on the revenue numbers based on our outlook. Historical seasonality, we did this at the Analyst Day, we talked about it. If you looked at the last 5 years and you take out the peak COVID years, it generally was -- and sales in and sales out can be a little different, but demand typically was 24%, 24%, 30% in Q3 and 22% in Q4. That was kind of 3 out of the 4 or 4 out of the 5 years have been kind of the average pacing. And if you layer on top of that the rate of decline, of course, it's slowing, we're getting not quite back to neutral, we're still in a declining environment. And then it will bring down that back half of the year relative to the first half of the year. So we're kind of seeing the back half being somewhat similar to the first half of the year, maybe slightly better, but roughly in line with the first half of the year in total revenue.

因此，根據我們的前景，我認為您對收入數字的估計有點高。歷史季節性，我們在分析師日做了這個，我們討論了它。如果你看看過去 5 年，並​​剔除新冠疫情高峰期，通常情況是這樣的——進貨和出貨可能略有不同，但第三季度和 22 季度的需求通常為 24%、24%、30%第四季的百分比。這相當於 4 年中的 3 年或 5 年中的 4 年是平均節奏。如果你把下降的速度放在最上面，當然，它正在放緩，我們還沒有完全回到中性，我們仍然處於下降的環境中。然後，相對於上半年，下半年的情況將會下降。因此，我們看到下半年與上半年有些相似，也許稍微好一些，但與上半年的總收入大致一致。

Okay. That's helpful. And then a follow-up again on a question that was kind of previously asked, because gross margins were so strong this quarter, really nice improvement, and Chuck, again, you talked about kind of sustainability to a degree and structurally, you think you can attain this 39% to 44% range. Can you just tease that comment out a little bit because I feel like it's a bit of a shift from what we heard last quarter, which was it will take 4 to 6 quarters before we get back to that 40% level?

好的。這很有幫助。然後再次跟進之前提出的一個問題，因為本季度的毛利率非常強勁，真的是很好的改善，查克，你再次談到了某種程度上和結構上的可持續​​性，你認為你可以達到39% 到44% 的範圍。你能否稍微調侃一下這個評論，因為我覺得這與我們上個季度聽到的情況有所不同，上個季度我們需要 4 到 6 個季度才能回到 40% 的水平？

So it took you less than one quarter to get back to that level. So has something changed in your view structurally where you have a lower cost profile such that you're more comfortable being kind of up towards that 40% range? I realize not for the second half, but overall, is that 40%-plus level now more attainable in your view than it was 3 months ago?

所以你只花了不到四分之一的時間就回到了那個水準。那麼，您的觀點是否在結構上發生了變化，您的成本狀況較低，因此您更願意達到 40% 的範圍？我意識到下半年並非如此，但總體而言，您認為現在比 3 個月前更容易實現 40% 以上的水平嗎？

It is a little bit. Now there's 2 key factors that give us a little more confidence now than a quarter ago. The first is scale and leverage. We over-delivered on the top line and that was a positive surprise for us, that gives you leverage and scale. That was a real positive. The other 2, maybe it's combined, but better margins driven by lower cost and less promotion. And I think I'll give credit to our teams, [Quin], our Head of the GCO, the global commercial organization, and Prakash, our COO, have done a really, really good job driving lower promotions and lower material costs that have helped us.

是有一點點。現在有兩個關鍵因素讓我們比一個季度前更有信心。首先是規模和槓桿。我們超額交付了營收，這對我們來說是一個積極的驚喜，這為您提供了影響力和規模。這是一個真正的積極因素。其他兩個，也許是結合起來的，但由於較低的成本和較少的促銷而帶來了更好的利潤。我想我要讚揚我們的團隊，我們的 GCO（全球商業組織）負責人 [Quin] 以及我們的首席營運長 Prakash 做得非常非常好，推動了較低的促銷活動和較低的材料成本，幫助了我們。

Now we can't really predict mix. And we know in Q3, we're going to have more promotions, more consumer. And we know in Q4, we're going to have a reduction in channel inventory, and that's a low watermark quarter typically for the year. So I think there's a little bit of headwind in Q3 and Q4 on the margin side. But structurally, I think we're in that zone of 39% to 44%. Of course, a lot of things can happen. But as we sit here today, Guy and I are just really pleased with how the team has executed and where we sit and the read through to the future is, I think, better now than it was a quarter ago. Guy, do you want to add to that?

現在我們無法真正預測混合。我們知道在第三季度，我們將有更多促銷活動，更多消費者。我們知道，在第四季度，我們將減少渠道庫存，這通常是今年的低水位季度。因此，我認為第三季和第四季的利潤率存在一些阻力。但從結構上看，我認為我們處於 39% 到 44% 的區域。當然，很多事情都可能發生。但當我們今天坐在這裡時，蓋伊和我對團隊的執行方式和我們所處的位置感到非常滿意，我認為，現在對未來的解讀比一個季度前要好。夥計，你想補充一下嗎？

I think perfectly said. I think the team kind of accelerated the arrival of the future business model and they deserve tons of credit. And obviously, we'll continue to work hard to maintain and push hard on profitability.

我認為說得很完美。我認為這個團隊加速了未來商業模式的到來，他們值得高度讚揚。顯然，我們將繼續努力維持並努力提高獲利能力。

///C^Nate Melihercik^ Our next question will be from Jurgen Wagner at Stifel.

///C^Nate Melihercik^ 我們的下一個問題將來自 Stifel 的 Jurgen Wagner。

Question on your market positioning in your PC peripherals business. You mentioned you are gaining share now. Dell had recently CMDed, they showed a slide that they want to go back into the peripherals business. Is that now a new trend? So do you see that as a threat? Or maybe do you consider going back into the OEM business at some point? And then a question on video from today's perspective, when would you see that reversing or turning into growth again?

關於您的 PC 週邊業務的市場定位的問題。你提到你現在正在獲得份額。戴爾最近進行了CMDed，他們展示了一張幻燈片，表示他們希望重返週邊業務。這是現在的新趨勢嗎？那你認為這是一種威脅嗎？或者您是否考慮在某個時候重返 OEM 業務？然後從今天的角度來看一個關於影片的問題，您什麼時候會看到這種情況再次逆轉或轉變為成長？

Thank you. I would say what we're finding, it's really reassuring is the strengths of the brand and we're seeing indication of pricing power and you can see that some of it in our P&L. We like to sell products with larger brand that has definitely a promise of quality of innovation. People like that. We're seeing -- I mentioned Logitech for business, we're seeing more and more enterprise saying, you know what, we're going to buy that. We're going to just -- we know that, that will work for our users, both at home and in the office, our IT tools will manage that as well, not just the video conferencing, but the peripherals.

謝謝。我想說的是我們發現的，真正令人放心的是品牌的優勢，我們看到定價能力的跡象，你可以在我們的損益表中看到其中的一些。我們喜歡銷售具有較大品牌的產品，這些產品絕對有創新品質的承諾。人們就是這樣。我們看到——我提到了羅技的商業業務，我們看到越來越多的企業說，你知道嗎，我們要買它。我們知道，這將適用於我們的用戶，無論是在家中還是在辦公室，我們的 IT 工具也將對其進行管理，不僅是視訊會議，還包括週邊設備。

We're very comfortable where we are. We always had competition. We just need to continue on our game. And we did in the last many years. We need to continue to do faster, better and I think we have great opportunity to do.

我們現在所處的位置非常舒適。我們總是有競爭。我們只需要繼續我們的遊戲。我們在過去的許多年裡都是這麼做的。我們需要繼續做得更快、更好，我認為我們有很好的機會這樣做。

So you wouldn't see OEM business as an opportunity again for you?

那麼您不會再將 OEM 業務視為您的機會嗎？

Yes. We never say never again. We love partnerships. It's something we make financial sense. Obviously, it will be up to the next CEO to decide. But I think we're very comfortable with people picking a premium product with the Logitech brand and getting great return for it.

是的。我們再也不會說永遠不會了。我們熱愛合作關係。這是我們具有經濟意義的事。顯然，這將由下一任執行長決定。但我認為我們對人們選擇羅技品牌的優質產品並獲得豐厚回報感到非常滿意。

And Dell can be a partner as well. I think we do sell some of our products on their website and they are a good partner and they'll be a formidable competitor. But I think with our quality engineering, design, brand and #1 market share, I like the position that we sit in.

戴爾也可以成為合作夥伴。我認為我們確實在他們的網站上銷售我們的一些產品，他們是一個很好的合作夥伴，他們將是一個強大的競爭對手。但我認為憑藉我們的優質工程、設計、品牌和第一的市場份額，我喜歡我們所處的位置。

Okay. And on video, any thoughts when you -- when this could turn again? Or yes or --

好的。在影片中，當你——什麼時候這一切可以再次逆轉時，你有什麼想法嗎？或者是或者——

I think that's the right question of when, not whether. Talking to customers, the people they are dealing with video conference and the enterprise are often the same people that get the mandate let's bring the team back to the office. And right now they have 2 conflicting kind of topic, not completely conflicting, but they try to get people to come back and then they try to arrange for them great environment, productive environment to work with the people who work from home or the customers and videoconferencing.

我認為正確的問題是何時，而不是是否。與客戶交談時，他們正在與視訊會議打交道的人員和企業通常是同一個人，他們獲得了讓我們將團隊帶回辦公室的任務。現在他們有兩種相互衝突的話題，並不是完全衝突，但他們試圖讓人們回來，然後他們嘗試為他們安排良好的環境，富有成效的環境，以便與在家工作的人或客戶一起工作，視訊會議。

So I have no doubt that we are going to see more rooms being equipped with videoconferencing. That's what people tell me. They do their homework toward that. I see customers making a decision to essentially standardize on Logitech. I know they are going to place POs this quarter, next quarter and more and more in the future. But at the same time, they take a pose. They want to get their workforce back to the office so they will be used for those conference rooms.

因此，我毫不懷疑我們將看到更多的房間配備視訊會議。人們就是這麼告訴我的。他們為此做了功課。我看到客戶決定在羅技上進行本質上的標準化。我知道他們將在本季、下季以及未來越來越多地發布採購訂單。但同時，他們擺了一個姿勢。他們希望讓員工回到辦公室，以便他們可以用於會議室。

And I would say, generally, video grew this quarter sequentially. The year-over-year comps are still a little bit difficult. But we saw video growth this quarter. And so I think we're feeling that our products are great and the market is there. It's just a matter of when, not if.

我想說的是，總的來說，本季影片數量連續成長。同比比較仍然有點困難。但本季我們看到了影片的成長。所以我認為我們感覺我們的產品很棒並且市場就在那裡。這只是時間問題，而不是是否問題。

Exactly.

確切地。

And we can't predict that, but I like our position there.

我們無法預測這一點，但我喜歡我們在那裡的立場。

Our next question is from Ananda Baruah at Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda Baruah。

So I guess, better demand you guys saw, any view on what the drivers of the stronger demand were throughout the quarter?

所以我想，你們看到了更好的需求，對整個季度需求強勁的驅動因素有何看法？

Couple of key things. The consumer is still quite strong. The consumers really held us through the soft part on the enterprise, but we are seeing enterprise come back. We just mentioned on the last question, we saw video grow quarter-over-quarter. And the enterprise selling of mice, keyboards, webcams has been quite strong. So the enterprise maybe has some signs of life, but the consumer has really been incredible. Year-over-year growth in pointing devices, primarily mice, it's one of the few categories that we've seen year-over-year growth. Overall, 9% decline top line, but growth in mice.

有幾個關鍵的事情。消費還是相當強勁的。消費者確實透過企業的軟弱部分支撐了我們，但我們看到企業正在捲土重來。我們剛剛提到最後一個問題，我們看到影片逐季度成長。而滑鼠、鍵盤、網路攝影機的企業銷售也相當強勁。所以企業可能還有一些生命跡象，但消費者確實令人難以置信。指點設備（主要是滑鼠）的同比增長，是我們看到同比增長的少數類別之一。總體而言，小鼠的收入下降了 9%，但有所增長。

And if you look at Europe, Europe has been quite strong. The European market has really -- that team and that market has been a really important point of strength for us this quarter. U.S. market, so-so, Asia is still lagging behind. But I would say a couple of categories and a couple of regions have really delivered a great quarter for us.

如果你看看歐洲，你會發現歐洲相當強大。歐洲市場確實——這個團隊和這個市場對我們本季來說是一個非常重要的優勢點。美國市場馬馬虎虎，亞洲仍落後。但我想說，有幾個類別和幾個地區確實為我們帶來了出色的季度業績。

And Europe, has Europe been both consumer and enterprise?

而歐洲，歐洲既是消費者也是企業嗎？

Yes.

是的。

Interesting. Interesting. What like -- I guess, as you guys think through the rest of the fiscal year, I mean -- and look, even more broadly kind of counting '24, if you're willing, what do you see as the most important kind of, I don't know, like tension points in either direction for your business that could swing things? Well, actually let me just ask it that way out. What do you see is the most important tension points for your business? Sounds like kind of inventory -- channel inventory, you're going to lean on a little bit more, but maybe in addition to that, we should be thinking of?

有趣的。有趣的。我想，當你們思考本財年的剩餘時間時，我的意思是，看看，更廣泛地計算“24”，如果你們願意的話，你們認為最重要的是什麼我不知道，就像你們的業務中任一方向的緊張點都可能改變事情一樣？好吧，實際上讓我這樣問一下。您認為您的企業最重要的壓力點是什麼？聽起來像是一種庫存——渠道庫存，你會多依賴一點，但也許除此之外，我們應該考慮一下？

Well, I think the 2 I would say is how Q3 ends, both from a promo and volume standpoint. It's our biggest quarter of the year. This will really be a telltale sign for the company. And the second would be the return of video in a more meaningful way. And I just can't tell if that's 1 quarter or 5 quarters or when that inflection point will be. But overall, those are the 2 things I would point to as inflection points.

好吧，我認為我想說的 2 是第三季的結束方式，無論是從促銷還是銷售的角度來看。這是我們一年中最重要的季度。這對公司來說確實是一個明顯的跡象。第二個是以更有意義的方式回歸影片。我只是不知道這是 1 個季度還是 5 個季度，或者轉折點是什麼時候。但總的來說，我認為這兩件事是轉折點。

Just add to that, just geographically, I think Europe is essentially on the verge of growth. We want to see that and we have high hopes for the Americas to come back to this. We like to see stabilization in Asia. China is our second largest market. So hopefully, that will start to bottom and go back. So if we start to get all of that, there's definitely things that will play well for us.

再補充一點，就地理而言，我認為歐洲基本上處於成長的邊緣。我們希望看到這一點，並且對美洲重返這一點抱有很高的希望。我們希望看到亞洲局勢趨於穩定。中國是我們的第二大市場。所以希望這將開始觸底並回歸。因此，如果我們開始實現所有這些，那麼肯定會有一些對我們有利的事情。

And Chuck, and Guy as well, to the dynamic with videoconferencing is -- Guy, you had talked to this, and Chuck just mentioned it, is really the decision -- like everybody sort of -- it sounds like everybody is -- not everybody, it sounds like folks are largely onboard that there's going to be some hybrid work model. But it also seems like it's unclear still what that will look like. And so is that really kind of the sticking point for folks deciding which rooms they want a video enabled in enterprise? Is that really what we're waiting for? Is it something other than that?

查克，還有蓋伊，對於視訊會議的動態是——蓋伊，你已經談到了這一點，查克剛剛提到過，這確實是一個決定——就像每個人一樣——聽起來每個人都是——不是大家，聽起來人們基本上都同意將會出現某種混合工作模式。但似乎還不清楚會是什麼樣子。那麼，這真的是人們決定在企業中哪些房間啟用影片的癥結所在嗎？這真的是我們等待的嗎？除此之外還有別的什麼嗎？

Say the people I need them. I met quite a few customers in the last 90 days. They know where they want the video enabled. And in most of the rooms they want it, I would say, (inaudible) kind of leaving labs, we have almost every one video enabled, and it's often come into play, go to a meeting and says, okay, let's take this person working from home today, let's call this customer and let's see if there have few minutes and get him on a video. What you used to do on the cell phone now becoming a quick video conference. So that is happening and people are planning for this.

說我需要的人。在過去的 90 天裡，我遇到了許多客戶。他們知道想要在哪裡啟用影片。在大多數房間裡，他們想要它，我想說，（聽不清）有點離開實驗室，我們幾乎啟用了每個視頻，而且它經常發揮作用，去參加一個會議並說，好吧，讓我們帶這個人今天在家工作，我們給這位客戶打電話，看看是否有幾分鐘時間給他拍個影片。您以前在手機上進行的操作現在變成了快速視訊會議。所以這種情況正在發生，人們正在為此做計劃。

You just see the same people also at the same time saying, hey, I need to get my workforce. Yes, we announced the policy of 2 or 3 days in the office, whatever the policy here. Now we need to see people do that and use those rooms. We're not standing still, by the way, we're going to expand our portfolio. You're going to hear more about actually enabling those companies to do a great job in attracting, making this very attractive place for people to come and collaborate inside the corporate and outside the corporate. So stay tuned on that.

你只會看到同樣的人同時說，嘿，我需要得到我的勞力。是的，我們宣布了在辦公室待 2 或 3 天的政策，無論這裡的政策如何。現在我們需要看到人們這樣做並使用這些房間。順便說一句，我們不會停滯不前，我們將擴大我們的產品組合。您將聽到更多關於如何讓這些公司在吸引方面做得很好，使這個地方對人們在公司內部和外部進行協作非常有吸引力。所以請繼續關注。

And I think it's just a matter of time when they come back and says, okay, now the priority is back to, let's get video enabled, modernize all those videoconferencing.

我認為他們回來說，好吧，現在的首要任務是回到讓我們啟用視頻，使所有視訊會議現代化，這只是時間問題。

I would add to that. I think that's super well said, Guy. The backdrop is quite interesting. We sold this past quarter, $152 million worth of videoconferencing solutions. That's not a small number. We have #1 market share. It's not -- none of the players are really doing a better or a lot worse than we are. The market is just kind of sideways in the backdrop and the why is companies are being cautious. Global conditions are unsettled, interest rates are high. Ours are somewhat discretionary spending.

我想補充一點。我認為這句話說得非常好，蓋伊。背景相當有趣。上個季度我們銷售了價值 1.52 億美元的視訊會議解決方案。這可不是一個小數目。我們擁有第一的市佔率。事實並非如此——沒有一個球員真的比我們做得更好或更差。市場只是在這種背景下橫盤整理，這也是企業保持謹慎態度的原因。全球情勢不穩定，利率高企。我們的支出在某種程度上是可自由支配的。

And so I think companies are prioritizing other areas right now. As the things Guy mentioned, when those settle out, I think we're going to see this become a priority again. Once they have their model of back to work and hybrids settled out, I think this is a -- to me, this is again, it's a when, not an if. But I think the backdrop is cautious corporate spending on these categories broadly. We have #1 market share. We have great solutions. And I think the pendulum will swing back, but it's still a great business today, high margins, $150 million a quarter. I mean, I feel good about the fundamentals. It's just we're not seeing the growth rates that we'd like to see.

所以我認為公司現在正在優先考慮其他領域。正如蓋伊提到的那樣，當這些問題解決後，我認為我們將看到這再次成為優先事項。一旦他們確定了重返工作崗位和混合動力的模式，我認為這對我來說，這又是一次，這是一個時間，而不是如果。但我認為，背景是企業在這些類別上的支出普遍謹慎。我們擁有第一的市佔率。我們有很好的解決方案。我認為鐘擺會擺回來，但今天它仍然是一項偉大的業務，利潤率很高，每季 1.5 億美元。我的意思是，我對基本面感覺良好。只是我們沒有看到我們希望看到的成長率。

Our next question is from Michael Foeth at Vontobel.

我們的下一個問題來自 Vontobel 的 Michael Foeth。

Starting with a clarification on the gross margin. You talked about lower costs driving the margin. And I was wondering, is that only lower input costs, lower material cost inflation? Or is it something in the design of the products as well that is more structural that allows you to have lower product costs? That would be the first part.

首先澄清毛利率。您談到降低成本可以提高利潤。我想知道，這只是降低投入成本、降低材料成本通膨嗎？或者產品設計中的某些東西更具結構性，可以讓您降低產品成本？這是第一部分。

Yes, Michael, it's both. And it depends on the comparison year-over-year versus quarter-over-quarter. We have structural material cost reduction that our COO, Prakash and his team have driven. It's both designed for manufacturing, designed for cost as well as procurement negotiated cost reductions. And then certainly, everyone has been benefiting year-over-year from lower freight costs, inbound, outbound, air, water, modal, those -- all companies have benefited from where we've done an especially good job is material cost reduction. Year-over-year, it's about 50-50 cost reduction and expedite/logistics. And then quarter-over-quarter, it's primarily material cost reductions because freight has not changed a lot quarter-over-quarter.

是的，邁克爾，兩者都是。這取決於同比與環比的比較。我們的營運長 Prakash 和他的團隊推動了結構材料成本的降低。它既是為製造而設計的，也是為成本以及採購協商降低成本而設計的。當然，每個人都逐年受益於較低的貨運成本，入境、出境、空運、水運、聯運等——所有公司都受益於我們做得特別好的工作，即材料成本降低。與去年同期相比，成本和加快/物流成本降低了約 50-50%。然後，環比來看，主要是材料成本的降低，因為貨運量較上季變化不大。

Second one on the strength and the workplace solutions business, mice and keyboards. Can you be a bit more granular? Is it -- you talked about strong consumer, but is it equally strong in enterprise? Is it -- where does it come from? Is it a segmentation of your lineup? Is it more in the high end or the low end of the products? What's driving the strength there?

第二個關於力量和工作場所解決方案業務、滑鼠和鍵盤。能說得更細一點嗎？您談到了強大的消費者，但企業也同樣強大嗎？它是──它從哪裡來？這是對你的陣容的細分嗎？產品是高端多還是低端多？是什麼推動了那裡的力量？

I would say across the board geography, we talked about Europe much better, leading, Asia, China little trailing, selling to the enterprise and influencing enterprise. It's something that's relatively new to Logitech, but it's working really well. We're partnering with enterprise saying, hey, you want to expand, would you do Logitech in general, companies like to do to work with fewer vendors. So that's really worked well with that for us.

我想說的是，從地理角度來看，我們談論的歐洲更好，領先，亞洲，中國落後，向企業銷售並影響企業。這對羅技來說是相對較新的東西，但效果非常好。我們正在與企業合作，說，嘿，你想擴張，你會做羅技一般的事情，公司喜歡與更少的供應商合作。所以這對我們來說確實很有效。

The mobile type of solution is actually doing quite well too for us. And so we're seeing strength, we expect to be seeing strength, but we're seeing strength in all those personal workspace. I think now that some of the pull forward is starting to go away, we're seeing it back to normal demand and normal growth. We see the path to normal growth, yes.

移動類型的解決方案實際上對我們來說也做得很好。因此，我們看到了力量，我們期望看到力量，但我們在所有這些個人工作空間中看到了力量。我認為現在一些拉力開始消失，我們看到它恢復到正常需求和正常增長。是的，我們看到了正常成長的道路。

Maybe just a very quick last one on financials. You have a pretty big cash pile and interest rates are up. So I guess it's starting to earn some good money on that cash. I was just wondering where is the cash parked and what sort of return are you expecting on the cash?

也許只是關於金融方面的最後一篇。你有相當大的現金儲備，而且利率也在上漲。所以我猜它已經開始用這些現金賺不少錢了。我只是想知道現金存放在哪裡以及您期望現金獲得什麼樣的回報？

We have a very conservative investment philosophy. So primarily in bank deposits and treasuries, yields. It's different in different countries, but the highest yields we're earning are kind of just sub-5%-ish. So we have an incredibly conservative model when it comes to managing our cash. We're really pleased this quarter. We returned more cash to our shareholders than we generated. I think that gives us the confidence and strength in our business. We paid our annual dividend, executed buybacks, opened up a new $1 billion line for additional buybacks. And so we feel like we're -- our capital allocation model is working. It's executing, it's consistent. And the excess cash that we have is earning a decent return.

我們有非常保守的投資理念。所以主要是銀行存款和國債的收益率。不同國家的情況有所不同，但我們獲得的最高收益率僅為 5% 左右。因此，在管理現金方面，我們採用了極為保守的模式。這個季度我們真的很高興。我們向股東返還的現金比我們產生的現金還要多。我認為這給了我們業務的信心和力量。我們支付了年度股息，執行了回購，並開闢了新的 10 億美元額度用於額外回購。所以我們覺得我們的資本配置模式正在發揮作用。它正在執行，它是一致的。我們擁有的多餘現金正在賺取可觀的回報。

Our next question is from Joern Iffert at UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Jonern Ifffert。

I will take them one by one if it's okay. Just the first question, when you get all the preorders already for the Christmas season or a good chunk of the preorder for the Christmas season and if you exclude the B2B business, can we already assume that at least so far, the revenues are trending flattish year-to-date for the quarter, considering these preorders for the consumer business?

如果可以的話我會一一拿走。第一個問題，當你收到聖誕季的所有預購或聖誕季預購的很大一部分時，如果你排除 B2B 業務，我們是否可以假設至少到目前為止，收入趨勢持平考慮到消費者業務的這些預購，本季迄今的情況如何？

So the way we look at this, Joern, is our global business has -- is different around the world and the many accounts plan very far in advance and many accounts order every 2 weeks. We don't disclose the level of detail of kind of book-to-bill or ordering. I will tell you that our operations team is working fast and furious delivering amazing amounts of product right now, getting ready for the big holiday promo.

Joern，我們看待這個問題的方式是，我們的全球業務在世界各地都是不同的，許多客戶提前很長時間進行計劃，許多客戶每兩週訂購一次。我們不會透露訂單到帳單或訂購的詳細程度。我會告訴您，我們的營運團隊正在快速而激烈地工作，提供數量驚人的產品，為大型節日促銷做好準備。

We're just super proud of the engagement with our key customers and partners, e-tail, retail and we're optimistic for a strong holiday season. B2B is trending nicely. There can be a budget flush. We don't know what that's going to look like at year-end. That's kind of a wait and see. It tends to happen in the last couple of weeks of the quarter. So B2B and the business is trending as we would expect at this time in the quarter. Of course, it's week 3, so it's early.

我們對與主要客戶和合作夥伴、電子零售、零售業的合作感到非常自豪，我們對強勁的假期季節持樂觀態度。 B2B 趨勢良好。可能會出現預算充裕。我們不知道年底會是什麼樣子。這就是一種觀望。它往往發生在該季度的最後幾週。因此，B2B 和業務的趨勢正如我們在本季此時所預期的那樣。當然，現在是第三週，所以還早。

Okay. The second question would be, please, on gaming. Can you remind us how much of the gaming sales is linked to consoles via the headsets and game controllers, for example? And it seems that some console sales are doubling these days and that you get a feeling to -- yes, to what extent gaming was benefiting from the strong console exposure?

好的。第二個問題是關於遊戲的。您能否提醒我們，有多少遊戲銷售額透過耳機和遊戲控制器與遊戲機相關？這些天，一些遊戲機的銷量似乎翻了一番，你會感覺到——是的，遊戲在多大程度上受益於遊戲機的強勁曝光？

We don't break out gaming in that level of detail. Console has been a little more difficult for us because our product portfolio is aged. Our product team was launching, we believe, a revolutionary new product. It's going to come out just the tail end of the holiday buying season. So we're not going to get a huge amount of lift from it. It's called the A50, and it is a killer, killer new product. But this will primarily be a benefit more into next year. PC gaming, as you know, is our hallmark. We have #1 market share in gaming mice, and we just launched new NPIs to further build our lead from a technological advantage standpoint on the gaming side.

我們不會如此詳細地分解遊戲。控制台對我們來說有點困難，因為我們的產品組合已經過時了。我們相信，我們的產品團隊正在推出一款革命性的新產品。它將在假期購物季結束時出現。所以我們不會從中獲得巨大的提升。它被稱為 A50，是一款殺手級的新產品。但這主要是明年的一個好處。如您所知，電腦遊戲是我們的標誌。我們在遊戲滑鼠領域擁有第一的市場份額，我們剛剛推出了新的 NPI，以進一步從遊戲方面的技術優勢角度建立我們的領先地位。

(inaudible) we saw all the good console gaming data and you said your product portfolio was a bit aged. So you're not yet fully benefiting from the strong growth which is happening on the street or console sales?

（聽不清楚）我們看到了所有良好的主機遊戲數據，而您說您的產品組合有點陳舊。那麼您還沒有完全受益於街頭或遊戲機銷售的強勁成長嗎？

That's right. We have more to benefit. There's also -- this is an area that has a significant pull forward during COVID from our perspective. So people bought our accessories and still use it. So the upgrade -- the refresh upgrade is a little further than maybe the rest of the gaming categories. But as Chuck said, we're going to give -- our team is very innovative. We're going to give the user really good reasons to upgrade.

這是正確的。我們還有更多的好處。從我們的角度來看，這個領域在新冠疫情期間也取得了重大進展。所以人們購買了我們的配件並且仍在使用它。因此，升級－刷新升級可能比其他遊戲類別更進一步。但正如查克所說，我們將給予—我們的團隊非常有創新精神。我們將為用戶提供真正充分的升級理由。

And the last question, if I may, on Europe. Pretty good performance absolutely in the quarter. Can you give us some more color which regions and which products in particular if you must name the top 3 reasons why Europe was so good? Would be helpful if you can share it with us.

如果可以的話，最後一個問題是關於歐洲的。本季的表現絕對不錯。如果您必須說出歐洲如此優秀的三大原因，您能給我們更多說明哪些地區和哪些產品嗎？如果您可以與我們分享，將會很有幫助。

The #1 reason is our team, and then I'll let Chuck maybe take the next 2 reasons.

第一個原因是我們的團隊，然後我會讓查克考慮接下來的兩個原因。

Yes. We don't break out that level of detail. But I would say our team in Europe, led by [Yeltsin], is a really, really good team. We are unlocking value by reducing promotions, improving linearity, driving engagement with the end customers with the Tier 2 resellers, doing a masterful job with our e-tail partners there. And so I think, honestly, this is an execution story in Europe for us. It truly is. The market is good. We're gaining share, but our team on the ground is just really executing across the board.

是的。我們不會詳細說明這一點。但我想說，由[葉爾欽]領導的我們歐洲團隊是一支非常非常好的團隊。我們透過減少促銷活動、提高線性度、推動與二級經銷商的最終客戶互動、與我們的電子零售合作夥伴一起出色地完成工作來釋放價值。所以說實話，我認為這對我們來說是一個在歐洲執行的故事。確實如此。市場很好。我們正在獲得份額，但我們的實地團隊只是真正全面執行。

But just maybe to name 1 or 2 products that did in particular well or regions?

但也許只是列出 1 或 2 個在特定地區表現良好的產品？

Gaming crushed it in Europe, had a phenomenal quarter. Mice, keyboards did well, videos up. I mean it's really across the board. And what's amazing, in U.S. dollars, it's up 5% year-over-year, while the whole business is down 9%. I mean, so Europe did incredibly well. In constant currency, it was down 2%. So -- and that's maybe the more relevant metrics. I'd call it flattish to slightly down, but Europe had a really good quarter.

遊戲業在歐洲表現出色，季度業績表現出色。滑鼠、鍵盤表現良好，影片也表現出色。我的意思是，這確實是全面的。令人驚訝的是，以美元計算，它同比增長了 5%，而整個業務卻下降了 9%。我的意思是，歐洲做得非常好。以固定匯率計算，下降了 2%。所以——這可能是更相關的指標。我認為這是持平甚至略有下降，但歐洲的季度表現非常好。

And now we'll see how the December quarter holds in there because it's our single biggest quarter in Europe. So hopefully, it's a read through that Q2 will -- Q3 will look like just like Q2 did. But it's kind of a wait and see, but we feel great about the progress and execution.

現在我們將看看 12 月季度的情況如何，因為這是我們在歐洲最大的單一季度。因此，希望這是對第二季度的通讀——第三季度將看起來像第二季度一樣。但這是一種觀望，但我們對進展和執行感到非常滿意。

And our final question today is from Andreas Muller at ZKB.

今天我們的最後一個問題來自 ZKB 的 Andreas Muller。

Well done for the quarter. Congratulations. Can you be a bit more explicit on promotions for the December quarter? What were the learnings from last year's promotion and in the gross margin guidance, it seems implied that the promotions are far more broad-based. Is that right? Can you elaborate here a bit?

本季做得很好。恭喜。您能否更明確地介紹 12 月季度的促銷活動？從去年的促銷活動和毛利率指導中汲取的經驗教訓似乎暗示促銷活動的範圍要廣泛得多。是對的嗎？能在這裡詳細說明一下嗎？

Certainly. Last year, I think the -- the promos came in more than we had expected. This year, we've allocated budgets to the team and we expect promo to be less than last year, but the mix will be a little negative because it's going to be more consumer, a little less enterprise. And so the mix shift will be a bit of a headwind overall as we see gross margins for the quarter. So I think it will be less promo, but it's still our peak promo period, but the mix shift is going to be more to the consumer-led items.

當然。我認為去年的促銷活動超出了我們的預期。今年，我們已經為團隊分配了預算，我們預計促銷活動會比去年少，但這種組合會有點負面，因為消費者會更多，企業會少一些。因此，當我們看到本季的毛利率時，總體而言，混合轉變將有點不利。因此，我認為促銷活動將會減少，但仍然是我們的促銷高峰期，但組合轉變將更多地轉向消費者主導的商品。

Okay. And turning VC, what has been the market adoption of the new site product? Was that already a driver in the quarter? Or do we see here something?

好的。轉向創投，新網站產品的市場採用如何？那已經是本季的司機了嗎？或者我們在這裡看到了什麼？

Early days, single-digit millions of orders. We're still not at the full-scale launch of site yet. That will likely happen this quarter or next, knock on wood this quarter, but it's still very, very early, early days, but the reception so far has been strong. Guy's been with a lot of customers.

早期，訂單量僅數百萬個位數。我們還沒有全面啟動網站。這可能會在本季或下季發生，本季會發生，但這仍然是非常非常早的早期，但迄今為止的反響一直很強勁。蓋伊接待過很多顧客。

Yes. I have to say, I don't think I met a customer that didn't like it and wanted to use it. Normally in an enterprise, the IT want to test the solution, a new type of solution before they deploy it. And then they have a few rooms and then they have conclusion and then they come to us. So this takes little longer for people to deploy it, but feedback is tremendous. It's a game changer as far as being able from a remote location to come in and fill part of the room, not just the video, also the audio. And so we feel really good about that. There's a lineup behind that. Obviously, it's not the last product that will have multiple combos. That's big part of our road map. We feel really good about the initial response.

是的。我必須說，我想我沒有遇到一個不喜歡它又想使用它的客戶。通常在企業中，IT 人員希望在部署解決方案（一種新型解決方案）之前對其進行測試。然後他們有幾個房間，然後他們得出結論，然後他們來找我們。因此，人們部署它所需的時間並不長，但回饋卻是巨大的。它改變了遊戲規則，因為它能夠從遠程位置進入並填充房間的一部分，不僅是視頻，還有音頻。所以我們對此感覺非常好。後面還有一個陣容。顯然，這不是最後一個具有多種組合的產品。這是我們路線圖的重要組成部分。我們對最初的反應感覺非常好。

Okay. And my last question, what is in your opinion, a possible time horizon for year-on-year growth overall? Obviously, it's beyond March 2024. But can you give some color when that could happen, say, with the most likelihood?

好的。我的最後一個問題是，您認為整體同比增長的可能時間範圍是多少？顯然，這個時間已經超過了 2024 年 3 月。但是您能否給出一些說明什麼時候會發生這種情況，例如最有可能發生的情況？

I think with the rate of change that we're seeing, it's mid to end of next year would be my -- the current thinking based on the slow rate of change.

我認為，以我們所看到的變化速度，我的想法是在明年中到年底——目前的想法是基於緩慢的變化速度。

And Guy, that's our last question for today.

蓋伊，這是我們今天的最後一個問題。

Thank you, Nate, and thank you all for joining us today. I want to really extend my sincere thank you to the Logitech team. The fruit of their dedication and execution, I think we're seeing in the numbers and give us a lot of confidence for the future. So thank you, Logitech, and thank you all for joining us today. Looking forward for talking to you in the future.

謝謝內特，也謝謝大家今天加入我們。我想向羅技團隊致以誠摯的謝意。我認為我們在數字中看到了他們的奉獻和執行的成果，這給了我們對未來的信心。謝謝羅技，也謝謝大家今天加入我們。期待將來與您交談。