羅技 (LOGI) 2024 Q3 法說會逐字稿

Good morning, and good afternoon. Welcome to Logitech's video call to discuss our financial results for the Third Quarter of Fiscal Year 2024. Joining us today are Hanneke Faber, our 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. We undertake no obligation to update or revise any of these statements. We will also discuss our non-GAAP financial results, and you can find a reconciliation between GAAP and non-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 shareholder letter 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. I'll now turn the call over to Hanneke. Hanneke?

早安，下午好。歡迎參加羅技的視訊通話，討論我們 2024 財年第三季的財務業績。今天加入我們的是我們的執行長 Hanneke Faber；和我們的財務長 Chuck Boynton。在本次電話會議中，我們將做出前瞻性聲明，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聲明。我們僅根據今天的觀點做出這些聲明。我們的實際結果可能存在重大差異。我們不承擔更新或修改任何這些聲明的義務。我們還將討論我們的非GAAP 財務業績，您可以在我們的媒體中找到GAAP 和非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發布以及我們向 SEC 提交的文件中。這些資料以及股東信函和本次電話會議的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，各期間之間的比較均以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。我現在將把電話轉給漢內克。漢內克？

Thank you, Nate, and welcome, everyone. I'm very excited to be here today for my first earnings call at Logitech. Now you've probably noticed that this quarter, we introduced a new document as part of our earnings material, a shareholder letter. This letter is intended to be a comprehensive review of our quarterly results and includes commentary that previously would have been covered at the beginning of the call. So today, after brief opening remarks, we will move directly into Q&A.

謝謝內特，歡迎大家。我很高興今天能夠參加羅技的第一次財報電話會議。現在您可能已經注意到，本季度，我們引入了一份新文件，作為我們收益材料的一部分，即一封股東信。這封信旨在對我們的季度業績進行全面審查，並包括以前在電話會議開始時涵蓋的評論。今天，在簡短的開場白之後，我們將直接進入問答環節。

Now let's move on to this quarter. Our team delivered really solid results in the third quarter. and I am proud of the product innovation, the share gains, the operational discipline and the prudent financial management throughout the quarter, resulting in really healthy gross margins and exceptional cash flow generation.

現在讓我們繼續本季。我們的團隊在第三季取得了非常紮實的成果。我對整個季度的產品創新、股票收益、營運紀律和審慎的財務管理感到自豪，從而實現了真正健康的毛利率和出色的現金流生成。

Our disciplined execution, tightly managing costs and promotional spend drove a 22% increase in our operating margin. That is tremendous work by all of our teams but we will not be satisfied, of course, until we return to top line growth, which will be a gradual process. As we look forward, I am delighted with Logitech's positioning.

我們嚴格的執行、嚴格的成本和促銷支出管理使我們的營業利潤率增加了 22%。這是我們所有團隊的艱鉅工作，但當然，我們不會滿足，直到我們恢復營收成長，這將是一個漸進的過程。展望未來，我對羅技的定位感到滿意。

Our portfolio is designed to take advantage of indisputable trends in hybrid work, video conferencing, gaming and content creation. And disruptive technologies like AI will provide additional opportunities for us. As we work our way back to growth, we have demonstrated consistent, disciplined operational excellence that builds a highly cash-generative P&L and a very strong balance sheet.

我們的產品組合旨在利用混合工作、視訊會議、遊戲和內容創作領域無可爭議的趨勢。像人工智慧這樣的顛覆性技術將為我們提供更多機會。在我們努力恢復成長的過程中，我們展示了一貫、嚴格的卓越運營，建立了高度現金產生的損益表和非常強大的資產負債表。

This discipline, coupled with an innovation engine that introduces new products at a global scale, drives our market leadership across multiple categories. I've spent the last 2 months visiting with our employees, partners, customers and shareholders. It's been a really exciting time for me, and I am as optimistic about Logitech's future as when I joined on day one.

這項紀律，加上在全球推出新產品的創新引擎，推動了我們在多個類別的市場領導地位。過去兩個月我拜訪了我們的員工、合作夥伴、客戶和股東。這對我來說是一個非常令人興奮的時刻，我對羅技的未來和我加入第一天時一樣樂觀。

We will be hosting an Analyst and Investor Day later this spring, and I'll provide you with a more detailed perspective on our strategy and our approach to capital allocation then. Additionally, we will then provide our outlook for fiscal year 2025. I really look forward to seeing you all at that event. Thanks again. And let me turn it to Chuck to discuss the numbers. Chuck?

我們將在今年春天晚些時候舉辦分析師和投資者日活動，屆時我將向您提供有關我們的策略和資本配置方法的更詳細的觀點。此外，我們還將提供 2025 財年的展望。我非常期待在這次活動中見到大家。再次感謝。讓我把它交給查克來討論這些數字。查克？

Thank you, Hanneke. Thank you all for joining us on the call today. You've seen our detailed financial results in the press release and shareholder letter, but I'd like to highlight 3 metrics this quarter that really stand out.

謝謝你，漢內克。感謝大家今天加入我們的電話會議。您已經在新聞稿和股東信中看到了我們詳細的財務業績，但我想強調本季真正突出的 3 個指標。

First, our gross margins of 42.3% were better than expected year-over-year due to lower product and logistics costs, reduced promotional activities, specifically in North America.

首先，由於產品和物流成本降低、促銷活動減少（特別是在北美），我們的毛利率達到 42.3%，比預期好。

Second, we've spoken for several quarters about our focus on driving lean operations. For the seventh consecutive quarter, we reduced on-hand inventory. And this quarter, it was down 44% year-over-year with our inventory turns hitting 6.5%.

其次，我們幾個季度以來一直在談論我們對推動精實營運的關注。我們連續第七個季度減少現有庫存。本季度，庫存週轉率年減 44%，達到 6.5%。

And finally, in Q3, we delivered $443 million of operating cash flow, one of our best ever. This was driven by an improvement in the cash conversion cycle and strong operating margins.

最後，在第三季度，我們實現了 4.43 億美元的營運現金流，這是我們有史以來最好的現金流之一。這是由於現金轉換週期的改善和強勁的營業利潤率所推動的。

We are updating our outlook for the full year. We are now expecting revenues of $4.2 billion to $4.25 billion, up from $4 billion to $4.15 billion. Our operating income is expected to be between $610 million and $660 million, up from $525 million to $575 million. One final note regarding fiscal year 2025. If you look at our last 4 quarters as well as the midpoint of our fiscal '24 outlook, you will see the declines in our net sales have moderated.

我們正在更新全年展望。我們目前預計營收為 42 億美元至 42.5 億美元，高於 40 億美元至 41.5 億美元。我們的營業收入預計在 6.1 億美元至 6.6 億美元之間，高於 5.25 億美元至 5.75 億美元。關於 2025 財年的最後一點。如果您查看我們過去 4 個季度以及我們 24 財年展望的中點，您會發現我們淨銷售額的下降已經放緩。

Looking ahead to fiscal '25, we do not anticipate an inflection point in the slope of this curve while the rate of our net sales declines has improved, there are a number of headwinds and uncertainties that may impact our net sales throughout fiscal '25. Thank you to all of our employees for the hard work and impressive execution. With that, Nate, let's move on to Q&A.

展望 25 財年，我們預期該曲線的斜率不會出現拐點，同時我們的淨銷售額下降率有所改善，但存在許多阻力和不確定性可能會影響我們整個 25 財年的淨銷售額。感謝我們所有員工的辛勤工作和令人印象深刻的執行力。內特，接下來讓我們進入問答環節。

(Operator Instructions) And with that, we'll start with Samik Chatterjee at JPMorgan.

（操作員說明）接下來，我們將從摩根大通的 Samik Chatterjee 開始。

And congrats on the robust results here. Maybe just to -- Chuck, just to start with your ending comment there about the headwinds you're thinking of for fiscal '25. Maybe just flesh that out a bit more for us in terms of -- I mean, obviously, if there's been any improvement in the pace of declines or you moderate those declines, but why shouldn't this close sort of carry you back into growth? What are the headwinds you're thinking of? And I have a quick follow-up.

並祝賀這裡取得的強勁成果。也許只是為了——查克，首先以您對 25 財年所面臨的不利因素的結束評論開始。也許只是為我們提供更多的資訊——我的意思是，顯然，如果下降的速度有任何改善，或者你緩和了這些下降，但為什麼這種緊密的聯繫不能讓你恢復增長呢？ ？您正在考慮哪些逆風？我有一個快速的跟進。

Yes. That's a really good question. We thought very hard about what next year is going to look like. And if you look at the fundamentals of our business, they're very strong right now. We feel really good about the execution. If you look at this last quarter in Q3, a lot of it was driven by really strong discipline on pricing and promotional activity.

是的。這是一個非常好的問題。我們認真思考明年會是什麼樣子。如果你看看我們業務的基本面，它們現在非常強勁。我們對執行情況感覺非常好。如果你看看第三季的最後一個季度，你會發現這很大程度上是由嚴格的定價和促銷活動紀律推動的。

The baseline business in Q3 outside of the promotional windows was a little softer than what we would have thought. The promotional windows were incredibly strong with great pricing discipline, but the overall pace of the run rate business was a little soft. And if you look forward into Q4, the midpoint of our outlook for the year would indicate a 1% decline in Q4.

第三季促銷窗口以外的基準業務比我們想像的要軟一些。促銷窗口非常強大，定價紀律嚴格，但運行率業務的整體節奏有點疲軟。如果你展望第四季度，我們今年展望的中點將顯示第四季將下降 1%。

Now the high end of our outlook would imply a little bit of growth in Q4. If you look into next year, there's just so much uncertainty around -- will there be rate cuts in the U.S.? The macro situation globally, whether it's in China or Middle East or Europe? And so we're taking a cautious approach to next year.

現在，我們前景的高端意味著第四季會有一點成長。如果你展望明年，你會發現有很多不確定性——美國會降息嗎？全球宏觀情勢，無論是中國、中東或歐洲？因此，我們對明年採取謹慎的態度。

And as we look out, we're confident this is a great business, profitable, strong margins. As Hanneke said in her comment it makes sense. It's if not when. But if you just look at the overall market, we just think that we don't want to be -- have people get too optimistic about what next year is going to look like given these overall headwinds in the geopolitical situation.

正如我們所看到的，我們相信這是一項偉大的業務，盈利能力強，利潤豐厚。正如漢內克在她的評論中所說，這是有道理的。如果不是的話，那就是時候了。但如果你只看整個市場，我們只是認為，鑑於地緣政治局勢的整體不利因素，我們不想讓人們對明年的情況過於樂觀。

And Hanneke, if I can. I know it's early days in your role, but as you sort of looked at across the customer base, particularly if you look at them as enterprise versus consumer, and you think about the sort of next couple of years, where do you see the bigger opportunities? Where are we more likely to return to growth in which customer segment faster than the other? Just share your thoughts on that, please?

還有漢內克，如果可以的話。我知道現在還處於您角色的早期階段，但是當您審視整個客戶群時，特別是如果您將他們視為企業與消費者，並且考慮未來幾年的情況，您會在哪裡看到更大的客戶群機會？在哪些客戶群中，我們更有可能比其他客戶群更快地恢復成長？請分享您對此的想法，好嗎？

Yes, sure. And it's nice to meet you, Samik. I see opportunities everywhere when it comes to our customer base. So we're really, really strong in retail. And you saw that over the holiday period, just great execution in store after store whether it was here in the U.S. or in Europe or in Asia. We also have grown online a lot with our e-retail customers. And then, of course, there's B2B.

是的，當然。很高興認識你，薩米克。當談到我們的客戶群時，我看到到處都有機會。所以我們在零售業真的非常強大。你可以看到，在假期期間，無論是在美國、歐洲或亞洲，一家又一家的商店都表現出色。我們也透過電子零售客戶在網路上取得了很大的發展。當然，還有 B2B。

And we're newer to the B2B business, but the opportunity there is gargantuan. So many meeting rooms that are not yet enabled with video. And as that corporate spending comes back, I think we're really well positioned with products that are fantastic, easy-to-use, great value for that B2B segment. So opportunity everywhere. B2B is a little newer to us, but I'm quite bullish on that.

我們剛接觸 B2B 業務，但那裡的機會是巨大的。許多會議室尚未啟用視訊。隨著企業支出的回升，我認為我們確實處於有利地位，我們的產品對於 B2B 細分市場來說非常出色、易於使用且具有巨大價值。所以機會無處不在。 B2B 對我們來說有點新，但我對此非常看好。

Our next question is from George Wang at Barclays.

我們的下一個問題來自巴克萊銀行的喬治王。

Just 2 quick ones. Firstly, can you talk about kind of gross margin. The December quarter was strong and any thought on kind of outlook going forward in 4Q and FY '25. And then kind of as it relates to sort of a long-term model of 39% to 44%, just curious kind of any thoughts on kind of modeling for the margin going forward.

就2個快的。首先，您能談談毛利率嗎？ 12 月季度表現強勁，並且對第四季度和 25 財年的前景有任何想法。然後，因為它涉及 39% 到 44% 的長期模型，只是對未來利潤率建模的任何想法感到好奇。

Yes. Thank you, George. No change to our long-term model. We believe the 39% to 44% is the right range. This past quarter was stronger than we had expected, 42.3% gross margins, we had expected somewhere in the 38% to 39%. So we were really pleasantly surprised at the results for the quarter. The real drivers, if you look overall, kind of year-over-year, it was roughly in line.

是的。謝謝你，喬治。我們的長期模型沒有改變。我們認為 39% 到 44% 是合適的範圍。上個季度的毛利率強於我們的預期，為 42.3%，我們先前的預期在 38% 至 39% 之間。因此，我們對本季的業績感到非常驚喜。真正的驅動因素，如果你從整體來看，與去年同期相比，大致是一致的。

If you look at it -- or sorry, quarter-over-quarter is roughly in line. Year-over-year, we saw pretty good margin expansion. And that's really driven by a couple of factors. One, we did a great job on the operations side, getting product costs down. Logistics costs certainly benefited all the industry participants with lower shipping and freight costs. And that was the big primary driver. And then, of course, the great execution, primarily in Americas on pricing and promotions led to about 100 basis point improvement. So I'd call it overall about 400 basis points benefit on product and shipping costs, lower promotional spend led to higher margins and offset a little bit by mix that we had forecasted.

如果你看一下——或者抱歉，季度環比大致是一致的。與去年同期相比，我們看到了相當不錯的利潤成長。這實際上是由幾個因素驅動的。第一，我們在營運方面做得很好，降低了產品成本。物流成本降低，無疑地使所有產業參與者受益。這是最大的主要驅動力。當然，主要是在美洲的定價和促銷方面的出色執行導致了約 100 個基點的改進。因此，我認為產品和運輸成本總體上有約 400 個基點的好處，較低的促銷支出導致更高的利潤，並被我們預測的混合所抵消。

Got it. Yes. Just a quick follow-up, if I can. I just want to double-click on the gaming seems very strong, kind of being better than expected for the last couple of quarters. Just maybe you can give more color just on the gaming peripherals. And kind of maybe if you can pass out within gaming kind of for any particular areas are doing a little bit better, mice keyboards, gaming headsets, what not. Just because the gaming traditionally kind of showed us in the refresh cycle versus other PC-related peripherals. So maybe you are seeing kind of all the COVID cohorts that started refreshing maybe could potentially drive the results higher. Just curious if you can kind of double click on the gaming category.

知道了。是的。如果可以的話，請快速跟進。我只是想雙擊遊戲似乎非常強大，比過去幾季的預期要好。也許你可以在遊戲週邊上賦予更多色彩。也許如果你能在遊戲中昏倒的話，在任何特定領域都做得更好一點，滑鼠鍵盤、遊戲耳機等等。只是因為遊戲傳統上向我們展示了與其他 PC 相關週邊設備相比的刷新周期。因此，也許您看到所有開始刷新的新冠病毒隊列可能會推動結果更高。只是好奇您是否可以雙擊遊戲類別。

Yes, certainly. I can go first, Hanneke. So the gaming, as you know, covers many different categories. We saw particular strength in simulation in our steering wheels, a really, really good quarter. Overall go-to-market was impressive, how we promoted and discounted.

是的，當然了。我可以先走了，漢內克。如您所知，遊戲涵蓋了許多不同的類別。我們在方向盤模擬方面看到了特別的優勢，這是一個非常非常好的季度。整體而言，我們的促銷和折扣方式令人印象深刻。

If you contrast that to a year ago, the teams were very disciplined in what products they promoted and which channels. As Hanneke mentioned, retail was really, really strong. That led to better margins and better revenue. The PC segment, we have a really, really strong position with mice and keyboards in that PC segment, we gained some share.

如果與一年前相比，團隊在推廣哪些產品和管道方面非常有紀律。正如漢內克所提到的，零售業真的非常非常強勁。這帶來了更好的利潤和更好的收入。在 PC 領域，我們在滑鼠和鍵盤方面擁有非常非常強大的地位，我們獲得了一些份額。

Console was a little bit off that we have a new product out that's really, really exciting. The A50 that was released kind of just at the end of the holiday. So we didn't quite see the sales on the console side. It's a very, very competitive category. But we feel like the future looks bright in Console, although it is very competitive. But the areas that we generate higher margins mice and simulation, incredibly strong. Other parts, maybe not quite as strong, but will help on the way with new products. Anything you want to add Hanneke?

主機有點偏離，我們推出了一款非常非常令人興奮的新產品。 A50 是在假期結束時發布的。所以我們並沒有完全看到主機端的銷售量。這是一個競爭非常非常激烈的類別。但我們覺得控制台的未來看起來很光明，儘管它的競爭非常激烈。但我們在滑鼠和模擬方面產生更高利潤的領域，非常強大。其他部分可能沒有那麼強大，但將有助於新產品的開發。漢內克有什麼想要補充的嗎？

No. I think long term, again, I'm super optimistic about gaming as a big growing category. It used to be focused on pretty narrow audiences, younger male but that continues to explode with more females gaming with older people gaming with gaming as a way to connect socially. So category where all the macros are in favor and then with our strong execution and our strong innovation, I think we look really good in that space.

不。我認為從長遠來看，我對遊戲作為一個不斷增長的大類別非常樂觀。它曾經專注於相當狹窄的受眾群體，即年輕男性，但隨著越來越多的女性玩家與老年人一起玩遊戲，並將遊戲作為一種社交聯繫的方式，這種情況繼續呈爆炸式增長。因此，所有巨集都受到青睞的類別，然後憑藉我們強大的執行力和強大的創新，我認為我們在這個領域看起來非常好。

Our next question is from Asiya Merchant at Citi.

我們的下一個問題來自花旗銀行的 Asiya Merchant。

If you could just dial into a little bit on the growth stuff. I understand there are macro headwinds, but it seems like on the PC side, things have turned around a little bit. We're starting to see some recovery. Maybe you can talk us through on the -- maybe you feel a little bit better about the PC peripherals. And what would it take to kind of get back into your kind of target model that was laid out at the analyst event last time? Both in terms of gross margins as well as the top line growth.

如果你能稍微關心一下成長的事情就好了。我知道存在宏觀阻力，但在 PC 端，情況似乎有所改善。我們開始看到一些復甦。也許你可以和我們談談——也許你對 PC 週邊感覺更好。怎樣才能回到上次分析師活動中提出的目標模型？無論是毛利率還是營收成長。

Yes. Asiya. So if you think about the long-term model, I'll talk long term first. So we have a target long-term financial model of 8% to 10% growth. One key tenet in there is M&A. We've been light on M&A the last couple of years. And I would expect us to do more over the next couple of years, not right away, but I would expect us to do more over the next couple of years. And that will be an important part of getting back to that 8% to 10% growth.

是的。阿西亞。因此，如果您考慮長期模型，我會先討論長期。因此，我們的長期財務模型目標是成長 8% 至 10%。其中的一項關鍵原則是併購。過去幾年我們很少進行併購。我希望我們在接下來的幾年裡做更多的事情，不是馬上，但我希望我們在接下來的幾年裡做更多的事情。這將是恢復 8% 至 10% 成長的重要組成部分。

Another key tenet of our ability to return to growth and get to higher levels of growth is rationalization of the corporate office footprint. If you look at what's happened in the headlines this past quarter, North American vacancies have approached 20%. And so corporates are still looking at their overall real estate footprint and how they want to outfit rooms.

我們恢復成長並達到更高成長水準的能力的另一個關鍵原則是公司辦公室佈局的合理化。如果你看看上個季度的頭條新聞，你會發現北美的職缺率已接近 20%。因此，企業仍在關注他們的整體房地產足跡以及他們想要如何裝備房間。

The TAM is enormous, the installed base is relatively small. There will be an upgrade cycle of that installed base to new modern tech like ours, and there will be greenfield deployments that will grow. So if you look out 10 years, it makes perfect sense that every conference room will be video enabled. It's just hard to say what's going to happen over 1 year or 2 years. So I think this is another thing like Hanneke mentioned, if not when. It's unclear what that deployment cycle will look like.

TAM 規模龐大，但安裝基礎相對較小。對於像我們這樣的新現代技術，安裝基礎將會有一個升級週期，並且綠地部署將會成長。因此，如果您展望 10 年後，每個會議室都將啟用視訊功能是完全合理的。很難說一年或兩年後會發生什麼事。所以我認為這是漢內克提到的另一件事，即使不是何時。目前尚不清楚該部署週期會是什麼樣子。

And then lastly, on the B2B side, companies like ours are looking at their IT budgets, carefully controlling things like CapEx and spend, they're prioritizing things like AI and cybersecurity absolutely employee productivity and office room fit-outs are going to happen, but they're more discretionary IT spend versus mandatory and so I think the economy needs to improve a little bit, potential rate cuts, maybe more confidence in the future on the corporate side.

最後，在 B2B 方面，像我們這樣的公司正在考慮他們的 IT 預算，仔細控制資本支出和支出等事情，他們優先考慮人工智慧和網路安全等事情，員工生產力和辦公室裝修絕對會發生，但它們更多的是可自由支配的IT 支出，而不是強制性的，所以我認為經濟需要稍微改善，可能會降息，也許企業對未來更有信心。

The Consumer though right now is quite strong. And so I think overall, I feel really good about our positioning. But overall, enterprise, B2B office rationalization and then to hit the longer-term rates, a little bit of M&A sprinkled in there as well.

不過，現在的消費者相當強勁。所以我認為總的來說，我對我們的定位感覺非常好。但總體而言，企業、B2B 辦公室的合理化以及為了達到長期利率，也進行了一些併購。

And then when you think about gross margins also in that target range, I know you guys are obviously at 40%, feel really good about that, just if you could talk a little bit about getting to kind of even the midpoint of your gross margins of the 39% to 44%.

然後，當您考慮毛利率也在該目標範圍內時，我知道您顯然處於 40%，對此感覺非常好，只要您能談談如何達到毛利率的中點佔 39% 至 44%。

Well, we were really close to that midpoint this past quarter at 42.3%. So I feel really good about this quarter and last quarter. We did have a couple of one-timers this quarter. So if you look overall at the impressive inventory reductions that we achieved. We drove down inventory more than $80 million decrease quarter-over-quarter in inventory.

嗯，上個季度我們確實非常接近中點，即 42.3%。所以我對本季和上季感覺非常好。本季我們確實有幾個一次性的人。因此，如果你從整體上看我們所實現的令人印象深刻的庫存減少。我們降低了庫存，季度環比減少了超過 8000 萬美元。

When inventories come down, good things happen. And we saw that again this quarter with things like [E&O] releases because effectively, as you reduce inventory, you have to reserve less inventory. And so we saw benefits there that will not recur. We don't expect inventories to come down. They could actually grow a little bit in Q4 with the Suez Canal challenges.

當庫存下降時，好事就會發生。我們在本季再次看到了類似 [E&O] 發布的情況，因為實際上，當你減少庫存時，你必須保留更少的庫存。因此，我們在那裡看到了不會再出現的好處。我們預計庫存不會下降。由於蘇伊士運河的挑戰，他們實際上可能在第四季度有所增長。

But overall, if you look at where we think margins will be in Q4, it's our trough quarter, so there's less overhead absorption. So it's a little bit of a headwind on a quarter-over-quarter compare. And then we also have this additional freight challenges. So I think overall, we'll have maybe the low end of that target range in Q4.

但總的來說，如果你看看我們認為第四季度的利潤率會在哪裡，你會發現這是我們的低谷季度，因此管理費用吸收較少。因此，與季度相比，這有點不利。然後我們還面臨額外的貨運挑戰。因此，我認為總體而言，我們可能會在第四季度達到該目標範圍的低端。

And I would expect it to be in that overall operating model on average over next year. Will it be at the high end? It's possible, low end is possible. So I think a lot of it will just depend on how next year unfolds from a consumer sentiment standpoint and enterprise demand standpoint.

我預計明年它會平均處於整體營運模式。會是高端嗎？有可能，低端也有可能。因此，我認為這很大程度上取決於明年從消費者情緒和企業需求的角度來看如何發展。

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。

Hanneke nice to see you for the first time. looking forward to working with you. Maybe if we start, Chuck, I'm going to pick on gross margins again, just because they were so impressive. And I guess maybe my question is -- last quarter, we had talked about them being in the 38% to 39% range.

漢內克很高興第一次見到你。期待和你一起工作。也許如果我們開始，查克，我會再次選擇毛利率，因為它們是如此令人印象深刻。我想也許我的問題是——上個季度，我們討論過它們在 38% 到 39% 的範圍內。

You obviously did more than 42%. So I guess where -- was there something that outperformed your expectations that you didn't necessarily foresee 90 days ago? I'm just trying to pick on that because I would think that generally, when it comes to component costs, you kind of have a lock on that 90 days ahead of the quarter.

顯然你的完成率超過了 42%。所以我猜想，是否有一些事情超出了您的預期，而您在 90 天前不一定預見到？我只是想挑釁這一點，因為我認為一般來說，當涉及到組件成本時，你可以在本季之前 90 天鎖定該成本。

And so I'm just trying to understand where the biggest delta was between your expectations and how you actually materially outperformed? And if I could weave in, as we look to the fiscal fourth quarter, we have historically generally seen gross margin expansion despite the loss of revenue leverage, less promotions, a little bit more B2B mix than consumer mix.

所以我只是想了解您的期望與實際表現之間最大的差異在哪裡？如果我能插話一下，當我們展望第四財季時，我們從歷史上看，儘管收入槓桿損失、促銷活動減少、B2B 組合比消費者組合多一點，但毛利率普遍增長。

And so why should we think about gross margins coming down so much sequentially? Maybe I'll start with that and then I have a follow-up.

那我們為什麼要考慮毛利率連續下降這麼多呢？也許我會以此開始，然後進行後續行動。

Yes, Erik. Really, really good question. So first of all, this past -- in the last few quarters, we brought our inventory down significantly. When you bring this inventory number down, you release reserves. So there are some benefits that we've seen quarter-over-quarter, the last couple of quarters, quite frankly, on bringing inventory levels down.

是的，埃里克。真的，真的很好的問題。首先，在過去的幾個季度裡，我們大幅降低了庫存。當你降低這個庫存數量時，你就釋放了儲備。因此，坦白說，我們在過去幾個季度中看到了季度環比在降低庫存水準方面的一些好處。

Those are kind of more onetime in nature. What is durable? The great work that our operations team has done to reduce product costs. That has been a real, real benefit overall to the company and that is durable. That we'll see those benefits throughout next year.

這些本質上更像是一次性的。什麼是耐用？我們的營運團隊為降低產品成本所做的出色工作。這對公司來說是真正的、真正的利益，而且是持久的。我們將在明年看到這些好處。

So I thank our team, Prakash and his team did such a great job on product costs, Shipping and Logistics, that was a real tailwind, better than we had expected. Now that's reversing. So you look at what's happening now with shipping rates. They're going back up again, fairly material on the ocean. We also expect because of these disruptions to have to do more air.

所以我感謝我們的團隊，普拉卡什和他的團隊在產品成本、運輸和物流方面做得非常出色，這是一個真正的推動力，比我們預期的要好。現在情況正在逆轉。所以你看看現在的運費發生了什麼事。他們將再次返回，在海洋上相當重要。我們也預計，由於這些幹擾，必須進行更多的空運。

And while we don't want to, we don't want stock outs, we have a customer-first mentality. The first thing is take care of the customer. So we will eat some margin to take care of customer satisfaction. So air shipping, higher ocean rates. That's just a reality of where things are right now from a shipping standpoint. Is that transitory? Is that going to last throughout the year? I can't predict but that is a headwind going into our Q4.

雖然我們不想，也不希望缺貨，但我們秉持著客戶至上的心態。第一件事是照顧顧客。所以我們會吃一些保證金來照顧客戶的滿意度。所以空運，海運費率更高。從航運的角度來看，這只是目前的現實情況。這是暫時的嗎？這種情況會持續一整年嗎？我無法預測，但這對我們第四季來說是一個阻力。

And then the overall leverage that you mentioned, that's just straight math. And if you have a peak quarter to trough quarter, there is an impact. If you look at the impact, you said last year, you saw margin expansion. That was primarily because of a fairly poor Q3 last year. So that was a -- I think that we over discounted and drove less volume in Q3 a year ago.

然後是你提到的整體槓桿，這只是直接的數學計算。如果季度與低谷之間存在高峰，就會產生影響。如果你看看影響，去年就說過，你會看到利潤率的擴張。這主要是因為去年第三季的業績相當糟糕。所以，我認為一年前我們在第三季過度折扣並減少了銷量。

And our global commercial teams just really executed so well this past quarter in pricing discipline. And Erik, we had talked about that on the last few calls, we were set up with our retailers and e-tailers. We had really gone through the promotional plans and the account planning and our teams on the ground just landed such a great quarter from a promotional standpoint.

我們的全球商業團隊在上個季度在定價紀律方面執行得非常好。艾瑞克，我們在最近幾通電話中談到了我們與零售商和電子零售商建立的關係。我們確實完成了促銷計劃和客戶規劃，從促銷的角度來看，我們的團隊剛剛完成瞭如此出色的季度業績。

So I think that 38% to 40% gross margin, if you do the math and you deduct what is the range for Q4, it's roughly 38% to 40%. Midpoint to high end is doable at the low end, it'd be more air shipping. So I think we're set up for a really strong fiscal Q4. But these uncertainties on the freight and logistics side are what gives us kind of pause at this point in time.

所以我認為毛利率是 38% 到 40%，如果你算一下，扣除第四季的範圍，大約是 38% 到 40%。中端到高端在低端是可行的，這會更多是空運。因此，我認為我們已經為第四季度的財政狀況做好了準備。但貨運和物流的這些不確定性讓我們此時有些猶豫。

Okay. Very fair. Chuck. And then I don't know if this is properly posed to you or to Hanneke, but you bought back more stock this quarter than I think any quarter over the last 10 years. You also reduced CapEx relative to your prior expectations. So are you guys maybe signaling a change in your capital allocation priorities? And why not as you're kind of striving to get back to growth, realize the macro is a big factor here.

好的。很公平。查克。然後我不知道這對你或漢內克來說是否合適，但你本季回購的股票比我認為過去 10 年任何一個季度都多。相對於您先前的預期，您也減少了資本支出。那麼你們是否暗示要改變你們的資本配置優先順序？當你努力恢復成長時，為什麼不認識宏觀因素是一個重要因素呢？

But maybe why not utilize the excess cash you generate to lean into CapEx and whether that's more product launches or better expansion or whatever it might be, but why not kind of lean into that CapEx to maybe help get you back to that kind of target growth range a little easier, faster. However, you might think about it? And that's it for me.

但也許為什麼不利用你產生的多餘現金來投入資本支出，無論是更多的產品推出還是更好的擴張或其他什麼，但為什麼不投入資本支出來幫助你回到那種目標增長範圍更容易、更快。不過，你也許想想？對我來說就是這樣。

Yes. That's a really good question there. I'll talk in a little more detail Hanneke, and maybe you want to talk about our capital allocation strategy at a higher level.

是的。這是一個非常好的問題。我會更詳細地談論漢內克，也許你想在更高層次上談論我們的資本配置策略。

First of all, on CapEx, I would not read into that. CapEx itself at this point is down, but don't read into that. That's just operating discipline. We are very, very focused on driving efficiency and spend. We will invest for growth. Growth is our top priority, is how we invest in our capital allocation model.

首先，關於資本支出，我不會對此進行解讀。目前資本支出本身已經下降，但不要對此深究。這只是操作紀律。我們非常非常注重提高效率和支出。我們將投資促進成長。成長是我們的首要任務，也是我們如何投資我們的資本配置模型。

And then overall, if you think of the buybacks, we set -- in the beginning of the quarter, we saw the cash numbers improving, getting better and better and better. And so what we did is we decided to increase the buyback given how great of a cash quarter we had. We generated $443 million of operating cash flow, one of our best quarters ever. And when we saw that data coming in, we decided to increase the buybacks to return more capital to shareholders. But don't read into the CapEx spending because it will go back up next year.

總的來說，如果你考慮我們在本季初設定的回購，我們看到現金數量有所改善，而且越來越好。因此，考慮到我們擁有充足的現金季度，我們決定增加回購。我們產生了 4.43 億美元的營運現金流，這是我們有史以來最好的季度之一。當我們看到這些數據時，我們決定增加回購，以向股東返還更多資本。但不要解讀資本支出，因為明年它會回升。

We have done very little M&A. We have invested heavily in the business. We definitely will invest and prioritize investments in technology to drive long-term growth. So don't read into the CapEx reduction as being a -- we're pulling back. We are focused on driving growth. It's really more operational discipline. Hanneke, do you want to talk about the high-level capital allocation strategy?

我們很少進行併購。我們在這項業務上投入了大量資金。我們肯定會投資並優先投資技術以推動長期成長。因此，不要將資本支出的減少解讀為我們正在撤回。我們專注於推動成長。這確實是更多的操作紀律。 Hanneke，您想談談高層資本配置策略嗎？

Yes, sure. And let me first just confirm what you just said. I mean, we will make the right CapEx investments into the future. And we're looking at those for next year right now. So don't take this as we're pulling back on CapEx. In terms of our long-term capital allocation strategy, that really hasn't changed at the top of the list paying a good dividend. Number two, M&A when the right thing comes along, we are definitely always looking and then only number three, returning cash to shareholders in the form of buybacks.

是的，當然。首先讓我確認一下你剛才說的話。我的意思是，我們將對未來進行正確的資本支出投資。我們現在正在研究明年的內容。因此，不要認為我們正在削減資本支出。就我們的長期資本配置策略而言，支付良好股利的策略確實沒有改變。第二，當正確的事情出現時，我們肯定會一直在尋找併購，然後只有第三，以回購的形式向股東返還現金。

Our next question is from Jürgen Wagner at Stifel.

我們的下一個問題來自 Stifel 的 Jürgen Wagner。

Yes. Hanneke, my first question would be to you now that you are 60 days at Logitech. Can you say or can you share already some thoughts, what needs to be addressed or what you need to do differently? And as a follow-up, you mentioned M&A as the second priority. When would you be in a position to become more active again?

是的。 Hanneke，我的第一個問題是問你，你已經在羅技工作 60 天了。您能否說出或分享一些想法、需要解決哪些問題或需要採取哪些不同的做法？作為後續行動，您提到併購是第二要務。什麼時候可以再次變得更加活躍？

Yes. Yes, Jürgen, thank you. Very nice to meet you. I'm 60 days in. So it's a little early to say anything about anything. And so I'll say upfront, we have an Investor Day planned for May where we'll come out with much more detail. But I'll give you a few first impressions. This is a really good company, would be my top line impression.

是的。是的，尤爾根，謝謝你。很高興見到你。我已經 60 天了。所以現在說任何事情都有點早。所以我要提前說，我們計劃在五月舉行投資者日，屆時我們將公佈更多細節。但我會給你一些第一印象。這是一家非常好的公司，這是我最重要的印象。

We're really well positioned for future growth with the spaces that the portfolio is in. So hybrid work, gaming and video conferencing, all are good places, good neighborhoods to play in. Then we have fantastic and I've been so impressed as I've onboarded with our product, our engineering and our design capabilities.

我們確實為投資組合所在的空間的未來成長做好了準備。因此，混合工作、遊戲和視訊會議，所有這些都是好地方，好社區，可以玩。然後我們有很棒的事情，給我留下了深刻的印像我已經了解了我們的產品、工程和設計能力。

That allows us to innovate, and that will allow us to win going forward. Another few things that I've been impressed with is the brand, a really solid global brand. But that also brings me to an opportunity. We probably have an opportunity to make that brand truly iconic take it from good to great, if you will.

這使我們能夠創新，並使我們能夠贏得未來。另一個令我印象深刻的是這個品牌，一個真正可靠的全球品牌。但這也為我帶來了一個機會。如果你願意的話，我們可能有機會讓這個品牌成為真正的標誌性品牌，讓它從優秀走向卓越。

And then finally, a nice mix of B2B and B2C. We touched on that earlier. And the last thing would be this company really is a sustainability pioneer in tech, which is great to see and something we'll definitely -- we'll want to continue to be.

最後，B2B 和 B2C 的完美結合。我們之前談過這一點。最後一件事是，這家公司確實是科技領域的永續發展先驅，這是很高興看到的，我們肯定會 - 我們希望繼續成為這樣的人。

So I would say all of those things we'll want to keep and cherish and leverage to drive growth going forward. There probably are a few things I would change as well, but it may be too early to talk about those right now. And when it comes to M&A, again, details much too early, but an important part of our capital allocation strategy.

因此，我想說的是，我們希望保留、珍惜並利用所有這些東西來推動未來的成長。我可能也會改變一些事情，但現在談論這些可能還為時過早。說到併購，細節雖然還為時過早，但卻是我們資本配置策略的重要組成部分。

Our next question is from Ananda Baruah at Loop.

我們的下一個問題來自 Loop 的 Ananda Baruah。

Hanneke, welcome to the conversation. Yes. So I guess just real quick on the -- Chuck, on the long-term growth model. You mentioned, I think you said high single digits. I guess the question -- and you mentioned M&A as being a meaningful contributor to that. So I guess the question is, is that high single digits organic? Can you talk to that yet over time? Or is that high single digits with the M&A and sort of in the organic [TBD.] And then I have a quick follow up.

漢內克，歡迎來到我們的談話。是的。所以我想查克的長期成長模型很快就會實現。你提到的，我想你說的是高個位數。我猜想這個問題——你提到併購是對此的一個有意義的貢獻者。所以我想問題是，這個高位數是有機的嗎？隨著時間的推移，你能談談這個嗎？或是併購帶來的高個位數以及有機的[待定]。然後我會進行快速跟進。

Yes Ananda. Yes, really yes, thank you. That -- the 8% to 10% is -- basically that number is derived from the historical growth rates pre-pandemic. Obviously, the pandemic if you -- it's 70-ish percent growth. So you got to kind of take those years out. But that's really the average growth rate for the 10 years pre-pandemic. Some years, it was 4%, some years it was 14%, but it averaged in that 8% to 10% range. That included, importantly, many key acquisitions. We're very good at M&A. We find the right companies.

是的，阿難。是的，確實是的，謝謝。 8% 到 10% 基本上這個數字是根據疫情前的歷史成長率得出的。顯然，如果你看的話，這場大流行病的成長率是 70% 左右。所以你必須把那些年拿出來。但這實際上是大流行前 10 年的平均成長率。有些年份是 4%，有些年份是 14%，但平均在 8% 到 10% 的範圍內。重要的是，其中包括許多關鍵收購。我們非常擅長併購。我們找到合適的公司。

We exploit that technology. And if you look at what we're great at, we have these global distribution channels at scale. So we can go buy companies, plug them into our network and exploit that technology. We have an operations team that can drive product costs down and do a really good job. And as Hanneke mentioned, this iconic brand. So I think we have this great machine that can plug companies in.

我們利用該技術。如果你看看我們的強項，你會發現我們擁有大規模的全球通路。因此，我們可以購買公司，將它們連接到我們的網路並利用該技術。我們擁有一支可以降低產品成本並做得非常好的營運團隊。正如 Hanneke 所提到的，這個標誌性品牌。所以我認為我們有這個偉大的機器可以讓公司參與其中。

So the 8% to 10% is accounts M&A, that's part of the formula for sure. But there's nothing planned in the short-term horizon. Hanneke is brand new. We're working on the strategy. So I wouldn't expect any big announcements anytime soon. But it's an important part of the long-term growth rate, nor are we predicted to get back to that rate anytime soon. This is a long-term financial model. The part that we are executing on today is the gross margins of 39% to 44%, keeping OpEx at roughly 25% and generating a very healthy operating income.

所以 8% 到 10% 是帳戶併購，這肯定是公式的一部分。但短期內沒有任何計劃。漢內克是全新的。我們正在製定戰略。因此，我預計不會很快發布任何重大公告。但這是長期成長率的重要組成部分，預計我們不會很快恢復到這一成長率。這是一個長期的財務模型。我們今天執行的部分是毛利率在 39% 到 44% 之間，營運支出維持在 25% 左右，並產生非常健康的營業收入。

That is right now, that's today, we feel very good about that. A couple of quarters ago, we said that was 6 or 8 quarters out, we're very excited about executing on that part of the long-term financial model today. But overall, growth is the focus. We just want to be cautious going into next year, and then we'll talk at Analyst Day more about the model and our thoughts on M&A and whatnot. But yes, 8 to 10 is not organic. It's organic plus M&A and M&A is a key part of that.

就是現在，就是今天，我們對此感覺非常好。幾個季度前，我們說那是 6 或 8 個季度後的事，我們對今天執行長期財務模型的這一部分感到非常興奮。但總體而言，成長是重點。我們只是想在明年保持謹慎，然後我們將在分析師日更多地討論該模型以及我們對併購等的想法。但是，是的，8 到 10 並不是有機的。它是有機的加上併購，而併購是其中的關鍵部分。

Got it. That sounds super helpful. And I have just a clarification quickly, and then I have a quick follow-up question. When you say next year, we're talking fiscal '25 -- [so really not] calendar '24.

知道了。這聽起來非常有幫助。我只是快速澄清一下，然後我有一個快速的後續問題。當你說明年時，我們指的是 25 財年——[所以實際上不是] 24 財年。

Fiscal. Yes, fiscal '25 starting April 1 of next year, that's right -- or this year. I'm sorry. Yes.

財。是的，25 財年從明年 4 月 1 日開始，沒錯，或是今年。對不起。是的。

Got it. And you guys had mentioned in the prepared remarks, I think it may have been Hanneke who mentioned this, AI as an opportunity for the company. Any context you can give there? And I guess really what I'm wondering is, are there things that sort of you would consider to be incrementally new to the company in terms of value add for market share opportunities, new categories, which you could go in that you're thinking about that sort of behind closed doors it classically fit into the ecosystem of products that the company has historically offered?

知道了。你們在準備好的發言中提到，我認為可能是 Hanneke 提到了這一點，人工智慧是公司的一個機會。您可以提供任何背景資訊嗎？我想我真正想知道的是，在市場份額機會、新類別的增值方面，您是否會認為對公司來說是漸進式的新事物，您可以考慮這些事情關於這種閉門造車的方式，它通常適合該公司歷史上提供的產品生態系？

Yes, I'm happy to take that because it's one of the other areas where I see a lot of opportunity. Really 2 ways that we're leveraging AI at Logitech today. One, of course, is internally on productivity, like every other company and that's table stakes, but it's well underway here. whether that's in supply chain and marketing, using CoPilot, ChatGPT and our own large language models. So that's well underway.

是的，我很高興接受這一點，因為這是我看到很多機會的其他領域之一。今天，我們在羅技利用人工智慧的兩種方式。當然，與其他所有公司一樣，其中之一是內部生產力，這是賭注，但這裡正在順利進行。無論是在供應鏈和行銷方面，都使用 CoPilot、ChatGPT 和我們自己的大型語言模型。一切進展順利。

The area I'm more excited about is in our products and in our innovation. And again, there's -- I'll mention 3 things that I'm excited about and that are already out there, but they're -- they can tell you a little bit about what's to come as well. So on the video conferencing side of the business, we have a new product out called Sight, which is a panoramic video conferencing camera that you sit right in the middle of your conferencing table. That one is like having a TV producer in your meeting and you get perfectly framed, your audio is perfect, your video is perfect. So I love that. And that leverage is AI to get that done. So that's on the video conferencing.

我更感興趣的領域是我們的產品和創新。再說一次，我會提到三件讓我感到興奮的事情，這些事情已經存在，但它們也可以告訴你一些關於即將發生的事情。因此，在視訊會議業務方面，我們推出了一款名為 Sight 的新產品，它是一款全景視訊會議攝影機，您可以坐在會議桌的中間。這就像有一位電視製片人參加你的會議，你的畫面很完美，你的音訊很完美，你的影片也很完美。所以我喜歡這樣。而人工智慧就是實現這一目標的槓桿。這就是視訊會議。

Then on headsets, the zone to wireless headsets just out again, also leverages AI technology. And here, the consumer insight is, and I hate this myself, you're talking to someone you have a headset on, that other person is at an airport or is outside and there's a ton of ambient noise on the other side, leveraging AI, this new headset canceled ambient noise on both sides, which is super cool. So really great product.

然後在耳機上，剛剛再次推出的無線耳機專區，也利用了AI技術。在這裡，消費者的見解是，我自己討厭這一點，你正在與戴著耳機的人交談，另一個人在機場或在外面，而另一邊有大量的環境噪音，利用人工智能這款新耳機取消了兩側的環境噪音，超酷。所以真的很棒的產品。

So those are 2 product examples. The last one is on our software. So if you have any of our products, whether it's a mouse or a keyboard you can download the software that goes with that, one of the features is called smart actions where you automate some of your repetitive tasks. What we've seen in the last 4 or 5 months is that, by far, the #1 repetitive tasks that our users are simplifying is something called Reply with ChatGPT, 9 times as much as any other smart action. So again, it shows how we can help both through our hardware and our software, delight consumers more with AI. Sorry, it's a bit of a lengthy answer, but I'm excited about the opportunities for innovation that we can leverage in our products and the growth we could get from that.

這是兩個產品範例。最後一個是我們的軟體。因此，如果您擁有我們的任何產品，無論是滑鼠還是鍵盤，您都可以下載與之配套的軟體，其中一項功能稱為智慧操作，您可以自動執行一些重複性任務。我們在過去 4 或 5 個月中看到的是，到目前為止，我們的用戶正在簡化的排名第一的重複任務是使用 ChatGPT 進行回复，其數量是任何其他智能操作的 9 倍。因此，它再次展示了我們如何透過硬體和軟體來幫助消費者，透過人工智慧讓消費者更加滿意。抱歉，這個答案有點冗長，但我對我們可以在產品中利用的創新機會以及從中獲得的成長感到興奮。

Yes. No, that's helpful. And so that taking the 3 you just mentioned right there, like to me, that would be more suggestive of potential market share gain opportunities or product stickiness opportunities, something along those lines.

是的。不，這很有幫助。因此，就像我一樣，採取您剛才提到的三個機會，這將更能暗示潛在的市場份額獲得機會或產品黏性機會，類似的東西。

Spot on.

發現。

Our next question is from Jörn Iffert at ABS.

我們的下一個問題來自 ABS 的 Jörn Ifffert。

Nice to meet you Hanneke. And the first one would be, please, to you, Hanneke. May I quickly ask you, when you look over the next 3 to 5 years, do you think the categories and the segments Logitech has right now is the right place to be to drive your growth vision? Or are you also willing to go into new end markets like, for example, healthcare, which could be necessary to maintain the growth model going forward?

很高興認識你漢內克。第一個是請給你，漢內克。我可以快速問您，當您展望未來 3 到 5 年時，您認為羅技目前擁有的品類和細分市場是否適合推動您的成長願景？或者您也願意進入新的終端市場，例如醫療保健，這可能是維持未來成長模式所必需的？

I think we're playing in with some really great spaces. So the big space of work and play that's what people do in life. So we play in some gargantuan spaces, and they give us good growth. Within that, are there verticals we could step on a little harder? Possibly, and that's what we're exploring in our strategy work right now. So a bit early for me to say yes or no, but we'll be back on that in May.

我認為我們正在探索一些非常好的空間。因此，工作和娛樂的廣闊空間就是人們在生活中所做的事情。所以我們在一些巨大的空間裡玩耍，它們給了我們很好的成長。其中，是否有一些垂直領域我們可以更努力地推進？有可能，這就是我們目前在策略工作中正在探索的內容。所以我現在說「是」或「不是」還為時過早，但我們會在五月再討論這個問題。

Yes, sure. I appreciate this. And then the second question, a little more technical one on the quarter, please. You were mentioning that outside the promotion season, which was Black Friday, Cyber Monday, volumes were a little bit short of your expectations. Is this linked to macro and market weakness? Or is this linked to the market share losses? I think you also mentioned a couple of market share losses. Also gains, of course, but also some share losses like gaming keyboards for example, China and other stuff. So is it also linked to share losses or mainly macro?

是的，當然。我很欣賞這個。然後是第二個問題，關於本季的技術性問題。您提到，在促銷季（即黑色星期五、網路星期一）之外，銷量略低於您的預期。這是否與宏觀和市場疲軟有關？還是這與市場佔有率的損失有關？我想你也提到了一些市場佔有率的損失。當然，也有收益，但也有一些份額損失，例如遊戲鍵盤，中國和其他東西。那麼它是否也與股票損失有關或主要與宏觀因素有關？

Yes. I think generally, I would characterize the quarter from a share standpoint as a strength and not a weakness. So on balance, we executed well. And I think when the dust settles and the final reporting comes in, it's not all finally in yet, we need to see all the final data coming in. I think it will show on balance. We gained share across key categories. The categories where we may had some challenges where we had older products and NPIs or new product introductions are on the way.

是的。我認為一般來說，我會從股票的角度將本季描述為優勢而不是劣勢。所以總的來說，我們執行得很好。我認為當塵埃落定、最終報告出來時，一切還沒有最終完成，我們需要看到所有最終數據的到來。我認為它將顯示出平衡。我們在關鍵類別中獲得了份額。我們可能會遇到一些挑戰的類別，即我們擁有舊產品和 NPI 或新產品推出的類別。

So I feel on the share side, pretty good. I think, overall, the consumer as it was a year ago, was looking to buy on promotion. And the run rate business globally was more challenged outside of the promotional windows. And we're seeing that so far in the first few weeks of this quarter. So I don't -- it's hard to say is that interest rates, is that consumer confidence is okay right now, is it enterprise spending.

所以我覺得分享方面非常好。我認為，總體而言，消費者與一年前一樣，希望透過促銷購買。全球運行率業務在促銷窗口之外面臨更大的挑戰。到目前為止，我們在本季度的前幾週就看到了這一點。所以我 - 很難說利率、消費者信心現在是否還好、企業支出是否良好。

I think it's kind of a little of the above. I think there's just a little bit of uncertainty out there. And that gives us a little bit of caution going into Q4 and into next year on when will that return? I think there's news about sticky inflation and maybe rates won't get cut there's a lot of macro factors that we read in the news every day.

我想這有點像上面的情況。我認為存在一點不確定性。這讓我們在進入第四季和明年時保持謹慎，不知道這種情況何時會回歸？我認為有關於黏性通膨的消息，也許利率不會降低，我們每天在新聞中看到很多宏觀因素。

And I think that translates into our customers buying our products and other companies' products. But I don't -- I would not say it's a share issue. I think our share is strong and it's doing quite well across the board outside of some key pockets that we're addressing. Anything, Hanneke, you'd like to add there?

我認為這意味著我們的客戶購買我們的產品和其他公司的產品。但我不——我不會說這是股票問題。我認為我們的份額很強大，而且除了我們正在解決的一些關鍵領域之外，它在各個方面都表現得很好。 Hanneke，您還有什麼想補充的嗎？

I think you said it well.

我覺得你說得很好。

Our next question is from Andreas Müller at ZKB.

我們的下一個問題來自 ZKB 的 Andreas Müller。

Hanneke, good to see you both. Can you discuss maybe the gap between sell-in and sell-through, particularly in the Americas? Is this seasonal? Or do you see your clients already increasing inventories sustainably there?

漢內克，很高興見到你們兩個。您能否討論一下銷售量和銷售量之間的差距，特別是在美洲？這是季節性的嗎？或者您看到您的客戶已經在那裡持續增加庫存？

Andreas. The chart you're referring to in our earnings deck shows sell-through and sell-in. And I'll just say, I don't like that chart in general. We've agreed to keep it through this year, and we'll revise it to make it more meaningful at Analyst Day. That data shows that America sell-through was down 4%, yet we saw fairly strong revenue growth actually.

安德烈亞斯.您在我們的收益表中提到的圖表顯示了銷售量和銷售量。我只想說，我總體上不喜歡這張圖表。我們已同意將其保留到今年，並將在分析師日對其進行修改，使其更有意義。該數據顯示，美國的銷售額下降了 4%，但我們實際上看到了相當強勁的收入成長。

And so you look at that and say, "Gee, how can sell-through be down but sell-in go up. Oh, you must have built channel inventory. We did not actually. Americas channel inventory was roughly flat. What's driving that is less promotional activity or selling at a higher price and promoting less. So the sell-through is in gross dollars and the revenue is in net dollars, and that's just -- that delta of 700 basis points is the margin expansion based on less promotional activity and efficient promo activity.

因此，您看到這一點後會說，「哎呀，怎麼可能銷量下降而銷量卻上升。哦，您一定已經建立了渠道庫存。我們實際上沒有。美洲渠道庫存大致持平。是什麼推動了這一趨勢？」促銷活動較少，或以較高價格銷售且促銷較少。因此，銷售量以總美元計，收入以淨美元計，這就是－700 個基點的增量是基於較少促銷的利潤擴張活動和高效率的促銷活動。

So we're going to revise that chart to give you a little more view into kind of the changes in channel inventory, which is, I think, the better metric. So I wouldn't read into that too much. It's kind of comparing apples and oranges a little bit. But we didn't want to pull it.

因此，我們將修改該圖表，讓您更了解通路庫存的變化，我認為這是更好的指標。所以我不會對此進行太多解讀。這有點像蘋果和橘子的比較。但我們不想拉它。

I started just less than a year ago. I didn't want to pull that chart without replacing it with something to give you better visibility. So there will be an update to that coming in May, I -- but I would not read into that overall other than saying we did a great job on driving North American promo activity during the holiday period.

我剛開始工作還不到一年。我不想在沒有用其他東西替換它的情況下拉出該圖表，以便為您提供更好的可見性。因此，五月將會有更新，但我不會對整體進行解讀，只是說我們在假期期間推動北美促銷活動方面做得很好。

Okay. And then my next question on the gross margin progress, the lower product costs were mentioned. Can you give here some more details? I mean you mentioned production efficiency, but also I mean, what was the impact of raw materials, for example, Asian currency were weak, which might have helped. Can you say something here?

好的。然後我提到了關於毛利率進展的下一個問題，即較低的產品成本。你能在這裡提供更多細節嗎？我的意思是你提到了生產效率，但我的意思是，原材料的影響是什麼，例如，亞洲貨幣疲軟，這可能會有所幫助。你能在這裡說點什麼嗎？

Certainly. I missed the very first part. Was it gross margin in Q4?

當然。我錯過了第一部分。是第四季的毛利率嗎？

On -- Yes. And on the production side or on the products.

開——是的。在生產方面或產品方面。

Yes. So we had about 200 basis points of benefit year-over-year on product costs. Quarter-over-quarter, it was roughly in line a year ago to this year, about 200 basis points of expansion, that should be durable and should translate into future quarters as well. 200 basis points year-over-year was logistics, ocean, air, freight. And then there were some other kind of noise between lower promo and mix.

是的。因此，我們的產品成本比去年同期提高了約 200 個基點。環比來看，與一年前和今年的情況大致一致，擴張約 200 個基點，這種擴張應該是持久的，也應該轉化為未來的季度。物流、海運、空運、貨運年增 200 個基點。然後，較低的促銷和混音之間還存在著其他一些噪音。

But overall, the freight side is going to come back. We're going to have more freight headwinds in Q4. That will be a challenge. And then on the FX side, year-over-year to Q3, it was about 100 basis point benefit. As you look into Q4 to Q4 and Q3 to Q4, currently, FX is roughly flat.

但總體而言，貨運方面將會回歸。第四季我們將面臨更多貨運阻力。這將是一個挑戰。然後在外匯方面，到第三季度，年比收益約 100 個基點。當你觀察第四季到第四季以及第三季到第四季時，目前外匯匯率大致持平。

So there will be -- there should be no currency impact. Of course, rates can change. But as we sit here today and you look at the euro and the pound and the various currencies around the world, on balance year-over-year and quarter-over-quarter, were roughly in line from Q3 to Q4.

因此，應該不會對貨幣產生影響。當然，費率可能會改變。但當我們今天坐在這裡時，你會看到歐元、英鎊以及世界各地的各種貨幣，從同比和環比來看，與第三季到第四季大致一致。

Okay. Then my last question, can you say something about the OpEx items, R&D and G&A here? And do you expect that progression going forward? In G&A, how much was the impact or was the increase actually onetime in nature?

好的。那麼我的最後一個問題，可以談談這裡的營運支出、研發和一般行政費用嗎？您預計這種進展會持續下去嗎？在一般行政費用方面，影響有多大，或者成長實際上是一次性的？

Certainly. So our OpEx model is fairly straightforward. We want to spend roughly 25% of our revenue on OpEx. Of course, in OpEx, we want to prioritize things like engineering, product development, go-to market, those are things that build health and build value long term. Then you have things like G&A and other costs that are necessary but you want to be efficient on the spend. So that's the overall model as a whole. Now if you look overall, the details of what happened in the quarter, we had CEO transition costs that basically were onetime in nature.

當然。所以我們的營運支出模型相當簡單。我們希望將大約 25% 的收入用於營運支出。當然，在營運支出中，我們希望優先考慮工程、產品開發、進入市場等事情，這些事情可以促進健康並長期創造價值。然後，您還有一般管理費用和其他必要的成本，但您希望提高支出效率。這就是整體模型。現在，如果你從整體上看，本季發生的事情的細節，我們的執行長過渡成本基本上是一次性的。

And then we have really overperformed this year financially. And a year ago, we were underperforming. So as a result, things like sales commissions and variable compensation a year ago were unfunded or funded at a much lower level. This year, we're funding above plan given the above-plan performance. And so I wouldn't expect the overperformance on variable comp to continue so much. So there are some one-timers.

今年我們的財務表現確實超出了預期。一年前，我們表現不佳。因此，一年前的銷售佣金和可變薪酬等項目沒有資金支持或資金水平低得多。鑑於上述計劃的績效，今年我們將提供高於計劃的資金。因此，我預計可變補償的超額表現不會持續這麼久。所以有一些一次性的。

But overall, if you look at where OpEx as a percent of revenue, obviously, in our peak quarter, it looks very impressive. But our model really is 25% approximately of revenue, and it will be a little higher likely in Q4 because it's our trough revenue quarter. So we're saying, on average, it's that 25% range. But we -- I feel really good about where this year is shaping up from an investment standpoint. And again, prioritize investments on those things that grow shareholder value.

但總的來說，如果你看看營運支出佔收入的百分比，顯然，在我們的高峰季度，它看起來非常令人印象深刻。但我們的模型實際上大約佔收入的 25%，並且第四季度的可能性會更高一些，因為這是我們收入的低谷季度。所以我們說，平均而言，就是 25% 的範圍。但從投資的角度來看，我對今年的情況感到非常滿意。再次強調，優先投資那些能增加股東價值的事情。

Our next question is from Torsten Sauter at Kepler.

我們的下一個問題來自開普勒的托斯頓·索特。

Well, congratulations to another strong quarter. In fact, it feels like in the good old days, right? Just with a few new faces. Very glad to meet you, Hanneke, and very happy to work with you.

好吧，祝賀又一個強勁的季度。事實上，感覺就像回到了過去的美好時光，對吧？只是有幾個新面孔。很高興認識你，漢內克，也很高興與你合作。

Thank you.

謝謝。

Actually, I have 2 little questions, if I may. Firstly, a more technical one. I see you have again cut the tax guidance to a very, very low level.

事實上，如果可以的話，我有兩個小問題。首先，是一個更技術性的問題。我看到你們再次將稅收指導削減到非常非常低的水平。

Can you please shed some light on that? And also maybe try to give an outlook there.

您能解釋一下嗎？也許還可以嘗試給出一個展望。

Certainly. Yes.

當然。是的。

Yes. If I may, just to have it said already, we've seen the departure of your Design Head, Alastair Curtis, I think I had considered him a key person, right? So maybe can you guide us to the strategy with respect to running the design, operation to design team at Logitech going forward?

是的。可以的話，我已經說過了，我們已經看到你們的設計主管阿拉斯泰爾·柯蒂斯 (Alastair Curtis) 的離職，我想我曾將他視為關鍵人物，對吧？那麼，您能否指導我們制定羅技未來設計和營運設計團隊的策略？

Certainly, I'll take the first one and you can take the second one. On the tax side, we had reached agreement with the [Canton of Vaud,] where we're headquartered this past quarter to increase the basis of the business overall, that allows for a larger amortization and a tax deduction. And this is because we have significantly grown our footprint in Switzerland. We're very proud of the incredible talent that we have in Lausanne.

當然，我會選擇第一個，你可以選擇第二個。在稅務方面，我們已與上個季度總部所在地沃州達成協議，以增加整體業務的基礎，從而實現更大的攤銷和稅收減免。這是因為我們在瑞士的足跡顯著擴大。我們為洛桑擁有的令人難以置信的人才感到非常自豪。

So with our increased investment and having a much larger employee base, we reached agreement with the government, and they were really great to work with, and they're proud of our -- the work we've done there. And because of that, there's kind of a onetime benefit that you saw this quarter. There's a couple of other smaller items as well on the U.S. tax side, we have a onetime larger deduction in the U.S. for foreign operations that basically is a standard kind of practice that we've gone through analyzed this.

因此，隨著我們增加投資並擁有更大的員工基礎，我們與政府達成了協議，與他們合作真的很棒，他們為我們在那裡所做的工作感到自豪。正因為如此，您在本季看到了一次性的好處。在美國稅收方面還有其他一些較小的項目，我們在美國對外國業務進行了一次較大的扣除，這基本上是我們已經分析過的標準做法。

And our tax team just did a phenomenal job in this past quarter. Those are onetime in nature. So if you look at the results this quarter, those will not repeat. If you think structurally, where is the company next year on a tax standpoint, the GAAP tax rate is going to be in the low 20% range. So low 20s on the GAAP side.

我們的稅務團隊在上個季度做得非常出色。這些本質上都是一次性的。因此，如果你看看本季的結果，你會發現這些不會重複。如果你從結構上考慮，從稅收的角度來看，公司明年的情況如何，公認會計準則稅率將在 20% 的低水平範圍內。以 GAAP 計算，只有 20 多分。

And of course, that can change. The share price has a fairly big impact on the overall GAAP tax rate. But I think low 20s from a GAAP standpoint. And the non-GAAP side for next year is going to be low teens, and that's sort of the cash tax rate that we pay plus accruals. So the non-GAAP tax rate is cash taxes paid plus accruals, low teens gap low 20s. This quarter was really a onetime based on the really hard work that our team did and based on our investment in Switzerland, et cetera.

當然，這可能會改變。股價對整體GAAP稅率有相當大的影響。但從 GAAP 的角度來看，我認為是 20 多歲。明年的非公認會計準則方面將是低十幾歲，這就是我們支付的現金稅率加上應計費用。因此，非公認會計原則稅率是支付的現金稅加上應計費用，低十幾歲的差距低二十多歲。這個季度確實是一次性的，基於我們團隊所做的真正努力的工作以及基於我們在瑞士等的投資。

So we did provide guidance in the materials for this year, non-GAAP, 9% to 11%. So overall, though, I would -- in the models for next year count on the low teens, non-GAAP, low 20s gap. Hanneke, do you want to talk about design?

因此，我們確實在今年的材料中提供了指導，非 GAAP，9% 至 11%。因此，總體而言，在明年的模型中，我會指望 10 多歲、非 GAAP 和 20 多歲的差距。 Hanneke，你想談談設計嗎？

Yes. Thanks for asking the question. Design plays a really, really special role at Logitech, and it's a real point of difference for us. Now Alastair, over the last decade, built a fantastic design organization. That's one of the other things I learned in my first 6 weeks. We have more than 200 internal designers at Logitech. And they're fantastic.

是的。感謝您提出問題。設計在羅技中發揮著非常非常特殊的作用，這對我們來說是一個真正的差異點。現在，阿拉斯泰爾在過去十年中建立了一個出色的設計組織。這是我在前六週學到的其他事情之一。羅技擁有 200 多名內部設計師。他們太棒了。

So actually, in the last quarter, they as a team won the Global Red Dot Design Team Award, which is again, in this industry and beyond a really prestigious award. So I'm thankful for the organization and the culture, the design culture that's been created at Logitech. And I think with the team that we have of designers. I have no doubt we're going to continue to excel in design. So thanks for asking.

事實上，在上個季度，他們作為一個團隊贏得了全球紅點設計團隊獎，這在這個行業中又是一個真正享有盛譽的獎項。因此，我感謝羅技創造的組織與文化、設計文化。我認為我們的設計師團隊。我毫不懷疑我們將繼續在設計方面表現出色。謝謝你的提問。

Our next question is from Martin Jungfleisch at BNP.

我們的下一個問題來自法國巴黎銀行的 Martin Jungfleisch。

I hope you can hear me. And also congrats on the strong set of numbers. So maybe 2 questions. First one is coming back on the cost side. I think at the webinar in early December last year, you mentioned that R&D will remain a key focus area for you, and you also just pointed out a few innovations. Now in Q3, R&D costs are up 9%. Should we expect this cost line to keep increasing in that magnitude in the coming quarters as well?

我希望你能聽到我的聲音。也要祝賀一組強勁的數字。所以也許有兩個問題。第一個是成本方面。我想在去年12月初的網路研討會上，您提到研發仍將是您關注的重點領域，您也剛剛指出了一些創新。現在第三季度，研發成本上漲了 9%。我們是否應該預期該成本線在未來幾季也會繼續以相同的幅度增加？

And then the second question is on the China gaming curves. These routes have been taken off the website this morning. But just wondering if you have seen any negative impacts so far or if you would expect any negative impact? And also, if you could just remind us on the rough exposure that you have in China and gaming.

第二個問題是關於中國的遊戲曲線。今天早上這些路線已從網站上刪除。但只是想知道到目前為止您是否看到了任何負面影響，或者您是否預計會出現任何負面影響？另外，您能否提醒我們您在中國和遊戲領域的粗略曝光。

Yes, I didn't understand the comment that the China comment from this morning. In general, China gaming is a really important market for us. We have an iconic brand and the consumers in China preferentially pick our brand at the high end. There's lots of low-end competition. It's a big market. Overall, China's results were roughly flat. So we had -- Asia was down in general, so more challenging across Asia. But China, actually, we performed quite well relative to our expectations. Clearly, it's a big market and it's very competitive. But preferentially, they choose better technology and a better brand at the high end. Do you want to add anything on China before we talk about OpEx?

是的，我不明白中國今天早上發表的評論。總的來說，中國遊戲對我們來說是一個非常重要的市場。我們擁有標誌性品牌，中國消費者優先選擇我們的高端品牌。有很多低端競爭。這是一個很大的市場。總體而言，中國的結果大致持平。所以我們發現——亞洲整體下滑，因此整個亞洲面臨更大的挑戰。但實際上，中國的表現相對於我們的預期來說相當不錯。顯然，這是一個很大的市場，而且競爭非常激烈。但他們更傾向於在高端選擇更好的技術和更好的品牌。在我們討論營運支出之前，您想補充一些有關中國的內容嗎？

Yes. A very important, and I like what I'm seeing in terms of our premium offering there, so to Pro Light Mice for especially. And it's in any business, China is super competitive. That keeps us honest, so we'll be all over that market.

是的。這是非常重要的，我喜歡我在那裡看到的優質產品，尤其是 Pro Light 滑鼠。在任何產業，中國都有超強的競爭力。這讓我們保持誠實，所以我們將遍布整個市場。

Great. And then on the OpEx question, I would expect engineering quarter-over-quarter to be roughly in line with the prior quarter. And I would expect G&A and sales and marketing to come down. And the reason I believe that is because sales and marketing has variable commissions tied to sales and with peak quarter to trough quarter, you have less commissions that you pay based on the sales change, just due to normal seasonality and then, of course, the onetime transition costs that you see in the G&A line.

偉大的。然後在營運支出問題上，我預計季度環比的工程設計將與上一季大致一致。我預計一般行政費用以及銷售和行銷都會下降。我認為這是因為銷售和行銷的佣金與銷售掛鉤，從高峰季度到低谷季度，您根據銷售變化支付的佣金會減少，這只是由於正常的季節性因素，當然，您在G&A 行中看到的一次性轉換成本。

So overall, R&D quarter-over-quarter should be roughly in line. And then, of course, next year, we'll have to talk about that at Analyst Day. But again, in total, I would be estimating roughly 25% of revenue in your models.

因此，整體而言，研發季度環比應該大致保持一致。當然，明年我們將不得不在分析師日討論這個問題。但總的來說，我估計你們的模型中大約有 25% 的收入。

Hanneke, Chuck. Our last question for today is from Michael Foeth at Vontobel.

漢內克，查克。我們今天的最後一個問題來自 Vontobel 的 Michael Foeth。

Just 2 last questions for me. The first one is on inventories. You obviously made a great job in reducing the inventory levels. My question is where sort of is the limitation to that inventory reduction. And if you can give a bit more specifics on the whole Red Sea situation? Any disruptions there in terms of your supply chains or delivery shipments and the related inventory that you would need to build up to counter that?

最後還有兩個問題想問我。第一個是庫存。顯然，你們在降低庫存水準方面做得很好。我的問題是庫存減少的限制在哪裡。您能否提供有關整個紅海局勢的更多具體資訊？您的供應鏈或交貨運輸以及您需要建立的相關庫存是否有中斷？

And then my second question would be and I'll ask it straight away. You mentioned, obviously, in terms of growth for 2025, the trajectory that you depicted in your shareholder letter. It leaves a little bit room for interpretation in terms of where the trajectory goes. It looks like it would go slightly into the positive but maybe not to that high single-digit growth. Is it correct that you're expecting it to turn slightly positive, but maybe not as fast as your long-term model suggest.

然後我的第二個問題是，我會立即提出。顯然，您提到了您在股東信中描述的 2025 年成長軌跡。它為軌跡走向留下了一點解釋空間。看起來它會略有積極，但可能不會達到那麼高的個位數成長。您預計它會稍微轉為正值，但可能不會像您的長期模型所建議的那麼快，這是否正確？

Certainly. On the inventory side, again, it was such an impressive quarter on inventory. We had -- we've stated now for the last few quarters that we want to drive down on-hand inventory and channel inventory. And I just want to thank our employees and our teams for executing on this plan because it's really, really paid massive dividends, improving linearity improving return on invested capital. Again, if you have less inventory, you have higher return invested capital or [ROACE,] as you say, in Europe or ROACE.

當然。在庫存方面，這個季度的庫存再次令人印象深刻。我們在過去幾個季度已經表示，我們希望降低現有庫存和渠道庫存。我只想感謝我們的員工和團隊執行這個計劃，因為它確實帶來了巨額紅利，改善了線性，並提高了投資資本回報率。再說一遍，如果你的庫存較少，你的投資資本或[ROACE]回報率就會更高，正如你所說，在歐洲或ROACE。

That is such an important metric. And we have driven down inventory levels 6.5 turns in the quarter is a really great number. We said our operating model is between 5% and 6%. That would be on an annualized basis. So again, we're going to go in now into our trough quarter. So the turns will probably come down. I don't think inventory will come down in Q4 with the Red Sea challenges. Is there more room? There is more room.

這是一個非常重要的指標。我們在本季將庫存水準降低了 6.5 週，這是一個非常好的數字。我們說我們的營運模式是在5%到6%之間。這將是按年計算的。再說一遍，我們現在將進入低谷季度。所以轉彎可能會下降。我認為第四季庫存不會因紅海挑戰而下降。還有更多空間嗎？還有更多的空間。

We can do better, but we're getting to that point of diminishing returns because importantly, we don't want stock outs. We want to carry inventory on in our distribution centers to meet our customers' demands. Customer SAT is #1, but we want to do that the right way. So I think we're approaching that point of the efficient frontier on inventory levels, and we're targeting 5% to 6% precautious so good, maybe he can get to 7% occasionally.

我們可以做得更好，但我們正在達到回報遞減的地步，因為重要的是，我們不希望缺貨。我們希望在配送中心保留庫存，以滿足客戶的需求。客戶 SAT 是第一，但我們希望以正確的方式做到這一點。所以我認為我們正在接近庫存水準的有效邊界點，我們的目標是預防性地達到 5% 到 6%，所以很好，也許他偶爾可以達到 7%。

But I would say 6% is kind of hitting that best-in-class or upper quartile. As it relates to the Red Sea, it adds about 4 weeks of lead time. So it's not that material. There will be an impact to air, as I mentioned earlier, and a little higher cost. So I would expect a little bit of inventory increase, maybe we can keep it flat, but I would expect a little bit of an inventory increase as we get into Q4.

但我想說 6% 已經達到了同類最佳或上四分位數。由於涉及紅海，因此增加了大約 4 週的交貨時間。所以它不是那種材料。正如我之前提到的，這會對空氣產生影響，而且成本會更高一些。因此，我預計庫存會增加一點，也許我們可以保持不變，但我預計隨著進入第四季度，庫存會增加一點。

And then the -- what was the last part, Hanneke? Do you...

然後——最後一部分是什麼，Hanneke？你...

The gradual growth, and does it leave room for interpretation?

逐漸的成長，是否留下了解釋的空間？

I'll let you answer that one.

我會讓你回答這個問題。

I'll go back to where we started. I think growth is really a question of when, not if. We will get back to growth. But there are so many uncertainties out there that we're just a little cautious on giving you exact numbers of when and how much.

我會回到我們開始的地方。我認為成長實際上是一個何時的問題，而不是是否的問題。我們將恢復成長。但由於存在太多不確定性，因此我們在向您提供確切的時間和金額方面持謹慎態度。

We will at Analyst Day. So stay tuned. And in middle of May, we'll have an Analyst Day and talk about our view and our outlook. I think the idea now is just like be cautious going into next year. People are getting excited. And I think overall, it's a great business, a great operating model, but we need to be cautious looking out into next year given the uncertainties.

我們將在分析師日進行。所以請繼續關注。五月中旬，我們將舉辦分析師日並討論我們的觀點和前景。我認為現在的想法就像是對明年保持謹慎。人們變得興奮起來。我認為總的來說，這是一項偉大的業務，一個偉大的營運模式，但鑑於不確定性，我們需要謹慎對待明年。

And with that, Hanneke, that's our last question today.

漢內克，這是我們今天的最後一個問題。

Great. Well, thank you, Nate. Thanks, everyone. It's been really nice to meet you guys. Thanks for joining us for your interest in Logitech. And of course, a huge thank you to all the Logitech teams around the world for everything they continue to do. I look forward to speaking with you guys next quarter. Take care.

偉大的。嗯，謝謝你，內特。感謝大家。很高興見到你們。感謝您對羅技的興趣加入我們。當然，非常感謝世界各地的所有羅技團隊繼續所做的一切。我期待下個季度與你們交談。小心。

Thank you.

謝謝。