羅技 (LOGI) 2025 Q1 法說會逐字稿

Good morning and good afternoon.

早安，下午好。

Welcome to Logitech's video call to discuss our financial results for the first quarter of fiscal year 2025.

歡迎參加羅技的視訊通話，討論我們 2025 財年第一季的財務表現。

Joining us today are Hanneke Faber, our CEO; and Meeta Sunderwala, our Interim CFO.

今天加入我們的是我們的執行長 Hanneke Faber；和我們的臨時財務長 Meeta Sunderwala。

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.

在本次電話會議中，我們將做出前瞻性陳述，包括 1995 年《私人證券訴訟改革法案》安全港規定的未來營運績效的陳述。

We're making these statements based on our views only as of today, our actual results could differ materially.

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會存在重大差異。

We undertake no obligation to update or revise any of these statements.

我們不承擔更新或修改任何這些聲明的義務。

We will also discuss non-GAAP financial results.

我們也將討論非公認會計準則財務表現。

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.

您可以在我們的新聞稿和向 SEC 提交的文件中找到 GAAP 和非 GAAP 業績之間的調整表，以及有關我們使用非 GAAP 衡量標準和可能影響我們財務業績和前瞻性陳述的因素的資訊。

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.

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。

We encourage you to review these materials carefully.

我們鼓勵您仔細查看這些資料。

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

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。

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

此通話正在錄音，並將在我們的網站上重播。

I will now turn the call over to Hanneka.

我現在將把電話轉給漢內卡。

Thank you Nate, and welcome everyone, to our first earnings call of our 2025 fiscal year.

謝謝 Nate，並歡迎大家參加我們 2025 財年的第一次財報電話會議。

Pleased to say that we started the year off strong.

很高興地說我們今年開局強勁。

We delivered 13% year-over-year growth and 430 basis points of margin expansion while generating strong levels of cash further bolstering our balance sheet.

我們實現了 13% 的同比增長和 430 個基點的利潤率擴張，同時產生了強勁的現金水平，進一步鞏固了我們的資產負債表。

Given the healthy momentum in our business, the market share gains we've seen in most of our key product categories, and the confidence in our ability to execute, we are raising our fiscal '25 outlook, which I'll touch on shortly.

鑑於我們業務的健康發展勢頭、我們在大多數關鍵產品類別中看到的市場份額的增長以及對我們執行能力的信心，我們正在提高 25 財年的前景，我很快就會談到這一點。

You can read the full details of our quarter in our shareholder letter, which will give you a full review of our operating and financial performance.

您可以在我們的股東信中閱讀本季度的完整詳細信息，這將使您全面了解我們的營運和財務業績。

But I'd like to spend a few minutes on this call to provide some color and context to our results, and then we'll transition to Q&A.

但我想在這次電話會議上花幾分鐘時間，為我們的結果提供一些色彩和背景，然後我們將過渡到問答環節。

Let me briefly touch on three points.

讓我簡單談三點。

First, I'm super pleased to see Q1 net sales growth in the low teens, our second consecutive quarter of growth.

首先，我非常高興看到第一季的淨銷售額成長在十幾歲以下，這是我們連續第二季的成長。

As a reminder, we told you last quarter that strategic working capital investments would be a part of the story this quarter, as we prepared our own end channel inventories for big selling seasons like June 18, Amazon Prime, back to school and into the holiday season.

提醒一下，我們在上個季度告訴過您，戰略營運資本投資將成為本季故事的一部分，因為我們為 6 月 18 日、亞馬遜 Prime、返校和假期等大銷售季節準備了自己的終端渠道庫存季節。

Even after you normalize for these planned channel investments, demand was nearly one-third of our top-line growth.

即使在這些計劃的通路投資正常化之後，需求仍占我們營收成長的近三分之一。

The teams delivered on our plans exceptionally well.

團隊非常出色地完成了我們的計劃。

Together with our strong top line results and our focus on execution and operational discipline, we drove healthy gross and operating margin expansion.

加上我們強勁的營收業績以及對執行和營運紀律的關注，我們推動了毛利率和營業利潤率的健康成長。

These results were also enabled by our ability to balance the needs of our distribution partners with continued focus on lean working capital management.

這些成果也得益於我們平衡分銷合作夥伴需求和持續關注精實營運資本管理的能力。

At the end of Q1, our owned inventory was down nearly 20% from last year, and our Q1 inventory turns were at 5.4. A notable increase from 4.2 last year, demonstrating our strong command of the business.

一季末，我們的自有庫存比去年下降了近 20%，第一季庫存週轉率為 5.4。與去年的 4.2 相比顯著成長，體現了我們對業務的強大掌控力。

And our channel inventory levels in terms of weeks on hand remain well within the upper and lower ranges in which we've operated since the beginning of fiscal year '24.

我們的通路庫存水準（按週數計算）仍保持在我們自 24 財年年初以來營運的上限和下限範圍內。

Second, I'm excited about our product innovation lineup for this fiscal year, advancing our strategic priority that I talked about last quarter to innovate.

其次，我對本財年的產品創新陣容感到興奮，這推動了我上季度談到的創新策略重點。

You saw us launch 11 products in the first quarter across almost all of our product categories.

您看到我們在第一季推出了幾乎所有產品類別的 11 款產品。

This ability to launch a diversified set of innovations with a design led focus at global scale is a competitive advantage that we will continue to leverage.

這種在全球範圍內推出以設計為主導的多元化創新的能力是我們將繼續利用的競爭優勢。

Many of these products are finding smart ways to leverage the power of AI.

其中許多產品正在尋找利用人工智慧力量的智慧方法。

And for example, the recently released AI Prompt Builder has now been used in over 5.5 million instances.

例如，最近發布的AI Prompt Builder現已在超過550萬個實例中使用。

And our recently introduced MeetUp 2 conference camera with right sight and right sound technologies leverages proprietary data models, our own, and machine learning algorithms to deliver a truly equitable meeting experience for those in the meeting room or participating remotely.

我們最近推出的 MeetUp 2 會議攝影機採用正確的視覺和正確的聲音技術，利用我們自己的專有資料模型和機器學習演算法，為會議室或遠端參與的人員提供真正公平的會議體驗。

Third, given our solid start to the year, we are updating our fiscal year '25 outlook, modestly increasing our fiscal '25 targets for both net sales and non-GAAP operating income.

第三，鑑於今年開局良好，我們正在更新 25 財年展望，適度提高 25 財年淨銷售額和非 GAAP 營業收入的目標。

Fiscal year '25 net sales gross is now expected to be between 1% and 3%, and non-GAAP operating income is expected to be between $700 million and $730 million.

目前預計 25 財年淨銷售總額將介於 1% 至 3% 之間，非 GAAP 營業收入預計將在 7 億至 7.3 億美元之間。

This updated fiscal '25 outlook contemplates two discrete trends.

更新後的 25 財年展望考慮了兩個不同的趨勢。

Our top line growth in Q1 was clearly strong.

我們第一季的營收成長顯然強勁。

End customer demand, coupled with the working capital investments I discussed earlier, drove a healthy increase in net sales.

最終客戶的需求，加上我之前討論的營運資本投資，推動了淨銷售額的健康成長。

At the same time though, this positive business momentum occurred amidst this uncertain and volatile global economic backdrop.

同時，這種積極的商業動能是在不確定且不穩定的全球經濟背景下出現的。

So while we're pleased with our third quarter -- first quarter results, we remain pragmatic about future risks and uncertainties.

因此，儘管我們對第三季和第一季的業績感到滿意，但我們對未來的風險和不確定性仍然持務實態度。

Now before we move to Q&A, I'd just like to highlight our 2024 impact report that we published yesterday.

現在，在我們進行問答之前，我想先強調一下我們昨天發布的 2024 年影響報告。

You've heard us talk about our commitment to sustainability, and this annual scorecard holds us accountable.

您已經聽過我們談論我們對永續發展的承諾，而這份年度記分卡讓我們承擔責任。

There's a lot to be proud of in this report, such as the fact that three out of four of our products now use recycled plastic, and 66% of our products are carbon labeled, helping consumers and enterprise technology buyers make informed decisions about the environmental impact of their purchases, sorry.

這份報告中有很多值得驕傲的地方，例如我們四分之三的產品現在使用再生塑料，並且我們 66% 的產品帶有碳標籤，幫助消費者和企業技術買家做出有關環境的明智決策抱歉，他們的購買受到了影響。

I'm very comfortable with this approach to sustainability.

我對這種永續發展方式非常滿意。

We set ambitious goals and provided annual transparent scorecard.

我們設定了雄心勃勃的目標並提供了年度透明記分卡。

And above all, we pursue this commitment to sustainability while delivering strong business results.

最重要的是，我們在實現強勁業務成果的同時，追求永續發展的承諾。

So in summary, I'm pleased with our ability to execute on our strategic priorities as we focus on extending human potential in work and play.

總而言之，我對我們執行戰略重點的能力感到滿意，因為我們專注於擴展人類在工作和娛樂中的潛力。

Our first quarter results demonstrate that we're on the right track.

我們第一季的業績顯示我們走在正確的軌道上。

Thank you.

謝謝。

And with that, Nate, let's go to Q&A.

接下來，內特，讓我們進入問答環節。

Great.

偉大的。

Layla, we are now ready for our first questions.

萊拉，我們現在準備好回答第一個問題了。

Thank you Nate.

謝謝內特。

(Operator Instructions)

（操作員說明）

Joern Iffert, UBS.

喬恩‧伊費爾特，瑞銀集團。

Thank you.

謝謝。

Thanks for taking my question.

感謝您提出我的問題。

Hello everybody.

大家好。

Can you hear me?

你聽得到我嗎？

Yes, good morning Joern.

是的，早上好，喬恩。

How are you?

你好嗎？

I'm all right, thanks, and thanks for taking the questions.

我很好，謝謝，也謝謝你問問題。

There's one starting question and the follow-up is the starting question is please do you see sell in and sell out sources through to trending to the same corridor now in Q2 because you have not reiterated your past seasonality and guidance for Q2 in the report.

有一個起始問題，後續的起始問題是，您是否看到第二季度的賣出和賣出來源一直到同一走廊的趨勢，因為您沒有在報告中重申過去的季節性和對第二季度的指導。

So I guess you're asking about our forward-looking outlook.

所以我猜您是在問我們的前瞻性前景。

So we've raised a little bit, as you can see to 1 to 3 from 0 to 2 on the top line.

所以我們提高了一點，正如您可以在頂行看到的從 0 到 2 到 1 到 3。

And also on the bottom line, we've raised a little bit from minus 2 to plus 2 and now to 0 to plus 4.

同樣在底線上，我們從負 2 提高到正 2，現在又提高到 0 到正 4。

What does that reflect?

這反映了什麼？

It maybe helpful just to touch on that.

觸及這一點可能會有所幫助。

So that reflects the higher demand we've seen in Q1, which we're really pleased by.

這反映了我們在第一季看到的更高的需求，我們對此感到非常高興。

At the same time where we don't see a change is what we talked about last quarter, which is in Q1 and Q2, sell in will be larger than sell out, that is planned.

同時，我們沒有看到變化，我們上個季度談到的，即第一季度和第二季度，按計劃售入將大於售出。

We need to boost channel inventory because we're shifting to growth mode and we have to get ready for the big selling seasons, especially those in Q3 at the holidays.

我們需要增加通路庫存，因為我們正在轉向成長模式，我們必須為大銷售季節做好準備，尤其是第三季的假期。

In Q3 and Q4 that dynamic is going to reverse.

在第三季和第四季，這種動態將會逆轉。

So sell out will be larger than sell in, no changes there.

因此，售出量將大於售入量，沒有變動。

So what you're seeing in our new forecast is that we are flowing through the increased demand that is higher than expected that we've seen in Q1, but no change for the rest of the year.

因此，您在我們的新預測中看到的是，我們的需求成長高於第一季的預期，但今年剩餘時間沒有變化。

Thank you.

謝謝。

And then allow me to follow up.

然後請允許我跟進。

Given the consumer weakness you've seen from so many companies recently, do you see that promotion have increased again in the exit rates?

鑑於您最近從許多公司看到的消費者疲軟，您是否認為促銷活動的退出率再次增加？

So by May, June, and then your Q1?

那麼到五月、六月，然後是第一季？

Yeah, no, not yet.

是的，不，還沒有。

So I think promotional discipline has been a good part of our Q1 results and our teams have just been extremely disciplined.

因此，我認為促銷紀律是我們第一季業績的重要組成部分，而且我們的團隊紀律嚴明。

So not yet but again, that is part of looking forwarding.

所以還沒有，但再次強調，這是期待的一部分。

A little bit of our caution is it may increase going forward.

我們需要謹慎的是，未來這種情況可能會增加。

We're always going to promote as much as necessary in the market.

我們總是會在市場上進行盡可能多的促銷。

Thank you very much.

非常感謝。

Thanks, Joern.

謝謝，喬恩。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Yeah.

是的。

Good morning, guys.

早上好傢伙。

Thanks for taking the question.

感謝您提出問題。

Really appreciate it.

真的很感激。

Yeah, two if I could.

是的，如果可以的話，兩個。

I guess the first one is Hanneke, on the last call, and this is really more big picture.

我猜第一個是 Hanneke，在最後一次通話中，這確實是更大的圖景。

I think you talked about the most impactful opportunities as you see them being geographic wallet share, kind of true up, B2B, and expansion of work in play.

我認為您談到了最具影響力的機會，因為您認為它們是地理錢包份額、某種程度的真實性、B2B 以及正在進行的工作的擴展。

And I guess just any incremental thoughts there or kind of progress/ actions the last 90 days that have been taken to sort of go with those.

我想，過去 90 天內所採取的任何增量想法或進展/行動都是與這些相配合的。

And then I have a quick follow-up as well.

然後我也會進行快速跟進。

Thanks.

謝謝。

Yeah, absolutely.

是的，絕對是。

No, thanks for that question.

不，謝謝你提出這個問題。

Clearly we're working on all of those three things, and it's too early to see massive changes.

顯然，我們正在努力解決所有這三件事，但現在看到巨大的變化還為時過早。

But there's a few things I'm pleased by.

但有幾件事讓我很滿意。

When it comes to geography, we're seeing really broad-based growth in the quarter.

就地理而言，我們在本季度看到了真正廣泛的成長。

So the Americas up 9%, EMEA up 20%, and APAC up 13%, so that's really broad based and a particularly standout performance from EMEA where our execution just has been outstanding.

美洲成長了 9%，歐洲、中東和非洲成長了 20%，亞太地區成長了 13%，所以這確實是基礎廣泛的，而且歐洲、中東和非洲的表現尤其出色，我們的執行力一直非常出色。

When it comes to B2B, yes, we are doubling down and pleased to see growth in this segments, up 9%.

是的，當談到 B2B 時，我們正在加倍努力，並很高興看到該領域的成長，成長了 9%。

Market probably a little more robust than it has been, which is also great to see.

市場可能比以前更加強勁，這也是很高興看到的。

And we continue to build capabilities.

我們持續增強能力。

And that's both on the product side, where we had a great launch of the MeetUp 2 in the quarter, but also on the organizational talent and services side.

這既體現在產品方面（我們在本季度推出了 MeetUp 2），也體現在組織人才和服務方面。

So I'm excited about the steps we're taking there to really double down on that B2B business where we still have so much opportunity.

因此，我對我們正在採取的措施感到非常興奮，因為我們在 B2B 業務上確實加倍努力，因為我們仍然有很多機會。

And then finally, on work and play expansion, that's clearly a multi-year program, but again, some green shoots.

最後，關於工作和娛樂的擴展，這顯然是一個多年計劃，但同樣，也有一些萌芽。

We had terrific results in education in the quarter, that's a new space for us.

本季我們在教育方面取得了出色的成果，這對我們來說是一個新的空間。

I talked about how today we mostly focus on offices when it comes to B2B, you know, you and I on a video conference, you and I at our desk.

我談到今天我們在 B2B 方面主要關注辦公室，你知道，你和我在視訊會議上，你和我在我們的辦公桌前。

But most people in the world don't work in offices.

但世界上大多數人並不在辦公室工作。

Education is the first other workplace we started to focus on, and are again, our results in the quarter very, very strong, more than 20% growth in education behind great products like the Rugged Folio.

教育是我們開始關注的第一個其他工作場所，而我們本季的業績再次非常非常強勁，在 Rugged Folio 等出色產品的支持下，教育領域增長了 20% 以上。

So love that, and then more to come.

所以喜歡這個，然後還會有更多。

We also announced a launch in the quarter of the MX Ink, which is a stylus for the Meta Oculus headset.

我們也宣佈在本季推出 MX Ink，這是一款適用於 Meta Oculus 耳機的手寫筆。

Again, you can imagine how that goes into new work verticals as well in the future.

同樣，您可以想像這在未來如何進入新的工作垂直領域。

And again, these will be small to start with.

再說一次，這些一開始就很小。

This is a multiyear effort.

這是一個多年的努力。

But I'm excited about some of the green shoots that we're starting to see.

但我對我們開始看到的一些萌芽感到興奮。

And that dovetails into the follow-up.

這與後續行動相吻合。

I appreciate the context.

我很欣賞這個背景。

That's super helpful.

這非常有幫助。

Sort of throughout the quarter, there is sort of the idea in the investment community that the keyboard business is benefiting from or preparing to benefit from PC refresh, some of which is AI driven, sort of an AI component to sort of a keyboard pulls.

在整個季度中，投資界有一種想法，即鍵盤業務正在受益於或準備受益於 PC 更新，其中一些是人工智慧驅動的，類似於鍵盤拉動的人工智慧組件。

We'd love context.

我們喜歡上下文。

Sort of how does the company think about that.

公司如何看待這一點。

Would company agree that?

公司會同意嗎？

And what is the company's view around keyboards and AI pull?

該公司對鍵盤和人工智慧的吸引力有何看法？

Any context there would be great, in the near term, and even bigger picture.

從短期來看，任何背景都會是偉大的，甚至是更大的前景。

Yeah.

是的。

I think the top line is we are very bullish on mice and keyboards, that's the core of the core of our business, that's where we started, and it's still a great business.

我認為最重要的是，我們非常看好滑鼠和鍵盤，這是我們業務核心的核心，這就是我們的起點，而且它仍然是一項偉大的業務。

We are not one to one correlated to PC refreshes, but it certainly can't hurt if people are buying new PCs.

我們與 PC 更新不是一對一相關的，但如果人們購買新 PC，這肯定不會有什麼壞處。

So that's a good thing.

所以這是一件好事。

And then AI will play a big role.

然後人工智慧將發揮重要作用。

We've always been the human machine interface ever since the start of this company 40 years ago.

自 40 年前公司成立以來，我們一直致力於人機介面。

And we can now really be the link between the human and the large language model via our mice and keyboards.

現在，我們可以透過滑鼠和鍵盤真正成為人類和大型語言模型之間的聯繫。

So we've started to do that.

所以我們已經開始這樣做了。

The Logi AI Prompt Builder is a free piece of software that sits in all our mice and keyboards since April.

Logi AI Prompt Builder 是一款免費軟體，自 4 月以來已安裝在我們所有的滑鼠和鍵盤中。

It allows you to shortcut to ChatGPT, and it's quite popular, 5.5 million unique user interactions since the middle of April.

它允許您快速存取 ChatGPT，而且它非常受歡迎，自 4 月中旬以來已有 550 萬次獨特的用戶互動。

That's pretty good.

那很好。

So I'm excited, again this is just the start of how we're serving as that interface to the large language models through our mice and keyboards.

所以我很興奮，這只是我們透過滑鼠和鍵盤作為大型語言模型介面的開始。

But it's exciting.

但這很令人興奮。

Thanks a lot.

多謝。

That's super helpful.

這非常有幫助。

Appreciate it.

欣賞它。

Thanks Ananda, great to see you.

謝謝阿南達，很高興見到你。

Thanks guys.

多謝你們。

(Operator Instructions) There are no raised hands at this time, Nate.

（操作員指示）Nate，此時沒有人舉手。

Okay.

好的。

Layla, we will give a one minute and then we'll wrap if there are no other questions.

Layla，我們將給您一分鐘的時間，如果沒有其他問題，我們就結束了。

Joern.

喬恩.

Great.

偉大的。

Thank you.

謝謝。

Thanks.

謝謝。

And sorry, I think it takes a while until I can join as a panelist again, so sorry for the silence.

抱歉，我想我需要一段時間才能再次作為小組成員加入，所以很抱歉保持沉默。

Yeah, a follow up, please.

是的，請跟進。

I mean, can you distinguish between your price and volume performance for the quarter?

我的意思是，您能區分本季的價格和銷售表現嗎？

Is price still a significant contributor here, price at mix, or is it mainly volume trip to start maybe with this one if I may.

價格是否仍然是這裡的一個重要因素，混合價格，或者如果可以的話，主要是從這個開始的批量旅行。

I would say -- Hey Joern.

我想說——嘿喬恩。

I would say that it's mainly volume driven.

我想說這主要是數量驅動的。

Our prices have stayed fairly steady.

我們的價格一直保持相當穩定。

We do have some promo in the quarter, but it has stayed fairly flat with last quarter.

我們本季確實有一些促銷活動，但與上季持平。

Okay.

好的。

All right.

好的。

Thanks.

謝謝。

And then if you allow me and a follow-up.

如果您允許我進行後續跟進。

I think in the last earnings call, you mentioned APAC should be the key driver.

我認為在上次財報電話會議中，您提到亞太地區應該是關鍵驅動力。

Now it turns out EMEA is key driver, but of course, it was the full year what you mentioned.

現在事實證明歐洲、中東和非洲地區是關鍵驅動因素，但當然，這是你提到的全年。

So has your view on the regions changed now over the last two to three months and also same on categories, is it still tablet peripherals which would be the strongest growing category or has this changed?

那麼，在過去的兩到三個月裡，您對這些地區的看法是否發生了變化，對類別的看法也發生了變化？

Yeah, I'm not sure that we actually said that APAC should be -- I think we talked about what might be impacts on gross margins.

是的，我不確定我們是否真的說過亞太地區應該——我想我們討論了可能對毛利率的影響。

So mix is an impact on gross margin.

所以混合對毛利率有影響。

And if Europe and the US are a little better, APAC is a little worse, that's a positive, that's a tailwind on gross margin, and the same is true with our video conferencing business.

如果歐洲和美國好一點，亞太地區就差一點，這是正面的，這對毛利率來說是有利的，我們的視訊會議業務也是如此。

If that grows faster, that's a tailwind on gross margin.

如果成長速度更快，這對毛利率來說是有利的。

So I think we talked about it that way.

所以我想我們是這樣討論的。

That said, I'm super pleased with the broad based profile of our growth.

也就是說，我對我們廣泛的成長狀況感到非常滿意。

APAC had a robust result at plus 13%.

亞太地區的業績強勁，成長了 13%。

But Europe really was a star and again, driving a good portion of that increased demand that was a little unexpected versus what we were seeing last quarter.

但歐洲確實是一次又一次的明星，推動了需求成長的很大一部分，這與我們上季度看到的情況相比有點出乎意料。

And the execution in Europe has been particularly strong.

歐洲的執行力尤其強勁。

If you've been to media market recently, Joern, you're seeing a fantastic user centric shelf there that we've built, which looks fantastic, where you can really see MX versus Ergo versus our mobile line versus our baseline, really good way for people to shop.

Joern，如果您最近去過媒體市場，您會看到我們建造的一個以用戶為中心的出色貨架，看起來棒極了，您可以真正看到MX 與Ergo、我們的移動產品線與我們的基線，非常好人們購物的方式。

And we're seeing double digit increases where we place that in stores.

我們在商店中看到了兩位數的成長。

And then Europe is also done a great job with Logi PLAY and Logi PLAY race days where we engage consumers in store and online with our simulation wheels, so to actually play with our product.

然後，歐洲在 Logi PLAY 和 Logi PLAY 比賽日方面也做得很好，我們在商店和線上使用我們的模擬輪吸引消費者，以便實際玩我們的產品。

And again, that's a great driver of sales.

再說一遍，這是銷售的巨大推動力。

So kudos to our European team.

感謝我們的歐洲團隊。

The market in Europe is okay, but certainly not growing 20%.

歐洲市場還可以，但肯定不會成長20%。

And that's really testament to the execution of our teams there.

這確實證明了我們團隊的執行力。

And Joern I just want to

而喬恩，我只想

(multiple speakers)

（多個發言者）

Yeah, sorry.

是的，抱歉。

Joern, I just wanted to have -- I'll give you one clarification is that I was giving you a sequential number on the promos.

喬恩，我只是想——我要給你一個澄清，那就是我給了你促銷片的序號。

And actually year over year, we did have one point of favorability on promo and but as I said before, it was mainly volume.

事實上，年復一年，我們確實對促銷有一點好感，但正如我之前所說，主要是數量。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

All right.

好的。

Nate, we seem to have no further questions at this time.

內特，我們目前似乎沒有其他問題了。

Okay.

好的。

Thank you, everybody, and thank you for your questions this morning.

謝謝大家，也謝謝大家今天早上提出的問題。

Hanneke?

漢內克？

Yeah, thank you, Nate.

是的，謝謝你，內特。

Thank you all.

謝謝你們。

Of course, if you have other questions, Samik, Lucas, there will be follow-ups.

當然，如果還有其他問題，Samik、Lucas，會有後續的。

Thanks for joining us here.

感謝您加入我們這裡。

Thanks for your interest in Logitech.

感謝您對羅技的關注。

And again, I'd be remiss to not say thank you to the Logitech teams around the world for everything they did in the quarter, and we'll continue to do throughout the year.

再次強調，如果我不向世界各地的羅技團隊在本季所做的一切表示感謝，那就太失職了，我們將在全年繼續這樣做。

Looking forward to seeing you next quarter.

期待下個季度見到您。

Thanks, everyone.

感謝大家。