羅技 (LOGI) 2025 Q2 法說會逐字稿

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

歡迎參加羅技的視訊通話，討論我們 2025 財年第二季的財務表現。

Joining us today are Hanneke Faber, our CEO, and Matteo Anversa, our CFO.

今天加入我們的是我們的執行長 Hanneke Faber 和我們的財務長 Matteo Anversa。

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，我們將根據 1995 年《私人證券訴訟改革法案》的安全港條款，做出前瞻性聲明，包括有關未來經營績效的聲明。

We're making these statements based on our views only as of today, and 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 衡量標準以及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 Hanneke.

我現在將把電話轉給漢內克。

Hanneke.

漢內克。

Thanks, Nate, and welcome everyone to our second quarter earnings call.

謝謝內特，歡迎大家參加我們的第二季財報電話會議。

First, it is my pleasure to introduce you to our new Chief Financial Officer, Matteo Anversa.

首先，我很高興向您介紹我們新財務長 Matteo Anversa。

As a seasoned public company CFO, Matteo brings skills and experience really well suited to Logitech.

作為一名經驗豐富的上市公司財務官，Matteo 為羅技帶來了非常適合的技能和經驗。

His background in engineering and industrial technology, his diverse B2B experiences, and his global perspective as an Italian-American who has lived and worked around the world, make him a terrific addition to our leadership team.

他在工程和工業技術方面的背景、豐富的 B2B 經驗以及作為在世界各地生活和工作過的意大利裔美國人的全球視野，使他成為我們領導團隊的出色補充。

Matteo, welcome to your first Logitech earnings call.

Matteo，歡迎參加您的第一次羅技財報電話會議。

Now to the quarter.

現在到季度。

This quarter, we said -- we did what we said we would do.

這個季度，我們說過──我們做了我們說過要做的事。

We closed out the first half of our 2025 fiscal with strong results, which give us confidence looking forward.

我們以強勁的業績結束了 2025 財年上半年，讓我們對未來充滿信心。

Let me touch on three highlights.

讓我談談三個亮點。

First, we delivered high quality growth.

一是實現高品質發展。

This growth was driven by demand, and it was very profitable, above our long-term operating model for both gross and operating margins.

這種成長是由需求推動的，而且利潤非常豐厚，高於我們的毛利率和營業利潤率的長期營運模式。

The growth was broad-based across product categories and regions, including another standout quarter from EMEA.

這一增長在各個產品類別和地區都有廣泛的基礎，其中歐洲、中東和非洲地區另一個表現出色的季度。

And we grew the business responsibly and with operational discipline.

我們以負責任的方式和嚴格的營運紀律來發展業務。

Channel inventories remained well within the healthy range in which we've operated for the last several quarters.

渠道庫存仍處於我們過去幾季營運的健康範圍內。

Second, we achieved these results as we executed effectively against our strategic priorities.

其次，我們取得這些成果是因為我們有效地執行了我們的策略重點。

We are doubling down on B2B.

我們正在 B2B 領域加倍努力。

In Q2, enterprise demand modestly outpaced consumer demand.

第二季度，企業需求小幅超過消費者需求。

Video collaborations showed sustained and profitable growth.

視訊合作呈現持續且獲利的成長。

And we saw strong growth of our personal workspace product in the enterprise channel.

我們看到個人工作空間產品在企業通路中的強勁成長。

We continued to build the Logitech brand, and we were delighted that our brand building efforts were recognized by Time Magazine, who named Logitech one of the world's best brands of 2024 just last week.

我們繼續打造羅技品牌，我們很高興我們的品牌建立努力得到了《時代》雜誌的認可，上週《時代》雜誌將羅技評為 2024 年全球最佳品牌之一。

And most importantly, Q2 was an excellent quarter for innovation.

最重要的是，第二季是創新的絕佳季度。

Innovation is at the very heart of what Logitech does, and we launched a terrific series of new products ahead of the holidays.

創新是羅技工作的核心，我們在假期前推出了一系列出色的新產品。

In gaming, we introduced 18 new products, including the PRO X SUPERLIGHT 2 Mouse, the PRO X TKL RAPID Gaming Keyboard, the G915 gaming keyboard, an all-new racing simulation series, and exciting collaborations with Genshin Impact and with MOMO.

在遊戲方面，我們推出了 18 款新產品，包括 PRO X SUPERLIGHT 2 滑鼠、PRO X TKL RAPID 遊戲鍵盤、G915 遊戲鍵盤、全新賽車模擬系列，以及與 Genshin Impact 和 MOMO 的令人興奮的合作。

In video conferencing, we launched a software enabled solution called Smart Switching, which utilizes AI to choose the best view between the side camera on the table and the Rally Bar camera in front of the room.

在視訊會議中，我們推出了一款名為「智慧切換」的軟體解決方案，它利用人工智慧在桌子上的側面攝影機和房間前面的 Rally Bar 攝影機之間選擇最佳視角。

And in personal workspace, we continue to drive the successful combo touch for the new iPad, a very strategic category.

在個人工作空間中，我們繼續推動新 iPad 的成功組合觸控，這是一個非常具有戰略意義的類別。

And to help users work more efficiently, we launched two products in two entirely new categories.

為了幫助用戶更有效率地工作，我們推出了兩個全新類別的兩款產品。

The MX Inc, is the first mixed reality stylus for the Meta Quest Headset, and the MX Creative Console integrates with popular Adobe applications to streamline creative workflows.

MX Inc 是第一款適用於 Meta Quest 耳機的混合實境手寫筆，MX Creative Console 與流行的 Adob​​e 應用程式集成，以簡化創意工作流程。

To drive awareness and generate momentum for all of these products heading into the holiday season, we held global Logi PLAY and Logi WORK events for the first time ever last month.

為了提高所有這些產品在假期季節的知名度並產生動力，我們上個月首次舉辦了全球 Logi PLAY 和 Logi WORK 活動。

These events were hosted live from Paris, Shanghai, and over 20 other global locations.

這些活動在巴黎、上海和全球其他 20 多個地點進行了現場直播。

Logi PLAY also streamed for over four hours on Twitch.

Logi PLAY 也在 Twitch 上直播了四個多小時。

These events served as a celebration of gaming and of new ways of working.

這些活動是對遊戲和新工作方式的慶祝。

They were a fantastic launchpad for new products and partnerships.

它們是新產品和合作夥伴關係的絕佳啟動平台。

They facilitated great interaction with customers, partners, and influencers, and they were followed by a period of impactful in store activation.

它們促進了與客戶、合作夥伴和影響者的良好互動，隨後是一段有影響力的店內活化期。

The excitement was palpable around the world and it's part of why I am so excited for the future of Logitech.

世界各地都充滿了興奮之情，這也是我對羅技的未來如此興奮的部分原因。

In a few minutes we'll share a short video for you to experience Logi PLAY for yourself.

幾分鐘後，我們將分享一個簡短的視頻，讓您親自體驗 Logi PLAY。

And finally, while results and strategy are really important, great people and culture are critical for the execution of any strategy.

最後，雖然結果和策略確實很重要，但優秀的人才和文化對於任何策略的執行都至關重要。

That is why in addition to these high quality results, I am especially proud of the culture here at Logitech.

這就是為什麼除了這些高品質的成果之外，我對羅技的文化感到特別自豪。

It's something we actively nurture and it's gratifying to see that we were recognized by Forbes last week, as one of the world's best employers.

這是我們積極培育的東西，很高興看到我們上週被《富比士》評為全球最佳雇主之一。

In a global survey of 300,000 employees of 850 Global Companies, we ranked 20th, a remarkable result for a company our size.

在一項針對 850 家全球公司 30 萬名員工的全球調查中，我們排名第 20 位，對於我們這樣規模的公司來說，這是一個了不起的成績。

So let me thank all of our employees around the world for everything they do and the culture they champion.

因此，讓我感謝我們在世界各地的所有員工所做的一切以及他們所倡導的文化。

In summary, this quarter's high quality results, our progress versus our strategy, and our talented people give us confidence for the holiday quarter and for the remainder of our fiscal year.

總而言之，本季的高品質業績、我們的策略進展以及我們的才華橫溢的員工讓我們對假日季度和本財年剩餘時間充滿信心。

With that, let me turn the call over to Matteo.

現在，讓我把電話轉給馬泰奧。

Okay.

好的。

Thank you, Hanneke, and thank you all for joining the call today.

謝謝漢內克，也謝謝大家今天加入電話會議。

I am incredibly energized and motivated by the opportunities ahead and excited to be part of the next chapter of Logitech.

我對未來的機會感到無比的活力和動力，並很高興能夠成為羅技下一章的一部分。

The team delivered another robust quarter with continued focus on driving sustained profitable growth.

該團隊繼續專注於推動持續的獲利成長，實現了另一個強勁的季度業績。

The detailed financial results, can be found in the press release and shareholder letter, but let me briefly share with you what I really liked about the quarter.

詳細的財務表現可以在新聞稿和股東信中找到，但讓我簡要地與大家分享我真正喜歡這個季度的地方。

So first, net sales were up 6% year-over-year, and importantly, demand accounted for roughly four points of that growth.

首先，淨銷售額年增 6%，重要的是，需求約佔成長的 4 個百分點。

The dynamic between sell-in and sell-through played out as we anticipated.

賣出和售出之間的動態變化正如我們預期的那樣。

Channel inventory levels ended the quarter well within our targeted range, positioning us very well for the holiday season.

本季結束時，通路庫存水準完全在我們的目標範圍內，這使我們在假期期間處於有利地位。

Second, as Hanneke mentioned, our growth was broad-based.

其次，正如漢內克所提到的，我們的成長是基礎廣泛的。

We grew net sales year-over-year across all regions in nearly all the diverse product lines and grew demand in both the consumer and the business channels.

我們在所有地區幾乎所有多樣化產品線的淨銷售額均逐年成長，消費者和商業通路的需求都在成長。

Additionally, our growth was highly profitable.

此外，我們的成長帶來了高額利潤。

The gross margin rate was 44.1%, up 210 basis points yearover-year.

毛利率為44.1%，較去年同期上升210個基點。

Continued strong execution by our operating team drove continued product cost reduction and higher demand allowed us to sell previously reserved inventory.

我們的營運團隊持續強勁的執行力推動了產品成本的持續降低，更高的需求使我們能夠出售先前保留的庫存。

This is the fifth consecutive quarter of year-over-year gross margin rate expansion, a testament to the durability of our cost reduction initiatives and commitment to overall operational excellence.

這是毛利率連續第五個季度同比增長，證明了我們降低成本措施的持久性和對整體卓越營運的承諾。

Looking ahead, we expect the gross margin rate for this fiscal year to be in the range of 42% to 43%.

展望未來，我們預期本財年的毛利率將在42%至43%之間。

Please keep in mind that our third quarter is typically more consumer focused with slightly higher promotional intensity and higher freight costs are expected to pressure, gross margin rate in the next couple of quarters.

請記住，我們的第三季通常更以消費者為中心，促銷力道稍高，預計較高的貨運成本將在未來幾季對毛利率造成壓力。

Second quarter operating expenses were on the higher end of our annualized range of 24% to 26%, as we continue to invest in our organic growth through initiatives such as Logi PLAY and Logi WORK.

由於我們繼續透過 Logi PLAY 和 Logi WORK 等措施投資於有機成長，第二季營運費用處於年化範圍的較高端，即 24% 至 26%。

And finally, our cash generation remains robust, contributing to a healthy cash position of nearly $1.4 billion.

最後，我們的現金產生能力依然強勁，創造了近 14 億美元的健康現金狀況。

In addition, we returned $340 million back to shareholders.

此外，我們也向股東返還了 3.4 億美元。

We repurchased [$132 million] of shares in the quarter as part of our ongoing $1 billion buyback program.

作為我們正在進行的 10 億美元回購計劃的一部分，我們在本季回購了 [1.32 億美元] 股票。

Additionally, our shareholders approved a $0.10 increase in Swiss francs to our dividend, which resulted in a $208 million dividend payment in September.

此外，我們的股東批准將股息增加 0.10 美元瑞士法郎，使 9 月的股息支付達到 2.08 億美元。

In summary, our second quarter results continue to demonstrate our team's ability to drive sustained profitable growth in spite of an inconsistent and often volatile global economic environment.

總而言之，我們第二季的業績繼續證明，儘管全球經濟環境不一致且經常波動，但我們的團隊有能力推動持續的獲利成長。

And based on our strong results in the first half, we are raising our fiscal year 2025 outlook both in revenue and in profit.

基於我們上半年的強勁業績，我們上調了 2025 財年的營收和利潤預期。

And with that, let's take you to Logi PLAY as we prepare for the Q&A.

接下來，我們將帶您進入 Logi PLAY，準備問答。

So Nate, if you can please roll the video.

內特，如果可以的話，請滾動視頻。

(Video playing)

（影片播放）

(Operator Instructions)

（操作員說明）

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Hi, Asiya here, can you hear me now?

嗨，阿西亞在這裡，你現在能聽到我說話嗎？

Yes.

是的。

Great, thank you.

太好了，謝謝。

Good morning, Asiya.

早安，阿西婭。

Good morning.

早安.

Thank you.

謝謝。

I just wanted to ask a little bit about gross margins.

我只是想問一些關於毛利率的問題。

How sustainable are these going forward?

這些未來的可持續性如何？

And if you can just walk us through what were the key drivers that affected gross margins here sequentially.

如果您能讓我們依序了解影響毛利率的關鍵驅動因素是什麼。

I understand that the product costs and inventory reserves are doing better and there was some higher promotional spending, but if you could walk us through sequentially what drove the higher margins, that would be great.

就我所知，產品成本和庫存儲備做得更好，促銷支出也有所增加，但如果您能按順序向我們介紹是什麼推動了更高的利潤，那就太好了。

And I think the commentary around 42% to 43% for the year, how should we think about that sustainably, if there was any makeshift that you would like to call out as well.

我認為今年的評論大約是 42% 到 43%，如果您也想提出任何權宜之計，我們應該如何可持續地思考這一點。

Thank you.

謝謝。

Sure, Aysia.

當然，艾西亞。

Let me take this one.

讓我拿走這個。

So first of all, we are extremely pleased where the gross margin came in the quarter.

首先，我們對本季的毛利率感到非常滿意。

I have to say the team has done a fantastic job, the operating team, in continuously driving the product cost reduction through activities like value engineering and really continue to deliver consistent strong gross margin.

我必須說，營運團隊做得非常出色，透過價值工程等活動不斷推動產品成本降低，並真正繼續提供持續強勁的毛利率。

On a year-over-year basis, as I mentioned in the prepared remarks, we expanded about 200 -- 210 basis points.

正如我在準備好的發言中提到的，與去年同期相比，我們擴大了約 200 - 210 個基點。

A couple of things, product cost reductions, so value engineering activities accounted for about 200 basis points of the expansion.

有幾件事，產品成本降低，因此價值工程活動佔擴張的約 200 個基點。

I mentioned in my prepared remarks, the team also has done a fantastic job in selling some previously reserved inventory, which accounted for about 100 basis points of the margin left year-over-year.

我在準備好的發言中提到，該團隊在銷售一些先前保留的庫存方面也做得非常出色，這些庫存佔到了同比剩餘利潤約 100 個基點。

And these effects were partially offset by slightly negative mix, a little bit more promotional activity in the quarter.

這些影響被輕微的負面影響以及本季​​促銷活動的增加所部分抵消。

And then we continue to see a little bit of higher freight cost.

然後我們繼續看到貨運成本略有上升。

So I think compared to what we were expecting, the gross margin to come in, in the prior earnings call, we came in a little better.

因此，我認為與我們在先前的財報電話會議中預期的毛利率相比，我們的表現要好一些。

And fundamentally, the key reasons is the ability to sell this previously -- zero inventory, which we were not expecting to happen to that extent, as well as a little better product cost reduction by the team.

從根本上說，關鍵原因是之前銷售的能力——零庫存，這是我們沒有預料到的，以及團隊更好地降低了產品成本。

And that's also what drives the sequential increase in the margin.

這也是推動利潤率持續成長的原因。

To the second part of your question, which is what we are expecting moving forward.

關於你問題的第二部分，這是我們期待的進展。

So we're expecting the gross margin rate for the second half to be about between 41% and 42%.

因此我們預計下半年的毛利率約為41%至42%。

And so we are expecting a slight sequential decrease in the gross margin rate.

因此，我們預計毛利率將略有下降。

That's driven by fundamentally a couple of things.

這從根本上是由幾件事驅動的。

One, we are not expecting to be able to continue to sell this previously reserved inventory to the same extent that we have done in the first half of the year.

第一，我們預計無法像上半年那樣繼續銷售先前保留的庫存。

And that's about almost a 100 basis points of the sequential decrease in the gross margin rate.

這相當於毛利率季減了近 100 個基點。

And then we are seeing a continued pressure on coming from a freight cost that keep creeping up a little bit on -- some of the lanes that we operate.

然後我們看到，我們營運的一些航線上的貨運成本持續上漲，帶來了持續的壓力。

And then obviously, the fact that we are entering a holiday season and therefore, particularly in the third quarter, it's -- the third quarter tends to be much more consumer oriented and therefore, a little bit more promoted.

顯然，我們正在進入假期季節，因此，特別是在第三季度，第三季度往往更加以消費者為導向，因此促銷力度更大。

And therefore, we are expecting a slight increase in promotion.

因此，我們預計促銷活動會略有增加。

So that's a little bit the dynamic that we are seeing for the rest of the year.

這就是我們在今年剩餘時間看到的一些動態。

And is that reasonable to assume, I mean going forward, like I understand the seasonality in the second half relative to the first half.

這個假設是否合理，我的意思是繼續前進，就像我了解下半年相對於上半年的季節性一樣。

But as we look forward into some of these cost reductions seem like they are pretty sustainable, absent of freight costs which is obviously outside and affected by other things.

但正如我們所期望的那樣，其中一些成本降低似乎是相當可持續的，不考慮顯然是外部因素並受到其他因素影響的貨運成本。

Is the gross margin pretty sustainable at these levels, especially as you ramp up your B2B efforts, should we be expecting better margin profile going forward?

在這些水準上，毛利率是否相當可持續，特別是當你加大 B2B 力度時，我們是否應該期待未來有更好的利潤率？

Thank you.

謝謝。

Look, I think the way I would describe it is, as I said, we are very pleased with where we are, yes, I agree with your statement that the team has done a fantastic job and the actions that we have been taking around value engineering, taking costs out of the bill of material is -- it is sustainable.

聽著，我想我的描述方式是，正如我所說，我們對我們的現狀感到非常滿意，是的，我同意你的說法，即團隊做得非常出色，並且我們圍繞價值採取了行動工程，從物料清單中剔除成本是可持續的。

I think it is a little bit mature to talk very long term.

我認為談論很長期已經有點成熟了。

But I think for the year, we are expecting gross margin rate to be between 42% and 43%, which is actually -- if you look at where we closed last year, is almost 100 basis points improvement year-over-year when you take the total year.

但我認為，今年我們預計毛利率將在 42% 到 43% 之間，如果你看看我們去年的收盤結果，這實際上比去年同期提高了近 100 個基點，當你取總年份。

And the cost reduction activity that the team has implemented are the key reasons why the gross margin expands.

而團隊實施的成本削減活動是毛利率擴大的關鍵原因。

Great.

偉大的。

Thank you very much for the color.

非常感謝你的顏色。

Thank you.

謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

And hope you can hear me.

希望你能聽到我的聲音。

Thanks for taking the questions.

感謝您提出問題。

I guess these are a strong set of results.

我想這些都是一組強而有​​力的結果。

And -- but this is also the second consecutive quarter we've seen sales outperform the demand that you have with some level of inventory build.

而且，這也是我們連續第二季看到銷售額超過了一定程度的庫存建設的需求。

I mean, as you go into the holiday period, should we be expecting some level of reversal in terms of the inventory bill?

我的意思是，當進入假期期間時，我們是否應該預期庫存帳單會出現某種程度的逆轉？

I guess the primary question is, did the retailers, did your customers start to prepare a bit earlier than normal in terms of their preparation for the holiday period?

我想主要的問題是，零售商、您的客戶是否比平常更早為假期做好準備？

And then is the inventory build that you have?

那你的庫存是建立的嗎？

I know you mentioned it's healthy, do we expect to see some sort of normalization in the back half, if at all, how does it impact seasonality into Q3?

我知道你提到它是健康的，我們是否期望在後半段看到某種正常化，如果有的話，它對第三季的季節性有何影響？

And I have a follow-up.

我有一個後續行動。

Thank you.

謝謝。

Yes.

是的。

I'll let me take comment as well in details, but just to remind everyone, we've been saying all along, the sell-in in the first half would be higher than the sell-out and that will normalize to your point.

我也會詳細發表評論，但只是提醒大家，我們一直在說，上半年的賣出量將高於賣出量，這將正常化到您的觀點。

You're absolutely right that will normalize in the second half.

你說得完全正確，下半場將會恢復正常。

We were running a little light on inventory towards the back end of last fiscal year, that was leading to some stock outs.

上一財年末，我們的庫存有所減少，這導致了一些缺貨。

So we have been selling in a bit more than sell out here in the first half, and that's positioned us really well for the holidays, and we completely expect that, that dynamic will reverse in the second half.

因此，上半年我們的銷售量比售出量多一點，這使我們在假期中處於有利地位，我們完全預計，這種動態將在下半年逆轉。

Samik, what I would add, we are very pleased on how really the quarter came in.

Samik，我要補充的是，我們對本季的實際情況感到非常高興。

You can see the dynamic between selling and sell-through, we are actually very balanced and in-line with what we were expecting.

你可以看到銷售和售出之間的動態，我們實際上非常平衡並且符合我們的期望。

So selling was maybe -- the demand drove 4 points of the 6 points year-over-year increase in net sales.

因此，銷售可能是——需求推動了淨銷售額年增 6 個百分點中的 4 個百分點。

And so the two things tend to narrow themselves pretty nicely in the second quarter.

因此，這兩件事在第二季度往往會很好地縮小範圍。

And then the dynamic is expected to your point, to reverse in the second half, where we’re seeing sell-through higher than sell-in.

然後，預計這種動態將在下半年逆轉，我們看到售出率高於售出率。

And that's to Hanneke’s point, the dynamic that we have been expecting now for quite some time.

這正是漢內克的觀點，我們現在已經期待這種動態相當長一段時間了。

So in terms of split in revenue, maybe the prior years have been tended to be a little bit more 48%, 52% between the first and the second half.

因此，就收入分配而言，前幾年可能偏向48%，上半年和下半年之間為52%。

And as we indicated in prior calls, this year is probably going to be more around the 50%-50%, due to the dynamic that Hanneke has just described.

正如我們在先前的電話會議中指出的那樣，由於 Hanneke 剛剛描述的動態，今年的成長率可能會在 50%-50% 左右。

Got it.

知道了。

Got it.

知道了。

And for my follow-up, I guess it is more for Hanneke.

對於我的後續行動，我想這比較是針對漢內克的。

You -- in the shareholder letter, you outlined the areas where you're gaining share.

您在致股東的信中概述了您正在獲得份額的領域。

Now if I focus on just two aspects there.

現在，如果我只專注在兩個方面。

One, like how you're thinking about getting back to gaining share in video collaboration?

第一，您如何考慮重新獲得視訊協作份額？

And also similarly, how -- what are you seeing in terms of market share in China and what actions you might be taking to plan for more share gains there as well.

同樣，您對中國市場份額的看法如何，以及您可能採取哪些行動來計劃在中國獲得更多份額。

Thank you.

謝謝。

Yes.

是的。

Great.

偉大的。

Thank you.

謝謝。

We see the markets actually fairly robust.

我們看到市場實際上相當強勁。

So we are happy to see that up low-single digits.

因此，我們很高興看到這一數字呈現低個位數成長。

Our share is flattish to slightly down.

我們的份額持平甚至略有下降。

That is obviously not something we want to continue, but there is a whole bunch of things that are actually really good in video conferencing.

這顯然不是我們想要繼續的事情，但視訊會議中有很多東西實際上非常好。

We remain number one in units in video conferencing.

我們在視訊會議領域保持單位第一。

Our service bookings were up almost 2 x in the quarter, which is so important for that segment.

本季我們的服務預訂量成長了近 2 倍，這對該細分市場非常重要。

And as I've said before, we were kind of new to services, but that is really on a role.

正如我之前所說，我們對服務有點陌生，但這確實是一個角色。

The launch of Smart Switching in the quarter takes our product superiority a step forward, and we are excited about that.

本季推出的智慧開關使我們的產品優勢向前邁進了一步，我們對此感到興奮。

And then of course, there is still such big opportunities to go-to-market in video conferencing.

當然，視訊會議市場仍然存在巨大的市場機會。

Less than 30% of global meeting rooms are video-enabled.

全球只有不到 30% 的會議室支援視訊。

And we've only started to play in some of these new verticals beyond enterprise, and we are seeing really good results in education, up more than 20% in the quarter closer to 30%.

我們才剛開始涉足企業以外的一些新垂直領域，我們在教育領域看到了非常好的成果，本季成長超過 20%，接近 30%。

So all of those things give us a lot of confidence going forward in VC, and it is an exciting segment for us, highly profitable as well.

因此，所有這些都讓我們對創投的未來充滿信心，這對我們來說是一個令人興奮的領域，而且利潤也很高。

China, also a few green shoots would be my headline on China.

中國，還有一些新芽將成為我關於中國的頭條新聞。

The gaming market there remains extremely robust.

那裡的遊戲市場仍然非常強勁。

That's different from many other Chinese markets, but the gaming market is extremely robust.

這與許多其他中國市場不同，但遊戲市場非常強勁。

Our demand grew mid-single digits in the quarter, and we continue to perform very well at the premium end of our ranges in gaming mice.

本季我們的需求成長了中個位數，並且我們在遊戲滑鼠的高階產品系列中繼續表現出色。

And our brand remains very strong in China.

我們的品牌在中國仍然非常強大。

But the competitive environment there is intense and we can do better than those results.

但那裡的競爭環境很激烈，我們可以做得比這些結果更好。

So we've started to make some targeted R&D and marketing investments in China to strengthen the local team and our local capabilities.

因此，我們開始在中國進行一些有針對性的研發和行銷投資，以加強當地團隊和我們的當地能力。

It is going to take some time because our share problems in China are not from yesterday, but we’re starting to see some encouraging results.

這將需要一些時間，因為我們在中國的股票問題並非昨天才出現的，但我們開始看到一些令人鼓舞的結果。

The first dedicated China initiatives hit the market this past quarter.

第一個專門針對中國的措施於上個季度推出市場。

The Alto key keyboard very well received, as well as the M96-mouse, both of those very well received and doing well.

Alto 鍵鍵盤很受歡迎，M96 滑鼠也很受歡迎，而且表現也很好。

And we are starting to see share gains in the key channel of social e-commerce.

我們開始看到社交電子商務這一關鍵管道的份額增長。

So that's Pinduoduo and Douyin or TikTok, and we're starting to see share gains there.

這就是拼多多、抖音或 TikTok，我們開始看到它們的份額成長。

So early green shots, it is going to take a while to turn that China share around but such an important gaming market, where so much happens, and we are very committed to that market.

因此，早期的綠燈計畫需要一段時間才能扭轉中國市場的份額，但中國是如此重要的遊戲市場，發生了很多事情，我們非常致力於這個市場。

Happy to see the green shoots.

看到綠芽很開心。

All right.

好的。

Thank you.

謝謝。

Thanks for taking my questions.

感謝您回答我的問題。

George Wang, Barclays.

喬治王，巴克萊銀行。

(Operator Instructions)

（操作員說明）

Hi.

你好。

Can hear me?

聽得到我說話嗎？

Yes.

是的。

Just a quick question on Europe.

只是一個關於歐洲的簡單問題。

Obviously, EMEA, Europe stood out in the quarter, especially kind of growth from tablet and the console gaming.

顯然，歐洲、中東和非洲地區、歐洲在本季表現突出，尤其是平板電腦和遊戲機遊戲的成長。

Just curious kind of any -- you can double click on Europe, especially this particular two category growth, I kind of pointed out.

只是好奇——你可以雙擊歐洲，尤其是這個特定的兩個類別的成長，我有點指出。

And any other areas do you think could sustain growth for the next couple of quarters?

您認為未來幾季還有其他領域可以維持成長嗎？

Yes.

是的。

Thanks, George.

謝謝，喬治。

Great questions.

很好的問題。

Europe, just outstanding execution across the Board.

歐洲，全面執行出色。

The market there is flattish, but we way outperformed the market there.

那裡的市場表現平平，但我們的表現遠遠好於那裡的市場。

And great execution.

以及出色的執行力。

They inspire the whole Logi PLAY and Logi WORK events.

他們激發了整個 Logi PLAY 和 Logi WORK 活動。

They've actually done them regionally last year.

事實上，他們去年就已經在地區範圍內進行了這些活動。

This year we took them global.

今年我們將它們帶到了全球。

And again, Europe outperformed both the events themselves, but more importantly the customer activation that happens afterwards.

歐洲的表現再次優於這兩項活動本身，但更重要的是隨後發生的客戶活化。

I was there a couple of weeks ago.

幾週前我去過那裡。

I mean, if you went into MediaMarkt or Fnac, the execution that our European team is delivering is just simply outstanding and the same goes for our online customers.

我的意思是，如果您進入 MediaMarkt 或 Fnac，您會發現我們歐洲團隊提供的執行力非常出色，我們的線上客戶也是如此。

In terms of the growth, by the way in Europe was really broad-based across categories.

順便說一句，就成長而言，歐洲的成長確實是跨類別的廣泛基礎。

But in terms of the two you mentioned, it's probably worth pausing on for a moment.

但就你提到的兩個而言，可能值得暫停一下。

So tablets, actually both on tablets and on gaming headsets, the team has completely changed the gross margin profile of those two segments.

因此，平板電腦，實際上是平板電腦和遊戲耳機，該團隊完全改變了這兩個細分市場的毛利率狀況。

We don't disclose the exact numbers, but think about 10 percentage points better than last year, thanks to the innovation in tablets and 5 percentage points better on gaming headsets, which make those two much more attractive for us to grow.

我們沒有透露確切的數字，但由於平板電腦的創新，比去年好 10 個百分點，而遊戲耳機比去年好 5 個百分點，這使得這兩者對我們的成長更具吸引力。

And they are strategic, tablets because they take us beyond the PC. A lot of our business is a PC peripheral.

平板電腦具有戰略意義，因為它們讓我們超越了個人電腦。我們的許多業務都是 PC 週邊。

It is important for us to play beyond the PC as well.

對我們來說，超越 PC 進行遊戲也很重要。

And tablets are well suited to some of those new B2B verticals that are extremely strategic for us, education first and foremost.

平板電腦非常適合一些新的 B2B 垂直行業，這些行業對我們來說極具戰略意義，首先是教育。

Headsets are also -- gaming headsets are also very strategic.

耳機也是－遊戲耳機也非常具有戰略意義。

Within gaming, gaming headsets are a larger segment than both gaming mice and gaming keyboards.

在遊戲領域，遊戲耳機的市佔率比遊戲滑鼠和遊戲鍵盤都大。

And we've had a lower share in gaming headsets, even though our technology is absolutely superior.

儘管我們的技術絕對優越，但我們在遊戲耳機方面的份額較低。

And I'm so excited that with the A50X and now the [A50], we are playing very strongly in the console gaming headset space.

我非常興奮，憑藉 A50X 和現在的 [A50]，我們在遊戲機遊戲耳機領域表現得非常強勁。

That just expands the market for us, grows our share.

這只是為我們擴大了市場，增加了我們的份額。

And again with those completely changed gross margins, these are two attractive and strategic segments for us.

隨著毛利率的徹底改變，這對我們來說是兩個有吸引力的策略性細分市場。

Great.

偉大的。

Thank you.

謝謝。

George Brown, Deutsche Bank.

喬治‧布朗，德意志銀行。

(Operator Instructions)

（操作員說明）

Hi, guys can you hear me.

嗨，夥計們，你們聽得到我說話嗎？

Yes.

是的。

Thank you for taking my questions.

感謝您回答我的問題。

I have two, if I may.

如果可以的話，我有兩個。

Just firstly, on China and the upcoming election in the US, how do you think about the potential of tariffs on your business

首先，關於中國和即將到來的美國大選，您如何看待關稅對您企業的潛在影響

--

--

George, are you there?

喬治，你在嗎？

Yes, can you hear me?

是的，你聽得到我說話嗎？

Perhaps we'll move on to the next question, and we'll be back to you, George.

也許我們會繼續討論下一個問題，然後我們會回覆你，喬治。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

(Operator Instructions)

（操作員說明）

Good morning guys.

早安，夥計們。

Can you hear me okay?

你聽得到我說話嗎？

Hi, Erik.

嗨，艾瑞克。

Hi, good morning.

嗨，早安。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

Maybe if we just start, Hanneke, nice to see two consecutive quarters of outperformance and year-over-year growth.

也許如果我們剛開始，漢內克，很高興看到連續兩個季度的優異表現和同比增長。

I believe the full year forecast is embedding about 2% year-over-year revenue declines and something like 12% operating income declines in the second half of the year.

我認為全年預測包括營收年減約 2%，下半年營業收入下降約 12%。

Can you maybe help us just juxtapose that kind of worsening of trends alongside some of the comments that you're making on demand kind of being a bit better than you expected.

您能否幫助我們將這種趨勢的惡化與您按需發表的一些評論並列起來，這些評論比您預期的要好一些。

Just help us to understand why we should expect things maybe get worse in the second half?

只是幫助我們理解為什麼我們應該預期下半年情況可能會變得更糟？

Is that all kind of the sell-in versus sell-through dynamics?

這就是賣出與賣出的動態嗎？

Just maybe if you could double click on that, that would be super helpful.

也許如果您可以雙擊它，那將會非常有幫助。

And then I have a follow-up.

然後我有一個後續行動。

Thanks.

謝謝。

Yes, absolutely.

是的，絕對是。

And I'll let Matteo do the operating income side of that.

我將讓 Matteo 負責營運收入的工作。

But on the net sales, so indeed, if you do the math, the net sales in the second half would be about flat.

但就淨銷售額而言，確實，如果你算一下，下半年的淨銷售額將基本持平。

That is that sell-in and sell-out dynamic.

這就是賣出和賣出的動態。

So we are actually pretty comfortable on demand coming in about as strong as it has come in, in the first half.

因此，我們實際上對上半年的強勁需求感到非常滿意。

And I say that with quite a bit of confidence.

我這麼說是相當有信心的。

But because of the inventory dynamics, net sales will be a little lower than that.

但由於庫存動態，淨銷售額將略低於此。

Matteo, you want to comment on the operating?

Matteo，您想對營運發表評論嗎？

Sure.

當然。

So Erik, on the operating income side, there are a couple of dynamics when we compare the second half of 2025 versus second half of 2024.

因此，Erik，在營業收入方面，當我們比較 2025 年下半年與 2024 年下半年時，會出現一些動態。

First of all, let me start with the positive to the question that was asked earlier, product cost and the work that the team has been doing will continue to even -- year-over-year basis when you compare the second half of last year to this year.

首先，讓我從對先前提出的問題的正面角度開始，當你比較去年下半年時，產品成本和團隊一直在做的工作將繼續保持平衡。

We will continue to deliver gross margin expansion.

我們將繼續實現毛利率擴張。

However on the other side, some of the work that we were able to continue in the first half around -- of this year around selling previously reserved inventory, last year actually happened later in the year.

然而，另一方面，我們在上半年能夠繼續進行的一些工作——今年圍繞銷售去年保留的庫存實際上發生在今年晚些時候。

So this creates a comparison challenge, right?

所以這造成了比較挑戰，對吧？

That's about 100 basis points of margin reduction when you compare the second half of the two years.

與兩年下半年相比，利潤率大約下降了 100 個基點。

And then we continue to see freight costs.

然後我們繼續看到運費。

I talked about it, and we are expecting freight cost when you compare the two second halves to be higher year-over-year and then a little bit more promotional activity.

我談到了這一點，當你比較兩個下半年時，我們預計運費將同比更高，然後促銷活動會更多一些。

So really, it is a gross margin dynamic.

事實上，這是一個毛利率動態。

And we spent a little bit more on OpEx year-over-year, as we are investing, like Hanneke says on the good cholesterol, so really to grow the business, so around sales and marketing, around product development.

我們在營運支出上的支出逐年增加了一點，因為我們正在投資，就像漢內克所說的好膽固醇一樣，所以真正是為了發展業務，所以圍繞銷售和營銷，圍繞產品開發。

So you see a little bit of that too.

所以你也看到了一點。

But it's fundamentally is the gross margin that goes from about 43% in the second half of last year, which is a little elevated down to the 41% to 42% that I mentioned earlier.

但根本上是毛利率從去年下半年的43%左右，稍微上升到我之前提到的41%到42%。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thank you, Matteo for that.

謝謝你，馬特奧。

And then obviously looking forward to working together.

然後顯然期待著合作。

If I were to follow up and maybe double-click on that comment that you just made in terms of OpEx, I would love to know if there is maybe a different approach now from a management team that is finally kind of cohesive in whole in that OpEx was up 15% year-over-year in the quarter, I think as a percentage of revenue for the September quarter, it was a 10-year high.

如果我要跟進，也許雙擊您剛剛就營運支出發表的評論，我很想知道管理團隊現在是否可能採取不同的方法，最終在整體上具有凝聚力本季度運營支出同比增長15%，我認為以佔9 月季度營收的百分比來看，這是10 年來的新高。

Are you signaling maybe a change in the spending intensity of this company?

您是否表示這家公司的支出強度可能會改變？

Obviously, you mentioned some investments in China, but I would love to just maybe step back, bigger picture unrelated to just the quarter.

顯然，您提到了在中國的一些投資，但我想退一步，考慮與本季無關的更大前景。

Are we seeing a change in how you guys spend to drive growth, how you spend on sales and marketing?

我們是否看到你們在推動成長、銷售和行銷方面的支出方式發生了變化？

Or was what we saw in the September quarter, maybe one-off and not necessarily indicative of spending intensity, as we go forward?

或者我們在九月季度看到的情況可能是一次性的，並不一定表示我們未來的支出強度？

Thanks so much.

非常感謝。

Yes.

是的。

No, so for the full year, we'll be in the range that we've always talked about 24% to 26% OpEx.

不，所以全年營運支出將處於我們一直在談論的 24% 到 26% 的範圍內。

I am very intentional about shifting OpEx into that good cholesterol, which is R&D and sales and marketing.

我非常有意將營運支出轉化為良好的膽固醇，即研發、銷售和行銷。

And that's how we will grow the top-line of this business, which is so important for our future.

這就是我們增加這項業務收入的方式，這對我們的未來非常重要。

And this quarter is running a little high.

本季的業績有點高。

That's okay.

沒關係。

As you heard, we are making a few strategic investments again in R&D, in marketing both in the West and in China.

正如您所聽到的，我們在西方和中國的研發、行銷方面再次進行了一些策略性投資。

That's important.

這很重要。

We could do it this quarter because gross margins came in a little higher than expected.

我們可以在本季做到這一點，因為毛利率略高於預期。

So that is good, but we'll continue to operate with a lot of discipline on OpEx.

這很好，但我們將繼續在營運支出方面嚴格遵守營運紀律。

I don't have much to add.

我沒有太多要補充的。

So

所以

--

--

Thanks so much guys.

非常感謝你們。

Thanks Erik.

謝謝埃里克。

Thank you, Erik.

謝謝你，埃里克。

George Brown, Deutsche Bank.

喬治‧布朗，德意志銀行。

(Operator Instructions)

（操作員說明）

Hi guys.

嗨，大家好。

Just double tracking, can you hear me here first?

只是雙重跟踪，你能先聽到我說話嗎？

Yes, George.

是的，喬治。

Hi.

你好。

Perfect.

完美的。

Yeah, thanks for taking my questions.

是的，謝謝你回答我的問題。

I just have two, if I may.

如果可以的話，我只有兩個。

Just firstly, on China and the upcoming election in the US.

首先，關於中國和即將到來的美國大選。

How do you think about the potential impact of tariffs on your business given that a lot of your manufacturing is currently in China?

鑑於目前貴公司的大部分製造業務都在中國，您如何看待關稅對貴公司業務的潛在影響？

And then just a quick second question.

然後是第二個問題。

In gaming, you mentioned that your simulation business has grown double digits for three quarters now.

在遊戲方面，您提到您的模擬業務現已連續三個季度實現兩位數成長。

Can you help us understand what's driving this?

您能幫助我們了解造成這種情況的原因嗎？

Thanks guys.

謝謝你們。

Hi, George, let me maybe take the first one.

嗨，喬治，讓我選擇第一個。

So I think the team has been doing a great job and now for quite some time in driving the diversification of our supply chain.

因此，我認為該團隊在推動我們供應鏈的多元化方面已經做得很好，並且已經持續了相當長的一段時間。

So today, about -- if you look at the units that we ship out globally, about 40% gets shipped from outside China.

所以今天，如果你看看我們在全球範圍內發貨的產品，你會發現大約 40% 是從中國境外發貨的。

So they're not manufactured in China.

所以它們不是在中國製造的。

And we are targeting to increase this percentage up to 50% in the near future.

我們的目標是在不久的將來將這一比例提高到 50%。

So this has been a really concerted effort that not only addresses, I think the tariff is concerned, but most importantly it makes our supply chain more resilient anyway.

因此，這是一項真正協調一致的努力，我認為這不僅解決了關稅問題，而且最重要的是，它使我們的供應鏈更具彈性。

So that's the answer to your first question.

這就是你第一個問題的答案。

Yes.

是的。

And we have very deep experience in navigating different circumstances when it comes to supply chain, really just a great team.

在供應鏈方面，我們在應對不同情況方面擁有非常豐富的經驗，這確實是一支出色的團隊。

So we are on a multi-year journey to make our supply chain more resilient, more diversified.

因此，我們正在進行多年的努力，使我們的供應鏈更具彈性、更加多元化。

We will continue to do that, and we think we will be prepared for whatever happens after the US election.

我們將繼續這樣做，我們認為我們將為美國大選後發生的任何情況做好準備。

Maybe on gaming [SIM], it's a super exciting category for us that continues to do very, very well.

也許在遊戲[SIM]方面，這對我們來說是一個超級令人興奮的類別，並且繼續表現得非常非常好。

It is a combination of share gains and us growing that market, I wouldn't underestimate that piece as well.

這是份額收益和我們不斷發展的市場的結合，我也不會低估這一點。

How do we do that?

我們該怎麼做呢？

The superior products, that is where it all starts.

卓越的產品，這就是一切的開始。

Our wheels are outstanding.

我們的車輪非常出色。

And then superior execution, especially in stores, and I would again, call out Europe here for really outstanding executions in places like MediaMarkt and Fnac, where we have our gaming rig set up where we organized on weekend game days where people can come and compete against each other, families come in, that just creates a lot of engagement, and it creates a lot of trial.

然後是卓越的執行力，尤其是在商店中，我想再次呼籲歐洲在 MediaMarkt 和 Fnac 等地方擁有真正出色的執行力，我們在周末比賽日組織了遊戲裝備，人們可以來參加比賽彼此對抗，家庭介入，這只會產生大量的參與，並產生大量的考驗。

This is a category with still relatively low penetration and a lot of upside for years to come.

這一類別的滲透率仍然相對較低，但未來幾年仍有很大的上升空間。

Perfect.

完美的。

Thank you so much guys.

非常感謝你們。

Thank you.

謝謝。

Ananda Baruah, Loop Capital.

阿南達·巴魯阿（Ananda Baruah），Loop Capital。

Hi, guys.

嗨，大家好。

How's that?

怎麼樣？

Hi, Ananda.

嗨，阿南達。

Hi, thanks a lot.

你好，非常感謝。

Appreciate, Two if I could, just -- I guess the question -- the first question is do you guys believe that you are seeing an improving spending environment in some of the key categories and like -- I guess the genesis for the question is just eyeballing some of the results for the key segments relative to the compares and then went sort of paired with the commentary, it seems like the numbers could be suggesting that's the case.

欣賞，如果可以的話，兩個，只是 - 我猜問題 - 第一個問題是你們是否相信你們在一些關鍵類別中看到了支出環境的改善等等 - 我想這個問題的起源是只要關注與比較相關的關鍵部分的一些結果，然後與評論進行配對，似乎這些數字可能表明情況確實如此。

But it is not also perfectly clear.

但這還不是很清楚。

So I wanted to just get your thoughts on that.

所以我想聽聽你對此的想法。

And then I have a quick follow-up.

然後我會進行快速跟進。

Thanks.

謝謝。

Yes, sure.

是的，當然。

Yes, I think we are seeing that the global consumer is pretty resilient.

是的，我認為我們看到全球消費者非常有彈性。

If I look at demand landscape in the last quarter and look ahead a little bit towards the holidays, we saw that the National Retail Federation in the US came out with its outlook for the holidays, and they are saying 2.5% to 3.5% growth in terms of holiday spend.

如果我看看上個季度的需求情況並展望假期，我們會看到美國全國零售聯合會發布了假期展望，他們表示 2019 年假期增長 2.5% 至 3.5%。

I would say that's pretty in-line with what we are expecting for our categories.

我想說這非常符合我們對類別的期望。

PWS probably a little bit less, gaming a little bit more and that's not just for the US, that's globally.

PWS 可能會少一點，遊戲會多一點，這不僅適用於美國，而且適用於全球。

And what was great to see is that the US in Q2 went positive in our categories.

令人高興的是，美國第二季度在我們的類別中表現積極。

There the markets have been negative for a while, but they were positive in Q2.

那裡的市場已經有一段時間處於負面狀態，但在第二季度卻出現了正面的變化。

So pretty resilient consumer in the US and around the world.

美國和世界各地的消費者都非常有彈性。

That's helpful.

這很有幫助。

And I guess the follow-up would actually be for Matteo is just sort of circling back to -- well actually, both of you guys, Hanneke as well.

我想馬特奧的後續行動實際上只是回到了——事實上，你們兩個，還有漢內克。

Going back to the sort of the lean to invest conversation, does -- as we think about -- I'm thinking calendar '25, which is really your fiscal '26, any shift from like the leverage part of the story that you guys have had in place?

回到那種精益投資對話，正如我們所思考的那樣，我正在考慮日曆'25，這實際上是你們的財政'26，任何轉變，就像你們故事中的槓桿部分一樣已經到位了嗎？

Can we think any differently about that?

我們可以對此有不同的看法嗎？

Any context there would be helpful.

任何上下文都會有幫助。

You mean leverage in terms of the balance sheet?

您指的是資產負債表中的槓桿嗎？

Sorry, operating leverage.

抱歉，經營槓桿。

Yes.

是的。

And I'm asking -- because I think part of what's been going -- just sort of the question today is there was negative operating leverage.

我問——因為我認為目前發生的事情的一部分——今天的問題是存在負營運槓桿。

OpEx investment was higher this quarter than rev growth and then there is some commentary about increased OpEx investment, sort of the good cholesterol lean in invested in the key categories.

本季的營運支出投資高於收益成長，然後有一些關於營運支出投資增加的評論，有點像是投資關鍵類別的好膽固醇。

And so Hanneke got it loud and clear that you're still -- you'll be at the high end of the OpEx envelope for fiscal year '25.

因此，Hanneke 大聲明確表示，您仍將處於 25 財年營運支出上限。

But I also think that part of what folks are wondering is like calendar '25, as you begin to go through fiscal '26, does any of the leverage story, the Op income leverage story change on the OpEx line?

但我也認為人們想知道的部分內容就像25年曆，當你開始經歷26財年時，槓桿故事、營運收入槓桿故事在營運支出線上是否會改變？

Thanks.

謝謝。

I think it is a little premature for me to talk about our fiscal year '26.

我認為現在談論我們的 26 財年還為時過早。

So I think we will talk about the expectation for the next fiscal year at the appropriate time.

所以我認為我們會在適當的時候談論對下一財年的期望。

I think we are happy where the OpEx is overall, I think notwithstanding the increase that we had in the quarter overall, the framework that we gave in the past of 24% to 26% is a good framework.

我認為我們對整體營運支出感到滿意，我認為儘管我們在本季度總體上有所增長，但我們過去給出的 24% 至 26% 的框架是一個很好的框架。

We continue to invest in things that sustain and help us grow, like the product development, engineering, so NPI, you saw how many NPIs we launched.

我們繼續投資於維持和幫助我們成長的事情，例如產品開發、工程，所以 NPI，你看到我們推出了多少 NPI。

We mentioned a few of them in the video and then continue to support the sales and marketing and go-to-market and that's how I would say it.

我們在影片中提到了其中的一些，然後繼續支持銷售和行銷以及進入市場，這就是我想說的。

Yes.

是的。

We will continue to operate with a lot of discipline and where we can shift resources to that good cholesterol, first R&D and then sales and marketing.

我們將繼續嚴格遵守營運紀律，並將資源轉移到優質膽固醇上，首先是研發，然後是銷售和行銷。

Thanks a lot.

多謝。

You bet.

你打賭。

Thanks, Ananda.

謝謝，阿難。

Hanneke, Matteo, I think we have one more question in the queue.

Hanneke、Matteo，我想我們還有一個問題要解決。

Go ahead.

前進。

Joern Iffert, UBS.

喬恩‧伊費爾特，瑞銀集團。

Thank you.

謝謝。

Is it now working?

現在可以工作了嗎？

Can you hear me?

你聽得到我嗎？

You're right.

你說得對。

Thanks for taking my questions.

感謝您回答我的問題。

Just two to three one.

就二三一而已。

The first one is, please on your gross going forward, do you expect this to be more balanced between APAC, Europe and North America and sales-through going into the holiday season?

第一個問題是，請問您未來的總收入是否預期亞太地區、歐洲和北美之間以及整個假期期間的銷售額會更加平衡？

And why do you not replicate the fantastic go-to-market strategy after Europe to North America and APAC to accelerate growth?

為什麼不將歐洲之後的出色的市場進入戰略複製到北美和亞太地區以加速成​​長？

this is the first question.

這是第一個問題。

I will take them one by one, if it's okay.

如果可以的話我會一一拿走。

Yes.

是的。

Sure.

當然。

Thanks, Joern.

謝謝，喬恩。

The US market is now looking a little better.

美國市場現在看起來好一點了。

And as I've talked about before, we -- I have challenged our team to do a lot better in China.

正如我之前談到的，我們——我已經向我們的團隊提出了挑戰，要求他們在中國做得更好。

So overall, I certainly would hope that we start to be a little more balanced in the future, and we'll see how that plays out.

因此，總的來說，我當然希望我們未來開始變得更加平衡，我們將看看結果如何。

But confident that, that could well be the case.

但有信心，情況很可能是這樣。

And indeed, one of the levers of that is to reapply some of the fantastic executional work from Europe into other places.

事實上，其中的槓桿之一是將歐洲的一些出色的執行工作重新應用到其他地方。

And then a follow-up here on Europe on the gross, which I think half of the growth, if I'm roughly correctly calculating is coming from tablets and headsets that you have incredible gross of 50% plus.

然後是歐洲的毛額後續行動，如果我的計算大致正確的話，我認為增長的一半來自平板電腦和耳機，它們的毛額令人難以置信地超過 50%。

Is this linked to your distribution channels or new regions?

這與您的分銷管道或新地區有關嗎？

It's linked to innovation.

它與創新有關。

So again, the combo touch when it comes to tablets, as well as the A50X and the A50 when it comes to gaming headsets are new.

再說一次，對於平板電腦而言，組合觸控以及對於遊戲耳機而言，A50X 和 A50 都是新的。

And I said it before, but what's important to remember there is that those innovations helped us completely change the gross margin profile of those two segments.

我之前說過，但重要的是要記住，這些創新幫助我們徹底改變了這兩個細分市場的毛利率狀況。

So that's one big driver.

所以這是一個重要的推動因素。

The other big driver is B2B, where Europe is doing extremely well, helped by tablets and education, but also in video conferencing looking strong.

另一個重要推動力是 B2B，在平板電腦和教育的幫助下，歐洲在 B2B 領域表現非常出色，在視訊會議方面也表現強勁。

Thanks.

謝謝。

And the last question, if I may.

最後一個問題，如果可以的話。

Circling back to your outlook on non-GAAP EBIT for the second half, which is down at the midpoint around 10% year-over-year.

回到您對下半年非 GAAP 息稅前利潤的展望，中位數年減 10% 左右。

And you mentioned some promotions are likely returning or you want to invest via promotions, is this something you are seeing already today as a hard fact?

您提到一些促銷活動可能會回歸，或者您想透過促銷進行投資，這是您今天已經看到的鐵的事實嗎？

Or is it something where you say look, we want to be cautious with our guy, if you want to take this into account if this is potentially coming up to better read the cautiousness or even not cautiousness of your guide on non-GAAP EBIT for the second half?

或者你說看，我們想對我們的人保持謹慎，如果你想考慮到這一點，如果這可能會更好地閱讀你的非公認會計準則息稅前利潤指南的謹慎甚至不謹慎下半場？

So Joern, what I would say starting from the top for a minute, the demand, as Hanneke said, we are confident with where the demand sits end up and we continue to see strong demand from the consumer in the second half of the year, very similar to what we had in the first half.

Joern，我想說的是，需求，正如 Hanneke 所說，我們對需求的最終結果充滿信心，我們繼續看到下半年消費者的強勁需求，與我們上半場的情況非常相似。

The -- but what is happening in the second half is the dynamic between selling and sellthrough, which will reverse themselves as we indicated in some of the prior questions.

但下半年發生的事情是銷售和售完之間的動態，正如我們在之前的一些問題中指出的那樣，這種動態將會逆轉。

And then obviously revenue, if you look at what we are expecting in net sales, we are expecting net sales to be flat to slightly down, depending if you take the mid or the high-end of the range.

然後顯然是收入，如果你看看我們對淨銷售額的預期，我們預計淨銷售額將持平或略有下降，這取決於你採用該範圍的中端還是高端。

The first couple of weeks are looking good, I would say, but that is really the assumptions that we made for the remainder of the year.

我想說，前幾週看起來不錯，但這實際上是我們對今年剩餘時間所做的假設。

So we would expect, as I indicated earlier, to have a little bit more promotional activity in the second half compared to the first half, just of the nature of the consumer being the fundamentally where most of the revenue will be in the second half of the year.

因此，正如我之前指出的，我們預計下半年的促銷活動會比上半年多一點，因為消費者的本質是下半年大部分收入的根本所在。

Yes.

是的。

And again we know our promotional plans fairly well, very well, I’d say, especially for the holiday quarter.

我想說，我們對我們的促銷計劃非常了解，特別是在假期季節。

In the holiday quarter, it is completely normal that you promote a little bit more to be competitive.

在假期季，為了提升競爭力，多促銷一點是完全正常的。

Everyone does that quarter is a consumer quarter less than a B2B quarter.

每個人都認為該季度是消費者季度，而不是 B2B 季度。

So I think our plans are pretty clear.

所以我認為我們的計劃非常明確。

Never say never, but it is not unexpected that there is a modest increase in promotion spend in Q3.

永遠不要說永遠，但第三季促銷支出小幅增加並不令人意外。

So it is more quarter-on-quarter, not year-over-year that the promotions are accelerating, right, if I understand you correctly?

因此，促銷活動的加速更多是季度環比，而不是同比，對吧，如果我理解正確的話？

I think the overall is fair though year-over-year, as I mentioned to one of the questions that were asked earlier.

正如我在之前提出的一個問題中提到的那樣，我認為總體情況與去年同期相比是公平的。

When you compare the gross margin rate second half of last year versus second half of this year, there is a little bit more promotional activity.

當你比較去年下半年和今年下半年的毛利率時，促銷活動有點多。

Okay.

好的。

Thank you very much for this.

非常感謝您。

Thank you.

謝謝。

Michael.

麥可.

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes, Michael.

是的，邁克爾。

All right.

好的。

Hi.

你好。

Just one left for me.

只剩下一張給我了。

I was just wondering, you were talking about opportunities and expanding your addressable market.

我只是想知道，您在談論機會和擴大您的目標市場。

And you are very successful in the education market.

你們在教育市場上非常成功。

So I was wondering if you can make any comments on inroads that you make in other end markets to expand your opportunity or is that too early at this stage?

所以我想知道您是否可以對您在其他終端市場上為擴大機會而取得的進展發表任何評論，或者在現階段這是否為時過早？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

It is probably a little too early.

可能有點太早了。

Again, the TAM that we can play in on the work side of our business is much bigger than where we play today and mostly in enterprise.

同樣，我們在工作方面可以參與的 TAM 比我們今天所參與的要大得多，而且主要是在企業中。

If you take in all the other places that people work in, whether that is education or retail or health care or manufacturing, the TAM more than doubles.

如果考慮到人們工作的所有其他地方，無論是教育、零售、醫療保健還是製造業，TAM 都會增加一倍以上。

So this is more of a longerterm strategic priority for us, but we will take it step by step.

所以這對我們來說更多的是一個更長期的策略重點，但我們會一步一步來。

Going into a new vertical requires new capabilities, certainly from a go-to-market point of view.

進入新的垂直領域需要新的能力，尤其是從進入市場的角度來看。

So education is the one that we are doing first.

因此，教育是我們首先要做的事情。

We are seeing super encouraging results, high 20s growth again in this past quarter.

我們看到了超級令人鼓舞的結果，上個季度再次實現 20 多歲的高成長。

And maybe at AID, we'll talk a little bit more about what might be next.

也許在國際開發署，我們會更多地討論接下來會發生什麼。

Okay, sounds good.

好吧，聽起來不錯。

Thank you.

謝謝。

Great.

偉大的。

See you Michael.

再見，麥可。

Thanks, Michael.

謝謝，麥可。

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

漢內克，這是我們今天的最後一個問題。

Super.

極好的。

Thanks, Nate.

謝謝，內特。

Thanks everyone, for joining us.

感謝大家加入我們。

Really appreciate seeing you for your interest in Logitech.

非常感謝您對羅技的興趣。

And I just want to take the opportunity to say thank you once again to the Logitech teams around the world for the excellent growth they delivered in the last quarter and for everything they do.

我想藉此機會再次向世界各地的羅技團隊表示感謝，感謝他們在上個季度取得的出色成長以及他們所做的一切。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Take care, everyone.

大家保重。