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. Joining us today are Hanneke Faber our CEO and Matteo Anversa 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 1,995. We're making these statements based on our views only as of today and our actual results could differ materially. We undertake no obligation to update or revise any of these statements. We will also discuss non GAAP financial results and you can find a reconciliation between 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.

歡迎參加羅技的視訊通話，討論我們 2025 財年第二季度的財務業績。在本次電話會議中，我們將做出前瞻性陳述，包括關於 1,995 年《私人證券訴訟改革法案》安全港規定的未來經營績效的陳述。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。我們不承擔更新或修改任何這些聲明的義務。我們還將討論非GAAP 財務業績，您可以在我們的新聞稿和文件中找到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對於 SEC，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。除非另有說明，我們鼓勵您仔細查看這些資料，各時期之間的比較是逐年比較，並且採用固定貨幣和淨銷售額。這通電話正在錄音中，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。

Thanks Dave and welcome everyone to our second quarter earnings call. First. It is my pleasure to introduce you to our new Chief Financial Officer Matteo Anversa. As a seasoned public company, CFO Matteo brings skills and experience really well suited to logitech. His background in engineering and in industrial technology. His diverse B to B 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, Matteo. Welcome to your first logitech earnings call. Now two recorded this quarter, we said we did what we said we would do. We closed out the first half of our 2025 fiscal with strong results which give us confidence, looking forward.

感謝戴夫，歡迎大家參加我們的第二季財報電話會議。第一的。我很高興向您介紹我們新任財務長 Matteo Anversa。作為一家經驗豐富的上市公司，財務長 Matteo 帶來了非常適合羅技的技能和經驗。他具有工程和工業技術背景。作為一名在世界各地生活和工作的意大利裔美國人，他擁有豐富的企業對企業經驗和全球視野，這使他成為我們領導團隊 Matteo 的絕佳補充。歡迎參加您的第一次羅技財報電話會議。現在本季記錄了兩個，我們說我們做了我們說過我們會做的事情。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. First, we delivered high quality growth. This growth was driven by demand and it was very profitable above our long term operating model for both gross and operating margins. The growth was broad based across product categories and regions including another standout quarter for IIA. And we grew to business responsibly and with operational discipline, channel inventories remained well within the healthy range in which we have operated for the last several quarters. Second, we achieved these results as we execute it effectively against our strategic priorities.

讓我談談三個亮點。一是實現高品質發展。這種成長是由需求推動的，並且在毛利率和營業利潤率方面都高於我們的長期營運模式。成長涉及各個產品類別和地區，其中 IIA 又是一個表現出色的季度。我們以負責任的方式開展業務，並遵循營運紀律，通路庫存保持在我們過去幾季營運的健康範圍內。其次，我們取得這些成果是因為我們根據策略重點有效執行了這些成果。

We are doubling down on B to B in Q2 enterprise demand, modestly outpaced consumer demand, video collaborations showed sustained and profitable growth and we saw strong growth of our personal workspace product in the enterprise channel.

在第二季度，我們在 B2B 企業需求上加倍投入，略高於消費者需求，視訊協作顯示出持​​續且盈利的增長，我們看到我們的個人工作空間產品在企業渠道中的強勁增長。

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 in gaming. We introduced '18 new products including the Pro X Superlight two mouse, the PRO X TKL rapid gaming keyboard, the G 915 gaming keyboard, an all new racing simulation series and exciting collaborations with Genshin Impact and with Momo. In video conferencing, we launched a software enabled solution called smart switching, which utilizes A I to choose the best view between the side camera on the table and the rally bar camera in front of the room and in personal workspace, we continue to drive the successful combo touch for the new ipad, a very strategic category and to help users work more efficiently. We launched two products in two entirely new categories.

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遊戲新產品。我們推出了 '18 新產品，包括 Pro X Superlight 兩用滑鼠、PRO X TKL 快速遊戲鍵盤、G 915 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。在視訊會議方面，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以及個人工作空間中的拉力桿攝影機之間選擇最佳視角，我們繼續推動成功組合觸控對於新的ipad來說是一個非常具有策略意義的品類，能夠幫助使用者更有效率地工作。我們推出了兩個全新類別的兩款產品。

The MX Inc is the first mixed reality stylist for the Medics headset and the MX Creative Console integrates with popular Adobe applications to streamline creative workflows to drive awareness and generate momentum for all of these products. Heading into the holiday season, we held global Logic Play and logic work events for the first time ever last month, these events were hosted live from Paris Shanghai and over 20 other global locations.

MX Inc 是 Medics 耳機的第一個混合實境設計師，MX Creative Console 與流行的 Adob​​e 應用程式集成，以簡化創意工作流程，從而提高所有這些產品的知名度並產生動力。進入假期，我們上個月首次舉辦了全球邏輯遊戲和邏輯工作活動，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 launch pad for new products and partnerships.

它們是新產品和合作夥伴關係的絕佳發射台。

They facilitated great interaction with customers, partners and influencers and they were followed by a period of impactful instore 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 logi tech.

全世界都感受到了這種興奮，這也是我對羅技技術的未來如此興奮的部分原因。

In a few minutes. We will share a short video for you to experience logitech play for yourself.

幾分鐘後。我們將分享一個簡短的視頻，讓您親自體驗羅技遊戲。

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。

Its 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 in a global survey of 300,000 employees of 850 global companies. We ranked 20th, a remarkable result for a company our size.

這是我們積極培育的東西，我們很高興看到上週《富比士》在對 850 家全球公司的 30 萬名員工進行的全球調查中將我們評為全球最佳雇主之一。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.

總之，本季的高品質結果是我們在策略和人才方面取得的進展，讓我們對假期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. Thank you Hanneke and thank you all for joining the call today. I am incredibly energized and motivated by the opportunities ahead and excited to be part of the next chapter of logitech.

好的。謝謝漢內克，也謝謝大家今天加入電話會議。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. 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 a quarter.

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。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的一個季度的內容。

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

因此，首次淨銷售額年增 6%，重要的是，需求約佔成長的四個百分點。

The dynamic between sell in and sell through played out as we anticipated. Channel inventory levels and in the quarter well within our targeted range positioning us very well for the holiday season.

賣出和賣出之間的動態正如我們預期的那樣發生。本季的通路庫存水準完全在我們的目標範圍內，使我們在假期期間處於有利地位。

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

其次，正如漢內克所提到的，我們的成長是基礎廣泛的。我們在所有地區幾乎所有多樣化產品線的淨銷售額逐年成長，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 year over year continued strong execution by our operating team drove continued product cost reduction and higher demand allowed us to sell previously reserved inventory. This is the 5th 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.

毛利率為44.1%，年成長210個基點，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，而更高的需求使我們能夠出售先前保留的庫存。這是毛利率連續第五個季度同比擴張。這證明了我們降低成本計劃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，我們預期本財年毛利率介於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注重消費者，促銷力度略高，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.

第二季度，隨著我們繼續透過 Logi play 和 Logi work 等措施投資於有機成長，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仍然強勁，為近 14 億美元的健康現金狀況做出了貢獻。

In addition, we returned 340 million back to shareholders. We repurchased 132 million of shares in the quarter as part of our ongoing $1 billion buyback program.

此外，我們也向股東返還了3.4億。作為我們正在進行的 10 億美元回購計畫的一部分，我們在本季回購了 1.32 億股股票。

And additionally, our shareholders approved a $0.1 increase in swiss franc 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 0.1 美元瑞士法郎，從而導致 9 月支付了 2.08 億瑞士法郎的股息。

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 So Nate, if you can, please roll the video

接下來，讓我們帶您進入邏輯遊戲，準備問答所以 Nate，如果可以的話，請滾動視頻

(Operator Instructions)

（操作員說明）

Asiya Merchant, Citi.

阿西亞商人，花旗銀行。

Hi. You mean you can hear me now?

你好。你的意思是現在你能聽到我說話嗎？

Yes.

是的。

Oh, great. Thank you. Good morning. Thank you. Just wanted to ask a little bit about gross margins. You know, how sustainable are these going forward? And if you can just walk us through, what were the key drivers that affected gross margins here? Sequentially, 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, you know, sequentially what drove the higher margins? that would be great. And I think the commentary around 42 to 43% for the year, how we, how should we think about that, sustainably if there was any mix shift that you would like to call out as well? Thank you.

哦，太好了。謝謝。早安.謝謝。只是想問一下毛利率。你知道，這些未來的可持續性如何？如果您能向我們介紹一下，影響毛利率的關鍵驅動因素是什麼？隨後，我了解到產品成本和庫存儲備做得更好。促銷支出有所增加，但如果您能向我們介紹一下，您知道是什麼推動了更高的利潤率嗎？那太好了。我認為今年的評論大約為 42％ 至 43％，我們如何，我們應該如何可持續地思考這個問題，如果您也想指出任何混合轉變？謝謝。

Sure. Let me, take this one. So, first of all, we are extremely pleased where the gross margin came in the quarter. The, I have to say the team has done a fantastic job at the operating team in continuously driving. The current cost reduction to activities like value engineering and really continue to deliver consistent strong growth margin on a year over year basis, as I mentioned in the prepared remarks. The, we expended about 210 basis points. The the a couple of things, product cost reductions. So value engineering activities accounted for about 200 basis points of the expansion.

當然。讓我拿走這個。因此，首先，我們對本季的毛利率非常滿意。我不得不說，該團隊在營運團隊的持續駕駛方面做得非常出色。正如我在準備好的發言中提到的那樣，目前價值工程等活動的成本降低，並且確實繼續帶來持續強勁的同比增長利潤。我們花了大約 210 個基點。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 in selling some previously reserved inventory which accounted for about 100 basis points of the of the margin left year over year. And these effects were partially offset by a slightly negative mix, a little bit more promotional activity in the quarter. And then, you know, we continue to see a little bit of a higher freight cost. So I think the, compared to what we were expecting the gross margin to come in in the prior earnings call, we came in a little better. And the fundamentally, the key reasons is the ability to sell this previous inventory, which we were not expecting to happen to that extent, as well as a little better. You know, the product cost reduction by the team. And that's also what drives the sequential increase in the margin to the second part of your question, which is, you know what we are expecting, moving forward. So, we're expecting the gross margin rate for the second half to be about between 41 and 42%.

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，這些庫存占到去年剩餘利潤的約 100 個基點。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。然後，你知道，我們繼續看到貨運成本略有上升。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。從根本上來說，關鍵原因是能夠出售先前的庫存，這是我們沒有預料到的，而且會好一點。要知道，產品成本的降低靠的是團隊。這也是推動你的問題第二部分的利潤連續增加的原因，也就是說，你知道我們期待什麼，繼續前進。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. That's driven by fundamentally a couple of things. One, we are not expecting to be able to continue to sell this previous reserved inventory to the same extent that we have done in the first half of the year. And that's about almost 100 basis points of the sequential decrease in the gross margin rate. And then we are seeing a continued pressure on that coming from, freight cost that keep creeping up a little bit on the some of the lanes that we operate. 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 more, a little bit more promoted and therefore we are expecting a slight increase in promotion. So that's a little bit the dynamic that we are seeing for the rest of the year.

因此，我們預計毛利率將略有下降。這從根本上是由幾件事驅動的。第一，我們預計不會像上半年那樣繼續銷售先前保留的庫存。這相當於毛利率季減了近 100 個基點。然後，我們看到來自我們營運的一些航線的貨運成本不斷攀升帶來的持續壓力。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，因此我們預計會略有增長在促銷中。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. But as we look forward into you know, some of these cost reductions seem like they're pretty sustainable absence, the freight costs, which is obviously outside. You know, and affected by other things is the gross margins pretty sustainable at these levels, especially as you ramp up your B two B efforts. Should we be expecting better margin profile going forward? Thank you.

我的意思是，展望未來，就像我理解下半年相對於上半年的季節性一樣，這樣的假設是否合理。但正如我們所期望的那樣，您知道，其中一些成本降低似乎是相當可持續的，即貨運成本，這顯然是外部的。你知道，受其他因素的影響，毛利率在這些水準上相當可持續，特別是當你增加 B 2 B 的努力時。我們是否應該期待未來有更好的利潤率？謝謝。

Look I think the way I would describe it is as I said, we are very pleased where we are. Yes, I agree with your statement that the team has done a fantastic job and the the actions that we've been taking around value engineering, taking cost out of the the bill of material is it sustainable. I think, you know, it's a little premature to talk very long term. 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 the where we closed last year is a almost 100 basis points improvement year over year when you take the total year and and the cost reduction activity that the team has implemented are the key reason why the gross margin expands.

聽著，我想我所描述的方式就像我所說的，我們對我們所處的位置感到非常滿意。是的，我同意你的說法，團隊做得非常出色，我們圍繞著價值工程採取的行動，從物料清單中剔除成本是可持續的。我認為，現在談論長期目標還為時過早。但我認為今年的毛利率將在 42% 至 43% 之間。事實上，如果你看看我們去年的業績，當你考慮全年的情況時，我們去年的業績同比提高了近 100 個基點，而團隊實施的成本削減活動是毛利率擴大的關鍵原因。

Great. Thank you very much for the color.

偉大的。非常感謝你的顏色。

Our next question comes from Samik Chatterjee of JP morgan. You may now unmute your video and audio and ask your question. Please begin speaking when you see the logitech team on your screen.

我們的下一個問題來自摩根大通的 Samik Chatterjee。現在您可以取消視訊和音訊靜音並提出問題。當您在螢幕上看到羅技團隊時，請開始講話。

Sure. Yeah. Thank you and hope you can hear me. And thanks for taking the questions. I guess these are a strong set of results and, but this is also the second consecutive quarter. We have seen sales outperform the demand that you have with some level of inventory bill. I mean, as you go into the holiday period, should we be expecting some level of reversal in terms of the inventory bill? 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 and then is the inventory build that you have? 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 that into Q3 and have a follow?

當然。是的。謝謝你，希望你聽得到我的聲音。感謝您提出問題。我想這是一組強勁的結果，但這也是連續第二季。我們已經看到，在一定水準的庫存帳單下，銷售量超出了您的需求。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？我想主要的問題是，零售商、您的客戶是否比平常更早開始準備？就他們為假期所做的準備而言，你們的庫存建設情況如何？我知道你有提到它是健康的。我們是否期望在後半段看到某種正常化？如果有的話，它對第三季有何影響並產生影響？

Let me take comment as well on details. But just to remind everyone, you know, 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. You're absolutely right. That will normalize in the second half. We were running a little light on inventory towards the back end of last fiscal year that was leading to some stockouts. So we have been selling in a bit more than sell out here in the first half and that is positioned us really well for the holidays and we completely expect that dynamic will reverse in the second half.

讓我也對細節發表評論。但只是提醒大家，你知道，我們一直在說上半年的賣出量將高於賣出量，這將正常化到你的觀點。你是絕對正確的。這將在下半年恢復正常。上一財年末，我們的庫存有所減少，這導致了一些缺貨。因此，上半年我們的銷售量略高於售出量，這使我們在假期中處於有利地位，我們完全預計下半年這種情況將會逆轉。

So make what I would add. We, we are very pleased on how the quarter came in and you can see the diam between Celine and sell through, were actually very, balanced and and in line with what we were expecting, so, Cline was maybe you did this, the demand that drove four points of the 6 points year over year increase in sales. And so the two things tend to narrow themselves pretty nicely in the second quarter and then the dynamic is expected to your point to reverse in the second half where we are seeing sell through, higher than sell in. And that's to annex point, the dynamic that we've been expecting now for quite some time. So in terms of, you know, split in revenue, the prior years have been tended to be a little bit more 48% 52% between the first and the second half. 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 just described.

所以做我要補充的內容。我們對本季的表現感到非常高興，你可以看到 Celine 和銷售之間的差距，實際上非常平衡，符合我們的預期，所以，Cline 可能是你這樣做的，需求這推動了銷售額同比增長6個百分點中的4 個百分點。因此，這兩件事往往會在第二季度很好地縮小範圍，然後動態預計會在下半年逆轉，我們看到賣出，高於賣出。了。因此，就收入分配而言，前幾年上半年和下半年之間的比例往往是 48% 和 52%。正如我們在之前的電話會議中指出的那樣，今年的比例可能會更接近 50/50。由於漢內克剛才所描述的動態。

Got it, got it. And for my follow up, I guess it's more for Hanneke. You in the shareholder letter, you outline the areas where you are gaining share. Now, if I focus on just two aspects there, one like how are you thinking about getting back to gaining share in video collaboration? 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? Thank you.

明白了，明白了。對於我的後續行動，我想這比較是針對漢內克的。您在股東信中概述了您正在獲得份額的領域。現在，如果我只專注於兩個方面，例如您如何考慮重新獲得視訊協作份額？同樣，您對中國市場份額的看法如何？謝謝。

Yeah, great. Thank you. In VC the market is actually fairly robust. So we are happy to see that you know, up low single digits, our share is flat to slightly down. 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. We remain number one in units in video conferencing. Our service bookings were up almost two X in a quarter, which is so important for that segment. And as I've said before, we were kind of new to services, but that's really on a roll. The launch of smart switching into quarter takes our product superiority A step forward and we're excited about that. And then of course, there's still such big opportunities to grow to market and video conferencing. Less than 30% of global meeting rooms are video enabled and we've only started to play in some of these new verticals beyond enterprise. And we're seeing really good results in education '20 up more than 20% in the quarter, closer to 30. So all of those things give us a lot of confidence going forward in VC. And it's an exciting segment for us, highly profitable as well.

是的，太棒了。謝謝。創投市場其實相當強勁。因此，我們很高興看到您知道，儘管我們的份額僅出現低個位數成長，但持平或略有下降。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。我們在視訊會議領域保持單位第一。我們的服務預訂量在一個季度內成長了近兩倍，這對該細分市場非常重要。正如我之前所說，我們對服務還很陌生，但這確實進展順利。本季推出的智慧切換功能使我們的產品優勢向前邁進了一步，我們對此感到興奮。當然，市場和視訊會議領域仍然存在巨大的發展機會。全球只有不到 30% 的會議室支援視頻，而且我們才剛開始在企業以外的一些新垂直領域開展業務。我們看到 20 世紀教育領域的業績非常好，本季成長了 20% 以上，接近 30。這對我們來說是一個令人興奮的領域，利潤也很高。

China also a few green shoots would be my my headline on China. The gaming market there remains extremely robust, that's different from many other Chinese markets, but the gaming market is extremely robust. Our demand grew mid single digits in the quarter. And we continue to perform very well at the premium end of our range as in gaming mice. And our brand remains very strong in China, but the competitive environment there is intense and we can do better than those results. So we've started to make some targeted R&D and marketing investments in China to strengthen the local team and our local capabilities. It's going to take some time because our share problems in China are not from yesterday, but we are starting to see some encouraging results. The first dedicated China initiatives hit the market this past quarter. The alto key keyboards very well received as well as the M 96 mouse, both of those very well received and doing well. And we're starting to see share gains in the key channel of social e-commerce. So that's Pinduoduo and do Yin or tiktok. And we're starting to see share gains there. So early greens Shots, it's going to take a while to turn that China share around. But such an important gaming market where so much happens and we're very committed to that market. Happy to see the green shoots.

中國也出現了一些新芽將成為我關於中國的標題。那裡的遊戲市場仍然非常強勁，這與許多其他中國市場不同，但遊戲市場非常強勁。本季我們的需求成長了中個位數。我們在遊戲滑鼠等高階產品領域繼續表現出色。我們的品牌在中國仍然非常強大，但那裡的競爭環境很激烈，我們可以做得更好。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。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。第一批專門針對中國的措施於上個季度投放市場。中音鍵鍵盤和 M 96 滑鼠都非常受歡迎，而且表現都很好。我們開始看到社交電子商務這一關鍵管道的份額增長。所以這就是拼多多，做尹或抖音。我們開始看到那裡的份額增長。因此，早期的果嶺射擊，需要一段時間才能扭轉中國的份額。但如此重要的遊戲市場發生瞭如此多的事情，我們非常致力於該市場。看到綠芽很開心。

All right. Thank you. Thanks for taking my questions.

好的。謝謝。感謝您回答我的問題。

Our next question comes from George Wang with Barclays. You may now unmute your video and audio and ask your question. Please begin speaking when you see the logitech tr team on your screen.

我們的下一個問題來自巴克萊銀行的喬治王。現在您可以取消視訊和音訊靜音並提出問題。當您在螢幕上看到 Logitech TR 團隊時，請開始講話。

Hey, can you hear me? Hello Can you hear me? Yeah. Yeah. Just, just quick question on Europe. Obviously, you know, Europe stood out in the quarter, especially kind of growth from tablet and the console gaming. Just curious, can any, you know, you can double click on Europe especially, you know, you know, this particular two category growth I kind of pointed out and any other areas do you think could sustain growth for the next couple of quarters?

嘿，你聽得到我說話嗎？你好，你聽得到我說話嗎？是的。是的。只是，只是關於歐洲的快速問題。顯然，您知道，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。只是好奇，你可以雙擊歐洲，特別是我指出的這個特定的兩個類別的成長，以及你認為可以在未來幾季維持成長的任何其他領域嗎？

Yeah, thanks George. Great questions. Europe just outstanding execution across the board. You know, the market there is flattish, but we way outperformed the market there and great execution. They inspired the whole logic play and logic work events. They'd actually done them regionally last year. This year, we took them global. And again, Europe outperformed both the events themselves, but more importantly, the customer activation that happens afterwards. I I was there a couple of weeks ago, I mean, if you went into Mediamarkt or not, the execution that our European team is delivering is just simply outstanding and the same goes for our online customers.

是的，謝謝喬治。很好的問題。歐洲只是全面且優秀的執行力。你知道，那裡的市場表現平平，但我們的表現遠遠好於那裡的市場，而且執行力很好。他們激發了整個邏輯遊戲和邏輯工作事件。事實上，他們去年就在地區範圍內進行了這些活動。今年，我們將它們帶到了全球。歐洲的表現再次優於這兩項活動本身，但更重要的是，隨後發生的客戶啟動。我幾週前就去過那裡，我的意思是，無論您是否進入 Mediamarkt，我們的歐洲團隊所提供的執行力都是非常出色的，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. But in terms of the two, you mentioned, it's probably worth pausing on for a moment.

順便說一句，就成長而言，歐洲的各個類別的成長確實非常廣泛。但就您提到的兩者而言，可能值得暫停一下。

So tablets actually both on tablets and on gaming headsets, the team has completely changed a gross margin profile of those two segments. We don't disclose the exact numbers but think about 10% points better than last year thanks to the innovation in tablets and 5% points better on gaming headsets which make those two much more attractive for us to grow.

因此，平板電腦實際上是平板電腦和遊戲耳機上的平板電腦，該團隊完全改變了這兩個細分市場的毛利率狀況。我們沒有透露確切的數字，但由於平板電腦的創新，我們認為比去年提高了 10%，而遊戲耳機則比去年提高了 5%，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 AP C peripheral. It's important for us to play beyond the PC as well. And tablets are well suited to some of those new B two B verticals that are extremely strategic for us. Education, first and foremost headsets are also gaming headsets are also very strategic within gaming. Gaming headsets are a larger segment than both gaming mice and gaming keyboards. And we've had a lower share in gaming headsets even though our technology is absolutely superior. And I am so excited that with the A 50 X and the Audi A 50 we are playing very strongly in the console gaming headset space that just expands the market for us growth, our grows our share and again, with those completely changed gross margins, these are two attractive and strategic segments for us.

它們是具有戰略意義的平板電腦，因為它們使我們超越了個人電腦。我們很多業務都是AP C週邊。對我們來說，超越 PC 進行遊戲也很重要。平板電腦非常適合一些新的 B 2 B 垂直行業，這對我們來說極具戰略意義。教育，首先也是最重要的耳機也是遊戲耳機，在遊戲中也非常具有戰略意義。遊戲耳機的市場規模比遊戲滑鼠和遊戲鍵盤都要大。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。我很興奮，憑藉 A 50 X 和奧迪 A 50，我們在遊戲機遊戲耳機領域表現非常強勁，這只是擴大了我們的市場增長，我們的份額再次增長，毛利率完全改變了，這對我們來說是兩個有吸引力且具有戰略意義的部分。

Great. Thank you.

偉大的。謝謝。

Our next question comes from George Brown with Deutsche Bank. You may now unmute your video and audio and ask your question. Please begin speaking when you see the Logitech team on your screen.

我們的下一個問題來自德意志銀行的喬治布朗。現在您可以取消視訊和音訊靜音並提出問題。當您在螢幕上看到羅技團隊時，請開始講話。

Hey, guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

Yes,

是的，

Thank you for taking my questions. I have two If I may just firstly on China and the upcoming election in the US, how do you think about the potential of tariffs on your business?

感謝您回答我的問題。我有兩個問題，首先我可以談談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？

Are you there?

你在嗎？

Yeah. Can you hear me?

是的。你聽得到我嗎？

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

也許我們會繼續討論下一個問題，然後我們會回到你，喬治。

Our next question will be from Eric Woodring of Morgan Stanley. You may now unmute your video and audio and ask your question. Please begin speaking when you see the logitech team on your screen.

我們的下一個問題將來自摩根士丹利的埃里克伍德林。現在您可以取消視訊和音訊靜音並提出問題。當您在螢幕上看到羅技團隊時，請開始講話。

Good morning guys. Can you hear me? Okay.

早安，夥計們。你聽得到我嗎？好的。

Thank you so much for for taking my questions. May be if we just start Hanneke, you know, nice to see two consecutive quarters of outperformance. And year over year growth, 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. Can you maybe help us just suppose 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. Just help us to understand why we should expect things maybe get worse in the second half. Is that all kind of the sell in versus sell through dynamics? Just maybe if you could double click on that, that would be super helpful and then I have a follow up. Thanks.

非常感謝您回答我的問題。如果我們剛開始漢內克，你知道，很高興看到連續兩個季度表現出色。至於年成長，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%。您能否幫助我們假設這種趨勢惡化以及您按需發表的一些評論，比您預期的要好一些。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。這就是賣出與動態賣出的差別嗎？也許如果你可以雙擊它，那將會非常有幫助，然後我會進行跟進。謝謝。

Yeah, absolutely. I know that the operating income side of that, but on the net sales indeed, if you do the math, the net sales in the second half would be about flat that is that sell in and sell out dynamic. So we're actually pretty comfortable on demand coming in about as strong as it has come in the first half. And I say that with quite a bit of confidence but because of the inventory dynamics net sales will be a little lower than that, you want to comment on the

是的，絕對是。我知道營業收入方面，但實際上在淨銷售額方面，如果你計算一下，下半年的淨銷售額將基本持平，即賣出和賣出的動態。因此，我們實際上對需求的強勁程度與上半年一樣感到非常滿意。我說，我很有信心，但由於庫存動態，淨銷售額將略低於此，您想對此發表評論

Operator. So Eric the on the, on the operating income side, there are a couple of diams when we compare the second half of 2025 versus second half of 2024. First of all, let me start with the, with a positive the to the question that was asked earlier, product cost and the work that the team has been doing will continue to even a year over year basis. When you compare the second half of last year to this year, we continue to deliver gross margin expansion. However, on the other side, the 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. So this creates a a comparison challenge, right? That's about 100 basis points of margin reduction when you compare the second half of the two years. And then we continue to see freight cost. I talked about it and we are expecting freight cost when you compare, compare the second half to be higher year over year and then a little bit more promotional activity. So really, it's a gross margin dynamic and we spend a little bit more on Opex year over year as we are investing like an assess on the good cholesterol. So really to grow the business. So around the the sales and marketing, around the product development. So you see a little bit of that too, but it fundamentally is the 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.

操作員。艾瑞克（Eric）在營業收入方面，當我們比較 2025 年下半年與 2024 年下半年時，有幾個直徑。和團隊一直在做的工作將繼續甚至逐年增加。當你將去年下半年與今年進行比較時，我們繼續實現毛利率擴張。然而，另一方面，我們在今年上半年能夠繼續進行的一些工作，圍繞著出售去年保留的庫存，實際上是在今年晚些時候發生的。所以這造成了比較挑戰，對吧？與兩年下半年相比，利潤率大約下降了 100 個基點。然後我們繼續看到運費。我談到了這一點，當你進行比較時，我們預計下半年的運費會比去年同期更高，然後會有更多的促銷活動。所以實際上，這是一個毛利率動態，我們在營運支出上的支出逐年增加，因為我們的投資就像對好膽固醇的評估一樣。所以真正要發展業務。因此，圍繞銷售和行銷，圍繞產品開發。所以你也看到了一點，但從根本上來說，毛利率從去年下半年的 43% 左右上升到了我之前提到的 41% 到 42%。

Okay, that's, that's very helpful. Thank you Matteo for that and obviously looking forward to working together if I were to follow up and maybe double click on that comment that you just made in terms of opex, I'd love to know if there's maybe a different approach now from a, you know, 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. Are you signaling maybe a change in the spending intensity of this company? Obviously, you mentioned some investments in China but would love to just maybe step back bigger picture unrelated to just the quarter. Are we seeing a change in how you guys spend to drive growth, how you spend on sales and marketing or was what we saw in the September quarter, maybe, maybe one off and not necessarily indicative of spending intensity as we go forward. Thanks so much.

好的，這非常有幫助。謝謝你，Matteo，如果我跟進的話，顯然期待著合作，也許雙擊你剛剛在運營支出方面發表的評論，我很想知道現在是否有不同的方法，你知道，管理團隊最終在整體上具有凝聚力，該季度的營運支出年增了15%，我認為作為9 月份季度收入的百分比，這是10 年來的最高點。您是否表示這家公司的支出強度可能會改變？顯然，您提到了在中國的一些投資，但希望退一步討論與本季無關的大局。我們是否看到你們為推動成長而支出的方式發生了變化，你們在銷售和行銷方面的支出方式是否發生了變化，或者我們在九月季度看到的情況是否發生了變化，也許，也許是一次性的，不一定表示我們未來的支出強度。非常感謝。

Yeah. No, I, so for the full year will be in the range that we've always talked about 24 to 26% opex. I am very intentional about shifting OPEX into that good cholesterol, which is R&D and sales and marketing and that's how we will grow the top line of this business, which is so important for our future. And this quarter is running a little high. That is okay. As you, as you heard, we're making a few strategic investments again in R&D, in marketing, both in the West and in China. That's important. We could do it this quarter because gross margins came in a little higher than, than expected. So that's good. But we will continue to operate with a lot of discipline on OPEX.

是的。不，所以全年的營運支出將在我們一直談論的 24% 至 26% 的範圍內。我非常有意將營運支出轉移到研發、銷售和行銷等良好膽固醇上，這就是我們成長這項業務收入的方式，這對我們的未來非常重要。本季的業績有點高。沒關係。正如您所聽到的，我們在西方和中國的研發和行銷方面再次進行了一些策略性投資。這很重要。我們可以在本季做到這一點，因為毛利率略高於預期。所以這樣很好。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。

Thanks, Eric.

謝謝，埃里克。

Our next question comes from George Brown with Deutsche Bank. You may now unmute your video and audio and ask your question. Please begin speaking when you see the logitech team on your screen.

我們的下一個問題來自德意志銀行的喬治布朗。現在您可以取消視訊和音訊靜音並提出問題。當您在螢幕上看到羅技團隊時，請開始講話。

Hey guys, I just double checking. Can you hear me first?

嘿夥計們，我只是仔細檢查了一下。你能先聽我說嗎？

Hey, George

嘿，喬治

Hey perfect. Yeah, thanks for taking my questions. I just have two if I may just firstly on China and the upcoming election in in the US. How do you think about the potential impact of tariffs on your business, given that a lot of your manufacturing is currently in China.

嘿完美。是的，謝謝你回答我的問題。如果可以的話，我只有兩點，首先是關於中國和即將到來的美國大選。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 in gaming.

然後是遊戲中的第二個問題。

You mentioned that your simulation business has grown double digits for three quarters. Now, can you help us understand what's driving this? Thanks guys,

您提到您的模擬業務連續三個季度以兩位數成長。現在，您能幫助我們了解造成這種情況的原因嗎？謝謝你們，

George. Let me maybe take the first one. The so I think the the team has been doing a great job now for quite some time in driving the diversification of our supply chain. So today about if you look at the units that we ship out globally, about 40% get shipped from outside China. So they're not manufacturing in China. And and we are targeting to increase this this percentage up to 50% in the, in the near future. So this has been a really a concerted effort that not only addresses I think the, the, the tariffs concern, but most importantly, makes our own our supply chain more resilient in anyway. So that's the answer to your first question.

喬治.讓我也許採取第一個。因此，我認為團隊在相當長的一段時間裡在推動我們供應鏈的多元化方面做得很好。今天，如果你看看我們向全球發貨的產品，你會發現大約 40% 是從中國境外發貨的。所以他們不在中國製造。我們的目標是在不久的將來將這一比例提高到 50%。因此，這確實是一項共同的努力，我認為它不僅解決了關稅問題，而且最重要的是，無論如何，使我們自己的供應鏈更具彈性。這就是你第一個問題的答案。

Yeah, and we have very deep experience in navigating different circumstances when it comes to the supply chain. Really just a great team. So we're on a multiyear journey to make our supply chain more resilient, more diversified. We'll continue to do that and we think we'll be prepared for whatever happens after the US election.

是的，我們在應對供應鏈方面的不同情況方面擁有非常豐富的經驗。確實是一支很棒的團隊。因此，我們正在進行多年的努力，以使我們的供應鏈更具彈性、更加多元化。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 yeah, is super exciting category for us that continues to do very, very well. It's a combination of share gains and us growing that market wouldn't underestimate that piece as well. How do we do that? The superior products? That's where it all starts. Our wheels are outstanding. And then superior execution, especially in stores. And I would again call out Europe here for really outstanding executions in places like Mediamarkt and Knock where we have our gaming rig set up where we organize 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. This is a category with still relatively low penetration and a lot of upside for years to come.

也許在遊戲模擬方面，是的，對我們來說是一個超級令人興奮的類別，並且繼續做得非常非常好。這是股票收益和我們不斷成長的結合，市場也不會低估這一塊。我們該怎麼做呢？優越的產品？這就是一切開始的地方。我們的車輪非常出色。然後是卓越的執行力，尤其是在商店中。我要再次讚揚歐洲在 Mediamarkt 和 Knock 等地方的出色執行力，我們在那裡設立了遊戲平台，在周末比賽日組織比賽，人們可以來這裡互相競爭，家庭進來，創造了很多東西參與度會帶來很多考驗。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。

Thank you so much guys.

非常感謝你們。

Thank you.

謝謝。

Let's try Ananda Baruah of Loop capital.

讓我們試試盧普首都的阿南達·巴魯阿 (Ananda Baruah)。

Hey guys, how's that?

嘿夥計們，怎麼樣？

Hey, Ananda, hey,

嘿，阿難，嘿，

Thanks a lot. Appreciate it. Hey, too, 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, the compares. And then what sort of paired with the commentary? It seems like the numbers could be suggesting that's the case. But it's, it is not also perfectly clear. So I wanted to just get your thoughts on that and, and then I have a quick follow up. Thanks.

多謝。欣賞它。嘿，我也想問一下，第一個問題是，你們是否相信某些關鍵類別的支出環境正在改善？就像，我想這個問題的起源只是關注與比較相關的關鍵部分的一些結果。那麼什麼樣的搭配與評論呢？這些數字似乎表明情況確實如此。但事實並非如此。所以我想了解您對此的想法，然後我會進行快速跟進。謝謝。

Yeah, sure. Yeah, I think we're, we're seeing that the global consumer is pretty resilient. If I look at the demand landscape in the last quarter and, 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're, they're saying, you know, 2.5 to 3.5% growth in terms of holiday spend. I would say that's pretty in line with what we're expecting for our categories. PWS probably a little bit less gaming a little bit more. And that's not just for the US, that's globally. And what was great to see is that the US in Q2 went positive in our categories. They, there, you know, that the markets have been negative for a while, but they were positive in Q2. So pretty resilient consumer in the US and around the world

是的，當然。是的，我認為我們看到全球消費者非常有彈性。如果我看看上個季度的需求狀況，然後展望一下假期。我們看到美國全國零售聯合會發布了假期展望，他們說假期支出將增加 2.5% 至 3.5%。我想說這非常符合我們對類別的期望。 PWS 可能少一點，多一點遊戲。這不僅適用於美國，也適用於全球。令人高興的是，美國第二季度在我們的類別中表現積極。他們，你知道，市場已經消極了一段時間，但在第二季度卻是積極的。美國和世界各地的消費者都很有彈性

That's helpful. And I guess the follow up would actually be for Mateo is just, just sort of circling back to. Well, actually both, both of you guys, Hanukkah as well, going back to the sort of the, the lean V conversation does as we, as we think about, you know, 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 have had in place. Should we think any differently about that? Any, context there would be helpful?

這很有幫助。我想馬特奧的後續行動其實只是，只是一種循環。好吧，實際上，你們倆，還有光明節，回到我們所思考的精益 V 對話，你知道，我在想日曆 25，這實際上是你們的財務' 26.你們已經到位的故事中槓桿部分的任何轉變。我們是否應該對此有不同的看法？任何上下文都會有幫助嗎？

You mean leverage in terms of the balance sheet,

你指的是資產負債表中的槓桿，

Sorry, operating, leverage. And I'm asking because I think part of what is been going, just sort of the question today is there was negative operating leverage, Opex investment was higher this quarter than rev growth. And then there's some commentary about increased Opex investment, you know, sort of the good, the good cholesterol leaning lean in and invest in the key categories. And so Hanukkah got it loud and clear that you're still, you'll be at the high end of the Opex envelope for fiscal year '25. But I also think, I also think that part of what folks are wondering is like calendar '25 you know, as you, as you begin to go through fiscal '26 does, does any of the leverage story, the op the op income leverage story change on the Opex line? Thanks.

對不起，操作，槓桿。我問這個問題是因為我認為正在發生的事情的一部分，今天的問題是存在負營運槓桿，本季的營運支出投資高於轉速成長。然後還有一些關於增加營運支出投資的評論，你知道，這是好事，好膽固醇傾向於投資關鍵類別。因此，光明節響亮而明確地表明，您仍將處於 25 財年營運支出上限。但我也認為，我也認為人們想知道的部分內容就像日曆'25，你知道，當你開始經歷'26財政年度時，任何槓桿故事，操作收入槓桿Opex 線上的故事發生變化？謝謝。

I think it's a little premature for me to talk about our fiscal year '26. So I think we'll talk about the expectation for the next fiscal year at the appropriate time. I think we are happy where the the Opex is overall. I think notwithstanding the the increase that you know, we had in the quarter overall, the framework that we gave in the past of '24 to 26% is a good framework. We continue to invest in things that sustain and help us grow like the product development you know, and engineering. So NP I, you saw how many MP is we launched? We mentioned a few of them in the video and then continue to support the market and go to market and that's how I would say it.

我認為現在談論我們的 26 財年還為時過早。所以我想我們會在適當的時候談論對下一財年的預期。我認為我們對整體營運支出感到滿意。我認為，儘管你知道，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。我們繼續投資於維持和幫助我們成長的事物，例如您知道的產品開發和工程。那麼NP我，你看到我們發射了多少MP嗎？我們在影片中提到了其中的一些，然後繼續支持市場並走向市場，這就是我想說的。

Yeah, we'll 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.

是的，我們將繼續嚴格遵守紀律，我們可以將資源轉移到好膽固醇上，首先是研發，然後是銷售和行銷。

Thanks a lot.

多謝。

Thanks Ananda, Hanneke I think we have one more question in the queue. Go ahead

謝謝阿南達、漢內克，我想我們還有一個問題要解決。前進

[Ifer], UBS.

[Ifer]，瑞銀。

Thank you. Is it now working? Can you hear me? Great? Thanks. Thanks for taking my questions. Just 2 to 31. The first one is, please on your growth going forward.

謝謝。現在可以工作了嗎？你聽得到我嗎？偉大的？謝謝。感謝您回答我的問題。就2到31。

Do you expect this to be more balanced between a APEG Europe and North America and say through going into the holiday season? And why you are not replicate the fantastic go to market trade here after Europe to North America and APEG to accelerate growth. This is the first question I will take them one by one if it is okay.

您是否預期 APEG 歐洲和北美之間會更加平衡，例如進入假期季節？以及為什麼你不複製歐洲、北美和 APEG 之後的精彩上市交易來加速成長。這是第一個問題，如果可以的話我會一一解答。

Yeah, sure. The US market is now looking a little better. And as I have talked about before, we are, I have challenged our team to do a lot better in China. 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. But confident that that could well be the case. And indeed, one of the levers of that is to reapply some of the fantastic executional work from Europe into other places.

是的，當然。美國市場現在看起來好一點了。正如我之前談到的，我向我們的團隊提出了挑戰，要求他們在中國做得更好。總的來說，我當然希望我們未來能變得更平衡。我們將看看結果如何。但相信情況很可能是如此。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 crows, which I think half of the crows if I am roughly correctly calculating is coming from tablets and headsets that you have incredible crows of 50% plus.

然後是歐洲關於烏鴉的後續行動，如果我粗略地正確計算的話，我認為一半的烏鴉來自平板電腦和耳機，令人難以置信的是，烏鴉的數量超過了 50%。

And is this linked to new distribution channels or new regions?

這是否與新的分銷管道或新地區有關？

It's linked to innovation. So again, the combo touch when it comes to tablets as well as the A 50 X and the A 50 when it comes to gaming headsets are new and, 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. So that is one big driver. The other big driver is B2B where Europe is doing extremely well helped by tablets and education, but also video conferencing looking strong.

它與創新有關。再說一次，對於平板電腦來說，組合觸控以及對於遊戲耳機來說，A 50 X 和 A 50 都是新的，而且我之前已經說過了。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。所以這是一個重要的驅動因素。另一個重要推動力是 B2B，在平板電腦和教育的幫助下，歐洲表現非常出色，視訊會議看起來也很強勁。

Thanks. And the last question if I may circling back to your outlook on non GAAP EBIT for the second half, which is down at the midpoint around 10% year over year. And you mentioned some promotions are likely returning or you want to invest via promotions. Is it something you are seeing already today as a hard fact or is it something where you say, look, we want to be cautious with our guide. 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 or not get EBIT for the second half.

謝謝。最後一個問題是，我可以回顧一下您對下半年非 GAAP 息稅前利潤的展望嗎？您提到一些促銷活動可能會回歸，或者您想透過促銷活動進行投資。這是您今天已經看到的鐵證如山的事實，還是您說的，看，我們要對我們的指南保持謹慎。如果你想考慮到這一點，如果這可能會更好地閱讀你的指南的謹慎甚至不謹慎，或者不會獲得下半年的息稅前利潤。

So the [Jurgen], what I would say, starting from the top for a minute, the demand is Hanneke said, we are confident with where the demand sets and up. And we continue to see, you know, a strong demand from the consumer in the second half of the year, very similar to what we had in the first half year. The But what is happening in the second half is the the dynamic between selling and through which were reversed themselves as we indicated in the, in the some of the prior questions. And and then obviously revenue, if you look at what we are expecting net sales, we are expecting net sales to be flat to slightly down, depending if you take the mid or the end of the range. The first couple of weeks are looking good, I would say. But but that's really the assumptions that we made for the remainder of the year. So we would expect as I indicated earlier, to a little to have a little bit more promotional activity, or in the, in the, 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，[尤爾根]，我想說的是，從頂部開始，漢內克說，需求是，我們對需求的設定和上升充滿信心。我們持續看到下半年消費者的強勁需求，與上半年非常相似。但下半年發生的事情是銷售之間的動態，正如我們在先前的一些問題中指出的那樣，銷售和銷售之間的動態發生了逆轉。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，這取決於你採用的是範圍的中間還是末端。我想說，前幾週看起來不錯。但這確實是我們對今年剩餘時間所做的假設。因此，正如我之前指出的那樣，我們預計下半年會有更多的促銷活動，或者在下半年，與上半年相比，消費者的本質從根本上來說是最重要的收入將在今年下半年實現。

And again we know our promotional plans fairly well. Very well, I would say, especially for the holiday quarter in the holiday quarter, it is completely normal that you promote a little bit more to be competitive everyone does that quarter is a consumer quarter less than a B2B quarter. So I think our plans are pretty clear. You know, never say never, but I it is not unexpected that there is a modest increase in promotion spend in Q3.

我們再次非常了解我們的促銷計劃。很好，我想說，特別是在假日季度，為了提高競爭力，你多做一點促銷是完全正常的，每個人都知道，這個季度是消費者季度，而不是 B2B 季度。所以我認為我們的計劃非常明確。你知道，永遠不要說永遠，但我並不意外，第三季促銷支出略有增加。

So it is more quote unquote and not year over year that the promotions are accelerating, right? If I understand you correctly,

因此，促銷活動的加速是更多的引用而不是逐年加速，對吧？如果我理解正確的話

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

我認為總體而言，雖然年復一年是公平的。正如我之前在比較去年下半年與今年下半年的毛利率時提出的一個問題時提到的，促銷活動稍微多一點。

Okay , Thank you very much for this.

好的，非常感謝你。

We have another question from Michael.

麥可還有一個問題。

Hi. Can you hear me?

你好。你聽得到我嗎？

[Hey, Michael? ]

[嘿，麥可？ ]

All right. Hi, Just one left for me. I was just wondering you were talking about, you know, opportunities in expanding your addressable market and, you are very successful in the education market. So I was wondering if you can make any comments on in roads that you make in other end markets, to expand your opportunity or is that is too early at this stage?

好的。你好，只剩下一張給我了。我只是想知道您在談論擴大目標市場的機會，而且您在教育市場上非常成功。所以我想知道您是否可以對您在其他終端市場的道路發表任何評論，以擴大您的機會，還是現階段還為時過早？

Yeah, I think through the question, it is probably a little too early. You know, again that the [TAM] that we can play and on the work side of our business is much bigger than where we play today and mostly in enterprise. If you take in all the other places that people work in, whether that is education or retail or health care or manufacturing, the t more than doubles. So this is more of a longer term strategic priority for us, but we will take it step by step. You know, going into a new vertical requires new capabilities, certainly from a go to market point of view. So education is the one that we are doing first we are seeing super encouraging results, high [20s] growth again in this past quarter. And maybe at AID, we will talk a little bit more about what might be next.

是的，我認為透過這個問題，現在可能有點太早了。你知道，我們在工作方面可以發揮的 [TAM] 比我們今天主要在企業中發揮的作用要大得多。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，這個數字都會增加一倍以上。所以這對我們來說更多的是一個長期的策略重點，但我們會一步一步來。您知道，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。因此，教育是我們首先要做的事情，我們看到了超級令人鼓舞的結果，在上個季度再次實現了[20多歲]的高成長。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。

Great to see you Michael.

很高興見到你邁克爾。

Thanks Michael, That is our last question for today.

謝謝邁克爾，這是我們今天的最後一個問題。

Super. Thanks Nate, thanks everyone for joining us, really appreciate seeing you and for your interest in Logitech. 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, We look forward to speaking with you next quarter. Take care everyone.

極好的。感謝 Nate，感謝大家加入我們，非常感謝見到您以及您對羅技的興趣。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實現的出色增長以及他們所做的一切，我們期待下個季度與您交談。大家保重。