羅技 (LOGI) 2025 Q3 法說會逐字稿

Portions of this transcript marked (audio in progress) indicate audio problems.

此文字記錄中標記為（音訊正在進行中）的部分錶示音訊問題。

The missing text will be supplied if a replay becomes available.

如果可以重播，將提供缺少的文字。

(audio in progress) I just mentioned, our newest headsets offer a truly unique two-way noise canceling experience powered by AI on the edge and the Logitech Sight, our advanced tabletop meeting room camera, which uses AI-driven smart switching for video framing and sound processing was recognized as one of TIME's best inventions of 2024 last quarter.

（音頻進行中）我剛才提到，我們最新的耳機提供真正獨特的雙向降噪體驗，由邊緣人工智能和羅技Sight 提供支持，羅技Sight 是我們先進的桌面會議室攝像頭，它使用人工智能驅動的智慧切換進行視訊取景聲音處理在上個季度被《時代》周刊評為 2024 年最佳發明之一。

There's more to come.

還有更多的事情要做。

Just last week, we announced a Rally Board 65, a mobile touchscreen display with video conferencing capabilities that you can easily roll into any room.

就在上週，我們發布了 Rally Board 65，這是一款具有視訊會議功能的行動觸控螢幕顯示器，您可以輕鬆地滾動到任何房間。

This portable solution creates a digital cocoon for meetings and a more immersive meeting experience in any space.

這種便攜式解決方案為會議創建了一個數位繭，並在任何空間提供更身臨其境的會議體驗。

In a short amount of time, we have successfully integrated AI into the work and play flows of nearly all our key categories, and there is much more to come.

在很短的時間內，我們已經成功地將人工智慧整合到幾乎所有關鍵類別的工作和娛樂流程中，並且還有更多的事情要做。

The developments in AI of just this last week position us even better as they provide more opportunities for Edge AI applications into our product development.

上週人工智慧的發展使我們處於更好的位置，因為它們為我們的產品開發中的邊緣人工智慧應用提供了更多機會。

The second strategic driver of our strong results was Logitech for business.

我們強勁業績的第二個策略驅動力是羅技的業務。

Doubling down on growth in the B2B channel is an important strategic focus for us.

加倍推動 B2B 通路的成長是我們的重要策略重點。

This quarter, engagement with customers at Logi WORK events created strong momentum resulting in growth in video collaboration and headsets as well as in the personal workspace products that we sell to B2B customers.

本季度，Logi WORK 活動中與客戶的互動創造了強勁的勢頭，導致視訊協作和耳機以及我們向 B2B 客戶銷售的個人工作空間產品的成長。

Services bookings, an important driver of customer satisfaction more than doubled, and our continued expansion into the new vertical of education yielded growth of more than 20%.

服務預訂（客戶滿意度的重要驅動力）成長了一倍多，而且我們不斷向新的教育垂直領域擴張，實現了 20% 以上的成長。

The Logi for business team continues to meet the evolving needs of modern workplaces.

Logi for Business 團隊不斷滿足現代工作場所不斷變化的需求。

Just this month, they launched a range of innovative smart office tools, including the Rally Board 65 I just mentioned, the Rally camera streamline kit for higher education, and the Logitech Spot sensor.

就在本月，他們推出了一系列創新的智慧辦公室工具，包括我剛才提到的 Rally Board 65、高等教育的 Rally 攝影機精簡套件以及羅技 Spot 感測器。

These new solutions combined with commercial go-to-market initiatives from our new dedicated global sales forces are resonating very well with B2B customers.

這些新解決方案與我們新的專門全球銷售團隊的商業上市計劃相結合，引起了 B2B 客戶的良好共鳴。

Next, when you look at our growth this quarter, it was broad-based across geographies.

接下來，當你看看我們本季的成長時，你會發現它在各個地區都有廣泛的基礎。

This underscores our strategic approach, tailing our execution to meet local demands and opportunities and rapidly of reapplying best practices across countries.

這強調了我們的策略方針，調整我們的執行以滿足當地需求和機會，並在各國快速重新應用最佳實踐。

For Q3, I want to congratulate our teams around the world for delivering very effective marketing campaigns and truly excellent in-store and online holiday retail execution.

對於第三季度，我要祝賀我們世界各地的團隊提供了非常有效的營銷活動以及真正出色的店內和線上假日零售執行力。

Notably, we're making progress in China.

值得注意的是，我們在中國正在取得進展。

Our end markets there saw robust growth, helping to drive a double-digit increase in Logitech's net sales year over year.

我們在那裡的終端市場出現了強勁成長，幫助推動羅技的淨銷售額較去年同期實現兩位數成長。

Our teams are doing admirable work quickly introducing new products in China that reposition us in the market at both the premium and the lower end and refreshing our use of social media and online sales channels in exciting new ways.

我們的團隊正在做令人欽佩的工作，迅速在中國推出新產品，重新定位我們在高端和低端市場的地位，並以令人興奮的新方式刷新我們對社交媒體和線上銷售管道的使用。

It's still early innings in our China execution, but I love the momentum that we're regaining in China.

我們在中國的執行仍處於早期階段，但我喜歡我們在中國重新獲得的勢頭。

Last and certainly not least, our continued delivery of profitable growth is underpinned by the exceptional execution of our operations team.

最後也是同樣重要的一點是，我們營運團隊的卓越執行力支撐著我們持續實現獲利成長。

Once again, cost reductions drove our gross margin above 43%.

成本降低再次推動我們的毛利率超過 43%。

And with tariffs on everyone's mind, we continue to prepare for a range of possible outcomes and for an ever more resilient global supply chain.

鑑於每個人都在考慮關稅，我們將繼續為一系列可能的結果以及更具彈性的全球供應鏈做好準備。

I'm pleased to report that we remain on track to further diversify our manufacturing footprint with over half of units shipped to North America coming from locations outside of China by the end of our fiscal year.

我很高興地向大家報告，我們仍有望進一步實現製造足蹟的多元化，到本財年結束時，運往北美的設備中有一半以上來自中國以外的地區。

In summary, a quarter with very strong results, driven by real progress against our strategic priorities.

總之，在我們的策略重點取得實際進展的推動下，這個季度取得了非常強勁的業績。

And finally, as a reminder, we have our Analyst and Investor Day scheduled for March 5, when we will discuss our mission to extend human potential in work and play and our longer-term strategy as well as showcase our industry-leading innovation.

最後，提醒一下，我們定於 3 月 5 日舉行分析師和投資者日，屆時我們將討論我們擴展人類工作和娛樂潛力的使命、我們的長期戰略以及展示我們行業領先的創新。

We'd be thrilled to host you at our Silicon Valley office or online.

我們很高興在我們的矽谷辦公室或網路上接待您。

Matteo, over to you.

馬特奧，交給你了。

All right.

好的。

Thank you, Hanneke.

謝謝你，漢內克。

Thank you all for joining the call today.

感謝大家今天加入電話會議。

The team delivered another exceptional quarter with strong profitable growth.

該團隊又一個出色的季度實現了強勁的獲利成長。

The detailed financial results can be found in the press release and shareholder letter but let me briefly share with you the key financial highlights for the quarter.

詳細的財務表現可以在新聞稿和股東信中找到，但讓我簡要地與您分享本季度的主要財務亮點。

Net sales were up 6% year over year, driven by demand in both our business and consumer channels, which came in ahead of our outlook.

在我們的業務和消費者通路需求的推動下，淨銷售額年增 6%，這超出了我們的預期。

Demand was broad-based with all regions and key product categories growing year over year.

需求基礎廣泛，所有地區和主要產品類別逐年成長。

I would like to call out two particular high points for the quarter.

我想指出本季的兩個特別高點。

Gaming grew double digits, approaching net sales levels last seen during the pandemic, and the high end of our business did very well.

遊戲成長了兩位數，接近大流行期間的淨銷售額水平，我們的高端業務表現非常好。

And as Hanneke mentioned, our Pro line hit record net sales and our MX line also hit near record net sales.

正如 Hanneke 所提到的，我們的 Pro 系列淨銷售額創下了歷史新高，我們的 MX 系列也創下了接近歷史最高淨銷售額紀錄。

Regionally, Asia grew high-single digits in year-over-year net sales, and Europe and the Americas grew mid-single digits.

從地區來看，亞洲淨銷售額年實現高個位數成長，歐洲和美洲實現中個位數成長。

We entered the third quarter with a healthy and balanced channel inventory, which supported a successful holiday season.

我們以健康平衡的渠道庫存進入第三季度，這為假期季節的成功提供了支持。

And as we exit the quarter, both owned and channel inventory levels ended well within our operating targets.

當我們結束本季時，自有庫存和渠道庫存水平均遠低於我們的營運目標。

As we indicated in the prior earnings call, in the third quarter, sell-through outpaced sell-in, and we expect this trend to continue also in the fourth quarter.

正如我們在先前的財報電話會議中指出的那樣，第三季的銷售量超過了銷售量，我們預計這一趨勢在第四季也將持續。

Most importantly, our growth continued to be highly profitable.

最重要的是，我們的成長持續保持高利潤。

The non-GAAP gross margin rate was 43.2% in the third quarter, up 90 basis points year over year, driven by reductions in product costs.

第三季非美國通用會計準則毛利率為43.2%，較去年同期成長90個基點，受產品成本下降的推動。

And this marks the fifth consecutive quarter of year-over-year gross margin rate expansion, a real testament to the durability of our cost-reduction initiatives and commitment to operational excellence.

這標誌著毛利率連續第五個季度同比增長，真正證明了我們降低成本措施的持久性和對卓越營運的承諾。

As a result, we expect the gross margin rate for this fiscal year to be on the higher end of our previously provided range of 42% to 43%.

因此，我們預計本財年的毛利率將處於我們先前提供的 42% 至 43% 範圍的較高端。

Moving to operating expenses.

轉向營運費用。

Q3 OpEx was impacted by a $40 million charge for bad debt reserve due to the inability of one of our e-commerce payment providers to pay us.

由於我們的一家電子商務支付提供者無法向我們付款，第三季營運支出受到 4,000 萬美元壞帳準備金費用的影響。

We have since transitioned to a new provider.

此後我們已轉向新的提供者。

And excluding the impact of this charge, operating expenses would have been 22.3% of net sales, slightly lower than the previous year.

排除此費用的影響，營運費用將佔淨銷售額的 22.3%，略低於上一年。

Sales and marketing would have been up 6% year over year.

銷售和行銷將年增 6%。

And additionally, we continue to invest in R&D, while maintaining G&A flat year over year.

此外，我們繼續投資研發，同時保持一般費用與去年同期持平。

Non-GAAP operating income increased by 7% compared to the prior year.

非 GAAP 營業收入較前一年成長 7%。

And excluding the charge that I mentioned earlier, it would have been 20.9% of net sales, up 110 basis points compared to the third quarter of last year.

如果不包括我之前提到的費用，則佔淨銷售額的 20.9%，比去年第三季成長 110 個基點。

Our cash generation remains robust.

我們的現金生成能力仍然強勁。

In the quarter, we generated $370 million of cash from operations, contributing to a healthy cash position of $1.5 billion.

本季度，我們從營運中產生了 3.7 億美元的現金，為 15 億美元的健康現金狀況做出了貢獻。

In addition, we announced a five-year $750 million credit facility, which we believe will enhance our financial flexibility and further strengthen our financial position.

此外，我們還宣布了一項為期五年的 7.5 億美元信貸安排，我們相信這將增強我們的財務靈活性並進一步鞏固我們的財務狀況。

In the third quarter, we returned $200 million to shareholders through share repurchases as part of our ongoing $1 billion buyback program.

第三季度，作為我們正在進行的 10 億美元回購計畫的一部分，我們透過股票回購向股東返還了 2 億美元。

And since the beginning of fiscal year '25, we have returned over $650 million to shareholders through dividends and share repurchases.

自 25 財年開始以來，我們已透過股利和股票回購向股東返還超過 6.5 億美元。

Now, looking ahead, we have increased our fiscal year 2025 outlook.

現在，展望未來，我們提高了 2025 財年的展望。

Our underwriting business is performing extremely well, and we are confident that we will close out this year in a strong position.

我們的核保業務表現非常出色，我們有信心今年將處於有利地位。

There are two items that I would like to call out since our update last quarter.

自從上個季度更新以來，我想指出兩點。

Now first, as I mentioned earlier, in this quarter, we faced an isolated $14 million headwind related to a bad debt expense.

首先，正如我之前提到的，在本季度，我們面臨著與壞帳費用相關的 1,400 萬美元的孤立阻力。

And second, we believe that it is likely that our results in the fourth quarter will be negatively impacted by the recent strengthening of the US dollar.

其次，我們認為第四季的業績可能會受到近期美元走強的負面影響。

Taken together, bad debt and foreign exchange represent an approximate $40 million headwind, and these items are not related to our core business and ultimately, our transitory.

總的來說，壞帳和外匯相當於約 4000 萬美元的逆風，這些項目與我們的核心業務無關，最終與我們的短暫業務無關。

Despite this pressure, the tremendous performance of our underlining business gives us the confidence to raise our fiscal year 2025 outlook for both net sales and operating income.

儘管面臨這種壓力，我們的核心業務的出色表現讓我們有信心提高 2025 財年的淨銷售額和營業收入預期。

Absorbing an unforeseen $40 million headwind near the end of our fiscal year and raising our full-year outlook is a testament to the resiliency and flexibility of our teams.

在我們的財政年度結束時吸收了不可預見的 4000 萬美元的逆風並提高了我們的全年前景，這證明了我們團隊的彈性和靈活性。

We speak often about the dynamic environment in which we operate, inflation, possible tariffs, and currency fluctuations.

我們經常談論我們經營所在的動態環境、通貨膨脹、可能的關稅和貨幣波動。

But in the end, our business is executing at a high level and adjusting to these external uncertainties.

但最終，我們的業務正在高水準執行並適應這些外部不確定性。

We delivered another strong quarter and are positioned to end the year with continued strong momentum.

我們再次實現了強勁的季度業績，並準備以持續強勁的勢頭結束今年。

So now, we are ready for the Q&A.

現在，我們準備好進行問答了。

Thank you so much, Matteo.

非常感謝你，馬特奧。

We will now move to the Q&A session.

我們現在進入問答環節。

(Event Instructions) Our first question comes from Asiya Merchant with Citi.

（活動說明）我們的第一個問題來自花旗銀行的Asiya Merchant。

Oh, great.

哦，太好了。

Thank you.

謝謝。

I was having few issues unmuting myself.

我在取消靜音時遇到了一些問題。

Very strong results here, just on gross margins.

僅就毛利率而言，這裡的業績非常強勁。

You guys continue to obviously deliver towards the high end of that.

你們顯然繼續向高端邁進。

You've talked about these cost controls that are delivering.

您已經談到了這些正在發揮作用的成本控制。

And I take it, there was no impact from inventory reserves unwinding in this quarter.

我認為，本季庫存儲備的釋放沒有產生影響。

So just as we look ahead, if you look into the trajectory of momentum that you're exiting December with an entering March and as we look into fiscal '26, so what are some drivers, the puts and takes that you see for gross margins into fiscal '26 to continue to deliver here towards the higher end of your range and if they could continue to see further margin momentum?

因此，正如我們展望未來一樣，如果您研究 12 月結束並進入 3 月的勢頭軌跡，並且當我們研究 26 財年時，那麼您看到的毛利率有哪些驅動因素、看跌期權和看跌期權進入26財年，繼續向您的範圍的高端交付，他們是否可以繼續看到進一步的利潤動能？

Thank you.

謝謝。

Sure, Asiya.

當然，阿西婭。

Thanks for the question.

謝謝你的提問。

So you're absolutely right.

所以你是完全正確的。

The quarter was very clean, very operational.

這個季度非常乾淨，非常運作。

There was no impact coming from the inventory exactly as you mentioned.

正如您提到的那樣，庫存沒有產生任何影響。

Really a fantastic job done by the operating team by (inaudible) and his team and keep driving the product cost reductions.

營運團隊（聽不清楚）和他的團隊做得非常出色，並不斷推動產品成本降低。

And this primarily activities such as value engineering, so taking cost out of the billing material.

這主要是價值工程等活動，從而從計費材料中扣除成本。

Now, value engineering is an ongoing process.

現在，價值工程是一個持續的過程。

You're never done.

你永遠不會完成。

And every year, you have to start basically a new set of programs.

每年，你基本上都必須開始一套新的計劃。

And we have a pretty good pipeline also entering into next year.

我們還有一個相當不錯的管道也將進入明年。

And this is going to be a continued effort that will continue for years to come.

這將是未來幾年持續的努力。

As I said, it's continuous improvement, you're ever done.

正如我所說，這是持續改進的過程，你已經完成了。

I will right now refrain from giving you a little bit more details on the financials as it pertain to '26 and the longer term.

我現在不會向您提供有關 26 年及更長期財務狀況的更多詳細資訊。

We look forward obviously to updating all of you at the Investor Day in March 5, but we are super thrilled by the continuous work the team has been doing.

我們顯然期待在 3 月 5 日的投資者日向大家通報最新情況，但我們對團隊一直以來所做的持續工作感到非常興奮。

Okay.

好的。

Our next question comes from Alex Duval with Goldman Sachs.

我們的下一個問題來自高盛的亞歷克斯·杜瓦爾。

Yes.

是的。

Hello, everyone.

大家好。

Thank you so much for the questions.

非常感謝您的提問。

Just a quick couple, if I may.

如果可以的話，只是簡單的一對。

Firstly, we saw another quarter of growth on the VC side.

首先，我們看到創投方面又實現了一個季度的成長。

And clearly, you've seen some stabilization and talking about further attach of services.

顯然，您已經看到了一些穩定並正在談論進一步的服務附加。

So I wondered if you could expand on that.

所以我想知道你是否可以對此進行擴展。

And then I guess, the other question, just on the PC side, showing growth there.

然後我想，另一個問題，就在個人電腦方面，顯示出那裡的成長。

Clearly, there's been talk of a Windows refresh and also upgrades to devices purchased early in COVID.

顯然，人們一直在談論 Windows 更新以及對新冠疫情早期購買的設備進行升級。

So I wondered if you could give your latest perspectives on those.

所以我想知道您是否可以給出您對這些問題的最新看法。

Many thanks.

非常感謝。

Yeah, happy to do that.

是的，很高興這樣做。

VC, yes, we're seeing -- from the many customer discussions that we're having, we're seeing a market improving a little bit.

風險投資，是的，我們看到——從我們正在進行的許多客戶討論中，我們看到市場在一點點改善。

IT budget overall still flattish, but I think the AI spending is getting a little smarter.

IT 預算總體上仍然持平，但我認為人工智慧支出正在變得更加明智。

And of course, there's return to office and customers making choices of how they want to work going forward, how many days in office?

當然，回到辦公室後，客戶可以選擇他們想要如何繼續工作，在辦公室待幾天？

And that then, in turn, leads to office remodelings, which are always a good thing for us.

這反過來又導致了辦公室的改造，這對我們來說總是一件好事。

So the market is becoming a little better.

所以市場正在變得更好一些。

And then within that, we think we're executing really, really well.

然後，我們認為我們執行得非常非常好。

Both VC demand and the overall B2B channel sales are quite a bit higher maybe even than the VC sales you saw here in the quarter.

創投需求和整體 B2B 通路銷售額甚至比您在本季看到的創投銷售額還要高得多。

And that's driven by superior products and innovation.

這是由卓越的產品和創新所驅動的。

I touched on some of those in the remarks, strengthening our go-to-market capabilities with increased sales coverage, better talent, which we're excited about.

我在演講中談到了其中的一些內容，透過擴大銷售覆蓋範圍和更好的人才來加強我們的市場進入能力，我們對此感到興奮。

And indeed, as you said, our services attach doubled, which is great because that drives customer satisfaction.

事實上，正如您所說，我們的服務增加了一倍，這很好，因為這可以提高客戶滿意度。

It's also very profitable.

這也是非常有利可圖的。

And then some of the verticals, especially education, are really starting to get to some scale with 20% growth.

然後一些垂直行業，尤其是教育行業，確實開始達到一定規模，成長 20%。

So we're bullish on Logitech for business.

因此，我們看好羅技的業務。

In terms of PC and PC refresh cycles and Super PCs, that cycle is definitely underway.

就 PC 和 PC 更新週期以及超級 PC 而言，這個週期肯定正在進行中。

And as I said before, there is no direct correlation with PC refreshes in our business.

正如我之前所說，我們的業務與 PC 更新沒有直接關係。

But certainly, people buying or receiving a new PC at work is a good time to also think about adding one of our products.

但當然，人們在工作中購買或收到新電腦也是考慮添加我們的產品的好時機。

So it is underway and those new super PCs need Super mice and keyboards we believe.

所以它正在進行中，我們相信那些新的超級電腦需要超級滑鼠和鍵盤。

Okay.

好的。

Our next question comes from Erik Woodring with Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾瑞克‧伍德林。

Erik?

艾瑞克？

Great.

偉大的。

Thanks so much for taking my question.

非常感謝您提出我的問題。

I have two, if I may.

如果可以的話，我有兩個。

Hanneke, just, I was wondering if you could kind of double-click on your comments on China.

漢內克，我想知道你是否可以雙擊你對中國的評論。

It's been a very challenging market overall.

總體而言，這是一個非常具有挑戰性的市場。

You've called out specifically for Logitech over the last handful of quarters.

在過去的幾個季度裡，您特別為羅技按讚。

But I guess maybe my question, do you feel like things have kind of turned around this quarter?

但我想也許我的問題是，您覺得本季情況有所轉變嗎？

And specifically, maybe what I'm trying to get at is, is there market dynamic that's inflecting that you see?

具體來說，也許我想了解的是，您所看到的市場動態是否正在改變？

Is there something that you're doing specifically in China that's also inflecting a bubble?

您在中國專門做的事情是否也影響了泡沫？

If you could just double click kind of market and then Logitech positioning within China and what's changing?

如果你可以雙擊市場類型，然後羅技在中國的定位有什麼變化？

And then I have a follow-up.

然後我有一個後續行動。

Thank you.

謝謝。

Yeah.

是的。

Absolutely.

絕對地。

And Erik, it's both of the above.

埃里克，以上都是。

So I'm really pleased with the improving momentum that we're seeing in our business in China.

因此，我對我們在中國業務的改善勢頭感到非常高興。

As you know, we don't break it out, but you've seen a double-digit net sales growth for APAC.

如您所知，我們沒有詳細說明，但您已經看到亞太地區的淨銷售額實現了兩位數的成長。

And within that, China did even a little better than the average.

其中，中國的表現甚至比平均還要好一點。

So that's good.

所以這樣很好。

And what's driving that?

是什麼推動了這一點？

It's both of the things you mentioned.

就是你說的這兩件事。

So first of all, the market in gaming continues to grow at a really fast clip in China.

首先，中國的遊戲市場持續快速成長。

And what's driving that?

是什麼推動了這一點？

That market, I came from beauty in the past, and we called it the lipstick effect when consumers are a little cash strapped, that actually is true for gaming as well.

那個市場，我過去來自美容行業，當消費者有點缺錢時，我們稱之為口紅效應，實際上對於遊戲來說也是如此。

This is a cheaper form of entertainment than going out to eat, going to the movies, so the gaming market is doing well.

這是一種比出去吃飯、看電影更便宜的娛樂方式，因此遊戲市場表現良好。

Another driver of this is the increasing popularity of first-person shooters in China.

另一個推動因素是第一人稱射擊遊戲在中國越來越受歡迎。

And of course, the competitive environment continues to be really dynamic, which means there's a lot of innovation in gaming.

當然，競爭環境仍然充滿活力，這意味著遊戲領域有許多創新。

So that market is very robust, and that is one driver of our gaming growth and our overall growth in China.

所以這個市場非常強勁，這是我們遊戲成長和中國整體成長的驅動力之一。

Second piece, though, is our teams are doing really great work, and they're quickly introducing new products in China, for China, both at the premium end and the lower end.

不過，第二點是我們的團隊正在做非常出色的工作，他們正在迅速在中國推出新產品，無論是高端產品還是低端產品。

And they're really doing some exciting new stuff when it comes to marketing and social selling, both on Douyin, which is TikTok, and on Pinduoduo.

在行銷和社交銷售方面，他們確實在抖音（即 TikTok）和拼多多上做了一些令人興奮的新事情。

And so we're seeing encouraging share progress, especially at the premium and especially in those channels I just mentioned as well.

因此，我們看到了令人鼓舞的份額進展，尤其是在溢價方面，尤其是在我剛才提到的那些管道中。

And I'm really liking the momentum we're regaining in China.

我真的很喜歡我們在中國恢復的勢頭。

Awesome.

驚人的。

Really helpful commentary.

確實很有幫助的評論。

Thank you, Hanneke.

謝謝你，漢內克。

And then Matteo, maybe just one clarification question is not necessarily specific to Logitech, but taking a step back, the kind of threat of potential tariffs has been something that we've seen pull forward demand a little bit.

然後，馬特奧，也許只是一個澄清問題不一定是羅技特有的，但退一步說，潛在關稅的威脅我們已經看到了一點拉動需求。

And I'm just wondering, from your perspective, is this something that you see from your channel partners?

我只是想知道，從您的角度來看，這是您從通路夥伴那裡看到的嗎？

Again, I understand filter was strong, so it's not trying to get a channel inventory.

再說一次，我知道過濾器很強大，所以它不是試圖獲得渠道庫存。

But just wondering what you're hearing from your channel partners and whether there is a bit of a pull forward of demand just to make sure they can kind of get products at the right price before the potential of tariffs arise?

但只是想知道您從通路合作夥伴那裡聽到了什麼，以及是否有一點需求提前，只是為了確保他們能夠在潛在的關稅出現之前以合適的價格獲得產品？

That's it for me.

對我來說就是這樣。

Thanks so much.

非常感謝。

Sure, Erik.

當然，埃里克。

Not really, at least not yet for what we could see.

事實並非如此，至少目前我們所看到的還不是。

Things have been progressing pretty normally.

事情進展得很正常。

What I can tell you, to Hanneke's point earlier, we feel we are very prepared.

我可以告訴你的是，正如漢內克之前所說的那樣，我們覺得我們已經做好了充分的準備。

Our -- we have been working on this diversification of our own supply chain for quite some time.

我們的供應鏈多元化已經有一段時間了。

We have multiple manufacturing sites in multiple countries.

我們在多個國家擁有多個生產基地。

So we think we are ready.

所以我們認為我們已經準備好了。

It's really about supply chain resilience.

這實際上與供應鏈的彈性有關。

More related -- even more to your question, when you look at the inventory, for example, you saw the inventory -- sequentially, we went down third quarter versus the second, but we did actually pull in a few inventory on the high runners in order to protect ourselves and customers upon in case there is then a final determination on tariffs.

更相關的是——甚至更多的是你的問題，例如，當你查看庫存時，你看到了庫存——依次，我們第三季度比第二季度下降了，但我們實際上確實在高水平的企業中引入了一些庫存為了在關稅最終確定後保護我們自己和客戶。

Thanks so much.

非常感謝。

Okay.

好的。

Our next question comes from Joern Iffert with UBS.

我們的下一個問題來自瑞銀集團的 Joern Ifffert。

Thank you for taking my questions.

感謝您回答我的問題。

The first one is, please, pretty basic one on your Q4 implied outlook, which means sales is more or less flattish year over year and gross profit margin, I think, going back to the 41%, and 42% range and also non-GAAP EBIT being down around, what is it, down 20% year over year, if I'm not totally wrong, on the back of my [analog] calculation.

第一個是關於你的第四季隱含前景的非常基本的一個，這意味著銷售額或多或少與去年同期持平，我認為毛利率會回到41% 和42% 的範圍，而且也不是 -如果我沒有完全錯的話，根據我的[模擬]計算，GAAP 息稅前利潤大約下降了，這是什麼意思，同比下降了 20%。

Can you clarify if you're really seeing it?

你能澄清一下你是否真的看到了它嗎？

Or is it the concept of prudence?

還是謹慎的概念？

This would be the first question, please.

這是第一個問題。

Okay.

好的。

I will take that one.

我會接受那個。

So let me peel the onion for you, Joern.

那麼就讓我幫你剝洋蔥吧，喬恩。

So starting from the top, we continue to see strong demand on the back of the very successful holiday quarter that we just had.

因此，從頂部開始，我們繼續看到在剛剛度過的非常成功的假期季度的背景下，需求強勁。

Demand in constant currency is expected to be in the mid-single digit, okay?

以固定匯率計算的需求預計將在個位數左右，好嗎？

And this translates in -- depending on which side of the range you are.

這取決於你屬於範圍的哪一邊。

But in our net sales, when you factor in the FX impact that I mentioned in my prepared remarks, net sales to be up low- to mid-single digits.

但在我們的淨銷售額中，當你考慮到我在準備好的演講中提到的外匯影響時，淨銷售額將成長低至中個位數。

As far as the gross margin point of your question, that is correct.

就你問題的毛利率而言，這是正確的。

So we are expecting gross margin rate to be around 41.5% in the fourth quarter.

因此我們預計第四季毛利率在41.5%左右。

So there are fundamentally two things happening year over year.

因此，從根本上來說，每年都會發生兩件事。

One is the FX impact that I mentioned in my prepared remarks.

一是我在準備好的發言中提到的外匯影響。

As you've seen in recent weeks, the US dollar has strengthened quite substantially compared to the other major currencies and for us, it's primarily the euro.

正如您最近幾週所看到的，與其他主要貨幣相比，美元大幅走強，對我們來說，主要是歐元。

So that's about year over year, it's about 150 basis points pressure on the gross margin rate.

因此，與去年同期相比，毛利率面臨約 150 個基點的壓力。

And then last year, we were still enjoying a little bit of tailwind coming from release of inventory reserves as the channel was coming down, that's not going to repeat in the fourth quarter.

去年，隨著通路下降，我們仍然享受著庫存儲備釋放帶來的一點順風，這種情況不會在第四季重演。

So that's why the gross margin rate is about, call it, roughly 200 basis points down year over year.

這就是為什麼毛利率年減約 200 個基點。

So however, if you exclude the impact of the FX and if you exclude the impact of this inventory dynamic, the operating income would be pretty much flat.

然而，如果排除外匯的影響以及庫存動態的影響，營業收入將基本持平。

So notwithstanding all these pressures that I just mentioned.

因此，儘管有我剛才提到的所有這些壓力。

I think we are really a testament to the great work that the team has done by really allowing us to raise further the guidance for the year.

我認為，我們確實允許我們進一步提高今年的指導，這確實證明了團隊所做的出色工作。

And if you take a step back a little bit, remind a little bit what we said in the last earnings call, Basically, our outlook is improving by about $100 million in revenue and about $20 million in margin.

如果你退後一步，請提醒我們在上次財報電話會議中所說的話，基本上，我們的前景將改善約 1 億美元的收入和約 2000 萬美元的利潤。

It's a pretty nice flow-through considering some of the challenges that I mentioned in my prepared remarks.

考慮到我在準備好的發言中提到的一些挑戰，這是一個非常好的流程。

I was just going to add, Joern, I mean, because we've been talking about this all year.

我只是想補充一點，喬恩，我的意思是，因為我們一整年都在談論這個問題。

So again, in the fourth quarter, we do expect in constant currency that the sell-out, the demand will continue to be robust mid-single digit.

因此，在第四季度，我們確實預計，以固定匯率計算，在銷售旺盛的情況下，需求將繼續保持在中個位數的強勁水平。

But as we've said many times before, towards the end of the year to sell in will be lowered in the sellout.

但正如我們之前多次說過的那樣，到年底銷售量將會降低。

So that's the dynamic you're seeing, but we do expect it to be positive.

這就是您所看到的動態，但我們確實希望它是積極的。

Thank you.

謝謝。

And this brings me to the second question, if I may.

如果可以的話，這就引出了第二個問題。

When I look into the first half, '26 and just manically, you said sell-in was much higher versus sell-out.

當我回顧 26 年上半年的情況時，你很瘋狂地說，賣出量比賣出量高得多。

Is this something we should prepare ourselves for that maybe sell-in against the tight comps is more flattish in the first half '26 and sell-out will maintain the pace we are seeing around mid-single digit or is it not a big deviation you would expect for the first half '26?

這是我們應該做好準備的事情嗎？一個很大的偏差嗎？

Joern, if we -- sure, if we rewind the tape a little bit, right, we -- if you remember, at the beginning of the year, we -- fiscal year of '25, we mentioned that the channel exiting fiscal year '24 was a bit light.

Joern，如果我們——當然，如果我們把磁帶倒回一點，對吧，我們——如果你還記得的話，在今年年初，我們——25 財年，我們提到了退出財年的渠道'24 有點輕。

We were surprised that the positive of some of the growth that we saw in revenue in the last couple of months of the fourth quarter of '24.

我們對 2024 年第四季最後幾個月營收的正面成長感到驚訝。

And this created a bit of an imbalance in the channel inventory.

這造成了渠道庫存的一些不平衡。

And we spent basically the first half of fiscal year '25 in fixing this.

我們基本上花了 25 財年的上半年時間來解決這個問題。

And that's why we said first half of '25, sell-in will outpace sellout, but then this dynamic reversed itself in the second half of '25, which is exactly what has been happening in the third quarter and what Hanneke mentioned for the fourth.

這就是為什麼我們說 25 年上半年銷售將超過銷售，但這種動態在 25 年下半年發生了逆轉，這正是第三季度發生的情況以及漢內克在第四季度提到的情況。

Our plan is to continue to maintain and held a healthy channel inventory.

我們的計劃是繼續維持並持有健康的通路庫存。

This is really what enabled us in a way to such a strong holiday quarter.

這確實是我們在假期季節取得如此強勁表現的原因。

So we want to continue to do that.

所以我們想繼續這樣做。

And if we are successful, then you should not see the same dynamic happening next year.

如果我們成功了，那麼明年你就不應該看到同樣的情況發生。

So you will see next year sell-in and sell-through mirror closer to each other throughout the year.

因此，您將看到明年的售入和售出鏡像在全年中更加接近。

Thank you very much.

非常感謝。

Very last question, if I may.

如果可以的話，最後一個問題。

It's a technical one, to be sure because I could not go through all the details, but this SG&A one-off you were highlighting, this is included in your non-GAAP EBIT, right?

可以肯定的是，這是一個技術問題，因為我無法詳細介紹所有細節，但您強調的這一一次性 SG&A 包含在您的非 GAAP 息稅前利潤中，對吧？

So the adjusted amount of EBIT for this one would be even higher, just to double check this quickly.

因此，調整後的息稅前利潤金額會更高，只是為了快速檢查一下。

That is correct.

這是正確的。

So first of all, the $40 million was booked not in G&A, but in sales and marketing and it is included in our numbers.

首先，這 4000 萬美元不是計入一般管理費用，而是計入銷售和行銷，並且包含在我們的數字中。

Thank you very much.

非常感謝。

Our next question comes from Ananda with Loop Capital.

我們的下一個問題來自 Loop Capital 的 Ananda。

Yeah.

是的。

Thanks, guys.

謝謝，夥計們。

Good afternoon, and thanks for taking the questions.

下午好，感謝您提出問題。

I guess just starting real quick on gaming.

我想剛開始玩遊戲。

What's a good way to think about durability of these results as you go through the year?

在這一年裡，思考這些結果的持久性的好方法是什麼？

There are some important new gaming refreshes coming out later in the year.

今年稍後將推出一些重要的新遊戲更新。

Typically, there's good pull-through ahead of those.

通常，在這些之前會有很好的拉動。

There's also a tough comp compares, tougher compares coming up as you go through the year.

還有一個艱難的比較，隨著你度過這一年，更艱難的比較將會出現。

And then you are at record levels of gaming revenue.

然後你的遊戲收入就達到了創紀錄的水平。

So just starting there.

所以就從這裡開始吧。

I'd love to get your take on that.

我很想聽聽你對此的看法。

Thanks.

謝謝。

Yes, I'm not [giving anybody an outlook] for the year ahead, but we're bullish on gaming.

是的，我不會[給任何人展望]未來一年的前景，但我們看好遊戲。

We're super excited about what we did in the holiday quarter.

我們對假期期間所做的事情感到非常興奮。

We're gaining share in the US and in EMEA in really robust markets.

我們正在美國和歐洲、中東和非洲等真正強勁的市場中獲得份額。

I talked about the momentum we're regaining in China.

我談到了我們在中國正在恢復的勢頭。

We're gaining share, and we're growing faster on the premium end of our gaming business.

我們正在獲得份額，並且我們在遊戲業務的高端領域中成長得更快。

I mentioned Pro, which is back to records.

我提到了 Pro，它又回到了唱片。

I didn't mention Sim, but that was a fourth quarter of double-digit growth on Sim.

我沒有提到 Sim，但 Sim 的第四季實現了兩位數的成長。

So those are really high ASP products.

所以這些都是真正的高 ASP 產品。

And then I think AI and innovation that fun AI streaming agents, we just launched, there's a lot more to come there.

然後我認為人工智慧和創新讓人工智慧串流代理變得有趣，我們剛剛推出，還有更多的東西即將推出。

So bullish on gaming, and we can talk more about it at AID.

如此看好遊戲，我們可以在 AID 上更多地討論它。

I appreciate the context.

我很欣賞這個背景。

And I guess a quick follow-up, you had mentioned back to office.

我猜想是一個快速的後續行動，你提到回到辦公室。

VC obviously is doing well again.

VC 顯然又表現出色了。

Are you getting -- I guess, would love any context whether it's anecdotal in your conversations with larger customers or any of the data you're picking up about sort of bodies coming back to office that sort of connecting into increased activity?

我想，您是否會喜歡任何背景信息，無論是您與大客戶的對話中的軼事，還是您收集到的有關返回辦公室的機構的任何數據，這些數據與增加的活動有關？

Any context there would be great.

任何背景都會很棒。

Thanks.

謝謝。

Yeah.

是的。

We're definitely seeing increased activity in people moving into new offices, changing their office setups, et cetera, because many companies will continue to be hybrid.

我們肯定會看到人們搬進新辦公室、改變辦公室設置等活動的增加，因為許多公司將繼續採用混合模式。

So few days in the office, a few days at home.

幾天在辦公室，幾天在家。

Some have decided to go all in and go all back to the office.

有些人決定全力以赴，回到辦公室。

All of that requires a new way of thinking about the office, which is really perfect for us.

所有這些都需要一種新的辦公室思維方式，這對我們來說非常完美。

We've got very clear points of view on what great offices look like and what great technology in those offices look like.

對於什麼是優秀的辦公室以及這些辦公室的優秀技術是什麼樣子，我們有著非常清晰的觀點。

And our teams are being pretty damn effective at sharing those perspectives and sharing our products.

我們的團隊在分享這些觀點和分享我們的產品方面非常有效。

So again, another place that we're bullish on.

再說一遍，這是我們看好的另一個地方。

And we can support companies that decide to go back five days a week, but we also support companies really well that decide on fewer days.

我們可以支持那些決定每週回去五天的公司，但我們也非常支持那些決定減少天數的公司。

Thanks a lot.

多謝。

Thanks guys.

謝謝你們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Okay.

好的。

Our next question comes from George Wang with Barclays.

我們的下一個問題來自巴克萊銀行的喬治王。

George?

喬治？

Thanks a lot for taking my questions, and congrats on the quarter.

非常感謝您回答我的問題，並祝賀本季。

I have two quick ones.

我有兩個快的。

Firstly, can you maybe give a more refreshed [start] in terms of operating expense?

首先，您能否在營運費用方面給出一個更新穎的[開始]？

It's nice to see the strong OpEx control.

很高興看到強大的營運支出控制。

Just curious if there's a tendency to reinvest some of the things to kind of an R&D and S&M just to increase more sales.

只是好奇是否有一種傾向將某些東西再投資於研發和行銷與行銷，只是為了增加更多的銷售額。

Previously, you guys talked about 24% to 26% in terms of the sales ratio.

之前你們談到銷售比例是24%到26%。

Just curious if that's kind of move away to the low end versus kind of reinvesting into the business?

只是好奇這是否是一種向低端的轉移，而不是一種對業務的再投資？

Absolutely not.

絕對不是。

So let me dissect the number for you, George.

喬治，讓我為你剖析這個數字。

So the -- we continue to invest in R&D and in sales and marketing.

因此，我們繼續投資於研發以及銷售和行銷。

So if you forget one second the bad debt reserve that we had to book this quarter, sales and marketing was up about 6% year over year.

因此，如果你忘記我們本季必須記入的壞帳準備金，那麼銷售和行銷年增了約 6%。

The team did a very great job in -- it will be very meticulous on how to spend the money.

團隊在這方面做得非常出色——對於如何花錢會非常謹慎。

They selectively spend some marketing dollars with some of our key e-tailers and retailers to drive profitable growth.

他們有選擇地在我們的一些主要電子零售商和零售商身上花費一些行銷資金，以推動利潤成長。

And you saw the results in the numbers that we just posted.

您在我們剛剛發布的數字中看到了結果。

So really a great job for the team is spending the dollars wisely.

因此，對團隊來說，真正重要的工作就是要明智地花錢。

And the same applies to R&D.

這同樣適用於研發。

We continue to see R&D going up.

我們繼續看到研發不斷成長。

That's part of what we always do.

這是我們一直在做的事情的一部分。

And you saw the impact of that.

你看到了它的影響。

We launched just in gaming, 16 new APIs right before the holidays.

我們在假期前就在遊戲領域推出了 16 個新 API。

And look, at what gaming did with it.

看看遊戲用它做了什麼。

They achieved almost record net sales.

他們幾乎實現了創紀錄的淨銷售額。

So that philosophy is not changing.

所以這個哲學並沒有改變。

As far as the range, we confirm the range of 24% to 26%, excluding the bad debt that we recorded in the quarter and we'll probably be on the higher end of the range, but the philosophy really is not changing.

就範圍而言，我們確認的範圍為 24% 至 26%，不包括我們在本季度記錄的壞賬，我們可能會處於該範圍的較高端，但這一理念確實沒有改變。

We continue to invest in R&D, in sales and marketing, cautiously, and we continue to drive inefficiency in G&A.

我們繼續謹慎地投資於研發、銷售和行銷，並持續降低一般管理費用的低效率。

Great.

偉大的。

Just a quick follow-up, if I can.

如果可以的話，請快速跟進。

Just -- since you guys cash reached $1.5 billion of cash on the balance sheet increased a bit sequentially, just in terms of bolt-on tuck-in deals.

只是——自從你們的現金達到 15 億美元以來，資產負債表上的現金連續增加了一些，只是就補充交易而言。

So do you think you are going to addressing a bit more cross-sell opportunities like adjacencies versus kind of a new category such as kind of B2B, you guys are doubling down.

那麼，您是否認為您將解決更多的交叉銷售機會（例如鄰接）而不是某種新類別（例如 B2B），您正在加倍努力。

Just curious if there's any refreshed thoughts there.

只是好奇那裡是否有任何新的想法。

Yeah.

是的。

So we'll definitely touch on that at the Investor Day.

因此，我們肯定會在投資者日討論這一點。

For now, though, our priorities when you look at [cap], we have a pristine balance sheet.

不過，就目前而言，當你查看[上限]時，我們的首要任務是，我們擁有原始的資產負債表。

Our cash situation is great and priorities on how we spend that don't change.

我們的現金狀況很好，而且我們支出方式的優先順序不會改變。

So first of all, we invested in the business, R&D especially critical for us.

因此，首先，我們投資於業務，研發對我們尤其重要。

Second, we prioritize the dividends, nice increases in the dividend every year.

其次，我們優先考慮股息，股息每年都有不錯的成長。

The third priority, though, is M&A.

不過，第三個優先事項是併購。

So I'm glad you're bringing it up, but we have to be extremely thoughtful and deliberate and strategic about M&A.

所以我很高興你提出這個問題，但我們必須對併購非常深思熟慮、深思熟慮和策略性。

It's easy to do a deal.

達成交易很容易。

It's much harder to do a really great deal.

做一件真正偉大的事情要困難得多。

But if I were a betting woman, I would say that you're right, any M&A would be in the places of work and play and with synergies, especially in B2B or in our B2C go-to-market.

但如果我是一個打賭的女人，我會說你是對的，任何併購都將發生在工作和娛樂的地方，並且具有協同效應，特別是在 B2B 或我們的 B2C 進入市場中。

So we are looking.

所以我們正在尋找。

And if and when we pull the trigger, I also want to tell you that we'll be ready to really integrate it well.

如果我們扣動扳機，我還想告訴你們，我們將準備好真正很好地整合它。

So it's another thing that we're working on.

這是我們正在研究的另一件事。

And when we have something to share, you'll obviously be the first to know.

當我們有東西要分享時，您顯然會是第一個知道的。

But in the meantime, while we're not announcing any new M&A, our fourth priority for capital allocation is share buyback really important.

但同時，雖然我們沒有宣布任何新的併購，但我們資本配置的第四個優先事項是股票回購，這非常重要。

We usually buy back around $130 million in a quarter.

我們通常一個季度回購約 1.3 億美元。

You've seen us buy back $200 million in the last quarter, again, because of that cash situation, but also because we believe it's a really good share to invest in.

你已經看到我們在上個季度回購了 2 億美元，再次是因為現金狀況，但也因為我們相信這是一個非常值得投資的股票。

So it was a little higher than usual.

所以比平常稍微高一點。

Great, thank you.

太好了，謝謝。

Okay.

好的。

At this time, we don't have any more hands raised.

此時，我們已經沒有人再舉手了。

Great.

偉大的。

Hanneke, that's our last question for today.

漢內克，這是我們今天的最後一個問題。

Excellent.

出色的。

Well, thank you, guys.

嗯，謝謝你們，夥計們。

It's great to see you.

很高興見到你。

Appreciate you joining.

感謝您的加入。

Maybe the last thing I'll say is I am just so proud of our team's performance in this last quarter.

也許我要說的最後一件事是我對我們團隊在上個季度的表現感到非常自豪。

You've seen us invest strategically and sensibly in product innovation, in our B2B capabilities and around our global markets, and you've seen us do that over the last several quarters.

您已經看到我們在產品創新、B2B 能力以及全球市場方面進行了策略性、明智的投資，並且您在過去幾個季度中也看到了我們這樣做。

And hopefully, what you've seen is that the return on that investment is on full display this holiday quarter.

希望您所看到的是，該投資的回報在本假期季度得到充分展示。

The business regained top-line momentum across products across geographies and across channels.

該業務在跨地域和跨渠道的產品上重新獲得了營收成長動能。

And it's generating, as we just said, really healthy invested capital and cash returns.

正如我們剛才所說，它正在產生真正健康的投資資本和現金回報。

We feel well-positioned perform in the volatile global environment that will be there this year, but I could not be more excited for what's to come in 2025.

我們認為，在今年動盪的全球環境中，我們的表現處於有利位置，但我對 2025 年即將發生的事情感到非常興奮。

So thank you again, and we hope to see you all in March here in the Silicon Valley at AID.

再次感謝你們，我們希望三月在矽谷 AID 見到你們。