羅技 (LOGI) 2025 Q4 法說會逐字稿

(technical difficulty) results for the fourth quarter and our fiscal year 2025. Joining us today are Hanneke Faber, our CEO; and Matteo Anversa, our CFO.

（技術難度）第四季和 2025 財年的業績。今天與我們一起參加的是我們的執行長 Hanneke Faber；以及我們的財務長 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. We're making these statements based on our views only as of today. Our actual results could differ materially, and we take -- undertake no obligation to update or revise any of these statements.

在本次電話會議中，我們將做出前瞻性陳述，包括根據 1995 年《私人證券訴訟改革法案》安全港條款做出的未來營運績效陳述。我們僅根據截至今天的觀點發表這些聲明。我們的實際結果可能存在重大差異，我們不承擔更新或修改任何這些聲明的義務。

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.

我們還將討論非公認會計準則 (non-GAAP) 財務結果，您可以在我們的新聞稿和向美國證券交易委員會 (SEC) 提交的文件中找到 GAAP 和非 GAAP 結果之間的對帳以及有關我們使用非 GAAP 指標的資訊以及可能影響我們財務結果和前瞻性聲明的因素。

These materials as well as the shareholder letter and a webcast of this call are all available at our Investor Relations page of our website. We encourage you to review these materials carefully. Unless noted otherwise, references to net sales growth are in constant currency and comparisons between periods are year-over-year. This call is being recorded and will be available for a replay on our website.

這些資料以及股東信函和本次電話會議的網路直播均可在我們網站的投資者關係頁面上找到。我們鼓勵您仔細閱讀這些資料。除非另有說明，淨銷售額成長均以固定貨幣計算，且各期間的比較均為年比。本次通話將會被錄音，並可在我們的網站上重播。

With that, I will now turn the call over to Hanneke. Hanneke?

說完這些，我現在將電話轉給 Hanneke。漢內克？

Thanks, Nate, and welcome, everyone, to the call. Fiscal year 2025 was a year of outstanding results for Logitech. We delivered strong profitable growth driven by progress against our strategic priorities. Specifically for the year, we delivered 7% constant currency net sales growth. That growth was broad-based across geographies, product categories and customers.

謝謝，內特，歡迎大家參加電話會議。2025財年是羅技業績優異的一年。在策略重點取得進展的推動下，我們實現了強勁的獲利成長。具體來說，今年我們實現了 7% 的固定匯率淨銷售額成長。這種成長廣泛存在於各個地域、產品類別和客戶之中。

We expanded market share in key product categories and remain the number one or number two player in 11 of the 13 categories that we compete in. We also expanded non-GAAP gross margins by 170 basis points and non-GAAP operating margins by 70 basis points, growing our operating income to $775 million, and we continue to generate a very healthy amount of cash.

我們擴大了主要產品類別的市場份額，並在我們參與競爭的 13 個類別中的 11 個類別中繼續保持第一或第二的地位。我們還將非公認會計準則毛利率提高了 170 個基點，非公認會計準則營業利潤率提高了 70 個基點，使我們的營業收入增至 7.75 億美元，並且我們繼續產生非常健康的現金。

We generated about $840 million of cash from operations in fiscal '25, more than one times operating income. And we returned approximately $800 million to shareholders in the form of dividends and share repurchases.

我們在 25 財年的營運中產生了約 8.4 億美元的現金，是營運收入的一倍多。我們以股利和股票回購的形式向股東返還了約8億美元。

Now our success in fiscal '25 can be attributed to four strategic drivers. First, superior products and innovation (technical difficulty) believe are possible outcomes based on the known unknowns I just outlined: trade policy, consumer and enterprise sentiment and geopolitical factors.

現在，我們在 25 財年的成功可以歸因於四個策略驅動力。首先，優質產品和創新（技術難度）相信是基於我剛才概述的已知未知數的可能結果：貿易政策、消費者和企業情緒以及地緣政治因素。

All of that said, what matters beyond the headlines is that the fundamentals of our business are strong and that we operate from an advantaged starting point. Across fiscal '26, we are going to play offense while exercising strong cost discipline and acting with agility. Logitech was built to compete at times like these, and that's what we plan to do in the year ahead. Matteo, over to you.

綜上所述，除了頭條新聞之外，更重要的是我們的業務基礎強勁，並且我們的營運起點處於優勢地位。在整個26財年，我們將積極進攻，嚴格控製成本，靈活行動。羅技的誕生就是為了在這樣的時刻參與競爭，這也是我們計畫在未來一年做的事情。馬特奧，交給你了。

All right. Thank you, Hanneke, and thank you all for joining us on the call today. So the team delivered another good quarter with solid demand and high gross margins of 43.5%. 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.

好的。謝謝你，Hanneke，也謝謝大家今天參加我們的電話會議。因此，團隊又度過了一個良好的季度，需求強勁，毛利率高達 43.5%。詳細的財務結果可以在新聞稿和股東信中找到，但請允許我簡要地與您分享主要的財務亮點。

Now the fourth quarter represented the fifth consecutive quarter of year-over-year net sales growth. For the quarter, sell-through outpaced the sell-in by approximately two points as we aligned our channel inventory with demand following the holiday season. Channel inventory ended within our operating targets, while owned inventory ended the quarter up approximately $20 million quarter-over-quarter as we proactively built our inventories in advance of the tariffs taking effect.

第四季已是淨銷售額連續第五個季度年增。本季度，由於我們根據假期後的需求調整了通路庫存，因此銷售量比銷售量高出約兩個百分點。渠道庫存最終達到了我們的營運目標，而由於我們在關稅生效之前積極建立了庫存，因此本季度自有庫存環比增加了約 2000 萬美元。

Now within our product categories, keyboards and combos and pointing devices performed very well. as the high end of our product lines, the MX and ERGO had record quarter sales in the quarter. Webcams delivered mid-single-digit net sales growth and end-user demand remains strong across our gaming portfolio. So for the full fiscal year of 2025, total net sales increased by 7% in line with the outlook that we provided at our third quarter earnings call and during the Investor Day in March.

現在，在我們的產品類別中，鍵盤、組合和指點設備表現得非常好。作為我們產品線的高端產品，MX和ERGO在本季的銷售量創下了歷史新高。網路攝影機實現了中等個位數的淨銷售額成長，整個遊戲產品組合的終端用戶需求依然強勁。因此，2025 財年全年總淨銷售額成長了 7%，與我們在第三季財報電話會議和 3 月投資者日上提供的預期一致。

Our top line growth year-over-year was broad-based across all regions and across our key product lines with the exception of webcams. However, webcams finished the year with strong momentum, and we remain the market leader in this key category.

除網路攝影機外，我們所有地區和主要產品線的營收均實現了同比增長。然而，網路攝影機在今年以強勁勢頭收官，我們仍然是這一關鍵類別的市場領導者。

Our growth continues to be extremely profitable with non-GAAP gross margin rate of 43.5% for the full year of 2025. So for the fiscal year of 2025, non-GAAP gross margin rate increased by 170 basis points compared to the prior year, thanks to a reduction in our product costs, partially offset by higher promotions and the negative impact of foreign exchange.

我們的成長持續保持極高的利潤，2025 年全年非 GAAP 毛利率為 43.5%。因此，2025 財年，非 GAAP 毛利率較前一年增加了 170 個基點，這得益於我們產品成本的降低，但部分被更高的促銷活動和外匯的負面影響所抵消。

Operating expenses were approximately $1.2 billion for the year, corresponding to 26.5% of net sales. Now this amount includes approximately $23 million of bad debt reserve recorded in sales and marketing expense due to the inability of our e-commerce payment provider, Digital River to pay us. Now of this amount, $40 million was recorded in third quarter and the balance was recorded in the fourth quarter. So if we exclude the impact of this charge, our operating expenses as a percentage of net sales would have been 26%.

全年營運費用約為 12 億美元，佔淨銷售額的 26.5%。現在，由於我們的電子商務支付提供者 Digital River 無力向我們付款，該金額包括記錄在銷售和行銷費用中的約 2,300 萬美元壞帳準備金。其中，4,000 萬美元記錄於第三季度，餘額記錄於第四季。因此，如果我們排除這項費用的影響，我們的營運費用佔淨銷售額的百分比將為 26%。

So for fiscal year '25, non-GAAP operating income was $775 million or 17% of net sales, up 70 basis points compared to the prior year as a result of the gross margin expansion that I just mentioned. Our cash generation continues to be extremely strong. We generated approximately $804 million of cash from operations more than one time the operating income, of which approximately $800 million was returned to shareholders in the form of dividends and share repurchases. Our cash balance at the end of the year was $1.5 billion.

因此，對於 25 財年，非 GAAP 營業收入為 7.75 億美元，佔淨銷售額的 17%，由於我剛才提到的毛利率擴大，比前一年增長了 70 個基點。我們的現金產生能力持續強勁。我們從營運中產生了約 8.04 億美元的現金，超過營運收入的一倍，其中約 8 億美元以股息和股票回購的形式返還給股東。我們年底的現金餘額為15億美元。

I would like to congratulate the entire Logitech team for an outstanding fiscal year in 2025. We returned to high single-digit profitable growth, generated strong cash flow and in the absence of M&A, we returned cash that we generated back to our shareholders.

我要祝賀整個羅技團隊在 2025 財年取得了出色的成績。我們恢復了高個位數的獲利成長，產生了強勁的現金流，在沒有併購的情況下，我們將產生的現金回饋給了股東。

Now looking ahead, fiscal year 2026, we are not immune to the tariff uncertainty and the overall volatility in the current macroeconomic environment. Our ability to provide a long-term outlook is predicated upon a modicum of stability within the broader economy. And without the stability, it is virtually impossible to provide an outlook that looks beyond the next quarter. Hence, why we withdrew our outlook for the fiscal year ahead.

展望2026財年，我們無法免受關稅不確定性和當前宏觀經濟環境的整體波動的影響。我們提供長期展望的能力取決於整體經濟的某種程度的穩定性。如果沒有穩定性，那麼提供下一季以後的前景幾乎是不可能的。因此，我們撤回了對下一財年的展望。

So today, we are providing a financial outlook for the first quarter of our fiscal 2026 year. Net sales in the quarter are expected to be between flat to plus 5% in constant currency compared to the prior year. Gross margins will be between 41% and 42% and non-GAAP operating income between $155 million and $185 million. Now in the first quarter, the negative impact of the current tariffs on our global gross margin rates will be approximately 200 basis points.

因此今天，我們將提供 2026 財年第一季的財務展望。以固定匯率計算，預計本季淨銷售額與上年同期相比將持平至成長 5%。毛利率將在 41% 至 42% 之間，非 GAAP 營業收入將在 1.55 億美元至 1.85 億美元之間。現在在第一季度，目前關稅對我們全球毛利率的負面影響將約為200個基點。

This impact is mitigated in the first quarter by the fact that we are still selling through the inventory that entered the United States before April. Otherwise, we estimate the impact would be approximately 500 basis points at a company level.

由於我們仍在銷售 4 月之前進入美國的庫存，因此第一季的這種影響有所減輕。否則，我們估計對公司層面的影響將達到約 500 個基點。

The range of our outlook incorporates different outcomes on the variables that are currently unknown, such as the consumer and the enterprise sentiment and the timing of the price realization in the quarter. So for sure, the environment is challenging. But as Hanneke pointed out, Logitech is built for this.

我們的展望範圍涵蓋了目前未知的變數的不同結果，例如消費者和企業情緒以及本季價格實現的時間。因此可以肯定的是，環境充滿挑戰。但正如 Hanneke 指出的那樣，羅技就是為此而生的。

So with that, I think we can turn over to Q&A.

因此，我想我們可以進入問答環節。

Thank you, Matteo. As mentioned, we will now move into the Q&A session. (Operator Instructions)

謝謝你，馬特奧。如上所述，我們現在進入問答環節。（操作員指示）

Asiya Merchant, Citi.

花旗銀行亞洲人。

Great. Just if I can double-click a little bit on the gross margins, how we should think about that? You're talking about some impacts here. And with respect to the price pricing that's gone through, is that reflected in your June quarter guide on the top line as well? If you can just kind of parse out the impact on the top line from the price increases and then how we should think about gross margins given the tariff impacts that you just highlighted?

偉大的。如果我可以稍微雙擊一下毛利率，我們該如何考慮呢？您在這裡談論的是一些影響。關於已經經歷的價格定價，這是否也反映在您六月季度指南的頂線上？如果您可以分析出價格上漲對營業收入的影響，那麼考慮到您剛才強調的關稅影響，我們應該如何考慮毛利率？

Sure, Asiya. Sure. Thank you for your question. So the way I would describe the gross margin rate. So we are going from about 43.5%, roughly in the first quarter of last year to about 41.5%. As I mentioned in the prepared remarks, about 200 basis points negative impact comes from the tariffs. And this obviously factors in the fact that we are still consuming the inventory that came in before the tariffs took place.

當然，阿西婭。當然。感謝您的提問。我會這樣描述毛利率。因此，我們的比例將從去年第一季的 43.5% 上升至 41.5% 左右。正如我在準備好的演講中提到的那樣，約有 200 個基點的負面影響來自關稅。這顯然考慮到我們仍在消費關稅實施前的庫存。

We have about another 100 basis points of impact coming from the fact that last year, in the first quarter, if you recall, we were still releasing some previously recorded inventory reserves as the inventory was coming down. And we are not expecting this to happen again in the current quarter. So this negative impact of about 300 basis points when you combine both factors are partially offset by about 100 basis points of positive income coming from price.

我們還有大約 100 個基點的影響，這是因為去年第一季度，如果您還記得的話，在庫存下降時我們仍在釋放一些先前記錄的庫存儲備。我們預計本季不會再次發生這種情況。因此，當這兩個因素結合在一起時，約 300 個基點的負面影響被來自價格的約 100 個基點的正收入部分抵消。

So if you look at the price as Hanneke mentioned, we don't like necessarily to raise price, but we have to. And this is really focused on the US. We have did a very meticulous approach. We looked at SKU by SKU. And some products are -- the price didn't change, others increased double digit, and we have a bunch of products in the middle.

因此，如果你看看 Hanneke 提到的價格，你會發現我們不一定喜歡提高價格，但我們必須這麼做。這確實集中在美國身上。我們採取了非常細緻的方法。我們逐一查看了 SKU。有些產品的價格沒有變化，有些產品的價格上漲了兩位數，有些產品的價格處於中間水準。

But when you normalize and factor all of this in, that's about 10% of price increase on our US product. And keep in mind that it's great to be a Swiss and global company today and only about 1/3 of our revenue it's coming in the United States. So that's how you unpack the numbers.

但當你將所有這些都考慮進去並標準化時，我們的美國產品價格上漲了約 10%。請記住，今天作為一家瑞士跨國公司真是太好了，但我們只有約 1/3 的收入來自美國。這就是你解讀數字的方式。

And any early indications on how customers are reacting to these price increases? I guess they go in April. So I don't know if you have any early indications on that.

有沒有跡象顯示客戶對這些價格上漲有何反應？我猜他們四月會去。所以我不知道您是否對此有任何早期跡象。

Yes. It's too early really to say. We started implementation for mid-April. It always takes a little while for these prices to be reflected on shelves across the country and online. So really too early to say, but we do believe from previous price increases around the world, that our strong brand and our superior products will protect us to a large extent. Sometimes there's a bit of an impact in the short term, we will see.

是的。現在說還太早。我們從四月中旬開始實施。這些價格總是需要一段時間才能反映在全國各地的貨架和網路上。現在說還為時過早，但從之前全球各地的價格上漲來看，我們確實相信，我們強大的品牌和優質的產品將在很大程度上保護我們。有時短期內會產生一些影響，我們會看到。

Erik, Morgan Stanley.

艾瑞克，摩根士丹利。

Two, if I may. One, and realize we're in a pretty unprecedented period here. So Hanneke, I kind of completely understand where you're going with your comments on kind of global production, 40% of global production or US production comes from China. Today, the goal is to get by 10% by the end of calendar '25. I'm just wondering what that means for your Suzhou facility. Does that just mean that you're shifting most production of Suzhou to international markets? Or are you downsizing that facility?

如果可以的話，我說兩個。首先，我們要意識到我們正處於一個前所未有的時期。所以 Hanneke，我完全理解你對全球生產的評論，全球 40% 的產量或美國的產量來自中國。今天的目標是到 2025 年底實現 10% 的成長。我只是想知道這對您的蘇州工廠意味著什麼。這是否意味著你們正在將蘇州的大部分生產轉移到國際市場？還是您正在縮減該設施的規模？

And really, the question comes from, historically, this has kind of been an area of strength for Logitech, you get IP production, you get flexibility to respond to demand. So just curious kind of what this means for Suzhou and again, how we should be thinking about then where your US product will then come from if it's not China? And then a quick follow-up, please.

事實上，問題在於，從歷史上看，這一直是羅技的優勢領域，你可以獲得 IP 生產，並且可以靈活地回應需求。所以我只是好奇這對蘇州意味著什麼，以及，如果不是中國，我們該如何思考你的美國產品來自哪裡？然後請快速跟進。

Yes, sure. Thanks, Erik. Great to see you. I'm not worried about, Suzhou, because, again, if you do the math, 70% of our sales are not for the United States. And already, only 40% of what does go to the United States is in China, and that will go to (technical difficulty)

是的，當然。謝謝，埃里克。很高興見到你。我並不擔心蘇州，因為，再說一次，如果你算一下，我們 70% 的銷售額不是要銷往美國。目前，出口到美國的農產品中，只有 40% 是在中國，而這些農產品將流向（技術難度）

It's actually a relatively small part. And of course, Suzhou will continue to play a very large role for -- in terms of production for the rest of the world. So Suzhou is nice and full. The fact that we just had such a great year with 7% top line growth, obviously also helps to fill Suzhou. So no worries there.

這實際上只是相對較小的一部分。當然，蘇州將繼續在世界其他地區的生產方面發揮重要作用。所以蘇州很好，很充實。事實上，我們剛剛度過了非常出色的一年，實現了 7% 的營收成長，這顯然也有助於填補蘇州市場的空缺。所以不用擔心。

Where does that US volume go? We're in the fortunate position that we have invested in a really diversified manufacturing footprint. We're China plus five other countries today. So while I won't say it's easy to shift volume, our team is doing a fantastic job at shifting volume fast to mitigate tariff impacts.

美國的這些量都流向了哪裡？我們很幸運，我們已經投資了一個真正多元化的製造基地。今天與會的是中國和其他五個國家。因此，雖然我不會說轉移數量很容易，但我們的團隊在快速轉移數量以減輕關稅影響方面做得非常出色。

Okay. I appreciate that. And then I realized that Asia's question was maybe about how customers have responded to pricing increases. Maybe I'll ask it a different way. Just how is spending linearity tracked kind of quarter-to-date, whether that's versus past June quarters or past April or even relative to the month of March?

好的。我很感激。然後我意識到亞洲的問題可能是關於客戶對價格上漲的反應。也許我會用不同的方式問。究竟如何追蹤本季迄今的支出線性情況，無論是與過去的 6 月季度相比，還是與過去的 4 月相比，甚至是與 3 月相比？

And really just trying to get at pull forward versus pushout of demand, how are you seeing customers respond to just general tariff and policy volatility with their wallets, whether that's an enterprise and SMB or a consumer? Just how is the customer responding over this last month of chaos relative to either past years or last quarter?

實際上，只是想了解需求的提前與推遲，您如何看待客戶（無論是企業、中小企業還是消費者）對一般關稅和政策波動的反應？與過去幾年或上個季度相比，客戶對上個月的混亂有何反應？

Yes. Let me have a stab at that. So on the consumer side of our business, I'd say the consumer remains very resilient for our products. So in the last quarter, so March quarter, there was low single-digit market growth in the Americas and in Europe in our categories and high double digits in APAC. And consumer demand for our [ strides ] also was strong, as you see in our numbers. we also grew share across regions. So in the March quarter, things were looking really good.

是的。讓我嘗試一下。因此，就我們業務的消費者方面而言，我認為消費者對我們的產品仍然非常有彈性。因此，在上個季度，也就是三月這個季度，我們各個類別在美洲和歐洲的市場成長率都處於低個位數，而在亞太地區則達到了高兩位數。正如您從我們的數據中看到的那樣，消費者對我們的 [ strides ] 的需求也很強勁。我們在各個地區的份額也增加了。因此，在三月季度，情況看起來非常好。

And on the consumer side, again, in North America in the last four weeks, we're kind of seeing a range of behaviors. There's certainly -- you see it on TikTok, there's kind of no buy movement. So there are some people who are really starting to be frugal. There is also a significant amount of consumers who are pulling purchases forward.

從消費者方面來看，過去四周我們在北美看到了一系列的行為。確實有——你可以在 TikTok 上看到，沒有購買行為。所以有些人確實開始節儉了。還有相當一部分消費者正在提前購買。

And then there's also a segment I would call it, YOLO, you only live once, I'm going to spend it all right now, and I'm going to spend it on expensive stuff. So to choose this product somewhere in the middle. But again, I would say that some of that is that the consumer for our brand and our products remains pretty good. around the world.

然後還有一個部分我稱之為，YOLO，你只活一次，我現在就要把它花光，而且要花在昂貴的東西上。所以選擇這個中間產品。但我還是要說，部分原因是我們的品牌和產品的消費者仍然非常青睞。世界各地。

On the B2B side, in the last quarter, we did see a bit more caution, especially in Europe, driven by the uncertainty in the market. And I think most companies are just a little more hesitant to pull the trigger on big purchases, big CapEx investments. That said, global demand even on Logitech for business was still comfortably positive mid-single-digit up. So we're optimistic. And of course, video conferencing in and of itself, it's kind of a natural hedge.

在 B2B 方面，上個季度我們確實看到了一些更謹慎的跡象，尤其是在歐洲，這是由於市場不確定性所致。我認為大多數公司在進行大宗採購和大額資本支出投資時都有些猶豫。儘管如此，即使是羅技的商業用途，全球需求仍維持著中等個位數的穩定成長。所以我們很樂觀。當然，視訊會議本身就是一種天然的對沖。

As companies say, I want to reduce T&E. I want to reduce travel. You need great video conferencing to offset that.

正如公司所說，我想減少差旅費。我想減少旅行。您需要出色的視訊會議來彌補這一點。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

I hope you can hear me. Maybe just following up on Erik's question on the demand side in another way, which is you did have sell-in track better than sell-through in the quarter by 200 basis points. And from what I ramble the expectation was in fiscal '25, you had an inventory build in the first half and you were expecting some moderation in that inventory in the second half.

我希望你能聽到我的聲音。也許只是以另一種方式跟進埃里克關於需求方面的問題，也就是說，本季的銷售軌跡確實比銷售率高出 200 個基點。從我所說的內容來看，預計 25 財年上半年庫存會增加，而下半年庫存會減少。

So did that run a bit counter to what you were expecting in the quarter in relation to sort of price increases, did you see the channel actually pull forward some demand into the quarter? And what are you expecting as you go through more the first quarter or the June quarter, really? And I have follow-up.

那麼，這是否與您在本季對價格上漲的預期有點相反，您是否看到該管道實際上將一些需求提前到本季？那麼，當您回顧第一季或六月季度時，您實際上有何期待？我還有後續行動。

Samik, actually the sell-through outpaced the sell-in fourth quarter. So the other way around, which is actually what really we were expecting, which is pretty normal coming out from the holiday quarter. And to Hanneke's point earlier, we're very happy with where the channel is with the channel end of the year. Obviously, our own inventory was a little higher because we took the proactive steps to bring in some products before the tariffs.

Samik，實際上，第四季度的銷售量超過了銷售量。反過來說，這其實正是我們所期待的，在假期期間出現這種情況是很正常的。正如 Hanneke 之前所說，我們對今年年底通路的現況非常滿意。顯然，我們自己的庫存略高，因為我們在關稅實施前採取了主動措施引進一些產品。

But overall, we should not see the same dynamic that we saw at the beginning of fiscal year '25 where the channel was too low, and we had to sell in our patient sell-through for the first few months. our plans to have selling mirror the sell-through in the upcoming quarters, thanks to the work that the team has done in making sure that we had a healthy channel and in the fiscal year.

但總體而言，我們不應該看到與 25 財年初相同的動態，當時通路太低，我們不得不在頭幾個月內透過耐心銷售來銷售。我們計劃在未來幾季內實現銷售額與銷售量的同步成長，這要感謝團隊為確保我們擁有健康的通路和財政年度所做的工作。

Yes. And just to reemphasize that. So what we said all along from a year ago is that in the first half, sell-in would be greater than sell-out. And in the second half, sell out will be greater than sell-in. That's exactly what played out. And that's why you see that for the year as a whole of fiscal net sales and sell-out are pretty much in the same space. The sell-out data is never perfect. So -- but it's very close enough for government work.

是的。我只是想再次強調這一點。因此，我們從一年前就一直說，上半年的賣出量將大於賣出量。而在下半年，銷售量將大於銷售量。事實也確實如此。這就是為什麼你會看到，全年的財務淨銷售額和銷售額幾乎處於同一水平。銷售數據從來都不是完美的。所以——但對於政府工作來說這已經夠接近了。

Got it. I might have read it wrong. So maybe just moving back to the discussion on tariffs and the first quarter sort of the fiscal year, you are planning the benefit from price, but you have sort of a part headwind from the tariff what's the end goal here by the time you get to moving most of that capacity that's addressing the US demand once you get to that point, are we back to where your gross margins are in the sort of 43% range because pricing ramps up further and you have offset most of that?

知道了。我可能讀錯了。所以也許只是回到關於關稅和財政年度第一季的討論，你計劃從價格中獲益，但你面臨著來自關稅的部分阻力，當你開始轉移大部分產能來滿足美國需求時，最終目標是什麼，一旦達到這一點，我們是否會回到你的毛利率在 43％ 左右的水平，因為價格進一步上漲，你已經抵消了大部分的影響？

Or what do we see as a residual impact? How do you think about the residual impact at that point?

或者我們認為殘餘影響是什麼？您如何看待那時的殘留影響？

Yes. It's really too early for us, Samik, to speculate on that. There's just too many moving pieces at this point, which is why we're only giving you an outlook for the first quarter. What I can say, let me give you a little bit more color on some of the variables that could change and why we can't speculate on what the outcome might be. So let's start from a great thing, which is that 2/3 of our sales are outside of the US. So they're not affected by tariffs. That's a good start point.

是的。對我們薩米克來說，現在推測這一點還為時過早。目前有太多變動，這就是我們只為您提供第一季展望的原因。我可以說的是，讓我給你稍微解釋一下一些可能發生變化的變量，以及為什麼我們不能推測結果會是什麼。讓我們從一件偉大的事情開始吧，那就是我們的 2/3 的銷售額來自美國以外。所以他們不受關稅的影響。這是一個很好的起點。

But for the 1/3 that's in the US that portfolio of products is affected in a number of different ways today, The tariffs themselves, the exemptions, the countries of origin, the product classification, the way we're moving products around. So as I look at the business today, part of the US volume is exempt zero tariffs. Part is at 10%, part is at 20% and there's a small part that's today at 145%-plus

但對於美國三分之一的消費者來說，如今的產品組合受到了多方面的影響，包括關稅本身、豁免、原產國、產品分類以及產品運輸方式。因此，當我看今天的業務時，美國的部分產品享受零關稅豁免。一部分是 10%，一部分是 20%，還有一小部分今天已經達到 145% 以上

But all that said, it's a moving feast. The impact literally is changing on almost a daily basis based on trade policy announcements, product classification and importantly, by our own actions as we move products around.

但總而言之，這是一場流動的盛宴。事實上，其影響幾乎每天都在變化，這取決於貿易政策公告、產品分類，更重要的是，取決於我們在運送產品時採取的行動。

So given that's a moving feast, rather than providing you with details on how the sausages are being made. We're sharing the expected outcome for the first quarter with you, which is that 200 basis points of tariff impact on the global gross margin. And we're going to continue to update you as the year unfolds, but it is too early to speculate on what might happen after.

因此，假設這是一場流動的盛宴，而不是向您提供有關香腸製作方法的詳細資訊。我們與您分享第一季的預期結果，即關稅對全球毛利率的影響為 200 個基點。隨著時間的推移，我們將繼續向您通報最新情況，但現在推測之後會發生什麼還為時過早。

Maybe let me add, Samik, I think it's important also to put into perspective what we control, right, and some of the actions that we're taking. So Hanneke discussed about price. We are also proactively took actions in some of the cost, right? So one product cost. I think we have a fantastic track record. You saw what the team, ensuring the team have done in 2025. almost 300 basis points of the margin expansion that you saw in total year came from their work. So that work will continue. We'll never stop.

也許讓我補充一下，薩米克，我認為正確看待我們能控制什麼以及我們正在採取的一些行動也很重要。因此 Hanneke 討論了價格問題。我們也在主動承擔一些成本，對吧？所以一個產品的成本。我認為我們擁有出色的業績記錄。您看到了團隊所做的工作，確保團隊在 2025 年所做的事情。您看到的全年利潤率擴張中幾乎有 300 個基點來自他們的工作。因此這項工作將繼續下去。我們永遠不會停止。

And then we took some proactive approach on the OpEx side. right, particularly on G&A. So as you hear many companies doing around the world, we are doing the same. We are curbing all the controllable spend. We are cutting trouble.

然後我們在營運支出方面採取了一些積極主動的方法。對，特別是在一般及行政事務方面。正如你所聽到的世界各地的許多公司所做的那樣，我們也在做同樣的事情。我們正在控制所有可控的支出。我們正在消除麻煩。

We delayed most of the hirings. And then obviously, we are pushing and as Hanneke mentioned earlier, the manufacturing diversification, which will take us from the 60% to the 10% that we just discussed. So that's what you can count on us. The rest is difficult for us to control.

我們推遲了大部分招募。然後顯然，正如 Hanneke 之前提到的，我們正在推動製造業的多樣化，這將使我們從剛才討論的 60% 降至 10%。因此您可以信賴我們。其餘部分我們很難控制。

[Austin Baker], Loop Capital.

[奧斯汀貝克]，Loop Capital。

I hope everyone can hear me. I guess, to fill on you back a little bit, I would just love to talk about kind of in an uncertain macro environment, what do you guys feel are probably the most in these demand resilient products? And then secondly, strategically, I know you spoke about going on offense. Where would you want to spend the most focus on the most time? What categories in that kind of uncertain macro environment?

我希望每個人都能聽到我的聲音。我想，為了補充一些內容，我想談談在不確定的宏觀環境下，你們認為這些需求彈性最大的產品是什麼？其次，從戰略上來說，我知道您談到了進攻。您最想把最多的精力和時間花在哪裡？在那種不確定的宏觀環境下，有哪些類別？

Great question. Thank you. So indeed, as we go through the year, those three principles start from playing offense and gaining share, so we come out of this stronger, and we really believe we can do that if we couple it with cost discipline as well as agility on manufacturing and some commercial actions. So where do we see the most resilience, I would say, honestly, across our portfolio.

好問題。謝謝。因此，事實上，隨著我們度過這一年，這三個原則從進攻和獲得份額開始，因此我們變得更加強大，我們真的相信，如果我們將其與成本紀律以及製造和一些商業行動的靈活性結合起來，我們就能做到這一點。那麼，我想坦白地說，在我們的投資組合中，哪些部分最具彈性。

Let me start from gaming. We learned a lot on gaming in the last few years in China, where the economy has been soft for a while but the gaming market has been growing at more than 20% for a while in China. And we put in place a China-for-China program almost a year ago, and I'm really pleased by the results we're seeing on that program.

讓我從遊戲開始。過去幾年，我們在中國學到了很多關於遊戲的知識，雖然中國經濟一度疲軟，但遊戲市場卻一度維持 20% 以上的成長率。我們大約在一年前就啟動了「中國對中國」項目，我對該項目的成果感到非常滿意。

So we know that we can win when the economy is soft. We know there's a little bit of a lipstick effect with consumers. If you can't if you don't have money to go out to the movies to go out to eat, to go on a vacation you are likely to gain more, and you want to have the right gear to be winning that game. So we certainly saw that dynamic in China.

所以我們知道，當經濟疲軟時，我們能夠獲勝。我們知道消費者會受到一點口紅效應的影響。如果您沒有錢去看電影、出去吃飯、去度假，您可能會賺得更多，並且您希望擁有合適的裝備來贏得這場遊戲。所以我們確實在中國看到了這種動態。

So we're really upbeat on gaming. And I would also say gaming had a 10%, a double-digit growth here for us in fiscal '25. So the momentum on gaming is also very, very strong. And then on the work side, people still have to work. People are still working for multiple places, which is a real tailwind for our portfolio if you're working from home, from the office and from a hotel, you need three mice, you need three keyboards, and you definitely need video conferencing when your boss tells or you can't travel anymore.

所以我們對遊戲非常樂觀。我還要說的是，25 財年我們的遊戲業務實現了 10% 的兩位數成長。因此遊戲領域的發展勢頭也非常強勁。從工作方面來說，人們仍然需要工作。人們仍然在多個地方工作，這對我們的投資組合來說是真正的順風，如果你在家、在辦公室和在酒店工作，你需要三個滑鼠，你需要三個鍵盤，當你的老闆告訴你或你不能再出差時，你肯定需要視訊會議。

So we feel that the portfolio is really well set up for this future.

因此，我們認為該投資組合已經為未來做好了充分的準備。

Michael, Vontobel.

邁克爾，馮托貝爾。

Yes. Two questions from my side. The first one is in terms of shifting your production footprint for US products, maybe can you comment on sort of what the hurdles are, how is that phased through the year or maybe which products are more difficult to move than others.

是的。我有兩個問題。第一個問題是關於轉移美國產品的生產足跡，您能否評論其中的障礙是什麼，這個過程在一年內是如何分階段進行的，或者哪些產品比其他產品更難轉移。

And my second question would be on the logistics environment that you're seeing right now? Are you seeing any particular spikes in freight rates, any bottlenecks, any disruptions in terms of trade flows right now?

我的第二個問題是關於您現在看到的物流環境？現在您是否看到運費出現特別飆升、出現任何瓶頸或貿易流出現任何中斷？

Yes. I'll leave the logistics question to Matteo just now. But on the moving our manufacturing footprint, we have invested for six or seven years now in having a much more resilient footprint. So the fact that we're -- I would call it China plus five today, five other countries where we make multiple, multiple products makes it, I think, it's never easy, but it is more doable for us to move very quickly than from any others because to set up a new country with its supplier ecosystem with the labor that you need there is not easy, but we have done it.

是的。我現在將後勤問題留給 Matteo。但在轉移我們的製造足跡方面，我們已經投資了六到七年，以創造更具彈性的足跡。因此，事實上，我們今天稱之為中國加五個國家，我們在這五個國家生產多種產品，我認為這從來都不是一件容易的事，但我們比其他任何國家都更能迅速地採取行動，因為建立一個擁有供應商生態系統和所需勞動力的新國家並不容易，但我們做到了。

It's in place, which, again, our team is doing heroic work, but it's easier than if we had to start from scratch, which is why we feel that or why we know that by the end of the year, again, we'll go from 40% products in the US originating from China to about 10%. And that's absolutely doable and it's doable across most of the portfolio. And we're always looking at individual SKUs. If there's an opportunity to simplify the portfolio, we also will always do that. But I'm not worried about specific parts of the portfolio that cannot be moved.

它已經到位，再次，我們的團隊正在做英勇的工作，但這比從頭開始要容易得多，這就是為什麼我們有這種感覺，或者為什麼我們知道到今年年底，我們將再次將美國 40% 的產品來自中國的比例降低到 10% 左右。這是絕對可行的，而且在大多數投資組合中都是可行的。我們始終關注單一 SKU。如果有機會簡化投資組合，我們也會這麼做。但我並不擔心投資組合中無法移動的特定部分。

Michael on the freight, we have not seen yet, at least so far in the quarter, major changes on the pricing. I would say, if I look at the lanes and maybe a few -- a little bit cheaper price on the European -- the Asian to Europe lane. But the one from Asia to the US. I have not seen any still a little bit up year-over-year when you compare the first quarter of 26% versus first quarter of '25. It's probably reasonable to expect that based on what we read on the news the rates may come down, but we haven't seen it yet.

邁克爾，關於運費，我們還沒有看到，至少在本季度到目前為止，定價有重大變化。我想說，如果我看一下航線，也許歐洲的幾條航線——從亞洲到歐洲的航線——價格會便宜一點。而是從亞洲到美國的。如果將 2025 年第一季的 26% 與去年同期相比，我並沒有看到任何同比增長。根據我們在新聞中看到的內容，我們可以合理地預期利率可能會下降，但我們還沒有看到這種情況。

Didier, Bank of America.

迪迪埃，美國銀行。

I just have a couple. First of all, thank you so much for all the insight numbers that you've shared with us on the impact of tariffs. I appreciate be incredibly difficult at this time to navigate this very uncertain environment. So really extremely grateful. My question would be, first, on the September quarter.

我只有幾個。首先，非常感謝您與我們分享所有有關關稅影響的洞察數據。我意識到，在當前這種非常不確定的環境中生存是極其困難的。真的非常感激。我的問題首先是關於九月季度的。

So you've talked about the June quarter gross margin benefiting from inventories that are shipped into the channel prior to tariffs. Is there any lingering positive effect that we can expect in the September quarter?

所以您談到了 6 月份季度的毛利率受益於關稅之前運往渠道的庫存。我們能否預期 9 月季度還會出現任何持續的正面影響？

And then on the maybe December quarter, how should we think about the impact of tariffs as things stand with regard to the moving out of China impact, e.g., does -- do your gross margin drop a lot effectively in the September and perhaps in the December quarter before they ramp back up? How should we think about the phasing?

然後，在可能的 12 月季度，我們應該如何看待關稅對撤出中國的影響，例如，您的毛利率是否會在 9 月季度和 12 月季度大幅下降，然後回升？我們應該如何考慮分階段實施？

So the -- let me start with the first question, sorry.

所以——讓我從第一個問題開始，抱歉。

Yes, on the September. I think overall, Didier, it is too early to speculate on that, but I'll let Matteo answer.

是的，九月。我認為總體而言，迪迪埃，現在推測這一點還為時過早，但我會讓馬特奧來回答。

The inventory will be depleted. So the positive impact of the inventory. That's why we are climbing the way we did specific for the first quarter, and that will be gone after the first quarter. So that's -- I think it's fair to say. The second part of your question, quite frankly it's, as Hanneke said, it's a little premature for us to comment.

庫存將會耗盡。因此庫存產生了積極影響。這就是為什麼我們在第一季以特定方式攀升，而這種情況在第一季之後就會消失。所以——我認為這是公平的說法。坦白說，對於您問題的第二部分，正如 Hanneke 所說，我們現在發表評論還為時過早。

Just want to double check one thing. I think the answer is yes. I just want to make sure the 90-day pause that we saw on the headlines on smartphone (technical difficulty) and PCs, they do include PC peripherals as far as you understand?

只是想再確認一件事。我認為答案是肯定的。我只是想確保我們在智慧型手機（技術難題）和個人電腦的頭條新聞中看到的 90 天暫停，據您理解，它們確實包括個人電腦週邊設備？

Yes. So all the numbers that we've given you for take into account tariffs as they stand today, which includes the 90-day pause. So where I said, we have part of the portfolio for the US. It's at 0%. We have a part at 10, a part at 20 and a part of 145 plus at the moment. So the answer is yes.

是的。因此，我們提供的所有數字都考慮了目前的關稅，其中包括 90 天的暫停期。正如我所說，我們的部分投資組合是針對美國的。目前為 0%。目前，我們的零件數量為 10 個，有一部分為 20 個，還有一部分為 145 個以上。所以答案是肯定的。

George, Barclays.

喬治，巴克萊。

Two quick ones. So firstly, just maybe you can elaborate on this 500 basis points impact on the gross margin without any more selling through the inventory pre-tariffs. Just curious if we should assume no price hike on existing products for your base case for -- to calculate this 500 basis point? Because to me, it seems a little bit high in terms of the impact. Just curious if you can give a bit of more color, assumptions behind it.

兩個簡單的。因此，首先，您或許可以詳細說明這 500 個基點對毛利率的影響，而無需透過庫存前關稅進行進一步銷售。只是好奇，我們是否應該假設現有產品價格沒有上漲作為您的基本情況——來計算這 500 個基點？因為對我來說，從影響來看，它似乎有點高。只是好奇您是否可以提供更多細節和背後的假設。

Sure. So George, the 500 basis points, let me unpack it for you. includes the impact of the tariffs as they stand today and the impact of the manufacturing diversification actions as they stand today. It does not include the price, the impact of the price actions, right?

當然。那麼喬治，500 個基點，讓我為你解釋。包括當前關稅的影響以及當前製造業多元化行動的影響。它不包括價格、價格行為的影響，對嗎？

So that's where we will have to see obviously how the consumer and the enterprise customer will behave. And really our ability to realize the price increases that we communicated in mid-April. So 500 is just the impact of the tariffs, net of the manufacturing actions.

因此，我們必須觀察消費者和企業客戶的行為。我們確實有能力實現我們在四月中旬傳達的價格上漲。因此，500 只是關稅的影響，扣除了製造業活動的影響。

And again, we have taken pricing now. And as Matteo outlined that -- so in the first quarter, 200 basis points of negative tariff impact and 100 basis points positive of pricing. We will see. There might be more room for pricing. But again, too early to speculate on what or when that might be.

再次強調，我們現在已經定價了。正如 Matteo 所概述的那樣——第一季度，關稅產生 200 個基點的負面衝擊，而定價產生 100 個基點的正面衝擊。我們會看到。定價空間可能更大。但現在猜測這將是什麼或何時發生還為時過早。

Okay. Great. Just a quick follow-up to just kind of talk about, I guess, you can control in terms of operating expense control kind of G&A, you kind of alluded to maybe tighter control. Can you elaborate on other levers you guys can pull? Just curious if we should expect a bit more tighter control just on the operating expense on G&A side can pull through kind of more accretion to the EPS line?

好的。偉大的。我只是想快速跟進一下，我想，你可以在營運費用控制方面進行控制，例如 G&A，你可能提到了更嚴格的控制。能詳細說明一下你們可以採取的其他措施嗎？只是好奇，我們是否應該期望對 G&A 方面的營運費用進行更嚴格的控制，從而為 EPS 線帶來更多的成長？

Sure, George. So I think it goes beyond OpEx, it's really control around cost. So it's both the product. So back to some of the things that we discussed at Investor Day all the activities of value engineering, supplier cost reductions, so that will continue. And we have a very good track record, as you've seen in the numbers that we published today, even in the fourth quarter of '25.

當然，喬治。所以我認為它超越了營運支出，而是真正控製成本。所以它既是產品也是產品。回到我們在投資者日討論的一些事情，所有價值工程活動、供應商成本削減等都將繼續下去。正如您從我們今天發布的數據中看到的那樣，即使在 2025 年第四季度，我們也擁有非常好的業績記錄。

Then specifically on the operating expenses, our -- we're going to be laser focused. We're going to primarily focus our actions on G&A. We will continue, obviously, to fund the investment in product development and sales and marketing back to the principles, that Hanneke mentioned at the beginning of the call.

然後具體到營運費用，我們的——我們將集中精力。我們的行動將主要集中在一般及行政費用。顯然，我們將繼續為產品開發、銷售和行銷方面的投資提供資金，並遵循 Hanneke 在電話會議開始時提到的原則。

And on G&A, we are really working on a couple of buckets. We are curbing all the controllable expenses such as the contractors, outside services, consulting, cutting T&E and delaying most of the hires. And that's kind of the actions that we are taking.

在 G&A 方面，我們確實在致力於幾個方面。我們正在削減所有可控開支，例如承包商、外部服務、諮詢、削減差旅費用和推遲大部分招聘。這就是我們正在採取的行動。

That was our last question for the raised hands. We do have some submitted questions from Jorn with UBS. Jorn is having some audio issues. So I'll just read those out loud if that's okay. One of the questions was sell-through in EMEA slowed down materially and why is this happening?

這是我們對舉手提問的最後一個問題。我們確實收到了來自瑞銀的 Jorn 提出的一些問題。Jorn 遇到了一些音訊問題。所以如果可以的話，我會大聲唸出來。其中一個問題是歐洲、中東和非洲地區的銷售量大幅放緩，為什麼會發生這種情況？

Yes, I'm happy to talk about Europe. The first thing I'll say about Europe is that they had a great fiscal year '25. 9% constant currency sales growth is just testament to fabulous execution by our team in Europe, and that's growing well ahead of the European market for the year.

是的，我很高興談論歐洲。關於歐洲，我首先要說的是，他們度過了一個輝煌的 25 財年。 9% 的固定匯率銷售成長證明了我們歐洲團隊的出色執行力，而這一成長遠遠領先於今年的歐洲市場。

Q4 was a little slower, and that's -- there's a couple of reasons. Inventory adjustments in Europe, we were probably most assertive in terms of making sure we had a great holiday season, which we did have but we were a search on bringing in inventory. And in the last quarter, we were responsible at bringing that back down.

Q4 稍微慢了一點，這是有幾個原因的。在歐洲的庫存調整方面，我們可能最自信地確保我們有一個愉快的假期，我們確實有一個愉快的假期，但我們正在尋找庫存。在上個季度，我們致力於將這一數字降至最低。

But like in other regions, we're seeing a resilient consumer in Europe maybe a little bit of caution again, same as the global dynamic amongst B2B customers. That was exacerbated by the German elections that also fell in the quarter. Just a little bit of caution there. But we definitely are confident that business will return to growth.

但就像在其他地區一樣，我們看到歐洲的消費者表現出韌性，但可能又有點謹慎，這與 B2B 客戶的全球動態相同。本季德國大選的舉行進一步加劇了這一情況。只是需要稍微小心一點。但我們絕對有信心業務將恢復成長。

Okay. One more question here. What is the price versus volume assumption for Q1 2016?

好的。這裡還有一個問題。2016 年第一季的價格與銷售假設是什麼？

Yes. We have -- Jorn, we have about 100 basis points on the gross margin coming in, thanks to price. So I'll let you do the math, but that's the assumption that we have in the first quarter.

是的。我們有—喬恩，由於價格的原因，我們的毛利率提高了約 100 個基點。所以我讓你做數學題，但這是我們在第一季做出的假設。

And this would be our final question. How can you organize the supply chain so quickly that only 10% of US sales will come from China end of the year?

這是我們的最後一個問題。如何才能如此迅速地組織供應鏈，使得年底美國銷售額只有 10% 來自中國？

Yes. Again, this company was built to compete at a time like this. I cannot say it often enough. We have a global -- a very broad global sales footprint. So only 30% of our volume is US. But that US volume, which is obviously really important to us, we have been preparing since 2019 to be super resilient on that. So we have China plus five manufacturing countries in place and ready to go and producing for us today, which is a huge competitive advantage and is allowing us to move much faster than most.

是的。再說一次，這家公司就是為了在這樣的時刻參與競爭而成立的。我不能不說這句話。我們的銷售足跡遍佈全球—非常廣泛。因此，我們的銷量中只有 30% 來自美國。但美國市場的銷售量顯然對我們非常重要，自 2019 年以來，我們就一直為此做好準備，以保持超強的韌性。因此，我們擁有中國和其他五個製造國，隨時準備為我們生產，這是一個巨大的競爭優勢，讓我們能夠比大多數國家更快地發展。

That was our final question. Thank you.

這是我們的最後一個問題。謝謝。

Thank you so much. Thanks, everyone. Thanks for bearing with us at this fun time. We really appreciate you joining us. I just want to summarize to say that our teams had an outstanding 2025 fiscal year.

太感謝了。謝謝大家。感謝您在這段歡樂時光與我們一起度過。我們非常感謝您加入我們。我只想總結一下，我們的團隊在 2025 財年表現出色。

So thank you to our teams. And looking ahead, I am excited about the opportunity that's before us. We are going to play offense. We're going to assertively manage costs and continue to be super, super agile. And we look forward to speaking with you next quarter. Take care, everyone.

感謝我們的團隊。展望未來，我對我們面臨的機會感到興奮。我們要發動攻擊。我們將積極管理成本，並持續保持超級敏捷。我們期待下個季度與您交談。大家保重。