羅技 (LOGI) 2026 Q1 法說會逐字稿

Thank you everyone for joining us today. We'll get started in a moment.

感謝大家今天的參與。我們馬上就開始。

Good afternoon, and good evening. Welcome to Logitech's video call to discuss our financial results for the first quarter of our fiscal year 2026. Joining us today are Hanneke Faber, our CEO; and Matteo Anversa, our CFO.

下午好，晚上好。歡迎參加羅技的視訊會議，討論我們 2026 財年第一季的財務表現。今天與我們一起出席的有我們的執行長 Hanneke Faber 和我們的財務長 Matteo Anversa。

During this call, we will make forward-looking statements, including with respect to future operating results under the Safe Harbor of the Private Securities Litigation Reform Act of 1995. We're making these statements based on our views only as of today. Our actual results could differ materially, and we 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. 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.

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。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。

We encourage you to review these materials carefully. Unless noted otherwise, references to net sales growth are in constant currency, and comparisons between periods or year-over-year. This call is being recorded and will be available for a replay on our website.

我們鼓勵您仔細閱讀這些資料。除非另有說明，淨銷售額成長的引用均以固定貨幣計算，並與同期或同比進行比較。本次通話將會被錄音，並可在我們的網站上重播。

I will now turn the call over to Hanneke. Hanneke?

現在我將電話轉給 Hanneke。漢內克？

Thanks, Nate, and welcome, everyone. The first quarter of fiscal year 2026 was an encouraging start to the year for Logitech. Amidst plenty of uncertainty, our team delivered good top line growth and improved profitability, demonstrating Logitech's resilience in a challenging environment.

謝謝，內特，歡迎大家。2026 財年第一季對羅技來說是一個令人鼓舞的開端。在諸多不確定性中，我們的團隊實現了良好的營收成長和獲利能力的提高，展現了羅技在充滿挑戰的環境中所展現的韌性。

During the quarter, we continue to focus on our long-term strategies and overlaid three principles. First, we played offense. We continue to invest in research and development, which represented 6% of sales this quarter. That investment underscores our long-term commitment to superior products and innovation. We also continue to focus on driving growth. Net sales grew 5%, and we grew net sales in all key categories. Demand also grew mid-single digits, closely marrying net sales and ensuring a healthy channel inventory position.

本季度，我們繼續關注我們的長期策略並強調三項原則。首先，我們發動進攻。我們繼續投資於研發，這佔本季銷售額的 6%。這項投資凸顯了我們對優質產品和創新的長期承諾。我們也將繼續致力於推動成長。淨銷售額成長了 5%，並且所有主要類別的淨銷售額均實現了成長。需求也實現了中等個位數成長，與淨銷售額緊密結合，確保了健康的通路庫存狀況。

Second, we exercised disciplined cost controls. We reduced operating expenses by 2% year-over-year, including an 8% reduction in general and administrative expenses. As a result, the quarter's OpEx as a percent of sales was down 200 basis points versus last year. And despite tariffs, we delivered a solid gross margin of 42.1% in the quarter, driven by our ability to mitigate the tariff impact through product cost reductions, manufacturing diversification as well as pricing. As we move forward, rigorous cost discipline is going to remain a cornerstone of our plans.

第二，嚴格成本控制。我們的營運費用年減了 2%，其中一般及行政費用減少了 8%。因此，本季的營運支出佔銷售額的百分比與去年相比下降了 200 個基點。儘管存在關稅，我們本季仍實現了 42.1% 的穩健毛利率，這得益於我們透過降低產品成本、製造多樣化以及定價來減輕關稅影響的能力。隨著我們不斷前進，嚴格的成本紀律仍將是我們計畫的基石。

Third, agility. We are moving fast. As we previously shared, we expect to reduce the share of US products originating from China from 40% in April to just 10% by the end of this calendar year, and we are well on track to do so. These three guiding principles, playing offense, cost discipline and agility drove our success in Q1. But just as importantly, so did our long-term strategic priorities. Superior products and innovation are always at the heart of our strategy.

第三，敏捷性。我們進展很快。正如我們之前所說，我們預計到今年年底，來自中國的美國產品份額將從 4 月的 40% 降至僅 10%，而且我們正按計劃實現這一目標。這三個指導原則，即進攻、成本紀律和敏捷性推動了我們在第一季的成功。但同樣重要的是，我們的長期策略重點也是如此。優質的產品和創新始終是我們策略的核心。

This quarter, we launched nine new products. We introduced the G522 Wireless Gaming Headset, a sleek, comfortable gaming headset designed for full immersion in the game. We launched a Flip Folio for iPad, a really stylish magnetic keyboard case for on-the-go users. We introduced a Slim Wired Combo for business with Customizable AI Launch Keys. And we announced the Logitech Muse for the Apple Vision Pro, a groundbreaking digital pencil designed to support collaboration in virtual reality.

本季度，我們推出了九款新產品。我們推出了 G522 無線遊戲耳機，這是一款時尚、舒適的遊戲耳機，旨在讓您完全沉浸在遊戲中。我們推出了適用於 iPad 的 Flip Folio，這是一款非常時尚的磁性鍵盤保護套，適合忙碌的用戶使用。我們推出了一款具有可自訂 AI 啟動鍵的超薄有線商務組合。我們也發布了適用於 Apple Vision Pro 的 Logitech Muse，這是一款突破性的數位筆，旨在支援虛擬實境協作。

In recognition of all of our team's innovative design and engineering work, Logitech was named one of Fortune's most innovative European companies for 2025 in the quarter.

為了表彰我們團隊的所有創新設計和工程工作，羅技在本季被《財星》雜誌評為 2025 年最具創新力的歐洲公司之一。

Doubling down on B2B is another important strategic pillar. Logitech for business demand outpaced our consumer business demand this quarter, led by double-digit net sales growth in video conferencing. Logitech for business progress reflects the strength of our portfolio of simpler, smarter, more sustainable enterprise solutions and the opportunities in services and new verticals.

加倍投入B2B是另一個重要的策略支柱。本季度，羅技的商業需求超過了我們的消費者業務需求，其中視訊會議的淨銷售額實現了兩位數的成長。羅技在業務方面的進步反映了我們更簡單、更聰明、更永續的企業解決方案組合的實力以及在服務和新垂直領域的機會。

Finally, we drove very strong execution around the world. In Q1, APAC results particularly stood out. We're seeing meaningful progress from our China for China investments. Our China team achieved a significant milestone in May when they returned to growing share in the very fast-growing Chinese gaming market.

最後，我們在全球範圍內實現了非常強勁的執行力。第一季度，亞太地區的業績尤其突出。我們看到對華投資正在取得有意義的進展。我們的中國團隊在五月取得了一個重要的里程碑，在快速成長的中國遊戲市場中重新獲得了不斷增長的份額。

As we look ahead to the second quarter and beyond, we expect continued uncertainty when it comes to tariff policy, to inflation and customer sentiment. But Logitech has proven time and time again that we are uniquely built to thrive in times like these. Our business is globally balanced, with about two thirds of sales generated outside the US. Our diversified manufacturing footprint spans six countries and gives us flexibility and resilience.

展望第二季及以後，我們預期關稅政策、通貨膨脹和客戶情緒仍將存在不確定性。但羅技已經一次又一次證明，我們擁有獨特的實力，能夠在這樣的時代蓬勃發展。我們的業務在全球範圍內保持平衡，約三分之二的銷售額來自美國以外。我們的多元化製造足跡遍佈六個國家，賦予我們靈活性和彈性。

Our strong brand provides loyalty and pricing power. Our pristine balance sheet offers financial flexibility. And most importantly, our experienced team continues to execute at the highest level.

我們強大的品牌提供了忠誠度和定價能力。我們完美的資產負債表提供了財務靈活性。最重要的是，我們經驗豐富的團隊將繼續以最高水準執行。

So in Q2, we're going to continue to play offense to drive growth and market share gains. We will maintain rigorous cost discipline, and we will act with agility to respond to evolving market conditions. The fundamentals of our business are strong, and our strategy positions us very well to navigate uncertainty and deliver attractive results.

因此，在第二季度，我們將繼續採取攻勢來推動成長和市場份額的成長。我們將保持嚴格的成本紀律，並靈活應對不斷變化的市場狀況。我們的業務基礎強勁，我們的策略使我們能夠很好地應對不確定性並取得可觀的成果。

Matteo, with that, I'll turn it over to you.

馬特奧，說完這些，我就把麥克風交給你了。

All right. Thank you, Hanneke, and thank you all for joining us on the call today. I want to, first of all extend my gratitude to our teams around the globe for the strong execution during the quarter. Our teams demonstrated they can operate under challenging market conditions, operating with agility while making solid progress towards our overall goals. And as you have seen from the financials that we published earlier today, we began fiscal year '26 with strong execution and focus.

好的。謝謝你，Hanneke，也謝謝大家今天參加我們的電話會議。首先，我要向我們全球團隊在本季的出色表現表示感謝。我們的團隊證明，他們可以在充滿挑戰的市場條件下靈活運作，同時朝著我們的整體目標穩步前進。正如您從我們今天早些時候發布的財務報表中看到的那樣，我們以強有力的執行力和專注度開始了 26 財年。

Net sales were up 5% year-over-year in constant currency, supported by continued robust demand across both the consumer and B2B. Despite significant external headwinds, we increased our profitability and generated strong operating cash flow. And as expected, this fiscal year started with sell-in in line with sell-through, and we delivered another strong year-over-year growth across all our key product categories.

受消費者和 B2B 持續強勁需求的推動，淨銷售額以固定匯率計算年增 5%。儘管面臨巨大的外部阻力，我們仍然提高了獲利能力並產生了強勁的經營現金流。正如預期的那樣，本財年開始時的銷售量與銷售量一致，並且我們所有主要產品類別都實現了強勁的同比增長。

Now a couple of highlights to mention. Video Collaboration delivered 13% year-over-year growth, driven by strong North American demand. Personal Workspace grew 6% year-over-year, fueled by double-digit growth in webcams and tablet accessories. And this marks the fifth consecutive quarter of growth in tablet accessories.

現在要提一下幾個亮點。受北美強勁需求的推動，視訊協作年增 13%。個人工作空間年增 6%，這得益於網路攝影機和平板電腦配件兩位數的成長。這標誌著平板電腦配件連續第五個季度實現成長。

And on a regional level, Asia Pacific grew 15% year-over-year, led by sustained double-digit growth in China. EMEA grew 9%, driven by strong demand across all product categories, while North America declined 4%, primarily the result of a pause in some product shipments during price negotiations which are now largely complete.

從區域來看，亞太地區年增 15%，其中中國持續保持兩位數成長。歐洲、中東和非洲地區成長了 9%，這得益於所有產品類別的強勁需求，而北美地區則下降了 4%，主要是由於價格談判期間部分產品發貨暫停，目前價格談判已基本完成。

Non-GAAP gross margin rate for the quarter was 42.1%, and this reflects a 120 basis points decline from the first quarter of last year due to the negative impact from tariffs, higher promotional spend and a release in inventory reserves recorded in the prior year period. These were partially offset by price increases in the US and the continued momentum from cost reductions.

本季非公認會計準則毛利率為 42.1%，較去年第一季下降 120 個基點，原因是關稅、促銷支出增加以及去年同期庫存儲備釋放造成的負面影響。但美國價格上漲和成本持續下降的勢頭部分抵消了這種影響。

Operating expenses declined 2% year-over-year and were 24.5% of net sales, down from 26.5% in the first quarter of last year. This decrease was driven by operating leverage and a reduction in G&A as a result of the measures that we implemented to mitigate the impact of tariffs. Cash flow was also strong. We generated $125 million in cash from operations and ended the quarter with a cash balance of $1.5 billion.

營業費用年減 2%，佔淨銷售額的 24.5%，低於去年第一季的 26.5%。這一下降是由於我們採取措施減輕關稅影響，導致營運槓桿和一般及行政費用減少所致。現金流也很強勁。我們從營運中產生了 1.25 億美元的現金，本季末的現金餘額為 15 億美元。

We returned $122 million to shareholders through share repurchases, which is consistent with our capital allocation priorities. So overall, this quarter brought continued macroeconomic operational challenges, notably an approximately 100 basis points negative impact from the US tariffs. And in response, we diligently followed the strategy that we outlined in the last earnings call, which allowed us to increase profitability for the company by 80 basis points in non-GAAP operating income.

我們透過股票回購向股東返還了 1.22 億美元，這與我們的資本配置重點一致。因此整體而言，本季宏觀經濟運作面臨持續挑戰，尤其是美國關稅帶來的約100個基點的負面影響。作為回應，我們認真遵循了上次收益電話會議上概述的策略，這使公司的非公認會計準則營業收入提高了 80 個基點。

Now more specifically, first, we implemented price increases in North America. The execution of this price increase is now largely complete, and we expect the full benefit to be recorded in the second quarter. Second, we executed cost saving actions, mostly in G&A, around controllable expenses. And third, we continue to leverage the strength of our balance sheet and accelerated the acquisition of the inventory in advance of tariffs going into effect.

更具體地說，首先，我們在北美實施了價格上漲。此次漲價的執行目前已基本完成，我們預計全部收益將在第二季實現。其次，我們採取了成本節約措施，主要是在一般及行政管理方面，圍繞著可控費用。第三，我們持續利用資產負債表的優勢，在關稅生效前加速庫存購買。

Now looking ahead to the second quarter, we are expecting net sales to grow 1% to 5% year-over-year in constant currency, gross margin rate to be between 41% and 42% and non-GAAP operating income between $180 million and $200 million. We are expecting the negative impact of tariffs in the second quarter to be between 200 basis points and 300 basis points, which will be partially offset by 200 basis points of positive price as a result of the price increase that we executed in the first quarter.

展望第二季度，我們預期淨銷售額以固定匯率計算將年增 1% 至 5%，毛利率在 41% 至 42% 之間，非 GAAP 營業收入在 1.8 億美元至 2 億美元之間。我們預計第二季關稅的負面影響將在 200 至 300 個基點之間，但這一影響將被我們在第一季度實施的價格上漲所帶來的 200 個基點的正價格所部分抵消。

So in summary, we delivered solid results in the first quarter. I want to thank all our teams around the globe for dedication and flexibility.

總而言之，我們在第一季取得了穩健的業績。我要感謝我們全球所有團隊的奉獻和靈活性。

So with that, let's open the call for questions.

那麼，就讓我們開始提問吧。

Thank you, Matteo. We will now begin the question-and-answer session. (Operator Instructions)

謝謝你，馬特奧。我們現在開始問答環節。（操作員指示）

Didier, Bank of America. Didier?

迪迪埃，美國銀行。迪迪埃？

Yes, thank you for taking my question. I just wondered if you could share your thoughts on sort of the consumer reaction to your price actions. So clearly, this had, had a positive impact. You might have given the number for the current quarter. If you could just remind us what the pricing benefit in the quarter was versus volumes? And what's your view -- hello?

是的，感謝您回答我的問題。我只是想知道您是否可以分享一下消費者對您的價格行為的反應的看法。顯然，這產生了正面的影響。您可能已經給出了當前季度的數字。您能否提醒我們本季的定價優勢與銷售量相比如何？您的看法是什麼？您好？

Yes, sorry about this. So what's your view on the consumer reaction? Were you positively surprised by the volumes in response to the price action, the price hikes that you've done in the quarter? And is that encouraging you to raise prices further in order to compensate for the tariff impact?

是的，對此我深感抱歉。那麼您對消費者的反應有何看法？您是否對本季價格行動和價格上漲帶來的銷售感到驚訝？這是否會鼓勵您進一步提高價格以彌補關稅的影響？

Yes. Yes, thanks, Didier. Good to see you. So the positive impact of price in the first quarter was 50 basis points because, of course, we only announced a price increase in mid-April. And then as usual, it takes about four to eight weeks to get it fully implemented across the trade.

是的。是的，謝謝，迪迪埃。很高興見到你。因此，第一季價格的正面影響是 50 個基點，因為我們當然只是在 4 月中旬宣布漲價。然後像往常一樣，大約需要四到八週的時間才能在整個行業中全面實施。

It's really too early to say much about the impact on the consumer because again, we only completed the implementation towards the very end of the quarter. So you didn't really see the new prices on-shelf across the US trade until the end of the quarter. So that's hard to tell.

現在談論對消費者的影響還為時過早，因為我們只是在本季結束時才完成實施。因此，直到本季末，您才真正看到美國貿易市場上的新價格。所以這很難說。

And what we do know -- and this is expected, is that the negotiations with our customers took us four to eight weeks to get this fully implemented. And during that time, we did see an impact on in-stock levels and on-shelf availability, which again is expected during a price negotiation. And it temporarily affected the net sales, which you see in our Americas net sales number.

而我們確實知道——這也是預料之中的——與客戶的談判花了我們四到八週的時間才完全實施。在此期間，我們確實看到庫存水準和貨架供應量受到了影響，這在價格談判中也是預料之中的。它暫時影響了淨銷售額，您可以在我們的美洲淨銷售額數字中看到。

However, that implementation is now essentially complete. In-stock levels have recovered, and this positions us really well for back-to-school and for holidays.

然而，該實施現已基本完成。庫存水準已經恢復，這為我們開學和假期做好了充分的準備。

Super. And a quick follow-up would be on the Video Collaboration business, which is showing further strength. Is that -- just -- can you elaborate a little bit on that? And how confident that this trend is sustainable into -- in the later part of this year?

極好的。接下來是視訊協作業務，該業務正顯示出進一步的實力。那是不是——只是——您能詳細說明一下嗎？您有多大信心這股趨勢能持續到今年下半年？

Yes. So obviously, very pleased with 13% growth in VC. Overall, that business is strong, very strong demand in North America, actually. There may have been a little bit of pull-in in North America in advance of the tariffs, so that, that wouldn't repeat. And the EU was a little low on inventory at the end of Q4.

是的。顯然，我對 VC 13% 的成長率感到非常高興。總體而言，該業務表現強勁，北美的需求實際上非常強勁。在徵收關稅之前，北美可能已經出現了一些拉動，因此，這種情況不會重演。第四季末，歐盟庫存略低。

So they had to bring in a little more inside the first quarter. But at the end, the weeks on hand are still at a very healthy normal operating range. So it might have been slightly inflated, but still, a double-digit growth number is a really good number for VC showing the underlying strength of that business.

所以他們必須在第一節多做一些。但最終，目前的幾週仍然處於非常健康的正常運作範圍內。因此，它可能略微被誇大了，但對於 VC 來說，兩位數的成長數字仍然是一個非常好的數字，顯示了該業務的潛在實力。

Right, thank you so much.

好的，非常感謝。

Tim Long, Barclays. Tim?

巴克萊銀行的提姆朗。提姆？

Thank you. Yes, two, if I could. It sounded like first one, B2B was pretty strong in the quarter. Just walk us through kind of -- it sounds like Video Collaboration, but any other moving parts there? And just remind us on the kind of economic financial impact of growing the B2B in the mix?

謝謝。是的，如果可以的話，兩個。聽起來首先，B2B 在本季表現相當強勁。請向我們介紹一下——這聽起來像是視訊協作，但還有其他活動部件嗎？能否提醒我們 B2B 業務的成長將對經濟金融產生什麼樣的影響？

And then second, on the gaming side, really strong quarter. It sounds like some new product there. Can you talk about kind of sustainability of the strength that you're seeing in the gaming vertical? Thank you.

其次，在遊戲方面，本季表現非常強勁。聽起來像是那裡有某種新產品。您能談談您在遊戲垂直領域看到的實力的可持續性嗎？謝謝。

Yes. So I'll let Matteo comment on Logitech for business and the economic impact. But it definitely was another strong quarter for Logitech for business. Again, demand in that space outpacing consumer demand. And that's really true across our full Logitech for business portfolio, which, as you know, consists of PWS as well as video conferencing and headsets.

是的。因此，我將讓 Matteo 對羅技的業務和經濟影響發表評論。但對於羅技來說，這無疑是另一個業務表現強勁的季度。再次，該領域的需求超過了消費者的需求。這在我們整個羅技商業產品組合中都是如此，如您所知，該產品組合包括 PWS 以及視訊會議和耳機。

And all of that despite the 10% price increase, so -- which applied across B2B and B2C. So that's really good to see. We continue to strengthen our capabilities in B2B. We've now -- we now have a global partner program in 135 countries. That's one place where we needed to improve.

儘管價格上漲了 10%，但這一切仍然適用於 B2B 和 B2C。看到這一點真是太好了。我們不斷加強B2B領域的能力。我們現在已經在 135 個國家開展了全球合作夥伴計畫。這是我們需要改進的一個地方。

And we're also continuing to grow in those new verticals that we've talked about, and Education had another quarter of double-digit growth. So all of that is good to see. Matteo, do you want to just comment on?

我們也將繼續在我們所討論的那些新垂直領域中發展，教育領域又實現了兩位數的成長。看到這些我感到很高興。Matteo，你只是想評論一下嗎？

Yes, Tim, the -- generally, video conferencing is actually positive for us in terms of mix. The margin on video conference is accretive to the average of the company. So it's a good product.

是的，提姆，總的來說，視訊會議實際上對我們來說是有利的。視訊會議的利潤率增加了公司的平均水平。所以這是一款好產品。

Yes. And then on gaming, yes. Also very excited about the strength of both the gaming market and our gaming business, and we saw a very solid share growth in gaming in North America in the quarter. And China was really outstanding. And the market continues to grow very, very fast in China.

是的。然後是遊戲，是的。我們對遊戲市場和遊戲業務的強勁表現感到非常興奮，本季我們看到北美遊戲市場的份額實現了非常穩健的成長。中國確實表現非常出色。中國市場持續快速成長。

We also had strong growth. You saw our APAC numbers. We don't break out China, but APAC was at plus 15%. China was significantly ahead of that. So that's great to see.

我們也實現了強勁成長。您看到了我們的亞太地區數據。我們沒有單獨列出中國，但亞太地區的增幅為 15%。中國在這方面明顯領先。看到這一點真是太好了。

And a big milestone for us is the fact that in May, we finally started gaining share in gaming in China, which is awesome. We're number one but we've been losing share for a while. So that's good. One swallow does not make summer, but you got to start somewhere.

對我們來說，一個重要的里程碑是，今年五月份，我們終於開始在中國的遊戲市場中獲得份額，這太棒了。我們是第一名，但一段時間以來我們的市佔率一直在下降。這很好。一燕不成夏，但總得有個開始。

And then across the world, we saw good growth in our premium segments on gaming. So PRO and SIM are real priority for us. We extended our partnership with McLaren, and we launched a really exciting new headset, the G522. So lots of great things in gaming, and that's just a long-term really big bet for us.

在全球範圍內，我們看到遊戲高端領域出現了良好的成長。因此 PRO 和 SIM 對我們來說才是真正的優先事項。我們擴大了與麥克拉倫的合作關係，並推出了一款令人興奮的新耳機 G522。遊戲中有很多精彩的東西，這對我們來說是一個長期的重大賭注。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Lucas, Barenberg. Lucas?

盧卡斯，巴倫伯格。盧卡斯？

Okay, skipping ahead. Martin, BNP.

好的，跳過前面的內容。馬丁，英國國家黨。

Yes. Just -- maybe, can you talk about just the demand pattern in Q1? I mean was this anything different compared to typical Q1 to the tariffs? I mean have you seen demand increase a lot post the tariff announcement and then fade off towards the end of Q1 in the US? That's the first question.

是的。只是—也許，您能談談第一季的需求模式嗎？我的意思是，這與第一季的典型關稅相比有什麼不同嗎？我的意思是，您是否看到美國關稅公告發布後需求大幅增加，然後在第一季末逐漸減弱的情況？這是第一個問題。

And then the second one is really more on just market share and competition. You wanted to play offense, obviously, in this current environment. So can you talk about how you generally see yourself positioned, I mean, compared to peers with regards to your current production setup and pricing? So could you potentially gain in market share and raise prices further on the back of your potentially better production footprint? Thank you.

第二個問題其實更多的是關於市場佔有率和競爭。顯然，在當前環境下，你想採取進攻措施。那麼，您能否談談您總體上如何看待自己的定位，我的意思是，與同行相比，就目前的生產設置和定價而言？那麼，您是否有可能憑藉潛在的更好的生產足跡來獲得市場份額並進一步提高價格？謝謝。

I will take the first one, yes. Okay, Martin. So on your first question -- so we are very pleased with the demand in the first quarter, it was high single-digit for the company. And overall, it was pretty broad-based when you look at both the B2B and the consumer were up nicely. B2B actually outpaced a bit, the consumer, but overall, very, very strong.

是的，我會選擇第一個。好的，馬丁。關於您的第一個問題—我們對第一季的需求非常滿意，公司的需求量達到了高個位數。整體而言，從 B2B 和消費者兩個角度來看，其成長動能相當廣泛。B2B 實際上略微超過了消費者，但總體而言，非常非常強勁。

And it was also broad in terms of products. Obviously, you had a couple of big improvements year-over-year with tablet accessories, which grew double digits and all the other product lines were in the high single digit. So it was really, really good and broad-based demand.

而且其產品範圍也很廣泛。顯然，平板電腦配件的銷量與去年同期相比有了很大的提升，實現了兩位數的增長，而其他所有產品線的銷量都保持在較高的個位數。所以這確實是一個非常好的、廣泛的需求。

And also geographically, back to Hanneke's point, it was very strong in AP, in Europe and relatively flattish in North America. To your question in terms of Poland, I go back to what Hanneke mentioned earlier. We have not seen that on the consumer side. We have seen a little bit at the beginning of the quarter on the B2B side with the customer trying to pull in some of the products like we did with our own suppliers in advance of tariffs. But when you look at overall the quarter, the impact of this pull-in was overall, immaterial. So demand was overall pretty good and broad-based.

而且從地理上看，回到 Hanneke 的觀點，它在亞太地區和歐洲非常強勁，而在北美則相對平淡。對於您關於波蘭的問題，我回顧一下 Hanneke 之前提到的內容。我們在消費者方面還沒有看到這種情況。我們在本季初看到 B2B 方面出現了一些情況，客戶試圖引進一些產品，就像我們在關稅前對我們自己的供應商所做的那樣。但當你縱觀整個季度時，這種拉動的影響總體上是微不足道的。因此，整體而言，需求相當良好且廣泛。

Yes. Yes. And in terms of shares, we saw share gains in a number of categories at a global level. And I was particularly encouraged by the fact that across all our key categories in the US, past three months, we saw share growth. So PWS, gaming and video conferencing.

是的。是的。就份額而言，我們看到全球範圍內多個類別的份額都有所增長。令我特別鼓舞的是，過去三個月，我們在美國所有主要類別中的份額均有所增長。所以是 PWS、遊戲和視訊會議。

The impact of price on share really is too early to tell. The last share reading we have is through May. And in the US, our new prices were not fully reflected on shelf by the end of May. So we have to read that carefully. I do expect a temporary softening of shares after a price increase.

價格對股價的影響目前還言之過早。我們最後一次分享的閱讀時間是五月。在美國，我們的新價格到五月底還沒有完全反映在貨架上。所以我們必須仔細閱讀。我確實預期價格上漲後股價會出現暫時的疲軟。

That's what you tend to see, but it's a temporary effect, and we'll take it from there.

這就是您傾向於看到的，但這只是暫時的影響，我們將從那裡開始。

Great, thanks a lot.

太好了，非常感謝。

Thanks.

謝謝。

Michael, Vontobel.

邁克爾，馮托貝爾。

Yeah, hi, can you hear me?

是的，嗨，你聽得到我說話嗎？

Well done on the results. I have two questions. The first one is on your inventory sort of strategy and how you're going to proceed in the current quarter in terms of acquiring inventory and what effect it will have on net working capital and cash flow. And the second question would be on the tablet accessory business going into -- obviously, now back-to-school quarter and how you lined up and what are you expecting for the current quarter on tablet accessories in your guidance?

結果很好。我有兩個問題。第一個問題是您的庫存策略，以及您在本季將如何取得庫存，以及它將對淨營運資本和現金流產生什麼影響。第二個問題是關於平板電腦配件業務的——顯然，現在是返校季，您是如何安排的，您對本季度平板電腦配件業務的預期是什麼？

Yeah. Thanks. Why don't I take the tablets, and then we can come back to inventory. So tablets are an important part of our business, quite strategic.

是的。謝謝。我為什麼不拿走藥片，然後我們就可以回到庫存了。平板電腦是我們業務的重要組成部分，具有相當的策略意義。

And that 15% growth that you saw in the first quarter, we're pleased about for two reasons. Tablets are designed for a fast-growing segment of consumers, people that work on the go, which is all of us in this virtual room. So that's a growing segment.

我們對第一季 15% 的成長率感到高興，原因有二。平板電腦是為快速成長的消費者群體設計的，這些消費者是那些在旅途中工作的人們，也就是我們這個虛擬房間裡的所有人。所以這是一個不斷成長的領域。

And second, as you just pointed out, Michael, they serve the important Education vertical. And when we can serve K-12 young children with our products, we create a lifelong relationship with that consumer. So it's a long-term strategic kind of first product that people get in their hands from Logitech. So very important.

其次，正如你剛才指出的，邁克爾，他們服務於重要的教育垂直領域。當我們能夠為 K-12 幼兒提供我們的產品時，我們就與該消費者建立了終身關係。因此，它是羅技為人們提供的首款長期策略產品。所以非常重要。

I think the other thing that we're pleased with is since the launch of the Combo Touch now a little over a year ago, that was a great design-led innovation that importantly also significantly improved the margins of the tablets. So it's a much more attractive business for us now than it was 15 months ago. So all of that is good. We expect another good quarter because, as you said, it's back to school. So we expect another good quarter for tablets in Q2 as people around the world -- students around the world go back to school in Asia, in the US and in Europe.

我認為另一件讓我們感到高興的事情是，自從一年多前推出 Combo Touch 以來，這是一項偉大的設計主導創新，重要的是，它還顯著提高了平板電腦的利潤率。因此，與 15 個月前相比，這項業務對我們來說現在更具吸引力。所以這一切都很好。我們期待又一個好季度，因為正如你所說，我們又回到了學校。因此，隨著世界各地的人們——亞洲、美國和歐洲的學生重返學校，我們預計第二季平板電腦的銷售將再次表現良好。

Michael Foeth, on your question on inventory. So we -- if you go back in the last earnings call, when we laid out the strategy that we were planning to execute on to mitigate the impact of tariffs, we said that we have a great balance sheet, and we wanted to be opportunistic and use and leverage the strength of our balance sheet to try to pull in some of the inventory ahead of tariffs being into effect.

Michael Foeth，關於您關於庫存的問題。因此，如果你回顧上次的收益電話會議，你會發現，當我們制定計劃執行的減輕關稅影響的戰略時，我們說過，我們擁有良好的資產負債表，我們希望抓住機會，利用和發揮我們資產負債表的優勢，在關稅生效之前設法收回部分庫存。

And that was -- Sree and the team and the operation done a marvelous job. They were very successful in doing it in the first quarter. And actually, when you look at the gross margin that we printed earlier today, we came in on the higher end of the range that we provided three months ago, and that's one of the reasons. The team has done a fantastic job.

那就是——Sree 和他的團隊以及行動做得非常出色。他們在第一季就非常成功地做到了這一點。實際上，當您查看我們今天早些時候公佈的毛利率時，您會發現我們的毛利率處於三個月前提供的範圍的較高水平，這就是原因之一。該團隊表現出色。

So we want to continue to operate under the same identical framework because as you've seen in the first quarter results, notwithstanding the fact that we pulled in inventory, so the inventory balance is a little higher than last year. And we still closed with $125 million of operating cash flow, a cash balance remained at $1.5 billion, and the cash conversion days, thanks to very strong collections that we continue to see also in the first quarter, closed around 40, which is the framework that we outlined even at Investor Day.

因此，我們希望繼續在相同的框架下運營，因為正如您在第一季的業績中看到的那樣，儘管我們撤回了庫存，但庫存餘額比去年略高。我們仍然擁有 1.25 億美元的營運現金流，現金餘額仍保持在 15 億美元，而現金轉換天數（得益於第一季度繼續看到的非常強勁的回款）約為 40 天，這是我們在投資者日概述的框架。

So our strategy will be unchanged. If we can, we will pull in as much inventory as possible to protect the company, our customer and just leverage the strong balance sheet that we have.

所以我們的策略不會改變。如果可以的話，我們將盡可能增加庫存，以保護公司和客戶，並利用我們現有的強大資產負債表。

Any chance you will accelerate your buyback given the balance sheet position was not very intensive in the first quarter, I think?

我認為，鑑於第一季資產負債表狀況並非十分密集，您是否有可能加速回購？

Yes. We've been pretty consistent. If you look back to the last 3, 4 quarters, we always bought back between $120 million, and call it, $130 million of shares. We had one uptick back in, I think, it was the third quarter of the last fiscal year where we -- there was a dislocation in the stock price, and we opportunistically bought back more. But overall, I go back to what we said at the Investor Day, right?

是的。我們一直都非常一致。如果回顧過去 3、4 個季度，我們總是回購價值 1.2 億美元到 1.3 億美元的股票。我認為，我們曾經有過一次上漲，那是在上一財年的第三季度，當時股價出現混亂，我們趁機回購了更多股票。但總的來說，我回到我們在投資者日所說的內容，對嗎？

We clearly laid out the capital allocation priorities of the company. And we said that we are targeting a $2 billion buyback in three years, and we will follow that -- the strategy that we outlined in March.

我們明確列出了公司的資本配置重點。我們說過，我們的目標是在三年內回購 20 億美元，我們將遵循我們在三月概述的策略。

Perfect. Thank you.

完美的。謝謝。

You're welcome. Thank you.

不客氣。謝謝。

Asiya Merchant, Citi. Asiya?

花旗銀行亞洲人。阿西婭？

Hey, great. Hopefully you guys can hear me. Thank you for taking my question. Can I ask a little bit on the guidance for gross margins? If you can just peel that a little bit. I think I heard there was some benefit of inventory reserves that impacted gross margins this quarter. And how should we think about that next quarter as well?

嘿，太棒了。希望你們能聽到我的聲音。感謝您回答我的問題。可以問一下有關毛利率的指導嗎？如果你能把它剝掉一點的話。我想我聽說庫存儲備有一些好處，影響了本季的毛利率。那我們該如何考慮下個季度呢？

And just if you can unpack the guidance relative to the tariff impacts that you guys are seeing. And I think in the past, you had expected a much worse tariff impact, which obviously doesn't seem to be working through right now. So how should we think about the guidance relative to that? Thank you.

如果您能解釋一下與您所看到的關稅影響相關的指導嗎？我認為，過去人們曾預期關稅的影響會更加嚴重，但現在顯然並未產生效果。那麼我們該如何看待與此相關的指導呢？謝謝。

Sure, Asiya. So let me -- maybe the best way to answer the question is start with the first quarter that we just closed and give you a couple of numerical data points. So overall, we are very pleased with the performance in the gross margin on the higher end, pretty much in line with what we said on the higher end of the outlook that we provided three months ago. Thanks to the work on cost reduction and some of the comments that I made earlier to Michael's question on the inventory.

當然，阿西婭。所以讓我——也許回答這個問題的最好方法是從我們剛結束的第一季開始，並給你幾個數字數據點。因此，總體而言，我們對高端毛利率的表現非常滿意，這與我們三個月前提供的前景高端基本一致。感謝降低成本的工作以及我之前對邁克爾關於庫存的問題所做的一些評論。

When you unpack the 120 basis points year-over-year decline, you have -- the tariff impact was about 100 negative basis points, offset by 50 basis points positive price that Hanneke mentioned earlier. So net-net, the tariff impact in the quarter was negative 50, which was slightly better than what we had anticipated at the beginning of the quarter, but overall, call it, roughly in line. I think that when we talked back -- three months ago, we were expecting 100 basis points negative. So in the zone.

當你分析 120 個基點的同比下降時，你會發現——關稅影響約為 100 個負基點，被 Hanneke 之前提到的 50 個基點的正價格所抵消。因此，淨額計入，本季的關稅影響為-50，略優於我們在本季度初的預期，但總體而言，大致符合預期。我認為，當我們三個月前回談時，我們預計會出現負值 100 個基點。所以在區域內。

And then year-over-year, we also had about 50 basis points of pressure due to inventory reserves that were released in the prior year in the first quarter, which did not occur in the first quarter of this year. So that's how you unpack the 120 basis points of deterioration in the year-over-year comparison on gross margin for the first quarter.

與去年同期相比，我們也面臨約 50 個基點的壓力，因為去年第一季釋放了庫存儲備，但今年第一季並沒有出現這種情況。這就是第一季毛利率與去年同期相比下降 120 個基點的原因。

Now when I move -- when we move to the second quarter of last year, the gross margin rate was 44%. And here is where it's important to remember that last quarter -- last year in the second quarter, we had a sizable release of inventory reserve, which benefited the gross margin by about 100 basis points. And we even said at that time, this was -- it was not going to repeat. So really, the number you have to compare yourself is about 43%, right?

現在，當我們轉到去年第二季時，毛利率為 44%。這裡要記住的是，上個季度——去年第二季度，我們釋放了大量庫存儲備，這使毛利率提高了約 100 個基點。我們當時甚至說過，這種情況不會再發生。那麼實際上，你自己要比較的數字是 43% 左右，對嗎？

And so moving from there, we are expecting tariffs to impact about 200 basis points to 300 basis points negative. But this will be offset by the 200 basis points of positive impact from price to the actions that Hanneke mentioned earlier. And then we have about roughly 100 basis points of year-over-year pressure on the gross margin coming from a slightly higher promotion net of FX. So that's your walk to the 41% to 42%. So overall, the performance on the gross margin rate should be pretty much similar to what we have seen happening in the first quarter.

因此，從這個角度來看，我們預期關稅將產生約 200 個基點至 300 個基點的負面影響。但這將被價格對 Hanneke 先前提到的行動產生的 200 個基點的正面影響所抵消。由於外匯促銷淨額略有上升，我們的毛利率年比壓力將達到約 100 個基點。這就是你走向 41% 到 42% 的步伐。因此整體而言，毛利率的表現應該與第一季的情況大致相同。

And the impact of tariff, net of everything, so tariff, net of the diversification and net of price is between 0 basis points to 100 basis points negative.

關稅的影響，扣除一切因素，因此，扣除多樣化和價格後的關稅，在 0 個基點到 100 個基點之間為負。

Okay. Great. And just if I may, like as you look ahead, is that kind of what we should think about? I mean typically, you do have some promotional expenses, et cetera. So your back half of your -- the back half of your fiscal year tends to be slightly margin dilutive versus your first half. So how should we think about the gross margin trajectory for the rest of the year? Thank you.

好的。偉大的。如果可以的話，當你展望未來時，這就是我們應該思考的嗎？我的意思是，通常你確實有一些促銷費用等等。因此，與上半年相比，財政年度的後半部往往會略微稀釋利潤率。那我們該如何看待今年剩餘時間的毛利率走勢呢？謝謝。

Asiya, I think the situation is still pretty volatile in terms of macroeconomic impact. We'll have to see, there is -- to Hanneke's point, what is going to happen with the consumer, the price elasticity even in the second quarter. So I think making any comment beyond the second quarter at this point is a bit premature. So I'm going to leave it like that.

Asiya，我認為從宏觀經濟影響來看，情勢仍然相當不穩定。我們必須看看，正如 Hanneke 所說，即使在第二季度，消費者價格彈性會發生什麼變化。因此我認為現在對第二季度之後的情況做出任何評論都為時過早。所以我就保持這個狀態。

All right. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Samik, JP Morgan. Samik?

薩米克，摩根大通。薩米克？

Yeah, hi, thanks for taking my questions. For the first one, in the first quarter here, if you -- you have about mid-single-digit growth in revenues. Sell-through is pretty similar at mid-single digit. You're guiding to 1% to 5% for the second quarter. How much of that is sort of what you're embedding in for what you've been sort of highlighting as share changes on account of pricing? Because I would expect 2Q, you also get the benefit of pricing on that front as you move from 1Q.

是的，你好，謝謝你回答我的問題。首先，在第一季度，如果你的收入實現了大約中等個位數的成長。銷售率相當相似，都在個位數中間水準。您預計第二季的成長率將達到 1% 至 5%。其中有多少是您所強調的由於定價而導致的股價變化？因為我預期第二季度，隨著第一季的到來，您也將獲得定價方面的好處。

So just trying to understand the sort of puts and takes on the revenue side, particularly given that you have benefit of pricing. And maybe as a sort of addition to that, you have the Americas pause that you're highlighting in 1Q that impacted you. So how do you expect that to play out in 2Q? Do you expect the inventory replenishment in 2Q in the region?

因此，只是想了解收入方面的投入和收益，特別是考慮到你有定價優勢。或許除此之外，您在第一季強調的美洲停頓對您產生了影響。那麼您預計第二季的情況會如何？您預計該地區第二季的庫存補充情況如何？

Yeah. It's a great question, Samik. So you've seen that we've guided for the quarter with a fairly broad top line range, 1% to 5%. The high end of that assumes that the market remains resilient and that the impact of the US price increase on the consumer is modest.

是的。這是一個很好的問題，薩米克。因此，您已經看到，我們對本季的預期收入範圍相當寬泛，為 1% 至 5%。其高端假設是市場保持彈性，且美國價格上漲對消費者的影響較小。

So that would be the high end. Conversely, the low end, we would see some more deterioration in consumer sentiment and a longer lasting impact of the price increase in the US on the consumer. So that's kind of how we think about the bookings of that range.

這就是高端。相反，從低端來看，我們會看到消費者信心進一步惡化，美國價格上漲對消費者的影響將持續更長時間。這就是我們對該範圍預訂的看法。

And anything in terms of how you're thinking the Americas pause sort of plays out in terms of F 2Q? And then just for my follow-up, if you can just sort of clarify for tariffs as we go into F 3Q, are we largely assuming with the price offsets, you're neutral on the gross margin for tariffs? Thank you.

您認為美洲的暫停會對 F 2Q 產生什麼影響？然後，為了我的後續問題，如果您可以在我們進入 F 3Q 時澄清一下關稅問題，我們是否在很大程度上假設價格抵消，您對關稅的毛利率持中立態度？謝謝。

So the -- so for the first part of your question, when you break down the regions to Hanneke's point, we are expecting the AP, you saw how the performance in the first quarter was great, and we think that will continue into the second quarter on the top line.

所以，對於您問題的第一部分，當您按照 Hanneke 的觀點對各個地區進行細分時，我們預計 AP 在第一季的表現會非常出色，我們認為這種勢頭將延續到第二季度。

Europe had good performance in the first quarter, high single-digit, maybe a slight deceleration due to the inventory dynamic that Hanneke mentioned earlier. But overall, we're expecting Europe to continue to perform very well. And then the range really comes down to North America, and that's exactly what Hanneke just described.

歐洲第一季表現良好，成長率高達個位數，但由於 Hanneke 之前提到的庫存動態，可能略有減速。但總體而言，我們預計歐洲將繼續表現良好。然後範圍實際上就到了北美，這正是 Hanneke 剛才所描述的。

In terms of expectation for tariffs -- so that's a tough question, Samik. So the -- we said for the second quarter, right, at the current -- with the current tariff environment, we're expecting the impact of tariff to be between 0 basis points to negative 100 basis points, this all-inclusive. So tariff cost, net of manufacturing diversification and net of the price increase.

關於關稅預期——這是一個很難回答的問題，薩米克。因此，我們說過，對於第二季度，在目前的關稅環境下，我們預計關稅的影響將在 0 個基點到負 100 個基點之間，這是全包的。因此，關稅成本扣除了製造多樣化和價格上漲。

With the current tariff environment, if that were not to change, that would be a good proxy also for the remainder of the year. But we'll have to see what happens with legislation and so on and so forth. So that's all we can say right now.

在當前的關稅環境下，如果這種情況沒有改變，那麼這也將成為今年剩餘時間的一個很好的代表。但我們必須觀察立法等方面的情況。這就是我們現在能說的全部。

Absolutely. I mean, some people think everything has now settled, but it remains a moving feast. The expected tariff impact on our US volumes of the countries we make in, China plus five is not entirely clear, so the tariff policy isn't entirely clear. The product classification, which leads to exemptions, isn't entirely clear.

絕對地。我的意思是，有些人認為現在一切都已經塵埃落定，但這仍然是一場流動的盛宴。我們在美國生產產品的五個國家（中國等）的關稅預期對其產量的影響尚不完全清楚，因此關稅政策也不完全明確。導致豁免的產品分類並不完全明確。

And then, of course, what also impacts the tariff rates that we see in the P&L is our own manufacturing footprint and when things change, our own mix and our own strategic inventory decisions. So there's a lot of variables, which is why we don't break all of those out because we drive you nuts, and we just give you what it all adds up to.

當然，影響我們在損益表中看到的關稅稅率的還有我們自己的製造足跡，以及當情況改變時，我們自己的產品組合和我們自己的策略庫存決策。因此，存在著許多變量，這就是為什麼我們不把所有這些變數都列出來，因為這會讓你抓狂，我們只會告訴你所有變數加起來的結果。

Thank you. Thanks for taking my question.

謝謝。感謝您回答我的問題。

Ananda, Loop Capital.

阿南達（Ananda），Loop Capital。

Yeah. Hey, guys. Good afternoon. I really appreciate you guys taking the questions. I guess two, if I could. Hanneke, and maybe this has become more of a housekeeping question, but I do like asking it. The last year, the remarks you had made about opportunity to harmonize portfolios across various of the geographies.

是的。嘿，大家好。午安.我非常感謝你們回答這些問題。如果可以的話，我想是兩個。Hanneke，也許這已經成為一個更普通的問題，但我確實喜歡問這個問題。去年，您曾談到協調不同地區投資組合的機會。

Can you talk -- can you sort of talk to where you guys are on that? Is there anything left to do? And what the impact has been? And is there a future impact that could come from that? And I have a quick follow-up as well.

你能談談嗎——你能談談你們對此的進展嗎？還有什麼事要做嗎？其影響是什麼？這會對未來產生什麼影響嗎？我也會進行快速跟進。

Yes. We -- I think we're in a very good place when it comes to harmonized portfolios across -- around the world, really. And obviously, that helps in terms of cost reductions quarter-by-quarter. Simpler is always better, but we're in a pretty good place. And if anything, our China for China program, which is working very well, does add a little bit of extra SKUs in our lineup because we're adding China for China innovation.

是的。我認為，就全球範圍內的投資組合協調而言，我們確實處於非常有利的地位。顯然，這有助於逐季度降低成本。越簡單越好，但我們現在處於一個相當不錯的位置。而且，我們的「中國為中國」計劃確實在我們的產品線中增加了一些額外的 SKU，因為我們正在為中國創新而增加「中國為中國」計劃，該計劃運行得非常好。

But what I also expect we'll start seeing is that some of that China for China innovation actually becomes global innovation again going forward. So that will be a really good dynamic.

但我還預計，我們將開始看到，一些中國為中國的創新實際上將在未來再次成為全球創新。所以這將會是一個非常好的動態。

Thanks for that. And then the follow-up is, you had mentioned that during price negotiations, inventory gets a little skinny on the shelves. So that can impact sales. And then you also made later on a remark about you expect -- it's not -- well, it's not atypical to lose some share after prices increase. Are those two sort of share pressuring dynamics, distinct share pressuring dynamics?

謝謝。然後後續問題是，您提到在價格談判期間，貨架上的庫存會變得有點少。這會影響銷售。然後您後來也說過，您預計——價格上漲後失去一些份額並不罕見。這兩種份額施壓動態是不同的份額施壓動態嗎？

Yes, you got that exactly right. So we're through the first phase where the inventory got a little skinny. We're through that because customers have accepted the price increase, they're ordering, we're back to good inventories. And we actually did see that earlier in the second quarter, we had a good Amazon Prime. So that would tell me that things are back in order in terms of inventory.

是的，你說得完全正確。因此，我們已經歷經第一階段，庫存有些不足。我們之所以能度過這一難關，是因為客戶已經接受了價格上漲，他們正在下訂單，我們的庫存也恢復了良好。我們確實在第二季初就看到了這一點，我們的 Amazon Prime 服務表現良好。所以這表示庫存狀況已經恢復正常。

But again, the effect of the actually higher consumer price, that is yet to be seen. And again, usually in the short term, that could have an effect on sales and share.

但實際上，消費者價格上漲的影響仍有待觀察。而且，通常在短期內，這可能會對銷售和市場佔有率產生影響。

Thank you. Thanks a lot.

謝謝。多謝。

Joern, UBS. Joern?

Joern，瑞銀。喬恩？

Thank you. Hello, everybody. Thanks for taking my questions. Two to three, please. If I may start with the first one. Just to double check your ASP negotiations in North America, was this resulting in empty shelves and this was impacting the flattish sell-through? Or not really?

謝謝。大家好。感謝您回答我的問題。請給我兩到三張。如果我可以從第一個開始。只是想再檢查一下您在北美的平均銷售價格談判，這是否會導致貨架空置，並影響到平淡的銷售量？或者並非如此？

Yes. I wouldn't say empty shelves, but there were certainly SKUs that went out of stock on the real and virtual shelves. So it wasn't like there was no Logitech at all, but there were certain big SKUs that were out.

是的。我不會說貨架空了，但實體和虛擬貨架上肯定有一些 SKU 缺貨。所以，這並不意味著羅技就不存在了，只是某些大型 SKU 已經售罄。

Do you think this has a meaningful impact on your business in North America, and that is true?

您認為這對您在北美的業務有重大影響嗎？是的。

It had some impact, probably in the last month of the quarter. So -- and again, we don't have those shares yet. So I can't really tell. Through May, didn't have an impact. The shares in North America were very strong. And I think in early July, we're recovering from that impact. Now again, the second impact of the actually higher prices remains to be seen. But all of this is normal when you increase prices, it just -- you don't know overnight what will happen, and you will have some noise in the actual negotiations.

它產生了一些影響，可能在本季的最後一個月。所以——再說一次，我們還沒有這些股。所以我真的說不準。截至五月，沒有產生影響。北美的股票表現非常強勁。我認為到 7 月初，我們就可以從影響中恢復過來。現在，實際價格上漲的第二個影響仍有待觀察。但當你提高價格時，所有這些都是正常的，只是——你不知道一夜之間會發生什麼，而且在實際談判中你會遇到一些噪音。

Thanks for this one. And the second question is on gaming. If I remember correctly, last quarter, it was also growing low single digit or so sell-through. It seems that now it's again in brackets only growing low single digit. It should be your key structural growth driver. Is there anything going on in simulation devices or headset which is cyclical, we should be aware of? And how do you think the growth rate in the remainder of the year in gaming?

謝謝你。第二個問題是關於遊戲的。如果我沒記錯的話，上個季度它的銷售量也成長了個位數左右。現在看來，它又回到了括號中，僅以低個位數成長。它應該是您的關鍵結構性成長動力。模擬設備或耳機中是否存在我們應該注意的周期性現象？您認為今年剩餘時間內遊戲產業的成長率如何？

Yes. So again, I think gaming was probably most affected by the noise in the price negotiations. As you know, it's our most competitive category in the US. So it did suffer a little more than PWS from the out of stocks. So I think we'll see a good recovery in gaming in the quarters ahead.

是的。所以，我認為遊戲可能是受價格談判噪音影響最大的領域。如您所知，這是我們在美國最具競爭力的類別。因此，它因缺貨而遭受的損失確實比 PWS 更大一些。因此我認為我們將在未來幾季看到遊戲業的良好復甦。

And demand was up 6% in the quarter for gaming. So it was pretty good.

本季遊戲需求增加了 6%。所以這非常好。

So sell-through is 6%-plus in gaming?

那麼遊戲的銷售率是 6% 以上嗎？

That is correct.

沒錯。

Okay. Okay. Thanks. And the last question, if you allow me. On the tariffs, when you say 200 basis points to 300 basis points gross tariff impact. If my calculations are totally wrong, it's an average tariff of around 15%, plus-minus, you are paying currently.

好的。好的。謝謝。如果您允許的話，我問最後一個問題。關於關稅，當您說 200 個基點到 300 個基點的總關稅影響時。如果我的計算完全錯誤，那麼您目前支付的平均關稅約為 15% 左右。

Is this roughly correct? So when, for example, there's anything happening with China going to 55%. When this passes over Taiwan, Malaysia has to pay 30% that this 270 basis points is increasing likely in the back half of the year?

這大致正確嗎？舉例來說，當中國達到 55% 時。當這超過台灣時，馬來西亞必須支付 30%，這 270 個基點有可能在今年下半年增加嗎？

I think the amount for the first quarter was a little lower than that. But as you know, Jorn, we -- in the first quarter, we benefited for -- of the inventory that we were able to pull in back to the prior question that mitigated the impact. So I think your math is relatively close.

我認為第一季的金額略低於這個數字。但是正如你所知，喬恩，在第一季度，我們受益匪淺，因為我們能夠將庫存拉回到先前的問題，從而減輕影響。所以我認為你的數學比較接近。

As far as the -- only today, we just talk about the outlook for the second quarter, right? So at this point, based on the inventory that we have and we think based on the demand that we see for the quarter in this inventory flushing through the system. Whatever is going to happen in the next month, 1.5 months should be relatively limited the impact for the second quarter and embedded in the range of the 200 basis points to 300 basis points that we provided today.

就今天而言，我們只討論第二季的前景，對嗎？因此，此時，根據我們擁有的庫存，並根據本季度看到的需求，我們認為該庫存正在通過系統進行沖洗。無論下個月會發生什麼，1.5 個月對第二季的影響應該相對有限，並且在我們今天提供的 200 個基點至 300 個基點的範圍內。

And then we'll have to see what happens for the future. That's why we just -- to Hanneke's point earlier, we'll stop at the second quarter, we'll update you moving forward. But the 15% that you calculate -- but the roughly 15% that you mentioned moving forward, so excluding the first quarter, is actually close to my calculations, close -- you're close.

然後我們就看看未來會發生什麼事。這就是為什麼我們——正如 Hanneke 之前所說，我們將在第二季停下來，我們將向你們通報未來的進展。但是您計算出的 15%——但是您提到的大約 15% 的增長，不包括第一季度，實際上與我的計算結果很接近，很接近——很接近。

All right, thanks for the color, thanks very much.

好的，謝謝你的顏色，非常感謝。

Maya Neuman, Morgan Stanley. Maya?

摩根士丹利的瑪雅紐曼。瑪雅？

Awesome, thank you so much. Awesome. Hanneke, maybe if you can help us better understand the timing to reach your 7% to 10% top line growth target disclosed in March? I know there were some TAM expansionary initiatives in there that I assume takes some time. But at the same time, you're already seeing success in Education. So how long do you think until we get to that high single-digit top line growth target?

太棒了，非常感謝。驚人的。Hanneke，您能否幫助我們更了解實現您在 3 月揭露的 7% 至 10% 的營收成長目標的時機？我知道其中有一些 TAM 擴張計劃，我認為需要一些時間。但同時，您已經看到了教育領域的成功。那麼您認為我們多久才能達到高個位數的營收成長目標？

Yes. Great question. So as you know, last fiscal, we were actually at plus 7%. So -- but we can already be pretty close. Clearly, a lot of uncertainty and a lot of challenges in the markets in the past quarter after Liberation Day. But again, we're pleased with even now, the top line that we're seeing and the demand that we're seeing in the markets.

是的。好問題。如你所知，上個財年我們的利潤實際上是增加了 7%。所以——但我們已經非常接近了。顯然，解放日後的一個季度，市場存在著許多不確定性和挑戰。但即便如此，我們對現在的營收和市場需求仍然感到滿意。

In terms of that enlarged TAM, that's going to take time. Education was the first vertical that we addressed. We've been in that for a few years now. So we continue to see good growth there. That's very encouraging.

就擴大 TAM 而言，這需要時間。教育是我們首先關注的垂直領域。我們已經這樣做了幾年了。因此我們繼續看到那裡的良好成長。這非常令人鼓舞。

The other two, healthcare and government, we're really just starting, and we're starting almost from scratch. So before that has a material impact, it will take a little longer. But all that said, I would say even our core categories, again, we showed last fiscal that we can get to high single digit or be pretty close to it. So don't have a crystal ball, but it's going to happen.

另外兩個領域，醫療保健和政府，我們才剛起步，幾乎是從零開始。因此，在產生實質影響之前，還需要更長的時間。但儘管如此，我想說，即使是我們的核心類別，我們在上個財年再次表明，我們可以達到高個位數或非常接近這個數字。所以，雖然沒有水晶球，但它確實會發生。

Understood. And then maybe kind of going back to an earlier question. If we think about the midpoint of guidance, is there a way you can help us understand how much the pricing increases in the US are estimated to contribute to September quarter top line growth?

明白了。然後也許可以回到之前的問題。如果我們考慮指引的中點，您能否幫助我們了解美國的價格上漲對 9 月季度營收成長的貢獻有多大？

Maya, we said that we are expecting the impact of price to be 200 basis points at the gross margin level. And that's what we are counting on, on our financials, then we'll see what happens at the end of the quarter based on some of the uncertainties that Hanneke just talked about.

瑪雅，我們說過，我們預期物價對毛利率的影響將達到 200 個基點。這就是我們對財務狀況的期望，然後我們將根據漢尼克剛才談到的一些不確定因素，看看本季末會發生什麼。

Yes. I could add, in the first quarter, most of that 5% net sales growth, the vast majority was from volume actually. So again, pricing could be an additional benefit over time. But we got to see it always needs a little bit of time to play out in the market.

是的。我可以補充一點，第一季 5% 的淨銷售額成長，實際上絕大部分來自於銷售量。因此，隨著時間的推移，定價可能會帶來額外的好處。但我們必須看到，它總是需要一點時間才能在市場上發揮作用。

Awesome. Thank you so much.

驚人的。太感謝了。

Thank you, Maya.

謝謝你，瑪雅。

At this time there are no further questions.

目前沒有其他問題。

Thanks everybody. I think we're ready to wrap.

謝謝大家。我想我們已經準備好結束了。

Absolutely. Thank you so much for joining us today and for sticking with us at this late hour in Switzerland. Just to summarize, our teams had a great start to fiscal. Looking ahead, I'm excited actually about the opportunity that's before us. So we're going to continue to play offense.

絕對地。非常感謝您今天加入我們並在瑞士這麼晚的時間還與我們在一起。總而言之，我們的團隊在財務方面取得了良好的開端。展望未來，我對我們面前的機會感到非常興奮。因此我們將繼續進攻。

We'll continue to manage costs, and we're going to continue to be super agile. And I look forward to speaking with you next quarter. So take care, everyone. Good night.

我們將繼續管理成本，並且繼續保持高度敏捷。我期待下個季度與您交談。所以大家要小心。晚安。