羅技 (LOGI) 2026 Q4 法說會逐字稿

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（音訊進行中）

call to discuss our financial results for this quarter and fiscal year-end. Joining us today are Hanneke Faber, our CEO; and Matteo Anversa, our CFO.

召開電話會議，討論我們本季及本財政年度年終的財務業績。今天與會者包括我們的執行長 Hanneke Faber，以及財務長 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 for making these statements based on our views only making these statements based on our views only as of today. Our actual results could differ materially. We undertake no obligation to update or revise any of these statements.

在本次電話會議中，我們將發表前瞻性陳述，包括就 1995 年《私人證券訴訟改革法》安全港條款下的未來營運結果所作之陳述。我們作出這些陳述係基於我們截至今日的觀點（僅限於截至今日）。我們的實際結果可能會有重大差異。我們不承擔更新或修訂任何此等陳述之義務。

We will also discuss non-GAAP financial results and of 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.

我們也將討論非 GAAP 財務結果；您可在我們的新聞稿及向美國證券交易委員會（SEC）提交的文件中，找到 GAAP 與非 GAAP 結果之間的調節表、我們使用非 GAAP 衡量指標的相關資訊，以及可能影響我們財務結果與前瞻性陳述的因素。

These materials as well as the shareholder letter and a webcast of this call are all available at the Investor Relations page of our website. We encourage you to review these materials carefully. Unless noted otherwise, 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.

上述資料以及股東信與本次電話會議的網路直播，皆可於我們網站的投資人關係頁面取得。我們鼓勵您仔細閱讀這些資料。除非另有註明，淨銷售成長的提及均以固定匯率計算，並為期間比較或年對年比較。本次電話會議將被錄音，並可於我們網站回放。

I'll now turn the call over to Hanneke.

接下來我把電話交給 Hanneke。

Thank you, Nate, and welcome, everyone. It's great to be here in Switzerland and was on tonight. As I reflect on my second full year as Logitech's CEO, I'm grateful for the progress we've made and also energized by the opportunities still ahead. Fiscal year '26 proved what our model is capable of in any environment, successful innovation, best-in-class execution and real earnings expansion.

謝謝你，Nate，也歡迎各位。很高興來到瑞士，並在今晚與各位同在。回顧我擔任羅技執行長的第二個完整年度，我對我們取得的進展心懷感激，也對前方仍有的機會感到振奮。2026 財年證明了我們的營運模式在任何環境下的能力：成功的創新、同級最佳的執行力，以及實質的獲利擴張。

Before we look ahead, let's review our fiscal year '26 and our Q4 performance. As we do so, it's worth returning to the operating principles we declared last April. At the start of our fiscal, we faced a rapidly shifting global landscape.

在展望未來之前，讓我們先回顧 2026 財年以及第四季的表現。在回顧時，也值得回到我們在去年四月所宣示的營運原則。在本財年開始時，我們面對的是快速變動的全球局勢。

At the time, we set out to lean into opportunities with an offensive mindset to apply rigorous cost discipline and to leverage our global manufacturing footprint for real-time agility. I'm pleased to share that we delivered on all three of those objectives last year.

當時，我們設定的方向是以進攻心態把握機會、施行嚴格的成本紀律，並運用我們的全球製造佈局以達成即時敏捷性。我很高興分享，我們在去年達成了這三項目標。

First and foremost, we played offense. As a result, we captured significant new market share in key segments and geographies, and we delivered 6% net sales growth in US dollars and 4% in constant currency through a balanced mix of volume and price.

首先也是最重要的，我們採取進攻策略。因此，我們在關鍵細分市場與地區取得顯著的新市占率，並透過銷量與價格的均衡組合，實現以美元計 6% 的淨銷售成長，以及以固定匯率計 4% 的成長。

Simultaneously, we kept a very firm hand on cost and operating expenses, and we strategically diversified our global manufacturing base. And as a result of that, we delivered exceptional profitability with non-GAAP gross margins of 43.6% and an operating margin of 18.8%, ahead of our long-term model and a record high outside of the COVID years. Operating income grew 18% to $911 million.

同時，我們對成本與營運費用保持非常嚴格的控管，並策略性地分散我們的全球製造基地。因此，我們交出卓越的獲利能力：非 GAAP 毛利率 43.6%，營業利益率 18.8%，高於我們的長期模型，且在 COVID 年度之外創下新高。營業利益成長 18% 至 9.11 億美元。

We then translated this structural profitability into outstanding cash generation. Cash flow from operations exceeded $1 billion for the fiscal year, well above 100% of operating income. And we were pleased to be able to return $768 million of cash back to shareholders in the form of share repurchases and dividends.

接著，我們將這種結構性的獲利能力轉化為出色的現金創造。本財年營運活動現金流超過 10 億美元，遠高於營業利益的 100%。我們也很高興能以庫藏股回購與股利的形式，向股東返還 7.68 億美元現金。

Looking back at just the fourth quarter, we closed out the fiscal year strong. In Q4, we again drove significant global market share growth with a 140 basis point increase in personal workspace, a highlight. We returned the Americas to solid growth led by the United States.

僅回顧第四季，我們以強勁表現為本財年畫下句點。在第四季，我們再次推動顯著的全球市占率成長，其中個人工作空間（Personal Workspace）市占率提升 140 個基點，是一大亮點。在美國帶動下，我們讓美洲地區重回穩健成長。

We accelerated global gaming to high single-digit growth, and we delivered super margins and a 25% increase in non-GAAP operating income versus last year. I am proud of our teams for balancing bold action with deep operational rigor in fiscal year '26.

我們也推動全球電競業務加速至高個位數成長，並實現優異的利潤率，非 GAAP 營業利益較去年增加 25%。我為我們的團隊在 2026 財年能在大膽行動與深度營運嚴謹之間取得平衡而感到自豪。

Now as we transition into fiscal '27 we're amplifying our focus on future growth. We can do so because we are starting the year from a position of outstanding financial strength. And we should do so because the rapid advancements in AI will make the next 12 to 18 months a unique period for a technology company like ours to innovate and invest for a future in which both work and play will look very different.

現在，隨著我們邁入 2027 財年，我們將更加聚焦於未來成長。之所以能這麼做，是因為我們在年初即處於極為強健的財務狀態。而我們也應該這麼做，因為 AI 的快速進展將使未來 12 到 18 個月成為像我們這樣的科技公司進行創新與投資的獨特時期；在那樣的未來，工作與娛樂都將呈現截然不同的樣貌。

Thus, in the year ahead, we will up the tempo on the offense. With structurally strong gross margins and a pristine balance sheet, we'll invest in the business to accelerate future growth. At the same time, we will continue to apply our signature cost discipline and agility with a focus on maintaining operating margins at the high end of our long-term targets and driving healthy operating cash flow.

因此，在接下來的一年，我們將加快進攻節奏。憑藉結構性強勁的毛利率與極為健全的資產負債表，我們將投資於業務以加速未來成長。同時，我們將持續運用我們一貫的成本紀律與敏捷性，重點在於將營業利益率維持在長期目標區間的高端，並推動健康的營運現金流。

Our investments will be focused on three strategic areas of growth. First, R&D and product innovation. We will leverage AI as a catalyst for innovation. We'll do so by enhancing superiority in existing categories and our new Rally II video conferencing cameras, which are shipping this summer are a great example. We will also innovate into new spaces with products designed to help people be more productive and perform better with AI across work and play.

我們的投資將聚焦於三個策略性成長領域。第一，研發與產品創新。我們將把 AI 作為創新的催化劑。我們將透過強化既有品類的領先優勢來達成；例如，我們新的 Rally II 視訊會議攝影機將於今年夏天出貨，就是很好的例子。我們也將以新產品切入新領域，協助人們在工作與娛樂中運用 AI 提升生產力並有更佳表現。

And we'll leverage AI for speed. AI is already helping us deliver our annual suite of new products faster than ever. The PRO X super strike gaming mouse which shipped in February and went from prototype to a hugely successful launch in under a year is a great example.

我們也將運用 AI 提升速度。AI 已經在協助我們以前所未有的速度推出每年一系列的新產品。例如，PRO X Super Strike 電競滑鼠於二月出貨，從原型到極為成功的上市不到一年，就是很好的例子。

Second, we'll invest in Logitech for business. We're deepening our presence in B2B markets by building enterprise-grade commercial capabilities and penetrating new verticals, prioritizing education, government and health care.

第二，我們將投資於 Logitech for Business。我們將透過建立企業級商用能力並切入新的垂直領域，深化我們在 B2B 市場的佈局，並優先聚焦教育、政府與醫療保健。

We are in the early innings of this plan, but the investments are working. In fiscal year '26, B2B demand outpaced B2C demand and video collaboration net sales were up 10% in US dollars and 8% in constant currency. We believe Logitech for business still holds significant untapped potential.

我們仍處於此計畫的初期階段，但這些投資正在發揮成效。在 2026 財年，B2B 需求成長超越 B2C 需求；視訊協作淨銷售以美元計成長 10%，以固定匯率計成長 8%。我們相信 Logitech for Business 仍有大量尚未開發的潛力。

And third, we'll invest in building an iconic brand. We will use proven high ROAS marketing to generate more trial and awareness of Logitech, especially of our premium offerings. The high-end MX Master 4, which was supported by strong global marketing campaigns in fiscal '26 is a great example. At a $120 price tag. It generated nearly $100 million in net sales within its first six months, making it one of the fastest adopted products in Logitech's history.

第三，我們將投資打造具代表性的品牌。我們將運用經驗證的高 ROAS 行銷，提升更多人對羅技的試用與認知，特別是對我們高階產品的認知。例如，高階 MX Master 4 在 2026 財年獲得強勁的全球行銷活動支持，就是很好的例子。其定價為 120 美元。在上市後的前六個月內，該產品創造了近 1 億美元的淨銷售額，成為羅技史上採用速度最快的產品之一。

All in all, these targeted investments are designed to capture market share, expand addressable markets and support organic top line growth. I'm super excited about the plans for the year ahead. We believe fiscal '27 will keep us tracking towards our long-term model, mid- to high single-digit organic top line growth, while maintaining operating margins at the high end of that model.

總而言之，這些有針對性的投資旨在取得市占率、擴大可服務市場，並支持有機的營收成長。我對接下來一年的計畫感到非常興奮。我們相信 2027 財年將使我們持續朝向長期模型前進：有機營收中至高個位數成長，同時將營業利益率維持在該模型的高端。

Let me close by extending my sincere gratitude to the Logitech team around the world for their dedication and their fabulous work throughout fiscal '26.

最後，讓我向全球羅技團隊致上誠摯的感謝，感謝大家在 26 會計年度期間的投入與卓越表現。

And with that, over to Matteo to cover the financials in more detail.

接下來交給 Matteo，更深入地說明財務細節。

Thank you, Hanneke. Thank you all for joining us on the call today. The team delivered a very strong close to the year, characterized by solid demand, exceptional profitability and cash generation. The detailed financial results can be found in the press release and shareholder letter, but let me briefly share with you some of the key financial highlights.

謝謝你，Hanneke。也謝謝各位今天加入我們的電話會議。團隊在年度收官交出非常強勁的成績，展現出穩健的需求、卓越的獲利能力與現金創造力。詳細的財務結果可在新聞稿與致股東信中查閱，但我先簡要與各位分享幾項關鍵財務重點。

So starting with the fourth quarter. Net sales were $1.86 billion, an increase of 7% in US dollars and 3% in constant currency. It is important to note that the impact of the war in the Middle East in the fourth quarter was approximately $5 million or 50 basis points. Overall, we saw excellent demand across both our B2B and B2C channels and across all regions.

先從第四季開始。淨銷售額為 18.6 億美元，以美元計年增 7%，以固定匯率計年增 3%。需要特別指出的是，中東戰事在第四季的影響約為 500 萬美元，約 50 個基點。整體而言，我們在 B2B 與 B2C 通路、以及所有地區都看到非常出色的需求。

Looking at our net sales performance in constant currency, we grew across most of our key product categories. Gaming net sales increased by 7% with year-over-year growth in all three regions, including double-digit growth in EMEA and in Asia Pacific. Video Collaboration net sales increased by 8% driven by continued strong growth in EMEA and AMR. In Personal Workspace net sales increased by 1%, with double-digit growth in tablet accessories and mid-single-digit growth in pointing devices.

從固定匯率下的淨銷售表現來看，我們在多數主要產品類別都實現成長。電競（Gaming）淨銷售額年增 7%，三大區域皆有年對年成長，其中 EMEA 與亞太為雙位數成長。視訊協作（Video Collaboration）淨銷售額年增 8%，主要受 EMEA 與 AMR 持續強勁成長帶動。個人工作空間（Personal Workspace）淨銷售額年增 1%，其中平板配件為雙位數成長，指向裝置（pointing devices）為中個位數成長。

Moving to our regional performance. In the Americas, net sales increased 3%. This represents the second consecutive quarter of year-over-year growth following the price increase that we implemented last April.

接著看各地區表現。美洲地區淨銷售額成長 3%。這是我們自去年 4 月實施調價後，連續第二季實現年對年成長。

Growth was broad-based across all our product categories, most notably video collaboration, which grew double digits. In Asia Pacific, net sales increased 8%, marking our ninth consecutive quarter of solid year-over-year growth, driven by double-digit growth in gaming and personal workspace.

成長來自各產品類別的廣泛帶動，尤其是視訊協作，成長達雙位數。亞太地區淨銷售額成長 8%，為連續第九季維持穩健的年對年成長，主要由電競與個人工作空間的雙位數成長所驅動。

Net sales declined 1% in EMEA, primarily due to the impact of the Middle East conflict. And if we exclude this impact, net sales would have been slightly positive. And it is also important to note that EMEA still delivered solid growth for the full fiscal year despite an uneven macroeconomic backdrop, underscoring the strong and resilient execution of our teams.

EMEA 地區淨銷售額下滑 1%，主要是受到中東衝突影響。若排除此影響，淨銷售額將會略為正成長。同時也要強調，儘管宏觀經濟環境起伏不定，EMEA 在整個會計年度仍交出穩健成長，凸顯我們團隊強勁且具韌性的執行力。

Now turning to profitability. Our non-GAAP gross margin rate was exceptionally strong at 44.8%, up 130 basis points year over year. The positive impact of the US price actions and favorable foreign exchange more than offset the impact of tariffs and higher promotions. Total non-GAAP operating expenses for the quarter were $320 million, corresponding to 29.5% of net sales, down 80 basis points year over year.

接著談獲利能力。我們第四季非 GAAP 毛利率表現極為強勁，達 44.8%，年增 130 個基點。美國調價措施與有利匯率的正面影響，足以抵銷關稅與促銷增加的影響。本季非 GAAP 營業費用合計為 3.20 億美元，占淨銷售額 29.5%，年減 80 個基點。

We invested in sales and marketing and R&D, while reducing G&A by more than 10% year over year. This gross margin resilience combined with our disciplined cost management drove an outstanding operating leverage. And as a result, fourth quarter non-GAAP operating income reached $167 million, up 25% year over year with our non-GAAP operating margin rate expanding to 110 basis points to 15.3%.

我們持續投資於銷售與行銷以及研發，同時將一般與行政費用（G&A）年對年降低超過 10%。毛利率的韌性加上嚴謹的成本管理，帶動了出色的營運槓桿。因此，第四季非 GAAP 營業利益達 1.67 億美元，年增 25%，非 GAAP 營業利益率擴張 110 個基點至 15.3%。

Now let me briefly touch on the full fiscal year '26, where we delivered $4.8 billion in net sales, an increase of 6% year over year or 4% in constant concurrency. Non-GAAP gross margin rate closed at 43.6%, slightly higher year over year as the impact of our manufacturing diversification actions combined with the price increase in the US more than offset the negative impact of tariffs.

再簡要談一下 26 會計年度全年：我們淨銷售額達 48 億美元，年增 6%，以固定匯率計年增 4%。非 GAAP 毛利率收在 43.6%，較去年略升；製造多元化措施的效益加上美國調價，足以抵銷關稅帶來的負面影響。

Total non-GAAP operating expenses as a percentage of revenue were 24.8%, down 170 basis points compared to the prior year, primarily driven by disciplined spending underscored by a 10% reduction in G&A.

非 GAAP 營業費用占營收比重為 24.8%，較前一年下降 170 個基點，主要來自嚴謹的支出控管，其中 G&A 降幅達 10%。

This resulted in an 18% year-over-year increase in our full year non-GAAP operating income to $911 million, and an increase in non-GAAP operating income rate of 180 basis points to 18.8%. This is the highest level of profitability in the history of the company outside of the COVID peak.

因此，全年非 GAAP 營業利益年增 18% 至 9.11 億美元，非 GAAP 營業利益率提升 180 個基點至 18.8%。這是公司歷史上（不含 COVID 高峰期）最高的獲利水準。

The profitability level achieved is also well ahead of the top end of our long-term margin target range of 15% to 18%. Our structural profitability continues to translate in very strong cash generation, coming in above 100% of our operating income.

這樣的獲利水準也明顯高於我們長期目標毛利率區間 15% 至 18% 的上緣。我們的結構性獲利能力持續轉化為非常強勁的現金創造，現金產生率超過營業利益的 100%。

Cash flow from operations exceeded $1 billion in fiscal year 2026, and we ended the year with a cash balance of approximately $1.7 billion, while returning over $765 million of cash back to shareholders in the form of share repurchases and dividends.

2026 會計年度營運活動現金流超過 10 億美元；年底現金餘額約 17 億美元。同時，我們透過庫藏股回購與股利，向股東返還超過 7.65 億美元現金。

Now looking ahead to the first quarter of fiscal year '27, we have provided our financial outlook in today's shareholder letter, which calls for continued top line growth and strong operating income. We are expecting net sales to grow 2% to 4% in constant currency, and this amount includes approximately 150 basis points of negative impact from the Middle East conflict. Non-GAAP operating income is expected to be between $195 million and $215 million.

展望 27 會計年度第一季，我們已在今日的致股東信中提供財務展望，預期營收將持續成長，營業利益維持強勁。我們預期以固定匯率計淨銷售額成長 2% 至 4%，其中包含約 150 個基點來自中東衝突的負面影響。非 GAAP 營業利益預期介於 1.95 億至 2.15 億美元。

Our recent results confirm that we are a company for all seasons. We successfully navigated a dynamic environment last year to deliver high-quality earnings and cash flow, and we enter next year with a foundational strength to do it again.

我們近期的成果證明，我們是一家能適應各種景氣循環的公司。去年我們成功在多變的環境中前行，交出高品質的獲利與現金流；而我們也將以堅實的基礎實力進入下一年，再次做到同樣的成果。

Once again, I would like to thank our teams for an exceptional fiscal year 2026. And with that, let's turn it to Q&A.

我再次感謝各團隊在 2026 會計年度的卓越表現。接下來進入問答環節。

(Operator Instructions) Alicia Reese, Wedbush.

(接線員指示) Alicia Reese，Wedbush。

Thanks for taking my question and congrats on the results today. I'm wondering if you could dig into gaming a little bit. The results from China for China have been strong for some time now, and I assume that, that's a positive margin profile relative to the other regions.

謝謝讓我提問，也恭喜今天的業績表現。我想更深入了解一下電競業務。一段時間以來，中國市場（在中國、為中國）的表現一直很強勁，我猜相較其他地區，這應該帶來較佳的毛利結構。

As that strength shifts back to the US domestically over the coming year, presumably, how will that impact and to what degree, whether you say quantitatively or qualitatively? How do you expect that to impact gross margin over the coming year?

當這股強勁動能在未來一年轉回美國本土時，推測會帶來什麼影響、影響程度如何（無論您用量化或質化方式說明）？您預期這會如何影響未來一年的毛利率？

I think the impact on the gross margin will actually be quite minimal because the difference in the Chinese versus the US margins are not material. What's been driving -- and thanks for asking about gating because we're -- I'm super excited actually about the results in gaming in the last quarter, much stronger in years where we went in 7% up in Q4. And you'll remember, in Q3, we were only a plus 2. So a real acceleration there.

我認為對毛利率的影響其實會相當有限，因為中國與美國的毛利差異並不顯著。真正的驅動因素——也謝謝你問到電競，因為我們——我其實對上一季電競的結果非常興奮，表現比過去幾年強很多，第四季年增 7%。你也記得，第三季我們只有年增 2%。所以這裡確實出現了明顯的加速。

And the interesting thing is the drivers are broad-based across the world. So the real driver was the Super Strike. Our latest new mouse, $180, really unique technology called HITS, haptic induction triggers system. This one is for competitive gamers.

而有趣的是，這些驅動因素在全球各地都相當廣泛。所以真正的驅動因素是 Super Strike。我們最新的滑鼠，售價 180 美元，採用一項非常獨特的技術，稱為 HITS（觸覺感應扳機系統）。這款是為競技玩家打造的。

And you know this well, Alicia, because you know the space so well. But competitive gamers do not change their gear. It's like when you're going to run the Olympic Marathon, you're not going to change your shoes the day before the race. That's -- the same is true for competitive gamers. But with this mouse, almost immediately after we started shipping in February.

而且你很清楚這點，Alicia，因為你對這個領域非常熟悉。但競技玩家不會更換他們的裝備。就像你要跑奧運馬拉松，你不會在比賽前一天換鞋一樣。這——對競技玩家也是同樣的道理。但這款滑鼠在我們 2 月開始出貨後，幾乎立刻就……

It started being adopted in tournaments. And that then led to enormous demand from non-pro gamers as well. So that's been a big driver in the quarter. We're super excited about that. Honestly, we couldn't make enough of it. So that should be that momentum should continue.

它就開始在賽事中被採用。而這也進一步帶動了非職業玩家的龐大需求。所以這成為本季的一個重要驅動因素。我們對此非常興奮。老實說，我們根本做不夠。所以這股動能應該會持續下去。

And then separately, premium gaming in general been outperforming the rest of our business. So both PRO and Sim, the whole PRO range and the Symrise range were up very comfortably in double digits. And again, that is true around the world. So those dynamics have not been specific to one region or another, but really good to see around the world.

另外，整體而言，高階遊戲產品的表現一直優於我們其他業務。因此無論是 PRO 還是 Sim，整個 PRO 系列以及 Symrise 系列都相當穩健地維持雙位數成長。而且同樣地，這在全球各地都成立。所以這些動態並非特定於某個地區，而是在全球範圍內都表現良好，看到這點非常令人振奮。

Matteo?

Matteo？

I agree with the market -- the margin comment.

我同意關於市場——毛利率的評論。

And as a follow-up, the super strike, did that do well globally? Or are there certain regions that did particularly?

再追問一下，Super Strike 的表現是全球都很好嗎？還是有某些地區特別突出？

No, absolutely. So don't well everywhere. And I think it's kudos to our team. It was developed with gaming teams from every region. So with Korean teams, Japanese teams, Chinese teams, American teams, European teams. And after launch, again, it has really been a huge hit everywhere.

不，絕對是。所以各地都表現很好。我想這要歸功於我們的團隊。它是與各地區的電競隊伍共同開發的。包括韓國隊、日本隊、中國隊、美國隊、歐洲隊。而在上市之後，同樣地，它確實在各地都大受歡迎。

Great. And what products do you expect to lean into as you head into the new season with GTA this coming year?

很好。那麼，隨著明年 GTA 新賽季到來，你們預期會著重推哪些產品？

Whenever that comes. Yes.

不管它什麼時候推出。是的。

November, hopefully.

希望是 11 月。

Yeah. Certainly, we've got great momentum in gaming on both the PRO line, not just the super shy, but across the entire PRO line, including keyboards and headsets. Also great momentum on SIM racing. And again, those happen to be the most premium parts of our portfolio.

是的。當然，我們在遊戲領域的動能非常強，不僅是 Super Strike，而是整個 PRO 產品線都很強，包括鍵盤和耳機。在 SIM 賽車方面也有很好的動能。而且剛好這些都是我們產品組合中最高階的部分。

We also have great innovation coming actually in the new year on which are more affordable, which also, I think, is important so that we serve every piece of the gaming market. But if I -- the first penny goes to the premium side of the business.

我們其實也會在新的一年推出很棒的創新，價格更親民；我認為這也很重要，因為我們要服務遊戲市場的每一個區塊。但如果——第一筆投入，我會放在業務的高階端。

Great. Thanks so much for answering my questions today.

很好。非常感謝你今天回答我的問題。

Jorn Iffert, UBS.

Jorn Iffert，瑞銀（UBS）。

Hello. Good evening. Many thanks for taking my questions. It's two, please, which are related to each other.

你好。晚安。非常感謝讓我提問。我有兩個問題，彼此相關。

The first one is just also for modeling purposes, your statement, focus on growth makes a lot of sense. You're already above your mid-term margin tires. But what does it mean really? I mean does it mean you're targeting the mid- to high digit organic growth for fiscal year '27 and margins, I mean, coming down 50 basis points or 100 basis points? This will be my first question.

第一個問題也只是為了建模用途：你們提到聚焦成長，這很合理。你們目前已經高於中期毛利率目標。但這實際上代表什麼？我的意思是，這是否表示你們在 27 財年目標是中到高個位數的有機成長，而利潤率——也就是下降 50 個基點或 100 個基點？這是我的第一個問題。

And then the second question is related to this one. You said that -- I mean, AI world is changing rapidly. You want to adjust, you want to invest. Where exactly when do you want to place your investments? What are you doing in R&D? What are doing in marketing? What is different here with the last 12 to 18 months? Thanks a lot.

第二個問題與此相關。你們說——AI 世界變化很快。你們想要調整、想要投資。你們究竟想把投資放在哪裡？你們在研發（R&D）做了什麼？在行銷方面做了什麼？相較於過去 12 到 18 個月，有什麼不同？非常感謝。

You want to take first one?

你要先回答第一個嗎？

Yeah. I'll take the first one. So in terms of outlook for fiscal year 2017, I would -- just I think if you look at what we outlined in the shareholder letter. I think on the back of the strong momentum that we had in the fourth quarter, we will continue to see growth in the first, and that's why we outlined the net sales growth in constant currency between 2% to 4%.

好。我先回答第一個。就 2017 財年的展望而言，我會——我想如果你看我們在致股東信中所概述的內容。我認為在第四季強勁動能的帶動下，我們在第一季將持續看到成長，因此我們提出以固定匯率計算的淨銷售成長介於 2% 到 4%。

I think making statements right now beyond the first quarter due to the visibility of -- in the current world conditions that we live in, I would say, is a bit premature. But we are happy with the growth, particularly back to Hanneke's point that we have seen in gaming, AMR actually clearly picking up the pace in the fourth quarter compared to the beginning of the year of fiscal year '26. So these are all positive.

我認為，由於我們所處的當前世界情勢使能見度有限，現在就第一季以外再做進一步表述，我會說有點言之過早。但我們對成長感到滿意，特別回到 Hanneke 的觀點，我們在遊戲業務看到的表現；AMR 其實在第四季相較於 26 財年年初明顯加速。所以這些都是正面訊號。

In terms of profitability, I -- the way I would describe our thinking is the -- you will see that we will invest a bit more, to Hanneke's point, in sales and marketing and R&D. But overall, OpEx will remain within the framework that we have been talking now for quite some time of 24% to 26%. So no big change in that.

就獲利能力而言，我——我會這樣描述我們的想法：如 Hanneke 所說，你會看到我們在銷售與行銷以及研發方面多投資一些。但整體而言，營業費用（OpEx）仍會維持在我們談了相當一段時間的框架內，也就是 24% 到 26%。所以這方面不會有重大改變。

We -- you can count on us to continue to be meticulously careful in how we spend our money in G&A, but really invest more in R&D and sales and marketing compared to what we have done in fiscal year '26. But notwithstanding all of this, including these investments that Hanneke mentioned, we still feel very comfortable that we will be comfortably on the high end of the range of percentage that we provided at Investor Day.

我們——你可以相信我們在一般與行政（G&A）支出上會一如既往地非常謹慎，但相較於 26 財年，我們確實會在研發以及銷售與行銷上投入更多。但即便如此，包括 Hanneke 提到的這些投資在內，我們仍非常有信心，我們會穩穩地處於投資人日所提供區間的高端水準。

Yeah. Thanks. And thanks, Joern, for hanging in there with us late at night here in Switzerland. We feel your pain. AI. AI and product and AI market is -- it's a great question.

是的。謝謝。也謝謝你，Joern，深夜還在瑞士這邊陪我們。我們感同身受。AI。AI 與產品、以及 AI 市場——這是個很好的問題。

So in products, we are well beyond proof of concepts and experiments when it comes to AI-enabled products. And -- we're shipping them globally. We're shipping them at scale. So examples, some have been in the market for a while now, about very successful that the site video conferencing camera is one to wireless headsets devices like the spot sensor for room management.

在產品方面，談到 AI 賦能產品，我們早已不只是概念驗證與實驗階段。而且——我們正在全球出貨。我們以規模化方式出貨。舉例來說，有些產品已在市場上有一段時間了，而且非常成功，例如 Sight 視訊會議攝影機；以及無線耳機等裝置；還有像 Spot 感測器這類用於會議室管理的產品。

And then shipping this summer, which we're very excited about in video collaboration, the Rally AI camera, which is really another level of superiority in video conferencing. And then we're also innovating into new spaces, new categories that don't exist yet today. And I can tell you, but I'd have to kill you, but it's exciting what's going on.

接著是今年夏天出貨，我們對於視訊協作領域非常興奮：Rally AI 攝影機，這確實把視訊會議的優勢提升到另一個層級。此外，我們也在創新進入新的空間、一些今天尚不存在的新類別。我可以告訴你，但那樣我就得「滅口」了；不過正在發生的事情很令人振奮。

And the last thing I'll say on product is, of course, we make software-enabled hardware. So even sometimes with the same hardware, there's software upgrades that we're implementing almost monthly sometimes weekly, things like the digital cocoon in video conferencing.

關於產品我最後想說的是，當然，我們做的是軟體賦能的硬體。所以即使有時是相同的硬體，我們也會透過軟體升級來強化，幾乎每月、甚至有時每週都在推出更新，例如視訊會議中的 digital cocoon（數位繭）等功能。

I know suppression in headphones, smart switching and sort framing in our webcams and VC products. All of those were not possible, the way they're possible now even six months ago. So things are moving fast and it's critical that we stay ahead because AI just gives so many more new opportunities, and that's exciting.

我知道像是耳機的降噪、智慧切換，以及我們網路攝影機與 VC 產品中的智慧取景/自動構圖等。這些在六個月前都還做不到，至少不像現在這樣可行。所以變化非常快，我們必須保持領先，因為 AI 帶來更多新的機會，這令人興奮。

In marketing, too, we learned a lot from our China team. So our China team really modernized marketing for us. They needed to and they have, and that's part of our China for China success. But what we're seeing in China and around the world is marketing is search and social, that's where you start your marketing today.

在行銷方面，我們也從中國團隊學到很多。我們的中國團隊確實替我們把行銷現代化了。他們需要這麼做，也確實做到了，這也是我們「China for China」成功的一部分。但我們在中國以及全球看到的是：行銷就是搜尋與社群——今天你做行銷就是從這裡開始。

In social, we have thousands of creators that we work with around the world. They create every month, hundreds of thousands of pieces of content that come by your feed on TikTok and on Instagram. It is not possible for a human to keep track of that content and to put more money behind content that works and no money behind content that doesn't work and shift that money into the right retail partners platforms, et cetera.

在社群方面，我們在全球與數千位創作者合作。他們每個月會產出數十萬則內容，出現在你 TikTok 與 Instagram 的動態裡。人力不可能追蹤所有內容，並把更多預算投到有效的內容、對無效的內容不投預算，然後再把預算轉移到正確的零售夥伴平台等等。

That's just not possible. What we've learned in China is to build an AI-enabled marketing ops model to really get the most bang for the buck on that whole new marketing platform framework and not to call it. And that's doing very well in China. We just had a Digital Marketing Summit for our top 120 or so marketers around the world in Shanghai last week so that we can take those learnings from China and implement them back into the rest of the world. And I think that will be a big advantage for us versus some others.

這根本做不到。我們在中國學到的是：建立一個 AI 賦能的行銷營運（marketing ops）模型，才能在這套全新的行銷平台框架上真正把每一分錢的效益最大化，而不是只停留在口號。而這在中國運作得非常好。上週我們在上海為全球約 120 位頂尖行銷人員舉辦了數位行銷高峰會，讓我們能把在中國的學習帶回並落地到世界其他地區。我認為這會成為我們相較於其他一些公司的重大優勢。

Very helpful. Thanks a lot.

非常有幫助。非常感謝。

Sure.

當然。

Asiya Merchant, Citi.

Asiya Merchant，花旗（Citi）。

Hi. Good morning. Good evening here from New York. Sorry, I'm in a hotel. So my video doesn't work here with this broadband here. But I just wanted to ask, there's been obviously a lot of concern. There's pull forward in demand here, maybe more on the consumer device side, especially as it relates to PCs. How are you looking at -- I know you guys are only guiding here for fiscal 1Q, but seem pretty confident in that growth rate. What's your view on pull forward here?

嗨。早安。我這邊在紐約是晚安。抱歉，我在飯店。所以這裡的寬頻讓我的視訊無法使用。但我想問的是，顯然大家有很多擔憂。需求可能有提前拉貨（pull forward），也許更多是在消費性裝置端，尤其是與 PC 相關。你們怎麼看——我知道你們目前只提供會計年度第 1 季（fiscal 1Q）的指引，但對那個成長率看起來相當有信心。你們對於這波提前拉貨的看法是什麼？

And then if I can squeeze in just a little bit on structural gross margin. I think I heard Hanneke talk about that as we structurally gross margins being higher here. Can you just help us understand like the upside that you guys have relative to your guidance here for both fiscal 4Q and you expect the goodness to continue? how we should think about the various factors that drive those gross margins? And was there some puts and takes to that as you progress through fiscal '27? Thank you.

另外如果我可以再追問一點關於結構性毛利率。我想我聽到 Hanneke 提到結構性毛利率在這裡會更高。你能否幫我們理解一下：相對於你們對會計年度第 4 季（fiscal 4Q）的指引，你們的上行空間在哪裡？以及你們是否預期這些利多會延續？我們應該如何看待驅動毛利率的各項因素？而在你們邁向會計年度 2027（fiscal '27）的過程中，是否存在一些此消彼長（puts and takes）的因素？謝謝。

Yeah. Thanks, Asiya. I'll let Matteo go deep on the gross margin. I think in terms of your first question on pull forwards, we certainly didn't see that on our businesses, either on the consumer side nor on the B2B side in Q4. Our the global markets -- so if you take our the total categories that we play in globally, the market was pretty resilient, low single-digit growth. And that was certainly resilient with enterprise customers.

是的。謝謝你，Asiya。我會讓 Matteo 深入說明毛利率。至於你第一個關於提前拉貨的問題，我們在第 4 季無論是消費端或 B2B 端的業務，都沒有看到這種情況。就全球市場而言——如果看我們在全球參與的整體品類，市場表現相當有韌性，呈現低個位數成長。而企業客戶端也同樣展現韌性。

Businesses, in general, are doing well. we've gone through earnings season and we've seen it. The businesses are performing. So they're investing in technology. They're investing in new offices, and we're gaining share, both in video conferencing and in PWS. So that's been good and not dependent on pull forward of any kind.

整體而言，企業經營狀況良好。我們剛走過財報季，也看到了這點。企業表現不錯。因此他們在投資科技。他們也在投資新辦公室，而我們在視訊會議與 PWS 兩個領域都在提升市占。所以這表現很好，且不依賴任何形式的提前拉貨。

And on the consumer, I would say we're seeing what we have been seeing, which is the consumer is resilient but choiceful. He's looking for quality and recognizes when there's great innovation, but maybe a bit more choice for when there isn't. And again, in that context, our share performance has been very, very strong. So that's why we guided the way we guided for Q1.

至於消費端，我會說我們看到的與先前一致：消費者有韌性，但更有選擇性。他在尋求品質，也能辨識何時有很棒的創新；但當創新不足時，他可能會更挑剔一些。同樣在這樣的背景下，我們的市占表現一直非常、非常強勁。因此我們才會以這樣的方式給出第 1 季的指引。

But as Matteo said, we also believe quarterly guides are appropriate in this environment. It's just challenging to get longer-term visibility on the state of the consumer or the customer.

但如 Matteo 所說，我們也認為在這樣的環境下，按季度提供指引是合適的。要對消費者或客戶的狀態取得更長期的能見度確實很具挑戰。

So on the gross margin question, so let me maybe start by unpacking for you the fourth quarter. We are obviously very pleased with the work that the team has done. This is a record quarter for us if you exclude the COVID peak year. The -- so we improved the gross margin rate in the fourth quarter by about 130 basis points year over year.

那關於毛利率的問題，讓我先拆解一下第 4 季。我們對團隊所做的工作當然非常滿意。如果排除 COVID 高峰年度，這是我們的創紀錄季度。第 4 季的毛利率較去年同期提升約 130 個基點。

It's a combination of the positive impact of the pricing actions that we executed in April of 2025. It's obviously a fact so was a bit of a tailwind with the euro traded during the quarter. And this more than offset tariffs and promotions. They came in, in line with what we were expecting.

這是多項因素的組合：我們在 2025 年 4 月執行的定價措施帶來正面影響。此外，該季度歐元匯率走勢也帶來一些順風。而這些正面因素，足以抵銷關稅與促銷的影響。關稅與促銷的結果與我們預期一致。

So basically, if you dissect the 120 basis points, the way -- the easy way to think about it, you have 150 basis points of price, 150 positive offset about 70 basis points negative of tariffs and then 100 basis points higher promo for the quarter. But overall, very, very strong performance by the team in the way we closed the year.

基本上，如果你拆解這 120 個基點——比較容易的理解方式是：價格帶來 150 個基點的正面貢獻；再加上 150 個基點的正向抵銷；關稅約 70 個基點的負面影響；以及本季促銷增加約 100 個基點。但整體而言，團隊在年末收官的表現非常、非常強勁。

Now to the second part of your question, if you look back now to the last few quarters and also what we outlined for the first quarter of structurally, we are 43% to 44% gross margin rate company with the current FX rates.

接著回答你問題的第二部分：如果回看過去幾季，以及我們對第 1 季所說的，從結構上來看，在目前的匯率水準下，我們公司的毛利率區間是 43% 到 44%。

So then when we look at longer term, Obviously, there are different items that impact the gross margin rate to the positive to the negative, right? So on the positive side, as we continue to focus on doubling down on B2B, the video collaboration portfolio is positive, it's accretive to the margin rate of the company.

那麼從更長期來看，顯然有不同項目會對毛利率帶來正面或負面影響，對吧？正面因素方面，隨著我們持續加碼 B2B，視訊協作產品組合是正面的，會提升（accretive）公司的毛利率水準。

So as we continue to focus on that, that definitely will continue to help the gross margin rate. The premiumization of our portfolio, now for several quarters, including the fourth one, all the high premium line, the Ergo, the PRO, simulation have been growing tremendously well for us, double-digit growth. Some of them more than 20% in terms of demand growth. So that's also a positive tailwind.

因此，隨著我們持續聚焦於此，這無疑將持續有助於提升毛利率。我們產品組合的高端化（premiumization）在過去幾個季度（包括第四季）持續推進，所有高端產品線——Ergo、PRO、simulation——對我們而言都成長非常強勁，呈現雙位數成長。其中有些在需求成長方面超過20%。因此，這也是一股正向助力。

The continuous work that we always do around product cost reduction through value engineering is now really thanks to Sree's teamwork is becoming the way the company operates every day. And this helps us to mitigate some of the pressure that we are seeing, the inflationary pressure that we are seeing in some of the materials we purchase.

我們一向透過價值工程（value engineering）持續推動產品成本降低的工作，如今在Sree團隊合作的努力下，確實正成為公司每日運作的方式。這也幫助我們緩解我們在部分採購材料上所看到的壓力，也就是我們所看到的通膨壓力。

So these are all the positive. And then obviously, there is the promotional aspect, which is really a function of the competitive landscape that can change quarter over quarter. But overall, at the current FX rates, I think we are 43% to 44% at company.

所以這些都是正面因素。然後顯然還有促銷面向，這其實取決於競爭態勢，而競爭態勢可能每一季都會變動。但整體而言，以目前的匯率來看，我認為公司層面的毛利率大約在43%到44%。

And the idea is really to leverage, back to Hanneke's point earlier, the strength that we have on the gross margin rate and reinvest some of this money into the future growth of the company in sales and marketing, R&D, as Hanneke outlined in the earlier question.

而這個想法，回到Hanneke先前提到的重點，是要運用我們在毛利率上的優勢，並將其中一部分資金再投資到公司未來的成長上，包括銷售與行銷、研發（R&D），正如Hanneke在前一個問題中所概述的。

I think just on the promo rate promotional aspect. It seems like some of the traditional PC companies just dealing with component inflation here and trying to pass through the pricing. I mean, are you seeing an environment which is more promotional or probably less promotional here for some time?

我想就促銷率、促銷面向再追問一下。看起來一些傳統PC公司正在因應零組件通膨，並試圖把價格上調轉嫁出去。我的意思是，你們是否看到一個更偏促銷、或可能在一段時間內較不促銷的環境？

Look, in the last couple of quarters, promotion, if you look at every time I describe the gross margin rate, we have about generally a 50 to 100 basis points of gross margin rate pressure year over year on promotion. So it's a little higher even in the outlook that we provided for the first quarter.

你看，過去幾個季度，促銷方面——如果你回顧我每次描述毛利率時——一般而言，促銷會帶來約50到100個基點的毛利率年對年壓力。所以在我們對第一季提供的展望中，這個壓力也稍微更高一些。

We are always -- the bogey, the range is really depending on how much promotion we have to implement during the quarter. I think it varies by region. Remember, we had a sizable price increase in the United States, and we had to promote a little bit earlier in the year.

我們一直——目標值、區間其實取決於我們在該季度必須執行多少促銷。我認為這會因地區而異。請記得，我們在美國做了幅度不小的漲價，因此年初我們必須稍微多做一些促銷。

But that's what I would say. It's nothing concerning. Things are coming in pretty much as expected. And as you can see from the gross margin rate that we have been printing now for the last few quarters.

但我會這麼說：沒有什麼令人擔憂的。各項情況大致都如預期。而且如你從我們過去幾個季度所公布的毛利率所看到的。

Yeah. I think the key thing with promo is you guys just be all over it every day and then know what's happening in the market and use them intentionally and strategically and that's what we're doing. And that's the reason our gross margins have been so strong.

是的。我認為促銷的關鍵在於，你們每天都要緊盯、掌握市場正在發生什麼，並有意識且策略性地運用促銷，而這正是我們在做的。這也是我們毛利率一直如此強勁的原因。

And in Q4, which we -- I expect to continue, the extra investment in promotion really was focused on our very largest B2C customers, especially in Europe, where we continue to see some influx from Chinese brands, and we'll defend that with our lives while keeping the gross margin strong.

而在第四季——我預期這會持續——我們在促銷上的額外投資，確實聚焦在我們最大的B2C客戶，特別是在歐洲；在那裡我們持續看到中國品牌的湧入，我們會不惜一切代價捍衛，同時維持毛利率的強勁。

Okay. Great. Thank you. Good set of numbers.

好的。很好。謝謝。數字表現很不錯。

Thank you.

謝謝。

[Maya Neuman], Morgan Stanley.

[Maya Neuman]，摩根士丹利。

Awesome. Thank you. I have two questions for you guys today. Maybe to start, could you just give us an update on channel inventory levels across key regions and categories? And then really nice to see another quarter of gross margin outperformance. Looking forward, can you -- is there any degree of tariff refunds embedded? And if you thought, how should we think about the potential magnitude and timing of that?

太好了。謝謝。我今天有兩個問題。首先，能否請你們更新一下主要地區與品類的通路庫存水位？另外，很高興看到毛利率再度優於預期的一季。往前看，你們的數字裡是否包含任何關稅退稅（tariff refunds）？如果有的話，我們應該如何看待其可能的規模與時點？

Good question, particularly the second part. So let me start with that, Maya. So in the fourth quarter, we have not factored in any collection of tariffs in our numbers. And we did not even include that in the outlook that we provided for the first quarter. We think, right now, the process and the timing of the reimbursement is a bit too uncertain, and we decided to proceed this way.

好問題，尤其是第二部分。所以我先從那個開始，Maya。在第四季，我們的數字並未納入任何關稅回收（collection of tariffs）。而且我們在對第一季提供的展望中也沒有把它包含進去。我們認為目前補償的流程與時程仍有相當不確定性，因此我們決定以這種方式處理。

So I think we will have to keep all of you appraised on how things are going progressively during the years. But right now, nothing was recorded in the fourth quarter and nothing is considered in the outlook that we provided for the first.

所以我想，我們必須在今年的進展過程中，持續向各位更新情況。但就目前而言，第四季沒有入帳任何相關項目，而我們對第一季提供的展望中也未將其納入考量。

In terms of the first question on channel inventory, maybe let me start and I'll let Hanneke add anything that I missed. Overall, we are very happy where channel is the weeks on hand across the channel globally is exactly where we want it to be pretty much in line where they were last year. So I think we are entering the new fiscal year with a very healthy and healthy channel pretty much across all the regions.

至於第一個關於通路庫存的問題，我先回答，然後我會讓Hanneke補充我可能遺漏的部分。整體而言，我們對通路狀況非常滿意；全球通路的在手週數（weeks on hand）正好在我們希望的位置，基本上與去年同期一致。因此我認為，我們以非常健康的通路狀態進入新的會計年度，幾乎涵蓋所有地區。

Obviously, what you have seen in the fourth quarter which is pretty common in the quarter, which follows the holiday season quarter. We tend to take the channel inventory down a little bit, and we have done that consistently with the prior years, maybe a little bit more in Europe -- compared to some of the other regions. And -- but overall, channel is healthy, and we are happy on how we enter the new fiscal.

當然，你在第四季看到的情況——這在緊接著假期旺季的季度中相當常見——我們通常會把通路庫存稍微降下來，而我們也一如往年持續這麼做；相較於其他地區，歐洲可能降得稍微多一些。

Nothing to add.

沒有要補充的。

Awesome. Thank you.

太好了。謝謝。

Thanks, Maya.

謝謝你，Maya。

Thank you.

謝謝。

Michael Foeth, Vontobel.

Michael Foeth，Vontobel。

Yes. Hi, can you hear me?

是的。嗨，你們聽得到我嗎？

We can hear you.

我們聽得到。

Hi, Michael.

嗨，Michael。

Hi, Hanneke, Hi, Mateo. Just two questions for me. The first one is on cash flow, very strong cash flow performance. Can you maybe give a bit more color on how you managed to get there? And I think it's consistently above the net operating income level now. How should we think about cash flow going into 2027? That will be the first one.

嗨，Hanneke，嗨，Mateo。我這邊有兩個問題。第一個是關於現金流，現金流表現非常強勁。你們能否多提供一些背景，說明你們是如何做到的？而且我認為現在它持續高於淨營業利益（net operating income）水準。我們應該如何看待2027年的現金流走勢？這是第一個問題。

And the second one on the Middle East disruptions, where do we stand there? Is it from your logistics perspective? Is the situation derisked now? Or depending on how things drag out, could there be more effects in future quarters?

第二個問題是關於中東的干擾，我們目前的狀況如何？從你們物流的角度來看，情勢現在是否已經降風險（derisked）？或者如果事情拖得更久，未來幾季是否可能還會有更多影響？

Yeah. Maybe I take the Middle East and then we come back to the cash flow question with Matteo. So we definitely saw in Q4 negative top line growth impact from the Middle East war. And that wasn't so much that there was no demand for our products, but we really had some challenges in reaching all of our distribution partners from our Dubai distribution center, and that was true in the Middle East, but also in Africa, which gets served from the distribution center. We expect that, that will continue.

是的。也許我先回答中東的部分，然後我們再回到現金流的問題，由Matteo來回答。我們確實在第四季看到中東戰爭對營收（top line）成長帶來負面影響。這並不是因為市場對我們產品沒有需求，而是我們在從杜拜配送中心觸及所有經銷夥伴方面遇到一些挑戰；這不僅發生在中東，也影響到由該配送中心供應的非洲地區。我們預期這種情況將會持續。

So in our guide for the first quarter, there is a top-line impact there of about 150 basis points from that in the quarter. hopefully, but who knows, this situation will be resolved in the near future, and that will go away. But again, this is one of the reasons why it's very hard to guide beyond the first quarter because it is a significant impact.

因此，在我們第一季的指引中，該因素在本季對營收（top-line）約有150個基點的影響。希望如此，但誰也說不準，這個情況會在不久的將來解決，影響也就會消失。但再說一次，這也是為什麼很難提供超過第一季以後的指引，因為它的影響相當顯著。

But you still utilize the -- where --

但你們仍然會運用那個——在哪裡——

Yeah. The DC is operational. It's -- we have many distributors in the regions, Tier 1 and then Tier 2s. And getting stuff out in full perfectly is more challenging than usual at this point.

是的。DC（配送中心）是有在運作的。我們在各區域有很多經銷商，一級（Tier 1）以及二級（Tier 2）。而在目前這個時間點，要把貨完整、完美地出出去，比平常更具挑戰。

Michael, on your question on cash. So we are tremendously pleased with the performance of the team on cash flow. To your point, yes, we exceeded the operating income also this quarter. The operating cash flow was about $280 million in the quarter.

Michael，關於你對現金的問題。我們對團隊在現金流方面的表現感到非常滿意。如你所說，是的，我們本季的表現也超過了營業利益。本季的營業現金流約為2.8億美元。

The two key drivers here. This applies both for the fourth quarter, but also if you look at the total year, number one, collections have been extremely strong. We have implemented very operating mechanism on collections. We have a great collection team. And and we have been performing very well. We have really a record low level of past dues across the portfolio. So collection is one driver, which drove lower throughout the year.

這裡有兩個關鍵驅動因素。這不僅適用於第四季，如果你看全年也是如此：第一，收款表現非常強勁。我們在收款方面導入了非常有效的營運機制。我們有一支很棒的收款團隊。而且我們的表現一直非常好。我們整體組合（portfolio）的逾期款水準降到創紀錄的低點。因此，收款是其中一個驅動因素，並在全年帶動（相關指標）下降。

The other one, big one is inventory. Sree and the team have done a spectacular job in really controlling inventory. In spite of the fact that you may recall, particularly in conjunction with tariffs, we actually did some plans of product ahead of new tariffs being put in place.

另一個很大的因素是庫存。Sree和團隊在真正控制庫存方面做得非常出色。儘管你可能記得，特別是配合關稅，我們其實在新關稅生效前，提前做了一些產品備貨計畫。

And notwithstanding that, the inventory turns of the company improved by almost have a point during the year. And that's really the second driver on top of, obviously, the net income, which also was a good lift during the year. So we are very pleased.

即便如此，公司全年的庫存週轉率仍提升了將近0.5。這確實是第二個驅動因素，當然還有淨利，全年也有不錯的提升。所以我們非常滿意。

Can you continue? We'll do our best but always don't expect this to be every quarter above 100%. One thing that I would highlight, we haven't spoken it yet on this call, but we talked in the past, memory, right? We are working to make sure that we get as much memory as possible to protect our video conference portfolio. So whatever we can get, we get it, and that may impact the inventory turns.

你們能持續嗎？我們會盡力，但也不要期待每一季都能超過100%。有一點我想強調，我們在這通電話裡還沒提到，但過去談過：記憶體，對吧？我們正在努力確保能取得盡可能多的記憶體，以保護我們的視訊會議產品組合。所以能拿到多少我們就拿多少，而這可能會影響庫存週轉率。

So don't expect -- don't model greater than 100% every quarter in fiscal year '27, but I think the team did great.

所以不要預期——也不要在2027財年每一季都建模（假設）大於100%，但我認為團隊做得很棒。

Perfect. Thank you.

太好了。謝謝。

Thank you.

謝謝。

Didier Scemama, Bank of America

Didier Scemama，美國銀行（Bank of America）

Hi, Didier.

嗨，Didier。

Hi, there. Can you hear me? Yes, I think. Good afternoon. Thank you for taking my question.

嗨，你好。你聽得到我嗎？是的，我想可以。午安。謝謝讓我提問。

I've got two. The quick one is, first, Hanneke, can you just give us a sense of your perception of US and European consumer behavior with the current Middle East conflict and impact consumption, et cetera, from your gross margin and your mix, which is very premium, it feels like people are very much unbothered. Are you surprised by that? And how would you explain this discrepancy?

我有兩個問題。先問一個快問：第一個，Hanneke，你能否談談你對於在目前中東衝突之下，美國與歐洲消費者行為、對消費的影響等的觀察？從你們的毛利率與產品組合來看，你們非常偏高端，感覺消費者似乎不太受影響。你對此感到意外嗎？你會如何解釋這種落差？

Yeah. As I said before, certainly on the consumer, we see that he is continuing and she is continuing to buy. So our markets were up low single digits. And the consumer side demand was fine and even better than fine at the premium end.

是的。如我之前所說，就消費者而言，我們看到不論男性或女性消費者都仍持續購買。因此，我們的市場成長為低個位數。消費端需求表現良好，且在高端市場甚至好於預期。

So in the US we suspect there is some help there from the tax refunds that people are receiving. So that's helping a little bit at the moment. And in Europe, it also looks okay. But again, as I said earlier, this is why we really hesitated not to guide for the year because these things can change.

在美國，我們推測部分原因是人們正在收到退稅款的挹注。所以目前這對需求有一些幫助。在歐洲，看起來也還可以。但再說一次，如我先前提到的，這也是為什麼我們對於提供全年指引相當猶豫，因為這些事情可能會改變。

Yeah. And sorry -- no, Matteo, do you want to add something?

是的。抱歉——不，Matteo，你想補充什麼嗎？

No, no, go ahead.

不，不，你繼續。

As I was saying -- sorry. Now as my follow-up, I wanted to ask you about these investments in AI you've been talking about. How is that going to come through? Is it in the form of software? Is it in terms of new capabilities in the form of new products? And what's the payback time for those investments?

如我剛才所說——抱歉。接著我的追問，我想問你們一直在談的AI投資。這會如何體現出來？是以軟體的形式？還是以新產品帶來的新能力？而這些投資的回收期（payback time）是多久？

I think it's a mix of all basically. I think you can already see some of the the things that we are doing on products, for example, that we talked about in the past site, the producer in the room is all AI software. The Ralibord65 has been extremely successful. The digital Cocoon, the cutoff whoever is not in the conversation. That's AI salt. The two-way noise reduction system that we implemented on the new assets, there's also AI. So for sure, there is a big component on the products that we launch.

我認為基本上是多者兼具。我想你已經可以看到我們在產品上做的一些事情，例如我們過去在網站上談過的「房間裡的製作人（producer in the room）」就是全AI軟體。Ralibord65非常成功。數位Cocoon，那個把不在對話中的人切掉（cutoff）的功能。那是AI解決方案。我們在新產品上導入的雙向降噪系統，也有AI。所以可以確定的是，我們推出的產品中有很大一部分來自AI。

Yeah. Where does -- you're asking where does the cost sit? The cost it's in R&D. That's where we're spending. And you saw the spending there in R&D in our OpEx and our OpEx numbers are I think, spectacular for the year.

是的。你在問成本落在哪裡？成本在研發（R&D）。我們的投入主要在那裡。你也看到我們在OpEx中的研發支出；我認為我們今年的OpEx數字非常出色。

But in the second half, we were able to start spending back into R&D a bit more. Don't think of this as just incremental spend. These are agents that are doing the humans with agents that are doing work that just humans were doing before, and they're doing more of it and they're doing it faster. So we're managing that as part of our R&D spend. Token usage is obviously increasing, and it's increasing every month.

但在下半年，我們能夠開始把更多資源再投入到研發。不要把這視為只是單純的增量支出。這些是代理（agents）：用代理去做以前只有人類在做的工作，而且做得更多、做得更快。因此我們把這作為研發支出的一部分來管理。Token使用量顯然在增加，而且每個月都在增加。

But I think what also sets us apart is that unlike some others, we are leveraging our own in-house build LogiQ platform, which is an enterprise agent orchestrator that works across systems and networks with our own data. That is significantly more cost effective than SaaS alternatives. So all in all, even if token usage were to double or triple during the year, it will still comfortably fit into the R&D pockets that we are planning for the year.

但我認為另一個讓我們與眾不同之處在於，不同於一些其他公司，我們正在利用自家內部打造的LogiQ平台；它是一個企業級代理協調器（enterprise agent orchestrator），能以我們自己的資料在各系統與網路間運作。這比SaaS替代方案顯著更具成本效益。因此整體而言，即使token使用量在一年內翻倍或增加到三倍，也仍能輕鬆落在我們今年規劃的研發預算範圍內。

Okay. Thank you so much.

好的。非常感謝。

Joe Cardoso, JPMorgan.

Joe Cardoso，摩根大通（JPMorgan）。

Hey. Good evening. Thanks for the question here. Maybe just two for me. First one is just on video collaboration, obviously, exiting the year with strong momentum. Just wanted to touch on sustainability of the trajectory here into fiscal '27, particularly just given this is one of the areas, I believe, on the last earnings call, you highlighted as potentially being exposed to this memory phenomenon we're seeing in the broader market?

嗨。晚上好。感謝這邊的提問。我這邊可能兩個問題。第一個是關於視訊協作，顯然在年底時動能很強。想請教這個成長軌跡延續到 2027 財年的可持續性，特別是考量到我記得在上次財報電話會議中，你們提到這可能是受整體市場目前看到的這種記憶體現象影響的領域之一？

And then maybe just on the latter part of that, are you actually seeing any issues on that front relative to mitigation just given that you highlighted mitigation levers last quarter? Are they largely working as intended and are you expecting any impacts there, just given how things have trended since the last time we talked about it. And then I have a follow-up on the gaming.

另外就後半段延伸一下，關於緩解措施方面，你們實際上是否看到任何問題？因為你們上季提到了一些緩解槓桿。它們大致上是否如預期發揮作用？以及考量到自從上次我們談到這件事以來的趨勢，你們是否預期會有任何影響？然後我還有一個關於遊戲的追問。

Yeah. Maybe let me try and take VC on the market and feel free to add in Matteo. I'd say the first thing on video conferencing is we're actually really pleased with the results up 8% net sales constant currency for the year and for the quarter.

是的。也許我先就市場層面的視訊會議（VC）來回答，Matteo 也歡迎補充。我想先說，視訊會議方面我們對結果其實非常滿意，全年以及本季以固定匯率計算的淨銷售額都成長了 8%。

So even though this business can be a little choppier quarter by quarter just because it's a B2B business and there's a quarter with a huge deal and then that doesn't happen next, it's actually been pretty consistent and pretty good. We're gaining share in the market is also growing 3%, 4%, 5%. So that then gives you that 8%.

所以即使這個業務按季可能會比較波動，因為它是 B2B 業務，有時某一季會有一筆大單、下一季就不一定會再發生，但整體其實相當一致、表現也相當不錯。我們正在提升市占，而市場本身也在成長 3%、4%、5%。因此就帶來你看到的 8%。

In memory, we mentioned video conferencing is the only place in our portfolio. It's affected by the memory that's really in short supply. We now feel we're fine in terms of availability through the end of the calendar year. So that's another quarter versus where we were last year. So that's good in terms of availability.

至於記憶體，我們提到視訊會議是我們產品組合中唯一一個會受到目前短缺的那類記憶體影響的地方。它確實受到供應短缺的記憶體影響。我們現在認為在供應可得性方面，到今年曆年年底之前都沒有問題。所以相較於去年，我們又多確保了一個季度的供應。就可得性而言這是好消息。

We do you see an impact on price of what are we able to buy that memory at? But we'll offset that by pricing. And we have announced a price increase on video conferencing globally and that went into effect actually earlier this week on May 1. So we're offsetting that incremental cost on video with price, and we think the supply will be there.

我們確實看到價格面有影響，也就是我們能以什麼價格買到那個記憶體。但我們會透過定價來抵消。我們已在全球宣布視訊會議產品漲價，而且實際上已於本週稍早、5 月 1 日生效。因此我們用價格來抵消視訊產品的增量成本，我們也認為供應會到位。

So all of that said, while again, quarter by quarter, it may be a little bit like this. I think overall, we're quite video conferencing. Our premium solutions are doing very well, including those AI-enabled solutions. We're growing our services attach, which was something two years ago, we had almost nothing of. We're now, I would say, at competitive levels, and that's a super high gross margin part of the business.

所以綜合來看，雖然如我所說，按季可能會有些起伏。但整體而言，我們對視訊會議相當有信心。我們的高階解決方案表現非常好，包括那些具備 AI 功能的解決方案。我們也在提升服務搭售率（services attach），兩年前這幾乎是零。現在我會說已達到具競爭力的水準，而這是業務中毛利率非常高的一部分。

And we're continuing to build commercial go-to-market capabilities. We're adding top talent. We're adding systems and skills to sell better in B2B, which again was not our historical forte, but I would say, every quarter, we get better. And that's one area where we'll continue to invest going forward.

我們也持續建立商業端的 go-to-market 能力。我們正在延攬頂尖人才。我們正在增加系統與技能，以便在 B2B 銷售上做得更好；這過去並不是我們的強項，但我會說每一季我們都在進步。而這也是我們未來會持續投資的領域之一。

Got it. Very, very useful. Maybe just on the follow-up is more on the gaming side. And sorry if I missed this, but you talked about growing in all regions. Just curious, can you flesh that out a little bit in terms of how much the underlying markets improved across the Western regions just because I believe those were sluggish-- for quarters and how much was share gains?

了解。非常、非常有幫助。追問可能是在遊戲業務這邊。如果我漏聽了先抱歉，但你們提到在所有地區都有成長。想請你們再多說一點：西方地區的底層市場改善了多少（因為我記得那邊之前好幾季都比較疲弱），以及有多少是來自市占提升？

And then how are you thinking about that going forward just given I think this year, we're expecting somewhat of a recovery on the underlying markets of Western regions. Just want to really touch on like how you guys are thinking about your potentially gaining share on top of that recovery.

另外，往前看你們怎麼思考？因為我想今年我們預期西方地區的底層市場會有某種程度的復甦。想更聚焦了解你們如何看待在這個復甦之上，還可能進一步提升市占。

Yeah. It's a great question. And so even in Q4, that's the most obviously recent period, and we only have a market and share numbers that are reliable through February. So it's a little bit old at this point. But the dynamic for the December through February period was not unlike what you just described. So China gaming, the market was still up quite a bit. And the US and Europe were down a little bit.

是的。這是個很好的問題。即使在第四季（Q4），也就是最近的期間，我們手上可靠的市場與市占數據只到 2 月。所以以現在來看有點舊。但 12 月到 2 月這段期間的動態，和你剛描述的情況差不多。中國的遊戲市場仍然大幅成長。而美國與歐洲則小幅下滑。

Now I think the positive thing that I saw is that in February, the US market actually was positive for the first time in a long time. So one swallow does not make summer, but that's better than what we've seen. And again, we're super pleased that we were able to grow 7% in the quarter, which is really outperforming the market. So things are looking like there's some more momentum certainly in our gaming business.

我看到的正面訊號是，2 月美國市場其實是很長一段時間以來第一次轉正。當然，一燕不成夏，但這仍比我們之前看到的情況要好。而且我們非常高興本季能成長 7%，這確實是大幅跑贏市場。所以看起來我們的遊戲業務確實有更多動能。

Got it. Thanks for the questions.

了解。謝謝回答。

This concludes the Q&A portion of the call. Back to you, Hanneke.

問答環節到此結束。交回給你，Hanneke。

Great. Well, thanks, everyone, especially thanks to those in Switzerland who stayed with us really late. Excited to see you in the follow-ups to the call, and thanks for being here today. Have a great week.

很好。謝謝大家，特別感謝在瑞士那邊陪我們到很晚的各位。期待在會後的追蹤交流中見到各位，也謝謝大家今天的參與。祝大家有個美好的一週。