羅技 (LOGI) 2027 Q2 法說會逐字稿

Good afternoon and good evening. Welcome to Logitech's video call to discuss our financial results for this quarter. 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（Logitech）的視訊電話會議，討論我們本季的財務業績。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 only as of today. Our results could differ materially.

在本次電話會議中，我們將發表前瞻性陳述，包括依據《1995 年私人證券訴訟改革法》安全港條款所涵蓋、關於未來營運結果的陳述。我們僅以截至今日的觀點為基礎作出這些陳述。我們的實際結果可能會有重大差異。

We undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results, and you can find a reconciliation between GAAP and non-GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results and forward-looking statements in our press release and in our filings with the SEC.

我們不承擔更新或修訂任何此等陳述的義務。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，查閱 GAAP 與非 GAAP 結果之間的調節表、我們使用非 GAAP 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 are 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，提及的淨銷售成長均以固定匯率計算，且期間比較皆為年對年。本次電話會議將被錄音，並可於我們網站回放。

I will now turn the call over to Hanneke.

接下來我把電話交給 Hanneke。

Thank you so much, Nate, and welcome, everyone. Q2 was a memorable quarter for us as we celebrated, as you just saw in the video, Logitech's 45th anniversary, and we celebrated it with the very people who built this iconic brand, our three founders, our employees, and key stakeholders from around the world.

非常感謝你，Nate，也歡迎各位。第二季對我們而言是令人難忘的一季；正如各位剛在影片中看到的，我們慶祝羅技 45 週年，並與打造這個經典品牌的人們一同慶祝——我們的三位創辦人、員工，以及來自全球的關鍵利害關係人。

We'd like to say the mouse built this house. But over 45 years, there have been many, many other firsts and breakthrough products from Logitech. We're proud of the innovative, strong and resilient business and organization we have today, and we're super excited for the growth that lies ahead in the next 45 years. Q2, in fact, was another quarter of growth, our 11th in a row despite a challenging general environment of tight component sourcing, elevated costs and the ongoing conflict in the Middle East.

我們常說，是滑鼠蓋起了這棟房子。但在 45 年間，羅技還有許許多多的「第一」與突破性產品。我們為今日所擁有的創新、強健且具韌性的業務與組織感到自豪，也對未來 45 年的成長機會感到非常興奮。事實上，第二季也是另一個成長季度；儘管整體環境充滿挑戰，包括零組件供應緊張、成本居高不下，以及中東持續的衝突，我們仍連續第 11 季成長。

In addition to, as we told you back in July, the negative impact of the closure of one of our semiconductor suppliers for essentially the entire quarter after an accident.

此外，正如我們在 7 月向各位說明的，由於一場事故，我們其中一家半導體供應商幾乎整個季度都停工，對我們造成了負面影響。

Despite that difficult backdrop, we increased sales by 2% year-over-year, delivered excellent gross margins and grew non-GAAP operating income to $231 million, well ahead of our outlook. Growth was particularly strong in the Americas, in video collaboration and in gaming. And even as global PC shipments declined by 20% in the quarter, our pointing devices and keyboards grew mid-single digits, demonstrating that our growth opportunity continues to come from the large installed PC base.

儘管背景艱難，我們的銷售額仍年對年成長 2%，交出優異的毛利率表現，並將非 GAAP 營業利益提升至 2.31 億美元，明顯優於我們的展望。成長在美洲地區、視訊協作以及遊戲業務尤為強勁。即使本季全球 PC 出貨量下滑 20%，我們的指向裝置與鍵盤仍有中個位數成長，顯示我們的成長機會持續來自龐大的 PC 裝機基礎。

We also made good progress against our strategic priorities this quarter. First, superior products and innovation. Our innovation engine is humming, fueled by the incremental investments in R&D that we initiated at the start of fiscal '27. And our flagship Logitech G PLAY events held in Shanghai, L.A. and Warsaw this September, we unveiled 15 new gaming products ahead of the holiday season.

本季我們在策略優先事項上也取得良好進展。第一，卓越產品與創新。我們的創新引擎運轉順暢，動能來自我們在 27 會計年度初啟動的研發（R&D）增量投資。而在今年 9 月於上海、洛杉磯與華沙舉辦的旗艦 Logitech G PLAY 活動中，我們在假期旺季前一口氣發表了 15 款全新遊戲產品。

The headliner of the new lineup is the PRO X3 SUPERSTRIKE, the next generation of the massively popular SUPERSTRIKE gaming mouse that we launched earlier this year. It's powered by the unique Haptic Inductive Trigger system or HITS.

這次新品陣容的主打是 PRO X3 SUPERSTRIKE——也就是我們今年稍早推出、極受歡迎的 SUPERSTRIKE 遊戲滑鼠的下一代產品。它搭載獨特的觸覺感應觸發系統（Haptic Inductive Trigger system），簡稱 HITS。

The X3 debuts a top-tier new chipset. It's even lighter than the original, and it boasts an extended battery life. Also in the new gaming range is exciting new sim racing gear and a sleek new Yeti 2 microphone for streamers. And that wasn't all. In the quarter, we also introduced the MX Keypad, an AI control center designed specifically for developers seeking to streamline agentic workflows and the Zone Vibe Pro headphones.

X3 首度採用頂級全新晶片組。它比初代更輕，並具備更長的電池續航力。新遊戲產品線中也包含令人振奮的全新模擬賽車裝備，以及為實況主打造、外型俐落的全新 Yeti 2 麥克風。而這還不止如此。本季我們也推出 MX Keypad——一款專為希望簡化代理式（agentic）工作流程的開發者所設計的 AI 控制中心，以及 Zone Vibe Pro 耳機。

The Zone Vibe Pro features adaptive noise canceling and AI-powered voice isolation, so users can move effortlessly from morning meetings to evening playlists with the same ultra comfortable headset.

Zone Vibe Pro 具備自適應主動降噪與 AI 驅動的人聲隔離功能，讓使用者能以同一副超舒適耳機，輕鬆從早晨會議切換到晚間播放清單。

Second, doubling down on B2B. Video collaboration net sales grew 12% in constant currency. Three trends are contributing to the strong VC growth. The post-COVID refresh wave, office footprint expansion as companies require more days in office, and AI-driven VC room expansion.

第二，加碼投入 B2B。視訊協作的淨銷售額以固定匯率計算年對年成長 12%。有三大趨勢推動視訊協作（VC）強勁成長。包括後疫情時代的汰換更新潮、企業要求更多到辦公室天數而帶動辦公空間擴張，以及 AI 驅動的視訊協作會議室擴建。

Finally, we had another quarter of terrific operational excellence. Non-GAAP gross margin was very strong at 45.2%, and Matteo will detail that shortly. And we maintained very strict spending discipline in G&A, while continuing to invest strategically in R&D and in sales and marketing to drive long-term growth.

最後，我們在營運卓越方面再度交出非常出色的一季。非 GAAP 毛利率表現非常強勁，達 45.2%，Matteo 稍後會進一步說明。我們在一般與行政（G&A）費用上維持非常嚴格的支出紀律，同時持續在研發以及銷售與行銷上進行策略性投資，以推動長期成長。

All in all, our Q2 results demonstrate the resilience of our business model, and I'm really proud of our team's ability to execute through significant external headwinds.

總而言之，我們第二季的結果展現了商業模式的韌性；我也為團隊在顯著外部逆風下仍能有效執行而感到非常自豪。

Now let me hand over to Matteo to walk you through the details of our financial performance and of the outlook. Matteo, over to you.

接下來我把時間交給 Matteo，請他帶各位深入了解我們的財務表現細節與展望。Matteo，交給你。

Right. Thank you, Hanneke, and thank you all for joining us on the call today. Our operational discipline delivered solid second quarter profitability, allowing us to protect our margins despite the macroeconomic headwinds and significant ongoing supply constraints.

好的。謝謝你，Hanneke，也謝謝各位今天參與本次電話會議。我們的營運紀律帶來穩健的第二季獲利能力，使我們得以在宏觀經濟逆風與持續且顯著的供應限制下，仍能守住利潤率。

Now let me walk you through our financial results in more detail. So net sales for the second quarter were $1.2 billion, up 3% in US dollars and 2% in constant currency. This marks our 11th consecutive quarter of year-over-year top line growth, driven by sustained momentum in video collaboration and gaming.

接下來我將更詳細地說明我們的財務結果。第二季淨銷售額為 12 億美元，以美元計年對年成長 3%，以固定匯率計成長 2%。這是我們連續第 11 季年對年營收成長，主要由視訊協作與遊戲業務的持續動能所帶動。

Our core business is tracking where we expected it, excluding the impact from the third-party supplier incident and the ongoing geopolitical conflicts. Estimated underlying net sales would have been up approximately 4% in constant currency.

若排除第三方供應商事件的影響以及持續的地緣政治衝突，我們的核心業務走勢符合預期。估計在此基礎上（underlying）的淨銷售額以固定匯率計約可成長 4%。

Now taking a closer look across our categories. So video collaboration net sales grew 12% year-over-year in constant currency, supported by sustained enterprise investment as organizations refresh COVID era equipment and upgrade meeting rooms. Gaming net sales increased 7%, driven by new product launches and the continued strong demand for our top sellers like the PRO X2 SUPERSTRIKE mouse.

接著更細看各產品類別的表現。視訊協作淨銷售額以固定匯率計年對年成長 12%，主要受企業持續投資所支撐，因組織正汰換疫情期間設備並升級會議室。遊戲淨銷售額成長 7%，由新產品上市以及對我們暢銷產品（如 PRO X2 SUPERSTRIKE 滑鼠）的持續強勁需求所帶動。

Pointing devices and keyboard and combos both grew 4%. And importantly, this occurred while the PC market shipments contracted by roughly 20% year-over-year in the September quarter, demonstrating the strength of our installed base strategy and premium mix. Conversely, tablet accessories fell 30% against a tough prior year comparison, featuring a large multi-quarter educational deal in Asia Pacific. Webcams declined 10% as the global market declined, though we continue to gain market share.

指向裝置以及鍵盤與組合產品均成長 4%。值得注意的是，這是在 9 月季度 PC 市場出貨量年對年約萎縮 20% 的情況下達成，顯示我們裝機基礎策略與高階產品組合的強勁力道。相對地，平板配件下滑 30%，主要因去年同期比較基期偏高，當時亞太地區有一筆大型、跨多季度的教育專案訂單。網路攝影機下滑 10%，反映全球市場下滑；不過我們仍持續提升市占率。

Looking at the regional level. Americas led the way, accelerating to 13% net sales growth, reflecting solid business and consumer demand ahead of the holiday season in addition to strong local sales and marketing execution.

從區域層面來看。美洲地區表現領先，淨銷售額成長加速至 13%，反映在假期旺季前穩健的商用與消費需求，並加上當地銷售與行銷執行力強勁。

Asia Pacific declined 2%, primarily due to a tough year-on-year comparison from the large educational deal that I just mentioned as well as a disproportionate impact from the supply limitations. EMEA declined 6%, driven by market weakness and the ongoing Middle East conflict.

亞太地區下滑 2%，主要是因為我剛才提到的大型教育交易使去年同期比較基期偏高，以及供應限制帶來的不成比例影響。EMEA 下滑 6%，主要受市場疲弱與中東衝突持續影響。

Now turning to profitability. Non-GAAP gross margin rate was an outstanding 45.2%, up 140 basis points year-over-year. This represents our fifth consecutive quarter posting gross margin rates above 43%. This year-over-year expansion was due to lower tariff costs supported by our manufacturing diversification, favorable product mix towards video collaboration and premium product lines and positive currency impacts. These tailwinds were partially offset by higher freight and logistic costs.

接著談獲利能力。非 GAAP 毛利率表現出色，達 45.2%，年增 140 個基點。這是我們連續第五個季度毛利率高於 43%。這項年對年擴張主要來自較低的關稅成本（受惠於製造多元化）、產品組合朝視訊協作與高階產品線傾斜，以及匯率正面影響。上述利多部分被較高的運輸與物流成本所抵銷。

Turning to operating expenses. Non-GAAP operating expenses were $320 million, flat sequentially and representing 26.3% of net sales up 190 basis points year-over-year. This increase reflects our planned growth investments for the year. And specifically, sales and marketing grew 12% and to fund key initiatives like the LogiPLAY, while R&D increased 9%. G&A held flat sequentially, corresponding to 2.8% of sales, consistent with the prior year.

接著談營業費用。非 GAAP 營業費用為 3.20 億美元，較前一季持平，占淨銷售額 26.3%，年增 190 個基點。此增幅反映我們今年規劃的成長投資。具體而言，銷售與行銷成長 12%，以支援 LogiPLAY 等關鍵計畫，而研發增加 9%。一般與行政費用（G&A）較前一季持平，占銷售額 2.8%，與去年一致。

So as a result, non-GAAP operating income was $231 million, up slightly year-over-year and non-GAAP operating income margin came at a very strong 18.9%.

因此，非 GAAP 營業利益為 2.31 億美元，年對年小幅成長，非 GAAP 營業利益率達到非常強勁的 18.9%。

Now turning to cash. We generated $164 million in cash flow from operations during the quarter. We ended second quarter with $1.5 billion in cash after returning $406 million to shareholders through $235 million in annual dividends and $171 million in share repurchases.

接著談現金。本季我們的營運活動現金流入為 1.64 億美元。第二季結束時，我們的現金為 15 億美元；在此之前，我們透過 2.35 億美元年度股利與 1.71 億美元庫藏股回購，合計向股東回饋 4.06 億美元。

Now turning to the third quarter. We expect constant currency in the third quarter net sales to be down 5% to flat year-over-year. While the underlying demand across the business remains positive, this outlook reflects the significant impact of the supply incident. And after significant mitigation work, we now estimate the negative impact to net sales to be between $70 million to $80 million in the third quarter. By the fourth quarter, we expect the impact of the supplier incident to be largely resolved.

接著談第三季。我們預期第三季以固定匯率計算的淨銷售額，年對年將下滑 5% 至持平。雖然整體業務的基本需求仍然正向，但此展望反映供應事件的重大影響。在完成大量緩解工作後，我們目前估計第三季對淨銷售額的負面影響約為 7,000 萬至 8,000 萬美元。到第四季，我們預期供應商事件的影響將大致解決。

On profitability, we estimate the third quarter non-GAAP operating income to be in the range of $220 million to $255 million with a gross margin rate between 41% and 42%. We anticipate the third quarter gross margin rate to decline by approximately 200 basis points year-over-year, mainly due to rising logistics and material costs as well as modestly higher promotional spend.

在獲利方面，我們估計第三季非 GAAP 營業利益將介於 2.20 億至 2.55 億美元，毛利率介於 41% 至 42%。我們預期第三季毛利率年對年約下降 200 個基點，主要因物流與材料成本上升，以及促銷支出小幅增加。

Despite this inflationary pressure, which we expect to continue throughout the remainder of our fiscal year, we now expect fiscal year 2027 non-GAAP operating income margin to be at the high end of our long-term 15% to 18% range, even excluding the $61 million tariff refunds from last quarter.

儘管面臨這些通膨壓力（我們預期將持續到本財年剩餘期間），我們目前仍預期 2027 財年非 GAAP 營業利益率將位於我們長期 15% 至 18% 區間的高端，即使不計入上季 6,100 萬美元的關稅退稅亦然。

So with that, we're going to open the call for Q&A.

那麼，接下來我們開放問答。

Ananda, Loop Capital.

Ananda，Loop Capital。

Really appreciate the question. Just two, if I could. The first one is, I guess, on the component situation, really component situation and then holiday promos. So really that kind of dynamic. Is there anything that you see -- you had mentioned, Matteo, year-over-year, is that higher promos than typical on a year-over-year basis?

非常感謝讓我提問。如果可以的話，我有兩個問題。第一個我想是關於零組件情況，確切地說是零組件情況以及假期促銷。也就是這樣的動態。你們是否看到任何跡象——你先前提到，Matteo，就年對年而言，促銷是否比一般年對年水準更高？

And then collectively, are you thinking that you can get -- make up some of the revenue lost from the components as you move into the new year? And are those two things intertwined? And then I have a quick follow-up.

另外，整體而言，你們是否認為在進入新的一年後，可以彌補一部分因零組件造成的營收損失？而這兩件事是否彼此相關？我還有一個簡短的追問。

So let me maybe give you some qualitative perspective on the components and on holiday, and then Matteo can walk you through the numbers. So on components, in general, obviously, really short, and the cost pressures and availability pressures there have expanded from just memory to basically all electrical components, and that's not unique to us. That's the whole industry.

我先就零組件與假期給一些定性的觀點，接著 Matteo 可以帶大家看數字。就零組件而言，整體來說，顯然供應非常吃緊，而成本壓力與供應可得性的壓力已從原本僅限於記憶體，擴大到幾乎所有電子零組件，這也不是我們獨有的情況。這是整個產業的現象。

So that is affecting the gross margin outlook. And of course, we do have some levers to mitigate those things like value and engineering and like pricing that we will activate over the quarters ahead.

因此這會影響毛利率展望。當然，我們也有一些槓桿可以在未來幾個季度啟動，以緩解這些影響，例如價值工程、工程設計，以及定價等。

Matteo can walk you through the impacts in Q2, Q3, and Q4. As for holiday, our markets globally were pretty solid in Q3, and we expect that to continue into the holiday season. So we do expect positive holiday demand overall. But it is that proverbial K-shape. We expect high-end consumers absolutely to spend, and you see that in the growth of our premium -- of the premium part of our portfolio.

Matteo 可以帶大家看第二季、第三季與第四季的影響。至於假期方面，我們在第三季全球市場表現相當穩健，且預期這種態勢會延續到假期季。因此我們整體預期假期需求為正向。但這是一種典型的 K 型走勢。我們預期高端消費者絕對會持續支出，這也反映在我們產品組合中高階——也就是高端部分的成長上。

But we also expect that mainstream consumers will be cash strapped and will be looking for promotion in order to afford their holiday shopping. So hence, you see a modest increase in promo spending versus last year, and we're really comfortable with that. That is strategic and that allows us to be competitive.

但我們也預期主流消費者會面臨資金吃緊，為了負擔假期購物，會尋求促銷。因此，你會看到相較去年促銷支出小幅增加，而我們對此非常放心。這是策略性的安排，能讓我們保持競爭力。

And then on the -- in terms of quantification to Hanneke's point, the promotional spend in the third quarter will be slightly higher, but we are talking about roughly 50 basis points of negative impact year-over-year in the gross margin rate in the third quarter versus last year. So we are not talking about a huge amount. And we always keep ourselves a little bit of wiggle room during the holiday season, as you know. So that's really what we factored in our financials.

另外，關於量化部分呼應 Hanneke 的觀點，第三季的促銷支出會略高一些，但我們談的是第三季毛利率相較去年年對年約 50 個基點的負面影響。所以並不是很大的幅度。而且如你所知，我們在假期季一向會保留一些彈性空間。這就是我們在財務預測中納入的因素。

That's super helpful, guys. And just I guess the quick follow-up is, what's a good way for folks to think about the way GTA kind of layers in across your console and PC gaming portfolio?

這非常有幫助，謝謝各位。我想快速追問一下：大家應該如何理解 GTA 在你們主機與 PC 遊戲產品組合中的帶動效應與滲透方式？

Yes. Yes. Great question. And of course, Q3 is going to be a very exciting quarter in gaming with GTA 6 launching on November 19. A couple of things I want to say there.

是的，是的。問得很好。當然，第三季對遊戲業務會是非常令人興奮的一季，因為 GTA 6 將於 11 月 19 日上市。我想在這裡說幾點。

First of all, of course, we're going to leverage that because the whole gaming world is very excited. So that's good. Now that said, GTA 6 is launching for console first and won't launch for PC until much later into next calendar year. So we are mostly a PC gaming business. So we're not expecting like a giant upside from this initial launch.

首先，當然我們會善用這個機會，因為整個遊戲圈都非常期待。這是好事。不過話說回來，GTA 6 會先在主機平台推出，PC 版要到下一個曆年更晚的時間才會推出。而我們主要是 PC 遊戲業務。因此我們不預期在這次初期上市就會帶來非常巨大的上行空間。

Second thing I would say is the markets in gaming, especially in the US, have been looking pretty good because it's not just GTA 6. There are some other big games that have come out. So I'll call out Call of Duty: Modern Warfare 4, which came out just last week, 10 days ago.

第二點我想說的是，遊戲市場，尤其在美國，看起來相當不錯，因為不只是 GTA 6。還有其他一些大型遊戲也已推出。例如《決勝時刻：現代戰爭 4》（Call of Duty: Modern Warfare 4），就在上週、約 10 天前推出。

We're the official partner of Call of Duty: Modern Warfare 4 and things like that really give a little extra pizzazz to the business, and we're doing custom-tuned settings, unique in-game items, events with Call of Duty. So all of those things make the gaming space really happening at the moment, which is great.

我們是《決勝時刻：現代戰爭 4》的官方合作夥伴，這類合作確實能為業務增添一些亮點；我們也在與《決勝時刻》合作提供客製化調校設定、獨特的遊戲內物品以及活動。因此，所有這些因素都讓目前的遊戲領域非常熱絡，這很棒。

Erik, Morgan Stanley.

Erik，摩根士丹利。

And congrats on the -- again, the nice results in pointing devices, keyboards and combos against that down 20% PC shipment environment. So I'd love to just know what the offsets were that -- that drove that outperformance. For example, any color that you could share on pricing tailwinds or just the success that you're having attaching peripherals to the installed base? Like is there a year-over-year growth metric you could share related to some of those internal initiatives? Just any other color that you can help us understand the nice outperformance you guys saw? And then a quick follow-up, please.

也恭喜你們——再次，在 PC 出貨量下滑 20% 的環境下，你們在指向裝置、鍵盤與組合產品方面仍交出亮眼成果。我很想了解，是哪些抵銷因素——推動了這樣的超越表現。例如，你能否分享一些關於定價順風，或是你們在既有裝機基礎上成功帶動周邊配件搭售的情況？像是是否有任何年對年成長指標，可以用來說明其中一些內部倡議的成效？或任何其他補充資訊，幫助我們理解你們看到的這個漂亮的超越表現？然後我還有一個簡短的追問，謝謝。

Sure. Thanks, Erik. It's good to see you. I'd say the big numbers really are the market share numbers in both mice and keyboards. So in the quarter, pointing devices or mice were up 320 basis points globally.

當然。謝謝你，Erik。很高興見到你。我會說，最大的數字其實是滑鼠與鍵盤兩個品類的市占率數字。所以在本季，指向裝置或滑鼠的全球市占率提升了 320 個基點。

And that is well ahead, I would say, of kind of what we do on average. We always grow share, but on average, we grew about 50 basis points a year over the last decade. So to grow 320 basis points in the quarter on mice is huge. And we grew similarly in keyboards, about 280 basis points globally in the quarter. So that is massive share growth in a market that's held up much better than the PC market.

而這遠遠高於——我會說——我們平均的表現。我們一直都在提升市占，但過去十年平均每年大約提升 50 個基點。所以單季滑鼠市占提升 320 個基點是非常巨大的。而我們在鍵盤也有類似的成長，本季全球約提升 280 個基點。所以在一個表現比 PC 市場好得多的市場裡，這是非常可觀的市占成長。

So the market was flattish, I would say, in what we call personal workspace. What's driving that share growth is innovation and superior products. So the MX Master 4 in mice continues to be really, really strong. We've also done fun things, limited editions. You may have seen the Matcha and Latte limited edition this quarter in the United States.

所以我會說，我們所稱的個人工作空間（personal workspace）市場大致持平。推動這些市占成長的是創新與更優異的產品。因此，MX Master 4 滑鼠持續非常、非常強勁。我們也做了一些有趣的事情，例如限量版。你可能有看到本季在美國推出的 Matcha 與 Latte 限量版。

And in China, some really great keyboards that are now -- have been expanded globally. So the Alto keys performing very, very well in the US and in the rest of APAC. So it's really down to innovation, which then continues that flywheel of having more people use the mouse and a keyboard because that's still relatively low, growing share and growing ASP because all of those innovations are premium priced.

而在中國，有一些非常出色的鍵盤，現在——已經擴展到全球。所以 Alto Keys 在美國以及亞太其他地區的表現都非常、非常好。總之，關鍵在於創新；而創新又會持續帶動飛輪效應：讓更多人同時使用滑鼠與鍵盤，因為這個滲透率仍相對偏低；同時也帶動市占成長與 ASP（平均售價）提升，因為這些創新產品都是以高端定價。

Okay. That's awesome color. And then maybe quickly as my follow-up. We've seen -- we've seen two consecutive quarters of OpEx growth outpacing sales growth. And I think the implication; rough math is something similar in the December quarter.

好的。這些補充資訊很棒。那我快速追問一下。我們看到——已經連續兩季營運費用（OpEx）成長速度超過營收成長。而我想其含意；粗略計算，12 月那一季可能也差不多。

I understand the source of this spend, of course. And maybe my question is just like can you walk us through how you expect these kind of sales and marketing and R&D investments to begin materializing in, let's call it, accelerating revenue growth? Just how to think about the timing of kind of the return on those investments and when you expect those to start playing out?

我當然理解這些支出的來源。我的問題比較像是：你能否帶我們走一遍，你們預期這類銷售與行銷、以及研發投資，會如何開始反映在——我們姑且稱之為——加速的營收成長上？也就是該如何看待這些投資回報的時間點，以及你們預期何時會開始顯現？

Yes, absolutely. So thank you. Again, hopefully, nothing new in that OpEx. As we've said before, we are investing in R&D and in sales and marketing because this is such a special time. The age of AI gives us so many new opportunities for innovation and then to obviously market that sales and innovation and to grow in B2B that we feel this is the right time to step up those investments a little bit with a lot of discipline. G&A, of course, a lot of discipline and flat as a percentage quarter-over-quarter.

是的，當然可以。所以謝謝你。再次強調，希望在 OpEx 上沒有任何新鮮事。如同我們之前所說，我們正在投資研發以及銷售與行銷，因為這是一個非常特別的時刻。AI 時代帶給我們許多新的創新機會，接著當然也需要去行銷這些銷售與創新成果，並且在 B2B 領域成長；我們認為現在是以高度紀律、適度加碼這些投資的正確時點。至於 G&A（一般及行政費用），當然也非常有紀律，且占比在季度間持平。

Now I think you asked a million-dollar question when I'm not going to give you a date on when that will materialize. But this quarter and also Q3 are a little wonky because of the supplier accident. And as Matteo said, demand has been there. Unfortunately, we just haven't been able to have the supply to deliver on that demand. So it's a little hard to say, but sooner rather than later, I think it's probably the best way to put it.

我想你問的是一個百萬美元的問題，但我不會給你一個它何時會顯現的日期。不過本季以及第三季有點不太典型，因為供應商事故的影響。如 Matteo 所說，需求一直都在。不幸的是，我們就是沒有足夠的供應來交付這些需求。所以有點難說，但我想用「會比你想像得更早，而不是更晚」來形容，可能是最好的說法。

Asiya, Citi.

Asiya，花旗。

Video collaboration has been another strong quarter here, low double -- low teens, double-digit growth here. How should we think about just the demand continuing? There just seems to be continued pressure on enterprise spending with all the infrastructure purchases. Just how you're thinking about demand continuing here given whether it's AI enabling more video collaboration or otherwise? And just given supply constraints, I know maybe it doesn't necessarily affect video collaboration, the one supplier you talked about, but I think Hanneke talked about just broader supply issues.

視訊協作（Video collaboration）本季又是一個強勁的季度，達到低雙位數——十位數出頭的雙位數成長。我們該如何看待需求的延續？在企業端支出方面，隨著各種基礎設施採購，似乎仍持續承壓。在 AI 是否會促進更多視訊協作等因素下，你們如何看待這裡的需求延續？另外，考量供應限制，我知道你提到的那家供應商可能不一定影響視訊協作，但我想 Hanneke 也提到更廣泛的供應問題。

So how should we think about Logitech being able to meet this -- meet demand? And how should we think about continued demand here in this VC segment?

那我們該如何看待羅技能否滿足——滿足這些需求？以及在這個 VC（視訊協作）細分市場中，該如何看待需求的持續性？

Yes. Yes. Thanks, Asiya. It's good to see you. We're very optimistic about continued really great demand in video collaboration. This is not a one quarter happening. Three reasons that I'll give a little bit of color on, which are true for the whole market, and then I'll come back to us and our position in that market.

是的。是的。謝謝你，Asiya。很高興見到你。我們對視訊協作持續非常強勁的需求感到非常樂觀。這不是只發生一季的現象。我會提供三個原因作一些補充說明，這些原因適用於整個市場，然後我會再回到我們以及我們在該市場中的位置。

First of all, the COVID era refresh, and that is not a discretionary spend. That's a mandatory infrastructure upkeep because customers are facing hard deadlines there from the major platform providers, not so much from us, but for Microsoft, from Google, from Zoom, the devices they're running are end of lifing. So that means they have to upgrade these after five to seven years. So that refresh is kind of in its early innings and will continue over the next couple of years. So that's one big thing. And again, that's not discretionary.

第一，是 COVID 時期的汰換更新，而這不是可選擇性的支出。這是必要的基礎設施維護，因為客戶面臨主要平台供應商所設定的硬性期限——與其說來自我們，不如說是來自 Microsoft、Google、Zoom——他們正在使用的裝置正走向產品生命週期終止（end of life）。因此，這代表他們必須在五到七年後升級這些設備。所以這波更新才剛進入早期階段，並會在未來幾年持續。這是第一個重大因素。而且再次強調，這不是可選擇性的。

Second is return-to-office mandates; especially here in the US, more and more companies, and you feel it really here in the valley or saying, come back to the office really five days a week. That means they need more office space. And again, that's not discretionary. You need more office space; you also need more video-enabled rooms.

第二，是回辦公室（return-to-office）的要求；尤其在美國，越來越多公司——你在矽谷這裡特別能感受到——要求員工回到辦公室，甚至一週五天。這代表他們需要更多辦公空間。而且同樣地，這不是可選擇性的。你需要更多辦公空間；同時也需要更多具備視訊功能的會議室。

And finally, AI integration. So a lot of CIOs investing a lot in Copilot licenses and their competition. It makes no sense to pay for thousands of licenses when you don't have the right hardware in your meeting rooms to make sense of those, then that's a real waste of money. And again, we also expect that trend to continue and really not being discretionary. So I'd say all three of those trends in the market are longer term and not discretionary.

最後，是 AI 整合。所以很多 CIO 正在大量投資 Copilot 授權以及其競品。如果你付費購買了數千個授權，但會議室裡沒有合適的硬體來發揮其效益，那就毫無意義，等於是真正的浪費錢。而且同樣地，我們也預期這個趨勢會持續，並且確實不是可選擇性的。所以我會說，市場上的這三個趨勢都是較長期的，而且不是可選擇性的支出。

Now how do we play there? We didn't mention it because it didn't happen in the quarter, but at the very beginning of the third quarter, we launched the Generation 2 of our entire video collaboration lineup, which is an absolute beauty, and we'll talk about it next quarter, but you can also see it online. We have refreshed and we've started to ship a whole new generation of all of our products, AI-enabled, beautiful. So we are very well positioned with a really superior lineup of video collaboration products.

那我們如何在其中布局？我們沒有提到，是因為它不是發生在本季，但在第三季一開始，我們推出了整套視訊協作產品線的第二代（Generation 2），非常漂亮；我們會在下季再談，但你也可以在網路上看到。我們已完成更新，並開始出貨我們所有產品的全新一代：具備 AI 功能、外觀出色。因此，我們以一套真正更具優勢的視訊協作產品陣容，處於非常有利的位置。

For the first time, we're also set up to do large rooms like auditoriums, which we weren't able to do before. For the first time, we're also launching into audio for large rooms, which we weren't able to do before. So our product portfolio is outstanding. And then to your last question, can we meet the demand? It's a battle every day, but we feel pretty good that at least for the quarters ahead, we have enough memory chips to meet the demand that's out there.

我們也首次具備了支援像禮堂這類大型空間的能力，這是我們過去做不到的。我們也首次推出適用於大型空間的音訊方案，這是我們以前無法做到的。因此，我們的產品組合非常出色。接著回到你最後一個問題：我們能否滿足需求？這每天都是一場硬仗，但我們相當有信心，至少在接下來幾個季度，我們有足夠的記憶體晶片來滿足目前的市場需求。

So with all of that optimism, the only other thing I would say is demand. Again, we're very positive on net sales quarter-by-quarter can be a little choppy in video conferencing because you can have a huge deal one quarter and not in the next or have that in the comparator. So -- but very upbeat on the demand in video, and that will last for a while.

在這些樂觀因素之外，我唯一還想補充的是需求。再次強調，我們對淨銷售的看法非常正向，但在視訊會議領域，逐季表現可能會有些波動，因為你可能某一季有一筆超大訂單，下一季就沒有，或是比較基期中出現那筆訂單。所以——但我們對視訊需求非常樂觀，而且這樣的趨勢還會持續一段時間。

Asiya, just to connect the dots on the financial to Hanneke's point, we've been pretty proactive in trying to secure as much memory as we could. And that's why you see the inventory a little bit elevated compared to last year. The turns are not as good as last year. That's intentional just to make sure that we can continue to fulfill the strong demand that we are seeing on VC. And as a reminder, we also raised prices back in May to mitigate the impact of the cost increase. And in spite of that, you saw the net sales performance has been pretty remarkable.

Asiya，為了把財務面與Hanneke的觀點串起來，我們一直相當積極地主動爭取並確保盡可能多的記憶體供應。這也是為什麼你會看到相較去年，我們的庫存略為偏高。庫存周轉率不如去年好。這是刻意為之，目的就是確保我們能持續滿足我們在VC（視訊會議）看到的強勁需求。也提醒一下，我們在5月也調漲了價格，以緩解成本上升的影響。即便如此，你也看到淨銷售表現相當亮眼。

Okay. And then just if I can, a quick follow-up on the gross margin upside. I think -- just help us understand, again, very strong here relative to guide. I understand it's guided down 200 bps here in third quarter because of components and logistics, et cetera. Just what were the drivers for the upside here relative to, I think you guys guided maybe 44%-ish or so for the quarter. So the 120 bps upside, just if you could talk a little bit about what drove the upside here relative to pricing or promotional, et cetera?

好的。那如果可以的話，我再追問一下毛利率優於預期的部分。我想——請再幫我們理解一下，這次相對於指引真的很強。我理解你們指引第三季毛利率會下滑200個基點，原因是零組件與物流等因素。那這一季相對於指引的上修，主要驅動因素是什麼？我記得你們當時對本季的指引大概是44%左右。所以這多出來的120個基點，如果可以的話，能否談談相對於定價、促銷等因素，究竟是什麼帶來了這個優於預期？

Sure. So the -- fundamentally, two things. One is the biggest one is a mix. I think if you look at the product mix, and premiumization that came in a little better than what we were thinking three months ago. As you know, with video collaboration growing 12% year-over-year.

當然。基本上有兩個因素。第一個、也是最大的一個，是產品組合（mix）。我想如果你看產品組合，以及高階化（premiumization）的進展，表現比我們三個月前預期的還要好一些。如你所知，視訊協作年增12%。

So that's accretive to the mix of both on the top line and on the margin. But also, overall, our premium -- the premium side of the portfolio. So MX ERGO, Pro, all performed extremely well and overall better than the average sales of the company. So mix was the key driver. Promotions were a little -- maybe lower than what we originally anticipated.

這對營收端與毛利端的組合都有正向貢獻。另外，整體而言，我們產品組合中高階——也就是高端產品線——的表現也很強。像MX ERGO、Pro等都表現非常好，整體表現也優於公司平均銷售水準。所以產品組合是關鍵驅動因素。促銷力度則比我們原先預期的稍微低一些。

But overall, we're very pleased with the results. And yes, as you said, we are assuming for the third quarter more pressure on the inflationary side on the margin year-over-year. But so far, year-to-date, just to put things into perspective, our gross margin has been almost 45%, excluding the tariff reimbursement that we had in the first quarter. So very pleased how the team keeps working on it.

但整體而言，我們對結果非常滿意。而且如你所說，我們在第三季假設毛利率年對年會承受更多通膨面的壓力。不過截至目前為止，為了讓大家有個概念，我們今年迄今的毛利率接近45%，若排除第一季收到的關稅補償款。所以我們很高興團隊持續在這方面努力。

Joern, UBS.

Joern，UBS。

Would be two questions, please. The first one is Europe, I mean, you're not the only one who was saying the consumer environment is really tough. What is your best guess for how long Europe can remain negative territory? And what is your strategy now trying to turn this around? And the second question would be, please, in video conferencing, can you please split the recent growth into volumes and price mix? Because I think you increased prices quite materially to pass on the rising memory costs also.

我有兩個問題。第一個是歐洲。我是說，你們不是唯一提到消費者環境非常艱困的公司。你們最好的推測是，歐洲還會在負成長區間停留多久？你們目前扭轉局面的策略是什麼？第二個問題是，在視訊會議方面，能否把近期成長拆分為出貨量與價格/組合的貢獻？因為我認為你們為了轉嫁記憶體成本上升，也相當明顯地調漲了價格。

Yes. Let me take the European one, and then you can take the video conferencing one. Yes, Europe was clearly a little soft, 6% down in constant currency. And part of that is the conflict in the Middle East, clearly, about 50 basis points at a company level and a little over 100 basis points at an EMEA level. What we're seeing in the Middle East is a really depressed environment, very cautious local businesses, but also no expats leaving, no tourism, all those big events being canceled.

好的。歐洲的問題我先回答，然後你再回答視訊會議的問題。是的，歐洲確實偏弱，以固定匯率計下滑6%。其中一部分原因是中東衝突，這在公司層面大約影響50個基點，在EMEA層面則影響略高於100個基點。我們在中東看到的是一個非常低迷的環境：當地企業非常謹慎，同時外派人士不再前往、觀光客減少，許多大型活動也被取消。

And as a company now, I'll just speak for Logitech, we've canceled all travel in and out of the Middle East and inside the Middle East as well. So it's a really difficult environment in the Middle East. So I would say that's one thing that's definitely unfortunately impacting those EMEA numbers for us.

以公司立場來說，我就以羅技（Logitech）為例，我們已取消所有進出中東以及中東區域內的差旅。所以中東的環境真的非常艱難。我會說，這確實不幸地對我們的EMEA數字造成影響。

But second, also in Europe, definitely not a lot of consumer confidence nor business confidence at the moment. And the markets there were down mid-single digits. So what are we doing about it? That's probably a better question. I'm not going to answer your question, how long this will last.

第二，在歐洲方面，目前無論是消費者信心或企業信心都不高。當地市場呈現中個位數下滑。那我們正在做什麼？這可能才是更好的問題。至於你問會持續多久，我不會回答。

I would need a crystal ball. I really don't know, and it's not something that's in our control. But what is in our control is what we're doing about it. And that is continuing to innovate. So we're seeing our innovations doing well in Europe.

我需要一顆水晶球。我真的不知道，而且這也不是我們能控制的。但我們能控制的是我們要怎麼做。也就是持續創新。我們看到我們的創新產品在歐洲表現不錯。

Europe had a fantastic LogiPLAY event in the middle of September in Warsaw, super well executed, tens of thousands of people. We had a Counter Strike tournament that we ran attached to LogiPLAY. Launched 50 new products, really great reception for those.

歐洲在9月中於華沙舉辦了一場非常成功的LogiPLAY活動，執行得非常到位，吸引了數以萬計的人參與。我們也在LogiPLAY活動中舉辦了一場《Counter Strike》錦標賽。並推出了50款新產品，市場反應非常好。

So we'll continue to innovate, and we'll continue to market to make sure that we create the awareness and the pop culture presence for those innovations. That's what it will take to win. We'll focus on growing share. And then hopefully, the market will turn around, but that's unfortunately not directly in our control.

所以我們會持續創新，也會持續行銷，確保為這些創新建立知名度與流行文化的能見度。這就是致勝所需要的。我們會專注於提升市占。然後希望市場能回溫，但不幸的是，這並非我們能直接控制。

Jörn, on your video collaboration question, the way I would split the growth is basically 60%-40%. 60% was price and 40% was units. So we saw both increase in price and units in the quarter.

Jörn，關於你視訊協作的問題，我會把成長拆分為大約60%/40%。60%來自價格，40%來自出貨量。所以本季我們同時看到價格與出貨量都上升。

Allow me one quick follow-up. The semiconductor issue, the incident in Q2, this was around 100 basis points then on top line growth, right?

容我再快速追問一下。半導體問題、第二季的那起事件，對營收成長的影響大約是100個基點，對吧？

So the way -- for the second quarter, Joern?

所以——你是指第二季，Joern？

Yes, for the second quarter.

是的，第二季。

Basically, the way I looked at the number is we grew net sales 2% in constant currency year-over-year. If you exclude the supplier issue, plus the war impact, we would have been about 4%. So demand in total remains pretty resilient, and that's pretty much the same view that we have also for the third quarter. We are still expecting demand to remain positive across the regions.

基本上，我看這個數字的方式是：以固定匯率計，我們淨銷售年對年成長2%。如果排除供應商問題以及戰爭影響，我們大約會是4%。所以整體需求仍相當具韌性，而這也大致是我們對第三季的看法。我們仍預期各區域的需求將維持正向。

Yes. But I would say, Joern, of that 200 basis point difference, about three quarters was from the supply incident. So it's a little more than 100 basis points. And of course, Q3 carries the brunt of that supplier incident impact.

是的。但我會說，Joern，在那200個基點的差異中，大約四分之三來自供應事件。所以略高於100個基點。當然，第三季承擔了該供應商事件影響的大部分。

Didier, Bank of America.

Didier，美國銀行（Bank of America）。

I've got a question maybe just for Matteo, if you don't mind repeating what you said on gross margin for Q4 because I'm not sure I got it. I think you said 41% to 42% for the -- sorry, for the December quarter.

我有個問題可能只想問Matteo，如果你不介意我請你重複一下你對第四季毛利率的說法，因為我不確定我有沒有聽清楚。我想你說的是41%到42%——抱歉，是12月季度。

Didier, yes. It's our third quarter -- yes, the December quarter, it's 41% to 42%. So it's about -- if you look at the year-over-year comparison, it's about a 200 basis points reduction in gross margin year-over-year. And really the key driver is inflation. So we are seeing, like everybody else, cost increases across the board, but primarily in freight, in logistics and then in material costs, particular components.

Didier，是的。這是我們的第三季——是的，12月季度，毛利率是41%到42%。所以大約——如果你看年對年比較，毛利率年對年大約下降200個基點。而真正的關鍵驅動因素是通膨。所以我們跟大家一樣，看到各項成本全面上升，但主要是在運費、物流，然後是材料成本，尤其是零組件。

So that's about 150 basis points deterioration year-over-year. And then the rest is this 50 basis points slightly higher promotional spend that I talked about in the earlier question.

所以這部分年對年大約惡化150個基點。其餘則是我在前一個問題提到的，促銷支出略高的50個基點。

And can you provide the bridge sequentially though, because you've got a big falloff from the 45% you just reported?

不過你能否提供一下按季的橋接分析？因為你剛公布的是45%，現在卻大幅下滑。

Sure. So sequentially is a little trickier because you're comparing a third quarter, which is a holiday quarter versus the second quarter, which is not a holiday quarter, right, so -- but the -- fundamentally, there are two components. About 150 basis points lower gross margin just coming by the fact that promotions tend to be a little higher in the third quarter versus the second being the holiday season. And then you have a little bit of negative mix because we have less VC being a holiday quarter, so call it about 50, 60 basis points of negative mix sequentially.

當然。按季比較會稍微棘手一些，因為你是在比較第三季（假期季度）與第二季（非假期季度），對吧——所以——但從根本上來看，有兩個組成部分。大約150個基點的毛利率下降，單純是因為第三季是假期季，促銷通常會比第二季高一些。另外，因為第三季是假期季度，我們的VC較少，所以會有一點負向產品組合影響，按季約50到60個基點的負向組合。

And then you have roughly 150 basis points of sequential increase in cost when you compare the third quarter to the second. And this factors in the inflationary pressure that I just talked about and also about 30, 40 basis points of premium freight that we are planning to spend in order to mitigate the supply impact. So obviously, as soon as we get the product, we're going to put products on planes if we have to in order to fulfill demand on -- for the holiday season. So we wanted to be safe, and we put this cost into the walk.

然後，當你把第三季和第二季相比時，成本按季大約上升150個基點。這包含我剛提到的通膨壓力，另外也包含我們計畫投入約30到40個基點的加急空運費（premium freight），以緩解供應影響。所以很明顯，一旦我們拿到產品，為了在假期季滿足需求，如有必要我們會把產品用飛機運送。因此我們希望保守一些，並把這項成本納入這個橋接分析中。

Very clear. For my follow-up, I've got a bit of a cheeky question. So online, there are rumors that GTA is going to launch in Q1 on PCs in the March quarter. I'm not asking you whether it's right or wrong. But what I'm wondering is how should we think about seasonality for gaming? How are you thinking about it? If that were to be the quarter where GTA is launched?

非常清楚。我的追問有點「調皮」的問題。網路上有傳聞說GTA會在第一季、也就是3月季度，在PC上推出。我不是要問你這是真是假。但我想知道的是，我們應該如何看待遊戲產業的季節性？你們是怎麼思考的？如果那真的會是GTA推出的季度？

Yes. Yes, I don't think we're thinking about it differently right now. I think what you always have to think about, Didier, is that our business does not depend on a single game. We love the excitement that GTA 6 is bringing in the market, but our business does not depend on a single game. You think about us as what Adidas and Nike are to competitive runners, we are that to competitive gamers.

是的。是的，我不認為我們目前會用不同的方式來思考。Didier，你一直需要記住的是，我們的業務不依賴單一遊戲。我們很喜歡GTA 6在市場上帶來的熱度，但我們的業務不依賴單一遊戲。你可以把我們想像成：對競技跑者而言，Adidas和Nike是什麼，我們對競技玩家就是什麼。

And whatever game they play, whether that's Counter Strike, whether that's League of Legends, whether that's GTA 6 or Call of Duty, they want the best gear.

不管他們玩什麼遊戲，無論是Counter Strike、League of Legends、GTA 6或Call of Duty，他們都想要最好的裝備。

And what we've seen on the Super Strike is ever since it launched in February and now with the next generation of the Super Strike here in September, it doesn't matter what games are out there. People are desperate to buy it. So we'll be ready for whenever GTA 6 comes out on PC. Trust me, the team is ready to go at a moment's notice. But I don't think it's going to change our seasonality drastically because there's so many other games out there at all.

而我們在Super Strike上看到的是，自從它在2月推出以來，以及現在9月推出下一代Super Strike，不管市面上有哪些遊戲。大家都非常渴望購買它。所以無論GTA 6何時在PC上推出，我們都會準備好。相信我，團隊隨時待命、可在第一時間行動。但我不認為它會大幅改變我們的季節性，因為還有太多其他遊戲存在。

Michael, Vontobel.

Michael，Vontobel。

First question is on tablet accessories. You said obviously a significant drop versus the multi-quarter big contract you had there. What's the plan to sort of compensate for that shortfall? Or do you just expect that to be the new normal level going forward where we are now -- you targeting any other markets to compensate? That's the first question.

第一個問題是關於平板配件。你說相較於你們之前那個跨多季的大型合約，現在明顯大幅下滑。你們的計畫是如何彌補這個缺口？還是你們預期未來就會維持在目前這個「新常態」水準——你們是否會鎖定其他市場來補足？這是第一個問題。

Yes. I mean it really -- Okay. So again, this was iPad keyboards in the education vertical, and we don't usually mention exact customers, but you can think about what that was in APAC. A very, very large deal and one we were super happy with to be supporting basically almost every school in Japan. But it's one that's a little hard to comp and share after.

是的。我的意思是，這其實——好，我再說一次。這是教育垂直領域的iPad鍵盤；我們通常不會提到具體客戶，但你可以想像那在亞太地區是什麼情況。一筆非常、非常大的交易，我們也非常高興能夠支持——基本上幾乎日本的每一所學校。但這種案子在比較基期上很難再複製或在之後持續分享。

So that's what you're seeing in the numbers. So I remain really positive on the education vertical and of iPad keyboards within that. What we are doing and what I'm also excited about is selling more of our other products into the education vertical. So that would be especially video conferencing, and you see that a little bit in those video conferencing numbers. And of course, we're expanding to other verticals.

所以你在數字上看到的就是這個影響。因此我對教育垂直領域、以及其中的iPad鍵盤仍然非常樂觀。我們正在做、而且我也很興奮的是，把我們更多其他產品賣進教育垂直領域。特別是視訊會議產品，你也在那些視訊會議的數字中看到一些反映。當然，我們也在擴展到其他垂直領域。

So in the quarter, I was particularly excited about the government vertical where we're seeing really good traction behind more talent that we've hired for that vertical. So a little bit of a different game that you need to play there from a sales point of view. And behind making more of our product lineup TAA compliant, which is what you need to come into the US federal government. So those -- selling different products into education as well as expanding into other verticals are the ways we'll offset and are offsetting already.

在本季度，我特別對政府垂直領域感到振奮，因為我們看到在該領域新聘用的更多人才帶動下，取得了非常好的進展。從銷售角度來看，那是一套你需要採取的略有不同的打法。同時，我們也在推動讓更多產品線符合TAA（《貿易協定法》）規範，這是你要進入美國聯邦政府市場的必要條件。所以——把不同產品賣進教育領域，以及擴展到其他垂直領域，就是我們用來抵消、而且也已經在抵消影響的方法。

And again, a lot of upside there going forward. And that comparator will also go away, so it's good. Beyond Q3, though.

而且未來還有很大的上行空間。那個比較基期也會消失，所以這是好事。不過要到第三季之後。

Okay. So that's going to take a while, I guess. And the second question is on the supplier impact. Can you just come back on the huge, let's say, easing of that impact? Is that just due to the fact that the factory opened faster than you had expected? Or are there other workarounds that you have achieved to compensate?

好的。所以我想這需要一段時間。第二個問題是關於供應商影響。你能否再說明一下那個影響大幅緩解的原因？這只是因為工廠比你們預期更快復工嗎？還是你們達成了其他替代方案來補足？

Yes. Let me walk you through that. So definitely not because the factory opened up earlier. So, yes, let me walk you through that. So the accident happened at the end of June.

是的。我來帶你梳理一下。所以絕對不是因為工廠更早復工。所以，是的，我來帶你梳理一下。事故發生在6月底。

The fab did reopen mid-September, but not at full capacity. They very slowly began to ramp up. And we don't actually expect them to be at full capacity until later this quarter in Q3. So as a result, there was a negative top line impact in Q2, which Matteo talked about.

晶圓廠在9月中旬重新開工，但並非滿載產能。他們非常緩慢地開始爬坡提升產能。而我們其實預期要到本季度稍晚、也就是第三季的後段，才會達到滿載產能。因此，第二季出現了營收端的負面影響，Matteo也談到了這點。

In Q3, Q3 is really going to bear the brunt of that impact. And we now expect that to be $70 million to $80 million in net sales. That is significantly lower than what we said in July, which was up to $200 million in July.

在第三季，第三季確實會承受這項影響的主要衝擊。而我們現在預期，淨銷售額將為 7,000 萬至 8,000 萬美元。這顯著低於我們在 7 月所說的數字，當時 7 月提到最高可達 2 億美元。

Why? Because the team has done an incredible job at mitigation plans. So we always had secondary supply, but we expanded that in a very tough environment for chips. So we got more from other suppliers. We redesigned products on the go faster than ever in order to be able to work with the chips we had, and we also rejigged our commercial plans around the world.

為什麼？因為團隊在緩解計畫上做得非常出色。所以我們一直都有第二供應來源，但在晶片供應極其艱困的環境下，我們擴大了這部分。因此我們從其他供應商取得了更多供應。我們以前所未有的速度在進行中重新設計產品，以便能使用我們手上已有的晶片，同時也在全球範圍內重新調整了商業計畫。

That is a gargantuan piece of work. I think it shows again what an operations powerhouse this company really is. I'm so proud of the teams. And therefore, again, we're able to give the sales outlook that we now gave and the profit outlook we now gave. A lot, a lot of work here.

這是一項極其龐大的工作。我認為這再次顯示出這家公司在營運方面確實是個強大的引擎。我為各個團隊感到非常自豪。因此，我們才能再次給出目前提供的銷售展望，以及目前提供的獲利展望。這裡投入了非常、非常多的工作。

In Q4, we do expect that the supply impact will be largely gone, and we'll be hopefully back to normal.

在第四季，我們確實預期供應影響將大致消失，並希望能回到正常狀態。

Martin, BNP Paribas.

Martin，法國巴黎銀行（BNP Paribas）。

Just letting me come back to the input cost topic that we had discussed before on the gross margins. I think you highlighted this 150 basis points impact on margins for freight and other things. Is there sort of a lagging effect, meaning you would see an accelerated impact as of Q1 next year? So calendar Q1 next year as maybe some of your freight contracts, et cetera, run out? Or just how does the contract structure overall look like there for your freight, maybe also some other input costs like PCBs, et cetera? That's the first question.

讓我回到我們先前在毛利率上討論過的投入成本議題。我想你提到運費及其他項目對毛利率造成 150 個基點的影響。是否存在某種遞延效應，也就是說，明年第一季會看到影響加速顯現？也就是明年曆年第一季，可能因為你們的一些運輸合約等到期？或者整體而言，你們在運輸方面的合約結構是怎樣的，或許也包括其他投入成本，例如 PCB 等？這是第一個問題。

So let me talk about that. So we are clearly -- this is not a surprise, right? I think what we are trying to do is be proactive about it, right? Because in the current inflationary environment, Martin, you can -- we can't expect the company to continue to post gross margin rates of the tune of 45%. This is simply not reality, right?

我來談談這點。所以我們很清楚——這並不令人意外，對吧？我想我們要做的是更主動地面對它，對吧？因為在目前的通膨環境下，Martin，你可以——我們不能期待公司還能持續繳出約 45% 的毛利率水準。這根本不符合現實，對吧？

So we are just telling you what we are seeing. And in the third quarter, the impact, as I mentioned, will be about 150 basis points year-over-year negative impact on the gross margin rate, third quarter of this year versus third quarter of last year. And when you dissect this 150 basis points, you really have, call it, half is freight and logistic cost, and the other half is the material cost or the components as you just described it.

所以我們只是告訴你我們所看到的情況。而在第三季，如我提到的，影響約為毛利率年對年負面 150 個基點，也就是今年第三季相較去年第三季。當你拆解這 150 個基點時，大致上可以說一半來自運費與物流成本，另一半來自材料成本或你剛才所說的零組件成本。

Now we are clearly not providing an outlook for the fourth quarter, neither for the first quarter of next year. But I think we are expecting that this inflationary pressure will continue also in the fourth quarter. So we'll continue at least throughout the remainder of our fiscal year.

目前我們顯然不提供第四季的展望，也不提供明年第一季的展望。但我認為我們預期這種通膨壓力在第四季也會持續。因此至少在我們本財政年度剩餘期間都會延續。

And if this inflationary pressure continues beyond the fourth quarter, then we will evaluate all the actions that we have taken in the past and we know how to do to protect the profitability of the company, right? So that would include obviously cost containment actions as well as potential price increases if needed.

如果這種通膨壓力延續到第四季之後，那麼我們將評估過去已採取、且我們也知道如何運用的所有措施，以保護公司的獲利能力，對吧？因此這將包括顯然的成本控管措施，以及在需要時可能進行的價格調漲。

But I think it was important for us to be proactive and discuss this since we have not seen so far, thanks to all the work done by the operating team, the real impact of this inflation since we delivered 45% gross margin rate for the first six months of the fiscal year, excluding the tariff impact.

但我認為我們主動提出並討論這點很重要，因為到目前為止，得益於營運團隊所做的所有工作，我們尚未真正看到這波通膨的實質影響；在排除關稅影響後，我們在本財年前六個月仍交出了 45% 的毛利率。

Yes. No, that totally makes sense. And I guess the second question is on the regional performance. I mean, obviously, the US was pretty strong, 13% in constant currency. EMEA, APAC was a bit weaker. I think the guidance now that you're giving for the current quarter is 0% to 5% when you exclude the supplier incident, if I'm correct. Can you just --

是的。這完全說得通。我想第二個問題是關於各區域表現。我的意思是，美國顯然相當強勁，以固定匯率計成長 13%。EMEA、APAC 則稍弱一些。我想你們現在對本季給出的指引是，在排除供應商事件後為 0% 到 5%，如果我理解正確的話。你能不能——

Let me discuss.

我來說明。

5% to 0%.

是 -5% 到 0%。

So it's negative 5% to 0, okay? So I'm going to use the midpoint of the outlook, right? So midpoint is negative 2.5% year-over-year in constant currency. This includes the $70 million to $80 million supplier impact. So that equates to about 5 points of year-over-year pressure.

所以是年對年 -5% 到 0%，好的？所以我會用展望的中位數來看，對吧？中位數是以固定匯率計年對年 -2.5%。這包含 7,000 萬到 8,000 萬美元的供應商影響。因此相當於年對年約 5 個百分點的壓力。

And then another roughly 1 point of pressure year-over-year driven by the conflict in the Middle East, plus a little bit more promotion, as I discussed earlier. So if you normalize for all these two factors, you are going back to a demand of about plus 4% in constant currency, which is the same thing that we have seen in the second quarter, if you exclude the supply impact.

另外還有大約 1 個百分點的年對年壓力，來自中東衝突，再加上我先前提到的促銷活動略多一些。所以如果你把這兩個因素都正常化（排除），需求就會回到以固定匯率計約 +4%，這與我們在第二季看到的情況相同——如果排除供應影響的話。

So that's the -- how we constructed the outlook. And then obviously, the range, right, this can -- the midpoint can improve to the high end of the range or going a little bit lower depending on what really, we are going to see in the demand during the holiday season in AMR, which we expect to continue to be strong. And then how the market will behave in Europe, back to one of the questions earlier. So -- but overall, we are cautiously optimistic about the demand during the holiday season.

所以這就是——我們如何建構這個展望。然後當然還有區間，對吧？中位數可能改善到區間上緣，或視我們在美洲（AMR）假期旺季實際看到的需求而略為下修；我們預期美洲仍會維持強勁。以及歐洲市場的表現如何，回到先前其中一個問題。所以——但整體而言，我們對假期旺季的需求抱持審慎樂觀。

Yes. No, that makes sense. And maybe just the last quick follow-on is there. Can you just disclose the growth you have seen in China for the second quarter and what you're expecting for Q3?

是的，這說得通。最後再快速追問一下：你能否揭露第二季在中國看到的成長，以及你們對第三季的預期？

We don't disclose growth by country, Martin, sorry. But China was ahead of the APAC numbers. And in the context of them being disproportionately affected by the supply issue just because of the mix in China, we were actually pretty pleased with the numbers. We continue to grow share in PWS and in premium gaming, and they also had a killer LogiPLAY event, which was very well received locally.

我們不按國家揭露成長數據，Martin，抱歉。但中國的表現優於 APAC 的整體數字。而且考量到由於中國的產品組合，使其在供應問題上受到不成比例的影響，我們其實對這些數字相當滿意。我們在 PWS 與高階遊戲（premium gaming）持續提升市占，他們也舉辦了一場非常成功的 LogiPLAY 活動，在當地反應非常好。

Craig, JP Morgan.

Craig，摩根大通（JP Morgan）。

My first one, Hanneke, it would be great to understand what you're hearing from enterprise customers as they begin to look at IT budgets for 2027. How much would they be willing to put towards hardware and peripherals just given competing pressures on AI spend, cybersecurity and so on?

第一個問題，Hanneke，我很想了解你從企業客戶那邊聽到什麼訊息，當他們開始檢視 2027 年的 IT 預算時。在 AI 支出、資安等競爭性壓力之下，他們願意投入多少在硬體與周邊設備上？

And then Matteo, thanks so much for the color on the gross margin. You mentioned currency. Just be grateful if you could clarify or quantify that. I think you've pulled out the data as the tailwind, but maybe just give some color on how that impacts your gross margin.

然後 Matteo，謝謝你對毛利率的補充說明。你提到了匯率。如果你能釐清或量化一下，我會非常感激。我想你把數據（data）視為順風因素，但也許可以補充一些說明，談談它如何影響你們的毛利率。

Sure. And welcome, Craig. Good to have you on this group. Enterprise demand. So I think I talked about earlier, a large part of our enterprise business is in video collaboration.

當然可以。也歡迎你，Craig。很高興你加入這個群組。關於企業需求。我想我先前提到過，我們企業業務中很大一部分是在視訊協作領域。

There, the demand is strong, and we expect it to continue to be strong for the reasons I outlined. It's not discretionary. You need to refresh those rooms. You need expanded office space if you're going to ask people to come back to work. And you need great working equipment if you're going to invest in Copilot and other AI for your employees. So video conferencing, very upbeat. On the PWS side, I'm also upbeat.

在那裡，需求很強勁，而且基於我先前概述的原因，我們預期需求將持續強勁。這不是可有可無的支出。你需要更新那些會議室。如果你要請大家回到辦公室工作，你就需要更大的辦公空間。而如果你要為員工投資 Copilot 與其他 AI，你就需要很棒的工作設備。所以視訊會議方面，非常樂觀。在 PWS 方面，我也很樂觀。

We serve 71% of the Fortune 500, amongst them many, many companies that are doing rather well at the moment, including those headquartered right here around us in the Silicon Valley. So that's looking pretty good. And then in verticals as well, which are really a strategic priority for us and where our shares are still very low, a multiyear strategic priority. We're seeing health care spending strong as they move more to telehealth. Again, but there's money there.

我們服務《財富》500 大企業中的 71%，其中有非常非常多家公司目前表現相當不錯，包括那些總部就設在我們周邊、就在矽谷的公司。所以這看起來相當不錯。另外在垂直產業方面，這對我們而言確實是策略優先事項，而且我們在這些領域的市占仍然很低，這是一個多年期的策略優先事項。我們看到醫療保健支出很強勁，因為他們正更多轉向遠距醫療（telehealth）。同樣地，那裡是有預算的。

And as I said in the call before, government as well around the world is strong in terms of demand. So overall, continue to be bullish on the Logitech for Business, and we'll continue to double down on that.

而且如同我在上一通電話會議中提到的，全球各地的政府端在需求方面也很強勁。所以整體而言，我們仍然看多 Logitech for Business，並且會持續加碼投入。

And Craig, on your foreign exchange question, the foreign exchange was about an 80 basis point lift year-over-year in the second quarter. And we are not -- at the current exchange rates, we are not expecting any major pressure nor tailwinds for the upcoming quarter year-over-year.

Craig，關於你提到的外匯問題，第二季外匯因素相較去年同期帶來約 80 個基點的正向提升。以目前匯率水準來看，我們預期接下來這一季在年對年比較上，不會有任何重大的壓力或順風。

Alicia, Wedbush.

Alicia，Wedbush。

Alicia, I think you're in mute because we cannot hear you.

Alicia，我想你現在是靜音狀態，因為我們聽不到你。

Yes, I was just wondering if we could double-click a little bit on some of the topics that you've discussed already. A lot of the questions that I had have been answered. But -- so the Logitech for Business and the education front, especially into Japan, clearly, that's been pretty lumpy, but there are more regions surely that you could go into. If you could talk about just briefly which of the quarters were most heavily impacted by the sales into Japan in the last year, so we could look at the comparisons. And what regions might be next -- might you have some headway in there, whether it's government or it sounded like the US or education or into other verticals?

是的，我只是想知道我們是否可以再更深入一點，針對你已經討論過的一些主題再多問一些。我原本很多問題其實都已經被回答了。不過——關於 Logitech for Business 和教育這一塊，特別是日本那邊，顯然波動很大，但你們肯定還有更多地區可以拓展。如果可以的話，能否簡要談一下，過去一年中哪些季度受到對日本銷售的影響最大，這樣我們可以看比較基期。以及接下來可能會是哪一些地區——你們是否已經在那裡取得一些進展，不論是政府端，或聽起來像是美國，或教育，或其他垂直產業？

Yes. So it's Q2 of this fiscal year and Q3 of this fiscal year, so the two quarters we're talking about today that are most impacted by the big Japanese educational deal in the prior year. To be honest, I don't see any other deals of that size and that make the comparator as lumpy. And I have to say I don't particularly like it either. So we'll try and stay away from those huge highs and lows. But in B2B, things can be a little lumpier, and this definitely is an example of that, but it's Q2 and Q3.

好的。所以是本財年的第二季和第三季，也就是我們今天討論的這兩個季度，受到前一年日本大型教育案影響最大。老實說，我看不到還有其他同等規模、會讓比較基期如此波動的案子。而且我必須說，我也不是特別喜歡這種情況。所以我們會盡量避開那種大起大落的超大型案子。但在 B2B 領域，業績有時確實會更不平滑，而這就是一個明顯例子；不過主要就是第二季和第三季。

Great. And then if we could dig in a little bit more on the China, was that predominantly gaming? You did mention the personal workspace is growing there. I know gaming has been the primary focus as you've been re-expanding into China. Is personal workspace something that is the next frontier with re-expansion in the area?

很好。接著如果我們再深入一點談中國，那主要是遊戲相關嗎？你確實提到個人工作空間（personal workspace）在那裡也在成長。我知道你們在重新擴張中國市場時，遊戲一直是主要重點。個人工作空間是否會成為你們在該地區重新擴張的下一個前沿？

Yes. No. So we have a great personal workspace business in China as well as a great gaming business in China. It's just that the market in gaming in China is far bigger than the market in PWS, but we hold commanding shares in PWS, and we're growing those shares. So that's good news.

是的。不，不是那樣。我們在中國的個人工作空間業務很強，遊戲業務也很強。只是中國的遊戲市場規模遠大於 PWS 市場，但我們在 PWS 擁有領先的市占，而且我們正在提升這些市占。

But again, the market opportunity in China, China is half of the world's gaming markets in one country. So that's why winning in gaming is absolutely so critical there. And again, I'm super pleased to say that we're continuing to gain share in premium gaming there. From innovation, LogiPLAY was fantastic. And I think the team is doing a great job in local marketing as well. This is really where AI is making a difference.

但再說一次，中國的市場機會——中國一個國家就占了全球遊戲市場的一半。所以在那裡贏得遊戲市場的勝利絕對至關重要。而且我非常高興地說，我們在那裡的高階遊戲領域仍在持續提升市占。在創新方面，LogiPLAY 表現非常出色。我也認為團隊在在地行銷方面做得很棒。這正是 AI 正在帶來差異的地方。

If you were on the live stream for LogiPLAY, the content that we're creating there, AI-enabled, but with a lot of human creativity, is quite something to see, and we're doing that at less than 10% of the cost that it would have been a year ago.

如果你有看 LogiPLAY 的直播，我們在那裡製作的內容——由 AI 賦能，但同時結合大量人類創意——真的非常值得一看，而且我們用不到一年前 10% 的成本就能做到。

So I love it when things come together that way. And then on a more maybe pedestrian note in China, we're also doing a great job in expanding into i-Cafes, which is a big channel there. People go out in China to game together. There's more than 60,000 i-Cafes where our presence was relatively limited, but where we're quickly expanding, and that's a very nice growth driver as well.

所以我很喜歡事情能以這種方式整合起來。另外，在中國還有一個可能比較「基本面」的點：我們也在擴展到 i-Cafes（網咖）方面做得非常好，這在那裡是一個很大的通路。在中國，人們會出門一起打遊戲。那裡有超過 60,000 家 i-Cafes，我們過去的滲透相對有限，但我們正在快速擴張，而這也是一個很不錯的成長動能。

That concludes Q&A. Over to you, Hanneke.

問答環節到此結束。交給你了，Hanneke。

Super. Well, thank you all. I look forward to seeing you again next quarter. I wish you a happy Halloween. And in the meantime, until we see each other, please go out and buy some of our fabulous products for the holiday season. See you in January.

太好了。那麼，謝謝各位。期待下個季度再與各位見面。祝大家萬聖節快樂。在我們再次見面之前，也請大家在假期購物季期間出去買一些我們很棒的產品。一月見。