羅技 (LOGI) 2022 Q4 法說會逐字稿

All right. Good morning, good afternoon, everyone, and welcome to Logitech's video call to discuss our financial results for the fourth quarter and full fiscal year of 2022. Joining us today on the call are Bracken Darrell, our President and CEO; and Nate Olmstead, our CFO. 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.

好的。大家早上好，下午好，歡迎參加羅技的視頻電話會議，討論我們 2022 年第四季度和整個財年的財務業績。今天加入我們電話會議的是我們的總裁兼首席執行官 Bracken Darrell；和我們的首席財務官 Nate Olmstead。在本次電話會議期間，我們將做出前瞻性陳述，包括根據 1995 年《私人證券訴訟改革法案》的安全港規定的未來經營業績。

We're making these statements based on our views only as of today. Actual results could differ materially, and 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 these non-GAAP and GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results in our press release and in our filings with the SEC, including our most recent annual and quarterly reports and subsequent filings.

我們僅根據我們今天的觀點發表這些聲明。實際結果可能存在重大差異，我們不承擔更新或修改任何這些聲明的義務。我們還將討論非 GAAP 財務業績，您可以在我們的新聞稿和文件中找到這些非 GAAP 和 GAAP 業績之間的對賬，以及關於我們使用非 GAAP 措施和可能影響我們財務業績的因素的信息SEC，包括我們最近的年度和季度報告以及隨後的文件。

These materials as well as our prepared remarks and slides and a webcast of this call are all available at the Investor Relations page of our website. We do encourage you to review these materials carefully. And unless otherwise noted, comparisons between periods are year-over-year and in constant currency. Sales are net sales. And finally, this call is being recorded and will be available for a replay on our website. With that, I will now turn the call over to Bracken. Good morning, Bracken.

這些材料以及我們準備好的評論和幻燈片以及本次電話會議的網絡廣播都可以在我們網站的投資者關係頁面上找到。我們鼓勵您仔細查看這些材料。除非另有說明，否則期間之間的比較是同比和不變貨幣。銷售額是淨銷售額。最後，這個電話會被記錄下來，可以在我們的網站上重播。有了這個，我現在將把電話轉給 Bracken。早上好，布雷肯。

Good morning, Nate, and good morning, Nate and Nate. And thanks to all of you for joining us. I am so excited about the year that Logitech has had and our team's strong performance despite a backdrop perhaps best defined as unpredictable and certainly challenging. In spite of this headwinds, our teams delivered an outstanding fourth quarter and overall, a tremendous fiscal year 2022. Coming off a 74% net sales growth in the previous year, we challenged ourselves to continue the momentum, and we did it.

早上好，內特，早上好，內特和內特。感謝大家加入我們。我對羅技的這一年以及我們團隊的強勁表現感到非常興奮，儘管背景可能最好被定義為不可預測且肯定具有挑戰性。儘管有這些不利因素，我們的團隊在第四季度和整體上實現了出色的 2022 財年。在上一年實現了 74% 的淨銷售額增長後，我們挑戰自己以繼續保持這一勢頭，我們做到了。

We posted our ninth consecutive year of growth, delivered strong growth in key categories like C&P and gaming, saw market share gains across our portfolio and geographies and continued to invest in the future, using our strong gross profits to invest in key strategic areas like marketing and product development.

我們連續第九年實現增長，在 C&P 和遊戲等關鍵類別實現強勁增長，在我們的投資組合和地區看到市場份額增加，並繼續投資於未來，利用我們強勁的毛利潤投資於營銷等關鍵戰略領域和產品開發。

Nate now will go deeper into the financial details for the fourth quarter and for the fiscal year in just a minute. But I wanted to start by offering a bit of perspective on the macroeconomic environment, world events and overall state of the global business as we head into our new fiscal year. As I talk to other CEOs, we generally agree that there is uncertainty about how the U.S. and global economies will perform, but we'll leave the predictions about that out of this call.

Nate 現在將在一分鐘內更深入地了解第四季度和本財年的財務細節。但我想首先提供一些關於宏觀經濟環境、世界事件和全球業務整體狀況的觀點，因為我們即將進入新的財政年度。當我與其他 CEO 交談時，我們普遍認為美國和全球經濟的表現存在不確定性，但我們將在本次電話會議中排除對此的預測。

But what is the backdrop to our thinking? I see a certain set of conditions that most of you will be familiar with, inflation, war in the Ukraine, COVID lockdowns, changes to monetary policy, supply chain disruptions. These challenges are not just possibilities, of course. They are happening.

但我們思考的背景是什麼？我看到了你們大多數人都會熟悉的某些情況，通貨膨脹、烏克蘭戰爭、新冠疫情封鎖、貨幣政策變化、供應鏈中斷。當然，這些挑戰不僅僅是可能性。他們正在發生。

No business leadership team operating globally could dismiss them. We at Logitech talk about possible impact regularly. And the truth is that all businesses, including ours, operate in this environment with the understanding that we can't influence the outcome at each of these challenges, but we all can adapt, change and ultimately adjust.

沒有一個在全球運營的商業領導團隊可以解僱他們。我們羅技會定期討論可能產生的影響。事實是，包括我們在內的所有企業在這種環境中運營時都明白，我們無法影響每一項挑戰的結果，但我們都可以適應、改變並最終調整。

That's exactly what we've done at Logitech through the last decade. The dynamic nature of Logitech, and we've got more dynamic as we've grown, makes me proud that we've continually found ways to solve old and new challenges, while ultimately serving and delighting customers. We've adjusted, adapted so many times over the past decade. So what does next year look like?

這正是我們在過去十年中在羅技所做的。羅技的動態特性，隨著我們的成長，我們變得更加充滿活力，讓我感到自豪的是，我們不斷找到解決新舊挑戰的方法，同時最終為客戶提供服務並取悅客戶。在過去的十年裡，我們已經調整、適應了很多次。那麼明年會是什麼樣子呢？

Well, this may not be the most satisfying answer. The hard truth is that we just don't know exactly how and when this particular set of challenges is going to play out. But I do know we have years of experience operating in challenging environments. We changed the way we source components. We've diversified our shipping strategy.

好吧，這可能不是最令人滿意的答案。殘酷的事實是，我們只是不知道這一系列特定挑戰將如何以及何時上演。但我確實知道我們有多年在充滿挑戰的環境中運營的經驗。我們改變了採購組件的方式。我們已經多元化了我們的運輸策略。

We've automated our factories. We've built a very diverse portfolio. We've changed the way we price our products. We've strengthened our balance sheet, intentionally pursuing a strategy, avoiding high levels of debt. The list goes on, all to ensure we can operate with excellence, discipline and a focus on the future during unpredictable times.

我們已經自動化了我們的工廠。我們建立了一個非常多樣化的產品組合。我們改變了我們為產品定價的方式。我們加強了資產負債表，有意識地追求戰略，避免高水平的債務。清單還在繼續，所有這些都是為了確保我們能夠在不可預測的時期以卓越、紀律和對未來的關注來運作。

So I prefer to look beyond the near term and make sure we're operating in growing categories, staking out long-term leadership positions in those categories and investing in product design and engineering, the absolute lifeblood of our business. And as we discussed in our Analyst Day in March, we are doing exactly that.

因此，我更願意放眼長遠，確保我們在不斷增長的類別中運營，在這些類別中佔據長期領導地位，並投資於產品設計和工程，這是我們業務的絕對命脈。正如我們在三月份的分析師日所討論的那樣，我們正在這樣做。

But what's been true over the last few years is still true today. hybrid work or the idea that we used to call work from anywhere, continues to thrive. There are sales and upgrade opportunities that exist right now across more than 1 billion workspaces, all driven by hybrid working and learning. What an incredible opportunity.

但過去幾年的真實情況在今天仍然是真實的。混合工作或我們過去常將工作稱為“隨時隨地工作”的想法繼續蓬勃發展。現在有超過 10 億個工作空間存在銷售和升級機會，所有這些都由混合工作和學習驅動。多麼難得的機會。

Everything is moving to video, including this call. Hybrid work is here to stay and most meaningful, be a mix of on-site and virtual, and video helps bring more meeting equity to all participants. Gaming will continue to expand. The long-term momentum is unstoppable. Like most long-term high-growth markets, there will be strong growth quarters and lower ones, but that shouldn't confuse anyone.

一切都在轉向視頻，包括這次通話。混合工作將繼續存在並且最有意義，是現場和虛擬的混合，視頻有助於為所有參與者帶來更多的會議公平性。遊戲將繼續擴大。長期勢頭不可阻擋。像大多數長期高增長市場一樣，會有強勁增長的季度和較低的季度，但這不應該讓任何人感到困惑。

Gaming is a juggernaut, and it's evolving and adding new engines of growth. Take the metaverse, for example. The tools needed to experience and create the metaverse are expanding and evolving. A big picture, ask yourselves. What about the fundamental premise of gaming as a cultural phenomenon has changed? The answer? Nothing.

遊戲是一個主宰，它正在發展並增加新的增長引擎。以元宇宙為例。體驗和創建虛擬世界所需的工具正在擴展和發展。一張大圖，問問自己。遊戲作為一種文化現象的基本前提發生了哪些變化？答案？沒有什麼。

And the streaming and content creation trend hasn't changed but continues to grow rapidly. In other words, while we're very clear eyed and measured in our approach to the near-term challenges and events, we're equally invested in and excited about the durable longer-term trends driving our largest categories.

流媒體和內容創作趨勢並沒有改變，而是繼續快速增長。換句話說，雖然我們對近期挑戰和事件的處理方法非常清晰和衡量，但我們同樣對推動我們最大類別的持久長期趨勢進行投資和興奮。

Our company's solid performance reflects the broad strength of our capabilities, including the product development that continues to introduce new products on a global scale and also reflects our diverse portfolio and its leading position in growing markets. Our focus on operational execution and the ability to adapt quickly continues to help us navigate industry-wide supply chain challenges and disruptions.

我們公司的穩健業績反映了我們能力的廣泛實力，包括在全球範圍內不斷推出新產品的產品開發，也反映了我們多樣化的產品組合及其在不斷增長的市場中的領先地位。我們對運營執行和快速適應能力的關注繼續幫助我們應對全行業的供應鏈挑戰和中斷。

And that's why I'm so incredibly excited about the future at Logitech. With that, let me briefly step into our categories: Creativity and productivity. In creativity and productivity, we had a really strong year, and finished the fiscal year 2022 with good momentum. Mice and keyboards continue to drive this category with another year of creative product development driving growth.

這就是為什麼我對羅技的未來感到無比興奮的原因。有了這個，讓我簡要介紹一下我們的類別：創造力和生產力。在創造力和生產力方面，我們度過了非常強勁的一年，並以良好的勢頭結束了 2022 財年。鼠標和鍵盤繼續推動這一類別，又一年的創意產品開發推動了增長。

There is no debate over the sustainability of hybrid work. Hybrid is here for now and in the future, and C&P is set up to enhance workspaces around the globe. You've heard me say this before, but it remains true. Very few people have the optimal workspace set up either at home or at work. Even I continue to experiment all the time to try to find a better way. I'm excited about what you'll see in the coming quarters from this group.

混合工作的可持續性沒有爭議。混合現在和未來都在這裡，而 C&P 的成立是為了增強全球的工作空間。你以前聽我說過這句話，但它仍然是真的。很少有人在家中或工作中設置最佳工作空間。甚至我也一直在不斷地嘗試尋找更好的方法。我對你們在未來幾個季度從這個小組中看到的東西感到興奮。

Gaming grew double digits in fiscal year 2022, on top of an exceptional revenue growth last year. Gaming continues to be adopted by an increasing number of people, as both a competitive esport and as a more casual way to hang out with friends. And we're in the very early inning of what the metaverse can do to enhance the enjoyment and experience of gamers. Gaming is a market that demands innovation, and we're doing just that with more wireless peripherals and higher-performing keyboards and mice. I'm so confident about the long-term potential of this category.

除了去年的出色收入增長之外，遊戲在 2022 財年實現了兩位數的增長。遊戲繼續被越來越多的人採用，既是一種競技電子競技，也是一種與朋友閒逛的更休閒方式。我們正處於元宇宙可以做些什麼來增強遊戲玩家的樂趣和體驗的早期階段。遊戲是一個需要創新的市場，我們正在通過更多的無線外圍設備和更高性能的鍵盤和鼠標來做到這一點。我對這個類別的長期潛力充滿信心。

In video collaboration, we continue to see pockets of increased activity, with more certainty in office reopenings and hybrid work planning, but planning and purchase timing differ by region. And so as I said earlier, there will be near-term unpredictability and an overall choppy environment but long-term growth.

在視頻協作方面，我們繼續看到一些活動的增加，辦公室重新開放和混合工作計劃更加確定，但計劃和購買時間因地區而異。正如我之前所說，短期內將存在不可預測性，整體環境動盪，但長期增長。

Webcams declined versus our lofty mid-pandemic peak, but the need for webcams is strong and the demand is steady, and more than 3x what it was 2 years ago. And our long-term strategy of enabling meeting space with high-quality video systems and solutions, supported by an enhanced sales and support team around the globe, remains well on track.

與我們在大流行中期的高峰相比，網絡攝像頭有所下降，但對網絡攝像頭的需求強勁且需求穩定，是 2 年前的 3 倍多。我們在全球範圍內增強的銷售和支持團隊的支持下，以高質量的視頻系統和解決方案為會議空間提供支持的長期戰略仍然順利進行。

Consistent with our mission to develop video collaboration tools that can make remote participants feel they can participate equally or even better than those guided in person in the room, we launched RightSight 2, an AI-based software solution that helps bridge the gap between in-meeting participants and those joining remotely. It's such a smart solution, and we have much more in the works.

與我們開發視頻協作工具的使命相一致，這些工具可以讓遠程參與者感覺他們可以平等地參與，甚至比那些在房間內親自指導的人更好，我們推出了 RightSight 2，這是一種基於人工智能的軟件解決方案，有助於彌合與現場人員之間的差距。會議參與者和遠程加入的人。這是一個非常聰明的解決方案，我們還有更多的工作要做。

And supporting all our products is our Defy Logic marketing campaign. We're increasingly raising awareness of the brand and bringing Logitech's amazing products to the top of every consumer's consideration list. More to come in this area, but we really like the results we're seeing.

支持我們所有產品的是我們的 Defy Logic 營銷活動。我們越來越多地提高品牌知名度，並將羅技令人驚嘆的產品置於每個消費者考慮清單的首位。這個領域還有更多，但我們真的很喜歡我們看到的結果。

Finally, it's such a fundamental part of our purpose that we focus on environmental sustainability at the core of our business. We were just recognized by The Financial Times as the European climate leader based on our carbon intensity improvement score. It's nice to be recognized like this, but the truth is that this score only covers things that happen in our offices and factories.

最後，這是我們宗旨的基本組成部分，我們將環境可持續性作為我們業務的核心。根據我們的碳強度改善得分，我們剛剛被英國《金融時報》評為歐洲氣候領導者。很高興被這樣認可，但事實是，這個分數只涵蓋了發生在我們辦公室和工廠的事情。

Hardware companies like us release much more carbon beyond our 4 walls than in them, as we buy components and products, transport them and consumers like us use them. The rest of our story so far is that we are carbon neutral in scopes 1, 2 and 3, which includes all of those carbon impacts. And we're committed to being carbon negative or climate positive as it's called, beyond 2030.

像我們這樣的硬件公司在我們購買組件和產品、運輸它們以及像我們這樣的消費者使用它們時，在我們的 4 堵牆之外釋放的碳比在它們裡面要多得多。到目前為止，我們的故事的其餘部分是我們在範圍 1、2 和 3 中是碳中和的，其中包括所有這些碳影響。我們致力於在 2030 年之後實現所謂的負碳或氣候正。

On top of that, earlier this quarter, we announced that we had exceeded our initial commitment to incorporate post-consumer recycled plastic into our products, reducing our carbon impact and increasing the circularity of consumer product materials ingredients. During the last calendar year, 1 of every 3 Logitech product shift used recycled materials, and that's going up into the right.

最重要的是，本季度早些時候，我們宣布我們已經超出了最初的承諾，將消費後回收塑料融入我們的產品中，減少了我們的碳影響並提高了消費品材料成分的循環性。在過去的一個日曆年中，每 3 個羅技產品班次中就有 1 個使用了可回收材料，而且這一比例正在上升。

We believe this is the right thing to do for the planet. But we also believe that a growing share of businesses and consumers will favor our products as a result of this industry-leading approach. Now let me turn the call over to Nate for further comments on our financial performance this quarter. Nate?

我們相信這是為地球做的正確的事情。但我們也相信，由於這種行業領先的方法，越來越多的企業和消費者將青睞我們的產品。現在讓我把電話轉給內特，以進一步評論我們本季度的財務業績。內特？

Thanks, Bracken. We delivered solid financial results in Q4 and for fiscal year '22 in an environment that was often quite challenging. I'll spend a few minutes on the quarter and then provide some context and texture to our full year results. Q4 was our toughest compare for the year as we grew 108% 1 year ago. In Q4 this year, net sales were down 17% to about $1.2 billion, although impressively, we saw continued growth in pointing devices, keyboards and combos and gaming.

謝謝，布雷肯。在通常頗具挑戰性的環境中，我們在第四季度和 22 財年取得了穩健的財務業績。我將在本季度花幾分鐘時間，然後為我們的全年業績提供一些背景和紋理。第四季度是我們今年最艱難的比較，一年前我們增長了 108%。今年第四季度，淨銷售額下降 17% 至約 12 億美元，但令人印象深刻的是，我們看到指針設備、鍵盤和組合以及遊戲的持續增長。

Gross margins were essentially flat sequentially despite ongoing cost pressures and incremental currency headwinds. We remain disciplined with promotions while still gaining share in many categories, and we work to reduce our reliance on air freight.

儘管持續存在成本壓力和不斷增加的貨幣逆風，毛利率環比基本持平。我們在促銷方面保持紀律，同時在許多類別中仍獲得份額，我們努力減少對空運的依賴。

Looking ahead to the first half of fiscal year '23, margins could come down further due to ongoing cost increases, unfavorable currency rates and higher levels of air freight as we expedite to recover from supply disruptions due to the China COVID lockdowns. Profit was down for the quarter as was cash flow from operations, both as expected.

展望 23 財年上半年，由於我們加快從中國 COVID 封鎖導致的供應中斷中恢復過來，由於持續的成本增加、不利的貨幣匯率和更高的空運水平，利潤率可能會進一步下降。本季度利潤下降，運營現金流也下降，兩者均符合預期。

For fiscal year '22, we turned in our ninth consecutive year of growth, with net sales in constant currency up 4%. As mentioned earlier, C&P and gaming performed particularly well over the course of the year. Overall, gross margin was 41.7%, within our long-term guidance of 39% to 44%. In fiscal year '21, we experienced an unusually low level of promotional and in-store marketing investment, and as expected and planned for, an increase -- and we expected and planned for an increase in such spend this year.

在 22 財年，我們實現了連續第九年的增長，以固定匯率計算的淨銷售額增長了 4%。如前所述，C&P 和遊戲在這一年中的表現尤為出色。總體而言，毛利率為 41.7%，在我們 39% 至 44% 的長期指導範圍內。在 21 財年，我們經歷了異常低水平的促銷和店內營銷投資，並且正如預期和計劃的那樣，增加了 - 我們預計併計劃在今年增加此類支出。

Higher promotional and retail marketing investment and increased logistics and component costs proved out as margin headwinds. For example, the cost of ocean freight is up about 5x versus fiscal year '20. Operating profit was $904 million, well above our annual guidance provided at the beginning of the fiscal year.

更高的促銷和零售營銷投資以及增加的物流和組件成本被證明是利潤逆風。例如，海運成本與 20 財年相比上漲了約 5 倍。營業利潤為 9.04 億美元，遠高於我們在本財年初提供的年度指導。

We delivered this incremental profit while continuing to invest to improve our capabilities with an emphasis on marketing, product design and engineering. And we returned over $0.5 billion to shareholders through our share repurchase and dividends.

我們實現了這一增量利潤，同時繼續投資以提高我們的能力，重點是營銷、產品設計和工程。我們通過股票回購和分紅向股東返還了超過 5 億美元。

Moving into our categories. In Creativity and Productivity, keyboards and combos grew 8% in Q4 and 22% for the fiscal year. Pointing devices were up 14% for the year as a strong portfolio, excellent marketing execution and continued demand from hybrid work trends drove strong performance in these categories.

進入我們的類別。在創造力和生產力方面，鍵盤和組合在第四季度增長了 8%，在本財年增長了 22%。由於強大的產品組合、出色的營銷執行以及混合工作趨勢的持續需求推動了這些類別的強勁表現，指針設備今年增長了 14%。

Gaming delivered 1% growth in Q4 and 17% for fiscal year '22, delivering double-digit growth off of a record year last year was impressive. While we experienced pressure in our console gaming and PC gaming headset categories, we have an excellent lineup of innovative products, a leadership position in expanding categories like wireless mice and steering wheels, and are beginning to gain traction with the social gaming segment.

遊戲在第四季度實現了 1% 的增長，在 22 財年實現了 17% 的增長，與去年的創紀錄水平相比實現了兩位數的增長，令人印象深刻。雖然我們在主機遊戲和 PC 遊戲耳機類別中面臨壓力，但我們擁有出色的創新產品陣容，在無線鼠標和方向盤等擴展類別中處於領先地位，並且開始在社交遊戲領域獲得牽引力。

Q4 video collaboration sales declined 35% after growing more than 200% in Q4 last year. For the year, video collaboration was down 4% after growing more than 180% last year. Conference room cameras and systems grew double digits for the year and continue to lead the category performance behind a refreshed and expanded product portfolio.

在去年第四季度增長超過 200% 之後，第四季度視頻協作銷售額下降了 35%。今年，視頻協作在去年增長超過 180% 後下降了 4%。會議室攝像機和系統今年實現了兩位數的增長，並在更新和擴展的產品組合背後繼續引領類別表現。

Sales in our tablet and other accessories category declined 39% in Q4 and 17% for the year. As a reminder, last year, we saw a surge in sales through our education iPad keyboards, driven by Japan's government-sponsored GIGA program, which expired at the end of March 2021.

我們的平板電腦和其他配件類別的銷售額在第四季度下降了 39%，全年下降了 17%。提醒一下，去年，在日本政府資助的 GIGA 計劃的推動下，我們的教育 iPad 鍵盤的銷量激增，該計劃於 2021 年 3 月底到期。

Excluding sales through the GIGA program last year, fiscal year '22 sales in this category grew double digits, and we gained more than 3 points of share in retail keyboards driven by strong product launches and in-store marketing execution. Our mobile speaker sales declined 12% in Q4 and 15% for the full year.

不包括去年通過 GIGA 計劃的銷售額，22 財年該類別的銷售額增長了兩位數，在強勁的產品發布和店內營銷執行的推動下，我們在零售鍵盤中獲得了超過 3 個百分點的份額。我們的移動揚聲器銷量在第四季度下降了 12%，全年下降了 15%。

As noted previously, we continue to reallocate our resources to faster-growing market opportunities. Our audio and wearables sales decreased 35% in Q4 and 15% for the year as expected. Despite these declines, sales were up more than 40% versus 2 years ago, due primarily to expanded market opportunities for retail headsets and Blue Microphones.

如前所述，我們繼續將資源重新分配給增長更快的市場機會。正如預期的那樣，我們的音頻和可穿戴設備銷售額在第四季度下降了 35%，全年下降了 15%。儘管出現了這些下降，但銷售額與 2 年前相比仍增長了 40% 以上，這主要是由於零售耳機和藍色麥克風的市場機會擴大。

Looking regionally, for fiscal year '22, our sales were sustained or grew in all 3 regions. Much like the diversification of our category portfolios, our geographic diversification helps us manage risk. For example, hedging against regional softness in demand, geopolitical issues or economic disruptions.

從地區來看，在 22 財年，我們的銷售額在所有 3 個地區都保持或增長。就像我們類別投資組合的多元化一樣，我們的地域多元化有助於我們管理風險。例如，對沖區域需求疲軟、地緣政治問題或經濟中斷。

Turning to expenses. In the quarter, we executed our plan to strategically invest to grow our business over the long term, while our Q4 non-GAAP operating expenses decreased by 13% to $342 million, our fiscal year '22 non-GAAP operating expenses were up 27% to $1.4 billion. As we stated before, this is reflective of continued investment in marketing, sales coverage, product development and operational improvements.

轉向開支。在本季度，我們執行了戰略投資以長期發展我們的業務的計劃，而我們的第四季度非公認會計原則運營費用下降了 13% 至 3.42 億美元，我們的 22 財年非公認會計原則運營費用增長了 27%至 14 億美元。正如我們之前所說，這反映了對營銷、銷售覆蓋、產品開發和運營改進的持續投資。

For example, we increased the level of automation in our factory by more than 50% over the last year, which helps us reduce our costs, improve quality and reduces our exposure to labor disruptions. And finally, Q4 cash flow from operations was positive $100 million, and we ended the year with a cash balance of approximately $1.3 billion.

例如，我們在去年將工廠的自動化水平提高了 50% 以上，這有助於我們降低成本、提高質量並減少勞動力中斷的風險。最後，第四季度的運營現金流為正 1 億美元，我們年底的現金餘額約為 13 億美元。

Our cash balance ended this fiscal year about $400 million lower than the end of last year as we returned $571 million to shareholders through dividends and share repurchases this fiscal year. For the year, our conversion cycle, our cash conversion cycle increased to 77 days. This increase was primarily driven by higher inventory days due to industry-wide supply chain disruptions and demand forecast fluctuations for some of our products.

我們在本財年結束時的現金餘額比去年年底減少了約 4 億美元，因為我們在本財年通過股息和股票回購向股東返還了 5.71 億美元。這一年，我們的轉換週期，我們的現金轉換週期增加到 77 天。這一增長主要是由於全行業供應鏈中斷和我們某些產品的需求預測波動導致庫存天數增加。

We also continue to leverage our balance sheet to strategically purchase hard to find and long lead time components to help ensure supply availability and maintain competitive advantage. Finally, I'll spend a minute on fiscal year '23 guidance. At our Analyst Day in March, we guided fiscal year '23 revenue to be up mid-single digits and non-GAAP operating income of $900 million to $950 million, and noted that full year revenue from Russia and Ukraine was about 2% of our net sales and was included in our outlook.

我們還繼續利用我們的資產負債表戰略性地購買難以找到且交貨時間長的組件，以幫助確保供應可用性並保持競爭優勢。最後，我將花一分鐘時間了解 23 財年的指導。在 3 月的分析師日，我們將 23 財年的收入引導至中個位數，非 GAAP 營業收入為 9 億美元至 9.5 億美元，並指出來自俄羅斯和烏克蘭的全年收入約為我們的 2%淨銷售額，並包含在我們的展望中。

At that time, the Russian invasion of Ukraine was in its first days. As of now, this war is ongoing, with no sign of resolution in the near term, and we do not expect sales in Russia and Ukraine for the full fiscal year. We continue to monitor the Russia-Ukraine situation and broader potentially challenging market conditions.

當時，俄羅斯入侵烏克蘭剛剛開始。截至目前，這場戰爭仍在繼續，短期內沒有解決的跡象，我們預計整個財年不會在俄羅斯和烏克蘭銷售。我們將繼續關注俄羅斯-烏克蘭局勢以及更廣泛的潛在挑戰市場狀況。

Given this, we now expect full year revenue to grow between 2% and 4%, and full year non-GAAP operating income is expected to be between $875 million and $925 million. With that, I will hand over to Bracken for some closing remarks. Bracken?

鑑於此，我們現在預計全年收入將增長 2% 至 4%，全年非公認會計準則營業收入預計將在 8.75 億美元至 9.25 億美元之間。有了這個，我將交給 Bracken 做一些結束語。蕨菜？

Thank you, Nate. In closing, this year we sustained our scale, delivered record sales on top of last year's 74% sales growth. We delivered many accomplishments, a ninth consecutive year of growth, strong growth in key categories and market share gains across the portfolio. We also beat our original profit target by over $100 million.

謝謝你，內特。最後，今年我們保持了規模，在去年銷售額增長 74% 的基礎上實現了創紀錄的銷售額。我們取得了許多成就，連續第九年增長，關鍵類別的強勁增長和整個投資組合的市場份額增長。我們還超過了最初的利潤目標超過 1 億美元。

Despite strong year-over-year results, our focus is on the long term. We're riding secular growth trends in hybrid work, video collaboration, esports and digital content creation. We'll continue to deliver against those with agility, operational excellence and a diverse innovative portfolio. I'm super excited for the future.

儘管取得了強勁的同比業績，但我們的重點是長期。我們正順應混合工作、視頻協作、電子競技和數字內容創作的長期增長趨勢。我們將繼續與那些具有敏捷性、卓越運營和多樣化創新產品組合的公司相抗衡。我對未來感到非常興奮。

Before I open the call to Q&A, I want to thank all of our employees and partners for continuing to deliver terrific results while navigating a really dynamic and challenging market environment. Your hard work continues to pay off, and I'm really proud of both Q4 and the entire fiscal year '22. Thanks to you all. Nate, we can open the line for questions.

在我打開問答電話之前，我要感謝我們所有的員工和合作夥伴，他們在應對真正充滿活力和挑戰性的市場環境的同時，繼續取得出色的成績。你的辛勤工作繼續得到回報，我為第四季度和整個 22 財年感到非常自豪。謝謝大家。內特，我們可以打開電話提問。

Great. Thanks, Bracken. Thanks, Nate. We'll start the Q&A portion of the call now. For our first question, let's go with Alex Duval from Goldman Sachs.

偉大的。謝謝，布雷肯。謝謝，內特。我們現在開始電話的問答部分。對於我們的第一個問題，讓我們來看看高盛的 Alex Duval。

Congrats on the strong results today for the quarter. Just had a couple of quick questions. Firstly, just to clarify on your updated full year guidance. It looks like you cited geopolitical events in Eastern Europe as the reason for the change. Just wanted to clarify if that's the only reason or is there any sort of big underlying change in terms of the drivers that you're seeing?

祝賀今天本季度的強勁業績。剛問了幾個簡單的問題。首先，只是為了澄清您更新的全年指導。看起來您將東歐的地緣政治事件作為改變的原因。只是想澄清這是否是唯一的原因，或者您所看到的驅動程序是否存在任何重大的潛在變化？

For example, if we think about the COVID situation in China and lockdowns there. And secondly, some investors have been asking about how important the PC data is, which perhaps indicates a little bit less growth in current periods than in prior periods and what that means for Logitech.

例如，如果我們考慮一下中國的 COVID 情況和那裡的封鎖。其次，一些投資者一直在詢問 PC 數據的重要性，這可能表明當前時期的增長比以往時期要少一些，這對羅技意味著什麼。

So for example, to what extent do you think yearly PC unit growth is actually directly relevant to your company, given that today you sort of beat expectations on keyboards and pointing devices, how should we be thinking about that?

因此，例如，您認為 PC 單位的年增長在多大程度上實際上與您的公司直接相關，鑑於今天您對鍵盤和指點設備的預期超出預期，我們應該如何考慮這一點？

Let me take the second one and then I'll let Nate -- how relevant is PC growth? I think we disconnected from the PC market 6 or 7 years ago. And so we really stopped considering it a key driver of our business. I guess, over the long term, it would be, but we really focus on the installed base. And the installed base expanded dramatically during COVID. So we've got a lot of workspaces to upgrade and enable. So we don't see it as particularly relevant.

讓我拿第二個，然後我會讓 Nate——PC 增長的相關性如何？我認為我們在 6 或 7 年前就與 PC 市場脫節了。所以我們真的不再認為它是我們業務的關鍵驅動力。我想，從長遠來看，它會是，但我們真的專注於安裝基礎。在 COVID 期間，安裝基礎急劇擴大。所以我們有很多工作空間要升級和啟用。所以我們不認為它特別相關。

Yes, I think on the guidance, let me just highlight how I was thinking about this, Alex. I think there's always many things to consider. Some are very objective and easier to quantify and others are probably more subjective and harder to quantify. And I think that's the case right now as well.

是的，我認為關於指導，讓我強調一下我是如何考慮這個問題的，亞歷克斯。我認為總是有很多事情要考慮。有些非常客觀，更容易量化，而另一些可能更主觀，更難量化。我認為現在也是如此。

Direct sales in Russia and the Ukraine are certainly easier to quantify, although the follow-on effects that this conflict could have on European demand, oil prices, logistics, things like that are certainly less certain than the direct sales, which is kind of what we talked about being about 2% of the overall company.

俄羅斯和烏克蘭的直銷當然更容易量化，儘管這場衝突可能對歐洲需求、油價、物流等產生的後續影響肯定不如直銷那麼確定。我們談到佔整個公司的 2% 左右。

I think more broadly though, we have other challenges that we have to consider as well and monitor and track just like we do every year. I mean, right now, Bracken talked about those in his prepared remarks, things like currency, logistics disruptions, costs inflation. You mentioned the China COVID shutdown.

不過，我認為更廣泛地說，我們還必須考慮其他挑戰，並像每年一樣進行監控和跟踪。我的意思是，現在，布雷肯在他準備好的講話中談到了這些，比如貨幣、物流中斷、成本通脹。您提到了中國 COVID 關閉。

I think these are some really good examples of things that frankly, are just harder to quantify, but we have to monitor and track really closely, and that's what we do. I think it's also interesting. We don't know sometimes how some of these things will play out, how they're intertwined. If I use as an example, at the start of COVID a little over 2 years ago, our initial perception of that was we have a big supply challenge.

我認為這些是一些非常好的例子，坦率地說，很難量化，但我們必須密切監控和跟踪，這就是我們所做的。我認為這也很有趣。有時我們不知道其中一些事情會如何發展，它們是如何交織在一起的。如果我以 2 年多前 COVID 開始時為例，我們最初的看法是我們面臨著巨大的供應挑戰。

Our factory was shut down, and a lot of our planning was around how do we recover from that. And then quickly, it turned into wow, we have a lot of demand coming in as a result of this, and we had to adapt to that. So I think today's environment really is very similar to that. There are a number of factors that we consider.

我們的工廠被關閉了，我們的很多計劃都是圍繞著如何從中恢復過來。然後很快，它變成了哇，因此我們有很多需求，我們必須適應它。所以我認為今天的環境真的很相似。我們考慮了許多因素。

And like I said, some are easier to quantify than others, but I think the reality is you just have to track the business regularly, which of course, we do, as Bracken said, adapt, change and operate and compete. So that's kind of how I think about guidance every time, and I think this year is no different.

就像我說的，有些比其他更容易量化，但我認為現實是你只需要定期跟踪業務，當然，正如 Bracken 所說，我們會適應、改變、運營和競爭。所以這就是我每次對指導的看法，我認為今年也不例外。

Next up, Paul Chung from JPMorgan, please.

下一位，請來自摩根大通的 Paul Chung。

So I guess first up on BC, as we look forward after a very strong '21 lapping a tough comp here in 1Q '23, but should we still expect that 5%, kind of 15% growth? And how do you see kind of product mix evolving?

所以我想首先在 BC 上，因為我們期待在 21 年非常強勁的 23 年第一季度在這裡進行一場艱難的比賽之後，但我們是否仍然應該期望 5%，15% 的增長？您如何看待產品組合的演變？

Are you seeing more video solutions accelerate? And are you having more success in the larger conference room? And how do you see competition evolving with HP now kind of getting into the mix here? And then I've got a follow up.

您是否看到更多視頻解決方案加速？您是否在更大的會議室中取得了更大的成功？您如何看待與惠普競爭的演變？然後我有一個跟進。

Let me start, and I'll let you jump in the latter half of this one, Nate. First of all, we're still super bullish about BC. The underlying demand for conference cams was really strong, and we grew double digits this year throughout the year, and it looks good around the world. And we just love our product portfolio.

讓我開始吧，我會讓你跳到這一集的後半部分，內特。首先，我們仍然非常看好BC。對會議攝像頭的潛在需求非常強勁，我們今年全年增長了兩位數，並且在全球範圍內看起來都不錯。我們只是喜歡我們的產品組合。

We think we've got super cool things coming, and we've got peripherals around that are also doing well, and we're starting to offer services that are super early days. So we feel really, really good just in general. And it's hard to imagine companies going back into a hiring environment. I was just in one yesterday. It's hard -- and they're on their way back in. It's hard to imagine offices without upgrading and putting video, more video and different video and so it's coming.

我們認為我們有超酷的東西即將推出，我們周圍的外圍設備也做得很好，我們開始提供超早期的服務。所以總的來說，我們感覺非常非常好。很難想像公司會重新進入招聘環境。我昨天剛入了一個。這很難——而且他們正在回來的路上。很難想像沒有升級和放置視頻的辦公室，更多的視頻和不同的視頻，所以它來了。

In terms of our growth expectations, I think we moderated our growth expectations for the year, as you just saw. And that certainly had some impact on BC. But I think the thing that I'd really highlight is that because of the diversity of our portfolio, it's always played with us.

就我們的增長預期而言，我認為我們調整了今年的增長預期，正如你剛才所看到的。這肯定對 BC 產生了一些影響。但我認為我真正要強調的是，由於我們投資組合的多樣性，它總是和我們一起玩。

We've always been lucky to have this diverse portfolio that range from consumer, direct consumer experience like gaming all the way into and now more and more in the office. And I think whatever direction we end up taking, whether it gets even stronger in BC, which I think is possible or it's a little bit weaker than the 5%, 15% you mentioned, I'm kind of confident that our portfolio will play in our favor here. Do you want to add anything, Nate?

我們一直很幸運能夠擁有這種多樣化的產品組合，從消費者、遊戲等直接消費者體驗一直到現在越來越多地出現在辦公室中。而且我認為無論我們最終採取什麼方向，無論是在卑詩省變得更加強大，我認為這是可能的，還是比你提到的 5%、15% 弱一點，我有信心我們的投資組合會發揮作用對我們有利。你想補充什麼嗎，內特？

Yes. I'd like to highlight just I guess, the strength of the performance in FY '22 on conference cam. I mean it grew double digit in net sales sell-through double digits. It actually grew sequentially throughout the year as well. and Americas was particularly strong and consistent in that sense.

是的。我想強調一下我猜想，22 財年在會議攝像頭上的表現強度。我的意思是它的淨銷售額增長了兩位數，銷售額達到兩位數。它實際上也在全年連續增長。從這個意義上說，美洲特別強大且始終如一。

So like Bracken said, we're very -- you have different demand trends sometimes and the timing of those trends could be a little bit different by region. It takes some time to build the pipeline and to close deals. But again, I think just looking out on a longer horizon, which is the way we think about planning the business and investing and feel very good about it.

所以就像 Bracken 說的，我們非常 - 你有時會有不同的需求趨勢，這些趨勢的時間可能會因地區而有所不同。建立管道和完成交易需要一些時間。但同樣，我認為只是放眼長遠，這是我們考慮規劃業務和投資的方式，並且對此感覺非常好。

Okay. Great. And then on free cash flow, do you still expect that 1x kind of pro forma operating profit for the year? And when do you expect to see working capital investments kind of come down, some more harvesting and then your pace of buybacks has accelerated this year.

好的。偉大的。然後在自由現金流方面，您是否仍然期望今年的備考營業利潤是 1 倍？你預計什麼時候會看到營運資本投資下降，收穫更多，然後你的回購步伐今年加快了。

Should we expect kind of a similar pace in '23, maybe see the bulk of free cash flow going to dividends and buybacks? And then lastly, your inorganic opportunities, it's been a while since you've done quite a material acquisition. So just any thoughts there.

我們是否應該期望在 23 年出現類似的步伐，也許會看到大部分自由現金流流向股息和回購？最後，你的無機機會，你已經有一段時間沒有完成相當多的物質收購了。所以只是任何想法。

Okay. Let me try to take those. Okay -- you lost me again on the -- what was the first question? That was the one I was starting with.

好的。讓我試著接受那些。好吧——你又把我弄丟了——第一個問題是什麼？那是我開始的那個。

Just operating costs.

只是運營成本。

Yes. So just to clarify, the 1x is on operating cash flow, not on free cash flow, small adjustment there, you got to net out the CapEx. I still think that's the right way to think about it. Cash, a lot of it is about timing and linearity even in a quarter and how you end the year and things like that.

是的。所以澄清一下，1x 是關於運營現金流，而不是自由現金流，在那裡進行小幅調整，你必須扣除資本支出。我仍然認為這是正確的思考方式。現金，很多都是關於時間和線性的，即使是在一個季度，以及你如何結束一年之類的事情。

But I think that's the right way to think about it this year. Working capital, we've been very thoughtful and strategic about the use of the balance sheet in terms of supporting the business with working capital investments. And I think that's played out well for us, and we'll continue to do that because it's not really the time to be managing to just-in-time inventory.

但我認為這是今年思考它的正確方式。營運資金，我們在通過營運資金投資支持業務方面對資產負債表的使用進行了非常周到和戰略性的考慮。我認為這對我們來說效果很好，我們將繼續這樣做，因為現在不是管理即時庫存的時候。

There's enough uncertainty where it's helpful to be a little bit long in some areas, and that's what we've done, whether it's on the component side as lead times have gotten longer, and there's been some shortages or we have categories like the one you mentioned, video collaboration, strong margins. The cost of a stock out there is pretty high. And these are products that have long life cycles.

有足夠的不確定性，在某些領域延長一點是有幫助的，這就是我們所做的，無論是在組件方面，因為交貨時間變得更長，並且存在一些短缺，或者我們有像你這樣的類別提到，視頻協作，利潤豐厚。那裡的股票成本相當高。這些都是生命週期長的產品。

And so it's made sense for us to make sure that we're invested in carrying appropriate levels of inventory so that we can move quickly as demand changes. That said, there's obviously some things too that are leading to some higher levels of inventory relative to prepandemic, for example, port delays and just overall supply change disruptions, and so until those things resolve themselves, I don't really see us moving quickly to reduce inventory in our distribution centers or in manufacturing because again, I think it's to our benefit just to be running a little bit higher than what we did before.

因此，我們有必要確保我們投資於持有適當水平的庫存，以便我們能夠隨著需求的變化迅速採取行動。也就是說，與大流行前相比，顯然還有一些事情會導致庫存水平更高，例如港口延誤和整體供應變化中斷，所以在這些事情自行解決之前，我真的不認為我們會迅速採取行動減少我們配送中心或製造業的庫存，因為再次，我認為運行比以前高一點對我們有利。

But I think towards the end of the year, we'd probably see working capital levels come down a bit. But like so many things right now, Paul, it's a little bit hard to see that far out, and we'll manage it as such. But I like our position with the inventory. I think it's a good use of the balance sheet.

但我認為到今年年底，我們可能會看到營運資金水平有所下降。但是就像現在很多事情一樣，保羅，很難看到那麼遠，我們會照此處理。但我喜歡我們在庫存方面的立場。我認為這是對資產負債表的一個很好的利用。

On other uses of cash, yes, I mean probably a similar strategy that we have always talked about. We actually do prioritize M&A where we see deals that make sense for us. And we've done several small deals, which granted may not be the news headline that you're talking about, but I think they're very strategic and important for us.

關於現金的其他用途，是的，我的意思可能是我們一直在談論的類似策略。實際上，我們確實優先考慮併購對我們有意義的交易。我們已經完成了幾筆小額交易，這可能不是您所說的新聞標題，但我認為它們對我們來說非常具有戰略意義和重要意義。

And whether it's the light that I'm using here at home or some of these other things, they're nice additions to the portfolio and a good use of the balance sheet as well. So we'll continue to prioritize M&A where it makes sense and then take a balanced approach, I would say, with share repurchases and dividends.

無論是我在家裡使用的燈還是其他一些東西，它們都是對投資組合的很好的補充，也是對資產負債表的良好利用。因此，我們將繼續優先考慮有意義的併購，然後採取平衡的方法，我想說，股票回購和股息。

Yes. Let me add that last one. I think we're always in the market, and Nate's right and we've done -- he mentioned several small deals. Another way, the way I'm kind of thinking about it is I think we've crossed a threshold here where our innovation engine is really strong.

是的。讓我添加最後一個。我認為我們總是在市場上，內特是對的，我們已經做到了——他提到了幾筆小交易。另一種方式，我的想法是，我認為我們已經跨越了一個門檻，我們的創新引擎非常強大。

We don't need to go buy new things to go to deliver our long-term targets. We can do it without it. We do sometimes feel like we can accelerate things by buying small kind of ingredient plays that can help us really get off the ground faster on some innovation.

我們不需要去購買新東西來實現我們的長期目標。沒有它我們也可以做到。我們有時確實覺得我們可以通過購買少量的配料來加速事情，這可以幫助我們在一些創新上真正更快地起步。

And that's the kind of thing we've been doing in the last 1.5 years, 2 years, and you haven't seen them, but they're built into what we're doing. But we're not going to stop looking at bigger things. If we see something that we think really makes sense, we'll do it.

這就是我們在過去 1.5 年、2 年裡一直在做的事情，你還沒有看到它們，但它們已經融入我們正在做的事情中。但我們不會停止關注更大的事情。如果我們看到我們認為真正有意義的事情，我們就會去做。

(Operator Instructions) Next up is Asiya Merchant from Citi.

（操作員說明）接下來是花旗的 Asiya Merchant。

So I'm just going to focus on the outlook a little bit. You guys talk about the quantifiable impact from Russia and Ukraine. So just to clarify, the guidance includes obviously no sales from that. Kind of what gives you confidence here that could it spread to other geos?

因此，我將稍微關註一下前景。你們談論來自俄羅斯和烏克蘭的可量化影響。因此，為了澄清，該指南顯然不包括銷售。是什麼讓你有信心讓它傳播到其他地區？

And then as a follow-up, the long-term secular drivers that Bracken referred to, the confidence that the underlying demand remains solid. I mean are there indicators that you're watching that suggest that okay, this is kind of more geo-focused at this point, but the drivers outside of that region remained pretty strong across the portfolio, whether it's BC or gaming or keyboards and peripherals.

然後作為後續行動，布萊肯提到的長期長期驅動因素，即潛在需求保持穩固的信心。我的意思是你正在觀察的指標表明，好吧，這在這一點上更注重地理，但該地區以外的驅動因素在整個投資組合中仍然相當強勁，無論是 BC 還是遊戲或鍵盤和外圍設備.

And then just a clarification on gross margins. I think Nate said they would come down in the first half. Air freight was mentioned as one of them, or ocean freight, I should say. But there is high levels of inventory right now that you guys are holding. So could that provide some offset to just the rising freight costs here?

然後只是對毛利率的澄清。我認為內特說他們會在上半場倒下。我應該說空運是其中之一，或者海運。但是現在你們持有的庫存水平很高。那麼這是否可以抵消這裡不斷上漲的運費？

Let me jump into part of that and Nate, I'll let you answer the next one. Your question on Russia-Ukraine, I think that's a definable problem that we feel like, obviously, the conflict itself has borders. So that makes it very easy for us to quantify. Everything else is -- every year we go into, we always have some what will happen with dot, dot, dot.

讓我進入其中的一部分，內特，我會讓你回答下一個。你關於俄羅斯 - 烏克蘭的問題，我認為這是一個可以定義的問題，我們認為，顯然，衝突本身是有邊界的。所以這讓我們很容易量化。其他一切都是——每年我們進入，我們總是有一些點，點，點會發生什麼。

This year, there are more what will happen with dot, dot, dots than normal. I would say you've got the tail end of several things that are caused by COVID and then maybe you can link them all to COVID, but you also got inflation and currency swings and that kind of thing. So I think this feels a little bit like a normal year, except that maybe there are more of them.

今年，點，點，點會發生比平常更多的事情。我想說的是，您已經了解了由 COVID 引起的幾件事的尾端，然後也許您可以將它們全部與 COVID 聯繫起來，但您也遇到了通貨膨脹和貨幣波動之類的事情。所以我認為這感覺有點像正常的一年，除了可能會有更多。

But we're used to -- we've been doing that for 10 years. So we're pretty good at adjusting and we're going to try to be really good at adjusting where we need to. And as Nate said, I think very appropriately, it's amazing often things that start in one direction flip to the other. They might start being bad news and end up being good news or start being good news and end up being bad news.

但我們已經習慣了——我們已經這樣做了 10 年。所以我們非常擅長調整，我們將努力真正擅長調整我們需要的地方。正如 Nate 所說，我認為非常恰當，令人驚訝的是，從一個方向開始的事情經常會轉向另一個方向。它們可能會開始成為壞消息並最終成為好消息，或者開始成為好消息並最終成為壞消息。

So it's early in the year. We're super excited about our categories. You asked about the underlying things that give us confidence. It's really hard to look away. I tried to make this point in the opening. I mean it's really hard to look away from any of our 4 categories. I feel like there's anything that's very, very strong underlying dynamics long term.

所以今年年初。我們對我們的類別感到非常興奮。您詢問了讓我們充滿信心的潛在因素。真的很難移開視線。我試圖在開場白中說明這一點。我的意思是，我們很難將目光從我們的 4 個類別中的任何一個上移開。我覺得從長遠來看，有任何非常非常強大的潛在動力。

Those underlying dynamics, we don't see anything that's changed though. And while you can't really necessarily detect, you can't predict a really short-term change, the long-term changes feel really, really good. I mean long-term trends feel really, really good. And if anything, it's just getting stronger. So I guess that's as much as I'd say about that. Do you want to add anything, Nate?

那些潛在的動力，我們沒有看到任何改變。雖然你無法真正檢測到，也無法預測真正的短期變化，但長期變化感覺非常非常好。我的意思是長期趨勢感覺非常非常好。如果有的話，它只會變得更強大。所以我想這和我要說的一樣多。你想補充什麼嗎，內特？

No, I think you covered the first part. I'll just clean up a little bit on the margin. So I think similar to what I said at AID, I think first half margins will be lower than the second half. You mentioned the inventory. I mean, that is part of the inventory strategy is you want to buy ahead of cost increases. So to the extent that costs have been rising, I think holding a little bit more inventory has given us a short advantage.

不，我認為您涵蓋了第一部分。我將在邊緣清理一點。所以我認為類似於我在 AID 所說的，我認為上半年的利潤率會低於下半年。你提到了庫存。我的意思是，庫存策略的一部分是你想在成本增加之前購買。因此，在成本上升的情況下，我認為持有更多的庫存給了我們做空的優勢。

You can't buy a year's worth, but we're a little bit long in some areas, and we've probably avoided some cost increases or delayed some cost increases more appropriately. But from what we can see right now, just with a little bit of pressure here from currency and some of the inflation that we're seeing, yes I think the first half margins will be pressured a little bit.

你不能買一年的價值，但我們在某些領域有點長，我們可能已經避免了一些成本增加，或者更恰當地推遲了一些成本增加。但是從我們現在可以看到的情況來看，只是由於貨幣和我們看到的一些通貨膨脹帶來了一點壓力，是的，我認為上半年的利潤率會受到一點壓力。

We're obviously doing our best to adapt to that and work our way around it, whether it's with finding new suppliers, adjusting prices, those types of things. Just like Bracken said, we go into every year, and some things we have some visibility to and other things will change as the year goes along and we just have to keep operating and executing, and we do a good job of that.

顯然，我們正在盡最大努力適應它並圍繞它努力，無論是尋找新的供應商、調整價格，還是諸如此類的事情。就像 Bracken 說的那樣，我們每年都會進入，有些事情我們有一定的知名度，而其他事情會隨著時間的推移而改變，我們只需要繼續運營和執行，我們會做得很好。

Great. Next up is Erik Woodring from Morgan Stanley.

偉大的。接下來是摩根士丹利的 Erik Woodring。

So maybe I'll start at the top. And just to clarify, obviously, COVID and the lockdowns impacting China are having an impact across the board. Maybe just a clarification question. When you talk about production or supply disruptions, is that your own factory? Is that just general sourcing of components? Has there been any change in April versus the March quarter?

所以也許我會從頂部開始。只是為了澄清一下，很明顯，COVID和影響中國的封鎖正在全面產生影響。也許只是一個澄清問題。當您談論生產或供應中斷時，那是您自己的工廠嗎？這只是組件的一般採購嗎？ 4 月與 3 月季度相比有什麼變化嗎？

Just trying to understand the pace at which maybe production in some of those bottlenecks might be loosening or becoming a tailwind for you this quarter? And then I have a follow-up.

只是想了解其中一些瓶頸的生產速度可能會放鬆或成為本季度對您的順風嗎？然後我有一個跟進。

Are you going to take that one, Nate? I'm happy to...

你要拿那個嗎，內特？我很高興...

Again, very dynamic, Erik. I would say we obviously, as you know, we have our own factory there that handles good portion of our production. We use a lot of partners. I think one of the things about a supply chain, it is a chain. There are links all along. And that's one of the things that makes it very challenging and very much day to day is you just got to try to keep that whole chain strong.

再次，非常有活力，埃里克。我會說我們顯然，如你所知，我們在那裡有自己的工廠，可以處理我們大部分的生產。我們使用了很多合作夥伴。我認為供應鏈的其中一件事，就是一條鏈。一直都有鏈接。這就是讓它變得非常具有挑戰性和非常日常的事情之一，就是你必須努力保持整個鏈條的強大。

So we'll see how China plays out. That is just one of those things we're going to have to monitor throughout the year. If this is -- I saw just in recent days that there's some signs that Beijing has maybe taken some stances towards lockdown. I have no idea what the Chinese government's long-term strategy is going to be on this.

因此，我們將看看中國的表現如何。這只是我們全年必須監控的事情之一。如果是這樣的話——我最近幾天看到有跡象表明北京可能對封鎖採取了一些立場。我不知道中國政府對此的長期戰略是什麼。

And frankly, on the short term, I think it's just one of those things when you're part of an operations team, you go chase supply, you work around it. There has been some things that have been to the positive recently with some reopening of some warehouses and some distribution. And I think that's all I can really say is we're just monitoring it and closely tracking it and then trying to work our way around it. But we will have to see how that plays out.

坦率地說，在短期內，我認為當你是運營團隊的一員時，這只是其中之一，你去追逐供應，你圍繞它工作。最近有一些事情是積極的，一些倉庫和一些分銷重新開放。我認為這就是我真正能說的就是我們只是在監視它並密切跟踪它，然後嘗試解決它。但我們將不得不看看結果如何。

Erik, if I can just add. You probably feel like I tell our team too much, but I'm so impressed with our whole supply chain team in China. I think we've really outperformed kind of a competitive set every single time. And I'd say it's a little bit of magic to me sometimes how in the world we've done that, but they continue to do it.

埃里克，如果我可以補充的話。你可能覺得我告訴我們的團隊太多了，但我對我們在中國的整個供應鏈團隊印象深刻。我認為我們每一次的表現都真的超越了一個有競爭力的組合。我會說這對我來說有點神奇，有時我們是如何做到這一點的，但他們繼續這樣做。

And so I don't know exactly what we'll face in there, but I'm pretty optimistic about not seeing a major, major disruption of any kind. But I'm sure that we'll manage really well relative to everybody else.

所以我不知道我們將在那裡面臨什麼，但我很樂觀地認為不會出現任何形式的重大破壞。但我敢肯定，相對於其他人，我們會管理得非常好。

No. And I would agree with you on the outperformance versus peers. I think you see that in the data. So definitely there. And then maybe as a follow-up, how should we think about any, let's call it, potential pricing actions you might need to take in international markets just in light of a strengthening dollar, basically in order to help maintain profitability or ask maybe more broadly how is Logitech today thinking about managing its currency risk in light of this kind of challenging FX environment.

不，我會同意你的表現優於同行。我想你在數據中看到了這一點。所以肯定在那裡。然後也許作為後續行動，我們應該如何考慮任何可能需要在國際市場上採取的潛在定價行動，因為美元走強，基本上是為了幫助維持盈利能力或要求更多鑑於這種具有挑戰性的外匯環境，羅技今天如何考慮管理其貨幣風險。

Erik, I don't know if you were following us 2 years ago. I can't remember what year it was, it was 2015 or 2016 when we saw a major currency swing, the dollar strengthened dramatically relative to Euro versus the Remnimbi stayed about the same. And we had the (inaudible). And obviously, there's a delay in what you can do there, but you can, one of the advantages we had then, and we have an even bigger advantage there now, is that we're the market share leader in most of our categories.

Erik，我不知道你是否在 2 年前關注我們。我不記得那是哪一年，2015 年或 2016 年我們看到主要貨幣波動，美元相對於歐元大幅走強，而人民幣保持不變。我們有（聽不清）。顯然，您在那裡可以做的事情有所延遲，但是您可以，我們當時擁有的優勢之一，現在我們在那裡擁有更大的優勢，那就是我們在大多數類別中都是市場份額的領導者。

And our market shares have grown since then dramatically. So I really like our position from a pricing standpoint to the extent that we feel like we need to do it. We're not going to be kind of casual about that, though. Market share has its costs in both short term and long term.

從那時起，我們的市場份額急劇增長。因此，從定價的角度來看，我真的很喜歡我們的立場，以至於我們覺得我們需要這樣做。不過，我們不會對此感到隨便。市場份額在短期和長期都有其成本。

And sorry, pricing has cost short term and long term. you need to make sure you're always extracting the level of value that you should and not trying to get greedy. So I think we've already put through some pricing, and I would suspect that we'll put through more if the dynamics here look like they're going to stay the same. And I think we're in a position to do that because of the size of our business within the categories we're in.

抱歉，定價有短期和長期的成本。您需要確保始終提取應有的價值水平，而不是試圖變得貪婪。所以我認為我們已經進行了一些定價，如果這裡的動態看起來它們會保持不變，我懷疑我們會進行更多定價。而且我認為我們能夠做到這一點是因為我們在我們所在類別中的業務規模。

I'd also point out, Erik, to the importance of the marketing investments we've been making to, things like building up your brand, raising awareness for the value of the products goes hand in hand with your pricing strategies, of course, as well.

埃里克，我還要指出我們一直在進行的營銷投資的重要性，比如建立你的品牌，提高對產品價值的認識，當然，這與你的定價策略密切相關，也是。

So again, difficult to put a fine point and quantify that. But directionally, it's certainly helpful, and that's consistent with our long-term strategy about how we think about investment and marketing and how we think about its relationship with our pricing.

再說一次，很難提出一個很好的觀點並量化它。但從方向上講，這肯定是有幫助的，這與我們關於如何看待投資和營銷以及我們如何看待它與定價的關係的長期戰略是一致的。

All right. And maybe if I could just sneak in one last quick one with you, Nate. If we think about kind of the midpoint of your revenue guide and how you guided operating income, you could get to a scenario where operating margins are down slightly year-over-year. Should we think about gross margins primarily driving that and you still being able to invest? Or maybe just help me think about the trade-off of kind of gross margins versus OpEx as you think about the next 12 months? And that's it for me.

好的。也許如果我能和你一起偷偷溜進去最後一個，內特。如果我們考慮您的收入指南的中點以及您如何指導營業收入，您可能會遇到營業利潤率同比略有下降的情況。我們是否應該考慮毛利率主要推動這一點，而您仍然能夠投資？或者，當您考慮未來 12 個月時，也許只是幫助我考慮毛利率與運營支出的權衡？對我來說就是這樣。

Well, I think there's going to be ranges on both, Erik. Again, we're looking out over a full year, so we will manage those. I mean I don't think this won't be a year where I don't believe you'll see OpEx investment faster than revenue growth this year like you have in the past couple of years or at least last year.

嗯，我認為兩者都會有範圍，Erik。同樣，我們正在尋找一整年，所以我們將管理這些。我的意思是，我認為今年不會像過去幾年或至少去年那樣，今年的運營支出投資不會超過收入增長。

We didn't actually 2 years ago. But we'll see what happens with those pressures on the gross margin side. Like Bracken said, where it makes sense for us to be promotional, where it doesn't, how much we should be investing in marketing. I think what's really important is we want to sustain investment in innovation and engineering, things that are key to capturing the value of the long-term opportunities that we have.

2年前我們實際上沒有。但我們會看到毛利率方面的這些壓力會發生什麼。就像布萊肯說的，我們應該在哪裡進行促銷，在哪裡沒有，我們應該在營銷上投入多少。我認為真正重要的是我們要維持對創新和工程的投資，這是抓住我們所擁有的長期機會價值的關鍵。

Our next up, Ananda with Loop Capital.

我們的下一個，與 Loop Capital 的 Ananda。

Just 2 quick ones for me, if I could. Going back to fiscal '23 outlook, what if anything, with regards to the collection of macro and supply chain and lockdowns, et cetera, would you guys consider to be incremental over the last 60 days or so since you gave your initial forecast that goes into your fiscal, your sort of revised fiscal '23 outlook.

如果可以的話，我只需要 2 個快速的。回到 23 財年的展望，如果有的話，關於宏觀和供應鏈的收集以及鎖定等，你們會認為在過去 60 天左右的時間裡是增量的嗎，因為你們給出了最初的預測進入你的財政，你修改後的'23財政展望。

So just sort of what dynamics are incremental and what thinking might be incremental from 60 days ago.

因此，從 60 天前開始，哪些動態是增量的，哪些想法可能是增量的。

Nate, do you want to take that one, and I'll come afterward?

內特，你想拿那個，然後我會來嗎？

I mean I think the only thing that wasn't occurring 60 days ago, I guess, would be China COVID lockdowns. The threat of that, I think, was always out there, and it could have been in China or anywhere, and I think that's the environment we're in. I mean frankly, Ananda, we don't know, I don't know what new variants may come out.

我的意思是，我認為 60 天前唯一沒有發生的事情是中國的 COVID 封鎖。我認為，這種威脅一直存在，它可能在中國或任何地方，我認為這就是我們所處的環境。坦率地說，阿難，我們不知道，我不知道知道可能會出現哪些新變種。

I mean it certainly seems like things are kind of trending to the positive. And I certainly hope that's the case. But it's just we just don't know. But I think over the last 60 days, I don't think there's been any new -- we've learned more about each impact that's out there, and we've adapted to Bracken's point, started to adapt to Bracken's point. But probably China COVID lockdowns, the only one that's incremental.

我的意思是，事情看起來肯定是朝著積極的方向發展的。我當然希望是這樣。但這只是我們不知道。但我認為在過去的 60 天裡，我不認為有任何新的變化——我們對每一種影響有了更多的了解，我們已經適應了 Bracken 的觀點，開始適應 Bracken 的觀點。但可能是中國的 COVID 封鎖，這是唯一一種漸進式的封鎖。

Okay, great. That's super helpful, actually. So I guess that also is to say that you still feel like, you still feel like everything else is dimensioned for inside a responsible balance with regards to your initial expectations?

好，太棒了。實際上，這非常有幫助。所以我想這也是說你仍然覺得，你仍然覺得其他的一切都在一個負責任的平衡中與你最初的期望有關？

I wouldn't say nothing has changed. I think that's important. I mean, I think I just want to stress this point again. There are many things to consider and we have to keep and track all of them. We're giving an outlook for a year, right? So it's a substantially long period of time that we're going to adapt, markets are going to change based on the information that's contained in the trends in the business today. That's kind of what we've reflected in the outlook. But we will update it as we always do, how we see things each quarter.

我不會說什麼都沒有改變。我認為這很重要。我的意思是，我想我只是想再次強調這一點。有很多事情需要考慮，我們必須保持和跟踪所有這些事情。我們給出了一年的展望，對吧？因此，我們要適應相當長的一段時間，市場將根據當今業務趨勢中包含的信息發生變化。這就是我們在展望中所反映的。但我們會像往常一樣更新它，每個季度我們如何看待事物。

Well, that's super helpful. And I guess a quick follow-up. Nate, I think I think it may have been you who talked about in the prepared remarks, gaining some traction in social gaming, and like how incremental, can you just give some context around that traction? And how incremental could that be to the segment over time, if you play it out?

嗯，這非常有幫助。我猜是快速跟進。內特，我想我認為可能是你在準備好的評論中談到，在社交遊戲中獲得了一些牽引力，就像增量一樣，你能提供一些關於這種牽引力的背景嗎？如果你把它發揮出來，隨著時間的推移，這對細分市場有多大的影響？

Why don't I jump in there, Nate? I think very incremental. I think it's sort of a natural outcome of -- if you went back in the United States to when the NFL was started and when football became really popular, it was football was a boys sport and a men's advocation.

我為什麼不跳進去呢，內特？我認為非常增量。我認為這是一種自然的結果——如果你回到美國，回到 NFL 剛成立的時候，當足球真正流行起來的時候，那是足球是一項男孩運動和一項男子運動。

Men watched it. And I think if you roll forward to today, it's in the U.S. It's everybody's sport. There's as many people understood them and they're in playing now. That's a very big physical sport with men and women playing now. Even more toward gaming. So I think the natural evolution of what's happening in gaming is it's becoming regardless of your identity, it's becoming more and more popular. And probably, I don't know exactly, but I bet the fastest-growing segment of it is the casual. I know it is for us, the casual gamer, the person really comes in to connect with other people, not just to go in and try to beat somebody else. And we're super excited about that. And I think that is incremental.

男人看著它。而且我認為如果你向前推進到今天，它在美國。這是每個人的運動。有很多人理解他們，他們現在正在玩。這是一項非常大的體育運動，現在男女都在玩。更偏向於遊戲。所以我認為遊戲中正在發生的事情的自然演變是它變得不管你的身份如何，它變得越來越流行。也許，我不知道確切，但我敢打賭，其中增長最快的部分是休閒。我知道這是為我們這些休閒遊戲玩家準備的，這個人真正進來是為了與其他人建立聯繫，而不僅僅是為了擊敗其他人。我們對此感到非常興奮。我認為這是漸進的。

I wouldn't say it's something that surprises us. We expect that to happen, but it's nice to see it happening as we launch products into those spaces. They're taking off, which means we're really in the right place.

我不會說這讓我們感到驚訝。我們預計會發生這種情況，但很高興看到我們在這些領域推出產品時會發生這種情況。他們正在起飛，這意味著我們真的來對了地方。

And when you guys, going back to your prepared remarks back, I mean, you guys say social, I think it was social platform gaming or something -- I might have began the language wrong, but does something like that -- what specifically when you use that language, social platform gaming, like what specifically -- what specifically are you doing? What specific sort of gaming applications are you guys describing when you use that language?

當你們回到準備好的評論時，我的意思是，你們說社交，我認為這是社交平台遊戲或其他東西-我可能開始用語言錯誤，但是做了類似的事情-具體是什麼時候你使用那種語言，社交平台遊戲，比如具體是什麼——你具體在做什麼？當您使用該語言時，你們描述的是哪種特定類型的遊戲應用程序？

We certainly say social gamers. And so there's a lot of platforms that are playing on a lot of different games they're playing on. Even things like Roblox, I mean I'll just give you an example, which isn't exactly gaming. We just this weekend, we had the first -- so this shows you how far away from gaming you can get the core gamers.

我們當然會說社交遊戲玩家。所以有很多平台在他們正在玩的很多不同的遊戲上玩。即使是像 Roblox 這樣的東西，我的意思是我只會給你一個例子，這並不完全是遊戲。我們只是在這個週末，我們第一次 - 所以這向您展示了您可以獲得核心遊戲玩家的遊戲有多遠。

We just had the first -- we just created the first big awards event in the Metaverse, which was attended by over 6 million people so far. And that just didn't exist before. And that's all occurring, with performances live by Liza, those of you who know, different performers live in a video format, in a cartoon based format.

我們剛剛舉辦了第一個——我們剛剛在 Metaverse 中創建了第一個大型頒獎活動，到目前為止已有超過 600 萬人參加。而這只是以前不存在的。這一切都發生了，麗莎現場表演，你們知道，不同的表演者以視頻格式，以基於卡通的格式生活。

So it's kind of remarkable to see how far we've come. And you can only imagine how far this is going to go. So that social experience, which is happening in game, are people really chatting and talking and going there to meet and playing games and the games are completely secondary to the social experience. That's really what we're referring to.

因此，看到我們已經走了多遠，這真是太了不起了。你只能想像這會走多遠。因此，在遊戲中發生的社交體驗是人們真正聊天、交談、去那裡見面和玩遊戲，而遊戲完全次於社交體驗。這確實是我們所指的。

Next up, Jorn from UBS.

接下來，來自瑞銀的喬恩。

And the first one, I will be pleased on video conferencing. The year was a little bit falling short of your high expectations. There were COVID impacts. Now you also said maybe fiscal year '23, we could be below the 5% to 15%. Despite some pent-up demand and COVID restrictions seems to ease and also business slides are likely becoming more expensive between Europe and Asia, the environment is becoming much better.

第一個，我會對視頻會議感到滿意。這一年沒有達到你的高期望。有COVID影響。現在您還說，也許 23 財年，我們可能會低於 5% 到 15%。儘管一些被壓抑的需求和 COVID 限制似乎有所緩解，而且歐洲和亞洲之間的業務下滑可能會變得更加昂貴，但環境正在變得更好。

So why should (inaudible) then grow in 3, 4 years? Why should video conferencing grow from this revenue line, and it's not really growing on volumes maybe in fiscal year '22 and '23. And the second question, if you allow me, in gaming, can you give us an update on the gaming mice and keyboard business in the U.S., how this has developed in the last 3, 4, 5 months versus Europe?

那麼為什麼（聽不清）然後在 3、4 年內增長呢？為什麼視頻會議應該從這條收入線中增長，而在 22 財年和 23 財年它的數量並沒有真正增長。第二個問題，如果您允許我，在遊戲方面，您能否向我們介紹一下美國遊戲鼠標和鍵盤業務的最新情況，與歐洲相比，過去 3、4、5 個月的發展情況如何？

Yes. Let me take the first one, Nate. I'm going to -- we'll see if you can take the second one, which I'll come back. On the VC side, we said, yes, it could be below, it could be above. So I don't think we meant to suggest that we're suddenly pessimistic about BC at all. We feel really good about. I'm sorry if I misled you in my introductory remarks.

是的。讓我拿第一個，內特。我要去——我們看看你能不能拿第二個，我會回來的。在 VC 方面，我們說，是的，它可能在下面，也可能在上面。所以我認為我們並不是要暗示我們突然對 BC 感到悲觀。我們感覺很好。如果我在介紹性發言中誤導了您，我深表歉意。

I'm not, to answer one of the questions. I think it's I think as things fall out, I do expect to see lots of video going into offices and things around the world. I think we're more clear eyed about what's happening to webcams. I think webcams are pretty stable, but they're not going to -- we're not predicting a big growth, but that's a relatively smaller part of our overall BC business. But the conference cam market looks strong.

我不是，回答其中一個問題。我認為我認為隨著事情的發展，我確實希望看到很多視頻進入世界各地的辦公室和事物。我認為我們對網絡攝像頭正在發生的事情更加清楚。我認為網絡攝像頭相當穩定，但它們不會——我們預計不會有很大的增長，但這是我們整個 BC 業務中相對較小的一部分。但會議攝像頭市場看起來很強勁。

Yes. Thanks for clarifying that, Bracken. I didn't mean to imply that either, Jorn. I mean certainly, it was possible to be outside of that range, but I think the distribution probably mostly fits within the range we gave.

是的。感謝您澄清這一點，布雷肯。我也不是有意暗示，喬恩。我的意思是，當然，有可能超出該範圍，但我認為分佈可能主要符合我們給出的範圍。

Yes. And on the other question was on gaming mice in the U.S. Do you have those numbers off the top of your head, Nate?

是的。另一個問題是關於美國的遊戲鼠標。Nate，你腦子裡有這些數字嗎？

Was it gaming mice or was it...

是遊戲鼠標還是...

Gaming mice, yes.

遊戲鼠標，是的。

Gaming mice and keyboards, yes.

遊戲鼠標和鍵盤，是的。

Yes. And your question is?

是的。你的問題是？

General trend versus Europe, just the general trend versus Europe. We can also follow up later.

總體趨勢與歐洲，只是總體趨勢與歐洲。我們也可以稍後跟進。

Maybe it's easier if we clean, yes, if we just follow up. I mean I have the data here. I don't really -- nothing jumps out at me, but we should say -- I'd say -- the trend is still kind of stronger on the wireless side, obviously, than wired. I mean and that's kind of, we're particularly strong as on wireless.

如果我們清理，也許會更容易，是的，如果我們只是跟進。我的意思是我這裡有數據。我不是真的 - 沒有什麼讓我感到震驚，但我們應該說 - 我會說 - 顯然，無線方面的趨勢仍然比有線方面更強大。我的意思是，我們在無線方面特別強大。

So I think that's been to our benefit from a share standpoint. But in terms of market trends, I mean both EMEA and Americas have seen pullbacks in gaming over the last several months. We talked about that previously. Asia, frankly, remains very strong. But also consider the comps that we're talking about as well. And I think the 17% growth this year and even growing this quarter against a year that was up 108% a year ago, I think is great and our share performance has been really strong with some disciplined promo.

所以我認為從份額的角度來看，這對我們有利。但就市場趨勢而言，我的意思是在過去幾個月中，歐洲、中東和非洲和美洲的遊戲市場都出現了回調。我們之前談過這個。坦率地說，亞洲仍然非常強大。但也要考慮我們正在談論的組合。我認為今年 17% 的增長，甚至本季度的增長與一年前 108% 的一年相比，我認為這很棒，我們的股票表現非常強勁，有一些紀律嚴明的促銷活動。

And if you allow me one last question on the pricing. Just across many industries, average price increases we are observing right now are in between 3%, 6%. Some are even higher. If I try to make the math on your increased cost, maybe 200, 300 basis points of your total sales, is this roughly, if you fully pass it on is, you should think about your price increases have a magnitude on average of 3, 4 percentage points in fiscal year '23. Is this a fair starting point?

如果你允許我最後一個關於定價的問題。就許多行業而言，我們目前觀察到的平均價格上漲幅度在 3% 到 6% 之間。有些甚至更高。如果我嘗試對您增加的成本進行數學計算，可能是您總銷售額的 200、300 個基點，這大致是嗎？如果您完全傳遞它，您應該考慮一下您的價格上漲幅度平均為 3，在 23 財年提高了 4 個百分點。這是一個公平的起點嗎？

So your question is, is our average price increase 3% to 4%?

所以你的問題是，我們的平均價格漲幅是 3% 到 4% 嗎？

Yes. For fiscal year '23, is it fair to assume?

是的。對於 23 財年，假設是否公平？

I don't actually -- I mean, I don't really think about it that way, Jorn, because it's really category specific as Bracken said. We don't have sort of one1 number that we would apply everywhere. It's really different by categories. So I'm sorry, I don't think I can really confirm your estimate.

我實際上沒有——我的意思是，我真的沒有那樣想，Jorn，因為正如 Bracken 所說，它確實是特定於類別的。我們沒有可以在任何地方應用的 one1 號碼。真的是分門別類的。所以很抱歉，我想我不能真正證實你的估計。

Well, we don't do it and a lot of businesses, a lot of companies do this. We don't apply one price increase right across the board. We're very, very specific. We go, for example, we'll go 10% plus in some places and we'll stay completely flat in others. We tend to be pretty, we try to stay very aggressive on the low end because that tends to be the most price sensitive and then we'll more aggressively price in the high end and the middle.

好吧，我們不這樣做，很多企業，很多公司都這樣做。我們不會全面實施一次提價。我們非常非常具體。我們去，例如，我們會在某些地方增加 10% 以上，而在其他地方我們將完全保持不變。我們往往很漂亮，我們試圖在低端保持非常積極的態度，因為這往往是對價格最敏感的，然後我們會更積極地在高端和中端定價。

Next up, Rob Sanders, Deutsche Bank.

接下來是德意志銀行的 Rob Sanders。

My first question is on China. I just wanted to understand your factory in Suzhou, if you've had any disruption, how would that affect you if there was an extended lockdown given that last time I remember it was something like 50% of your manufacturing out of that facility. And then I have a follow-up.

我的第一個問題是關於中國的。我只是想了解一下你們在蘇州的工廠，如果你們有任何中斷，如果延長封鎖期會對你們產生什麼影響，因為我記得上次我記得你們工廠有 50% 的生產來自該工廠。然後我有一個跟進。

Okay. I'll jump on that. So first of all, we have had disruptions from time to time. And in fact, the very early days at COVID, I think the factory is close to 2 weeks. So we obviously can recover from those and happens. If it happens again, we'll recover from it. It will be a timing problem more than anything else.

好的。我會跳上去的。因此，首先，我們不時受到干擾。事實上，在 COVID 的早期，我認為工廠接近 2 週。所以我們顯然可以從這些中恢復過來並發生。如果它再次發生，我們會從中恢復。這將是一個時間問題，而不是其他任何事情。

We may lose some sales, but not too significant. So far, we have not had a big issue there. We've had some component shortages of components that came out of the Shanghai area. But in terms of factory itself, it's done very, very well. We've got a fantastic factory team. We also have a very, very strong ability to move things in and out of our factory, which is not quite as dynamic as within a 2-week period, but I would say extraordinarily good.

我們可能會損失一些銷售額，但不會太嚴重。到目前為止，我們在那裡還沒有遇到大問題。我們有一些來自上海地區的零部件短缺。但就工廠本身而言，它做得非常非常好。我們擁有一支出色的工廠團隊。我們也有非常非常強大的能力將東西搬進搬出我們的工廠，這不像在兩週內那樣充滿活力，但我會說非常好。

And so it gives me a lot of confidence if we went into something that was more protracted, we'd find a way to manage through it with the best possible outcome. So I feel pretty bullish about where we are from a manufacturing standpoint. Your numbers are about right, between 40% and 50% of our products are made in our own factory.

因此，如果我們進行更持久的事情，這給了我很大的信心，我們會找到一種方法來管理它，並以最好的結果進行管理。因此，從製造業的角度來看，我非常看好我們所處的位置。你的數字是正確的，我們 40% 到 50% 的產品是在我們自己的工廠生產的。

I might just add a little bit to that, Rob. I think it's always -- it's a lot of little things. I mentioned in my prepared remarks, the increase in automation that we've done in our own factory. So that's certainly not going to protect us completely, but it does reduce our exposure a little bit to labor.

Rob，我可能會再補充一點。我認為它總是 - 這是很多小事。我在準備好的評論中提到了我們在自己的工廠中實現的自動化程度的提高。所以這當然不能完全保護我們，但它確實減少了我們在勞動中的暴露。

So to the extent that labor gets disrupted in a situation like this, I think that we could find ourselves competitively advantaged versus someone who hasn't made that investment in automation. So it's kind of the reason why I wanted to call that out is it gives you a little bit of protection.

因此，如果勞動力在這種情況下受到干擾，我認為我們可以發現自己與沒有在自動化方面進行投資的人相比具有競爭優勢。所以這就是為什麼我要說出來的原因是它給了你一點保護。

Depending on the severity of the lockdowns, the length of the lockdowns, there's different impacts that we would have. It's really around prioritizing too. We have a broad portfolio. And so if we get into a situation where we have to make some choices, we'll make some choices.

根據封鎖的嚴重程度、封鎖的時間長短，我們會產生不同的影響。它也確實圍繞優先級進行。我們擁有廣泛的產品組合。因此，如果我們遇到必須做出一些選擇的情況，我們就會做出一些選擇。

We'll prioritize certain products, maybe even certain countries with supply. We're not having to do that right now. But if we get to that point, we have some experience doing that.

我們將優先考慮某些產品，甚至可能是某些有供應的國家。我們現在不必這樣做。但是，如果我們達到了這一點，我們就有一些這樣做的經驗。

Okay. And just for my follow-up, a lot of the investor base seems to have sell-through data from GFK, NPD. I just wondered if you could just give an indication how April is looking by region, just so that we understand what the starting point, because I'm still not really clear whether you're assuming that the first half will be down and the second half will be up or something like that. I just to understand how you're thinking about the linearity of the year.

好的。就我的跟進而言，許多投資者群似乎都擁有來自 GFK、NPD 的銷售數據。我只是想知道您是否可以按地區說明 4 月份的情況，以便我們了解起點是什麼，因為我仍然不清楚您是否假設上半年會下降，而下半年一半會上升或類似的東西。我只是想了解你是如何看待這一年的線性度的。

Yes, stepping back a little bit, we often talk about typical seasonality in our business. And I've been saying for a while, the typical seasonality kind of got thrown out the window. And that's kind of been true for all of fiscal year '21, really starting in our fiscal Q4 '20 when COVID began -- the COVID period began.

是的，退一步說，我們經常談論我們業務中的典型季節性。我已經說了一段時間了，典型的季節性已經被拋到了窗外。整個 21 財年都是如此，實際上是從我們的 20 財年第四季度 COVID 開始時開始的——COVID 時期開始了。

The last couple of quarters have been more typical. Our Q3 was up 25% and our Q4 was down 25% sequentially, which isn't more in line with typical seasonality. So it could be an indicator that enough things are settling down. It's still a little bouncy by category, not as predictable.

最後幾個季度更為典型。我們的第三季度增長了 25%，第四季度連續下降了 25%，這與典型的季節性不太相符。因此，這可能表明有足夠多的事情正在穩定下來。按類別劃分，它仍然有點彈性，而不是可預測的。

But for a diversified portfolio like ours, we're starting to see some of that seasonality reappear. So there's lots of ways. Again, it's a full year ahead. But I think thinking about our business kind of probably returning to more typical seasonality is a good way to think about modeling it today, and then we'll see how things evolve.

但對於像我們這樣的多元化投資組合，我們開始看到一些季節性因素重新出現。所以有很多方法。再一次，它提前了一整年。但我認為考慮我們的業務可能會回歸到更典型的季節性是考慮今天對其建模的好方法，然後我們將看到事情如何發展。

One adjustment to that certainly that we all need to make is just that there's no sales in Russia and Ukraine right now, and I mentioned that earlier. So there'll be some adjustment in Q1 to that seasonality as a result of that. But then my assumption right now is based on current trends, that the back half of the year kind of looks fairly typical with what we saw pre-COVID.

我們都需要對此做出的一項調整就是現在俄羅斯和烏克蘭沒有銷售，我之前提到過。因此，第一季度將對該季節性進行一些調整。但是我現在的假設是基於當前的趨勢，即今年下半年看起來與我們在 COVID 之前看到的情況相當典型。

All right. I think we've got time for 1 more question, Adam Angelov, Bank of America.

好的。我想我們還有時間再回答 1 個問題，Adam Angelov，美國銀行。

Just a quick one for me. So I wanted to double check on your category assumptions for the year. You sort of touched on it already, but I just want to see if there's been any changes there? And then secondly, if you could just update us on the channel inventory situation of your products.

對我來說只是一個快速的。所以我想仔細檢查你今年的類別假設。你已經觸及了它，但我只是想看看那裡是否有任何變化？其次，如果您可以向我們更新您產品的渠道庫存情況。

Yes. I would probably say no real update on the categories. All of them have some sales in Russia. So you might think about them all being equally impacted by that from a direct sales standpoint. And the channel inventories, I would say, like I mentioned back at AID, I think they're in a good healthy shape.

是的。我可能會說這些類別沒有真正的更新。他們都在俄羅斯有一些銷售。因此，從直銷的角度來看，您可能會認為它們都受到同樣的影響。我想說的是渠道庫存，就像我在 AID 上提到的那樣，我認為它們處於良好的健康狀態。

We're always a little bit short on something and a little bit long on something, and I think that's kind of the way I would describe it now. The areas of probably the most tightness are still on C&P, some of the mice and keyboards. We've got some component things that we're still trying to chase and clean up and the demand has been pretty healthy there. But we're working through those things. I'd say the channels at typical levels.

我們總是對某事有點短，對某事有點長，我想這就是我現在描述它的方式。可能最緊張的領域仍然是 C&P，一些鼠標和鍵盤。我們有一些我們仍在努力追逐和清理的組件，那裡的需求非常健康。但我們正在努力解決這些問題。我會說典型水平的渠道。

Thanks, Adam. I think we're at the bottom of the hour. Bracken, Nate, I appreciate the update, Bracken, any final thoughts as we wrap here?

謝謝，亞當。我想我們正處於時間的底部。 Bracken，Nate，我很欣賞這次更新，Bracken，我們在這裡結束時有什麼最後的想法嗎？

No, thank you so much. Thanks for everyone's questions. The engagement has been terrific. I know you do this for a living, but it's really stimulating for us. I always say, I said this to Nate and Nate many times. I always learn when I go out on the road and meet with investors or with you, and I always learn something about either about how people think about our business or what's going on in the world.

不，非常感謝。謝謝大家的提問。訂婚非常棒。我知道你這樣做是為了謀生，但這對我們來說真的很刺激。我總是說，我對 Nate 和 Nate 說了很多次。當我外出與投資者或與您會面時，我總是會學習，而且我總是會了解人們如何看待我們的業務或世界上正在發生的事情。

So anyway, thank you all for all the support during the year. It was a terrific year, and we're really excited about the next year and the years after that. So look forward to a lot of more interesting and exciting calls, a lot more learning. Thanks a lot.

總之，感謝大家這一年來的支持。這是一個了不起的一年，我們對明年和之後的幾年感到非常興奮。所以期待更多有趣和令人興奮的電話，更多的學習。非常感謝。

Thanks, guys.

多謝你們。