羅技 (LOGI) 2015 Q1 法說會逐字稿

Good day, and welcome to the Logitech first quarter financial results conference call. At this time, all participants are in listen-only mode. We will be conducting a question and answer session, and instructions will follow at that time.

大家好，歡迎參加羅技第一季財務業績電話會議。目前，所有參與者均處於只聽模式。我們將進行問答環節，屆時將給予具體說明。

This call is being recorded for replay purposes, and may not be reproduced in whole or in part without written authorization from Logitech.

本次通話將被錄音，用於回放，未經羅技公司書面授權，不得全部或部分複製。

I would like to introduce your host for today's call, Mr. Joe Greenhalgh, Vice President of Investor Relations and Corporate Treasurer of Logitech. Please go ahead, sir.

我謹向大家介紹今天電話會議的主持人，羅技公司投資者關係副總裁兼公司財務主管喬·格林哈爾格先生。請繼續，先生。

Welcome to the Logitech conference call to discuss the Company's financial results for the first quarter ended June 30th, 2014. The press release, our prepared remarks and slides, as well as the live webcast of this call, are all available online at logitech.com.

歡迎參加羅技公司關於截至 2014 年 6 月 30 日的第一季財務業績的電話會議。新聞稿、我們準備好的演講稿和幻燈片，以及本次電話會議的現場網路直播，都可以在 logitech.com 上線上取得。

As noted in our press release, we published our prepared remarks on our website in advance of this call. Those remarks are intended to serve in place of extended formal comments today and they will not be read on this call.

正如我們在新聞稿中所述，我們已提前在網站上公佈了本次電話會議的發言稿。這些發言旨在代替今天冗長的正式發言，因此不會在本次電話會議上宣讀。

During the course of this call we may make forward-looking statements, including forward-looking statements with respect to future operating results, that are being made under the Safe Harbor of the Securities Litigation Reform Act of 1995.

在本次電話會議期間，我們可能會做出前瞻性陳述，包括有關未來經營績效的前瞻性陳述，這些陳述是根據 1995 年證券訴訟改革法案的安全港條款做出的。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements. Factors that could cause actual results to differ materially include those set forth in Logitech's Annual Report on Form 10-K/A for the fiscal year ended March 31st, 2013 and subsequent filings, which are available online on the SEC EDGAR database, and in the final paragraphs of the press release and prepared remarks from Logitech reporting first quarter financial results for fiscal 2015.

前瞻性陳述涉及風險和不確定性，可能導致實際結果與陳述中預期的結果有重大差異。可能導致實際結果與預期結果有重大差異的因素包括羅技公司截至 2013 年 3 月 31 日的財政年度的 10-K/A 表格年度報告及後續文件中列出的因素（這些文件可在 SEC EDGAR 資料庫中在線查閱），以及羅技公司發布 2015 財年第一季度財務業績的新聞稿和最後幾段演講的最後幾段。

The forward-looking statements made during this call represent management's outlook only as of today, and the Company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise.

本次電話會議中所作的前瞻性陳述僅代表管理階層截至今日的展望，本公司不承擔因新發展或其他原因而更新或修改任何前瞻性陳述的義務。

Please note that today's call will include results reported on both a GAAP and a non-GAAP basis. Non-GAAP reporting is provided to help you better understand our business.

請注意，今天的電話會議將包括根據美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 報告的績效。我們提供非GAAP財務報告，以幫助您更了解我們的業務。

However, non-GAAP financial results are not meant to be considered in isolation or as a substitute for or superior to GAAP results. Non-GAAP measures have inherent limitations and should be used only in conjunction with Logitech's consolidated financial statements prepared in accordance with GAAP.

然而，非GAAP財務表現不應被孤立地看待，也不應被視為GAAP業績的替代或優於GAAP業績。非公認會計準則指標有固有的局限性，只能與羅技依照公認會計準則編製的合併財務報表一起使用。

Our press release includes a table detailing the non-GAAP measures together with the corresponding GAAP numbers and a reconciliation to GAAP. This information is also posted on our Investor Relations website. The slides that accompany this call include both GAAP and non-GAAP measures and are also available on our Investor Relations website. We encourage listeners to review these items.

我們的新聞稿包含一張表格，詳細列出了非GAAP指標以及對應的GAAP資料和與GAAP的調節表。此資訊也發佈在我們的投資者關係網站上。本次電話會議的投影片包含 GAAP 和非 GAAP 指標，也可在我們的投資者關係網站上取得。我們鼓勵聽眾查看這些內容。

Please note that the preliminary financial information for the first quarter of fiscal 2015 discussed in this call was compiled by the Company and has not yet been reviewed by its independent auditors.

請注意，本次電話會議中討論的 2015 財年第一季初步財務資訊由公司編制，尚未經過其獨立審計師審核。

These preliminary results, and the results for the corresponding period of fiscal 2014, may be subject to material adjustment for the reasons described in our press release and until we can file our quarterly report on Form 10-Q for the first quarter of fiscal 2015. Complete financial information, including balance sheet and cash flow information, will be provided when the Company files that quarterly report.

這些初步結果以及 2014 財年相應期間的結果可能會因我們在新聞稿中描述的原因而進行重大調整，直到我們能夠提交 2015 財年第一季的 10-Q 表格季度報告為止。公司提交季度報告時，將提供完整的財務信息，包括資產負債表和現金流量資訊。

This call is being recorded and will be available for replay on the Logitech website.

本次通話將會被錄音，錄音內容將在羅技網站上提供回放。

Joining us today are Bracken Darrell, President and Chief Executive Officer, and Vincent Pilette, Chief Financial Officer. I'd now like to turn the call over to Bracken.

今天到場的嘉賓有總裁兼執行長布雷肯·達雷爾和財務長文森·皮萊特。現在我想把電話交給布雷肯。

Thanks, Joe, and thanks to all of you for joining us.

謝謝你，喬，也謝謝各位的參與。

Q1 gives us a strong start to fiscal 2015. We exceeded expectations, delivered strong sales growth with our retail sales growing for the fourth time in the last five quarters, improved profitability significantly, and generated strong cash flow. Vincent and I will give you a brief overview of our Q1 performance and then I'll come back and discuss the outlook.

第一季為我們開啟了2015財年的一個強勁開局。我們超越了預期，實現了強勁的銷售成長，零售額在過去五個季度中第四次增長，盈利能力顯著提高，並產生了強勁的現金流。Vincent 和我將簡要概述我們第一季的業績，然後我將回來討論展望。

Sales in our growth category increased by 17% compared to the prior year. That's against a comparison to last year when we had over 90% growth because we had a one-time shift in the seasonality of our new product launches. Let's look a little more deeply at each of the businesses within our growth category.

與前一年相比，我們成長類別的銷售額成長了 17%。相比之下，去年我們的成長率超過 90%，因為我們的新產品發布季節性發生了一次性變化。讓我們更深入地了解我們成長類別中的每一家企業。

First, PC gaming grew 17%. We're starting to see the impact of our new product programs. In our Americas region, where much of our updated portfolio is now available, we gained over four points of market share, the first increase in several years.

首先，PC遊戲成長了17%。我們開始看到新產品計劃的影響了。在美洲地區，我們更新後的產品組合已全面上市，市佔率成長超過 4 個百分點，這是幾年來的首次成長。

Now for mobile speakers, our mobile speaker sales more than doubled for the fifth consecutive quarter. The strong momentum has been driven by our flagship product, UE BOOM. It was our bestselling product in Q1 and it continues to receive awards of all types, with the most recent being the Industrial Design Society of America Gold Award for the entertainment category.

就行動揚聲器而言，我們的行動揚聲器銷量連續第五個季度翻了一番以上。這一強勁勢頭主要得益於我們的旗艦產品 UE BOOM。它是我們第一季最暢銷的產品，並且不斷獲得各種獎項，最近獲得的是美國工業設計協會娛樂類金獎。

Finally, it was a weak quarter for our tablet and other accessories, our third growth category. The 15% decline in our net sales resulted from two key factors, the first a slowing in the market for iPad shipments, and second the impact of the incremental inventory reductions we took to align with the slowdown in the iPad market.

最後，我們的平板電腦和其他配件（我們的第三大成長類別）本季表現疲軟。我們的淨銷售額下降了 15%，這是由兩個主要因素造成的：首先是 iPad 出貨量市場放緩，其次是我們為適應 iPad 市場放緩而採取的逐步減少庫存的影響。

We acted quickly to ensure we have a lean channel ahead of any new iPad products that might come. Despite the slowing iPad tablet market, both sell-through of our iPad keyboards and our market share continue to grow.

我們迅速採取行動，確保在可能推出的任何新款 iPad 產品之前，先擁有精簡的管道。儘管 iPad 平板電腦市場成長放緩，但我們的 iPad 鍵盤銷量和市場份額仍在持續成長。

As you might recall, we've broadened the focus of our strategy to actively target the Samsung opportunity where the attach for keyboard covers is growing rapidly. Our Samsung keyboard business was too small as of yet to offset the slowdown in iPad keyboard sales in Q1, but we're expanding our offerings. Just last month we introduced the Logitech Type S, a protective keyboard case for the Samsung Galaxy Tab S.

您可能還記得，我們​​已經擴大了戰略重點，積極瞄準三星市場，因為鍵盤保護套的需求正在迅速增長。目前，我們的三星鍵盤業務規模太小，不足以抵消第一季 iPad 鍵盤銷售放緩的影響，但我們正在擴大產品範圍。就在上個月，我們推出了羅技 Type S，一款適用於三星 Galaxy Tab S 的鍵盤保護殼。

Our focus for tablet accessories in fiscal 2015 is to first expand our offerings for the Samsung platform; second, prepare for the launch of the next iPad when it might come; and third, increase our share in the covers market through continued innovation in functionality and design.

2015 財年，我們在平板電腦配件方面的重點是：首先，擴大我們為三星平台提供的產品；其次，為下一代 iPad 的發布做好準備；第三，透過在功能和設計方面的持續創新，提高我們在保護套市場的份額。

While the iPad market was relatively weak, we benefitted from a stronger than expected PC market in Q1. It's premature to directly correlate a better PC market with a weaker tablet market, but it is true in Q1 that, as tablet sales softened, notebook and desktop PC sales strengthened. Q1 sales in our profit maximization category, which is primarily composed of PC peripherals, were up by 1%.

雖然 iPad 市場相對疲軟，但我們受益於第一季 PC 市場強於預期的表現。現在就將 PC 市場的改善與平板電腦市場的疲軟直接聯繫起來還為時過早，但第一季的情況是，隨著平板電腦銷量下滑，筆記型電腦和桌上型電腦的銷量有所增長。第一季度，我們利潤最大化類別（主要由電腦外設組成）的銷售額成長了 1%。

In spite of the ongoing structural decline in the consumer webcam market, we delivered 10% sales growth in our retail video category, the first year-over-year growth in three years. This might surprise you, given the expected decline in consumer webcams, but the growth is a net number, reflecting both the continued steep webcam decline and a very strong growth from our video collaboration offerings.

儘管消費者網路攝影機市場持續結構性下滑，但我們的零售影片類別實現了 10% 的銷售成長，這是三年來首次實現同比增長。考慮到消費者網路攝影機的預期下降，這可能會讓你感到驚訝，但成長是一個淨值，反映了網路攝影機的持續大幅下降以及我們視訊協作產品的強勁成長。

What is video collaboration? This video collaboration subcategory offers high quality audio and video to small and midsize conference rooms, and works with any platform from Skype to LifeSize to Polycom and more.

什麼是視訊協作？此視訊協作子類別為小型和中型會議室提供高品質的音頻和視頻，並可與從 Skype 到 LifeSize 到 Polycom 等任何平台配合使用。

Our Logitech branded product portfolio for video collaboration is very strong, and I expect the market adoption of low price, high quality video collaboration solutions to continue through fiscal 2015.

我們羅技品牌的視訊協作產品組合非常強大，我預計低價、高品質的視訊協作解決方案的市場接受度將在 2015 財年繼續保持成長。

We also had a strong quarter in PC keyboards and desktops, with sales up 8%. In spite of a weak PC market over the last few years, this is the fifth time in the last six quarters that we've grown this category. Our results demonstrate the appeal of our Living-Room keyboards as well as the strong value proposition of our keyboard and mouse combo offerings.

我們的PC鍵盤和桌上型電腦業務也表現強勁，銷售額成長了8%。儘管過去幾年個人電腦市場疲軟，但這已經是過去六個季度中我們第五次實現了該類別的成長。我們的測試結果證明了我們客廳鍵盤的吸引力，以及我們鍵盤和滑鼠組合產品的強大價值主張。

Our profit maximization category also made a major contribution to our Q1 non-GAAP gross margin, with a key driver being reductions in product cost as we execute our strategy for managing our PC related categories.

我們的利潤最大化類別也為我們第一季的非GAAP毛利率做出了重大貢獻，其關鍵驅動因素是產品成本的降低，因為我們正在執行管理PC相關類別的策略。

Complementing this gross margin improvement and contributing to the substantial increase in our overall profitability, we continued to demonstrate disciplined management of our spending, delivering an $18 million reduction in our non-GAAP operating expenses compared to the prior year.

為了配合毛利率的提高，並促進整體獲利能力的大幅成長，我們繼續嚴格控制支出，與前一年相比，非GAAP營運費用減少了1,800萬美元。

Before wrapping up my comments, Vincent has some comments on the quarter as well.

在我結束發言之前，Vincent 也對本季有一些看法。

Thank you, Bracken.

謝謝你，布雷肯。

In Q1, we continued to make good progress in improving operational execution and reducing our cost structure while delivering 3% sales growth for our retail business and 1% for the Company overall.

第一季度，我們在改善營運執行和降低成本結構方面繼續取得良好進展，同時零售業務實現了 3% 的銷售成長，公司整體實現了 1% 的銷售成長。

In the quarter, we delivered a record high non-GAAP gross margin of 38.3%, an improvement of 240 basis points over the prior year. Note that about 100 basis points of this improvement is related to the unusual situation of our accounting books still being open for Q4 of the prior year. Please refer to the prepared remarks posted on our website for more information on that topic.

本季度，我們實現了創紀錄的非GAAP毛利率38.3%，比去年同期提高了240個基點。請注意，這項改善中約有 100 個基點與我們會計帳簿仍處於開放狀態（上一年第四季）這一特殊情況有關。有關該主題的更多信息，請參閱我們網站上發布的準備好的發言稿。

Even without that unexpected benefit, we are very pleased with our Q1 gross margin performance. As planned, a key driver of the improvement was the success of our cost optimization initiatives in our profit maximization category combined with a slight improvement in our growth category, as some of these products begin to achieve scale.

即使沒有這項意外之財，我們對第一季的毛利率表現也非常滿意。正如計劃的那樣，此次改進的關鍵驅動因素是我們利潤最大化類別中的成本優化舉措取得了成功，同時增長類別中的一些產品開始實現規模化，也帶來了輕微的改善。

While we don't guide gross margin, we could see up to a point of margin upside for fiscal year 2015 compared to our long term financial model of 35%. We expect to float about two-thirds of the incremental gross profit to the bottom line as we march towards our long term operating profit margin goal of 10%, and invest the rest to accelerate our product innovation.

雖然我們不預測毛利率，但與我們長期財務模型預測的 35% 相比，我們預計 2015 財年的毛利率將有一定程度的上升空間。我們預計，在朝著 10% 的長期營業利潤率目標邁進的過程中，大約三分之二的新增毛利潤將計入淨利潤，其餘部分將投資於加速產品創新。

Q1 was the fifth consecutive quarter that we have reduced the absolute level of our non-GAAP operating expenses. As a percent of sales, our non-GAAP operating expenses were 29.2%, an improvement of 420 basis points compared to the prior year.

第一季是我們連續第五個季度降低了非GAAP營運費用的絕對水準。以銷售額百分比計算，我們的非GAAP營運費用為29.2%，比前一年改善了420個基點。

We are pleased with our progress as we continue to drive reductions in our indirect procurement spending as well as our global infrastructure to create investment capacity and support future growth opportunities.

我們對所取得的進展感到滿意，我們將繼續削減間接採購支出以及全球基礎設施建設，以創造投資能力並支持未來的成長機會。

You should expect our spending to grow sequentially in Q2 as we prepare for our seasonally strong Christmas quarter.

預計第二季我們的支出將較上季成長，因為我們要為聖誕節這個季節性旺季做準備。

Note that our non-GAAP operating expenses in Q1 of the current year exclude $8.7 million of one-time costs related to the ongoing Audit Committee investigation.

請注意，本年度第一季的非GAAP營運費用不包括與正在進行的審計委員會調查相關的870萬美元一次性費用。

The improvement we have made in managing our working capital efficiently continues to drive strong cash generation. In Q1, we generated approximately $28 million in cash flow from operations, delivering our best Q1 in the last five years.

我們在有效管理營運資金方面的進步，持續推動著強勁的現金流產生。第一季度，我們的經營活動產生了約 2,800 萬美元的現金流，實現了近五年來最好的第一季業績。

For the last 12 months, we delivered approximately $230 million in cash from operations, up by approximately 89% year-over-year. Our quarter ending cash balance of about $485 million was up by $166 million over the prior.

過去 12 個月，我們從經營活動中獲得了約 2.3 億美元的現金，年增約 89%。本季末現金餘額約為 4.85 億美元，比上一季增加了 1.66 億美元。

Our capital allocation strategy remains the same with a focus on three areas: first, business investment and small acquisitions as a priority; second, annual dividends; and third, opportunistic share buybacks.

我們的資本配置策略保持不變，重點放在三個方面：第一，優先進行業務投資和小規模收購；第二，年度分紅；第三，擇機回購股票。

Let me wrap up by saying that my team and I are working diligently on completing the incremental accounting work necessary to file our Form 10-K. As soon as we have more information on that topic, we will share it with you.

最後我想說的是，我和我的團隊正在努力完成提交 10-K 表格所需的後續會計工作。一旦我們掌握更多相關信息，我們會立即與您分享。

And on that note, I'll turn it back to Bracken.

說到這裡，我還是把話題轉回布雷肯身上吧。

Thanks, Vincent.

謝謝你，文森。

Based on the strength of our better than expected Q1 performance, highlighted by a solid increase in profitability, we've raised our full year outlook for non-GAAP operating income in fiscal year 2015.

鑑於我們第一季業績好於預期，獲利能力穩步提升，我們提高了 2015 財年全年非 GAAP 營業收入預期。

We continue to expect sales of $2.16 billion, and we've raised our outlook for non-GAAP operating profit by about 17% to approximately $170 million compared to the previously expected $145 million.

我們仍然預計銷售額為 21.6 億美元，並且我們將非 GAAP 營業利潤預期上調了約 17%，達到約 1.7 億美元，而先前預期為 1.45 億美元。

It's early in the year, and there are many uncertainties at this stage: tablet growth rates, PC growth rates, and more. I feel very good about our Q1 start, and I'm excited about our product portfolio and the progress we're making as we target the many opportunities before us.

現在才年初，這個階段有很多不確定因素：平板電腦的成長率、個人電腦的成長率等等。我對我們第一季的開局感到非常滿意，我對我們的產品組合以及我們在抓住眾多機會方面取得的進展感到興奮。

Of note, we've grown our retail sales four of the last five quarters. In this fast paced world, we want to be growing regardless of the dynamics of a single business. We're managing a more balanced portfolio that includes a number of growth businesses, and we intend to add more as we invest to drive future growth.

值得注意的是，在過去的五個季度中，我們的零售額有四個季度實現了成長。在這個快節奏的世界裡，無論單一企業的經營狀況如何，我們都希望不斷成長。我們正在管理一個更均衡的投資組合，其中包括許多成長型企業，我們計劃隨著投資的深入，增加更多此類企業，以推動未來的成長。

With that, Vincent and I are available now to take your questions. Please follow the instructions of the operator.

好了，現在我和文森可以回答大家的問題了。請遵照操作員的指示。

Thank you. (Operator instructions.) Youssef Essaegh, Barclays.

謝謝。（操作說明。）尤瑟夫·埃薩格，巴克萊銀行。

Hello. Thanks for taking my question. I just wanted to ask you, on the new guidance, I saw you raised your guidance by about $25 million, $30 million for the year. And given the better gross margin in the first quarter, why don't you feel confident that you can carry that over for the rest of the year? And also, if you think about next year, do you think that is sustainable also into next year? Thank you.

你好。謝謝您回答我的問題。我只是想問一下，關於新的業績指引，我看到您將今年的業績指引提高了大約 2500 萬美元到 3000 萬美元。鑑於第一季毛利率較高，為什麼您沒有信心將這種良好勢頭保持到年底？而且，如果你考慮明年，你認為這種模式明年還能持續嗎？謝謝。

Yes. Hey, Youssef, this is Vincent. So, with regard to the guidance, it's mainly coming from improvement in the gross margin and the strong quarter we have had. A portion is coming from the one-time event in Q1. And as I explained the gross margin, a portion is coming from cost optimization in our overall profit maximization category.

是的。嘿，優素福，我是文森。所以，關於業績指引，主要來自毛利率的改善以及我們本季強勁的業績表現。一部分收入來自第一季的一次性事件。正如我之前解釋的毛利率，一部分來自於我們整體利潤最大化類別的成本優化。

We feel really good that about two-thirds of that improvement is sustainable and structural in nature. And then, as I mentioned, we want to invest a third to accelerate the top line growth and accelerate the innovation to find new products.

我們感到非常欣慰的是，其中約三分之二的改善是可持續的，並且具有結構性意義。然後，正如我之前提到的，我們希望投資三分之一的資金來加速營收成長和加速創新，以尋找新產品。

So, we don't guide for FY 2016, and I'll leave it at this year. We'll see for next year.

所以，我們不提供 2016 財年的業績指引，今年的業績就到此為止吧。明年再看吧。

And do you expect also therefore the mix in your revenue to continue to change through 2015?

因此，您是否預期貴公司的收入結構將在 2015 年持續變化？

Yes, we expect the growth category to well out gross the profit maximization. You've seen the IDC numbers.

是的，我們預期成長類別的毛利將遠超過利潤最大化類別。你已經看過IDC的數據了。

While PC category was still in decline but slightly better here in our first quarter, for the second calendar quarter, you also see that the remaining of the year is still a decline of 5% to 6%. And that's what we've used in our guidance.

雖然個人電腦類別在第一季仍然呈下降趨勢，但略有好轉，但在第二季度，您也會看到今年剩餘時間仍將下降 5% 至 6%。這就是我們在指導方針中使用的方法。

And then, the growth category, as Bracken mentioned, is a portfolio mix. But, we feel really good about double digit growth for that category.

然後，正如布雷肯所提到的，成長類別是一種投資組合組合。但是，我們對該類別實現兩位數成長感到非常樂觀。

Paul Coster, JPMorgan.

Paul Coster，摩根大通。

Yes, thanks very much. A couple of questions. First of all, can you give us a little bit of color around what you've done to achieve this very impressive improvement in gross margins? What are the cost optimization actions that you've actually taken?

是的，非常感謝。幾個問題。首先，您能否詳細介紹一下您為實現毛利率如此顯著的提升所採取的措施？您實際採取了哪些成本優化措施？

Yes. Actually, Vincent mentioned about 100 basis points of that gross margin improvement is actually because we've left our Q4 open. And so, some of that improvement actually would have been -- some of the costs would have been pushed back into Q4 according to accounting principles.

是的。事實上，Vincent提到，毛利率提高約100個基點，實際上是因為我們沒有公佈第四季的業績。因此，根據會計原則，部分改善實際上會——部分成本會推遲到第四季。

But, the rest of it is real and sustained in this quarter. And it's really driven by a couple things and it's across most of the business. We've got cost reduction programs going, aggressive cost reduction programs going in our PC peripherals business, and that's a large piece of it.

但是，其餘部分在本季度都是真實存在的，並且持續增長。這主要是由幾個因素驅動的，而且這種情況遍及公司的大部分業務。我們在電腦週邊業務中實施了成本削減計劃，而且是積極的成本削減計劃，這佔了很大一部分。

But, you've also got improvement in our growth businesses too, where -- we mentioned in the spoken remarks that we're starting to hit scale in several products, including products like our music products where, as they hit scale, the costs go down.

但是，我們的成長型業務也有所改善，正如我們在發言中提到的，我們開始在幾個產品中達到規模化，包括我們的音樂產品等產品，隨著規模的擴大，成本也會下降。

So, if I can add, Paul, quickly in three that I mentioned, right, we've designed for lower costs. We standardized some of the components and work on the procurement aspect of it. And then, as Bracken mentioned, as we always planned and said, as the new growth categories start to scale, we benefit from those advantages of higher scale.

所以，保羅，如果我可以補充一點，在我提到的三點中，對吧，我們的設計是為了降低成本。我們對一些組件進行了標準化，並著手處理採購方面的事宜。然後，正如布雷肯所提到的，正如我們一直在計劃和所說的那樣，隨著新的成長類別開始擴大規模，我們將受益於規模優勢。

Right, got it. Okay. And then, is there anything in the current quarter, which is the back to school quarter I guess, that we should be sort of really focused on in terms of the product categories that are most likely to move things one way or the other?

好的，明白了。好的。那麼，在本季（我想應該是返校季）中，有哪些產品類別最有可能對市場走向產生影響，我們應該專注於這些類別？

You're right, it is the back to school quarter. I mean, our kind of outlook for the quarter is we expect to have a pretty flattish quarter from a top line standpoint.

你說得對，現在是開學季。我的意思是，我們對本季的展望是，從營收角度來看，預計本季將比較穩定。

And at the end of the day, this is always a quarter where we have several new product launches. You'll see things coming soon. Some of those new product launches are a little dependent on when we're ready, when the market's ready for them. Some could hit this quarter, some could next quarter, which makes it a little more uncertain for us to be able to give you specifics.

歸根究底，這通常都是我們推出幾款新產品的季度。很快你就會看到一些事情發生。有些新產品的推出在某種程度上取決於我們何時做好準備，以及市場何時準備好接受它們。有些產品可能在本季上市，有些可能在下個季度上市，因此我們很難給出具體數據。

But, no, I don't think there are any particular surprises this quarter that we're aware of, so far anyway.

但是，不，就我們目前所知，本季並沒有什麼特別令人意外的情況。

My last question is on the gaming front. What is it that's sort of -- outside of some market share gain, it seems like the gaming category seems to be doing quite well from a secular perspective as well. Why is that?

我的最後一個問題是關於遊戲方面的。除了市場佔有率的成長之外，從宏觀角度來看，遊戲產業似乎也發展得相當不錯。這是為什麼？

Well, a couple things. I mean, first to be really high -- 50,000 feet, people just have more free time and there are more and more people playing games. I have two kids, and they're -- I have three kids, actually, but two boys. All three of my kids play PC games, and that's where we're focused.

嗯，有幾件事。我的意思是，首先，到了很高的地方——例如 50,000 英尺的高度，人們的空閒時間就更多了，玩遊戲的人也越來越多。我有兩個孩子，其實我有三個孩子，但都是男孩。我的三個孩子都玩電腦遊戲，所以我們把重點也放在這方面了。

So, we think you're going to continue to see a growth of -- well, it's called PC gaming, but I think it'll become PC gaming and mobile gaming. And I don't think you can expect anything but a long term trend for that to continue to increase.

所以，我們認為你會看到——嗯，它現在被稱為PC遊戲，但我認為它會發展成為PC遊戲和行動遊戲的結合。我認為，從長遠來看，這種趨勢只會持續成長。

I'm not so sure about console gaming. I think you'll see a bump and a decline in that and maybe a little bubble up and down a little bit as times goes on. But, PC gaming and mobile gaming are probably here to stay, at least for the next five plus years.

我對主機遊戲不太了解。我認為隨著時間的推移，你會看到價格出現波動，先是上漲，然後下跌，也許還會出現一些小幅的上下波動。但是，PC遊戲和行動遊戲很可能會繼續存在，至少在未來五年甚至更長時間內。

All right. Thank you.

好的。謝謝。

Thank you, Paul.

謝謝你，保羅。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Thanks for taking my question. The first one is on the tablet and mobile accessories. Can you talk about where you are now in terms of commercial launches in that category outside the tablet keyboard? So, I think you guys have had a couple of launches there. Explain what the strategy is there and kind of what the outlook is for the rest of the year.

謝謝您回答我的問題。第一個例子是關於平板電腦和手機配件的。您能否談談目前除平板電腦鍵盤之外，貴公司在該品類中的商業發布情況？所以，我想你們那裡已經進行過幾次發射了。請解釋一下公司的策略，以及今年剩餘時間的展望。

And then, in terms of the video category, can you give us a sense of the percentage of revenues now that are non webcam or kind of enterprise related? Thanks.

那麼，就影片類別而言，您能否大致介紹一下目前非網路攝影機或企業相關業務的營收佔比？謝謝。

Sure. First, in tablet keyboards, we really didn't exist in the keyboard cover category a year ago. We had a couple of small products in there. We've expanded that lineup recently, and I think we've got some pretty good products out there now.

當然。首先，在平板電腦鍵盤領域，一年前我們其實還沒有涉足鍵盤保護殼這個類別。裡面有幾款小產品。我們最近擴大了產品線，我認為我們現在推出了一些相當不錯的產品。

We can do even better. As time goes on, I think you'll see us come with much -- with even more impressive -- an impressive portfolio, although I think what we have out there now, to be honest, is the best thing you can buy. But, you probably expect to hear that from me.

我們還可以做得更好。隨著時間的推移，我認為你會看到我們推出更多——甚至更令人印象深刻的——令人印象深刻的產品組合，儘管老實說，我認為我們現在推出的產品已經是你能買到的最好的了。但你大概也料到我會這麼說吧。

On the Samsung side, which is a keyboard cover story, we've really just gotten started on trying to drive attachment rate in Samsung like you have on iPads. And it's a little too early to declare victory, but I'd say there are some green shoots out there that suggest that the attachment rate for a keyboard with Samsung could look very similar to what we see on the iPads.

就三星而言，也就是鍵盤保護套方面，我們才剛開始嘗試像 iPad 一樣提高三星產品的配件使用率。現在宣布勝利還為時過早，但我認為有一些跡象表明，三星鍵盤的附加率可能會與我們在 iPad 上看到的非常相似。

So, too early to say, but I'm optimistic that we can do something there. So, that's basically our strategy.

現在下結論還為時過早，但我樂觀地認為我們可以在那裡取得一些成果。所以，這基本上就是我們的策略。

On the video side, yes, I'm sure that is an interesting story for you. Yes, webcams are certainly in decline. The video collaboration products we're talking about, we have two products in particular -- three products I guess, that really are used for companies and people who are trying to create a video conference room out of a room that wasn't a video conference room before.

至於影片方面，是的，我相信這對你來說肯定是個有趣的故事。是的，網路攝影機的使用率確實在下降。我們正在談論的視訊協作產品，特別是其中兩款產品——或者說三款產品——是專門為那些想要將原本不是視訊會議室的房間改造成視訊會議室的公司和個人而設計的。

So, it's really about enabling all of this plethora of rooms that could be video enabled for small collaboration video calls. And we're relatively new to the business, but it's a really exciting business and we have a terrific portfolio.

所以，這實際上是為了啟用所有這些可以啟用視訊功能的房間，以便進行小型協作視訊通話。我們進入這個行業的時間不長，但這確實是一個令人興奮的行業，而且我們擁有非常棒的產品組合。

And is it still pretty de minimis in terms of the overall revenues there, or is it big enough to start moving the needle?

就整體收入而言，這筆收入仍然微不足道嗎？還是已經大到足以產生影響？

Yes. It started to move the needle in the video category. It's still too small to move the needle overall for the Company. The market opportunity obviously is big, and we're very focused on that category.

是的。它開始在視頻領域嶄露頭角。這一點成長仍然太小，不足以對公司的整體業績產生影響。市場機會顯然很大，我們非常關注這個領域。

Great. And then, a clarification, Bracken. When you say flattish next quarter, I presume you mean year-over-year and not sequential, right?

偉大的。然後，布雷肯，我需要澄清一下。您說的「下個季度基本持平」是指與去年同期持平而不是環比持平，對嗎？

That's exactly right.

完全正確。

Great. Thanks.

偉大的。謝謝。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Yes. Hi, gentlemen. Just a question on these one-time costs you had relating to the Audit Committee investigation. I was just wondering how we should look at that in the current quarter. Is there a similar amount going to come again, or what that it more or less, if you can comment on that. Thank you.

是的。各位先生，大家好。我有一個關於您因審計委員會調查而產生的一次性費用的問題。我只是想知道在本季度我們應該如何看待這個問題。是否會有類似數量的資金再次湧入，或者數量會更多或更少？如果您能就此發表評論，那就太好了。謝謝。

Yes. Hey, Michael, this is Vincent. So, the costs that we have reported obviously are one-time in nature for the period of Q1. The investigation is still ongoing.

是的。嘿，邁克爾，我是文森特。因此，我們報告的成本顯然是第一季的一次性成本。調查仍在進行中。

We don't have yet a final timeline. Once we have a timeline, we'll communicate that appropriately. And you should expect that, for as long as it's open, we're going to continue to have a run rate for that activity.

我們目前還沒有最終時間表。一旦確定了時間表，我們會及時通知大家。你應該預料到，只要它還開放，我們就會繼續保持這種活動的頻率。

And is that mostly external costs, or is that costs that you basically book within the Company because a lot of people are working it?

這些成本主要是外部成本，還是因為很多人都在做這項工作，所以這些成本基本上都是在公司內部計入？

No, no, it is 100% external variable costs.

不，不，這完全是外部變動成本。

Okay, great. Okay, thank you very much.

好的，太好了。好的，非常感謝。

Andrew Humphrey, Morgan Stanley.

安德魯漢弗萊，摩根士丹利。

Hi. Thanks for taking my question. I wonder, could you firstly tell us if you have any update on attach rates for iPads for keyboard accessories, if you have some visibility on that. I know it's a slightly weak market at the moment, but any update nonetheless.

你好。謝謝您回答我的問題。我想先問一下，能否告知我們關於 iPad 鍵盤配件的安裝率方面是否有任何最新資訊？如果您了解這方面的數據，能否告知我們？我知道目前市場行情略顯疲軟，但我還是想提供一些最新消息。

And secondly, I think on OpEx, if I look at the non-GAAP number, you had a pretty strong quarter. So, I'd be interested to understand whether there are any temporary effects there, or if you view that sort of new run rate as sustainable.

其次，我認為就營運支出而言，如果我看一下非GAAP數據，你們本季表現相當強勁。所以，我很想知道這是否存在任何暫時性的影響，或者您是否認為這種新的運行速度是可持續的。

I'll take the first one and I'll let Vincent answer the second one.

我來回答第一個問題，第二個問題就讓文森來回答吧。

On attach rates for the iPad, yes, it's always a calculated number. So, I think you can't take anything we say in one single snapshot as 100% certain, but over time it is.

關於 iPad 的掛靠率，是的，它總是一個計算出來的數字。所以，我認為你不能把我們單次說的話當作百分之百確定的，但隨著時間的推移，它就變成了百分之百確定的。

We continue to see attach rates grow. I mean, it's a little bit of a mixed bag. The large iPad in the US looks like it flattened a little bit, globally still growing. The small iPad continues to grow.

我們看到附加率持續成長。我的意思是，情況有點複雜。在美國，大尺寸的 iPad 看起來有點扁平化了，但在全球範圍內，它的尺寸仍在增長。iPad 體積雖小，但效能不斷提升。

But, as I said, we're going to keep an eye on that all the way through. The attach rates for the Samsung keyboard certainly look like they're growing. And so, I'd say overall you can safely say the iPad attach rates are still growing.

但是，正如我所說，我們會全程密切關注此事。三星鍵盤的附加率看起來確實在成長。因此，總的來說，可以肯定地說，iPad 的附加率仍在增長。

Andrew, on the OpEx, obviously we're pleased by delivering the commitment we've made on the operating expenses. If you look at the ratio as a percent of sales, 29% non-GAAP basis for the quarter is definitely excellent progress, a reduction of four points year-over-year.

Andrew，關於營運支出，顯然我們對履行營運支出的承諾感到滿意。如果以銷售額的百分比來衡量，本季度非GAAP準則下的比率為29%，這絕對是一個極好的進步，比上年同期下降了4個百分點。

We're still far from our operating model on the long term, right? We have a business model of 25%. And when you look at where we still need to make improvement, it's in the infrastructure and what you don't see in the P&L, but in direct spend.

我們距離長期營運模式的目標還很遠，對吧？我們採用25%的商業模式。當我們檢視仍需改進的地方時，會發現問題出在基礎設施以及損益表上看不到的直接支出。

So, we'll continue to focus on creating those savings. And then, we'll reinvest a portion of that into new activities. If you look at the R&D costs, we have achieved a good run rate, but we want to continue to invest in R&D to drive new products, and then the same for field and merchandising activities.

因此，我們將繼續致力於節省開支。然後，我們將把其中的一部分再投資於新的活動。從研發成本來看，我們已經取得了不錯的進展，但我們希望繼續投資研發以推動新產品的推出，同樣，我們也希望繼續投資於現場和銷售活動。

In terms of dollars, obviously that will fluctuate with the revenue. And as I mentioned, you should expect OpEx to grow sequentially in Q2 and Q3 as we prepare for the busiest quarter.

以美元計，這顯然會隨著收入的波動而波動。正如我之前提到的，隨著我們為最繁忙的季度做準備，預計第二季和第三季的營運支出將較上季成長。

Okay, thank you.

好的，謝謝。

Andy Hargreaves, Pacific Crest Securities.

安迪·哈格里夫斯，太平洋之巔證券。

Thanks. Just to clarify, Vincent, the comment that two-thirds of the gross margin improvement is sustainable, is that including or excluding the 100 basis point accounting benefit?

謝謝。Vincent，為了澄清一下，您所說的毛利率改善的三分之二是可持續的，是指包括還是不包括 100 個基點的會計優惠？

No, that is excluding. So, we have about 240 basis points, one point coming from the one-time benefit of our Q4 books still being open. The remaining about two-thirds will be sustainable.

不，那是排除在外的。所以，我們有大約 240 個基點，其中 1 個基點來自我們第四季訂單仍然開放的一次性收益。剩餘的約三分之二將是可持續的。

Okay. And then, just a follow up sort of on the video collaboration stuff, is that sold through the traditional retail channel, or is that sold through LifeSize or resellers? How is that packaged and sold?

好的。另外，關於視訊協作方面，是透過傳統零售通路銷售，還是透過 LifeSize 或經銷商銷售？它是如何包裝和銷售的？

Yes, that does not go through the traditional retail. It also does not go through LifeSize, although LifeSize does offer part of that video collaboration equipment as part of their offering with the new cloud, their new iCloud. But, that would be an insignificant part of it so far.

是的，這並非透過傳統零售通路銷售。雖然 LifeSize 確實在其新雲端服務 iCloud 中提供了一部分視訊協作設備，但它並非透過 LifeSize 實現的。但是，到目前為止，這只是其中微不足道的一部分。

So, yes, it's sold through the traditional resellers who would go into small and medium size business.

是的，它是透過傳統的經銷商銷售的，這些經銷商大多是中小企業。

Okay. And then, just last, did you launch the new Ultrathin and Big Bang cases in the June quarter, or is a lot of that launch, in terms of actually shipping it to partners, coming in September?

好的。最後，請問你們是在六月季度推出了新款超薄和 Big Bang 保護殼，還是說實際向合作夥伴發貨的大部分工作要到九月才會進行？

No, no, no, we launched that in our current quarter, in the June quarter. The last quarter, yes, Q1.

不，不，不，我們已經在本季度，也就是六月的季度推出了。是的，是上個季度，第一季。

Joern Iffert, UBS.

約恩‧伊弗特，瑞銀集團。

Hello. Thanks for taking my questions. The first one would be on tablet profitability. Can you give us a feeling, please, what top line do you need in the tablet segment to reach average group margins?

你好。謝謝您回答我的問題。第一個問題是關於平板電腦的獲利能力。請問您認為平板電腦業務需要達到怎樣的營收水準才能達到集團平均利潤率？

The second question would be you were talking about M&A. Are you also screening targets, or are there targets available with revenues of more than $100 million, $150 million? And if yes, in which categories would this be?

第二個問題是，您剛剛在談論併購嗎？你們也在篩選目標公司嗎？或者說，是否有營收超過 1 億美元、1.5 億美元的目標公司可供選擇？如果答案是肯定的，那麼它屬於哪些類別？

And the last question would be on the dividend. Is it fair to assume that a yield of 2% to 3% should be in our models? Thanks very much.

最後一個問題是關於股息的。假設我們的模型中收益率應為 2% 至 3% 是否合理？非常感謝。

I'll answer the middle one and I'll let Vincent take the other two.

我來回答中間那個問題，剩下的兩個問題就讓文森特來回答。

Yes, in terms of acquisition targets, we're certainly screening acquisition targets of all shapes and sizes. It would be a long shot to have us buy one that would be really large, but it's not out of the question.

是的，就收購目標而言，我們當然會篩選各種類型和規模的收購目標。買一台非常大的可能不太現實，但也不是完全不可能。

To be clear, though, we're not reliant on acquisitions to deliver our commitments for this year or our longer term projections. I think we can do that completely organically.

但需要明確的是，我們並不依賴收購來實現我們今年的承諾或長期預測。我認為我們可以完全自然地做到這一點。

But, if we see opportunities, we're certainly going to go after them. And we are screening literally weekly.

但是，如果我們發現機會，我們一定會抓住它。我們幾乎每週都會進行篩檢。

On the gross margin side, Joern, for the benefit of everyone listening, our average gross margin of 35% to 36% is delivered by profit maximization being a few points above that and the growth category being a few points under.

約恩，就毛利率而言，為了讓所有聽眾都能了解情況，我們平均毛利率為 35% 至 36%，其中利潤最大化類別的毛利率略高於此，而增長類別的毛利率略低於此。

The reason growth categories are a few points under is, A, scale and, B, investment as we continue to accelerate merchandising and penetration of those growth categories.

成長類別略低於預期的原因是：A，規模；B，投資，因為我們將繼續加快這些成長類別的商品銷售和滲透。

At this point in time, tablet is within the average obviously of the growth category. And it will all be a relationship of top line growth versus margin maximization at this point in time. Also, the quarter is negative growth and the market has slowed down.

目前，平板電腦顯然處於成長類別的平均水準。現階段，一切都將圍繞著營收成長與利潤最大化之間的關係。此外，本季出現負成長，市場成長放緩。

We still believe we have a very strong opportunity to other platform and gain market share in the iPad market to continue to run that category at a suboptimal gross margin versus the corporate average.

我們仍然相信，我們有非常大的機會進軍其他平台，並在 iPad 市場獲得市場份額，從而繼續以低於公司平均水平的毛利率運營該類別。

And then, on the dividend, I mentioned our three capital allocation strategies, investment in the business, dividend, and then opportunistic share buyback. Obviously at the right time, the Board will meet and decide, in terms of dividend increase, what the strategy is and we will communicate that appropriately.

然後，關於股息，我提到了我們的三種資本配置策略：投資於業務、股息以及伺機回購股票。顯然，在適當的時候，董事會將召開會議，就股息成長問題制定策略，我們將以適當的方式進行溝通。

All right, thanks. And maybe a short follow up on LifeSize. Is LifeSize profitable on GAAP EBIT level at the moment?

好的，謝謝。或許還可以簡單跟進《真人大小》。LifeSize目前以GAAP EBIT計算是否有獲利？

So, LifeSize, as you know, we took a big restructuring at the mid of last year. We made it profitable for the second half of the year. In Q1, they had a sales decline of 14%. On non-GAAP basis, we lost $1 million.

如你們所知，LifeSize 在去年年中進行了一次大規模的重組。我們實現了下半年的獲利。第一季度，他們的銷售額下降了 14%。以非GAAP準則計算，我們虧損了100萬美元。

Thank you very much.

非常感謝。

(Operator instructions.) Alex Peterc, Exane.

（操作說明。）Alex Peterc，Exane。

Hi. Thanks for taking my question. Just a quick one on the tablet market. You mentioned that sales were down quite heavily because you were clearing channel inventory. Is it all behind us now, or do you still have some more inventory adjustment to be done this quarter? Thank you very much.

你好。謝謝您回答我的問題。簡單說說平板電腦市場。您提到由於正在清理渠道庫存，銷售額大幅下降。現在一切都結束了嗎？還是說本季還有一些庫存調整工作要完成？非常感謝。

Yes, we'll continue to reduce our inventories in the channel this quarter as well, I believe.

是的，我相信本季我們也會繼續減少通路庫存。

It really depends on what happens to the market overall, but we expect to bring it down a little further. And I think once we do that, we'll be in a pretty good position going into Q3.

這主要取決於整體市場走勢，但我們預計還會進一步下調一些。我認為一旦我們做到這一點，進入第三季時，我們將處於相當有利的地位。

Alex, if I can add quickly, we are monitoring sales through very closely. And obviously we intend to adjust our channel inventory aligned with sales through. So, it's all a factor of what the sales are, then sales through demand will be.

Alex，如果我沒理解錯的話，我們正在密切關注銷售情況。顯然，我們打算根據銷售情況調整通路庫存。所以，這一切都取決於銷售額，然後才是需求帶來的銷售額。

Okay. Thank you very much.

好的。非常感謝。

Felix Remmers, Credit Suisse.

瑞士信貸的菲利克斯·雷默斯。

Hi, everyone. A quick two questions, one follow up on LifeSize. I was wondering to what extent the video collaboration offering in video is cannibalizing the sales in LifeSize. And what can we expect from this cloud solution you launched recently? Shall we expect here sales to further decline in this category?

大家好。快速問兩個問題，一個關於 LifeSize 的後續問題。我想知道視訊協作功能在多大程度上蠶食了 LifeSize 的銷售額。那麼，我們能對您最近推出的雲端解決方案抱持著怎樣的期待呢？我們是否可以預期該類別產品的銷售額會進一步下降？

And the second question I've got is on tablet accessories. Is it fair to assume that this category is unlikely to grow in this year?

我的第二個問題是關於平板電腦配件的。可以合理地假設，今年這一類別不太可能成長嗎？

Okay. Let me address your first one, yes. Is there interaction between our video collaboration and the LifeSize business? No, not really. I mean, at the end of the day, the overall -- the number of smaller rooms, and this is really newer rooms coming in and becoming video enabled, is growing very rapidly.

好的。好的，讓我來回答你的第一個問題。我們的視訊協作與 LifeSize 業務之間是否存在互動？不，其實不是。我的意思是，歸根結底，總體而言——小型房間的數量，尤其是那些正在投入使用並配備視訊功能的新型房間，正在迅速增長。

And those tend to be done at a pretty low cost, much lower cost than a conventional system. So, for the most part, that is certainly unlikely to be cannibalizing anything in LifeSize, or even Cisco or Polycom or anything in that industry.

而且這些措施的成本往往很低，比傳統系統的成本低很多。所以，在大多數情況下，這肯定不太可能蠶食 LifeSize 的任何業務，甚至不太可能蠶食 Cisco、Polycom 或該行業的任何業務。

Now, that said, part of the mission that LifeSize has is to build a cloud-based system that can work anywhere on any room size. And I'm sure most of you haven't tried it yet. It's a terrific new system, and it will absolutely work with our equipment. So, over time, you could see that actually helping to grow that.

也就是說，LifeSize 的部分使命是建立一個基於雲端的系統，該系統可以在任何地方、任何大小的房間內運作。我相信你們大多數人還沒試過。這是一個非常棒的新系統，它絕對可以與我們的設備相容。所以，隨著時間的推移，你會發現這實際上有助於它的發展。

On your comment on tablets and accessories, I think your -- or your question, I think your question was do we expect that category to grow this year. It's really tough to predict. We'll see.

關於您提到的平板電腦和配件，我認為您的問題是——或者說您的問題，我認為您的問題是，我們是否預期該類別今年會成長。真的很難預測。我們拭目以待。

I think we do continue to see -- if you read the IDC forecast, the forecast is for continued growth in the tablet area. And we certainly would expect to grow at least that strongly over time net of any kind of supply chain inventory reductions we'd be doing.

我認為我們確實會看到——如果你閱讀IDC的預測，你會發現平板電腦領域將繼續成長。而且，即使扣除我們將要進行的任何供應鏈庫存削減措施，我們當然也預計隨著時間的推移，其成長速度至少會達到這個水準。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Thanks. Just a follow-up. Vincent, can you talk about if there was any shares repurchased in the quarter, and how should we think about the pace of share repurchases? Thanks.

謝謝。補充一下。Vincent，可以談談本季是否有股票回購嗎？我們該如何看待股票回購的速度？謝謝。

Yes. Hey, Tavis. So, the Board approved a buyback program back in March of $250 million to complete over multi years. We said it would be driven as an opportunistic share buyback, and we have our own valuation model.

是的。嘿，塔維斯。因此，董事會在三月批准了2.5億美元的股票回購計劃，該計劃將在多年內完成。我們說過，這將是一次機會主義的股票回購，我們有自己的估值模型。

Unfortunately, until we're back on file, that program had to be put on hold and we cannot buy back in the market until we are current with our filing.

遺憾的是，在我們重新提交備案文件之前，該計劃不得不暫停，在我們完成備案之前，我們無法重新進入市場。

Understood. Thank you.

明白了。謝謝。

Thanks, Tavis. Any last questions?

謝謝你，塔維斯。還有什麼問題嗎？

No, there are no further question at this time. I'll turn the conference back over to Mr. Darrell for closing remarks.

不，目前沒有其他問題了。我將把會議交還給達雷爾先生，請他作閉幕致詞。

Okay, thanks.

好的，謝謝。

With the first quarter behind us, we're confident about our trajectory in fiscal year 2015. Our team is focused on delivering sales growth and improved profitability. Our strategy is working.

第一季已經過去，我們對 2015 財年的發展軌跡充滿信心。我們的團隊致力於實現銷售成長和提高獲利能力。我們的策略奏效了。

We're improving the profitability of our PC peripherals business, and we're striving to build an expanding portfolio that will grow regardless of how computing platforms, PC, tablet, smartphone, or operating systems, Apple, Microsoft, Android, evolve.

我們正在提高個人電腦週邊業務的獲利能力，我們正努力建立一個不斷擴大的產品組合，無論運算平台（個人電腦、平板電腦、智慧型手機）或作業系統（蘋果、微軟、安卓）如何發展，我們都能持續成長。

Now it's up to us to create more growth engines, and we will. Thank you for joining us today.

現在，創造更多成長引擎的責任就落在了我們身上，而且我們一定會做到。感謝您今天蒞臨。

Thank you. That concludes our conference call for today. You may all disconnect. Thank you.

謝謝。今天的電話會議到此結束。你們可以斷開連結了。謝謝。