羅技 (LOGI) 2015 Q2 法說會逐字稿

Good day, and welcome to the Logitech second 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，歡迎參加羅技第二季財務業績電話會議。目前所有與會者均處於靜音模式。我們將進行問答環節，屆時將提供相關說明。

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 at Logitech. Sir, you may begin.

我謹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財務主管喬·格林哈爾格先生。先生，您可以開始了。

Welcome to the Logitech conference call to discuss the Company's financial results for the second quarter ended September 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9月30日的第二季財務業績的電話會議。新聞稿、我們準備好的演講稿和投影片，以及本次電話會議的即時網路直播，皆可在logitech.com網站上找到。

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發布了準備好的發言稿。這些發言稿旨在取代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，包括根據 1995 年證券訴訟改革法案的安全港條款對未來營運績效所做的前瞻性陳述。

Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements.

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。

Factors that could cause actual results to differ materially include those set forth in Logitech's Annual Report on Form 10-K dated May 30th, 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 second quarter financial results for fiscal 2015.

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於 2013 年 5 月 30 日提交的 10-K 表格年度報告及其後續文件中列出的因素（這些文件可在 SEC EDGAR 數據庫中在線查閱），以及羅技公司在發布 2015 財年第二季度財務業績的最後幾段準備好的新聞稿和文章的因素。

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含按美國通用會計準則 (GAAP) 和非美國通用會計準則 (non-GAAP) 編制的業績報告。提供非美國通用會計準則報告旨在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GAAP指標有其固有的局限性，僅應與羅技公司根據GAAP編制的合併財務報表結合使用。

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.

我們的新聞稿包含一個表格，詳細列出了非GAAP財務指標及其對應的GAAP財務數據，並附有與GAAP的調節表。這些資訊也發佈在我們的投資者關係網站上。

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.

本次電話會議的投影片包含GAAP和非GAAP財務指標，也可在我們的投資人關係網站上查閱。我們建議各位聽眾仔細閱讀這些資料。

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

本次通話將會被錄音，並可在羅技網站上回放。

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.

今天和我們連線的是總裁兼執行長布雷肯·達雷爾和財務長文森特·皮萊特。現在我把電話交給布雷肯。

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

謝謝你，喬，也謝謝各位的參與。

I am very pleased with our Q2 performance. First, our retail sales demonstrate consistent growth. Excluding the nonstrategic retail products that are in last year's base but are essentially gone now, we grew retail sales 4% and have grown our retail sales for six consecutive quarters.

我對我們第二季的業績非常滿意。首先，我們的零售額持續成長。剔除去年基數中那些目前已基本退出市場的非策略性零售產品後，我們的零售額成長了4%，並且已經連續六個季度實現成長。

Second, our profitability continues to improve strongly, creating more capacity to invest to drive more growth ahead.

其次，我們的獲利能力持續強勁提升，從而創造了更多投資能力，以推動未來更大的成長。

And third, cash generation is simply excellent. We delivered our highest Q2 cash from operations in five years and generated $250 million of cash from operations over the past four quarters. Vincent and I will look a little deeper into our Q2 performance, and then I'll come back to discuss our outlook.

第三，現金流表現非常出色。我們第二季的經營活動現金流創五年來新高，過去四個季度累計經營活動現金流達2.5億美元。我和Vincent將深入分析第二季的業績，之後我會再來談談我們的展望。

Sales in our growth category increased by 27% compared to the prior year. One of the benefits of having a portfolio of growth products is that we can deliver sales growth without the need for the product categories to all grow at the same rate.

我們成長型產品類別的銷售額較前一年成長了27%。擁有成長型產品組合的優勢之一在於，我們無需所有產品類別都以相同的速度成長，也能實現銷售成長。

This quarter, our mobile speaker business was the strongest performer. And we expect continued strong growth in the coming quarters.

本季度，我們的行動音箱業務表現最為強勁。我們預計未來幾季將繼續保持強勁成長。

Looking at each of the categories within our growth portfolio, PC gaming grew 10%. And we believe this business is positioned for much stronger growth ahead. The PC gaming markets are very strong, and our sellout to consumers is significantly stronger than our sell-in, as we saw our channel inventory levels fall as a result of constrained supply of several key components and products.

從我們成長型產品組合的各個類別來看，PC遊戲業務成長了10%。我們相信，這項業務未來將有更強勁的成長潛力。 PC遊戲市場非常強勁，由於部分關鍵組件和產品的供應受限，我們的通路庫存水準有所下降，因此面向消費者的銷售量遠高於通路進貨量。

We're gaining share in our Americas region, while in EMEA, we've improved our in-store presence dramatically, driving stronger underlying performance. We're very excited about our product portfolio, especially our new mechanical keyboard we just announced.

我們在美洲地區的市佔率不斷成長，而在歐洲、中東和非洲地區，我們大幅提升了門市銷售業績，從而推動了整體業績的強勁成長。我們對產品組合感到非常興奮，尤其是我們剛發布的新機械鍵盤。

The new Logitech G910 Orion Spark mechanical keyboard launches later this month. It features our exclusive new Romer-G mechanical switches that deliver significantly faster actuation than any other mechanical switch on the market.

羅技全新 G910 Orion Spark 機械式鍵盤將於本月稍後上市。它採用我們獨特的全新 Romer-G 機械軸，其觸發速度遠超市面上任何其他機械軸。

With this recent addition of the most advanced mechanical gaming keyboard in the world, we've filled a hole in our lineup and enter the holiday selling season with our strongest PC gaming portfolio ever. We still face component constraints for some of our key products through the holidays, but we'll be well positioned to grow in all PC gaming categories.

隨著這款全球最先進的機械遊戲鍵盤的加入，我們填補了產品線的空白，並以史上最強大的PC遊戲產品組合迎接假日銷售旺季。儘管假日期間部分關鍵產品的零件供應仍會受到限制，但我們已做好充分準備，在所有PC遊戲產品類別中實現成長。

We now have the fastest mouse in the world, the fastest keyboard switch in the world, the longest-lasting wireless mouse in the world with up to 20 times the battery life of its nearest competitor. And all three of these are relatively new products. We're designing great products for this growing market, where speed, accuracy, and science win.

我們現在擁有世界上速度最快的滑鼠、世界上速度最快的鍵盤按鍵，以及世界上續航時間最長的無線滑鼠，其電池壽命是同類產品的20倍。而且這三款產品都是相對較新的產品。我們正在為這個不斷成長的市場設計卓越的產品，在這個市場中，速度、精準度和科技才是致勝之道。

Let's discuss mobile speakers. Our mobile speaker sales more than doubled for the sixth consecutive quarter, as we benefit from our broader portfolio and continue to gain share in this growing category.

我們來聊聊移動音箱。由於更豐富的產品組合，我們的行動音箱銷量連續第六個季度翻了一番以上，並持續在這個不斷增長的品類中擴大市場份額。

This strong momentum continues to be primarily driven by UE Boom, which was our bestselling product in Q2 and is a foundation around which we're building an exciting mobile speaker portfolio. More to come there.

這一強勁勢頭主要得益於UE Boom，它是我們第二季最暢銷的產品，也是我們建立令人興奮的行動音箱產品組合的基礎。更多精彩內容敬請期待。

Finally, it was a weak quarter for our tablet and other accessories. While I'm pleased with the early results of our keyboard covers designed for the Samsung platform, our sales in the category continued to be negatively impacted by the decline in the market for iPad shipments.

最後，本季我們的平板電腦及其他配件銷售業績疲軟。雖然我對專為三星平台設計的鍵盤保護套的初步銷售結果感到滿意，但由於iPad出貨量市場下滑，該品類的銷售持續受到負面影響。

Of course, we'll have new offerings shortly for the new iPads announced by Apple. And during Q2, we continued to reduce channel inventories in anticipation of these new iPads.

當然，我們很快就會推出針對蘋果公司新發表的iPad的新產品。在第二季度，為了迎接這些新iPad的上市，我們持續減少了通路庫存。

I look forward to improved performance for our iPad lineup starting in Q4, when our new offerings will benefit from a full quarter of sales. We also expect sustained momentum from our Samsung offerings in Q3 and Q4.

我期待從第四季度開始，我們的iPad產品線業績將有所提升，屆時我們的新產品將受益於完整的季度銷售。我們也預期三星產品在第三季和第四季將保持強勁的成長動能。

Let's move to the profit maximization category, which is primarily composed of PC peripherals, where our sales declined by 2%. We continue to plan that our sales in this category will decline at similar rates to the market for new PC shipments.

接下來我們來看看利潤最大化類別，該類別主要由電腦外設組成，我們的銷售額下降了2%。我們仍然計劃該類別的銷售額將以與新電腦出貨量市場類似的速度下降。

Within profit maximization, we experienced strong growth in the remotes category in Q2, driven by the launch of our exciting new line of products focusing on broadening Harmony's position to be a home control hub.

在利潤最大化方面，我們在第二季度實現了遙控器類別的強勁增長，這得益於我們推出令人興奮的新產品系列，該系列產品旨在擴大 Harmony 作為家庭控制中心的地位。

While it's very early, I'm excited about our long-term potential, as home control becomes more commonplace in more homes around the world. This is the very beginning. And we combine our expertise and leadership in universal remotes with expanded home automation product capability or compatibility.

雖然現在還處於早期階段，但我對我們的長期潛力充滿信心，因為智慧家庭控制將在全球越來越多的家庭中普及。這只是個開始。我們將自身在通用遙控器領域的專業知識和領先地位，與更廣泛的智慧家庭產品功能或相容性相結合。

We delivered 3% sales growth in our retail video category that there are two stories underneath this, one, a continued steep decline in the Webcam category that was more than offset by very strong growth from our video collaboration offerings. Our Logitech branded product portfolio for video collaboration delivers a compelling value proposition. And I expect the market adoption of affordable, high-quality video collaboration solutions to continue during the remainder of the fiscal 2015.

我們在零售視訊類別中實現了3%的銷售成長，但這背後有兩個原因：一是網路攝影機類別持續大幅下滑，但視訊協作產品的強勁成長足以彌補這一損失。我們羅技品牌的視訊協作產品組合具有極高的價值主張。我預計，在2015財年剩餘時間內，市場對價格合理、高品質的視訊協作解決方案的需求將持續成長。

Sales in our PC keyboards and desktops category were essentially flat. But, we're well positioned for the second half with a strong lineup, including our new Bluetooth multi-device keyboard K480, the first desktop keyboard designed for use with up to three devices on any major operating system at the same time.

我們的PC鍵盤和桌上型電腦產品銷售量基本持平。但是，憑藉強大的產品陣容，我們為下半年做好了充分準備，其中包括我們新款的藍牙多設備鍵盤K480，這是首款可同時在任何主流作業系統上與最多三台設備配合使用的桌上型鍵盤。

Before handing it over to Vincent, I just have to say how pleased I am with our non-GAAP operating margin of 11.1%, the best for a Q2 in the past six years, and a reflection of our commitment to drive increased profitability through improved operational execution.

在將發言權交給 Vincent 之前，我必須說，我對我們 11.1% 的非 GAAP 營業利潤率感到非常滿意，這是過去六年來第二季度的最佳業績，也體現了我們致力於透過改進營運執行來提高盈利能力的承諾。

Vincent now has further detail on the quarter.

Vincent現在掌握了有關該季度的更多細節。

Thanks. As Bracken mentioned, in Q2, we continued to make good progress in improving our operational execution and reducing our cost structure, while delivering once again sales growth for our retail business.

謝謝。正如布雷肯所說，第二季度，我們在提升營運效率和降低成本結構方面持續取得良好進展，同時零售業務的銷售也再次成長。

We delivered a record high non-GAAP gross margin of 38.8% in Q2, an improvement of 270 basis points over the prior year. Please note that about 100 basis points of this improvement is related to the unusual situation of our books still being open for Q4 of fiscal 2014 and Q1 of fiscal 2015.

第二季度，我們的非GAAP毛利率創歷史新高，達到38.8%，較上年同期提升270個基點。請注意，其中約100個基點的提升是由於我們2014財年第四季和2015財年第一季的帳目尚未結清所致。

Even without that one-time benefit, we're very pleased with our Q2 gross margin performance. As planned, a key driver of the improvement was the success of our cost optimization initiated in our profit maximization category combined with the solid improvement in the mobile speaker category. The improvement in mobile speakers reflects the benefits from the economies of scale that we were focused on delivering in any fast-growing business within our growth category.

即使不計入那筆一次性收益，我們對第二季的毛利率表現也十分滿意。如預期，毛利率提升的關鍵驅動因素在於我們在利潤最大化品類中實施的成本優化取得了成功，以及行動音箱品類的穩健成長。行動音箱品類的提升體現了我們在成長品類中所有快速成長業務所致力於實現的規模經濟效益。

While we don't guide on gross margin, we continue to see up to a point of margin upside to fiscal 2015 compared to our long-term model of 35%. This gross margin enables us to improve operating profit margin while investing in new products and accelerating our long-term growth potential.

雖然我們不提供毛利率指引，但我們仍然認為2015財年的毛利率將比我們35%的長期模型預測值略有上升空間。這一毛利率將使我們能夠在投資新產品和加速長期成長潛力的同時，提高營業利潤率。

Q2 was the sixth consecutive quarter of year-over-year reductions in our non-GAAP operating expenses, demonstrating our focus on disciplined spend management. As a percent of sales our non-GAAP operating expenses were 27.8%, an improvement of 130 basis points compared to the prior year.

第二季是我們連續第六個季度非GAAP營運費用年減，這反映了我們對嚴格支出管理的重視。非GAAP營運費用佔銷售額的27.8%，較上年同期下降130個基點。

While we continue to drive reductions in our indirect procurement spending as well as our global infrastructure and related processes, you should expect our spending during the second half to grow on a year-over-year basis as we selectively ramp our investments to drive future sales growth.

儘管我們繼續努力減少間接採購支出以及全球基礎設施和相關流程，但您應該預料到，隨著我們選擇性地增加投資以推動未來銷售成長，下半年我們的支出將同比增長。

Know that our non-GAAP operating expenses in Q2 of the current year exclude $8 million in G&A costs related to the recently completed audit committee investigation.

請注意，本年度第二季的非GAAP營運費用不包括與近期完成的審計委員會調查相關的800萬美元一般及行政費用。

The improvements we have made managing our working capital continue to drive strong cash generation. In Q2, we generated approximately $33 million in cash flow from operations, delivering our best Q2 in the last five years. And in the last 12 months, we delivered approximately $250 million in cash flow from operations, doubling the prior year.

我們持續改善營運資本管理，從而推動了強勁的現金流成長。第二季度，我們的經營活動現金流約為3,300萬美元，創下近五年來的最佳第二季業績。過去12個月，我們的營運活動現金流約2.5億美元，較上年同期翻了一番。

Our quarter-ending cash balance of about $500 million was up by $205 million over the prior year. Our cash positions, the highest level in nearly four years, enables us to drive a healthy capital allocation strategy moving forward, focused on small acquisitions as a priority, annual dividends, and finally share buyback.

本季末現金餘額約5億美元，較上年同期增加2.05億美元。目前現金水準達到近四年來的最高水平，這使我們能夠推行穩健的資本配置策略，優先進行小型收購，其次是派發年度股息，最後是股票回購。

Let me wrap up by saying that the audit committee investigation is now closed, and we expect to be current with all of our financial filings as soon as possible. Once our filings are current, our 250 million share repurchase program will be available again for our use.

最後我想說的是，審計委員會的調查現已結束，我們預計盡快完成所有財務申報。一旦申報更新完畢，我們的2.5億股股票回購計畫將再次可供我們使用。

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。

Thank you, Vincent.

謝謝你，文森。

Looking at the remainder of the year, we're confirming our outlook for fiscal year 2015 of approximately $2.16 billion in sales, assuming relatively stable exchange rates, and approximately $170 million in non-GAAP operating income.

展望今年剩餘時間，我們確認 2015 財年的銷售額約為 21.6 億美元（假設匯率相對穩定），非 GAAP 營業收入約為 1.7 億美元。

I am really excited about our progress and momentum through the first half of the fiscal year, which positions us well to achieve our full-year objectives. We have many outstanding products and many more to come.

我對我們上半年的進展和勢頭感到非常振奮，這讓我們更有信心實現全年目標。我們擁有許多優秀的產品，未來將推出更多新品。

We're gaining share on most of our categories. We're performing well in the PC peripherals core and have positioned ourselves for sustained growth in our growth businesses. And we are behind the scenes creating engines for new growth.

我們在大多數品類中市佔率都在成長。我們在PC週邊核心業務領域表現出色，並已為成長型業務的持續發展做好準備。同時，我們也在幕後積極打造新的成長引擎。

With the holiday selling season just getting started, I'm particularly excited about our product portfolio, which continues to improve as we execute our strategy of creating fewer bigger products. The runaway success of the UE Boom is the perfect example of this strategy in execution. And we are creating similar potential flagship products in the quarters to come.

隨著假日銷售季的拉開序幕，我對我們的產品組合感到格外興奮。隨著我們不斷推動「少而精，多做」的策略，我們的產品組合也持續完善。 UE Boom 的巨大成功正是這項策略的完美體現。未來幾季，我們還將推出更多類似的旗艦產品。

And with that, Vincent and I are available to take questions. Please follow the instructions of the operator.

好了，現在我和文森可以回答問題了。請聽從接線生的指示。

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, actually a very short one regarding the gross margin. I understand that you are a bit stretched at the high end at the moment in terms of what you can do with gross margin. But, the fact that you just pretty much guided for it to be at 36% for the full year implies a huge decline in the second half of the year, much more than not having anymore the support of the open books and even wider volumes. So, just can you just give us a little bit more detail and to help us understand what's going on there?

您好。感謝您回答我的問題，其實我的問題很簡單，是關於毛利率的。我知道目前貴公司在毛利率方面已經有些捉襟見肘。但是，您之前給出的全年毛利率預期是36%，這意味著下半年毛利率將大幅下降，這不僅僅是因為不再有公開帳簿和銷量成長的支撐。所以，您能否詳細解釋一下，幫助我們理解其中的原因？

Yes, absolutely. Good morning. It's actually Vincent. So, gross margin this quarter, 38.8%, about a point of this one-time event of subsequent event. As you mentioned, as soon as we're on file, we won't benefit from that one-time change.

是的，當然。早安.我是文森。本季毛利率為38.8%，約有百分之一的變動是由於這次一次性事件或後續事件的影響。正如您所說，一旦我們正式備案，我們就無法再享受這次一次性變動帶來的好處了。

It still leaves a second half gross margin that is lower than first half. Per the historical trend, you can see last year also our first half gross margin was about a point, a point plus higher in the first half versus the second half. And that's because we used some of that gross margin to stimulate the sales growth as we get closer to the Christmas season. So, that's definitely one aspect of the gross margin. And then you have the normal mix impact that will also drive the margin down in the second half.

這仍然導致下半年的毛利率低於上半年。根據歷史趨勢，去年我們上半年的毛利率也比下半年高出約一個百分點。這是因為我們利用部分毛利來刺激銷售成長，尤其是在聖誕節臨近之際。所以，這無疑是影響毛利率的因素。此外，產品組合的正常變化也會對下半年的毛利率造成影響。

Okay. Thank you. If I may, just a quick other one. Can you give us a sense of what's your exposure to Apple Stores? I just want to understand a little bit here in particular because we have seen in the press a lot of announcements that some key products that were sold so far in the Apple Store are not sold there anymore and seems to be more or less in line with what Apple is doing as well with [Beats]. So, if you can give us a sense of how much that is out of your total sales, that would be awesome. Thank you.

好的，謝謝。如果可以的話，我再問一個問題。您能否簡單介紹一下您在蘋果商店的銷售情況？我特別想了解一下，因為我們從媒體報告中看到很多消息，一些之前在蘋果商店銷售的關鍵產品現在已經不再在那裡銷售了，這似乎與蘋果對Beats的做法大致相同。所以，如果您能告訴我們這部分銷售額佔您總銷售額的比例，那就太好了。謝謝。

We don't give that information publicly. But, I can say it's -- Apple's an important customer for us, especially in the US market, around the world. And certainly, our exposure to any of our customers is relatively limited in scope. No single customer would be particular significant, to be honest. There are a few that would be bigger. But, Apple would be one of those. And it certainly wouldn't be our top customer by any stretch.

我們不會公開這些資訊。但我可以透露的是，蘋果是我們的重要客戶，尤其是在美國市場，乃至全球。當然，我們對任何客戶的關注度都相對有限。坦白說，沒有哪個單一客戶對我們而言特別重要。當然，也有一些規模更大的客戶，但蘋果只是其中之一。而且，它絕對不是我們最大的客戶。

The reference you made to what's happening within the Apple Stores, there are always changes happening within Apple. We feel very good about our performance in Apple now. And we expect to continue to do well there ahead.

您剛才提到了蘋果零售店內部的情況，蘋果公司內部總是在不斷變化。我們目前對在蘋果的表現非常滿意，並且預計未來將繼續保持良好的業績。

Thank you.

謝謝。

Thank you, Youssef.

謝謝你，優素福。

Tavis McCourt, Raymond James.

Tavis McCourt，Raymond James。

Hey, guys. Thanks for taking my questions.

嗨，各位。謝謝你們回答我的問題。

Hey, Tavis.

嘿，塔維斯。

Good to talk to you, Bracken. My first one's just a housekeeping for Vincent. On the GAAP income statement, there doesn't appear to be a restructuring charge, but if I look in the non-GAAP, there's an $8 million special charge. I guess, where does that show up on the GAAP income statement? Is that split between the different compact components?

很高興和你聊天，布雷肯。我的第一個問題只是幫文森特處理一些瑣事。在GAAP損益表中，似乎沒有重組費用，但如果查看非GAAP損益表，會發現有一筆800萬美元的特殊費用。我想知道，這筆費用在GAAP損益表中是如何反映的？它是分攤到不同的合併項目上的嗎？

No, it's really G&A. And this is $8 million related to the audit committee investigations made of lawyers, accountant, forensic accountant type of expenses.

不，這實際上是管理費用。這800萬美元與審計委員會的調查有關，包括律師、會計師、法務會計師等方面的費用。

Okay. So, that's primarily G&A. And do you have a capital spending number for the quarter and for the year to date?

好的。所以，這主要是管理費用。請問您有本季和年初至今的資本支出數據嗎？

Year to date, we are roughly the same than last year. We spent about $40 million in CapEx on an annual basis.

今年迄今為止，我們的業績與去年大致持平。我們每年的資本支出約為4000萬美元。

Okay. And then, Bracken, if I was kind of hearing the qualitative comments around the growth categories for next quarter, it sounds like the tablet keyboard business probably doesn't really turnaround a bit until the March quarter. But, we should expect stronger growth in the computer gaming business as the product availability becomes better on these new products. Wanted to make sure I was hearing that directly.

好的。布雷肯，如果我沒理解錯你對下個季度增長類別的定性評論，平板電腦鍵盤業務可能要到三月份的季度才會真正有所好轉。但是，隨著這些新產品的供應改善，我們應該會看到電腦遊戲業務更強勁的成長。我想確認一下我聽到的是否屬實。

And then on the mobile speakers, anything you're willing to give on -- you basically have a homerun product here. Looks like that category will be doing $150 million, $200 million in revenues this year. What are the plans to expand that product category, whether it's distribution expansion or expanding beyond kind of the one SKU, which I suspect or the one product that I suspect is the majority of the revenues?

至於移動式音箱，只要你願意投入──基本上就能打造出一款爆款產品。看起來這個品類今年的營收將達到1.5億到2億美元。你們有什麼計畫來拓展這個產品類別？是擴大通路，還是拓展產品線，突破目前單一產品（我懷疑這單一產品貢獻了大部分收入）的限制？

Yes, related to your first question, I think you characterized it about right. I think the -- yes, I won't repeat what you said, but yes, we expect music to continue to be strong. I think PC gaming will be strong. I think our tablet and accessory business this quarter will probably be similar to last quarter. But, as we get into Q4, we've got a full lineup, and we've really drained out the prior product inventory. I think you should see a significant improvement in Q4.

是的，關於你的第一個問題，我覺得你的描述很準確。 ——是的，我不會重複你剛才說的話，但我們預計音樂業務會繼續保持強勁勢頭。我認為PC遊戲業務也會很強勁。我認為我們本季的平板電腦和配件業務可能與上個季度類似。但是，進入第四季後，我們的產品線已經全面展開，先前的庫存也基本上已經清空了。我認為第四季應該會有顯著的改善。

In terms of the music portfolio, actually, music is already a more balanced portfolio than you might suspect, but there's no doubt the UE Boom is a homerun product. And we're certainly working to make sure that we have future homerun products in every one of our categories, including music. So, stay tuned.

就音樂產品組合而言，實際上，我們的產品組合已經比您想像的更加均衡，但毫無疑問，UE Boom 是一款非常成功的產品。我們當然也在努力確保未來在所有產品類別中，包括音樂類別，都能推出更多成功的產品。敬請期待。

Great. And, Bracken, any way to frame what the recent exchange rate movements will impact the December quarter by relative to previous? I know year over year in the September quarter was kind of flattish. But, I suspect it starts becoming a headwind. Is that going to be noticeable in the results, or was it manageable based on your forecast?

好的。布雷肯，您能否預測一下，近期的匯率波動會對12月季度的業績產生怎樣的影響？我知道9月季度同比數據基本持平。但我懷疑匯率波動會逐漸成為不利因素。這會在業績中反映出來嗎？還是說根據您的預測，影響可以控制？

I'm going to let Vincent answer that one.

這個問題我還是讓文森來回答吧。

Hey, Tavis. So, as you know, in Q2 on a year-over-year basis, there was not a lot of currency impact on a global basis. Compared to when we gave guidance last time, you know that the US dollar's appreciated about 8% compared to the euros. We've assumed a middle of the road for the exchange rate moving forward in second half. And obviously, volatility may impact that.

嗨，塔維斯。如你所知，第二季年比來看，全球匯率波動的影響並不大。與我們上次發布業績指引時相比，美元兌歐元升值了約8%。我們預計下半年匯率將維持在中等水準。當然，匯率波動可能會對此產生影響。

Our euro-based revenue is about 20% to 25% depending on the quarter of our total revenue. And you can understand what it is. We feel pretty good about the operating profit commitment as we have multiple levels in our P&L to drive the business.

我們以歐元計價的收入約佔總收入的20%至25%，具體比例取決於季度。您應該能理解這部分收入的佔比。我們對營業利潤的承諾相當有信心，因為我們的損益表中包含多個層級來推動業務發展。

When you say you assumed a middle of the road, does that mean kind of a euro exchange rate with the dollar that's halfway where it was and where it is today, or -- ?

你說你採取了折位方案，是指歐元兌美元匯率介於過去和現在的中間值嗎？

-- Yes, that's correct.

——是的，沒錯。

Okay.

好的。

Yes.

是的。

Thanks, Tavis.

謝謝你，塔維斯。

Joern Iffert, UBS.

約恩‧伊弗特，瑞銀集團。

Yes, hello. And thanks for taking my question. The first one would be on the share buyback. Assuming -- you're assuming it shortly and it's executed over the next two to three years as planned, can you give us a feeling if there should be any EPS accretion at all or will all be used for the long-term incentive plans of the management? And if you also could help us, what should be a fair base case according to your current view for the number of shares outstanding end of the fiscal year?

您好。感謝您回答我的問題。第一個問題是關於股票回購的。假設——您假設回購計劃即將實施，並在未來兩到三年內按計劃執行——您能否預測一下，這是否會對每股收益（EPS）產生任何影響，還是所有資金都將用於管理層的長期激勵計劃？另外，如果您也能幫忙估算一下，根據您目前的看法，本財政年度結束時的流通股數應該是多少？

Then the second question, if I may follow up on FX again, taking the transition risk you have with the US dollar and the euro, if the euro stays here weaker versus the US dollar on the current spot rate, can you just give us a rough sensitivity on what is the impact here on the earnings for the second half versus your midpoint you just mentioned?

那麼第二個問題，如果我可以再次追問外匯方面的問題，考慮到美元和歐元之間的過渡風險，如果歐元兌美元的即期匯率持續走弱，您能否粗略地估算一下，相對於您剛才提到的中間值，這對下半年的收益會有什麼影響？

And then maybe the last question, if you can give us a feeling as you have done the last conference calls on what you expect roughly on the Christmas quarter, is it a flattish top line, a slight declining top line, or slight increase? And this would be appreciated. Thanks very much.

最後一個問題，您能否像上次電話會議那樣，大致談談您對聖誕節季度的預期？營收是持平、略微下降還是略有成長？非常感謝。

Thanks, Joern. There's lots of questions here. Let me take a few that are more financially driven. So, on the buyback, right, as soon as we are current in our filing, we will be able to resume our program, you know that the Board-approved $250 million program to buy back shares in an opportunistic way over the next coming years.

謝謝，約恩。這裡有很多問題。我先回答幾個與財務更相關的問題。關於股票回購，一旦我們提交了最新的財務報告，我們就可以恢復回購計畫。您知道，董事會已經批准了一項2.5億美元的計劃，將在未來幾年內擇機回購股票。

The goal really is to create value for the shareholder. Management is not compensated on EPS. In other words, management compensation is not affected by the buyback. It's really a Board decision and one of the multiple ways for us to return cash to shareholders.

我們的目標確實是為股東創造價值。管理階層的薪酬與每股盈餘無關。換句話說，股票回購不會影響管理階層的薪酬。這完全是董事會的決定，也是我們向股東返還現金的多種方式之一。

When it comes to currency and spot rates, I mentioned the 8% appreciation in US dollars. When we gave our initial guidance, the US-euro currency rate was 1.36. It finished the quarter at 1.26. We assume for our forecast going forward that around 1.3.

關於貨幣和即期匯率，我提到了美元升值8%。在我們最初發布業績指引時，美元兌歐元匯率為1.36，而本季末收在1.26。我們預計未來一段時間的預測匯率將在1.3左右。

I mentioned that about 20% to 25% of our sales is in euro. And I think you can quickly do the math. If you do the math, depending on your model, you'll see that, if it goes to 1.26, 1.25, you could have a $20 million to $25 million impact on the top line. That gives you enough for your modeling. Obviously, those things may change based on the different revenue mix we may have in the quarter.

我之前提到過，我們大約20%到25%的銷售額是以歐元結算的。我想你應該可以很快算出來。如果你算一下，根據你的模型，你會發現，如果匯率跌到1.26或1.25，可能會對營收造成2000萬到2500萬美元的影響。這足以滿足你的建模需求。當然，這些數字可能會根據我們本季不同的收入組成而有所變化。

When it comes to guidance for second half, you remember last year Q3 was a very strong quarter. And then Q4 was a little bit weaker. We obviously -- on the year-over-year compare, we're going to have the opposite compare. We're going to have Q3 from a year-over-year growth perspective a little bit less strong than Q4. And I would advise to your model that way. Flattish to slightly positive would be our guidance today.

談到下半年業績展望，您應該記得去年第三季表現非常強勁，而第四季則略顯疲軟。顯然，就同比而言，情況正好相反。從年成長的角度來看，第三季的業績將略遜於第四季。因此，我建議您在模型中也做出相應的預測。我們目前的業績展望是持平或略有成長。

Thanks very much.

非常感謝。

(Operator Instructions). John Bright, Avondale Partners.

（操作說明）。約翰‧布萊特，艾文戴爾合夥公司。

Thank you. Bracken, Vincent, strategically speaking, there seems to be a growing attach rate to tablets of mice and keyboards. A, are you seeing that growing attach rate, and how much of an opportunity do you see in that looking forward?

謝謝。布雷肯，文森特，從策略角度來看，平板電腦搭配滑鼠和鍵盤的比例似乎越來越高。 A，你們也觀察到這種成長趨勢了嗎？展望未來，你們認為這其中蘊藏著多大的機會？

The attach rate on mice and keyboards for tablets I think has been very, very low up to this point. There might be some growth there. And we certainly keep an eye out for that in case it happens. We'd obviously be extremely well positioned if we do see a growing attach rate in mice and keyboards. And I think it could happen.

我認為目前平板電腦滑鼠和鍵盤的安裝率一直非常非常低。未來或許會有一些成長。我們當然會密切關注這一趨勢。如果滑鼠和鍵盤的安裝率真的成長，我們顯然會佔據非常有利的地位。而且我認為這種情況很有可能發生。

On keyboards, there's no doubt. Let me break them apart. On keyboards, there's no doubt that there's been a growing attach rate. And we're seeing it growing right now and for Samsung products. And it's already at a pretty good rate and for iPad products. So, let me just say, on keyboards, there's no doubt.

鍵盤方面，這一點毋庸置疑。讓我來詳細分析一下。鍵盤的附加元件使用率一直在成長，這一點毋庸置疑。我們現在就能看到這種成長，尤其是在三星產品上。而且，iPad 產品的附加組件使用率已經相當不錯了。所以，我只想說，鍵盤方面，這點毋庸置疑。

On mice, we haven't seen that yet, but could happen. And if it happens, we'll be very well positioned. And regardless, we continue -- you saw this quarter we had a -- the nice thing about tablets and PC is that they seem to play kind of in combination with each other. If the tablet market's soft, the PC market seems to be stronger. And we have something for both. So, we're trying to make sure we're really in a neutral position depending on which one grows. If they both grow, we'll be in an even better spot.

關於滑鼠，我們目前還沒有看到這種情況，但未來可能會發生。如果真的發生了，我們將佔據非常有利的地位。無論如何，我們將繼續——正如您在本季度看到的——平板電腦和PC的優勢在於它們似乎能夠相互促進。如果平板電腦市場疲軟，PC市場則可能表現強勁。而我們同時為這兩個市場都提供了解決方案。因此，我們正努力確保自身處於中立地位，以因應市場成長。如果兩者都成長，我們的處境將更加有利。

Operationally speaking, you talked about some component constraints during the quarter. I think it was related to the PC gaming category. Can you flesh out some -- what are those components? Was it only PC gaming, or were there others? And how big of an impact was that?

從營運角度來說，您提到本季遇到了一些組件方面的限制。我認為這與PC遊戲類別有關。您能否詳細說明一下—這些組件具體是什麼？僅限於PC遊戲，還是也包含其他類別？影響有多大？

Yes, we -- I can't give you a specific impact. What I can say is, in the -- and there were a few constraints we had throughout the business. What I would say is, within the gaming segment, we continued to be very constrained of mechanical switches for mechanical keyboards.

是的，我無法具體說明影響。但我可以說，在整個業務過程中，我們都面臨一些限制。具體來說，在遊戲領域，我們仍然在機械鍵盤的機械軸方面受到很大限制。

I think we'll start to solve that this quarter as we get into Q4. And we're selling products with our own mechanical switches as well as others. I think we'll really unlock that. So, we should start to finally have a good look at what unconstrained supply gives us from a business standpoint in the mechanical keyboard part of PC gaming.

我認為我們會在本季度，也就是進入第四季後，開始解決這個問題。我們銷售的產品不僅包含我們自主研發的機械軸，也包含其他品牌的機械軸。我認為我們會真正釋放這方面的優勢。因此，我們應該最終能夠清楚地看到，在PC遊戲機械鍵盤領域，不受限制的供應能為我們帶來哪些商業利益。

We also have a couple of other constraints on components within the PC gaming segment. They're less severe, but they're there. And I suspect we'll see those ease as we get into Q4. So, we're in a good shape as we go into Q3 in PC gaming in general, but we'll be in even better shape as we go into Q4.

我們在PC遊戲領域的組件方面還有一些其他的限制。這些限制雖然不那麼嚴重，但確實存在。我預計這些限制會在第四季有所緩解。所以，就PC遊戲整體而言，我們在第三季度處於良好狀態，而到了第四季度，情況會更好。

Final question for -- I think it's probably for Vincent. Vincent, on the guidance front, you did -- you're not passing through the operating income [beat] in the quarter. I suspect that's because of the predicted gross margin change. Am I correct in assuming that?

最後一個問題──我覺得應該是問文森的。文森特，關於業績指引，你沒有公佈本季的營業收入超出預期。我懷疑這是因為毛利率的預期變化。我的理解對嗎？

Yes, you're correct. So, in Q1, we had gross margin upside. We passed that through an increase in our profit guidance for the year. This quarter, we have a gross margin upside we're using in two ways. One is obviously the second half gross margin will be used to stimulate growth. And then secondly, we're going to ramp up OpEx and invest to position us well for FY 2016.

是的，您說得對。第一季度，我們的毛利率有提升空間，我們透過上調全年獲利預期來體現這一點。本季，我們利用毛利率提升空間的方式有兩種。首先，顯然下半年的毛利率成長將用於刺激業務成長。其次，我們將增加營運支出和投資，為2016財年做好充分準備。

I am going to throw one more in. I said final. On the inventory front, it looks like you really have pretty healthy inventory levels at this juncture. The channel as well?

我再補充一點。我說的是最後一條。庫存方面，目前看來你們的庫存水準相當健康。通路方面呢？

Yes, that's correct, right? You can see that, on our slides that we posted on our Website, our sell-through was up 6% this quarter for selling of 2%. When you look at a year-over-year basis on a dollar -- on a total dollar basis, we are down. And we feel pretty good about the position in the change -- in the channel.

是的，沒錯。您可以在我們網站上發布的幻燈片中看到，本季我們的銷售額成長了6%，但實際銷售額卻下降了2%。但如果以美元計算，也就是以總金額計算，我們的銷售額是下降的。不過，我們對通路轉型帶來的改變感到相當樂觀。

Gentlemen, thank you.

先生們，謝謝你們。

Thank you, John.

謝謝你，約翰。

(Operator Instructions). Andreas Mueller, ZKB.

（操作說明）。 Andreas Mueller，ZKB。

Yes, thank you very much. Hello. Good afternoon.

是的，非常感謝。您好。午安.

Hi, Andreas.

你好，安德烈亞斯。

I've got a question on the cash conversion cycle, which was 28 days. Can you drive that structurally further down, or are you apart from seasonal effects already there? You wanted to be -- I think the goal was in the past below 30 days.

我有一個關於現金週轉週期的問題，之前的週期是28天。你們能否從根本上進一步縮短這個週期，還是說已經有季節性因素的影響？你們之前的目標是──我記得是──低於30天。

Yes, so, as you know, cash conversion cycle, first from a formulaic perspective, is impacted by your cost of goods sold or your high margin. Margin in the second half will be lower. I would use when you model it at 35% to 36% gross margin to calculate that.

是的，如您所知，現金週轉週期首先從公式角度來看，會受到銷售成本或高利潤率的影響。下半年的利潤率會降低。我建議您在毛利率設定為 35% 到 36% 時進行計算。

I would go back to the operational improvement. We've significantly made our own inventory more efficient, our supply chain more efficient, lowering the own inventory. And that has enabled us to improve our cash from operation in the quarter last quarter and in the last 12 months.

我想再次強調營運改善的重要性。我們顯著提高了自身庫存和供應鏈的效率，並降低了庫存水準。這使得我們上個季度以及過去12個月的經營現金流均有所改善。

You know that, in March, we gave a long-term target of cash from operations at about one time non-GAAP operating profit. We'll be slightly above that. But, I wouldn't model much higher than that at this point in time.

您知道，我們在三月設定了一個長期目標，即經營活動產生的現金流量約為非GAAP營業利潤的1倍。我們最終會略高於這個目標。但是，就目前而言，我認為不宜設定遠高於這個目標的期望。

Okay. Then a follow up. Can you discriminate between the mobile speakers within America, which was tripling between North America or in particular US and then the countries in South America?

好的。那麼還有一個後續問題。您能否區分美國境內的行動揚聲器數量（北美，特別是美國，其數量增加了三倍）和南美國家的行動揚聲器數量？

North America, South America?

北美洲，南美洲？

Yes, exactly. Was it the same growth, or was it different?

是的，沒錯。是同樣的生長情況，還是有所不同？

Yes, no, we would've had lower growth in South America, much lower base. That's a relatively much, much smaller mobile speaker market. But, the overall mobile speaker market around the world is growing very rapidly. We're growing faster than the overall markets. And we're growing share. We think we're very well positioned so far to continue to gain share. And there's more in the oven, so to speak, cooking for the future in speakers. So, we're really excited about the category.

是的，我們在南美的成長速度會慢很多，因為基數要小得多。那裡的移動音箱市場規模相對較小。但是，全球移動音箱市場整體成長非常迅速。我們的成長速度超過了整體市場，市場佔有率也不斷擴大。我們認為，到目前為止，我們已做好充分準備，能夠繼續擴大市場份額。而且，我們還有更多產品正在研發中，為未來的音箱市場做好準備。所以，我們對這個品類充滿信心。

Okay. And my last question will be on the OpEx side. Can you share with us a bit more where you want to invest and what kind of products, maybe also markets?

好的。我的最後一個問題是關於營運支出方面的。您能否詳細介紹一下您希望投資的領域、產品類型以及市場？

Yes, we're going to continue to invest primarily in our growth products, so the growth products that you see and the growth -- the potential growth products that you don't that are not out yet. So, those are our two areas of investment.

是的，我們將繼續主要投資於我們的成長型產品，包括您現在看到的成長型產品，以及您現在看不到、尚未上市的潛在成長型產品。所以，這是我們的兩大投資領域。

In terms of markets, most of our investment right now is going into mature markets. And that will probably continue. But, as we see the emerging markets start to come back, we'll start to throttle down a little more into them, too.

就市場而言，我們目前的大部分投資都流向了成熟市場，這種情況可能會持續下去。但是，隨著新興市場開始復甦，我們也會逐步減少對新興市場的投資。

Okay. Thank you.

好的，謝謝。

Thank you. Thanks, Andreas.

謝謝。謝謝你，安德烈亞斯。

Michael Foeth, Bank Vontobel.

Michael Foeth，Vontobel銀行。

Hi, Michael.

你好，麥可。

Yes, hi. Hi, Bracken. Hi, Vincent. I just have one question regarding Lifesize, if you could comment on the kind of business environment and where you stand in the repositioning of that business.

是的，你好。你好，布雷肯。你好，文森特。我只有一個關於Lifesize的問題，您能否談談當前的商業環境以及您在公司業務重組中所處的階段？

Yes, so on Lifesize, right, you know that last year we took a restructure. We right-sized the cost structure to the opportunity. We stabilized sales. And then Lifesize really embarked into its biggest transformation.

是的，關於Lifesize，你知道，去年我們進行了重組。我們調整了成本結構，使其與市場機會相符。我們穩定了銷售額。然後，Lifesize真正開始了歷史上最大的轉型。

They've launched a Cloud solution and are migrating the customer or the clients with a more software approach with the Cloud offering. It was launched a few months ago, very good beginning, too early to really translate into financials, but from an interest perspective, from a lead perspective, definitely very promising.

他們推出了一項雲端解決方案，並正透過雲端服務以更軟體化的方式引導客戶遷移。該方案幾個月前推出，開局良好，現在評估其財務表現還為時過早，但從客戶興趣和潛在客戶數量來看，前景無疑非常光明。

In the meantime, as you know, the hardware infrastructure on premise that used to make some of the revenue is going down as it's migrated to the Cloud. So, we'll maintain efficient cost structure, running the business at about breakeven, and really pushing into the Cloud offering.

同時，如您所知，過去為我們帶來部分收入的本地硬體基礎設施正在向雲端遷移，其規模正在縮小。因此，我們將維持高效率的成本結構，使業務營運基本上達到損益平衡，並大力發展雲端服務。

Okay. Excellent. Thank you. And maybe just one follow up regarding this gross margin impact there that you see from the books still being open. Can you re-explain exactly how that is going to impact the gross margin once you close the books?

好的，非常感謝。關於帳目尚未結清對毛利率的影響，我還有一個後續問題。能否再詳細解釋一下，在帳目結清後，這會對毛利率產生怎樣的影響？

So, once books are closed, normally any adjustment to accrual estimates force into the normal periods. We have about a $1.4 million to $1.5 million that are pushed back into the last open period, which at this point in time would be Q4 or Q1. As soon as we are on file, we go back to a normal cadence of driving a quarter, closing it, and then moving into the next, not having to re-evaluate that long a period. And we can more technically follow up in our call later on.

因此，一旦帳目結算完畢，通常情況下，任何對應計項目估算的調整都會自動計入正常期間。我們有大約140萬至150萬美元的調整被推回到了上一個未結算的期間，目前來看，應該是第四季或第一季。一旦這些調整完成並存檔，我們就可以恢復正常的季度結算節奏，完成一個季度的結算，然後進入下一個季度，而無需重新評估那麼長的期間。我們可以在稍後的電話會議中更詳細地討論這個問題。

Okay. Thanks.

好的，謝謝。

Thank you. It appears there are no further questions. At this time, I'll turn the conference back over to Mr. Darrell for closing remarks.

謝謝。看來沒有其他問題了。現在，我將會議交還給達雷爾先生，請他作總結發言。

Thank you very much.

非常感謝。

Well, thanks to all of you for joining us today. I'm really excited about both the progress we've made to date, but the things we control and about the potential ahead of us. Of course, we face short-term challenges with -- that we've discussed on the call, currency fluctuations and component supply shortages in gaming products. But, I'm really, really optimistic about the future. And I believe we'll continue to execute a winning formula here for long-term growth, great products, and more to come.

感謝各位今天蒞臨本次會議。我對我們迄今為止的進展、我們能夠掌控的因素以及未來的發展潛力都感到非常興奮。當然，我們也面臨一些短期挑戰——正如我們在電話會議上討論過的，例如匯率波動和遊戲產品零件供應短缺。但是，我對未來充滿信心。我相信我們將繼續沿用這套行之有效的模式，實現長期成長，打造卓越的產品，並取得更大的成就。

I look forward to keeping you updated on our progress. Thanks a lot for joining us today.

我期待著向您報告我們的進展。非常感謝您今天能來參加。

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

今天的電話會議到此結束。各位現在可以掛斷電話了。謝謝。