Logitech International (LOGI) 29 Apr 212021 Q4 Earnings call transcript

Hi, good morning. Welcome to Logitech’s video call to discuss our financial results for the fourth quarter and full fiscal year 2021.

Joining us today are Bracken Darrell, our President and CEO, and Nate Olmstead, our CFO.

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

We are making these statements based on our views only as of today.

differ revise we any could to no results or update of actual materially undertake and obligation Our these statements.

discuss also will non-GAAP results. We financial

the well results These call our and are are to use recent of reports Unless You our information all and Relations our factors the net our as website. financial is find being a sales. most our year-over-year between annual on and materials will our with available impact to and can turn and slides press call are the in over release materials including reconciliation periods that at website. could you We quarterly This about available carefully. filing call review in remarks between subsequent non-GAAP of these for and replay Investor webcast encourage And GAAP our as results recorded constant measures our sales of filings. and and prepared non-GAAP and Bracken. be and now comparisons otherwise, I'll noted page and SEC, this currency

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than virtually Logitech are was furthest one They the year all year These one sales results that pull and and regions, or results. drove with delivered trends forward. post-COVID based those growing. were we along with are our history, keep they just will our financial across still What more impressive categories countries broad including our best category secular. XX% to billion. programs. to up turn income those are down time locked Said tripling in that about results let's keep XXXX operating recovery really not fully the and and Now their fiscal secular never secular $X.X talking way, another

candid, keyboards be categories over be mice products, we even example, held were. you premium bet call always Master limited many in back been increased by consistently I coders on demand and these year and about were Our Analysts, category. the able this billion. of accelerate. PC fiscal to I and participate our MX this But than are. talking to every began the To we peripherals which learning in keyboards, limited. using Nate for mice right It $X.X using and was remote were that they be realize hybrid and of more always of were the expanded to the year, and creators grow I'm categories and potential premium products only when XXXX outstanding don't growing for already these in felt work these there premium how MX should for night. was Anywhere. XX% into but but began has again last invest we in we premium now, awareness Master to awareness some awareness

for Webcams, comfort. say, growing an growth, who to We alternative, their for versus faster need also ago. even Webcams, highest need shown more those year who than need those tripling comfort. products products have ergonomic needless have

our in perspective see of we're put we close base let constrained XXX GAAP XXXX, the fiscal and most million webcams, in we of monitors we've one we VC But ship year opportunity admittedly end market entire and on in an year XXXX While it, this PCs. about What because in it some installed fulfill have lost XX been fiscal expect today supply talking fiscal to webcams. X.X than less against share of ability billion the units between to and the me XXXX. demand year of through million

opportunities if vast rates. tax hybrid us see to ahead more that excites the is have You number still of to companies we more in What the greater drive us work. increase of even shift can workspaces

recent survey days more XX in mice, the the of who the at keyboards, days Analyst in people As we and Day, other will home two our in increase internal webcams, our than means mikes. to and speakers, This work more XX number noted Investor office. suggests that headsets,

of line know enhanced MX increased marketing, putting -- at continue drastically investments workspace You could or the to talked those to that your our license on mainstream design focused about. product improve to Combined which and user keyboard or now home as portfolio $XX both. in experience, the and keyboards something or our us with awareness keyboards we're lifestyle office a create I simple across mice PC for expect with can that products as you innovate like of for in combine consideration ergonomic mouse in experience or greater productivity your

category you Now several so excited this why years. to for start we're the can next see about

tripled time. big the growth over category me collaboration. video fiscal first to for Sales Now year another for XXXX almost about billion let us, $X talk in

all in year. Our than did VC we were QX of last fiscal sales more what

Wireless friends, the our through and companies video devices, room on starting or to turning such just as about roll for return across as others. of personal are We're for excited improved clear trend and accelerated towards office. very their this to the a well in started represents growth They and out actually category recently enterprise And growth Rally collaboration Webcam fiscal work, Bar Zone also our the BRIO Headset. Our co-workers, customer map to more return video as Mini. the out the to announced to as that quarters Rally in with both clients supply connect Triple-digit conference XXXX was great opportunities all feedback. products the products to the one most Bar

more gaming, also Our broad a of our console than has gaming QX. game sales and growth The gaming categories, all very was our including XXXX fiscal had across only year doubling PC strong all mandates the with also sales simulation, gaming, around innovation despite Not we've to gaming based in category in regions. significantly up in over level place been introduce in year, expanded I'm highest market market the able but share. ever the past the shelter we extremely and of that our reached proud all our world. products have teams overall XX% the

district developed has one her fastest Tiffany gaming it overall best-selling tools and sales XX, tablet tablet Beers our share and These are up retail were since become last introduced and as headset growth XXXX. tablet part students a six around up while months of deliver ramps our super gains growth XX% fiscal team PRO school headsets, light supported just sales one-time have over of of Our year. launch the the this, world newest were education by just quarter, while sales other keyboards our fiscal our tremendous new year triple of significant order X quickly year. our new one Schools digits gaming and sales our a at for for from almost even to gaming education But Tablet colorful large to had the remotely. our playful mouse, our tablet up over was technology GXXX XX. traditional and products up accessories with we the sales was also Japanese many ago. And for drove year, two needed that a a noted excluding post in

increased Wearables investments down prioritized Blue let that’s XX% were as we the line sales fiscal XXXX Our And speakers and growing our and in by mobile markets. but reallocated expectations for fast Headsets other year Audio full in grew & our in with XX% Retail Microphones.

you through key let call Now Nate turn walk me over metrics. the financial to to our

across a our quarter with fourth high finished We geographies. growth our with doubling than an note on Bracken. and sales based more excellent categories year all thanks and broad Okay,

later, FY fiscal over XXXX XXX This that our And FY of for guidance. said, Bracken outlook XXXX growth. cover up effectively Bracken growth of flowing as As $X.X therefore exceeded XXXX XX% our revenue maintaining sales upside billion, which reached are upside. compared revised this million will XX%, represents recently recent and sales guidance we rate to through

more income outlook operating previous over non-GAAP X.XX of our Our than higher than to $X.X billion. billion tripled

will non-GAAP do points spending percentage putting promotions in should year that fiscal to was somewhat Our some retail sale expect, year. margin return we FY favorable six year, in margin was point gross to the XX% and I from ahead. over again gross this reached range within due margin and of lower more historical pressure the activations. gross increased to Product But our up months on to just XX%. these increase points the marketing of pressure however, promotional and five and our downward offsetting next and mix XXXX, We favorable of this last recently margin it XXXX that lower all expect activities revised land XX.X%, will Almost remain levels target mentioned. is means that XXXX

increased XX% billion. $X.X operating XXXX expenses non-GAAP Our in to

innovation, invested As our go-to-market and and software across hardware business growth expansion, we solidified areas accelerated, marketing. many and including

future potential the impact, for business All FY revenue primed growth. of XXXX these had limited investments but

invested partners. addition the and importance our also in with sustainability all all These our deeply will we of manufacturing areas to environmental where supply invest own in strategic fiscal In to we chain and conventional new more are year. continue in capabilities,

Finally, and and our in profit XXXX QX fund operating spending and QX both a for and our to decisions equality dynamics $XX margin you'll environmental advised that of growth overall strategies expansion G&A the for operating business sustainability. The giving fiscal sequentially notice social million capabilities result net these was longer-term. improved charitable due for strong and long-term donor investment to increased support into

full by operations growth about profit for Now, fiscal and a $X.X business from our capital nearly and tight working and financial the decisions, linkage million maintain flow. between reached from We management. driven in Cash up alignment year, let XXXX, operational $XXX efficient billion briefly cash me talk strategies, flow our structure.

to We in as provided work profitability You us invest at and in and saw categories. pace flow supply, additional this were as several strong cash share that recent logistics. allowed gains us balance by competitive manufacturing, able XXXX a demonstrated and in our a to level fiscal at aggressively advantage, invest sheet

as efforts costs head component the we fiscal may investment strategic We will we which into the we to supply initially lead inventory sources to allowed begin and new healthier a the year us our levels than and find new owned increased continue Positively, higher environment to dynamic projected. logistics have at year navigate with output and manufacturing quarters. recent second channel approach and in

tightening are we they this closing, help to opportunities longer-term. a rates expect past accordingly. we In we us margins the plan these fresh back of not do million growth same hand time, attractive but our supply and our over fast Our do we and our fiscal growing that quarter material volume talk that, we conversion challenges. inventory is things At will lead industry outlook our well have some on sales three in in the about the categories. cash, but all long-term this growth will to of financial do positions become balance gains of us while and to to for will XXXX turning components XXXX likely Bracken, sustainable $XX continue, times record good them invest We fast cash time cycle potential toward up our the category. sheet our guidance. increase the market face and believe Bracken. the strong who product small FY fiscal it's longer more to be realize Wrapping in creation acquisitions, in results, believe to uses spent XXXX With and market not and expect content sales weighted year's

California. early again, to Thanks, you in had wake up me it's here

guidance for most year have would to month a It X% in gave million, sales was back think up holding Analyst months to would XXXX our ago. our beat Had XXX be that we year faulted which, of recent the our we had we earlier But by dollar Investor even this not to if X% us done that forecast fiscal we everyone in XXXX don't into XX%, we're XXXX outlook for we fiscal at our guided. maintained fiscal to down down outlook. March. the point dollar fiscal and today year, I that meant would Day same it down compared just about have anyone quantified sales that Nate course, we As two guided sales X% year not

are down versus X% sales keeping will upside we Essentially and year optimistic for sales our unchanged. outlook about up year top hold us If XXX growth passing fiscal year absolute our line more confident X% even dollar original the the to and the that we and by the million. operating prior new guidance year growth value our we're what growth equally bring excited million sales outlook XXX XXX We XXXX. longer-term million feel to about raising to We are of through XXX million fiscal increasing fiscal income XXXX about dollar to guidance, beyond of non-GAAP XXXX potential our X%.

announced during and our share of is the it by also business in dividend, the that our look an in buyback to which became at million same voted The our life authorization to September. be $X COVID. shelter bottom home sustainable after line drove shareholders period we pervasive as Board in trends and COVID, significantly much $XXX more pre-COVID, underlying from accelerated a increase our proposed also approved on increase we Finally, Board The XX% will billion.

We have base. potential growth long-term exciting ahead big from an this

ready and them your with you can are Ben, take Now that questions. queue up? I Nate to

from Great. Thanks Morgan. Paul Bracken. J.P.

open. now is line Your

for my thanks guys, taking questions. Hey

Thank you.

Great quarter.

the you've the CAGR business this XXX% then year sixth at grow five seen years and accelerate annually year. obviously this XX% for in So past

are see what was pull I of the As we was what in? follow-up? of years, the then five you can this levers you ahead some to today standout the that And Europe a look driving growth next kind acceleration there, will quarter,

couple would say I things. Yeah, a of

our the the filling up in and sell in reason the Europe, sell delta for in all, of probably backlog. out First Europe. is of part what’s

advertising next drivers So I drivers years we've this one big key a overall, is we are gotten going this video happened. happen always had we for up be pandemic. think there five we with that would a be took would would think to sales over year which is and the everywhere And said just video calling the We say didn't year, exception, same some would be there. program the huge must. realization the that but I that strong quite I this at video it's calling step during point, realize the it strong

be workspaces. efficiently enable going the And really enable to X, it's I how they X, continue video while over going and to question video think to XX offices that's effectively can of Now people a years. happen next

as XXXX the in in operational solutions, will These we solutions I got a as market in adding on of FY and video just you I'm just think to to little areas of growth just and own continue our beyond. that the investment for building offer slowed to think and already. see XXXX Bracken's articulated, I of think types and can a there of as that all are things in But well bit, mentioned, capabilities. lot own our increasing we -- growth capabilities us I I Paul, the innovation FY out were effectiveness lot us market is invest the conditions the the that portfolio, investing a that focused levers clearly go and customers

the Good, should the on return can did then on see defined then in great. tracking campaign marketing, you expect you you kind are immediate XXXX? feedback just you that marketing into And year fiscal lift? heading Thanks. what Super the an we provide logic campaign during of revenue Bowl, how quarter, spent, of kind besides dollar saw And on growth some that the obviously,

of really there and and click traction very It of call of engine is what of in kind is There we kind Bowl and funnel. did a to is there designed [ph] immediately kind and really and marketing search carpal for kind general awareness the sell in. kinds we like of is Super marketing. that product different optimization, buy broad then they the itself in specific are are Yeah, marketing. which the but categories create very, to brand

have areas. So had to having But across been, you logic defy of can't both We even We're kind -- there at reached campaign. even about probably they really, felt just campaign. say of by very somehow very we overall good out different -- what feel it and metrics the were I many would anecdotally, look are and all we the how excited tell those but very, it's people it them I different about I consistent impact said wanted. with that me have which surprised the is what that always Logitech has exactly kinds

And sales we're and ad in tactical we investing spend the can the returns try make there. things at else that the like you return we terms of more on are of everyone where us look more to so does, And or sure expect highest.

our think say one would across I just awareness I as the about, that is categories. Bracken But I board. focus, feel mentioned, in it's so of for Paul, terms areas of strongly

so the MX year, reviews, Keys, like People really enhanced like that has give read you try of who something reviews. launched done $XXX an great example, the our And recognize they across the that love I'll you experience products, kind products, If keyboard which the provide. product product. and last they It's premium the well. just we the lineup,

constantly, using you experience. two a you're years, about paying you're and over improves If your that really that something day use $X.XX for

awareness. expect things some I us see But more we're big the Bracken think to opportunity of general. to of for doing around mentioned a the big And us from I categories drive awareness So would in there's there.

Okay, great. Thanks, guys.

Thank you. Thanks, Paul.

Thanks, Paul.

now line your Merchant, Asiya is open.

to you and much us of sitting September outstanding the shelves, to shortages my June, next high you inventory, on whether just sequentially level, do in can A people couple congratulations environment, minus. maintaining But kind margins. as visibility Hey, sell or enabling questions is through if expectations next of least out that visibility, a growth when plus then you couple even are couple on into little I quarters? excess your part, to one whether then that on a quarters, know for the Nate of the even do the an it's gross maybe on talk of again. flat, into at the that And balanced quarter? is expect you here channel, reach more Great. it's bit look have you quarter the to add guys now And how on the into

the suggest returning muted, talked me? a more promotional you I general level. other assume semi-shortages pricing pricing muted promo would about it more more You've remains or you. to pricing expect normalized in When and remains would that do that, shortages for Thank that's

Well why two. one don't then I'm take I jump. I'll add the third you take And what can saying. could to the first you and

the we pandemic of this we're think I quarter. we balance fill finally the of to trying balances, catch the of inventory, ran etc. terms this most there. In to up time the inventory, account channel. -- got behind think year I kind about And of general we're just last starting I feel

spots we'll we're weak, could see have think we additional about think there, generally, I but are I there. a few little we're a

I our very programs. as normal because particularly the say three a quarter about quarter, less real four year, have of next course our terms gets this quarters. would little own than optimistic. good. now we think for clear feel The or visibility it's good strong is go a I I visibility, the it into out further less us. In would and We're visibility But of we're the very, last we've had been visible just strength say in a But in it less -- would you

that. a it well. the mouth product industry well no launches But we're to is and of chipsets and continue hand in We availability this, there just to things that really like component always timing things We've tricky that things of in able doing broadly. we're have part our part parts. manage are is to over what really our the categories is we do and some and secret in the trickiest of of the such Maybe availability and been control part tricky of the

always the or we'll So But well to any you by that to to of little very, do we've take like go the could I been manage on it and very in that bit that anything surprise. able add historically Would us think a gross margin. future.

I back Yeah, and up. mid-stream cover my can there, gross Zoom crashed margin but

though marketing, pricing think our of really do. that a availability some point promotion alluded I will those you increase and around in I are the supply play, gross asked margin, on And of ones important the things of in to And those and those we just the have There's lot believe sale and to business retail forces see parts at activities XXXX. on to about an FY we are margin. chain. and Bracken component

headwinds could terms to costs. also component we goods things, areas finished to as we persist of arriving and in could think certain be materials have are FY could Also, pricing could rush logistics logistics continue market, be those elevated those see to just if challenge I in a in XXXX, late I well. because think

provided unfavorable we in down but think FY new video levels I So faster saw AID, in we favorable favorable there's, gross margins we again, places we a growth continue land competing increased will within collaboration. range with that that product here the But provided believe mix, AID be to like XXXX. forces from new range that and that nonetheless, will

color sequential mid-single-digits? color typically is on any color provide some Any June, which sequential there, the just into stuff, you on

is remain as opportunities well. to I we us predict holiday important think to in our of probably to hopefully of sequential going trends think an I irrelevant. true that just and flexible, timing going to seasonality other of were the in unusual I say FY normalcy. predict But be don't be XXXX. through FY sort in historical that, harder probably react could just here expect quarter in that pre-COVID XXXX fast, and I those we're very the FY And I would to the see. think many market transitions in they nimble to just But sort economies would environment is with changes I hard reopen begin and so also than Yeah, Certainly, biggest. still general, probably still it's to as for be think the XXXX

Absolutely.

you. Thank Right.

Thank you Asiya.

open. your Asiya. is Thanks line Michael, now

Hey Michael.

I visibility. Hi same QX actually, guys. I there's guidance and along obviously. nice you. result, gave Thank beginning a when huge March I the of your you the discrepancy, you a Can explain one actual between lines, for two have mean, mean, just questions

the So foresee your try can shortage could month? did so you that to discrepancy in the you be second that's at XXXX wondering side that with along just one if question is And stay not the look you for guidance, FY the the if or how situation. on and question really, cautious absolutely discrepancy, also I'm is confident big I

the you you do about you. and question talked how sufficient do components Thank plastic there? do on that shortages you side. in make any the electronic semiconductors, How my you sure more make You is and availability plastics or sure see have

at Nate both a in. take and you of I'll stab Yeah, then those, can fill

every day been On strong very okay when the the not year. plastics of don't say comes have -- so I'd on the over yeah, far side. a on the plastics last supply aware we're would has But to say no, I'm side, day that and now. it is I demand least component we shortages any new at right plastic But,

think the criticism. On I very side, fair visibility that's a

constructive can you, this deliver. was that we It's I year far we how off. have try always deliver, you stronger we Our just we we And, that could were think -- stronger. to always make a been what and question, good comment, sure tell

foresee really were especially noted, to getting completely just, to We also chance able had But board. a a and couldn't that backlog we as the do in fill strong collaboration video we it. across we're we you orders, of to really

strong our from to to a share, probably little channel. so I never did gain with had so expected. market we and refill continue course, business assume a completely we're to think And going shares that the we also better of a market chance than gain, our we standpoint and is market we

anything to So Nate? you want that to add

lots I of we're to every in changes across country. is think should customers and back I environment countries. we come have that moving right, in the And, fast

ago. we supply started one it So we be saw team changes. and I really the reacting see year year-over-year months we're a looking think, we're compare, pretty operations a going where But to of was with at also to strong one the to a tougher March nimble first of very chain demand those at tougher,

there was we weren't tougher that that to well. was think year-over-year bit compare. of a provided sure maybe if I first as into So We there really there of the some a little thinking outlet going significance month

the said Bracken quarter. As to improve supply demand remained also continued strong and as went the we through

I just last Great, one maybe if may. question

XXX numbers -- us you the shipped you about Do that? monitor actual million base. if any have that into what webcam installed base any on of you around mentioned give is could any You you XX million units have feel installed webcams

but call, don't know pick What available it go us you people now, And it's a at I should. we're don't we I'm do is yeah, of right think good a just poll and them few I think say numbers I on would after this it. so I on sure big have have opportunity. that. not and a probably that I if we webcams going -- would surprise you to let's it leave of think have But

Okay, done. well a Thanks lot.

you. Thank

Thanks, open. is line your Michael. Jürgen, now

I able thank at go cross sales your ambitions? looking you. generate? or that be billion Yeah. very And questions. you capacity a would level what allocation, actually you let's billion on there in to have M&A two increase Hi, to is in number theoretical what be if to to I then X things is mean, rate well Yeah, the place, Thank say terms capital I'm or made of continue any the group you. on have drove your X

mean, do On M&A announcing or capacity. to all at terms I interest the read of as comment by buyback. given in on larger goals the a our M&A up capacity anything our about capital or I that we've allocation, wouldn't any

-- have and generation of lot always certainly that. have ambitious continue a sides of capability all the lot cash we'll and And we're M&A. cash at looking of on obviously do future. We we into things to We're no less a going

have today, where are capacity in we Speakers] all. above we not of we ourselves well do theoretical capacity, our position. try In keep to theoretical terms And, [Multiple yes, categories, in most that our of

deals amount, but opportunities that Don't you change or pretty have processes. and to in we're a quarter. think at priorities didn't three the and no much mean, they allocation Obviously, us looking that. in small so capital significant active to I did really we I add cost saw

Okay. Alright. Thank you.

you Jürgen. Thank

now Eric, open. Thanks. line your is

Hey Eric.

that morning. correctly. Hey on we've is thank guys, here that I quarter. quarters. three want widen a a congrats touch and through just little It good good that over just the And you make Americas it last selling to focused for begin sure gap the And and the obviously time I dynamics bit, predominantly sell to the EMEA. seen understand to in seems and on

be imply year-over-year that year, call I expecting XX%, potentially to And next the you're feel is now So you're an if a year? that you could to and you've sell follow-up. through it to and have because normalize would that opportunity secondary had the at this kind channel And from flat XX% still year that, point healthy? inventory are be levels next channel then of to to where sell impact have that the widening like then

to Nate you want take that.

QX would the path steady I distribution been as again that our you quarters to improve pretty all quite year, year couple got then of centers in go if base inventories for last as say to low. I I the the out some And slowly down first Yeah, back channel. have categories a well healthier. the we've to And on within the way the year, gotten mean started was over year levels, broad drawn both inventory we -- begin and think,

speaking, this now a -- position feel we exiting tight. this I that across where the the we're bit good think still coverage -- think really level we some have now I think category -- board. we and this the we I little about have. that quarter There's healthy we're a to pretty had places we know, gotten quarter But generally

In right of We'll need hard just where terms inventory. the securing dynamic to do for things sense, next if about of but components think the good year, we strategically aggressive now to it environment again availability, supply in more the I looking given be to feel predict. we state makes

What's primarily year-over-year, tripled sheet XX super. balance years. of driving color the pre-purchases it finished to any on as my of and Okay, component versus there well? are which your kind get highest that, I'm curious is a goods in there raw related your question, just half materials, ahead inventory inventory And two think days then constraints, Thanks. I of days a more is

as inventory, and end back the see of offsetting think sort sort listen, linearity of you DPO purchases well our also that up can that. weighted I went our of on of days Yeah, are

cycle XX that and sequentially. which I believe, rather actually cycle was down, was an QX, conversion overall, flat days Normally, we didn't where usually cash start QX to cash I which our see So conversion is see increase in year-over-year quarter. days this we our XX

particular, again that conversion that see could put And conversion low I cash would sheet that supply comfortable we'll strong. probably we a of think So times growth is first increase the chain against first the we'll the in see lead work to can in I cycle support cash This enable an extending business again We'll I very that needs balance the see it's next so we XXXX. was and in year something half. our -- certainly were strong. conversion that increase levels availability and, think to in very in cash market bit do cycle, the very we think FY half at opportunities.

And specifically investing are to it's we question very about answer the in, what both.

investing finished we're components So, in investing also in goods. and we're

see one Awesome. just authorization. increase And your buyback It's great then meaningfully to you maybe final one.

over one, cash dynamics of it than stock a the one, two, you more your the lot whatever back then a in last, of been stock sign that three, use quarter, as be a potentially and buying and two, Thanks. March in interpret years? today see back have buybacks that; of these should bought value we four they could clearly You

you and add. I'll then Nate in jump can

this the First is in last before. part of I of number if your you think bigger question, than terms of we've had all, a --

more the had. hand were bigger than cash before, we ever we're we've On we other a than company and have

is a the this up. So one think scale just hand I on

over prepared and be to want do years. doubled half we hand the we've a other because the On two value

we almost we investment if sure where want a can You since we year, keep the in it see to again. be do a in a position here draw we'll investing. we last And, make good years, that nine doubled in for line we value and last

add of want In anything to else to Nate? do you that -- terms

No, not on that.

some think get buybacks the take just would something apples dividend, to apples. number years, and three number the it over growth to the to three multiply need dividend is it and to that's by I of add something I billion versus probably of buyback on X you say, that sort or

to as obviously, us become of returning in So said, time, just Bracken so we're our stock has as same expensive well. cash a buy doubled committed, forms both more to improved lot to cash back the at very price, But has The shareholders. generation it I still think for has shares.

think term investors And really so in as said Bracken the into the -- those have go that that yeah, good some long-term the we and factors we potential. are we're long we higher of level. authorization But believe company,

those Awesome, questions. Thanks. are all my

Thank you.

is Thanks, Eric. line Ananda, open. now your

Hey Ananda.

just of sort a you Hey good now business just me couple you're of enabling In guess seeing rooms just next I and not context sense what's up? over you quick develop guys, are for with sort right regards give numbers, ones your as And with like, Bracken. you're of they're congrats seeing what and up to, have expectations of can what anecdotally, collaboration, get go trying seeing the little to we're then on I the they results to and around video a execution. follow portion, behaviourally a to on video And enterprise from I companies us taking the what the solid question. guess thanks how quarters

all can the of had most a setup enabled. have serves know, fraction we it's into video, of here I the how and intuitively we office go we this same small on kind video -- had before, think say, rooms sitting would be a when then people doing You you or back viewing

science growth too anecdotally some I So inevitable, it's early see believe, to the starting going to to pandemic, about rooms. to continue to strong explode we're or It's something. just say the But say but I'd I of you're believe. from that beginning enablement say believed to in But And it's true. I see that's intuitively, I that and video of of see that's that. I've enough what think

would you guys back going you remarks share to gotten come have is Can for more just And of that the -- great. regaining you've made I as it to take why -- to component begins availability for the back it that guys, about both is so why opposed assume come when webcams that to just greater -- year component fully for as why us people, share, the you back. comes for back you're some is sort Okay, back has more availability illuminate other bent just me market?

But we we have, I better here mean, say have out and I'll really neck products. my put

people for webcams. products, and better having known have we Logitech So products really strong we're wanted

searching for where for often really a They're brand. somebody find else. really they bought product look the when Here's it, they our people case couldn't

makes buying you I my in buy can there, the in for me me heard too brands include two I ended sense. before. mom, it, and I category had Actually, up never include of too. I got

piece $XX at I'm available sorry We have now. a that. hear right BRIOS to certainly

trying out figure She's what looking at so… still to she's

your my her. and mom. help number. I out can We Give help will her I'll reach

on Yeah, that. she up may take you

Bracken. offer So you be what careful

Okay.

Thanks.

Bracken and I our think concludes Nate, that call.

We have no more questions.

to in as a is every and the you to everything for future. of are right world I super The ahead from tremendous was is you -- kind behind we I of the forward whole line Thanks being a for super so -- from am whole exciting us learn that lot to far. excited ride along this about world. behind It's to mom say used have XXXX Well, your growing a been all. year draw up, just line thank fiscal year. my heels day you and But

I think and fun. to it's going be exciting to continue

everybody. Thanks