Logitech International (LOGI) 30 Apr 242024 Q4 Earnings call transcript

Good morning and good afternoon. Welcome to Logitech's video call to discuss our financial results for the fourth quarter and full fiscal year 2024.

Joining us today are Hanneke Faber, our CEO; and Chuck Boynton, our CFO.

During this call, we will make forward-looking statements, including with respect to future operating results under the safe harbor of the Private Securities Litigation Reform Act of 1995. We're 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

all webcast results letter our use SEC. materials well are Investor between You page information our factors with our of on noted financial find a the available call forward-looking call between These in and and the this impact available and you being can This Relations website. as sales. and comparisons is statements in and of be at in for filings reconciliation that encourage could as about release constant recorded We the non-GAAP a of to otherwise, non-GAAP net will our currency a periods year-over-year results measures press replay our carefully. shareholder website. are review and materials in GAAP these and Unless our and

turn I the now will to call Hanneke. over

today's to with our welcome, detailed letter released and we Nate, of items, that in the we're are cover call, everyone. earnings you, which all X shareholder Thank In going materials.

on driving will outlook. view assets, decisions of provide the touch quarter our financial And close fourth our of that year the I'm trends business Chuck implementing. results. and then the our we're briefly our secular full current I'll to with First, and highlights my strategic going

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Logitech, finally, for And we and In almost flow, We flow. the our cash the shareholders billion for year. totaling Hanneke? you, opportunity I back been turn year over and real with a the With it pleasure, I'll Hanneke. million impressive to the $XXX $X.X ended everyone. thank you, miss QX, cash returned Hanneke, serve. business of sheet. Thank a million to delivered over generate balance that, and to operating continues fortress to It's will $XXX

Thanks, Chuck.

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you. Thank

thought to moving one to plans. prudent about Investor Before spoke in final With and we on comment. Chuck a an to we plans modify opportunity, host to We administrative our it Day new now Analyst our last May. quarter move Q&A,

let's the We timing exact year move with will a traditional Nate, Q&A. to more later that, follow. to host AID in with And the

will at Alex be Sachs. first Instructions] question from [Operator Our Duval today Goldman

recent Many a wondered also, for margin. holiday could in is My to to is. thanks, had talk you a that sustainable lower Chuck, appreciated. everything. the margin promotional spend what gross I And during consumers question how windows, promotional prefer just strong of Obviously, first because if Greatly about environment? on gross you degree demand shop In the very was days. quarter. stronger

was how trend the there? just curious So

for number of of sustainable and that cycle, we've And and terms the growth. start which on a I be secondly, year-on-year we signals saw collaboration, video a investing how if in there view the really that troughing for, behind is be whether obviously in quarters. something wondered here on boosting Curious been can of waiting you'll recovery slight and growth channel? your the the

don't you with the margin, BXB gross start and Why take I off Chuck?

the thanks for Alex, question.

So the didn't One, had did ahead where We those Suez X There a quarter, Canal. so across and the things job of were about in about potential couple Teams about equally a we last we margin. talked areas. operating. different landing on gross were It of talked the pressure. quarter gains great X that manifest points pressure itself. wasn't

So that tailwind. a was

bit little holiday Promos we part so China bit also it quarter to was going You regional mentioned continue had be a tailwinds. there's holiday did the Europe kick And of in, X. little the Costs That little from bit last worse. promotional of mix. the third helped. the that quarter, promos. as would a to well, then a of a better,

tailwinds that as So some provided well.

be you helps where it I with So there, performance gross of Chuck? we front. margin that quarter thought think, happy a that Obviously, where to maybe the would really bridge, and from from a quarter Really, add kind Anything on tremendous perspective. ended. the

question, is would yes. sustainable? answer your add just Yes. the on I it Is Alex. And

XX% We great model. high What end that target quarter. Our operating a of QX to model XX%. is finished the at

heels it's prepared on little if could at target materials, cost a it year. of could little and a lower. reduction. an It be for year, sustainable approximate But next look the we it you Next amazing outlined driven higher, XX% be the is really

crushed it bringing product down. just Our cost operations has team

thank promote. more job how whole channel So we our of you, done [ team ], inventory an that then go-to-market has team has disciplined on amazing And it. Sari Prakash, crushed and being

So I term. do the think sustainable long in that's

closer of above, end be to the high that might years Some model.

and we like. Hanneke, you, a Some video? to BXB little if be could about Alex. later those talk you'd want talk you could if thank And factors lower. about But And

Yes.

that QX. really there's was to video, super I shoots many, of many green first in And pleased future. I growth other growth, So BXB time and underneath quarters number the say obviously, that segment our business. for X% to in a see important would in for And our

Slightly in to quarter grew the digit as see. actually, in lead to double market grew in the the close well channel, also continue share. was well. PWS so VC, to that We hold great which the #X really

we earlier, And services a little we're record said BXB. as had I And in sales. young

So services growing they're are fast. to relatively new but us,

our and improve. good think continue has channel in been the very performance I will So to

tremendously. spend. see. still flat And hasn't up vacancies IT that, little prioritize because we execution, we can corporate at having our stretched from because that's a office probably think IT market to continue are AI what are be As look high to within IT or it budgets the And budgets own beyond picked I teams

isn't the back. market quite So

really very advantage take performance in be Our channel strong. the snaps market of is When back, that to ready very, we'll that.

from Our Merchant Citi. Asiya at next question is

all great the for Chuck, a again, over and few you quarters. partnership Thank last for the help

Just a quick Hanneke. question,

The market. given you expandable You outlined perhaps, opportunities your several near great invest higher need guide, here, rightsized? perhaps, margins TAM great here model drive, a I in temporary higher? budget of understand, would to to you But bit levels cautious term the the spending. is Or do little grow growth you organic to think related do with here OpEx the think to

Yes.

going So XX% gross forward, model. we to We've margins, on operating XX%, on XX% guided on -- to our we've XX%. margins, and guided midterm

I that's digits that I higher top but good it's necessarily. We XX, where then investment think and in always those gross income be cholesterol won't see drives growth. OpEx us if on it in box to so line, margins okay to than that's And and digits, single again, important you we're quarters be What's XX. that R&D little high should super operating both brand right not low building, from prioritizing single margins. the and those spending is, accelerating far a may think the

near clear just that given details may, And if it term, to all in me. shareholder gave, then Great. wasn't the I letter the you

given Given bit next here for growth VC fiscal you're plus then bar. X% rates if seems growing the declining that or your flattish is guiding lower to expectation, on a but be growth year, this or little VC that

Yes.

broad-based. is in was what I pleased was about the QX growth that So really

region VC. key segment, every every including key So grew, and every grew category

aiming for. specific categories, the here be be growth I any we're of the forward, will it not guiding that's can I of rates think broad-based. think and And going we'll but what exact

Yes.

company that growing mentioned. for overall high slightly on normalizes, of middle which in of the lower the and again, because normalize, should in to flattish margin, I kind Hanneke category industry of of higher based growth indicate kind in that growth to to are the shareholder outsize sort when outlined the being in would lower is think that research, Asiya, calling term. letter, we cautious range, market. that do is ranked our view, this this prognosticators interest great We're one the that the industry office and growth VCs items a margin rates vacancy long

we're think cautious. being next year, I little a

from up Deutsche Brown. George Next Bank is

if X, I have I may.

I'm is any But there reason of profitability, long-term about didn't And XX%. growth your shareholder outlook just wondering we decline you improving roughly on your second firstly, how is second implies in 'XX. but should in by seasonality, if a decline target the in in next but other and of then sales reiterated interpret anything of this on long-term understand half on we driven letter growth year, expectations midpoint fiscal for the secondly, So of your terms year? targets X% for half your noticed the take that growth trends partly this. I to year use the this the you your the that of X% I half. divergence in first X% mention

Hanneke, do the the want part. you second do I'll to first part, if

absolutely. Yes,

Okay.

you, the it's job wanted little The driver than thank math, leaning different out the is, of inventory. a to because George, primary historical. channel done for seasonality So we and quick really good we a have provide

to compare little it it's to a different. so when going history, now And you look

be then QX, that what normalized June and QX, should you'll followed more is little in rate there's means quarter, the And a QX the little by profile. the this see a going run to forward, sale-out in now, Going more at more sell-in more sell-in QX. quarter be in

this how year, year, way channel operating the is throughout a were for leaning last to to year-on-year inventory And we QX. about is is much the model hand, strong when look out should real weeks so And that we the hand. kind from compare on on to right growth really you weeks have going the the of channel think still where

have compared based we're a right you it's to prior strong year, operating on QX to So do the model. when target going the math, but really

Could you're Of going weeks of now a Now QX. QX see that we and long month what is of quarter that does new linear. then translate -- strong a ways mean biggest kind hand. seasonal done really QX sell good into similar. pretty higher? pretty But and full December The for more in better the based be on having What strong a should quarter. off. We've job more a margins year? each That's business be our the is And we're to on QX, model course. a

of channel a lot than that into in other the a with chain, read the hand right and we're the a running basis. don't supply So seasonality weeks leaner this putting for on on is product reflective forward-looking

which to one. Yes. we're you're I'm really And question is XX% owe we the because you guys specific growth a asking here of can organic to clarifying obviously George, organic. Super. the glad, X% little we on that's that on piece think more important what be What And that, is to I a doing that control.

digits. year on for our outlook So organic what next is seen is you've low single

mid-single is AI. working, markets, we of And I as we believe those believe plus. our to soon We markets true? do and GDP We accelerate will to why Beyond gaming humanly be tailwinds as can that digits. believe ways new that, of will our thanks

you combine mid-single-digit share modest with to you If that growth, those get rates.

That's pre-COVID. did the what company also

X-year So X%. if it you at was pre-COVID the CAGR, look

pre-COVID If years X%. CAGR, you was at look X it the

forward. track our what record was, believe that mid-single we again, It's digits. we So do can going and

mountain of come thoughtful, on to we hate predict. be I Any molehill. And M&A. right would important cap or deliberate the on organic be it is on we'll I strategic to is can can it's it be would what overpromise M&A harder small. would hate which rates, It of M&A. but it's huge, artificially size to clarity be a would can that, think I the say that priority size And We'll top But that and provide M&A. I now. of be on also growth our the a

of America, Bank go Scemama. let's Next, to Didier

going I'm A told for understand your a but growth invest bit lowered not target, to increase billion. long-term because because Hanneke. don't that you just surprised effectively, your you're by more a have about question $X TAM us I you bit to it,

have I would telling expected, it effectively, some as decelerate, the the same the the very And to was. core your way going understand it? us that least, not been at to got have to you're follow-up. But if So organic categories now growth of shrink. that Is are right a I've

I so, wouldn't Didier. say

around can M&A small. to XX%, it has be I always long well, obtuse. to I predict X% time, come. been It will again, Because the a know included it hard can be which which think -- M&A, It's made huge. for when rather previous

it's think do organically. give you some this we I business we that So what important guidance think on can

next by low we've digits. In where For categories. were single then mid-single deceleration where that's that the of down digits. year, That's pre-COVID. we'll X That's take means to a across years, our we no there, obviously, And from were been. last we

to about and So to optimistic our forward look very accelerating that. business, ability that I'm we do

effectively think Excellent. line, going that accelerate changed, from And our but And maybe your to you expect gross that should you're has that of that model range? understand in long-term to end say, R&D upper of we top on the invest your in been what's operate top the to term? commentary towards, longer I margin let's

Yes.

because G to the end, definitely OpEx, what and I R&D, marketing do would the which A, margins the gross within S is that's to our our rather products. shift in is ability So drives, premium price what the like than the more and to and our

gross guiding XX% I for On to XX%, -- range, a longer that. we're on yes term. wouldn't So the margins,

great. we for prudent environment, in know. which I But range, going think be that we -- broad change is forward, the is think around a we'll now. next you the For given uncertainties we can year, Should let can XX%,

I Didier, and has. -- up is give of also share the would in lower that the philosophy kind just in mainstream it's I'll Hanneke are go-to-market kind I. than and not an And groups to -- end. this that going the important This add, broader and business Logitech is is of we the

We will end. low fight the to make game mid-tier the money our margin at high We Why? in end.

to periods of more we're aggressively And e-comm retail. will see so share you and promoting shelf our broad-scale where at defend

perfect But be will sense. maintain XX% XX% or we as there share The more year, to where XX%, so we're really the is you I because end And go model, to permanently fighting high This our share. grow understand long-term it planning wouldn't be to a see can good will makes that and the competition today, encourage defend turf. number. of model periods we to fierce,

Wang to at George Barclays. go Let's

Just and prepared tailwinds think Maybe tailwind some talked at tailwinds. near with side? the drivers of can associate in of X In -- remarks, least large necessarily don't quick term. of when see you kind some you do possibly on out people the kind parse AI ones. the about Most AI, we could the P&L some you

Great. Yes. the for question. Thanks

AI it at ways. So Logitech and look we that already in part ecosystem, is of X

course, way, first planet. every the like company other productivity in-house drive The is on of to

So talk about I won't that.

The other X ways is we growth. look at drive to really AI

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enhance one of working productivity. world with help their to the people that's the So way, the ChatGPTs

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add, PC that some cases, while a shipments Dell a our huge talked in and Lenovo or they're or other there we've tracking one correlation of significant chip pretty just I'd is a and refresh between And talking PCs. angle fleet there's if of you're the is HP too not sale their in gear, about There's correlation. even about

to us you as refresh see PC see a large going will in happening. happening PC rate that refresh cycle we local that AI tailwind over more machine, the have be you think will time that with an So a chips, attach as chips

you. Got

can. Just quick I if follow-up, a

weakness out in Just called in gaming terms side. China, some the of on China, especially you guys continued

some competitive You loss. mentioned some and share guys potential intensity

a can sort then of whether of side of kind color bit little that, in pressure on curious Just quarters? few the you sort in provide gaming next see that continuous especially maybe you more in And more China. as the a

absolutely. Yes,

on than all think continues like be. at reassuring gaming because to China So the in brand mice, the still doing super That very growing. look would -- still business strong there's be you it a side we're reputation. is there's I still well. When literally X,XXX important little premium in I for also bad. the the still a to China. softer We're It's We're more what's is in other #X. It strong strong. peripherals And has is not than brands awareness,

that the to the really key. strongest So have brand is in the market is really,

That do said, is and competition, there intense better. need we to

more that challenged come teams to I'm That's around. confident that I've compete So in we months up of one with will top my priorities turn to ahead, plans for and effectively China. our the

to Let's UBS. go Iffert Jörn at

Chuck, best the please. to quick Three all you in future. the questions,

lower on be, us in gaming in indicated gross the the end profit I dropping margin also, gaming. letter? remember growth you simulation would this how you the one Can was? share to range of why devices now the first The be shareholder with Because is cyclical. please, strong as can And

Sure, The Jörn. we business Thank feel don't business. is up, for But out simulation is you and team crushing really it. business, great a simulation for break margins about the good words. you. results, Simulation the we are the good, is and detail our kind

that, and in feel So come I on think good do more one, we about general. that to

gaming. gaming, terms margins In always dropping challenging say wouldn't on that have on they're dropping gaming. of I been Margins on

console portfolio one vastly gaming, we But are is the letter, overall headsets. different and ranked line, there our about which think different within the margins. shareholder categories. in Think you If of

killer It's were Before very, and very which in awesome bad new our new AXX category, product, a for the competitors. terrible. our They're is product and a headset great that space. margins competitive margin X, console

by lower than ones, margins product competitive. And that will Gaming other different Simulation quite And a game margin therefore, market think margin we're one mice, mice, video, profile business. the gaming. quite it's the changed have competitive on change Margins it's are our there's unique, within really a a the flagship keyboards, we more products area BXB little We good. that headsets. console little But leader. keyboards, Gaming are overall, innovative, fairly many no a the categories good. -- has especially. else like offering the

and businesses the year-over-year. are all great, So are up gaming margins the significantly in

So job a Ujesh, I thank doing driving They've promo the down, of and to team. you margin, great holding gaming holding say will done cost great.

caution, though, for of word models. the One

price QX. window that pressure QX, holiday, going strong. promo It's China, be win big and in be We'll June For holiday. will there the want XX to We to some in we're in margin come will down I margins challenged for has the bring intend And do company we better, we to do bit, team back. competitive. the but think It fight can. to Hanneke and little a

some And to tried processes? you internal where us can How Okay. Hanneke, things. you changing insights things the changing? second if Hanneke. you question give how please decision-making are is improve So have change to or

Thanks. question. Yes. Great

when out things all at that you're cost want the swirl and avoid tend choices inside setting first to forward. think strategic the because these to unclear, clear, is I I going company, thing

again, the design-led choice larger look and those carefully play. at chosen We'll will way, of choices work play, that's very hardware, our words. The software-enabled we but that's a space. So of where in markets

We to do going that's play pure We're plain to not with software to unrelated adventures going are also in our not hardware. hardware.

and with will a drive The when because of past. Our iconic at paper on of hardware choice Those has everyone on BXB making some one the strategy the choices is the some important highest software geographic and insights important our wallet the opportunities to level, to of investments to performs we finally, they've on in these resource piece And comes very double multi-brand to swirl here share brand choices sure it led The that of leads down capabilities. really design. of the are differences versus don't have and choice between past. countries. similar put

faster. what expect making think move us choices will strategy. to I I clear also believe and help structure follows So those people know will help

we'll the organization going attractive be adjusting and to make So going growth clear can profitable forward. those drive forward drive choices sure really we

really a very quick last the one. And question,

right is Officer you Design Chief And who changed? the can it now? structure just has position, On me if this remind

Yes. No, no.

to who's been appointed Design weeks, under in a couple February, Red we Leschly, has a Design while, that our Chief keeps just I announced Awards, just The team We had Malin fabulous leadership. last who well performing earlier what So She Dot little new quarter, incredibly super in XX for Swedish roaring so the sometime in start. believe a Logitech prestigious designer design Officer. team, won doing. the with design the off been of is she's her love

at Baruah Loop. go Ananda Let's to

your Chuck, over value-add, it's been proactive-ness the great noticeable working is actually with years. you. and really It's been

a So I the of when one mid-single to you mentioned digit of returning guess, My Hanneke, question intermediate kind about talking here. just really mid-single-digit had you were term. growth kind and -- then in interpretation. appreciate that. quick clarification

You and X%. X% mentioned

so to do mid-single-digit for you relate X% providing instance? were X% you Or just a as And growth? to

pre-COVID, mid-single that's the so my book, providing. In growth Well, were those X%, rates digits the goes instances. those the so to X% all we're way were from for guidance

Got for it. be single aspiration -- company? term longer an high And is high digit the would

balance for we guiding to what think we're mid-single that I hope that. that organic. sheet, would we And be our M&A is digits Again, with adding

little a the do can would more. math, do and we then So we

be if too single-digit long it early go high would term? the could company Is say, for to organic something yes, that

to say. early Too

go up, Erik Woodring. Morgan Next we'll Stanley, to

the channel flat, sell-in of quarter there March just the Maybe to sell-through just If a gain please. because comments, on in just X, up have want clarity was one. little was X%. we bit I first the I double-click inventory

imply the that channel. you So would filled

channel your be there. And I'm to that sure different. beyond to if your or I'm just Chuck, thinking about approach maybe right not, make to understand the the and draining what want just quarter, missing comments, to March I'm might I to filling get then I So

As different time the though forward, fundamentals or seat, just a filling the it the you're opposed of my guess, we business. changing channel look I seems from at as underlying as to visibility maybe

just And so this new outside channel how maybe can help of benefits you me factors? to approach maybe just timing-related understand Logitech inventory

'XX? multipart And we sell-in sell-through the 'XX, then X% about should -- how sorry question, I'm fiscal think up related in it's if last for expectations to to question up for is -- fiscal flat this, just

get can to I'll articulated remembered all your properly. questions Great, Erik. try I Thank if you. and see

nail you hit So exactly I follow need if on the the to up head. don't

shareholder sell-in all, Sell-in sorry, in was was sell-through was letter So flat up first X%. It's -- or flat. of the year-over-year.

that As comparing I of is inventory points the X channel simply mentioned earlier, year-over-year.

more down than this year inventory a QX it channel in we took than came of we -- So year. down ago,

really, than points the the the that think ago. is about this reduction to way X% is channel X lower So was year of channel inventory a the year was reduction inventory

how more revenue selling points of of have other and promos. higher seen Therefore, profit less a Basically, that effectiveness. in do disciplined is profitability a but We've we the per The really X to promotional activity. same growth because quarters more promotional we there's units, approach as we're It's of number more unit. well. other

another be should part ask that if question. up you If So fairly follow straightforward. I can not,

And about selling. standpoint. it's customers X%, be we're for the how I where inventory we was X%. the think should what to we That's be every also to buy. X week, -- ending I On operating where X every channel day, be. sell-through sell-through to year every would roughly your selling us, the linear from question a expect should model is started a we're month, have business really, Effectively,

who way, ship customers matches run that And are buy. that But month, a different. customers and are we way can week. buying how BXB want day, generally, our there factories every be that every every little to and

example, is, in different a there's what's June Now promo big window, for China, XX.

operating field we So hand forward model. the that's of this took and the in product that, on advance weeks into

for lot be a come and in May, window, down more in get will So we'll promo product and it bit. this a little ready month April China, then to shipping that May, in

in As days. selling about of we'll those be Days, Prime advance we think Amazon

again, channel the the now we're we October, biggest early advance us, the quarter. then of happening how fill will the in matching the channel out. one is in doing Friday, fill quarter September, Black windows, the promotional December the of for come start We'll window. holiday having big quarter, year all the December So being November. It's And the that late

come. And we've of translate XX-ish So range lower that ago going pay margin . a a compelling to to and all year years of fruit. in XX% gross the hard margins that and better costs, to percent should now operating for which XX% this year mean that very work into done the is that should

I'd hasn't returns. spent Logitech at shareholder large on a -- clear. follow-up, Very a clearly now, decade, as really months predecessor. then the it's you've my move acquisition for And a needle. over emphasized Okay. in, than your in few a made terms felt maybe just Hanneke, just that bit would say, a M&A least of one lot very you more And have

your prior the more are into how your the a lean be would balance those of that excuse cannibalize should future? executives? Is guess, going of we some would you're capital returning more this is of is still M&A shareholders think I what sheet. so Or I me, it how prior to going call how And about very returns? big Is And you've you But to about -- about view be Obviously, this? -- are forward? been thinking capital, shareholders? that incremental thinking that strong different would kind just kind dynamics than transformational what Board picture, to

digits. I I'm my what's Thanks, that growing across our our But why is organic to speak that predecessor. single mid-single Erik. now can't we're low to digits, That's get under growth. That's here what right Sure. control. is hoping priority guiding for

but is years really thoughtful learned that harder. What's Making is the easy. doing more I've balance that M&A. a the much one for Now really important is we of factors. of do opportunity because strategic. on that, top our with deliberate it success is key is a thoughtful, and that, deal The factor, just it's Size many sheet, what over is have is we're

our won't there's -- #X So we opportunities, But organic at M&A take if hesitate is what priority to the is good advantage. growth moment.

Foeth is Our Vontobel. last question from today Michael at

questions Two my side. from

keyboards of if have be brand those all mentioned -- or your increase bit how should question what sort out how you you phase mind your the is or regarding your G on name when and the a second them, brands specific UE and office. want. market? You you Logitech in And expansion the plan of that mice and, of maybe and applications more you sort addressable like brands, and strategy. the your sub you I work was to wondering significantly you business there how outside of into Can

Great.

I Let me can quite take be that because brief. second one first

Logitech We are out not phasing G.

Logitech. is G Logitech So

the -- stands which and sense. So gaming, G for makes

that was insinuated back, I if not I So clear.

we're So Logitech in brand, G. Logitech do and Logitech G same is are make iconic. very darndest today and much of the part Logitech's Logitech going to our revenue and best to XX% those mother of

most point. a But it multi-brand reality, Logitech actually So was the and talking of strategy in G. is big Logitech

where So will that's our focus be.

on question Great work.

most world work again, work don't So people in offices. in the

our other and large good So we are market some water of starting very example, existing education. so to play curated into good started portfolio quite have actually, fourth is I toes on the these where talked spaces a about. that can to product sell on the Education to quarter work and our effectively, that in put be growth, into We saw business. -- one we a really

is headsets, important headsets. schools. example One We in sell are which

that smaller elementary We superior throw their absolutely headsets headsets have the headset because kids in is around. are need robust you and schools headsets What technology. more

results sell very started very TAM. R&D So headsets We again, to with and adjustments, very the best we make for a encouraging with limited those, large relatively education.

we've more in kids our is And actually than using in what testing quiet with and schools some read before. and done class headsets Turns more personally that books of the peace I have out like America. XX%

needs really So deliver that the love and incrementally business I like on grow we from when and it it. consumer family

Hanneke, today. that's our for that, question with last And

Great. to And again. a pleasure look Chuck, his to yes, again, forward It's hooray. Thanks, last I real work everyone. been all together, you thanks, seeing and