Hi, good morning to those in the U.S. and good afternoon to those listening in from Europe. Thank you all for joining us today, even if it is only virtually. I know we all miss being together, and we have put together a great Analyst Day for everyone. We'll have Bracken give you an update on our strategy and outlook, followed by presentations from several of our senior leaders. You've heard Prakash before in our past Analyst Days, and he will discuss the truly amazing things he has done across his organization to scale up and meet the unprecedented level of demand this past year. At the same time, he'll also tell you what his team has been doing around sustainability and how Logitech is marching toward carbon neutrality. We'll have our two sales leaders, Quin and Ehrika, describe what we have done to transform and build out our global retail and e-tail organization and our global enterprise sales team. We'll take a short break afterwards before Heidi will come on and talk about the investments that we're making in marketing and in building out our brand equity and awareness. I'm sure some of you are wondering where all our OpEx dollars are going. For those of you who have not seen our recent Super Bowl ad, we will show you that clip as well. Finally, as I'm sure every investor is waiting for, Nate will close out our presentation with our fiscal year 2022 guidance and provide an update on our long-term model. This will be followed by Q&A with Bracken and Nate. Let me read through the forward-looking statements. The press release, as well as the live webcast of our presentation, is available online at ir.logitech.com. During the course of these presentations, we may make forward-looking statements under the safe harbor of the Private Securities Litigation Reform Act of 1995, including with respect to future operating results. Our actual results could differ materially, including due to factors that are set forth in Logitech's quarterly report on Form 10-Q for the quarter ended December 31st, 2020, and subsequent filings. The company undertakes no obligation to update or revise any forward-looking statements as a result of new developments or otherwise. Today's presentations will include non-GAAP financial results. Non-GAAP financial results should not be considered in isolation from 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. Our earnings press release include the non-GAAP measures and reconciliation to GAAP measures. This information is also posted on our investor relations website. We encourage you to review these items. Unless noted otherwise, comparisons between periods are year-over-year and in constant currency, and sales are net sales. These presentations are being recorded and will be available for replay on the investor relations page of the Logitech website. With that, let me introduce our Chairperson, Wendy Becker, who wanted to say a little hello from the U.K. Hey, thanks, Ben. Hi, everyone. Welcome. [Non-English content] [Non-English content] I am Wendy Becker, and I am Logitech's chairperson. I want to thank you all for joining us today for our annual Analyst and Investor Day. Normally, we would be doing this in person, like so many companies this year, we are hosting our Analyst Day virtually and over video. I am with you today from Oxford, England, via my Logitech Brio webcam. As you will have seen, Logitech keeps going from strength to strength, reminding us all of the power of our global, multi-regional, multi-category, multi-brand direction. Actually, a global virtual Analyst-Investor Day feels kind of appropriate. Today, Bracken and the team will give you an update on what we've done so far and what we're planning to deliver over the years ahead. I know I speak for the board when I say that we couldn't be more excited about the many growth opportunities facing Logitech. We believe strongly in the direction of the company for our shareholders, as well as the impact we will have on the environment and the societies in which we operate. Thank you so much for joining us. I hope you enjoy listening to our presentation. I hope we can see you in person again soon, and I hope until then, you, too, are enjoying a Logitech Brio webcam. With that, I'd like to hand it over to Bracken. Thank you, Wendy. Thanks so much for joining us from Oxford. Of course, we do have more Brio webcams available now for those who need them. If you haven't seen our advertising, you might be wondering what's behind this idea, Defying the Logic of the Past, and why is it the title of our Annual Investor Day? Well, Heidi Arkinstall, our CMO, will show you a little bit later the advertising this relates to, we thought it captures a bit of what we're trying to do with Logitech in general. Opportunity often sits at the nexus of the past and the future. A past that has one approach and a future that requires a new one. At Logitech, we've often defied the old way to enable long-term growth. Let me start by telling you how we've begun to think about what we really do for users. We enable people to pursue their passions, to create, achieve, and enjoy more, and connect people to each other. If that's what we do, where do we do it? In which categories? Well, we actually don't start with categories. We start by looking at long-term trends that are affecting the world, those trends that might give new opportunities for how people pursue their passions or connect to others. Our where to play choices, those categories in which we compete, have been unfolding for nine years, and they relate directly to long-term secular trends affecting all of us. I learned a long time ago that the best way to grow long-term is to harness long-term trends. Secular trends operate like tailwinds. We started with the office. We watched as laptops cannibalized desktops, iPads cannibalized laptops and desktops. As Starbucks became populated with workers and students. We decided we needed to be part of the movement out of the office into other places to work. Not that we thought the offices would close and everyone would move out, but that the office would become one of many places people would work, and work would happen all over. Our first secular trend was office to anywhere. Our second trend and belief was that video calls would simply replace almost all audio calls. This one's beginning to seem obvious now, but it wasn't six or seven years ago. Our third trend was really a stretch a few years ago. We believed, and still believe, that gaming would move from your basement or your child's bedroom to become the biggest collection of sports in the world. That looks like a good call to me so far. The last major secular trend we focused on was that people would look beyond companies like Disney and Netflix and the BBC and find their entertainment content created by regular people like you and me and our kids. This was the so-called democratization of content creation. In each case, we believed these trends would drive growth in categories we were already in or that we could jump into. Those secular trends have been our tailwind for the past eight years. Here are the results that followed. Our sales grew at or near double digits, our profits grew much faster, and our stock price followed. In fact, the value of Logitech has doubled every two and a half years since April 1st, 2013, and that was pre-pandemic. During the pandemic, we've grown even faster. In fact, we've more than doubled in one year instead of the two-and-a-half-year rate. Our top-line growth will be up over 60% this year, our profit up over 180%, and the pandemic didn't slow us down in new products or our quest to be more environmentally responsible. We launched 40 new products this year. This year, we will remove 64,000 tons of carbon that would have been put into the air if not for our carbon reduction programs. The big question on people's minds now when they think about us is this: Is this pandemic year a one-time lift that will go up, subside, and fall back to normal? Is this a big wave, like a tidal wave that will just go down? No. This year of exceptional growth just raises the long-term water level like a permanent tide. Let me get into each category briefly. As I said earlier, each of our businesses sits in a tailwind created by a secular trend. Let's examine where each category was pre-COVID and what COVID has done for that category long term. Let's start with C&P. Our creativity and productivity business, think mice and keyboards mainly, was mainly a refresh business. There were 1.4 billion PCs out there. Some percentage of the users of those PCs decided they needed a new keyboard or a new mouse every year. It was a small percentage, but we offered great reasons to upgrade. When you came into the store, we sold a lot of you. You went online to buy. Most people never knew about the MX Master 2 or the Ergo Trackball or our new high-end curved keyboard. They are amazing, but we didn't have the scale to justify the advertising to really drive that awareness. Well, how has this whole picture changed post-pandemic? First, we've moved from PCs to workspaces, and there are a lot more workspaces than even PCs now. You have one permanently in your home now, maybe more. In fact, you also will probably have one in the office post-pandemic. There's a larger scale that will enable us to have more places to sell upgrades into and more volume to be able to deliver the scale to communicate off of. Maybe we'll be able to make you aware of that superior ergonomic mouse or keyboard or Flow, which is a software program that works with our MX products, or just a more beautiful product, because now these products are part of your home decor. Let's go a little bit deeper. The hybrid work world, the cause of this expanded workspace, we're headed into it right now. We believe that it could double in numbers from between pre-pandemic and post-pandemic. For example, in the U.S., less than a quarter of people really worked both at home and in the office. By our surveys, that number will go to at least two-thirds. That means companies will need to be sure you have a great mouse and a great keyboard in both places. The additional workspaces are only part of the story. While the increase in workspaces is inevitable, two other factors are also really interesting. One is the rate of refreshment or upgrade. You can see now we have more scale and can afford to tell more people about our best-in-class products. There are more reasons to upgrade than people know about today, believe me, we're providing more and more compelling offerings. As usual, we can grow market share. When I arrived at Logitech, I was told that we already have, for example, 42% share in mice for the U.S., we would need to find other places to grow. I knew that the best position to gain market share from is a leadership position. More innovation, more awareness, more distribution. We've gained share up over 55% today, I see no reason why we can't continue that. We have three ways to grow, a growing number of workspaces, a potential accelerated upgrade cycle, and continued share gains. Let's talk about video collaboration. Pre-COVID, when it came to conference cameras, customers wanted more because they wanted more video rooms. Post-pandemic, they don't want more, they need more. More rooms, a lot more rooms, maybe every room. We're all so used to video now. When we go back to working in the office, there will be people in the office and people at home. How can we not be video-enabled in both places? Pre-pandemic, the webcam was a niche. It was a niche for remote workers. They had to have one because they worked alone in their homes and needed to connect to people. They were a niche, and I bet very few of you did video calls pre-COVID on your PC or your Mac. Post-pandemic, the webcam is essential. We are all now remote workers and office workers, and we're now hooked on video. We need better video now that we're looking at this mirror five times a minute instead of five times a day. Here are two confirming leading indicators of that. Both Zoom and Teams have at least tripled in fiscal year 2021 in one way or the other, which can be viewed as a signal of what's coming for our business on some level. Gaming. We already felt gaming was headed toward the biggest collection of sports in the world. During the pandemic, the League of Legends final was watched live by more people than the Super Bowl. I repeat. During the pandemic, the League of Legends final was watched live by more people than the Super Bowl. Over 1 billion people watched the entire League of Legends tournament as it unfolded to get to that final. Travis Scott performed live in a video game as a virtual character. Gaming has moved into the popular culture. A K-pop band made up of virtual characters had 20 million views, yet it does not exist in the real world. Fashion brands, and I mean big-name fashion brands, have begun collaborations with gaming teams and gaming leagues. Gaming is, like all the big sports did before it, becoming a mainstream part of our culture. Finally, streaming. Streaming pre-COVID was growing very fast. You know it, and I know it. If you've got kids you know they're preoccupied with it on Facebook, on LinkedIn, and more. What will it be post-COVID? Just a lot bigger. There are 64% more users during the pandemic, the network effect of seeing more people creating more content will simply beget more in a more drives more phenomenon. As exciting as our categories are, and they are super exciting, our capabilities are more exciting, at least to me. Why? These capabilities we are building are the fuel for each category. Investors tend to view us as a company made of categories, but we see ourselves as more than that. We see ourselves as a company made of capabilities that can be deployed into those categories. Capabilities that will allow us to scale and enter into more and more categories. While we pick the right places, it's the capabilities that enable us to win in them. The coolest thing about them is that by building our capabilities to win and gain more advantage in existing businesses, we create the key ingredients to enter and win in new ones. We can enter new categories like keyboards 22 years ago, like gaming eight years ago, like video collaboration five or six years ago, like streaming a couple of years ago. With our long-term secular trend approach, these long-term categories keep growing, yet they help us build more capabilities for us to enter new categories. It's a virtuous circle. C&P gave birth to webcams to conference cams, C&P to gaming, C&P and gaming to Streamlabs and microphones, and more and more. What are those capabilities? There are four we talk about most, but we have more. Operations, design, engineering, go-to-market, and marketing. We'll save the others for another day, but let me briefly explain these, and we'll then go deeper on a few. Just after I finish, Prakash Arunkundrum will walk you through the operations and sustainability part of our business. It's a core value of Logitech and a capability. He'll tell you our remarkable story of flexibility and cost, of capability and time to market, of cost savings and responsiveness, of innovation and innovation. He will not tell you what I'll tell you now. This has been our secret weapon for years, giving us better cost, better innovation, and a remarkable ability to adapt. He probably won't say that, in my opinion, we have an unmatched capability here versus other companies. Another strong capability is our design. We've won so many awards now, including being named one of the top nine most innovative companies in design, along with Nike. This is a strength, a clear strength now, and we're moving ahead from design 1.0 to 2.0 to 3.0, and you don't need to know what that means. What it generally means, though, as we're improving our design of experience to include design for cost, to include design for sustainability, it means we're going to take that design, we're going to turn it around, put it into the inside, redesign our own processes over time, making our employees more engaged, more creative, more productive, and our internal processes more efficient. Design has a lot of legs to it. Hardware engineering has been a long-term strength for Logitech. Our ability to create compelling new hardware has been a key engine of growth for as long as the company has existed. It's the reason why so many people find us super high quality and innovative. We're also building out a software capability. This year alone, our number of software engineers continued to grow very rapidly as we deployed software across all of our different businesses. We'll save that topic and our budding service business for another day. You'll hear from Quin Liu and Ehrika Gladden today. They run two different go-to-market capabilities for Logitech, both of which are growing quickly. Ehrika runs our global operation for video collaboration and the one that interfaces the most with our B2B and enterprise customers. This organization runs a classic enterprise sales motion and marketing, it's super exciting. Quin runs our global business for the rest of our portfolio, which is mostly consumer products. We've globalized this team from China to Asia-Pacific and Europe, Middle East, and Africa, now the whole world just during the pandemic period. This brings everything together so that we can share best practices faster, align processes around the world, and be better and faster in execution. The combination of these two strong sales capabilities is a force that will give us the potential to have breakthrough growth in the years ahead. Heidi, our CMO I mentioned earlier, will take you through our marketing. We've been ramping up this capability for years, and we're starting to hit our stride. This investment is all about creating higher gross margin, more loyalty, and more growth. Make no mistake, more growth. In typical Logitech style, it's got to be authentic, and it's got to be honest. The most valuable aspect of our business lies in our capabilities and in our people. We can apply these capabilities to our existing businesses and to new ones we choose to enter. As we strengthen them, they strengthen every one of our categories and our potential to win in new categories. Even though many are competitive strengths, we have so much upside to improve in each one of these capabilities. I want to close on two values, the most important two values in our company. Those values are the environment and equality. Environmental sustainability is not a new thing for us. Our first sustainability report came out before I arrived almost nine years ago. We've been working on running our business on renewable sources of energy for years across all of our sites, for example. The last two years, we've really accelerated our efforts. In 2019, we joined the Paris Agreement. In 2020, we announced carbon labeling of all of our products over the next several years, showing the end-to-end carbon impact from the component, to the manufacturing, to the transportation, to the product in use with users, to the end of life. We announced a big move in 2020 into recycled plastics, and we have a lot more announcements ahead of us. Our goal is to become a leading company in this space, and we're beginning to be regarded as such. We will relentlessly go after this because every member of our leadership team and most of the people throughout our company hold this as a personal core value, and it is a company core value. From an equality standpoint, we look at our impact on employees and the community at large as well across underrepresented groups. We want to build an inclusive culture of belonging for all employees inside Logitech, but also expect it of our suppliers and our partner base, and even the communities in which we live. As a company, specific to addressing racism and bias, we are committed to driving action and expecting to be held accountable. This year, we made a diversity pledge, laying out seven commitments to diversity action. From our products to our employees, to our procurement practices, and even our customer base. We have so much more to do, but we have very strong momentum. The environment and equality are top values for us. We're moving fast, and we are totally committed. The exciting reality is that both of these values are not only the right thing to do, but they're the right things to do for our business. I'm completely convinced they will enable growth in our business as we embed them strategically through every element of our company. With that, let me hand the stage over to Prakash to talk about operations and sustainability. Thank you. Hello, good morning. I'm Prakash Arunkundrum. I head up Global Operations and Sustainability. I plan to share a bit about both operations and sustainability today. As you know, our operations is diverse, global, and very resilient. We have a track record over the number of years, delivering sustainable, profitable growth. We do that by managing a portfolio of brands in various categories, and many of that comes from making high-quality products that go on to win design awards, but more importantly, delight our consumers. Really at the core of this is our operations. Starting with our suppliers, we have several thousands of components, key suppliers globally. Many of them are global. Our manufacturing is global. We have a large volume capability, making almost five products every second, both in our own factory, but also outside. Our global distribution reaches over 80 countries. We just shipped, last year, 200,000 cu ft volume through many complex modes of logistics, and shipping it to many countries. Through all this, we reach millions of consumers through diverse channels, direct distribution, B2B, and.com. Most of all, we operate a highly leveraged operation that is both cost-optimized, designed for cost, and enables growth. Now let me talk to you a little bit about what we've done last few years. We managed through many challenging headwinds. As you know about the market trends recently, there's a rapid shift to e-tail. We have more and more enterprise customers. Ehrika is going to talk more about this. Our rapid launch of products are faster and faster. The de-globalization of trade, especially with China, but also Brexit and a lot more. All these were headwinds for our operations. In addition, we've had some disruptions, specifically COVID shutdown factories in March, April last year. We also encountered rolling retail shutdowns, port closures, logistics, and lot more global factory shutdowns. Meanwhile, you probably heard of all the semiconductor shortages in the press, causing disruptions to supply. We had freight capacity issues. More importantly, freight capacity went to PPE and vaccines. That actually rightfully lowered the industry capacity, but it impacted us. Over last couple of years, I think you also know that we've had tariffs, which is in our base now. We've been doing a lot of things with respect to actually managing the U.S.-China tariffs. All the while, there are some seminal trends that Bracken talked about earlier, that hit us last year and with major demand surge, that actually we were able to try to keep up with. These were some of the headwinds. The question is, how did we do against these headwinds? We delivered incredible results despite COVID, almost 80% in growth in net sales in Q3, ramping from a full shutdown in March. We shipped nearly twice our peak volume during our busiest holiday quarter. Our warehouse teams perform miracles every day. We increased our modes of transport. We increased air, rail, fast boat, sea modes, and various traditional modes by almost two times, as well as what we've done in the last two and a half quarters. In addition to this, we added a lot of direct-to-consumer capabilities, direct-to-customer capabilities. Our.com capabilities were improved to handle the volume of orders we experienced during the last few quarters. We're now able to actually serve our customers even better. We have new e-com centers. We've added warehousing. We're using cross-docking at our ports and being able to ship factory to customer three times the volume that we did before. While COVID is still raging, our teams actually stood up and performed this. Our factory teams did the same. They increased manufacturing capacity, almost 400% increase in some cases of production lines that we had. That's not to be confused with revenue. It's just the number of production lines that we added. We did a lot of that through 30% of that being automated. Our team, especially our robotics team, has kept the speed on while we kept up hiring factory labor. Now, on top of all of this, with travel restrictions and COVID protocols, we still innovated our process. We've shipped nearly 40 new products on top of our existing demand. What is our advantage? You're probably thinking, how are we really different? We have three key advantages in our operational capabilities. Our speed and analytics horsepower, our manufacturing knowhow and flexibility, our supply chain DNA. First, starting with supply chain analytics and horsepower, we have perfected the speed at which we analyze complex disruptions super quickly in hours, driving decisions. We now know how to read our supply due to our long-standing sort of sourcing relationships we have with many of our suppliers. This helps drive strategic alignment with our suppliers. We've developed a COVID playbook that allows us and helps us react very quickly to shut down risk, bringing back capacity, dual sourcing, mitigating risk quickly, and most importantly, next, our manufacturing knowhow. Coupled with this, you know that we have our own factory that allows us to perfect the knowhow of our products, but also control various aspects of our engineering and operations. Our in-house factory operations team actually has built automation expertise, and this has allowed us to flex up, without adding labor at a fraction of the cost. We've done this with a lot of production scaling expertise over the years. As you know, we exited the OEM business, then we managed to manage some of the declining categories and growing categories. We know how to move things in and out of the factories. We've done this even as recently at these tariffs, where we moved things in and out of China. We have this ability, through our manufacturing knowhow, to scale up and scale down quickly. Lastly, let me talk about our supply chain DNA. We manage a complex portfolio, as I said earlier. Our team is truly global, and our team is diverse. This actually helps us bring our diverse perspectives, make sure that we're making the right decisions. Perhaps most important of all, we have flat and adaptive teams. This is part of our culture. This is our secret sauce, our people, and our mindset. This really allows us to make faster decisions as a management team due to our flat structure. We sweat the details. We also empower our people so that we're able to make these quick decisions. To sum it up, our operations capabilities are a competitive differentiator for us, help us deliver despite market conditions. With this, I want to transition and talk about something that is core to us, something that Bracken introduced in the top of the meeting here today. We care about sustainability. It is something that we care about personally. The same focus we put on operations, we are incredibly focused on sustainability. I talked to you last time about our focus here, how we are driving in a pervasive manner. We are on this sustainability journey, and let me talk to you a little bit about this. Our climate actions, just to recap, are three: reduce, renew, and restore. We pledge to achieve net zero carbon in line with the Paris Agreement in 2019. We are using the design for sustainability principles to reduce carbon to support this 1.5 degree centigrade world. This is supported by the Science Based Targets initiative. We're also going to achieve 100% renewable electricity toward our operations by 2030. What we are not able to reduce immediately, we will invest in forests, climate-impacted areas through offsets to neutralize the carbon in the atmosphere. All these actions will align to key United Nations goals, and you see them listed here. How have we been doing? We've actually made quite a bit of progress on our climate pledge. Our pledge is to reduce net carbon emissions to zero by 2050. You can see here the black line, which shows a declining footprint all the way down to net zero by 2050. That net emissions is the net of the growth that we're going to see induced by carbon emissions. We're going to do this through design for sustainability efforts. We're fundamentally redesigning all our products to reduce carbon from one generation to the other. We're not stopping there. We're reducing carbon in our operations every day. What we are unable to reduce, we're going to ultimately focus on offsetting them. As a design company, this is our core focus. By 2030, we need to be halfway there and also put in place 100% renewable electricity. What's our progress so far? We have removed to date in FY 2021 64,000 tons of carbon. That's 6% of our 2019 carbon footprint. Just to put this in equivalent terms, that's the same as 156 mi driven in an automobile or taking about 12,000 gasoline cars off roads. In 2019, we also committed to RE100 using renewable electricity in our operations. We're already at 88%. We're going to get to 100% much sooner, but we're not stopping there. We're advocating our partners to use renewable electricity. Let me talk to you now a little bit about our efforts on design for sustainability. Design for sustainability, DFS in short, is part of all what we do, designing products from the ground up. Two years ago, we invested in designing our products using recycled plastics. We worked with WEEE waste, electronics waste, created a new class of recycled resins that we started engineering into our new products and also existing products. This major innovation breakthrough has actually made us use this as a standard across all our products. Today, I'm happy to report that 50 million devices will use PCR by 2021, 50% of mice and keyboard portfolio, our largest portfolio, will have PCR in them, 7,000 tons of virgin plastic that we intend to remove as a result of this, and almost 11,000 tons of carbon removed. We're just getting started on establishing circular supply chains. We're working on more. Our PCR recycled plastic progress is a good example of where we've taken waste and turned it into raw material and really driving that circular supply chain. Acknowledgments are pouring in as a result of all this. We have been nominated by Sustainalytics as number 2 of 145 tech companies, which is at the 96th percentile. We were also listed on the top 2,000 most influential companies to shape sustainability for our future. Recently, we were named to the Dow Jones Sustainability Index for Europe, one of two companies in all of Europe, and many more with Morgan Stanley, EcoVadis, FTSE4Good. The acknowledgments are coming in. Let me talk to you about something that I'm super passionate about that we've actually talked about externally, and we announced this last year. I want to talk to you about carbon transparency. We've spent years developing life cycle analysis capability to estimate carbon impact across the life cycle of a product from material sourcing, manufacturing, distribution, consumer use, all the way to end of life of the phase of a product. To support the integrity of these calculations, we collaborated with ifu Hamburg, an independent DEKRA-authorized verifier, to validate these numbers. We're voluntarily disclosing the product footprint of our products, and we'll provide access to the methodology and the protocols applied. As it says here, we're the first consumer electronics company to do so. The reason we are really doing this is you walk into any grocery store, you pick a package food at your retail store, and you flip it to the back and you know what the calories are. You make a decision for yourself what you're consuming. We believe carbon is the new calorie. With that in mind, we've designed a new carbon impact logo, which is shown here. Each label will be marked and displayed on our packaging with the carbon number. We've used the letter C with the downward arrow, really visualizing our intent to reduce the carbon impact across the full life cycle of each product. The icon is really not that important. It's the transparency of the carbon impact number encompassed by the C that is important. What you see here, 7.84 carbon dioxide equivalent that you see on PRO Wireless Gaming mice, is the equivalent of one gallon of gas when you drive one gallon worth of gas in a gasoline car. In doing this, by being carbon transparent, we intend to empower and collaborate with consumers, informing the purchasing choices they make. We invite other companies to join us in driving this positive change by providing full transparency on their products. It'll take an industry-wide effort to make this truly different. We are here to lend them our expertise and are really happy to share our learnings and know-how. Lastly, I want to talk to you about why does this matter to you? As financial folks in this room, why does it matter to you? Why does sustainability matter to you? Consumers used to want to buy sustainable products. Now they demand it. Every consumer survey we have run has confirmed that consumers want more sustainable products and are willing to make that a point-of-purchase decision. Secondly, ESG investments generate better returns. Take any sustainable company, compare it to your favorite growth index. They simply provide better returns. Climate risk is coming. Just in the recent past, you saw the risk of icy cold climate events in the U.S. on various operations. Climate risk is fundamentally just investment risk. Lastly, I want to say brands that embrace sustainability will thrive in the long term, even more than we can imagine today. This is why sustainability is a focus to us. I hope you ask every one of your portfolio companies to pay attention, to focus on sustainability, reduce carbon, and most of all, ask them to embrace carbon labeling. You can make a difference. Thank you. With that, I want to hand off to Quin. Thank you, Prakash. Hello, everybody. This is Quin. I am calling from China in our Shanghai office, I think this is one of the office where you can actually work in the office now, along with a few places. I have been working now for Logitech for the past 10 years. Before joining Logitech, I used to work for PepsiCo for 16 years. Of that, 12 years, I was a General Manager for some of the Pepsi's bottler operations, in China. I joined Logitech as Head of China 10 years ago, my role got expanded into Asia Pacific seven years ago. Then my role was expanded into EMEA three years ago. Last January, I was given the opportunity to lead our global team. It has been a year into our journey. Last January, we basically combined the three sales region together into one global multifunctional commercial team. We have four very simple strategies going forward. One is really to move from push to pull. That means we're going to reduce the levels of our pricing promotions, reduce gross-to- net, so we can shift more resources into consumer marketing, where we can build a lot more brand awareness for each of our categories. The second one is really, by separating VC with more dedication, with a dedicated team, we're able to focus a lot more to grow, in C&P, in gaming and in streaming. Also from a channel perspective, we have various degrees of performances or execution capability around the world. Just as an example, in China, we're very strong in e-tail. In Europe and in the U.S., we're very strong in retail. Now we have the opportunity to elevate our channel execution around the world to the same standard. To excel in multiple channels for our categories. Also we have a big opportunity to continue, A, to grow in the mature markets, but also we have tremendous opportunity in the emerging markets, and China, which I'll show you later. One year into the journey, I think we've really seen the benefits of one global organization through aligned strategies and also elevated execution around the world. Also, we've been really seeing the benefits of our global initiatives and programs, where we can really drive the scale and really elevate our performances around the world. There's still a lot to do, but so far we are pretty happy with this one-year journey, where we are today. One of our big objective as one commercial organization is really make sure that we continue to grow, in a sustainable way in each of our core categories. As Bracken mentioned earlier, we're really seeing the secular trends in our category, continue to going in the right direction for sure. We believe as an organization, some of the consumer trends like work from home, learning from home, video everywhere and esports are here to stay. We are in the right position to capture those growths, as a commercial organization around the world. Also, as a leader, for most of our categories, we have a very big opportunity, and actually we've been proving we can do it, is really to reinvent our mid and high-end portfolio, where we can really drive the ASP and really grow the market, as well as, gaining market share. Over the past two to three years, we've been really focusing on bringing more new consumers, with the consumer choosing Logitech as a lifestyle choices. I'll give you a few example of that later, in my presentation. Thirdly is, we also have gained a lot of experiences over the past two, three years in terms of segmenting our consumer segments, even more granular. For example, in gaming, it's not really just about generic gamers we're targeting anymore. We're really looking at pro gamers, core gamers, and social gamers. We have different marketing campaigns or programs targeting at those different consumers. It's the same thing with our C&P portfolio. I will also give you a couple of examples on that later. We have tremendous opportunities around the world for our categories. Some of the channels we have not been fully penetrated, there's a lot of market, some of our categories also have not been really established because of our presence in those markets. As an organization, we really believe in our multi-category strategy as we move forward. One of our key strategies, I mean, a good example of how we are able to spend more marketing to drive growth is in the gaming area. Over the past five years, especially in Asia-Pacific and EMEA, we have really invested consistently behind our esports platform. We have built extensive network of partners with our game titles, with our professional teams, with professional leagues and also global and local influencers. We are able to develop a lot of campaigns with our partners, we take those campaigns and execute it with our retail and e-tail customers around the world. As a result, we've been able to really increase our market share. As you can see here, in PC gaming, we have the number one share in Asia-Pacific and also in EMEA, and number two in AMR. 2020 was a very big year for Logitech in esports. As you can see on the right side, for the first time ever, Logitech was recognized as Esports Commercial Partner of the Year globally. Also on the bottom chart, you can see, from an esports brand reach perspective, Logitech ranked number one among some big consumer brands in the world. We're very proud of that, and it's a big achievement for the organization. It's not something you can build in a year. By investing behind our esports platform over the past five years, we have really been able to drive growth with our partners around the world. As I mentioned earlier, Logitech have a very strong, high-end portfolio. We continue to reinnovate our high-end innovation. As a result, we have put integrated marketing behind our high-end portfolio. Two of the good examples I can show you here. One is the MX line, for our C&P, the other one is the wireless mice for our PC gaming category. Over the past three years, especially in Asia-Pacific and EMEA, again, we've been investing and consistently behind those two high-end categories. For MX line, we're able to almost double our mix within that category. For wireless, we have taken the mix of wireless in our PC gaming to more than 40%. That's after three or four years of consistently investing in marketing behind those two initiatives. We're seeing tremendous result because of it. We're really driving higher ASP, faster refresh cycles, and also we're really driving the market growth for the category. We will continue to do this. This is something that we replicated from Asia into EMEA, and we're now taking that globally. Over the past year, we've seen a lot of strong returns around the world. Another good example I want to show you is our focus around the lifestyle consumers. Again, this journey we started in Asia-Pacific, where we partner with a lot of the big name consumer brands in the world. For example, you can see some of the good example here. We have partnered with Disney and Marvel in South Asia. We partner with Kakao in Korea. We partner with League of Legends, K/DA in China. We also partner with Line Friends in China. As a result, we're seeing a lot of new younger consumer, female consumer, come into our category. It's been a tremendous success for us in Asia and EMEA, and now I think we will be pushing and driving this initiative even harder on a global basis. With that, I want to show you a video of what we have done recently in Europe. Of course, the best marketing campaign in the world won't be very effective if we cannot land them with our customers around the world. With that, I think I'm very happy to report that we have very strong capability around the world with our channels, especially on the e-tail front. We started our journey building our e-tail capability, in China, in Asia Pacific. We replicated that in Europe and also now in Americas. We have built very strong strategic relationship with our e-tail partners like Amazon, JD.com, and the Alibabas of the world. We have taken that capability now to retail.com last year, especially during COVID, and really helping our retailer transition into their online business. Also, we are taking that capability to our direct-to-consumer business. We have built extensive capability around the e-tail front with a lot of innovation, and we've been recognized as one of the best partners, really working with our e-tailers around the world to grow the category, to really build a very sustainable growth with our partners around the world. As you can see, even before COVID, we have been driving a big increase in the mix of our online sales, now reaching more than 40% globally. By FY 2019, it was around 30%. Of course, last year during COVID, the speed has really picked up. We believe that trend is going to continue, and it's not really going to be an evolution. It's going to be a revolution in terms of how big this online business is. Because of our competitive advantage in this channel, we really believe we will continue to drive and lead the growth for all of our categories on e-tail. Of course, retail is still a very big part of Logitech's business. This is our traditional strength for many of our markets, especially in Europe, in the U.S. We have done really well with our retail partners around the world. Over the past two to three years, we have been able to even elevate our partnership with our retail customers. We have brought a lot of very strong strategic initiatives to build category growth and drive the ASP in those channel. Some of the key program we brought into the retail channel, including category management, we're really helping our retailer to upscale their ASP as a category, driving category growth. Also, we've brought in significant point-of-sale innovation. We bring traffic to our retailers with a strong retail tainment program. Especially last year, as I mentioned earlier, during the COVID, we really supported our retailers in their effort to go online towards omni-channel. That has been very successful. With the kind of lockdown we've seen last year during COVID for the physical stores, we still was able to drive more than 20% growth in the retail channel. We have confidence post-COVID with the store reopening, we will continue to drive growth in this very critical channel for us globally. I want to share the last key strategic opportunity for us is really on our global footprint. If you look at the right side, you can see more than almost 80% of Logitech business coming from the mature market today. On average, our consumers in the mature markets spend about $3.8 for Logitech product per cap basis. Still, with best practices we're seeing around the world, we still see a huge opportunity in the mature markets. However, we also have the benefits of looking our footprints in the emerging market, where the consumers are only spending $0.16 per cap, and that's in all the emerging market and China, with more than two-third of the world population. Looking at our presence and looking at the income level and looking at how the COVID-19 pandemic have increased the PC penetration in an emerging market, we believe we have a huge opportunity in the emerging market as well. As part of our key strategy, we're continually invest behind our mature market, and also we're going to invest behind China and emerging market in a much more aggressive way. This is a huge opportunity for Logitech as we move into the next three to five years. In summary, one year into our journey, we as an organization, we feel pretty good. Obviously, there's still a lot to do, but we feel we are well-positioned to really drive sustained growth for Logitech for sure. Especially we feel we can grow C&P, gaming, and streaming much more aggressively. We will be able to elevate our sales and marketing capability around the world even faster. I'm sure we will, and we're already doing a lot of the best practices sharing around the world, but I think more will be built and more success will be shared around the world as well. Of course, as I just mentioned, we will be able to drive much more aggressive global expansion. In summary, thank you very much for this opportunity to share with you our strategy as a commercial organization and also some of the good example of what we achieved over the past year. Now I'm going to hand it over to Ehrika, who's going to talk about the exciting opportunities we have for VC. Thank you very much. Thank you, Quin. Hi, my name is Ehrika Gladden, and I'm responsible for the go-to-market enterprise business, specifically focused on video collaboration. I spend time with customers and partners every day. The challenges they are facing from the effects of COVID-19 are critically important to their companies. Their resilience, determination, optimism, and innovation in the face of these challenges is inspiring. These businesses, institutions, and organizations plan to provide business continuity while dealing with some of the most significant changes to operating models in business. Video has become the essential service that enables them all. The go-to-market enterprise group at Logitech is inspired and ready to assist companies to define their what's next. We are ready to partner with them for technology solutions that can help meet their business needs. As Bracken shared earlier, the changes in working models created by COVID-19 are not temporary. We believe the hybrid work models that have been evolving since the early 1970s, and at warp speed this year, will be the new normal, and we can help. We recently conducted a study with customers across multiple industries and customer segments in both the global and local settings to better understand our customers' worries. What I'm about to tell you is non-controversial. From the larger employee businesses to the local proprietors, it was clear. Their top priorities were maintaining business continuity, employee engagement and wellbeing, the student experience, and productivity. Technical decisions included some form of cloud and hardware solutions focused on video. 58% of those surveyed now have remote asset management solutions included in their plans because they believe it is an essential component of their business strategy. From my office, I've been able to meet our customers and partners in their time zones and experience their needs as we help them to meet their requirements and support their employees' needs. It is expected that most places will have a phased return to office approach that will result in a hybrid work schedule. Depending on your location in the world, the hybrid concept of your office is going to be the new normal. One thing is definite, the environment has changed. Businesses and schools will use their spaces differently, and video is critical to ensure a seamless approach. Companies are now considering collaborative spaces and hot desks to accommodate the hybrid working model for workers when they're in the office and when they're home. Logitech's technology addresses these challenges. Whether it's video collaboration solutions in the office, personal collaboration solutions in the home, or both, we can help our customers be productive, engaged, and connected with our solutions. To meet the needs of our customers and deliver solutions, we have developed a lifecycle model. You've likely heard it said about Logitech that the mouse built this house. Well, it's true for us in the enterprise organization too. Our business is built out of Logitech's strong heritage of customer first, innovation, and service delivery. It all starts with a strong foundation of services that ensures every time a customer chooses Logitech, they have the best-in-class support they expect. It's job one for us. Once they enter the house of Logitech, we're focused on delivering the best possible experience for them. Customers express interest as a result of our lead generation efforts or because they've come to rely on the Logitech brand. They give us insights into the secular trends that are driving growth for them and shaping their strategies. For us, customer first is really about understanding and putting the insights of our customers forefront in our approach. Our customer engagement model is designed to assure customer solutions, leveraging the services they've chosen for their environments. We are committed to every customer experience being one that positively impacts their business. Together with our partner ecosystem, we believe we have the correct route to market model to address their interests, priorities, and ideas to grow their businesses. We've organized ourselves in the land and expand sales motion to provide a consistent experience. We want our teams to be in a position to dedicate focus and attention on our existing customers as well as our new customers. We are convinced this focus positions us as a trusted advisor so customers can explore the best collaboration solutions for their businesses, their institutions, or their organizations. I briefly spoke about our routes to market, but let's talk about how we scale and meet market demands in partnership with our channel. Our partner ecosystem is one of the most important ways we go to market, whether cloud providers, distributors, service providers, solution integrators, direct market resellers, or value-added resellers. These partners make a difference in the customer experience. Their expertise assists our customers with deployment of solutions that meet their needs and the needs of their employees. Listen, it's not a secret. This market is accelerating and growing. How we address the total addressable market with our customers is also important. We're looking at segmenting our markets to inform where we invest, develop, and grow. I'm going to start with our foundational customers. Our foundational customer segment includes businesses with more than 500 full-time employees. Our customer segmentation continues with our corporate customers or companies and institutions with more than 5,000 full-time employees. We also see the opportunity to lead with our global customers, those companies or organizations with more than 10,000 full-time employees. With Logitech's rich heritage satisfying the needs of consumers and companies, we will continue to make our products available through logitech.com and web-scale partners alike. This market has changed. In the past, video was reserved for just the corner office. In fact, Logitech looked at the market as just this corner office here, with conference room peripherals and cameras. When we think about the needs of customers, whether foundational, corporate, or global, the office is anywhere, whether working in the office building, your favorite coffee shops, the sky, and even the home office. It is clear we can help our customers and their employees with video solutions that make their work experience seamless regardless of where in the world their office is. Where we previously looked at the market as just offices with meeting rooms, we are clear. This market has been redefined, and Logitech video and personal collaboration solutions help to meet the market demand. How do we know? Our customers and partners are telling us. Customers all over the world in all of the market segments we have identified have chosen Logitech solutions to meet their needs. Pembina Pipeline Company in Calgary, Alberta, Canada, said, "The Logitech Rally system was exactly what we're looking for." They're seeing value and consistency of the meeting room solutions across their company. Japan Radio and Indonesia Port Corporation in Japan and Indonesia respectively, are using Logitech video and personal collaboration solutions to ensure their employees can work flexibly anywhere in the world and every day. Ricoh, one of our valued partners, has given us feedback of the highest regard, highlighting our pace of innovation and the importance of putting the experience, the customer first in our innovation process. In France, Veolia and Sisley are both integrating Logitech video and personal collaboration solutions to create efficiencies in their businesses, be it cost savings or employee productivity for teams working remotely and in the office. With the recent launch of our latest portfolio of products, starting with our appliance-based solution, Rally Bar, ServiceNow credited the product performance as an ideal solution for their meeting rooms. For us, we're convinced the hybrid experience brings the office to where the work is being done, and Logitech is proud to be the partner that institutions and enterprises and organizations choose to enable how they work, how they teach, and how they innovate. I'll quote Bracken here, "Whether you're videoing with your mom on the next block or your rover on Mars, Logitech connects you to the world and beyond." We're going to take a short break here, and you'll be hearing from Heidi next. Thank you. There will now be a 10-minute break. During the break, we will play a recent fireside chat between Bracken Darrell and Eric Yuan, Founder and CEO of Zoom. You've been such an amazing partner for Logitech, and you're just such a great guy. I haven't seen you personally and physically since December 2019 when we had lunch together. Welcome to our Fireside Chat. Thank you. Right now, we've really completely added to our lineup with Rally Bar, Rally Bar Mini, and then RoomMate, that can turn any of our products into an appliance. We've really tried to jump into the appliance game in a big way. What's your view of innovation in general in the video industry, and where do you think the gaps are, and what's really working? Yes, Bracken, that's a great question. First of all, I would say video industry is not something like a brand-new industry. Everywhere it's booming. Overall, I think that user experience is number one. I'm pretty sure next 5 to 10 years, almost everywhere, anytime, any device, one click, you will see a shot. Video is going to be everywhere. What do you think is still missing, Eric, in the video industry? What's the innovation that's still lacking? I think it's several things. Make sure all those new use cases, we can support well. Nobody thought about that. We can have wedding ceremony or those kind of online cooking classes. How to truly embrace those new use cases. That's also something very important. I agree with you. I think these explosion of use cases for video is one of the most exciting things that's really started to expand during the pandemic, and we could name any number of them. What do you think the future of work itself is going to be like after we get through this? First of all, I think there are full of uncertainties as of today. One thing for sure I know is that we are not going to go back to the traditional way. We all needed to drive to office. Everyone has to get together. I do not think that will be the mainstream in the future. Very likely it will be hybrid. Meaning either employees, they decide when to stay at home or when to go to office, or employer can decide that. Maybe this week we all go back to office, next week we all stay at home. I think that will be very likely a hybrid mode for the future workplace. The hybrid is going to be the future. Yeah, you and I have talked about this, we absolutely share that view, that it'll be a hybrid world. I think one of the comments that some people have raised about the video culture, the video work culture, is what impact it might be having on sustainability. Do you have a view on that? Yeah, you're so right. I think like today's fireside chat, it used to be I needed to be there, right? I need to drive there, maybe one hour. Maybe tomorrow I have a customer meeting. I need to fly there. I really do not think that is sustainable on many fronts. The time and the climate change. I think video can play a very big role. More and more innovations can even make the video communication better than face-to-face meeting by the next five to 10 years. Scott Wharton, when he first came into the company, I remember his first presentation, he said, "I don't want video meetings to be as good as physical meetings. I believe they can be better. Yes. I told him last night, actually, that has stuck with me now ever since, and I kept thinking, "You know, he's right." You can get so many things in the context of a video meeting in an augmented reality structure that you can't have in a physical meeting. You told me something several times when we've met, another thing I can never forget. You said, "I only really travel twice a year." Can you tell that story? Because I think it's so interesting. Yeah, I remember that. We had a lunch together, I think around Christmas time, I think. 2019. I think, first of all, I have a suite case, and as a plus, we are working so hard to make the video communication better. On the one hand, if I travel very often, for sure something is wrong, right? Maybe our solution does not work. I feel like it's not productive. I can only visit one customer, I realize, if I travel there physically. Later on, I realize, wow, if I use Zoom, I can meet three or four customers all the work that's within one day. I feel like my productivity is much better. Not to mention the jet lag. That's the reason why, since several years ago, I decided, if I only travel twice a year, for business travels, for this is why. I think that the feedback was very positive, and so far it works so well. Eric, if I could just ask you know we're launching these three new products, two appliance products and one that turns anything we have into an appliance product. What are you most excited about with those? I think first of all, I would say, look at the Logitech innovation speed is I'm so impressed. Not only did you launch one product, two products, three products at the same time. Before I launch the product, we are already working together. Already go through the certification test. We know it works well. Not like you launch something, customer they need to wait for another several months or quarters. The product is ready. It's open platform. It support Zoom meetings, support other calls as well. I think from end user perspective, I'm pretty sure the customer will like it. Eric, how do you think your customers will react to our launch of Rally Bar, Rally Bar Mini, and RoomMate? I think, first of all, I think we, being your customer for a long time, very happy. I think our customers, very likely, they have the same reaction. The reason why is, look at the today's world. We are thinking about going back to the office. A lot of companies are planning what's the future workplace look like? What's the conference room look like? What's the future working from home look like? That's why your devices, the three in the two appliances, also the RoomMate, I think can fit very well with those new requests. Anyway, it's perfect. Plus, your expertise on hardware design, on audio-video quality with the Zoom software and with other software, I think a customer will really like it. What's next for you guys, Eric? You've continued to bring Zoom from what could've been conventional video conferencing into the next world of video conferencing. Where do you go next, and how might Logitech fit into that? I think, first of all, when we started, the vision is to build a killer app, killer video conferencing app. I think that we are moving towards the chapter two of our innovation journey, which is to become a platform, and for sure, the foundation is video. As I mentioned earlier, we got to embrace all kinds of use cases, not for enterprise, not for business, but also for consumers, right? All the use cases, for sure, and we really understand the software and the cloud, and you guys is great on the hardware, on software-hardware integration. I think that together, we can make video everywhere, right? With great quality, very easy to use, embrace all kinds of new use cases. Fundamentally, as we believe, someday in the future, anywhere, just one click, the experience like this, better than face-to-face meeting. You know, like we did not see each other for a long time, I want to give a big hug, Bracken. You will feel my intimacy. Yeah. That feature might be integrated very well into your Logitech hardware, right? That's amazing. I think that is something we are shooting for. Thank you so much, Eric. It's been really an honor and a pleasure to have you on this fireside chat. Great luck in the future, and look forward to working together. Bracken, thank you, and your leadership and Logitech. Very early on, when Zoom was a very small start-up company, we already became a great partner. I truly appreciate it for the partnership. I truly believe together we can innovate faster, innovate more, and bring the best solutions and experience to the world. Thank you. Hello, my name is Heidi Arkinstall. I'm the Chief Marketing Officer at Logitech. As my title would suggest, I'm here today to talk about marketing. It was four years ago at this same presentation that I spoke about developing marketing as a core capability to support Logitech's growth. Over the past four years, that's what we've been working to build as we move from a push to a pull approach. We've built a capability with three core pillars that supports all of our brands and the breadth of products, categories, and audiences. First is the team capabilities, the marketing skills, the creative, production, digital expertise, and supporting technology infrastructure. Two is the campaigns and content developed by those teams, utilizing data and insights. Third is the in-market execution with an integrated approach across paid, owned, and earned media, and in conjunction with channel partners. Having internal teams allows them to be engaged from the early design phases and gain a depth of understanding that they can really bring to the work that's developed in support of product experiences. This capability has enabled us to significantly uplevel and expand the content created with campaigns designed to talk to specific target audiences. We've also been working to develop digital tools to make buying our products easier and support people through their buyer journey. The workspace configurator on Logitech is an example of this and an approach that we're working to expand across categories and brands. Our global campaigns really come to life at the country level. They're leveraged across multiple channels and in activations run in conjunction with channel partners, both online and in-store. We're also working to drive greater engagement at the brand level. In May last year, we launched what we call the Make It Work campaign in the U.S., which was a response to being inspired by people who were continuing to work, create, learn, and collaborate in challenging times, and how Logitech was playing a role in helping them do that. We saw in our brand tracking that the campaign positively impacted people's emotional connection to the brand. We're building on that with the recently launched campaign that we call Defy Logic. In the past 12 months, we've seen our products move from peripheral, as the category name suggests, to necessary, and now we want the brand to become an essential part of people's lives, providing them with tools that enable them to pursue their passions, their purpose, and the work they do. This is a campaign that's more than just about people surviving. It's showcasing people doing inspirational work enabled by Logitech. We're showcasing people doing extraordinary things that may not have been possible just a few years ago. They're defying industries, genres, and what's gone before. Whether it's launching a broadcast from their bedroom or starting movements that advance societal causes, they are creators, makers, and doers who are challenging the status quo, and Logitech is helping them in the work they do. The campaign has three key objectives. The first is driving that stronger emotional connection with the brand, making Logitech essential in people's lives. Secondly, it's about showing Logitech as a brand that's aligned to our purpose, one that enables people to create, achieve, and enjoy more. Thirdly, it's about bringing new people to the brand, reaching new audiences, and appealing particularly to younger people who are not as familiar with Logitech, by partnering with talent that's aligned with our focus areas and the values that they share. We recently launched this campaign with an anthem spot in the Super Bowl, anchored by Lil Nas X. As someone who got his start on social media, he was the perfect creative innovator to carry the spot. We were able to use his yet-to-be-released new song to amplify the buzz. Let's take a look. We stand in defiance. We the makers. We the ground breakers. We the creators, the streamers, and dreamers. We defy expectations, perceptions, and misconceptions. We defy what Logic says we should look like, sound like, be like. We defy genres, algorithms, and entire industries. We defy that little voice that says, "Oh, no, we can't," with a roar back that says, "Oh, yes, we will." To create the future, we must defy the Logic of the Past. We must defy Logic. Call me by your name. As an advertising event, the Super Bowl is unparalleled, with the commercials as much a part of the entertainment as the game. It provided significant exposure for the brand. The media coverage of the commercials begins several days in advance of and continues after the game, which increases the total impact of a Super Bowl buy and provided significant impressions and reach. We saw it drive very positive sentiment for the brand. Our partnership with Lil Nas X doesn't end there. It's a broader relationship that pairs him with Logitech as champions of empowering the ever-growing creator community. He will also appear in a new ad for the brand that will debut in the Grammy Awards on March 14th. We're just getting started with this campaign. It will launch in other markets in the coming months. We'll build on it as a platform through which we tell stories of people enabled by Logitech across audiences, products, and categories to compel people to the brand and ensure its long-term relevance, health, and vitality. Thank you. Okay. Thanks, Heidi, and congratulations to you and your team for the great work this past year. Very well done. By now, you've heard about the consistency and strength of our strategy and execution and the strong financial results they have delivered. The agenda for my presentation is similar to years past, as I'll give an update on the current year, highlight some of our opportunities and investment priorities, provide an outlook for next year, and give an update to our long-term model. Let's jump in. I'll start with an update to the current fiscal year. We are increasing our outlook for FY 2021 by raising both top-line and bottom-line outlook to reflect the continued broad-based demand strength across our portfolio. We are increasing our full-year revenue outlook to approximately 63% growth in constant currency, up from our prior outlook of 57%-60%. This implies year-over-year constant currency growth in Q4 will be about 60%. In addition, we are increasing our non-GAAP operating profit estimate to approximately $1.1 billion, up about $50 million from our prior outlook. Clearly, you know that FY 2021 has been an exceptionally strong year for Logitech, and there are many metrics we could look at that would support this point. Here's just one such data point that really puts this year in perspective. Looking back and starting with FY 2016 as the base, we grew our operating profit on average more than 20% per year, and we doubled our profits over the past four years. Through the first three quarters of this year, we've more than doubled profits again. In just three quarters, we've done what took us four years before. Pretty remarkable. While we are experiencing a very healthy push from stronger demand, our results are also driven by a very strong product lineup and crisp operational performance across the company. When you really peel back our performance this year and over the past several years, you can see the same building blocks driving our financial results. While this is not an exhaustive list of our performance drivers, these elements are the foundation of what we believe will be strong, sustained revenue and profit growth into the future. Let me give just a few comments on each of them. When it comes to market growth, as Bracken mentioned, we try to pick categories with good strategic characteristics and where we have or can develop the required capabilities to gain a leadership position. Market share gains are the outcome of good strategies and execution, and financially, being a leader, number one or number two, is important for our profitability. Adjacent markets refer to our ability to find new growth opportunities, organically or inorganically, that leverage our capabilities in design, manufacturing, marketing, and go-to-market. A good organic example of this is video collaboration. A number of years ago, our strong web camera business began evolving through investment and innovation into the video collaboration category that is growing so nicely today. Another important part of our story are the consistent margin improvements that we've delivered despite headwinds from various factors such as tariffs or increased competition. Prakash and Heidi talked about investments we've made into automation and building our brand equity. These are two good examples of how we work to drive up the gross margins of our categories through lower production costs and greater customer preference for our products. The last item on this list are investments into the business. Of course, growth doesn't come for free. We as a company consistently invest for the long run. Sustainable growth requires sustainable investment. You've heard today from several of our leaders about areas where we are investing to expand our capabilities to create value over the long term. Now, aside from choosing good categories, we have good secular growth categories today. Some additional growth catalysts include those listed here. It's a combination of innovation from product management and engineering and expansion of our capabilities in sales and marketing. Bracken and the other presenters have touched on many of these already. I'll not go through them, but these are all areas of focus and increased investment over the past six months because we believe they are key to our future growth. As such, we plan to continue and even expand these investments in FY 2022. You've heard a lot about where we are investing and how our growth and margin expansion has created room for us to move faster on executing our strategic priorities. While we invest more aggressively, we will remain true to our belief that managing risk is essential to long-term success and the consistency of our performance. On the right-hand side of this slide, you can see a few examples of actions we take that help us manage risk. For example, we've built a diversified portfolio, and we actively manage our product life cycles to align resources with the more attractive categories and markets. We're doing exactly that today by funding investments in areas like streaming and gaming with profits generated from slower growing categories like Bluetooth speakers. Managing risk is often considered synonymous with being conservative or counter to growth. There's some truth to that. In reality, by managing your risk, you actually increase your likelihood of success for long-term growth. By being diversified and avoiding significant losses, you can sustain investments while less diversified competitors have to pull back during periods of market softness. Good risk management actually leads to more capacity to consistently invest in growth and stronger long-term competitive positions. Moving now to capital allocation. Our priorities are unchanged from prior years. We actively look for opportunities to strengthen our business through acquisitions, and we have shown a balanced strategy of returning cash to shareholders through a growing dividend and share repurchases. Our additional cash gives us the ability to quickly invest in manufacturing capacity and inventory for potential demand upside, as well as funding additional variable expenses like marketing. While our M&A strategy hasn't changed, we continue to look at targets that are small, medium, and large. Our higher cash balances today give us more flexibility on how we finance deals. When you put it all together, here's our outlook for FY 2022 revenue and operating profit. We expect sales to be up 5% to down 5% in constant currency off of our increased FY 2021 outlook. Roughly flat sales at the midpoint of our guidance. We expect our operating profit to be between $750 million-$800 million, down about 30% at the midpoint versus this year. Profits would be down as we expect gross margins to be lower next year with more normalized levels of promotional spend and retail store marketing investments. We continue to invest in higher levels of sales coverage, marketing, R&D innovation, and some areas of G&A. These investments will be both fixed and variable in nature and are expected to fuel strong, long-term profitable growth for our company. By category, we see Creativity and Productivity being down a little bit next year after growing about 50% this year. We expect Video Collaboration momentum to continue and grow nicely off of a much higher base. Gaming could be flat after growing approximately 60% in FY 2021. We believe gaming has strong growth prospects long term. The combined music categories are expected to be down about 5%-15% as our largest music business, Bluetooth speakers, continues to decline at levels similar to this year. Blue Microphones and retail headsets, however, should offset some of this decline in mobile speakers, but are still expected to slow significantly from their high growth in FY 2021. This next slide gives some additional color on some of the factors, positive and negative, that we are considering in our FY 2022 outlook. I think each of these tailwinds and each of these headwinds are likely to occur to some degree. For example, the first headwind, a shift of consumer spending toward other categories, seems likely as hopefully in-person activities and travel become more common. On the other hand, the shift towards hybrid work and growth in video looks likely to continue as well. One reason we give a range in our guidance is that the magnitude and timing of these competing forces are frankly hard to predict, especially as we get into the summer and back half of the year. I am certain, however, that we will be busy and determined as we are every year to adeptly navigate the positive and negative forces, and we are looking forward to the coming year. Moving from FY 2022 to our longer term financial model, here you can see the significant improvements we are projecting to our P&L structure. First, on the top line, we are increasing from high single-digit growth rates to 8% - 10% growth in constant currency. This new long-term model suggests we can grow even faster than before on a revenue base that is 60% larger. The combination of our greater scale and growth rate creates a powerful compounding effect to drive our earnings potential. Given our improved business mix and reduced promotional spend in some areas, we are raising our gross margin targets materially. There may be quarters where we are outside these ranges, negatively or positively, but we think we've structurally and significantly improved our margin profile over the longer term. Operating margin ranges have also increased nicely from our prior model. This is, of course, driven by the combination of our increased sales volume and gross margin rates and incorporates our view that we will reinvest at higher levels, as appropriate, into the business for more attractive long-term growth. In summary, the overall message from our financial outlook is that FY 2022 will be a year of reinvestment, but we think the revenue gains we've made this year are sustainable, and our improved long-term outlook reflects our belief that we are now a larger, faster-growing, and significantly more profitable company. Okay, with that, I'll hand things back over to Bracken for his closing remarks. Thank you so much, Nate. I couldn't be more excited about where we are. On April 9th, I'll be celebrating my ninth year here. On October 2nd, we'll celebrate Logitech's 40th year. I feel like my team is just at the beginning of growing Logitech to what it can be. We've been on a nearly decade-long road to reinvent Logitech, and I believe we've done that. As we continue to improve our strong capabilities and add more, as we apply those strategically to our existing categories and a growing number of new ones, we have so much potential to reinvent what Logitech can be again and again. Logitech's role is to enable people around the world to pursue their passions and connect to others. To create, achieve, and enjoy life more, as we often say it. To enable all people in this amazingly diverse world we live in to be able to have the kinds of opportunities that were limited before. To do that responsibly for the planet. I'm so excited about the road ahead. Thank you so much for attending today. Nate and I are now very ready for your questions. Thank you. Now we'll take our first question from Alex Duval from Goldman Sachs. Yes. Hi there. Many thanks for the question. Hey, Alex. Hey, Alex. How are you doing? Hi there. Good to see you. Many thanks. Just one question, if I may. Given today, you've given a higher long-term gross margin assumption, and based on that higher fiscal 2022 revenue base than people thought, and given also you've upgraded your midterm growth, is it fair to assume that your midterm EBIT margin assumption is rather conservative, given the current EBIT margins you're at? Just wondering why you wouldn't be at a significantly greater margin level over time on an EBIT basis. Should we be just viewing this in the context of the fact that your historic guidances have ultimately turned out to be quite conservative? Just want to understand that, given it would seem to imply a bigger uplift in areas like R&D and marketing. Nate, I'll let you take that one. Sure. Yeah. Hey, Alex. I think your final comment there is the right way to think about it. I think what the outlook reflects is that we're going to be investing at a faster rate relative to revenue in FY 2022 and going forward than what you saw in FY 2021. FY 2021 has been an exceptional year. We've updated our FY 2021 revenue growth outlook to about 63% in constant currency. We have great opportunities we think over the longer term and we need to be investing for those long-term opportunities in the areas like you mentioned, R&D and innovation, marketing, go-to-market across both consumer and more business-oriented channels. It's really, as you said at the end there, I think, we've taken up the operating margin outlook for the long-term model pretty significantly from 11%-14% to 14%-17%. When you combine that with the higher revenue base and the faster growth rate that's also in that model, I think it's a pretty powerful earnings formula. Great. Many thanks. Thank you. Thank you. Thanks. Asiya Merchant from Citigroup, your line is now open. Hi, Asiya. Hey there. Oh, hey. Congratulations. Looks like Ben disabled my video. Ben, how could you? We saw you. There you are. Okay, we saw you. Okay. If I can just peel a little bit on the gross margin upside. Nate did go into it, Quin also talked a little bit about mid to high-end portfolio expansion, certain markets and categories that haven't been penetrated. If you can just kind of help with, of course, the software mix getting a higher portion of your portfolio. If you can kind of talk about, in rank order, what's driving the gross margin upside. Is it the mix shift that's going towards more enterprise and gaming that typically carry higher margins versus creativity? If there is something else that's underpinning that. Also market share gains. Your outlook for FY 2022, the midterm outlook. What's kind of factored in from a market share gains perspective versus the rising tide that's lifting all boats in the categories you are in? Thank you. Yeah, sure. Okay. On the gross margin side, I'd say the two largest factors to the positive would be continued mix shift, so the areas of our business that are growing faster generally have higher gross margins. Not always the case, but some of the categories that are growing fastest do have better margin profiles. The other one would be that we believe we can hold on to some favorability on reduced levels of promotion that we've seen this year. We don't think we can hold on to all of that, but we think we can hold on to some of that, then we'll be reinvesting back into marketing as we continue to drive our push-to-pull strategy, where we build the brand equity, drive up that awareness, drive up the affinity for our products and our brand, which we think has a long-term margin benefit as well. Those would probably be the two most sustainable, we believe, long-term margin tailwinds. Your other question around market share. Listen, I think there's still a lot of opportunity for us to gain market share, even in categories where we've got 50% share. I like to say that still says that one out of every two customers is choosing somebody else. I think there's a lot of opportunity there for us. I think you get those share gains when you deliver great innovation and differentiation relative to your competition. That is really a long-term investment that requires that. It's a long-term investment in new product innovation, and it's also a long-term investment in marketing and brand. Bracken, anything you want to add to that? Yeah, no, I would just echo everything you said. I would say, how much market share gains in the model? We really leave market share sort of as one of the floaters between what will really happen to the growth in the category and how much we gain in market share. I'd say it's assumed. Assume some level of market share gain, but if the category is a little stronger, it's probably relatively flat. I don't think market share will be a big swing item for you. Yeah. Great. Software driving some of that, is there more to hear from you guys on the software and services becoming a new category for you guys? Well, I wouldn't necessarily say it's going to be a new category. We've got software and service plans kind of built into everything we're doing. We have software leaders now in every one of our major categories, and we're hiring software engineering on a very fast clip. We don't really have anything explicitly that we're ready to talk about today. We'll do that probably the next Analyst Investor Day. We'll be ready to talk more about it. Yeah. I would think about software in particular right now as just something that's a product differentiator. Longer term, we may have more opportunities there to really create new categories and businesses. If you just think about, again, product differentiation, things that we can do to make our products work better together, whether that's device configurability and management. I think those are important things that can drive up the willingness to pay, if you will, for products and help sustain higher margins. Great. Thank you. Thank you. Thanks, Asiya. Ananda Baruah from Loop Capital, your line is now open. Hi, Ananda. Hey, Ananda. Hey, guys. Thanks. I'm turning the video on here. Cool, thanks. Appreciate it. Hey, there we go. Hey, guys. Great context today and content, really appreciate it. Let's see advertisements you guys started at the Super Bowl. The commercials are home run, like really, really phenomenal staff. Yeah, they're great. Looking for it. I actually texted Ben, like 10 seconds after the commercial started. More of that to come, looking forward to it. Two, if I could, just on the updated long-term rev growth, which looks great. Given the structural tailwinds to your key categories in your leadership position, why wouldn't the growth be greater than 10% in the updated model? Just love to understand the push-pulls there. Do you think at some point in time you could grow into a greater than 10% normalized rev growth profile? I just have a quick follow-up. I'll take that one, Nate. At the end of the day, that long-term model is already an increase versus where we were. We went from upper single digits to 8%-10%. Could we at some point in the future be 10% +? Yeah, of course, it's possible. Make no mistake that if we put an 8%-10%, we're going after 10%. Going after and delivering are two different things. When we guide to a long-term model, we try to give you something we're confident we can deliver. Why wouldn't it be higher? The further you go out in the future, the less predictable everything is, right? At the end of the day, we're building in what we think is the most likely case that we are confident we can deliver. We'll see over time. I'm super excited about this business. I didn't come for the long term, long, long term to deliver anything short of a very strong growth business. That's reflected in the model, and we'll keep updating it. Appreciate it. Just the quick follow-up is, with regards to the content creation business that you guys are looking to cultivate, can you give us, I guess any context would be helpful? Yeah. Sort of what aspects of the ecosystem might be exciting to you, might be eligible without giving us any, you don't want to give away the whole thing here. I think it would be helpful for us to be able to get a sense of how you guys are thinking about it. Ananda, you know because we've known each other for a while, how conservative I am about letting the cat out of the bag, so to speak, too early. What I can say is, when you think about, and if you have somebody in your home or you're streaming content or creating content, you know that there's a series of peripherals that go into that. There's services like Streamlabs that go over the top of that. All of those are fair game. I'm super excited about this category. I think what gaming is to kind of your child's a bedroom or your basement. Content creation is to everywhere. Content creation has become the biggest thing that's happening if you're under 30. Almost everyone is a content creator. When we say more and more people are gaming, we know it's true. A lot of people are now gaming much more than have ever done it. When we talk about content creation, it's hard to find people who aren't. We think there's a lot of opportunity there. It's a long-term opportunity. I don't want you to go immediately assume that we're going to be suddenly have a billion-dollar business overnight. This has very big potential long term. Could it become one of your sort of above median categories when you think about the portfolio of the company? Yeah, absolutely. I wouldn't guarantee anything, but we wouldn't have called it out the way we have if we didn't think it could be. Hey, you know what, Ananda? On that category, one thing that's really attractive to it from my standpoint as well is it's kind of like gaming in that people want to look good, they want to sound good, they're doing this for fun, but some people are also doing it to earn money and to earn a living. They care a lot about the performance of the product. They care about its features and its technology. I think that plays into our strengths because we are an innovative, design-oriented company. Like in the gaming space, where people are competing, even if they're competing for fun, I think Creativity and Productivity and creating that content is something that has some of those characteristics as well. It's an attractive category in that sense. I think it's huge. I think what's not yet fully appreciated, and then I'll cede the floor, is the degree to which business development and cultivation, and generation has actually moved online over the last 12 months. Maybe not so much in our community, but anything the small medium business to entrepreneurial, there's been a tremendous move over there if you go and take a look at what those communities are actually doing. I couldn't agree more with you, Ananda. I was playing with a product last night that we may launch. It just made me think, gosh, there's so many tools that we should be using inside of our own company. People are starting to on the very edges of this. It's coming. There's going to be more and more of that inside businesses. We already see it in our children's lives and in many of your lives. It's just going to be huge. It already is huge. We showed 63% growth this year in this whole streaming number, and I don't think that's going to be anything close to the peak of this. The peak is way ahead of us. Excellent. Thanks, guys. Thank you. Looking forward to it. Thanks, Ananda. Torsten Sauter from Kepler Cheuvreux, your line is now open. Hey. Yeah. Hi, everybody. Hello. Hello. It's nice to see people today. This is great. We are in a video world. Thanks, Ben, for letting them come on video. Look at this, huh? All right. Now you're talking. You sound perfect. You sound amazing, by the way. Okay. Thanks, though. I have a couple of questions, but maybe I should start with a few questions on branding and the pull strategy. Okay. Can you give us a feel for the strengths of the brand equity that you have right now across the various brands, and also within consumer tech? How do you compare to these other brands that, in terms of brand awareness, brand equity, and so on? How cool, how fresh, how even female are the various brands, and where do you need to upgrade from here? It's a wonderful question for an analyst investor day. First of all, if I go through the various brands, where are they today? The Logitech brand, it's trustworthy, it's high quality on average. If you go to the older audience, it's innovative, it's kind of cutting edge, and it's male. Okay? If you go to the younger audience, it's reliable, it's a good product, but it's not necessarily the most innovative. What's our mission? Our mission is to move from being kind of what we are for the older audience to what we are for the younger audience. That's where we're headed. When you look at our advertising, you'll see that reflected. We are innovative. Our products really are on the front edge, and they are very trustworthy and a great value, but they're a lot more than that. I would say Logitech is the brand we're going to need to move over the next several years, and we will. We're going to move it from being predominantly male to very balanced. If you go to Logitech G, it's a different story. Logitech G is considered very innovative among our target audience of younger gamers, very innovative, pretty cool. On that one, we really want to keep moving it so that it stays there, but also becomes more and more balanced in terms of male-female split. The gaming business has been too male-dominated, and we're going to move it, shift it over to cover more and more of the women too. I'll probably stop there and say those are the two that I'd really focus on. We could talk about ASTRO, Streamlabs, and others. The bottom line is we're going to move to a much more modern and innovative brand over time as we invest. That's great for the future, because this is all about growing the business long term. By investing in building the brand's innovation and youthfulness, we're going to be fueling the bottom of the brand over time. I'm excited about it. Okay. Yeah. Can I ask another question? Of course, you can. Yeah. Thank you. On the guidance, is it correctly understood that the shortage of chipsets and components is explicitly reflected in the guidance? I'm asking since it's not mentioned- Yeah. on your slide with the headwinds, Nate. If so, could you tell us what the outlook could be without such headwinds? Well, yeah, you're right. I didn't include it on my sort of headwinds and tailwinds slide. Prakash mentioned it a little bit on one of his slides as something that he and his organization have been working to combat. Yeah, I would say it's included in our guidance, but obviously, there could be improvements or worsening of the situation as the year progresses. Like every year, I think we have to battle those types of things and fight ways through it. I can't really give you an alternate scenario, I guess, if you will, but I think we've included all the information we have today in that outlook. I think what you could say is we don't expect a big dampening effect in the business today on chipset supply. I know the chipset supply has really crushed a few categories in the world, like some of the car industry and things. We've had challenges with chipset supplies, but nowhere near that. We're not planning for a big chipset shortage that would be a big damper on our business, and I don't think we'll get one. Yeah. Thank you. Thanks. Thank you. Erik Woodring from Morgan Stanley, your line is now open. Hi, Erik. Erik. Hey, good morning, and g ood afternoon, guys. Thank you very much for everything and for taking the few questions here. Sure. The first question I just wanted to touch on was, again, your guidance on the OpEx side. I completely understand the narrative, love some of the branding initiatives that you've rolled out. I just want to understand maybe from your guys' perspective, what of these incremental reinvestments are variable versus fixed? How would you go about kind of flexing that spend based upon how you're looking at your end markets? Yeah, maybe I'll start with that and then I'll ask a follow-up. Thanks. Sure. Yeah, I did mention some of these are fixed and variable. Same thing I mentioned in the Q3 earnings call as well. I don't think I want to provide an exact split of that. I would just say it's pretty balanced. Some of these things, even things that are fixed, obviously, we can back up on if we need to, but we're placing bets for the long term in these structural growth categories, and that's true across the board. It's true in gaming, it's true in streaming, Creativity and Productivity, and Video Collaboration. On the variable side, marketing is one thing that tends to be more variable than fixed, but we intend to continue to invest in those things over the long term. If we need to flex, that's something we can do. I think one thing, Erik, that helps me is, we have a culture here of being very adaptive, very nimble, adjusting to changes in demand up and down. That's true in operations. It's also true in our operating expenses. I feel like we have a good handle on that, and if we need to, I feel like we certainly can react and take steps if necessary. Given the long-term optimism that I have, I'm certainly looking at FY 2021 and FY 2022 as investment years to go capture those growth opportunities. Bracken, anything you'd add? No, I'll repeat. If you didn't totally get this theme in what we presented today, I'll try to be really clear about it now. We're bigger and we're predicting we'll grow faster. There aren't too many situations where you see that. We really believe in that. We know the opportunity is there. It's up to us to execute it well, and investing in marketing is a key piece of that. Some of it's variable, and some of it's fixed. On the other hand, on the other side of that, as Nate said, we're super good at flexing up and down as we had demonstrated this year in our ability to flex up on manufacturing. We're kind of the same way across the business. We'll adapt as we need to, but make no mistake, we're in here for long-term growth. Awesome. That's super helpful. Thanks, Erik. I guess maybe, if we could touch on one of the points that Quin made earlier. Sure. He showed that chart of spending in developed markets versus emerging markets. Clearly, there's an opportunity for you guys there long term. What do you have to do differently to take emerging markets on the path to developed markets? What do you have to do differently going forward now that you're kind of pointing out this differential and kind of implying that there is a runway to grow that spend in some of those developing markets? I think a couple things. I think one of them is that the cool thing about where the world's gone is it's made it a little easier for us, because in the past, you had to have a lot of feet on the street to deliver against this very labor-intensive retail business. As things have gone online, as demonstrated by China about five or six years ago, as things have gone online, it's much more efficient. The most important thing we need to be is super efficient at creating and marketing a digital business in a digital world that sells mostly hardware into a place that is underdeveloped so far. Our ability to market digitally is the key, and one of the reasons why we went to this global structure that Quin talked about and Quin's in charge of, is that we're going to be able to move best practices we're seeing in places like Latin America or in the Middle East into places like Indonesia or India. There's a lot of opportunity there. Because of the way we've been structured before, we love the entrepreneurial nature of our business, where we had three different regions and different countries within it, but one of the things we traded off was the ability to really move fast, and we saw one thing really working well in one part of the world and moving it to another. Quin is a huge advocate of this, so is Ehrika, and I'm really optimistic that with this new structure, as we get more and more mature, we're going to be able to move those best practices pretty quickly. One of them will be the ability to market better digitally. We're becoming, I would say superb in China at this, and we're moving that now around the world. China moved first when what's called the IT malls really collapsed in China, which you will still see in India, that a lot of the business moved from conventional retail online, and now it's 65%, 70% online, maybe more. I think that same thing is going to happen in the different, and is already starting to happen in the different emerging markets around the world. Erik, if I add a little bit more to that. If you think about the trends that Bracken has talked a lot about or we've talked about. They aren't exclusive to more developed economies. Things like democratization of content is as strong in emerging markets, maybe stronger than it is even in developed- That's true. Economies. Gaming, with the shift towards cloud gaming, it's reducing the upfront cost for gamers and bringing more people into that market. There's some nice structural things, I think, that are also occurring in these trends that we're following and chasing, that lead to new opportunities in emerging geographies. They aren't just exclusive opportunities to the more advanced economies. I had one other thing. I think one of the other cool things is things like take Video Collaboration. While the absolute price points for us are really high. The absolute price points for a business in Indonesia are still really low. When you think about relative to jumping on a plane and going somewhere, you can pay off a full install in a medium-sized room with a single trip avoided. We've got opportunities across the board, and I think, making sure we have a portfolio of products that really appeals to the people in that market and hits value price points that is another key piece of this. Yep. I agree. Awesome. Thank you, guys. Thank you. Joern Iffert from UBS, your line is now open. Hi, Joern. Hey, Joern. Hi, Bracken. Hi, Nate. Thanks for taking my questions. We have those sometimes. The first one would be- If we could avoid it, we would. That's not true. I know. I know. As always. No. Look, I think you highlighted plenty of opportunities you have in the future, but also maybe speaking a little about risks that somebody can be disruptive to your business model. Sure. I feel you remind that maybe in video collaboration and I'm very happy and looking forward to hear your view. 2005, you had a very strong webcam business. I'm sure you would highlight we have huge penetration to go, and then webcams were falling in terms of revenues from $400 million to $300 million, $200 million, $150 million run rate because they had technology changes also happening- Sure. with notebooks coming in, with webcams included. Don't you see the same risk here for video collaboration? Over the medium term, we have TVs, notebooks, there's much better camera systems, we don't need a third-party external video conferencing system. The same also for gaming to ask here, for example, virtual keyboards and something we see already in early stages at some startups, isn't this a disruptive risk for you and how do you judge this? Afterwards we'll take a financial question, please, if I may. Let me take them in reverse order. In terms of gaming, since I've been here, we've been looking very carefully at everything that can disrupt the keyboard or mouse, et cetera. We live on the edge of that all the time. I don't see anything right now that looks like it's a big disruptor to the conventional keyboard. If there is something, I can guarantee you that we're already working on it or looking at it inside. We live around the edge. In the video collaboration business, it's really difficult to compare this with the webcam business back in 2004, 2005. We're at such an infancy of video enablement in all these rooms. It's really an amazing period, and I think, if you think about it, maybe the best time frame to look at is 1997 in webcams or something. True. We're so under-penetrated in offices compared to what we should be and will be once people get into this hybrid work model, but there is an extremely large growth timeframe ahead of us. There certainly will be alternative formats for structures of cameras, and you can bet that if those formats look like they're taking hold, we'll be there. You know us, we move fast, and we're not going to sit and let a market develop ahead of us. Right now, I'm super excited about the portfolio we have and what we have coming. I think we're in a really good spot. Joern, I'd just add to that, if you want an argument for the investments that we keep talking about, this is really one of them, is that we have to continue to innovate, and we have to leverage our even greater scale now to continue to push forward and provide more value to customers. I think that's been true historically. I think it's even more true now in some cases, as you say. That is the strategy. It comes down to doing the basics really well, too. I think Ehrika talked about it beautifully. Providing a very simple buying experience with customers, a support experience with customers, products that are easy to set up and operate. These are all things that I think Logitech does very well with the consumer mindset that is so core to our company. We can take that into the business, and we can take that into the enterprise and provide a really differentiated experience. We look to leverage those strengths and those capabilities in these growing markets as well. You had a follow-up? All right. Many thanks for this. Yes, please, on the financial. Just to better understand your medium-term model, 8%-10% sales growth. Has the growth dynamics and the details in terms of growth rates you're assuming for the different categories changed for the medium term? What do you expect for Gaming, Video Collaboration, Creativity, and Productivity? Yeah, we didn't provide really a longer-term view in the long-term model what our assumptions were around those categories. Needless to say, I think all four of those are going to have growth opportunities. Streaming and creating is probably the smallest one. Some of the other ones, in fact, now you've seen gaming looks like it's going to be more than $1 billion this year. C&P probably more than $2 billion. Video collaboration getting very close. Those other categories are much larger, but I think those will certainly be strong contributors to the growth in the longer term. As Bracken said, we're always looking for new categories, adjacencies, things that we can do inorganically as well, small, medium, and large. We've got several levers there. All right. I would add, Joern, we're not just looking, we're doing, and we've actually got things in development in the Cs, and we'll see. You never know what we're going to come up with. Stay tuned. I will. Many thanks. Thank you. See you later. See ya. Hi, Jürgen Wagner from Stifel. Hi, Jürgen. Yeah. Hi, Jürgen. Hi. Thank you. It's so cool to have everybody on video now. Yes, indeed. Yeah. You mentioned several times today that 2021, 2022 will be investment years for you. Yep. How is your visibility on what year you should or will grow again at your target rate? Second one was on M&A. Sorry, what was the last part of your question? I'll restate. On M&A, now as you have become much larger, how will your M&A strategy change? Okay. Got it. Let me take the last one first on the M&A strategy. Really no change in the M&A strategy. We still look at things that are small, medium, and large, and we look across the company, including new businesses and new categories. I think as Bracken has mentioned or I've mentioned, it's really about how do we take the capabilities we have today, and if you look for sources of synergy, if you will, on M&A, it's taking today's capabilities and being able to apply them to any company that we're acquiring. Or if we believe we have good opportunities to build new capabilities or bring in new capabilities through the acquisition, that's also something of interest. Really no change in the strategy. We do have more cash on hand now, and so I think financing, we have more options and flexibility than what we had a year ago, but otherwise, no change at all in how we run our M&A processes. Yeah. I'll just jump on the other question, I guess. When do we expect to hit that long-term model? Make no mistake, it's not going to be this year or we wouldn't have guided where we did. Will it be next year? Don't know yet. Next year is a really interesting, I mean, year after next, so fiscal year 2023. It's a hard year to call right now because there's such volatility in where we're sitting right now and when does this pandemic end and all that stuff. What we know, what we feel very confident in, is that we've got a collection of categories, tailwinds, and growth potential to deliver that long-term model. Is it going to be two years from now? Is it going to be three years from now? We'll see. You'll certainly know by the time we get to March of next year. We're very optimistic we'll get there, and I'm super excited about the growth potential. Okay. Thank you, and maybe a third one. Yep. You talked also a lot about product life cycles today and how you manage those. How have those developed and how is the difference between enterprise and consumer? We read a lot about longer product life cycles, especially on the consumer space. Well, I'm stretching into a place that we don't have enough proof that I can say, "Here's the data." Here's what I think. I think on the B2B side, the product life cycles are shorter because there tends to be a budget available. People want to keep up with the latest technology generally. Our VC business, our video collaboration business, has a relatively short product life cycle from what we can see now. I don't think that's changing. I think there's going to be a lot of innovation there, and I think people will keep upgrading rapidly. On the consumer side, I'm going to stretch a little bit here, and I tried to suggest it earlier when I was presenting this. I think there's a chance that we can accelerate the product life cycles there a little bit because first of all, the relevance of the categories has gone up. How many people have talked about their workplace setup in the last year? It's suddenly become top of mind again, literally top of mind, like one of the top things you think about. Yet, when we look at our mix and what people have bought, they really haven't bought what they needed. The truth is, just not enough people have bought the high end of our range, whether it was the really highly functioned products or the ergonomic products or the just beautiful products that we have. We think we have a real upgrade opportunity there, and that's part of what our marketing needs to help us do. We'll see. I hope that we've accelerated the product life cycle and that we can accelerate it further over the next couple of years, but we'll see. Okay, good. Thank you. Thank you. Thanks, Jürgen. Hi, Paul Chung from JPMorgan. Hi, Paul. Hey, Paul. Paul, you look like Jürgen. We still had Jürgen 's picture up. All right, Paul, you are on mute. There we go, Paul. Hey, Paul. All right. Good. Nice to see you guys. You too. A couple of questions. Just on your increasing e-tail presence, can you kind of quantify the margin benefit relative to brick and mortar from your e-commerce partners as well as your direct consumer? On that shift to e-tail, it would seem your visibility continues to increase, whether it be from inventory management, shipping. Anything you can expand on that? Yeah, Paul. I would say it's hard to really make a general statement about e-tail versus retail and profitability. In some cases, e-tail is more profitable. In some cases it's not. If there's a hard shift away from retail, you have maybe some more fixed costs that can get stranded in retail that you've got to manage, which can put some offsetting pressure on margins there. I haven't put anything explicitly in my outlook around headwinds or benefits from the shift. I would say on the working capital side, generally, I see it as being favorable, the shift towards e-tail. You get some more central distribution. It's maybe a little bit favorable from an inventory management standpoint. Frankly, I don't really think it's super material for your modeling. Directionally, I think generally it's been helpful. Bracken, anything? I wouldn't add anything. I think you covered it well. Yeah. Okay, cool. Just on the shape of revenues for 2022, g iven the unusual shape for FY 2021, should we expect kind of normal seasonality, or is there still some nice momentum kind of extending for the next couple of quarters? Then separately, the spread on your guidance is quite wide relative to previous years. It makes sense given the pandemic and record FY 2021, but what kind of scenarios could you hit the high end and on the flip side, the low end of that guidance? If you could just expand on that? Thanks. Sure. Yeah, I think in terms of typical seasonality, I think it's still probably not, I don't think we're back to typical seasonality yet. No. We haven't seen it in FY 2021. I think the best I could probably give you for FY 2022 is we've got more visibility to the first half, and the compares are a little bit easier in the first half. The first half growth probably looks better than the second half. Could be the first half grows and the second half declines. In terms of typical seasonality, other than I think the holiday quarter, our Q3 will probably continue to still be our strongest. That'll be one of the things that we'll learn more about as we go forward. Some of our businesses, we have more visibility, right? Video Collaboration category, we get some more visibility. On the consumer side, though, we can't see too far out past the next quarter. We'll see. At some point, we'll get back, I believe, to typical seasonality. I'm just not sure that FY 2022 will be the year. In terms of what would drive us toward the upside, what would drive us toward the downside? It's a wide range because we had such a high growth rate this year. At 63% top-line growth, it kind of changes the way you think about materiality in general and then how much range there is around anything. I would say, if you said, what could drive us toward the high side, I think obviously we could have stronger Video Collaboration business. If that happens, if we see people move into the hybrid model quickly, if we see people video enabling rooms at an even faster rate than we're planning, that could really be a driver. The webcam business, if we see webcams starting to make their way into offices as they are at homes. People are probably going to be somewhat distanced in an office. Will we see more of that? I think the effectiveness of our marketing. If our marketing is as effective as it could be, maybe that'll help us drive towards the upside. I would say the most important question is what will the underlying dynamics of the pandemic, what will happen? How will it start to slow down and finally turn over? How much will people spend on things other than these categories? I think they will, and when will that happen? Our goal is to invest in marketing and in really trying to build our brands and then continue to innovate so that there's something compelling to go out there and improve your life with over time as we go through the end of the pandemic and into next year. We don't put any range out without going for the upper end of it. That's what we're after. We leave that range so that we're ready for about any scenario. You want to add anything? Paul, I think we've talked on some of our other discussions, too, just the growth rates we have and the increases in the units we've been selling are very interesting to us, but when you compare those unit increases to kind of the overall magnitude- I know. Of the shift to hybrid work, it definitely looks to me like there's quite a bit of room left. As Bracken said, I think this could be a year of some transition in the economies globally as hopefully things open back up and there could be some shifts to other forms of entertainment or travel and things like that. I believe those would be perhaps temporary, and then on the long term, we'll get back up into seeing these categories really grow well. Our outlook sort of reflects, and you can see the wider ranges by category I gave as well. That outlook really reflects that there is some more uncertainty, especially in the back half of the year, but longer term, feel very good about the growth. Cool. Thanks. Thank you. Andreas Müller from ZKB, your line is now open. Hello, Andreas. Hello. Hey, everybody. Thanks for taking my questions. I've got two or three, yeah. Perfect. Why don't you take them one at a time so we don't have to remember all three of them. Okay. I'm just referring for my first question to Quin's presentation. Good. He said some channels and markets that you wanted to penetrate more than today are still untapped or are not really penetrated. Can you talk about these? Where are you under-penetrated? Also in China, for example, is there a scenario where you go into more retail, so the share of the electronic channel is coming down there? Let me first say, I don't think we'll give you too much more detail for competitive reasons, but we do think there are opportunities from a channel and market standpoint. In China, I think China just continues to change so fast. Without being more specific than this, I will say we think we still have a lot of growth potential in China. China's been so exciting for us over the last few years. It's now our number two market in the world, and it's still growing very fast. That's post-pandemic. We think we have a lot of opportunity in China ahead. The underlying GDP is going to keep growing nicely, and our categories should keep growing. I probably won't go be more specific than that, Andreas, but I understand why you're asking, and it's a fair question. It's just from a competitive standpoint, I'm not comfortable going too much more detail. Okay, fair enough. With regards to the sustainability investment. Yeah Are they, in the end, relatively neutral on profitability throughout the time? Yeah. Do we see right now kind of a further push, maybe the next two or three years, which might impact profitability? Yeah. How do you see that also? I'm going to put myself out there here, Andreas. I think they're not neutral. I think they're positive. I think long term, whether it's profitability or growth, and I probably point more at growth, long term, companies that really get deeply into sustainability will be rewarded with higher growth. They'll be more attractive for customers, whether they're consumers or businesses. I think the same thing's true with diversity, equity, and inclusion. Those two values we talked about, I think the day of thinking of those as big trade-offs, maybe it's not coming to an end, but I think you're going to be rewarded for getting in the game and being ahead of the curve. Now, obviously, there are things we could do that would hurt our profitability dramatically if we wanted to, if we tried to do them right away. You know us, we're going to figure out how to do this in a measured way where we have the right kind of impact on the world, but we also manage that so that we're sustainable. A successful business that's in the game on the environment and on equality for everybody, that grows extremely strongly and has a great profile from a profitability standpoint, is the best thing you can do to demonstrate to the world that everybody should be doing it. That's really what we're trying to do because we're totally into these two values. Mm-hmm. Okay. Yeah. By the way, I fully agree with that, with Bracken's point. I think it is kind of really a false trade-off or a false paradox. I think you can do both, and I think you have to do both. I think you have to be sustainable, and I think you have to grow profitably as well. I don't think that they are inconsistent with each other. Mm-hmm. Okay. Then maybe a last question. Andreas, if I could interrupt you for a second. I want to make a point here. I have a favor to ask all of you. We're starting down the path of carbon labeling. As many of you know, we mentioned it today a couple of times in the presentation. Carbon labeling is like calorie labeling. We're at the very 1978 or something and putting carbon on packages, like calories. We would love for every company to do that. I think whether you're a service or a physical product, if everybody's carbon labeling, sooner or later, there will be competition. We'll compete with each other to get the carbon down because some of the consumers will really buy based on that. If you, as analysts and investors, got in the game here and said, "Why isn't everybody carbon labeling? Why isn't it? Why aren't we all? Why isn't everybody? Why didn't we earlier? Shame on us and on everybody else. We all should've been, and we should be. The reason we didn't was because it's hard. It is hard. Now there's a way to do it, though. We have gone through the work, so has Allbirds, so has Unilever, probably other companies are looking at it. We know they are because we talk to them. I would say, if you keep encouraging people to go down the path of carbon labeling, you'll help all of us. I don't mean us, Logitech, from an investment standpoint or performance standpoint. I mean us, those of us who inhabit the planet Earth. We need everybody to get in the game of lowering the level of carbon, and carbon labeling is a great path to help do that. I agree. Last question on the long-term growth. Is there any specific macro assumption behind it, for example, inflation also, which has changed? No. You want me to take that, Nate? I'm happy to. No, not really. I think we assume kind of the same general feeling about inflation. It's not going to get runaway. It's also not going to be deflation. We expect kind of a modest level of inflation around the world, and I think that's probably as good of a bet as anybody can make right now. Yeah. Okay. Yeah. I think for macro assumptions, I tend to just take what it looks like today. All the information about the future, as far as I'm concerned, is baked into the market rates today on things like that. Okay, cool. Thanks a lot. Thank you, Andreas. Thanks. Serge Rotzer from Credit Suisse. Hello. You're still muted. No, I'm unmuted. That's correct. Okay. Now we got you. Yeah, there you are. Thank s. Hi, everybody. It was great. Really, it was really great to see all the happy people working for Logitech. Congrats with all the staff- Well, thank you. You have in your team. Still, I have questions to you concerning. We see fiscal 2022 probably work from home going now back to nomadic, or going to nomadic working, huh? Yeah. This means, for me, from Brio to Rally cameras. You should see a big demand more than in the enterprise business. You mentioned that you see market doubling or even threefold, but your guidance for this year, for fiscal years only, but it's +10% - 15%, or 25%. When you say market is doubling, tripling, but you grow 10% - 25%, is this not cautious, or what do I miss here? I think what you're saying is, how long does it take? What's the time frame where you can expect that to happen? I don't think we know for sure. I think as we come through the pandemic, we'll find out. I do think the opportunity is there to do that and more over time, as companies allocate their budgets towards video-enabling offices and really get in the game. I hate to say it, but companies in general move kind of slowly. More slowly than I'd like. I think they're probably not going to snap their fingers and suddenly have video enabled every room in the office overnight. Not all of them anyway, and maybe not even a lot of them. Over time, they will, because we workers will demand it. We need it because while somebody working at home and somebody working in the office. I think it's going to come. I think our current outlook is probably about right, but we'll see. Our job is to try to make it wrong and do better than that. Yeah. If you just put some numbers on that, for example, video collaboration is going to be close to $1 billion this year. If you took the high end of that category range next year, you'd be talking a 25% growth. You'd be talking about $250 million of incremental revenue. It's an interesting contribution and helps us get towards that overall company guidance that we've given. We're going to capacitize to be able to do more than that, but we need to see kind of what market trends look like. I'm sure we'll see with all of Ehrika's work and the investment that she's making, we think that that's a really great category for us. Like Bracken said, the timing's a little bit hard to predict. Okay, got it. Thank you. How much do you invest currently in the direct sales? Are you increasing the stuff or can you give us an indication here? It's doubling, tripling? Is this in fixed cost? Is this related to the fixed cost? You mentioned that they will over-proportionally increase. Yes, we're increasing it. Yes, it's increasing significantly. Yes, it's increasing our fixed cost, except the portion that's paid as a variable, which is a bonus structure or a quota structure. No, I'm not going to give you specific numbers, but we are increasing it, and we think that's really critical. We certainly do want to be so-called skin to skin with the largest customers in the world. Okay. let's go to the gross profit margin- Sure. As this is the only category which is expected to grow as the other ones are declining or flat-ish. I understood that gross profit margin in video collaboration is the highest in your company. Is it fair to assume that the gross profit margin can keep the levels we have seen this year? The short answer to the final part of your question is no. We are not assuming that gross margins are at the same level as this year. I expect that they will come down next year. You're correct, video collaboration has a nice margin, and it will be growing. We have offsetting forces to that, primarily the increase in promotion that we expect and investments into retail marketing, which, with retail being shut down, we didn't have as much of that in FY 2021 as I expect we'll have in FY 2022, assuming that things continue to open up further. Our guidance does reflect our belief that gross margins will be lower in FY 2022 than in FY 2021. There'll be headwinds and tailwinds throughout the year, but that's what the expectation is. The other thing is we gave a long-term model. It was significantly higher on the gross margin, 39%-44%, than what we had talked about previously at 36%-40%. Just to call out, there will be quarters probably where we are above or below that sort of target margin range. That's not unusual. We'll discuss it in our earnings calls, what some of the drivers are. Really think about that long-term model as long-term and not every single quarter necessarily. Still, and this is the last one, as a follow-up question, you mentioned that you want to go for more high-end products. MX is a keyword or buzzword, then more wireless and gaming is the buzzword. Should this success not mitigate part of this extra cost which you intend to spend? Probably you will not, but probably you can give us some shares how big these high-end products are today and what's the goal to achieve of these high-end products? Without giving you real specifics, I would say the high-end is lower than it could be in every category we're in. We do have a high-end opportunity across the board. On the other hand, our promotion, it does require some promotion to deliver that, so we're planning to put some of that back, as Nate said a couple of times today. I will repeat that. We're going to be really hungry for growth, and we're already going to deliver a really strong gross margin improvement, and I think that's the right profile for us. We have so much growth potential long term that we would be irresponsible as a leadership team if we didn't go for growth and not try to maximize our profitability. We're going to have a great profitability profile, but we're going to have a great growth profile, too. Okay, got it. Thank you. [Non-English content] Thanks. Exciting. Thank you. Michael Foeth from Vontobel, your line is now open. Hey, Michael. Hi, guys. Good to see you. Hi, Bracken and Nate. Good to see you. Two questions from my side. I'll start with you. You talked in your go-to market section about consumer and enterprise. My question is, how do you see the mix of consumer versus enterprise developing and if we talk about sort of total addressable market size? How much have you been able to already leverage your presence in enterprise to sell more C&P products, for example? Yeah. Where are we going in terms of the next three to five years, how you see the opportunity between the two developing? Yeah. Got it. I'll ask the second one afterwards. I would say we haven't leveraged our growing strength in the enterprise through the VC business very much in really selling our C&P business. I do think there's an opportunity. Make no mistake, we're already in the enterprise for C&P. Many of you might go back to the office soon and have a Logitech mouse or keyboard on your desk, or a webcam. We're already in there. It's not completely white space. I do think we have an opportunity to grow it in there, and we certainly will. We'll see. In terms of total addressable market size, it's a tricky question to answer, and it might not seem like it should be, but the reason that it's harder is because a lot of what we sell through our consumer channels actually end up going to B2B. It's hard for us to even answer exactly how big the two different markets are. What I would say is that if you look in a hybrid world in the future, that means in many of our categories, the consumer side, meaning it's going to wind up in my home, is going to be very significant. We also think there's just a very large opportunity for us in the office, especially in video collaboration, but in all of our categories. It's a tough one to say how much is in each one. We used to say in the non-video collaboration business that the total addressable market was probably kind of 80/20 consumer. I don't think that's a bad number going forward. In the VC business, obviously, that's almost all in the office. You can do the math on that. It's a big opportunity in both places, really big. Great. Thank you. The second question would be on your design roadmap or journey, let's say. Yeah. I guess a couple of years ago, you were speaking about initiatives. I think it was the London School of Arts. Yeah. Royal College of Art. Royal College of Art. I was wondering if you could sort of give us an update where you stand in your journey, what sort of initiatives are going on, what has come from these initiatives in the past, and where are you heading? Yeah. I've been saying now for many years that we're going to become a design company. The road to being a design company is an exciting one, and we're still on it. I would say there's no company that really is a design company that I can think of under my definition. Maybe there's a company called IDEO, which is a private consulting firm in design. Where are we on this path? I talked about design 1.0, 2.0, and 3.0. 1.0 is they decorate products at the end of the process. We kind of used to be that a long time ago, and we're past that. There are a lot of companies that are still there. Second is we design experiences around users for the various categories that we're in, and then we bring that to market. You can do that at a kind of an okay level, you can do it at a good level, you can do it at a great level. I think we're doing it at a very good level right now. I mentioned this earlier today, we're already listed as one of the top nine design companies by Fast Company, along with Nike and others that we love to be mentioned with. We're humbled, but it's nice to be mentioned in that group. We win a lot of design awards. I think that's evidence of that. We're going to keep improving that. We're going to keep improving the design. As we improve that capability, we're going to be able to bring it to more and more categories and keep bringing it into existing categories. The cool thing about design is the better you get at design, the better you can perform and create experiences for users. We're getting better and better and better, and we're not letting up. We're doubling down. The third area, though, that is really interesting, and we're just at the very, very earliest stages of this, and I don't know anybody that's doing this well, is turning design backwards into the company. We believe that by bringing design into the company, we'll be able to create a more engaging place to work, more productive, more efficient, more effective, more creative. There are going to be a lot of benefits here. It's the earliest days. More diverse, by the way, more environmentally sustainable. This is the next big breakthrough out there, but it's out there. This one will take time. In the meantime, I'd say that stage two of design, we continue to aggressively move down it, and we've got great things ahead, great products and experiences ahead to bring to market. Thank you. Thank you. Well done. Thanks. Thank you. Thanks. Thank you, Michael. That concludes our Q&A session. Thank you for joining. A replay will be available on our website shortly. Thank you so much, everybody. It's really fun. Thank you very much.