Hello and good afternoon to those attending here in Silicon Valley or watching online in the U.S., and good evening to those listening in from Europe. Thank you all for attending our Fiscal Year 2025 Analyst and Investor Day. Allow me to quickly cover today's agenda, and we'll get started. Hanneke will lay out the vision and future of Logitech, focusing on where we play and how we win. You're then going to hear from Malin and Jay about our approach to innovation. And our business group leads, Delphine, Prakash, and Ujesh, will unpack the incredible opportunity we have across our product categories. Sree will then talk about our operations powerhouse. We are then going to provide an immersive set of product demos, both here in Silicon Valley and online. Then to wrap things up, Matteo is going to lay out what all this means for our forward-looking financial performance. He's going to cover the long-term model, the outlook for Fiscal Year 2026, as well as outline our capital allocation priorities. We'll then take a very brief break before heading into Q&A, which will include all of today's speakers. Before we get started, I do have a few housekeeping notes. First, I must point out that today's presentation includes forward-looking statements, including with respect to future operating results and business outlook. We're making these statements based on our views only as of today. Our actual results could differ materially, including due to factors that are set forth in our most recent Forms 10-K and 10-Q and subsequent filings. We undertake no obligations to update any forward-looking statements. We're also going to refer to non-GAAP measures. You can find information about our use of these non-GAAP measures in our materials. Today's presentation is being recorded and will be available on Logitech's Investor Relations website, along with the press release and the transcript, and a second point, throughout our presentation, we are going to make reference to business and consumer revenue, as well as define market opportunities as our serviceable, addressable market. Definitions for these calculations can be found in the materials that will be posted to our Investor Relations website, so to get us all started, please allow me to introduce Logitech's CEO, Hanneke Faber. Great. Thanks, Nate. And welcome, everyone. It's a real pleasure to host you here at our own offices in Silicon Valley. A special welcome to all of you who've flown in. Eric, who has a huge conference going on, thank you. I didn't get a chance to say hello up front, but you're like a bit of a celebrity this week. I've been watching your videos, so thank you for being here. Appreciate it. It's been a little bit over a year since I became Logitech's CEO, and our team and I are super excited to share our plans with you. Today, you're going to hear about our growth plans, our unique approach to innovation and to operational excellence, and of course, you're going to see a financial roll-up. But when all is said and done, the story is really going to be pretty simple. We are a growing and highly profitable $4.3 billion company with a $24 billion market opportunity. We innovate at scale, and we have significant AI tailwinds. You're going to see lots of examples of our AI capabilities and our AI innovation today. We're leaders in our core categories, and we have a very clear strategy to extend that leadership. And we couple that with a credible plan to achieve incremental growth in new verticals and adjacencies. Of course, we're not naive to macro uncertainty. There's plenty of that, but we have thrived in volatile environments, bolstered by our operational resilience. And finally, we're financially disciplined, balancing organic investment with financial flexibility and very attractive shareholder returns. That's the story you're going to hear today. I think it's an exciting story, so let's get started. First, let me give you all a quick refresher on Logitech. In Fiscal Year 24, we delivered $4.3 billion in sales, and that's split across three attractive main business groups: personal workspace at $2.1 billion, gaming at $1.2 billion, and video collaboration and headsets at $800 million. We hold the number one or number two market share in 11 of the product categories that we play in, and we're number one in eight of those. We sell our products in two main channels. We sell them in B2C to customers like Amazon, Best Buy, MediaMarkt. You'll know them. B2C represents about 60% of our sales, and that's mostly personal workspace and gaming. We also sell to B2B customers, and that makes up about 40% of our business, and that comes mostly from personal workspace as well as video collaboration and headsets. We've installed a new organization that's called Logitech for Business last year, which is headed by Prakash, and he and his team own that B2B business end to end. We have a balanced global footprint with 44% of sales in the Americas, 30% in EMEA, and the rest in Asia Pacific. We have a global employee base of about 7,000 people, and they are highly engaged. I'm proud that our employee engagement last year was at 78%, which is nine points above industry benchmarks. In Forbes' 2024 survey of the world's best employers, little Logitech ranked number 20 out of 850 global companies. And as most of you will know, we have an absolutely pristine balance sheet with zero debt and $1.5 billion in cash. Now, with all these stats, Logitech today is a bigger and stronger company than before the pandemic. By the end of our Fiscal Year 2025, Logitech will be more than 50% bigger than pre-COVID, all driven by organic growth. We've retained most of the market share that we gained during the pandemic, and we've step-changed profitability. We were at about 11%. We're now at about 16%, and all of that creates a really strong position for future growth. We are confident that we can further accelerate growth as we approach the company's 50th anniversary in 2031, so let me talk you through how we plan to do this, starting from our foundational capabilities, then our big market opportunity and the macro trends, and finally, our strategic choices, so our growth has been achieved in no small part thanks to five foundational capabilities, which together form Logitech's unique engine. Those are R&D, the Logitech brand, our global go-to-market capability, our operations powerhouse, and sustainability. We invest heavily in R&D at about 6% of sales. That delivers a constant stream of superior quality, increasingly AI-enabled new products. It also, very importantly, enables premium pricing. Our Logitech brand is a significant advantage. The brand has more than 90% awareness across major markets, and it has really broad shoulders. It appeals to a large range of people, from teenage gamers to corporate CIOs, and it appeals across many life stages, from your first headset in elementary school to the webcam that you call the grandkids with. There are not many global consumer brands of this size in any industry, but Logitech is one. We also differentiate ourselves with our global go-to-market capability. We have teams on the ground in more than 40 countries. We serve consumers and businesses in over 150 countries. I've had the pleasure of meeting many of them in the last year, and I've seen that they deeply understand local customers, and they're absolutely masterful at creating leadership presence in our stores, online, and in local culture. Logitech also continues to be an operations powerhouse. We manufacture five products every second, and we take great pride in doing so with superior quality, service, and cost. Since 2019, we've built a more resilient, more diversified global manufacturing footprint, which is serving us well today. And given how critical that capability is at the current time, you're going to hear more from Sree, our head of operations, in a little bit. And finally, Logitech continues to be a sustainability leader. We design for sustainability because it drives preference with B2B customers and with Gen Z consumers, and it often delivers cost savings too. Three out of four of our products are made with recycled plastic. We use low-carbon aluminum and low-carbon printed circuit boards. We've replaced most of our plastic packaging with paper. And in the last year, we've started to accelerate circularity with new programs like Certified Refurbished. All of these programs create real competitive advantage, and you can see some of them at the food and drinks later on. Our capabilities in each of these five areas are absolutely world-class. They're hard to copy, especially as a set. And they have been and they will be a critical driver of our results. Now let's look forward. So, Logitech's revenue today is about $4.3 billion, but our serviceable, addressable market, or SAM, is about $24 billion, and it's growing. H ere's what that's made up of. There's gaming at $6.5 billion, personal workspace at $5.7 billion, of which about half sits in the B2C channel and the rest in B2B. There's the B2B enterprise market at $9.8 billion, which includes video collaboration, headsets, and the B2B personal workspace products that I just mentioned. It serves companies from large Fortune 500 firms to small and medium enterprises. And then there is a set of B2B verticals that we have only recently entered. Those are education, healthcare, and the public sector, which together represent an exciting market opportunity of about $5 billion. So, together, and without double counting, that makes for that large SAM of $24 billion. We hold leading shares in most of this SAM, but as you can see, we still have a significant opportunity to gain more share of this growing market. And we do project that this market will continue to grow at a very robust clip because we're going to benefit from three macro trends: AI, new ways of working, and gaming growth. So, let me touch on each of those. First, AI. There's no IT without AI, but what does that mean for Logitech? So, the short answer is the AI revolution is great for Logitech. With AI, the world is coming to us. AI models need precise, secure, multimodal inputs, and our devices are already in your hands, on your head, and in front of your eyes. And capturing text, images, video, and audio is exactly what Logitech is so good at. AI is helping our teams design exciting, smarter product experiences. We're well underway in bringing those to markets, new products, new agents, and you're going to see more of that later and throughout the presentation. A second secular trend is the new ways of working that we all know that have emerged after the pandemic, and they're going to continue to benefit Logitech. Most companies and people have now settled into new working routines. Whatever their employer's policy, three out of four people around the world today work from two or more places. They work in offices, they work from home, from cafes, hotels, airports, and everything in between. You guys know the drill. All of those places need mice, need keyboards, need headsets, and only a modest percentage of them are video conference-enabled today. Wherever there's someone working, there's opportunity for Logitech. And finally, gaming continues to grow. Men and women game. Younger and older people game. A few stats to illustrate that. Nearly two-thirds of all Americans have gamed in the last three months. More than 30 million gamers in America game more than 40 hours a week. GTA 6, when it comes out, is projected to sell more than 100 million copies. Huge numbers, and gaming has become so much more than just a game. Gaming is a sport. Esports are going to be part of the next Olympics. Gaming is a huge form of entertainment. For Americans under 45, more time is spent gaming than on TV and movies combined. Gaming is work. More than half of gamers stream their content. Gaming is meaningful social interaction. 74% of gamers play with others, and gaming is a lifestyle. Take, for example, Logitech's partnerships with brands like McLaren or Oreo, and what does all that mean for us? Whether you game a lot, whether you game a little, you'll want great gear. Two out of three gamers plan to purchase new gaming peripherals in the next year. So, against the backdrop of this large SAM and these favorable trends, we have put our long-term strategic choices and priorities in place. So, let me unpack our strategy. It all starts with our mission: extending human potential in work and play. Yes, we are a technology company, but the reason we wake up every morning is to make people a little bit better. We help you be more productive, to perform better, to connect more easily, and we do so in ways that are healthier for you and for the planet. So, let's take a quick look. Our mission is to extend human potential in work and play. We've been doing it for more than 40 years. We started out designing the most natural way to navigate the world's first computers. Then we added more ways to serve as the interface between people and the growing digital world, helping people be more productive, perform better, connect more easily, in more healthy ways. Our products are more than just mice, keyboards, and cameras. They're an extension of the people who use them at work and play, an extension of their hands, their ears, their eyes, their voice, and an ever-expanding digital world amplified by AI. Logitech will extend human potential like never before. The world is coming to us, and we're ready. So, to support that mission, we have defined clear where to play and how to win priorities. But first, let me remind you of who we are. We are one trusted, iconic Logitech brand, and we're going to continue to build that brand with a combination of user-centricity, superior products, world-class design, and disciplined high ROI marketing to create an ever-wider competitive moat. Next are where to play choices. We'll be focusing on design-led software-enabled hardware. We are not a commodity hardware seller. We have hundreds of in-house designers who craft our products to be beautiful, intuitive, and easy to use. And our hardware is chock-full of sophisticated software and AI inside. In fact, we employ more software engineers than hardware engineers today. We will concentrate on the huge spaces of work and play. As you've seen, those are big growing markets with exciting opportunities to capture more share of a growing pie. We compete around the world. As I shared before, we serve more than 150 countries, but our share of wallet is fairly different from one to the next. Bringing every market to the median represents a $1 billion incremental sales opportunity just by itself. We will get there with great local execution and disciplined reapplication of best practices. And as for channel, we will continue to grow in the B2C market that we are historically so strong in. And we are doubling down on B2B with our new Logitech for Business organization. So, let's dig a little deeper into B2B. Our opportunity to double down on B2B is twofold. Our existing B2B business mostly serves large enterprises. We sell to 71% of the Fortune 500 already. But we believe we can drive significantly more sales in this segment by serving existing customers with a broader range of products and by driving penetration with medium and small businesses. And we will do that by driving the simpler, smarter, more sustainable solutions our enterprise customers love us for. And we will invest in expanding traditional and digital sales coverage, more boots on the ground, if you will, to accelerate growth in this segment. The ROI on our sales force has been very strong. But as a relative newcomer in B2B compared to our legacy peers, our coverage today is relatively low. We're very confident that investments in expansion will drive strong returns. We also have a second distinct growth opportunity in B2B. Our current enterprise business that I just talked about covers mostly knowledge workers, people like you and me who work in an office. That's about a billion people globally. But there are another billion people who work, but not in an office. They're in education, they're in healthcare, they're in retail, manufacturing, and other workplaces. This is a massive Logitech opportunity. We are going to focus our investments on education, healthcare, and the public sector, all sizable, growing, profitable markets where our current product portfolio has proven relevance. Entering these new verticals represents an incremental $5 billion market opportunity for Logitech. We have strong reason to believe that we can be successful in these new verticals. We entered education a few years ago and have consistently grown double digits in that vertical. We've made early entries into a few specific hospitals and public sector entities, and they have also been very successful. This gives us confidence that investing into an expansion of go-to-market coverage and expertise across education, healthcare, and the public sector will yield attractive results. Those were our strategic where to play choices. Now on to how to win. At the very core of how we win our bread and butter are superior products and innovation. That's been true across Logitech's history. And today, AI is an incredible force multiplier. We've embraced AI across our organization, and we're investing and making rapid progress. So, let me briefly touch on edge AI, agentic AI, and multimodality, and how those are helping us innovate. First, we anticipate a big shift towards edge AI because intelligence at the device level is faster, more cost-efficient, and more private and secure. We're already leveraging AI at the edge today across a range of products like the Zone Wireless 2 headset and the new Sight sensor, as well as our Sight video camera. We're proud that the Sight was named one of TIME's best inventions of 2024. The edge AI market was worth $27 billion last year. By 2032, it's projected to be 10 times bigger. The world is coming to us, and it's giving us a host of smarter innovation opportunities. The world is also speeding towards Agentic AI. At some point in a not-so-distant future, we'll all have our own personal AI assistants, and as you probably know, Logitech is developing intelligent assistants already. You're going to have a chance to experience our intelligent game streaming assistant, which we recently developed with NVIDIA later today. Agentic AI is a $5 billion market today, projected to be close to $50 billion by 2030. Agents themselves are an opportunity for Logitech, and so is the fact that agentic systems will increasingly depend on secure, precise multimodal inputs, inputs that Logitech's products are so good at capturing. Which brings me to multimodality. We're already helping our users access different generative AI models. A good example is our AI portal in China, which provides one-touch access to Baidu's Ernie Bot, but multimodality isn't just about mice and keyboards. AI models have to clearly see and hear people to operate at their best, and that multimodality is an opportunity for us. We've got world-class capabilities in high-quality, secure audio and video, and our products, which adhere to the highest privacy Swiss standards, are already in your hands, on your head, in front of your eyes. People are going to access AI through Logitech, whatever mode or model they use, so we believe that in an AI world, our superior products will win. Foundational AI models are critically important, but users are less concerned about which AI model they use. What they care about are helpful AI solutions integrated in their daily lives. AI models are necessary, but product experience always wins. In that world, we have an advantaged start point. We believe that our new generations of AI-enabled products are going to be winning for many years to come. Finally, our last strategic choice. We'll continue to drive our unique capabilities as an operations powerhouse. Our super resilient global supply chain will deliver top-quality service for customers around the world, however choppy the geopolitical waters might be. Our local sales and marketing teams will execute with excellence, as they illustrated so very well during the Q3 holiday season. With this set of strategic priorities in place, we believe we can accelerate long-term growth, mostly driven by organic growth. We also believe we can further grow our operating income margins. Matteo will go into more detail on our long-term model at the end of today. But for now, in closing, I'll just say I am excited about Logitech's future and the value we can create for investors. We're growing, we're highly profitable, and we play in a very large market, which is growing too. AI is a major tailwind. We lead in our core categories with a clear strategy to extend that leadership. We have a credible plan to grow faster by growing in new verticals. We are resilient, thanks to that incredible operations team, pointing to the back of the room where Sree is sitting. T his is so important today, and we cannot outrun the bear, but I definitely believe we can outrun the other campers when it comes to operational resilience. There you go. You can count on us for financial discipline and attractive shareholder returns. And with that, I'm going to hand it over to Malin and Jay to discuss our unique approach to innovation. Thank you. Thank you, Hanneke. I am Malin Leschly, Chief Design Officer. And I'm Jay Wilder, Head of the Digital Office. I will walk you through the three parts to our innovation approach. And Jay will be back to talk about how we deploy it in the age of AI. So, let's start with the three parts. Advanced R&D and technologies are mapped to distinct user-and-chooser insights and amplified by strong partnerships. You're going to see the outcome of this approach today in the product demos for those of you who are here in the room and in videos online. We innovate around users' desire to interface with the digital world. From the mighty Logi Mouse in the very beginning to mice for every hand, to immersive play and work experiences like the AI Digital Cocoon, and as Hanneke mentioned, we're in the midst of rapid AI-driven change. We are in a new AI era of coexisting interfaces. Precision-based interfaces will continue to remain relevant. Intent-based interfaces will grow in relevance as AI adoption increases. Essentially, our interface with the digital world is expanding. But as we look at these rapid changes, it's important to remember that while technology changes quickly, human behavior changes slowly, and it's at the intersection of these two that innovation happens. At Logitech, design is a catalyst for innovation. We have global target audience teams immersed in the daily lives of our users and choosers. You see just some examples here. Whether it's advanced users hyper-focused on performance and staying in the flow, or a student in a distraction-filled classroom needing to focus to learn, or a gamer who knows that gaming on more platforms means more play, or like many of us, a worker with colleagues both in and beyond the meeting room, our deep immersion with users and choosers uncovers distinct insights within and across our target audiences and markets, invaluable for design and innovation. We map R&D directly to these distinct user-and-chooser insights. At Logitech, R&D means design and engineering working closely together with our business groups. We have impressive global R&D teams. We're ranked in the top 100 of all U.S. design patents. We have R&D labs in the world's top innovation hubs. We have many industry firsts, from the wireless mouse to TRUEFORCE that many of you are lucky to experience in person today or see the video. It shows in the awards that we're getting, 55 last year alone. How do we do it? We integrate performance and ergonomic science with sophisticated craft, machine learning and AI, and technical and human user testing, equally discerning whether it's a professional streamer or an inquisitive student. We test these products to understand their superior technical performance and how they extend human potential, the superior performance, the increased productivity, the unleashed creativity, and the seamless collaboration that our users and choosers seek. We don't just innovate on our own. With our Swiss heritage and global presence, we are a trusted partner. We work across operating systems and platforms. As a result, we have partnerships and deep integrations with six of the Magnificent Seven and many others across work and play. Which brings us back to where we started. These partnerships amplify our advanced R&D technologies that we map directly to our distinct user-and-chooser insights. We deploy this at scale across our portfolio. On that note, I'm going to hand back over to Jay. All right, thank you, Malin. We sit in a privileged position at the edge of the human and digital interface. Today, we use that position and AI to create rich audio and video experiences. As we all know, the world of AI is changing fast. Every week, there's an announcement of something exciting from somewhere in the industry. Sometimes it feels like every day. For us, that means we get to take advantage of these advancements. Our chips that we use get better every year. The models are getting smaller and more capable, and this rapid progression will open up new opportunities for Logitech. As Hanneke mentioned, we see three areas of innovation in AI. First is at the edge. AI is moving closer to the edge and closer to Logitech. These smaller local embedded models running in our software and our hardware put us in an excellent position to ensure trusted and frictionless experiences while maintaining privacy and security. We do this today in audio, enhancing users' ability to hear and be heard, and in video, making sure that users are seen clearly and accurately in all conditions from the desk to any position in their collaboration spaces. Our edge processing capabilities allow us to do this securely, simply, with minimal setup, and with efficient and sustainable low-power processing. Second, in a world where AI agents work and play with you and on your behalf, trusted and contextualized inputs become critical to serve users well. We have an important role to play here. As market leaders in many categories, we can provide more human-centric AI interactions that understand context and adapt to user needs. Developed in collaboration with NVIDIA, and you'll see this later today at the demos, the Streamlabs AI Agent is an example where we deploy an agent working with you on your behalf. In the future, we're all going to be managers of an AI agent workforce. And the combination of voice, video, and precision input is going to be essential to these interactions. Which brings us to our third area, enabling content-rich multimodal workflows. We see the opportunities to create even more immersive experiences where AI can simultaneously reduce distractions and enable flow, whether you're in a game or in a work session. AI is not new to us at Logitech. We deploy in-house built services, leveraging all the latest LLMs to accelerate and enhance our product development from engineering through design and operations. We've invested heavily over the last several years in recruiting amazing software engineers across the globe so that we can run towards the AI-enabled future. We have multiple teams of AI and machine learning experts building AI into the products that we make today. You'll see those experiences at the demos in a little bit. They're also defining the next generation of experiences for our future. We're excited about the opportunity ahead. On that note, I'll pass it over to Delphine, our Head of Personal Workspace. Thank you, Malin and Jay. Welcome to Personal Workspace. I'm Delphine Donné, and I lead this great business and team that I represent today. I've been in tech for more than 27 years, leading in various businesses, transformation, and innovation. I worked and lived in Silicon Valley, Shanghai, Europe, and I'm now based in Switzerland. Personal Workspace is a strong and growing business, which was a $2.1 billion net sales in FY24. It is home to many different categories, all of which help our users across the world to connect to the digital world in B2B and B2C. We are leaders in growing markets and a consistent growth engine for Logitech. Between FY18 and FY24, we grew at a 9% CAGR, while the market grew at a 6% CAGR. We gain share at least one point per year. As a result, we are the number one brand in most of our markets and categories. And it's true that some of this growth came from the evolution of work with more people working in more spaces, but there is more to that. We transformed our categories and the market. We completely redesigned our portfolio and reinvented our categories. This was a much-needed evolution from a sea of full-size and black plastic devices that excluded many people to desirable, inclusive, and sustainable tech. One size does not fit all. As a leader, this has also stimulated the market. In aggregate, if we look at our three largest categories in Personal Workspace, mice, keyboard, and combo, Logitech's average selling price in the market grew 46% over the past four years. Thanks to our deep audience focus, superior innovation, and portfolio evolution, we encourage our users to upgrade to a more premium experience or to buy an extra device from Logitech. Our diverse portfolio also brought new users into our categories and brand. For example, we attracted more women and younger shoppers. By designing our products better together, we increased cross-sale opportunities and upgraded people from a corded to a wireless product or from an entry price point to our premium lineup, like our Ergo MX series. This added value will continue to be a key driver to our growth. Our categories will continue to evolve, and this is why. There are over 1 billion knowledge workers across the world who need our devices to create, produce, and connect. On top of that, hundreds of millions of people need peripherals at home for personal activities. So within this large growing group, specific high-value audiences are growing even faster. For example, health enthusiasts. Well-being is a universal need, and our Ergo series has been a key driver of our growth in B2B and B2C. Advanced users, such as software developers, creative professionals, or financial analysts, navigate more complex tasks and often across multiple screens. And for example, the community of GitHub grew by 60% in just two years. And this has a strong positive impact on our premium product. Our tools are critical for them to perform at their best. And on the go-users are about 550 million globally. Many of them are frustrated with their mobile experience. And we can help them work beyond the desk and beyond the PC. So more people working in more spaces for us to equip. Work happens anywhere today. According to our global research, three in four people have two places for work: at a desk and on the go. And no matter where you work, you would expect the experience to be the most productive and comfortable. And yet, a large portion of users don't even have a mouse and a keyboard today. These activities span multiple devices: a phone, a tablet, and a computer. And we want to be perfectly compatible with any device you have, regardless of the operating system. And that's not easy to do. And we've achieved it thanks to our unique relationship with many large partners. And this expands our business. So for example, our tablet accessories to date have been largely dedicated to the iPad keyboard. But now, with the Keys-To-Go 2, we also address Android tablet users. So Logitech leads the market with this diverse, sustainable, and cross-OS innovation. And what is unique about the Logitech brand is that we also unleash people's digital life from 6 to 99 years old. We are here for you, from your first iPad accessory for early education to your complete MX ecosystem as your needs evolve. But we have the unique ability to bring people in the category, build loyalty, and drive cross-sell and upsell. Our personal workspace solutions are also at the heart of the rapid AI transformation. For example, our webcam already uses AI computer vision to improve image and audio quality. Our mice and keyboards are just one click away from Copilot, ChatGPT, DeepSeek, or any AI agents, thanks to Logitech's Options+ software customization, which is actually easy to set up, and I would encourage anyone to try it. We also master other AI modes of input, such as voice, image, or video. A lot of experiences and innovations are ahead of us. All of this fuels our markets and performance. We play in a sizable and growing market. Our biggest markets are keyboard, a $2.1 billion market growing at a 9% CAGR; mice, a $1.8 billion market growing at a 3% CAGR; iPad keyboard also growing at a $1.4 billion market. The number for tablets does not include other iPad and Android accessories. Lastly, webcam is a $400 million with a 17% CAGR growth. This adds up to a total sum of over $5.7 billion, and it is a large market that will continue to grow. And we see many other opportunities to grow further with AI, multimodal, and by expanding in B2B and B2C beyond the desk and beyond the PC. In fact, in just the past two years, we entered or created adjacent categories with a Casa Pop-Up Desk and the Mixed Reality Stylus, for example. These new opportunities are 100% incremental. So let me share about our strong strategy to deliver consistent and profitable growth now and in the future. First, we will stay focused on specific audiences to innovate with deep user understanding, giving us more opportunities to cross-sell and increase Logitech brand loyalty. Secondly, we will continue with superior innovation, expanding our portfolio, designed better together with deep AI and digital immersion. And we'll continue exploring new adjacent categories. Third, Logitech's go-to-market excellence is key to our winning recipe with exceptional marketing, high-performing media, and trusted customer relationships in B2B and B2C. So let me show you how this strategy comes to life with our MX Series portfolio. Our MX Series is specifically designed for advanced users, advanced users like yourself. Our MX keyboards and mice are the reference premium product in their category. The quality of these experiences has led to strong loyalty, which leads to more cross-sell opportunities. Over the past two years, we expanded the MX portfolio from two to five categories by adding MX Brio webcam, for example. The launch of MX Creative Console last year in October is another example of superior and premium innovation. It's been designed for creative professionals in close partnership with Adobe to provide the most intuitive and fluid experience for them to perform editing tasks even faster. And this superior innovation helped attract new users to Logitech and sell more MX products to existing users. So two in three people who bought MX Creative Console already had another MX device before. And finally, MX is a perfect example of go-to-market excellence with exciting in-store transformation. At MediaMarkt in Germany and thousands of other stores across the world, you can touch and experience the full MX ecosystem. You can explore Options+ software and webcam features, engaging customers and driving upsell. To conclude, we have only to take steps to maximize the opportunities coming our way. We have more people, more spaces with deeper immersion across more devices with AI superpowers and multimodal inputs. We will continue to grow the Personal Workspace business with a superior portfolio that serves a very large audience with different needs in a way that is good for the planet. All I can see are exciting opportunities to fuel Logitech's strong and profitable growth now and in the future. Now, let me hand over to Prakash. Thank you. Thank you, Delphine. Hi, everyone. I'm Prakash. Before I begin, I want to tell you a little bit about myself. I've been at Logitech nine and a half years, and during some of that, I've talked to you pre-COVID, during COVID, and post-COVID, navigating pre-tax tariffs, post-tax tariffs, and really driving our operating backbone and growth. And I've talked to you about how we did that and our operational resilience, and we have an awesome team that's behind driving some of these results. Many of this, Sree is going to talk about today when you get a moment. You also heard me speak about our sustainability agenda, which we are continuously making great progress on. I've lived right here in the Silicon Valley over the last 25 years, working across hardware and software tech companies. Over the last one and a half years, I've really focused on the video collaboration and headset business, helping steer our enterprise capabilities. About two quarters ago, we made an exciting change, bringing our products and go-to-market organizations together into a newly formed organization called Logitech for Business. I'm going to talk you through this exciting division today. Let's get started. First, what is Logitech for Business? This is an end-to-end organization made up of sales, marketing, product, engineering, deep partnerships, and verticals, all focused with a single-minded purpose of serving many small and large enterprises through our B2B channel in over 100 countries, from video conferencing in meeting rooms to mice, keyboards, and headsets at your desk, flexible workspace solutions, and most of all, services and software to power the workplace. Over the last few years, we've built our enterprise capability. Now, in the past, many enterprise customers did not know how to buy from us. They knew where to buy our products in retail. This is why we built our enterprise sales capability to make it easy for them to buy from us from any channel. I'm happy to share that this business is already 40% of Logitech's net sales. If you zoom out and look at where we've come from, we've more than doubled all categories going into the business channel from pre-COVID. This business has grown at the rate of 16% CAGR from FY 2019 to 2025, coming from all core categories: video cameras, mice, keyboards, headsets, and webcams. While we had a few quarters of decline, I'm happy to report that our unique breadth of solutions, our deep technology partnerships, and a global enterprise go-to-market are yielding results. We are on track to deliver return to growth in FY 2025. What gives me even more joy is actually to share with you our market impact. 71% of Global 500 use Logitech and are our customers. One in three meeting rooms and desks use Logitech. We are market leaders in video conferencing and personal workspace solutions. In addition, we have strong technology partnerships that allow us to deliver amazing customer experiences. So where are we taking this? Let me talk to you about the key trends we are seeing, and then I'll cover our market opportunity. If you look around the landscape today, when, where, and how work is getting done are all being redefined. In reality, work is occurring across all spaces, across various devices, and people are already working in more spaces than ever before. We only expect to see this growing. And regardless of whether you're working remote or you're hybrid or return to office, AI is entering work unlike any time before. And there is a need, therefore, to modernize workplace experience. And we see this at our customers. Our customers in IT facilities, HR, are at the center of this, and they need to solve for it. Optimizing workflows and transitions between types of work and space, mapping business optimization to employee needs, enabling AI-led workflows that help with productivity. And as companies drive more in-office collaboration, space utilization is becoming a bigger challenge, especially with shrinking real estate footprints and helping IT teams remotely manage from any location. And most of all, to make sure the space is well designed and sustainable. It's a lot. And that's ultimately the problem we're solving for our customers because they are at the center of this exact change. So instead of telling you about it, I want to share with you an example of how this is happening at one of our customers. They are Australia's leading renewable energy company with 30 power plants across Tasmania and consulting services. And their primary challenge was maintaining connection and face-to-face interaction among a diverse and geographically spread workforce. The company needed a solution that would allow its employees to communicate and collaborate effectively. This included even hydrothermal plants out in the middle of nowhere. I sometimes jokingly call this the torture test for collaboration. Take a listen. Hydro Tasmania is one of Australia's largest renewable energy generators. The people connection is critical to business success. With a very diverse, very geographically spread workforce, we do need to try and facilitate those sorts of face-to-face connections wherever possible. It's always going to be an advantage. We're currently using a wide range of Logitech products. We've got the Logitech Rally Bar, Logitech Tap, and the Logitech Schedulers for our meeting rooms. We're also using some of the Brio cameras as well as Logitech mice and keyboards. Using those Logitech solutions to connect to each other has made it really simple. It saves us a lot of time traveling, safety meetings, especially where we'd be face-to-face. For us as a business, we use the Microsoft ecosystem, and Logitech's broad range of products is Teams-certified. To tackle remote tech troubleshooting issues, especially when we've got so many different locations around Tasmania and Australia, we've been using the Logitech Sync portal, which proactively tells us if there's any issues and when we're doing firmware and updates. And also, we can reboot the devices from the portal as well. It's great working with Logitech because of the sustainability that they're focusing on, as well as what Hydro is focusing on. So it makes a really good partnership for us. That was cool, right? Well, the trends are great, but you may be wondering, how big is this opportunity? So I want to start with where Hanneke introduced this to you. Our market opportunity is about growing the core enterprise space and then expanding into verticals. Let me start first with the core. We have a large growing core market that's $9.8 billion. Now, within this market, we have video collaboration that is growing at 6%, and we've grown in the same market 29% in the last five years. Personal workspaces sold into the enterprise, a subset of what Delphine talked about, is growing at 6%, and we've been growing this at 17%. All-in-one displays, we just entered this market with the exciting launch of Rally Bar. Enterprise headsets, the market's a big $1.8 billion market. It's declining at 3%. However, we've been growing in this market, taking share at 14% CAGR. Our relative new entry into workplace management, things like Logi Dock Flex and booking software, a big market at $1.5 billion. All in a big market with a nice Logitech track record brought to bear with differentiated solutions and focused sales execution. Let me double-click on video collaboration. We believe there is a 28 million room serviceable opportunity. An analyst estimates 25% penetration of video in the same meeting rooms globally. When you think of rooms, you often think of small, medium, and large rooms, places you might be familiar seeing our Rally Bars. There are also increasingly more spaces, such as huddle rooms, open spaces, brainstorming rooms. While we think of these, there are some significant growth vectors. First off, penetration to more spaces is still a huge tailwind at only 25% penetration. AI is bringing more immersive technology, in turn driving a tech refresh cycle. Hanneke talked about the new ways of working and our proven ability to take share. Last but not least, our ability to attach services and accessories to every room, driving room ASP higher. Big opportunity. Now, let me talk about personal workspaces. Now, we estimate for every meeting room, there are about 20 desks on average, which brings this personal workspace opportunity in enterprise to a 500 million desk opportunity. Now, if you look at the growth vectors, employees need differentiated solutions at the desk. Delphine talked about how we bring great solutions to market. In addition, we're going to see more AI-led workflows that need better peripherals. We also expect to see a Windows 11 refresh driving new adoption. There is a convergence between mobile and desktop operating systems that's going to occur. Big opportunity in this space, and Logitech is already the leader in this space. In addition to these two core markets, we see two product adjacencies: enterprise headsets. We've grown in this market faster than the market. And there is an oncoming wireless transformation, which will drive new adoption, positioning our technology strength in our audio and wireless capabilities built with our consumer heritage as a core strength. We also see workspace management as an adjacent offering that allows for managing space, environment, energy, devices better for IT and better for facilities. We're going to market in this space with a combination of hardware, software, and services, bringing real incremental value to our enterprise customers already. Two really large opportunities. Now, let me talk about verticals. Now, as Hanneke mentioned, we are seeing a big opportunity in education. It's a $2.4 billion market growing at 13%. And we've already registered double-digit growth, winning many global customers. But more importantly, we see big tailwinds: adoption of digital HyFlex in higher ed, new learning models, and video spaces. Put together, these enable us to bring market solutions with existing products and a new go-to-market motion. Think of it as essentially education solutions for all learning spaces. The second vertical opportunity is healthcare, a $1.8 billion market growing at the rate of 15%. And again, the major tailwinds here are telehealth and AI for efficiency. You're probably seeing this at your doctors already, and it's just getting started. We've already registered some marquee customer wins in bringing audio, video, and input devices to healthcare centers, clinics, and hospitals. We believe this is a huge new exciting opportunity area for us. The third opportunity to bring it home is our focus on the public sector, which is made up of state, local, and federal. I know the public sector is in the news a lot these days. But I'd like to remind you of something. We are a very small portion of the market today. And as the market rapidly changes towards adopting more technology, we are well positioned to take share. This is an $800 million market just in the U.S. and globally even bigger. Bringing all these three verticals together, it's an attractive $5 billion market growing super nicely with solutions we already have that we intend to take to market with new go-to-market capabilities and execution. Okay, so I've talked about opportunities. What's our approach? Our winning approach. Our winning approach is very simple. It's about reinventing workplace experience through simpler, smarter, and more sustainable solutions delivered with global scale. Simpler. Our portfolio is simple. It's simple to set up, quick to install, and brings the best of our design capabilities to solve user experience challenges. It's simple to manage, easy to provision spaces through Logitech Sync and services. And most of all, super simple to use to book, to meet, and collaborate. Our solutions are also smarter. You have seen us launch smart switching powered with AI, the TIME Invention of the Year Award for Logitech Sight that Hanneke talked about, with the ability to frame the participants right. We call it Sight, done at the edge so you can see better. Being able to pick up the right sounds and filtering out the noise so you can hear better, all delivered in collaboration with our technology partners, Microsoft, Zoom, and Google, based on their cloud AI capabilities, working in concert with our edge AI. Now, not just smarter, but smarter at the edge. And when you think of productivity, meetings are the biggest activities at work. And we have now enabled the ability to name tag participants using our edge tech so you can derive meeting summaries and actions, bringing multimodal context to workflows that Marlon and Jay talked about. We launched a digital cocoon with Rally Bar, enabling background blurring, noise reduction in open spaces so you can be in your immersive cocoon in your meeting, delivering best-in-class audio, video, and edge AI innovations. And you'll see some of this later today in our demos. And more sustainable. We have designed all our products to be more sustainable, not just some. All our products to be more sustainable. Three out of four use recycled plastics. We use many sustainable materials. We've enabled clean manufacturing. We're also the first company to carbon label our products, bringing accountability and visibility to our customers, and we are actively working on energy consumption of our products, dimming not just our video bars, but also the displays that you see in a room, and through our service offering, we're now able to collect and recycle products so you can extend life and reduce waste, and in the end, actually, our customers demand it, especially our enterprise customers demand it, and it also saves them money, so just more sustainable, period. In summary, we are enabling work everywhere across all workspaces. We are inventing workplace experience through simpler, smarter, and more sustainable solutions, growing the core rooms and desks opportunity and the adjacencies and verticals of $14.8 billion SAM, all underpinned by market tailwinds in AI, the tech refresh, and flex work. Thank you. And over to you, Ujesh. Thanks, Prakash. Exciting stuff. Hi, everyone. My name is Ujesh, and I am the General Manager of Logitech G. Today, I'm going to give you an update on our gaming business. Like others, I thought I'd give you a little bit about myself before I start. I've been at Logitech just a little over 10 years. During that time, myself and the gaming team, we've grown our business from just under $200 million to over $1 billion. Before that, I spent almost 14 years at NVIDIA, where I held a variety of positions. I was the GeForce General Manager, and I was also Vice President of product and corporate marketing there, reporting directly to Jensen. Today, I'm going to cover the gaming market. I'm going to cover some trends that we're seeing in the market, our target consumers, our strategic priorities, and ways of winning. So with that, why don't we get started? Our gaming business last year did $1.2 billion. We play across a variety of categories from mice, keyboards, PC headsets, console headsets, microphones, steering wheels. And as I said, we did just over a billion dollars, $1.2 billion in net sales. If we look at the market trends, there's a number of trends that we see that are fueling and driving gaming's growth. I'm just going to highlight a couple of those today. The first one that we're seeing, and Hanneke alluded to this, is that gaming is more than just gameplay. What gamers are doing is they're co-creating their experiences. In fact, 80% of gamers have played a game with user-generated content. One in seven gamers have created content in a video game themselves. That's why games like Roblox, Minecraft, and The Sims consistently show up in some of the popular title gaming lists. The global video game market also generates more revenue than streaming and box office sales combined. Nearly 80% of kids under the age of 18 spend 30% of their time playing video games. These are some of the trends that we're seeing. Another thing that we're seeing is gamers love to show off their unique taste, their personal style, excuse me, and their personal spaces. Gaming is an extension of your personality and your lifestyle. You need to think of it as like sneaker culture or fashion, right? Unlike most other tech purchases, our gaming gear is a want. Gamers have an emotional connection with our gear. What this results in is a lot of time, gamers are buying more than one mouse, more than one headset, more than one keyboard, depending on the use case, the type of game they're playing, the style, or just the overall aesthetic they're going for in their room or environment. Another major trend that we see is more than just entertainment. Gaming is a nexus for friendship and social development. Gaming is a digital community where you can play with others across the globe. It doesn't matter where you live or what zip code you're in. Now, if we look at the consumers we serve, they consist of PC gamers, sim racers, and console gamers. So PC gamers, they range from gamers that are investing in our gear for the functional and emotional benefit that our gear provides, but it also ranges up to esports pros and professionals that are looking for the highest performing gear that gives them the speed and the accuracy that they need to win. On the sim racing side, it's racing game fans that are looking for fun, immersion. But we also serve motorsports enthusiasts looking for that purity and that mastery. And then finally, on the console side, gamers play across a variety of different games and multiple platforms from Xbox to PlayStation and Nintendo. So I've talked about market trends. I've talked about the consumers that we serve. Now let's look at some of the categories that we play in. I'm going to start with PC gaming. In the PC gaming space, as I said, we cover mice, PC gaming headsets, keyboards, and microphones. When you combine all of these categories together, they represent a $4.6 billion market opportunity. This grew at a 13% CAGR over the last six years. We have a very large opportunity here because if you look at the penetration rate of our gear, our gaming gear, it's still relatively low. Driving attach and cross-sell is key here. If I look at the sim racing space, this represents a $500 million market opportunity, and it grew at a 15% CAGR over the last six years. Our opportunity here is to get more of those racing fans to upgrade to our wheels to deliver this more realistic, immersive experience. A lot of these racing fans still use the standard Xbox or PlayStation controller that ships with your console. Getting them to buy one of our wheels is another opportunity for growth. Now, in this space, we're an officially licensed wheels partner to Microsoft and Sony. They partner with us to help us tell this story to drive sales of our wheels because this also benefits them. Finally, the console gaming space where we play, and this represents another $1.4 billion market opportunity. Here we play in console gaming headsets, but also third-party controllers. This market grew at a 10% CAGR over the last six years. We're able to address this through our acquisition of Astro that we did back in 2017. Since then, we merged the Astro teams with our design and engineering teams, and we took that Astro line of console headsets, and we've integrated them under Logitech G. Astro, which was primarily only known in the U.S., our growth opportunity here is now to grow our business beyond just the U.S. In total, if you look at the categories that we serve, it represents a $6.5 billion market opportunity. So now let's take a look at our strategic priorities. So there's three strategic priorities that we believe will enable us to win. First is design by collaboration. So design by collaboration is our methodology and how we partner with the world's top esports athletes, but also motorsports professionals. And I'll talk about that. Second is superior innovation. We invest in design and engineering to ensure we maintain superiority across all of the categories that we play in. And then last but not least is software-enabled hardware. Just hardware is not enough. We invest in software so we can unlock unique experiences. And I'll show you a couple of examples of those today. So if we look at design by collaboration, to make sure we're designing to the exacting specifications of the esports athletes and teams that we work with, we involve them in our design process. I'll give you one example of that. Our Pro X Superlight 2 wireless mouse that we created, it took over two years to develop that product. We involved over 50 different players. We had three rounds of shape testing and 12 different prototypes. And that's just one example. That philosophy extends to our line of racing gear as well, where we work with the world's top motorsports teams, but also professional drivers, folks like McLaren, Lando Norris, Bubba Wallace, Bianca Bustamante. And the result is we have some of the most realistic simulation products on the market. On the innovation side, if we look at PC gaming, innovations like our HERO 2 Sensor, our LIGHTFORCE switches, our LIGHTSPEED Wireless, and our Pro-G Audio Drivers, they provide gamers with the speed, reliability, and the robustness they need to perform at their peak. I'll give you another example. Our HERO 2 Sensor delivers tracking speeds of over 888 inches per second, which is the highest tracking speed on the market. Our design by collaboration approach that I just talked about, this really helps us on the superior innovation side because it gives us that deeper insight. We bring the esports players, and the work that we do is steeped in gamer research and science. You're going to get a chance to learn more about that when we do demos, and we also have another treat for you. You're going to get a chance to meet one of our esports pros and talk to them live. On the sim racing side, innovations like TRUEFORCE, which is our unique force feedback system, delivers a super ultra realistic experience. We've integrated it in over a dozen different titles, and what TRUEFORCE does, it connects into the in-game physics and audio engine of the games themselves, giving you a super ultra realistic experience. You can actually, when holding the steering wheel, feel the engine rumble. You can feel the different textures on the road when you're driving, and this provides some really real-world benefits. You can have better decision-making, faster lap times, and if you don't care about that, it's just way more fun and immersive, and that's why most and a lot of the professional drivers that we work with use and endorse our wheels. We're the only wheel provider on the market doing this type of integration. I'll tell you why. It's super hard to do. It needs a combination of design, hardware engineering, software engineering, developer relations, and dev tech engineers that actually go on site and work with the game developers to integrate TRUEFORCE into their games. Finally, on the software side, we have software called G HUB. That's our configuration software, and we ship it with all of our devices. What G HUB does is think of it as taking all of your devices and turning them into a custom command center for you. So we give you features like KEYCONTROL, LIGHTSYNC, Blue VO!CE. These are things that let gamers play, look, and sound however they want. What's more is we have 20 million monthly active users of G HUB, and they can create their own custom profiles and share them with each other. We're creating our own community. We then have access to this first-party data from these users to help improve our products, give them more software features, but also drive direct-to-consumer sales. Finally, Streamlabs, which you've heard about a little bit today, is streaming software for game streamers. At CES this past year, we partnered with my old friends at NVIDIA, and we announced a new intelligent streaming AI agent. This is super cool because this AI agent can join you on stream. It can interact with your chat. It can clip some of your best moments. It can even troubleshoot for you and offer technical support. I really believe, and if you've listened to any of NVIDIA's keynotes, AI is going to profoundly change the gaming space. And what we're showing today is just a first glimpse. I'm personally super excited about this AI agent because it's going to lay a foundation and a framework for future agents that we can introduce that'll help gamers get even more out of their Logitech G. Those of you here are going to get a live demo of this later today, and the folks from NVIDIA will be here during that demo as well. In closing, gaming goes beyond just playing. It's about collaboration. It's about creativity. It's about connection. Players connect, socialize. They express their style. Esports athletes compete for fame, prizes, glory. Sim racers, motorsports fans, they unite. I love sim racing because it bridges the digital world with the physical world. These are just some of the elements that are fueling gaming's growth. With a $6.5 billion market opportunity, I think there's huge potential to boost our gaming gear sales, and I'm thrilled about our future. Thank you. With that, I'm going to hand it over to Sree. Thanks, Ujesh. Hello, everyone. My name is Sree Chenincherry, Head of Global Operations at Logitech. I've been with Logitech for nine years. I've managed different roles and operations for Logitech. I've led our supplier recovery during the pandemic, mitigating our tariff, and also supporting our manufacturing diversification. I also led our cost optimization effort for the last few years. I came to Logitech with 20 years of experience in operations as a management consultant as well as a functional lead role. Now let's talk about Logitech's operations. As Hanneke mentioned, it is one of our foundational capabilities. It is a powerhouse that enables the profitability and growth for Logitech. Over the years, we have built capabilities to scale with quality, enable global reach, and deliver a broad portfolio of products to multiple customer segments. Let me share some facts. If you look back the last 12 months, we have shipped 160 million units, which is five units every second. We are delivered to customers in 150 countries. We also launched more than 40 products and delivered these products to our enterprise customers as well as consumers. Strength of our operational powerhouse comes from our global suppliers who play a pivotal role in meeting our customer demand as well as fueling the innovation. Our diversified manufacturing, which is a broad set of capabilities that enable us to build from a simple mouse all the way to a complex solution like Rally Bar. Our strong distribution network that helps us with our global reach. Now, how do we do it? Let me show you. We excel operationally in three ways. First, our service excellence that is focused on resilience and reach. Second, our sustained cost advantage in the market. Third, our discipline in inventory management. Let me delve into each of these. The past few years, we have faced several challenges and disruptions, including tariff, pandemic, logistics issues in Red Sea, and also multiple weather-related disruptions in Asia. We have demonstrated strong resilience in managing all these. The core to our resilience is our manufacturing footprint. We have moved from a single-source manufacturing model focused in one country to a dual-source manufacturing model across six countries. Currently, we ship 40% of our global volume and 60% of our North America volume from these new locations, and we continue to explore new geographies. We look for locations that suit our requirement in terms of our supplier ecosystem, our manufacturing capability, and cost. In addition to this, we also diversify our component supply and build flexibility in our supply chain network to improve our overall resilience. The second aspect of our service excellence is our global reach. We have the network to reach almost every market and every customer in the world. We are present in large retail stores all the way through the small mom-and-pop shops. However, what makes our global reach special is our ability to provide a consistent customer experience globally. We do that through serving our customers through multiple channels, including direct, retail, and reseller. We provide consistent shelf availability across all these channels by better planning and customer collaboration. We also ensure our customer success leveraging our global network of customer service centers powered by AI and our warranty support network. The second aspect of our operational excellence is our sustained cost advantage in the market. While delivering superior products, we are also focused on cost. This maniacal focus on cost is one of the contributing factors for our improvements in gross margin. We optimize cost when we launch a product, and we continue to optimize it throughout the lifecycle of the product. The key factors that help us optimize include value engineering, our sourcing excellence, our supplier efficiency, and our automation. Value engineering has played an important role in our cost performance in the last few years. Let me show you an example. We recently conducted a value engineering exercise for our M330 mice, which is one of our high-volume products. Our cross-functional team looked at all the features and the design aspects that can be cost optimized. Then they looked at the impact of these changes on the customer experience. For example, this product used to have a glossy top case with a battery indicator. While it was adding to the cost, it did not bring much value to our customer experience, so we removed it. We also redesigned and simplified the components inside the mice without impacting our feature or the functionality. We also redesigned the bottom case, where we replaced the labels with the engraving. Overall, all these changes resulted in a 20% cost reduction and 1 kiloton carbon saving while improving the customer experience and quality. And this is one of the several value engineering exercises that we do on an annual basis to drive cost optimization in our operations. The third aspect of our operational excellence is our inventory discipline. After the pandemic, our inventory increased significantly due to the decline in demand. Our turns hit an all-time low of 3.5 during that time. However, we've been able to control it and improve it and get to a healthy range of 5-plus turns. The key factors that helped us to drive this improvement include improvement in our end-to-end planning capabilities, leveraging demand shaping to consume our excess inventory, and developing new channels for our aged and refurbished inventory. In summary, our operations is a core strength and a differentiator for Logitech. We deliver strong results, and we continue to improve through digitization, leveraging AI, developing tailored solutions for different customer segments, and also building scalability for growth. With our superior products and strong operational capabilities, we are well prepared to support a profitable growth for Logitech. Thank you. Now I'll hand it over to Nate to take us to the product demonstrations. Great job, Sree. Thank you very much for bringing operations to life. Love to see it. All right, let's move on to our product demos. If you're watching online, you're going to have the opportunity to enjoy a really, really cool and immersive 37-minute video highlighting our products and our unique approach to innovation. A little bit of housekeeping. We're going to be back live and online at 3:30 P.M. Pacific, which is 12:30 A.M. Central European Time, and Matteo will be up on stage walking through our financials, then we're going to have the whole team back up, and we will do some Q&A. During my presentation, we talked about our strategic priorities and three ways of winning. Now let's go take a deeper look. We'll look at things like superior innovation and TRUEFORCE, which is our force feedback system for our sim products. We'll look at design by collaboration and how we work with professional race car drivers and professional esports athletes. We'll take a look at things like our AI agent. With that, let's go check them out. When I'm driving an F1 car, steering wheel feedback is one of the most important things. It helps me decide when to brake and how hard. It's how I feel the surface of the road. Every bump in the terrain, every wheel slip. If my tires are starting to lose grip, I can sense that immediately. When I'm driving in a sim, I need that same tactility, that level of detail I have in a real car. Racing games have come a long way in the last 20 years. Nothing's really changed in how we approach force feedback in all that time. Cutting-edge sims are now so realistic. Drivers across all disciplines are using them for training. Our main goal when designing TRUEFORCE was to improve the number of sensations that you actually feel, to put you better in contact with the car that you're driving so that you can improve your performance and that enjoyment of driving on a track. The physical feedback needs to be more immediate or accurate or a player loses immersion or control. Game developers are still having to recreate their force feedback from a set library of effects instead of deriving it from real-time modeling. TRUEFORCE is special because it levels the playing field for PC and console gamers. You're now getting the extra level of precision and detail that you need regardless of which platform is your choice. You feel the car. It's about feeling what it's doing. And you're in control of this thing now, and you actually feel like it's alive. You feel the car moving and breathing, and it takes in air, it spits fire. These things are alive when you're driving them. This wheel makes you feel that you're part of that. And that's the difference between winning and losing in these races. The elements together do create an experience like I've not had on another peripheral. When I'm using that wheel, it is spot on. Every time you sit behind the wheel, you buckle up for the unexpected. People like us, we don't get these kinds of opportunities in racing. You get ready to take on the competition. Brace yourself for the chaos. We break through barriers and show the world that we don't accept their rules. You put trust in your preparation and the team behind it. But above all, you put trust in yourself. Where those said no, we heard yes. Where there was noise, we silenced it. It's an inner voice predicting, calculating, and leading. It keeps you straight, it keeps you moving. So when your intuition roars loudly, follow it. We're here to shatter doubts, and we're just getting started. Your drive to win, and nothing is going to stop you from winning. For me, my journey has always been really difficult. Having to realize that to come into this sport, I could never just take it so lightly. For me, it wasn't a hobby. It wasn't something that I enjoyed doing. It was something that I had to do to live, to have a career. And I took the leap of faith. I got on my very first Formula Car experience, raced for the first time in Europe, in America, traveled the world. And now in F1 Academy, I mean, a lot has happened, but it's given me so much more than what any other sport could have given me or any other life challenges. It's taught me how to be disciplined, taught me how to value hard work. So yeah, it's been a cool journey since. My very first sim was a Logitech entry-level wheel. That's kind of where Logitech really came in because they broke the boundaries of reality to simulation. Because of the sim racing community, because of all the equipments and the cars, I'm able to drive. I was this little girl from the Philippines where it was kind of all taken away from her. And my only path through motorsport was through sim. It was the only way I could feel what it's like to drive again, feel the adrenaline, and somehow salvage that passion. You get to live it every single day because of sim. How do you make something better? How do you make it better without changing it? We know we need to maintain as much of the character and core experience of the existing product, and that's the challenge that we go to the pros to resolve, and I believe we've achieved that. I believe that the work that we've done, both on the engineering and development side and on our collaboration with our partners in professional esports, we have gotten to the core of what not only made the previous product great, but what we can do to push the new product into the future. For the Pro X Superlight 2, we started with the shape of the Pro X Superlight. We threw away the 3D model and developed exactly the same shape with a completely new set of internals. We're not just iterating. We're actually making huge improvements. The end result is a higher-performing feature set and an even lighter iteration of the G Pro Superlight range. The most critical factor of any of this is absolute comfort. We want the pros to be completely 100% confident in what they're getting works for them. For me, it's very important that we didn't change shape. It just became even better. There's a lot of mice, but I feel like Superlight 2 is very comfortable. It's an interesting combination of pushing technology forward while not changing the core capability and the core experience. It looks like almost nothing has changed, but internally, pretty much everything is different. The core of the product is based around the new HERO 2 Sensor. HERO 2 Sensor is the most advanced sensor for gaming in the world. The HERO 2 is not just recoding the original HERO. It's really a new silicon platform that has been developed. The initial idea was we wanted to extend the working range. The working range is the ability of the sensor to keep tracking on a given height. We took the opportunity to make it even faster in terms of processing speed because the idea was the more efficient we are in the processing, the less energy we lose. It's more efficient, so we increase the battery life. We have great features like lift distance calibration. Tunable lift distance is important for pro because not everybody uses the same. Some will prefer a very small lift distance. Some will prefer a larger one depending on the movement they do when skating. One of the ways that we're allowing users to have that confidence when they move from one product to the next is that they can bring their settings with them by copying the DPI from one product to the next. Of all of the features, I am most excited about LIGHTFORCE. The primary benefit of LIGHTFORCE switches is that they are incredibly durable and reliable. The hybrid functionality is truly the best of both worlds. You get the power savings of the galvanic switch with the accuracy and reliability of the optical switch. It's an amazing technology. Hey there. I'm your intelligent streaming assistant. I can join you on stream as a sidekick, help produce your broadcast, and configure or solve any issues with your stream. As your sidekick, I can interact with your chat, answer questions, and I'll make sure to let you know when you miss that key headshot. All right, chat, let's get some wins. Where should we draw? Canyon Crossing got the most votes, but that's where you rage quit when you couldn't clutch it last game. You brave enough to try again? Hey, if chat asks, I answer. Let's draw. Good luck. This might be a quick one. I can also act as your producer completely in the background. I'll adapt your stream to what's happening in-game. When something exciting goes down, I can trigger audio, play videos, change scenes, much more. Did you see that? That was insane. Can you save that clip? Clips it for you. Chat's asking to watch. Give the people what they want. Let's see it. By the way, you missed a tip while you were playing. Brian came in big with $25. Brian, thank you. This one's for you. In a cone, in a cone, in a cone. Dead. That was insane. Lastly, I can help you set up your scenes or even troubleshoot technical issues. Plus, I'll be monitoring your stream to make sure everything is running smooth. Oh, sorry about that, chat. As I was saying, this is the future of live streaming. We just gave you a quick look at some of the things we're doing here, but there's way more that we're working on in our labs. Hopefully, by now, you've seen that gaming goes beyond just playing. It's about socializing, being creative, and connecting with your friends. And our designers, engineers, and all of us here at Logitech care deeply about the gamers, and we're going to continue to innovate so we can stay ahead of the competition. Thanks for watching. And as we like to say here at Logitech, keep playing. Logitech for Business is on a mission to enable all people in all spaces with simple, smart, and sustainable solutions. We combine our design-rich consumer heritage with our enterprise-leading expertise, creating solutions that meet people's unique needs while meeting enterprise-grade standards. Our solutions are thoughtfully designed and engineered for intelligence. We leverage our advanced audio and video AI processing to deliver a more natural video experience, and we tightly integrate with our technology partners, Google, Microsoft, and Zoom, to bring next-generation AI-powered productivity tools. Whether you're working from home, the office, or somewhere in between, we provide tools that enable anyone, anywhere, to create, collaborate, and learn. Now, let's hear more about our solutions and our latest AI innovations. For us at Logitech and many of the enterprise customers we serve, the idea of hybrid work has simply become work. While some have a strict return-to-office policy or a fully remote model, most organizations are hybrid, where some part of the week is spent in office and other days can be remote. So let's take a look at a day in the life with Logitech for Business. To help organizations implement their hybrid work policies, we've built Logitech Desk Booking, a reservation solution that's both easy to use and incredibly social. Let me show you how it works. Let's say I'm thinking about going into the office to do a project review. Using the Logi Tune mobile app, I can book a desk either using my usual preferences or near a teammate and find a desk right next to them. After I reserve my desk, I can notify other colleagues about my plans to be in. This encourages more of those organic conversations and boosts in-person collaboration because people can sit next to those they want to connect with. Now, if I don't come to the office much or I've booked in an unfamiliar area, I may need help navigating the maze of the office to find that desk I reserved or to find a suitable room for an upcoming meeting. That's why we've built Logitech View, a way-finding map for interactive touchscreens to allow me to quickly and easily find the right workspace. Great, found it. Looks like I'm sitting here. Now that I've found the desk I booked, I simply connect my laptop to Logi Dock Flex, which gives me access to all the peripherals, such as a monitor, webcam, keyboard, and mouse. Plus, by simply plugging in, I've checked into my reservation, which gives IT and administrators valuable analytics about which desks are actually being used and where and when. This data helps inform real estate and facility decisions. While I'm working, Logi Dock Flex becomes my companion device, personalizing my desk by showing my meeting calendar and making it easy to join my next meeting. Now, in our office, it's completely open with no closed offices or cubicles. When it gets busy here, like on Wednesdays, I like to join virtual meetings using a headset to know that I'm going to hear and be heard clearly. These Zone Wireless 2 headsets are purpose-built for open work environments, whether it's in the office or on the go, specially designed for noise-free calls on both ends using AI-powered noise suppression and noise-canceling microphones. These are premium headsets that sound great, especially the bass. I love that the ear pads are not only super comfortable, they're also replaceable. Now I need to find a free room for that meeting, so let's go back to that wayfinding map. You'll see that all conference rooms have an availability status. This will update near real-time because these rooms all include our video bars, which use an AI-powered camera system to detect in-room occupancy. Beyond making it easier to find available spaces on a map, with our smart office automation tools like AutoBook and Release, organizations can now avoid ghosted meetings and free up more space for others to use. Plus, admins can see occupancy trends for their meeting spaces over time to better plan for how they want to use their real estate. This is our latest product, Rally Bar, an all-in-one solution that combines audio and video with an interactive touchscreen. We designed Rally Bar to extend our portfolio into even more spaces, from open spaces to even offices that don't get a lot of on-site IT support. For open spaces, we especially thought hard about eliminating distractions with something that's like a digital cocoon. This cocoon is created by defining a zone in front of the device. We then use AI to only frame the people within that specified zone. This is done using advanced machine learning algorithms. Let me walk you through how. First, we detect where the people are, and then we estimate each person's distance from the device. We then ignore people outside of the zone and ensure only the meeting participants are heard and seen. All this AI processing is done on-device, making it both efficient and also very secure. When COVID hit and we all got sent home, people had their webcams set up from home and were framed in video calls with their individual tiles. In many ways, this democratized video meetings compared to the experience before where there was this long bowling alley of a table, often with a meeting host looking really tiny at the end. We wanted to bring the same experience of equal individual tiles to larger meeting rooms and boardrooms so that remote participants can clearly hear and see the in-room action. That's why we created Sight, a center-of-table camera that works with the front-of-the-room video bar to create a fundamentally better video experience in larger rooms for remote participants. Today, we support one Sight device connected to a Rally Bar, but soon we will extend video and voice capture further into the room by being able to add or daisy-chain a second Sight device. To deliver this experience, we have to make six discrete cameras in those devices work together to capture the right person from the right angle. This is achieved through some of our most advanced AI algorithms through something we call Scene Understanding. We use both audio and video AI algorithms to identify who is speaking and which way they are facing. Then our director software decides which angle is best and sends that feed through to the remote participants, all without any person being involved. We like to think of it as a little bit of Hollywood and a little bit of Silicon Valley coming together to solve a big user pain point. Continuing our theme of enabling collaboration in all spaces, we recently announced a presence and environmental sensor, Logitech Spot, which opens the doors to many new rooms and spaces that Logitech hasn't participated in previously. With Spot, our customers can now get room usage insights and analytics to measure space usage in almost all of their rooms. This data, coupled with the data from our desk booking solution, provides the information facility teams need to manage their real estate footprint. As organizations continue to video equip more and more spaces, video conferencing has now become a mission-critical tool. And as device fleets grow in size, IT teams need new tools and features to help manage their large deployments. That's why we built Sync, our cloud-based device and space management platform. With Sync, I'm able to view my entire fleet of devices, so I can do things like push software updates and configure devices, all without leaving the comfort of my desk. I'm also able to zero in on a specific device or room in case I need to configure or troubleshoot something. Here, I'd like to show you one of our most popular features, Remote UI Access, which lets IT admins remotely connect to a device and interact with it as if they were in the room. This is particularly useful for organizations that have offices with limited or no IT on-site. Beyond device management, Sync also is the one portal to manage your spaces. All those usage insights for rooms and desks can be seen in Sync to inform better decision-making about spaces or workplace policies. Both Remote UI Access and Insights are part of our service offerings and are being used around the world by companies both big and small. As you just saw, our teams are hard at work providing simple, smart, and sustainable solutions for all people and all spaces. Our broad portfolio of video devices, like our latest Rally Bar, brings a fundamentally better collaboration experience to even more spaces, and we bring all of this together in Sync, a device management and analytics platform that helps IT teams deploy Logitech solutions at scale. I'm excited about all the amazing work we've already brought to the market and the future innovation you'll soon see from our team. Thank you for joining us. Welcome to the new logic of learning. We're creating tools that promote greater student engagement, enhance teacher creativity, build strong communities, and empower administrators and educators. We're finding new ways to drive student success, improve school operations, and simplify management for IT teams. Simply put, we're designed for learning and built for schools. Our education team at Logitech is dedicated to designing education-first solutions for today's learning environments. Our human-centric design approach involves deeply understanding the needs of all the stakeholders involved in order to make a positive impact on learning outcomes. For example, our Zone Learn headset was designed with input from hundreds of elementary and middle school students, teachers, and technology directors. In a recent study with elementary school students working on reading and literacy, more than 90% of students reported that they felt very focused while using Zone Learn, which in turn helped them finish 40% more audiobooks. We're taking the same approach in higher education to build solutions to equip the learning spaces of today and tomorrow. Today's modern HyFlex learning environments require high-quality video technology that allows learning to occur in multiple locations all at once. Oftentimes, faculty are tasked with a very large load of balancing technology, communication, and lesson planning, all while striving to connect with students to help them succeed. At the same time, we know HyFlex environments require IT professionals to support and manage complex video installations. This can be time-consuming and costly. Logitech offers solutions for content sharing in the connected classroom, such as Logitech Scribe and Logitech Reach. Logitech Scribe turns distant whiteboard details into vibrant images, ensuring students can see everything no matter where they sit. Its AI transparency effect lets viewers see through the presenter, eliminating confusion. For hands-on presentations of non-digital content, the Logitech Reach adjustable content camera is ideal. It's a plug-and-play USB camera that can easily be adjusted with one hand, allowing faculty or students to capture the perfect angle for any demonstration. Human connection and engagement are critical, so we wanted to tackle the video capture of educators as they're teaching in these spaces. We're excited to tell you about our newest offering, Rally Camera Streamline Kit. It's a comprehensive USB PTZ solution for live and recorded video in HyFlex spaces. The Rally Camera Streamline Kit leverages the Logitech Rally Camera, one of the most popular PTZ cameras in the market today. AV installers can easily and quickly connect the camera to the room's computer using standard category cables, with no need for a power outlet near the camera itself. With a simple twist-to-lock interface, the camera can be easily mounted on the wall or from the ceiling, eliminating the need for messy and time-consuming installations. We included intuitive one-touch PTZ controls that allow educators to move around the classroom while easily switching scenes to showcase different views with the simple press of a button. This gives them the comfort and confidence to move about freely and still be seen by all their students while staying in the flow of teaching. This requires little to no training. We designed this solution to be an easy decision. It seamlessly integrates with most operating systems, video conferencing, and video capture platforms to allow you to keep using the technology you already have in place, and unlike other offerings, there are no conversions required and no additional licensing needed. It's really that simple. We're excited to see the continued positive impact of Logitech's solutions for education on learning outcomes. Come experience the new logic of learning. Today, people use their technology for everyday life across different devices and spaces. Each setup is unique to each user depending on their engagement level with technology and the complexity of their task. One size does not fit all. Our emphasis on deep consumer insights and needs fuel our innovation and enables us to design diverse experiences that directly address what they need most. Instead of just telling you about these superior solutions, let us show you how our unique expertise comes to life. We'll start with our Ergo series, built for those who prioritize comfort and well-being, one of the fastest-growing areas of this broad portfolio. Then we will introduce you to MX Series, designed for advanced users looking for premium performance solutions for optimal productivity and creativity. And finally, we will walk you through some of our on-the-go solutions, which cater to users needing versatility and portability no matter where they work and what device they work with. You'll see a snapshot of our inclusive, unique, and superior portfolio of innovations, which work better together thanks to Logi Options+ software. So now, just enjoy the show. Eight out of ten people wish they knew how to optimize their workspace for comfort and ergonomics. We see the workplace changing. We see it evolving. We tend to work longer hours. We tend to work in different environments, particularly in mobile environments. This longer exposure time means that we need devices that we are more comfortable with and we enjoy using them. Here in the Ergo Lab, we do tests such as looking at the muscle activity people have when they're using our devices, the pressure that's exerted, for example, when they're putting their hand on a device or on the table, and the posture that they have when they're sitting in their work environment using the devices. So we spend a lot of time to design these tests and to write down the protocols. We are seeing what is actually happening, the reasons they are happening, and what correlates with what. The Ergo Lab is an awesome design tool for the team because it allows us to get into the lab with our prototypes and validate at a very early stage to get that rapid iteration, which is synonymous with making effective, desirable products. Logitech's unique approach to ergonomics is looking not only at ergonomics from the purely scientific perspective, but finding the sweet spot between that and desirability and comfort, of course, without compromising on performance. It's basically allowing people to work more comfortably, to work without pain, without distraction, to allow them to focus on the task that they need to get done and to do it better. It's a feedback loop that goes on and on. So you feel better, you do better. If you do better, you would feel better. And it just goes on and on. It's a happy loop. Nine out of ten people who use an ergonomic mouse or keyboard would not go back to using conventional mice and keyboards. My name's Ellen. I'm a tech founder. I founded a company that supports patients through treatment. I really enjoy my job. It's super busy, and it kicks me on my toes pretty much every day. I can't feel tense sometimes, particularly when I'm doing those long hours and I'm hunching over the desk and not having particularly good posture. I feel like Lift would give me some relief, ultimately, because it's more in line with how my hand is actually placed. I'm Niall. I am a writer, editor, driven by this desire to spotlight people that go against the grain. Your keyboard is your pen. It's what you need to flourish. It's so important to have the right tools, have the right setup. This is actually my first ergonomic keyboard. It makes writing much easier. It makes typing feel more natural and organic. When you're typing with Wave Keys, it reminds me of that creative flow where you're kind of in the moment and you're typing and you're riding that wave. Now let's look at software developers. They often work across multiple screens, so their setup will look different. When I code immersive experiences, my thoughts, feelings, ideas come alive. Every line of code creates new worlds. Every action cuts the chaos until there's only calm. This is how it feels when I master my flow. How about a photographer, director, or designer? What would you imagine their setup looks like? Creatives are a part of a connected community where designs are discussed in detail. They need the right tech to get their ideas across. Time for a little break to refresh. On the go is where productivity meets play. Let's see it in action. Tools for on the go need to be more versatile and portable. I hope you enjoyed this demonstration and discovery. I will say it again. I am very excited about this unique and superior portfolio serving so many audiences and use cases across price points, across operating systems and platforms, across the world in a way that is good for people and the planet. So many opportunities to build loyalty, cross-sell and upsell, new experiences and categories now and in the future. Thank you. All right. Well, good afternoon. I hope everybody enjoyed the demos today. My name is Matteo Anversa. I'm the CFO, and I will be walking you through the financials. So let me start with the strategic priorities. And as Hanneke mentioned at the onset of the presentation today, our strategic priorities continue to drive our execution: extending human potential in work and play, making people's life better and more productive every day, driving continuous innovation, and leveraging our strong engineering presence around the globe, expanding our share of wallets in the geography where we're playing, and continuing to grow in our B2C market, and, as Prakash said, doubling down in B2B. And all of this is underpinned by an operational powerhouse that enables us to deliver top quality and service to our customers. So all the financials that I will show you this afternoon are the result of the execution aligned to the strategy. So let me walk you through the long-term financial model. So before I get into the details, there are two areas that we are very excited about. First, the extension of our top-line growth from mid-single digits to 7%-10%. As you heard in a number of presentations today, we are confident in the markets that we play in, in our ability to take share and to reinvest for growth. The second area is the profitability, which we believe we can sustainably increase to 15%-18% through the operational and commercial excellence, as well as continued innovation. Now let me walk you through the details. To put the future in perspective, it is important that we look at what we have accomplished in the past. In the period between fiscal year 2018 and fiscal year 2024, we have nearly doubled our business organically through a combination of strong end-user demand and market share gains. In fact, throughout the pandemic, we gained more than five points of share across all our business groups. Most importantly, we have held on to the majority of these gains in the subsequent years. Additionally, our growth has been extremely profitable. We expanded our operating margins by more than 500 basis points through volume leverage, promotional diligence, price, and consistent operational execution. Now, looking to the future, as I mentioned earlier, our goal is to grow net sales by 7%-10% with gross margin rates of 40% or greater and operating margin rates between 15% and 18%. Now, let me walk you through the key components of our long-term model. First, we believe that a majority of our growth will come through market growth and share gains. As you have seen earlier in the presentation today, we are playing in key markets where the data shows are poised to grow into the mid to high single digits, and which will provide a natural tailwind for the business. In fact, 5%-6% organic growth is in line with our growth rate in the period pre-COVID. We believe that we can expand our share annually by one point in each of the business groups through relentless focus on superior innovation across all our product lines, building an iconic brand through our combination of user centricity, superior products, and high ROI marketing, and increasing our share of wallets across all our geography. Second, we anticipate that 1%-2% of our growth will come from expanding into adjacencies and verticals, primarily in Logitech for Business. Now, as Prakash articulated so well earlier today, education, healthcare, and the public sector are three areas that represent great opportunities for us. These verticals are all large, growing, and profitable markets where our current product portfolio has actually a proven relevance and superiority. And we plan to focus on investments on sales force expansion and modernization, as well as the adaptation of our products to our new end users. And these areas are highly synergistic for our business. And finally, M&A. So our M&A strategy, the way we think about it, is one tool to reinforce our overall corporate strategy. And we have several overarching principles. First, we are not currently pursuing any transformational large M&A. We are extremely comfortable with the organic growth trajectory that we just outlined. Second, potential M&A would be focused on tuck-in and bolt-on acquisitions, which will help us further accelerate our growth. Our M&A targets will fit in the areas of work and play, strengthening our existing product categories and entering into adjacent ones. Third, our M&A targets would be highly synergistic. So the acquired asset should quickly benefit from our key strengths in operations, global go-to-market, and brand. So in summary, through a combination of organic growth, expansion in new verticals and adjacencies, and M&A, we are confident this is a sustainable financial profile and represents a rewarding long-term investment. So now let me briefly discuss the short term. So let me start with fiscal year 2025. Fiscal year 2025 is on track to be another great year for Logitech, which once again reaffirms the resiliency of our business model and our teams. As a result, we are confirming our outlook that we discussed in the last earnings call, with net sales increasing between 6% to 7% year over year in constant currency and operating income between $755 and $770 million. Now, moving to fiscal year 2026, first of all, you can count on all our team to continue to execute on our strategic priorities and to be well-positioned once again to overcome the external challenges that we are all currently facing, such as tariffs, as well as the strengthening of the U.S. dollar. Now, in spite of these challenges, we are expecting to deliver another solid year in fiscal year 2026, with net sales up 1% to 5% in constant currency and non-GAAP operating income between $720 and $780 million. Effectively, our outlook contemplates two distinct cross-currents. First, the reality of the macroeconomic headwinds, including sticky inflation, volatility in the foreign exchange, and uncertain sentiment, and of course, the unpredictable nature of tariffs. For our outlook, we assumed 20% of tariffs on U.S. imports coming from China and 25% of tariffs from U.S. imports coming from Mexico. Now, on the flip side, the strong underlying demand of our business, which actually has gained momentum in the current fiscal year, as well as our excellent operational and innovation plans for fiscal year 2026. Now, while these challenges that I mentioned are real, we will, number one, continue to grow our business because our business model is resilient and our operating team has a history of excelling under turbulent times. Now, visibility is far from perfect, but we consider our outlook to be a prudent and balanced view more than 14 months out from the end of the next fiscal year. Now, despite the challenges that I outlined for fiscal year 2026, I would like to reiterate one thing, and it is how confident we are about the long-term model trajectory of our business. The strategy that you heard today will enable us to continue to grow net sales and grow it by 7%-10% and expanding our operating margin between 15%-18%. Now, let me move to capital allocation. So first of all, let me start by congratulating our teams for the strong operating cash flow that the company has generated in the last three years. The team has done a phenomenal job in driving working capital disciplines, and the results are clear: lower inventory, record low cash conversion cycle, and a stabilized cash flow performance. Now, looking ahead, this is what investors should expect from us: a company that continues to prioritize consistent and predictable cash flow generation every year. Now, this is how we used the cash that we generated in the last three years. So approximately 30% was reinvested in the business, and the rest was returned to the shareholders in the form of dividends and, in the absence of M&A, in the form of share repurchases. Now, moving forward, our capital allocation priorities will not change. Our first priority is to reinvest in the organic growth of the business. With a return on invested capital greater than 25%, this is money well spent, as we have demonstrated in the past. We will continue to grow our dividends annually, bolt-on M&A, which can accelerate our growth trajectory in the areas of work and play, and finally, share repurchases. Now, let me provide more context around share repurchases. So first of all, we are close to completing our $1 billion program that we announced in the summer of 2023. And it is important to notice that we executed this program one year faster than what was originally anticipated. And again, this is thanks to the strong cash flow generation that the company had. Now, moving forward, we plan to accelerate our share repurchase program to $2 billion in three years. This is the result of our confidence in the organic profitable growth plan that we outlined today. Now, this will continue to provide us plenty of flexibility on how we are going to allocate capital in the future and, at the same time, maintain an investment-grade balance sheet which investors value. So first of all, as of the end of the third quarter, we have approximately $1.5 billion of cash on hand. With our return to growth, we anticipate continued strong cash flow generation, which will help us, number one, fund the organic growth of the business, will give us the flexibility to increase the dividends, and it is supportive of our M&A strategy, while at the same time preserving the financial and operational flexibility that is so much needed in such a volatile environment. So we believe that this program represents a thoughtful and measured capital allocation strategy. So in conclusion, we are tremendously excited about the future of Logitech. I hope this came across throughout the day today. We play in key markets that are expected to continue to grow, and we have opportunities to invest in verticals that can further accelerate our organic growth trajectory. We have a track record of outperforming our competition no matter what the external environment may be, as demonstrated during COVID and most recently with inflation. And we do this through focus on cost management and profitability. And finally, we will continue to have a very disciplined and investor-friendly capital allocation strategy. So with that, I will turn it over to Nate. Great. Thanks, Matteo. We're now going to move on to Q&A. If you can just give us a brief moment, maybe a minute or so, we're going to ask all of our presenters to come back on stage, and we will be back in one minute to kick that off. Thanks, everybody. All right, great. Welcome back. The team is up here and looking forward to answering all of your questions. If you're in the room, please raise your hand. We have mic runners that will come around. If you could state your name at the beginning of your question, that'd be very, very helpful. And if you're online, certainly type your question into the chat function, and we will make sure we get to your questions as well. One or two or 10, you know me. Less than 10, more than 1 is fine. Yeah. Sounds great. Thanks, Erik. No, perfect. Thank you for all of this. Erik Woodring from Morgan Stanley. Hanneke, I got to ask you the question on the sidelines. I'll ask you this again. As we went through the demos, a lot of really compelling products that we could imagine adopting, whether that's us as users in the education classroom, in business. How do you convince people to buy that? To me, it's really compelling, but you're probably paying a premium for that. How do you drive that go-to-market to make sure that, again, the educator or the business is going to adopt all of this really cool technology, looks really cool when you do the demos, but I'm sure that sale isn't exactly the easiest thing. So how do you enable that sale? Yeah, absolutely. Thank you. And Prakash, no doubt he's right there. We'll add some perspective on this, but let me start with an anecdote here, actually. Education, where we've made really good progress over the last few years with some of the products that you've seen. How do we convince that buyer, which is often a school district or a university? We tell the story of how it benefits their students first and foremost, but also parents and teachers. So I love the story of our headsets for children in elementary school. 90% of kids who are in really busy classrooms with 30 other kids and a teacher running around, 90% of them say they can concentrate better with that headset. And we also show that they finished 40% more audiobooks. That is huge for a kid. So we start there with that end user. Then we go to the teachers and the professors who now have to teach both online and in person your parents are teachers. So we showed them how much easier it is with our products. And when you've got both the teacher or professor and the student with such great results, it's actually been a pretty easy sell. But Prakash, please add on. Great question, Erik. I think, let me just start with my own personal experience talking to customers, which we have, as I said in my prepared comments here, we have 70% of the Fortune 500, and we have a lot of small and large customers. And one of the things they tell us is they already know Logitech. We are in their desks, so they are familiar with the brand. So we are going into many of these customers with, I'll say, an advantage, which is that they already know us. The second thing I'll say is one of the things that we had done in the last many years is build our enterprise capability. You could buy our products in retail. You kind of knew us for that, and we've really built an enterprise capability so that we can reach those same customers that I talked about through our sales teams and through the channel. The thing that we are focused on, and one of the things that Hanneke talked about, is our ability to actually build out our go-to-market capability is to increase coverage both with our direct sales force, but also really work with the channel in making sure that we can reach all these places in the world, 100-plus countries, and when you're deploying at Morgan Stanley, for instance, you're not deploying just in Manhattan. You're deploying all over the world. And one of the key challenges that people want to solve for is availability of these products globally. We already have an operational capability to deliver globally. So that is the third thing that we usually remind them that not only are our products superior, we can actually get it to them. And the last thing I'll say is, I think on the verticals, this is why I'm so excited about it. We're probably not known as well in education, in healthcare and others, and that's a huge opportunity. And we've seen how we could do that in enterprise. We're quite simply going to apply that same recipe in verticals. Thank you for that. And maybe just a follow-up, Matteo. I'll bug you with this one, which is one-to-two points of M&A tailwinds. You do call it $4.5 billion of total revenue, so $450 million plus as we think about the potential for incremental growth. Just what's the strategy between kind of tuck-ins versus transformation? I know you're saying you're not doing a transformational deal, but as I think about, you talk about a rock-solid balance sheet. You talk about a lot of cash generation. You have the potential to do that theoretically, and so maybe just help us understand maybe why we wouldn't do anything transformational, or if it's just that those deals aren't necessarily out in the market today, and if they were, you would pursue them. Just help us understand tuck-in versus transformational. Sure, so Erik, you're absolutely right. We have a great balance sheet, and we'll continue to generate cash moving forward. Fundamentally, the way I think about it is the fact that we are very comfortable with the organic growth potential that the company has. Hanneke mentioned at the onset of the presentation, we are a $4-$4.5 billion company in a $24 billion space. That presents for us a huge organic opportunity for growth. We feel that in some of the areas that you have heard today, the strengths that we have in gaming, the areas that Prakash mentioned on the verticals, these are areas that we can get to without necessarily doing a transformational acquisition. Being also the finance person in the room, I would also add that acquiring a company is much easier than integrating it. And so notwithstanding the cash, and we can talk more on how we plan to use the cash, but you saw a glimpse on the capital allocation strategy that we outlined. I just feel we are very comfortable with what the organic growth can do for us. Thank you. Any other questions in the room? We'll go online. Great. Thanks, Dana. We have many online. A question from Asiya from Citibank. Recognizing there are current challenges, what are you observing that suggests a decline in constant currency growth? And considering macros, what would it take to get you to the long-term model? Yeah, so those are two questions. First of all, we're not seeing a decline in constant currency growth. So our model or our outlook for fiscal 26 is one to five constant currencies, so growth in any case, and a really attractive operating income margin well within our long-term model ranges. We think that positions us well for next year. And as Matteo said, it's really made up of, we consider two parts of two cross currents, I think Matteo called it. On the one side, we've got great momentum in the business, and we're excited about our innovation and operation plans for next year. So we're very comfortable at what we can control. On the other side, the market is unpredictable at the moment. Inflation's much stickier than we thought. Many other things, tariffs, FX, you name it. So we have to be prudent, but in any case, the outlook is for growth in constant currency and for very attractive margins. Maybe, Asiya, what I would add to the longer-term portion of your question is, so we are, first of all, extremely excited about the fact that we see the potential for us to increase the growth trajectory compared to what we presented in the recent past to 7%-10%. To get there, right, the 7%-10% is our view of what is the potential of the company in a normalized environment. Obviously, in order to get there, we have a few investments to do. We talked about it today, such as the adjacencies and verticals, which is not going to happen immediately. But what I can tell you is all the elements that are needed for us to get there are embedded in the outlook that we presented today. While we stayed away on purpose to put an artificial timeline into the outlook, all these investments are currently funded and happening as we speak. That's the goal that we feel we can achieve. Great. Other questions in the room? Otherwise, we have many. Martin from BNP calling in from Europe. Thanks for staying up late to be here. On Logitech for Business, can you quantify the headcount that you target to increase, and what is the timeline for this? And the second question, when you increasingly move into SME space, why are you not doing this over B2B resellers? Yeah, so we definitely are doing that over B2B resellers. Prakash can add. I would say before Prakash goes, that we'll be incredibly disciplined in adding salespeople. We do need to expand sales coverage, and the ROI on our sales coverage has been great. It's just the absolute numbers are low versus our legacy competitors. Jedd Williams, who leads our B2B global sales force, looks at his numbers every quarter and makes sure that what we add has great ROI, and we adjust on the go. So this is not a let me throw a whole bunch of people at it and then keep them forever. It's a very disciplined approach quarter by quarter. Yeah, and I'll just add that where we show up, we win. Now, I think it's quite simply, we're making sure that we're in the right markets, targeting the right accounts, number one. Number two, on the SME space, we are already working with many of the resale partners globally, not just in the key markets that you know us for, but also in emerging markets and all kinds of other places. So that's the second, like channel expansion, which I talked about. And the third is actually looking at new ways to reach them. So we don't always need somebody to call on sales. So we have actually, we are really using our Logitech brand and our marketing muscle to be able to actually get qualified leads and be able to convert those qualified leads through this process. So it's really three things: sales coverage, channel expansion, and using our marketing muscle. Super. Samik from JPMorgan, what are the primary areas of incremental investment for your company over the next few years? How should we think about spend towards brand building versus product design and development versus supply chain investments? Look, so thanks for the question. Our view for the long term is we're going to be very, very diligent when we allocate expenses, particularly. I assume your question is primarily on OpEx. So you've seen what we have done in recent history. The innovation is priority number one. This is the core of what the company does. And if you even take a look at the results that we published in the third quarter, the big results that gaming had was really a function of all the 15-16 products that we launched right before the holiday season. That's an example of how the importance of innovation is for the company. So that's where most of the money will go. And we will remain, though extremely maniacal on driving the efficiency on the G&A side. So that's what you can expect for us in 2026 and also on the long term. Yeah, and I would say both for sales and for marketing, I just talked about incremental investments in our sales forces, both digital and human. We'll be really disciplined at measuring quarter by quarter. On marketing, that is even more true. We're looking at that day by day, week by week, are the investments paying off, and where should we be spending more, and where should we be spending less? That's a capability that we have, and we'll use that to our advantage. Great. Michael from Vontobel, also thank you for being on so late. You announced a sizable share buyback program. Are you planning to cancel any of the shares you will buy back, and can you expand a little more on the decision behind this? Sure. You take the cancellation. I can do the yeah. So all the shares that we have been buying back, even the ones in recent history, have been deemed for cancellation. So that's the answer. Yeah. And I think, Michael, and again, thanks for being here so late. Really appreciate that. When you look at our overall capital allocation, we're a company that throws off a lot of cash. So we've taken a long, hard look, and what we won't change is the priorities of where we spend that cash. But we did feel that we could find a better balance. We need to have enough money to invest organically into the business because we're very confident that that will drive the accelerated growth you saw. We will increase the dividends. We want to have enough flexibility for M&A, tuck-in or bolt-on, but we need that flexibility when the right thing comes along. But even after all of that, we felt we could use the balance sheet a little better in terms of share buybacks and hence the acceleration. Great. George Wang from Barclays. Can you talk a little more on the impact from tariffs, please? So first of all, I think the most important thing for me is how in such an advantageous position we are today on tariffs compared to where we were a few years ago. And really, this person here on my right and his team, Sree, deserves all the credit. The team has done such an unbelievable job in diversifying the supply chain throughout the last few years and really allowed us today to, in a way, limit the impact of the tariffs. As I said in my remarks earlier, so for 2026, we assumed the 25% tariffs on U.S. imports from Mexico and 20% on U.S. imports for China. So when you look at the financial impact of that on a gross level, so excluding any mitigation action, it's about 200 basis points of margin. But obviously, thanks to the work that Sree has been doing in diversifying the supply chain, as well as commercial actions, we will mitigate a good chunk of this pressure. And that's why today we felt comfortable that notwithstanding all the, a little bit, we call it significant uncertainty around tariffs that tend to change frequently every other day, we would still be able to, number one, grow the business and still have a good, profitable year. If you look at the outlook that we provided for 2026, the OI is between 16% and 17%, which is in the middle of the long-term range that we provided. That's really thanks to all the work that the team has done. Yeah. I think we're incredibly well positioned in this unpredictable and volatile time. Some companies talk about China Plus One. You've heard what our operations team has done. We have China Plus Five. That gives us a lot of flexibility in terms of mitigation. The other thing is, yes, we'll also take commercial actions, but our strong brand and our strong products allow us for premium pricing. I think we're in a really good place for this volatile environment. Clearly, yes, tariffs do have an impact. Great. Question from Ananda from Loop. How differentiated are the cool VC features that you showed in the demos, Spot, Workspace tools, and the asset management tools? With this, how differentiated are you, in fact, from your competitors? So I'll have Prakash go deep on that, but I'll just tell you, I was at ISE in Barcelona a couple of weeks ago, which is one of the biggest conventions, 85,000 people, all our competitors, everyone's there. Our stand was mobbed for six days in a row because everyone wanted to see the Rally Bar, the Spot sensor, and the latest Rally Bars. So they are differentiated, and Prakash will tell you all the details of that, but that was just the proof in the pudding. Yeah, I think if we were to count the number of people who showed up in our booth, Hanneke, that would be quite a few, actually, in the many hundreds. But I'll just say, to start with, I think we exist in this video collaboration space with very close partnerships with Microsoft, Google, and Zoom. In that context, we are first to market. So you've seen us provide Logitech Sight in the market, which we were the first to come to market. We just enabled multi-stream, which is the ability to see different tiles on the Microsoft platform as well. We were one of the first with Zoom to enable many of the capabilities that you see in the demo. So that's just an example of where we are collaborating some of our edge tech with what's happening on the cloud side with Microsoft, Zoom, and Google. So that's first where it starts, which is what is the experience we want to deliver and making sure that we have our partners really work hand in glove with us to make sure we can deliver that experience. On that dimension, we are the market leaders. And that's number one. That's the first level of differentiation. The second level of differentiation is then in the product itself in terms of value that we bring to users, in terms of ability to scale across different locations. And as you probably saw in the demo online, and for those of you in the room here, we have now the ability to cover many office spaces, not just one, through our Sync platform. We have this thing called CollabOS, which we might have mentioned a few times. That actually is super differentiated. It allows us to run Android capabilities at the edge and to think of it as an Android phone that's running on steroids at the edge in a video bar, which we can forever upgrade with software features. So that's the second level of differentiation. Then I think the third level, which is equally important, is what I touched on earlier, which is our go-to-market capability to be able to actually achieve this and actually deploy them, which is why you heard me talk about ease of buying being one of the top things we are focused on and ease of distribution. It's not just products, not just scale. It's bringing Logitech brand, bringing some of those edge AI capabilities we had, bringing our go-to-market, and bringing all of that together is really where we see our differentiation. Great. Thank you. We have a question from Carl online. Can you kindly discuss the gross margin difference between consumer and enterprise business? We generally don't provide detailed breakdown on the gross margin by each of the product lines. But what I can tell you is, even in the long-term model that we presented today, you have a couple of categories like video conferencing and webcams that tend to be accretive to the margin of the company. A couple of the others, like gaming, tablet accessories that tend to be a little bit on the lower hand. And all the rest is pretty much in the middle. That's the way I would describe it. Great. Another question from Samik from JPMorgan. What are the primary areas of incremental investment over the next few years? How do you think about spend? He really wants to hear more about the supply chain investments. Yeah, I think what you'll have seen, what you'll see in the next year is a little bit more spending CapEx into the supply chain, and that's because we're accelerating the diversification program. But don't think of those as huge, huge numbers. I don't know if I'm allowed to say, but $10-$12 million or something like that. That's really CapEx for the supply chain. When you look at OpEx, our priorities are always going to be R&D and sales and marketing to support what we've talked about here, our superior innovation and products, and especially on the Logitech for Business side, the expansion of sales coverage, and then building the brand and marketing, all in a very disciplined quarter-by-quarter way to make sure we get great ROI on those investments. But those are our priorities. Great. Another question from Samik. When we think about the gaming market, it has been a strong revenue driver recently. How sustainable is the growth from a product cycle perspective with customers, and how well diversified are the drivers beyond exposure to China as a country? I can talk a little bit about China, and then I'd love for Ujesh to talk about need versus want because that's really the key dynamic that's at play here. Our China business, we've talked about it several times at our quarterly earnings. Gaming is a huge part of our China business, and China is the biggest gaming market in the world. I'm actually really pleased by what we're seeing in China at the moment. The gaming market there has been very robust, driven by a couple of things. I think part of it is a little bit of the lipstick effect. When the economy is a little tougher, gaming is actually a more affordable form of entertainment than going out to eat or going to the movies or something. That's one driver. First-person shooter games in China are growing a lot. That's good for our types of peripherals. And then, as always, there's a lot of innovation in the Chinese market. So the market has been growing at a very robust clip, so that's helping our business. At the same time, we've redirected resources to our Chinese business with a program we call China for China, where we're innovating faster and better for the China market. We're excited about the first results of that. And we're also really upgrading and refreshing our go-to-market in China. And we're starting to see some good results of that on both Douyin and Pinduoduo social e-commerce. So in the third quarter, China business was up double digits, and most of that driven by gaming, which is super exciting. Ujesh? Yeah. So I think what you said was great. In addition to China, just in general, when you think of gaming, I mentioned that global economy, and I think there's a number of things that drive growth for gaming. One is the categories. So if you remember when I presented, there's PC gaming, which is a massive market within itself, and there's tons of categories we play in there. Then you have your console games, then you have your sim racing. Cloud gaming is another area. So there are all these different platforms that gamers are playing on, and that just expands our TAM even more. So that's one of the other things that are driving growth. And then there's the play styles. Hanneke mentioned FPS. FPS is very related to esports. And as gaming gets more competitive and turns into a traditional sport, that's another thing that's driving growth. And then last but not least, I talked about how gaming is a want. It's not a need. I don't know how many of you, maybe by show of hands, have kids at home. I know I do. Now they dress their room to match their clothes, and that goes with their desk, and it goes with their gaming gear. So they have lights to match their outfit, the mood that they're in. I mean, it's a total lifestyle, very much closer to sneaker culture and fashion than it is traditional electronics. So that's something you need to think about. Probably a little bit harder for you to model, but I mean, that's what we see when we talk about gaming growth. Great. We have a question from Greg from Freestone, who was delayed today, so unfortunately could not be here in person. But thankfully, he's dialing in online. How should we think about Logitech keyboards, pointing devices, and all their growth versus the PC total addressable market? Logitech is in a share gaining mode, and the PC market is growing, mid-single digits to high single digits. How has the attach rate in this market changed post-pandemic? Yeah, I'll have Delphine definitely comment on that. We are seeing a PC refresh, and while there's never a direct correlation to our products, it certainly also doesn't hurt. And actually, we're pretty excited yesterday with the announcement from Apple on their new iPads with the M3 chip because we attach very well to those as well with our keyboards and combos. But Delphine, shed some light. Well, I'm glad to hear that, obviously, to have this question. I think what is really important is to understand how we've transformed the category so that also gives us an opportunity to attract new users to the category, to upsell, cross-sell, add value. As I presented today, we're looking at a nice average selling price growth in the past few years, well above the market. So this is where, again, as Hanneke said, our correlation to the PC attach is not the biggest criteria for us to grow. We are growing through bringing new users into the category, creating this ecosystem we presented to some of you today, the MX ecosystem. We add value more premium products. And also, as Prakash is also helping us in Logitech for Business, we have opportunities to equip people with the best products at home and at work as well. This is where for us, when we look at the opportunities, it's well above and beyond just the platform refresh. It's everything we're doing to add value, bring new users, and also create this loyalty that will keep people constantly with us as well. I love that one slide that Delphine showed, how we transformed the category from all black, all boring, to colorful for different users. I think we can make this category, just like gaming, to take it from need to want. It's an accessory. It's something that decorates your house, that decorates your desk at work, and by the way, makes you more productive as well. There is a lot of opportunity. I would agree with the question in that respect, and we'll continue to chase it just like Delphine and her team have done so beautifully over the last five, six years. Great. A question on innovation. Great seeing how much R&D you do on the innovation front. Which consumer insights do you listen to, and which ones do you deprioritize? Ooh, wow, Malin. We don't deprioritize any insights. So we deeply immerse with our users and choosers. So that means that we engage with them directly, but we also engage where they are. It can be on Reddit. It can be on social. It can be to the conferences that they go. So we listen and we learn, and that is what drives our innovation. It's identifying those distinct user and chooser insights. Yeah, absolutely. And I've personally been, so we do in-home visits with our users all over the world. I've been in homes in Japan, in Korea, in the U.S., in Europe in the last year. And just seeing how people work and play gives you such fabulous insights. And my back still hurts thinking of the guy we met in Japan in his house who worked all day on the floor without a mouse on his coffee table, and that then comes back to the opportunity in a place like PWS. Less than only 50% of people around the world who work use a mouse, and only something like 25% use a detached keyboard. So much opportunity to provide more comfort, more productivity, and those in-home visits and really getting close to consumers just makes that come to life and helps us innovate faster. Great. Question for Logitech for Business. What do you see as the emerging trends in AI that will influence Logitech for Business and customer experiences? Great. I'll definitely talk about Logitech for Business and feels like Jay should also add to this. I think if you just fundamentally think about, as I said, we exist at the edge working in collaboration with the cloud platforms, and if you think about sort of where the world of AI has come from, there are two places where Logitech really intersects, and you've heard Microsoft and Google talk about it. In reference to actually developing many of these models, you need great input data, and to get good input data, you need audio and video and contextual information, and what we do in video collaboration, for example, or with our headsets or with our PWS lineup, is to provide high-quality input data for these models to actually run, so just to give you an example, I talked about being able to actually record a meeting and take minutes in a meeting. And we've been working very closely with Copilot and Gemini and Zoom AI to do exactly that, which is when somebody's talking in a conference room, being able to understand their voice, understand who's talking, and being able to take that and transcribe that at the edge and have that be recognized in the cloud. So that's the first one, which is the input piece of how do we make sure that we are actually understanding the input and passing that input to cloud inference models, which is super relevant. And your cloud models won't be that good if you don't have great data. And you might have heard about generating synthetic data, and there's never a better time than now to get actual human data, and Logitech is in that space. So that's the first one. I think the second one, as you think about sort of Logitech for Business and actually across all our categories, including even gaming, there is the advent of Agentic AI, and within Agentic AI, the ability to have perhaps an agent in your meeting. You, Jess, actually talked about an agent in a game, and you can only imagine other places where there is this interaction that's going to happen. We're well positioned with some of our compute and the sensors that we have, and we have the eyes and ears in places where we can actually, with security and with privacy, actually understand the contextual input and provide agentic information. Maybe I'll hand it to Jay to maybe just talk about some of these things. Yeah, I think the other part is multimodality. In the old days, your digital interactions were very one-way. You point at something, you click at it, you type at it. With AI, it becomes more of a conversation. It's back and forth. You're working with it. It's giving results. You're asking it to refine. And then it becomes more of a conversation. And just like with conversations with humans, it's more than just the voice. Everybody knows a phone call is worse than a video conference, as we've shown. And the context of the multimodality really brings richness to that and helps make it better. A little look can convey more information than a whole sentence. And so those different input, audio and video, all coming together to make that a more rich conversation with AI is, I think, going to be a big tailwind for us. Great. Another question from Asiya. I guess on the opportunity within verticals, education, healthcare, public sector, which is really interesting, by the way. Is this an interesting opportunity that Logitech believes will be more of a direct sales approach penetrating these verticals, or is this using your current distributors and resellers? And how would your sales approach be different versus leveraging your distributors and resellers who may already be selling your products within these verticals? Last part of the question. Would this opportunity involve incremental R&D to drive growth and take leadership position in these verticals? Yeah. I'll let Prakash tell you about it, because the answer is all of the above, by the way. Prakash can detail that a little bit. I think on the product side, the exciting thing to me is that our core products are proven relevant for these verticals. So we don't have to reinvent the wheel to play in these verticals. And we've already shown that in education where we've built a business over the last year, but also by our first entries in healthcare and in government. I'll just illustrate that with one more example, maybe. There is a very large, very globally known hospital not far from here. I shall not name it, but I think your wife might actually work there. It's very well known. They are one of our first healthcare customers, very big customer, not only in their back offices in this big hospital where they have our mice and our keyboards and our webcams in the offices. But if you go into any of their patient rooms, at the end of the bed is a video conferencing tool from us and a screen. Why? Not for that, not just to call your mom. This is for the doctors. When you have an operation at this hospital, a doctor will come by after the operation, of course, in person, but at night, he will show up on the screen. The next morning, he may come again, but at lunch, he'll check on you on the screen. Massive productivity enhancements for doctors, nurses, dietitians, all of the people that are taking care of you. This is just one hospital, but a very cutting-edge hospital. There are 6,000 hospitals in the United States. So imagine the opportunity of that. Now, how do we sell, Prakash? Let me answer. Yeah, and first of all, I just say, Asiya, you're laying out all the playbooks that we have. So thank you for the question. I think it's all of the above. So it's expansion in certain key markets, really, first of all, building things like what Hanneke talked about, case studies of different places where we are already there, finding new channels that we would actually be able to take to market. So as an example, in education, we actually supply to K-12 and higher ed. And as you think about that opportunity, it's not just in the U.S. We have significant similar results in the U.S., Europe, and actually in Asia as well, in places like Japan. I think as governments have thought about how to set up new kinds of equipment and how to enable HyFlex learning, which is hybrid and flex learning, in some jurisdictions, it's actually required for the teachers in public school districts to be able to actually equip both their teachers and their students with the right kind of tech. And more often than not, we already have some of that tech. We just, in the past, didn't show up, and we've started showing up. And that's why you're seeing some of the numbers that I shared with double-digit growth in those markets. So that's the first one, which is like finding the sales opportunities, but actually also showing up. The second thing is channel expansion, really finding ways to get to these channels. There are other transactions happening. I think those $5 billion number that I shared is the current serviceable market of IT spend in those markets, which is why we're not showing up, and therefore, we want to show up in those channels. And the third one is really then finding a way to actually get our marketing capabilities for those specific verticals established. Just as an example, taking some of these educators or these healthcare instances and these ones we've talked about from a public sector perspective and really being able to actually go beyond that, so that's kind of the playbook, so it's all of the above. Super exciting opportunity. I think I'll say we have said quite a few things about verticals today, so I see the enthusiasm from Asiya as well. Thank you for the question. Yeah, yeah, yeah. And I think also in that question was a piece on innovation, and again, our current portfolio is very relevant for these verticals. But of course, there's innovation to be done as well, and without belittling it, I would say that that's adjacent innovation. You saw the headsets and the tablet keyboards for education in one of our demos. Okay, those have been adjusted for education because kids are known to be a little rough. So they've been made more robust by our design teams. That's important, but it's not reinventing the wheel. There are more examples like that. The cameras for education, again, you saw those in the demos. The one-touch button on those cameras, so cool. But that's a derivative of a product we already have. On the rough headsets, we have a lot of gamers that can help create that. Yeah, for sure. Yeah, for sure. So again, our portfolio plays there very well, and we're excited about bringing that to these new verticals. So insightful, thoughtful, amazing questions. Kate, I think we have time maybe for one more if you've got it. Yes. George Wang from Barclays. Can you double-click on the long-term guidance on OpEx as a percentage of revenue? How should we think about the 24%-26% range you talked about earlier? George, thanks for the question. I would go back to the comments that we made during the presentation. What you can count on us on the OpEx side is a couple of things. Innovation is at the forefront of all we do. We will continue to prioritize innovation as you look at the OpEx, the different categories, the marketing and high ROI marketing that Hanneke mentioned earlier. Then we will be really very focused on controlling very diligently the G&A. All in all, we will continue to control cost between OpEx and gross margin, whatever the environment will be. What you can count on us is to grow by 100 basis points compared to what we had in the prior framework, to 15%-18% OI. That's what the commitment that we are making today. Great. Thanks, Matteo, Hanneke. I think that's a wrap on Q&A. Yeah. So thank you. Thank you, Nate. Thank you, Kate. And thank you all for being here live in the Silicon Valley or online very late for some. I really appreciate it. Also, big thanks to all the presenters and the fabulous team behind the scenes here. You've all done a great job. Thank you. We're almost at the end of the program. I hope you found the day helpful. You've seen a lot today. As I said upfront, though, I think in the end, the story is quite simple. So I want to finish where I started with the case for Logitech. We are growing. We are highly profitable. At $4.3 billion in a market that's $24 billion, we still have a lot of upside. AI is a tailwind. We lead in our core categories. We've got this very clear strategy and a credible plan for new verticals and adjacencies to accelerate growth. We recognize that the market is uncertain, but we've weathered storms before. Remember the bear and the campers. And we feel we can weather it again, thanks to the great operational resilience. We will be super financially disciplined so that we can give you attractive returns. And that's Logitech. Thanks again, everyone. We look forward to welcoming you who are in the room, in the clubhouse, for some food and drinks. And again, thanks, everyone online. Sleep well.