Logitech Announces Q4 and Full Fiscal Year 2024 Results
Logitech Returns to Growth With Strong Fourth Quarter; Company Announces FY 2025 Outlook
LAUSANNE, Switzerland & SAN JOSE, Calif.–(BUSINESS WIRE)–SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full Fiscal Year 2024 ended March 31, 2024.
For Q4 Fiscal Year 2024:
- Sales were $1.01 billion, up 5 percent in US dollars and 5 percent in constant currency, compared to Q4 of the prior year.
- GAAP operating income was $130 million, up 235 percent, compared to Q4 of the prior year. Non-GAAP operating income was $159 million, up 93 percent, compared to Q4 of the prior year.
- GAAP earnings per share (EPS) was $1.07, up 312 percent compared to Q4 prior year. Non-GAAP EPS was $0.99, up 98 percent compared to the prior year.
- Cash flow from operations was $239 million, up 10 percent compared to Q4 of the prior year.
For Fiscal Year 2024:
- Sales were $4.30 billion, down 5 percent in US dollars and 6 percent in constant currency, compared to the prior year.
- GAAP operating income was $587 million, up 28 percent compared to the prior year. Non-GAAP operating income was $699 million, up 19 percent compared to the prior year.
- GAAP earnings per share (EPS) was $3.87, up 74 percent compared to the prior year. Non-GAAP EPS was $4.25, up 32 percent compared to the prior year.
- Cash flow from operations was $1.1 billion, up 114 percent compared to the prior year. The year-ending cash balance was more than $1.5 billion. The Company returned $686 million of cash to shareholders through its annual dividend payment and share repurchases.
“We delivered a strong fourth quarter, with a return to growth and expanded gross margins,” said Hanneke Faber, Logitech chief executive officer. “Growth was broad-based across all regions and key categories.
“We start Fiscal Year 2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI. Our new, ambitious mission of extending human potential in work and play expands our addressable market and our innovation opportunities. We’re excited for the journey to come.”
Outlook
Logitech announced its full-year outlook for Fiscal Year 2025:
|
|
|
Sales |
|
$4.3 – $4.4 billion |
Sales growth (in US dollars, year over year) |
|
0% – 2% |
Non-GAAP operating income |
|
$685 – $715 million |
Non-GAAP op. inc. growth/ (decline) (year over year) |
|
(2)% – 2% |
Financial Results Videoconference and Webcast
Logitech will hold a financial results videoconference to discuss the results for Q4 and the full Fiscal Year 2024 on Tuesday, April 30, 2024 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. This will also be an opportunity to hear strategic insights from Logitech chief executive officer, Hanneke Faber, on her first 100 days.
A livestream of the event will be available on the Logitech corporate website at https://ir.logitech.com. This press release and the Q4 Fiscal Year 2024 Shareholder Letter are also available there.
CFO Search and Annual Investor Day
Last month, Logitech announced that Charles ‘Chuck’ Boynton, chief financial officer (CFO), will be departing the Company to pursue another career opportunity. Boynton will remain with the Company as CFO through mid-May to ensure a seamless transition for the end of the 2024 fiscal year. His successor will be named at a later date.
Logitech plans to hold its Annual Investor Day (AID) later this year.
Use of Non-GAAP Financial Information and Constant Currency
To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures in this press release, which exclude share-based compensation expense, amortization and impairment of intangible assets, acquisition-related costs and change in fair value of contingent consideration for business acquisition, restructuring charges, net, loss on investments, pension curtailment gains, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below and posted to our website at https://ir.logitech.com. Logitech also presents percentage sales growth in constant currency (“cc”), a non-GAAP measure, to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance, outlook and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for the full Fiscal Year 2025 non-GAAP operating income outlook.
Public Dissemination of Certain Information
Recordings of Logitech’s earnings videoconferences and certain events Logitech participates in or hosts, with members of the investment community are posted on the company’s investor relations website at https://ir.logitech.com. Additionally, Logitech provides notifications of news or announcements regarding its operations and financial performance, including its filings with the Securities and Exchange Commission (SEC), investor events, and press and earnings releases as part of its investor relations website. Logitech intends to use its investor relations website as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Logitech’s corporate governance information also is available on its investor relations website.
About Logitech
Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. As the point of connection between people and the digital world, our purpose is to extend human potential in work and play, in a way that is good for people and the planet. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and its other brands, including Logitech G, at www.logitech.com or company blog.
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months and fiscal year ended March 31, 2024, Fiscal Year 2025 outlook for sales and non-GAAP operating income, strategic priorities, trends in our business, and related assumptions. The forward-looking statements in this press release are subject to risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: macroeconomic and geopolitical conditions and other factors and their impact, for example the resilience of overall consumer demand, B2B and IT spending levels, changes in inflation levels and monetary policies, governments’ fiscal policies, and geopolitical conflicts; our expectations regarding our expense reduction efforts, including the timing thereof; changes in secular trends that impact our business; if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; issues relating to development and use of artificial intelligence; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of demand variability, supply shortages and other supply chain challenges; the effect of logistics challenges, including disruptions in logistics; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not efficiently manage our spending; our expectations regarding our restructuring efforts, including the timing thereof; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade regulations, policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; if we do not successfully execute on strategic acquisitions and investments; risks associated with acquisitions; and the effect of changes to our effective income tax rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, our Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, and other reports filed with the SEC, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.
Note that unless noted otherwise, comparisons are year over year.
Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.
LOGITECH INTERNATIONAL S.A. |
|||||||||||||||
PRELIMINARY RESULTS* |
|||||||||||||||
(In thousands, except per share amounts) – unaudited |
|||||||||||||||
|
|||||||||||||||
|
|
Three Months Ended |
|
Fiscal Years Ended |
|||||||||||
|
|
March 31, |
|
March 31, |
|||||||||||
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Net sales |
|
$ |
1,011,487 |
|
|
$ |
960,077 |
|
$ |
4,298,467 |
|
|
$ |
4,538,818 |
|
Cost of goods sold |
|
|
572,051 |
|
|
|
612,703 |
|
|
2,509,418 |
|
|
|
2,806,438 |
|
Amortization of intangible assets |
|
|
2,459 |
|
|
|
3,510 |
|
|
11,028 |
|
|
|
12,865 |
|
Gross profit |
|
|
436,977 |
|
|
|
343,864 |
|
|
1,778,021 |
|
|
|
1,719,515 |
|
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|||||||
Marketing and selling |
|
|
185,594 |
|
|
|
181,060 |
|
|
730,310 |
|
|
|
809,182 |
|
Research and development |
|
|
75,421 |
|
|
|
70,630 |
|
|
287,243 |
|
|
|
280,796 |
|
General and administrative |
|
|
38,510 |
|
|
|
32,437 |
|
|
155,056 |
|
|
|
124,652 |
|
Amortization of intangible assets and acquisition-related costs |
|
|
2,655 |
|
|
|
2,791 |
|
|
10,934 |
|
|
|
11,843 |
|
Impairment of intangible assets |
|
|
3,526 |
|
|
|
— |
|
|
3,526 |
|
|
|
— |
|
Change in fair value of contingent consideration for business acquisition |
|
|
(250 |
) |
|
|
— |
|
|
(250 |
) |
|
|
— |
|
Restructuring charges, net |
|
|
1,304 |
|
|
|
18,102 |
|
|
3,866 |
|
|
|
34,573 |
|
Total operating expenses |
|
|
306,760 |
|
|
|
305,020 |
|
|
1,190,685 |
|
|
|
1,261,046 |
|
|
|
|
|
|
|
|
|
|
|||||||
Operating income |
|
|
130,217 |
|
|
|
38,844 |
|
|
587,336 |
|
|
|
458,469 |
|
Interest income |
|
|
16,128 |
|
|
|
8,758 |
|
|
50,636 |
|
|
|
18,331 |
|
Other income (expense), net |
|
|
(2,549 |
) |
|
|
5,089 |
|
|
(16,376 |
) |
|
|
(13,278 |
) |
Income before income taxes |
|
|
143,796 |
|
|
|
52,691 |
|
|
621,596 |
|
|
|
463,522 |
|
Provision for (benefit from) income taxes |
|
|
(23,819 |
) |
|
|
11,196 |
|
|
9,453 |
|
|
|
98,947 |
|
Net income |
|
$ |
167,615 |
|
|
$ |
41,495 |
|
$ |
612,143 |
|
|
$ |
364,575 |
|
|
|
|
|
|
|
|
|
|
|||||||
Net income per share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
$ |
1.09 |
|
|
$ |
0.26 |
|
$ |
3.90 |
|
|
$ |
2.25 |
|
Diluted |
|
$ |
1.07 |
|
|
$ |
0.26 |
|
$ |
3.87 |
|
|
$ |
2.23 |
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average shares used to compute net income per share: |
|
|
|
|
|
|
|
|
|||||||
Basic |
|
|
154,452 |
|
|
|
160,073 |
|
|
156,776 |
|
|
|
162,302 |
|
Diluted |
|
|
156,204 |
|
|
|
161,524 |
|
|
158,171 |
|
|
|
163,704 |
|
LOGITECH INTERNATIONAL S.A. |
||||||||
PRELIMINARY RESULTS* |
||||||||
(In thousands, except per share amounts) – unaudited |
||||||||
|
||||||||
|
|
March 31, |
|
March 31, |
||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
2024 |
|
2023 |
||||
|
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,520,842 |
|
|
$ |
1,149,023 |
|
Accounts receivable, net |
|
|
541,715 |
|
|
|
630,382 |
|
Inventories |
|
|
422,513 |
|
|
|
682,893 |
|
Other current assets |
|
|
146,270 |
|
|
|
142,876 |
|
Total current assets |
|
|
2,631,340 |
|
|
|
2,605,174 |
|
|
|
|
|
|
||||
Non-current assets: |
|
|
|
|
||||
Property, plant and equipment, net |
|
|
116,589 |
|
|
|
121,503 |
|
Goodwill |
|
|
461,978 |
|
|
|
454,610 |
|
Other intangible assets, net |
|
|
44,603 |
|
|
|
63,173 |
|
Other assets |
|
|
350,194 |
|
|
|
316,293 |
|
Total assets |
|
$ |
3,604,704 |
|
|
$ |
3,560,753 |
|
|
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
448,627 |
|
|
$ |
406,968 |
|
Accrued and other current liabilities |
|
|
637,262 |
|
|
|
643,139 |
|
Total current liabilities |
|
|
1,085,889 |
|
|
|
1,050,107 |
|
|
|
|
|
|
||||
Non-current liabilities: |
|
|
|
|
||||
Income taxes payable |
|
|
112,572 |
|
|
|
106,391 |
|
Other non-current liabilities |
|
|
172,590 |
|
|
|
146,695 |
|
Total liabilities |
|
|
1,371,051 |
|
|
|
1,303,193 |
|
|
|
|
|
|
||||
Shareholders’ equity: |
|
|
|
|
||||
Registered shares, CHF 0.25 par value: |
|
|
30,148 |
|
|
|
30,148 |
|
Issued shares —173,106 at March 31, 2024 and 2023 |
|
|
|
|
||||
Additional shares that may be issued out of conditional capital — 50,000 at March 31, 2024 and 2023 |
|
|
|
|
||||
Additional shares that may be issued out of authorized capital — 17,311 at March 31, 2024 and 2023 |
|
|
|
|
||||
Additional paid-in capital |
|
|
63,524 |
|
|
|
127,380 |
|
Shares in treasury, at cost — 19,243 and 13,763 shares at March 31, 2024 and 2023, respectively |
|
|
(1,351,336 |
) |
|
|
(977,266 |
) |
Retained earnings |
|
|
3,602,519 |
|
|
|
3,177,575 |
|
Accumulated other comprehensive loss |
|
|
(111,202 |
) |
|
|
(100,277 |
) |
Total shareholders’ equity |
|
|
2,233,653 |
|
|
|
2,257,560 |
|
Total liabilities and shareholders’ equity |
|
$ |
3,604,704 |
|
|
$ |
3,560,753 |
|
LOGITECH INTERNATIONAL S.A. |
||||||||||||||||
PRELIMINARY RESULTS* |
||||||||||||||||
(In thousands) – unaudited |
||||||||||||||||
|
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
167,615 |
|
|
$ |
41,495 |
|
|
$ |
612,143 |
|
|
$ |
364,575 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||||||||
Depreciation |
|
|
14,191 |
|
|
|
19,611 |
|
|
|
63,065 |
|
|
|
76,309 |
|
Amortization of intangible assets |
|
|
5,098 |
|
|
|
6,234 |
|
|
|
21,681 |
|
|
|
24,407 |
|
Impairment of intangible assets |
|
|
3,526 |
|
|
|
— |
|
|
|
3,526 |
|
|
|
— |
|
Loss on investments |
|
|
2,461 |
|
|
|
1,008 |
|
|
|
14,674 |
|
|
|
14,073 |
|
Share-based compensation expense |
|
|
18,697 |
|
|
|
19,042 |
|
|
|
82,889 |
|
|
|
70,782 |
|
Deferred income taxes |
|
|
(32,909 |
) |
|
|
6,486 |
|
|
|
(42,424 |
) |
|
|
30,714 |
|
Change in fair value of contingent consideration for business acquisition |
|
|
(250 |
) |
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
Pension curtailment gains |
|
|
— |
|
|
|
(4,225 |
) |
|
|
— |
|
|
|
(4,225 |
) |
Other |
|
|
43 |
|
|
|
(406 |
) |
|
|
379 |
|
|
|
1,005 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
||||||||
Accounts receivable, net |
|
|
138,305 |
|
|
|
174,732 |
|
|
|
91,519 |
|
|
|
51,185 |
|
Inventories |
|
|
21,827 |
|
|
|
121,000 |
|
|
|
259,796 |
|
|
|
247,309 |
|
Other assets |
|
|
7,062 |
|
|
|
(15,284 |
) |
|
|
10,760 |
|
|
|
5,634 |
|
Accounts payable |
|
|
(81,047 |
) |
|
|
(84,203 |
) |
|
|
39,336 |
|
|
|
(219,051 |
) |
Accrued and other liabilities |
|
|
(25,514 |
) |
|
|
(68,647 |
) |
|
|
(11,978 |
) |
|
|
(128,707 |
) |
Net cash provided by operating activities |
|
|
239,105 |
|
|
|
216,843 |
|
|
|
1,145,116 |
|
|
|
534,010 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
||||||||
Purchases of property, plant and equipment |
|
|
(10,312 |
) |
|
|
(23,231 |
) |
|
|
(55,897 |
) |
|
|
(92,353 |
) |
Investment in privately held companies |
|
|
(211 |
) |
|
|
(1,731 |
) |
|
|
(617 |
) |
|
|
(4,357 |
) |
Acquisitions, net of cash acquired |
|
|
(286 |
) |
|
|
— |
|
|
|
(14,424 |
) |
|
|
(8,527 |
) |
Purchases of deferred compensation investments |
|
|
(3,678 |
) |
|
|
(1,516 |
) |
|
|
(11,571 |
) |
|
|
(6,702 |
) |
Proceeds from sales of deferred compensation investments |
|
|
3,981 |
|
|
|
1,459 |
|
|
|
12,174 |
|
|
|
6,209 |
|
Net cash used in investing activities |
|
|
(10,506 |
) |
|
|
(25,019 |
) |
|
|
(70,335 |
) |
|
|
(105,730 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
||||||||
Payment of cash dividends |
|
|
— |
|
|
|
— |
|
|
|
(182,305 |
) |
|
|
(158,680 |
) |
Payment of contingent consideration for business acquisition |
|
|
— |
|
|
|
— |
|
|
|
(5,002 |
) |
|
|
(5,954 |
) |
Purchases of registered shares |
|
|
(127,428 |
) |
|
|
(90,615 |
) |
|
|
(504,203 |
) |
|
|
(418,346 |
) |
Proceeds from exercises of stock options and purchase rights |
|
|
16,878 |
|
|
|
12,726 |
|
|
|
32,197 |
|
|
|
28,790 |
|
Tax withholdings related to net share settlements of restricted stock units |
|
|
(1,148 |
) |
|
|
(429 |
) |
|
|
(29,744 |
) |
|
|
(29,163 |
) |
Other financing activities |
|
|
— |
|
|
|
— |
|
|
|
(1,116 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(111,698 |
) |
|
|
(78,318 |
) |
|
|
(690,173 |
) |
|
|
(583,353 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(8,709 |
) |
|
|
(614 |
) |
|
|
(12,789 |
) |
|
|
(24,620 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
108,192 |
|
|
|
112,892 |
|
|
|
371,819 |
|
|
|
(179,693 |
) |
Cash and cash equivalents at beginning of the period |
|
|
1,412,650 |
|
|
|
1,036,131 |
|
|
|
1,149,023 |
|
|
|
1,328,716 |
|
Cash and cash equivalents at end of the period |
|
$ |
1,520,842 |
|
|
$ |
1,149,023 |
|
|
$ |
1,520,842 |
|
|
$ |
1,149,023 |
|
LOGITECH INTERNATIONAL S.A. |
||||||||||||||||||||
PRELIMINARY RESULTS* |
||||||||||||||||||||
(In thousands) – unaudited |
||||||||||||||||||||
|
||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION |
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||||||
NET SALES |
|
2024 |
|
2023 (1) |
|
Change |
|
2024 |
|
2023 (1) |
|
Change |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales by product category: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gaming (2) |
|
$ |
273,487 |
|
$ |
256,437 |
|
|
7 |
% |
|
$ |
1,231,063 |
|
$ |
1,288,313 |
|
|
(4 |
)% |
Keyboards & Combos |
|
|
216,240 |
|
|
187,800 |
|
|
15 |
|
|
|
821,441 |
|
|
836,432 |
|
|
(2 |
) |
Pointing Devices |
|
|
170,677 |
|
|
160,768 |
|
|
6 |
|
|
|
742,987 |
|
|
728,357 |
|
|
2 |
|
Video Collaboration |
|
|
148,104 |
|
|
143,576 |
|
|
3 |
|
|
|
609,361 |
|
|
677,923 |
|
|
(10 |
) |
Webcams |
|
|
75,952 |
|
|
73,156 |
|
|
4 |
|
|
|
325,225 |
|
|
378,688 |
|
|
(14 |
) |
Tablet Accessories |
|
|
55,808 |
|
|
68,429 |
|
|
(18 |
) |
|
|
254,060 |
|
|
254,374 |
|
|
— |
|
Headsets |
|
|
45,455 |
|
|
39,147 |
|
|
16 |
|
|
|
168,478 |
|
|
176,576 |
|
|
(5 |
) |
Other (3) |
|
|
25,764 |
|
|
30,764 |
|
|
(16 |
) |
|
|
145,852 |
|
|
198,155 |
|
|
(26 |
) |
Total Net Sales |
|
$ |
1,011,487 |
|
$ |
960,077 |
|
|
5 |
% |
|
$ |
4,298,467 |
|
$ |
4,538,818 |
|
|
(5 |
)% |
(1) The Company has reclassified certain prior period amounts to conform to the current period presentation.
(2) Gaming includes streaming services revenue generated by Streamlabs.
(3) Other primarily consists of mobile speakers and PC speakers.
LOGITECH INTERNATIONAL S.A. |
||||||||||||||||
PRELIMINARY RESULTS* |
||||||||||||||||
(In thousands, except per share amounts) – unaudited |
||||||||||||||||
|
||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION |
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
GAAP TO NON-GAAP RECONCILIATION (A) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit – GAAP |
|
$ |
436,977 |
|
|
$ |
343,864 |
|
|
$ |
1,778,021 |
|
|
$ |
1,719,515 |
|
Share-based compensation expense |
|
|
1,938 |
|
|
|
1,407 |
|
|
|
8,004 |
|
|
|
5,635 |
|
Amortization of intangible assets |
|
|
2,459 |
|
|
|
3,510 |
|
|
|
11,028 |
|
|
|
12,865 |
|
Gross profit – Non-GAAP |
|
$ |
441,374 |
|
|
$ |
348,781 |
|
|
$ |
1,797,053 |
|
|
$ |
1,738,015 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin – GAAP |
|
|
43.2 |
% |
|
|
35.8 |
% |
|
|
41.4 |
% |
|
|
37.9 |
% |
Gross margin – Non-GAAP |
|
|
43.6 |
% |
|
|
36.3 |
% |
|
|
41.8 |
% |
|
|
38.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses – GAAP |
|
$ |
306,760 |
|
|
$ |
305,020 |
|
|
$ |
1,190,685 |
|
|
$ |
1,261,046 |
|
Less: Share-based compensation expense |
|
|
16,759 |
|
|
|
17,635 |
|
|
|
74,885 |
|
|
|
65,147 |
|
Less: Amortization of intangible assets and acquisition-related costs |
|
|
2,655 |
|
|
|
2,791 |
|
|
|
10,934 |
|
|
|
11,843 |
|
Less: Impairment of intangible assets |
|
|
3,526 |
|
|
|
— |
|
|
|
3,526 |
|
|
|
— |
|
Less: Change in fair value of contingent consideration for business acquisition |
|
|
(250 |
) |
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
Less: Restructuring charges, net |
|
|
1,304 |
|
|
|
18,102 |
|
|
|
3,866 |
|
|
|
34,573 |
|
Operating expenses – Non-GAAP |
|
$ |
282,766 |
|
|
$ |
266,492 |
|
|
$ |
1,097,724 |
|
|
$ |
1,149,483 |
|
|
|
|
|
|
|
|
|
|
||||||||
% of net sales – GAAP |
|
|
30.3 |
% |
|
|
31.8 |
% |
|
|
27.7 |
% |
|
|
27.8 |
% |
% of net sales – Non-GAAP |
|
|
28.0 |
% |
|
|
27.8 |
% |
|
|
25.5 |
% |
|
|
25.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Operating income – GAAP |
|
$ |
130,217 |
|
|
$ |
38,844 |
|
|
$ |
587,336 |
|
|
$ |
458,469 |
|
Share-based compensation expense |
|
|
18,697 |
|
|
|
19,042 |
|
|
|
82,889 |
|
|
|
70,782 |
|
Amortization of intangible assets and acquisition-related costs |
|
|
5,114 |
|
|
|
6,301 |
|
|
|
21,962 |
|
|
|
24,708 |
|
Impairment of intangible assets |
|
|
3,526 |
|
|
|
— |
|
|
|
3,526 |
|
|
|
— |
|
Change in fair value of contingent consideration for business acquisition |
|
|
(250 |
) |
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
Restructuring charges, net |
|
|
1,304 |
|
|
|
18,102 |
|
|
|
3,866 |
|
|
|
34,573 |
|
Operating income – Non-GAAP |
|
$ |
158,608 |
|
|
$ |
82,289 |
|
|
$ |
699,329 |
|
|
$ |
588,532 |
|
|
|
|
|
|
|
|
|
|
||||||||
% of net sales – GAAP |
|
|
12.9 |
% |
|
|
4.0 |
% |
|
|
13.7 |
% |
|
|
10.1 |
% |
% of net sales – Non-GAAP |
|
|
15.7 |
% |
|
|
8.6 |
% |
|
|
16.3 |
% |
|
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Net income – GAAP |
|
$ |
167,615 |
|
|
$ |
41,495 |
|
|
$ |
612,143 |
|
|
$ |
364,575 |
|
Share-based compensation expense |
|
|
18,697 |
|
|
|
19,042 |
|
|
|
82,889 |
|
|
|
70,782 |
|
Amortization of intangible assets and acquisition-related costs |
|
|
5,114 |
|
|
|
6,301 |
|
|
|
21,962 |
|
|
|
24,708 |
|
Impairment of intangible assets |
|
|
3,526 |
|
|
|
— |
|
|
|
3,526 |
|
|
|
— |
|
Change in fair value of contingent consideration for business acquisition |
|
|
(250 |
) |
|
|
— |
|
|
|
(250 |
) |
|
|
— |
|
Restructuring charges, net |
|
|
1,304 |
|
|
|
18,102 |
|
|
|
3,866 |
|
|
|
34,573 |
|
Loss on investments |
|
|
2,461 |
|
|
|
1,008 |
|
|
|
14,674 |
|
|
|
14,073 |
|
Pension curtailment gains |
|
|
— |
|
|
|
(4,225 |
) |
|
|
— |
|
|
|
(4,225 |
) |
Non-GAAP income tax adjustment |
|
|
(44,039 |
) |
|
|
(1,167 |
) |
|
|
(66,073 |
) |
|
|
22,129 |
|
Net income – Non-GAAP |
|
$ |
154,428 |
|
|
$ |
80,556 |
|
|
$ |
672,737 |
|
|
$ |
526,615 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share: |
|
|
|
|
|
|
|
|
||||||||
Diluted – GAAP |
|
$ |
1.07 |
|
|
$ |
0.26 |
|
|
$ |
3.87 |
|
|
$ |
2.23 |
|
Diluted – Non-GAAP |
|
$ |
0.99 |
|
|
$ |
0.50 |
|
|
$ |
4.25 |
|
|
$ |
3.22 |
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used to compute net income per share: |
|
|
|
|
|
|
|
|
||||||||
Diluted – GAAP and Non-GAAP |
|
|
156,204 |
|
|
|
161,524 |
|
|
|
158,171 |
|
|
|
163,704 |
|
LOGITECH INTERNATIONAL S.A. |
||||||||||||||||
PRELIMINARY RESULTS* |
||||||||||||||||
(In thousands) – unaudited |
||||||||||||||||
|
||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION |
|
Three Months Ended |
|
Fiscal Years Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
SHARE-BASED COMPENSATION EXPENSE |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Share-based Compensation Expense |
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
$ |
1,938 |
|
|
$ |
1,407 |
|
|
$ |
8,004 |
|
|
$ |
5,635 |
|
Marketing and selling |
|
|
7,157 |
|
|
|
9,467 |
|
|
|
35,780 |
|
|
|
34,707 |
|
Research and development |
|
|
4,268 |
|
|
|
3,724 |
|
|
|
17,836 |
|
|
|
15,292 |
|
General and administrative |
|
|
5,334 |
|
|
|
4,444 |
|
|
|
21,269 |
|
|
|
15,148 |
|
Total share-based compensation expense |
|
|
18,697 |
|
|
|
19,042 |
|
|
|
82,889 |
|
|
|
70,782 |
|
Income tax benefit |
|
|
(4,048 |
) |
|
|
(2,254 |
) |
|
|
(15,305 |
) |
|
|
(9,750 |
) |
Total share-based compensation expense, net of income tax benefit |
|
$ |
14,649 |
|
|
$ |
16,788 |
|
|
$ |
67,584 |
|
|
$ |
61,032 |
|
*Note: These preliminary results for the three months and fiscal year ended March 31, 2024 are subject to adjustments, including subsequent events that may occur through the date of filing our Annual Report on Form 10-K.
(A) Non-GAAP Financial Measures
To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.
While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures.
Contacts
Editorial Contacts:
Nate Melihercik
Head of Global Investor Relations
ir@logitech.com
Nicole Kenyon
Head of Global Corporate and Internal Communications
nkenyon@logitech.com (USA)
Ben Starkie
Corporate Communications
+41 (0) 79-292-3499
bstarkie1@logitech.com (Europe)