Company Raises FY 2024 Outlook

LAUSANNE, Switzerland & SAN JOSE, Calif.–(BUSINESS WIRE)–Insert after last paragraph of release: GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


The updated release reads:

LOGITECH ANNOUNCES SECOND QUARTER FISCAL YEAR 2024 RESULTS

Company Raises FY 2024 Outlook

SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the second quarter of Fiscal Year 2024.

  • Sales were $1.06 billion, down 8 percent in US dollars and 9 percent in constant currency, compared to the prior year.
  • GAAP operating income was $157 million, up 23 percent compared to the prior year. Non-GAAP operating income was $183 million, up 17 percent compared to the prior year. In the quarter, the Company continued to reduce operating expenses, down 9 percent compared to the prior year, in line with the decline in net sales.
  • GAAP earnings per share (EPS) was $0.86, up 72 percent compared to the prior year. Non-GAAP EPS was $1.09, up 30 percent compared to the prior year.
  • Cash flow from operations was $223 million, up $150 million compared to the prior year. The quarter-ending cash balance was $1.16 billion. In the quarter, the Company returned $276 million of cash to shareholders through its annual dividend payment and share repurchases.

The Logitech team stepped up execution this quarter and delivered results that demonstrate the underlying potential of our business,” said Guy Gecht, Logitech interim chief executive officer. “We made great progress toward a return to growth and exceeded our pre-pandemic profit levels. Our design-led innovation capabilities were on full display, with 16 new product introductions during the quarter. I’m proud of what our team has accomplished in this challenging environment. We remain focused on developing market leading products, operational excellence, and value creation for shareholders.”

While our second quarter revenue was down compared to last year, we delivered expanded gross margins of 42.0% and operating margins of 17.3%,” said Chuck Boynton, Logitech chief financial officer. “Through strong operating execution and working capital management, we generated $223 million in operating cash flow and returned $276 million to our shareholders. Our focus on cost discipline with a customer-first mindset is paying off, with share growth in key categories. We remain cautiously optimistic on the balance of the year and are pleased to raise the annual outlook.”

CEO Search Update

Over the last four months, the board of directors, led by Wendy Becker, has been conducting a global CEO search looking at internal and external candidates across industries and geographies. The board has met with a number of strong, diverse and experienced candidates, and is moving closer to finalizing a decision.

Updated Full Year Outlook

Logitech raised its full-year outlook for Fiscal Year 2024:

 

Previous FY 2024 outlook

New FY 2024 outlook

Sales

$3.8 – $4.0 billion

$4.0 – $4.15 billion

Sales decline (in US dollars, year over year)

16% – 12%

12% – 9%

Non-GAAP operating income

$400 – $500 million

$525 – $575 million

Non-GAAP op. inc. decline (year over year)

32% – 15%

11% – 2%

H1 2024 Results Compared to H1 2024 Outlook

Logitech exceeded its outlook for the first half of Fiscal Year 2024:

 

H1 2024 outlook

H1 2024 results

Sales

$1.875 – $1.975 billion

$2.032 billion

Sales decline (in US dollars, year over year)

19% – 14%

12%

Non-GAAP operating income

$180 – $220 million

$292 million

Non-GAAP op. inc. decline (year over year)

40% – 27%

3%

Financial Results Videoconference and Webcast

Logitech will hold a financial results videoconference to discuss the results for Q2 Fiscal Year 2024 on Tuesday, October 24, 2023 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A livestream of the event will be available on the Logitech corporate website at http://ir.logitech.com.

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 of intangible assets, acquisition-related costs, restructuring charges (credits), net, loss (gain) on investments, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below and posted to our website at http://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 2024 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 helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones and Ultimate Ears. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @logitech.

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 and six months ended September 30, 2023, Fiscal Year 2024 outlook for sales and non-GAAP operating income, CEO search update, 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 changes in inflation levels and monetary policies; 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; 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 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 June 30, 2023, and our subsequent 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
September 30,

 

Six months ended
September 30,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,057,008

 

 

$

1,148,951

 

 

$

2,031,507

 

 

$

2,308,816

 

Cost of goods sold

 

 

615,403

 

 

 

707,026

 

 

 

1,211,115

 

 

 

1,404,246

 

Amortization of intangible assets

 

 

2,983

 

 

 

3,145

 

 

 

6,128

 

 

 

6,187

 

Gross profit

 

 

438,622

 

 

 

438,780

 

 

 

814,264

 

 

 

898,383

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Marketing and selling

 

 

176,356

 

 

 

202,091

 

 

 

355,541

 

 

 

431,469

 

Research and development

 

 

68,559

 

 

 

69,009

 

 

 

139,118

 

 

 

144,526

 

General and administrative

 

 

35,538

 

 

 

26,589

 

 

 

76,835

 

 

 

62,449

 

Amortization of intangible assets and acquisition-related costs

 

 

3,318

 

 

 

2,873

 

 

 

6,003

 

 

 

6,242

 

Restructuring charges (credits), net

 

 

(1,788

)

 

 

10,817

 

 

 

1,723

 

 

 

10,817

 

Total operating expenses

 

 

281,983

 

 

 

311,379

 

 

 

579,220

 

 

 

655,503

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

156,639

 

 

 

127,401

 

 

 

235,044

 

 

 

242,880

 

Interest income

 

 

11,856

 

 

 

3,459

 

 

 

21,682

 

 

 

4,908

 

Other income (expense), net

 

 

(1,044

)

 

 

(25,397

)

 

 

(14,016

)

 

 

(19,773

)

Income before income taxes

 

 

167,451

 

 

 

105,463

 

 

 

242,710

 

 

 

228,015

 

Provision for income taxes

 

 

30,334

 

 

 

23,372

 

 

 

42,866

 

 

 

45,088

 

Net income

 

$

137,117

 

 

$

82,091

 

 

$

199,844

 

 

$

182,927

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.87

 

 

$

0.50

 

 

$

1.26

 

 

$

1.12

 

Diluted

 

$

0.86

 

 

$

0.50

 

 

$

1.25

 

 

$

1.11

 

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute net income per share:

 

 

 

 

 

 

 

 

Basic

 

 

157,911

 

 

 

163,186

 

 

 

158,385

 

 

 

163,937

 

Diluted

 

 

158,934

 

 

 

164,328

 

 

 

159,545

 

 

 

165,371

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands, except per share amounts) – unaudited

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

March 31,

CONDENSED CONSOLIDATED BALANCE SHEETS

 

2023

 

2023

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,163,904

 

 

$

1,149,023

 

Accounts receivable, net

 

 

656,895

 

 

 

630,382

 

Inventories

 

 

532,943

 

 

 

682,893

 

Other current assets

 

 

138,482

 

 

 

142,876

 

Total current assets

 

 

2,492,224

 

 

 

2,605,174

 

 

 

 

 

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

122,027

 

 

 

121,503

 

Goodwill

 

 

461,401

 

 

 

454,610

 

Other intangible assets, net

 

 

58,081

 

 

 

63,173

 

Other assets

 

 

291,297

 

 

 

316,293

 

Total assets

 

$

3,425,030

 

 

$

3,560,753

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

492,905

 

 

$

406,968

 

Accrued and other current liabilities

 

 

594,042

 

 

 

643,139

 

Total current liabilities

 

 

1,086,947

 

 

 

1,050,107

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

Income taxes payable

 

 

114,235

 

 

 

106,391

 

Other non-current liabilities

 

 

146,583

 

 

 

146,695

 

Total liabilities

 

 

1,347,765

 

 

 

1,303,193

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Registered shares, CHF 0.25 par value:

 

 

30,148

 

 

 

30,148

 

Issued shares — 173,106 at September 30, 2023 and March 31, 2023

 

 

 

 

Additional shares that may be issued out of conditional capital — 50,000 at September 30, 2023 and March 31, 2023

 

 

 

 

Additional shares that may be issued out of authorized capital — 17,311 at September 30, 2023 and March 31, 2023

 

 

 

 

Additional paid-in capital

 

 

47,311

 

 

 

127,380

 

Shares in treasury, at cost — 16,029 at September 30, 2023 and 13,763 at March 31, 2023

 

 

(1,083,468

)

 

 

(977,266

)

Retained earnings

 

 

3,190,220

 

 

 

3,177,575

 

Accumulated other comprehensive loss

 

 

(106,946

)

 

 

(100,277

)

Total shareholders’ equity

 

 

2,077,265

 

 

 

2,257,560

 

Total liabilities and shareholders’ equity

 

$

3,425,030

 

 

$

3,560,753

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

 

 

 

 

(In thousands) – unaudited

 

 

 

 

 

 

 

 

 

 

Three months ended
September 30,

 

Six months ended
September 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

137,117

 

 

$

82,091

 

 

$

199,844

 

 

$

182,927

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

16,637

 

 

 

18,662

 

 

 

34,135

 

 

 

37,288

 

Amortization of intangible assets

 

 

5,682

 

 

 

6,015

 

 

 

11,509

 

 

 

12,244

 

Loss (gain) on investments

 

 

(214

)

 

 

22,934

 

 

 

11,609

 

 

 

11,577

 

Share-based compensation expense

 

 

22,068

 

 

 

12,245

 

 

 

43,579

 

 

 

35,935

 

Deferred income taxes

 

 

8,146

 

 

 

2,775

 

 

 

11,108

 

 

 

3,040

 

Other

 

 

76

 

 

 

242

 

 

 

100

 

 

 

118

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(100,752

)

 

 

(77,337

)

 

 

(35,362

)

 

 

(121,909

)

Inventories

 

 

35,929

 

 

 

22,114

 

 

 

146,369

 

 

 

21,790

 

Other assets

 

 

(22,343

)

 

 

(175

)

 

 

11,999

 

 

 

4,757

 

Accounts payable

 

 

106,442

 

 

 

(8,320

)

 

 

88,022

 

 

 

(78,354

)

Accrued and other liabilities

 

 

14,476

 

 

 

(8,322

)

 

 

(59,853

)

 

 

(72,157

)

Net cash provided by operating activities

 

 

223,264

 

 

 

72,924

 

 

 

463,059

 

 

 

37,256

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(18,493

)

 

 

(25,821

)

 

 

(34,731

)

 

 

(45,384

)

Investment in privately held companies

 

 

(322

)

 

 

(187

)

 

 

(356

)

 

 

(2,275

)

Acquisitions, net of cash acquired

 

 

(12,878

)

 

 

 

 

 

(14,138

)

 

 

(5,839

)

Purchases of deferred compensation investments

 

 

(1,479

)

 

 

(1,577

)

 

 

(2,548

)

 

 

(2,499

)

Proceeds from sales of deferred compensation investments

 

 

1,551

 

 

 

1,493

 

 

 

2,622

 

 

 

2,436

 

Net cash used in investing activities

 

 

(31,621

)

 

 

(26,092

)

 

 

(49,151

)

 

 

(53,561

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment of cash dividends

 

 

(182,305

)

 

 

(158,680

)

 

 

(182,305

)

 

 

(158,680

)

Payment of contingent consideration for business acquisition

 

 

(5,002

)

 

 

(5,954

)

 

 

(5,002

)

 

 

(5,954

)

Purchases of registered shares

 

 

(93,865

)

 

 

(116,942

)

 

 

(188,941

)

 

 

(237,561

)

Proceeds from exercises of stock options and purchase rights

 

 

13,206

 

 

 

12,850

 

 

 

15,319

 

 

 

12,850

 

Tax withholdings related to net share settlements of restricted stock units

 

 

(2,028

)

 

 

(2,598

)

 

 

(26,224

)

 

 

(26,742

)

Other financing activities

 

 

(1,116

)

 

 

 

 

 

(1,116

)

 

 

 

Net cash used in financing activities

 

 

(271,110

)

 

 

(271,324

)

 

 

(388,269

)

 

 

(416,087

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(7,715

)

 

 

(13,664

)

 

 

(10,758

)

 

 

(27,823

)

Net increase (decrease) in cash and cash equivalents

 

 

(87,182

)

 

 

(238,156

)

 

 

14,881

 

 

 

(460,215

)

Cash and cash equivalents, beginning of the period

 

 

1,251,086

 

 

 

1,106,657

 

 

 

1,149,023

 

 

 

1,328,716

 

Cash and cash equivalents, end of the period

 

$

1,163,904

 

 

$

868,501

 

 

$

1,163,904

 

 

$

868,501

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

 

 

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

 

 

 

 

 

 

(In thousands) – unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

 

Three months ended September 30,

 

Six months ended September 30,

NET SALES

 

2023

 

2022 (1)

 

Change

 

2023

 

2022 (1)

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales by product category:

 

 

 

 

 

 

 

 

 

 

 

 

Gaming (2)

 

$

282,104

 

$

322,028

 

 

(12

)%

 

$

548,533

 

$

619,949

 

 

(12

)%

Keyboards & Combos

 

 

194,914

 

 

200,853

 

 

(3

)

 

 

375,769

 

 

428,573

 

 

(12

)

Pointing Devices

 

 

191,676

 

 

185,200

 

 

3

 

 

 

366,130

 

 

368,483

 

 

(1

)

Video Collaboration

 

 

152,389

 

 

179,199

 

 

(15

)

 

 

291,735

 

 

360,831

 

 

(19

)

Webcams

 

 

88,222

 

 

102,018

 

 

(14

)

 

 

163,422

 

 

211,280

 

 

(23

)

Tablet Accessories

 

 

63,677

 

 

54,203

 

 

17

 

 

 

134,013

 

 

120,788

 

 

11

 

Headsets

 

 

44,411

 

 

44,750

 

 

(1

)

 

 

81,261

 

 

90,693

 

 

(10

)

Other (3)

 

 

39,615

 

 

60,700

 

 

(35

)

 

 

70,644

 

 

108,219

 

 

(35

)

Total Net Sales

 

$

1,057,008

 

$

1,148,951

 

 

(8

)%

 

$

2,031,507

 

$

2,308,816

 

 

(12

)%

(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
September 30,

 

Six months ended
September 30,

GAAP TO NON-GAAP RECONCILIATION (A)

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Gross profit – GAAP

 

$

438,622

 

 

$

438,780

 

 

$

814,264

 

 

$

898,383

 

Share-based compensation expense

 

 

2,462

 

 

 

1,443

 

 

 

3,877

 

 

 

2,904

 

Amortization of intangible assets

 

 

2,983

 

 

 

3,145

 

 

 

6,128

 

 

 

6,187

 

Gross profit – Non-GAAP

 

$

444,067

 

 

$

443,368

 

 

$

824,269

 

 

$

907,474

 

 

 

 

 

 

 

 

 

 

Gross margin – GAAP

 

 

41.5

%

 

 

38.2

%

 

 

40.1

%

 

 

38.9

%

Gross margin – Non-GAAP

 

 

42.0

%

 

 

38.6

%

 

 

40.6

%

 

 

39.3

%

 

 

 

 

 

 

 

 

 

Operating expenses – GAAP

 

$

281,983

 

 

$

311,379

 

 

$

579,220

 

 

$

655,503

 

Less: Share-based compensation expense

 

 

19,606

 

 

 

10,802

 

 

 

39,702

 

 

 

33,031

 

Less: Amortization of intangible assets and acquisition-related costs

 

 

3,318

 

 

 

2,873

 

 

 

6,003

 

 

 

6,242

 

Less: Restructuring charges (credits), net

 

 

(1,788

)

 

 

10,817

 

 

 

1,723

 

 

 

10,817

 

Operating expenses – Non-GAAP

 

$

260,847

 

 

$

286,887

 

 

$

531,792

 

 

$

605,413

 

 

 

 

 

 

 

 

 

 

% of net sales – GAAP

 

 

26.7

%

 

 

27.1

%

 

 

28.5

%

 

 

28.4

%

% of net sales – Non-GAAP

 

 

24.7

%

 

 

25.0

%

 

 

26.2

%

 

 

26.2

%

 

 

 

 

 

 

 

 

 

Operating income – GAAP

 

$

156,639

 

 

$

127,401

 

 

$

235,044

 

 

$

242,880

 

Share-based compensation expense

 

 

22,068

 

 

 

12,245

 

 

 

43,579

 

 

 

35,935

 

Amortization of intangible assets and acquisition-related costs

 

 

6,301

 

 

 

6,018

 

 

 

12,131

 

 

 

12,429

 

Restructuring charges (credits), net

 

 

(1,788

)

 

 

10,817

 

 

 

1,723

 

 

 

10,817

 

Operating income – Non-GAAP

 

$

183,220

 

 

$

156,481

 

 

$

292,477

 

 

$

302,061

 

 

 

 

 

 

 

 

 

 

% of net sales – GAAP

 

 

14.8

%

 

 

11.1

%

 

 

11.6

%

 

 

10.5

%

% of net sales – Non-GAAP

 

 

17.3

%

 

 

13.6

%

 

 

14.4

%

 

 

13.1

%

 

 

 

 

 

 

 

 

 

Net income – GAAP

 

$

137,117

 

 

$

82,091

 

 

$

199,844

 

 

$

182,927

 

Share-based compensation expense

 

 

22,068

 

 

 

12,245

 

 

 

43,579

 

 

 

35,935

 

Amortization of intangible assets and acquisition-related costs

 

 

6,301

 

 

 

6,018

 

 

 

12,131

 

 

 

12,429

 

Restructuring charges (credits), net

 

 

(1,788

)

 

 

10,817

 

 

 

1,723

 

 

 

10,817

 

Loss (gain) on investments

 

 

(214

)

 

 

22,934

 

 

 

11,609

 

 

 

11,577

 

Non-GAAP income tax adjustment

 

 

9,933

 

 

 

3,607

 

 

 

7,930

 

 

 

7,066

 

Net income – Non-GAAP

 

$

173,417

 

 

$

137,712

 

 

$

276,816

 

 

$

260,751

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

Diluted – GAAP

 

$

0.86

 

 

$

0.50

 

 

$

1.25

 

 

$

1.11

 

Diluted – Non-GAAP

 

$

1.09

 

 

$

0.84

 

 

$

1.74

 

 

$

1.58

 

 

 

 

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

 

 

 

 

Diluted – GAAP and Non-GAAP

 

 

158,934

 

 

 

164,328

 

 

 

159,545

 

 

 

165,371

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

 

 

 

 

(In thousands) – unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

 

Three months ended
September 30,

 

Six months ended
September 30,

SHARE-BASED COMPENSATION EXPENSE

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

 

Share-based Compensation Expense

 

 

 

 

 

 

 

 

Cost of goods sold

 

$

2,462

 

 

$

1,443

 

$

3,877

 

 

$

2,904

 

Marketing and selling

 

 

9,262

 

 

 

7,429

 

 

19,745

 

 

 

17,226

 

Research and development

 

 

4,694

 

 

 

3,280

 

 

9,147

 

 

 

8,812

 

General and administrative

 

 

5,650

 

 

 

93

 

 

10,810

 

 

 

6,993

 

Total share-based compensation expense

 

 

22,068

 

 

 

12,245

 

 

43,579

 

 

 

35,935

 

Income tax expense (benefit)

 

 

(2,548

)

 

 

102

 

 

(7,866

)

 

 

(4,220

)

Total share-based compensation expense, net of income tax expense (benefit)

 

$

19,520

 

 

$

12,347

 

$

35,713

 

 

$

31,715

 

*Note: These preliminary results for the three and six months ended September 30, 2023 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(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. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during t

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)

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