Canton of Vaud, | None | |||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Logitech International S.A. | ||||||||
EPFL - Quartier de l'Innovation | ||||||||
Daniel Borel Innovation Center | ||||||||
(Address of principal executive offices and zip code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Registered Shares | LOGN | SIX Swiss Exchange | ||||||
Exhibit | Description | |||||||
Press release issued on May 1, 2023 including financial results for the quarter and fiscal year ended March 31, 2023. | ||||||||
104 | Cover Page Interactive Data File (Cover page XBRL tags are embedded within the Inline XBRL document) | |||||||
Logitech International S.A. | |||||||||||
By: | /s/ Bracken Darrell | ||||||||||
Bracken Darrell | |||||||||||
President and Chief Executive Officer | |||||||||||
By: | /s/ Charles Boynton | ||||||||||
Charles Boynton | |||||||||||
Chief Financial Officer | |||||||||||
May 1, 2023 |
H1 2024 outlook | ||||||||
Sales | $1.8 billion - $1.9 billion | |||||||
Sales decline (in US dollars, year over year) | 22% - 18% | |||||||
Non-GAAP operating income | $160 million - $190 million |
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 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net sales | $ | 960,077 | $ | 1,229,994 | $ | 4,538,818 | $ | 5,481,101 | ||||||||||||||||||
Cost of goods sold | 612,703 | 733,092 | 2,806,438 | 3,204,072 | ||||||||||||||||||||||
Amortization of intangible assets | 3,510 | 2,995 | 12,865 | 14,023 | ||||||||||||||||||||||
Gross profit | 343,864 | 493,907 | 1,719,515 | 2,263,006 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Marketing and selling | 181,060 | 247,017 | 809,182 | 1,025,899 | ||||||||||||||||||||||
Research and development | 70,630 | 78,408 | 280,796 | 291,844 | ||||||||||||||||||||||
General and administrative | 32,437 | 36,357 | 124,652 | 148,648 | ||||||||||||||||||||||
Amortization of intangible assets and acquisition-related costs | 2,791 | 2,961 | 11,843 | 16,947 | ||||||||||||||||||||||
Impairment of intangible assets | — | — | — | 7,000 | ||||||||||||||||||||||
Change in fair value of contingent consideration for business acquisition | — | — | — | (3,509) | ||||||||||||||||||||||
Restructuring charges, net | 18,102 | 395 | 34,573 | 2,165 | ||||||||||||||||||||||
Total operating expenses | 305,020 | 365,138 | 1,261,046 | 1,488,994 | ||||||||||||||||||||||
Operating income | 38,844 | 128,769 | 458,469 | 774,012 | ||||||||||||||||||||||
Interest income | 8,758 | 451 | 18,331 | 1,246 | ||||||||||||||||||||||
Other income (expense), net | 5,089 | 2,501 | (13,278) | 560 | ||||||||||||||||||||||
Income before income taxes | 52,691 | 131,721 | 463,522 | 775,818 | ||||||||||||||||||||||
Provision for income taxes | 11,196 | 23,516 | 98,947 | 131,305 | ||||||||||||||||||||||
Net income | $ | 41,495 | $ | 108,205 | $ | 364,575 | $ | 644,513 | ||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.65 | $ | 2.25 | $ | 3.85 | ||||||||||||||||||
Diluted | $ | 0.26 | $ | 0.64 | $ | 2.23 | $ | 3.78 | ||||||||||||||||||
Weighted average shares used to compute net income per share: | ||||||||||||||||||||||||||
Basic | 160,073 | 165,898 | 162,302 | 167,447 | ||||||||||||||||||||||
Diluted | 161,524 | 168,546 | 163,704 | 170,414 | ||||||||||||||||||||||
LOGITECH INTERNATIONAL S.A. | ||||||||||||||
PRELIMINARY RESULTS* | ||||||||||||||
(In thousands, except per share amounts) - unaudited | ||||||||||||||
March 31, | March 31, | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | 2023 | 2022 | ||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 1,149,023 | $ | 1,328,716 | ||||||||||
Accounts receivable, net | 630,382 | 675,604 | ||||||||||||
Inventories | 682,893 | 933,124 | ||||||||||||
Other current assets | 142,876 | 135,478 | ||||||||||||
Total current assets | 2,605,174 | 3,072,922 | ||||||||||||
Non-current assets: | ||||||||||||||
Property, plant and equipment, net | 121,503 | 109,807 | ||||||||||||
Goodwill | 454,610 | 448,175 | ||||||||||||
Other intangible assets, net | 63,173 | 83,779 | ||||||||||||
Other assets | 316,293 | 320,722 | ||||||||||||
Total assets | $ | 3,560,753 | $ | 4,035,405 | ||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 406,968 | $ | 636,306 | ||||||||||
Accrued and other current liabilities | 643,139 | 784,848 | ||||||||||||
Total current liabilities | 1,050,107 | 1,421,154 | ||||||||||||
Non-current liabilities: | ||||||||||||||
Income taxes payable | 106,391 | 83,380 | ||||||||||||
Other non-current liabilities | 146,695 | 132,133 | ||||||||||||
Total liabilities | 1,303,193 | 1,636,667 | ||||||||||||
Shareholders' equity: | ||||||||||||||
Registered shares, CHF 0.25 par value: | 30,148 | 30,148 | ||||||||||||
Issued shares —173,106 at March 31, 2023 and 2022 | ||||||||||||||
Additional shares that may be issued out of conditional capital — 50,000 at March 31, 2023 and 2022 | ||||||||||||||
Additional shares that may be issued out of authorized capital — 17,311 at March 31, 2023 and 2022 | ||||||||||||||
Additional paid-in capital | 127,380 | 129,925 | ||||||||||||
Shares in treasury, at cost — 13,763 and 7,855 at March 31, 2023 and 2022, respectively | (977,266) | (632,893) | ||||||||||||
Retained earnings | 3,177,575 | 2,975,681 | ||||||||||||
Accumulated other comprehensive loss | (100,277) | (104,123) | ||||||||||||
Total shareholders' equity | 2,257,560 | 2,398,738 | ||||||||||||
Total liabilities and shareholders' equity | $ | 3,560,753 | $ | 4,035,405 |
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 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||
Net income | $ | 41,495 | $ | 108,205 | $ | 364,575 | $ | 644,513 | ||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation | 19,611 | 22,974 | 76,309 | 88,361 | ||||||||||||||||||||||
Amortization of intangible assets | 6,234 | 5,956 | 24,407 | 30,179 | ||||||||||||||||||||||
Impairment of intangible assets | — | — | — | 7,000 | ||||||||||||||||||||||
Loss on investments | 1,008 | 262 | 14,073 | 1,683 | ||||||||||||||||||||||
Share-based compensation expense | 19,042 | 21,014 | 70,782 | 93,479 | ||||||||||||||||||||||
Deferred income taxes | 6,486 | (35) | 30,714 | 27,334 | ||||||||||||||||||||||
Change in fair value of contingent consideration for business acquisition | — | — | — | (3,509) | ||||||||||||||||||||||
Pension curtailment gains | (4,225) | — | (4,225) | — | ||||||||||||||||||||||
Other | (406) | 72 | 1,005 | 1,140 | ||||||||||||||||||||||
Changes in assets and liabilities, net of acquisitions: | ||||||||||||||||||||||||||
Accounts receivable, net | 174,732 | 164,848 | 51,185 | (71,510) | ||||||||||||||||||||||
Inventories | 121,000 | (98,812) | 247,309 | (276,640) | ||||||||||||||||||||||
Other assets | (15,284) | 2,400 | 5,634 | (18,169) | ||||||||||||||||||||||
Accounts payable | (84,203) | (100,666) | (219,051) | (181,303) | ||||||||||||||||||||||
Accrued and other liabilities | (68,647) | (26,628) | (128,707) | (44,240) | ||||||||||||||||||||||
Net cash provided by operating activities | 216,843 | 99,590 | 534,010 | 298,318 | ||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | (23,231) | (25,426) | (92,353) | (89,152) | ||||||||||||||||||||||
Investment in privately held companies | (1,731) | (203) | (4,357) | (1,463) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | — | (350) | (8,527) | (16,236) | ||||||||||||||||||||||
Purchases of short-term investments | — | — | — | (10,000) | ||||||||||||||||||||||
Proceeds from the sale of short-term investments | — | 7,035 | — | 8,260 | ||||||||||||||||||||||
Purchases of deferred compensation investments | (1,516) | (1,414) | (6,702) | (5,058) | ||||||||||||||||||||||
Proceeds from sales of deferred compensation investments | 1,459 | 1,501 | 6,209 | 5,786 | ||||||||||||||||||||||
Net cash used in investing activities | (25,019) | (18,857) | (105,730) | (107,863) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Payment of cash dividends | — | — | (158,680) | (159,410) | ||||||||||||||||||||||
Payment of contingent consideration for business acquisition | — | — | (5,954) | (880) | ||||||||||||||||||||||
Purchases of registered shares | (90,615) | (121,397) | (418,346) | (412,022) | ||||||||||||||||||||||
Proceeds from exercises of stock options and purchase rights | 12,726 | 13,005 | 28,790 | 29,649 | ||||||||||||||||||||||
Tax withholdings related to net share settlements of restricted stock units | (429) | (5,628) | (29,163) | (64,156) | ||||||||||||||||||||||
Net cash used in financing activities | (78,318) | (114,020) | (583,353) | (606,819) | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (614) | (2,408) | (24,620) | (5,247) | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 112,892 | (35,695) | (179,693) | (421,611) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 1,036,131 | 1,364,411 | 1,328,716 | 1,750,327 | ||||||||||||||||||||||
Cash and cash equivalents at end of the period | $ | 1,149,023 | $ | 1,328,716 | $ | 1,149,023 | $ | 1,328,716 | ||||||||||||||||||
LOGITECH INTERNATIONAL S.A. | ||||||||||||||||||||||||||||||||||||||
PRELIMINARY RESULTS* | ||||||||||||||||||||||||||||||||||||||
(In thousands) - unaudited | ||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL FINANCIAL INFORMATION | Three Months Ended | Fiscal Years Ended | ||||||||||||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||||||||||||
NET SALES | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||||
Net sales by product category: | ||||||||||||||||||||||||||||||||||||||
Pointing Devices | $ | 160,768 | $ | 178,126 | (10) | % | $ | 728,357 | $ | 781,108 | (7) | % | ||||||||||||||||||||||||||
Keyboards & Combos | 187,800 | 231,064 | (19) | 836,432 | 967,301 | (14) | ||||||||||||||||||||||||||||||||
PC Webcams | 49,659 | 84,147 | (41) | 227,692 | 403,651 | (44) | ||||||||||||||||||||||||||||||||
Tablet & Other Accessories | 68,429 | 67,191 | 2 | 254,374 | 310,123 | (18) | ||||||||||||||||||||||||||||||||
Gaming (1) | 239,028 | 316,427 | (24) | 1,211,485 | 1,451,883 | (17) | ||||||||||||||||||||||||||||||||
Video Collaboration | 178,721 | 243,439 | (27) | 887,517 | 997,164 | (11) | ||||||||||||||||||||||||||||||||
Mobile Speakers | 11,823 | 25,058 | (53) | 111,649 | 149,782 | (25) | ||||||||||||||||||||||||||||||||
Audio & Wearables | 62,410 | 82,459 | (24) | 274,231 | 401,424 | (32) | ||||||||||||||||||||||||||||||||
Other (2) | 1,439 | 2,083 | (31) | 7,081 | 18,665 | (62) | ||||||||||||||||||||||||||||||||
Total Sales | $ | 960,077 | $ | 1,229,994 | (22) | % | $ | 4,538,818 | $ | 5,481,101 | (17) | % | ||||||||||||||||||||||||||
__________________ |
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) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Gross profit - GAAP | $ | 343,864 | $ | 493,907 | $ | 1,719,515 | $ | 2,263,006 | ||||||||||||||||||
Share-based compensation expense | 1,407 | 1,442 | 5,635 | 6,695 | ||||||||||||||||||||||
Amortization of intangible assets | 3,510 | 2,995 | 12,865 | 14,023 | ||||||||||||||||||||||
Gross profit - Non-GAAP | $ | 348,781 | $ | 498,344 | $ | 1,738,015 | $ | 2,283,724 | ||||||||||||||||||
Gross margin - GAAP | 35.8 | % | 40.2 | % | 37.9 | % | 41.3 | % | ||||||||||||||||||
Gross margin - Non-GAAP | 36.3 | % | 40.5 | % | 38.3 | % | 41.7 | % | ||||||||||||||||||
Operating expenses - GAAP | $ | 305,020 | $ | 365,138 | $ | 1,261,046 | $ | 1,488,994 | ||||||||||||||||||
Less: Share-based compensation expense | 17,635 | 19,572 | 65,147 | 86,784 | ||||||||||||||||||||||
Less: Amortization of intangible assets and acquisition-related costs | 2,791 | 2,961 | 11,843 | 16,947 | ||||||||||||||||||||||
Less: Impairment of intangible assets | — | — | — | 7,000 | ||||||||||||||||||||||
Less: Change in fair value of contingent consideration for business acquisition | — | — | — | (3,509) | ||||||||||||||||||||||
Less: Restructuring charges, net | 18,102 | 395 | 34,573 | 2,165 | ||||||||||||||||||||||
Operating expenses - Non-GAAP | $ | 266,492 | $ | 342,210 | $ | 1,149,483 | $ | 1,379,607 | ||||||||||||||||||
% of net sales - GAAP | 31.8 | % | 29.7 | % | 27.8 | % | 27.2 | % | ||||||||||||||||||
% of net sales - Non-GAAP | 27.8 | % | 27.8 | % | 25.3 | % | 25.2 | % | ||||||||||||||||||
Operating income - GAAP | $ | 38,844 | $ | 128,769 | $ | 458,469 | $ | 774,012 | ||||||||||||||||||
Share-based compensation expense | 19,042 | 21,014 | 70,782 | 93,479 | ||||||||||||||||||||||
Amortization of intangible assets and acquisition-related costs | 6,301 | 5,956 | 24,708 | 30,970 | ||||||||||||||||||||||
Impairment of intangible assets | — | — | — | 7,000 | ||||||||||||||||||||||
Change in fair value of contingent consideration for business acquisition | — | — | — | (3,509) | ||||||||||||||||||||||
Restructuring charges, net | 18,102 | 395 | 34,573 | 2,165 | ||||||||||||||||||||||
Operating income - Non-GAAP | $ | 82,289 | $ | 156,134 | $ | 588,532 | $ | 904,117 | ||||||||||||||||||
% of net sales - GAAP | 4.0 | % | 10.5 | % | 10.1 | % | 14.1 | % | ||||||||||||||||||
% of net sales - Non-GAAP | 8.6 | % | 12.7 | % | 13.0 | % | 16.5 | % | ||||||||||||||||||
Net income - GAAP | $ | 41,495 | $ | 108,205 | $ | 364,575 | $ | 644,513 | ||||||||||||||||||
Share-based compensation expense | 19,042 | 21,014 | 70,782 | 93,479 | ||||||||||||||||||||||
Amortization of intangible assets and acquisition-related costs | 6,301 | 5,956 | 24,708 | 30,970 | ||||||||||||||||||||||
Impairment of intangible assets | — | — | — | 7,000 | ||||||||||||||||||||||
Change in fair value of contingent consideration for business acquisition | — | — | — | (3,509) | ||||||||||||||||||||||
Restructuring charges, net | 18,102 | 395 | 34,573 | 2,165 | ||||||||||||||||||||||
Loss on investments | 1,008 | 262 | 14,073 | 1,683 | ||||||||||||||||||||||
Pension curtailment gains | (4,225) | — | (4,225) | — | ||||||||||||||||||||||
Non-GAAP income tax adjustment | (1,167) | (99) | 22,129 | 12,364 | ||||||||||||||||||||||
Net income - Non-GAAP | $ | 80,556 | $ | 135,733 | $ | 526,615 | $ | 788,665 | ||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Diluted - GAAP | $ | 0.26 | $ | 0.64 | $ | 2.23 | $ | 3.78 | ||||||||||||||||||
Diluted - Non-GAAP | $ | 0.50 | $ | 0.81 | $ | 3.22 | $ | 4.63 | ||||||||||||||||||
Shares used to compute net income per share: | ||||||||||||||||||||||||||
Diluted - GAAP and Non-GAAP | 161,524 | 168,546 | 163,704 | 170,414 |
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 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Share-based Compensation Expense | ||||||||||||||||||||||||||
Cost of goods sold | $ | 1,407 | $ | 1,442 | $ | 5,635 | $ | 6,695 | ||||||||||||||||||
Marketing and selling | 9,467 | 8,809 | 34,707 | 37,796 | ||||||||||||||||||||||
Research and development | 3,724 | 4,061 | 15,292 | 18,356 | ||||||||||||||||||||||
General and administrative | 4,444 | 6,702 | 15,148 | 30,632 | ||||||||||||||||||||||
Total share-based compensation expense | 19,042 | 21,014 | 70,782 | 93,479 | ||||||||||||||||||||||
Income tax benefit | (2,254) | (3,527) | (9,750) | (26,987) | ||||||||||||||||||||||
Total share-based compensation expense, net of income tax benefit | $ | 16,788 | $ | 17,487 | $ | 61,032 | $ | 66,492 |
COVER PAGE |
May 01, 2023 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | May 01, 2023 |
Entity Registrant Name | LOGITECH INTERNATIONAL S.A. |
Entity Incorporation, State or Country Code | V8 |
Entity File Number | 0-29174 |
Entity Address, Address Line One | 1015 Lausanne, Switzerland |
Entity Address, Address Line Two | c/o Logitech Inc. |
Entity Address, Address Line Three | 7700 Gateway Boulevard |
Entity Address, City or Town | Newark, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94560 |
City Area Code | (510) |
Local Phone Number | 795-8500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Registered Shares |
Trading Symbol | LOGI |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001032975 |
Amendment Flag | false |
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