FY 2017 Retail Sales Grow 14%; Non-GAAP
Operating Income Grows 33%
Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced
financial results for the fourth quarter and full year of Fiscal
Year 2017.
Q4 closed a strong fiscal year with sales for the quarter
reaching $496 million. Q4 retail sales grew 17 percent in constant
currency, GAAP operating income more than doubled to $22 million
and non-GAAP operating income grew 61 percent to $36 million.
For the full Fiscal Year 2017, ended March 31, 2017:
- Retail sales grew 14 percent in
constant currency, the highest annual retail sales growth in six
years. Retail sales grew 13 percent in USD; also a six-year
high.
- Sales were $2.21 billion, up 9 percent
in USD compared to the prior year, which still included OEM sales,
the business the Company exited in Q3 of the prior fiscal
year.
- GAAP operating income grew 53 percent
to $197 million - the highest in nine years - compared to $129
million a year ago. GAAP earnings per share (EPS) grew 51 percent
to $1.16, compared to $0.77 a year ago.
- Non-GAAP operating income grew 33
percent to $238 million - also the highest in nine years - compared
to $179 million a year ago. Non-GAAP EPS grew 35 percent to $1.32,
compared to $0.98 a year ago.
- Cash flow from operations grew 52
percent to $279 million, the highest level in seven years.
Bracken Darrell, Logitech president and chief executive officer,
said, “Our FY 2017 performance demonstrates the strength of our
strategy. For the fourth consecutive year, we accelerated growth in
retail sales. We grew across almost all our product categories and
in all our regions. Many categories - Video Collaboration, Mobile
Speakers, Gaming, and Smart Home - grew double digits, and PC
Peripherals saw solid growth too. And we’re just getting started.
I’m excited by our pipeline of innovative products and the amazing
world of opportunities unfolding in front of us.”
Vincent Pilette, Logitech CFO, said, “This is a watershed year
for Logitech. We improved our financial fundamentals, delivering
our highest gross margin in Company history while growing the
business by 14%. That, combined with our continued investment in
growth initiatives, gives Logitech a strong and exciting platform
for the future.”
Outlook
Logitech confirmed its Fiscal Year 2018 outlook of high
single-digit retail sales growth in constant currency and $250 to
$260 million in non-GAAP operating income.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial
results teleconference available online on the Logitech corporate
website at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss
the results for Q4 and the full FY 2017 on Weds., April 26, 2017 at
8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European
Summer Time. A live webcast of the call will be available on the
Logitech corporate website at http://ir.logitech.com.
Continued Operations
Logitech separated its Lifesize division from the Company on
Dec. 28, 2015. Since then, the results of Lifesize have not been
included in our financial statements. Except as otherwise noted,
all of the results reported in this press release as well as
comparisons between periods are focused on results from continuing
operations and do not address the performance of Lifesize, which is
reported in the Company’s financial statements under discontinued
operations or total Logitech including discontinued operations for
all the periods prior to the disposition of Lifesize. For more
information on the impact of the Lifesize separation on Logitech’s
historical results, please refer to the Financial Reporting section
of Logitech’s Financial History, 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, which exclude
share-based compensation expense, amortization of intangible
assets, purchase accounting effect on inventory,
acquisition-related costs, change in fair value of contingent
consideration for business acquisition, restructuring charges
(credits), gain (loss) on equity-method investment, investigation
and related expenses, non-GAAP income tax adjustment, and other
items detailed under “Supplemental Financial Information” after the
tables below. Logitech also presents percentage sales growth in
constant currency 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 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 Fiscal Year 2018.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. More than 35 years ago, Logitech started connecting
people through computers, and now it’s a multi-brand company
designing products that bring people together through music,
gaming, video and computing. Brands of Logitech include Jaybird,
Logitech G 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 the federal securities laws, including, without
limitation, statements regarding: our strategy, pipeline of
products, innovation, opportunities, investment in growth
opportunities, platform for the future, future performance, and
outlook for Fiscal Year 2018 operating income and sales growth. The
forward-looking statements in this release involve 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: 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; the demand
of our customers and our consumers for our products and our ability
to accurately forecast 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; if sales of PC peripherals are less than we
expect; 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 our products and
marketing strategies fail to separate our products from
competitors’ products; if we do not fully realize our goals to
lower our costs and improve our operating leverage; 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. 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, including our Annual Report on Form 10-K for
the fiscal year ended March 31, 2016 and our Quarterly Report on
Form 10-Q for fiscal quarter ended December 31, 2016, 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.
2017 Logitech, Logicool, Logi and other Logitech marks are owned
by Logitech and may be registered. 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
2017 2016 2017 2016 Net sales $
496,165 $ 430,841 $ 2,207,040 $ 2,018,100 Cost of goods sold
311,303 288,741 1,395,211 1,337,053 Amortization of intangible
assets and purchase accounting effect on inventory 1,470 —
6,175 — Gross profit 183,392 142,100
805,654 681,047 Operating expenses: Marketing
and selling 99,941 77,091 379,641 319,015 Research and development
33,658 27,287 130,525 113,176 General and administrative 24,683
23,046 100,270 101,012 Amortization of intangible assets and
acquisition-related costs 1,279 537 5,814 984 Change in fair value
of contingent consideration for business acquisition 1,833 — (8,092
) — Restructuring charges, net 67 3,784 23
17,802 Total operating expenses 161,461 131,745
608,181 551,989 Operating income 21,931
10,355 197,473 129,058 Interest income, net
1,189 241 1,452 790 Other income, net 734 2,518 1,677
1,624 Income before income taxes 23,854 13,114
200,602 131,472 Provision for (benefit from) income taxes (1,184 )
(3,896 ) 9,113 3,110 Net income from continuing
operations 25,038 17,010 191,489 128,362
Gain (loss) from discontinued operations, net of income
taxes — 11,687 — (9,045 ) Net income $ 25,038
$ 28,697 $ 191,489 $ 119,317 Net
income (loss) per share - basic: Continuing operations $ 0.15 $
0.10 $ 1.18 $ 0.79 Discontinued operations — 0.08 —
(0.06 ) Net income per share - basic $ 0.15 $ 0.18
$ 1.18 $ 0.73 Net income (loss) per
share - diluted: Continuing operations $ 0.15 $ 0.10 $ 1.16 $ 0.77
Discontinued operations — 0.07 — (0.05 ) Net
income per share - diluted $ 0.15 $ 0.17 $ 1.16
$ 0.72 Weighted average shares used to compute
net income (loss) per share: Basic 162,023 162,671 162,058 163,296
Diluted 166,526 165,365 165,540 165,792 Cash dividend per
share $ — $ — $ 0.57 $ 0.53
LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS
(In thousands) - unaudited March 31, March
31, CONDENSED CONSOLIDATED BALANCE SHEETS 2017
2016 Current assets: Cash and cash equivalents
$ 547,533 $ 519,195 Accounts receivable, net 174,854 142,778
Inventories 253,401 228,786 Other current assets 41,732
35,488 Total current assets 1,017,520 926,247
Non-current
assets: Property, plant and equipment, net 85,408 92,860
Goodwill 249,741 218,224 Other intangible assets, net 47,564 —
Other assets 88,119 86,816
Total assets $
1,488,352 $ 1,324,147
Current
liabilities: Accounts payable $ 274,805 $ 241,166 Accrued and
other current liabilities 236,432 173,764 Total
current liabilities 511,237 414,930
Non-current liabilities:
Income taxes payable 51,797 59,734 Other non-current liabilities
83,691 89,535
Total liabilities 646,725
564,199
Shareholders' equity: Registered shares, CHF
0.25 par value: 30,148 30,148 Issued and authorized shares—173,106
at March 31, 2017 and 2016 Conditionally authorized shares—50,000
at March 31, 2017 and 2016 Additional paid-in capital 26,596 6,616
Less shares in treasury, at cost—10,727 at March 31, 2017 and
10,697 at March 31, 2016 (174,037 ) (128,407 ) Retained earnings
1,059,723 963,576 Accumulated other comprehensive loss (100,803 )
(111,985 )
Total shareholders' equity 841,627 759,948
Total liabilities and shareholders' equity $
1,488,352 $ 1,324,147
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 * 2017 2016
2017 2016 Cash flows from operating
activities: Net income $ 25,038 $ 28,697 $ 191,489 $ 119,317
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation 8,642 14,224 41,121 51,108
Amortization of intangible assets 2,749 349 9,367 1,885 Share-based
compensation expense 9,536 7,476 35,890 27,351 Gain on equity
method investment (22 ) (645 ) (569 ) (469 ) Loss on disposal of
property, plant and equipment 107 — 107 — Net gain on divestiture
of discontinued operations — (13,684 ) — (13,684 ) Excess tax
benefits from share-based compensation (3,304 ) — (9,661 ) (2,084 )
Deferred income taxes (1,924 ) 3,690 (2,397 ) 6,604 Change in fair
value of contingent consideration for business acquisition 1,833 —
(8,092 ) — Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net 103,116 141,327 (36,298 ) 25,513
Inventories (234 ) 13,900 (15,428 ) 31,966 Other assets 1,037 7,354
(5,309 ) (1,975 ) Accounts payable (84,636 ) (126,867 ) 24,459
(58,104 ) Accrued and other liabilities (17,500 ) (43,561 ) 54,049
(4,317 )
Net cash provided by operating activities
44,438 32,260 278,728 183,111
Cash
flows from investing activities: Purchases of property, plant
and equipment (8,432 ) (6,172 ) (31,804 ) (56,615 ) Investment in
privately held companies (320 ) (320 ) (960 ) (2,419 ) Payments for
divestiture of discontinued operations, net of cash sold — (1,395 )
— (1,395 ) Changes in restricted cash — (715 ) 715 (715 )
Acquisitions, net of cash acquired — — (66,987 ) — Purchases of
trading investments (1,184 ) (5,224 ) (7,052 ) (9,619 ) Proceeds
from sales of trading investments 1,212 5,405 7,124
10,073
Net cash used in investing activities
(8,724 ) (8,421 ) (98,964 ) (60,690 )
Cash flows from financing
activities: Payment of cash dividends — — (93,093 ) (85,915 )
Purchases of treasury shares (20,022 ) (21,556 ) (83,786 ) (70,358
) Proceeds from sales of shares upon exercise of options and
purchase rights 19,219 7,205 39,574 19,767 Tax withholdings related
to net share settlements of restricted stock units (5,358 ) (1,890
) (18,412 ) (7,247 ) Excess tax benefits from share-based
compensation 3,304 — 9,661 2,084
Net
cash used in financing activities (2,857 ) (16,241 ) (146,056 )
(141,669 )
Effect of exchange rate changes on cash and cash
equivalents 1,098 2,610 (5,370 ) 1,405
Net increase (decrease) in cash and cash equivalents
33,955 10,208 28,338 (17,843 )
Cash
and cash equivalents at beginning of period 513,578
508,987 519,195 537,038
Cash and cash
equivalents at end of period $ 547,533 $ 519,195
$ 547,533 $ 519,195 *Statements of
consolidated cash flows include discontinued operations for the
three months and the year ended March 31, 2016.
LOGITECH INTERNATIONAL S.A. PRELIMINARY
RESULTS (In thousands) – unaudited
NET SALES
Three Months Ended Fiscal Years Ended March
31, March 31,
SUPPLEMENTAL FINANCIAL
INFORMATION
2017 2016 Change 2017 2016
Change Net sales by channel: Retail $ 496,165
$ 430,841 15 % $ 2,207,040 $ 1,947,059 13 % OEM — —
NM
— 71,041 (100 )
Total net sales $ 496,165
$ 430,841 15 $ 2,207,040 $ 2,018,100 9
Net retail sales by product category: Mobile Speakers
$ 37,983 $ 23,543 61 % $ 299,029 $ 229,718 30 % Audio-PC &
Wearables 59,191 46,672 27 245,249 196,013 25 Gaming 69,006 56,102
23 311,880 245,101 27 Video Collaboration 37,091 21,862 70 125,389
89,322 40 Home Control 15,216 10,527 45 65,132 59,075 10 Pointing
Devices 115,912 111,179 4 498,161 492,543 1 Keyboards & Combos
118,225 105,732 12 478,049 430,190 11 Tablet & Other
Accessories 16,963 30,664 (45 ) 76,314 103,886 (27 ) PC Webcams
26,470 23,952 11 106,542 98,641 8 Other (1) 108 608
(82 ) 1,295 2,570 (50 )
Total net retail sales
$ 496,165 $ 430,841 15 $ 2,207,040 $ 1,947,059
13 __________________ (1) Other category includes products
that we currently intend to transition out of, or have already
transitioned out of, because they are no longer strategic to our
business. NM=Not Meaningful.
LOGITECH
INTERNATIONAL S.A. PRELIMINARY RESULTS (In thousands,
except per share amounts) - Unaudited
GAAP TO NON GAAP RECONCILIATION (A) Three
Months Ended Fiscal Years Ended March 31,
March 31, SUPPLEMENTAL FINANCIAL INFORMATION
2017 2016 2017 2016 Gross
profit – GAAP $ 183,392 $ 142,100 $ 805,654 $ 681,047
Share-based compensation expense 733 692 2,663 2,340 Amortization
of intangible assets and purchase accounting effect on inventory
1,470 — 6,175 —
Gross profit -
Non-GAAP $ 185,595 $ 142,792 $ 814,492 $
683,387 Gross margin – GAAP 37.0 % 33.0 % 36.5 % 33.7
% Gross margin - Non-GAAP 37.4 % 33.1 % 36.9 % 33.9 %
Operating expenses - GAAP $ 161,461 $ 131,745 $ 608,181 $
551,989 Less: Share-based compensation expense 8,803 7,036 33,227
24,672 Less: Amortization of intangible assets and
acquisition-related costs 1,279 537 5,814 984 Less: Change in fair
value of contingent consideration for business acquisition 1,833 —
(8,092 ) — Less: Restructuring charges, net 67 3,784 23 17,802
Less: Investigation and related expenses — 19 612
4,140
Operating expenses - Non-GAAP $ 149,479
$ 120,369 $ 576,597 $ 504,391 %
of net sales – GAAP 32.5 % 30.6 % 27.6 % 27.4 % % of net sales -
Non - GAAP 30.1 % 27.9 % 26.1 % 25.0 %
Operating income –
GAAP $ 21,931 $ 10,355 $ 197,473 $ 129,058 Share-based
compensation expense 9,536 7,728 35,890 27,012 Amortization of
intangible assets 2,749 1 9,367 448 Purchase accounting effect on
inventory — — 1,160 — Acquisition-related costs — 536 1,462 536
Change in fair value of contingent consideration for business
acquisition 1,833 — (8,092 ) — Restructuring charges, net 67 3,784
23 17,802 Investigation and related expenses — 19 612
4,140
Operating income - Non - GAAP $ 36,116
$ 22,423 $ 237,895 $ 178,996 %
of net sales – GAAP 4.4 % 2.4 % 8.9 % 6.4 % % of net sales - Non -
GAAP 7.3 % 5.2 % 10.8 % 8.9 %
Net income from continuing
operations - GAAP $ 25,038 $ 17,010 $ 191,489 $ 128,362
Share-based compensation expense 9,536 7,728 35,890 27,012
Amortization of intangible assets 2,749 1 9,367 448 Purchase
accounting effect on inventory — — 1,160 — Acquisition-related
costs — 536 1,462 536 Change in fair value of contingent
consideration for business acquisition 1,833 — (8,092 ) —
Restructuring charges, net 67 3,784 23 17,802 Investigation and
related expenses — 19 612 4,140 Loss (gain) on equity-method
investment (22 ) (645 ) (569 ) (469 ) Non-GAAP income tax
adjustment (4,226 ) (5,452 ) (12,875 ) (15,413 )
Net income from
continuing operations - Non - GAAP $ 34,975 $ 22,981
$ 218,467 $ 162,418
Net income from
continuing operations per share: Diluted – GAAP $ 0.15 $ 0.10 $
1.16 $ 0.77 Diluted - Non – GAAP $ 0.21 $ 0.14 $ 1.32 $ 0.98
Shares used to compute net income per share: Diluted - GAAP
and Non - GAAP 166,526 165,365 165,540 165,792
LOGITECH INTERNATIONAL S.A. PRELIMINARY
RESULTS (In thousands) – unaudited SHARE-BASED
COMPENSATION EXPENSE Three Months Ended Fiscal Years
Ended March 31, March 31, SUPPLEMENTAL
FINANCIAL INFORMATION 2017 2016 2017
2016 Share-based Compensation Expense Cost of
goods sold $ 733 $ 692 $ 2,663 $ 2,340 Marketing and selling 4,036
2,728 14,723 9,273 Research and development 1,193 872 4,200 3,046
General and administrative 3,574 3,436 14,304 12,353 Restructuring
— — — 7
Total share-based
compensation expense 9,536 7,728 35,890 27,019 Income tax
benefit (2,444 ) (2,354 ) (8,536 ) (6,297 )
Total share-based
compensation expense, net of income tax $ 7,092 $ 5,374
$ 27,354 $ 20,722
Note: These preliminary results for the three months and fiscal
year ended March 31, 2017 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. 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 the quarter and year
ended March 31, 2017, we excluded items in the following general
categories, each of which are described below:
Share-based compensation expenses. We
believe that providing non-GAAP measures excluding share-based
compensation expense, in addition to the GAAP measures, allows for
a more transparent comparison of our financial results from period
to period. We prepare and maintain our budgets and forecasts for
future periods on a basis consistent with this non-GAAP financial
measure. Further, companies use a variety of types of equity awards
as well as a variety of methodologies, assumptions and estimates to
determine share-based compensation expense. We believe that
excluding share-based compensation expense enhances our ability and
the ability of investors to understand the impact of non-cash
share-based compensation on our operating results and to compare
our results against the results of other companies.
Amortization of intangible assets. We
incur intangible asset amortization expense, primarily in
connection with our acquisitions of various businesses and
technologies. The amortization of purchased intangibles varies
depending on the level of acquisition activity. We exclude these
various charges in budgeting, planning and forecasting future
periods and we believe that providing the non-GAAP measures
excluding these various non-cash charges, as well as the GAAP
measures, provides additional insight when comparing our operating
expenses and financial results from period to period.
Purchase accounting effect on
inventory. Business combination accounting principles require
us to measure acquired inventory at fair value. The fair value of
inventory reflects the acquired company’s cost of manufacturing
plus a portion of the expected profit margin. The non-GAAP
adjustment excludes the expected profit margin component that is
recorded under business combination accounting principles
associated with our business acquisitions. We believe the
adjustment is useful to investors because such charges are not
reflective of our ongoing operations.
Acquisition-related costs and change in
fair value of contingent consideration for business
acquisition. We incurred expenses and credits in connection
with our acquisitions which we generally would not have otherwise
incurred in the periods presented as a part of our continuing
operations. Acquisition related costs include all incremental
expenses incurred to effect a business combination. Fair value of
contingent consideration is associated with our estimates of the
value of earn-outs in connection with certain acquisitions. We
believe that providing the non-GAAP measures excluding these costs
and credits, as well as the GAAP measures, assists our investors
because such costs are not reflective of our ongoing operating
results.
Restructuring charges (credits). These
expenses are associated with re-aligning our business strategies
based on current economic conditions. We have undertaken several
restructuring plans in recent years. In connection with our
restructuring initiatives, we incurred restructuring charges
related to employee terminations, facility closures and early
cancellation of certain contracts. We believe that providing the
non-GAAP measures excluding these charges, as well as the GAAP
measures, assists our investors because such charges (credits) are
not reflective of our ongoing operating results in the current
period.
Gain (loss) on equity-method
investment. We recognized gain (loss) related our investments
in various privately-held companies, which varies depending on the
operational and financial performance of the privately-held
companies in which we invested. We believe that providing the
non-GAAP measures excluding these charges, as well as the GAAP
measures, assists our investors because such charges are not
reflective of our ongoing operations.
Investigation and related expenses.
These expenses are forensic accounting, audit, consulting and legal
fees related to the Audit Committee’s investigation and the formal
investigation by and settlement with the Securities and Exchange
Commission (SEC), together with accruals based on settlement with
the SEC. We believe that providing the non-GAAP measures excluding
these charges, as well as the GAAP measures, assists our investors
because such charges are not reflective of our ongoing
operations.
Non-GAAP income tax adjustment.
Non-GAAP income tax adjustment primarily measures the income
tax effect of non-GAAP adjustments excluded above and other
events; the determination of which is based upon the nature of the
underlying items, the mix of income and losses in jurisdictions and
the relevant tax rates in which we operate.
Each of the non-GAAP financial measures described above, and
used in this press release, should not be considered in isolation
from, or as a substitute for, a measure of financial performance
prepared in accordance with GAAP. Further, investors are cautioned
that there are inherent limitations associated with the use of each
of these non-GAAP financial measures as an analytical tool. In
particular, these non-GAAP financial measures are not based on a
comprehensive set of accounting rules or principles and many of the
adjustments to the GAAP financial measures reflect the exclusion of
items that are recurring and may be reflected in the Company’s
financial results for the foreseeable future. We compensate for
these limitations by providing specific information in the
reconciliation included in this press release regarding the GAAP
amounts excluded from the non-GAAP financial measures. In addition,
as noted above, we evaluate the non-GAAP financial measures
together with the most directly comparable GAAP financial
information.
Additional Supplemental Financial Information - Constant
Currency
In addition, Logitech presents percentage sales growth in
constant currency 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.
(LOGIIR)
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Logitech InternationalBen LuVice President, Investor Relations -
USA510-713-5568orKrista ToddVice President, External Communications
- USA510-713-5834orBen StarkieCorporate Communications - Europe+41
(0) 79-292-3499
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