Company Reports Ninth Consecutive Year of
Growth; Profits Exceed FY22 Outlook
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 2022,
ended March 31, 2022.
For Fiscal Year 2022:
- Sales were Logitech’s highest ever at $5.48 billion, up 4
percent in US dollars and 4 percent in constant currency compared
to the prior year. This growth is on top of last year’s record
sales which grew 76 percent in US dollars and 74 percent in
constant currency. The Company’s sales have more than doubled in
the past four years.
- GAAP operating income declined 33 percent to $774 million,
compared to $1.15 billion a year ago. Non-GAAP operating income
declined 29 percent to $904 million, compared to $1.27 billion a
year ago. This reflects the Company’s planned, strategic
investments in marketing and product development to drive future
growth, and significantly exceeds its original Fiscal Year 2022
non-GAAP operating income outlook. The Company has more than
doubled its non-GAAP operating income versus two years ago.
- GAAP earnings per share (EPS) declined 31 percent to $3.78,
compared to $5.51 a year ago. Non-GAAP EPS declined 28 percent to
$4.63, compared to $6.42 a year ago.
For Q4 Fiscal Year 2022:
- Sales were $1.23 billion, down 20 percent in US dollars and 17
percent in constant currency compared to Q4 of the prior year.
- GAAP operating income declined 56 percent to $129 million,
compared to Q4 of the prior year. Non-GAAP operating income
declined 52 percent to $156 million, compared to Q4 of the prior
year.
“This year, we sustained our scale, delivering record sales on
top of last year’s 74% sales growth,” said Bracken Darrell,
Logitech president and chief executive officer. “We grew for the
ninth straight year and grew market share across the portfolio. We
also beat our original profit target by over $100 million.
Despite strong year-over-year results, our focus is the long
term. We’re riding secular growth trends in hybrid work, video
collaboration, esports and digital content creation. We’ll continue
to deliver against those with agility, operational excellence and a
diverse, innovative portfolio. I’m excited for the future.”
Outlook
Logitech reduced its Fiscal Year 2023 outlook, removing the
estimate of annual sales and profits that would have been generated
in Ukraine and Russia. This reflects the current, uncertain
environment in which the war in Ukraine continues without sign of
resolution in the near term.
Sales growth in constant currency is now expected to be between
2 and 4 percent, and non-GAAP operating income is expected to be
between $875 million and $925 million. Previously, sales growth in
constant currency was expected to be in the mid single digits, and
non-GAAP operating income was expected to be between $900 million
and $950 million.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial
results videoconference available online on the Logitech corporate
website at http://ir.logitech.com.
Financial Results Videoconference and Webcast
Logitech will hold a financial results videoconference to
discuss the results for Q4 and the full Fiscal Year 2022 on
Tuesday, May 3, 2022 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, which exclude
share-based compensation expense, amortization of intangible
assets, impairment of intangible assets, acquisition-related costs,
change in fair value of contingent consideration for business
acquisition, restructuring charges (credits), loss (gain) on
investments, 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, 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 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 Fiscal
Year 2023 outlook.
Public Dissemination of Certain Information
Logitech webcasts its earnings calls, and certain events
Logitech participates in or hosts, with members of the investment
community on its 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 by designing
experiences so everyone can create, achieve, and enjoy more.
Logitech designs and creates products that bring people together
through computing, gaming, video, streaming and creating, and
music. 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 the U.S. federal securities laws, including, without
limitation, statements regarding: our preliminary financial results
for the three months and fiscal year ended March 31, 2022,
long-term trends, future performance, and outlook for Fiscal Year
2023 sales growth and non-GAAP operating income, and related
assumptions. The forward-looking statements in this press 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; 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; the impact of
global events, such as COVID-19 pandemic and Russia’s military
operations in Ukraine, and any associated economic downturn and
political instability; changes in inflation levels and in the
Federal Reserve's monetary policy; if we do not successfully
execute on strategic acquisitions and investments; if we do not
efficiently manage our spending; 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; 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 SEC, including our Annual
Report on Form 10-K for the fiscal year ended March 31, 2021, our
Quarterly Report on Form 10-Q for the fiscal quarter ended December
31, 2021, 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
Fiscal Years Ended
March 31,
March 31,
GAAP CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
2022
2021
2022
2021
Net sales
$
1,229,994
$
1,535,925
$
5,481,101
$
5,252,279
Cost of goods sold
733,092
821,127
3,204,072
2,903,215
Amortization of intangible assets
2,995
3,529
14,023
13,329
Gross profit
493,907
711,269
2,263,006
2,335,735
Operating expenses:
Marketing and selling
247,017
273,764
1,025,899
770,284
Research and development
78,408
69,009
291,844
226,023
General and administrative
36,357
68,236
148,648
166,577
Amortization of intangible assets and
acquisition-related costs
2,961
5,178
16,947
19,064
Impairment of intangible assets
—
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
—
—
(3,509
)
5,716
Restructuring charges (credits), net
395
—
2,165
(54
)
Total operating expenses
365,138
416,187
1,488,994
1,187,610
Operating income
128,769
295,082
774,012
1,148,125
Interest income
451
340
1,246
1,784
Other income (expense), net
2,501
(11,450
)
560
(1,789
)
Income before income taxes
131,721
283,972
775,818
1,148,120
Provision for income taxes
23,516
58,225
131,305
200,863
Net income
$
108,205
$
225,747
$
644,513
$
947,257
Net income per share:
Basic
$
0.65
$
1.34
$
3.85
$
5.62
Diluted
$
0.64
$
1.31
$
3.78
$
5.51
Weighted average shares used to compute
net income per share:
Basic
165,898
168,734
167,447
168,523
Diluted
168,546
172,954
170,414
171,775
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands, except per share
amounts) - unaudited
March 31,
March 31,
CONDENSED CONSOLIDATED BALANCE
SHEETS
2022
2021
Current assets:
Cash and cash equivalents
$
1,328,716
$
1,750,327
Accounts receivable, net
675,604
612,225
Inventories
933,124
661,116
Other current assets
135,478
135,650
Total current assets
3,072,922
3,159,318
Non-current assets:
Property, plant and equipment, net
109,807
114,060
Goodwill
448,175
429,604
Other intangible assets, net
83,779
115,148
Other assets
320,722
324,248
Total assets
$
4,035,405
$
4,142,378
Current liabilities:
Accounts payable
$
636,306
$
823,233
Accrued and other current liabilities
784,848
858,617
Total current liabilities
1,421,154
1,681,850
Non-current liabilities:
Income taxes payable
83,380
59,237
Other non-current liabilities
132,133
139,502
Total liabilities
1,636,667
1,880,589
Shareholders' equity:
Registered shares, CHF 0.25 par value:
30,148
30,148
Issued shares — 173,106 at March 31, 2022
and 2021
Additional shares that may be issued out
of conditional capitals — 50,000 at March 31, 2022 and 2021
Additional shares that may be issued out
of authorized capital — 17,311 at March 31, 2022 and 2021
Additional paid-in capital
129,925
129,519
Shares in treasury, at cost — 7,855 and
4,799 shares at March 31, 2022 and 2021, respectively
(632,893
)
(279,541
)
Retained earnings
2,975,681
2,490,578
Accumulated other comprehensive loss
(104,123
)
(108,915
)
Total shareholders' equity
2,398,738
2,261,789
Total liabilities and shareholders'
equity
$
4,035,405
$
4,142,378
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
2022
2021
2022
2021
Cash flows from operating
activities:
Net income
$
108,205
$
225,747
$
644,513
$
947,257
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
22,974
14,742
88,361
50,752
Amortization of intangible assets
5,956
8,191
30,179
31,818
Impairment of intangible assets
—
—
7,000
—
Investment impairment
—
2,011
—
2,011
Loss (gain) on investments
262
(793
)
1,683
3,899
Share-based compensation expense
21,014
21,305
93,479
86,019
Deferred income taxes
(35
)
(3,199
)
27,334
34,484
Change in fair value of contingent
consideration for business acquisition
—
—
(3,509
)
5,716
Other
72
(114
)
1,140
(1,784
)
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable, net
164,848
275,584
(71,510
)
(201,220
)
Inventories
(98,812
)
(188,123
)
(276,640
)
(427,501
)
Other assets
2,400
(14,427
)
(18,169
)
(67,708
)
Accounts payable
(100,666
)
12,936
(181,303
)
553,960
Accrued and other liabilities
(26,628
)
176,359
(44,240
)
440,935
Net cash provided by operating
activities
99,590
530,219
298,318
1,458,638
Cash flows from investing
activities:
Purchases of property, plant and
equipment
(25,426
)
(30,026
)
(89,152
)
(76,189
)
Investment in privately held companies
(203
)
(590
)
(1,463
)
(4,115
)
Acquisitions, net of cash acquired
(350
)
(43,163
)
(16,236
)
(43,523
)
Proceeds from return of strategic
investments
—
—
—
2,934
Purchases of short-term investments
—
—
(10,000
)
—
Proceeds from the sale of short-term
investments
7,035
—
8,260
—
Purchases of deferred compensation
investments
(1,414
)
(1,664
)
(5,058
)
(12,336
)
Proceeds from sales of deferred
compensation investments
1,501
1,915
5,786
13,247
Net cash used in investing
activities
(18,857
)
(73,528
)
(107,863
)
(119,982
)
Cash flows from financing
activities:
Payment of cash dividends
—
—
(159,410
)
(146,705
)
Payment of contingent consideration for
business acquisition
—
—
(880
)
—
Purchases of registered shares
(121,397
)
(92,227
)
(412,022
)
(164,952
)
Proceeds from exercises of stock options
and purchase rights
13,005
14,101
29,649
43,810
Tax withholdings related to net share
settlements of restricted stock units
(5,628
)
(2,607
)
(64,156
)
(32,082
)
Net cash used in financing
activities
(114,020
)
(80,733
)
(606,819
)
(299,929
)
Effect of exchange rate changes on cash
and cash equivalents
(2,408
)
(14,374
)
(5,247
)
(3,966
)
Net increase (decrease) in cash and
cash equivalents
(35,695
)
361,584
(421,611
)
1,034,761
Cash and cash equivalents at beginning
of the period
1,364,411
1,388,743
1,750,327
715,566
Cash and cash equivalents at end of the
period
$
1,328,716
$
1,750,327
$
1,328,716
$
1,750,327
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited
SUPPLEMENTAL FINANCIAL
INFORMATION
Three Months Ended
Fiscal Years Ended
March 31,
March 31,
NET SALES
2022
2021
Change
2022
2021
Change
Net sales by product category:
Pointing Devices
$
178,126
$
177,679
—
%
$
781,108
$
680,907
15
%
Keyboards & Combos
231,064
219,242
5
967,301
784,488
23
PC Webcams
84,147
144,845
(42
)
403,651
439,865
(8
)
Tablet & Other Accessories
67,191
117,115
(43
)
310,123
384,301
(19
)
Gaming (1)
316,427
322,965
(2
)
1,451,883
1,239,005
17
Video Collaboration
243,439
385,657
(37
)
997,164
1,044,935
(5
)
Mobile Speakers
25,058
29,739
(16
)
149,782
174,895
(14
)
Audio & Wearables
82,459
130,184
(37
)
401,424
468,776
(14
)
Smart Home
2,083
8,418
(75
)
18,463
34,394
(46
)
Other (2)
—
81
(100
)
202
713
(72
)
Total net retail sales
$
1,229,994
$
1,535,925
(20
)%
$
5,481,101
$
5,252,279
4
%
(1) Gaming includes streaming services revenue generated by
Streamlabs.
(2) Other includes products that the Company currently intends
to phase out, or has already phased out, because they are no longer
strategic to the Company's business.
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)
2022
2021
2022
2021
Gross profit - GAAP
$
493,907
$
711,269
$
2,263,006
$
2,335,735
Share-based compensation expense
1,442
1,519
6,695
6,438
Amortization of intangible assets
2,995
3,529
14,023
13,329
Gross profit - Non-GAAP
$
498,344
$
716,317
$
2,283,724
$
2,355,502
Gross margin - GAAP
40.2
%
46.3
%
41.3
%
44.5
%
Gross margin - Non-GAAP
40.5
%
46.6
%
41.7
%
44.8
%
Operating expenses - GAAP
$
365,138
$
416,187
$
1,488,994
$
1,187,610
Less: Share-based compensation expense
19,572
19,786
86,784
79,581
Less: Amortization of intangible assets
and acquisition-related costs
2,961
5,178
16,947
19,064
Less: Impairment of intangible assets
—
—
7,000
—
Less: Change in fair value of contingent
consideration for business acquisition
—
—
(3,509
)
5,716
Less: Restructuring charges (credits),
net
395
—
2,165
(54
)
Operating expenses - Non-GAAP
$
342,210
$
391,223
$
1,379,607
$
1,083,303
% of net sales - GAAP
29.7
%
27.1
%
27.2
%
22.6
%
% of net sales - Non-GAAP
27.8
%
25.5
%
25.2
%
20.6
%
Operating income - GAAP
$
128,769
$
295,082
$
774,012
$
1,148,125
Share-based compensation expense
21,014
21,305
93,479
86,019
Amortization of intangible assets and
acquisition-related costs
5,956
8,707
30,970
32,393
Impairment of intangible assets
—
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
—
—
(3,509
)
5,716
Restructuring charges (credits), net
395
—
2,165
(54
)
Operating income - Non-GAAP
$
156,134
$
325,094
$
904,117
$
1,272,199
% of net sales - GAAP
10.5
%
19.2
%
14.1
%
21.9
%
% of net sales - Non-GAAP
12.7
%
21.2
%
16.5
%
24.2
%
Net income - GAAP
$
108,205
$
225,747
$
644,513
$
947,257
Share-based compensation expense
21,014
21,305
93,479
86,019
Amortization of intangible assets and
acquisition-related costs
5,956
8,707
30,970
32,393
Impairment of intangible assets
—
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
—
—
(3,509
)
5,716
Restructuring charges (credits), net
395
—
2,165
(54
)
Loss on investments
262
1,218
1,683
5,910
Non-GAAP income tax adjustment
(99
)
(5,776
)
12,364
25,788
Net income - Non-GAAP
$
135,733
$
251,201
$
788,665
$
1,103,029
Net income per share:
Diluted - GAAP
$
0.64
$
1.31
$
3.78
$
5.51
Diluted - Non-GAAP
$
0.81
$
1.45
$
4.63
$
6.42
Shares used to compute net income per
share:
Diluted - GAAP and Non-GAAP
168,546
172,954
170,414
171,775
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
2022
2021
2022
2021
Share-based Compensation
Expense
Cost of goods sold
$
1,442
$
1,519
$
6,695
$
6,438
Marketing and selling
8,809
9,229
37,796
36,788
Research and development
4,061
3,831
18,356
14,179
General and administrative
6,702
6,726
30,632
28,614
Total share-based compensation
expense
21,014
21,305
93,479
86,019
Income tax benefit
(3,527
)
(3,932
)
(26,987
)
(19,472
)
Total share-based compensation expense,
net of income tax benefit
$
17,487
$
17,373
$
66,492
$
66,547
*Note: These preliminary results for the three months and fiscal
year ended March 31, 2022 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
fiscal year ended March 31, 2022 and previous periods, we excluded
items in the following general categories, each of which are
described below:
Share-based compensation expense. 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 gross profit, operating expenses, and
financial results from period to period.
Impairment of intangible assets. We may incur impairment
of intangible assets expense, primarily in connection with our past
business or asset acquisitions. We believe that providing the
non-GAAP measures excluding these items, as well as the GAAP
measures, assists our investors because such expenses are not
reflective of our ongoing operating results.
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 items, 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.
Loss (gain) on investments. We recognize losses (gains)
related to our investments in various companies, which vary
depending on the operational and financial performance of the
companies in which we invest. These amounts include our losses
(earnings) on equity method investments, investment impairments and
losses (gains) resulting from sales or other events related to our
investments. We believe that providing the non-GAAP measures
excluding these items, as well as the GAAP measures, assists our
investors because such losses (gains) 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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version on businesswire.com: https://www.businesswire.com/news/home/20220502005886/en/
Editorial Contacts: Nate Melihercik, Head of Global
Investor Relations - lir@logitech.com Nicole Kenyon, Head of Global
Corporate & Employee Communications - USA +1 (510) 988-8553 Ben
Starkie, Corporate Communications - Europe +41 (0) 79-292-3499
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