logi-20221023

0001628280-22-026927.txt : 20221025 0001628280-22-026927.hdr.sgml : 20221025 20221024210923 ACCESSION NUMBER: 0001628280-22-026927 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221025 DATE AS OF CHANGE: 20221024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGITECH INTERNATIONAL S.A. CENTRAL INDEX KEY: 0001032975 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29174 FILM NUMBER: 221327021 BUSINESS ADDRESS: STREET 1: 7700 GATEWAY BOULEVARD STREET 2: C/O LOGITECH INC CITY: NEWARK STATE: CA ZIP: 94560 BUSINESS PHONE: 5107958500 MAIL ADDRESS: STREET 1: 7700 GATEWAY BOULEVARD CITY: NEWARK STATE: CA ZIP: 94560 FORMER COMPANY: FORMER CONFORMED NAME: LOGITECH INTERNATIONAL SA DATE OF NAME CHANGE: 19970214 8-K 1 logi-20221023.htm 8-K logi-20221023

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report: October 23, 2022

(Date of earliest event reported)

LOGITECH INTERNATIONAL S.A.

(Exact name of registrant as specified in its charter)

Commission File Number: 0-29174


Canton of Vaud,	Switzerland	None
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


Logitech International S.A.
EPFL - Quartier de l'Innovation
Daniel Borel Innovation Center
1015 Lausanne, Switzerland
c/o Logitech Inc.
7700 Gateway Boulevard
Newark	California	94560
(Address of principal executive offices and zip code)


510			795-8500
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Registered Shares	LOGN	SIX Swiss Exchange
Registered Shares	LOGI	Nasdaq Global Select Market

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 24, 2022, Logitech International S.A. (“Logitech”) issued a press release regarding its financial results for the quarter ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in Item 2.02 and Item 9.01 of this Current Report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On October 23, 2022, Logitech and Nate Olmstead, Logitech’s Chief Financial Officer, agreed that Mr. Olmstead would leave Logitech. Logitech intends to commence a search process for a new CFO, and Mr. Olmstead currently intends to remain with Logitech through the hiring of a new CFO and a subsequent transition period. Mr. Olmstead’s departure is not due to any disagreement with Logitech’s operations, policies or practices.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

d) Exhibits.

The following exhibit is furnished with this Current Report on Form 8-K:

99.1 Press release issued on October 24, 2022 including financial results for the quarter ended September 30, 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


									Logitech International S.A.


									/s/ Bracken Darrell

									Bracken Darrell
									President and Chief Executive Officer


									/s/ Nate Olmstead

									Nate Olmstead
									Chief Financial Officer
			October 24, 2022

EXHIBIT INDEX

99.1 Press release issued on October 24, 2022 including financial results for the quarter ended September 30, 2022.

EX-99.1 2 exhibit991q2fy23.htm EX-99.1 Document

Exhibit 99.1

Editorial Contacts:

Nate Melihercik, Head of Global Investor Relations - ir@logitech.com

Nicole Kenyon, Head of Global Corporate & Employee Communications - USA (510) 988-8553

Ben Starkie, Corporate Communications - Europe +41 (0) 79-292-3499

Logitech Announces Q2 FY 2023 Results

Company Reaffirms Fiscal Year 2023 Outlook

LAUSANNE, Switzerland, October 25, 2022 and NEWARK, Calif., October 24, 2022 — 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 2023.

•Sales were $1.15 billion, down 12 percent in US dollars and 7 percent in constant currency, compared to Q2 of the prior year. This performance reflects a challenging macroeconomic environment.

•Category sales in US dollars grew 2 percent in Video Collaboration and declined 2 percent in Pointing Devices compared to Q2 of the prior year. Sales in these categories in constant currency grew 7 percent and 3 percent respectively. Gaming and Keyboard & Combos sales declined 10 percent and 15 percent in US dollars respectively, and 4 percent and 10 percent in constant currency, compared to Q2 of the prior year.

•GAAP operating income declined 29 percent to $127 million, compared to $179 million in the same quarter a year ago. Non-GAAP operating income declined 26 percent to $156 million, compared to $211 million in the same quarter a year ago.

•GAAP earnings per share (EPS) declined 38 percent to $0.50, compared to $0.81 in the same quarter a year ago. Non-GAAP EPS declined 20 percent to $0.84, compared to $1.05 in the same quarter a year ago.

•Cash flow from operations was $73 million, compared to negative $63 million in the same quarter a year ago. In the quarter, the Company returned $276 million of cash to shareholders through its annual dividend payment and share repurchases.

“As we enter the holiday season we continue to drive innovation, announcing more than 20 products which tap into the long-term trends of hybrid work, video everywhere, gaming and digital content creation,” said Bracken Darrell, Logitech president and chief executive officer. “In the face of global macroeconomic headwinds we will continue to pursue operational excellence and deliver industry-leading innovation.”

Chief Financial Officer

Separately, Logitech also announced that Nate Olmstead, chief financial officer, will be leaving the Company. Logitech will be launching a search and Mr. Olmstead currently plans to stay on as CFO through the transition.

“Over the past nearly four years, Nate has been an incredible partner. His leadership helped steer Logitech through an unprecedented pandemic and period of extraordinary growth,” said Bracken Darrell. “Nate has built a world-class finance team and I’m grateful for his contribution."

“I am honored to have been part of the transformational change Logitech has undergone these last four years,” said Nate Olmstead. “I’m proud of the strong finance team we have in place and excited about what’s ahead for Logitech.”

Outlook

Logitech reaffirmed its Fiscal Year 2023 outlook of between negative 8 percent and negative 4 percent sales growth in constant currency, and between $650 million and $750 million in non-GAAP operating income.

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 Q2 Fiscal Year 2023 on Tuesday, October 25, 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, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges, loss 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 federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three and six months ended September 30, 2022, secular growth trends, operational performance, product innovation, product launches, executive leadership, 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: macroeconomic and geopolitical conditions and other factors and their impact, including the COVID-19 pandemic, the war in Ukraine, changes in inflation levels and monetary policies; 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 SEC, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, 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.

(LOGIIR)


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	2022		2021		2022		2021

Net sales	$	1,148,951	$	1,306,267	$	2,308,816	$	2,618,325
Cost of goods sold	707,026		760,268		1,404,246		1,499,334
Amortization of intangible assets	3,145		3,836		6,187		7,902
Gross profit	438,780		542,163		898,383		1,111,089

Operating expenses:
Marketing and selling	202,091		256,627		431,469		508,941
Research and development	69,009		68,661		144,526		137,907
General and administrative	26,589		33,271		62,449		73,813
Amortization of intangible assets and acquisition-related costs	2,873		5,107		6,242		10,324

Change in fair value of contingent consideration for business acquisition	—		(925)		—		(2,399)
Restructuring charges, net	10,817		11		10,817		11
Total operating expenses	311,379		362,752		655,503		728,597

Operating income	127,401		179,411		242,880		382,492
Interest income	3,459		201		4,908		517
Other income (expense), net	(25,397)		(6,703)		(19,773)		1,732
Income before income taxes	105,463		172,909		228,015		384,741
Provision for income taxes	23,372		33,453		45,088		58,444
Net income	$	82,091	$	139,456	$	182,927	$	326,297

Net income per share:
Basic	$	0.50	$	0.83	$	1.12	$	1.94
Diluted	$	0.50	$	0.81	$	1.11	$	1.90

Weighted average shares used to compute net income per share:
Basic	163,186		168,389		163,937		168,380
Diluted	164,328		171,343		165,371		171,682


LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands, except per share amounts) - unaudited

	September 30,		March 31,
CONDENSED CONSOLIDATED BALANCE SHEETS	2022		2022

Current assets:
Cash and cash equivalents	$	868,501	$	1,328,716
Accounts receivable, net	772,731		675,604
Inventories	879,979		933,124
Other current assets	136,924		135,478
Total current assets	2,658,135		3,072,922

Non-current assets:
Property, plant and equipment, net	113,327		109,807
Goodwill	449,892		448,175
Other intangible assets, net	73,495		83,779
Other assets	350,050		320,722
Total assets	$	3,644,899	$	4,035,405

Current liabilities:
Accounts payable	$	546,563	$	636,306
Accrued and other current liabilities	663,621		784,848
Total current liabilities	1,210,184		1,421,154

Non-current liabilities:
Income taxes payable	97,450		83,380
Other non-current liabilities	168,704		132,133
Total liabilities	1,476,338		1,636,667

Shareholders’ equity:
Registered shares, CHF 0.25 par value:	30,148		30,148
Issued shares — 173,106 at September 30, 2022 and March 31, 2022
Additional shares that may be issued out of conditional capitals — 50,000 at September 30, 2022 and March 31, 2022
Additional shares that may be issued out of authorized capital — 17,311 at September 30, 2022 and March 31, 2022
Additional paid-in capital	106,130		129,925
Shares in treasury, at cost — 10,943 at September 30, 2022 and 7,855 at March 31, 2022	(824,650)		(632,893)
Retained earnings	2,995,927		2,975,681
Accumulated other comprehensive loss	(138,994)		(104,123)
Total shareholders’ equity	2,168,561		2,398,738
Total liabilities and shareholders’ equity	$	3,644,899	$	4,035,405


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	2022		2021		2022		2021

Cash flows from operating activities:
Net income	$	82,091	$	139,456	$	182,927	$	326,297
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	18,662		23,012		37,288		43,474
Amortization of intangible assets	6,015		8,625		12,244		17,468

Loss on investments	22,934		2,032		11,577		961
Share-based compensation expense	12,245		24,022		35,935		47,673
Deferred income taxes	2,775		10,966		3,040		6,808
Change in fair value of contingent consideration for business acquisition	—		(925)		—		(2,399)
Other	242		14		118		1,059
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(77,337)		(186,316)		(121,909)		(113,008)
Inventories	22,114		(52,422)		21,790		(167,588)
Other assets	(175)		(17,644)		4,757		(48,440)
Accounts payable	(8,320)		(39,862)		(78,354)		(155,482)
Accrued and other liabilities	(8,322)		26,164		(72,157)		(134,671)
Net cash provided by (used in) operating activities	72,924		(62,878)		37,256		(177,848)
Cash flows from investing activities:
Purchases of property, plant and equipment	(25,821)		(22,718)		(45,384)		(47,232)
Investment in privately held companies	(187)		(400)		(2,275)		(901)
Acquisitions, net of cash acquired	—		—		(5,839)		(15,586)




Purchases of deferred compensation investments	(1,577)		(1,375)		(2,499)		(2,466)
Proceeds from sales of deferred compensation investments	1,493		1,632		2,436		2,977
Net cash used in investing activities	(26,092)		(22,861)		(53,561)		(63,208)
Cash flows from financing activities:
Payment of cash dividends	(158,680)		(159,410)		(158,680)		(159,410)
Payment of contingent consideration for business acquisition	(5,954)		—		(5,954)		—
Purchases of registered shares	(116,942)		(119,508)		(237,561)		(174,380)
Proceeds from exercises of stock options and purchase rights	12,850		13,886		12,850		16,636
Tax withholdings related to net share settlements of restricted stock units	(2,598)		(4,340)		(26,742)		(54,751)
Net cash used in financing activities	(271,324)		(269,372)		(416,087)		(371,905)
Effect of exchange rate changes on cash and cash equivalents	(13,664)		(5,314)		(27,823)		(70)
Net decrease in cash and cash equivalents	(238,156)		(360,425)		(460,215)		(613,031)
Cash and cash equivalents, beginning of the period	1,106,657		1,497,721		1,328,716		1,750,327
Cash and cash equivalents, end of the period	$	868,501	$	1,137,296	$	868,501	$	1,137,296


LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION	Three Months Ended September 30,						Six Months Ended September 30,
NET SALES	2022		2021		Change		2022		2021		Change

Net sales by product category:
Pointing Devices	$	185,200	$	189,014	(2)	%	$	368,483	$	371,892	(1)	%
Keyboards & Combos	200,853		236,272		(15)		428,573		454,629		(6)
PC Webcams	60,166		94,471		(36)		119,552		204,389		(42)
Tablet & Other Accessories	54,203		80,801		(33)		120,788		160,073		(25)
Gaming (1)	297,676		330,777		(10)		580,482		666,174		(13)
Video Collaboration	236,180		231,653		2		482,422		466,538		3
Mobile Speakers	39,195		39,492		(1)		61,505		67,976		(10)
Audio & Wearables	73,271		98,078		(25)		142,717		214,685		(34)

Other (2)	2,207		5,709		(61)		4,294		11,969		(64)
Total Sales	$	1,148,951	$	1,306,267	(12)	%	$	2,308,816	$	2,618,325	(12)	%

(1) Gaming includes streaming services revenue generated by Streamlabs.

(2) Other includes Smart Home.


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)	2022			2021			2022			2021

Gross profit - GAAP	$	438,780		$	542,163		$	898,383		$	1,111,089
Share-based compensation expense	1,443			2,102			2,904			3,471
Amortization of intangible assets	3,145			3,836			6,187			7,902
Gross profit - Non-GAAP	$	443,368		$	548,101		$	907,474		$	1,122,462

Gross margin - GAAP	38.2		%	41.5		%	38.9		%	42.4		%
Gross margin - Non-GAAP	38.6		%	42.0		%	39.3		%	42.9		%

Operating expenses - GAAP	$	311,379		$	362,752		$	655,503		$	728,597
Less: Share-based compensation expense	10,802			21,920			33,031			44,202
Less: Amortization of intangible assets and acquisition-related costs	2,873			5,107			6,242			10,324

Less: Change in fair value of contingent consideration for business acquisition	—			(925)			—			(2,399)
Less: Restructuring charges, net	10,817			11			10,817			11

Operating expenses - Non-GAAP	$	286,887		$	336,639		$	605,413		$	676,459

% of net sales - GAAP	27.1		%	27.8		%	28.4		%	27.8		%
% of net sales - Non-GAAP	25.0		%	25.8		%	26.2		%	25.8		%

Operating income - GAAP	$	127,401		$	179,411		$	242,880		$	382,492
Share-based compensation expense	12,245			24,022			35,935			47,673
Amortization of intangible assets and acquisition-related costs	6,018			8,943			12,429			18,226


Change in fair value of contingent consideration for business acquisition	—			(925)			—			(2,399)
Restructuring charges, net	10,817			11			10,817			11

Operating income - Non-GAAP	$	156,481		$	211,462		$	302,061		$	446,003

% of net sales - GAAP	11.1		%	13.7		%	10.5		%	14.6		%
% of net sales - Non-GAAP	13.6		%	16.2		%	13.1		%	17.0		%

Net income - GAAP	$	82,091		$	139,456		$	182,927		$	326,297
Share-based compensation expense	12,245			24,022			35,935			47,673
Amortization of intangible assets and acquisition-related costs	6,018			8,943			12,429			18,226


Change in fair value of contingent consideration for business acquisition	—			(925)			—			(2,399)
Restructuring charges, net	10,817			11			10,817			11

Loss on investments	22,934			2,032			11,577			961
Non-GAAP income tax adjustment	3,607			6,825			7,066			(591)
Net income - Non-GAAP	$	137,712		$	180,364		$	260,751		$	390,178

Net income per share:
Diluted - GAAP	$	0.50		$	0.81		$	1.11		$	1.90
Diluted - Non-GAAP	$	0.84		$	1.05		$	1.58		$	2.27

Shares used to compute net income per share:
Diluted - GAAP and Non-GAAP	164,328			171,343			165,371			171,682


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	2022		2021		2022		2021

Share-based Compensation Expense
Cost of goods sold	$	1,443	$	2,102	$	2,904	$	3,471
Marketing and selling	7,429		9,758		17,226		18,288
Research and development	3,280		4,724		8,812		9,785
General and administrative	93		7,438		6,993		16,129

Total share-based compensation expense	12,245		24,022		35,935		47,673
Income tax expense (benefit)	102		(3,285)		(4,220)		(19,879)
Total share-based compensation expense, net of income tax expense (benefit)	$	12,347	$	20,737	$	31,715	$	27,794

*Note: These preliminary results for the three and six months ended September 30, 2022 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 the quarter ended September 30, 2022 and prior periods presented, 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.

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, net. These expenses are associated with restructuring plans, and will vary based on the initiatives in place during any given period. Restructuring charges may include costs related to employee terminations, facility closures and early cancellation of certain contracts as well as other costs resulting from our restructuring initiatives. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operating results.

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.

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COVER PAGE	Oct. 23, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 23, 2022
Entity Registrant Name	LOGITECH INTERNATIONAL S.A.
Entity File Number	0-29174
Entity Incorporation, State or Country Code	V8
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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