2023 Q2 Form 10-K Financial Statement

#000103297523000021 Filed on May 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2023
Revenue $974.5M $960.1M $4.539B
YoY Change -15.98% -21.94% -17.19%
Cost Of Revenue $598.9M $616.2M $2.819B
YoY Change -14.48% -16.29% -12.39%
Gross Profit $375.6M $343.9M $1.720B
YoY Change -18.27% -30.37% -24.02%
Gross Profit Margin 38.55% 35.82% 37.88%
Selling, General & Admin $220.5M $213.5M $933.8M
YoY Change -16.87% -24.66% -20.49%
% of Gross Profit 58.69% 62.08% 54.31%
Research & Development $70.56M $70.60M $280.8M
YoY Change -6.57% -9.96% -3.79%
% of Gross Profit 18.78% 20.53% 16.33%
Depreciation & Amortization $17.50M $25.80M $76.31M
YoY Change -6.06% -10.82% -13.64%
% of Gross Profit 4.66% 7.5% 4.44%
Operating Expenses $297.2M $286.9M $1.261B
YoY Change -13.63% -21.34% -15.31%
Operating Profit $78.41M $57.00M $458.5M
YoY Change -32.1% -55.87% -40.77%
Interest Expense $9.826M $5.100M $18.33M
YoY Change 578.12% -479.18% 1371.19%
% of Operating Profit 12.53% 8.95% 4.0%
Other Income/Expense, Net -$12.97M $8.700M -$13.28M
YoY Change -330.65% 102.47% -2471.07%
Pretax Income $75.26M $52.70M $463.5M
YoY Change -38.59% -59.99% -40.25%
Income Tax $12.50M $11.20M $98.95M
% Of Pretax Income 16.61% 21.25% 21.35%
Net Earnings $62.73M $41.50M $364.6M
YoY Change -37.79% -61.65% -43.43%
Net Earnings / Revenue 6.44% 4.32% 8.03%
Basic Earnings Per Share $0.39 $2.25
Diluted Earnings Per Share $0.39 $0.26 $2.23
COMMON SHARES
Basic Shares Outstanding 158.7M shares 160.3M shares 162.3M shares
Diluted Shares Outstanding 160.2M shares 163.7M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.251B $1.149B $1.149B
YoY Change 13.05% -13.53% -13.53%
Cash & Equivalents $1.251B $1.149B $1.149B
Short-Term Investments
Other Short-Term Assets $111.6M $142.9M $60.30M
YoY Change -11.93% 5.46% 2.46%
Inventory $572.3M $682.9M $682.9M
Prepaid Expenses
Receivables $562.6M $630.4M $630.4M
Other Receivables $69.64M $82.50M $82.50M
Total Short-Term Assets $2.498B $2.605B $2.605B
YoY Change -12.6% -15.22% -15.22%
LONG-TERM ASSETS
Property, Plant & Equipment $127.0M $121.5M $188.8M
YoY Change 13.12% 10.65% 25.48%
Goodwill $453.9M $454.6M
YoY Change 0.6% 1.44%
Intangibles $57.23M $63.17M
YoY Change -28.3% -24.6%
Long-Term Investments $18.40M $20.50M $61.50M
YoY Change -58.93% -49.0% -13.98%
Other Assets $304.2M $316.3M $187.4M
YoY Change -7.51% -1.38% -10.15%
Total Long-Term Assets $942.3M $955.6M $955.6M
YoY Change -3.07% -0.72% -0.72%
TOTAL ASSETS
Total Short-Term Assets $2.498B $2.605B $2.605B
Total Long-Term Assets $942.3M $955.6M $955.6M
Total Assets $3.440B $3.561B $3.561B
YoY Change -10.18% -11.76% -11.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $386.6M $407.0M $407.0M
YoY Change -30.84% -36.04% -36.04%
Accrued Expenses $570.5M $643.1M $481.1M
YoY Change -17.76% -18.06% -12.68%
Deferred Revenue $11.02M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $957.1M $1.050B $1.050B
YoY Change -23.6% -26.11% -26.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $148.7M $146.7M $250.3M
YoY Change 12.94% 11.02% 17.21%
Total Long-Term Liabilities $148.7M $146.7M $250.3M
YoY Change 12.94% 11.02% 17.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $957.1M $1.050B $1.050B
Total Long-Term Liabilities $148.7M $146.7M $250.3M
Total Liabilities $1.214B $1.303B $1.303B
YoY Change -17.28% -20.38% -20.37%
SHAREHOLDERS EQUITY
Retained Earnings $3.240B $3.178B
YoY Change 5.32% 6.78%
Common Stock $49.73M $170.7M
YoY Change -49.66% -1.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 13.76M shares
Shareholders Equity $2.226B $2.258B $2.258B
YoY Change
Total Liabilities & Shareholders Equity $3.440B $3.561B $3.561B
YoY Change -10.18% -11.76% -11.76%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2023
OPERATING ACTIVITIES
Net Income $62.73M $41.50M $364.6M
YoY Change -37.79% -61.65% -43.43%
Depreciation, Depletion And Amortization $17.50M $25.80M $76.31M
YoY Change -6.06% -10.82% -13.64%
Cash From Operating Activities $239.8M $216.8M $534.0M
YoY Change -772.3% 117.69% 79.01%
INVESTING ACTIVITIES
Capital Expenditures $16.24M $23.30M $92.35M
YoY Change -17.0% -191.64% 3.59%
Acquisitions $0.00 $8.527M
YoY Change -100.0% -47.48%
Other Investing Activities $1.260M -$1.800M -$13.40M
YoY Change -115.94% -127.4% -28.38%
Cash From Investing Activities -$17.53M -$25.00M -$105.7M
YoY Change -36.18% 32.58% -1.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $418.3M
YoY Change 1.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$117.2M -78.40M -$583.4M
YoY Change -19.07% -31.24% -3.87%
NET CHANGE
Cash From Operating Activities $239.8M 216.8M $534.0M
Cash From Investing Activities -$17.53M -25.00M -$105.7M
Cash From Financing Activities -$117.2M -78.40M -$583.4M
Net Change In Cash $102.1M 113.4M -$179.7M
YoY Change -145.96% -440.67% -57.38%
FREE CASH FLOW
Cash From Operating Activities $239.8M $216.8M $534.0M
Capital Expenditures $16.24M $23.30M $92.35M
Free Cash Flow $223.6M $193.5M $441.7M
YoY Change -504.77% 54.78% 111.15%

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EarningsPerShareDiluted
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Assets
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CY2022Q1 us-gaap Commitments And Contingencies
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CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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CY2022 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
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CY2021 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
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NoncashOrPartNoncashAcquisitionContingentConsideration
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CY2021 logi Noncash Or Part Noncash Acquisition Contingent Consideration
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CY2022 logi Fair Value Of Contingent Consideration In Accrued And Other Liabilities
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CY2023 us-gaap Nature Of Operations
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The Company<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Logitech International S.A, together with its consolidated subsidiaries ("Logitech" or the "Company"), designs, manufactures and sells products that help businesses thrive and bring people together when working, creating, gaming and streaming. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company sells its products to a broad network of international customers, including direct sales to retailers, e-tailers and end consumers through the Company's e-commerce platform, and indirect sales to end customers through distributors.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Hautemorges, Switzerland and headquarters in Lausanne, Switzerland, which conducts its business through subsidiaries in the Americas, Europe, Middle East and Africa ("EMEA") and Asia Pacific. Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange, under the trading symbol LOGN, and the Nasdaq Global Select Market, under the trading symbol LOGI.</span></div>
CY2023 us-gaap Fiscal Period
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday. For purposes of presentation, the Company has indicated its quarterly periods end on the last day of the calendar quarter.</span></div>
CY2023 us-gaap Use Of Estimates
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill and intangible assets acquired from business acquisitions, contingent consideration for a business acquisition and periodic reassessment of its fair value, valuation of investment in privately held companies classified under Level 3 fair value hierarchy, pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs ("Customer Programs") and related breakage when appropriate, inventory valuation, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management’s best knowledge of current events and actions that may impact the Company in the future, actual results could differ materially from those estimates.</span></div>
CY2023 logi Revenue From Contract With Customer Contract Term Maximum
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P1Y
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various creditworthy financial institutions and has a policy to limit exposure with any one financial institution, but is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with individual financial institutions are in excess of amounts that are insured. The Company periodically assesses the credit risk associated with these financial institutions.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company sells to large distributors, retailers, and e-tailers and, as a result, maintains individually significant receivable balances with such customers.</span></div>The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' financial conditions. The Company generally does not require collateral from its customers.
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CY2022Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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