2024 Q2 Form 10-K Financial Statement

#000103297524000023 Filed on May 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
Revenue $1.088B $1.011B $4.298B
YoY Change 11.67% 5.35% -5.3%
Cost Of Revenue $622.0M $574.5M $2.520B
YoY Change 3.86% -6.77% -10.6%
Gross Profit $466.3M $437.0M $1.778B
YoY Change 24.12% 27.07% 3.4%
Gross Profit Margin 42.85% 43.2% 41.36%
Selling, General & Admin $234.4M $224.1M $885.4M
YoY Change 6.3% 4.97% -5.19%
% of Gross Profit 50.26% 51.29% 49.8%
Research & Development $75.31M $75.42M $287.2M
YoY Change 6.73% 6.83% 2.3%
% of Gross Profit 16.15% 17.26% 16.16%
Depreciation & Amortization $14.51M $19.29M $63.07M
YoY Change -17.1% -25.24% -17.36%
% of Gross Profit 3.11% 4.41% 3.55%
Operating Expenses $312.8M $301.9M $1.191B
YoY Change 5.22% 5.24% -5.58%
Operating Profit $153.5M $135.0M $587.3M
YoY Change 95.78% 136.92% 28.11%
Interest Expense $15.79M $13.10M $50.64M
YoY Change 60.7% 156.94% 176.23%
% of Operating Profit 10.29% 9.7% 8.62%
Other Income/Expense, Net -$1.898M $475.0K -$16.38M
YoY Change -85.37% -94.54% 23.33%
Pretax Income $167.4M $143.8M $621.6M
YoY Change 122.42% 172.86% 34.1%
Income Tax $25.60M -$23.82M $9.453M
% Of Pretax Income 15.29% -16.56% 1.52%
Net Earnings $141.8M $167.6M $612.1M
YoY Change 126.11% 303.89% 67.91%
Net Earnings / Revenue 13.03% 16.57% 14.24%
Basic Earnings Per Share $0.93 $3.90
Diluted Earnings Per Share $0.92 $1.07 $3.87
COMMON SHARES
Basic Shares Outstanding 153.4M shares 154.8M shares 156.8M shares
Diluted Shares Outstanding 155.0M shares 158.2M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.534B $1.521B $1.521B
YoY Change 22.64% 32.36% 32.36%
Cash & Equivalents $1.534B $1.521B $1.521B
Short-Term Investments
Other Short-Term Assets $141.4M $146.3M $105.1M
YoY Change 26.75% 2.38% 74.29%
Inventory $459.6M $422.5M $422.5M
Prepaid Expenses
Receivables $591.3M $541.7M $541.7M
Other Receivables $34.55M $41.17M $41.17M
Total Short-Term Assets $2.727B $2.631B $2.631B
YoY Change 9.17% 1.0% 1.0%
LONG-TERM ASSETS
Property, Plant & Equipment $113.3M $116.6M $177.8M
YoY Change -10.79% -4.04% -5.85%
Goodwill $462.0M $462.0M
YoY Change 1.78% 1.62%
Intangibles $39.49M $44.60M
YoY Change -31.0% -29.4%
Long-Term Investments $18.80M $18.00M $57.84M
YoY Change 2.17% -12.2% -5.96%
Other Assets $343.5M $350.2M $231.2M
YoY Change 12.94% 10.72% 23.37%
Total Long-Term Assets $958.3M $973.4M $973.4M
YoY Change 1.7% 1.86% 1.86%
TOTAL ASSETS
Total Short-Term Assets $2.727B $2.631B $2.631B
Total Long-Term Assets $958.3M $973.4M $973.4M
Total Assets $3.685B $3.605B $3.605B
YoY Change 7.12% 1.23% 1.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $554.3M $448.6M $448.6M
YoY Change 43.38% 10.24% 10.23%
Accrued Expenses $586.2M $637.3M $468.2M
YoY Change 2.74% -0.91% -2.68%
Deferred Revenue $21.13M $19.26M
YoY Change 74.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.140B $1.086B $1.086B
YoY Change 19.15% 3.41% 3.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $179.1M $172.6M $284.5M
YoY Change 20.43% 17.65% 13.65%
Total Long-Term Liabilities $179.1M $172.6M $284.5M
YoY Change 20.43% 17.65% 13.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.140B $1.086B $1.086B
Total Long-Term Liabilities $179.1M $172.6M $284.5M
Total Liabilities $1.436B $1.371B $1.371B
YoY Change 18.3% 5.21% 5.21%
SHAREHOLDERS EQUITY
Retained Earnings $3.696B $3.603B
YoY Change 14.05% 13.37%
Common Stock $57.04M $106.8M
YoY Change 14.68% -37.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.249B $2.234B $2.234B
YoY Change
Total Liabilities & Shareholders Equity $3.685B $3.605B $3.605B
YoY Change 7.12% 1.23% 1.23%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income $141.8M $167.6M $612.1M
YoY Change 126.11% 303.89% 67.91%
Depreciation, Depletion And Amortization $14.51M $19.29M $63.07M
YoY Change -17.1% -25.24% -17.36%
Cash From Operating Activities $176.0M $239.1M $1.145B
YoY Change -26.59% 10.29% 114.44%
INVESTING ACTIVITIES
Capital Expenditures $14.59M $10.31M $55.90M
YoY Change -10.17% -55.74% -39.47%
Acquisitions $14.42M
YoY Change 69.16%
Other Investing Activities $816.0K -$194.0K -$14.44M
YoY Change -35.24% -89.22% 7.75%
Cash From Investing Activities -$15.36M -$10.51M -$70.34M
YoY Change -12.38% -57.98% -33.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $504.2M
YoY Change 20.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$145.1M -111.7M -$690.2M
YoY Change 23.88% 42.47% 18.31%
NET CHANGE
Cash From Operating Activities $176.0M 239.1M $1.145B
Cash From Investing Activities -$15.36M -10.51M -$70.34M
Cash From Financing Activities -$145.1M -111.7M -$690.2M
Net Change In Cash $13.54M 116.9M $371.8M
YoY Change -86.74% 3.09% -306.92%
FREE CASH FLOW
Cash From Operating Activities $176.0M $239.1M $1.145B
Capital Expenditures $14.59M $10.31M $55.90M
Free Cash Flow $161.4M $228.8M $1.089B
YoY Change -27.78% 18.24% 146.62%

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CY2024 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 software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. As a point of connection between people and the digital world, the Company's mission is to extend human potential in work and play, in a way that is good for people and the planet.</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>
CY2024 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 Revenue From Contract With Customer Excluding Assessed Tax
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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, 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, </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
CY2024 logi Revenue From Contract With Customer Contract Term Maximum
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P1Y
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CY2024 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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184800000 usd
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CY2024Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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170640000 usd
CY2023Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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162599000 usd
CY2024Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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