Logitech International S.A. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Logitech International S.A. has submitted its Q3 2024 10-Q filing detailing financial performance and position as of December 31, 2023.</b>

AI Summary

LOGITECH INTERNATIONAL S.A. (LOGI) filed a Quarterly Report (10-Q) with the SEC on January 25, 2024. Logitech International S.A. filed a 10-Q report for the period ending December 31, 2023. The filing covers the third quarter of fiscal year 2024. The report includes financial data for various periods, including Q3 2023 and Q3 2022. Key financial statement components like common stock, additional paid-in capital, treasury stock, retained earnings, and accumulated other comprehensive income are detailed. The filing was submitted on January 25, 2024.

Why It Matters

For investors and stakeholders tracking LOGITECH INTERNATIONAL S.A., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Logitech, crucial for assessing recent performance and making informed investment decisions. The detailed breakdown of equity components offers insight into the company's capital structure and changes over the reported periods.

Risk Assessment

Risk Level: low — LOGITECH INTERNATIONAL S.A. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report, indicating no immediate or unusual risks are highlighted within this specific document type.

Analyst Insight

Review the detailed financial statements and equity component changes in the 10-Q to understand Logitech's financial health and capital structure evolution.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-01-25 — Filing Date (Filed as of date)
• 2024 — Fiscal Year (Fiscal year end)
• Q3 — Fiscal Quarter (Third quarter of fiscal year 2024)

Key Players & Entities

• LOGITECH INTERNATIONAL S.A. (company) — Filer name
• LOGI (company) — Ticker symbol
• 2023-12-31 (date) — Conformed period of report
• 2024-01-25 (date) — Filed as of date
• 3930 NORTH FIRST STREET (address) — Business address
• SAN JOSE (location) — Business address city
• CA (location) — Business address state
• 95134 (postal_code) — Business address zip

FAQ

Industry Context

Logitech operates in the computer peripheral equipment sector, providing input and interface devices for computers and other digital devices.

Regulatory Implications

As a publicly traded company, Logitech is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial information.

What Investors Should Do

1. Analyze the detailed balance sheet and equity sections for changes in financial structure.
2. Compare Q3 2023 figures with Q3 2022 to identify year-over-year trends.
3. Note any specific disclosures or footnotes related to financial instruments or commitments.

Key Dates

• 2024-01-25: Filing Date — Submission of the 10-Q report for the period ending 2023-12-31.
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2024-03-31: Fiscal Year End — Indicates the end of Logitech's fiscal year.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q ending December 31, 2023. Comparative data from previous filings would be needed for a full 'vs last filing' analysis.

Filing Documents

• logi-20231231.htm (10-Q) — 1422KB
• exhibit311q3fy24.htm (EX-31.1) — 14KB
• exhibit312q3fy24.htm (EX-31.2) — 13KB
• exhibit321q3fy24.htm (EX-32.1) — 8KB
• 0001032975-24-000008.txt (&nbsp;) — 7151KB
• logi-20231231.xsd (EX-101.SCH) — 44KB
• logi-20231231_cal.xml (EX-101.CAL) — 73KB
• logi-20231231_def.xml (EX-101.DEF) — 178KB
• logi-20231231_lab.xml (EX-101.LAB) — 652KB
• logi-20231231_pre.xml (EX-101.PRE) — 394KB
• logi-20231231_htm.xml (XML) — 1113KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2023 and 2022 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended December 31, 2023 and 2022 4 Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and 2022 6 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and N i ne Months Ended Dece mber 3 1 , 2023 and 2022 7 Notes to the Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibit Index 44

Signatures

Signatures In this document, unless otherwise indicated, references to the "Company," "Logitech," "we," "our," and "us" are to Logitech International S.A. and its consolidated subsidiaries. Unless otherwise specified, all references to U.S. Dollar, Dollar or $ are to the United States Dollar, the legal currency of the United States of America. All references to CHF are to the Swiss Franc, the legal currency of Switzerland. Logitech, the Logitech logo, and the Logitech products referred to herein are either the trademarks or the registered trademarks of Logitech. All other trademarks are the property of their respective owners. Our fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday of each quarter. The third quarter of fiscal year 2024 ended on December 29, 2023. The same quarter in the prior fiscal year ended on December 30, 2022. For purposes of presentation, we have indicated our quarterly periods end on the last day of the calendar quarter. The term "sales" means net sales, except as otherwise specified. We make available, free of charge on our website, access to our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we file or furnish them electronically with the Securities and Exchange Commission ("SEC"). 1 Table of Contents Recordings of our earnings videoconferences and certain events we participate in or host, with members of the investment community are posted on our investor relations website at https://ir.logitech.com. Additionally, we provide notifications of news or announcements regarding our operations and financial performance, including SEC filings, investor events, and press and earnings releases as part of our investor relations website.

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) LOGITECH INTERNATIONAL S.A. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Net sales $ 1,255,473 $ 1,269,925 $ 3,286,980 $ 3,578,741 Cost of goods sold 726,252 789,489 1,937,367 2,193,735 Amortization of intangible assets 2,441 3,168 8,569 9,355 Gross profit 526,780 477,268 1,341,044 1,375,651 Operating expenses: Marketing and selling 189,175 196,653 544,716 628,122 Research and development 72,704 65,640 211,822 210,166 General and administrative 39,711 29,766 116,546 92,215 Amortization of intangible assets and acquisition-related costs 2,276 2,810 8,279 9,052 Restructuring charges, net 839 5,654 2,562 16,471 Total operating expenses 304,705 300,523 883,925 956,026 Operating income 222,075 176,745 457,119 419,625 Interest income 12,826 4,665 34,508 9,573 Other income (expense), net 189 1,406 ( 13,827 ) ( 18,367 ) Income before income taxes 235,090 182,816 477,800 410,831 Provision for (benefit from) income taxes ( 9,594 ) 42,663 33,272 87,751 Net income $ 244,684 $ 140,153 $ 444,528 $ 323,080 Net income per share: Basic $ 1.57 $ 0.87 $ 2.82 $ 1.98 Diluted $ 1.55 $ 0.86 $ 2.80 $ 1.96 Weighted average shares used to compute net income per share: Basic 155,933 161,244 157,568 163,042 Diluted 157,440 162,529 158,843 164,427 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents LOGITECH INTERNATIONAL S.A. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (unaudited) Three months ended December 31, Nine months ended December 31, 2023 2022 2023 2022 Net income $ 244,684 $ 140,153 $ 444,528 $ 323,080 Other comprehensive income (loss): Currency translation gain (loss): Currency translation gain (loss), net of taxes 25,319 33,076 13,168 ( 6,207 ) Reclassificati

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