Company Raises FY 2022 Outlook For Both Sales
and Profitability
SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR —
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced
financial results for the third quarter of Fiscal Year 2022, with
strong growth in Pointing Devices, Keyboards & Combos and
Gaming, and share gains in the majority of key categories. The
Company raised annual guidance for both sales and
profitability.
Q3 financial highlights:
- Sales were $1.63 billion, down 2 percent in US dollars and
constant currency, compared to Q3 of the prior year. This
performance nearly sustains last year’s record Q3 sales which grew
85 percent in US dollars and 80 percent in constant currency.
- Category sales in US dollars grew 29 percent in Keyboards &
Combos and 8 percent in Pointing Devices and Gaming, compared to Q3
of the prior year. Video Collaboration grew 24 percent quarter over
quarter and was down 2 percent compared to Q3 of the prior year in
which sales grew more than 200 percent.
- GAAP operating income declined 41 percent to $263 million,
compared to $448 million in the same quarter a year ago. Non-GAAP
operating income declined 37 percent to $302 million, compared to
$476 million in the same quarter a year ago. This reflects the
Company’s planned, strategic investments in marketing and
innovation to drive future growth. Non-GAAP operating income almost
doubled versus two years ago.
- GAAP earnings per share (EPS) declined 44 percent to $1.24,
compared to $2.22 in the same quarter a year ago. Non-GAAP EPS
declined 37 percent to $1.55, compared to $2.45 in the same quarter
a year ago.
- Cash flow from operations was $377 million. The Company
returned $116 million of cash to shareholders through share
repurchases. Year to date, the Company has returned a total of $450
million to shareholders through dividends and share repurchases,
more than twice the amount over the same period last year.
“I’m excited to now have in sight a fiscal year of growth for FY
2022, on top of last year’s remarkable performance,” said Bracken
Darrell, Logitech president and chief executive officer. “Our Q3
results reflect the strength of our operational capabilities,
innovation engine, and the choices we made to position ourselves in
line with the long-term trends affecting work, play, and
creating.”
Outlook
Logitech raised its Fiscal Year 2022 annual outlook to between 2
and 5 percent sales growth in constant currency, and between $850
million and $900 million in non-GAAP operating income. The
Company’s previous outlook was flat sales growth in constant
currency, plus or minus five percent, and $800 million to $850
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 Q3 Fiscal Year 2022 on Tuesday, January 25,
2022 at 8:30 a.m. Eastern Standard Time and 2:30 p.m. Central
European 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 2022 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 nine months ended December 31, 2021, long-term
trends, and outlook for Fiscal Year 2022 sales growth and non-GAAP
operating income. 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 COVID-19 pandemic and its impact; 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
September 30, 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 December
31,
Nine Months Ended December
31,
GAAP CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
2021
2020
2021
2020
Net sales
$
1,632,782
$
1,667,302
$
4,251,107
$
3,716,354
Cost of goods sold
971,646
914,851
2,470,980
2,082,088
Amortization of intangible assets
3,126
3,441
11,028
9,800
Gross profit
658,010
749,010
1,769,099
1,624,466
Operating expenses:
Marketing and selling
269,941
204,485
778,882
496,520
Research and development
75,529
53,910
213,436
157,014
General and administrative
38,478
37,606
112,291
98,341
Amortization of intangible assets and
acquisition-related costs
3,662
4,946
13,986
13,886
Impairment of intangible assets
7,000
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
(1,110
)
—
(3,509
)
5,716
Restructuring charges (credits), net
1,759
—
1,770
(54
)
Total operating expenses
395,259
300,947
1,123,856
771,423
Operating income
262,751
448,063
645,243
853,043
Interest income
278
311
795
1,444
Other income (expense), net
(3,673
)
6,483
(1,941
)
9,661
Income before income taxes
259,356
454,857
644,097
864,148
Provision for income taxes
49,345
72,334
107,789
142,638
Net income
$
210,011
$
382,523
$
536,308
$
721,510
Net income per share:
Basic
$
1.26
$
2.26
$
3.19
$
4.28
Diluted
$
1.24
$
2.22
$
3.14
$
4.21
Weighted average shares used to compute
net income per share:
Basic
167,090
169,050
167,953
168,448
Diluted
169,707
172,587
171,027
171,378
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited
December 31,
March 31,
CONDENSED CONSOLIDATED BALANCE
SHEETS
2021
2021
Current assets:
Cash and cash equivalents
$
1,364,411
$
1,750,327
Accounts receivable, net
845,836
612,225
Inventories
834,534
661,116
Other current assets
145,001
135,650
Total current assets
3,189,782
3,159,318
Non-current assets:
Property, plant and equipment, net
109,601
114,060
Goodwill
448,731
429,604
Other intangible assets, net
89,878
115,148
Other assets
323,605
324,248
Total assets
$
4,161,597
$
4,142,378
Current liabilities:
Accounts payable
$
738,992
$
823,233
Accrued and other current liabilities
813,684
858,617
Total current liabilities
1,552,676
1,681,850
Non-current liabilities:
Income taxes payable
85,610
59,237
Other non-current liabilities
155,369
139,502
Total liabilities
1,793,655
1,880,589
Shareholders’ equity:
Registered shares, CHF 0.25 par value:
30,148
30,148
Issued shares — 173,106 at December 31 and
March 31, 2021
Additional shares that may be issued out
of conditional capitals — 50,000 at December 31 and March 31,
2021
Additional shares that may be issued out
of authorized capital — 17,311 at December 31 and March 31,
2021
Additional paid-in capital
115,994
129,519
Shares in treasury, at cost — 6,639 at
December 31, 2021 and 4,799 at March 31, 2021
(526,480
)
(279,541
)
Retained earnings
2,867,476
2,490,578
Accumulated other comprehensive loss
(119,196
)
(108,915
)
Total shareholders’ equity
2,367,942
2,261,789
Total liabilities and shareholders’
equity
$
4,161,597
$
4,142,378
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited
Three Months Ended December
31,
Nine Months Ended December
31,
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
2021
2020
2021
2020
Cash flows from operating
activities:
Net income
$
210,011
$
382,523
$
536,308
$
721,510
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
21,913
13,409
65,387
36,010
Amortization of intangible assets
6,755
8,388
24,223
23,627
Impairment of intangible assets
7,000
—
7,000
—
Loss on investments
460
2,173
1,421
4,692
Share-based compensation expense
24,792
19,814
72,465
64,714
Deferred income taxes
20,561
17,531
27,369
37,683
Change in fair value of contingent
consideration for business acquisition
(1,110
)
—
(3,509
)
5,716
Other
9
207
1,068
(1,670
)
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable, net
(123,350
)
(129,966
)
(236,358
)
(476,804
)
Inventories
(10,240
)
(78,258
)
(177,828
)
(239,378
)
Other assets
27,871
(21,714
)
(20,569
)
(53,281
)
Accounts payable
74,845
141,848
(80,637
)
541,024
Accrued and other liabilities
117,059
173,945
(17,612
)
264,576
Net cash provided by operating
activities
376,576
529,900
198,728
928,419
Cash flows from investing
activities:
Purchases of property, plant and
equipment
(16,494
)
(18,389
)
(63,726
)
(46,163
)
Investment in privately held companies
(359
)
(120
)
(1,260
)
(3,525
)
Acquisitions, net of cash acquired
(300
)
(360
)
(15,886
)
(360
)
Proceeds from return of strategic
investments
—
2,934
—
2,934
Purchases of short-term investments
(10,000
)
—
(10,000
)
—
Proceeds from the sale of short-term
investments
1,225
—
1,225
—
Purchases of trading investments
(1,178
)
(2,473
)
(3,644
)
(10,672
)
Proceeds from sales of trading
investments
1,308
2,493
4,285
11,332
Net cash used in investing
activities
(25,798
)
(15,915
)
(89,006
)
(46,454
)
Cash flows from financing
activities:
Payment of cash dividends
—
—
(159,410
)
(146,705
)
Payment of contingent consideration for
business acquisition
(880
)
—
(880
)
—
Purchases of registered shares
(116,245
)
(50,271
)
(290,625
)
(72,725
)
Proceeds from exercises of stock options
and purchase rights
8
3,643
16,644
29,709
Tax withholdings related to net share
settlements of restricted stock units
(3,777
)
(3,731
)
(58,528
)
(29,475
)
Net cash used in financing
activities
(120,894
)
(50,359
)
(492,799
)
(219,196
)
Effect of exchange rate changes on cash
and cash equivalents
(2,769
)
7,896
(2,839
)
10,408
Net increase / (decrease) in cash and
cash equivalents
227,115
471,522
(385,916
)
673,177
Cash and cash equivalents, beginning of
the period
1,137,296
917,221
1,750,327
715,566
Cash and cash equivalents, end of the
period
$
1,364,411
$
1,388,743
$
1,364,411
$
1,388,743
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited
SUPPLEMENTAL FINANCIAL
INFORMATION
Three Months Ended December
31,
Nine Months Ended December
31,
NET SALES
2021
2020
Change
2021
2020
Change
Net sales by product category:
Pointing Devices
$
231,090
$
213,638
8
%
$
602,982
$
503,228
20
%
Keyboards & Combos
281,608
218,269
29
736,237
565,246
30
PC Webcams
115,115
131,700
(13
)
319,504
295,020
8
Tablet & Other Accessories
82,859
138,052
(40
)
242,932
267,186
(9
)
Gaming (1)
469,282
436,426
8
1,135,456
916,040
24
Video Collaboration
287,187
292,500
(2
)
753,725
659,278
14
Mobile Speakers
56,748
72,566
(22
)
124,724
145,156
(14
)
Audio & Wearables
104,280
152,952
(32
)
318,965
338,592
(6
)
Smart Home
4,559
10,593
(57
)
16,380
25,976
(37
)
Other (2)
54
606
(91
)
202
632
(68
)
Total Sales
$
1,632,782
$
1,667,302
(2
)%
$
4,251,107
$
3,716,354
14
%
(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 December
31,
Nine Months Ended December
31,
GAAP TO NON GAAP RECONCILIATION
(A)
2021
2020
2021
2020
Gross profit - GAAP
$
658,010
$
749,010
$
1,769,099
$
1,624,466
Share-based compensation expense
1,782
1,747
5,253
4,919
Amortization of intangible assets
3,126
3,441
11,028
9,800
Gross profit - Non-GAAP
$
662,918
$
754,198
$
1,785,380
$
1,639,185
Gross margin - GAAP
40.3
%
44.9
%
41.6
%
43.7
%
Gross margin - Non-GAAP
40.6
%
45.2
%
42.0
%
44.1
%
Operating expenses - GAAP
$
395,259
$
300,947
$
1,123,856
$
771,423
Less: Share-based compensation expense
23,010
18,067
67,212
59,795
Less: Amortization of intangible assets
and acquisition-related costs
3,662
4,946
13,986
13,886
Less: Impairment of intangible assets
7,000
—
7,000
—
Less: Change in fair value of contingent
consideration for business acquisition
(1,110
)
—
(3,509
)
5,716
Less: Restructuring charges (credits),
net
1,759
—
1,770
(54
)
Operating expenses - Non-GAAP
$
360,938
$
277,934
$
1,037,397
$
692,080
% of net sales - GAAP
24.2
%
18.0
%
26.4
%
20.8
%
% of net sales - Non - GAAP
22.1
%
16.7
%
24.4
%
18.6
%
Operating income - GAAP
$
262,751
$
448,063
$
645,243
$
853,043
Share-based compensation expense
24,792
19,814
72,465
64,714
Amortization of intangible assets and
acquisition-related costs
6,788
8,387
25,014
23,686
Impairment of intangible assets
7,000
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
(1,110
)
—
(3,509
)
5,716
Restructuring charges (credits), net
1,759
—
1,770
(54
)
Operating income - Non - GAAP
$
301,980
$
476,264
$
747,983
$
947,105
% of net sales - GAAP
16.1
%
26.9
%
15.2
%
23.0
%
% of net sales - Non - GAAP
18.5
%
28.6
%
17.6
%
25.5
%
Net income - GAAP
$
210,011
$
382,523
$
536,308
$
721,510
Share-based compensation expense
24,792
19,814
72,465
64,714
Amortization of intangible assets and
acquisition-related costs
6,788
8,387
25,014
23,686
Impairment of intangible assets
7,000
—
7,000
—
Change in fair value of contingent
consideration for business acquisition
(1,110
)
—
(3,509
)
5,716
Restructuring charges (credits), net
1,759
—
1,770
(54
)
Loss on investments
460
2,173
1,421
4,692
Non-GAAP income tax adjustment
13,054
10,165
12,463
31,564
Net income - Non - GAAP
$
262,754
$
423,062
$
652,932
$
851,828
Net income per share:
Diluted - GAAP
$
1.24
$
2.22
$
3.14
$
4.21
Diluted - Non - GAAP
$
1.55
$
2.45
$
3.82
$
4.97
Shares used to compute net income per
share:
Diluted - GAAP and Non - GAAP
169,707
172,587
171,027
171,378
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*
(In thousands) - unaudited
SUPPLEMENTAL FINANCIAL
INFORMATION
Three Months Ended December
31,
Nine Months Ended December
31,
SHARE-BASED COMPENSATION
EXPENSE
2021
2020
2021
2020
Share-based Compensation
Expense
Cost of goods sold
$
1,782
$
1,747
$
5,253
$
4,919
Marketing and selling
10,699
8,390
28,987
27,559
Research and development
4,510
3,482
14,295
10,348
General and administrative
7,801
6,195
23,930
21,888
Total share-based compensation
expense
24,792
19,814
72,465
64,714
Income tax benefit
(3,581
)
(3,471
)
(23,460
)
(15,540
)
Total share-based compensation expense,
net of income tax benefit
$
21,211
$
16,343
$
49,005
$
49,174
*Note: These preliminary results for the three and nine months
ended December 31, 2021 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
December 31, 2021 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)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220124005837/en/
Editorial Contacts: Nicole Noutsios, 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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