Logitech International S.a. · SIX:LOGN
Logitech International — Q1 2025 Earnings Presentation
21 slides from Logitech International's earnings presentation, Jul 23, 2024
Slide 1: Q1 2025 Shareholder Letter
Q1 2025 Shareholder Letter July 22, 2024
Slide 2: Q1 FY25 Highlights
Q1 FY25 Highlights Net Sales $1,088M $974M +13% y/y (cc) Q1 FY25 net sales were $1.1 billion, Q1 FY24 Q1 FY25 up 13% (cc) versus Q1 FY24. We GAAP Gross Margin grew market share in Keyboards 42.8% and Combos, Pointing Devices, 38.5% Webcams, Gaming Wired Mice, Steering Wheels and Console +430 basis H
Slide 3: Dear Logitech Shareholder
Dear Logitech Shareholder, In the first quarter of our 2025 Fiscal Year, the team continued to execute at a high level, delivering strong topline growth, driven by improving demand and strategic inventory management. This growth was supported by operational excellence, as both non-GAAP gross and ope
Slide 4: Q1 FY25 results
Q1 FY25 results The first quarter results of our 2025 Fiscal Year were strong, with an increase in top-line performance driven by improving demand and strategic inventory management. Overall, net sales in constant currency grew by 13% year over year, to $1.1 billion. All of our key categories, excep
Slide 5: Fiscal Year 2025 outlook
Fiscal Year 2025 outlook In Q1, our results continued a return to top-line growth while generating strong cash returns and driving increased earnings. This positive business momentum is occurring amidst an uncertain and volatile global economic backdrop. So while we are pleased with our first quarte
Slide 6: What's new from Logitech
What’s new from Logitech G515 LIGHTSPEED TKL Wireless Gaming Keyboard Logitech introduced the G515 LIGHTSPEED TKL Wireless Gaming Keyboard, a keyboard that offers advanced technologies and high-performance features in a low-profile, modern design. Low-profile keyboards provide a cleaner, more aesthe
Slide 7: Logi for Mac products and Logitech Combo Touch
Logi for Mac products Logitech introduced a new lineup of Logi for Mac products aimed at enhancing the experience for Mac users while enabling more sustainable lifestyles without compromise. Adding in the latest MX series and ergonomic innovations, the lineup includes MX Keys S for Mac, MX Keys S Co
Slide 8: Sustainability
Sustainability Logitech released the seventeenth edition of its annual Impact Report this month, detailing the Company’s progress in terms of environmental and social sustainability. It outlines Logitech’s work in several strategic priorities, where the Company can make the most impact: designing fo
Slide 9: Financial Discussion
Financial Discussion Q1 FY25 Results For Q1, net sales in constant currency increased by 13% to $1.1 billion year-over-year, driven by improving demand, lower promotional spend, and strategic investments in our inventory. Both non-GAAP gross margin (43.3%) and non-GAAP operating margin (16.8%) were
Slide 10: Gaming, Video Collaboration, Personal Workspace Solutions
Gaming Video Collaboration Gaming net sales increased 18% (cc) in Q1, as PC Gaming Video Collaboration sales increased 6% (cc) in Q1, driven by delivered a third consecutive quarter of growth. Simulation a combination of solid growth in Video Conferencing and in was up significantly year over year f
Slide 11: Net Retail Sales by Region
Net Retail Sales by Region For the second consecutive quarter, all three regions experienced sales growth. EMEA, with growth of 20% (cc), outpaced Asia Pacific (13% (cc)) and the Americas (9% (cc)): Americas EMEA Asia Pacific Sales in our Americas region were up 9% Sales in our EMEA region were up 2
Slide 12: Non-GAAP Gross Margin and Operating Expenses
Non-GAAP Gross Margin Q1 FY25 non-GAAP gross margin was 43.3%, up 430 basis points versus Q1 FY24, driven by lower product cost and lower promotional spending versus the prior year. Sequentially, non-GAAP gross margin was down 30 basis points. Quarterly Non-GAAP Gross Margin 43.6% 43.3% 39.0% 42.0%
Slide 13: Profitability
Profitability GAAP operating income in Q1 was $153 million, up 96% year-over-year. GAAP operating margin in Q1 was 14.1%, versus 8.0% last year, up 610 basis points. Our Q1 diluted GAAP EPS was $0.92, up 136%. These increases were driven by higher net sales and GAAP gross margin expansion, partially
Slide 14: Balance Sheet and Cash Flows; Share count and repurchases
Balance Sheet and Cash Flows At the end of Q1, our cash and cash equivalents were Accounts receivable were $591 million, up 5% versus last year approximately $1.5 billion, up $283 million from the prior year. on growing net sales. Accounts payable were $554 million at Cash flow from operations was p
Slide 15: Fiscal Year 2025 Outlook
Fiscal Year 2025 Outlook Looking ahead to the remainder of FY25, we anticipate full year net sales between $4.34 billion and $4.43 billion. Non-GAAP operating income is expected to be between $700 million and $730 million. FY25 Outlook Previous FY25 Outlook New FY25 Outlook Net sales $4.3B - $4.4B $
Slide 16: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the U.S. federal securities laws, including, without limitation, statements regarding our preliminary financial results for the three months ended June 30, 2024; Fiscal Year 2025 outlook, including
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 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 forecasting and p
Slide 18: GAAP to non-GAAP reconciliation Supplemental Financial Information
GAAP to non-GAAP reconciliation LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS* (in thousands, except per share amounts) – unaudited Supplemental Financial Information GAAP to non-GAAP reconciliation (A) Three months ended June 30 2024 2023 Gross profit-GAAP $466,258 $375,642 Share-based compensati
Slide 19: Supplemental Financial Information
Supplemental Financial Information (in thousands, except per share amounts) – unaudited GAAP to non-GAAP reconciliation (A) Three months ended June 30 2024 2023 Operating income - GAAP $153,499 $78,405 Share-based compensation expense 23,405 21,511 Amortization of intangible assets and acquisition-r
Slide 20: Supplemental Financial Information and Sell-through data
LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS* (In thousands)- Unaudited Supplemental Financial Information GAAP to non-GAAP reconciliation (A) Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Gross profit- GAAP $343,864 $375,642 $438,622 $526,780 $436,977 $466,258 Share-based compensation expense 1,407 1,415
Slide 21: www.logitech.com
www.logitech.com EPFL — Quartier de l'Innovation Daniel Borel Innovation Center CH — 1015 Lausanne, Switzerland
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