Slide 1: Q2 2025 Shareholder Letter
Q2 2025 Shareholder Letter October 21, 2024
Slide 2: Q2 FY25 Highlights
Q2 FY25 Highlights Net Sales $1,057M $1,116M +6% y/y (cc) Q2 FY25 net sales were $1.1 Q2 FY24 Q2 FY25 billion, up 6% (cc) versus Q2 GAAP Gross Margin FY24. We gained market share 43.6% in Pointing Devices, Keyboards 41.5% & Combos, Gaming Wired Mice, Console Gaming +210 basis Headsets, and PC Headse
Slide 3: Dear Logitech Shareholder
Dear Logitech Shareholder, The second quarter of our 2025 Fiscal Year built on our strong start to the year. We continued to deliver robust topline growth and year-over-year expansion of non-GAAP gross margin. We continued to operate our business with discipline, including strong cost management, po
Slide 4: Q2 FY25 results
Q2 FY25 results In Q2, we continued to deliver profitable growth, as top-line growth was supported by healthy non-GAAP gross margin expansion. Overall, net sales in constant currency grew by 6% year over year, to $1.1 billion. For the second consecutive quarter, the benefits of a broadly diversified
Slide 5: Fiscal Year 2025 outlook
Fiscal Year 2025 outlook Our second quarter results reflect a business that is returning to sustained, profitable growth. As we look ahead to the second half of FY25, we remain focused on operating the business with discipline. We feel confident about the trajectory of our business and we are increa
Slide 6: What's new from Logitech
What’s new from Logitech G915 X Gaming Keyboard Logitech G unveiled the G915 X Gaming Keyboard, a wireless mechanical keyboard that combines high-performance features with a low-profile design. Standing at 23mm high, this is one of the Company’s thinnest low-profile wireless gaming keyboards. Combin
Slide 7: Sustainability
Sustainability Logitech announced the winners of its Future Positive Technology Challenge, showcasing innovative solutions aimed at environmental and social sustainability. The challenge invited startups and researchers to present technologies aligning with Logitech’s commitment to creating a positi
Slide 8: Financial Discussion
Financial Discussion Q2 FY25 Results For Q2, net sales in constant currency increased by 6% to $1.1 billion year-over-year, driven by improving demand. Both non-GAAP gross margin at 44.1% and non-GAAP operating margin at 17.3% were robust in Q2, reflecting strong operational execution. In Q2, we gai
Slide 9: Gaming, Video Collaboration, Personal Workspace Solutions
Gaming Video Collaboration Gaming sales increased 8% (cc) in Q2, as PC Gaming Video Collaboration sales increased 5% (cc) in Q2, driven by delivered a fourth consecutive quarter of growth. Simulation a combination of solid growth in Video Conferencing and in is up double digits for three consecutive
Slide 10: Net Retail Sales by Region
Net Retail Sales by Region For the third consecutive quarter, sales grew in all three regions. Americas EMEA Asia Pacific Sales in the Americas region were up 5% Sales in the EMEA region were up 13% Sales in the Asia Pacific region (cc) in Q2. For the fourth consecutive (cc) in Q2. For the third con
Slide 11: Non-GAAP Gross Margin and Operating Expenses
Non-GAAP Gross Margin Q2 FY25 non-GAAP gross margin was 44.1%, up 210 basis points versus Q2 FY24, reflecting lower product costs and lower inventory reserves driven by higher demand, partially offset by higher promotional spending. Quarterly Non-GAAP Gross Margin 42.0% 42.3% 43.6% 43.3% 44.1% Q2 FY
Slide 12: Profitability
Profitability GAAP operating income in Q2 was $161 million, up 3% year over year. GAAP operating margin in Q2 was 14.4%, versus 14.8% last year, down 40 basis points. Q2 diluted GAAP EPS was $0.95, up 10%. The increases in GAAP operating income and diluted GAAP EPS were driven by higher net sales an
Slide 13: Balance Sheet and Cash Flows
Balance Sheet and Cash Flows At the end of Q2, cash and cash equivalents were Accounts receivable were $629 million, down 4% versus last approximately $1.4 billion, up $199 million from the prior year. year, reflecting improved linearity. Accounts payable were Cash flow from operations was positive
Slide 14: Fiscal Year 2025 Outlook
Fiscal Year 2025 Outlook Looking ahead to the remainder of FY25, we anticipate full-year net sales to be between $4.39 billion and $4.47 billion. Non-GAAP operating income is expected to be between $720 million and $750 million. FY25 Outlook Previous FY25 Outlook New FY25 Outlook Net sales $4.34B -
Slide 15: 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 and six months ended September 30, 2024; Fiscal Year 2025 outlo
Slide 16: Non-GAAP Financial Measures
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 forecasting and plann
Slide 17: GAAP to non-GAAP reconciliation
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 September 30 Six months ended September 30 2024 2023 2024 2023 Gross profit
Slide 18: Supplemental Financial Information
Supplemental Financial Information (in thousands, except per share amounts) – unaudited GAAP to non-GAAP reconciliation (A) Three months ended Sept 30 Six months ended Sept 30 2024 2023 2024 2023 Operating income - GAAP $160,896 $156,639 $314,395 $235,044 Share-based compensation expense 26,469 22,0
Slide 19: Supplemental Financial Information
LOGITECH INTERNATIONAL S.A. PRELIMINARY RESULTS* (In thousands)- Unaudited Supplemental Financial Information GAAP to non-GAAP reconciliation (A) Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Gross profit - GAAP $375,642 $438,622 $526,780 $436,977 $466,258 $486,091 Share-based compensation expense 1,415 2,462
Slide 20: www.logitech.com
www.logitech.com EPFL — Quartier de l'Innovation Daniel Borel Innovation Center CH — 1015 Lausanne, Switzerland