[July 22, 2015] |
|
Logitech Confirms FY 2016 Outlook with Q1 Sales of $470 Million
Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced
financial results for the first quarter of Fiscal Year 2016.
-
Q1 sales were $470 million, down 2 percent compared to Q1 of the prior
year. Q1 retail sales were $425 million and grew 7 percent in constant
currency.
-
Q1 GAAP operating income was $7 million. This includes $13 million in
restructuring costs. Q1 GAAP earnings per share (EPS) were $0.04,
compared to $0.12 in the same quarter a year ago.
-
Q1 non-GAAP operating income was $31 million, with non-GAAP EPS of
$0.16, compared to $0.22 in the same quarter a year ago.
"Our first quarter results are encouraging and put us strongly on track
for FY 2016," said Bracken P. Darrell, Logitech president and chief
executive officer. "We are on the offensive, focusing on our retail
business in order to accelerate our transition to growth - Q1 retail
sales grew 7 percent in constant currency. We look forward to carrying
good momentum into the rest of fiscal year 2016 as we unveil another
fantastic portfolio of exciting, new products. As planned, we have made
excellent progress in preparing the business for the year to come -
we're on course to exit OEM by the end of calendar year 2015; we're
reorganizing Lifesize around the cloud; and we continue to optimize our
costs to invest even more in growth."
Outlook
Logitech confirmed its FY 2016 outlook of $150 million in
non-GAAP operating income and 7 percent growth for retail sales in
constant currency.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results
teleconference available online on the Logitech corporate Web site at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the
results for Q1 FY 2016 on Jul. 23, 2015 at 8:30 a.m. Eastern Daylight
Time and 2:30 p.m. Central European Summer Time. A live webcast of the
call will be available on the Logitech corporate website at http://ir.logitech.com.
Use of Non-GAAP Financial Information
To facilitate comparisons to Logitech's historical results, Logitech has
included non-GAAP adjusted measures, which exclude share-based
compensation expense, amortization of other intangible assets,
restructuring charges (credits), other restructuring-related charges,
investment impairment (recovery), benefit from (provision for) income
taxes, one-time special charges 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 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 Fiscal Year
2016.
About Logitech
Logitech designs products that have an everyday place in people's lives,
connecting them to the digital experiences they care about. Over 30
years ago Logitech started connecting people through computers, and now
it's designing products that bring people together through music,
gaming, video and computing. Founded in 1981, 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: Logitech's momentum, focus, transition to growth
and its timing, progress during Fiscal Year 2016, exiting the OEM
business, reorganizing Lifesize, strategic pricing adjustments, cost
structure, investments in growth, new products, timing of new product
introductions, and Fiscal Year 2016 operating income and sales growth.
The forward-looking statements in this 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; the demand of our customers and our consumers for our
products and our ability to accurately forecast 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 in our new product categories or our
growth opportunities are more limited than we expect; if sales of PC
peripherals are less than we expect; 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 our products and
marketing strategies fail to separate our products from competitors'
products; if we do not fully realize our goals to lower our costs and
improve our operating leverage; if there is a deterioration of business
and economic conditions in one or more of our sales regions or operating
segments, or significant fluctuations in exchange rates; 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 Securities and Exchange
Commission, including our Annual Report on Form 10-K for the fiscal year
ended March 31, 2015, 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.
2015 Logitech, Logicool, Logi and other Logitech marks are owned by
Logitech and may be registered. 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.
|
(In thousands, except per share amounts) - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
$
|
470,320
|
|
|
|
$
|
482,203
|
|
Cost of goods sold
|
|
|
|
|
298,591
|
|
|
|
|
300,450
|
|
Gross profit
|
|
|
|
|
171,729
|
|
|
|
|
181,753
|
|
% of net sales
|
|
|
|
|
36.5
|
%
|
|
|
|
37.7
|
%
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Marketing and selling
|
|
|
|
|
87,427
|
|
|
|
|
91,045
|
|
Research and development
|
|
|
|
|
33,833
|
|
|
|
|
31,316
|
|
General and administrative
|
|
|
|
|
30,504
|
|
|
|
|
36,680
|
|
Restructuring charges, net
|
|
|
|
|
12,995
|
|
|
|
|
-
|
|
Total operating expenses
|
|
|
|
|
164,759
|
|
|
|
|
159,041
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
6,970
|
|
|
|
|
22,712
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
|
|
|
264
|
|
|
|
|
258
|
|
Other expense, net
|
|
|
|
|
(1,121
|
)
|
|
|
|
(198
|
)
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
6,113
|
|
|
|
|
22,772
|
|
Provision for (benefit from) income taxes
|
|
|
|
|
(1,324
|
)
|
|
|
|
3,096
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
7,437
|
|
|
|
$
|
19,676
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.12
|
|
Diluted
|
|
|
|
$
|
0.04
|
|
|
|
$
|
0.12
|
|
Shares used to compute net income per share :
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
164,431
|
|
|
|
|
163,012
|
|
Diluted
|
|
|
|
|
166,895
|
|
|
|
|
165,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOGITECH INTERNATIONAL S.A.
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
March 31,
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
2015
|
|
|
2015
|
|
|
|
|
(Unaudited)
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
492,228
|
|
|
$
|
537,038
|
Accounts receivable, net
|
|
|
|
|
221,580
|
|
|
|
179,823
|
Inventories
|
|
|
|
|
327,507
|
|
|
|
270,730
|
Other current assets
|
|
|
|
|
73,310
|
|
|
|
64,429
|
Total current assets
|
|
|
|
$
|
1,114,625
|
|
|
$
|
1,052,020
|
Non-current assets:
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
101,669
|
|
|
|
91,593
|
Goodwill
|
|
|
|
|
218,251
|
|
|
|
218,213
|
Other intangible assets
|
|
|
|
|
1,164
|
|
|
|
1,866
|
Other assets
|
|
|
|
|
62,338
|
|
|
|
62,988
|
Total assets
|
|
|
|
$
|
1,498,047
|
|
|
$
|
1,426,680
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
340,330
|
|
|
$
|
299,995
|
Accrued and other current liabilities
|
|
|
|
|
213,971
|
|
|
|
194,912
|
Total current liabilities
|
|
|
|
$
|
554,301
|
|
|
$
|
494,907
|
Non-current liabilities:
|
|
|
|
|
177,328
|
|
|
|
173,639
|
Total liabilities
|
|
|
|
$
|
731,629
|
|
|
$
|
668,546
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
766,418
|
|
|
|
758,134
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
$
|
1,498,047
|
|
|
$
|
1,426,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOGITECH INTERNATIONAL S.A.
|
(In thousands) - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
Operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
7,437
|
|
|
|
$
|
19,676
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation
|
|
|
|
|
10,516
|
|
|
|
|
9,951
|
|
Amortization of other intangible assets
|
|
|
|
|
732
|
|
|
|
|
2,782
|
|
Share-based compensation expense
|
|
|
|
|
6,749
|
|
|
|
|
6,938
|
|
Impairment of investments
|
|
|
|
|
103
|
|
|
|
|
-
|
|
Loss (gain) on disposal of property, plant and equipment
|
|
|
|
|
-
|
|
|
|
|
22
|
|
Excess tax benefits from share-based compensation
|
|
|
|
|
(665
|
)
|
|
|
|
(381
|
)
|
Deferred income taxes and other
|
|
|
|
|
(6,732
|
)
|
|
|
|
(1,832
|
)
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
|
(41,208
|
)
|
|
|
|
(36,663
|
)
|
Inventories
|
|
|
|
|
(54,164
|
)
|
|
|
|
(18,463
|
)
|
Other assets
|
|
|
|
|
(2,383
|
)
|
|
|
|
(2,063
|
)
|
Accounts payable
|
|
|
|
|
34,541
|
|
|
|
|
40,775
|
|
Accrued and other liabilities
|
|
|
|
|
19,475
|
|
|
|
|
7,016
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
(25,599
|
)
|
|
|
|
27,758
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
|
(15,290
|
)
|
|
|
|
(11,243
|
)
|
Investment in privately held companies
|
|
|
|
|
(240
|
)
|
|
|
|
(1,050
|
)
|
Purchase of trading investments
|
|
|
|
|
(903
|
)
|
|
|
|
(454
|
)
|
Proceeds from sales of trading investments
|
|
|
|
|
840
|
|
|
|
|
506
|
|
Net cash used in investing activities
|
|
|
|
|
(15,593
|
)
|
|
|
|
(12,241
|
)
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
Contingent consideration related to prior acquisition
|
|
|
|
|
-
|
|
|
|
|
(100
|
)
|
Purchases of treasury shares
|
|
|
|
|
(8,814
|
)
|
|
|
|
-
|
|
Proceeds from sales of shares upon exercise of options
|
|
|
|
|
4,066
|
|
|
|
|
574
|
|
Tax withholdings related to net share settlements of restricted
stock units
|
|
|
|
|
(1,296
|
)
|
|
|
|
(695
|
)
|
Excess tax benefits from share-based compensation
|
|
|
|
|
665
|
|
|
|
|
381
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
(5,379
|
)
|
|
|
|
160
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
1,761
|
|
|
|
|
(108
|
)
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
(44,810
|
)
|
|
|
|
15,569
|
|
Cash and cash equivalents, beginning of the period
|
|
|
|
$
|
537,038
|
|
|
|
|
469,412
|
|
Cash and cash equivalents, end of the period
|
|
|
|
$
|
492,228
|
|
|
|
$
|
484,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOGITECH INTERNATIONAL S.A.
|
(In thousands, except per share amounts) - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET SALES
|
|
|
|
Three Months Ended
|
|
|
|
|
June 30,
|
SUPPLEMENTAL FINANCIAL INFORMATION
|
|
|
|
2015
|
|
|
2014
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
Net sales by channel:
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
|
$
|
425,388
|
|
|
$
|
423,814
|
|
|
-
|
%
|
OEM
|
|
|
|
|
22,298
|
|
|
|
32,632
|
|
|
(32
|
)
|
Video conferencing
|
|
|
|
|
22,634
|
|
|
|
25,757
|
|
|
(12
|
)
|
Total net sales
|
|
|
|
$
|
470,320
|
|
|
$
|
482,203
|
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net retail sales by product family(*):
|
|
|
|
|
|
|
|
|
|
|
Mobile Speakers
|
|
|
|
$
|
40,544
|
|
|
$
|
28,830
|
|
|
41
|
|
Gaming
|
|
|
|
|
43,670
|
|
|
|
46,876
|
|
|
(7
|
)
|
Video collaboration
|
|
|
|
|
21,176
|
|
|
|
15,225
|
|
|
39
|
|
Tablet & Other Accessories
|
|
|
|
|
18,809
|
|
|
|
31,716
|
|
|
(41
|
)
|
Growth
|
|
|
|
|
124,199
|
|
|
|
122,647
|
|
|
1
|
|
Pointing Devices
|
|
|
|
|
116,985
|
|
|
|
113,042
|
|
|
3
|
|
Keyboards & Combos
|
|
|
|
|
105,829
|
|
|
|
105,489
|
|
|
0
|
|
Audio-PC & Wearables
|
|
|
|
|
45,699
|
|
|
|
48,548
|
|
|
(6
|
)
|
PC Webcams
|
|
|
|
|
21,681
|
|
|
|
20,463
|
|
|
6
|
|
Home Control
|
|
|
|
|
10,254
|
|
|
|
12,332
|
|
|
(17
|
)
|
Profit Maximization
|
|
|
|
|
300,448
|
|
|
|
299,874
|
|
|
-
|
|
Retail Strategic Sales
|
|
|
|
|
424,647
|
|
|
|
422,521
|
|
|
1
|
|
Non-Strategic
|
|
|
|
|
741
|
|
|
|
1,293
|
|
|
(43
|
)
|
Total net retail sales
|
|
|
|
$
|
425,388
|
|
|
$
|
423,814
|
|
|
-
|
|
__________________
|
|
|
|
|
|
|
|
|
|
|
* Certain products within the retail product families as presented
in prior period have been reclassified to conform to the current
period presentation, with no impact on previously reported total net
retail sales.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOGITECH INTERNATIONAL S.A.
|
(In thousands, except per share amounts) - Unaudited
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GAAP TO NON GAAP RECONCILIATION (A)
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Three Months Ended
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June 30,
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SUPPLEMENTAL FINANCIAL INFORMATION
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2015
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2014
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Gross profit - GAAP
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$
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171,729
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$
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181,753
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Share-based compensation expense
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605
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538
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Amortization of other intangible assets
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508
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550
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Gross profit - Non-GAAP
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$
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172,842
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$
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182,841
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Gross margin - GAAP
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36.5
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%
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37.7
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%
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Gross margin - Non-GAAP
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36.7
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%
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37.9
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%
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Operating expenses - GAAP
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$
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164,759
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$
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159,041
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Less: Share-based compensation expense
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6,137
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6,400
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Less: Amortization of other intangible assets
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224
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2,232
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Less: Restructuring charges, net
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12,995
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-
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Less: One time special charge
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4,049
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*
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8,986
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Operating expenses - Non-GAAP
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$
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141,354
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$
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141,423
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% of net sales - GAAP
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35.0
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%
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33.0
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%
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% of net sales - Non - GAAP
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30.1
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%
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29.3
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%
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Operating income - GAAP
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$
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6,970
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$
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22,712
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Share-based compensation expense
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6,742
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6,938
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Amortization of other intangible assets
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732
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2,782
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Restructuring charges, net
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12,995
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-
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One time special charge
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4,049
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*
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8,976
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Operating income - Non - GAAP
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$
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31,488
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$
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41,408
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% of net sales - GAAP
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1.5
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%
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4.7
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%
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% of net sales - Non - GAAP
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6.7
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%
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8.6
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%
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Net income - GAAP
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$
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7,437
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$
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19,676
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Share-based compensation expense
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6,742
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6,938
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Amortization of other intangible assets
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732
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2,782
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Restructuring charges, net
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12,995
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-
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One time special charge
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4,049
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*
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8,976
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Investment impairment, net
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103
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-
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Provision for income taxes
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(5,320
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)
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(2,104
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)
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Net income - Non - GAAP
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26,738
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36,268
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Net income per share:
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Diluted - GAAP
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$
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0.04
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$
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0.12
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Diluted - Non - GAAP
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$
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0.16
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$
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0.22
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Shares used to compute net income per share:
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Diluted - GAAP and Non GAAP
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166,895
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165,833
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* These expenses include an increase of $3.5 million in the
accrual for a proposed settlement of the SEC investigation and
other expenses related to that investigation.
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(A) Non-GAAP Financial Measures
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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.
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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 June 30, 2015, we
excluded items in the following general categories, each of which
are described below:
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Share-based compensation expenses. 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.
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Amortization of other 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 operating expenses and
financial results from period to period.
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Restructuring and restructuring-related charges. These
expenses are associated with re-aligning our business strategies
based on current economic conditions. We have undertaken several
restructurings 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. Our restructuring initiatives
also resulted in other costs related to restructurings not
qualifying for inclusion in restructuring charges. We believe that
providing the non-GAAP measures excluding these charges, as well
as the GAAP measures, assists our investors because such charges
are not reflective of our ongoing operating results in the current
period.
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Investment impairment, net. We incur investment impairment,
primarily related to our investments in various privately-held
companies. The investment impairment varies depending on the
operational and financial performance of the privately-held
companies we invested in. We believe that providing the non-GAAP
measures excluding these charges, as well as the GAAP measures,
assists our investors because such charges are not reflective of our
ongoing operations.
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One-time special charges: costs related to investigations and
related expenses. These expenses are forensic accounting,
audit, consulting and legal fees related to the Audit Committee's
investigation and the ongoing formal investigation by and
settlement discussion with the Securities and Exchange Commission
(SEC), together with accruals based on settlement discussion with
the SEC. We believe that providing the non-GAAP measures excluding
these charges, as well as the GAAP measures, assists our investors
because such charges are one-time in nature and not reflective of
our ongoing operations.
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Other charges. We provided non-GAAP measures excluding the
effect of certain charges and income that are not reflective of our
ongoing operations.
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In addition, Logitech 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. Sales
for the three months ended June 30, 2015 compared to sales for the
three months ended June 30, 2014 grew 4 percent in constant currency
and declined 2 percent in U.S. dollars. Retail sales for the three
months ended June 30, 2015 compared to retail sales for the three
months ended June 30, 2014 grew 7 percent in constant currency and
was flat in U.S. Dollars.
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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.
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LOGITECH INTERNATIONAL S.A.
|
(In thousands, except per share amounts) - Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
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SHARED BASED COMPENSATION EXPENSE
|
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|
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Three Months Ended
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June 30,
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SUPPLEMENTAL FINANCIAL INFORMATION
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
Share-based Compensation Expense
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Cost of goods sold
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$
|
605
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$
|
538
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Marketing and selling
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2,118
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2,556
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Research and Development
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787
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844
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General and administrative
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3,232
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3,000
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Restructuring
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7
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-
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Income tax benefit
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(1,337
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)
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(1,184
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Total share-based compensation expense after income taxes
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$
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5,412
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$
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5,754
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__________________
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(LOGIIR)
View source version on businesswire.com: http://www.businesswire.com/news/home/20150722006547/en/
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