FY 2016 Retail Sales Grow 9 Percent in Constant
Currency and Profitability Beats Expectations; FY 2017 Outlook
Confirmed
Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced
financial results for the fourth quarter and full year of Fiscal
Year 2016.
Q4 closed a strong fiscal year with sales for the quarter
reaching $431 million. Q4 retail sales (total sales excluding OEM
and Lifesize) grew 6 percent in constant currency, GAAP operating
income was $10 million and non-GAAP operating income was $22
million.
For the full Fiscal Year 2016, ended March 31, 2016:
- Sales were $2.02 billion, up 1 percent
compared to the previous fiscal year. Full-year retail sales were
$1.95 billion and grew 9 percent in constant currency.
- GAAP operating income was $129 million,
with GAAP earnings per share (EPS) of $0.77, compared to $0.89 a
year ago.
- Non-GAAP operating income was $179
million, with non-GAAP EPS of $0.98, down from $1.10 a year
ago.
- Cash flow from operations was $183
million, and the Company returned $156 million to shareholders in
the form of dividends and share repurchases.
“In FY 2016, we delivered our best annual retail sales growth in
five years and better-than-expected profitability,” said Bracken
Darrell, Logitech president and chief executive officer. “Sales in
our Gaming category grew 23 percent, Mobile Speakers grew 37
percent and Video Collaboration grew 51 percent, all in constant
currency. Together, our Mice and Keyboard categories also grew 6
percent in constant currency. This demonstrates our ability to
innovate across a diverse portfolio - strong innovation that, when
combined with disciplined cost management, drives profitable
growth.
“Looking forward to Fiscal Year 2017, we now have a strong
foundation upon which to build. We will continue to develop our
balanced portfolio of businesses and brands to address a number of
big and growing markets - Gaming, Home, Music, Video Collaboration
and Creativity & Productivity. We look forward to delivering
another year of fantastic new products and are optimistic for the
solid growth and profitability they will generate.”
Outlook
Logitech confirmed its FY 2017 outlook of $185 million to $200
million in non-GAAP operating income and constant currency retail
sales growth in the mid-single digits.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial
results teleconference available online on the Logitech corporate
website at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss
the results for Q4 and full-year FY 2016 on Thurs., April 28, 2016
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.
Continued Operations
Logitech separated its Lifesize division from the Company on
Dec. 28, 2015. Except as otherwise noted, all of the results
reported in this press release as well as comparisons between
periods are focused on results from continuing operations and do
not address the performance of Lifesize, which is now reported in
the Company’s financial statements under discontinued operations or
total Logitech including discontinued operations. For more
information on the impact of the Lifesize separation on Logitech’s
historical results, please refer to the Financial Reporting section
of Logitech’s Financial History, 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), 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, 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 Fiscal Year 2017.
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: innovation, portfolio diversity,
business and brand development, cost management, growth,
profitability, market growth, new products, and outlook for Fiscal
Year 2017 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 product
categories, or significant fluctuations in exchange 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
and our Quarterly Report on Form 10-Q for the fiscal quarter ended
December 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.
2016 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 Fiscal Years
Ended March 31 March 31 GAAP CONSOLIDATED
STATEMENTS OF OPERATIONS 2016 2015 2016
2015 Net sales $ 430,841 $ 442,283 $ 2,018,100
$ 2,004,908
Cost of goods sold 288,741
300,609 1,337,053 1,299,451
Gross profit 142,100 141,674
681,047 705,457
Operating
expenses: Marketing and selling 77,091 75,646 319,015 321,749
Research and development 27,288 28,297 113,624 108,306 General and
administrative 23,582 29,233 101,548 125,995 Restructuring charges
(credits), net 3,784 (4,742 ) 17,802
(4,777 )
Total operating expenses
131,745 128,434 551,989
551,273
Operating income 10,355 13,240 129,058
154,184 Interest income, net 241 373 790 1,197 Other income
(expense), net 2,518 1,404 1,624
(2,298 )
Income from continuing operations before
income taxes 13,114 15,017 131,472 153,083 Provision for
(benefit from) income taxes (3,896 ) (3,801 )
3,110 4,654
Net income from continuing
operations 17,010 18,818
128,362
148,429 Gain (loss) from discontinued operations, net of
taxes 11,687 (128,085 ) (9,045 )
(139,146 )
Net income (loss) $ 28,697 $ (109,267 ) $
119,317 $ 9,283 Net income (loss) per share -
basic: Continuing operations $ 0.10 $ 0.11 $ 0.79 $ 0.91
Discontinued operations $ 0.08 $ (0.77 ) $ (0.06 ) $ (0.85 )
Net income (loss) per share - basic $ 0.18 $ (0.66 ) $ 0.73
$ 0.06 Net income (loss) per share - diluted:
Continuing operations $ 0.10 $ 0.11 $ 0.77 $ 0.89 Discontinued
operations $ 0.07 $ (0.77 ) $ (0.05 ) $ (0.83 ) Net income
(loss) per share - diluted $ 0.17 $ (0.66 ) $ 0.72 $
0.06 Weighted average shares used to compute net
income (loss) per share: Basic 162,671 164,319 163,296 163,536
Diluted 165,365 166,424 165,792 166,174
Cash dividends per share $ — $ — $ 0.53 $ 0.27
LOGITECH INTERNATIONAL
S.A. (In thousands) - Unaudited March 31
March 31 CONSOLIDATED BALANCE SHEETS 2016
2015 Current assets: Cash and cash equivalents
$ 519,195 $ 533,380 Accounts receivable, net 142,778 167,196
Inventories 228,786 255,980 Other current assets 35,488 63,362
Current assets of discontinued operations —
32,102 Total current assets 926,247 1,052,020
Non-current
assets: Property, plant and equipment, net 92,860 86,478
Goodwill 218,224 218,213 Other assets 86,816 62,333 Long-term
assets of discontinued operations — 7,636
Total assets $ 1,324,147 $ 1,426,680
Current liabilities: Accounts payable $ 241,166 $
292,797 Accrued and other current liabilities 173,764 163,344
Current liabilities of discontinued operations —
38,766 Total current liabilities 414,930 494,907
Non-current liabilities: Income taxes payable 59,734 72,107
Other non-current liabilities 89,535 91,195 Long-term liabilities
of discontinued operations — 10,337
Total liabilities 564,199 668,546
Shareholders'
equity: Registered shares, CHF 0.25 par value: 30,148 30,148
Issued and authorized shares—173,106 at March 31, 2016 and 2015
Conditionally authorized shares—50,000 at March 31, 2016 and 2015
Additional paid-in capital 6,616 — Less shares in treasury, at
cost—10,697 at March 31, 2016 and 8,625 at March 31, 2015 (128,407
) (88,951 ) Retained earnings 963,576 930,174 Accumulated other
comprehensive loss (111,985 ) (113,237 )
Total
shareholders' equity 759,948 758,134
Total liabilities and shareholders' equity $
1,324,147 $ 1,426,680
LOGITECH INTERNATIONAL
S.A. (In thousands) - Unaudited Three Months
Ended Fiscal Years Ended March 31 March 31
CONSOLIDATED STATEMENTS OF CASH FLOWS * 2016
2015 2016 2015 Operating
activities: Net income (loss) $ 28,697 $ (109,267 ) $ 119,317 $
9,283 Adjustments to reconcile net income (loss) to net cash
provided by operating activities: Depreciation 14,224 11,745 51,108
41,304 Amortization of other intangible assets 349 737 1,885 8,361
Share-based compensation expense 7,476 5,779 27,351 25,825
Impairment of goodwill and other assets — 122,734 — 122,734
Investment impairment — 39 — 2,298 Gain on equity method
investments (645 ) — (469 ) — Gain on disposal of property, plant
and equipment — — — (44 ) Net gain on divestiture of discontinued
operations (13,684 ) — (13,684 ) — Excess tax benefits from
share-based compensation — (298 ) (2,084 ) (2,831 ) Deferred income
taxes 3,690 5,391 6,604 2,240 Changes in operating assets and
liabilities, net of acquisitions: Accounts receivable, net 141,327
123,008 25,513 (8,018 ) Inventories 13,900 (30,339 ) 31,966 (60,510
) Other assets 7,354 2,308 (1,975 ) (4,284 ) Accounts payable
(126,867 ) (50,897 ) (58,104 ) 60,413 Accrued and other liabilities
(43,561 ) (39,366 ) (4,317 ) (18,139 )
Net cash provided by operating activities 32,260
41,574 183,111 178,632
Investing activities: Purchases of property,
plant and equipment (6,172 ) (10,476 ) (56,615 ) (45,253 )
Investment in privately held companies (320 ) — (2,419 ) (2,550 )
Payments for divestiture of discontinued operations (1,395 ) —
(1,395 ) — Acquisitions, net of cash acquired — (926 ) — (926 )
Changes in restricted cash and cash equivalents, net (715 ) — (715
) — Purchase of trading investments (5,224 ) (1,571 ) (9,619 )
(5,034 ) Proceeds from sales of trading investments 5,405
1,618 10,073 5,474
Net cash used in investing activities (8,421 )
(11,355 ) (60,690 ) (48,289 )
Financing
activities: Payment of cash dividends — — (85,915 ) (43,767 )
Contingent consideration related to prior acquisition — — — (100 )
Purchases of treasury shares (21,556 ) (1,663 ) (70,358 ) (1,663 )
Repurchase of ESPP awards — — — (1,078 ) Proceeds from sales of
shares upon exercise of options and purchase rights 7,205 1,672
19,767 4,138 Tax withholdings related to net share settlements of
restricted stock units (1,890 ) (1,759 ) (7,247 ) (9,215 ) Excess
tax benefits from share-based compensation —
298 2,084 2,831
Net cash used
in financing activities (16,241 ) (1,452 )
(141,669 ) (48,854 ) Effect of exchange rate changes
on cash and cash equivalents 2,610 (8,342 )
1,405 (13,863 ) Net increase (decrease) in
cash and cash equivalents 10,208 20,425
(17,843 ) 67,626 Cash and cash equivalents,
beginning of the period 508,987 516,613
537,038 469,412
Cash and cash
equivalents, end of the period $ 519,195 $ 537,038
$ 519,195 $ 537,038
__________________
* Statements of consolidated cash flows
include discontinued operations.
LOGITECH INTERNATIONAL S.A. (In thousands) -
Unaudited NET SALES Three Months Ended
Fiscal Years Ended March 31 March 31
SUPPLEMENTAL FINANCIAL INFORMATION 2016 2015
Change
2016 2015
Change
Net sales by channel: Retail $ 430,841 $ 416,144 4 %
$ 1,947,059 $ 1,887,446 3 % OEM — 26,139
(100 ) 71,041 117,462 (40
)
Total net sales $ 430,841 $ 442,283 (3 ) $
2,018,100 $ 2,004,908 1
Net retail
sales by product category: Mobile Speakers $ 23,543 $ 38,406
(39 ) $ 229,718 $ 178,038 29 Gaming 56,102 47,341 19 245,101
211,911 16 Video Collaboration 21,862 16,248 35 89,322 62,215 44
Tablet & Other Accessories 30,664 26,021 18 103,886 140,994 (26
) Pointing Devices 111,179 104,686 6 492,543 487,210 1 Keyboards
& Combos 105,732 100,900 5 430,190 426,117 1 Audio-PC &
Wearables 46,672 51,015 (9 ) 196,013 213,496 (8 ) PC Webcams 23,952
19,225 25 98,641 96,680 2 Home Control 10,527 11,836 (11 ) 59,075
68,060 (13 ) Other (*) 608 466 30
2,570 2,725 (6 )
Total net
retail sales $ 430,841 $ 416,144 4 $ 1,947,059
$ 1,887,446 3
__________________
* Other category Includes products that we
currently intend to transition out of, or have already transitioned
out of, because they are no longer strategic to our business.
LOGITECH INTERNATIONAL S.A. (In thousands, except per
share amounts) - Unaudited GAAP TO NON GAAP
RECONCILIATION (A) Three Months Ended Fiscal
Years Ended March 31 March 31 SUPPLEMENTAL
FINANCIAL INFORMATION 2016 2015 2016
2015 Gross profit - GAAP $ 142,100 $ 141,674 $
681,047 $ 705,457 Share-based compensation expense 692
749 2,340 2,474
Gross profit - Non-GAAP $ 142,792 $ 142,423 $
683,387 $ 707,931 Gross margin - GAAP 33.0 %
32.0 % 33.7 % 35.2 % Gross margin - Non-GAAP 33.1 % 32.2 % 33.9 %
35.3 %
Operating expenses - GAAP $ 131,745 $ 128,434
$ 551,989 $ 551,273 Less: Share-based compensation expense 7,036
4,713 24,672 21,717 Less: Amortization of other intangible assets 1
166 448 763 Less: Restructuring charges (credits), net 3,784 (4,742
) 17,802 (4,777 ) Less: One time special charge 555
4,213 4,676 23,737
Operating expenses - Non-GAAP $ 120,369 $ 124,084
$ 504,391 $ 509,833 % of net sales -
GAAP 30.6 % 29.0 % 27.4 % 27.5 % % of net sales - Non - GAAP 27.9 %
28.1 % 25.0 % 25.4 %
Operating income - GAAP $ 10,355
$ 13,240 $ 129,058 $ 154,184 Share-based compensation expense 7,728
5,462 27,012 24,191 Amortization of other intangible assets 1 166
448 763 Restructuring charges (credits), net 3,784 (4,742 ) 17,802
(4,777 ) One time special charge 555 4,213
4,676 23,737
Operating income
- Non - GAAP $ 22,423 $ 18,339 $ 178,996 $
198,098 % of net sales - GAAP 2.4 % 3.0 % 6.4 % 7.7 %
% of net sales - Non - GAAP 5.2 % 4.1 % 8.9 % 9.9 %
Net
income from continuing operations - GAAP $ 17,010 $ 18,818 $
128,362 $ 148,429 Share-based compensation expense 7,728 5,462
27,012 24,191 Amortization of other intangible assets 1 166 448 763
Restructuring charges (credits), net 3,784 (4,742 ) 17,802 (4,777 )
One time special charge 555 4,213 4,676 23,737 Investment
impairment (645 ) 39 (469 ) 2,298 Provision for income taxes
(5,452 ) (5,534 ) (15,413 ) (12,468 )
Net income from continuing operations -
Non - GAAP
$ 22,981 $ 18,422 $ 162,418 $ 182,173
Net income from continuing operations
per share:
Diluted - GAAP $ 0.10 $ 0.11 $ 0.77 $ 0.89 Diluted - Non - GAAP $
0.14 $ 0.11 $ 0.98 $ 1.10
Shares used to compute net
income per share: Diluted - GAAP and Non - GAAP 165,365 166,424
165,792 166,174
LOGITECH INTERNATIONAL S.A. (In thousands)
- Unaudited SHARE-BASED COMPENSATION EXPENSE
Three Months Ended Fiscal Years Ended March 31
March 31 SUPPLEMENTAL FINANCIAL INFORMATION
2016 2015 2016 2015
Share-based Compensation Expense Cost of goods sold $ 692 $
749 $ 2,340 $ 2,474 Marketing and selling 2,728 1,911 9,273 8,570
Research and Development 872 601 3,046 2,381 General and
administrative 3,436 2,201 12,353 10,766 Restructuring — — 7 —
Income tax benefit (2,354 ) (529 ) (6,297 )
(4,814 )
Total share-based compensation expense,
net of income taxes
$ 5,374 $ 4,933 $ 20,722 $ 19,377
__________________
(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 and year
ended March 31, 2016, we excluded items in the following general
categories, each of which are described below:
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.
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.
Restructuring charges (credits). 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. 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.
Investment impairment (recovery). We
incur investment impairment and recovery, primarily related to our
investments in various privately-held companies. The investment
impairment or recovery 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.
One-time special charges: costs
related to investigations and related expenses, and business
acquisitions. These expenses are forensic accounting, audit,
consulting and legal fees related to the Audit Committee’s
investigation and the formal investigation
by and settlement with the Securities and Exchange
Commission (SEC), together with accruals based on
settlement with the SEC, and related to business acquisitions.
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.
Other charges. We provided non-GAAP
measures excluding the effect of certain charges and income that
are not reflective of our ongoing operations.
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 March 31,
2016 compared to sales for the three months ended March 31, 2015
decreased 1 percent in constant currency and decreased 3 percent in
U.S. Dollars. Retail sales for the three months ended March 31,
2016 compared to retail sales for the three months ended March 31,
2015 grew 6 percent in constant currency and grew 4 percent in U.S.
Dollars. Retail sales for the year ended March 31, 2016 compared to
retail sales for year ended March 31, 2015 grew 9 percent in
constant currency and grew 3 percent in U.S. Dollars. Sales in our
Gaming, Mobile Speakers and Video Collaboration category for the
year ended March 31, 2016 compared to the sales for those
categories for the year ended March 31, 2015 grew 23 percent, 37
percent and 51 percent, respectively, in constant currency and grew
16 percent, 29 percent and 44 percent, respectively, in U.S.
Dollars. Sales for the combined Mice and Keyboard categories for
the year ended March 31, 2016 compared to sales for those combined
categories for the year ended March 31, 2015 grew 6 percent in
constant currency and grew 1 percent in U.S. Dollars.
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.
(LOGIIR)
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version on businesswire.com: http://www.businesswire.com/news/home/20160427006861/en/
Logitech InternationalJoe GreenhalghVice President, Investor
Relations - USA510-713-4430orKrista ToddVice President, External
Communications - USA510-713-5834orBen StarkieCorporate
Communications - Europe+41-(0) 79-292-3499
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