Logitech Hosts Annual Analyst and Investor Day
Current Fiscal Year 2023 Outlook: Logitech confirmed its current Fiscal Year 2023 outlook of between 15 percent and 13 percent sales decline in constant currency, and between
$550 millionand $600 millionin non-GAAP operating income.
First Half Fiscal Year 2024 Outlook: Logitech announced its outlook for the first half of Fiscal Year 2024. Revenue is expected to be between
$1.8 billionand $1.9 billion, a decline in US dollars of between 22 percent and 18 percent. Non-GAAP operating income is expected to be between $160 millionand $190 million.
- Long-Term Business Model: Logitech maintains its long-term non-GAAP model. Long-term, the expectation for sales growth in constant currency continues to be from 8 to 10 percent. The expected long-term non-GAAP gross margin target is maintained at between 39 and 44 percent. The expected long-term non-GAAP operating margin target is maintained at between 14 and 17 percent.
“Fiscal Year 2023 has been a year of transition for Logitech as we continue to navigate a series of external headwinds,” said
Analyst and Investor Day Videoconference and Livestream
At Logitech's Analyst and Investor Day, Company executives will present a view of the Company’s long-term strategy and industry-leading innovation. The event will be held on
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 primarily share-based compensation expense, amortization of intangible assets, acquisition-related costs, impairment of intangible assets, 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 in our “GAAP to Non-GAAP Reconciliation” under “Supplemental Financial Information” in our quarterly earnings press release and posted to our website at http://ir.logitech.com. Logitech also presents percentage sales growth (decline) 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 financial outlooks for Fiscal Year 2023 or first half of fiscal year 2024, and for the long-term non-GAAP model.
Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones and Ultimate Ears. Founded in 1981, and headquartered in
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: our outlooks for fiscal year 2023, for first half of fiscal year 2024, and for the long-term non-GAAP model, and related assumptions, market share and business opportunities, and market trends. 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: macroeconomic and geopolitical conditions and other factors and their impact, including the COVID-19 pandemic and changes in the COVID-19 pandemic controls and infection levels in
Note that unless noted otherwise, comparisons are year over year.
Logitech and other Logitech marks are trademarks or registered trademarks of
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