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LOGI Logitech International

Logitech International SA is a holding company, which engages in design, manufacture, and marketing of peripherals for PCs, tablets and other digital platforms. It offers headsets, speakers, mice, keyboards, and webcams. The firm's brand include Logitech, Jaybird, Ultimate Ears, Logitech G, ASTRO Gaming, and Blue Microphones. The company was founded by Daniel Borel, Pierluigi Zappacosta, and Giacamo Marini on October 2, 1981 and is headquartered in Lausanne, Switzerland.

Company profile

Ticker
LOGI
Exchange
CEO
Bracken P. Darrell
Employees
Location
Fiscal year end
Former names
LOGITECH INTERNATIONAL SA
SEC CIK

LOGI stock data

(
)

Calendar

29 Jul 21
2 Aug 21
31 Mar 22
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Mar 21 Mar 20 Mar 19 Mar 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.5B 1.5B 1.5B 1.5B 1.5B 1.5B
Cash burn (monthly) 84.2M (positive/no burn) (positive/no burn) (positive/no burn) 38.32M (positive/no burn)
Cash used (since last report) 94.1M n/a n/a n/a 42.83M n/a
Cash remaining 1.4B n/a n/a n/a 1.45B n/a
Runway (months of cash) 16.7 n/a n/a n/a 38.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jul 21 Samantha Harnett Registered Shares Payment of exercise Dispose F No No 119.52 1,481 177.01K 20,029
15 Jun 21 Prakash Arunkundrum Registered Shares Payment of exercise Dispose F No No 128.56 483 62.09K 69,422
2 Jun 21 Olmstead Nathan Registered Shares Sell Dispose S No Yes 130 1,858 241.54K 65,100
27 May 21 Olmstead Nathan Registered Shares Sell Dispose S No Yes 120 3,549 425.88K 66,958
20 May 21 Olmstead Nathan Registered Shares Sell Dispose S No Yes 110.51 5,000 552.55K 70,507
15 May 21 Prakash Arunkundrum Registered Shares Payment of exercise Dispose F No No 105.31 9,639 1.02M 69,905
15 May 21 Prakash Arunkundrum Registered Shares Grant Aquire A No No 0 19,440 0 79,544
15 May 21 Olmstead Nathan Registered Shares Payment of exercise Dispose F No No 105.31 1,296 136.48K 75,507

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

33.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 300 296 +1.4%
Opened positions 54 79 -31.6%
Closed positions 50 22 +127.3%
Increased positions 124 102 +21.6%
Reduced positions 86 78 +10.3%
13F shares
Current Prev Q Change
Total value 6.03B 6.43B -6.3%
Total shares 57.73M 60.76M -5.0%
Total puts 2.06M 1.81M +14.1%
Total calls 4.54M 2.07M +119.4%
Total put/call ratio 0.5 0.9 -48.0%
Largest owners
Shares Value Change
CS Credit Suisse 7.32M $764.49M +4.0%
Capital World Investors 4.93M $516.74M -19.4%
Acadian Asset Management 4.81M $506.64M +38.2%
Vanguard 4.75M $496.13M +3.5%
Zurcher Kantonalbank 3.35M $353.17M +1.2%
Pictet Asset Management 2.96M $312.15M -13.5%
IVZ Invesco 2.28M $238.09M -13.7%
DB Deutsche Bank AG - Registered Shares 1.68M $175.8M -10.5%
GS Goldman Sachs 1.65M $172.87M +148.8%
Schroder Investment Management 1.54M $152.97M -9.2%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -2.38M EXIT
Acadian Asset Management 4.81M +1.33M +38.2%
Capital World Investors 4.93M -1.18M -19.4%
FMR 719.15K -1.1M -60.4%
GS Goldman Sachs 1.65M +989.25K +148.8%
Renaissance Technologies 1.29M -715.8K -35.7%
BCS Barclays 797.99K +624.58K +360.2%
Marshall Wace 30.39K -486.79K -94.1%
Arrowstreet Capital, Limited Partnership 506.26K +482.88K +2065.4%
Maverick Capital 26.14K -470.44K -94.7%

Financial report summary

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Competition
PlantronicsAvaya
Risks
  • If we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories, our business and operating results could be adversely affected.
  • Our future growth will depend on our diversified product growth opportunities, and if we do not successfully execute on our growth opportunities, or if our growth opportunities are more limited than we expect, our operating results could be adversely affected.
  • If we are not able to maintain and enhance our brands, or if our brands or reputation are damaged, our reputation, business and operating results could be adversely affected.
  • If we do not compete effectively, demand for our products could decline and our business and operating results could be adversely affected.
  • The full effect of the COVID-19 pandemic is still uncertain and cannot be predicted, and could adversely affect the Company’s business, results of operations and financial condition.
  • Our business depends in part on access to third-party platforms or technologies, and if the access is withdrawn, denied, or is not available on terms acceptable to us, or if the platforms or technologies change without notice to us, our business and operating results could be adversely affected.
  • If we do not accurately forecast market demand for our products, our business and operating results could be adversely affected.
  • Our success largely depends on our ability to hire, retain, integrate and motivate sufficient numbers of qualified personnel, including senior leadership. Our strategy and our ability to innovate, design and produce new products, sell products, maintain operating margins and control expenses depend on key personnel that may be difficult to replace.
  • As we focus on growth opportunities, we are divesting or discontinuing non-strategic product categories and pursuing strategic acquisitions and investments, which could have an adverse impact on our business.
  • We rely on third parties to sell and distribute our products, and we rely on their information to manage our business. Disruption of our relationship with these channel partners, changes in or issues with their business practices, their failure to provide timely and accurate information, changes in distribution partners, practices or models, conflicts among our channels of distribution, or failure to build and scale our own sales force for certain product categories and enterprise channel partners could adversely affect our business, results of operations, operating cash flows and financial condition.
  • Our principal manufacturing operations and third-party contract manufacturers are located in China and Southeast Asia, which exposes us to risks associated with doing business in that geographic area as well as potential tariffs, adverse tax consequences and pressure to move or diversify our manufacturing locations.
  • If we do not successfully coordinate the worldwide manufacturing and distribution of our products, we could lose sales.
  • We purchase key components and products from a limited number of sources, and our business and operating results could be adversely affected if supply were delayed or constrained or if there were shortages of required components.
  • Risks Related to our Global Operations and Regulatory Environment
  • We conduct operations in a number of countries and have invested significantly in growing our sales and marketing activities in China, and the effect of business, legal and political risks associated with international operations could adversely affect us.
  • Changes in trade policy and regulations in the United States and other countries, including changes in trade agreements and the imposition of tariffs and the resulting consequences, may have adverse impacts on our business, results of operations and financial condition.
  • Our financial performance is subject to risks associated with fluctuations in currency exchange rates.
  • We are subject to risks related to our environmental, social and governance ("ESG") activities and disclosures.
  • As a company operating in many markets and jurisdictions, expanding into new growth categories, and engaging in acquisitions, and as a Swiss, dual-listed company, we are subject to risks associated with new, existing and potential future laws and regulations.
  • As a result of changes in tax laws, treaties, rulings, regulations or agreements, or their interpretation, of Switzerland or any other country in which we operate, the loss of a major tax dispute or a successful challenge to our operating structure, intercompany pricing policies or the taxable presence of our key subsidiaries in certain countries, or other factors, our effective income tax rates may increase, which could adversely affect our net income and cash flows.
  • Risks Related to Intellectual Property, Cyber Security and Privacy
  • Significant disruptions in, or breaches in security of, our websites, or information technology systems, or our products could adversely affect our business.
  • The collection, storage, transmission, use and distribution of user data could give rise to liabilities and additional costs of operation as a result of laws, governmental regulation and risks of security breaches.
  • Claims by others that we infringe their proprietary technology could adversely affect our business.
  • We may be unable to protect our proprietary rights. Unauthorized use of our technology may result in the development of products that compete with our products.
  • Product quality issues could adversely affect our reputation, business and operating results.
  • Risks Related to our Financial Results
  • Our operating results are difficult to predict and fluctuations in results may cause volatility in the price of our shares.
  • Our gross margins can vary significantly depending on multiple factors, which can result in unanticipated fluctuations in our operating results.
  • We cannot ensure that our current share repurchase program will be fully utilized or that it will enhance long-term shareholder value. Share repurchases may also increase the volatility of the trading price of our shares. We similarly cannot ensure that we will continue to increase our dividend payments or to pay dividends at all. Share repurchases and dividends diminish our cash reserves.
Management Discussion
  • ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • You should read the following discussion in conjunction with the interim unaudited condensed consolidated financial statements and related notes.
  • This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, among other things, statements regarding our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position, our business strategy, the impact of investment prioritization decisions, product offerings, sales and marketing initiatives, strategic investments, addressing execution challenges, trends in consumer demand affecting our products and markets, trends in the composition of our customer base, our current or future revenue and revenue mix by product, among our lower- and higher-margin products and by geographic region, our new product introductions, our expectations regarding the potential growth opportunities for our products in mature and emerging markets and the enterprise market, our expectations regarding the duration and overall impact of COVID-19 on our business and results of operations, our expectations regarding economic conditions in international markets, including China, Russia and Ukraine, our expectations regarding trends in global economic conditions and consumer demand for PCs and mobile devices, tablets, gaming, video collaboration, audio, pointing devices, wearables, remotes, microphones, streaming and other accessories and computer devices and related software and services, the interoperability of our products with third party platforms, our expectations regarding the convergence of markets for computing devices and consumer electronics, our expectations regarding the growth of cloud-based services, our dependence on new products, our competitive position and the effect of pricing, product, marketing and other initiatives by us and our competitors, the potential that our new products will overlap with our current products, our expectations regarding competition from well-established consumer electronics companies in existing and new markets, potential tariffs, their effects and our ability to mitigate their effects, our expectations regarding the recoverability of our goodwill, goodwill impairment charge estimates and the potential for future impairment charges, the impact of our current and proposed product divestitures, changes in our planned divestitures, restructuring of our organizational structure and the timing thereof, our expectations regarding the success of our strategic acquisitions, including integration of acquired operations, products, technology, internal controls, personnel and management teams, significant fluctuations in currency exchange rates and commodity prices, the impact of new product introductions and product innovation on future performance or anticipated costs and expenses and the timing thereof, cash flows, the sufficiency of our cash and cash equivalents, cash generated and available borrowings (including the availability of our uncommitted lines of credit) to fund future cash requirements, our expectations regarding future sales compared to actual sales, our expectations regarding share repurchases, dividend payments and share cancellations, our expectations regarding our future working capital requirements and our anticipated capital expenditures needed to support our product development and expanded operations, our expectations regarding our future tax benefits, tax settlements, the adequacy of our provisions for uncertain tax positions, our expectations regarding our potential indemnification obligations, and the outcome of pending or future legal proceedings and tax audits, our expectations regarding the impact of new accounting pronouncements on our operating results, and our ability to achieve and sustain renewed growth, profitability and future success. Forward-looking statements also include, among others, those statements including the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,”, "seek", “should,” “will,” and similar language. These forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from that anticipated in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed below and in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.
Content analysis
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Uncertain
Constraining
Legalese
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