Logitech International S.A. (LOGI) Bundle
A Brief History of Logitech International S.A.
Logitech International S.A. (LOGI), founded in 1981 in Apples, Switzerland, has evolved into a global leader in personal computer and tablet accessories. The company specializes in designing and manufacturing innovative products that enhance the user experience in various domains, including gaming, streaming, and video collaboration.
Recent Financial Performance
As of September 30, 2024, Logitech reported net sales of $1,116.0 million for the three months ended September 30, 2024, an increase from $1,057.0 million for the same period in 2023. For the six months ended September 30, 2024, net sales reached $2,204.3 million, compared to $2,031.5 million in the previous year.
| Financial Metrics | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $1,116,034 | $1,057,008 | 5.6% |
| Gross Profit | $486,091 | $438,622 | 10.8% |
| Net Income | $145,483 | $137,117 | 6.2% |
Operating Expenses and Cash Flow
Operating expenses for the three months ended September 30, 2024, totaled $325.2 million, representing 29.1% of sales, compared to $282.0 million, or 26.7% of sales, for the same period in 2023. For the six months ended September 30, 2024, operating expenses amounted to $638.0 million, up from $579.2 million in 2023.
Net cash provided by operating activities for the six months ended September 30, 2024, was $342.0 million, down from $463.1 million in the previous year. This decline was primarily due to changes in working capital and increased inventory purchases.
| Cash Flow Statement (in thousands) | Six Months Ended September 30, 2024 | Six Months Ended September 30, 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $342,031 | $463,059 |
| Net Cash Used in Investing Activities | $(31,326) | $(49,151) |
| Net Cash Used in Financing Activities | $(474,954) | $(388,269) |
Market Position and Product Categories
Logitech operates across several key product categories, including Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, and Webcams. The Gaming category, which includes products such as gaming mice and headsets, reported sales of $300.5 million for the three months ended September 30, 2024, up from $282.1 million in 2023.
| Sales by Product Category (in thousands) | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Gaming | $300,470 | $282,104 | 6.5% |
| Keyboards & Combos | $209,936 | $194,914 | 7.7% |
| Pointing Devices | $195,936 | $191,676 | 2.1% |
| Video Collaboration | $159,660 | $152,389 | 4.3% |
| Webcams | $80,249 | $88,222 | -9.0% |
Shareholder Returns and Equity
Logitech has consistently returned value to its shareholders through dividends. For the six months ended September 30, 2024, the company declared cash dividends totaling $207.9 million, reflecting a dividend per share of $1.37. This represents an increase from $182.3 million in dividends declared in the previous year.
| Dividends (in millions) | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Dividends Declared | $207.9 | $182.3 |
| Dividend per Share | $1.37 | $1.19 |
As of September 30, 2024, Logitech's total shareholders' equity was $2,111.9 million, down from $2,233.7 million as of March 31, 2024, primarily due to share repurchases and dividend payments.
Logitech continues to position itself strategically in the market, focusing on innovation and customer satisfaction, while navigating the challenges of a dynamic global economy.
A Who Owns Logitech International S.A. (LOGI)
Ownership Structure
As of 2024, Logitech International S.A. (LOGI) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The company is publicly traded on both the SIX Swiss Exchange and the Nasdaq Global Select Market.
| Owner Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 70% | 121,174,200 |
| Mutual Funds | 15% | 25,000,000 |
| Individual Shareholders | 10% | 17,310,600 |
| Company Executives and Board Members | 5% | 8,000,000 |
Major Shareholders
The largest shareholders of Logitech include several prominent institutional investors and mutual funds. The following table summarizes the major shareholders and their holdings as of 2024:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| The Vanguard Group, Inc. | 9.8% | 16,925,000 |
| BlackRock, Inc. | 8.5% | 14,750,000 |
| State Street Corporation | 6.2% | 10,750,000 |
| Fidelity Investments | 5.7% | 9,800,000 |
| Invesco Ltd. | 4.5% | 7,800,000 |
Recent Shareholder Activities
Logitech has been actively repurchasing shares under its share repurchase program initiated in June 2023. The program allows for the repurchase of up to $1 billion in shares over three years, aimed at enhancing shareholder value.
As of September 30, 2024, Logitech has repurchased approximately 2.9 million shares for an aggregate cost of $262.1 million under this program. This reflects a commitment to returning capital to shareholders while managing its equity structure effectively.
Shareholder Equity
As of September 30, 2024, Logitech reported total shareholders' equity of $2,111,894,000. The breakdown is as follows:
| Component | Amount (USD) |
|---|---|
| Registered Shares | $30,148,000 |
| Additional Paid-in Capital | $72,268,000 |
| Treasury Shares | $(1,518,149,000) |
| Retained Earnings | $3,626,999,000 |
| Accumulated Other Comprehensive Loss | $(99,372,000) |
Dividend Policy
Logitech has a history of paying dividends, with a declared cash dividend of $1.37 per share for the fiscal year 2025, amounting to a total payout of $207.9 million. The company’s dividend policy reflects its commitment to returning capital to its shareholders while maintaining sufficient reinvestment for growth initiatives.
Share Performance
The stock performance of Logitech has seen fluctuations, influenced by market conditions and operational performance. As of September 2024, the stock price has been trending positively, reflecting investor confidence and the company's strategic initiatives.
Logitech's market capitalization was approximately $6.38 billion, with trading volumes averaging around 1.5 million shares per day. The company remains a significant player in the technology sector, particularly in peripherals and software solutions, which continue to attract investor interest.
Conclusion on Ownership Dynamics
The ownership dynamics of Logitech International S.A. showcase a blend of institutional, mutual fund, and individual investors, reflecting robust interest in the company’s growth prospects. The ongoing share repurchase program and consistent dividend payments further underscore Logitech's commitment to enhancing shareholder value.
Logitech International S.A. (LOGI) Mission Statement
Logitech International S.A. focuses on designing software-enabled hardware solutions that enhance human potential in both work and play, while promoting sustainability and responsibility towards the planet. Their mission statement emphasizes their commitment to fostering connections between people and the digital world through innovative products.
Financial Overview
As of September 30, 2024, Logitech reported the following financial results:
| Financial Metric | 2024 (6 months) | 2023 (6 months) |
|---|---|---|
| Net Income | $287.3 million | $199.8 million |
| Net Cash Provided by Operating Activities | $342.0 million | $463.1 million |
| Net Cash Used in Investing Activities | ($31.3 million) | ($49.2 million) |
| Net Cash Used in Financing Activities | ($475.0 million) | ($388.3 million) |
| Cash and Cash Equivalents | $1.36 billion | $1.16 billion |
| Total Sales | $2.20 billion | $2.03 billion |
| Gross Profit | $952.3 million | $814.3 million |
| Gross Margin | 43.2% | 40.1% |
Sales Performance by Region
Logitech's sales performance across different regions for the three and six months ended September 30, 2024, is as follows:
| Region | Sales (3 months 2024) | Sales (6 months 2024) | Sales Growth (3 months) | Sales Growth (6 months) |
|---|---|---|---|---|
| Americas | $480.1 million | $965.4 million | 4% | 6% |
| EMEA | $351.9 million | $661.7 million | 13% | 16% |
| Asia Pacific | $284.1 million | $577.2 million | 0% | 4% |
Product Category Sales
Sales by product category for the three and six months ended September 30, 2024, are as follows:
| Product Category | Sales (3 months 2024) | Sales (6 months 2024) | Growth (3 months) | Growth (6 months) |
|---|---|---|---|---|
| Gaming | $300.5 million | $609.9 million | 7% | 11% |
| Keyboards & Combos | $209.9 million | $425.3 million | 8% | 13% |
| Pointing Devices | $195.9 million | $385.9 million | 2% | 5% |
| Video Collaboration | $159.7 million | $306.7 million | 5% | 5% |
| Webcams | $80.2 million | $153.2 million | (9%) | (6%) |
| Tablet Accessories | $85.6 million | $164.2 million | 34% | 22% |
| Headsets | $46.9 million | $91.2 million | 6% | 12% |
Shareholder Equity and Dividends
Logitech's shareholder equity as of September 30, 2024, included:
| Equity Metric | Value |
|---|---|
| Total Shareholders' Equity | $2.11 billion |
| Retained Earnings | $3.63 billion |
| Cash Dividends Paid | $207.9 million |
| Dividends per Share | $1.37 |
Cash Flow Summary
Logitech's cash flow summary for the six months ended September 30, 2024, is as follows:
| Cash Flow Component | Amount |
|---|---|
| Net Cash Provided by Operating Activities | $342.0 million |
| Net Cash Used in Investing Activities | ($31.3 million) |
| Net Cash Used in Financing Activities | ($475.0 million) |
| Net Increase (Decrease) in Cash | ($157.6 million) |
How Logitech International S.A. (LOGI) Works
Business Overview
Logitech International S.A. operates in the design, manufacturing, and marketing of peripherals for gaming, personal computers, tablets, video conferencing, and other digital platforms. The company primarily focuses on enhancing user experiences across various digital interfaces.
Financial Performance
As of September 30, 2024, Logitech reported a net income of $287.3 million for the six months ended September 30, 2024, compared to $199.8 million for the same period in 2023.
| Metric | Six Months Ended September 30, 2024 | Six Months Ended September 30, 2023 |
|---|---|---|
| Net Income | $287.3 million | $199.8 million |
| Net Cash from Operating Activities | $342.0 million | $463.1 million |
| Net Cash Used in Investing Activities | ($31.3 million) | ($49.2 million) |
| Net Cash Used in Financing Activities | ($475.0 million) | ($388.3 million) |
Revenue Breakdown
For the three months ended September 30, 2024, Logitech's total sales reached $1.12 billion, marking a 6% increase compared to $1.06 billion for the same period in 2023. The sales growth was driven by significant performance in several product categories.
| Product Category | Sales (Q3 2024) | Sales (Q3 2023) | Change (%) |
|---|---|---|---|
| Gaming | $300.5 million | $282.1 million | 7% |
| Keyboards & Combos | $209.9 million | $194.9 million | 8% |
| Pointing Devices | $195.9 million | $191.7 million | 2% |
| Video Collaboration | $159.7 million | $152.4 million | 5% |
| Webcams | $80.2 million | $88.2 million | (9%) |
| Tablet Accessories | $85.6 million | $63.7 million | 34% |
| Headsets | $46.9 million | $44.4 million | 6% |
| Other | $37.3 million | $39.6 million | (6%) |
Geographic Sales Performance
Logitech's sales by geographic region for the three months ended September 30, 2024, are as follows:
| Region | Sales (Q3 2024) | Sales (Q3 2023) |
|---|---|---|
| Americas | $480.1 million | $462.4 million |
| EMEA | $351.9 million | $311.8 million |
| Asia Pacific | $284.1 million | $282.8 million |
Cash Flow Analysis
Logitech’s cash flow statements reveal significant operational cash generation, although there were notable cash outflows in financing activities, primarily due to share repurchases and dividend payments.
| Cash Flow Activity | Amount (Six Months Ended September 30, 2024) |
|---|---|
| Net Cash Provided by Operating Activities | $342.0 million |
| Net Cash Used in Investing Activities | ($31.3 million) |
| Net Cash Used in Financing Activities | ($475.0 million) |
Working Capital and Liquidity
As of September 30, 2024, Logitech had cash and cash equivalents of $1.36 billion, with working capital reported at $1.46 billion. The company maintains several uncommitted, unsecured bank lines of credit totaling $178.7 million.
| Metric | Amount (As of September 30, 2024) |
|---|---|
| Cash and Cash Equivalents | $1.36 billion |
| Working Capital | $1.46 billion |
| Bank Lines of Credit | $178.7 million |
Dividends and Share Repurchases
Logitech declared cash dividends of $1.37 per share during the three months ended September 30, 2024, totaling $207.9 million. The company repurchased shares amounting to $263.2 million during the same period.
| Dividends and Share Repurchases | Amount |
|---|---|
| Cash Dividends (per share) | $1.37 |
| Total Cash Dividends Paid | $207.9 million |
| Total Share Repurchases | $263.2 million |
How Logitech International S.A. (LOGI) Makes Money
Revenue Sources
Logitech International S.A. generates revenue through various product categories, primarily focused on peripherals for gaming, personal computers, tablets, and video conferencing. The following table summarizes the sales by product category for the three and six months ending September 30, 2024, and 2023:
| Product Category | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) | Six Months Ended September 30, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|---|---|---|
| Gaming | $300,470 | $282,104 | 7% | $609,945 | $548,533 | 11% |
| Keyboards & Combos | $209,936 | $194,914 | 8% | $425,269 | $375,769 | 13% |
| Pointing Devices | $195,936 | $191,676 | 2% | $385,882 | $366,130 | 5% |
| Video Collaboration | $159,660 | $152,389 | 5% | $306,702 | $291,735 | 5% |
| Webcams | $80,249 | $88,222 | (9%) | $153,153 | $163,422 | (6%) |
| Tablet Accessories | $85,614 | $63,677 | 34% | $164,153 | $134,013 | 22% |
| Headsets | $46,916 | $44,411 | 6% | $91,152 | $81,261 | 12% |
| Other | $37,253 | $39,615 | (6%) | $67,995 | $70,644 | (4%) |
| Total Sales | $1,116,034 | $1,057,008 | 6% | $2,204,251 | $2,031,507 | 9% |
Geographic Revenue Distribution
Logitech's sales are distributed across various geographic regions. The following table presents the sales by region for the three and six months ending September 30, 2024, and 2023:
| Region | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Six Months Ended September 30, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Americas | $480,081 | $462,406 | $965,370 | $907,574 |
| EMEA | $351,886 | $311,805 | $661,703 | $570,683 |
| Asia Pacific | $284,067 | $282,797 | $577,178 | $553,250 |
| Total Sales | $1,116,034 | $1,057,008 | $2,204,251 | $2,031,507 |
Operating Expenses
Operating expenses for Logitech include marketing, research and development, and general administrative expenses. For the three and six months ending September 30, 2024, the breakdown was as follows:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Six Months Ended September 30, 2024 (in thousands) | Six Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Marketing and Selling | $201,863 | $176,356 | $398,768 | $355,541 |
| Research and Development | $76,205 | $68,559 | $151,512 | $139,118 |
| General and Administrative | $44,173 | $35,538 | $81,631 | $76,835 |
| Total Operating Expenses | $325,195 | $281,983 | $637,954 | $579,220 |
Gross Profit and Margin
Logitech has reported strong gross profit margins, which are critical to its profitability. The gross profit and gross margin for the three and six months ending September 30, 2024, are as follows:
| Period | Net Sales (in thousands) | Gross Profit (in thousands) | Gross Margin (%) |
|---|---|---|---|
| Three Months Ended September 30, 2024 | $1,116,034 | $486,091 | 43.6% |
| Six Months Ended September 30, 2024 | $2,204,251 | $952,349 | 43.2% |
Net Income
Logitech's net income for the six months ending September 30, 2024, was reported at:
| Period | Net Income (in thousands) | Net Income per Share (Basic) | Net Income per Share (Diluted) |
|---|---|---|---|
| Six Months Ended September 30, 2024 | $287,316 | $1.88 | $1.86 |
Cash Flow Statement
The company's cash flow from operating activities for the six months ending September 30, 2024, was:
| Cash Flow Type | Amount (in thousands) |
|---|---|
| Net Cash Provided by Operating Activities | $342,031 |
| Net Cash Used in Investing Activities | ($31,326) |
| Net Cash Used in Financing Activities | ($474,954) |
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Article updated on 8 Nov 2024
Resources:
- Logitech International S.A. (LOGI) Financial Statements – Access the full quarterly financial statements for Q2 2025 to get an in-depth view of Logitech International S.A. (LOGI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Logitech International S.A. (LOGI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.