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Logitech Delivers New Sales Record and Sixth Consecutive Year of Growth
Reading Time: 13 minutes
Earnings Per Share Up Over 20%; Company Beats Three-Year Non-GAAP EPS
Goal A Full Year Early
LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)–Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced
financial results for the fourth quarter and full year of Fiscal Year
2019, ended March 31, 2019.
For Fiscal Year 2019:
-
Sales were the highest ever at $2.79 billion, up 9 percent in US
dollars and 10 percent in constant currency compared to the prior
year, the sixth consecutive year of growth. -
GAAP operating income grew 15 percent to $263 million, compared to
$230 million a year ago. GAAP earnings per share (EPS) grew 24 percent
to $1.52, compared to $1.23 a year ago. -
Non-GAAP operating income grew 23 percent to $352 million, compared to
$287 million a year ago. Non-GAAP EPS grew 26 percent to $2.01,
compared to $1.60 a year ago.
For Q4 Fiscal Year 2019:
-
Sales grew to $624 million, up 5 percent in US dollars and 9 percent
in constant currency compared to Q4 of the prior year. -
GAAP operating income grew 8 percent to $42 million, and non-GAAP
operating income grew 16 percent to $64 million, compared to Q4 of the
prior year.
“We’ve delivered our third consecutive year of double-digit growth in
constant currency and our highest fiscal year sales ever,” said Bracken
Darrell, Logitech president and chief executive officer. “Our
innovative, diverse product portfolio delivered, led by strong,
sustainable growth in our major categories of Gaming, Video
Collaboration, and Creativity & Productivity. And we are not just
growing topline, but also systematically delivering strong leverage on
the bottom line. In fact, we achieved our plan to double non-GAAP EPS to
$2.00 a full year early. Our strategy is working, and we are excited for
our future as the world’s leading cloud peripheral company.”
Outlook
Logitech confirmed its Fiscal Year 2020 outlook of mid to high
single-digit sales growth in constant currency and $375 million to $385
million in non-GAAP operating income.
Management Update
Additionally, Logitech announced today that Vincent Pilette, Logitech’s
chief financial officer, is leaving the Company. Vincent will leave, and
cease to be a member of the Group Management Team, at the end of May,
2019, to pursue a senior leadership role at another company. Logitech
has named Nate Olmstead interim chief financial officer following
Vincent’s departure. Nate joined Logitech in 2019 as vice president of
finance, and brings over 16 years of financial management experience,
most recently as the vice president of finance for global operations at
Hewlett Packard Enterprise. Nate has a BA from Stanford and an MBA from
Harvard.
“When I joined Logitech, I had a vision to turn Logitech into a design
company, pursuing opportunities in the many new market opportunities
enabled by the cloud,” said Bracken Darrell. “We needed financial and
operational strength to support the ambition of that vision. Vincent has
been a terrific partner for this pursuit these past six years, and we’ve
made great progress. But more important than his partnership and
leadership is the team he built and the culture of rigor and discipline
he helped instill throughout the company. We now have a strong, seasoned
finance team across every area and a proven track record of operational
excellence. That is his most important legacy. I’m excited for him in
his next challenge. And I’m even more energized by our continued
progress toward our design company vision.”
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 the full Fiscal Year 2019 on Tuesday, April 30, 2019
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 and Constant Currency
To facilitate comparisons to Logitech’s historical results, Logitech has
included non-GAAP adjusted measures, which exclude share-based
compensation expense, amortization of intangible assets, purchase
accounting effect on inventory, acquisition-related costs, change in
fair value of contingent consideration for business acquisition,
restructuring charges (credits), loss (gain) on investments in privately
held companies, non-GAAP income tax adjustment, and other items detailed
under “Supplemental Financial Information” after the tables below.
Logitech also presents percentage sales growth in constant currency 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 2020.
About Logitech
Logitech designs products that have an everyday place in people’s lives,
connecting them to the digital experiences they care about. More than 35
years ago, Logitech started connecting people through computers, and now
it’s a multi-brand company designing products that bring people together
through music, gaming, video and computing. Brands of Logitech include Logitech,
Ultimate
Ears, Jaybird,
Blue
Microphones, ASTRO
Gaming and Logitech
G. Founded in 1981, and headquartered in Lausanne, Switzerland,
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: our preliminary financial results for the three
months and full fiscal year ended March 31, 2019, innovation, product
portfolio, brand leadership, growth, profitability and leverage,
sustainability, market leadership, position for the future, focus,
vision ability to be a design company, outlook for Fiscal Year 2020
operating income and sales growth, and our executive officers. 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; 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 or our growth opportunities are more limited 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 we are not able to maintain and enhance
our brands; 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; changes in trade policies and agreements and the
imposition of tariffs that affect our products or operations and our
ability to mitigate; risks associated with acquisitions. 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, 2018 and our Quarterly Report
on Form 10-Q for the fiscal quarter ended December 31, 2018, 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.
Logitech and other Logitech marks are trademarks or registered
trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and
other countries. 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. | |||||||||||||||||
| PRELIMINARY RESULTS* | |||||||||||||||||
| (In thousands, except per share amounts) – unaudited | |||||||||||||||||
| Three Months Ended | Fiscal Years Ended | ||||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Net sales (A) | $ | 624,308 | $ | 592,426 | $ | 2,788,322 | $ | 2,566,863 | |||||||||
| Cost of goods sold | 388,028 | 377,617 | 1,737,969 | 1,648,744 | |||||||||||||
|
Amortization of intangible assets and purchase accounting effect on inventory |
3,305 | 2,574 | 13,342 | 8,878 | |||||||||||||
| Gross profit | 232,975 | 212,235 | 1,037,011 | 909,241 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Marketing and selling | 119,628 | 109,572 | 488,263 | 435,489 | |||||||||||||
| Research and development | 42,110 | 37,616 | 161,230 | 143,760 | |||||||||||||
| General and administrative | 23,557 | 23,387 | 98,732 | 96,353 | |||||||||||||
| Amortization of intangible assets and acquisition-related costs | 3,913 | 2,553 | 14,290 | 8,930 | |||||||||||||
|
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
| Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
|
Total operating expenses |
190,748 | 173,128 | 773,817 | 679,508 | |||||||||||||
| Operating income | 42,227 | 39,107 | 263,194 | 229,733 | |||||||||||||
| Interest income | 2,666 | 1,872 | 8,375 | 4,969 | |||||||||||||
| Other income (expense), net | 493 | (1,543 | ) | (436 | ) | (2,437 | ) | ||||||||||
| Income before income taxes | 45,386 | 39,436 | 271,133 | 232,265 | |||||||||||||
| Provision for income taxes | 3,265 | 5,032 | 13,560 | 23,723 | |||||||||||||
| Net income | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
| Net income per share : | |||||||||||||||||
| Basic | $ | 0.25 | $ | 0.21 | $ | 1.56 | $ | 1.27 | |||||||||
| Diluted | $ | 0.25 | $ | 0.20 | $ | 1.52 | $ | 1.23 | |||||||||
| Weighted average shares used to compute net income per share: | |||||||||||||||||
| Basic | 165,776 | 164,374 | 165,609 | 164,038 | |||||||||||||
| Diluted | 168,956 | 169,387 | 168,965 | 168,971 | |||||||||||||
| LOGITECH INTERNATIONAL S.A. | |||||||||
| PRELIMINARY RESULTS* | |||||||||
| (In thousands) – unaudited | |||||||||
| March 31, | March 31, | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | 2019 | 2018 | |||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 604,516 | $ | 641,947 | |||||
| Accounts receivable, net (A) | 383,309 | 214,885 | |||||||
| Inventories | 293,495 | 259,906 | |||||||
| Other current assets (A) | 69,116 | 56,362 | |||||||
| Total current assets | 1,350,436 | 1,173,100 | |||||||
| Non-current assets: | |||||||||
| Property, plant and equipment, net | 78,552 | 86,304 | |||||||
| Goodwill | 343,684 | 275,451 | |||||||
| Other intangible assets, net | 118,999 | 87,547 | |||||||
| Other assets | 132,453 | 120,755 | |||||||
| Total assets | $ | 2,024,124 | $ | 1,743,157 | |||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 283,922 | $ | 293,988 | |||||
| Accrued and other current liabilities (A) | 433,897 | 281,732 | |||||||
| Total current liabilities | 717,819 | 575,720 | |||||||
| Non-current liabilities: | |||||||||
| Income taxes payable | 36,384 | 34,956 | |||||||
| Other non-current liabilities | 93,582 | 81,924 | |||||||
| Total liabilities | 847,785 | 692,600 | |||||||
| Shareholders’ equity: | |||||||||
| Registered shares, CHF 0.25 par value: | 30,148 | 30,148 | |||||||
| Issued shares—173,106 at March 31, 2019 and 2018 | |||||||||
|
Additional shares that may be issued out of conditional capitals — |
|||||||||
|
Additional shares that may be issued out of authorized capital — 34,621 at March 31, 2019 and none at March 31, 2018 |
|||||||||
| Additional paid-in capital | 56,655 | 47,234 | |||||||
|
Shares in treasury, at cost— 7,244 and 8,527 shares at March 31, 2019 and 2018, respectively |
(169,802 | ) | (165,686 | ) | |||||
| Retained earnings (A) | 1,365,036 | 1,232,316 | |||||||
| Accumulated other comprehensive loss | (105,698 | ) | (93,455 | ) | |||||
| Total shareholders’ equity | 1,176,339 | 1,050,557 | |||||||
| Total liabilities and shareholders’ equity | $ | 2,024,124 | $ | 1,743,157 | |||||
| LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
| PRELIMINARY RESULTS* | |||||||||||||||||
| (In thousands) – unaudited | |||||||||||||||||
| Three Months Ended | Fiscal Years Ended | ||||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||
| Depreciation | 10,816 | 11,077 | 43,471 | 41,295 | |||||||||||||
| Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
| Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
| Gain on investments | (227 | ) | (119 | ) | (816 | ) | (669 | ) | |||||||||
| Deferred income taxes | (2,535 | ) | 413 | (12,257 | ) | 7,141 | |||||||||||
|
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
| Other | 148 | (18 | ) | (230 | ) | (11 | ) | ||||||||||
| Changes in assets and liabilities, net of acquisitions: | |||||||||||||||||
| Accounts receivable, net | 100,146 | 137,665 | (58,798 | ) | (26,363 | ) | |||||||||||
| Inventories | 47,612 | 21,739 | (21,551 | ) | 16,047 | ||||||||||||
| Other assets | 2,298 | 2,045 | (8,800 | ) | (16,908 | ) | |||||||||||
| Accounts payable | (152,791 | ) | (134,016 | ) | (19,134 | ) | 17,695 | ||||||||||
| Accrued and other liabilities | (35,896 | ) | 1,134 | 51,278 | 44,655 | ||||||||||||
| Net cash provided by operating activities | 31,738 | 90,177 | 305,181 | 346,261 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property, plant and equipment | (7,626 | ) | (12,155 | ) | (35,930 | ) | (39,748 | ) | |||||||||
| Acquisitions, net of cash acquired | 94 | — | (133,814 | ) | (88,323 | ) | |||||||||||
| Investment in privately held companies | (175 | ) | (360 | ) | (2,717 | ) | (1,240 | ) | |||||||||
| Proceeds from return of investments | 124 | — | 124 | 237 | |||||||||||||
| Purchases of short-term investments | — | — | (1,505 | ) | (6,789 | ) | |||||||||||
| Sales of short-term investments | — | — | — | 6,789 | |||||||||||||
| Purchases of trading investments | (868 | ) | (3,211 | ) | (5,203 | ) | (6,053 | ) | |||||||||
| Proceeds from sales of trading investments | 862 | 3,214 | 5,700 | 6,423 | |||||||||||||
| Net cash used in investing activities | (7,589 | ) | (12,512 | ) | (173,345 | ) | (128,704 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Payment of cash dividends | — | — | (113,971 | ) | (104,248 | ) | |||||||||||
| Payment of contingent consideration for business acquisition | — | — | — | (5,000 | ) | ||||||||||||
| Purchases of registered shares | (9,995 | ) | (10,314 | ) | (32,449 | ) | (30,722 | ) | |||||||||
| Proceeds from exercises of stock options and purchase rights | 7,922 | 10,963 | 18,057 | 41,910 | |||||||||||||
|
Tax withholdings related to net share settlements of restricted stock units |
(1,659 | ) | (4,308 | ) | (30,770 | ) | (29,813 | ) | |||||||||
| Net cash used in financing activities | (3,732 | ) | (3,659 | ) | (159,133 | ) | (127,873 | ) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (389 | ) | 3,053 | (10,134 | ) | 4,730 | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 20,028 | 77,059 | (37,431 | ) | 94,414 | ||||||||||||
| Cash and cash equivalents at beginning of the period | 584,488 | 564,888 | 641,947 | 547,533 | |||||||||||||
| Cash and cash equivalents at end of the period | $ | 604,516 | $ | 641,947 | $ | 604,516 | $ | 641,947 | |||||||||
| LOGITECH INTERNATIONAL S.A. | |||||||||||||||||||||||
| PRELIMINARY RESULTS* | |||||||||||||||||||||||
| (In thousands) – unaudited | |||||||||||||||||||||||
| NET SALES | Three Months Ended | Fiscal Years Ended | |||||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||
| Net sales by product category: | |||||||||||||||||||||||
| Pointing Devices | $ | 131,640 | $ | 129,937 | 1 | % | $ | 536,890 | $ | 516,637 | 4 | % | |||||||||||
| Keyboards & Combos | 132,356 | 136,787 | (3 | ) | 536,619 | 498,472 | 8 | ||||||||||||||||
| PC Webcams | 30,366 | 31,776 | (4 | ) | 121,282 | 112,147 | 8 | ||||||||||||||||
| Tablet & Other Accessories | 23,412 | 27,292 | (14 | ) | 128,315 | 107,942 | 19 | ||||||||||||||||
| Video Collaboration | 69,367 | 54,709 | 27 | 259,521 | 182,717 | 42 | |||||||||||||||||
| Mobile Speakers | 22,688 | 13,974 | 62 | 230,378 | 314,817 | (27 | ) | ||||||||||||||||
| Audio & Wearables | 65,086 | 55,248 | 18 | 277,429 | 252,330 | 10 | |||||||||||||||||
| Gaming | 137,649 | 126,763 | 9 | 648,130 | 491,995 | 32 | |||||||||||||||||
| Smart Home | 11,515 | 15,892 | (28 | ) | 49,344 | 89,373 | (45 | ) | |||||||||||||||
| Other (1) | 229 | 48 | 377 | 414 | 433 | (4 | ) | ||||||||||||||||
| Total net retail sales | $ | 624,308 | $ | 592,426 | 5 | $ | 2,788,322 | $ | 2,566,863 | 9 | |||||||||||||
| __________________ | |||||||||||||||||||||||
| (1) |
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. | |||||||||||||||||
| PRELIMINARY RESULTS* | |||||||||||||||||
| (In thousands, except per share amounts) – Unaudited | |||||||||||||||||
| GAAP TO NON GAAP RECONCILIATION (A)(B) | Three Months Ended | Fiscal Years Ended | |||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Gross profit – GAAP | $ | 232,975 | $ | 212,235 | $ | 1,037,011 | $ | 909,241 | |||||||||
| Share-based compensation expense | 938 | 971 | 3,812 | 3,733 | |||||||||||||
|
Amortization of intangible assets and purchase accounting effect on inventory |
3,305 | 2,574 | 13,342 | 8,878 | |||||||||||||
| Gross profit – Non-GAAP | $ | 237,218 | $ | 215,780 | $ | 1,054,165 | $ | 921,852 | |||||||||
| Gross margin – GAAP | 37.3 | % | 35.8 | % | 37.2 | % | 35.4 | % | |||||||||
| Gross margin – Non-GAAP | 38.0 | % | 36.4 | % | 37.8 | % | 35.9 | % | |||||||||
| Operating expenses – GAAP | $ | 190,748 | $ | 173,128 | $ | 773,817 | $ | 679,508 | |||||||||
| Less: Share-based compensation expense | 12,164 | 9,928 | 46,453 | 40,405 | |||||||||||||
| Less: Amortization of intangible assets and acquisition-related costs | 3,913 | 2,553 | 14,290 | 8,930 | |||||||||||||
|
Less: Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
| Less: Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
| Operating expenses – Non-GAAP | $ | 173,131 | $ | 160,647 | $ | 701,772 | $ | 635,197 | |||||||||
| % of net sales – GAAP | 30.6 | % | 29.2 | % | 27.8 | % | 26.5 | % | |||||||||
| % of net sales – Non – GAAP | 27.7 | % | 27.1 | % | 25.2 | % | 24.7 | % | |||||||||
| Operating income – GAAP | $ | 42,227 | $ | 39,107 | $ | 263,194 | $ | 229,733 | |||||||||
| Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
| Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
| Purchase accounting effect on inventory | 34 | 173 | 1,756 | 789 | |||||||||||||
| Acquisition-related costs | 240 | — | 1,696 | 1,412 | |||||||||||||
|
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
| Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
| Operating income – Non – GAAP | $ | 64,087 | $ | 55,133 | $ | 352,393 | $ | 286,655 | |||||||||
| % of net sales – GAAP | 6.8 | % | 6.6 | % | 9.4 | % | 8.9 | % | |||||||||
| % of net sales – Non – GAAP | 10.3 | % | 9.3 | % | 12.6 | % | 11.2 | % | |||||||||
| Net income – GAAP | $ | 42,121 | $ | 34,404 | $ | 257,573 | $ | 208,542 | |||||||||
| Share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
| Amortization of intangible assets | 6,944 | 4,954 | 24,180 | 15,607 | |||||||||||||
| Purchase accounting effect on inventory | 34 | 173 | 1,756 | 789 | |||||||||||||
| Acquisition-related costs | 240 | — | 1,696 | 1,412 | |||||||||||||
|
Change in fair value of contingent consideration for business acquisition |
— | — | — | (4,908 | ) | ||||||||||||
| Restructuring charges (credits), net | 1,540 | — | 11,302 | (116 | ) | ||||||||||||
| Gain on investments | (227 | ) | (119 | ) | (816 | ) | (669 | ) | |||||||||
| Non-GAAP income tax adjustment | 830 | 4,249 | (6,952 | ) | 6,282 | ||||||||||||
| Net income – Non – GAAP | $ | 64,584 | $ | 54,560 | $ | 339,004 | $ | 271,077 | |||||||||
| Net income per share: | |||||||||||||||||
| Diluted – GAAP | $ | 0.25 | $ | 0.20 | $ | 1.52 | $ | 1.23 | |||||||||
| Diluted – Non – GAAP | $ | 0.38 | $ | 0.32 | $ | 2.01 | $ | 1.60 | |||||||||
| Shares used to compute net income per share: | |||||||||||||||||
| Diluted – GAAP and Non – GAAP | 168,956 | 169,387 | 168,965 | 168,971 | |||||||||||||
| LOGITECH INTERNATIONAL S.A. | |||||||||||||||||
| PRELIMINARY RESULTS* | |||||||||||||||||
| (In thousands) – unaudited | |||||||||||||||||
| SHARE-BASED COMPENSATION EXPENSE | Three Months Ended | Fiscal Years Ended | |||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Share-based Compensation Expense | |||||||||||||||||
| Cost of goods sold | $ | 938 | $ | 971 | $ | 3,812 | $ | 3,733 | |||||||||
| Marketing and selling | 5,380 | 4,417 | 20,630 | 17,765 | |||||||||||||
| Research and development | 2,073 | 1,584 | 7,368 | 6,381 | |||||||||||||
| General and administrative | 4,711 | 3,927 | 18,455 | 16,259 | |||||||||||||
| Total share-based compensation expense | 13,102 | 10,899 | 50,265 | 44,138 | |||||||||||||
| Income tax benefit | (2,515 | ) | (4,077 | ) | (17,091 | ) | (15,998 | ) | |||||||||
| Total share-based compensation expense, net of income tax benefit | $ | 10,587 | $ | 6,822 | $ | 33,174 | $ | 28,140 | |||||||||
*Note: These preliminary results for the three months and fiscal year
ended March 31, 2019 are subject to adjustments, including subsequent
events that may occur through the date of filing our Annual Report on
Form 10-K.
(A) Adoption of ASC Topic 606
On April 1, 2018, we adopted the new revenue standards under Accounting
Standards Codification (“ASC”) Topic 606. The adoption of Topic 606 did
not have an impact over the total cash flows from operating, investing,
or financing activities. The following tables summarize the impacts of
adopting Topic 606 on our condensed consolidated statements of
operations for the three months and fiscal year ended March 31, 2019 and
condensed consolidated balance sheets as of March 31, 2019 (in
thousands):
| Three Months Ended March 31, 2018 | Year Ended March 31, 2019 | |||||||||||||||||||||||
|
As Reported |
If Reported |
Effect of |
As Reported |
If Reported |
Effect of |
|||||||||||||||||||
| Net sales | $ | 624,308 | $ | 626,369 | $ | (2,061 | ) | $ | 2,788,322 | $ | 2,784,636 | $ | 3,686 | |||||||||||
| As of March 31, 2019 | |||||||||||||
|
As Reported Under |
Balance Under |
Effect of Change | |||||||||||
| Accounts receivable, net | $ | 383,309 | $ | 260,401 | $ | 122,908 | |||||||
| Other current assets | $ | 69,116 | $ | 60,449 | $ | 8,667 | |||||||
| Accrued and other current liabilities | $ | 433,897 | $ | 295,126 | $ | 138,771 | |||||||
| Retained earnings | $ | 1,365,036 | $ | 1,372,232 | $ | (7,196 | ) | ||||||
(B) 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 ended
March 31, 2019 and previous periods, 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 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 gross profit, operating
expenses, and financial results from period to period.
Contacts
Ben Lu
Vice President, Investor Relations – USA
+1 (510)
713-5568
Krista Todd
Vice President, Global Communications – USA
+1
(510) 713-5834
Ben Starkie
Corporate Communications – Europe
+41 (0)
79-292-3499
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Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
Innocan
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
With its submission of a Pre-IND Meeting Request Letter, Innocan initiates the regulatory process with the U.S. Food and Drug Administration (FDA) for the approval of its prolonged CBD release technology for human use
HERZLIYA, Israel and CALGARY, AB, April 22, 2024 /PRNewswire/ — Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) (“Innocan” or the “Company”), is pleased to announce that is has reached a key milestone: the Company submitted its letter of application for a Pre-IND meeting, the first phase in the FDA approval process in the United States for Innocan’s Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain.
With the global market for pain therapeutics widely expected to exceed US$100 billion by 2032[1], LPT therapy which requires only one single monthly subcutaneous injection, is positioned as a highly attractive alternative to opioid-based approaches. Opioids have and continue to take a significant human toll in recent years, with more than three-quarters of drug overdose deaths in the United States involving opioids, according to the United States Center for Disease Control and Prevention[2].
Innocan’s therapy has shown consistent efficacy in multiple pre-clinical trials in recent years of it’s LPT-CBD injectable treatment through prolonged and controlled release of CBD in animals with chronic pain conditions. Innocan’s Pre-IND Meeting Request Letter to the FDA is a key milestone and important first step in seeking approval of its LPT-CBD therapy for use in humans. At the Pre-IND meeting, the objective will be to obtain guidance from the FDA on the preclinical and clinical development plan, enabling the initiation of an Investigational New Drug (IND) program in the United States.
Iris Bincovich, CEO of Innocan, commented: “We are extremely excited to embark on this next stage in the development of LPT-CBD injectables, this is a major Milestone for Innocan Pharma. We have invested significant effort and many thousands of person-hours in its research and development, accumulating a wealth of preclinical data that will serve as the foundation for our participation in the FDA process. This is a key milestone for Innocan and marks our first step towards the FDA’s recognition of our technology. We see significant potential for our therapy, with an addressable market for pain management therapeutics expected to exceed US $100 billion by 2032, and we look forward to tapping that.“
Dr. Joseph Pergolizzi, Innocan’s FDA Advisory Board Member, added:
“We have worked hard to catalogue the data collected as part of our animal LPT therapy testing program and prepare it for the FDA. We look forward to working under FDA guidance, with the goal of completing the review process as quickly and efficiently as possible. We believe that Innocan’s unique treatment method, if and when it should become FDA-approved has the potential of being a highly valuable non-opioid addition in the medical arsenal of the management of chronic pain.”
About Innocan
Innocan is a pharmaceutical tech company that operates under two main segments: Pharmaceuticals and Consumer Wellness. In the Pharmaceuticals segment, Innocan focuses on developing innovative drug delivery platform technologies based on advanced cannabinoids science, to treat various conditions to improve patients’ quality of life. This segment involves two drug delivery technologies: (i) LPT CBD- loaded liposome platform facilitating exact dosing and the prolonged and controlled release of CBD into the blood stream. The LPT delivery platform research is in the preclinical trial phase for: Pain Management. In the Consumer Wellness segment, Innocan develops and markets a wide portfolio of innovative and high-performance self-care products to promote a healthier lifestyle. Under this segment, Innocan has established a joint venture by the name of BI Sky Global Ltd. that focuses on advanced targeted online sales. https://innocanpharma.com/
For further information, please contact:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1-516-210-4025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary note regarding forward-looking information
Certain information set forth in this news release, including, without limitation, information regarding research and development, collaborations, the filing of potential applications with the FDA and other regulatory authorities, the potential achievement of future regulatory milestones, the potential for treatment of conditions and other therapeutic effects resulting from research activities and/or the Company’s products, requisite regulatory approvals and the timing for market entry, is forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Innocan’s control. The forward-looking information contained in this news release is based on certain key expectations and assumptions made by Innocan, including expectations and assumptions concerning the anticipated benefits of the products, satisfaction of regulatory requirements in various jurisdictions and satisfactory completion of requisite production and distribution arrangements.
Forward-looking information is subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include but are not limited to: general global and local (national) economic, market and business conditions; governmental and regulatory requirements and actions by governmental authorities; and relationships with suppliers, manufacturers, customers, business partners and competitors. There are also risks that are inherent in the nature of product distribution, including import / export matters and the failure to obtain any required regulatory and other approvals (or to do so in a timely manner) and availability in each market of product inputs and finished products. The anticipated timeline for entry to markets may change for a number of reasons, including the inability to secure necessary regulatory requirements, or the need for additional time to conclude and/or satisfy the manufacturing and distribution arrangements. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release concerning the timing of launch of product distribution. A comprehensive discussion of other risks that impact Innocan can also be found in Innocan’s public reports and filings which are available under Innocan’s profile at www.sedar.com.
Readers are cautioned that undue reliance should not be placed on forward-looking information as actual results may vary materially from the forward-looking information. Innocan does not undertake to update, correct or revise any forward looking information as a result of any new information, future events or otherwise, except as may be required by applicable law.
[1] https://www.gminsights.com/industry-analysis/pain-management-drugs-market
[2] https://www.cdc.gov/opioids/data/index.html
Logo – https://mma.prnewswire.com/media/2046271/3968398/Innocan_Pharma_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innocan-pharma-initiates-fda-approval-process-for-liposome-injection-therapy-for-chronic-pain-302122779.html
Bolsters Company’s Advantage in Several Key Emerging Markets, including Australia, New Zealand, Germany, Poland and the United Kingdom
NEW YORK, April 22, 2024 /PRNewswire/ — Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer cannabis products, announced today the closing of its acquisition of Northern Green Canada (“NGC”), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. The accretive acquisition amplifies the Company’s strategic advantage in established European markets including Germany, Poland and the United Kingdom and provides a foothold in the emerging markets of Australia and New Zealand.
Integrating NGC’s international operation will equip Curaleaf with a secure and consistent high quality, non-irradiated, indoor EU-GMP flower supply, essential to maintaining its leading positions in Germany, the United Kingdom and Poland.
“We are thrilled to welcome NGC formally to the Curaleaf family of global brands,” said Boris Jordan, Founder and Executive Chairman of Curaleaf. “This is an incredibly important deal for our international expansion strategy, as we’ll be able to bolster our supply of high quality EU-GMP certified flower immediately to key European markets as well as enter the fast-growing markets of Australia and New Zealand.”
The global cannabis market is projected to generate $55 billion in sales by 2027. Emerging markets beyond the United States and Canada, including Germany, Australia and New Zealand are expected to contribute $6.3 billion of the $55 billion projection.
Terms of the acquisition of NGC include an initial payment at closing of the Company’s Subordinate Voting Shares valued at approximately US $16 million, subject to a typical post-closing adjustment. An earnout may also be paid in 2025 based upon 2024 performance of NGC’s operations, up to 50% of which will be cash and the rest paid in additional Subordinate Voting Shares. The issuance of Subordinate Voting Shares in connection with the acquisition of NGC has been conditionally approved by the Toronto Stock Exchange, subject to fulfilling customary listing conditions.
About Curaleaf Holdings
Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf”) is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf, Select, Grassroots, JAMS, Find and Zero Proof provide industry-leading service, product selection and accessibility across the medical and adult use markets. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Toronto Stock Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com.
Forward Looking Statements
This media advisory contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “expects” or, “proposed”, “is expected”, “intends”, “anticipates”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the expected benefits of the acquisition of NGC, and the Company’s planned expansion on internal markets, the Company’s anticipated strategic advantages in European markets and emerging markets, the integration of NGC’s internal operations, the anticipated global cannabis market, and the listing of shares issuable in connection with the acquisition on the Toronto Stock Exchange. Such forward-looking statements and information reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matters described in this new release, including the Company’s ability to successfully realize the expected benefits of the acquisition, and the Company’s ability to fulfil the listing conditions imposed by the Toronto Stock Exchange. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including the failure to realize the expected benefits of the acquisition, or the Company’s failure to fulfil the listing conditions imposed by the Toronto Stock Exchange. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest annual information form filed on March 6, 2024, which is available under the Company’s SEDAR profile at http://www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. The Toronto Stock Exchange has not reviewed, approved or disapproved the content of this news release.
INVESTOR CONTACT
Curaleaf Holdings, Inc.
Camilo Lyon, Chief Investment Officer
[email protected]
MEDIA CONTACT
Curaleaf Holdings, Inc.
Tracy Brady, SVP Corporate Communications
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/curaleaf-completes-acquisition-of-northern-green-canada-302123010.html
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