Logitech International S.A. (NASDAQ:LOGI) Q2 2024 Earnings Conference Call October 24, 2023 8:00 AM ET
Company Participants
Guy Gecht - Interim CEO
Chuck Boynton - CFO
Nate Melihercik - IR
Conference Call Participants
George Wang - Barclays
Asiya Merchant - Citi
Erik Woodring - Morgan Stanley
Juergen Wagner - Stifel
Ananda Baruah - Loop Capital
Michael Foeth - Vontobel
Andreas Müller - ZKB
Nate Melihercik
Good morning and good afternoon. Welcome to Logitech’s Video Call to discuss our Financial Results for the Second Quarter of Fiscal Year 2024. Joining us today are Guy Gecht, our Interim CEO, and Chuck Boynton, our CFO.
During this call, we will make forward-looking statements, including with respect to future operating results under the Safe Harbor of the Private Securities Litigation Reform Act of 1995. We are making these statements based on our views only as of today, and our actual results could differ materially. We undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results, and you can find a reconciliation between non-GAAP and GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results and forward-looking statements in our press release and in our filings with the SEC. These materials, as well as the slides and a webcast of this call, are all available at the Investor Relations page of our website. We encourage you to review these materials carefully. Unless noted otherwise, comparisons between periods are year-over-year and in constant currency and net sales. This call is being recorded and will be available for a replay on our website.
One brief note before we move on to the quarterly results. Next quarter, we will plan to update and modernize our earnings materials. The totality of the information we provide today will not change. I’ll now turn the call over to Guy. Guy?
Guy Gecht
Thank you, Nate, and thank you all for joining us today. I'm very proud of the Logitech’s team performance and execution this quarter, driving better than expected results despite continued challenges, especially in Asia. Our new products, combined with sales execution, led to a significant progress toward the return to growth, and we did it while delivering record operating and growth margins exceeding any time in our history outside of the peak pandemic periods, along with OpEx control coming in slightly better than our 25% target. While we pause to congratulate the team and indeed, they deserve a huge thank you for the results, you will not find here any complacency, especially not before we return to healthy growth. That may take time as we work through pandemic pull-forward demand, but we are actively working toward it. Looking longer-term, I'm confident about Logitech’s positioning. Our portfolio aligns with doable secular trends in hybrid work, video conferencing, gaming and content creation that will continue playing out, and we see no reason to why we will not maintain the number one positioning Logitech currently holds in the majority of our growth categories.