Logitech International S.A. (NASDAQ:LOGI) Q2 2025 Earnings Conference Call October 22, 2024 8:30 AM ET

Company Participants

Nate Melihercik - Head of Global IR
Hanneke Faber - CEO
Matteo Anversa - CFO

Conference Call Participants

Asiya Merchant - Citigroup
Samik Chatterjee - J.P.Morgan
George Wang - Barclays
George Brown - Deutsche Bank
Erik Woodring - Morgan Stanley
Joern Iffert - UBS
Michael Foeth - Vontobel
Ananda Baruah - Loop Capital

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 2025. Joining us today are Hanneke Faber, our CEO, and Matteo Anversa, 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're 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 GAAP and non-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 shareholder letter 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.

I will now turn the call over to Hanneke. Hanneke.

Hanneke Faber

Thanks, Nate, and welcome everyone to our second quarter earnings call. First, it is my pleasure to introduce you to our new Chief Financial Officer, Matteo Anversa. As a seasoned public company CFO, Matteo brings skills and experience really well suited to Logitech. His background in engineering and industrial technology, his diverse B2B experiences, and his global perspective as an Italian-American who has lived and worked around the world, make him a terrific addition to our leadership team. Matteo, welcome to your first Logitech earnings call.

Now to the quarter. This quarter, we said -- we did what we said we would do. We closed out the first half of our 2025 fiscal with strong results, which give us confidence looking forward. Let me touch on three highlights. First, we delivered high quality growth. This growth was driven by demand, and it was very profitable, above our long-term operating model for both gross and operating margins. The growth was broad-based across product categories and regions, including another standout quarter from EMEA. And we grew the business responsibly and with operational discipline. Channel inventories remained well within the healthy range in which we've operated for the last several quarters.