Logitech(US:LOGI)2024-07-25 20:21Sales Performance - Total sales for the three months ended June 30, 2024, increased by 12% to $1,088.2 million compared to $974.5 million for the same period in 2023, driven by improved demand in Gaming, Keyboards & Combos, and Pointing Devices [142]. - The Americas region generated sales of $485.3 million, up from $445.2 million in the prior year, while EMEA and Asia Pacific regions reported sales of $309.8 million and $293.1 million, respectively [158]. Financial Metrics - The income tax provision for the three months ended June 30, 2024, was $25.6 million, compared to $12.5 million for the same period in 2023, primarily due to the mix of income and losses in various tax jurisdictions [143]. - The company had uncommitted, unsecured bank lines of credit totaling $171.8 million as of June 30, 2024, with no outstanding borrowings under these lines [146]. - The company’s goodwill and other intangible assets increased slightly from $461.978 million as of March 31, 2024, to $462.003 million as of June 30, 2024 [145]. Share Repurchase - The company repurchased 1.4 million shares for an aggregate cost of $132.1 million under the 2023 share repurchase program during the three months ended June 30, 2024 [150]. Currency Exposure - Approximately 49% of the company's sales for the three months ended June 30, 2024, were in non-U.S. denominated currencies, with 21% of sales in Euro, exposing the company to currency exchange rate risks [289]. Strategic Direction - The ongoing growth in gaming and social gaming presents opportunities for the company to expand its product offerings to a wider community of gamers [138]. - The company is continuously reviewing its product offerings and strategic direction in light of profitability targets and changing consumer trends [136]. Legal Proceedings - The company is involved in several legal proceedings but does not believe that these will have a material adverse effect on its financial condition [149].