Logitech(US:LOGI)2023-10-24 13:24Financial Performance - Net sales for Q2'24 were $1057 million, a decrease of 8% year-over-year (YoY) [67, 76] - Non-GAAP gross margin was 42.0%, an increase of 340 bps compared to Q2'23 [16, 32] - Non-GAAP operating income was $183 million, up 17% compared to Q2'23 [30, 31] - Cash from operations was $223 million in Q2'24 [23] - The company returned $276 million to shareholders through dividends ($182 million) and share repurchases ($94 million) [82, 89] Expense Management - Non-GAAP operating expenses decreased by 9% [37, 73, 83, 88] - Sales & Marketing expenses saw a reduction of 14% [22, 37, 83] Inventory and Cash Flow - Inventory turns increased to 4.6 from 3.2 year-over-year [16] - Ending cash balance was nearly $1.2 billion [23] Category Performance - Tablet accessories grew by 15% [18] - Video Collaboration decreased by 16% year-over-year [76] FY'24 Outlook - The company expects net sales to be in the range of $4.0 billion to $4.15 billion [24] - Non-GAAP operating income is projected to be between $525 million and $575 million [24] Sustainability - Logitech has reduced Scope 1 and 2 emissions by more than 56% since 2019 [66] - Scope 3 value chain emissions have reduced by more than 21% since 2021 [66]