Yahoo Finance Logitech International S.A. (NASDAQ:LOGI) Q4 2024 Earnings Call Transcript
Logitech International S.A. (NASDAQ:LOGI) Q4 2024 Earnings Call Transcript April 30, 2024
Logitech International S.A. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning and good afternoon. Welcome to Logitech's Video Call to discuss our Financial Results for the Fourth Quarter and Full Fiscal Year 2024. Joining us today are Hanneke Faber, our 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're making these statements based on our views only as of today. Our actual results could differ materially and we undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results. 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 in 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 Faber: Thank you, Nate, and welcome everyone. In today's call, we're going to cover three items, all of which are detailed in the shareholder letter that we released with our earnings materials. First, Chuck will provide the highlights of our fourth quarter and our full year results. I'll then briefly touch on my view of our current assets, the secular trends driving the business and strategic decisions that we're implementing and I'm going to close with our financial outlook. Let me start though, by saying how pleased I am about the execution of our teams in the fourth quarter. We return to top line growth. We executed at a very high level, with both gross and operating margins up year-over-year and before Chuck dives into the numbers, I want to thank him for an impactful tenure here at Logitech.
He's built a highly capable finance team, and he has helped drive the consistent progress we've seen in the business over the last year. He's going to be missed, and we wish him all the best. And now, Chuck, over to you.
Chuck Boynton: Well, thank you, Hanneke and thank you all for joining us on the call today. I am so proud of the way our employees finished the year. In addition to further enhancing the value chain, we continued our cost reductions and promotional disciplines. These factors all drove better than expected. Fourth quarter results. The detailed financial results can be found in the press release and in the shareholder letter, but I'd like to call your attention to three metrics. First, we are pleased to see Q4 revenue return to growth at plus 5%. However, please note the channel inventory reduction in Q4 was lower than last year's reduction. When normalized for the change in channel inventory, net sales growth was closer to plus 3%.
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