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Question: The following excerpts are from the Logitech

The following excerpts are from the Logitech International S.A. Form 10-K.
The following excerpts are from the Logitech International S.A. Form 10-K.


Item 1. business 
Company overview 
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, we develop and market innovative hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet. Logitech was founded in Switzerland in 1981, and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Apples, Switzerland, which conducts its business through subsidiaries in Americas (including North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, Taiwan, Japan and Australia). Logitech has two operating segments, peripherals and video conferencing. Our peripherals segment, which includes retail and OEM channels, encompasses the design, manufacturing and marketing of peripherals for PCs (personal computers), tablets and other digital platforms. Our video conferencing segment encompasses the design, manufacturing and marketing of video conferencing products, infrastructure and services for the enterprise, public sector, and other business markets.
Item 7. Management’s Discussion and Analysis of Financial
Condition and results of Operations
Results of operations
Net Sales
Our retail sales decreased 8% and retail units sold decreased 7% in fiscal year 2013, compared with the prior fiscal year. We experienced declines in all three regions during fiscal year 2013. Our overall retail average selling price declined 1% in fiscal year 2013 compared with the prior fiscal year. Our retail sales in fiscal year 2012 were essentially flat compared with fiscal year 2011, as the retail sales increase in the Asia Pacific region was offset by declines in the EMEA and Americas regions. retail units sold increased 3% in fiscal year 2012 compared with the prior fiscal year. Our overall retail average selling price declined 4% in fiscal year 2012 compared with the prior fiscal year. OEM net sales decreased 24% and 17% and units sold decreased 12% in fiscal years 2013 and 2012, compared with the preceding fiscal years. These declines were primarily due to lower sales in the keyboard/desktop category due to product mix changes with a large customer, and lower sales of OEM mice. Video conferencing net sales decreased 7% in fiscal year 2013, compared with the prior fiscal year, due to sales declines in all geographic regions, and were impacted by the slowdown in the overall video conferencing industry in recent quarters, together with the competitive environment in fiscal year 2013 and lower demand related to new product launches. Video conferencing net sales increased 10% in fiscal year 2012 over 2011, primarily driven by growth in the EMEA and Asia Pacific regions, with strong growth in russia, China, and Australia.
Gross Profit
Our gross margin for fiscal year 2013 remained relatively constant at 33.7%, compared with 33.5% of the prior fiscal year.
The decline in gross margin in fiscal year 2012 compared with 2011 resulted from increased manufacturing and distribution costs due to higher labor and obsolescence costs, from a $34.1 million inventory valuation adjustment reflecting the lower of cost or market on our inventory of Logitech revue and related peripherals on hand and at our suppliers, and an unfavorable shift in retail product mix towards products with lower average selling prices.

Required:
Using the Consolidated Statements of Operations and the excerpts from the Logitech International S.A. Form 10-K, analyze the profitability of Logitech. Your analysis should include the following calculations for all three years:
(a) Common-size income statements.
(b) Effective tax rates.
(c) Growth rates of sales and total operating costs. Your written analysis and interpretation should include explanations for why trends have occurred.

Item 1. business Company overview Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, we develop and market innovative hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet. Logitech was founded in Switzerland in 1981, and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Apples, Switzerland, which conducts its business through subsidiaries in Americas (including North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, Taiwan, Japan and Australia). Logitech has two operating segments, peripherals and video conferencing. Our peripherals segment, which includes retail and OEM channels, encompasses the design, manufacturing and marketing of peripherals for PCs (personal computers), tablets and other digital platforms. Our video conferencing segment encompasses the design, manufacturing and marketing of video conferencing products, infrastructure and services for the enterprise, public sector, and other business markets. Item 7. Management’s Discussion and Analysis of Financial Condition and results of Operations Results of operations Net Sales Our retail sales decreased 8% and retail units sold decreased 7% in fiscal year 2013, compared with the prior fiscal year. We experienced declines in all three regions during fiscal year 2013. Our overall retail average selling price declined 1% in fiscal year 2013 compared with the prior fiscal year. Our retail sales in fiscal year 2012 were essentially flat compared with fiscal year 2011, as the retail sales increase in the Asia Pacific region was offset by declines in the EMEA and Americas regions. retail units sold increased 3% in fiscal year 2012 compared with the prior fiscal year. Our overall retail average selling price declined 4% in fiscal year 2012 compared with the prior fiscal year. OEM net sales decreased 24% and 17% and units sold decreased 12% in fiscal years 2013 and 2012, compared with the preceding fiscal years. These declines were primarily due to lower sales in the keyboard/desktop category due to product mix changes with a large customer, and lower sales of OEM mice. Video conferencing net sales decreased 7% in fiscal year 2013, compared with the prior fiscal year, due to sales declines in all geographic regions, and were impacted by the slowdown in the overall video conferencing industry in recent quarters, together with the competitive environment in fiscal year 2013 and lower demand related to new product launches. Video conferencing net sales increased 10% in fiscal year 2012 over 2011, primarily driven by growth in the EMEA and Asia Pacific regions, with strong growth in russia, China, and Australia. Gross Profit Our gross margin for fiscal year 2013 remained relatively constant at 33.7%, compared with 33.5% of the prior fiscal year. The decline in gross margin in fiscal year 2012 compared with 2011 resulted from increased manufacturing and distribution costs due to higher labor and obsolescence costs, from a $34.1 million inventory valuation adjustment reflecting the lower of cost or market on our inventory of Logitech revue and related peripherals on hand and at our suppliers, and an unfavorable shift in retail product mix towards products with lower average selling prices. Required: Using the Consolidated Statements of Operations and the excerpts from the Logitech International S.A. Form 10-K, analyze the profitability of Logitech. Your analysis should include the following calculations for all three years: (a) Common-size income statements. (b) Effective tax rates. (c) Growth rates of sales and total operating costs. Your written analysis and interpretation should include explanations for why trends have occurred.





Transcribed Image Text:

LOGITECH INTERNATIONAL S.A. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Year ended March 31, 2013 2012 2011 $ 2,099,883 1,392,581 707,302 $ 2,316,203 1,539,614 776,589 $ 2,362,886 1,526,380 836,506 Net sales Cost of goods sold Gross profit Operating expenses: Marketing and selling Research and development 431,598 423,854 420,580 153,922 113,824 162,331 118,423 156,390 116,880 General and administrative Impairment of goodwill and other assets Restructuring charges Total operating expenses Operating income (loss) 216,688 43,704 959,736 704,608 71,981 693,850 142,656 (252,434) 2,316 З476 148,448 19,988 Interest income, net 907 2,674 Other income (expense), net Income (loss) before income taxes Provision for (benefit from) income taxes (2,198) (253,725) (25,588) 16,622 91,277 $ (228,137) 19,819 71,458 $ 128,460 Net income (loss) $ Net income (loss) per share: Basic (1.44) (1.44) 0.41 0.73 Diluted 0.41 %24 0.72 Shares used to compute net income (loss) per share: Basic 158,468 174,648 176,928 Diluted 158,468 175,591 178,790 Cash dividends per share $ 0.85 %24


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