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Logitech Announces Q3 FY 2023 Results

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SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2023.

  • Sales were $1.27 billion, down 22 percent in US dollars and 17 percent in constant currency, compared to Q3 of the prior year. This performance reflects the challenging macroeconomic environment.
  • Category sales declined in both US dollars and constant currency. Compared to Q3 of the prior year, Gaming sales declined 16 percent and 10 percent respectively; Video Collaboration sales declined 21 percent and 16 percent respectively; Keyboards & Combos sales declined 22 percent and 17 percent respectively; and Pointing Devices sales declined 14 percent and 8 percent respectively. This reflects consumer purchasing concentrated in promotional weeks throughout the quarter, and lower enterprise and consumer spending.
  • GAAP operating income declined 33 percent to $177 million, compared to $263 million in the same quarter a year ago. Non-GAAP operating income declined 32 percent to $204 million, compared to $302 million in the same quarter a year ago.
  • GAAP earnings per share (EPS) declined 31 percent to $0.86, compared to $1.24 in the same quarter a year ago. Non-GAAP EPS declined 26 percent to $1.14, compared to $1.55 in the same quarter a year ago.
  • Cash flow from operations was $280 million, bringing the cash balance to $1.04 billion. Year to date, the Company has returned $486 million of cash to shareholders through its annual dividend payment and share repurchases, including $90 million this quarter.

“These quarterly results reflect the current challenging macroeconomic conditions, including currency exchange rates and inflation, as well as lower enterprise and consumer spending,” said Bracken Darrell, Logitech president and chief executive officer. “With these external headwinds, we continued to aggressively manage our costs in the quarter, while at the same time growing market share in key categories. Our long-term strategies remain unchanged and we remain committed to the growth trends that fuel our business.”

Outlook

As announced earlier this month, Logitech’s Fiscal Year 2023 outlook has been adjusted to between negative 15 percent and negative 13 percent sales growth in constant currency, and between $550 million and $600 million in non-GAAP operating income.

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results videoconference available online on the Logitech corporate website at http://ir.logitech.com.

Financial Results Videoconference and Webcast

Logitech will hold a financial results videoconference to discuss the results for Q3 Fiscal Year 2023 on Tuesday, January 24, 2023 at 8:30 a.m. Eastern Standard Time and 2:30 p.m. Central European Time. A livestream of the event will be available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information and Constant Currency

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures in this press release, which exclude share-based compensation expense, amortization of intangible assets, acquisition-related costs, impairment of intangible assets, change in fair value of contingent consideration for business acquisition, restructuring charges, loss on investments, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below and posted to our website at http://ir.logitech.com. Logitech also presents percentage sales growth in constant currency (“CC”), a non-GAAP measure, to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance, outlook and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for the Fiscal Year 2023 outlook.

Public Dissemination of Certain Information

Logitech webcasts its earnings calls, and certain events Logitech participates in or hosts, with members of the investment community on its investor relations website at https://ir.logitech.com. Additionally, Logitech provides notifications of news or announcements regarding its operations and financial performance, including its filings with the Securities and Exchange Commission (SEC), investor events, and press and earnings releases as part of its investor relations website. Logitech intends to use its investor relations website as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Logitech’s corporate governance information also is available on its investor relations website.

About Logitech

Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones and Ultimate Ears. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @logitech.

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three and nine months ended December 31, 2022 and Fiscal Year 2023 outlook for sales growth and non-GAAP operating income, and related assumptions. The forward-looking statements in this press release are subject to risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: macroeconomic and geopolitical conditions and other factors and their impact, including the COVID-19 pandemic and changes in the COVID-19 pandemic controls and infection levels in China, the war in Ukraine, changes in inflation levels and monetary policies; if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of demand variability, supply shortages and other supply chain challenges; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not efficiently manage our spending; our expectations regarding our restructuring efforts, including the timing thereof; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade regulations, policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; if we do not successfully execute on strategic acquisitions and investments; risks associated with acquisitions; and the effect of changes to our effective income tax rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2022, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and our subsequent reports filed with the SEC, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

Three Months Ended
December 31,

Nine Months Ended
December 31,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

2022

2021

2022

2021

Net sales

$

1,269,925

$

1,632,782

$

3,578,741

$

4,251,107

Cost of goods sold

789,489

971,646

2,193,735

2,470,980

Amortization of intangible assets

3,168

3,126

9,355

11,028

Gross profit

477,268

658,010

1,375,651

1,769,099

Operating expenses:

Marketing and selling

196,653

269,941

628,122

778,882

Research and development

65,640

75,529

210,166

213,436

General and administrative

29,766

38,478

92,215

112,291

Amortization of intangible assets and acquisition-related costs

2,810

3,662

9,052

13,986

Impairment of intangible assets

7,000

7,000

Change in fair value of contingent consideration for business acquisition

(1,110

)

(3,509

)

Restructuring charges, net

5,654

1,759

16,471

1,770

Total operating expenses

300,523

395,259

956,026

1,123,856

Operating income

176,745

262,751

419,625

645,243

Interest income

4,665

278

9,573

795

Other income (expense), net

1,406

(3,673

)

(18,367

)

(1,941

)

Income before income taxes

182,816

259,356

410,831

644,097

Provision for income taxes

42,663

49,345

87,751

107,789

Net income

$

140,153

$

210,011

$

323,080

$

536,308

Net income per share:

Basic

$

0.87

$

1.26

$

1.98

$

3.19

Diluted

$

0.86

$

1.24

$

1.96

$

3.14

Weighted average shares used to compute net income per share:

Basic

161,244

167,090

163,042

167,953

Diluted

162,529

169,707

164,427

171,027

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

December 31,

March 31,

CONDENSED CONSOLIDATED BALANCE SHEETS

2022

2022

Current assets:

Cash and cash equivalents

$

1,036,131

$

1,328,716

Accounts receivable, net

802,435

675,604

Inventories

797,695

933,124

Other current assets

125,088

135,478

Total current assets

2,761,349

3,072,922

Non-current assets:

Property, plant and equipment, net

118,183

109,807

Goodwill

454,471

448,175

Other intangible assets, net

69,364

83,779

Other assets

335,879

320,722

Total assets

$

3,739,246

$

4,035,405

Current liabilities:

Accounts payable

$

491,488

$

636,306

Accrued and other current liabilities

705,569

784,848

Total current liabilities

1,197,057

1,421,154

Non-current liabilities:

Income taxes payable

117,608

83,380

Other non-current liabilities

165,915

132,133

Total liabilities

1,480,580

1,636,667

Shareholders’ equity:

Registered shares, CHF 0.25 par value:

30,148

30,148

Issued shares — 173,106 at December 31, 2022 and March 31, 2022

Additional shares that may be issued out of conditional capital — 50,000 at December 31, 2022 and March 31, 2022

Additional shares that may be issued out of authorized capital — 17,311 at December 31, 2022 and March 31, 2022

Additional paid-in capital

116,012

129,925

Shares in treasury, at cost — 12,470 at December 31, 2022 and 7,855 at March 31, 2022

(906,606

)

(632,893

)

Retained earnings

3,136,080

2,975,681

Accumulated other comprehensive loss

(116,968

)

(104,123

)

Total shareholders’ equity

2,258,666

2,398,738

Total liabilities and shareholders’ equity

$

3,739,246

$

4,035,405

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

Three Months Ended
December 31,

Nine Months Ended
December 31,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

2022

2021

2022

2021

Cash flows from operating activities:

Net income

$

140,153

$

210,011

$

323,080

$

536,308

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

19,410

21,913

56,698

65,387

Amortization of intangible assets

5,929

6,755

18,173

24,223

Impairment of intangible assets

7,000

7,000

Loss on investments

1,488

460

13,065

1,421

Share-based compensation expense

15,805

24,792

51,740

72,465

Deferred income taxes

21,188

20,561

24,228

27,369

Change in fair value of contingent consideration for business acquisition

(1,110

)

(3,509

)

Other

1,293

9

1,411

1,068

Changes in assets and liabilities, net of acquisitions:

Accounts receivable, net

(1,638

)

(123,350

)

(123,547

)

(236,358

)

Inventories

104,519

(10,240

)

126,309

(177,828

)

Other assets

16,161

27,871

20,918

(20,569

)

Accounts payable

(56,494

)

74,845

(134,848

)

(80,637

)

Accrued and other liabilities

12,097

117,059

(60,060

)

(17,612

)

Net cash provided by operating activities

279,911

376,576

317,167

198,728

Cash flows from investing activities:

Purchases of property, plant and equipment

(23,738

)

(16,494

)

(69,122

)

(63,726

)

Investment in privately held companies

(351

)

(359

)

(2,626

)

(1,260

)

Acquisitions, net of cash acquired

(2,688

)

(300

)

(8,527

)

(15,886

)

Purchases of short-term investments

(10,000

)

(10,000

)

Proceeds from the sale of short-term investments

1,225

1,225

Purchases of deferred compensation investments

(2,687

)

(1,178

)

(5,186

)

(3,644

)

Proceeds from sales of deferred compensation investments

2,314

1,308

4,750

4,285

Net cash used in investing activities

(27,150

)

(25,798

)

(80,711

)

(89,006

)

Cash flows from financing activities:

Payment of cash dividends

(158,680

)

(159,410

)

Payment of contingent consideration for business acquisition

(880

)

(5,954

)

(880

)

Purchases of registered shares

(90,170

)

(116,245

)

(327,731

)

(290,625

)

Proceeds from exercises of stock options and purchase rights

3,214

8

16,064

16,644

Tax withholdings related to net share settlements of restricted stock units

(1,992

)

(3,777

)

(28,734

)

(58,528

)

Net cash used in financing activities

(88,948

)

(120,894

)

(505,035

)

(492,799

)

Effect of exchange rate changes on cash and cash equivalents

3,817

(2,769

)

(24,006

)

(2,839

)

Net increase (decrease) in cash and cash equivalents

167,630

227,115

(292,585

)

(385,916

)

Cash and cash equivalents, beginning of the period

868,501

1,137,296

1,328,716

1,750,327

Cash and cash equivalents, end of the period

$

1,036,131

$

1,364,411

$

1,036,131

$

1,364,411

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended

December 31,

Nine Months Ended

December 31,

NET SALES

2022

2021

Change

2022

2021

Change

Net sales by product category:

Pointing Devices

$

199,106

$

231,090

(14

)%

$

567,589

$

602,982

(6

)%

Keyboards & Combos

220,059

281,608

(22

)

648,632

736,237

(12

)

PC Webcams

58,481

115,115

(49

)

178,033

319,504

(44

)

Tablet & Other Accessories

65,157

82,859

(21

)

185,945

242,932

(23

)

Gaming (1)

391,975

469,282

(16

)

972,457

1,135,456

(14

)

Video Collaboration

226,374

287,187

(21

)

708,796

753,725

(6

)

Mobile Speakers

38,321

56,748

(32

)

99,826

124,724

(20

)

Audio & Wearables

69,104

104,280

(34

)

211,821

318,965

(34

)

Other (2)

1,348

4,613

(71

)

5,642

16,582

(66

)

Total Sales

$

1,269,925

$

1,632,782

(22

)%

$

3,578,741

$

4,251,107

(16

)%

(1)

Gaming includes streaming services revenue generated by Streamlabs.

(2)

Other includes Smart Home.

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended
December 31,

Nine Months Ended
December 31,

GAAP TO NON-GAAP RECONCILIATION (A)

2022

2021

2022

2021

Gross profit - GAAP

$

477,268

$

658,010

$

1,375,651

$

1,769,099

Share-based compensation expense

1,324

1,782

4,228

5,253

Amortization of intangible assets

3,168

3,126

9,355

11,028

Gross profit - Non-GAAP

$

481,760

$

662,918

$

1,389,234

$

1,785,380

Gross margin - GAAP

37.6

%

40.3

%

38.4

%

41.6

%

Gross margin - Non-GAAP

37.9

%

40.6

%

38.8

%

42.0

%

Operating expenses - GAAP

$

300,523

$

395,259

$

956,026

$

1,123,856

Less: Share-based compensation expense

14,481

23,010

47,512

67,212

Less: Amortization of intangible assets and acquisition-related costs

2,810

3,662

9,052

13,986

Less: Impairment of intangible assets

7,000

7,000

Less: Change in fair value of contingent consideration for business acquisition

(1,110

)

(3,509

)

Less: Restructuring charges, net

5,654

1,759

16,471

1,770

Operating expenses - Non-GAAP

$

277,578

$

360,938

$

882,991

$

1,037,397

% of net sales - GAAP

23.7

%

24.2

%

26.7

%

26.4

%

% of net sales - Non-GAAP

21.9

%

22.1

%

24.7

%

24.4

%

Operating income - GAAP

$

176,745

$

262,751

$

419,625

$

645,243

Share-based compensation expense

15,805

24,792

51,740

72,465

Amortization of intangible assets and acquisition-related costs

5,978

6,788

18,407

25,014

Impairment of intangible assets

7,000

7,000

Change in fair value of contingent consideration for business acquisition

(1,110

)

(3,509

)

Restructuring charges, net

5,654

1,759

16,471

1,770

Operating income - Non-GAAP

$

204,182

$

301,980

$

506,243

$

747,983

% of net sales - GAAP

13.9

%

16.1

%

11.7

%

15.2

%

% of net sales - Non-GAAP

16.1

%

18.5

%

14.1

%

17.6

%

Net income - GAAP

$

140,153

$

210,011

$

323,080

$

536,308

Share-based compensation expense

15,805

24,792

51,740

72,465

Amortization of intangible assets and acquisition-related costs

5,978

6,788

18,407

25,014

Impairment of intangible assets

7,000

7,000

Change in fair value of contingent consideration for business acquisition

(1,110

)

(3,509

)

Restructuring charges, net

5,654

1,759

16,471

1,770

Loss on investments

1,488

460

13,065

1,421

Non-GAAP income tax adjustment

16,230

13,054

23,296

12,463

Net income - Non-GAAP

$

185,308

$

262,754

$

446,059

$

652,932

Net income per share:

Diluted - GAAP

$

0.86

$

1.24

$

1.96

$

3.14

Diluted - Non-GAAP

$

1.14

$

1.55

$

2.71

$

3.82

Shares used to compute net income per share:

Diluted - GAAP and Non-GAAP

162,529

169,707

164,427

171,027

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended
December 31,

Nine Months Ended
December 31,

SHARE-BASED COMPENSATION EXPENSE

2022

2021

2022

2021

Share-based Compensation Expense

Cost of goods sold

$

1,324

$

1,782

$

4,228

$

5,253

Marketing and selling

8,014

10,699

25,240

28,987

Research and development

2,756

4,510

11,568

14,295

General and administrative

3,711

7,801

10,704

23,930

Total share-based compensation expense

15,805

24,792

51,740

72,465

Income tax benefit

(3,276

)

(3,581

)

(7,496

)

(23,460

)

Total share-based compensation expense, net of income tax benefit

$

12,529

$

21,211

$

44,244

$

49,005

*Note: These preliminary results for the three and nine months ended December 31, 2022 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(A) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended December 31, 2022 and prior periods presented, we excluded items in the following general categories, each of which are described below:

Share-based compensation expense. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our gross profit, operating expenses, and financial results from period to period.

Acquisition-related costs and change in fair value of contingent consideration for business acquisition. We incurred expenses and credits in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition-related costs include certain incremental expenses incurred to effect a business combination. Fair value of contingent consideration is associated with our estimates of the value of earn-outs in connection with certain acquisitions. We believe that providing the non-GAAP measures excluding these costs and credits, as well as the GAAP measures, assists our investors because such costs are not reflective of our ongoing operating results.

Impairment of intangible assets. We may incur impairment of intangible assets expense, primarily in connection with our past business or asset acquisitions. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such expenses are not reflective of our ongoing operating results.

Restructuring charges, net. These expenses are associated with restructuring plans, and will vary based on the initiatives in place during any given period. Restructuring charges may include costs related to employee terminations, facility closures and early cancellation of certain contracts as well as other costs resulting from our restructuring initiatives. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operating results.

Loss (gain) on investments. We recognize losses (gains) related to our investments in various companies, which vary depending on the operational and financial performance of the companies in which we invest. These amounts include our losses (earnings) on equity method investments, investment impairments and losses (gains) resulting from sales or other events related to our investments. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such losses (gains) are not reflective of our ongoing operations.

Non-GAAP income tax adjustment. Non-GAAP income tax adjustment primarily measures the income tax effect of non-GAAP adjustments excluded above and other events; the determination of which is based upon the nature of the underlying items, the mix of income and losses in jurisdictions and the relevant tax rates in which we operate.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

Additional Supplemental Financial Information - Constant Currency

In addition, Logitech presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

(LOGIIR)

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Contact information

Editorial Contacts:
Nate Melihercik, Head of Global Investor Relations - ir@logitech.com
Nicole Kenyon, Head of Global Corporate & Employee Communications - USA (510) 988-8553
Ben Starkie, Corporate Communications - Europe +41 (0) 79-292-3499

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