Business Wire

INSERTING and REPLACING Logitech Announces Second Quarter Fiscal Year 2024 Results

Share

Insert after last paragraph of release: GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

The updated release reads:

LOGITECH ANNOUNCES SECOND QUARTER FISCAL YEAR 2024 RESULTS

Company Raises FY 2024 Outlook

SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the second quarter of Fiscal Year 2024.

  • Sales were $1.06 billion, down 8 percent in US dollars and 9 percent in constant currency, compared to the prior year.
  • GAAP operating income was $157 million, up 23 percent compared to the prior year. Non-GAAP operating income was $183 million, up 17 percent compared to the prior year. In the quarter, the Company continued to reduce operating expenses, down 9 percent compared to the prior year, in line with the decline in net sales.
  • GAAP earnings per share (EPS) was $0.86, up 72 percent compared to the prior year. Non-GAAP EPS was $1.09, up 30 percent compared to the prior year.
  • Cash flow from operations was $223 million, up $150 million compared to the prior year. The quarter-ending cash balance was $1.16 billion. In the quarter, the Company returned $276 million of cash to shareholders through its annual dividend payment and share repurchases.

“The Logitech team stepped up execution this quarter and delivered results that demonstrate the underlying potential of our business,” said Guy Gecht, Logitech interim chief executive officer. “We made great progress toward a return to growth and exceeded our pre-pandemic profit levels. Our design-led innovation capabilities were on full display, with 16 new product introductions during the quarter. I'm proud of what our team has accomplished in this challenging environment. We remain focused on developing market leading products, operational excellence, and value creation for shareholders.”

“While our second quarter revenue was down compared to last year, we delivered expanded gross margins of 42.0% and operating margins of 17.3%,” said Chuck Boynton, Logitech chief financial officer. “Through strong operating execution and working capital management, we generated $223 million in operating cash flow and returned $276 million to our shareholders. Our focus on cost discipline with a customer-first mindset is paying off, with share growth in key categories. We remain cautiously optimistic on the balance of the year and are pleased to raise the annual outlook.”

CEO Search Update

Over the last four months, the board of directors, led by Wendy Becker, has been conducting a global CEO search looking at internal and external candidates across industries and geographies. The board has met with a number of strong, diverse and experienced candidates, and is moving closer to finalizing a decision.

Updated Full Year Outlook

Logitech raised its full-year outlook for Fiscal Year 2024:

Previous FY 2024 outlook

New FY 2024 outlook

Sales

$3.8 - $4.0 billion

$4.0 - $4.15 billion

Sales decline (in US dollars, year over year)

16% - 12%

12% - 9%

Non-GAAP operating income

$400 - $500 million

$525 - $575 million

Non-GAAP op. inc. decline (year over year)

32% - 15%

11% - 2%

H1 2024 Results Compared to H1 2024 Outlook

Logitech exceeded its outlook for the first half of Fiscal Year 2024:

H1 2024 outlook

H1 2024 results

Sales

$1.875 - $1.975 billion

$2.032 billion

Sales decline (in US dollars, year over year)

19% - 14%

12%

Non-GAAP operating income

$180 - $220 million

$292 million

Non-GAAP op. inc. decline (year over year)

40% - 27%

3%

Financial Results Videoconference and Webcast

Logitech will hold a financial results videoconference to discuss the results for Q2 Fiscal Year 2024 on Tuesday, October 24, 2023 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer 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, restructuring charges (credits), net, loss (gain) 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 full Fiscal Year 2024 non-GAAP operating income outlook.

Public Dissemination of Certain Information

Recordings of Logitech’s earnings videoconferences and certain events Logitech participates in or hosts, with members of the investment community are posted on the company’s 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 six months ended September 30, 2023, Fiscal Year 2024 outlook for sales and non-GAAP operating income, CEO search update, 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, for example changes in inflation levels and monetary policies; our expectations regarding our expense reduction efforts, including the timing thereof; changes in secular trends that impact our business; 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, 2023, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, 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
September 30,

Six months ended
September 30,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

2023

2022

2023

2022

Net sales

$

1,057,008

$

1,148,951

$

2,031,507

$

2,308,816

Cost of goods sold

615,403

707,026

1,211,115

1,404,246

Amortization of intangible assets

2,983

3,145

6,128

6,187

Gross profit

438,622

438,780

814,264

898,383

Operating expenses:

Marketing and selling

176,356

202,091

355,541

431,469

Research and development

68,559

69,009

139,118

144,526

General and administrative

35,538

26,589

76,835

62,449

Amortization of intangible assets and acquisition-related costs

3,318

2,873

6,003

6,242

Restructuring charges (credits), net

(1,788

)

10,817

1,723

10,817

Total operating expenses

281,983

311,379

579,220

655,503

Operating income

156,639

127,401

235,044

242,880

Interest income

11,856

3,459

21,682

4,908

Other income (expense), net

(1,044

)

(25,397

)

(14,016

)

(19,773

)

Income before income taxes

167,451

105,463

242,710

228,015

Provision for income taxes

30,334

23,372

42,866

45,088

Net income

$

137,117

$

82,091

$

199,844

$

182,927

Net income per share:

Basic

$

0.87

$

0.50

$

1.26

$

1.12

Diluted

$

0.86

$

0.50

$

1.25

$

1.11

Weighted average shares used to compute net income per share:

Basic

157,911

163,186

158,385

163,937

Diluted

158,934

164,328

159,545

165,371

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

September 30,

March 31,

CONDENSED CONSOLIDATED BALANCE SHEETS

2023

2023

Current assets:

Cash and cash equivalents

$

1,163,904

$

1,149,023

Accounts receivable, net

656,895

630,382

Inventories

532,943

682,893

Other current assets

138,482

142,876

Total current assets

2,492,224

2,605,174

Non-current assets:

Property, plant and equipment, net

122,027

121,503

Goodwill

461,401

454,610

Other intangible assets, net

58,081

63,173

Other assets

291,297

316,293

Total assets

$

3,425,030

$

3,560,753

Current liabilities:

Accounts payable

$

492,905

$

406,968

Accrued and other current liabilities

594,042

643,139

Total current liabilities

1,086,947

1,050,107

Non-current liabilities:

Income taxes payable

114,235

106,391

Other non-current liabilities

146,583

146,695

Total liabilities

1,347,765

1,303,193

Shareholders’ equity:

Registered shares, CHF 0.25 par value:

30,148

30,148

Issued shares — 173,106 at September 30, 2023 and March 31, 2023

Additional shares that may be issued out of conditional capital — 50,000 at September 30, 2023 and March 31, 2023

Additional shares that may be issued out of authorized capital — 17,311 at September 30, 2023 and March 31, 2023

Additional paid-in capital

47,311

127,380

Shares in treasury, at cost — 16,029 at September 30, 2023 and 13,763 at March 31, 2023

(1,083,468

)

(977,266

)

Retained earnings

3,190,220

3,177,575

Accumulated other comprehensive loss

(106,946

)

(100,277

)

Total shareholders’ equity

2,077,265

2,257,560

Total liabilities and shareholders’ equity

$

3,425,030

$

3,560,753

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

Three months ended
September 30,

Six months ended
September 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

2023

2022

2023

2022

Cash flows from operating activities:

Net income

$

137,117

$

82,091

$

199,844

$

182,927

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

Depreciation

16,637

18,662

34,135

37,288

Amortization of intangible assets

5,682

6,015

11,509

12,244

Loss (gain) on investments

(214

)

22,934

11,609

11,577

Share-based compensation expense

22,068

12,245

43,579

35,935

Deferred income taxes

8,146

2,775

11,108

3,040

Other

76

242

100

118

Changes in assets and liabilities, net of acquisitions:

Accounts receivable, net

(100,752

)

(77,337

)

(35,362

)

(121,909

)

Inventories

35,929

22,114

146,369

21,790

Other assets

(22,343

)

(175

)

11,999

4,757

Accounts payable

106,442

(8,320

)

88,022

(78,354

)

Accrued and other liabilities

14,476

(8,322

)

(59,853

)

(72,157

)

Net cash provided by operating activities

223,264

72,924

463,059

37,256

Cash flows from investing activities:

Purchases of property, plant and equipment

(18,493

)

(25,821

)

(34,731

)

(45,384

)

Investment in privately held companies

(322

)

(187

)

(356

)

(2,275

)

Acquisitions, net of cash acquired

(12,878

)

(14,138

)

(5,839

)

Purchases of deferred compensation investments

(1,479

)

(1,577

)

(2,548

)

(2,499

)

Proceeds from sales of deferred compensation investments

1,551

1,493

2,622

2,436

Net cash used in investing activities

(31,621

)

(26,092

)

(49,151

)

(53,561

)

Cash flows from financing activities:

Payment of cash dividends

(182,305

)

(158,680

)

(182,305

)

(158,680

)

Payment of contingent consideration for business acquisition

(5,002

)

(5,954

)

(5,002

)

(5,954

)

Purchases of registered shares

(93,865

)

(116,942

)

(188,941

)

(237,561

)

Proceeds from exercises of stock options and purchase rights

13,206

12,850

15,319

12,850

Tax withholdings related to net share settlements of restricted stock units

(2,028

)

(2,598

)

(26,224

)

(26,742

)

Other financing activities

(1,116

)

(1,116

)

Net cash used in financing activities

(271,110

)

(271,324

)

(388,269

)

(416,087

)

Effect of exchange rate changes on cash and cash equivalents

(7,715

)

(13,664

)

(10,758

)

(27,823

)

Net increase (decrease) in cash and cash equivalents

(87,182

)

(238,156

)

14,881

(460,215

)

Cash and cash equivalents, beginning of the period

1,251,086

1,106,657

1,149,023

1,328,716

Cash and cash equivalents, end of the period

$

1,163,904

$

868,501

$

1,163,904

$

868,501

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three months ended September 30,

Six months ended September 30,

NET SALES

2023

2022 (1)

Change

2023

2022 (1)

Change

Net sales by product category:

Gaming (2)

$

282,104

$

322,028

(12

)%

$

548,533

$

619,949

(12

)%

Keyboards & Combos

194,914

200,853

(3

)

375,769

428,573

(12

)

Pointing Devices

191,676

185,200

3

366,130

368,483

(1

)

Video Collaboration

152,389

179,199

(15

)

291,735

360,831

(19

)

Webcams

88,222

102,018

(14

)

163,422

211,280

(23

)

Tablet Accessories

63,677

54,203

17

134,013

120,788

11

Headsets

44,411

44,750

(1

)

81,261

90,693

(10

)

Other (3)

39,615

60,700

(35

)

70,644

108,219

(35

)

Total Net Sales

$

1,057,008

$

1,148,951

(8

)%

$

2,031,507

$

2,308,816

(12

)%

(1)

The Company has reclassified certain prior period amounts to conform to the current period presentation.

(2)

Gaming includes streaming services revenue generated by Streamlabs.

(3)

Other primarily consists of mobile speakers and PC speakers.

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three months ended
September 30,

Six months ended
September 30,

GAAP TO NON-GAAP RECONCILIATION (A)

2023

2022

2023

2022

Gross profit - GAAP

$

438,622

$

438,780

$

814,264

$

898,383

Share-based compensation expense

2,462

1,443

3,877

2,904

Amortization of intangible assets

2,983

3,145

6,128

6,187

Gross profit - Non-GAAP

$

444,067

$

443,368

$

824,269

$

907,474

Gross margin - GAAP

41.5

%

38.2

%

40.1

%

38.9

%

Gross margin - Non-GAAP

42.0

%

38.6

%

40.6

%

39.3

%

Operating expenses - GAAP

$

281,983

$

311,379

$

579,220

$

655,503

Less: Share-based compensation expense

19,606

10,802

39,702

33,031

Less: Amortization of intangible assets and acquisition-related costs

3,318

2,873

6,003

6,242

Less: Restructuring charges (credits), net

(1,788

)

10,817

1,723

10,817

Operating expenses - Non-GAAP

$

260,847

$

286,887

$

531,792

$

605,413

% of net sales - GAAP

26.7

%

27.1

%

28.5

%

28.4

%

% of net sales - Non-GAAP

24.7

%

25.0

%

26.2

%

26.2

%

Operating income - GAAP

$

156,639

$

127,401

$

235,044

$

242,880

Share-based compensation expense

22,068

12,245

43,579

35,935

Amortization of intangible assets and acquisition-related costs

6,301

6,018

12,131

12,429

Restructuring charges (credits), net

(1,788

)

10,817

1,723

10,817

Operating income - Non-GAAP

$

183,220

$

156,481

$

292,477

$

302,061

% of net sales - GAAP

14.8

%

11.1

%

11.6

%

10.5

%

% of net sales - Non-GAAP

17.3

%

13.6

%

14.4

%

13.1

%

Net income - GAAP

$

137,117

$

82,091

$

199,844

$

182,927

Share-based compensation expense

22,068

12,245

43,579

35,935

Amortization of intangible assets and acquisition-related costs

6,301

6,018

12,131

12,429

Restructuring charges (credits), net

(1,788

)

10,817

1,723

10,817

Loss (gain) on investments

(214

)

22,934

11,609

11,577

Non-GAAP income tax adjustment

9,933

3,607

7,930

7,066

Net income - Non-GAAP

$

173,417

$

137,712

$

276,816

$

260,751

Net income per share:

Diluted - GAAP

$

0.86

$

0.50

$

1.25

$

1.11

Diluted - Non-GAAP

$

1.09

$

0.84

$

1.74

$

1.58

Shares used to compute net income per share:

Diluted - GAAP and Non-GAAP

158,934

164,328

159,545

165,371

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three months ended
September 30,

Six months ended
September 30,

SHARE-BASED COMPENSATION EXPENSE

2023

2022

2023

2022

Share-based Compensation Expense

Cost of goods sold

$

2,462

$

1,443

$

3,877

$

2,904

Marketing and selling

9,262

7,429

19,745

17,226

Research and development

4,694

3,280

9,147

8,812

General and administrative

5,650

93

10,810

6,993

Total share-based compensation expense

22,068

12,245

43,579

35,935

Income tax expense (benefit)

(2,548

)

102

(7,866

)

(4,220

)

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

$

19,520

$

12,347

$

35,713

$

31,715

*Note: These preliminary results for the three and six months ended September 30, 2023 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 September 30, 2023 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. 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. 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.

Restructuring charges (credits), 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 (credits) 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)

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Nate Melihercik, Head of Global Investor Relations - ir@logitech.com
Nicole Kenyon, Head of Global Corporate and Internal Communications - nkenyon@logitech.com (USA)
Ben Starkie, Corporate Communications - +41 (0) 79-292-3499, bstarkie1@logitech.com (Europe)

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation

Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release

Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private

Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding

Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår

V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release

V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust

Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release

Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo