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Executives

Guerrino De Luca - Chairman and CEO

Analysts

Andrew Humphrey - Morgan Stanley Research

Logitech International SA (LOGI) NASDAQ OMX 29th Investor Program Conference Transcript December 5, 2012 3:30 AM ET

Andrew Humphrey - Morgan Stanley Research

Well, good morning, ladies and gentlemen. I'm Andrew Humphrey. I’m the Tech Hardware Team at Morgan Stanley Research. It's my pleasure to welcome Guerrino De Luca on stage from Logitech, Chairman, and I think for the next few weeks also CEO of the company.

Guerrino, maybe we could start just with some conversations about the core PC market. I think we had Seagate on stage yesterday saying that Windows 8 was probably much more of a 2013 driver than a 2012 driver.

I think you've been quite cautious in your recent comments on the potential upside from Windows 8 related sales over the next few quarters. Maybe you could talk a bit about whether that's changed since you made those comments based on conversations with the channel or anything else you're seeing in the market?

Guerrino De Luca

Well, when we saw the dramatic slowdown in sort of the September quarter of PC sales and everybody saw this, probably the most dramatic since the crisis ages ago. Our interpretation was that rather then the expectation for Windows 8, consumers that had reached the point where their PCs needed to be replaced, were looking for sleeker, lighter, slimmer much more Mac Air like PCs to come out. Most people are Max Air envious and they can’t afford it or they just can’t buy it for reasons that have to do with standards and other things.

So, and clearly the PC industry has been late in developing and delivering those kind of more beautiful machines as opposed to the dinosaurs that most people carry today. So some of these PCs are coming up right now and they are quite attractive, maybe not as the Mac Air but quite attractive for consumers.

I would say that at this point the arrival of Windows 8 is more of a hesitation point for the consumer. They have to get it to this new metaphor which I think is a brilliant move from Microsoft overtime. But clearly creates some hesitation at the beginning. The people have been used to Windows 7 or Windows screen for long time. So they have to get use to this hostile situation.

So different from many other releases of Windows. This is not necessarily an incentive for early purchase. What the incentive is, is a better PC and overtime, people will get familiar with Windows 8 and appreciate the seamlessness across multiple platforms. So tend to agree with the Seagate comment and I believe that the short-term catalyst for PC sales is going to be more the attractiveness of the new PCs.

Andrew Humphrey - Morgan Stanley Research

So, I am, I guess, we’ve had Ultrabooks in the market for few quarters now, admittedly based on previous situation of the software. And what you seem to be suggesting now is that actually what we’ve got is the situation where there is quite a serious change going on in terms of technology, in terms usability of it…

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

… people getting use to a new form factor. They want to touch the screen as well as type and is that?

Guerrino De Luca

Yeah. People will just are getting familiar with this new platform, and probably the biggest change this platform introduces that is relevant to us, is the -- the predominance of touch and interface.

Now the situation for tablets will be the most all of Windows 8 tablet would have touchscreen and so let’s put that on aside for a second. But more traditional PCs, the ones that come with the keyboard and hard disk will tend to be a combination of touch and not touch.

Some of the PCs that have been upgraded to Windows 8 have no touchscreen and many of the PCs that will be bought with Windows 8 have no touchscreen. The reason being that the average selling prices of PCs does not allow to include touchscreen in every PC.

PCs are sold at an average of $400, just as a point of comparison, the Mac average selling price is about $1000. So there is a huge gap and people that are would be ready to buy a $1000 PC probably had bought Mac already.

So the challenge for the PC industry will be to how to make the most out of Windows 8 in a non-video touch environment, and that’s where I think the relevance of navigation devices will change dramatically.

We have three products in the market today that add touch and gesture to non-touchscreen PCs hopefully added to touchscreen PCs. And the first response particularly to our touchpad which is a great glass-based tablet that acts very much like the Apple touchpad if you have used it, so nothing that the PC industry has ever seen in terms of smoothness, in terms of gesture recognition and motion. We believe that combination of a touch sort of pointing device and Windows 8 will be attractive to consumers especially to those that will not buy the touch-enabled laptops.

Andrew Humphrey - Morgan Stanley Research

So if you look out, I don’t know, year to two years on the source of PCs, I mean, the more desktop PCs that we’ll see in the market.

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

How many of those would you have to guess at this stage would be and what percentage might be touchscreen versus…

Guerrino De Luca

On the laptop basis, I mean, not on the desktop will be touch basis, very few of them will. But on the laptop format, that the mobile format from Ultrabook are high. I would say that no more than 30% will be touch enabled.

Andrew Humphrey - Morgan Stanley Research

Okay.

Guerrino De Luca

Which gives an unusually large opportunity to the most traditional business let’s take as long as we transform it from a scroll wheel-based navigation to a touch-based navigation. As I said, we have three products out. They’ve seem to be doing fine. So that could be the next best thing that happened to the core PC business of Logitech, yeah.

Andrew Humphrey - Morgan Stanley Research

So that would be, I mean, I guess, if we kind of compare the PC market in 18 months time to the PC market as it has been. You have kind of touch coming into to those sorts of units taking maybe about 30% of volumes from the previous steady state, plus maybe we have some additional cannibalization from tablets. I mean, if I think, I have to think about the PC market in two years time…

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

… are we talking sort of 40%, 50% down, I mean, that in acceleration from…

Guerrino De Luca

Probably 40% down is pessimistic. We are making very pessimistic assumption on the PC platform itself. So what we are doing as a total strategy for the company is, on the PC side which represents three quarters of the business of Logitech today.

We will take advantage of our leadership position across all the categories to maximize profitability, reduce the offering, be more selective, make it easier for the consumers that do want to buy accessories for their PCs to buy them and choose them.

So we plan for a decline of the PC platform and we will fight that decline through better ASPs, average selling prices, moving people in the mid-range and high-end, making a simpler but stronger assortment. So we will counter balance that decline and focus on profitability of that business.

At the same time, we are developing access around the mobile platforms. Our tablet strategy, our music strategy are both targeted to smartphones and tablets, and that’s where we will build the growth part of the company, anyway if you, you can look at the company there are other things of course.

But then the two core things are how we protect the profitability of the PC peripherals and how we develop new businesses around tablets and around music. We have introduced great products recently in both, some of them being tremendously successful. I have one of those, which is my favorite and that many of you may have seen, our Ultrathin iPad Keyboard, which is by far the most successful keyboard cover on the iPad and so the run rate of making $100 million product. We don’t have many of those.

So we have -- we will have more around both the iPad and new formats. And then we have our music business, which is fundamentally focused on people carrying their music on their smartphones, iPhone, or Android devices or in the future Windows 8 phones, and which is kind of the new way you consume music. So it’s a combination of protecting and focusing our profitability on PC peripherals and developing these two businesses in the mobile world.

Andrew Humphrey - Morgan Stanley Research

Okay. Maybe just to kind of look at the short-term in terms of the PC market as well. I mean, I think in the last few weeks we are seeing PC data down somewhere in mid-20s, little bit better last week, but, okay. And that also included kind of some post-Windows 8 data, which would speak to the sort of issue you are talking about in terms of a longer product transition.

And when you spoke about the kind of weakness that you saw over the second half of your financial year, were your distributors already factoring in, I guess, the sort of weakness we have seen in that transition? Is there another change from your distributors and immediate customer’s point of view that maybe hasn’t been factored in?

Guerrino De Luca

We did factor a decline of the PC market in the guidance for the second half. You have to work -- you have to look at these figures over more than a week or day. The Christmas season is just started. I would just reframe from further comment on that point. We have built-in a decline of the PC market and we have built-in the beginning of an attempt to work on average selling prices on our side. We will see all those.

Andrew Humphrey - Morgan Stanley Research

And I guess one kind of final thing on that kind of -- that sort of area. I mean you had -- when you reported Q2 results, you had selling I think better than sell-through in EMEA and the Americas regions. I mean, to me that’s not consistent with an environment where distributors are looking to destock aggressively or kind of clear things out ahead of a new product cycle. Could you may be kind of talk a bit around that and…

Guerrino De Luca

Well, our selling was worst than our sell-through in the Americas. In EMEA, that was the case, but when you compare year-over-year selling and sell-through, the numbers matter. The total amount of inventory in Europe and in U.S. is very appropriate. We do see our distributors willing to destock and reduce and reduce it’s across the Board and its all categories and we are dealing with that.

So, now there is nothing particularly same as there in any of this data. In fact, if one thing we believe we started the December quarter would slightly lower inventory than the distributors need in new assets.

Andrew Humphrey - Morgan Stanley Research

So would you expect that could turnaround in Q3 already or do you think you need to wait today?

Guerrino De Luca

It’s -- I don’t think. It’s a very small kind of short-term phenomenon. I don’t think you will have any impact in Q3 or Q4.

Andrew Humphrey - Morgan Stanley Research

Okay. Maybe we can talk about some of the newer product areas. I mean one area where you saw a lot of growth in the last quarter, I think was in the ODI product line in Asia in particular and some of the new kind of UE products coming in. I guess, we have not seen the full effect of that in all regions and clearly, PC speakers were a bit weaker?

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

But if you can talk a bit around kind of how that particular product line is going on…

Guerrino De Luca

Well, the way we kind of talk about our business today still reflects a fundamentally PC centric view. So we have this audio category, which is a combination of things with very different dynamics.

Our audio includes PC speakers and PC headsets, they both suffer from the dynamic of the PC market, and therefore they kind of under pressure for growth. PC headset is actually doing marginally better use for Skype and other things.

Then in audio we have dockings units, docking audio units, which is the past of mobile music devices, not only because Apple decided to change its connectors making life of many of us miserable, but because there is a tendency to want wireless music speakers now. And so audio contains these two, which are declining and a very fast growing component, which is all our Logitech UE line of smart radios, of Bluetooth speakers, as well as headset.

So overtime we will have to correct this confusion and we’ll have to be much more specific as to what is our PC peripherals business and how it segments, and well, as well as what is, and how the non-PC business is growing.

So to answer your question, it’s very early days for Logitech UE. We basically launched the products just at the end of the September quarter. Its assorted select, assorted selectively, fundamentally only on Apple stores up until late October. We began to expand distribution beyond that. So we are in the ramp process. So we haven’t seen the full results of Logitech yet.

Andrew Humphrey - Morgan Stanley Research

And how do you view competition there, I mean, clearly some of the products in…

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

… in the UE range are kind of, certainly kind of towards the high-end in terms of streaming speakers products, clearly there is a very kind of high fidelity tilt to lot of the kind of…

Guerrino De Luca

Absolutely…

Andrew Humphrey - Morgan Stanley Research

… as well.

Guerrino De Luca

We wanted to establish our premier brand. We fully realize. The music business is segmented very heavily around two existing markets, wearables and speakers. The wearables is the area where Beats has established this huge fashion franchise.

We are not planning to compete directly with Beats in their fashion franchise. This is for people that want to look like a rapper that’s goes across all age ranges, but particularly the younger people.

We are focusing more on music performance on the wearable strategy and we believe that the market is growing enormously fast, we are talking in the 40% to 50% and there is definitely room for second player in that space.

On the speaker side the biggest competitor is obviously Bose and we will never be Bose and once again we have to compete with single great products that on a price performance basis Beat every time the equivalent Bose, which is the case in every review you can read not only journalist review, but users review going on Amazon, it’s amazing how well people received both the Boombox and the mobile Boombox from Logitech UE.

So, yes, very competitive market, but very fast growing, we know the role we want to play. We believe that we have a great chance to succeed. We’ll see what the number say.

Andrew Humphrey - Morgan Stanley Research

Okay. Okay. Maybe on keyboard as well, I mean, I think, that’s the area you alluded to where you probably had the greatest success recently in terms of new product introductions. Clearly, we’ve got change in form factors going on there as well. We’ve got the iPad Mini recently launched. So I saw on the other day and it looks pretty compelling as a product, I mean should we expect new peripherals there?

Guerrino De Luca

The answer is yes. On the other hand you should know that the most successful keyboard on iPad’s today. Keyboard of all world-class is not the Ultrathin cover. It’s the actually the Apple Bluetooth keyboard, which was not meant to be in iPad device. The Apple Bluetooth keyboard works on Macs and other products.

Which shows that a lot of users of tablet computing iPad, when stationary use a keyboard, it doesn’t have to be a form fitting keyboard like this one, it has to be a keyboard, typing is enormously more effective at least my generation and generation below on keyboard. So there is not only an opportunity for form fitting products around tablets and some of those tablets will deserve form fitting products, if they reach the right scale, some others won’t.

There is also an opportunity for desktop class peripherals that actually fit, when you use your tablet as your productivity device at home. And that’s probably the less visible part of the opportunity. The both pointing devices and navigation device in keyboard will be important.

Remember also that the iPad is the only tablet that doesn’t support navigation device other than with your finger. Apple philosophically decide that in order to click on the screen, the only thing you have use is your finger. That’s not true for android. It’s not true for Windows 8.

So both Windows 8 and Android support drivers for navigation devices be that mice and touchpads, et cetera. So that combination of a pointing device -- of a navigation device and a keyboard maybe integrated is something that would be compelling to tablet users that are non-iPad.

You -- if you have use the keyboard with an iPad, you are caught in between, you are typing and you are touching, which is kind of an acquired skill and all people don’t have to do that if they use Android or Windows 8.

Andrew Humphrey - Morgan Stanley Research

Maybe kind of on the subjects of through other tablets as well, I think we’ve seen maybe a few more disappointing rumors blogs on the surface over the last few weeks. It seems like orders have been cut there as well. I mean is that something that you’re seeing in terms of…

Guerrino De Luca

People tend to focus on surface, which obviously a major development at this point, when I first time Apple can’t, certainly that Microsoft come with the hardware and their PC space. I think the tablet that the surface is not the point. I do believe that Windows 8 was conceived primarily for tablets and tablets with Windows 8 will happen.

I don’t believe that Apple well maintain the dominant position in tablet it has today. It’s just not the way the industry is structured. Apple will continue to make the best PCs and the best tablets and the best smartphone maybe.

But the market share will go back to what it is, it is the market share that is typical of innovator to decided to innovate on the basis of the growth platform, that’s the way the industry is always gone, that’s the way industry will go today. They will set the pace in this page and there will be the reference and everybody will try to catch up in the chaotic world of open systems and majority of users will choose that.

Andrew Humphrey - Morgan Stanley Research

You have indicated that you would except to see some growth coming back from China in the second half of the…

Guerrino De Luca

Yes.

Andrew Humphrey - Morgan Stanley Research

… financial year, that’s a market, I think you’ve spoken about a lot in the past, I think you’ve made a lot of changes to the sales structure and distribution structure of your business there in particular? Maybe you could talk a bit around the growth opportunity that you see there, what sort of product areas you are looking at?

Guerrino De Luca

Well, China has been driving a lot of our growth over the past couple of years. It moved from number 10 country to being a number two, number three depending on the quarter. We’ve broadened our distribution. We are present in second tier cities and we also deepened our distribution in the cities in which we are present, we are more present at many more point of sales.

China is also transitioning from IT malls to more traditional life format retailers. We’ve begin to being present there. China is the only place where we have our boutiques. They are not owned by Logitech. They are operated by a third-party, but they look completely as a Logitech only.

Boutique, we made that investment because we have a very high-end brand in China, after all we compete in the country of all mice and keyboards if you want, and we are the number one in market share in Bose. And we are considered an aspirational brand in China. We want to continue to be that.

We’re also began very early on and we didn’t do it in any other developing market to launch Logitech UE in China, which means that we are preparing for the time where the growth of the PC market in China will not just continue to be as buoyant as Bose, because people will quickly sort of migrate to more mobile platforms and we know that that’s going to happen, so we will take advantage of our, the strength of our brand there but also the early entry in non-PC categories to continue our growth.

So, I’m very bullish in China. There has been economic concerns in the country and I will not add anything that you already -- that you don’t already know.

Andrew Humphrey - Morgan Stanley Research

Maybe then we could look at financials for a second. The last couple of quarters you’ve seen a bit of volatility on the gross margin side. In Q1, I think that was driven by to some extent at least write down in some product areas where you wanted to clear out inventory. Last quarter, I think, surprised everyone positively. Should we be viewing that as one off and where do you see gross margins stay?

Guerrino De Luca

The last quarter was a highest gross margin in the history in Q2. So I wouldn’t just continue -- quantum that to continue. However, gross margin is very more resilient than people think and our focus in PC peripherals to higher average selling prices -- products should help the gross margin.

Now, it is true that high ASP does not necessarily equate to high gross margin percent. We make more money in higher ASP but don’t necessarily make money as a percentage of the selling price. But that said, in general, the improvement in ASPs and the PC peripherals should benefit the gross margin.

So overall the items in the income statement, the gross margin is kind of somewhere where it should be and it may go slightly down or slightly up but it is not at the one-off that may be many people think. So we were not as surprised. We’re being very good at manager of supply chain over the years and we continue to do that really well.

Andrew Humphrey - Morgan Stanley Research

And if you had to kind of attribute that to one factor, would it be product related with the iPad keyboard or would it just be to do with, I guess, your management of discounting program?

Guerrino De Luca

I would say mostly on management on discounting program. The iPad keyboard is in the ballpark of the gross margin of everything. Actually, it’s sold in the Apple stores. It suffers from the fact that Apple is a very expensive channel to be in. So though, not necessarily I would say it’s mostly the management of the mix and the management of the supply chain.

Andrew Humphrey - Morgan Stanley Research

And you alluded I think to other areas in the income statement. Clearly, you have a cost cutting program ongoing at the moment?

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

You’ve targeted $80 million of savings by March?

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

Sorry, financial year end.

Guerrino De Luca

Yeah

Andrew Humphrey - Morgan Stanley Research

Could you give us an update on how that’s going? Which areas you might be seeing a bit more difficulty you’re getting credit cost out?

Guerrino De Luca

I think we are very much on track and we have reduced -- the total cost saving is accomplished through the combination of headcount reductions which we already did. And that’s probably 60% to 65% of the cost saving. And then cost savings in other areas with elimination of projects, elimination of management layers and stuff like that which we will both accomplish by the end of the year.

So when entering fiscal ‘14 in April, we would be on a run rate to eliminate $80 million from the cost on the basis of fiscal ‘12 or as compared to fiscal ‘12. So that’s doing fine. It’s a net reduction. This year we have sort of banked some of these reductions and have invested and invested in music and invested in tablets but as we exit this year, we believe that the run rate of $80 million would be visible in the results.

Andrew Humphrey - Morgan Stanley Research

Okay. And I think most recently you’ve also spoken about having a bit more or kind of thorough going look at which business areas you should and should be in.

Guerrino De Luca

Yeah.

Andrew Humphrey - Morgan Stanley Research

The one kind of better the business that we haven’t really addressed really in-depth, I think it’s LifeSize. Could you maybe talk a bit about the strategic review in relation to that, whatever other….

Guerrino De Luca

It’s nice that you sort of associate LifeSize with the strategic review. It is true and we said it that as we look at our PC peripheral business as well as our other businesses, we are taking another serious look as to what is the sustainable profitable part of that portfolio and what we need to deemphasize or exit.

LifeSize is kind of a different animal. LifeSize is a very precious asset that we kept separate from the operation of Logitech. So in a way it is not subject to the same dynamics of the Logitech business, nothing to do with the PC -- with the PC decline, the growth of mobility. They impact LifeSize very indirectly. For example, there is a higher demand of mobile video conferencing solution for LifeSize and the good news is that the acquisition of Mirial gives LifeSize a very precious asset on that front.

However, we understand that LifeSize is not a natural part of the portfolio. And so we kept it separate for this reason. It will resume growth. It would be a great asset for our shareholders and we’ll keep our options open.

Andrew Humphrey - Morgan Stanley Research

Okay. Maybe this could be a good time to open up to a couple of questions from the floor if people have things they would like to ask. One, just down here I think.

Question-and-Answer Session

Unidentified Analyst

Yeah. Hi Guerrino, just thinking about -- talking about the current post PC, PC plus whatever you call it. Is that -- there is two aspects of the device, one they are more integrated and two, because they kind of fit a client that cheaper. It’s a 200 buck device, not even a 400 buck PC which provides the headwinds for you.

So, how do you think about dealing with those challenges in the longer term? Is that matter of adapting to that world or looking at other areas. And specifically, just thinking that you see guys like Razer moving into actual devices, laptops, revolve in just peripherals. Is that a part if you could go down to your ground using experience?

Guerrino De Luca

No. I double we will make laptops. I doubt we will make smartphones. Never say never but that’s not necessarily the DNA of the company. I would argue on your price point. The relationship between the price of a certain device and the price of a complementary device that consumers want to put together with it is not as straightforward as you may suggest. I mean, average selling prices of PCs have collapsed over 10 years, collapsed, divided by four.

Our average selling prices have been relatively stable. So people have got $80 mice for their $300 PCs. Why? It’s because that’s the way people make their choices. They make their choices in a very compartmentalized way. So if I have to buy a PC. I look for megahertz or screen size and I want the cheapest for that. I consider the PC a commodity and that’s what I want.

And then when I personalize it, I spend the money I need to spend to make it the way I want it. It’s happened as the same way in mobile peripheral. So I believe that the opportunity exists irrespective of the average selling price points, if you provide value.

On the more integration, well, if the most integrated device, iPad, I don’t think this, afforded us the largest ground PC opportunity we’ve ever had. So we can build value at around these peripherals and we definitely want to -- around these platforms and we definitely want to expand the Logitech brand in the mobile world and that’s the intent we have with music.

Music for example, music is perceived as a -- it’s not as related to the new platforms as it actually is. Our entire music business is conceived with the smartphone in mind and even though these are not attached peripherals, they live in a smartphone world. So these are the kind of things that we will plan to do to take advantage of these new platforms as integrated as they are.

Andrew Humphrey - Morgan Stanley Research

Maybe one more then just to…

Unidentified Analyst

Thanks. Just as more question on the disconnect we’ve seen between the mice and the non-iPad keyboards. Obviously, you’ve been doing something right in keyboards. You’ve had flat sales in the last quarter if I remember well and mice were down a quite a lot. So can you maybe expand on what you’re doing right in keyboards and whether you could do something right in the same way for mice as well to integrate growth there? Thanks

Guerrino De Luca

Thanks for the question. Yeah, we must have been doing something right in keyboards certainly more than in mice. I would say that keyboard are less replaceable to the average consumers than mice. It’s a fact. And on the other hand if you look at the state of our portfolio, the healthiest part of the portfolio is the mid-range keyboard offering.

We have this great solar offering, wireless non-battery keyboards that a lot of consumers actually like. They are great, comfortable and you forget about them. You don’t have to recharge them, don’t have to do anything. Solar has been a big blessing for our keyboard offering.

We haven’t done as well in terms of innovation and meaningful value add in mice until this generation of touch-enabled mice. And we’ll see how they go. I believe that they bring our mice business back to where it should be. And if my assumption about the interest in touch from non-touch enabled laptop running Windows 8 is true, this could be a great upside for our PC business.

Andrew Humphrey - Morgan Stanley Research

Guerrino, thank you very much.

Guerrino De Luca

Thank you.

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