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Logitech International S.A. (NASDAQ:LOGI)

NASDAQ OMX 27th Investor Program

December 7, 2011 09:45 AM ET

Executives

Erik Bardman - Chief Financial Officer

Erik Bardman

Good afternoon everybody, as she has mentioned I just have a couple of overview slides, little bit about Logitech and where we are focused and then we will go to Q&A.

So there is really two ways I want to you a framework in terms of thinking about where Logitech is and where do we see growth moving forward. The first is when we think about our market segments as business there is really three primary market segments for us, what we call consumer developed markets, these would be markets like the US, UK, Germany, France, Australia, Japan and this is particularly as you look at some of core products and I will talk about that in a second, but this is largest part of our market segmentation today. The second one would be consumer emerging and is how we define consumer emerging would be market such as China, Russia, Brazil, India some places in eastern Europe, markets where we are not only present today but where we are seeing good opportunities for growth and when you are going to see us invest and focus going forward.

And then the third one is what we broadly call business. There is actually two pieces to this, there is LifeSize the acquisition that we made almost exactly two years ago in to video conferencing and then also Logitech for business which is a small, also a start up within Logitech where we have taken the dedicated focus team to locate ways in which we can take our existing Productivity Tools things mice, keyboards, webcams and bring them more effectively to enterprise. This is also part of unified communications as more and more companies look to connect their employees streamlessly[ph]. So as we think about our market segments, we really break into those three pieces.

The second way in which we like to think about the business overall is really across, you can either call them streams or almost like platforms. And for us it is really four, first and the foremost is the PC, this is the Desktop, the Laptop, the Netbook, which has been the core of our business traditionally, but also we see differentiated growth going forward, whether it be in consumer developed, consumer emerging, or business when we think about our different market segments.

The second one would be around the medium rim, and this is everything related to LifeSize as well as video communication more broadly in terms of how people are connecting under unified communications particularly in the business segment.

The third platform is going to be anything mobility, so this is going to be tablets, smart phones, ways in which we can bring products to bear[ph] they are going advantage of what consumers and businesses want to do there and the way in which they want to use those tools.

And then the final one is, we use the television to depict this, but this is the consumer’s home, so what are the activities, whether it be on and around the televisions, this could be digital music, this could Harmony remote controls, opportunities for us as we think about our products and then differentiate it across the market segments. So that is to give you a framework in terms of how we think about market segments, how you things about streams or platforms.

And then this last slide, this is my last slide here, it is just to sort of summarize, when we look across those, where the intersections of some opportunities that we are focused on. I won’t read every part of this slide here, but it just brings the life a little bit, when we talk about for example music as an opportunity. We see that first and foremost as part of what we would do in consumer developed markets, as well as some emerging opportunities in places like China and a few others or alternatively as we look at growing consumer developed markets particularly in the PC, unique opportunities we see there as we think there is an improved opportunity for us to go after improving our value proposition and up sell, specifically as we go after products designs, specifically for the Mac and then also in terms of how we are thinking about some of our traditional businesses like webcams and PC speakers.

And as I mentioned earlier, when you look at the business segment, there is really two key pieces for us there, it is the ways in which we can bring video conferencing to more and more places through LifeSize and then the way in which we can bring those productivity tools and products that we built well for a very long time to the enterprise more effectively. So this is just a way to sort of bring this two together.

Unidentified Speaker

Within the strategy Erik, you talked about whether you look at product down or from the market per se, there is one thing which you have highlighted recently also, at the results, at your annual investor day, you have highlighted product portfolio as being a key focus area for you, so if we kind of overlay the strategy in terms of where we are with your current product portfolio, where do you see the priority is? What are the gaps in product portfolio? How do you plan to address that? And then finally, on product portfolios, when you are addressing these issues, does that have any kind of margin implications or is it more about reallocation of resources and focus?

Erik Bardman

So, I will last part of your question and I will work it back from there. So, there isn’t anything that changes the structural margin of the business. It really is about reallocation, this would be reallocation that we are going to do in product development and R&D and that’s the ways in which we are focusing in terms of either new products we bring into market or do we need to make sure that the value proposition for the skews we have in the market are really clear. That would then become something you would reprioritize and then go to market priorities, right in terms of may be where your putting marketing dollars or focus or if there is a leader product you have got in a particular part of the line up, are you emphasizing it in the right way? Because for us and our CEO Guerrino has talked about this is, we feel like we have a solid product offering, but in a weaker economic environment we think you need to have a very strong product offering, right.

So one of the things that’s going to help you work against some of those headwinds that you have got from a macro perspective. And, you have mentioned we have talked about some of the gaps that we have, to use a few examples, we know in the Harmony line up today, we have a few gaps, some of our products at the high end are a little a bit dated, there things that we see as real opportunities and that something is going to go first and foremost on to our roadmap, right over the course of next 6 to 12 months, an area of focus.

Another one is we have talked about that we need to create a better up sell and value prop in certain places, one of those is with high end mice. We have traditionally always had some very strong offerings at the higher end. We are not quite where we want to be there, so that’s another priority, when we think about sort of almost like if you are roadmap is an empty bucket and what are the thing you are going put in, talked about Harmony, there is something’s we want to do on high end mice, because being the leader there what is really important is when I get someone to the point of sale, do I have a really clear proposition that if they have made the decision that they want to buy, if I have got an offering to $20, $40, and $60, it is important to have those, but it is also really important that you as the consumer understand what is the difference, right. If I spend $20 more, do I foresee the value, do I see it? Because that is very nice incremental gross profit dollars for us and it is something that we traditionally have done well and when we talk about weaknesses or that value prop not working quite the way we want that’s what we are talking about.

So those are the couple of things, but it all is coming back to the first part of your question, the last part was it is all within the envelope of what we are doing, it is about prioritization and reallocation within there.

Unidentified Speaker

Okay, that is the up sell opportunity which you have highlighted given the current microenvironment we are in, the consumer is a bit tight in terms of his disposable or discretionary spending income. Can you think your focus at this point in the economic cycle is the right one given people are trying to tighten their belt and instead of going for the $40 mice they might probably go for a $30 or $20 one?

Erik Bardman

It is interesting, you know one of the things that we saw you know having gone through the recession is we did see you know some of that behavior, but as we came out of it, what we also saw although was that if we had the right offering and it was clear, I would agree with you, because it from this perspective, in that, if don’t make it clear why if I spend $10 or $20 more that I can see what I am getting and the consumer will revert to a lower common denominator, it could just be brand or it could pricing, well the $20 seems similar to the $40, I would do that. But no, all of the evidence in terms of what we have seen is, when we get it right, and a good example of where we think we have it right, right now is in keyboards, right, where we have seen very nice growth in the last couple of quarter. It is one of core pieces of the business and we have some very nice high end offering that is the solar keyboard that is designed not only for the PC but for the Mac that is selling well. We have wireless illuminated keyboard, really nice proposition, the consumer is selling well, but then we have some very nice entry level as well. We have also added tablet keyboards in there that is a situation where we feel we have got it right and also it is very clear from that perspective. So, yes there is always the risk that consumer is going to be thinking of price, but we are never competing just on price, we are a value price brand and when we get to the proposition right we think it resonates well for the consumer.

Unidentified Speaker

And internally when planning for the next calendar year and next fiscal year in fact, what macro assumptions are you making in at the moment? What is your thinking there internally?

Erik Bardman

Well, if you can tell me what Euro exchange rates is going to be for next year, I would be very happy.

Unidentified Speaker

If, I could tell that, I would be a very rich man myself.

Erik Bardman

But no, I think from our perspective we are starting with our, what are the things that we can control, right. As we look forward, we think about that spending envelope that I talked about in terms of, for us the long term planning things are where I am going to put my R&D focus, right. What are those product areas that are the weakest, that I can address? What are the ways in which I am going do that? Then that really sets the base for what follows on, because then that is going to allow you to tailor yourself in marketing focus. Particular areas for us, if we are continually very focused on China, we have had nice growth so far, but we are also in investment mode, right, because we have to build our capabilities to get to that entire market. It is a massive market, when you look at the sheer size of it and in getting after it. When it comes to other sort of macro assumptions, we will do what every company does, is that between now and our next fiscal years, try and get a sense of what we think is going to be the consensus view on whether the Euro exchange rates and those types of things.

I mean, the unfortunate thing is the volatility makes it tough, right and I wish I could say otherwise, I don’t think that is going to go down any time soon, despite what might be talked about this week or over the next couple of weeks. So those would be types of things, but we are going focus most on what do we control, where we are going to put our investment dollars and stay focused? The other place too would be, you know putting a priority on how we are investing in LifeSize, in terms of because they are not only brining some great products to market, but they are really changing that market to an extent, and we want to keep up their momentum as well.

Unidentified Speaker

The word volatility reminded me of something, Logitech historically the way we know the company a few years ago, if there were movements in exchange rates and you could change your pricing accordingly, is that something, in different geographies, is it something you think about in the current environment or is the volatility too much, that you let it impact your bottom line?

Erik Bardman

So two things, I think we have always had the opportunity to re-price but it can’t deal with what I would call short or medium term volatility, so the best opportunity for us to re-price is when we refresh a product. And that’s typically every 12 to 18 months, depending on the product, depending on the geography, because it is the perfect time if I was making a wireless mouse and I want to change the price point on it, you are much better positioned to have a, I have got a new one that has a different feature, functionality and that’s priced in different point place versus I have got the same one and I am going to change the price, now. But unfortunately, as we have never had the ability in the very short term, so I have seen like the volatility we have seen in the last 100 days on the Euro, we can’t, you can’t adjust your prices that quickly, right. From that perspective, particularly because we are not a direct to consumer distribution model, we either work through retail partners or distribution partners as well. That’s something over the medium the long term we can deal with structural shifts, but we don’t have a mechanism for dealing with, whatever called the very short or medium term.

Unidentified Speaker

Okay, lot of interesting things coming out from the strategy, let us talk about them one by one, starting with tablets, and you have always maintained that it is going to be a key focus area for you, it is big opportunity you have also told the market that you expect around 25% of your portfolio to be tablet friendly by the end of fiscal 2012, where are we in that process? How do you see this opportunity evolving? And, longer term where do you think the mix between your core PC focus and tablet businesses, do you internally have a target of x% of sales from tablet facing or tablet peripherals versus PC peripherals?

Erik Bardman

So to start with the last part and I work backwards from there, we don’t have a specific internal goal, partly because even the tablets is a trend with a lot of momentum, particularly right now it is the iPad, right? It is very hard predict, because to give you a sense, as we know I think roughly a year from now is when Windows 8 is supposed to be released and that is going to not only a desktop application, but it also going to be a one for tablet and mobile, which could really change the landscape. We think it creates some incremental opportunity for us, but I come back to that, but so fundamentally this is very hard to predict, we don’t have a set term that says that by x date, there is x%, what I would though, and it is why we emphasize when we say tablet friendly, if you think about it, if I have, I will have some product and initially, our initial forays had been with productivity oriented, these are the keyboard cases that we have got, some of the other keyboards which have got nice reception.

We have some other things along those lines of productivity that will be coming out from us over the course of the next year, that is the initial focus. One other thing that is key though, is some of these product will work with almost any platform, particularly with the iPad, where connectivity tends to be Bluetooth and/or WiFi based, then it opens you up whether it would an Ultrabook, whether it would some other type of platform, these devices can work in different ways. So, we want enough of the portfolio to be, some will be tablet specific, so could be a case keyboard type of thing other would be things that would enhance your use of the tablet, a good example of that would be things that we have planned on doing and we have some product out now, digital music, where if I have got a Bluetooth wireless speaker, is that create that something that would work really well with your tablet also work with your smart phone, could actually work with your PC as well, right. Suddenly it becomes an audio experience that you can take with you or it is very flexible. So that’s why we would continue to look for where is it friendly where can it be compatible with a few products that will be specific to whether it would form factor or function.

On the Windows 8 thing, the thing that is interesting there is that, I know Microsoft has big task in front of them, because this is probably their biggest release every. One key element of that would be is, my understanding is that they were looking and talking about making office suite, so PowerPoint, Word, Excel accessible in the version built for Windows Tablets, which actually could be a very nice incremental opportunity for us, because we do so well on the productivity tool basis. As those software applications become productivity oriented on the tablet, it opens a nice opportunity, whether it be keyboards or pointing devices, things along those lines.

Unidentified Speaker

Okay, music is something you have talked about extensively for the first time. Could you talk a little bit more about what this opportunity is? What’s the product set you think or you envisage you can leverage on? And, what is the roadmap of building on to your music frame[ph]?

Erik Bardman

Yeah, it is interesting, because we are trying to be deliberate and when we use the word music, there is a reason why we do that is. We for years, I think for the last 10 years or more, we have been successful with PC speakers, right. And when you think about it a number of years ago, the centre for all of your music was on your computer, right. Whether it was through iTunes or another music application, you had digital files in your computer, that was your music hub, very natural outlet was PC speakers, as that hub is changing as more and more it becomes your tablet or your smart phone or even it is streaming service, right, whether you are using a Spotify or a MOG or a Pandora suddenly that dynamic changes a little bit. So that is why we are talking more about what is the best way for us to bring products to market that emphasize how the consumer wants to consume music, right.

And the interesting thing as more and more of your music ends on smaller devices, it actually plays nicely to that need because suddenly your pain point become the audio piece, unless you want to wear a headphones and ear phones all the time to have a better audio experience, now wireless speakers and those types of things become much more of a real opportunity. You will hear us talk more about it, where you have got our first tell[ph] in the water, we have a, I say of our product out from the holiday season called the Mini Boombox, which will fit in the palm of your hands a Bluetooth wireless speaker, very nice form factor, that is something that is an initial step for us if we want to learn from it, there are several other products coming out over the course of the next 9 to 12 months and it is going to push a little further.

But, it is about that as how do we take our audio experience the way in which we know how to deliver good audio, but make more about how do you want to consume your music? How the form factor is changing? And, how do we do that? And that is we think is, it is early stages but something that we are going to keep developing.

Unidentified Speaker

Okay, talking about your organizational changes especially in Europe, where are we in that process and are you comfortable with the situation in Europe internally and externally as well when it comes to things like channel inventory?

Erik Bardman

Yes, so I would say this as I think, if I look back to 6 or 8 months ago versus today, is my channel leaner? Yes. Is it healthier? Have I dealt with a number of the issues that I had? Yes. So, we have made progress, we have some more work to do, we think it takes us the balance of this fiscal year, so probably through the end of march to get to what we think is the appropriate place for that standpoint. In terms of structure, we have got the right team in place, they have been executing, making some of these changes that we wanted to make, little more work to do, so I don’t think that is a glaring weakness for us. The bigger challenge, which are the things that we can’t control is macroeconomic environment in Europe, again where they comes up is volatility because what is hard is, I know that the average consumer doesn’t worry about sovereign debt ratings when they decide that they are going to buy a keyboard or they are going to buy a gift for their family, but does it cause them to think twice? Does it cost them to save on this kind of a spend a little bit less? That you can see, we are going to watch the holiday season closely like everyone else and see where things are but, in terms of things that we are executing, yes made progress and I have some more work to do.

Unidentified Speaker

Okay, moving on to some of your growth markets now, China in your performance has been pretty good in the last one year, which has been very swift a result of your differentiated approach which you took to China. How should we be thinking about the China model being replicated in to some of the other emerging markets? Is it a template, which you can simply take and put in one of the emerging other markets or are there local nuisances of each of these markets that you have to kind of start from the scratch all over again?

Erik Bardman

I would say, I am going use the supply somewhere in between, it is a loose template. So, there are certain things that are very unique to each of these markets. If we talk about China, in and both the size of the market, the way you go to get distribution done, how you reach consumers? The age and demographic consumers, would be than in India or Brazil or a Russia, right so those aspects are definitely going to be unique. The learning’s though and the sort of the best practices we can talk with us that helps us is, in China for the first in an emerging market, is we have started to develop products and put products to market that were developed just for China, right. That is something that is an attribute, a way in which you do your R&D and you design, that you then can say, okay and we actually have a team focused within the company on product management just for emerging markets, right. Because you are playing at price points, you have got very different customer preferences and another attribute the customer is looking for is you need to think differently from that standpoint. Excuse me, those would be things that I know that we can do, the other piece as well, which is worked very well for us in China is you absolutely have to have the right local management and focus, right.

Because there is one thing to say, you have someone who have may be has done business in China, but someone who has been successful in China and Quin Lu who is our business leader there, we feel we absolutely have the right person and he has made very good progress over his first year and a half in the role. That would be another piece, is making sure that you have got the right, local dedicated management. So, something’s that we know we can take a best practices with us and other things are going to be up how that markets is different or it is at a different stage of development.

Unidentified Speaker

With regards to product development, you mentioned local R&D or products gear towards those markets and you had identified quite a few you identified India, Russia, Brazil where are we in the product R&D process? Does it also have any margin implications for the group as a whole as you start to build that market from the start?

Erik Bardman

So today, where we have done it has been in China that is the one place. Now what is interesting is that, if you develop something that can sell well, 100 RMB in the Chinese market place, and when you translate that back into Dollars or Euros that is a pretty low price point. That capability of how you are going about that is some of the things that you can’t take and say, when I am in India, where I may have to play it similar may be even in some cases slightly lower price points, there is some transferability well I would say those, I don’t think you are going to see a case where, we are going to develop unique products for 5 or 10 markets, it will probably just be a few. China is big enough to justify it, I would say over a time India would be perhaps, some parts in Latin America have to look at it, probably not Russia, right. So, it is not something that we are going to have 5 or 6 or 7 of these, there might be a couple. In terms of margin implications, I would say nothing that we think changes our structural gross margin, right. From that standpoint, we have always had portfolio of gross margins, where we have had some products or geographies that are above average, some that are below when we look at our growth in China and the emerging markets we see it as still being still being consistent with maintaining that sort of market basket of gross margins overall and if anything developing products locally is slightly more advantageous because we are able to play better at price points without sacrificing much in the gross margin side.

Unidentified Speaker

Moving very quickly to LifeSize probably your best acquisition ever to date, quite a lot of success so far, amazing traction with the products, however for the first time you talked about some elongating sales cycles at a recent results, so short term and long term, how do you see the prospects of LifeSize evolving? And where is the opportunity versus competition?

Erik Bardman

Right, yes, in the short term, you were right, it was at our October earnings call we talked about this is. One of the attributes of the enterprise business is you dealing with enterprise buyers obviously and they can react just like you often hear people talk about what is the level of tax spending in enterprises? And sometimes, if you are really good and they are investing sometimes, sometimes they are a little bit nervous and when they change their mood a little bit, you will see that either the lengthening of time where people take a little longer. I am still going to invest but I am going to take an extra month or two to do it. Or when they are really bullish is they are really moving quickly, right it can swing a little bit, we think in the short term, that’s where we are seeing in a little bit there, I think it is consistent with, when you hear what some of the other players in the industry have talked about is that we fundamentally feel that we are still getting in to the right number of deal situations and when we get in the right place for winning. So, we don’t feel we are not winning the same level of deals that we were it is just in the near term it has been taking a little bit longer, right from that standpoint.

You know to your point about long term opportunity and differentiation, for us it is a combination of two things, is one we continue to compete and win very well, what I call meat of the market, that is video conferencing end points from anyone where from our entry point of a 1,000 at high definition up to call it 15,000 to 20,000 we do play at the higher end, but the meat of what we do is in there. We feel, we can continue to win there, we have got some very exciting things on the roadmap that are coming. But then also we just recently launched, a matter of fact, it is live in the next week or so, there is somebody called LifeSize connections, which is cloud based video conferencing capability that begins to puts us in the position to unlock that small and medium sized business segment. The people that you can say, look if you have got a webcam, if you have got basic connectivity with a tool like this which is monthly subscription, suddenly you are able to connect in a much easier way and it can really build out an opportunity to go after a part of the market that has never been unlocked, they are not, not unlocked effectively. So for us it is continued grow and expand and core business, but then also going after that small and medium sized business and the more we can unlock that between LifeSize, whether it be connections or combinations some of the things we do with Logitech products that we see as where the growth comes from.

Unidentified Analyst

At this point, I would like to open to the audience for any questions. You got a few microphones around the room. If you have any questions please raise your hands. Okay, another one till people make up their minds. With the acquisition of Mirial on cloud, do you see LifeSize entering the consumer segment? Or, is that an opportunity you look at probably for the medium term?

Erik Bardman

So, we didn’t make the Mirial acquisition of those aren’t as aware of it, it is a small tiny company that has developed the capability to have portable connectivity in to video conferencing. So, I produce my smart phone or my tablet and I can call into video infrastructure end points, right and LifeSize end points and so that way no matter where you are, you can connect pretty easily and good firewall transversals that we link back our things and sort of enterprise class stream stability. We didn’t take the primary focus with the consumer orientation. Now, but what we have been doing since we purchased LifeSize and we will continue to do is, if there is capabilities or technology from the Mirial acquisition that I can then use in Logitech based products or Logitech branded products, I will do that that will be seamless to the end user.

We have actually done some of that already so LifeSize connections is actually built on the software backbone from the SightSpeed acquisition we did several years ago and what originally powered Logitech Vid, which we use to help sell, webcams right. On the other side, the offering for the LifeSize Passport Connect, which is their lowest entry (inaudible) at $1000 is actually using one of our premier webcams from the Logitech side where we have taken the technology. So, from that standpoint didn’t have a consumer focus when we did it, but we will take that capability and if we find places to apply it, you won’t necessarily know it because it could show upon on either brand but won’t, we will look for that.

Unidentified Speaker

And lastly Logitech for business, where are we in terms of the process, which is unveiled by Guerrino around 6 months ago, now. So, how have we done with that capability, have we, what our enterprise is saying and when does it start really delivering?

Erik Bardman

Right, so we are in the early days, what we feel good about is as we have going out in Eric Kintz who is leading that effort for because, it is almost like start up within the company. So targeted direct focus and not a large team, is a sea stock resellers and other potential customers and clients they are saying, where have you been? Right, because increasingly when you hear the buzz word term consumerization of IT but more and more people are wanting to use the same technology they use in their personal life, they want to bring into work and Logitech means such a strong consumer brand, we are seeing that.

The other side too is with unified communications increasingly the CIO of companies has been asked look, just a find a way to connect these four people and guess what, one from remotely, one works in an office, one travels a lot and I want you make it easier for them to all connect and what’s interesting is because we have both the audio and video side, we can bring one offering to the table, whether it would be how we bundle our product or how we offer things through our partners from that standpoint. So, the initial feedback has been very good. We have made good progress in terms of targeting the types of reseller that we want to add to programs. We have got some product launches, both some things that we have done and something we don’t done in conjunction with Zebra that have come to market. So, so early days we feel good about the early momentum and we will obviously keep you people updated as we make progress.

Unidentified Speaker

Perfect, and just if can squeeze one last question in, Guerrino is the acting CEO, how is the process for the permanent CEO coming up and where are we? When can we expect to hear something on that?

Erik Bardman

Yeah, so we haven’t put out a timeframe on that, the focus of Guerrino on the board has been is that fundamental priority is to find the right person to lead Logitech for the next number of years. The good news is that, the best I would described it is, if you are going to have a leadership transition, I don’t know if one that could work more seamlessly than with someone like Guerrino, because typically when you have an internal CEO whoever he or she is, they are a CEO for the first time and they are not only trying to deal with the business, they are trying to deal, well I am the CEO for the first time. Whereas Guerrino comes in with a great track record of success, he knows the business well, he knows our partners, our customers, our products. So from that standpoint we are not loosing focus, we are not losing momentum during the transition and he is completely dedicated and pretty pumped up about what we are doing for as long he is to be in that role and when we find the right person we will do that, but no one else at this timeframe.

Unidentified Speaker

Perfect, I guess that’s all we have time for, won’t stand in the way of your break. So thanks a lot for being here Erik.

Erik Bardman

All right, thank you.

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