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Logitech’s Growth Accelerates, Q1 Revenue Up 23%

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Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2021.

  • Q1 sales were $792 million, up 23 percent in US dollars and 25 percent in constant currency, compared to Q1 of the prior year.
  • Q1 GAAP operating income grew 76 percent to $83 million, compared to $47 million in the same quarter a year ago. Q1 GAAP earnings per share (EPS) grew 56 percent to $0.42, compared to $0.27 in the same quarter a year ago.
  • Q1 non-GAAP operating income grew 75 percent to $117 million, compared to $67 million in the same quarter a year ago. Q1 non-GAAP EPS grew 64 percent to $0.64, compared to $0.39 in the same quarter a year ago.
  • Cash flow from operations was $119 million, compared to $37 million in the same period a year ago.

“We delivered an exceptional first quarter and are raising our fiscal year outlook,” said Bracken Darrell, Logitech president and chief executive officer. “We grew sales 25% with strong growth in almost every product category. Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios. Logitech’s business was already positioned to grow from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before.”

Outlook

Logitech raised its Fiscal Year 2021 annual sales outlook from mid single-digit sales growth, to 10 to 13 percent growth in constant currency. The Company also raised its annual outlook for non-GAAP operating income from a range of $380 million to $400 million, to a range of $410 million to $425 million.

Prepared Remarks Available Online

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

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q1 FY 2021 on

Tuesday, July 21, 2020 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A live webcast of the call 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, which exclude share-based compensation expense, amortization of intangible assets, purchase accounting effect on inventory, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), gain (loss) on investments in privately held companies, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also 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. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance 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 Fiscal Year 2021.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. More than 35 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video, and computing. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird, and Blue Microphones. 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 the federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months ended June 30, 2020, long-term trends, the pace of long-term trends, our ability to grow, our relevancy to customers, and outlook for Fiscal Year 2021 operating income and sales growth. The forward-looking statements in this release involve 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: 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 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; the COVID-19 pandemic and its potential impact; if we do not fully realize our goals to lower our costs and improve our operating leverage; 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 policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions. 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, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, 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

 

 

June 30,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

2020

 

2019

 

 

 

 

 

Net sales

 

$

791,894

 

 

$

644,225

 

Cost of goods sold

 

482,638

 

 

401,978

 

Amortization of intangible assets and purchase accounting effect on inventory

 

3,523

 

 

3,271

 

Gross profit

 

305,733

 

 

238,976

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Marketing and selling

 

133,238

 

 

123,033

 

Research and development

 

49,725

 

 

42,243

 

General and administrative

 

29,071

 

 

22,159

 

Amortization of intangible assets and acquisition-related costs

 

4,609

 

 

3,596

 

Change in fair value of contingent consideration for business acquisition

 

5,716

 

 

 

Restructuring charges (credits), net

 

(53

)

 

478

 

Total operating expenses

 

222,306

 

 

191,509

 

 

 

 

 

 

Operating income

 

83,427

 

 

47,467

 

Interest income

 

620

 

 

2,553

 

Other income, net

 

2,029

 

 

1,861

 

Income before income taxes

 

86,076

 

 

51,881

 

Provision for (benefit from) income taxes

 

14,003

 

 

6,536

 

Net income

 

$

72,073

 

 

$

45,345

 

 

 

 

 

 

Net income per share:

 

 

 

 

Basic

 

$

0.43

 

 

$

0.27

 

Diluted

 

$

0.42

 

 

$

0.27

 

 

 

 

 

 

Weighted average shares used to compute net income per share:

 

 

 

 

Basic

 

167,612

 

 

166,302

 

Diluted

 

170,127

 

 

168,797

 

 
 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

March 31, 2020

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

809,395

 

 

$

715,566

 

Accounts receivable, net

 

500,306

 

 

394,743

 

Inventories

 

271,180

 

 

229,249

 

Other current assets

 

82,470

 

 

74,920

 

Total current assets

 

1,663,351

 

 

1,414,478

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

79,481

 

 

76,119

 

Goodwill

 

400,934

 

 

400,917

 

Other intangible assets, net

 

118,809

 

 

126,941

 

Other assets

 

351,131

 

 

345,019

 

Total assets

 

$

2,613,706

 

 

$

2,363,474

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

429,693

 

 

$

259,120

 

Accrued and other current liabilities

 

444,826

 

 

455,024

 

Total current liabilities

 

874,519

 

 

714,144

 

Non-current liabilities:

 

 

 

 

Income taxes payable

 

44,261

 

 

40,788

 

Other non-current liabilities

 

127,445

 

 

119,274

 

Total liabilities

 

1,046,225

 

 

874,206

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Registered shares, CHF 0.25 par value:

 

30,148

 

 

30,148

 

Issued shares — 173,106 at June 30 and March 31, 2020

 

 

 

 

Additional shares that may be issued out of conditional capitals — 50,000 at June 30 and March 31, 2020

 

 

 

 

Additional shares that may be issued out of authorized capitals — 34,621 at June 30 and March 31, 2020

 

 

 

 

Additional paid-in capital

 

54,668

 

 

75,097

 

Shares in treasury, at cost — 4,689 at June 30, 2020 and 6,210 at March 31, 2020

 

(158,463

)

 

(185,896

)

Retained earnings

 

1,762,099

 

 

1,690,579

 

Accumulated other comprehensive loss

 

(120,971

)

 

(120,660

)

Total shareholders’ equity

 

1,567,481

 

 

1,489,268

 

Total liabilities and shareholders’ equity

 

$

2,613,706

 

 

$

2,363,474

 

 
 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

Three Months Ended

 

 

June 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

2020

 

2019

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

72,073

 

 

$

45,345

 

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

 

 

 

 

Depreciation

 

11,747

 

 

10,802

 

Amortization of intangible assets

 

8,132

 

 

6,867

 

Gain on investments

 

(174

)

 

(211

)

Share-based compensation expense

 

20,115

 

 

12,218

 

Deferred income taxes

 

3,589

 

 

(3,381

)

Change in fair value of contingent consideration for business acquisition

 

5,716

 

 

 

Other

 

9

 

 

(4

)

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

Accounts receivable, net

 

(102,092

)

 

(34,264

)

Inventories

 

(40,385

)

 

(2,681

)

Other assets

 

(15,770

)

 

(5,387

)

Accounts payable

 

168,346

 

 

55,592

 

Accrued and other liabilities

 

(12,459

)

 

(48,380

)

Net cash provided by operating activities

 

118,847

 

 

36,516

 

Cash flows from investing activities:

 

 

 

 

Purchases of property, plant and equipment

 

(12,308

)

 

(9,340

)

Investment in privately held companies

 

(30

)

 

(170

)

Purchases of trading investments

 

(2,424

)

 

(1,155

)

Proceeds from sales of trading investments

 

2,362

 

 

1,196

 

Net cash used in investing activities

 

(12,400

)

 

(9,469

)

Cash flows from financing activities:

 

 

 

 

Purchases of registered shares

 

 

 

(15,127

)

Proceeds from exercises of stock options and purchase rights

 

9,992

 

 

393

 

Tax withholdings related to net share settlements of restricted stock units

 

(23,121

)

 

(19,370

)

Net cash used in financing activities

 

(13,129

)

 

(34,104

)

Effect of exchange rate changes on cash and cash equivalents

 

511

 

 

(503

)

Net increase (decrease) in cash and cash equivalents

 

93,829

 

 

(7,560

)

Cash and cash equivalents, beginning of the period

 

715,566

 

 

604,516

 

Cash and cash equivalents, end of the period

 

$

809,395

 

 

$

596,956

 

 
 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

Net sales by product category:

 

 

 

 

 

 

Pointing Devices

 

$

120,469

 

 

$

121,983

 

 

(1

)%

Keyboards & Combos

 

145,360

 

 

128,679

 

 

13

 

PC Webcams

 

60,851

 

 

28,128

 

 

116

 

Tablet & Other Accessories

 

46,048

 

 

38,339

 

 

20

 

Gaming

 

181,903

 

 

134,515

 

 

35

 

Video Collaboration

 

130,074

 

 

73,424

 

 

77

 

Mobile Speakers

 

29,009

 

 

50,416

 

 

(42

)

Audio & Wearables

 

71,365

 

 

58,624

 

 

22

 

Smart Home

 

6,810

 

 

9,864

 

 

(31

)

Other (1)

 

5

 

 

253

 

 

(98

)

Total sales

 

$

791,894

 

 

$

644,225

 

 

23

 

(1) Other category includes products that we currently intend to phase out, or have already phased out, because they are no longer strategic to our business.

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands, except per share amounts) - Unaudited

 

 

 

 

 

 

 

 

 

GAAP TO NON-GAAP RECONCILIATION (A)

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2020

 

2019

 

 

 

 

 

Gross profit - GAAP

 

$

305,733

 

 

$

238,976

 

Share-based compensation expense

 

1,400

 

 

1,158

 

Amortization of intangible assets and purchase accounting effect on inventory

 

3,523

 

 

3,271

 

Gross profit - Non-GAAP

 

$

310,656

 

 

$

243,405

 

 

 

 

 

 

Gross margin - GAAP

 

38.6

%

 

37.1

%

Gross margin - Non-GAAP

 

39.2

%

 

37.8

%

 

 

 

 

 

Operating expenses - GAAP

 

$

222,306

 

 

$

191,509

 

Less: Share-based compensation expense

 

18,715

 

 

11,060

 

Less: Amortization of intangible assets and acquisition-related costs

 

4,609

 

 

3,596

 

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

 

5,716

 

 

 

Less: Restructuring charges, net

 

(53

)

 

478

 

Operating expenses - Non-GAAP

 

$

193,319

 

 

$

176,375

 

 

 

 

 

 

% of net sales - GAAP

 

28.1

%

 

29.7

%

% of net sales - Non - GAAP

 

24.4

%

 

27.4

%

 

 

 

 

 

Operating income - GAAP

 

$

83,427

 

 

$

47,467

 

Share-based compensation expense

 

20,115

 

 

12,218

 

Amortization of intangible assets

 

8,132

 

 

6,867

 

Change in fair value of contingent consideration for business acquisition

 

5,716

 

 

 

Restructuring charges (credits), net

 

(53

)

 

478

 

Operating income - Non - GAAP

 

$

117,337

 

 

$

67,030

 

 

 

 

 

 

% of net sales - GAAP

 

10.5

%

 

7.4

%

% of net sales - Non - GAAP

 

14.8

%

 

10.4

%

 

 

 

 

 

Net income - GAAP

 

$

72,073

 

 

$

45,345

 

Share-based compensation expense

 

20,115

 

 

12,218

 

Amortization of intangible assets

 

8,132

 

 

6,867

 

Change in fair value of contingent consideration for business acquisition

 

5,716

 

 

 

Restructuring charges (credits), net

 

(53

)

 

478

 

Loss (gain) on investments

 

(174

)

 

(211

)

Non-GAAP income tax adjustment

 

3,048

 

 

907

 

Net income - Non - GAAP

 

$

108,857

 

 

$

65,604

 

 

 

 

 

 

Net income per share:

 

 

 

 

Diluted - GAAP

 

$

0.42

 

 

$

0.27

 

Diluted - Non - GAAP

 

$

0.64

 

 

$

0.39

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

Diluted - GAAP and Non - GAAP

 

170,127

 

 

168,797

 

 

 
 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS *

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

SHARE-BASED COMPENSATION EXPENSE

 

Three Months Ended

 

 

June 30,

SUPPLEMENTAL FINANCIAL INFORMATION

 

2020

 

2019

 

 

 

 

 

Share-based Compensation Expense

 

 

 

 

Cost of goods sold

 

$

1,400

 

 

$

1,158

 

Marketing and selling

 

8,792

 

 

6,849

 

Research and development

 

3,103

 

 

2,154

 

General and administrative

 

6,820

 

 

2,057

 

Total share-based compensation expense

 

20,115

 

 

12,218

 

Income tax benefit

 

(8,111

)

 

(6,800

)

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

 

$

12,004

 

 

$

5,418

 

* Note: These preliminary results for the three months ended June 30, 2020 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 June 30, 2020 and previous periods, we excluded items in the following general categories, each of which are described below:

Share-based compensation expenses. 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.

Purchase accounting effect on inventory. Business combination accounting principles require us to measure acquired inventory at fair value. The fair value of inventory reflects the acquired company’s cost of manufacturing plus a portion of the expected profit margin. The non-GAAP adjustment excludes the expected profit margin component that is recorded under business combination accounting principles associated with our business acquisitions. We believe the adjustment is useful to investors because such charges are not reflective of our ongoing operations.

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

Restructuring charges (credits). These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructuring plans in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges (credits) are not reflective of our ongoing operating results in the current period.

Loss (gain) on investments. We recognized loss (gain) related to our investments in various companies, which varies depending on the operational and financial performance of those companies in which we invested, and sales of these investments. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges 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)

Contact information

Ben Lu
Vice President, Investor Relations - USA
+1 (510) 713-5568

Nicole Kenyon
Head of Global Corporate & Employee Communications - USA
+1 (510) 988-8553

Ben Starkie
Corporate Communications - Europe
+41 (0) 79-292-3499

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Power management company Eaton today announced its eMobility business has launched a new and improved line of Eaton OMNEX Trusted Wireless™ mobile control solutions for heavy machinery and field operations. The 900 MHz two-way remote-control units allow for the wireless control of high-value machinery in harsh environments, including mining, construction, agriculture, locomotive and marine markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005826/en/ Eaton's new OMNEX Trusted Wireless™ controllers can remotely operate heavy machinery, such as vacuum trucks, tow trucks, concrete mixers and cranes. (Photo: Business Wire) “Our next generation of rugged, weatherproof OMNEX wireless controllers were designed with customer input, and offer a number of benefits, including enhanced safety and productivity for machine operators,” said Scott Adams, president, eMobility, Eaton. “Overall, we’ve improved upon the reliability a

IFF to Hold Virtual Special Meeting of Shareholders on August 2713.8.2020 23:15:00 EESTPress release

Regulatory News: IFF (NYSE: IFF) (Euronext Paris: IFF) (TASE: IFF), a leading innovator of taste, scent, and nutrition, announced today that the previously communicated special meeting of shareholders to consider and vote on the issuance of shares of IFF common stock in connection with the previously announced proposed merger of IFF and DuPont’s Nutrition & Biosciences (“N&B”) business pursuant to a Reverse Morris Trust transaction (the “special meeting”) has been changed to a virtual-only meeting due to the continued public health concerns over the COVID-19 outbreak and the health and safety of its shareholders and employees. Accordingly, the special meeting, to be held on Thursday, August 27, 2020 at 10:00 a.m. Eastern Time, will be held only virtually on the Internet at www.virtualshareholdermeeting.com/IFF2020SM. Shareholders will not be able to attend the meeting or vote physically in person. We have designed the format of the special meeting to provide shareholders the same right

PTC Makes Enterprise Version of Onshape Education Suite Available Free of Charge13.8.2020 23:00:00 EESTPress release

In advance of the 2020-2021 school year, PTC (NASDAQ: PTC) has made the Onshape® Education Suite’s newly-released Enterprise plan available free-of-charge for K-12 schools and universities that register through November 20, 2020. The newest version of the cloud-based, remote learning suite is offered alongside the Onshape Education Standard plan to help alleviate the burden experienced by educational STEM programs during the COVID-19 pandemic. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200813005767/en/ The Onshape Education plans are the educational versions of PTC’s Software as a Service product, designed to enable computer-aided design (CAD) activities in a remote learning environment. The Education Standard plan has been free to educational institutions since 2016 and is available to students and educators who want to use professional-grade CAD that is completely online. The newly released Education Enterprise plan bu

DeltaTrak Enhances Its Cold Chain Restart Program to Help Customers Battle COVID-1913.8.2020 19:00:00 EESTPress release

DeltaTrak®, a leading innovator of cold chain solutions, is enhancing its Cold Chain Restart Program to offer customers safer and more efficient methods to protect their employees and clients from the COVID-19 pandemic. The program was created to help companies reopen on a safe footing by providing access to critically needed PPE solutions. Following an extremely positive response, DeltaTrak has added the ThermoTrace Auto-Check Non-Contact Infrared Forehead Thermometer and Touchless Hand Sanitizer Dispenser to address the need for effective, contactless and hands-free options for temperature measurement and sanitization. “The increased demand for safety and sanitization equipment is driven by our customers’ need to conduct business safely without jeopardizing the health of employees and customers when it comes to using thermometers and hand sanitizers,” said Frederick Wu, President and CEO of DeltaTrak. “Gaining access to these solutions remains a major challenge and we are confident t

Verimatrix to Sponsor Virtual SportsPro Media INSIDER Series Featuring Broadcasting Experts From the NFL, Octagon, Astro, The FA, European Tour & More13.8.2020 18:35:00 EESTPress release

Regulatory News: Verimatrix (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Chief Revenue Officer Lu Bolden will join a lineup of sports broadcasting experts to speak on the future of the industry with today’s new need to protect ever-growing amounts of streamed sports and esports. Registration is free. Visit www.insider.sportspromedia.com. With an eye on highlighting the largely unchartered challenges that come with new methods of reaching all types of sports fans, the SportsPro Media INSIDER Series serves as a valuable venue for those seeking to protect revenues when fans are at home instead of stadiums. Traditional sports have found themselves facing the same new business model decisions that esports has organically addressed over the last several years. That makes for a big shift – where new revenue streams are created at warp speed with various streaming and broadcast options for countless typ

Andersen Global Continues African Expansion in Key Markets; Debuts in Mali13.8.2020 16:30:00 EESTPress release

Andersen Global announces its debut in Mali through a Collaboration Agreement with Bamako-based tax and legal firm Juri-Partner, adding a complementary presence as the organization continues its expansion in key markets throughout Africa. One of the largest firms in Mali, Juri-Partner has grown to include three partners and more than 20 professionals, including two tax specialists. Managing Partner Mamadou Diarra and his team offer a full range of tax and legal services such as business, mining, telecommunications, tax, arbitration and general commercial tax and legal services to private and institutional operations both domestically and internationally. “We strive to create client relationships built on trust and transparency and are committed to stewardship and independence,” Mamadou said. “Business is becoming increasingly global, and clients’ needs can vary depending on country and jurisdiction. By combining Andersen Global’s breadth of coverage and expertise with our local depth o

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