Wednesday, April 28th 2021
Logitech Grows 76% for Fiscal Year 2021, Q4 Revenue Doubles
Logitech International today announced financial results for the fourth quarter and full year of Fiscal Year 2021, ended March 31, 2021. "Fiscal Year 2021 was our best year ever," said Bracken Darrell, Logitech president and chief executive officer. "It has been rewarding to see Logitech's products play an essential role enabling work, creation, connection and entertainment as our homes became schools, offices and playgrounds. Our powerful and resilient capabilities allowed us to both deliver remarkable performance in a challenging FY 2021 and, at the same time, invest in compelling plans for the future. The world has just caught a glimpse of what Logitech will become."
"We delivered excellent financial performance, including record net sales, operating profit, gross margin and cash flow," said Nate Olmstead, Logitech chief financial officer. "The trends that fueled our growth pre-pandemic - work from anywhere, video everywhere, esports and the democratization of content creation - all accelerated. As our market opportunities have expanded, and we have become a larger, more profitable company, we're investing in our capabilities to accelerate our innovation, reach new customers and deliver strong financial returns over the long-term."For Fiscal Year 2021:
Logitech raised its Fiscal Year 2022 outlook for non-GAAP operating income to between $800 million and $850 million. Previously, it was expected to be between $750 million and $800 million. The outlook for sales growth in constant currency is still expected to be approximately flat, plus or minus 5 percent.
Increased Share Buyback Program and Proposed FY21 Dividend
Logitech's board of directors has approved an increased share buyback authorization up to $1 billion. This expands the Company's current $250 million, three-year share buyback authorization. To date, the Company has repurchased $165 million of shares in the current program. Following approval from the Swiss Takeover Board, the increase will give a total authorization of $835 million for repurchases over the remaining 27 months of the program through July 2023.
Logitech's board of directors has also approved a proposal for a Fiscal Year 2021 dividend, which would be approximately a 10 percent annual increase versus last year's dividend. Together with the new share buyback authorization, this demonstrates the Company's continued commitment to consistently return cash to shareholders.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results videoconference available online on the Logitech corporate website at http://ir.logitech.com.
"We delivered excellent financial performance, including record net sales, operating profit, gross margin and cash flow," said Nate Olmstead, Logitech chief financial officer. "The trends that fueled our growth pre-pandemic - work from anywhere, video everywhere, esports and the democratization of content creation - all accelerated. As our market opportunities have expanded, and we have become a larger, more profitable company, we're investing in our capabilities to accelerate our innovation, reach new customers and deliver strong financial returns over the long-term."For Fiscal Year 2021:
- Sales were Logitech's highest ever at $5.25 billion, up 76 percent in US dollars and 74 percent in constant currency compared to the prior year.
- GAAP operating income grew 315 percent to $1.15 billion, compared to $276 million a year ago. GAAP earnings per share (EPS) grew 107 percent to $5.51, compared to $2.66 a year ago.
- Non-GAAP operating income grew 229 percent to $1.27 billion, compared to $387 million a year ago. Non-GAAP EPS grew 199 percent to $6.42, compared to $2.15 a year ago.
- Cash flow from operations was $1.46 billion, compared to $425 million a year ago.
- Sales were $1.54 billion, up 117 percent in US dollars and 108 percent in constant currency compared to Q4 of the prior year.
- GAAP operating income grew 818 percent to $295 million, compared to Q4 of the prior year. Non-GAAP operating income grew 312 percent to $325 million, compared to Q4 of the prior year.
Logitech raised its Fiscal Year 2022 outlook for non-GAAP operating income to between $800 million and $850 million. Previously, it was expected to be between $750 million and $800 million. The outlook for sales growth in constant currency is still expected to be approximately flat, plus or minus 5 percent.
Increased Share Buyback Program and Proposed FY21 Dividend
Logitech's board of directors has approved an increased share buyback authorization up to $1 billion. This expands the Company's current $250 million, three-year share buyback authorization. To date, the Company has repurchased $165 million of shares in the current program. Following approval from the Swiss Takeover Board, the increase will give a total authorization of $835 million for repurchases over the remaining 27 months of the program through July 2023.
Logitech's board of directors has also approved a proposal for a Fiscal Year 2021 dividend, which would be approximately a 10 percent annual increase versus last year's dividend. Together with the new share buyback authorization, this demonstrates the Company's continued commitment to consistently return cash to shareholders.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results videoconference available online on the Logitech corporate website at http://ir.logitech.com.
13 Comments on Logitech Grows 76% for Fiscal Year 2021, Q4 Revenue Doubles
Good f$%^ job, Logitech.
Also, "accelerate innovation" my ass. Too bold of a statement coming from a company that still sells C270 in 2021, and only has a single 4k-capable product in its portfolio.
Pretty sure Logitech wasn't expecting COVID.
Thankfully there are lots of new brands around that sell quality peripherals at more acceptable prices.
feels like forever since we Heard news From them.
Just to put it into perspective, my shitty C310, which is already pushing past 10 year mark and was total garbage even when it came out (720p@30FPS, abysmal sensor with barely any semblance of color balance, compression artifacts, lag, etc.), has an "MSRP" of €59.99 in 2021... I mean, the camera is so bad that it was on perpetual "sale" from 2011 'till late 2020.
I did not expect that, but out of all offenders only Lenovo and A4Tech managed to push out some semi-decent 1080p cameras and did not fall into temptation of selling them at ridiculous prices.
I'm not even gonna start on 4K Webcam prices... Those are so ridiculous that it's actually cheaper to build one from UVC dev kit(incl. 3D printing and labor) and spend spare change on decent condenser mic.
I put Antec in the same boat, another great company that has fallen into the corporate sham and loss of ingenuity.