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:
  • 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.
For Q4 Fiscal Year 2021:
  • 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.
Outlook
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.
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13 Comments on Logitech Grows 76% for Fiscal Year 2021, Q4 Revenue Doubles

#1
HaKN !
All dem webcam sales for zoom
Posted on Reply
#2
Chrispy_
HaKN !
All dem webcam sales for zoom
No kidding. Logitech's crappy 720p30 lineup quadrupled in price from £25 to £100+ from March 2020, and I bet Logitech could shit them out for a couple of dollars a pop.
Posted on Reply
#3
silentbogo
Yep, just double or triple the price of outdated webcams, rip off your customers during pandemic, make up some sh#$t about supply chain issues, and you get a recipe of success.
Good f$%^ 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.
Posted on Reply
#4
TheinsanegamerN
silentbogo
Yep, just double or triple the price of outdated webcams, rip off your customers during pandemic, make up some sh#$t about supply chain issues, and you get a recipe of success.
Good f$%^ 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.
Make up? The shortages are affecting everyone, not just logitech, supplies of webcams were zeroed out for over half a year and are still hard to find.
Posted on Reply
#5
windwhirl
TheinsanegamerN
Make up? The shortages are affecting everyone, not just logitech, supplies of webcams were zeroed out for over half a year and are still hard to find.
I agree with this. It doesn't make sense for any company to have way more production capacity than needed. The usual is to have enough to produce the amount you plan on selling and a bit of extra capacity just in case.

Pretty sure Logitech wasn't expecting COVID.
Posted on Reply
#6
Caring1
TheinsanegamerN
Make up? The shortages are affecting everyone, not just logitech, supplies of webcams were zeroed out for over half a year and are still hard to find.
I can walk into an OfficeWorks store here and pick up 20 or more if I wanted to, there's no shortage of webcams here, in fact I bought one maybe a week ago and had a vast range to select from.
Posted on Reply
#7
holyprof
If you notice, their new company identity is "LOGI", without the "tech". Couldn't be more appropriate. The days of legendary Logitech quality and longevity are gone. Back then, they sold good stuff with high prices. Now they sell overpriced mediocre goods.
Thankfully there are lots of new brands around that sell quality peripherals at more acceptable prices.
Posted on Reply
#9
silentbogo
TheinsanegamerN
Make up? The shortages are affecting everyone, not just logitech, supplies of webcams were zeroed out for over half a year and are still hard to find.
So, how come this "shortage" did not affect smartphones, laptops, or security cameras? A 720p-capable sensor costs pennies, so as USB2 microcontroller to drive that puny bandwidth, and neither went to severe deficit over these past months. I doubt plastic shortage can affect final price that much. Heck, if not for the network lag, I'd rather use my generic 5MP PoE IP camera, which I bought during pandemic for $20.
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.
Posted on Reply
#10
Arpeegee
People need to stop buying Logitech, their products are old, overpriced and made with cheap materials. They use to make decent stuff but now it's all made to fail.

I put Antec in the same boat, another great company that has fallen into the corporate sham and loss of ingenuity.
Posted on Reply
#12
Hemmingstamp
Arpeegee
People need to stop buying Logitech, their products are old, overpriced and made with cheap materials. They use to make decent stuff but now it's all made to fail.

I put Antec in the same boat, another great company that has fallen into the corporate sham and loss of ingenuity.
Profit over quality. Nothing new.
Posted on Reply
#13
Kickus_assius
PapaTaipei
Logitech mice are the best.
I've really enjoyed the G502 and G903 for the past few years. I was using razer deathadders before that, but logitech really has stepped up their game.
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