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    LOGN   CH0025751329

LOGITECH INTERNATIONAL S.A.

(LOGN)
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Logitech International S A : Q4 2021 Press Release

04/28/2021 | 09:11pm EDT

Editorial Contacts:

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

Nicole Kenyon, Head of Global Corporate & Employee Communications - USA (510) 988-8553 Ben Starkie, Corporate Communications - Europe +41 (0) 79-292-3499

Logitech Grows 76% for Fiscal Year 2021,

Q4 Revenue Doubles

Company Raises FY 2022 Guidance,

Share Buyback Authorization Raised to $1 Billion

LAUSANNE, Switzerland, Apr. 29, 2021 and NEWARK, Calif., Apr. 28, 2021 - Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2021, ended March 31, 2021.

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-GAAPoperating 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.

"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."

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.

Financial Results Videoconference and Webcast

Logitech will hold a financial results videoconference to discuss the results for Q4 and the full Fiscal Year 2021 on Thursday, April 29, 2021 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A livestream of the event 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, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), loss (gain) on investments, 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 2022.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Almost 40 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, Blue Microphones, Ultimate Earsand Jaybird. 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 blogor @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 and full fiscal year ended March 31, 2021, long-term growth trends, Logitech's potential, investing in our capabilities to accelerate our innovation, reach new customers and deliver strong financial returns over the long-term, our share repurchase program, share repurchases, our Fiscal Year 2021 dividend proposal, and outlook for Fiscal Year 2022 operating income and sales growth. The forward-looking statements in this press 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 demand variability and supply shortages; 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 efficiently manage our spending; 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; and the effect of changes to our effective income tax rates. 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 (SEC), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020, our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2020 and our subsequent reports filed with the SEC, 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.

(LOGIIR)

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

Three Months Ended

Fiscal Years Ended

March 31,

March 31,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

2021

2020

2021

2020

Net sales

$

1,535,925

$

709,248

$

5,252,279

$

2,975,851

Cost of goods sold

821,127

428,080

2,903,215

1,838,685

Amortization of intangible assets

3,529

4,292

13,329

14,785

Gross profit

711,269

276,876

2,335,735

1,122,381

Operating expenses:

Marketing and selling

273,764

141,186

770,284

533,324

Research and development

69,009

50,094

226,023

177,593

General and administrative

68,236

25,465

166,577

94,015

Amortization of intangible assets and acquisition-related costs

5,178

4,666

19,064

17,563

Change in fair value of contingent consideration for business acquisition

-

23,247

5,716

23,247

Restructuring charges (credits), net

-

74

(54)

144

Total operating expenses

416,187

244,732

1,187,610

845,886

Operating income

295,082

32,144

1,148,125

276,495

Interest income

340

2,614

1,784

9,619

Other income (expense), net

(11,450)

35,360

(1,789)

38,212

Income before income taxes

283,972

70,118

1,148,120

324,326

Provision for (benefit from) income taxes

58,225

(143,802)

200,863

(125,397)

Net income

$

225,747

$

213,920

$

947,257

$

449,723

Net income per share:

Basic

$

1.34

$

1.28

$

5.62

$

2.70

Diluted

$

1.31

$

1.26

$

5.51

$

2.66

Weighted average shares used to compute net income per share:

Basic

168,734

167,290

168,523

166,837

Diluted

172,954

169,981

171,775

169,381

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS*

(In thousands) - unaudited

March 31,

March 31,

CONDENSED CONSOLIDATED BALANCE SHEETS

2021

2020

Current assets:

Cash and cash equivalents

$

1,750,327

$

715,566

Accounts receivable, net

612,225

394,743

Inventories

661,116

229,249

Other current assets

135,650

74,920

Total current assets

3,159,318

1,414,478

Non-current assets:

Property, plant and equipment, net

114,060

76,119

Goodwill

429,604

400,917

Other intangible assets, net

115,148

126,941

Other assets

324,248

345,019

Total assets

$

4,142,378

$

2,363,474

Current liabilities:

Accounts payable

$

823,233

$

259,120

Accrued and other current liabilities

858,617

455,024

Total current liabilities

1,681,850

714,144

Non-current liabilities:

Income taxes payable

59,237

40,788

Other non-current liabilities

139,502

119,274

Total liabilities

1,880,589

874,206

Shareholders' equity:

Registered shares, CHF 0.25 par value:

30,148

30,148

Issued shares-173,106 at March 31, 2021 and 2020

Additional shares that may be issued out of conditional capitals - 50,000 at March

31, 2021 and March 31, 2020

Additional shares that may be issued out of authorized capital - 17,311 at March 31,

2021 and 34,621 March 31, 2020

Additional paid-in capital

129,519

75,097

Shares in treasury, at cost- 4,799 and 6,210 shares at March 31, 2021 and 2020,

(279,541)

(185,896)

respectively

Retained earnings

2,490,578

1,690,579

Accumulated other comprehensive loss

(108,915)

(120,660)

Total shareholders' equity

2,261,789

1,489,268

Total liabilities and shareholders' equity

$

4,142,378

$

2,363,474

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Logitech International SA published this content on 29 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2021 01:10:03 UTC.


© Publicnow 2021
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Net income 2023 654 M - -
Net cash 2023 1 665 M - -
P/E ratio 2023 13,3x
Yield 2023 1,99%
Capitalization 8 671 M 8 671 M -
EV / Sales 2023 1,26x
EV / Sales 2024 1,12x
Nbr of Employees 8 200
Free-Float 94,7%
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Number of Analysts 9
Last Close Price 52,65 $
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Bracken P. Darrell President, Chief Executive Officer & Director
Nate Olmstead Chief Financial Officer
Wendy Becker Chairman
Prakash Arunkundrum VP-New Product Introductions
Neil D. Hunt Lead Independent Non-Executive Director
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