In advance of a meeting to be held with financial analysts and investors, Logitech International:
- Raised its Fiscal Year 2021 annual outlook to approximately 63 percent sales growth in constant currency, and approximately $1.1 billion in non-GAAP operating income. The Company’s previous outlook was between 57 and 60 percent sales growth in constant currency, and approximately $1.05 billion in non-GAAP operating income.
- Announced its Fiscal Year 2022 annual outlook. Sales growth in constant currency is expected to be approximately flat, plus or minus 5 percent, and non-GAAP operating income is expected to be between $750 million and $800 million. This outlook reflects the Company’s ongoing investments in marketing, hardware and software innovation and go-to-market capabilities, as well as confidence in its ability to execute following an exceptional Fiscal Year 2021.
- Announced improvements in its long-term business model. Expectations of long-term sales growth in constant currency have increased to 8 to 10 percent, up from high-single digits. The non-GAAP gross margin target has been raised to between 39 and 44 percent, up from 36 to 40 percent. The non-GAAP operating margin target has improved to between 14 and 17 percent, up from 11 to 14 percent.