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FY 2017 Retail Sales Grow 14%; Non-GAAP Operating Income Grows 33%
NEWARK, Calif. — Apr. 25, 2017 and LAUSANNE, Switzerland, Apr. 26, 2017 — #logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2017.
Q4 closed a strong fiscal year with sales for the quarter reaching $496 million. Q4 retail sales grew 17 percent in constant currency, GAAP operating income more than doubled to $22 million and non- GAAP operating income grew 61 percent to $36 million.
For the full Fiscal Year 2017, ended March 31, 2017:
Retail sales grew 14 percent in constant currency, the highest annual retail sales growth in six years. Retail sales grew 13 percent in USD; also a six-year high.
Sales were $2.21 billion, up 9 percent in USD compared to the prior year, which still included OEM sales, the business the Company exited in Q3 of the prior fiscal year.
GAAP operating income grew 53 percent to $197 million - the highest in nine years - compared to $129 million a year ago. GAAP earnings per share (EPS) grew 51 percent to $1.16, compared to $0.77 a year ago.
Non-GAAP operating income grew 33 percent to $238 million - also the highest in nine years - compared to $179 million a year ago. Non-GAAP EPS grew 35 percent to $1.32, compared to $0.98 a year ago.
Cash flow from operations grew 52 percent to $279 million, the highest level in seven years.
Bracken Darrell, #logitech president and chief executive officer, said, “Our FY 2017 performance demonstrates the strength of our strategy. For the fourth consecutive year, we accelerated growth in retail sales. We grew across almost all our product categories and in all our regions. Many categories - Video Collaboration, Mobile Speakers, Gaming, and Smart Home - grew double digits, and PC Peripherals saw solid growth too. And we’re just getting started. I’m excited by our pipeline of innovative products and the amazing world of opportunities unfolding in front of us.”
Vincent Pilette, #logitech CFO, said, “This is a watershed year for #logitech. We improved our financial fundamentals, delivering our highest gross margin in Company history while growing the business by 14%. That, combined with our continued investment in growth initiatives, gives #logitech a strong and exciting platform for the future.”
Logitech confirmed its Fiscal Year 2018 #outlook of high single-digit retail sales growth in constant currency and $250 to $260 million in non-GAAP operating income.
Prepared Remarks Available Online
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the results for Q4 and the full FY 2017 on Weds., April 26, 2017 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
Logitech separated its Lifesize division from the Company on Dec. 28, 2015. Since then, the results of Lifesize have not been included in our financial statements. Except as otherwise noted, all of the results reported in this press release as well as comparisons between periods are focused on results from continuing operations and do not address the performance of Lifesize, which is reported in the Company’s financial statements under discontinued operations or total #logitech including discontinued operations for all the periods prior to the disposition of Lifesize. For more information on the impact of the Lifesize separation on Logitech’s historical results, please refer to the Financial Reporting section of Logitech’s Financial History, available on the #logitech #corporate website athttp://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 equity-method investment, investigation and related expenses, 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 2018.
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 Jaybird, #logitech G and Ultimate Ears. 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.
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