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Item 5. Market for Registrant’s Common Equity

2021-05-12 compared with 2020-05-27 · 24 added, 55 removed, 51 unchanged (61% of the section changed)

2 unchanged sentences

The trading symbol for Logitech shares is LOGN on the SIX Swiss Exchange and LOGI on the Nasdaq Global Select Market.

As of May 18, 2020 , there were 173,106,620 shares issued (including 5,289,052 shares held as treasury stock) held by 17,146 holders of record, and the closing price of our shares was CHF 53.00 ($54.55 based on exchange rates on such date) per share on the SIX Swiss Exchange and $54.64 per share as reported by the Nasdaq Global Select Market.

As of April 23, 2021, there were 173,106,620 shares issued (including 4,666,642 shares held as treasury stock) held by 22,356 holders of record, and the closing price of our shares was CHF 106.35 ($116.00 based on exchange rates on such date) per share on the SIX Swiss Exchange and $117.00 per share as reported by the Nasdaq Global Select Market.

Under Swiss law, a corporation may only pay dividends upon a vote of its shareholders.

This vote typically follows the recommendation of the corporation's Board of Directors.

In May 2020, the Board of Directors recommended that the Company increase the cash dividend for fiscal year 2020 by approximately 10% to CHF 134.0 million ( $138.7 million based on the exchange rate on March 31, 2020).

On September 4, 2019, Logitech's shareholders approved a cash dividend payment of CHF 121.8 million out of retained earnings to Logitech's shareholders who owed shares on September 19, 2019.

In April 2021, the Board of Directors recommended that the Company increase the cash dividend for fiscal year 2021 by approximately 10% to CHF 147.0 million ($155.8 million based on the exchange rate on March 31, 2021).

This recommendation will be voted on by our shareholders at the Company’s Annual General Meeting in September 2021.

On September 9, 2020, Logitech's shareholders approved a cash dividend payment of CHF 134.0 million out of retained earnings to Logitech's shareholders who owned shares on September 21, 2020.

Eligible shareholders were paid CHF 0.79 per share ( $0.87 per share in U.S.

18 unchanged sentences

Share Repurchases

In fiscal year 2020, the following approved share buyback program was in place (in thousands):

Share Buyback Program

Approved Shares (1)

Approved Amounts

(1) The approval of our share buyback programs by the Swiss Takeover Board limits the number of shares that we may repurchase to no more than 10% of our authorized share capital and voting rights.

In fiscal year 2021, the following approved share repurchase program was in place (in thousands):

Share Repurchase Program Approved Shares Approved Amounts

May 2020 17,311 $ 250,000

Logitech International S.A.

| Fiscal 2021 Form 10-K | 38

The following table presents certain information related to purchases made by Logitech of its equity securities under its publicly announced share buyback programs (in thousands, except per share amounts):

Weighted Average Price Per Share

Remaining Amount that May Yet Be

The following table presents certain information related to purchases made by Logitech of its equity securities under its publicly announced share repurchase programs (in thousands, except per share amounts):

Weighted Average Price Per Share Remaining Amount that May Yet Be

Repurchased under the Program

During Fiscal Year Ended

During Fiscal Year Ended Shares

Repurchased** CHF (LOGN) USD (LOGI)

March 31, 2019 808 39.58 — $ 187,433

1 unchanged sentence

March 31, 2021 1,845 81.35 89.20 $ 85,382

* The 2017 share repurchase program expired in April 2020 and the unused amount was forfeited.

** All shares were repurchased on the SIX in fiscal years 2019 and 2020.

In fiscal year 2021, 969 thousand shares were repurchased on the SIX and 876 thousand shares on NASDAQ.

Total Number of Shares

Weighted Average Price Paid Per Share

Remaining Amount that May Yet Be

Repurchased Weighted Average Price Paid Per Share Remaining Amount that May Yet Be

Repurchased under the Program

During the three months ended March 31, 2020

During the three months ended March 31, 2021 CHF (LOGN) USD (LOGI)

December 26, 2020 to January 22, 2021 — — — 177,634

January 23, 2021 to February 19, 2021

SIX 243 91.66 152,575

Nasdaq 60 103.58 146,348

February 20, 2021 to March 31, 2021

The 2017 share buyback program expired in April 2020.

SIX 87 91.93 137,642

Nasdaq 540 96.74 85,382

930 90.44 99.17 85,382

Performance Graph

7 unchanged sentences

*$100 invested on March 31, 2016, in stock or index, including reinvestment of dividends.

Fiscal year ending March 31.

2016 2017 2018 2019 2020 2021

Logitech $ 100 $ 206 $ 241 $ 262 $ 291 $ 717

Nasdaq Composite Index $ 100 $ 123 $ 148 $ 164 $ 165 $ 287

S&P 500 Information and Technology Index $ 100 $ 125 $ 159 $ 184 $ 203 $ 339

Selected Financial Data

This financial data should be read in conjunction with Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

These historical results are not necessarily indicative of the results to be expected in the future.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 40

Years ended March 31,

(in thousands, except for per share amounts)

Consolidated statement of operations and cash flow data

Operating income

Net income from continuing operations (1)

Loss from discontinued operations (2)

Net income (loss) per share - basic:

Continuing operations

Discontinued operations

Net income per share - basic

Net Income (loss) per share - diluted:

Continuing operations

Discontinued operations

Net income per share - diluted

Cash dividend per share

Net cash provided by operating activities

Net cash used in investing activities (3)

Consolidated balance sheet data

Cash and cash equivalents

Total shareholders' equity

_______________________________________________________________________________

On March 10, 2020, TRAF was enacted in the canton of Vaud in Switzerland to take effect as of January 1, 2020.

TRAF specifies mandatory and voluntary provisions that are implemented through the modification of the cantonal tax law.

Major mandatory federal tax provisions include abolishment of preferential cantonal tax regimes, introduction of patent box regime and tax-free step-up of intangible assets, including goodwill created under a privileged tax regime.

We have benefited from a longstanding tax ruling from the canton of Vaud through December 31, 2019.

We reached an agreement with the Vaud Tax Administration that would allow for a tax step-up of goodwill to be amortized over ten years beginning on January 1, 2020 as a transition measure.

We recorded an income tax benefit of $151.7 million , net of unrecognized tax benefits to account for the book and tax basis difference of the step-up upon enactment.

On December 28, 2015, we divested our Lifesize video conferencing business and, as a result, we have reflected the Lifesize video conferencing business as discontinued operations in our consolidated statements of operations data above for all periods noted.

Historical cash flows from discontinued operations were not material and are included in the cash flow data above.

The line item previously called "change in restricted cash" has been eliminated from the statements of cash flows and instead restricted cash has been included in the cash, cash equivalents and restricted cash line items to conform to the consolidated statements of cash flows for fiscal year 2019 and fiscal year 2020 due to the adoption of ASU 2016-18.

The impact was not material.

Logitech International S.A.

| Fiscal 2020 Form 10-K | 40

The above consolidated cash and cash equivalents exclude Lifesize video conferencing business.

Logitech International S.A.

| Fiscal 2020 Form 10-K | 41

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity