Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Logitech's shares are listed and traded on both the SIX Swiss Exchange, where the share price is denominated in Swiss francs and on the Nasdaq Global Select Market, where the share price is denominated in U.S. Dollars. The trading symbol for Logitech shares is LOGN on the SIX Swiss Exchange and LOGI on 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.
Dividends
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 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. Dollars), totaling $146.7 million in U.S. Dollars on September 22, 2020. On September 4, 2019, Logitech's shareholders approved a cash dividend payment of CHF 121.8 million out of retained earnings to Logitech shareholders who owned shares on September 19, 2019. Eligible shareholders were paid CHF 0.73 per share ($0.74 per share in U.S. Dollars), totaling $124.2 million in U.S. Dollars on September 20, 2019.
Dividends paid and similar cash or in-kind distributions made by Logitech to a holder of Logitech shares (including dividends or liquidation proceeds and stock dividends), other than distributions of qualifying additional paid-in-capital if it is available under the current Swiss tax regime, are subject to a Swiss federal anticipatory tax at a rate of 35%. The anticipatory tax must be withheld by Logitech from the gross distribution and paid to the Swiss Federal Tax Administration.
A Swiss resident holder and beneficial owner of Logitech shares may qualify for a full refund of the Swiss anticipatory tax withheld from such dividends. A holder and beneficial owner of Logitech shares who is a non-resident of Switzerland, but a resident of a country that maintains a double tax treaty with Switzerland, may qualify for a full or partial refund of the Swiss anticipatory tax withheld from such dividends by virtue of the provisions of the applicable treaty between Switzerland and the country of residence of the holder and beneficial owner of the Logitech shares.
In accordance with the tax convention between the United States and the Swiss Confederation (Treaty), a mechanism is provided whereby a U.S. resident (as determined under the Treaty), and U.S. corporations, other than U.S. corporations having a "permanent establishment" or a fixed base, as defined in the Treaty, in Switzerland, generally can obtain a refund of the Swiss anticipatory tax withheld from dividends in respect of Logitech shares, to the extent that 15% of the gross dividend is withheld as final withholding tax (i.e. 20% of the gross dividend may generally be refunded). In specific cases, U.S. companies not having a "permanent establishment" or a fixed base in Switzerland owning at least 10% of Logitech registered shares may receive a refund of the Swiss anticipatory tax withheld from dividends to the extent it exceeds 5% of the gross dividend (i.e., 30% of the gross dividend may be refunded). To get the benefit of a refund, holders must beneficially own Logitech shares at the time such dividend becomes due.
Share Repurchases
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
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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 Shares
Repurchased** CHF (LOGN) USD (LOGI)
March 31, 2019 808 39.58 — $ 187,433
March 31, 2020 * 1,251 38.91 — $ 137,386
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
Repurchased Weighted Average Price Paid Per Share Remaining Amount that May Yet Be
Repurchased under the Program
During the three months ended March 31, 2021 CHF (LOGN) USD (LOGI)
Month 1
December 26, 2020 to January 22, 2021 — — — 177,634
Month 2
January 23, 2021 to February 19, 2021
SIX 243 91.66 152,575
Nasdaq 60 103.58 146,348
Month 3
February 20, 2021 to March 31, 2021
SIX 87 91.93 137,642
Nasdaq 540 96.74 85,382
930 90.44 99.17 85,382
Performance Graph
The information contained in the Performance Graph shall not be deemed to be "soliciting material" or "filed" with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), except to the extent that we specifically incorporate it by reference into a document filed under the Securities Act of 1933, as amended (the Securities Act), or the Exchange Act .
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The following graph compares the cumulative total stockholder return on our shares, the Nasdaq Composite Index, and the S&P 500 Information and Technology Index. The graph assumes that $100 was invested in our LOGI shares, the Nasdaq Composite Index and the S&P 500 Information and Technology Index on March 31, 2016, and calculates the annual return through March 31, 2021. The stock price performance on the following graph is not necessarily indicative of future stock price performance.
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*$100 invested on March 31, 2016, in stock or index, including reinvestment of dividends.
Fiscal year ending March 31.
Copyright© 2021 Standard & Poor's, a division of S&P Global. All rights reserved.
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
ITEM 6. (Reserved)
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