What changed in this filing

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Item 1. Business

2022-05-18 compared with 2021-05-12 · 119 added, 142 removed, 308 unchanged (46% of the section changed)

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Logitech is a world leader in designing, manufacturing and marketing products that help connect people to digital and cloud experiences.

Almost 40 years ago, Logitech created products to improve experiences around the personal computer (PC) platform, and today it is a multi-brand, multi-category company designing products that enable people to pursue their passions and connect to the world.

Forty years ago, Logitech created products to improve experiences around the personal computer ("PC") platform, and today it is a multi-brand, multi-category company designing products that enable people to pursue their passions and connect to the world.

Logitech’s products align with several large secular trends including work and learn from anywhere, video everywhere, the increasing popularity of gaming as a spectator and participant sport, and the democratization of content creation.

Logitech's brands include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones, Ultimate Ears, and Jaybird.

Logitech's brands include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones and Ultimate Ears.

Our Company's website is www.logitech.com.

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Logitech International S.A.

is a Swiss holding company with its registered office in Apples, Switzerland, which conducts its business through subsidiaries in the Americas (including North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, Taiwan, Japan, India and Australia).

is a Swiss holding company with its registered office in Hautemorges, Switzerland, which conducts its business through subsidiaries in the Americas (including North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, Taiwan, Japan, India and Australia).

Shares of Logitech International S.A.

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We operate in a single operating segment:

For more information, see Note 15 - Segment Information in our Notes to the consolidated financial statements included in this Annual Report on Form 10-K.

Our products participate in five large markets:

Creativity & Productivity, Gaming, Video Collaboration, Music and Smart Home.

We sell our products to a broad network of domestic and international customers, including direct sales to retailers and e-tailers and indirect sales through distributors.

Our worldwide channel network includes consumer electronics distributors, retailers, mass merchandisers, specialty stores, computer and telecommunications stores, value-added resellers and online merchants.

For more information, see Note 15 - Segment Information in our Notes to consolidated financial statements included in this Annual Report on Form 10-K.

Our products primarily participate in four large markets:

Creativity & Productivity, Gaming, Video Collaboration and Music.

We sell our products to a broad network of domestic and international customers, including direct sales to retailers and e-tailers, enterprise customers and consumers, and indirect sales through distributors.

Our worldwide channel network includes consumer electronics distributors, retailers, e-tailers, mass merchandisers, specialty stores, computer and telecommunications stores, value-added resellers and online merchants.

From time to time, we may seek to partner with or acquire, when appropriate, companies that have products, personnel, and technologies that complement our strategic direction.

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Historically, Logitech's business has been driven by the same trends that drove the adoption of desktop and laptop PCs for consumers and businesses, including the growth in affordable processing power, communications bandwidth, the increased accessibility of digital content, and the growing and pervasive use of the Internet for productivity, communication and entertainment.

More recently, remote and hybrid work and learning, the democratization of content creation, the rising trend of gaming becoming one of the largest participant and spectator sports, the growth of streamers and creators and the expansion of video everywhere have created multiple opportunities for Logitech to drive greater interaction and engagement between people and digital content.

In the past year, new PC shipments have steadily increased and, combined with increased interest in smaller, mobile computing devices (such as smartphones and tablets), the market for PC peripherals has greatly expanded.

More recently, the increase in remote and hybrid work and learning, the expansion of video everywhere, the rise in gaming as a participant and spectator sport and the growth in streamers and creators fueled by the democratization of content creation have created multiple opportunities for Logitech to drive greater interaction and engagement between people and digital content.

In the past few years, new PC shipments have steadily increased and, combined with increased interest in smaller, mobile computing devices (such as smartphones and tablets), the market for PC peripherals has greatly expanded.

We see opportunities within the large installed base of PCs, created by consumers' desire to refresh their current PC experiences with new peripherals, as well as new trends developing within the connected device ecosystems.

In addition, the increasing adoption of hybrid work will likely increase the number of new workspaces, thereby creating expanded opportunities to attach multiple peripherals.

In addition, the adoption of hybrid work has increased the number of new workspaces, thereby creating expanded opportunities to attach multiple peripherals.

Consumers are also enhancing their tablet experience with a range of keyboards and cases that enable them to create, consume and do more with their tablets conveniently and comfortably.

The recent shift toward remote and hybrid learning environments has also significantly increased the addressable education market for tablet keyboards and cases, as well as for other PC peripherals.

Growing adoption of cloud-based experiences in gaming, video, music and smart home has also increased our addressable market opportunities.

The recent shift toward remote and hybrid learning environments has also expanded the addressable education market for tablet keyboards and cases, as well as for other PC peripherals.

Growing adoption of cloud-based experiences in gaming, video and music has also increased our addressable market opportunities.

More and more consumers today interact with cloud-based content platforms, such as Steam and Twitch for gaming, or Zoom and Microsoft Teams for video collaboration.

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In addition, consumers are increasingly streaming and broadcasting using microphones and other peripherals which also expands our opportunities.

The home is also an important place for technological development, particularly as an increasing number of objects become connected smart home devices such as home security cameras, light bulbs, security locks, thermostats and others.

Logitech’s line of universal remotes and hubs control electronic and connected devices around the home, including these and other smart devices.

Business Strategy

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• Operations.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 4

In the past few years, Logitech has strengthened its design capabilities by building a world-class team of internal designers.

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Our key design centers are in Switzerland, Ireland, the United States, and Taiwan.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 4

Our decades-long expertise in key engineering disciplines such as sensors, acoustics, optics, wireless, and power management is a core competitive advantage of Logitech.

Furthermore, we continue to extend our engineering capabilities into more advanced technologies such as software, apps, cloud, data analytics and machine learning.

Furthermore, we continue to extend our engineering capabilities into more advanced technologies such as software, apps, cloud, data analytics, machine learning and some core building blocks of navigation and tracking in augmented reality ("AR") / virtual reality ("VR").

Our engineering team has expertise in developing products for a broad array of platforms such as PCs, mobile and personal voice assistants (such as Amazon Alexa and Google Assistant).

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Over the past 30-plus years, Logitech has built an extensive global go-to-market network that can be leveraged as we introduce new products, enter new market categories and optimize the value of our existing products and product categories.

We have multiple opportunities to drive growth - existing products in existing and new retailers, and new products in existing and new retailers.

We have multiple opportunities to drive growth - existing products in existing and new retailers, and e-tailers as well as new products in existing and new retailers and e-tailers.

Beyond online and offline retail and distribution channels, we have also strengthened other commercial channels.

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We have established Logitech as a neutral technology supplier that can work with a variety of leading technology vendors and platforms as well as provide connections among their products and ecosystems.

As Logitech expands into multiple categories with multiple brands, we are focusing on enhancing our marketing capabilities around brand strategy and execution, digital marketing, and marketing technology.

More recently, we are meaningfully increasing our brand marketing investments to drive greater brand awareness and consideration, as we pivot to a demand pull model from a demand push model.

As Logitech continues to expand into multiple categories, we are focusing on enhancing our marketing capabilities around brand strategy and execution, digital marketing, and marketing technology.

With our products and designs as a foundation, we are building in consumer-centricity and demonstrating the relevancy of our products in the lives of our consumers.

We are increasing our brand marketing investments to drive greater brand awareness and consideration, delivering advertising campaigns across our brand, our categories, and our products, which enables us to drive brand value and pivot from a push model to a demand generating pull model.

Most of the marketing and creative efforts that were once outsourced to outside marketing agencies are now executed through our internal teams from concept to execution, which improves speed and cost efficiency.

We are increasing our leverage of digital media channels and programs to drive consumer brand engagement and purchase.

We are also increasing our focus on marketing analytics platforms to improve our understanding of marketing investments and to maximize return on investment (ROI).

And we are making investments to upgrade and expand all aspects of our marketing technology infrastructure, including the re-platforming of our websites to support the global expansion of our brands across countries, languages and devices and to provide the foundation for the acceleration of our digital marketing efforts and evolution to personalized consumer communication.

We are increasing our leverage of digital media channels and programs, and building relationships with creators to drive brand engagement and purchase across B2B and B2C.

We are also increasing our focus on marketing analytics and platforms to improve our understanding of marketing investments and to maximize our return on investment.

Additionally, we are making investments to upgrade and expand all aspects of our marketing technology infrastructure, including the re-platforming of our websites to support the global expansion of our brands across countries, enabling direct relationships with our consumers and customers and building the foundation for the acceleration of more personalized consumer communication and commerce.

Logitech’s operations capability consists of a hybrid model of in-house manufacturing and third-party contract manufacturers, which allows us to effectively respond to rapidly changing demand and leverage economies of scale.

Our supply chain’s extensive global reach, key distribution channels, adoption of factory automation and strategic business relationships combined with extensive analytic modeling expertise, optimization tools and global processes provide a competitive advantage against many of our competitors.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 5

Logitech designs, manufactures and markets products that allow people to connect through computing, gaming, video, music, and other digital platforms.

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Some of our key products in this category include:

Logitech International S.A.

| Fiscal 2022 Form 10-K | 5

• The Logitech MX Master 3 and MX Anywhere 3 wireless mice, our flagship wireless mouse products.

Enabled with Logitech Flow cross-computer control software, these products represent the new paradigm for precise, fast, comfortable cross-computer digital navigation.

• The Logitech Wireless Mouse M325, which offers micro-precise scrolling, 18-month battery life and comfortable design.

• The Logitech Wireless Mouse M325, which offers micro-precise scrolling, an 18-month battery life and comfortable design.

• The Logitech Wireless Mouse M185, a wireless mouse with nano receiver technology that is compatible with any computer.

• The Logitech Pebble Mouse, a wireless mobility mouse with dual connectivity (BT and unifying nano technology) that is compatible with any computer.

• Two recently introduced mice, Logitech Signature Wireless Mouse M650 with Bolt wireless connectivity and the new smart wheel in multiple sizes (large, medium and left hand), and Pop Mouse for younger generations that offers more style at the desk.

Keyboards & Combos:

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• The Logitech MX Keys Wireless keyboard, a premium backlit keyboard with customizable keys to directly access menus and shortcuts within leading creativity and productivity apps.

We recently added the MX Keys mini wireless keyboard ideal for smaller spaces and creators.

• The Logitech K380 wireless minimalist keyboard with multi-switch functionality to easily navigate from one screen to another (from PC to Phone to tablets) that is compatible with any computer.

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A key market driver includes people upgrading their work-from-home video conferencing setup.

The Logitech HD Pro Webcam C920 and C922 were top revenue-generating webcams during fiscal year 2021.

The Logitech HD Pro Webcam C920 and C922 were our key products in this category during fiscal year 2022.

Tablet & Other Accessories:

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Some of our key products in this category include :

• The Logitech Slim Folio Keyboard for the iPad Pro 12.9 and 11, bringing a bluetooth backlit keyboard with a folio design for optimal working and viewing angle, light front and back protection and an Apple Pencil holder.

The Logitech Slim Folio Keyboard for the 7th generation iPad for a light protection folio with a bluetooth keyboard.

• The Combo Touch for the iPad 9th Generation, iPad Air, iPad Pro 11 and iPad Pro 12.9, is our newest design offering a Smart Connected backlit full-size keyboard, any-angle kickstand for flexible viewing angles and a trackpad for gestures, clicks and navigation.

• The Rugged Folio Keyboard for the iPad 9th Generation, bringing a more protective rugged folio, with a wipeable fabric keyboard, a rugged and protective holder and an any-angle kickstand to allow multiple viewing angles.

The Rugged Folio uses Smart Connector technology to connect to the iPad seamlessly, with no need for batteries or bluetooth pairing.

• The Combo Touch for the iPad 7th Generation and iPad Air, which is our newest design offering a Smart Connected backlit full-size keyboard, any-angle kickstand for flexible viewing angles and a trackpad for gestures, clicks and navigation.

• The Logitech Slim Folio Keyboard for the iPad Pro 11 and 12.9, bringing a bluetooth backlit keyboard with a folio design for optimal working and viewing angle, light front and back protection and an Apple Pencil holder.

The Logitech Slim Folio Keyboard for the 9th generation iPad for a light protection folio with a bluetooth keyboard.

• The Rugged Combo Keyboard and Rugged Combo Touch, Made for Education are designed to provide the best keyboard and touchpad experience for the iPad Entry 9th generation in classrooms or at home, featuring drop protection, secure sealed keyboard and any angle viewing.

Logitech G provides gamers of all levels with industry-leading keyboards, mice, headsets and simulation products such as steering wheels and flight sticks, incorporating innovative design and advanced technologies .

Some of our key products in this category include:

• The Logitech G915 LIGHTSPEED Wireless, RGB Mechanical Gaming Keyboard which features high-performance low-profile mechanical switches that provide all the speed, accuracy and performance of traditional switches, at half the height.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 6

• The Logitech G915 LIGHTSPEED Wireless, RGB Mechanical Gaming Keyboard, which features high-performance low-profile mechanical switches that provide all the speed, accuracy, and performance of traditional switches, at half the height.

• The Logitech G PRO Wireless Gaming Mouse that was designed in collaboration with the world's top esports professionals, and features our LIGHTSPEED TM professional grade wireless technology, our exclusive high-performance HERO gaming sensor, a flexible ambidextrous design, and support for our POWERPLAY TM wireless charging solution, for maximum performance and comfort over long gameplay sessions.

• The Logitech G29 Driving Force Steering Wheel for PC and Sony PlayStation 4 & 5, which features a powerful dual-motor force feedback transmission, hand-stitched leather-wrapped rim, and stainless steel throttle, brake and clutch pedals for an ultra-realistic driving experience.

ASTRO Gaming is a performance gaming and lifestyle brand focused on the console gaming peripherals market with a cross-platform lineup consisting of four primary headset models for PlayStation 4 and PC:

• The A50 Wireless Headset and Base Station that targets the discerning “prosumer” consumer, featuring integrated MixAmp technology, Dolby ® Digital surround sound and the ASTRO Command Center Software system.

• The A40TR Headset and MixAmp Pro, a wired solution that targets the esport professional and live streamer, featuring Dolby ® Digital surround sound, daisy-chain chat, live stream port and the ASTRO Command Center Software system.

• The A20 Wireless Headset, a stereo headset delivering the signature ASTRO comfort and audio customization via the ASTRO Command Center Software.

• The A10 wired headset, an ultra-durable robust headset delivering ASTRO signature comfort and sound quality at a more accessible price point.

• The Logitech G PRO X Superlight Wireless Gaming Mouse that was designed in collaboration with the world's top esports professionals, features our LIGHTSPEED TM professional grade wireless technology, and weighs less than 63 grams

• The Logitech G923 Steering Wheel that works on PC, XBOX and Playstation, and features a hand-stitched leather-wrapped rim, stainless steel throttle, brake and clutch pedals and the exclusive TRUEFORCE force feedback system that connects directly to in-game physics for unprecedented realism.

• The ASTRO A50 Wireless Headset and Base Station that targets the discerning “prosumer” consumer, featuring integrated MixAmp technology, Dolby® Digital surround sound and the ASTRO Command Center Software system.

Video Collaboration

The Video Collaboration category includes Logitech’s ConferenceCams, which combine enterprise-quality audio and high definition (HD) 1080p video with affordability to bring video conferencing to businesses of any size, as well as state of the art webcams and headsets that turn any desktop into an instant collaboration space.

The Video Collaboration category includes Logitech’s ConferenceCams, which combine enterprise-quality audio and high definition ("HD") 4K video with affordability to bring video conferencing to businesses of any size, as well as state of the art webcams and headsets that turn any desktop into an instant collaboration space.

Our key products in this category include:

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• Logitech MeetUp which is Logitech’s premier ConferenceCam designed for huddle rooms, with a room-capturing 120° field of view ("FOV") , 4K optics and exceptional audio performance.

• Logitech Tap touch-screen controller connects to any computer via USB and serves as an ideal controller for video conferencing room solutions from Google®, Microsoft®, and Zoom.

• Logitech Tap touch-screen controller which connects to any computer via USB and serves as an ideal controller for video conferencing room solutions from Google®, Microsoft®, and Zoom.

• Logitech BRIO which has 4K video, RightLight 3 and high dynamic range ("HDR") to improve challenging lighting, and Windows Hello facial recognition support for secure login using just a user's face.

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Our Mobile Speakers category is a portfolio of portable wireless Bluetooth and Wi-Fi connected speakers for music on the go.

The top revenue-generating product in our Mobile Speakers category during fiscal year 2021 was the Ultimate Ears WONDERBOOM 2, our small sized ruggedized portable Bluetooth wireless speaker.

During fiscal year 2021,our collection of portable bluetooth speakers included, WONDERBOOM, WONDERBOOM2, BOOM2, BOOM3, MEGABOOM,MEGABOOM3, MEGABLAST, BLAST, and our largest most powerful speaker HYPERBOOM that delivers the loudest and most rich audio performance in the portfolio.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 7

The top revenue-generating product in our Mobile Speakers category during fiscal year 2022 was Ultimate Ears BOOM 3 ("BOOM3"), our small sized ruggedized portable Bluetooth wireless speaker.

During fiscal year 2022, our collection of portable bluetooth speakers included, WONDERBOOM2, BOOM3, MEGABOOM, MEGABOOM3, and our largest most powerful speaker HYPERBOOM that delivers the loudest and most rich audio performance in the portfolio.

Audio & Wearables:

Our Audio & Wearables category comprises PC speakers, PC headsets, Blue Microphones, in-ear headphones and premium wireless audio wearables designed to enhance the audio experience and studio-quality microphones for professionals and consumers.

We offer both the Jaybird wireless audio wearables for sports and active lifestyles and our custom in-ear headphones, made by Ultimate Ears.

Jaybird is a digitally native brand that pioneered the wireless in-ear headphone category and continues to be a leading brand in headphones made for athletes.

Designed for sport & IPX 7 rated, Jaybird’s Flashship Vista wireless earbuds offer great sound with the durability that athletes demand.

All Jaybird products are accompanied by software supported on both Android and iOS that offers a rich personalized listening experience.

Our Audio & Wearables category comprises PC speakers, PC headsets, in-ear headphones, premium wireless audio wearables designed to enhance the audio experience and studio-quality Blue Microphones for professionals and consumers.

In the third quarter of fiscal year 2022, we made a decision to cease future product launches under the Jaybird brand, but plan to continue developing custom in-ear and fit wireless audio products such as Ultimate Ears Fits.

Our Blue Microphones product line has a 25-year legacy of innovative design and premium performance across both professional and consumer markets.

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The next generation of Yeti, featuring a new proprietary 4-capsule array, fully digital architecture that is compatible with Blue Sherpa control software and Logi-G G-Hub gaming software, and Blue VO!CE, a new software application that allows the user to control and manipulate the sound of their voice through the microphone.

Our Smart Home category includes our Harmony line of advanced home entertainment controllers, products dedicated to controlling emerging categories of connected smart home devices such as lighting, thermostats and door locks, and home security cameras.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 7

In the fourth quarter of fiscal year 2021, we made the decision to discontinue manufacturing and selling our Harmony line of advanced home entertainment controllers as the way people consume content has shifted to streaming services across multiple screens.

Fiscal year 2022 included sales of remaining Harmony products in inventory.

We continue to sell our Circle home security cameras within the Smart Home product category.

Research and Development

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Our research and development expenses for fiscal years 2022, 2021 and 2020 were $291.8 million, $226.0 million and $177.6 million, respectively.

We expect to continue to devote significant resources to research and development, including devices for digital platforms, video communications, wireless technologies, power management, user interfaces and device database management to sustain our competitive position.

We expect to continue to devote significant resources to research and development, including devices for digital platforms, video communications, wireless technologies, power management, and user interfaces to sustain our competitive position.

Sales and Distribution

Principal Markets

Sales by geographic region for fiscal years 2021, 2020 and 2019 (based on the customers' location) are as follows (in thousands):

Sales by geographic region (based on customers' location) for fiscal years 2022, 2021 and 2020 are as follows (in thousands):

Year Ended March 31,

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No other country represented more than 10% of our sales for fiscal years 2022, 2021 or 2020.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 8

Sales and Distribution

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Logitech products are also carried by business-to-business direct market resellers.

In fiscal years 2021, 2020 and 2019, Ingram Micro Inc.

and its affiliated entities together accounted for 14%, 12% and 13% of our gross sales, respectively.

In fiscal years 2022, 2021 and 2020, Amazon Inc.

and its affiliated entities together accounted for 17%, 13% and 14% of our gross sales, respectively.

In fiscal years 2022, 2021 and 2020, Ingram Micro Inc.

and its affiliated entities together accounted for 15%, 14% and 12% of our gross sales, respectively.

Two of our customers merged during fiscal year 2022 and the combined company, TD Synnex, accounted for 14% of our gross sales for fiscal year 2022.

No other customer individually accounted for more than 10% of our gross sales during fiscal years 2022, 2021 or 2020.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 8

Customer Service and Technical Support

Our customer service organization provides user technical support, support related to product inquiry, and order support.

We support these customer service functions with two outsourced operations that have support centers located in China, South Korea, India, the Philippines, Mexico, the United States, and Bulgaria.

We support these customer service functions with two outsourced operations that have support centers located in China, South Korea, India, the Philippines, Mexico, the United States, Bulgaria, Canada, Japan and the United Kingdom.

Our customer service and technical personnel in each of our regions provide support services to retail purchasers of products through telephone, e-mail, forums, chat, and the Logitech Support website.

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For our Video Collaboration category, we also work with channel partners to offer bundled support services with Logitech Video Collaboration solutions.

In Korea, India, and China, there are multiple locations where consumers may obtain service for their Logitech products.

In Korea and China, there are multiple locations where consumers may obtain service for their Logitech products.

These locations are managed by third-party logistics providers.

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The worldwide operations group also supports the business units and marketing and sales organizations through the management of distribution centers and the supply chain and logistics networks.

New product launches, process engineering, commodities management, logistics, quality assurance, operations management and management of Logitech's contract manufacturers occur in China, Taiwan, Hong Kong, Malaysia, Vietnam and Thailand.

Certain components are manufactured to Logitech's specifications by vendors in Asia, the United States, and Europe.

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In addition, some products, including most keyboards, certain gaming devices and certain audio products are manufactured by contract manufacturers to Logitech's specifications.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 9

Our hybrid model of in-house manufacturing and contract manufacturers allows us to effectively respond to rapidly changing demand and leverage economies of scale.

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Many of these companies have greater financial, technical, sales, marketing, and other resources than we have.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 9

We expect continued competitive pressure in our business, including in the terms and conditions that our competitors offer customers, which may be more favorable than our terms and conditions and may require us to take actions to increase our customer incentive programs, which could impact our sales and operating margins.

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Pointing Devices:

Apple Inc., Microsoft Corporation and HP Inc.

("Apple"), Microsoft Corporation ("Microsoft"), Lenovo Group Ltd (“Lenovo”) and HP Inc.

are our main competitors worldwide.

We also experience competition and pricing pressure from less-established brands, including house brands and local competitors in Asian markets, such as Elecom Co., Ltd., Buffalo Inc., Shenzhen Rapoo Technology Co., Ltd., and Xiaomi Inc.

(“Shenzhen Rapoo”), and Xiaomi Corporation.

Keyboards & Combos:

Microsoft and Apple are the main competitors in our PC keyboard and combo product lines.

We also experience competition and pricing pressure for corded and cordless keyboard and combos from less-established brands, including house brands and local competitors in Asian markets, such as Shenzhen Rapoo, and Xiaomi.

Our primary competitors for PC webcams are Microsoft and other manufacturers taking smaller market share such as Razer Inc.

We also experience competition and pricing pressure for corded and cordless keyboards and combos from less-established brands, including house brands and local competitors in Asian markets, such as Shenzhen Rapoo, IKBC, and Xiaomi Corporation.

Our primary competitors for PC webcams are Microsoft and other manufacturers taking smaller market share such as Razer Inc ("Razer").

Tablet & Other Accessories:

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Although we are one of the leaders in the tablet keyboard market and continue to bring innovative offerings to the market, we expect the competition may increase.

Competitors in the tablet case market include Apple, Otter Products LLC, Speck Products and a large number of small brands.

Competitors for our Gaming products include Razer, Corsair Components, Inc., SteelSeries, Turtle Beach Corporation and HyperX (recently announced to be acquired by HP Inc.), among others.

Competitors in the tablet case market include Apple, Otter Products LLC, Speck Products and a large number of smaller brands.

Competitors for our Gaming products include Razer, Corsair Gaming, Inc., SteelSeries, Turtle Beach Corporation and HyperX (acquired by HP Inc.

in 2021), among others.

Video Collaboration

Our competitors for Video Collaboration products include Cisco Systems, Inc., Poly, Inc., GN Netcom/Jabra, and AVer Information Inc., among others.

Logitech International S.A.

| Fiscal 2021 Form 10-K | 10

Our competitors for Video Collaboration products include Cisco Systems, Inc., Poly, Inc.

("Poly"), GN Netcom/Jabra, AVer Information Inc., Neat and Yealink (Xiamen) Network Technology Co.Ltd, among others.

Mobile Speakers:

Our competitors for Bluetooth wireless speakers include Bose Corporation, Harman International Industries, Inc (owned by Samsung Electronics Co., Ltd., Harman owns JBL and has Harman Kardon as a division), and Beats Electronics LLC (owned by Apple), among others.

Our competitors for Bluetooth wireless speakers include Bose Corporation ("Bose"), Harman International Industries, Inc (owned by Samsung Electronics Co., Ltd., Harman owns JBL and has Harman Kardon as a division), and Beats Electronics LLC ("Beats") (owned by Apple), among others.

Harman is our largest competitor.

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Audio & Wearables:

For PC speakers, our competitors include Bose, Cyber Acoustics, LLC, Philips Consumer Lifestyle (a division of Royal Philips), Creative Labs, Inc., Apple and Samsung, among others.

For PC headsets, our main competitors include Poly (formerly Plantronics Inc.) and GN Netcom, among others.

In-ear headphones competitors include Beats, Bose, Apple, Sony, JBL and Sennheiser, among others.

The platform providers (e.g., Apple and Samsung) are able to craft tighter experiences for their consumers due to their ability to control both ends of the ecosystem (the headphone and the mobile device).

Our competitors for Blue Microphones products include Rode Microphones LLC, Audio Technica Corporation, Samson Technologies Corp., Shure Incorporated, Razer Inc.

and Apogee Electronics Corp., among others.

Direct competitors in the remote control market include pro-installer-focused Universal Remote Control Inc., and new “DIY” entrants.

Indirect competition exists in the form of low-end “replacement remotes” such as Sony Corporation, RCA Corporation, and General Electric Company (GE), pure app-based solutions such as Peel Technologies, as well as device and/or subscriber-specific solutions from TV makers such as Samsung and Vizio, Inc.

and multiple-system operators (MSOs) such as Comcast Corporation and DirecTV (owned by AT&T, Inc.).

Competition in the home control market also exists in the form of home automation platforms such as Smart Things (owned by Samsung), Amazon with its Echo product, Google Home and Nest (owned by Alphabet Inc.), Wink and many other startups in the space.

Many of these products and brands are partners with Logitech as well as via integrations with Harmony remotes.

For PC speakers, our competitors include Bose, Cyber Acoustics, LLC, Philips Consumer Lifestyle (a division of Royal Philips), Creative Labs, Inc., among others.

For PC headsets, our main competitors include Poly and GN Netcom, among others.

In-ear headphones competitors include Beats, Bose, Apple, Sony Corporation ("Sony"), JBL and Sennheiser, among others.

Our competitors for Blue Microphones products include Rode Microphones LLC, Audio Technica Corporation, Samson Technologies Corp., Shure Incorporated, Razer and Apogee Electronics Corp., among others.

Intellectual Property and Proprietary Rights

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From time to time, we receive claims that we may be infringing on patents or other intellectual property rights of others.

As appropriate, claims are referred to legal counsel, and current claims are in various stages of evaluation and negotiation.

As appropriate, claims are referred to

Logitech International S.A.

| Fiscal 2022 Form 10-K | 10

legal counsel, and current claims are in various stages of evaluation and negotiation.

If necessary or desirable, we may seek licenses for certain intellectual property rights.

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We also protect details about our products and services as trade secrets through employee training, license and non-disclosure agreements, technical measures and other reasonable efforts to preserve confidentiality.

Material Government Regulations

We conduct operations in a number of countries and we are subject to a variety of laws and regulations which vary from country to country.

Such laws and regulations include, in addition to environmental regulations described below, tax, import/export and anti-corruption laws, varying accounting, auditing and financial reporting standards, import or export restrictions or licensing requirements, trade protection measures, custom duties, tariffs, import or export duties, and other trade barriers, restrictions and regulations.

While we incur increasing costs to comply with such other government regulations, we do not believe that our compliance with such requirements will have a material effect on our capital expenditures, competitive position, consolidated results of operations, earnings, or cash flows.

Nonetheless, as discussed below, we believe that certain environmental, social and governance ("ESG") regulations could potentially materially impact our business.

For more information about such regulations and how they may impact us, see "Risks Related to our Global Operations and Regulatory Environment" and “We are subject to risks related to our environmental, social and governance activities and disclosures” in Item 1A "Risk Factors" and Note 7—Income Taxes in our Notes to consolidated financial statements below.

Environmental Regulation

We are subject to environmental regulations in a number of jurisdictions regulating our activities, products and operations.

We are subject to environmental regulations in a number of jurisdictions, including the following regulations:

Targeted Substances.

In Europe, we are subject to the European Union’s (EU) Restriction of Hazardous Substances (RoHS) in Electrical and Electronics Equipment Directive 2011/65/EU, as amended.

This directive

Logitech International S.A.

| Fiscal 2021 Form 10-K | 11

restricts the use of certain hazardous substances in electrical and electronic equipment, including lead, mercury, cadmium, hexavalent chromium, phthalates and halogenated flame-retardants.

Similar legislation exists in other countries worldwide including but not limited to China, India, and South Korea.

We provide declarations of conformity and mark products, where required by law.

In Europe, we also are subject to the European Registration, Evaluation, Authorization, and Restrictions of Chemicals (REACH) Regulation.

REACH establishes procedures for collecting and assessing information on the properties and hazards of substances.

In addition, as part of the Waste Framework Directive (WFD) (2008/98/EC), the European Chemicals Agency (ECHA) has built a database for storing safe-use information for substances of very high concern (SVHCs) present in products placed on the market in the EU.

It is referred to as the Substances of Concern In articles, as such or in complex objects (Products) (SCIP) database.

Effective January 5, 2021, where we supply to the EU market products containing substances considered of very high concern (SVHCs) in a concentration above 0.1% weight by weight, we submit required substance information to European Chemicals Agency (ECHA).

In the U.S., Logitech products are regulated by California's Proposition 65, which requires that clear and reasonable warnings be given to consumers who are exposed to certain chemicals.

Logitech products containing composite wood are regulated under the Toxic Substances Control Act (TSCA), Title VI, including the formaldehyde and other substance restrictions set out in TSCA Title VI.

Our operations are subject to regulation under various federal, state, local and foreign laws concerning the environment, including laws addressing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites.

We could incur costs, including cleanup costs, fines and civil or criminal sanctions, and third-party damage or personal injury claims, if we were to violate or become liable under environmental laws.

Our products are subject to various federal, state, local and foreign laws governing chemical substances in products and their safe use, including laws regulating the manufacture and distribution of chemical substances and laws restricting the presence of certain substances in electronics products.

Stewardship :

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We have established systems which facilitate our compliance with the sourcing, traceability and reporting obligations and the reporting requirements of this Act aligned with guidelines published by the Securities and Exchange Commission.

As a member of the Responsible Business Alliance (RBA) and the Responsible Minerals Initiative (RMI), we participate in the industry-wide Conflict-Free Sourcing Initiative and its Conflict-Free Smelter Program by which our legal requirements are met.

As a member of the Responsible Business Alliance (“RBA”) and the Responsible Minerals Initiative, we participate in the industry-wide Conflict-Free Sourcing Initiative and its Responsible Minerals Assessment Program (“RMAP”).

The RMAP standards are developed to meet the requirements of the OECD Due Diligence Guidance, the Regulation (EU) 2017/821 of the European Parliament and the U.S.

Dodd-Frank Wall Street Reform and Consumer Protection Act.

Logitech International S.A.

| Fiscal 2022 Form 10-K | 11

Modern Slavery :

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With our annual Sustainability Report and Carbon Disclosure Project reports, we report progress, risks and opportunities around climate and carbon.

In Europe, our products are subject to the EU's Energy-related Products Directive (ErP Directive), which aims to encourage manufacturers and importers to produce products designed to minimize overall environmental impact.

Under the ErP Directive, manufacturers must ensure that their energy-related products comply with applicable requirements, issue a declaration of conformity and mark the product with the 'CE' mark.

We have taken steps to ensure that our products meet the requirements.

Similar requirements exist in the four member states of the European Free Trade Association (Iceland, Norway, Liechtenstein and Switzerland).

In the U.S., our products are subject to, among other laws, the Appliance Efficiency Regulations adopted under the U.S.

Energy Independence and Security Act of 2007.

The regulations set out standards for the energy consumption performance of products and such standards apply to appliances sold or offered for sale throughout the U.S.

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In Australia and New Zealand, we are subject to the Minimum Energy Performance Standards regulations (MEPS).

These regulations set out standards for the energy consumption performance of products within the scope of the regulations, which includes some of our products.

The effects on Logitech's business of complying with environmental regulations are limited to the cost of agency fees and testing, as well as the time required to obtain agency approvals.

Our operations, supply chain and our products are expected to become increasingly subject to federal, state, local and foreign laws, regulations and international treaties relating to climate change, such as climate disclosure, carbon pricing or product energy efficiency requirements, requiring us to comply or potentially face market access limitations or other sanctions including fines.

We strive to continually improve the energy and carbon efficiency of our operations, supply chain and product portfolio.

We are committed to carbon transparency through product carbon footprint labeling and ensuring that the consumer is engaged and aware of the impact of their purchase.

We believe that this consumer centric approach is fundamental in moving towards a more sustainable future and we are collaborating with industry and business groups to find and promote ways to achieve broader adoption of this approach.

Our products are subject to various federal, state, local and foreign laws governing energy management or encouraging manufacturers and importers to produce products designed to minimize overall environmental impact.

The effects on Logitech's business of complying with these environmental regulations currently are limited to the cost of agency fees and testing, as well as the time required to obtain agency approvals.

There are also stewardship costs associated with the end-of-life collection, recycling and recovery of Logitech products, packaging and batteries where Logitech is recognized as the steward and participates in relevant programs.

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As regulations change, we will modify our products or processes to address those changes.

In addition to monitoring and managing compliance with environmental regulations, we also monitor and align with international good practice standards for environmental, social and sustainability performance.

We joined the RBA (formerly EICC) in 2007 to collaborate with industry peers to drive international good practice across the electronics sector.

Since 2007, we have fully adopted the RBA Code of Conduct, and we publish an annual Sustainability Report in alignment with the good practice standards of the Global Reporting Initiative (GRI).

For more information on our approach to sustainability management, RBA Code of Conduct compliance and international good practice, refer to our annual Sustainability Report, which is available from the sustainability page on www.logitech.com.

Other Government Regulations

We conduct operations in a number of countries and we are subject to a variety of laws and regulations which vary from country to country.

Such laws and regulations include, in addition to environmental regulations described above, tax, import/export and anti-corruption laws, varying accounting, auditing and financial reporting standards, import or export restrictions or licensing requirements, trade protection measures, custom duties, tariffs, import or export duties, and other trade barriers, restrictions and regulations.

While we incur increasing costs to comply with such other government regulations, we do not believe that our compliance with such requirements will have a material adverse effect on our competitive position, consolidated results of operations or cash flows.

For more information about such regulations and how they may impact us, see "Risks Related to our Global Operations and Regulatory Environment" in Item 1A "Risk Factors" and Note 7—Income Taxes in our Notes to consolidated financial statements below.

Our product sales are typically seasonal.

Sales are generally highest during our third fiscal quarter (October to December) primarily due to the increased consumer demand for our products during the year-end holiday buying season and year-end spending by enterprises.

Cash flow is correspondingly lower as we typically build inventories in advance for the third quarter and we pay an annual dividend following our Annual General Meeting, which is typically in September.

Cash flow is correspondingly lower in the first half of our fiscal year as we typically build inventories in advance for the third quarter and we pay an annual dividend following our Annual General Meeting, which is typically in September.

Due to the timing of our new product introductions, which could occur at any point during the fiscal year, we believe that year-over-year comparisons are more indicative of variability in our results of operations than the current quarter to prior quarter comparisons.

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Human Capital Resources

As of March 31, 2021, we employed approximately 9,000 employees, of which approximately 4,800 employees are in our Suzhou manufacturing facilities, and from the remaining 4,200 employees, approximately 980 are dedicated to research and development.

Our human capital resources include persons employed directly by us or indirectly through contingent workforce arrangements.

As of March 31, 2022, we employed approximately 8,200 persons, of which approximately 3,000 were employed, directly and indirectly in our Suzhou manufacturing operations.

None of Logitech's U.S.

employees are represented by a labor union or are subject to a collective bargaining agreement.

direct employees are represented by a labor union or are subject to a collective bargaining agreement.

Certain other countries, such as China, provide by law for employee rights, which include requirements similar to collective bargaining agreements.

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We believe that reflecting the diverse world in which we live - through our people and by fostering an inclusive culture - provides us with the foundation needed to create experiences that enable all people to pursue their passions, which is our corporate purpose.

Our employees are located across North and South America, EMEA (Europe, Middle East and Africa) and Asia-Pacific and bring a range of perspectives and skills to Logitech.

As of March 31, 2021,48% of our office employees were located in Asia-Pacific, 30% in the Americas, and 22% in EMEA (Europe, Middle East and Africa).

Our direct employees are located across Americas, EMEA and Asia-Pacific and bring a range of perspectives and skills to Logitech.

As of March 31, 2022, 44% of our office employees were located in Asia-Pacific, 33% in the Americas, and 23% in EMEA.

As of March 31, 2022, females represented 37% of our global office employees, 37% of our manufacturing workforce, and 34% were in managerial roles.

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We implement training and communication programs across the business each year to ensure employee awareness of the importance of health and safety management and our key programs and provisions.

To help us ensure the safety, health and well-being of employees at our production facility in Suzhou, China, we follow the Responsible Business Alliance (RBA) Code of Conduct and have an Environmental, Health and Safety (EHS) Management System that is certified to ISO 14001 and ISO 45001.

To help us ensure the safety, health and well-being of employees at our production facility in Suzhou, China, we follow the RBA Code of Conduct and have an Environmental, Health and Safety ("EHS") Management System that is certified to ISO 14001 and ISO 45001.

We implement the RBA Code as a full supply chain initiative.

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We believe health and well-being are critical to our employee’s personal and professional success and provide, in addition to healthcare benefits, wellness tools, resources and programs designed to help employees achieve good physical, financial, emotional, intellectual and social well-being.

Further, we manage the impact of COVID-19 under the guidance of our Corporate Crisis Management Team and in collaboration with our local site leaders and provide regular updates to our board of directors on our actions.

In early 2020, as a result of COVID-19, we quarantined employees in accordance with local regulations and re-engineered our manufacturing operations with diminished capacity.

Actions taken at our campus in Suzhou, China, that includes our production facility, our office and employee dormitories have included screening everyone at campus entrances for fever and signs of illness, requiring masks, increasing hygiene measures, and implementing protocols to address actual and suspected COVID-19 cases and potential exposure.

At the same time, as a result of government orders and concern for the well-being of our employees and their families, we have required substantially all of our employees in non-manufacturing facilities to work remotely.

In Asia, most of our offices reopened in 2020, as and where permitted by local regulations.

Further, we have managed the continuing impact of COVID-19 under the guidance of our Corporate Crisis Management Team and in collaboration with our local site leaders and provide regular updates to our board of directors on our actions.

During 2021, most of our offices have begun to reopen as and where permitted by local regulations.

We are regularly evaluating the local COVID-19 infection rate as a key metric for when we begin to gradually reopen an office.

To support our employees during the pandemic, we offered and continue to offer additional benefits, including a partial internet reimbursement, work-from-home equipment contribution, and increased flexibility in our leave programs to support employees caring for children and others.

We did not implement layoffs or furloughs as a result of the COVID-19 pandemic, including during mandatory shelter-in-place orders instituted in many locations in which we operate.

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To support our employees during the pandemic and while offices were closed, we offered and continue to offer additional benefits, including a partial internet reimbursement, work-from-home equipment contribution, and increased flexibility in our leave programs to support employees caring for children and others.

Talent Acquisition and Development

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We provide learning and development tools and resources to all our employees through our key programs.

Our talent development program includes a dedicated training center at our production facility, a number of workshop-based, leadership development, mentorship, coaching career development and team building programs that remain available remotely.

Our talent development program includes a dedicated training center at our production facility, a number of workshop-based,

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| Fiscal 2022 Form 10-K | 13

leadership development, mentorship, coaching career development and team building programs that remain available remotely.

Information About Our Executive Officers.

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Samantha Harnett 46 U.S.

General Counsel

General Counsel and Corporate Secretary

Bracken Darrell joined Logitech as President in April 2012 and became Chief Executive Officer in January 2013.

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From March 2005 to November 2015, Ms.

Harnett served in various positions at ZipRealty, Inc., a real estate technology and online brokerage company, including most recently as General Counsel and Senior Vice President of Business Development from October 2009 to

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| Fiscal 2021 Form 10-K | 15

November 2015.

She also served as an associate at Wilson Sonsini Goodrich and Rosati, P.C.

Harnett currently serves on the board of directors of GLAAD, a non-profit organization.

Harnett holds a BA degree from California State University, Chico and a JD from Santa Clara University School of Law.

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| Fiscal 2022 Form 10-K | 14

Available Information

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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 1. Business