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Item 1. Business

2023-05-17 compared with 2022-05-18 · 143 added, 180 removed, 247 unchanged (57% of the section changed)

Company Overview

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

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 and Ultimate Ears.

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

Logitech was founded in Switzerland in 1981, and Logitech International S.A.

has been the parent holding company of Logitech since 1988.

Logitech International S.A.

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.

are listed on both the SIX Swiss Exchange, under the trading symbol LOGN, and the Nasdaq Global Select Market, under the trading symbol LOGI.

References in this Annual Report on Form 10-K to the "Company," "Logitech," "we," "our," and "us" refer to Logitech International S.A.

and its consolidated subsidiaries.

We operate in a single operating segment:

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.

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).

Logitech’s website address is www.logitech.com.

Logitech’s mission is to help all people pursue their passions in a way that is good for people and the planet.

We design, manufacture and sell products that help businesses thrive and bring people together when working, creating, gaming and streaming.

We sell these products through a number of brands:

Logitech, Logitech G (including ASTRO Gaming, Streamlabs, and Blue Microphones) and Ultimate Ears.

Our diverse portfolio includes:

• Creativity & Productivity:

personal computer ("PC") mice and presentation tools (reported as Pointing Devices), PC keyboards and keyboard/mouse combination products (reported as Keyboards & Combos), PC-based webcams including streaming cameras (reported as PC Webcams), and tablet keyboards and styluses (reported as Tablet & Other Accessories);

gaming mice, keyboards, headsets, steering wheels and other control devices, and Streamlabs services;

• Video Collaboration:

conference cameras for meeting rooms, webcams and headsets;

• Music-related products include wireless speakers (reported as Mobile Speakers), and PC speakers, headsets, microphones and earphones (reported as Audio & Wearables).

These products are all classified under a single operating segment:

Peripherals (see Note 15 to our consolidated financial statements).

They also are compatible with many cloud or cloud-based services:

video conferencing platforms (e.g.

Zoom, Microsoft Teams, Google Meet);

esports or video games (e.g.

League of Legends, Call of Duty, Valorant);

music streaming platforms (e.g.

Spotify, Apple Music);

content streaming platforms (e.g.

Twitch, YouTube);

and creativity and productivity platforms (e.g.

Google Workplace, Adobe Creative Cloud).

We sell our products to a broad network of international customers, in the Americas, Europe, the Middle East, and Africa ("EMEA") and Asia Pacific.

This includes direct sales to retailers, e-tailers, and end consumers through our e-commerce platform, and indirect sales to end customers through distributors.

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.

For more information, see Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 3—Business Acquisitions in our Notes to consolidated financial statements.

Industry Overview

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, 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 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 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.

Logitech offers peripherals and accessories to enhance the use of such cloud-based content platforms.

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In the gaming market, the rapid rise of esports and the growth of live streamers on platforms such as Twitch and broadcasters on platforms such as YouTube continue to drive growth.

We leverage our deep research and development ("R&D") capabilities in the area of PC peripherals that include Pointing Devices, Keyboards & Combos and PC Webcams, to develop industry-leading gaming gear that enhances consumers' overall gaming experience and performance.

As consumers increasingly watch various esports tournaments or other gaming broadcasts on cloud-based platforms such as Twitch, the gaming industry is becoming both a source of entertainment and participation by mainstream consumers.

We sponsor and work closely with esports athletes to improve our brand and the quality and functionality of our gaming products.

We also offer gaming peripherals that enhance the experience of more casual gamers.

The adoption of video everywhere - in large and small conference rooms and at home -- is a continuing trend that has accelerated during the COVID-19 pandemic.

The video communication industry continues to make progress toward a vision in which people can conduct a video call from any of a variety of platforms - video-enabled rooms, PCs, laptops and mobile devices such as tablets and smartphones - to any other platform.

This trend to embrace cloud video conferencing by businesses and institutions and, in particular, the growing adoption of remote work, learning, and telemedicine, is driving sales of our Video Collaboration category and offers a long-term growth opportunity for Logitech.

For businesses and institutions, video conferencing is increasingly substituted for travel, because of high travel costs as well as the productivity gain that can be achieved by a high-quality, face-to-face meeting that does not require travel away from the office.

For some schools, remote learning has become a complementary or, in some cases, an alternative way to educate students.

Further, with the increased availability of high Internet bandwidth, video conferencing is becoming a key component of Unified Communications, which is the integration of communications solutions such as voicemail, e-mail, chat, presentation sharing and live video meetings.

The market opportunity to provide innovative, affordable, and easy-to-use video collaboration products to the millions of small- medium- and large-sized meeting rooms lacking video is substantial, and we are well-positioned to take advantage of that opportunity.

Cloud-based music services have experienced growth across the industry, fueled by smartphones, tablets, and other connected devices.

Consumers are optimizing their audio experiences on their tablets and smartphones with a variety of music peripherals including wireless mobile speakers and in-ear and other headphones.

Within the music category, the market for mobile speakers has matured and the integration of personal voice assistants has increased competition in the speaker category.

Consumers are increasingly listening with wireless earphones while they undertake activities such as sports and fitness.

The innovation in truly wireless headphones has led to industry growth in revenue, which highlights a growth opportunity for Logitech.

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

We continually review our product offerings and our strategic direction in light of our profitability targets, competitive conditions, changing consumer trends and the evolving nature of the interface between the consumer and the digital world.

Business Strategy

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• Operations.

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

Our designs have an everyday place in people’s lives, connecting them to the digital experiences they care about.

These products have been earning prestigious design awards - 202 design awards during the past three fiscal years - and enthusiastic reviews in the media.

This is one indication that Logitech’s strategic aim to become a design company is working.

During fiscal year 2022, we won 50 design awards.

As Logitech establishes itself as a design company, design thinking and culture are used as a strategic and cultural differentiator.

Design also helps to reduce product costs through increased collaboration between our design, engineering and manufacturing teams.

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

Over the past decade, Logitech has reinvented itself as a design company, whereby design-led engineering is used as a strategic differentiator.

Our key design centers are in Switzerland, Ireland, the United States, and Taiwan, where we have an internal team of designers who work in close collaboration with our engineering and manufacturing teams at the beginning of our innovation process.

This capability has driven the transformation of our portfolio over the years.

In addition, design significantly impacts Logitech’s efforts to improve outcomes for all people and the planet through a program we call Design for Sustainability.

All of this work has been recognized through various awards:

in fiscal year 2023, we were honored with 116 design awards.

Logitech International S.A.

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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, 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).

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

Our engineering team has expertise in bringing together these many technologies, across hardware and software to develop an innovative portfolio.

These engineering capabilities combined with our award-winning design team form the basis of Logitech's key innovation engine.

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 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.

As we increase our investments in Video Collaboration, we are also expanding our enterprise sales coverage through our sales force as well as various channel partners.

And with expansions into new channels, there are numerous cross-selling opportunities across our broad product portfolio.

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 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, 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.

Logitech has an extensive global go-to-market network that is leveraged to 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 through existing products in existing and new retailers and e-tailers as well as through new products in existing and new retailers and e-tailers.

Beyond e-tailers, retail and distribution channels, we have strengthened other commercial channels in areas such as computer and telecommunications stores, value-added resellers and online merchants.

As we have increased our investments in the business-to-business ("B2B") channel, we have expanded our enterprise sales coverage through our sales force as well as various channel partners.

Expansions into new channels also bring numerous cross-selling opportunities across our broad product portfolio.

Across Logitech’s multiple categories, we focus on enhancing our marketing capabilities around brand strategy and execution, digital marketing, and marketing technology.

With our products and design as a foundation, our marketing demonstrates the relevancy of our products in the lives of our customers, focusing on specific and diverse audiences.

We continue to increase our presence when and where our products and messages are most relevant, which enables us to drive brand value.

Logitech’s operations capability consists of a hybrid model of in-house manufacturing (including a wholly-owned facility in Suzhou, China) and third-party contract manufacturers (principally in Asia), which allows us to effectively respond to rapidly changing demand, leverage economies of scale, protect intellectual property, and offer high quality production in even the most sophisticated of products.

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

The large majority of our revenue has historically been derived from sales of our products for use by consumers while more recently we have experienced growth in sales of our products to enterprise customers.

Environmental Sustainability

In recent years, we have accelerated our climate strategy, focused on eliminating our carbon footprint through Reduce, Renew, Restore, and Rethink programs.

Reduce focuses on our life-cycle carbon footprint using Design for Sustainability ("DfS") principles across our value chain.

Renew motivates us to drive ambitious uptake of renewable electricity and transition away from fossil fuels.

In order to support and restore climate-impacted communities and ecosystems, the Restore lever supports annual investment in carbon offsets and removals.

We are also Rethinking how we do business, innovating our materials, supply chains, and go-to-market opportunities.

Logitech designs, manufactures and markets products that help businesses thrive and bring people together when working, creating, gaming and streaming, for use by consumers and enterprise customers.

Creativity & Productivity

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Some of our key products in this category include:

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

Enabled with Logitech Flow cross-computer control software and Logi Bolt cross-operating system connectivity, these products represent the new paradigm for precise, fast, comfortable cross-computer digital navigation and digital creativity.

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• 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, an 18-month battery life and comfortable design.

• The Logitech Wireless Mouse M650, which offers a new precise scrolling wheel, an 18-month battery life, Logi Bolt connectivity compatible with any operating system, side-buttons and comfortable design, and is available in Large, Medium and left-handed versions with sustainable materials.

• 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.

• Two recently introduced mice, Logitech Lift vertical mouse with Logi Bolt wireless technology and the new smart wheel available in right and left-handed version, 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.

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

• 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 our key products in this category during fiscal year 2022.

The Logitech HD Pro Webcam C920 and C922 are key products in this category and we recently added Logitech Brio 300 and Brio 500 to the portfolio.

Tablet & Other Accessories:

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• 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 G provides products for both gamers and creators, including mice, keyboards, headsets, and steering wheels, in addition to streaming software through Streamlabs.

Incorporating innovative design and advanced technologies, some of the key products and solutions in this category include:

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

• The Logitech Pro Racing Wheel that features our exclusive TRUEFORCE feedback system that connects directly to in-game physics, and our new Direct Drive motor.

• The ASTRO A30 Wireless Headset that is compatible with PC, Xbox Series X|S, PlayStation5, Nintendo Switch, and mobile, portable gaming devices.

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• 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.

• Streamlabs software which provides streaming and monetization tools for content creators to manage their audience and broadcast.

Video Collaboration

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.

The Video Collaboration category includes Logitech’s conference room cameras, 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 which 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 through 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.

Mobile Speakers:

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 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.

Our Mobile Speakers category is a portfolio of portable wireless Bluetooth speakers for music on the go.

The top revenue-generating product in our Mobile Speakers category during fiscal year 2023 was Ultimate Ears BOOM 3 ("BOOM3"), our ruggedized portable Bluetooth wireless speaker.

During fiscal year 2023 , our collection of portable Bluetooth speakers included WONDERBOOM3, BOOM3, 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, 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.

Blue Microphones offers a range of audio tools for recording or broadcasting applications, from YouTube and podcast production to music and gaming.

Examples of products in the Blue Microphones lineup include:

A premium USB microphone for game streaming, podcasting, YouTube, Skype/VoIP and music.

With its proprietary 3-capsule array, it delivers astounding details and presence and includes four recording patterns (cardioid, omni, bi-directional and stereo) for versatility.

A premium USB microphone with broadcast sound quality in a more compact format.

Dual capsule design enables cardioid and omni patterns.

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.

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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.

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, such as Yeti, Yeti Nano and Yeti X.

Research and Development

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Total Sales $ 4,538,818 $ 5,481,101 $ 5,252,279

Revenues from sales to customers in Switzerland, our home domicile, represented 3%, 3% and 4% of our sales in fiscal years 2022, 2021 and 2020, respectively.

Revenues from sales to customers in Switzerland, our country of domicile, represented 3% of our sales for each of fiscal years 2023, 2022 and 2021.

In fiscal years 2023, 2022 and 2021, revenues from sales to customers in the United States represented 35%, 34% and 35% of our sales, respectively.

In fiscal years 2023, 2022 and 2021, revenues from sales to customers in Germany represented 14% , 15% and 16% of our sales, respectively.

Revenues from sales to customers in China represented 10% of our sales for fiscal year 2022.

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from sales to customers in China represente d 11% a nd 10% of our sales for fiscal year 2023 and 2022, respectively.

No other country represented more than 10% of our sales for fiscal years 2023, 2022 or 2021.

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and its affiliated entities together accounted for 13%, 15% and 14% 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.

TD Synnex and its affiliate entities together accounted for 15% and 14% of our gross sales for fiscal year 2023 and 2022, respectively.

No other customer individually accounted for more than 10% of our gross sales during fiscal years 2023, 2022 or 2021.

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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, Bulgaria, Canada, Japan and the United Kingdom.

We support these customer service functions with outsourced operations as well as inhouse support teams located in countries across the world.

Outsourced locations include the Philippines, the United Kingdom, Japan, Bulgaria and China, and inhouse support is primarily located in the United States and India with several other locations in each region.

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.

For some of our brands, dedicated support websites, dedicated internal support teams and channels are available.

For some of our brands, dedicated support websites and dedicated internal support teams are available.

To improve our customers' experience and operate efficiently, we use technology to facilitate chatbot interactions, enable self-help and apply Artificial Intelligence to optimize support searches.

We also have multiple walk-in centers in Korea and China, managed by third-party providers, where consumers may obtain service for their Logitech products.

Consumers who have purchased Logitech products can visit these locations for product inspection, testing and return or exchange of products.

Logitech provides warranties on our branded products that range from one to five years.

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

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.

Consumers who have purchased Logitech products can visit these locations for product inspection, testing and return or exchange of products.

Within China, there is also a mail-in center to provide these services for more remote locations in China.

Manufacturing

Logitech's manufacturing operations consist principally of final assembly and testing.

Since 1994, we have had our own manufacturing operations in Suzhou, China, which currently handles approximately half of our total production of products.

Since 1994, we have had our own manufacturing operations in Suzhou, China, which currently handles approximately 40% of our total production of products.

We continue to focus on ensuring the efficiency of the Suzhou facilities, through the implementation of quality management, automation, process improvements, and employee involvement programs.

We outsource the remaining production to contract manufacturers and original design manufacturers located in Asia.

We outsource the remaining production to contract manufacturers and original design manufacturers located principally in Asia.

Both our in-house and outsourced manufacturing operations are managed by our worldwide operations group.

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, and Vietnam.

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

We also use contract manufacturers to supplement internal capacity and to reduce volatility in production volumes.

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

In addition, some products, including most keyboards, certain gaming

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devices, certain video conferencing devices, and certain audio products are manufactured by contract manufacturers to Logitech's specifications.

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.

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

("Apple"), Microsoft Corporation ("Microsoft"), Lenovo Group Ltd (“Lenovo”), Dell Technologies Inc.

("Dell"), and HP Inc.

are our main competitors worldwide.

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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").

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

Tablet & Other Accessories:

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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.

Competitors for our gaming products include Razer, Corsair Gaming, Inc., SteelSeries (owned by GN), Turtle Beach Corporation and HyperX (owned by HP Inc.), among others.

Video Collaboration

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.

Our competitors for Video Collaboration products include Cisco Systems, Inc., Poly (owned by HP Inc.), Jabra (owned by GN), AVer Information Inc., Neat and Yealink (Xiamen) Network Technology Co.Ltd, among others.

Logitech International S.A.

| Fiscal 2023 Form 10-K | 8

Mobile Speakers:

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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., among others.

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

For PC speakers, our competitors include Bose, Cyber Acoustics LLC, and Creative Labs, Inc., among others.

For PC headsets, our main competitors include Poly (owned by HP Inc.) and Jabra (owned by GN), among others.

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

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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

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| Fiscal 2022 Form 10-K | 10

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

As appropriate, claims are referred to 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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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.

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 ("ESG") activities and disclosures” in Item 1A "Risk Factors" and Note 7—Income Taxes in our Notes to consolidated financial statements below.

Logitech International S.A.

| Fiscal 2023 Form 10-K | 9

Environmental Regulation

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Similar legislation exists in many countries worldwide.

There are 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.

The cost requirements are industry requirements and therefore do not represent an undue burden relative to Logitech's competitive position.

Conflict Minerals:

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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, 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.

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 Responsible Minerals Assessment Program (“RMAP”).

The RMAP standards are considered industry best practice and 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.

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| Fiscal 2022 Form 10-K | 11

Modern Slavery :

Our commitment to combat slavery and human trafficking is underpinned by the Transparency in Supply Chain Act of 2010 (S.B.

657), the United Kingdom Modern Slavery Act of 2015, the California Transparency in Supply Chains Act of 2010, the Australian Modern Slavery Act of 2018 and exiting or emerging similar legislation worldwide.

We utilize our adherence to the RBA code of conduct and transparently report our programs to identify and eradicate slavery and human trafficking in global supply chains.

657), the United Kingdom Modern Slavery Act of 2015, the California Transparency in Supply Chains Act of 2010, the Australian Modern Slavery Act of 2018 and existing or emerging similar legislation worldwide.

We utilize our formalized commitment to the United Nations Global Compact ("UNGC") adherence to the RBA code of conduct and transparently report our programs to identify and eradicate slavery and human trafficking in our global supply chains.

Climate & Carbon:

Our operations, supply chain and products are not currently subject to carbon pricing or other legally required carbon taxation or penalties.

We have made a voluntary adherence to the Paris Accord international agreement for climate action and we have developed and adopted the principle of Carbon Transparency to catalyze reductions in our corporate carbon footprint, uptake of renewable power and materials and our journey to net zero.

We have made a voluntary adherence to the Paris Accord international agreement for climate action and we have developed and adopted the principle of Design for Sustainability ("DfS") and Carbon Transparency to catalyze reductions in our corporate carbon footprint, uptake of renewable power and materials and our journey to net zero.

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

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 strive to continually improve the energy and carbon efficiency of our operations, supply chain and product portfolio through our DfS deployment during product development.

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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| Fiscal 2023 Form 10-K | 10

A number of 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 required to obtain agency approvals.

The costs and schedule requirements are industry requirements and therefore do not represent an undue burden relative to Logitech's competitive position.

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

Our product sales are typically seasonal.

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We purchase certain products and key components used in our products from a limited number of sources.

If the supply of these products or key components, such as micro-controllers and optical sensors, were to be delayed or constrained, or more recently, impacted by global shortages of semiconductor chips, or if one or more of our single-source suppliers go out of business, we might be unable to find a new supplier on acceptable terms, or at all, and our shipments to our customers could be delayed, potentially resulting in lost revenue, market presence and market share.

In addition, lead times for materials, components, and products ordered by us or by our contract manufacturers can vary significantly and depend on factors such as contract terms, demand for a component, our ability to forecast product demand, and supplier capacity.

Lead times for materials, components, and products ordered by us or by our contract manufacturers can vary significantly and depend on factors such as contract terms, demand for a component, our ability to forecast product demand, and supplier capacity.

From time to time, we have experienced component shortages and extended lead times on semiconductors, such as micro-controllers and optical sensors, and base metals used in our products.

Shortages or interruptions in the supply of components or subcontracted products, or our inability to procure these components or products from alternate sources at acceptable prices in a timely manner, could delay shipment of our products or increase our production costs.

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| Fiscal 2022 Form 10-K | 12

Human Capital Resources

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As part of the survey, employees provided weighted feedback on their experience at Logitech, on measures such as happiness, retention and their perspective on our current state of workplace inclusivity at Logitech.

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Safety, Health and Well-being

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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 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 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,

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| Fiscal 2022 Form 10-K | 13

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

Information About Our Executive Officers.

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Bracken Darrell 60 U.S.

President and Chief Executive Officer

Nate Olmstead 50 U.S.

President, Chief Executive Officer and Director

Charles Boynton 55 U.S.

Chief Financial Officer

Prakash Arunkundrum 48 U.S.

Head of Global Operations & Sustainability

Chief Operating Officer

Samantha Harnett 47 U.S.

General Counsel and Corporate Secretary

Chief Legal Officer and Corporate Secretary

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

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Darrell holds a BA degree from Hendrix College and an MBA from Harvard University.

Nate Olmstead joined Logitech in April 2019 as Vice President of Business Finance and was appointed interim Chief Financial Officer as of June 2019 and Chief Financial Officer as of July 2019.

Charles Boynton joined Logitech as Chief Financial Officer in February 2023.

Prior to joining Logitech, Mr.

Olmstead served in various financial management roles at Hewlett-Packard Company and Hewlett-Packard Enterprise, a multinational information technology company, most recently as the Vice President of Finance for Global Operations at Hewlett-Packard Enterprise from June 2017 to March 2019.

He also served as Vice President of Finance, EG Global Supply Chain and Quality from February 2015 to June 2017, Vice President of Finance, HP Storage and HP Converged Systems from 2009 to February 2015, and Director, HP Investor Relations from 2006 to 2009.

Olmstead holds a BA degree from Stanford University and an MBA from Harvard University.

Prakash Arunkundrum is Logitech’s Head of Global Operations & Sustainability, a position he has held since May 2018.

Boynton served as the Executive Vice President, Chief Financial Officer of Plantronics, Inc.

(dba Poly), a technology company specializing in video and video solutions as well as team collaboration, from March 2019 to October 2022.

Prior to joining Poly, Mr.

Boynton served as Executive Vice President and Chief Financial Officer of SunPower Corporation, a global energy company and provider of solar power solutions, from March 2012 to May 2018, and continued as an Executive Vice President until July 2018.

Boynton also served as the Chairman and Chief Executive Officer of 8point3 General Partner LLC, the general partner of 8point3 Energy Partners LP, an affiliate of SunPower, from March 2015 to June 2018.

From 2010 to 2018, Mr.

Boynton held various leadership positions at SunPower, including Principal Accounting Officer, Acting Chief Financial Officer and Vice President, Finance and Corporate Development.

Earlier in his career, Mr.

Boynton held key financial positions at Intelliden, Commerce One, Inc., Kraft Foods, Inc., and Grant Thornton, LLP.

Boynton currently serves on the Board of Directors of Nextracker Inc.

Boynton earned his master’s degree in business administration at the Kellogg School of Management at Northwestern University and holds a Bachelor of Science degree in Accounting from the Kelley School of Business at Indiana University Bloomington.

Prakash Arunkundrum is Logitech’s Chief Operating Officer, a position he has held since February 2023.

He was previously Logitech's Head of Global Operations & Sustainability, a role he held from May 2018.

He joined Logitech in 2015 and held operations positions as Vice President New Product Introductions & Strategic Initiatives from August 2015 to July 2016 and Vice President Global Sourcing and New Product Introductions from July 2016 to May 2018.

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Arunkundrum was a Principal at A.T.

Kearney, a global management consulting firm, from July 2014 to August 2015.

Kearney, a global management

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| Fiscal 2023 Form 10-K | 12

consulting firm, from July 2014 to August 2015.

He also served as Director, Management Consulting at PricewaterhouseCoopers, a multinational professional services network of firms, from September 2011 to July 2014 and Principal at PRTM Management Consultants LLC, a management consulting firm acquired by PricewaterhouseCoopers, from March 2010 to September 2011.

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Arunkundrum holds a BTech degree in Chemical Engineering from Central ElectroChemical Research Institute ("CECRI") in Karaikudi, India and a Master of Science in Materials Engineering from University of Maryland at College Park.

Samantha Harnett joined Logitech as General Counsel in June 2020.

Samantha Harnett joined Logitech as General Counsel in June 2020 and became Chief Legal Officer in April 2023.

Prior to joining Logitech, Ms.

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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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In addition, Logitech publishes press releases upon the occurrence of significant events within Logitech.

Shareholders and members of the public may elect to receive e-mails when Logitech issues press releases upon the occurrence of significant events within Logitech or other press releases by subscribing through

Shareholders and members of the public may elect to receive alerts when Logitech issues press releases upon the occurrence of significant events within Logitech or other press releases by subscribing through

http://ir.logitech.com/alerts.cfm.

As a Swiss company traded on the SIX Swiss Exchange, and as a company subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, we file reports on transactions in Logitech securities by members of Logitech's Board of Directors and executive officers.

The reports that we file with the Securities and Exchange Commission on Forms 3, 4 and 5, along with our other SEC filings, may be accessed on our website or on the Securities and Exchange Commission's website at http://www.sec.gov, and the reports we file that are published by the SIX Swiss Exchange may be accessed at http://www.six-exchange-regulation.com/obligations/management_transactions_en.html.

http://www.six-exchange-regulation.com/obligations/management_transactions_en.html.

Logitech International S.A.

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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