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Item 1. Business

2024-05-16 compared with 2023-05-17 · 178 added, 232 removed, 158 unchanged (72% of the section changed)

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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.

Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming.

As a point of connection between people and the digital world, our mission is to extend human potential in work and play, in a way that is good for people and the planet.

We sell these products through a number of brands, including Logitech, Logitech G and others.

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).

Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, Webcams, Tablet Accessories, and Headsets.

These products are all classified under a single operating segment:

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Business Strategy

Logitech's foundation for future growth is built on five core capabilities that apply to all of our product categories:

• Engineering;

• Go-to-market;

• Operations.

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.

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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, 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.

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's strategy includes the following core priorities:

• Work and Play:

We plan to expand innovation and growth within Work and Play by selling our current product categories into broader sectors of Work including Retail, Education, and Health Care, and expand into other areas of Play beyond Gaming;

• Design-led, software-enabled hardware:

We plan to focus on design-led hardware, combined with software and services, that incorporates sustainability;

• Business-to-Consumer ("B2C") and Business-to-Business ("B2B"):

We plan to maintain focus on performance of our B2C business while accelerating our investment in B2B capabilities, including across product design, services, marketing and sales;

• Geographic opportunities:

We plan to leverage geographic opportunities and expand our presence;

• Iconic brand:

We plan to continue building an iconic Logitech brand.

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

Pointing Devices:

Logitech offers a variety of pointing devices.

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.

Logitech considers the environmental and social impacts of our products, operations, and value chain from the sourcing of raw materials through to the end-of-life of our products.

We design for sustainability by striving to use innovative materials, technologies and processes that reduce carbon emissions and elevate circular solutions.

We have started to transition our manufacturing and supply chain to renewable energy and we aim to eliminate waste and extend the life of products.

Logitech also actively supports the use of recycled materials and component recovery for reuse, as well as product repair and recycling, in order to address the need for conservation of natural resources.

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

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• 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 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.

Logitech G provides products for gamers and streamers, including mice, racing wheels, headsets, keyboards, microphones and streaming services.

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

• The Logitech G PRO X Superlight 2 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 Logitech Pro X 2 Lightspeed Wireless Headset that features pro-grade sound, LIGHTSPEED wireless, and an emphasis on comfort.

• The recently launched ASTRO 50X Wireless Headset, which is compatible with PC, Xbox Series X|S, PlayStation5, Nintendo Switch, and mobile, and portable gaming devices and features our unique PLAYSYNC technology that enables gamers to seamlessly switch between multiple consoles.

• Streamlabs services, which provide streaming and monetization tools for content creators to manage their audience and broadcast.

Keyboards & Combos

Logitech offers a variety of corded and cordless keyboards, living room keyboards, and combos (keyboard-and-mouse combinations).

Logitech offers a variety of corded and cordless keyboards and combos (keyboard-and-mouse combinations).

Some of our key products in this category include:

• The Logitech Wireless Combo MK270, a full-size keyboard and mouse combination with a tiny USB receiver.

• The Logitech Wireless Combo MK270, a reliable entry level full-size keyboard and mouse combination with a tiny plug and play USB receiver.

The Logitech Wireless Combo MK295 Silent is an upgraded version with silent typing and clicking due to our SilentTouch technology.

• 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 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.

Our PC Webcams category comprises webcams targeted primarily at video conferencing users purchasing for individual use.

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

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:

Our Tablet & Other Accessories category includes keyboards for tablets and smartphones as well as other accessories for mobile devices.

These products are mostly for iPads but are also for select Samsung and other Android tablets.

• The recently launched Logitech Pebble Keys 2 wireless minimalist keyboard with Easy-Switch functionality that allows users to connect up to three devices (computers, tablets, or mobile phones), even with different operating systems, and switch between them.

Pointing Devices

Logitech offers a variety of pointing devices.

Some of our key products in this category include:

• 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 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 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.

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

• The Logitech Signature M650 Wireless Mouse, which introduced Smartwheel for precise and fast scrolling, and clicks silently due to our SilentTouch technology, has an 18-month battery life, dual connectivity with Bluetooth and Logi Bolt, compatible with nearly all operating systems, side-buttons and comfortable design, and is available in Large, Medium and left-handed versions.

• The Logitech Wireless Mouse M185, a reliable wireless mouse with comfortable shape and compact design.

• The Logitech Wireless Mouse M220 Silent is an upgraded version of the M185 with silent clicking due to our SilentTouch technology.

• The Logitech Pebble Mouse, a slim and minimalist wireless mouse, comes with new and exciting colors, with Bluetooth connectivity compatible with Logi Bolt technology.

• The Logitech Lift, a vertical mouse with Logi Bolt wireless technology and the new smart wheel available in right and left-handed version,

• Pop Mouse, for younger generations that offers more style at the desk.

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• 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 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.

The Video Collaboration category includes Logitech’s conference room cameras (“ConferenceCams”), which combine enterprise-quality audio and high definition ("HD") 4K video with affordability to bring video conferencing to a variety of room sizes.

Our key products in this category include:

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• 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 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, such as Yeti, Yeti Nano and Yeti X.

Research and Development

We recognize that continued investment in product research and development is critical to facilitate innovation of new and improved products, technologies and experiences.

Our research and development expenses for fiscal years 2023, 2022 and 2021 were $280.8 million , $291.8 million and $226.0 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, and user interfaces to sustain our competitive position.

Sales and Distribution

Principal Markets

Sales by geographic region (based on customers' location) for fiscal years 2023, 2022 and 2021 are as follows (in thousands):

Year Ended March 31,

2023 2022 2021

Americas $ 1,930,908 $ 2,317,941 $ 2,206,552

EMEA 1,299,657 1,724,027 1,735,682

Asia Pacific 1,308,253 1,439,133 1,310,045

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

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.

• The recently launched Logitech Sight, a tabletop companion camera with intelligent multi-participant framing through front and center views.

Our Webcams category includes PC-based webcams that are targeted primarily at consumers, including streaming cameras, and VC webcams that turn any desktop into an instant collaboration space.

Our webcams are targeted primarily at video conferencing users purchasing for individual use.

Key market drivers include upgrades of work-from-home video conferencing setups and purchase of webcams to create and share content via such platforms as YouTube, Twitch or TikTok.

The Logitech HD Pro Webcam C920, C922 and Brio 4K Pro Webcam are key products in this category and we have recently launched our new flagship MX Brio Ultra HD 4K Collaboration and Streaming Webcam.

Tablet Accessories

Our Tablet Accessories category primarily includes keyboards for tablets.

These products are mostly for iPads but are also for select Samsung and other Android tablets.

Some of our key products in this category include :

• The Combo Touch line-up for various iPad models is our flagship design offering a backlit keyboard, any-angle kickstand for flexible viewing angles, and a trackpad for gestures, clicks, and navigation.

The Combo Touch line-up uses Smart Connector technology to connect to the iPad seamlessly, with no need for batteries or Bluetooth pairing.

• The Rugged line-up offers a more protective folio or combo for iPad 9th and 10th generations, with a securely sealed wipeable fabric keyboard powered by Smart Connector, a rugged and protective holder, and an any-angle kickstand to allow multiple viewing angles.

Made for Education version is available.

• The Logitech Slim Folio Keyboard for iPad 9th and 10th generations, offers a Bluetooth backlit keyboard with a folio design for optimal working and viewing angle, light front and back protection and a digital pen holder.

• The Logitech Crayon is a pixel-precise digital pen for all iPad models from 2018.

It's powered by Apple Pencil technology, so there is no need to pair it via Bluetooth.

Users can just turn it on and write, sketch, or annotate on any iPad.

Our Headsets category includes PC and VC headsets, in-ear headphones, and premium wireless earbuds.

Some of our key products in this category include the H390 USB Computer Headset, the Zone Wireless II, and the Zone Vibe Wireless.

Zone Vibe Wireless is fairly unique as a B2B Headset, providing a circumaural fit at a low price point.

Our Other category primarily consists of mobile speakers and PC speakers.

Our mobile speakers is a portfolio of portable wireless Bluetooth speakers for music on the go.

The top revenue-generating product in our mobile speakers during fiscal year 2024 was our ruggedized portable Bluetooth wireless speaker.

During fiscal year 2024, our collection of portable Bluetooth speakers included WONDERBOOM3, BOOM3, MEGABOOM3, HYPERBOOM, and our recently launched speaker, EPICBOOM.

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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.

Sales and Distribution

Our sales and marketing activities are organized into three geographic regions:

the Americas (North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (China, Japan, Australia, Taiwan, India and other countries).

the Americas (North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (China, Australia, Japan, India, Korea, Taiwan and other countries).

For revenue by geographic region, see Note 15 to our consolidated financial statements.

Logitech has an extensive global go-to-market network that is leveraged to optimize the value of our existing products and product categories as well as to introduce new products and enter new product categories.

We sell our products primarily to a network of distributors, retailers and e-tailers.

We support these channels with our direct sales force and third-party distribution centers located in North America, South America, Europe and Asia Pacific.

We support these channels with our direct sales force and third-party distribution centers located in all three geographic regions.

Our distributor customers typically resell products to retailers, value-added resellers, systems integrators and other distributors with whom Logitech does not have a direct relationship.

As we have increased our investments in the B2B channel in recent years, we have expanded our enterprise sales coverage through our sales force as well as various channel partners.

Expansions into new channels enables more cross-selling opportunities across our broad product portfolio.

Logitech's products can be purchased in a number of major retail chains, where we typically have access to significant shelf space.

In addition, Logitech products can be purchased online either directly or indirectly from Logitech.com or through e-tailers, the websites of our major retail chains, and others.

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

In addition, Logitech products can be purchased online either directly or indirectly from Logitech.com or through e-tailers, the websites of our major retail chains, and other online and social channels.

Logitech products are also carried by B2B direct market resellers.

In fiscal years 2024, 2023 and 2022, Amazon Inc.

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and its affiliated entities together accounted for 13% , 13% and 15% of our gross sales, respectively.

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.

TD Synnex and its affiliated entities together accounted for 14% , 15%, and 14% of our gross sales in fiscal years 2024, 2023, and 2022, respectively.

No other customer individually accounted for more than 10% of our gross sales in fiscal years 2024, 2023 or 2022.

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 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.

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

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.

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 and original design manufacturers (principally in Asia), which allows us to effectively respond to rapidly changing demand and leverage economies of scale.

Our Suzhou operation, which currently handles approximately 40% of our total production of products, provides for increased production capacity, manufacturing know-how, intellectual property protection and greater flexibility in responding to product demand.

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

Further, by outsourcing the manufacturing of certain products, we seek to reduce volatility in production volumes as well as improve time to market.

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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.

We believe 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 are key competitive advantages.

Across Logitech’s multiple product 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.

Research and Development

We recognize that continued investment in product research and development is critical to facilitate innovation of new and improved products, technologies and experiences.

Our research and development expenses for fiscal years 2024, 2023 and 2022 were $287.2 million, $280.8 million and $291.8 million, respectively.

Logitech uses design-led engineering as a strategic differentiator.

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

In addition, we design for sustainability to reduce the environmental impact of our products, operations, and value chain.

Our design capabilities have been recognized through various awards in fiscal year 2024 including the prestigious Red Dot Design Team of the Year award.

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, generative AI, cloud services, data analytics, machine learning, and some core building blocks of navigation and tracking for spatial computing and augmented/virtual reality environments.

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.

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 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 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.

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

We also have walk-in centers in Asia, managed by third providers, where consumers may obtain service for their Logitech products.

We provide support services to retail purchasers of our products through telephone, e-mail, forums, chat, and the Logitech Support website.

In addition, for some of our product categories, 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 AI to optimize support searches.

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

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

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 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 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, Thailand, Mexico, 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

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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.

Through our high-volume manufacturing operations located in Suzhou, China, we believe we have been able to maintain strong quality process controls and have realized significant cost efficiencies.

Our Suzhou operation provides for increased production capacity, manufacturing know-how, IP protection and greater flexibility in responding to product demand.

Further, by outsourcing the manufacturing of certain products, we seek to reduce volatility in production volumes as well as improve time to market.

Our product categories are characterized by large, well-financed competitors, short product life cycles, continual performance enhancements, and rapid adoption of technological and product advancements by competitors in our retail markets.

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As we target opportunities in new categories and markets and as some of our product categories demonstrate growth, we are confronting new competitors, many of which may have more experience in the categories or markets and have greater marketing resources and brand name recognition than we have.

In addition, because of the continuing convergence of the markets for computing devices and consumer electronics, we expect greater competition in the future from well-established consumer electronics companies in our developing categories, as well as future ones we might enter.

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

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.

Creativity and Productivity

Pointing Devices:

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

("Dell"), 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.

(“Shenzhen Rapoo”), and Xiaomi Corporation.

Competitors for our gaming products include Razer Inc.

("Razer"), Corsair Gaming, Inc., SteelSeries (owned by GN Store Nord A/S (“GN”)), Turtle Beach Corporation and HyperX (owned by HP Inc.

("HP")), 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.

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 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, Cisco and other manufacturers taking smaller market share such as Razer Inc ("Razer") and HIKVision.

Tablet & Other Accessories:

Competitors in the tablet keyboard market are Apple, Zagg Inc., Kensington Computer Products Group, Belkin International, Inc., Targus Corporation and other less-established brands.

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 smaller brands.

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.

("Apple"), Microsoft Corporation ("Microsoft"), Dell Technologies ("Dell"), HP, Lenovo Group Ltd.

("Lenovo") and regional computer peripheral computer brands are the main competitors in our keyboard and combo product lines.

("Shenzhen Rapoo"), IKBC, and Xiaomi Corporation ("Xiaomi").

Pointing Devices

Apple, Microsoft, Lenovo, Dell, and HP are our main competitors worldwide for pointing devices.

Video Collaboration

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.

Our competitors for video collaboration products include Cisco Systems, Inc.

("Cisco"), Poly (owned by HP), Jabra (owned by GN), AVer Information Inc., Neat, and Yealink (Xiamen) Network Technology Co.Ltd, among others.

Our primary competitors for webcams are Microsoft, HP, Dell, Lenovo and Cisco and other manufacturers taking smaller market share such as Razer and HIKVision.

Tablet Accessories

Competitors in the tablet accessories market are Apple, Zagg Inc., Kensington Computer Products Group, Belkin International, Inc., Targus Corporation and other less-established brands.

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.

For headsets, our main competitors include Poly and Jabra, among others.

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

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Mobile Speakers:

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.

Personal voice assistants and other devices that offer music, such as Sonos, Amazon's Echo, Google Home (owned by Alphabet, Inc.) and Apple HomePod, also compete with our products.

Our competitors for Bluetooth wireless speakers include Bose Corporation ("Bose") and Harman International Industries, Inc ("Harman"), among others.

Personal voice assistants and other devices that offer music, such as Sonos Inc., Amazon's Echo, Google Home (owned by Alphabet, Inc.) and Apple HomePod, also compete with our products.

Amazon is also a significant customer of our products.

Audio & Wearables:

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.

Intellectual Property and Proprietary 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

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

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Environmental Regulation

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

Targeted Substances.

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 :

In Europe, Logitech products are regulated by a number of end-of-life stewardship directives including the Waste Electrical and Electronic Equipment (“WEEE”) Directive, the Packaging Directive and the Battery Directive, which require producers of electrical goods, packaging, and batteries to finance the collection, recycling, treatment and disposal of relevant products.

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:

Sourcing of certain metals is regulated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, specifically Section 1502, which addresses the use of "Conflict Minerals" in the supply chain.

Similar legislation is emerging in other countries worldwide.

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 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.

Such laws and regulations include 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.

We also are subject to numerous environmental regulations, including in connection with targeted substances, such as 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, the manufacture and distribution of chemical substances and laws restricting the presence of certain substances in electronics products;

stewardship, such as end-of-life stewardship directives including the Waste Electrical and Electronic Equipment (WEEE) Directive, the Packaging Directive and the Battery Regulation, which require producers of electrical goods, packaging, and batteries to finance the collection, recycling, treatment and disposal of relevant products;

or conflict minerals, such as the U.S.

Dodd-Frank Wall Street Reform and Consumer Protection Act.

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 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 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 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.

Nonetheless, the regulatory framework applicable to us becomes increasingly complex as new regulations, including environmental, become effective.

While we monitor such regulations, we are unable to fully determine their impact, that could be substantial.

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

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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.

Our product sales are typically seasonal.

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

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.

Human Capital Resources

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

As of March 31, 2023, we employed approximately 7,400 persons, of which approximately 2,400 were employed, directly and indirectly, in our Suzhou manufacturing operations.

As of March 31, 2024, we employed approximately 7,300 persons, of which approximately 2,700 were employed in our Suzhou manufacturing operations.

This includes people employed directly by us, or indirectly through contingent workforce arrangements.

None of Logitech's U.S.

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As of March 31, 2024, 47% of our office employees were located in Asia-Pacific, 29% in the Americas, and 24% in EMEA.

As of March 31, 2023, females represented 38% of our global office employees, 36% of our manufacturing workforce, and 34% were in managerial roles.

In the U.S., underrepresented minorities (defined as Black or African American, Asian, Hispanic or Latino, American Indian or Alaska Native, and Native Hawaiian or Other Pacific Islander) represented 47% of our workforce, and 44% were in managerial roles.

As of March 31, 2024, females represented 38% of our global office employees.

To foster a more inclusive environment, we offer training sessions to emphasize awareness of self, bias and privilege, and inclusion.

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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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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.

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Information About Our Executive Officers.

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Name Age Nationality Position

Bracken Darrell 60 U.S.

President, Chief Executive Officer and Director

Charles Boynton 55 U.S.

Johanna (Hanneke) Faber

Chief Executive Officer

Charles Boynton 56

Chief Financial Officer

Prakash Arunkundrum 48 U.S.

Prakash Arunkundrum 49

Chief Operating Officer

Samantha Harnett 47 U.S.

Samantha Harnett 48

Chief Legal Officer and Corporate Secretary

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

Prior to joining Logitech, Mr.

Darrell served as President of Whirlpool EMEA and Executive Vice President of Whirlpool Corporation, a home appliance manufacturer and marketing company, from January 2009 to March 2012.

Previously, Mr.

Darrell had been Senior Vice President, Operations of Whirlpool EMEA from May 2008 to January 2009.

From 2002 to May 2008, Mr.

Darrell was with the Procter & Gamble Company ("P&G"), a consumer brand company, most recently as the President of its Braun GmbH subsidiary.

Prior to rejoining P&G in 2002, Mr.

Darrell served in various executive and managerial positions with General Electric Company from 1997 to 2002, with P&G from 1991 to 1997, and with PepsiCo Inc.

from 1987 to 1989.

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

Johanna (Hanneke) Faber joined Logitech as Chief Executive Officer in December 2023.

Prior to joining Logitech, Ms.

Faber served as President of the Global Nutrition Division at Unilever PLC, a multinational consumer goods company from July 2022 to November 2023, where she oversaw the Nutrition Business Group and was previously President of the Foods & Refreshment Division of Unilever from May 2019 to June 2022.

She joined Unilever as a member of its Executive Committee in January 2018, serving as President Unilever Europe.

Prior to Unilever, Ms.

Faber was a member of the Executive Committee from 2013 to 2017, serving first as Chief Commercial Officer and then as Chief E-Commerce and Innovation Officer of Ahold Delhaize N.V., a global food retailer.

Faber has been a member of the board of directors and audit committee of Tapestry Inc., a luxury fashion and lifestyle brands holding company since 2021.

Prior to her appointment as a board member at Tapestry, Ms.

Faber served as supervisory board member of Bayer AG, a pharmaceutical and biotechnology company, from 2016 to 2021.

Faber holds a Bachelor of Arts in Journalism and a Master of Business Administration from the University of Houston (Texas, USA).

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

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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 served as a non-executive director of Nextracker Inc., a provider of intelligent, integrated solar tracker and software solutions, from February 2023 to March 2024.

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.

As disclosed in our Current Report on Form 8-K dated March 17, 2024, Mr.

Boynton resigned from his position as Chief Financial Officer of the Company effective May 17, 2024, to pursue another opportunity.

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

He was also appointed B2B General Manager in June 2023.

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

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Arunkundrum was a Principal at A.T.

Kearney, a global management

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consulting firm, from July 2014 to August 2015.

Kearney, a global management 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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Prior to joining Logitech, Ms.

Harnett served in various legal and management roles at Eventbrite, Inc., a global self-service ticketing and experience technology platform, most recently as Chief Legal and Operations Officer from October 2019 to June 2020.

Harnett served in various legal and management roles at Eventbrite, Inc., a global

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self-service ticketing and experience technology platform, most recently as Chief Legal and Operations Officer from October 2019 to June 2020.

While at Eventbrite, she also served as Senior Vice President, General Counsel from May 2018 to October 2019 and Vice President, General Counsel from November 2015 to May 2018.

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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 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.

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