Logistea
Annual Report 2024

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2024
Or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
EXCHANGE ACT OF 1934
                      For the Transition Period from                    to                  
Commission File Number: 0-29174 
LOGITECH INTERNATIONAL S.A. 
(Exact name of registrant as specified in its charter)
Canton of Vaud, Switzerland
None
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
Logitech International S.A.
EPFL - Quartier de l'Innovation
Daniel Borel Innovation Center
1015 Lausanne, Switzerland 
c/o Logitech Inc. 
 3930 North First Street
San Jose, California 95134
(Address of principal executive offices and zip code)
(510) 795-8500 
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbols(s)  
Name of each exchange on which registered
Registered Shares
LOGN
SIX Swiss Exchange
Registered Shares
LOGI
 Nasdaq Global Select Market
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý    No o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o    No ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and 
(2) has been subject to such filing requirements for the past 90 days. Yes ý    No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant 
to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was 
required to submit such files). Yes ý    No o
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and 
"emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý
Accelerated filer o
Non-accelerated filer o
Smaller reporting company o  Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness 
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public 
accounting firm that prepared or issued its audit report. Yes ☒    No o
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements. ☐ 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐    No  ☒
The aggregate market value of the voting shares held by non-affiliates of the registrant, based upon the closing sale price of the shares 
on September 30, 2023, the last business day of the registrant's second fiscal quarter on the Nasdaq Global Select Market, was 
$10,814,715,350. For purposes of this disclosure, voting shares held by persons known to the Registrant to beneficially own more than 5% of the 
Registrant's shares and shares held by officers and directors of the Registrant have been excluded because such persons may be deemed to be 
affiliates. In the case of 5% or greater shareholders, we have not deemed such shareholders to be affiliates unless there are facts and 
circumstances which would indicate that such shareholders exercise any control over the Registrant, or unless they hold 10% or more of the 
Registrant’s share capital outstanding. This determination is not necessarily a conclusive determination for other purposes.
As of May 2, 2024, there were 153,443,934 shares of the Registrant's share capital outstanding.
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the registrant's Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this 
Annual Report on Form 10-K to the extent stated herein. 
Table of Contents

TABLE OF CONTENTS
 
 
Page
Part I
 
 
Item 1.
Business
4
Item 1A.
Risk Factors
14
Item 1B.
Unresolved Staff Comments
32
Item 1C.
Cybersecurity
32
Item 2.
Properties
33
Item 3.
Legal Proceedings
33
Item 4.
Mine Safety Disclosures
34
Part II
 
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and 
Issuer Purchases of Equity Securities
35
Item 6.
(Reserved)
38
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of 
Operations
39
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
53
Item 8.
Financial Statements
53
Item 9.
Changes in and Disagreements With Accountants on Accounting and 
Financial Disclosure
54
Item 9A.
Controls and Procedures
54
Item 9B.
Other Information
55
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
55
Part III
 
Item 10.
Directors, Executive Officers and Corporate Governance
56
Item 11.
Executive Compensation
56
Item 12.
Security Ownership of Certain Beneficial Owners and Management and 
Related Stockholder Matters
56
Item 13.
Certain Relationships and Related Transactions, and Director Independence
56
Item 14.
Principal Accountant Fees and Services
56
Part IV
 
Item 15.
Exhibits and Financial Statement Schedules
57
Signatures
In this document, unless otherwise indicated, references to the "Company," "Logitech," "we," "our," and "us" 
are to Logitech International S.A. and its consolidated subsidiaries. Unless otherwise specified, all references to 
U.S. Dollar, Dollar or $ are to the United States Dollar, the legal currency of the United States of America. All 
references to CHF are to the Swiss Franc, the legal currency of Switzerland. 
Logitech, the Logitech logo, and the Logitech products referred to herein are either the trademarks or the 
registered trademarks of Logitech. All other trademarks are the property of their respective owners.
The Company's fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each 
ending on a Friday. For purposes of presentation, the Company has indicated its quarterly periods end on the last 
day of the calendar quarter.
The term “Sales” means net sales, except as otherwise specified.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 1

All references to our websites are intended to be inactive textual references only, and the content of such 
websites do not constitute a part of and are not intended to be incorporated by reference into this Annual Report on 
Form 10-K.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 2

FORWARD-LOOKING INFORMATION
This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private 
Securities Litigation Reform Act of 1995. Forward-looking statements are based on beliefs of our management as of 
the filing date of this Annual Report on Form 10-K. These forward-looking statements include, among other things, 
statements related to:
•
Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial 
performance, and market position;
•
Our business strategy and investment priorities in relation to competitive offerings and evolving consumer 
demand trends affecting our products and markets, current and future worldwide geopolitical, economic and 
capital market conditions, including fluctuations in currency exchange rates, inflation, economic downturns, 
and disruptions in global logistics;
•
Our expectations regarding our restructuring efforts, including the timing thereof;
•
Long-term, secular trends that impact our product categories; 
•
The evolution and adoption of artificial intelligence (“AI”), its impact on our industry and related risks and 
opportunities for our business;
•
The scope, nature or impact of acquisition, strategic alliance, and divestiture activities 
•
Our expectations regarding the success of our strategic acquisitions, including integration of acquired 
operations, products, technology, internal controls, personnel and management teams;
•
Our expectations regarding our effective tax rate, future tax benefits, tax settlements, the adequacy of our 
provisions for uncertain tax positions; 
•
Our expectations regarding our potential indemnification obligations, and the outcome of pending or future 
legal proceedings and tax audits;
•
Our business development, product development and innovation, and their impact on future operating 
results and anticipated operating costs for fiscal year 2025 and beyond;
•
Opportunities for growth and our ability to execute on and take advantage of them, including our marketing 
initiatives and strategy and our expectations regarding the success thereof;
•
Potential tariffs, their effects and our ability to mitigate their effects; 
•
Our expectations regarding our share repurchase and dividend programs;
•
The sufficiency of our cash and cash equivalents, cash generated from operations, and available 
borrowings under our bank lines of credit to fund capital expenditures and working capital needs; and
•
The effects of environmental and other laws and regulations in the United States and other countries in 
which we operate.
Forward-looking statements also include, among others, those statements including the words "anticipate," 
"believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should," "will" and 
similar language. These statements reflect our views and assumptions as of the date of this Annual Report on 
Form 10-K. All forward-looking statements involve risks and uncertainties that could cause our actual performance 
to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. 
Important information as to these factors can be found in this Annual Report on Form 10-K under the headings of 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Overview of our 
Company,” “Critical Accounting Estimates” and “Liquidity and Capital Resources,” among others. Factors that might 
cause or contribute to such differences include, but are not limited to, those discussed under Item 1A "Risk Factors," 
as well as elsewhere in this Annual Report on Form 10-K and in our other filings with the U.S. Securities and 
Exchange Commission, or "SEC." You are cautioned not to place undue reliance on the forward-looking statements, 
which speak only as of the date of this Annual Report on Form 10-K. We undertake no obligation to publicly release 
any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 3

PART I
ITEM 1.    BUSINESS
Company Overview
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 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: Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, 
Webcams, Tablet Accessories, and Headsets. 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. 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
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; and
•
Iconic brand: We plan to continue building an iconic Logitech brand. 
Environmental Sustainability
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.
Products 
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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Logitech International S.A. | Fiscal 2024 Form 10-K | 4

Gaming
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 LIGHTSPEEDTM 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 and combos (keyboard-and-mouse combinations). 
Some of our key products in this category include:
•
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 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 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.
•
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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Logitech International S.A. | Fiscal 2024 Form 10-K | 5

Video Collaboration
 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: 
•
Logitech Rally Bar, an all-in-one video bar purpose-built for midsize rooms, featuring brilliant video, room-
filling audio, and the flexibility to deploy in PC or appliance mode.
•
Logitech Rally, which offers best-in-class video conferencing with Ultra HD 4K video and professional audio 
that easily turns medium- to large-sized conference rooms into video-enabled collaboration rooms.
•
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 through USB and serves as an ideal 
controller for video conferencing room solutions from Google®, Microsoft®, and Zoom.
•
The recently launched Logitech Sight, a tabletop companion camera with intelligent multi-participant framing 
through front and center views.
Webcams
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.
Headsets
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.
Other
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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Logitech International S.A. | Fiscal 2024 Form 10-K | 6

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, 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 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 other online and social channels. 
Logitech products are also carried by B2B direct market resellers.
In fiscal years 2024, 2023 and 2022, Amazon Inc. and its affiliated entities together accounted for 18%, 19% and 
17% of our gross sales, respectively. In fiscal years 2024, 2023 and 2022, Ingram Micro Inc. and its affiliated entities 
together accounted for 13%, 13% and 15% of our gross sales, respectively. 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. 
Seasonality
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.
Materials
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.
Operations
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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Logitech International S.A. | Fiscal 2024 Form 10-K | 7

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. 
Marketing 
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. 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.
Design
Logitech uses design-led engineering 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, 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. 
Engineering 
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 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.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 8

Competition
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. We have experienced aggressive price competition and other promotional activities from our primary 
competitors and less-established brands, including brands owned by some retail customers known as house brands. 
We may also encounter more competition if any of our competitors in one or more categories decide to enter other 
categories in which we currently operate.
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 categories 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.
Gaming 
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
Apple Inc. ("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. 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 Technology Co., Ltd. ("Shenzhen Rapoo"), IKBC, and Xiaomi Corporation ("Xiaomi"). 
Pointing Devices 
Apple, Microsoft, Lenovo, Dell, and HP are our main competitors worldwide for pointing devices. 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, and Xiaomi. 
Video Collaboration 
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.
Webcams
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. 
Headsets
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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Logitech International S.A. | Fiscal 2024 Form 10-K | 9

Other 
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. For PC speakers, our competitors include Bose, 
Cyber Acoustics LLC, and Creative Labs, Inc., among others. 
Intellectual Property and Proprietary Rights
Intellectual property rights that apply to Logitech's products and services include patents, trademarks, 
copyrights, and trade secrets.
We hold various United States patents and pending applications, together with corresponding patents and 
pending applications from other countries. While we believe that patent protection is important, we also believe that 
patents are of less competitive significance than factors such as technological innovation, ease of use, and quality 
design. No single patent is in itself essential to Logitech as a whole. From time to time, we receive claims that we 
may be infringing on patents or other intellectual property rights of others. As appropriate, claims are referred to legal 
counsel, and current claims are in various stages of evaluation and negotiation. If necessary or desirable, we may 
seek licenses for certain intellectual property rights. Refer also to the discussion in Item 1A "Risk Factors"—"We may 
be unable to protect our proprietary rights. Unauthorized use of our technology may result in the development of 
products that compete with our products." and "Claims by others that we infringe their proprietary technology could 
adversely affect our business."
To distinguish genuine Logitech products from competing products and counterfeit products, Logitech has used, 
registered, or applied to register certain trademarks and trade names in the United States and other countries and 
jurisdictions. Logitech enforces its trademark and trade name rights in the United States and other countries. In 
addition, the software for Logitech's products and services is entitled to copyright protection, and we generally require 
our customers to obtain a software license before providing them with that software. 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.
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 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.
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, 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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Logitech International S.A. | Fiscal 2024 Form 10-K | 10

Human Capital Resources 
Employees
Our human capital resources include persons employed directly by us or indirectly through contingent workforce 
arrangements. 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. direct employees are represented by a labor 
union or are subject to a collective bargaining agreement. Certain other countries, such as China, provide by law for 
employee rights, which include requirements similar to collective bargaining agreements. We believe that our 
employee relations are good. 
We rely on different programs and initiatives to support our goals. Some of our key human capital management 
programs are summarized below. 
Diversity and Inclusion
We believe that reflecting the diverse world in which we live - through our people and by fostering an inclusive 
culture - provides us with the foundation needed to create experiences that enable all people to pursue their 
passions, which is our corporate purpose. Our direct employees are located across Americas, EMEA and Asia-Pacific 
and bring a range of perspectives and skills to Logitech. 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, 2024, females represented 38% of 
our global office employees. 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 
48% of our employees.
To foster a more inclusive environment, we offer training sessions to emphasize awareness of self, bias and 
privilege, and inclusion. In addition, to measure our employees’ satisfaction at Logitech, we distribute a bi-annual 
employee engagement survey. Most recently, we conducted a survey in December 2023, in which 86% of our global 
office employees participated. 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. 
Safety, Health and Well-being 
We look to safeguard the safety, health and well-being of all members of the Logitech team. We implement 
training and communication programs across the business each year to ensure employee awareness of the 
importance of health and safety management and our key programs and provisions. To help us ensure the safety, 
health and well-being of employees at our production facility in Suzhou, China, we follow the RBA Code of Conduct 
and have an Environmental, Health and Safety ("EHS") Management System that is certified to ISO 14001 and ISO 
45001. We implement the RBA Code as a full supply chain initiative. Further, we operate an audit and verification 
program to verify compliance with the RBA code. 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. 
Talent Acquisition and Development
Our geographic diversity gives Logitech an excellent foundation to recruit diverse talent from around the world. 
We believe that the entire talent process must be executed through a lens of equity and inclusion. We provide 
learning and development tools and resources to all our employees through our key programs. Our talent 
development program includes a dedicated training center at our production facility, a number of workshop-based, 
leadership development, mentorship, coaching career development and team building programs that remain 
available remotely. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 11

Information About Our Executive Officers. The following sets forth certain information regarding our executive 
officers as of May 16, 2024: 
Name
Age
Nationality
Position
Johanna (Hanneke) 
Faber
55
Netherlands
Chief Executive Officer
Charles Boynton
56
U.S.
Chief Financial Officer
Prakash Arunkundrum
49
U.S.
Chief Operating Officer
Samantha Harnett
48
U.S.
Chief Legal Officer and Corporate Secretary
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. Ms. 
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. Ms. 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. Prior to joining Logitech, Mr. 
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. Mr. 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. Mr. 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. Mr. 
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. 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. Prior to joining Logitech, Mr. Arunkundrum was 
a Principal at A.T. 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. Prior to his management consulting 
roles, Mr. Arunkundrum held several management positions at i2 Technologies, a supply chain management 
company acquired by JDA Software, from March 2007 to February 2010. Early in his career, he held product 
management positions at supply chain startups and i2 Technologies. Mr. 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 and became Chief Legal Officer in April 
2023. Prior to joining Logitech, Ms. Harnett served in various legal and management roles at Eventbrite, Inc., a global 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 12

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. From March 
2005 to November 2015, Ms. Harnett served in various positions at ZipRealty, Inc., a real estate technology and 
online brokerage company, including most recently as General Counsel and Senior Vice President of Business 
Development from October 2009 to November 2015. She also served as an associate at Wilson Sonsini Goodrich 
and Rosati, P.C. Ms. Harnett holds a BA degree from California State University, Chico and a JD from Santa Clara 
University School of Law.
Available Information
Our Investor Relations website is located at https://ir.logitech.com. We post and maintain an archive of our 
earnings and other press releases, current reports, annual and quarterly reports, earnings release schedule, 
information regarding annual general meetings, further information on corporate governance, and other information 
regarding the Company on the Investor Relations website. The information we post includes filings we make with the 
SEC, including reports on Forms 10-K, 10-Q, 8-K, and our proxy statement related to our annual shareholders' 
meeting and any amendments to those reports or statements filed or furnished pursuant to U.S. securities laws or 
Swiss laws. All such filings and information are available free of charge on the website, and we make them available 
on the website as soon as reasonably possible after we file or furnish them with the SEC. The contents of these 
websites are not intended to be incorporated by reference into this report or in any other report or document we file 
and our references to these websites are intended to be inactive textual references only.
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.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 13

ITEM 1A.    RISK FACTORS
The risk factors summarized and disclosed below could adversely affect our business, results of operations 
and financial condition, and may cause volatility in the price of our shares. These are not all the risks we face and 
other factors not presently known to us or that we currently believe are immaterial may also affect our business if 
they occur. See also the other information set forth in this Annual Report on Form 10-K, including in Part I, Item 1 
"Business," Part II, Item 1C "Cybersecurity", Item 7 "Management’s Discussion and Analysis of Financial Condition 
and Results of Operations" and our Consolidated Financial Statements and the related Notes.
Summary of Risk Factors
Risks Related to our Business
•
If we fail to innovate and develop new products in a timely and cost-effective manner for our new and 
existing product categories, our business and operating results could be adversely affected.
•
We use artificial intelligence ("AI") in our business, and challenges relating to the development and use of 
AI, including generative AI, could result in competitive harm, reputational harm, and legal liability, and 
adversely affect our results of operations.
•
If we do not successfully execute on our growth opportunities, or if our growth opportunities are more limited 
than we expect, our operating results and future growth could be adversely affected.
•
We purchase key components and products from a limited number of sources, and our business and 
operating results could be adversely affected if supply were delayed or constrained or if there were 
shortages of required components.
•
Our principal manufacturing operations and third-party contract manufacturers are located in China and 
Southeast Asia, which exposes us to risks associated with doing business in that geographic area as well 
as potential tariffs, adverse trade regulations, adverse tax consequences and pressure to move or diversify 
our manufacturing locations.
•
If we do not successfully coordinate the worldwide manufacturing and distribution of our products, we could 
lose sales and our business and operating results could be adversely affected.
•
If we are not able to maintain and enhance our brands, or if our brands or reputation are damaged, our 
reputation, business and operating results could be adversely affected.
•
If we do not compete effectively, demand for our products could decline and our business and operating 
results could be adversely affected.
•
We rely on third parties to sell and distribute our products, and we rely on their information to manage our 
business. Disruption of our relationship with these channel partners, changes in or issues with their 
business practices, their failure to provide timely and accurate information, changes in distribution partners, 
practices or models, conflicts among our channels of distribution, or failure to build and scale our own sales 
force for certain product categories and enterprise channel partners could adversely affect our business, 
results of operations, operating cash flows and financial condition.
•
If we do not accurately forecast market demand for our products, our business and operating results could 
be adversely affected.
•
Our business depends in part on access to third-party platforms or technologies, and if access thereto is 
withdrawn, denied, or is not available on terms acceptable to us, or if the platforms or technologies change 
without notice to us, our business and operating results could be adversely affected.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 14

•
Our success largely depends on our ability to manage, hire, retain, integrate and motivate sufficient 
numbers of qualified personnel, including senior leadership. Our strategy and our ability to innovate, design 
and produce new products, market and sell products, maintain operating margins and control expenses 
depend on key personnel that may be difficult to replace.
•
As we focus on growth opportunities, we may divest or discontinue non-strategic product categories, or 
pursue strategic acquisitions and investments, which could have an adverse impact on our business.
•
As we continue our efforts to scale, lower our costs and improve our operational efficiency, we may not fully 
realize our goals.
•
Product quality issues could adversely affect our reputation, business and operating results.
Risks Related to Global Nature of our Operations and Regulatory Environment
•
Adverse global and regional economic and geopolitical conditions can materially adversely affect our 
business, results of operations and financial condition.
•
We conduct operations in a number of countries and have invested significantly in growing our sales and 
marketing activities in China, and the effect of business, legal and political risks associated with 
international operations could adversely affect us.
•
Changes in trade policy and regulations in the United States and other countries, including changes in trade 
agreements and the imposition of tariffs and the resulting consequences, may have adverse impacts on our 
business, results of operations and financial condition.
•
Our financial performance is subject to risks associated with fluctuations in currency exchange rates.
•
We are subject to risks related to our environmental, social and governance ("ESG") activities and 
disclosures. 
•
As a company operating in many markets and jurisdictions, expanding into new growth categories, and 
engaging in acquisitions, and as a Swiss, dual-listed company, we are subject to risks associated with new, 
existing and potential future laws and regulations.
•
As a result of changes in tax laws, treaties, rulings, regulations or agreements, or their interpretation, of 
Switzerland or any other country in which we operate, the loss of a major tax dispute or a successful 
challenge to our operating structure, intercompany pricing policies or the taxable presence of our key 
subsidiaries in certain countries, or other factors, our effective income tax rates may increase, which could 
adversely affect our net income and cash flows.
•
We maintain cash and cash equivalents at financial institutions and are exposed to credit risk in the event of 
default by such financial institutions.
Risks Related to Confidential Information, Cybersecurity, Privacy, and Intellectual Property
•
Losses or unauthorized access to or releases of confidential information could adversely affect our business 
and result in significant reputational, financial and legal consequences.
•
The collection, storage, transmission, use and distribution of personal data could give rise to liabilities and 
additional costs of operation as a result of laws, governmental regulation and risks of data breaches and 
security incidents.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 15

•
Claims by others that we infringe their proprietary technology could adversely affect our business.
•
We may be unable to protect our proprietary rights. Unauthorized use of our technology may result in the 
development of products that compete with our products.
Risks Related to our Financial Results
•
Our operating results are difficult to predict and fluctuations in results may cause volatility in the price of our 
shares.
•
Our gross margins can vary significantly depending on multiple factors, which can result in unanticipated 
fluctuations in our operating results.
•
We cannot ensure that our share repurchase programs will be fully utilized or that it will enhance long-term 
shareholder value. Share repurchases may also increase the volatility of the trading price of our shares. We 
similarly cannot ensure that we will continue to increase our dividend payments or to pay dividends at all. 
Share repurchases and dividends diminish our cash reserves.
Risk Factors
Risks Related to our Business
If we fail to innovate and develop new products in a timely and cost-effective manner for our new and 
existing product categories, our business and operating results could be adversely affected.
 
Our product categories are characterized by short product life cycles, intense competition, frequent new product 
introductions, rapidly changing technology, dynamic consumer demand and evolving industry standards. As a result, 
we must continually innovate in our new and existing product categories, introduce new products and technologies, 
and enhance existing products in order to remain competitive.
 
The success of our product portfolio depends on several factors, including our ability to:
•
Identify new features, functionality and opportunities;
 
•
Anticipate technology, market trends and consumer preferences;
•
Develop innovative, high-quality, and reliable new software-enabled hardware products and enhancements 
in a cost-effective and timely manner;
 
•
Distinguish our products from those of our competitors; and
 
•
Offer our products at prices and on terms that are attractive to our customers and consumers.
 
The development of new products and services can be very difficult and requires high levels of innovation. The 
development process also can be lengthy and costly. There are significant initial expenditures for research and 
development, tooling, manufacturing processes, inventory and marketing, and we may not be able to recover those 
investments. If we fail to accurately anticipate technological trends or our users’ needs or preferences, are unable to 
complete the development of software-enabled hardware products and services in a cost-effective and timely 
fashion or are unable to appropriately increase production to fulfill customer demand, we will be unable to 
successfully introduce new products and services into the market or compete with other providers. Even if we 
complete the development of our new products and services in a cost-effective and timely manner, they may not be 
competitive with products developed by others, they may not achieve acceptance in the market at anticipated levels 
or at all, they may not be profitable or, even if they are profitable, they may not achieve margins as high as our 
expectations or as high as the margins we have achieved historically.
 
As we introduce new or enhanced products, integrate new technology into new or existing products, or reduce 
the overall number of products offered, we face risks including, among other things, disruption in customers’ 
ordering patterns, excessive levels of new and existing product inventories, revenue deterioration in our existing 
product lines, insufficient supplies of new products to meet customers’ demand, possible product and technology 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 16

defects, and a potentially different sales and support environment. Premature announcements or leaks of new 
products, features or technologies may exacerbate some of these risks by reducing the effectiveness of our product 
launches, reducing sales volumes of current products due to anticipated future products, making it more difficult to 
compete, shortening the period of differentiation based on our product innovation, straining relationships with our 
partners or increasing market expectations for the results of our new products before we have had an opportunity to 
demonstrate the market viability of the products. Our failure to manage the transition to new products and services 
or the integration of new technology into new or existing products and services could adversely affect our business, 
results of operations, operating cash flows and financial condition.
 
We use artificial intelligence (“AI”) in our business, and challenges relating to the development and use of 
AI, including generative AI, could result in competitive harm, reputational harm, and legal liability, and 
adversely affect our results of operations.
We use AI solutions internally for business purposes and also in certain offerings, and we may in the future 
incorporate AI solutions, including generative AI, into our offerings. We also may make third-party generative AI tools 
available in our applications. AI technologies are complex and evolving rapidly, and we face significant competition 
from other companies. If our competitors or others are able to use or leverage AI more rapidly or more successfully 
than us, our ability to compete effectively could be impaired, as a result of which our business and financial results 
could be adversely affected. 
AI solutions may use algorithms, datasets or training methodologies that are incomplete, reflect biases, or 
contain other flaws or deficiencies. AI solutions, including generative AI, may create output that appears correct but 
is inaccurate, biased or otherwise flawed, or that infringes or otherwise violates intellectual property or other rights. 
The use of AI may result in cybersecurity incidents that implicate the personal data of users of AI solutions as well 
as disclosure of our financial information or other confidential information. We, and third-party providers of any AI 
solutions we may make available in our applications, may lack sufficient rights with respect to data or other material 
or content used in or produced by AI solutions. We may not be able to control the development, maintenance or 
behavior of third-party AI solutions or how their providers obtain or otherwise process training or other data, and 
these AI solutions may be used inappropriately or irresponsibly. There is no guarantee that any contractual or other 
protections we seek to implement will be sufficient to protect us from risks presented by these solutions. 
The rapid evolution of AI and its regulatory and policy landscape also present numerous risks. Several 
jurisdictions around the world have introduced or enacted legislation relating to AI, and regulators have issued policy 
statements relating to the use and development of AI. New laws and regulations, or existing laws and regulations, 
may be interpreted in ways that conflict with or otherwise impact our approach to AI and use of AI solutions. 
While we have worked to take a responsible approach to the development and use of AI, we anticipate that it 
will require significant resources going forward. We could be required to modify our approach to AI, including our 
development practices, user consent methods, other policies or practices, or third-party AI solutions we may offer 
within our solutions. More generally, our approach to AI, including any AI solutions that we may incorporate or 
otherwise make available within our offerings, may expose us to claims, demands and litigation, regulatory inquiries, 
enforcement actions or other proceedings, fines, penalties and other liabilities, negative publicity, reputational harm 
and competitive harm. Any of these may adversely affect our business, results of operations, operating cash flows 
and financial condition. 
See also "Risks Related to Confidential Information, Cybersecurity, Privacy, and Intellectual Property” below.
If we do not successfully execute on our growth opportunities, or if our growth opportunities are more 
limited than we expect, our operating results and future growth could be adversely affected.
Our future growth depends on growth opportunities and as a result, we are attempting to diversify our product 
category portfolio. Our investments may not result in the growth we expect, or when we expect it, for a variety of 
reasons, including but not limited to, changes in growth trends, evolving and changing markets and increasing 
competition, market opportunities, and product innovation.
Our growth opportunities and those we may pursue are subject to constant and rapidly changing and evolving 
technologies and evolving industry standards and may be replaced by new technology concepts or platforms. Some 
of these growth categories and opportunities are also characterized by short product cycles, frequent new product 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 17

introductions and enhancements and rapidly changing and evolving consumer preferences with respect to design 
and features that require calculated risk-taking and fast responsiveness and result in short opportunities to establish 
a market presence. In addition, some of these growth categories and opportunities are characterized by price 
competition, erosion of premium-priced segments and average selling prices, commoditization, and sensitivity to 
general economic conditions and cyclical downturns. The growth opportunities and strength and number of 
competitors that we face in all of our product categories mean that we are at risk of new competitors coming to 
market with more innovative products that are more attractive to customers than ours or priced more competitively. 
If we do not develop innovative and reliable product offerings and enhancements in a cost-effective and timely 
manner that are attractive to consumers in these markets, if we are otherwise unsuccessful entering and competing 
in these growth categories or responding to our many competitors and to the rapidly changing conditions in these 
growth categories, if the growth categories in which we invest our limited resources do not emerge as the 
opportunities or do not produce the growth or profitability we expect, or when we expect it, or if we do not correctly 
anticipate changes and evolutions in technology and platforms, our business and results of operations could be 
adversely affected.
In addition, we rely on our go-to-market capability to leverage on those growth opportunities, market our 
products and compete effectively with a goal of strengthening our sales. If we are not able to develop and maintain 
our go-to-market capabilities and processes, in particular the continued development of our enterprise salesforce 
and strategy, our business and results of operations could be adversely affected.
We purchase key components and products from a limited number of sources, and our business and 
operating results could be adversely affected if supply were delayed or constrained or if there were 
shortages of required components.
 
We purchase certain products and key components from a limited number of sources. If the supply of these 
products or key components were to be delayed or constrained, impacted by global shortages of semiconductor 
chips, or if one or more of our single-source suppliers experience disruptions or go out of business as a result of 
adverse global economic conditions, adverse global or regional geopolitical conditions, natural disasters or regional 
or global pandemics, such as COVID-19, we might be unable to find a new supplier on acceptable terms, or at all, 
and our product shipments to our customers could be delayed, which could adversely affect our business, financial 
condition and operating results. 
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, and supplier capacity. From 
time to time, we have experienced component shortages and extended lead times on semiconductors, such as 
microcontrollers 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, which could adversely affect our business and operating results.
Our principal manufacturing operations and third-party contract manufacturers are located in China and 
Southeast Asia, which exposes us to risks associated with doing business in that geographic area as well 
as potential tariffs, adverse trade regulations, adverse tax consequences and pressure to move or diversify 
our manufacturing locations.
 
We produce approximately 40% of our products at the facilities we own in China. The majority of our other 
production is performed by third-party contract manufacturers, including original design manufacturers in China, 
Taiwan, Hong Kong, Malaysia, Thailand, Mexico, and Vietnam. 
Our manufacturing operations in China have been in the past and could in the future be adversely affected by 
the COVID-19 pandemic, changes in the interpretation and enforcement of legal standards, strains on China’s 
available labor pool, changes in labor costs and other employment dynamics, high turnover among Chinese 
employees, infrastructure issues, import-export issues, cross-border intellectual property and technology 
restrictions, currency transfer restrictions, natural disasters, regional or global pandemics, conflicts or 
disagreements between China and Taiwan or China and the United States, labor unrest, and other trade customs 
and practices that are dissimilar to those in the United States and Europe. Interpretation and enforcement of China’s 
laws and regulations continue to evolve, and we expect differences in interpretation and enforcement to continue in 
the foreseeable future.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 18

 
Our manufacturing operations at third-party contractors could be adversely affected by contractual 
disagreements, by labor unrest, by natural disasters, by regional or global pandemics, such as the COVID-19 
pandemic, by wars and armed conflicts, by strains on local communications, trade, and other infrastructures, by 
competition for the available labor pool or manufacturing capacity, by increasing labor and other costs, and by other 
trade customs and practices that are dissimilar to those in the United States and Europe.
Further, we have been exposed in the past and may in the future be exposed to fluctuations in the value of the 
local currency in the countries in which manufacturing occurs. Future appreciation of these local currencies could 
increase our component and other raw material costs. In addition, our labor costs could continue to rise as wage 
rates increase and the available labor pool declines. These conditions could adversely affect our financial results.
If we do not successfully coordinate the worldwide manufacturing and distribution of our products, we 
could lose sales and our business and operating results could be adversely affected.
 
If we do not successfully coordinate the timely manufacturing and distribution of our products, if our 
manufacturers, distribution logistics providers or transport providers are not able to successfully and timely process 
our business or if we do not receive timely and accurate information from such providers, and especially if we 
expand into new product categories or our business grows in volume, we may have an insufficient supply of 
products to meet customer demand or experience a build-up in inventory. As a result, we could lose sales or incur 
additional costs which could adversely affect our financial performance.
 
By locating our manufacturing in China and Southeast Asia, we are reliant on third parties to get our products to 
distributors around the world. Transportation costs, fuel costs, labor unrest, natural disasters, regional or global 
pandemics, military conflicts, and other adverse effects on our ability, timing and cost of delivering products can 
increase our inventory, decrease our margins, adversely affect our relationships with distributors and other 
customers and otherwise adversely affect our results of operations and financial condition. 
A significant portion of our quarterly retail orders and product deliveries generally occur in the last weeks of the 
fiscal quarter. This places pressure on our supply chain and could adversely affect our revenues and profitability if 
we are unable to successfully fulfill customer orders.
If we are not able to maintain and enhance our brands, or if our brands or reputation are damaged, our 
reputation, business and operating results could be adversely affected.
We have developed long-term value in our brands and have invested significantly in design and in our existing 
and new brands over the past several years. We believe that our design and brands have significantly contributed to 
the success of our business and that maintaining and enhancing our brands is very important to our future growth 
and success. Maintaining and enhancing our brands will require significant investments and will depend largely on 
our future design, products and marketing, which may not be successful and may damage our brands. Our brands 
and reputation are also dependent on third parties, such as suppliers, manufacturers, distributors, retailers, product 
reviewers and the media as well as online consumer product reviews, consumer recommendations and referrals. It 
can take significant time, resources and expense to overcome negative publicity, reviews or perception. Any 
negative effect on our brands, regardless of whether it is in our control, could adversely affect our reputation, 
business and results of operations.
 
If we do not compete effectively, demand for our products could decline and our business and operating 
results could be adversely affected.
 
The industry in which we operate is intensely competitive. Most of our product categories are characterized by 
large, well-financed competitors with strong brand names and highly effective research and development, marketing 
and sales capabilities, short product life cycles, continual performance enhancements, and rapid adoption of 
technological and product advancements by competitors in our product markets. We also experience aggressive 
price competition and other promotional activities from our primary competitors and from less-established brands, 
including brands owned by retail customers known as house brands. As we shift the focus of our marketing efforts in 
certain categories from a push model to a demand-generating pull model, the pressures from this competition and 
from our distribution channels, combined with the implementation risks of such a strategy shift, could adversely 
affect our competitive position, market share and business. In addition, our competitors may offer customers terms 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 19

and conditions that may be more favorable than our terms and conditions and may require us to take actions to 
maintain or increase our customer incentive programs, which could impact our revenues and operating margins.
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 in future categories we might enter.
 
Microsoft, Apple, Google and Amazon are leading producers of operating systems, hardware, platforms and 
applications with which our mice, keyboards, wireless speakers and other products are designed to operate. As a 
result, Microsoft, Apple, Google and Amazon each may be able to improve the functionality of its products, if any, or 
may choose to show preference to our competitors' products, to correspond with ongoing enhancements to its 
operating systems, hardware and software applications before we are able to make such improvements. This ability 
could provide Microsoft, Apple, Google, Amazon or other competitors with significant lead-time advantages. In 
addition, Microsoft, Apple, Google, Amazon or other competitors may be able to control distribution channels or offer 
pricing advantages on bundled hardware and software products that we may not be able to offer, and may be 
financially positioned to exert significant downward pressure on product prices and upward pressure on promotional 
incentives in order to gain market share. If we are not able to increase our software and services capability to 
enhance hardware product experiences and offer attractive product pricing, our results of operations and financial 
condition may be adversely affected. For additional information, see "Competition” in Item 1 of this Annual Report on 
Form 10-K. 
We rely on third parties to sell and distribute our products, and we rely on their information to manage our 
business. Disruption of our relationship with these channel partners, changes in or issues with their 
business practices, their failure to provide timely and accurate information, changes in distribution 
partners, practices or models, conflicts among our channels of distribution, or failure to build and scale our 
own sales force for certain product categories and enterprise channel partners could adversely affect our 
business, results of operations, operating cash flows and financial condition.
We primarily sell our products to a network of distributors, retailers, e-tailers and enterprise customers (together 
with our direct sales channel partners). We are dependent on those direct sales channel partners to distribute and 
sell our products to indirect sales channel partners and ultimately to consumers. The sales and business practices 
of all such sales channel partners, their compliance with laws and regulations, and their reputations - of which we 
may or may not be aware - may affect our business and our reputation.
While our overall distribution relationships are diffuse, in fiscal years 2024 and 2023 our gross sales were 
concentrated with three customers - Amazon, Ingram Micro and TD Synnex - and their affiliated entities. We do not 
have long-term commitments with those customers. If online sales grow as a percentage of overall sales, we expect 
that our reliance on Amazon would increase. While we believe that we have good relationships with Amazon, 
Ingram Micro and TD Synnex, any adverse change in those relationships could have an adverse impact on 
our results of operations and financial condition.
The impact of economic conditions, labor issues, natural disasters, regional or global pandemics, evolving 
consumer preferences, and purchasing patterns on our distribution partners, or competition between our sales 
channels, could result in sales channel disruption. Any loss of a major partner or distribution channel or other 
channel disruption could make us more dependent on alternate channels, increase pricing and promotional 
pressures from other partners and distribution channels, increase our marketing costs, or adversely impact buying 
and inventory patterns, payment terms or other contractual terms, sell-through or delivery of our products to 
consumers, our reputation and brand equity, or our market share.
 
Our sales channel partners also sell products offered by our competitors and, in the case of retailer house 
brands, may also be our competitors. If product competitors offer our sales channel partners more favorable terms, 
have more products available to meet their needs, or utilize the leverage of broader product lines sold through the 
channel, or if our sales channel partners show preference for their own house brands, our sales channel partners 
may de-emphasize or decline to carry our products. In addition, certain of our sales channel partners could decide 
to de-emphasize the product categories that we offer in exchange for other product categories that they believe 
provide them with higher returns. If we are unable to maintain successful relationships with these sales channel 
partners or to maintain our distribution channels, our business will suffer.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 20

As we expand into new product categories and markets in pursuit of growth, we will have to build relationships 
with new channel partners and adapt to new distribution and marketing models. These new partners, practices and 
models may require significant management attention and operational resources and may affect our accounting, 
including revenue recognition, gross margins, and the ability to make comparisons from period to period. Certain 
product categories, such as Video Collaboration, also require that we further build and scale our own enterprise 
sales force. Several of our competitors already have large enterprise sales forces and experience and success with 
that sales model. If we are unable to build successful distribution channels, build and scale our own enterprise sales 
force, or successfully market our products in these new product categories, we may not be able to take advantage 
of the growth opportunities, and our business and our ability to grow our business could be adversely affected.
We reserve for cooperative marketing arrangements, incentive programs and pricing programs with our sales 
channel partners. These reserves are based on judgments and estimates, using historical experience rates, 
inventory levels in distribution, current trends and other factors. There could be significant differences between the 
actual costs of such arrangements and programs and our estimates. 
We use sell-through data, which represents sales of our products by our direct retailer and e-tailer customers to 
consumers, and by our distributor customers to their customers, along with other metrics, to assess consumer 
demand for our products. Sell-through data is subject to limitations due to collection methods and the third-party 
nature of the data and thus may not be an accurate indicator of actual consumer demand for our products. The 
customers supplying sell-through data vary by geographic region and from period to period, but typically represent a 
majority of our retail sales. In addition, we rely on channel inventory data from our sales channel partners. If we do 
not receive this information on a timely basis, if this information is not accurate, or if we do not properly interpret this 
information, our results of operations and financial condition may be adversely affected.
If we do not accurately forecast market demand for our products, our business and operating results could 
be adversely affected.
 
We use our forecasts of product demand to make decisions regarding investments of our resources and 
production levels of our products. Although we receive forecasts from our customers, many are not obligated to 
purchase the forecasted demand. Also, actual sales volumes for individual products in our retail distribution channel 
can be volatile due to changes in consumer preferences and other reasons. In addition, our products have short 
product life cycles, so a failure to accurately predict high demand for a product can result in lost sales that we may 
not recover in subsequent periods, or higher product costs if we meet demand by paying higher costs for materials, 
production and delivery. Our failure to predict low demand for a product can result in excess inventory, lower cash 
flows and lower margins if we are required to reduce product prices in order to reduce inventories.
If our sales channel partners have excess inventory of our products or decide to decrease their inventories for 
any reason, they may decrease the number of products they acquire in subsequent periods, which could cause 
disruption in our business and adversely affect our forecasts and sales.
In addition, market demand remains less predictable and more volatile than before the COVID-19 pandemic. As 
a result, we have experienced in the past and may continue experiencing large differences between our forecasts 
and actual demand for our products that may result in excess inventory or product unavailability, inventory and 
restructuring reserves, increases in operational logistics and other costs, damaged relationships with suppliers or 
customers, opportunities for our competitors, and lost market share and revenue. If we do not accurately predict 
product demand, our business and operating results could be adversely affected.
Our business depends in part on access to third-party platforms or technologies, and if access thereto is 
withdrawn, denied, or is not available on terms acceptable to us, or if the platforms or technologies change 
without notice to us, our business and operating results could be adversely affected.
 
Our product portfolio includes current and future products designed for use with third-party platforms or 
software, such as the Apple iPad, iPhone and Siri, Android phones and tablets, Google Assistant, Zoom, Microsoft 
Teams and Amazon Alexa. Our business in these categories relies on our access to the platforms of third parties, 
some of whom are our competitors. Platform owners that are competitors have a competitive advantage in 
designing products for their platforms and may produce peripherals or other products that work better, or are 
perceived to work better, than our products in connection with those platforms. If we expand the number of 
platforms and software applications with which our products are compatible, we may not be successful in launching 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 21

products for those platforms or software applications, we may not be successful in establishing strong relationships 
with the new platform or software owners, or we may negatively impact our ability to develop and produce high-
quality products on a timely basis for those platforms and software applications or we may otherwise adversely 
affect our relationships with existing platform or software owners.
 
Our access to third-party platforms may require paying a royalty, which lowers our product margins or may 
otherwise be on terms that are not acceptable to us. In addition, the third-party platforms or technologies used to 
interact with our product portfolio can be delayed in production or can change without prior notice to us, which can 
result in our having excess inventory, lower margins, lost investment in time and expense, or lost opportunity cost.
 
If we are unable to access third-party platforms or technologies, or if our access is withdrawn, denied, or is not 
available on terms acceptable to us, or if the platforms or technologies are delayed or changed without notice to us, 
our business and operating results could be adversely affected.
 
Our success largely depends on our ability to manage, hire, retain, integrate and motivate sufficient 
numbers of qualified personnel, including senior leadership. Our strategy and our ability to innovate, 
design and produce new products, market and sell products, maintain operating margins and control 
expenses depend on key personnel that may be difficult to replace.
 
Our success depends on our ability to attract and retain highly skilled personnel, including senior leadership and 
international personnel. From time to time, we experience turnover in some of our senior leadership positions.
 
We compensate our employees through a combination of salary, bonuses, benefits and equity compensation. 
Recruiting and retaining skilled personnel, including software and hardware engineers, is highly competitive. If we 
fail to provide an attractive working environment and competitive compensation to our employees, it will be difficult 
to retain, hire and integrate qualified employees and contractors, and we may not be able to maintain and expand 
our business. If we do not retain or maintain the continuity of our senior leaders or other key employees for any 
reason, including voluntary or involuntary departure, death or permanent or temporary disability, we risk losing 
institutional knowledge, experience, expertise and other benefits of continuity as well as the ability to attract and 
retain other key employees. In addition, we must carefully balance the size of our employee base with our current 
infrastructure, management resources and anticipated operating cash flows. If we are unable to manage the size of 
our employee base, including but not limited to our engineers, product managers and designers and other functions, 
we may fail to achieve our strategic and operational goals, including developing and introducing new products 
successfully and in a cost-effective and timely manner. If our revenue growth or employee levels vary significantly, 
our operating cash flows and financial condition could be adversely affected. Volatility or lack of positive 
performance in our stock price may also affect our ability to retain key employees, many of whom have been 
granted equity incentives. We may find it difficult to provide competitive equity incentives, and our ability to hire, 
retain and motivate key personnel may suffer.
 
As we focus on growth opportunities, we may divest or discontinue non-strategic product categories, or 
pursue strategic acquisitions and investments, which could have an adverse impact on our business.
 
We regularly review our product portfolio and update our non-strategic product categories and products. 
Discontinuing products with service components may cause us to continue to incur expenses to maintain services 
within the product life cycle or may adversely affect our customer and consumer relationships and brand. 
Divestitures may also involve warranties, indemnification or covenants that could restrict our business or result in 
litigation, additional expenses or liabilities. In addition, discontinuing product categories, even categories that we 
consider non-strategic, reduces the size and diversification of our business and causes us to be more dependent on 
a smaller number of product categories.
 
As we attempt to grow our business in strategic product categories and emerging market geographies, we 
evaluate acquisition opportunities that could provide us with additional product or service offerings or with additional 
industry expertise, assets and capabilities. Acquisitions could result in difficulties integrating acquired operations, 
products, technology, internal controls, personnel and management teams and result in the diversion of capital and 
management’s attention away from other business issues and opportunities. If we fail to successfully integrate 
acquisitions, our business could be harmed. Acquisitions could also result in the assumption of known and unknown 
liabilities, product, regulatory and other compliance issues, dilutive issuances of our equity securities, the incurrence 
of debt, disputes over earn-outs or other litigation, and adverse effects on relationships with our and our target’s 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 22

employees, customers and suppliers. Moreover, our acquisitions may not be successful in achieving our desired 
strategy, product, financial or other objectives or expectations, which would also cause our business to suffer. 
Acquisitions can also lead to large non-cash charges that can have an adverse effect on our results of 
operations as a result of write-offs for items such as future impairments of intangible assets and goodwill, 
restructuring charges, inventory write downs or the recording of share-based compensation. 
If we divest or discontinue product categories or products that we previously acquired, or if the value of those 
parts of our business become impaired, we may need to evaluate the carrying value of our goodwill. Additional 
impairment charges could adversely affect our results of operations. Several of our past acquisitions have not been 
successful and have led to significant impairment charges. Acquisitions and divestitures may also cause our 
operating results to fluctuate and make it difficult for investors to compare operating results and financial statements 
between periods. In addition, from time to time we make strategic venture investments in other companies that 
provide products and services that are complementary to ours. If these investments are unsuccessful, this could 
have an adverse impact on our results of operations, operating cash flows and financial condition.
As we continue our efforts to scale, lower our costs and improve our operational efficiency, we may not 
fully realize our goals.
Our ability to achieve the desired and anticipated cost savings and other benefits from simplification, cost-
cutting and restructuring activities, and within our desired and expected timeframes, are subject to many estimates 
and assumptions, and the actual savings and timing for those savings may vary materially based on factors such as 
local labor regulations, negotiations with third parties, and operational requirements. These estimates and 
assumptions are also subject to significant economic, competitive and other uncertainties, some of which are 
beyond our control. There can be no assurance that we will fully realize the desired and anticipated benefits from 
these activities. To the extent that we are unable to improve our operational efficiency, further restructuring 
measures may be required in the future. Furthermore, we are expecting to be able to use the anticipated cost 
savings from these activities to fund and support our current growth opportunities and incremental investments for 
future growth. If the cost savings and other benefits from restructuring activities do not materialize as anticipated, or 
within our expected timeframes, our ability to invest in growth may be limited and our business and operating results 
may be adversely affected. 
Product quality issues could adversely affect our reputation, business and operating results.
The products that we sell or third-party components included therein could contain defects in design or 
manufacture. There can be no assurance we will be able to detect and remedy all defects in the hardware and 
software we sell. Failure to do so could result in product recalls, product liability claims and litigation, product 
redesign efforts, lost revenue, loss of reputation, and significant warranty and other expenses to remedy.
While we maintain reserves for reasonably estimable liabilities and purchase liability insurance, our reserves 
may not be adequate to cover such claims and liabilities and our insurance is subject to deductibles and may not be 
adequate to cover such claims and liabilities. Furthermore, our contracts with distributors and retailers may contain 
warranty, indemnification and other provisions related to product quality issues, and claims under those provisions 
may adversely affect our business and operating results.
Risks Related to Global Nature of our Operations and Regulatory Environment
Adverse global and regional economic and geopolitical conditions can materially adversely affect our 
business, results of operations and financial condition.
We conduct operations internationally and as a result, adverse global and regional economic and geopolitical 
conditions have in the past and can in the future materially adversely affect our business, results of operations and 
financial condition. 
Such conditions, including but not limited to inflation, slower growth or recession, new or increased tariffs, trade 
restrictions, changes to fiscal and monetary policy, higher interest rates and currency fluctuations, and other 
conditions that are susceptible to impact consumer confidence and spending could adversely affect demand for our 
products. In fiscal year 2024, we were impacted by adverse macroeconomic and geopolitical conditions including 
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but not limited to inflation, foreign currency fluctuations, and slowdown of economic activity around the world, in part 
due to changes in interest rates, and lower consumer and enterprise spending.
Global or regional economic and political conditions also have an impact on our suppliers, contract 
manufacturers, logistics providers, and distributors, causing volatility in cost of materials and shipping and 
transportation rates, and as a result impacting the pricing of our products. Price increases may not successfully 
offset cost increases or may cause us to lose market share and in turn adversely impact our operations. 
We conduct operations in a number of countries and have invested significantly in growing our sales and 
marketing activities in China, and the effect of business, legal and political risks associated with 
international operations could adversely affect us.
 
We conduct operations in a number of countries and have invested significantly in growing our personnel and 
sales and marketing activities in China and, to a lesser extent, other emerging markets. We may also increase our 
investments to grow sales in other emerging markets, such as Latin America, Eastern Europe, the Middle East and 
Africa. There are risks inherent in doing business in international markets, including:
 
•
Difficulties in staffing and managing international operations;
 
•
Compliance with increasing amounts of laws and regulations, including environmental, tax, import/export 
and anti-corruption laws, which vary from country to country, and the European Union legislation, and over 
time, increasing the costs of compliance and potential risks of non-compliance;
 
•
Varying laws, regulations and other legal protections, uncertain and varying enforcement of those laws and 
regulations, dependence on local authorities, and the importance of local networks and relationships;
•
Varying accounting, auditing and financial reporting standards, accountability and protections, including 
risks related to the lack of access by the Public Company Accounting Oversight Board (United States) 
("PCAOB") to inspect PCAOB-registered accounting firms in emerging market countries such as China;
 
•
Exposure to political, economic and financial instability, including due to the uncertainty associated with the 
ongoing sovereign debt issues in certain Euro zone countries, which may lead to reduced sales, currency 
exchange losses and collection difficulties or other losses;
•
Import or export restrictions or licensing requirements that could affect some of our products, including 
those with encryption technology;
•
Trade protection measures, custom duties, tariffs, import or export duties, and other trade barriers, 
restrictions and regulations, including recent and ongoing United States - China tariffs and trade restrictions, 
including China's 2021 Anti-Foreign Sanctions Law;
 
•
Lack of adequate infrastructure or services necessary or appropriate to support our long-term business 
strategy, digital transformation and operational efficiency;
 
•
Exposure to fluctuations in the value of local currencies;
 
•
Difficulties and increased costs in establishing sales and distribution channels in unfamiliar markets, with 
their own market characteristics and competition, including entrenched local competition;
 
•
Weak protection of our intellectual property rights;
 
•
Higher credit risks;
•
Current and future international regulation of AI;
•
Variations in VAT (value-added tax) or VAT reimbursement;
 
•
Imposition of currency exchange controls;
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Logitech International S.A. | Fiscal 2024 Form 10-K | 24

 
•
Delays from customs brokers or government agencies; and
 
•
A broad range of customs, consumer trends, and more.
 
Any of these risks could adversely affect our business, financial condition and operating results.
 
In addition, the increasingly strict and numerous regulations in China may create a more challenging 
environment for foreign companies operating in the region. As a result, such regulations may have the effect of 
limiting our growth and market share in China, and disrupting manufacturing and operations in the region. In 
addition, changes in relations between China and the United States could lead to further policy changes that in turn 
could prevent or limit us from procuring, developing, building, and/or selling our products in China. 
Sales growth in key markets, including China, is an important part of our expectations for our business. As a 
result, if economic, political or business conditions deteriorate in these markets, or if one or more of the risks 
described above materialize in these markets, our overall business and results of operations will be adversely 
affected.
 
Changes in trade policy and regulations in the United States and other countries, including changes in 
trade agreements and the imposition of tariffs and the resulting consequences, may have adverse impacts 
on our business, results of operations and financial condition.
The U.S. government has instituted or proposed changes to international trade policy through the renegotiation, 
and potential termination, of certain existing bilateral or multilateral trade agreements and treaties with, and the 
imposition of tariffs on a wide range of products and other goods from, China, countries in EMEA and other 
countries. As discussed in this Annual Report on Form 10-K, we have invested significantly in manufacturing 
facilities in China and Southeast Asia. Given our manufacturing principally in those countries, policy or regulations 
changes in the United States or other countries present particular risks for us. We are constantly evaluating our 
manufacturing footprint globally including beyond Asia.
New or increased tariffs could adversely affect more or all of our products. There also are risks associated with 
retaliatory tariffs and resulting trade wars. We cannot predict future trade policy and regulations in the United States 
and other countries, the terms of any renegotiated trade agreements or treaties, or tariffs and their impact on our 
business. A trade war could have a significant adverse effect on world trade and the world economy. To the extent 
that trade tariffs and other restrictions imposed by the United States or other countries increase the price of, or limit 
the amount of, our products or components or materials used in our products imported into the United States or 
other countries, or create adverse tax consequences, the sales, cost or gross margin of our products may be 
adversely affected and the demand from our customers for products and services may be diminished. Uncertainty 
surrounding international trade policy and regulations as well as disputes and protectionist measures could also 
have an adverse effect on consumer confidence and spending. If we deem it necessary to alter all or a portion of 
our activities or operations in response to such policies, agreements or tariffs, our capital and operating costs may 
increase. 
Our ongoing efforts to address these risks may not be effective and may have long-term adverse effects on our 
operations and operating results that we may not be able to reverse. Such efforts may also take time to implement 
or to have an effect and may result in adverse quarterly financial results or fluctuations in our quarterly financial 
results. As a result, changes in trade policy and regulations in the United States and other countries as well as 
changes in trade agreements and tariffs could adversely affect our business, results of operations and financial 
condition.
Our financial performance is subject to risks associated with fluctuations in currency exchange rates.
 
A significant portion of our business is conducted in currencies other than the U.S. Dollar. Therefore, we face 
exposure to movements in currency exchange rates.
Our primary exposure to movements in currency exchange rates relates to non-U.S. Dollar-denominated sales 
and operating expenses worldwide. For fiscal year 2024, approximately 50% of our revenue was in non-U.S. 
denominated currencies. The weakening of currencies relative to the U.S. Dollar adversely affects the U.S. Dollar 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 25

value of our non-U.S. Dollar-denominated sales and earnings. If we raise international pricing to compensate, it 
could potentially reduce demand for our products, adversely affecting our sales and potentially having an adverse 
impact on our market share. Margins on sales of our products in non-U.S. Dollar-denominated countries and on 
sales of products that include components obtained from suppliers in non-U.S. Dollar-denominated countries could 
be adversely affected by currency exchange rate fluctuations. In some circumstances, for competitive or other 
reasons, we may decide not to raise local prices to fully offset the U.S. Dollar’s strengthening, which would 
adversely affect the U.S. Dollar value of our non-U.S. Dollar-denominated sales and earnings. Competitive 
conditions in the markets in which we operate may also limit our ability to increase prices in the event of fluctuations 
in currency exchange rates. Conversely, strengthening of currency rates may also increase our product component 
costs and other expenses denominated in those currencies, adversely affecting operating results. We further note 
that a larger portion of our sales than of our expenses are denominated in non-U.S. denominated currencies.
 
We use derivative instruments to hedge certain exposures to fluctuations in currency exchange rates. The use 
of such hedging activities may not offset any, or more than a portion, of the adverse financial effects of unfavorable 
movements in currency exchange rates over the limited time the hedges are in place and do not protect us from 
long term shifts in currency exchange rates.
As a result, fluctuations in currency exchange rates could affect and have in the past adversely affected our 
business, operating results and financial condition. Moreover, these exposures may change over time.
We are subject to risks related to our environmental, social and governance ("ESG") activities and 
disclosures.
Concerns over climate change have resulted in increased regulatory requirements and reporting frameworks 
designed to reduce or mitigate the effects of climate change on the environment. However, the lack of harmonized 
regulatory requirements and reporting frameworks exposes companies to navigate myriad different requirements, 
which has led to challenges in ESG reporting. As a result, companies are required to develop an expanded set of 
metrics and measures, as well as data collection, controls, and reporting processes in order to meet regulatory 
requirements and stakeholder expectations. Failure by us to promptly and accurately meet these expectations and 
requirements may expose us to reputational and brand damage, regulatory penalties and litigation among other 
things. Compliance with such requirements will also require additional expenditures by us or our suppliers, which 
could have a material adverse effect on our business, results of operations, financial condition and cash flows. 
As a company operating in many markets and jurisdictions, expanding into new growth categories, and 
engaging in acquisitions, and as a Swiss, dual-listed company, we are subject to risks associated with new, 
existing and potential future laws and regulations.
As we expand into new markets and product categories and acquire companies, businesses and assets, our 
operations and products must comply with a wide variety of laws, standards and other requirements governing, 
among other things, health and safety, hazardous materials usage, product-related energy consumption, conflict 
minerals, packaging, recycling, sustainability, environmental, child labor and human rights matters, among others. 
Our products may be required to obtain regulatory approvals and satisfy other regulatory concerns in the various 
jurisdictions where they are manufactured, sold or both. Companies, businesses and assets that we acquire may 
not be in compliance with regulations in all jurisdictions. These requirements create procurement and design 
challenges, which, among other things, require us to incur additional costs identifying suppliers and contract 
manufacturers who can provide or obtain compliant materials, parts and end products. Failure to comply with such 
requirements can subject us to liability, additional costs, and reputational harm and, in severe cases, force us to 
recall products or prevent us from selling our products in certain jurisdictions. We also are subject to the SEC 
disclosure requirements regarding the use of certain minerals, known as conflict minerals, which are mined from the 
Democratic Republic of Congo and adjoining countries, as well as procedures regarding a manufacturer’s efforts to 
identify and prevent the sourcing of such minerals and metals produced from those minerals. The moral and 
regulatory imperatives to avoid purchasing conflict minerals are causing us to incur additional expenses, could limit 
the supply and increase the cost of certain metals used in manufacturing our products and could adversely affect 
the distribution and sales of our products.
 
As a Swiss company with shares listed on both the SIX Swiss Exchange and the Nasdaq Global Select Market, 
we are also subject to both Swiss and United States corporate governance and securities laws and regulations. In 
addition to the extra costs and regulatory burdens of our dual regulatory obligations, the two regulatory regimes may 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 26

not always be compatible and may impose disclosure obligations, operating restrictions or tax effects on our 
business to which our competitors and other companies are not subject. For example, on January 1, 2023, subject 
to certain transitional provisions, the revised Swiss Corporate Law incorporating the Swiss Federal Council 
Ordinance Against Excessive Compensation at Public Companies, became effective. The revised Swiss Corporate 
Law among other things, (a) requires a binding shareholder “say on pay” vote with respect to the compensation of 
members of our executive management and Board of Directors, (b) generally prohibits the making of severance, 
advance, transaction premiums and similar payments to members of our executive management and Board of 
Directors, (c) imposes other restrictive compensation practices, and (d) requires that our articles of incorporation 
specify various compensation-related matters. Potential future initiatives relating to corporate governance or 
executive compensation, and Swiss voter sentiment in favor of such regulations may increase our non-operating 
costs and adversely affect our ability to attract and retain executive management and members of our Board of 
Directors.
We prepare our consolidated financial statements in accordance with accounting principles generally accepted 
in the U.S. ("U.S. GAAP") which are subject to interpretation or changes by the Financial Accounting Standard 
Board ("FASB"), the SEC and other various bodies formed to promulgate and interpret appropriate accounting 
principles. New accounting pronouncements and changes in accounting principles have occurred in the past and 
are expected to occur in the future which may have a significant effect on our financial results or our compliance 
with regulations.
As a result of changes in tax laws, treaties, rulings, regulations or agreements, or their interpretation, of 
Switzerland or any other country in which we operate, the loss of a major tax dispute or a successful 
challenge to our operating structure, intercompany pricing policies or the taxable presence of our key 
subsidiaries in certain countries, or other factors, our effective income tax rates may increase, which could 
adversely affect our net income and cash flows.
We operate in multiple jurisdictions and our profits are taxed pursuant to the tax laws of these jurisdictions. Our 
effective income tax rate may be affected by changes in or interpretations of tax laws, treaties, rulings, regulations 
or agreements in any given jurisdiction, or changes in international tax reform by the Organization for Economic Co-
operation and Development (the "OECD") and similar organizations, utilization of net operating loss and tax credit 
carryforwards, changes in geographical allocation of income and expense, and changes in management’s 
assessment of matters such as the realizability of deferred tax assets. In the past, we have experienced fluctuations 
in our effective income tax rate. Our effective income tax rate in a given fiscal year reflects a variety of factors that 
may not be present in the succeeding fiscal year or years. There is no assurance that our effective income tax rate 
will not change in future periods.
For example, as a result of the Federal Act on the Tax Reform and AHV Financing (“TRAF”), the canton of Vaud 
in Switzerland, where we are incorporated, enacted tax reforms that took effect as of January 1, 2020. As a result of 
the TRAF reform, Logitech will incur cash income taxes that will increase over time as the deferred income tax 
benefit established in connection with the reform diminishes. Implementation of any material change in tax laws or 
policies or the adoption of new interpretations of existing tax laws and rulings, or termination or replacement of our 
tax arrangements with the canton of Vaud may adversely affect our net income.
In addition, the Base Erosion and Profit Shifting Project (the “BEPS Project”) undertaken by the OECD 
recommended changes to numerous long-standing tax principles, including a proposal to reallocate profits among 
tax jurisdictions in which companies do business (“Pillar One”) and establishing a minimum tax on global income 
(“Pillar Two”). As many countries have proposed or enacted Pillar Two legislation in jurisdictions in which we 
operate, we continue to monitor the relevant developments. 
We file Swiss and foreign tax returns. We are frequently subject to tax audits, examinations and assessments in 
various jurisdictions. If any tax authority successfully challenges our operational structure, intercompany pricing 
policies or the taxable presence of our key subsidiaries in certain countries, if the terms of certain income tax 
treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any 
country, our effective income tax rate could increase. For example, policy changes in Switzerland, the United States 
or China predicated on our presence in those countries could adversely affect where we recognize profit and our 
effective income tax rate. A material assessment by a governing tax authority could adversely affect our 
profitability. If our effective income tax rate increases in future periods, our net income and cash flows could be 
adversely affected.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 27

We maintain cash and cash equivalents at financial institutions and are exposed to credit risk in the event 
of default by such financial institutions.
We maintain cash and cash equivalents with various creditworthy financial institutions and while we have a 
policy to limit exposure with any one financial institution, we are exposed to credit risk in the event of default by 
financial institutions to the extent that cash balances with individual financial institutions are in excess of amounts 
that are insured. If such institutions were to fail, we could lose all or a portion of amounts held in excess of such 
insurance limits. Any material loss that we may experience in the future as a result could additionally have an 
adverse effect on our ability to pay or could delay payments of our operational expenses and other payments, 
including in connection with our dividend, share repurchases, payments to our vendors and employees and cause 
other operational impacts. 
Risks Related to Confidential Information, Cybersecurity, Privacy, and Intellectual Property
 
Losses or unauthorized access to or releases of confidential information could adversely affect our 
business and result in significant reputational, financial and legal consequences.
We use and store confidential information, including but not limited to our business, financial, legal and 
governance information, as well as personal information about our employees, members of our Board of Directors, 
customers, and other business partners. In addition, as a consumer electronics company, our websites are an 
important presentation of our company, identity and brands and an important means of interaction with and source 
of information for consumers of our products. We also rely on our centralized information technology systems for 
product-related information and to store intellectual property and data, forecast our business, maintain financial 
records, manage operations and inventory, and operate other critical functions. We allocate significant resources to 
maintain our information technology systems and implement technical and organizational measures recognized as 
“best practice” to protect against unauthorized access or misuse. 
Nevertheless, our websites and information technology systems have been and could continue to be subject to 
or threatened with, and are susceptible to damage, disruptions or shutdowns due to power outages, hardware 
failures, structural or operational failures, computer viruses, ransomware and other malware, attacks by computer 
hackers and other third parties, employee error or malfeasance, phishing and other means of social engineering, 
other data security issues, telecommunication failures, user error, employee or contractor negligence or 
malfeasance, catastrophes, downtime due to system or software upgrades, integration or migration, or other 
foreseeable and unforeseen events. Such risks extend not only to our own products, services, systems and 
networks, but also to those of customers, suppliers, contractors, business partners, vendors, and other third parties, 
particularly as all parties increasingly digitize their operations. To date, we are not aware of any such disruptions or 
issues impacting our systems or products having resulted in security incidents with a material impact on us, 
individually or in the aggregate. 
Moreover, there is an increased risk that we may experience security breaches or incidents as a result of our 
employees, service providers and third parties working remotely. In addition, our growth and increased frequency 
and sophistication of cyber and product security attacks, especially leveraging "deepfakes" and other AI techniques 
may increase the likelihood of us becoming a target of complex and damaging attacks that substantially disrupt 
operations and expose sensitive data. While we have developed and implemented security measures and 
processes designed to protect against cyber and other security threats, such measures cannot provide absolute 
security and may not be successful in preventing all security breaches. 
Security incidents or breaches impacting the information we or our third-party service providers process or 
maintain, or our products, websites or information technology systems may result in loss, unavailability, corruption, 
or unauthorized collection, use, disclosure or other processing of personal data and other confidential information 
that we and our service providers maintain and otherwise process. Any such incidents or breaches, or the belief or 
perception that any such matters have occurred could result in disruptions of our operations, loss of intellectual 
property and loss, corruption, unavailability or other unauthorized processing of data. Any such event could also 
damage our brand and reputation or otherwise harm our business, and could result in government enforcement 
actions, litigation and potential liability for us. Any of these may adversely affect our business, results of operations 
and financial condition, potentially in a material manner.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 28

In addition, while we carry cyber insurance, we cannot be certain that our insurance will be sufficient to cover 
losses and liabilities resulting from cyberattacks, security breaches and incidents, or other interruptions, that 
insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not 
deny coverage as to any future claim, any of which could have a material adverse effect on our business, including 
our financial condition, results of operations and reputation.
The collection, storage, transmission, use and distribution of personal data could give rise to liabilities and 
additional costs of operation as a result of laws, governmental regulation and risks of data breaches and 
security incidents.
In connection with our operations, we collect and otherwise process personal data, including that of our 
consumers. The processing of this information is increasingly subject to legislation, regulations and enforcement in 
numerous jurisdictions around the world. Global data privacy regulation is increasingly fragmented, with increasing 
enforcement efforts and penalties. Such fragmentation requires more complex and costly compliance structures, 
while heightened enforcement increases the cost and reputational risk associated with even minor compliance 
errors. For example, the General Data Protection Regulation ("GDPR"), which is applicable to us and to all 
companies processing data of people in the European Union, imposes significant fines and sanctions for violation of 
the Regulation. Compliance with the GDPR's international transfer rules has been made more difficult by the 
invalidation of the European Union-U.S. Privacy Shield and we are now required to put in place additional privacy 
protective measures for transfer of data of people in the European Union to certain countries outside of the 
European Economic Area. In the United States, several states have adopted broad privacy laws. Such laws and 
regulations are typically intended to protect the privacy and security of personal information and its collection, 
storage, transmission, use, disclosure and other processing. For example, California has enacted the California 
Consumer Privacy Act (the “CCPA”), which, among other things, requires covered companies to provide disclosures 
to California consumers and afford such consumers abilities to opt-out of certain sales of personal information. 
Additionally, the California Privacy Rights Act (the “CPRA”), was approved by California voters in November 2020. 
The CPRA significantly modifies the CCPA and has made compliance more uncertain and complex. Additionally, 
other U.S. states continue to propose, and in certain cases adopt, privacy-focused legislation. Other laws and 
regulations may follow, at state and federal levels.
 In addition, because various jurisdictions have different laws and regulations concerning the use, storage, 
transmission and other processing of such information, we may face requirements that pose compliance challenges 
in existing markets as well as new international markets that we seek to enter. The collection and processing of 
personal data also heightens the risk of security breaches and other data security issues related to our IT systems 
and the systems of third-party data storage and other service and IT providers. Such laws and regulations, variation 
between jurisdictions and risks presented by our processing of personal data could limit our ability to use data and 
develop new features and services, subject us to increased costs, require allocation of additional resources and 
changes to our policies and practices, which may be difficult to achieve in a commercially reasonable manner or at 
all. Any actual or perceived failure by us to comply with these laws, regulations, or other actual or asserted 
obligations relating to privacy or the collection, use or other processing of personal data may lead to significant 
fines, penalties, regulatory investigations, lawsuits, significant costs for remediation, damage to our reputation, or 
other liabilities, all of which could adversely affect our business.
Claims by others that we infringe their proprietary technology could adversely affect our business.
 
We have been expanding the categories of products we sell. We expect to continue to enter new categories and 
markets. As we do so, we face an increased risk that claims alleging we infringe the patent or other intellectual 
property rights of others, including as a result of our use of AI, and regardless of the merit of the claims, may 
increase in number and significance. This risk is heightened by the persistent lawsuits brought by holders of patents 
that do not have an operating business or are attempting to license broad patent portfolios Intellectual property 
lawsuits are subject to inherent uncertainties due to the complexity of the technical issues involved, and we cannot 
be certain that we will be successful in defending ourselves against intellectual property claims. A successful 
claimant could secure a judgment that requires us to pay substantial damages or prevents us from distributing 
certain products or performing certain services. We might also be required to seek a license for the use of such 
intellectual property, which may not be available on commercially acceptable terms or at all. Alternatively, we may 
be required to develop non-infringing technology, which could require significant effort and expense and may 
ultimately not be successful. Any claims or proceedings against us, whether meritorious or not, could be time 
consuming, result in costly litigation or the diversion of significant operational resources, or require us to enter into 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 29

royalty or licensing agreements, any of which could materially and adversely affect our business and results of 
operations.
We may be unable to protect our proprietary rights. Unauthorized use of our technology may result in the 
development of products that compete with our products.
 
Our future success depends in part on our proprietary technology, technical know-how and other intellectual 
property. We rely on a combination of patent, trade secret, copyright, trademark and other intellectual property laws, 
and confidentiality procedures and contractual provisions such as nondisclosure terms and licenses, to protect our 
intellectual property.
 
We hold various United States patents and pending applications, together with corresponding patents and 
pending applications from other countries. It is possible that any patent owned by us will be invalidated, deemed 
unenforceable, circumvented or challenged, that the patent rights granted will not provide competitive advantages to 
us, or that any of our pending or future patent applications will not be granted, maintained or enforced. In addition, 
other intellectual property laws or our confidentiality procedures and contractual provisions may not adequately 
protect our intellectual property. Also, others may independently develop similar technology, duplicate our products, 
or design around our patents or other intellectual property rights. Unauthorized parties have copied and may in the 
future attempt to copy aspects of our products or to obtain and use information that we regard as proprietary. Any of 
these events could adversely affect our business, financial condition and operating results.
Risks Related to our Financial Results
Our operating results are difficult to predict and fluctuations in results may cause volatility in the price of 
our shares.
Our revenues and profitability are difficult to predict due to the nature of the markets in which we compete, 
fluctuating user demand, the uncertainty of current and future global economic conditions, and for many other 
reasons, including the following:
•
Our operating results are highly dependent on the volume and timing of orders received during the quarter, 
which are difficult to forecast. Customers generally order on an as-needed basis and we typically do not 
obtain firm, long-term purchase commitments from our customers. As a result, our revenues in any quarter 
depend primarily on orders booked and shipped in that quarter.
•
A significant portion of our quarterly retail sales typically occurs in the last weeks of each quarter, further 
increasing the difficulty in predicting quarterly revenues and profitability.
•
Our sales are impacted by consumer demand and current and future global economic and political 
conditions, including inflation, interest rate and foreign currency fluctuations, slowdown of economic activity 
around the world, and lower consumer and enterprise spending, trade restrictions and tariffs, and can, 
therefore, fluctuate abruptly and significantly during periods of uncertain economic conditions or geographic 
distress, as well as from shifts in distributor inventory practices and consumer buying patterns.
•
We must incur a large portion of our costs in advance of sales orders because we must plan research and 
production, order components, buy tooling equipment, and enter into development, sales and marketing, 
and other operating commitments prior to obtaining firm commitments from our customers. This makes it 
difficult for us to rapidly adjust our costs during the quarter in response to a revenue shortfall, which could 
adversely affect our operating results.
•
From time to time, we engage in opportunistic marketing and sales activities, including advertising and 
promotional events to enhance our brand awareness. The effectiveness of our marketing and sales efforts 
is uncertain and it is difficult to predict whether our marketing and sales efforts will result in increased sales.
•
We engage in acquisitions and divestitures, and such activity varies from period to period. Such variance 
may affect our growth, our previous outlook and expectations, and comparisons of our operating results and 
financial statements between periods.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 30

•
We are continuously attempting to simplify our organization, to control operating costs through expense and 
global workforce management, to reduce the complexity of our product portfolio, and to better align costs 
with our current business. We may not achieve the cost savings or other anticipated benefits from these 
efforts, and the success or failure of such efforts may cause our operating results to fluctuate and to be 
difficult to predict.
•
Fluctuations in currency exchange rates can impact our revenues, expenses and profitability because we 
report our financial statements in U.S. Dollars, whereas a significant portion of our revenues and expenses 
are in other currencies. We attempt to adjust product prices over time to offset the impact of currency 
movements. However, over short periods of time, during periods of weakness in consumer spending or 
given high levels of competition in many product categories, our ability to change local currency prices to 
offset the impact of currency fluctuations is limited.
Because our operating results are difficult to predict, our results may be below the expectations of financial 
analysts and investors, which could cause the price of our shares to decline.
Our gross margins can vary significantly depending on multiple factors, which can result in unanticipated 
fluctuations in our operating results.
Our gross margins can vary due to consumer demand, competition, product pricing, product lifecycle, product 
mix, new product introductions, unit volumes, acquisitions and divestitures, commodity, supply chain and logistics 
costs, capacity utilization, geographic sales mix, currency exchange rates, trade policy and tariffs, and the 
complexity and functionality of new product innovations and other factors. In particular, if we are not able to 
introduce new products in a timely manner at the product cost we expect, or if consumer demand for our products is 
less than we anticipate, or if there are product pricing, marketing and other initiatives by our competitors to which we 
need to react or that are initiated by us to drive sales that lower our margins, then our overall gross margin will be 
less than we project.
In addition, our gross margins may vary significantly by product line, sales geography and customer type, as 
well as within product lines. When the mix of products sold shifts from higher margin product lines to lower margin 
product lines, to lower margin sales geographies, or to lower margin products within product lines, our overall gross 
margins and our profitability may be adversely affected.
As we expand within and into new product categories, our products in those categories may have lower gross 
margins than in our traditional product categories. Consumer demand in these product categories, based on style, 
color and other factors, tends to be less predictable and tends to vary more across geographic markets. As a result, 
we may face higher up-front investments, inventory costs associated with attempting to anticipate consumer 
preferences, and increased inventory write-offs. If we are unable to offset these potentially lower margins by 
enhancing the margins in our more traditional product categories, our profitability may be adversely affected.
Changes in trade policy, including tariffs and the tariffs focused on China in particular, and currency exchange 
rates also have adverse impacts on our gross margins. 
The impact of these factors on gross margins can create unanticipated fluctuations in our operating results, 
which may cause volatility in the price of our shares.
We cannot ensure that our share repurchase programs will be fully utilized or that it will enhance long-term 
shareholder value. Share repurchases may also increase the volatility of the trading price of our shares. We 
similarly cannot ensure that we will continue to increase our dividend payments or to pay dividends at all. 
Share repurchases and dividends diminish our cash reserves. 
Our share repurchase program and dividend policy may be affected by many factors, including general 
business and economic conditions, our financial condition and operating results, our views on potential future capital 
requirements, restrictions imposed in any future debt agreements, the emergence of alternative investment or 
acquisition opportunities, changes in our business strategy, legal requirements, changes in tax laws, and other 
factors. Our share repurchase program does not obligate us to repurchase all or any of the dollar value of shares 
authorized for repurchase. The program could also increase the volatility of the trading price of our shares. 
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Similarly, we are not obligated to pay dividends on our registered shares. Under Swiss law, we may only pay 
dividends upon the approval of a majority of our shareholders, which is under the discretion of and generally follows 
a recommendation by our Board of Directors that such a dividend is in the best interests of our shareholders. There 
can be no assurance that our Board of Directors will continue to recommend, or that our shareholders will approve, 
dividend increases or any dividend at all. If we do not pay a regular dividend, we may lose the interest of investors 
that focus their investments on dividend-paying companies, which could create downward pressure on our share 
price. Any announcement of termination or suspension of our share repurchase program or dividend may result in a 
decrease in our share price. The share repurchase program and payment of cash dividends could also diminish our 
cash reserves that may be needed for investments in our business, acquisitions or other purposes. Without 
dividends, the trading price of our shares must appreciate for investors to realize a gain on their investment.
ITEM 1B.    UNRESOLVED STAFF COMMENTS
None.
ITEM 1C.    CYBERSECURITY
Maintaining people's trust is of paramount importance for Logitech. Logitech’s security capability is designed 
to protect the confidentiality, integrity, availability and accessibility of Logitech’s information, digital assets, products 
and services. Our security capability includes: (i) cybersecurity, which protects information and digital assets used at 
Logitech to conduct business and (ii) product security, which protects Logitech products and services provided to 
our customers.
Risk Management and Strategy 
We have established a Security Governance Framework that defines roles and responsibilities, so that 
security is taken into account at all levels and in every department or function of the Company.
Identifying and assessing cybersecurity risk is integrated into our enterprise risk management. We have 
implemented incident response and breach management processes that include the following steps: mobilizing the 
right stakeholders and containing the attack, maintaining trust with all affected stakeholders and understanding the 
attack, recovering the most critical business operations, and learning from the attack. We also conduct tabletop 
exercises to, among other things, align activities and expectations in connection with our incident response 
processes, discuss strategic questions, and review third party recommendations. 
Our security framework provides guidance for the organization, governance and implementation of security 
across the company. Logitech and its infrastructure have been certified for compliance with ISO 27001, an 
international standard for information security management. 
As part of our risk management program, we continuously assess risks from third parties, including vendors, 
suppliers, and other business partners associated with our use of third-party service providers.
We have not previously experienced a cybersecurity event that was determined to be material, and our 
business strategy, results of operations and financial condition have not been materially affected by risks from 
cybersecurity threats. For additional information regarding risks from cybersecurity threats, please refer to Item 1A 
"Risk Factors" in this Annual Report on Form 10-K.
Governance
Board of Directors and Board Committees Oversight of Risks from Cybersecurity Threats
Logitech’s Board of Directors oversees risk management and reviews Logitech security risks, controls and 
procedures. The Board of Directors is assisted in its role by each of the Audit Committee and the Technology and 
Innovation Committee. The Audit Committee is responsible for the oversight of risks from cybersecurity threats. 
Members of the Audit Committee receive updates on a semi-annual basis from our Chief Information Security 
Officer (“CISO”) regarding matters of cybersecurity. The Technology and Innovation Committee periodically reviews 
the Company’s cybersecurity, information security and other technology risks, controls and procedures, including 
product security and related threats. Finally, the Board has formed a Cyber Crisis Subcommittee tasked with 
overseeing any future significant cybersecurity crisis. 
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Management’s Role in Assessing and Managing Material Risks from Cybersecurity Threats
Our Cybersecurity Team is tasked, among other things, with evaluating, reporting and advising about 
cybersecurity risks, defining and leading the enterprise cybersecurity program to protect Logitech business against 
cybersecurity threats, maintaining and updating the cybersecurity framework, monitoring the level of compliance 
with the cybersecurity framework across Logitech digital assets and services, providing enterprise-wide 
cybersecurity services, defining cybersecurity standards and advising on secure architectures, performing 
assessments and due diligence checks internally and with business partners, providing cybersecurity guidance for 
digital projects, creating and deploying cybersecurity training programs, managing cybersecurity incidents and 
breaches, and monitoring cybersecurity threats. The Cybersecurity Team, which is part of the IT organization, is led 
by the CISO, who has 20 years of cybersecurity experience across different industries. The Cybersecurity Team 
leads the enterprise cybersecurity strategy and roadmap, which applies to all information and digital assets, used at 
Logitech to conduct business. Our cybersecurity is managed based on industry-leading standards such as ISO 
27001, National Institute of Standards and Technology (NIST) and Center for Internet Security (CIS).
Our Product Security Team is responsible for the development of product security policies and standards for 
the Company, including supporting product security threat identification, supporting product security risk 
assessment, building and maintaining security policies, standards and guidelines, performing internal audits against 
the product security policies and standards, performing product security architecture analysis and reviews, raising 
product security awareness across the Company, monitoring product security through the product development 
lifecycle, and managing vulnerabilities (pre- and post-production). The Head of Product Security, who reports to our 
Head of Software, is accountable for the release or deployment approval of a product based upon the review of 
internal and external validation (functionality, performance, security) reports. Our Head of Software has more than 
20 years of experience leading software teams, including over a decade in the cybersecurity industry. We assess 
our product security programs against the Open Worldwide Application Security Project (OWASP) Application 
Security Verification Standard (ASVS) and the Software Assurance Maturity Model (SAMM). 
Our CISO and the Head of Software regularly report on cybersecurity and product security matters, 
respectively, to the Audit Committee and/or the Technology and Innovation Committee and the Board of Directors.
ITEM 2.    PROPERTIES
Our headquarters is located in Lausanne, Switzerland, where we occupy approximately 50,500 square feet 
under a lease that expires in July 2025. Our principal corporate and administrative offices, which includes our 
headquarters in Lausanne, Switzerland, and corporate offices in San Jose, California, and corporate offices in 
Hsinchu, Taiwan, together make up approximately 250,000 square feet of leased space. Both our Lausanne, 
Switzerland headquarters and San Jose, California location are designed to serve our research and development, 
product marketing, sales management, technical support and administrative functions. Our Hsinchu, Taiwan location 
serves our mechanical engineering, process engineering, manufacturing support, quality assurance, design, 
research and development, and administrative functions. We maintain marketing and channel support offices in 
approximately 80 locations and over 40 countries, with lease expiration dates from 2024 to 2033.
As of March 31, 2024, the majority of our properties are leased; however, we also own some of the 
manufacturing units and employee dormitories in Suzhou, China, from which we occupy approximately 720,000 
square feet. We anticipate no difficulty in extending the leases of our facilities or obtaining comparable facilities in 
suitable locations. We also contract with various third-party distribution centers in North America, South America, 
Europe and Asia Pacific for additional warehouses in which we store inventory. 
We believe that our manufacturing and distribution facilities are adequate for our ongoing needs and we 
continue to evaluate the need for facilities to meet current and anticipated future requirements.
ITEM 3.    LEGAL PROCEEDINGS
From time-to-time, we are involved in claims and legal proceedings that arise in the ordinary course of our 
business. We are currently subject to several such claims and legal proceedings. We periodically assess the 
Company’s liabilities and contingencies in connection with these matters based upon the latest information 
available. We follow ASC ("Accounting Standards Codification") 450, Contingencies, in determining the accounting 
and disclosure for these contingencies. Based on the currently available information, we do not believe that 
resolution of pending matters will have a material adverse effect on our financial condition, cash flows or results of 
operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that our 
defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on our 
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business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings 
against us, whether meritorious or not, can have an adverse impact because of defense costs, diversion of 
management and operational resources, negative publicity and other factors. Any failure to obtain a necessary 
license or other rights, or litigation arising out of intellectual property claims, could adversely affect our business.
As a result of Regulation S-K disclosure requirements related to environmental proceedings to which the 
government is a party and such proceedings involve potential monetary sanctions, we selected the quantitative 
threshold of $1.0 million. 
ITEM 4.    MINE SAFETY DISCLOSURES
None.
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PART II
ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SECURITIES
Logitech's shares are listed and traded on both the SIX Swiss Exchange, where the share price is 
denominated in Swiss francs, and on the Nasdaq Global Select Market, where the share price is denominated in 
U.S. Dollars. The trading symbol for Logitech shares is LOGN on the SIX Swiss Exchange and LOGI on the Nasdaq 
Global Select Market. As of May 2, 2024, there were 173,106,620 shares issued (including 19,662,686 shares held 
as treasury stock) held by 36,974 holders of record, and the closing price of our shares was CHF 74.58 ($81.09 
based on exchange rates on such date) per share on the SIX Swiss Exchange and $81.77 per share as reported by 
the Nasdaq Global Select Market.
Dividends
Under Swiss law, a corporation may only pay dividends upon a vote of its shareholders. This vote typically 
follows the recommendation of the corporation's Board of Directors. In May 2024, the Board of Directors 
recommended that the Company increase the cash dividend per share for fiscal year 2024 by approximately CHF 
0.10 per share to CHF 1.16 per share (approximately $1.28 per share based on the exchange rate on March 31, 
2024). Based on our shares outstanding, net of treasury shares, as of March 31, 2024 (153,863,262 shares), this 
would result in an aggregate gross dividend of approximately CHF 178.5 million (approximately $197.2 million 
based on the exchange rate on March 31, 2024). This amount may vary based on the number of shares 
outstanding, net of treasury shares, as of the record date for the dividend, but will not exceed approximately CHF 
200.8 million (based on our shares currently issued or 173,106,620 shares). This recommendation will be voted on 
by our shareholders at the Company’s 2024 Annual General Meeting.
On September 13, 2023, Logitech's shareholders approved a cash dividend payment of CHF 1.06 per share 
out of retained earnings to Logitech's shareholders who owned shares on September 26, 2023. Eligible 
shareholders were paid CHF 1.06 per share ($1.16 per share in U.S. Dollars based on the exchange rate on the 
date of payment), totaling $182.3 million in U.S. Dollars on September 27, 2023.
On September 14, 2022, Logitech's shareholders approved a cash dividend payment of CHF 0.96 per share 
out of retained earnings to Logitech's shareholders who owned shares on September 27, 2022. Eligible 
shareholders were paid CHF 0.96 per share ($0.98 per share in U.S. Dollars based on the exchange rate on the 
date of payment), totaling $158.7 million in U.S. Dollars on September 28, 2022. 
Dividends paid and similar cash or in-kind distributions made by Logitech to a holder of Logitech shares 
(including dividends or liquidation proceeds and stock dividends), other than distributions of qualifying additional 
paid-in-capital if it is available under the current Swiss tax regime, are subject to a Swiss federal anticipatory tax at a 
rate of 35%. The anticipatory tax must be withheld by Logitech from the gross distribution and paid to the Swiss 
Federal Tax Administration.
A Swiss resident holder and beneficial owner of Logitech shares may qualify for a full refund of the Swiss 
anticipatory tax withheld from such dividends. A holder and beneficial owner of Logitech shares who is a non-
resident of Switzerland, but a resident of a country that maintains a double tax treaty with Switzerland, may qualify 
for a full or partial refund of the Swiss anticipatory tax withheld from such dividends by virtue of the provisions of the 
applicable treaty between Switzerland and the country of residence of the holder and beneficial owner of the 
Logitech shares.
In accordance with the tax convention between the United States and the Swiss Confederation (Treaty), a 
mechanism is provided whereby a U.S. resident (as determined under the Treaty), and U.S. corporations, other than 
U.S. corporations having a "permanent establishment" or a fixed base, as defined in the Treaty, in Switzerland, 
generally can obtain a refund of the Swiss anticipatory tax withheld from dividends in respect of Logitech shares, to 
the extent that 15% of the gross dividend is withheld as final withholding tax (i.e. 20% of the gross dividend may 
generally be refunded). In specific cases, U.S. companies not having a "permanent establishment" or a fixed base 
in Switzerland owning at least 10% of Logitech registered shares may receive a refund of the Swiss anticipatory tax 
withheld from dividends to the extent it exceeds 5% of the gross dividend (i.e., 30% of the gross dividend may be 
refunded). To get the benefit of a refund, holders must beneficially own Logitech shares at the time such dividend 
becomes due.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 35

Share Repurchases
In fiscal year 2024, the following approved share repurchase programs were in place (in thousands):
Share Repurchase Program
Approved Shares
Approved Amounts (1)
May 2020 (1)
 
17,311 $ 
1,500,000 
July 2023 (2)
 
17,311 $ 
1,000,000 
(1) The 2020 share repurchase program expired on July 27, 2023. See Note 14 to the consolidated financial 
statements for further information.
(2) In June 2023, our Board of Directors approved a new, three-year share repurchase program. The Swiss 
Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on 
July 28, 2023. See Note 14 to the consolidated financial statements for further information. 
The following tables present certain information related to purchases made by Logitech of its equity securities 
under its publicly announced share repurchase programs (in thousands, except per share amounts):
Weighted Average Price Per Share
Remaining 
Amount that 
May Yet Be
Repurchased 
under the 
Program
During Fiscal Year Ended
Shares
Repurchased(1)
CHF (LOGN)
USD (LOGI)
March 31, 2022
 
4,607 
82.15
 
89.36 $ 
423,696 
March 31, 2023
 
7,562 
52.94
 
55.25 $ 
505,844 
March 31, 2024
 
7,100 
65.46
 
73.63 $ 
635,750 
(1) In fiscal years 2022, 2023 and 2024, the number of shares repurchased on the SIX was 3.9 million, 7.4 million, 
and 6.9 million, respectively, and the number of shares repurchased on NASDAQ was 0.7 million, 0.2 million, and 
0.2 million, respectively. Shares were repurchased in fiscal year 2022 and fiscal year 2023 to support equity 
incentive plans. In fiscal year 2024, 4.1 million shares were repurchased for cancellation and the remaining shares 
were repurchased to support equity incentive plans.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 36

Total Number of 
Shares
Repurchased
Weighted Average Price Paid Per 
Share
Remaining 
Amount that 
May Yet Be
Repurchased 
under the 
Program
During the three months ended March 31, 2024
CHF (LOGN)
USD (LOGI)
Month 1
December 30, 2023 to January 26, 2024
SIX
430 (1)
 
79.71 
N/A $ 
727,751 
Nasdaq
 
— 
N/A
 
—  
727,751 
Month 2
January 27, 2024 to February 23, 2024
SIX
465 (2)
75.13
N/A
 
687,750 
Nasdaq
—
N/A
 
—  
687,750 
Month 3
February 24, 2024 to March 31, 2024
SIX
577 (2)
80.00
N/A
 
635,750 
Nasdaq
—
N/A
 
—  
635,750 
 
1,472 
78.38
N/A $ 
635,750 
(1) Includes 346,000 shares repurchased on the ordinary trading line to support equity incentive plans and 84,000 
shares repurchased on the second trading line for cancellation under the 2023 share repurchase program. 
(2) Shares repurchased on the second line for cancellation under the 2023 share repurchase program.
Performance Graph
The information contained in the Performance Graph shall not be deemed to be "soliciting material" or "filed" 
with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended (the 
Exchange Act), except to the extent that we specifically incorporate it by reference into a document filed under the 
Securities Act of 1933, as amended (the Securities Act), or the Exchange Act.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 37

The following graph compares the cumulative total stockholder return on our shares, the Nasdaq Composite 
Index, and the S&P 500 Information and Technology Index. The graph assumes that $100 was invested in our LOGI 
shares, the Nasdaq Composite Index and the S&P 500 Information and Technology Index on March 31, 2019 and 
calculates the annual return through March 31, 2024. The stock price performance on the following graph is not 
necessarily indicative of future stock price performance.
Comparison of 5 year cumulative total return*
Logitech
Nasdaq Composite Index
S&P 500 Information and Technology Index
03/19
03/20
03/21
03/22
03/23
03/24
$0
$100
$200
$300
$400
 
March 31,
 
2019
2020
2021
2022
2023
2024
Logitech
$ 
100 $ 
111 $ 
274 $ 
195 $ 
157 $ 
246 
Nasdaq Composite Index
$ 
100 $ 
101 $ 
175 $ 
189 $ 
164 $ 
222 
S&P 500 Information and Technology Index
$ 
100 $ 
110 $ 
184 $ 
222 $ 
212 $ 
310 
ITEM 6.    (Reserved)
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Logitech International S.A. | Fiscal 2024 Form 10-K | 38

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS
        The following Management's Discussion and Analysis of Financial Condition and Results of Operations 
contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially 
from those anticipated in these statements as a result of certain factors, including those set forth above in Item 1A 
"Risk Factors," and below in Item 7A, "Quantitative and Qualitative Disclosures about Market Risk." Please read the 
following discussion and analysis of our financial condition and results of operations together with our consolidated 
financial statements and related notes included under Item 8 of this Annual Report on Form 10-K.
Company Overview
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: Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, 
Webcams, Tablet Accessories, and Headsets. These products are all classified under a single operating segment: 
Peripherals (see Note 15 to our consolidated financial statements).
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. 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.
Impacts of Macroeconomic and Geopolitical Conditions on our Business
Our business has been impacted by adverse macroeconomic and geopolitical conditions. These conditions 
include inflation, interest rate and foreign currency fluctuations, changes in fiscal policies, slowdown of economic 
activity around the world, and lower consumer and enterprise spending. 
The global and regional economic and political conditions adversely affected demand for our products. In 
addition, these conditions have caused and may continue to cause volatility in the cost of materials and logistics, 
and transportation delays, and as a result may impact the pricing of our products, product availability and our results 
of operations. 
For additional information, see Item 1A "Risk Factors," including under the captions "Adverse global and 
regional economic and geopolitical conditions can materially adversely affect our business, results of operations and 
financial condition," “We purchase key components and products from a limited number of sources, and our 
business and operating results could be adversely affected if supply were delayed or constrained or if there were 
shortages of required components,” “Our principal manufacturing operations and third-party contract manufacturers 
are located in China and Southeast Asia, which exposes us to risks associated with doing business in that 
geographic area as well as potential tariffs, adverse trade regulations, adverse tax consequences and pressure to 
move or diversify our manufacturing locations,” “If we do not accurately forecast market demand for our products, 
our business and operating results could be adversely affected,” and "If we do not successfully coordinate the 
worldwide manufacturing and distribution of our products, we could lose sales and our business and operating 
results could be adversely affected.” 
Trends and Uncertainties
Several long-term secular-trends offer long-term structural growth opportunities across Logitech’s product 
portfolio. We design, create and sell products that benefit from these secular trends which include the following:
•
Hybrid work: Hybrid work provides an opportunity to equip multiple workspaces including in the office and 
other places of work, as well as at home and away from home. Hybrid work also provides an opportunity for 
increased enterprise and consumer adoption of video conferencing. Our video collaboration products are 
compatible with a variety of video conference platforms, including Zoom, Microsoft Teams and Google Meet 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 39

•
Gaming: The ongoing growth and evolution of gaming creates an opportunity for us to provide more tools to 
a wider community of gamers. In particular, social gaming continues to gain popularity through online 
gaming, multi-platform experiences and esports. 
•
AI: AI has reshaped expectations for productivity improvements, product innovation and technology 
ecosystem evolution. While we have used AI solutions and machine learning to enhance the features of 
different products in our portfolio, AI offers additional growth opportunities and risks as we work to integrate 
our capabilities with our ecosystem partners. 
•
Climate change: Climate change affects everyone. We already consider sustainability as part of our product 
design and in other areas and intend to continue to do so in the future.
•
The importance of trust: With our well-established Logitech brand, consumer-centric design philosophy, and 
commitment to high privacy and security standards, we strive to deliver trusted user experiences. 
While we believe we will further benefit from these secular trends, we have experienced and will continue to 
experience challenges that impact our business and financial results. These challenges include (i) the current 
macroeconomic environment, including interest rate fluctuations, inflation, foreign exchange movements, changes in 
fiscal policies and low economic growth in certain regions, (ii) the uncertainty with overall consumer and enterprise 
demand, (iii) the uncertainty with enterprise strategy for office space utilization and related timing of enterprise 
investments in infrastructure and technology, and (iv) the timing of further development of our B2B go-to-market 
capabilities. 
We expect these challenges to continue in the near-term. We have taken steps to mitigate the impact of these 
challenges, including but not limited to: (i) reduction in our operating expenses in order to maintain margins and size 
the business for the current market, (ii) reduction in inventories to more appropriately align with demand, (iii) 
continued investment in our B2B capabilities, and (iv) release of new products to increase the value proposition of 
our portfolio. 
For additional information, see Part I, Item 1A “Risk Factors.”
Business Seasonality and Product Introductions 
We have historically experienced higher sales in our third fiscal quarter ending December 31, compared to 
other fiscal quarters in our fiscal year, primarily due to the increased consumer demand for our products during the 
year-end holiday buying season and year-end spending by enterprises. Additionally, new product introductions and 
business acquisitions can significantly impact sales, product costs and operating expenses. Product introductions 
can also impact our sales to distribution channels as these channels are filled with new product inventory following a 
product introduction, and often channel inventory of an earlier model product declines as the next related major 
product launch approaches. Sales can also be affected when consumers and distributors anticipate a product 
introduction or changes in business circumstances. However, neither historical seasonal patterns nor historical 
patterns of product introductions should be considered reliable indicators of our future pattern of product 
introductions, future sales or financial performance. Furthermore, 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.
Summary of Financial Results
Our total sales for fiscal year 2024 decreased 5%, compared to fiscal year 2023, primarily driven by a decline 
in sales of most of our product categories as a result of lower demand.
Sales for fiscal year 2024 decreased 16% and 2% in the Asia Pacific and Americas regions, respectively, and 
were flat in EMEA, compared to fiscal year 2023. 
Gross margin for fiscal year 2024 increased by 350 basis points to 41.4%, compared to 37.9% for fiscal year 
2023, primarily due to lower material and logistics costs as well as lower promotional spend, partially offset by 
unfavorable product mix.
Operating expenses for fiscal year 2024 were $1,190.7 million, or 27.7% of sales, compared to $1,261.0 
million, or 27.8% of sales, for fiscal year 2023. The decrease in operating expenses was primarily driven by a 
reduction in marketing spend.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 40

Included in the income tax provision of $9.5 million and $98.9 million in fiscal year 2024 and 2023 was $20.7 
million of tax benefit and $46.0 million of tax expense, respectively, from Switzerland. 
Net income for fiscal year 2024 was $612.1 million, compared to $364.6 million for fiscal year 2023, reflecting 
higher gross margin as well as lower operating expenses and income tax provision.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to 
make assumptions, judgments, and estimates that affect reported amounts of assets, liabilities, sales and 
expenses, and the disclosure of contingent assets and liabilities.
We consider an accounting estimate critical if it: (i) requires management to make judgments and estimates 
about matters that are inherently uncertain; and (ii) is important to an understanding of our financial condition and 
operating results.
We base our assumptions, judgments and estimates on historical experience and various other factors that we 
believe to be reasonable under the circumstances. Although these assumptions, judgments, and estimates are 
based on management's best knowledge of current events and actions that may impact us in the future, actual 
results could differ. Management has discussed the development, selection and disclosure of these critical 
accounting estimates with the Audit Committee of the Board of Directors.
We believe the following accounting estimates are most critical to our business operations and to an 
understanding of our financial condition and results of operations and reflect the more significant judgments and 
estimates used in the preparation of our consolidated financial statements.
Accruals for Customer Programs and Product Returns
We record accruals for cooperative marketing, customer incentive, pricing programs ("Customer Programs") 
and product returns. The estimated cost of these programs is usually recorded as a reduction of revenue. 
Significant management judgments and estimates must be used to determine the cost of these programs in any 
accounting period. Customer Programs require management to estimate the percentage of those programs that will 
not be claimed in the current period or will not be earned by customers, which is commonly referred to as 
"breakage." Breakage is estimated based on historical claim experience, the period in which the claims are 
expected to be submitted, specific terms and conditions with customers, and other factors. If we receive a 
separately identifiable benefit from a customer and can reasonably estimate the fair value of that benefit, the cost of 
the Customer Programs is recognized in operating expenses. 
Customer Incentive Programs. Customer incentive programs include performance-based incentives and 
consumer rebates. We offer performance-based incentives to our customers and indirect partners based on 
predetermined performance criteria. Consumer rebates are offered from time to time at our discretion for the 
primary benefit of end-users. Customer incentive programs are considered variable consideration, which we 
estimate and record as a reduction to revenue at the time of sale based on negotiated terms, historical experiences, 
forecasted incentives, the anticipated volume of future purchases, and inventory levels in the channel.
Product Returns. We grant limited rights to return products. Return rights vary by customer and range from just 
the right to return the defective product to stock rotation rights limited to a percentage of sales approved by 
management. Estimates of expected future product returns are recognized at the time of sale based on analyses of 
historical return trends by the customer and by product, inventories owned by and located at customers, current 
customer demand, current operating conditions, and other relevant customer and product information. Upon 
recognition, we reduce sales and cost of goods sold for the estimated return. Return trends are influenced by 
product life cycle status, new product introductions, market acceptance of products, sales levels, product sell-
through, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and 
procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow us to 
estimate expected future product returns.
We apply a breakage rate to reduce our accruals of Customer Programs based on the estimated percentage of 
these Customer Programs that will not be claimed or earned. The breakage rate is applied at the time of sale. 
Assessing the period in which claims are expected to be submitted and the relevance of the historical claim 
experience require significant management judgment to estimate the breakage of Customer Programs in any 
accounting period.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 41

We regularly evaluate the adequacy of our accruals for Customer Programs and product returns. Future 
market conditions and product transitions may require us to take action to increase such programs. In addition, 
when the variables used to estimate these costs change, or if actual costs differ significantly from the estimates, we 
would be required to record incremental increases or reductions to revenue or operating expenses.
Inventory Valuation
We must order components for our products and build inventory in advance of customer orders. Further, our 
industry is characterized by rapid technological change, short-term customer commitments and rapid changes in 
demand.
We record inventories at the lower of cost and net realizable value and record write-downs of inventories that 
are obsolete or in excess of anticipated demand or net realizable value. A review of inventory is performed each 
fiscal quarter that considers factors including the marketability and product lifecycle stage, product development 
plans, component cost trends, historical sales, and demand forecasts that consider the assumptions about future 
demand and market conditions. Inventory on hand that is not expected to be sold or utilized is considered excess, 
and we recognize the write-down in the cost of goods sold at the time of such determination. The write-down is 
determined by the excess of cost over net realizable value. Net realizable value is the estimated selling price in the 
ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the 
time of loss recognition, new cost basis per unit and the lower-cost basis for that inventory are established and 
subsequent changes in facts and circumstances would not result in an increase in the cost basis. If there is an 
abrupt and substantial decline in demand for Logitech's products or an unanticipated change in technological or 
customer requirements, we may be required to record additional write-downs that could adversely affect gross 
margins in the period when the write-downs are recorded. We also extend the assessment to non-cancelable 
purchase orders if the inventories are considered excess and record the liability that is reasonably possible to be 
incurred in accrued and other liabilities.
Accounting for Income Taxes
We operate in multiple jurisdictions and our profits are taxed pursuant to the tax laws of these jurisdictions. Our 
effective income tax rate may be affected by the changes in or interpretations of tax laws and tax agreements in any 
given jurisdiction, utilization of net operating loss and tax credit carryforwards, changes in geographical mix of 
income and expense, and changes in our assessment of matters such as the ability to realize deferred tax assets. 
As a result of these considerations, we must estimate income taxes in each of the jurisdictions in which we operate. 
This process involves estimating current tax exposure together with assessing temporary differences resulting from 
the different treatment of items for tax and accounting purposes. These differences result in deferred tax assets and 
liabilities, which are included in the consolidated balance sheet.
We make certain estimates and judgments about the application of tax laws, the expected resolution of 
uncertain tax positions and other matters surrounding the recognition and measurement of uncertain tax benefits. In 
the event that uncertain tax positions are resolved for amounts different than our estimates, or the related statutes 
of limitations expire without the assessment of additional income taxes, we will be required to adjust the amounts of 
the related assets and liabilities in the period in which such events occur. Such adjustments may have a material 
impact on our income tax provision and our results of operations.
For additional information about our Critical Accounting Estimates, see Note 2—Summary of Significant 
Accounting Policies in our Notes to our consolidated financial statements below. 
New Accounting Pronouncements
Refer to Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K for recent 
accounting pronouncements to be adopted.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 42

Constant Currency
We refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as "constant 
currency" sales growth rates. Percentage of constant currency sales growth is calculated by translating prior period 
sales in each local currency at the current period’s average exchange rate for that currency and comparing that to 
current period sales.
Given our global sales presence and the reporting of our financial results in U.S. Dollars, our financial results 
could be affected by significant shifts in currency exchange rates. See “Results of Operations” for information on the 
effect of currency exchange rate fluctuations on our sales. If the U.S. Dollar appreciates or depreciates in 
comparison to other currencies in future periods, this will affect our results of operations in future periods as well.
References to Sales
The term “sales” means net sales, except as otherwise specified and the sales growth discussion and sales 
growth rate percentages are in U.S. Dollars, except as otherwise specified.
Results of Operations
In this section, we discuss the results of our operations for the year ended March 31, 2024 compared to the 
year ended March 31, 2023. For a discussion of the year ended March 31, 2023 compared to the year ended March 
31, 2022, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results 
of Operations" in our Annual Report on Form 10-K filed with the SEC on May 17, 2023.
Net Sales
Our sales in fiscal year 2024 decreased 5%, compared to fiscal year 2023, primarily driven by a decline in 
sales of most of our product categories as a result of lower demand. If currency exchange rates had been constant 
in fiscal years 2024 and 2023, our sales decline in constant currency would have been 6%.
Sales Denominated in Other Currencies
Although our financial results are reported in U.S. Dollars, a portion of our sales was generated in currencies 
other than the U.S. Dollar, such as the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, 
Pound Sterling and New Taiwan Dollar. For the years ended March 31, 2024 and 2023, approximately 50% and 
51%, respectively, of our sales were denominated in currencies other than the U.S. Dollar.
Sales by Region
The following table presents the change in sales by region for fiscal year 2024 compared with fiscal year 2023:
 
2024 vs. 2023
Sales Growth 
Rate
Sales Growth Rate in 
Constant Currency
Americas
 (2) %
 (2) %
EMEA
 — 
 (4) 
Asia Pacific
 (16) 
 (13) 
Americas: 
The decrease in sales in the Americas region for fiscal year 2024, compared to fiscal year 2023, was primarily 
driven by decreases in sales for mobile speakers and PC speakers in our Other category.
EMEA:
Sales in the EMEA region for fiscal year 2024, compared to fiscal year 2023, remained flat. Increases in sales 
for Gaming and Pointing Devices were offset by decreases in sales for Webcams and Video Collaboration.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 43

Asia Pacific:
The decrease in sales in the Asia Pacific region for fiscal year 2024, compared to fiscal year 2023, was 
primarily driven by decreases in sales of Gaming, Keyboards & Combos and Video Collaboration.
Sales by Product Category
During the first quarter of fiscal year 2024, we changed the presentation of sales by product category to 
provide a simpler and clearer view of our business. The change in presentation did not have an impact on 
previously reported total sales. As a result of these changes, certain prior-period amounts for the fiscal year 2023 
have been reclassified to conform to the current period presentation. See Note 2 to the consolidated financial 
statements for further information on the change in presentation. 
Sales by product category in the current presentation for fiscal years 2024 and 2023 were as follows (Dollars in 
thousands):
 
Years Ended March 31,
Change
 
2024
2023
2024 vs. 
2023
Gaming (1)
$ 1,231,063 $ 1,288,313 
 (4) %
Keyboards & Combos
 
821,441  
836,432 
 (2) 
Pointing Devices
 
742,987  
728,357 
 2 
Video Collaboration
 
609,361  
677,923 
 (10) 
Webcams
 
325,225  
378,688 
 (14) 
Tablet Accessories
 
254,060  
254,374 
 — 
Headsets
 
168,478  
176,576 
 (5) 
Other (2)
 
145,852  
198,155 
 (26) 
Total Sales
 
4,298,467  
4,538,818 
 (5) %
(1) Gaming includes streaming services revenue generated by Streamlabs.
(2) Other primarily consists of mobile speakers and PC speakers. 
Gaming
Our Gaming category includes gaming mice, steering wheels, headsets, keyboards, console gaming headsets, 
studio-quality Blue Microphones and Streamlabs services.
During fiscal year 2024, Gaming sales decreased 4%, compared to fiscal year 2023, primarily driven by 
decreases in sales of gaming keyboards, Blue Microphones, and Streamlabs services.
Keyboards & Combos
Our Keyboards & Combos category includes PC keyboards and keyboard/mice combo products.
During fiscal year 2024, Keyboards & Combos sales decreased 2%, compared to fiscal year 2023, primarily 
driven by a decrease in sales of our cordless keyboards, partially offset by an increase in sales of our cordless 
combos.
Pointing Devices
Our Pointing Devices category includes PC- and Mac-related mice including trackballs and presentation tools. 
During fiscal year 2024, Pointing Devices sales increased 2%, compared to fiscal year 2023, primarily driven 
by increases in sales of cordless mice and presentation tools. 
Video Collaboration
Our Video Collaboration category includes Logitech’s conference room cameras, which combine affordable 
enterprise-quality audio and high definition 4K video to bring video conferencing to a variety of room sizes.
During fiscal year 2024, Video Collaboration sales decreased 10%, compared to fiscal year 2023, primarily due 
to decreases in sales of many Video Collaboration products driven by lower enterprise spending. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 44

Webcams
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.
During fiscal year 2024, Webcams sales decreased 14%, compared to fiscal year 2023, primarily driven by 
decreases in sales of most of our VC webcams and PC-based webcams.
Tablet Accessories
Our Tablet Accessories category primarily includes tablet keyboards.
During fiscal year 2024, Tablet Accessories sales remained flat, compared to fiscal year 2023. 
Headsets 
Our Headsets category includes PC and VC headsets, in-ear headphones, and premium wireless earbuds.
During fiscal year 2024, Headsets sales decreased 5%, compared to 2023, primarily driven by decreases in 
sales of VC headsets and corded PC headsets.
Other
Our Other category primarily consists of mobile speakers and PC speakers. 
During fiscal year 2024, Other sales decreased 26% compared to 2023, primarily driven by a decline in sales 
of mobile speakers.
Gross Profit
Gross profit for fiscal years 2024 and 2023 was as follows (Dollars in thousands):
 
Years Ended March 31,
 
2024
2023
Change
Net sales
$ 
4,298,467 
$ 
4,538,818 
 (5.3) %
Gross profit
$ 
1,778,021 
$ 
1,719,515 
 3.4 %
Gross margin
 41.4 %
 37.9 %
Gross profit consists of sales, less cost of goods sold (which includes materials, direct labor and related 
overhead costs, costs of manufacturing facilities, royalties, costs of purchasing components from outside suppliers, 
distribution costs, warranty costs, customer support costs, shipping and handling costs, outside processing costs 
and write-down of inventories), and amortization of intangible assets.
Gross margin increased by 350 basis points to 41.4% during fiscal year 2024, compared to 37.9% during fiscal 
year 2023. The increase in gross margin was primarily due to lower material and logistics costs as well as lower 
promotional spend, partially offset by unfavorable product mix.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 45

Operating Expenses
Operating expenses for fiscal years 2024 and 2023 were as follows (Dollars in thousands):
 
Years Ended March 31,
 
2024
2023
Marketing and selling
$ 730,310 
$ 809,182 
% of sales
 17.0 %
 17.8 %
Research and development
 
287,243 
 
280,796 
% of sales
 6.7 %
 6.2 %
General and administrative
 
155,056 
 
124,652 
% of sales
 3.6 %
 2.7 %
Amortization of intangible assets and acquisition-related costs
 
10,934 
 
11,843 
% of sales
 0.2 %
 0.3 %
Impairment of intangible assets
 
3,526 
 
— 
% of sales
 0.1 %
N/A
Change in fair value of contingent consideration for business acquisition
 
(250) 
 
— 
% of sales
 — %
N/A
Restructuring charges, net
 
3,866 
 
34,573 
% of sales
 0.1 %
 0.8 %
Total operating expenses
$ 1,190,685 
$ 1,261,046 
% of sales
 27.7 %
 27.8 %
The decrease in total operating expenses during fiscal year 2024, compared to fiscal year 2023, was primarily 
due to decreases in marketing and selling expenses and restructuring charges, net, partially offset by an increase in 
general and administrative expenses.
Marketing and Selling
Marketing and selling expenses consist of personnel and related overhead costs, corporate and product 
marketing, promotions, advertising, trade shows, technical support for customer experiences and facilities costs.
During fiscal year 2024, marketing and selling expenses decreased $78.9 million, compared to fiscal year 
2023, primarily driven by our reduction in third-party marketing spend.
Research and Development
Research and development expenses consist of personnel and related overhead costs for contractors and 
outside consultants, supplies and materials, equipment depreciation and facilities costs, all associated with the 
design and development of new products and enhancements of existing products.
During fiscal year 2024, research and development expenses increased $6.4 million, compared to fiscal year 
2023, primarily driven by higher performance-based compensation expense. Research and development expenses 
as a percentage of sales increased from 6.2% in fiscal year 2023 to 6.7% in fiscal year 2024 reflecting our 
continued investment in innovation.
General and Administrative
General and administrative expenses primarily consist of personnel and related overhead, information 
technology, and facilities costs for the infrastructure functions such as finance, information systems, executives, 
human resources and legal.
During fiscal year 2024, general and administrative expenses increased $30.4 million, compared to fiscal year 
2023, primarily driven by higher performance-based compensation expense.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 46

Amortization of Intangible Assets and Acquisition-Related Costs
Amortization of intangible assets consists of amortization of acquired intangible assets, including customer 
relationships and trademarks and trade names. Acquisition-related costs include legal expenses, due diligence 
costs, and other professional costs incurred for business acquisitions. 
During fiscal year 2024, amortization of intangible assets and acquisition-related costs decreased $0.9 million, 
compared to fiscal year 2023, primarily due to certain acquired intangible assets becoming fully amortized.
Impairment of Intangible Assets
During fiscal year 2024, we recognized a pre-tax impairment charge of $3.5 million, related to our in-process 
Research and Development intangible asset.
Restructuring Charges, Net
During the second quarter of fiscal year 2023, we initiated a restructuring plan to realign our business group 
and engineering structure with our go-to-market strategy to more effectively compete within the enterprise market 
and to better serve end-users. During the fourth quarter of fiscal year 2023, we undertook further actions to remove 
organization layers as well as streamline our marketing organization to increase efficiency. As a result, we recorded 
pre-tax restructuring charges totaling $3.9 million and $34.6 million during fiscal years 2024 and 2023, respectively, 
primarily related to employee severance and other termination benefits. These restructuring activities were 
substantially completed during fiscal year 2024.
See Note 16 to our consolidated financial statements for additional information.
Interest Income
Interest income for fiscal years 2024 and 2023 was as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Interest income
$ 
50,636 $ 
18,331 
We invest in highly liquid instruments with an original maturity of three months or less at the date of purchase, 
which are classified as cash equivalents. The increase in interest income for fiscal year 2024, compared to fiscal 
year 2023, was primarily driven by an increase in interest rates and increased cash equivalents balance. 
Other Income (Expense), Net
Other income (expense), net for fiscal years 2024 and 2023 was as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Investment gain (loss) related to the deferred compensation plan
$ 
4,320 $ 
(1,961) 
Currency exchange loss, net
 
(8,770)  
(7,337) 
Loss on investments, net
 
(14,674)  
(14,073) 
Non-service cost net pension income and other
 
2,748  
10,093 
Total
$ 
(16,376) $ 
(13,278) 
Investment gain (loss) related to the deferred compensation plan for fiscal years 2024 and 2023 represents 
earnings, gains, and losses on marketable securities related to a deferred compensation plan offered by one of our 
subsidiaries. The increase in investment gain for fiscal year 2024, compared to fiscal year 2023, primarily relates to 
the change in market performance of the underlying securities.
Currency exchange loss, net, relates to balances denominated in currencies other than the functional currency 
in our subsidiaries, as well as the sale of currencies, and gains or losses recognized on currency exchange forward 
contracts. We do not speculate in currency positions, but we are alert to opportunities to maximize currency 
exchange gains and minimize currency exchange losses. The loss for fiscal year 2024 was related to the exchange 
rate fluctuations of the Chinese Renminbi, Australian Dollar, Brazilian Real, and Japanese Yen versus the U.S. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 47

Dollar. The loss for fiscal year 2023 was primarily related to the weakening of the Brazilian Real and Australian 
Dollar against U.S. Dollar. 
Loss on investments, net, includes unrealized gain (loss) from the change in fair value of investments, gain 
(loss) on equity-method investments and impairment of investments during the periods presented, as applicable. 
The loss on investments, net, for fiscal year 2024 was primarily due to an impairment loss, as a result of the write-off 
of a note receivable which has been deemed no longer recoverable. This note receivable was previously obtained in 
conjunction with an exchange transaction related to our investment in a privately held company. The loss on 
investments, net for fiscal year 2023 was primarily due to the impairment charge related to one of our equity method 
investments, partially offset by the unrealized gain related to one of our equity investments without readily 
determinable fair value resulting from observable price changes. See Note 9 to our consolidated financial 
statements for additional information.
Non-service cost net pension income and other decreased in fiscal year 2024, compared to fiscal year 2023, 
primarily due to the curtailment gain recognized in fiscal year 2023 for one of our defined benefit plans as a result of 
the restructuring actions undertaken by the Company (see Notes 5 and 16 to our consolidated financial statements).
Provision for Income Taxes
The provision for income taxes and effective income tax rates for fiscal years 2024 and 2023 were as follows 
(Dollars in thousands):
 
Years Ended March 31,
 
2024
2023
Provision for income taxes
$ 
9,453 
$ 98,947 
Effective income tax rate
 1.5 %
 21.3 %
The change in the effective income tax rate between fiscal years 2024 and 2023 was primarily due to the mix 
of income and losses in the various tax jurisdictions in which we operate as well as the favorable tax impacts from 
share-based compensation, an agreement to remeasure the tax basis of goodwill under the Swiss Federal Act on 
Tax Reform and AHV Financing (“TRAF”) with the canton of Vaud, remeasurement of our Swiss deferred tax assets 
due to a change in tax rate, a Swiss Tax Ruling that provides future tax benefits as discussed below, and Foreign-
Derived Intangible Income ("FDII") incentive in the U.S.
The canton of Vaud completed the legislative process to enact TRAF, a reform to better align the Swiss tax 
system to international tax standards, on March 10, 2020, that took effect as of January 1, 2020. In March 2020, we 
reached an agreement with the Vaud Tax Administration that would allow for an increase in the tax basis of goodwill, 
as a transition measure under TRAF, to be amortized over ten years beginning on January 1, 2020. During the fiscal 
year ended March 31, 2024, we reached an agreement to remeasure the tax basis of goodwill under TRAF with the 
canton of Vaud, which resulted in an income tax benefit of $25.1 million, net of assessment for uncertain tax 
positions. The remeasurement of the step-up will be amortized over the remaining ten-year amortization period.
On December 29, 2023, a change to the cantonal tax legislation was published. According to the law approved 
by the Vaud parliament, a progressive scale will be applicable for cantonal tax purposes resulting in an increase 
from the current tax rate of 13.61% to 14.28% effective fiscal year 2025. The increase in tax rate resulted in a tax 
benefit of $5.1 million due to a remeasurement of our Swiss deferred tax assets in the fiscal year ended March 31, 
2024.
On March 28, 2024, we executed a Swiss Tax Ruling with the canton of Vaud that provides future tax benefit 
for ten years. The Swiss Tax Ruling resulted in an income tax benefit of $50.1 million, which will be utilized over a 
ten-year period.
The Tax Cuts and Jobs Act enacted Section 250, which provides for a deduction with respect to Global 
Intangible Low-Taxed Income ("GILTI") and FDII in the US. The application of this tax incentive is inherently 
complex. During the fiscal year ended March 31, 2024, we analyzed the applicability of FDII and determined that 
this tax incentive applies in fiscal 2021 to 2023 tax years. As a result, we realized a tax benefit of $18.7 million 
related to FDII. We have also concluded that any GILTI tax since the enactment of Tax Cuts and Jobs Act is 
immaterial. 
The BEPS Project undertaken by the OECD recommended changes to numerous long-standing tax principles, 
including a proposal to reallocate profits among tax jurisdictions in which companies do business (“Pillar One”) and 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 48

establishing a minimum tax on global income (“Pillar Two”). Some jurisdictions where we operate are implementing 
Pillar Two laws to effectuate a 15% minimum tax, which will be effective for the Company starting fiscal year 2025. 
More specifically, the Federal Council enacted the relevant ordinance for implementing a (Qualified) Domestic 
Minimum Tax (QDMTT) in Switzerland for tax years beginning from January 1, 2024. As many countries have 
proposed or enacted Pillar Two legislation in jurisdictions in which we operate, we continue to monitor the relevant 
developments. 
As of March 31, 2024 and 2023, the total amount of unrecognized tax benefits due to uncertain tax positions 
was $192.7 million and $186.8 million, respectively, all of which would affect the effective income tax rate if 
recognized.
As of March 31, 2024 and 2023, we had $112.6 million and $106.4 million, respectively, in non-current income 
taxes payable, including interest and penalties, related to our income tax liability for uncertain tax positions. As of 
March 31, 2024 and 2023, we had $7.8 million and $6.1 million, respectively, of accrued interest and penalties 
related to uncertain tax positions.
We file Swiss and foreign tax returns. We received final tax assessments in Switzerland through fiscal year 
2019. For other material foreign jurisdictions such as the United States and China, we are generally not subject to 
tax examinations for years prior to fiscal year 2020 and calendar year 2020, respectively. In the United States, the 
federal and state tax agencies have the authority to examine periods prior to fiscal year 2020, to the extent allowed 
by law, where tax attributes were generated, carried forward, and being utilized in subsequent years. We are under 
examination in foreign tax jurisdictions. If the examinations are resolved unfavorably, there is a possibility that they 
may have a material negative impact on our results of operations.
Liquidity and Capital Resources
Cash Balances, Available Borrowings, and Capital Resources
As of March 31, 2024, we had cash and cash equivalents of $1,520.8 million, compared with $1,149.0 million 
as of March 31, 2023. Our cash and cash equivalents consist of bank demand deposits, short-term time deposits, 
and U.S. Treasury securities, of which 71% was held in Switzerland and 11% was held in China (including Hong 
Kong). We do not expect to incur any material adverse tax impact except for what has already been recognized, or 
to be significantly inhibited by any country in which we do business, from the repatriation of funds to Switzerland, 
our country of domicile. 
As of March 31, 2024, our working capital was $1,545.5 million, compared to $1,555.1 million as of March 31, 
2023. The decrease was primarily driven by decreases in inventories and accounts receivable, net, and an increase 
in accounts payable, partially offset by an increase in cash and cash equivalents.
We had several uncommitted, unsecured bank lines of credit and letters of credit aggregating $172.5 million as 
of March 31, 2024. There are no financial covenants under the lines of credit with which we must comply. There was 
no borrowing outstanding under the lines of credit as of March 31, 2024. As of March 31, 2024, we had outstanding 
bank guarantees of $14.3 million. 
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The following table presents selected financial information and statistics as of March 31, 2024 and 2023 
(Dollars in thousands):
 
March 31,
 
2024
2023
Accounts receivable, net
$ 
541,715 $ 
630,382 
Accounts payable
$ 
448,627 $ 
406,968 
Inventories
$ 
422,513 $ 
682,893 
Days sales in accounts receivable (DSO)(Days)(1)
 
48  
59 
Days accounts payable outstanding (DPO) (Days)(2)
 
70  
59 
Inventory turnover (ITO)(x)(3)
 
5.4  
3.6 
(1) DSO is determined using ending accounts receivable, net, as of the most recent quarter-end and sales for the 
most recent quarter.
(2) DPO is determined using ending accounts payable as of the most recent quarter-end and cost of goods sold for 
the most recent quarter.
(3) ITO is determined using ending inventories as of the most recent quarter-end and annualized cost of goods sold 
(based on the most recent quarterly cost of goods sold).
DSO as of March 31, 2024 decreased by 11 days to 48 days, compared to 59 days as of March 31, 2023, 
primarily due to the timing of sales within the fourth quarter of the fiscal years 2024 and 2023. 
DPO as of March 31, 2024 increased by 11 days to 70 days, compared to 59 days as of March 31, 2023, 
primarily due to an increase in inventory purchases to replenish certain products during the fourth quarter of fiscal 
year 2024 as well as softened demand. 
ITO as of March 31, 2024 increased by 1.8 to 5.4, compared to 3.6 as of March 31, 2023, primarily due to 
lower inventory balance as of March 31, 2024 resulting from focused inventory management to align with softened 
demand. 
If we are not successful in launching and phasing in our new products, or market competition increases, or we 
are not able to sell the new products at the prices planned, it could have a material impact on our sales, gross profit, 
operating results including operating cash flow, and inventory turnover in the future.
The following table summarizes our consolidated statement of cash flows for the year ended March 31, 2024 
(in thousands):
Year ended 
March 31, 2024
Net cash provided by operating activities
$ 
1,145,116 
Net cash used in investing activities
 
(70,335) 
Net cash used in financing activities
 
(690,173) 
Effect of exchange rate changes on cash and cash equivalents
 
(12,789) 
Net increase in cash and cash equivalents 
$ 
371,819 
For fiscal year 2024, net cash provided by operating activities was $1,145.1 million resulting from net income of 
$612.1 million, a favorable impact from adding back non-cash adjustments totaling $143.5 million, and a favorable 
net change in operating assets and liabilities of $389.4 million. Non-cash adjustments were primarily related to 
depreciation and amortization, share-based compensation expense, and deferred income taxes. The decrease in 
accounts receivable, net, was primarily driven by the timing of sales within the fourth quarter of fiscal years 2024 
and 2023. The decrease in inventories was primarily driven by our effort to manage inventory level to align with 
softened demand. The increase in accounts payable was primarily driven by an increase in inventory purchases to 
replenish certain products during the fourth quarter of fiscal year 2024.
For fiscal year 2024, net cash used in investing activities was $70.3 million, primarily due to $55.9 million 
purchases of property, plant, and equipment. Our expenditures for property, plant and equipment during fiscal 
year 2024 were primarily for building improvements, tooling and equipment, and computer hardware and software.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 50

For fiscal year 2024, net cash used in financing activities was $690.2 million, primarily resulting from 
repurchases of our registered shares of $504.2 million, payments of cash dividends of $182.3 million, and tax 
withholdings related to net share settlements of restricted stock units of $29.7 million, partially offset by proceeds 
from exercise of stock options and purchase rights of $32.2 million. 
During fiscal year 2024, there was a $12.8 million loss from currency exchange rate effect on cash and cash 
equivalents, primarily due to exchange rate fluctuations of Euro, Chinese Renminbi, Australian Dollar and Swiss 
Franc versus the U.S. Dollar and timing of our cash transactions over the period.
Cash Outlook
Our principal sources of liquidity are our cash and cash equivalents, cash flow generated from operations and, 
to a much lesser extent, capital markets and borrowings. Our future working capital requirements and capital 
expenditures may increase to support investments in product innovations and growth opportunities or to acquire or 
invest in complementary businesses, products, services, and technologies. Market volatility driven by the current 
macroeconomic and geopolitical environment may increase our costs of capital and otherwise adversely affect our 
business, results of operations, financial condition and liquidity.
In May 2024, the Board of Directors recommended that we pay cash dividends for fiscal year 2024 of CHF 
1.16 per share (approximately $1.28 per share based on the exchange rate on March 31, 2024). Based on our 
shares outstanding, net of treasury shares, as of March 31, 2024 (153,863,262 shares), this would result in an 
aggregate gross dividend of approximately CHF 178.5 million (approximately $197.2 million based on the exchange 
rate on March 31, 2024). In fiscal year 2024, we paid a cash dividend of CHF 1.06 per share, or CHF 169.1 million 
(U.S. Dollar amount of $182.3 million based on the exchange rate on the date of payment) out of fiscal year 2023 
retained earnings. In fiscal year 2023, we paid a cash dividend of CHF 0.96 per share, or CHF 156.1 million (U.S. 
Dollar amount of $158.7 million based on the exchange rate on the date of payment) out of fiscal year 2022 retained 
earnings. In fiscal year 2022, we paid a cash dividend of CHF 0.87 per share, or CHF 147.0 million (U.S. Dollar 
amount of $159.4 million) out of fiscal year 2021 retained earnings. 
In May 2020, our Board of Directors approved the 2020 share repurchase program, which authorized us to 
invest up to $250.0 million to purchase our own shares to support equity incentive plans or potential acquisitions. In 
April 2021, our Board of Directors approved an increase of $750.0 million to the 2020 share repurchase program, to 
an aggregate amount of $1.0 billion. The Swiss Takeover Board approved this increase and it became effective on 
May 21, 2021. In July 2022, our Board of Directors approved an increase of $500 million to the 2020 share 
repurchase program, to an aggregate amount of up to $1.5 billion. The Swiss Takeover Board approved this 
increase and it became effective on August 19, 2022. The 2020 share repurchase program expired on July 27, 
2023. We repurchased 16.7 million shares for an aggregate cost of $1.2 billion under the 2020 share repurchase 
program, of which 2.6 million shares for an aggregate cost of $159.1 million were repurchased during fiscal year 
2024 prior to the expiration of the program. 
In June 2023, our Board of Directors approved a new, three-year share repurchase program, which allows us 
to use up to $1.0 billion to repurchase our shares. The 2023 share repurchase program enables us to repurchase 
shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover 
Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 
2023. During the fiscal year ended March 31, 2024, we repurchased 4.5 million shares for an aggregate cost of 
$364.7 million, under the 2023 share repurchase program, of which $19.5 million of the aggregate cost was not paid 
yet as of March 31, 2024. 4.1 million shares for an aggregate cost of $332.1 million were repurchased for 
cancellation and the remaining shares were repurchased to support equity incentive plans. As of March 31, 2024, 
$635.8 million was available for repurchase under the 2023 share repurchase program.
Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares 
held in treasury by us and our subsidiaries may not exceed 10% of our share capital, which corresponds to 
approximately 17.3 million registered shares. This limitation does not apply to shares repurchased for cancellation, 
due to the Board of Directors' authority under the capital band set forth in the Company's Articles of Incorporation to 
cancel shares up to a limit of 10% of our current share capital. As of March 31 2024, we had a total of 19.2 million 
shares held in treasury stock, which includes 4.1 million shares that have been repurchased for cancellation.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 51

Although we enter into trading plans for systematic repurchases (e.g., 10b5-1 trading plans) from time to time, 
our 2023 share repurchase program provides us with the opportunity to make opportunistic repurchases during 
periods of favorable market conditions and is expected to remain in effect for a period of three years through July 
27, 2026. To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, 
the shares are repurchased on the ordinary trading line of Swiss Exchange ("SIX") and/or the Nasdaq Global Select 
Market ("Nasdaq"). Shares repurchased for cancellation purposes are repurchased via a second trading line on SIX. 
Opportunistic purchases may be started or stopped at any time without prior notice depending on market conditions 
and other factors.
For over ten years, we have generated positive cash flows from our operating activities, including cash from 
operations of $1,145.1 million and $534.0 million during fiscal years 2024 and 2023, respectively. If we do not 
generate sufficient operating cash flows to support our operations and future planned cash requirements, our 
operations could be harmed and our access to credit facilities could be restricted or eliminated. However, we believe 
that the trend of our historical cash flow generation, our projections of future operations and our available cash 
balances will provide sufficient liquidity to fund our operations for at least the next 12 months.
Our other contractual obligations and commitments that require cash are described in the following sections.
Contractual Obligations and Commitments
Purchase Commitments
As of March 31, 2024, we had non-cancelable purchase commitments of $396.8 million for inventory 
purchases made in the normal course of business from original design manufacturers, contract manufacturers and 
other suppliers, the majority of which are expected to be fulfilled within the next 12 months. We recorded a liability 
for firm, non-cancelable, and unhedged inventory purchase commitments in excess of anticipated demand or net 
realizable value consistent with our valuation of excess and obsolete inventory. As of March 31, 2024, the liability for 
these purchase commitments was $29.3 million and is recorded in accrued and other current liabilities in the 
consolidated balance sheet.
We have firm purchase commitments of $13.4 million for capital expenditures primarily related to commitments 
for tooling and equipment for new and existing products. We expect to continue making capital expenditures in the 
future to support product development activities and ongoing and expanded operations. Although open purchase 
commitments are considered enforceable and legally binding, the terms generally allow us to reschedule or adjust 
our requirements based on business needs prior to delivery of goods or performance of services.
Operating Leases Obligation
We lease facilities under operating leases, certain of which require us to pay property taxes, insurance and 
maintenance costs. Operating leases for facilities are generally renewable at our option and usually include 
escalation clauses linked to inflation. The remaining terms of our non-cancelable operating leases expire in various 
years through 2033. See Note 17 - Leases in our Notes to the consolidated financial statements included in this 
report for more information on leases. 
Income Taxes Payable
As of March 31, 2024, we had $112.6 million in non-current income taxes payable, including interest and 
penalties, related to our income tax liability for uncertain tax positions. At this time, we are unable to make a 
reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities.
Indemnifications
We indemnify certain suppliers and customers for losses arising from matters such as intellectual property 
disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in 
some instances includes indemnification for damages and expenses, including reasonable attorneys’ fees. As of 
March 31, 2024, no material amounts have been accrued for indemnification provisions. We do not believe, based 
on historical experience and information currently available, that it is probable that any material amounts will be 
required to be paid under our indemnification arrangements.
We also indemnify our current and former directors and certain current and former officers. Certain costs 
incurred for providing such indemnification may be recoverable under various insurance policies. We are unable to 
reasonably estimate the maximum amount that could be payable under these arrangements because these 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 52

exposures are not capped, the obligations are conditional in nature, and the facts and circumstances involved in any 
situation that might arise are variable.
ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk
Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments. 
As a company with global operations, we face exposure to adverse movements in currency exchange rates and 
interest rates. These exposures may change over time as business practices evolve and could have a material 
adverse impact on our financial results.
Currency Exchange Rates
We report our results in U.S. Dollars. Changes in currency exchange rates compared to the U.S. Dollar can 
have a material impact on our results when the financial statements of our non-U.S. subsidiaries are translated into 
U.S. Dollars. The functional currency of our operations is primarily the U.S. Dollar. Certain operations use the Swiss 
Franc or the local currency of the country as their functional currencies. Accordingly, unrealized currency gains or 
losses resulting from the translation of net assets or liabilities denominated in other currencies to the U.S. Dollar are 
accumulated in the cumulative translation adjustment component of accumulated other comprehensive income 
(loss) ("AOCI") in shareholders' equity. 
We are exposed to currency exchange rate risk as we transact business in multiple currencies, including 
exposure related to anticipated sales, anticipated purchases and assets and liabilities denominated in currencies 
other than the U.S. Dollar. We transact business in approximately 30 currencies worldwide, of which the most 
significant to operations are the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound 
Sterling and New Taiwan Dollar. For the year ended March 31, 2024, approximately 50% of our sales were in non-
U.S. denominated currencies, with 24% of our sales denominated in Euro. The mix of our costs of goods sold and 
operating expenses by currency are significantly different from the mix of our sales, with a larger portion 
denominated in U.S. Dollar and less denominated in Euro and other currencies. A strengthening U.S. Dollar has a 
more unfavorable impact on our sales compared to the favorable impact on our cost of goods sold and operating 
expenses, resulting in an adverse impact on our operating results. 
We enter into currency forward and swap contracts to reduce the short-term effects of currency fluctuations on 
certain receivables or payables denominated in currencies other than the functional currencies of our subsidiaries. 
These contracts generally mature within approximately one month. The gains or losses on these contracts are 
recognized in earnings based on the changes in fair value. 
If an adverse 10% foreign currency exchange rate change had been applied to total monetary assets and 
liabilities denominated in currencies other than the functional currencies at the balance sheet dates, it would have 
resulted in an adverse effect on income before income taxes of approximately $19.1 million and $17.0 million as of 
March 31, 2024 and 2023, respectively. The adverse effect as of March 31, 2024 and 2023 is after consideration of 
the offsetting effect of approximately $6.9 million and $8.1 million, respectively, from foreign exchange contracts in 
place as of such dates.
We enter into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory 
purchases. These hedging contracts mature within approximately four months. Gains and losses in the fair value of 
the effective portion of the hedges are deferred as a component of AOCI until the hedged inventory purchases are 
sold, at which time the gains or losses are reclassified to cost of goods sold.
If the U.S. dollar had weakened by 10%, the amount recorded in AOCI related to our foreign exchange 
contracts before tax effect as of March 31, 2024 and 2023 would have been approximately $9.0 million and 
$7.3 million lower, respectively. The change in the fair value recorded in AOCI would be expected to offset a 
corresponding foreign currency change in cost of goods sold when the hedged inventory purchases are sold. 
ITEM 8.    FINANCIAL STATEMENTS
Logitech's financial statements and supplementary data required by this item are set forth as a separate 
section of this Annual Report on Form 10-K. See Item 15(a) for a listing of financial statements provided in the 
section titled "Financial Statements."
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Logitech International S.A. | Fiscal 2024 Form 10-K | 53

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE
Not applicable.
ITEM 9A.    CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures
The Company's management, with the participation of the Company’s Chief Executive Officer (CEO) and Chief 
Financial Officer (CFO), has conducted an evaluation of the effectiveness of the design and operation of the 
Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities 
Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this Annual Report 
on Form 10-K (this Annual Report) required by Exchange Act Rules 13a-15(b) or 15d-15(b). Disclosure controls and 
procedures are designed to reasonably assure that information required to be disclosed in our reports filed or 
submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized 
and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 
Disclosure controls and procedures are also designed to reasonably assure that this information is accumulated and 
communicated to our management, including the CEO and CFO, to allow timely decisions regarding required 
disclosure. Based on this evaluation, the CEO and CFO concluded that, as of the end of the period covered by this 
Annual Report, the Company’s disclosure controls and procedures were effective at a reasonable assurance level. 
Attached as exhibits to this Annual Report are certifications of the CEO and CFO, which are required in 
accordance with Rule 13a-14 of the Exchange Act. This Controls and Procedures section includes the information 
concerning the controls evaluation referred to in the certifications, and it should be read in conjunction with the 
certifications for a more complete understanding of the topics presented. 
(b) Management's Report on Internal Control over Financial Reporting
The Company's management is responsible for establishing and maintaining adequate internal control over 
financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Under the supervision and 
with the participation of the Company’s management, including the CEO and CFO, the Company conducted an 
evaluation of the effectiveness of its internal control over financial reporting based on the criteria established in the 
Internal Control-Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the 
Treadway Commission. Based on this evaluation, management has concluded that our internal control over 
financial reporting was effective as of March 31, 2024.
The effectiveness of the Company's internal control over financial reporting as of March 31, 2024 has been 
audited by KPMG LLP, an independent registered public accounting firm, as stated in its report, which appears in 
Item 15.
(c) Changes in Internal Control over Financial Reporting
There were no changes in the Company's internal control over financial reporting during the fourth quarter of 
fiscal year 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over 
financial reporting.
(d) Limitations on the Effectiveness of Controls
The Company's management, including the CEO and the CFO, does not expect that the Company's disclosure 
controls and procedures or internal control over financial reporting will prevent all errors and all fraud. Internal 
control over financial reporting, no matter how well designed and operated, can provide only reasonable, not 
absolute, assurance that the objectives will be met. Because of the inherent limitations in internal control over 
financial reporting, no evaluation of controls can provide absolute assurance that all control issues and instances of 
fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments 
in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can 
also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management 
override of the controls. The design of any system of controls is based in part on certain assumptions about the 
likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals 
under all potential future conditions. Over time, controls may become inadequate because of changes in conditions 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 54

or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a 
cost-effective control system, misstatements due to error or fraud may occur and not be detected.
ITEM 9B.    OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers 
During the fourth quarter of fiscal year 2024, the following officer, as defined in Rule 16a-1(f), adopted a “Rule 
10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 
408. 
On March 7, 2024, Prakash Arunkundrum, our Chief Operating Officer, adopted a Rule 10b5-1 trading 
arrangement providing for the sale of an aggregate of up to 16,000 shares of our common stock acquired by Mr. 
Arunkundrum under our equity plans. The trading arrangement is intended to satisfy the affirmative defense in Rule 
10b5-1(c). The first date that sales of any shares are permitted to be sold under the trading arrangement will be July 
31, 2024. The trading arrangement terminates on December 15, 2024, or upon the earlier completion of all 
transactions thereunder.
No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading 
arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the last 
fiscal quarter.
ITEM 9C.    DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 55

PART III
ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 
Information regarding our executive officers is incorporated herein by reference to Part I, Item 1, above.
The Company's code of ethics policy entitled, "Logitech Code of Conduct" covers members of the Company's 
board of directors, the principal executive officer, principal financial and accounting officer and other executive 
officers as well as all other employees.
Any amendments or waivers of the code of ethics for members of the Company's board of directors or 
executive officers will be disclosed in the investor relations section of the Company's website within four business 
days following the date of the amendment or waiver. 
Logitech's code of ethics is available on the Company's website at www.logitech.com, and for no charge, a 
copy of the Company's code of ethics can be requested through the following address or phone number:
Logitech
Investor Relations
3930 North First Street 
San Jose, CA 95134 USA
Main (510) 795-8500 
We have adopted an Insider Trading Policy which applies to our executive officers, directors and employees, 
filed as Exhibit 19.1 to this Annual Report on Form 10-K. 
Other information required by this Item may be found in the definitive Proxy Statement for the 2024 Annual 
Meeting of Shareholders and is incorporated herein by reference. 
ITEM 11.    EXECUTIVE COMPENSATION 
The information required by this item may be found in the Proxy Statement for the 2024 Annual Meeting of 
Shareholders and is incorporated herein by reference.
ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS 
The information required by this item may be found in the Proxy Statement for the 2024 Annual Meeting of 
Shareholders and is incorporated herein by reference.
ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 
The information required by this item may be found in the Proxy Statement for the 2024 Annual Meeting of 
Shareholders and is incorporated herein by reference.
ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES 
The information required by this item may be found in the Proxy Statement for the 2024 Annual Meeting of 
Shareholders and is incorporated herein by reference.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 56

ITEM 15.    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this Annual Report on Form 10-K:
1. Financial Statements and Supplementary Data
Financial Statements:
Report of Independent Registered Public Accounting Firm
Consolidated Statements of Operations—Years Ended March 31, 2024, 2023 and 2022
Consolidated Statements of Comprehensive Income—Years Ended March 31, 2024, 2023 and 2022
Consolidated Balance Sheets—March 31, 2024 and 2023
Consolidated Statements of Cash Flows—Years Ended March 31, 2024, 2023 and 2022 
Consolidated Statements of Changes in Shareholders' Equity—Years Ended March 31, 2024, 2023 and 2022
Notes to Consolidated Financial Statements 
2. Financial Statement Schedule
Schedule II—Valuation and Qualifying Accounts
3. Exhibits
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Logitech International S.A. | Fiscal 2024 Form 10-K | 57

Index to Exhibits
 
 
 
Incorporated by Reference
 
Exhibit No.
 
Exhibit
Form
File No.
Filing Date
Exhibit 
No.
Filed
Herewith
3.1
Articles of Incorporation of Logitech 
International S.A., as amended 
10-Q
0-29174
10/26/2023
3.1
3.2
Organizational Regulations of Logitech 
International S.A., as amended 
10-Q
0-29174
10/26/2023
3.2
4.1
Description of the Registrant's Securities 
X
10.1
**
1996 Stock Plan, as amended
S-8
333-100
854
5/27/2003
4.2
 
10.2
**
Logitech International S.A. 2006 Stock 
Incentive Plan, as amended and restated 
effective September 14, 2022
DEF
A14A
0-29174
7/26/2022
App. A
10.3
**
Logitech Inc. Management Deferred 
Compensation Plan, as amended and restated
10-Q
0-29174
11/4/2008
10.1
 
10.4
**
Logitech Inc. Amended and Restated Deferred 
Compensation Plan, effective January 1, 2017
10-Q
0-29174
7/27/2023
10.1
10.5
**
Logitech Management Performance Bonus 
Plan, as amended and restated
DEF
A14A
0-29174
7/23/2013
App. C
10.6
**
1996 Employee Share Purchase Plan (U.S.), 
as amended and restated
DEF
A14A
0-29174
7/23/2013
App. A
 
10.7
**
2006 Employee Share Purchase Plan (Non-
U.S.), as amended and restated
DEF
A14A
0-29174
7/23/2013
App. B
10.8
**
Representative form of stock option 
agreement (employees) under the Logitech 
International S.A. 2006 Stock Incentive Plan
10-Q
0-29174
11/4/2009
10.2
10.9
**
Representative form of performance stock 
option agreement (executives and other 
employees) under the Logitech 
International S.A. 2006 Stock Incentive Plan
10-Q
0-29174
2/5/2013
10.2
10.10
**
Representative form of restricted stock unit 
agreement (non-executive board members) 
under the Logitech International S.A. 2006 
Stock Incentive Plan
10-Q
0-29174
10/25/2018
10.1
10.11
**
Representative form of restricted stock unit 
agreement (Leadership Team and other 
employees) under the Logitech International 
S.A. 2006 Stock Incentive Plan
10-Q
0-29174
7/28/2022
10.1
10.12
**
Representative form of restricted stock unit 
agreement (executives and other employees) 
under the Logitech International S.A. 2006 
Stock Incentive Plan
10-K
0-29174
5/26/2017
10.33
10.13
**
Representative form of performance share unit 
agreement (Group Management Team 
(executive officers), Leadership Team and 
other employees) under the Logitech 
International S.A. 2006 Stock Incentive Plan
10-Q
0-29174
7/28/2022
10.2
10.14
**
Representative form of performance share unit 
agreement (executives and other employees) 
under the Logitech International S.A. 2006 
Stock Incentive Plan
10-K
0-29174
5/26/2017
10.34
10.15
**
Employment Agreement between Logitech 
Europe S.A. and Johanna W. (Hanneke) 
Faber, dated October 29, 2023 
8-K
0-29174
10/30/2023
10.1
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Logitech International S.A. | Fiscal 2024 Form 10-K | 58

10.16
**
Employment Agreement between Logitech Inc. 
and Guy Gecht, Interim CEO, dated July 24, 
2023
10-Q
0-29174
10/26/2023
10.1
10.16
**
Employment Agreement between Logitech Inc. 
and Bracken Darrell, dated as of December 
18, 2015
10-Q
0-29174
1/22/2016
10.1
10.17
**
Employment Agreement between Logitech Inc. 
and Prakash Arunkundrum, dated as of May 
26, 2020
10-Q
0-29174
7/23/2020
10.1
10.18
**
Employment Agreement between Logitech Inc. 
and Samantha Harnett, dated as of July 1, 
2020
10-Q
0-29174
7/23/2020
10.2
10.19
**
Employment Agreement between Logitech Inc. 
and Charles Boynton, dated as of February 6, 
2023
10-K
0-29174
5/17/2023
10.18
10.20
**
Offer Letter between Logitech Inc, and 
Charles Boynton, dated January 30, 2023
10-K
0-29174
5/17/2023
10.19
10.21
**
Form of Director and Officer Indemnification 
Agreement with Logitech International S.A.
20-F
0-29174
5/21/2003
4.1
10.22
**
Form of Director and Officer Indemnification 
Agreement with Logitech Inc.
20-F
0-29174
5/21/2003
4.2
19.1
Insider Trading Policy
X
21.1
List of Subsidiaries 
X
23.1
 
Consent of Independent Registered Public 
Accounting Firm 
X
24.1
Power of Attorney (incorporated by reference 
to the signature page of this Annual Report on 
Form 10-K)
 
 
 
 
X
31.1
Certification by Chief Executive Officer 
pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
X
31.2
Certification by Chief Financial Officer 
pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002
X
32.1
Certification by Chief Executive Officer and 
Chief Financial Officer pursuant to Section 906 
of the Sarbanes-Oxley Act of 2002
X
97.1
**
Executive Clawback Policy
X
101.INS
XBRL Instance Document - the instance 
document does not appear in the Interactive 
Data File because its XBRL tags are 
embedded within the Inline XBRL document
 
 
 
 
X
101.SCH
XBRL Taxonomy Extension Schema 
Document
X
101.CAL
XBRL Taxonomy Extension Calculation 
Linkbase Document
X
101.DEF
XBRL Taxonomy Extension Definition 
Linkbase Document
X
101.LAB
XBRL Taxonomy Extension Label Linkbase 
Document
X
101.PRE
XBRL Taxonomy Extension Presentation 
Linkbase Document
X
104
Cover Page Interactive Data File (formatted as 
Inline XBRL and contained in Exhibit 101)
X
_______________________________________________________________________________
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Logitech International S.A. | Fiscal 2024 Form 10-K | 59

* This exhibit is furnished herewith, but not deemed "filed" for purposes of Section 18 of the Securities 
Exchange Act of 1934, as amended, or otherwise subject to liability under that section. Such certification will not be 
deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the 
extent that we explicitly incorporate it by reference.
** Indicates management compensatory plan, contract or arrangement.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 60

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant 
has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
LOGITECH INTERNATIONAL S.A.
/s/ Johanna (Hanneke) Faber
 
Johanna (Hanneke) Faber
Chief Executive Officer
/s/ Charles Boynton
 
Charles Boynton
Chief Financial Officer
May 16, 2024
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Logitech International S.A. | Fiscal 2024 Form 10-K | 61

POWER OF ATTORNEY AND SIGNATURES
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes 
and appoints Johanna (Hanneke) Faber and Charles Boynton, jointly and severally, his or her attorney-in-fact, with 
the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on 
Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the 
Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his 
or her substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has 
been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates 
indicated.
Signature
Title
 
Date
 
 
 
 
/s/ Wendy Becker
Wendy Becker
Chairperson of the Board
 
May 16, 2024
/s/ Johanna (Hanneke) Faber
Johanna (Hanneke) Faber
Chief Executive Officer (Principal Executive 
Officer)
 
May 16, 2024
/s/ Charles Boynton
Charles Boynton
Chief Financial Officer (Principal Financial 
Officer and Principal Accounting Officer)
 
May 16, 2024
/s/ Patrick Aebischer
Patrick Aebischer
Director
May 16, 2024
/s/ Edouard Bugnion
Edouard Bugnion
Director
 
May 16, 2024
/s/ Guy Gecht
Guy Gecht
Director
May 16, 2024
/s/ Christopher Jones
Christopher Jones
Director
May 16, 2024
/s/ Marjorie Lao
Marjorie Lao
Director
 
May 16, 2024
/s/ Neela Montgomery
Neela Montgomery
Director
May 16, 2024
/s/ Kwok Wang Ng
Kwok Wang Ng
Director
May 16, 2024
/s/ Deborah Thomas
Deborah Thomas
Director
May 16, 2024
/s/ Sascha Zahnd
Sascha Zahnd
Director
May 16, 2024
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Logitech International S.A. | Fiscal 2024 Form 10-K | 62

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 185)
64
Consolidated Statements of Operations—Years Ended March 31, 2024, 2023 and 2022
67
Consolidated Statements of Comprehensive Income—Years Ended March 31, 2024, 2023 and 2022
68
Consolidated Balance Sheets — March 31, 2024 and 2023
69
Consolidated Statements of Cash Flows —Years Ended March 31, 2024, 2023 and 2022
70
Consolidated Statements of Changes in Shareholders' Equity—Years Ended March 31, 2024, 2023 
and 2022
71
Notes to Consolidated Financial Statements
72
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Logitech International S.A. | Fiscal 2024 Form 10-K | 63

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors
Logitech International S.A.:
Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying consolidated balance sheets of Logitech International S.A. and subsidiaries 
(the Company) as of March 31, 2024 and 2023, the related consolidated statements of operations, comprehensive 
income, changes in shareholders’ equity, and cash flows for each of the years in the three-year period ended March 
31, 2024, and the related notes and financial statement schedule II (collectively, the consolidated financial 
statements). We also have audited the Company’s internal control over financial reporting as of March 31, 2024, 
based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of 
Sponsoring Organizations of the Treadway Commission.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the 
financial position of the Company as of March 31, 2024 and 2023, and the results of its operations and its cash 
flows for each of the years in the three-year period ended March 31, 2024, in conformity with U.S. generally 
accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective 
internal control over financial reporting as of March 31, 2024 based on criteria established in Internal Control – 
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Basis for Opinions
The Company’s management is responsible for these consolidated financial statements, for maintaining effective 
internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial 
reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our 
responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the 
Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered 
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent 
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and 
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free 
of material misstatement, whether due to error or fraud, and whether effective internal control over financial 
reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material 
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures 
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts 
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting 
principles used and significant estimates made by management, as well as evaluating the overall presentation of 
the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an 
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and 
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our 
audits also included performing such other procedures as we considered necessary in the circumstances. We 
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 64

with generally accepted accounting principles, and that receipts and expenditures of the company are being made 
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable 
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s 
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. 
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may 
become inadequate because of changes in conditions, or that the degree of compliance with the policies or 
procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated 
financial statements that were communicated or required to be communicated to the audit committee and that: (1) 
relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our 
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter 
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by 
communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the 
accounts or disclosures to which they relate.
Evaluation of the significant assumptions underlying the breakage rates for certain Customer Programs
As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded accounts 
receivable allowances totaling $193.0 million and accrued Customer Program liabilities totaling $170.4 million 
as of March 31, 2024 for various cooperative marketing arrangements and customer incentive and pricing 
programs (collectively, Customer Programs). The Company estimates the percentage of Customer Programs 
that will not be claimed or will not be earned by customers, which is commonly referred to as “breakage”. 
Breakage reduces the Company’s allowances and accruals for certain Customer Programs and it is applied at 
the time of sale. The Company uses judgment in assessing the period in which claims are expected to be 
submitted and the relevance of historical claim experience.
We identified the evaluation of the significant assumptions underlying the breakage rates for certain Customer 
Programs as a critical audit matter. The significant assumptions in the breakage rates estimate included: 1) the 
determination of the period in which the claims are expected to be submitted by the customers, 2) the 
assessment of the relevance of historical customer claim experience, and 3) the assessment of the relevance of 
the historical trend of claims submitted after the expected period. A high degree of auditor judgment was 
required to evaluate the significant assumptions, due to the inherent uncertainties related to such assumptions 
as well as recent changes in certain customers’ claim processing behavior in the current economic environment.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the 
design and tested the operating effectiveness of internal control related to the process to determine the 
breakage rates estimate. This included a control related to the Company’s evaluation of the significant 
assumptions in the breakage rates estimate. We evaluated the underlying information related to the expected 
period that a customer claim will be submitted and assessed the relevance of historical claim experience by 
analyzing the trend in the customers’ historical claims and accruals information for certain Customer Programs. 
We assessed the relevance of the historical trend of claims submitted after the expected period by analyzing the 
trend of historical claims received after the expected period compared to the total earned amount of each 
respective period. In addition, we evaluated the Company’s ability to estimate the breakage rates by comparing 
the estimated breakage from fiscal year 2023 to actual subsequent breakage in fiscal year 2024.
Assessment of the accruals for certain Customer Programs 
As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded accrued 
Customer Program liabilities of $170.4 million as of March 31, 2024. The Company records these accruals as a 
reduction of revenue at the time of sale. For certain of these accruals, the Company estimated the amounts 
based on historical data or future commitments that are planned and controlled by the Company. The Company 
uses judgment in analyzing historical trends, inventories owned by and located at the customers, products sold 
by the direct customers to end customers or resellers, known product quality issues, negotiated terms, and 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 65

other relevant customer and product information, such as stage of product life-cycle, which are expected to 
experience unusually high discounting.
We identified the assessment of the accruals for certain Customer Programs as a critical audit matter. Historical 
experience being predictive of Customer Programs’ earned amounts is the significant assumption used to 
estimate the accruals for Customer Programs. Due to the inherent uncertainties related to the relevance of the 
predictive historical experience to the determination of the estimate, the testing required a high degree of 
auditor judgment.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the 
design and tested the operating effectiveness of certain internal controls related to the critical audit matter. This 
included controls related to the Company’s assessment of whether historical experience is predictive of 
Customer Programs’ earned amounts and the Company’s validation of the underlying channel inventory data 
used to estimate the accruals for Customer Programs. We assessed the historical experience used in 
estimating the accruals for certain Customer Programs using a combination of the Company’s internal historical 
information of sales, Customer Programs’ earned amounts, third-party contracts, and relevant and reliable third-
party channel inventory and sell-through data. We inspected selected customer contracts to assess the terms 
and conditions related to certain Customer Programs. We analyzed channel inventory data trends by product 
and by region comparing fiscal year 2024 quarterly channel inventory weeks on-hand ratios to prior fiscal years. 
In addition, we evaluated the Company’s ability to estimate the accruals for certain Customer Programs by 
comparing recorded accruals from fiscal year 2023 to actual subsequent Customer Programs’ earned amounts 
in fiscal year 2024.
/s/ KPMG LLP
We have served as the Company’s auditor since 2014.
San Francisco, California
May 16, 2024 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 66

LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
 
Years Ended March 31,
 
2024
2023
2022
Net sales
$ 4,298,467 $ 4,538,818 $ 5,481,101 
Cost of goods sold
 
2,509,418  
2,806,438  
3,204,072 
Amortization of intangible assets
 
11,028  
12,865  
14,023 
Gross profit
 
1,778,021  
1,719,515  
2,263,006 
Operating expenses:
 
 
 
Marketing and selling
 
730,310  
809,182  
1,025,899 
Research and development
 
287,243  
280,796  
291,844 
General and administrative
 
155,056  
124,652  
148,648 
Amortization of intangible assets and acquisition-related costs
 
10,934  
11,843  
16,947 
Impairment of intangible assets
 
3,526  
—  
7,000 
Change in fair value of contingent consideration for business acquisition
 
(250)  
—  
(3,509) 
Restructuring charges, net
 
3,866  
34,573  
2,165 
Total operating expenses
 
1,190,685  
1,261,046  
1,488,994 
Operating income
 
587,336  
458,469  
774,012 
Interest income
 
50,636  
18,331  
1,246 
Other income (expense), net
 
(16,376)  
(13,278)  
560 
Income before income taxes
 
621,596  
463,522  
775,818 
Provision for income taxes
 
9,453  
98,947  
131,305 
Net income
$ 
612,143 $ 
364,575 $ 
644,513 
Net income per share:
 
 
 
Basic 
$ 
3.90 $ 
2.25 $ 
3.85 
Diluted
$ 
3.87 $ 
2.23 $ 
3.78 
Weighted average shares used to compute net income per share:
 
 
 
Basic
 
156,776  
162,302  
167,447 
Diluted
 
158,171  
163,704  
170,414 
 The accompanying notes are an integral part of these consolidated financial statements.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 67

LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
 
Years Ended March 31,
 
2024
2023
2022
Net income
$ 
612,143 $ 
364,575 $ 
644,513 
Other comprehensive income (loss):
 
 
 
Currency translation gain (loss):
 
 
 
Currency translation gain (loss), net of taxes
 
(3,078)  
1,373  
(14,051) 
Reclassification of cumulative translation adjustments included in 
other income (expense), net
 
—  
219  
1,051 
Defined benefit plans:
 
 
 
Net gain (loss) and prior service costs, net of taxes
 
(13,163)  
16,089  
22,328 
Reclassification of amortization included in other income 
(expense), net
 
243  
(8,069)  
(2,623) 
Hedging gain (loss):
 
 
 
Deferred hedging gain, net of taxes
 
1,109  
2,625  
6,308 
Reclassification of hedging loss (gain) included in cost of goods 
sold
 
3,964  
(8,391)  
(8,221) 
Total other comprehensive income (loss)
 
(10,925)  
3,846  
4,792 
Total comprehensive income
$ 
601,218 $ 
368,421 $ 
649,305 
 The accompanying notes are an integral part of these consolidated financial statements.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 68

 LOGITECH INTERNATIONAL S.A.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
 
March 31,
 
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 1,520,842 $ 1,149,023 
Accounts receivable, net
 
541,715  
630,382 
Inventories
 
422,513  
682,893 
Other current assets
 
146,270  
142,876 
Total current assets
 
2,631,340  
2,605,174 
Non-current assets:
 
 
Property, plant and equipment, net
 
116,589  
121,503 
Goodwill
 
461,978  
454,610 
Other intangible assets, net
 
44,603  
63,173 
Other assets
 
350,194  
316,293 
Total assets
$ 3,604,704 $ 3,560,753 
Liabilities and Shareholders' Equity
 
Current liabilities:
 
Accounts payable
$ 
448,627 $ 
406,968 
Accrued and other current liabilities
 
637,262  
643,139 
Total current liabilities
 
1,085,889  
1,050,107 
Non-current liabilities:
 
 
Income taxes payable
 
112,572  
106,391 
Other non-current liabilities
 
172,590  
146,695 
Total liabilities
 
1,371,051  
1,303,193 
Commitments and contingencies (Note 13)
Shareholders' equity:
 
Registered shares, CHF 0.25 par value:
 
30,148  
30,148 
Issued shares —173,106 at March 31, 2024 and 2023
 
Additional shares that may be issued out of conditional capital — 50,000 at 
March 31, 2024 and 2023
 
Additional shares that may be issued out of authorized capital — 17,311 at 
March 31, 2024 and 2023
Additional paid-in capital
 
63,524  
127,380 
Shares in treasury, at cost —  19,243 and 13,763 shares at March 31, 2024 and 
2023, respectively
 (1,351,336)  
(977,266) 
Retained earnings
 
3,602,519  
3,177,575 
Accumulated other comprehensive loss
 
(111,202)  
(100,277) 
Total shareholders' equity
 
2,233,653  
2,257,560 
Total liabilities and shareholders' equity
$ 3,604,704 $ 3,560,753 
 The accompanying notes are an integral part of these consolidated financial statements.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 69

LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) 
 
Years Ended March 31,
 
2024
2023
2022
Cash flows from operating activities:
Net income
$ 
612,143 
$ 
364,575 
$ 
644,513 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
 
63,065 
 
76,309 
 
88,361 
Amortization of intangible assets
 
21,681 
 
24,407 
 
30,179 
Impairment of intangible assets
 
3,526 
 
— 
 
7,000 
Loss on investments
 
14,674 
 
14,073 
 
1,683 
Share-based compensation expense
 
82,889 
 
70,782 
 
93,479 
Deferred income taxes
 
(42,424)  
30,714 
 
27,334 
Change in fair value of contingent consideration for business acquisition
 
(250)  
— 
 
(3,509) 
Pension curtailment gains
 
— 
 
(4,225)  
— 
Other
 
379 
 
1,005 
 
1,140 
Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
 
91,519 
 
51,185 
 
(71,510) 
Inventories
 
259,796 
 
247,309 
 
(276,640) 
Other assets
 
10,760 
 
5,634 
 
(18,169) 
Accounts payable
 
39,336 
 
(219,051)  
(181,303) 
Accrued and other liabilities
 
(11,978)  
(128,707)  
(44,240) 
Net cash provided by operating activities
 
1,145,116 
 
534,010 
 
298,318 
Cash flows from investing activities:
 
 
 
Purchases of property, plant and equipment
 
(55,897)  
(92,353)  
(89,152) 
Investment in privately held companies
 
(617)  
(4,357)  
(1,463) 
Acquisitions, net of cash acquired
 
(14,424)  
(8,527)  
(16,236) 
Purchases of short-term investments
 
— 
 
— 
 
(10,000) 
Proceeds from the sale of short-term investments
 
— 
 
— 
 
8,260 
Purchases of deferred compensation investments
 
(11,571)  
(6,702)  
(5,058) 
Proceeds from sales of deferred compensation investments
 
12,174 
 
6,209 
 
5,786 
Net cash used in investing activities
 
(70,335)  
(105,730)  
(107,863) 
Cash flows from financing activities:
 
 
 
Payment of cash dividends
 
(182,305)  
(158,680)  
(159,410) 
Payment of contingent consideration for business acquisition
 
(5,002)  
(5,954)  
(880) 
Purchases of registered shares
 
(504,203)  
(418,346)  
(412,022) 
Proceeds from exercises of stock options and purchase rights
 
32,197 
 
28,790 
 
29,649 
Tax withholdings related to net share settlements of restricted stock units
 
(29,744)  
(29,163)  
(64,156) 
Other financing activities
 
(1,116)  
— 
 
— 
Net cash used in financing activities
 
(690,173)  
(583,353)  
(606,819) 
Effect of exchange rate changes on cash and cash equivalents
 
(12,789)  
(24,620)  
(5,247) 
Net increase (decrease) in cash and cash equivalents
 
371,819 
 
(179,693)  
(421,611) 
Cash and cash equivalents at beginning of the period
 
1,149,023 
 
1,328,716 
 
1,750,327 
Cash and cash equivalents at end of the period
$ 1,520,842 
$ 1,149,023 
$ 1,328,716 
Supplementary Cash Flow Disclosures:
Non-cash investing and financing activities:
 
 
 
Property, plant and equipment purchased during the period and included in period end liability 
accounts
$ 
11,451 
$ 
8,593 
$ 
11,890 
Fair value of contingent consideration in accrued and other liabilities
$ 
— 
$ 
2,151 
$ 
9,013 
Supplemental cash flow information:
 
 
 
Income taxes paid, net
$ 
50,855 
$ 
71,955 
$ 
192,898 
The accompanying notes are an integral part of these consolidated financial statements.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 70

LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(In thousands, except per share amounts)
 
Registered shares
Additional
paid-in
capital
Treasury shares
Retained
earnings
Accumulated
other
comprehensive
loss
 
Shares
Amount
Shares
Amount
Total
March 31, 2021
 
173,106 
$ 
30,148 
$ 
129,519 
 
4,799 
$ 
(279,541) $ 2,490,578 
$ 
(108,915) $ 2,261,789 
Total comprehensive income
 
— 
 
— 
 
— 
 
— 
 
— 
 
644,513 
 
4,792 
 
649,305 
Purchases of registered shares
 
— 
 
— 
 
— 
 
4,607 
 
(412,022)  
— 
 
— 
 
(412,022) 
Sale of shares upon exercise of stock options and purchase rights
 
— 
 
— 
 
12,971 
 
(410)  
16,678 
 
— 
 
— 
 
29,649 
Issuance of shares upon vesting of restricted stock units
 
— 
 
— 
 
(105,972)  
(1,137)  
41,816 
 
— 
 
— 
 
(64,156) 
Issuance of shares from contingent consideration
 
— 
 
— 
 
116 
 
(4)  
176 
 
— 
 
— 
 
292 
Share-based compensation
 
— 
 
— 
 
93,291 
 
— 
 
— 
 
— 
 
— 
 
93,291 
Cash dividends ($0.95 per share)
 
— 
 
— 
 
— 
 
— 
 
— 
 
(159,410)  
— 
 
(159,410) 
March 31, 2022
 
173,106 
$ 
30,148 
$ 
129,925 
 
7,855 
$ 
(632,893) $ 2,975,681 
$ 
(104,123) $ 2,398,738 
Total comprehensive income
 
— 
 
— 
 
— 
 
— 
 
— 
 
364,575 
 
3,846 
 
368,421 
Purchases of registered shares
 
— 
 
— 
 
— 
 
7,562 
 
(418,346)  
— 
 
— 
 
(418,346) 
Sale of shares upon exercise of stock options and purchase rights
 
— 
 
— 
 
(5,636)  
(686)  
34,426 
 
— 
 
— 
 
28,790 
Issuance of shares upon vesting of restricted stock units
 
— 
 
— 
 
(68,710)  
(968)  
39,547 
 
— 
 
— 
 
(29,163) 
Share-based compensation
 
— 
 
— 
 
71,801 
 
— 
 
— 
 
— 
 
— 
 
71,801 
Cash dividends ($1.00 per share)
 
— 
 
— 
 
— 
 
— 
 
— 
 
(162,681)  
— 
 
(162,681) 
March 31, 2023
 
173,106 
$ 
30,148 
$ 
127,380 
 
13,763 
$ 
(977,266) $ 3,177,575 
$ 
(100,277) $ 2,257,560 
Total comprehensive income
 
— 
 
— 
 
— 
 
— 
 
— 
 
612,143 
 
(10,925)  
601,218 
Purchases of registered shares
 
— 
 
— 
 
— 
 
7,100 
 
(523,751)  
— 
 
— 
 
(523,751) 
Sale of shares upon exercise of stock options and purchase rights
 
— 
 
— 
 
(28,314)  
(624)  
60,511 
 
— 
 
— 
 
32,197 
Issuance of shares upon vesting of restricted stock units
 
— 
 
— 
 
(118,771)  
(994)  
89,027 
 
— 
 
— 
 
(29,744) 
Issuance of shares from contingent consideration
 
— 
 
— 
 
102 
 
(2)  
143 
 
— 
 
— 
 
245 
Share-based compensation
 
— 
 
— 
 
83,127 
 
— 
 
— 
 
— 
 
83,127 
Cash dividends ($1.19 per share)
 
— 
 
— 
 
— 
 
— 
 
— 
 
(187,199)  
— 
 
(187,199) 
March 31, 2024
 
173,106 
$ 
30,148 
$ 
63,524 
 
19,243 
$ (1,351,336) $ 3,602,519 
$ 
(111,202) $ 2,233,653 
 The accompanying notes are an integral part of these consolidated financial statements.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 71

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1—The Company 
Logitech International S.A, together with its consolidated subsidiaries ("Logitech" or the "Company"), 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, the Company's mission is to 
extend human potential in work and play, in a way that is good for people and the planet.
The Company sells its products to a broad network of international customers, including direct sales to 
retailers, e-tailers, and end consumers through the Company's e-commerce platform, and indirect sales to end 
customers through distributors.
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 and headquarters in Lausanne, Switzerland, which conducts its business through 
subsidiaries in the Americas, Europe, Middle East and Africa ("EMEA") and Asia Pacific. 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.
Note 2—Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany 
balances and transactions have been eliminated. The consolidated financial statements are presented in 
accordance with accounting principles generally accepted in the United States ("U.S. GAAP").
Fiscal Year
The Company's fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each 
ending on a Friday. For purposes of presentation, the Company has indicated its quarterly periods end on the last 
day of the calendar quarter.
Reference to Sales
References to "sales" in the Notes to the consolidated financial statements means net sales, except as 
otherwise specified.
Change in Presentation of Sales by Product Category
During the first quarter of fiscal year 2024, the Company changed its presentation of Sales by Product 
Category, included in Note 15, to provide a simpler and clearer view of the Company's business. The change in 
presentation did not have an impact on previously reported total sales. These changes included reclassifications of 
sales between certain product categories resulting in the following: 
•
The Webcams category (previously PC Webcams) now includes PC webcams and VC webcams;
•
Headsets is a new category which includes PC headsets and VC headsets;
•
The Mobile Speakers category is no longer a separate category as sales have been reclassified into the 
Other category;
•
The Audio & Wearables category is no longer a separate category as sales have been reclassified into 
other categories as discussed below.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 72

As a result of these changes, certain prior-period amounts for the fiscal years ending March 31, 2023 and 2022 
have been reclassified to conform to the current period presentation as follows (in thousands):
Year ended March 31, 2023
As previously 
reported
Reclassifications
As adjusted
Gaming
$ 
1,211,485 $ 
76,828 (1)
$ 
1,288,313 
Keyboards & Combos
 
836,432  
— 
 
836,432 
Pointing Devices
 
728,357  
— 
 
728,357 
Video Collaboration
 
887,517  
(209,594) (2) (3)
 
677,923 
Webcams (3)
 
227,692  
150,996 (3)
 
378,688 
Tablet Accessories
 
254,374  
— 
 
254,374 
Headsets
 
—  
176,576 (2)
 
176,576 
Other
 
7,081  
191,074 (4) (5)
 
198,155 
Mobile Speakers
 
111,649  
(111,649) (4)
 
— 
Audio & Wearables
 
274,231  
(274,231) (1) (2) (5)
 
— 
Total Sales
$ 
4,538,818 $ 
— 
$ 
4,538,818 
Year ended March 31, 2022
As previously 
reported
Reclassifications
As adjusted
Gaming
$ 
1,451,883 $ 
125,312 (1)
$ 
1,577,195 
Keyboards & Combos
 
967,301  
— 
 
967,301 
Pointing Devices
 
781,108  
— 
 
781,108 
Video Collaboration
 
997,164  
(329,594) (2) (3)
 
667,570 
Webcams (3)
 
403,651  
272,465 (3)
 
676,116 
Tablet Accessories
 
310,123  
— 
 
310,123 
Headsets
 
—  
208,318 (2)
 
208,318 
Other
 
18,665  
274,705 (4) (5)
 
293,370 
Mobile Speakers
 
149,782  
(149,782) (4)
 
— 
Audio & Wearables
 
401,424  
(401,424) (1) (2) (5)  
— 
Total Sales
$ 
5,481,101 $ 
— 
$ 
5,481,101 
(1) Reclassification of Blue Microphones from "Audio & Wearables" to the Gaming category.
(2) Reclassification of VC headsets and PC headsets to the new Headsets category from "Video Collaboration" 
and "Audio & Wearables," respectively.
(3) The Webcams category includes amounts previously reported as "PC Webcams" as well as amounts from 
VC webcams reclassified from "Video Collaboration."
(4) Reclassification of all amounts previously reported in "Mobile Speakers" to the Other category.
(5) Reclassification of PC speakers previously reported in "Audio & Wearables" to the Other category.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make 
judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements 
and accompanying notes. Management bases its estimates on historical experience and various other assumptions 
believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of 
goodwill and intangible assets acquired from business acquisitions, valuation of investment in privately held 
companies classified under Level 3 fair value hierarchy, pension obligations, accruals for customer incentives, 
cooperative marketing, and pricing programs ("Customer Programs") and related breakage when appropriate, 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 73

inventory valuation, share-based compensation expense, uncertain tax positions, and valuation allowances for 
deferred tax assets. Although these estimates are based on management’s best knowledge of current events and 
actions that may impact the Company in the future, actual results could differ materially from those estimates.
Risks and Uncertainties 
Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business 
The Company's business has been impacted by adverse macroeconomic and geopolitical conditions. These 
conditions include inflation, interest rate and foreign currency fluctuations, changes in fiscal policies, slowdown of 
economic activity around the world, and lower consumer and enterprise spending. 
The global and regional economic and political conditions adversely affected demand for the Company's 
products. In addition, these conditions have caused and may continue to cause volatility in the cost of materials and 
logistics, and transportation delays, and as a result may impact the pricing of the Company's products, product 
availability and the Company's results of operations. 
Currencies
The functional currency of the Company's operations is primarily the U.S. Dollar. Certain operations use the 
Euro, Chinese Renminbi, Swiss Franc, or other local currencies as their functional currencies. The financial 
statements of the Company's subsidiaries whose functional currency is other than the U.S. Dollar are translated to 
U.S. Dollars using period-end rates of exchange for assets and liabilities and monthly average rates for sales, 
income and expenses. Cumulative translation gains and losses are included as a component of shareholders' 
equity in accumulated other comprehensive income (loss). Gains and losses arising from transactions denominated 
in currencies other than a subsidiary's functional currency are reported in other income (expense), net in the 
consolidated statements of operations.
Revenue Recognition
Revenue is recognized when a customer obtains control of promised goods or services in an amount that 
reflects the transaction price the Company expects to receive in exchange for those goods or services.
Substantially all revenue recognized by the Company relates to the contracts with customers to sell products 
that allow people to connect through gaming, video, computing, music and other digital platforms. These products 
are hardware devices, which may include embedded software that function together, and are considered as one 
performance obligation. Hardware devices are generally plug and play, requiring no configuration and little or no 
installation. Revenue is recognized at a point in time when control of the products is transferred to the customer 
which generally occurs upon shipment. The Company’s sales contracts with its customers have a one year or 
shorter term. The Company elects not disclosing the value of unsatisfied performance obligations for contracts with 
an original expected duration of one year or less.
The Company also provides post-contract customer support (“PCS”) for certain products and related software, 
which includes unspecified software updates and upgrades, bug fixes and maintenance. The transaction price is 
allocated to two performance obligations in such contracts, based on a relative standalone selling price. The 
transaction price allocated to PCS is recognized as revenue on a straight-line basis, which reflects the pattern of 
delivery of PCS, over the estimated term of the support. 
The Company also recognizes revenue from subscription services that provide professional streamers with 
access to streaming software and tools that represent a single stand-ready performance obligation. Subscriptions 
are paid for at the time of or in advance of delivering the services. The proceeds received in advance from such 
arrangements is recognized as deferred revenue and then recognized as revenue ratably over the subscription 
period. 
The Company normally requires payment from customers within thirty to sixty days from the invoice date. 
However, terms may vary by customer type, by country and by selling season. Extended payment terms are 
sometimes offered to a limited number of customers during the second and third fiscal quarters. The Company 
generally does not modify payment terms on existing receivables. The Company's contracts with customers do not 
include significant financing components as the period between the satisfaction of performance obligations and 
timing of payment are generally within one year.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 74

The transaction price received by the Company from sales to its distributors, retail companies ("retailers"), and 
authorized resellers is calculated as selling price net of variable consideration which may include product returns 
and the Company’s payments for Customer Programs related to current period product revenue. The estimated 
impact of these programs is recorded as a reduction of transaction price or as an operating expense if the Company 
receives a distinct good or service from the customer and can reasonably estimate the fair value of that good or 
service received. Customer Programs require management to estimate the percentage of those programs which will 
not be claimed in the current period or will not be earned by customers, which is commonly referred to as 
"breakage." Breakage is estimated based on historical claim experience, the period in which customer claims are 
expected to be submitted, specific terms and conditions with customers and other factors. The Company accounts 
for breakage as part of variable consideration, subject to constraint, and records the estimated impact in the same 
period when revenue is recognized at the expected value. Assessing the period in which claims are expected to be 
submitted and the relevance of the historical claim experience require significant management judgment to estimate 
the breakage of Customer Programs in any accounting period. 
The Company enters into cooperative marketing arrangements with many of its customers and with certain 
indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases of the 
Company's products, or a fixed dollar amount for various marketing and incentive programs. The objective of these 
arrangements is to encourage advertising and promotional events to increase sales of the Company's products.
Customer incentive programs include consumer rebates and performance-based incentives. Consumer 
rebates are offered to the Company's customers and indirect partners at the Company's discretion for the primary 
benefit of end-users. In addition, the Company offers performance-based incentives to many of its customers and 
indirect partners based on predetermined performance criteria. At management's discretion, the Company also 
offers special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited 
time periods or for sales of selected products to specific indirect partners.
Cooperative marketing arrangements and customer incentive programs are considered variable consideration, 
which the Company estimates and records as a reduction to revenue at the time of sale based on negotiated terms, 
historical experiences, forecasted incentives, anticipated volume of future purchases, and inventory levels in the 
channel.
The Company has agreements with certain customers that contain terms allowing price protection credits to be 
issued in the event of a subsequent price reduction. Management's decision to make price reductions is influenced 
by product life cycle stage, market acceptance of products, the competitive environment, new product introductions 
and other factors. 
Accruals for estimated expected future pricing actions and Customer Programs are recognized at the time of 
sale based on analyses of historical pricing actions by customer and by product, inventories owned by and located 
at customers, current customer demand, current operating conditions, and other relevant customer and product 
information, such as stage of product life-cycle.
Product return rights vary by customer. Estimates of expected future product returns qualify as variable 
consideration and are recorded as a reduction of the transaction price of the contract at the time of sale based on 
an analyses of historical return trends by customer and by product, inventories owned by and located at customers, 
current customer demand, current operating conditions, and other relevant customer and product information. The 
Company assesses the estimated asset for recovery value for impairment and adjusts the value of the asset for any 
impairment. Return trends are influenced by product life cycle status, new product introductions, market acceptance 
of products, sales levels, product sell-through, the type of customer, seasonality, product quality issues, competitive 
pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are 
sufficiently predictable to allow the Company to estimate expected future product returns.
Typically, variable consideration does not need to be constrained as estimates are based on predictive 
historical data or future commitments that are planned and controlled by the Company. However, the Company 
continues to assess variable consideration estimates such that it is probable that a significant reversal of revenue 
will not occur.
The Company regularly evaluates the adequacy of its estimates for Customer Programs and product returns. 
Future market conditions and product transitions may require the Company to take action to change such programs 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 75

and related estimates. When the variables used to estimate these costs change, or if actual costs differ significantly 
from the estimates, the Company would be required to increase or reduce revenue or operating expenses to reflect 
the impact. During the year ended March 31, 2024, changes to these estimates related to performance obligations 
satisfied in prior periods were not material.
Sales taxes and value-added taxes (“VAT”) collected from customers, if applicable, which are remitted to 
governmental authorities are not included in revenue, and are reflected as a liability on the consolidated balance 
sheets.
Shipping and Handling Costs
The Company's shipping and handling costs are included in the cost of goods sold in the consolidated 
statements of operations.
Contract Balances
The Company records accounts receivable from contracts with customers when it has an unconditional right to 
consideration, as accounts receivable, net on the consolidated balance sheets.
The Company records contract liabilities when cash payments are received or due in advance of performance, 
primarily for implied support and subscriptions. Contract liabilities are included in accrued and other current liabilities 
and other non-current liabilities on the consolidated balance sheets.
Contract Costs
The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the 
amortization period of the assets that otherwise would have been recognized is one year or less. These costs are 
included in marketing and selling expenses in the consolidated statements of operations. As of March 31, 2024 and 
2023, the Company did not have any material deferred contract costs. 
Research and Development Costs
Costs related to research, design and development of products, which consist primarily of personnel, product 
design and infrastructure expenses, are charged to research and development expense as they are incurred.
Advertising Costs
Advertising costs are recorded as either a marketing and selling expense or a deduction from revenue as they 
are incurred. Advertising costs paid or reimbursed by the Company to direct or indirect customers must have an 
identifiable benefit and an estimable fair value in order to be classified as an operating expense. If these criteria are 
not met, the payment is classified as a reduction of revenue. Advertising costs recorded as marketing and selling 
expense are expensed as incurred. Total advertising costs including those characterized as revenue deductions 
during fiscal years 2024, 2023 and 2022 were $325.3 million, $383.7 million and $584.4 million, respectively, out of 
which $46.6 million, $67.3 million, and $223.3 million, respectively, were included as operating expense in the 
consolidated statements of operations. 
Cash Equivalents
The Company classifies all highly liquid instruments purchased, such as bank demand deposits, short-term 
time deposits, and U.S. Treasury securities, with an original maturity of three months or less at the date of purchase, 
to be cash equivalents. Cash equivalents are carried at cost, which approximates their fair value. 
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of 
cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with 
various creditworthy financial institutions and has a policy to limit exposure with any one financial institution, but is 
exposed to credit risk in the event of default by financial institutions to the extent that cash balances with individual 
financial institutions are in excess of amounts that are insured. The Company periodically assesses the credit risk 
associated with these financial institutions.
The Company sells to large distributors, retailers, and e-tailers and, as a result, maintains individually 
significant receivable balances with such customers.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 76

The Company had the following customers that individually comprised 10% or more of its gross sales:
 
Years Ended March 31,
 
2024
2023
2022
Customer A
 13 %
 13 %
 15 %
Customer B
 18 %
 19 %
 17 %
Customer C
 14 %
 15 %
 14 %
The Company had the following customers that individually comprised 10% or more of its accounts receivable:
 
March 31,
 
2024
2023
Customer A
 14 %
 12 %
Customer B
 20 %
 21 %
Customer C
 15 %
 15 %
The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' 
financial conditions. The Company generally does not require collateral from its customers. 
Allowances for Doubtful Accounts
Allowances for doubtful accounts are maintained for expected credit losses resulting from the Company's 
customers' inability to make required payments. The allowances are based on the Company's regular assessment 
of various factors, including the credit-worthiness and financial condition of specific customers, historical experience 
with bad debts and customer deductions, receivables aging, current economic conditions, reasonable and 
supportable forecasts of future economic conditions, and other factors that may affect the Company's ability to 
collect from customers.
Inventories
Inventories are stated at the lower of cost and net realizable value. Costs are computed under the standard 
cost method, which approximates actual costs determined on the first-in, first-out basis. The Company records 
write-downs of inventories which are obsolete or in excess of anticipated demand or net realizable value based on a 
consideration of marketability and product life cycle stage, product development plans, component cost trends, 
historical sales and demand forecasts which consider the assumptions about future demand and market conditions. 
Inventory on hand which is not expected to be sold or utilized is considered excess, and the Company recognizes 
the write-down in cost of goods sold at the time of such determination. The write-down is determined by the excess 
of cost over net realizable value. Net realizable value is the estimated selling price in the ordinary course of 
business, less reasonably predictable costs of completion, disposal and transportation. At the time of loss 
recognition, new cost basis per unit and lower-cost basis for that inventory are established and subsequent changes 
in facts and circumstances would not result in an increase in the cost basis. 
The Company recorded liabilities arising from firm, non-cancelable, and unhedged inventory purchase 
commitments in excess of anticipated demand or net realizable value consistent with its valuation of excess and 
obsolete inventory. Such liability is included in accrued and other current liabilities on the consolidated balance 
sheets.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Additions and improvements are capitalized, and 
maintenance and repairs are expensed as incurred. The Company capitalizes the cost of software developed for 
internal use in connection with major projects. Costs incurred during the preliminary project stage and post 
implementation stage are expensed, whereas direct costs incurred during the application development stage are 
capitalized.
Depreciation expense is recognized using the straight-line method. Plant and buildings are depreciated over 
estimated useful lives of twenty-five years, equipment over useful lives from three to five years, internal-use 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 77

software over useful lives from three to seven years, tooling over useful lives from six months to one year, and 
leasehold improvements over the lesser of the term of the lease or ten years.
When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are 
relieved from the accounts and the net gain or loss is included in cost of goods sold or operating expenses, 
depending on the nature of the property and equipment.
Leases
The Company determines if an arrangement is a lease or contains a lease at contract inception. The Company 
determines if a lease is an operating or finance lease and recognizes right-of-use ("ROU") assets and lease 
liabilities upon lease commencement. Operating lease ROU assets are included in other assets, short-term lease 
liabilities are included in accrued and other current liabilities, and long-term lease liabilities are included in other 
non-current liabilities on the Company's consolidated balance sheets. Leases with an initial term of 12 months or 
less are not recorded on the balance sheet. For the Company's operating leases, the Company accounts for the 
lease component and related non-lease component as a single lease component. Lease expense is recognized on 
a straight-line basis over the lease term.
For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments 
at lease commencement date. As most of the leases do not provide an implicit rate, the Company generally uses its 
incremental borrowing rate as the discount rate for the leases. The Company's incremental borrowing rate is the 
rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments 
under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses its 
understanding of what its collateralized credit rating would be as an input to deriving an appropriate incremental 
borrowing rate. The operating lease ROU assets include prepaid lease payments and exclude lease incentives.
Intangible Assets
The Company's intangible assets include goodwill and intangible assets with finite lives, which primarily 
include acquired technology and customer contracts and related relationships. Intangible assets with finite lives are 
carried at cost and amortized using the straight-line method over their useful lives ranging from one to ten years. 
Impairment of Long-Lived Assets
The Company reviews long-lived assets, such as property and equipment, and finite-lived intangible assets, 
for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of long-
lived assets is measured by comparing the projected undiscounted net cash flows associated with those assets to 
their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined 
based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For 
purposes of recognition of impairment for assets held for use, the Company groups assets and liabilities at the 
lowest level for which cash flows are separately identifiable.
Impairment of Goodwill
Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable 
intangible assets acquired in each business combination. The Company conducts a goodwill impairment analysis 
annually at December 31 or more frequently if indicators of impairment exist or if a decision is made to sell or exit a 
business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such 
indicators may include deterioration in general economic conditions, negative developments in equity and credit 
markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative 
effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among 
others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the 
impairment of goodwill.
In reviewing goodwill for impairment, the Company has the option to first assess qualitative factors to 
determine whether the existence of events or circumstances leads to a determination that it is more likely than not 
(greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. The Company 
also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative 
impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same 
whether the Company chooses to perform the qualitative assessment or proceeds directly to the quantitative 
impairment test. The Company operates as one reporting unit. For the year ended March 31, 2024, the Company 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 78

elected to perform a qualitative assessment and concluded that it was more likely than not that the fair value of its 
reporting unit exceeds its carrying amount. 
Income Taxes
The Company provides for income taxes using the asset and liability method, which requires that deferred tax 
assets and liabilities be recognized for the expected future tax consequences of temporary differences resulting 
from differing treatment of items for tax and financial reporting purposes, and for operating losses and tax credit 
carryforwards. In estimating future tax consequences, expected future events are taken into consideration, with the 
exception of potential tax law or tax rate changes. The Company records a valuation allowance to reduce deferred 
tax assets to amounts management believes are more likely than not to be realized.
The Company's assessment of uncertain tax positions requires that management makes estimates and 
judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In 
the event that uncertain tax positions are resolved for amounts different than the Company's estimates, or the 
related statutes of limitations expire without the assessment of additional income taxes, the Company will be 
required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such 
adjustments may have a material impact on the Company's income tax provision and its results of operations.
Fair Value of Financial Instruments
The carrying value of certain of the Company's financial instruments, including cash equivalents, accounts 
receivable and accounts payable approximates their fair value due to their short maturities. 
The Company's investment securities portfolio consists of bank demand deposits, short-term time deposits, 
and U.S. Treasury securities with an original maturity of three months or less and marketable securities (money 
market and mutual funds) related to a deferred compensation plan.
The Company's investments related to the deferred compensation plan are reported at fair value based on 
quoted market prices. The marketable securities related to the deferred compensation plan are classified as non-
current investments, as they are intended to fund the deferred compensation plan's long-term liability. Participants in 
the deferred compensation plan may select the mutual funds in which their compensation deferrals are invested 
within the confines of the Rabbi Trust which holds the marketable securities. These securities are recorded at fair 
value based on quoted market prices. Earnings, gains and losses on deferred compensation investments are 
included in other income (expense), net in the consolidated statements of operations.
The Company also holds certain non-marketable investments that are accounted for as equity method 
investments and included in other assets in the consolidated balance sheets. In addition, the Company has certain 
equity investments without readily determinable fair values due to the absence of quoted market prices, the inherent 
lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management's 
judgment. The Company elected the measurement alternative to record these investments at cost and to adjust for 
impairments and observable price changes resulting from transactions with the same issuer within the statements of 
operations.
Net Income per Share
Basic net income per share is computed by dividing net income by the weighted average outstanding shares. 
Diluted net income per share is computed using the weighted average outstanding shares and dilutive share 
equivalents. Dilutive share equivalents consist of share-based awards, including stock options, purchase rights 
under employee share purchase plan, and restricted stock units. 
The dilutive effect of in-the-money share-based compensation awards is calculated based on the average 
share price for each fiscal period using the treasury stock method. 
Share-Based Compensation Expense
Share-based compensation expense includes compensation expense for share-based awards granted based 
on the grant date fair value. The grant date fair value for stock options and stock purchase rights is estimated using 
the Black-Scholes-Merton option-pricing valuation model. The grant date fair value of service-based restricted stock 
units ("RSUs") is calculated based on the market price on the date of grant, reduced by estimated dividend yield 
prior to vesting. The grant date fair value of restricted stock units which vest upon meeting certain market- and 
performance-based conditions ("PSUs") is estimated using the Monte-Carlo simulation method including the effect 
of the market condition. Stock-based compensation expense is recognized ratably over the respective requisite 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 79

service periods of the awards and forfeitures are accounted for when they occur. For PSUs, the Company 
recognizes compensation expense using its estimate of probable outcome at the end of the performance period 
(i.e., the estimated performance against the performance targets). The Company periodically adjusts the cumulative 
stock-based compensation expense recorded when the probable outcome for the PSUs is updated based upon 
changes in actual and forecasted financial results.
Product Warranty 
All of the Company's products are covered by standard warranty to be free from defects in material and 
workmanship for periods ranging from one year to three years. The warranty period varies by product and by region. 
The Company’s standard warranty does not provide a service beyond assuring that the product complies with 
agreed-upon specifications and is not sold separately. The standard warranty the Company provides qualifies as an 
assurance warranty and is not treated as a separate performance obligation. The Company estimates cost of 
product warranties at the time the related revenue is recognized based on historical warranty claim rates, historical 
costs, and knowledge of specific product failures that are outside of the Company's typical experience. The 
Company accrues a warranty liability for estimated costs to provide products, parts or services to repair or replace 
products in satisfaction of the warranty obligation. Each quarter, the Company reevaluates estimates to assess the 
adequacy of recorded warranty liabilities. When the Company experiences changes in warranty claim activity or 
costs associated with fulfilling those claims, the warranty liability is adjusted accordingly. 
Comprehensive Income (Loss)
Comprehensive income (loss) is defined as the total change in shareholders' equity during the period other 
than from transactions with shareholders. Comprehensive income (loss) consists of net income (loss) and other 
comprehensive income (loss). Other comprehensive income (loss) is comprised of currency translation adjustments 
from those entities not using the U.S. Dollar as their functional currency, net deferred gains and losses and prior 
service costs and credits for defined benefit pension plans, and net deferred gains and losses on hedging activity.
Treasury Shares
The Company periodically repurchases shares in the market at fair value. Shares repurchased are recorded at 
cost as a reduction of total shareholders' equity. Treasury shares held may be reissued to satisfy the exercise of 
employee stock options and purchase rights, the vesting of restricted stock units, and acquisitions, or may be 
canceled with shareholder approval. Treasury shares that are reissued are accounted for using the first-in, first-out 
basis.
Derivative Financial Instruments
The Company enters into foreign exchange forward contracts to reduce the short-term effects of currency 
fluctuations on certain foreign currency receivables or payables and to hedge against exposure to changes in 
currency exchange rates related to its subsidiaries' forecasted inventory purchases. 
Gains or losses from changes in the fair value of forward contracts that offset transaction losses or gains on 
foreign currency receivables or payables are recognized immediately and included in other income (expense), net in 
the consolidated statements of operations.
Gains and losses for changes in the fair value of the effective portion of the Company's forward contracts 
related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive loss 
until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods 
sold. The Company presents the earnings impact from forward points in the same line item that is used to present 
the earnings impact of the hedged item (i.e. cost of goods sold) for hedging forecasted inventory purchases.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 80

Restructuring Charges
The Company's restructuring charges consist of employee severance, one-time termination benefits and 
ongoing benefits related to the reduction of its workforce, and other costs. Liabilities for costs associated with a 
restructuring activity are measured at fair value and are recognized when the liability is incurred, as opposed to 
when management commits to a restructuring plan. One-time termination benefits are expensed at the date the 
entity notifies the employee, unless the employee must provide future service, in which case the benefits are 
expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are 
probable and the benefit amounts are estimable. Other costs primarily consist of legal, consulting, and other costs 
related to employee terminations, and are expensed when incurred. Termination benefits are calculated based on 
regional benefit practices and local statutory requirements. 
New Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update 
("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 
improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant 
segment expenses that are regularly provided to the chief operating decision maker. In addition, ASU 2023-07 
requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and 
clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its 
entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within 
those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to 
all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently 
evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax 
Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and 
other disclosures. Under ASU 2023-09, for each annual period presented, public entities are required to (1) disclose 
specific categories in the tabular rate reconciliation and (2) provide additional information for reconciling items that 
meet a quantitative threshold. In addition, ASU 2023-09 requires all reporting entities to disclose on an annual basis 
the amount of income taxes paid disaggregated by federal, state, and foreign taxes as well as the amount of income 
taxes paid by individual jurisdiction. ASU 2023-09 is effective for public business entities for annual periods 
beginning after December 15, 2024 and can be applied on a prospective basis with an option to apply the standard 
retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its 
consolidated financial statements and related disclosures.
Note 3—Net Income Per Share 
The following table summarizes the computations of basic and diluted net income per share for fiscal years 
2024, 2023 and 2022 (in thousands except per share amounts):
 
Years Ended March 31,
 
2024
2023
2022
Net income 
$ 
612,143 $ 
364,575 $ 
644,513 
Shares used in net income per share computation:
Weighted average shares outstanding - basic
 
156,776  
162,302  
167,447 
Effect of potentially dilutive equivalent shares
 
1,395  
1,402  
2,967 
Weighted average shares outstanding - diluted
 
158,171  
163,704  
170,414 
 
 
 
Net income per share:
Basic
$ 
3.90 $ 
2.25 $ 
3.85 
Diluted
$ 
3.87 $ 
2.23 $ 
3.78 
Share equivalents attributable to outstanding stock options, restricted stock units and employee share 
purchase plans ("ESPP") totaling 1.1 million, 2.0 million, and 2.0 million shares during fiscal years 2024, 2023 and 
2022, respectively, were excluded from the calculation of diluted net income per share because their effect would 
have been anti-dilutive. A small number of PSUs were not included in the dilutive net income per share calculation 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 81

because all necessary conditions had not been satisfied by the end of the respective period, and those shares were 
not issuable if the end of the reporting period were the end of the performance contingency period.
Note 4—Employee Stock-Based Compensation 
As of March 31, 2024, the Company offers the 2006 Employee Share Purchase Plan (Non-U.S.), as amended 
and restated ("2006 ESPP"), the 1996 Employee Share Purchase Plan (U.S.), as amended and restated ("1996 
ESPP"), and the 2006 Stock Incentive Plan ("2006 Plan") as amended and restated. Shares issued to employees as 
a result of purchases or exercises under these plans are generally issued from shares held in treasury stock.
Under the 1996 ESPP and 2006 ESPP plans, eligible employees may purchase shares at the lower of 85% of 
the fair market value at the beginning or the end of each offering period, which is generally six months. Subject to 
continued participation in these plans, purchase agreements are automatically executed at the end of each offering 
period. An aggregate of 29.0 million shares were reserved for issuance under the 1996 and 2006 ESPP plans. As of 
March 31, 2024, a total of 3.1 million shares were available for new awards under these plans.
The 2006 Plan provides for the grant to eligible employees and non-employee directors of stock options, stock 
appreciation rights, and restricted stock units. Awards under the 2006 Plan may be conditioned on continued 
employment, the passage of time or the satisfaction of performance and market vesting criteria. The 2006 Plan, as 
amended, has no expiration date. On June 29, 2022, the Board authorized 3.3 million additional shares for issuance 
under the 2006 Plan. An aggregate of 33.8 million shares were reserved for issuance under the 2006 Plan. As of 
March 31, 2024, a total of 7.6 million shares were available for new awards under this plan.
Stock options granted to employees under the 2006 Plan have terms not exceeding ten years and are issued 
at exercise prices not less than the fair market value on the date of grant. 
Service-based restricted stock units ("RSUs") granted to employees under the 2006 Plan generally vest in four 
equal annual installments on the grant date anniversary. RSUs granted to non-executive board members under the 
2006 Plan vest on the grant date anniversary, or if earlier and only if the non-executive board member is not re-
elected as a director at the annual general meeting, the date of the next annual general meeting following the grant 
date. 
Restricted stock units with certain market- and performance-based conditions ("PSUs") granted to employees 
under the 2006 Plan generally vest at the end of the three-year performance period upon meeting predetermined 
financial metrics over three years, with the number of shares to be received upon vesting determined based on 
constant currency revenue growth rate, adjusted operating income (loss) and the Company's total shareholder 
return ("TSR") relative to the performance of companies in the Russell 3000 Index over the same three years 
period. 
The following table summarizes share-based compensation expense and total income tax benefit recognized 
for fiscal years 2024, 2023 and 2022 (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Cost of goods sold
$ 
8,004 $ 
5,635 $ 
6,695 
Marketing and selling 
 
35,780  
34,707  
37,796 
Research and development
 
17,836  
15,292  
18,356 
General and administrative
 
21,269  
15,148  
30,632 
Total share-based compensation expense
 
82,889  
70,782  
93,479 
Income tax benefit
 
(15,305)  
(9,750)  
(26,987) 
Total share-based compensation expense, net of income tax benefit
$ 
67,584 $ 
61,032 $ 
66,492 
The income tax benefit in the respective periods primarily consisted of tax benefits related to the share-based 
compensation expense for the period and direct tax benefit realized, including net excess tax benefits recognized 
from share-based awards vested or exercised during the period. 
Share-based compensation costs capitalized as part of inventory were $6.3 million, $5.6 million, and 
$5.2 million for the fiscal year ended March 31, 2024, 2023 and 2022, respectively. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 82

As of March 31, 2024, there was $137.7 million of total future stock-based compensation cost to be 
recognized over a weighted-average period of 2.3 years.
The estimates of share-based compensation expense require a number of complex and subjective 
assumptions including stock price volatility, employee exercise patterns, probability of achievement of the set 
performance condition, dividend yield, related tax effects and the selection of an appropriate fair value model. 
The grant date fair value of the stock options and ESPP using the Black-Scholes-Merton option-pricing 
valuation model and the grant date fair value of the PSUs using the Monte-Carlo simulation method are determined 
with the following assumptions: 
Stock 
Options(1)
 Employee Stock Purchase Plans
Year Ended 
March 31,
Years Ended March 31,
 
2022
2024
2023
2022
Expected dividend rate
 1.18 %
 1.61 %
 1.78 %
 1.03 %
Risk-free interest rate
 1.99 %
 5.36 %
 3.86 %
 0.27 %
Expected volatility
 34 %
 33 %
 46 %
 35 %
Expected term (years)
6.2
0.5
0.5
0.5
Weighted average grant date fair value per share
$ 25.88 
$ 19.02 
$ 16.32 
$ 23.55 
(1) No stock options were granted for fiscal years 2024 and 2023.
PSUs
Years Ended March 31,
 
2024
2023
2022
Expected dividend rate
 1.90 %
 1.46 %
 0.78 %
Risk-free interest rate
 3.83 %
 2.78 %
 0.31 %
Expected volatility
 41 %
 39 %
 37 %
Expected term (years)
3.0
3.0
3.0
The expected dividend rate assumption is based on the Company's history and future expectations of dividend 
payouts. The unvested PSUs or unexercised options are not eligible for these dividends. The expected term is 
based on the purchase offerings periods expected to remain outstanding for employee stock purchase plan or the 
performance period for PSUs. The expected term for stock options represents the estimated period of time until 
option exercise. Since the Company has limited historical stock option exercise experience, the Company used the 
simplified method in estimating the expected term, which is calculated as the average of the sum of the vesting term 
and the original contractual term of the stock options. Expected volatility is based on historical volatility using the 
Company's daily closing prices, or including the volatility of components of the Russell 3000 Index for PSUs, over 
the expected term. The Company considers the historical price volatility of its shares as most representative of 
future volatility. The risk-free interest rate assumptions are based upon the implied yield of U.S. Treasury zero-
coupon issues or Switzerland government bonds appropriate for the expected term of the Company's share-based 
awards.
For PSUs, the Company estimates the probability and timing of the achievement of the set performance 
condition at the time of the grant based on the historical financial performance and the financial forecast in the 
remaining performance period and reassesses the probability in subsequent periods when actual results or new 
information become available. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 83

A summary of the Company's stock option activities under all stock plans for fiscal years 2024, 2023 and 2022 
is as follows:
 
Number of 
Shares
Weighted-
Average 
Exercise Price
Weighted-
Average 
Remaining 
Contractual 
Term
Aggregate 
Intrinsic Value
(In thousands)
(Years)
(In thousands)
Outstanding, March 31, 2021
 
622 
Granted
 
842 
Exercised
 
(71) 
$ 
5,573 
Outstanding, March 31, 2022
 
1,393 
Exercised
 
(155) 
$ 
6,482 
Forfeited
 
(118) 
Outstanding, March 31, 2023
 
1,120 $ 
66 
7.6
$ 
7,491 
Exercised
 
(181) $ 
43 
$ 
6,160 
 Forfeited
 
(176) $ 
80 
Outstanding, March 31, 2024
 
763 $ 
68 
7.0
$ 
16,243 
Vested and exercisable, March 31, 2024
 
489 $ 
61 
6.5
$ 
13,960 
A summary of the Company's RSU and PSU activities for fiscal years 2024, 2023 and 2022 is as follows:
 
Number of 
Shares
Weighted-
Average Grant 
Date Fair Value
Aggregate 
Fair Value
(In thousands)
(In thousands)
Outstanding, March 31, 2021
 
3,643 $ 
45 
Granted—RSUs
 
868 $ 
103 
Granted—PSUs
 
203 $ 
124 
Vested
 
(1,463) 
$ 
133,977 
Forfeited
 
(205) 
Outstanding, March 31, 2022
 
3,046 $ 
68 
Granted—RSUs
 
1,584 $ 
53 
Granted—PSUs
 
407 $ 
69 
Vested
 
(1,143) 
$ 
85,152 
Forfeited
 
(438) 
Outstanding, March 31, 2023
 
3,456 $ 
66 
Granted—RSUs
 
1,396 $ 
59 
Granted—PSUs
 
457 $ 
67 
Vested
 
(1,200) $ 
58 $ 
92,340 
Forfeited
 
(631) $ 
73 
Outstanding, March 31, 2024
 
3,478 $ 
65 
The shares outstanding as of March 31, 2024 above include 0.7 million shares of PSUs. The Company 
presents the number of PSUs and weighted-average grant date fair value at 100 percent of the performance target; 
however, the aggregate fair value of shares vested is based on the actual number of PSUs vested according to 
achievement of the financial metrics over the performance period. 
Note 5—Employee Benefit Plans
Defined Benefit Plans
Certain of the Company's subsidiaries sponsor defined benefit pension plans or non-retirement post-
employment benefits covering substantially all of their employees. Benefits are provided based on employees' years 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 84

of service and earnings, or in accordance with applicable employee benefit regulations. The Company's practice is 
to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax regulations.
The Company recognizes the overfunded or underfunded status of defined benefit pension plans and non-
retirement post-employment benefit obligations as an asset or liability in its consolidated balance sheets and 
recognizes changes in the funded status of defined benefit pension plans in the year in which the changes occur 
through accumulated other comprehensive income (loss), which is a component of shareholders' equity. Each plan's 
assets and benefit obligations are generally remeasured as of March 31 each year.
The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment 
benefit obligations for fiscal years 2024, 2023 and 2022 was as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Service costs
$ 
11,479 $ 
13,195 $ 
14,693 
Interest costs
 
3,844  
2,408  
920 
Expected return on plan assets
 
(6,950)  
(3,754)  
(2,930) 
Amortization: 
Net prior service credit recognized
 
(500)  
(458)  
(465) 
Net actuarial gain recognized
 
(179)  
(3,047)  
(2,158) 
Curtailment gain
 
—  
(4,225)  
— 
Settlement loss (gain)
 
922  
(339)  
— 
Total net periodic benefit cost
$ 
8,616 $ 
3,780 $ 
10,060 
The components of net periodic benefit cost other than the service costs component are included in other 
income (expense), net in the consolidated statements of operations.
The changes in projected benefit obligations for fiscal years 2024 and 2023 were as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Projected benefit obligations, beginning of the year
$ 
195,336 $ 
207,551 
Service costs
 
11,479  
13,195 
Interest costs
 
3,844  
2,408 
Plan participant contributions
 
6,731  
6,870 
Actuarial loss (gain)
 
13,737  
(22,965) 
Benefits paid 
 
(2,405)  
(2,646) 
Transfer of prior vested benefits
 
6,775  
11,579 
Plan amendments
 
380  
— 
Settlement
 
(22,522)  
(15,348) 
Curtailment
 
—  
(3,923) 
Administrative expense paid
 
(158)  
(147) 
Currency exchange rate changes
 
280  
(1,238) 
Projected benefit obligations, end of the year
$ 
213,477 $ 
195,336 
The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2024 and 2023 was 
$184.8 million and $170.3 million, respectively.  
Actuarial loss (gain) related to the change in the benefit obligation for the Company's pension plans for fiscal 
years 2024 and 2023 were primarily due to changes in discount rate.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 85

The changes in the fair value of plan assets for fiscal years 2024 and 2023 were as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Fair value of plan assets, beginning of the year
$ 
162,599 $ 
156,118 
Actual return on plan assets
 
7,558  
(6,008) 
Employer contributions
 
10,888  
11,645 
Plan participant contributions
 
6,731  
6,870 
Benefits paid 
 
(2,405)  
(2,646) 
Transfer of prior vested benefits
 
6,775  
11,579 
Settlement
 
(22,522)  
(15,348) 
Administrative expenses paid
 
(158)  
(147) 
Currency exchange rate changes
 
1,174  
536 
Fair value of plan assets, end of the year
$ 
170,640 $ 
162,599 
The Company's investment objectives are to ensure that the assets of its defined benefit plans are invested to 
provide an optimal rate of investment return on the total investment portfolio, consistent with the assumption of a 
reasonable risk level, and to ensure that pension funds are available to meet the plans' benefit obligations as they 
become due. The Company believes that a well-diversified investment portfolio will result in the highest attainable 
investment return with an acceptable level of overall risk. Investment strategies and allocation decisions are also 
governed by applicable governmental regulatory agencies. The Company's investment strategy with respect to its 
largest defined benefit plan, which is available only to Swiss employees, is to invest per the following allocation: 
33% in equities, 28% in bonds, 28% in real estate, 4% in cash and cash equivalents and the remaining in other 
investments. The Company can invest in real estate funds, commodity funds, and hedge funds depending upon 
economic conditions. 
The following tables present the fair value of the defined benefit pension plan assets by major categories and 
by levels within the fair value hierarchy as of March 31, 2024 and 2023 (in thousands):
 
March 31,
 
2024
2023
 
Level 1
Level 2
Total
Level 1
Level 2
Total
Cash and cash equivalents
$ 
14,375 $ 
— $ 
14,375 $ 
7,071 $ 
— $ 
7,071 
Equity securities
 
54,534  
—  
54,534  
51,963  
—  
51,963 
Debt securities
 
42,153  
—  
42,153  
43,493  
—  
43,493 
Real estate funds
 
32,286  
10,141  
42,427  
21,197  
23,710  
44,907 
Hedge funds
 
—  
10,400  
10,400  
606  
7,907  
8,513 
Other
 
6,335  
416  
6,751  
6,248  
404  
6,652 
  Total fair value of plan assets
$ 149,683 $ 
20,957 $ 170,640 $ 130,578 $ 
32,021 $ 162,599 
The funded status of the plans was as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Fair value of plan assets
$ 
170,640 $ 
162,599 
Less: projected benefit obligations
 
213,477  
195,336 
Underfunded status 
$ 
(42,837) $ 
(32,737) 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 86

Amounts recognized on the balance sheets for the plans were as follows (in thousands):
 
March 31,
 
2024
2023
Current liabilities
$ 
1,391 $ 
1,407 
Non-current liabilities
 
41,446  
31,330 
  Total liabilities
$ 
42,837 $ 
32,737 
Amounts recognized in accumulated other comprehensive income (loss) related to defined benefit pension 
plans were as follows (in thousands):
 
March 31,
 
2024
2023
Net prior service credits
$ 
1,385 $ 
2,201 
Net actuarial gain (loss)
 
(6,445)  
5,690 
  Accumulated other comprehensive income (loss)
 
(5,060)  
7,891 
Deferred taxes
 
(3,335)  
(3,366) 
  Accumulated other comprehensive income (loss), net of tax
$ 
(8,395) $ 
4,525 
The actuarial assumptions for the defined benefit plans were as follows:
 
Years Ended March 31,
 
2024
2023
Benefit Obligations:
Discount rate
1.50%- 7.00%
1.00% - 7.25%
Estimated rate of compensation increase
2.25% - 10.00%
2.25% - 10.00%
Cash balance interest credit rate
0.50% - 1.75%
0.00% - 1.75%
Years Ended March 31,
2024
2023
2022
Net Periodic Costs:
Discount rate
1.50% - 7.25%
0.50% - 6.75%
0.25% - 6.00%
Estimated rate of compensation increase
2.25% - 10.00%
2.00% - 10.00%
2.00% - 10.00%
Expected average rate of return on plan assets
0.50% - 4.50%
1.00% - 2.50%
1.00% - 2.25%
Cash balance interest credit rate
0.50% - 1.75%
0.00% - 1.75%
0.00% - 1.75%
The discount rate is estimated based on corporate bond yields or securities of similar quality in the respective 
country, with a duration approximating the period over which the benefit obligations are expected to be paid. The 
Company bases the compensation increase assumptions on historical experience and future expectations. The 
expected average rate of return for the Company's defined benefit pension plans represents the average rate of 
return expected to be earned on plan assets over the period that the benefit obligations are expected to be paid, 
based on government bond notes in the respective country, adjusted for corporate risk premiums as appropriate.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 87

The following table reflects the benefit payments that the Company expects the plans to pay in the periods 
noted (in thousands):
Years Ending March 31,
2025
$ 
13,068 
2026
 
12,113 
2027
 
14,465 
2028
 
13,055 
2029
 
12,959 
Next five fiscal years
 
68,520 
Total expected benefit payments by the plan
$ 
134,180 
The Company expects to contribute $8.5 million to its defined benefit pension plans during fiscal year 2025.
Defined Contribution Plans
Certain of the Company's subsidiaries have defined contribution employee benefit plans covering all or a 
portion of their employees. Contributions to these plans are discretionary for certain plans and are based on 
specified or statutory requirements for others. The charges to expense for these plans for fiscal years 2024, 2023 
and 2022, were $14.4 million, $14.4 million and $13.9 million, respectively.
Deferred Compensation Plan
One of the Company's subsidiaries offers a deferred compensation plan that permits eligible employees to 
make 100% vested salary and incentive compensation deferrals within established limits. The Company does not 
make contributions to the plan.
The deferred compensation plan's assets consist of marketable securities and are included in other assets on 
the consolidated balance sheets. The marketable securities were recorded at a fair value of $29.2 million and $28.2 
million as of March 31, 2024 and 2023, respectively, based on quoted market prices (see Note 9). The Company 
also had deferred compensation liability of $29.2 million and $28.2 million, which are included in other non-current 
liabilities on the consolidated balance sheets as of March 31, 2024 and 2023, respectively. Earnings, gains and 
losses on deferred compensation investments are included in other income (expense), net (see Note 6) and 
corresponding changes in deferred compensation liability are included in operating expenses and cost of goods sold 
in the consolidated statements of operations.
Note 6—Other Income (Expense), Net
Other income (expense), net comprises of the following (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Investment gain (loss) related to the deferred compensation plan
$ 
4,320 $ 
(1,961) $ 
1,231 
Currency exchange loss, net
 
(8,770)  
(7,337)  
(4,604) 
Loss on investments, net (1)
 
(14,674)  
(14,073)  
(1,683) 
Non-service cost net pension income and other (2)
 
2,748  
10,093  
5,616 
Other income (expense), net
$ 
(16,376) $ 
(13,278) $ 
560 
(1) Includes realized gain (loss) on sales of investments, unrealized gain (loss) from the change in fair value of 
investments, gain (loss) on equity-method investments, and impairment of investments during the periods 
presented, as applicable (see Note 9).
(2) Includes the components of net periodic benefit cost of defined benefit plans other than the service cost 
component (see Note 5).
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Logitech International S.A. | Fiscal 2024 Form 10-K | 88

Note 7—Income Taxes 
The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates. 
Further, a portion of the Company's income before taxes and the provision for (benefit from) income taxes is 
generated outside of Switzerland.
Income from continuing operations before income taxes for fiscal years 2024, 2023 and 2022 is summarized 
as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Swiss
$ 
502,291 $ 
282,970 $ 
579,258 
Non-Swiss
 
119,305  
180,552  
196,560 
Income before taxes
$ 
621,596 $ 
463,522 $ 
775,818 
The provision for (benefit from) income taxes is summarized as follows (in thousands):
Years Ended March 31,
2024
2023
2022
Current:
Swiss
$ 
26,833 $ 
19,405 $ 
59,659 
Non-Swiss
 
25,044  
48,829  
44,094 
Deferred:
Swiss
 
(47,517)  
26,629  
29,198 
Non-Swiss
 
5,093  
4,085  
(1,646) 
Provision for income taxes
$ 
9,453 $ 
98,947 $ 
131,305 
The difference between the provision for (benefit from) income taxes and the expected tax provision (tax 
benefit) at the Swiss statutory income tax rate of 8.5% is reconciled below (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Expected tax provision at statutory income tax rates
$ 
52,836 $ 
39,399 $ 
65,945 
Income taxes at different rates
 
47,595  
38,467  
61,296 
Research and development tax credits
 
(9,738)  
(152)  
(5,957) 
Swiss Tax Ruling
 
(50,051)  
—  
— 
Executive compensation
 
407  
749  
4,683 
Stock-based compensation
 
4,019  
5,736  
(9,141) 
Deferred tax effects from TRAF
 
(33,926)  
—  
— 
Valuation allowance
 
4,780  
908  
887 
Impairment
 
—  
1,881  
— 
Restructuring charges / (credits)
 
—  
(1,764)  
— 
Unrecognized tax benefits
 
11,535  
13,284  
16,577 
Audit settlement
 
—  
—  
(3,655) 
FDII deduction
 
(18,675)  
—  
— 
Other, net
 
671  
439  
670 
Provision for income taxes
$ 
9,453 $ 
98,947 $ 
131,305 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 89

The canton of Vaud completed the legislative process to enact the Swiss Federal Act on Tax Reform and AHV 
Financing (“TRAF”), a reform to better align the Swiss tax system to international tax standards on March 20, 2020 
that took effect as of January 1, 2020. In March 2020, the Company reached an agreement with the Vaud Tax 
Administration that would allow for an increase in the tax basis of goodwill, as a transition measure under TRAF, to 
be amortized over ten years beginning on January 1, 2020. During the fiscal year ended March 31, 2024, the 
Company reached an agreement to remeasure the tax basis of goodwill under TRAF with the canton of Vaud, which 
resulted in an income tax benefit of $25.1 million, net of assessment for uncertain tax positions. The remeasurement 
of the step-up will be amortized over the remaining ten-year amortization period.
On December 29, 2023, a change to the cantonal tax legislation was published. According to the law approved 
by the Vaud parliament, a progressive scale will be applicable for cantonal tax purposes resulting in an increase 
from the current tax rate of 13.61% to 14.28% effective fiscal year 2025. The increase in tax rate resulted in a tax 
benefit of $5.1 million due to a remeasurement of the Company's Swiss deferred tax assets in the fiscal year ended 
March 31, 2024.
On March 28, 2024, the Company executed a Swiss Tax Ruling with the canton of Vaud that provides future 
tax benefit for ten years. The Swiss Tax Ruling resulted in an income tax benefit of $50.1 million, which will be 
utilized over a ten-year period.
The Tax Cuts and Jobs Act enacted Section 250, which provides for a deduction with respect to Global 
Intangible Low-Taxed Income ("GILTI") and Foreign-Derived Intangible Income ("FDII") in the US. The application of 
this tax incentive is inherently complex. During the fiscal year ended March 31, 2024, the Company analyzed the 
applicability of FDII and determined that this tax incentive applies in fiscal 2021 to 2023 tax years. As a result, the 
Company realized a tax benefit of $18.7 million related to FDII. The Company has also concluded that any GILTI tax 
since the enactment of Tax Cuts and Jobs Act is immaterial.
Deferred income tax assets and liabilities consist of the following (in thousands):
 
March 31,
 
2024
2023
Deferred tax assets:
 
 
Tax attributes carryforward
$ 
43,846 $ 
36,700 
Future tax deduction from Swiss Tax Ruling
 
49,755  
— 
Accruals
 
77,181  
85,786 
Depreciation and amortization
 
121  
707 
Tax step-up of goodwill from TRAF
 
105,942  
100,514 
Share-based compensation
 
13,718  
11,093 
Gross deferred tax assets
 
290,563  
234,800 
Valuation allowance
 
(35,536)  
(30,766) 
Deferred tax assets after valuation allowance
 
255,027  
204,034 
Deferred tax liabilities:
 
 
Acquired intangible assets and other
 
(30,901)  
(34,848) 
Deferred tax liabilities
 
(30,901)  
(34,848) 
Deferred tax assets, net
$ 
224,126 $ 
169,186 
Management regularly assesses the ability to realize deferred tax assets recorded in the Company's entities 
based upon the weight of available evidence, including such factors as recent earnings history and expected future 
taxable income. In the event that the Company changes its determination as to the amount of deferred tax assets 
that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision 
for income taxes in the period in which such determination is made.
The Company had a valuation allowance against deferred tax assets of $35.5 million at March 31, 2024, 
compared to $30.8 million at March 31, 2023. The Company had a valuation allowance of $35.3 million as of 
March 31, 2024 against deferred tax assets in the state of California, an increase from $30.8 million as of March 31, 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 90

2023 from activities during the year. The Company determined that it is more likely than not that the Company 
would not generate sufficient taxable income in the future to utilize such deferred tax assets.
As of March 31, 2024, the Company had net operating loss carryforwards in Switzerland for income tax 
purposes of $15.0 million which will begin to expire in fiscal year 2028. The Company had net operating loss and tax 
credit carryforwards in the United States for income tax purposes of $55.0 million and $79.7 million, respectively, as 
of March 31, 2024. Unused net operating loss carryforwards will expire at various dates beginning in fiscal year 
2030. Certain net operating loss carryforwards in the United States relate to acquisitions and, as a result, are limited 
in the amount that can be utilized in any one year. The tax credit carryforwards will begin to expire in fiscal year 
2028.
Swiss income taxes and non-Swiss withholding taxes associated with the repatriation of earnings or for other 
temporary differences related to investments in non-Swiss subsidiaries have not been provided for, as the Company 
intends to reinvest the earnings of such subsidiaries indefinitely. If these earnings were distributed to Switzerland in 
the form of dividends or otherwise, or if the shares of the relevant non-Swiss subsidiaries were sold or otherwise 
transferred, the Company may be subject to additional Swiss income taxes and non-Swiss withholding taxes. As of 
March 31, 2024, the cumulative amount of unremitted earnings of non-Swiss subsidiaries for which no income taxes 
have been provided is approximately $426.2 million. The amount of unrecognized deferred income tax liability 
related to these earnings is estimated to be approximately $16.0 million.
The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step 
is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is 
more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation 
processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely 
of being realized upon ultimate settlement.
As of March 31, 2024 and 2023, the total amount of unrecognized tax benefits due to uncertain tax positions 
was $192.7 million and $186.8 million, respectively, all of which would affect the effective income tax rate if 
recognized.
As of March 31, 2024 and 2023, the Company had $112.6 million and $106.4 million, respectively, in non-
current income taxes payable, including interest and penalties, related to the Company's income tax liability for 
uncertain tax positions.
The aggregate changes in gross unrecognized tax benefits in fiscal years 2024, 2023 and 2022 were as 
follows (in thousands). 
March 31, 2021
$ 
163,253 
Lapse of statute of limitations
 
(4,232) 
Settlements with taxing authorities
 
(2,015) 
Increases in balances related to tax positions taken during the year
 
22,366 
March 31, 2022
$ 
179,372 
Lapse of statute of limitations
 
(3,586) 
Increases in balances related to tax positions taken during the year
 
15,214 
March 31, 2023
$ 
191,000 
Lapse of statute of limitations
 
(3,863) 
Settlements with taxing authorities
 
41 
Increases in balances related to tax positions taken during prior years
 
705 
Increases in balances related to tax positions taken during the year
 
22,332 
March 31, 2024
$ 
210,215 
The Company recognizes interest and penalties related to unrecognized tax positions in income tax expense. 
The Company recognized $1.7 million and $2.7 million, in interest and penalties related to unrecognized tax 
positions in income tax expense during fiscal years 2024 and 2023, respectively. As of March 31, 2024 and 2023, 
the Company had $7.8 million, and $6.1 million, respectively, of accrued interest and penalties related to uncertain 
tax positions.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 91

The Company files Swiss and foreign tax returns. The Company received final tax assessments in Switzerland 
through fiscal year 2019. For other material foreign jurisdictions such as the United States and China, the Company 
is generally not subject to tax examinations for years prior to fiscal year 2020 and calendar year 2020, respectively. 
In the United States, the federal and state tax agencies have the authority to examine periods prior to fiscal year 
2020, to the extent allowed by law, where tax attributes were generated, carried forward, and being utilized in 
subsequent years. The Company is under examination in foreign tax jurisdictions. If the examinations are resolved 
unfavorably, there is a possibility they may have a material negative impact on its results of operations. 
Although the Company has adequately provided for uncertain tax positions, the provisions on these positions 
may change as revised estimates are made or the underlying matters are settled or otherwise resolved. During the 
next 12 months, it is reasonably possible that the amount of unrecognized tax benefits could increase or decrease 
significantly due to changes in tax law in various jurisdictions, due to lapse in statute of limitations and other factors, 
it is not possible to provide a range of potential changes.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 92

Note 8—Balance Sheet Components
The following table presents the components of certain balance sheet asset amounts as of March 31, 2024 
and 2023 (in thousands):
 
March 31,
 
2024
2023
Accounts receivable, net:
 
Accounts receivable
$ 
744,836 $ 
851,576 
Allowance for doubtful accounts
 
—  
(86) 
Allowance for sales returns
 
(10,180)  
(10,146) 
Allowance for cooperative marketing arrangements
 
(41,634)  
(40,495) 
Allowance for customer incentive programs
 
(60,027)  
(71,645) 
Allowance for pricing programs
 
(91,280)  
(98,822) 
$ 
541,715 $ 
630,382 
Inventories:
 
 
Raw materials
$ 
65,209 $ 
171,790 
Finished goods
 
357,304  
511,103 
$ 
422,513 $ 
682,893 
Other current assets:
 
 
VAT receivables
$ 
41,172 $ 
60,343 
Prepaid expenses and other assets
 
105,098  
82,533 
$ 
146,270 $ 
142,876 
Property, plant and equipment, net:
 
 
Plant, buildings and improvements
$ 
84,189 $ 
69,360 
Equipment and tooling
 
296,857  
309,151 
Computer equipment
 
26,785  
31,535 
Software
 
86,161  
79,118 
 
493,992  
489,164 
Less: accumulated depreciation and amortization
 
(387,293)  
(396,855) 
 
106,699  
92,309 
Construction-in-process
 
7,180  
26,399 
Land
 
2,710  
2,795 
$ 
116,589 $ 
121,503 
Other assets:
 
 
Deferred tax assets
$ 
224,831 $ 
171,989 
Right-of-use assets
 
61,163  
67,330 
Investments in privately held companies
 
28,662  
33,323 
Investments for deferred compensation plan
 
29,174  
28,213 
Other assets
 
6,364  
15,438 
$ 
350,194 $ 
316,293 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 93

The following table presents the components of certain balance sheet liability amounts as of March 31, 2024 
and 2023 (in thousands):
 
March 31,
 
2024
2023
Accrued and other current liabilities:
 
 
Accrued customer marketing, pricing and incentive programs
$ 
170,371 $ 
206,546 
Accrued personnel expenses
 
145,473  
103,592 
Accrued sales return liability
 
30,098  
49,462 
Accrued loss for inventory purchase commitments
 
29,349  
46,608 
VAT payable
 
28,253  
33,328 
Warranty liabilities
 
30,270  
28,861 
Income taxes payable 
 
24,196  
18,788 
Deferred revenue (1)
 
19,262  
11,017 
Operating lease liabilities
 
15,107  
12,655 
Contingent consideration
 
1,215  
6,629 
Other current liabilities
 
143,668  
125,653 
$ 
637,262 $ 
643,139 
Other non-current liabilities:
 
 
Operating lease liabilities
$ 
61,920 $ 
58,361 
Employee benefit plan obligations
 
42,707  
32,421 
Obligation for deferred compensation plan
 
29,174  
28,213 
Deferred revenue (1)
 
21,097  
8,277 
Warranty liabilities
 
14,384  
12,025 
Deferred tax liabilities
 
705  
2,803 
Other non-current liabilities
 
2,603  
4,595 
$ 
172,590 $ 
146,695 
(1) Includes deferred revenue for PCS and other services.
Note 9—Fair Value Measurements
Fair Value Measurements 
The Company considers fair value as the exchange price that would be received for an asset or paid to 
transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly 
transaction between market participants at the measurement date. The Company utilizes the following three-level 
fair value hierarchy to establish the priorities of the inputs used to measure fair value:
•
Level 1—Quoted prices in active markets for identical assets or liabilities.
•
Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices for 
similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in 
markets that are not active; or other inputs that are observable or can be corroborated by observable 
market data.
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the 
fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow 
methodologies and similar techniques that use significant unobservable inputs.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 94

The following table presents the Company's financial assets and liabilities that were accounted for at fair value 
on a recurring basis, excluding assets related to the Company's defined benefit pension plans, classified by the 
level within the fair value hierarchy (in thousands):
 
March 31, 2024
March 31, 2023
 
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Assets:
 
 
 
 
Cash equivalents
$ 1,042,604 $ 
— $ 
— $ 661,884 $ 
— $ 
— 
Investments for deferred compensation plan included in 
other assets:
 
 
 
 
Cash 
$ 
312 $ 
— $ 
— $ 
41 $ 
— $ 
— 
Common stock
 
573  
—  
—  
988  
—  
— 
Money market funds
 
8,129  
—  
—  
9,606  
—  
— 
Mutual funds
 
20,160  
—  
—  
17,578  
—  
— 
Total investments for deferred compensation plan
$ 
29,174 $ 
— $ 
— $ 28,213 $ 
— $ 
— 
Currency derivative assets included in other current 
assets
$ 
— $ 
913 $ 
— $ 
— $ 
107 $ 
— 
Liabilities:
Contingent consideration included in accrued and other 
current liabilities 
$ 
— $ 
— $ 1,215 $ 
— $ 
— $ 6,629 
Currency derivative liabilities included in accrued and 
other current liabilities
$ 
— $ 
573 $ 
— $ 
— $ 2,187 $ 
— 
Contingent Consideration for Business Acquisitions
The following table summarizes the change in the Company's contingent consideration balance during fiscal 
year 2024 and 2023 (in thousands):
Year Ended March 31,
2024
2023
Beginning of the period
$ 
6,629 $ 
12,259 
Fair value of contingent consideration upon acquisition 
 
—  
2,151 
Change in fair value of contingent consideration
 
(250)  
— 
Settlements of contingent consideration 
(5,247)
 
(5,954) 
Effect of foreign currency exchange rate changes
 
83  
(1,827) 
End of the period
$ 
1,215 $ 
6,629 
Investments for Deferred Compensation Plan 
The marketable securities for the Company's deferred compensation plan were recorded at a fair value of 
$29.2 million and $28.2 million as of March 31, 2024 and 2023, respectively, based on quoted market prices. 
Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. Unrealized 
gains (losses) related to marketable securities for fiscal years 2024, 2023 and 2022 were not material and were 
included in other income (expense), net (see Note 6) and corresponding changes in the deferred compensation 
liability were included in operating expenses and cost of goods sold, in the Company's consolidated statements of 
operations.
Equity Method Investments 
The Company has certain non-marketable investments included in other assets that are accounted for as equity 
method investments, with a carrying value of $18.0 million and $20.5 million as of March 31, 2024 and 2023, 
respectively. Gains (losses) related to equity method investments for fiscal years 2024, 2023 and 2022 were not 
material and are included in other income (expense), net in the Company's consolidated statements of operations 
(see Note 6).
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Logitech International S.A. | Fiscal 2024 Form 10-K | 95

During fiscal year 2023, the Company recorded an impairment charge, before tax, of $21.4 million for one of its 
equity method investments as it was determined that the carrying value of the investment was not recoverable. The 
impairment charge is included in other income (expense), net in the Company's consolidated statement of 
operations for fiscal year 2023. There was no impairment of equity method investments during fiscal years 2022 and 
2024. 
Assets Measured at Fair Value on a Nonrecurring Basis
Financial Assets. The Company has certain equity investments without readily determinable fair values due 
to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair 
value are unobservable and require management's judgment. When certain events or circumstances indicate that 
impairment may exist, the Company revalues the investments using various assumptions, including the financial 
metrics and ratios of comparable public companies. The carrying value is also adjusted for observable price 
changes with the same or similar security from the same issuer. The amount of these equity investments without 
readily determinable fair value included in other assets was $10.1 million and $12.6 million as of March 31, 2024 
and 2023, respectively. During fiscal year 2023, the Company recorded an unrealized gain, before tax, of $6.9 
million for its investment in a private company as a result of observable price changes for similar securities issued 
by this company (level 2 fair value measurement). There was no impairment of these investments during fiscal year 
2022 and the impairment charges related to these investments were not material during fiscal years 2023 and 2024. 
During fiscal year 2024, the Company recorded an impairment loss, before tax, of $9.6 million as a result of the 
write-off of a note receivable which has been deemed no longer recoverable. This note receivable was previously 
obtained in conjunction with an exchange transaction related to the Company's investment in a privately held 
company. The impairment loss is included in other income (expense), net, in the Company's consolidated statement 
of operations for the fiscal year 2024.
Non-Financial Assets. Goodwill, intangible assets, and property, plant and equipment, are not required to be 
measured at fair value on a recurring basis. However, if the Company is required to evaluate these non-financial 
assets for impairment, whether due to certain triggering events or because of the required annual impairment test, 
and a resulting impairment is recorded to reduce the carrying value to the fair value, the non-financial assets are 
measured at fair value during such period. See Note 2 for additional information about how the Company tests 
various asset classes for impairment. During fiscal year 2024 and fiscal year 2022, the Company recorded 
impairment charges of $3.5 million and $7.0 million, respectively, related to intangible assets. There was no 
impairment of non-financial assets during the fiscal year of 2023. 
Note 10—Derivative Financial Instruments
 Under certain agreements with the respective counterparties to the Company's derivative contracts, subject to 
applicable requirements, the Company is allowed to net settle transactions of the same type with a single net 
amount payable by one party to the other. However, the Company presents its derivative assets and derivative 
liabilities on a gross basis in other current assets and accrued and other current liabilities, respectively, on the 
consolidated balance sheets as of March 31, 2024 and 2023. See Note 9 for the fair values of the Company’s 
derivative instruments as of March 31, 2024 and 2023. 
Cash Flow Hedges
The Company enters into cash flow hedge contracts to protect against exchange rate exposure of forecasted 
inventory purchases. These hedging contracts mature within approximately four months. Gains and losses in the 
fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive 
loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of 
goods sold. Cash flows from such hedges are classified as operating activities in the consolidated statements of 
cash flows. Hedging relationships are discontinued when the hedging contract is no longer eligible for hedge 
accounting, or is sold, terminated or exercised, or when the Company removes hedge designation for the 
contract. Gains and losses in the fair value of the effective portion of the discontinued hedges continue to be 
reported in accumulated other comprehensive loss until the hedged inventory purchases are sold, unless it is 
probable that the forecasted inventory purchases will not occur by the end of the originally specified time period or 
within an additional two-month period of time thereafter.
The notional amounts of foreign currency exchange forward contracts outstanding related to forecasted 
inventory purchases were $90.5 million and $72.6 million as of March 31, 2024 and 2023, respectively. The 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 96

Company had $1.1 million of net gain related to its cash flow hedges included in accumulated other comprehensive 
loss as of March 31, 2024, which will be reclassified into earnings within the next twelve months.
 The following table presents the amounts of gain (loss) on the Company's derivative instruments designated 
as hedging instruments for fiscal years 2024, 2023 and 2022 and their locations on its consolidated statements of 
operations and consolidated statements of comprehensive income (in thousands):
 
Amount of
Gain (Loss) Deferred as
a Component of
Accumulated Other
Comprehensive Loss 
Amount of Loss (Gain)
Reclassified from
Accumulated Other
Comprehensive Loss
to Costs of Goods Sold
 
2024
2023
2022
2024
2023
2022
Cash flow hedges
$ 1,109 
$ 
2,625 $ 
6,308 $ 
3,964 $ (8,391) $ (8,221) 
 The Company presents the earnings impact from forward points in the same line item that is used to present 
the earnings impact of the hedged item, i.e. cost of goods sold, for hedging forecasted inventory purchases and 
such amount is not material for all periods presented.
Other Derivatives
The Company also enters into foreign currency exchange forward and swap contracts to reduce the short-term 
effects of currency exchange rate fluctuations on certain receivables or payables denominated in currencies other 
than the functional currencies of its subsidiaries. These contracts generally mature within approximately one month. 
The primary risk managed by using forward and swap contracts is the currency exchange rate risk. The gains or 
losses on these contracts are not material and included in other income (expense), net in the consolidated 
statements of operations based on the changes in fair value. The notional amounts of these contracts outstanding 
as of March 31, 2024 and 2023 were $79.4 million and $111.2 million, respectively. Foreign currency exchange 
forward and swap contracts outstanding as of March 31, 2024 primarily consisted of contracts in New Taiwan Dollar, 
Canadian Dollar, and Brazilian Real to be settled at future dates at predetermined exchange rates.
The fair value of all foreign currency exchange forward and swap contracts is determined based on observable 
market transactions of spot currency rates and forward rates. Cash flows from these contracts are classified as 
operating activities in the consolidated statements of cash flows.
Note 11—Goodwill and Other Intangible Assets
The Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if 
changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s 
reporting unit may be less than its carrying amount. The Company conducted its annual impairment analysis of 
goodwill as of December 31, 2023 by performing a qualitative assessment and concluded that it was more likely 
than not that the fair value of its reporting unit exceeded its carrying amount. In assessing the qualitative factors, the 
Company considered the impact of change in industry and competitive environment, the Company's market 
capitalization and budgeted-to-actual revenue performance for the twelve months ended December 31, 2023. There 
have been no triggering events identified affecting the valuation of goodwill subsequent to the annual impairment 
test.
The following table summarizes the activities in the Company's goodwill balance (in thousands):
 
Years Ended March 31,
 
2024
2023
Beginning of the period
$ 
454,610 $ 
448,175 
Acquisitions 
 
8,156  
7,976 
Effects of foreign currency translation
 
(788)  
(1,541) 
End of the period
$ 
461,978 $ 
454,610 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 97

The Company's acquired intangible assets were as follows (in thousands):
 
March 31,
 
2024
2023
 
Gross 
Carrying 
Amount
Accumulated
Amortization
Net Carrying 
Amount
Gross 
Carrying 
Amount
Accumulated
Amortization
Net Carrying 
Amount
Trademarks and trade names
$ 32,390 $ 
(25,739) $ 
6,651 $ 
36,790 $ 
(26,774) $ 
10,016 
Developed technology
 107,421  
(86,855)  
20,566  
121,730  
(94,792)  
26,938 
Customer contracts/relationships
 
69,087  
(51,061)  
18,026  
71,110  
(47,688)  
23,422 
In-process R&D
 
—  
—  
—  
3,526  
—  
3,526 
Effects of foreign currency 
translation
 
(1,019)  
379  
(640)  
(1,021)  
292  
(729) 
Total
$ 207,879 $ (163,276) $ 
44,603 $ 232,135 $ (168,962) $ 
63,173 
For fiscal years 2024, 2023 and 2022, amortization expense for intangible assets was $21.7 million, $24.4 
million and $30.2 million, respectively. The Company expects that annual amortization expense for fiscal years 
2025, 2026, 2027, 2028 and 2029 will be $19.8 million, $12.9 million, $5.7 million, $4.1 million and $1.8 million, 
respectively, and $0.3 million thereafter. 
Note 12—Financing Arrangements
The Company had several uncommitted, unsecured bank lines of credit and letters of credit aggregating 
$172.5 million and $181.3 million as of March 31, 2024 and 2023, respectively. There are no financial covenants 
under the lines of credit with which the Company must comply. There was no borrowing outstanding under the lines 
of credit as of March 31, 2024 and 2023. As of March 31, 2024 and 2023, the Company had outstanding bank 
guarantees of $14.3 million and $13.6 million, respectively.
Note 13—Commitments and Contingencies
Product Warranties
Changes in the Company's warranty liabilities for fiscal years 2024 and 2023 were as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
Beginning of the period
$ 
40,886 $ 
46,219 
Provision
 
45,413  
31,089 
Settlements
 
(41,413)  
(35,919) 
Effects of foreign currency translation
 
(232)  
(503) 
End of the period
$ 
44,654 $ 
40,886 
Indemnifications
The Company indemnifies certain of its suppliers and customers for losses arising from matters such as 
intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these 
indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable 
attorneys' fees. As of March 31, 2024, no material amounts have been accrued for these indemnification provisions. 
The Company does not believe, based on historical experience and information currently available, that it is 
probable that any material amounts will be required to be paid under its indemnification arrangements.
The Company also indemnifies its current and former directors and certain of its current and former officers. 
Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. The 
Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements 
because these exposures are not limited, the obligations are conditional in nature and the facts and circumstances 
involved in any situation that might arise are variable.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 98

Legal Proceedings
From time to time the Company is involved in claims and legal proceedings that arise in the ordinary course of 
its business. The Company is currently subject to several such claims and legal proceedings. The Company intends 
to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies 
in connection with these matters based upon the latest information available. The Company follows ASC 
("Accounting Standards Codification") 450, Contingencies, in determining the accounting and disclosure for these 
contingencies. Based on currently available information, the Company does not believe that resolution of pending 
matters will have a material adverse effect on its financial condition, cash flows and results of operations. However, 
litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be 
successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, 
financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the 
Company can have an adverse impact because of defense costs, diversion of management and operational 
resources, negative publicity and other factors. Any failure to obtain a necessary license or other rights, or litigation 
arising out of intellectual property claims, could adversely affect the Company's business.
Note 14—Shareholders' Equity
Share Capital
The Company's nominal share capital is CHF 43.3 million, consisting of 173,106,620 issued shares with a par 
value of CHF 0.25 each, of which 19,243,358 were held in treasury shares as of March 31, 2024.
The Company has reserved conditional capital of 25,000,000 shares for potential issuance on the exercise of 
rights granted under the Company's employee equity incentive plans and additional conditional capital for financing 
purposes, representing the issuance of up to 25,000,000 shares to cover any conversion rights under a future 
convertible bond issuance. At the 2020 Annual General Meeting, the shareholders of the Company authorized the 
Board of Directors to issue up to an additional 17,310,662 shares of the Company until September 9, 2022, which 
was authorized at the 2022 Annual General Meeting to be extended to September 14, 2024. 
Dividends
Pursuant to Swiss corporate law, the payment of dividends is limited to certain amounts of unappropriated 
retained earnings (approximately CHF 1.0 billion, or USD equivalent of $1.1 billion as of March 31, 2024) and is 
subject to shareholder approval.
In May 2024, the Board of Directors recommended that the Company pay cash dividends for fiscal year 2024 
of CHF 1.16 per share (USD equivalent of approximately $1.28 per share, which would result in a gross aggregate 
dividend of approximately $197.2 million, based on the exchange rate and shares outstanding, net of treasury 
shares, on March 31, 2024).
In September 2023, the Company paid gross cash dividends of CHF 1.06 (USD equivalent of $1.16) per 
common share, totaling $182.3 million on the Company's outstanding common shares. In September 2022, the 
Company paid cash dividends of CHF 0.96 (USD equivalent of $0.98) per common share, totaling $158.7 million on 
the Company’s outstanding common shares. In September 2021, the Company paid cash dividends of CHF 0.87 
(USD equivalent of $0.95) per common share, totaling $159.4 million on the Company's outstanding common 
shares. 
Any future dividends will be subject to the approval of the Company's shareholders.
Legal Reserves
Under Swiss corporate law, a minimum of 5% of the Company's annual net income must be retained in a legal 
reserve until this legal reserve equals 20% of the Company's issued and outstanding aggregate par value per share 
capital. These legal reserves represent an appropriation of retained earnings that are not available for distribution 
and totaled $10.6 million at March 31, 2024 (based on the exchange rate at March 31, 2024).
Share Repurchases
2020 Share Repurchase Program
In May 2020, the Company's Board of Directors approved the 2020 share repurchase program, which 
authorized the Company to use up to $250.0 million to purchase Logitech shares to support equity incentive plans 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 99

or potential acquisitions. Shares may be repurchased from time to time on the open market, through block trades or 
otherwise. Purchases may be started or stopped at any time without prior notice depending on market conditions 
and other factors. In April 2021, the Company's Board of Directors approved an increase of $750.0 million to the 
2020 share repurchase program, to an aggregate amount of $1.0 billion. The Swiss Takeover Board approved this 
increase and it became effective on May 21, 2021. In July 2022, the Company’s Board of Directors approved an 
increase of $500 million to the 2020 share repurchase program, to an aggregate amount of up to $1.5 billion. The 
Swiss Takeover Board approved this increase and it became effective on August 19, 2022. The 2020 share 
repurchase program expired on July 27, 2023. The Company repurchased 16.7 million shares for an aggregate cost 
of $1.2 billion under the 2020 share repurchase program, of which 2.6 million shares for an aggregate cost of 
$159.1 million were repurchased during fiscal year 2024 prior to the expiration of the program. 
2023 Share Repurchase Program
In June 2023, the Company's Board of Directors approved a new, three-year share repurchase program, which 
allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables 
the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential 
acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the 
program became effective on July 28, 2023. During the fiscal year ended 2024, the Company repurchased 
4.5 million shares for an aggregate cost of $364.7 million under the 2023 share repurchase program, of which 
$19.5 million of the aggregate cost was not paid yet as of March 31, 2024. 4.1 million shares for an aggregate cost 
of $332.1 million were repurchased for cancellation and the remaining shares were repurchased to support equity 
incentive plans. As of March 31, 2024, $635.8 million was available for repurchase under the 2023 share 
repurchase program. 
Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares 
held in treasury by the Company and its subsidiaries may not exceed 10% of the share capital of the Company, 
which for the Company corresponds to approximately 17.3 million registered shares. This limitation does not apply 
to shares repurchased for cancellation, due to the Board of Directors’ authority under the Company’s capital band 
set forth in the Company’s Articles of Incorporation to cancel shares up to a limit of 10% of the Company's current 
share capital. As of March 31, 2024, the Company had a total of 19.2 million shares held in treasury stock, which 
includes 4.1 million shares that have been repurchased for cancellation. 
To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the 
shares are repurchased on the ordinary trading line of SIX Swiss Exchange (“SIX”) and/or The Nasdaq Global 
Select Market (“Nasdaq”). Shares repurchased for cancellation purposes are repurchased on a second trading line 
on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, 
including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act 
of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market 
conditions and other factors and the program does not require the purchase of any minimum number of shares. 
Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss were as follows (in thousands):
 
 
Currency 
Translation
Adjustment
Defined
Benefit
Plans
Deferred
Hedging
Gains (Losses)
Total
March 31, 2023
$ 
(100,869) $ 
4,525 $ 
(3,933) $ 
(100,277) 
Other comprehensive income (loss)
 
(3,078)  
(12,920)  
5,073  
(10,925) 
March 31, 2024
$ 
(103,947) $ 
(8,395) $ 
1,140 $ 
(111,202) 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 100

Note 15—Segment Information
The Company operates in a single operating segment that encompasses the design, manufacturing and 
marketing of peripherals for gaming, PCs, tablets, video conferencing, and other digital platforms. Operating 
performance measures are provided directly to the Company's CEO, who is considered to be the Company’s Chief 
Operating Decision Maker. The CEO periodically reviews information such as sales and adjusted operating income 
(loss) to make business decisions. These operating performance measures do not include restructuring charges, 
net, share-based compensation expense, amortization and impairment of intangible assets, acquisition-related 
costs and change in fair value of contingent consideration from business acquisitions.
During fiscal year 2024, the Company changed its presentation of Sales by Product Category to provide a 
simpler and clearer view of the Company's business. The change in presentation did not have an impact on 
previously reported total sales. As a result of these changes, certain prior-period amounts for the fiscal years ended 
2023 and 2022 have been reclassified to conform to the current period presentation. See Note 2 for further 
information on the change in presentation.
Sales by product category in the current presentation were as follows (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Gaming (1)
$ 
1,231,063 $ 
1,288,313 $ 
1,577,195 
Keyboards & Combos
 
821,441  
836,432  
967,301 
Pointing Devices
 
742,987  
728,357  
781,108 
Video Collaboration
 
609,361  
677,923  
667,570 
Webcams
 
325,225  
378,688  
676,116 
Tablet Accessories
 
254,060  
254,374  
310,123 
Headsets
 
168,478  
176,576  
208,318 
Other (2)
 
145,852  
198,155  
293,370 
Total Sales
$ 
4,298,467 $ 
4,538,818 $ 
5,481,101 
(1) Gaming includes streaming services revenue generated by Streamlabs.
(2) Other primarily consists of mobile speakers and PC speakers. 
Sales by geographic region (based on the customers' locations) for fiscal years 2024, 2023 and 2022 were as 
follows (in thousands):
 
Years Ended March 31,
 
2024
2023
2022
Americas
$ 
1,896,258 $ 
1,930,908 $ 
2,317,941 
EMEA
 
1,301,515  
1,299,657  
1,724,027 
Asia Pacific
 
1,100,694  
1,308,253  
1,439,133 
Total Sales
$ 
4,298,467 $ 
4,538,818 $ 
5,481,101 
Revenue from sales to customers in the United States represented 36%, 35% and 34% of sales in fiscal years 
2024, 2023 and 2022, respectively. Revenue from sales to customers in Germany represented 14%, 14% and 15% 
of sales in fiscal years 2024, 2023 and 2022, respectively. Revenue from sales to customers in China represented 
10%, 11% and 10% of sales in fiscal years 2024, 2023 and 2022, respectively. No other country represented more 
than 10% of sales during these periods presented herein. Revenue from sales to customers in Switzerland, the 
Company's country of domicile, represented 2% of sales for fiscal year 2024, and 3% of sales for each of fiscal 
years 2023 and 2022.
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Logitech International S.A. | Fiscal 2024 Form 10-K | 101

Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as 
follows (in thousands):
 
March 31,
 
2024
2023
Americas
$ 
67,762 $ 
59,183 
EMEA
 
30,819  
38,890 
Asia Pacific
 
58,901  
69,939 
Total 
$ 
157,482 $ 
168,012 
Property, plant and equipment, net (excluding software) and right-of-use assets in the United States, China, 
and Ireland were $66.5 million, $41.2 million, and $16.2 million, respectively, as of March 31, 2024. Property, plant 
and equipment, net (excluding software) and right-of-use assets in the United States, China, and Ireland were 
$58.7 million, $48.8 million, and $17.7 million, respectively, as of March 31, 2023. Property, plant and equipment, 
net (excluding software) and right-of-use assets in Switzerland, the Company's country of domicile, were 
$9.0 million and $13.7 million as of March 31, 2024 and 2023, respectively. No other countries represented more 
than 10% of the Company's total consolidated property, plant and equipment, net (excluding software) and right-of-
use assets as of March 31, 2024 or 2023. 
Note 16—Restructuring 
During the second quarter of fiscal year 2023, the Company initiated a restructuring plan to realign its business 
group and engineering structure with its go-to-market strategy to more effectively compete within the enterprise 
market and to better serve end-users. During the fourth quarter of fiscal year 2023, the Company undertook further 
actions to remove organization layers as well as streamline its marketing organization to increase efficiency. These 
actions resulted in charges related to employee severance and other termination benefits as well as contract 
termination and other costs. These restructuring activities have been substantially completed during fiscal year 
2024.
The following table summarizes restructuring-related activities during fiscal years 2024 and 2023 (in 
thousands):
 
Termination
Benefits
Contract 
Termination and 
Other 
Total
Accrued restructuring liability at March 31, 2022 (1)
$ 
561 $ 
896 $ 
1,457 
Charges, net
 
27,631  
6,942  
34,573 
Cash payments
 
(14,015)  
(2,481)  
(16,496) 
Accrued restructuring liability at March 31, 2023 (1)
$ 
14,177 $ 
5,357 $ 
19,534 
Charges, net
 
6,011  
(2,145)  
3,866 
Cash payments
 
(18,375)  
(1,757)  
(20,132) 
Accrued restructuring liability at March 31, 2024 (1)
$ 
1,813 $ 
1,455 $ 
3,268 
(1) The accrual balances are included in accrued and other current liabilities on the Company’s consolidated 
balance sheets.
Note 17 — Leases
The Company is a lessee in various non cancellable operating leases, primarily real estate facilities for office 
space. As of March 31, 2024, the Company's lease arrangements are comprised of operating leases with various 
expiration dates through December 31, 2033. The lease term for all of the Company’s leases includes the 
noncancellable period of the lease. Certain lease agreements include options to renew or terminate the lease, which 
are not reasonably certain to be exercised and therefore are not factored into the Company's determination of the 
duration of the lease arrangement. The Company's leases do not contain any material residual value guarantees. 
The total operating lease costs including short-term lease costs were $19.5 million, $21.2 million and $17.3 
million for the years ended March 31, 2024, 2023, and 2022, respectively. Total variable lease costs were not 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 102

material during the years ended March 31, 2024, 2023 and 2022. The total operating and variable lease costs were 
included in cost of goods sold, marketing and selling, research and development, and general and administrative in 
the Company's consolidated statements of operations.
Supplemental cash flow information related to operating leases (in thousands):
Years Ended March 31,
2024
2023
2022
Cash paid for amounts included in the measurement of operating 
lease liabilities
$ 
13,489 $ 
16,565 $ 
15,400 
ROU assets obtained in the exchange for operating lease liabilities
$ 
8,593 $ 
43,093 $ 
22,174 
Future lease payments included in the measurement of operating lease liabilities as of March 31, 2024 for the 
following five fiscal years and thereafter are as follows (in thousands):
Years Ending March 31,
2025
$ 
15,943 
2026
 
13,237 
2027
 
12,099 
2028
 
9,396 
2029
 
8,655 
Thereafter
 
32,813 
Total lease payments
$ 
92,143 
Less: imputed interest 
 
(13,235) 
Less: tenant improvement allowance 
 
(1,881) 
Present value of lease liabilities
$ 
77,027 
Weighted-average lease terms and discount rates were as follows:
Years Ended March 31,
2024
2023
Weighted-average remaining lease terms (in years)
7.5
8.1
Weighted-average discount rate
 3.8 %
 3.7 %
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Logitech International S.A. | Fiscal 2024 Form 10-K | 103

Schedule II
LOGITECH INTERNATIONAL S.A.
VALUATION AND QUALIFYING ACCOUNTS
For the Fiscal Years Ended March 31, 2024, 2023 and 2022 (in thousands)
The Company's Schedule II includes valuation and qualifying accounts related to allowances for doubtful 
accounts, sales returns, cooperative marketing arrangements, customer incentive programs, and pricing programs, 
for direct customers and tax valuation allowances. The Company also has sales incentive programs for indirect 
customers with whom it does not have a direct sales and receivable relationship. These programs are recorded as 
accrued liabilities and are not considered valuation or qualifying accounts.
Balance at
Beginning 
of
Year
Charged
(Credited) to 
Statement of
Operations (1)
Claims and
Adjustments
Applied Against
Allowances (1) 
Balance at
End of
Year
Allowance for doubtful accounts:
 
 
 
 
2024
$ 
86 $ 
(86) $ 
— $ 
— 
2023
$ 
2,212 $ 
(2,019) $ 
(107) $ 
86 
2022
$ 
1,161 $ 
1,691 $ 
(640) $ 
2,212 
Allowance for sales returns:
 
 
 
 
2024
$ 10,146 $ 
141,995 $ 
(141,961) $ 10,180 
2023
$ 12,321 $ 
157,619 $ 
(159,794) $ 10,146 
2022
$ 14,438 $ 
162,381 $ 
(164,498) $ 12,321 
Allowance for cooperative marketing arrangements:
 
 
 
 
2024
$ 40,495 $ 
232,837 $ 
(231,698) $ 41,634 
2023
$ 56,372 $ 
262,363 $ 
(278,240) $ 40,495 
2022
$ 43,276 $ 
286,116 $ 
(273,020) $ 56,372 
Allowance for customer incentive programs:
 
 
 
 
2024
$ 71,645 $ 
299,351 $ 
(310,969) $ 60,027 
2023
$ 97,460 $ 
329,666 $ 
(355,481) $ 71,645 
2022
$ 76,200 $ 
348,072 $ 
(326,812) $ 97,460 
Allowance for pricing programs:
 
 
 
 
2024
$ 98,822 $ 
707,954 $ 
(715,496) $ 91,280 
2023
$ 120,797 $ 
784,835 $ 
(806,810) $ 98,822 
2022
$ 120,568 $ 
885,228 $ 
(884,999) $ 120,797 
Tax valuation allowance:
 
 
 
 
2024
$ 30,766 $ 
4,770 $ 
— $ 35,536 
2023
$ 29,858 $ 
908 $ 
— $ 30,766 
2022
$ 28,926 $ 
887 $ 
45 $ 29,858 
(1) The amounts for fiscal years 2024, 2023 and 2022 include immaterial impacts from the business acquisitions 
during the year. 
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Logitech International S.A. | Fiscal 2024 Form 10-K | 104