in addition , extra costs from the transition of the distribution center in north america in the third quarter of fiscal year 2018 negatively affected the gross margin in fiscal year 2018. operating expenses for fiscal year 2019 were $ 773.8 million , or 27.8 % of sales , compared to $ 679.5 million , or 26.5 % of sales , for fiscal year 2018 . the increase in operating expenses was primarily driven by : $ 47.8 million higher personnel-related cost due to restructuring charges in the current period , increased performance-based variable compensation and additional headcount from business acquisitions ; $ 32.6 million higher third-party costs , primarily advertising and marketing expenses to support our new product introductions and new market logitech international s.a. | fiscal 2019 form 10-k | 38 opportunities ; $ 5.0 million higher amortization of intangible assets from the business acquisitions ; and a $ 4.9 million non-recurring credit for change in fair value of contingent consideration from an acquisition recorded in fiscal year 2018. net income for fiscal year 2019 was $ 257.6 million , compared to $ 208.5 million for fiscal year 2018 . trends in our business our strategy focuses on five large multi-category market opportunities including creativity & productivity , gaming , video collaboration , music and smart home . we see opportunities to deliver growth with products in all these markets . the following discussion represents key trends specific to our market opportunities . trends specific to our five market opportunities creativity & productivity : although new pc shipments continue to be weak , the installed base of pc users remains large . we believe that innovative pc peripherals , such as our mice and keyboards , can renew the pc usage experience , thus providing growth opportunities . increasing adoption of various cloud-based applications has led to multiple new consumer use cases , which we are addressing with our innovative product portfolio . the increasing popularity of streaming and broadcasting provides additional growth opportunities for our webcam products . smaller mobile computing devices , such as tablets , have created new markets and usage models for peripherals and accessories . we offer a number of products to enhance the use of mobile devices , including a combo backlit keyboard case for the ipad pro and keyboard folios for the ipad and ipad mini . in fiscal year 2019 , we have seen a recovery of the ipad tablet market , and our tablet & other accessories category has benefited from the recovery along with our innovative products . gaming : the pc gaming and console gaming platforms continue to show strong growth as online gaming , multi-platform experiences , and esports gain greater popularity and gaming content becomes increasingly more demanding . we believe logitech is well positioned to benefit from the gaming market growth . with astro gaming , we are also strengthening our portfolio in adjacent categories , such as the console controller market . video collaboration : the near and long-term structural growth opportunities in the video collaboration market are significant and are already attracting more competition . video meetings are on the rise , and companies increasingly want lower-cost , cloud-based solutions . we are continuing our efforts to create and sell innovative products to accommodate the increasing demand from medium and large-sized meeting rooms to small-sized rooms such as huddle rooms . we will continue to invest in select business-specific products , targeted product marketing and sales channel development . music : the music market grew during fiscal year 2019 , driven by growing consumption of music through mobile devices such as smartphones and tablets . the integration of personal voice assistants has become increasingly competitive in the speaker categories , but the market for third-party , voice-enabled speakers has not yet gained traction . moreover , the market for mobile speakers appears to be maturing , which led to a decline in ultimate ears sales in fiscal year 2019. in fiscal year 2019 , the headphone industry continued to flourish with strong revenue growth . the largest growth came in true wireless headphones where the market tripled year over year and added substantial increases to average selling price . continued growth in the headphone category is expected for the next several years as consumers increasingly adopt wireless headphones over wired headphones . with blue microphones , we are strengthening our portfolio in adjacent categories , such as the microphones market . smart home : our remote business declined substantially in fiscal year 2019 as the attachment to the voice assistants of harmony hub-based remote controls was not a sustainable trend . in general , the space is under pressure as the way people consume content is changing . we will continue to explore other innovative experiences for the smart home category . business seasonality , product introductions and business acquisitions 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 logitech international s.a. | fiscal 2019 form 10-k | 39 patterns of product introductions should be considered reliable indicators of our future pattern of product introductions , future sales or financial performance . story_separator_special_tag we grew across most of our product categories , with double-digit growth in our gaming , video collaboration , tablet & other accessories and audio & wearables product categories and strong growth in keyboards & combos . sales declined for mobile speakers and smart home product categories . blue microphones contributed approximately 2 percentage points of the sales growth rate . the adoption of topic 606 increased our sales for fiscal year 2019 by $ 3.7 million . during fiscal year 2018 , sales increased 16 % in comparison to fiscal year 2017. if currency exchange rates had been constant in 2018 and 2017 , our constant currency sales growth rate would have been 13 % . we grew across almost all our product categories . tablet & other accessories , video collaboration , gaming , and smart logitech international s.a. | fiscal 2019 form 10-k | 43 home grew double digits , with gaming contributing more than 8 percentage points of the sales growth rate during the year , including approximately 2 percentage points contributed by astro . 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 , canadian dollar , taiwan dollar , british pound and australian dollar . for each of the fiscal years 2019 , 2018 and 2017 , 50 % 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 2019 compared with fiscal year 2018 , and fiscal year 2018 compared with fiscal year 2017 : replace_table_token_6_th americas the increase in sales in fiscal year 2019 of 6 % compared with fiscal year 2018 was driven by growth in gaming , video collaboration , audio & wearables , keyboards and combos , tablet & other accessories and pc webcams , partially offset by sales declines in mobile speakers , smart home and pointing devices . the increase in sales in fiscal year 2018 of 16 % compared with fiscal year 2017 was driven by growth in pointing devices , tablet & other accessories , video collaboration , gaming , and smart home . emea the increase in sales in fiscal year 2019 of 5 % compared with fiscal year 2018 was driven by several of our product categories , with growth in video collaboration , gaming , pointing devices and tablet & other accessories , partially offset by sales declines in mobile speakers and smart home . the increase in sales in fiscal year 2018 of 10 % compared with fiscal year 2017 was driven by several of our product categories , with growth in video collaboration , gaming , and smart home , partially offset by pointing devices and audio & wearables . asia pacific the increase in sales in fiscal year 2019 of 17 % compared with fiscal year 2018 was primarily driven by sales increases in gaming , video collaboration , keyboard & combos and pointing devices , offset by sales declines in mobile speakers . the increase in sales in fiscal year 2018 of 23 % compared with fiscal year 2017 was primarily driven by sales increases in pointing devices , video collaboration , music and gaming . logitech international s.a. | fiscal 2019 form 10-k | 44 sales by product categories sales by product categories for fiscal years 2019 , 2018 and 2017 were as follows ( dollars in thousands ) : replace_table_token_7_th ( 1 ) other category includes products which we currently intend to phase out , or have already phased out , because they are no longer strategic to our business . sales by product categories : creativity & productivity market : pointing devices our pointing devices category comprises pc and mac-related mice including trackballs , touchpads and presentation tools . during fiscal year 2019 , pointing devices sales increased 4 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of cordless mice and presentation tools . the increase in cordless mice was lead by strong contribution from the mx family of premium cordless mice , including the vertical wireless mouse introduced in the second quarter of fiscal year 2019 as well as continued performance for mx master 2s wireless mouse and b220 silent mouse . during fiscal year 2018 , pointing devices sales increased 3 % , compared to fiscal year 2017. the increase was primarily driven by the increases in sales of cordless mice , trackball and presentation tools , partially offset by a decrease in the sales of corded mice . keyboards & combos our keyboards & combos category comprises pc keyboards , living room keyboards and keyboard/mice combo products . during fiscal year 2019 , keyboards & combos sales increased 8 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of wireless keyboard/mice combos , mainly from increased sales of our mk 540 , mk270 and mk110 wireless keyboard/mice combo , and an increase in sales of our wireless pc keyboard . during fiscal year 2018 , keyboards & combos sales increased 4 % , compared to fiscal year 2017. the increase was primarily driven by the introduction of craft cordless keyboard and increased sales of our mk270 and mk235 wireless keyboard/mice combo , partially offset by the decreases in sales of the mk710 wireless keyboard/mice combo and k400 plus wireless keyboard . pc webcams our pc webcams category comprises pc-based webcams targeted primarily at consumers . during fiscal year 2019 , pc webcams sales increased 8 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of our hd pro webcam c920 and 1080 pro steam webcam . logitech international s.a. | fiscal 2019 form 10-k

liquidity and capital resources cash balances , available borrowings , and capital resources as of march 31 , 2019 , we had cash and cash equivalents of $ 604.5 million , compared with $ 641.9 million as of march 31 , 2018 . our cash and cash equivalents consist of bank demand deposits and short-term time deposits , of which 77 % is held in switzerland and 10 % is held in china ( including hong kong ) . we do not expect to incur any material adverse tax impact , except for what has been recognized , or be significantly inhibited by any country in which we do business from the repatriation of funds to switzerland , our home domicile . as of march 31 , 2019 , our working capital was $ 632.6 million , compared with working capital of $ 597.4 million as of march 31 , 2018 . the increase in working capital over fiscal year 2018 was primarily due to higher accounts receivable , net , higher inventories and other current assets , and lower balance of accounts payable , partially offset by lower balances of cash and cash equivalents and higher accrued and other current liabilities . we had several uncommitted , unsecured bank lines of credit aggregating to $ 80.6 million as of march 31 , 2019 . there are no financial covenants under these lines of credit with which we must comply .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources cash balances , available borrowings , and capital resources as of march 31 , 2019 , we had cash and cash equivalents of $ 604.5 million , compared with $ 641.9 million as of march 31 , 2018 . our cash and cash equivalents consist of bank demand deposits and short-term time deposits , of which 77 % is held in switzerland and 10 % is held in china ( including hong kong ) . we do not expect to incur any material adverse tax impact , except for what has been recognized , or be significantly inhibited by any country in which we do business from the repatriation of funds to switzerland , our home domicile . as of march 31 , 2019 , our working capital was $ 632.6 million , compared with working capital of $ 597.4 million as of march 31 , 2018 . the increase in working capital over fiscal year 2018 was primarily due to higher accounts receivable , net , higher inventories and other current assets , and lower balance of accounts payable , partially offset by lower balances of cash and cash equivalents and higher accrued and other current liabilities . we had several uncommitted , unsecured bank lines of credit aggregating to $ 80.6 million as of march 31 , 2019 . there are no financial covenants under these lines of credit with which we must comply .
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 Suspicious Activity Report : in addition , extra costs from the transition of the distribution center in north america in the third quarter of fiscal year 2018 negatively affected the gross margin in fiscal year 2018. operating expenses for fiscal year 2019 were $ 773.8 million , or 27.8 % of sales , compared to $ 679.5 million , or 26.5 % of sales , for fiscal year 2018 . the increase in operating expenses was primarily driven by : $ 47.8 million higher personnel-related cost due to restructuring charges in the current period , increased performance-based variable compensation and additional headcount from business acquisitions ; $ 32.6 million higher third-party costs , primarily advertising and marketing expenses to support our new product introductions and new market logitech international s.a. | fiscal 2019 form 10-k | 38 opportunities ; $ 5.0 million higher amortization of intangible assets from the business acquisitions ; and a $ 4.9 million non-recurring credit for change in fair value of contingent consideration from an acquisition recorded in fiscal year 2018. net income for fiscal year 2019 was $ 257.6 million , compared to $ 208.5 million for fiscal year 2018 . trends in our business our strategy focuses on five large multi-category market opportunities including creativity & productivity , gaming , video collaboration , music and smart home . we see opportunities to deliver growth with products in all these markets . the following discussion represents key trends specific to our market opportunities . trends specific to our five market opportunities creativity & productivity : although new pc shipments continue to be weak , the installed base of pc users remains large . we believe that innovative pc peripherals , such as our mice and keyboards , can renew the pc usage experience , thus providing growth opportunities . increasing adoption of various cloud-based applications has led to multiple new consumer use cases , which we are addressing with our innovative product portfolio . the increasing popularity of streaming and broadcasting provides additional growth opportunities for our webcam products . smaller mobile computing devices , such as tablets , have created new markets and usage models for peripherals and accessories . we offer a number of products to enhance the use of mobile devices , including a combo backlit keyboard case for the ipad pro and keyboard folios for the ipad and ipad mini . in fiscal year 2019 , we have seen a recovery of the ipad tablet market , and our tablet & other accessories category has benefited from the recovery along with our innovative products . gaming : the pc gaming and console gaming platforms continue to show strong growth as online gaming , multi-platform experiences , and esports gain greater popularity and gaming content becomes increasingly more demanding . we believe logitech is well positioned to benefit from the gaming market growth . with astro gaming , we are also strengthening our portfolio in adjacent categories , such as the console controller market . video collaboration : the near and long-term structural growth opportunities in the video collaboration market are significant and are already attracting more competition . video meetings are on the rise , and companies increasingly want lower-cost , cloud-based solutions . we are continuing our efforts to create and sell innovative products to accommodate the increasing demand from medium and large-sized meeting rooms to small-sized rooms such as huddle rooms . we will continue to invest in select business-specific products , targeted product marketing and sales channel development . music : the music market grew during fiscal year 2019 , driven by growing consumption of music through mobile devices such as smartphones and tablets . the integration of personal voice assistants has become increasingly competitive in the speaker categories , but the market for third-party , voice-enabled speakers has not yet gained traction . moreover , the market for mobile speakers appears to be maturing , which led to a decline in ultimate ears sales in fiscal year 2019. in fiscal year 2019 , the headphone industry continued to flourish with strong revenue growth . the largest growth came in true wireless headphones where the market tripled year over year and added substantial increases to average selling price . continued growth in the headphone category is expected for the next several years as consumers increasingly adopt wireless headphones over wired headphones . with blue microphones , we are strengthening our portfolio in adjacent categories , such as the microphones market . smart home : our remote business declined substantially in fiscal year 2019 as the attachment to the voice assistants of harmony hub-based remote controls was not a sustainable trend . in general , the space is under pressure as the way people consume content is changing . we will continue to explore other innovative experiences for the smart home category . business seasonality , product introductions and business acquisitions 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 logitech international s.a. | fiscal 2019 form 10-k | 39 patterns of product introductions should be considered reliable indicators of our future pattern of product introductions , future sales or financial performance . story_separator_special_tag we grew across most of our product categories , with double-digit growth in our gaming , video collaboration , tablet & other accessories and audio & wearables product categories and strong growth in keyboards & combos . sales declined for mobile speakers and smart home product categories . blue microphones contributed approximately 2 percentage points of the sales growth rate . the adoption of topic 606 increased our sales for fiscal year 2019 by $ 3.7 million . during fiscal year 2018 , sales increased 16 % in comparison to fiscal year 2017. if currency exchange rates had been constant in 2018 and 2017 , our constant currency sales growth rate would have been 13 % . we grew across almost all our product categories . tablet & other accessories , video collaboration , gaming , and smart logitech international s.a. | fiscal 2019 form 10-k | 43 home grew double digits , with gaming contributing more than 8 percentage points of the sales growth rate during the year , including approximately 2 percentage points contributed by astro . 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 , canadian dollar , taiwan dollar , british pound and australian dollar . for each of the fiscal years 2019 , 2018 and 2017 , 50 % 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 2019 compared with fiscal year 2018 , and fiscal year 2018 compared with fiscal year 2017 : replace_table_token_6_th americas the increase in sales in fiscal year 2019 of 6 % compared with fiscal year 2018 was driven by growth in gaming , video collaboration , audio & wearables , keyboards and combos , tablet & other accessories and pc webcams , partially offset by sales declines in mobile speakers , smart home and pointing devices . the increase in sales in fiscal year 2018 of 16 % compared with fiscal year 2017 was driven by growth in pointing devices , tablet & other accessories , video collaboration , gaming , and smart home . emea the increase in sales in fiscal year 2019 of 5 % compared with fiscal year 2018 was driven by several of our product categories , with growth in video collaboration , gaming , pointing devices and tablet & other accessories , partially offset by sales declines in mobile speakers and smart home . the increase in sales in fiscal year 2018 of 10 % compared with fiscal year 2017 was driven by several of our product categories , with growth in video collaboration , gaming , and smart home , partially offset by pointing devices and audio & wearables . asia pacific the increase in sales in fiscal year 2019 of 17 % compared with fiscal year 2018 was primarily driven by sales increases in gaming , video collaboration , keyboard & combos and pointing devices , offset by sales declines in mobile speakers . the increase in sales in fiscal year 2018 of 23 % compared with fiscal year 2017 was primarily driven by sales increases in pointing devices , video collaboration , music and gaming . logitech international s.a. | fiscal 2019 form 10-k | 44 sales by product categories sales by product categories for fiscal years 2019 , 2018 and 2017 were as follows ( dollars in thousands ) : replace_table_token_7_th ( 1 ) other category includes products which we currently intend to phase out , or have already phased out , because they are no longer strategic to our business . sales by product categories : creativity & productivity market : pointing devices our pointing devices category comprises pc and mac-related mice including trackballs , touchpads and presentation tools . during fiscal year 2019 , pointing devices sales increased 4 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of cordless mice and presentation tools . the increase in cordless mice was lead by strong contribution from the mx family of premium cordless mice , including the vertical wireless mouse introduced in the second quarter of fiscal year 2019 as well as continued performance for mx master 2s wireless mouse and b220 silent mouse . during fiscal year 2018 , pointing devices sales increased 3 % , compared to fiscal year 2017. the increase was primarily driven by the increases in sales of cordless mice , trackball and presentation tools , partially offset by a decrease in the sales of corded mice . keyboards & combos our keyboards & combos category comprises pc keyboards , living room keyboards and keyboard/mice combo products . during fiscal year 2019 , keyboards & combos sales increased 8 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of wireless keyboard/mice combos , mainly from increased sales of our mk 540 , mk270 and mk110 wireless keyboard/mice combo , and an increase in sales of our wireless pc keyboard . during fiscal year 2018 , keyboards & combos sales increased 4 % , compared to fiscal year 2017. the increase was primarily driven by the introduction of craft cordless keyboard and increased sales of our mk270 and mk235 wireless keyboard/mice combo , partially offset by the decreases in sales of the mk710 wireless keyboard/mice combo and k400 plus wireless keyboard . pc webcams our pc webcams category comprises pc-based webcams targeted primarily at consumers . during fiscal year 2019 , pc webcams sales increased 8 % , compared to fiscal year 2018 . the increase was primarily driven by the increases in sales of our hd pro webcam c920 and 1080 pro steam webcam . logitech international s.a. | fiscal 2019 form 10-k

