Polycom Announces Revenues of $353 Million for Fourth Quarter 2012

  Polycom Announces Revenues of $353 Million for Fourth Quarter 2012

  *Sequential Revenue Growth in All Major Product Categories

Business Wire

SAN JOSE, Calif. -- January 23, 2013

Polycom, Inc. (Nasdaq: PLCM), the global leader in open standards-based
unified communication and collaboration (UC&C), today reported financial
results for the fourth quarter ended December 31, 2012.

Fourth quarter 2012 consolidated net revenues were $353 million, up 5 percent
sequentially, growing in all product categories, compared to $335 million for
the third quarter of 2012 and down 9 percent year-over-year compared to $386
million for the fourth quarter of 2011. Non-GAAP net income for the fourth
quarter of 2012 was $31 million, or 17 cents per diluted share, compared to
non-GAAP net income of $17 million or 10 cents per diluted share for the third
quarter of 2012, and non-GAAP net income of $68 million, or 38 cents per
diluted share for the fourth quarter of 2011. GAAP net income for the fourth
quarter of 2012 was $2 million, or 1 cent per diluted share, compared to GAAP
net income of $50 million, or 28 cents per diluted share, for the same period
last year. All periods presented in this release have been adjusted to reflect
the classification of Polycom’s Enterprise Wireless Solutions business as
discontinued operations. The reconciliation between GAAP net income and
non-GAAP net income is provided in the tables at the end of this release.

“Polycom has executed very well, demonstrating clear product leadership during
the UC&C market transition in 2012,” stated Andrew M. Miller, Polycom
President and Chief Executive Officer. “We are excited to begin 2013 with what
we believe is the most comprehensive product portfolio in the industry and
improved sales and go-to-market capabilities that enable new business models
for collaboration, including software, cloud-delivered video, and
virtualization.”

“We are pleased to report sequential revenue growth in all product categories,
including UC Platform, which is above a quarter billion dollar per year run
rate,” continued Eric Brown, Polycom Chief Operating Officer and Chief
Financial Officer. “Services revenue also increased both sequentially and
year-over-year in line with our increased focus on this area of the business.”

On a geographic basis, consolidated net revenues from continuing operations
for the fourth quarter of 2012 were comprised of:

  *50 percent Americas, or $175.2 million, an increase of 2 percent
    sequentially and a decrease of 3 percent year-over-year;
  *26 percent Europe, Middle East, and Africa (EMEA), or $93.4 million, an
    increase of 19 percent sequentially and a decrease of 10 percent
    year-over-year; and
  *24 percent Asia Pacific, or $84.4 million, a decrease of 2 percent
    sequentially and a decrease of 18 percent year-over-year.

By product line, inclusive of its service component, consolidated net revenues
from continuing operations for the fourth quarter of 2012 were comprised of:

  *UC Group Systems of $238.2 million, an increase of 5 percent sequentially,
    and a decrease of 8 percent year-over-year;
  *UC Personal Devices of $46.8 million, an increase of 2 percent both
    sequentially and year-over-year; and
  *UC Platform of $68.0 million, an increase of 6 percent sequentially and a
    decrease of 15 percent year-over-year.

In Q4 2012, Polycom generated a total of $66 million in operating cash flow
and completed share repurchases of $5 million. Operating cash flow on a
trailing 12 month basis was $187 million. Deferred revenue balances increased
2 percent sequentially to $250 million.

Q4 2012 Business Highlights

  *Announced a royalty-free license offering for an interoperable
    implementation of H.264 Scalable Video Coding (SVC) software technology.
  *Unveiled a comprehensive set of breakthrough products at our Strategy Day
    in October, including:

       *Polycom® RealPresence® CloudAXIS™ Suite, a software extension of the
         Polycom® RealPresence® Platform for private and public cloud
         deployments – available in both an enterprise and partner/service
         provider edition – that enables universal access to enterprise-grade
         video collaboration to any business (B2B) or consumer (B2C) at the
         highest quality, reliability, and security
       *Powerful Polycom RealPresence Platform enhancements, including the
         industry’s first open standards-based SVC (Scalable Video Coding),
         with 3X HD multipoint video call capacity for greater scalability,
         dramatically lower TCO, superior performance, and backwards- and
         forwards-compatibility to protect customer investments—all available
         through a software update
       *Polycom® RealPresence® Collaboration Server 800s, Virtual Edition,
         the industry’s first multi-protocol, integrated software MCU that
         runs on industry-standard servers
       *Next-generation video endpoints, including new Polycom® RealPresence®
         Group Series products, the new ultra-slim Polycom® RealPresence®
         VisualEdge™ Executive Desktop offering, and Polycom RealPresence
         software for PCs and mobile devices.
       *Launched Polycom® VVX® 600 solutions, offering workers a flexible and
         intuitive phone that integrates seamlessly with popular UC&C
         productivity applications and Bluetooth headsets for hands-free
         privacy. Users can also join video conferences via the optional
         Polycom VVX Camera, which Polycom also unveiled for both Polycom VVX
         600 and Polycom® VVX® 500 business media phones.
       *Introduced a series of new customer financing options that help free
         customers from the limitations of quarterly capital expense budgets
         and allow more organizations to implement UC&C solutions that fully
         meet their needs.
       *Announced enhancements to the Company's video content management
         solutions, including a new cloud-delivered version of the Polycom®
         RealPresence® Media Manager and Polycom® RSS™ 4000 v8.5, which help
         organizations record, stream, manage and view live and on-demand
         video content quickly, easily and cost-effectively.
       *Announced the worldwide availability of the Polycom® HDX® Series 3.1,
         a software update for the Company's popular HDX video collaboration
         solution for executive desktops and rooms.

Earnings Call Details

Polycom will hold a conference call today, January 23, 2013, at 5:00 p.m.
EST/2:00 p.m. PST to discuss its fourth quarter financial results. Andrew M.
Miller, President and CEO, and Eric Brown, Chief Operating Officer and Chief
Financial Officer, will host the call. You may participate by viewing the
webcast at www.polycom.com/investors or, for callers in the U.S. and Canada,
you may participate by calling 800.707.8704 and for callers outside of the
U.S. and Canada, by calling 303.223.4360. The pass code for the call is
“Polycom.” A replay of the call will also be available at www.polycom.com or,
for callers in the U.S. and Canada, at 800.633.8284 and, for callers outside
of the U.S. and Canada, at 402.977.9140. The access number for the replay is
21643789. A replay of the call will be available on www.polycom.com for at
least three months.

Forward Looking Statements and Risk Factors

This release contains forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of
1995 regarding future events, future demand for our products, and the future
performance of the Company, including statements regarding the
comprehensiveness of our product portfolio and improved sales and go-to-market
capabilities that enable new business models for collaboration, and future
expectations for continued growth of our UC Platform revenues. These
forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially, including the impact of competition
on our product sales and for our customers and partners; the impact of
increased competition due to consolidation in our industry or competition from
companies that are larger or that have greater resources than we do; potential
fluctuations in results and future growth rates; risks associated with global
economic conditions and external market factors; the market acceptance of our
products and changing market demands, including demands for differing
technologies or product and services offerings; our ability to successfully
integrate our acquisitions into our business; possible delays in the
development, availability and shipment of new products due to engineering,
manufacturing or other delays; increasing costs and differing uses of capital;
changes in key personnel that may cause disruption to the business; the impact
of restructuring actions; and the impact of global conflicts that may
adversely impact our business. Many of these risks and uncertainties are
discussed in the Company’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2012, and in other reports filed by Polycom with the SEC.
Polycom disclaims any intent or obligations to update these forward-looking
statements.

Polycom reserves the right to modify future product plans at any time.
Products and/or related specifications referenced in this press release are
not guaranteed and will be delivered on a when and if available basis.

GAAP to non-GAAP Reconciliation

To supplement our consolidated financial statements presented on a GAAP basis,
Polycom uses non-GAAP measures of operating results, net income and income per
share, which are adjusted to exclude certain costs, expenses, gains, and
losses we believe appropriate to enhance an overall understanding of our past
financial performance and also our prospects for the future. These adjustments
to our current period GAAP results are made with the intent of providing both
management and investors a more complete understanding of Polycom's underlying
operational results and trends and our marketplace performance. For example,
the non-GAAP results are an indication of our baseline performance before
gains, losses, or other charges that are considered by management to be
outside of our core operating results. In addition, these adjusted non-GAAP
results are among the primary indicators management uses as a basis for our
planning and forecasting of future periods. The presentation of this
additional information is not meant to be considered in isolation or as a
substitute for net income or diluted net income per share prepared in
accordance with generally accepted accounting principles in the United States.

About Polycom

Polycom is the global leader in open standards-based unified communications
and collaboration (UC&C) solutions for voice and video collaboration, trusted
by more than 415,000 customers around the world. Polycom solutions are powered
by the Polycom® RealPresence® Platform, comprehensive software infrastructure
and rich APIs that interoperate with the broadest set of communication,
business, mobile and cloud applications and devices to deliver secure
face-to-face video collaboration in any environment. Polycom and its ecosystem
of over 7,000 partners provide truly unified communications solutions that
deliver the best user experience, highest multi-vendor interoperability, and
lowest TCO Visit www.polycom.com or connect with us on Twitter, Facebook, and
LinkedIn to learn how we're pushing the greatness of human collaboration
forward.

© 2013 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom logo, and the
names and marks associated with Polycom’s products are trademarks and/or
service marks of Polycom, Inc. and are registered and/or common law marks in
the United States and various other countries. All other trademarks are
property of their respective owners.


POLYCOM, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
                                                             
                      Three Months Ended          Twelve Months Ended
                      December      December      December 31,    December 31,
                      31,           31,           2012            2011
                      2012          2011
Revenues:
Product revenues      $ 261,874     $ 303,461     $ 1,042,484     $ 1,138,050
Service revenues       91,152      82,769      350,144       264,139   
Total revenues         353,026     386,230     1,392,628     1,402,189 
                                                                  
Cost of revenues:
Cost of product         109,506       120,906       426,369         439,995
revenues
Cost of service        36,704      31,364      142,827       103,930   
revenues
Total cost of          146,210     152,270     569,196       543,925   
revenues
                                                                  
Gross profit           206,816     233,960     823,432       858,264   
                                                                  
Operating expenses:
Sales and marketing     116,312       113,401       464,353         428,829
Research and            55,085        51,431        208,510         190,322
development
General and             25,910        20,629        98,285          81,661
administrative
Amortization of
purchased               2,512         2,671         9,830           5,542
intangibles
Restructuring costs     195           4,657         22,024          9,396
Acquisition-related    2,271       1,764       14,064        9,688     
expenses
Total operating        202,285     194,553     817,066       725,438   
expenses
                                                                  
Operating income        4,531         39,407        6,366           132,826
                                                                  
Other income           (858    )    1,778       (3,868    )    (1,672    )
(expense), net
                                                                  
Income from
continuing
operations before       3,673         41,185        2,498           131,154
provision for
income taxes
Provision (benefit)    39,081      (4,545  )    38,056        5,246     
for income taxes
Income (loss) from
continuing              (35,408 )     45,730        (35,558   )     125,908
operations
                                                                  
Income from
operations of
discontinued            2,178         3,843         9,888           9,906
operations, net of
taxes
Gain from sale of
discontinued           35,425      -           35,425        -         
operations, net of
taxes
Net income            $ 2,195      $ 49,573     $ 9,755        $ 135,814   
                                                                  
                                                                  
Basic net income
(loss) per share:
Income (loss) per
share from            $ (0.20   )   $ 0.26        $ (0.20     )   $ 0.71
continuing
operations
Income per share
from operations of
discontinued          $ 0.01        $ 0.02        $ 0.06          $ 0.06
operations, net of
taxes
Gain per share from
sale of
discontinued          $ 0.20       $ -          $ 0.20         $ -         
operations, net of
taxes
Basic net income      $ 0.01       $ 0.28       $ 0.06         $ 0.77      
per share
                                                                  
Diluted net income
(loss) per share:
Income (loss) per
share from            $ (0.20   )   $ 0.26        $ (0.20     )   $ 0.69
continuing
operations
Income per share
from operations of
discontinued          $ 0.01        $ 0.02        $ 0.06          $ 0.05
operations, net of
taxes
Gain per share from
sale of
discontinued          $ 0.20       $ -          $ 0.20         $ -         
operations, net of
taxes
Diluted net income    $ 0.01       $ 0.28       $ 0.06         $ 0.75      
per share
                                                                  
Number of shares
used in computation
of net income
(loss) per share:
Basic                  175,519     176,729     176,878       176,426   
Diluted                175,519     179,331     176,878       181,195   

      Earnings per share amounts for continuing operations, discontinued
      operations and net income, as presented above, are calculated
      individually and may not sum due to rounding differences.
Note: As a result of the net loss from continuing operations for the three and
      twelve month periods ended December 31, 2012, all potentially issuable
      common shares have been excluded from the diluted shares used in the
      computation of earnings per share for those periods as their effect is
      anti-dilutive.
      

POLYCOM, INC.
Reconciliation of GAAP to Non-GAAP Net Income
(In thousands, except per share amounts)
(Unaudited)
                                                              
                       Three Months Ended            Twelve Months Ended
                       December 31,   December 31,   December      December
                       2012           2011           31,           31,
                                                     2012          2011
                                                                   
GAAP net income        $  2,195       $  49,573      $ 9,755       $ 135,814
                                                                   
Income from
operations of
discontinued              (2,178  )      (3,843  )     (9,888  )     (9,906  )
operations, net of
tax
Gain from sale of
discontinued              (35,425 )      -             (35,425 )     -
operations, net of
tax
Tax expense on
company                   38,836         -             38,836        -
reorganization
Amortization of
purchased                 4,421          4,529         17,465        11,201
intangibles
Restructuring costs       195            4,657         22,024        9,396
Acquisition-related       2,271          1,764         14,064        9,688
expenses
Stock-based               23,690         18,276        88,761        63,853
compensation expense
Effect of
stock-based               128            181           669           546
compensation on
warranty rates
Severance costs
associated with CFO       -              -             929           -
retirement
Legal costs
associated with the       -              (87     )     236           1,552
indemnification of a
former officer
Impairment
(recovery) of an          -              (421    )     -             79
investment in a
private company
Benefit related to
the resolution of a       -              -             -             (7,487  )
multi-year tax audit
Income tax effect of
other non-GAAP           (3,444  )     (6,696  )    (25,612 )    (20,078 )
exclusions
                                                                   
Non-GAAP net income    $  30,689     $  67,933     $ 121,814    $ 194,658 
                                                                   
GAAP earnings per
share:
Basic                  $  0.01       $  0.28       $ 0.06       $ 0.77    
Diluted                $  0.01       $  0.28       $ 0.06       $ 0.75    
                                                                   
Non-GAAP earnings
per share:
Basic                  $  0.17       $  0.38       $ 0.69       $ 1.10    
Diluted                $  0.17       $  0.38       $ 0.68       $ 1.07    
                                                                   
Number of shares
used in computation
of GAAP earnings per
share:
Basic                     175,519        176,729       176,878       176,426
Diluted                   175,519        179,331       176,878       181,195
                                                                   
Number of shares
used in computation
of non-GAAP earnings
per share:
Basic                     175,519        176,729       176,878       176,426
Diluted                   177,953        179,331       178,945       181,195
                                                                             

POLYCOM, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
                                                         
                                             December 31,   December 31,
                                             2012           2011
                                                            
ASSETS
Current assets
Cash and cash equivalents                    $  477,073     $  375,241
Short-term investments                          197,196        159,426
Trade receivables, net                          194,654        210,804
Inventories                                     99,960         93,284
Deferred taxes                                  48,916         37,282
Prepaid expenses and other current assets       55,454         51,241
Assets held for sale                           -             67,130
Total current assets                            1,073,253      994,408
                                                            
Property and equipment, net                     133,319        126,884
Long-term investments                           50,333         56,772
Goodwill and purchased intangibles              608,802        623,121
Deferred taxes                                  28,406         23,356
Other assets                                   21,238        20,264
Total assets                                 $  1,915,351   $  1,844,805
                                                            
                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable                             $  89,983      $  110,719
Accrued payroll and related liabilities         39,469         38,546
Taxes payable                                   4,736          -
Deferred revenue                                158,482        138,486
Other accrued liabilities                       63,018         59,288
Liabilities held for sale                      -             14,119
Total current liabilities                       355,688        361,158
                                                            
Non-current liabilities
Deferred revenue                                91,061         82,898
Taxes payable                                   15,598         16,813
Deferred taxes                                  236            558
Other non-current liabilities                  22,079        13,262
Total liabilities                               484,662        474,689
                                                            
Stockholders' equity                           1,430,689     1,370,116
Total liabilities and stockholders' equity   $  1,915,351   $  1,844,805
                                                               

POLYCOM, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
                                                               
                                                   Twelve Months Ended
                                                   December 31,   December 31,
                                                   2012           2011
                                                                  
Cash flows from operating activities:
Net income                                         $ 9,755        $ 135,814
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization                        61,586         52,564
Amortization of purchased intangibles                20,318         21,742
Provision for excess and obsolete inventories        6,420          8,567
Provision for doubtful accounts                      1,100          -
Stock-based compensation expense                     89,245         65,262
Impairment of private company investments            -              79
Excess tax benefits from stock-based                 (9,297   )     (13,430  )
compensation
Loss on disposals of property and equipment          4,080          1,537
Net gain on sale of discontinued operations          (35,425  )     -
Tax expense on company reorganization                38,836         -
                                                                  
Changes in assets and liabilities, net of the
effect of acquisitions and divestitures:
Trade receivables                                    16,582         (63,009  )
Inventories                                          (11,428  )     2,545
Deferred taxes                                       (15,933  )     (12,446  )
Prepaid expenses and other assets                    (8,835   )     (3,190   )
Accounts payable                                     (22,901  )     22,816
Taxes payable                                        5,123          13,496
Other accrued liabilities                           37,754       67,298   
Net cash provided by operating activities           186,980      299,645  
                                                                  
Cash flows from investing activities:
Purchases of property and equipment                  (67,270  )     (69,279  )
Purchases of investments                             (312,631 )     (372,567 )
Proceeds from sale of investments                    52,286         41,461
Proceeds from maturities of investments              229,211        326,332
Net cash received from sale of discontinued          50,411         -
operations
Net cash paid in purchase acquisitions              (4,583   )    (163,630 )
Net cash used in investing activities               (52,576  )    (237,683 )
                                                                  
Cash flows from financing activities:
Proceeds from issuance of common stock under         25,832         40,798
employee option and stock purchase plans
Repurchase and retirement of common stock            (67,901  )     (64,937  )
Excess tax benefits from stock-based                9,297        13,430   
compensation
Net cash used in financing activities               (32,772  )    (10,709  )
                                                                  
Net increase in cash and cash equivalents            101,632        51,253
Cash and cash equivalents, beginning of period      375,441      324,188  
Cash and cash equivalents, end of period           $ 477,073     $ 375,441  

These Condensed Consolidated Statements of Cash Flows include combined cash
flows of continuing and discontinued operations.
The end of period cash and cash equivalents balance for December 31, 2011
includes $200 of cash included within "Assets held for sale" in the condensed
consolidated balance sheets.


POLYCOM, INC.
Reconciliations of GAAP Measures to Non-GAAP Measures
(In thousands)
(Unaudited)
                                                              
                       Three Months Ended            Twelve Months Ended
                       December 31,   December 31,   December      December
                       2012           2011           31,           31,
                                                     2012          2011
                                                                   
GAAP cost of
revenues used in       $  146,210     $  152,270     $ 569,196     $ 543,925
inventory turns
Stock-based               (2,532  )      (1,591  )     (10,204 )     (6,267  )
compensation expense
Effect of
stock-based               (128    )      (181    )     (669    )     (546    )
compensation on
warranty rates
Amortization of
purchased                (1,909  )     (1,858  )    (7,635  )    (5,659  )
intangibles
Non-GAAP cost of
revenues used in       $  141,641    $  148,640    $ 550,688    $ 531,453 
inventory turns
                                                                   
GAAP gross profit      $  206,816     $  233,960     $ 823,432     $ 858,264
Stock-based               2,532          1,591         10,204        6,267
compensation expense
Effect of
stock-based               128            181           669           546
compensation on
warranty rates
Amortization of
purchased                1,909        1,858       7,635       5,659   
intangibles
Non-GAAP gross         $  211,385    $  237,590    $ 841,940    $ 870,736 
profit
Non-GAAP gross            59.9    %      61.5    %     60.5    %     62.1    %
margin
                                                                   
GAAP sales and         $  116,312     $  113,401     $ 464,353     $ 428,829
marketing expense
Stock-based              (9,722  )     (8,131  )    (36,791 )    (27,022 )
compensation expense
Non-GAAP sales and     $  106,590    $  105,270    $ 427,562    $ 401,807 
marketing expense
Non-GAAP sales and
marketing expense as      30.2    %      27.3    %     30.7    %     28.7    %
percent of revenues
                                                                   
GAAP research and      $  55,085      $  51,431      $ 208,510     $ 190,322
development expense
Stock-based              (5,387  )     (4,228  )    (20,195 )    (14,850 )
compensation expense
Non-GAAP research
and development        $  49,698     $  47,203     $ 188,315    $ 175,472 
expense
Non-GAAP research
and development           14.1    %      12.2    %     13.5    %     12.5    %
expense as percent
of revenues
                                                                   
GAAP general and
administrative         $  25,910      $  20,629      $ 98,285      $ 81,661
expense
Stock-based               (6,049  )      (4,326  )     (21,571 )     (15,714 )
compensation expense
Severance costs
associated with CFO       -              -             (929    )     -
retirement
Legal costs
associated with the      -            87          (236    )    (1,552  )
indemnification of a
former officer
Non-GAAP general and
administrative         $  19,861     $  16,390     $ 75,549     $ 64,395  
expense
Non-GAAP general and
administrative            5.6     %      4.2     %     5.4     %     4.6     %
expense as percent
of revenues
                                                                   
GAAP total operating   $  202,285     $  194,553     $ 817,066     $ 725,438
expenses
Stock-based               (21,158 )      (16,685 )     (78,557 )     (57,586 )
compensation expense
Amortization of
purchased                 (2,512  )      (2,671  )     (9,830  )     (5,542  )
intangibles
Restructuring costs       (195    )      (4,657  )     (22,024 )     (9,396  )
Acquisition-related       (2,271  )      (1,764  )     (14,064 )     (9,688  )
expenses
Severance costs
associated with CFO       -              -             (929    )     -
retirement
Legal costs
associated with the      -            87          (236    )    (1,552  )
indemnification of a
former officer
Non-GAAP total         $  176,149    $  168,863    $ 691,426    $ 641,674 
operating expenses
Non-GAAP total
operating expenses        49.9    %      43.7    %     49.6    %     45.8    %
as percent of
revenues
                                                                   
GAAP operating         $  4,531       $  39,407      $ 6,366       $ 132,826
income (loss)
Stock-based               23,690         18,276        88,761        63,853
compensation expense
Effect of
stock-based               128            181           669           546
compensation on
warranty rates
Amortization of
purchased                 4,421          4,529         17,465        11,201
intangibles
Restructuring costs       195            4,657         22,024        9,396
Acquisition-related       2,271          1,764         14,064        9,688
expenses
Severance costs
associated with CFO       -              -             929           -
retirement
Legal costs
associated with the      -            (87     )    236         1,552   
indemnification of a
former officer
Non-GAAP operating     $  35,236     $  68,727     $ 150,514    $ 229,062 
income
Non-GAAP operating        10.0    %      17.8    %     10.8    %     16.3    %
margin
                                                                             

POLYCOM, INC.
Summary of Stock-Based Compensation Expense
(In thousands)
(Unaudited)
                                                               
                         Three Months Ended            Twelve Months Ended
                         December 31,   December 31,   December     December
                         2012           2011           31,          31,
                                                       2012         2011
                                                                    
Cost of sales -          $   873        $   707        $  3,593     $  2,501
product
Cost of sales -             1,659         884          6,611       3,766
service
Stock-based
compensation expense        2,532         1,591        10,204      6,267
in cost of sales
                                                                    
Sales and marketing          9,722          8,131         36,791       27,022
Research and                 5,387          4,228         20,195       14,850
development
General and                 6,049         4,326        21,571      15,714
administrative
Stock-based
compensation expense         21,158         16,685        78,557       57,586
in operating expenses
                                                                 
Total stock-based        $   23,690     $   18,276     $  88,761    $  63,853
compensation expense

Contact:

Polycom, Inc.
Laura Graves, 408-586-4271 (Investors)
laura.graves@polycom.com
Shawn Dainas, 408-586-3768 (Press)
shawn.dainas@polycom.com
 
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