Plantronics Announces Third Quarter Fiscal Year 2013 Results
Plantronics Announces Third Quarter Fiscal Year 2013 Results
Revenue & Earnings per Share Exceed Guidance, Unified Communications Net
Revenues Grow 43% Year-over-Year
Business Wire
SANTA CRUZ, Calif. -- January 29, 2013
Plantronics, Inc. (NYSE: PLT) today announced third quarter fiscal year 2013
results. Highlights of the quarter include the following (comparisons are
against the third quarter of fiscal year 2012):
* Net revenues were $197.4 million, an increase of 8% compared with $183.2
million.
* GAAP gross margin was 51.8% compared with 52.5%; non-GAAP gross margin was
52.2% compared with 52.8%.
* GAAP operating income was $34.6 million; non-GAAP operating income was
$41.7 million as compared to $37.4 million and $42.0 million,
respectively.
* GAAP diluted earnings per share (“EPS”) was $0.66, a decrease of $0.05, or
7%, and higher than our guidance of $0.54 to $0.61.
* Non-GAAP diluted EPS was $0.73, a decrease of $0.02, or 3%, and higher
than our guidance of $0.63 to $0.70.
Q3 GAAP Results
Q3 2013 Q3 2012 Change (%)
Net revenues $197.4 million $183.2 million 7.7%
Operating income $34.6 million $37.4 million -7.5%
Operating Margin 17.5% 20.4%
Diluted EPS $0.66 $0.71 -7.0%
Q3 Non-GAAP Results
Q3 2013 Q3 2012 Change (%)
Operating income $41.7 million $42.0 million -0.7%
Operating Margin 21.1% 22.9%
Diluted EPS $0.73 $0.75 -2.7%%
A reconciliation between our GAAP and non-GAAP results is provided in the
tables at the end of this press release.
“We achieved robust growth in Unified Communications (“UC”) net revenues as
global adoption of the technology continues,” said Ken Kannappan, President &
CEO. “Solid revenue in Office and Contact Center (“OCC”) combined with market
share gains in mono Bluetooth in the U.S. furthered our revenue growth in the
quarter.”
“We continued to strategically invest in our UC product portfolio to
strengthen our position as a leader in UC, while maintaining profitability
within our long-term target range,” said Pam Strayer, Senior Vice President
and Chief Financial Officer. “We are focused on driving efficiency throughout
the company to maximize our long-term investment in UC.”
OCC net revenues increased 5% to $139.4 million compared with $133.3 million
in the third quarter of fiscal year 2012 driven by the strength of our UC
revenues. Net revenues from UC products, a subset of OCC, grew by 43% to $36.1
million in the third quarter of fiscal year 2013 compared with $25.2 million
in the third quarter of fiscal year 2012.
Mobile net revenues were $44.1 million in the third quarter of fiscal year
2013, an increase of $8.1 million, or 23%, from $36.0 million in the third
quarter of fiscal year 2012 primarily as a result of strong product launches
and good product placement in our retail channels.
Dividend Announcement
We also announced that our Board of Directors declared a quarterly dividend of
$0.10 per share. The dividend will be payable on March 11, 2013 to
stockholders of record at the close of business on February 20, 2013.
Business Outlook
The following statements are based on our current expectations and many of
these statements are forward-looking. Actual results are subject to a variety
of risks and uncertainties and may differ materially from our expectations.
We have a “book and ship” business model whereby we ship most orders to
customers within 48 hours of receipt of those orders, and, therefore, the
level of backlog does not provide reliable visibility into potential future
revenues. In addition, our incoming orders have historically been low during
the last two weeks of December and the first half of January, and have then
increased significantly into February and March.
Our business is inherently difficult to forecast, particularly with continuing
uncertainty in global economic conditions, and there can be no assurance that
expectations of incoming orders over the balance of the current quarter will
materialize.
Subject to the foregoing, we currently expect the following range of financial
results for the fourth quarter of fiscal year 2013:
* Net revenues of $190 million to $195 million;
* GAAP operating income of $33 million to $35 million;
* Non-GAAP operating income of $39 million to $41 million, excluding the
impact of $6 million from stock-based compensation, accelerated
depreciation, and restructuring costs from GAAP operating income;
* Assuming approximately 42.7 million diluted average weighted shares
outstanding:
* GAAP diluted EPS of $0.63 to $0.67;
* Non-GAAP diluted EPS of $0.68 to $0.72; and
* Cost of stock-based compensation, accelerated depreciation and
restructuring costs to be approximately $0.09 per diluted share, with
an expected partial offset of approximately $0.04 related to the
retroactive reinstatement of the research and development (“R&D”) tax
credit in the U.S.
Please see our new Investor Relations Presentation available on our corporate
website at www.plantronics.com/ir.
Conference Call Scheduled to Discuss Financial Results
We have scheduled a conference call to discuss third quarter fiscal year 2013
results. The conference call will take place today, January 29, 2013, at 2:00
PM (Pacific Time). All interested investors and potential investors in our
stock are invited to participate. To listen to the call, please dial in five
to ten minutes prior to the scheduled starting time and refer to the
“Plantronics Conference Call.” Participants from North America should call
(888) 301-8736 and other participants should call (706) 634-7260.
A replay of the call with the conference ID # 70844491 will be available until
February 28, 2013 at (855) 859-2056 or (800) 585-8367 for callers from North
America and at (404) 537-3406 for all other callers. The conference call will
also be simultaneously webcast in the Investor Relations section of our
corporate website at www.plantronics.com/ir, and the webcast of the conference
call will remain available on our website for 30 days.
Use of Non-GAAP Financial Information
For the periods presented, we have excluded certain non-cash expenses and
charges, net of tax, including stock-based compensation related to stock
options, restricted stock and employee stock purchases, purchase accounting
amortization, accelerated depreciation, restructuring and other related
charges, and an expected retroactive reinstatement of the R&D tax credit,
along with the tax benefits from the expiration of certain statutes of
limitations from non-GAAP operating income, non-GAAP operating margin and
non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures
primarily because management does not consider them as part of our target
operating model. We believe that the use of non-GAAP financial measures
provides meaningful supplemental information regarding our performance and
liquidity and helps investors compare actual results to our long-term target
operating model goals. We believe that both management and investors benefit
from referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting and analyzing future periods;
however, non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for, or superior to, gross margin, operating
income, operating margin, the effective tax rate, net income, or EPS prepared
in accordance with GAAP.
Safe Harbor
This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements relating to
(i) our expenses and our long-term operating margin target, (ii) our estimates
of GAAP and non-GAAP financial results for the fourth quarter of fiscal year
2013, including net revenues, operating income and diluted EPS; (iii) our
estimates of stock-based compensation, accelerated depreciation, restructuring
and other related charges, and tax benefits from the expiration of certain
statutes of limitation, and the retroactive reinstatement of the R&D tax
credit for the fourth quarter of fiscal year 2013, as well as the impact of
these non-cash expenses on Non-GAAP operating income and diluted EPS; and (iv)
our estimate of weighted average shares outstanding for the fourth quarter of
fiscal year 2013, in addition to other matters discussed in this press release
that are not purely historical data. We do not assume any obligation to update
or revise any such forward-looking statements, whether as the result of new
developments or otherwise.
Forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from those contemplated by such
statements. Among the factors that could cause actual results to differ
materially from those contemplated are:
* Micro and macro economic conditions in our domestic and international
markets;
* our ability to realize our UC plans and to achieve the financial results
projected to arise from UC adoption could be adversely affected by a
variety of factors including the following: (i) as UC becomes more widely
adopted, the risk that competitors will offer solutions that will
effectively commoditize our headsets which, in turn, will reduce the sales
prices for our headsets; (ii) our plans are dependent upon adoption of our
UC solution by major platform providers such as Microsoft Corporation,
Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and IBM, and we have a
limited ability to influence such providers with respect to the
functionality of their platforms, their rate of deployment, and their
willingness to integrate their platforms with our solutions, and our
support expenditures may substantially increase over time due to the
complex nature of the platforms developed by the major UC providers as
these platforms continue to evolve and become more commonly adopted; (iii)
the development of UC solutions is technically complex and this may delay
or limit our ability to introduce solutions to the market on a timely
basis and that are cost effective, feature rich, stable and attractive to
our customers on a timely basis; (iv) our development of UC solutions is
dependent on our ability to implement and execute new and different
processes in connection with the design, development and manufacturing of
complex electronic systems comprised of hardware, firmware and software
that must work in a wide variety of environments and multiple variations,
which may in some instances increase the risk of development delays or
errors and require the hiring of new personnel and/or third party
contractors which increases our costs; (v) because UC offerings involve
complex integration of hardware and software with UC infrastructure, our
sales model and expertise will need to continue to evolve; (vi) as UC
becomes more widely adopted we anticipate that competition for market
share will increase, and some competitors may have superior technical and
economic resources; (vii) UC solutions may not be adopted with the breadth
and speed in the marketplace that we currently anticipate; and, (viii) UC
may evolve rapidly and unpredictably and our inability to timely and
cost-effectively adapt to those changes and future requirements may impact
our profitability in this market and our overall margins;
* failure to match production to demand given long lead times and the
difficulty of forecasting unit volumes and acquiring the component parts
and materials to meet demand without having excess inventory or incurring
cancellation charges;
* volatility in prices from our suppliers, including our manufacturers
located in China, have in the past and could in the future negatively
affect our profitability and/or market share;
* fluctuations in foreign exchange rates;
* with respect to our stock repurchase program, prevailing stock market
conditions generally, and the price of our stock specifically;
* the bankruptcy or financial weakness of distributors or key customers, or
the bankruptcy of or reduction in capacity of our key suppliers;
* additional risk factors including: interruption in the supply of
sole-sourced critical components, continuity of component supply at costs
consistent with our plans, the inherent risks of our substantial foreign
operations, and problems that might affect our manufacturing facilities in
Mexico; and
* seasonality in one or more of our business segments.
For more information concerning these and other possible risks, please refer
to our Annual Report on Form 10-K filed with the Securities and Exchange
Commission on May 25, 2012 and other filings with the Securities and Exchange
Commission, as well as recent press releases. These filings can be accessed
over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Financial Summaries
The following related charts are provided:
* Summary Unaudited Condensed Consolidated Financial Statements
* Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
* Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
and Other Unaudited GAAP Data
About Plantronics
Plantronics is a global leader in audio communications for businesses and
consumers. We have pioneered new trends in audio technology for over 50 years,
creating innovative products that allow people to simply communicate. From
Unified Communication solutions to Bluetooth headsets, we deliver
uncompromising quality, an ideal experience, and extraordinary service.
Plantronics is used by every company in the Fortune 100, as well as 911
dispatch, air traffic control and the New York Stock Exchange. For more
information, please visit www.plantronics.com or call (800) 544-4660.
Plantronics and the logo design are trademarks or registered trademarks of
Plantronics, Inc. The Bluetooth name and the Bluetooth trademarks are owned by
Bluetooth SIG, Inc. and are used by Plantronics, Inc. under license. All other
trademarks are the property of their respective owners.
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
December 31, December 31,
2012 2011 2012 2011
Net revenues $ 197,402 $ 183,236 $ 558,047 $ 535,784
Cost of revenues 95,238 87,024 260,959 246,548
Gross profit 102,164 96,212 297,088 289,236
Gross profit % 51.8% 52.5% 53.2% 54.0%
Research, development and 20,248 16,829 59,525 51,386
engineering
Selling, general and 45,442 41,976 134,476 128,510
administrative
Restructuring and other 1,868 - 1,868 -
related charges
Total operating expenses 67,558 58,805 195,869 179,896
Operating income 34,606 37,407 101,219 109,340
Operating income % 17.5% 20.4% 18.1% 20.4%
Interest and other income, net 177 406 464 989
Income before income taxes 34,783 37,813 101,683 110,329
Income tax expense 6,577 6,915 23,990 25,179
Net income $ 28,206 $ 30,898 $ 77,693 $ 85,150
% of net revenues 14.3% 16.9% 13.9% 15.9%
Earnings per common share:
Basic $ 0.68 $ 0.73 $ 1.87 $ 1.91
Diluted $ 0.66 $ 0.71 $ 1.82 $ 1.86
Shares used in computing
earnings per common share:
Basic 41,745 42,541 41,629 44,623
Diluted 42,618 43,640 42,579 45,857
Effective tax rate 18.9% 18.3% 23.6% 22.8%
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands)
UNAUDITED CONSOLIDATED BALANCE SHEETS
December 31, March 31,
2012 2012
ASSETS
Cash and cash equivalents $ 196,656 $ 209,335
Short-term investments 132,245 125,177
Total cash, cash equivalents and short-term 328,901 334,512
investments
Accounts receivable, net 112,677 111,771
Inventory, net 66,905 53,713
Deferred tax assets 11,208 11,090
Other current assets 13,301 13,088
Total current assets 532,992 524,174
Long-term investments 79,619 55,347
Property, plant and equipment, net 93,552 76,159
Goodwill and purchased intangibles, net 16,773 14,388
Other assets 2,521 2,402
Total assets $ 725,457 $ 672,470
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 36,012 $ 34,126
Accrued liabilities 58,270 52,067
Total current liabilities 94,282 86,193
Deferred tax liabilities 2,158 8,673
Long-term income taxes payable 11,636 12,150
Revolving line of credit 20,000 37,000
Other long-term liabilities 1,008 1,210
Total liabilities 129,084 145,226
Stockholders' equity 596,373 527,244
Total liabilities and stockholders' equity $ 725,457 $ 672,470
PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
Three Months Ended Nine Months Ended
December 31, December 31,
2012 2011 2012 2011
GAAP Gross profit $ 102,164 $ 96,212 $ 297,088 $ 289,236
Stock-based 507 559 1,629 1,664
compensation
Accelerated 318 - 760 -
depreciation
Purchase accounting - - - 187
amortization
Non-GAAP Gross profit $ 102,989 $ 96,771 $ 299,477 $ 291,087
Non-GAAP Gross profit % 52.2 % 52.8 % 53.7 % 54.3 %
GAAP Research,
development and $ 20,248 $ 16,829 $ 59,525 $ 51,386
engineering
Stock-based (1,336 ) (953 ) (3,716 ) (2,928 )
compensation
Accelerated (223 ) - (506 ) -
depreciation
Non-GAAP Research,
development and $ 18,689 $ 15,876 $ 55,303 $ 48,458
engineering
GAAP Selling, general $ 45,442 $ 41,976 $ 134,476 $ 128,510
and administrative
Stock-based (2,849 ) (3,067 ) (8,829 ) (8,674 )
compensation
Purchase accounting - - - (142 )
amortization
Non-GAAP Selling,
general and $ 42,593 $ 38,909 $ 125,647 $ 119,694
administrative
GAAP Restructuring and $ 1,868 $ - $ 1,868 $ -
other related charges
GAAP Operating expenses $ 67,558 $ 58,805 $ 195,869 $ 179,896
Stock-based (4,185 ) (4,020 ) (12,545 ) (11,602 )
compensation
Accelerated (223 ) - (506 ) -
depreciation
Purchase accounting - - - (142 )
amortization
Restructuring and other (1,868 ) - (1,868 ) -
related charges
Non-GAAP Operating $ 61,282 $ 54,785 $ 180,950 $ 168,152
expenses
PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
Three Months Ended Nine Months Ended
December 31, December 31,
2012 2011 2012 2011
GAAP
Operating $ 34,606 $ 37,407 $ 101,219 $ 109,340
income
Stock-based 4,692 4,579 14,174 13,266
compensation
Accelerated 541 - 1,266 -
depreciation
Purchase
accounting - - - 329
amortization
Restructuring
and other 1,868 - 1,868 -
related
charges
Non-GAAP
Operating $ 41,707 $ 41,986 $ 118,527 $ 122,935
income
GAAP Net $ 28,206 $ 30,898 $ 77,693 $ 85,150
income
Stock-based 4,692 4,579 14,174 13,266
compensation
Accelerated 541 - 1,266 -
depreciation
Purchase
accounting - - - 329
amortization
Restructuring
and other 1,868 - 1,868 -
related
charges
Income tax (4,137 ) ^(1) (2,955 ) ^(2) (7,206 ) ^(1) (5,802 ) ^(2)
effect
Non-GAAP Net $ 31,170 $ 32,522 $ 87,795 $ 92,943
income
GAAP Diluted
earnings per $ 0.66 $ 0.71 $ 1.82 $ 1.86
common share
Stock-based 0.11 0.11 0.33 0.29
compensation
Accelerated 0.01 - 0.02 -
depreciation
Purchase
accounting - - - 0.01
amortization
Restructuring
and other 0.05 - 0.05 -
related
charges
Income tax (0.10 ) (0.07 ) (0.16 ) (0.13 )
effect
Non-GAAP
Diluted $ 0.73 $ 0.75 $ 2.06 $ 2.03
earnings per
common share
Shares used
in diluted
earnings per 42,618 43,640 42,579 45,857
common share
calculation
Excluded amount represents tax benefits from stock-based compensation,
^(1) accelerated depreciation, restructuring and other related charges, and
$2,071 related to the expiration of certain statutes of limitations.
^(2) Excluded amount represents tax benefits from stock-based compensation and
$1,507 from the expiration of certain statutes of limitations.
Excluded amount represents tax benefits from stock-based compensation,
^(3) purchase accounting amortization and $1,507 from the expiration of
certain statutes of limitations.
Use of Non-GAAP Financial Information
For the periods presented, we have excluded certain non-cash expenses and
charges, net of tax, including stock-based compensation related to stock
options, restricted stock and employee stock purchases, purchase accounting
amortization, accelerated depreciation, restructuring and other related
charges, along with tax benefits from the expiration of certain statutes of
limitations from non-GAAP operating income, non-GAAP operating margin and
non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures
primarily because management does not consider them as part of our target
operating model. We believe that the use of non-GAAP financial measures
provides meaningful supplemental information regarding our performance and
liquidity and helps investors compare actual results to our long-term target
operating model goals. We believe that both management and investors benefit
from referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting and analyzing future periods;
however, non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for, or superior to, gross margin, operating
income, operating margin, the effective tax rate, net income or EPS prepared
in accordance with GAAP.
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited
GAAP Data
($ in thousands, except per share data)
Q112 Q212 Q312 Q412 Q113 Q213 Q313
GAAP Gross $ $ $ $ $ $ $
profit 94,058 98,966 96,212 95,115 97,696 97,228 102,164
Stock-based 546 559 559 548 596 526 507
compensation
Accelerated - - - - 124 318 318
depreciation
Purchase
accounting 125 62 - - - - -
amortization
Non-GAAP $ $ $ $ $ $ $
Gross profit 94,729 99,587 96,771 95,663 98,416 98,072 102,989
Non-GAAP
Gross profit 53.9 % 56.3 % 52.8 % 53.9 % 54.3 % 54.7 % 52.2 %
%
GAAP $ $ $ $ $ $ $
Operating 59,022 62,069 58,805 63,102 65,600 62,711 67,558
expenses
Stock-based (3,633 ) (3,949 ) (4,020 ) (3,667 ) (4,024 ) (4,336 ) (4,185 )
compensation
Accelerated - - - - (57 ) (226 ) (223 )
depreciation
Purchase
accounting (71 ) (71 ) - - - - -
amortization
Restructuring
and other - - - - - - (1,868 )
related
charges
Non-GAAP $ $ $ $ $ $ $
Operating 55,318 58,049 54,785 59,435 61,519 58,149 61,282
expenses
GAAP $ $ $ $ $ $ $
Operating 35,036 36,897 37,407 32,013 32,096 34,517 34,606
income
Stock-based 4,179 4,508 4,579 4,215 4,620 4,862 4,692
compensation
Accelerated - - - - 181 544 541
depreciation
Purchase
accounting 196 133 - - - - -
amortization
Restructuring
and other - - - - - - 1,868
related
charges
Non-GAAP $ $ $ $ $ $ $
Operating 39,411 41,538 41,986 36,228 36,897 39,923 41,707
income
Non-GAAP
Operating 22.4 % 23.5 % 22.9 % 20.4 % 20.3 % 22.3 % 21.1 %
income %
GAAP Income $ $ $ $ $ $ $
before income 35,677 36,839 37,813 32,273 32,108 34,792 34,783
taxes
Stock-based 4,179 4,508 4,579 4,215 4,620 4,862 4,692
compensation
Accelerated - - - - 181 544 541
depreciation
Purchase
accounting 196 133 - - - - -
amortization
Restructuring
and other - - - - - - 1,868
related
charges
Non-GAAP $ $ $ $ $ $ $
Income before 40,052 41,480 42,392 36,488 36,909 40,198 41,884
income taxes
GAAP Income $ 8,946 $ 9,318 $ 6,915 $ 8,387 $ 8,545 $ 8,868 $ 6,577
tax expense
Income tax
effect of 1,282 1,441 1,448 1,292 1,382 1,532 1,342
stock-based
compensation
Income tax
effect of - - - - 39 116 124
accelerated
depreciation
Income tax
effect of
purchase 74 50 - - - - -
accounting
amortization
Income tax
effect of
restructuring - - - - - - 600
and other
related
charges
Tax benefit
from the
expiration of - - 1,507 - - - 2,071
certain
statutes of
limitations
Non-GAAP $ $ $ $
Income tax 10,302 10,809 $ 9,870 $ 9,679 $ 9,966 10,516 10,714
expense
Non-GAAP
Income tax
expense as a 25.7 % 26.1 % 23.3 % 26.5 % 27.0 % 26.2 % 25.6 %
% of Non-GAAP
Income before
income taxes
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited
GAAP Data (Continued)
($ in thousands, except per share data)
Q112 Q212 Q312 Q412 Q113 Q213 Q313
GAAP Net $ $ $ $ $ $ $
income 26,731 27,521 30,898 23,886 23,563 25,924 28,206
Stock-based 4,179 4,508 4,579 4,215 4,620 4,862 4,692
compensation
Accelerated - - - - 181 544 541
depreciation
Purchase
accounting 196 133 - - - - -
amortization
Restructuring
and other - - - - - - 1,868
related
charges
Income tax (1,356 ) (1,491 ) (2,955 ) (1,292 ) (1,421 ) (1,648 ) (4,137 )
effect
Non-GAAP Net $ $ $ $ $ $ $
income 29,750 30,671 32,522 26,809 26,943 29,682 31,170
GAAP Diluted
earnings per $ 0.56 $ 0.60 $ 0.71 $ 0.55 $ 0.55 $ 0.61 $ 0.66
common share
Stock-based 0.09 0.10 0.11 0.10 0.11 0.11 0.11
compensation
Accelerated - - - - - 0.01 0.01
depreciation
Restructuring
and other - - - - - - 0.05
related
charges
Income tax (0.03 ) (0.03 ) (0.07 ) (0.03 ) (0.03 ) (0.03 ) (0.10 )
effect
Non-GAAP
Diluted $ 0.62 $ 0.67 $ 0.75 $ 0.62 $ 0.63 $ 0.70 $ 0.73
earnings per
common share
Shares used
in diluted
earnings per 48,060 45,717 43,640 43,329 42,570 42,403 42,618
common share
calculation
SUMMARY OF UNAUDITED GAAP DATA
($ in thousands)
Net revenues
from
unaffiliated
customers:
Office and $ $ $ $ $ $ $
Contact 130,999 136,395 133,335 130,980 134,033 133,119 139,449
Center
Mobile 32,164 28,341 36,024 35,296 36,157 33,305 44,138
Gaming and
Computer 7,395 8,381 9,209 6,870 6,789 7,797 9,024
Audio
Clarity 5,042 3,831 4,668 4,438 4,386 5,059 4,791
Total net $ $ $ $ $ $ $
revenues 175,600 176,948 183,236 177,584 181,365 179,280 197,402
Net revenues
by geographic
area from
unaffiliated
customers:
Domestic $ $ $ $ $ $ $
100,291 101,196 99,070 105,676 104,078 107,513 111,847
International 75,309 75,752 84,166 71,908 77,287 71,767 85,555
Total net $ $ $ $ $ $ $
revenues 175,600 176,948 183,236 177,584 181,365 179,280 197,402
Balance Sheet
accounts and
metrics:
Accounts $ $ $ $ $ $ $
receivable, 108,516 103,026 109,677 111,771 108,300 108,070 112,677
net
Days sales
outstanding 56 52 54 57 54 54 51
(DSO)
Inventory, $ $ $ $ $ $ $
net 57,697 60,717 57,799 53,713 58,932 61,639 66,905
Inventory 5.7 5.1 6.0 6.1 5.7 5.3 5.7
turns
Contact:
Plantronics, Inc.
Greg Klaben, 831-458-7533 (Investors)
Vice President of Investor Relations
Genevieve Haldeman, 831-458-7343 (Media)
Vice President of Global Communications
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