05 feb: Storaktionærmeddelelse
06 feb: Offentliggørelse af prospekt for Investeringsforeningen Danske In..
05-02-2019 22:05:00

Plantronics Announces Third Quarter Fiscal Year 2019 Financial Results

SANTA CRUZ, Calif., Feb. 05, 2019 (GLOBE NEWSWIRE) -- Plantronics, Inc. (NYSE: PLT) today announced third quarter results for the period ending December 31, 2018. On July 2, 2018, Plantronics completed the acquisition of Polycom, which is reflected in these results.  Highlights of the third quarter include the following (in millions, except percent and per share data, comparisons are against Plantronics' third quarter Fiscal Year 2018):

 

GAAP

YoY Change

  

Non-GAAP1

YoY Change

Revenue

$501.7 +122% 

Revenue

$530.6 +134%

GM%

 42.9%-750 bps 

GM%

 51.5%+70 bps

Op Inc $

($24.7)-167% 

Op Inc $

$93.2 +108%

Diluted EPS

($1.06)-31% 

Diluted EPS

$1.36 +34%

Op CF

$46.7 +59% 

EBITDA

$105.5 +111%

Performance Against November 6, 2018 Guidance

 

Q3 FY19 Actual Results

Performance

Q3 FY19 Guidance Range2

GAAP Net Revenue

$502MExceeded Midpoint$481M - $511M

Non-GAAP Net Revenue

$531MExceeded Midpoint$510M - $540M

Non-GAAP Operating Income

$93MAt High End$79M - $94M

Non-GAAP Diluted EPS

$1.36Exceeded Range$1.10 - $1.35

“We continue to make progress on our ongoing product roadmap, integration plans, and financial goals, meeting or exceeding our guidance targets, with operating income and EBITDA more than doubling as result of the acquisition,” said Joe Burton, President and Chief Executive Officer. “The launch of Polycom Studio, the first in a family of multi-media video solutions designed specifically for the Huddle Room, is just one example of how we are leveraging our innovative engineering and design to address specific customer needs in this fast-growing segment of the UC&C market.”

“We remain on track to deliver on our cost synergy targets and are pleased by the $45M of run-rate annualized cost synergies achieved to date as we continue to execute on our integration plans,” said Pam Strayer, Executive Vice President and Chief Financial Officer. “Revenue growth in desktop phones, audio conferencing, and headsets, coupled with expense reductions drove strong profitability for the third quarter.”

                                                  

1For further information on supplemental non-GAAP metrics refer to the Use of Non-GAAP and Comparative Information and Unaudited Reconciliations GAAP Measures to Non-GAAP Measures sections below.

2Non-GAAP guidance ranges shown here have been adjusted to exclude the $28.9 million impact of purchase accounting related to recording deferred revenue at fair value at the time of the acquisition.

Highlights for the Third Quarter of Fiscal Year 2019

  • Double-digit revenue growth in Desktop Phones, Audio Conferencing, UC Headsets, and Consumer Headsets. The rapid adoption of recently introduced products, such as the VVX x50 family of Open SIP desktop phones, were strong contributors to revenue growth.

     

  • The Company announced Polycom Studio, the first in a family of video solutions designed specifically for huddle rooms and smaller conference rooms.  This plug-and-play USB video bar delivers board-room quality to smaller meeting spaces with robust features, plug-and-play simplicity, and great value. The Company expects to announce new additions to this portfolio in the next several months.

     

  • Tom Puorro has joined the Company as Executive Vice President, General Manager, Group Systems. In this role, Puorro will have responsibility for all aspects of voice and video group solutions. Puorro joins Plantronics from Cisco, where he most recently served as VP & GM of Cisco's Unified Communications Technology Group.

     

  • In January 2019, the Company made a debt repayment of $50 million on its outstanding Term Loan B and expects to make an additional $50 million repayment by the end of the current March quarter.  In addition, as of yesterday's close of market, the Company has repurchased 347 thousand shares of common stock at a total cost of $12.6 million since re-initiating the share repurchase program in November.

     

  • As of December 31, 2018, the Company had achieved a total of $26 million in annual run-rate synergy capture. Through subsequent actions in January, the Company has captured an additional $19 million as of today's date, for a total of $45 million since the close of the Polycom acquisition. With over half of the first-year cost synergies completed to date, the Company is on track to achieve its first-year cost synergy commitment of $85M on-time and on-target. As of the most recent quarter-end, the Company's trailing twelve month EBITDA was approximately $400 million on a combined comparative basis.

Plantronics Announces Quarterly Dividend of $0.15

The Plantronics Board of Directors has declared a quarterly cash dividend of $0.15 per common share, to be paid on March 8, 2019, to all shareholders of record as of the close of market on February 20, 2019.

Business Outlook

The following statements are based on the Company's 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 the Company's expectations.

Plantronics currently expects the following range of financial results for the fourth quarter of Fiscal Year 2019 (all amounts assuming currency rates remain stable):

  • GAAP net revenues of $456 million to $486 million, which are expected to be reduced by $19 million due to purchase accounting adjustments. Excluding these adjustments, non-GAAP net revenues are expected to be $475 to $505 million.
    • Changes in foreign currency rates are expected to negatively impact net revenue by approximately $6 million in the March quarter compared to the prior year. Excluding this impact, non-GAAP net revenues are forecasted to grow $9 million or 2% at the midpoint of the guidance range.
  • Non-GAAP operating income of $75 million to $90 million.
  • Assuming a non-GAAP tax rate of 19.5% to 20.5% and approximately 40 million diluted average weighted shares outstanding:
    • Non-GAAP diluted EPS of $1.00 to $1.30.

With respect to Plantronics operating income and diluted EPS guidance, the Company has determined that it is unable to provide quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures with a reasonable degree of confidence in their accuracy without unreasonable effort, as items including stock based compensation, acquisition and integration costs, litigation gains and losses, and impacts from discrete tax adjustments and tax laws are inherently uncertain and depend on various factors, many of which are beyond the Company's control.

The Company's business is inherently difficult to forecast, particularly with continuing uncertainty in regional economic conditions, currency fluctuations, customer cancellations and rescheduling, and there can be no assurance that expectations of incoming orders over the balance of the current quarter will materialize.

Conference Call and Prepared Remarks

Plantronics is providing an earnings presentation in combination with its press release. The presentation is offered to provide shareholders and analysts with additional detail for analyzing results in advance of the quarterly conference call. The presentation will be available in the Investor Relations section of our corporate website at investor.plantronics.com along with this press release. A reconciliation of our GAAP to non-GAAP and historical combined comparative results is provided at the end of this press release.

We have scheduled a conference call to discuss third quarter of Fiscal Year 2019 financial results. The conference call will take place today, February 5, 2019, at 2:00 PM (Pacific Time). All interested investors and potential investors in Plantronics 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.”  The dial-in from North America is (888) 301-8736 and the international dial-in is (706) 634-7260.

The conference call will also be simultaneously webcast and can be accessed from the Investor Relations section of our website. A replay of the call with the conference ID #55437194 will be available until April 4, 2019 at (855) 859-2056 for callers from North America and at (404) 537-3406 for all other callers.

Use of Non-GAAP and Combined Comparative Financial Information

To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP, and where applicable, combined comparative measures of operating results, including non-GAAP net revenues, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income and non-GAAP diluted EPS, which exclude certain unusual or non-cash expenses and charges that are included in the most directly comparable GAAP measure. These unusual or non-cash expenses and charges include the effect, where applicable, of purchase accounting on deferred revenue and inventory, stock-based compensation, acquisition related expenses, purchase accounting amortization and adjustments, restructuring and other related charges and credits, asset impairments, executive transition charges, and the impact of participating securities, all net of any associated tax impact. We also exclude tax benefits from the release of tax reserves, discrete tax adjustments including transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We exclude these amounts from our non-GAAP and combined comparative measures primarily because management does not believe they are consistent with the development of our target operating model. Combined comparative results refer to the results for periods prior to the Plantronics and Polycom combination, which were prepared by combining the non-GAAP results of as if they had been combined during that period. These prior period results are presented on a non-GAAP as-reported basis, with immaterial adjustments to align the treatment of non-GAAP adjustments for comparative purposes. We believe that the use of non-GAAP and combined comparative financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our historical and long-term target operating model goals as well as our performance as a combined company. We believe presenting non-GAAP net revenue provides meaningful supplemental information regarding how management views the performance of the business and underlying performance of our individual product categories. We believe that both management and investors benefit from referring to these non-GAAP and combined comparative financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP and combined comparative financial measures are not meant to be considered in isolation of, or as a substitute for, or superior to, net revenues, gross margin, operating expenses, operating income, operating margin, 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 expectations regarding our ability to successfully achieve anticipated integration synergies; (ii) our expectations for product announcements and releases; (iii) our estimates concerning debt reduction actions and timing; (iv) estimates of GAAP and non-GAAP financial results for the fourth quarter of Fiscal Year 2019, including net revenues, purchase accounting adjustments, operating income, tax rates,  the impact of foreign exchange rates on revenues, and diluted weighted average shares outstanding and diluted EPS, 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 and achieve positive financial results projected to arise in the Enterprise market from UC&C adoption could be adversely affected by a variety of factors including the following: (i) as UC&C becomes more widely adopted, the risk that competitors will offer solutions that will effectively commoditize our products which, in turn, will reduce the sales prices for those products; (ii) our plans are dependent upon adoption of our UC&C solution by major platform providers and strategic partners such as Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc.,  Alcatel-Lucent, and Huawei, and our influence over such providers with respect to the functionality of their platforms or their product offerings, their rate of deployment, and their willingness to integrate their platforms and product offerings with our solutions is limited; (iii) delays or limitations on our ability to timely introduce solutions that are cost effective, feature-rich, stable, and attractive to our customers within forecasted development budgets; (iv) our successful implementation and execution of new and different processes involving the design, development, and manufacturing of complex electronic systems composed of hardware, firmware, and software that works seamlessly and continuously in a wide variety of environments and with multiple devices; (v) failure of UC&C solutions generally, or our solutions in particular, to be adopted with the breadth and speed we anticipate; (vi) our sales model and expertise must successfully evolve to support complex integration of hardware, software, and services with UC&C infrastructure consistent with changing customer purchasing expectations; (vii) as UC&C becomes more widely adopted we anticipate that competition for market share will increase, particularly given that some competitors may have superior technical and economic resources; (viii) sales cycles for more complex UC&C deployments are longer as compared to our traditional Enterprise products; (ix) our inability to timely and cost-effectively adapt to changing business requirements may impact our profitability in this market and our overall margins; and (x) our failure to expand our technical support capabilities to support the complex and proprietary platforms in which our UC&C products are and will be integrated;
  • regarding the Polycom acquisition: (i) we may be unable to integrate Polycom's business within our own in a timely and cost-efficient manner or do so without adversely impacting operations, including new product launches; (ii) expected synergies or operating efficiencies may fail to materialize in whole or part or may not occur within expected time-frames; (iii) the acquisition may adversely impact ours or Polycom's relationships with respective customers, suppliers and strategic partners and their operating results and businesses generally (including the diversion of management time on transaction-related issues); (iv) each company may be unable to retain and hire all or a portion of their respective key personnel; (v) legal and regulatory enforcement matters that are pending at Polycom may adversely impact the results of the combined company; (vi) our increased leverage as a result of the transaction will be substantially greater than prior to the acquisition which may pose risks, including reduced flexibility to make changes in our operations in response to business or economic conditions, increased borrowing costs, as well as penalties or costs should we fail to comply with terms of the financial agreements such as debt ratios and financial and operation performance targets; (vii) negative effects on the market price of our common stock as a result of the transaction, particularly in light of the issuance of our stock in the transaction; (viii) our financial reporting including those resulting from the adoption of new accounting pronouncements and associated system implementations in the context of the transaction, our ability to forecast financial results of the combined company and that we may be unable to successfully integrate our reporting system causing an adverse impact to our ability to make timely and accurate filings with the SEC and other domestic and foreign governmental agencies; (ix) the potential impact of the transaction on our future tax rate and payments based on the consolidation global entity and our ability to quickly integrate foreign operations; (x) the challenges of integrating the supply chains of the two companies; and (xi) the potential that our due diligence did not uncover risks and potential liabilities of Polycom;
  • 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;
  • new or greater tariffs on our products;
  • 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, and the inherent risks of our substantial foreign operations; and

  • seasonality in one or more of our product categories.
  • 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 9, 2018 and other filings with the Securities and Exchange Commission, as well as recent press releases.  The Securities and Exchange Commission filings can be accessed over the Internet at https://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

    • Unaudited Reconciliations of GAAP Measures to Trailing Twelve Months EBITDA

    • Unaudited Reconciliations of GAAP Measures to Non-GAAP Combined Comparative Measures

    About Plantronics

    Plantronics is an audio pioneer and a leader in the communications industry. Plantronics technology creates rich, natural, people-first audio and collaboration experiences so good ideas can be shared and heard-wherever, whenever and however they happen. The company’s portfolio of integrated communications and collaboration solutions spans headsets, software, desk phones, audio and video conferencing, analytics and services. Our solutions are used worldwide by consumers and businesses alike and are the leading choice for every kind of workspace. For more information visit plantronics.com.

    Plantronics and Polycom are 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. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95060

    831-426-6060 / Fax 831-426-6098

    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,

     
      

    2017

     

    2018

     

    2017

     

    2018

     
    Net Revenues:         
    Net product revenues $226,534  $445,441  $640,760  $1,102,012  
    Net services revenues   56,228    104,035  
    Total net revenues 226,534  501,669  640,760  1,206,047  
    Cost of revenues:         
    Cost of product revenues 112,409  259,673  315,720  676,616  
    Cost of service revenues   26,859    51,822  
    Total cost of revenues 112,409  286,532  315,720  728,438  
    Gross profit 114,125  215,137  325,040  477,609  

    Gross profit %

     

    50.4

    %

     

    42.9

    %

     

    50.7

    %

     

    39.6

    %

     
    Operating expenses:         
    Research, development, and engineering 21,257  59,661  62,402  140,409  
    Selling, general, and administrative 56,196  168,053  170,125  406,553  
    (Gain) loss, net from litigation settlements (15)   (295) (30) 
    Restructuring and other related charges (credits) (84) 12,130  2,438  20,711  
    Total operating expenses 77,354  239,844  234,670  567,643  
    Operating income 36,771  (24,707) 90,370  (90,034) 

    Operating income %

     

    16.2

    %

     

    (4.9

    )%

     

    14.1

    %

     

    (7.5

    )%

     
              
    Interest expense (7,341) (25,032) (21,904) (56,252) 
    Other non-operating income, net 2,490  125  5,230  3,731  
    Income before income taxes 31,920  (49,614) 73,696  (142,555) 
    Income tax expense (benefit) 81,424  (7,880) 84,419  (28,583) 
    Net income (loss) $(49,504) $(41,734) $(10,723) $(113,971) 
              

    % of net revenues

     

    (21.9

    )%

     

    (8.3

    )%

     

    (1.7

    )%

     

    (9.4

    )%

     
              
    Earnings per common share:         
    Basic $(1.54) $(1.06) $(0.33) $(3.08) 
    Diluted $(1.54) $(1.06) $(0.33) $(3.08) 
              
    Shares used in computing earnings per common share:         
    Basic 32,075  39,314  32,384  37,063  
    Diluted 32,075  39,314  32,384  37,063  
              

    Effective tax rate

     

    255.1

    %

     

    15.9

    %

     

    114.6

    %

     

    20.1

    %

     

    PLANTRONICS, INC.

    SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    ($ in thousands)

     

    UNAUDITED CONSOLIDATED BALANCE SHEETS

      

    March 31,

     

    December 31,

     
      

    2018

     

    2018

     
    ASSETS     
    Cash and cash equivalents $390,661  $328,156  
    Short-term investments 269,313  13,422  
    Total cash, cash equivalents, and short-term investments 659,974  341,578  
    Accounts receivable, net 152,888  363,837  
    Inventory, net 68,276  160,219  
    Other current assets 18,588  48,229  
    Total current assets 899,726  913,863  
    Property, plant, and equipment, net 142,129  212,138  
    Goodwill 15,498  1,272,619  
    Purchased intangibles, net   871,599  
    Deferred tax assets 17,950  4,741  
    Other assets 1,584  22,821  
    Total assets $1,076,887  $3,297,781  
    LIABILITIES AND STOCKHOLDERS' EQUITY     
    Accounts payable $45,417  $146,067  
    Accrued liabilities 80,097  452,194  
    Total current liabilities 125,514  598,261  
    Long-term debt, net of issuance costs 492,509  1,727,660  
    Long-term income taxes payable 87,328  93,150  
    Other long-term liabilities 18,566  134,492  
    Total liabilities 723,917  2,553,563  
    Stockholders' equity 352,970  744,218  
    Total liabilities and stockholders' equity $1,076,887  $3,297,781  
          

    PLANTRONICS, INC.

    SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    ($ in thousands, except per share data)

     

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

              
      

    Three Months Ended

     

    Nine Months Ended

     
      

    December 31,

     

    December 31,

     
      

    2017

     

    2018

     

    2017

     

    2018

     

    Cash flows from operating activities

             
    Net Income $(49,504) $(41,734) $(10,723) $(113,971) 
    Adjustments to reconcile net income to net cash provided by operating activities:         
    Depreciation and amortization 5,151  55,117  15,894  142,763  
    Amortization of debt issuance cost 362  1,419  1,087  3,188  
    Stock-based compensation 8,029  11,719  26,047  30,709  
    Deferred income taxes 6,106  (21,931) 10,490  (39,987) 
    Provision for excess and obsolete inventories 1,113  2,073  2,013  4,881  
    Restructuring charges (credits) (84) 12,130  2,438  20,711  
    Cash payments for restructuring charges (482) (3,827) (2,911) (11,222) 
    Other operating activities 496  60  (645) 9,070  
    Changes in assets and liabilities:         
    Accounts receivable, net (4,399) (12,075) (3,153) (35,938) 
    Inventory, net (3,733) (5,362) (9,577) 11,018  
    Current and other assets 1,473  33,149  (3,066) 30,456  
    Accounts payable (422) (4,108) 2,783  16,519  
    Accrued liabilities (6,307) 33,172  (15,695) 72,677  
    Income taxes 74,277  (13,110) 66,387  (21,631) 

    Cash provided by operating activities

     $32,076  $46,693  $81,369  $119,243  
              

    Cash flows from investing activities

             
    Proceeds from sale of investments 23,516  1,159  54,411  125,799  
    Proceeds from maturities of investments 40,328    146,989  131,017  
    Purchase of investments (98,891) (162) (232,840) (698) 
    Acquisitions, net of cash acquired   8,001    (1,642,241) 
    Capital expenditures (2,651) (8,613) (9,403) (16,148) 

    Cash provided by (used for) investing activities

     $(37,698) $385  $(40,843) $(1,402,271) 
              

    Cash flows from financing activities

             
    Repurchase of common stock (13,693) (4,780) (52,915) (4,780) 
    Employees' tax withheld and paid for restricted stock and restricted stock units (397) (521) (11,186) (13,863) 
    Proceeds from issuances under stock-based compensation plans 1,496  53  13,446  14,925  
    Proceeds from debt issuance, net       1,244,713  
    Payment of cash dividends (4,951) (5,971) (15,008) (16,953) 

    Cash provided by (used for) financing activities

     $(17,545) $(11,219) $(65,663) $1,224,042  
    Effect of exchange rate changes on cash and cash equivalents 344  1,211  3,460  (3,519) 

    Net increase in cash and cash equivalents

     (22,823) 37,070  (21,677) (62,505) 
    Cash and cash equivalents at beginning of period 303,116  291,086  301,970  390,661  

    Cash and cash equivalents at end of period

     $280,293  $328,156  $280,293  $328,156  
              

    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,

     
     

    2017

     

    2018

     

    2017

     

    2018

     
             
    GAAP Net Revenues$226,534  $501,669  $640,760  $1,206,047  
    Deferred revenue purchase accounting$  $28,923  $  $65,508  
    Non-GAAP Net Revenues$226,534  $530,592  $640,760  $1,271,555  
             
    GAAP Gross profit$114,125  $215,137  $325,040  $477,609  
    Purchase accounting amortization  27,575    83,243  
    Inventory valuation adjustment      30,395  
    Deferred revenue purchase accounting  28,923    65,508  
    Acquisition and integration fees  404    621  
    Stock-based compensation917  1,067  2,709  3,103  
    Other adjustments1    1,585    
    Non-GAAP Gross profit$115,042  $273,106  $329,334  $660,479  

    Non-GAAP Gross profit %

    50.8

    %

     

    51.5

    %

     

    51.4

    %

     

    51.9

    %

     
             
    GAAP Research, development, and engineering$21,257  $59,661  $62,402  $140,409  
    Stock-based compensation(2,049) (2,887) (6,158) (7,877) 
    Acquisition and integration fees  (95)   (151) 
    Purchase accounting amortization    (80)   
    Non-GAAP Research, development, and engineering$19,208  $56,679  $56,164  $132,381  
             
    GAAP Selling, general, and administrative$56,196  $168,053  $170,125  $406,553  
    Acquisition and integration fees  (21,775)   (53,558) 
    Purchase accounting amortization  (15,278)   (30,557) 
    Stock-based compensation(5,063) (7,765) (17,180) (19,729) 
    Other adjustments2    (549)   
    Non-GAAP Selling, general, and administrative$51,133  $123,235  $152,396  $302,709  
             
    GAAP Operating expenses$77,354  $239,844  $234,670  $567,643  
    Acquisition and integration fees  (21,870)   (53,709) 
    Purchase accounting amortization  (15,278) (80) (30,557) 
    Stock-based compensation(7,112) (10,652) (23,338) (27,606) 
    Restructuring and other related (charges) credits84  (12,130) (2,438) (20,711) 
    Other adjustments    (549)   
    Non-GAAP Operating expenses$70,326  $179,914  $208,265  $435,060  
             

    1

    Includes immaterial adjustments for loss on sale of assets and write off of indirect tax assets.

    2

    Includes immaterial adjustments for executive transition costs.

    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,

     
     

    2017

     

    2018

     

    2017

     

    2018

     
    GAAP Operating income$36,771  $(24,707) $90,370  $(90,034) 
    Purchase accounting amortization  42,853  80  113,800  
    Inventory valuation adjustment      30,395  
    Deferred revenue purchase accounting  28,923    65,508  
    Acquisition and integration fees  22,274    54,330  
    Stock-based compensation8,029  11,719  26,047  30,709  
    Restructuring and other related charges (credits)(84) 12,130  2,438  20,711  
    Other adjustments    2,134    
    Non-GAAP Operating income$44,716  $93,192  $121,069  $225,419  
             
    GAAP Net income$(49,504) $(41,734) $(10,723) $(113,971) 
    Purchase accounting amortization  42,853  80  113,800  
    Inventory valuation adjustment      30,395  
    Deferred revenue purchase accounting  28,923    65,508  
    Acquisition and integration fees  22,274    54,330  
    Stock-based compensation8,029  11,719  26,047  30,709  
    Restructuring and other related charges (credits)(84) 12,130  2,438  20,711  
    Other adjustments    2,134    
    Income tax effect of above items2,067  (18,036) (6,444) (56,934) 
    Income tax effect of unusual tax items72,599 

    (1

    )

    (4,028)

    (2

    )

    68,938 

    (3

    )

    (5,387)

    (2

    )

    Non-GAAP Net income$33,107  $54,101  $82,470  $139,160  
             
    GAAP Diluted earnings per common share$(1.54) $(1.06) $(0.33) $(3.08) 
    Purchase accounting amortization  1.08    3.01  
    Inventory valuation adjustment      0.80  
    Deferred revenue purchase accounting  0.73    1.73  
    Stock-based compensation0.25  0.30  0.79  0.81  
    Acquisition and integration fees  0.56    1.44  
    Restructuring and other related charges (credits)  0.31  0.07  0.55  
    Other adjustments    0.07    
    Income tax effect2.29  (0.57) 1.90  (1.65) 
    Effect of anti-dilutive securities0.02  0.01    0.07  
    Non-GAAP Diluted earnings per common share$1.02  $1.36  $2.50  $3.68  
             
    Shares used in diluted earnings per common share calculation:
    GAAP32,075  39,314  32,384  37,063  
    non-GAAP32,496  39,712  32,945  37,819  

    1

    Excluded amounts represent $74.6 million due to change in tax law, and the release of tax reserves.

    2

    Excluded amounts represent tax benefits resulting from the release of tax reserves and tax return true-ups.

    3

    Excluded amounts represent $74.6 million due to change in tax law, tax benefits resulting from the correction of an immaterial error in the first quarter and the release of tax reserves.

    PLANTRONICS, INC.

    UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP COMBINED COMPARATIVE MEASURES

    ($ in thousands)

     

    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

         
     

    Three Months Ended

     

    Twelve Months Ended

     
     

    March 31,

     

    June 30,

     

    September 30,

     

    December 31,

     

    December 31,

     
     

    20181

     

    20181

     

    2018

     

    2018

     

    2018

     
    Plantronics GAAP operating income$33,131  $20,649  $(85,976) $(24,707) (56,903) 
    Polycom GAAP Operating income219,095  12,246  N/A N/A 31,341  
    Combined comparative operating income before adjustments52,226  32,895  (85,976) (24,707) (25,562) 
    Deferred revenue purchase accounting    36,585  28,923  65,508  
    Inventory valuation adjustment    30,395    30,395  
    Acquisition and integration fees10,660  12,901  26,253  22,274  72,088  
    Stock-based compensation7,912  8,150  10,840  11,719  38,621  
    Restructuring and other related charges179  2,847  7,261  12,130  22,417  
    Non-recurring legal-related and other matters3603  609      1,212  
    Depreciation and amortization29,259  29,233  82,398  55,117  196,007  
                         
    EBITDA$100,839  $86,635  $107,756  $105,456  $400,686  
               

    1

    Polycom results shown in these periods are prior to the close of the acquisition on July 2, 2018. These results are shown here to arrive at combined comparative historical results.

    2

    Prepared in accordance with U.S. GAAP and Polycom's significant accounting policies as noted in Footnote 1. Basis of Presentation and Footnote 2. Summary of Significant Accounting Policies of exhibit 99.2 in form 8-K/A filed by Plantronics on August, 31, 2018.

    3

    Includes immaterial adjustments to conform historical Polycom results to Plantronics non-GAAP policy.

    PLANTRONICS, INC.

    UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP COMBINED COMPARATIVE MEASURES

    ($ in thousands)

     

    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA

        
     

    Three Months Ended

     

    Three Months Ended

     
     

    December 31,

     

    March 31,

     
     

    2017

     

    2018

     
        
        
    Enterprise Headsets$167,640  $164,587  
    Consumer Headsets58,894  51,556  
    Voice1105,510  110,590  
    Video1104,190  81,730  
    Services181,820  78,920  
    Combined comparative net revenues$518,054  $487,383  
        
    Plantronics GAAP Gross profit$114,125  $114,075  
    Polycom GAAP gross profit2160,730  158,569  
    Combined comparative gross profit before adjustments$274,855  $272,644  
    Stock-based compensation917  913  
    Purchase accounting amortization  338  
    Combined comparative adjusted gross profit$275,772  $273,895  

    Combined comparative adjusted gross profit %

    53.2

    %

     

    56.2

    %

     
        
    Plantronics GAAP Operating income$36,771  $33,131  
    Polycom GAAP Operating income2(26,304) 19,095  
    Combined comparative operating income before adjustments$10,467  $52,226  
    Amortization of Polycom Goodwill and intangibles56,021  14,774  
    Stock-based compensation8,029  7,912  
    Acquisition and integration fees2,783  10,660  
    Restructuring and other related (charges) credits2,974  179  
    Non-recurring legal-related and other matters3977  603  
    Combined adjusted operating income$81,251  $86,354  

    Combined adjusted operating profit %

    15.7

    %

     

    17.7

    %

     

    1

    Categories were introduced with the acquisition of Polycom on July 2, 2018. Historical Polycom revenues are shown here to arrive at combined comparative historical net revenues.

    2

    Prepared in accordance with U.S. GAAP and Polycom's significant accounting policies as noted in Footnote 1. Basis of Presentation and Footnote 2. Summary of Significant Accounting Policies of exhibit 99.2 in form 8-K/A filed by Plantronics on August, 31, 2018.

    3

    Includes immaterial adjustments to conform historical Polycom results to Plantronics non-GAAP policy.

    INVESTOR CONTACT:

    Mike Iburg

    Vice President, Investor Relations

    (831) 458-7533

    MEDIA CONTACT:

    Shannon Shamoon

    Manager, Marketing Buzz and Brand

    (831) 201-9142

    Plantronics.jpg

    Relateret indhold
    Del

    Opret kommentar

    Relateret debat

    • 1 uge
    • 1 måned
    • 1 År
    Ingen indlæg

    Lars Christensens Verden - Episode 21: Hvis virksomhedernes betalingsevne svigter, knækker aktiemarkedet

    14-06-2019 06:00:00
    I episode 21 af podcastserien “Lars Christensens Verden” stilles der skarpt på asset allokering.Euroinvestors chefredaktør Lars Christensen har adm. direktør i og stifter af Copenhagen Allocation Partner (CAP) Morten Kongshaug med i studiet til en samtale om, hvilke værktøjer og indikatorer Morten Kongshaug benytter til at vurdere, om man skal være over- eller undervægt aktier i sin portefølje, og..

    Fredagens aktier: Carlsberg sendt til bunds i overvejende rødt C25

    14-06-2019 17:02:57
    På en dag uden de helt store selskabsnyheder blev Carlsberg fredag sendt til bunds i et rødt C25-indeks, der samlet dykkede 0,7 pct. til 1125,94.Bryggeriaktien faldt 2,9 pct. til 880 kr., hvilket ifølge Martin Munk, senioraktierådgiver i Jyske Bank, kan skyldes, at salgstal fra et analysehus viste svaghed i Vesteuropa - særligt i Storbritannien og Italien.- Der er kommet nye salgstal fra Nielsen (..

    Ørsted: Fransk konkurrent vinder havvindudbud i Frankrig

    Relaterede nyheder
    14-06-2019 12:29:09
    Den statsejede franske energikoncern EDF er fredag blevet udråbt til vinderen af en udbudsrunde for havvind i Frankrig.Det oplyser den franske miljøminister, François de Rugy, fredag ifølge nyhedsbureauet Reuters.- EDF er blevet valgt, udtaler han ifølge nyhedsbureauet fredag.Dermed har det franske selskab, der har tyske Innogy og Enbridge som partnere, vundet retten til at opføre en havvindmøllep..

    Mest læste nyheder

    • 24 timer
    • 48 timer
    • 1 uge

    Relaterede aktiekurser

    Plantronics Inc 44,57 -5,2% Fald i aktiekurs

    Copyright Berlingske Media 2019  Handelsbetingelser  |  Cookiedeklaration  |  Cookie- og Privatlivspolitik  |  Ophavsret og vilkår
    Aktieinformation leveres af Morningstar.
    Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
     
    16. juni 2019 10:42:10
    (UTC+01:00) Brussels, Copenhagen, Madrid, Paris
    Version: LiveBranchBuild_20190527.1 - EUROWEB6 - 2019-06-16 10:42:10 - 2019-06-16 10:42:10 - 1 - Website: OKAY