SANTA
CRUZ, Calif., May 27, 2022
/PRNewswire/ -- Poly (NYSE: POLY), a global outfitter of
professional-grade audio and video technology, today announced
fourth quarter results for the period ended April 2, 2022.
Highlights for the fourth quarter
and full-year fiscal 2022 include:
- On March 28, 2022, Poly announced
it had entered into a definitive merger agreement with HP, Inc.
(NYSE: HPQ), a leading global provider of workplace solutions, in
an all-cash transaction for $40 per
share, implying a total enterprise value of approximately
$3.3 billion, inclusive of Poly's net
debt.
- GAAP revenues for fiscal Q4 were $421M, a 12% year-over-year decline driven
primarily by supply chain constraints impacting all product
categories. Voice revenue grew 13% year over year but was offset by
declines in Headsets and Video of -17% and -11%, respectively.
Services revenue declined 20% from the prior year quarter.
- For full fiscal year 2022 non-GAAP revenues declined -3% driven
primarily by supply chain constraints. Video revenue of
$485M was up 14% and Voice revenue of
$247M was up 12% from the prior year.
This was offset by Headset and Services revenues of $723M and $230M,
which were down 12% and 15%, respectively, from the prior year.
- Geographically for fiscal Q4, Americas revenue of $214M was down 8%, EMEA revenue of $144M was down 16%, and APAC revenue of
$64M was down 14% from the prior
year. For full-year fiscal 2022, Americas revenue of $890M was up 2%, EMEA revenue of $516M was down 11%, and APAC revenue of
$279M was down 5% from the prior
year.
- Fiscal Q4 Non-GAAP gross margins of 43.9% were down 450bps from
the prior year quarter. For the full year of fiscal 2022, gross
margins declined 440bps, to 45.1%. The fiscal Q4 and full year
gross margin declines were driven primarily by increased logistics
costs and spot market purchases associated with global supply chain
disruptions.
- Poly continues to expand its portfolio of smart devices with
the introduction of the Poly Studio R30 video bar, the Poly Sync 10
speakerphone, and enhancements to the Poly Lens platform. These
solutions, combined with Poly DirectorAI smart camera technology,
help employees look and sound their best, while employers can
maintain focus on delivering meeting equity for hybrid and office
workers alike.
|
($ Millions, except
percent and per-share data)1
|
Q4 FY22
|
Q4 FY21
|
|
YTD FY22
|
YTD FY21
|
|
GAAP Revenue
|
$421
|
$476
|
|
$1,681
|
$1,728
|
|
GAAP Gross Margin
|
39.6
%
|
44.7
%
|
|
40.8
%
|
44.9
%
|
|
GAAP Operating (Loss) Income
|
($17)
|
$34
|
|
($32)
|
$13
|
|
GAAP Diluted EPS
|
($0.72)
|
$0.25
|
|
$0.41
|
($1.40)
|
|
Cash Flow from Operations
|
($8)
|
$74
|
|
($8)
|
$145
|
|
|
|
|
|
|
|
Non-GAAP Revenue
|
$422
|
$478
|
|
$1,685
|
$1,742
|
|
Non-GAAP Gross Margin
|
43.9
%
|
48.4%
|
|
45.1
%
|
49.5%
|
|
Non-GAAP Operating Income
|
$35
|
$76
|
|
$178
|
$262
|
|
Non-GAAP Diluted EPS
|
$0.50
|
$1.23
|
|
$2.44
|
$3.99
|
|
Adjusted EBITDA
|
$43
|
$86
|
|
$214
|
$302
|
|
|
|
1
|
For further information
on supplemental non-GAAP metrics, refer to the Use of Non-GAAP
Financial Information and Unaudited Reconciliations of GAAP
Measures to Non-GAAP Measures sections below.
|
Business Outlook and Conference
Call
In light of the pending merger of Poly with HP, Inc., Poly will
not provide fiscal 2023 guidance and will not hold a conference
call to discuss these results.
About Poly
Poly (NYSE: POLY) creates premium audio and video products so
you can have your best meeting -- anywhere, anytime, every time.
Our headsets, video and audio-conferencing products, desk phones,
analytics software and services are beautifully designed and
engineered to connect people with incredible clarity. They're
pro-grade, easy to use and work seamlessly with all the best video
and audio-conferencing services. Poly MeetingAI delivers a
broadcast quality video conferencing experience with Poly
DirectorAI technology which uses artificial intelligence and
machine learning to deliver real-time automatic transitions,
framing and tracking, while NoiseBlockAI and Acoustic Fence
technologies block-out unwanted background noise. With Poly
(Plantronics, Inc. – formerly Plantronics and Polycom), you'll do
more than just show up, you'll stand out. For more information
visit www.Poly.com.
All other trademarks are the property of their respective
owners.
|
INVESTOR
CONTACT:
Mike Iburg
Vice President,
Investor Relations
(831)
458-7533
|
MEDIA
CONTACT:
Edie Kissko
Vice President,
Corporate Communications
(213)
369-3719
|
|
PLANTRONICS, INC.
|
|
SUMMARY CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
|
|
(in thousands, except percentages and per share
data)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
Net revenues
|
|
|
|
|
|
|
|
|
|
|
Net
product revenues
|
|
$
369,178
|
|
$
410,980
|
|
$
1,455,785
|
|
$
1,470,826
|
|
|
Net
services revenues
|
|
52,204
|
|
65,253
|
|
225,359
|
|
256,781
|
|
|
Total net
revenues
|
|
421,382
|
|
476,233
|
|
1,681,144
|
|
1,727,607
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
Cost of
product revenues
|
|
235,151
|
|
240,811
|
|
917,511
|
|
863,529
|
|
|
Cost of
service revenues
|
|
19,206
|
|
22,606
|
|
77,540
|
|
87,527
|
|
|
Total cost of
revenues
|
|
254,357
|
|
263,417
|
|
995,051
|
|
951,056
|
|
|
Gross profit
|
|
167,025
|
|
212,816
|
|
686,093
|
|
776,551
|
|
|
% of total net
revenues
|
|
39.6
%
|
|
44.7
%
|
|
40.8
%
|
|
44.9
%
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
Research,
development, and engineering
|
|
47,463
|
|
52,963
|
|
183,553
|
|
209,290
|
|
|
Selling,
general, and administrative
|
|
135,422
|
|
126,487
|
|
499,839
|
|
488,378
|
|
|
Loss, net
from litigation settlements
|
|
—
|
|
—
|
|
—
|
|
17,561
|
|
|
Restructuring and other related charges
|
|
960
|
|
(773)
|
|
34,937
|
|
48,704
|
|
|
Total operating
expenses
|
|
183,845
|
|
178,677
|
|
718,329
|
|
763,933
|
|
|
Operating (loss) income
|
|
(16,820)
|
|
34,139
|
|
(32,236)
|
|
12,618
|
|
|
% of total net
revenues
|
|
(4.0)
%
|
|
7.2
%
|
|
(1.9)
%
|
|
0.7
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
15,840
|
|
24,424
|
|
69,711
|
|
82,606
|
|
|
Other non-operating
expense (income), net
|
|
1,955
|
|
(920)
|
|
291
|
|
(5,108)
|
|
|
(Loss) income before income
taxes
|
|
(34,615)
|
|
10,636
|
|
(102,238)
|
|
(64,880)
|
|
|
Income tax
benefit
|
|
(3,722)
|
|
(341)
|
|
(120,155)
|
|
(7,549)
|
|
|
Net (loss)
income
|
|
$
(30,893)
|
|
$
10,977
|
|
$
17,917
|
|
$
(57,331)
|
|
|
% of total net
revenues
|
|
(7.3)
%
|
|
2.3
%
|
|
1.1
%
|
|
(3.3)
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) earnings
per common share
|
|
$
(0.72)
|
|
$
0.26
|
|
$
0.42
|
|
$
(1.40)
|
|
|
Diluted (loss) earnings
per common share
|
|
$
(0.72)
|
|
$
0.25
|
|
$
0.41
|
|
$
(1.40)
|
|
|
Basic shares used in
computing (loss) earnings per common share
|
|
42,922
|
|
41,482
|
|
42,568
|
|
41,044
|
|
|
Diluted shares used in
computing (loss) earnings per common share
|
|
42,922
|
|
43,498
|
|
43,942
|
|
41,044
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
10.8 %
|
|
(3.2) %
|
|
117.5 %
|
|
11.6
%
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
SUMMARY CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
|
|
(in thousands)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
|
April 2,
|
|
April 3,
|
|
|
|
2022
|
|
2021
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
170,000
|
|
$
202,560
|
|
|
Restricted
cash
|
|
—
|
|
493,908
|
|
|
Short-term
investments
|
|
13,703
|
|
14,559
|
|
|
Total cash and cash equivalents,
restricted cash, and short-term investments
|
|
183,703
|
|
711,027
|
|
|
Accounts
receivable, net
|
|
277,924
|
|
267,464
|
|
|
Inventory,
net
|
|
234,102
|
|
194,405
|
|
|
Other
current assets
|
|
83,410
|
|
65,214
|
|
|
Total current
assets
|
|
779,139
|
|
1,238,110
|
|
|
Property,
plant, and equipment, net
|
|
127,021
|
|
140,875
|
|
|
Purchased
intangibles, net
|
|
230,478
|
|
341,614
|
|
|
Goodwill
|
|
796,216
|
|
796,216
|
|
|
Deferred
tax and other non-current assets
|
|
292,500
|
|
147,454
|
|
|
Total
assets
|
|
$
2,225,354
|
|
$
2,664,269
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
|
|
|
Accounts
payable
|
|
$
168,610
|
|
$
151,244
|
|
|
Accrued
liabilities
|
|
338,836
|
|
394,084
|
|
|
Current
portion of long-term debt
|
|
—
|
|
478,807
|
|
|
Total current
liabilities
|
|
507,446
|
|
1,024,135
|
|
|
Long-term
debt, net
|
|
1,500,283
|
|
1,496,064
|
|
|
Long-term
income taxes payable
|
|
68,082
|
|
86,227
|
|
|
Other
long-term liabilities
|
|
129,381
|
|
138,609
|
|
|
Total
liabilities
|
|
2,205,192
|
|
2,745,035
|
|
|
Stockholders' equity (deficit)
|
|
20,162
|
|
(80,766)
|
|
|
Total liabilities and
stockholders' equity (deficit)
|
|
$
2,225,354
|
|
$
2,664,269
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
SUMMARY CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
|
|
(in thousands)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
Cash flows from operating
activities
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
(30,893)
|
|
$
10,977
|
|
$
17,917
|
|
$
(57,331)
|
|
|
Adjustments to reconcile net (loss) income to net cash (used
in) provided by operating activities
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
36,330
|
|
39,986
|
|
149,126
|
|
164,867
|
|
|
Amortization of debt issuance cost
|
|
1,055
|
|
2,465
|
|
6,101
|
|
6,427
|
|
|
Stock-based compensation
|
|
13,946
|
|
11,540
|
|
48,160
|
|
42,644
|
|
|
Deferred income taxes
|
|
(6,038)
|
|
(5,801)
|
|
(121,698)
|
|
(21,174)
|
|
|
Provision for excess and obsolete inventories
|
|
5,301
|
|
760
|
|
13,461
|
|
13,527
|
|
|
Restructuring and other related charges
|
|
960
|
|
(773)
|
|
34,937
|
|
48,704
|
|
|
Cash payments for restructuring charges
|
|
(4,178)
|
|
(4,970)
|
|
(31,693)
|
|
(33,764)
|
|
|
Other operating activities
|
|
(913)
|
|
(2,862)
|
|
2,944
|
|
916
|
|
|
Changes in
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
(2,801)
|
|
47,186
|
|
(11,370)
|
|
(24,253)
|
|
|
Inventory, net
|
|
(20,792)
|
|
(2,053)
|
|
(45,491)
|
|
(41,994)
|
|
|
Current and other assets
|
|
1,630
|
|
(4,537)
|
|
(11,783)
|
|
(22,487)
|
|
|
Accounts payable
|
|
8,625
|
|
(16,001)
|
|
17,795
|
|
46,453
|
|
|
Accrued liabilities
|
|
(1,192)
|
|
(2,054)
|
|
(47,793)
|
|
38,402
|
|
|
Income taxes
|
|
(8,757)
|
|
168
|
|
(28,382)
|
|
(15,757)
|
|
|
Net cash (used in)
provided by operating activities
|
|
(7,717)
|
|
74,031
|
|
(7,769)
|
|
145,180
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from sales of short-term investments
|
|
2,507
|
|
1,862
|
|
2,771
|
|
2,529
|
|
|
Purchases
of short-term investments
|
|
(77)
|
|
(197)
|
|
(837)
|
|
(591)
|
|
|
Capital
expenditures
|
|
(9,040)
|
|
(5,962)
|
|
(29,722)
|
|
(22,715)
|
|
|
Proceeds
from sale of property, plant, and equipment
|
|
—
|
|
—
|
|
—
|
|
1,900
|
|
|
Other
investing activities
|
|
(2,020)
|
|
—
|
|
(6,020)
|
|
—
|
|
|
Net cash used in investing
activities
|
|
(8,630)
|
|
(4,297)
|
|
(33,808)
|
|
(18,877)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
|
|
Employees'
tax withheld and paid for restricted stock and restricted stock
units
|
|
(911)
|
|
(2,737)
|
|
(13,065)
|
|
(5,930)
|
|
|
Proceeds
from issuances under stock-based compensation plans
|
|
5,943
|
|
6,576
|
|
11,784
|
|
12,307
|
|
|
Proceeds
from revolving line of credit
|
|
—
|
|
—
|
|
—
|
|
50,000
|
|
|
Repayments
of revolving line of credit
|
|
—
|
|
—
|
|
—
|
|
(50,000)
|
|
|
Repayments
of long-term debt
|
|
—
|
|
(100,000)
|
|
(480,689)
|
|
(146,980)
|
|
|
Proceeds
from debt issuance, net of issuance costs
|
|
—
|
|
493,922
|
|
—
|
|
493,922
|
|
|
Net cash provided by (used in)
financing activities
|
|
5,032
|
|
397,761
|
|
(481,970)
|
|
353,319
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
(1,385)
|
|
(1,092)
|
|
(2,921)
|
|
2,967
|
|
|
Net (decrease) increase in cash, cash equivalents,
and restricted cash
|
|
(12,700)
|
|
466,403
|
|
(526,468)
|
|
482,589
|
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
|
182,700
|
|
230,065
|
|
696,468
|
|
213,879
|
|
|
Cash and cash equivalents and restricted cash at end
of period
|
|
$
170,000
|
|
$
696,468
|
|
$
170,000
|
|
$
696,468
|
|
|
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial
Information
To supplement our condensed consolidated financial statements
presented on a GAAP basis, we use non-GAAP 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, adjusted EBITDA, and non-GAAP diluted EPS. These
non-GAAP measures are adjusted from the most directly comparable
GAAP measures to exclude certain non-cash transactions and
activities that are not reflective of our ongoing core operations,
as further described below. We believe the use of each of these
non-GAAP measures provides meaningful supplemental information in
assessing our operating performance and liquidity across reporting
periods on a consistent basis and are used by management in
evaluating financial performance and in strategic planning. These
non-GAAP measures may differ from those used by other companies and
are not intended to be considered in isolation of, or as a
substitute for, financial results prepared in accordance with GAAP.
Certain prior year amounts have been reclassified for consistency
with current year presentation.
Non-GAAP Adjustments
- Purchase accounting amortization: Represents the
amortization of purchased intangible assets recorded in connection
with the acquisition of Polycom on July 2,
2018.
- Deferred revenue purchase accounting: Represents the
impact of fair value purchase accounting adjustments related to
deferred revenue recorded in connection with the acquisition of
Polycom on July 2, 2018. The
Company's deferred revenue primarily relates to Services revenue
associated with non-cancelable maintenance support on hardware
devices which are typically billed in advance and recognized
ratably over the contract term as those services are delivered.
This adjustment represents the amount of additional revenue that
would have been recognized during the period absent the write-down
to fair value required under purchase accounting guidance.
- Stock compensation expense: Represents the non-cash
expense associated with the Company's grant of stock-based awards
to employees and non-employee directors.
- Acquisition costs: Represents charges incurred in
connection with the Merger Agreement with HP, such as advisory,
legal and accounting fees.
- Restructuring and other related charges: Represents
costs associated with restructuring plans and reorganization
actions aimed at improving the Company's overall cost structure,
realigning resources consistent with its global strategy, and
reducing expenses to enable strategic investments in revenue
growth. These costs are not reflective of ongoing operations and
are primarily associated with reductions in the Company's
workforce, facility related charges due to the closure or
consolidation of offices, and other related costs, including legal
and advisory services.
- Deferred compensation mark to market: Represents gains
and losses driven by the remeasurement of assets and liabilities
associated with the Company's deferred compensation plans. Gains
and losses on plan liabilities are recognized within operating
expenses, while the offsetting gains and losses on plan assets are
recognized within other non-operating income, net.
- Loss, net on litigation settlements: The Company may be
involved in various litigation, claims and proceedings that result
in payments or recoveries from such proceedings. The related gains
and losses incurred are excluded as they are not reflective of
ongoing operations.
- Income tax effects: Represents the tax effects of
non-GAAP adjustments and other adjustments, depending on the nature
of the underlying items. The exclusion of the above-mentioned items
eliminates the effect of certain non-recurring and unusual tax
items that do not necessarily reflect the Company's long-term
operations. The income tax effects for unusual tax items primarily
represents the impact of the discrete tax benefit associated with
an IP transfer between wholly-owned subsidiaries, changes in
uncertain tax positions, and the full valuation allowance on
United States federal and state
deferred tax assets.
|
PLANTRONICS, INC.
|
|
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO
NON-GAAP MEASURES
|
|
(in thousands, except
percentages)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS DATA
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
revenues
|
$
421,382
|
|
$
476,233
|
|
$
1,681,144
|
|
$
1,727,607
|
|
|
Deferred
revenue purchase accounting
|
468
|
|
1,796
|
|
3,689
|
|
14,405
|
|
|
Non-GAAP Net
revenues
|
$
421,850
|
|
$
478,029
|
|
$
1,684,833
|
|
$
1,742,012
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
profit
|
$
167,025
|
|
$
212,816
|
|
$
686,093
|
|
$
776,551
|
|
|
Purchase
accounting amortization
|
16,317
|
|
16,239
|
|
65,031
|
|
68,111
|
|
|
Deferred
revenue purchase accounting
|
468
|
|
1,796
|
|
3,689
|
|
14,405
|
|
|
Stock-based compensation
|
1,567
|
|
565
|
|
5,092
|
|
2,939
|
|
|
Non-GAAP Gross
profit
|
$
185,377
|
|
$
231,416
|
|
$
759,905
|
|
$
862,006
|
|
|
Non-GAAP Gross profit
%
|
43.9 %
|
|
48.4 %
|
|
45.1 %
|
|
49.5 %
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research,
development, and engineering
|
$
47,463
|
|
$
52,963
|
|
$
183,553
|
|
$
209,290
|
|
|
Stock-based compensation
|
(3,119)
|
|
(3,045)
|
|
(9,478)
|
|
(13,785)
|
|
|
Non-GAAP Research,
development, and engineering
|
$
44,344
|
|
$
49,918
|
|
$
174,075
|
|
$
195,505
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Selling, general,
and administrative
|
$
135,422
|
|
$
126,487
|
|
$
499,839
|
|
$
488,378
|
|
|
Purchase
accounting amortization
|
(11,571)
|
|
(14,195)
|
|
(48,905)
|
|
(56,780)
|
|
|
Stock-based compensation
|
(9,260)
|
|
(7,931)
|
|
(33,590)
|
|
(25,926)
|
|
|
Acquisition costs
|
(9,530)
|
|
—
|
|
(9,530)
|
|
—
|
|
|
Deferred
compensation mark to market
|
908
|
|
(917)
|
|
(1,008)
|
|
(3,263)
|
|
|
Other
adjustments
|
315
|
|
2,103
|
|
689
|
|
2,100
|
|
|
Non-GAAP Selling,
general, and administrative
|
$
106,284
|
|
$
105,547
|
|
$
407,495
|
|
$
404,509
|
|
|
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO
NON-GAAP MEASURES
|
|
(in thousands)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS DATA (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
expenses
|
$
183,845
|
|
$
178,677
|
|
$
718,329
|
|
$
763,933
|
|
|
Purchase
accounting amortization
|
(11,571)
|
|
(14,195)
|
|
(48,905)
|
|
(56,780)
|
|
|
Stock-based compensation
|
(12,379)
|
|
(10,976)
|
|
(43,068)
|
|
(39,711)
|
|
|
Acquisition costs
|
(9,530)
|
|
—
|
|
(9,530)
|
|
—
|
|
|
Restructuring and other related charges
|
(960)
|
|
773
|
|
(34,937)
|
|
(48,704)
|
|
|
Deferred
compensation mark to market
|
908
|
|
(917)
|
|
(1,008)
|
|
(3,263)
|
|
|
Loss, net
from litigation settlements
|
—
|
|
—
|
|
—
|
|
(17,561)
|
|
|
Other
adjustments
|
315
|
|
2,103
|
|
689
|
|
2,100
|
|
|
Non-GAAP Operating
expenses
|
$
150,628
|
|
$
155,465
|
|
$
581,570
|
|
$
600,014
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating (loss)
income
|
$
(16,820)
|
|
$
34,139
|
|
$
(32,236)
|
|
$
12,618
|
|
|
Purchase
accounting amortization
|
27,888
|
|
30,434
|
|
113,936
|
|
124,891
|
|
|
Stock-based compensation
|
13,946
|
|
11,541
|
|
48,160
|
|
42,650
|
|
|
Acquisition costs
|
9,530
|
|
—
|
|
9,530
|
|
—
|
|
|
Restructuring and other related charges
|
960
|
|
(773)
|
|
34,937
|
|
48,704
|
|
|
Deferred
revenue purchase accounting
|
468
|
|
1,796
|
|
3,689
|
|
14,405
|
|
|
Deferred
compensation mark to market
|
(908)
|
|
917
|
|
1,008
|
|
3,263
|
|
|
Loss, net
from litigation settlements
|
—
|
|
—
|
|
—
|
|
17,561
|
|
|
Other
adjustments
|
(315)
|
|
(2,103)
|
|
(689)
|
|
(2,100)
|
|
|
Non-GAAP Operating
income
|
$
34,749
|
|
$
75,951
|
|
$
178,335
|
|
$
261,992
|
|
|
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO
NON-GAAP MEASURES
|
|
(in thousands, except per share
data)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS DATA (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
April 2,
|
|
April 3,
|
|
April 2,
|
|
April 3,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
GAAP Net (loss)
income
|
$
(30,893)
|
|
$
10,977
|
|
$
17,917
|
|
$
(57,331)
|
|
|
Purchase
accounting amortization
|
27,888
|
|
30,434
|
|
113,936
|
|
124,891
|
|
|
Stock-based compensation
|
13,946
|
|
11,541
|
|
48,160
|
|
42,650
|
|
|
Acquisition costs
|
$
9,530
|
|
—
|
|
9,530
|
|
—
|
|
|
Restructuring and other related charges
|
960
|
|
(773)
|
|
34,937
|
|
48,704
|
|
|
Deferred
revenue purchase accounting
|
468
|
|
1,796
|
|
3,689
|
|
14,405
|
|
|
Deferred
compensation mark to market
|
(24)
|
|
(29)
|
|
(69)
|
|
55
|
|
|
Loss, net
from litigation settlements
|
—
|
|
—
|
|
—
|
|
17,561
|
|
|
Other
adjustments
|
(315)
|
|
(2,103)
|
|
(689)
|
|
(2,095)
|
|
|
Income tax
effect of above items
|
3,569
|
|
4,198
|
|
2,791
|
|
(11,548)
|
|
|
Income tax
effect of unusual tax items
|
(2,967)
|
|
(2,410)
|
|
(123,187)
|
|
(9,832)
|
|
|
Non-GAAP Net
income
|
$
22,162
|
|
$
53,631
|
|
$
107,015
|
|
$
167,460
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted (loss)
earnings per common share
|
$
(0.72)
|
|
$
0.25
|
|
$
0.41
|
|
$
(1.40)
|
|
|
Purchase
accounting amortization
|
0.63
|
|
0.70
|
|
2.59
|
|
2.98
|
|
|
Stock-based compensation
|
0.32
|
|
0.27
|
|
1.10
|
|
1.02
|
|
|
Acquisition costs
|
0.22
|
|
—
|
|
0.22
|
|
—
|
|
|
Restructuring and other related charges
|
0.02
|
|
(0.02)
|
|
0.80
|
|
1.16
|
|
|
Deferred
revenue purchase accounting
|
0.01
|
|
0.04
|
|
0.08
|
|
0.34
|
|
|
Loss, net
from litigation settlements
|
—
|
|
—
|
|
—
|
|
0.42
|
|
|
Deferred
compensation mark to market
|
—
|
|
—
|
|
—
|
|
—
|
|
|
Other
adjustments
|
(0.01)
|
|
(0.05)
|
|
(0.02)
|
|
(0.08)
|
|
|
Income tax
effect
|
0.01
|
|
0.04
|
|
(2.74)
|
|
(0.45)
|
|
|
Effect of
anti-dilutive securities
|
0.02
|
|
—
|
|
—
|
|
—
|
|
|
Non-GAAP Diluted
earnings per common share
|
$
0.50
|
|
$
1.23
|
|
$
2.44
|
|
$
3.99
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in diluted
(loss) earnings per common share calculation:
|
|
|
|
|
|
|
|
|
|
GAAP
|
42,922
|
|
43,498
|
|
43,942
|
|
41,044
|
|
|
Non-GAAP
|
44,070
|
|
43,498
|
|
43,942
|
|
41,973
|
|
|
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO
NON-GAAP MEASURES
|
|
(in thousands)
|
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS DATA (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
April 3,
|
|
July 3,
|
|
October 2,
|
|
January 1,
|
|
April 2,
|
|
April 2,
|
|
|
|
2021
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
|
GAAP Net income
(loss)
|
|
$
10,977
|
|
$
(36,811)
|
|
$
96,785
|
|
$
(11,164)
|
|
$
(30,893)
|
|
$
17,917
|
|
|
Income tax
benefit
|
|
(341)
|
|
(4,262)
|
|
(102,567)
|
|
(9,604)
|
|
(3,722)
|
|
(120,155)
|
|
|
Interest
expense
|
|
24,424
|
|
21,782
|
|
16,141
|
|
15,948
|
|
15,840
|
|
69,711
|
|
|
Other
non-operating (income) expense, net
|
|
(920)
|
|
(692)
|
|
23
|
|
(995)
|
|
1,955
|
|
291
|
|
|
Deferred
revenue purchase accounting
|
|
1,796
|
|
1,260
|
|
1,054
|
|
907
|
|
468
|
|
3,689
|
|
|
Stock-based compensation
|
|
11,540
|
|
10,416
|
|
11,573
|
|
12,225
|
|
13,946
|
|
48,160
|
|
|
Acquisition costs
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,530
|
|
9,530
|
|
|
Restructuring and other related charges
|
|
(773)
|
|
28,972
|
|
2,607
|
|
2,398
|
|
960
|
|
34,937
|
|
|
Deferred
compensation mark to market
|
|
917
|
|
994
|
|
13
|
|
910
|
|
(908)
|
|
1,009
|
|
|
Other
adjustments
|
|
(2,103)
|
|
—
|
|
(376)
|
|
—
|
|
(315)
|
|
(691)
|
|
|
Depreciation and amortization
|
|
39,986
|
|
39,833
|
|
36,292
|
|
36,671
|
|
36,330
|
|
149,126
|
|
|
Adjusted
EBITDA
|
|
$
85,503
|
|
$
61,492
|
|
$
61,545
|
|
$
47,296
|
|
$
43,191
|
|
$
213,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/poly-announces-fourth-quarter-and-full-year-fiscal-2022-financial-results-301556467.html
SOURCE Plantronics, Inc.
