SOURCE: Plantronics

Plantronics

February 01, 2011 16:00 ET

Plantronics Announces Third Quarter Fiscal 2011 Results

Revenue In-Line With Guidance, Non-GAAP Operating Income and EPS Exceed Guidance

SANTA CRUZ, CA--(Marketwire - February 1, 2011) - Plantronics, Inc. (NYSE: PLT) today announced third quarter fiscal 2011 net revenues of $181.6 million, a 9% increase compared with net revenues of $165.9 million in the third quarter of fiscal 2010. Net revenues were within the guidance range of $180 million - $185 million provided on November 2, 2010. Plantronics' GAAP diluted earnings per share from continuing operations was $0.64 in the third quarter of fiscal 2011 compared with $0.47 in the same quarter of the prior year. Non-GAAP diluted earnings per share from continuing operations for the third quarter of fiscal 2011 increased 32% to $0.66 from $0.50 in the same quarter of the prior year. The difference between GAAP and non-GAAP earnings per share from continuing operations for the third quarter of fiscal 2011 includes stock-based compensation charges, restructuring and other related costs, purchase accounting amortization, all net of associated tax impact, and a tax benefit from expiration of certain statutes of limitations.

"We continue to see growth in our core Office and Contact Center market in all geographies as a result of improving global economic conditions," stated Ken Kannappan, President & CEO. "We are increasingly well positioned to benefit from expected strong growth in the Unified Communications market over the next several years."

"We generated approximately $29 million in cash flow from operations in the current quarter and repurchased over 280,000 shares of our common stock while maintaining a strong cash position with over $414 million in cash, cash equivalents and short-term investments. We also had $18.1 million in long-term investments at the end of the quarter," stated Barbara Scherer, SVP Finance and Administration & CFO.

Improved economic conditions and the trend toward Unified Communications ("UC") drove a 19% increase in net revenues of Office and Contact Center products compared to the third quarter of fiscal 2010. OCC net revenues were $122.9 million in the third quarter of fiscal 2011, compared with $103.1 million in the third quarter of fiscal 2010. Revenues of UC products were $13.5 million for the quarter ended December 31, 2010 and $36.6 million for the nine months ended December 31, 2010. 

Mobile net revenues were $43.2 million in the third quarter of fiscal 2011, a decrease of 8% from $47.0 million in the third quarter of fiscal 2010. Gaming and Computer Audio net revenues were $10.5 million in the third quarter of fiscal 2011, a decrease of 5% from $11.1 million in the third quarter of fiscal 2010.

GAAP operating income in the third quarter of fiscal 2011 was $36.5 million, resulting in an operating margin of 20.1%. This compares to GAAP operating income of $27.8 million and an operating margin of 16.7% in the prior year quarter. Non-GAAP operating income in the third quarter of fiscal 2011 was $40.6 million compared to previously provided guidance of $37.5 million to $40.5 million and resulted in a non-GAAP operating margin of 22.4%. In the prior year quarter, non-GAAP operating income was $31.8 million with a non-GAAP operating margin of 19.2%.

Plantronics completed the sale of Altec Lansing, its Audio Entertainment Group ("AEG") segment, effective as of December 1, 2009. All results of operations related to AEG (including the loss on the sale) were classified as discontinued operations for all periods presented.

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.

Plantronics' business is inherently difficult to forecast, particularly with continuing uncertainty in global economic conditions, and there can be no assurance that the incoming orders it expects to receive over the balance of the current quarter will materialize.

Plantronics has a "book and ship" business model whereby it ships most orders to customers within 48 hours of its receipt of those orders and, therefore, the level of backlog does not provide reliable visibility into potential future revenues. In addition, our incoming order rate tends to be low during the last two weeks of December and the first half of January and then rises significantly into February and March.

Net revenues in the fourth quarter of fiscal 2011 are expected to be lower than the third quarter of fiscal 2011 due to seasonally lower demand for our consumer products. The March quarter has historically been a weaker quarter for consumer products than the December quarter and we expect that pattern to recur.

Subject to the foregoing, we are currently expecting the following range of financial results for continuing operations for the fourth quarter of fiscal 2011:

  • Net revenues of $167 million - $172 million;
  • Non-GAAP operating income of $40.0 million to $42.0 million inclusive of a $5.1 million gain related to our agreement to dismiss litigation involving the alleged theft of our trade secrets by a competitor and in exchange for a full release and settlement of the claims;
  • Non-GAAP diluted earnings per share of $0.58 - $0.62;
  • EPS cost of stock-based compensation to be approximately $0.06; and
  • GAAP diluted earnings per share of $0.52 to $0.56.

Plantronics does not intend to update these targets during the quarter or to report on its progress toward these targets. Plantronics will not comment on these targets to analysts or investors except by its press release announcing its fourth quarter fiscal 2011 results or by other public disclosure. Any other statements speculating on the progress of the fourth quarter fiscal 2011 will not be based on internal information and should be assessed accordingly by investors.

Dividend Announcement

Plantronics also announced that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend will be payable on March 10, 2011 to stockholders of record at the close of business on February 22, 2011.

Conference Call Scheduled to Discuss Financial Results

Plantronics has scheduled a conference call to discuss third quarter fiscal 2011 results. The conference call will take place on Tuesday, February 1, 2011 at 2:00 PM (PST). 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." 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 #23921083 will be available for 72 hours at (800) 642-1687 for callers from North America and at (706) 645-9291 for all other callers. The conference call will also be simultaneously web cast at www.plantronics.com under Investor Relations, and the web cast of the conference call will remain available at the Plantronics website for thirty days.

Use of Non-GAAP Financial Information

Plantronics excludes non-recurring transactions and non-cash expenses and charges such as restructuring and other related charges, the release of tax reserves due to the expiration of certain statutes of limitations, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization and impairment of goodwill and long-lived assets from non-GAAP income from continuing operations, non-GAAP earnings per diluted share from continuing operations, non-GAAP operating income, non-GAAP gross margin, non-GAAP operating margin and non-GAAP effective tax rate on continuing operations. Plantronics excludes these expenses from its non-GAAP measures primarily because Plantronics does not believe they are reflective of ongoing operating results and are not considered by management as part of Plantronics' target operating model. Plantronics believes that the use of non-GAAP financial measures provides meaningful supplemental information regarding its performance and liquidity, and helps investors compare actual results to its long-term target operating model goals. Plantronics believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods, but non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, income from operations, net income or earnings per share 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) the UC market, including our position in the UC market, (ii) our estimates of GAAP and non-GAAP financial results for the fourth quarter of fiscal 2011, including revenue, operating income and earnings per share; (iii) our estimated stock-based compensation expense for the fourth quarter of fiscal 2011; (iv) trends and our predictions regarding ordering patterns for the fourth quarter of fiscal 2011, as well as other matters discussed in this press release that are not purely historical data. Plantronics does 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:

  • economic conditions in both the 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 the following factors: (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) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate; (iii) the development of UC solutions is technically complex and this may delay or obstruct 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; (iv) 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; and (v) 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;
  • failure to match production to demand given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts to meet demand without having excess inventory or incurring cancellation charges;
  • volatility in prices from our suppliers, including our manufacturers located in China, have and could negatively affect our profitability and/or market share;
  • fluctuations in foreign exchange rates;
  • 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 which might affect our manufacturing facilities in Mexico; and
  • impairment losses on the carrying value of our intangible assets and goodwill could be recognized if it is determined the value is not recoverable which would adversely affect our financial results.

For more information concerning these and other possible risks, please refer to Plantronics Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 1, 2010, quarterly reports filed on Form 10-Q 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 GAAP to Non-GAAP Statements of Operations Reconciliations for the Three and Nine Months ended December 31, 2010 and December 31, 2009
  • Summary Unaudited Statements of Operations and Related Data on a Non-GAAP Basis for Continuing Operations

About Plantronics
Plantronics is a global leader in audio communications for businesses and consumers. We have pioneered new trends in audio technology for 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, the logo design, and Clarity 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,  
    2010     2009     2010     2009   
                                 
Net revenues   $ 181,585     $ 165,935     $ 510,525     $ 451,555  
Cost of revenues     85,777       85,566       239,310       238,251  
Gross profit     95,808       80,369       271,215       213,304  
  Gross profit %     52.8 %     48.4 %     53.1 %     47.2 %
                                 
Research, development and engineering     16,373       14,780       46,480       41,991  
Selling, general and administrative     43,319       37,502       118,747       103,599  
Restructuring and other related charges     (428 )     332       (428 )     1,767  
  Total operating expenses     59,264       52,614       164,799       147,357  
    Operating income     36,544       27,755       106,416       65,947  
    Operating income %     20.1 %     16.7 %     20.8 %     14.6 %
                                 
Interest and other income (expense), net     (20 )     1,422       615       3,653  
Income from continuing operations before income taxes     36,524       29,177       107,031       69,600  
Income tax expense from continuing operations     4,972       5,974       24,104       17,562  
  Income from continuing operations, net of tax     31,552       23,203       82,927       52,038  
Discontinued operations:                                
  Loss from operations of discontinued AEG segment (including loss on sale of AEG)     -       (515 )     -       (30,292 )
  Income tax benefit on discontinued operations     -       (562 )     -       (11,408 )
    Loss on discontinued operations     -       47       -       (18,884 )
      Net income   $ 31,552     $ 23,250     $ 82,927     $ 33,154  
                                   
    % of net revenues     17.4 %     14.0 %     16.2 %     7.3 %
                                 
Earnings (loss) per common share:                                
  Basic                                
    Continuing operations   $ 0.66     $ 0.48     $ 1.74     $ 1.07  
    Discontinued operations   $ -     $ -     $ -     $ (0.39 )
      Net income   $ 0.66     $ 0.48     $ 1.74     $ 0.68  
                                 
  Diluted                                
    Continuing operations   $ 0.64     $ 0.47     $ 1.68     $ 1.06  
    Discontinued operations   $ -     $ -     $ -     $ (0.38 )
      Net income   $ 0.64     $ 0.47     $ 1.68     $ 0.67  
                                 
Shares used in computing earnings (loss) per share:                                
  Basic     47,649       48,632       47,621       48,632  
  Diluted     49,431       49,625       49,271       49,304  
                                 
Tax rate from continuing operations     13.6 %     20.5 %     22.5 %     25.2 %
 
 
 
 
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
 
UNAUDITED CONSOLIDATED BALANCE SHEETS
 
    December 31,   March 31,
    2010   2010
ASSETS            
  Cash and cash equivalents   $ 257,887   $ 349,961
  Short-term investments     156,419     19,231
    Total cash, cash equivalents, and short-term investments     414,306     369,192
  Accounts receivable, net     111,514     88,328
  Inventory, net     64,032     70,518
  Deferred income taxes     11,065     10,911
  Other current assets     21,007     21,782
  Assets held for sale     -     8,861
    Total current assets     621,924     569,592
  Long-term investments     18,091     -
  Property, plant and equipment, net     67,376     65,700
  Intangibles, net     2,539     3,449
  Goodwill     14,005     14,005
  Other assets     1,913     2,605
    Total assets   $ 725,848   $ 655,351
             
LIABILITIES AND STOCKHOLDERS' EQUITY            
  Accounts payable   $ 22,216   $ 23,779
  Accrued liabilities     51,078     45,837
    Total current liabilities     73,294     69,616
  Deferred tax liability     2,981     551
  Long-term income taxes payable     11,916     12,926
  Other long-term liabilities     946     924
    Total liabilities     89,137     84,017
  Stockholders' equity     636,711     571,334
    Total liabilities and stockholders' equity   $ 725,848   $ 655,351
 
 
 
 
PLANTRONICS, INC. 
UNAUDITED GAAP TO NON-GAAP RECONCILIATION 
($ in thousands, except per share data) 
 
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS 
 
    Three Months Ended   Nine Months Ended  
    December 31, 2010   December 31, 2010  
    GAAP   Excluded     Non-GAAP   GAAP   Excluded     Non-GAAP  
                                           
Net revenues   $ 181,585   $ -     $ 181,585   $ 510,525   $ -     $ 510,525  
Cost of revenues     85,777     (787 ) (1)   84,990     239,310     (2,317 ) (1)   236,993  
Gross profit     95,808     787       96,595     271,215     2,317       273,532  
  Gross profit %     52.8 %           53.2 %   53.1 %           53.6 %
                                           
Research, development and engineering     16,373     (967 ) (1)   15,406     46,480     (2,938 ) (1)   43,542  
Selling, general and administrative     43,319     (2,715 ) (1)   40,604     118,747     (7,679 ) (1)   111,068  
Restructuring and other related charges     (428 )   428   (2)   -     (428 )   428   (2)   -  
  Total operating expenses     59,264     (3,254 )     56,010     164,799     (10,189 )     154,610  
    Operating income     36,544     4,041       40,585     106,416     12,506       118,922  
    Operating income %     20.1 %           22.4 %   20.8 %           23.3 %
                                           
Interest and other income (expense), net     (20 )   -       (20 )   615     -       615  
Income from continuing operations before income taxes     36,524     4,041       40,565     107,031     12,506       119,537  
Income tax expense from continuing operations     4,972     3,011   (3)   7,983     24,104     5,610   (3)   29,714  
  Income from continuing operations, net of tax   $ 31,552   $ 1,030     $ 32,582   $ 82,927   $ 6,896     $ 89,823  
                                           
  % of net revenues     17.4 %           17.9 %   16.2 %           17.6 %
                                           
Diluted earnings per common share from continuing operations   $ 0.64           $ 0.66   $ 1.68           $ 1.82  
Shares used in diluted per share calculations     49,431             49,431     49,271             49,271  
 
(1) Excluded amount represents stock-based compensation and purchase accounting amortization.
(2) Excluded amount represents restructuring and other related charges.
(3) Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and restructuring and other related charges and $1,602 related to a tax benefit from expiration of certain statutes of limitations.
 
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a GAAP basis, Plantronics uses non-GAAP measures of operating results from continuing operations, which are adjusted to exclude non-recurring and non-cash expenses and charges, such as restructuring and other related charges, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization, impairment of goodwill and long-lived assets, and tax benefits from the expiration of certain statutes of limitations. Plantronics does not believe these expenses and charges are reflective of ongoing operating results and are not part of our target operating model. We have presented non-GAAP statements that only show our results to the income from continuing operations after tax line. The non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and the reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by Plantronics may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
   
   
   
   
PLANTRONICS, INC.  
UNAUDITED GAAP TO NON-GAAP RECONCILIATION  
($ in thousands, except per share data)  
   
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS  
   
    Three Months Ended   Nine Months Ended  
    December 31, 2009   December 31, 2009  
    GAAP   Excluded     Non-GAAP   GAAP   Excluded     Non-GAAP  
                                           
Net revenues   $ 165,935   $ -     $ 165,935   $ 451,555   $ -     $ 451,555  
Cost of revenues     85,566     (698 ) (1)   84,868     238,251     (7,202 ) (2)   231,049  
Gross profit     80,369     698       81,067     213,304     7,202       220,506  
  Gross profit %     48.4 %           48.9 %   47.2 %           48.8 %
                                           
Research, development and engineering     14,780     (825 ) (1)   13,955     41,991     (2,453 ) (1)   39,538  
Selling, general and administrative     37,502     (2,219 ) (1)   35,283     103,599     (6,435 ) (1)   97,164  
Restructuring and other related charges     332     (332 ) (3)   -     1,767     (1,767 ) (3)   -  
  Total operating expenses     52,614     (3,376 )     49,238     147,357     (10,655 )     136,702  
    Operating income     27,755     4,074       31,829     65,947     17,857       83,804  
    Operating income %     16.7 %           19.2 %   14.6 %           18.6 %
                                           
Interest and other income, net     1,422     -       1,422     3,653     -       3,653  
Income from continuing operations before income taxes     29,177     4,074       33,251     69,600     17,857       87,457  
Income tax expense from continuing operations     5,974     2,303   (4)   8,277     17,562     4,826   (4)   22,388  
  Income from continuing operations, net of tax   $ 23,203   $ 1,771     $ 24,974   $ 52,038   $ 13,031     $ 65,069  
                                           
  % of net revenues     14.0 %           15.1 %   11.5 %           14.4 %
                                           
Diluted earnings per common share from continuing operations   $ 0.47           $ 0.50   $ 1.06           $ 1.32  
Shares used in diluted per share calculations     49,625             49,625     49,304             49,304  
 
(1) Excluded amount represents stock-based compensation and purchase accounting amortization.
(2) Excluded amount represents stock-based compensation, purchase accounting amortization and $5,205 of accelerated depreciation on assets related to restructuring activity.
(3) Excluded amount represents restructuring and other related charges.
(4) Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and restructuring and other related charges and $1,156 related to a tax benefit from expiration of certain statutes of limitations.
 
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a GAAP basis, Plantronics uses non-GAAP measures of operating results from continuing operations, which are adjusted to exclude non-recurring and non-cash expenses and charges, such as restructuring and other related charges, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization, impairment of goodwill and long-lived assets, and tax benefits from the expiration of certain statutes of limitations. Plantronics does not believe these expenses and charges are reflective of ongoing operating results and are not part of our target operating model. We have presented non-GAAP statements that only show our results to the income from continuing operations after tax line. The non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and the reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by Plantronics may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
 
Summary of Unaudited Statements of Operations and Related Data - Non-GAAP on Income From Continuing Operations
($ in thousands, except per share data)
 
    Q110   Q210   Q310   Q410   Q111   Q211   Q311
Net revenues   $ 141,162   $ 144,458   $ 165,935   $ 162,282   $ 170,685   $ 158,255   $ 181,585
Cost of revenues     72,036     74,145     84,868     73,771     80,484     71,519     84,990
Gross profit     69,126     70,313     81,067     88,511     90,201     86,736     96,595
Gross profit %     49.0%     48.7%     48.9%     54.5%     52.8%     54.8%     53.2%
                                           
Research, development and engineering     12,850     12,733     13,955     14,842     13,923     14,213     15,406
Selling, general and administrative     31,058     30,823     35,283     37,821     36,273     34,191     40,604
Operating expenses     43,908     43,556     49,238     52,663     50,196     48,404     56,010
                                           
Operating income     25,218     26,757     31,829     35,848     40,005     38,332     40,585
Operating income %     17.9%     18.5%     19.2%     22.1%     23.4%     24.2%     22.4%
                                           
Income from continuing operations before income taxes     26,565     27,641     33,251     35,300     39,623     39,349     40,565
Income tax expense from continuing operations     7,172     6,939     8,277     9,129     10,711     11,020     7,983
Income tax expense as a percent of income from continuing operations before taxes     27.0%     25.1%     24.9%     25.9%     27.0%     28.0%     19.7%
                                           
Income from continuing operations, net of tax   $ 19,393   $ 20,702   $ 24,974   $ 26,171   $ 28,912   $ 28,329   $ 32,582
                                           
Diluted EPS - continuing operations   $ 0.40   $ 0.42   $ 0.50   $ 0.53   $ 0.58   $ 0.58   $ 0.66
Diluted shares outstanding     48,665     49,567     49,625     49,562     49,714     48,524     49,431
                                           
Net revenues from unaffiliated customers:                                          
  Office and Contact Center   $ 95,923   $ 93,503   $ 103,096   $ 111,875   $ 117,580   $ 117,951   $ 122,949
  Mobile     32,310     34,665     46,951     35,830     38,657     27,581     43,208
  Gaming and Computer Audio     8,810     9,015     11,072     10,363     9,325     8,179     10,544
  Clarity     4,119     7,275     4,816     4,214     5,123     4,544     4,884
                                           
Net revenues by geographic area from unaffiliated customers:                                          
  Domestic   $ 88,789   $ 93,370   $ 99,157   $ 96,803   $ 103,992   $ 96,100   $ 104,299
  International     52,373     51,088     66,778     65,479     66,693     62,155     77,286
                                           
Balance Sheet accounts and metrics:                                          
Accounts receivable, net 1   $ 88,350   $ 103,003   $ 113,291   $ 88,328   $ 96,850   $ 94,989   $ 111,514
Days sales outstanding (DSO) 1     56     64     61     49     51     54     55
Inventory, net 2   $ 90,258   $ 78,026   $ 70,914   $ 70,518   $ 78,224   $ 69,845   $ 64,032
Inventory turns 2     3.2     3.8     4.8     4.2     4.1     4.1     5.3
   
1  Accounts receivable, net is presented on a consolidated basis including discontinued operations as Plantronics does not maintain balance by segment; DSO is calculated on revenues from continuing operations and consolidated Accounts receivable.
2 Inventory, net and inventory turns reflect amounts in continuing operations only.
   

Contact Information

  • FOR INFORMATION, CONTACT:
    Greg Klaben
    Vice President of Investor Relations
    (831) 458-7533