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Plantronics Announces Third Quarter Fiscal Year 2013 Results

Plantronics, Inc. (NYSE: PLT) today announced third quarter fiscal year 2013 results. Highlights of the quarter include the following (comparisons are against the third quarter of fiscal year 2012):

  • Net revenues were $197.4 million, an increase of 8% compared with $183.2 million.
  • GAAP gross margin was 51.8% compared with 52.5%; non-GAAP gross margin was 52.2% compared with 52.8%.
  • GAAP operating income was $34.6 million; non-GAAP operating income was $41.7 million as compared to $37.4 million and $42.0 million, respectively.
  • GAAP diluted earnings per share (“EPS”) was $0.66, a decrease of $0.05, or 7%, and higher than our guidance of $0.54 to $0.61.
  • Non-GAAP diluted EPS was $0.73, a decrease of $0.02, or 3%, and higher than our guidance of $0.63 to $0.70.
Q3 GAAP Results
     

Q3 2013

Q3 2012

Change (%)

Net revenues $197.4 million $183.2 million 7.7%
Operating income $34.6 million $37.4 million -7.5%
Operating Margin 17.5% 20.4%
Diluted EPS $0.66 $0.71 -7.0%
 
Q3 Non-GAAP Results
 

Q3 2013

Q3 2012

Change (%)

Operating income $41.7 million $42.0 million -0.7%
Operating Margin 21.1% 22.9%
Diluted EPS $0.73 $0.75 -2.7%%
 

A reconciliation between our GAAP and non-GAAP results is provided in the tables at the end of this press release.

“We achieved robust growth in Unified Communications (“UC”) net revenues as global adoption of the technology continues,” said Ken Kannappan, President & CEO. “Solid revenue in Office and Contact Center (“OCC”) combined with market share gains in mono Bluetooth in the U.S. furthered our revenue growth in the quarter.”

“We continued to strategically invest in our UC product portfolio to strengthen our position as a leader in UC, while maintaining profitability within our long-term target range,” said Pam Strayer, Senior Vice President and Chief Financial Officer. “We are focused on driving efficiency throughout the company to maximize our long-term investment in UC.”

OCC net revenues increased 5% to $139.4 million compared with $133.3 million in the third quarter of fiscal year 2012 driven by the strength of our UC revenues. Net revenues from UC products, a subset of OCC, grew by 43% to $36.1 million in the third quarter of fiscal year 2013 compared with $25.2 million in the third quarter of fiscal year 2012.

Mobile net revenues were $44.1 million in the third quarter of fiscal year 2013, an increase of $8.1 million, or 23%, from $36.0 million in the third quarter of fiscal year 2012 primarily as a result of strong product launches and good product placement in our retail channels.

Dividend Announcement

We also announced that our Board of Directors declared a quarterly dividend of $0.10 per share. The dividend will be payable on March 11, 2013 to stockholders of record at the close of business on February 20, 2013.

Business Outlook

The following statements are based on our current expectations and many of these statements are forward-looking. Actual results are subject to a variety of risks and uncertainties and may differ materially from our expectations.

We have a “book and ship” business model whereby we ship most orders to customers within 48 hours of receipt of those orders, and, therefore, the level of backlog does not provide reliable visibility into potential future revenues. In addition, our incoming orders have historically been low during the last two weeks of December and the first half of January, and have then increased significantly into February and March.

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

Subject to the foregoing, we currently expect the following range of financial results for the fourth quarter of fiscal year 2013:

  • Net revenues of $190 million to $195 million;
  • GAAP operating income of $33 million to $35 million;
  • Non-GAAP operating income of $39 million to $41 million, excluding the impact of $6 million from stock-based compensation, accelerated depreciation, and restructuring costs from GAAP operating income;
  • Assuming approximately 42.7 million diluted average weighted shares outstanding:
    • GAAP diluted EPS of $0.63 to $0.67;
    • Non-GAAP diluted EPS of $0.68 to $0.72; and
    • Cost of stock-based compensation, accelerated depreciation and restructuring costs to be approximately $0.09 per diluted share, with an expected partial offset of approximately $0.04 related to the retroactive reinstatement of the research and development (“R&D”) tax credit in the U.S.

Please see our new Investor Relations Presentation available on our corporate website at www.plantronics.com/ir.

Conference Call Scheduled to Discuss Financial Results

We have scheduled a conference call to discuss third quarter fiscal year 2013 results. The conference call will take place today, January 29, 2013, at 2:00 PM (Pacific Time). All interested investors and potential investors in our stock are invited to participate. To listen to the call, please dial in five to ten minutes prior to the scheduled starting time and refer to the “Plantronics Conference Call.” Participants from North America should call (888) 301-8736 and other participants should call (706) 634-7260.

A replay of the call with the conference ID # 70844491 will be available until February 28, 2013 at (855) 859-2056 or (800) 585-8367 for callers from North America and at (404) 537-3406 for all other callers. The conference call will also be simultaneously webcast in the Investor Relations section of our corporate website at www.plantronics.com/ir, and the webcast of the conference call will remain available on our website for 30 days.

Use of Non-GAAP Financial Information

For the periods presented, we have excluded certain non-cash expenses and charges, net of tax, including stock-based compensation related to stock options, restricted stock and employee stock purchases, purchase accounting amortization, accelerated depreciation, restructuring and other related charges, and an expected retroactive reinstatement of the R&D tax credit, along with the tax benefits from the expiration of certain statutes of limitations from non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures primarily because management does not consider them as part of our target operating model. We believe that the use of non-GAAP financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results to our long-term target operating model goals. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, gross margin, operating income, operating margin, the effective tax rate, net income, or EPS prepared in accordance with GAAP.

Safe Harbor

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to (i) our expenses and our long-term operating margin target, (ii) our estimates of GAAP and non-GAAP financial results for the fourth quarter of fiscal year 2013, including net revenues, operating income and diluted EPS; (iii) our estimates of stock-based compensation, accelerated depreciation, restructuring and other related charges, and tax benefits from the expiration of certain statutes of limitation, and the retroactive reinstatement of the R&D tax credit for the fourth quarter of fiscal year 2013, as well as the impact of these non-cash expenses on Non-GAAP operating income and diluted EPS; and (iv) our estimate of weighted average shares outstanding for the fourth quarter of fiscal year 2013, in addition to other matters discussed in this press release that are not purely historical data. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. Among the factors that could cause actual results to differ materially from those contemplated are:

  • Micro and macro economic conditions in our domestic and international markets;
  • our ability to realize our UC plans and to achieve the financial results projected to arise from UC adoption could be adversely affected by a variety of factors including the following: (i) as UC becomes more widely adopted, the risk that competitors will offer solutions that will effectively commoditize our headsets which, in turn, will reduce the sales prices for our headsets; (ii) our plans are dependent upon adoption of our UC solution by major platform providers such as Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and IBM, and we have a limited ability to influence such providers with respect to the functionality of their platforms, their rate of deployment, and their willingness to integrate their platforms with our solutions, and our support expenditures may substantially increase over time due to the complex nature of the platforms developed by the major UC providers as these platforms continue to evolve and become more commonly adopted; (iii) the development of UC solutions is technically complex and this may delay or limit our ability to introduce solutions to the market on a timely basis and that are cost effective, feature rich, stable and attractive to our customers on a timely basis; (iv) our development of UC solutions is dependent on our ability to implement and execute new and different processes in connection with the design, development and manufacturing of complex electronic systems comprised of hardware, firmware and software that must work in a wide variety of environments and multiple variations, which may in some instances increase the risk of development delays or errors and require the hiring of new personnel and/or third party contractors which increases our costs; (v) because UC offerings involve complex integration of hardware and software with UC infrastructure, our sales model and expertise will need to continue to evolve; (vi) as UC becomes more widely adopted we anticipate that competition for market share will increase, and some competitors may have superior technical and economic resources; (vii) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate; and, (viii) UC may evolve rapidly and unpredictably and our inability to timely and cost-effectively adapt to those changes and future requirements may impact our profitability in this market and our overall margins;
  • failure to match production to demand given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts and materials to meet demand without having excess inventory or incurring cancellation charges;
  • volatility in prices from our suppliers, including our manufacturers located in China, have in the past and could in the future negatively affect our profitability and/or market share;
  • fluctuations in foreign exchange rates;
  • with respect to our stock repurchase program, prevailing stock market conditions generally, and the price of our stock specifically;
  • the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers;
  • additional risk factors including: interruption in the supply of sole-sourced critical components, continuity of component supply at costs consistent with our plans, the inherent risks of our substantial foreign operations, and problems that might affect our manufacturing facilities in Mexico; and
  • seasonality in one or more of our business segments.

For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 25, 2012 and other filings with the Securities and Exchange Commission, as well as recent press releases. These filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.

Financial Summaries

The following related charts are provided:

  • Summary Unaudited Condensed Consolidated Financial Statements
  • Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
  • Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and Other Unaudited GAAP Data

About Plantronics

Plantronics is a global leader in audio communications for businesses and consumers. We have pioneered new trends in audio technology for over 50 years, creating innovative products that allow people to simply communicate. From Unified Communication solutions to Bluetooth headsets, we deliver uncompromising quality, an ideal experience, and extraordinary service. Plantronics is used by every company in the Fortune 100, as well as 911 dispatch, air traffic control and the New York Stock Exchange. For more information, please visit www.plantronics.com or call (800) 544-4660.

Plantronics and the logo design are trademarks or registered trademarks of Plantronics, Inc. The Bluetooth name and the Bluetooth trademarks are owned by Bluetooth SIG, Inc. and are used by Plantronics, Inc. under license. All other trademarks are the property of their respective owners.

 
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
       
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
  2012   2011   2012   2011
 
Net revenues $ 197,402 $ 183,236 $ 558,047 $ 535,784
Cost of revenues   95,238   87,024   260,959   246,548
Gross profit 102,164 96,212 297,088 289,236
Gross profit % 51.8% 52.5% 53.2% 54.0%
 
Research, development and engineering 20,248 16,829 59,525 51,386
Selling, general and administrative 45,442 41,976 134,476 128,510
Restructuring and other related charges   1,868   -   1,868   -
Total operating expenses   67,558   58,805   195,869   179,896
Operating income 34,606 37,407 101,219 109,340
Operating income % 17.5% 20.4% 18.1% 20.4%
 
Interest and other income, net   177   406   464   989
Income before income taxes 34,783 37,813 101,683 110,329
Income tax expense   6,577   6,915   23,990   25,179
Net income $ 28,206 $ 30,898 $ 77,693 $ 85,150
 
% of net revenues 14.3% 16.9% 13.9% 15.9%
 
Earnings per common share:
Basic $ 0.68 $ 0.73 $ 1.87 $ 1.91
Diluted $ 0.66 $ 0.71 $ 1.82 $ 1.86
 
Shares used in computing earnings per common share:
Basic 41,745 42,541 41,629 44,623
Diluted 42,618 43,640 42,579 45,857
 
Effective tax rate 18.9% 18.3% 23.6% 22.8%
 
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands)
 
UNAUDITED CONSOLIDATED BALANCE SHEETS
 
December 31,
2012
March 31,
2012
ASSETS
Cash and cash equivalents $ 196,656 $ 209,335
Short-term investments   132,245   125,177
Total cash, cash equivalents and short-term investments 328,901 334,512
Accounts receivable, net 112,677 111,771
Inventory, net 66,905 53,713
Deferred tax assets 11,208 11,090
Other current assets   13,301   13,088
Total current assets 532,992 524,174
Long-term investments 79,619 55,347
Property, plant and equipment, net 93,552 76,159
Goodwill and purchased intangibles, net 16,773 14,388
Other assets   2,521   2,402
Total assets $ 725,457 $ 672,470
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 36,012 $ 34,126
Accrued liabilities   58,270   52,067
Total current liabilities 94,282 86,193
Deferred tax liabilities 2,158 8,673
Long-term income taxes payable 11,636 12,150
Revolving line of credit 20,000 37,000
Other long-term liabilities   1,008   1,210
Total liabilities 129,084 145,226
Stockholders' equity   596,373   527,244
Total liabilities and stockholders' equity $ 725,457 $ 672,470
 
PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
       
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
 
Three Months Ended
December 31,
Nine Months Ended
December 31,
  2012     2011     2012     2011  
 
GAAP Gross profit $ 102,164 $ 96,212 $ 297,088 $ 289,236
Stock-based compensation 507 559 1,629 1,664
Accelerated depreciation 318 - 760 -
Purchase accounting amortization   -     -     -     187  
Non-GAAP Gross profit $ 102,989   $ 96,771   $ 299,477   $ 291,087  
Non-GAAP Gross profit % 52.2 % 52.8 % 53.7 % 54.3 %
 
GAAP Research, development and engineering $ 20,248 $ 16,829 $ 59,525 $ 51,386
Stock-based compensation (1,336 ) (953 ) (3,716 ) (2,928 )
Accelerated depreciation   (223 )   -     (506 )   -  
Non-GAAP Research, development and engineering $ 18,689   $ 15,876   $ 55,303   $ 48,458  
 
GAAP Selling, general and administrative $ 45,442 $ 41,976 $ 134,476 $ 128,510
Stock-based compensation (2,849 ) (3,067 ) (8,829 ) (8,674 )
Purchase accounting amortization   -     -     -     (142 )
Non-GAAP Selling, general and administrative $ 42,593   $ 38,909   $ 125,647   $ 119,694  
 
GAAP Restructuring and other related charges $ 1,868   $ -   $ 1,868   $ -  
 
GAAP Operating expenses $ 67,558 $ 58,805 $ 195,869 $ 179,896
Stock-based compensation (4,185 ) (4,020 ) (12,545 ) (11,602 )
Accelerated depreciation (223 ) - (506 ) -
Purchase accounting amortization - - - (142 )
Restructuring and other related charges   (1,868 )   -     (1,868 )   -  
Non-GAAP Operating expenses $ 61,282   $ 54,785   $ 180,950   $ 168,152  
 
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
December 31,
Nine Months Ended
December 31,
  2012     2011     2012     2011  
 
GAAP Operating income $ 34,606 $ 37,407 $ 101,219 $ 109,340
Stock-based compensation 4,692 4,579 14,174 13,266
Accelerated depreciation 541 - 1,266 -
Purchase accounting amortization - - - 329
Restructuring and other related charges   1,868     -     1,868     -  
Non-GAAP Operating income $ 41,707   $ 41,986   $ 118,527   $ 122,935  
 
GAAP Net income $ 28,206 $ 30,898 $ 77,693 $ 85,150
Stock-based compensation 4,692 4,579 14,174 13,266
Accelerated depreciation 541 - 1,266 -
Purchase accounting amortization - - - 329
Restructuring and other related charges 1,868 - 1,868 -
Income tax effect   (4,137 )

(1)

  (2,955 )

(2)

  (7,206 )

(1)

  (5,802 )

(2)

Non-GAAP Net income $ 31,170   $ 32,522   $ 87,795   $ 92,943  
 
GAAP Diluted earnings per common share $ 0.66 $ 0.71 $ 1.82 $ 1.86
Stock-based compensation 0.11 0.11 0.33 0.29
Accelerated depreciation 0.01 - 0.02 -
Purchase accounting amortization - - - 0.01
Restructuring and other related charges 0.05 - 0.05 -
Income tax effect   (0.10 )   (0.07 )   (0.16 )   (0.13 )
Non-GAAP Diluted earnings per common share $ 0.73   $ 0.75   $ 2.06   $ 2.03  
 
Shares used in diluted earnings per common share calculation 42,618 43,640 42,579 45,857
 
(1) Excluded amount represents tax benefits from stock-based compensation, accelerated depreciation, restructuring and other related charges, and $2,071 related to the expiration of certain statutes of limitations.
(2) Excluded amount represents tax benefits from stock-based compensation and $1,507 from the expiration of certain statutes of limitations.
(3) Excluded amount represents tax benefits from stock-based compensation, purchase accounting amortization and $1,507 from the expiration of certain statutes of limitations.
 
Use of Non-GAAP Financial Information
For the periods presented, we have excluded certain non-cash expenses and charges, net of tax, including stock-based compensation related to stock options, restricted stock and employee stock purchases, purchase accounting amortization, accelerated depreciation, restructuring and other related charges, along with tax benefits from the expiration of certain statutes of limitations from non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures primarily because management does not consider them as part of our target operating model. We believe that the use of non-GAAP financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results to our long-term target operating model goals. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, gross margin, operating income, operating margin, the effective tax rate, net income or EPS prepared in accordance with GAAP.
 
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data
($ in thousands, except per share data)
             
    Q112   Q212   Q312   Q412   Q113   Q213   Q313
GAAP Gross profit $ 94,058 $ 98,966 $ 96,212 $ 95,115 $ 97,696 $ 97,228 $ 102,164
Stock-based compensation 546 559 559 548 596 526 507
Accelerated depreciation - - - - 124 318 318
Purchase accounting amortization 125   62   -   -   -   -   -  
Non-GAAP Gross profit $ 94,729   $ 99,587   $ 96,771   $ 95,663   $ 98,416   $ 98,072   $ 102,989  
Non-GAAP Gross profit % 53.9 % 56.3 % 52.8 % 53.9 % 54.3 % 54.7 % 52.2 %
 
GAAP Operating expenses $ 59,022 $ 62,069 $ 58,805 $ 63,102 $ 65,600 $ 62,711 $ 67,558
Stock-based compensation (3,633 ) (3,949 ) (4,020 ) (3,667 ) (4,024 ) (4,336 ) (4,185 )
Accelerated depreciation - - - - (57 ) (226 ) (223 )
Purchase accounting amortization (71 ) (71 ) - - - - -
Restructuring and other related charges -   -   -   -   -   -   (1,868 )
Non-GAAP Operating expenses $ 55,318   $ 58,049   $ 54,785   $ 59,435   $ 61,519   $ 58,149   $ 61,282  
 
GAAP Operating income $ 35,036 $ 36,897 $ 37,407 $ 32,013 $ 32,096 $ 34,517 $ 34,606
Stock-based compensation 4,179 4,508 4,579 4,215 4,620 4,862 4,692
Accelerated depreciation - - - - 181 544 541
Purchase accounting amortization 196 133 - - - - -
Restructuring and other related charges -   -   -   -   -   -   1,868  
Non-GAAP Operating income $ 39,411   $ 41,538   $ 41,986   $ 36,228   $ 36,897   $ 39,923   $ 41,707  
Non-GAAP Operating income % 22.4 % 23.5 % 22.9 % 20.4 % 20.3 % 22.3 % 21.1 %
 
GAAP Income before income taxes $ 35,677 $ 36,839 $ 37,813 $ 32,273 $ 32,108 $ 34,792 $ 34,783
Stock-based compensation 4,179 4,508 4,579 4,215 4,620 4,862 4,692
Accelerated depreciation - - - - 181 544 541
Purchase accounting amortization 196 133 - - - - -
Restructuring and other related charges -   -   -   -   -   -   1,868  
Non-GAAP Income before income taxes $ 40,052   $ 41,480   $ 42,392   $ 36,488   $ 36,909   $ 40,198   $ 41,884  
 
GAAP Income tax expense $ 8,946 $ 9,318 $ 6,915 $ 8,387 $ 8,545 $ 8,868 $ 6,577
Income tax effect of stock-based compensation 1,282 1,441 1,448 1,292 1,382 1,532 1,342
Income tax effect of accelerated depreciation - - - - 39 116 124
Income tax effect of purchase accounting amortization 74 50 - - - - -
Income tax effect of restructuring and other related charges - - - - - - 600
Tax benefit from the expiration of certain statutes of limitations -   -   1,507   -   -   -   2,071  
Non-GAAP Income tax expense $ 10,302   $ 10,809   $ 9,870   $ 9,679   $ 9,966   $ 10,516   $ 10,714  
Non-GAAP Income tax expense as a % of Non-GAAP Income before income taxes   25.7 %   26.1 %   23.3 %   26.5 %   27.0 %   26.2 %   25.6 %
 
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data (Continued)
($ in thousands, except per share data)
 
    Q112   Q212   Q312   Q412   Q113   Q213   Q313
GAAP Net income $ 26,731 $ 27,521 $ 30,898 $ 23,886 $ 23,563 $ 25,924 $ 28,206
Stock-based compensation 4,179 4,508 4,579 4,215 4,620 4,862 4,692
Accelerated depreciation - - - - 181 544 541
Purchase accounting amortization 196 133 - - - - -
Restructuring and other related charges - - - - - - 1,868
Income tax effect (1,356 ) (1,491 ) (2,955 ) (1,292 ) (1,421 ) (1,648 ) (4,137 )
Non-GAAP Net income $ 29,750   $ 30,671   $ 32,522   $ 26,809   $ 26,943   $ 29,682   $ 31,170  
 
GAAP Diluted earnings per common share $ 0.56 $ 0.60 $ 0.71 $ 0.55 $ 0.55 $ 0.61 $ 0.66
Stock-based compensation 0.09 0.10 0.11 0.10 0.11 0.11 0.11
Accelerated depreciation - - - - - 0.01 0.01
Restructuring and other related charges - - - - - - 0.05
Income tax effect (0.03 ) (0.03 ) (0.07 ) (0.03 ) (0.03 ) (0.03 ) (0.10 )
Non-GAAP Diluted earnings per common share $ 0.62   $ 0.67   $ 0.75   $ 0.62   $ 0.63   $ 0.70   $ 0.73  
 
Shares used in diluted earnings per common share calculation   48,060     45,717     43,640     43,329     42,570     42,403     42,618  
 
SUMMARY OF UNAUDITED GAAP DATA
($ in thousands)
Net revenues from unaffiliated customers:
Office and Contact Center $ 130,999 $ 136,395 $ 133,335 $ 130,980 $ 134,033 $ 133,119 $ 139,449
Mobile 32,164 28,341 36,024 35,296 36,157 33,305 44,138
Gaming and Computer Audio 7,395 8,381 9,209 6,870 6,789 7,797 9,024
Clarity 5,042   3,831   4,668   4,438   4,386   5,059   4,791  
Total net revenues $ 175,600   $ 176,948   $ 183,236   $ 177,584   $ 181,365   $ 179,280   $ 197,402  
 
Net revenues by geographic area from unaffiliated customers:
Domestic $ 100,291 $ 101,196 $ 99,070 $ 105,676 $ 104,078 $ 107,513 $ 111,847
International 75,309   75,752   84,166   71,908   77,287   71,767   85,555  
Total net revenues $ 175,600   $ 176,948   $ 183,236   $ 177,584   $ 181,365   $ 179,280   $ 197,402  
                             
                             
Balance Sheet accounts and metrics:
Accounts receivable, net $ 108,516 $ 103,026 $ 109,677 $ 111,771 $ 108,300 $ 108,070 $ 112,677
Days sales outstanding (DSO) 56 52 54 57 54 54 51
Inventory, net $ 57,697 $ 60,717 $ 57,799 $ 53,713 $ 58,932 $ 61,639 $ 66,905
Inventory turns   5.7     5.1     6.0     6.1     5.7     5.3     5.7  

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SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, will describe an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people’s real needs and desires.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at Internet of @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, will discuss how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money! Speaker Bio: Esmeralda Swartz, CMO of MetraTech, has spent 16 years as a marketing, product management, and busin...
SYS-CON Events announced today that TeleStax, the main sponsor of Mobicents, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. TeleStax provides Open Source Communications software and services that facilitate the shift from legacy SS7 based IN networks to IP based LTE and IMS networks hosted on private (on-premise), hybrid or public clouds. TeleStax products include Restcomm, JSLEE, SMSC Gateway, USSD Gateway, SS7 Resource Adaptors, SIP Servlets, Rich Multimedia Services, Presence Services/RCS, Diame...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices--computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridsto...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at Internet of @ThingsExpo, Andrew Bolwell, Director of Innovation for HP’s Printing and Personal Systems Group, will discuss how key attributes of mobile technology – touch input, senso...
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.