Welcome!

Microsoft Cloud Authors: Elizabeth White, Mihai Corbuleac, Pat Romanski, David Bermingham, Steven Mandel

News Feed Item

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  

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...