SANTA
CRUZ, Calif., Aug. 11,
2022 /PRNewswire/ -- Poly (NYSE: POLY), a global
outfitter of professional-grade audio and video technology, today
announced first quarter results for the period ended July 2, 2022.
Highlights for the first quarter include:
- GAAP revenues for fiscal Q1 were $416M, a 4% year-over-year decline driven
primarily by supply chain constraints impacting all product
categories. Headset revenue of $176M
and Voice revenue of $65M grew 2% and
7% year over year, respectively, while Video revenues of
$123M and Services revenue of
$52M declined -11% and -14%,
respectively.
- Geographically for fiscal Q1, Americas revenue of $225M was down 1%, EMEA revenue of $120M was down 5%, and APAC revenue of
$71M was down 8% from the prior
year.
- Fiscal Q1 GAAP gross margins of 40.4% and non-GAAP gross
margins of 44.9% were fundamentally flat from the prior year
quarter, as higher average selling prices were offset by
unfavorable product mix and continued elevated component and
logistics costs associated with supply chain disruptions.
- Poly continues to be recognized for its industrial design,
industry leading technology, and product innovation. Recent notable
awards include: The Red Dot Design Award for the Poly Sync 10
speakerphone and Poly Studio X70; Compass Intel Award for the
Voyager Focus 2; iF Design Award for the Poly Studio E70, Poly
Studio X70, Voyager Focus 2, Sync 10, and Poly Studio R30; ISE Best
of Show Award for the Poly Sync Series, Poly Studio X70 and Studio
E70; InfoComm Best of Show Award for the Poly Studio R30; rAVe
Reader's Choice Award for the Poly Studio Series; Golden Bridge Award for the Poly Studio E70;
TMCnet UC Product of the Year for the Poly Studio E70; and Pandemic
Tech Innovation Awards for the Poly Studio P Series.
|
($ Millions, except
percent and per-share data)1
|
Q1
FY23
|
Q1
FY22
|
|
GAAP
Revenue
|
$416
|
$431
|
|
GAAP Gross
Margin
|
40.4 %
|
40.6 %
|
|
GAAP Operating
Loss
|
($15)
|
($20)
|
|
GAAP Diluted
EPS
|
($0.76)
|
($0.88)
|
|
Cash Flow from
Operations
|
($3)
|
$1
|
|
|
|
|
Non-GAAP
Revenue
|
$416
|
$432
|
|
Non-GAAP Gross
Margin
|
44.9 %
|
44.8 %
|
|
Non-GAAP Operating
Income
|
$34
|
$52
|
|
Non-GAAP Diluted
EPS
|
$0.37
|
$0.60
|
|
Adjusted
EBITDA
|
$42
|
$61
|
|
|
1 For
further information on supplemental non-GAAP metrics, refer to
the
Use of Non-GAAP Financial Information and Unaudited Reconciliations
of
GAAP Measures to Non-GAAP Measures sections below.
|
Business Outlook
On March 28, 2022, Poly announced
it had entered into a definitive agreement to be acquired by HP
Inc. (NYSE: HPQ), a leading global provider of workplace solutions,
in an all-cash transaction for $40
per share, implying a total enterprise value of approximately
$3.3 billion, inclusive of Poly's net
debt.
In light of the pending merger of Poly with HP Inc., Poly will
not provide fiscal 2023 guidance and will not hold a conference
call to discuss these results.
About Poly
Poly (NYSE: POLY) creates premium audio and video products so
you can have your best meeting -- anywhere, anytime, every time.
Our headsets, video and audio-conferencing products, desk phones,
analytics software and services are beautifully designed and
engineered to connect people with incredible clarity. They're
pro-grade, easy to use and work seamlessly with all the best video
and audio-conferencing services. Poly MeetingAI delivers a
broadcast quality video conferencing experience with Poly
DirectorAI technology which uses artificial intelligence and
machine learning to deliver real-time automatic transitions,
framing and tracking, while NoiseBlockAI and Acoustic Fence
technologies block-out unwanted background noise. With Poly
(Plantronics, Inc. – formerly Plantronics and Polycom), you'll do
more than just show up, you'll stand out. For more information
visit www.Poly.com.
All other trademarks are the property of their respective
owners.
|
INVESTOR
CONTACT:
Mike Iburg
Vice President,
Investor Relations
(831)
458-7533
|
MEDIA
CONTACT:
Edie Kissko
Vice President,
Corporate Communications
(213)
369-3719
|
|
PLANTRONICS,
INC.
|
|
SUMMARY CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
|
|
(in thousands,
except percentages and per share data)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
2,
|
|
July
3,
|
|
|
|
2022
|
|
2021
|
|
|
Net
revenues
|
|
|
|
|
|
|
Net product
revenues
|
|
$
364,208
|
|
$
371,203
|
|
|
Net services
revenues
|
|
51,351
|
|
59,969
|
|
|
Total net
revenues
|
|
415,559
|
|
431,172
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
Cost of product
revenues
|
|
231,677
|
|
235,196
|
|
|
Cost of service
revenues
|
|
15,841
|
|
20,787
|
|
|
Total cost of
revenues
|
|
247,518
|
|
255,983
|
|
|
Gross
profit
|
|
168,041
|
|
175,189
|
|
|
% of total net
revenues
|
|
40.4 %
|
|
40.6 %
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Research, development,
and engineering
|
|
51,269
|
|
45,466
|
|
|
Selling, general, and
administrative
|
|
131,903
|
|
120,734
|
|
|
Restructuring and
other related charges
|
|
(49)
|
|
28,972
|
|
|
Total operating
expenses
|
|
183,123
|
|
195,172
|
|
|
Operating
loss
|
|
(15,082)
|
|
(19,983)
|
|
|
% of total net
revenues
|
|
(3.6) %
|
|
(4.6) %
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
16,121
|
|
21,782
|
|
|
Other non-operating
expense (income), net
|
|
2,922
|
|
(692)
|
|
|
Loss before income
taxes
|
|
(34,125)
|
|
(41,073)
|
|
|
Income tax
benefit
|
|
(1,038)
|
|
(4,262)
|
|
|
Net
loss
|
|
$
(33,087)
|
|
$
(36,811)
|
|
|
% of total net
revenues
|
|
(8.0) %
|
|
(8.5) %
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per common share
|
|
$
(0.76)
|
|
$
(0.88)
|
|
|
Basic and diluted
shares used in computing loss per common share
|
|
43,428
|
|
42,061
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
|
3.0 %
|
|
10.4 %
|
|
|
|
|
|
|
|
|
PLANTRONICS,
INC.
|
|
SUMMARY CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
|
|
(in
thousands)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
July
2,
|
|
April
2,
|
|
|
|
2022
|
|
2022
|
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
142,362
|
|
$
170,000
|
|
|
Short-term
investments
|
|
11,908
|
|
13,703
|
|
|
Total cash and cash
equivalents and short-term investments
|
|
154,270
|
|
183,703
|
|
|
Accounts receivable,
net
|
|
274,939
|
|
277,924
|
|
|
Inventory,
net
|
|
245,189
|
|
234,102
|
|
|
Other current
assets
|
|
90,918
|
|
83,410
|
|
|
Total current
assets
|
|
765,316
|
|
779,139
|
|
|
Property, plant, and
equipment, net
|
|
124,052
|
|
127,021
|
|
|
Purchased intangibles,
net
|
|
202,437
|
|
230,478
|
|
|
Goodwill
|
|
796,216
|
|
796,216
|
|
|
Deferred tax and other
non-current assets
|
|
282,678
|
|
292,500
|
|
|
Total
assets
|
|
$
2,170,699
|
|
$
2,225,354
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' (DEFICIT) EQUITY
|
|
|
|
|
|
|
Accounts
payable
|
|
$
173,252
|
|
$
168,610
|
|
|
Accrued
liabilities
|
|
317,219
|
|
338,836
|
|
|
Total current
liabilities
|
|
490,471
|
|
507,446
|
|
|
Long-term debt,
net
|
|
1,501,337
|
|
1,500,283
|
|
|
Long-term income taxes
payable
|
|
66,770
|
|
68,082
|
|
|
Other non-current
liabilities
|
|
118,515
|
|
129,381
|
|
|
Total
liabilities
|
|
2,177,093
|
|
2,205,192
|
|
|
Stockholders'
(deficit) equity
|
|
(6,394)
|
|
20,162
|
|
|
Total liabilities
and stockholders' (deficit) equity
|
|
$
2,170,699
|
|
$
2,225,354
|
|
|
|
|
|
|
|
|
PLANTRONICS,
INC.
|
|
SUMMARY CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
|
|
(in
thousands)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
2,
|
|
July
3,
|
|
|
|
2022
|
|
2021
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net loss
|
|
$
(33,087)
|
|
$
(36,811)
|
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
36,577
|
|
39,833
|
|
|
Amortization of debt
issuance cost
|
|
1,054
|
|
2,937
|
|
|
Stock-based
compensation
|
|
14,594
|
|
10,416
|
|
|
Deferred income
taxes
|
|
1,243
|
|
(5,943)
|
|
|
Provision for excess
and obsolete inventories
|
|
1,027
|
|
5,310
|
|
|
Restructuring and
other related charges
|
|
(49)
|
|
28,972
|
|
|
Cash payments for
restructuring charges
|
|
(2,859)
|
|
(12,230)
|
|
|
Other operating
activities
|
|
1,323
|
|
920
|
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
2,763
|
|
(3,758)
|
|
|
Inventory,
net
|
|
(11,913)
|
|
6,326
|
|
|
Current and other
assets
|
|
9,961
|
|
(3,919)
|
|
|
Accounts
payable
|
|
6,158
|
|
12,515
|
|
|
Accrued
liabilities
|
|
(22,962)
|
|
(40,265)
|
|
|
Income
taxes
|
|
(6,811)
|
|
(3,454)
|
|
|
Net cash (used in)
provided by operating activities
|
|
(2,981)
|
|
849
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Purchases of
short-term investments
|
|
(65)
|
|
(404)
|
|
|
Capital
expenditures
|
|
(7,132)
|
|
(6,052)
|
|
|
Other investing
activities
|
|
—
|
|
(4,000)
|
|
|
Net cash used in
investing activities
|
|
(7,197)
|
|
(10,456)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Employees' tax
withheld and paid for restricted stock and restricted stock
units
|
|
(14,243)
|
|
(10,225)
|
|
|
Proceeds from
issuances under stock-based compensation plans
|
|
10
|
|
9
|
|
|
Repayments of
long-term debt
|
|
—
|
|
(480,689)
|
|
|
Net cash used in
financing activities
|
|
(14,233)
|
|
(490,905)
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
(3,227)
|
|
805
|
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
|
(27,638)
|
|
(499,707)
|
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
|
170,000
|
|
696,468
|
|
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$
142,362
|
|
$
196,761
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Information
To supplement our condensed consolidated financial statements
presented on a GAAP basis, we use non-GAAP measures of operating
results, including non-GAAP net revenues, non-GAAP gross profit,
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
net income, adjusted EBITDA, and non-GAAP diluted EPS. These
non-GAAP measures are adjusted from the most directly comparable
GAAP measures to exclude certain non-cash transactions and
activities that are not reflective of our ongoing core operations,
as further described below. We believe the use of each of these
non-GAAP measures provides meaningful supplemental information in
assessing our operating performance and liquidity across reporting
periods on a consistent basis and are used by management in
evaluating financial performance and in strategic planning. These
non-GAAP measures may differ from those used by other companies and
are not intended to be considered in isolation of, or as a
substitute for, financial results prepared in accordance with GAAP.
Certain prior year amounts have been reclassified for consistency
with current year presentation.
Non-GAAP Adjustments
- Purchase accounting amortization: Represents the
amortization of purchased intangible assets recorded in connection
with the acquisition of Polycom on July 2,
2018.
- Deferred revenue purchase accounting: Represents
the impact of fair value purchase accounting adjustments related to
deferred revenue recorded in connection with the acquisition of
Polycom on July 2, 2018. The
Company's deferred revenue primarily relates to Services revenue
associated with non-cancelable maintenance support on hardware
devices which are typically billed in advance and recognized
ratably over the contract term as those services are delivered.
This adjustment represents the amount of additional revenue that
would have been recognized during the period absent the write-down
to fair value required under purchase accounting guidance.
- Stock compensation expense: Represents the non-cash
expense associated with the Company's grant of stock-based awards
to employees and non-employee directors.
- Acquisition costs: Represents charges incurred in
connection with the Merger Agreement with HP, such as advisory,
legal and accounting fees.
- Restructuring and other related charges: Represents
costs associated with restructuring plans and reorganization
actions aimed at improving the Company's overall cost structure,
realigning resources consistent with its global strategy, and
reducing expenses to enable strategic investments in revenue
growth. These costs are not reflective of ongoing operations and
are primarily associated with reductions in the Company's
workforce, facility related charges due to the closure or
consolidation of offices, and other related costs, including legal
and advisory services.
- Deferred compensation mark to market: Represents gains
and losses driven by the remeasurement of assets and liabilities
associated with the Company's deferred compensation plans. Gains
and losses on plan liabilities are recognized within operating
expenses, while the offsetting gains and losses on plan assets are
recognized within other non-operating income, net.
- Loss, net on litigation settlements: The Company may be
involved in various litigation, claims and proceedings that result
in payments or recoveries from such proceedings. The related gains
and losses incurred are excluded as they are not reflective of
ongoing operations.
- Income tax effects: Represents the tax effects of
non-GAAP adjustments and other adjustments, depending on the nature
of the underlying items. The exclusion of the above-mentioned items
eliminates the effect of certain non-recurring and unusual tax
items that do not necessarily reflect the Company's long-term
operations. The income tax effects for unusual tax items primarily
represents the impact of the tax benefit associated with an IP
transfer between wholly-owned subsidiaries, changes in uncertain
tax positions, excess stock tax benefit, and the full valuation
allowance on United States federal
and state deferred tax assets.
|
PLANTRONICS,
INC.
|
|
UNAUDITED
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP
MEASURES
|
|
(in thousands,
except percentages)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
July
2,
|
|
July
3,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
GAAP Net
revenues
|
$
415,559
|
|
$
431,172
|
|
|
Deferred revenue
purchase accounting
|
328
|
|
1,260
|
|
|
Non-GAAP Net
revenues
|
$
415,887
|
|
$
432,432
|
|
|
|
|
|
|
|
GAAP Gross
profit
|
$
168,041
|
|
$
175,189
|
|
|
Purchase accounting
amortization
|
16,472
|
|
16,238
|
|
|
Deferred revenue
purchase accounting
|
328
|
|
1,260
|
|
|
Acquisition
costs
|
507
|
|
—
|
|
|
Stock-based
compensation
|
1,503
|
|
1,127
|
|
|
Non-GAAP Gross
profit
|
$
186,851
|
|
$
193,814
|
|
|
Non-GAAP Gross profit
%
|
44.9 %
|
|
44.8 %
|
|
|
|
|
|
|
|
GAAP Research,
development, and engineering
|
$
51,269
|
|
$
45,466
|
|
|
Stock-based
compensation
|
(3,100)
|
|
(2,007)
|
|
|
Acquisition
costs
|
(355)
|
|
—
|
|
|
Non-GAAP Research,
development, and engineering
|
$
47,814
|
|
$
43,459
|
|
|
|
|
|
|
|
GAAP Selling, general,
and administrative
|
$
131,903
|
|
$
120,734
|
|
|
Purchase accounting
amortization
|
(11,569)
|
|
(14,195)
|
|
|
Stock-based
compensation
|
(9,991)
|
|
(7,282)
|
|
|
Acquisition
costs
|
(6,679)
|
|
—
|
|
|
Deferred compensation
mark to market
|
1,863
|
|
(994)
|
|
|
Other
adjustments
|
(12)
|
|
—
|
|
|
Non-GAAP Selling,
general, and administrative
|
$
105,515
|
|
$
98,263
|
|
|
|
|
|
|
|
PLANTRONICS,
INC.
|
|
UNAUDITED
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP
MEASURES
|
|
(in
thousands)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(CONTINUED)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
July
2,
|
|
July
3,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
GAAP Operating
expenses
|
$
183,123
|
|
$
195,172
|
|
|
Purchase accounting
amortization
|
(11,569)
|
|
(14,195)
|
|
|
Stock-based
compensation
|
(13,091)
|
|
(9,289)
|
|
|
Acquisition
costs
|
(7,034)
|
|
—
|
|
|
Restructuring and
other related charges
|
49
|
|
(28,972)
|
|
|
Deferred compensation
mark to market
|
1,863
|
|
(994)
|
|
|
Other
adjustments
|
(12)
|
|
—
|
|
|
Non-GAAP Operating
expenses
|
$
153,329
|
|
$
141,722
|
|
|
|
|
|
|
|
GAAP Operating
loss
|
$
(15,082)
|
|
$
(19,983)
|
|
|
Purchase accounting
amortization
|
28,041
|
|
30,433
|
|
|
Stock-based
compensation
|
14,594
|
|
10,416
|
|
|
Acquisition
costs
|
7,541
|
|
—
|
|
|
Restructuring and
other related charges
|
(49)
|
|
28,972
|
|
|
Deferred revenue
purchase accounting
|
328
|
|
1,260
|
|
|
Deferred compensation
mark to market
|
(1,863)
|
|
994
|
|
|
Other
adjustments
|
12
|
|
—
|
|
|
Non-GAAP Operating
income
|
$
33,522
|
|
$
52,092
|
|
|
|
|
|
|
|
PLANTRONICS,
INC.
|
|
UNAUDITED
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP
MEASURES
|
|
(in thousands,
except per share data)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(CONTINUED)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
July
2,
|
|
July
3,
|
|
|
2022
|
|
2021
|
|
|
GAAP Net
loss
|
$
(33,087)
|
|
$
(36,811)
|
|
|
Purchase accounting
amortization
|
28,041
|
|
30,433
|
|
|
Stock-based
compensation
|
14,594
|
|
10,416
|
|
|
Acquisition
costs
|
7,541
|
|
—
|
|
|
Restructuring and
other related charges
|
(49)
|
|
28,972
|
|
|
Deferred revenue
purchase accounting
|
328
|
|
1,260
|
|
|
Deferred compensation
mark to market
|
(3)
|
|
4
|
|
|
Other
adjustments
|
12
|
|
—
|
|
|
Income tax effect of
above items
|
1,717
|
|
(5,381)
|
|
|
Income tax effect of
unusual tax items
|
(2,600)
|
|
(2,377)
|
|
|
Non-GAAP Net
income
|
$
16,494
|
|
$
26,516
|
|
|
|
|
|
|
|
GAAP Diluted loss per
common share
|
$
(0.76)
|
|
$
(0.88)
|
|
|
Purchase accounting
amortization
|
0.62
|
|
0.69
|
|
|
Stock-based
compensation
|
0.32
|
|
0.24
|
|
|
Acquisition
costs
|
0.17
|
|
—
|
|
|
Restructuring and
other related charges
|
—
|
|
0.66
|
|
|
Deferred revenue
purchase accounting
|
0.01
|
|
0.03
|
|
|
Deferred compensation
mark to market
|
—
|
|
—
|
|
|
Other
adjustments
|
—
|
|
—
|
|
|
Income tax
effect
|
(0.02)
|
|
(0.18)
|
|
|
Effect of
anti-dilutive securities1
|
0.03
|
|
0.04
|
|
|
Non-GAAP Diluted
earnings per common share
|
$
0.37
|
|
$
0.60
|
|
|
|
|
|
|
|
Shares used in diluted
(loss) earnings per common share calculation:
|
|
|
|
|
|
GAAP
|
43,428
|
|
42,061
|
|
|
Non-GAAP
|
45,063
|
|
43,843
|
|
|
|
|
|
|
|
PLANTRONICS,
INC.
|
|
UNAUDITED
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP
MEASURES
|
|
(in
thousands)
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
July
3,
|
|
October
2,
|
|
January
1,
|
|
April
2,
|
|
July
2,
|
|
July
2,
|
|
|
|
2021
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
|
GAAP Net income
(loss)
|
|
$
(36,811)
|
|
$
96,785
|
|
$
(11,164)
|
|
$
(30,893)
|
|
$
(33,087)
|
|
$
21,641
|
|
|
Income tax
benefit
|
|
(4,262)
|
|
(102,567)
|
|
(9,604)
|
|
(3,722)
|
|
(1,038)
|
|
(116,931)
|
|
|
Interest
expense
|
|
21,782
|
|
16,141
|
|
15,948
|
|
15,840
|
|
16,121
|
|
64,050
|
|
|
Other non-operating
(income) expense, net
|
|
(692)
|
|
23
|
|
(995)
|
|
1,955
|
|
2,922
|
|
3,905
|
|
|
Deferred revenue
purchase accounting
|
|
1,260
|
|
1,054
|
|
907
|
|
468
|
|
328
|
|
2,757
|
|
|
Stock-based
compensation
|
|
10,416
|
|
11,573
|
|
12,225
|
|
13,946
|
|
14,594
|
|
52,338
|
|
|
Acquisition
costs
|
|
—
|
|
—
|
|
—
|
|
9,530
|
|
7,541
|
|
17,071
|
|
|
Restructuring and
other related charges
|
|
28,972
|
|
2,607
|
|
2,398
|
|
960
|
|
(49)
|
|
5,916
|
|
|
Deferred compensation
mark to market
|
|
994
|
|
13
|
|
910
|
|
(908)
|
|
(1,863)
|
|
(1,848)
|
|
|
Other
adjustments
|
|
—
|
|
(376)
|
|
—
|
|
(315)
|
|
12
|
|
(679)
|
|
|
Depreciation and
amortization
|
|
39,833
|
|
36,292
|
|
36,671
|
|
36,330
|
|
36,577
|
|
145,870
|
|
|
Adjusted
EBITDA
|
|
$
61,492
|
|
$
61,545
|
|
$
47,296
|
|
$
43,191
|
|
$
42,058
|
|
$
194,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Plantronics, Inc.