Plantronics Inc (POLY) 10K Annual Reports & 10Q SEC Filings

SANTA CRUZ, Calif., - May 27, 2022 - Poly (NYSE: POLY), a global outfitter of professional-grade audio and video technology, today announced fourth quarter results for the period ended April 2, 2022.

Highlights for the fourth quarter and full-year fiscal 2022 include:

•On March 28, 2022, Poly announced it had entered into a definitive merger agreement with HP, Inc. (NYSE: HPQ), a leading global provider of workplace solutions, in an all-cash transaction for $40 per share, implying a total enterprise value of approximately $3.3 billion, inclusive of Poly’s net debt.

•GAAP revenues for fiscal Q4 were $421M, a 12% year-over-year decline driven primarily by supply chain constraints impacting all product categories. Voice revenue grew 13% year over year but was offset by declines in Headsets and Video of -17% and -11%, respectively. Services revenue declined 20% from the prior year quarter.

•For full fiscal year 2022 non-GAAP revenues declined -3% driven primarily by supply chain constraints. Video revenue of $485M was up 14% and Voice revenue of $247M was up 12% from the prior year. This was offset by Headset and Services revenues of $723M and $230M, which were down 12% and 15%, respectively, from the prior year.

•Geographically for fiscal Q4, Americas revenue of $214M was down 8%, EMEA revenue of $144M was down 16%, and APAC revenue of $64M was down 14% from the prior year. For full-year fiscal 2022, Americas revenue of $890M was up 2%, EMEA revenue of $516M was down 11%, and APAC revenue of $279M was down 5% from the prior year.

•Fiscal Q4 Non-GAAP gross margins of 43.9% were down 450bps from the prior year quarter. For the full year of fiscal 2022, gross margins declined 440bps, to 45.1%. The fiscal Q4 and full year gross margin declines were driven primarily by increased logistics costs and spot market purchases associated with global supply chain disruptions.

•Poly continues to expand its portfolio of smart devices with the introduction of the Poly Studio R30 video bar, the Poly Sync 10 speakerphone, and enhancements to the Poly Lens platform. These solutions, combined with Poly DirectorAI smart camera technology, help employees look and sound their best, while employers can maintain focus on delivering meeting equity for hybrid and office workers alike.


($ Millions, except percent and per-share data)1	Q4 FY22		Q4 FY21		YTD FY22		YTD FY21
GAAP Revenue	$421		$476		$1,681		$1,728
GAAP Gross Margin	39.6	%	44.7	%	40.8	%	44.9	%
GAAP Operating (Loss) Income	($17)		$34		($32)		$13
GAAP Diluted EPS	($0.72)		$0.25		$0.41		($1.40)
Cash Flow from Operations	($8)		$74		($8)		$145

Non-GAAP Revenue	$422		$478		$1,685		$1,742
Non-GAAP Gross Margin	43.9	%	48.4	%	45.1	%	49.5	%
Non-GAAP Operating Income	$35		$76		$178		$262
Non-GAAP Diluted EPS	$0.50		$1.23		$2.44		$3.99
Adjusted EBITDA	$43		$86		$214		$302

The following information was filed by Plantronics Inc (POLY) on Friday, May 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Plantronics Inc's 10-K Annual Report:

Financial - Expense Highlight
Interest Expense The decrease in interest expense in Fiscal Year 2022 compared to the prior fiscal year was primarily due to lower interest expense related to the 2023 Senior Notes and lower outstanding principal balance on the term loan facility, partially offset by the amortization of the remaining debt issuance costs related to the 2023 Senior Notes, which were redeemed during the first quarter of Fiscal Year 2022, and interest expense related to the 2029 Senior Notes, which were issued in the fourth quarter of Fiscal Year 2021.

Revenue - Product Highlight
For more details about revenue recognition see Note 17, Revenue and Major Customers, and the Risk Factors: "Failure to adequately service and support our product offerings, or a decline in demand for our service offerings, could harm our results of operations," and "The increased use of software in our products could impact the way we recognize revenue which could adversely impact our financial results" included within "Item 8.
Other - Other Highlight
For more details about purchased inventory valuation and inventory reserves see Note 5, Details of Certain Balance Sheet Accounts and the Risk Factors: "The success of our new products depends on several factors which, if not achieved, could adversely impact our financial results," and "Product obsolescence or discontinuance and excess inventory can negatively affect our results of operations" included within "Item 8.
Financial - Expense Highlight
If our suppliers were to discontinue financing consigned inventory, it would require us to make cash outlays and we could incur expenses which, if material, could negatively affect our business and financial results.
Financial - Income Highlight
A favorable tax settlement may be recognized as a reduction in our effective income tax rate in the period of resolution.
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For more details about impairment...Read more
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Fiscal Year 2022 total net...Read more
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Total Net Revenues The following...Read more
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Service revenue primarily includes maintenance...Read more
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Additionally, constrained supply has resulted...Read more
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In addition, any refinancing of...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Plantronics Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.5: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.11: Material Contract

Exhibit 10.12: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: POLY
CIK: 914025
Form Type: 10-K Annual Report
Accession Number: 0000914025-22-000040
Submitted to the SEC: Fri May 27 2022 8:13:19 AM EST
Accepted by the SEC: Fri May 27 2022
Period: Saturday, April 2, 2022
Industry: Telephone And Telegraph Apparatus