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Plantronics Inc (POLY) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, April 2, 2022

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  • 10-K Annual Report May 2022

Plantronics Inc

CIK: 914025 Ticker: POLY

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Poly Announces Fourth Quarter and Full-Year Fiscal 2022 Financial Results


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 FY22Q4 FY21YTD FY22YTD FY21
GAAP Revenue$421$476$1,681$1,728
GAAP Gross Margin39.6 %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 Margin43.9 %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


1

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 Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Acquisition (Details)
Acquisition (Tables)
Acquisition - Acquired Intangible Assets (Details)
Acquisition - Goodwill (Details)
Acquisition - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Future Minimum Lease Payments (Details)
Commitments And Contingencies - Narrative (Details)
Common Stock Repurchases (Details)
Computation Of Earnings Per Common Share
Computation Of Earnings Per Common Share (Details)
Computation Of Earnings Per Common Share (Tables)
Debt
Debt (Details)
Debt (Tables)
Deferred Compensation
Deferred Compensation (Details)
Details Of Certain Balance Sheet Accounts
Details Of Certain Balance Sheet Accounts (Tables)
Details Of Certain Balance Sheet Accounts - Accounts Receivable, Net (Details)
Details Of Certain Balance Sheet Accounts - Accrued Liabilities (Details)
Details Of Certain Balance Sheet Accounts - Inventory, Net (Details)
Details Of Certain Balance Sheet Accounts - Product Warranty Accrual (Details)
Details Of Certain Balance Sheet Accounts - Property, Plant And Equipment, Net (Details)
Details Of Certain Balance Sheet Accounts Details Of Certain Balance Sheet Accounts - Operating Leases (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Carrying Value &Amp; Fair Value (Details)
Fair Value Measurements - Cash &Amp; Cash Equivalents (Details)
Foreign Currency Derivatives
Foreign Currency Derivatives (Details 1)
Foreign Currency Derivatives (Details 2)
Foreign Currency Derivatives (Details 4)
Foreign Currency Derivatives (Details)
Foreign Currency Derivatives (Details) 7
Foreign Currency Derivatives (Tables)
Foreign Currency Derivatives Foreign Currency Derivatives (Details 3)
Goodwill And Purchased Intangible Assets
Goodwill And Purchased Intangible Assets (Tables)
Goodwill And Purchased Intangible Assets - Future Amortization Expense (Details)
Goodwill And Purchased Intangible Assets - Narrative (Details)
Goodwill And Purchased Intangible Assets Goodwill And Purchased Intangible Assets - Carrying Amount Of Goodwill (Details)
Goodwill And Purchased Intangible Assets Goodwill And Purchased Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Narrative (Details)
Restructuring And Other Related Charges (Credits)
Restructuring And Other Related Charges (Credits) (Details)
Restructuring And Other Related Charges (Credits) (Tables)
Restructuring And Other Related Charges - Restructuring Liabilities (Details)
Restructuring And Other Related Charges - Restructuring Recognized On The Statement Of Operations (Details)
Revenue And Major Customers
Revenue And Major Customers (Details)
Revenue And Major Customers (Tables)
Segment Reporting And Geographic Information
Segment Reporting And Geographic Information (Tables)
Segment Reporting And Geographic Information - Long-Lived Assets By Geographic Area (Details)
Segment Reporting And Geographic Information Segment Reporting And Geographic Information - External Customers By Major Geographic Region (Details)
Segment Reporting And Geographic Information Segment Reporting And Geographic Information - Narrative (Details)
Segment Reporting And Geographic Information Segment Reporting And Geographic Information - Net Revenues By Major Product Category (Details)
Segment Reporting And Geographic Information Segment Reporting And Geographic Information - Segment Revenue And Gross Margin Reconciliation (Details)
Segment Reporting And Geographic Information Segment Reporting And Geographic Information - Segments Results For Revenue And Gross Margin (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Stock Plans And Stock-Based Compensation
Stock Plans And Stock-Based Compensation (Details)
Stock Plans And Stock-Based Compensation (Narrative) (Details)
Stock Plans And Stock-Based Compensation (Tables)
Stock Plans And Stock-Based Compensation Performance Shares Activity (Details)
Stock Plans And Stock-Based Compensation Restricted Stock Activity (Details)
Stock Plans And Stock-Based Compensation Valuation Assumptions (Details)
Supplementary Quarterly Financial Data (Details)
The Company
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

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