Delaware | 1-12696 | 77-0207692 |
(State or Other Jurisdiction of Incorporation) | (Commission file number) | (I.R.S. Employer Identification No.) |
Not Applicable |
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Date: | May 1, 2018 | PLANTRONICS, INC. | ||
By: | /s/ Pamela Strayer | |||
Name: | Pamela Strayer | |||
Title: | Senior Vice President and Chief Financial Officer |
INVESTOR CONTACT: Will Zelver Manager, Investor Relations & External Reporting (831) 420-3168 | MEDIA CONTACT: George Gutierrez Sr. Director, Global Communications & Content Strategy (831) 458-7537 |
• | Net revenues were $216.1 million, an increase of 3.4% compared with $209.0 million, and above our guidance range of $205 million to $215 million |
• | GAAP gross margin was 52.8% compared with 51.5% |
◦ | Non-GAAP gross margin was 53.2% compared with 51.9% |
• | GAAP operating income was $33.1 million compared with $30.0 million |
◦ | Non-GAAP operating income was $47.3 million compared with $39.8 million |
• | GAAP diluted earnings per share ("EPS") was $0.29 compared with $0.59, primarily driven by an adjustment to the provisional tax charge resulting from the Tax Cuts and Jobs Act of 2017 |
◦ | Non-GAAP diluted EPS was $1.05 compared with $0.81, and above our guidance range of $0.75 to $0.85 |
• | Net revenues of $205 million to $215 million; |
• | GAAP operating income of $17 million to $23 million; |
• | Non-GAAP operating income of $34 million to $40 million, excluding the impact of $10 million from stock-based compensation and $7 million from acquisition related costs. |
• | Assuming approximately 34 million diluted average weighted shares outstanding: |
• | GAAP diluted EPS of $0.29 to $0.41; |
• | Non-GAAP diluted EPS of $0.66 to $0.78 |
• | Cost of stock-based compensation, Polycom acquisition related costs, tax reform costs, effect of participating securities, and GAAP only related tax charges to be approximately $0.37 per diluted share. |
• | Micro and macro-economic conditions in our domestic and international markets; |
• | our ability to realize and achieve positive financial results projected to arise in the Enterprise market 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 and strategic partners such as Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and Huawei, and our influence over such providers with respect to the functionality of their platforms or their product offerings, their rate of deployment, and their willingness to integrate their platforms and product offerings with our solutions is limited; (iii) delays or limitations on our ability to timely introduce solutions that are cost effective, feature-rich, stable, and |
• | regarding the Polycom acquisition: (i) we may be unable to integrate Polycom's business within our own in a timely and cost-efficient manner or do so without adversely impacting operations, including new product launches; (ii) expected synergies or operating efficiencies may fail to materialize in whole or part or may not occur within expected time-frames; (iii) the acquisition may adversely impact ours or Polycom's relationships with respective customers, suppliers and strategic partners and their operating results and businesses generally (including the diversion of management time on transaction-related issues); (iv) each company may be unable to retain and hire all or a portion of their respective key personnel; (v) legal and regulatory enforcement matters that are pending at Polycom may adversely impact the results of the combined company; (vi) financing that we obtain to consummate the acquisition is not on anticipated terms or is not available at all, which is magnified by the absence of a financing condition for the transaction; (vii) our increased leverage as a result of the transaction will be substantially greater than prior to the acquisition which may pose risks, including reduced flexibility to make changes in our operations in response to business or economic conditions, increased borrowing costs, as well as penalties or costs should we fail to comply with terms of the financial agreements such as debt ratios and financial and operation performance targets; (viii) negative effects on the market price of our common stock as a result of the transaction, particularly in light of the issuance of our stock in the transaction; (ix) our financial reporting including those resulting from the adoption of new accounting pronouncements and associated system implementations in the context of the transaction, our ability to forecast financial results of the combined company and that we may be unable to successfully integrate our reporting system causing an adverse impact to our ability to make timely and accurate filings with the SEC and other domestic and foreign governmental agencies; (x) the potential impact of the transaction on our future tax rate and payments based on the consolidation global entity and our ability to quickly integrate foreign operations; (xi) the challenges of integrating the supply chains of the two companies; and (xii) the potential that our due diligence did not uncover risks and potential liabilities of Polycom; |
• | 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, and the inherent risks of our substantial foreign operations; and |
• | seasonality in one or more of our product categories. |
• |
• |
• |
PLANTRONICS, INC. | |||||||||||||||||
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||||||
Net revenues | $ | 208,954 | $ | 216,143 | $ | 881,176 | $ | 856,903 | |||||||||
Cost of revenues | 101,283 | 102,068 | 439,806 | 417,788 | |||||||||||||
Gross profit | 107,671 | 114,075 | 441,370 | 439,115 | |||||||||||||
Gross profit % | 51.5 | % | 52.8 | % | 50.1 | % | 51.2 | % | |||||||||
Research, development, and engineering | 22,202 | 21,791 | 88,318 | 84,193 | |||||||||||||
Selling, general, and administrative | 54,249 | 59,265 | 223,830 | 229,390 | |||||||||||||
(Gain) loss, net from litigation settlements | (32 | ) | (125 | ) | 4,255 | (420 | ) | ||||||||||
Restructuring and other related charges (credits) | 1,241 | 13 | (109 | ) | 2,451 | ||||||||||||
Total operating expenses | 77,660 | 80,944 | 316,294 | 315,614 | |||||||||||||
Operating income | 30,011 | 33,131 | 125,076 | 123,501 | |||||||||||||
Operating income % | 14.4 | % | 15.3 | % | 14.2 | % | 14.4 | % | |||||||||
Interest expense | (7,363 | ) | (7,393 | ) | (29,230 | ) | (29,297 | ) | |||||||||
Other non-operating income, net | 1,700 | 793 | 5,819 | 6,023 | |||||||||||||
Income before income taxes | 24,348 | 26,531 | 101,665 | 100,227 | |||||||||||||
Income tax expense | 4,831 | 16,677 | 19,066 | 101,096 | |||||||||||||
Net income (loss) | $ | 19,517 | $ | 9,854 | $ | 82,599 | $ | (869 | ) | ||||||||
% of net revenues | 9.3 | % | 4.6 | % | 9.4 | % | (0.1 | )% | |||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 0.60 | $ | 0.30 | $ | 2.56 | $ | (0.03 | ) | ||||||||
Diluted | $ | 0.59 | $ | 0.29 | $ | 2.51 | $ | (0.03 | ) | ||||||||
Shares used in computing earnings per common share: | |||||||||||||||||
Basic | 32,334 | 32,231 | 32,279 | 32,345 | |||||||||||||
Diluted | 33,056 | 32,924 | 32,963 | 32,345 | |||||||||||||
Effective tax rate | 19.8 | % | 62.9 | % | 18.8 | % | 100.9 | % |
PLANTRONICS, INC. | |||||||||
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||
($ in thousands) | |||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||||
March 31, | March 31, | ||||||||
2017 | 2018 | ||||||||
ASSETS | |||||||||
Cash and cash equivalents | $ | 301,970 | $ | 390,661 | |||||
Short-term investments | 178,179 | 269,313 | |||||||
Total cash, cash equivalents, and short-term investments | 480,149 | 659,974 | |||||||
Accounts receivable, net | 141,177 | 152,888 | |||||||
Inventory, net | 55,456 | 68,276 | |||||||
Other current assets | 22,195 | 18,588 | |||||||
Total current assets | 698,977 | 899,726 | |||||||
Long-term investments | 127,176 | — | |||||||
Property, plant, and equipment, net | 150,307 | 142,129 | |||||||
Goodwill and purchased intangibles, net | 15,577 | 15,498 | |||||||
Deferred tax assets | 23,242 | 17,873 | |||||||
Other assets | $ | 1,880 | $ | 1,661 | |||||
Total assets | $ | 1,017,159 | $ | 1,076,887 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Accounts payable | $ | 42,885 | $ | 45,417 | |||||
Accrued liabilities | 74,285 | 80,097 | |||||||
Total current liabilities | 117,170 | 125,514 | |||||||
Long-term debt, net of issuance costs | 491,059 | 492,509 | |||||||
Long-term income taxes payable | 11,729 | 87,328 | |||||||
Other long-term liabilities | 15,045 | 18,566 | |||||||
Total liabilities | 635,003 | 723,917 | |||||||
Stockholders' equity | 382,156 | 352,970 | |||||||
Total liabilities and stockholders' equity | $ | 1,017,159 | $ | 1,076,887 | |||||
PLANTRONICS, INC. | |||||||||||||||||
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net Income | $ | 19,517 | $ | 9,854 | $ | 82,599 | $ | (869 | ) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 5,353 | 5,284 | 20,977 | 21,178 | |||||||||||||
Amortization of debt issuance cost | 363 | 363 | 1,450 | 1,450 | |||||||||||||
Stock-based compensation | 8,534 | 7,912 | 33,539 | 33,959 | |||||||||||||
Deferred income taxes | 96 | (3,026 | ) | (657 | ) | 7,464 | |||||||||||
Provision for excess and obsolete inventories | 668 | 1,443 | 1,960 | 3,456 | |||||||||||||
Restructuring charges (credits) | 1,241 | (32 | ) | (109 | ) | 2,406 | |||||||||||
Cash payments for restructuring charges | (208 | ) | (31 | ) | (4,001 | ) | (2,942 | ) | |||||||||
Other operating activities | (280 | ) | 340 | 353 | (305 | ) | |||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable, net | (446 | ) | (9,085 | ) | (13,894 | ) | (12,238 | ) | |||||||||
Inventory, net | 2,199 | (3,732 | ) | (3,791 | ) | (13,309 | ) | ||||||||||
Current and other assets | 3,488 | 586 | 1,142 | (2,480 | ) | ||||||||||||
Accounts payable | 751 | 101 | 4,377 | 2,884 | |||||||||||||
Accrued liabilities | 9,908 | 11,576 | 16,099 | (4,119 | ) | ||||||||||||
Income taxes | 484 | 18,226 | (657 | ) | 84,613 | ||||||||||||
Cash provided by operating activities | 51,668 | 39,779 | 139,387 | 121,148 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||
Proceeds from sale of investments | 13,435 | 143,164 | 157,066 | 197,575 | |||||||||||||
Proceeds from maturities of investments | 46,839 | 64,674 | 144,092 | 211,663 | |||||||||||||
Purchase of investments | (52,943 | ) | (140,441 | ) | (300,434 | ) | (373,281 | ) | |||||||||
Capital expenditures | (3,573 | ) | (3,065 | ) | (23,176 | ) | (12,468 | ) | |||||||||
Cash provided by (used for) investing activities | 3,758 | 64,332 | (22,452 | ) | 23,489 | ||||||||||||
Cash flows from financing activities | |||||||||||||||||
Repurchase of common stock | — | (33 | ) | (34,236 | ) | (52,948 | ) | ||||||||||
Employees' tax withheld and paid for restricted stock and restricted stock units | (292 | ) | (243 | ) | (9,736 | ) | (11,429 | ) | |||||||||
Proceeds from issuances under stock-based compensation plans | 8,686 | 10,481 | 15,202 | 23,927 | |||||||||||||
Proceeds from revolving line of credit | — | — | — | 8,000 | |||||||||||||
Repayments of revolving line of credit | — | — | — | (8,000 | ) | ||||||||||||
Payment of cash dividends | (5,012 | ) | (4,988 | ) | (19,959 | ) | (19,996 | ) | |||||||||
Other financing activities | — | — | 761 | — | |||||||||||||
Cash used for financing activities | 3,382 | 5,217 | (47,968 | ) | (60,446 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | 701 | 1,040 | (2,263 | ) | 4,500 | ||||||||||||
Net increase in cash and cash equivalents | 59,509 | 110,368 | 66,704 | 88,691 | |||||||||||||
Cash and cash equivalents at beginning of period | 242,461 | 280,293 | 235,266 | 301,970 | |||||||||||||
Cash and cash equivalents at end of period | $ | 301,970 | $ | 390,661 | $ | 301,970 | $ | 390,661 | |||||||||
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 | Twelve Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
GAAP Gross profit | $ | 107,671 | $ | 114,075 | $ | 441,370 | $ | 439,115 | ||||||||
Stock-based compensation | 830 | 913 | 3,244 | 3,622 | ||||||||||||
Loss on sale of assets | — | — | — | 899 | ||||||||||||
Impairment of indirect tax asset | — | — | — | 686 | ||||||||||||
Non-GAAP Gross profit | $ | 108,501 | $ | 114,988 | $ | 444,614 | $ | 444,322 | ||||||||
Non-GAAP Gross profit % | 51.9 | % | 53.2 | % | 50.5 | % | 51.9 | % | ||||||||
GAAP Research, development, and engineering | $ | 22,202 | $ | 21,791 | $ | 88,318 | $ | 84,193 | ||||||||
Stock-based compensation | (1,953 | ) | (1,913 | ) | (8,616 | ) | (8,071 | ) | ||||||||
Purchase accounting amortization | (63 | ) | — | (250 | ) | (80 | ) | |||||||||
Non-GAAP Research, development, and engineering | $ | 20,186 | $ | 19,878 | $ | 79,452 | $ | 76,042 | ||||||||
GAAP Selling, general, and administrative | $ | 54,249 | $ | 59,265 | $ | 223,830 | $ | 229,390 | ||||||||
Stock-based compensation | (5,751 | ) | (5,086 | ) | (21,679 | ) | (22,266 | ) | ||||||||
Acquisition related fees | — | (6,252 | ) | — | (6,252 | ) | ||||||||||
Executive transition costs | — | — | (2,759 | ) | (549 | ) | ||||||||||
Non-GAAP Selling, general, and administrative | $ | 48,498 | $ | 47,927 | $ | 199,392 | $ | 200,323 | ||||||||
GAAP Operating expenses | $ | 77,660 | $ | 80,944 | $ | 316,294 | $ | 315,614 | ||||||||
Stock-based compensation | (7,704 | ) | (6,999 | ) | (30,295 | ) | (30,337 | ) | ||||||||
Acquisition related fees | — | (6,252 | ) | — | (6,252 | ) | ||||||||||
Executive transition costs | — | — | (2,759 | ) | (549 | ) | ||||||||||
Restructuring and other related (charges) credits | (1,241 | ) | (13 | ) | 109 | (2,451 | ) | |||||||||
Purchase accounting amortization | (63 | ) | — | (250 | ) | (80 | ) | |||||||||
Non-GAAP Operating expenses | $ | 68,652 | $ | 67,680 | $ | 283,099 | $ | 275,945 | ||||||||
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 | Twelve Months Ended | |||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||||||
GAAP Operating income | $ | 30,011 | $ | 33,131 | $ | 125,076 | $ | 123,501 | ||||||||||||
Stock-based compensation | 8,534 | 7,912 | 33,539 | 33,959 | ||||||||||||||||
Acquisition related fees | — | 6,252 | — | 6,252 | ||||||||||||||||
Restructuring and other related charges (credits) | 1,241 | 13 | (109 | ) | 2,451 | |||||||||||||||
Loss on sale of assets | — | — | — | 899 | ||||||||||||||||
Impairment of indirect tax asset | — | — | — | 686 | ||||||||||||||||
Executive transition costs | — | — | 2,759 | 549 | ||||||||||||||||
Purchase accounting amortization | 63 | — | 250 | 80 | ||||||||||||||||
Non-GAAP Operating income | $ | 39,849 | $ | 47,308 | $ | 161,515 | $ | 168,377 | ||||||||||||
GAAP Net income | $ | 19,517 | $ | 9,854 | $ | 82,599 | $ | (869 | ) | |||||||||||
Stock-based compensation | 8,534 | 7,912 | 33,539 | 33,959 | ||||||||||||||||
Acquisition related fees | — | 6,252 | — | 6,252 | ||||||||||||||||
Executive transition costs | — | — | 2,759 | 549 | ||||||||||||||||
Restructuring and other related charges (credits) | 1,241 | 13 | (109 | ) | 2,451 | |||||||||||||||
Loss on sale of assets | — | — | — | 899 | ||||||||||||||||
Impairment of indirect tax asset | — | — | — | 686 | ||||||||||||||||
Purchase accounting amortization | 63 | — | 250 | 80 | ||||||||||||||||
Income tax effect of above items | (2,202 | ) | (2,572 | ) | (11,806 | ) | (9,016 | ) | ||||||||||||
Income tax effect of unusual tax items | (479 | ) | (1 | ) | 13,142 | (2 | ) | (2,620 | ) | (1 | ) | 82,080 | (3 | ) | ||||||
Non-GAAP Net income | $ | 26,674 | $ | 34,601 | $ | 104,612 | $ | 117,071 | ||||||||||||
GAAP Diluted earnings per common share | $ | 0.59 | $ | 0.29 | $ | 2.51 | $ | (0.03 | ) | |||||||||||
Stock-based compensation | 0.26 | 0.24 | 1.02 | 1.03 | ||||||||||||||||
Acquisition related fees | — | 0.19 | — | 0.19 | ||||||||||||||||
Executive transition costs | — | — | 0.08 | 0.02 | ||||||||||||||||
Restructuring and other related charges (credits) | 0.04 | — | — | 0.07 | ||||||||||||||||
Loss on sale of assets | — | — | — | 0.03 | ||||||||||||||||
Impairment of indirect tax asset | — | — | — | 0.02 | ||||||||||||||||
Income tax effect | (0.08 | ) | 0.32 | (0.44 | ) | 2.22 | ||||||||||||||
Effect of participating securities | — | 0.01 | — | — | ||||||||||||||||
Non-GAAP Diluted earnings per common share | $ | 0.81 | $ | 1.05 | $ | 3.17 | $ | 3.55 | ||||||||||||
Shares used in diluted earnings per common share calculation: | ||||||||||||||||||||
GAAP | 33,056 | 32,924 | 32,963 | 32,345 | ||||||||||||||||
Non-GAAP | 33,056 | 32,924 | 32,963 | 32,976 |
(1) | Excluded amounts represent tax benefits from the release of tax reserves and impact of tax law changes. |
(2) | Excluded amounts represent $13.0 million due to change in tax law and the release of tax reserves. |
(3) | Excluded amounts represent $89.4 million due to change in tax law, immaterial tax benefits resulting from the correction of an immaterial error in the first quarter of fiscal year 2018, and the release of tax reserves. |
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data | |||||||||||||||||||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Q117 | Q217 | Q317 | Q417 | Q118 | Q218 | Q318 | Q418 | ||||||||||||||||||||||||||
GAAP Gross profit | $ | 113,073 | $ | 110,446 | $ | 110,180 | $ | 107,671 | $ | 103,283 | $ | 107,632 | $ | 114,125 | $ | 114,075 | |||||||||||||||||
Stock-based compensation | 842 | 778 | 794 | 830 | 902 | 890 | 917 | 913 | |||||||||||||||||||||||||
Loss on sale of assets | — | — | — | — | 899 | — | — | — | |||||||||||||||||||||||||
Impairment of indirect tax asset | — | — | — | — | 686 | — | — | — | |||||||||||||||||||||||||
Non-GAAP Gross profit | $ | 113,915 | $ | 111,224 | $ | 110,974 | $ | 108,501 | $ | 105,770 | $ | 108,522 | $ | 115,042 | $ | 114,988 | |||||||||||||||||
Non-GAAP Gross profit % | 51.1 | % | 51.4 | % | 47.6 | % | 51.9 | % | 51.9 | % | 51.6 | % | 50.8 | % | 53.2 | % | |||||||||||||||||
GAAP Operating expenses | $ | 81,822 | $ | 78,490 | $ | 78,322 | $ | 77,660 | $ | 79,843 | $ | 77,473 | $ | 77,354 | $ | 80,944 | |||||||||||||||||
Stock-based compensation | (7,571 | ) | (7,125 | ) | (7,895 | ) | (7,704 | ) | (8,354 | ) | (7,872 | ) | (7,112 | ) | (6,999 | ) | |||||||||||||||||
Acquisition related fees | — | — | — | — | — | — | — | (6,252 | ) | ||||||||||||||||||||||||
Restructuring and other related (charges) credits | 1,048 | 415 | (113 | ) | (1,241 | ) | (2,573 | ) | 51 | 84 | (13 | ) | |||||||||||||||||||||
Executive transition costs | — | (2,759 | ) | — | — | — | (549 | ) | — | — | |||||||||||||||||||||||
Purchase accounting amortization | (62 | ) | (63 | ) | (62 | ) | (63 | ) | (63 | ) | (17 | ) | — | — | |||||||||||||||||||
Non-GAAP Operating expenses | $ | 75,237 | $ | 68,958 | $ | 70,252 | $ | 68,652 | $ | 68,853 | $ | 69,086 | $ | 70,326 | $ | 67,680 | |||||||||||||||||
GAAP Operating income | $ | 31,251 | $ | 31,956 | $ | 31,858 | $ | 30,011 | $ | 23,440 | $ | 30,159 | $ | 36,771 | $ | 33,131 | |||||||||||||||||
Stock-based compensation | 8,413 | 7,903 | 8,689 | 8,534 | 9,256 | 8,762 | 8,029 | 7,912 | |||||||||||||||||||||||||
Acquisition related fees | — | — | — | — | — | — | — | 6,252 | |||||||||||||||||||||||||
Restructuring and other related charges (credits) | (1,048 | ) | (415 | ) | 113 | 1,241 | 2,573 | (51 | ) | (84 | ) | 13 | |||||||||||||||||||||
Loss on sale of assets | — | — | — | — | 899 | — | — | — | |||||||||||||||||||||||||
Impairment of indirect tax asset | — | — | — | — | 686 | — | — | — | |||||||||||||||||||||||||
Executive transition costs | — | 2,759 | — | — | — | 549 | — | — | |||||||||||||||||||||||||
Purchase accounting amortization | 62 | 63 | 62 | 63 | 63 | 17 | — | — | |||||||||||||||||||||||||
Non-GAAP Operating income | $ | 38,678 | $ | 42,266 | $ | 40,722 | $ | 39,849 | $ | 36,917 | $ | 39,436 | $ | 44,716 | $ | 47,308 | |||||||||||||||||
Non-GAAP Operating income % | 17.3 | % | 19.6 | % | 17.5 | % | 19.1 | % | 18.1 | % | 18.8 | % | 19.7 | % | 21.9 | % | |||||||||||||||||
GAAP Income before income taxes | $ | 26,315 | $ | 26,039 | $ | 24,963 | $ | 24,348 | $ | 17,051 | $ | 24,725 | $ | 31,920 | $ | 26,531 | |||||||||||||||||
Stock-based compensation | 8,413 | 7,903 | 8,689 | 8,534 | 9,256 | 8,762 | 8,029 | 7,912 | |||||||||||||||||||||||||
Acquisition related fees | — | — | — | — | — | — | — | 6,252 | |||||||||||||||||||||||||
Restructuring and other related charges (credits) | (1,048 | ) | (415 | ) | 113 | 1,241 | 2,573 | (51 | ) | (84 | ) | 13 | |||||||||||||||||||||
Loss on sale of assets | — | — | — | — | 899 | — | — | — | |||||||||||||||||||||||||
Impairment of indirect tax asset | — | — | — | — | 686 | — | — | — | |||||||||||||||||||||||||
Executive transition costs | — | 2,759 | — | — | — | 549 | — | — | |||||||||||||||||||||||||
Purchase accounting amortization | 62 | 63 | 62 | 63 | 63 | 17 | — | — | |||||||||||||||||||||||||
Non-GAAP Income before income taxes | $ | 33,742 | $ | 36,349 | $ | 33,827 | $ | 34,186 | $ | 30,528 | $ | 34,002 | $ | 39,865 | $ | 40,708 | |||||||||||||||||
GAAP Income tax expense (benefit) | $ | 5,928 | $ | 5,565 | $ | 2,742 | $ | 4,831 | $ | (1,777 | ) | $ | 4,772 | $ | 81,424 | 16,677 | |||||||||||||||||
Income tax effect of above items | 2,753 | 3,839 | 3,012 | 2,202 | 5,445 | 3,066 | (2,067 | ) | $ | 2,572 | |||||||||||||||||||||||
Income tax effect of unusual tax items | 86 | 53 | 2,002 | 479 | 3,661 | — | (72,599 | ) | (13,142 | ) | |||||||||||||||||||||||
Non-GAAP Income tax expense | $ | 8,767 | $ | 9,457 | $ | 7,756 | $ | 7,512 | $ | 7,329 | $ | 7,838 | $ | 6,758 | $ | 6,107 | |||||||||||||||||
Non-GAAP Income tax expense as a % of Non-GAAP Income before income taxes | 26.0 | % | 26.0 | % | 22.9 | % | 22.0 | % | 24.0 | % | 23.1 | % | 17.0 | % | 15.0 | % |
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data (Continued) | |||||||||||||||||||||||||||||||||
($ in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Q117 | Q217 | Q317 | Q417 | Q118 | Q218 | Q318 | Q418 | ||||||||||||||||||||||||||
GAAP Net income | $ | 20,387 | $ | 20,474 | $ | 22,221 | $ | 19,517 | $ | 18,828 | $ | 19,953 | $ | (49,504 | ) | $ | 9,854 | ||||||||||||||||
Stock-based compensation | 8,413 | 7,903 | 8,689 | 8,534 | 9,256 | 8,762 | 8,029 | 7,912 | |||||||||||||||||||||||||
Restructuring and other related charges (credits) | (1,048 | ) | (415 | ) | 113 | 1,241 | 2,573 | (51 | ) | (84 | ) | 13 | |||||||||||||||||||||
Acquisition related fees | — | — | — | — | — | — | — | 6,252 | |||||||||||||||||||||||||
Loss on sale of assets | — | — | — | — | 899 | — | — | — | |||||||||||||||||||||||||
Impairment of indirect tax asset | — | — | — | — | 686 | — | — | — | |||||||||||||||||||||||||
Executive transition costs | — | 2,759 | — | — | — | 549 | — | — | |||||||||||||||||||||||||
Purchase accounting amortization | 62 | 63 | 62 | 63 | 63 | 17 | — | — | |||||||||||||||||||||||||
Income tax effect of above items | (2,753 | ) | (3,839 | ) | (3,012 | ) | (2,202 | ) | (5,445 | ) | (3,066 | ) | 2,067 | (2,572 | ) | ||||||||||||||||||
Income tax effect of unusual tax items | (86 | ) | (53 | ) | (2,002 | ) | (479 | ) | (3,661 | ) | — | 72,599 | 13,142 | ||||||||||||||||||||
Non-GAAP Net income | $ | 24,975 | $ | 26,892 | $ | 26,071 | $ | 26,674 | $ | 23,199 | $ | 26,164 | $ | 33,107 | $ | 34,601 | |||||||||||||||||
GAAP Diluted earnings per common share | $ | 0.62 | $ | 0.63 | $ | 0.68 | $ | 0.59 | $ | 0.57 | $ | 0.59 | $ | (1.54 | ) | $ | 0.29 | ||||||||||||||||
Stock-based compensation | 0.26 | 0.24 | 0.26 | 0.26 | 0.28 | 0.27 | 0.25 | 0.24 | |||||||||||||||||||||||||
Acquisition related fees | — | — | — | — | — | — | — | 0.19 | |||||||||||||||||||||||||
Restructuring and other related charges (credits) | (0.03 | ) | (0.01 | ) | — | 0.04 | 0.08 | — | — | — | |||||||||||||||||||||||
Loss on sale of assets | — | — | — | — | 0.03 | — | — | — | |||||||||||||||||||||||||
Impairment of indirect tax asset | — | — | — | — | 0.02 | — | — | — | |||||||||||||||||||||||||
Executive transition costs | — | 0.08 | — | — | — | 0.02 | — | — | |||||||||||||||||||||||||
Income tax effect | (0.09 | ) | (0.12 | ) | (0.15 | ) | (0.08 | ) | (0.28 | ) | (0.10 | ) | 2.29 | 0.32 | |||||||||||||||||||
Effect of participating securities | — | — | — | — | — | 0.02 | — | 0.01 | |||||||||||||||||||||||||
Effect of anti-dilutive securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.02 | $ | — | |||||||||||||||||
Non-GAAP Diluted earnings per common share | $ | 0.76 | $ | 0.82 | $ | 0.79 | $ | 0.81 | $ | 0.70 | $ | 0.80 | $ | 1.02 | $ | 1.05 | |||||||||||||||||
Shares used in diluted earnings per common share calculation: | |||||||||||||||||||||||||||||||||
GAAP | 32,818 | 32,726 | 32,826 | 33,056 | 33,211 | 32,809 | 32,075 | 32,924 | |||||||||||||||||||||||||
Non-GAAP | 32,818 | 32,726 | 32,826 | 33,056 | 33,211 | 32,809 | 32,496 | 32,924 |
Summary of other Unaudited GAAP Data | |||||||||||||||||||||||||||||||||
($ in thousands) | Q117 | Q217 | Q317 | Q417 | Q118 | Q218 | Q318 | Q418 | |||||||||||||||||||||||||
Net revenues from unaffiliated customers: | |||||||||||||||||||||||||||||||||
Enterprise | $ | 155,897 | $ | 154,542 | $ | 157,345 | $ | 160,870 | $ | 154,605 | $ | 162,907 | $ | 167,640 | $ | 164,587 | |||||||||||||||||
Consumer | 67,209 | 61,641 | 75,588 | 48,084 | 49,321 | 47,393 | 58,894 | 51,556 | |||||||||||||||||||||||||
Total net revenues | $ | 223,106 | $ | 216,183 | $ | 232,933 | $ | 208,954 | $ | 203,926 | $ | 210,300 | $ | 226,534 | $ | 216,143 | |||||||||||||||||
Net revenues by geographic area from unaffiliated customers: | |||||||||||||||||||||||||||||||||
Domestic | $ | 128,238 | $ | 119,062 | $ | 123,719 | $ | 111,196 | $ | 108,810 | $ | 111,095 | $ | 106,455 | $ | 107,692 | |||||||||||||||||
International | 94,868 | 97,121 | 109,214 | 97,758 | 95,116 | 99,205 | 120,079 | 108,451 | |||||||||||||||||||||||||
Total net revenues | $ | 223,106 | $ | 216,183 | $ | 232,933 | $ | 208,954 | $ | 203,926 | $ | 210,300 | $ | 226,534 | $ | 216,143 | |||||||||||||||||
Balance Sheet accounts and metrics: | |||||||||||||||||||||||||||||||||
Accounts receivable, net | $ | 133,155 | $ | 136,779 | $ | 141,297 | $ | 141,177 | $ | 134,833 | $ | 139,683 | $ | 143,919 | $ | 152,888 | |||||||||||||||||
Days sales outstanding (DSO) | 54 | 57 | 55 | 61 | 60 | 60 | 57 | 64 | |||||||||||||||||||||||||
Inventory, net | $ | 53,912 | $ | 52,686 | $ | 58,026 | $ | 55,456 | $ | 57,571 | $ | 60,999 | $ | 64,574 | $ | 68,276 | |||||||||||||||||
Inventory turns | 8.2 | 8.0 | 8.5 | 7.3 | 7.0 | 6.7 | 7.0 | 6.0 |
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