8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934

Date of Report (Date of earliest event reported):

August 6, 2019

PLANTRONICS, INC.

(Exact name of Registrant as Specified in its Charter)

Delaware	1-12696	77-0207692
(State or Other Jurisdiction of Incorporation)	(Commission file number)	(I.R.S. Employer Identification No.)

345 Encinal Street

Santa Cruz, California 95060

(Address of Principal Executive Offices including Zip Code)

(831) 426-5858

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
COMMON STOCK, $0.01 PAR VALUE	PLT	NEW YORK STOCK EXCHANGE

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition

On August 6, 2019, Plantronics, Inc. ("the Company"), a Delaware corporation, issued a press release and accompanying Company overview presentation reporting its results of operations and financial condition for the first quarter of Fiscal Year 2020, which ended on June 30, 2019, a copy of these documents are furnished as Exhibits 99.1 and 99.2, respectively,to this Current Report on Form 8-K.

The information contained in this Item 2.02 as well as Exhibit 99.1, attached hereto, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure

On August 6, 2019, the Company announced in its press release titled "Plantronics Announces First Quarter Fiscal Year 2020 Financial Results" that its Board of Directors had declared a cash dividend of $0.15 per share of the Company's common stock, payable on September 10, 2019 to stockholders of record at the close of business on August 20, 2019.

Item 9.01 Financial Statements and Exhibits

The following exhibits are filed as part of this Current Report on Form 8-K:

Exhibit Number	Description
99.1	Press release issued by Plantronics, Inc. on August 6, 2019, entitled "Poly Announces First Quarter Fiscal Year 2020 Financial Results"
99.2	Company overview presentation issued by Plantronics, Inc. on August 6, 2019, entitled "Poly Company Overview"

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

Date:	August 6, 2019	PLANTRONICS, INC.
		By:	/s/ Charles D. Boynton
		Name:	Charles D. Boynton
		Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Poly Announces First Quarter Fiscal Year 2020 Financial Results

Cost reductions and synergy realization offset top-line results

SANTA CRUZ, Calif., - August 6, 2019 - Plantronics, Inc. (NYSE: PLT) ("Poly") today announced first quarter fiscal year 2020 results for the period ending June 30, 2019. Highlights of the first quarter include the following:

($ Millions, except percent and per-share data)1	Q1 FY20			Q1 FY192
GAAP Revenue		$448			$221
GAAP Gross Margin	47.5		%	49.6		%
GAAP Operating Income		($29	)		$21
GAAP Diluted EPS		($1.14	)		$0.42
Cash Flow from Operations		$8			$32
Non-GAAP Revenue		$460			$221
Non-GAAP Gross Margin	55.8		%	50.1		%
Non-GAAP Operating Income		$86			$36
Non-GAAP Diluted EPS		$1.32			$0.74
Adjusted EBITDA3		$98			$42

¹ For further information on supplemental non-GAAP metrics refer to the Use Of Non-GAAP And Comparative Financial Information and Unaudited Reconciliations Of GAAP Measures To Non-GAAP Measures sections below.

² Q1 FY19 results shown here do not reflect Polycom results due to the completion of the Polycom acquisition on July 2, 2018.

³ Trailing twelve months Adjusted EBITDA of $413 million.

"We delivered solid bottom-line results in the quarter despite encountering several top-line challenges," said Joe Burton, President and Chief Executive Officer. “Poly Studio continues to ramp ahead of plan as we push into the fast-growing Huddle Room market. Additionally, with the launch of the G7500, the first release in our next-gen video suite for medium and large conference rooms, we are excited about our long-term growth prospects.”

Results Compared to May 7, 2019 Guidance

	Q1 FY20 Results	Q1 FY20 Guidance Range4
GAAP Net Revenue	$448M	$471M - $501M
Non-GAAP Net Revenue	$460M	$485M - $515M
Adjusted EBITDA	$98M	$92M - $108M
Non-GAAP Diluted EPS	$1.32	$1.15 - $1.45

⁴ Non-GAAP guidance ranges shown here exclude the $13.6 million impact of purchase accounting related to recording deferred revenue at fair value at the time of the acquisition. Actual deferred revenue impact for the quarter was $12.1 million.

“Through cost synergies and expense management we improved operating cash flow sequentially while making significant progress on our integration and restructuring efforts,” said Chuck Boynton, Executive Vice President and Chief Financial Officer. “We expect operating cash flow to accelerate throughout the balance of the year and remain on track to meet our 3x leverage target by fiscal year end.”

1

Highlights for the First Quarter and Fiscal Year 2020

• As of today, the Company has executed actions to capture the total two-year annualized run-rate cost synergy target of $105 million ahead of schedule. In doing so, the Company realized $20 million of actual synergy savings in the June quarter and expects to achieve $23 million of realized savings in the September quarter. In addition, the Company has identified an additional $40 million of cost savings.

• The Company released its new flagship video conferencing solution, the Poly G7500, the first product built on the Company's next-generation video architecture. This 4K ultra-HD solution combines content sharing and unlimited whiteboarding with video communications, setting a new bar for what collaboration looks like in the conference room.

• Synergy Research released its report on the USB Video Conferencing market, highlighting that in the first quarter after launch of Poly Studio and the EagleEye USB camera, the Company has "quickly established itself" among the very top vendors for solutions targeting the fast-growing huddle room market.

• Expanding further on opportunities in the huddle room market, Poly Studio was recently certified for Zoom Rooms. The Company is pleased to help Zoom deliver the best experience for their customers by leveraging Poly solutions.

• In conjunction with its work with NASA and the space program, Poly celebrated the first moon landing by sponsoring the Apollo 11's 50th Anniversary Gala in Simi Valley, California. Poly provided the communication headsets used by the NASA space program both on-board the spacecraft as well as at Mission Control. In addition, Poly was invited to ring the bell at the NYSE to commemorate the anniversary.

• The previously announced strategic review of the Consumer business is progressing. The Company continues to believe that focusing exclusively on the opportunities in the enterprise market while simplifying business processes and reducing working capital will allow the Company to more quickly and effectively achieve its strategic and financial goals.

Poly Announces Quarterly Dividend of $0.15

The Poly Board of Directors has declared a quarterly cash dividend of $0.15 per common share, to be paid on September 10, 2019, to all shareholders of record as of the close of market on August 20, 2019.

Business Outlook

The following statements are based on the Company's 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 the Company's expectations.

Poly currently expects the following range of financial results for the second quarter and full fiscal year of 2020 (all amounts assuming currency rates remain stable):

	Q2 FY20 Guidance	FY20 Annual Guidance
GAAP Net Revenue	$456M - $496M	$1.87B - $1.97B
Non-GAAP Net Revenue1,2	$465M - $505M	$1.9B - $2.0B
Adjusted EBITDA3	$94M - $110M	$410M - $460M
Non-GAAP Diluted EPS3,4	$1.20 - $1.50	$5.35 - $6.35

¹ Q2 and full year FY20 non-GAAP revenue guidance excludes anticipated purchase accounting adjustments of $8.5 million and $34.0 million, respectively.

² Standalone growth is based on as reported FY19 non-GAAP net revenues of $1,759 million. Comparative growth is based on combined comparative FY19 net revenues of $2,038 million.

³ Q2 and full year FY20 Adjusted EBITDA and non-GAAP diluted EPS excludes estimated intangibles amortization expense of $45.3 million and $182.6 million, respectively.

⁴ EPS Guidance assumes approximately 40 million diluted average weighted shares and tax rate of 17% to 19%.

2

With respect to adjusted EBITDA and diluted EPS guidance, the Company has determined that it is unable to provide quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures with a reasonable degree of confidence in their accuracy without unreasonable effort, as items including stock based compensation, acquisition and integration costs, litigation gains and losses, and impacts from discrete tax adjustments and tax laws are inherently uncertain and depend on various factors, many of which are beyond the Company's control. Our business is inherently difficult to forecast, particularly with continuing uncertainty in regional economic conditions, currency fluctuations, customer cancellations and rescheduling, and there can be no assurance that expectations of incoming orders over the balance of the current quarter will materialize.

The Company's business is inherently difficult to forecast, particularly with continuing uncertainty in regional economic conditions, currency fluctuations, customer cancellations and rescheduling, and there can be no assurance that expectations of incoming orders over the balance of the current quarter will materialize.

Conference Call and Earnings Presentation

Poly is providing an earnings presentation in combination with this press release. The presentation is offered to provide shareholders and analysts with additional detail for analyzing results. The presentation will be available in the Investor Relations section of our corporate website at investor.poly.com along with this press release. A reconciliation of our GAAP to non-GAAP and historical combined comparative results is provided at the end of this press release.

We have scheduled a conference call to discuss first quarter and fiscal year 2020 financial results. The conference call will take place today, August 6, 2019, at 2:00 PM (Pacific Time). All interested investors and potential investors in Poly 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 “Poly Conference Call.”  The dial-in from North America is (888) 301-8736 and the international dial-in is (706) 634-7260.

The conference call will also be simultaneously webcast and can be accessed from the Investor Relations section of our website. A replay of the call with the conference ID #55437196 will be available until October 5, 2019 at (855) 859-2056 for callers from North America and at (404) 537-3406 for all other callers.

Use of Non-GAAP and Combined Comparative Financial Information

To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP, and where applicable, combined comparative 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, which exclude certain unusual or non-cash expenses and charges that are included in the most directly comparable GAAP measure. These unusual or non-cash expenses and charges include the effect, where applicable, of purchase accounting on deferred revenue and inventory, stock-based compensation, acquisition related expenses, purchase accounting amortization and adjustments, restructuring and other related charges and credits, asset impairments, executive transition charges, rebranding costs, gains or losses from litigations settlements, unusual and/or irregular gains or losses from the sale of investments, and the impact of participating securities, all net of any associated tax impact. We also exclude tax benefits from the release of tax reserves, discrete tax adjustments including transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We exclude these amounts from our non-GAAP and combined comparative measures primarily because management does not believe they are consistent with the development of our target operating model. Combined comparative results refer to the results for periods prior to the acquisition of Polycom, which were prepared by combining the non-GAAP results of as if they had been combined during that period. These prior period results are presented on a non-GAAP as-reported basis, with immaterial adjustments to align the treatment of non-GAAP adjustments for comparative purposes. We believe that the use of non-GAAP and combined comparative financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our historical and long-term target operating model goals as well as our performance as a combined company. We believe presenting non-GAAP net revenue provides meaningful supplemental information regarding how management views the performance of the business and underlying performance of our individual product categories. We believe that both management and investors benefit from referring to these non-GAAP and combined comparative financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however,

3

non-GAAP and combined comparative financial measures are not meant to be considered in isolation of, or as a substitute for, or superior to, net revenues, gross margin, operating expenses, operating income, operating margin, 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) the status of and our expectations for Poly Studio and our long-term growth ; (ii) our expectations for operating cash flow and debt; (iii) our expectations for synergies in the September quarter and additional anticipated cost savings; (iv) our beliefs regarding the strategic and financial benefits of focusing on our Enterprise business, simplifying business processes and reducing working capital; (v) our expectations for the Consumer business; (vi) estimates of GAAP and non-GAAP financial results for the second quarter and full year Fiscal Year 2020, including net revenues, purchase accounting adjustments, adjusted EBITDA, tax rates, intangibles amortization, and diluted weighted average shares outstanding and diluted EPS, 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:

• 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 and our subsequent integration efforts may adversely impact relationships with customers, suppliers and strategic partners and their operating results and businesses generally (including the diversion of management time on transaction-related issues); (iv) we may be unable to retain and hire key personnel; (v) our increased leverage as a result of the transaction is 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; (vi) 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; (vii) 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; (viii) the potential impact of the transaction on our future tax rate and payments based on on our global entity consolidation efforts and our ability to quickly and cost effectively integrate foreign operations; (ix) the challenges of integrating the supply chains of the two companies; and (x) the potential that our due diligence did not uncover risks and potential liabilities of Polycom;

• Micro and macro-economic conditions in our domestic and international markets;

• the nature and extent of competition we face, particularly subsequent to the acquisition of Polycom as it relates to our ability to adapt to new competitors and changing markets;

• the impact of customer brand preferences on Consumer and Enterprise market demands;

• the impact of our adoption of a new corporate branding identity, including any confusion or harm to our reputation resulting therefrom;

• the impact of integration, restructuring and disaggregation activities on our operations, including on employees, suppliers and customers from the potential or actual announcement of any acquisitions or divestitures;

• our ability to realize and achieve positive financial results projected to arise in the our key markets from UC&C adoption could be adversely affected by a variety of factors including the following: (i) as UC&C becomes more widely adopted, the risk that competitors will offer solutions that will effectively commoditize our products which, in turn, will reduce the sales prices for those products; (ii) our plans are dependent upon adoption of our UC&C solution by major platform providers and any proprietary solutions of competitors, and our influence over such providers and the marketing in general 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

4

ability to timely introduce solutions that are cost effective, feature-rich, stable, and attractive to our customers within forecasted development budgets; (iv) our successful implementation and execution of new and different processes involving the design, development, and manufacturing of complex electronic systems composed of hardware, firmware, and software that works seamlessly and continuously in a wide variety of environments and with multiple devices; (v) failure of UC&C solutions generally, or our solutions in particular, to be adopted with the breadth and speed we anticipate; (vi) our sales model and expertise must successfully evolve to support complex integration of hardware, software, and services with UC&C infrastructure consistent with changing customer purchasing expectations; (vii) as UC&C becomes more widely adopted we anticipate that competition for market share will increase, particularly given that some competitors may have superior technical and economic resources; (viii) sales cycles for UC&C deployments are longer and becoming more complex; (ix) our inability to timely and cost-effectively adapt to changing business requirements may impact our profitability in this market and our overall margins; and (x) our failure to expand our technical support capabilities to support the complex and proprietary platforms in which our UC&C products are and will be integrated;

• 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 and availability of components from our suppliers, including our manufacturers located in APAC, have in the past and could in the future negatively affect our profitability and/or market share;

• fluctuations in foreign exchange rates;

• new or greater tariffs on our products;

• 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.

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 17, 2019 and other filings with the Securities and Exchange Commission, as well as recent press releases. The Securities and Exchange Commission 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

• Unaudited Reconciliations of GAAP Measures to Trailing Twelve Months EBITDA

• Unaudited Reconciliations of GAAP Measures to Non-GAAP Combined Comparative Measures

About Poly

Poly is a global communications company that powers meaningful human connection and collaboration. Poly combines legendary audio expertise and powerful video and conferencing capabilities toovercome the distractions, complexity and distance that make communication in and out of the workplace challenging. Poly believes in solutions that make life easier when they work together and with our partner’s services. Our headsets, software, desk phones, audio and video conferencing, analytics and services are used worldwide and are a leading choice for every kind of workspace. For more information, please visit: www.poly.com.

Poly and the propeller design are trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

5

INVESTOR CONTACT:

Mike Iburg

Vice President, Investor Relations

(831) 458-7533

MEDIA CONTACT:
Edie Kissko
Senior Director and Head of Corporate Communications
(213) 369-3719

6

PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended
	June 30,
	2019			2018
Net revenues:
Net product revenues	$	382,745		$	221,309
Net services revenues	65,022			—
Total net revenues	447,767			221,309
Cost of revenues:
Cost of product revenues	208,616			111,466
Cost of service revenues	26,505			—
Total cost of revenues	235,121			111,466
Gross profit	212,646			109,843
Gross profit %	47.5		%	49.6		%
Operating expenses:
Research, development, and engineering	59,524			23,701
Selling, general, and administrative	163,608			64,203
(Gain) loss, net from litigation settlements	(1,162		)	(30		)
Restructuring and other related charges	19,525			1,320
Total operating expenses	241,495			89,194
Operating income	(28,849		)	20,649
Operating income %	(6.4		)%	9.3		%
Interest expense	(23,932		)	(7,327		)
Other non-operating income, net	333			1,996
Income before income taxes	(52,448		)	15,318
Income tax expense (benefit)	(7,577		)	847
Net income (loss)	$	(44,871	)	$	14,471
% of net revenues	(10.0		)%	6.5		%
Earnings per common share:
Basic	$	(1.14	)	$	0.43
Diluted	$	(1.14	)	$	0.42
Shares used in computing earnings per common share:
Basic	39,239			32,594
Diluted	39,239			33,534
Effective tax rate	14.4		%	5.5		%

7

PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands)
UNAUDITED CONSOLIDATED BALANCE SHEETS
	June 30,		March 31,
	2019		2019
ASSETS
Cash and cash equivalents	$	191,904	$	202,509
Short-term investments	14,169		13,332
Total cash, cash equivalents, and short-term investments	206,073		215,841
Accounts receivable, net	318,235		337,671
Inventory, net	217,424		177,146
Other current assets	47,430		50,488
Total current assets	789,162		781,146
Property, plant, and equipment, net	196,376		204,826
Purchased intangibles, net	780,348		825,675
Goodwill	1,279,897		1,278,380
Deferred tax and other assets	76,248		26,508
Total assets	$	3,122,031	$	3,116,535
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	166,618	$	129,514
Accrued liabilities	408,306		398,715
Total current liabilities	574,924		528,229
Long-term debt, net of issuance costs	1,642,163		1,640,801
Long-term income taxes payable	95,573		83,121
Other long-term liabilities	139,873		142,697
Total liabilities	2,452,533		2,394,848
Stockholders' equity	669,498		721,687
Total liabilities and stockholders' equity	$	3,122,031	$	3,116,535

8

PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended
	June 30,
	2019			2018
Cash flows from operating activities
Net Income	$	(44,871	)	$	14,471
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,698			5,248
Amortization of debt issuance cost	1,361			362
Stock-based compensation	12,904			8,150
Deferred income taxes	(33,145		)	4,632
Provision for excess and obsolete inventories	1,760			612
Restructuring charges	19,525			1,320
Cash payments for restructuring charges	(17,658		)	(835		)
Other operating activities	1,965			(274		)
Changes in assets and liabilities:
Accounts receivable, net	21,445			5,302
Inventory, net	(42,309		)	(400		)
Current and other assets	15,498			2,981
Accounts payable	36,392			5,688
Accrued liabilities	(43,784		)	(7,300		)
Income taxes	21,568			(7,875		)
Cash provided by operating activities	$	8,349		$	32,082
Cash flows from investing activities
Proceeds from sale of investments	170			124,640
Proceeds from maturities of investments	—			131,017
Purchase of investments	(651		)	(394		)
Acquisitions, net of cash acquired	—			(33,550		)
Capital expenditures	(4,507		)	(3,868		)
Cash provided by (used for) investing activities	$	(4,988	)	$	217,845
Cash flows from financing activities
Repurchase of common stock	—			—
Employees' tax withheld and paid for restricted stock and restricted stock units	(8,621		)	(13,035		)
Proceeds from issuances under stock-based compensation plans	589			10,558
Payment of cash dividends	(5,940		)	(5,014		)
Cash used for financing activities	$	(13,972	)	$	(7,491	)
Effect of exchange rate changes on cash and cash equivalents	6			(2,055		)
Net increase (decrease) in cash and cash equivalents	(10,605		)	240,381
Cash and cash equivalents at beginning of period	202,509			390,661
Cash and cash equivalents at end of period	$	191,904		$	631,042

9

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
	June 30,
	2019			2018
GAAP Net revenues	$	447,767		$	221,309
Deferred revenue purchase accounting	12,159			—
Non-GAAP Net revenues	$	459,926		$	221,309
GAAP Gross profit	$	212,646		$	109,843
Purchase accounting amortization	30,000			—
Deferred revenue purchase accounting	12,159			—
Acquisition and integration fees	922			—
Stock-based compensation	978			963
Rebranding costs	36			—
Non-GAAP Gross profit	$	256,741		$	110,806
Non-GAAP Gross profit %	55.8		%	50.1		%
GAAP Research, development, and engineering	$	59,524		$	23,701
Stock-based compensation	(3,719		)	(2,222		)
Acquisition and integration fees	(1,341		)	—
Purchase accounting amortization	—			—
Non-GAAP Research, development, and engineering	$	54,464		$	21,479
GAAP Selling, general, and administrative	$	163,608		$	64,203
Acquisition and integration fees	(18,172		)	(5,803		)
Purchase accounting amortization	(15,278		)	—
Stock-based compensation	(8,207		)	(4,965		)
Rebranding costs	(5,419		)	—
Non-GAAP Selling, general, and administrative	$	116,532		$	53,435
GAAP Operating expenses	$	241,495		$	89,194
Acquisition and integration fees	(19,513		)	(5,803		)
Purchase accounting amortization	(15,278		)	—
Stock-based compensation	(11,926		)	(7,187		)
Restructuring and other related charges	(19,525		)	(1,320		)
Rebranding costs	(5,419		)	—
Other adjustments	1,162			—
Non-GAAP Operating expenses	$	170,996		$	74,884

10

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
	June 30,
	2019			2018
GAAP Operating income	$	(28,849	)	$	20,649
Purchase accounting amortization	45,278			—
Deferred revenue purchase accounting	12,159			—
Acquisition and integration fees	20,435			5,803
Stock-based compensation	12,904			8,150
Restructuring and other related charges	19,525			1,320
Rebranding costs	5,455			—
Other adjustments	(1,162		)	—
Non-GAAP Operating income	$	85,745		$	35,922
GAAP Net income	$	(44,871	)	$	14,471
Purchase accounting amortization	45,278			—
Deferred revenue purchase accounting	12,159			—
Acquisition and integration fees	20,435			5,803
Stock-based compensation	12,904			8,150
Restructuring and other related charges	19,525			1,320
Rebranding costs	5,455			—
Other adjustments	(1,162		)	—
Income tax effect of above items	(15,483		)	(4,866		)
Income tax effect of unusual tax items	(2,017		)	(99		)
Non-GAAP Net income	$	52,223		$	24,779
GAAP Diluted earnings per common share	$	(1.14	)	$	0.42
Purchase accounting amortization	1.15			—
Deferred revenue purchase accounting	0.31			—
Stock-based compensation	0.33			0.24
Acquisition and integration fees	0.52			0.17
Restructuring and other related charges	0.49			0.04
Rebranding costs	0.14			—
Other adjustments	(0.03		)	—
Income tax effect	(0.46		)	(0.14		)
Effect of participating securities	—			0.01
Effect of anti-dilutive securities	0.01			—
Non-GAAP Diluted earnings per common share	$	1.32		$	0.74
Shares used in diluted earnings per common share calculation:
GAAP	39,239			33,534
non-GAAP	39,523			32,924

1	Excluded amounts represent immaterial gains from litigation.
2	Excluded amounts represent changes in tax law and the release of tax reserves.

11

PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP OPERATING INCOME TO ADJUSTED EBITDA
($ in thousands)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
															Twelve Months Ended
	June 30,		September 30,			December 31,			March 31,			June 30,			June 30,
	20181		2018			2018			2019			2019			2019
GAAP operating income	$	20,649	$	(85,976	)	$	(24,707	)	$	(19,259	)	$	(28,849	)	$	(158,791	)
Deferred revenue purchase accounting	—		36,585			28,923			19,316			12,159			96,983
Inventory valuation adjustment	—		30,395			—			—			—			30,395
Acquisition and integration fees	5,803		26,253			22,274			14,323			20,435			83,285
Stock-based compensation	8,150		10,840			11,719			11,225			12,904			46,688
Restructuring and other related charges	1,320		7,261			12,130			11,983			19,525			50,899
Rebranding costs	—		—			—			5,192			5,455			10,647
Other adjustments	—		—			—			1,005			(1,162		)	(157		)
Depreciation and amortization	5,248		82,398			55,117			58,606			57,698			253,819
Adjusted EBITDA	$	41,170	$	107,756		$	105,456		$	102,391		$	98,165		$	413,768

¹  The three months ended June 30, 2018 reflect as-reported results. Polycom results for the three months ended June 30, 2018 are excluded due to the completion of the Polycom acquisition on July 2, 2018.

12

PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP COMBINED COMPARATIVE NET REVENUES
($ in thousands)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
	Three Months Ended								Twelve Months Ended		Three Months Ended
	June 30,		September 30,		December 31,		March 31,		March 31,		June 30,
	2018		2018		2018		2019		2019		2019
Enterprise Headsets	$	167,642	$	169,978	$	173,479	$	169,783	$	680,882	$	175,084
Consumer Headsets	53,667		58,053		69,665		48,432		229,817		43,566
Voice1	106,280		121,309		116,700		106,577		450,866		103,847
Video1	92,001		85,922		85,597		83,966		347,486		60,248
Services1	80,829		47,807		56,228		59,730		244,594		65,022
Deferred revenue purchase accounting	—		36,585		28,923		19,316		84,824		12,159
Non-GAAP net revenue	$	500,419	$	519,654	$	530,592	$	487,804	$	2,038,469	$	459,926

¹  Voice, Video, and Services revenue categories were introduced with the acquisition of Polycom on July 2, 2018. Historical Polycom revenues in the three months ended June 30, 2018 period are included in these results to arrive at combined comparative net revenues for the three months ended June 30, 2018 and twelve months ended March 31, 2019.

13

EX-99.2

POLY COMPANY OVERVIEW August 6, 2019 NYSE:PLT © 2019 Plantronics Inc. All rights reserved. 1

FORWARD LOOKING STATEMENTS This presentation 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 our: (i) expectations for the UC&C market and Enterprise TAM and our ability to differentiate ourselves and take advantage of the opportunities based on our positioning, product portfolio and launch dates; (ii) expectations regarding the Polycom acquisition, including the synergies from previous integration efforts and anticipation for additional synergies, accretion and long-term operating model targets, and our ability to attain them in the timeframes expected; (iii) beliefs regarding what is required to succeed in the UCC market and our strategy to achieve success; (iv) our expectations for tariff mitigation and resolution of transitory issues and the timeframes in which we believe we can achieve them; (v) expectations for end user and software analytics and services, the positioning of our product portfolio and the potential for near-term gains; (vi) expectations regarding debt repayment actions and timing; (vii) estimates of GAAP and non-GAAP financial results for Q2 and full year FY20, including net revenues, adjusted EBITDA, tax rates, diluted weighted shares outstanding and diluted EPS; and (viii) estimates of purchase price accounting adjustments, including intangibles amortization, in addition to other matters discussed in this presentation that are not purely historical data. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise, except as required by applicable law. The factors that could cause actual results to differ are discussed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 9, 2018, in our reports on Form 10-Q and Form 8-K filed with the SEC as well as our other public disclosures, including our press releases. Please also refer to the Safe Harbor included in our press release regarding our results for Q1 FY20 filed with the SEC on Form 8-K on August 6, 2019. The SEC filings and our press releases can be accessed on our website at investor.poly.com. © 2019 Plantronics Inc. All rights reserved. 2

USE OF NON-GAAP INFORMATION To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP, and where applicable, combined comparative 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, which exclude certain unusual or non-cash expenses and charges that are included in the most directly comparable GAAP measure. These unusual or non-cash expenses and charges include the effect, where applicable, of purchase accounting on deferred revenue and inventory, stock-based compensation, acquisition related expenses, purchase accounting amortization and adjustments, restructuring and other related charges and credits, asset impairments, executive transition charges, rebranding costs, gains or losses from litigations settlements, unusual and/or irregular gains or losses from the sale of investments, and the impact of participating securities, all net of any associated tax impact. We also exclude tax benefits from the release of tax reserves, discrete tax adjustments including transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We exclude these amounts from our non-GAAP and combined comparative measures primarily because management does not believe they are consistent with the development of our target operating model. Combined comparative results refer to the results for periods prior to the Plantronics and Polycom combination, which were prepared by combining the non-GAAP results of as if they had been combined during that period. These prior period results are presented on a non-GAAP as-reported basis, with immaterial adjustments to align the treatment of non- GAAP adjustments for comparative purposes. We believe that the use of non-GAAP and combined comparative financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our historical and long-term target operating model goals as well as our performance as a combined company. We believe presenting non-GAAP net revenue provides meaningful supplemental information regarding how management views the performance of the business and underlying performance of our individual product categories. We believe that both management and investors benefit from referring to these non-GAAP and combined comparative financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP and combined comparative financial measures are not meant to be considered in isolation of, or as a substitute for, or superior to, net revenues, gross margin, operating expenses, operating income, operating margin, net income or EPS prepared in accordance with GAAP. A reconciliation between GAAP and Non-GAAP measures for all periods presented in this document is included as an appendix to this document. Other historical reconciliations are available at investor.poly.com. © 2019 Plantronics Inc. All rights reserved. 3

OVERVIEW & STRATEGY © 2019 Plantronics Inc. All rights reserved. 4

PLANTRONICS + POLYCOM. NOW POLY. Poly is the global communications company that powers authentic human connection and collaboration. One to one, one to many, many to many. © 2019 Plantronics Inc. All rights reserved. 5

A COMPELLING INVESTMENT OPPORTUNITY $40B UC&C1 Market UC&C Market Leader Strategic Innovator • We operate in a $40B UC&C • Approximately $2B in annual • Reinventing the UC&C industry market with strong growth drivers revenues and over $400M TTM through product integration, EBITDA software and analytics • Rise in open architectures creates need for a unified endpoint • Platform-agnostic, intelligent • Valuable business insights available solutions through unique software and • Cloud deployments on rise with high demand for analytics and • Synergy execution ahead of analytics capabilities insights schedule • We address a $7B Enterprise TAM growing at 7% 1 Frost & Sullivan, March 2018. © 2019 Plantronics Inc. All rights reserved. 6

OPEN COLLABORATION: THE INDUSTRY TRANSITION Communications experience is increasingly integrated and delivered by a unified endpoint Offering a full suite of endpoints is mission critical © 2019 Plantronics Inc. All rights reserved. 7

OUR STRATEGY Deliver a comprehensive set of endpoints for the UC&C market and differentiate through software Management Analytics Interoperability Video Conference Desktop Headsets Software Services © 2019 Plantronics Inc. All rights reserved. 8

HOW DO WE GET THERE? Expand our TAM in our Invest in strategic core businesses growth areas Drive technology Aggressively target the Expand our strategic leadership huddle room market partner ecosystem © 2019 Plantronics Inc. All rights reserved. 9

COST OPTIMIZATION THROUGH FLEXIBLE MANUFACUTURING 1 At Acquisition Current Model • Core expertise in hybrid manufacturing strategy allows for China China rapid production movement Mexico • Further mitigation efforts Rest of Asia Rest of Asia 2 expected to offset List 4 tariffs Mexico (Singapore, (Singapore, Thailand, Laos, Philippines, • Inherent flexibility between Taiwan) Taiwan, Vietnam, Americas and Asia through dual Laos) sourcing Other Other 1 Chart scale is based on product manufacturing origin shipped to customers during FY2019. Excludes Consumer products. 2 Based on tariffs announced on August 1, 2019 © 2019 Plantronics Inc. All rights reserved. 10

SOFTWARE OVERVIEW Provide a better user experience and drive productivity Poly Manager Pro Monitoring, managing and maintaining a headset environment remotely, all while saving time and resources Data Analytics Device Management Monitoring Customers Quality Health and Safety Poly Device Insights Management Service Remote provisioning, managing, and troubleshooting phones, all while saving time and resources © 2019 Plantronics Inc. All rights reserved. 11

BROADER UC MARKET AND ECOSYSTEM Key Partners Our platform agnostic and best-in-class unified endpoint strategy differentiates us © 2019 Plantronics Inc. All rights reserved. 12

POLY ADDRESSES A $7B ENTERPRISE TAM GROWING AT 7% Software Analytics and Services provide further upside TAM CAGR TAM1 CY18-CY22 Commentary • Product portfolio well-positioned to $7.0B +7% capitalize on market growth • Potential for market share gains based $5.3B $2.7B +4% on near-term product introductions Poly is uniquely positioned as a market leader with broad Video $2.3B $0.6B +10% product offerings in • Capitalize on differentiated market large and growing end position as a high quality, platform markets Voice $0.4B $1.9B +9% agnostic, intelligent endpoint provider SIP $1.3B Phones $1.8B +8% • Maintain market leadership, capitalize Enterprise $1.3B on growth in UC&C Headsets 2018 2022 1 Frost & Sullivan, Synergy, Wainhouse. © 2019 Plantronics Inc. All rights reserved. 13

INTRODUCING THE POLY G7500 Sharing is simple. Collaboration is limitless. • Content is at the center of the experience with content collaboration and video conferencing in one device • Next generation audio and video experience with UHD 4K content and people video along with advanced audio features • Deployment-friendly architecture and peripherals along with a user interface that is simple to learn and navigate © 2019 Plantronics Inc. All rights reserved. 14

50 YEARS AGO POLY MADE HISTORY When Neil Armstrong uttered those legendary words… through a Poly headset © 2019 Plantronics Inc. All rights reserved. 15

Q1 FY20 EARNINGS RESULTS © 2019 Plantronics Inc. All rights reserved. 16

Q1 FY20 FINANCIAL OVERVIEW Non-GAAP Revenue of $460 million: • Driven by factors that are primarily macro (e.g. trade tensions, gaming console transition, FX) or transitory in nature (e.g. integration related, Skype-to-Teams transition), which we are aggressively working to mitigate. • Company is focused on increasing profitability and cash flow, delivering next-gen product roadmap, and leveraging newly implemented go-to-market model. Expects transitory issues to be resolved by fiscal Q4. Non-GAAP gross margins of 55.8%, up 230 bps Y/Y. • Product mix, COGS synergies, and no negative MLCC impact. Non-GAAP operating expenses of $171 million, down $25 million Y/Y. • OpEx synergies, $5M FX benefit (offset in revenue), and $4M benefit from non-recurring items. Operating margin of 18.6%, up 420 bps Y/Y, with TTM EBITDA of $413 million. Non-GAAP EPS of $1.32, above midpoint of guidance range. © 2019 Plantronics Inc. All rights reserved. 17

NON-GAAP REVENUE BY CATEGORY AND REGION ($MM) $500 $500 $460 $460 $81 Services* APAC $97 $77 -5% $80 Video* $92 $61 -34% $138 EMEA $118 Voice* $106 $104 -2% Consumer $54 $44 -19% Headsets AMER $265 $262 Enterprise $168 $175 +4% Headsets Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 * Voice, Video, and Services categories were introduced with the acquisition of Polycom on July 2, 2018. Historical Polycom revenues are shown here to arrive at combined comparative historical net revenues. © 2019 Plantronics Inc. All rights reserved. 18

1 NON-GAAP OPERATING DETAILS ($MM) $268 $258 $196 $171 $86 $72 $157 $121 53.5% 55.8% $36 39.2% 37.2% 14.4% 18.6% $111 $75 $36 Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Q1 FY19 Q1 FY20 Gross Profit Operating Expenses Operating Income • Favorable product mix and • Overall comparative decline • Comparative operating income COGS synergies offset revenue of $25M or 12% growth of $14M or 19% driven decline by higher gross margins and • Lower operating expenses due lower operating expenses as a • Combined comparative gross primarily to synergy capture, FX result of cost reductions margin increase of 230 bps and non-recurring items Polycom Historical Plantronics Historical 1 The acquisition of Polycom was completed on July 2, 2018. Prior year Polycom results are added to prior year Plantronics results to arrive at combined comparative results. See GAAP to non-GAAP reconciliations for additional details. © 2019 Plantronics Inc. All rights reserved. 19

TRAILING TWELVE MONTHS ADJUSTED EBITDA 1 ($MM) TTM EBITDA: $413M $108 $105 $102 $98 $86 $45 $41 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 Q1 FY20 Polycom Historical Plantronics Historical 1 The acquisition of Polycom was completed on July 2, 2018. Prior year Polycom results are added to prior year Plantronics results to arrive at combined comparative results. See GAAP to non-GAAP reconciliations for additional details. © 2019 Plantronics Inc. All rights reserved. 20

CASH & INV. BRIDGE Q4 FY19 – Q1 FY20 ($MM) 206 © 2019 Plantronics Inc. All rights reserved. 21

DE-LEVERAGING PROGRESS ($MM) Q2 FY19 Q1 FY20 Gross Debt $1,775 $1,672 Cash & $306 $206 $1,469 $1,446 Investments Net Debt $1,469 $1,446 $1,300 3.8x $1,100 3.5x 3.0x 2.2x $460 >$500 $391 $413 $410 Q2 FY19 Q1 FY20 FY20 Est. LTM Net Debt TTM Adj. EBITDA Net Leverage © 2019 Plantronics Inc. All rights reserved. 22

GUIDANCE & LONG TERM MODEL © 2019 Plantronics Inc. All rights reserved. 23

Q2 AND FY20 GUIDANCE (AS OF AUG 6, 2019) Q2 FY20 Guidance FY20 Guidance GAAP Net Revenue $456M - $496M $1.87B to $1.97B Non-GAAP Net Revenue1,2 $465M - $505M $1.9B to $2.0B Adjusted EBITDA2 $94M - $110M $410M - $460M Non-GAAP Diluted EPS2,3 $1.20 - $1.50 $5.35 - $6.35 1 Q2 and full year FY20 non-GAAP revenue guidance includes purchase accounting adjustments of $8.5 million and $34 million, respectively. 2 Q2 and full year FY20 Adjusted EBITDA and non-GAAP diluted EPS excludes estimated intangibles amortization expense of $45.3 million and $182.6 million, respectively. 3 EPS Guidance assumes approximately 40 million diluted average weighted shares and tax rate of 17% to 19%. Poly does not intend to update these targets during the quarter or to report on its progress toward these targets. Poly will not comment on these targets to analysts or investors except by its press release announcing its second quarter fiscal year 2020 results or by other public disclosure. Any statements by persons outside Poly speculating on the progress of the second quarter or full fiscal year 2020 will not be based on internal company information and should be assessed accordingly by investors. With respect to adjusted EBITDA and diluted EPS guidance, the Company has determined that it is unable to provide quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures with a reasonable degree of confidence in their accuracy without unreasonable effort, as items including stock based compensation, acquisition and integration costs, litigation gains and losses, and impacts from discrete tax adjustments and tax laws are inherently uncertain and depend on various factors, many of which are beyond the Company's control. Our business is inherently difficult to forecast, particularly with continuing uncertainty in regional economic conditions, currency fluctuations, customer cancellations and rescheduling, and there can be no assurance that expectations of incoming orders over the balance of the current quarter will materialize. © 2019 Plantronics Inc. All rights reserved. 24

COST SYNERGIES ON TARGET • $105M Cost Synergies Complete Ahead of Schedule • Additional $40M of Cost Savings Identified Steady Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 State Full- Actual Actual Forecast Forecast Forecast Year Target Target $105M Run-Rate Executed $73M $105M+ • COGS - annualized $13M $40M • OpEx - annualized $60M $65M Savings In P&L $11M $20M $23M $24M $27M • COGS – by qtr. $1M $4M $7M $8M $11M • OpEx – by qtr. $10M $16M $16M $16M $16M 1 Steady state is defined as achieved annualized run rate synergies within 24 months of the close of the Polycom acquisition on July 2, 2018. © 2019 Plantronics Inc. All rights reserved. 25

4 Quarter Rolling Q2 Q3 Q4 Q1 Forecast ($MM) FY20 FY20 FY20 FY21 Revenue – Deferred GAAP PURCHASE Revenue Fair Value $8.5 $7.1 $6.1 $5.1 Adjustment ACCOUNTING COGS - Intangibles FORECAST $30.5 $30.5 $30.5 $30.5 Amortization1 SG&A - Intangibles $15.3 $15.3 $15.3 $15.3 Amortization 1 Subject to change as In-Process technology assets are placed into service. © 2019 Plantronics Inc. All rights reserved. 26

Long-Term Model Revenue % Growth Rate 5 - 8% LONG-TERM Non-GAAP Gross Margin 52 - 54% OPERATING MODEL Non-GAAP Operating Margin 21 - 24% Adj. EBITDA > $500M/yr Operating Cash Flow > $300M/yr © 2019 Plantronics Inc. All rights reserved. 27

SUPPLEMENTAL DATA & GAAP TO NON-GAAP RECONCILIATIONS © 2019 Plantronics Inc. All rights reserved. 28

COMBINED COMPARATIVE NON -GAAP INFORMATION Combined Comparative Basis1 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 FY19 Q1 FY20 Q1 Y/Y Revenue $500M $520M $531M $488M $2,038M $460M -8% Gross Profit $268M $277M $273M $268M $1,086M $257M -4% Gross Margin 53.5% 53.2% 51.5% 55.0% 53.3% 55.8% +230 bps Op. Expense $196M $180M $180M $178M $734M $171M -13% Op. Income $72M $96M $93M $90M $352M $86M +19% Op. Margin 14.4% 18.5% 17.6% 18.5% 17.3% 18.6% +420 bps Diluted EPS NMF $1.51 $1.36 $1.44 $5.12 $1.32 NMF Adj. EBITDA $86M $108M $105M $102M $402M $98M +14% Op. Cash Flow $75M $40M $47M -$3M $159M $8M -89% 1 Combined comparative results include Polycom results in historical periods prior to the closing of the acquisition for comparative purposes. See reconciliations to our GAAP results for additional details. © 2019 Plantronics Inc. All rights reserved. 29

AS-REPORTED NON-GAAP INFORMATION Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 FY19 Q1 FY20 Q1 Y/Y Revenue $221M $520M $531M $488M $1,759M $460M +108% Gross Profit $111M $277M $273M $268M $929M $257M +132% Gross Margin 50.1% 53.2% 51.5% 55.0% 52.8% 55.8% +570 bps Op. Expense $75M $180M $180M $178M $613M $171M +128% Op. Income $36M $96M $93M $90M $316M $86M +139% Op. Margin 16.2% 18.5% 17.6% 18.5% 18.0% 18.6% +240 bps Diluted EPS $0.74 $1.51 $1.36 $1.44 $5.12 $1.32 +78% Adj. EBITDA $42M $108M $105M $102M $402M $98M +133% Op. Cash Flow $32M $40M $47M -$3M $116M $8M -75% © 2019 Plantronics Inc. All rights reserved. 30

TRENDED NON-GAAP REVENUE DATA Revenue by Category Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 FY19 Q1 FY20 Q1 Y/Y Voice1 $106M $121M $117M $107M $451M $104M -2% Video1 $92M $89M $88M $86M $355M $61M -34% Services1 $81M $81M $82M $77M $321M $77M -5% Enterprise Headsets $168M $170M $173M $170M $681M $175M +4% Consumer Headsets $54M $58M $70M $48M $230M $44M -19% Total Revenue $500M $520M $531M $488M $2,038M $460M -8% Revenue by Geography Americas $265M $284M $278M $255M $1,082M $261M -1% EMEA $138M $138M $153M $142M $571M $119M -14% APAC $97M $98M $99M $92M $386M $80M -18% Total Revenue $500M $520M $531M $488M $2,038M $460M -8% 1 Combined comparative results include Polycom results in historical periods prior to the closing of the acquisition for comparative purposes. See reconciliations to our GAAP results for additional details. © 2019 Plantronics Inc. All rights reserved. 31

ADJUSTED ENTERPRISE AND CONSUMER HEADSET REVENUE COMPARISON Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY19 FY19 Q1 FY20 Q1 Y/Y As Reported: Enterprise $168M $170M $173M $170M $681M $175M +4% Headsets As Reported: Consumer $54M $58M $70M $48M $230M $44M -19% Headsets Adjusted Enterprise $186M $187M $190M $185M $748M $187M +1% Headsets1 Adjusted Consumer $36M $41M $53M $33M $163M $32M -11% Headsets1 FY19 average Adjusted Consumer Headsets gross margins of ~25% 1 For informational purposes related to our announcement to explore strategic alternatives for the Consumer business, Consumer Headsets and Enterprise Headsets shown here have been adjusted in all periods presented to reclassify revenues from the Mono Premium Bluetooth subcategory from As Reported Consumer Headsets into As Reported Enterprise Headsets. © 2019 Plantronics Inc. All rights reserved. 32

Unaudited Reconciliations of GAAP net revenue to non-GAAP net revenue ($ in thousands) Three Months Ended September December 30, 31, March 31, June 30, 2018 2018 2019 2019 Net revenues from unaffiliated customers: Enterprise Headsets $ 169,978 $ 173,479 $ 169,783 $ 175,084 Consumer Headsets 58,053 69,665 48,432 43,566 Voice 121,309 116,700 106,577 103,847 Video 85,922 85,597 83,966 60,248 Services 47,807 56,228 59,730 65,022 Total GAAP net revenues $ 483,069 $ 501,669 $ 468,488 $ 447,767 Deferred revenue purchase accounting 36,585 28,923 19,316 12,159 Total non-GAAP net revenues $ 519,654 $ 530,592 $ 487,804 $ 459,926 Net revenues by geographic area from unaffiliated customers: Americas $ 266,641 $ 265,119 $ 246,157 $ 255,940 EMEA 128,957 146,388 137,955 116,979 APAC 87,471 90,162 84,376 74,848 Total GAAP net revenues $ 483,069 $ 501,669 $ 468,488 $ 447,767 Deferred revenue purchase accounting 36,585 28,923 19,316 12,159 Total non-GAAP net revenues $ 519,654 $ 530,592 $ 487,804 $ 459,926

Unaudited Reconciliations of GAAP measures to non-GAAP Historical Combined Comparative Measures ($ in thousands) Three Months Ended June 30 2018 Revenue by Product: Enterprise Headsets $ 167,642 Consumer Headsets 53,667 Voice1 106,280 Video1 92,001 Services1 80,829 Combined comparative total net revenues $ 500,419 Revenue by Region: Plantronics Americas net revenues $ 130,848 Polycom Americas net revenues1 133,976 Combined comparative Americas net revenues $ 264,824 Plantronics EMEA net revenues $ 63,589 Polycom EMEA net revenues1 74,726 Combined comparative EMEA net revenues $ 138,315 Plantronics APAC net revenues $ 26,871 Polycom APAC net revenues1 70,409 Combined comparative APAC net revenues $ 97,280 Combined comparative total net revenues $ 500,419 1 Voice, Video, and Services categories were introduced with the acquisition of Polycom on July 2, 2018. Historical Polycom revenues are prepared in accordance with U.S. GAAP and Polycom's significant accounting policies prior to the closing of the acquisition on July 2, 2018 and are shown here to arrive at combined comparative historical net revenues.

Unaudited Reconciliations of GAAP measures to non-GAAP Historical Combined Comparative Measures (continued) ($ in thousands) Plantronics GAAP gross profit $ 109,843 Polycom GAAP gross profit1 156,599 Combined comparative gross profit before adjustments $ 266,442 Stock-based compensation 963 Purchase accounting amortization 436 Other adjustments2 — Combined comparative adjusted gross profit $ 267,841 Combined comparative adjusted gross profit % 53.5% Plantronics GAAP operating income $ 20,649 Polycom GAAP operating income1 (30,589) Combined comparative operating income before adjustments $ (9,940) Amortization of Polycom goodwill and intangibles amortization 14,802 Stock-based compensation 8,150 Acquisition and integration fees 12,901 Restructuring and other related charges 2,847 Non-recurring legal-related and other adjustments2 43,446 Combined adjusted operating income $ 72,206 Combined adjusted operating profit % 14.4%

Unaudited Reconciliations of GAAP measures to Combined Comparative Adjusted EBITDA ($ in thousands) Three Months Ended June 30, 20181 Plantronics GAAP operating income $ 20,649 Polycom GAAP operating income2 (30,589) Combined comparative operating income before adjustments (9,940) Acquisition and integration fees 12,901 Stock-based compensation 8,150 Restructuring and other related charges 2,847 Other adjustments3 43,446 Depreciation and amortization4 29,231 Adjusted EBITDA 86,635 Unaudited Reconciliations of GAAP measures to non-GAAP Historical Combined Comparative Measures (continued) ($ in thousands) Three Months Ended June 30 2018 Plantronics Cash Flow from Operations $ 32,082 Polycom Cash Flow from Operations1 $ 43,059 Combined Comparative Cash Flow from Operations $ 75,141 1 Polycom results shown in these periods are prior to the close of the acquisition on July 2, 2018. These results are shown here to arrive at combined comparative historical results. 2 Prepared in accordance with U.S. GAAP and Polycom's significant accounting policies prior to the closing of the acquisition on July 2, 2018, and further adjusted in accordance with U.S. GAAP for subsequent events occurring after the balance sheet date of June 30, 2018. Refer to footnote 3 for further information. Includes losses from litigation settlements and immaterial adjustments to conform historical Polycom results to Plantronics non-GAAP policy. In the period ended June 30, 2018, this 3 includes litigation settlements of approximately $37 million related to the settlement of a previously disclosed FCPA matter and approximately $6 million related other legal settlements, both of which were recognized as subsequent events. More information on these and other legal matters is available in Note 7. Commitments and Contingencies within our Form 10-Q filed on February 6, 2019. 4 In the three months ending December 31, 2017, March 31, 2018, and June 30, 2018, depreciation and amortization includes amortization of Polycom goodwill in accordance with U.S. GAAP and Polycom's significant accounting policies prior to the closing of the acquisition on July 2, 2018.

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA - AS REPORTED Three Months Ended, June 30, September 30, December 31, March 31, June 30, 2018 2018 2018 2019 2019 GAAP Net revenues $ 221,309 $ 483,069 $ 501,669 $ 468,488 $ 447,767 Deferred revenue purchase accounting — 36,585 28,923 19,316 12,159 Non-GAAP Net revenues $ 221,309 $ 519,654 $ 530,592 $ 487,804 $ 459,926 GAAP Gross profit $ 109,843 $ 152,629 $ 215,137 $ 216,531 $ 212,646 Purchase accounting amortization — 55,668 27,575 31,118 30,000 Inventory valuation adjustment — 30,395 — — — Deferred revenue purchase accounting — 36,585 28,923 19,316 12,159 Acquisition and integration fees — 217 404 435 922 Stock-based compensation 963 1,073 1,067 1,073 978 Rebranding costs — — — — 36 Non-GAAP Gross profit $ 110,806 $ 276,567 $ 273,106 $ 268,473 $ 256,741 Non-GAAP Gross profit % 50.1% 53.2% 51.5% 55.0% 55.8% GAAP Operating expenses $ 89,194 $ 238,605 $ 239,844 $ 235,790 $ 241,495 Acquisition and integration fees (5,803) (26,036) (21,870) (13,888) (19,513) Purchase accounting amortization — (15,279) (15,278) (15,281) (15,278) Stock-based compensation (7,187) (9,767) (10,652) (10,152) (11,926) Restructuring and other related charges (1,320) (7,261) (12,130) (11,983) (19,525) Rebranding costs — — — (5,192) (5,419) Other adjustments — — — (1,005) 1,162 Non-GAAP Operating expenses $ 74,884 $ 180,262 $ 179,914 $ 178,289 $ 170,996

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA - AS REPORTED (CONTINUED) Three Months Ended June 30, September 30, December 31, March 31, June 30, 2018 2018 2018 2019 2019 GAAP Operating income $ 20,649 $ (85,976) $ (24,707) $ (19,259) $ (28,849) Purchase accounting amortization — 70,947 42,853 46,399 45,278 Inventory valuation adjustment — 30,395 — — — Deferred revenue purchase accounting — 36,585 28,923 19,316 12,159 Acquisition and integration fees 5,803 26,253 22,274 14,323 20,435 Stock-based compensation 8,150 10,840 11,719 11,225 12,904 Restructuring and other related charges 1,320 7,261 12,130 11,983 19,525 Rebranding costs — — — 5,192 5,455 Other adjustments — — — 1,005 (1,162) Non-GAAP Operating income $ 35,922 $ 96,305 $ 93,192 $ 90,184 $ 85,745 GAAP Diluted earnings per common share $ 0.42 $ (2.21) $ (1.06) $ (0.55) $ (1.14) Purchase accounting amortization — 1.78 1.08 1.17 1.15 Inventory valuation adjustment — 0.76 — — — Deferred revenue purchase accounting — 0.92 0.73 0.49 0.31 Stock-based compensation 0.24 0.27 0.30 0.28 0.33 Acquisition and integration fees 0.17 0.66 0.56 0.36 0.52 Restructuring and other related charges 0.04 0.18 0.31 0.30 0.49 Rebranding costs — — — 0.13 0.14 Other adjustments — — — (0.04) (0.03) Income tax effect (0.14) (0.89) (0.57) (0.73) (0.46) Effect of participating securities 0.01 — — — — Effect of anti-dilutive securities — 0.04 0.01 0.03 0.01 Non-GAAP Diluted earnings per common share $ 0.74 $ 1.51 $ 1.36 $ 1.44 $ 1.32 Shares used in diluted earnings per common share calculation: GAAP 33,534 39,281 39,314 39,089 39,239 non-GAAP 33,534 39,920 39,712 39,523 39,523

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP OPERATING INCOME TO ADJUSTED EBITDA ($ in thousands) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA Twelve Months Three Months Ended Ended June 30, September 30, December 31, March 31, June 30, June 30, 20181 2018 2018 2019 2019 2019 GAAP operating income $ 20,649 $ (85,976) $ (24,707) $ (19,259) $ (28,849) $ (158,791) Deferred revenue purchase accounting — 36,585 28,923 19,316 12,159 96,983 Inventory valuation adjustment — 30,395 — — — 30,395 Acquisition and integration fees 5,803 26,253 22,274 14,323 20,435 83,285 Stock-based compensation 8,150 10,840 11,719 11,225 12,904 46,688 Restructuring and other related charges 1,320 7,261 12,130 11,983 19,525 50,899 Rebranding costs — — — 5,192 5,455 10,647 Other adjustments — — — 1,005 (1,162) (157) Depreciation and amortization 5,248 82,398 55,117 58,606 57,698 253,819 Adjusted EBITDA $ 41,170 $ 107,756 $ 105,456 $ 102,391 $ 98,165 $ 413,768