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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Plantronics Inc | NYSE:PLT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.87 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
77-0207692
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
(Do not check if a smaller reporting company)
|
|
PART I. FINANCIAL INFORMATION
|
Page No.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues
(in millions)
|
Operating Income
(in millions)
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
Net revenues
|
|
$
|
225,735
|
|
|
$
|
232,933
|
|
|
$
|
7,198
|
|
|
3.2
|
%
|
|
$
|
647,110
|
|
|
$
|
672,222
|
|
|
$
|
25,112
|
|
|
3.9
|
%
|
Cost of revenues
|
|
116,219
|
|
|
122,753
|
|
|
6,534
|
|
|
5.6
|
%
|
|
319,266
|
|
|
338,523
|
|
|
19,257
|
|
|
6.0
|
%
|
||||||
Gross profit
|
|
$
|
109,516
|
|
|
$
|
110,180
|
|
|
$
|
664
|
|
|
0.6
|
%
|
|
$
|
327,844
|
|
|
$
|
333,699
|
|
|
$
|
5,855
|
|
|
1.8
|
%
|
Gross profit %
|
|
48.5
|
%
|
|
47.3
|
%
|
|
|
|
|
|
|
50.7
|
%
|
|
49.6
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
Research, development, and engineering
|
|
$
|
20,811
|
|
|
$
|
21,393
|
|
|
$
|
582
|
|
|
2.8
|
%
|
|
$
|
66,614
|
|
|
$
|
66,116
|
|
|
$
|
(498
|
)
|
|
(0.7
|
)%
|
% of net revenues
|
|
9.2
|
%
|
|
9.2
|
%
|
|
|
|
|
|
|
10.3
|
%
|
|
9.8
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
Selling, general, and administrative
|
|
$
|
53,715
|
|
|
$
|
56,919
|
|
|
$
|
3,204
|
|
|
6.0
|
%
|
|
$
|
163,689
|
|
|
$
|
169,581
|
|
|
$
|
5,892
|
|
|
3.6
|
%
|
% of net revenues
|
|
23.8
|
%
|
|
24.4
|
%
|
|
|
|
|
|
|
25.3
|
%
|
|
25.2
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
(Gain) loss, net from litigation settlements
|
|
$
|
(91
|
)
|
|
$
|
(103
|
)
|
|
$
|
(12
|
)
|
|
13.2
|
%
|
|
$
|
(998
|
)
|
|
$
|
4,287
|
|
|
$
|
5,285
|
|
|
(529.6
|
)%
|
% of net revenues
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
(0.2
|
)%
|
|
0.6
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands, except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
Other non-operating income and (expense), net
|
|
$
|
398
|
|
|
$
|
427
|
|
|
$
|
29
|
|
|
7.3
|
%
|
|
$
|
(2,025
|
)
|
|
$
|
4,119
|
|
|
$
|
6,144
|
|
|
(303.4
|
)%
|
% of net revenues
|
|
0.2
|
%
|
|
0.2
|
%
|
|
|
|
|
|
(0.3
|
)%
|
|
0.6
|
%
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||||||
|
|
December 31,
|
|
Increase
|
|
December 31,
|
|
Increase
|
||||||||||||||||||||||
(in thousands except percentages)
|
|
2015
|
|
2016
|
|
(Decrease)
|
|
2015
|
|
2016
|
|
(Decrease)
|
||||||||||||||||||
Income before income taxes
|
|
$
|
19,829
|
|
|
$
|
24,963
|
|
|
$
|
5,134
|
|
|
25.9
|
%
|
|
$
|
70,803
|
|
|
$
|
77,317
|
|
|
$
|
6,514
|
|
|
9.2
|
%
|
Income tax expense
|
|
3,541
|
|
|
2,742
|
|
|
(799
|
)
|
|
(22.6
|
)%
|
|
15,391
|
|
|
14,235
|
|
|
(1,156
|
)
|
|
(7.5
|
)%
|
||||||
Net income
|
|
$
|
16,288
|
|
|
$
|
22,221
|
|
|
$
|
5,933
|
|
|
36.4
|
%
|
|
$
|
55,412
|
|
|
$
|
63,082
|
|
|
$
|
7,670
|
|
|
13.8
|
%
|
Effective tax rate
|
|
17.9
|
%
|
|
11.0
|
%
|
|
|
|
|
|
|
|
21.7
|
%
|
|
18.4
|
%
|
|
|
|
|
Operating Cash Flow
(in millions)
|
Investing Cash Flow
(in millions)
|
Financing Cash Flow
(in millions)
|
•
|
maximum ratio of funded debt to earnings before interest, taxes, depreciation and amortization ("EBITDA"); and,
|
•
|
minimum EBITDA coverage ratio, which is calculated as interest payments divided by EBITDA.
|
|
March 31,
2016 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
235,266
|
|
|
$
|
242,461
|
|
Short-term investments
|
160,051
|
|
|
177,442
|
|
||
Accounts receivable, net
|
128,219
|
|
|
141,297
|
|
||
Inventory, net
|
53,162
|
|
|
58,026
|
|
||
Other current assets
|
20,297
|
|
|
26,400
|
|
||
Total current assets
|
596,995
|
|
|
645,626
|
|
||
Long-term investments
|
145,623
|
|
|
134,951
|
|
||
Property, plant, and equipment, net
|
149,735
|
|
|
150,650
|
|
||
Goodwill and purchased intangibles, net
|
15,827
|
|
|
15,640
|
|
||
Deferred tax and other assets
|
25,257
|
|
|
25,874
|
|
||
Total assets
|
$
|
933,437
|
|
|
$
|
972,741
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
39,133
|
|
|
$
|
40,680
|
|
Accrued liabilities
|
70,034
|
|
|
66,057
|
|
||
Total current liabilities
|
109,167
|
|
|
106,737
|
|
||
Long term debt, net of issuance costs
|
489,609
|
|
|
490,696
|
|
||
Long-term income taxes payable
|
11,968
|
|
|
11,726
|
|
||
Other long-term liabilities
|
10,294
|
|
|
13,462
|
|
||
Total liabilities
|
$
|
621,038
|
|
|
$
|
622,621
|
|
Commitments and contingencies (Note 6)
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
|
|
||
Common stock
|
$
|
793
|
|
|
$
|
802
|
|
Additional paid-in capital
|
769,489
|
|
|
801,213
|
|
||
Accumulated other comprehensive income
|
3,759
|
|
|
4,438
|
|
||
Retained earnings
|
257,291
|
|
|
305,425
|
|
||
Total stockholders' equity before treasury stock
|
1,031,332
|
|
|
1,111,878
|
|
||
Less: Treasury stock, at cost
|
(718,933
|
)
|
|
(761,758
|
)
|
||
Total stockholders' equity
|
312,399
|
|
|
350,120
|
|
||
Total liabilities and stockholders' equity
|
$
|
933,437
|
|
|
$
|
972,741
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Net revenues
|
$
|
225,735
|
|
|
$
|
232,933
|
|
|
$
|
647,110
|
|
|
$
|
672,222
|
|
Cost of revenues
|
116,219
|
|
|
122,753
|
|
|
319,266
|
|
|
338,523
|
|
||||
Gross profit
|
109,516
|
|
|
110,180
|
|
|
327,844
|
|
|
333,699
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Research, development, and engineering
|
20,811
|
|
|
21,393
|
|
|
66,614
|
|
|
66,116
|
|
||||
Selling, general, and administrative
|
53,715
|
|
|
56,919
|
|
|
163,689
|
|
|
169,581
|
|
||||
(Gain) loss, net from litigation settlements
|
(91
|
)
|
|
(103
|
)
|
|
(998
|
)
|
|
4,287
|
|
||||
Restructuring and other related charges (credits)
|
8,433
|
|
|
113
|
|
|
8,433
|
|
|
(1,350
|
)
|
||||
Total operating expenses
|
82,868
|
|
|
78,322
|
|
|
237,738
|
|
|
238,634
|
|
||||
Operating income
|
26,648
|
|
|
31,858
|
|
|
90,106
|
|
|
95,065
|
|
||||
Interest expense
|
(7,217
|
)
|
|
(7,322
|
)
|
|
(17,278
|
)
|
|
(21,867
|
)
|
||||
Other non-operating income and (expense), net
|
398
|
|
|
427
|
|
|
(2,025
|
)
|
|
4,119
|
|
||||
Income before income taxes
|
19,829
|
|
|
24,963
|
|
|
70,803
|
|
|
77,317
|
|
||||
Income tax expense
|
3,541
|
|
|
2,742
|
|
|
15,391
|
|
|
14,235
|
|
||||
Net income
|
$
|
16,288
|
|
|
$
|
22,221
|
|
|
$
|
55,412
|
|
|
$
|
63,082
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.50
|
|
|
$
|
0.69
|
|
|
$
|
1.60
|
|
|
$
|
1.96
|
|
Diluted
|
$
|
0.49
|
|
|
$
|
0.68
|
|
|
$
|
1.56
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
||||||||
Shares used in computing earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
32,579
|
|
|
32,242
|
|
|
34,723
|
|
|
32,260
|
|
||||
Diluted
|
33,259
|
|
|
32,826
|
|
|
35,588
|
|
|
32,895
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.45
|
|
|
$
|
0.45
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Net income
|
$
|
16,288
|
|
|
$
|
22,221
|
|
|
$
|
55,412
|
|
|
$
|
63,082
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
34
|
|
|
82
|
|
|
585
|
|
|
(168
|
)
|
||||
Unrealized gains (losses) on cash flow hedges:
|
|
|
|
|
|
|
|
||||||||
Unrealized cash flow hedge gains (losses) arising during the period
|
1,330
|
|
|
2,090
|
|
|
(3,484
|
)
|
|
2,394
|
|
||||
Net (gains) losses reclassified into income for revenue hedges
|
(1,739
|
)
|
|
(2,178
|
)
|
|
(7,474
|
)
|
|
(3,163
|
)
|
||||
Net (gains) losses reclassified into income for cost of revenue hedges
|
1,238
|
|
|
756
|
|
|
3,182
|
|
|
2,072
|
|
||||
Net unrealized gains (losses) on cash flow hedges
|
829
|
|
|
668
|
|
|
(7,776
|
)
|
|
1,303
|
|
||||
Unrealized gains (losses) on investments:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding gains (losses) during the period
|
(637
|
)
|
|
(628
|
)
|
|
(845
|
)
|
|
(586
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Aggregate income tax benefit of the above items
|
150
|
|
|
156
|
|
|
348
|
|
|
130
|
|
||||
Other comprehensive income (loss)
|
376
|
|
|
278
|
|
|
(7,688
|
)
|
|
679
|
|
||||
Comprehensive income
|
$
|
16,664
|
|
|
$
|
22,499
|
|
|
$
|
47,724
|
|
|
$
|
63,761
|
|
|
Nine Months Ended
|
||||||
|
December 31,
|
||||||
|
2015
|
|
2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
55,412
|
|
|
$
|
63,082
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
14,838
|
|
|
15,624
|
|
||
Amortization of debt issuance costs
|
845
|
|
|
1,087
|
|
||
Stock-based compensation
|
24,599
|
|
|
25,005
|
|
||
Excess tax benefit from stock-based compensation
|
(3,300
|
)
|
|
(1,019
|
)
|
||
Deferred income taxes
|
2,185
|
|
|
(753
|
)
|
||
Provision for excess and obsolete inventories
|
1,319
|
|
|
1,292
|
|
||
Restructuring charges (credits)
|
8,433
|
|
|
(1,350
|
)
|
||
Cash payments for restructuring charges
|
—
|
|
|
(3,793
|
)
|
||
Other operating activities
|
5,896
|
|
|
633
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|||
Accounts receivable, net
|
1,279
|
|
|
(13,448
|
)
|
||
Inventory, net
|
(352
|
)
|
|
(5,990
|
)
|
||
Current and other assets
|
(264
|
)
|
|
(2,346
|
)
|
||
Accounts payable
|
5,744
|
|
|
3,626
|
|
||
Accrued liabilities
|
(3,841
|
)
|
|
6,191
|
|
||
Income taxes
|
(8,770
|
)
|
|
(1,141
|
)
|
||
Cash provided by operating activities
|
104,023
|
|
|
86,700
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|||
Proceeds from sales of investments
|
56,890
|
|
|
143,631
|
|
||
Proceeds from maturities of investments
|
51,895
|
|
|
97,253
|
|
||
Purchase of investments
|
(206,110
|
)
|
|
(247,491
|
)
|
||
Capital expenditures
|
(20,977
|
)
|
|
(19,603
|
)
|
||
Cash used for investing activities
|
(118,302
|
)
|
|
(26,210
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|||
Repurchase of common stock
|
(482,776
|
)
|
|
(34,236
|
)
|
||
Employees' tax withheld and paid for restricted stock and restricted stock units
|
(10,804
|
)
|
|
(9,444
|
)
|
||
Proceeds from issuances under stock-based compensation plans
|
9,854
|
|
|
6,516
|
|
||
Proceeds from revolving line of credit
|
155,749
|
|
|
—
|
|
||
Repayments of revolving line of credit
|
(190,249
|
)
|
|
—
|
|
||
Proceeds from bonds issuance, net of issuance costs
|
488,401
|
|
|
—
|
|
||
Payment of cash dividends
|
(16,034
|
)
|
|
(14,947
|
)
|
||
Excess tax benefit from stock-based compensation
|
3,300
|
|
|
1,019
|
|
||
Other financing activity
|
—
|
|
|
761
|
|
||
Cash used for financing activities
|
(42,559
|
)
|
|
(50,331
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(921
|
)
|
|
(2,964
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(57,759
|
)
|
|
7,195
|
|
||
Cash and cash equivalents at beginning of period
|
276,850
|
|
|
235,266
|
|
||
Cash and cash equivalents at end of period
|
$
|
219,091
|
|
|
$
|
242,461
|
|
December 31, 2016
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
|
Cash & Cash Equivalents
|
|
Short-term investments (due in 1 year or less)
|
|
Long-term investments (due in 1 to 3 years)
|
||||||||||||||
Cash
|
|
$
|
242,461
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
242,461
|
|
|
$
|
242,461
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mutual Funds
|
|
11,970
|
|
|
177
|
|
|
(97
|
)
|
|
12,050
|
|
|
—
|
|
|
12,050
|
|
|
—
|
|
|||||||
US Treasury Notes
|
|
25,610
|
|
|
—
|
|
|
(41
|
)
|
|
25,569
|
|
|
—
|
|
|
13,519
|
|
|
12,050
|
|
|||||||
Subtotal
|
|
37,580
|
|
|
177
|
|
|
(138
|
)
|
|
37,619
|
|
|
—
|
|
|
25,569
|
|
|
12,050
|
|
|||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Government Agency Securities
|
|
59,332
|
|
|
6
|
|
|
(144
|
)
|
|
59,194
|
|
|
—
|
|
|
15,226
|
|
|
43,968
|
|
|||||||
Commercial Paper
|
|
49,904
|
|
|
—
|
|
|
—
|
|
|
49,904
|
|
|
—
|
|
|
49,904
|
|
|
—
|
|
|||||||
Corporate Bonds
|
|
144,291
|
|
|
8
|
|
|
(269
|
)
|
|
144,030
|
|
|
—
|
|
|
68,804
|
|
|
75,226
|
|
|||||||
Certificates of Deposits ("CDs")
|
|
21,646
|
|
|
—
|
|
|
—
|
|
|
21,646
|
|
|
—
|
|
|
17,939
|
|
|
3,707
|
|
|||||||
Subtotal
|
|
275,173
|
|
|
14
|
|
|
(413
|
)
|
|
274,774
|
|
|
—
|
|
|
151,873
|
|
|
122,901
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total cash, cash equivalents
and investments measured at fair value |
|
$
|
555,214
|
|
|
$
|
191
|
|
|
$
|
(551
|
)
|
|
$
|
554,854
|
|
|
$
|
242,461
|
|
|
$
|
177,442
|
|
|
$
|
134,951
|
|
March 31, 2016
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
|
Cash & Cash Equivalents
|
|
Short-term investments (due in 1 year or less)
|
|
Long-term investments (due in 1 to 3 years)
|
||||||||||||||
Cash
|
|
$
|
232,600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
232,600
|
|
|
$
|
232,600
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Level 1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Mutual Funds
|
|
10,025
|
|
|
32
|
|
|
(548
|
)
|
|
9,509
|
|
|
—
|
|
|
9,509
|
|
|
—
|
|
|||||||
US Treasury Notes
|
|
25,051
|
|
|
21
|
|
|
(9
|
)
|
|
25,063
|
|
|
—
|
|
|
12,993
|
|
|
12,070
|
|
|||||||
Subtotal
|
|
35,076
|
|
|
53
|
|
|
(557
|
)
|
|
34,572
|
|
|
—
|
|
|
22,502
|
|
|
12,070
|
|
|||||||
Level 2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Government Agency Securities
|
|
72,698
|
|
|
24
|
|
|
(20
|
)
|
|
72,702
|
|
|
—
|
|
|
10,521
|
|
|
62,181
|
|
|||||||
Commercial Paper
|
|
37,628
|
|
|
—
|
|
|
—
|
|
|
37,628
|
|
|
650
|
|
|
36,978
|
|
|
—
|
|
|||||||
Corporate Bonds
|
|
147,662
|
|
|
234
|
|
|
(97
|
)
|
|
147,799
|
|
|
2,016
|
|
|
77,115
|
|
|
68,668
|
|
|||||||
Certificates of Deposits ("CDs")
|
|
15,639
|
|
|
—
|
|
|
—
|
|
|
15,639
|
|
|
—
|
|
|
12,935
|
|
|
2,704
|
|
|||||||
Subtotal
|
|
273,627
|
|
|
258
|
|
|
(117
|
)
|
|
273,768
|
|
|
2,666
|
|
|
137,549
|
|
|
133,553
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total cash, cash equivalents
and investments measured at fair value |
|
$
|
541,303
|
|
|
$
|
311
|
|
|
$
|
(674
|
)
|
|
$
|
540,940
|
|
|
$
|
235,266
|
|
|
$
|
160,051
|
|
|
$
|
145,623
|
|
|
|
March 31,
|
|
December 31,
|
||||
(in thousands)
|
|
2016
|
|
2016
|
||||
Accounts receivable
|
|
$
|
163,834
|
|
|
$
|
188,234
|
|
Provisions for returns
|
|
(7,314
|
)
|
|
(11,922
|
)
|
||
Provisions for promotions, rebates, and other
|
|
(27,737
|
)
|
|
(34,545
|
)
|
||
Provisions for doubtful accounts and sales allowances
|
|
(564
|
)
|
|
(470
|
)
|
||
Accounts receivable, net
|
|
$
|
128,219
|
|
|
$
|
141,297
|
|
|
|
March 31,
|
|
December 31,
|
||||
(in thousands)
|
|
2016
|
|
2016
|
||||
Raw materials
|
|
$
|
21,612
|
|
|
$
|
23,586
|
|
Work in process
|
|
527
|
|
|
254
|
|
||
Finished goods
|
|
31,023
|
|
|
34,186
|
|
||
Inventory, net
|
|
$
|
53,162
|
|
|
$
|
58,026
|
|
|
|
March 31,
|
|
December 31,
|
||||
(in thousands)
|
|
2016
|
|
2016
|
||||
Employee compensation and benefits
|
|
$
|
22,955
|
|
|
$
|
31,110
|
|
Accrued interest on 5.50% Senior Notes
|
|
10,501
|
|
|
3,494
|
|
||
Warranty obligation
|
|
8,537
|
|
|
8,947
|
|
||
VAT/Sales tax payable
|
|
4,894
|
|
|
4,656
|
|
||
Restructuring and other related charges
|
|
5,783
|
|
|
441
|
|
||
Accrued other
|
|
17,364
|
|
|
17,409
|
|
||
Accrued liabilities
|
|
$
|
70,034
|
|
|
$
|
66,057
|
|
|
|
Nine Months Ended
December 31, |
||||||
(in thousands)
|
|
2015
|
|
2016
|
||||
Warranty obligation at beginning of period
|
|
$
|
7,717
|
|
|
$
|
8,537
|
|
Warranty provision related to products shipped
|
|
6,942
|
|
|
7,248
|
|
||
Deductions for warranty claims processed
|
|
(6,490
|
)
|
|
(7,246
|
)
|
||
Adjustments related to preexisting warranties
|
|
552
|
|
|
408
|
|
||
Warranty obligation at end of period
|
|
$
|
8,721
|
|
|
$
|
8,947
|
|
|
March 31, 2016
|
|
December 31, 2016
|
||||||||||||
(in thousands)
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
5.50% Senior Notes
|
$
|
493,440
|
|
|
$
|
489,609
|
|
|
$
|
507,105
|
|
|
$
|
490,696
|
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Cost of revenues
|
|
$
|
811
|
|
|
$
|
794
|
|
|
$
|
2,469
|
|
|
$
|
2,414
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research, development, and engineering
|
|
2,286
|
|
|
1,771
|
|
|
7,264
|
|
|
6,663
|
|
||||
Selling, general, and administrative
|
|
4,620
|
|
|
6,124
|
|
|
14,866
|
|
|
15,928
|
|
||||
Stock-based compensation included in operating expenses
|
|
6,906
|
|
|
7,895
|
|
|
22,130
|
|
|
22,591
|
|
||||
Total stock-based compensation
|
|
7,717
|
|
|
8,689
|
|
|
24,599
|
|
|
25,005
|
|
||||
Income tax benefit
|
|
(2,238
|
)
|
|
(2,986
|
)
|
|
(7,202
|
)
|
|
(8,635
|
)
|
||||
Total stock-based compensation, net of tax
|
|
$
|
5,479
|
|
|
$
|
5,703
|
|
|
$
|
17,397
|
|
|
$
|
16,370
|
|
(in thousands)
|
|
March 31, 2016
|
|
December 31, 2016
|
|||||
Accumulated unrealized gain (loss) on cash flow hedges
(1)
|
|
$
|
(1,087
|
)
|
|
$
|
180
|
|
|
Accumulated foreign currency translation adjustments
|
|
4,739
|
|
|
4,571
|
|
|||
Accumulated unrealized gain (loss) on investments
|
|
107
|
|
|
(313
|
)
|
|||
Accumulated other comprehensive income
|
|
$
|
3,759
|
|
|
$
|
4,438
|
|
(in thousands)
|
|
March 31, 2016
|
|
December 31, 2016
|
||||
Derivative Assets (recorded in 'Other current assets')
|
|
|
|
|
||||
Non-designated hedges
|
|
$
|
33
|
|
|
$
|
410
|
|
Cash flow hedges
|
|
1,952
|
|
|
4,321
|
|
||
Total Derivative Assets
|
|
$
|
1,985
|
|
|
$
|
4,731
|
|
|
|
|
|
|
||||
Derivative Liabilities (recorded in 'Accrued liabilities')
|
|
|
|
|
||||
Non-designated hedges
|
|
$
|
1,163
|
|
|
$
|
24
|
|
Cash flow hedges
|
|
3,255
|
|
|
3,028
|
|
||
Total Derivative Liabilities
|
|
$
|
4,418
|
|
|
$
|
3,052
|
|
(in thousands)
|
Local Currency
|
|
USD Equivalent
|
|
Position
|
|
Maturity
|
||||
EUR
|
€
|
35,900
|
|
|
$
|
37,955
|
|
|
Sell EUR
|
|
1 month
|
GBP
|
£
|
5,900
|
|
|
$
|
7,281
|
|
|
Sell GBP
|
|
1 month
|
AUD
|
A$
|
13,200
|
|
|
$
|
9,537
|
|
|
Sell AUD
|
|
1 month
|
CAD
|
C$
|
3,750
|
|
|
$
|
2,793
|
|
|
Sell CAD
|
|
1 month
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Gain (loss) on foreign exchange contracts
|
|
$
|
960
|
|
|
$
|
3,801
|
|
|
$
|
1,108
|
|
|
$
|
5,551
|
|
(in millions)
|
|
March 31, 2016
|
|
December 31, 2016
|
||||
|
|
EUR
|
|
GBP
|
|
EUR
|
|
GBP
|
Option contracts
|
|
€59.4
|
|
£18.4
|
|
€66.7
|
|
£23.2
|
Forward contracts
|
|
€23.9
|
|
£9.1
|
|
€15.2
|
|
£2.8
|
(in thousands)
|
Local Currency
|
|
USD Equivalent
|
|
Position
|
|
Maturity
|
||||
MXN
|
382,590
|
|
|
$
|
20,476
|
|
|
Buy MXN
|
|
Monthly over
|
21 months
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Gain (loss) included in AOCI as of beginning of period
|
|
$
|
(2,900
|
)
|
|
$
|
(471
|
)
|
|
$
|
5,705
|
|
|
$
|
(1,106
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Amount of gain (loss) recognized in other comprehensive income (“OCI”)
(effective portion)
|
|
1,330
|
|
|
2,090
|
|
|
(3,484
|
)
|
|
2,394
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)
|
|
1,739
|
|
|
2,178
|
|
|
7,474
|
|
|
3,163
|
|
||||
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)
|
|
(1,238
|
)
|
|
(756
|
)
|
|
(3,182
|
)
|
|
(2,072
|
)
|
||||
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)
|
|
501
|
|
|
1,422
|
|
|
4,292
|
|
|
1,091
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Gain (loss) included in AOCI as of end of period
|
|
$
|
(2,071
|
)
|
|
$
|
197
|
|
|
$
|
(2,071
|
)
|
|
$
|
197
|
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands, except per share data)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
16,288
|
|
|
$
|
22,221
|
|
|
$
|
55,412
|
|
|
$
|
63,082
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares-basic
|
|
32,579
|
|
|
32,242
|
|
|
34,723
|
|
|
32,260
|
|
||||
Dilutive effect of employee equity incentive plans
|
|
680
|
|
|
584
|
|
|
865
|
|
|
635
|
|
||||
Weighted average common shares-diluted
|
|
33,259
|
|
|
32,826
|
|
|
35,588
|
|
|
32,895
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
0.50
|
|
|
$
|
0.69
|
|
|
$
|
1.60
|
|
|
$
|
1.96
|
|
Diluted earnings per common share
|
|
$
|
0.49
|
|
|
$
|
0.68
|
|
|
$
|
1.56
|
|
|
$
|
1.92
|
|
|
|
|
|
|
|
|
|
|
||||||||
Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive
|
|
353
|
|
|
473
|
|
|
289
|
|
|
573
|
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Net revenues from unaffiliated customers:
|
|
|
|
|
|
|
|
|
||||||||
Enterprise
|
|
$
|
158,251
|
|
|
$
|
157,345
|
|
|
$
|
470,476
|
|
|
$
|
467,784
|
|
Consumer
|
|
67,484
|
|
|
75,588
|
|
|
176,634
|
|
|
204,438
|
|
||||
Total net revenues
|
|
$
|
225,735
|
|
|
$
|
232,933
|
|
|
$
|
647,110
|
|
|
$
|
672,222
|
|
|
|
Three Months Ended
December 31, |
|
Nine Months Ended
December 31, |
||||||||||||
(in thousands)
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
||||||||
Net revenues from unaffiliated customers:
|
|
|
|
|
|
|
|
|
||||||||
U.S.
|
|
$
|
122,075
|
|
|
$
|
123,719
|
|
|
$
|
363,456
|
|
|
$
|
371,019
|
|
|
|
|
|
|
|
|
|
|
||||||||
Europe and Africa
|
|
62,292
|
|
|
63,233
|
|
|
164,117
|
|
|
168,722
|
|
||||
Asia Pacific
|
|
27,506
|
|
|
27,164
|
|
|
82,240
|
|
|
81,979
|
|
||||
Americas, excluding U.S.
|
|
13,862
|
|
|
18,817
|
|
|
37,297
|
|
|
50,502
|
|
||||
Total international net revenues
|
|
103,660
|
|
|
109,214
|
|
|
283,654
|
|
|
301,203
|
|
||||
Total net revenues
|
|
$
|
225,735
|
|
|
$
|
232,933
|
|
|
$
|
647,110
|
|
|
$
|
672,222
|
|
(in millions)
|
|
March 31, 2016
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
|
$
|
235.3
|
|
|
$
|
242.5
|
|
Short-term investments
|
|
$
|
160.1
|
|
|
$
|
177.4
|
|
Long-term investments
|
|
$
|
145.6
|
|
|
$
|
135.0
|
|
Currency - forward contracts
|
Position
|
|
USD Value of Net Foreign Exchange Contracts
|
|
Foreign Exchange Gain From 10% Appreciation of USD
|
|
Foreign Exchange Loss From 10% Depreciation of USD
|
||||||
EUR
|
Sell EUR
|
|
$
|
38.0
|
|
|
$
|
3.8
|
|
|
$
|
(3.8
|
)
|
GBP
|
Sell GBP
|
|
$
|
7.3
|
|
|
$
|
0.7
|
|
|
$
|
(0.7
|
)
|
AUD
|
Sell AUD
|
|
$
|
9.5
|
|
|
$
|
0.3
|
|
|
$
|
(0.3
|
)
|
CAD
|
Sell CAD
|
|
$
|
2.8
|
|
|
$
|
1.0
|
|
|
$
|
(1.0
|
)
|
Currency - option contracts
|
USD Value of Net Foreign Exchange Contracts
|
|
Foreign Exchange Gain From 10% Appreciation of USD
|
|
Foreign Exchange Loss From 10% Depreciation of USD
|
||||||
Call options
|
$
|
109.7
|
|
|
$
|
0.5
|
|
|
$
|
(2.4
|
)
|
Put options
|
$
|
101.1
|
|
|
$
|
7.0
|
|
|
$
|
(4.2
|
)
|
Forwards
|
$
|
20.2
|
|
|
$
|
1.9
|
|
|
$
|
(1.9
|
)
|
Currency - cross-currency swap contracts
|
USD Value of Net Foreign Exchange Contracts
|
|
Foreign Exchange Loss From 10% Appreciation of USD
|
|
Foreign Exchange Gain From 10% Depreciation of USD
|
||||||
Position: Buy MXN
|
$
|
20.5
|
|
|
$
|
(1.6
|
)
|
|
$
|
1.9
|
|
(a)
|
Evaluation of disclosure controls and procedures
|
(b)
|
Changes in internal control over financial reporting
|
•
|
The implementation or expansion of trade restrictions, sanctions or other penalties against one or more countries, its citizens or industries
|
•
|
Compliance with anti-bribery laws, including the United States Foreign Corrupt Practices Act and the United Kingdom's Bribery Act
|
|
Total Number of Shares Purchased
1
|
|
Average Price Paid per Share
2
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
1
|
|
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
6
|
|||||
October 2, 2016 to October 29, 2016
|
32,155
|
|
3
|
$
|
51.56
|
|
|
30,953
|
|
|
990,037
|
|
October 30, 2016 to November 26, 2016
|
123,122
|
|
4
|
$
|
48.36
|
|
|
120,202
|
|
|
869,835
|
|
November 27, 2016 to December 31, 2016
|
2,080
|
|
5
|
$
|
—
|
|
|
—
|
|
|
869,835
|
|
1
|
|
On July 29, 2016, the Board of Directors authorized a new program to repurchase 1,000,000 shares of our common stock.
|
|
|
|
2
|
|
"Average Price Paid per Share" reflects open market repurchases of common stock only.
|
|
|
|
3
|
|
Includ
es
1,202 s
hares
that were tendered to us in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under our stock plans.
|
|
|
|
4
|
|
Includes 2,920 s
hares
that were tendered to us in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under our stock plans.
|
|
|
|
5
|
|
Includes 2,080 sh
ares
that were tendered to us in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under our stock plans.
|
|
|
|
6
|
|
These shares reflect the available shares authorized for repurchase under the program approved by the Board on July 29, 2016.
|
Exhibit Number
|
|
|
|
Incorporation by Reference
|
|
Filed Herewith
|
||||||
|
Exhibit Description
|
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing Date
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANTRONICS, INC.
|
|
|
|
|
|
Date:
|
January 31, 2017
|
By:
|
/s/ Pamela Strayer
|
|
|
Name:
|
Pamela Strayer
|
|
|
Title:
|
Senior Vice President and Chief Financial Officer
|
1 Year Plantronics Chart |
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