SANTA CRUZ, Calif. , May 27, 2022 /PRNewswire/ -- Poly (NYSE: POLY), a global outfitter of professional-grade audio and video technology, today announced fourth quarter results for the period ended April 2, 2022 .
($ Millions, except percent and per-share data)1
For further information on supplemental non-GAAP metrics, refer to the Use of Non-GAAP Financial Information and Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures sections below.
In light of the pending merger of Poly with HP, Inc., Poly will not provide fiscal 2023 guidance and will not hold a conference call to discuss these results.
Poly (NYSE: POLY) creates premium audio and video products so you can have your best meeting -- anywhere, anytime, every time. Our headsets, video and audio-conferencing products, desk phones, analytics software and services are beautifully designed and engineered to connect people with incredible clarity. They're pro-grade, easy to use and work seamlessly with all the best video and audio-conferencing services. Poly MeetingAI delivers a broadcast quality video conferencing experience with Poly DirectorAI technology which uses artificial intelligence and machine learning to deliver real-time automatic transitions, framing and tracking, while NoiseBlockAI and Acoustic Fence technologies block-out unwanted background noise. With Poly (Plantronics, Inc. – formerly Plantronics and Polycom), you'll do more than just show up, you'll stand out. For more information visit www.Poly.com.
All other trademarks are the property of their respective owners.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except percentages and per share data)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Loss, net from litigation settlements
Restructuring and other related charges
Other non-operating expense (income), net
(Loss) income before income taxes
Basic (loss) earnings per common share
Diluted (loss) earnings per common share
Basic shares used in computing (loss) earnings per common share
Diluted shares used in computing (loss) earnings per common share
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Total cash and cash equivalents, restricted cash, and short-term investments
Property, plant, and equipment, net
Deferred tax and other non-current assets
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current portion of long-term debt
Total liabilities and stockholders' equity (deficit)
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash flows from operating activities
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities
Amortization of debt issuance cost
Provision for excess and obsolete inventories
Restructuring and other related charges
Cash payments for restructuring charges
Changes in assets and liabilities
Net cash (used in) provided by operating activities
Cash flows from investing activities
Proceeds from sales of short-term investments
Proceeds from sale of property, plant, and equipment
Net cash used in investing activities
Cash flows from financing activities
Employees' tax withheld and paid for restricted stock and restricted stock units
Proceeds from issuances under stock-based compensation plans
Proceeds from revolving line of credit
Repayments of revolving line of credit
Proceeds from debt issuance, net of issuance costs
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Net (decrease) increase in cash, cash equivalents, and restricted cash
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents and restricted cash at end of period
To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP 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. These non-GAAP measures are adjusted from the most directly comparable GAAP measures to exclude certain non-cash transactions and activities that are not reflective of our ongoing core operations, as further described below. We believe the use of each of these non-GAAP measures provides meaningful supplemental information in assessing our operating performance and liquidity across reporting periods on a consistent basis and are used by management in evaluating financial performance and in strategic planning. These non-GAAP measures may differ from those used by other companies and are not intended to be considered in isolation of, or as a substitute for, financial results prepared in accordance with GAAP. Certain prior year amounts have been reclassified for consistency with current year presentation.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
GAAP Research, development, and engineering
Non-GAAP Research, development, and engineering
GAAP Selling, general, and administrative
Deferred compensation mark to market
Non-GAAP Selling, general, and administrative
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
Restructuring and other related charges
Deferred compensation mark to market
Loss, net from litigation settlements
Restructuring and other related charges
Deferred compensation mark to market
Loss, net from litigation settlements
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except per share data)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
Restructuring and other related charges
Deferred compensation mark to market
Loss, net from litigation settlements
Income tax effect of above items
Income tax effect of unusual tax items
GAAP Diluted (loss) earnings per common share
Restructuring and other related charges
Loss, net from litigation settlements
Deferred compensation mark to market
Non-GAAP Diluted earnings per common share
Shares used in diluted (loss) earnings per common share calculation:
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
Other non-operating (income) expense, net
Restructuring and other related charges
Deferred compensation mark to market
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