Poly Announces Third Quarter Fiscal Year 2021 Financial Results
Poly Announces Third Quarter Fiscal Year 2021 Financial Results
Delivers Strong Revenue and Profitability Driven by Record Professional Headset and Video Revenues as Long-Term Trends Toward Remote Work and Video Collaboration Accelerate
New Products, Partnerships, and Distribution Strategies Target Post-Pandemic Environment and Evolving Purchasing Patterns
Improved Operational Execution Drives Solid Operating Cash Flow
SANTA CRUZ, Calif., Feb. 4, 2021 /PRNewswire/ -- Poly (NYSE: PLT), a global outfitter of professional-grade audio and video technology, today announced third quarter results for the period ended December 26, 2020.
Highlights for the third quarter include:
Poly posted record Professional Headset and Video revenues, with unit shipments more than doubling in each category year over year, reflecting the massive shift in the way work is done, where work is done, and the importance of reliable, high-fidelity connectivity.
The Company announced the Poly Studio P Series, a new family of sophisticated prosumer video solutions, addressing the growing need for tools that allow professionals to work from anywhere, connect easily using any platform, and enjoy enterprise-grade service and support.
The Company also announced Poly Lens Desktop App and Poly+. Poly Lens provides insights and management capabilities for voice, video, and headsets under a single pane of glass, while Poly+ is a personal device service providing 24/7 tech-support, overnight replacement, and advanced troubleshooting tools.
Microban and Poly announced an exclusive relationship in which Microban's antimicrobial technology will be incorporated into Poly high-touch collaboration devices.
Ongoing operational and turnaround efforts continue to show momentum and bottom-line results. Key additions have been made to the executive leadership team, including the appointments of Grant Hoffman as EVP Chief Supply Chain Officer, Gloria Loredo as Chief Transformation Officer, Lisa Bodensteiner as EVP Chief Legal and Compliance Officer and Corporate Secretary, and John Goodwin as SVP, Public Affairs.
The Company generated $31M in operating cash flow, retired $12M of debt, and ended the quarter with $245M in cash and short-term investments, setting the stage for continued de-levering.
"We believe the end markets for professional-grade communications gear have permanently expanded, because work is no longer a place, it's what you do," said Dave Shull, Poly President and Chief Executive Officer. "In a world less dependent on being in the same room, but still demanding live interaction, the importance of pro-grade, easy-to-use technology that offers a superior remote experience is paramount. Poly is a company built on connecting people. And customers are responding because we offer superior products and services."
"We continue to operate with a sense of urgency as it relates to improving our operations," said Chuck Boynton, Executive Vice President and Chief Financial Officer. "We've taken concrete steps to control costs, make disciplined investments in new products, and balance supply chain exposures. And we're seeing that tactical execution reflected in this quarter's results. In particular, the strong profitability and cash flow we posted today allows us to accelerate de-levering, as debt reduction remains a top priority."
About Poly
Poly (NYSE: PLT) 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. 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.
Poly and the propeller design are trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.