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Press Release: Poly Announces Third Quarter -4-

· 02/04/2021 16:05
adjustments and other adjustments depending on the nature of the underlying items. The exclusion of the above-mentioned items eliminates the effect of certain non-recurring and unusual tax items that do not necessarily reflect the Company's long-term operations. 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 Nine Months Ended December 26, December 28, December 26, December 28, 2020 2019 2020 2019 GAAP Net revenues $484,685 $384,471 $1,251,375 $1,293,947 Deferred revenue purchase accounting 3,289 7,131 12,608 27,815 Non-GAAP Net revenues $487,974 $391,602 $1,263,983 $1,321,762 GAAP Gross profit $226,657 $143,846 $563,736 $562,563 Purchase accounting amortization 16,459 30,819 51,873 91,535 Deferred revenue purchase accounting 3,289 7,131 12,608 27,815 Consumer optimization -- 10,415 -- 10,415 Stock-based compensation 799 1,019 2,374 2,994 Integration and rebranding costs -- 100 -- 1,169 Non-GAAP Gross profit $247,204 $193,330 $630,591 $696,491 Non-GAAP Gross profit % 50.7 % 49.4 % 49.9 % 52.7 % GAAP Research, development, and engineering $54,150 $53,769 $156,327 $170,708 Stock-based compensation (3,441) (4,584) (10,740) (12,516) Integration and rebranding costs -- (538) -- (2,439) Other adjustments -- -- -- (542) Non-GAAP Research, development, and engineering $50,709 $48,647 $145,587 $155,211 GAAP Selling, general, and administrative $129,641 $144,978 $361,892 $457,004 Purchase accounting amortization (14,195) (15,278) (42,585) (45,834) Stock-based compensation (7,246) (8,299) (17,995) (25,989) Deferred compensation mark to market (1,632) -- (2,346) -- Integration and rebranding costs -- (8,039) -- (42,288) Other adjustments -- (4) -- Non-GAAP Selling, general, and administrative $106,568 $113,362 $298,962 $342,893 PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED) Three Months Ended Nine Months Ended December December December December 26, 28, 26, 28, 2020 2019 2020 2019 GAAP Operating expenses $197,768 $220,471 $585,257 $673,646 Purchase accounting amortization (14,195) (15,278) (42,585) (45,834) Stock-based compensation (10,687) (12,883) (28,735) (38,505) Restructuring and other related charges (13,977) (21,724) (49,477) (47,096) Deferred compensation mark to market (1,632) -- (2,346) -- Integration and rebranding costs -- (8,577) -- (44,727) Loss, net from litigation settlements -- -- (17,561) -- Other adjustments -- -- (4) 620 Non-GAAP Operating expenses $157,277 $162,009 $444,549 $498,104 GAAP Operating income (loss) $28,889 $(76,625) $(21,521) $(111,083) Purchase accounting amortization 30,654 46,097 94,458 137,369 Stock-based compensation 11,486 13,902 31,109 41,499 Restructuring and other related charges 13,977 21,724 49,477 47,096 Deferred revenue purchase accounting 3,289 7,131 12,608 27,815 Deferred compensation mark to market 1,632 -- 2,346 -- Consumer optimization -- 10,415 -- 10,415 Loss, net from litigation settlements -- -- 17,561 -- Integration and rebranding costs -- 8,677 -- 45,896 Other adjustments -- -- 4 (620) Non-GAAP Operating income $89,927 $31,321 $186,042 $198,387 PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED) Three Months Ended Nine Months Ended December December December December 26, 28, 26, 28, 2020 2019 2020 2019 GAAP Net income (loss) $ 20,113 $(78,483) $(68,307) $(149,264) Purchase accounting amortization 30,654 46,097 94,458 137,369 Stock-based compensation 11,486 13,902 31,109 41,499 Restructuring and other related charges 13,977 21,724 49,477 47,096 Deferred revenue purchase accounting 3,289 7,131 12,608 27,815 Consumer optimization -- 10,415 -- 10,415 Deferred compensation mark to market 49 -- 84 -- Loss, net from litigation settlements -- -- 17,561 -- Integration and rebranding costs -- 8,677 -- 45,896 Other adjustments -- -- 8 (620) Income tax effect of above items (2,175) (17,021) (15,746) (45,015) Income tax effect of unusual tax items (15,291) 1(482) (7,422) 1(2,001) Non-GAAP Net income $ 62,102 $11,960 $113,830 $113,190 GAAP Diluted earnings per common share $ 0.48 $(1.97) $(1.67) $(3.78) Purchase accounting amortization 0.73 1.16 2.28 3.46 Stock-based compensation 0.27 0.35 0.75 1.04 Restructuring and other related charges 0.33 0.54 1.20 1.19 Deferred revenue purchase accounting 0.08 0.18 0.30 0.70 Consumer optimization -- 0.26 -- 0.26 Loss, net from litigation settlements -- -- 0.42 -- Integration and rebranding costs -- 0.22 -- 1.15 Deferred compensation mark to market -- -- 0.01 -- Other adjustments -- -- -- (0.01) Income tax effect (0.42) (0.44) (0.54) (1.19) Effect of anti-dilutive securities -- -- -- 0.03 Non-GAAP Diluted earnings per common share $ 1.47 $0.30 $2.75 $2.85 Shares used in diluted earnings per common share calculation: GAAP 42,184 39,784 40,894 39,535 Non-GAAP 42,184 39,870 41,347 39,731 1 Income tax effect of unusual tax items: Excluded amounts primarily represent the impact of statutory tax rate changes on net deferred tax assets related to intellectual property in the Netherlands enacted during the third quarter of fiscal 2021 and amortization of intellectual property, impact of valuation allowance, and the release of tax reserves during the first quarter of fiscal 2020. PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA Twelve Months Three Months Ended Ended December September December December 28 March 28, June 27, 26, 26, 26, 2019 2020 2020 2020 2020 2020 GAAP Net income (loss) $(78,483) $(662,820) $(75,015) $(13,405) $ 20,113 $(731,127) Tax provision (19,708) (37,995) (3,177) 3,013 (7,045) (45,204) Interest expense 22,533 22,378 21,184 18,581 18,417 80,560 Other income and expense (967) 562 (224) (1,366) (2,596) (3,624) Deferred revenue purchase accounting 7,131 6,138 5,082 4,237 3,289 18,746 Consumer optimization 10,415 -- -- -- -- -- Integration and rebranding costs 8,677 2,321 197 -- -- 2,518 Stock-based compensation 13,902 15,596 9,360 10,263 11,486 46,705 Restructuring and other related charges 21,724 7,080 29,330 6,170 13,977 56,557 Impairment charges -- 648,231 -- -- -- 648,231 Loss, net from litigation settlements -- -- 17,561 -- -- 17,561 Deferred compensation mark to market -- -- -- 714 1,632 2,346 Other adjustments -- 419 -- (185) -- 234 Depreciation and amortization 57,556 57,632 43,400 40,971 40,510 182,513 Adjusted EBITDA $42,780 $59,542 $47,698 $68,993 $ 99,783 $276,016

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February 04, 2021 16:05 ET (21:05 GMT)