PLANTRONICS INC /CA/

CIK:0000914025|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Net revenues	$ 415,559	$ 431,172
Cost of revenues	247,518	255,983
Gross profit	168,041	175,189
Operating expenses
Research, development, and engineering	51,269	45,466
Selling, general, and administrative	131,903	120,734
Restructuring and other related charges	(49)	28,972
Total operating expenses	183,123	195,172
Operating loss	(15,082)	(19,983)
Interest expense	16,121	21,782
Other non-operating expense (income), net	2,922	(692)
Loss before income taxes	(34,125)	(41,073)
Income tax benefit	(1,038)	(4,262)
Net loss	$ (33,087)	$ (36,811)
Per share data
Basic (in dollars per share)	$ (0.76)	$ (0.88)
Diluted (in dollars per share)	$ (0.76)	$ (0.88)
Basic (in shares)	43,428	42,061
Diluted (in shares)	43,428	42,061
Product
Net revenues	$ 364,208	$ 371,203
Cost of revenues	231,677	235,196
Service
Net revenues	51,351	59,969
Cost of revenues	$ 15,841	$ 20,787

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Cash flows from operating activities
Net loss	$ (33,087)	$ (36,811)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization	36,577	39,833
Amortization of debt issuance costs	1,054	2,937
Stock-based compensation	14,594	10,416
Deferred income taxes	1,243	(5,943)
Provision for excess and obsolete inventories	1,027	5,310
Restructuring and other related charges	(49)	28,972
Cash payments for restructuring charges	(2,859)	(12,230)
Other operating activities	1,323	920
Changes in assets and liabilities
Accounts receivable, net	2,763	(3,758)
Inventory, net	(11,913)	6,326
Current and other assets	9,961	(3,919)
Accounts payable	6,158	12,515
Accrued liabilities	(22,962)	(40,265)
Income taxes	(6,811)	(3,454)
Net cash (used in) provided by operating activities	(2,981)	849
Cash flows from investing activities
Purchases of short-term investments	(65)	(404)
Capital expenditures	(7,132)	(6,052)
Other investing activities	0	(4,000)
Net cash used in investing activities	(7,197)	(10,456)
Cash flows from financing activities
Employees' tax withheld and paid for restricted stock and restricted stock units	(14,243)	(10,225)
Proceeds from issuances under stock-based compensation plans	10	9
Repayments of long-term debt	0	(480,689)
Net cash used in financing activities	(14,233)	(490,905)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(3,227)	805
Net decrease in cash and cash equivalents and restricted cash	(27,638)	(499,707)
Cash and cash equivalents and restricted cash at beginning of period	170,000	696,468
Cash and cash equivalents and restricted cash at end of period	$ 142,362	$ 196,761

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 02, 2022	Apr. 02, 2022
Current assets
Cash and cash equivalents	$ 142,362	$ 170,000
Short-term investments	11,908	13,703
Accounts receivable, net	274,939	277,924
Inventory, net	245,189	234,102
Other current assets	90,918	83,410
Total current assets	765,316	779,139
Property, plant, and equipment, net	124,052	127,021
Purchased intangibles, net	202,437	230,478
Goodwill	796,216	796,216
Deferred tax assets	214,229	215,861
Other non-current assets	68,449	76,639
Total assets	2,170,699	2,225,354
Current liabilities
Accounts payable	173,252	168,610
Accrued liabilities	317,219	338,836
Total current liabilities	490,471	507,446
Long-term debt, net	1,501,337	1,500,283
Long-term income taxes payable	66,770	68,082
Other non-current liabilities	118,515	129,381
Total liabilities	2,177,093	2,205,192
Commitments and contingencies (Note 6)
Stockholders' (deficit) equity
Common stock	940	930
Additional paid-in capital	1,630,792	1,616,198
Accumulated other comprehensive income	39,081	32,911
Accumulated deficit	(780,403)	(747,316)
Total stockholders' equity before treasury stock	890,410	902,723
Less: Treasury stock, at cost	(896,804)	(882,561)
Total stockholders' (deficit) equity	(6,394)	20,162
Total liabilities and stockholders' (deficit) equity	$ 2,170,699	$ 2,225,354