8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934

Date of Report (Date of earliest event reported):

July 28, 2020

PLANTRONICS, INC.

(Exact name of Registrant as Specified in its Charter)

Delaware	1-12696	77-0207692
(State or Other Jurisdiction of Incorporation)	(Commission file number)	(I.R.S. Employer Identification No.)

345 Encinal Street

Santa Cruz, California 95060

(Address of Principal Executive Offices including Zip Code)

(831) 426-5858

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
COMMON STOCK, $0.01 PAR VALUE	PLT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition

On July 28, 2020, Plantronics, Inc. ("the Company"), a Delaware corporation, issued a press release and accompanying Company overview presentation reporting its preliminary and unaudited results of operations and financial condition for the first quarter of Fiscal Year 2021, which ended on June 27, 2020. Copies of these documents are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.

The information contained in this Item 2.02 as well as Exhibits 99.1 and 99.2 attached hereto are intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

The following exhibits are filed as part of this Current Report on Form 8-K:

Exhibit Number	Description
99.1	Press release issued by Plantronics, Inc. on July 28, 2020, entitled "Poly Announces First Quarter Fiscal Year 2021 Financial Results"
99.2	Company overview presentation issued by Plantronics, Inc. on July 28, 2020, entitled "Poly Company Overview"

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 

Date:	July 28, 2020	PLANTRONICS, INC.
		By:	/s/ Charles D. Boynton
		Name:	Charles D. Boynton
		Title:	Executive Vice President and Chief Financial Officer

EX-99.1

Poly Announces First Quarter Fiscal Year 2021 Financial Results

WFH Trends and Supply Constraints Drive Results

SANTA CRUZ, Calif., - July 28, 2020 - Plantronics, Inc. (NYSE: PLT) ("Poly" or the "Company") today announced first quarter results for the period ending June 27, 2020. Preliminary highlights of the first quarter include the following:

($ Millions, except percent and per-share data)1	Q1 FY21			Q1 FY20
GAAP Revenue		$356			$448
GAAP Gross Margin	43.9		%	47.5		%
GAAP Operating Loss		($57	)		($29	)
GAAP Diluted EPS		($1.85	)		($1.14	)
Cash Flow from Operations		$42			$8
Non-GAAP Revenue		$361			$460
Non-GAAP Gross Margin	50.0		%	55.8		%
Non-GAAP Operating Income		$37			$86
Non-GAAP Diluted EPS		$0.33			$1.32
Adjusted EBITDA		$48			$98

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.

"We are working aggressively to fulfill elevated headset demand driven by the hybrid working trend as we navigate product shifts and supply chain challenges,” said Robert Hagerty, Chairman of the Poly Board of Directors and Interim Chief Executive Officer. “We continue to make progress on the transformation necessary to achieve the objectives of the integrated company and return to profitable growth.”

Results Compared to May 27, 2020 Guidance

	Q1 FY21 Results	Q1 FY21 Guidance Range2
GAAP Net Revenue	$356M	$330M - $365M
Non-GAAP Net Revenue	$361M	$335M - $370M
Adjusted EBITDA	$48M	$25M - $45M
Non-GAAP Diluted EPS	$0.33	$(0.18) - $0.22

²Thenon-GAAP revenue guidance range shown here excludes the $5.1 million impact of purchase accounting related to recording deferred revenue at fair value at the time of the acquisition.

“In light of the current macroeconomic uncertainty, we have been accumulating cash to maximize financial flexibility and liquidity,” said Charles Boynton, Executive Vice President and Chief Financial Officer. “As our business and the economy stabilize, our capital allocation strategy will focus on reducing leverage while maintaining appropriate liquidity.”

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Highlights for the First Quarter 2021

• Headsets demand remained elevated and voice solutions challenged as customers continue to work from home. Backlog at quarter-end was approximately five weeks.

• The Company's in-house manufacturing site in Tijuana, Mexico resumed production in early May after reconfiguring to implement specific safety protocols. The factory is capable of running at full capacity, but supply constraints continue to affect production.

• Poly announced a new family of Microsoft Teams Rooms (MTR) solutions and completed the Teams certification of the Studio X30 and X50 video bars. Poly also received Teams re-certification on six headsets for a total of 16 certified Teams headsets, and now offers the largest number of Teams certified endpoints in the market.

• Poly’s next-gen video solutions, including the Studio X30, Studio X50, and G7500 became the first certified Zoom appliances in the market. In addition, the company announced participation in Zoom's Hardware-as-a-Service offering featuring Poly video bars and phones.

• LogMeIn announced that the Poly Studio X30 and X50 video bars are now available in bundled solutions for GoToRoom.

• The Company resolved several longstanding litigation matters, which will reduce Legal expenses going forward.

• The Company ended fiscal Q1 with $263 million in cash and short-term investments.

Dividend Suspended

On April 9, 2020, the Poly Board of Directors suspended the quarterly cash dividend.

Business Outlook

The following statements are based on the Company's current expectations, and many of these statements are forward-looking. Actual results are subject to a variety of risks and uncertainties and may differ materially from the Company's expectations. Please refer to the Forward Looking Statements Safe Harbor section of this press release below.

The following represents the expected range of financial results for the second quarter 2021 (all amounts assume currency rates remain stable):

	Q2 FY21 Guidance
GAAP Net Revenue	$346M - $386M
Non-GAAP Revenue	$350M - $390M
Adjusted EBITDA1	$45M - $65M
Non-GAAP Diluted EPS1,2	$0.25 - $0.65

¹ Q2 Adjusted EBITDA and non-GAAP diluted EPS guidance excludes estimated intangibles amortization expense of $31.4 million. With respect to adjusted EBITDA and diluted EPS guidance, the Company has determined that it is unable to provide quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures with a reasonable degree of confidence in their accuracy without unreasonable effort, as items including stock based compensation, litigation gains and losses, and impacts from discrete tax adjustments and tax laws are inherently uncertain and depend on various factors, many of which are beyond the Company's control.

² EPS guidance assumes approximately 41 million diluted average weighted shares and a non-GAAP effective tax rate of 15% to 17%.

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Conference Call and Earnings Presentation

Poly is providing an earnings presentation in combination with this press release. The presentation is offered to provide shareholders and analysts with additional detail for analyzing results. The presentation will be available in the Investor Relations section of our corporate website at investor.poly.com along with this press release. A reconciliation of our GAAP to non-GAAP results is provided at the end of this press release.

We have scheduled a webcast to discuss first quarter fiscal year 2021 financial results. The webcast will take place today, July 28, 2020, at 2:00 PM (Pacific Time). All interested investors and potential investors in Poly stock are invited to join. To listen to the webcast, please access the webcast link from our Investor Relations website at investor.poly.com.

A replay of the webcast will be available shortly after its conclusion and can be accessed from our Investor Relations website at investor.poly.com.

Use of Non-GAAP Financial Information

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, or include where applicable, the effect of purchase accounting on deferred revenue, charges associated with the optimization of our Consumer product line, stock-based compensation, acquisition related expenses, purchase accounting amortization and adjustments, restructuring and other related charges and credits, impairment charges, rebranding costs, other unusual and/or non-cash charges and credits, and the impact of participating securities, all net of any associated tax impact. We also exclude tax benefits from the release of tax reserves, discrete tax adjustments including transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We adjust these amounts from our non-GAAP measures primarily because management does not believe they are consistent with the development of our target operating model. We believe that the use of non-GAAP financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our historical and long-term target operating model goals as well as our performance as a combined company. We believe presenting non-GAAP net revenue provides meaningful supplemental information regarding how management views the performance of the business and underlying performance of our individual product categories. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP financial measures are not meant to be considered in isolation of, or as a substitute for, or superior to, net revenues, gross margin, operating expenses, operating income, operating margin, net income or EPS prepared in accordance with GAAP.

Forward Looking Statements Safe Harbor

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our intentions, beliefs, projections, outlook, analyses or current expectations that are subject to many risks and uncertainties. Such forward-looking statements and the associated risks and uncertainties include, but are not limited to: (i) our beliefs with respect to the length and severity of the COVID-19 (coronavirus) outbreak, and its impact across our businesses, our operations and global supply chain, including (a) our inability to source component parts from key suppliers in sufficient quantities necessary to meet the high demand for certain product lines, including our Enterprise Headsets, which negatively impacted our sales during the quarter; and continued uncertainty and potential impact on future quarters if these sourcing constraints continue and/or price volatility occurs, which could continue to negatively affect our profitability and/or market share, (b) our expectations that the virus has caused and will continue to cause, an increase in customer and partner demand, including increased demand in collaboration endpoints due to a global, work from home workforce, (c) expectations related to our voice product lines, as well as our services attachment rate for such products, which have been, and may continue to be, negatively impacted as companies have delayed returning their workforces to offices in many countries due to uncertainties related to the continued impact of COVID-19; (d) expectations related to our ability to fulfill the backlog generated by supply constrai

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nts during the quarter, to timely supply the number of products to fulfill current and future customer demand, including expectations that our manufacturing facility in Tijuana, Mexico will continue production at the capacity necessary to meet such demand, (e) the impact of the virus on our distribution partners, resellers, end-user customers and our production facilities, including our ability to obtain alternative sources of supply if our production facility or other suppliers are impacted by future shut downs, (f) the impact if global or regional economic conditions deteriorate further, on our customers and/or partners, including increased demand for pricing accommodations, delayed payments, delayed deployment plans, insolvency or other issues which may increase credit losses, and (g) risks related to restrictions or delays in global return to worksites as a result of COVID-19, which continues to impact our employees worldwide and our customers, which has negatively impacted our voice product lines for the quarter, and restricted customer engagement; and (h) the complexity of the forecast analysis and the design and operation of internal controls; and (ii) our belief that we can manufacture or supply products in a timely manner to satisfy perishable demand; (iii) expectations related to our customers’ purchasing decisions and our ability to match product production to demand, particularly given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts and materials to meet demand without having excess inventory or incurring cancellation charges; (iv) risks associated with significant and abrupt changes in product demand which increases the complexity of management’s evaluation of potential excess or obsolete inventory; (v) risks associated with the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers; (vi) risks associated with the potential interruption in the supply of sole-sourced critical components, our ability to move to a dual-source model, and the continuity of component supply at costs consistent with our plans, which has negatively impacted in the quarter and may continue to impact our ability to timely supply product to meet our customer demand; (vii) expectations related to our services segment revenues, particularly as we introduce new generation, less complex, product solutions, or as companies shift from on premises to work from home options for their workforce, which may result in decreased demand for our professional, installation and/or managed service offerings; (viii) expectations that our current cash on hand, additional cash generated from operations, together with sources of cash through our credit facility, either alone or in combination with our election to suspend our dividend payments, will meet our liquidity needs during and following the unknown duration and impact of the COVID-19 pandemic; (ix) expectations relating to our ability to generate sufficient cash flow from operations to meet our debt covenants and timely repay all principal and interest amounts drawn under our credit facility as they become due; (x) risks associated with our channel partners’ sales reporting, product inventories and product sell through since we sell a significant amount of products to channel partners who maintain their own inventory of our products; (xi) our efforts to execute to drive sales and sustainable profitable revenue growth; (xii) our expectations for new products launches, the timing of their releases and their expected impact on future growth and on our existing products; (xiii) our belief that our new Partner Program will drive growth and profitability for both us and our partners through the sale of our product, services and solutions; (xiv) risks associated with forecasting sales and procurement demands, which are inherently difficult, particularly with continuing uncertainty in regional and global economic conditions; (xv) uncertainties attributable to currency fluctuations, including fluctuations in foreign exchange rates and/or new or greater tariffs on our products; (xvi) our expectations regarding our ability to control costs, streamline operations and successfully implement our various cost-reduction activities and realize anticipated cost savings under such cost-reduction initiatives; (xvii) expectations relating to our quarterly and annual earnings guidance, particularly as economic uncertainty, including, without limitation, uncertainty related to the continued impact of COVID-19, the macro-economic and political climate and other external factors, puts further pressure on management judgments used to develop forward looking financial guidance and other prospective financial information; (xviii) expectations related to GAAP and non-GAAP financial results for the first quarter and full Fiscal Year 2021, including net revenues, adjusted EBITDA, tax rates, intangibles amortization, diluted weighted average shares outstanding and diluted EPS; (xix) our expectations of the impact of the acquisition of Polycom as it relates to our strategic vision and additional market and strategic partnership opportunities for our combined hardware, software and services offerings; (xx) our beliefs regarding the UC&C market, market dynamics and opportunities, and customer and partner behavior as well as our position in the market, including risks associated with the potential failure of our UC&C solutions to be adopted with the breadth and speed we anticipate; (xxi) our belief that the increased adoption of certain technologies and our open architecture approach has and will continue to increase demand for our solutions; (xxii) expectations related to the micro and macro-economic conditions in our domestic and international markets and their impact on our future business; (xxiii) our forecast and estimates with respect to tax matters, including expectations with respect to utilizing our deferred tax assets; (xxiv) our expectations related to building strategic alliances and key partnerships with providers of collaboration tools and platforms to drive revenue growth and market share; and (xxv) our expectations regarding pending and potential future litigation, in addition to other matters discussed in this press release that are not purely historical data. Such forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements.

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We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 8, 2020 and other filings with the Securities and Exchange Commission, as well as recent press releases.

Financial Summaries

The following related charts are provided:

• Summary Unaudited Condensed Consolidated Financial Statements

• Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures

About Poly

Poly is a global communications company that powers meaningful human connection and collaboration. Poly combines legendary audio expertise and powerful video and conferencing capabilities toovercome the distractions, complexity and distance that make communication in and out of the workplace challenging. Poly believes in solutions that make life easier when they work together and with our partner’s services. Our headsets, software, desk phones, audio and video conferencing, analytics and services are used worldwide and are a leading choice for every kind of workspace. For more information, please visit: www.poly.com.

Poly and the propeller design are trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

INVESTOR CONTACT:

Mike Iburg

Vice President, Investor Relations

(831) 458-7533

MEDIA CONTACT:
Edie Kissko
Senior Director and Head of Corporate Communications
(213) 369-3719

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PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended
	June 27,			June 29,
	2020			2019
Net revenues:
Net product revenues	$	291,458		$	382,745
Net services revenues	64,262			65,022
Total net revenues	355,720			447,767
Cost of revenues:
Cost of product revenues	176,615			208,616
Cost of service revenues	22,773			26,505
Total cost of revenues	199,388			235,121
Gross profit	156,332			212,646
Gross profit %	43.9		%	47.5		%
Operating expenses:
Research, development, and engineering	50,029			59,524
Selling, general, and administrative	116,644			163,608
Impairment of goodwill and long-lived assets	—			—
(Gain) loss, net from litigation settlements	17,561			(1,162		)
Restructuring and other related charges	29,330			19,525
Total operating expenses	213,564			241,495
Operating loss	(57,232		)	(28,849		)
Operating loss %	(16.1		)%	(6.4		)%
Interest expense	(21,184		)	(23,932		)
Other non-operating income, net	224			333
Income before income taxes	(78,192		)	(52,448		)
Income tax benefit	(3,177		)	(7,577		)
Net loss	$	(75,015	)	$	(44,871	)
% of net revenues	(21.1		)%	(10.0		)%
Loss per common share:
Basic	$	(1.85	)	$	(1.14	)
Diluted	$	(1.85	)	$	(1.14	)
Shares used in computing earnings per common share:
Basic	40,460			39,239
Diluted	40,460			39,239
Effective tax rate	4.1		%	14.4		%

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PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands)
UNAUDITED CONSOLIDATED BALANCE SHEETS
	June 27,			March 28,
	2020			2020
ASSETS
Cash and cash equivalents	$	249,766		$	213,879
Short-term investments	13,166			11,841
Total cash, cash equivalents, and short-term investments	262,932			225,720
Accounts receivable, net	208,688			246,835
Inventory, net	177,633			164,527
Other current assets	46,145			47,946
Total current assets	695,398			685,028
Property, plant, and equipment, net	159,539			165,858
Purchased intangibles, net	434,481			466,915
Goodwill	796,216			796,216
Deferred tax and other assets	143,248			143,157
Total assets	$	2,228,882		$	2,257,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	115,166		$	102,159
Accrued liabilities	396,745			373,666
Total current liabilities	511,911			475,825
Long-term debt, net of issuance costs	1,623,034			1,621,694
Long-term income taxes payable	98,949			98,319
Other long-term liabilities	144,699			144,152
Total liabilities	2,378,593			2,339,990
Stockholders' equity	(149,711		)	(82,816		)
Total liabilities and stockholders' equity	$	2,228,882		$	2,257,174

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PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended
	June 27,			June 29,
	2020			2019
Cash flows from operating activities
Net Loss	$	(75,015	)	$	(44,871	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,400			57,698
Amortization of debt issuance cost	1,340			1,361
Stock-based compensation	9,355			12,904
Impairment of goodwill and long-lived assets	—			—
Deferred income taxes	(7,169		)	(29,410		)
Provision for excess and obsolete inventories	6,082			2,769
Restructuring charges	29,330			19,525
Cash payments for restructuring charges	(13,085		)	(17,658		)
Other operating activities	(1,851		)	1,965
Changes in assets and liabilities:
Accounts receivable, net	37,914			21,445
Inventory, net	(16,008		)	(42,309		)
Current and other assets	3,483			15,498
Accounts payable	12,321			36,392
Accrued liabilities	11,236			(44,793		)
Income taxes	389			17,833
Cash provided by operating activities	$	41,722		$	8,349
Cash flows from investing activities
Proceeds from sale of investments	—			170
Purchase of investments	(108		)	(651		)
Capital expenditures	(5,437		)	(4,507		)
Proceeds from sale of property, plant, and equipment and assets held for sale	1,900			—
Cash used for investing activities	$	(3,645	)	$	(4,988	)
Cash flows from financing activities
Employees' tax withheld and paid for restricted stock and restricted stock units	(2,739		)	(8,621		)
Proceeds from issuances under stock-based compensation plans	5			589
Proceeds from revolving line of credit	50,000			—
Repayments of revolving line of credit	(50,000		)	—
Payment of cash dividends	—			(5,940		)
Cash used for financing activities	$	(2,734	)	$	(13,972	)
Effect of exchange rate changes on cash and cash equivalents	544			6
Net increase (decrease) in cash and cash equivalents	35,887			(10,605		)
Cash and cash equivalents at beginning of period	213,879			202,509
Cash and cash equivalents at end of period	$	249,766		$	191,904

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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
	June 27,			June 29,
	2020			2019
GAAP Net revenues	$	355,720		$	447,767
Deferred revenue purchase accounting1	5,082			12,159
Non-GAAP Net revenues	$	360,802		$	459,926
GAAP Gross profit	$	156,332		$	212,646
Purchase accounting amortization2	18,238			30,000
Deferred revenue purchase accounting1	5,082			12,159
Integration and Rebranding costs	—			958
Stock-based compensation	833			978
Non-GAAP Gross profit	$	180,485		$	256,741
Non-GAAP Gross profit %	50.0		%	55.8		%
GAAP Research, development, and engineering	$	50,029		$	59,524
Stock-based compensation	(3,231		)	(3,719		)
Integration and Rebranding costs	(194		)	(1,341		)
Non-GAAP Research, development, and engineering	$	46,604		$	54,464
GAAP Selling, general, and administrative	$	116,644		$	163,608
Integration and Rebranding costs	6			(23,591		)
Purchase accounting amortization2	(14,195		)	(15,278		)
Stock-based compensation	(5,296		)	(8,207		)
Non-GAAP Selling, general, and administrative	$	97,159		$	116,532

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Deferred revenue purchase accounting: Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.

2

Purchase accounting amortization: Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom on July 2, 2018.

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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
	June 27,			June 29,
	2020			2019
GAAP Operating expenses	$	213,564		$	241,495
Integration and Rebranding costs	(188		)	(24,932		)
Purchase accounting amortization2	(14,195		)	(15,278		)
Stock-based compensation	(8,527		)	(11,926		)
Restructuring and other related charges	(29,330		)	(19,525		)
Gain (loss), net from litigation settlements	(17,561		)	1,162
Non-GAAP Operating expenses	$	143,763		$	170,996
GAAP Operating loss	$	(57,232	)	$	(28,849	)
Purchase accounting amortization2	32,433			45,278
Deferred revenue purchase accounting1	5,082			12,159
Integration and Rebranding costs	188			25,890
Stock-based compensation	9,360			12,904
Restructuring and other related charges	29,330			19,525
(Gain) loss, net from litigation settlements	17,561			(1,162		)
Non-GAAP Operating income	$	36,722		$	85,745

1

Deferred revenue purchase accounting: Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.

2

Purchase accounting amortization: Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom on July 2, 2018.

10

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
	June 27,				June 29,
	2020				2019
GAAP Net loss	$	(75,015	)		$	(44,871	)
Purchase accounting amortization2	32,433				45,278
Deferred revenue purchase accounting1	5,082				12,159
Integration and Rebranding costs	196				25,890
Stock-based compensation	9,360				12,904
Restructuring and other related charges	29,330				19,525
(Gain) loss, net from litigation settlements	17,561				(1,162		)
Income tax effect of above items	(13,347		)		(15,483		)
Income tax effect of unusual tax items	7,728			3	(2,017		)
Non-GAAP Net income	$	13,328			$	52,223
GAAP Diluted earnings per common share	$	(1.85	)		$	(1.14	)
Purchase accounting amortization2	0.80				1.15
Deferred revenue purchase accounting1	0.13				0.31
Stock-based compensation	0.23				0.33
Integration and Rebranding costs	—				0.66
Restructuring and other related charges	0.72				0.49
(Gain) loss, net from litigation settlements	0.43				(0.03		)
Income tax effect	(0.13		)		(0.46		)
Effect of anti-dilutive securities	—				0.01
Non-GAAP Diluted earnings per common share	$	0.33			$	1.32
Shares used in diluted earnings per common share calculation:
GAAP	40,460				39,239
Non-GAAP	40,620				39,523

1	Deferred revenue purchase accounting: Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.
2	Purchase accounting amortization: Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom on July 2, 2018.
3	Excluded amounts represent amortization of intellectual property, impact of valuation allowance, and the release of tax reserves.

11

PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands)
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
	Three Months Ended															Twelve Months Ended
	June 29,			September 28,			December 28,			March 28,			June 27,			June 27,
	2019			2019			2019			2020			2020			2020
GAAP Net loss	$	(44,871	)	$	(25,910	)	$	(78,483	)	$	(662,820	)	$	(75,015	)	$	(842,228	)
Tax provision	(7,576		)	(4,122		)	(19,708		)	(37,995		)	(3,177		)	(65,002		)
Interest Expense	23,932			23,797			22,533			22,378			21,184			89,892
Other Income and Expense	(333		)	625			(967		)	562			(224		)	(4		)
Deferred revenue purchase accounting1	12,159			8,524			7,131			6,138			5,082			26,875
Consumer optimization3	—			—			10,415			—			—			10,415
Integration and Rebranding costs	25,890			11,329			8,677			2,321			197			22,524
Stock-based compensation	12,904			14,693			13,902			15,596			9,360			53,551
Restructuring and other related charges	19,525			5,847			21,724			7,080			29,330			63,981
Impairment charges	—			—			—			648,231			—			648,231
(Gain) loss, net from litigation settlements	(1,162		)	—			—			419			17,561			17,980
Other adjustments2	—			542			—			—			—			542
Depreciation and amortization	57,698			57,376			57,556			57,632			43,400			215,964
Adjusted EBITDA	$	98,166		$	92,701		$	42,780		$	59,542		$	47,698		$	242,721

1	Deferred revenue purchase accounting: Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.
2	Other adjustments: Excluded amounts represent immaterial executive transition costs.
3	Consumer Optimization: Excluded amounts represent inventory related reserves associated with optimizing the consumer product portfolio.

12

EX-99.2

POLY COMPANY OVERVIEW July 28, 2020 NYSE: PLT ©2020 Plantronics Inc. All rights reserved. 1

FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our intentions, beliefs, projections, outlook, analyses or current expectations that are subject to many risks and uncertainties. Such forward-looking statements and the associated risks and uncertainties include, but are not limited to: (i) our beliefs with respect to the length and severity of the COVID-19 (coronavirus) outbreak, and its impact across our businesses, our operations and global supply chain, including (a) our inability to source component parts from key suppliers in sufficient quantities necessary to meet the high demand for certain product lines, including our Enterprise Headsets, which negatively impacted our sales during the quarter; and continued uncertainty and potential impact on future quarters if these sourcing constraints continue and/or price volatility occurs, which could continue to negatively affect our profitability and/or market share, (b) our expectations that the virus has caused and will continue to cause, an increase in customer and partner demand, including increased demand in collaboration endpoints due to a global, work from home workforce, (c) expectations related to our voice product lines, as well as our services attachment rate for such products, which have been, and may continue to be, negatively impacted as companies have delayed returning their workforces to offices in many countries due to uncertainties related to the continued impact of COVID-19; (d) expectations related to our ability to fulfill the backlog generated by supply constraints during the quarter, to timely supply the number of products to fulfill current and future customer demand, including expectations that our manufacturing facility in Tijuana, Mexico will continue production at the capacity necessary to meet such demand, (e) the impact of the virus on our distribution partners, resellers, end-user customers and our production facilities, including our ability to obtain alternative sources of supply if our production facility or other suppliers are impacted by future shut downs, (f) the impact if global or regional economic conditions deteriorate further, on our customers and/or partners, including increased demand for pricing accommodations, delayed payments, delayed deployment plans, insolvency or other issues which may increase credit losses, and (g) risks related to restrictions or delays in global return to worksites as a result of COVID-19, which continues to impact our employees worldwide and our customers, which has negatively impacted our voice product lines for the quarter, and restricted customer engagement; and (h) the complexity of the forecast analysis and the design and operation of internal controls; and (ii) our belief that we can manufacture or supply products in a timely manner to satisfy perishable demand; (iii) expectations related to our customers’ purchasing decisions and our ability to match product production to demand, particularly given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts and materials to meet demand without having excess inventory or incurring cancellation charges; (iv) risks associated with significant and abrupt changes in product demand which increases the complexity of management’s evaluation of potential excess or obsolete inventory; (v) risks associated with the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers; (vi) risks associated with the potential interruption in the supply of sole-sourced critical components, our ability to move to a dual-source model, and the continuity of component supply at costs consistent with our plans, which has negatively impacted in the quarter and may continue to impact our ability to timely supply product to meet our customer demand; (vii) expectations related to our services segment revenues, particularly as we introduce new generation, less complex, product solutions, or as companies shift from on premises to work from home options for their workforce, which may result in decreased demand for our professional, installation and/or managed service offerings; (viii) expectations that our current cash on hand, additional cash generated from operations, together with sources of cash through our credit facility, either alone or in combination with our election to suspend our dividend payments, will meet our liquidity needs during and following the unknown duration and impact of the COVID-19 pandemic; (ix) expectations relating to our ability to generate sufficient cash flow from operations to meet our debt covenants and timely repay all principal and interest amounts drawn under our credit facility as they become due; (x) risks associated with our channel partners’ sales reporting, product inventories and product sell through since we sell a significant amount of products to channel partners who maintain their own inventory of our products; (xi) our efforts to execute to drive sales and sustainable profitable revenue growth; (xii) our expectations for new products launches, the timing of their releases and their expected impact on future growth and on our existing products; (xiii) our belief that our new Partner Program will drive growth and profitability for both us and our partners through the sale of our product, services and solutions; (xiv) risks associated with forecasting sales and procurement demands, which are inherently difficult, particularly with continuing uncertainty in regional and global economic conditions; (xv) uncertainties attributable to currency fluctuations, including fluctuations in foreign exchange rates and/or new or greater tariffs on our products; (xvi) our expectations regarding our ability to control costs, streamline operations and successfully implement our various cost-reduction activities and realize anticipated cost savings under such cost-reduction initiatives; (xvii) expectations relating to our quarterly and annual earnings guidance, particularly as economic uncertainty, including, without limitation, uncertainty related to the continued impact of COVID-19, the macro-economic and political climate and other external factors, puts further pressure on management judgments used to develop forward looking financial guidance and other prospective financial information; (xviii) expectations related to GAAP and non-GAAP financial results for the first quarter and full Fiscal Year 2021, including net revenues, adjusted EBITDA, tax rates, intangibles amortization, diluted weighted average shares outstanding and diluted EPS; (xix) our expectations of the impact of the acquisition of Polycom as it relates to our strategic vision and additional market and strategic partnership opportunities for our combined hardware, software and services offerings; (xx) our beliefs regarding the UC&C market, market dynamics and opportunities, and customer and partner behavior as well as our position in the market, including risks associated with the potential failure of our UC&C solutions to be adopted with the breadth and speed we anticipate; (xxi) our belief that the increased adoption of certain technologies and our open architecture approach has and will continue to increase demand for our solutions; (xxii) expectations related to the micro and macro-economic conditions in our domestic and international markets and their impact on our future business; (xxiii) our forecast and estimates with respect to tax matters, including expectations with respect to utilizing our deferred tax assets; (xxiv) our expectations related to building strategic alliances and key partnerships with providers of collaboration tools and platforms to drive revenue growth and market share; and (xxv) our expectations regarding pending and potential future litigation, in addition to other matters discussed in this press release that are not purely historical data. Such forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 8, 2020 and other filings with the Securities and Exchange Commission, as well as recent press releases. © 2020 Plantronics Inc. All rights reserved. 2

USE OF NON-GAAP INFORMATION 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, adjusted EBITDA, and non-GAAP diluted EPS. These non-GAAP measures are adjusted from the most directly comparable GAAP measures to exclude, or include where applicable, the effect of purchase accounting on deferred revenue, charges associated with the optimization of our Consumer product line, stock-based compensation, acquisition related expenses, purchase accounting amortization and adjustments, restructuring and other related charges and credits, impairment charges, rebranding costs, other unusual and/or non-cash charges and credits, and the impact of participating securities, all net of any associated tax impact. We also exclude tax benefits from the release of tax reserves, discrete tax adjustments including transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We adjust these amounts from our non-GAAP and combined comparative measures primarily because management does not believe they are consistent with the development of our target operating model. Combined comparative results refer to the results for periods prior to the acquisition of Polycom, which were prepared by combining the non-GAAP results of as if they had been combined during that period. These prior period results are presented on a non-GAAP as- reported basis, with immaterial adjustments to align the treatment of non-GAAP adjustments for comparative purposes. We believe that the use of non-GAAP and combined comparative financial measures provides meaningful supplemental information regarding our performance and liquidity and helps investors compare actual results with our historical and long-term target operating model goals as well as our performance as a combined company. We believe presenting non-GAAP net revenue provides meaningful supplemental information regarding how management views the performance of the business and underlying performance of our individual product categories. We believe that both management and investors benefit from referring to these non-GAAP and combined comparative financial measures in assessing our performance and when planning, forecasting and analyzing future periods; however, non-GAAP and combined comparative financial measures are not meant to be considered in isolation of, or as a substitute for, or superior to, net revenues, gross margin, operating expenses, operating income, operating margin, net income or EPS prepared in accordance with GAAP. A reconciliation between GAAP and Non-GAAP measures for all periods presented in this document is included as an appendix to this document and in our press release regarding our results for Q1 FY21 filed with the SEC on Form 8-K on July 27, 2020. Other historical reconciliations are available at investor.poly.com. © 2020 Plantronics Inc. All rights reserved. 3

OVERVIEW & STRATEGY © 2020 Plantronics Inc. All rights reserved. 4

Q1 FY21 SUMMARY BUSINESS OVERVIEW FINANCIAL OVERVIEW • Elevated Headset and challenging Voice • GAAP Revenue of $356M demand continues Guidance range of $330M - $365M • Studio X30 and X50 ramping • Non-GAAP Revenue of $361M Guidance range of $335M - $370M • In-house manufacturing capable of full production but supply chain issues persist • GAAP EPS of $(1.85) • Strengthened strategic relationships with • Non-GAAP EPS of $0.33 Microsoft, Zoom, and LogMeIn Guidance range of $(0.18) - $0.22 • Proactive expense management drove • Adjusted EBITDA of $48M EBITDA and EPS above guidance ranges Guidance range of $25M - $45M • Cash and ST Investments of $263M © 2020 Plantronics Inc. All rights reserved. 5

A COMPELLING INVESTMENT OPPORTUNITY $41B UC&C1 Market UC&C Market Leader Strategic Innovator • We operate in a $41B UC&C market • Approximately $1.7B in annual • Reinventing the UC&C industry with strong growth drivers revenues and ~$250M TTM EBITDA through product integration, software and analytics • Rise in hybrid work-trends creates • Platform-agnostic, intelligent solutions need for multiple endpoints in multiple • Synergy execution complete • Valuable business insights available locations through unique software and analytics capabilities • Cloud deployments on rise with high demand for analytics and insights • We address an $8B Enterprise Endpoint market growing at 8% 1 Frost & Sullivan, May 2019. © 2020 Plantronics Inc. All rights reserved. 6

THREE FUNDAMENTAL INDUSTRY DRIVERS ON-PREMISE TO CLOUD UCC REMOTE WORK VIDEO COLLABORATION ©2020 Plantronics Inc. All rights reserved. 7

OUR STRATEGY Deliver a comprehensive set of endpoints for the UC&C market and differentiate through software Management Analytics Interoperability Video Conference Desktop Headsets Software Services © 2020 Plantronics Inc. All rights reserved. 8

BROADER UC MARKET AND ECOSYSTEM Key Partners Our platform agnostic and best-in-class unified endpoint strategy differentiates us © 2020 Plantronics Inc. All rights reserved. 9

NEW PRODUCT & PARTNER ANNOUNCEMENTS © 2020 Plantronics Inc. All rights reserved. 10

MICROSOFT TEAMS CERTIFICATION Broadest Range of Certified Endpoints • Microsoft Teams Room solutions • Studio USB, X30, and X50 • CCX 400, 500, and 600 • Headsets • Audio conferencing phones • Speakerphones ©2020 Plantronics Inc. All rights reserved. 11

ZOOM CERTIFICATION Broadest Range of Certified Endpoints • Studio USB, X30, X50, and G7500 • VVX x50 Desktop Phones • Audio conferencing phones • Speakerphones • Headsets* * Zoom supported (no official Headset certification at this time) ©2020 Plantronics Inc. All rights reserved. 12

RECENTLY ANNOUNCED NEW PRODUCTS – AS OF JULY 28, 2020 ● Complete ● In progress ● Not applicable1 Category Product General Availability Teams Certified or Compatible Zoom Certified or Compatible Video Studio ⚫ ⚫ ⚫ Poly Studio X30 ⚫ ⚫ ⚫ Poly Studio X50 ⚫ ⚫ ⚫ Poly G7500 ⚫ ⚫ ⚫ Phones Poly CCX 400 ⚫ ⚫ ⚫ Poly CCX 500 ⚫ ⚫ ⚫ Poly CCX 600 ⚫ ⚫ ⚫ Poly VVX x50 Family ⚫ ⚫ ⚫ Audio Conf. Poly Trio C60 ⚫ ⚫ ⚫ Poly Trio 8500 ⚫ ⚫ ⚫ Poly Trio 8800 ⚫ ⚫ ⚫ Calisto 3200 ⚫ ⚫ ⚫ Calisto 5200 ⚫ ⚫ ⚫ Calisto 7200 ⚫ ⚫ ⚫ Headsets Voyager 42xx Office Series ⚫ ⚫ ⚫ Voyager 52xx Office Series ⚫ ⚫ ⚫ Savi Office Series ⚫ ⚫ ⚫ Encore Pro 300 ⚫ ⚫ ⚫ Encore Pro 500 ⚫ ⚫ ⚫ Encore Pro 700 ⚫ ⚫ ⚫ 1 Product either has not yet shipped or is not intended to be certified for this environment. © 2020 Plantronics Inc. All rights reserved. 13

MAJOR PRODUCT ANNOUNCEMENTS IN Q1 FY21 MICROSOFT TEAMS ROOMS BUNDLES TEAMS CERTIFIED HEADSETS ©2020 Plantronics Inc. All rights reserved. 14

Q1 FY21 EARNINGS RESULTS © 2020 Plantronics Inc. All rights reserved. 15

Q1 FINANCIAL SUMMARY1 Non-GAAP Revenue of $361 million: • Continued strong demand for remote work solutions – primarily headsets • Periodic supply constraints continue to impact production • Challenging demand for voice solutions Non-GAAP gross margins of 50.0%, down 580 bps Y/Y: • Impacted by factory underutilization, incremental freight costs, and increased inventory/warranty reserves Non-GAAP operating expenses of $144 million, down $27 million Y/Y: • Primarily due to reduced headcount, hiring, and travel Non-GAAP operating margin of 10.2%, Adj. EBITDA of $48 million Non-GAAP diluted EPS of $0.33 1 Please refer to the appendix to this presentation and to our press release regarding our Q1 FY21 filed with the SEC on Form 8-K on July 28, 2020 for a reconciliation between GAAP and Non-GAAP measures. © 2020 Plantronics Inc. All rights reserved. 16

NON-GAAP REVENUE BY CATEGORY & REGION ($MM) $460 $460 $409 Services 77 APAC 80 $409 $361 71 62 $361 Video 61 69 67 62 EMEA 119 115 Voice 104 66 95 95 Consumer 31 51 Headsets1 13 6 AMER 261 Enterprise 232 187 199 Headsets1 168 169 Q1 FY20 Q4 FY20 Q1 FY21 Q1 FY20 Q4 FY20 Q1 FY21 1 Restated to move mono premium product revenues from Consumer Headsets to Enterprise Headsets © 2020 Plantronics Inc. All rights reserved. 17

TRENDED SALES-OUT FOR NEW VIDEO PRODUCTS Based on Sales-Out1 and includes Studio USB, Studio X30, Studio X50, G75002 ($MM) 25 20 15 10 5 0 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 1 Sales-Out (AKA Sell-Through) data is provided by channel parnters. As a result, Poly is unable to ensure the completeness or accuacy of such data. 2 Studio USB began shipping in Q1FY20, G7500 began shipping in Q2FY20, Studio X30 and X50 began shipping in Q3FY20. © 2020 Plantronics Inc. All rights reserved. 18

NON-GAAP OPERATING DETAILS ($MM) $257 $171 $86 $180 $144 55.8% 50.0% 18.6% $37 37.2% 39.8% 10.2% Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 Q1 FY20 Q1 FY21 Gross Profit Operating Expenses Operating Income • Y/Y decline of $76M or 580 • Y/Y decline of $27M or 16% • Operating income decline basis points due primarily to lower of $49M or 57% driven • Margins impacted by factory headcount, hiring, and primarily by lower revenue underutilization, freight, travel and gross margin inventory and warranty reserves © 2020 Plantronics Inc. All rights reserved. 19

Restructuring Category ($MM) Q1 FY21 Severance $22.3 Q1 RESTRUCTURING Facilities $5.6 DETAIL Legal Entity Rationalization/Other $1.4 Total $29.3 © 2020 Plantronics Inc. All rights reserved. 20

CASH & INVESTMENTS BRIDGE Q4FY20 – Q1FY21 ($MM) $263 $226 © 2020 Plantronics Inc. All rights reserved. 21

TRAILING TWELVE MONTHS ADJUSTED EBITDA ($MM) TTM EBITDA: $243M $98 $93 $60 $43 $48 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 © 2020 Plantronics Inc. All rights reserved. 22

Q2 FY21 GUIDANCE © 2020 Plantronics Inc. All rights reserved. 23

Q2 GUIDANCE (AS OF JULY 28, 2020) Q2 FY21 Guidance GAAP Net Revenue $346M - $386M Non-GAAP Net Revenue1 $350M - $390M Adjusted EBITDA2 $45M - $65M Non-GAAP Diluted EPS2,3 $0.25 – $0.65 1 The non-GAAP revenue guidance range shown here excludes the $4.2 million impact of purchase accounting related to recording deferred revenue at fair value at the time of the acquisition. 2 Q2 Adjusted EBITDA and non-GAAP diluted EPS excludes estimated intangibles amortization expense of $31.4 million. 3 EPS Guidance assumes approximately 41 million diluted average weighted shares and a non-GAAP effective tax rate of 15% to 17%. Poly does not intend to update these targets during the quarter or to report on its progress toward these targets. Poly will not comment on these targets to analysts or investors except by its press release announcing its second quarter fiscal year 2021 results or by other public disclosure. Any statements by persons outside Poly speculating on the progress of the second quarter or full fiscal year 2021 will not be based on internal company information and should be assessed accordingly by investors. Please refer to the appendix in this presentation and to our press release regarding our Q1 FY21 filed with the SEC on Form 8-K on July 28, 2020 for a reconciliation between GAAP and Non-GAAP measures. With respect to adjusted EBITDA and diluted EPS guidance, the Company has determined that it is unable to provide quantitative reconciliations of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures with a reasonable degree of confidence in their accuracy without unreasonable effort, as items including stock based compensation, acquisition and integration costs, litigation gains and losses, and impacts from discrete tax adjustments and tax laws are inherently uncertain and depend on various factors, many of which are beyond the Company's control. Our business is inherently difficult to forecast, particularly with continuing uncertainty in regional economic conditions, currency fluctuations, customer cancellations and rescheduling, and there can be no assurance that expectations of incoming orders over the balance of the current quarter will materialize. © 2020 Plantronics Inc. All rights reserved. 24

4 Quarter Rolling Q2 Q3 Q4 Q1 Forecast ($MM) FY21 FY21 FY21 FY22 Revenue–Deferred GAAP PURCHASE Revenue Fair Value $4.2 $3.3 $1.8 $1.3 Adjustment ACCOUNTING COGS–Intangibles FORECAST $17.2 $16.5 $16.2 $16.2 Amortization SG&A–Intangibles $14.2 $14.2 $14.2 $14.2 Amortization © 2020 Plantronics Inc. All rights reserved. 25

SUPPLEMENTAL DATA & GAAP TO NON-GAAP RECONCILIATIONS © 2020 Plantronics Inc. All rights reserved. 26

TRENDED NON-GAAP INFORMATION ($MM, except earnings per share data) Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 FY20 Q1 FY21 Non-GAAP Revenue $460 $470 $392 $409 $1,731 $361 Gross Profit $257 $246 $193 $202 $899 $180 Gross Margin 55.8% 52.4% 49.4% 49.4% 51.9% 50.0% Op. Expense $171 $165 $162 $154 $652 $144 Op. Income $86 $81 $31 $48 $247 $37 Op. Margin 18.6% 17.3% 8.0% 11.8% 14.2% 10.2% Diluted EPS $1.32 $1.24 $0.30 $0.30 $3.13 $0.33 Adj. EBITDA $98 $93 $43 $60 $293 $48 Op. Cash Flow $8 $25 -$17 $62 $78 $42 © 2020 Plantronics Inc. All rights reserved. 27

TRENDED NON-GAAP REVENUE DATA Non-GAAP Rev by Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 FY20 Q1 FY20 Category ($MM) Voice $104 $99 $80 $95 $377 $51 Video $61 $90 $70 $62 $284 $66 Services $77 $75 $75 $70 $297 $69 Ent Headsets1 $187 $176 $136 $169 $668 $169 Cons Headsets1 $31 $30 $30 $13 $105 $6 Total Revenue $460 $470 $392 $409 $1,731 $361 Non-GAAP Revenue by Geography Americas $261 $248 $207 $232 $948 $199 EMEA $119 $131 $108 $115 $473 $95 APAC $80 $91 $77 $62 $310 $67 Total Revenue $460 $470 $392 $409 $1,731 $361 1 Restated to move mono premium product revenues from Consumer Headsets to Enterprise Headsets © 2020 Plantronics Inc. All rights reserved. 28

THANK YOU ©2020 Plantronics, Inc. Poly and the propeller design are trademarks of Plantronics, Inc. 29

Unaudited Reconciliations of GAAP net revenue to non-GAAP net revenue ($ in thousands) Three Months Ended June 29, September 28, December 28, March 28, June 27, 2019 2019 2019 2020 2020 Net revenues from unaffiliated customers: Enterprise Headsets1 $ 187,668 $ 176,031 $ 136,807 $ 168,002 $ 169,234 Consumer Headsets1 30,982 30,261 30,473 12,962 5,516 Voice 103,847 98,453 79,494 95,265 50,681 Video 60,248 90,392 69,859 61,992 66,027 Services 65,022 66,572 67,838 64,822 64,262 Total GAAP net revenues $ 447,767 $ 461,709 $ 384,471 $ 403,043 $ 355,720 Deferred revenue purchase accounting2 12,159 8,524 7,131 6,138 5,082 Total non-GAAP net revenues $ 459,926 $ 470,233 $ 391,602 $ 409,181 $ 360,802 Net revenues by geographic area from unaffiliated customers: Americas $ 255,940 $ 245,283 $ 204,910 $ 229,900 $ 197,350 EMEA 116,979 128,973 105,931 113,738 94,105 APAC 74,848 87,453 73,630 59,405 64,265 Total GAAP net revenues $ 447,767 $ 461,709 $ 384,471 $ 403,043 $ 355,720 Deferred revenue purchase accounting2 12,159 8,524 7,131 6,138 5,082 Total non-GAAP net revenues $ 459,926 $ 470,233 $ 391,602 $ 409,181 $ 360,802 1 Restated to move mono premium product revenues from Consumer Headsets to Enterprise Headsets. 2 Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA - AS REPORTED Three Months Ended, June 29, September 28, December 28, March 28, June 27. 2019 2019 2019 2020 2020 GAAP Net revenues $ 447,767 $ 461,709 $ 384,471 $ 403,043 $ 355,720 Deferred revenue purchase accounting1 12,159 8,524 7,131 6,138 5,082 Non-GAAP Net revenues $ 459,926 $ 470,233 $ 391,602 $ 409,181 $ 360,802 GAAP Gross profit $ 212,646 $ 206,071 $ 143,846 $ (10,328) $ 156,332 Purchase accounting amortization2 30,000 30,716 30,819 31,018 18,238 Deferred revenue purchase accounting1 12,159 8,547 7,185 6,138 5,082 Consumer optimization — — 10,415 — — Acquisition, integration, and rebranding fees 958 88 46 42 — Stock-based compensation 978 997 1,019 998 833 Impairment charges — — — 174,235 — Non-GAAP Gross profit $ 256,741 $ 246,419 $ 193,330 $ 202,103 $ 180,485 Non-GAAP Gross profit % 55.8% 52.4% 49.4% 49.4% 50.0% GAAP Operating expenses $ 241,495 $ 211,681 $ 220,471 $ 667,546 $ 213,564 Acquisition, integration, and rebranding fees (24,932) (11,218) (8,577) (2,279) (188) Purchase accounting amortization2 (15,278) (15,278) (15,278) (15,278) (14,195) Stock-based compensation (11,926) (13,696) (12,883) (14,598) (8,527) Restructuring and other related charges (19,525) (5,847) (21,724) (7,080) (29,330) Impairment charges — — — (473,996) — (Gain) loss, net from litigation settlements 1,162 — — (419) 17,561 Other adjustments — (542) — — — Non-GAAP Operating expenses $ 170,996 $ 165,100 $ 162,009 $ 153,896 $ 143,763 1 Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines. 2 Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom on July 2, 2018.

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES ($ in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA - AS REPORTED (CONTINUED) Three Months Ended June 29, September 28, December 28, March 28, June 27, 2019 2019 2019 2020 2020 GAAP Operating loss $ (28,849) $ (5,610) $ (76,625) $ (677,874) $ (57,232) Purchase accounting amortization2 45,278 45,994 46,097 46,296 32,433 Deferred revenue purchase accounting1 12,159 9,196 7,509 6,138 5,082 Consumer optimization — — 10,415 — — Acquisition, integration, and rebranding fees 25,890 10,657 8,299 2,321 188 Stock-based compensation 12,904 14,693 13,902 15,596 9,360 Restructuring and other related charges 19,525 5,847 21,724 7,080 29,330 Impairment charges — — — 648,231 — (Gain) loss, net from litigation settlements (1,162) — — 419 17,561 Other adjustments — 542 — — — Non-GAAP Operating income $ 85,745 $ 81,319 $ 31,321 $ 48,207 $ 36,722 GAAP Diluted earnings per common share $ (1.14) $ (0.65) $ (1.97) $ (16.56) $ (1.85) Purchase accounting amortization2 1.15 1.16 1.16 1.15 0.80 Deferred revenue purchase accounting1 0.31 0.21 0.18 0.15 0.13 Consumer optimization — — 0.26 — — Stock-based compensation 0.33 0.37 0.35 0.39 0.23 Acquisition, integration, and rebranding fees 0.66 0.29 0.22 0.06 — Restructuring and other related charges 0.49 0.15 0.54 0.18 0.72 Impairment charges — — — 16.11 — (Gain) loss, net from litigation settlements (0.03) — — — 0.43 Other adjustments — 0.01 — — — Income tax effect (0.46) (0.32) (0.44) (1.18) (0.13) Effect of anti-dilutive securities 0.01 0.02 — — — Non-GAAP Diluted earnings per common share $ 1.32 $ 1.24 $ 0.30 $ 0.30 $ 0.33 Shares used in diluted earnings per common share calculation: GAAP 39,239 39,584 39,784 40,025 40,460 non-GAAP 39,523 39,664 39,870 40,235 40,620 1 Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines. 2 Represents the amortization of purchased intangible assets recorded in connection with the acquisition of Polycom on July 2, 2018.

PLANTRONICS, INC. UNAUDITED RECONCILIATIONS OF GAAP OPERATING INCOME TO ADJUSTED EBITDA ($ in thousands) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA Twelve Months Three Months Ended Ended September December June 29, 28, 28, March 28, June 27, June 27, 2019 2019 2019 2020 2020 2020 GAAP Net Income $ (44,871) $ (25,910) $ (78,483) $ (662,820) $ (75,015) $ (842,228) Tax provision (7,576) (4,122) (19,708) (37,995) (3,177) (65,002) Interest Expense 23,932 23,797 22,533 22,378 21,184 89,892 Other Income and Expense (333) 625 (967) 562 (224) (4) Deferred revenue purchase accounting1 12,159 8,524 7,131 6,138 5,082 26,875 Acquisition, integration, and rebranding fees 25,890 11,329 8,677 2,321 — 22,327 Consumer optimization — — 10,415 — 197 10,612 Stock-based compensation 12,904 14,693 13,902 15,596 9,360 53,551 Restructuring and other related charges 19,525 5,847 21,724 7,080 29,330 63,981 Impairment charges — — — 648,231 — 648,231 (Gain) loss, net from litigation settlements (1,162) — — 419 17,561 17,980 Other adjustments — 542 — — — 542 Depreciation and amortization 57,698 57,376 57,556 57,632 43,400 215,964 Adjusted EBITDA $ 98,166 $ 92,701 $ 42,780 $ 59,542 $ 47,698 $ 242,721 1 Represents the impact of fair value purchase accounting adjustments related to deferred revenue recorded in connection with the acquisition of Polycom on July 2, 2018. The Company’s deferred revenue primarily relates to Service revenue associated with non-cancelable maintenance support on hardware devices which are typically billed in advance and recognized ratably over the contract term as those services are delivered. This adjustment represents the amount of additional revenue that would have been recognized during the period absent the write-down to fair value required under purchase accounting guidelines.

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Cover Page	Jul. 28, 2020
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 28, 2020
Entity Registrant Name	PLANTRONICS INC
Entity Central Index Key	0000914025
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity File Number	1-12696
Entity Tax Identification Number	77-0207692
Entity Address, Address Line One	345 Encinal Street
Entity Address, City or Town	Santa Cruz
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95060
City Area Code	831
Local Phone Number	426-5858
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE
Trading Symbol	PLT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false