SOURCE:
Polycom
2008-07-16 15:05:00
Polycom Reports Second Quarter 2008 Earnings
Revenue Growth of 16 Percent Year-Over-Year to a Record $271.6 Million
PLEASANTON, CA–(EMWNews – July 16, 2008) – Polycom, Inc. (
leader in telepresence, video and voice communications solutions, today
reported its earnings for the second quarter ended June 30, 2008.
Second quarter 2008 consolidated net revenues were $271.6 million, compared
to $233.9 million for the second quarter of 2007. Non-GAAP net income for
the second quarter of 2008 was $30.7 million, or 35 cents per diluted
share. This compares to Non-GAAP net income of $28.9 million, or 30 cents
per diluted share, for the second quarter of 2007. GAAP net income for the
second quarter of 2008 was $17.8 million, or 20 cents per diluted share,
compared to $10.1 million, or 11 cents per diluted share, for the same
period last year.
For the six months ended June 30, 2008, net revenues were $530.5 million,
compared to $426.6 million for the first six months of 2007. Non-GAAP net
income for the period was $63.4 million, or 71 cents per diluted share,
compared to $57.5 million, or 60 cents per diluted share, for the first six
months of 2007. GAAP net income for the six months ended June 30, 2008 was
$32.0 million, or 36 cents per diluted share, compared to GAAP net income
of $20.3 million, or 21 cents per diluted share, for the same period last
year.
The reconciliation between GAAP net income and Non-GAAP net income is
provided in the tables at the end of this release.
On a product line basis, consolidated net revenues for the second quarter
of 2008 were comprised of:
-- 62 percent video solutions, or $169.2 million (52 percent video
communications, or $141.2 million, and 10 percent network systems, or $28.0
million); and
-- 38 percent voice communications, or $102.4 million.
This compares to the second quarter of 2007, in which consolidated net
revenues were comprised of:
-- 62 percent video solutions, or $144.3 million (49 percent video
communications, or $113.3 million, and 13 percent network systems, or $31.0
million); and
-- 38 percent voice communications, or $89.6 million.
“Sales of our video communications solutions accelerated in the second
quarter,” said Robert Hagerty, Polycom’s chairman and CEO. “Soaring travel
costs are becoming an increasingly important driver for the adoption of our
unified collaboration solutions worldwide. In fact, due to the immersive
experience of Polycom’s high definition (HD) telepresence solutions, our
customers can reduce travel while increasing productivity — saving high
out-of-pocket costs and eliminating the opportunity cost of being on the
road. In addition to the substantial cost-savings benefits our customers
can achieve, both commercial and public sector customers are utilizing
Polycom’s solutions to achieve carbon emission reductions and comply with
environmental standards in key geographies throughout the world.”
“As a result of Polycom’s investments in global sales coverage and
high-impact marketing, Polycom is becoming widely recognized for our
innovations and market leadership. For example, Media and Entertainment
giant Time Warner recently selected Polycom’s RealPresence™ Experience
(RPX™) immersive telepresence solution to facilitate increased
communications between the CEOs of Time Warner, Turner Broadcasting, Warner
Brothers, and AOL. Polycom’s solution with its full screen, cinematic view
and
true-to-life people dimensions will help promote dynamic group interactions
among all of Time Warner’s executives while at the same time supporting
Time Warner’s commitment to social responsibility and goal to reduce its
carbon footprint and conduct business in an environmentally sustainable
manner. Another key example is Deloitte’s recent selection of Nortel’s
Managed Global Telepresence Services, which is based on Polycom’s RPX
immersive telepresence and HDX 9000™ HD video solutions. Finally, in
June, we received CIO Magazine’s 2008 CIO 100 Award, recognizing Polycom as
a company that exemplifies the highest level of operational and strategic
excellence in information technology (IT). These are but a few examples of
how fast-rising travel costs and green initiatives are driving the use of
Polycom’s leading solutions,” Hagerty concluded.
“We generated 5 percent sequential revenue growth in Q2 with record
revenues of $271.6 million,” said Michael Kourey, Polycom’s senior vice
president, finance and administration, and CFO. “Fueled by this top-line
growth, Polycom delivered $39.5 million in positive operating cash flow and
improved Days Sales Outstanding (DSOs) by five days sequentially. In the
second quarter, we repurchased $80 million of our common stock and have a
remaining repurchase authorization of $300 million.”
About Polycom
Polycom, Inc. (
and voice solutions and a visionary in communications that empower people
to connect and collaborate everywhere. Please visit www.polycom.com for
more information.
This release contains forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation Reform Act of
1995 regarding future events, future demand for our products, and the
future performance of the Company, including statements regarding the
drivers for the adoption of our products. These forward-looking statements
are subject to risks and uncertainties that may cause actual results to
differ materially, including the impact of competition on our product sales
and for our customers and partners, potential fluctuations in results and
future growth rates, the market acceptance of Polycom’s products and
changing market demands, including demands for differing technologies or
product and services offerings, possible delays in the development,
availability and shipment of new products, increasing costs and differing
uses of capital, changes in key personnel, the impact of global conflicts
such as those in the Middle East, and risks associated with general
economic conditions, including current negative macroeconomic indicators in
the United States and globally, that may adversely impact our business.
Many of these risks and uncertainties are discussed in the Company’s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, and in
other reports filed by Polycom with the SEC. Polycom disclaims any intent
or obligations to update these forward-looking statements.
As has been noted on the Company’s web site since July 9, 2008, Polycom
will hold a conference call today, July 16, 2008, at 5:00 p.m. ET/2:00 p.m.
PT to discuss its second quarter earnings. Robert Hagerty, chairman,
president and CEO, and Michael Kourey, chief financial officer, will host
the conference call. You may participate by viewing the webcast at
www.polycom.com or, for callers in the US and Canada, by calling
800.931.6358; and for callers outside of the US and Canada, by calling
212.231.2924, with the passcode being Polycom. A replay of the call will
also be available at www.polycom.com or, for callers in the US and Canada,
at 800.633.8284; and for callers outside of the US and Canada, at
402.977.9140. The access number for the replay is 21387502. A replay of
the call will also be maintained on our website for twelve months at
www.polycom.com under Investor Relations – Earnings Calls-Archives.
Polycom reserves the right to modify future product plans at any time.
Products and/or related specifications referenced in this press release are
not guaranteed and will be delivered on a when and if available basis.
Polycom and the Polycom logo are registered trademarks and HDX 9000,
RealPresence and RPX are trademarks of Polycom in the U.S. and various
countries. ©2008, Polycom, Inc. All rights reserved.
POLYCOM, INC.
Non-GAAP Condensed Consolidated Statements of Operations
Excluding Stock-based compensation expense, Effect of stock-based
compensation expense on warranty rates, Impact to cost of sales from
purchase accounting adjustments to inventory, Acquisition-related costs,
Purchased in-process research and development costs, Amortization and
impairment of purchased intangibles, Restructuring costs, Litigation
reserves and payments, Gain (loss) on strategic investments, and Income
tax effect of the preceding adjustments
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenues:
Product revenues $ 233,845 $ 201,902 $ 456,296 $ 371,374
Service revenues 37,736 31,950 74,205 55,196
--------- --------- --------- ---------
Total revenues 271,581 233,852 530,501 426,570
--------- --------- --------- ---------
Cost of revenues:
Cost of product revenues 93,758 75,280 179,451 137,661
Cost of service revenues 18,933 15,187 36,117 26,443
--------- --------- --------- ---------
Total cost of revenues 112,691 90,467 215,568 164,104
--------- --------- --------- ---------
Gross profit 158,890 143,385 314,933 262,466
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 72,508 58,764 143,199 107,176
Research and development 33,618 33,164 65,638 61,262
General and administrative 12,694 14,270 25,420 24,695
--------- --------- --------- ---------
Total operating expenses 118,820 106,198 234,257 193,133
--------- --------- --------- ---------
Operating income 40,070 37,187 80,676 69,333
Interest income, net 2,003 4,022 5,189 10,590
Other expense, net (1,067) (470) (7) (534)
--------- --------- --------- ---------
Income before provision for
income taxes 41,006 40,739 85,858 79,389
Provision for income taxes 10,299 11,814 22,409 21,863
--------- --------- --------- ---------
Non-GAAP net income $ 30,707 $ 28,925 $ 63,449 $ 57,526
========= ========= ========= =========
Basic net income per share $ 0.36 $ 0.32 $ 0.73 $ 0.63
========= ========= ========= =========
Diluted net income per share $ 0.35 $ 0.30 $ 0.71 $ 0.60
========= ========= ========= =========
Weighted average shares
outstanding for basic net
income per share 86,357 91,718 87,441 91,263
========= ========= ========= =========
Weighted average shares
outstanding for diluted net
income per share 88,204 95,492 89,225 95,240
========= ========= ========= =========
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a GAAP
basis, Polycom uses non-GAAP measures of operating results, net income
and income per share, which are adjusted to exclude certain costs,
expenses, gains and losses we believe appropriate to enhance an overall
understanding of our past financial performance and also our prospects
for the future. These adjustments to our current period GAAP results are
made with the intent of providing both management and investors a more
complete understanding of Polycom's underlying operational results and
trends and our marketplace performance. For example, the non-GAAP
results are an indication of our baseline performance before gains,
losses or other charges that are considered by management to be outside
of our core operating results. In addition, these adjusted non-GAAP
results are among the primary indicators management uses as a basis for
our planning and forecasting of future periods. The presentation of this
additional information is not meant to be considered in isolation or as
a substitute for net income or diluted net income per share prepared in
accordance with generally accepted accounting principles in the United
States.
POLYCOM, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenues:
Product revenues $ 233,845 $ 201,902 $ 456,296 $ 371,374
Service revenues 37,736 31,950 74,205 55,196
--------- --------- --------- ---------
Total revenues 271,581 233,852 530,501 426,570
--------- --------- --------- ---------
Cost of revenues:
Cost of product revenues 97,947 81,627 188,134 145,909
Cost of service revenues 19,764 16,027 38,018 27,926
--------- --------- --------- ---------
Total cost of revenues 117,711 97,654 226,152 173,835
--------- --------- --------- ---------
Gross profit 153,870 136,198 304,349 252,735
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 76,042 61,991 149,903 112,927
Research and development 36,501 36,258 71,435 66,933
General and administrative 15,028 16,742 29,922 29,218
Acquisition-related costs 3 1,547 162 2,717
Purchased in-process
research and development - - - 9,400
Amortization of purchased
intangibles 1,810 2,376 3,637 3,807
Restructuring costs 839 - 4,454 213
Litigation reserves and
payments 1,163 - 7,401 -
--------- --------- --------- ---------
Total operating expenses 131,386 118,914 266,914 225,215
--------- --------- --------- ---------
Operating income 22,484 17,284 37,435 27,520
Interest income, net 2,003 4,022 5,189 10,590
Loss on strategic investments - (7,400) - (7,400)
Other expense, net (1,067) (470) (7) (534)
--------- --------- --------- ---------
Income before provision for
income taxes 23,420 13,436 42,617 30,176
Provision for income taxes 5,578 3,359 10,569 9,888
--------- --------- --------- ---------
Net income $ 17,842 $ 10,077 $ 32,048 $ 20,288
========= ========= ========= =========
--------- --------- --------- ---------
Basic net income per share $ 0.21 $ 0.11 $ 0.37 $ 0.22
========= ========= ========= =========
--------- --------- --------- ---------
Diluted net income per share $ 0.20 $ 0.11 $ 0.36 $ 0.21
========= ========= ========= =========
Weighted average shares
outstanding for basic
net income per share 86,357 91,718 87,441 91,263
========= ========= ========= =========
Weighted average shares
outstanding for diluted
net income per share 88,204 95,492 89,225 95,240
========= ========= ========= =========
POLYCOM, INC.
GAAP to Non-GAAP Reconciliation
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
------------------------------
June 30, 2008
------------------------------
GAAP Excluded Non-GAAP
-------- -------- --------
Revenues:
Product revenues $233,845 $ - $233,845
Service revenues 37,736 - 37,736
-------- -------- --------
Total revenues 271,581 - 271,581
-------- -------- --------
Cost of revenues:
Cost of product revenues 97,947 4,189 (a) 93,758
Cost of service revenues 19,764 831 (b) 18,933
-------- -------- --------
Total cost of revenues 117,711 5,020 112,691
-------- -------- --------
Gross profit 153,870 (5,020) 158,890
-------- -------- --------
Operating expenses:
Sales and marketing 76,042 3,534 (b) 72,508
Research and development 36,501 2,883 (b) 33,618
General and administrative 15,028 2,334 (b) 12,694
Acquisition-related costs 3 3 -
Purchased in-process research and
development - - -
Amortization of purchased intangibles 1,810 1,810 -
Restructuring costs 839 839 -
Litigation reserves and payments 1,163 1,163 -
-------- -------- --------
Total operating expenses 131,386 12,566 118,820
-------- -------- --------
Operating income 22,484 (17,586) 40,070
Interest income, net 2,003 - 2,003
Other expense, net (1,067) - (1,067)
-------- -------- --------
Income before provision for income taxes 23,420 (17,586) 41,006
Provision for income taxes 5,578 (4,721) 10,299
-------- -------- --------
Net income $ 17,842 $(12,865) $ 30,707
======== ======== ========
Basic net income per share $ 0.21 $ (0.15) $ 0.36
======== ======== ========
Diluted net income per share $ 0.20 $ (0.15) $ 0.35
======== ======== ========
Weighted average shares outstanding for
basic net income per share 86,357 86,357
======== ========
Weighted average shares outstanding for
diluted net income per share 88,204 88,204
======== ========
Six Months Ended
------------------------------
June 30, 2008
------------------------------
GAAP Excluded Non-GAAP
-------- -------- --------
Revenues:
Product revenues $456,296 $ - $456,296
Service revenues 74,205 - 74,205
-------- -------- --------
Total revenues 530,501 - 530,501
-------- -------- --------
Cost of revenues:
Cost of product revenues 188,134 8,683 (c) 179,451
Cost of service revenues 38,018 1,901 (b) 36,117
-------- -------- --------
Total cost of revenues 226,152 10,584 215,568
-------- -------- --------
Gross profit 304,349 (10,584) 314,933
-------- -------- --------
Operating expenses:
Sales and marketing 149,903 6,704 (b) 143,199
Research and development 71,435 5,797 (b) 65,638
General and administrative 29,922 4,502 (b) 25,420
Acquisition-related costs 162 162 -
Purchased in-process research and
development - - -
Amortization of purchased intangibles 3,637 3,637 -
Restructuring costs 4,454 4,454 -
Litigation reserves and payments 7,401 7,401 -
-------- -------- --------
Total operating expenses 266,914 32,657 234,257
-------- -------- --------
Operating income 37,435 (43,241) 80,676
Interest income, net 5,189 - 5,189
Other expense, net (7) - (7)
-------- -------- --------
Income before provision for income taxes 42,617 (43,241) 85,858
Provision for income taxes 10,569 (11,840) 22,409
-------- -------- --------
Net income $ 32,048 $(31,401) $ 63,449
======== ======== ========
Basic net income per share $ 0.37 $ (0.36) $ 0.73
======== ======== ========
Diluted net income per share $ 0.36 $ (0.35) $ 0.71
======== ======== ========
Weighted average shares outstanding for
basic net income per share 87,441 87,441
======== ========
Weighted average shares outstanding for
diluted net income per share 89,225 89,225
======== ========
(a) Excluded amount includes $3,448 related to the amortization of
purchased intangibles for core and existing technologies, $644 for
stock-based compensation expense recorded in accordance with SFAS
123R, "Share-Based Payment," during the period and $97 related to the
effect of stock-based compensation on warranty expense rates.
(b) Excluded amount represents stock-based compensation expense recorded in
accordance with SFAS 123R, "Share-Based Payment," during the period.
(c) Excluded amount includes $6,941 related to the amortization of
purchased intangibles for core and existing technologies, $1,450 for
stock-based compensation expense recorded in accordance with SFAS 123R,
"Share-Based Payment," during the period and $292 related to the effect
of stock-based compensation on warranty expense rates.
POLYCOM, INC.
GAAP to Non-GAAP Reconciliation
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
------------------------------
June 30, 2007
------------------------------
GAAP Excluded Non-GAAP
-------- -------- --------
Revenues:
Product revenues $201,902 $ - $201,902
Service revenues 31,950 - 31,950
-------- -------- --------
Total revenues 233,852 - 233,852
-------- -------- --------
Cost of revenues:
Cost of product revenues 81,627 6,347 (a) 75,280
Cost of service revenues 16,027 840 (b) 15,187
-------- -------- --------
Total cost of revenues 97,654 7,187 90,467
-------- -------- --------
Gross profit 136,198 (7,187) 143,385
-------- -------- --------
Operating expenses:
Sales and marketing 61,991 3,227 (b) 58,764
Research and development 36,258 3,094 (b) 33,164
General and administrative 16,742 2,472 (b) 14,270
Acquisition-related costs 1,547 1,547 -
Purchased in-process research and
development - - -
Amortization of purchased intangibles 2,376 2,376 -
Restructuring costs - - -
Litigation reserves and payments - - -
-------- -------- --------
Total operating expenses 118,914 12,716 106,198
-------- -------- --------
Operating income 17,284 (19,903) 37,187
Interest income, net 4,022 - 4,022
Loss on strategic investments (7,400) (7,400) -
Other expense, net (470) - (470)
-------- -------- --------
Income before provision for income taxes 13,436 (27,303) 40,739
Provision for income taxes 3,359 (8,455) 11,814
-------- -------- --------
Net income $ 10,077 $(18,848) $ 28,925
======== ======== ========
-------- -------- --------
Basic net income per share $ 0.11 $ (0.21) $ 0.32
======== ======== ========
-------- -------- --------
Diluted net income per share $ 0.11 $ (0.19) $ 0.30
======== ======== ========
Weighted average shares outstanding for
basic net income per share 91,718 91,718
======== ========
Weighted average shares outstanding for
diluted net income per share 95,492 95,492
======== ========
Six Months Ended
------------------------------
June 30, 2007
------------------------------
GAAP Excluded Non-GAAP
-------- -------- --------
Revenues:
Product revenues $371,374 $ - $371,374
Service revenues 55,196 - 55,196
-------- -------- --------
Total revenues 426,570 - 426,570
-------- -------- --------
Cost of revenues:
Cost of product revenues 145,909 8,248 (c) 137,661
Cost of service revenues 27,926 1,483 (b) 26,443
-------- -------- --------
Total cost of revenues 173,835 9,731 164,104
-------- -------- --------
Gross profit 252,735 (9,731) 262,466
-------- -------- --------
Operating expenses:
Sales and marketing 112,927 5,751 (b) 107,176
Research and development 66,933 5,671 (b) 61,262
General and administrative 29,218 4,523 (b) 24,695
Acquisition-related costs 2,717 2,717 -
Purchased in-process research and
development 9,400 9,400 -
Amortization of purchased intangibles 3,807 3,807 -
Restructuring costs 213 213 -
Litigation reserves and payments - - -
-------- -------- --------
Total operating expenses 225,215 32,082 193,133
-------- -------- --------
Operating income 27,520 (41,813) 69,333
Interest income, net 10,590 - 10,590
Loss on strategic investments (7,400) (7,400) -
Other expense, net (534) - (534)
-------- -------- --------
Income before provision for income taxes 30,176 (49,213) 79,389
Provision for income taxes 9,888 (11,975) 21,863
-------- -------- --------
Net income $ 20,288 $(37,238) $ 57,526
======== ======== ========
-------- -------- --------
Basic net income per share $ 0.22 $ (0.41) $ 0.63
======== ======== ========
-------- -------- --------
Diluted net income per share $ 0.21 $ (0.39) $ 0.60
======== ======== ========
Weighted average shares outstanding for
basic net income per share 91,263 91,263
======== ========
Weighted average shares outstanding for
diluted net income per share 95,240 95,240
======== ========
(a) Excluded amount includes $3,357 related to the amortization of
purchased intangibles for core and existing technologies, $690 for
stock-based compensation expense recorded in accordance with SFAS 123R,
"Share-Based Payment," during the period, $231 related to the effect of
stock-based compensation on warranty expense rates and $2,069 related
to purchase accounting adjustments made to inventory.
(b) Excluded amount represents stock-based compensation expense recorded in
accordance with SFAS 123R, "Share-Based Payment," during the period.
(c) Excluded amount includes $4,168 related to the amortization of
purchased intangibles for core and existing technologies, $1,216 for
stock-based compensation expense recorded in accordance with SFAS 123R,
"Share-Based Payment," during the period, $400 related to the effect of
stock-based compensation on warranty expense rates and $2,464 related
to purchase accounting adjustments made to inventory.
POLYCOM, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
June 30, December 31,
2008 2007
------------ ------------
ASSETS
Current assets
Cash and cash equivalents $ 203,212 $ 279,560
Investments 96,870 62,663
Trade receivables, net 130,339 138,133
Inventories 94,380 71,106
Deferred taxes 34,437 43,295
Prepaid expenses and other current assets 26,442 23,104
------------ ------------
Total current assets 585,680 617,861
Property and equipment, net 63,724 57,610
Long-term investments 17,045 32,340
Goodwill 504,809 504,955
Purchased intangibles, net 77,011 86,423
Deferred taxes 16,094 8,062
Other assets 17,451 14,687
------------ ------------
Total assets $ 1,281,814 $ 1,321,938
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 69,208 $ 75,802
Accrued payroll and related liabilities 29,411 29,518
Taxes payable 1,441 3,790
Deferred revenue 63,874 59,130
Other accrued liabilities 55,044 48,814
------------ ------------
Total current liabilities 218,978 217,054
Non-current liabilities
Deferred revenue 41,716 27,853
Taxes payable 34,594 34,899
Deferred taxes 3,076 4,709
Other long-term liabilities 15,662 13,429
------------ ------------
Total liabilities 314,026 297,944
Stockholders' equity 967,788 1,023,994
------------ ------------
Total liabilities and stockholders' equity $ 1,281,814 $ 1,321,938
============ ============
POLYCOM, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
------------------------
June 30, June 30,
2008 2007
----------- -----------
Cash flows from operating activities:
Net income $ 32,048 $ 20,288
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 13,472 11,656
Amortization of purchased intangibles 10,567 7,976
Provision for doubtful accounts 245 -
Provision for excess and obsolete inventories 1,197 320
Non-cash stock-based compensation 20,353 18,644
Excess tax benefits from stock-based
compensation (2,075) (11,645)
Gain on strategic investments - 7,400
Purchase of in-process research and
development - 9,400
Loss on disposals of property and equipment 68 58
Changes in assets and liabilities, net of the
effect of acquisitions:
Trade receivables 7,723 (18,038)
Inventories (24,471) (805)
Deferred taxes (486) 3,405
Prepaid expenses and other assets (7,147) (1,647)
Accounts payable (6,594) (1,180)
Taxes payable (135) 3,519
Other accrued liabilities 31,001 2,384
----------- -----------
Net cash provided by operating activities 75,766 51,735
----------- -----------
Cash flows from investing activities:
Purchase of property and equipment (19,056) (14,500)
Purchases of investments (206,649) (201,859)
Proceeds from sale and maturity of investments 183,973 313,292
Net cash paid in purchase acquisitions - (275,619)
----------- -----------
Net cash used in investing activities (41,732) (178,686)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of common stock
under employee option and stock purchase plans 30,001 48,264
Repurchase of common stock (142,458) (25,732)
Excess tax benefits from stock-based
compensation 2,075 11,645
----------- -----------
Net cash provided by (used in) financing
activities (110,382) 34,177
----------- -----------
Net decrease in cash and cash equivalents (76,348) (92,774)
Cash and cash equivalents, beginning of period 279,560 316,368
----------- -----------
Cash and cash equivalents, end of period $ 203,212 $ 223,594
=========== ===========
| Investor Contact: Michael R. Kourey CFO Polycom, Inc. 925-924-5742 Press Contact: |
|
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