PLT - Earnings call transcript Q4 2019

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Operator

Good afternoon. My name is Lance, and I will be your conference operator today. At this time, I would like to welcome everyone to the Poly Q4 fiscal year 2019 conference call. Mr. Mike Iburg, you may begin your conference.

Michael Iburg

you. Thank Financial XXXX. for Poly's of fourth Conference year fiscal Results to the Call quarter Welcome is Iburg, and name today Boynton, My Mike Vice are joining Relations; Executive Joe me and Bergen, and President President COO; Chuck Head and CFO. of Investor and of presented forward-looking includes XXXX. the today made Private Securities statements, of Harbor provisions discussed the are Litigation under information The which Safe Reform Act earnings related our today's and uncertainties to and most press XX-Q, risks are in such The detailed and recent XX-K release presentation. statements

current also non-GAAP in should reconciliation reported over the are of materials investor.poly.com. along website comparisons the provide measures the the for today for we With indicators and non-GAAP You will basis These to a the that, are meaningful refer Relations to materials results. financial nearest turn as that on and to additional an forecasting with measures. call uses applicable of periods. previously measures explanation planning this I the those at discussed to our GAAP Joe. Investor measures provide call, management between future And posted These results now

Joseph Burton

strategic new new integration products new endpoint relationships. - provider brief new everyone, beat for markets products before call a a this or for as the and goals. thank of the a today. and preferred turn poly new year new and financials. strategic was allowing us want lineup and I review our debuted take CFO, March, We we Fiscal our Chuck afternoon, the this we Boynton, to notably, over financial milestone of of vision enter provide joining exciting commitments to Notice to our the our opportunity past executed collaboration to brand, XXXX becoming for a open Good I you overview for ecosystem. us on launched year achieve

and deliver world-class to build vision. in on the industry leadership right skills our and team, succeed of the industry also experience UC strategic blending a We mix

announced him earlier leadership Darrius place, our FY and joins 'XX today, goals. brand, enter on With communications us our achieving bringing Vice team Jones, strong with as in a care. we unified executing a Executive focus Strategy, building strategy laser great we customer As background a our in President long-term of with and

said both platforms vendors massive this and unified $XX with I've The As before, billion new in our industry giving partners. customers communications critical burn that sits undergoing the a endpoints. is open way endpoints of require world with In in cloud is world, position to collaboration vertically-integrated proprietary the a old shift. Poly

we hassles one provide that often On the start far with can front-end, a users too the avoiding common interface simple experience. user touch, meetings

four allow experience end, this for On the combined and areas easier, procurement, deep and which UC want and partners communications management installation We're to our focused benefit partners to of software so unified meaningfully with deliver from to endpoints compared innovation. vendors. does market endpoints they on integrations our our we We've continues leverage market The Poly the have the differentiated choosing services significantly customers. to their from deploying and back means accelerate, multiple opportunity. customers that make our that

work make actually First, everyone. workplaces we for

huddle into rooms office the and as and Poly also many address distraction it rooms modern offers to lower lower introduced powerful offers satisfaction. open technologies in productivity open advantages, solutions board employee as audio While distraction the leading has noise and workplace make spaces. to that

of need. a in more this help collaboration to now using collaborate day, applications. applications three solutions endpoints their with work People meet across or wide Second, we way. these that growing and offers given any need are and range people Poly

day advance where business of we And that get services devices. solutions Whether we out move it's provide need smartphone a a their business through using them. capabilities blend, and more workforce. phone as modern Third, the finally, personal personal users a activities with cloud design video first and for help mobile voice that pros or that workers are and navigating IT

empowerment used As are walk some IT a making quarter. track keeping trend minutes easy-to-use more the end-user that, and from take the professionals easy are on of Poly through whom also what's by continues, solutions manage. highlights focused that challenged to of let's macro few is where. With to being

revenue with stylish QX year. Among headset XX% distractions the that's tuned in the addition headset enterprise office. Blackwire for new a active the with and the this see many in strong quarter, UC we we the exciting lightweight, business, continue open performance With growing a product introduced to to family, noise of for the announcements headsets full and XX% new boomless cancellation

We with voice. Amazon alliance and headset, leading new Alexa our voice a the giving Google VVX IP continue launched workers sequentially to to nearly for first show Within the their integration access VVX strategic virtual also announced XXXX Google, own Voyager newly phones certified revenue strong and growth category, with with tripling our making only our assistant. phones to

with announced Zoom, well. category growth featuring Trio as Poly the and pullback the Trio, June conference slight year. group is our Poly full as the Amazon announcements return expanded large shipping a in saw growth At a stole the of Poly new X% X% several we begun we've of the very room, designed Chime Studio were to Connect, flagship growth the quarter, conference for of began well products stabilization adoption with a approximately products we've saw Studio. the Demand Enterprise In XX% and after and for series quarter, already for exciting and end quarter. to see show, the QX, Best launched for Amazon GoToMeeting this a solutions including On Alexa a winning with Microsoft this video with strong Connect market continued Enterprise growth we for quarter that Although our the Award. Studio with of partnerships benefited voice strong of Video medium partnership phone, at GoToMeeting. strong the to into as sales quarter. slight from integration category, see going year. saw to business newly a subject

continue expect transition. remains as We in in headwinds this group category to the series

However, and in steps will we that position future we're taking result growth. competitive our believe improve

services was with in year. As the prior expected, line

We avenues our to NexGen continue to come and as and see significant our new services service opportunities and management we analytics explore attached products IT market. innovate as with tools of

on Now make business. comments our a I'd like consumer to few

seen to I provide release, strategic explore little decided alternatives you a our consumer our have As may already and like color we've in thinking. press business, our to for on

designed headsets. several ranging past brought portfolio excellent family lifestyle the we our family of BackBeat our to and of products, an to consumer of market and headsets gaming have Over battle-ready RIG from years, fitness

recognized business, every a having business be a of and designs We us have very as and are proud loyal brand, great innovative accomplishments we allowing is strong to good build products, reason universally The consumer following. our a to growth. and

With of for financial fast-growing front market where on from makes total don't structure laser-focused of us. we However, terms enterprise are roughly of timing, deal land us market. and UC different the know very now consumer the our X% to more We or of impact. the this will opportunity dynamics in consumer market it in the sense be enterprise the revenue, believe

provide progress. will We updates periodic as we make

and we're pleased realize and believe ahead for that benefits our only just year I'm achievements incredibly As I with to beginning the before, that lie opportunities Poly. said this

management we simplified continue functionality, truly story experience. analytics a together a purchasing to call data and With from our Poly offer portfolio, enhanced integrate I'll can all the As product improved better that, hand Chuck. we to endpoints where over provides

Charles Boynton

the taking for Poly I'm call. to to all, I you, two time today's here. excited be earnings ago and Thank Joe. just started about Thanks, with attend months very

my X I priorities as review to wanted the Before CFO. Top outline I financials,

First, sheet to three I'm comfortable balance turns we're allocation. and committed our to ensuring level deleveraging a below optimizing capital also the

on delivering I previously. Second, as financial model, outlined am the long-term to committed

closely investment bottom Third, our community the profitable to the to committed additional the and to get benefit and research of communications driving And top I growth line. coverage improve with investors. working am both finally, with more

exceeded from quarter prior include Polycom financials. Now which met was and all revenue almost year or our results. the the did onto guidance not had strong for any $X.X billion, GAAP targets. doubling the We net year, a

not 'XX of which Our non-GAAP for back $XX include to we GAAP for million revenue, have our purchase revenues accounting adjustments added do results. fiscal

quarters. We several QX, expect million, up the prior our GAAP year. revenue Polycom, and $XXX was over In non-GAAP revenues next fiscal to When for closely in revenue more from line. million converge the was essentially adjusted non-GAAP $XXX

that pleased Non-GAAP QX, of continue immaterial the by revenue sequentially, Also mix. in behind of $X approximately our product Non-GAAP primarily the by long-term impact fiscal we a the in on largely driven this X% cost MLCC million basis, drop an non-GAAP issue constant into XX% partially quarter, we above margin operating target in gross and currency year-over-year. account are programs. taking However, was was savings grew impact our quarter had us. is expenses to driven model, this FX

are to complete the We June of million $XX of target synergy our quarter. end target by the on

led total annualized call, million on improvements the half expense by approximately rate of of $XX year. captured have in a see the of $XX gross track from million million June P&L the synergies. back and prior-year of have approximately run today's COGS we quarter. we'll conference synergies operating $X are for be OpEx $XX end the to $XX captured of to and annualized As combined remaining synergies QX fiscal of income million, operating non-GAAP million the and COGS synergies These rate benefits quarter the in margin both run of The captured to annualized our up

operating benefits $XXX quarter the Non-GAAP EBITDA better per XX operating or by driven efficiencies. of year as profitability demonstrating diluted combined line. million and with significant $X.XX, earnings tax non-GAAP grew $XXX full of the Adjusted was on trailing continue million both the adjusted basis, gain business million. for profit share we to For the a than improved income significantly EBITDA $XX planned, this months was X% to

Going XX% forward, we expect to rate the XX%. to normalize range of a to tax

year was growing increase quarters results, acquisition. highlighting the of accretive of $X.XX of year stand-alone than full combined non-GAAP only nature the $X.XX, X Our an more the over XX% Polycom and EPS prior with

to I'd key on some debt. points cover Now like cash and

the million in of quarter. completed the announced have We previously repayment $XXX

the our shares as an capital $XX of COGS quarter, at integration, $X $XX million. bought transfer price stock per restructuring million into common we the In over Mexico back addition, products related primarily XXX,XXX to capture of March of experienced paid we and dividend average In our share, outflow, to cash we and facility quarterly working of synergies.

We material of second year costs in our to decline. improvement and half restructuring expect as the the cash a flows integration

Our year-end debt-to-EBITDA was at net X.Xx.

pay and objective cash of by this, turns debt To As maintaining three priorities, consider of intend approximately $XXX to to ratio including improve get is our EBITDA achieve the approximately the leverage million, our first 'XX. net undrawn down to we end our fiscal while liquidity healthy we revolver.

restructuring As operating we've per the in million in Board approximately after believe and June behind are the dividend will the cash the payment us. flow of we business Also a for approved integration past, costs note, stated generate quarter. $XXX year

so, our consider quarter we'll revisions Over or next to model. allocation the capital

we while improve profile As In of would on of enterprise the enterprise the further given opportunities consumer are as business, versus We margin Joe this financials. we beneficial alternatives also exploring to our it for allow the business think in our simplifying be the consumer business. our the exclusively transaction, strategic will processes. market, a event us noted, believe focus the gross this

to Moving guidance.

full year and We for guidance quarterly 'XX. are fiscal both issuing

income operating replacing are main about EBITDA of is simplicity. difference depreciation. we addition, million adjusted The with $XX for In

'XX, For $XXX revenues fiscal million. million $XXX of to we GAAP QX expect

adjustments, to Excluding range to approximately $XX of million the $XXX million. of accounting million million non-GAAP $XXX expect we $XXX of Adjusted million. purchase EBITDA $XX in revenues

$X.XX shares XX% is Finally, million EPS of in XX% weighted assuming to non-GAAP to tax be a range rate the of expected outstanding, average diluted to $X.XX. and XX

year to full expect This of non-GAAP include of three Polycom Polycom non-GAAP Including 'XX. purchase all to results we fiscal the in growth translates for fiscal revenue to accounting, when XXXX, X.X% quarters. of when X.X% net million we 'XX GAAP XX% growth approximately revenue growth four to the For XX.X% expect adjusting quarters against XX% revenue to XX%. $XX results comparing of

'XX. full expect fiscal year for adjusted of We $XXX to EBITDA million $XXX million

the July we X/X I file note the to released before item XX the ends the X first money, of week. the turn XX-K required agreement, transaction. Siris elected approximately Capital over have this months. time like of to remaining Under the one as the for restriction time the are by at S-X we terms the million of X.X we call the year, lock-up Q&A. of X/X with stock shares register save for to next in Polycom, same connection for on these sale the over following Additionally, acquired In the shares with acquisition To Group would and

of In for profitability With We over revenues the had operator board shares. set forth will selling a timing in the the now we the Q&A. their across saw Siris quarter. not speculate execution on beating the closing, meeting Operator? to strong guidance with we turn and the I'll that, call fourth that

Operator

Instructions]. [Operator

the First Greg. from comes of line question

Gregory Burns

your it thing? keeping between the guess, am lot crossover looking terms assuming moving on a your Just on IP. are slide like how I between in separating And of a two on given there's How and Is terms maybe the that businesses? some segments, that And to the business. planning looks - business. are the that IP question business on thoughts Consumer business, I've some? two whole the of, consumer you're thoughts high-end in the business? adjustment consumer handled but some is business, I revenue divesting you this and Enterprise Are changes - you've it that the Enterprise the adjusted deck the in what you in segment seen the for Bluetooth at of you keeping of

Joseph Burton

Greg, this that is topic popular today. I Joe. would Thanks a for question. the figured be

really The of was Voyager Voyager SKUs you saw the high predominantly forth. the other the So on. line, delivery slide In They words, drivers, headsets. of through but Bluetooth drivers of for couple professionals are end you business. so truck it deck product information business sold like a that retail adjustment indeed all mono XXXX, are and they're are similar XXXX us, hit the spot in and the that

of So the it time. this sale so business while not consider for retail, it the Enterprise, we part part is Voyager really at of

course, stereo which exploring of Very Rig days through. we're our and business, the includes this thinking mono and mentioned, products of Bluetooth the we lower-end The fitness gaming BackBeat business. As lifestyle around mid- options business. and early

all that of whether JV, transaction a So bit transactions would that's single a be a to front in little single us. buyer, multiple still

other communications early really little really we with as we $XX look to billion on So the laser-focused say. the XX% we're to and positioned that want the opportunity how at But of going unified forward. be business,

Charles Boynton

really crosslicensing crosslicensing be some out, the Greg, on details but do IP likely likely parties. question, the then, we And have the not between it's we IP would to some of of worked level

Gregory Burns

to the turning the Enterprise, business. then And Great. Okay. headset

XX% headset guess, like traditional of in I the seen. acceleration of a split And between that we've the seeing what's a Assuming, bit growth an XX-XX and broadly, in is UC about share business, you X% maybe a for what more kind maybe legacy market just outlook talk talk the Can in the OCC. any you're a guess, which implies about decline little from traditional business? that about market? specifically changes then I

Joseph Burton

always add, jump has can he I Sure. off I'll to in. and Yes. Chuck if mean, start anything

you broadly think it right. about So speaking, I once hit again,

side, business. they UC unified of than on communications bit part saw now we really were the parity. bigger quarter, growth a little the is Last which headset the nice growth business, about legacy the a headset at So

we're This UC up starting seeing quarters. somewhere predicted over as is pull year-over-year. quarter, range we ahead that the UC to in headset last XX%, actually XX%, few

products or of at be yet. telephones a a in a of deployment business, more maybe up and big bit a As based Also few It not down a but really great time. given context which on little office. last moves in center traditional or quarter it that our a not than the headset still call tends you set the quarters legacy mentioned, little lumpy, context is the there a are traditional trend we hitting fee want bit to and traditional to

much we an as quarter see that as moment. single as thing don't So for really acceleration the a down

Gregory Burns

been the Okay. then any in shifts within your has there of over headset on terms view the And share year? market, market last enterprise

Joseph Burton

stable, phone significant enterprise couple also we headsets share shift. market not the some our some don't wireless classic in in number, up way. the been but headset, bumping and think through UC when cases. headsets Legacy personal Calisto But maybe in point and of the other competitors the conference Trio, It's smaller nothing of see headset, line actually in share count Certainly, at they any and parse some material. is market through crossover their hard some a numbers. We of UC in like or fairly major that's one speakers, nice where have down Not little way put legacy have but that they personal they a look or really consumer like our X, a share to many headsets speaker X some a with

quarter, So, I we give shifts. but point mean, X get X in maybe one point big other up or two we in and no

Gregory Burns

Okay. of of Great. year maybe bit side of that demand And for on And little having remainder outlook for product for I the business. the video far? is been guess, the the of you're How seeing you your mentioned on growth that an product? studio impact what's the so some

Joseph Burton

general. Well, put just to the huddle I and opportunity that product in room indeed, we've got say, Poly the love Studio out we

And industry all, really participated first is huddle Poly up our I a the dollar opportunity multi-hundred company, million and annually, the So studio shift. opportunity dollars predecessor side, around in mean, growing Polycom, room until of somewhere XX% on that year-over-year. never

room. in been effectively, few in Studio a leading market here. we hit had early just a conference the weeks company zero larger Poly were the So we has share, while runaway

show trade industry. this it's UC the for been Enterprise weeks at device won primarily best the the which market, few the is in So Connect, product's communications

very, industry over product the them say things the great that first it brisk expect sell-through analyst to I it, on things had of weeks just on XXX% in and All phenomenal. are few and about since been we've of very reports big market, come. we the mean,

it a Although, material. couple it'll before quarters take probably becomes of

Gregory Burns

lastly, you plans beyond that go does up products how your implies to Okay. the get XX% to, that if tariffs impact to And Friday on that? current are group what extended or and circumvent of

Joseph Burton

Greg, one like do out our a a versus competitors. it's place Poly of You some really might uniquely is like where hawk feel this there imagine, we positioned actually watched we and

are build products chain actually very of of And We Mexico. there's manufactured according some you not, that unique manufacturing in and of to an a supply considerable where products As Tijuana, we additional third we own China, which that be and we actually these have parts know, have Asia a are we that where our of Mainland would ODMs other across that we tariffs. in up have in course, group have products much contract a set manufacturers very set number of a factory in-house China.

move So gives products across those to ability of those the us few Mainland three, Asia, between China rapidly advantage a Tijuana, that we think three have. and competitive rest our very really people

we literally the moving, we ahead we day and believe. we will scenario If So tariffs. day competition anything our see continue plan on of lift shift by

Gregory Burns

a of, tariffs gross from Okay. would... points financial Do sense basis a you have hundreds the margin how the perspective, of to like many

Joseph Burton

everyday said, like products the what the products, It's we really high go, impossible tariffs I latest that understand because the It at scenario plan until are. And the not the and moment literally, Bluetooth seeing. us. based mean, I applies some would depend mean tariffs it to. on of we for what on I thinking to this know material are how we're we do exemptions literally, tremendously around they of

Operator

of line Latimore. question from Next the Mike comes

Unidentified Analyst

on, a you in be This [ph] bit your UC, organization should increasing to And restructuring your what - mean, sales Latimore. more given any for your there? about is terms Mike that of update focus understand there? Could your Vijay Devar towards talk going interesting I little strategy

Joseph Burton

Vijay question, [ph], great of incredibly proud I a am It's and sales our team.

restructuring actually last quarter. this major our sales So occurred during

couple we sets traditional of announced for tracking actually In traditional Plantronics reported on, last we tools of having leads, and Polycom quarter on team, sales for a all So through tracking for sales sales this team, quarters and planned after having of compensation the we two from the tracking went we for orders, on acquisition, got the on. that.

we leadership. with a sales So and tracking sales accounts set of set out, motion, the sorted ordering so are All a are tools one and a forth. sales single of single team single

on very, Great So to on much ready very at we calling really sales on are sure area. opportunity call metropolitan accounts, great regional on that tier this point, distribution sales within proper sure with smaller salespeople paying call worldwide. team we're making and along the we named that large did UC customers set attention, the capitalize on the up directly to team two-step focus make for

point. is that behind at us of this all So

very we any slight on quarter, in a confusion So that. and get we excited about are during still goes so reorg, nice that very turn manage through to a turn

Unidentified Analyst

talk you bit channel on geographies? network focus little on Could Good. or your about and partners expanding a channel any

Joseph Burton

highest level the too because at Only we into don't far. it go

be out So Poly large Poly But Electric remains the else are heard somebody have XXX% that is of. two-step distribution. stimulating or distribution a through we salespeople company, customers, General story demand, a very to meaning fulfillment our two-step there you've it explaining

at local would a ScanSources turn reseller to taking make we're So in training a point into and through we us distribution to They go have again, we did of the that Plantronics the rock then that the to Micros and and once sure coming the Ingram this internationally rationalization people XXX and future. installing the it the is right product expect, typically. ready roll actually customer, over in is behind that as world, sell the together the sell to We Polycom countries. you 'n' but channel network move out,

Unidentified Analyst

there's also huge rolling new to competitors products to seem be here out like the this capture the it Okay. opportunity room, And on huddle looks and market.

you Studio, room? do pipeline I to huddle have products Now in any in given that that mean, you other launched note, here's the

Joseph Burton

Yes.

easy great know-how and All unannounced perfect on the So we're audio you keeps products, And around to is very inexpensive know-how room opportunity, for than there'll much perfect a video Polycom sweet we DNA. intersection try self-installing, play company. around with to and be of too is Plantronics for more the the careful one to and Polycom's be maintain products, huddle time and a it this going combined spot but there Plantronics' is might spend not product. to imagine,

Unidentified Analyst

can Very one the do more. you previous plans the any question, Enterprise? product in close sneak And to have true for wireless I maybe for

Joseph Burton

wireless imagine have a true product product, We've lot the office Fit wireless that preference in from might learned we're or or coffee the true and enterprise wearing actually We on-the-go, shop BackBeat in wherever the you fantastic the particular running a towards in there's products. that XXXX. a professional with if be goes, it going there style, stereo, be a mono fantastic it to be

Operator

Next question of from the line David Eller. comes

David Eller

This Eller Wells is from Fargo. David

looking given range to X.X% on sales XXXX you've Just X.X%. grow a guidance, at your to

the from it we about that revenue year? think you the kind your this back together you that - be year? in to headwinds companies or of And hit holding Is X%, X% relation other so that would there what expected as long-term just fuse coming to are growth two this of to are guidance as

Charles Boynton

Chuck. This is are year the in going that is and X% about I this to X% other of the full really the along being of overall, model in refreshed. integration. heels see long-term we're the of A pretty is on the growth business but this be ramp, lot the on the with completing of at Studio products of to David, launching Thanks transformation all question. say, the would you'll new products. the bullish midst year we for

growing will And are while to model accelerate, think is very X% so X.X% revenues attainable. the this that and growth year, roughly the we long-term

David Eller

implies the then it midpoint look XXX year. more And for of expansion the little points guidance, I like the basis at it it. margin Got than of as looks EBITDA a

back And So straight kick more so we more that the it going it talk be improvement? Or can line? to as half-weighted is expect in? you synergies through to should those just of sequencing be

Charles Boynton

It accelerate will throughout Yes. the year.

the all fully about and the of sort will in with we're as sort today, today. year realized you'll that accelerate balance we'd as then XX% year, that next additional through back The really pleased also we're well. the fully of progress COGS the capture that to-date rest year. be We of the P&L, synergy have and of and the effectively, force of year end by savings, you'll of side, outlined of our captured the half see full see our in OpEx So and we'll flow in ramped. through savings so fiscal And through throughout the

David Eller

Okay. then, continuing release, to talked debt. And the in you Chuck, press about pay down

as think mentioned on one I well. allocation of your top as capital you priorities that

we consumer the of be most sale of business, - think for of for that about the that for As that, kind potential would those the use obvious proceeds sale? asset

Charles Boynton

think proceeds the high be. divestiture. top we It's it's I delevering for in not at look It are would then a that there could reason do a excess, But priority, as a not the potential are I think priority. that's fair If assumption.

David Eller

on the as well? Open me, And more performance the voice was you for then side? question the And bit the could it. Got talk color just quarter, if SIP on last provide for decline maybe primarily little about conferencing audio in that

Joseph Burton

Yes, David.

So and A both in. bit this of Joe audio the little jumping the desktop back side. is conferencing

down. me let those break So two

new of desktop so some the of ago. side, phones, on number quite phone been a a remember, have we So line a out put line then that VVX had quarters VVX years, of two and time, xXX line about of called out we phones have phones, for the

still quarter UCaaS providers meaning old saw the were the were to transition a So ago, actually Last a now, right the phones those before VVX going of bit right phase and are we we new the really VVX early xXXs middle the nice old new and the the a off last customer here service selling xXXs. we start where with in VVX channel quarter, right on from some quarter, on, briskly, very phones. the seeing we're bump now, we down around soon. And we evaluation seeing low taking wins and the little of -

SIP Open but growth expect is that very rate pause phone somewhat growth over of industry be next temporary predictable, couple ballpark very quarters. again much to we the in the desktop do the So see of to

the side, about On year-over-year, phone Trio, just continues well, us. products but the conferencing businesses - little the our growth in line some see growth under alive lower overall little a and the Trio, more audio well and up we huge haven't a very been XX% of to older high-end sell phones, while, with in there, very, entry-level just award-winning our opportunities both the being refreshed in saw those conference of which as fantastic is conferencing up front invade product. just of A or little a in slower

little in a quarter bit this structural. a pause nothing Just but of

David Eller

Great. question the that revenue you terms different outperform growth year, give Enterprise, And segment? segments, anything for there's underperform on talk or can number to through gave the of for in the for to can out your me. call X.X% if then last you will or color any you X.X% different growth The just year, it

Joseph Burton

I'll going at in always well and it. we're as as can least start there chime through Chuck

is in at our think very bit out are us, expect softer headsets a little well. Enterprise we be to certainly, no as primarily just real and play grower I all. headsets that the Consumer seeing Fortnite for are that phenomena to there starting little competitors solid a So issue a

of video still in expect Video be year. market. bit and little both solid me, the there and high of desktop a very or Audio for you are at consumers audio, to transition drag conferencing, is the if we So a the end pardon will. -

through and end before drag the be of of as with a products double-digit as of couple to deals of market little maybe quarter, the believe rescue a starts our a territory. nice in products fully, a bounced a little to huddle have And up positive it of a sorted that had the this high going We kind we then bit those more on series down out. we work builds. of back for quarters Group is coming we course, So of fully still bit the couple the well then, quarters back few were

Charles Boynton

single-digit lower and highest equation we'll growth I of from for course, start then ranking obvious and take just growth Enterprise to with services and video in lowest, a the reasons. would are phones, of And this add, desk headsets, consumer out we'd

Operator

Instructions]. [Operator

Charles Boynton

our Thank questions. you we'll for next much. to talk more earnings no all quarter. Hearing Thank all, very you call, and you, Okay. attending of

Operator

today's concludes call. This conference

now may disconnect. You

Plantronics (POLY) 7 May 192019 Q4 Earnings call transcript