Plantronics, Inc. (NYSE:PLT) Q2 2020 Earnings Conference Call Transcript

Nov 05, 2019 • 05:00 pm ET

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Plantronics, Inc. (NYSE:PLT) Q2 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Poly Q2 Fiscal Year 2020 Conference Call. [Operator Instructions]

Thank you. I would now like to hand the conference over to your speaker today, Mr. Mike Iburg, Head of Investor Relations. Please go ahead, sir.

Executive
Michael R. Iburg

Thank you, operator. Welcome to Poly's financial results conference call for the second quarter of fiscal year 2020. My name is Mike Iburg, Head of Investor Relations, and joining me today are Joe Burton, President and CEO; and Chuck Boynton, Executive Vice President and CFO.

The information presented and discussed today includes forward-looking statements, which are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, but the risks and uncertainties related to such statements are detailed in our most recent 10-Q, 10-K and today's press release and earnings presentation.

Throughout today's remarks, we will refer to specific slides from our Q2 FY '20 earnings presentation. This presentation is available on the front page of our Investor Relations website at investor.poly.com.

Unless otherwise noted, all comparisons discussed today will be to the same quarter in the prior year. You should refer to the materials we provided today for an explanation of the non-GAAP financial measures discussed on this call, along with a reconciliation of those measures to the nearest applicable GAAP measures.

These non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and previously reported results, and as a basis for planning and forecasting future periods. These materials are posted on our website -- our Investor Relations website at investor.poly.com.

With that, I'll now turn the call over to Joe.

Executive
Joe Burton

Thanks, Mike, and thank you, everyone for joining us today. Before I begin, I wanted to let everyone know that on November 20th, we will host an Investor Day at our offices in New York City. We plan to review our corporate strategy, products and partnerships and provide a financial update. As a result, this call may seem a bit shorter than usual.

For the past couple of years, we've been describing three market transitions affecting the unified communications industry, the move from on-premises communication solutions to the cloud, the move to open offices and the rise of mobile workers. These dynamics are playing out in the market as we predicted, driving demand for intelligent endpoints that can simplify and improve collaboration. As Poly continues to undergo significant transformation, last quarter, we highlighted several issues that would affect our results for a couple of more quarters.

While deeper than predicted, the results today reflect the continued impact of an aging video product line, the Skype-to-Teams transition, China trade tensions and a softening gaming market. As we work aggressively to manage through these issues, we are very excited to have announced a series of new products that reaffirm our leadership position across our core markets.

In just the past few months, we have announced the largest portfolio refresh in our Company's history. Additionally, we