Plantronics, Inc. (NYSE:PLT) Q2 2021 Earnings Conference Call - Final Transcript

Oct 29, 2020 • 05:00 pm ET

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Plantronics, Inc. (NYSE:PLT) Q2 2021 Earnings Conference Call - Final Transcript

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Executive
Dave Shull

In the last few weeks, I talked with many of our distributors, resellers and major customers worldwide. It's clear that we fumbled some of the integration steps between Plantronics and Polycom. However, the feedback has been consistent. They love our products, especially some of our newest releases. But we have been hard to work with because we didn't properly integrate our sales teams and systems and our supply chain challenges have led to extended lead times on some products. I would add to that feedback that we become a bit complacent about our competition and scattered in our messaging. However, as an incoming CEO this is an exciting place to be because the underlying technology know-how and products are in good shape. All the other problems can be solved with focus and execution.

Let me emphasize the word focus since that will be a change for us as well. We have a set of executives in place with good bench strength. Most of us are quite new. So we're pulling together rapidly to get Poly on a strong trajectory of profitable growth.

Over the last 15 years, I've held leadership roles at DISH Network, The Weather Channel and TiVo. In each case these companies had well-known brands with complex business transformation challenges. At DISH, we focused on transitioning a two-tier distribution channel with thousands of partners from traditional satellite to streaming. At The Weather Channel we spun off the consumer app to IBM, while significantly improving profitability and ratings of the television network. At TiVo we refocused the company to launch new consumer hardware into the streaming wars while preparing the company for an eventual merger. These experiences with business transformation, radical refocusing for growth, cost cutting, channel evolution and new hardware product launches are all relevant as we look to transform Poly for the massive work from home and hybrid working opportunity in front of us.

Only Poly has the headsets, video devices and voice solutions that can stand up to both the largest most stringent enterprise requirements for security, compliance, quality and reliability while also working seamlessly at your home. We have built out the Poly AI for noise blocking, audio fencing, image quality and more so we can handle both the challenges of kids and dogs at home or the massively distributed high-security needs of the world's biggest banks and insurance companies, governments, oil and gas companies, healthcare and education systems. Our Poly Lens platform will be able to pull all of this AI capability, IT management metrics and consumer enhancement alerts into a single package that is suitable for the world's biggest companies and the individual worker in their homes.

Let me be specific with some of the customer deployments which I am most proud. My mother has been a nurse for as long as I can remember. Over dinner I'd here about the challenges and stress, but then also the rewards of patient care. Now providing patient care remotely requires crystal clear video, strong audio