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Polycom, Inc.

Level 15, 100 Pacific Highway
North Sydney, NSW 2060
Australia
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Polycom Reports Fourth Quarter and Fiscal Year 2011 Earnings
Posted on Monday, January 23, 2012
Q4 Revenue Growth of 20 Percent Year-over-Year to a Record $407 Million; Q4 Operating Cash Flow Growth of 192 Percent Year-over-Year to a Record $122 Million
 
PLEASANTON, Calif. - Jan 23, 2012 : Polycom, Inc. (Nasdaq: PLCM), the global leader in standards-based unified communications (UC), today reported its earnings for the fourth quarter and fiscal year ended December 31, 2011.
 
Fourth quarter 2011 consolidated net revenues were a record $407 million, compared to $340 million for the fourth quarter of 2010. GAAP net income for the fourth quarter of 2011 was $50 million, or 28 cents per diluted share, compared to $33 million, or 19 cents per diluted share, for the same period last year. Non-GAAP net income for the fourth quarter of 2011 was $74 million, or 41 cents per diluted share, compared to non-GAAP net income of $43 million, or 24 cents per diluted share, for the fourth quarter of 2010. Note that the share and per share data for all periods presented in this release have been adjusted to reflect the two-for-one stock split that was effective July 1, 2011.
 
For the year ended December 31, 2011, net revenues were $1.5 billion, compared to $1.2 billion for the year ended December 31, 2010. GAAP net income for the year ended December 31, 2011 was $136 million, or 75 cents per diluted share, compared to GAAP net income of $68 million, or 39 cents per diluted share, for the same period last year. Non-GAAP net income for the year ended December 31, 2011 was $213 million, or $1.18 per diluted share, compared to $133 million, or $0.75 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 geographic basis, consolidated net revenues for the fourth quarter of 2011 were comprised of:
  • 48 percent Americas, or $193.8 million, an increase of 7 percent year-over-year;
  • 27 percent Europe, Middle East, and Africa, or $109.7 million, an increase of 28 percent year-over-year; and
  • 25 percent Asia Pacific, or $103.5 million, an increase of 42 percent year-over-year.
“2011 closed strong with full-year revenues of $1.5 billion, driven by particular strength in sales of the Polycom® RealPresence™ Platform and broad geographic growth,” said Andrew Miller, Polycom president and CEO. “Enabled by Polycom’s innovations, we experienced unprecedented demand for our secure, interoperable, unified collaboration solutions by both enterprise and service provider customers. Leveraging our industry-leading technology and powerful network of strategic partners, Polycom’s cloud, mobility, and software-driven infrastructure strategy is beginning to yield and we look forward to another year of solid growth in 2012.”
 
“Polycom generated 20 percent year-over-year revenue growth in Q4, which drove revenues, operating profits, and operating cash flow to record levels,” said Michael Kourey, Polycom’s executive vice president, finance and administration, and CFO. “We are pleased to have achieved significant operating margin expansion and unprecedented operating cash flow of $122 million in the fourth quarter. Net of the strategic acquisitions and stock repurchases in the period, Polycom exited 2011 with $592 million in cash and investments and no debt.”
 
Q4 2011 Business Highlights
  • Strong revenue growth in both Europe and Asia Pacific with emerging geographies up over 40 percent year-over-year
  • North American sales management structure with key leadership hires in place
  • Polycom RealPresence Platform generated revenue growth of 45 percent year-over-year
  • Acquired ViVu, Inc., a video collaboration software company, reinforcing Polycom’s cloud and software strategy
  • Launched Polycom® RealPresence™ Mobile software for Apple® iPad® 2 and the leading Android devices
  • Expanded Microsoft® Lync™ integration with new Polycom® CX7000 unified group video collaboration system
Earnings Call Details
Polycom will hold a conference call today, Jan. 23, 2012, at 5 p.m. EST/2 p.m. PST to discuss its fourth quarter earnings. You may participate by viewing the webcast at www.polycom.com/investors or, for callers in the US and Canada, by calling 888.227.5826; and for callers outside of the US and Canada, by calling 303.223.2680. The pass code for the call is “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 21572693. A replay of the call will be available on www.polycom.com for approximately 12 months.
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