Plantronics 2015 Annual Report Download

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2015
Annual Report

Table of contents

  • Page 1
    Annual Report 2015

  • Page 2

  • Page 3
    Plantronics Annual Report 2015 FINANCIAL HIGHLIGHTS FY2015 Revenue Breakdown and YoY Growth Revenue by Product Group Revenue by Geography 0% Growth 10% Growth 11% Growth Americas $59MM 3% Growth Revenue by Product Group Annual Revenue by Product Group ($MM)1 CAGR: 6.1% 713 182 93 762 213 131 819 ...

  • Page 4
    ...OF INNOVATION 1972 Plamex (Plantronics Mexico) opens in Tijuana 1961 Pacific Plantronics is incorporated 1983 The new StarSet Supra soon becomes the call center industry standard 2000 Digitally enhanced USB headsets for PC and Mac computers are introduced 1963 FAA selects Plantronics as its sole...

  • Page 5
    ... to focus on delivering intelligent context-aware data into applications 2014 BackBeat FIT wireless stereo headphones introduced for the growing health and fitness category 2014 The EncorePro family introduced, an all-new generation of headsets for customer service centers and offices 2011...

  • Page 6
    ... to automatically answer calls and to seamlessly transfer calls between devices based on user movements. This year we intend to further our efforts to broaden the integration capabilities and make devices easier to use to their full potential. The second innovation wave to enhance productivity is...

  • Page 7
    ... stock repurchases and 1/3rd in the form of quarterly dividends although the actual percent returned in a given year may be significantly more or less than the long-term goal. Plantronics intends to regularly reevaluate its return of capital policy and update it when appropriate based on business...

  • Page 8
    Our Mission Empower professionals with wearable solutions.

  • Page 9
    ...of incorporation or organization) 345 Encinal Street, Santa Cruz, California (Address of principal executive offices) 77-0207692 (I.R.S. Employer Identification Number) 95060 (Zip Code) (831) 426-5858 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12...

  • Page 10
    ... Statement for its 2015 Annual Meeting of Stockholders to be held on or about July 30, 2015 are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended March 28...

  • Page 11
    ... Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters...

  • Page 12
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  • Page 13
    ...State of Delaware and is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "PLT". Our principal executive offices are located at 345 Encinal Street, Santa Cruz, California, 95060. Our telephone number is (831) 426-5858. Our Company website is www.plantronics.com. In the Investor...

  • Page 14
    ... of headsets for business and consumer applications, and other specialty products for the hearing impaired. We develop enhanced communication products for offices and contact centers, mobile and cordless phones, and computers and gaming consoles. We offer our products under two brands - Plantronics...

  • Page 15
    ... microphones, DSP, and more Wireless freedom, allowing people to take and make calls as they move freely without cords or cables around their office or home, or easily from public to private space when privacy is required Multi-tasking benefits that allow people to use computers and mobile devices...

  • Page 16
    ... audio headsets, whether used for interactive on-line or console gaming, or switching between music and phone calls for multi-functional devices, represent an emerging opportunity for us. As devices providing these users' needs converge, our headsets need to be compatible with PCs, mobile phones...

  • Page 17
    ... the limited use of contractors. Key locations for our research, development, and engineering staff are in the U.S., Mexico, China, the Netherlands, and the United Kingdom. SALES AND DISTRIBUTION We maintain a worldwide sales force to provide ongoing customer support and service globally. To support...

  • Page 18
    ... headsets as Plantronics-branded products and in some cases, in their private label packaging. Carriers purchase headset products from us for use by their own agents and in some cases, also offer headsets to their customers. We also make direct sales as a General Services Administration ("GSA...

  • Page 19
    ... our business to risks of international operations" within Item 1A Risk Factors in this Annual Report on Form 10-K. We purchase the components for our products primarily from suppliers in Asia, Mexico, the U.S., and Europe, including proprietary semi-custom integrated circuits, amplifier boards...

  • Page 20
    ... President, Marketing and Chief Marketing Officer Senior Vice President and Managing Director, Europe and Africa * Executive is also considered an Executive Officer as defined under Regulation S-K Item 401(b). Mr. Kannappan joined Plantronics in 1995 as Vice President of Sales and was promoted to...

  • Page 21
    ... CAD and graphic market, and held various sales and marketing management positions with IBM Corporation. Mr. Houston holds a Bachelor of Science degree in Business/Marketing from the University of Arizona. Ms. Lovegren joined Plantronics in 2013 as Senior Vice President of Human Resources. Prior to...

  • Page 22
    ... or forego spending. A global economic downturn or continued erratic or declining business or governmental spending or hiring may reduce sales of our products, increase sales cycles, slow adoption of new technologies, increase price competition, and cause customers and suppliers to default on their...

  • Page 23
    ... platforms and product offerings with our solutions, is limited. For example, Microsoft's Lync solution has become a large part of the UC marketplace and the decision by Microsoft to transition from Lync to Skype for Business is a significant transition in the market and may cause end customers to...

  • Page 24
    ...competitors have superior technical and economic resources enabling them to take greater advantage of UC market opportunities. Sales cycles for more complex UC deployments are longer as compared to our traditional Enterprise products. Our inability to timely and cost-effectively adapt to changes and...

  • Page 25
    ... others, offer products incompatible with our headsets, and have substantially greater financial, marketing, and other resources. Competitors in audio devices vary by product line. Our most competitive product line is headsets for cell phones where we compete with GN's Jabra brand, Motorola, Samsung...

  • Page 26
    ... in the overall market for Bluetooth headsets. Reductions in the number of suppliers participating in the Bluetooth market has reduced our sourcing options and may in the future increase our costs at a time when our ability to offset higher costs with product price increases is limited. Difficulties...

  • Page 27
    ... launched product, the Encore Pro, that failed to meet our quality standards. The recall negatively impacted revenues in the fourth quarter of fiscal year 2015 and the first quarter of fiscal year 2016. Office phones have begun to incorporate Bluetooth functionality, which has opened the market to...

  • Page 28
    ... competitive field of software development Provide timely, effective and accurate technical product support to our customers Leverage new and existing channel partners effectively If we are unable to develop, manufacture, market, and introduce enhanced or new products in a timely manner in response...

  • Page 29
    ... electronic minimum advertised pricing policy applicable to a number of new and future products as well as certain legacy products. The policy allows us to limit and reject orders from resellers who fail to promote and maintain the premium image of our brand and products by advertising online prices...

  • Page 30
    ...the risk of interference or diminished product performance. In particular, the release of a third party wireless device in the U.S. that operates in the unlicensed 903-928 megahertz radio frequency range using significantly higher power than our wireless products and those of many other users of the...

  • Page 31
    ...demand for our corded or wireless headsets could be reduced creating a material adverse effect on our financial results. There is also continuing public controversy over the use of mobile phones by operators of motor vehicles. While we believe our products enhance driver safety by permitting a motor...

  • Page 32
    ..., we depend on information systems for communications with our suppliers, distributors, and customers. Consequently, our business may be impacted by system shutdowns or service disruptions during routine operations, such as system upgrades or user errors, as well as network or hardware failures...

  • Page 33
    ... executive offices are located in Santa Cruz, California. Our facilities are located throughout the Americas, Europe, and Asia. The table below lists the major facilities owned or leased as of March 31, 2015: Location Chattanooga, Tennessee Hoofddorp, Netherlands San Diego, California Santa Cruz...

  • Page 34
    ... Interference with Business Relations. GN claims that Plantronics dominates the market for headsets sold into contact centers in the United States and that a critical channel for sales of headsets to contact centers is through a limited network of specialized independent distributors ("SIDs"). GN...

  • Page 35
    ... OF EQUITY SECURITIES Price Range of Common Stock Our common stock is publicly traded on the New York Stock Exchange ("NYSE") under the symbol "PLT". The following table sets forth the low and high sales prices as reported on the NYSE for each period indicated: Low Fiscal Year 2015 First Quarter...

  • Page 36
    ...4, 2015, the Board of Directors authorized new programs to repurchase 1,000,000 and 3,000,000 shares of our common stock, respectively. "Average Price Paid per Share" reflects only our open market repurchases of common stock. Includes 1,450 shares that were tendered to us in satisfaction of employee...

  • Page 37
    ... certain positions in the US, Mexico, China, and Europe, and transitioned some of these positions to lower cost locations. As part of this plan, we also vacated a portion of a leased facility at our corporate headquarters in the first quarter of fiscal year 2014. The pre-tax charges incurred...

  • Page 38
    ... Microsoft's new Skype for Business (formerly Lync) UC client. To expand our consumer reach, our fiscal year 2015 product development roadmap included new product launches such as the BackBeat Pro, targeted toward the fastest-growing subset of the consumer headset market, the stereo Bluetooth market...

  • Page 39
    ... in the market of key products such as our Voyager Legend mono Bluetooth headset and our Backbeat GO2 and BackBeat FIT stereo Bluetooth headsets. In addition, we successfully introduced Voyager Edge and Backbeat PRO during our fiscal year 2015, driving incremental sales. Partly offsetting these...

  • Page 40
    ... in fiscal year 2014 to correct an immaterial error related to our warranty and sales returns reserves. Refer to further discussion of this prior year adjustment in Note 6, Details of Certain Balance Sheet Accounts, of the Notes to Consolidated Financial Statements in this Annual Report on Form 10...

  • Page 41
    ... in Plantronics' global sales presence, and from higher performance-based compensation, including sales commissions, reflecting higher net revenues and higher overall achievement against targets. We also made investments in marketing programs of $4.6 million, including product launch activities...

  • Page 42
    ...deduction for qualifying domestic production activities. These factors were offset by a higher proportion of income earned in foreign jurisdictions that is taxed at lower rates and by an increase in the benefit from the U.S. federal research tax credit. Our fiscal year 2015 included four quarters of...

  • Page 43
    ... of product shipments during the quarter, accounts receivable collections, inventory and supply chain management, and the timing and amount of tax and other payments. Operating Activities Net cash provided by operating activities during the year ended March 31, 2015 increased from the prior year due...

  • Page 44
    ...growth within the existing business or new opportunities and markets may dictate the need for additional facilities and capital expenditures to support that growth. Financing Activities Net cash used for financing activities during the year ended March 31, 2015 increased from the year ended March 31...

  • Page 45
    ... open market or through privately negotiated transactions, including accelerated stock repurchase agreements. The following table summarizes our repurchase of common stock as part of these publicly announced repurchase programs as well as shares withheld in satisfaction of employee tax withholding...

  • Page 46
    ... to consumption in the production process, our suppliers bear the risk of loss and retain title to the consigned inventory. The terms of the agreements allow the Company to return parts in excess of maximum order quantities to the suppliers at the supplier's expense. Returns for other reasons are...

  • Page 47
    ... the product. Commercial distributors and retailers represent our largest sources of net revenues. Sales through our distribution and retail channels are made primarily under agreements allowing for rights of return and include various sales incentive programs, such as rebates, advertising, price...

  • Page 48
    ... plans and product life cycle, inventory on consignment, and other competitive factors. Refer to "Off Balance Sheet Arrangements" in this Annual Report on Form 10-K for additional details regarding consigned inventories. We have not made any material changes in the accounting methodology we use to...

  • Page 49
    ... new standard, revenue will be recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015...

  • Page 50
    ... the future and that exchange rate fluctuations will not materially adversely affect our business. We do not hold or issue derivative financial instruments for speculative trading purposes. We experienced $5.4 million in net foreign currency losses in the year ended March 31, 2015. Although we hedge...

  • Page 51
    ... of USD $ 0.5 $ 9.9 Foreign Exchange (Loss) From 10% Depreciation of USD (2.3) $ (7.1) $ Currency - option contracts Call options Put options Collectively, our swap contracts hedge against a portion of our forecasted MXN denominated expenditures. As of March 31, 2015, we had cross currency swap...

  • Page 52
    ..., on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting...

  • Page 53
    PLANTRONICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2015 2014 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts...Common stock, $0.01 par value per share; 100,000 shares authorized, 46,050 shares and 44,731 shares issued at 2015 ...

  • Page 54
    PLANTRONICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Fiscal Year Ended March 31, 2015 2014 2013 865,010 $ 818,607 $ 762,226 403,391 391,979 359,045 461,619 426,628 403,181 91,627 229,569 (8,662) - ...

  • Page 55
    PLANTRONICS, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Fiscal Year Ended March 31, 2015 2014 2013 Net income Other comprehensive income: ...(3,367) (640) (566) 35 2 (790) 105,612 $ $ The accompanying notes are an integral part of these consolidated financial statements. 43

  • Page 56
    PLANTRONICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Fiscal Year Ended March 31, 2015 2014 2013 CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Stock-based compensation ...

  • Page 57
    ...Repurchase of restricted common stock Cash dividends Stock-based compensation Tax benefit from stock-based awards Repurchase of common stock Employees' tax withheld and paid for restricted stock and restricted stock units Other equity changes related to compensation Balances at March 31, 2015 42,512...

  • Page 58
    ... Clarity brand, such as telephones for the hearing impaired, and other related products for people with special communication needs. The Company operates its business as one segment. Founded in 1961, Plantronics is incorporated in the state of Delaware and trades on the New York Stock Exchange under...

  • Page 59
    ... weeks of demand and places purchase orders when the parts are consumed in the production process, at which time all right, title, and interest in and to the parts transfers to the Company. Prior to consumption in the production process, the Company's suppliers bear the risk of loss and retain...

  • Page 60
    ... two years starting from the delivery date to the end user and vary depending upon the product sold and the country in which the Company does business. Factors that affect the warranty obligations include product failure rates, estimated return rates, the amount of time lapsed from the date of sale...

  • Page 61
    ... various sales incentive programs, such as rebates, advertising, price protection, and other sales incentives. The Company has an established sales history for these arrangements and records the estimated reserves and allowances at the time the related revenue is recognized. Sales return reserves...

  • Page 62
    ... sheets. The functional currency of the Company's European finance, sales and logistics headquarters in the Netherlands, sales office and warehouse in Japan, a manufacturing facility in Tijuana, Mexico, and logistic and research and development facilities in China, is the U.S. Dollar. For these...

  • Page 63
    ... statements of operations. Treasury Shares From time to time, the Company repurchases shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions, in accordance with programs authorized by the Board of Directors. Repurchased shares...

  • Page 64
    ... new standard, revenue will be recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015...

  • Page 65
    ...BALANCE SHEET ACCOUNTS Accounts receivable, net: (in thousands) Accounts receivable Provisions for returns Provisions for promotions and rebates Provisions for doubtful accounts and sales allowances Accounts receivable, net Inventory, net: (in thousands) Raw materials Work in process Finished goods...

  • Page 66
    ... 31, 2015 2014 $ 7,965 $ 13,410 9,955 9,861 (8,856) (9,715) (1,347) (5,591) $ 7,717 $ 7,965 (1) (1) During the third quarter of fiscal year 2014, the Company identified immaterial out of period errors related to its estimated warranty obligation and return material authorization ("RMA") reserves...

  • Page 67
    ... Interference with Business Relations. GN claims that Plantronics dominates the market for headsets sold into contact centers in the United States and that a critical channel for sales of headsets to contact centers is through a limited network of specialized independent distributors ("SIDs"). GN...

  • Page 68
    ...of the 2003 Stock Plan for issuance to employees, non-employee directors, and consultants of Plantronics. The Company settles stock option exercises, grants of restricted stock, and releases of vested restricted stock units with newly issued common shares. The exercise price of stock options may not...

  • Page 69
    ... Options The following is a summary of the Company's stock option activity during fiscal year 2015: Options Outstanding Weighted Weighted Average Number of Average Remaining Shares Exercise Price Contractual Life (in thousands) (in years) 1,934 $ 31.91 298 $ 47.11 (633) $ 27.02 (41) $ 39.74 1,558...

  • Page 70
    ... the market price of our common stock at the date of grant. 11. COMMON STOCK REPURCHASES From time to time, the Board authorizes programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions...

  • Page 71
    The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit. All repurchases in fiscal years 2015, 2014, and 2013 were made in the open market. As of March 31, 2015, there remained 2,711,052 shares authorized for ...

  • Page 72
    ...Company would offset the asset and liability balances of all derivatives at the end of the reporting period. Derivatives not subject to master netting agreements are not eligible for net presentation. As of March 31, 2015...883) The Company's derivative instruments are measured using Level 2 fair value...

  • Page 73
    ... other income (expense), net in the consolidated statements of operations was as follows: (in thousands) Gain on foreign exchange contracts $ Fiscal Year Ended March 31, 2015 2014 2013 9,649 $ 1,631 $ 1,065 Cash Flow Hedges Costless Collars The Company hedges a portion of the forecasted EUR and GBP...

  • Page 74
    ... 3,441 3,367 640 4,007 1,371 $ $ The Company recognized an immaterial loss in the consolidated statement operations on the ineffective portion of the cash flow hedges reported in interest and other income, net during the years ended March 31, 2015 and 2014, respectively. There was no ineffective...

  • Page 75
    ..., 2014, and 2013: (in thousands) Tax expense at statutory rate Foreign operations taxed at different rates State taxes, net of federal benefit Research and development credit Other, net Income tax expense Fiscal Year Ended March 31, 2015 2014 2013 $ 50,838 $ 49,399 $ 48,449 (15,839) (16,175) (15,244...

  • Page 76
    ... of March 31, 2015 was related to the net operating losses of a foreign subsidiary with an insufficient history of earnings to support the realization of the deferred tax asset. The impact of an uncertain income tax position on income tax expense must be recognized at the largest amount that is more...

  • Page 77
    ... INFORMATION The Company designs, manufactures, markets, and sells headsets for business and consumer applications, and other specialty products for the hearing impaired. With respect to headsets, it makes products for use in offices and contact centers, with mobile and cordless phones, and with...

  • Page 78
    ... the line of credit. On May 11, 2015, the Company's Board of Directors approved an additional 2.0 million share repurchase authorization. These share repurchases will be executed at the Company's discretion based on then-current business and market factors, in open market or privately negotiated...

  • Page 79
    ... under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to Plantronics' management, including our Chief Executive Officer and our...

  • Page 80
    ... as of March 31, 2015. The Company's independent registered public accounting firm, PricewaterhouseCoopers LLP, has issued a report on our internal control over financial reporting, which appears on page 40 of this Form 10-K. Changes in internal control over financial reporting There has been no...

  • Page 81
    ... Corporate Governance portal in the Company section of our website at www.plantronics.com. Stockholders or any interested party may request a free copy of the Corporate Governance Guidelines by contacting us at the address and phone numbers set forth above under "Code of Ethics." ITEM 11. EXECUTIVE...

  • Page 82
    ...are included in Part II of this Report. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page 40 41 42 43 44 45 46 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2015 AND 2014 CONSOLIDATED STATEMENTS OF OPERATIONS FOR EACH OF THE THREE YEARS IN THE PERIOD...

  • Page 83
    ... for doubtful accounts and sales allowances: Year ended March 31, 2015 Year ended March 31, 2014 Year ended March 31, 2013 Provision for returns: Year ended March 31, 2015 Year ended March 31, 2014 Year ended March 31, 2013 Provision for promotions and rebates: Year ended March 31, 2015 Year ended...

  • Page 84
    ... the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. May 15, 2015 PLANTRONICS, INC. By: Name: Title: /s/ Ken Kannappan Ken Kannappan Chief Executive Officer POWER OF ATTORNEY KNOW...

  • Page 85
    ... Amended September 10, 2010 Plantronics, Inc. Executive Incentive Plan Plantronics, Inc. 2003 Stock Plan, as amended and restated effective as of August 1, 2013, as approved by Registrant's Board of Directors on March 12, 2013 Plantronics, Inc. 2002 Employee Stock Purchase Plan, amended and restated...

  • Page 86
    ..., Park 20/20 C.V. and Park 20/20 Plantronics C.V. Subsidiaries of the Registrant Consent of Independent Registered Public Accounting Firm Power of Attorney - Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K.) Certification of the President and CEO...

  • Page 87
    ... States India Australia Brazil Canada Cayman Islands China China Dubai Germany Russia Japan Malta Mexico Netherlands Singapore United Kingdom Chile 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Frederick Electronics Corp. Plantronics India Private Limited Plantronics Pty. Limited Brazil Plantronics...

  • Page 88
    ... Plantronics, Inc. of our report dated May 15, 2015 relating to the consolidated financial statements, financial statement schedules and the effectiveness of internal control over financial reporting, which appears in this Form 10-K. /s/ PricewaterhouseCoopers LLP San Jose, California May 15, 2015

  • Page 89
    ... information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b. Date: May 15, 2015 /s/ Ken Kannappan Ken Kannappan President, Chief Executive Officer and Director

  • Page 90
    ...'s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 3. 4. b. c. d. 5. The registrant's other certifying officer and I have disclosed, based on...

  • Page 91
    ... Kannappan President, Chief Executive Officer and Director May 15, 2015 I, Pamela Strayer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of Plantronics, Inc. on Form 10-K for the fiscal year ended March 31...

  • Page 92
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  • Page 93
    Plantronics Annual Report 2015 PLANTRONICS STOCK PERFORMANCE Set forth below is a line graph comparing the annual percentage change in the cumulative return to the stockholders of Plantronics common stock with the cumulative return of the NYSE Stock Market index and a peer group index for the ...

  • Page 94
    ... Chief Executive Officer Senior Vice President and Chief Financial Officer EVP, Products, Technology & Strategy and CTO Senior Vice President of Operations Senior Vice President, Sales Chief Strategy Officer Senior Vice President, Marketing and Chief Marketing Officer President and General Manager...

  • Page 95
    ... Street Santa Cruz, California 95060 Phone (831) 426-5858 Fax (831) 426-6098 plantronics.com New York Stock Exchange Certification Plantronics annual CEO Certification to the New York Stock Exchange for the previous year was submitted on August 30, 2015. Annual Report and Form 10-K Publications of...

  • Page 96
    ©2015 Plantronics, Inc. All rights reserved.