Plantronics 2014 Annual Report Download - page 41

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Net Revenues
Fiscal Year Ended Fiscal Year Ended
(in thousands)
March 31,
2014
March 31,
2013 Change
March 31,
2013
March 31,
2012 Change
Net revenues:
OCC $ 588,265 $ 549,301 $ 38,964 7.1 % $ 549,301 $ 531,709 $ 17,592 3.3 %
Mobile 186,206 163,460 22,746 13.9 % 163,460 131,825 31,635 24.0 %
Gaming and Computer
Audio 29,674 30,747 (1,073) (3.5)% 30,747 31,855 (1,108) (3.5)%
Clarity 14,462 18,718 (4,256) (22.7)% 18,718 17,979 739 4.1 %
Total net revenues $ 818,607 $ 762,226 $ 56,381 7.4 % $ 762,226 $ 713,368 $ 48,858 6.8 %
OCC products represent our largest source of revenues, while Mobile products represent our largest unit volumes. Net revenues
may vary due to seasonality, the timing of new product introductions and discontinuation of existing products, discounts and other
incentives, and channel mix. Net revenues derived from sales of consumer goods into the retail channel typically account for a
seasonal increase in net revenues in the third quarter of our fiscal year.
Our net revenues increased in fiscal year 2014 compared to fiscal year 2013 driven by growth in OCC revenues, which was mainly
attributable to growth in demand for UC products, although our core OCC business also grew slightly. We also enjoyed substantial
growth in Mobile product revenues as a result of our stronger portfolio of Mobile products, which drove strong double-digit growth
in the Americas. A weaker U.S. Dollar ("USD") compared to the Euro ("EUR") and British Pound Sterling ("GBP") increased net
revenues by approximately $2.3 million in fiscal year 2014 compared to fiscal year 2013, net of the effects of hedging.
Our net revenues increased in fiscal year 2013 compared to fiscal year 2012 driven by growth in Mobile product revenues as a
result of our stronger portfolio of Mobile products and increased demand attributable to hands-free laws enacted in the People's
Republic of China (PRC) during the fiscal year. OCC product revenues also increased, primarily as a result of growth in demand
for UC. Unfavorable foreign exchange fluctuations in the EUR and GBP reduced net revenues by approximately $6.1 million in
fiscal year 2013 compared to fiscal year 2012, net of the effects of hedging.
Geographic Information
Fiscal Year Ended Fiscal Year Ended
(in thousands)
March 31,
2014
March 31,
2013 Change
March 31,
2013
March 31,
2012 Change
Net revenues:
United States $ 475,278 $ 436,447 $ 38,831 8.9% $ 436,447 $ 406,233 $ 30,214 7.4%
As a percentage of net revenues 58.1% 57.3% 57.3% 56.9%
Europe and Africa 195,385 181,439 13,946 7.7% 181,439 177,157 4,282 2.4%
Asia Pacific 94,455 92,193 2,262 2.5% 92,193 78,853 13,340 16.9%
Americas, excluding United States 53,489 52,147 1,342 2.6% 52,147 51,125 1,022 2.0%
Total international net revenues 343,329 325,779 17,550 5.4% 325,779 307,135 18,644 6.1%
As a percentage of net revenues 41.9% 42.7% 42.7% 43.1%
Total net revenues $ 818,607 $ 762,226 $ 56,381 7.4% $ 762,226 $ 713,368 $ 48,858 6.8%
As a percentage of total net revenues, U.S. net revenues increased slightly in fiscal year 2014 compared to fiscal year 2013, with
international revenues, as a percentage of total net revenues, correspondingly decreasing. The increase in absolute dollars in U.S.
net revenues resulted in roughly equal measure from increased OCC net revenues due to continued growth in demand for UC and
increased Mobile revenues as a result of an improved product portfolio. The increase in absolute dollars in international revenues
was also due almost entirely to increased OCC net revenues due to continued growth in demand for UC. A weaker US Dollar
compared to the EUR and GBP resulted in increased international net revenues of approximately $2.3 million in fiscal year 2014
compared to fiscal year 2013, net of the effects of hedging.