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Polycom Earnings Call Transcript

April 24, 2013 | Telepresence Options

polycom


Story and Images by SeekingAlpha

Executives

Laura Graves

Andrew M. Miller - Chief Executive Officer, President and Director

Eric F. Brown - Chief Operating Officer, Chief Financial Officer and Executive Vice President

Analysts

Timothy Long - BMO Capital Markets U.S.

Kent Schofield - Goldman Sachs Group Inc., Research Division

Jess L. Lubert - Wells Fargo Securities, LLC, Research Division

Michael Latimore - Northland Capital Markets, Research Division

Chelsea Shi - UBS Investment Bank, Research Division

Mark Sue - RBC Capital Markets, LLC, Research Division

Polycom (PLCM) Q1 2013 Earnings Call April 23, 2013 5:00 PM ET

Operator

[Audio Gap]

Please go ahead, ma'am.

Laura Graves

Thank you, Thaddeus. Good afternoon, everyone, and welcome to Polycom's First Quarter 2013 Financial Results Conference Call. I'm Laura Graves, Polycom's Vice President of Investor Relations and here with me today are Andy Miller, our President and CEO; and Eric Brown, Chief Operating Officer and Chief Financial Officer.

As with previous quarterly calls, Polycom is augmenting today's voice conference call with a video webcast. If you would like to receive the full webcast, please open your browser at this time, and enter Polycom's homepage, which is polycom.com and click on the Q1 2013 earnings call link.

The Q&A session will be hosted via audio stream. For the analysts participating in the Q&A session, please leave your voice call live so you can use your conference call connection for the Q&A session at the end of our call. We welcome all others to listen in to the Q&A session.

This webcast and a transcript of the prepared remarks will be maintained on Polycom's website for up to 3 months.

We will be making forward-looking statements on this call, including statements related to new and future product offerings, future offerings with our partners, future financial and other trends and expectations and guidance regarding expectations of future financial performance, which are subject to risks and uncertainties that could cause actual results to differ materially from our expectations.

We discuss a number of these business risks that may cause our actual results to differ in Polycom's SEC reports, including our most recently filed annual report on Form 10-K for the year ended December 31, 2012.

Any forward-looking statements must be considered in the context of such risks and uncertainties.

Please note that any financial guidance that we provide on this call is valid as of today only and we do not assume any responsibility to provide updates of this guidance regardless of changes that may occur in the future.

We will be presenting both GAAP and non-GAAP financial measures today. Please refer to our reconciliation of GAAP to non-GAAP financial measures in today's earnings release, which is posted on our website.

Polycom's application of U.S. GAAP requires disclosure that availability of new products, planned features and upgrades discussed during this call are subject to change or cancellations. Products and related specifications referenced herein are not guaranteed and will be delivered on a when-and-if-available basis. Now to begin our commentary on Q1 2013 financial results, please let me turn over to Polycom's President and CEO, Andy Miller. Andy?

Andrew M. Miller

Thank you, Laura. Good afternoon, everyone. Polycom reported solid financial performance in Q1, including revenue of $339 million in the first quarter of 2013 at the upper end of our guidance range of $330 million to $340 million. Non-GAAP earnings per share in Q1 were $0.13 and above the high end of our guidance. We are extremely proud of these results at Polycom.

At Polycom, our vision is to make video collaboration truly ubiquitous. To deliver on this vision, our strategy is to make video collaboration simple to use and available to everyone through open standards-based software that connects people securely across any network, protocol, application or device.

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