- Total revenues of $483 million, more than 2x prior year, driven by July 2, 2018 acquisition of Polycom (~$2 billion).
- The $483 revenue number was reduced from $520 million by purchase accounting adjustments required under U.S. GAAP rules. These relate to the fair value adjustments to deferred revenue resulting from the Polycom acquisition. For the next four quarters these accounting adjustments are forecast to be $28.9, $19.3, $13.6, and $9.5 million.
- GAAP gross margins was 31.6%, compared to 51.2% a year earlier.
- GAAP operating income was a loss of $86 million. Non-GAAP operating income was +$59.7 million.
- Product results for the quarter reflect:
- Enterprise headset revenues grew 4%; consumer headsets 22%
- Voice (Polycom) revenues grew 7%
- Video (Polycom) revenues declined 17%
- Service (Polycom) revenues increased 1%