Polycom Announces Revenues of $348 Million for Fourth Quarter 2013

UC Personal Devices revenues grow 33 percent year-over-year

SAN JOSE, Calif.--()--Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today reported financial results for the fourth quarter ended December 31, 2013. Polycom reported fourth quarter 2013 net revenues of $348 million, non-GAAP net income of $25 million and non-GAAP earnings per diluted share of 16 cents. GAAP net loss for the fourth quarter was $2 million, or 1 cent per share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.

“Polycom posted stronger sequential performance in Q4 2013, driven by on-going strength in UC Personal Devices and improvements in EMEA and Asia Pacific,” said Peter Leav, Polycom President and Chief Executive Officer. “In 2014, our goal is to prioritize growth areas within the business and deliver an improved cost structure that will result in better overall profitability for Polycom.”

“Polycom generated $168 million in operating cash flow in 2013,” said Eric Brown, Polycom Chief Operating Officer and Chief Financial Officer. “We continue to emphasize capital return for shareholders, including our recently executed $400 million share repurchase program. Polycom repurchased a total of 45 million shares in 2013.”

On a comparative basis, consolidated financial results were:

($ in millions, except per share data)       Q4 2013     Q3 2013     Q4 2012
Revenues $ 347.9     $ 336.5     $ 353.0
Non-GAAP Net Income $ 25.4 $ 19.3 $ 30.7
Non-GAAP EPS $ 0.16 $ 0.11 $ 0.17
GAAP Net Income (Loss) $ (2.0 ) $ (24.0 ) $ 1.9
GAAP EPS $ (0.01 ) $ (0.14 ) $ 0.01
 

On a geographic basis, consolidated net revenues were comprised of:

($ in millions) Q4 2013     Q3 2013     Q4 2012    

Sequential

Change

   

Year-Over-

Year Change

Americas $ 170.6     $ 177.3     $ 175.2     -4 %     -3 %
% of revenues 49 % 53 % 50 %
Europe, Middle East & Africa (EMEA) 89.2 80.0 93.4 11 % -5 %
% of revenues 26 % 24 % 26 %
Asia Pacific 88.1 79.2 84.4 11 % 4 %
% of revenues   25 %       23 %       24 %            
Totals * $ 347.9       $ 336.5       $ 353.0       3 %     -1 %
* may not foot due to rounding
 

By product line, inclusive of its service component, consolidated net revenues were comprised of:

($ in millions)     Q4 2013     Q3 2013     Q4 2012    

Sequential

Change

   

Year-Over-

Year Change

UC Group Systems $ 218.1     $ 221.4     $ 238.2     -1 %     -8 %
% of revenues 63 % 66 % 67 %
UC Personal Devices 62.1 56.9 46.8 9 % 33 %
% of revenues 18 % 17 % 13 %
UC Platform 67.7 58.2 68.0 16 % 0 %
% of revenues   19 %       17 %       19 %            
Totals * $ 347.9       $ 336.5       $ 353.0       3 %     -1 %
* may not foot due to rounding
 

In Q4 2013, Polycom generated a total of $50 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $168 million. Cash and investments at the end of Q4 2013 totaled $584 million.

Earnings Call Details

Polycom will hold a conference call today, January 22, 2014, at 5:00 p.m. EST/2:00 p.m. PST to discuss its fourth quarter 2013 financial results. Peter Leav, President and CEO, and Eric Brown, Chief Operating Officer and Chief Financial Officer, will host the call. You may participate by listening to the webcast at www.polycom.com/investors or, for callers in the U.S. and Canada, you may participate by calling 1.888.223.4990 and for callers outside of the U.S. and Canada, by calling 1.303.223.2680. 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 U.S. and Canada, at 1.800.633.8284 and, for callers outside of the U.S. and Canada, at 1.402.977.9140. The access number for the replay is 21703637. A replay of the call will be available on www.polycom.com for at least three months.

Forward Looking Statements and Risk Factors

This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding future growth, cost reductions, profitability and capital return for shareholders. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the impact of competition on our product sales and for our customers and partners and any resulting loss of business; the impact of increased competition due to consolidation in our industry or competition from companies that are larger or that have greater resources than we do; potential fluctuations in results and future growth rates; risks associated with global economic conditions and external market factors; the market acceptance of our products and changing market demands, including demands for differing technologies or product and services offerings; our ability to successfully integrate our acquisitions into our business; possible delays in the development, availability and shipment of new products due to engineering, manufacturing or other delays; increasing costs and differing uses of capital; changes in key personnel that may cause disruption to the business; the impact of restructuring actions; and the impact of global conflicts that may adversely impact our business. Many of these risks and uncertainties are discussed in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, and in other reports filed by Polycom with the SEC. Polycom disclaims any intent or obligations to update these forward-looking statements.

Polycom reserves the right to modify future product plans at any time. Products and/or related specifications referenced in this press release are not guaranteed and will be delivered on a when and if available basis.

GAAP to non-GAAP Reconciliation

To supplement our consolidated financial statements presented on a GAAP basis, Polycom uses non-GAAP measures of operating results, net income and income per share, which are adjusted to exclude certain costs, expenses, gains, and losses we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of Polycom's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before gains, losses, or other charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States.

About Polycom

Polycom is the global leader in open, standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration, trusted by more than 415,000 customers around the world. Polycom solutions are powered by the Polycom® RealPresence® Platform, comprehensive software infrastructure and rich APIs that interoperate with the broadest set of communication, business, mobile and cloud applications and devices to deliver secure face-to-face video collaboration in any environment. Polycom and its ecosystem of over 7,000 partners provide truly unified communications solutions that deliver the best user experience, highest multi-vendor interoperability, and lowest TCO. Visit www.polycom.com or connect with us on Twitter, Facebook, and LinkedIn to learn how we're pushing the greatness of human collaboration forward.

© 2014 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom logo, and the names and marks associated with Polycom’s products are trademarks and/or service marks of Polycom, Inc. and are registered and/or common law marks in the United States and various other countries. All other trademarks are property of their respective owners

POLYCOM, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
               
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
  2013     2012     2013     2012  
Revenues:
Product revenues $ 251,044 $ 261,874 $ 991,110 $ 1,042,484
Service revenues   96,898     91,152     377,279     350,144  
Total revenues   347,942     353,026     1,368,389     1,392,628  
 
Cost of revenues:
Cost of product revenues 112,435 109,506 422,429 426,369
Cost of service revenues   38,475     36,704     153,189     142,827  
Total cost of revenues   150,910     146,210     575,618     569,196  
 
Gross profit   197,032     206,816     792,771     823,432  
 
Operating expenses:
Sales and marketing 109,384 116,312 435,047 464,353
Research and development 51,250 55,085 216,032 208,510
General and administrative 20,141 25,910 96,602 98,285
Amortization of purchased intangibles 2,854 2,512 10,389 9,830
Restructuring costs 13,831 195 48,470 22,024
Acquisition-related expenses   13     2,271     3,424     14,064  
Total operating expenses   197,473     202,285     809,964     817,066  
 
Operating income (441 ) 4,531 (17,193 ) 6,366
 
Interest expense (1,481 ) (281 ) (3,217 ) (751 )
Interest income and other income /(expense)   (753 )   (577 )   (1,794 )   (3,117 )
Other expense, net (2,234 ) (858 ) (5,011 ) (3,868 )
 
Loss from continuing operations before provision for income taxes (2,675 ) 3,673 (22,204 ) 2,498
Provision for (benefit from) income taxes   (706 )   39,362     (3,669 )   39,467  
Loss from continuing operations (1,969 ) (35,689 ) (18,535 ) (36,969 )
 
Income from operations of discontinued operations, net of taxes - 2,178 - 9,888
Gain from sale of discontinued operations, net of taxes   -     35,425     459     35,425  
Net income / (loss) $ (1,969 ) $ 1,914   $ (18,076 ) $ 8,344  
 
 
Basic and diluted net income per share:
Income per share from continuing operations $ (0.01 ) $ (0.20 ) $ (0.11 ) $ (0.21 )
Income per share from discontinued operations, net of taxes $ - $ 0.01 $ - $ 0.06
Gain per share from sale of discontinued operations, net of taxes $ -   $ 0.20   $ -   $ 0.20  
Basic and diluted net income per share $ (0.01 ) $ 0.01   $ (0.11 ) $ 0.05  
 
 
Number of shares used in computation of net income per share:
Basic   151,158     175,519     167,272     176,878  
Diluted   151,158     175,519     167,272     176,878  
 
Note:
Earnings per share amounts for continuing operations, discontinued operations and net income, as presented above, are calculated individually and may not sum due to rounding differences. *
The tax provision and net income for the three and twelve months ended December 31, 2012 has been revised from previously issued financial statements to correct an error. These adjustments were not considered material to previously issued financial statements. However, because of the significance of these adjustments to the current period, the Company has revised the prior periods contained herein. The adjustments had no impact on income before provision for income taxes or net cash flows.
 
* As a result of the net loss from continuing operations for all periods presented, all potentially issuable common shares have been excluded from the diluted shares used in the computation of earnings per share as their effect is anti-dilutive
 
POLYCOM, INC.
Reconciliation of GAAP to Non-GAAP Net Income
(In thousands, except per share amounts)
(Unaudited)
                   
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
  2013     2012     2013     2012  
 
GAAP net income (loss) $ (1,969 ) $ 1,914 $ (18,076 ) $ 8,344
 
Income from discontinued operations, net of taxes - (2,178 ) - (9,888 )
Gain from sale of discontinued operations, net of taxes - (35,425 ) (459 ) (35,425 )
Amortization of purchased intangibles 8,471 4,421 19,750 17,465
Restructuring costs 13,831 195 48,470 22,024
Acquisition-related expenses 13 2,271 3,424 14,064
Stock-based compensation expense 11,165 23,690 64,465 88,761
Effect of stock-based compensation on warranty rates 126 128 547 669
Severance costs associated with CFO retirement - - - 929
Legal costs associated with the indemnification of a former officer - - - 236
Costs associated with CEO separation and related SEC investigation 802 - 2,909 -
Tax expense on company reorganization - 38,835 - 38,835
Income tax effect of non-GAAP exclusions   (7,053 )   (3,162 )   (27,141 )   (24,200 )
 
Non-GAAP net income $ 25,386   $ 30,689   $ 93,889   $ 121,814  
 
GAAP earnings per share
Basic and diluted $ (0.01 ) $ 0.01   $ (0.11 ) $ 0.05  
 
Non-GAAP earnings per share
Basic $ 0.17   $ 0.17   $ 0.56   $ 0.69  
Diluted $ 0.16   $ 0.17   $ 0.55   $ 0.68  
 
Number of shares used in computation of GAAP earnings per share:
Basic and diluted 151,158 175,519 167,272 176,878
 
Number of shares used in computation of non-GAAP earnings per share:
Basic 151,158 175,519 167,272 176,878
Diluted 155,310 177,953 171,008 178,945
 
Note: As a result of the GAAP net loss from continuing operations for all periods presented, all potentially issuable common shares have been excluded from the diluted shares used in the computation of GAAP earnings per share as their effect is anti-dilutive
 
POLYCOM, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
         
 
 
December 31, December 31,
  2013   2012
 
ASSETS
Current assets
Cash and cash equivalents $ 392,629 $ 477,073
Short-term investments 134,684 197,196
Trade receivables, net 183,369 194,654
Inventories 103,309 99,960
Deferred taxes 37,085 48,916
Prepaid expenses and other current assets   50,352   52,539
Total current assets 901,428 1,070,338
 
Property and equipment, net 115,157 133,319
Long-term investments 56,372 50,333
Goodwill and purchased intangibles 596,918 608,802
Deferred taxes 51,398 28,406
Other assets   27,757   21,238
Total assets $ 1,749,030 $ 1,912,436
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 84,640 $ 89,983
Accrued payroll and related liabilities 40,162 39,469
Taxes payable 5,389 4,736
Deferred revenue 172,408 158,482
Term loan - current 6,250 -
Other accrued liabilities   77,744   63,018
Total current liabilities 386,593 355,688
 
Non-current liabilities
Deferred revenue 87,467 91,061
Term loan - non current 242,188 -
Taxes payable 12,419 15,598
Deferred taxes 149 236
Other non-current liabilities   43,849   22,079
Total liabilities 772,665 484,662
 
Stockholders' equity   976,365   1,427,774
Total liabilities and stockholders' equity $ 1,749,030 $ 1,912,436
 
 
The tax provision and net income for the year ended December 31, 2012 have been revised from previously issued financial statements to correct an error. These adjustments were not considered material to previously issued financial statements. However, because of the significance of these adjustments to the current period, the Company has revised the prior periods contained herein. The adjustments had no impact on income before provision for income taxes or net cash flows.
 
POLYCOM, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
           
 
Twelve Months Ended
December 31, December 31,
  2013     2012  
 
Cash flows from operating activities:
Net income (loss) $ (18,076 ) $ 8,344
Adjustments to reconcile net income
to net cash provided by operating activities:
Gain from sale of discontinued operations, net of tax (459 ) (35,425 )
Tax expense on company reorganization - 38,836
Depreciation and amortization 64,975 61,586
Amortization of purchased intangibles 19,825 20,318
Amortization of debt issue costs 178 -
Amortization of discounts and premiums on investments, net 1,816 2,381
Provision for excess and obsolete inventories 7,390 6,420
Provision for doubtful accounts - 1,100
Stock-based compensation expense 64,465 89,245
Excess tax benefits from stock-based compensation (920 ) (9,297 )
Loss on disposals of property and equipment 5,859 4,080
 
Changes in assets and liabilities, net of the effect
of acquisitions:
Trade receivables 13,809 16,582
Inventories (10,739 ) (11,428 )
Deferred taxes (14,332 ) (15,933 )
Prepaid expenses and other assets (637 ) (7,424 )
Accounts payable (5,184 ) (22,901 )
Taxes payable (5,848 ) 5,123
Other accrued liabilities   46,320     37,754  
Net cash provided by operating activities   168,442     189,361  
 
Cash flows from investing activities:
Purchases of property and equipment (55,207 ) (67,270 )
Purchases of investments (228,238 ) (315,012 )
Proceeds from sale of investments 45,467 52,286
Proceeds from maturities of investments 237,499 229,211
Net cash received from sale of discontinued operations 556 50,411
Net cash paid in purchase acquisitions   (7,974 )   (4,583 )
Net cash used in investing activities   (7,897 )   (54,957 )
 
Cash flows from financing activities:
Proceeds from issuance of common stock
under employee option and stock purchase plans 23,326 25,832
Proceeds from term loan, net 247,349 -
Payment on debt (1,562 ) -
Repurchase of common stock (515,022 ) (67,901 )
Excess tax benefits from stock-based compensation   920     9,297  
Net cash used in financing activities   (244,989 )   (32,772 )
 
Net increase in cash and cash equivalents (84,444 ) 101,632
Cash and cash equivalents, beginning of period   477,073     375,441  
Cash and cash equivalents, end of period $ 392,629   $ 477,073  

 

 

The tax provision and net income for the three and twelve months ended December 31, 2012 has been revised from previously issued financial statements to correct an error.  These adjustments were not considered material to previously issued financial statements.  However, because of the significance of these adjustments to the current period, the Company has revised the prior periods contained herein.  The adjustments had no impact on income before provision for income taxes or net cash flows. Certain other prior period amounts have also been reclassified to conform to the current period presentation.

 
POLYCOM, INC.
Selected Summary Data
(In millions except per share amounts and headcount)
(Unaudited)
             
 
December 31, September 30, December 31,
  2013     2013     2012  
Balance Sheet Highlights
 
Cash and investments $ 584 $ 954 $ 725
Number of shares outstanding 135 170 175
Cash and investments per share $ 4.32 $ 5.60 $ 4.13
Debt $ 248 $ 250 $ 0
Operating cash flow - quarterly $ 50 $ 37 $ 66
Operating cash flow - trailing 12 months $ 168 $ 185 $ 189
DSO (Days Sales Outstanding) 48 47 50
Inventory turns - GAAP 5.8 5.3 5.7
Inventory turns - non-GAAP 5.5 5.1 5.7
Deferred revenues $ 260 $ 260 $ 250
Share repurchases:
Quarter-to-date share purchases - shares 35.4 1.7 0.5
Quarter-to-date share repurchases - dollars $ 400 $ 18 $ 5
Year-to-date share purchases - shares 45 10 5
Year-to-date share repurchases - dollars $ 502 $ 102 $ 55
Remaining authorization for share repurchases (1) $ - $ 400 $ 73
 
Ending headcount 3,774 3,789 3,747
 
 
For the three months ended
December 31, September 30, December 31,
  2013     2013     2012  
Income Statement Highlights
 
GAAP:
Revenues $ 348 $ 336 $ 353
Gross margin 56.6 % 58.0 % 58.6 %
Operating expenses $ 197 $ 217 $ 202
Operating margin -0.1 % -6.6 % 1.3 %
Diluted EPS $ (0.01 ) $ (0.14 ) $ 0.01
 
Non-GAAP:
Revenues $ 348 $ 336 $ 353
Gross margin 58.8 % 59.0 % 59.9 %
Operating expenses $ 171 $ 173 $ 176
Operating margin 9.8 % 7.7 % 10.0 %
Diluted EPS $ 0.16 $ 0.11 $ 0.17
 
 

1)

Polycom is not obligated to purchase any specific number of shares under its Share Repurchase Program and the program may be modified, suspended or discontinued at any time.

 

 

POLYCOM, INC.
Reconciliations of GAAP Measures to Non-GAAP Measures
(In thousands)
(Unaudited)
                         
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
  2013     2012     2013     2012  
 
GAAP cost of revenues used in inventory turns $ 150,910 $ 146,210 $ 575,618 $ 569,196
Stock-based compensation expense (1,892 ) (2,532 ) (8,744 ) (10,204 )
Effect of stock-based compensation on warranty rates (126 ) (128 ) (547 ) (669 )
Amortization of purchased intangibles   (5,617 )   (1,909 )   (9,361 )   (7,635 )
Non-GAAP cost of revenues used in inventory turns $ 143,275   $ 141,641   $ 556,966   $ 550,688  
 
GAAP gross profit $ 197,032 $ 206,816 $ 792,771 $ 823,432
Stock-based compensation expense 1,892 2,532 8,744 10,204
Effect of stock-based compensation on warranty rates 126 128 547 669
Amortization of purchased intangibles   5,617     1,909     9,361     7,635  
Non-GAAP gross profit $ 204,667   $ 211,385   $ 811,423   $ 841,940  
Non-GAAP gross margin 58.8 % 59.9 % 59.3 % 60.5 %
 
GAAP sales and marketing expense $ 109,384 $ 116,312 $ 435,047 $ 464,353
Stock-based compensation expense   (6,828 )   (9,722 )   (26,570 )   (36,791 )
Non-GAAP sales and marketing expense $ 102,556   $ 106,590   $ 408,477   $ 427,562  
Non-GAAP sales and marketing expense as percent of revenues 29.5 % 30.2 % 29.9 % 30.7 %
 
GAAP research and development expense $ 51,250 $ 55,085 $ 216,032 $ 208,510
Stock-based compensation expense   (3,056 )   (5,387 )   (15,634 )   (20,195 )
Non-GAAP research and development expense $ 48,194   $ 49,698   $ 200,398   $ 188,315  
Non-GAAP research and development expense as percent of revenues 13.9 % 14.1 % 14.6 % 13.5 %
 
GAAP general and administrative expense $ 20,141 $ 25,910 $ 96,602 $ 98,285
Stock-based compensation expense 611 (6,049 ) (13,517 ) (21,571 )
Severance costs associated with CFO retirement - - - (929 )
Legal costs associated with the indemnification of a former officer - - - (236 )
Costs associated with CEO separation and related SEC investigation   (802 )   -     (2,909 )   -  
Non-GAAP general and administrative expense $ 19,950   $ 19,861   $ 80,176   $ 75,549  
Non-GAAP general and administrative expense as percent of revenues 5.7 % 5.6 % 5.9 % 5.4 %
 
GAAP total operating expenses $ 197,473 $ 202,285 $ 809,964 $ 817,066
Stock-based compensation expense (9,273 ) (21,158 ) (55,721 ) (78,557 )
Amortization of purchased intangibles (2,854 ) (2,512 ) (10,389 ) (9,830 )
Restructuring costs (13,831 ) (195 ) (48,470 ) (22,024 )
Acquisition-related expenses (13 ) (2,271 ) (3,424 ) (14,064 )
Severance costs associated with CFO retirement - - - (929 )
Legal costs associated with the indemnification of a former officer - - - (236 )
Costs associated with CEO separation and related SEC investigation   (802 )   -     (2,909 )   -  
Non-GAAP total operating expenses $ 170,700   $ 176,149   $ 689,051   $ 691,426  
Non-GAAP total operating expenses as percent of revenues 49.1 % 49.9 % 50.4 % 49.6 %
 
GAAP operating income (loss) $ (441 ) $ 4,531 $ (17,193 ) $ 6,366
Stock-based compensation expense 11,165 23,690 64,465 88,761
Effect of stock-based compensation on warranty rates 126 128 547 669
Amortization of purchased intangibles 8,471 4,421 19,750 17,465
Restructuring costs 13,831 195 48,470 22,024
Acquisition-related expenses 13 2,271 3,424 14,064
Severance costs associated with CFO retirement - - - 929
Legal costs associated with the indemnification of a former officer - - - 236
Costs associated with CEO separation and related SEC investigation   802     -     2,909     -  
Non-GAAP operating income $ 33,967   $ 35,236   $ 122,372   $ 150,514  
Non-GAAP operating margin 9.8 % 10.0 % 8.9 % 10.8 %
 
POLYCOM, INC.
Summary of Stock-Based Compensation Expense
(In thousands)
(Unaudited)
                       
 
 
Three Months Ended Twelve Months Ended
December 31,

December 31,

December 31, December 31,
  2013     2012   2013   2012
 
Cost of sales - product $ 640 $ 873 $ 2,892 $ 3,593
Cost of sales - service   1,252     1,659   5,852   6,611
Stock-based compensation expense in cost of sales   1,892     2,532   8,744   10,204
 
Sales and marketing 6,828 9,722 26,570 36,791
Research and development 3,056 5,387 15,634 20,195
General and administrative   (611 )   6,049   13,517   21,571
Stock-based compensation expense in operating expenses 9,273 21,158 55,721 78,557
       
Total stock-based compensation expense $ 11,165   $ 23,690 $ 64,465 $ 88,761

Contacts

Polycom, Inc.
Investor:
Laura Graves, 1 408-586-4271
laura.graves@polycom.com
or
Polycom, Inc.
Press:
Ryan Batty, 1 408-586-4467
ryan.batty@polycom.com

Release Summary

Polycom today reported financial results for the fourth quarter ended December 31, 2013

Sharing

Contacts

Polycom, Inc.
Investor:
Laura Graves, 1 408-586-4271
laura.graves@polycom.com
or
Polycom, Inc.
Press:
Ryan Batty, 1 408-586-4467
ryan.batty@polycom.com