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Plantronics Announces Expansion of Stock Repurchase Program

Focused on Balanced Capital Allocation Strategy and Commitment to Deleveraging

SANTA CRUZ, Calif., Nov. 29, 2018 (GLOBE NEWSWIRE) — Plantronics, Inc. (NYSE:PLT), a market leader in the global headsets, voice, and video endpoint market, today announced that its Board of Directors has approved an expansion of the Company’s stock repurchase authorization by one million shares. The expanded authorization brings Plantronics total remaining capacity to approximately 1.7 million shares for future purchases.

“The Board’s expansion of our repurchase authorization reflects the confidence we have in our company, our strategy, our comprehensive portfolio of communications and collaborations endpoints, and our ability to execute on what we believe to be a tremendous opportunity before us,” said Joe Burton, President and Chief Executive Officer, Plantronics. “We are confident that Plantronics will continue building on its momentum as we prepare for our next phase of profitable growth.”

Burton continued, “The Plantronics Board regularly evaluates our capital allocation program, which balances strategic investments in the business, further strengthening of our balance sheet, and returning capital to our investors. While deleveraging continues to be a priority for Plantronics, in light of the levels at which our stock is currently trading and our current cash position, we believe that share repurchases are a highly effective use of capital at this time. We intend to focus on paying down outstanding debt as early as January and will continue to maintain a flexible and opportunistic approach to capital allocation priorities with the goal of driving enhanced shareholder value.”

Under its expanded stock repurchase program, Plantronics may repurchase shares from time to time in open market transactions or through privately negotiated transactions in accordance with applicable federal securities laws and regulations. The timing and amounts of any purchases under the stock repurchase program will be based on market conditions and other factors including price and capital availability.

About Plantronics

Plantronics is an audio pioneer and a leader in the communications industry. Plantronics technology creates rich, natural, people-first audio and collaboration experiences so good ideas can be shared and heard—wherever, whenever and however they happen. The company’s portfolio of integrated communications and collaboration solutions spans headsets, software, desk phones, audio and video conferencing, analytics and services. Our solutions are used worldwide by consumers and businesses alike and are a leading choice for every kind of workspace. For more information visit plantronics.com. All trademarks are the property of their respective owners.

Safe Harbor

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to: (i) our expectations regarding the company, its strategy, products, and our ability to achieve business objectives; (ii) our expectations regarding profitability; (iii) our expectations of the benefits of repurchasing our stock; and (iv) our current intentions regarding debt reduction and future capital allocation, in addition to other matters discussed in this press release that are not purely historical. We do not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. Among the factors that could cause actual results to differ materially from those contemplated are:

For more information concerning these and other possible risks, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 9, 2018 and other filings with the Securities and Exchange Commission, as well as recent press releases. The Securities and Exchange Commission filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95060
831-426-6060 / Fax 831-426-6098

     
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