SUNNYVALE, Calif., April 26, 2017 /PRNewswire/
-- ShoreTel® (NASDAQ: SHOR), a leading provider of
communication solutions that make interactions simple, today
announced financial results for the third quarter of its fiscal
year 2017, which ended March 31,
2017.
As the Company's strategic shift in revenue mix towards hosted
revenue continued, third quarter of fiscal 2017 total revenue was
$87.7 million, compared to
$85.2 million in the third quarter of
fiscal 2016 and $88.0 million in the
prior quarter. GAAP net loss was $2.9
million, or $0.04 per share,
in the third quarter of fiscal 2017, compared with a GAAP net loss
of $8.7 million, or $0.13 per share, in the third quarter of fiscal
2016 and a GAAP net loss of $2.9
million, or $0.04 per share in
the prior quarter. Non-GAAP net income, which excludes stock-based
compensation charges, amortization of acquisition-related
intangibles, other adjustments and related tax charges, for the
third quarter of fiscal year 2017 was $0.6
million, or $0.01 per diluted
share. This compares with a non-GAAP net loss of $3.9 million, or $0.06 per share, in the third quarter of fiscal
2016 and a non-GAAP net income in the prior quarter of $1.9 million, or $0.03 per diluted share.
"Total revenue, profitability and cash flow from operations
showed improvements on a year over year comparison. We have
implemented and will continue to identify actions to further
improve the company's growth," said Don
Joos, president and CEO of ShoreTel. "The board's Strategic
Advisory Committee continues to evaluate alternatives to increase
shareholder value."
Third Quarter Fiscal 2017 Financial Highlights
Hosted revenues of $38.3 million
in the third quarter of fiscal 2017 were up 17 percent
year-over-year and 4 percent sequentially. GAAP hosted gross margin
for the third quarter of fiscal year 2017 was 54.6 percent,
compared with 49.4 percent in the third quarter of fiscal year
2016. Non-GAAP hosted gross margin was 57.3 percent in the
third quarter of fiscal 2017, compared with 53.3 percent in the
third quarter of fiscal 2016. The total number of installed
customer seats increased 24 percent over the third quarter of
fiscal 2016 to approximately 271,000. Hosted revenue churn
was 5.1 percent annualized in the third quarter of fiscal 2017.
Product revenues of $30.5 million
in the third quarter of fiscal 2017 were down 10 percent
year-over-year and down 5 percent sequentially. GAAP product gross
margin for the third quarter of fiscal year 2017 was 67.4 percent,
compared with 67.1 percent in the third quarter of fiscal year
2016. Non-GAAP product gross margin was 67.4 percent in the
third quarter of fiscal 2017, compared with 67.1 percent in the
second quarter of fiscal 2016.
Support and services revenues of $18.9
million in the third quarter of fiscal 2017 were up 2
percent year-over-year and were down 1 percent sequentially. GAAP
support and services gross margin for the third quarter of fiscal
year 2017 was 78.0 percent, compared with 72.8 percent in the third
quarter of fiscal year 2016. Non-GAAP support and services
gross margin was 78.4 percent in the third quarter of fiscal 2017,
compared with 73.5 percent in the third quarter of fiscal 2016.
GAAP total gross margin for the third quarter of fiscal year
2017 was 64.1 percent compared with 61.5 percent in the third
quarter of fiscal year 2016. Non-GAAP total gross margin for
the third quarter of fiscal year 2017 was 65.4 percent compared
with 63.2 percent in the third quarter of fiscal 2016.
Cash flow from operations for the third quarter of fiscal year
2017 was $2.7 million compared with
$2.1 million in the third quarter of
fiscal 2016. As of March 31,
2017, the Company had $104.9
million in cash, cash equivalents and short-term investments
and no outstanding debt.
Selected Operational Metrics
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
03/31/17
|
|
12/31/16
|
|
09/30/16
|
|
06/30/16
|
|
03/31/16
|
Recurring Revenue as
a Percent of Total Revenue
|
63%
|
|
61%
|
|
61%
|
|
54%
|
|
58%
|
|
|
|
|
|
|
|
|
|
|
Annual Recurring
Revenue Run Rate (in millions)
|
$
223
|
|
$
216
|
|
$
211
|
|
$
203
|
|
$
198
|
|
|
|
|
|
|
|
|
|
|
Hosted Average
Monthly Recurring Revenue Per Customer
|
$
1,991
|
|
$
1,998
|
|
$
2,076
|
|
$
2,135
|
|
$
2,209
|
|
|
|
|
|
|
|
|
|
|
Hosted Monthly
Average Revenue Per User (ARPU)
|
$
48
|
|
$
48
|
|
$
50
|
|
$
51
|
|
$
52
|
|
|
|
|
|
|
|
|
|
|
Hosted Average # of
Seats per Customer
|
41
|
|
41
|
|
42
|
|
42
|
|
43
|
|
|
|
|
|
|
|
|
|
|
Hosted Revenue Churn
Rate Annualized
|
5.1%
|
|
4.6%
|
|
4.0%
|
|
5.8%
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
Total Company
Headcount
|
1,166
|
|
1,144
|
|
1,145
|
|
1,194
|
|
1,188
|
Third Quarter of Fiscal 2017 Business Highlights
ShoreTel Expands Relationship with Value-Added Distributor,
ScanSource
Alignment of global distribution
strategies to enable consistent experience for ShoreTel partners
worldwide
ShoreTel® (NASDAQ: SHOR), a leading provider of
communication solutions that make interactions simple, today
announced an expanded partnership with ScanSource Communications, a
leading global provider of communications products and sales unit
of ScanSource, Inc. (NASDAQ: SCSC).
The expanded relationship represents another milestone in our
strategic transformation and establishes a consistent experience
for ShoreTel channel partners by fully aligning ShoreTel's U.S.
distribution model with the two-tier distribution strategy that
ShoreTel utilizes in EMEA and APAC. ShoreTel will leverage
ScanSource's expertise to increase supply chain efficiency and
related value-added services for its channel partners. As a result,
ShoreTel channel partners who currently buy premises-based unified
communications products directly from ShoreTel will transition to
procuring ShoreTel's onsite solutions through ScanSource with a
target effective date of July 1,
2017.
ShoreTel continues to invest in enhancing its innovative
ShoreTel ConnectTM unified communications solution,
which delivers a comprehensive, seamlessly integrated feature set
that makes it easy for businesses and their users to interact.
Connect provides businesses with a consistent, intuitive user
experience that can be easily deployed through three different
models - cloud, hybrid and onsite - the latter of which will now be
offered through ScanSource. Additionally, ShoreTel will provide
continued sales and marketing support for partners who distribute
ShoreTel's onsite solutions via ScanSource.
ShoreTel Teamwork Enables the Mobile Workstyle for Remote
Teams
ShoreTel announced the launch of ShoreTel TeamworkTM,
a real-time collaboration tool that empowers teams to work more
efficiently and productively on the go. With Teamwork, colleagues
can collaborate over chat, manage team tasks and share files, all
from one mobile application.
As a mobile-first collaboration solution, Teamwork is designed
to provide a virtual workspace that brings teams together easily
and conveniently, allowing them to send messages, share content,
create and assign tasks to teammates, and manage personal task
lists. Additionally, all activities posted within a Teamwork
workspace are persistent. This enables new team members who join
the workspace to review previous workspace activities and files so
that they can come up to speed on projects more rapidly.
ShoreTel Teamwork was built from the ground up on the ShoreTel
SummitTM architecture to be an enterprise-grade
collaboration solution that complements ShoreTel Connect's unified
communications suite. The Teamwork application is scalable, secure
and easy for IT to deploy and manage.
ShoreTel Teamwork is currently included in the Essentials,
Standard and Advanced service offerings for ShoreTel
ConnectTM CLOUD customers in the US and Canada. Additional information can be found on
the ShoreTel web site.
ShoreTel Connect CLOUD Launches in the UK
ShoreTel
offers full services portfolio and simple migration to the
cloud
ShoreTel announced, as part of its global service expansion, the
introduction in the UK of ShoreTel Connect™ CLOUD and ShoreTel
Connect Contact Center for CLOUD solutions. This launch follows the
successful introduction of cloud-based solutions as a partner
managed service in the UK in 2015. ShoreTel can now provide
unified communications (UC) ready-made "as-a-service" with clear
and simple customer pricing, enabling a wider range of businesses
of all sizes to benefit from voice, video, mobile, conferencing,
messaging and contact center communication services.
ShoreTel Connect CLOUD has been available to US customers for 15
months and the time is right to expand into more theatres. The UK
Data Centre is production ready and built on best practices in
terms of architecture and knowledge gained over this period. This,
combined with a long history of cloud UC service delivery,
strategic acquisitions and a proven global 20-year track-record in
providing UC software and services, means that ShoreTel' s
'enterprise-class' UC services are now easily accessible to any
size of business. This includes ShoreTel Connect Contact Center for
CLOUD which is ideal for organizations who need anything from a
small help desk to a large scale omni-channel environment.
ShoreTel Connect CLOUD is designed to improve business
productivity and save time, offering a natural, collaborative user
experience and placing enterprise communications on-par with
personal communications. The ShoreTel Connect client app makes
collaboration simple and consistent across various deployment
types. With one click, users can easily escalate a conversation
from an IM to a call, to an online meeting, and then to a web
desktop share and video. Browser-based, the app allows seamless
collaboration among internal teams, while also enabling external
users to engage and collaborate in the same experience without the
need for plug-ins, multiple application windows, passwords or
complex set-up.
ShoreTel Integrates with G Suite and Google Chrome to
Streamline Workflows and Increase Productivity
ShoreTel launched ShoreTel Connect for Chrome browser, an
integrated solution that delivers a unified communications
experience between ShoreTel Connect, Google G SuiteTM
and Google ChromeTM. With a new client app, users can
streamline workflows and increase efficiencies with integrated
contacts, events and call control.
Specifically, this integration enables users to:
- Easily search for contacts by merging ShoreTel contacts with G
Suite contacts into a single list. Connect for Chrome browser lets
users search through all contacts at once and initiate a call with
one click.
- Maximize productivity with integrated call control. Users can
search for contacts, dial and control calls from the Chrome browser
extension all in one place. User can also view
presence status for contacts within search results.
- Users can create and join ShoreTel events from Google Calendar.
Clicking on a notification takes users into a web conference where
they can collaborate by sharing their screen and participating in a
group chat.
Connect CLOUD and ONSITE users can get up and running quickly
and easily by downloading the ShoreTel Connect extension from the
Google Chrome webstore.
Connect for Chrome browser is available for no additional cost
to U.S. Connect CLOUD and Connect ONSITE customers with Essentials,
Standard and Advanced service or product plans.
ShoreTel Recognized for Product Innovation and Channel
Program Excellence
ShoreTel Connect Honored by TMC and
ShoreTel Champion Partner Program Given 5-Star Rating by CRN
ShoreTel announced it received top accolades from two industry
awards programs. TMC, a global, integrated media company, has named
ShoreTel Connect™ as a 2017 Unified Communications Product of the
Year Award winner, and CRN®, a brand of The
Channel Company, has given ShoreTel a 5-Star rating in its 2017
Partner Program Guide.
ShoreTel Connect Named TMC 2017 Unified Communications Product
of the Year
ShoreTel Connect is a complete unified communications solution
that delivers rich communications and collaboration features in an
intuitive, modern interface, making it easy for teams, partners and
customers to interact anytime and from any location. Connect
delivers business communications via cloud or premise through a
single user experience, providing IT groups with the simplest
approach to delivering rich end user features such as chat, desktop
sharing, presence, meeting management tools, contact center
capabilities, mobility and more. This past year, ShoreTel announced
several major enhancements to ShoreTel Connect which provide even
more flexibility and efficiency for users, including integrated
multi-point video conferencing, integrations with Google Chrome™
browser and Google G Suite™, and the new ShoreTel Teamwork app for
team collaboration.
ShoreTel Awarded 5-Star Rating in CRN 2017 Partner Program
Guide
CRN's 5-Star Partner Program Guide rating recognizes an elite
subset of companies that offer solution providers the best partner
opportunities in their channel programs. To determine the 2017
5-Star ratings, The Channel Company's research team assessed each
vendor's partner program based on investments in program offerings,
partner profitability, partner training, education and support,
marketing programs and resources, sales support and
communication.
CRN gave ShoreTel a 5-Star rating in its 2017 Partner Program
Guide. This is ShoreTel's fourth consecutive year with a 5-Star
rating. ShoreTel's Champion Partner Program is designed to help
partners succeed through selling ShoreTel solutions, offering
infrastructure support services, or both.
Worldhotels Goes Global with ShoreTel and Interoute
Partnership supports scalability, ease of management for
international organizations
ShoreTel and Interoute announced their partnership serving
international markets with ShoreTel ConnectTM unified
communications (UC) solutions deployed on Interoute's Enterprise
Digital Platform, a global privately connected cloud
infrastructure.
Interoute operates one of Europe's largest network integrated clouds,
serving customers across three continents. The cloud communication
services provided by ShoreTel and deployed on Interoute's cloud are
particularly valuable for businesses that operate internationally,
such as Worldhotels, as they enable operators and employees to
manage their communications and develop their services in a
consistent way across multiple sites.
One Global UC Solution for Worldhotels
Interoute and ShoreTel recently deployed the ShoreTel Connect
solution using Interoute's Enterprise Digital Platform with SIP
trunking. The combined solution has enabled Worldhotels employees
to communicate both internally and externally from any location
worldwide. It is a scalable solution that can be adapted, developed
and expanded to help Worldhotels meet future requirements. The
solution currently connects 135 employees at 36 locations,
including Germany and the
USA.
During implementation of the solution, ShoreTel and Interoute
worked closely with Worldhotels to ensure a smooth and seamless
deployment. As a result, the hotel group was able to introduce
employees to the solution quickly, increasing their productivity,
drastically reducing the cost of telephone calls, and increasing
the number of branch offices.
ShoreTel Summit Powers Callidus Health Communications
Suite
ShoreTel announced that Callidus Health's technology is powered
by ShoreTel Summit, ShoreTel's Communications Platform as a Service
(CPaaS) architecture.
Callidus Health needed a reliable platform to serve as the
foundation for their healthcare answering service and
communications suite. Since their communications suite
handles patient information and time-sensitive patient
requests, it was essential that the voice and SMS
platform they selected deliver low latency and HIPAA
compliance to ensure all information is received
immediately and securely. Voice and SMS functionality was
integrated into Callidus Health's two communications solutions
- one for patients and one for doctors.
By leveraging the Summit platform, Callidus Health's
CareLINK solution is able to route patient requests to
the appropriate doctor based on the patient's
needs. CareLINK eliminates the need for
third-party answering services and pagers by alerting the
doctor of a new patient request via email, voice or text,
allowing for fast physician follow up. CareLINK also uses
Summit's call scheduling functionality to automate voice and
SMS appointment reminders for patients.
Plus, text-to-speech functionality makes it easy for users to
update the appointment reminders without having to
record and upload a new message.
Callidus Health's provider solution, CareTEAM, allows
doctors to communicate with one another via email, text and
voice over IP. CareTEAM also supports group texts so nurses,
doctors and pharmacists can converse in a single, secure
conversation. Doctors, nurses and pharmacists also have access
to patient profiles which allows care teams to share patient
information and can alert one another about updates to the record.
The Summit Platform enables secure transmission of
important scheduling and profile data over HTTPS-based
APIs to streamline and simplify interactions
among the various parties.
ShoreTel Summit Enables Georgia Tourism to Improve Customer
Service
Advanced call routing reduces hold times,
eliminates need for third-party call center
ShoreTel announced that Georgia Tourism is relying on ShoreTel
Summit™ to improve customer service and response times. With
an IVR (integrated voice response) application built on Summit,
Georgia Tourism has the ability to roll overflow calls to alternate
offices and receive voicemail-to-email notifications during and
after visitor center hours. The customized Summit application has
helped to reduce hold times and improve the experience for
visitors.
Georgia Tourism oversees 12 visitor information centers across
the state of Georgia. After adding
locations, it became challenging for the staff to manage call
volumes and effectively meet visitors' needs. To deliver the level
of service they desired, Georgia Tourism researched different IVR
solutions and settled on ShoreTel Summit.
With Summit's advanced call routing, Georgia Tourism is able to
answer visitors' questions in-house, eliminating the need for a
third-party call center and its associated costs. If Georgia
Tourism experiences spikes in call volumes, Summit empowers them to
make changes to their call routing in real time without any
disruption to their business.
Business Outlook
ShoreTel is providing the following outlook for its fiscal
fourth quarter of 2017 ending June 30,
2017:
- Total revenue is expected to be in the range of $88 million to $94 million.
- GAAP total gross margin is expected to be in the range of 62.5
percent to 63.5 percent. Non-GAAP gross margin, which
excludes approximately 1.5 percentage points in stock-based
compensation charges, amortization of acquisition-related
intangibles and other adjustments, is expected to be in the range
of 64 percent to 65 percent.
- GAAP total operating expenses are expected to be in the range
of $60.5 million to $61.5 million.
Non-GAAP operating expenses, which excludes approximately
$4.5 million in stock-based
compensation expenses, amortization of acquisition-related
intangibles, and other adjustments, are expected to be in the range
of $56 million to $57
million.
Conference Call Information
The Company will host a corresponding conference call and live
webcast at 2:00 p.m. Pacific Time on
Wednesday, April 26, 2017. To access
the conference call, dial + 1-844-802-2443 for callers in the U.S.
or + 1-412-317-5136 for international callers and ask to join the
ShoreTel call. A live webcast will be available in the Investor
Relations section of the Company's corporate website at
http://ir.shoretel.com/ and an archived recording will be available
beginning approximately two hours after the completion of the call.
An audio telephonic replay of the conference call will also be
available beginning approximately one hour after the completion of
the call until May 10, 2017 by
dialing + 1-877-344-7529 for callers in the U.S. or +
1-412-317-0088 for callers outside the U.S. and providing the
conference identification number of 10105596.
Use of Non-GAAP Financial Measures
ShoreTel reports all required financial information in
accordance with generally accepted accounting principles in
the United States ("GAAP"), but it
believes that evaluating its ongoing operating results may be
difficult to understand if limited to reviewing only GAAP financial
measures. Many investors have requested that ShoreTel disclose this
non-GAAP information because it is useful in understanding the
Company's performance as it excludes non-cash charges, other
non-recurring adjustments and related tax changes, that many
investors feel may obscure the Company's true operating
performance. Likewise, management uses these non-GAAP measures to
manage and assess the profitability of its business. Other than
with respect to future non-GAAP gross margin and future non-GAAP
operating expenses, ShoreTel has provided a reconciliation of
non-GAAP financial measures following the text of this press
release. ShoreTel is unable to provide a reconciliation to the
future non-GAAP gross margin and future non-GAAP operating
expenses, as the amount of stock-based compensation expense is
subject to a number of assumptions based on future events, such as
stock price, volatility and the amount of awards granted, as well
as the amount of any litigation fees, which are not possible to
predict. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial
measure.
Legal Notice Regarding Forward-Looking Statements
ShoreTel assumes no obligation to update the forward-looking
statements included in this release. This release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the federal securities laws, including, without
limitation, statements by Don Joos,
statements regarding future benefits of the ScanSource
relationship, new products, growth and market opportunities,
statements in the "Business Outlook" section regarding ShoreTel's
anticipated future revenues, gross margins and operating expenses
(on a GAAP and non-GAAP basis) and other financial information. The
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. The risks and uncertainties include the intense
competition in our industry, our reliance on third parties to sell
and support our products, the impact on existing partner
relationships of our new relationship with ScanSource, our ability
to continue to grow our cloud-based solutions, our ability to
maintain our premises products, supply and manufacturing risks, the
impact of service disruptions or security breaches, uncertainties
related to global operations, our ability to control costs as we
expand our business, unforeseen difficulties in integrating
acquired employees, products and technologies, inability to retain
acquired customers, difficulties in managing more dispersed
business operations, our ability to attract, retain and ramp new
personnel, potentially longer sales cycles, uncertainties inherent
in the product development cycle, our ability to identify and
execute on strategic opportunities, uncertainty as to market
acceptance of new products and services, the potential for
litigation in our industry, the impact of mergers and
consolidations in our industry, the impact of the
publicly-announced strategic review process, the uncertain impact
of global economic conditions and foreign exchange rates, including
impact on customers' purchasing decisions, and other risk factors
set forth in ShoreTel's Form 10-K for the year ended June 30, 2016.
About ShoreTel
ShoreTel (NASDAQ: SHOR) provides businesses worldwide with
communication solutions that make interactions simple. From
business phone systems, unified communications and contact center
solutions to a fully hosted voice and SMS development platform,
ShoreTel delivers unmatched flexibility and ease for companies
looking to increase productivity and drive innovation. ShoreTel
offers solutions in the cloud, onsite or a hybrid of both, giving
customers the freedom to choose the best fit for their business
needs now and in the future. Headquartered in Sunnyvale, Calif., ShoreTel has offices and
partners worldwide. For more information, visit shoretel.com.
ShoreTel, ShoreTel Teamwork, ShoreTel Summit, ShoreTel
Connect and the ShoreTel logo are trademarks or registered
trademarks of ShoreTel, Inc. in the
United States and/or other countries. CRN is a
trademark or registered trademark of The Channel Company in
the United States and/or other
countries. Google Chrome and Google G Suite are trademarks or
registered trademarks of Google, Inc. in the United States and/or other countries.
All other trademarks, trade names and service marks herein
are the property of their respective owners.
Investor Contact:
Barry
Hutton
Director, Investor Relations
408-962-2573
bhutton@shoretel.com
(Tables follow)
SHORETEL,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
As of
|
|
|
|
|
|
March 31,
|
|
June 30,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
56,672
|
|
$
61,726
|
|
Short-term
investments
|
48,246
|
|
46,433
|
|
Accounts receivable -
net
|
26,524
|
|
32,902
|
|
Inventories
|
|
14,044
|
|
12,488
|
|
Prepaid expenses and
other current assets
|
13,357
|
|
13,420
|
|
|
|
Total current
assets
|
158,843
|
|
166,969
|
|
|
|
|
|
|
|
|
Property and
equipment - net
|
20,550
|
|
21,551
|
Goodwill
|
|
|
129,449
|
|
129,449
|
Intangible
assets
|
|
13,510
|
|
18,788
|
Other
assets
|
|
5,712
|
|
5,581
|
|
|
|
Total
assets
|
$ 328,064
|
|
$ 342,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
15,854
|
|
$
14,932
|
|
Accrued liabilities
and other
|
13,627
|
|
20,397
|
|
Accrued employee
compensation
|
12,808
|
|
18,925
|
|
Accrued taxes and
surcharges
|
3,587
|
|
3,917
|
|
Deferred
revenue
|
59,050
|
|
56,765
|
|
|
|
Total current
liabilities
|
104,926
|
|
114,936
|
|
|
|
|
|
|
|
|
|
Long-term deferred
revenue
|
20,696
|
|
20,940
|
|
Other long-term
liabilities
|
3,331
|
|
3,733
|
|
|
|
Total
liabilities
|
128,953
|
|
139,609
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
386,957
|
|
379,088
|
|
Accumulated
deficit
|
(187,846)
|
|
(176,359)
|
|
|
|
Total stockholders'
equity
|
199,111
|
|
202,729
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 328,064
|
|
$ 342,338
|
SHORETEL,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Amounts in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
March 31,
|
|
December
31,
|
|
March 31,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Hosted and related
services
|
$
38,272
|
|
$
36,694
|
|
$
32,768
|
|
$110,588
|
|
$92,654
|
|
Product
|
30,535
|
|
32,280
|
|
33,919
|
|
94,664
|
|
116,500
|
|
Support and
services
|
18,923
|
|
19,060
|
|
18,549
|
|
56,786
|
|
56,538
|
|
|
Total
revenue
|
87,730
|
|
88,034
|
|
85,236
|
|
262,038
|
|
265,692
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
Hosted and related
services
|
17,381
|
|
17,689
|
|
16,582
|
|
52,173
|
|
44,528
|
|
Product
|
9,958
|
|
10,803
|
|
11,164
|
|
30,950
|
|
38,337
|
|
Support and
services
|
4,169
|
|
4,038
|
|
5,054
|
|
12,866
|
|
14,494
|
|
|
Total cost of
revenue
|
31,508
|
|
32,530
|
|
32,800
|
|
95,989
|
|
97,359
|
Gross
profit
|
56,222
|
|
55,504
|
|
52,436
|
|
166,049
|
|
168,333
|
|
Gross profit
%
|
64.1%
|
|
63.0%
|
|
61.5%
|
|
63.4%
|
|
63.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
17,122
|
|
16,082
|
|
16,504
|
|
49,895
|
|
44,134
|
|
Sales and
marketing
|
31,598
|
|
30,648
|
|
32,537
|
|
94,735
|
|
93,652
|
|
General and
administrative
|
11,080
|
|
11,111
|
|
11,277
|
|
32,642
|
|
31,095
|
|
Acquisition related
costs
|
-
|
|
-
|
|
822
|
|
-
|
|
1,356
|
|
Settlements and
defense fees
|
(19)
|
|
40
|
|
-
|
|
(30)
|
|
-
|
|
|
Total operating
expenses
|
59,781
|
|
57,881
|
|
61,140
|
|
177,242
|
|
170,237
|
Loss from
operations
|
(3,559)
|
|
(2,377)
|
|
(8,704)
|
|
(11,193)
|
|
(1,904)
|
Other income
(expense), net
|
778
|
|
(304)
|
|
(276)
|
|
224
|
|
(1,651)
|
Loss before provision
for income tax
|
(2,781)
|
|
(2,681)
|
|
(8,980)
|
|
(10,969)
|
|
(3,555)
|
Provision for
(benefit from) income tax
|
159
|
|
235
|
|
(273)
|
|
518
|
|
493
|
Net loss
|
|
$
(2,940)
|
|
$
(2,916)
|
|
$
(8,707)
|
|
$ (11,487)
|
|
$ (4,048)
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
(0.04)
|
|
$
(0.04)
|
|
$
(0.13)
|
|
$
(0.17)
|
|
$
(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,235
|
|
68,044
|
|
66,886
|
|
67,960
|
|
66,109
|
SHORETEL,
INC.
|
GAAP TO NON-GAAP
RECONCILIATION
|
(Amounts in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
March 31,
|
|
December
31
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
GAAP Hosted and
related services gross profit
|
$ 20,891
|
|
|
|
$ 19,005
|
|
|
|
$ 16,186
|
|
|
|
$
58,415
|
|
|
|
$
48,126
|
|
|
|
Stock-based
compensation charges
|
63
|
|
(a)
|
|
52
|
|
(a)
|
|
288
|
|
(a)
|
|
200
|
|
(a)
|
|
955
|
|
(a)
|
|
Amortization of
acquisition-related intangibles
|
921
|
|
(b)
|
|
977
|
|
(b)
|
|
985
|
|
(b)
|
|
2,875
|
|
(b)
|
|
2,636
|
|
(b)
|
|
Severance
costs
|
50
|
|
(d)
|
|
-
|
|
(d)
|
|
-
|
|
(d)
|
|
50
|
|
(d)
|
|
-
|
|
(d)
|
|
Lease termination
fee
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
Non-GAAP Hosted and
related services gross profit
|
$ 21,925
|
|
|
|
$ 20,189
|
|
|
|
$ 17,459
|
|
|
|
$
61,695
|
|
|
|
$
51,717
|
|
|
Non-GAAP Hosted and
related services gross margin
|
57.3%
|
|
|
|
55.0%
|
|
|
|
53.3%
|
|
|
|
55.8%
|
|
|
|
55.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Product gross
profit
|
$ 20,577
|
|
|
|
$ 21,477
|
|
|
|
$ 22,755
|
|
|
|
$
63,714
|
|
|
|
$
78,163
|
|
|
|
Stock-based
compensation charges
|
10
|
|
(a)
|
|
9
|
|
(a)
|
|
12
|
|
(a)
|
|
44
|
|
(a)
|
|
53
|
|
(a)
|
|
Amortization of
acquisition-related intangibles
|
-
|
|
(b)
|
|
-
|
|
(b)
|
|
2
|
|
(b)
|
|
-
|
|
(b)
|
|
19
|
|
(b)
|
|
Severance
costs
|
-
|
|
(d)
|
|
-
|
|
(d)
|
|
-
|
|
(d)
|
|
9
|
|
(d)
|
|
-
|
|
(d)
|
Non-GAAP Product
gross profit
|
$ 20,587
|
|
|
|
$ 21,486
|
|
|
|
$ 22,769
|
|
|
|
$
63,767
|
|
|
|
$
78,235
|
|
|
Non-GAAP Product
gross margin
|
67.4%
|
|
|
|
66.6%
|
|
|
|
67.1%
|
|
|
|
67.4%
|
|
|
|
67.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Support and
services gross profit
|
$ 14,754
|
|
|
|
$ 15,022
|
|
|
|
$ 13,495
|
|
|
|
$
43,920
|
|
|
|
$
42,044
|
|
|
|
Stock-based
compensation charges
|
80
|
|
(a)
|
|
88
|
|
(a)
|
|
121
|
|
(a)
|
|
294
|
|
(a)
|
|
468
|
|
(a)
|
|
Severance
costs
|
-
|
|
(d)
|
|
-
|
|
(d)
|
|
10
|
|
(d)
|
|
113
|
|
(d)
|
|
10
|
|
(d)
|
Non-GAAP Support and
services gross profit
|
$ 14,834
|
|
|
|
$ 15,110
|
|
|
|
$ 13,626
|
|
|
|
$
44,327
|
|
|
|
$
42,522
|
|
|
Non-GAAP Support and
services gross margin
|
78.4%
|
|
|
|
79.3%
|
|
|
|
73.5%
|
|
|
|
78.1%
|
|
|
|
75.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total gross
profit
|
$ 56,222
|
|
|
|
$ 55,504
|
|
|
|
$ 52,436
|
|
|
|
$ 166,049
|
|
|
|
$ 168,333
|
|
|
|
Stock-based
compensation charges
|
153
|
|
(a)
|
|
149
|
|
(a)
|
|
421
|
|
(a)
|
|
538
|
|
(a)
|
|
1,476
|
|
(a)
|
|
Amortization of
acquisition-related intangibles
|
921
|
|
(b)
|
|
977
|
|
(b)
|
|
987
|
|
(b)
|
|
2,875
|
|
(b)
|
|
2,655
|
|
(b)
|
|
Severance
costs
|
50
|
|
(d)
|
|
-
|
|
(d)
|
|
10
|
|
(d)
|
|
172
|
|
(d)
|
|
10
|
|
(d)
|
|
Lease termination
fee
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
Non-GAAP total gross
profit
|
$ 57,346
|
|
|
|
$ 56,785
|
|
|
|
$ 53,854
|
|
|
|
$ 169,789
|
|
|
|
$ 172,474
|
|
|
Non-GAAP total gross
margin
|
65.4%
|
|
|
|
64.5%
|
|
|
|
63.2%
|
|
|
|
64.8%
|
|
|
|
64.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from
operations
|
$ (3,559)
|
|
|
|
$ (2,377)
|
|
|
|
$ (8,704)
|
|
|
|
$ (11,193)
|
|
|
|
$
(1,904)
|
|
|
|
Stock-based
compensation charges
|
2,194
|
|
(a)
|
|
2,286
|
|
(a)
|
|
1,929
|
|
(a)
|
|
7,687
|
|
(a)
|
|
6,861
|
|
(a)
|
|
Amortization of
acquisition-related intangibles
|
1,824
|
|
(b)
|
|
1,879
|
|
(b)
|
|
1,893
|
|
(b)
|
|
5,582
|
|
(b)
|
|
5,232
|
|
(b)
|
|
Litigation,
settlements and defense fees
|
(19)
|
|
(c)
|
|
40
|
|
(c)
|
|
-
|
|
(c)
|
|
(30)
|
|
(c)
|
|
-
|
|
(c)
|
|
Severance
costs
|
523
|
|
(d)
|
|
-
|
|
(d)
|
|
157
|
|
(d)
|
|
1,681
|
|
(d)
|
|
157
|
|
(d)
|
|
Acquisition related
costs
|
-
|
|
(e)
|
|
-
|
|
(e)
|
|
822
|
|
(e)
|
|
-
|
|
(e)
|
|
1,356
|
|
(e)
|
|
Strategic
alternatives review costs
|
42
|
|
(f)
|
|
463
|
|
(f)
|
|
-
|
|
(f)
|
|
505
|
|
(f)
|
|
-
|
|
(f)
|
|
Lease termination
fee
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
Non-GAAP income
(loss) from operations
|
$
1,005
|
|
|
|
$
2,446
|
|
|
|
$ (3,903)
|
|
|
|
$
4,387
|
|
|
|
$
11,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
$ (2,940)
|
|
|
|
$ (2,916)
|
|
|
|
$ (8,707)
|
|
|
|
$ (11,487)
|
|
|
|
$
(4,048)
|
|
|
|
Stock-based
compensation charges
|
2,194
|
|
(a)
|
|
2,286
|
|
(a)
|
|
1,929
|
|
(a)
|
|
7,687
|
|
(a)
|
|
6,861
|
|
(a)
|
|
Amortization of
acquisition-related intangibles
|
1,824
|
|
(b)
|
|
1,879
|
|
(b)
|
|
1,893
|
|
(b)
|
|
5,582
|
|
(b)
|
|
5,232
|
|
(b)
|
|
Litigation,
settlements and defense fees
|
(19)
|
|
(c)
|
|
40
|
|
(c)
|
|
-
|
|
(c)
|
|
(30)
|
|
(c)
|
|
-
|
|
(c)
|
|
Severance
costs
|
523
|
|
(d)
|
|
-
|
|
(d)
|
|
157
|
|
(d)
|
|
1,681
|
|
(d)
|
|
157
|
|
(d)
|
|
Acquisition related
costs
|
-
|
|
(e)
|
|
-
|
|
(e)
|
|
822
|
|
(e)
|
|
-
|
|
(e)
|
|
1,356
|
|
(e)
|
|
Strategic
alternatives review costs
|
42
|
|
(f)
|
|
463
|
|
(f)
|
|
-
|
|
(f)
|
|
505
|
|
(f)
|
|
-
|
|
(f)
|
|
Lease termination
fee
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
|
155
|
|
(g)
|
|
-
|
|
(g)
|
|
Gain on sale of
non-marketable investments
|
(920)
|
|
(h)
|
|
-
|
|
(h)
|
|
-
|
|
(h)
|
|
(920)
|
|
(h)
|
|
-
|
|
(h)
|
|
Deferred tax
provision arising from tax impact of above items
|
(154)
|
|
(i)
|
|
86
|
|
(i)
|
|
(8)
|
|
(i)
|
|
(63)
|
|
(i)
|
|
(632)
|
|
(i)
|
Non-GAAP net income
(loss)
|
$
550
|
|
|
|
$
1,993
|
|
|
|
$ (3,914)
|
|
|
|
$
3,110
|
|
|
|
$
8,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.01
|
|
|
|
$
0.03
|
|
|
|
$
(0.06)
|
|
|
|
$
0.05
|
|
|
|
$
0.14
|
|
|
|
Diluted
|
$
0.01
|
|
|
|
$
0.03
|
|
|
|
$
(0.06)
|
|
|
|
$
0.04
|
|
|
|
$
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
68,235
|
|
|
|
68,044
|
|
|
|
66,886
|
|
|
|
67,960
|
|
|
|
66,109
|
|
|
|
Diluted
|
69,344
|
|
|
|
69,330
|
|
|
|
66,886
|
|
|
|
69,304
|
|
|
|
67,835
|
|
|
SHORETEL,
INC.
|
GAAP TO NON-GAAP
RECONCILIATION FOOTNOTES
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
March 31,
|
|
December
31
|
|
March 31,
|
|
March 31,
|
|
March 31,
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
2017
|
|
2016
|
(a)
|
Stock-based
compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of hosted and
related services revenue
|
$
63
|
|
|
|
$
52
|
|
|
|
$
288
|
|
|
|
$
200
|
|
|
|
$
955
|
|
|
|
|
Cost of product
revenue
|
10
|
|
|
|
9
|
|
|
|
12
|
|
|
|
44
|
|
|
|
53
|
|
|
|
|
Cost of support and
services revenue
|
80
|
|
|
|
88
|
|
|
|
121
|
|
|
|
294
|
|
|
|
468
|
|
|
|
|
Research and
development
|
550
|
|
|
|
512
|
|
|
|
439
|
|
|
|
1,738
|
|
|
|
1,359
|
|
|
|
|
Sales and
marketing
|
650
|
|
|
|
663
|
|
|
|
572
|
|
|
|
2,272
|
|
|
|
2,003
|
|
|
|
|
General and
administrative
|
841
|
|
|
|
962
|
|
|
|
497
|
|
|
|
3,139
|
|
|
|
2,023
|
|
|
|
|
|
$
2,194
|
|
|
|
$
2,286
|
|
|
|
$
1,929
|
|
|
|
$
7,687
|
|
|
|
$
6,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Amortization of
acquisition-related intangibles included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of hosted and
related services
|
$
921
|
|
|
|
$
977
|
|
|
|
$
985
|
|
|
|
$
2,875
|
|
|
|
$
2,636
|
|
|
|
|
Cost of product
revenue
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
-
|
|
|
|
19
|
|
|
|
|
Sales and
marketing
|
895
|
|
|
|
894
|
|
|
|
899
|
|
|
|
2,684
|
|
|
|
2,570
|
|
|
|
|
General and
administrative
|
8
|
|
|
|
8
|
|
|
|
7
|
|
|
|
23
|
|
|
|
7
|
|
|
|
|
|
$
1,824
|
|
|
|
$
1,879
|
|
|
|
$
1,893
|
|
|
|
$
5,582
|
|
|
|
$
5,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
Litigation,
settlements and defense fees included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlements and
defense fees
|
$
(19)
|
|
|
|
$
40
|
|
|
|
$
-
|
|
|
|
$
(30)
|
|
|
|
$
-
|
|
|
|
|
|
$
(19)
|
|
|
|
$
40
|
|
|
|
$
-
|
|
|
|
$
(30)
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
Severance costs
included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of hosted and
related services
|
$
50
|
|
|
|
$
-
|
|
|
|
$
-
|
|
|
|
$
50
|
|
|
|
$
-
|
|
|
|
|
Cost of product
revenue
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
-
|
|
|
|
|
Cost of support and
services
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
113
|
|
|
|
10
|
|
|
|
|
Research and
development
|
107
|
|
|
|
-
|
|
|
|
125
|
|
|
|
170
|
|
|
|
125
|
|
|
|
|
Sales and
marketing
|
366
|
|
|
|
-
|
|
|
|
19
|
|
|
|
1,332
|
|
|
|
19
|
|
|
|
|
General and
administrative
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
|
7
|
|
|
|
3
|
|
|
|
|
|
$
523
|
|
|
|
$
-
|
|
|
|
$
157
|
|
|
|
$
1,681
|
|
|
|
$
157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e)
|
Direct acquisition
costs included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related costs
|
$
-
|
|
|
|
$
-
|
|
|
|
$
822
|
|
|
|
$
-
|
|
|
|
$
1,356
|
|
|
|
|
|
$
-
|
|
|
|
$
-
|
|
|
|
$
822
|
|
|
|
$
-
|
|
|
|
$
1,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(f)
|
Strategic
alternatives review costs included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
$
42
|
|
|
|
$
463
|
|
|
|
$
-
|
|
|
|
$
505
|
|
|
|
$
-
|
|
|
|
|
|
$
42
|
|
|
|
$
463
|
|
|
|
$
-
|
|
|
|
$
505
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g)
|
Lease termination fee
included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of hosted and
related services
|
$
-
|
|
|
|
$
155
|
|
|
|
$
-
|
|
|
|
$
155
|
|
|
|
$
-
|
|
|
|
|
|
$
-
|
|
|
|
$
155
|
|
|
|
$
-
|
|
|
|
$
155
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h)
|
Gain on sale of
non-marketable investments included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
$
(920)
|
|
|
|
$
-
|
|
|
|
$
-
|
|
|
|
$
(920)
|
|
|
|
$
-
|
|
|
|
|
|
$
(920)
|
|
|
|
$
-
|
|
|
|
$
-
|
|
|
|
$
(920)
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i)
|
The deferred tax
benefit (provision) arising from acquisition and tax impact of the
items which are excluded in (a) to (h) above.
|
SHORETEL,
INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP FOR FISCAL Q4 2017 PROJECTIONS
|
(Amounts in
millions)
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ending
|
|
|
June 30,
2017
|
|
|
|
|
|
|
|
Low
|
|
High
|
GAAP gross profit
%
|
|
62.5%
|
|
63.5%
|
Adjustments for
stock-based compensation
|
|
0.3%
|
|
0.3%
|
Adjustments for
acquisition-related intangible amortization and other
items
|
|
1.2%
|
|
1.2%
|
Non-GAAP gross
profit %
|
|
64.0%
|
|
65.0%
|
|
|
|
|
|
Total GAAP
operating expenses
|
|
$60.5
|
|
$61.5
|
Adjustments for
stock-based compensation
|
|
$
2.1
|
|
$
2.1
|
Adjustments for
acquisition-related intangible amortization and other
items
|
|
$
2.4
|
|
$
2.4
|
Total non-GAAP
operating expenses
|
|
$56.0
|
|
$57.0
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shoretel-reports-financial-results-for-third-quarter-fiscal-year-2017-300446339.html
SOURCE ShoreTel