Greg Klaben - Vice President of Investor Relations S. Kenneth Kannappan - Chief Executive Officer, President and Executive Director Pamela J. Strayer - Chief Financial Officer and Senior Vice President

David M. King - Roth Capital Partners, LLC, Research Division John F. Bright - Avondale Partners, LLC, Research Division Tavis C. McCourt - Raymond James & Associates, Inc., Research Division Rohit N. Chopra - Wedbush Securities Inc., Research Division Ryan Macdonald Joanna Makris - Mizuho Securities USA Inc., Research Division

Good afternoon. My name is Ferdinand, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter Fiscal Year 2013 Financial Results Conference. [Operator Instructions] Mr. Greg Klaben, Vice President, Investor Relations, you may begin your conference.

Thanks, Ferdinand. Good afternoon, and welcome, everyone, to Plantronics' third quarter conference call. Joining me today are Ken Kannappan, Plantronics' President and CEO; and Pam Strayer, Senior Vice President and CFO. I'd like to remind you that during the course of today's conference call, we may make certain forward-looking statements that are subject to risks and uncertainties as outlined in today's press release. As we've highlighted before, the risk factors in our press release and SEC filings are not standard boilerplate. We update these risk factors every quarter for significant changes, adding and dropping language and changing the order, depending upon the timing and potential impact of the concerns that we foresee. We believe forecasting results of operations is difficult, and we ask you to focus particular attention on these risk factors that could cause actual results to differ materially from those anticipated by any such statements. For further information, please refer to the company's Forms 10-K, 10-Q, today's press release and other SEC filings. Plantronics' third quarter fiscal 2013 net revenues were $197.4 million compared with $183.2 million in the prior year quarter and compared to guidance provided on October 30, 2012 of $183 million to $190 million. Plantronics' GAAP diluted earnings per share was $0.66 compared with $0.71 in the same quarter of the prior year and guidance of $0.54 to $0.61. Non-GAAP diluted earnings per share for the third quarter was $0.73 compared with $0.75 in the prior year quarter and guidance of $0.63 to $0.70. The difference between GAAP and non-GAAP EPS for the third quarter consists of stock-based compensation charges, restructuring and other related charges and accelerated depreciation, all net of the associated tax impacts, along with the tax benefit from the expiration of certain statutes and limitations. For the remainder of today's call, we will be providing only non-GAAP metrics related to gross margin, operating expenses, operating income, net income and EPS. We have reconciled these measures in our earnings release and in our quarterly analyst metric sheet, both of which are available on our website on the Investor Relations page. Unless otherwise stated, all comparisons with the third fiscal quarter of fiscal year 2013 financial results are to the same quarter in the prior year. With that, I'll turn the call over to Ken. S. Kenneth Kannappan: Thank you, Greg. Good afternoon, and let me add my thanks to Greg's for joining our call. There are 3 key points I'd like to discuss regarding our third quarter fiscal 2013 results. The first is year-over-year growth in all our major product categories and all of our geographies. Office and Contact Center, which represented 71% of revenue for the quarter, had record levels with 5% year-over-year growth, driven largely by UC revenue growth of 43%. Our consumer product groups, which represent 29% of our total revenue, grew by 16% in what is typically the strongest seasonal quarter for the product category. Pardon my sore throat. Second, our focus on an investment in our Unified Communication Solutions continues to grow, and our leadership in the market for UC audio solutions remains undiminished. Our redirection of investment towards our Unified Communications Solutions set over the past few years continues to yield strong win rates, deepen broad partner integration and an unprecedented level of intelligence in value-added software capabilities. We've had 2 recent breakthroughs in integrating our Contextual Intelligence capabilities with innovative new technologies. The first occurred last week with our partner, PGi. They're a global leader in virtual meetings who have been a terrific partner in integrating our Contextual Intelligence capabilities with their virtual meeting platform. iMeet recognizes if a user is wearing their Plantronics Voyager Legend UC headset and indicates to others if the wearer is available to take a video call, if they are busy and unable to talk. Users can launch an iMeet meeting with a single tap of their Voyager Legend headset, and iMeet will automatically signal other meeting guests if the user mutes or takes off their Plantronics headset and when they step away from the meeting. The result is a simply smarter virtual meeting with participants knowing who is available, not having to change settings to update their presence and availability information. The second happened a few weeks earlier when we were awarded the most visionary product of the year at the inaugural WebRTC conference. Web real-time communication is an API definition being drafted by the World Wide Web Consortium to enable browser-to-browser applications for voice dialing, video chat and P2P file sharing without plug-ins. Essentially, this new standard will allow real-time communications to take place over the Internet with virtually any audio application. With our open APIs, our latest UC headsets are the first to work with the new WebRTC standard. At the conference, we demonstrated how a Plantronics headset can unlock the PC with user voice authentication and utilize the HD voice for virtually all audio and voice apps on the web. Third, our performance in the Bluetooth product category was strong, with better product placements and a more competitive product portfolio. In addition, 5 of our new Bluetooth products gained recognition with CS Innovation awards. One of our software applications called Find My Headset was also recognized at CS with an Innovation Award. Sales in Bluetooth headsets are expected to be enhanced because enforcement of a Chinese hands-free driving law began on January 1. Violation of the law can result in fines and points on a driver's record. As a consequence, demand for our Bluetooth products in that country of over 200 million licensed drivers has already increased. We see an enormous long-term increase in market potential as China continues to develop. With that, I'd like to turn the call over to Pam to discuss the financial results of the quarter. Pamela J. Strayer: Thanks, Ken. Although economic uncertainty remains in Europe and Asia, we were very pleased with the strength we experienced this quarter in our business. Our net revenues, operating income and EPS all exceeded the high end of our guidance, and we achieved strong OCC revenues this quarter, primarily due to strength in the Americas region. Net revenue increased 8% over the prior year, driven by a strong quarter for our mobile products, as well as good growth in OCC. Our gross margin as a percent of revenue remained above our long-term target range of 50% to 52%. However, at 52.2%, it declined by 60 basis points compared to the prior year. This is primarily due to an increase in mobile and our product mix. Operating expenses were $61.3 million in the current quarter or 31% of net revenues. This is an increase from prior year's percentage of 29.9%, primarily due to additional UC investments. As a result of lower gross margins and higher OpEx as a percent of revenue, our operating income declined to 21.1% compared to 22.9% in the prior year and 22.3% in the prior quarter. Our EPS was $0.73 per share and above our guidance range, but down from $0.75 per share in the prior year. We initiated a restructuring plan and recorded a $1.9 million charge in Q3 associated with that plan in our GAAP financial statements. These charges have been excluded from our non-GAAP operating results. The purpose of this plan is to allow us to find savings and efficiencies so that we can invest more in critical sales and marketing efforts and better position ourselves for growth. Part of this plan involves reducing our facility's footprint, which will result in additional restructuring charges of approximately $1 million in the first quarter of fiscal year 2014. That charge will also be removed from our non-GAAP results. Now turning to further details on the quarter. Our third quarter net revenues were $197.4 million, up 8% from the prior year. We achieved revenue growth in all regions of the world compared to the prior year, with the Americas growing 11%; Europe and Africa region growing 3%; and Asia-Pacific growing 1%. OCC net revenues were $139.4 million, up 5% from a year ago. Growth in OCC was driven by the Americas region, offset by declines in E&A and APAC. Net revenues from UC products grew to $36.1 million and 43% versus the prior year. Growth in UC was driven by the Americas region and the E&A region. Net revenues from mobile products were $44.1 million, up approximately $8 million, or 23% versus the prior year. All regions enjoyed healthy year-on-year growth from our mobile products, with the U.S. contributing the most of this growth. Our reinvestment in this market led to successful launch this year of several mono Bluetooth products, our M series family of products and a consumer version of our new Voyager Legend. These products, along with the BackBeat GO product, are doing very well in the market and are the primary drivers of this growth. Geographically, our revenue mix in Q3 was 57% domestic, 43% international. An increase in international percent over last quarter, due to stronger revenues in Europe, put us back to a mix more consistent with prior fiscal years. Gross margin was 52.2%, a decrease from 52.8% in the prior year. The decrease is due to a higher product mix of mobile products in the current quarter, offset in part by savings and materials costs. We typically expect lower gross margins relative to other quarters as a percent of revenue in our third quarter as it has historically been a seasonally strong quarter for mobile due to the holiday season. Operating expenses were $61.3 million in the current quarter, or 31% of net revenues, up from 29.9% of net revenues in the prior year. We added headcount, primarily in R&D, consistent with our strategy to invest in UC. In addition, our variable compensation is higher on the strength of our results and higher expectations for the full year compared to the prior year when we were in declining expectations for the full year and took a reduction of variable compensation accruals. We also increased spending on marketing programs related to our product launches this quarter. Our operating margin was 21.1%, down from 22.9% in the prior year. Our Q3 net income of $31.2 million was down by $1.4 million, or 4%, compared to the prior year. And our EPS of $0.73 is down by $0.02. Turning to the balance sheet and cash flow. We finished the quarter with $409 million in total cash and investments after paying down the balance on our line of credit by $9 million, repurchasing $4 million of our common stock and investing $8 million in capital expenditures. We generated $34.1 million in cash flow from operations in the third quarter and continue to have a very strong financial position. Of the $409 million in cash and investments at quarter end, $14.6 million was domestic cash and equivalents. Our domestic borrowings were $20 million. Our DSO was 51 days, down from 54 days in Q3 of the prior year and sequentially. Net inventories were $67 million, up $9 million versus a year ago and $5 million from the prior quarter. Inventory turns of 5.7 are down from 6.0 a year ago and up from 5.3 in the prior quarter. Now turning to outlook. The macroeconomic environment remains challenging, and we're seeing the impact of that in our core OCC business outside of the U.S. We believe that total net revenues for the fourth quarter will be in the range of $190 million to $195 million, which reflects the seasonal decrease in revenue for mobile products, which is partially offset by increasing mobile sales in China. Depending on the revenue mix and other factors, we believe non-GAAP operating income will be approximately $39 million to $41 million. Based on all of the above, we currently expect non-GAAP EPS to be $0.68 to $0.72 per share on average diluted shares outstanding of approximately 42.7 million. For a full detail of reconciling items between our GAAP and non-GAAP financial results, please refer to our press release.

Ferdinand, we're ready to take questions.

[Operator Instructions] Your first question comes from the line of Dave King. David M. King - Roth Capital Partners, LLC, Research Division: I guess, first off, as we look at the guidance for the fourth quarter, it looks like you're guiding to an increase, I'd say, of about 8% year-over-year. How should we think about that by segment, particularly in the context of the new Lync version coming up, but then also this China mobile opportunity that you talked about, et cetera? Pamela J. Strayer: Well, we don't typically give guidance by category. And I think this upcoming quarter is going to be even a bit more challenging in terms of forecasting what it looks like because of the China hands-free law. Q4, I think, if you exclude China from that, it would be our typical seasonal mix in Q4, which would be a much lower mix in mobile than we experienced in Q3. David M. King - Roth Capital Partners, LLC, Research Division: Right. I mean -- so is it fair to say then that you're not incorporating much on the China opportunity into your guidance? Your just more guiding to what you've seen typically seasonally at this point? And then is it also fair to say that on the Lync, you had, call it, a reacceleration growth to -- I think 43% was the number. But I think I remember you saying last quarter, Ken, that with some of the stuff you have around February, some of the launch events, usually that there's a -- more of an acceleration. Have you thought about that when giving guidance? Or is it still kind of out there in terms of... S. Kenneth Kannappan: Well, we thought about everything when giving guidance [indiscernible] make these comments. First, on China, it's a -- while we've had hands-free laws, and therefore we've been able to model a hands-free law impact, this was a little bit unusual because China had had a hands-free law, then we saw a new hands-free law get announced in October, and we saw a little bit of a pickup of demand. But this was going into effect Jan 1. And normally, we see kind of a 30 days prior, 60 days post, a clear spike and then a higher ongoing run rate. In this case, the enforcement was what took people by surprise. And so sales kind of took off a little bit. People were out of stock, us probably most. And then you've got the Chinese New Year gift-giving phenomena in the early part of Feb. And then we're also a little cautious about -- we're hearing about a lot of people probably overestimating demand and product coming in the latter part of the quarter. And so it's -- it's a little hard to gauge this early in the game as to exactly what's happening in a large country where, while there are a lot of drivers, not everyone is necessarily going to participate and be as addicted to talking in the car as we saw when these laws occurred in California. So guessing the attach rate and the time on this is a little bit more challenging. And again, the sales info a little less reliable, given the fact that there have been some out-of-stocks because the enforcement was what surprised people. So we definitely have a non-normal and material increase in Chinese Bluetooth revenues in our forecast assumption. So that's one thing. On the Lync side, what we primarily saw here, in my mind, was that we have a lot of customers that had been in a, what I'd call, ready-to-deploy state. They deferred on us a little bit and those, in fact, went ahead. I don't think this was, in any way, shape or form, due to Lync 2013, again, which is really being launched in February. And I don't think that the March quarter will be significantly impacted by that launch because it's late enough in February and with normal cycles, I don't think that's going to be affected by it. I think -- I would expect that to be more downstream. Even as it is, what it is, is it's an improvement in a product, it's a nice set of improvements in a product. But I don't think that, in and of itself, is going to result in a huge surge. It's more that there's continued progress, greater acceptance that these tools are in fact ready for prime time. And so more and more companies are looking to move forward as part of the growth in the market. David M. King - Roth Capital Partners, LLC, Research Division: Right. Okay, that's extremely helpful. And then I guess just one follow-up. Pam, the inventory looks like it was up about 16% year-over-year, I think, and then that was about twice the rate in sales. And I guess I typically think it's down more on a sequential basis. Maybe that's not the case -- is there anything going on there that we should be aware of? Pamela J. Strayer: No, nothing too unusual. I mean, every once in a while, we do make a large last-time buy, and we did one of those this last quarter. So our inventory did go up a bit because of that.

Your next question comes from the line of John Bright of Avondale Partners. John F. Bright - Avondale Partners, LLC, Research Division: Ken, last quarter, you mentioned that UC deployment might be lagging some license sales. Any update on that statement? S. Kenneth Kannappan: Well, I think in this last quarter, we probably caught up a little bit to some of that lag. I think that certainly had been the case. And as I said, I think some of those deployments moved through a little bit. So I think there was a bit of a catch-up this quarter. John F. Bright - Avondale Partners, LLC, Research Division: R&D, up I think 20% in the quarter. Is that a number where we should think about it on an ongoing basis? Question one. And then question two, you talked about a couple of breakthroughs in your prepared text, I think, regarding Contextual Intelligence. How much is that differentiating PLT? And is it differentiating enough to drive sales? S. Kenneth Kannappan: So 2 different questions. So first of all, on the R&D, I think that we're -- we feel pretty good about where we are. And in terms of our R&D investment, I think, over time, we would expect it to scale, reasonably speaking, in line with our existing business model. There's no reason to update that model. Perhaps we will get a little bit of efficiency relative to scale. We're at the upper ends of that range but we're really not looking for any significant change. Very pleased with our R&D effort and quality and how it's migrated in terms of efficiency. In terms of the -- let's see. In terms of the differentiation that Contextual Intelligence provides us, I would say that it is unique, it is differentiated. We have been out there for better than 2 years with an extremely differentiated solution. If you look at the comments, and I'd just refer you to a couple, at CES, the Wall Street Journal had a piece on Contextual Intelligence right at the beginning of CES. The CEA in their comments talked about contextual intelligence being one of the top 3 trends. So I would say that to the ecosystem, which includes our partners, communications and so forth, people understand that this is very important, that we're out in front and that it can have a huge impact on solutions. From the standpoint of our customers, people get intuitively how much easier it is to use our products. When you talk about IT from a CEO's perspective, one of the big issues is that these new tools need to be easy and intuitive for people to adopt them. When you get a standard call on unified communications and I've got to change the default audio device, I've got to click and pause an application, I've got to click and answer the call. I mean, it's complicated. You just put on our headset and you answer the call. People understand that, that's going to make a difference in how quickly these solutions are adopted and that, that in fact impacts ROI. Now does that mean everybody? No. We're still getting that message out. This is still a nascent industry. We're still having a lot of dialogues. We're continuing to add value and applications as to what we can do with that, and I think that is resonating from people that we have, not just a vision, but something that we're bringing as reality that's going to have an impact on the solutions that they have. Are we able to get value for it? Well, clearly, our products are being bought at higher prices than our competition. So clearly, people are paying more for it. Does our competition still discount? Do we still face price competition? Yes, absolutely, we do. But I think people are recognizing that the performance of our products strategically, our positioning, those are both absolutely unmatched. John F. Bright - Avondale Partners, LLC, Research Division: Ken, one thing that you and I have talked about in the past, and it's something that maybe I've done more writing on is the fact that as this jobs recovery maybe accelerates or gets back to a normal type curve that Plantronics, particularly your office segment would stand to benefit from that. Are you seeing anything in the last 3 months on a macro basis that makes you feel better? Worse? Same? Any change on that front? S. Kenneth Kannappan: Well, when you ask into feelings, then I can take this question a little broader. Let me just say -- let me just start with the data. The datas that I read suggests that there has been a potential improvement in the United States. There's -- when we talk about voluntary turnover, there's kind of 2 key factors: One is what's happening with the unemployment rate. Clearly, that's declined. Now we all understand the labor force participation has also declined. And the second one is mobility. And clearly, the housing market has also improved some. So I think that overall, the trend at this point in time, most people I talk to are expecting positive GDP growth and a firming of the employment environment in the United States, which, I think, is somewhat positive. I would say that on the other side of it -- in fact, global unemployment, ironically, is at record levels and is expected in fact to rise, I think, slightly further. It's been surprising that in some of the economies in Europe, that the unemployment rate has further risen. Now against that, of course, jeez, we had an all-time record revenue quarter in Europe and Africa, and it's hard to offset that against these results. But I think that there is still -- while positive on these elements, the overall level of positive is small in terms of traditional business. The overall global economic environment from an employment voluntary turnover standpoint is still not very robust. In Europe, in particular, I would say, in some economies, if you have a job, you keep that job. I mean, you just -- the voluntary turnover level is very, very low. And some of these markets, likewise, the mobility of the workforce is very low. John F. Bright - Avondale Partners, LLC, Research Division: Final question. Pam, going back to inventory. Can you characterize what the inventory looks like? What type of products are we talking about? Are we talking about more mobile inventory? Or are we talking about more UC that you've built up? Or more office contact center? And I might actually slice that question a little differently. When we think towards the March quarter, trajection-wise, should we think sequentially -- or how should we sequentially think about the revenue segments? Pamela J. Strayer: So on the inventory question, I would say that the last-time buy was a chip that we need to -- an estimate of -- a forecast of what we would need through end of life one our products. And looking at the historical trend for inventory, although it did go up by $5 million or $6 million quarter-over-quarter, in terms of churns, it's still down 5.7, lower than what we've had in prior years of 6.0, 6.1 kind of levels. So that's not too concerning. And then your second question, John, was about forecasting revenue by category? Is that right? John F. Bright - Avondale Partners, LLC, Research Division: Well, if you looked at the sales, particularly your top 3 line items, traditional OCC, UC and mobile, sequentially, should we think about, I assume, mobile down, UC up and OCC maybe flat, something like that? Pamela J. Strayer: Yes. I think that's generally the right direction. And Ken had talked about that a little bit earlier. Mobile is kind of the wild card there. But yes, that's generally the right direction... S. Kenneth Kannappan: Mobile down sequentially, but up year-over-year just in case there's confusion on the framework of your question.

Your next question comes from the line of Tavis McCourt of Raymond James. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: A couple of detailed ones for you, Pam. First, the accelerated depreciation that you're backing out of non-GAAP, what exactly is that? And for how much longer does that last? Pamela J. Strayer: Yes. So that accelerated depreciation relates to the construction project in Plamex, on our building consolidation. And we had originally talked about that a couple of quarters ago. That will continue at about that same run rate until the building is set to be occupied in the summer next year, this coming summer. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: So summer 2013? Pamela J. Strayer: Yes. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: Got you. And then I just want to make sure I understand kind of the tax rate commentary. So you're not going to back out the R&D tax credit benefit to the fourth quarter number? Is that -- so it's a non-GAAP? Is that what you were getting at in the guidance? Pamela J. Strayer: Yes. So there's a -- so there will be a significant catch-up benefit from the R&D tax credit going into effect in Q4. And we benefit quarters 1 through 3 on that. So that catch-up benefit is not going to be recorded in our non-GAAP results. That will be shown as a GAAP-only benefit. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: So the GAAP tax rate will be artificially low that quarter? In March? Pamela J. Strayer: Yes. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: Okay. And then on the capital spending, are these machine tools associated with Tijuana or these -- what exactly -- it seems like a little higher than normal. Pamela J. Strayer: Yes. So if you take a look at our -- it was about $8 million in capital expenditures this quarter. It breaks out roughly -- although a little under 1/2, for facilities improvements that we're making in our Santa Cruz campus, moving to a smarter working environment throughout the campus. The remainder relates to Plamex. At this stage in the construction project, it's not so much tooling, although it's going to be a little bit in that. It's more the construction costs that'll be capitalized. There won't be -- start depreciation until we occupy it. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: And is that on -- so that's summer 2013 as well? That'll stay? Pamela J. Strayer: Yes. Yes. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: Got you. Now I got a couple for you, Ken. In terms of the operating costs that you addressed a little bit, your thoughts on R&D. But do you feel constrained by sales and marketing right now in terms of being able to potentially drive more growth if you had more leeway to spend more on either direct sales or marketing efforts? S. Kenneth Kannappan: Yes. We will be increasing our sales and marketing investment. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: And then, I believe, if I kind of did the guidance right, which might be a faulty assumption, but -- I mean, it looks like operating costs, sequentially, from December to March, based on your guidance, will be roughly flat. Is that a correct way to read the guidance? Pamela J. Strayer: Yes. That's correct. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: Okay. On the China Bluetooth market, Ken, I haven't done much work on that one, obviously. I assume this is kind of similar gross margins to the rest of world in terms of Bluetooth, if not, slightly lower? Is that a right way to think about it? Or is there something unique about this market? S. Kenneth Kannappan: It's pretty similar, really. Tavis C. McCourt - Raymond James & Associates, Inc., Research Division: Okay. And then last one is you mentioned before the EMEA strength in December on a sequential basis, and it's pretty shocking in the numbers. So I thought you maybe -- some detail around -- what was that? Was that all budget flush? Was there some kind of artificially low channel inventory coming into the quarter that got normalized? Year-over-year, obviously, it seems pretty normal. But sequentially, it looks pretty extreme. Pamela J. Strayer: Yes. It was a significant growth in E&A from Q2 to Q3. Q2 was a real challenging quarter for Europe. S. Kenneth Kannappan: Yes. You know what -- I mean, I don't think it was really budget flush that much. We might have had actually a little bit of that in the U.S. instead, where people were nervous about sequestration and wanted to spend ahead. In Europe, I think there was -- it was more a little bit of the opposite. People had been nervous, and it pushed stuff out a little bit and then came back to it.

Your next question comes from the line of Rohit Chopra. Rohit N. Chopra - Wedbush Securities Inc., Research Division: I wanted to ask a clarification, Pam, on the tax credit issue. Beyond the upcoming quarter, are you going to include the tax credit in the non-GAAP results? Or is it always going to stay in the GAAP results? Pamela J. Strayer: Yes. No, when we go into fiscal year 2014, the benefit will just be baked into our effective tax rate and will be part of non-GAAP. Rohit N. Chopra - Wedbush Securities Inc., Research Division: Oh, it will be? Okay. Pamela J. Strayer: Like it has been historically, yes. This was just an unusual catch-up situation. Rohit N. Chopra - Wedbush Securities Inc., Research Division: Okay. So it will be lower beyond this quarter. And then, I guess, the tax credit issue is only for 2 years. Right? So it's retroactive to calendar '12 and '13, and then we go back to normalized levels after that unless they re-up the tax credit. Okay. Pamela J. Strayer: Right. Rohit N. Chopra - Wedbush Securities Inc., Research Division: And then what I wanted to get was -- maybe, Ken, you can just sort of talk about this. We talk a lot about Lync and Microsoft. Have you noticed, over the last 4 quarters, a broadening of your base beyond Microsoft [Audio Gap] Have you noticed any changes? S. Kenneth Kannappan: Well, first of all, I've -- maybe we've been giving a misleading impression because we've actually always had multiple partners in unified communications. Microsoft's a very important partner. But actually, we've always done a significant amount of work with Cisco, with Avaya, with a number of other players who have unified communications offerings. And so that's not really changed. There's a huge amount of Cisco UC business. Rohit N. Chopra - Wedbush Securities Inc., Research Division: Okay. So no changes in any of the partnerships. It's steady as you go? S. Kenneth Kannappan: No.

Your next question comes from the line of Mike Latimore of Northland Capital.

This is Ryan MacDonald on for Mike Latimore. First question. Did you see any delay of any UC deals towards the end of the quarter? I know you're discussing that EMEA is a bit volatile. Anything there? S. Kenneth Kannappan: Well -- so -- I mean, the answer would be yes if I answered it -- if I just answer your question. But I kind of -- there's always some deals that move out, but there's also some deals that move into the quarter from the last quarters. So if I look at this on a somewhat more honest net basis, I don't feel that the quarter was hurt by deals moving out as a whole.

Okay. So then would you -- in your opinion then, would you say -- would you think order volatility is more or less compared to, say, 12 months ago? S. Kenneth Kannappan: Well, volatility is probably down just a little bit because the size of the business has increased. And so if you just think about it, if you have a big customer end and there's only a couple dominating your revenues, versus now with a larger business, there's more customers in the mix. So I think the business, as it grows larger, is going to become less volatile over time.

Okay. And then any new views on like UC attach rates? You see them increasing or remaining relatively the same? Or... S. Kenneth Kannappan: Remaining very much the same.

[Operator Instructions] Your next question comes from the line of Joanna Makris of Mizuho Securities. Joanna Makris - Mizuho Securities USA Inc., Research Division: Obviously, your traditional O&CC business saw some good stability after last quarter's decline, and sort of -- it sounds like the guidance implies kind of flattish growth there for that segment. Kind of looking forward, I mean, do you feel like we've bottomed here? And kind of how are you thinking -- kind of in terms of outlook going forward for the traditional side of things? S. Kenneth Kannappan: Well, we're cautiously optimistic, and that really relates to your earlier question about what do we see with unemployment levels and voluntary turnover. And I guess we feel that while there are still some parts of the global economy that are still shaky, that the overall global economy will have positive GDP growth, and that that's likely to mean a slight improvement in unemployment levels globally and, therefore, an improvement in voluntary turnover. We're cautious in that we don't think that's going to be a robust out level of improvement in global unemployment. But nonetheless, we expect some moderate improvement. And therefore, I think it's likely that we will have an improvement in our OCC business.

There are no further questions at this time. Mr. Klaben, I turn the call back over to you.

Thanks, everyone, for joining us today. If you do have any additional questions, we will be around for several hours to take them. Thanks.

This concludes today's conference. You may now disconnect.