Polycom, Inc. today reported second quarter 2014 revenues of $332 million, non-GAAP net income of $30 million and non-GAAP earnings per diluted share of 21 cents. GAAP net income for the second quarter was $9 million, or 6 cents per diluted share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.
We are successfully executing on our goal to improve operating performance, said Peter Leav, Polycom President and Chief Executive Officer. As a company, we are committed to developing the best solutions in the marketplace for our customers, to driving continuous improvement in our business, and to delivering on our commitment to provide enhanced value to our shareholders.
Operating margin improved on both a sequential and year-over-year basis as a result of better overall gross margin and steady expense control, said Laura Durr, Chief Financial Officer and Executive Vice President. We are pleased to report a 40 percent year-over-year increase in non-GAAP earnings per share, driven by lower share count and improved operational performance.
In Q2 2014, Polycom generated a total of $62 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $167 million. Cash and investments at the end of Q2 2014 totaled $640 million, of which approximately $234 million is located onshore. Net of existing debt, cash and investments at the end of Q2 2014 totaled $395 million.
Separately, Polycom also announced today that its board of directors approved a new $200 million share repurchase authorization. Polycom expects to execute this new authorization over the next two years and expects to fund the share repurchases through cash on hand and future cash flow from operations.
Polycom will hold a conference call today, July 23, 2014, at 5:00 p.m. ET/2:00 p.m. PT to discuss these second quarter 2014 financial results. 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 1.800.734.4208 and for callers outside of the U.S. and Canada, by calling 22.214.171.12402. 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 21722011. A replay of the call will be available on www.polycom.com for at least three months.