Smurfit Westrock (SW) Tops Q1 Earnings Estimates
- Smurfit Westrock (SW) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.65 per share. This compares to earnings of $0.39 per share a year ago.
- 05/01/2025
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Smurfit Westrock Reports First Quarter 2025 Results
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the first quarter ended March 31, 2025. Key points: First quarter Net Sales of $7,656 million First quarter Net Income of $382 million, with a Net Income Margin of 5.0% First quarter Adjusted EBITDA1 of $1,252 million, with an Adjusted EBITDA Margin1 of 16.4% Quarterly dividend of $0.4308 per ordinary share Smurfit Westrock plc's performance for the three months ended March 31, 2025 and.
- 05/01/2025
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Smurfit Westrock announces capacity reductions and facility closures
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced it will permanently close its coated recycled board (CRB) mill in St. Paul, Minnesota, U.S. and will discontinue production at its containerboard mill in Forney, Texas, U.S. The specialty coating facility at Forney will not be impacted. As a result, the Company's containerboard and CRB capacity is expected to reduce by over 500,000 tons. Smurfit Westrock has also initiated consultations with local works councils.
- 04/30/2025
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Smurfit Westrock is Set to Report Q1 Earnings: Here's What to Expect
- SW's Q1 results are likely to reflect packaging demand for food, beverages and medicines, and growth in e-commerce activities, offset by higher costs.
- 04/29/2025
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Smurfit Westrock (SW) Earnings Expected to Grow: Should You Buy?
- Smurfit Westrock (SW) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 04/24/2025
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Smurfit Westrock to Announce 2025 First Quarter Results on May 1, 2025
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE:SW; LSE:SWR) plans to release its financial results for the first quarter ended March 31, 2025 on Thursday, May 1, 2025 at 6.30 am ET (11.30 am BST). Smurfit Westrock's earnings release and related materials will be available at smurfitwestrock.com. At 7.30 am ET (12.30 pm BST) on the same day, Smurfit Westrock's senior management team will host a webcast for analysts and institutional investors. The webcast will be available at https://invest.
- 04/09/2025
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Celonis and Smurfit Westrock Unlock Significant Value by Optimizing Inventory Management with Process Intelligence and AI
- NEW YORK & MUNICH--(BUSINESS WIRE)--Celonis and Smurfit Westrock Unlock Significant Value by Optimizing Inventory Management with Process Intelligence and AI.
- 04/08/2025
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Goldman Sachs Says Foreign Investors Love These 4 U.S. Passive Income Dividend Stocks
- According to the analysts at Goldman Sachs,
- 03/25/2025
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Smurfit Westrock: Stock Price Weakness Represents A Clear Buy Opportunity
- Smurfit WestRock's stock has declined by 17%, but the merger offers growth potential through synergies and operational efficiencies. A Russia-Ukraine peace deal and International Paper's mill closure could reduce costs and tighten the US market, benefiting Smurfit WestRock. The company's global presence mitigates risks from tariffs and counter-tariffs.
- 03/16/2025
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Why Is Smurfit Westrock (SW) Down 20.5% Since Last Earnings Report?
- Smurfit Westrock (SW) reported earnings 30 days ago. What's next for the stock?
- 03/14/2025
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Smurfit Westrock Plc (SW) Q4 2024 Earnings Call Transcript
- Smurfit Westrock Plc (NYSE:SW ) Q4 2024 Earnings Conference Call February 12, 2025 7:30 AM ET Company Participants Ciaran Potts - Vice President of Investor Relations Tony Smurfit - Chief Executive Officer Ken Bowles - Chief Financial Officer Conference Call Participants Philip Ng - Jefferies Charlie Muir-Sands - BNP Paribas Exane Gabe Hajde - Wells Fargo Lars Kjellberg - Stifel Detlef Winckelmann - JPMorgan Anthony Pettinari - Citi Patrick Mann - Bank of America Matthew McKellar - RBC Capital Markets Ciaran Potts Just as a reminder, statements in today's earnings release and presentation and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.
- 02/12/2025
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Smurfit Westrock Plc (SMFKY) Q4 2024 Earnings Call Transcript
- Smurfit Westrock Plc (OTCPK:SMFKY) Q4 2024 Results Conference Call February 12, 2025 7:30 AM ET Company Participants Ciaran Potts - Vice President of IR Tony Smurfit - Chief Executive Officer Ken Bowles - Chief Financial Officer Conference Call Participants Philip Ng - Jefferies Charlie Muir-Sands - BNP Paribas Exane Gabe Hajde - Wells Fargo Lars Kjellberg - Stifel Detlef Winckelmann - JPMorgan Anthony Pettinari - Citi Patrick Mann - Bank of America Matthew McKellar - RBC Capital Markets Ciaran Potts Just as a reminder, statements in today's earnings release and presentation and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.
- 02/12/2025
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Smurfit Westrock Q4 Earnings Miss Estimates, Sales Skyrockets Y/Y
- SW reports an adjusted EBITDA of $4.7 billion for 2024, which came in line with its guidance.
- 02/12/2025
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Smurfit Westrock (SW) Q4 Earnings and Revenues Miss Estimates
- Smurfit Westrock (SW) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.20 per share a year ago.
- 02/12/2025
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Smurfit Westrock Reports Fourth Quarter and Full Year 2024 Results
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the fourth quarter and full year ended December 31, 2024. Key points: Fourth quarter Net Sales of approx. $7.5 billion Fourth quarter Net Income of $146 million, with a Net Income Margin of 1.9% Fourth quarter Adjusted EBITDA1 of $1,166 million, with an Adjusted EBITDA Margin1 of 15.5% Full year Net Income of $319 million2 Full Year Combined Adjusted EBITDA1 of $4.7 billion, in-line with.
- 02/12/2025
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This Billionaire's Hedge Fund Sold an E-Commerce Stock Before a 47% Rally—And Bought This Instead
- According to Forbes, Paul Marshall is worth $1.1 billion.
- 02/07/2025
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Smurfit Westrock is Set to Report Q4 Earnings: What's in Store?
- SW's Q4 results are likely to reflect packaging demand for food, beverages and medicines, and growth in e-commerce activities, offset by higher costs.
- 02/06/2025
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Smurfit Westrock (SW) Reports Next Week: Wall Street Expects Earnings Growth
- Smurfit Westrock (SW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 02/05/2025
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Smurfit Westrock Declares Quarterly Dividend
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE:SW, LSE:SWR) (the “Company”) announced today that its Board approved a quarterly dividend of $0.4308 per share on its ordinary shares. The quarterly dividend of $0.4308 per ordinary share is payable March 18, 2025 to shareholders of record at the close of business on February 14, 2025. Dividend Timetable The timetable for payment of the quarterly dividend of $0.4308 per ordinary share is as follows: Ex-dividend Date: February 14, 2025 Record D.
- 01/30/2025
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Smurfit Westrock to Announce 2024 Full Year Results on February 12, 2025
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE:SW; LSE:SWR) plans to release its financial results for the full year ended December 31, 2024 on Wednesday, February 12, 2025 at approximately 6.30 am ET (11.30 am GMT). Smurfit Westrock's earnings release and related materials will be available at smurfitwestrock.com. At 7.30 am ET (12.30 pm GMT) on the same day, Smurfit Westrock's senior management team will host a webcast to discuss the financial results. The webcast will be available at ht.
- 01/22/2025
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Smurfit Westrock Applies to Cease to be a Reporting Issuer in Certain Canadian Jurisdictions
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) (“Smurfit Westrock”) announces that it has applied to the Autorité des marchés financiers (the “AMF”), as Smurfit Westrock's principal securities regulator in Canada, for a decision that it has ceased to be a reporting issuer (the “Order Sought”) in Québec, Manitoba and British Columbia (the “Canadian Jurisdictions”). If the Order Sought is granted by the AMF, Smurfit Westrock will cease to be a reporting issuer in the Canadian.
- 12/19/2024
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Smurfit Westrock Announces the Closing of USD and EUR Green Bond Offerings
- DUBLIN--(BUSINESS WIRE)--NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. Smurfit Westrock plc (NYSE: SW, LSE: SWR) (together with its subsidiaries, “Smurfit Westrock” or the “Group”), today announced that it has successfully closed (i) a U.S. dollar-denominated offering of $850 million in aggregate principal amount of seni.
- 11/27/2024
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Smurfit Westrock (SW) Now Trades Above Golden Cross: Time to Buy?
- Smurfit Westrock PLC (SW) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SW's 50-day simple moving average broke out above its 200-day moving average; this is known as a "golden cross.
- 11/20/2024
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Smurfit Westrock: Bigger Opportunity To Catch
- Smurfit Westrock's merger is a catalyst for growth, driving synergies and enhancing operational efficiencies. It will make Smurfit Westrock a sector champion in disciplined capital allocation. The company might benefit from lower oil prices and has substantial EBITDA sensitivity to energy costs, with recycled paper prices also being a crucial input factor. Smurfit Westrock still trades at a discount vs. peers. Our buy is confirmed.
- 11/06/2024
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Smurfit Westrock Plc (SMFKY) Q3 2024 Earnings Call Transcript
- Smurfit Westrock Plc (OTCPK:SMFKY) Q3 2024 Earnings Conference Call October 30, 2024 7:30 AM ET Company Participants Ciaran Potts - Vice President of IR Tony Smurfit - Chief Executive Officer Ken Bowles - Chief Financial Officer Conference Call Participants Charlie Muir-Sands - BNP Paribas Exane Lars Kjellberg - Stifel Gabe Hajde - Wells Fargo Anthony Pettinari - Citi Matthew McKellar - RBC Capital Markets Patrick Mann - Bank of America Mark Weintraub - Seaport Research Partners Gaurav Jain - Barclays Philip Ng - Jefferies Operator Good day, and thank you for standing by. Welcome to the Smurfit Westrock 2024 Q3 Results Webcast and Conference Call.
- 11/02/2024
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Smurfit WestRock Stock Is One of the S&P 500's Best Performers Today. Here's Why.
- Smurfit WestRock (SW) shares popped on Wednesday, marking one of the S&P 500's top performances, after the packaging manufacturer released the first quarterly result to reflect the July merger of Ireland's Smurfit Kappa and U.S.-based WestRock.
- 10/30/2024
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Smurfit Westrock Q3 Earnings Miss Estimates, Sales Surge Y/Y
- SW Q3 top-line reflects positive impact from acquisitions and growth in corrugated volumes offset by lower selling price/mix.
- 10/30/2024
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Smurfit Westrock (SW) Misses Q3 Earnings and Revenue Estimates
- Smurfit Westrock (SW) came out with quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.81 per share a year ago.
- 10/30/2024
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Smurfit Westrock Reports Third Quarter 2024 Financial Results
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the third quarter ended September 30, 2024. Key points: Net Sales of approx. $7.7 billion Net Loss of $150 million, with a Net Income Margin of negative 2.0% Adjusted EBITDA1 of $1,265 million, with an Adjusted EBITDA Margin1 of 16.5% Continuing focus on asset optimization Previously announced quarterly dividend of $0.3025 per ordinary share Smurfit Westrock plc's performance for the thr.
- 10/30/2024
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Smurfit Westrock to Report Q3 Earnings: Here's What to Expect
- SW's Q3 results are likely to reflect packaging demand for food, beverages and medicines and growth in e-commerce activities, offset by higher costs.
- 10/25/2024
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Smurfit Westrock Declares Quarterly Dividend
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE:SW, LSE:SWR) (the “Company”) announced today that its Board approved a quarterly dividend of $0.3025 per share on its ordinary shares. The quarterly dividend of $0.3025 per ordinary share is payable December 18, 2024 to shareholders of record at the close of business on November 15, 2024. Dividend Timetable The timetable for payment of the quarterly dividend of $0.3025 per ordinary share is as follows: Ex-dividend Date: November 15, 2024 Recor.
- 10/25/2024
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Earnings Preview: Smurfit Westrock (SW) Q3 Earnings Expected to Decline
- Smurfit Westrock (SW) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 10/23/2024
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Smurfit Westrock to Announce Third Quarter 2024 Financial Results on October 30, 2024
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE:SW; LSE:SWR) plans to release its financial results for the third quarter ended September 30, 2024 on Wednesday, October 30, 2024 at approximately 6.30 am ET (10.30 am GMT). Smurfit Westrock's earnings release and related materials will be available at smurfitwestrock.com. At 7.30 am ET (11.30 am GMT) on the same day, Smurfit Westrock's senior management team will host a webcast to discuss the financial results for the third quarter. The webca.
- 10/16/2024
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Smurfit Westrock Announces that one of its subsidiaries, WRKCo Inc., Makes Application to Cease to be a Reporting Issuer in Certain Canadian Jurisdictions
- ATLANTA--(BUSINESS WIRE)--Smurfit Westrock plc announces that one of its indirect wholly owned subsidiaries, WRKCo Inc. (“WRKCo”), has applied to the Autorité des marchés financiers (the “AMF”), as WRKCo's principal securities regulator in Canada, for a decision that it has ceased to be a reporting issuer (the “Order Sought”) in Québec, Manitoba and British Columbia (the “Canadian Jurisdictions”). WRKCo has eight series of outstanding notes, consisting of an aggregate principal amount of US$600.
- 08/19/2024
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Smurfit WestRock Plc: Ready To Rock
- The Smurfit-WestRock merger is complete, the combined entity will report financials from Q3 2024. Q2 earnings show a positive EBITDA performance, with the CEO optimistic about the paper industry cycle. Synergies, investments, and valuation suggest potential upside. Our target price is set at $54.4 per share, with 20% upside from here.
- 08/01/2024
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Smurfit Westrock (SW) Q2 Earnings Miss Estimates, Sales Dip Y/Y
- Smurfit Westrock (SW) reports a y/y decline in sales in Q2 due to lower average box pricing in the European business that offset the improvements in corrugated volumes.
- 07/31/2024
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Smurfit Westrock Plc (SMFKY) Q2 2024 Earnings Call Transcript
- Smurfit Westrock Plc (OTCPK:SMFKY) Q2 2024 Earnings Conference Call July 30, 2024 5:00 PM ET Company Participants Ciaran Potts - Head of IR Tony Smurfit - CEO Ken Bowles - CFO Conference Call Participants Charlie Muir-Sands - BNP Paribas Exane Justin Jordan - Davy George Staphos - Bank of America Securities Lars Kjellberg - Stifel Philip Ng - Jefferies Gabe Hajde - Wells Fargo Gaurav Jain - Barclays Operator Welcome to Second Quarter 2024 Financial Results for Smurfit Westrock Conference Call. My name is Alan, and I will be your coordinator for today's event.
- 07/30/2024
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Smurfit Westrock (SW) Lags Q2 Earnings and Revenue Estimates
- Smurfit Westrock (SW) came out with quarterly earnings of $0.69 per share, missing the Zacks Consensus Estimate of $0.75 per share. This compares to earnings of $0.89 per share a year ago.
- 07/30/2024
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Smurfit Westrock Reports Second Quarter 2024 Financial Results
- DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the second quarter ended June 30, 2024 of Smurfit Kappa Group plc. Due to the timing of the completion of the combination of Smurfit Kappa Group plc and WestRock Company, results for the combined company of Smurfit Westrock will be reported from the third quarter 2024. Key points: Net Sales of approx. $3.0 billion Net Income of $132 million Adjusted EBITDA1 of $480 million, with an Adjus.
- 07/30/2024
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Smurfit Westrock (SW) to Report Q2 Earnings: What to Expect
- Smurfit Westrock's (SW) Q2 results are likely to reflect stable packaging demand for food, beverages and medicines and growth in e-commerce activities, offset by higher costs.
- 07/26/2024
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Best Income Stocks to Buy for July 19th
- JD, SIMO and SW made it to the Zacks Rank #1 (Strong Buy) income stocks list on July 19, 2024.
- 07/19/2024
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Sierra Wireless to Report Second Quarter 2022 Results on August 11th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the Second Quarter ended June 30, 2022, on Thursday, August 11, 2022. Phil Brace, President and CEO, and Sam Cochrane, CFO, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-888-886-7786 Alternate number: 1-416-764-8658 Conference ID: 82470637 Webcast A webcast will also be available in conjunction with the conference call. To access the webcast, please visit: https://app.webinar.net/3Ad761rRXeo. For those unable to listen live, the webcast will be available at the above link following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at https://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. These statements are subject to numerous risks and uncertainties surrounding our business and the markets we operate in, including, but not limited to, changes in technology and market conditions and our ability to implement our strategy and successfully develop, manufacture and supply new products and services. A further discussion of the risks and uncertainties facing Sierra Wireless are discussed in its Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in Sierra Wireless’ other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada. Due to these many risks and uncertainties we cannot assure you that the forward-looking statements contained in this press release will be realized. Except as may be required by applicable securities laws, Sierra Wireless assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
- 07/21/2022
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Sierra Wireless Reports First Quarter 2022 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) reported results for its first quarter of 2022. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles ("GAAP"), except as otherwise indicated below.1 “We delivered strong sequential and year-over-year growth in the First Quarter,” said Phil Brace, President and CEO of Sierra Wireless. "We continue to work closely with our suppliers to secure components to meet the strong demand from our customers." First Quarter 2022 Compared to First Quarter 2021 Revenue was $173.0 million, an increase of 60.1%. The improved performance was primarily due to strong demand and the realization of investments in inventory. In addition, the first quarter of 2021 was negatively impacted by the ransomware incident. Gross margin was 31.8% as compared to 34.9% in the first quarter of 2021. In the first quarter of 2022, gross margin was impacted by product mix, obsolete inventory from our home security business, and one time expedited shipping costs. Operating expenses were $64.6 million compared to $60.8 million in the first quarter of 2021. First quarter expenses included a $10.3 million impairment charge primarily related to the intangible assets of our home security business. Net loss from continuing operations was $13.9 million, compared to $28.5 million in the first quarter of 2021. Adjusted earnings from continuing operations* was $8.6 million, or earnings of $0.23 per share, as compared to a loss of $9.6 million, or loss of $0.26 per share in the first quarter of 2021. Adjusted EBITDA* was $15.8 million compared to a loss of $4.4 million in the first quarter of 2021. Connectivity, software, and services revenue was $34.9 million, an increase of 3.7%. This increase included growth in our core connectivity area including smart connectivity which was partially offset by decreases in our legacy 2G/3G European business and our home security business. Monthly recurring revenue ("MRR")2 was $11.4 million in March 2022 compared to $11.5 million in March 2021. Segmented Information IoT Solutions Revenue from IoT Solutions increased 79.3% to $133.7 million as compared to $74.6 million in the first quarter of 2021. The increase was primarily due to increased demand for connected devices globally. IoT Solutions gross margin was 30.3%, compared to 29.6% in the first quarter of 2021. Enterprise Solutions Revenue from Enterprise Solutions increased 17.2% to $39.2 million as compared to $33.5 million in the first quarter of 2021. The increase was primarily due to strong demand for routers in our key industrial and public safety verticals. Enterprise Solutions gross margin was 37.0% as compared to 46.7% in the first quarter of 2021. Enterprise Solution gross margin was negatively impacted by obsolete inventory from our home security business and one-time expedited shipping costs caused by 2021 COVID-19 related shutdowns. These one-time factors had a negative 9.0% impact on gross margin. Liquidity and Capital Resources Cash and cash equivalents and restricted cash, including amounts held for sale, at the end of the first quarter of 2022 were $97.4 million, an increase of $20.6 million from the fourth quarter of 2021. In January 2022, we received net proceeds of $45.8 million from the full drawdown of our CAD$60 million debt facility with the Canadian Imperial Bank of Commerce and the Business Development Bank of Canada. The debt facility has a term of four years and a first-year interest rate of 5%. In addition, we continued to make investments in inventory in the supply constrained environment. Disposition of Offender Monitoring Business Line On April 15, 2022, we signed a definitive agreement and closed the sale of our Omnilink offender monitoring business to Sentinel Advantage LLC for $37.6 million in cash, subject to customary working capital adjustments. Sentinel continues to be an important customer, and we are providing them with connectivity services and embedded modules for their offender monitoring products. The divestiture allows the Company to focus on its core businesses and strengthen its balance sheet. Financial Guidance The impact of the COVID-19 pandemic on our global business continues to remain uncertain. While we continue to evaluate the effects of COVID-19 on our business, the overall severity and duration of adverse impacts related to COVID-19 on our business, financial condition, cash flows and operating results for the second quarter 2022 and beyond cannot be reasonably estimated at this time. Due to continued strong demand and the investment in inventory to combat the industry-wide tightness in supply, we expect our revenue in the second quarter 2022 to be in the range of $160 million to $175 million, with a midpoint of $167.5 million. This non-GAAP guidance constitutes "forward-looking statements" within the meaning of applicable securities laws and reflects current business indicators and expectations. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. Forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown risks and uncertainties that could cause actual events or results to differ significantly from those expressed or implied by our forward-looking statements, including those described in our regulatory filings. See "Cautionary Note Regarding Forward-Looking Statements" below. 1 Non-GAAP financial measures referred to in this news release are labeled as "non-GAAP measure" or designated as such with an asterisk (*). Please see "Non-GAAP Financial Measures" for explanations of why the Company uses these non-GAAP measures and "Reconciliation of GAAP and Non-GAAP Results by Quarter" for reconciliation to the most comparable GAAP financial measures. 2 MRR is defined as the monthly recurring revenue generated from connectivity, software, and services as well as usage fees from current customers. MRR is a key performance metric to measure our performance and growth in our recurring revenue, both to help investors better understand and assess the performance of our business and also because our mix of revenue generated from recurring sources has increased in recent years. MRR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. MRR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. MRR is not a forecast. 3 In accordance with U.S. GAAP, the results of operations of the Automotive Business are reported as discontinued operations in our consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021. In accordance with U.S. GAAP, assets and liabilities associated with the Omnilink business have been recorded as held for sale in our consolidated balance sheet as at March 31, 2022. Non-GAAP Financial Measures Our consolidated financial statements are prepared in accordance with U.S. GAAP on a basis consistent for all periods presented. In addition to results reported in accordance with U.S. GAAP, we use non-GAAP financial measures as supplemental indicators of our operating performance. The term “non-GAAP financial measure” is used to refer to a numerical measure of a company’s historical or future financial performance, financial position or cash flows that: (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in a company’s statement of earnings, balance sheet or statement of cash flows; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Our non-GAAP financial measures included in this press release are adjusted net earnings (loss) from continuing operations*, adjusted basic and diluted net earnings (loss) per share from continuing operations*and adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization). Adjusted net earnings (loss) from continuing operations* excludes the impact of stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, acquisition-related amortization, the impact of foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and certain tax adjustments. Adjusted EBITDA* is defined as net earnings (loss) from continuing operations plus stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, amortization, interest and other income (expense), foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and income tax expense (recovery). Adjusted EBITDA* is a metric used by investors and analysts for valuation purposes and is an important indicator of our operating performance and our ability to generate liquidity through operating cash flow that will fund future working capital needs and fund future capital expenditures. We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. We disclose these non-GAAP financial measures as we believe they provide useful information to investors and analysts to assist them in their evaluation of our operating results and to assist in comparisons from one period to another. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Conference call and webcast details Sierra Wireless is hosting a conference call to discuss its financial results for the first quarter ended March 31, 2022 on Wednesday May 11, 2022, at 5:30 PM Eastern time (2:30 PM Pacific time). To participate, dial the following number approximately ten minutes prior to the start of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 5078273 Conference call and webcast details are available at the following link: Sierra Wireless Q1 2022 Conference Call and Webcast If the above link does not work, copy and paste the following URL into your browser: https://app.webinar.net/9Q04x3Qb6zV The webcast will remain available at the above link for one year following the call. Cautionary Note Regarding Forward-Looking Statements This press release contains certain statements and information that are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, “forward-looking statements”) and may include statements and information relating to our financial guidance for our second quarter of 2022; our expectations regarding customer demand, our supply chain, manufacturing capacity (including manufacturing shutdowns or slowdowns) and the potential impact of COVID-19 in these areas; our ability to meet customer demand and our financial results; expectations regarding post-COVID-19 recovery; expectations regarding the Company's cost savings initiatives; statements regarding our strategy, plans, goals, objectives, expectations and future operating performance; the Company's liquidity and capital resources; the Company's financial and operating objectives and strategies to achieve them; the impact of the ransomware incident on our business operations; our work to review and evaluate additional security measures and the ability that they will have to protect our IT systems; general economic conditions; estimates of our expenses, future revenues, financial results and capital requirements; our expectations regarding the legal proceedings we are involved in; statements with respect to the Company's estimated working capital; expectations with respect to the adoption of Internet of Things ("IoT") solutions; expectations regarding trends and growth in the IoT market and wireless module market; expectations regarding product and price competition from other wireless device manufacturers and solution providers; our ability to implement effective control procedures; and expectations regarding the launch of fifth generation cellular embedded modules and gateways. In particular, this press release describes our revenue targets, which are forward-looking statements and are subject to the assumptions, risks and uncertainties described below. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. Forward-looking statements: Typically include words and phrases about the future such as "outlook", "guidance", "will", "may", “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including, but not limited to, those listed below, which could prove to be significantly incorrect: the scope and duration of the COVID-19 pandemic and its impact on our business; our ability to return to normal operations after the COVID-19 pandemic has subsided globally; expected constraints on component supply and manufacturing capacity; constraints impacting our ability to receive supply from our suppliers and deliver product to our customers; customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; our operations not being adversely disrupted by further ransomware or cyber security attacks; our ability to effect and to realize the anticipated benefits of our business transformation and restructuring initiatives, and the timing thereof; our ability to develop, manufacture, and sell new products and services that meet the needs of our customers and gain commercial acceptance; expected macro-economic business conditions; expected cost of sales; our ability to win new business; our ability to integrate acquired businesses and realize expected benefits; our ability to renew or obtain credit facilities when required; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and expected tax and foreign exchange rates. the scope and duration of the COVID-19 pandemic and its impact on our business; our ability to return to normal operations after the COVID-19 pandemic has subsided globally; expected constraints on component supply and manufacturing capacity; constraints impacting our ability to receive supply from our suppliers and deliver product to our customers; customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; our operations not being adversely disrupted by further ransomware or cyber security attacks; our ability to effect and to realize the anticipated benefits of our business transformation and restructuring initiatives, and the timing thereof; our ability to develop, manufacture, and sell new products and services that meet the needs of our customers and gain commercial acceptance; expected macro-economic business conditions; expected cost of sales; our ability to win new business; our ability to integrate acquired businesses and realize expected benefits; our ability to renew or obtain credit facilities when required; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and expected tax and foreign exchange rates. Are based on our management's current expectations and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada: negative impact from COVID-19 could be prolonged and natural catastrophes could impact our capacity to continue critical operations; our ability to comply with all terms under our credit facilities; competition from new or established competitors or from those with greater resources; our reliance on third party suppliers for certain components used in our products; our dependence on a limited number of third party manufacturers; cyber-attacks or other breaches of our and our vendors' information technology security; the loss of, or significant demand fluctuations from, any of our significant customers; our financial results being subject to fluctuations; our business transformation initiatives, including investments and partnerships, may result in disruptions to our business and may not achieve the anticipated benefits; our ability to respond to changing technology, industry standards, and customer requirements; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues; deterioration in macro-economic conditions could adversely affect our operating results and financial conditions; our ability to retain, hire and transition in a timely manner experienced and qualified additional executive officers and key employees as needed to achieve our business objectives; risks related to the transmission, use and disclosure of user data and personal information; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; risks related to infringement on intellectual property rights of others and our ability to obtain necessary rights to use software or components supplied by third parties; our ability to enforce our intellectual property rights; unanticipated costs associated with litigation or settlements; our dependence on mobile network operators to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks inherent in foreign jurisdictions; and risks related to tariffs or other trade restrictions. negative impact from COVID-19 could be prolonged and natural catastrophes could impact our capacity to continue critical operations; our ability to comply with all terms under our credit facilities; competition from new or established competitors or from those with greater resources; our reliance on third party suppliers for certain components used in our products; our dependence on a limited number of third party manufacturers; cyber-attacks or other breaches of our and our vendors' information technology security; the loss of, or significant demand fluctuations from, any of our significant customers; our financial results being subject to fluctuations; our business transformation initiatives, including investments and partnerships, may result in disruptions to our business and may not achieve the anticipated benefits; our ability to respond to changing technology, industry standards, and customer requirements; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues; deterioration in macro-economic conditions could adversely affect our operating results and financial conditions; our ability to retain, hire and transition in a timely manner experienced and qualified additional executive officers and key employees as needed to achieve our business objectives; risks related to the transmission, use and disclosure of user data and personal information; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; risks related to infringement on intellectual property rights of others and our ability to obtain necessary rights to use software or components supplied by third parties; our ability to enforce our intellectual property rights; unanticipated costs associated with litigation or settlements; our dependence on mobile network operators to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks inherent in foreign jurisdictions; and risks related to tariffs or other trade restrictions. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com. “Sierra Wireless” is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands of U.S. dollars, except where otherwise stated) (unaudited) Three months ended March 31, 2022 2021 Revenue IoT Solutions $ 133,708 $ 74,578 Enterprise Solutions 39,249 33,484 172,957 108,062 Cost of sales IoT Solutions 93,183 52,492 Enterprise Solutions 24,711 17,843 117,894 70,335 Gross margin 55,063 37,727 Expenses Sales and marketing 18,017 19,821 Research and development 18,335 17,484 Administration 10,116 16,308 Restructuring 4,004 2,574 Impairment 10,299 — Amortization 3,820 4,624 64,591 60,811 Loss from operations (9,528 ) (23,084 ) Foreign exchange loss (2,278 ) (4,259 ) Other expense (1,083 ) (643 ) Loss before income taxes (12,889 ) (27,986 ) Income tax expense 1,021 552 Net loss from continuing operations $ (13,910 ) $ (28,538 ) Net earnings (loss) from discontinued operations 1,231 (1,322 ) Net loss $ (12,679 ) $ (29,860 ) Other comprehensive loss: Foreign currency translation adjustments, net of taxes of $nil (426 ) (2,900 ) Comprehensive loss $ (13,105 ) $ (32,760 ) Basic and diluted net earnings (loss) per share (in dollars) Continuing operations $ (0.37 ) $ (0.78 ) Discontinued operations 0.03 (0.04 ) $ (0.33 ) $ (0.81 ) Weighted average number of shares outstanding (in thousands) Basic 37,974 36,736 Diluted 37,974 36,736 CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except where otherwise stated) (unaudited) March 31, 2022 December 31, 2021 Assets Current assets Cash and cash equivalents $ 95,634 $ 76,784 Restricted cash — 100 Accounts receivable 88,057 85,310 Inventories 88,378 82,177 Prepaids and other 44,405 27,372 Assets held for sale 26,932 — 343,406 271,743 Property and equipment, net 23,222 31,134 Operating lease right-of-use assets 12,338 14,348 Intangible assets, net 37,729 54,708 Goodwill 154,956 167,379 Deferred income taxes 1,277 1,268 Other assets 5,922 6,473 $ 578,850 $ 547,053 Liabilities Current liabilities Accounts payable and accrued liabilities 179,658 183,529 Deferred revenue 11,697 11,770 Current portion of long-term debt 750 494 Liabilities held for sale 269 — 192,374 195,793 Long-term obligations 40,458 42,808 Operating lease liabilities 14,377 15,033 Long-term debt 56,686 9,394 Deferred income taxes 6,461 6,371 310,356 269,399 Equity Shareholders’ equity Common stock: no par value; unlimited shares authorized; issued and outstanding: 38,322,537 shares (December 31, 2021 - 37,774,800 shares) 467,074 460,331 Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares — — Treasury stock: at cost; 7,074 shares (December 31, 2021 – 119,761 shares) (126 ) (2,128 ) Additional paid-in capital 44,852 48,747 Retained deficit (234,148 ) (220,564 ) Accumulated other comprehensive loss (9,158 ) (8,732 ) 268,494 277,654 $ 578,850 $ 547,053 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) Three months ended March 31, 2022 2021 Cash flows provided by (used in): Operating activities Net loss $ (12,679 ) $ (29,860 ) Items not requiring (providing) cash Amortization 6,684 7,308 Stock-based compensation 3,066 8,515 Capitalized interest expense 910 — Impairment 10,299 — Unrealized foreign exchange loss 1,367 5,028 Other 418 20 Changes in non-cash working capital Accounts receivable (5,726 ) (10,744 ) Inventories (6,495 ) (1,532 ) Prepaids and other (16,940 ) (16,234 ) Accounts payable and accrued liabilities (3,013 ) (13,046 ) Deferred revenue and other (1,636 ) 161 Cash flows used in operating activities (23,745 ) (50,384 ) Investing activities Additions to property and equipment (2,449 ) (4,709 ) Additions to intangible assets (673 ) (420 ) Proceeds from sale of property and equipment 11 14 Cash flows used in investing activities (3,111 ) (5,115 ) Financing activities Issuance of common shares, net of issuance cost 878 2,802 Purchase of treasury shares for RSU distribution — (3,933 ) Taxes paid related to net settlement of equity awards — (946 ) Decrease in other long-term obligations (5 ) (36 ) Proceeds from long-term debt, net of issuance cost 45,782 — Cash flows provided by (used in) financing activities 46,655 (2,113 ) Effect of foreign exchange rate changes on cash and cash equivalents 758 (1,578 ) Cash, cash equivalents and restricted cash, increase (decrease) in the period 20,557 (59,190 ) Cash, cash equivalents and restricted cash, beginning of period 76,884 171,424 Cash, cash equivalents and restricted cash, end of period $ 97,441 $ 112,234 Cash, cash equivalents and restricted cash are comprised of Cash, cash equivalents and restricted cash $ 95,634 $ 112,234 Cash, cash equivalents and restricted cash held for sale $ 1,807 $ — Cash, cash equivalents and restricted cash, end of period $ 97,441 $ 112,234 RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER (in thousands of U.S. dollars, except where otherwise stated) 2022 2021 2020 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Net loss from continuing operations - GAAP $ (13,910 ) $ (11,752 ) $ (38,406 ) $ (10,036 ) $ (28,538 ) $ (11,167 ) $ (14,483 ) $ (17,291 ) Stock-based compensation and related social taxes 3,281 5,832 1,820 3,807 7,928 6,461 5,085 3,256 Phantom RSU (recovery) expense (202 ) 393 (69 ) 569 206 691 261 141 Restructuring 4,004 7,592 369 1,720 2,574 4,800 3,089 245 COVID-19 government relief (11 ) (5,557 ) (168 ) (1,016 ) (2,049 ) (954 ) (6,298 ) — CEO retirement/search — 44 42 400 1,655 — — — Impairment 10,299 741 11,544 — — — — — Ransomware incident (59 ) (959 ) 271 1,135 533 — — — COVID-19 factory constraint incremental costs 1,096 22 1,135 — — — — — Other non-recurring costs 99 978 323 593 508 445 439 337 Amortization 6,684 6,935 7,208 7,267 7,308 7,054 8,030 7,823 Interest and other expense, net 1,142 307 192 111 110 564 988 283 Foreign exchange loss (gain), net of realized gain/loss on hedge contracts 2,326 1,927 2,693 (821 ) 4,816 (2,804 ) (3,572 ) (3,955 ) Income tax expense (recovery) 1,021 761 (1,912 ) 605 552 (7,984 ) (633 ) 427 Adjusted EBITDA* $ 15,770 $ 7,264 $ (14,958 ) $ 4,334 $ (4,397 ) $ (2,894 ) $ (7,094 ) $ (8,734 ) Net loss from continuing operations - GAAP $ (13,910 ) $ (11,752 ) $ (38,406 ) $ (10,036 ) $ (28,538 ) $ (11,167 ) $ (14,483 ) $ (17,291 ) Stock-based compensation and related social taxes 3,281 5,832 1,820 3,807 7,928 6,461 5,085 3,256 Phantom RSU (recovery) expense (202 ) 393 (69 ) 569 206 691 261 141 Restructuring 4,004 7,592 369 1,720 2,574 4,800 3,089 245 COVID-19 government relief (11 ) (5,557 ) (168 ) (1,016 ) (2,049 ) (954 ) (6,298 ) — CEO retirement/search — 44 42 400 1,655 — — — Impairment 10,299 741 11,544 — — — — — Ransomware incident (59 ) (959 ) 271 1,135 533 — — — COVID-19 factory constraint incremental costs 1,096 22 1,135 — — — — — Other non-recurring costs 99 978 323 593 508 445 439 337 Acquisition-related amortization 2,152 2,254 2,776 2,890 3,135 3,306 3,555 3,886 Foreign exchange loss (gain), net of realized gain/loss on hedge contracts 2,326 1,927 2,693 (821 ) 4,816 (2,804 ) (3,572 ) (3,955 ) Income tax expense (recovery) adjustment (500 ) (441 ) (3,008 ) (357 ) (393 ) (7,784 ) 200 358 Adjusted earnings (loss) from continuing operations* $ 8,575 $ 1,074 $ (20,678 ) $ (1,116 ) $ (9,625 ) $ (7,006 ) $ (11,724 ) $ (13,023 ) Weighted average number of share (in thousands) - basic and diluted 37,974 37,541 37,196 36,992 36,736 36,534 36,417 36,341 Basic and diluted adjusted earnings (loss) per share from continuing operations (in dollars)* $ 0.23 $ 0.03 $ (0.56 ) $ (0.03 ) $ (0.26 ) $ (0.19 ) $ (0.32 ) $ (0.36 ) SEGMENTED RESULTS (In thousands of U.S. dollars, except where otherwise indicated) 2022 2021 Q1 Total Q4 Q3 Q2 Q1 IoT Solutions Revenue $ 133,708 $ 323,075 $ 104,531 $ 53,657 $ 90,309 $ 74,578 Gross margin $ 40,525 $ 83,765 $ 26,578 $ 10,676 $ 24,425 $ 22,086 Gross margin % 30.3 % 25.9 % 25.4 % 19.9 % 27.0 % 29.6 % Enterprise Solutions Revenue $ 39,249 $ 150,134 $ 45,381 $ 28,793 $ 42,476 $ 33,484 Gross margin $ 14,538 $ 73,034 $ 22,114 $ 13,473 $ 21,806 $ 15,641 Gross margin % 37.0 % 48.6 % 48.7 % 46.8 % 51.3 % 46.7 % Total Revenue $ 172,957 $ 473,209 $ 149,912 $ 82,450 $ 132,785 $ 108,062 Gross margin $ 55,063 $ 156,799 $ 48,692 $ 24,149 $ 46,231 $ 37,727 Gross margin % 31.8 % 33.1 % 32.5 % 29.3 % 34.8 % 34.9 % Revenue by Type: Product $ 138,052 $ 332,810 $ 113,619 $ 47,207 $ 97,595 $ 74,389 Connectivity, software, and services $ 34,905 $ 140,399 $ 36,293 $ 35,243 $ 35,190 $ 33,673
- 05/11/2022
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Sierra Wireless Reports Fourth Quarter and Full Year 2021 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) reported results for its fourth quarter and fiscal year ended December 31, 2021. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles ("GAAP"), except as otherwise indicated below.1,3 “We worked closely with our customers, partners and suppliers to deliver strong sequential and year-over-year revenue growth in the Fourth Quarter,” said Phil Brace, President and CEO of Sierra Wireless. "We continue to see strong demand for our solutions and we are working hard in a challenging environment to secure raw materials and deliver to our customers." Fourth Quarter 2021 Compared to Fourth Quarter 2020 Revenue was $149.9 million, an increase of 24.4%. The improved performance was due to (i) strong demand; (ii) realization of previous investments in inventory in a supply constrained environment; and (iii) improved manufacturing flexibility with multi-factory production. Gross margin was 32.5% as compared to 36.0% in the fourth quarter of 2020. The decrease was mainly driven by higher component costs as a result of the continued supply chain constraints as well as product mix. Operating expenses were $58.6 million, a decrease of 10.8% resulting from improved expense control measures. Net loss from continuing operations was $11.8 million compared to $11.2 million in the fourth quarter of 2020. Adjusted net earnings from continuing operations* was $1.1 million, or earnings of $0.03 per share, as compared to a loss of $7.0 million, or loss of $0.19 per share in the fourth quarter of 2020. Adjusted EBITDA* was $7.3 million compared to a loss of $2.9 million in the fourth quarter of 2020. Connectivity, software, and services revenue was $36.3 million, an increase of 11.3%. Monthly recurring revenue ("MRR")2 was $11.6 million in December, a year-over-year increase of 10.5%. Full Year Fiscal 2021 Compared to Fiscal 2020 Total revenue was $473.2 million, an increase of 5.5%. The increase in revenue is primarily attributable to the growth of IoT connectivity services. Revenue was negatively impacted by the manufacturing capacity constraints in Vietnam as a result of COVID-19 during the third quarter of 2021. Gross margin was 33.1% as compared to 35.4% in 2020. In 2021, gross margins of both reportable segments were impacted by increased component costs. In addition, gross margin was negatively impacted by the manufacturing capacity constraints in Vietnam during the third quarter of 2021. Operating expenses were $236.3 million, a decrease of 4.2%. Excluding impairment, our operating expenses decreased 9.2%. Net loss from continuing operations was $88.7 million as compared to $70.2 million in 2020. Adjusted net loss from continuing operations* was $30.3 million, or loss of $0.82 per share compared to a loss of $51.0 million, or loss of $1.40 per share in 2020. Adjusted EBITDA* was a loss of $7.8 million as compared to a loss of $34.9 million in 2020. Segmented Information IoT Solutions Revenue from IoT Solutions increased 28.2% to $104.5 million as compared to $81.6 million in the fourth quarter of 2020. The increase was primarily due to significantly higher sales of IoT devices and growth in IoT connectivity services. Hardware sales were positively impacted by the realization of previous investment in inventory to fulfill strong demand in a supply constrained environment. IoT Solutions gross margin was 25.4% in the fourth quarter of 2021 as compared to 28.6% in the same period of the prior year due to higher component costs as a result of continued supply chain constraints. Enterprise Solutions Revenue from Enterprise Solutions increased 16.6% to $45.4 million as compared to $38.9 million in the fourth quarter of 2020. The increase was primarily due to stronger sales from our new gateway and router products. Hardware sales were positively impacted by the realization of previous investment in inventory to fulfill strong demand in a supply constrained environment. Enterprise Solutions margin was 48.7% in the fourth quarter of 2021 as compared to 51.5% in the same period of the prior year due to higher component costs as a result of continued supply chain constraints. Liquidity and Capital Resources Cash and cash equivalents and restricted cash at the end of the fourth quarter of 2021 were $76.9 million, an increase of $1.4 million compared to $75.5 million at the end of the third quarter of 2021. In January 2022, we announced that we had entered into a CAD$60 million debt facility agreement with the Canadian Imperial Bank of Commerce and the Business Development Bank of Canada. The new debt facility has a term of four years and a first-year interest rate of 5%. Financial Guidance The impact of the COVID-19 pandemic on our global business continues to remain uncertain. While we continue to evaluate the effects of COVID-19 on our business, the overall severity and duration of adverse impacts related to COVID-19 on our business, financial condition, cash flows and operating results for the first quarter 2022 and beyond cannot be reasonably estimated at this time. Due to continued strong demand and the investment in inventory to combat the industry-wide tightness in supply, we expect our revenue in the first quarter 2022 to be in the range of $135 million to $150 million, with a midpoint of $142.5 million. This non-GAAP guidance constitutes "forward-looking statements" within the meaning of applicable securities laws and reflects current business indicators and expectations. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. Forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown risks and uncertainties that could cause actual events or results to differ significantly from those expressed or implied by our forward-looking statements, including those described in our regulatory filings. See "Cautionary Note Regarding Forward-Looking Statements" below. ______________________________ 1 Non-GAAP financial measures referred to in this news release are labeled as "non-GAAP measure" or designated as such with an asterisk (*). Please see "Non-GAAP Financial Measures" for explanations of why the Company uses these non-GAAP measures and "Reconciliation of GAAP and Non-GAAP Results by Quarter" for reconciliation to the most comparable GAAP financial measures. 2 MRR is defined as the monthly recurring revenue generated from connectivity, software, and services as well as usage fees from current customers. MRR is a key performance metric to measure our performance and growth in our recurring revenue, both to help investors better understand and assess the performance of our business and also because our mix of revenue generated from recurring sources has increased in recent years. MRR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. MRR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. MRR is not a forecast. 3 In accordance with U.S. GAAP, the results of operations of the Automotive Business are reported as discontinued operations in our consolidated statements of operations and comprehensive loss for the years ended December 31, 2021 and 2020. Non-GAAP Financial Measures Our consolidated financial statements are prepared in accordance with U.S. GAAP on a basis consistent for all periods presented. In addition to results reported in accordance with U.S. GAAP, we use non-GAAP financial measures as supplemental indicators of our operating performance. The term “non-GAAP financial measure” is used to refer to a numerical measure of a company’s historical or future financial performance, financial position or cash flows that: (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in a company’s statement of earnings, balance sheet or statement of cash flows; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Our non-GAAP financial measures included in this press release are adjusted net earnings (loss) from continuing operations*, adjusted basic and diluted net earnings (loss) per share from continuing operations*and adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization). Adjusted net earnings (loss) from continuing operations* excludes the impact of stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, acquisition-related and integration costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, acquisition-related amortization, the impact of foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and certain tax adjustments. Adjusted EBITDA* is defined as net earnings (loss) from continuing operations plus stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, acquisition-related and integration costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, amortization, interest and other income (expense), foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and income tax expense (recovery). Adjusted EBITDA* is a metric used by investors and analysts for valuation purposes and is an important indicator of our operating performance and our ability to generate liquidity through operating cash flow that will fund future working capital needs and fund future capital expenditures. We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. We disclose these non-GAAP financial measures as we believe they provide useful information to investors and analysts to assist them in their evaluation of our operating results and to assist in comparisons from one period to another. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Conference call and webcast details Sierra Wireless is hosting a conference call to discuss its financial results for the fourth quarter and year ended December 31, 2021 on Tuesday February 22, 2022, at 5:30 PM Eastern time (2:30 PM Pacific time). To participate, dial the following number approximately ten minutes prior to the start of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 5297312 Conference call and webcast details are available at the following link: Sierra Wireless Q4 2021 Conference Call and Webcast If the above link does not work, copy and paste the following URL into your browser: https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=45575B96-842A-410A-A47E-5E2F910B1B5D The webcast will remain available at the above link for one year following the call. Cautionary Note Regarding Forward-Looking Statements This press release contains certain statements and information that are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, “forward-looking statements”) and may include statements and information relating to our financial guidance for our first quarter of 2022; our expectations regarding customer demand, our supply chain, manufacturing capacity (including manufacturing shutdowns or slowdowns) and the potential impact of COVID-19 in these areas; our ability to meet customer demand and our financial results; expectations regarding post-COVID-19 recovery; expectations regarding the Company's cost savings initiatives; statements regarding our strategy, plans, goals, objectives, expectations and future operating performance; the Company's liquidity and capital resources; the Company's financial and operating objectives and strategies to achieve them; the impact of the ransomware incident on our business operations; our work to review and evaluate additional security measures and the ability that they will have to protect our IT systems; general economic conditions; estimates of our expenses, future revenues, financial results and capital requirements; our expectations regarding the legal proceedings we are involved in; statements with respect to the Company's estimated working capital; expectations with respect to the adoption of Internet of Things ("IoT") solutions; expectations regarding trends and growth in the IoT market and wireless module market; expectations regarding product and price competition from other wireless device manufacturers and solution providers; our ability to implement effective control procedures; and expectations regarding the launch of fifth generation cellular embedded modules and gateways. In particular, this press release describes our revenue targets, which are forward-looking statements and are subject to the assumptions, risks and uncertainties described below. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. Forward-looking statements: Typically include words and phrases about the future such as "outlook", "guidance", "will", "may", “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including, but not limited to, those listed below, which could prove to be significantly incorrect: the scope and duration of the COVID-19 pandemic and its impact on our business; our ability to return to normal operations after the COVID-19 pandemic has subsided globally; expected component supply constraints and manufacturing capacity; constraints impacting our ability to receive supply from our suppliers and deliver product to our customers; customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; our operations not being adversely disrupted by further ransomware or cyber security attacks; our ability to effect and to realize the anticipated benefits of our business transformation and restructuring initiatives, and the timing thereof; our ability to develop, manufacture, and sell new products and services that meet the needs of our customers and gain commercial acceptance; expected macro-economic business conditions; expected cost of sales; our ability to win new business; our ability to integrate acquired businesses and realize expected benefits; our ability to renew or obtain credit facilities when required; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and expected tax and foreign exchange rates. the scope and duration of the COVID-19 pandemic and its impact on our business; our ability to return to normal operations after the COVID-19 pandemic has subsided globally; expected component supply constraints and manufacturing capacity; constraints impacting our ability to receive supply from our suppliers and deliver product to our customers; customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; our operations not being adversely disrupted by further ransomware or cyber security attacks; our ability to effect and to realize the anticipated benefits of our business transformation and restructuring initiatives, and the timing thereof; our ability to develop, manufacture, and sell new products and services that meet the needs of our customers and gain commercial acceptance; expected macro-economic business conditions; expected cost of sales; our ability to win new business; our ability to integrate acquired businesses and realize expected benefits; our ability to renew or obtain credit facilities when required; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and expected tax and foreign exchange rates. Are based on our management's current expectations and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada: prolonged negative impact from COVID-19; our access to sufficient capital, if and when required; competition from new or established competitors or from those with greater resources; our reliance on third party suppliers for certain components used in our products; our dependence on a limited number of third party manufacturers; cyber-attacks or other breaches of our and our vendors' information technology security; natural catastrophes or public health epidemics that could impact customer demand, result in production disruption and impact our ability to meet customer demand or capacity to continue critical operations; the loss of, or significant demand fluctuations from, any of our significant customers; our financial results being subject to fluctuations; our business transformation initiatives may result in disruptions to our business and may not achieve the anticipated benefits; our ability to respond to changing technology, industry standards, and customer requirements; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues; deterioration in macro-economic conditions could adversely affect our operating results and financial conditions; our ability to retain, hire and transition in a timely manner experienced and qualified additional executive officers and key employees as needed to achieve our business objectives; risks related to the transmission, use and disclosure of user data and personal information; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; risks that our investments and partnerships may fail to realize the expected benefits; risks related to infringement on intellectual property rights of others; our ability to obtain necessary rights to use software or components supplied by third parties; our ability to enforce our intellectual property rights; unanticipated costs associated with litigation or settlements; our dependence on mobile network operators to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks inherent in foreign jurisdictions; and risks related to tariffs or other trade restrictions. prolonged negative impact from COVID-19; our access to sufficient capital, if and when required; competition from new or established competitors or from those with greater resources; our reliance on third party suppliers for certain components used in our products; our dependence on a limited number of third party manufacturers; cyber-attacks or other breaches of our and our vendors' information technology security; natural catastrophes or public health epidemics that could impact customer demand, result in production disruption and impact our ability to meet customer demand or capacity to continue critical operations; the loss of, or significant demand fluctuations from, any of our significant customers; our financial results being subject to fluctuations; our business transformation initiatives may result in disruptions to our business and may not achieve the anticipated benefits; our ability to respond to changing technology, industry standards, and customer requirements; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues; deterioration in macro-economic conditions could adversely affect our operating results and financial conditions; our ability to retain, hire and transition in a timely manner experienced and qualified additional executive officers and key employees as needed to achieve our business objectives; risks related to the transmission, use and disclosure of user data and personal information; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; risks that our investments and partnerships may fail to realize the expected benefits; risks related to infringement on intellectual property rights of others; our ability to obtain necessary rights to use software or components supplied by third parties; our ability to enforce our intellectual property rights; unanticipated costs associated with litigation or settlements; our dependence on mobile network operators to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks inherent in foreign jurisdictions; and risks related to tariffs or other trade restrictions. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com. “Sierra Wireless” is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS) (In thousands of U.S. dollars, except where otherwise stated) Three months ended December 31, Twelve months ended December 31, 2021 2020 2021 2020 Revenue loT Solutions $ 104,531 $ 81,561 $ 323,075 $ 306,917 Enterprise Solutions 45,381 38,917 150,134 141,671 149,912 120,478 473,209 448,588 Cost of Sales loT Solutions 77,953 58,218 239,310 219,771 Enterprise Solutions 23,267 18,894 77,100 70,066 101,220 77,112 316,410 289,837 Gross margin 48,692 43,366 156,799 158,751 Expenses Sales and marketing 16,153 21,663 75,971 86,481 Research and development 17,773 20,878 68,425 82,029 Administration 12,570 13,402 50,104 48,513 Restructuring 7,592 4,800 12,255 8,740 Acquisition-related and integration (16 ) 115 239 440 Impairment 741 — 12,285 — Amortization 3,759 4,829 17,066 20,584 58,572 65,687 236,345 246,787 Loss from operations (9,880 ) (22,321 ) (79,546 ) (88,036 ) Foreign exchange (loss) gain (1,763 ) 3,734 (7,480 ) 8,003 Other expense (income) 652 (564 ) (1,700 ) (2,027 ) Loss before income taxes (10,991 ) (19,151 ) (88,726 ) (82,060 ) Income tax expense (recovery) 761 (7,984 ) 6 (11,909 ) Net loss from continuing operations $ (11,752 ) $ (11,167 ) $ (88,732 ) $ (70,151 ) Net earnings (loss) from discontinued operations 493 12,123 (285 ) 20,810 Net (loss) earnings $ (11,259 ) $ 956 $ (89,017 ) $ (49,341 ) Other comprehensive income (loss): Foreign currency translation adjustments, net of taxes of $nil (525 ) 5,514 (3,152 ) 7,636 Comprehensive (loss) earnings $ (11,784 ) $ 6,470 $ (92,169 ) $ (41,705 ) Basic and diluted net earnings (loss) per share (in dollars) Continuing operations $ (0.31 ) $ (0.31 ) $ (2.39 ) $ (1.93 ) Discontinued operations 0.01 0.33 (0.01 ) 0.57 $ (0.30 ) $ 0.03 $ (2.40 ) $ (1.36 ) Weighted average number of shares outstanding (in thousands) Basic 37,541 36,534 37,119 36,393 Diluted 37,541 36,534 37,119 36,393 CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except where otherwise stated) As at December 31, 2021 2020 Assets Current assets Cash and cash equivalents $ 76,784 $ 160,560 Restricted cash 100 10,864 Accounts receivable 85,310 68,575 Inventories 82,177 32,815 Prepaids and other 27,372 11,933 271,743 284,747 Property and equipment, net 31,134 31,412 Operating lease right-of-use assets 14,348 20,068 Intangible assets, net 54,708 78,081 Goodwill 167,379 175,545 Deferred income taxes 1,268 1,135 Other assets 6,473 10,383 $ 547,053 $ 601,371 Liabilities Current liabilities Accounts payable and accrued liabilities $ 183,529 $ 162,138 Deferred revenue 11,770 9,862 Current portion of long-term debt 494 — 195,793 172,000 Long-term obligations 42,808 45,646 Operating lease liabilities 15,033 17,054 Long-term debt 9,394 — Deferred income taxes 6,371 10,258 269,399 244,958 Equity Shareholders’ equity Common stock: no par value; unlimited shares authorized; issued and outstanding: 37,774,800 shares (December 31, 2020 — 36,619,439 shares) 460,331 441,999 Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares — — Treasury stock: at cost; 119,761 shares (December 31, 2020 — 46,505 shares) (2,128 ) (542 ) Additional paid-in capital 48,747 49,489 Retained deficit (220,564 ) (128,953 ) Accumulated other comprehensive loss (8,732 ) (5,580 ) 277,654 356,413 $ 547,053 $ 601,371 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) Three months ended December 31, Twelve months ended December 31, 2021 2020 2021 2020 Cash flows provided by (used in): Operating activities Net (loss) earnings $ (11,259 ) $ 956 $ (89,017 ) $ (49,341 ) Items not requiring (providing) cash Amortization 6,935 7,053 28,718 32,345 Stock-based compensation 5,830 7,815 19,834 19,940 Deferred income taxes (1,213 ) (1,294 ) (3,594 ) (1,150 ) Impairment 741 — 12,285 — Gain on sale of Automotive business — (27,137 ) — (27,137 ) Unrealized foreign exchange loss (gain) 1,831 (4,891 ) 8,833 (8,808 ) Other (17 ) 196 275 43 Changes in non-cash working capital Accounts receivable (33,463 ) 2,468 (18,610 ) 1,232 Inventories (11,050 ) 13,222 (49,660 ) 10,997 Prepaids and other 203 5,032 (11,809 ) 7,646 Accounts payable and accrued liabilities 47,762 (2,851 ) 24,725 7,771 Deferred revenue 742 99 1,486 (1,305 ) Cash flows provided by (used in) operating activities 7,042 668 (76,534 ) (7,767 ) Investing activities Additions to property and equipment (3,270 ) (6,809 ) (15,138 ) (18,952 ) Additions to intangible assets (785 ) (1,049 ) (4,846 ) (3,023 ) Proceeds from sale of property and equipment 1 29 91 281 Proceeds from sale of Automotive Business, net — 144,156 — 144,156 Acquisitions, net of cash acquired: M2M Group — — — (18,391 ) M2M New Zealand — (3,468 ) (319 ) (3,468 ) Cash flows (used in) provided by investing activities (4,054 ) 132,859 (20,212 ) 100,603 Financing activities Issuance of common shares 1,324 1,081 5,406 1,964 Purchase of treasury shares for RSU distribution (3,198 ) (2,038 ) (10,772 ) (2,802 ) Taxes paid related to net settlement of equity awards (1 ) (339 ) (1,058 ) (1,530 ) Proceeds from long-term debt — — 9,908 9,383 Repayment of long-term debt — (9,383 ) — (9,383 ) Repayment of short-term borrowings — (25,000 ) — — Decrease in other long-term obligations 57 (171 ) (118 ) (405 ) Cash flows (used in) provided by financing activities (1,818 ) (35,850 ) 3,366 (2,773 ) Effect of foreign exchange rate changes on cash and cash equivalents 175 1,775 (1,160 ) 2,278 Cash, cash equivalents and restricted cash, increase (decrease) in the year 1,345 99,452 (94,540 ) 92,341 Cash, cash equivalents and restricted cash, beginning of year 75,539 71,972 171,424 79,083 Cash, cash equivalents and restricted cash, end of year $ 76,884 $ 171,424 $ 76,884 $ 171,424 RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER (in thousands of U.S. dollars, except where otherwise stated) 2021 2020 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net loss from continuing operations - GAAP $ (11,752 ) $ (38,406 ) $ (10,036 ) $ (28,538 ) $ (11,167 ) $ (14,483 ) $ (17,291 ) $ (27,210 ) Stock-based compensation and related social taxes 5,832 1,820 3,807 7,928 6,461 5,085 3,256 3,200 Phantom RSU expense (recovery) 393 (69 ) 569 206 691 261 141 74 Restructuring 7,592 369 1,720 2,574 4,800 3,089 245 606 Acquisition-related and integration (16 ) (26 ) 72 209 115 140 185 — COVID-19 government relief (5,557 ) (168 ) (1,016 ) (2,049 ) (954 ) (6,298 ) — — CEO retirement/search 44 42 400 1,655 — — — — Impairment 741 11,544 — — — — — — Ransomware incident (959 ) 271 1,135 533 — — — — COVID-19 factory constraint incremental costs 22 1,135 — — — — — — Other non-recurring costs 994 349 521 299 330 299 152 87 Amortization 6,935 7,208 7,267 7,308 7,054 8,030 7,823 7,726 Interest and other expense, net 307 192 111 110 564 988 283 192 Foreign exchange loss (gain), net of realized gain/loss on hedge contracts 1,927 2,693 (821 ) 4,816 (2,804 ) (3,572 ) (3,955 ) 2,836 Income tax expense (recovery) 761 (1,912 ) 605 552 (7,984 ) (633 ) 427 (3,719 ) Adjusted EBITDA* $ 7,264 $ (14,958 ) $ 4,334 $ (4,397 ) $ (2,894 ) $ (7,094 ) $ (8,734 ) $ (16,208 ) Net loss from continuing operations - GAAP $ (11,752 ) $ (38,406 ) $ (10,036 ) $ (28,538 ) $ (11,167 ) $ (14,483 ) $ (17,291 ) $ (27,210 ) Stock-based compensation and related social taxes 5,832 1,820 3,807 7,928 6,461 5,085 3,256 3,200 Phantom RSU expense (recovery) 393 (69 ) 569 206 691 261 141 74 Restructuring 7,592 369 1,720 2,574 4,800 3,089 245 606 Acquisition-related and integration (16 ) (26 ) 72 209 115 140 185 — COVID-19 government relief (5,557 ) (168 ) (1,016 ) (2,049 ) (954 ) (6,298 ) — — CEO retirement/search 44 42 400 1,655 — — — — Impairment 741 11,544 — — — — — — Ransomware incident (959 ) 271 1,135 533 — — — — COVID-19 factory constraint incremental costs 22 1,135 — — — — — — Other non-recurring costs 994 349 521 299 330 299 152 87 Acquisition-related amortization 2,254 2,776 2,890 3,135 3,306 3,555 3,886 3,889 Foreign exchange loss (gain), net of realized gain/loss on hedge contracts 1,927 2,693 (821 ) 4,816 (2,804 ) (3,572 ) (3,955 ) 2,836 Income tax (recovery) expense adjustment (441 ) (3,008 ) (357 ) (393 ) (7,784 ) 200 358 (2,696 ) Adjusted earnings (loss) from continuing operations* $ 1,074 $ (20,678 ) $ (1,116 ) $ (9,625 ) $ (7,006 ) $ (11,724 ) $ (13,023 ) $ (19,214 ) Weighted average number of shares (in thousands) - basic and diluted 37,541 37,196 36,992 36,736 36,534 36,417 36,341 36,277 Basic and diluted adjusted net earnings (loss) per share from continuing operations* (in dollars) $ 0.03 $ (0.56 ) $ (0.03 ) $ (0.26 ) $ (0.19 ) $ (0.32 ) $ (0.36 ) $ (0.53 ) SEGMENTED RESULTS (In thousands of U.S. dollars, except where otherwise indicated) 2021 2020 Total Q4 Q3 Q2 Q1 Total Q4 Q3 Q2 Q1 IoT Solutions (New) Revenue $ 323,075 $ 104,531 $ 53,657 $ 90,309 $ 74,578 $ 306,917 $ 81,561 $ 79,345 $ 77,629 $ 68,382 Gross margin $ 83,765 $ 26,578 $ 10,676 $ 24,425 $ 22,086 $ 87,146 $ 23,343 $ 22,588 $ 23,030 $ 18,185 Gross margin % 25.9 % 25.4 % 19.9 % 27.0 % 29.6 % 28.4 % 28.6 % 28.5 % 29.7 % 26.6 % Enterprise Solutions Revenue $ 150,134 $ 45,381 $ 28,793 $ 42,476 $ 33,484 $ 141,671 $ 38,917 $ 34,026 $ 34,089 $ 34,639 Gross margin $ 73,034 $ 22,114 $ 13,473 $ 21,806 $ 15,641 $ 71,605 $ 20,023 $ 16,864 $ 17,978 $ 16,740 Gross margin % 48.6 % 48.7 % 46.8 % 51.3 % 46.7 % 50.5 % 51.5 % 49.6 % 52.7 % 48.3 % Total Revenue $ 473,209 $ 149,912 $ 82,450 $ 132,785 $ 108,062 $ 448,588 $ 120,478 $ 113,371 $ 111,718 $ 103,021 Gross margin $ 156,799 $ 48,692 $ 24,149 $ 46,231 $ 37,727 $ 158,751 $ 43,366 $ 39,452 $ 41,008 $ 34,925 Gross margin % 33.1 % 32.5 % 29.3 % 34.8 % 34.9 % 35.4 % 36.0 % 34.8 % 36.7 % 33.9 % Revenue by Type: Product $ 332,810 $ 113,619 $ 47,207 $ 97,595 $ 74,389 $ 332,544 $ 87,856 $ 83,560 $ 84,820 $ 76,308 Connectivity, software, and services(1) $ 140,399 $ 36,293 $ 35,243 $ 35,190 $ 33,673 $ 116,044 $ 32,622 $ 29,811 $ 26,898 $ 26,713 (1) Previously called 'Recurring and other services'
- 02/22/2022
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Sierra Wireless to Report Third Quarter 2021 Results on November 9th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the Third Quarter ended September 30, 2021, on Tuesday, November 9, 2021. Phil Brace, President and CEO, and Sam Cochrane, CFO, will host a conference call and webcast with analysts and investors to review the results at 6:00 p.m. Eastern Time the same day. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 8888166 Webcast A webcast will also be available in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=E03B257F-D00D-4490-A838-C224F22947FA . For those unable to listen live, the webcast will be available at the above link following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at https://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. These statements are subject to numerous risks and uncertainties surrounding our business and the markets we operate in, including, but not limited to, changes in technology and market conditions and our ability to implement our strategy and successfully develop, manufacture and supply new products and services. A further discussion of the risks and uncertainties facing Sierra Wireless are discussed in its Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in Sierra Wireless’ other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada. Due to these many risks and uncertainties we cannot assure you that the forward-looking statements contained in this press release will be realized. Except as may be required by applicable securities laws, Sierra Wireless assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
- 10/21/2021
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Sierra Wireless to Report Second Quarter 2021 Results on August 12
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the Second Quarter ended June 30, 2021, on Thursday, August 12, 2021. Phil Brace, President and CEO, and Sam Cochrane, CFO, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 8699739 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=940A840E-DD68-4E3B-B5B1-656BDFC2A5C4. For those unable to listen live, the webcast will be available at the above link following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at https://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. These statements are subject to numerous risks and uncertainties surrounding our business and the markets we operate in, including, but not limited to, changes in technology and market conditions and our ability to implement our strategy and successfully develop, manufacture and supply new products and services. A further discussion of the risks and uncertainties facing Sierra Wireless are discussed in its Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in Sierra Wireless’ other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada. Due to these many risks and uncertainties we cannot assure you that the forward-looking statements contained in this press release will be realized. Except as may be required by applicable securities laws, Sierra Wireless assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
- 07/29/2021
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Sierra Wireless to Report First Quarter 2021 Results on May 13th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the first quarter ended March 31, 2021, on Thursday, May 13, 2021. Sierra Wireless President and CEO, Kent Thexton, and CFO, Sam Cochrane, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 1898066 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=9112016B-FB4D-48D3-9D67-322169F68098. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless operates a 24/7/365 Global Network Operation Center (GNOC) and R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at https://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 04/27/2021
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Sierra Wireless to Report Fourth Quarter 2020 Results on February 23rd
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the fourth quarter ended December 31, 2020, on Tuesday, February 23, 2021. Sierra Wireless President and CEO, Kent Thexton, and CFO, Sam Cochrane, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 6019337 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=082F0C0B-5156-4D82-BA21-02C5588ABAE8. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless operates a 24/7/365 Global Network Operation Center (GNOC) and R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at https://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 02/02/2021
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Sierra Wireless to Report Third Quarter 2020 Results on November 12th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the third quarter ended September 30, 2020, on Thursday, November 12, 2020. Sierra Wireless President and CEO, Kent Thexton, and CFO, Sam Cochrane, will host a conference call and webcast with analysts and investors to review the results at 6:00 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 7390518 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=E5E7D527-646D-4053-9906-4A5774F72BE2. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 10/28/2020
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Sierra Wireless to Report Second Quarter 2020 Results on August 6th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the second quarter ended June 30, 2020, pre-market open on Thursday, August 6, 2020. Sierra Wireless President and CEO, Kent Thexton, and CFO, Sam Cochrane, will host a conference call and webcast with analysts and investors to review the results at 7:30 a.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 4597453 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=A280B71B-E106-4CC3-8EF3-F7F8A9B6DA04. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 07/28/2020
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Sierra Wireless to Report First Quarter 2020 Results on May 7th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the first quarter ended March 31, 2020, after market close on Thursday, May 7, 2020. Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results at 6:00 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 7784596 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=92E538CC-6D84-4B15-A811-A74C6DB93465. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 04/27/2020
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Sierra Wireless to Report Fourth Quarter and Full Year 2019 Results on February 13, 2020
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the fourth quarter and year ended December 31, 2019, after market close on Thursday, February 13, 2020. Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 9576269 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: https://onlinexperiences.com/Launch/QReg/ShowUUID=6A859656-86AC-4DE6-B78C-EDF604BF628D. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 01/29/2020
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Sierra Wireless to Report Third Quarter 2019 Results on November 5th
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW) will release financial results for the third quarter ended September 30, 2019, after market close on Tuesday, November 5, 2019. Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 1590124 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: http://event.on24.com/r.htm?e=2085944&s=1&k=4232F700F34737CD88F6E9DE09003738 . For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is a solution to help a business securely connect edge devices to the cloud, or a software/API solution to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to create the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 10/28/2019
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Sierra Wireless Delivers Advanced Offender Monitoring Solution With LTE Connectivity and Voice Commands
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ: SWIR) (TSX: SW), the leading IoT solutions provider that combines devices, network and software to unlock value in the connected economy, today announced the release of the Omnilink® OM500 ankle bracelet, an advanced, market-leading LTE offender monitoring device that allows law enforcement agencies to better manage pre-trial detainees, individuals under house arrest, probationers and parolees. The OM500 pairs with the award-winning FocalPoint® application software to create a turnkey, device-to-cloud solution. This solution helps agencies optimize resources and provides greater visibility and management of offenders’ whereabouts and movements to help law enforcement create safer communities (see video). Traditional offender monitoring solutions require participants to charge bracelets for up to two hours per day and have a limited battery life of 24 to 48 hours. The OM500 reduces charge time by up to 75 percent while increasing the battery life by more than double traditional alternatives. Reduced charge time and increased battery life help optimize agency manpower normally dedicated to charging-related issues. Additionally, the OM500 can lower the cost of offender monitoring to approximately $3.50 per day, allowing law enforcement agencies to redeploy budget to other critical areas. Marc Overton, Chief Solutions Officer, Sierra Wireless, said: “Without electronic offender monitoring, agencies often struggle to monitor and track the large number of offenders they are responsible for. With the OM500, law enforcement personnel can monitor many offenders simultaneously, enabling government agencies to redeploy crucial department resources, improve efficiencies and make their communities safer.” The OM500 features a patented no-speaker audio messaging system that allows agencies to send high-quality, custom voice commands in multiple languages directly to the ankle monitor to relay important information, such as reminders for upcoming appointments or notifying the participant of compliance issues. By providing visibility into offenders’ location and movements, the OM500 enables agencies to make smarter, more effective decisions. Improved mapping capabilities that reduce drift are designed to offer more accurate, real-time location data, while geofencing and advanced movement detection technology can be configured to alert officers if an offender has strayed from a designated zone. The OM500’s advanced location tracking features can be useful investigative and crime prevention tools for law enforcement agencies when used in conjunction with the FocalPoint software. For example, officers can configure the software to provide alerts if offenders enter known crime areas. Rachele Smith, owner of the Austin, Texas based Victim Safety First (VSF) offender monitoring company, said: “The new OM500 has immediately impressed us all here at VSF. It is without question the new gold standard in GPS monitors. After testing multiple devices for months now, we are excited to transition all of our clients to the OM500. There are so many new and useful functions, brilliant feedback and communication capabilities, with a battery life unlike anything we’ve seen in 13 years.” The OM500 ankle bracelet was designed with the latest embedded technology. Using ultra-fast LTE connectivity, forward-thinking law enforcement agencies can rest assured that the OM500 will serve them now and in the future, as new technologies emerge. The powerful OM500 tracking device can be controlled by the FocalPoint application or the industry leading FocalPoint mobile app. Demonstration at IACP Annual Conference and Exposition 2019 Sierra Wireless will showcase its solutions for first responder communications and public safety, including the new OM500 LTE offender monitoring device, at the International Association of Chiefs of Police (IACP) Annual Conference and Exposition 2019, Oct. 26 – 29, in booth 5438, McCormick Place West, Chicago, IL. For more information, visit: https://www.sierrawireless.com/products-and-solutions/sims-connectivity-and-cloud-services/managed-iot-solutions/omnilink-offender-monitoring-solution/. To contact the Sierra Wireless Sales Desk, call +1 877-687-7795 or visit http://www.sierrawireless.com/sales. Resources PoliceOne free webinar: The Value of Electronic Offender Monitoring in the Digital World, Nov. 12, 2019, at 11:00 AM PT Omnilink OM500 video: https://youtu.be/b7t8N-oKVdc About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is a solution to help a business securely connect edge devices to the cloud, or a software/API solution to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to create the right industry-specific solution for your next IoT endeavor. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. “Omnilink” and “Sierra Wireless” are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.
- 10/24/2019
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Sierra Wireless to Report Second Quarter 2019 Results on July 31st
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ:SWIR) (TSX:SW) will release financial results for the second quarter ended June 30, 2019, after market close on Wednesday, July 31, 2019. Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results at 5:30 p.m. Eastern Time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 7577535 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please visit: http://event.on24.com/r.htm?e=2017192&s=1&k=29C8169C1036AD64D12449E19817C207. For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ:SWIR) (TSX:SW) is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. Customers Start with Sierra because we offer a device-to-cloud solution, comprised of embedded and networking solutions seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide rely on our expertise in delivering fully integrated solutions to reduce complexity, turn data into intelligence and get their connected products and services to market faster. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at http://www.linkedin.com/company/sierra-wireless and on YouTube at http://www.youtube.com/SierraWireless. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 07/17/2019
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Sierra Wireless Reports Second Quarter 2016 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter ending June 30, 2016. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below. Revenue for the second quarter of 2016 was $156.2 million, a decrease of 1.1% compared to $158.0 million in the second quarter of 2015. Revenue from OEM Solutions was $132.6 million in the second quarter of 2016, down 4.0% compared to $138.2 million in the second quarter of 2015. Revenue from Enterprise Solutions was $16.6 million in the second quarter of 2016, up 10.0% compared to $15.0 million in the second quarter of 2015. Revenue from Cloud and Connectivity Services was $7.0 million in the second quarter of 2016, up 46.8% compared to $4.8 million in the second quarter of 2015. Our gross margin in the second quarter of 2016 was 33.8%, compared to 32.3% in the same period of 2015. During the quarter, we received reimbursement of certain legal costs pursuant to a favorable arbitration decision on a contract dispute with an intellectual property licensor. The reimbursement resulted in a favorable impact of $1.9 million in cost of goods sold. “Revenue and non-GAAP earnings improved sequentially in the second quarter, driven by stronger OEM and Enterprise sales,” said Jason Cohenour, President and CEO. “We also strengthened our strategic position in the important Fleet Management and Asset Tracking segments with the acquisition of GenX Mobile.” GAAP RESULTS Gross margin was $52.7 million, or 33.8% of revenue, in the second quarter of 2016, compared to $50.9 million, or 32.3% of revenue, in the second quarter of 2015. Operating expenses were $49.3 million and earnings from operations were $3.4 million in the second quarter of 2016, compared to operating expenses of $46.8 million and earnings from operations of $4.1 million in the second quarter of 2015. Net earnings were $0.7 million, or $0.02 per diluted share, in the second quarter of 2016, compared to net earnings of $4.1 million, or $0.12 per diluted share, in the second quarter of 2015. NON-GAAP RESULTS Gross margin was 33.8% in the second quarter of 2016, compared to 32.4% in the second quarter of 2015. Operating expenses were $44.4 million and earnings from operations were $8.4 million in the second quarter of 2016, compared to operating expenses of $40.4 million and earnings from operations of $10.7 million in the second quarter of 2015. Net earnings were $6.4 million, or $0.20 per diluted share, in the second quarter of 2016, compared to net earnings of $8.6 million, or $0.26 per diluted share, in the second quarter of 2015. The non-GAAP tax rate in the second quarter of 2016 was 24.7%. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") were $12.1 million in the second quarter of 2016, compared to $13.1 million in the second quarter of 2015. Excluding the previously mentioned recovery of $1.9 million in the quarter, gross margin was 32.6%; adjusted EBITDA was $10.2 million; earnings from operations were $6.5 million; and EPS was $0.14 per share. Cash and cash equivalents at the end of the second quarter of 2016 were $98.4 million, representing an increase of $12.3 million compared to the end of the first quarter of 2016. Cash generated from operations during the second quarter was $16.5 million. Acquisition of GenX Mobile On August 3, 2016, we completed the acquisition of all of the outstanding shares of GenX Mobile Incorporated ("GenX") for total cash consideration of $7.8 million ($6.0 million, net of cash acquired), subject to working capital adjustments. GenX is a provider of in-vehicle cellular devices for the fleet management, asset tracking and transportation markets. The company's products are complementary to our existing Enterprise Solutions portfolio of mobile and industrial gateways. GenX is based in San Jose, California and has 22 employees. We believe that the acquisition of GenX expands our strategic position in key market segments and bolsters our telematics and location capabilities. The GenX business and team will be integrated with our Enterprise Solutions business unit. In the first half of 2016, GenX recorded revenue of approximately $6.7 million and non-GAAP earnings from operations were approximately breakeven. Financial Guidance As a global leader in intelligent wireless solutions for the Internet of Things, we believe that we are well positioned to drive strong long term growth. However, our short term outlook is more cautious. While we expect to see continued solid revenue contributions from new OEM programs, we are seeing signs of softer short term demand and tighter inventory management with some established OEM customers and programs. For the third quarter of 2016, we expect revenue to be in the range of $145 million to $155 million and non-GAAP earnings per share to be in the range of $0.06 to $0.13. In the fourth quarter of 2016, we expect to see sequential and year-over-year growth, although not to the levels previously anticipated. Given this softer short term outlook, we now expect full year 2016 revenue and non-GAAP EPS to be below the low end of our previously stated annual guidance range of $630 million to $670 million in revenue and non-GAAP EPS of $0.60 to $0.90. This guidance excludes any contribution from the recently acquired GenX and reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions. Non-GAAP Financial Measures We disclose non-GAAP financial measures as we believe they provide useful information on actual operating performance and assist in comparisons from one period to another. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Non-GAAP gross margin excludes the impact of stock-based compensation expense and related social taxes. Non-GAAP earnings (loss) from operations excludes the impact of stock-based compensation expense and related social taxes, amortization related to acquisitions, acquisition-related and disposition costs, restructuring costs, integration costs and impairment. Non-GAAP net earnings (loss) and non-GAAP diluted earnings (loss) per share exclude the impact of stock-based compensation expense and related social taxes, amortization related to acquisitions, acquisition-related and disposition costs, restructuring costs, integration costs, impairment, foreign exchange gains or losses on translation of certain balance sheet accounts and certain tax adjustments. We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. We also use non-GAAP earnings from operations as one component in determining short-term incentive compensation for management employees. Adjusted EBITDA is defined as earnings (loss) from operations plus stock-based compensation expense and related social taxes, acquisition-related and integration costs, restructuring costs, impairment and amortization. Adjusted EBITDA can also be calculated as non-GAAP earnings (loss) from operations plus amortization excluding acquisition related amortization. We believe that Adjusted EBITDA is an important indicator of our operating performance and our ability to generate liquidity through operating cash flow that will fund future working capital needs and fund future capital expenditures. Adjusted EBITDA is also used by investors and analysts for valuation purposes. Conference call and webcast details Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, August 4, 2016, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below. To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 32898601 To access the webcast, please follow the link below: Sierra Wireless Q2 2016 Conference Call and Webcast If the above link does not work, please copy and paste the following URL into your browser: http://event.on24.com/r.htm?e=1210427&s=1&k=A4B4540BFF24C511667C7B65E817E267 The webcast will remain available at the above link for one year following the call. Cautionary Note Regarding Forward-Looking Statements Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the third quarter of 2016 and our fiscal year 2016, our business outlook for the short and longer term, statements regarding our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We do not intend to update or revise our forward-looking statements unless we are required to do so by securities laws. Forward-looking statements: Typically include words and phrases about the future such as “outlook”, “will”, “may", “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect: our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; expected cost of goods sold; expected component supply constraints; our ability to "win" new business; our ability to integrate acquired businesses and realize expected benefits; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by component shortages or other development, operating or regulatory risks; and expected tax rates and foreign exchange rates. our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; expected cost of goods sold; expected component supply constraints; our ability to "win" new business; our ability to integrate acquired businesses and realize expected benefits; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by component shortages or other development, operating or regulatory risks; and expected tax rates and foreign exchange rates. Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada: competition from new or established service providers or from those with greater resources; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; the loss of any of our significant customers; cyber-attacks or other breaches of our information technology security; difficult or uncertain global economic conditions; our financial results being subject to fluctuation; our ability to attract or retain key personnel; risks related to infringement on intellectual property rights of others; our ability to obtain necessary rights to use software or components supplied by third parties; we may be unable to enforce our intellectual property rights; our ability to respond to changing technology, industry standards and customer requirements; our reliance on single source suppliers for certain components used in our products; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects or other quality issues; our dependence on a limited number of third party manufacturers; unanticipated costs associated with litigation or settlements; our dependence on wireless network carriers to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks related to the transmission, use and disclosure of user data and personal information; and risks inherent in foreign jurisdictions. competition from new or established service providers or from those with greater resources; disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures; the loss of any of our significant customers; cyber-attacks or other breaches of our information technology security; difficult or uncertain global economic conditions; our financial results being subject to fluctuation; our ability to attract or retain key personnel; risks related to infringement on intellectual property rights of others; our ability to obtain necessary rights to use software or components supplied by third parties; we may be unable to enforce our intellectual property rights; our ability to respond to changing technology, industry standards and customer requirements; our reliance on single source suppliers for certain components used in our products; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects or other quality issues; our dependence on a limited number of third party manufacturers; unanticipated costs associated with litigation or settlements; our dependence on wireless network carriers to promote and offer acceptable wireless data services; risks related to contractual disputes with counterparties; risks related to governmental regulation; risks related to the transmission, use and disclosure of user data and personal information; and risks inherent in foreign jurisdictions. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 1,000 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. "AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS) (In thousands of U.S. dollars, except where otherwise stated) (unaudited) June 30, June 30, taxes of $nil SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except where otherwise stated) (unaudited) Accounts receivable, net of allowance for doubtful accounts of $2,339(December 31, 2015 - $2,088) outstanding: 32,035,149 shares (December 31, 2015 - 32,337,201 shares) issued and outstanding: nil shares SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) June 30, June 30, Additions to intangible assets SIERRA WIRELESS, INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER (in thousands of U.S. dollars, except where otherwise stated) Stock-based compensation and related socialtaxes Stock-based compensation and related socialtaxes — — Amortization (excluding acquisition relatedamortization) Stock-based compensation and related socialtaxes, restructuring, impairment, acquisition-related, integration, and acquisition relatedamortization, net of tax Q2 2016 RECONCILIATION OF GAAP AND NON-GAAP RESULTS AcquisitionRelatedAmortization Acquisition-related &Integration Stock-basedCompensation& RelatedSocial Taxes ForeignExchangeLoss TaxAdjustments (In thousands of U.S. dollars, except where otherwise stated) SIERRA WIRELESS, INC. SEGMENTED RESULTS (In thousands of U.S. dollars, except where otherwise stated) 2,841 52,871 Gross margin % 33.8 % 32.8 % 31.9 % 31.1 % 31.7 % 32.3 % 32.5 % 33.8 % 32.9 % 32.0 % 31.2 % 31.8 % 32.4 % 32.6 % (1) Q1 2016 Enterprise Solutions results include a $1.9 million recovery from a legal settlement with a supplier related to a quality issue with a component used in some of our gateway products. Excluding this recovery, GAAP and Non-GAAP gross margin percentage would have been 52.4% and 52.5%, respectively.(2) Q2 2016 OEM Solutions results include a $1.7 million recovery from certain legal costs pursuant to a favorable arbitration decision on a contract dispute with an intellectual property licensor. Excluding this recovery, GAAP and Non-GAAP gross margin percentage would have been 29.6% and 29.7%, respectively. Q2 2016 Enterprise Solutions results also include a $0.2 million recovery from this arbitration decision. Excluding this recovery, GAAP and Non-GAAP gross margin percentage would have been 52.7% and 52.8%, respectively.
- 08/04/2016
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Sierra Wireless to Report Third Quarter 2015 Results on November 5, 2015
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ:SWIR) (TSX:SW) will release financial results for the quarter ended September 30, 2015 after market close on Thursday, November 5, 2015. Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results at 5:30 PM Eastern time the same day. A live slide presentation will be available for viewing during the call from the link provided below. Conference call To participate in this conference call, please dial the following number approximately 10 minutes prior to the starting time: Toll-free (Canada and US): 1-877-201-0168Alternate number: 1-647-788-4901Conference ID: 27041795 Webcast A webcast presentation will also be available for viewing in conjunction with the conference call. To access the webcast, please follow the link below: Sierra Wireless Q3 Conference Call and Webcast For those unable to listen live, the webcast will remain available at the above link for one year following the call. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 1,000 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. Forward Looking Statements This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans contained in this press release that are not historical fact. Our expectations regarding future revenues and earnings depend in part upon our ability to successfully develop, manufacture, and supply products that we do not produce today and that meet defined specifications. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market. In light of the many risks and uncertainties surrounding the wireless data communications market, you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
- 10/22/2015
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Sierra Wireless Reports Second Quarter 2015 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW) today reported results for its second quarter, ending June 30, 2015. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below. “We delivered strong year-over-year growth in both revenue and profitability in the second quarter of 2015,” said Jason Cohenour, President and Chief Executive Officer. “During the quarter, we also strengthened our market leading position in device-to-cloud solutions for the Internet of Things with the purchase of Accel Networks and the announced acquisition of MobiquiThings. We remain focused on profitable organic growth and strategic acquisitions that enhance our market position and business model.” Revenue for the second quarter of 2015 was $158.0 million, an increase of 17.0% compared to $135.0 million in the second quarter of 2014. Revenue from OEM Solutions was $138.2 million in the second quarter of 2015, up 18.5% compared to $116.6 million in the second quarter of 2014. Revenue from Enterprise Solutions was $19.8 million in the second quarter of 2015, up 7.6% compared to $18.4 million in the second quarter of 2014. GAAP RESULTS Gross margin was $50.9 million, or 32.3% of revenue, in the second quarter of 2015, compared to $43.3 million, or 32.1% of revenue, in the second quarter of 2014. Operating expenses were $46.8 million and earnings from operations were $4.1 million in the second quarter of 2015, compared to operating expenses of $49.6 million and a loss from operations of $6.3 million in the second quarter of 2014. Net earnings were $4.1 million, or $0.12 per diluted share, in the second quarter of 2015, compared to a net loss of $8.2 million, or $0.26 per diluted share, in the second quarter of 2014. NON-GAAP RESULTS Gross margin was 32.4% in the second quarter of 2015, compared to 32.2% in the second quarter of 2014. Operating expenses were $40.4 million and earnings from operations were $10.7 million in the second quarter of 2015, compared to operating expenses of $39.8 million and earnings from operations of $3.7 million in the second quarter of 2014. Net earnings were $8.6 million, or $0.26 per diluted share, in the second quarter of 2015, compared to net earnings of $2.6 million, or $0.08 per diluted share, in the second quarter of 2014. The non-GAAP tax rate in the second quarter of 2015 was 19.6%. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") were $13.1 million in the second quarter of 2015, compared to $6.8 million in the second quarter of 2014. Cash and cash equivalents at the end of the second quarter of 2015 were $96.5 million, representing a decrease of $3.1 million, compared to the end of the first quarter of 2015. The decrease was primarily due to the payment of $9.3 million for the purchase of Accel Networks LLC, and capital expenditures, partially offset by cash generated from operations in the quarter. We disclose non-GAAP financial measures as we believe they provide useful information on actual operating results and assist in comparisons from one period to another. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Non-GAAP results exclude the impact of stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, acquisition amortization, impairment, foreign exchange gains or losses on translation of balance sheet accounts, and certain tax adjustments. Adjusted EBITDA as defined equates to earnings (loss) from operations plus stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, impairment, and amortization. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules. Financial Guidance In the third quarter of 2015, we expect revenue and gross margin percentage to be similar to the second quarter of 2015 and operating expenses to increase slightly compared to the second quarter of 2015. This guidance does not include any contribution from the announced acquisition of MobiquiThings. This results in the following non-GAAP guidance for the third quarter of 2015: Consolidated Non-GAAP This non-GAAP guidance for the third quarter of 2015 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions. Conference call and webcast details Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, August 6, 2015, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below. To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 54272804 To access the webcast, please follow the link below: Sierra Wireless Q2 Conference Call and Webcast The webcast will remain available at the above link for one year following the call. To access a full copy of our Q2 2015 earnings release, please follow the link below: http://www.sierrawireless.com/AboutUs/investorinformation.aspx Cautionary Note Regarding Forward-Looking Statements Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the third quarter of 2015 and our fiscal year 2015, our business outlook for the short and longer term and statements regarding our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We do not intend to update or revise our forward-looking statements unless we are required to do so by securities laws. Forward-looking statements: Typically include words and phrases about the future such as “outlook”, “will”, “may", “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect: our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; expected cost of goods sold; expected component supply constraints; our ability to "win" new business; our ability to integrate acquired businesses and realize expected benefits; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by component shortages or other development, operating or regulatory risks; and expected tax rates and foreign exchange rates. our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; expected cost of goods sold; expected component supply constraints; our ability to "win" new business; our ability to integrate acquired businesses and realize expected benefits; expected deployment of next generation networks by wireless network operators; our operations not being adversely disrupted by component shortages or other development, operating or regulatory risks; and expected tax rates and foreign exchange rates. expected tax rates and foreign exchange rates. Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada: competition from new or established service providers or from those with greater resources; higher than anticipated costs; disruption of, and demands on, our ongoing business; and diversion of management’s time and attention in connection with acquisitions or divestitures; we may experience difficulty responding to changing technology, industry standards and customer requirements; the loss of any of our significant customers; cyber-attacks or other breaches of our information technology security; our reliance on single source suppliers for certain components used in our products; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects or other quality issues; we may be found to infringe on intellectual property rights of others; we may be unable to enforce our intellectual property rights; our ability to attract or retain key personnel; risks related to contractual disputes with counterparties; our financial results are subject to fluctuation; difficult or uncertain global economic conditions; unanticipated costs associated with litigation or settlements; our dependence on a limited number of third party manufacturers; our dependence on wireless network carriers to promote and offer acceptable wireless data services; we are subject to governmental regulation; the transmission, use and disclosure of user data and personal information could give rise to liability or additional costs; we may not be able to obtain necessary rights to use software or components supplied by third parties; and we have operations outside of North America and therefore are subject to risks inherent in foreign jurisdictions. competition from new or established service providers or from those with greater resources; higher than anticipated costs; disruption of, and demands on, our ongoing business; and diversion of management’s time and attention in connection with acquisitions or divestitures; we may experience difficulty responding to changing technology, industry standards and customer requirements; the loss of any of our significant customers; cyber-attacks or other breaches of our information technology security; our reliance on single source suppliers for certain components used in our products; failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects or other quality issues; we may be found to infringe on intellectual property rights of others; we may be unable to enforce our intellectual property rights; our ability to attract or retain key personnel; risks related to contractual disputes with counterparties; our financial results are subject to fluctuation; difficult or uncertain global economic conditions; unanticipated costs associated with litigation or settlements; our dependence on a limited number of third party manufacturers; our dependence on wireless network carriers to promote and offer acceptable wireless data services; we are subject to governmental regulation; the transmission, use and disclosure of user data and personal information could give rise to liability or additional costs; we may not be able to obtain necessary rights to use software or components supplied by third parties; and we have operations outside of North America and therefore are subject to risks inherent in foreign jurisdictions. About Sierra Wireless Sierra Wireless (NASDAQ:SWIR) (TSX:SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 1000 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com. "AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS) (In thousands of U.S. dollars, except where otherwise stated) (unaudited) June 30, June 30, (0.26 SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except where otherwise stated) (unaudited) Common stock: no par value; unlimited shares authorized; issued and outstanding: 32,204,908 shares (December 31, 2014 - 31,868,541 shares) Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) June 30, June 30, Items not requiring (providing) cash Unrealized foreign exchange loss Changes in non-cash working capital Additions to property and equipment SIERRA WIRELESS, INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS Q2 2015 RECONCILIATION OF GAAP AND NON-GAAP RESULTS SIERRA WIRELESS, INC. SEGMENTED RESULTS
- 08/06/2015
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Sierra Wireless Reports Third Quarter 2014 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW) Third Quarter 2014 highlights Record revenue of $143.3 million, an increase of 27.6% compared to Q3 2013 Non-GAAP earnings from operations of $8.4 million, an increase of 249% compared to $2.4 million in Q3 2013 Adjusted EBITDA of $11.8 million, an increase of 101% compared to Q3 2013 Non-GAAP EPS of $0.24 compared to $0.11 in Q3 2013 Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its third quarter ending September 30, 2014. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below. “In the third quarter of 2014, we leveraged our global leadership position in M2M to drive record revenue and strong profitability,” said Jason Cohenour, President and Chief Executive Officer. “In the fourth quarter, we expect to deliver continued growth in revenue and profitability. While executing operationally, we will continue to pursue acquisitions that help accelerate our growth and enhance our strategic position.” Revenue for the third quarter of 2014 was $143.3 million, an increase of 27.6% compared to $112.3 million in the third quarter of 2013, and an increase of 6.1% compared to $135.0 million in the second quarter of 2014. Revenue from OEM Solutions was $124.3 million in the third quarter of 2014, up 29.7% compared to $95.9 million in the third quarter of 2013. Revenue from Enterprise Solutions was $19.0 million in the third quarter of 2014, up 15.4% compared to $16.4 million in the third quarter of 2013. On a consolidated basis, organic revenue growth, which excludes contribution from the acquired In Motion Technology and AnyData businesses, was 18.8% compared to the third quarter of 2013. GAAP RESULTS Gross margin was $47.1 million, or 32.8% of revenue, in the third quarter of 2014, compared to $37.3 million, or 33.3% of revenue, in the third quarter of 2013. Operating expenses were $44.1 million and earnings from operations were $2.9 million in the third quarter of 2014, compared to operating expenses of $40.6 million and a loss from operations of $3.3 million in the third quarter of 2013. Net loss from continuing operations was $2.9 million, or $0.09 per diluted share, in the third quarter of 2014, compared to net earnings from continuing operations of $1.1 million, or $0.03 per diluted share, in the third quarter of 2013. The third quarter of 2014 included an $8.0 million foreign exchange loss associated with the translation of certain foreign denominated balances, compared to a $2.6 million gain in the third quarter of 2013. NON-GAAP RESULTS Gross margin was 32.9% in the third quarter of 2014, compared to 33.4% in the third quarter of 2013. Operating expenses were $38.8 million and earnings from operations were $8.4 million in the third quarter of 2014, compared to operating expenses of $35.1 million and earnings from operations of $2.4 million in the third quarter of 2013. Net earnings from continuing operations were $7.7 million, or $0.24 per diluted share, in the third quarter of 2014, compared to net earnings from continuing operations of $3.5 million, or $0.11 per diluted share, in the third quarter of 2013. The non-GAAP tax rate in the third quarter of 2014 was 12%. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was $11.8 million in the third quarter of 2014, compared to $5.9 million in the third quarter of 2013. Cash and cash equivalents at the end of the third quarter of 2014 were $196.1 million, representing an increase of $27.7 million compared to the end of the second quarter of 2014. Cash generated from operations during the third quarter was $28.7 million, including a $13.9 million reduction of prepaid inventory advances. Non-GAAP results exclude the impact of stock-based compensation expense and related social taxes, acquisition costs, gain on sale of the AirCard business, restructuring costs, integration costs, disposition costs, acquisition amortization, impairment, foreign exchange gains or losses on translation of balance sheet accounts, and certain tax adjustments. We disclose non-GAAP amounts as we believe that these measures provide our shareholders with better information about actual operating results and assist in comparisons from one period to another. Adjusted EBITDA as defined equates to earnings (loss) from operations plus stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, impairment, and amortization. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules. Financial Guidance In the fourth quarter of 2014, we expect revenue to grow sequentially and on a year-over-year basis, gross margin percentage to improve compared to the third quarter of 2014 and operating expenses to increase slightly compared to the third quarter of 2014. We expect the non-GAAP tax rate in the fourth quarter of 2014 to be similar to the 12% non-GAAP tax rate in the third quarter of 2014. This results in the following non-GAAP guidance for the fourth quarter of 2014: Non-GAAP This non-GAAP guidance for the fourth quarter of 2014 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions. Conference call and webcast details Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Wednesday, November 5, 2014, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below. To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 89614174 To access the webcast, please follow the link below: Sierra Wireless Q3 2014 Conference Call and Webcast If the above link does not work, please copy and paste the following URL into your browser: http://www.snwebcastcenter.com/webcast/sierrawireless/2014q3/ The webcast will remain available at the above link for one year following the call. To access a full copy of our Q3 2014 earnings release, please follow the link below: http://www.sierrawireless.com/AboutUs/investorinformation.aspx Cautionary Note Regarding Forward-Looking Statements Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the fourth quarter of 2014 and our fiscal year 2014, our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws. Forward-looking statements: Typically include words and phrases about the future such as “outlook”, “will”, “may", “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect: Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; Expected cost of goods sold; Expected component supply constraints; Our ability to “win” new business; Expected deployment of next generation networks by wireless network operators; Our operations will not be adversely disrupted by component shortages or other development, operating or regulatory risks; and Expected tax rates and foreign exchange rates. Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada. Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, continuing uncertain economic conditions, price and product competition, different product mix, the loss of any of our significant customers, or competition from new or established wireless communication companies; The cost of products sold may be higher than planned or necessary component supplies may not be available, may be delayed or may not be available on commercially reasonable terms; We may be unable to enforce our intellectual property rights or may be subject to litigation that has an adverse outcome; The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed; Transition periods associated with the migration to new technologies may be longer than we expect; Unanticipated costs associated with litigation or settlements associated with intellectual property matters; and Higher than anticipated costs; disruption of, and demands on, our ongoing business; and diversion of management's time and attention in connection with acquisitions or divestitures. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the global leader in machine-to-machine (M2M) devices and cloud services, delivering intelligent wireless solutions that simplify the connected world. We offer the industry's most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure M2M cloud services. Customers worldwide, including OEMs, enterprises, and mobile network operators, trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 900 employees globally and has R&D centers in North America, Europe and Asia. For more information about Sierra Wireless, visit www.sierrawireless.com. "AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS) (In thousands of U.S. dollars, except where otherwise stated) (unaudited) September 30, September 30, Basic and diluted net earnings (loss) per share attributable tothe Company’s common shareholders (in dollars) SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) (unaudited) Accounts receivable, net of allowance for doubtful accounts of $2,402(December 31, 2013 - $2,279) Common stock: no par value; unlimited shares authorized;issued and outstanding 31,673,081 shares(December 31, 2013 - 31,097,844 shares) 337,148 329,628 Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares Treasury stock: at cost 342,645 shares (December 31, 2013 – 507,147 shares) SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) September 30, September 30, SIERRA WIRELESS, INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS 2013 Stock-based compensation and relatedsocial taxes Stock-based compensation and relatedsocial taxes Earnings (loss) from operations - Non-GAAP Amortization (excluding acquisition relatedamortization) Net earnings (loss) from continuing operations - GAAP Stock-based compensation and relatedsocial taxes, restructuring, impairment,acquisition, integration, and acquisitionrelated amortization, net of tax Net earnings (loss) from continuing operations - Non-GAAP Net earnings (loss) from discontinued operations - GAAP Stock-based compensation and dispositioncosts Net earnings (loss) from discontinued operations - Non-GAAP Diluted net earnings (loss) from continuing operations per share SIERRA WIRELESS, INC. SEGMENTED RESULTS Three months ended September 30 Nine months ended September 30
- 11/05/2014
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Sierra Wireless Reports Second Quarter 2014 Results
- VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless (NASDAQ:SWIR) (TSX:SW): Second Quarter 2014 highlights Record revenue of $135.0 million, an increase of 23.2% compared to Q2 2013 Non-GAAP earnings from operations of $3.7 million, an increase of 149%, compared to $1.5 million in Q2 2013 Non-GAAP EPS of $0.08, an increase of 167%, compared to $0.03 in Q2 2013 Sierra Wireless, Inc. today reported results for its second quarter ending June 30, 2014. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below. “In the second quarter, strong organic revenue growth, combined with a solid contribution from recent acquisitions, enabled continued profitability gains,” said Jason Cohenour, President and Chief Executive Officer. “In the second half, we expect to deliver continued revenue and profitability growth, while also pursuing additional strategic acquisitions to expand our leadership position in the machine-to-machine (M2M) market.” Revenue for the second quarter of 2014 was $135.0 million, an increase of 23.2% compared to $109.6 million in the second quarter of 2013, and an increase of 11.4% compared to $121.2 million in the first quarter of 2014. Revenue from OEM Solutions was $116.6 million in the second quarter of 2014, up 22.6% compared to $95.1 million in the second quarter of 2013. Revenue from Enterprise Solutions was $18.4 million in the second quarter of 2014, up 27.0% compared to $14.5 million in the second quarter of 2013. On a consolidated basis, organic revenue growth, which excludes contribution from the recently acquired In Motion Technology and AnyData businesses, was 16.8% compared to the second quarter of 2013. GAAP RESULTS Gross margin was $43.3 million, or 32.1% of revenue, in the second quarter of 2014, compared to $36.5 million, or 33.3% of revenue, in the second quarter of 2013. Operating expenses were $49.6 million and loss from operations was $6.3 million in the second quarter of 2014, compared to operating expenses of $40.4 million and a loss from operations of $3.9 million in the second quarter of 2013. Net loss from continuing operations was $8.2 million, or $0.26 per diluted share, in the second quarter of 2014, compared to a net loss from continuing operations of $6.7 million, or $0.22 per diluted share, in the second quarter of 2013. NON-GAAP RESULTS Gross margin was 32.2% in the second quarter of 2014, compared to 33.4% in the second quarter of 2013. Operating expenses were $39.8 million and earnings from operations were $3.7 million in the second quarter of 2014, compared to operating expenses of $35.1 million and earnings from operations of $1.5 million in the second quarter of 2013. Net earnings from continuing operations were $2.6 million, or $0.08 per diluted share, in the second quarter of 2014, compared to net earnings from continuing operations of $1.0 million, or $0.03 per diluted share, in the second quarter of 2013. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") were $6.8 million in the second quarter of 2014, compared to $4.9 million in the second quarter of 2013. During the quarter, the Company decided to reduce the scope of its 2G chipset development activities, resulting in restructuring costs of $1.0 million associated with staff reductions and an impairment of $3.8 million in related assets. These staff reductions will be fully implemented by the end of the third quarter of 2014 and the Company expects an annualized reduction in operating expenses of approximately $1.2 million. Cash and cash equivalents at the end of the second quarter of 2014 were $168.4 million, representing an increase of $17.1 million compared to the end of the first quarter of 2014. Cash generated from operations during the second quarter was $11.7 million. Non-GAAP results exclude the impact of stock-based compensation expense and related social taxes, acquisition costs, gain on sale of the AirCard business, restructuring costs, integration costs, disposition costs, acquisition amortization, impairment, foreign exchange gains or losses on translation of balance sheet accounts, and certain tax adjustments. We disclose non-GAAP amounts as we believe that these measures provide our shareholders with better information about actual operating results and assist in comparisons from one period to another. Adjusted EBITDA as defined equates to earnings (loss) from operations plus stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, impairment, and amortization. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules. Financial Guidance In the third quarter of 2014, we expect revenue to grow sequentially and on a year-over-year basis, a modest sequential improvement in gross margin percentage and similar operating expenditures compared to the second quarter of 2014, resulting in the following Non-GAAP guidance for the third quarter of 2014. Non-GAAP This non-GAAP guidance for the third quarter of 2014 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions. Conference call, webcast and instant replay details Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, July 31, 2014, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below. To participate in this conference call, please dial the following number approximately ten minutes prior to the commencement of the call: Toll-free (Canada and US): 1-877-201-0168 Alternate number: 1-647-788-4901 Conference ID: 51774861 For those unable to participate in the live call, a replay will be available until September 1, 2014. Dial 1-855-859-2056 or 1-800-585-8367 and enter the Conference ID number above to access the replay. To access the webcast, please follow the link below: Sierra Wireless Q2 2014 Conference Call and Webcast If the above link does not work, please copy and paste the following URL into your browser: http://www.snwebcastcenter.com/webcast/sierrawireless/2014q2/ The webcast will remain available at the above link for one year following the call. To access a full copy of our Q2 2014 earnings release, please follow the link below: http://www.sierrawireless.com/AboutUs/investorinformation.aspx Cautionary Note Regarding Forward-Looking Statements Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the third quarter of 2014 and our fiscal year 2014, our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws. Forward-looking statements: Typically include words and phrases about the future such as “outlook”, “will”, “may", “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”. Are not promises or guarantees of future performance. They represent our current views and may change significantly. Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect: Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance; Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times; Expected cost of goods sold; Expected component supply constraints; Our ability to “win” new business; Expected deployment of next generation networks by wireless network operators; Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks; and Expected tax rates and foreign exchange rates. Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada. Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, continuing uncertain economic conditions, price and product competition, different product mix, the loss of any of our significant customers, or competition from new or established wireless communication companies; The cost of products sold may be higher than planned or necessary component supplies may not be available, are delayed or are not available on commercially reasonable terms; We may be unable to enforce our intellectual property rights or may be subject to litigation that has an adverse outcome; The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed; Transition periods associated with the migration to new technologies may be longer than we expect; Unanticipated costs associated with litigation or settlements associated with intellectual property matters; and Higher than anticipated costs; disruption of, and demands on, our ongoing business; and diversion of management's time and attention in connection with acquisitions or divestitures. About Sierra Wireless Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the global leader in machine-to-machine (M2M) devices and cloud services, delivering intelligent wireless solutions that simplify the connected world. We offer the industry's most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure M2M cloud services. Customers worldwide, including OEMs, enterprises, and mobile network operators, trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 900 employees globally and has R&D centers in North America, Europe and Asia. For more information about Sierra Wireless, visit www.sierrawireless.com. "AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners. SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS) (In thousands of U.S. dollars, except where otherwise stated) (unaudited) June 30, June 30, Basic and diluted net earnings (loss) per share attributable tothe Company’s common shareholders (in dollars) Weighted average number of shares outstanding(in thousands) SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars) (unaudited) December 31, 2013 2,470 Accounts receivable, net of allowance for doubtful accounts of $2,886(December 31, 2013 - $2,279) Common stock: no par value; unlimited shares authorized; issued and outstanding 31,510,726 shares (December 31, 2013 - 31,097,844 shares) Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares — Additional paid-in capital SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (unaudited) Three months endedJune 30, Six months endedJune 30, SIERRA WIRELESS, INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS Amortization (excluding acquisition relatedamortization) Net earnings (loss) from continuing operations - GAAP Stock-based compensation and related social taxes, restructuring, impairment, acquisition, integration, and acquisition related amortization, net of tax Net earnings (loss) from continuing operations - Non-GAAP Net earnings (loss) from discontinued operations - GAAP Net earnings (loss) from discontinued operations - Non-GAAP Diluted net earnings (loss) from continuing operations per share Diluted net earnings (loss) per share SIERRA WIRELESS, INC. SEGMENTED RESULTS
- 07/31/2014
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