Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW):
Q4 highlights from continuing operations
- Record revenue of $118.6 million, up
5.7% compared to Q3, 2013
- Adjusted EBITDA of $6.2 million,
compared to $5.9 million in Q3, 2013
- Non-GAAP earnings from operations of
$2.6 million, compared to $2.4 million in Q3, 2013
Full year highlights from continuing operations
- Record revenue of $441.9 million, up
11.2% year-over-year
- Adjusted EBITDA of $18.7 million, up
47.9% year-over-year
- Non-GAAP earnings from operations of
$5.0 million, compared to $0.9 million in 2012
Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW) today reported
results for its fourth quarter and full year, ending December 31,
2013. 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 achieved record revenue in the fourth quarter, closing out a
year in which we delivered solid operational results, sold our
AirCard business, and began putting the proceeds to work on
acquisitions that extend our leadership position in M2M,” said
Jason Cohenour, President and Chief Executive Officer. “We are
exceptionally well positioned to capture the long-term M2M growth
opportunity, and we are focused on continuing to drive profitable
organic revenue growth, while we pursue additional
acquisitions.”
As a result of the sale of the AirCard business, as well as our
recent acquisition of the AnyDATA M2M business and our contemplated
acquisition of In Motion Technology, our segments have changed from
those reported at December 31, 2012. We are now reporting two
segments, OEM Solutions and Enterprise Solutions, and all prior
periods have been retrospectively adjusted to reflect the two
segments.
Q4 2013
Revenue for the fourth quarter of 2013 was $118.6 million, an
increase of 8.4% compared to $109.4 million in the fourth quarter
of 2012, and an increase of 5.7% compared to $112.3 million in the
third quarter of 2013. Revenue from OEM Solutions was $101.8
million in the fourth quarter of 2013, up 7.4% compared to $94.9
million in the fourth quarter of 2012. Revenue from Enterprise
Solutions was $16.8 million in the fourth quarter of 2013, up 15.3%
compared to $14.5 million in the fourth quarter of 2012.
GAAP
- Gross margin was $38.4 million, or
32.4% of revenue, in the fourth quarter of 2013, compared to $36.2
million, or 33.1% of revenue, in the fourth quarter of 2012.
- Operating expenses were $42.0 million
and loss from operations was $3.5 million in the fourth quarter of
2013, compared to operating expenses of $37.7 million and a loss
from operations of $1.5 million in the fourth quarter of 2012.
- Net loss from continuing operations was
$1.9 million, or $0.06 per diluted share, in the fourth quarter of
2013, compared to net earnings from continuing operations of $15.5
million, or $0.50 per diluted share, in the fourth quarter of 2012.
Net earnings in Q4, 2012 included an income tax recovery that was
the result of the recognition of certain tax assets that were
realizable as a result of the sale of the AirCard business.
- Net loss for continuing and
discontinued operations(1) was $0.9 million, or $0.03 per diluted
share, in the fourth quarter of 2013, compared to net earnings of
$19.6 million, or $0.64 per diluted share, in the fourth quarter of
2012.
NON-GAAP
- Gross margin was 32.5% in the fourth
quarter of 2013, compared to 33.2% in the fourth quarter of
2012.
- Operating expenses were $36.0 million
and earnings from operations were $2.6 million in the fourth
quarter of 2013, compared to operating expenses of $32.6 million
and earnings from operations of $3.7 million in the fourth quarter
of 2012.
- Adjusted earnings before interest,
taxes, depreciation and amortization ("Adjusted EBITDA") were $6.2
million in the fourth quarter of 2013, compared to $7.0 million in
the fourth quarter of 2012.
- Net earnings from continuing operations
were $3.1 million, or $0.10 per diluted share, in the fourth
quarter of 2013, compared to $4.5 million, or $0.15 per diluted
share, in the fourth quarter of 2012.
Full Year 2013
Revenue for the year ended December 31, 2013 was $441.9 million,
up 11.2% compared to $397.3 million for the year ended December 31,
2012. Revenue from OEM Solutions was $382.0 million for the year
ended December 31, 2013, up 10.2% compared to $346.5 million for
the year ended December 31, 2012. Revenue from Enterprise Solutions
was $59.9 million for the year ended December 31, 2013, up 17.8%
compared to $50.8 million for the year ended December 31, 2012.
GAAP
- Gross margin was $145.6 million, or
33.0% of revenue, for the year ended December 31, 2013, compared to
$125.3 million, or 31.5% of revenue, for the year ended December
31, 2012.
- Operating expenses were $163.3 million
and loss from operations was $17.7 million for the year ended
December 31, 2013, compared to operating expenses of $147.5 million
and a loss from operations of $22.2 million for the year ended
December 31, 2012.
- Net loss from continuing operations was
$15.6 million, or $0.50 per diluted share, for the year ended
December 31, 2013, compared to a net loss of $4.2 million, or $0.14
per diluted share, for the year ended December 31, 2012. Net
earnings in 2012 included an income tax recovery that was the
result of the recognition of certain tax assets that were
realizable as a result of the sale of the AirCard business.
- Net earnings from continuing and
discontinued operations(1) was $55.0 million, or $1.79 per diluted
share, for the year ended December 31, 2013, compared to net
earnings of $27.2 million, or $0.88 per diluted share, for the year
ended December 31, 2012.
NON-GAAP
- Gross margin was 33.1% for the year
ended December 31, 2013, compared to 31.6% for the year ended
December 31, 2012.
- Operating expenses were $141.0 million
and earnings from operations were $5.0 million for the year ended
December 31, 2013, compared to operating expenses of $124.7 million
and earnings from operations of $0.9 million for the year ended
December 31, 2012.
- Adjusted EBITDA was $18.7 million for
the year ended December 31, 2013, compared to $12.6 million for the
year ended December 31, 2012.
- Net earnings from continuing operations
were $6.9 million, or $0.23 per diluted share, for the year ended
December 31, 2013, compared to a net loss of $0.4 million, or $0.01
per diluted share, for the year ended December 31, 2012.
Non-GAAP results exclude the impact of stock-based compensation
expense, acquisition costs, gain on sale of the AirCard business,
restructuring costs, integration costs, disposition costs,
acquisition amortization, impairment, foreign exchange gains or
losses on foreign currency contracts and 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, acquisition
costs, restructuring costs, integration costs, impairment, and
amortization. The reconciliation between our GAAP and non-GAAP
results is provided in the accompanying schedules.
(1) On April 2, 2013, we completed the sale of substantially all
of the assets and operations related to our AirCard business. The
results of operations and the gain on sale of the AirCard business
have been presented as discontinued operations for the three and
twelve months ended December 31, 2013 and December 31, 2012.
Financial Guidance
The Company provides the following guidance for continuing
operations for the first quarter of 2014.
In the first quarter of 2014 we expect solid
year-over-year revenue and earnings growth. We expect gross margin
to decrease slightly from Q4, 2013 due to a shift in product mix
and we expect operating expenses to increase as a result of higher
new product certification costs, investment in sales and marketing
capabilities, and a full quarter of expenses related to the AnyDATA
acquired business.
Q1 2014 Guidance Consolidated
Non-GAAP
Revenue $117.0 to $121.0 million Earnings from operations
$0.5 to $1.5 million Net earnings $0.4 to $1.2 million Earnings per
share $0.01 to $0.04 per share
This non-GAAP guidance for the first 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 Wednesday, February
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
commencement of the call:
- Toll-free (Canada and US):
1-877-201-0168
- Alternate number: 1-647-788-4901
- Conference ID: 18174338
For those unable to participate in the live call, a replay will
be available until March 5, 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 Q4 and Year End 2013 Financial Results
Webcast
If the above link does not work, please copy and paste the
following URL into your browser:
http://www.snwebcastcenter.com/webcast/sierrawireless/2013q4/
The webcast will remain available at the above link for one year
following the call.
We look forward to having you participate in our 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 first
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”, “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;
and
- We may experience higher than
anticipated costs; disruption of, and demands on, our ongoing
business; diversion of management's time and attention; adverse
effects on existing business relationships with suppliers and
customers and employee issues in connection with the divestiture of
the AirCard assets and operations.
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 850 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 INCOME (LOSS)
(In thousands of U.S. dollars, except where
otherwise stated)
Three months ended December 31,
Twelve months ended December 31,
2013 2012
2013 2012
Revenue $ 118,608 $
109,405
$ 441,860 $ 397,321 Cost of goods sold
80,165 73,172
296,219 272,047
Gross margin 38,443 36,233
145,641 125,274
Expenses Sales and
marketing
10,693 10,176
42,182 37,067 Research and
development
19,074 16,294
73,112 61,785
Administration
8,841 7,743
35,164 32,777 Acquisition
369 387
508 3,182 Restructuring
14 42
171 2,251 Integration
— —
27 — Amortization
2,999 3,107
12,141 10,418
41,990 37,749
163,305
147,480
Loss from operations (3,547) (1,516)
(17,664) (22,206) Foreign exchange gain
1,921 1,608
3,823 3,326 Other income (expense)
26
35
(98) (196)
Earnings (loss) before income
taxes (1,600) 127
(13,939) (19,076) Income tax
expense (recovery)
345 (15,369)
1,611 (14,874)
Net earnings (loss) from continuing
operations (1,945) 15,523
(15,550) (4,202) Net
earnings from discontinued operations
1,078
4,083
70,588 31,401
Net earnings (loss)
$ (867) $ 19,606
$ 55,038 $ 27,199
Other comprehensive income (loss): Foreign currency translation
adjustments, net of taxes of $nil
179 676
604 538
Comprehensive income (loss) $
(688) $ 20,282
$ 55,642 $ 27,737 Basic and
diluted net earnings (loss) per share attributable to the Company’s
common shareholders (in dollars) Continuing operations
$
(0.06 $ 0.50
$ (0.50) $ (0.14) Discontinued
operations
0.03 0.14
2.29
1.02
$ (0.03) $ 0.64
$ 1.79 $ 0.88
Weighted average number of shares outstanding (in thousands) Basic
30,804 30,591
30,771 30,788 Diluted
30,804 30,774
30,771 30,788
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
December 31, 2013 December 31, 2012
Assets Current assets Cash and cash equivalents
$ 177,416 $ 63,646 Short-term investments
2,470 — Accounts receivable, net of allowance for doubtful
accounts of $2,279 (December 31, 2012 - $2,435)
112,490
108,624 Inventories
8,253 12,675 Deferred income taxes
2,391 22,199 Prepaids and other
28,741 24,252 Assets
held for sale
— 54,340
331,761 285,736
Property and equipment
21,982 20,039 Intangible assets
43,631 56,357 Goodwill
102,718 97,961 Deferred income
taxes
7,176 3,880 Other assets
4,732
790
$ 512,000 $ 464,763
Liabilities Current liabilities Accounts payable and accrued
liabilities
$ 124,846 $ 128,216 Deferred revenue and
credits
2,481 1,312 Liabilities held for sale
— 10,353
127,327 139,881 Long-term obligations
21,550 26,526 Deferred income taxes
127
300
149,004 166,707
Equity
Shareholders’ equity
Common stock: no par value; unlimited
shares authorized; issued and outstanding 31,097,844
shares(December 31, 2012 - 30,592,423 shares)
329,628 322,770
Preferred stock: no par value; unlimited
shares authorized; issued and outstanding: nil shares
— — Treasury stock: at cost 507,147 shares (December 31,
2012 – 716,313 shares)
(5,137) (5,172) Additional paid-in
capital
25,996 23,203 Retained earnings (deficit)
19,367 (35,283) Accumulated other comprehensive loss
(6,858) (7,462)
362,996
298,056
$ 512,000 $ 464,763
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands of U.S. dollars)
Three months ended December 31, Twelve months
ended December 31,
2013 2012
2013
2012
Cash flows provided by (used in): Operating
activities Net earnings
$ (867) $ 19,606
55,038 $ 27,199 Items not requiring (providing) cash
Amortization
7,146 7,795
28,296 28,590 Stock-based
compensation
2,177 1,703
9,347 6,713 Gain on sale of
AirCard business
— —
(94,078) — Deferred income taxes
(855) (9,701)
16,339 (13,606) Loss (gain) on disposal
of property, equipment, and intangibles
— (76)
(10)
107 Impairment of assets related to discontinued operations
— —
1,012 — Tax benefit from equity awards
1,458 71
1,458 71 Other
(1,288) (1,188)
(2,687) (2,414) Taxes paid related to net settlement of
equity awards
(66) —
(408) (4) Changes in non-cash
working capital Accounts receivable
(17,965) 10,768
10,897 (616) Inventories
(696) 1,108
11,908
(4,019) Prepaid expenses and other
4,616 6,014
(7,254) (14,543) Accounts payable and accrued liabilities
1,940 (26,540)
(13,139) 10,997 Deferred revenue and
credits
662 (277)
1,147 (422)
Cash flows provided by (used in) operating activities
(3,738) 9,283
17,866 38,053
Investing activities Purchase of M2M business of Sagemcom
— —
— (55,218) Purchase of M2M business of AnyDATA
(5,196) —
(5,196) — Additions to property and
equipment
(1,649) (3,995)
(11,359) (15,845) Proceeds
from sale of property, equipment, and intangibles
— 83
32 139 Increase in intangible assets
(542) (673)
(2,211) (2,607) Net proceeds from sale of AirCard business
— —
119,958 — Net change in short-term investments
2,751 —
(2,470) 9,347 Cash flows
provided by (used in) investing activities
(4,636)
(4,585)
98,754 (64,184)
Financing
activities Issuance of common shares
3,159 9
8,106 436 Repurchase of common shares for cancellation
— —
(5,772) (6,312) Purchase of treasury shares for
RSU distribution
— —
(3,433) (2,489) Decrease in
other long-term obligations
(49) (169)
(876) (1,000)
Cash flows provided by (used in) financing
activities
3,110 (160)
(1,975) (9,365)
Effect of foreign exchange rate changes on cash and cash
equivalents
(540) (420)
(875)
(2,233) Cash and cash equivalents, increase (decrease) in the
period
(5,804) 4,118
113,770 (37,729) Cash and cash
equivalents, beginning of period
183,220
59,528
63,646 101,375
Cash and cash equivalents,
end of period $ 177,416 $ 63,646
$
177,416 $ 63,646
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS
(in thousands of U.S. dollars, except where otherwise stated)
2013
2012
Q4 Q3 Q2 Q1
Q4 Q3 Q2 Q1
Gross margin - GAAP $ 38,443 $ 37,346 $ 36,474 $ 33,378 $
36,233 $ 31,086 $ 30,081 $ 27,874 Stock-based compensation
119 117 95 75
61 82 78 83
Gross margin - Non-GAAP $ 38,562 $ 37,463 $
36,569 $ 33,453 $ 36,294 $ 31,168 $
30,159 $ 27,957
Loss from operations - GAAP $
(3,547) $ (3,301) $ (3,932) $ (6,884) $ (1,516) $ (6,728) $ (6,558)
$ (7,404) Stock-based compensation 2,177 2,145 2,013 1,655 1,470
1,462 1,403 1,446 Acquisition 369 139 — — 387 2,196 599 —
Restructuring 14 14 26 117 42 498 1,531 180 Integration — — 27 — —
— — Impairment of intangible asset — — — 280 — — — — Acquisition
related amortization 3,580 3,405
3,363 3,393 3,338 2,906
2,665 2,981
Earnings (loss) from
operations - Non-GAAP $ 2,593 $ 2,402 $ 1,470 $ (1,412) $ 3,721
$ 334 $ (360) $ (2,797) Amortization (excluding acquisition related
amortization) 3,566 3,468 3,403
3,212 3,293 2,904
2,717 2,833
Adjusted EBITDA $ 6,159
$ 5,870 $ 4,873 $ 1,800 $ 7,014
$ 3,238 $ 2,357 $ 36
Net earnings (loss)
from continuing operations - GAAP $ (1,945) $ 1,075 $ (6,742) $
(7,938) $ 15,523 $ (3,612) $ (8,868) $ (7,245) Stock-based
compensation, restructuring and other, integration, and acquisition
related amortization, net of tax 6,112 5,760 5,393 5,355 5,162
6,885 5,658 4,536 Unrealized foreign exchange loss (gain) (1,970)
(2,457) (1,359) 1,874 (1,655) (1,218) (165) (101) Income tax
adjustments 925 (895) 3,754
— (14,540) (804)
— —
Net earnings (loss) from continuing
operations - Non-GAAP $ 3,122 $ 3,483 $ 1,046
$ (709) $ 4,490 $ 1,251 $ (3,375)
$ (2,810)
Net earnings (loss) from discontinued
operations - GAAP $ 1,078 $ (505) $ 68,152 $ 1,863 $ 4,083 $
7,279 $ 12,449 $ 7,590 Stock-based compensation and disposition
costs 3 1,402 876 1,733 1,696 233 233 233 Gain on sale of AirCard
business (1,056) (49) (69,077)
— — — —
—
Net earnings (loss) from discontinued operations
- Non-GAAP $ 25 $ 848 $ (49) $ 3,596
$ 5,779 $ 7,512 $ 12,682 $ 7,823
Net earnings (loss) - GAAP $ (867) $ 570 $ 61,410 $ (6,075)
$ 19,606 $ 3,667 $ 3,581 $ 345
Net earnings (loss) -
Non-GAAP 3,147 4,331 997 2,887 10,269 8,763 9,307 5,013
Diluted earnings (loss) from continuing operations per share
GAAP - (in dollars) $ (0.06) $ 0.03 $ (0.22) $ (0.26) $ 0.50 $
(0.12) $ (0.29) $ (0.23) Non-GAAP - (in dollars) $ 0.10 $ 0.11 $
0.03 $ (0.02) $ 0.15 $ 0.04 $ (0.11) $ (0.09)
Net
earnings (loss) per share - diluted GAAP - (in dollars) $
(0.03) $ 0.02 $ 2.00 $ (0.20) $ 0.64 $ 0.12 $ 0.12 $ 0.01 Non-GAAP
- (in dollars) $ 0.10 $ 0.14 $ 0.03 $ 0.09
$ 0.33 $ 0.29 $ 0.30 $ 0.16
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars)
2013
2012 (1) Total Q4
Q3 Q2 Q1
Total Q4 Q3 Q2
Q1 OEM Solutions Revenue $ 382,016 $ 101,858 $
95,850 $ 95,076 $ 89,232 $ 346,543 $ 94,874 $ 88,270 $
83,299 $ 80,100 Cost of goods sold 266,867
72,336 66,395 65,514
62,622 246,284 66,024
63,172 58,844 58,244
Gross margin $ 115,149 $ 29,522
$ 29,455 $ 29,562 $ 26,610
$ 100,259 $ 28,850 $ 25,098
$ 24,455 $ 21,856
Gross margin % 30.1 % 29.0 % 30.7 % 31.1 % 29.8 % 28.9 % 30.4 %
28.4 % 29.4 % 27.3 %
Enterprise Solutions Revenue $
59,844 $ 16,750 $ 16,412 $ 14,513 $ 12,169 $ 50,778 $ 14,531 $
11,913 $ 12,099 $ 12,235 Cost of goods sold 29,352
7,829 8,521 7,601 5,401
25,763 7,148 5,925
6,473 6,217 Gross margin $
30,492 $ 8,921 $ 7,891 $
6,912 $ 6,768 $ 25,015 $
7,383 $ 5,988 $ 5,626
$ 6,018 Gross margin % 51.0 % 53.3 % 48.1 % 47.6 %
55.6 % 49.3 % 50.8 % 50.3 % 46.5 % 49.2 %
(1) Comparative information has been reclassified to conform to
current period presentation.
Sierra Wireless, Inc.Media Contact:Sharlene Myers, +1
(604) 232-1445Manager, Global Public
Relationssmyers@sierrawireless.comorInvestor Contact:David
G. McLennan, +1 (604) 231-1181Chief Financial
Officerinvestor@sierrawireless.com
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