IRVINE, Calif., April 18, 2017 /PRNewswire/ --
- Q4 revenue up 22% year-over-year; FY 2017 revenue up 25%
year-over-year
- Record fiscal 2017 international revenue at $91 million, up 90% year-over-year
- Q4 gross margin was 41.6%, up from 38.9% in the prior year
CalAmp (NASDAQ: CAMP), a leading provider of Internet of
Things (IoT) enablement solutions, today reported results for its
fourth quarter and fiscal year ended February 28, 2017.
Revenue for the fiscal 2017 fourth quarter was $86.1 million, an increase of 22% from the fourth
quarter of fiscal 2016, with LoJack contributing $27.8 million. Excluding last year's
revenue of the Satellite business, which ceased operations
effective August 31, 2016, revenue in
the latest quarter was up 46% from $58.9
million in the fourth quarter of fiscal 2016.
Michael Burdiek, CalAmp's
President and Chief Executive Officer, said, "As we close out
fiscal 2017, we are pleased with the progress we have made on a
number of financial and business objectives, which have helped set
the stage for long-term growth and profitability. We
completed the integration of LoJack, expanded our product and
service offerings, and made significant progress with international
expansion. In addition, we are pleased that fourth quarter revenue
from MRM telematics products grew for the second consecutive
quarter, reaching the highest revenue level in over a year."
Gross profit for the fourth quarter of fiscal 2017 was
$35.8 million, an increase of
$8.2 million over the same quarter
last year. Gross margin was 41.6% in the fourth quarter of fiscal
2017, up from 38.9% in the fourth quarter of fiscal 2016.
The GAAP-basis net loss in the fourth quarter of fiscal 2017 was
($3.5) million, or ($0.10) per diluted share, compared to net income
of $5.5 million, or $0.15 per diluted share, in the fiscal 2016
fourth quarter. GAAP-basis fourth quarter operating results
were impacted by a $6.0 million
pre-tax charge, or $0.11 per diluted
share, recorded for the recent court ruling in the Omega patent
infringement case. Non-GAAP adjusted basis net income for the
fiscal 2017 fourth quarter was $9.9
million, or $0.28 per diluted
share, compared to non-GAAP adjusted basis net income of
$11.7 million, or $0.32 per diluted share, in the fourth quarter of
fiscal 2016.
Adjusted EBITDA for the fourth quarter of fiscal 2017 was
$12.8 million and Adjusted EBITDA
margin was 14.9%, compared to Adjusted EBITDA of $13.7 million and Adjusted EBITDA margin of 19.3%
in the fourth quarter of fiscal 2016.
Revenue for fiscal year 2017 was a record $351.1 million, an increase of 25% from fiscal
2016, and included revenue of $117.5
million from LoJack products and services. Excluding
the discontinued Satellite business, fiscal 2017 revenue was up 39%
year over year.
Gross profit for fiscal 2017 was $143.4
million, an increase of $40.4
million over last year. Gross margin was 40.8% in fiscal
2017, up from 36.7% in fiscal 2016.
The GAAP-basis net loss in fiscal 2017 was ($7.2) million, or ($0.20) per diluted share, compared to net income
of $16.9 million, or $0.46 per diluted share, in fiscal 2016.
Non-GAAP adjusted basis net income for fiscal 2017 was $38.6 million, or $1.06 per diluted share, compared to non-GAAP
adjusted basis net income of $42.4
million, or $1.15 per diluted
share, in fiscal 2016.
Adjusted EBITDA for fiscal 2017 was $49.4
million and Adjusted EBITDA margin was 14.1%, compared to
Adjusted EBITDA of $49.0 million and
Adjusted EBITDA margin of 17.5% in fiscal 2017.
As of February 28, 2017, the
company had total cash and marketable securities of $100.4 million and total debt outstanding of
$146.8 million, which is the carrying
amount of the company's 1.625% convertible notes in the face amount
of $172.5 million. Net cash provided
by operating activities was $6.0
million during the fourth quarter and $25.8 million for fiscal 2017 as a whole.
During fiscal 2017, the company purchased and retired 1.8
million shares of its common stock at an aggregate cost of
$25 million pursuant to a stock
repurchase plan adopted in June 2016.
Of these amounts, 0.2 million shares were purchased in
the fiscal 2017 fourth quarter at an aggregate cost of $3.1 million.
Business and Financial Highlights
- Fiscal 2017 international revenue was up 90% year-over-year to
$91 million, from $48 million in the prior year.
- Fiscal 2017 recurring revenue was $59.4
million, up 39% year-over-year.
- In Q4 MRM telematics product sales grew 4% sequentially and 13%
year-over-year, reaching the highest revenue level of the past five
quarters.
- In January 2017, CalAmp announced
the nationwide availability of the first LoJack-branded telematics
services, LotSmart and SureDrive, a significant milestone in the
evolution of this venerable Stolen Vehicle Recovery brand.
- In March 2017, the company also
announced the availability of AssetOutlookâ˘, developed on CalAmp's
Telematics Cloud service platform as a customized solution for the
construction industry to enhance equipment management, improve
operating efficiency and help prevent unauthorized use and
theft.
Business Outlook
The outlook for the fiscal 2018 first quarter ending May 31, 2017 is:
- Consolidated revenue in the range of $84
to $90 million.
- GAAP basis net income in the range of $0.01 to $0.09 per diluted share and non-GAAP net
income in the range of $0.24 to $0.32
per diluted share.
- Adjusted EBITDA in the range of $11 to
$14 million.
Conference Call and Webcast
CalAmp is hosting a conference call for analysts and investors to
discuss its fourth quarter and fiscal year 2017 results and outlook
for its fiscal 2018 first quarter at 1:30
p.m. Pacific Time today. Participants can listen in
via webcast by visiting the Investor Relations section of CalAmp's
website at www.calamp.com. Please go to the website at least 15
minutes early to register, download and install any necessary audio
software. A replay of the webcast will be available for 30 days
after the call. The conference call can also be accessed by
dialing 855-302-8830 (+1-330-871-6073 for international callers)
and using the Conference ID# 94872270. Following the call, an audio
replay will also be available by calling 855-859-2056 or
+1-404-537-3406 and entering the Conference ID# 94872270. The audio
replay will be available through April 25,
2017.
About CalAmp
CalAmp (NASDAQ: CAMP) is a pure-play pioneer in the connected
vehicle and broader Industrial IoT marketplace. The company's
extensive portfolio of intelligent communications devices, robust
and scalable telematics cloud services, and targeted software
applications streamline otherwise complex IoT deployments. These
solutions enable customers to optimize their operations by
collecting, monitoring and efficiently reporting business-critical
data and desired intelligence from high-value mobile and remote
assets. CalAmp is headquartered in Irvine, California and has been publicly
traded since 1983. For more information, please visit
www.calamp.com.
Forward-Looking Statements
Statements in this press release that are not historical in nature
are forward-looking statements that, within the meaning of the
federal securities laws including the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, involve known and
unknown risks and uncertainties. Words such as "may", "will",
"expect", "intend", "plan", "believe", "seek", "could", "estimate",
"judgment", "targeting", "should", "anticipate", "goal" and
variations of these words and similar expressions, are intended to
identify forward-looking statements. The forward-looking statements
in this press release address a variety of subjects, including the
outlook for our fiscal 2018 first quarter operating results.
Readers are cautioned that actual results could differ materially
from those implied by such forward-looking statements due to a
variety of factors, including global economic conditions,
competitive pressures and pricing declines, intellectual property
infringement claims, and other risks or uncertainties that are
described in our filings with the Securities and Exchange
Commission. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurances that our expectations will be attained.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Non-GAAP Financial Measures
"GAAP" refers to financial information presented in accordance with
U.S. Generally Accepted Accounting Principles. This press release
includes non-GAAP financial measures, as defined in Regulation G
promulgated by the Securities and Exchange Commission. CalAmp
believes that its presentation of non-GAAP financial measures
provides useful supplementary information to investors. The
presentation of non-GAAP financial measures is not meant to be
considered in isolation from or as a substitute for results
prepared in accordance with GAAP.
In this press release, CalAmp reports the non-GAAP financial
measures of Adjusted Basis net income, Adjusted Basis net income
per diluted share, Adjusted EBITDA (Earnings Before Investment
Income, Interest Expense, Taxes, Depreciation, Amortization,
Stock-Based Compensation and certain other adjustments as detailed
in the accompanying non-GAAP reconciliation), and Adjusted EBITDA
margin. Adjusted Basis net income excludes the impact of intangible
assets amortization expense, stock-based compensation, acquisition
and integration expenses, and certain other adjustments as shown in
the non-GAAP reconciliation provided in the table at the end of
this press release. CalAmp uses these non-GAAP financial
measures to enhance the investor's overall understanding of the
financial performance and future prospects of CalAmp's core
business activities. Specifically, CalAmp believes that the use of
these non-GAAP measures facilitates the comparison of results of
core business operations between its current and past periods.
CAL AMP
CORP.
|
CONSOLIDATED
INCOME STATEMENTS
|
(Unaudited - in
thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
86,126
|
|
$
|
70,807
|
|
$
|
351,102
|
|
$
|
280,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
50,339
|
|
|
43,251
|
|
|
207,750
|
|
|
177,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
35,787
|
|
|
27,556
|
|
|
143,352
|
|
|
102,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
4,732
|
|
|
5,122
|
|
|
22,005
|
|
|
19,803
|
Selling
|
|
|
12,235
|
|
|
6,060
|
|
|
49,044
|
|
|
23,380
|
General and
administrative
|
|
|
17,282
|
|
|
10,180
|
|
|
55,901
|
|
|
25,065
|
Intangible
asset amortization
|
|
|
3,858
|
|
|
1,664
|
|
|
15,061
|
|
|
6,626
|
|
|
|
38,107
|
|
|
23,026
|
|
|
142,011
|
|
|
74,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(2,320)
|
|
|
4,530
|
|
|
1,341
|
|
|
28,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income
|
|
|
582
|
|
|
1,448
|
|
|
1,691
|
|
|
1,871
|
Interest
expense
|
|
|
(2,519)
|
|
|
(2,415)
|
|
|
(9,896)
|
|
|
(7,595)
|
Other income
(expense)
|
|
|
73
|
|
|
3
|
|
|
(101)
|
|
|
(20)
|
|
|
|
(1,864)
|
|
|
(964)
|
|
|
(8,306)
|
|
|
(5,744)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes and equity in net loss of affiliate
|
|
|
(4,184)
|
|
|
3,566
|
|
|
(6,965)
|
|
|
22,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(provision)
|
|
|
978
|
|
|
2,443
|
|
|
1,098
|
|
|
(4,572)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
equity in net loss of affiliate
|
|
|
(3,206)
|
|
|
6,009
|
|
|
(5,867)
|
|
|
17,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net loss of
affiliate
|
|
|
(280)
|
|
|
(503)
|
|
|
(1,284)
|
|
|
(829)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(3,486)
|
|
$
|
5,506
|
|
$
|
(7,151)
|
|
$
|
16,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.10)
|
|
$
|
0.15
|
|
$
|
(0.20)
|
|
$
|
0.46
|
Diluted
|
|
$
|
(0.10)
|
|
$
|
0.15
|
|
$
|
(0.20)
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
35,066
|
|
|
36,607
|
|
|
35,917
|
|
|
36,448
|
Diluted
|
|
|
35,066
|
|
|
37,082
|
|
|
35,917
|
|
|
36,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT
INFORMATION
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
DataCom
|
|
$
|
86,126
|
|
$
|
58,900
|
|
$
|
336,033
|
|
$
|
241,387
|
Satellite
|
|
|
-
|
|
|
11,907
|
|
|
15,069
|
|
|
39,332
|
Total revenues
|
|
$
|
86,126
|
|
$
|
70,807
|
|
$
|
351,102
|
|
$
|
280,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
DataCom
|
|
$
|
35,787
|
|
$
|
23,874
|
|
$
|
139,623
|
|
$
|
91,976
|
Satellite
|
|
|
-
|
|
|
3,682
|
|
|
3,729
|
|
|
10,983
|
Total gross profit
|
|
$
|
35,787
|
|
$
|
27,556
|
|
$
|
143,352
|
|
$
|
102,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
DataCom
|
|
$
|
(1,088)
|
|
$
|
5,112
|
|
$
|
8,155
|
|
$
|
26,501
|
Satellite
|
|
|
-
|
|
|
2,453
|
|
|
1,547
|
|
|
8,064
|
Corporate
expenses
|
|
|
(1,232)
|
|
|
(3,035)
|
|
|
(8,361)
|
|
|
(6,480)
|
Total operating income (loss)
|
|
$
|
(2,320)
|
|
$
|
4,530
|
|
$
|
1,341
|
|
$
|
28,085
|
CAL AMP
CORP.
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited - in
thousands)
|
|
|
|
|
|
|
|
|
|
|
February
28,
|
|
February
29,
|
|
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
93,706
|
|
$
|
139,388
|
|
Short-term
marketable securities
|
|
|
6,722
|
|
|
88,718
|
|
Accounts
receivable, net
|
|
|
67,403
|
|
|
49,432
|
|
Inventories
|
|
|
29,279
|
|
|
16,731
|
|
Prepaid
expenses and other current assets
|
|
|
9,595
|
|
|
4,498
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
206,705
|
|
|
298,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, equipment
and improvements, net
|
|
|
21,162
|
|
|
11,225
|
|
|
|
|
|
|
|
|
|
Deferred income tax
assets
|
|
|
27,039
|
|
|
30,213
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
72,980
|
|
|
16,508
|
|
|
|
|
|
|
|
|
|
Other intangible
assets, net
|
|
|
67,223
|
|
|
17,010
|
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12,565
|
|
|
10,640
|
|
|
|
|
|
|
|
|
|
|
|
$
|
407,674
|
|
$
|
384,363
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
30,266
|
|
$
|
24,938
|
|
Accrued
payroll and employee benefits
|
|
|
7,955
|
|
|
6,814
|
|
Deferred
revenue
|
|
|
14,662
|
|
|
9,438
|
|
Other current
liabilities
|
|
|
23,740
|
|
|
8,375
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
76,623
|
|
|
49,565
|
|
|
|
|
|
|
|
|
|
1.625% convertible
senior unsecured notes
|
|
|
146,827
|
|
|
139,800
|
|
Other non-current
liabilities
|
|
|
20,229
|
|
|
5,551
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common
stock
|
|
|
353
|
|
|
367
|
|
Additional
paid-in capital
|
|
|
211,187
|
|
|
229,159
|
|
Accumulated
deficit
|
|
|
(47,004)
|
|
|
(39,853)
|
|
Accumulated
other comprehensive loss
|
|
|
(541)
|
|
|
(226)
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
163,995
|
|
|
189,447
|
|
|
|
|
|
|
|
|
|
|
|
$
|
407,674
|
|
$
|
384,363
|
|
|
CAL AMP
CORP.
|
|
CONSOLIDATED CASH
FLOW STATEMENTS
|
|
(Unaudited - in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
February
28,
|
|
February
29,
|
|
|
|
|
2017
|
|
2016
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(7,151)
|
|
$
|
16,940
|
|
|
Depreciation
expense
|
|
|
8,408
|
|
|
3,582
|
|
|
Intangible assets
amortization expense
|
|
|
15,061
|
|
|
6,626
|
|
|
Stock-based
compensation expense
|
|
|
7,833
|
|
|
5,854
|
|
|
Amortization of
convertible debt issue costs and discount
|
|
|
7,027
|
|
|
5,201
|
|
|
Deferred tax assets,
net
|
|
|
(2,270)
|
|
|
4,122
|
|
|
Gain on investment in
LoJack common stock
|
|
|
-
|
|
|
(1,416)
|
|
|
Equity in net loss of
affiliate
|
|
|
1,284
|
|
|
829
|
|
|
Impairment of
internal use software
|
|
|
1,364
|
|
|
-
|
|
|
Changes in operating
working capital
|
|
|
(5,728)
|
|
|
5,728
|
|
|
Other
|
|
|
(32)
|
|
|
(66)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities
|
|
|
25,796
|
|
|
47,400
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
maturities of marketable securities
|
|
|
114,426
|
|
|
71,991
|
|
|
Purchases of
marketable securities
|
|
|
(32,430)
|
|
|
(150,532)
|
|
|
Capital
expenditures
|
|
|
(7,962)
|
|
|
(4,317)
|
|
|
Acquisition of
Crashboxx
|
|
|
-
|
|
|
(1,500)
|
|
|
Acquisition of
LoJack, net of cash acquired
|
|
|
(116,982)
|
|
|
(4,050)
|
|
|
Advances to
unconsolidated subsidiary
|
|
|
(2,636)
|
|
|
(2,156)
|
|
|
Other
|
|
|
(2)
|
|
|
(110)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities
|
|
|
(45,586)
|
|
|
(90,674)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of convertible notes
|
|
|
-
|
|
|
172,500
|
|
|
Payments of debt
issuance costs
|
|
|
-
|
|
|
(5,291)
|
|
|
Purchase of
convertible note hedges
|
|
|
-
|
|
|
(31,343)
|
|
|
Proceeds from
issuance of warrants
|
|
|
-
|
|
|
15,991
|
|
|
Payment of
acquisition-related note and contingent consideration
|
|
|
-
|
|
|
(2,037)
|
|
|
Repurchases of common
stock
|
|
|
(25,000)
|
|
|
-
|
|
|
Taxes paid related to
net share settlement of vested equity awards
|
|
|
(1,780)
|
|
|
(2,625)
|
|
|
Proceeds from
exercise of stock options
|
|
|
961
|
|
|
1,283
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided (used) by financing activities
|
|
|
(25,819)
|
|
|
148,478
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
(73)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(45,682)
|
|
|
105,204
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
139,388
|
|
|
34,184
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
93,706
|
|
$
|
139,388
|
|
CAL AMP
CORP.
|
RECONCILIATION OF
NON-GAAP MEASURES TO GAAP
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
"GAAP" refers to
financial information presented in accordance with U.S. Generally
Accepted Accounting Principles. This press release includes
historical non-GAAP financial measures,
as defined in Regulation G promulgated by the Securities and
Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial
measures provides useful supplementary information to
investors. The presentation of historical non-GAAP financial measures is not meant to be
considered in isolation from or as a substitute for results
prepared in accordance with GAAP.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In this press
release, CalAmp reports the non-GAAP financial measures of Adjusted
basis net income, Adjusted basis net income per diluted
share, Adjusted EBITDA (Earnings
Before Investment Income, Interest Expense, Taxes, Depreciation,
Amortization and Stock-Based Compensation and other
adjustments as identified below), and
Adjusted EBITDA margin. CalAmp uses these non-GAAP financial
measures to enhance the investor's overall understanding of the financial performance and future
prospects of CalAmp's core business activities. Specifically,
CalAmp believes that the use of these non-GAAP measures facilitates the comparison of
results of core business operations between its current and past
periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The reconciliation
of GAAP basis net income (loss) to Adjusted basis (non-GAAP) net
income is as follows (in thousands except per share amounts):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
GAAP basis net income
(loss)
|
|
$
|
(3,486)
|
|
$
|
5,506
|
|
$
|
(7,151)
|
|
$
|
16,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
amortization expense
|
|
|
3,858
|
|
|
1,664
|
|
|
15,061
|
|
|
6,626
|
Stock-based
compensation expense
|
|
|
2,164
|
|
|
1,643
|
|
|
7,833
|
|
|
5,854
|
Non-cash interest
expense from amortization of debt discount
|
|
|
1,601
|
|
|
1,507
|
|
|
6,232
|
|
|
4,613
|
GAAP basis income tax
provision (benefit)
|
|
|
(978)
|
|
|
(2,443)
|
|
|
(1,098)
|
|
|
4,572
|
Equity in net loss of
affiliate
|
|
|
280
|
|
|
503
|
|
|
1,284
|
|
|
829
|
Acquisition and
integration expenses
|
|
|
344
|
|
|
1,980
|
|
|
4,513
|
|
|
1,980
|
Non-cash cost of
sales and depreciation on markup of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LoJack
inventory and fixed assets
|
|
|
206
|
|
|
-
|
|
|
5,073
|
|
|
-
|
Legal arbitration
expenses for LoJack battery claim
|
|
|
292
|
|
|
-
|
|
|
1,948
|
|
|
-
|
Litigation
provision
|
|
|
6,026
|
|
|
2,900
|
|
|
6,026
|
|
|
2,900
|
Gain on investment in
LoJack common stock
|
|
|
-
|
|
|
(1,364)
|
|
|
-
|
|
|
(1,416)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basis income
before income taxes
|
|
|
10,307
|
|
|
11,896
|
|
|
39,721
|
|
|
42,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision,
non-GAAP basis (a)
|
|
|
(455)
|
|
|
(155)
|
|
|
(1,164)
|
|
|
(499)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basis net
income
|
|
$
|
9,852
|
|
$
|
11,741
|
|
$
|
38,557
|
|
$
|
42,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basis net
income per diluted share
|
|
$
|
0.28
|
|
$
|
0.32
|
|
$
|
1.06
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding on diluted basis
|
|
|
35,577
|
|
|
37,082
|
|
|
36,397
|
|
|
36,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The non-GAAP income
tax provision represents cash taxes paid or payable for the period
after giving effect to the utilization of net operating
loss and tax credit
carryforwards.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The reconciliation
of GAAP basis net income (loss) to Adjusted EBITDA, and the
calculation of Adjusted EBITDA margin, are as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
February
28,
|
|
February
29,
|
|
February
28,
|
|
February
29,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis net income
(loss)
|
|
$
|
(3,486)
|
|
$
|
5,506
|
|
$
|
(7,151)
|
|
$
|
16,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
income
|
|
|
(582)
|
|
|
(1,448)
|
|
|
(1,691)
|
|
|
(1,871)
|
Interest
expense
|
|
|
2,519
|
|
|
2,415
|
|
|
9,896
|
|
|
7,595
|
GAAP basis income tax
provision (benefit)
|
|
|
(978)
|
|
|
(2,443)
|
|
|
(1,098)
|
|
|
4,572
|
Depreciation
expense
|
|
|
2,374
|
|
|
974
|
|
|
8,408
|
|
|
3,582
|
Intangible assets
amortization expense
|
|
|
3,858
|
|
|
1,664
|
|
|
15,061
|
|
|
6,626
|
Stock-based
compensation expense
|
|
|
2,164
|
|
|
1,643
|
|
|
7,833
|
|
|
5,854
|
Equity in net loss of
affiliate
|
|
|
280
|
|
|
503
|
|
|
1,284
|
|
|
829
|
Acquisition and
integration expenses
|
|
|
344
|
|
|
1,980
|
|
|
4,513
|
|
|
1,980
|
Non-cash cost of
sales on markup of LoJack inventory
|
|
|
20
|
|
|
-
|
|
|
4,339
|
|
|
-
|
Legal arbitration
expenses for LoJack battery claim
|
|
|
292
|
|
|
-
|
|
|
1,948
|
|
|
-
|
Litigation
provision
|
|
|
6,026
|
|
|
2,900
|
|
|
6,026
|
|
|
2,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
12,831
|
|
$
|
13,694
|
|
$
|
49,368
|
|
$
|
49,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
86,126
|
|
$
|
70,807
|
|
$
|
351,102
|
|
$
|
280,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
|
14.9%
|
|
|
19.3%
|
|
|
14.1%
|
|
|
17.5%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/calamp-reports-fourth-quarter-and-fiscal-year-2017-financial-results-300441308.html
SOURCE CalAmp