Revenue increases 17.9% year-over-year to
$203.4 million in the third quarter of 2018
Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported
results for its third quarter ending September 30, 2018. 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 had strong growth in revenue and adjusted EBITDA on a
year-over-year basis in the Third Quarter,” said Kent Thexton,
President and CEO. “We continued to strengthen our position as
the leader in Device-to-Cloud IoT solutions and our two highest
margin businesses - namely Enterprise Solutions and IoT Services -
increased to 27% of total revenue in Q3.”
Revenue for the third quarter of 2018 was $203.4 million, an
increase of 17.9%, compared to $172.6 million in the third quarter
of 2017. Product revenue was $179.4 million, up 11.1%
year-over-year, and Services and Other revenue was $24.0 million,
up 117.8% compared to the third quarter of 2017. Quarterly revenue
for the three business segments was as follows: (i) Revenue from
OEM Solutions was $148.3 million in the third quarter of 2018, up
7.6% compared to $137.9 million in the third quarter of 2017; (ii)
Revenue from Enterprise Solutions was $32.1 million in the third
quarter of 2018, up 22.0% compared to $26.3 million in the third
quarter of 2017; and (iii) Revenue from IoT Services was $23.0
million in the third quarter of 2018, up 172.8%, compared to $8.4
million in the third quarter of 2017 driven by the contribution
from Numerex and organic subscriber growth.
GAAP RESULTS
- Gross margin was $67.3 million, or
33.1% of revenue, in the third quarter of 2018 compared to $57.3
million, or 33.2% of revenue, in the third quarter of 2017.
- Operating expenses were $66.4 million
and earnings from operations was $0.9 million in the third quarter
of 2018 compared to operating expenses of $56.9 million and
earnings from operations of $0.4 million in the third quarter of
2017.
- Net loss was $1.0 million, or $0.03 per
diluted share, in the third quarter of 2018 compared to net
earnings of $1.4 million, or $0.04 per diluted share, in the third
quarter of 2017.
NON-GAAP RESULTS(1)
- Gross margin was 33.1% in the third
quarter of 2018 compared to 33.3% in the third quarter of
2017.
- Operating expenses were $56.5 million
and earnings from operations were $10.9 million in the third
quarter of 2018 compared to operating expenses of $47.9 million and
earnings from operations of $9.5 million in the third quarter of
2017.
- Net earnings were $10.5 million, or
$0.29 per diluted share, in the third quarter of 2018 compared to
net earnings of $7.7 million, or $0.24 per diluted share, in the
third quarter of 2017.
- Adjusted earnings before interest,
taxes, depreciation and amortization ("Adjusted EBITDA") were $16.0
million in the third quarter of 2018 compared to $13.2 million in
the third quarter of 2017.
(1) See "Non-GAAP Financial Measures" and "Reconciliation of
GAAP and Non-GAAP Results by Quarter" below.
Cash and cash equivalents at the end of the third quarter of
2018 were $67.5 million, representing a decrease of $5.9 million,
compared to the end of the second quarter of 2018. The decrease in
cash was primarily due to capital expenditures and repurchase of
common shares under our Normal Course Issuer Bid, partly offset by
cash provided by operating activities.
Chief Operating Officer Appointment
Jason Krause has been appointed Chief Operating Officer of the
company. In his new role, Jason will be responsible for all aspects
of Sierra Wireless product and services, including: product
portfolio strategy; product management; R&D supply chain;
quality; and global MNVO network and service operations. Prior to
his new position, Jason was Senior Vice President and General
Manager of the Enterprise Solutions business unit, and before that,
he was Senior Vice President of Marketing, Strategy, and Corporate
Development. Before joining Sierra Wireless in 2007, Jason worked
at the Boston Consulting Group and held marketing and engineering
roles at Altera Corporation. He has an MBA from the Rotman School
of Management at the University of Toronto and a BASc in
Electronics Engineering from Simon Fraser University.
Accounting Standard Adoption
We adopted the new accounting standard for revenue recognition
(ASC 606) effective January 1, 2018. Our third quarter 2018
financial results reflect the adoption of this new standard and
prior periods have been adjusted accordingly.
Financial Guidance
For the fourth quarter of 2018, we expect revenue to be in the
range of $200 million to $208 million and non-GAAP net earnings per
share to be in the range of $0.22 to $0.30. Included in this
guidance range for the fourth quarter is an estimated negative
impact of approximately $0.03 on earnings per share related to U.S.
tariffs on goods imported from China.
This non-GAAP guidance 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 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.
Non-GAAP gross margin excludes the impact of stock-based
compensation expense and related social taxes and certain other
nonrecurring costs or recoveries.
Non-GAAP earnings (loss) from operations includes allocation of
realized gains or losses on forward contracts and excludes the
impact of stock-based compensation expense and related social
taxes, acquisition-related amortization, acquisition-related and
integration costs, restructuring costs, impairment and certain
other nonrecurring costs or recoveries.
Non-GAAP income tax expense includes certain tax adjustments and
taxes on acquisition-related amortization, acquisition-related and
integration costs, restructuring costs, other non-recurring costs
and foreign exchange.
In addition to the above, Non-GAAP net earnings (loss) and
non-GAAP net earnings (loss) per share exclude the impact of
foreign exchange gains or losses on translation of certain balance
sheet accounts, foreign exchange gains or losses on forward
contracts 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 net earnings (loss) plus
stock-based compensation expense and related social taxes,
acquisition-related and integration costs, restructuring cost,
impairment, certain other nonrecurring costs or recoveries,
amortization, foreign exchange gains or losses on translation of
certain balance sheet accounts, unrealized foreign exchange gains
or losses on forward contracts, interest and income tax expense.
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.
Conference call and webcast details
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 on Thursday, November 8, 2018, 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: 5159508
To access the webcast, please follow the link below:
Sierra Wireless Q3 2018 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=1823236&s=1&k=E4170A61B49EA5F9B5C0F935576B42D2
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 fourth
quarter of 2018 and our fiscal year 2018, our business outlook for
the short and longer term, statements regarding our strategy, plans
and future operating performance; the Company’s liquidity and
capital resources; the Company’s financial and operating objectives
and strategies to achieve them; general economic conditions;
expectations regarding the acquisition of Numerex; estimates of our
expenses, future revenues, non-GAAP earnings per share 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 IoT
solutions; expectations regarding trends in the IoT market and
wireless module market; expectations regarding product and price
competition from other wireless device manufacturers and solution
providers; and our ability to implement effective control
procedures. 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", “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:
- 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 sales;
- expected component supply
constraints;
- our ability to win new business;
- our ability to integrate the business,
operations and workforce of Numerex and to return the Numerex
business to profitable growth and realize the expected benefits of
the acquisition;
- our ability to integrate other acquired
businesses and realize expected benefits;
- 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 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
competitors or from those with greater resources
- risks related to the acquisition and
ongoing integration of Numerex;
- disruption of, and demands on, our
ongoing business and diversion of management's time and attention
in connection with other acquisitions or divestitures;
- the loss of, or significant demand
fluctuations from, any of our significant customers;
- cyber-attacks or other breaches of our
information technology security;
- 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;
- risks related to the transmission, use
and disclosure of user data and personal information;
- our financial results being subject to
fluctuation;
- our ability to respond to changing
technology, industry standards and customer requirements;
- 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;
- our ability to enforce our intellectual
property rights;
- our reliance on single source suppliers
for certain components used in our products;
- our dependence on a limited number of
third party manufacturers;
- unanticipated costs associated with
litigation or settlements;
- our dependence on mobile network
operators to promote and offer acceptable wireless data
services;
- difficult or uncertain global economic
conditions;
- 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 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.
AirPrime, AirLink, AirVantage, mangOH and Legato 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)
Three months ended September 30,
Nine months ended September 30,
2018
2017 As adjusted (1)
2018
2017 As adjusted (1)
Revenue
Product
$ 179,390 $ 161,523
$
521,127 $ 476,093 Services and other
24,036 11,037
71,080 31,101
203,426 172,560
592,207 507,194
Cost of sales
Product
124,528 110,131
359,656 319,891 Services and
other
11,631 5,135
33,875 14,878
136,159 115,266
393,531 334,769
Gross
margin 67,267 57,294
198,676 172,425
Expenses Sales and marketing
21,743 17,975
66,234 54,699 Research and development
22,621 21,044
71,477 60,825 Administration
14,998 10,560
47,066 31,525 Restructuring
227 199
4,770 831
Acquisition-related and integration
570 2,077
3,349
3,403 Impairment
— —
— 3,668 Amortization
6,255 5,049
19,858 14,435
66,414 56,904
212,754 169,386
Earnings (loss) from
operations 853 390
(14,078 ) 3,039 Foreign
exchange gain (loss)
(159 ) 1,667
(3,092
) 6,283 Other income (loss)
7
32
70
29
Earnings (loss) before income taxes 701
2,089
(17,100 ) 9,351 Income tax expense
1,738 735
3,684 1,319
Net earnings (loss)
$ (1,037 ) $ 1,354
$ (20,784 )
$ 8,032 Other comprehensive earnings (loss): Foreign currency
translation adjustments, net of taxes of $nil
322 3,822
(6,919 ) 11,862
Comprehensive
earnings (loss) $ (715 )
$ 5,176
$ (27,703
) $ 19,894 Net earnings (loss) per
share (in dollars) Basic
$ (0.03 ) $ 0.04
$ (0.58 ) $ 0.25 Diluted
(0.03 )
0.04
(0.58 ) 0.25 Weighted average number of shares
outstanding (in thousands) Basic
36,085 32,200
36,007
32,093 Diluted
36,085
32,735
36,007
32,665
(1) Three and nine months ended September 30, 2017 have been
adjusted to reflect the adoption of ASC 606 - Revenue from
Contracts with Customers.
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except
where otherwise stated)
(unaudited)
September 30, 2018
December 31, 2017 As adjusted (1)
Assets Current assets Cash and cash
equivalents
$ 67,460 $ 65,003 Restricted cash
221 221
Accounts receivable, net of allowance for
doubtful accounts of $2,656(December 31, 2017 - $1,827)
173,285 173,054 Inventories
51,430 53,143 Prepaids
and other
12,205 8,221
304,601 299,642 Property and equipment
42,451 42,977
Intangible assets
91,743 108,599 Goodwill
213,663
218,516 Deferred income taxes
9,018 12,197 Other assets
12,824 12,713
$ 674,300 $ 694,644
Liabilities Current liabilities Accounts payable and accrued
liabilities
$ 173,739 $ 175,367 Deferred revenue
6,248
7,275
179,987 182,642 Long-term obligations
40,771 36,637 Deferred income taxes
6,866 7,845
227,624 227,124
Equity Shareholders’
equity Common stock: no par value; unlimited shares authorized;
issued and
outstanding: 36,047,933 shares (December
31, 2017 - 35,861,510 shares)
432,211 427,748 Preferred stock: no par value; unlimited
shares authorized;
issued and outstanding: nil shares
— — Treasury stock: at cost; 42,066 shares (December 31,
2017 – 222,639 shares)
(754 ) (3,216 ) Additional
paid-in capital
29,083 27,962 Retained earnings (deficit)
(4,469 ) 17,502 Accumulated other comprehensive loss
(9,395 ) (2,476 )
446,676 467,520
$
674,300 $ 694,644
(1) December 31, 2017 has been adjusted to reflect the adoption
of ASC 606 - Revenue from Contracts with Customers.
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands of U.S. dollars)
(unaudited)
Three months ended
September 30,
Nine months endedSeptember 30,
2018
2017 As adjusted (1)
2018
2017 As adjusted (1)
Cash flows provided by (used in):
Operating activities Net
earnings (loss)
$ (1,037 ) $ 1,354
$
(20,784 ) $ 8,032 Items not requiring (providing)
cash Amortization
9,483 7,548
29,842 21,739
Stock-based compensation
3,266 2,769
10,317 7,472
Deferred income taxes
1,378 (11 )
2,460 (1,268 )
Impairment
— —
— 3,668 Unrealized foreign exchange
loss (gain)
653 (2,202 )
4,978 (8,046 ) Other
(348 ) (43 )
221 (225 ) Changes in non-cash
working capital Accounts receivable
(5,070 ) (12,751
)
(6,762 ) (23 ) Inventories
2,114 9,047
1,325 (14,193 ) Prepaids and other
1,396 (367 )
(4,322 ) (5,192 ) Accounts payable and accrued
liabilities
(9,401 ) (17,039 )
9,025 (24,869 )
Deferred revenue
193 (349
)
(1,496 )
(1,561 ) Cash flows provided by (used in) operating activities
2,627 (12,044 )
24,804 (14,466 )
Investing activities Additions to property and equipment
(4,789 ) (2,939 )
(13,788 ) (10,879 )
Additions to intangible assets
(307 ) (288 )
(1,793 ) (1,385 ) Proceeds from sale of property and
equipment
14 —
76 27 Acquisition of GNSS business
— —
— (3,145 ) Cash flows
used in investing activities
(5,082 )
(3,227 )
(15,505 )
(15,382 )
Financing activities Issuance
of common shares
1,257 363
2,535 5,285 Repurchase of
common shares for cancellation
(3,120 ) —
(3,120 ) (2,779 ) Purchase of treasury shares for RSU
distribution
(1,085 ) —
(1,085 ) —
Taxes paid related to net settlement of equity awards
(334
) (7 )
(1,788 ) (1,096 ) Payment for
contingent consideration
— (161 )
(130 )
(1,397 ) Decrease in other long-term obligations
(68 ) (106 )
(511 ) (340 ) Cash flows
provided by (used in) financing activities
(3,350 ) 89
(4,099 ) (327 ) Effect of
foreign exchange rate changes on cash and cash equivalents
(146 ) 376
(2,743 ) 1,609
Cash, cash equivalents and restricted cash, increase (decrease) in
the period
(5,951 ) (14,806 )
2,457 (28,566 )
Cash, cash equivalents and restricted cash, beginning of period
73,632 89,012
65,224
102,772
Cash, cash equivalents and restricted cash, end
of period $ 67,681
$ 74,206
$ 67,681
$ 74,206
(1) Three and nine months ended September 30, 2017 have been
adjusted to reflect the adoption of ASC 606 - Revenue from
Contracts with Customers.
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP
RESULTS BY QUARTER
(in thousands of U.S. dollars, except where otherwise
stated)
2018 2017
(1) Q3 Q2
Q1 Total Q4
Q3 Q2
Q1
Gross margin - GAAP $ 67,267 $
69,309 $ 62,100 $ 234,239 $ 61,814 $ 57,294 $ 59,636 $ 55,495
Stock-based compensation and related social taxes 57 57 307 461 122
123 108 108 Realized gains (losses) on hedge contracts (11 )
— (6 ) 23
11 12 —
—
Gross margin - Non-GAAP $ 67,313 $
69,366 $ 62,401 $ 234,723 $ 61,947 $ 57,429 $ 59,744 $ 55,603
Earnings (loss) from operations - GAAP $ 853 $ (5,055
) $ (9,876 ) $ 100 $ (2,939 ) $ 390 $ 3,994 $ (1,345 ) Stock-based
compensation and related social taxes 3,473 3,950 2,840 10,374
2,869 2,780 2,577 2,148 Acquisition-related and integration 570
1,014 1,765 8,195 4,792 2,077 875 451 Restructuring 227 952 3,591
1,076 245 199 259 373 Other nonrecurring costs 1,583 5,141 — 318 —
— 42 276 Realized gains (losses) on hedge contracts (201 ) (14 )
(51 ) 419 209 210 — — Impairment — — — 3,668 — — — 3,668
Acquisition-related amortization 4,354 4,426
5,534 15,486
4,306 3,845
3,694 3,641
Earnings from operations
- Non-GAAP $ 10,859 $ 10,414 $ 3,803 $ 39,636 $ 9,482 $ 9,501 $
11,441 $ 9,212
Net earnings (loss) - GAAP $ (1,037 )
$ (11,384 ) $ (8,363 ) $ 4,518 $ (3,514 ) $ 1,354 $ 6,770 $ (92 )
Stock-based compensation and related social taxes, restructuring,
impairment, acquisition-related, integration and other nonrecurring
costs (recoveries) 5,853 11,057 8,196 23,631 7,906 5,056 3,753
6,916 Amortization 9,483 9,651 10,708 30,503 8,764 7,548 7,194
6,997 Interest and other, net (7 ) (8 ) (55 ) (67 ) (38 ) (32 ) 12
(9 ) Foreign exchange loss (gain) (42 ) 4,034 (1,166 ) (7,131 )
(1,058 ) (1,457 ) (3,517 ) (1,099 ) Income tax expense (recovery)
1,738 2,289 (343 )
3,199 1,880 735
729 (145 )
Adjusted
EBITDA 15,988 15,639 8,977 54,653 13,940 13,204 14,941 12,568
Amortization (exclude acquisition-related amortization) (5,129 )
(5,225 ) (5,174 ) (15,017 ) (4,458 ) (3,703 ) (3,500 ) (3,356 )
Interest and other, net 7 8 55 67 38 32 (12 ) 9 Income tax expense
- Non-GAAP (352 ) (769 ) (564 )
(5,184 ) (312 ) (1,816 )
(1,615 ) (1,441 )
Net earnings -
Non-GAAP $ 10,514 $ 9,653 $ 3,294 $ 34,519 $ 9,208 $ 7,717 $
9,814 $ 7,780
Diluted net earnings (loss) per share
GAAP - (in dollars per share) $ (0.03 ) $ (0.32 ) $ (0.23 ) $ 0.14
$ (0.11 ) $ 0.04 $ 0.21 $ — Non-GAAP - (in dollars per share)
$ 0.29 $ 0.27
$ 0.09 $ 1.05 $
0.28 $ 0.24 $ 0.30
$ 0.24
(1) 2017 has been adjusted to reflect the adoption of ASC 606 -
Revenue from Contracts with Customers.
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars, except where otherwise
stated)
2018 2017
(1) Q3 Q2
Q1 Total Q4
Q3 Q2
Q1
OEM Solutions Revenue $ 148,356
$ 150,939 $ 135,211 $ 554,537 $ 139,795 $ 137,850 $ 144,467 $
132,425 Gross margin - GAAP $ 40,503 $ 45,857 $ 38,924 $ 170,307 $
41,453 $ 40,680 $ 46,262 $ 41,912 - Non-GAAP $ 40,536 $ 45,900 $
39,142 $ 170,694 $ 41,554 $ 40,787 $ 46,352 $ 42,001 Gross margin %
- GAAP 27.3 % 30.4 % 28.8 % 30.7 % 29.7 % 29.5 % 32.0 % 31.6 % -
Non-GAAP 27.3 % 30.4 % 28.9 % 30.8 % 29.7 % 29.6 % 32.1 % 31.7 %
Enterprise Solutions Revenue $ 32,068 $ 28,402 $
29,200 $ 101,535 $ 31,879 $ 26,277 $ 21,661 $ 21,718 Gross margin -
GAAP $ 17,318 $ 14,184 $ 14,028 $ 48,521 $ 15,129 $ 12,631 $ 10,276
$ 10,485 - Non-GAAP $ 17,325 $ 14,192 $ 14,075 $ 48,593 $ 15,152 $
12,652 $ 10,289 $ 10,500 Gross margin % - GAAP 54.0 % 49.9 % 48.0 %
47.8 % 47.5 % 48.1 % 47.4 % 48.3 % - Non-GAAP 54.0 % 50.0 % 48.2 %
47.9 % 47.5 % 48.1 % 47.5 % 48.3 %
IoT Services
Revenue $ 23,002 $ 22,562 $ 22,467 $ 34,655 $ 11,859 $ 8,433 $
7,288 $ 7,075 Gross margin - GAAP $ 9,446 $ 9,268 $ 9,148 $ 15,411
$ 5,232 $ 3,983 $ 3,098 $ 3,098 - Non-GAAP $ 9,452 $ 9,274 $ 9,184
$ 15,436 $ 5,241 $ 3,990 $ 3,103 $ 3,102 Gross margin % - GAAP 41.1
% 41.1 % 40.7 % 44.5 % 44.1 % 47.2 % 42.5 % 43.8 % - Non-GAAP 41.1
% 41.1 % 40.9 % 44.5 % 44.2 % 47.3 % 42.6 % 43.8 %
Total Revenue $ 203,426 $ 201,903 $ 186,878 $ 690,727 $
183,533 $ 172,560 $ 173,416 $ 161,218 Gross margin - GAAP $ 67,267
$ 69,309 $ 62,100 $ 234,239 $ 61,814 $ 57,294 $ 59,636 $ 55,495 -
Non-GAAP $ 67,313 $ 69,366 $ 62,401 $ 234,723 $ 61,947 $ 57,429 $
59,744 $ 55,603 Gross margin % - GAAP 33.1 % 34.3 % 33.2 % 33.9 %
33.7 % 33.2 % 34.4 % 34.4 % - Non-GAAP 33.1 %
34.4 % 33.4 % 34.0 %
33.8 % 33.3 % 34.5 %
34.5 %
(1) 2017 has been adjusted to reflect the adoption of ASC 606 -
Revenue from Contracts with Customers.
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Sierra Wireless, Inc.Investor and Media
Contact:David Climie, +1 (604) 231-1137Vice President, Investor
Relationsdclimie@sierrawireless.comorInvestor Contact:David
G. McLennan, +1 (604) 231-1181Chief Financial
Officerinvestor@sierrawireless.com
Sierra Wireless (TSX:SW)
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