|By Business Wire||
|May 1, 2014 04:31 PM EDT||
Sierra Wireless, Inc. (NASDAQ:SWIR) (TSX:SW):
First Quarter 2014 highlights from continuing operations
- Record revenue of $121.2 million, an increase of 19.5% compared with Q1 2013
- Adjusted EBITDA of $4.1 million compared with $1.8 million in Q1 2013
- Non-GAAP earnings from operations of $0.7 million compared with a non-GAAP loss from operations of $1.4 million in Q1 2013
Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its first quarter ending March 31, 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.
“We achieved record revenue in the first quarter and also completed the acquisition of In Motion Technology. I believe we are well positioned for continued revenue growth and improving profitability in the second quarter and beyond,” said Jason Cohenour, President and Chief Executive Officer. “We continue to focus on driving profitable organic growth in M2M devices and cloud services, while pursuing additional strategic acquisitions.”
Revenue for the first quarter of 2014 was $121.2 million, an increase of 19.5% compared to $101.4 million in the first quarter of 2013, and an increase of 2.2% compared to $118.6 million in the fourth quarter of 2013. Revenue from OEM Solutions was $106.2 million in the first quarter of 2014, up 19.0% compared to $89.2 million in the first quarter of 2013. Revenue from Enterprise Solutions was $15.0 million (including $1.3 million contribution from In Motion Technology) in the first quarter of 2014, up 23.3% compared to $12.2 million in the first quarter of 2013.
- Gross margin was $38.6 million, or 31.9% of revenue, in the first quarter of 2014, compared to $33.4 million, or 32.9% of revenue, in the first quarter of 2013.
- Operating expenses were $45.3 million and loss from operations was $6.7 million in the first quarter of 2014, compared to operating expenses of $40.3 million and a loss from operations of $6.9 million in the first quarter of 2013.
- Net loss from continuing operations was $4.0 million, or $0.13 per diluted share, in the first quarter of 2014, compared to a net loss from continuing operations of $7.9 million, or $0.26 per diluted share, in the first quarter of 2013.
- Gross margin was 32.0% in the first quarter of 2014, compared to 33.0% in the first quarter of 2013.
- Operating expenses were $38.0 million and earnings from operations were $0.7 million in the first quarter of 2014, compared to operating expenses of $34.9 million and a loss from operations of $1.4 million in the first quarter of 2013.
- Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") were $4.1 million in the first quarter of 2014, compared to $1.8 million in the first quarter of 2013.
- Net earnings from continuing operations were $0.5 million, or $0.02 per diluted share, in the first quarter of 2014, compared to a net loss from continuing operations of $0.7 million, or $0.02 per diluted share, in the first quarter of 2013.
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.
The Company provides the following guidance for continuing operations for the second quarter of 2014.
In the second quarter of 2014 we expect revenue to increase sequentially and on a year-over-year basis, driven by organic growth as well as the addition of revenue for a full quarter from In Motion Technology. We expect gross margin percentage to improve slightly from the first quarter of 2014 and operating expenses to increase, primarily reflecting the addition of In Motion Technology expenses for a full quarter.
|Q2 2014 Guidance||
|Revenue||$128.0 to $131.0 million|
|Earnings from operations||$2.7 to $3.5 million|
|Net earnings||$1.9 to $2.5 million|
|Earnings per share||$0.06 to $0.08 per share|
This non-GAAP guidance for the second 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, May 1, 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: 15895706
For those unable to participate in the live call, a replay will be available until June 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:
If the above link does not work, please copy and paste the following URL into your browser:
The webcast will remain available at the above link for one year following the call.
To access a full copy of our Q1 2014 earnings release, please follow the link below:
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 second 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.
- 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;
- 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 LOSS
(In thousands of U.S. dollars, except where otherwise stated)
|Three months ended March 31,|
|Cost of goods sold||82,566||68,023|
|Sales and marketing||12,366||10,356|
|Research and development||20,017||18,363|
|Loss from operations||(6,672||)||(6,884||)|
|Foreign exchange gain (loss)||392||(2,370||)|
|Other income (expense)||26||(132||)|
|Loss before income taxes||(6,254||)||(9,386||)|
|Income tax recovery||2,249||1,448|
|Net loss from continuing operations||(4,005||)||(7,938||)|
|Net earnings from discontinued operations||—||1,863|
|Other comprehensive income (loss):|
|Foreign currency translation adjustments, net of taxes of $nil||20||(904||)|
Basic and diluted net earnings (loss) per share attributable to
|Weighted average number of shares outstanding (in thousands)|
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
|March 31, 2014||December 31, 2013|
|Cash and cash equivalents||$||151,339||$||177,416|
Accounts receivable, net of allowance for doubtful accounts of
|Deferred income taxes||2,393||2,391|
|Prepaids and other||23,965||28,741|
|Property and equipment||21,076||21,982|
|Deferred income taxes||4,208||7,176|
|Accounts payable and accrued liabilities||$||111,015||$||124,846|
|Deferred revenue and credits||4,155||2,481|
|Deferred income taxes||505||127|
Common stock: no par value; unlimited shares authorized; issued and
Preferred stock: no par value; unlimited shares authorized;
Treasury stock: at cost 81,475 shares (December 31, 2013 – 507,147 shares)
|Additional paid-in capital||21,813||25,996|
|Accumulated other comprehensive loss||(6,838||)||(6,858||)|
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
|Three months ended March 31,|
|Cash flows provided by (used in):|
Items not requiring (providing) cash
|Deferred income taxes||2,966||(31||)|
|Gain on disposal of property and equipment||(14||)||—|
|Impairment of assets related to discontinued operations||—||1,004|
|Taxes paid related to net settlement of equity awards||(501||)||(250||)|
|Changes in non-cash working capital|
|Prepaid expenses and other||5,098||(9,044||)|
|Accounts payable and accrued liabilities||(17,238||)||(3,079||)|
|Deferred revenue and credits||52||28|
|Cash flows used in operating activities||(3,895||)||(5,547||)|
|Additions to property and equipment||(1,430||)||(2,199||)|
|Proceeds from sale of property and equipment||37||11|
|Increase in intangible assets||(527||)||(659||)|
|Acquisition of In Motion Technology, net of cash acquired||(22,578||)||—|
|Net change in short-term investments||2,470||—|
|Increase in other assets||(2,748||)||—|
Cash flows used in investing activities
|Issuance of common shares||2,725||2,104|
|Repurchase of common shares for cancellation||—||(1,377||)|
|Decrease in other long-term obligations||(112||)||(627||)|
Cash flows provided by financing activities
|Effect of foreign exchange rate changes on cash and cash equivalents||(19||)||571|
|Cash and cash equivalents, decrease in the period||(26,077||)||(7,723||)|
|Cash and cash equivalents, beginning of period||177,416||63,646|
|Cash and cash equivalents, end of period||$||151,339||$||55,923|
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|(in thousands of U.S. dollars, except where otherwise stated)|
|Gross margin - GAAP||$||38,597||$||145,641||$||38,443||$||37,346||$||36,474||$||33,378|
|Stock-based compensation and related social taxes||160||406||119||117||95||75|
|Gross margin - Non-GAAP||$||38,757||$||146,047||$||38,562||$||37,463||$||36,569||$||33,453|
|Loss from operations - GAAP||$||(6,672||)||$||(17,664||)||$||(3,547||)||$||(3,301||)||$||(3,932||)||$||(6,884||)|
|Stock-based compensation and related social taxes||3,304||7,990||2,177||2,145||2,013||1,655|
|Impairment of an asset in R&D||—||280||—||—||—||280|
|Acquisition related amortization||3,118||13,741||3,580||3,405||3,363||3,393|
|Earnings (loss) from operations - Non-GAAP||$||720||$||5,053||$||2,593||$||2,402||$||1,470||$||(1,412||)|
|Amortization (excluding acquisition related amortization)||3,365||13,649||3,566||3,468||3,403||3,212|
|Net earnings (loss) from continuing operations - GAAP||$||(4,005||)||$||(15,550||)||$||(1,945||)||$||1,075||$||(6,742||)||$||(7,938||)|
Stock-based compensation and related social taxes,
|Unrealized foreign exchange loss (gain)||(382||)||(3,912||)||(1,970||)||(2,457||)||(1,359||)||1,874|
|Income tax adjustments||(2,519||)||3,784||925||(895||)||3,754||—|
|Net earnings (loss) from continuing operations - Non-GAAP||$||483||$||6,942||$||3,122||$||3,483||$||1,046||$||(709||)|
|Net earnings (loss) from discontinued operations – GAAP||$||—||$||70,588||$||1,078||$||(505||)||$||68,152||$||1,863|
|Stock-based compensation and disposition costs||—||4,014||3||1,402||876||1,733|
|Gain on sale of AirCard business||—||(70,182||)||(1,056||)||(49||)||(69,077||)||—|
|Net earnings (loss) from discontinued operations - Non-GAAP||$||—||$||4,420||$||25||$||848||$||(49||)||$||3,596|
|Net earnings (loss) - GAAP||$||(4,005||)||$||55,038||$||(867||)||$||570||$||61,410||$||(6,075||)|
|Net earnings (loss) - Non-GAAP||483||11,362||3,147||4,331||997||2,887|
|Diluted earnings (loss) from continuing operations per share|
|GAAP - (in dollars)||$||(0.13||)||$||(0.50||)||$||(0.06||)||$||0.03||$||(0.22||)||$||(0.26||)|
|Non-GAAP - (in dollars)||$||0.02||$||0.23||$||0.10||$||0.11||$||0.03||$||(0.02||)|
|Net earnings (loss) per share - diluted|
|GAAP - (in dollars)||$||(0.13||)||$||1.79||$||(0.03||)||$||0.02||$||2.00||$||(0.20||)|
|Non-GAAP - (in dollars)||$||0.02||$||0.37||$||0.10||$||0.14||$||0.03||$||0.09|
SIERRA WIRELESS, INC.
(In thousands of U.S. dollars, except where otherwise stated)
|Cost of goods sold||75,634||266,867||72,336||66,395||65,514||62,622|
|Gross margin %||28.8%||30.1%||29.0%||30.7%||31.1%||29.8%|
|Cost of goods sold||6,932||29,352||7,829||8,521||7,601||5,401|
|Gross margin %||53.8%||51.0%||53.3%||48.1%||47.6%||55.6%|
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