Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) (the "Company",
"Sierra Wireless", "we", "us", or "our") reported results for its
third quarter of 2021. All results are reported in U.S. dollars and
are prepared in accordance with U.S. generally accepted accounting
principles ("U.S. GAAP" or "GAAP"), except as otherwise indicated
below.
Revenue in the third quarter of 2021 was $82.5 million compared
to $113.4 million in the third quarter of 2020. The decrease in
revenue was due to the reduction in hardware sales due to
manufacturing capacity constraints in Vietnam as a result of
COVID-19 related restrictions.
Quarterly revenue for our two business segments was as
follows:
(i)
Revenue from IoT Solutions was $53.7
million compared to $79.3 million in the third quarter of 2020. The
decrease in revenue was due to the previously discussed
manufacturing capacity constraints.
(ii)
Revenue from Enterprise Solutions was
$28.8 million compared to $34.0 million in the third quarter of
2020. The decrease was due to the reduction in hardware sales of
Enterprise gateways due to the previously discussed manufacturing
capacity constraints.
“We continue to experience very strong customer demand, and we
had record backlog at the end of the Third Quarter,” said Phil
Brace, President and CEO of Sierra Wireless. "The manufacturing
capacity constraints we experienced in Q3 are improving in the
current quarter but we are still facing the industry-wide tight
supply for parts and components. I would like to thank our
customers, suppliers and employees as we collectively work through
the current environment."
Product revenue decreased 43.5% year-over-year to $47.2 million,
representing 57.3% of consolidated revenue in the quarter.
Connectivity, software, and services revenue increased 18.2%
year-over-year to $35.2 million, representing 42.7% of consolidated
revenue. Monthly recurring revenue ("MRR"1) was $11.5 million in
September, a year-over-year increase of 21.1%.
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 and nine months ended September 30, 2021 and 2020.
Non-U.S. GAAP financial measures referred to in this news
release are labeled as a "non-GAAP measure" or are 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 U.S. GAAP financial
measures.
__________________
1 MRR is defined as the monthly
subscription revenue including usage fees from current subscribers.
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.
Third Quarter 2021 Financial Highlights
- Gross margin was 29.3% in the third quarter of 2021 compared to
34.8% in the third quarter of 2020. The decrease was primarily
impacted by fixed costs spread over lower production volumes due to
previously discussed manufacturing capacity constraints, increased
component costs, and certain non-recurring COVID-19 costs in
Vietnam.
- IoT Solutions gross margin was 19.9% in the third quarter of
2021 compared to 28.5% in the third quarter of 2020, and Enterprise
Solutions gross margin was 46.8% in the third quarter of 2021
compared to 49.6% in the third quarter of 2020.
- Operating expenses were $61.4 million in the third quarter of
2021 compared to $57.2 million in the third quarter of 2020. The
increase was primarily due to an $11.5 million impairment charge
related to the intangible assets of Maingate that was acquired in
2015 in Sweden. Excluding this impairment, our operating expenses
in the third quarter of 2021 decreased compared to the third
quarter of 2020.
- Net loss from continuing operations was $38.4 million in the
third quarter of 2021 compared to $14.5 million in the third
quarter of 2020 due to lower revenue, lower gross margin, and
impairment expense.
- Adjusted net loss from continuing operations* was $20.7
million, or loss of $0.56 per share, in the third quarter of 2021
compared to $11.7 million, or loss of $0.32 per share, in the third
quarter of 2020.
- Adjusted EBITDA* loss was $15.0 million in the third quarter of
2021 compared to a loss of $7.1 million in the third quarter of
2020.
- Long-term debt was $9.9 million as at September 30, 2021
compared to nil as at June 30, 2021.
Cash Position
Cash and cash equivalents and restricted cash at the end of the
third quarter of 2021 were $75.5 million compared to $118.5 million
at the end of the second quarter of 2021, a decrease of $42.9
million. The decrease in cash was primarily driven by the impact of
the previously discussed manufacturing capacity constraints and our
continued investment in inventory, partially offset by new
financing of $9.9 million from attractive long-term debt.
Financial Guidance
The impact of the COVID-19 pandemic on our global business
continues to remain uncertain. While we continue to experience and
evaluate the effects 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
fourth quarter of 2021 and beyond cannot be reasonably estimated at
this time.
Demand for our products remains very strong. While our
manufacturing capacity is expected to improve in the fourth quarter
and we expect to build and ship more modules and gateways, the
ongoing potential impact of COVID-19 and tight supply chain makes
for an uncertain operating environment. Given this landscape and
potential risks and uncertainties we are providing guidance range
for revenue in the fourth quarter of $120 million to $135
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.
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, foreign exchange gains or losses on forward
contracts, and certain tax adjustments.
Adjusted EBITDA* from continuing operations 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 third quarter ended September 30, 2021 on
Tuesday November 9, 2021, at 6:00 PM Eastern time (3:00 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: 8888166
Conference call and webcast details are available at the
following link: Sierra Wireless Q3 2021 Conference Call and
Webcast
If the above link does not work, copy and paste the following
URL into your browser:
https://onlinexperiences.com/Launch/QReg/ShowUUID=E03B257F-D00D-4490-A838-C224F22947FA
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 fourth quarter fiscal 2021 guidance; 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;
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 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. 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 expect as required by applicable securities laws.
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:
- new management changes;
- 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;
- logistical 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 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 further
ransomware or cyber security attacks;
- 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 capital, if required;
- competition from new or established competitors or from those
with greater resources;
- our reliance on single source 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 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 LOSS
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
Three months ended September
30,
Nine months ended September
30,
2021
2020
2021
2020
Revenue
IoT Solutions
$
53,657
$
79,345
$
218,544
$
225,356
Enterprise Solutions
28,793
34,026
104,753
102,754
82,450
113,371
323,297
328,110
Cost of sales
IoT Solutions
42,981
56,757
161,357
161,553
Enterprise Solutions
15,320
17,162
53,833
51,172
58,301
73,919
215,190
212,725
Gross margin
24,149
39,452
108,107
115,385
Expenses
Sales and marketing
18,574
20,072
59,818
64,818
Research and development
16,238
17,699
50,652
61,151
Administration
10,410
11,199
37,534
35,111
Restructuring
369
3,089
4,663
3,940
Acquisition-related and integration
(26)
140
255
325
Impairment
11,544
—
11,544
—
Amortization
4,294
5,040
13,307
15,755
61,403
57,239
177,773
181,100
Loss from operations
(37,254)
(17,787)
(69,666)
(65,715)
Foreign exchange (loss) gain
(2,601)
3,659
(5,717)
4,269
Other expense
(463)
(988)
(2,352)
(1,463)
Loss before income taxes
(40,318)
(15,116)
(77,735)
(62,909)
Income tax recovery
(1,912)
(633)
(755)
(3,925)
Net loss from continuing
operations
$
(38,406)
$
(14,483)
$
(76,980)
$
(58,984)
Net earnings (loss) from discontinued
operations
459
2,456
(778)
8,687
Net loss
$
(37,947)
$
(12,027)
$
(77,758)
$
(50,297)
Other comprehensive income (loss):
Foreign currency translation adjustments,
net of taxes of $nil
(960)
2,670
(2,627)
2,122
Comprehensive loss
$
(38,907)
$
(9,357)
$
(80,385)
$
(48,175)
Basic and diluted net earnings (loss) per
share (in dollars)
Continuing operations
$
(1.03)
$
(0.40)
$
(2.08)
$
(1.62)
Discontinued operations
0.01
0.07
(0.02)
0.24
$
(1.02)
$
(0.33)
$
(2.10)
$
(1.38)
Weighted average number of shares
outstanding
(in thousands)
Basic
37,196
36,417
36,976
36,345
Diluted
37,196
36,417
36,976
36,345
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars,
except where otherwise stated) (unaudited)
September 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
72,346
$
160,560
Restricted cash
3,193
10,864
Accounts receivable
52,457
68,575
Inventories
71,191
32,815
Prepaids and other
26,003
11,933
225,190
284,747
Property and equipment, net
31,945
31,412
Operating lease right-of-use assets
15,849
20,068
Intangible assets, net
57,355
78,081
Goodwill
169,619
175,545
Deferred income taxes
1,072
1,135
Other assets
8,103
10,383
$
509,133
$
601,371
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
137,750
162,138
Deferred revenue
10,671
9,862
Current portion of long-term debt
246
—
148,667
172,000
Long-term obligations
42,534
45,646
Operating lease liabilities
15,457
17,054
Long-term debt
9,662
—
Deferred income taxes
7,340
10,258
223,660
244,958
Equity
Shareholders’ equity
Common stock: no par value; unlimited
shares authorized; issued and outstanding: 37,238,177 shares
(December 31, 2020 - 36,619,439 shares)
452,350
441,999
Preferred stock: no par value; unlimited
shares authorized;
issued and outstanding: nil shares
—
—
Treasury stock: at cost; 8,542 shares
(December 31, 2020 – 46,505 shares)
(136)
(542)
Additional paid-in capital
50,557
49,489
Retained deficit
(209,091)
(128,953)
Accumulated other comprehensive loss
(8,207)
(5,580)
285,473
356,413
$
509,133
$
601,371
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S.
dollars) (unaudited)
Three months ended September
30,
Nine months ended September
30,
2021
2020
2021
2020
Cash flows provided by (used
in):
Operating activities
Net loss
$
(37,947)
$
(12,027)
$
(77,758)
$
(50,297)
Items not requiring (providing) cash
Amortization
7,208
8,269
21,783
25,292
Stock-based compensation
1,767
5,667
14,004
12,125
Deferred income tax (recovery) expense
(2,378)
153
(2,381)
144
Impairment
11,544
—
11,544
—
Unrealized foreign exchange loss
(gain)
2,841
(4,278)
7,002
(3,917)
Other
(45)
54
292
(153)
Changes in non-cash working capital
Accounts receivable
22,049
(27,524)
14,853
(1,236)
Inventories
(24,375)
9,330
(38,610)
(2,225)
Prepaids and other
(928)
8,273
(12,012)
2,614
Accounts payable and accrued
liabilities
(28,532)
4,589
(23,037)
10,622
Deferred revenue
348
(188)
744
(1,404)
Cash flows used in operating
activities
(48,448)
(7,682)
(83,576)
(8,435)
Investing activities
Additions to property and equipment
(3,187)
(2,416)
(11,868)
(12,143)
Additions to intangible assets
(1,139)
(503)
(4,061)
(1,974)
Proceeds from sale of property and
equipment
51
28
90
252
Acquisition of M2M Group, net of cash
acquired
—
—
—
(18,391)
Acquisition of M2M New Zealand, net of
cash acquired
—
—
(319)
—
Cash flows used in investing
activities
(4,275)
(2,891)
(16,158)
(32,256)
Financing activities
Issuance of common shares, net of issuance
cost
481
883
4,082
883
Purchase of treasury shares for RSU
distribution
(111)
(544)
(7,574)
(764)
Taxes paid related to net settlement of
equity awards
—
(565)
(1,057)
(1,191)
Decrease in other long-term
obligations
(73)
(47)
(175)
(234)
Proceeds from short-term borrowings
—
10,000
—
25,000
Proceeds from long-term debt
9,908
9,383
9,908
9,383
Cash flows provided by financing
activities
10,205
19,110
5,184
33,077
Effect of foreign exchange rate changes on
cash and cash equivalents
(429)
978
(1,335)
503
Cash, cash equivalents and restricted
cash, (decrease) increase in the period
(42,947)
9,515
(95,885)
(7,111)
Cash, cash equivalents and restricted
cash, beginning of period
118,486
62,457
171,424
79,083
Cash, cash equivalents and restricted
cash, end of period
$
75,539
$
71,972
$
75,539
$
71,972
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER
(in thousands of U.S. dollars, except
where otherwise stated)
2021
2020
2019
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Net loss from continuing operations -
GAAP
$
(38,406)
$
(10,036)
$
(28,538)
$
(11,167)
$
(14,483)
$
(17,291)
$
(27,210)
$
(15,316)
Stock-based compensation and related
social taxes
1,820
3,807
7,928
6,461
5,085
3,256
3,200
1,773
Phantom RSU (recovery) expense
(69)
569
206
691
261
141
74
35
Restructuring
369
1,720
2,574
4,800
3,089
245
606
2,251
Acquisition-related and integration
(26)
72
209
115
140
185
—
274
COVID-19 government relief
(168)
(1,016)
(2,049)
(954)
(6,298)
—
—
—
CEO retirement/search
42
400
1,655
—
—
—
—
—
Impairment
11,544
—
—
—
—
—
—
877
Ransomware incident
271
1,135
533
—
—
—
—
—
COVID-19 factory constraint incremental
costs
1,135
—
—
—
—
—
—
—
Other non-recurring costs
349
521
299
330
299
152
87
795
Amortization
7,208
7,267
7,308
7,054
8,030
7,823
7,726
7,849
Interest and other expense, net
192
111
110
564
988
283
192
111
Foreign exchange loss (gain), net of
realized gain/loss on hedge contracts
2,693
(821)
4,816
(2,804)
(3,572)
(3,955)
2,836
(1,580)
Income tax (recovery) expense
(1,912)
605
552
(7,984)
(633)
427
(3,719)
(262)
Adjusted EBITDA*
$
(14,958)
$
4,334
$
(4,397)
$
(2,894)
$
(7,094)
$
(8,734)
$
(16,208)
$
(3,193)
Net loss from continuing operations -
GAAP
$
(38,406)
$
(10,036)
$
(28,538)
$
(11,167)
$
(14,483)
$
(17,291)
$
(27,210)
$
(15,316)
Stock-based compensation and related
social taxes
1,820
3,807
7,928
6,461
5,085
3,256
3,200
1,773
Phantom RSU (recovery) expense
(69)
569
206
691
261
141
74
35
Restructuring
369
1,720
2,574
4,800
3,089
245
606
2,251
Acquisition-related and integration
(26)
72
209
115
140
185
—
274
COVID-19 government relief
(168)
(1,016)
(2,049)
(954)
(6,298)
—
—
—
CEO retirement/search
42
400
1,655
—
—
—
—
—
Impairment
11,544
—
—
—
—
—
—
877
Ransomware incident
271
1,135
533
—
—
—
—
—
COVID-19 factory constraint incremental
costs
1,135
—
—
—
—
—
—
—
Other non-recurring costs
349
521
299
330
299
152
87
795
Acquisition-related amortization
2,776
2,890
3,135
3,306
3,555
3,886
3,889
3,593
Foreign exchange loss (gain), net of
realized gain/loss on hedge contracts
2,693
(821)
4,816
(2,804)
(3,572)
(3,955)
2,836
(1,580)
Income tax (recovery) expense
adjustment
(3,008)
(357)
(393)
(7,784)
200
358
(2,696)
415
Adjusted loss from continuing
operations*
$
(20,678)
$
(1,116)
$
(9,625)
$
(7,006)
$
(11,724)
$
(13,023)
$
(19,214)
$
(6,883)
Weighted average number of shares (in
thousands) - basic and diluted
37,196
36,992
36,736
36,534
36,417
36,341
36,277
36,222
Basic and diluted adjusted net loss per
share from continuing operations (in dollars)*
$
(0.56)
$
(0.03)
$
(0.26)
$
(0.19)
$
(0.32)
$
(0.36)
$
(0.53)
$
(0.19)
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars, except
where otherwise indicated)
2021
2020(1)
Q3
Q2
Q1
Total
Q4
Q3
Q2
Q1
IoT Solutions (New)
Revenue
$
53,657
$
90,309
$
74,578
$
306,917
$
81,561
$
79,345
$
77,629
$
68,382
Gross margin
$
10,676
$
24,425
$
22,086
$
87,146
$
23,343
$
22,588
$
23,030
$
18,185
Gross margin %
19.9
%
27.0
%
29.6
%
28.4
%
28.6
%
28.5
%
29.7
%
26.6
%
Enterprise Solutions
Revenue
$
28,793
$
42,476
$
33,484
$
141,671
$
38,917
$
34,026
$
34,089
$
34,639
Gross margin
$
13,473
$
21,806
$
15,641
$
71,605
$
20,023
$
16,864
$
17,978
$
16,740
Gross margin %
46.8
%
51.3
%
46.7
%
50.5
%
51.5
%
49.6
%
52.7
%
48.3
%
Total
Revenue
$
82,450
$
132,785
$
108,062
$
448,588
$
120,478
$
113,371
$
111,718
$
103,021
Gross margin
$
24,149
$
46,231
$
37,727
$
158,751
$
43,366
$
39,452
$
41,008
$
34,925
Gross margin %
29.3
%
34.8
%
34.9
%
35.4
%
36.0
%
34.8
%
36.7
%
33.9
%
Revenue by Type:
Product
$
47,207
$
97,595
$
74,389
$
332,544
$
87,856
$
83,560
$
84,820
$
76,308
Connectivity, software, and
services(1)
$
35,243
$
35,190
$
33,673
$
116,044
$
32,622
$
29,811
$
26,898
$
26,713
(1) Previously called 'Recurring and other
services'
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006564/en/
Investor and Media Contact: David Climie, Investor
Relations dclimie@sierrawireless.com
Investor Contact: Samuel Cochrane, Chief Financial
Officer investor@sierrawireless.com
Sierra Wireless (TSX:SW)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Sierra Wireless (TSX:SW)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
