Revenue in Q1'22 was $173.0 million and
Adjusted EBITDA was $15.8 million
Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) reported results
for its first quarter of 2022. 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.1
“We delivered strong sequential and year-over-year growth in the
First Quarter,” said Phil Brace, President and CEO of Sierra
Wireless. "We continue to work closely with our suppliers to secure
components to meet the strong demand from our customers."
First Quarter 2022 Compared to First Quarter 2021
- Revenue was $173.0 million, an increase of 60.1%. The improved
performance was primarily due to strong demand and the realization
of investments in inventory. In addition, the first quarter of 2021
was negatively impacted by the ransomware incident.
- Gross margin was 31.8% as compared to 34.9% in the first
quarter of 2021. In the first quarter of 2022, gross margin was
impacted by product mix, obsolete inventory from our home security
business, and one time expedited shipping costs.
- Operating expenses were $64.6 million compared to $60.8 million
in the first quarter of 2021. First quarter expenses included a
$10.3 million impairment charge primarily related to the intangible
assets of our home security business.
- Net loss from continuing operations was $13.9 million, compared
to $28.5 million in the first quarter of 2021.
- Adjusted earnings from continuing operations* was $8.6 million,
or earnings of $0.23 per share, as compared to a loss of $9.6
million, or loss of $0.26 per share in the first quarter of
2021.
- Adjusted EBITDA* was $15.8 million compared to a loss of $4.4
million in the first quarter of 2021.
- Connectivity, software, and services revenue was $34.9 million,
an increase of 3.7%. This increase included growth in our core
connectivity area including smart connectivity which was partially
offset by decreases in our legacy 2G/3G European business and our
home security business. Monthly recurring revenue ("MRR")2 was
$11.4 million in March 2022 compared to $11.5 million in March
2021.
Segmented Information
IoT Solutions
Revenue from IoT Solutions increased 79.3% to $133.7 million as
compared to $74.6 million in the first quarter of 2021. The
increase was primarily due to increased demand for connected
devices globally. IoT Solutions gross margin was 30.3%, compared to
29.6% in the first quarter of 2021.
Enterprise Solutions
Revenue from Enterprise Solutions increased 17.2% to $39.2
million as compared to $33.5 million in the first quarter of 2021.
The increase was primarily due to strong demand for routers in our
key industrial and public safety verticals. Enterprise Solutions
gross margin was 37.0% as compared to 46.7% in the first quarter of
2021. Enterprise Solution gross margin was negatively impacted by
obsolete inventory from our home security business and one-time
expedited shipping costs caused by 2021 COVID-19 related shutdowns.
These one-time factors had a negative 9.0% impact on gross
margin.
Liquidity and Capital Resources
Cash and cash equivalents and restricted cash, including amounts
held for sale, at the end of the first quarter of 2022 were $97.4
million, an increase of $20.6 million from the fourth quarter of
2021. In January 2022, we received net proceeds of $45.8 million
from the full drawdown of our CAD$60 million debt facility with the
Canadian Imperial Bank of Commerce and the Business Development
Bank of Canada. The debt facility has a term of four years and a
first-year interest rate of 5%. In addition, we continued to make
investments in inventory in the supply constrained environment.
Disposition of Offender Monitoring Business Line
On April 15, 2022, we signed a definitive agreement and closed
the sale of our Omnilink offender monitoring business to Sentinel
Advantage LLC for $37.6 million in cash, subject to customary
working capital adjustments. Sentinel continues to be an important
customer, and we are providing them with connectivity services and
embedded modules for their offender monitoring products. The
divestiture allows the Company to focus on its core businesses and
strengthen its balance sheet.
Financial Guidance
The impact of the COVID-19 pandemic on our global business
continues to remain uncertain. While we continue to evaluate the
effects of COVID-19 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
second quarter 2022 and beyond cannot be reasonably estimated at
this time. Due to continued strong demand and the investment in
inventory to combat the industry-wide tightness in supply, we
expect our revenue in the second quarter 2022 to be in the range of
$160 million to $175 million, with a midpoint of $167.5
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.
______________________________________________
1 Non-GAAP financial measures referred to
in this news release are labeled as "non-GAAP measure" or
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 GAAP
financial measures.
2 MRR is defined as the monthly recurring
revenue generated from connectivity, software, and services as well
as usage fees from current customers. 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.
3 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 months ended March
31, 2022 and 2021. In accordance with U.S. GAAP, assets and
liabilities associated with the Omnilink business have been
recorded as held for sale in our consolidated balance sheet as at
March 31, 2022.
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, 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, unrealized foreign
exchange gains or losses on forward contracts, and certain tax
adjustments.
Adjusted EBITDA* 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, 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 first quarter ended March 31, 2022 on
Wednesday May 11, 2022, at 5:30 PM Eastern time (2:30 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: 5078273
Conference call and webcast details are available at the
following link:
Sierra Wireless Q1 2022 Conference Call and Webcast
If the above link does not work, copy and paste the following
URL into your browser:
https://app.webinar.net/9Q04x3Qb6zV
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 financial guidance for our second quarter of 2022; 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; the impact of the ransomware incident
on our business operations; our work to review and evaluate
additional security measures and the ability that they will have to
protect our IT systems; 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
Internet of Things ("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. In particular, this press release describes our
revenue targets, which are forward-looking statements and are
subject to the assumptions, risks and uncertainties described
below. 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.
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:
- 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 constraints on component supply and manufacturing
capacity;
- 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 operations not being adversely disrupted by further
ransomware or cyber security attacks;
- 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 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:
- negative impact from COVID-19 could be prolonged and natural
catastrophes could impact our capacity to continue critical
operations;
- our ability to comply with all terms under our credit
facilities;
- competition from new or established competitors or from those
with greater resources;
- our reliance on third party 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;
- the loss of, or significant demand fluctuations from, any of
our significant customers;
- our financial results being subject to fluctuations;
- our business transformation initiatives, including investments
and partnerships, 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 retain, 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 related to infringement on intellectual property rights
of others and 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 March 31,
2022
2021
Revenue
IoT Solutions
$
133,708
$
74,578
Enterprise Solutions
39,249
33,484
172,957
108,062
Cost of sales
IoT Solutions
93,183
52,492
Enterprise Solutions
24,711
17,843
117,894
70,335
Gross margin
55,063
37,727
Expenses
Sales and marketing
18,017
19,821
Research and development
18,335
17,484
Administration
10,116
16,308
Restructuring
4,004
2,574
Impairment
10,299
—
Amortization
3,820
4,624
64,591
60,811
Loss from operations
(9,528
)
(23,084
)
Foreign exchange loss
(2,278
)
(4,259
)
Other expense
(1,083
)
(643
)
Loss before income taxes
(12,889
)
(27,986
)
Income tax expense
1,021
552
Net loss from continuing
operations
$
(13,910
)
$
(28,538
)
Net earnings (loss) from discontinued
operations
1,231
(1,322
)
Net loss
$
(12,679
)
$
(29,860
)
Other comprehensive loss:
Foreign currency translation adjustments,
net of taxes of $nil
(426
)
(2,900
)
Comprehensive loss
$
(13,105
)
$
(32,760
)
Basic and diluted net earnings (loss) per
share (in dollars)
Continuing operations
$
(0.37
)
$
(0.78
)
Discontinued operations
0.03
(0.04
)
$
(0.33
)
$
(0.81
)
Weighted average number of shares
outstanding
(in thousands)
Basic
37,974
36,736
Diluted
37,974
36,736
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands of U.S. dollars,
except where otherwise stated)
(unaudited)
March 31, 2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
95,634
$
76,784
Restricted cash
—
100
Accounts receivable
88,057
85,310
Inventories
88,378
82,177
Prepaids and other
44,405
27,372
Assets held for sale
26,932
—
343,406
271,743
Property and equipment, net
23,222
31,134
Operating lease right-of-use assets
12,338
14,348
Intangible assets, net
37,729
54,708
Goodwill
154,956
167,379
Deferred income taxes
1,277
1,268
Other assets
5,922
6,473
$
578,850
$
547,053
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
179,658
183,529
Deferred revenue
11,697
11,770
Current portion of long-term debt
750
494
Liabilities held for sale
269
—
192,374
195,793
Long-term obligations
40,458
42,808
Operating lease liabilities
14,377
15,033
Long-term debt
56,686
9,394
Deferred income taxes
6,461
6,371
310,356
269,399
Equity
Shareholders’ equity
Common stock: no par value; unlimited
shares authorized; issued and outstanding: 38,322,537 shares
(December 31, 2021 - 37,774,800 shares)
467,074
460,331
Preferred stock: no par value; unlimited
shares authorized;
issued and outstanding: nil shares
—
—
Treasury stock: at cost; 7,074 shares
(December 31, 2021 – 119,761 shares)
(126
)
(2,128
)
Additional paid-in capital
44,852
48,747
Retained deficit
(234,148
)
(220,564
)
Accumulated other comprehensive loss
(9,158
)
(8,732
)
268,494
277,654
$
578,850
$
547,053
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S.
dollars)
(unaudited)
Three months ended March 31,
2022
2021
Cash flows provided by (used
in):
Operating activities
Net loss
$
(12,679
)
$
(29,860
)
Items not requiring (providing) cash
Amortization
6,684
7,308
Stock-based compensation
3,066
8,515
Capitalized interest expense
910
—
Impairment
10,299
—
Unrealized foreign exchange loss
1,367
5,028
Other
418
20
Changes in non-cash working capital
Accounts receivable
(5,726
)
(10,744
)
Inventories
(6,495
)
(1,532
)
Prepaids and other
(16,940
)
(16,234
)
Accounts payable and accrued
liabilities
(3,013
)
(13,046
)
Deferred revenue and other
(1,636
)
161
Cash flows used in operating
activities
(23,745
)
(50,384
)
Investing activities
Additions to property and equipment
(2,449
)
(4,709
)
Additions to intangible assets
(673
)
(420
)
Proceeds from sale of property and
equipment
11
14
Cash flows used in investing
activities
(3,111
)
(5,115
)
Financing activities
Issuance of common shares, net of issuance
cost
878
2,802
Purchase of treasury shares for RSU
distribution
—
(3,933
)
Taxes paid related to net settlement of
equity awards
—
(946
)
Decrease in other long-term
obligations
(5
)
(36
)
Proceeds from long-term debt, net of
issuance cost
45,782
—
Cash flows provided by (used in) financing
activities
46,655
(2,113
)
Effect of foreign exchange rate changes on
cash and cash equivalents
758
(1,578
)
Cash, cash equivalents and restricted
cash, increase (decrease) in the period
20,557
(59,190
)
Cash, cash equivalents and restricted
cash, beginning of period
76,884
171,424
Cash, cash equivalents and restricted
cash, end of period
$
97,441
$
112,234
Cash, cash equivalents and restricted
cash are comprised of
Cash, cash equivalents and restricted
cash
$
95,634
$
112,234
Cash, cash equivalents and restricted cash
held for sale
$
1,807
$
—
Cash, cash equivalents and restricted
cash, end of period
$
97,441
$
112,234
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND
NON-GAAP RESULTS BY QUARTER
(in thousands of U.S. dollars, except
where otherwise stated)
2022
2021
2020
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Net loss from continuing operations -
GAAP
$
(13,910
)
$
(11,752
)
$
(38,406
)
$
(10,036
)
$
(28,538
)
$
(11,167
)
$
(14,483
)
$
(17,291
)
Stock-based compensation and related
social taxes
3,281
5,832
1,820
3,807
7,928
6,461
5,085
3,256
Phantom RSU (recovery) expense
(202
)
393
(69
)
569
206
691
261
141
Restructuring
4,004
7,592
369
1,720
2,574
4,800
3,089
245
COVID-19 government relief
(11
)
(5,557
)
(168
)
(1,016
)
(2,049
)
(954
)
(6,298
)
—
CEO retirement/search
—
44
42
400
1,655
—
—
—
Impairment
10,299
741
11,544
—
—
—
—
—
Ransomware incident
(59
)
(959
)
271
1,135
533
—
—
—
COVID-19 factory constraint incremental
costs
1,096
22
1,135
—
—
—
—
—
Other non-recurring costs
99
978
323
593
508
445
439
337
Amortization
6,684
6,935
7,208
7,267
7,308
7,054
8,030
7,823
Interest and other expense, net
1,142
307
192
111
110
564
988
283
Foreign exchange loss (gain), net of
realized gain/loss on hedge contracts
2,326
1,927
2,693
(821
)
4,816
(2,804
)
(3,572
)
(3,955
)
Income tax expense (recovery)
1,021
761
(1,912
)
605
552
(7,984
)
(633
)
427
Adjusted EBITDA*
$
15,770
$
7,264
$
(14,958
)
$
4,334
$
(4,397
)
$
(2,894
)
$
(7,094
)
$
(8,734
)
Net loss from continuing operations -
GAAP
$
(13,910
)
$
(11,752
)
$
(38,406
)
$
(10,036
)
$
(28,538
)
$
(11,167
)
$
(14,483
)
$
(17,291
)
Stock-based compensation and related
social taxes
3,281
5,832
1,820
3,807
7,928
6,461
5,085
3,256
Phantom RSU (recovery) expense
(202
)
393
(69
)
569
206
691
261
141
Restructuring
4,004
7,592
369
1,720
2,574
4,800
3,089
245
COVID-19 government relief
(11
)
(5,557
)
(168
)
(1,016
)
(2,049
)
(954
)
(6,298
)
—
CEO retirement/search
—
44
42
400
1,655
—
—
—
Impairment
10,299
741
11,544
—
—
—
—
—
Ransomware incident
(59
)
(959
)
271
1,135
533
—
—
—
COVID-19 factory constraint incremental
costs
1,096
22
1,135
—
—
—
—
—
Other non-recurring costs
99
978
323
593
508
445
439
337
Acquisition-related amortization
2,152
2,254
2,776
2,890
3,135
3,306
3,555
3,886
Foreign exchange loss (gain), net of
realized gain/loss on hedge contracts
2,326
1,927
2,693
(821
)
4,816
(2,804
)
(3,572
)
(3,955
)
Income tax expense (recovery)
adjustment
(500
)
(441
)
(3,008
)
(357
)
(393
)
(7,784
)
200
358
Adjusted earnings (loss) from
continuing operations*
$
8,575
$
1,074
$
(20,678
)
$
(1,116
)
$
(9,625
)
$
(7,006
)
$
(11,724
)
$
(13,023
)
Weighted average number of share (in
thousands) - basic and diluted
37,974
37,541
37,196
36,992
36,736
36,534
36,417
36,341
Basic and diluted adjusted earnings
(loss) per share from continuing operations (in dollars)*
$
0.23
$
0.03
$
(0.56
)
$
(0.03
)
$
(0.26
)
$
(0.19
)
$
(0.32
)
$
(0.36
)
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars, except
where otherwise indicated)
2022
2021
Q1
Total
Q4
Q3
Q2
Q1
IoT Solutions
Revenue
$
133,708
$
323,075
$
104,531
$
53,657
$
90,309
$
74,578
Gross margin
$
40,525
$
83,765
$
26,578
$
10,676
$
24,425
$
22,086
Gross margin %
30.3
%
25.9
%
25.4
%
19.9
%
27.0
%
29.6
%
Enterprise Solutions
Revenue
$
39,249
$
150,134
$
45,381
$
28,793
$
42,476
$
33,484
Gross margin
$
14,538
$
73,034
$
22,114
$
13,473
$
21,806
$
15,641
Gross margin %
37.0
%
48.6
%
48.7
%
46.8
%
51.3
%
46.7
%
Total
Revenue
$
172,957
$
473,209
$
149,912
$
82,450
$
132,785
$
108,062
Gross margin
$
55,063
$
156,799
$
48,692
$
24,149
$
46,231
$
37,727
Gross margin %
31.8
%
33.1
%
32.5
%
29.3
%
34.8
%
34.9
%
Revenue by Type:
Product
$
138,052
$
332,810
$
113,619
$
47,207
$
97,595
$
74,389
Connectivity, software, and services
$
34,905
$
140,399
$
36,293
$
35,243
$
35,190
$
33,673
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220509006272/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 2월(2) 2025 으로 3월(3) 2025
Sierra Wireless (TSX:SW)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
