Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) (the "Company",
"Sierra Wireless", "we", "us", or "our") reported results for its
second 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 second quarter of 2021 was $132.8 million, an
increase of 18.9% compared to $111.7 million in the second quarter
of 2020.
Quarterly revenue for our two business segments was as
follows:
(i)
Revenue from IoT Solutions increased by
16.3% to $90.3 million compared to $77.6 million in the second
quarter of 2020. The increase in revenue was primarily due to the
growth in LPWA and mobile broadband modules as well as IoT
connectivity.
(ii)
Revenue from Enterprise Solutions
increased by 24.6% to $42.5 million compared to $34.1 million in
the second quarter of 2020. The increase was primarily due to
improved sales of our enterprise gateway products.
“Revenue in the Second Quarter improved year over year and
sequentially, non-GAAP operating expenses remained flat with the
prior quarter, and Adjusted EBITDA improved,” said Phil Brace,
President and CEO. “I look forward to bringing my operational and
strategic experience to Sierra Wireless as we focus on profitable
growth.”
Product revenue increased 15.1% year over year to $97.6 million,
representing 73.5% of consolidated revenue in the quarter.
Connectivity, software, and services revenue increased 30.8% year
over year to $35.2 million, representing 26.5% of consolidated
revenue. Monthly recurring revenue ("MRR"1) was $11.4 million in
June, a year over year increase of 25.3%.
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 and six month periods ended June 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.
Second Quarter 2021 Financial Highlights
- Gross margin was 34.8% in the second quarter of 2021 compared
to 36.7% in the second quarter of 2020. The decrease was primarily
impacted by increased component costs. IoT Solutions gross margin
was 27.0% in the second quarter of 2021 compared to 29.7% in the
second quarter of 2020, and Enterprise Solutions gross margin was
51.3% in the second quarter of 2021 compared to 52.7% in the second
quarter of 2020.
- Operating expenses were $55.6 million in the second quarter of
2021 compared to $61.1 million in the second quarter of 2020. The
decrease reflects the cost efficiency initiatives undertaken over
the last twelve months.
- Net loss from continuing operations was $10.0 million in the
second quarter of 2021 compared to $17.3 million in the second
quarter of 2020 due to lower operating expenses and higher
revenue.
- Adjusted net loss from continuing operations* was $1.1 million,
or loss of $0.03 per share, in the second quarter of 2021 compared
to $13.0 million, or loss of $0.36 per share, in the second quarter
of 2020.
- Adjusted EBITDA* was $4.3 million in the second quarter of 2021
compared to a loss of $8.7 million in the second quarter of
2020.
Cash Position
Cash and cash equivalents and restricted cash at the end of the
second quarter of 2021 were $118.5 million compared to $112.2
million at the end of the first quarter of 2021, an increase of
$6.3 million. The increase in cash was primarily driven by cash
flows from operating activities, partially offset by capital
expenditures.
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 2021 and
beyond cannot be reasonably estimated at this time.
Demand for our products remains very strong. However, we are
experiencing production interruptions due to COVID-19 cases at a
contract manufacturing facility in Vietnam. This is impacting our
ability to build and ship cellular embedded modules and gateways to
our customers in the third quarter of 2021. While limited
production has resumed at the Vietnam facility and we are currently
building our resilience by ramping up multiple locations, including
our new Mexico site for gateways and routers, the ongoing impact of
these interruptions is highly uncertain. This is expected to have a
material negative impact on our financial condition and results of
operations, including production capacity, revenue, gross margin
percentage, gross margin dollars, profit, and cash in the third
quarter of 2021. Given these uncertain conditions, we will not be
providing guidance for the third quarter of 2021.
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, 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, 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 second quarter ended June 30, 2021 on
Thursday August 12, 2021, 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: 8699739
Conference call and webcast details are available at the
following link: Sierra Wireless Q2 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=940A840E-DD68-4E3B-B5B1-656BDFC2A5C4
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 third quarter fiscal 2021 guidance, the impact of COVID-19 on
customer demand, our supply chain, manufacturing capacity
(including manufacturing shutdowns or slowdowns), our ability to
meet customer demand and our financial results; 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; 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.
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 component supply constraints and manufacturing
capacity;
- 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 June 30,
Six months ended June 30,
2021
2020
2021
2020
Revenue
IoT Solutions
$
90,309
$
77,629
$
164,887
$
146,011
Enterprise Solutions
42,476
34,089
75,960
68,728
132,785
111,718
240,847
214,739
Cost of sales
IoT Solutions
65,884
54,599
118,376
104,796
Enterprise Solutions
20,670
16,111
38,513
34,010
86,554
70,710
156,889
138,806
Gross margin
46,231
41,008
83,958
75,933
Expenses
Sales and marketing
21,423
21,192
41,244
44,746
Research and development
16,930
22,065
34,414
43,452
Administration
11,025
12,122
27,124
23,912
Restructuring
1,720
245
4,294
851
Acquisition-related and integration
72
185
281
185
Amortization
4,389
5,324
9,013
10,715
55,559
61,133
116,370
123,861
Loss from operations
(9,328
)
(20,125
)
(32,412
)
(47,928
)
Foreign exchange gain (loss)
1,143
3,544
(3,116
)
610
Other expense
(1,246
)
(283
)
(1,889
)
(475
)
Loss before income taxes
(9,431
)
(16,864
)
(37,417
)
(47,793
)
Income tax expense (recovery)
605
427
1,157
(3,292
)
Net loss from continuing
operations
$
(10,036
)
$
(17,291
)
$
(38,574
)
$
(44,501
)
Net earnings (loss) from discontinued
operations
85
1,684
(1,237
)
6,231
Net loss
$
(9,951
)
$
(15,607
)
$
(39,811
)
$
(38,270
)
Other comprehensive income (loss):
Foreign currency translation adjustments,
net of taxes of $nil
1,233
4,318
(1,667
)
(548
)
Comprehensive loss
$
(8,718
)
$
(11,289
)
$
(41,478
)
$
(38,818
)
Basic and diluted net earnings (loss) per
share (in dollars)
Continuing operations
$
(0.27
)
$
(0.48
)
$
(1.05
)
$
(1.23
)
Discontinued operations
—
0.05
(0.03
)
0.17
$
(0.27
)
$
(0.43
)
$
(1.08
)
$
(1.05
)
Weighted average number of shares
outstanding
(in thousands)
Basic
36,992
36,341
36,865
36,309
Diluted
36,992
36,341
36,865
36,309
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE
SHEETS
(In thousands of U.S. dollars,
except where otherwise stated)
(unaudited)
June 30, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
113,747
$
160,560
Restricted cash
4,739
10,864
Accounts receivable
74,969
68,575
Inventories
46,941
32,815
Prepaids and other
24,384
11,933
264,780
284,747
Property and equipment, net
33,029
31,412
Operating lease right-of-use assets
17,113
20,068
Intangible assets, net
71,769
78,081
Goodwill
172,150
175,545
Deferred income taxes
1,103
1,135
Other assets
8,894
10,383
$
568,838
$
601,371
Liabilities
Current liabilities
Accounts payable and accrued
liabilities
165,937
162,138
Deferred revenue
10,389
9,862
176,326
172,000
Long-term obligations
43,678
45,646
Operating lease liabilities
16,629
17,054
Deferred income taxes
9,961
10,258
246,594
244,958
Equity
Shareholders’ equity
Common stock: no par value; unlimited
shares authorized; issued and outstanding:
37,163,742 shares (December 31, 2020 -
36,619,439 shares)
451,119
441,999
Preferred stock: no par value; unlimited
shares authorized;
issued and outstanding: nil shares
—
—
Treasury stock: at cost; 41,765 shares
(December 31, 2020 – 46,505 shares)
(512
)
(542
)
Additional paid-in capital
49,824
49,489
Retained deficit
(170,940
)
(128,953
)
Accumulated other comprehensive loss
(7,247
)
(5,580
)
322,244
356,413
$
568,838
$
601,371
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S.
dollars)
(unaudited)
Three months ended June 30,
Six months ended June 30,
2021
2020
2021
2020
Cash flows provided by (used
in):
Operating activities
Net loss
$
(9,951
)
$
(15,607
)
$
(39,811
)
$
(38,270
)
Items not requiring (providing) cash
Amortization
7,267
8,538
14,575
17,023
Stock-based compensation
3,722
3,276
12,237
6,458
Deferred income taxes
(3
)
(16
)
(3
)
(9
)
Unrealized foreign exchange (gain)
loss
(867
)
(4,772
)
4,161
361
Other
317
(59
)
337
(207
)
Changes in non-cash working capital
Accounts receivable
3,548
18,730
(7,196
)
26,288
Inventories
(12,703
)
(2,881
)
(14,235
)
(11,555
)
Prepaids and other
5,150
(4,858
)
(11,084
)
(5,659
)
Accounts payable and accrued
liabilities
18,541
3,256
5,495
6,033
Deferred revenue
235
82
396
(1,216
)
Cash flows provided by (used in) operating
activities
15,256
5,689
(35,128
)
(753
)
Investing activities
Additions to property and equipment
(3,972
)
(5,728
)
(8,681
)
(9,727
)
Additions to intangible assets
(2,502
)
(743
)
(2,922
)
(1,471
)
Proceeds from sale of property and
equipment
25
204
39
224
Acquisition of M2M Group, net of cash
acquired
—
(172
)
—
(18,391
)
Acquisition of M2M New Zealand, net of
cash acquired
(319
)
—
(319
)
—
Cash flows used in investing
activities
(6,768
)
(6,439
)
(11,883
)
(29,365
)
Financing activities
Issuance of common shares, net of issuance
cost
799
—
3,601
—
Purchase of treasury shares for RSU
distribution
(3,530
)
(194
)
(7,463
)
(220
)
Taxes paid related to net settlement of
equity awards
(111
)
(50
)
(1,057
)
(626
)
Decrease in other long-term
obligations
(66
)
(83
)
(102
)
(187
)
Proceeds from (repayment of) short-term
borrowings
—
(10,000
)
—
15,000
Cash flows provided by (used in) financing
activities
(2,908
)
(10,327
)
(5,021
)
13,967
Effect of foreign exchange rate changes on
cash and cash equivalents
672
766
(906
)
(475
)
Cash, cash equivalents and restricted
cash, increase (decrease) in the period
6,252
(10,311
)
(52,938
)
(16,626
)
Cash, cash equivalents and restricted
cash, beginning of period
112,234
72,768
171,424
79,083
Cash, cash equivalents and restricted
cash, end of period
$
118,486
$
62,457
$
118,486
$
62,457
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
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Net loss from continuing operations -
GAAP
$
(10,036
)
$
(28,538
)
$
(11,167
)
$
(14,483
)
$
(17,291
)
$
(27,210
)
$
(15,316
)
$
(19,761
)
Stock-based compensation and related
social taxes
3,807
7,928
6,461
5,085
3,256
3,200
1,773
3,763
Phantom RSU expense
569
206
691
261
141
74
35
55
Restructuring
1,720
2,574
4,800
3,089
245
606
2,251
4,588
Acquisition-related and integration
72
209
115
140
185
—
274
291
COVID-19 government relief
(1,016
)
(2,049
)
(954
)
(6,298
)
—
—
—
—
CEO retirement/search
400
1,655
—
—
—
—
—
—
Impairment
—
—
—
—
—
—
877
—
Ransomware incident
1,135
533
—
—
—
—
—
—
Other non-recurring costs
521
299
330
299
152
87
795
279
Amortization
7,267
7,308
7,054
8,030
7,823
7,726
7,849
7,378
Interest and other expense, net
111
110
564
988
283
192
111
122
Foreign exchange (gain) loss, net of
realized gain/loss on hedge contracts
(821
)
4,816
(2,804
)
(3,572
)
(3,955
)
2,836
(1,580
)
2,953
Income tax expense (recovery)
605
552
(7,984
)
(633
)
427
(3,719
)
(262
)
3,864
Adjusted EBITDA*
$
4,334
$
(4,397
)
$
(2,894
)
$
(7,094
)
$
(8,734
)
$
(16,208
)
$
(3,193
)
$
3,532
Net loss from continuing operations -
GAAP
$
(10,036
)
$
(28,538
)
$
(11,167
)
$
(14,483
)
$
(17,291
)
$
(27,210
)
$
(15,316
)
$
(19,761
)
Stock-based compensation and related
social taxes
3,807
7,928
6,461
5,085
3,256
3,200
1,773
3,763
Phantom RSU expense
569
206
691
261
141
74
35
55
Restructuring
1,720
2,574
4,800
3,089
245
606
2,251
4,588
Acquisition-related and integration
72
209
115
140
185
—
274
291
COVID-19 government relief
(1,016
)
(2,049
)
(954
)
(6,298
)
—
—
—
—
CEO retirement/search
400
1,655
—
—
—
—
—
—
Impairment
—
—
—
—
—
—
877
—
Ransomware incident
1,135
533
—
—
—
—
—
—
Other non-recurring costs
521
299
330
299
152
87
795
279
Acquisition-related amortization
2,890
3,135
3,306
3,555
3,886
3,889
3,593
3,610
Foreign exchange (gain) loss, net of
realized gain/loss on hedge contracts
(821
)
4,816
(2,804
)
(3,572
)
(3,955
)
2,836
(1,580
)
2,953
Income tax (recovery) expense
adjustment
(357
)
(393
)
(7,784
)
200
358
(2,696
)
415
3,933
Adjusted loss from continuing
operations*
$
(1,116
)
$
(9,625
)
$
(7,006
)
$
(11,724
)
$
(13,023
)
$
(19,214
)
$
(6,883
)
$
(289
)
Weighted average number of shares (in
thousands) - basic and diluted
36,992
36,736
36,534
36,417
36,341
36,277
36,222
36,179
Basic and diluted adjusted net loss per
share from continuing operations (in dollars)*
$
(0.03
)
$
(0.26
)
$
(0.19
)
$
(0.32
)
$
(0.36
)
$
(0.53
)
$
(0.19
)
$
(0.01
)
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars, except
where otherwise indicated)
2021
2020(1)
Q2
Q1
Total
Q4
Q3
Q2
Q1
IoT Solutions (New)
Revenue
$
90,309
$
74,578
$
306,917
$
81,561
$
79,345
$
77,629
$
68,382
Gross margin
$
24,425
$
22,086
$
87,146
$
23,343
$
22,588
$
23,030
$
18,185
Gross margin %
27.0
%
29.6
%
28.4
%
28.6
%
28.5
%
29.7
%
26.6
%
Enterprise Solutions
Revenue
$
42,476
$
33,484
$
141,671
$
38,917
$
34,026
$
34,089
$
34,639
Gross margin
$
21,806
$
15,641
$
71,605
$
20,023
$
16,864
$
17,978
$
16,740
Gross margin %
51.3
%
46.7
%
50.5
%
51.5
%
49.6
%
52.7
%
48.3
%
Total
Revenue
$
132,785
$
108,062
$
448,588
$
120,478
$
113,371
$
111,718
$
103,021
Gross margin
$
46,231
$
37,727
$
158,751
$
43,366
$
39,452
$
41,008
$
34,925
Gross margin %
34.8
%
34.9
%
35.4
%
36.0
%
34.8
%
36.7
%
33.9
%
Revenue by Type:
Product
$
97,595
$
74,389
$
332,544
$
87,856
$
83,560
$
84,820
$
76,308
Connectivity, software, and
services(1)
$
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/20210812005861/en/
Investor and Media Contact: David Climie, Investor
Relations dclimie@sierrawireless.com
Investor Contact: Samuel Cochrane, Chief Financial
Officer investor@sierrawireless.com
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