[May 01, 2014] |
|
Sierra Wireless Reports First Quarter 2014 Results
VANCOUVER, British Columbia --(Business Wire)--
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.
GAAP
-
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.
NON-GAAP
-
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.
Financial Guidance
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
|
|
Consolidated
Non-GAAP
|
|
|
|
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:
Sierra
Wireless Q1 2014 Conference Call and Webcast
If the above link does not work, please copy and paste the following URL
into your browser:
http://www.snwebcastcenter.com/webcast/sierrawireless/2014q1/
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:
http://www.sierrawireless.com/AboutUs/investorinformation.aspx
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.
Forward-looking statements:
-
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) (unaudited)
|
|
Three months ended March 31,
|
|
|
2014
|
|
|
2013
|
|
Revenue
|
|
$
|
121,163
|
|
|
$
|
101,401
|
|
Cost of goods sold
|
|
82,566
|
|
|
68,023
|
|
Gross margin
|
|
38,597
|
|
|
33,378
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Sales and marketing
|
|
12,366
|
|
|
10,356
|
|
Research and development
|
|
20,017
|
|
|
18,363
|
|
Administration
|
|
9,333
|
|
|
8,123
|
|
Restructuring
|
|
-
|
|
|
117
|
|
Integration
|
|
20
|
|
|
27
|
|
Acquisition
|
|
950
|
|
|
-
|
|
Amortization
|
|
2,583
|
|
|
3,276
|
|
|
|
45,269
|
|
|
40,262
|
|
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
|
|
Net loss
|
|
$
|
(4,005
|
)
|
|
$
|
(6,075
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of taxes of $nil
|
|
20
|
|
|
(904
|
)
|
Comprehensive loss
|
|
$
|
(3,985
|
)
|
|
$
|
(6,979
|
)
|
Basic and diluted net earnings (loss) per share attributable to
the Company's common shareholders (in dollars)
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
(0.13
|
)
|
|
$
|
(0.26
|
)
|
Discontinued operations
|
|
0.00
|
|
|
0.06
|
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.20
|
)
|
Weighted average number of shares outstanding (in thousands)
|
|
|
|
|
|
|
Basic
|
|
31,235
|
|
|
30,695
|
|
Diluted
|
|
31,235
|
|
|
30,695
|
|
SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In
thousands of U.S. dollars) (unaudited)
|
|
March 31, 2014
|
|
December 31, 2013
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
151,339
|
|
|
$
|
177,416
|
|
Short-term investments
|
|
-
|
|
|
2,470
|
|
Accounts receivable, net of allowance for doubtful accounts of
$2,326 (December 31, 2013 - $2,279)
|
|
116,796
|
|
|
112,490
|
|
Inventories
|
|
9,191
|
|
|
8,253
|
|
Deferred income taxes
|
|
2,393
|
|
|
2,391
|
|
Prepaids and other
|
|
23,965
|
|
|
28,741
|
|
|
|
303,684
|
|
|
331,761
|
|
Property and equipment
|
|
21,076
|
|
|
21,982
|
|
Intangible assets
|
|
53,578
|
|
|
43,631
|
|
Goodwill
|
|
112,015
|
|
|
102,718
|
|
Deferred income taxes
|
|
4,208
|
|
|
7,176
|
|
Other assets
|
|
7,490
|
|
|
4,732
|
|
|
|
$
|
502,051
|
|
|
$
|
512,000
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
$
|
111,015
|
|
|
$
|
124,846
|
|
Deferred revenue and credits
|
|
4,155
|
|
|
2,481
|
|
|
|
115,170
|
|
|
127,327
|
|
Long-term obligations
|
|
22,890
|
|
|
21,550
|
|
Deferred income taxes
|
|
505
|
|
|
127
|
|
|
|
138,565
|
|
|
149,004
|
|
Equity
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Common stock: no par value; unlimited shares authorized; issued and outstanding
31,431,851 shares (December 31, 2013 - 31,097,844 shares)
|
|
333,945
|
|
|
329,628
|
|
Preferred stock: no par value; unlimited shares authorized; issued
and outstanding: nil shares
|
|
-
|
|
|
-
|
|
Treasury stock: at cost 81,475 shares (December 31, 2013 - 507,147
shares)
|
|
(796
|
)
|
|
(5,137
|
)
|
Additional paid-in capital
|
|
21,813
|
|
|
25,996
|
|
Retained earnings
|
|
15,362
|
|
|
19,367
|
|
Accumulated other comprehensive loss
|
|
(6,838
|
)
|
|
(6,858
|
)
|
|
|
363,486
|
|
|
362,996
|
|
|
|
$
|
502,051
|
|
|
$
|
512,000
|
|
SIERRA WIRELESS, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands of U.S. dollars) (unaudited)
|
Three months ended March 31,
|
|
|
2014
|
|
|
2013
|
|
Cash flows provided by (used in):
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
Net loss
|
$
|
(4,005
|
)
|
|
$
|
(6,075
|
)
|
Items not requiring (providing) cash
|
|
|
|
|
|
Amortization
|
6,483
|
|
|
7,511
|
|
Stock-based compensation
|
2,251
|
|
|
1,928
|
|
Deferred income taxes
|
2,966
|
|
|
(31
|
)
|
Gain on disposal of property and equipment
|
(14
|
)
|
|
-
|
|
Impairment of assets related to discontinued operations
|
-
|
|
|
1,004
|
|
Other
|
14
|
|
|
1,750
|
|
Taxes paid related to net settlement of equity awards
|
(501
|
)
|
|
(250
|
)
|
Changes in non-cash working capital
|
|
|
|
|
|
Accounts receivable
|
860
|
|
|
(6,643
|
)
|
Inventories
|
139
|
|
|
7,354
|
|
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
|
)
|
Investing activities
|
|
|
|
|
|
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
|
(24,776
|
)
|
|
(2,847
|
)
|
Financing 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
|
2,613
|
|
|
100
|
|
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)
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
Q1
|
|
|
Total
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Acquisition
|
|
|
950
|
|
|
|
508
|
|
|
369
|
|
|
139
|
|
|
-
|
|
|
-
|
|
Restructuring
|
|
|
-
|
|
|
|
171
|
|
|
14
|
|
|
14
|
|
|
26
|
|
|
117
|
|
Integration
|
|
|
20
|
|
|
|
27
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
27
|
|
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
|
|
Adjusted EBITDA
|
|
|
$
|
4,085
|
|
|
|
$
|
18,702
|
|
|
$
|
6,159
|
|
|
$
|
5,870
|
|
|
$
|
4,873
|
|
|
$
|
1,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, restructuring
and other, integration, and acquisition related amortization,
net of tax
|
|
|
7,389
|
|
|
|
22,620
|
|
|
6,112
|
|
|
5,760
|
|
|
5,393
|
|
|
5,355
|
|
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. SEGMENTED RESULTS
(In thousands of U.S. dollars, except where otherwise stated)
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
Q1
|
|
|
Total
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
OEM Solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
106,162
|
|
|
|
$
|
382,016
|
|
|
$
|
101,858
|
|
|
$
|
95,850
|
|
|
$
|
95,076
|
|
|
$
|
89,232
|
Cost of goods sold
|
|
|
75,634
|
|
|
|
266,867
|
|
|
72,336
|
|
|
66,395
|
|
|
65,514
|
|
|
62,622
|
Gross margin
|
|
|
$
|
30,528
|
|
|
|
$
|
115,149
|
|
|
$
|
29,522
|
|
|
$
|
29,455
|
|
|
$
|
29,562
|
|
|
$
|
26,610
|
Gross margin %
|
|
|
28.8%
|
|
|
30.1%
|
|
29.0%
|
|
30.7%
|
|
31.1%
|
|
29.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
15,001
|
|
|
|
$
|
59,844
|
|
|
$
|
16,750
|
|
|
$
|
16,412
|
|
|
$
|
14,513
|
|
|
$
|
12,169
|
Cost of goods sold
|
|
|
6,932
|
|
|
|
29,352
|
|
|
7,829
|
|
|
8,521
|
|
|
7,601
|
|
|
5,401
|
Gross margin
|
|
|
$
|
8,069
|
|
|
|
$
|
30,492
|
|
|
$
|
8,921
|
|
|
$
|
7,891
|
|
|
$
|
6,912
|
|
|
$
|
6,768
|
Gross margin %
|
|
|
53.8%
|
|
|
51.0%
|
|
53.3%
|
|
48.1%
|
|
47.6%
|
|
55.6%
|
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