Sierra Wireless Announces Fourth Quarter and Full Year 2014 Results - Record Revenue of $548.5 Million - Up 24.1%Friday, February 6, 2015
Vancouver, BC, February 6, 2015--(T-Net)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its fourth quarter and full year, ending December 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.
Q4 2014 record revenue of $149.0 million; 25.7% year-over-year growth
Fourth Quarter 2014 highlights
Full Year 2014 highlights
“In the fourth quarter of 2014, we delivered record revenue and a strong year-over-year improvement in our key profitability metrics,” said Jason Cohenour, President and Chief Executive Officer. “Going forward, we will continue to focus on delivering profitable organic growth, while bolstering our leadership position in the Internet of Things with strategic acquisitions that expand our position in the value chain and enhance our business model.”
Revenue for the fourth quarter of 2014 was $149.0 million, an increase of 25.7% compared to $118.6 million in the fourth quarter of 2013. Revenue from OEM Solutions was $129.5 million in the fourth quarter of 2014, up 27.2% compared to $101.8 million in the fourth quarter of 2013. Revenue from Enterprise Solutions was $19.5 million in the fourth quarter of 2014, up 16.4% compared to $16.8 million in the fourth quarter of 2013. On a consolidated basis, organic revenue growth, which excludes contribution from the acquired In Motion Technology and AnyData businesses, was 20.7% compared to the fourth quarter of 2013.
Cash and cash equivalents at the end of 2014 were $207.1 million, representing an increase of $11.0 million compared to the end of the third quarter of 2014. Cash generated from operations during the fourth quarter was $11.3 million.
Full Year 2014
Revenue for 2014 was $548.5 million, an increase of 24.1% compared to $441.9 million in 2013. Revenue from OEM Solutions was $476.6 million in 2014, up 24.8% compared to $382.0 million in 2013. Revenue from Enterprise Solutions was $71.9 million in 2014, up 20.1% compared to $59.9 million in 2013. On a consolidated basis, organic revenue growth, which excludes contribution from the acquired In Motion Technology and AnyData businesses, was 18.3% compared to 2013.
Cash and cash equivalents increased $27.2 million during 2014, reflecting $48.7 million of cash generated by operations and receipt of $13.8 million previously held in escrow from the sale of the AirCard business in 2013, partially offset by $23.9 million net cash used to acquire In Motion and $10.8 million used for capital expenditures.
Subsequent to year-end, we acquired substantially all of the outstanding shares of Wireless Maingate AB ("Maingate") for $91.6 million, including working capital, subject to certain post-closing adjustments.
We disclose non-GAAP amounts as we believe that these measures provide useful information on actual operating results and 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.
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.
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.
Our guidance for the first quarter of 2015 includes our recent acquisition of Maingate which closed on January 16, 2015. We expect Maingate to contribute approximately $3.5 million in revenue and approximately $1.0 million in earnings from operations from the date of acquisition. We expect the non-GAAP tax rate in the first quarter of 2015 to increase to the low 20 percent range. This results in the following non-GAAP guidance for the first quarter of 2015:
|Q1 2015 Guidance||
|Revenue||$145.0 to $149.0 million|
|Earnings from operations||$6.0 to $7.2 million|
|Net earnings||$4.7 to $5.7 million|
|Earnings per share||$0.15 to $0.18 per share|
This non-GAAP guidance for the first quarter of 2015 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.
|Media Contact:||Investor Contact:|
|Sharlene Myers||David Climie|
|Manager, Global Public Relations||Senior Director, Investor Relations|
|+1 (604) 232-1445||+1 (604) 231-1137|
|David G. McLennan|
|Chief Financial Officer|
|+1 (604) 231-1181|
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 first quarter of 2015 and our fiscal year 2015, our business outlook for the short and longer term and statements regarding our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer 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 unless we are required to do so by securities laws.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in 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 cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 900 employees globally and operates R&D centers in North America, Europe and Asia. For more information, 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.
Richmond, BC (Wireless)
Sierra Wireless, Inc.
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