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Sierra Wireless Reports Second Quarter 2018 Results - Q2 Revenue up 16.4% to $201.9 Million
Monday, August 13, 2018Company Profile | Careers | Follow Company
Richmond, BC, August 13, 2018--(T-Net)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter ending June 30, 2018. 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.
"In the second quarter of 2018, we delivered solid revenue and adjusted EBITDA growth on a year-over-year and sequential basis," said Kent Thexton, Interim CEO. "Our two fastest growing and highest margin businesses - namely Enterprise Solutions and IoT Services - represented 25% of total revenue in Q2 and we continued to strengthen our position as a leader in device-to-cloud IoT solutions."
Revenue for the second quarter of 2018 was $201.9 million, an increase of 16.4%, compared to $173.4 million in the second quarter of 2017. Product revenue was $178.8 million, up 9.4% year-over-year, and Services and Other revenue was $23.1 million, up 130.4% compared to the second quarter of 2017. Quarterly revenue for the three business segments was as follows: (i) Revenue from OEM Solutions was $150.9 million in the second quarter of 2018, up 4.5% compared to $144.4 million in the second quarter of 2017; (ii) Revenue from Enterprise Solutions was $28.4 million in the second quarter of 2018, up 31.1% compared to $21.7 million in the second quarter of 2017; and (iii) Revenue from IoT Services was $22.6 million in the second quarter of 2018, up 209.6%, compared to $7.3 million in the second quarter of 2017 driven by the contribution from Numerex and organic subscriber growth.
GAAP RESULTS
NON-GAAP RESULTS(1)
(1) See "Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results by Quarter" below.
Cash and cash equivalents at the end of the second quarter of 2018 were $73.4 million, representing an increase of $2.8 million, compared to the end of the first quarter of 2018. The increase in cash was primarily due to cash flows from operating activities partially offset by higher capital expenditures.
Accounting Standard Adoption
We adopted the new accounting standard for revenue recognition (ASC 606) effective January 1, 2018. Our second quarter 2018 financial results reflect the adoption of this new standard and prior periods have been adjusted accordingly.
Financial Guidance
For the third quarter of 2018, we expect revenue to be in the range of $198 million to $207 million and non-GAAP net earnings per share to be in the range of $0.22 to $0.30.
This Non-GAAP guidance 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.
TSX Approval of Normal Course Issuer Bid
Sierra Wireless today announced that it has received approval from the Toronto Stock Exchange for a Normal Course Issuer Bid ("NCIB"). Under the NCIB, Sierra Wireless may purchase for cancellation up to approximately 3.58 million of its common shares or 10.0% of the public float. The NCIB will commence on August 8, 2018 and will terminate on the earlier of: (i) August 7, 2019, (ii) the date Sierra Wireless completes its purchases pursuant to the notice of intention filed with the TSX, or (iii) the date of notice by Sierra Wireless of termination of the NCIB.
Non-GAAP Financial Measures
We disclose non-GAAP financial measures as we believe they provide useful information on actual operating performance 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 gross margin excludes the impact of stock-based compensation expense and related social taxes and certain other nonrecurring costs or recoveries.
Non-GAAP net earnings (loss) from operations excludes the impact of stock-based compensation expense and related social taxes, acquisition-related amortization, acquisition-related and integration costs, restructuring costs, impairment and certain other nonrecurring costs or recoveries.
In addition to the above, Non-GAAP net earnings (loss) and non-GAAP net earnings (loss) per share exclude 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.
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 also use non-GAAP earnings from operations as one component in determining short-term incentive compensation for management employees.
Adjusted EBITDA is defined as net earnings (loss) plus stock-based compensation expense and related social taxes, acquisition-related and integration costs, restructuring cost, impairment, certain other nonrecurring costs or recoveries, amortization, foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, interest and income tax expense. 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.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. Customers start with Sierra because we offer a device to cloud solution, comprised of embedded and networking solutions seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide rely on our expertise in delivering fully integrated solutions to reduce complexity, turn data into intelligence and get their connected products and services to market faster. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.
AirPrime, AirLink, AirVantage, mangOH and Legato are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.
SIERRA WIRELESS, INC. |
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Three months ended June 30, | Six months ended June 30, | ||||||||||||||||
2018 |
2017 |
2018 |
2017 |
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Revenue | |||||||||||||||||
Product | $ | 178,806 | $ | 163,390 | $ | 341,737 | $ | 314,570 | |||||||||
Services and other | 23,097 | 10,026 | 47,044 | 20,064 | |||||||||||||
201,903 | 173,416 | 388,781 | 334,634 | ||||||||||||||
Cost of sales | |||||||||||||||||
Product | 121,228 | 108,799 | 235,128 | 209,760 | |||||||||||||
Services and other | 11,366 | 4,981 | 22,244 | 9,743 | |||||||||||||
132,594 | 113,780 | 257,372 | 219,503 | ||||||||||||||
Gross margin | 69,309 | 59,636 | 131,409 | 115,131 | |||||||||||||
Expenses | |||||||||||||||||
Sales and marketing | 22,066 | 18,699 | 44,491 | 36,724 | |||||||||||||
Research and development | 24,391 | 20,470 | 48,856 | 39,781 | |||||||||||||
Administration | 19,804 | 10,579 | 32,068 | 20,965 | |||||||||||||
Restructuring | 952 | 259 | 4,543 | 632 | |||||||||||||
Acquisition-related and integration | 1,014 | 875 | 2,779 | 1,326 | |||||||||||||
Impairment | — | — | — | 3,668 | |||||||||||||
Amortization | 6,137 | 4,760 | 13,603 | 9,386 | |||||||||||||
74,364 | 55,642 | 146,340 | 112,482 | ||||||||||||||
Earnings (loss) from operations | (5,055 | ) | 3,994 | (14,931 | ) | 2,649 | |||||||||||
Foreign exchange gain (loss) | (4,048 | ) | 3,517 | (2,933 | ) | 4,616 | |||||||||||
Other income (loss) | 8 | (12 | ) | 63 | (3 | ) | |||||||||||
Earnings (loss) before income taxes | (9,095 | ) | 7,499 | (17,801 | ) | 7,262 | |||||||||||
Income tax expense | 2,289 | 729 | 1,946 | 584 | |||||||||||||
Net earnings (loss) | $ | (11,384 | ) | $ | 6,770 | $ | (19,747 | ) | $ | 6,678 | |||||||
Other comprehensive earnings (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of taxes of $nil | (6,474 | ) | 6,458 | (7,241 | ) | 8,040 | |||||||||||
Comprehensive earnings (loss) | $ | (17,858 | ) | $ | 13,228 | $ | (26,988 | ) | $ | 14,718 | |||||||
Net earnings (loss) per share (in dollars) | |||||||||||||||||
Basic | $ | (0.32 | ) | $ | 0.21 | $ | (0.55 | ) | $ | 0.21 | |||||||
Diluted | (0.32 | ) | 0.21 | (0.55 | ) | 0.20 | |||||||||||
Weighted average number of shares outstanding (in thousands) | |||||||||||||||||
Basic | 36,021 | 32,167 | 35,967 | 32,038 | |||||||||||||
Diluted | 36,021 | 32,766 | 35,967 | 32,628 | |||||||||||||
(1) Three and six months ended June 30, 2017 have been adjusted to reflect the adoption of ASC 606 - Revenue from Contracts with Customers. |
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SIERRA WIRELESS, INC. (In thousands of U.S. dollars, except where otherwise stated) |
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June 30, 2018 |
December 31, 2017 |
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Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 73,411 | $ | 65,003 | ||||
Restricted cash | 221 | 221 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $2,276 (December 31, 2017 - $1,827) | 170,235 | 173,054 | ||||||
Inventories | 53,570 | 53,143 | ||||||
Prepaids and other | 13,617 | 8,221 | ||||||
311,054 | 299,642 | |||||||
Property and equipment | 42,425 | 42,977 | ||||||
Intangible assets | 96,380 | 108,599 | ||||||
Goodwill | 213,108 | 218,516 | ||||||
Deferred income taxes | 10,389 | 12,197 | ||||||
Other assets | 12,816 | 12,713 | ||||||
$ | 686,172 | $ | 694,644 | |||||
Liabilities | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 187,197 | $ | 175,367 | ||||
Deferred revenue | 6,143 | 7,275 | ||||||
193,340 | 182,642 | |||||||
Long-term obligations | 38,597 | 36,637 | ||||||
Deferred income taxes | 6,828 | 7,845 | ||||||
238,765 | 227,124 | |||||||
Equity | ||||||||
Shareholders' equity | ||||||||
Common stock: no par value; unlimited shares authorized; issued and |
431,993 | 427,748 | ||||||
Preferred stock: no par value; unlimited shares authorized; |
— | — | ||||||
Treasury stock: at cost; 36,425 shares (December 31, 2017 - 222,639 shares) | (537 | ) | (3,216 | ) | ||||
Additional paid-in capital | 27,913 | 27,962 | ||||||
Retained earnings (deficit) | (2,245 | ) | 17,502 | |||||
Accumulated other comprehensive loss | (9,717 | ) | (2,476 | ) | ||||
447,407 | 467,520 | |||||||
$ | 686,172 | $ | 694,644 | |||||
(1) December 31, 2017 has been adjusted to reflect the adoption of ASC 606 - Revenue from Contracts with Customers. |
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SIERRA WIRELESS, INC. |
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Three months ended |
Six months ended |
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2018 |
2017 |
2018 |
2017 |
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Cash flows provided by (used in): | ||||||||||||||||
Operating activities | ||||||||||||||||
Net earnings (loss) | $ | (11,384 | ) | $ | 6,770 | $ | (19,747 | ) | $ | 6,678 | ||||||
Items not requiring (providing) cash | ||||||||||||||||
Amortization | 9,651 | 7,194 | 20,359 | 14,191 | ||||||||||||
Stock-based compensation | 4,237 | 2,577 | 7,051 | 4,703 | ||||||||||||
Deferred income taxes | 1,014 | (366 | ) | 1,082 | (1,257 | ) | ||||||||||
Impairment | — | — | — | 3,668 | ||||||||||||
Unrealized foreign exchange loss (gain) | 5,887 | (4,675 | ) | 4,325 | (5,844 | ) | ||||||||||
Other | 130 | (246 | ) | 569 | (182 | ) | ||||||||||
Changes in non-cash working capital | ||||||||||||||||
Accounts receivable | (4,449 | ) | (2,004 | ) | (1,692 | ) | 12,728 | |||||||||
Inventories | (7,413 | ) | (16,615 | ) | (789 | ) | (23,240 | ) | ||||||||
Prepaids and other | (154 | ) | (2,775 | ) | (5,718 | ) | (4,825 | ) | ||||||||
Accounts payable and accrued liabilities | 16,440 | 11,395 | 18,426 | (7,830 | ) | |||||||||||
Deferred revenue | (2,638 | ) | (386 | ) | (1,689 | ) | (1,212 | ) | ||||||||
Cash flows provided by (used in) operating activities | 11,321 | 869 | 22,177 | (2,422 | ) | |||||||||||
Investing activities | ||||||||||||||||
Additions to property and equipment | (4,935 | ) | (5,053 | ) | (8,999 | ) | (7,940 | ) | ||||||||
Additions to intangible assets | (641 | ) | (297 | ) | (1,486 | ) | (1,097 | ) | ||||||||
Proceeds from sale of property and equipment | 45 | 27 | 62 | 27 | ||||||||||||
Acquisition of GNSS business | — | 47 | — | (3,145 | ) | |||||||||||
Cash flows used in investing activities | (5,531 | ) | (5,276 | ) | (10,423 | ) | (12,155 | ) | ||||||||
Financing activities | ||||||||||||||||
Issuance of common shares | 607 | 301 | 1,278 | 4,922 | ||||||||||||
Repurchase of common shares for cancellation | — | — | — | (2,779 | ) | |||||||||||
Taxes paid related to net settlement of equity awards | (790 | ) | (62 | ) | (1,454 | ) | (1,089 | ) | ||||||||
Payment for contingent consideration | (130 | ) | (276 | ) | (130 | ) | (1,236 | ) | ||||||||
Decrease in other long-term obligations | (244 | ) | (138 | ) | (443 | ) | (234 | ) | ||||||||
Cash flows used in financing activities | (557 | ) | (175 | ) | (749 | ) | (416 | ) | ||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | (2,410 | ) | 1,049 | (2,597 | ) | 1,233 | ||||||||||
Cash, cash equivalents and restricted cash, increase (decrease) in the period | 2,823 | (3,533 | ) | 8,408 | (13,760 | ) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 70,809 | 92,545 | 65,224 | 102,772 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 73,632 | $ | 89,012 | $ | 73,632 | $ | 89,012 | ||||||||
(1) Three and six months ended June 30, 2017 have been adjusted to reflect the adoption of ASC 606 - Revenue from Contracts with Customers. |
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SIERRA WIRELESS, INC. |
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(in thousands of U.S. dollars, except where |
2018 | 2017 (1) | ||||||||||||||||||||||||||||
Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||||||
Gross margin - GAAP | $ | 69,309 | $ | 62,100 | $ | 234,239 | $ | 61,814 | $ | 57,294 | $ | 59,636 | $ | 55,495 | ||||||||||||||||
Stock-based compensation and related social taxes | 57 | 307 | 461 | 122 | 123 | 108 | 108 | |||||||||||||||||||||||
Realized gains (losses) on hedge contracts | — | (6 | ) | 23 | 11 | 12 | — | — | ||||||||||||||||||||||
Gross margin - Non-GAAP | $ | 69,366 | $ | 62,401 | $ | 234,723 | $ | 61,947 | $ | 57,429 | $ | 59,744 | $ | 55,603 | ||||||||||||||||
Earnings (loss) from operations - GAAP | $ | (5,055 | ) | $ | (9,876 | ) | $ | 100 | $ | (2,939 | ) | $ | 390 | $ | 3,994 | $ | (1,345 | ) | ||||||||||||
Stock-based compensation and related social taxes | 3,950 | 2,840 | 10,374 | 2,869 | 2,780 | 2,577 | 2,148 | |||||||||||||||||||||||
Acquisition-related and integration | 1,014 | 1,765 | 8,195 | 4,792 | 2,077 | 875 | 451 | |||||||||||||||||||||||
Restructuring | 952 | 3,591 | 1,076 | 245 | 199 | 259 | 373 | |||||||||||||||||||||||
Other nonrecurring costs | 5,141 | — | 318 | — | — | 42 | 276 | |||||||||||||||||||||||
Realized gains (losses) on hedge contracts | (14 | ) | (51 | ) | 419 | 209 | 210 | — | — | |||||||||||||||||||||
Impairment | — | — | 3,668 | — | — | — | 3,668 | |||||||||||||||||||||||
Acquisition-related amortization | 4,426 | 5,534 | 15,486 | 4,306 | 3,845 | 3,694 | 3,641 | |||||||||||||||||||||||
Earnings from operations - Non-GAAP | $ | 10,414 | $ | 3,803 | $ | 39,636 | $ | 9,482 | $ | 9,501 | $ | 11,441 | $ | 9,212 | ||||||||||||||||
Net earnings (loss) - GAAP | $ | (11,384 | ) | $ | (8,363 | ) | $ | 4,518 | $ | (3,514 | ) | $ | 1,354 | $ | 6,770 | $ | (92 | ) | ||||||||||||
Stock-based compensation and |
11,057 | 8,196 | 23,631 | 7,906 | 5,056 | 3,753 | 6,916 | |||||||||||||||||||||||
Amortization | 9,651 | 10,708 | 30,503 | 8,764 | 7,548 | 7,194 | 6,997 | |||||||||||||||||||||||
Interest and other, net | (8 | ) | (55 | ) | (67 | ) | (38 | ) | (32 | ) | 12 | (9 | ) | |||||||||||||||||
Foreign exchange loss (gain) | 4,034 | (1,166 | ) | (7,131 | ) | (1,058 | ) | (1,457 | ) | (3,517 | ) | (1,099 | ) | |||||||||||||||||
Income tax expense (recovery) | 2,289 | (343 | ) | 3,199 | 1,880 | 735 | 729 | (145 | ) | |||||||||||||||||||||
Adjusted EBITDA | 15,639 | 8,977 | 54,653 | 13,940 | 13,204 | 14,941 | 12,568 | |||||||||||||||||||||||
Amortization (exclude acquisition-related amortization) | (5,225 | ) | (5,174 | ) | (15,017 | ) | (4,458 | ) | (3,703 | ) | (3,500 | ) | (3,356 | ) | ||||||||||||||||
Interest and other, net | 8 | 55 | 67 | 38 | 32 | (12 | ) | 9 | ||||||||||||||||||||||
Income tax expense - Non-GAAP | (769 | ) | (564 | ) | (5,184 | ) | (312 | ) | (1,816 | ) | (1,615 | ) | (1,441 | ) | ||||||||||||||||
Net earnings - Non-GAAP | $ | 9,653 | $ | 3,294 | $ | 34,519 | $ | 9,208 | $ | 7,717 | $ | 9,814 | $ | 7,780 | ||||||||||||||||
Diluted net earnings (loss) per share | ||||||||||||||||||||||||||||||
GAAP - (in dollars per share) | $ | (0.32 | ) | $ | (0.23 | ) | $ | 0.14 | $ | (0.11 | ) | $ | 0.04 | $ | 0.21 | $ | — | |||||||||||||
Non-GAAP - (in dollars per share) | $ | 0.27 | $ | 0.09 | $ | 1.05 | $ | 0.28 | $ | 0.24 | $ | 0.30 | $ | 0.24 | ||||||||||||||||
(1) 2017 has been adjusted to reflect the adoption of ASC 606 - Revenue from Contracts with Customers. |
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SIERRA WIRELESS, INC. |
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(In thousands of U.S. dollars, except where |
2018 | 2017 (1) | |||||||||||||||||||||||||||
Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |||||||||||||||||||||||
OEM Solutions | |||||||||||||||||||||||||||||
Revenue | $ | 150,939 | $ | 135,211 | $ | 554,537 | $ | 139,795 | $ | 137,850 | $ | 144,467 | $ | 132,425 | |||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
- GAAP | $ | 45,857 | $ | 38,924 | $ | 170,307 | $ | 41,453 | $ | 40,680 | $ | 46,262 | $ | 41,912 | |||||||||||||||
- Non-GAAP | $ | 45,900 | $ | 39,142 | $ | 170,694 | $ | 41,554 | $ | 40,787 | $ | 46,352 | $ | 42,001 | |||||||||||||||
Gross margin % | |||||||||||||||||||||||||||||
- GAAP | 30.4 | % | 28.8 | % | 30.7 | % | 29.7 | % | 29.5 | % | 32.0 | % | 31.6 | % | |||||||||||||||
- Non-GAAP | 30.4 | % | 28.9 | % | 30.8 | % | 29.7 | % | 29.6 | % | 32.1 | % | 31.7 | % | |||||||||||||||
Enterprise Solutions | |||||||||||||||||||||||||||||
Revenue | $ | 28,402 | $ | 29,200 | $ | 101,535 | $ | 31,879 | $ | 26,277 | $ | 21,661 | $ | 21,718 | |||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
- GAAP | $ | 14,184 | $ | 14,028 | $ | 48,521 | $ | 15,129 | $ | 12,631 | $ | 10,276 | $ | 10,485 | |||||||||||||||
- Non-GAAP | $ | 14,192 | $ | 14,075 | $ | 48,593 | $ | 15,152 | $ | 12,652 | $ | 10,289 | $ | 10,500 | |||||||||||||||
Gross margin % | |||||||||||||||||||||||||||||
- GAAP | 49.9 | % | 48.0 | % | 47.8 | % | 47.5 | % | 48.1 | % | 47.4 | % | 48.3 | % | |||||||||||||||
- Non-GAAP | 50.0 | % | 48.2 | % | 47.9 | % | 47.5 | % | 48.1 | % | 47.5 | % | 48.3 | % | |||||||||||||||
IoT Services | |||||||||||||||||||||||||||||
Revenue | $ | 22,562 | $ | 22,467 | $ | 34,655 | $ | 11,859 | $ | 8,433 | $ | 7,288 | $ | 7,075 | |||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
- GAAP | $ | 9,268 | $ | 9,148 | $ | 15,411 | $ | 5,232 | $ | 3,983 | $ | 3,098 | $ | 3,098 | |||||||||||||||
- Non-GAAP | $ | 9,274 | $ | 9,184 | $ | 15,436 | $ | 5,241 | $ | 3,990 | $ | 3,103 | $ | 3,102 | |||||||||||||||
Gross margin % | |||||||||||||||||||||||||||||
- GAAP | 41.1 | % | 40.7 | % | 44.5 | % | 44.1 | % | 47.2 | % | 42.5 | % | 43.8 | % | |||||||||||||||
- Non-GAAP | 41.1 | % | 40.9 | % | 44.5 | % | 44.2 | % | 47.3 | % | 42.6 | % | 43.8 | % | |||||||||||||||
Total | |||||||||||||||||||||||||||||
Revenue | $ | 201,903 | $ | 186,878 | $ | 690,727 | $ | 183,533 | $ | 172,560 | $ | 173,416 | $ | 161,218 | |||||||||||||||
Gross margin | |||||||||||||||||||||||||||||
- GAAP | $ | 69,309 | $ | 62,100 | $ | 234,239 | $ | 61,814 | $ | 57,294 | $ | 59,636 | $ | 55,495 | |||||||||||||||
- Non-GAAP | $ | 69,366 | $ | 62,401 | $ | 234,723 | $ | 61,947 | $ | 57,429 | $ | 59,744 | $ | 55,603 | |||||||||||||||
Gross margin % | |||||||||||||||||||||||||||||
- GAAP | 34.3 | % | 33.2 | % | 33.9 | % | 33.7 | % | 33.2 | % | 34.4 | % | 34.4 | % | |||||||||||||||
- Non-GAAP | 34.4 | % | 33.4 | % | 34.0 | % | 33.8 | % | 33.3 | % | 34.5 | % | 34.5 | % | |||||||||||||||
(1) 2017 has been adjusted to reflect the adoption of ASC 606 - Revenue from Contracts with Customers. |
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 third quarter of 2018 and our fiscal year 2018, our business outlook for the short and longer term, statements regarding our strategy, plans 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; expectations regarding the acquisition of Numerex; estimates of our expenses, future revenues, non-GAAP earnings per share 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 product and price competition from other wireless device manufacturers and solution providers; and our ability to implement effective control procedures. 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 unless we are required to do so by securities laws.
Forward-looking statements
Company Snapshot |
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Sierra Wireless (a Semtech Company)
Richmond, BC (Wireless)
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