Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter ended June 30, 2019. Sierra Wireless is an IoT pioneer, empowering businesses and industries to transform and thrive in the connected economy. Prepared Remarks: Operator. Customers Start with Sierra because we offer a device-to-cloud solution, comprised of embedded and networking solutions seamlessly integrated with our IoT services. Sierra Wireless revenue from 2006 to 2020. The purchase price of $19.8 million is based on cash consideration of $18.8 million for 100% of the equity plus approximately $1.0 million for the retirement of certain obligations, subject to normal working capital adjustments. Revenue for the fourth quarter of 2019 was $174.3 million compared to $201.4 million in the fourth quarter of 2018. Operating expenses were $278.0 million and loss from operations was $58.0 million in 2019 compared to operating expenses of $282.8 million and loss from operations of $18.3 million in 2018. 3 Sierra Wireless Internet of Things pure play founded 1993 Innovator 4G LTE, LPWA, 5G #1 in modules & gateways $766m Revenue Q2’19 ARR 200+ customers in countries David G. McLennan They represent our current views and may change significantly. Start your Free Trial. Non-GAAP earnings (loss) from operations includes allocation of realized gains or losses on forward contracts and 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. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. 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 non-recurring 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. 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. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS), (In thousands of U.S. dollars, except where otherwise stated), Foreign currency translation adjustments, net of taxes of $nil, Weighted average number of shares outstanding (in thousands), Accounts receivable, net of allowance for doubtful accounts of $3,561 Hear from customers, analysts, developers and business leaders who are developing Industrial IoT solutions based on Octave that create new revenue streams and business models. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) and may include statements and information relating to our Q4 2019 corporate update; financial guidance for our fiscal year 2020; expectations regarding the expected earnings of the M2M Group and ability to expand our market presence in Australia and Southeast Asia; our business outlook for the short and long term; 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, 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 Internet of Things ("IoT") solutions; expectations regarding trends 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. Do the numbers hold clues to what lies ahead for the stock? Quarterly revenue for our two business segments was as follows: (i) Revenue from IoT Solutions was $93.4 million in the third quarter of 2019, a decrease of 2.1% compared to $95.5 million in the third quarter of 2018 due to lower Integrated IoT solutions module revenue, partially offset by stronger subscription, support and other services revenue and stronger sales of Enterprise gateway products. See "Non-GAAP Financial Measures" below. On January 7, 2020, we completed the acquisition of M2M group of companies ("M2M Group") in Australia. Annual stock financials by MarketWatch. To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call: To access the webcast, please follow the link below: Sierra Wireless Q3 2019 Conference Call and Webcast. 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. Typically include words and phrases about the future such as "outlook", "will", "may", “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof. This segment of the business has been growing rapidly over the last several years. The M2M Group is focused on IoT connectivity services and cellular devices in Australia, and the acquisition expands the Company's IoT Solutions business in the Asia-Pacific region. View the latest SWIR financial statements, income statements and financial ratios. Revenue for the second quarter of 2019 was $191.4 million compared to $201.9 million in the second quarter of 2018. Sierra Wireless has 1,280 employees across 14 locations and $713.51 M in annual revenue in FY 2019. We expect the transaction to close early in January 2020, subject to the satisfaction of customary closing conditions. The increase in cash was primarily due to cash flow from operating activities, partially offset by capital expenditures. Article content. Les perturbations de la chaîne d’approvisionnement dues au blocage économique pour lutter contre COVID-19, combinées à la baisse de certains secteurs d’activité hérités, ont comploté contre l’entreprise et entraîné une nouvelle baisse des revenus. The M2M Group’s revenue in the last twelve months was US$17.9 million, of which $9.2 million was recurring subscription-based revenue. In 2019, we made tremendous progress and delivered on our plan with $99.1 million in recurring and other services revenue,” said Kent Thexton, President and CEO. Net earnings were $1.0 million, or $0.03 per diluted share, in the third quarter of 2019 compared to net earnings of $10.5 million, or $0.29 per diluted share, in the third quarter of 2018. We adopted the new accounting standard for lease accounting (ASC 842) effective January 1, 2019. Product revenue, … Sierra Wireless (SWIR) delivered earnings and revenue surprises of -66.67% and -9.22%, respectively, for the quarter ended September 2019. For more information, visit www.sierrawireless.com. “We continue to make strong progress on our transformation to an integrated IoT Solutions company,” said Kent Thexton, President and CEO. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. Revenue for the first quarter of 2019 was $173.8 million compared to $186.8 million in the first quarter of 2018. Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Tuesday November 5, 2019, at 5:30 PM Eastern time (2:30 PM Pacific time). Gross margin was $220.0 million, or 30.8% of revenue, in 2019 compared to $264.6 million, or 33.3% of revenue in 2018. Toll-free (Canada and US): 1-877-201-0168. Annual revenue for the two business segments was as follows: (i) Revenue from IoT Solutions was $377.8 million in 2019, up 1.0% compared to $373.9 million in 2018 due to strong contributions from our recurring and other services revenue, as well as our Enterprise gateway products; partially offset by lower revenue from Integrated IoT solutions modules. In 2019, we made tremendous progress in transforming Sierra Wireless into the global leader in IoT solutions. (December 31, 2018 – $2,968), Common stock: no par value; unlimited shares authorized; issued and outstanding: 36,197,137 shares (December 31, 2018 – 36,067,415 shares), Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares, Treasury stock: at cost; 9,612 shares (December 31, 2018 – 119,584 shares), Cash flows provided by operating activities, Proceeds from sale of property and equipment, Repurchase of common shares for cancellation, Purchase of treasury shares for RSU distribution, Taxes paid related to net settlement of equity awards, Effect of foreign exchange rate changes on cash and cash equivalents, Cash, cash equivalents and restricted cash, increase (decrease) in the period, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period, RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER, (in thousands of U.S. dollars, except See "Cautionary Note Regarding Forward-Looking Statements" below. ET. 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. Chief Financial Officer 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. Net loss was $2.9 million, or $0.08 per diluted share, in the fourth quarter of 2019 compared to net earnings of $9.0 million, or $0.25 per diluted share, in the fourth quarter of 2018. A live slide presentation will be available for viewing during the call from the link provided below. Gross margin was $55.0 million, or 31.6% of revenue, in the third quarter of 2019 compared to $67.3 million, or 33.1% of revenue, in the third quarter of 2018. Within the IoT Solutions segment, recurring subscription revenue was up 6.7%; and (ii) Revenue from Embedded Broadband was $80.6 million in the third quarter of 2019, down 25.3% compared to $107.9 million in the third quarter of 2018 mainly due to weaker demand from mobile computing, networking and automotive customers. 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. We launched market leading IoT solutions like our Octave product, increased our IoT connections by more than 400,000 and ended 2019 with 3.6 million global connections. Total cash consideration paid to the shareholders of M2M Group was $19.6 million for 100% of the equity plus approximately $1.1 million for the retirement of certain obligations, subject to normal working capital adjustments. Non-GAAP gross margin excludes the impact of stock-based compensation expense and related social taxes and certain other nonrecurring costs or recoveries. Browse... View Full Chart Revenue (TTM) Chart . 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. Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is is the leading IoT solutions provider that combines devices, network and software to unlock value in the connected economy. Sierra Wireless Inc (NASDAQ: SWIR) Q2 2019 Earnings Call Jul 31, 2019, 5:30 p.m. 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. Are based on a number of material assumptions, including, but not limited to, those listed below, which could prove to be significantly incorrect: 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. We do not intend to update or revise our forward-looking statements unless we are required to do so by securities laws. The webcast will remain available at the above link for one year following the call. 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. Gross margin was 29.5% in the fourth quarter of 2019 compared to 32.7% in the fourth quarter of 2018. Chief Financial Officer We caution you that forward-looking statements may not be appropriate for other purposes. dclimie@sierrawireless.com, Investor Contact: SIERRA WIRELESS, INC. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except where otherwise stated) (unaudited) June 30, 2020 December 31, 2019… recurring revenue in Year 3 following customer’s activation •We made strong progress towards targets of $200 million in recurring and other services revenue by the middle of 2022 and $400 million by the middle of 2024 Operating expenses were $53.3 million and earnings from operations were $1.8 million in the third quarter of 2019 compared to operating expenses of $56.5 million and earnings from operations of $10.9 million in the third quarter of 2018. VANCOUVER, British Columbia--(BUSINESS WIRE)--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its third quarter ended September 30, 2019. View and export this data going back to 1999. 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. We delivered our plan of $99.1 million of recurring and other service revenue in … Richmond, BC, August 2, 2019--Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) reported results for its second quarter ended June 30, 2019. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income. We caution you that forward-looking statements may not be appropriate for other purposes. Our fourth quarter and full year 2019 financial results reflect the adoption of this new standard. Within the IoT Solutions segment, excluding iTank, recurring and other services revenue was up $6.8 million, or 7.4%, and (ii) Revenue from Embedded Broadband was $335.7 million in 2019, down 20.0% compared to $419.7 million in 2018 primarily due to weaker demand from mobile computing and networking customers as we complete certain programs with these customers, partially offset by slightly higher revenue from automotive customers. Restructuring expense of $2.3 million in the fourth quarter of 2019 was comparable to the same period in 2018. Gross margin was $51.4 million, or 29.5% of revenue, in the fourth quarter of 2019 compared to $65.9 million, or 32.7% of revenue, in the fourth quarter of 2018. Are not promises or guarantees of future performance. We expect this will result in full year 2019 revenue in the range of $708 million to $712 million. 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. Vice President, Investor Relations “We had a record quarter in new recurring services wins and our services pipeline is growing. +1 (604) 231-1137 Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its fourth quarter and fiscal year ended December 31, 2019. David G. McLennan In Q3 2019, we recorded $2.7 million in severance and $3.6 million in transitional costs related to the consolidation of engineering and product management resources as well as the outsourcing initiatives we previously announced. Other product or service names mentioned herein may be the trademarks of their respective owners. We are adjusting our profitability guidance of Adjusted EBITDA to be approximately $23 million and non-GAAP EPS to be in the range of zero to 3 cents. +1 (604) 231-1181 Recurring and other services revenue in the fourth quarter was $26.5 million, representing 15.2% of consolidated revenue and Product revenue was $147.8 million, representing 84.8% of consolidated revenue. +1 (604) 231-1137 Sierra Wireless President and CEO, Kent Thexton, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday February 13, 2020, at 5:30 PM Eastern time (2:30 PM Pacific time). To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call: To access the webcast, please follow the link below: Sierra Wireless Q4 2019 Conference Call and Webcast. See "Cautionary Note Regarding Forward-Looking Statements" below. Adjusted EBITDA was $21.1 million in 2018 compared to $55.9 million in 2018. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. AirPrime, AirLink, AirVantage, mangOH and Legato are trademarks of Sierra Wireless. Our third quarter 2019 financial results reflect the adoption of this new standard. (1) See "Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results by Quarter" below. The M2M Group’s revenue in the last twelve months was US$17.9 million, of which $9.2 million was recurring subscription-based revenue. Revenue for the second quarter of 2019 was $191.4 million compared to […] Revenue for the third quarter 2019 was $174 million compared with $203.4 million in the third quarter of 2018. Sierra Wireless has more than 1,300 employees globally and operates R&D centers in North America, Europe and Asia. The business is an excellent strategic fit with our IoT Solutions business with slightly more than half of the M2M Group’s revenue coming from subscription-based recurring revenue. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Operating expenses were $63.8 million and loss from operations was $12.4 million in the fourth quarter of 2019 compared to operating expenses of $70.1 million and loss from operations of $4.2 million in the fourth quarter of 2018. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. Call Participants. To register, visit: 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. Preferred stock: no par value; unlimited shares authorized; Treasury stock: at cost; 44,487 shares (December 31, 2018 – 119,584 shares), Cash flows provided by (used in) operating activities, Proceeds from sale of property and equipment, Issuance of common shares, net of issuance cost, Repurchase of common shares for cancellation, Purchase of treasury shares for RSU distribution, Taxes paid related to net settlement of equity awards, Effect of foreign exchange rate changes on cash and cash equivalents, Cash, cash equivalents and restricted cash, increase (decrease) in the period, Cash, cash equivalents and restricted cash, beginning of period, Cash, cash equivalents and restricted cash, end of period, RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER, (in thousands of U.S. dollars, except where otherwise stated), Stock-based compensation and related social taxes, Realized gains (losses) on hedge contracts, Earnings (loss) from operations - Non-GAAP, Stock-based compensation and related social taxes, restructuring, impairment, acquisition-related, integration and other nonrecurring costs (recoveries), Amortization (exclude acquisition-related amortization), Investor and Media Contact: Non-GAAP income tax expense includes certain tax adjustments and taxes on acquisition-related amortization, acquisition-related and integration costs, restructuring costs, other non-recurring costs and foreign exchange. Sans surprise, Internet des objets (IoT) et fournisseur de services Sierra Wireless (NASDAQ: SWIR) a connu un début difficile en 2020. Sierra Wireless Revenue (TTM): 697.28M for March 31, 2020. On a reporting segment basis, our expectation is that IoT Solutions revenue will grow 7% to 10% year-over-year and Embedded Broadband revenue will decline by 12% to 15% year-over-year. For more information, visit www.sierrawireless.com. We announced just over a year ago our strategy […] Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) and may include statements and information relating to our Q3 2019 corporate update; financial guidance for our fiscal year 2019; expectations regarding the Company's cost savings initiatives; expectations regarding the acquisition of M2M Group and the timing thereof; our business outlook for the short and longer term; 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, 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 trends 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. Non-GAAP gross margin excludes the impact of stock-based compensation expense and related social taxes and certain other nonrecurring costs or recoveries. investor@sierrawireless.com, Revenue: $713.5 million, lower by 10.1% year-over-year; recurring and other services revenue was 13.9% of annual revenue compared to 11.9% in 2018, Loss per share: GAAP loss: $1.95; Non-GAAP loss: $0.01, Revenue: $174.3 million, lower by 13.5% year-over-year; recurring and other services revenue was 15.2% of quarterly revenue compared to 11.6% in 2018, Loss per share: GAAP loss: $0.30; Non-GAAP loss: $0.08, Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"): $2.3 million. They represent our current views and may change significantly. Sierra Wireless' (NASDAQ:SWIR) stock recently tumbled after the maker of M2M (machine-to-machine) modules and gateways posted a mixed fourth-quarter report. We adopted the new accounting standard for lease accounting (ASC 842) effective January 1, 2019. Restructuring expenses were $28.2 million in 2019 compared to $7.1 million in 2018. David Climie 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. Revenue for the third quarter of 2019 was $174.0 million compared to $203.4 million in the third quarter of 2018. 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. Are not promises or guarantees of future performance. +1 (604) 231-1181 This non-GAAP guidance constitutes "forward-looking statements" within the meaning of applicable securities laws and reflects current business indicators and expectations. Operating expenses were $54.0 million and loss from operations was $2.7 million in the fourth quarter of 2019 compared to operating expenses of $55.7 million and earnings from operations of $10.2 million in the fourth quarter of 2018. The decrease in cash was mainly due to working capital and capital expenditure requirements, partially offset by sale of receivables under our receivables purchase program and proceeds from sale of an investment. 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. Restructuring expense was $6.3 million compared to $0.2 million in the third quarter of 2018. Revenue for 2019 was $713.5 million compared to $793.6 million in 2018, a decrease of 10.1%. Product revenue was $614.4 million, down 12.1% … Product revenue was $614.4 million, down 12.1% year-over-year, and recurring and other services revenue was $99.1 million, up 5.0% compared to 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. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Quarterly revenue for our two business segments was as follows: (i) Revenue from IoT Solutions was $90.9 million in the fourth quarter of 2019, a decrease of 5.0%, compared to $95.7 million in the fourth quarter of 2018 due primarily to lower Integrated IoT solutions module revenue, partially offset by stronger recurring and other services revenue. Net loss was $0.3 million, or $0.01 per diluted share, in 2019 compared to net earnings of $32.4 million, or $0.90 per diluted share, in 2018. For our full year 2019 outlook, we now expect IoT Solutions segment revenue to increase approximately 3% to 4% year-over-year and Embedded Broadband segment revenue to decrease approximately 22% to 23% year-over-year. Gross margin was 31.7% in the third quarter of 2019 compared to 33.1% in the third quarter of 2018. Given its underwhelming third quarter, Sierra Wireless now anticipates full-year 2019 revenue will be in the range of $708 million to $712 million -- … David Climie 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. 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, foreign exchange gains or losses on forward contracts and certain tax adjustments. 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. 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