Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported
preliminary financial results for its second quarter of 2022. All
results are reported in U.S. dollars and are prepared in accordance
with the United States generally accepted accounting principles
(“GAAP”), except as otherwise indicated below.
For the second quarter of 2022, preliminary revenues are
expected to be between $185 million and $189 million. Adjusted
EBITDA* is expected to be between $21 million and $23 million, as
compared to first quarter 2022 adjusted EBITDA* of $15.8
million.
The Sierra Wireless second quarter 2022 unaudited financial
information in this press release is preliminary and subject to
completion of quarter-end financial reporting processes.
Agreement to be Acquired by Semtech Corporation
Sierra Wireless’ preliminary results are provided in conjunction
with today’s announcement that Sierra Wireless has entered into a
definitive agreement to be acquired by Semtech Corporation. Please
refer to today’s announcement entitled “Semtech Corporation to
Acquire Sierra Wireless” available on Sierra Wireless’ website.
Due to Sierra Wireless’ pending transaction with Semtech, Sierra
Wireless is canceling its August 11, 2022, conference call and
webcast to discuss these financial results. The Company will
publish its full second quarter 2022 financial results on August
11, 2022. Additionally, Sierra Wireless will not be providing
financial guidance for the third quarter of 2022.
Non-GAAP Financial Measures
This press release refers to a non-GAAP financial measure, such
references as designated with an asterisk (*). 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 expected 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.
The non-GAAP financial measure referenced in this press release
is adjusted EBITDA* (earnings before interest, taxes, depreciation
and amortization).
Adjusted EBITDA* 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, government grants related to
COVID-19 relief, CEO retirement/search, impairment, gain on sale of
Omnilink, the ransomware incident, COVID-19 factory constraint
incremental costs, 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,
recognition of cumulative translation adjustments on dissolution of
subsidiaries, 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 measure 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. Non-GAAP
financial measures are reviewed regularly by management and the
Board of Directors as part of the ongoing internal assessment of
our operating performance. We disclose 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.
Disclaimer
This press release contains certain pre-released second quarter
financial metrics related to our financial performance. The second
quarter financial metrics contained in this press release are
preliminary and represent the most current information available to
our management, as financial closing procedures for the three and
six months ended June 30, 2022 are not yet complete. Our actual
interim financial statements for such period may result in material
changes to the financial metrics summarized in this press release
(including by any one financial metric, or both of the financial
metrics, being below or above the figures indicated) as a result of
the completion of normal quarter end accounting procedures and
adjustments, and also what one might expect to be in the final
interim financial statements based on the financial metrics
summarized in this press release. Although we believe the
expectations reflected in this press release are based upon
reasonable assumptions, we can give no assurance that actual
results will not differ materially from these expectations.
Readers are thus cautioned not to put undue reliance on the
financial guidance contained herein.
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”). These forward-looking statements are made as of the
date hereof and we do not intend or assume any obligation to update
these forward-looking statements, except as required under
applicable securities legislation.
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. In certain cases,
forward-looking statements 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.
Forward-looking statements contained in this press release include,
but are not limited to, statements and information relating to our
financial guidance, including for our second quarter of 2022; the
expected timing of filing our second quarter 2022 interim financial
results; and the consummation of the proposed transaction described
herein.
Forward-looking statements reflect management’s current
expectations on the date the statements are made and are based on a
number of material assumptions and estimates that, while considered
reasonable by management, by their very nature are inherently
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: failure
to meet financial expectations or financial performance being
materially less or more than anticipated; failure to obtain
shareholder approval as required for the proposed transaction;
failure to obtain regulatory and other consents and approvals
required for the closing of the proposed transaction, including the
approval of the Supreme Court of British Columbia; failure to
satisfy the conditions to the closing of the proposed transaction;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the definitive agreement; the
risk that the proposed transaction will not be consummated; and the
additional risk factors set forth in our Annual Information Form
included as part of our Form 40-F filed with the Securities
Exchange Commission on March 18, 2022 and available under our
profile on SEDAR at www.sedar.com, in each case, as such risk
factors may be updated, amended or superseded from time to time by
subsequent reports that we file with the Securities and Exchange
Commission and applicable securities commissions or regulatory
authorities in Canada.
Although we have attempted to identify important factors that
could cause our actual results, performance or achievements to
differ materially from those described in our forward-looking
statements, there may be other factors that cause our results,
performance or achievements not to be as anticipated, estimated or
intended. There can be no assurance that our forward-looking
statements prove to be accurate, as our actual results, performance
or achievements could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained herein.
About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT
solutions provider that combines devices, network services, and
software to unlock value in the connected economy. 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 a global partner customers trust to deliver them their next IoT
solution. For more information, visit www.sierrawireless.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220802006056/en/
Louise Matich Media Relations pr@sierrawireless.com Sean Fallis
Investor Relations investor@sierrawireless.com
Sierra Wireless (NASDAQ:SWIR)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Sierra Wireless (NASDAQ:SWIR)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024