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Sierra Wireless Announces Preliminary Second Quarter 2022 Financial Results, Expects Q2 Revenues to Be Between $185 to $189 Million
Thursday, August 4, 2022Company Profile | Careers | Follow Company
Richmond, BC, August 4, 2022--(T-Net)--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, 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 this week's announcement that Sierra Wireless has entered into a definitive agreement to be acquired by Semtech Corporation.
The Company says it 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.
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. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams.
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 the global partner customers trust to deliver them their next IoT solution.
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.
"Sierra Wireless" is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners. Forward Looking Statements This press release contains forward-looking statements. When used in this press release, the words "plan", "expect", "believe", and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things: plans and timing for the introduction or enhancement of our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits, and other expectations, intentions, and plans that are not historical fact. [ MORE ] |
Company Snapshot |
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Sierra Wireless (a Semtech Company)
Richmond, BC (Wireless)
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