Sierra Wireless Reports Third Quarter 2020 Results

 

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its third quarter ended September 30, 2020. 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.

 

"We are on-track to complete the sale of our Automotive product line and expect the deal to close in the coming weeks. Our Continuing Operations in the Third Quarter, excluding the Automotive product line being divested, improved sequentially with Recurring and Other Services revenue up 11% sequentially and 22% year-over-year," said Kent Thexton, President and CEO. "Combining revenue from our Continuing Operations with the discontinued Automotive product line, total revenue in the Third Quarter was $180.3 million compared to $174.0 million the prior year. Going forward, we are improving the Company's operating efficiency and we have announced and are implementing a series of cost reduction initiatives."

 

Revenue, including our Automotive Business, for the third quarter of 2020 was $180.3 million compared to $174.0 million in the third quarter of 2019, an increase of 3.6% in a challenging environment. Revenue, excluding our Automotive Business, for the third quarter of 2020 was $113.4 million compared to $136.7 million in the third quarter of 2019, a decrease of 17.1%. Revenue, excluding Automotive was up 1.5% sequentially from Q2 2020. Our transformation to an IoT Solutions company is progressing well with record recurring revenue design wins year to date and increasing device design wins. Additionally, in our Enterprise Networking we are seeing strong growth in our opportunities pipeline.

 

Quarterly revenue for our two business segments was as follows:

 
         
 

(i)

 
 

Revenue from IoT Solutions was $79.1 million in the third quarter of 2020, a decrease of 15.4% compared to $93.4 million in the third quarter of 2019 due to lower hardware sales in Enterprise gateway products and IoT Solutions modules driven by the impact of COVID-19, the economic impact on energy, sales & payment and public safety, competitive pressure in hardware only segments, and a transition to lower device ASPs with the increasing sales of LPWA technologies. Within this segment we had solid year-over-year recurring and other service revenue growth of 21.6% driven by growth in connected devices.

 
 

 

 
 

(ii)

 
 

Revenue from Embedded Broadband, excluding our Automotive Business, was $34.3 million in the third quarter of 2020, a decrease of 20.8% compared to $43.3 million in the third quarter of 2019, reflecting lower mobile computing and networking sales due to previously communicated design losses of two higher-margin computing customers.

 
 

Recurring and other services revenue in the third quarter of 2020 was $29.8 million, representing 26.3% of consolidated revenue and Product revenue was $83.6 million, representing 73.7% of consolidated revenue.

 

In accordance with U.S. GAAP, the results of operations of the Automotive Business are reported as discontinued operations in our consolidation statements of operations and comprehensive earnings (loss) for each of the three and nine months periods ended September 30, 2020 and 2019.

 
 
 

  GAAP:  

 
  • Gross margin, excluding our Automotive Business, was $39.5 million, or 34.8% of revenue, in the third quarter of 2020 compared to $49.6 million, or 36.3% of revenue, in the third quarter of 2019.
  •  
  • Operating expenses, excluding our Automotive Business, were $57.2 million in the third quarter of 2020 compared to $62.5 million in the third quarter of 2019. In the third quarter of 2020, we recorded government grants under the Canada Emergency Wage Subsidy (CEWS) of $5.6 million and other COVID-19 related subsidies of $0.7 million, totaling $6.3 million.
  •  
  • Loss from operations, which excludes our Automotive Business, was $17.8 million compared to $12.8 million in the third quarter of 2019.
  •  
  • Net loss from continuing operations, which excludes our Automotive Business, was $14.5 million, or loss of $0.40 per diluted share, compared to net loss of $19.8 million, or loss of $0.55 per diluted share, in the third quarter of 2019.
  •  
  • Net loss, which includes our Automotive Business, was $12.0 million, or loss of $0.33 per diluted share, compared to $20.2 million, or loss of $0.56 per diluted share, in the third quarter of 2019.
  •  
  • Short-term borrowings and long-term debt were $34.4 million as at September 30, 2020 compared to $15.0 million as at June 30, 2020.
  •  

  NON-GAAP (1) Results Including Discontinued Operations (Automotive Business):  

 
  • Total revenue was $180.3 million compared to $174.0 million in the third quarter of 2019.
  •  
  • Gross margin in the third quarter of 2020 was 27.3% compared to 31.7% in the third quarter of 2019.
  •  
  • Adjusted EBITDA was a loss of $0.4 million compared to earnings of $6.3 million in the third quarter of 2019.
  •  
  • Net loss was $7.1 million, or loss of $0.19 per diluted share, compared to net earnings of $1.0 million, or earnings of $0.03 per diluted share, in the third quarter of 2019.
  •  

  NON-GAAP (1) Results Excluding Discontinued Operations (Automotive Business):  

 
  • Gross margin was 34.7% compared to 36.3% in the third quarter of 2019.
  •  
  • Adjusted EBITDA was a loss of $7.4 million compared to earnings of $3.5 million in the third quarter of 2019.
  •  
  • Loss from operations was $11.8 million compared to $0.3 million in the third quarter of 2019.
  •  
  • Net loss from continuing operations was $12.0 million, or loss of $0.33 per share, compared to $0.3 million, or loss of $0.01 per share, in the third quarter of 2019.
  •  

  (1) See "Non-GAAP Financial Measures" and "Reconciliation of GAAP and Non-GAAP Results by Quarter" below.

 

Cash, cash equivalents and restricted cash (including cash held for sale) at the end of the third quarter of 2020 was $72.0 million, representing an increase of $9.5 million from the end of the second quarter of 2020. The increase in cash was primarily driven by additional borrowings under our credit facility, offset by cash flow used in operating activities and capital expenditure. Our cash flow from operating activities were negatively impacted by the unwinding of our receivables factoring program related to the Automotive business prior to the completion of the divestiture.

 

  Credit Facilities  

 

During the third quarter, we entered into a Cdn$12.5M term loan agreement with Canadian Imperial Bank of Commerce ("CIBC") backed by the Canadian Government under the Business Credit Availability Program to provide for additional liquidity to the Company.

 
 
 

  Financial Guidance  

 

The impact of the COVID-19 pandemic on our global business continues to remain uncertain. While we continue to evaluate the effects of COVID-19 on our business, the overall severity and duration of adverse impacts related to COVID-19 on our business, financial condition, cash flows and/or results of operations for the fourth quarter 2020 and beyond cannot be reasonably estimated at this time. The ultimate size of the impact of the COVID-19 pandemic on our business will depend on future developments which cannot be currently predicted.

 

Given these conditions, we continue not to provide guidance although we are seeing continued business improvements. In conjunction with the recently announced divestiture of the embedded automotive business, we have begun to initiate actions to reduce operating expenses by approximately $25 to $30 million on an annualized basis to rightsize the remaining business and improve ongoing earnings and cash flows.

 

We will continue to monitor the effects of COVID-19 on our business.

 

This non-GAAP guidance constitutes "forward-looking statements" within the meaning of applicable securities laws and reflects current business indicators and expectations. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. 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. See "Cautionary Note Regarding Forward-Looking Statements" below.

 

  Non-GAAP Financial Measures  

 

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. 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 non-recurring costs or recoveries.

 

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, government grants related to COVID-19 relief and certain other non-recurring costs or recoveries.

 

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.

 

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.

 

Non-GAAP net earnings (loss) from continuing operations is equal to non-GAAP earnings (loss) from operations as described above, excluding operating results of our Automotive Business and excluding 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.

 

Non-GAAP net earnings (loss) from discontinued operations is equal to non-GAAP earnings (loss) from operations as described above pertaining to our Automotive Business, excluding 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.

 
 
 

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, government grants related to COVID-19 relief 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.

 

Adjusted EBITDA (continuing and discontinued) is equal to the Adjusted EBITDA as defined above including operating results of our Automotive Business.

 

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.

 

  Conference call and webcast details  

 

Sierra Wireless President and CEO, Kent Thexton, and CFO, Samuel Cochrane, will host a conference call and webcast with analysts and investors to review the results on Thursday November 12, 2020, at 6:00 PM Eastern time (3:00 PM Pacific time). A live slide presentation will be available for viewing during the call from the link provided below.

 

To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call:

 
  • Toll-free (Canada and US): 1-877-201-0168
  •  
  • Alternate number: 1-647-788-4901
  •  
  • Conference ID: 7390518
  •  

To access the webcast, please follow the link below:

 

  Sierra Wireless Q3 2020 Conference Call and Webcast  

 

If the above link does not work, please copy and paste the following URL into your browser:

 

   https://onlinexperiences.com/Launch/QReg/ShowUUID=E5E7D527-646D-4053-9906-4A5774F72BE2   .

 

The webcast will remain available at the above link for one year following the call.

 
 
 

  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 (collectively, "forward-looking statements") and may include statements and information relating to our 2020 corporate update; financial guidance for our fiscal year 2020; the impact of COVID-19 on customer demand, our supply chain, manufacturing capacity, our ability to meet customer demand and our financial results; expectations regarding post-COVID-19 recovery; expectations regarding the Company's cost savings initiatives; anticipated benefits of our recently announced divestiture of the automotive product line (the "Sale Transaction") and the Company's exit from automotive applications; the anticipated timing of the closing of the Sale Transaction; expectations regarding movement of employees pursuant to the Sale Transaction; 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, financial results 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 and growth 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 and gateways. 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.

 

Forward-looking statements:

 
  • 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.
  •  
  • Are not promises or guarantees of future performance. They represent our current views and may change significantly.
  •  
  • Are based on a number of material assumptions, including, but not limited to, those listed below, which could prove to be significantly incorrect:
    • the scope and duration of the COVID-19 pandemic and its impact on our business;
    •  
    • our ability to return to normal operations after the COVID-19 pandemic has subsided;
    •  
    • expected component supply constraints and manufacturing capacity;
    •  
    • customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
    •  
    • our ability to realize the anticipated benefits of the Sale Transaction;
    •  
    • our ability to effect and to realize the anticipated benefits of our business transformation initiatives, and the timing thereof;
    •  
    • our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
    •  
    • expected macro-economic business conditions;
    •  
    • expected cost of sales;
    •  
    • our ability to win new business;
    •  
    • our ability to integrate acquired businesses and realize expected benefits;
    •  
    • our ability to renew or obtain credit facilities when required;
    •  
    • expected deployment of next generation networks by wireless network operators;
    •  
    • our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and
    •  
    • expected tax and foreign exchange rates.
    •  
  •  
 
 
  • 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. 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. 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 www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the provincial securities commissions in Canada:
    • prolonged negative impact from COVID-19;
    •  
    • our access to capital if required;
    •  
    • competition from new or established competitors or from those with greater resources;
    •  
    • natural catastrophes or public health epidemics could impact customer demand, result in production disruption and impact our ability to meet customer demand or capacity to continue critical operations;
    •  
    • risks that the Sale Transaction may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common shares;
    •  
    • failure to satisfy the conditions to the consummation of the Sale Transaction, including any required approvals;
    •  
    • risks that the Sale Transaction may fail to realize the expected benefits;
    •  
    • the loss of, or significant demand fluctuations from, any of our significant customers;
    •  
    • our financial results being subject to fluctuation;
    •  
    • our business transformation initiatives may result in disruptions to our business and may not achieve the anticipated benefits;
    •  
    • our ability to respond to changing technology, industry standards and customer requirements;
    •  
    • failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues;
    •  
    • deterioration in macro-economic conditions could adversely affect our operating results and financial conditions;
    •  
    • our ability to attract or retain key personnel and the impact of organizational changes on our business;
    •  
    • cyber-attacks or other breaches of our information technology security;
    •  
    • risks related to the transmission, use and disclosure of user data and personal information;
    •  
    • disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures;
    •  
    • risks that the acquisition of the M2M Group or our investments and partnerships may fail to realize the expected benefits;
    •  
    • risks related to infringement on intellectual property rights of others;
    •  
    • our ability to obtain necessary rights to use software or components supplied by third parties;
    •  
    • our ability to enforce our intellectual property rights;
    •  
    • our reliance on single source suppliers for certain components used in our products;
    •  
    • our dependence on a limited number of third party manufacturers;
    •  
    • unanticipated costs associated with litigation or settlements;
    •  
    • our dependence on mobile network operators to promote and offer acceptable wireless data services;
    •  
    • risks related to contractual disputes with counterparties;
    •  
    • risks related to governmental regulation;
    •  
    • risks inherent in foreign jurisdictions; and
    •  
    • risks related to tariffs or other trade restrictions.
    •  
  •  

  About Sierra Wireless  

 

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is a solution to help a business securely connect edge devices to the cloud, or a software/API solution to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to create the right industry-specific solution for your next IoT endeavor. 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 .

 

"Sierra Wireless" is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 

  SIERRA WIRELESS, INC.  

 

  CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS)  

 

  (In thousands of U.S. dollars, except where otherwise stated)  

 

  (unaudited)  

 
 
 

 

 
 

  Three months ended
September 30,
 

 
 

 

 
 

  Nine months ended
September 30,
 

 
 

 

 
 

   2020   

 
 

 

 
 

  2019  

 
 

 

 
 

   2020   

 
 

 

 
 

  2019  

 
 

  Revenue  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

IoT Solutions

 
 

  $  

 
 

  79,093  

 
 

 

 
 

 

 
 

$

 
 

93,439

 
 

 

 
 

 

 
 

  $  

 
 

  239,719  

 
 

 

 
 

 

 
 

$

 
 

286,871

 
 

 

 
 

Embedded Broadband

 
 

  34,278  

 
 

 

 
 

 

 
 

43,256

 
 

 

 
 

 

 
 

  88,391  

 
 

 

 
 

 

 
 

135,298

 
 

 

 
 

 

 
 

  113,371  

 
 

 

 
 

 

 
 

136,695

 
 

 

 
 

 

 
 

  328,110  

 
 

 

 
 

 

 
 

422,169

 
 

 

 
 

  Cost of sales  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

IoT Solutions

 
 

  49,466  

 
 

 

 
 

 

 
 

58,236

 
 

 

 
 

 

 
 

  151,543  

 
 

 

 
 

 

 
 

180,378

 
 

 

 
 

Embedded Broadband

 
 

  24,453  

 
 

 

 
 

 

 
 

28,835

 
 

 

 
 

 

 
 

  61,182  

 
 

 

 
 

 

 
 

89,065

 
 

 

 
 

 

 
 

  73,919  

 
 

 

 
 

 

 
 

87,071

 
 

 

 
 

 

 
 

  212,725  

 
 

 

 
 

 

 
 

269,443

 
 

 

 
 

  Gross margin  

 
 

  39,452  

 
 

 

 
 

 

 
 

49,624

 
 

 

 
 

 

 
 

  115,385  

 
 

 

 
 

 

 
 

152,726

 
 

 

 
 

  Expenses  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Sales and marketing

 
 

  20,072  

 
 

 

 
 

 

 
 

22,286

 
 

 

 
 

 

 
 

  64,818  

 
 

 

 
 

 

 
 

66,115

 
 

 

 
 

Research and development

 
 

  17,699  

 
 

 

 
 

 

 
 

18,796

 
 

 

 
 

 

 
 

  61,151  

 
 

 

 
 

 

 
 

57,974

 
 

 

 
 

Administration

 
 

  11,199  

 
 

 

 
 

 

 
 

11,496

 
 

 

 
 

 

 
 

  35,111  

 
 

 

 
 

 

 
 

35,854

 
 

 

 
 

Restructuring

 
 

  3,089  

 
 

 

 
 

 

 
 

4,588

 
 

 

 
 

 

 
 

  3,940  

 
 

 

 
 

 

 
 

24,011

 
 

 

 
 

Acquisition-related and integration

 
 

  140  

 
 

 

 
 

 

 
 

291

 
 

 

 
 

 

 
 

  325  

 
 

 

 
 

 

 
 

700

 
 

 

 
 

Amortization

 
 

  5,040  

 
 

 

 
 

 

 
 

5,013

 
 

 

 
 

 

 
 

  15,755  

 
 

 

 
 

 

 
 

15,198

 
 

 

 
 

 

 
 

  57,239  

 
 

 

 
 

 

 
 

62,470

 
 

 

 
 

 

 
 

  181,100  

 
 

 

 
 

 

 
 

199,852

 
 

 

 
 

  Loss from operations  

 
 

  (17,787  

 
 

  )  

 
 

 

 
 

(12,846

 
 

)

 
 

 

 
 

  (65,715  

 
 

  )  

 
 

 

 
 

(47,126

 
 

)

 
 

Foreign exchange gain (loss)

 
 

  3,659  

 
 

 

 
 

 

 
 

(2,929

 
 

)

 
 

 

 
 

  4,269  

 
 

 

 
 

 

 
 

(2,885

 
 

)

 
 

Other expense

 
 

  (988  

 
 

  )  

 
 

 

 
 

(122

 
 

)

 
 

 

 
 

  (1,463  

 
 

  )  

 
 

 

 
 

(196

 
 

)

 
 

  Loss before income taxes  

 
 

  (15,116  

 
 

  )  

 
 

 

 
 

(15,897

 
 

)

 
 

 

 
 

  (62,909  

 
 

  )  

 
 

 

 
 

(50,207

 
 

)

 
 

Income tax expense (recovery)

 
 

  (633  

 
 

  )  

 
 

 

 
 

3,864

 
 

 

 
 

 

 
 

  (3,925  

 
 

  )  

 
 

 

 
 

9,140

 
 

 

 
 

  Net loss from continuing operations  

 
 

  $  

 
 

  (14,483  

 
 

  )  

 
 

 

 
 

$

 
 

(19,761

 
 

)

 
 

 

 
 

  $  

 
 

  (58,984  

 
 

  )  

 
 

 

 
 

$

 
 

(59,347

 
 

)

 
 

Net earnings (loss) from discontinued operations

 
 

  $  

 
 

  2,456  

 
 

 

 
 

 

 
 

$

 
 

(460

 
 

)

 
 

 

 
 

  $  

 
 

  8,687  

 
 

 

 
 

 

 
 

$

 
 

(273

 
 

)

 
 

  Net loss  

 
 

  $  

 
 

  (12,027  

 
 

  )  

 
 

 

 
 

$

 
 

(20,221

 
 

)

 
 

 

 
 

  $  

 
 

  (50,297  

 
 

  )  

 
 

 

 
 

$

 
 

(59,620

 
 

)

 
 

Other comprehensive gain (loss):

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Foreign currency translation adjustments, net of taxes of $nil

 
 

  2,670  

 
 

 

 
 

 

 
 

(3,727

 
 

)

 
 

 

 
 

  2,122  

 
 

 

 
 

 

 
 

(7,247

 
 

)

 
 

  Comprehensive loss  

 
 

  $  

 
 

  (9,357  

 
 

  )  

 
 

 

 
 

$

 
 

(23,948

 
 

)

 
 

 

 
 

  $  

 
 

  (48,175  

 
 

  )  

 
 

 

 
 

$

 
 

(66,867

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Basic and diluted net earnings (loss) per share (in dollars)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Continuing operations

 
 

  $  

 
 

  (0.40  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (0.55  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (1.62  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (1.64  

 
 

  )  

 
 

Discontinued operations

 
 

  0.07  

 
 

 

 
 

 

 
 

  (0.01  

 
 

  )  

 
 

 

 
 

  0.24  

 
 

 

 
 

 

 
 

  (0.01  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (0.33  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (0.56  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (1.38  

 
 

  )  

 
 

 

 
 

  $  

 
 

  (1.65  

 
 

  )  

 
 

Weighted average number of shares outstanding (in thousands)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Basic

 
 

  36,417  

 
 

 

 
 

 

 
 

36,179

 
 

 

 
 

 

 
 

  36,345  

 
 

 

 
 

 

 
 

36,147

 
 

 

 
 

Diluted

 
 

  36,417  

 
 

 

 
 

 

 
 

36,179

 
 

 

 
 

 

 
 

  36,345  

 
 

 

 
 

 

 
 

36,147

 
 

 

 
 
 
 
                                                                                                                                                                                                                                                                       
  SIERRA WIRELESS, INC.  

  CONSOLIDATED BALANCE SHEETS  

 

  (In thousands of U.S. dollars, except where otherwise stated)  

 

  (unaudited)  

 
 
 

 

 
 

   September 30, 2020   

 
 

 

 
 

  December 31, 2019  

 
 

  Assets  

 
 

 

 
 

 

 
 

 

 
 

Current assets

 
 

 

 
 

 

 
 

 

 
 

Cash and cash equivalents

 
 

  $  

 
 

  63,483  

 
 

 

 
 

 

 
 

$

 
 

71,164

 
 

 

 
 

Restricted cash

 
 

  3,029  

 
 

 

 
 

 

 
 

3,629

 
 

 

 
 

Accounts receivable, net of allowance of $3,772 (December 31, 2019 - $3,892)

 
 

  69,972  

 
 

 

 
 

 

 
 

94,491

 
 

 

 
 

Inventories

 
 

  35,172  

 
 

 

 
 

 

 
 

36,334

 
 

 

 
 

Prepaids and other

 
 

  12,193  

 
 

 

 
 

 

 
 

10,858

 
 

 

 
 

Assets held for sale

 
 

  161,204  

 
 

 

 
 

 

 
 

67,586

 
 

 

 
 

 

 
 

  345,053  

 
 

 

 
 

 

 
 

284,062

 
 

 

 
 

Property and equipment, net

 
 

  28,505  

 
 

 

 
 

 

 
 

27,577

 
 

 

 
 

Operating lease right-of-use assets

 
 

  21,185  

 
 

 

 
 

 

 
 

25,466

 
 

 

 
 

Intangible assets, net

 
 

  76,717  

 
 

 

 
 

 

 
 

70,072

 
 

 

 
 

Goodwill

 
 

  167,769  

 
 

 

 
 

 

 
 

154,381

 
 

 

 
 

Deferred income taxes

 
 

  1,883  

 
 

 

 
 

 

 
 

1,779

 
 

 

 
 

Other assets

 
 

  9,821  

 
 

 

 
 

 

 
 

9,982

 
 

 

 
 

Long-term assets held for sale

 
 

  

 
 

 

 
 

 

 
 

66,021

 
 

 

 
 

 

 
 

  $  

 
 

  650,933  

 
 

 

 
 

 

 
 

$

 
 

639,340

 
 

 

 
 

  Liabilities  

 
 

 

 
 

 

 
 

 

 
 

Current liabilities

 
 

 

 
 

 

 
 

 

 
 

Short-term borrowings

 
 

  $  

 
 

  25,000  

 
 

 

 
 

 

 
 

$

 
 

 
 

 

 
 

Current portion of long-term debt

 
 

  235  

 
 

 

 
 

 

 
 

 
 

 

 
 

Accounts payable and accrued liabilities

 
 

  154,215  

 
 

 

 
 

 

 
 

149,596

 
 

 

 
 

Deferred revenue

 
 

  9,331  

 
 

 

 
 

 

 
 

9,190

 
 

 

 
 

Liabilities held for sale

 
 

  34,392  

 
 

 

 
 

 

 
 

25,380

 
 

 

 
 

 

 
 

  223,173  

 
 

 

 
 

 

 
 

184,166

 
 

 

 
 

Long-term obligations

 
 

  44,845  

 
 

 

 
 

 

 
 

43,407

 
 

 

 
 

Operating lease liabilities

 
 

  20,059  

 
 

 

 
 

 

 
 

25,154

 
 

 

 
 

Long-term debt

 
 

  9,148  

 
 

 

 
 

 

 
 

 
 

 

 
 

Deferred income taxes

 
 

  10,283  

 
 

 

 
 

 

 
 

4,921

 
 

 

 
 

Long-term liabilities held for sale

 
 

  

 
 

 

 
 

 

 
 

367

 
 

 

 
 

 

 
 

  307,508  

 
 

 

 
 

 

 
 

258,015

 
 

 

 
 

  Equity  

 
 

 

 
 

 

 
 

 

 
 

Shareholders' equity

 
 

 

 
 

 

 
 

 

 
 

Common stock: no par value; unlimited shares authorized; issued and outstanding:

 
 

36,491,352 shares (December 31, 2019 - 36,233,361 shares)

 
 

  440,003  

 
 

 

 
 

 

 
 

435,532

 
 

 

 
 

Preferred stock: no par value; unlimited shares authorized;

 
 

issued and outstanding: nil shares

 
 

  

 
 

 

 
 

 

 
 

 
 

 

 
 

Treasury stock: at cost; 43,979 shares (December 31, 2019 – 44,487 shares)

 
 

  (508  

 
 

  )  

 
 

 

 
 

(370

 
 

)

 
 

Additional paid-in capital

 
 

  44,933  

 
 

 

 
 

 

 
 

38,212

 
 

 

 
 

Retained deficit

 
 

  (129,909  

 
 

  )  

 
 

 

 
 

(78,833

 
 

)

 
 

Accumulated other comprehensive loss

 
 

  (11,094  

 
 

  )  

 
 

 

 
 

(13,216

 
 

)

 
 

 

 
 

  343,425  

 
 

 

 
 

 

 
 

381,325

 
 

 

 
 

 

 
 

  $  

 
 

  650,933  

 
 

 

 
 

 

 
 

$

 
 

639,340

 
 

 

 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
  SIERRA WIRELESS, INC.  

  CONSOLIDATED STATEMENTS OF CASH FLOWS  

 

  (In thousands of U.S. dollars)  

 

  (unaudited)  

 
 
 

 

 
 

  Three months ended
September 30,
 

 
 

 

 
 

  Nine months ended
September 30,
 

 
 

 

 
 

   2020   

 
 

 

 
 

  2019  

 
 

 

 
 

   2020   

 
 

 

 
 

  2019  

 
 

  Cash flows provided by (used in):  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Operating activities  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Net loss

 
 

  $  

 
 

  (12,027  

 
 

  )  

 
 

 

 
 

$

 
 

(20,221

 
 

)

 
 

 

 
 

  $  

 
 

  (50,297  

 
 

  )  

 
 

 

 
 

$

 
 

(59,620

 
 

)

 
 

Items not requiring (providing) cash

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Amortization

 
 

  8,269  

 
 

 

 
 

 

 
 

8,115

 
 

 

 
 

 

 
 

  25,292  

 
 

 

 
 

 

 
 

24,604

 
 

 

 
 

Stock-based compensation

 
 

  5,667  

 
 

 

 
 

 

 
 

3,869

 
 

 

 
 

 

 
 

  12,125  

 
 

 

 
 

 

 
 

11,129

 
 

 

 
 

Deferred income taxes

 
 

  153  

 
 

 

 
 

 

 
 

3,766

 
 

 

 
 

 

 
 

  144  

 
 

 

 
 

 

 
 

8,804

 
 

 

 
 

Unrealized foreign exchange (gain) loss

 
 

  (4,278  

 
 

  )  

 
 

 

 
 

4,056

 
 

 

 
 

 

 
 

  (3,917  

 
 

  )  

 
 

 

 
 

2,080

 
 

 

 
 

Other

 
 

  54  

 
 

 

 
 

 

 
 

62

 
 

 

 
 

 

 
 

  (153  

 
 

  )  

 
 

 

 
 

648

 
 

 

 
 

Changes in non-cash working capital

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Accounts receivable

 
 

  (27,524  

 
 

  )  

 
 

 

 
 

19,811

 
 

 

 
 

 

 
 

  (1,236  

 
 

  )  

 
 

 

 
 

37,809

 
 

 

 
 

Inventories

 
 

  9,330  

 
 

 

 
 

 

 
 

(4,357

 
 

)

 
 

 

 
 

  (2,225  

 
 

  )  

 
 

 

 
 

(9,976

 
 

)

 
 

Prepaids and other

 
 

  8,273  

 
 

 

 
 

 

 
 

(1,982

 
 

)

 
 

 

 
 

  2,614  

 
 

 

 
 

 

 
 

(7,500

 
 

)

 
 

Accounts payable and accrued liabilities

 
 

  4,589  

 
 

 

 
 

 

 
 

(7,102

 
 

)

 
 

 

 
 

  10,622  

 
 

 

 
 

 

 
 

497

 
 

 

 
 

Deferred revenue

 
 

  (188  

 
 

  )  

 
 

 

 
 

1,961

 
 

 

 
 

 

 
 

  (1,404  

 
 

  )  

 
 

 

 
 

4,679

 
 

 

 
 

Cash flows provided by (used in) operating activities

 
 

  (7,682  

 
 

  )  

 
 

 

 
 

7,978

 
 

 

 
 

 

 
 

  (8,435  

 
 

  )  

 
 

 

 
 

13,154

 
 

 

 
 

  Investing activities  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Additions to property and equipment

 
 

  (2,416  

 
 

  )  

 
 

 

 
 

(3,672

 
 

)

 
 

 

 
 

  (12,143  

 
 

  )  

 
 

 

 
 

(11,803

 
 

)

 
 

Additions to intangible assets

 
 

  (503  

 
 

  )  

 
 

 

 
 

(1,585

 
 

)

 
 

 

 
 

  (1,974  

 
 

  )  

 
 

 

 
 

(2,978

 
 

)

 
 

Proceeds from sale of property and equipment

 
 

  28  

 
 

 

 
 

 

 
 

3

 
 

 

 
 

 

 
 

  252  

 
 

 

 
 

 

 
 

87

 
 

 

 
 

Proceeds from sale of iTank business

 
 

  

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

  

 
 

 

 
 

 

 
 

500

 
 

 

 
 

Acquisition of M2M Group, net of cash acquired

 
 

  

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

  (18,391  

 
 

  )  

 
 

 

 
 

 
 

 

 
 

Cash flows used in investing activities

 
 

  (2,891  

 
 

  )  

 
 

 

 
 

(5,254

 
 

)

 
 

 

 
 

  (32,256  

 
 

  )  

 
 

 

 
 

(14,194

 
 

)

 
 

  Financing activities  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Issuance of common shares

 
 

  883  

 
 

 

 
 

 

 
 

160

 
 

 

 
 

 

 
 

  883  

 
 

 

 
 

 

 
 

327

 
 

 

 
 

Purchase of treasury shares for RSU distribution

 
 

  (544  

 
 

  )  

 
 

 

 
 

(59

 
 

)

 
 

 

 
 

  (764  

 
 

  )  

 
 

 

 
 

(326

 
 

)

 
 

Taxes paid related to net settlement of equity awards

 
 

  (565  

 
 

  )  

 
 

 

 
 

(110

 
 

)

 
 

 

 
 

  (1,191  

 
 

  )  

 
 

 

 
 

(855

 
 

)

 
 

Decrease in other long-term obligations

 
 

  (47  

 
 

  )  

 
 

 

 
 

(191

 
 

)

 
 

 

 
 

  (234  

 
 

  )  

 
 

 

 
 

(405

 
 

)

 
 

Proceeds from short-term borrowings

 
 

  10,000  

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

  25,000  

 
 

 

 
 

 

 
 

 
 

 

 
 

Proceeds from long-term debt

 
 

  9,383  

 
 

 

 
 

 

 
 

 
 

 

 
 

 

 
 

  9,383  

 
 

 

 
 

 

 
 

 
 

 

 
 

Cash flows provided by (used in) financing activities

 
 

  19,110  

 
 

 

 
 

 

 
 

(200

 
 

)

 
 

 

 
 

  33,077  

 
 

 

 
 

 

 
 

(1,259

 
 

)

 
 

Effect of foreign exchange rate changes on cash and cash equivalents

 
 

  978  

 
 

 

 
 

 

 
 

(393

 
 

)

 
 

 

 
 

  503  

 
 

 

 
 

 

 
 

123

 
 

 

 
 

Cash, cash equivalents and restricted cash, increase (decrease) in the period

 
 

  9,515  

 
 

 

 
 

 

 
 

2,131

 
 

 

 
 

 

 
 

  (7,111  

 
 

  )  

 
 

 

 
 

(2,176

 
 

)

 
 

Cash, cash equivalents and restricted cash, beginning of period

 
 

  62,457  

 
 

 

 
 

 

 
 

84,990

 
 

 

 
 

 

 
 

  79,083  

 
 

 

 
 

 

 
 

89,297

 
 

 

 
 

  Cash, cash equivalents and restricted cash, end of period  

 
 

  $  

 
 

  71,972  

 
 

 

 
 

 

 
 

$

 
 

87,121

 
 

 

 
 

 

 
 

  $  

 
 

  71,972  

 
 

 

 
 

 

 
 

$

 
 

87,121

 
 

 

 
 

  Cash, cash equivalents and restricted cash are comprised of:  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Cash, cash equivalents and restricted cash

 
 

  66,512  

 
 

 

 
 

 

 
 

82,874

 
 

 

 
 

 

 
 

  66,512  

 
 

 

 
 

 

 
 

82,874

 
 

 

 
 

Cash and cash equivalents classified as held for sale

 
 

  5,460  

 
 

 

 
 

 

 
 

4,247

 
 

 

 
 

 

 
 

  5,460  

 
 

 

 
 

 

 
 

4,247

 
 

 

 
 

  Cash, cash equivalents and restricted cash, end of period  

 
 

  $  

 
 

  71,972  

 
 

 

 
 

 

 
 

$

 
 

87,121

 
 

 

 
 

 

 
 

  $  

 
 

  71,972  

 
 

 

 
 

 

 
 

$

 
 

87,121

 
 

 

 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
  SIERRA WIRELESS, INC.  

  RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER  

 
 
 

  (in thousands of U.S. dollars, except where  

 
 

  2020  

 
 

 

 
 

 

 
 

  2019  

 
 

 

 
 

  otherwise stated)  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

 

 
 

  Total  

 
 

  Q4  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Gross margin - GAAP  

 
 

$

 
 

39,452

 
 

 

 
 

$

 
 

41,008

 
 

 

 
 

$

 
 

34,925

 
 

 

 
 

 

 
 

 

 
 

$

 
 

197,486

 
 

 

 
 

$

 
 

44,760

 
 

 

 
 

$

 
 

49,624

 
 

 

 
 

$

 
 

52,981

 
 

 

 
 

$

 
 

50,121

 
 

 

 
 

 

 
 

Stock-based compensation and related social taxes

 
 

91

 
 

 

 
 

65

 
 

 

 
 

49

 
 

 

 
 

 

 
 

 

 
 

167

 
 

 

 
 

20

 
 

 

 
 

44

 
 

 

 
 

44

 
 

 

 
 

59

 
 

 

 
 

 

 
 

Realized losses on hedge contracts

 
 

1

 
 

 

 
 

(74

 
 

)

 
 

(1

 
 

)

 
 

 

 
 

 

 
 

(4

 
 

)

 
 

1

 
 

 

 
 

 
 

 

 
 

(2

 
 

)

 
 

(3

 
 

)

 
 

 

 
 

Other non-recurring costs

 
 

(168

 
 

)

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

  Gross margin - Non-GAAP  

 
 

$

 
 

39,376

 
 

 

 
 

$

 
 

40,999

 
 

 

 
 

$

 
 

34,973

 
 

 

 
 

 

 
 

 

 
 

$

 
 

197,649

 
 

 

 
 

$

 
 

44,781

 
 

 

 
 

$

 
 

49,668

 
 

 

 
 

$

 
 

53,023

 
 

 

 
 

$

 
 

50,177

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Earnings (loss) from operations - GAAP  

 
 

$

 
 

(17,787

 
 

)

 
 

$

 
 

(20,125

 
 

)

 
 

$

 
 

(27,803

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(64,254

 
 

)

 
 

$

 
 

(17,128

 
 

)

 
 

$

 
 

(12,846

 
 

)

 
 

$

 
 

(24,547

 
 

)

 
 

$

 
 

(9,733

 
 

)

 
 

 

 
 

Stock-based compensation and related social taxes

 
 

5,085

 
 

 

 
 

3,256

 
 

 

 
 

3,200

 
 

 

 
 

 

 
 

 

 
 

12,815

 
 

 

 
 

1,773

 
 

 

 
 

3,763

 
 

 

 
 

3,979

 
 

 

 
 

3,300

 
 

 

 
 

 

 
 

Acquisition-related and integration

 
 

140

 
 

 

 
 

185

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

974

 
 

 

 
 

274

 
 

 

 
 

291

 
 

 

 
 

314

 
 

 

 
 

95

 
 

 

 
 

 

 
 

Restructuring

 
 

3,089

 
 

 

 
 

245

 
 

 

 
 

606

 
 

 

 
 

 

 
 

 

 
 

26,262

 
 

 

 
 

2,251

 
 

 

 
 

4,588

 
 

 

 
 

18,083

 
 

 

 
 

1,340

 
 

 

 
 

 

 
 

COVID-19 government relief

 
 

(6,298

 
 

)

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

Other nonrecurring costs

 
 

299

 
 

 

 
 

152

 
 

 

 
 

87

 
 

 

 
 

 

 
 

 

 
 

2,903

 
 

 

 
 

795

 
 

 

 
 

279

 
 

 

 
 

662

 
 

 

 
 

1,167

 
 

 

 
 

 

 
 

Impairment

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

877

 
 

 

 
 

877

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

Realized gains (losses) on hedge contracts

 
 

87

 
 

 

 
 

(411

 
 

)

 
 

(98

 
 

)

 
 

 

 
 

 

 
 

(187

 
 

)

 
 

81

 
 

 

 
 

24

 
 

 

 
 

(183

 
 

)

 
 

(109

 
 

)

 
 

 

 
 

Acquisition-related amortization

 
 

3,555

 
 

 

 
 

3,886

 
 

 

 
 

3,889

 
 

 

 
 

 

 
 

 

 
 

14,514

 
 

 

 
 

3,593

 
 

 

 
 

3,610

 
 

 

 
 

3,624

 
 

 

 
 

3,687

 
 

 

 
 

 

 
 

  Earnings (loss) from operations - Non-GAAP  

 
 

$

 
 

(11,830

 
 

)

 
 

$

 
 

(12,812

 
 

)

 
 

$

 
 

(20,119

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(6,096

 
 

)

 
 

$

 
 

(7,484

 
 

)

 
 

$

 
 

(291

 
 

)

 
 

$

 
 

1,932

 
 

 

 
 

$

 
 

(253

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Net earnings (loss) from continuing operations - GAAP  

 
 

$

 
 

(14,483

 
 

)

 
 

$

 
 

(17,291

 
 

)

 
 

$

 
 

(27,210

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(74,663

 
 

)

 
 

$

 
 

(15,316

 
 

)

 
 

$

 
 

(19,761

 
 

)

 
 

$

 
 

(28,961

 
 

)

 
 

$

 
 

(10,625

 
 

)

 
 

 

 
 

Stock-based compensation and related social

 
 

taxes, restructuring, impairment, acquisition-

 
 

related, integration, COVID-19 government

 
 

relief and other non-recurring costs

 
 

(recoveries)

 
 

2,315

 
 

 

 
 

3,838

 
 

 

 
 

3,893

 
 

 

 
 

 

 
 

 

 
 

43,831

 
 

 

 
 

5,970

 
 

 

 
 

8,921

 
 

 

 
 

23,038

 
 

 

 
 

5,902

 
 

 

 
 

 

 
 

Amortization

 
 

8,030

 
 

 

 
 

7,823

 
 

 

 
 

7,726

 
 

 

 
 

 

 
 

 

 
 

30,233

 
 

 

 
 

7,849

 
 

 

 
 

7,378

 
 

 

 
 

7,355

 
 

 

 
 

7,651

 
 

 

 
 

 

 
 

Interest and other, net

 
 

988

 
 

 

 
 

283

 
 

 

 
 

192

 
 

 

 
 

 

 
 

 

 
 

307

 
 

 

 
 

111

 
 

 

 
 

122

 
 

 

 
 

105

 
 

 

 
 

(31

 
 

)

 
 

 

 
 

Foreign exchange loss (gain)

 
 

(3,572

 
 

)

 
 

(3,955

 
 

)

 
 

2,836

 
 

 

 
 

 

 
 

 

 
 

1,037

 
 

 

 
 

(1,580

 
 

)

 
 

2,953

 
 

 

 
 

(1,034

 
 

)

 
 

698

 
 

 

 
 

 

 
 

Income tax expense (recovery)

 
 

(633

 
 

)

 
 

427

 
 

 

 
 

(3,719

 
 

)

 
 

 

 
 

 

 
 

8,878

 
 

 

 
 

(262

 
 

)

 
 

3,864

 
 

 

 
 

5,160

 
 

 

 
 

116

 
 

 

 
 

 

 
 

  Adjusted EBITDA  

 
 

$

 
 

(7,355

 
 

)

 
 

$

 
 

(8,875

 
 

)

 
 

$

 
 

(16,282

 
 

)

 
 

 

 
 

 

 
 

$

 
 

9,623

 
 

 

 
 

$

 
 

(3,228

 
 

)

 
 

$

 
 

3,477

 
 

 

 
 

$

 
 

5,663

 
 

 

 
 

$

 
 

3,711

 
 

 

 
 

 

 
 

Amortization (exclude acquisition-related amortization)

 
 

(4,475

 
 

)

 
 

(3,937

 
 

)

 
 

(3,837

 
 

)

 
 

 

 
 

 

 
 

(15,719

 
 

)

 
 

(4,256

 
 

)

 
 

(3,768

 
 

)

 
 

(3,731

 
 

)

 
 

(3,964

 
 

)

 
 

 

 
 

Interest and other, net

 
 

(988

 
 

)

 
 

(283

 
 

)

 
 

(192

 
 

)

 
 

 

 
 

 

 
 

(307

 
 

)

 
 

(111

 
 

)

 
 

(122

 
 

)

 
 

(105

 
 

)

 
 

31

 
 

 

 
 

 

 
 

Income tax expense - Non-GAAP

 
 

833

 
 

 

 
 

(69

 
 

)

 
 

1,023

 
 

 

 
 

 

 
 

 

 
 

146

 
 

 

 
 

677

 
 

 

 
 

69

 
 

 

 
 

(355

 
 

)

 
 

(245

 
 

)

 
 

 

 
 

  Net earnings (loss) from continuing operations - Non-GAAP  

 
 

$

 
 

(11,985

 
 

)

 
 

$

 
 

(13,164

 
 

)

 
 

$

 
 

(19,288

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(6,257

 
 

)

 
 

$

 
 

(6,918

 
 

)

 
 

$

 
 

(344

 
 

)

 
 

$

 
 

1,472

 
 

 

 
 

$

 
 

(467

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Net earnings (loss) from discontinued operations - GAAP  

 
 

$

 
 

2,456

 
 

 

 
 

$

 
 

1,684

 
 

 

 
 

$

 
 

4,547

 
 

 

 
 

 

 
 

 

 
 

$

 
 

4,125

 
 

 

 
 

$

 
 

4,398

 
 

 

 
 

$

 
 

(460

 
 

)

 
 

$

 
 

785

 
 

 

 
 

$

 
 

(598

 
 

)

 
 

 

 
 

Stock-based compensation and related social

 
 

taxes, restructuring, impairment, acquisition-

 
 

related, integration, COVID-19 government

 
 

relief and other non-recurring costs

 
 

(recoveries)

 
 

3,344

 
 

 

 
 

555

 
 

 

 
 

33

 
 

 

 
 

 

 
 

 

 
 

2,277

 
 

 

 
 

87

 
 

 

 
 

1,799

 
 

 

 
 

220

 
 

 

 
 

171

 
 

 

 
 

 

 
 

Foreign exchange loss (gain)

 
 

46

 
 

 

 
 

10

 
 

 

 
 

35

 
 

 

 
 

 

 
 

 

 
 

72

 
 

 

 
 

(5

 
 

)

 
 

35

 
 

 

 
 

(3

 
 

)

 
 

45

 
 

 

 
 

 

 
 

Income tax expense (recovery)

 
 

(927

 
 

)

 
 

(165

 
 

)

 
 

(21

 
 

)

 
 

 

 
 

 

 
 

(522

 
 

)

 
 

(501

 
 

)

 
 

(9

 
 

)

 
 

(7

 
 

)

 
 

(5

 
 

)

 
 

 

 
 

  Net earnings (loss) from discontinued operations - NON-GAAP  

 
 

$

 
 

4,919

 
 

$

 
 

2,084

 
 

 

 
 

$

 
 

4,594

 
 

 

 
 

 

 
 

 

 
 

$

 
 

5,952

 
 

 

 
 

$

 
 

3,979

 
 

 

 
 

$

 
 

1,365

 
 

 

 
 

$

 
 

995

 
 

 

 
 

$

 
 

(387

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  2020  

 
 

 

 
 

 

 
 

  2019  

 
 

 

 
 

 

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

 

 
 

  Total  

 
 

  Q4  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

  Net earnings (loss) - GAAP  

 
 

$

 
 

(12,027

 
 

)

 
 

$

 
 

(15,607

 
 

)

 
 

$

 
 

(22,663

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(70,538

 
 

)

 
 

$

 
 

(10,918

 
 

)

 
 

$

 
 

(20,221

 
 

)

 
 

$

 
 

(28,176

 
 

)

 
 

$

 
 

(11,223

 
 

)

 
 

 

 
 

  Net earnings (loss) - NON-GAAP  

 
 

$

 
 

(7,066

 
 

)

 
 

$

 
 

(11,080

 
 

)

 
 

$

 
 

(14,694

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(305

 
 

)

 
 

$

 
 

(2,939

 
 

)

 
 

$

 
 

1,021

 
 

 

 
 

$

 
 

2,467

 
 

 

 
 

$

 
 

(854

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Diluted net earnings (loss) per share  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

GAAP - (in dollars per share)

 
 

$

 
 

(0.33

 
 

)

 
 

$

 
 

(0.43

 
 

)

 
 

$

 
 

(0.62

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(1.95

 
 

)

 
 

$

 
 

(0.30

 
 

)

 
 

$

 
 

(0.56

 
 

)

 
 

$

 
 

(0.78

 
 

)

 
 

$

 
 

(0.31

 
 

)

 
 

 

 
 

Non-GAAP - (in dollars per share)

 
 

$

 
 

(0.19

 
 

)

 
 

$

 
 

(0.30

 
 

)

 
 

$

 
 

(0.41

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(0.01

 
 

)

 
 

$

 
 

(0.08

 
 

)

 
 

$

 
 

0.03

 
 

 

 
 

$

 
 

0.07

 
 

 

 
 

$

 
 

(0.02

 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Net earnings (loss) - GAAP  

 
 

$

 
 

(12,027

 
 

)

 
 

$

 
 

(15,607

 
 

)

 
 

$

 
 

(22,663

 
 

)

 
 

 

 
 

 

 
 

$

 
 

(70,538

 
 

)

 
 

$

 
 

(10,918

 
 

)

 
 

$

 
 

(20,221

 
 

)

 
 

$

 
 

(28,176

 
 

)

 
 

$

 
 

(11,223

 
 

)

 
 

 

 
 

Stock-based compensation and related social

 
 

taxes, restructuring, impairment, acquisition-

 
 

related, integration and other non-recurring

 
 

costs (recoveries)

 
 

11,957

 
 

 

 
 

4,393

 
 

 

 
 

3,926

 
 

 

 
 

 

 
 

 

 
 

46,108

 
 

 

 
 

6,057

 
 

 

 
 

10,720

 
 

 

 
 

23,258

 
 

 

 
 

6,073

 
 

 

 
 

 

 
 

COVID-19 government relief

 
 

(6,298

 
 

)

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 
 

 

 
 

 

 
 

Amortization

 
 

8,269

 
 

 

 
 

8,538

 
 

 

 
 

8,485

 
 

 

 
 

 

 
 

 

 
 

33,177

 
 

 

 
 

8,573

 
 

 

 
 

8,115

 
 

 

 
 

8,118

 
 

 

 
 

8,371

 
 

 

 
 

 

 
 

Interest expense and other, net

 
 

987

 
 

 

 
 

280

 
 

 

 
 

191

 
 

 

 
 

 

 
 

 

 
 

301

 
 

 

 
 

109

 
 

 

 
 

121

 
 

 

 
 

102

 
 

 

 
 

(31

 
 

)

 
 

 

 
 

Foreign exchange loss (gain)

 
 

(3,526

 
 

)

 
 

(3,945

 
 

)

 
 

2,871

 
 

 

 
 

 

 
 

 

 
 

1,109

 
 

 

 
 

(1,585

 
 

)

 
 

2,988

 
 

 

 
 

(1,037

 
 

)

 
 

743

 
 

 

 
 

 

 
 

Income tax expense (recovery)

 
 

268

 
 

 

 
 

1,031

 
 

 

 
 

(1,978

 
 

)

 
 

 

 
 

 

 
 

10,920

 
 

 

 
 

90

 
 

 

 
 

4,577

 
 

 

 
 

5,657

 
 

 

 
 

596

 
 

 

 
 

 

 
 

  Adjusted EBITDA (continuing and discontinued)  

 
 

$

 
 

(370

 
 

)

 
 

$

 
 

(5,310

 
 

)

 
 

$

 
 

(9,168

 
 

)

 
 

 

 
 

 

 
 

$

 
 

21,077

 
 

 

 
 

$

 
 

2,326

 
 

 

 
 

$

 
 

6,300

 
 

 

 
 

$

 
 

7,922

 
 

 

 
 

$

 
 

4,529

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
  SIERRA WIRELESS, INC.  
 

  SEGMENTED RESULTS  

 
 

  Prior period results have been reclassified to conform to current period presentation  

 
 
  (In thousands of U.S. dollars,   

  2020  

 
 

 

 
 

 

 
 

  2019  

 
  except where otherwise   

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
  indicated)   

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

 

 
 

  Total  

 
 

  Q4  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  IoT Solutions  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Revenue

 
 

$

 
 

79,093

 
 

 

 
 

$

 
 

81,836

 
 

 

 
 

$

 
 

78,790

 
 

 

 
 

 

 
 

 

 
 

$

 
 

377,808

 
 

 

 
 

$

 
 

90,937

 
 

 

 
 

$

 
 

93,439

 
 

 

 
 

$

 
 

99,145

 
 

 

 
 

$

 
 

94,287

 
 

 

 
 

Gross margin

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

$

 
 

29,627

 
 

 

 
 

$

 
 

30,538

 
 

 

 
 

$

 
 

28,011

 
 

 

 
 

 

 
 

 

 
 

$

 
 

140,158

 
 

 

 
 

$

 
 

33,665

 
 

 

 
 

$

 
 

35,203

 
 

 

 
 

$

 
 

36,811

 
 

 

 
 

$

 
 

34,479

 
 

 

 
 

- Non-GAAP

 
 

$

 
 

29,594

 
 

 

 
 

$

 
 

30,533

 
 

 

 
 

$

 
 

28,035

 
 

 

 
 

 

 
 

 

 
 

$

 
 

140,222

 
 

 

 
 

$

 
 

33,676

 
 

 

 
 

$

 
 

35,203

 
 

 

 
 

$

 
 

36,833

 
 

 

 
 

$

 
 

34,510

 
 

 

 
 

Gross margin %

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

  37.5%  

 
 

  37.3%  

 
 

  35.6%  

 
 

 

 
 

 

 
 

  37.1%  

 
 

  37.0%  

 
 

  37.7%  

 
 

  37.1%  

 
 

  36.6%  

 
 

- Non-GAAP

 
 

  37.4%  

 
 

  37.3%  

 
 

  35.6%  

 
 

 

 
 

 

 
 

  37.1%  

 
 

  37.0%  

 
 

  37.7%  

 
 

  37.2%  

 
 

  36.6%  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

  Embedded Broadband  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Revenue

 
 

$

 
 

34,278

 
 

 

 
 

$

 
 

29,882

 
 

 

 
 

$

 
 

24,231

 
 

 

 
 

 

 
 

 

 
 

$

 
 

169,468

 
 

 

 
 

$

 
 

34,170

 
 

 

 
 

$

 
 

43,256

 
 

 

 
 

$

 
 

46,520

 
 

 

 
 

$

 
 

45,522

 
 

 

 
 

Gross margin

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

$

 
 

9,825

 
 

 

 
 

$

 
 

10,470

 
 

 

 
 

$

 
 

6,914

 
 

 

 
 

 

 
 

 

 
 

$

 
 

57,328

 
 

 

 
 

$

 
 

11,095

 
 

 

 
 

$

 
 

14,421

 
 

 

 
 

$

 
 

16,170

 
 

 

 
 

$

 
 

15,642

 
 

 

 
 

- Non-GAAP

 
 

$

 
 

9,782

 
 

 

 
 

$

 
 

10,466

 
 

 

 
 

$

 
 

6,938

 
 

 

 
 

 

 
 

 

 
 

$

 
 

57,427

 
 

 

 
 

$

 
 

11,105

 
 

 

 
 

$

 
 

14,465

 
 

 

 
 

$

 
 

16,190

 
 

 

 
 

$

 
 

15,667

 
 

 

 
 

Gross margin %

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

  28.7%  

 
 

  35.0%  

 
 

  28.5%  

 
 

 

 
 

 

 
 

  33.8%  

 
 

  32.5%  

 
 

  33.3%  

 
 

  34.8%  

 
 

  34.4%  

 
 

- Non-GAAP

 
 

  28.5%  

 
 

  35.0%  

 
 

  28.6%  

 
 

 

 
 

 

 
 

  33.9%  

 
 

  32.5%  

 
 

  33.4%  

 
 

  34.8%  

 
 

  34.4%  

 
 

  Total  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Revenue

 
 

$

 
 

113,371

 
 

 

 
 

$

 
 

111,718

 
 

 

 
 

$

 
 

103,021

 
 

 

 
 

 

 
 

 

 
 

$

 
 

547,276

 
 

 

 
 

$

 
 

125,107

 
 

 

 
 

$

 
 

136,695

 
 

 

 
 

$

 
 

145,665

 
 

 

 
 

$

 
 

139,809

 
 

 

 
 

Gross margin

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

$

 
 

39,452

 
 

 

 
 

$

 
 

41,008

 
 

 

 
 

$

 
 

34,925

 
 

 

 
 

 

 
 

 

 
 

$

 
 

197,486

 
 

 

 
 

$

 
 

44,760

 
 

 

 
 

$

 
 

49,624

 
 

 

 
 

$

 
 

52,981

 
 

 

 
 

$

 
 

50,121

 
 

 

 
 

- Non-GAAP

 
 

$

 
 

39,376

 
 

 

 
 

$

 
 

40,999

 
 

 

 
 

$

 
 

34,973

 
 

 

 
 

 

 
 

 

 
 

$

 
 

197,649

 
 

 

 
 

$

 
 

44,781

 
 

 

 
 

$

 
 

49,668

 
 

 

 
 

$

 
 

53,023

 
 

 

 
 

$

 
 

50,177

 
 

 

 
 

Gross margin %

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

- GAAP

 
 

  34.8%  

 
 

  36.7%  

 
 

  33.9%  

 
 

 

 
 

 

 
 

  36.1%  

 
 

  35.8%  

 
 

  36.3%  

 
 

  36.4%  

 
 

  35.8%  

 
 

- Non-GAAP

 
 

  34.7%  

 
 

  36.7%  

 
 

  33.9%  

 
 

 

 
 

 

 
 

  36.1%  

 
 

  35.8%  

 
 

  36.3%  

 
 

  36.4%  

 
 

  35.9%  

 
 

  Revenue by Type:  

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Product

 
 

$

 
 

83,560

 
 

 

 
 

$

 
 

84,820

 
 

 

 
 

$

 
 

76,308

 
 

 

 
 

 

 
 

 

 
 

$

 
 

449,063

 
 

 

 
 

$

 
 

99,024

 
 

 

 
 

$

 
 

112,177

 
 

 

 
 

$

 
 

120,859

 
 

 

 
 

$

 
 

117,003

 
 

 

 
 

Recurring and other services

 
 

$

 
 

29,811

 
 

 

 
 

$

 
 

26,898

 
 

 

 
 

$

 
 

26,713

 
 

 

 
 

 

 
 

 

 
 

$

 
 

98,213

 
 

 

 
 

$

 
 

26,083

 
 

 

 
 

$

 
 

24,518

 
 

 

 
 

$

 
 

24,806

 
 

 

 
 

$

 
 

22,806

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 

  

  

  Investor and Media:  
David Climie, Investor Relations
dclimie@sierrawireless.com  

Investor:  
Samuel Cochrane, Chief Financial Officer
investor@sierrawireless.com  

 

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How to Invest in Mobile Apps (Updated 2024)

The ubiquity of mobile devices and their prominence in everyday life has led to the development of mobile apps for everything from gaming and dating to banking and stock trading.

Mobile apps began rising to prominence in 2007 with the launch of the iPhone, which heralded a new era in connectivity brought about by revolutionary touch technology. The field has grown widely from thereon out, and the diversity of today’s offerings makes investing in mobile apps an appealing prospect.

With about 2.87 million apps in Google’s (NASDAQ: GOOGL) Google Play Store and around 1.96 million apps available in Apple’s (NASDAQ:AAPL) App Store, there is no shortage of app choices for mobile devices.

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Icons for various apps floating above a smartphone.

Social Media Stocks: 5 Biggest Companies

The world’s largest social media platforms have revolutionized the way people connect on the internet, and the companies behind these platforms can offer major investment opportunities.

This year's strong rally in technology stocks, led by Meta Platforms (NASDAQ:FB), is a clear example of the huge presence social media companies have in the stock market. In late April, shares of the social media giant jumped 14.6 percent on higher-than-expected earnings. The news came alongside increasing investor confidence in the broader tech industry.

“Meta earnings show the company’s commitment to cost discipline while driving accelerating N-T revenue growth and also continuing to invest in longer-term transformational technologies like artificial intelligence (AI) and the metaverse,” said Doug Anmuth, an analyst at JPMorgan Chase (NYSE:JPM).

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BlackBerry Extends Partnership with Leading Managed Security Services Provider  to Ensure SMBs are Set Up for Cyber Success

BlackBerry Extends Partnership with Leading Managed Security Services Provider to Ensure SMBs are Set Up for Cyber Success

 
 

BlackBerry Limited (NYSE: BB; TSX: BB) and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

 
 

  BlackBerry Logo Black (PRNewsfoto/Blackberry Limited) 

 

"Solutions Granted has been honored as BlackBerry MSSP Partner of the Year for North America for five consecutive years and we're excited to take our partnership to the next level by crowning them as our top Master MSSP," said Adam Enterkin , Chief Revenue Officer, Americas, BlackBerry Cybersecurity. "BlackBerry is dedicated to increasing its focus on MSSP partners to ensure they're set up for success. Endpoints are proliferating, and so are the cyberattacks against them. Our extended partnership with Solutions Granted will help hundreds of small and mid-size businesses continuously adapt to an ever-changing threat landscape."

 

As a 'Master MSSP', Solutions Granted will be better positioned to help its own partners to deliver Managed Detection and Response (MDR) and other Managed Security Services to their mid-market and SMB clients.  In partnership with BlackBerry and heavily leveraging the Cylance® AI-powered portfolio, Solutions Granted helps thousands of clients secure their environments and prevent attacks. By working with Solutions Granted, MSSPs and managed service providers (MSPs) can offer industry leading managed security, without making the significant investment of building out their own security operations center (SOC).

 

  CylanceENDPOINT™ is among the solutions it helps managed service providers (MSPs) deploy to clients, either as individual managed services or integrated into a SOC-as-a-service offering.

 

"BlackBerry's support for our business model provides the flexibility we need to continue to meet customer demand and provide the best possible product support for their business needs," said Michael E. Crean , Chief Executive Officer, Solutions Granted. "We value the investment BlackBerry is making in our partnership and know this will go a long way in setting up our customers for success."

 

To learn more about BlackBerry MSSP Partners, visit blackberry.com/us/en/partners/mssp-partners .

 

  About BlackBerry  

 

 BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world.  The company secures more than 500M endpoints including over 215M vehicles.  Based in Waterloo, Ontario , the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust.

 

 BlackBerry. Intelligent Security. Everywhere.

 

For more information, visit BlackBerry.com and follow @BlackBerry.

 

  Trademarks, including but not limited to BlackBerry and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved.  All other trademarks are the property of their respective owners.  BlackBerry is not responsible for any third-party products or services.  

 

  About Solutions Granted Inc.  

 

Solutions Granted is a Master Managed Security Services Provider (Master MSSP). They offer cybersecurity solutions to North American MSPs and MSSPs and are committed to delivering solutions without requiring minimums, commitments, or long-term contracts. They proudly offer many security layers as well as a 24x7 U.S.-based Security Operations Center (SOC). Over the past several years, Solutions Granted has emerged as a clear leader in the channel, by winning countless awards including the CRN Security 100 list, Top 100 MSSP List, Top Global MSSP List, and BlackBerry MSSP Partner of the Year. Learn more at https://www.SolutionsGranted.com  

 

  Media Contacts:  

 

 BlackBerry Media Relations

 

+1 (519) 597-7273

 

  mediarelations@BlackBerry.com  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/blackberry-extends-partnership-with-leading-managed-security-services-provider-mssp-to-ensure-smbs-are-set-up-for-cyber-success-301803800.html  

 

SOURCE BlackBerry Limited

 
 

News Provided by PR Newswire via QuoteMedia

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BlackBerry's Quarterly Threat Intelligence Report Finds Banks, Healthcare Providers and Food Retailers are Top Targets for Cybercrime

BlackBerry's Quarterly Threat Intelligence Report Finds Banks, Healthcare Providers and Food Retailers are Top Targets for Cybercrime

 
 

   Geopolitical unrest positions key industries as targets for state-sponsored actors and financially motivated attacks   

 

BlackBerry Limited (NYSE: BB; TSX: BB) today released its latest Quarterly Global Threat Intelligence Report highlighting an increase in cyberattacks directed at financial institutions, food retailers and healthcare providers, with 60 percent of all attacks targeting these three key industries.

 

News Provided by PR Newswire via QuoteMedia

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Mobile Investing in Australia

After lagging behind for a prolonged period, Australia's tech sector is ramping up at an accelerated pace. The tech sector is now equivalent to 8.5 percent of the country's GDP as of the end of 2021, an increase of 26 percent since the onset of COVID-19 through June 2021 and a massive 79 percent increase over the past five years. Tech contributes AU$167 billion to the Australian economy, trailing only the mining (AU$205 billion) and financial/insurance (AU$169 billion) sectors.

Australia's characteristically resilient economy — which had not experienced a recession in nearly 30 years prior to COVID-19 lockdowns — has provided a sturdy backdrop for its growing tech sector. The growth in the tech sector’s contribution to the GDP has outpaced average growth of other industries by more than 400 percent, a gain partly attributable to accelerated digital technology adoption during the pandemic.

This dramatic expansion is largely in response to Australia's need to catch up to the rest of the world and assert itself in the global tech marketplace. Should the tech sector continue to grow at its current rate it will eventually surpass the relative GDP contribution of the long dominant mining sector. This will also complete the process of bringing Australia more in line with other western economies such as the UK, and notably Canada, which is comparable to Australia in terms of its dominant mining and agricultural industries.

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DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Completes Acquisition of Engagement Labs

DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (WKN: A2QB0L) (FSE: D0G) ("DGTL Holdings") and Engagement Labs Inc. (TSXV: EL) ("Engagement Labs") are pleased to announce that DGTL has completed its previously announced acquisition of Engagement Labs by way of a plan of arrangement (the "Arrangement").

Transaction Details

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