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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sierra Wireless Inc | NASDAQ:SWIR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.99 | 30.98 | 31.00 | 0 | 01:00:00 |
Recurring and Other Services revenue represented 27% of total revenue in Q4 2020
Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) (the "Company", "Sierra Wireless", "we", "us", or "our") reported results for its fourth quarter and fiscal year ended December 31, 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.
“Our revenue continued to improve in the Fourth Quarter of 2020 with 6.3% sequential revenue growth to $120.5 million and overall gross margins improving to 36%. Our business transformation is proceeding well as shown by our third consecutive quarter of sequential revenue growth led by our Q4 Recurring and other services revenue of $32.6 million which increased 9.4% sequentially and 25.1% year on year. We are winning in the market with our Solutions offering and our Recurring and other services revenue is now at 27.1% of total revenue,” said Kent Thexton, President and CEO. “We completed the divestiture of our Automotive product line in November and ended the year with a strong balance sheet with $171.4 million in cash and no debt.”
Revenue, excluding the Automotive Business, decreased slightly at 3.7% to $120.5 million in the fourth quarter of 2020 as compared to $125.1 million in the fourth quarter of 2019.
Quarterly revenue for our two business segments were as follows:
(i)
Revenue from IoT Solutions decreased 3.6% to $87.6 million as compared to $90.9 million in the fourth quarter of 2019. The decrease was primarily due to lower hardware sales in Enterprise gateway products and Integrated IoT Solutions modules. Within the IoT Solutions segment, recurring and other services revenue was up 25.1% in the fourth quarter of 2020 compared to the same period in 2019 due to growth in connected devices and the addition of the M2M Group in Australia.
(ii)
Revenue from Embedded Broadband decreased 3.8% to $32.9 million as compared to $34.2 million in the fourth quarter of 2019. The decrease was primarily a reflection of lower mobile computing and networking sales due to previously communicated design losses of two higher-margin computing customers. The fourth quarter of 2020 is the last period impacted by these design losses.
Product revenue was $87.9 million in the fourth quarter of 2020, representing 72.9% of consolidated revenue and Recurring and other services revenue was $32.6 million, representing 27.1% 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 loss for the years ended December 31, 2020 and 2019.
Non-GAAP financial measures referred to in this news release are labeled as "non-GAAP measure" or designated as such with an asterisk (*). Please see "Non-GAAP Financial Measures" for explanations of why the Company uses these non-GAAP measures and "Reconciliation of GAAP and Non-GAAP Results by Quarter" for reconciliation to the most comparable GAAP financial measures.
Fourth Quarter 2020 Financial Highlights
Cash and cash equivalents and restricted cash at the end of the fourth quarter of 2020 were $171.4 million, an increase of $99.4 million compared to $72.0 million (including cash held for sale) at the end of the third quarter of 2020. The increase in cash was mainly due to net proceeds from the sale of our Automotive Business, partially offset by repayment of short-term borrowings and long-term debt, acquisition of M2M New Zealand, purchase of treasury shares for RSU distribution and capital expenditures.
Full Year 2020 Financial Highlights
Change in Reportable Segments
During the first quarter of 2021, we revised our reportable segments to better reflect the way the Company manages its business. We reorganized our reportable segments in order to better align our various businesses for future growth and streamline operations. We will classify our operations into the following two reportable segments: IoT Solutions and Enterprise Solutions. Our new IoT Solutions segment will be comprised of our portfolio of cellular modules from LPWA through to high-speed embedded 5G broadband modules with IoT connectivity, solutions and software. The Enterprise Solutions segment will be comprised of our gateways, asset tracking and monitoring business and our Enterprise connectivity, solutions and software. See "Supplemental Financial Information" on page 13 for more information.
Divestiture of Automotive Business
On July 23, 2020, we entered into a definitive agreement with Rolling Wireless (H.K.) Limited ("Rolling Wireless"), a consortium led by Fibocom Wireless Inc. of Shenzhen to divest our Shenzhen, China-based automotive embedded module product line ("Automotive Business"). On November 18, 2020, we completed this transaction for total gross proceeds of $165.0 million in cash, subject to working capital adjustments, including $10.0 million of proceeds held in escrow that we recorded in restricted cash and was released on January 8, 2021.
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 first quarter 2021 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.
Regarding the First Quarter of 2021, we expect our revenue to be in-line with Street consensus of $109.9 million. There is strong demand for our products and services in the First Quarter and we have secured hardware orders and recurring revenue that is approximately 15% above Street Consensus for Q1’21. However, we are facing a very tight global supply chain environment that is constraining our ability to source components and fully deliver to this level of demand.
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
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 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.
Our non-GAAP financial measures included in this press release are adjusted net earnings (loss) from continuing operations*, adjusted basic and diluted net earnings (loss) per share from continuing operations*and adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization).
Adjusted net earnings (loss) from continuing operations* excludes the impact of 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, acquisition-related and integration costs, government grants related to COVID-19 relief, impairment, certain other non-recurring costs or recoveries, acquisition-related amortization, 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) 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, acquisition-related and integration costs, government grants related to COVID-19 relief, impairment, 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, 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 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 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.
Conference call and webcast details
Sierra Wireless is hosting a conference call to discuss its financial results for the year ended December 31, 2020 on Tuesday February 23, 2021, at 5:30 PM Eastern time (2:30 PM Pacific time).
To participate, dial the following number approximately ten minutes prior to the start of the call:
Conference call and webcast details are available at the following link: Sierra Wireless Q4 2020 Conference Call and Webcast
If the above link does not work, copy and paste the following URL into your browser: https://onlinexperiences.com/Launch/QReg/ShowUUID=082F0C0B-5156-4D82-BA21-02C5588ABAE8
The webcast will remain available at the above link for one year following the call.
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”) and may include statements and information relating to our financial guidance for our first quarter and fiscal year 2021; 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; 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; 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 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; expectations regarding the launch of fifth generation cellular embedded modules and gateways and corporate update. In particular, this press release describes our revenue targets, which are forward-looking statements and are subject to the assumptions, risks and uncertainties described below. 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:
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 1,050 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)
Three months ended December 31,
Twelve months ended December 31,
2020
2019
2020
2019
Revenue
loT Solutions
$
87,604
$
90,937
$
327,323
$
377,808
Embedded Broadband
32,874
34,170
121,265
169,468
120,478
125,107
448,588
547,276
Cost of Sales
loT Solutions
53,876
57,272
205,419
237,650
Embedded Broadband
23,236
23,075
84,418
112,140
77,112
80,347
289,837
349,790
Gross margin
43,366
44,760
158,751
197,486
Expenses
Sales and marketing
21,663
21,070
86,481
87,185
Research and development
20,878
20,787
82,029
78,761
Administration
13,402
11,273
48,513
47,127
Restructuring
4,800
2,251
8,740
26,262
Acquisition-related and integration
115
274
440
974
Impairment
—
877
—
877
Amortization
4,829
5,356
20,584
20,554
65,687
61,888
246,787
261,740
Loss from operations
(22,321)
(17,128)
(88,036)
(64,254)
Foreign exchange gain (loss)
3,734
1,661
8,003
(1,224)
Other expense
(564)
(111)
(2,027)
(307)
Loss before income taxes
(19,151)
(15,578)
(82,060)
(65,785)
Income tax expense (recovery)
(7,984)
(262)
(11,909)
8,878
Net loss from continuing operations
$
(11,167)
$
(15,316)
$
(70,151)
$
(74,663)
Net earnings from discontinued operations
12,123
4,398
20,810
4,125
Net earnings (loss)
$
956
$
(10,918)
$
(49,341)
$
(70,538)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of taxes of $nil
5,514
3,177
7,636
(4,070)
Comprehensive earnings (loss)
$
6,470
$
(7,741)
$
(41,705)
$
(74,608)
Net earnings (loss) per share (in dollars)
Continuing operations
$
(0.31)
$
(0.42)
$
(1.93)
$
(2.06)
Discontinued operations
0.33
0.12
0.57
0.11
$
0.03
$
(0.30)
$
(1.36)
$
(1.95)
Weighted average number of shares outstanding (in thousands)
Basic
36,534
36,222
36,393
36,166
Diluted
36,534
36,222
36,393
36,166
SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except where otherwise stated)
As at December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
160,560
$
71,164
Restricted cash
10,864
3,629
Accounts receivable
68,575
94,491
Inventories
32,815
36,334
Prepaids and other
11,933
10,858
Assets held for sale
—
67,586
284,747
284,062
Property and equipment, net
31,412
27,577
Operating lease right-of-use assets
20,068
25,466
Intangible assets, net
78,081
70,072
Goodwill
175,545
154,381
Deferred income taxes
1,135
1,779
Other assets
10,383
9,982
Long-term assets held for sale
—
66,021
$
601,371
$
639,340
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$
162,138
$
149,596
Deferred revenue
9,862
9,190
Liabilities held for sale
—
25,380
172,000
184,166
Long-term obligations
45,646
43,407
Operating lease liabilities
17,054
25,154
Deferred income taxes
10,258
4,921
Long-term liabilities held for sale
—
367
244,958
258,015
Equity
Shareholders’ equity
Common stock: no par value; unlimited shares authorized; issued and outstanding:
36,619,439 shares (December 31, 2019 — 36,233,361 shares)
441,999
435,532
Preferred stock: no par value; unlimited shares authorized; issued and outstanding: nil shares
—
—
Treasury stock: at cost; 46,505 shares (December 31, 2019 — 44,487 shares)
(542
)
(370
)
Additional paid-in capital
49,489
38,212
Retained deficit
(128,953
)
(78,833
)
Accumulated other comprehensive loss
(5,580
)
(13,216
)
356,413
381,325
$
601,371
$
639,340
SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
Three months ended December 31,
Twelve months ended December 31,
2020
2019
2020
2019
Cash flows provided by (used in):
Operating activities
Net earnings (loss)
$
956
$
(10,918
)
$
(49,341
)
$
(70,538
)
Items not requiring (providing) cash
Amortization
7,053
8,573
32,345
33,177
Stock-based compensation
7,815
1,801
19,940
12,930
Deferred income taxes
(1,294
)
(93
)
(1,150
)
8,711
Impairment
—
877
—
877
Gain on sale of Automotive business
(27,137
)
—
(27,137
)
—
Unrealized foreign exchange loss (gain)
(4,891
)
(958
)
(8,808
)
1,122
Other
196
570
43
1,218
Changes in non-cash working capital
Accounts receivable
2,468
156
1,232
37,965
Inventories
13,222
6,264
10,997
(3,712
)
Prepaids and other
5,032
(1,111
)
7,646
(8,611
)
Accounts payable and accrued liabilities
(2,851
)
(12,566
)
7,771
(12,069
)
Deferred revenue
99
1,113
(1,305
)
5,792
Cash flows provided by (used in) operating activities
668
(6,292
)
(7,767
)
6,862
Investing activities
Additions to property and equipment
(6,809
)
(4,691
)
(18,952
)
(16,494
)
Additions to intangible assets
(1,049
)
(801
)
(3,023
)
(3,779
)
Proceeds from sale of property and equipment
29
11
281
98
Proceeds from sale of Automotive Business, net
144,156
—
144,156
—
Proceeds from sale of investment
—
3,303
—
3,303
Proceeds from sale of iTank business
—
—
—
500
Acquisitions, net of cash acquired:
M2M Group
—
—
(18,391
)
—
M2M New Zealand
(3,468
)
—
(3,468
)
—
Cash flows provided by (used in) investing activities
132,859
(2,178
)
100,603
(16,372
)
Financing activities
Issuance of common shares, net of issuance cost
1,081
161
1,964
488
Purchase of treasury shares for RSU distribution
(2,038
)
(348
)
(2,802
)
(674
)
Taxes paid related to net settlement of equity awards
(339
)
(86
)
(1,530
)
(941
)
Proceeds from long-term debt
—
—
9,383
—
Repayment of long-term debt
(9,383
)
—
(9,383
)
—
Repayment of short-term borrowings
(25,000
)
—
—
—
Decrease in other long-term obligations
(171
)
(130
)
(405
)
(535
)
Cash flows used in financing activities
(35,850
)
(403
)
(2,773
)
(1,662
)
Effect of foreign exchange rate changes on cash and cash equivalents
1,775
835
2,278
958
Cash, cash equivalents and restricted cash, increase (decrease) in the year
99,452
(8,038
)
92,341
(10,214
)
Cash, cash equivalents and restricted cash, beginning of year
71,972
87,121
79,083
89,297
Cash, cash equivalents and restricted cash, end of year
$
171,424
$
79,083
$
171,424
$
79,083
SIERRA WIRELESS, INC.
RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER
(in thousands of U.S. dollars, except where otherwise stated)
2020
2019
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Net earnings (loss) from continuing operations - GAAP
$
(11,167
)
$
(14,483
)
$
(17,291
)
$
(27,210
)
$
(15,316
)
$
(19,761
)
$
(28,961
)
$
(10,625
)
Stock-based compensation and related social taxes
6,461
5,085
3,256
3,200
1,773
3,763
3,979
3,300
Phantom RSU expense
691
261
141
74
35
55
76
44
Restructuring
4,800
3,089
245
606
2,251
4,588
18,083
1,340
Acquisition-related and integration
115
140
185
—
274
291
314
95
COVID-19 government relief
(954
)
(6,298
)
—
—
—
—
—
—
Impairment
—
—
—
—
877
—
—
—
Other non-recurring costs
330
299
152
87
795
279
662
1,167
Amortization
7,054
8,030
7,823
7,726
7,849
7,378
7,355
7,651
Interest and other (income) expense, net
564
988
283
192
111
122
105
(31
)
Foreign exchange loss (gain), net of realized gain/loss on hedge contracts
(2,804
)
(3,572
)
(3,955
)
2,836
(1,580
)
2,953
(1,034
)
698
Income tax expense (recovery)
(7,984
)
(633
)
427
(3,719
)
(262
)
3,864
5,160
116
Adjusted EBITDA*
$
(2,894
)
$
(7,094
)
$
(8,734
)
$
(16,208
)
$
(3,193
)
$
3,532
$
5,739
$
3,755
Net earnings (loss) from continuing operations - GAAP
$
(11,167
)
$
(14,483
)
$
(17,291
)
$
(27,210
)
$
(15,316
)
$
(19,761
)
$
(28,961
)
$
(10,625
)
Stock-based compensation and related social taxes
6,461
5,085
3,256
3,200
1,773
3,763
3,979
3,300
Phantom RSU expense
691
261
141
74
35
55
76
44
Restructuring
4,800
3,089
245
606
2,251
4,588
18,083
1,340
Acquisition-related and integration
115
140
185
—
274
291
314
95
COVID-19 government relief
(954
)
(6,298
)
—
—
—
—
—
—
Impairment
—
—
—
—
877
—
—
—
Other non-recurring costs
330
299
152
87
795
279
662
1,167
Acquisition-related amortization
3,306
3,555
3,886
3,889
3,593
3,610
3,624
3,687
Foreign exchange loss (gain), net of realized gain/loss on hedge contracts
(2,804
)
(3,572
)
(3,955
)
2,836
(1,580
)
2,953
(1,034
)
698
Income tax expense (recovery) adjustment
(7,784
)
200
358
(2,696
)
415
3,933
4,805
(129
)
Adjusted earnings (loss) from continuing operations*
$
(7,006
)
$
(11,724
)
$
(13,023
)
$
(19,214
)
$
(6,883
)
$
(289
)
$
1,548
$
(423
)
Weighted average number of shares (in thousands) - basic and diluted
36,534
36,417
36,341
36,277
36,222
36,179
36,156
36,106
Basic and diluted adjusted net earnings (loss) per share from continuing operations* (in dollars)
$
(0.19
)
$
(0.32
)
$
(0.36
)
$
(0.53
)
$
(0.19
)
$
(0.01
)
$
0.04
$
(0.01
)
(1) Prior periods have been adjusted to include phantom RSU expense.
SIERRA WIRELESS, INC.
SEGMENTED RESULTS
(In thousands of U.S. dollars, except where otherwise indicated)
2020
2019
Total
Q4
Q3
Q2
Q1
Total
Q4
Q3
Q2
Q1
IoT Solutions
Revenue
$
327,323
$
87,604
$
79,093
$
81,836
$
78,790
$
377,808
$
90,937
$
93,439
$
99,145
$
94,287
Gross margin
$
121,904
$
33,728
$
29,627
$
30,538
$
28,011
$
140,158
$
33,665
$
35,203
$
36,811
$
34,479
Gross margin %
37.2
%
38.5
%
37.5
%
37.3
%
35.6
%
37.1
%
37.0
%
37.7
%
37.1
%
36.6
%
Embedded Broadband
Revenue
$
121,265
$
32,874
$
34,278
$
29,882
$
24,231
$
169,468
$
34,170
$
43,256
$
46,520
$
45,522
Gross margin
$
36,847
$
9,638
$
9,825
$
10,470
$
6,914
$
57,328
$
11,095
$
14,421
$
16,170
$
15,642
Gross margin %
30.4
%
29.3
%
28.7
%
35.0
%
28.5
%
33.8
%
32.5
%
33.3
%
34.8
%
34.4
%
Total
Revenue
$
448,588
$
120,478
$
113,371
$
111,718
$
103,021
$
547,276
$
125,107
$
136,695
$
145,665
$
139,809
Gross margin
$
158,751
$
43,366
$
39,452
$
41,008
$
34,925
$
197,486
$
44,760
$
49,624
$
52,981
$
50,121
Gross margin %
35.4
%
36.0
%
34.8
%
36.7
%
33.9
%
36.1
%
35.8
%
36.3
%
36.4
%
35.8
%
Revenue by Type:
Product
$
332,544
$
87,856
$
83,560
$
84,820
$
76,308
$
449,063
$
99,024
$
112,177
$
120,859
$
117,003
Recurring and other services
$
116,044
$
32,622
$
29,811
$
26,898
$
26,713
$
98,213
$
26,083
$
24,518
$
24,806
$
22,806
SUPPLEMENTAL FINANCIAL INFORMATION
2020 SEGMENTED RESULTS RECAST UNDER NEW REPORTABLE SEGMENTS
(In thousands of U.S. dollars, except where otherwise indicated)
2020
Total
Q4
Q3
Q2
Q1
IoT Solutions (new)
Revenue
$
306,917
$
81,561
$
79,345
$
77,629
$
68,382
Gross margin
$
87,146
$
23,343
$
22,588
$
23,030
$
18,185
Gross margin %
28.4
%
28.6
%
28.5
%
29.7
%
26.6
%
Enterprise Solutions
Revenue
$
141,671
$
38,917
$
34,026
$
34,089
$
34,639
Gross margin
$
71,605
$
20,023
$
16,864
$
17,978
$
16,740
Gross margin %
50.5
%
51.5
%
49.6
%
52.7
%
48.3
%
Total
Revenue
$
448,588
$
120,478
$
113,371
$
111,718
$
103,021
Gross margin
$
158,751
$
43,366
$
39,452
$
41,008
$
34,925
Gross margin %
35.4
%
36.0
%
34.8
%
36.7
%
33.9
%
(1) See "Change in Reportable Segments" on page 3.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006135/en/
Investor and Media: David Climie, Investor Relations dclimie@sierrawireless.com
Investor: Samuel Cochrane, Chief Financial Officer investor@sierrawireless.com
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