CalAmp (Nasdaq: CAMP), a connected intelligence
company that helps organizations monitor, track and protect their
vital assets, today reported financial results for its second
quarter of fiscal year 2024 ended August 31, 2023.
Second Quarter Fiscal Year 2024
Financial Overview
- Total revenue was $61.7 million in the quarter, representing a
$9.2 million decline sequentially and an $11.1 million decline year
over year.
- Gross margin in the quarter decreased 200 basis points
sequentially and 370 basis points year over year to 36.2% as a
result of lower volumes and shift in product mix driven by strong
shipments to industrial customers.
- Software and Subscription Services (S&SS) revenue was $40.4
million in the quarter, down $4.6 million sequentially and $4.2
million year over year.
- Telematics Products revenue was $21.4 million, including a
strong quarter from a large Industrial customer. This represented a
$4.6 million decline sequentially and a $7.0 million decline year
over year.
- Recurring Application Subscription revenues were $18.7 million,
representing a $0.5 million sequential decline, and a $1.8 million
decline year over year.
- Adjusted EBITDA decreased sequentially by $0.2 million and
increased year over year by $1.1 million to $5.9 million in the
quarter, or approximately 10% of revenue, driven by the realization
of cost efficiencies.
- GAAP net loss from continuing operations was $4.2 million, or a
loss of $0.11 per share, a sequential decline from a loss of $4.0
million or $0.11 per share, and a year over year improvement from a
loss of $7.5 million or a loss of $0.21 per share.
- Ended the quarter with $38.6 million in cash and cash
equivalents and have $32.7 million of undrawn line availability
subject to customary covenant tests.
- As previously disclosed, we received a deficiency letter from
the Nasdaq Stock Market notifying us that our stock price is not
currently in compliance with the requirement to maintain a minimum
bid price of $1.00 per share for continued listing on Nasdaq. We
have a Nasdaq initial compliance period that expires February 20,
2024, and we are exploring options to address this issue. For
further details, see our Quarterly Report on Form 10-Q.
“CalAmp generated positive Cash Flow from Operations of $7.1
million and achieved strong Adjusted EBITDA of $5.9 million in the
quarter as a result of our continued commitment to cost
efficiencies. Consolidated revenue in the quarter was softer than
expected as shipments of Telematics Products to our TSP and Channel
customers slowed. We are supporting these customers as they
realign inventories with visible demand and respond to competitive
pressures. While supporting this important segment, we are also
pursuing growth opportunities in our other markets, powered by
important new product releases such as our Vision 2.0 and ELD
solutions.” said Interim CEO, Jason Cohenour. “As we navigate our
dynamic marketplace, we will hone our segment focus and capture
efficiencies as we strive to deliver non-GAAP profitable growth and
positive cash flow.”
Business and Recent Highlights
- Chosen by Transportes Castores, one of the largest
Transportation and Logistics fleets in Mexico, as their partner for
both tractor and trailer telematics.
- Launched our new Electronic Logging Device (ELD) solution to
the market.
- Continued strong performance in our International Connected Car
business (LoJack), powered by expanding deployments with large
automotive OEMs and car rental agencies.
Summary Financial Information From Continuing
Operations:(In thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
August 31, |
|
|
August 31, |
|
Description |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Software &
Subscription Services (S&SS) |
|
$ |
40,358 |
|
|
$ |
44,511 |
|
|
$ |
85,310 |
|
|
$ |
84,068 |
|
Telematics
Products |
|
|
21,356 |
|
|
|
28,317 |
|
|
|
47,295 |
|
|
|
53,486 |
|
|
|
$ |
61,714 |
|
|
$ |
72,828 |
|
|
$ |
132,605 |
|
|
$ |
137,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
36 |
% |
|
|
40 |
% |
|
|
37 |
% |
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,225 |
) |
|
$ |
(7,494 |
) |
|
$ |
(8,257 |
) |
|
$ |
(19,667 |
) |
Net loss per
diluted share |
|
$ |
(0.11 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.55 |
) |
Non-GAAP
measures: |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
5,874 |
|
|
$ |
4,766 |
|
|
$ |
11,919 |
|
|
$ |
6,622 |
|
Adjusted EBITDA
margin |
|
|
10 |
% |
|
|
7 |
% |
|
|
9 |
% |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow from
Operations |
|
$ |
7,143 |
|
|
$ |
(10,125 |
) |
|
$ |
4,163 |
|
|
$ |
(25,675 |
) |
|
|
August 31, |
|
|
February 28, |
|
Description |
|
2023 |
|
|
2023 |
|
Cash and cash
equivalents |
|
$ |
38,562 |
|
|
$ |
41,928 |
|
Working
capital |
|
|
70,619 |
|
|
|
68,295 |
|
Deferred
revenue |
|
|
35,448 |
|
|
|
36,552 |
|
Total debt
(carrying value) |
|
|
227,959 |
|
|
|
228,121 |
|
|
|
|
|
|
|
|
|
|
August 31, |
|
S&SS Supplemental Information: |
|
2023 |
|
|
2022 |
|
Remaining
performance obligations |
|
$ |
194,200 |
|
|
$ |
210,340 |
|
Subscribers |
|
|
1,765 |
|
|
|
1,307 |
|
|
Three Months Ended |
|
|
Aug 31, 2023 |
|
|
Aug 31, 2022 |
|
|
May 31, 2023 |
|
Revenue by
type of goods and services: |
|
|
|
|
|
|
|
|
Telematics devices and
accessories (1) |
$ |
37,358 |
|
|
$ |
45,694 |
|
|
$ |
46,291 |
|
Rental income and
other services |
$ |
5,656 |
|
|
|
6,656 |
|
|
$ |
5,434 |
|
Recurring application
subscriptions (2) |
$ |
18,700 |
|
|
|
20,478 |
|
|
$ |
19,166 |
|
Total |
$ |
61,714 |
|
|
$ |
72,828 |
|
|
$ |
70,891 |
|
|
|
|
|
|
|
|
|
|
Recurring application
subscriptions, excluding Automotive Vehicle Finance Business
(1) |
$ |
18,694 |
|
|
$ |
19,858 |
|
|
$ |
19,166 |
|
- Telematics devices and accessories during the three months
ended August 31, 2023 includes a reversal of $1.2M of revenue
related to an exchange of product in support of our customer's
specialized regional requirements.
- Recurring application subscriptions includes $0.0 million, $0.6
million, and $0.0 million during the three months ended August 31,
2023, August 31, 2022, and May 31, 2023, respectively, attributable
to the auto vehicle finance business which has been completely
wound down. The three months ended August 31, 2023 additionally
includes ($0.4M) of adjustments related to prior periods.
Third Quarter Fiscal Year 2024 Business
Outlook
We expect FY24 Q3 revenues and Adjusted EBITDA
to be slightly down sequentially.
A reconciliation of non-GAAP guidance financial
measures to corresponding GAAP guidance financial measures is not
available on a forward-looking basis without unreasonable effort
due to the uncertainty and potential variability of expenses, such
as stock-based compensation expense-related charges, that may be
incurred in the future and cannot be reasonably determined or
predicted at this time. It is important to note that these factors
could be material to our results of operations computed in
accordance with GAAP.
Conference Call and Webcast
CalAmp is hosting a conference call for analysts and investors
to discuss its second quarter fiscal year 2024 results at 2:00 p.m.
Pacific Time today. Participants can listen in via webcast by
visiting the Investor Relations section of its website at
www.calamp.com. Please go to the website at least 15 minutes early
to register, download and install any necessary audio software. A
replay of the webcast will be available for 90 days after the call.
The conference call can also be accessed by dialing
833-470-1428 (+1-404-975-4839 for international callers) and
using the Conference ID #757030. Following the call, an audio
replay will also be available by calling 866-813-9403 or
1-929-458-6194 and entering the Replay ID # 181919. The audio
replay will be available through October 12, 2023.
About CalAmp
CalAmp (Nasdaq: CAMP) provides flexible
solutions to help organizations worldwide monitor, track and
protect their vital assets. Our unique combination of software,
devices, and platform enables commercial and government
organizations worldwide to increase efficiency, safety and
transparency while accommodating the unique ways they do business.
With over 10 million active edge devices and 275+ issued or pending
patents, CalAmp is the telematics leader organizations turn to for
innovation and dependability. For more information, visit
calamp.com, or LinkedIn, Twitter, YouTube or CalAmp Blog.
Forward-Looking Statements
This announcement contains forward-looking
statements (including within the meaning of Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, and Section 27A of the
U.S. Securities Act of 1933, as amended) concerning CalAmp. These
statements include, but are not limited to, statements that address
our expected future business and financial performance and
statements about (i) our plans, objectives and intentions with
respect to future operations, services and products, (ii) our
competitive position and opportunities, (iii) our comprehensive
review of strategic alternatives focused on enhancing
shareholder value, and (iv) other statements identified by words
such as such as “may”, “will”, “expect”, “intend”, “plan”,
“potential”, “believe”, “seek”, “could”, “estimate”, “judgment”,
“targeting”, “should”, “anticipate”, “predict”, “project”, “aim”,
“goal”, and similar words, phrases or expressions. These
forward-looking statements are based on management’s current
expectations and beliefs, as well as assumptions made by, and
information currently available to, management, current market
trends and market conditions, and involve risks and uncertainties,
many of which are outside of our control, and which may cause
actual results to differ materially from those contained in
forward-looking statements. Accordingly, you should not place undue
reliance on such statements. Particular uncertainties that could
materially affect future results include any risks associated with
global economic conditions and concerns; the outcome of our
comprehensive review of strategic alternatives, including the
availability of any strategic alternatives that are worthwhile to
pursue; the effects of global outbreaks of pandemics or contagious
diseases or fear of such outbreaks, such as the recent coronavirus
(COVID-19) pandemic; global component shortages due to supply chain
constraints caused by the COVID-19 pandemic; disruptions in sales,
operations, relationships with customers, suppliers, employees; our
ability to successfully and timely accomplish our transformation to
a SaaS solutions provider; our transition out of the automotive
vehicle financing business; competitive pressures; pricing
declines; demand for our telematics products; rates of growth in
our target markets; prolonged disruptions of our contract
manufacturers’ facilities or other significant operations; force
majeure or force-majeure-like events at our contract manufacturers’
facilities including component shortages; the ongoing
diversification of our global supply chain; our dependence on
outsourced service providers for certain key business services and
their ability to execute to our requirements; our ability to
improve gross margin; cost-containment measures; legislative,
trade, tariff, and regulatory actions; integration, unexpected
charges or expenses in connection with acquisitions; the impact of
legal proceedings and compliance risks; the impact on our business
and reputation from information technology system failures, network
disruptions, cyber-attacks, or losses or unauthorized access to, or
release of, confidential information; the ability of the Company to
comply with laws and regulations regarding data protection; our
ability to protect our intellectual property and the
unpredictability of any associated litigation expenses; any
expenses or reputational damage associated with resolving customer
product and warranty and indemnification claims; our ability to
sell to new types of customers and to keep pace with technological
advances; market acceptance of the end products into which our
products are designed; and other events and trends on a national,
regional and global scale, including those of a political,
economic, business, competitive, and regulatory nature. More
information on these risks and other potential factors that could
affect our financial results is included in our filings with the
U.S. Securities and Exchange Commission (“SEC”), including in the
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of our most
recently filed periodic reports on Form 10-K and Form 10-Q and
subsequent filings, which you may obtain for free at the SEC’s
website at http://www.sec.gov. We undertake no intent or obligation
to publicly update or revise any of these forward-looking
statements, whether as a result of new information, future events
or otherwise, which speak as of their respective dates except as
required by law.
Non-GAAP Financial Measures
“GAAP” refers to financial information presented
in accordance with U.S. Generally Accepted Accounting Principles.
This announcement includes non-GAAP financial measures, as defined
in Regulation G promulgated by the SEC. We believe that our
presentation of non-GAAP financial measures provides useful
supplementary information to investors. These non-GAAP financial
measures are provided in addition to, and not as a substitute for
measures of financial performance prepared in accordance with
GAAP.
In this announcement, we report the non-GAAP
financial measures of Adjusted EBITDA (earnings before investment
income, interest expense, taxes, depreciation, amortization,
stock-based compensation, acquisition and integration expenses,
non-cash costs and expenses arising from purchase accounting
adjustments, litigation and legal expenses, impairment losses and
certain other adjustments as detailed in the accompanying non-GAAP
reconciliation), and Adjusted EBITDA margin. We use these non-GAAP
financial measures to provide investors with additional information
about our financial performance and future prospects of our core
business activities. Internally, these non-GAAP measures are
significant measures used by management for purposes of evaluating
our core operating performance, establishing internal budgets,
calculating return on investment for development programs and
growth initiatives, comparing performance with internal forecasts
and targeted business models, strategic planning, evaluating and
valuing potential acquisition candidates and how their operations
compare to our operations, and benchmarking performance externally
against our competitors. We believe this non-GAAP financial
information provides additional insight into our ongoing
performance and have therefore chosen to provide this information
to investors to help them evaluate our results of ongoing
operations and enable additional period-to-period comparisons. The
presentation of these and other similar items in our non-GAAP
financial results should not be interpreted as implying that these
items are non-recurring, infrequent, or unusual.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus
Guardian, iOn Vision, CrashBoxx and associated logos are among the
trademarks of CalAmp and/or its affiliates in the United States,
certain other countries and/or the EU. Spireon acquired the LoJack®
U.S. Stolen Vehicle Recovery (SVR) business from CalAmp and holds
an exclusive license to the LoJack mark in the United States and
Canada. Any other trademarks or trade names mentioned are the
property of their respective owners.
AT CALAMP: |
AT CALAMP: |
Jikun Kim |
Logan Lucas |
SVP & CFO |
Corporate Strategy |
ir@calamp.com |
ir@calamp.com |
CALAMP CORP.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Amounts in thousands,
except per share amounts)(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
Fiscal Year Ended |
|
|
August 31, |
|
|
August 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
|
61,714 |
|
|
$ |
|
72,828 |
|
|
$ |
|
132,605 |
|
|
$ |
|
137,554 |
|
Cost of
revenues |
|
|
39,370 |
|
|
$ |
|
43,816 |
|
|
|
|
83,200 |
|
|
|
|
82,895 |
|
Gross profit |
|
|
22,344 |
|
|
|
|
29,012 |
|
|
|
|
49,405 |
|
|
|
|
54,659 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
4,800 |
|
|
$ |
|
6,757 |
|
|
|
|
10,642 |
|
|
|
|
13,757 |
|
Selling and marketing |
|
|
9,618 |
|
|
$ |
|
12,734 |
|
|
|
|
20,641 |
|
|
|
|
24,212 |
|
General and administrative |
|
|
10,014 |
|
|
$ |
|
13,530 |
|
|
|
|
21,368 |
|
|
|
|
28,692 |
|
Intangible asset amortization |
|
|
1,128 |
|
|
$ |
|
1,330 |
|
|
|
|
2,350 |
|
|
|
|
2,672 |
|
Total operating
expenses |
|
|
25,560 |
|
|
|
|
34,351 |
|
|
|
|
55,001 |
|
|
|
|
69,333 |
|
Operating loss |
|
|
(3,216 |
) |
|
|
|
(5,339 |
) |
|
|
|
(5,596 |
) |
|
|
|
(14,674 |
) |
Non-operating
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
|
277 |
|
|
$ |
|
(58 |
) |
|
|
|
484 |
|
|
|
|
(172 |
) |
Interest expense |
|
|
(1,574 |
) |
|
$ |
|
(1,464 |
) |
|
|
|
(3,252 |
) |
|
|
|
(2,997 |
) |
Other expense, net |
|
|
723 |
|
|
$ |
|
(507 |
) |
|
|
|
594 |
|
|
|
|
(1,449 |
) |
Total non-operating
expenses |
|
|
(574 |
) |
|
|
|
(2,029 |
) |
|
|
|
(2,174 |
) |
|
|
|
(4,618 |
) |
Loss from
operations before income taxes |
|
|
(3,790 |
) |
|
|
|
(7,368 |
) |
|
|
|
(7,770 |
) |
|
|
|
(19,292 |
) |
Income tax
provision |
|
|
(435 |
) |
|
$ |
|
(126 |
) |
|
|
|
(487 |
) |
|
|
|
(375 |
) |
Net loss |
$ |
|
(4,225 |
) |
|
$ |
|
(7,494 |
) |
|
$ |
|
(8,257 |
) |
|
$ |
|
(19,667 |
) |
Loss per share -
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
(0.11 |
) |
|
$ |
|
(0.21 |
) |
|
$ |
|
(0.22 |
) |
|
$ |
|
(0.55 |
) |
Diluted |
$ |
|
(0.11 |
) |
|
$ |
|
(0.21 |
) |
|
$ |
|
(0.22 |
) |
|
$ |
|
(0.55 |
) |
Shares used in
computing earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
36,988 |
|
|
|
|
36,006 |
|
|
|
|
36,810 |
|
|
|
|
35,864 |
|
Diluted |
|
|
36,988 |
|
|
|
|
36,006 |
|
|
|
|
36,810 |
|
|
|
|
35,864 |
|
- more -
CALAMP CORP.CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
|
February 28, |
|
|
|
|
|
2023 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
$ |
|
38,562 |
|
|
$ |
|
41,928 |
|
Accounts receivable, net |
|
|
|
|
|
71,385 |
|
|
|
|
82,946 |
|
Inventories |
|
|
|
|
|
29,822 |
|
|
|
|
23,902 |
|
Prepaid expenses and other current assets |
|
|
|
|
|
26,617 |
|
|
|
|
26,019 |
|
Total current assets |
|
|
|
|
|
166,386 |
|
|
|
|
174,795 |
|
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net |
|
|
|
|
|
28,791 |
|
|
|
|
32,832 |
|
Operating lease
right-of-use assets |
|
|
|
|
|
11,130 |
|
|
|
|
12,293 |
|
Deferred income tax
assets |
|
|
|
|
|
3,395 |
|
|
|
|
3,275 |
|
Goodwill |
|
|
|
|
|
95,275 |
|
|
|
|
94,214 |
|
Other intangible
assets, net |
|
|
|
|
|
24,887 |
|
|
|
|
26,633 |
|
Other assets |
|
|
|
|
|
34,054 |
|
|
|
|
36,078 |
|
Total assets |
|
|
|
$ |
|
363,918 |
|
|
$ |
|
380,120 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
|
|
$ |
|
- |
|
|
$ |
|
705 |
|
Accounts payable |
|
|
|
|
|
46,206 |
|
|
|
|
52,716 |
|
Accrued payroll and employee benefits |
|
|
|
|
|
8,597 |
|
|
|
|
11,766 |
|
Deferred revenue |
|
|
|
|
|
24,764 |
|
|
|
|
25,448 |
|
Other current liabilities |
|
|
|
|
|
16,200 |
|
|
|
|
15,865 |
|
Total current liabilities |
|
|
|
|
|
95,767 |
|
|
|
|
106,500 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, net
of current portion |
|
|
|
|
|
227,959 |
|
|
|
|
227,416 |
|
Operating lease
liabilities |
|
|
|
|
|
10,385 |
|
|
|
|
12,314 |
|
Other non-current
liabilities |
|
|
|
|
|
19,243 |
|
|
|
|
19,583 |
|
Total liabilities |
|
|
|
|
|
353,354 |
|
|
|
|
365,813 |
|
Stockholders'
equity: |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
|
|
|
377 |
|
|
|
|
374 |
|
Additional
paid-in capital |
|
|
|
|
|
188,200 |
|
|
|
|
184,672 |
|
Accumulated
deficit |
|
|
|
|
|
(177,073 |
) |
|
|
|
(168,816 |
) |
Accumulated
other comprehensive loss |
|
|
|
|
|
(940 |
) |
|
|
|
(1,923 |
) |
Total stockholders' equity |
|
|
|
|
|
10,564 |
|
|
|
|
14,307 |
|
Total liabilities and stockholders' equity |
|
|
|
$ |
|
363,918 |
|
|
$ |
|
380,120 |
|
|
|
|
|
|
|
|
|
|
|
|
- more -
CALAMP CORP.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Amounts in
thousands) (Unaudited) |
|
|
|
|
|
|
Six Months Ended |
|
|
|
August 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
$ |
|
(8,257 |
) |
|
$ |
|
(19,667 |
) |
|
|
|
|
|
|
|
|
|
|
Depreciation
expense |
|
|
8,795 |
|
|
|
|
8,215 |
|
|
Intangible asset
amortization |
|
|
2,350 |
|
|
|
|
2,672 |
|
|
Stock-based
compensation |
|
|
3,902 |
|
|
|
|
6,156 |
|
|
Amortization of
debt issuance costs and discount |
|
|
554 |
|
|
|
|
594 |
|
|
Non-cash operating
lease cost |
|
|
1,673 |
|
|
|
|
1,756 |
|
|
Revenue assigned to
factors |
|
|
(716 |
) |
|
|
|
(1,524 |
) |
|
Deferred tax
assets, net |
|
|
1 |
|
|
|
|
129 |
|
|
Other |
|
|
30 |
|
|
|
|
(67 |
) |
|
Changes in
operating assets and liabilities of continuing operations |
|
|
(4,169 |
) |
|
|
|
(23,939 |
) |
NET
CASH USED IN OPERATING ACTIVITIES |
|
|
4,163 |
|
|
|
|
(25,675 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Capital
expenditures |
|
|
(3,824 |
) |
|
|
|
(4,891 |
) |
NET
CASH USED IN INVESTING ACTIVITIES |
|
|
(3,824 |
) |
|
|
|
(4,891 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Taxes paid related
to net share settlement of vested equity awards |
|
|
(502 |
) |
|
|
|
(1,568 |
) |
|
Proceeds from
exercise of stock options and contributions to employee stock
purchase plan |
|
|
131 |
|
|
|
|
502 |
|
NET
CASH USED IN FINANCING ACTIVITIES |
|
|
(371 |
) |
|
|
|
(1,066 |
) |
|
|
|
|
|
|
|
|
|
EFFECT
OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
|
(3,334 |
) |
|
|
|
132 |
|
Net
change in cash and cash equivalents |
|
|
(3,366 |
) |
|
|
|
(31,500 |
) |
Cash
and cash equivalents at beginning of year |
|
|
41,928 |
|
|
|
|
79,221 |
|
Cash
and cash equivalents at end of year |
$ |
|
38,562 |
|
|
$ |
|
47,721 |
|
CALAMP
CORP.RECONCILIATION OF NON-GAAP MEASURES TO
GAAP(Unaudited)
GAAP refers to financial information presented
in accordance with U.S. Generally Accepted Accounting Principles.
This announcement includes non-GAAP financial measures, as defined
in Regulation G promulgated by the Securities and Exchange
Commission. We believe that our presentation of non-GAAP
financial measures provides useful supplementary information to
investors. The presentation of non-GAAP financial measures is
not meant to be considered in isolation from or as a substitute for
results prepared in accordance with GAAP.
In this announcement, we report the non-GAAP
financial measures of Adjusted EBITDA (earnings before investment
income, interest expense, taxes, depreciation, amortization,
stock-based compensation and other adjustments as identified
below), and Adjusted EBITDA margin. We use these non-GAAP financial
measures to provide investors with an overall understanding of the
financial performance and future prospects of our core business
activities. Specifically, we believe that the use of these non-GAAP
measures facilitates the comparison of results of core business
operations between current and past periods.
The reconciliation of GAAP-basis net loss to
Adjusted EBITDA and the calculation of Adjusted EBITDA margin are
as follows (dollars in thousands):
|
Three Months Ended |
|
|
Six Months Ended |
|
|
August 31, |
|
|
August 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis net
loss |
$ |
|
(4,225 |
) |
|
$ |
|
(7,494 |
) |
|
$ |
|
(8,257 |
) |
|
$ |
|
(19,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment (income)
loss |
|
|
(277 |
) |
|
|
|
58 |
|
|
|
|
(484 |
) |
|
|
|
172 |
|
Interest expense |
|
|
1,574 |
|
|
|
|
1,464 |
|
|
|
|
3,252 |
|
|
|
|
2,997 |
|
Income tax
provision |
|
|
435 |
|
|
|
|
126 |
|
|
|
|
487 |
|
|
|
|
375 |
|
Depreciation and
amortization |
|
|
5,595 |
|
|
|
|
5,389 |
|
|
|
|
11,145 |
|
|
|
|
10,887 |
|
Stock-based
compensation |
|
|
1,724 |
|
|
|
|
3,196 |
|
|
|
|
3,902 |
|
|
|
|
6,156 |
|
Litigation and
non-recurring legal expenses |
|
|
14 |
|
|
|
|
1,417 |
|
|
|
|
189 |
|
|
|
|
4,548 |
|
Restructuring |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
Costs incurred in
transition of LoJack North America business to acquiror (a) |
|
|
(276 |
) |
|
|
|
233 |
|
|
|
|
(240 |
) |
|
|
|
985 |
|
Other |
|
|
1,310 |
|
|
|
|
377 |
|
|
|
|
1,925 |
|
|
|
|
169 |
|
Adjusted EBITDA |
$ |
|
5,874 |
|
|
$ |
|
4,766 |
|
|
$ |
|
11,919 |
|
|
$ |
|
6,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
|
61,714 |
|
|
$ |
|
72,828 |
|
|
$ |
|
132,605 |
|
|
$ |
|
137,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin |
|
|
10 |
% |
|
|
|
7 |
% |
|
|
|
9 |
% |
|
|
|
5 |
% |
- Costs incurred in transition of business to acquiror are
attributable to the wind-down and transfer of the LoJack North
America business to Spireon.
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