Evertz Technologies Limited
Evertz makes specialized equipment and software for broadcasters around the world. You have most likely viewed content from their customers without knowing it. The company has long been a technology innovator through ongoing R&D activities. The company’s results have been sporadic but they still have solid growth potential and a very strong balance sheet (they have a history of paying special dividends from accumulated cash). Management owns approximately 63.5% of the company’s shares as of August 30, 2023.
Special Dividends: Dec 2013, $1.40 (~9%), Dec 2016 $1.10, (~6%), Sept 2019 $0.90 (~5%), Sept 2021, $1.00 (7.4%)
Ests: 3Q25 4Q25 FY25 FY26
Revs 129m 131 499 530m
EPS .21 .20 .74 .85
P=11.47, Div=.80, yield=7%, cash+inv/sh=1.25, additional NWC/sh=1.60, TTM EPS=0.72, P/E=16X
3Q15 .23 vs .27, est .21
Mar 5, 2025, P=11.47, TTM EPS=0.72, P/E=16X
Revs record level, +1% to 136.9m (est 129m), GM 57.8% vs 58.9%, OM 16.1% vs 19.6%
Software and Services +6% to 55.7m, Hardware -2% to 81.2m
US/Canada +23% to 99.1m, Int’l -31% to 37.8m
Top 10 customers 48%, no 10% customer
Bookings +1.7% to 96.9m, B/B=0.71 vs 0.70 after 2 strong quarters. 1st month shipments 39m vs 40m, Backlog -8% y/y to 269m, still very solid levels. Def Revs +6% q/q to 103m
OCF 52.98m vs 30.2m, before NWC changes OCF 28.2m vs 25.97m, TTM FCF/NI=1.65X
Have multiple manufacturing facilities in the US, have been adding capacity in the US to target US govt work and have been accelerating capabilities in the US.
Unclear how tariffs would impact software and services (my sentiment, not discussed on the call)
2Q25 .21 vs .29, est .17 down from .26
Dec 10, 2024, P=12.32, TTM EPS=0.76, P/E=16X
Raised dividend to 0.80, 6.5% yield
Revs -4.2% to 125.3m (est 120m), +12.2% q/q, GM 59.3% vs 59.7%, OM 14.6% vs 19.9%
Software and Services +23.7% to 54.8m, Hardware -18.5% to 70.5m, +26.5% q/q
US/Canada +28.2% to 94.9m, Int’l -46.4% to 30.4m
Top 10 customers 45%, no customer >6% or 16%? vs 1 at 11.4%
Bookings +24.8% to 138.3m, B/B=1.1, 1st month shipments 50m (new high) vs 48m, Backlog 298m vs 324m, Deferred Revs 97.2m vs 100.5
OCF -9.6m vs 20.3m, before NWC OCF 21.8m vs 30.9m
1Q25 .13 vs .23, est .17 down from .26
Sept 11, 2024, P=13.77, TTM EPS=0.84, P/E=16X
Revs -11.3% to 111.6m, GM 59.4% vs 57.3%, OM 9% vs 17.9%, R&D +17% y/y, +1.8% q/q
Software and Services +26% to 55.9m (47.7m last Q), Hardware -31.5% to 55.7m (75.1m last Q)
US/Canada -15% to 73.96m, -23% q/q, Int’l -2.9% to 37.7m, +43% q/q
Bookings +39% to 119.6m, B/B=1.07X, 1st reading >1 in past 5 quarters also highest bookings in that period, since massive wins in 4Q23, 1st month shipments 33m vs 49m, Backlog 302m vs 343m, Total 335m vs 327m last Q, 392m last year.
Top 10 customers 50% vs 54%, 2 >10% customers, at 14% and 11% respectively.
Management still categorizing Rev weakness as project timing.
Def Revs 104.5m vs 119.6m last quarter and 92.7m last year.
Provided 8 quarters of historical new segmentation in MD&A, Recurring Software and Services at 55.9m is highest in that period, 40m lowest, has fluctuated up to 10m q/q
Weakest earnings quarter since the depths of the pandemic and then 4Q18 (higher OpEx)
4Q24 .17 vs .26 est .24 down from .27, FY24 EPS 0.95 vs 0.86 vs 0.92
Jun 19, 2024, P=15.34, TTM EPS=0.95, P/E=16X, FY25 P/E=14X
Revs -4.8% to 122.8m, GM 59.2% vs 59.5%, OM 11.8% vs 21.7% on big increase in R&D
US/Canada -2.8% to 96.5m, Int’l -11.3% to 26.3m
Top 10% 37%, no customer >6%
Bookings 117.8m, B/B=0.96, 1st month shipments 32m vs 40m, Backlog 327m vs 432m
FY24 Revs Software +8.9% to 188.9m vs 173.4m, Hardware +15.8% to 325.7m
Management categorized Rev weakness as project timing
Def Revs 119.6m vs 69.8m and 106.8m last quarter.
3Q24 .27 vs .19 ex .03 fx loss both periods, est .23 up from .21
Mar 14, 2024, P=14.90, TTM EPS=1.06 incl .05 stock comp exp, P/E=14X
Revs +22% to 135.3m (est 126m), GM 58.9% vs 59.2%, OM 19.6% vs 16.1%
US/Canada +13% to 80.5m, Int’l +38% to 54.8m
Hardware +11% to 99.8m, Services +110.6% to 21.2m, LT contract +27.7% to 14.2m
Bookings +1.5% to 95.2m, B/B=0.70, 1st month shipments 40m vs 31m, Backlog 332m vs 171m
Top 10 customers 35% vs 32%, largest customer approx. 5%.
Def Revs 106.8m vs 73.3m and 100.5m last quarter
2Q24 .28 vs .24 +17%, est .21 down from .23, ex investment loss and fx gain,
Dec 6, 2023, P=12.66, TTM EPS=0.97 incl .05 stock comp exp, P/E=13X
Raised dividend +2.6% to 0.78
Record Revs +15.4% to 130.7m (est 127), GM 59.7% vs 59.6%, OM 19.9% vs 20.4%,
Top 10 customers 48% vs 55%,1 customer 11.4%
US/Canada -15% to 74m, Int’l +128% to 56.7m
Bookings -13% to 110.7m, B/B=0.85, 1st month shipments 48m vs 39m, Backlog 324m vs 149
Def Revs 100.5m vs 65.75m and 92.7m last quarter, OCF 20.3m vs (7.7m), OCF before NWC 33.5m vs 25.4m
Sold all investments, possibly terminating attempt to acquire Haivision but no mention.
11m recognized to date of the 152m contract, expect ~53% of total backlog (171m) to be recognized within the next 12 months, that’s equivalent to about 34% of TTM revenue.
1Q24 .24 vs .18, ex .(04) fx loss and stock comp, est .23 up from .17
Sept 12, 2023, P=12.43, TTM EPS=0.92, P/E=13.5X, FY24 P/E=13X
Revs +23.9% to 125.8m, GM 57.3% vs 57.6%, OM 17.9% vs 16%, OpInc +39%
US/Canada +11% to 87m, Int’l +66% to 38.8m
Hard/software -0.7% to 81.1m, Services +105% to 25.9m, LT contract +158% to 18.8m
Bookings -15.5% to 85.8m, B/B=0.68, 1st month shipments 49m vs 33m (just shy of 50m record in 1Q20), Backlog 392m vs 174m and 432m at 4Q, still very strong levels.
Top 10 customers 54% vs 45%, 1 at ~14%, 2nd at ~11%, Def Revs +32% q/q to 92.7m
~6m recognized from the 152m order, very limited if any recognized from the 25m Int’l order
OCF 60m vs 19.3m, before NWC OCF 21.5m vs 18.8m
Record 1Q Revs, best 1Q EPS since 1Q18 when OM was 22%
4Q23 .26 vs .25 incl (.05) investment loss and finance costs, est .20, FY23 EPS .86 vs .92 including (.05) incremental investment loss and finance expense
June 21, 2023, P=10.50, TTM EPS=0.86, P/E=12X
Revs +11.1% to 128.9m (est 111m), GM 59.5% vs 58.9%, OM 21.7% vs 20.5%, OpInc +17%
US and Canada +28% to 98.9m, Int’l -23% to 30m
OCF 25.9m vs 21.5m
Top 10% 43%, no customer >6% (no revenue of 152m order recognized in 4Q23)
Bookings +337% to 389.9m, B/B=3X, 1st month shipments 40m vs 26m, Backlog +252m q/q to 392m, Ex 152m and 20m orders, Bookings still 213m (B/B=1.65) and Backlog +75m q/q
Mid-Quarter Update – April 26, 2023
Purchase order >$152m from US based media customer, to be delivered over 5 years. Far larger than any single order they’ve ever announced (I think the previous $25m order was the largest prior to this).
Mid-Quarter Update – April 14, 2023
Purchase order >25m from an International Customer
Also raised offer to purchase Haivision for $4.75/sh (from 4.25)
3Q23 .19 vs .27 ex fx loss, est .21
Mar 2, 2023, P=12.16, TTM EPS=0.85, P/E=14X
Revs -8% to 110.9m, GM 59.2% vs 57.4%, OM 16.1% vs 21.6%
US and Canada -10.2% to 71.2m, Int’l -3.8% to 39.6m
Top 10 customers 32% vs 43%, no customer >7%
Bookings -22% to 93.9m, B/B=0.85, 1st month shipments 31 vs 25, Backlog 140 vs 176, Total 171 still at historically high levels but lower than previous 6 qtrs.
Def revs +11% q/q, ET disclosed a 10% investment in Haivision, could spark eventual acquisition which would require debt or equity (investment was mostly made in 1Q, before divvy raise)
Results a bit soft but timing of orders and completions more likely a factor.
2Q23 .23 vs .22 ex .03 fx gain, est .19 down from .21
Raised divy 5.5% to .76
Dec 6, 2022 P=12.90, TTM EPS=0.93, P/E=14X, FY24 P/E=14X
Revs +5.6% to 113.2m (est flat at 107), GM 59.6% vs 57%, OM 20.5% vs 19.2%, OpInc +12%, EPS +1.5% due to share of losses of investee (20% of shottracker, not included in investments)
US and Canada +12.8% to 88.2m, Int’l -13.7% to 25m
Bookings +12% to 127.2m, B/B=1.12X, 1st month shipments 39m vs 39m, Backlog 149m vs 162m, Total 188 vs 201, still very solid levels and q/q +14 vs +6 last year
Def Revs -17% q/q, OCF -7.7m due to 33m into NWC, before WC 27.5m vs 23m mostly due to recognition of def revs.
Top 10 customers 55% vs 44%, no customer >15%,
Discussed NFL Thursday Night Football streaming with Amazon Prime, main truck “Prime One” using Evertz Magnum IP cor routing software and edge routing Evertz NATX switch fabric, encoders, multiviewers, orders were signed Aug 2021 so likely explains strong 1Q22
According to TVNewsCheck, Amazon went with Evertz for IP routing software and hardware because of its redundancy and resiliency and Cisco and Arista were facing supply chain issues which would have delayed delivery, Evertz making its own IP switches was very attractive.
1Q23 .18 vs .18, est .16 down from .21
Sep 13, 2022, P=15.01, TTM EPS=0.92, P/E=16X, FY23 P/E=18X
Revs +5% to 101.5m (est 104m), GM 57.6% vs 58.3%, OM 16% vs 17.4%, OpInc -4%
US and Canada +21% to 78.2m, Int’l -29% to 23.3m,
Top 10 customers 45%, no customer >8%
Bookings -20% to 101.5m but last year was very strong, B/B=1 vs 1.3X last year, still solid, 1st month shipments 33m vs 40m, Total 174 vs 195, still best levels prior to 1Q22
Strongest 1Q in NA while one of the weakest 1Q internationally since 2007.
Demand continues to be robust, supply chain continues to be a challenge sourcing components.
Inventory +24% y/y and +8% q/q, Deferred Revs +18% y/y, and +7.5% q/q, highest ever.
4Q22 .25 vs .20, ex .01 fx gain vs (.05) loss, est .17 down from .21, FY22 EPS .92 vs .73
Jun 23, 2022, P=13.50, TTM EPS=0.92, P/E=15X,
Revs +24% to 116.1m (est 105m), GM 58.9% vs 59.6%, OM 20.5% vs 20.1% despite higher travel, trade show, and promotion costs
US and Canada +21.6% to 77.4m, Int’l +30.4% to 38.7m, OCF 21.5m vs 33.6m but before NWC 24.4m vs 12.5m
No customer >6%
Bookings -17% to 88.1m, B/B=0.76, soft q/q but Backlog +7% y/y to 148m, still higher than any period prior to 4Q21, could be some fx adjustments. 1st month shipments 26m, in line with normal patterns.
Solid results, demand environment “continues to be very robust”, management “very optimistic”, don’t think conditions have changed, sourcing parts remains challenging, have been able to mitigate cost increases.
3Q22 .27 vs .21, est .20
Mar 8, 2022, P=13.70, TTM EPS=0.87, P/E=16X, FY22 P/E=15X
Revs +30% to 120.6m (est 106m), -0.5% vs 2y which was record quarter, GM 57.4% vs 56%, OM 21.6% vs 19.4% vs 20.7%
US and Canada +41% to 78.9m, +14% vs 2y, Int’l +13% to 41.7m, -19% vs 2y
OCF 8.3m vs 10.3m, OCF Before NWC 28.6m vs 16.4m
Top 10 43%, no customer >10%
Backlog 176m (yet another record, incl >10m order announced on March 1st), 1st month shipments 25m, flat y/y
Solid results, strong q/q improvement in Int’l and the best Int’l quarter in 2 years, modest q/q improvement in US/Canada to the highest in just over 2 years.
2Q22 .22 vs .29, est .21
Dec 8, 2021, P=13.23, TTM EPS=0.80, P/E=16X, FY22 P/E=14X
Revs +6.7% to 107.2m, GM 57% vs 59%, OM 19.2% vs 26.2%, OpInc -22% to 20.6m
LY included gov’t assistance and likely higher margins from a whale customer.
US and Canada +17% to 78.2m, Int’l -14% to 29m, q/q solid improvement in US, international weakened a bit but can be lumpy.
Backlog 162m (yet another record), 1st month shipments 39m, well above historical and LY levels.
Top 10 customers 44%, No customer >8%
Decent results, steady trajectory of recovery/growth intact, record backlog suggests better days ahead as we get past covid disruptions, inexpensive stock, solid dividend, great balance sheet.
1Q22 .18 vs .04 vs .20, ex .01 fx gain, est .19
Sep 14, 2021, P=13.52, TTM EPS=0.87, P/E=16X, FY22 P/E=17X (est low)
Declared $1 special dividend record date Sept 28th, Payable Oct 5th
Revs +72.5% to 97.2m (-6% vs 2y), GM 58.3% vs 57%, OM 17.4% vs 5% vs 16.9%
Backlog 151m (new record again), 1st month shipments $40, Total 195m, well above historical levels.
Top 10 customers 42%, no customer >9%
Decent results again, continued growth in backlog to new record levels building more torque in the business, stock at essentially 6-month lows and at 16X EPS doesn’t fit with the strength of the company.
4Q21 .20 vs .15 ex .07 fx loss and stock comp, est .19 vs .15
Jun 17, 2021, P=15.14, TTM EPS=.73, P/E=21X, FY 22 P/E=17X
Revs +1% to 93.3m (est 96.9m), GM 59.6% vs 56.5%, OM 20.1% vs 15.9%, OpInc +28%
US/Canada +8%, 1st quarter of y/y growth in last 6, Int’l -11% (fx drag and lumpy with pandemic restrictions)
FY21 Top 10 ~40% of Revs, no customer>10%
Backlog 138m (new record), 1st month shipments 27m, combined 165m +50% y/y and new record levels, CFO 33.6m vs 47.1m as LY was much stronger than usual cash flow.
Further opening up will provide them with more site access which should drive higher revenues.
Solid results overshadowed by fx loss and stock comp and weak Int’l revenue which can be lumpy especially given pandemic restrictions. Backlog and shipments should very encouraging.
Valuation looks very attractive considering in a couple of months when they lap 1Q21 EPS of .04, TTM EPS will be close to FY22 estimates.
3Q21 .21 vs .26 ex (.08) fx loss and stock comp, est .16
Mar 3, 2020, P=14.41, TTM EPS=0.69, P/E=21X, FY22 P/E=17X
Revs -23.5% to 92.8m (in line with ests), GM 56% vs 56%, OM 19.4% vs 20.7%, OpInc -28%
Hardware -32% to 65.7m, Services +1.4% to 9.3m, LT Contract revs +12% to 17.7m
Backlog 125m (record level), 1st month shipments 25m, combined 150m +14% y/y, almost at record levels
Lacklustre results but better than estimates ex fx loss, importantly backlog at record levels, solid dividend paid to wait from very high-quality company, strong balance sheet.
Considering last quarter benefited from a 25% customer which is highly unusual, this quarter was a solid q/q improvement excluding that 25%.
Mid quarter Update – Jan 29, 2021
Announced >21m order
2Q21 .29 vs .28 ex .01 fx loss, incl .03 govt assistance, est .15
Dec 9, 2020, P=12.70, TTM EPS=.74, P/E=17X, FY22 P/E=16X
Restored dividend to 0.72, record date Dec 16th, payable Dec 23rd.
Revs -16.5% to 100.5m (est 89m), GM 59.4% vs 57.9%, OM 26.2% vs 23%
q/q Revs +78.5%, Hardware +53%, Services +242%, LT Contract revs +148%
R&D incl 3.2m in govt wage subsidy
Top customer 25% of revs due to timing of delivery
Backlog 106m, 1st month shipments 23m, Combined 129m -5% y/y, still solid levels
Crushed estimates, likely partly due to a 25% customer which is much higher than usual, backlog still at solid levels, 1st month shipments soft, mgmt. says in line with normal variability
1Q21 .04 vs .20 ex .03 fx loss, est .07 down from .11
Sep 9, 2020, P=12.17, TTM EPS=0.73, P/E=17X, FY22 P/E=14X
Revs -45.5% to 56.3m, GM 57.2% vs 57.2%, OM 5% vs 17%, OpInc -84%
Backlog 118m, 1st month shipments 36m (down y/y which was a new high but in normal-ish territory), Combined 154m, new record.
Cash 102m, highest since 4Q19, CFO 36.3m vs 7.9m, before NWC 4.1m vs 18.5m
Challenges include access to customer sites, border controls,
Results clearly very challenged as expected but very solid balance sheet and current shipments and backlog are encouraging, company’s technological leadership remains compelling.
4Q20 .15 vs .22 -32% ex .06 fx gain, est .14 down from .26, FY20 EPS .89 vs 1.00
June 30, 2020, P=11.22, TTM EPS 0.89, P/E=13X, FY21 P/E=15X
Dividend halved to 0.36, 3.2% yield
Revs -14.1% to 92.2m, GM56.5% vs 58.5%, OM 15.9% vs 20.4%, OpInc -33% to 14.6m
Top 10 customers 42% of FY revs, no customer >7%
Backlog 94m, 1st month shipments 16m (May, the weakest month), combined -11% y/y to 110m,
Mgmt said May was low point, seeing solid uptick in activity so could still see impact in 1Q21, will revisit dividend policy in Sept.
Mid-Quarter Update – June 24, 2020
Expect 4Q Revs 90-95m, down approx. 14%.
Also expects to reduce dividend to maintain financial flexibility, more details on June 30th.
3Q20 .26 vs .27 -4%, est .26
Mar 11, 2020 P=15.30, TTM EPS=0.95, P/E=16X, FY21 P/E=14X
Revs +0.2%to 121.2m, GM 56% vs 56%, OM 20.7% vs 21.8%, OpInc -5% to 25.1m
US/Canada -14.7% to 69.5m, Int’l +31% to 51.7%
Backlog 93m, 1st month shipments 39m, combined +31% y/y to 132m
Results a touch softer than recent, valuation not expensive in absolute terms but in this environment could be a source of cash 4.7% dividend yield notwithstanding.
2Q20 .28 vs .26 +8% ex fx and stock comp, est .28
Dec 12, 2019, P=17.62, TTM EPS=0.97, P/E=18X, FY21 P/E=16X
Revs +7% to 119.8m, GM 57.9% vs 57.1%, adj OM 23% vs 22%, OpInc +11.8% to 27.5m
US/Canada +14% to 88.6m, Int’l -10% to 31.2m
Top 10 customers 49% vs 57%, no customer >12%
Backlog 97m, 1st month shipments for 3Q 39m, combined 136m, still at high level
Solid results continue.
1Q20 .20 vs .21 ex (.03) from fx and stock comp, est .24
Sept 5, 2019, P=17.92 (before halt), TTM EPS=0.95, P/E=19X, FY20 P/E=17X
Declared special div $0.90 per share (5% of pre-halt price), reported EPS of .17 but incl high stock comp and fx loss
Revs +0.3% y/y to 104.4m, GM 57.2% vs 57.0%, reported OM 16.9% vs 19.6% and OpInc -13% but adjusting for fx and stock comp, OpInc -7.6% and OM 18.6% vs 20.1%
US/Canada -1.5% to 74m, Int’l +5.3% to 29.4m
Top to customers 43% vs 51%, no customer over 6%.
Backlog $103m, 1stmonth shipments for 2Q $50m, combined $153m and a new record level.
While results look soft, backlog strong (matching record levels) and 1stmonth shipments for 2Q very strong and a new record level. Mgmt indicated ~10m in orders in 1stmonth shipments (August) were expected to have been shipped in July, would have contributed ~.05-.06 to EPS. Even looking at combined backlog and 1stmonth shipments ex $10m, still at a new record level.
Mgmt described a growing adoption of Evertz especially large-scale deployments of Evertz IP-based software-defined video networking (SDVN) and virtualized cloud solutions by some of the largest broadcast and new media service provider and enterprise companies in the industry and continued success of their DreamCatcher IP-based replay and production suite.
4Q19 .22 vs .10 +120%, est .19 down from .21
June 20, 2019, P=17.60, TTM EPS=0.96 ex .06 gains, P/E=18X, FY20 P/E= 18X
Revs +15% to 107.2m (est 101), GM 58.5% vs 56.4%, OM 20.4% vs 12.5%
US/Canada +22% to 63.6m, Int’l +7% to 43.7m
FY19 top 10 customers 40%, no customer >13%
Backlog 90m, Shipments 33m, total 123m vs 117m
4Q had a 3-4m rev benefit with no associated cost that should have been recognized in 2Q and 3Q where cost was recognized.
Announced a $13m order from a leading U.S. National Carrier for large scale multi-site IP based SDN infrastructure including EXE core and IPX modular switch fabrics, IP media gateways, SCORPION media processing, compression and control solutions (not in backlog)
Solid results, trends have been solid for a few quarters now, reasonable valuation and solid dividend.
3Q19 .27 vs .19 ex .01 gain, +42%, est .23
Mar 13, 2019, P=16.03, TTM EPS .85, P/E=19X, FY19 P/E=17X
Revs +21.5% to 120.9m (est 108m), GM 56% vs 55.8%, OM 21.8% vs 18.1%, OpInc +47%
US/Canada +17% to 81.5m, Int’l +32% to 39.5m
Backlog ?77m, Shipments 24m, total 101 vs 96, down q/q but still at solid level and up y/y
Solid results again, stock up modestly since last quarter’s beat, I’d expect this would start to ignite the stock, some investors could possibly see weakness in the backlog and 1stmonth shipments however it’s still at a solid level.
Conference call comments to follow.
2Q19 .26 vs .20, +30%, est .23
Dec 5, 2018, P=15.11, TTM EPS=.77, P/E=20X, FY19 P/E=15X
Revs +10.9% to 112.3m, GM 57.1% vs 56%, OM 21.9% vs 19.9%, OpInc +36%
US/Canada +17.5% to 77.5m, Int’l -1.5% to 34.7m but up solidly q/q
Backlog >103m, Shipments 38m, total 141 vs 107m (handily a new record level)
Top 10 customers ~57%, no single customer >18%
Solid results but YTD, EPS +4%, backlog and shipments point to continued solid revenue, with stock trading around 5-year lows, should get a lift but variability of results especially in this environment might cap enthusiasm.
1Q19 .21 vs .25 ex fx g/l, est .24 down from .28
Sept 11, 2019 P=15.97, TTM EPS .72, P/E=22X, FY19 P/E=16X
Revs -5.4% to 103.1m, +10.9% q/q, GM 57% vs 56.1%, OM 19.6% vs 22%, OpInc -15.6%
US/Canada +15% to 75.2m, Int’l -36% to 27.9m, likely due to lumpiness
Backlog>81m, Shipments 41m, total 122 vs 111
Top 10 customers 51%
Improvement over last quarter but still somewhat disappointing although q/q improvement in revenues and backlog/shipments could be encouraging.
Announced completion of a transition of over 300 European channels using Evertz’ advanced playout and Media Asset Management solution running within Amazon Web Services.
4Q18 .10 vs .22, est .21, ex .03 inv w/o, FY18 .77 vs .81
Revs -12.9% to 93m (est 102.5), GM 52.7% vs 56.3%, ~56.4% ex w/o, OM 8.8% vs 19.9%, OpInc -61.5%, GM down due to higher than normal w/o of scrap/demo equipment, ~3.4m
US/Canada -10% to 52.1m, Int’l -16.4% to 48.9m
Backlog>85m, 1stmonth shipments 32m, total 117 vs 129
Top 10 customers 37% of sales, no customer >7.5%
Sizeable miss on revenues and huge miss on EPS
Seeing significant opportunities in the U.S as early opportunities, rev miss due to abnormally large impact from lumpiness resulting in abnormally large q/q increase in backlog/shipments, not seeing a significant change in spending environment, additional 10m of revs at 56% GM would have added another .06 to EPS which would have been disappointing.
3Q18 .19 vs .16 ex gains/losses, est .23
Reported EPS .19 vs .13
Revs +9% to 99.6m (est 103.1), GM 56.2% vs 56.1%, OM 21% vs 18.3%
US/Canada +23%, Int’l -13.1%, Top 10~43%, top customer 7%
Backlog >76m, 1st month shipments 20m, total 96 vs 124
2Q18 .20 vs.24 ex .03 fx gain, est .25
Revs +2% to 101.3m, GM 56.0% vs 57.3%, OM 17.9% vs 22.1%, OpEx 38.1% vs 35.2%
US/Canada +5%, Int’l -5%
Received a 10m order for a state of the art IP facility in the US
Top 10 customers ~57%, top customer 18%
Continues to be solid interest from large deals and software defined networking with >100 deployments
Backlog 69m, 1st month shipments 38m, total 107m vs 111m
Decent results, larger deals making things lumpier and while it is interesting their largest customer in the quarter is higher than usual and didn’t result in stronger than expected performance, underlying trends still solid.
1Q18 .25 vs .18 ex .08 fx loss, est .24
Revs +25% to 109m (a new quarterly record), GM 56.1% vs 57.3%, OM 22% vs 17.9%
US/Canada +25%, Int’l +25%
Backlog 81m, 1st month shipments 30m, total 111 vs 101, Def Revs +4m q/q
4Q 17.22 vs .23 ex .05 fx gain, est .21
Revs +10.8% to 106.7m, GM 56.3% vs 57.1%, OM 19.9% vs 20.8%, OpInc +6% (lower ITCs)
US/Canada +13%, Int’l +8%
Backlog 93m, 1st month shipments 36m, total 129m, Deferred Revs +10m y/y to 28m
3Q17 .16 vs .25 ex fx loss vs gain
Revs -8.7% to 91.1m, GM 56.1% vs 57.1%, OM 18.3% vs 25.7%, OpInc -35%
US/Canada +6%, Int’l -26%,
Backlog>103m, 1st month shipments 21m, total 124m which is a new recor