- GAAP Revenues of
- GAAP Gross Margins increased 50 basis points year-over-year to 53.0%
"In Q3 the Mitel team delivered a solid performance reporting GAAP EPS of
(except per share data)
|Q3 2016||Q3 2015|
|GAAP Net Income (Loss)||$||25.1||$||(8.1||)||$||(9.2||)|
(except per share data)
|Q3 2016||Q3 2015|
|Non-GAAP Net Income3||$||15.0||$||15.2||$||14.1|
1 - Constant currency estimates for Q3-2015 assumes the same foreign currency exchange rates as in Q3-2016.
2 - Revenues exclude the effect of purchase price accounting adjustments. For a Reconciliation of Non-GAAP revenues to GAAP revenues, please refer to the segmented information in this release. See "Non-GAAP Financial Measures" below.
3 - For a Reconciliation of Non-GAAP Net Income to Net Income (Loss), please refer to the tables at the end of this release. See "Non-GAAP Financial Measurements" below.
4 - Adjusted EBITDA is defined as Net Income (Loss), adjusted for items as noted in the table included in this press release "Reconciliation of Net Income (Loss) to Adjusted EBITDA". See "Non-GAAP Financial Measurements" below.
- Significant new contract award for 60,000 private cloud users from a major German automobile manufacturer. Deployment is scheduled to begin in the fourth quarter of this year.
- Introduced the new Mitel 6900 series sets with high resolution touch screen display designed for seamless smartphone and desk phone integration, featuring bluetooth sync for automatic handoff from smartphone to desk phone, shared access to contacts across devices and WiFi connectivity.
- Recurring cloud seats grew by 43,000 during the quarter, up from 31,000 seats added during Q2-2016, and now stand at 494,000 seats.
Bouygues Telecom, a leading enterprise carrier in France, chose Mitel UCaaS solutions to market to their more than two million professional and corporate users.
- A major European government customer chose to migrate 40,000 seats through a
Mitel Cloudenabled service provider.
- Received the Frost & Sullivan Competitive Strategy Innovation and Leadership Award for cloud services in
North Americaand Europe.
- Solid year-over-year gross margin improvement of 300 bps.
- A large Tier 1 wireless carrier in
North Americahas selected Mitel to supply and deploy their Network Functions Virtualization (NFV)-based Converged IP Messaging (CPM) solution, which empowers 2G, 3G and LTE operators to transform their messaging core and deliver messaging over an IP network.
Mitel has set the following financial performance guidance for the quarter ending
|GAAP Gross Margin %||54.5% to 56.5%|
|Adjusted EBITDA %||15.0% to 18.0%|
|Non-GAAP Net Income||8.0% to 11.0%|
|Diluted Share count||126,000,000|
A reconciliation between the Business Outlook for Q4-2016 on a GAAP and non-GAAP basis is provided in the table entitled "GAAP and non-GAAP Business Outlook for Q4-2016" located in the tables at the end of this release.
Conference Call Information
Mitel will host an investor conference call and live webcast today at
Non-GAAP Financial Measurements
This press release includes references to non-GAAP financial measures including Adjusted EBITDA, non-GAAP net income, non-GAAP EPS (earning per share), non-GAAP revenues and non-GAAP gross margin. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. We use these non-GAAP financial measures to assist management and investors in understanding our past financial performance and prospects for the future, including changes in our operating results, trends and marketplace performance, exclusive of unusual events or factors which do not directly affect what we consider to be our core operating performance. Non-GAAP measures are among the primary indicators management uses as a basis for our planning and forecasting of future periods. Investors are cautioned that non-GAAP financial measures should not be relied upon as a substitute for financial measures prepared in accordance with generally accepted accounting principles. Please see the reconciliation of non-GAAP financial measures to the most directly comparable
Mitel completed the acquisition of
Forward Looking Statements
Some of the statements in this communication are forward-looking statements (or forward-looking information) within the meaning of applicable
A global market leader in enterprise and mobile communications powering more than 2 billion business connections and 2 billion mobile subscribers every day, Mitel (Nasdaq:MITL) (TSX:MNW) helps businesses and mobile carriers connect, collaborate and provide innovative services to their customers. Our innovation and communications experts serve more than 60 million business users in more than 100 countries, and 130 mobile service providers including 15 of the top 20 mobile carriers in the world. That makes us unique, and the only company able to provide a bridge between enterprise and mobile customers. For more information, go to www.mitel.com and follow us on Twitter @Mitel.
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