Mitel®
"This was an outstanding quarter for Mitel, with non-GAAP revenues and EPS exceeding analyst estimates and with the strategic investments we've made in mobile and cloud each returning approximately 30% year-over-year revenue growth. As the intersection of cloud and mobile continues to drive market convergence and the emergence of the mobile enterprise, Mitel is uniquely positioned to deliver further growth and build on our global market leadership," said
Financial Highlights
In US Millions | Q3'15 | Q3'14 Proforma | Q3'14 proforma | Q3'14 Reported |
(except per share data) | constant currency 1 | historical currency | ||
Non-GAAP Revenues | $ 293.7 | $ 283.2 | $ 308.1 | $ 274.0 |
Non-GAAP Net Income | $ 15.2 | $ 11.3 | $ 17.0 | $ 19.0 |
Non-GAAP EPS | $ 0.12 | $ 0.09 | $ 0.14 | $ 0.18 |
Adjusted EBITDA | $ 34.9 | $ 27.7 | $ 33.4 | $ 34.6 |
1 - Constant currency in Q3-2014 assumes the same foreign currency exchange rates as in Q3-2015
As Reported
"Our team is performing well, driving continued synergy realization and prudent operating discipline, to improve our key operating metrics despite ongoing currency headwinds, which impacted total revenues by approximately
Segment Highlights
Mobile - Non-GAAP revenues grew 31% year-over-year in line with management's strategic plan for profitable growth in this segment. Top line growth was supported by ongoing integration activities and increased focus on strengthening operating metrics and financial management. Total footprint wins now stand at 31 with the addition of three new wins booked during the September quarter, up 82% from the Mavenir installed customer base of 17 when Mitel acquired the company in
Cloud - In the third quarter, Mitel's cloud revenue grew 32% from the year ago period and the company installed 152,000 new cloud seats, including 40,000 recurring cloud seats. Year-over-year, Mitel's total cloud seats installed were up 70% while recurring cloud seats increased 51%. According to
More detailed Cloud Operational Metrics are included with the financial tables at the end of this release.
Premise - Mitel's premise business was again recognized by Gartner as a leader in our industry, most recently in the Magic Quadrant for Corporate Telephony. Revenue performance for the quarter was strong despite the impact of significant foreign currency headwinds versus prior year and the company continues to gain share in the markets it serves.
Business Outlook
Mitel has set the following financial performance guidance for the fourth quarter ending
Q4-2015 Guidance | |
Non-GAAP Revenues | |
Non-GAAP Gross Margin % | 53% to 55% |
Adjusted EBITDA % | 14% to 17% |
Non-GAAP EPS |
Conference Call Information
Mitel will host an investor conference call and live webcast today at
Investor Analyst Day in
Mitel will host a meeting for analysts and institutional investors at the
Senior members of Mitel's management team will host a series of presentations and be available to answer analyst and investor questions. The event will begin at
Analysts and institutional investors interested in attending should please contact
Additional Investor Information
Commencing this quarter and to better communicate reported financial results, the company has posted a set of supplemental slides to the investor relations section of mitel.com.
Non-GAAP Financial Measurements
This press release includes references to non-GAAP financial measures including Adjusted EBITDA, non-GAAP net income, non-GAAP operating expenses, 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 U.S. GAAP measure attached to this release.
Mitel completed the acquisition of
A global market leader in business communications powering more than two billion business connections, Mitel helps businesses and service providers connect, collaborate and provide innovative services to their customers. Our innovation and communications experts serve business users in more than 100 countries. For more information, go to www.mitel.com and follow us on Twitter @Mitel.
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Mitel Public Relations
Email: [email protected]