"During the quarter, Mitel experienced a distinct acceleration by its customers into hosted cloud solutions and services. That shift manifested itself in a record level of cloud bookings for the company," said
In commenting about the agreement to acquire ShoreTel announced earlier today,
Financial Highlights from Continuing Operations
in millions (except per share data) | Q2 2017 | Q2 2016 | |||||||
Historical Currency | Constant Currency1 | ||||||||
GAAP Revenues | $ | 238.6 | $ | 260.3 | $ | 254.6 | |||
GAAP Net Loss | ($ | 0.1 | ) | ($ | 0.9 | ) | ($ | 2.2 | ) |
Non-GAAP Net Income2 | $ | 16.9 | $ | 22.2 | $ | 20.9 | |||
GAAP EPS - basic | $ | 0.00 | ($ | 0.01 | ) | ($ | 0.02 | ) | |
Non-GAAP EPS3 | $ | 0.13 | $ | 0.18 | $ | 0.17 | |||
Adjusted EBITDA4 | $ | 29.0 | $ | 36.9 | $ | 35.6 |
1 - Constant currency is a non-GAAP measure that adjusts Q2-2016 results by using the same foreign currency exchange rates as in Q2-2017. See "Non-GAAP Financial Measurements" below.
2 - Non-GAAP Net Income is a non-GAAP measure defined as Net Income (Loss), adjusted for items as noted in the table included in this press release under "Reconciliation of Net Loss to Non-GAAP Net Income (Loss)". See "Non-GAAP Financial Measurements" below.
3 - Non-GAAP EPS (earnings per share), or Non-GAAP net income per common share, is a non-GAAP measure defined as Non-GAAP Net Income divided by weighted average number of common shares outstanding, fully diluted. See the table included in this press release under "Reconciliation of Net Loss to Non-GAAP Net Income (Loss)." See "Non-GAAP Financial Measurements" below.
4 - Adjusted EBITDA is a non-GAAP measure defined as Net Income (Loss), adjusted for items as noted in the table included in this press release under "Reconciliation of Net Loss to Adjusted EBITDA". See "Non-GAAP Financial Measurements" below.
"Cost reduction actions initiated during the June quarter are on-track, enabling our company to enhance profitability," commented
Business Highlights
Business Outlook
Mitel has set the following financial performance guidance for Continuing Operations for the quarter ending
Q3-2017 Guidance | ||||
GAAP Revenues | ||||
GAAP Gross Margin % | 53.0% to 55.0% | |||
Adjusted EBITDA % | 12.0% to 17.0% | |||
Non-GAAP Net Income | 7.0% to 11.0% | |||
Diluted Share count | 122,500,000 |
A reconciliation between the Business Outlook for Q3-2017 on a GAAP and non-GAAP basis is provided in the table entitled "Reconciliation of Guidance-Non-GAAP Net Income and Adjusted EBITDA to GAAP Net Income (Loss), before income taxes" located in the tables at the end of this release.
Conference Call Information
Mitel will host an investor conference call and live webcast on
Non-GAAP Financial Measurements
This press release includes references to non-GAAP financial measures including Adjusted EBITDA, non-GAAP net income, non-GAAP EPS (earnings per share) or non-GAAP net income per common share and Constant Currency. 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 and other 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
Important Information
The tender offer for the outstanding shares of ShoreTel common stock to be conducted in connection with the proposed acquisition referenced in this communication has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of ShoreTel common stock, nor is it a substitute for the tender offer materials that Mitel and its acquisition subsidiary will file with the
Forward Looking Statements
Some of the statements in this communication are forward-looking statements (or forward-looking information) within the meaning of applicable
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