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Mitel Networks Corp (MITL) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Mitel Networks Corp

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CIK: 1170534 Ticker: MITL

Exhibit 99.1

 

LOGO   Media Release

OTTAWA, February 22, 2018

Mitel Reports Fourth Quarter Results

Revenues exceed consensus estimates

Synergy opportunity of $75M in annual run rate spend now expected

Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in business communications, today announced financial results for the fourth quarter ended December 31, 2017.

“Our strong fourth quarter performance driven by ongoing customer adoption of Mitel cloud solutions combined with continued solid revenue from our on-site business enabled us to exceed consensus estimates with revenue of $356 million,” said Rich McBee, Mitel Chief Executive Officer. “In line with our move to the cloud strategy, we ended the year with an installed UCaaS subscriber base in excess of 1.1 million seats, and with UCaaS revenue up 158% from a year ago. MiCloud seats installed via service providers in Europe also crossed the 1 million seat mark, a positive market indicator that our move to the cloud strategy is now gaining traction and speed in Europe as cloud momentum builds globally.”

Commenting on the integration of ShoreTel, Mr. McBee said, “In the first full quarter since completing the ShoreTel acquisition we moved quickly and efficiently to integrate the key value drivers for the deal including integration of the portfolios, sale and service teams, and R&D organizations and roadmaps. With the heavy lifting on integration well-advanced, we are now expecting a synergy opportunity of $75M in annual run rate spend to be achieved over two years. With this new synergy target we see opportunity to deliver additional shareholder value from the combination.”

As Reported Financial Highlights from Continuing Operations

 

in millions

(except per share data)

    Q4 2017      Q4 2016  
      Historical
Currency		      Constant
Currency1		  

GAAP Revenues

    $ 355.9      $ 259.8      $ 271.3  

Non-GAAP Revenues2

    $ 357.4      $ 259.8      $ 271.3  

GAAP Net Income (Loss)

    ($ 1.7 )     $ 13.9      $ 16.6  

Non-GAAP Net Income3

    $ 33.1      $ 27.3      $ 30.0  

GAAP EPS – basic

    ($ 0.01 )     $ 0.11      $ 0.14  

Non-GAAP EPS4

    $ 0.27      $ 0.22      $ 0.24  

Adjusted EBITDA5

    $ 60.4      $ 42.7      $ 45.4  

 

1 – Constant currency is a non-GAAP measure that adjusts Q4-2016 results by using the same foreign currency exchange rates as in Q4-2017. See “Non-GAAP Financial Measurements” below.
2 – Non-GAAP revenues is a non-GAAP measure that excludes 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 Measurements” below.

The following information was filed by Mitel Networks Corp (MITL) on Thursday, February 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mitel Networks Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Accounting Policies
Accounting Policies (policies)
Accounting Policies - Additional Information (detail)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (detail)
Accounts Payable And Accrued Liabilities (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Activity Of Allowance For Credit Losses On Sales-type Leases (detail)
Additional Information To Unvested Stock Option Activity (detail)
Additional Information With Respect To Rsu Activity (detail)
Aggregate Accumulated Benefit Obligation (detail)
Aging Analysis Of Financing Receivables (detail)
Assumptions Used In Black-scholes Option-pricing Model (detail)
Assumptions Used To Determine Net Present Value Of Projected Pension Obligation (detail)
Assumptions Used To Determine Periodic Pension Expense (detail)
Background And Nature Of Operations
Basic And Diluted Weighted Average Common Shares Outstanding As Required For Earnings Per Share Calculations (detail)
Carrying Value Of Warrants Outstanding (detail)
Carrying Value Of Warrants Outstanding (parenthetical) (detail)
Change In Aggregate Projected Benefit Obligation And Plan Assets (detail)
Commitments And Guarantees
Commitments And Guarantees (tables)
Commitments And Guarantees - Additional Information (detail)
Common Shares
Common Shares (tables)
Common Shares - Additional Information (detail)
Contingencies
Details Of Income Taxes (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Enterprise Product And Service, And Cloud Recurring Revenues And Gross Margin For Company's Operating Segment (detail)
Fair Value Measurements
Fair Value Measurements - Additional Information (detail)
Fair Value Of Pension Plan Asset Category (detail)
Foreign Currency, Credit And Interest Rate Risk
Foreign Currency, Credit And Interest Rate Risk - Additional Information (detail)
Future Minimum Operating Lease Payment, Primarily Consisting Of Base Rent For Facilities (detail)
Goodwill
Goodwill (detail)
Goodwill (tables)
Goodwill Information By Segment (detail)
Identifiable Intangible Assets
Identifiable Intangible Assets (detail)
Identifiable Intangible Assets (tables)
Identifiable Intangible Assets - Additional Information (detail)
Income From Termination Fee Received
Income From Termination Fee Received - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Inventories
Inventories (detail)
Inventories (parenthetical) (detail)
Inventories (tables)
Long Term Debt (detail)
Long Term Debt (parenthetical) (detail)
Long-term Debt
Long-term Debt (tables)
Long-term Debt - Additional Information (detail)
Maximum Leverage Ratio Under Term Loan Agreement (detail)
Net Investment In Sales-type Leases
Net Investment In Sales-type Leases (tables)
Net Investment In Sales-type Leases - Additional Information (detail)
Net Periodic Benefit Cost (detail)
Other Current Assets
Other Current Assets (detail)
Other Current Assets (tables)
Other Income, Net
Other Income, Net - Additional Information (detail)
Pension Plans
Pension Plans (tables)
Pension Plans - Additional Information (detail)
Preferred Shares
Preferred Shares - Additional Information (detail)
Projected Benefit Obligation And Plan Assets, By Defined Benefit Plan (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Purchase And Allocation Of Purchase Price (detail)
Purchase And Allocation Of Purchase Price (parenthetical) (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (detail)
Quarterly Financial Data (unaudited) (tables)
Reconciliation Of Activity Related To Unrecognized Tax Benefits Which Are Included In Other Non-current Liabilities (detail)
Reconciliation Of Activity Related To Unrecognized Tax Benefits Which Are Included In Other Non-current Liabilities (parenthetical) (detail)
Reconciliation Of Differences Between Reported Income Tax And Amount Computed By Applying Canadian Rates (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Rental Expense For Operating Leases (detail)
Revenues From External Customers By Geography (detail)
Sales-type Leases (detail)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (detail)
Schedule Of Assets And Liabilities Held For Sale (detail)
Schedule Of Maximum Leverage Ratio And Actual Leverage Ratio (detail)
Schedule Of Summarized Results Of Operations (detail)
Securities Excluded From Computation Of Diluted Earnings Per Share (detail)
Segment Information
Segment Information (tables)
Segment Information - Additional Information (detail)
Special Charges And Restructuring Costs
Special Charges And Restructuring Costs (tables)
Special Charges And Restructuring Costs - Additional Information (detail)
Stock Option Activity (detail)
Stock Option Activity (parenthetical) (detail)
Stock Options Outstanding And Exercisable (detail)
Stock Options Outstanding And Exercisable (parenthetical) (detail)
Summary Of Change In Provision For Special Charges And Restructuring Costs (detail)
Summary Of Consolidated Total Net Leverage Ratio (detail)
Summary Of Consolidated Total Net Leverage Ratio (parenthetical) (detail)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (detail)
Supplementary Cash Flow Information (tables)
Target Allocation And Actual Pension Plan Assets Allocation (detail)
Target Allocation And Actual Pension Plan Assets Allocation (parenthetical) (detail)
Tax Effect Of Components Of Deferred Tax Assets And Liabilities (detail)
Tax Loss Carry Forwards And Tax Credits (detail)
Total Pension Benefits Expected To Be Paid In Future Years (detail)
Unaudited Proforma Financial Information (detail)
Warrants
Warrants (tables)
Warranty Liability (detail)
Weighted Average Common Shares Outstanding
Weighted Average Common Shares Outstanding (tables)
Weighted Average Common Shares Outstanding - Additional Information (detail)
Ticker: MITL
CIK: 1170534
Form Type: 10-K Annual Report
Accession Number: 0001193125-18-061717
Submitted to the SEC: Tue Feb 27 2018 9:21:37 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Radio And Tv Broadcasting And Communications Equipment

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