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Mitel Networks Corp (MITL) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Mitel Networks Corp

CIK: 1170534 Ticker: MITL

Exhibit 99.1

 

LOGO       Media Release

OTTAWA, May 2, 2018

Mitel Reports First Quarter Results

Mitel® (Nasdaq:MITL) (TSX:MNW), a global leader in business communications, today announced financial results for the first quarter ended March 31, 2018.

Financial Highlights from Continuing Operations

 

in millions

(except per share data)

   Q1 2018     Q1 2017 – As Reported     Q1 2017 – Pro Forma1  
     Historical
Currency
    Constant
Currency
2
    Historical
Currency
    Constant
Currency
2
 

GAAP Revenues

   $ 313.8     $ 223.1     $ 237.7     $ 310.2     $ 324.8  

Non-GAAP Revenues3

   $ 315.3     $ 223.1     $ 237.7     $ 310.8     $ 325.4  

GAAP Net Income (Loss)

   ($ 21.0   ($ 19.7   ($ 16.0   ($ 45.3   ($ 41.6

Non-GAAP Net Income4

   $ 18.5     $ 10.9     $ 14.6     $ 7.4     $ 11.1  

GAAP EPS – basic

   ($ 0.17   ($ 0.16   ($ 0.13   ($ 0.37   ($ 0.34

Non-GAAP EPS5

   $ 0.15     $ 0.09     $ 0.12       N/A       N/A  

Adjusted EBITDA6

   $ 40.7     $ 21.0     $ 24.7     $ 25.3     $ 29.0  

 

1 – 2017 pro forma results assume Mitel and ShoreTel had combined on January 1, 2017. The pro forma results are not necessarily indicative of results that actually would have occurred had the combination occurred on such date.
2 – Constant currency is a non-GAAP measure that adjusts Q1-2017 results by using the same foreign currency exchange rates as in Q1-2018. See “Non-GAAP Financial Measurements” below.
3 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.
4 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 Income (Loss) to Non-GAAP Net Income (Loss)”. See “Non-GAAP Financial Measurements” below.
5 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 Income (Loss) to Non-GAAP Net Income (Loss).” See “Non-GAAP Financial Measurements” below.
6 – 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 Income (Loss) to Adjusted EBITDA”. See “Non-GAAP Financial Measurements” below.

The Company reported that On-Site Products and Services revenues were down 8% in constant currency during the March 2018 quarter and are contracting faster than previously expected. Pro forma overall revenues in constant currency declined 3% versus the prior year quarter.

The Company reported Cloud Recurring revenues that were largely in-line with management’s expectations, but noted that Cloud Recurring bookings declined compared to the prior year quarter.

Favorable foreign exchange rates were a significant contributor to Q1 revenue and earnings, but were partially offset by accelerating market decline for On-Site Products and Services combined with slower than expected integration progress in the Company’s combined UCaaS business.


The following information was filed by Mitel Networks Corp (MITL) on Wednesday, May 2, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly 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 Operations
Consolidated Statements Of Shareholders' Equity
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (detail)
Accounts Payable And Accrued Liabilities (tables)
Acquisitions
Acquisitions (tables)
Acquisitions - Additional Information (detail)
Aging Analysis Of Financing Receivables (detail)
Amount Of Gross Sales-type Leases Individually And Collectively Evaluated For Impairment (detail)
Basic And Diluted Weighted Average Common Shares Outstanding As Required For Earnings Per Share Calculations (detail)
Basis Of Presentation
Carrying Value Of Warrants Outstanding (detail)
Carrying Value Of Warrants Outstanding (parenthetical) (detail)
Commitments, Guarantees And Contingencies
Commitments, Guarantees And Contingencies - Additional Information (detail)
Discontinued Operations And Assets Held For Sale
Discontinued Operations And Assets Held For Sale (tables)
Discontinued Operations And Assets Held For Sale - Additional Information (detail)
Hedging Activities
Hedging Activities - Additional Information (detail)
Identifiable Intangible Assets
Identifiable Intangible Assets (detail)
Identifiable Intangible Assets (tables)
Income Tax
Income Taxes - Additional Information (detail)
Inventories
Inventories (detail)
Inventories (parenthetical) (detail)
Inventories (tables)
Long-term Debt
Long-term Debt (detail)
Long-term Debt (parenthetical) (detail)
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 (parenthetical) (detail)
Other Current Assets (tables)
Pension Plans
Pension Plans (tables)
Pension Plans - Additional Information (detail)
Product, Service And Cloud Recurring Revenues And Gross Margin For Company's Operating Segment (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Restructuring, Integration And Acquisition-related Costs
Restructuring, Integration And Acquisition-related Costs (tables)
Restructuring, Integration And Acquisition-related Costs - Additional Information (detail)
Revenues From External Customers By Geography (detail)
Sales-type Leases (detail)
Schedule Of Assets And Liabilities Held For Sale (detail)
Schedule Of Maximum Leverage Ratio And Actual Leverage Ratio (detail)
Securities Excluded From Computation Of Diluted Earnings Per Share (detail)
Segment Information
Segment Information (tables)
Share Capital
Share Capital (tables)
Share Capital - Additional Information (detail)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies - Additional Information (detail)
Stock Option Activity (detail)
Stock Option Activity (parenthetical) (detail)
Subsequent Event
Subsequent Event - Additional Information (detail)
Summary Of Change In Provision For Special Charges And Restructuring Costs (detail)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (detail)
Supplementary Cash Flow Information (tables)
Supplementary Cash Flow Information - Additional Information (detail)
Unaudited Proforma Financial Information (detail)
Warrants
Warrants (tables)
Weighted Average Common Shares Outstanding
Weighted Average Common Shares Outstanding (tables)
Weighted Average Common Shares Outstanding - Additional Information (detail)

Material Contracts, Statements, Certifications & more

Mitel Networks Corp provided additional information to their SEC Filing as exhibits

Ticker: MITL
CIK: 1170534
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-18-150823
Submitted to the SEC: Thu May 03 2018 4:17:02 PM EST
Accepted by the SEC: Thu May 03 2018
Period: Saturday, March 31, 2018
Industry: Radio And Tv Broadcasting And Communications Equipment

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