EX-99.1 2 a2015q2pressrelease.htm EXHIBIT 99.1 2015 Q2 Press Release




Sierra Wireless Reports Second Quarter 2015 Results

Q2 2015 revenue of $158 million; 17% year-over-year growth

•
Record revenue of $158.0 million, an increase of 17.0% compared to Q2 2014
•
Non-GAAP earnings from operations of $10.7 million compared to $3.7 million in Q2 2014
•
Adjusted EBITDA of $13.1 million compared to $6.8 million in Q2 2014
•
Non-GAAP diluted EPS of $0.26 compared to $0.08 in Q2 2014


VANCOUVER, BRITISH COLUMBIA - August 6, 2015 - Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter, ending June 30, 2015. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.

“We delivered strong year-over-year growth in both revenue and profitability in the second quarter of 2015,” said Jason Cohenour, President and Chief Executive Officer. “During the quarter, we also strengthened our market leading position in device-to-cloud solutions for the Internet of Things with the purchase of Accel Networks and the announced acquisition of MobiquiThings.  We remain focused on profitable organic growth and strategic acquisitions that enhance our market position and business model.”

Revenue for the second quarter of 2015 was $158.0 million, an increase of 17.0% compared to $135.0 million in the second quarter of 2014. Revenue from OEM Solutions was $138.2 million in the second quarter of 2015, up 18.5% compared to $116.6 million in the second quarter of 2014. Revenue from Enterprise Solutions was $19.8 million in the second quarter of 2015, up 7.6% compared to $18.4 million in the second quarter of 2014.

GAAP RESULTS
•
Gross margin was $50.9 million, or 32.3% of revenue, in the second quarter of 2015, compared to $43.3 million, or 32.1% of revenue, in the second quarter of 2014.
•
Operating expenses were $46.8 million and earnings from operations were $4.1 million in the second quarter of 2015, compared to operating expenses of $49.6 million and a loss from operations of $6.3 million in the second quarter of 2014.
•
Net earnings were $4.1 million, or $0.12 per diluted share, in the second quarter of 2015, compared to a net loss of $8.2 million, or $0.26 per diluted share, in the second quarter of 2014.



NON-GAAP RESULTS
•
Gross margin was 32.4% in the second quarter of 2015, compared to 32.2% in the second quarter of 2014.
•
Operating expenses were $40.4 million and earnings from operations were $10.7 million in the second quarter of 2015, compared to operating expenses of $39.8 million and earnings from operations of $3.7 million in the second quarter of 2014.
•
Net earnings were $8.6 million, or $0.26 per diluted share, in the second quarter of 2015, compared to net earnings of $2.6 million, or $0.08 per diluted share, in the second quarter of 2014. The non-GAAP tax rate in the second quarter of 2015 was 19.6%.
•
Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") were $13.1 million in the second quarter of 2015, compared to $6.8 million in the second quarter of 2014.

Cash and cash equivalents at the end of the second quarter of 2015 were $96.5 million, representing a decrease of $3.1 million, compared to the end of the first quarter of 2015. The decrease was primarily due to the payment of $9.3 million for the purchase of Accel Networks LLC, and capital expenditures, partially offset by cash generated from operations in the quarter.

We disclose non-GAAP financial measures as we believe they provide useful information on actual operating results and assist in comparisons from one period to another. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies.

Non-GAAP results exclude the impact of stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, acquisition amortization, impairment, foreign exchange gains or losses on translation of balance sheet accounts, and certain tax adjustments.

Adjusted EBITDA as defined equates to earnings (loss) from operations plus stock-based compensation expense and related social taxes, acquisition costs, restructuring costs, integration costs, impairment, and amortization. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules.

Financial Guidance
In the third quarter of 2015, we expect revenue and gross margin percentage to be similar to the second quarter of 2015 and operating expenses to increase slightly compared to the second quarter of 2015. This guidance does not include any contribution from the announced acquisition of MobiquiThings. This results in the following non-GAAP guidance for the third quarter of 2015:
Q3 2015 Guidance
Consolidated
Non-GAAP
 
 
Revenue
$157.0 to $160.0 million
Earnings from operations
$9.5 to $11.0 million
Net earnings
$7.5 to $9.0 million
Earnings per share
$0.23 to $0.27 per share



This non-GAAP guidance for the third quarter of 2015 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions.

Conference call and webcast details
Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, August 6, 2015, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below.
To participate in this conference call, please dial the following number approximately ten minutes prior to the start of the call:
•
Toll-free (Canada and US): 1-877-201-0168
•
Alternate number: 1-647-788-4901
•
Conference ID: 54272804

To access the webcast, please follow the link below:
Sierra Wireless Q2 Conference Call and Webcast
The webcast will remain available at the above link for one year following the call.
To access a full copy of our Q2 2015 earnings release, please follow the link below:
http://www.sierrawireless.com/AboutUs/investorinformation.aspx
Media Contact:
Investor Contact:
Sharlene Myers
David Climie
Manager, Global Public Relations
Vice President, Investor Relations
+1 (604) 232-1445
+1 (604) 231-1137
smyers@sierrawireless.com
dclimie@sierrawireless.com
 
 
 
David G. McLennan
 
Chief Financial Officer
 
+1 (604) 231-1181
 
investor@sierrawireless.com



Cautionary Note Regarding Forward-Looking Statements
Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the third quarter of 2015 and our fiscal year 2015, our business outlook for the short and longer term and statements regarding our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We do not intend to update or revise our forward-looking statements unless we are required to do so by securities laws.
Forward-looking statements:
•
Typically include words and phrases about the future such as “outlook”, “will”, “may", “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”.

•
Are not promises or guarantees of future performance. They represent our current views and may change significantly.

•
Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
•
our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
•
our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
•
expected cost of goods sold;
•
expected component supply constraints;
•
our ability to "win" new business;
•
our ability to integrate acquired businesses and realize expected benefits;
•
expected deployment of next generation networks by wireless network operators;
•
our operations not being adversely disrupted by component shortages or other development, operating or regulatory risks; and
•
expected tax rates and foreign exchange rates.

•
Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada:
•
competition from new or established service providers or from those with greater resources;
•
higher than anticipated costs; disruption of, and demands on, our ongoing business; and diversion of management’s time and attention in connection with acquisitions or divestitures;
•
we may experience difficulty responding to changing technology, industry standards and customer requirements;
•
the loss of any of our significant customers;
•
cyber-attacks or other breaches of our information technology security;
•
our reliance on single source suppliers for certain components used in our products;
•
failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects or other quality issues;
•
we may be found to infringe on intellectual property rights of others;



•
we may be unable to enforce our intellectual property rights;
•
our ability to attract or retain key personnel;
•
risks related to contractual disputes with counterparties;
•
our financial results are subject to fluctuation;
•
difficult or uncertain global economic conditions;
•
unanticipated costs associated with litigation or settlements;
•
our dependence on a limited number of third party manufacturers;
•
our dependence on wireless network carriers to promote and offer acceptable wireless data services;
•
we are subject to governmental regulation;
•
the transmission, use and disclosure of user data and personal information could give rise to liability or additional costs;
•
we may not be able to obtain necessary rights to use software or components supplied by third parties; and
•
we have operations outside of North America and therefore are subject to risks inherent in foreign jurisdictions.


About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is building the Internet of Things with intelligent wireless solutions that empower organizations to innovate in the connected world. We offer the industry’s most comprehensive portfolio of 2G, 3G and 4G embedded modules and gateways, seamlessly integrated with our secure cloud and connectivity services. OEMs and enterprises worldwide trust our innovative solutions to get their connected products and services to market faster. Sierra Wireless has more than 1000 employees globally and operates R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.

"AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.




SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE EARNINGS (LOSS)
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2015

 
2014

 
2015

 
2014

Revenue
$
157,965

 
$
135,012

 
$
308,371

 
$
256,175

Cost of goods sold
107,018

 
91,691

 
208,588

 
174,257

Gross margin
50,947

 
43,321

 
99,783

 
81,918

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Sales and marketing
12,828

 
12,795

 
25,973

 
25,161

Research and development
18,402

 
20,021

 
37,494

 
40,038

Administration
11,092

 
9,680

 
21,512

 
19,013

Restructuring
711

 
987

 
711

 
987

Acquisition and integration
1,015

 
71

 
2,118

 
1,041

Impairment
—

 
3,756

 
—

 
3,756

Amortization
2,787

 
2,275

 
5,389

 
4,858

 
46,835

 
49,585

 
93,197

 
94,854

Earnings (loss) from operations
4,112

 
(6,264
)
 
6,586

 
(12,936
)
Foreign exchange gain (loss)
1,550

 
(891
)
 
(10,343
)
 
(499
)
Other income
13

 
265

 
118

 
291

Earnings (loss) before income taxes
5,675

 
(6,890
)
 
(3,639
)
 
(13,144
)
Income tax expense (recovery)
1,599

 
1,353

 
1,938

 
(896
)
Net earnings (loss)
$
4,076

 
$
(8,243
)
 
$
(5,577
)
 
$
(12,248
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of taxes of $nil
4,568

 
(64
)
 
1,050

 
(44
)
Comprehensive earnings (loss)
$
8,644

 
$
(8,307
)
 
$
(4,527
)
 
$
(12,292
)
Net earnings (loss) per share (in dollars)
 
 
 
 
 
 
 
Basic
$
0.13

 
$
(0.26
)
 
$
(0.17
)
 
$
(0.39
)
Diluted
0.12

 
(0.26
)
 
(0.17
)
 
(0.39
)
Weighted average number of shares outstanding (in thousands)
 
 
 
 
 
 
 
Basic
32,166

 
31,466

 
32,075

 
31,351

Diluted
32,915

 
31,466

 
32,075

 
31,351






SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
 
June 30, 2015

 
December 31, 2014

Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
96,474

 
$
207,062

Accounts receivable, net of allowance for doubtful accounts of $2,597 (December 31, 2014 - $2,275)
128,675

 
106,799

Inventories
26,217

 
17,445

Deferred income taxes
4,776

 
4,779

Prepaids and other
11,518

 
7,826

 
267,660

 
343,911

Property and equipment
23,862

 
20,717

Intangible assets
85,489

 
37,893

Goodwill
147,998

 
103,966

Deferred income taxes
3,560

 
3,898

Other assets
8,755

 
4,979

 
$
537,324

 
$
515,364

 
 
 
 
Liabilities
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
132,770

 
$
128,196

Deferred revenue and credits
4,083

 
3,245

 
136,853

 
131,441

Long-term obligations
36,655

 
26,608

Deferred income taxes
6,489

 
453

 
179,997

 
158,502

Equity
 
 
 
Shareholders’ equity
 
 
 
Common stock: no par value; unlimited shares authorized; issued and
outstanding: 32,204,908 shares (December 31, 2014 - 31,868,541 shares)
344,708

 
339,640

Preferred stock: no par value; unlimited shares authorized;
issued and outstanding: nil shares
—

 
—

Treasury stock: at cost: 1,696 shares (December 31, 2014 – 342,645 shares)
(61
)
 
(6,236
)
Additional paid-in capital
20,658

 
26,909

Retained earnings (deficit)
(3,063
)
 
2,514

Accumulated other comprehensive loss
(4,915
)
 
(5,965
)
 
357,327

 
356,862

 
$
537,324

 
$
515,364






SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)
 
Three months ended
June 30,
 
Six months ended
June 30,
 
2015

 
2014

 
2015

 
2014

Cash flows provided by (used in):
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
 
Net earnings (loss)
$
4,076

 
$
(8,243
)
 
$
(5,577
)
 
$
(12,248
)
Items not requiring (providing) cash
 
 
 
 
 
 
 
Amortization
4,452

 
5,937

 
9,583

 
12,420

Stock-based compensation
2,437

 
2,326

 
4,734

 
4,577

Deferred income taxes
—

 
(1
)
 
—

 
2,965

Loss on disposal of property and equipment
76

 
36

 
77

 
22

Impairment
—

 
3,756

 
—

 
3,756

Unrealized foreign exchange loss
—

 
585

 
6,219

 
599

Other
(15
)
 
(255
)
 
(45
)
 
(255
)
Changes in non-cash working capital
 
 
 
 
 
 
 
Accounts receivable
1,432

 
(3,069
)
 
(20,845
)
 
(2,209
)
Inventories
(6,642
)
 
(1,298
)
 
(9,236
)
 
(1,159
)
Prepaid expenses and other
(8,829
)
 
3,349

 
(7,188
)
 
8,447

Accounts payable and accrued liabilities
15,526

 
9,176

 
12,383

 
(8,062
)
Deferred revenue and credits
425

 
(434
)
 
883

 
(382
)
Cash flows provided by (used in) operating activities
12,938

 
11,865

 
(9,012
)
 
8,471

Investing activities
 
 
 
 
 
 
 
Additions to property and equipment
(3,906
)
 
(2,212
)
 
(5,817
)
 
(3,642
)
Proceeds from sale of property and equipment
—

 
—

 
—

 
37

Increase in intangible assets
(354
)
 
(558
)
 
(587
)
 
(1,085
)
Net proceeds from sale of AirCard business
—

 
13,800

 
—

 
13,800

Acquisition of In Motion Technology, net of cash acquired
—

 
122

 
—

 
(22,456
)
Acquisition of Wireless Maingate, net of cash acquired
—

 
—

 
(88,449
)
 
—

Acquisition of Accel Networks
(9,250
)
 
—

 
(9,250
)
 
—

Net change in short-term investments
—

 
—

 
—

 
2,470

Increase in other assets
—

 
(542
)
 
—

 
(3,290
)
Cash flows provided by (used in) investing activities
(13,510
)
 
10,610

 
(104,103
)
 
(14,166
)
Financing activities
 
 
 
 
 
 
 
Issuance of common shares
580

 
647

 
2,725

 
3,372

Purchase of treasury shares for RSU distribution
(1,656
)
 
(5,955
)
 
(2,453
)
 
(5,955
)
Taxes paid related to net settlement of equity awards
(452
)
 
(173
)
 
(2,194
)
 
(674
)
Excess tax benefits from equity awards
510

 
—

 
2,180

 
—

Decrease in other long-term obligations
(70
)
 
(159
)
 
(144
)
 
(271
)
Cash flows provided by (used in) financing activities
(1,088
)
 
(5,640
)
 
114

 
(3,528
)
Effect of foreign exchange rate changes on cash and cash equivalents
(1,421
)
 
244

 
2,413

 
225

Cash and cash equivalents, increase (decrease) in the period
(3,081
)
 
17,079

 
(110,588
)
 
(8,998
)
Cash and cash equivalents, beginning of period
99,555

 
151,339

 
207,062

 
177,416

Cash and cash equivalents, end of period
$
96,474

 
$
168,418

 
$
96,474

 
$
168,418






SIERRA WIRELESS, INC. 

RECONCILIATION OF GAAP AND NON-GAAP RESULTS 


(in thousands of U.S. dollars, except where otherwise stated)
 
2015
 
 
2014
 
 
Q2
Q1
 
 
Total
Q4
Q3
Q2
Q1
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin - GAAP
 
$
50,947

$
48,836

 
 
$
178,979

$
50,006

$
47,055

$
43,321

$
38,597

 
Stock-based compensation and related social taxes
 
147

248

 
 
555

131

134

130

160

 
Gross margin - Non-GAAP
 
$
51,094

$
49,084

 
 
$
179,534

$
50,137

$
47,189

$
43,451

$
38,757

 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from operations - GAAP
 
$
4,112

$
2,474

 
 
$
(6,594
)
$
3,399

$
2,943

$
(6,264
)
$
(6,672
)
 
Stock-based compensation and related social taxes
 
2,858

2,600

 
 
10,464

2,432

2,402

2,326

3,304

 
Acquisition and integration
 
1,015

1,103

 
 
2,670

1,273

356

71

970

 
Restructuring
 
711

—

 
 
1,598

540

71

987

—

 
Impairment
 
—

—

 
 
3,756

—

—

3,756

—

 
Acquisition related amortization
 
2,029

2,669

 
 
10,900

2,389

2,609

2,784

3,118

 
Earnings from operations - Non-GAAP
 
$
10,725

$
8,846

 
 
$
22,794

$
10,033

$
8,381

$
3,660

$
720

 
Amortization (excluding acquisition related amortization)
 
2,423

2,462

 
 
12,617

2,699

3,400

3,153

3,365

 
Adjusted EBITDA
 
$
13,148

$
11,308

 
 
$
35,411

$
12,732

$
11,781

$
6,813

$
4,085

 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) - GAAP
 
$
4,076

$
(9,653
)
 
 
$
(16,853
)
$
(1,701
)
$
(2,904
)
$
(8,243
)
$
(4,005
)
 
Stock-based compensation and related social taxes, restructuring, impairment, acquisition, integration, and acquisition related amortization, net of tax
 
6,443

6,372

 
 
29,337

6,618

5,414

9,916

7,389

 
Foreign exchange loss (gain)
 
(1,581
)
11,835

 
 
12,285

3,798

7,953

916

(382
)
 
Income tax adjustments
 
(301
)
(1,372
)
 
 
(4,921
)
378

(2,781
)
1

(2,519
)
 
Net earnings - Non-GAAP
 
$
8,637

$
7,182

 
 
$
19,848

$
9,093

$
7,682

$
2,590

$
483

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net earnings (loss) per share
 
 
 
 
 
 
 
 
 
 
 
GAAP - (in dollars)
 
$
0.12

$
(0.30
)
 
 
$
(0.53
)
$
(0.05
)
$
(0.09
)
$
(0.26
)
$
(0.13
)
 
Non-GAAP - (in dollars)
 
$
0.26

$
0.22

 
 
$
0.63

$
0.29

$
0.24

$
0.08

$
0.02

 
 
 
 
 
 
 
 
 
 
 
 
 









Q2 2015 RECONCILIATION OF GAAP AND NON-GAAP RESULTS 

 
 
Acquisition Related Amortization
Acquisition, Integration & Restructuring
Stock-based Compensation & Related Social Taxes
Foreign Exchange Gain
Tax Adjustments
 
(In thousands of U.S. dollars, except where otherwise stated)
GAAP
Non GAAP
Q2 2015
Q2 2015
 
 
 
 
 
 
 
 
Revenue
157,965

 
 
 
 
 
157,965

Cost of goods sold
107,018

 
 
147

 
 
106,871

Gross margin
50,947

—

—

(147
)
—

—

51,094

GM%
32.3
%
 
 
 
 
 
32.4
%
 
 
 
 
 
 
 
 
Sales and marketing
12,828

 
 
631

 
 
12,197

Research and development
18,402

129

 
381

 
 
17,892

Administration
11,092

 
 
1,699

 
 
9,393

Acquisition and integration
1,015

 
1,015

 
 
 
—

Restructuring
711

 
711

 
 
 
—

Amortization
2,787

1,900

 
 
 
 
887

Total operating expenses
46,835

2,029

1,726

2,711

—

—

40,369

 
 
 
 
 
 
 
 
Earnings from operations
4,112

(2,029
)
(1,726
)
(2,858
)
—

—

10,725

 
 
 
 
 
 
 
 
Foreign exchange gain
1,550

 
 
 
1,550

 
—

Other income
13

 
 
 
 
 
13

Total other income
1,563

—

—

—

1,550

—

13

 
 
 
 
 
 
 
 
Earnings before income taxes
5,675

(2,029
)
(1,726
)
(2,858
)
1,550

—

10,738

 
 
 
 
 
 
 
 
Income tax expense
1,599

 
(170
)
 
(31
)
(301
)
2,101

 
 
 
 
 
 
 
 
Net earnings
4,076

(2,029
)
(1,556
)
(2,858
)
1,581

301

8,637

 
 
 
 
 
 
 
 
Diluted earnings per share
0.12

 
 
 
 
 
0.26

 
 
 
 
 
 
 
 
Weighted average diluted shares
32,915

 
 
 
 
 
32,915

 
 
 
 
 
 
 
 





SIERRA WIRELESS, INC. 

SEGMENTED RESULTS
 
 
(In thousands of U.S. dollars, except where otherwise stated)
 
2015
2014
 
 
Q2
Q1
Total
Q4
Q3
Q2
Q1
 
OEM Solutions
 
 
 
 
 
 
 
 
 
Revenue
 
$
138,133

$
133,040

$
476,650

$
129,580

$
124,329

$
116,579

$
106,162

 
Cost of goods sold
 
97,142

93,079

336,133

90,136

87,453

82,910

75,634

 
Gross margin
 
$
40,991

$
39,961

$
140,517

$
39,444

$
36,876

$
33,669

$
30,528

 
Gross margin %
 
29.7
%
30.0
%
29.5
%
30.4
%
29.7
%
28.9
%
28.8
%
 
 
 
 
 
 
 
 
 
 
 
Enterprise Solutions
 
 
 
 
 
 
 
 
 
Revenue
 
$
19,832

$
17,366

$
71,873

$
19,498

$
18,941

$
18,433

$
15,001

 
Cost of goods sold
 
9,876

8,491

33,411

8,936

8,762

8,781

6,932

 
Gross margin
 
$
9,956

$
8,875

$
38,462

$
10,562

$
10,179

$
9,652

$
8,069

 
Gross margin %
 
50.2
%
51.1
%
53.5
%
54.2
%
53.7
%
52.4
%
53.8
%