EX-99.1 2 mcr_2022q1.htm MATERIAL CHANGE REPORT Document


FORM 51-102F3
MATERIAL CHANGE REPORT

Item 1. Name and Address of Company
SIERRA WIRELESS, INC. ("Sierra Wireless" or the "Company")
13811 Wireless Way
Richmond, B.C.
V6V 3A4

Item 2. Date of Material Change
May 11, 2022
Item 3. News Release
A press release announcing the change referred to in this report was issued on May 11, 2022. The press release was disseminated via Business Wire and subsequently filed on the Company's SEDAR profile.
Item 4. Summary of Material Change
On May 11, 2022, Sierra Wireless reports first quarter 2022 results.
Item 5. Full Description of Material Change
Sierra Wireless Reports First Quarter 2022 Results
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.1
First Quarter 2022 Compared to First Quarter 2021
•Revenue was $173.0 million, an increase of 60.1%. The improved performance was primarily due to strong demand and the realization of investments in inventory. In addition, the first quarter of 2021 was negatively impacted by the ransomware incident.
•Gross margin was 31.8% as compared to 34.9% in the first quarter of 2021. In the first quarter of 2022, gross margin was impacted by product mix, obsolete inventory from our home security business, and one time expedited shipping costs.
•Operating expenses were $64.6 million compared to $60.8 million in the first quarter of 2021. First quarter expenses included a $10.3 million impairment charge primarily related to the intangible assets of our home security business.
•Net loss from continuing operations was $13.9 million, compared to $28.5 million in the first quarter of 2021.
•Adjusted earnings from continuing operations* was $8.6 million, or earnings of $0.23 per share, as compared to a loss of $9.6 million, or loss of $0.26 per share in the first quarter of 2021.
•Adjusted EBITDA* was $15.8 million compared to a loss of $4.4 million in the first quarter of 2021.


•Connectivity, software, and services revenue was $34.9 million, an increase of 3.7%. This increase included growth in our core connectivity area including smart connectivity which was partially offset by decreases in our legacy 2G/3G European business and our home security business. Monthly recurring revenue ("MRR")2 was $11.4 million in March 2022 compared to $11.5 million in March 2021.
Segmented Information
IoT Solutions
Revenue from IoT Solutions increased 79.3% to $133.7 million as compared to $74.6 million in the first quarter of 2021. The increase was primarily due to increased demand for connected devices globally. IoT Solutions gross margin was 30.3%, compared to 29.6% in the first quarter of 2021.
Enterprise Solutions
Revenue from Enterprise Solutions increased 17.2% to $39.2 million as compared to $33.5 million in the first quarter of 2021. The increase was primarily due to strong demand for routers in our key industrial and public safety verticals. Enterprise Solutions gross margin was 37.0% as compared to 46.7% in the first quarter of 2021. Enterprise Solution gross margin was negatively impacted by obsolete inventory from our home security business and one-time expedited shipping costs caused by 2021 COVID-19 related shutdowns. These one-time factors had a negative 9.0% impact on gross margin.
Liquidity and Capital Resources
Cash and cash equivalents and restricted cash, including amounts held for sale, at the end of the first quarter of 2022 were $97.4 million, an increase of $20.6 million from the fourth quarter of 2021. In January 2022, we received net proceeds of $45.8 million from the full drawdown of our CAD$60 million debt facility with the Canadian Imperial Bank of Commerce and the Business Development Bank of Canada. The debt facility has a term of four years and a first-year interest rate of 5%. In addition, we continued to make investments in inventory in the supply constrained environment.
Disposition of Offender Monitoring Business Line
On April 15, 2022, we signed a definitive agreement and closed the sale of our Omnilink offender monitoring business to Sentinel Advantage LLC for $37.6 million in cash, subject to customary working capital adjustments. Sentinel continues to be an important customer, and we are providing them with connectivity services and embedded modules for their offender monitoring products. The divestiture allows the Company to focus on its core businesses and strengthen its balance sheet.

Financial Guidance
The impact of the COVID-19 pandemic on our global business continues to remain uncertain. While we continue to evaluate the effects of COVID-19 on our business, the overall severity and duration of adverse impacts related to COVID-19 on our business, financial condition, cash flows and operating results for the second quarter 2022 and beyond cannot be reasonably estimated at this time. Due to continued strong demand and the investment in inventory to combat the industry-wide tightness in supply, we expect our revenue in the second quarter 2022 to be in the range of $160 million to $175 million, with a midpoint of $167.5 million.
This non-GAAP guidance constitutes "forward-looking statements" within the meaning of applicable securities laws and reflects current business indicators and expectations. These statements are based on management's current beliefs and assumptions, which could prove to be significantly incorrect. Forward-looking statements, particularly those that relate to longer periods of time, are subject to substantial known and unknown risks and uncertainties that could cause actual events or results to differ significantly from those expressed or implied by


our forward-looking statements, including those described in our regulatory filings. See "Cautionary Note Regarding Forward-Looking Statements" below.
_____________________________
1 Non-GAAP financial measures referred to in this news release are labeled as "non-GAAP measure" or designated as such with an asterisk (*). Please see "Non-GAAP Financial Measures" for explanations of why the Company uses these non-GAAP measures and "Reconciliation of GAAP and Non-GAAP Results by Quarter" for reconciliation to the most comparable GAAP financial measures.
2 MRR is defined as the monthly recurring revenue generated from connectivity, software, and services as well as usage fees from current customers. MRR is a key performance metric to measure our performance and growth in our recurring revenue, both to help investors better understand and assess the performance of our business and also because our mix of revenue generated from recurring sources has increased in recent years. MRR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. MRR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. MRR is not a forecast.
3 In accordance with U.S. GAAP, the results of operations of the Automotive Business are reported as discontinued operations in our consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021. In accordance with U.S. GAAP, assets and liabilities associated with the Omnilink business have been recorded as held for sale in our consolidated balance sheet as at March 31, 2022.


Non-GAAP Financial Measures
Our consolidated financial statements are prepared in accordance with U.S. GAAP on a basis consistent for all periods presented.  In addition to results reported in accordance with U.S. GAAP, we use non-GAAP financial measures as supplemental indicators of our operating performance.  The term “non-GAAP financial measure” is used to refer to a numerical measure of a company’s historical or future financial performance, financial position or cash flows that: (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in a company’s statement of earnings, balance sheet or statement of cash flows; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.
Our non-GAAP financial measures included in this press release are adjusted net earnings (loss) from continuing operations*, adjusted basic and diluted net earnings (loss) per share from continuing operations*and adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization). 
Adjusted net earnings (loss) from continuing operations* excludes the impact of stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, acquisition-related amortization, the impact of foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and certain tax adjustments.
Adjusted EBITDA* is defined as net earnings (loss) from continuing operations plus stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, amortization, interest and other income (expense), foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, and income tax expense (recovery). Adjusted EBITDA* is a metric used by investors and analysts for valuation purposes and is an important indicator of our operating performance and our ability to generate liquidity through operating cash flow that will fund future working capital needs and fund future capital expenditures.
We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance.
We disclose these non-GAAP financial measures as we believe they provide useful information to investors and analysts to assist them in their evaluation of our operating results and to 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.



Cautionary Note Regarding Forward-Looking Statements
This press release contains certain statements and information that 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 (collectively, “forward-looking statements”) and may include statements and information relating to our financial guidance for our second quarter of 2022; our expectations regarding customer demand, our supply chain, manufacturing capacity (including manufacturing shutdowns or slowdowns) and the potential impact of COVID-19 in these areas; our ability to meet customer demand and our financial results; expectations regarding post-COVID-19 recovery; expectations regarding the Company's cost savings initiatives; statements regarding our strategy, plans, goals, objectives, expectations and future operating performance; the Company's liquidity and capital resources; the Company's financial and operating objectives and strategies to achieve them; the impact of the ransomware incident on our business operations; our work to review and evaluate additional security measures and the ability that they will have to protect our IT systems; general economic conditions; estimates of our expenses, future revenues, financial results and capital requirements; our expectations regarding the legal proceedings we are involved in; statements with respect to the Company's estimated working capital; expectations with respect to the adoption of Internet of Things ("IoT") solutions; expectations regarding trends and growth in the IoT market and wireless module market; expectations regarding product and price competition from other wireless device manufacturers and solution providers; our ability to implement effective control procedures; and expectations regarding the launch of fifth generation cellular embedded modules and gateways. In particular, this press release describes our revenue targets, which are forward-looking statements and are subject to the assumptions, risks and uncertainties described below. Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes.
Forward-looking statements:
• Typically include words and phrases about the future such as "outlook", "guidance", "will", "may", “expects”, “is expected”,
“anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof.
• 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, but not limited to, those listed below, which could
prove to be significantly incorrect:
•the scope and duration of the COVID-19 pandemic and its impact on our business;
•our ability to return to normal operations after the COVID-19 pandemic has subsided globally;
•expected constraints on component supply and manufacturing capacity;
•constraints impacting our ability to receive supply from our suppliers and deliver product to our customers;
•customer demand and our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
•our operations not being adversely disrupted by further ransomware or cyber security attacks;
•our ability to effect and to realize the anticipated benefits of our business transformation and restructuring initiatives, and the timing thereof;
•our ability to develop, manufacture, and sell new products and services that meet the needs of our customers and gain commercial acceptance;
•expected macro-economic business conditions;
•expected cost of sales;
•our ability to win new business;


•our ability to integrate acquired businesses and realize expected benefits;
•our ability to renew or obtain credit facilities when required;
•expected deployment of next generation networks by wireless network operators;
•our operations not being adversely disrupted by other developments, operating, cyber security, litigation, or regulatory risks; and
•expected tax and foreign exchange rates.
•Are based on our management's current expectations and we caution investors that forward-looking statements, particularly those that relate to longer periods of time, 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 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:
•negative impact from COVID-19 could be prolonged and natural catastrophes could impact our capacity to continue critical operations;
•our ability to comply with all terms under our credit facilities;
•competition from new or established competitors or from those with greater resources;
•our reliance on third party suppliers for certain components used in our products;
•our dependence on a limited number of third party manufacturers;
•cyber-attacks or other breaches of our and our vendors' information technology security;
•the loss of, or significant demand fluctuations from, any of our significant customers;
•our financial results being subject to fluctuations;
•our business transformation initiatives, including investments and partnerships, may result in disruptions to our business and may not achieve the anticipated benefits;
•our ability to respond to changing technology, industry standards, and customer requirements;
•failures of our products or services due to design flaws and errors, component quality issues, manufacturing defects, network service interruptions, cyber-security vulnerabilities or other quality issues;
•deterioration in macro-economic conditions could adversely affect our operating results and financial conditions;
•our ability to retain, hire and transition in a timely manner experienced and qualified additional executive officers and key employees as needed to achieve our business objectives;
•risks related to the transmission, use and disclosure of user data and personal information;
•disruption of, and demands on, our ongoing business and diversion of management's time and attention in connection with acquisitions or divestitures;
•risks related to infringement on intellectual property rights of others and our ability to obtain necessary rights to use software or components supplied by third parties;
•our ability to enforce our intellectual property rights;
•unanticipated costs associated with litigation or settlements;
•our dependence on mobile network operators to promote and offer acceptable wireless data services;
•risks related to contractual disputes with counterparties;
•risks related to governmental regulation;
•risks inherent in foreign jurisdictions; and
•risks related to tariffs or other trade restrictions.



About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Companies globally are adopting 4G, 5G, and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models, and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is the global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com.
“Sierra Wireless” is a registered trademark 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 LOSS
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
Three months ended March 31,
20222021
Revenue
IoT Solutions$133,708 $74,578 
Enterprise Solutions39,249 33,484 
172,957 108,062 
Cost of sales
IoT Solutions93,183 52,492 
Enterprise Solutions24,711 17,843 
117,894 70,335 
Gross margin55,063 37,727 
Expenses
Sales and marketing18,017 19,821 
Research and development18,335 17,484 
Administration10,116 16,308 
Restructuring 4,004 2,574 
Impairment 10,299 — 
Amortization3,820 4,624 
64,591 60,811 
Loss from operations(9,528)(23,084)
Foreign exchange loss(2,278)(4,259)
Other expense (1,083)(643)
Loss before income taxes(12,889)(27,986)
Income tax expense 1,021 552 
Net loss from continuing operations$(13,910)$(28,538)
Net earnings (loss) from discontinued
operations 		1,231 (1,322)
Net loss$(12,679)$(29,860)
Other comprehensive loss:
Foreign currency translation adjustments, net of taxes of $nil (426)(2,900)
Comprehensive loss
$(13,105)$(32,760)
Basic and diluted net earnings (loss) per share (in dollars)
Continuing operations$(0.37)$(0.78)
Discontinued operations0.03 (0.04)
$(0.33)$(0.81)
Weighted average number of shares outstanding
(in thousands)
Basic37,974 36,736 
Diluted37,974 36,736 




SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
March 31, 2022December 31, 2021
Assets
Current assets
Cash and cash equivalents$95,634 $76,784 
Restricted cash—100 
Accounts receivable 88,057 85,310 
Inventories 88,378 82,177 
Prepaids and other 44,405 27,372 
Assets held for sale26,932 — 
343,406 271,743 
Property and equipment, net23,222 31,134 
Operating lease right-of-use assets12,338 14,348 
Intangible assets, net37,729 54,708 
Goodwill154,956 167,379 
Deferred income taxes1,277 1,268 
Other assets5,922 6,473 
$578,850 $547,053 
Liabilities
Current liabilities
Accounts payable and accrued liabilities 179,658 183,529 
Deferred revenue 11,697 11,770 
Current portion of long-term debt750 494 
Liabilities held for sale 269 — 
192,374 195,793 
Long-term obligations 40,458 42,808 
Operating lease liabilities14,377 15,033 
Long-term debt56,686 9,394 
Deferred income taxes6,461 6,371 
310,356 269,399 
Equity
Shareholders’ equity
Common stock: no par value; unlimited shares authorized; issued and outstanding: 38,322,537 shares (December 31, 2021 - 37,774,800 shares)467,074 460,331 
Preferred stock: no par value; unlimited shares authorized;
issued and outstanding: nil shares
— — 
Treasury stock: at cost; 7,074 shares (December 31, 2021 – 119,761 shares)(126)(2,128)
Additional paid-in capital44,852 48,747 
Retained deficit(234,148)(220,564)
Accumulated other comprehensive loss (9,158)(8,732)
268,494 277,654 
$578,850 $547,053 






SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)
Three months ended March 31,
20222021
Cash flows provided by (used in):
Operating activities
Net loss$(12,679)$(29,860)
Items not requiring (providing) cash
Amortization
6,684 7,308 
Stock-based compensation3,066 8,515 
Capitalized interest expense 910 — 
Impairment10,299 — 
Unrealized foreign exchange loss1,367 5,028 
Other418 20 
Changes in non-cash working capital
Accounts receivable
(5,726)(10,744)
Inventories
(6,495)(1,532)
Prepaids and other
(16,940)(16,234)
Accounts payable and accrued liabilities
(3,013)(13,046)
Deferred revenue and other(1,636)161 
Cash flows used in operating activities
(23,745)(50,384)
Investing activities
Additions to property and equipment
(2,449)(4,709)
Additions to intangible assets
(673)(420)
Proceeds from sale of property and equipment
11 14 
Cash flows used in investing activities(3,111)(5,115)
Financing activities
Issuance of common shares, net of issuance cost878 2,802 
Purchase of treasury shares for RSU distribution
— (3,933)
Taxes paid related to net settlement of equity awards
— (946)
Decrease in other long-term obligations
(5)(36)
Proceeds from long-term debt, net of issuance cost 45,782 — 
Cash flows provided by (used in) financing activities
46,655 (2,113)
Effect of foreign exchange rate changes on cash and cash equivalents758 (1,578)
Cash, cash equivalents and restricted cash, increase (decrease) in the period20,557 (59,190)
Cash, cash equivalents and restricted cash, beginning of period76,884 171,424 
Cash, cash equivalents and restricted cash, end of period$97,441 $112,234 
Cash, cash equivalents and restricted cash are comprised of
Cash, cash equivalents and restricted cash$95,634 $112,234 
Cash, cash equivalents and restricted cash held for sale $1,807 $— 
Cash, cash equivalents and restricted cash, end of period$97,441 $112,234 



SIERRA WIRELESS, INC. 
RECONCILIATION OF GAAP AND NON-GAAP RESULTS BY QUARTER
(in thousands of U.S. dollars, except where otherwise stated)202220212020
Q1Q4Q3Q2Q1Q4Q3Q2
Net loss from continuing operations - GAAP$(13,910)$(11,752)$(38,406)$(10,036)$(28,538)$(11,167)$(14,483)$(17,291)
Stock-based compensation and related social taxes3,281 5,832 1,820 3,807 7,928 6,461 5,085 3,256 
Phantom RSU (recovery) expense(202)393 (69)569 206 691 261 141 
Restructuring4,004 7,592 369 1,720 2,574 4,800 3,089 245 
COVID-19 government relief(11)(5,557)(168)(1,016)(2,049)(954)(6,298)— 
CEO retirement/search— 44 42 400 1,655 — — — 
Impairment10,299 741 11,544 — — — — — 
Ransomware incident(59)(959)271 1,135 533 — — — 
COVID-19 factory constraint incremental costs1,096 22 1,135 — — — — — 
Other non-recurring costs99 978 323 593 508 445 439 337 
Amortization6,684 6,935 7,208 7,267 7,308 7,054 8,030 7,823 
Interest and other expense, net1,142 307 192 111 110 564 988 283 
Foreign exchange loss (gain), net of realized gain/loss on hedge contracts2,326 1,927 2,693 (821)4,816 (2,804)(3,572)(3,955)
Income tax expense (recovery)1,021 761 (1,912)605 552 (7,984)(633)427 
Adjusted EBITDA*$15,770 $7,264 $(14,958)$4,334 $(4,397)$(2,894)$(7,094)$(8,734)
Net loss from continuing operations - GAAP$(13,910)$(11,752)$(38,406)$(10,036)$(28,538)$(11,167)$(14,483)$(17,291)
Stock-based compensation and related social taxes3,281 5,832 1,820 3,807 7,928 6,461 5,085 3,256 
Phantom RSU (recovery) expense(202)393 (69)569 206 691 261 141 
Restructuring4,004 7,592 369 1,720 2,574 4,800 3,089 245 
COVID-19 government relief(11)(5,557)(168)(1,016)(2,049)(954)(6,298)— 
CEO retirement/search— 44 42 400 1,655 — — — 
Impairment10,299 741 11,544 — — — — — 
Ransomware incident(59)(959)271 1,135 533 — — — 
COVID-19 factory constraint incremental costs1,096 22 1,135 — — — — — 
Other non-recurring costs99 978 323 593 508 445 439 337 
Acquisition-related amortization2,152 2,254 2,776 2,890 3,135 3,306 3,555 3,886 
Foreign exchange loss (gain), net of realized gain/loss on hedge contracts2,326 1,927 2,693 (821)4,816 (2,804)(3,572)(3,955)
Income tax expense (recovery) adjustment(500)(441)(3,008)(357)(393)(7,784)200 358 
Adjusted earnings (loss) from continuing operations*$8,575 $1,074 $(20,678)$(1,116)$(9,625)$(7,006)$(11,724)$(13,023)
Weighted average number of shares (in thousands) - basic and diluted37,974 37,541 37,196 36,992 36,736 36,534 36,417 36,341 
Basic and diluted adjusted earnings (loss) per share from continuing operations (in dollars)*$0.23 $0.03 $(0.56)$(0.03)$(0.26)$(0.19)$(0.32)$(0.36)


SIERRA WIRELESS, INC. 
SEGMENTED RESULTS
(In thousands of U.S. dollars, except where otherwise indicated)20222021
Q1TotalQ4Q3Q2Q1
IoT Solutions
Revenue$133,708 $323,075 $104,531 $53,657 $90,309 $74,578 
Gross margin$40,525 $83,765 $26,578 $10,676 $24,425 $22,086 
Gross margin %30.3 %25.9 %25.4 %19.9 %27.0 %29.6 %
Enterprise Solutions
Revenue$39,249 $150,134 $45,381 $28,793 $42,476 $33,484 
Gross margin$14,538 $73,034 $22,114 $13,473 $21,806 $15,641 
Gross margin %37.0 %48.6 %48.7 %46.8 %51.3 %46.7 %
Total
Revenue$172,957 $473,209 $149,912 $82,450 $132,785 $108,062 
Gross margin$55,063 $156,799 $48,692 $24,149 $46,231 $37,727 
Gross margin %31.8 %33.1 %32.5 %29.3 %34.8 %34.9 %
Revenue by Type:
Product$138,052 $332,810 $113,619 $47,207 $97,595 $74,389 
Connectivity, software, and services$34,905 $140,399 $36,293 $35,243 $35,190 $33,673 




Item 6. Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable
Item 7. Omitted Information
Not applicable
Item 8. Executive Officer
For further information, please contact
Samuel Cochrane, Chief Financial Officer at Sierra Wireless, Inc., 13811 Wireless Way, Richmond, B.C., V6V 3A4, Telephone: (604) 231-1100.
Item 9. Date of Report
This material change report is dated as of May 12, 2022.