CalAmp Reports Third Quarter Fiscal Year 2022 Financial Results

IRVINE, Calif., Dec. 21, 2021

"As indicated in the business update announcement last month, the ongoing global component shortages have been more pronounced than expected, causing a significant reduction in our shipments during the quarter," said Jeff Gardner, CalAmp's president and CEO. "We are working closely with our suppliers to source the needed parts, qualify additional components and even redesign certain devices when possible. Despite this challenging situation, we are encouraged with the strong customer demand as evidenced by the consistent high level of customer backlog over the past few quarters as we continue our transformation to a SaaS enterprise."

Third Quarter Fiscal Year 2022 Financial Overview

• Total revenue decreased 12% from the prior year quarter to $69 million.
• Software and Subscription Services (S&SS) revenue was $37 million, which was up 7% from the prior year quarter and represented 53% of consolidated revenue.
• Telematics Products revenue was down 14% sequentially to $32 million as supply chain shortages affected shipments despite continuing strong customer demand.
• Sales to our largest customer were $14 million, up 3% sequentially.
• Gross margin was 41% compared to 40% in the prior year quarter.
• GAAP net loss from continuing operations was $11 million, or a loss of $0.30 per share. 
• Adjusted basis non-GAAP net loss was $3 million, or $0.08 per diluted share.
• Adjusted EBITDA was $3 million, or 4% of revenue compared to Adjusted EBITDA of $9 million, or 11% of revenue in the prior year quarter.
• Total core S&SS subscribers were 1 million, a 3% increase from the prior quarter, excluding the Automotive Vehicle Finance business.
• Ended the quarter with $91 million in cash and cash equivalents.

Other Business and Recent Highlights

• Announced that our subsidiary, LoJack® España, has partnered with Bipi, an innovative car subscription services company operating in Spain, Italy and France, to equip its multi-brand car fleet with LoJack España's connected car solutions to improve Bipi's customers' experiences while also allowing it to manage fleet operations more effectively.
• Announced another partnership with FAIRWAYiQ to provide golf course operators with real-time visibility over gameplay and operations through its connected intelligence solutions at the edge.
• CalAmp's subsidiary, Tracker Network (UK) Limited, launched CalAmp's iOn™ fleet and asset management software in the U.K. to enable commercial fleet operators to track driver behavior and vehicle usage.