As a reminder, Sangoma completed its acquisition of
Sales for the fiscal year 2021, were a record
Q4 FY2021 | Q4 FY2020 | Change | FY 2021 | FY 2020 | Change | |||||||||||||
Sales | m | m | 77 | % | m | m | 27 | % | ||||||||||
Gross profit | m | m | 95 | % | m | m | 34 | % | ||||||||||
Operating expense | m | m | 136 | % | m | m | 42 | % | ||||||||||
Adjusted operating Income1 | ( | ) | m | m | m | m | ||||||||||||
Net income | ( | ) | m | m | m | m | ||||||||||||
Net earnings/(loss) per share (fully diluted) | ( | ) | ||||||||||||||||
Adjusted EBITDA1 | m | m | 96 | % | m | m | 50 | % | ||||||||||
“I am very pleased with Sangoma’s performance this year, especially given the fact that the Covid pandemic continued on throughout all of fiscal 2021, lasting much longer than many of us expected, when we started this financial year,” said
Gross profit for the year was
Operating expenses were
Adjusted EBITDA1 was
Net income for the year ended
Sangoma continues to maintain a strong balance sheet, finished the quarter with a cash balance of
Sangoma generated
Outlook for fiscal year 2022
Financial results for fiscal 2021 (and all prior years) were reported in Canadian dollars. As communicated previously, and with the support of investors, Sangoma will start reporting in US dollars for fiscal 2022 (which started on
In accordance with past practice, Sangoma is today issuing guidance for fiscal 2022, at the time we release final results for fiscal 2021. For the fiscal 2022 year, commencing on
To help investors the table below shows the US equivalent of the fiscal 2021 results, as well as the guidance provided today for fiscal 2022, in US dollars.
Fiscal 2021 Actuals (in $C, millions) | Fiscal 2021 Comparable (in USD, millions) | Fiscal 2022 Guidance (in USD, millions) | |
Revenue | |||
Adjusted EBITDA1 | $24.5 |
1 Adjusted Operating Income, Adjusted EBITDA and Adjusted Cash Flow from Operations are metrics used by the Company to monitor its performance and definitions of these terms, as well as other important information on these results, including a quantitative reconciliation for Adjusted EBTIDA to the most directly comparable measure specified, defined or determined under the issuer’s GAAP, may be found in the accompanying MD&A posted today at www.sedar.com.
The above outlook is based on the Company’s assessment of many material assumptions, including:
- The successful integration of the Star2Star business as planned and the underlying sales continue in a manner consistent with its business preceding the acquisition closing.
- The gradual subsiding and/or sustainable management of the COVID-19 pandemic and the continuing recovery of the global economy from the effects of COVID-19, including with respect to product sales during the fiscal year 2022.
- There is continuing growth in the global UCaaS and cloud communications markets more generally.
- Forecasted sales of approximately
$210 million in products and services being achieved in fiscal year 2022, which forecast was based on certain management assumptions, including continuing demand for the Company’s products and services, no material increase to the Company’s manufacturing, labour or shipping costs. - Changes in global exchange rates do not disrupt demand for the Company’s Products and Services.
- The ability of the Company’s customers to continue their business operations without any material impact on their requirements for the Company’s Products and Services.
- The Company’s forecasted revenue from its internal sales teams and via channel partners meets expectations.
- The ongoing capability of the Company to purchase the components required by the Corporation for the production of its products and no material escalation of price for such components during the fiscal year 2022.
- There is no material further increase to the Company’s cost of good sold.
- The Company’s manufacturers and supply chain deliver ongoing quantities of finished products on schedule, and no material escalation in the cost to ship the Company’s products to its warehouses and to its customers during the fiscal year 2022.
- That the Company can continue to secure electronic components and parts to support a largely uninterrupted supply chain.
- That the Company is able to attract and keep the employees needed to maintain the current momentum.
- The continued ability for the Company’s operations employees to work at the Company’s internal and outsourced facilities.
- Other employees are able to work from home as required without any material impact on productivity.
Conference Call
Management will host a conference call on
About
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the future success of our business, development strategies and future opportunities.
Forward-looking statements include, but are not limited to, statements concerning the guidance for fiscal 2022 with respect to revenue and Adjusted EBITDA, statements concerning estimates of expected expenditures (including in respect of IT and security enhancements being implemented in response to the cyber attack), statements relating to expected future production and cash flows, statements relating to the ongoing investigation into and actions being undertaken in response to the cyber attack and the anticipated impact on our business, and other statements which are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in forward-looking statements. Such risks and uncertainties include, but are not limited to, the outcome of our ongoing investigation into the cyber attack, costs related to our investigation and any resulting liabilities, our ability to recover any proceeds under our insurance policies, and costs related to and the effectiveness of our mitigation and remediation efforts. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in its management's discussion and analysis, annual information form and management information circular relating the special meeting to approve the acquisition of
Neither the
Sangoma Technologies Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 4107
dsmoore@sangoma.com
Source:
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