Company Quick10K Filing
Calamp
Price10.15 EPS-0
Shares34 P/E-65
MCap347 P/FCF37
Net Debt171 EBIT5
TEV518 TEV/EBIT97
TTM 2019-11-30, in MM, except price, ratios
10-Q 2020-11-30 Filed 2020-12-17
10-Q 2020-08-31 Filed 2020-09-24
10-Q 2020-05-31 Filed 2020-06-25
10-K 2020-02-29 Filed 2020-05-06
10-Q 2019-11-30 Filed 2019-12-19
10-Q 2019-08-31 Filed 2019-09-26
10-Q 2019-05-31 Filed 2019-06-28
10-K 2019-02-28 Filed 2019-05-01
10-Q 2018-11-30 Filed 2018-12-20
10-Q 2018-08-31 Filed 2018-09-27
10-Q 2018-05-31 Filed 2018-06-28
10-K 2018-02-28 Filed 2018-05-10
10-Q 2017-11-30 Filed 2017-12-21
10-Q 2017-08-31 Filed 2017-09-28
10-Q 2017-05-31 Filed 2017-06-27
10-K 2017-02-28 Filed 2017-05-15
10-Q 2016-11-30 Filed 2016-12-21
10-Q 2016-08-31 Filed 2016-09-29
10-Q 2016-05-31 Filed 2016-06-29
10-K 2016-02-29 Filed 2016-04-20
10-Q 2015-11-30 Filed 2015-12-22
10-Q 2015-08-31 Filed 2015-10-01
10-Q 2015-05-31 Filed 2015-06-30
10-K 2015-02-28 Filed 2015-04-21
10-Q 2014-11-30 Filed 2014-12-23
10-Q 2014-08-31 Filed 2014-10-06
10-Q 2014-05-31 Filed 2014-07-01
10-K 2014-02-28 Filed 2014-04-24
10-Q 2013-08-31 Filed 2013-10-02
10-Q 2013-05-31 Filed 2013-06-27
10-K 2013-02-28 Filed 2013-04-25
10-Q 2012-11-30 Filed 2012-12-20
10-Q 2012-08-31 Filed 2012-09-25
10-Q 2012-05-31 Filed 2012-06-28
10-K 2012-02-28 Filed 2012-04-26
10-Q 2011-11-26 Filed 2011-12-22
10-Q 2011-08-27 Filed 2011-09-29
10-Q 2011-05-28 Filed 2011-06-30
10-K 2011-02-28 Filed 2011-04-28
10-Q 2010-11-27 Filed 2011-01-04
10-Q 2010-08-28 Filed 2010-10-06
10-Q 2010-05-29 Filed 2010-07-08
10-K 2010-02-28 Filed 2010-05-06
10-Q 2009-11-28 Filed 2010-01-07
8-K 2020-09-24
8-K 2020-08-24
8-K 2020-07-29
8-K 2020-07-02
8-K 2020-06-25
8-K 2020-05-28
8-K 2020-05-05
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-04-15
8-K 2020-03-27
8-K 2020-03-20
8-K 2020-03-05
8-K 2020-01-29
8-K 2020-01-09
8-K 2019-11-30
8-K 2019-11-26
8-K 2019-11-04
8-K 2019-10-24
8-K 2019-10-23
8-K 2019-09-30
8-K 2019-08-31
8-K 2019-07-24
8-K 2019-05-31
8-K 2019-05-28
8-K 2019-04-30
8-K 2019-04-12
8-K 2019-04-08
8-K 2019-03-19
8-K 2019-02-28
8-K 2019-02-28
8-K 2019-02-25
8-K 2018-12-10
8-K 2018-12-06
8-K 2018-11-30
8-K 2018-09-27
8-K 2018-08-01
8-K 2018-07-25
8-K 2018-07-20
8-K 2018-07-17
8-K 2018-07-16
8-K 2018-06-27
8-K 2018-05-07
8-K 2018-04-26
8-K 2018-03-30

CAMP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Description of Business, Basis of Presentation and Summary of Significant Accounting Policies
Note 2 - Cash, Cash Equivalents and Investments
Note 3 - Inventories
Note 4 - Goodwill and Other Intangible Assets
Note 5 - Other Assets
Note 6 - Financing Arrangements
Note 7 - Restructuring Activities
Note 8 - Leases
Note 9 - Income Taxes
Note 10 - Earnings per Share
Note 11 - Stockholders' Equity
Note 12 - Concentration of Risk
Note 13 - Product Warranties
Note 14 - Other Financial Information
Note 15 - Segment Information and Geographic Data
Note 16 - Legal Proceedings
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-31.1 camp-ex311_6.htm
EX-31.2 camp-ex312_7.htm
EX-32 camp-ex32_8.htm

Calamp Earnings 2020-11-30

Balance SheetIncome StatementCash Flow
0.70.60.40.30.10.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from          to          

COMMISSION FILE NUMBER: 0-12182

 

CALAMP CORP.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

 

95-3647070

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

15635 Alton Parkway, Suite 250

 

 

Irvine, California

 

92618

(Address of principal executive offices)

 

(Zip Code)

 

(949) 600-5600

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol

Name of Each Exchange On Which Registered

Common stock, $0.01 per share

CAMP

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No

The number of shares outstanding of the registrant’s common stock as of December 10, 2020 was 35,034,722.

 


 

 

CALAMP CORP.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED NOVEMBER 30, 2020

TABLE OF CONTENTS

 

 

 

 

 

Page

Number

 

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

 

Financial statements

 

3

 

 

 

 

 

 

 

Condensed consolidated balance sheets (unaudited) as of November 30, 2020 and February 29, 2020

 

3

 

 

 

 

 

 

 

Condensed consolidated statements of comprehensive loss (unaudited) for the three and nine months ended November 30, 2020 and 2019

 

4

 

 

 

 

 

 

 

Condensed consolidated statements of cash flows (unaudited) for the nine months ended November 30, 2020 and 2019

 

5

 

 

 

 

 

 

 

Condensed consolidated statements of stockholders’ equity (unaudited) for the three and nine months ended November 30, 2020 and 2019

 

6

 

 

 

 

 

 

 

Notes to unaudited condensed consolidated financial statements

 

7

 

 

 

 

 

ITEM 2.

 

Management’s discussion and analysis of financial condition and results of operations

 

25

 

 

 

 

 

ITEM 3.

 

Quantitative and qualitative disclosures about market risk

 

34

 

 

 

 

 

ITEM 4.

 

Controls and procedures

 

34

 

 

 

 

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

ITEM 1.

 

Legal proceedings

 

35

 

 

 

 

 

ITEM 1A.

 

Risk factors

 

35

 

 

 

 

 

ITEM 5.

 

Other Information

 

36

 

 

 

 

 

ITEM 6.

 

Exhibits

 

37

 

2


PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CALAMP CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)

 

 

 

November 30,

 

 

February 29,

 

Assets

 

2020

 

 

2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

91,692

 

 

$

107,404

 

Accounts receivable, net

 

 

67,852

 

 

 

72,273

 

Inventories

 

 

32,162

 

 

 

36,778

 

Prepaid expenses and other current assets

 

 

23,520

 

 

 

21,411

 

Total current assets

 

 

215,226

 

 

 

237,866

 

Property and equipment, net

 

 

44,576

 

 

 

55,878

 

Operating lease right-of-use assets

 

 

17,653

 

 

 

20,626

 

Deferred income tax assets

 

 

4,441

 

 

 

4,437

 

Goodwill

 

 

94,468

 

 

 

106,335

 

Other intangible assets, net

 

 

38,943

 

 

 

45,895

 

Other assets

 

 

26,516

 

 

 

24,768

 

 

 

$

441,823

 

 

$

495,805

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

4,790

 

 

$

33,119

 

Accounts payable

 

 

36,834

 

 

 

28,450

 

Accrued payroll and employee benefits

 

 

8,641

 

 

 

9,049

 

Deferred revenue

 

 

36,003

 

 

 

34,704

 

Other current liabilities

 

 

21,116

 

 

 

16,153

 

Total current liabilities

 

 

107,384

 

 

 

121,475

 

Long-term debt, net of current portion

 

 

180,646

 

 

 

177,088

 

Operating lease liabilities

 

 

19,217

 

 

 

24,279

 

Other non-current liabilities

 

 

35,258

 

 

 

35,044

 

Total liabilities

 

 

342,505

 

 

 

357,886

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $.01 par value; 3,000 shares authorized; no shares issued or outstanding

 

 

 

 

 

 

Common stock, $.01 par value; 80,000 shares authorized; 35,035 and 34,322 shares

   issued and outstanding at November 30, 2020 and February 29, 2020, respectively

 

 

350

 

 

 

343

 

Additional paid-in capital

 

 

229,326

 

 

 

220,482

 

Accumulated deficit

 

 

(129,245

)

 

 

(81,531

)

Accumulated other comprehensive loss

 

 

(1,113

)

 

 

(1,375

)

Total stockholders' equity

 

 

99,318

 

 

 

137,919

 

 

 

$

441,823

 

 

$

495,805

 

 

See accompanying notes to condensed consolidated financial statements.

3


CALAMP CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

58,327

 

 

$

65,930

 

 

$

162,376

 

 

$

195,867

 

Application subscriptions and other services

 

 

29,685

 

 

 

30,667

 

 

 

89,388

 

 

 

83,036

 

Total revenues

 

 

88,012

 

 

 

96,597

 

 

 

251,764

 

 

 

278,903

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

37,773

 

 

 

43,569

 

 

 

110,561

 

 

 

121,659

 

Application subscriptions and other services

 

 

15,234

 

 

 

16,144

 

 

 

44,335

 

 

 

47,279

 

Total cost of revenues

 

 

53,007

 

 

 

59,713

 

 

 

154,896

 

 

 

168,938

 

Gross profit

 

 

35,005

 

 

 

36,884

 

 

 

96,868

 

 

 

109,965

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

6,783

 

 

 

7,742

 

 

 

20,096

 

 

 

22,552

 

Selling and marketing

 

 

14,647

 

 

 

14,683

 

 

 

41,026

 

 

 

45,198

 

General and administrative

 

 

13,642

 

 

 

14,283

 

 

 

41,210

 

 

 

44,660

 

Intangible asset amortization

 

 

1,855

 

 

 

3,325

 

 

 

5,591

 

 

 

9,683

 

Restructuring

 

 

92

 

 

 

848

 

 

 

2,551

 

 

 

3,120

 

Impairment loss

 

 

17,999

 

 

 

 

 

 

22,574

 

 

 

 

Total operating expenses

 

 

55,018

 

 

 

40,881

 

 

 

133,048

 

 

 

125,213

 

Operating loss

 

 

(20,013

)

 

 

(3,997

)

 

 

(36,180

)

 

 

(15,248

)

Non-operating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

 

584

 

 

 

1,108

 

 

 

1,282

 

 

 

4,445

 

Interest expense

 

 

(3,880

)

 

 

(4,987

)

 

 

(11,814

)

 

 

(15,998

)

Loss on extinguishment of debt

 

 

 

 

 

(2,408

)

 

 

 

 

 

(2,408

)

Other income (expense)

 

 

(52

)

 

 

232

 

 

 

(43

)

 

 

26

 

Total non-operating expense

 

 

(3,348

)

 

 

(6,055

)

 

 

(10,575

)

 

 

(13,935

)

Loss before income taxes and impairment loss in investment of affiliate

 

 

(23,361

)

 

 

(10,052

)

 

 

(46,755

)

 

 

(29,183

)

Income tax benefit (provision)

 

 

(319

)

 

 

2,637

 

 

 

(825

)

 

 

6,236

 

Loss before impairment loss in investment of affiliate

 

 

(23,680

)

 

 

(7,415

)

 

 

(47,580

)

 

 

(22,947

)

Impairment loss in investment of affiliate

 

 

 

 

 

 

 

 

 

 

 

(530

)

Net loss

 

$

(23,680

)

 

$

(7,415

)

 

$

(47,580

)

 

$

(23,477

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.68

)

 

$

(0.22

)

 

$

(1.39

)

 

$

(0.70

)

Diluted

 

$

(0.68

)

 

$

(0.22

)

 

$

(1.39

)

 

$

(0.70

)

Shares used in computing loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,599

 

 

 

33,822

 

 

 

34,292

 

 

 

33,589

 

Diluted

 

 

34,599

 

 

 

33,822

 

 

 

34,292

 

 

 

33,589

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(23,680

)

 

$

(7,415

)

 

$

(47,580

)

 

$

(23,477

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

1,062

 

 

 

1,165

 

 

 

262

 

 

 

(122

)

Total comprehensive loss

 

$

(22,618

)

 

$

(6,250

)

 

$

(47,318

)

 

$

(23,599

)

 

See accompanying notes to condensed consolidated financial statements.

4


CALAMP CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended

 

 

November 30,

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

Net loss

$

(47,580

)

 

$

(23,477

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation expense

 

15,008

 

 

 

14,054

 

Intangible asset amortization expense

 

5,591

 

 

 

9,683

 

Stock-based compensation expense

 

9,499

 

 

 

9,378

 

Amortization of discount and debt issuance costs

 

7,712

 

 

 

11,031

 

Impairment loss

 

22,574

 

 

 

 

Impairment of operating lease right-of-use (ROU) assets

 

 

 

 

1,210

 

Noncash operating lease cost

 

3,943

 

 

 

3,440

 

Loss on extinguishment of debt

 

 

 

 

2,408

 

Revenue assigned to factors

 

(4,864

)

 

 

(5,016

)

Deferred tax assets, net

 

372

 

 

 

(5,701

)

Other

 

397

 

 

 

1,342

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

4,772

 

 

 

(1,145

)

Inventories

 

4,919

 

 

 

(5,747

)

Prepaid expenses and other assets

 

(4,427

)

 

 

(1,853

)

Accounts payable

 

7,514

 

 

 

(7,652

)

Accrued liabilities

 

5,778

 

 

 

(1,805

)

Deferred revenue

 

(2,323

)

 

 

3,797

 

Operating lease liabilities

 

(4,542

)

 

 

(644

)

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

24,343

 

 

 

3,303

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

Proceeds from maturities of marketable securities

 

6,264

 

 

 

35,129

 

Purchases of marketable securities

 

(6,264

)

 

 

(19,543

)

Capital expenditures

 

(11,090

)

 

 

(17,637

)

Acquisitions, net of cash acquired

 

 

 

 

(60,634

)

Other

 

 

 

 

371

 

NET CASH USED IN INVESTING ACTIVITIES

 

(11,090

)

 

 

(62,314

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Proceeds from Paycheck Protection Program Loan

 

10,000

 

 

 

 

Repayment of Paycheck Protection Program Loan

 

(10,000

)

 

 

 

Proceeds from revolving credit facility, net of issuance cost

 

19,944

 

 

 

 

Repayment of 2020 Convertible Notes