CalAmp Corp.

CIK:0000730255|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2022
Revenues:
Revenues	$ 53,625	$ 78,889	$ 186,230	$ 216,443
Cost of revenues:
Cost of revenues	36,051	52,275	119,251	135,170
Gross profit	17,574	26,614	66,979	81,273
Operating expenses:
Research and development	4,051	5,479	14,693	19,236
Selling and marketing	8,884	12,486	29,525	36,698
General and administrative	10,114	11,172	31,482	39,864
Intangible asset amortization	1,116	1,323	3,466	3,995
Restructuring	1,718		1,718
Impairment loss	75,106		75,106
Total operating expenses	100,989	30,460	155,990	99,793
Operating loss	(83,415)	(3,846)	(89,011)	(18,520)
Non-operating income (expense):
Investment (loss) income	(124)	818	360	646
Interest expense	(1,410)	(1,648)	(4,662)	(4,645)
Other (expense) income, net	(17)	211	577	(1,238)
Total non-operating expenses	(1,551)	(619)	(3,725)	(5,237)
Loss from operations before income taxes	(84,966)	(4,465)	(92,736)	(23,757)
Income tax provision	(38)	(268)	(525)	(643)
Net loss	$ (85,004)	$ (4,733)	$ (93,261)	$ (24,400)
Loss per share:
Basic	$ (2.27)	$ (0.13)	$ (2.52)	$ (0.68)
Diluted	$ (2.27)	$ (0.13)	$ (2.52)	$ (0.68)
Shares used in computing loss per share:
Basic	37,427	36,357	37,023	36,027
Diluted	37,427	36,357	37,023	36,027
Comprehensive loss:
Net loss	$ (85,004)	$ (4,733)	$ (93,261)	$ (24,400)
Other comprehensive loss:
Foreign currency translation adjustments	(1,248)	(316)	(265)	(1,957)
Total comprehensive loss	(86,252)	(5,049)	(93,526)	(26,357)
Products [Member]
Revenues:
Revenues	31,205	53,331	114,829	138,420
Cost of revenues:
Cost of revenues	23,216	37,672	80,026	93,705
Application Subscriptions and Other Services [Member]
Revenues:
Revenues	22,420	25,558	71,401	78,023
Cost of revenues:
Cost of revenues	$ 12,835	$ 14,603	$ 39,225	$ 41,465

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (93,261)	$ (24,400)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	12,632	12,108
Intangible asset amortization	3,466	3,995
Stock-based compensation	5,469	8,186
Amortization of debt issuance costs and discount	825	877
Impairment loss	75,106
Noncash operating lease cost	2,575	2,591
Revenue assigned to factors	(798)	(2,143)
Deferred tax assets, net	480	132
Other	381	122
Changes in operating assets and liabilities:
Accounts receivable	12,450	(26,787)
Inventories	(9,818)	(4,634)
Prepaid expenses and other assets	7,600	(8,878)
Accounts payable	(6,484)	20,752
Accrued liabilities	(1,712)	2,802
Deferred revenue	718	(2,883)
Operating lease liabilities	(3,636)	(3,681)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	5,993	(21,841)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,176)	(9,294)
NET CASH USED IN INVESTING ACTIVITIES	(6,176)	(9,294)
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes paid related to net share settlement of vested equity awards	(520)	(1,675)
Proceeds from exercise of stock options and contributions to employee stock purchase plan	131	502
NET CASH USED IN FINANCING ACTIVITIES	(389)	(1,173)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(3,187)	(2,007)
Net change in cash and cash equivalents	(3,759)	(34,315)
Cash and cash equivalents at beginning of period	41,928	79,221
Cash and cash equivalents at end of period	$ 38,169	$ 44,906

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Nov. 30, 2023	Feb. 28, 2023
Current assets:
Cash and cash equivalents	$ 38,169	$ 41,928
Accounts receivable, net	70,909	82,946
Inventories	34,059	23,902
Prepaid expenses and other current assets	25,824	26,019
Total current assets	168,961	174,795
Property and equipment, net	25,724	32,832
Operating lease right-of-use assets	10,168	12,293
Deferred income tax assets	2,927	3,275
Goodwill	20,583	94,214
Other intangible assets, net	23,608	26,633
Other assets	29,270	36,078
Total assets	281,241	380,120
Current liabilities:
Current portion of long-term debt		705
Accounts payable	46,695	52,716
Accrued payroll and employee benefits	10,112	11,766
Deferred revenue	26,328	25,448
Other current liabilities	16,568	15,865
Total current liabilities	99,703	106,500
Long-term debt, net of current portion	228,148	227,416
Operating lease liabilities	9,007	12,314
Other non-current liabilities	18,522	19,583
Total liabilities	355,380	365,813
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $.01 par value; 3,000 shares authorized; no shares issued or outstanding
Common stock, $.01 par value; 80,000 shares authorized; 37,741 and 37,388 shares issued and outstanding at August 31, 2023 and February 28, 2023, respectively	379	374
Additional paid-in capital	189,747	184,672
Accumulated deficit	(262,077)	(168,816)
Accumulated other comprehensive loss	(2,188)	(1,923)
Total stockholders' equity (deficit)	(74,139)	14,307
Total liabilities and stockholders' equity	$ 281,241	$ 380,120