Avigilon Corporation, a trusted provider of business intelligence and security solutions, reported financial results for the three and twelve months ended December 31, 2015. All figures are in Canadian dollars unless otherwise stated.
Fourth quarter 2015 financial highlights
- Record Revenue, Adjusted EBITDA, Adjusted Earnings, and Diluted Adjusted Earnings Per Share
- Revenue was $109.1 million, an increase of 37% over Q4 2014 revenue of $79.5 million
- Gross margin was 56%, down from 58% a year earlier
- Adjusted EBITDA was $20.8 million, a 21% increase over Q4 2014 Adjusted EBITDA of $17.2 million
- Adjusted Earnings were $12.3 million, a 3% increase over Q4 2014 Adjusted Earnings of $11.9 million
- Diluted Adjusted Earnings Per Share of $0.28, compared with $0.25 in Q4 2014
2015 financial highlights
- Record Revenue, Adjusted EBITDA, Adjusted Earnings, and Diluted Adjusted Earnings Per Share
- Revenue was $369.4 million, an increase of 36% over 2014 revenue of $271.4 million
- Gross margin was 57%, consistent with 57% a year earlier
- Adjusted EBITDA was $66.3 million, a 22% increase over 2014 Adjusted EBITDA of $54.3 million
- Adjusted Earnings were $39.6 million, a 6% increase over 2014 Adjusted Earnings of $37.2 million
- Diluted Adjusted Earnings Per Share of $0.86, compared with $0.80 in 2014
"We're pleased to report record-setting financial results for our 2015 fourth quarter and year," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "We're very proud of our financial performance, and look forward to setting new records in 2016."
Financial outlook
The company expects to achieve its annual run-rate revenue goal of CAD$500 million by the end of 2016 |
Commencing with the release of the Q1 2016 financial statements, Avigilon will present their financial results in US dollars ("USD") instead of Canadian dollars. The change in presentation currency is intended to better reflect Avigilon's business activities and to improve investors' ability to compare the company's financial results with other publicly traded industry participants. Accordingly, the following 2016 annual financial outlook is provided in USD, except for the annual run-rate revenue goal of CAD$500 million by the end of 2016.
Avigilon plans to continue executing on its successful strategy of delivering strong annual year-over-year revenue growth while remaining profitable. The company expects to achieve its annual run-rate revenue goal of CAD$500 million by the end of 2016.
As of March 1, 2016, Avigilon expects the following for fiscal year 2016:
- Revenue between USD$335 million and USD$365 million
- Adjusted EBITDA margin between 15% and 20%
- Adjusted Earnings Per Share between USD$0.66 and USD$0.88
- Effective tax rate between 28% and 30%
- Capital expenditures between USD$30 million and USD$35 million
