IRVINE, Calif., May 01, 2024 (GLOBE NEWSWIRE) -- CalAmp (NASDAQ:CAMP), a connected intelligence company helping people and organizations improve operational performance with a data-driven solutions ecosystem, proudly announces the launch of Dispatch Monitor. This innovative application seamlessly integrates with the CalAmp K-12 suite of application solutions, fortifying CalAmp's commitment to improving school bus fleet management. Dispatch Monitor provides school districts with a comprehensive and real-time ...

IRVINE, Calif., Feb. 27, 2024 (GLOBE NEWSWIRE) -- CalAmp (NASDAQ:CAMP), a connected intelligence company helping people and organizations improve operational performance with a data-driven solutions ecosystem, today announced that on February 5, 2024, the Human Capital Committee of CalAmp's Board of Directors granted inducement restricted and performance stock unit awards covering 65,218 shares of CalAmp common stock to its Chief Executive Officer. The awards were granted under CalAmp's 2023 Employment Indu ...

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Financial Data and Key Metrics Changes - Total revenues in Q3 FY '24 were $53.6 million, a decline of 32% year-over-year and 13% sequentially from $61.7 million in the previous quarter [18][15] - Adjusted EBITDA for the quarter was $1 million, representing 2% of revenues, which was lower than expected due to reduced revenue and gross margin [19][15] - Consolidated gross margin decreased to 33% from 36% in the prior quarter, driven by unfavorable product mix and higher warranty expenses [33] Business Line Data and Key Metrics Changes - The industrial segment continued to perform strongly, particularly with large OEM customers, while the connected car segment remained steady [4][8] - Recurring application subscription revenue was $17.8 million, a sequential decline of $900,000, primarily due to a large insurance carrier exiting the UK market [8] - The decline in revenues was largely attributed to lower sales to TSP customers, which was partially offset by strong performance in industrial and connected car segments [18] Market Data and Key Metrics Changes - The international connected car business achieved several milestones, including Toyota Genuine certification and endorsement from Jaguar Land Rover for its Stolen Vehicle Recovery system [16] - The TSP market is experiencing a recovery, with early signs of stabilization and improved order volumes [22][14] Company Strategy and Development Direction - The company is narrowing its strategic focus to market segments with the best opportunities for profitable growth, which is expected to result in approximately $16 million in annualized savings [7] - A significant migration from the legacy PULS device management system to the DMCTC system has been completed, allowing TSP customers to leverage improved functionality [14] - The company is optimistic about growth catalysts in the K-12 segment and connected car market, with plans for geographical expansion in Europe [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery in the TSP market is expected to be slow, but there are signs of improvement [22] - The company anticipates a decrease in revenues from the industrial market segment to a more normalized level, partially offset by recovery from TSP customers [43] - Management expressed confidence in the new leadership appointment of Chris Adams as President and CEO, effective January 22, 2024 [17] Other Important Information - The company recognized a $74 million goodwill impairment due to significant revenue declines in the TSP market segment [34] - A $45 million term loan was closed to enhance strategic positioning and provide financial flexibility [31] Q&A Session Summary Question: What is driving confidence in a recovery in the TSP market? - Management indicated that order volume is increasing and there are favorable anecdotal comments from TSPs, suggesting a recovery is underway, albeit slowly [22] Question: Can you provide an update on strategic options for addressing the 2025 convertible note? - Management discussed the need to grow the business and increase profitability to create opportunities for refinancing and managing debt [38] Question: How are the new applications and solutions performing in terms of growth? - Management highlighted the launch of the upgraded AI dash cam solution, Vision 2.1, which is expected to drive revenue growth in the K-12 and commercial fleet applications [42]

Form 10-Q For the transition period from to 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) Certain notes and other information included in the audited financial statements in our Annual Report on Form 10-K for the fiscal year ended February 28, 2023 are condensed in or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these f ...

$194.2 million and $234.5 million respectively. As of August 31, 2023, we expect to recognize approximately 30% of the revenue under these remaining performance obligations in the remainder of fiscal 2024 and 35% in fiscal 2025. As of February 28, 2023, we expected to recognize approximately 49% of the then remaining performance obligations in fiscal 2024 and 27% in fiscal 2025. We exclude contracts that have original durations of less than one year from the aforementioned remaining performance obligation d ...

CalAmp Corp. (NASDAQ:CAMP) Q2 2024 Earnings Conference Call October 5, 2023 5:00 PM ET Jason Cohenour - Interim Chief Executive Officer Scott Searle - ROTH MKM Logan Lucas - Corporate Strategy and Investor Relations Manager Conference Call Participants George Notter - Jefferies Welcome to CalAmp's Second Quarter 2024 Financial Results Conference Call. My name is Cole, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for quest ...

Well, if you look at fiscal '23, right, Q3 and Q4, we're up at $79 and $79. I think those ordering is kind of what caused some of the TSP problems. And so normalization would put you somewhere between current levels in Q3 and Q4. Anthony Stoss All right. Thank you. Jeff Gardner You're welcome. Thanks Tony. Thank you. That concludes the question-and-answer session. I would now like to pass the conference back to Jeff Gardner for any closing remarks. Yes. Thank you very much. And thank you all for joining us ...

(1) Recurring application subscriptions includes zero and $0.8 million during the three months ended May 31, 2023 and 2022, respectively, attributable to the auto vehicle finance business which has been completely wound down. | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|--------|-------|--------| | Revenue by type of goods and services: | | 2023 | | 2022 | | Telematics devices and accessories | $ | 46,291 | $ | 39,395 | | Rental income and other services | $ ...

Financial Data and Key Metrics Changes - Fourth quarter revenue was $78.5 million, flat compared to the prior quarter and up 15% year-over-year from $68.4 million [65] - Full year revenue was $295 million, flat with the prior year [65] - Adjusted EBITDA in the fourth quarter increased 44% sequentially to $6.8 million, or approximately 9% of revenue, compared to $4.7 million or 6% of revenue in the prior year [82] - Full year adjusted EBITDA was $18.1 million, or 6% of revenue, compared to $24.7 million or 8% of revenue in the prior year [69] Business Line Data and Key Metrics Changes - Software and subscription services revenue in the fourth quarter grew 4% sequentially and approximately 25% year-over-year to a record $51.4 million, representing 65% of total revenue [39] - Telematic products revenue in the fourth quarter was $27.1 million, down 8% quarter-over-quarter and flat year-over-year [66] - Full year telematic products revenues declined 22% to $110 million from $142 million, reflecting ongoing supply shortages and customer transitions to a subscription model [67] Market Data and Key Metrics Changes - The largest OEM customer revenues increased 17% quarter-over-quarter and 95% year-over-year, totaling $15 million in the fourth quarter [50] - Annual recurring software application subscription revenue declined from $94 million to $80 million, primarily due to the discontinuation of the auto leasing business and foreign exchange headwinds [51] Company Strategy and Development Direction - The company aims for long-term recurring revenue growth of 10% driven by full stack solutions sales, with a target gross margin of around 50% [20] - The transition from a hardware-only business to a software and subscription model is ongoing, with 78% of hardware customers converted to a subscription model [42] - The focus will be on upselling existing customers to higher-margin software solutions while securing new software customers [46] Management's Comments on Operating Environment and Future Outlook - Management believes they have turned the corner and expects to return to year-over-year revenue growth by the end of fiscal year 2024 [33] - The company anticipates continued improvements in gross margins in 2024, with a focus on driving recurring revenues [69] - Management expressed confidence in the ongoing transformation to a software systems enterprise, aiming for a high level of execution during this transition [63] Other Important Information - The company announced a restructuring plan expected to result in annualized cash savings of approximately $10 to $12 million [54] - Total net borrowing capacity at the end of the year was $34 million, with aggregate outstanding debt of approximately $232 million [55] Q&A Session Summary Question: What is the path and timing around a positive inflection in free cash flow? - Management indicated that improvements in cash flow should be seen in the second half of the year, driven by cost reductions and improved gross margins [8] Question: Can you provide details on the cost-saving plans? - The company expects annual cash flow reductions of $8 to $10 million, with 80% coming from operating expenses [16] Question: What is the expected organic growth rate for connected devices? - The long-term goal for recurring revenue growth is 10%, with significant progress expected in the coming year [20] Question: Will the software and subscription business continue to grow sequentially throughout the year? - Management confirmed that the goal is for the software and subscription business to grow sequentially [23] Question: How has the upsell pattern been for customers converted to DMC TC? - Management noted that customers are beginning to realize the value of DMC TC, with opportunities for upselling additional features [26] Question: What is the impact of pricing increases on gross margins? - Management confirmed that pricing adjustments have been implemented successfully, contributing to improved gross margins [88]