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 August 31, 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading symbol Name of Each Exchange On Which Registered Common stock, $0.01 per share CAMP Nasdaq Global Select Market 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 May 31, 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 N ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED FEBRUARY 29, 2020 COMMISSION FILE NUMBER: 0-12182 CALAMP CORP. (Exact name of Registrant as specified in its Charter) Delaware 95-3647070 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 15635 Alton Parkway, Suite 250 Irvine, California 92618 (Addres ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20statements) The company presents its unaudited condensed consolidated financial statements, reporting a decrease in total assets and a significant net loss [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20consolidated%20balance%20sheets) Total assets decreased to $562.4 million by November 30, 2019, primarily due to a reduction in cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Nov 30, 2019 | Feb 28, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $101,634 | $256,500 | | Total current assets | $253,253 | $403,497 | | Goodwill | $105,584 | $80,805 | | Total assets | $562,411 | $603,626 | | Total current liabilities | $129,831 | $83,592 | | Long-term debt, net | $176,378 | $275,905 | | Total liabilities | $371,758 | $397,973 | | Total stockholders' equity | $190,653 | $205,653 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20consolidated%20statements%20of%20comprehensive%20income%20%28loss%29) The company reported a net loss of $7.4 million for Q3 and $23.5 million for the nine months ended November 30, 2019 Financial Performance Highlights (in thousands, except per share data) | Metric | Three Months Ended Nov 30, 2019 | Three Months Ended Nov 30, 2018 | Nine Months Ended Nov 30, 2019 | Nine Months Ended Nov 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $96,597 | $88,495 | $278,903 | $279,420 | | Gross Profit | $36,884 | $36,381 | $109,965 | $114,293 | | Operating Income (Loss) | $(3,997) | $599 | $(15,248) | $4,274 | | Net Income (Loss) | $(7,415) | $(522) | $(23,477) | $7,135 | | Diluted EPS | $(0.22) | $(0.02) | $(0.70) | $0.20 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Net cash from operating activities significantly declined to $3.3 million for the nine months ended November 30, 2019, leading to a net decrease in cash Cash Flow Summary for Nine Months Ended Nov 30 (in thousands) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $3,303 | $48,093 | | Net Cash from Investing Activities | $(62,314) | $(17,148) | | Net Cash from Financing Activities | $(95,462) | $108,578 | | **Net Change in Cash** | **$(154,866)** | **$139,010** | [Notes to Financial Statements](index=7&type=section&id=Notes%20to%20unaudited%20condensed%20consolidated%20financial%20statements) The notes detail accounting policies, recent acquisitions, debt structure, and significant legal proceedings including the Omega patent case [Management's Discussion and Analysis (MD&A)](index=33&type=section&id=ITEM%202.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management discusses financial performance across segments, highlighting revenue growth from acquisitions, liquidity, and operational risks - The company is undergoing a strategic transformation towards higher-value, subscription-based services, accelerated by the acquisitions of Tracker UK, LoJack Mexico, and Synovia[141](index=141&type=chunk) - Telematics Systems revenue declined due to reduced sales to large customers and a product line transition at its largest OEM customer, which is expected to be temporary[146](index=146&type=chunk) - Liquidity is supported by cash on hand and a **$50 million** revolving credit facility. The company expects to settle the remaining **$27.6 million** of its 2020 Convertible Notes with cash in May 2020[190](index=190&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Revenue increased **9.2%** in Q3 to **$96.6 million**, but operating expenses rose, leading to an operating loss for both the quarter and nine-month period Revenue by Segment - Q3 2019 vs Q3 2018 (in thousands) | Segment | Q3 2019 | Q3 2018 | % Change | | :--- | :--- | :--- | :--- | | Telematics Systems | $63,192 | $68,552 | (7.8%) | | Software & Subscription Services | $33,405 | $19,943 | 67.5% | | **Total** | **$96,597** | **$88,495** | **9.2%** | Revenue by Segment - Nine Months 2019 vs 2018 (in thousands) | Segment | Nine Months 2019 | Nine Months 2018 | % Change | | :--- | :--- | :--- | :--- | | Telematics Systems | $188,782 | $222,004 | (15.0%) | | Software & Subscription Services | $90,121 | $57,416 | 57.0% | | **Total** | **$278,903** | **$279,420** | **(0.2%)** | - Operating expenses for the nine months increased by **$15.2 million (13.8%)** YoY, primarily driven by higher Selling & Marketing and General & Administrative costs related to recent acquisitions[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily from cash on hand and a revolving credit facility, with significant cash used for acquisitions and debt repurchase - Primary sources of liquidity are **$103.6 million** in cash and marketable securities and an undrawn **$50 million** revolving credit facility[190](index=190&type=chunk) - Significant cash uses in the first nine months of fiscal 2020 included acquisitions of Tracker UK (**$13.1 million**), LoJack Mexico (**$14.3 million**), and Synovia (**$49.8 million**), and the repurchase of **$94.7 million** of convertible notes[192](index=192&type=chunk)[205](index=205&type=chunk) - Net cash from operating activities for the nine months ended Nov 30, 2019 was **$3.3 million**, a significant decrease from **$48.1 million** in the prior year period[201](index=201&type=chunk)[202](index=202&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=ITEM%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) The company is exposed to market risks from foreign currency exchange rates and interest rates, though interest rate risk is deemed immaterial - The company has exposure to foreign currency risk from its international operations, resulting in a cumulative translation loss of **$0.8 million** as of November 30, 2019[212](index=212&type=chunk) - Interest rate risk is primarily related to the company's investment portfolio in fixed debt securities. Management believes this risk is not material due to the short-term nature of the portfolio[214](index=214&type=chunk)[215](index=215&type=chunk) [Controls and Procedures](index=47&type=section&id=ITEM%204.%20Controls%20and%20procedures) Management concluded disclosure controls were effective, while a new ERP system implementation is modifying internal controls over financial reporting - The principal executive and financial officers concluded that disclosure controls and procedures are effective as of November 30, 2019[217](index=217&type=chunk) - The company is implementing a new ERP system in phases, which has required modifications to internal controls over financial reporting. The first phase was completed in Q2 FY2020[218](index=218&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=48&type=section&id=ITEM%201.%20Legal%20proceedings) The company is involved in various legal proceedings, most notably the Omega patent infringement lawsuit where a jury awarded damages - In the Omega patent infringement case, a jury awarded Omega damages of **$4.6 million** plus **$0.8 million** in pre-judgment interest in September 2019[134](index=134&type=chunk) - CalAmp plans to file motions seeking judgment as a matter of law or a new trial, and intends to appeal if the judgment remains intact[134](index=134&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A.%20Risk%20factors) The company highlights various risk factors including U.S. tariffs, Brexit uncertainty, and operational risks from ERP system implementation - The company faces risks from U.S. tariffs on Chinese imports, though it does not currently expect a material impact. Further tariffs or retaliatory measures could negatively affect revenue or operating results[222](index=222&type=chunk) - Uncertainty related to Brexit could adversely affect relationships with European customers, suppliers, and employees, impacting financial results[223](index=223&type=chunk) - The ongoing implementation of a new ERP system poses significant operational risks, including potential disruptions to supply chain, customer billing, and timely financial reporting[224](index=224&type=chunk) [Exhibits](index=49&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreement amendments and Sarbanes-Oxley Act certifications - Filed exhibits include an amendment to the employment agreement for Kurtis Binder and required CEO/CFO certifications under the Sarbanes-Oxley Act[226](index=226&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading symbol Name of Each Exchange On Which Registered Common stock, $0.01 per share CAMP Nasdaq Global Select Market Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended August 31, 2019 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: ...

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 quarter ended May 31, 2019 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. Employ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED FEBRUARY 28, 2019 COMMISSION FILE NUMBER: 0-12182 CALAMP CORP. (Exact name of Registrant as specified in its Charter) Delaware 95-3647070 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 15635 Alton Parkway, Suite 250 Irvine, California 92618 (Addres ...