'Vecima's momentum accelerated to the next level in the second quarter as surging demand for our industry-leading Entra Distributed Access Architecture (DAA) and MediaScaleX IPTV solutions drove year-over-year organic sales growth of 47% and resulted in consolidated revenue of
'Our phenomenal top-line performance carried through with leverage to our bottom line, with second quarter adjusted EBITDA nearly tripling year-over-year to
'As anticipated, second quarter results were led by our Video and Broadband Solutions segment and a record quarter for our Entra DAA portfolio,' added
'While it was already a ground-breaking quarter for Vecima, I want to emphasize that the cable and broadcast industries are still in the early stages of the transformative shift to Distributed Access Architecture and IPTV. We see significantly greater growth potential ahead, including multiple investment cycles for our industry-leading platforms. Accordingly, as we begin to capture the rewards of the first wave of network transformations, we are already investing in the next. This includes not only the numerous new products and feature enhancements we introduced in the second quarter, but also importantly, future-defining advancements we are making, such as our recent DOCSIS 4.0 milestone with
'I am pleased to report that we ended the second half in very strong financial shape, with
About
Adjusted EBITDA and Adjusted Earnings (Loss) Per Share
Adjusted EBITDA and Adjusted Earnings (Loss) Per Share do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures provided by other issuers. Accordingly, investors are cautioned that Adjusted EBITDA or Adjusted Earnings (Loss) Per Share should not be construed as an alternative to net income, determined in accordance with IFRS, as an indicator of the Company's financial performance or as a measure of its liquidity and cash flows. For a reconciliation of Adjusted EBITDA or Adjusted Earnings (Loss) Per Share, investors should refer to Vecima's Management's Discussion and Analysis for the second quarter of fiscal 2022.
Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words 'believes', 'may', 'plans', 'will', 'anticipates', 'intends', 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes the following statements: Vecima's momentum accelerated to the next level in the second quarter as surging demand; these are significant achievements that reflect not only the rapidly growing demand for our next-generation products, but also our disciplined approach; as anticipated, second quarter results were led by our Video and Broadband Solutions segment and a record quarter for our Entra DAA portfolio; a wide array of broadband service providers have begun their transition to Distributed Access Architecture, with Vecima's pioneering and market-leading DAA technology underpinning the evolution to the multi-gigabit broadband internet era; while it was already a ground-breaking quarter for Vecima, the cable and broadcast industries are still in the early stages of the transformative shift to Distributed Access Architecture and IPTV; we see significantly greater growth potential ahead, including multiple investment cycles for our industry-leading platforms; our strong balance sheet, strategic investment in growth inventory, and available liquidity positions us to continue supporting our rapid growth and next-generation technology development as we pursue the truly outstanding opportunities in the worldwide DAA and IPTV markets; as we move into the second half, we see a continued escalation of the high demand for our products, tempered only by the contraints of ongoing worldwide supply chain issues and materials shortages; with the industry's strongest and most relevant portfio of DAA and cable access solutions, expanding relationships with 80 cable operators worldwide, and a growing volume of customer purchase orders and forecasts providing excellent and high demand visibility, we expect
A more complete discussion of the risks and uncertainties facing Vecima is disclosed under the heading 'Risk Factors' in the Company's Annual Information Form dated
Contact:
Investor Relations
T: 250-881-1982
E: invest@vecima.com
(C) 2022 Electronic News Publishing, source