Avigilon, provider of security solutions, reported financial results for the three and twelve months ended December 31, 2016.
Avigilon, provider of security solutions, reported financial results for the three and twelve months ended December 31, 2016. All figures are in United States ("US") dollars unless otherwise stated.
Fourth Quarter 2016 Highlights
Record revenue of $102.2 million, compared with $81.4 million in Q4 2015, resulting from record unit volume, success of H4 camera platform, and contributions from the Avigilon Patent License Program ("Patent License Program"). Avigilon's revenue growth continued to outpace that of the industry.
Record gross profit of $52.1 million, compared with $45.6 million in Q4 2015.
Gross margin percentage of 51%, in line with management's plan to increase unit volume to drive greater revenue, gross profit, and cash flow from operations.
Record Adjusted EBITDA of $20.8 million, compared with $15.5 million in Q4 2015.
Record Adjusted Earnings of $11.5 million, compared with $9.1 million in Q4 2015.
Record diluted Adjusted EPS of $0.26, compared with $0.21 in Q4 2015.
Record cash flow from operations of $18.8 million, compared with cash used in operations of $8.8 million in Q4 2015.
Recognized by Deloitte as one of North America's Fastest Growing Companies.
Announced listing of office tower to explore potential sale and leaseback.
Expanded H4 camera platform with new products featuring video analytics.
Fiscal Year 2016 Financial Highlights
Record revenue, gross profit, Adjusted EBITDA, and cash flow from operations.
Record revenue of $353.6 million, compared with $287.6 million in 2015.
Record gross profit of $184.0 million, compared with $165.1 million in 2015.
Record Adjusted EBITDA of $54.4 million, compared with $51.3 million in 2015.
Adjusted Earnings and diluted Adjusted EPS were $27.0 million and $0.61, respectively, compared with $30.4 million and $0.66 in 2015. 2016 results were impacted by increases in non-cash amortization, interest expense and investments to expand the Company's sales and marketing initiatives and product portfolio. In the second half of the year, these items were offset by an increase in gross profit as a result of the Pricing Adjustment and increased contributions from the Patent License Program.
Record cash flow from operations of $43.0 million, compared with cash used in operations of $1.8 million in 2015.
"Once again, we've set new quarterly and annual records for revenue and gross profit while generating record cash flow from operations," said Alexander Fernandes, Avigilon's Founder, President, Chief Executive Officer and Chairman of the Board. "We have a robust pipeline of groundbreaking new products and video analytics launching this year, and global demand for our solutions is stronger than ever."