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MITEL NETWORKS CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Oct 24, 2018. Its latest SEC filing is a 15-12B from Dec 10, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Sells cloud and on-site business communications and collaboration software, services, and equipment to businesses and service providers.

How Did They Make Money?

Businesses pay upfront for on-site communications hardware and software, with maintenance and support fees over contract terms; cloud customers pay monthly recurring fees as services are provided.

FY2017 revenue

Who Were Their Customers?

Businesses from small firms to large enterprises buy Mitel communications solutions. Sales are primarily through channel, distribution partners, and master agents; cloud offerings also reach end users directly or through service providers.

Did Revenues Turn Into Profits?

No. It lost $49.7M in FY2017.

Operating income, FY2017
−3% of revenue
▼ Now a loss vs FY2016 ($49.8M, 5%)
Net income, FY2017
−5% of revenue
▼ −77% (Loss) vs FY2016 (−$217.3M, −22%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q3 FY2018, the three months to Sep 30, 2018
Revenue
▲ +28%
vs $241.5M in Q3 FY2017
Net income
▼ −75% (Loss)
vs −$26.8M in Q3 FY2017
  • Nov 30, 2018 Searchlight-advised funds acquired Mitel Shareholders received US$11.15 per share in cash, and Mitel requested delisting from Nasdaq and the Toronto Stock Exchange.

Grew. Revenue grew 86% in 4 years, from $569.5M in FY2013 to $1.1B in FY2017, about 17% a year.

Wholesale cloud billing The older report says wholesale cloud offerings could be billed monthly or sold upfront with hardware and software; the latest report describes wholesale cloud revenue as monthly recurring fees.

Who Did They Compete With?

Competes with Avaya, Atos, Broadsoft, Cisco Systems, 8X8, Fuze, j2 Global, Ribbon Communications, RingCentral, Verizon Communications, Vonage Holdings, West IP Communications, AT&T, Alcatel-Lucent Enterprise, Ascom Holding, Enghouse Interactive, Ericsson-LG, Genesys Telecommunications Laboratories, Grandstream Networks, and Huawei Technologies

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