ShoreTel was founded in 1996 and is headquartered in Sunnyvale, US

ShoreTel has offices in Sunnyvale, Austin, Milwaukee, New York and in 13 other locations

Sunnyvale, US (HQ)

960 Stewart Dr

Singapore, SG

8 Temasek Boulevard #41-03 Suntec Tower 3

Manila, PH

Unit 10A, 5th Ave. cor. 26th St, E-Square, Crescent Park West, Bonifacio Global City, Taguig 1634

Bengaluru, IN

100 Feet Rd

Alcobendas, ES

Sepulveda, 17 – edificio data 28108 Alcobendas, MADRID

München, DE

3 Prielmayerstraße

## Founding Date | 1996 |

## Total Funding | $13.5 m |

## Investors | Foundation Capital |

In total, ShoreTel had raised $13.5 m. ShoreTel is a subsidiary of Mitel Networks

ShoreTel's revenue was reported to be $87.7 m in Q3, 2017

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Revenue | 339.8 m | 360.7 m | 360.3 m |

## Revenue growth, % | 6% | (0%) | |

## Cost of goods sold | 137.9 m | 142 m | 132.5 m |

## Gross profit | 201.9 m | 218.7 m | 227.8 m |

## Gross profit Margin, % | 59% | 61% | 63% |

## Sales and marketing expense | 111 m | 118.9 m | 126.1 m |

## R&D expense | 49.8 m | 53.4 m | 60.5 m |

## General and administrative expense | 40.4 m | 39.8 m | 41.8 m |

## Operating expense total | 201.1 m | 220.5 m | 230 m |

## EBIT | 830 k | (1.9 m) | (2.1 m) |

## EBIT margin, % | 0% | (1%) | (1%) |

## Interest expense | (643 k) | (531 k) | (469 k) |

## Income tax expense | 586 k | 961 k | 560 k |

## Net Income | (1 m) | (4.3 m) | (4.8 m) |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2015^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2016^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 90.4 m | 90.9 m | 85 m | 90.2 m | 90.4 m | 85.2 m | 86.3 m | 88 m | 87.7 m |

## Cost of goods sold | 36.7 m | 35.6 m | 35.1 m | 32.1 m | 32.5 m | 32.8 m | 32 m | 32.5 m | 31.5 m |

## Gross profit | 53.8 m | 55.3 m | 49.9 m | 58 m | 57.9 m | 52.4 m | 54.3 m | 55.5 m | 56.2 m |

## Gross profit Margin, % | 59% | 61% | 59% | 64% | 64% | 62% | 63% | 63% | 64% |

## Sales and marketing expense | 29 m | 29.3 m | 29.2 m | 30.8 m | 30.3 m | 32.5 m | 32.5 m | 30.6 m | 31.6 m |

## R&D expense | 13.7 m | 13.3 m | 13.6 m | 13.8 m | 13.8 m | 16.5 m | 16.7 m | 16.1 m | 17.1 m |

## General and administrative expense | 10 m | 10.6 m | 9.3 m | 10.1 m | 9.7 m | 11.3 m | 10.5 m | 11.1 m | 11.1 m |

## Operating expense total | 52.7 m | 53.1 m | 52.1 m | 54.8 m | 53.8 m | 60.3 m | 59.6 m | 57.8 m | 59.8 m |

## EBIT | 1.1 m | (6.3 m) | (2.2 m) | 3.2 m | 3.6 m | (8.7 m) | (5.3 m) | (2.4 m) | (3.6 m) |

## EBIT margin, % | 1% | (7%) | (3%) | 4% | 4% | (10%) | (6%) | (3%) | (4%) |

## Interest expense | (152 k) | (107 k) | (130 k) | (124 k) | (115 k) | (114 k) | (117 k) | (111 k) | (115 k) |

## Pre tax profit | 2.5 m | ||||||||

## Income tax expense | 403 k | 363 k | (273 k) | 124 k | 235 k | 159 k | |||

## Net Income | 366 k | (6.8 m) | (2.6 m) | 2.1 m | 2.5 m | (8.7 m) | (5.6 m) | (2.9 m) | (2.9 m) |

- Source: SEC Filings

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Cash | 53.5 m | 82.2 m | 61.7 m |

## Accounts Receivable | 13.3 m | ||

## Inventories | 26.5 m | 15.1 m | 12.5 m |

## Current Assets | 130 m | 153.4 m | 167 m |

## Goodwill | 122.8 m | 122.8 m | 129.4 m |

## Total Assets | 304 m | 322.5 m | 342.3 m |

## Accounts Payable | 17 m | 16.5 m | 14.9 m |

## Current Liabilities | 106 m | 110.7 m | 114.9 m |

## Total Liabilities | 139.6 m | ||

## Retained Earnings | (167.2 m) | (171.5 m) | (176.4 m) |

## Total Equity | 177.4 m | 190.2 m | 202.7 m |

## Financial Leverage | 1.7 x | 1.7 x | 1.7 x |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2015^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2016^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 57.3 m | 67.4 m | 76.2 m | 96.5 m | 96.9 m | 86.8 m | 54.3 m | 54.4 m | 56.7 m |

## Inventories | 24.2 m | 19.4 m | 16.9 m | 13.5 m | 14.4 m | 15.5 m | 15.5 m | 15.8 m | 14 m |

## Current Assets | 131 m | 139.8 m | 137.4 m | 159.3 m | 163.3 m | 156 m | 158.6 m | 156.4 m | 158.8 m |

## PP&E | 19.8 m | 19 m | 21.3 m | 21.1 m | 20.8 m | 20.6 m | |||

## Goodwill | 122.8 m | 122.8 m | 122.8 m | 122.8 m | 128 m | 129.4 m | 129.4 m | 129.4 m | 129.4 m |

## Total Assets | 302.6 m | 310.8 m | 306.8 m | 326.4 m | 335.1 m | 333.2 m | 331.5 m | 327 m | 328.1 m |

## Accounts Payable | 12.8 m | 14.7 m | 13.4 m | 14.2 m | 13.3 m | 14.2 m | 16.1 m | 14.8 m | 15.9 m |

## Current Liabilities | 102.2 m | 110.3 m | 105 m | 109.1 m | 104.7 m | 108 m | 107.2 m | 103.8 m | 104.9 m |

## Retained Earnings | (166.8 m) | (173.6 m) | (176.2 m) | (169.3 m) | (166.9 m) | (175.6 m) | (182 m) | (184.9 m) | (187.8 m) |

## Total Equity | 179.8 m | 179.7 m | 180.7 m | 195.1 m | 205 m | 200.1 m | 200.1 m | 199.3 m | 199.1 m |

## Financial Leverage | 1.7 x | 1.7 x | 1.7 x | 1.7 x | 1.6 x | 1.7 x | 1.7 x | 1.6 x | 1.6 x |

USD | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|

## Net Income | (1 m) | (4.3 m) | (4.8 m) |

## Depreciation and Amortization | 18.3 m | 19.1 m | 20.5 m |

## Accounts Receivable | 3.2 m | (2.9 m) | 3.7 m |

## Inventories | (7.5 m) | 11.4 m | 2.9 m |

## Accounts Payable | 6.2 m | (795 k) | (701 k) |

## Cash From Operating Activities | 35.9 m | 41.1 m | 35.1 m |

## Purchases of PP&E | (11.7 m) | (11.4 m) | (10.8 m) |

## Cash From Investing Activities | (7 m) | (19.5 m) | (63.7 m) |

## Cash From Financing Activities | (19.2 m) | 7 m | 8.2 m |

## Interest Paid | 462 k | 298 k | 26 k |

## Income Taxes Paid | 894 k | 885 k | 1.2 m |

USD | Q1, 2014^{} | Q2, 2014^{} | Q3, 2015^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2016^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 366 k | (6.8 m) | (2.6 m) | 2.1 m | 2.5 m | (8.7 m) | (5.6 m) | (2.9 m) | (2.9 m) |

## Inventories | 24.2 m | 19.4 m | 16.9 m | 13.5 m | 14.4 m | 15.5 m | 15.5 m | 15.8 m | 14 m |

## Accounts Payable | 12.8 m | 14.7 m | 13.4 m | 14.2 m | 13.3 m | 14.2 m | 16.1 m | 14.8 m | 15.9 m |

Source: 81 public H-1B filings from ShoreTel