telecommunication systems ir presentation 25-06-1015
TRANSCRIPT
June 2015
Secure, Highly Reliable Wireless Communication
Enabling Convergent Technologies®
Enabling Convergent Technologies®
Investor Caution Forward-Looking Statements: Certain statements in this presentation are forward-looking statements under the Federal
Securities Laws. Generally, forward-looking statements represent our current beliefs regarding future events. All forward-
looking statements are subject to risks, uncertainties and other factors. Investors are cautioned not to place undue reliance
on these forward-looking statements. You should understand that these statements are not guarantees of performance or
results and are preliminary in nature, and consider the areas of risk described under the heading “Cautionary Note Regarding
Forward-Looking Statements” and “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission
under the Exchange Act, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in
connection with any forward-looking statements that may be made by us and our businesses generally. Except for our
ongoing legal and regulatory obligations to disclose material information, we undertake no obligation to release publicly any
updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or
unanticipated events.
Basis of Presentation of Financial Data: Unless noted otherwise in this presentation, company financial data is being
presented as of the dates indicated with the specific data.
Non-GAAP Financial Measures: Adjusted EBITDA and Adjusted Net Income as used throughout this presentation are financial
measures not in accordance with GAAP. A description of these measures and reference to a reconciliation of these measures
to the most directly comparable GAAP financial measures is available at www.telecomsys.com under the “Financial Model”
selection, via the “Investors” menu.
2
This presentation is ©2015 TeleCommunication Systems, Inc. (TCS) and Proprietary - All Rights Reserved
Enabling Convergent Technologies®
Revenue & Adj. EBITDA¹
Key Stats (NASDAQ: TSYS)
3
Stock Price (6/4/15) $3.27
52 Week Low-High $2.72-$3.94
Avg. Daily Vol. (3 mo.) 196,844
Shares Out. (3/31/15) 62.0M
Float (est.) 44.6M
Insider Holdings 18%
Institutional Holdings 59%
Market Cap $202.7M
Enterprise Value $285.1M
Date Founded 1987
Employees (mostly technical) 1,100
$362 $360
$390-$410
$36 $36
$38-$42
2013 2014 2015E
Revenue Adj. EBITDA
($ Millions)
1) See slide 33 for details and definitions.
Operating Results (unaudited)
Revenue (TTM) $356.7M
Adj. EBITDA (TTM)¹ $35.9M
Adj. Net Income (TTM)¹ $12.2M
Adj. Net EPS (TTM)¹ $0.20
Total Assets (3/31/15) $324.9M
Net Debt (3/31/15) $82.4M
Enabling Convergent Technologies®
Our Business • TCS is a technology innovator in secure, highly
reliable secure wireless communications.
• Our technology & nearly 400 patents enable
9-1-1 communications, location-based services
and text messaging over wireless infrastructure
around the world.
• Cybersecurity training contracts bring expertise
that enhances all TCS deliverables.
• Government agencies use our C4ISR (command,
control, communications, computers,
intelligence, security, and reconnaissance)
solutions for mission-critical operations.
4
Enabling Convergent Technologies®
25+ Years of Wireless Technology Innovation
5
2000 NASDAQ IPO as “TSYS”
2012 Expanded Nextgen 9-1-1 suite of solutions with microDATA
1987 1998 2000 2004 2006 2010 2012 2014
1996 TCS wrote SMS
infrastructure software, the entry point of data
to Wireless
2000 Delivered first TCS deployable communication system solution to U.S. State Dept.
2001 • Awarded first of today’s 395
patents • Launched SwiftLink™
deployable ground terminals
2010 Secured first TCS cyber security training contract for U.S. military
1987 TCS founded by chairman, president & CEO Maurice Tosé
1997 Delivered industry’s first wireless 9-1-1 call to public safety answering point
2006 Named prime contractor on $5B Army WWSS contract
2011 Received first contact award for Commercial Mobile Alerts
2005 Deployed nationwide roll-out of VoIP E9-1-1 solution
2004 Launched first LBS solution in Latin America
2015 Converged solutions: NextGen 9-1-1, APIs/SDKs, tropo and protected comms, indoor location, telemedicine
2006 Enabled delivery of 40B+ text messages
2014 Named awardee on $22B Homeland Security Enterprise Acquisition Gateway for Leading Edge II contract
Enabling Convergent Technologies®
Gross Profit Mix
Govt. 26%
Comm. 74%
Systems 19%
Services 81%
Revenue & Adj. EBITDA
Revenue, Gross Profit and Adjusted EBITDA¹
6
TTM (unaudited)
($ Millions) Commercial Government Total $ %
Services $158 $103 $261 $118 45%
Systems 27 69 95 29 30%
Total $185 $172 $357
Gross Profit $109 $38 $147
% of revenue 59% 22% 41%
Revenue Gross Profit
$362 $360
$390-$410
$36 $36
$38-$42
2013 2014 2015E
Revenue Adj. EBITDA
1) For further details, you may download our “Financial Model” from our website’s Investors section here. Also, see footnotes on slide 33.
Enabling Convergent Technologies®
Core Competencies • Unique depth of expert technical resources
for wireless network communication:
• 375 satcom, cyber security & network engineering professionals
• 175 cellular infrastructure & apps engineers
• 250 public safety network technologists
• TCS scale and stability are differentiators as
we bid on government contracts and
platform & carrier alliances globally
7
Secure, Highly-reliable Solutions Using Converging Wireless Technology
Cyber Security Training
Offense/Defense
Government Secure Satellite, Tropo Comms,
Aerospace Components
Commercial Location-based Services
incl. E9-1-1 & Cloud Messaging
Information Assurance
Next Gen 9-1-1,
Total Mobility Management
Mobile Alerts, Lawful
Intercept, M2M
Mobile Security, vertical market
solutions
Enabling Convergent Technologies®
We Address Growth Markets
8
C4ISR Cyber Security
• Mission-critical comms solutions for defense & civilian agencies:
• Highly-secure, deployable ground terminals
• Data & telecom network deployment & management
• High reliability components for aerospace, military & industrial markets
• Cyber security training for
DoD
• Professional support for
DoD’s Cyber Warfare
mission
• Protection against emerging
mobile and social media
threats
Public Safety Platforms/Apps
• Public safety solutions for
wireless and VoIP E9-1-1
and NextGen (IP) 9-1-1
• Support 50% of U.S. wireless
E9-1-1 calls
• Nation's only non-carrier TL
9000-certified wireless and
VoIP E9-1-1 NOC
• APIs and SDKs to enhance
mobile subscriber
experiences
• Managed “cloud” services
• Software licenses & related
equipment for network
operators’ location-based
& messaging infrastructure
Enabling Convergent Technologies®
Force Multipliers – Our Partners
9
Enabling Convergent Technologies®
Systems Services
Wir
ele
ss C
arri
er
Pla
tfo
rms
&
Ap
plic
atio
ns
Pu
blic
Saf
ety
(9-1
-1)
Commercial Segment
10
• Call routing software-as-a-service
• Network monitoring
• Engineering & deployment services
• Software maintenance
Nextgen 9-1-1
ESInet Systems and
Call-Taker Stations
Comm. Services TTM revenue: $158 million Comm. Systems TTM revenue: $27 million
• Software licenses and related equipment for in-customer network infrastructure
• Software-as-a-service for location based infrastructure and applications
• In-network infrastructure maintenance
• Tele-health application
Enabling Convergent Technologies®
Commercial Segment
11
Revenue Gross Profit$ Millions $ Millions %
Services $158 $97 61%
Systems 27 12 46%
Total $185 $109 59%
TTM
Our 9-1-1 business continues
to grow, while the business
models for platforms & apps
are evolving from carrier
dependence to other
customer markets.
$191M $183M
$170M $180M $185M
$97M $97M $90M
$106M $109M
2011 2012 2013 2014 TTM
Revenue
Gross Profit
Enabling Convergent Technologies®
TTM Commercial Revenue
9-1-1
Platforms & Applications
Commercial Segment Revenue
12
• 9-1-1 / Safety and security
• Cellular voice, SMS and VoIP E9-1-1 call routing
and network monitoring billed monthly on volume.
Major growth from Voice over WiFi and Voice over
LTE network operator investments.
• Next Generation 9-1-1: Internet Protocol system
implementations, followed by software
maintenance & managed services revenue
• Platforms and applications
• Managed services and maintenance revenue from
installed base of infrastructure for location-based
services and messaging
• Application program interfaces and software
development kits for navigation, locator
applications, and
• IP monetization through licenses, sales,
partnerships
Enabling Convergent Technologies®
9-1-1 / Public Safety & Security
• TCS is one of two companies fulfilling FCC requirements for E9-1-1 call-routing to public safety answering points (PSAPs) for wireless and VoIP network operators:
• 50% market share for wireless 9-1-1 calls
• 30% market share for VoIP 9-1-1 calls
• Text-to-911: TCS is responsible for more than 50% of nationwide deployments
• Growing public awareness and advocacy by NENA* and APCO* are fueling demand for public safety communication technology upgrades
• Nextgen 9-1-1 (Internet Protocol) solutions major near-term growth
• ESInet (Emergency Services Internet Protocol network) infrastructure
• Public safety answering point call-taking stations
• Distribution through leading local exchange carriers and direct sales
13
*NENA (National Emergency Number Association) and APCO (Association of Public Safety Communications Officials) are public safety communications advocacy and policy leaders where TCS is actively engaged.
Enabling Convergent Technologies®
NextGen 9-1-1 Market
• Spending on Nextgen 9-1-1 ESInet infrastructure will grow rapidly over next 5 years
• TCS also sells Nextgen call-taker stations, competing with Intrado & Airbus (formerly Cassidian)
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$0
$50
$100
$150
$200
$250
$300
2012 2013 2014 2015 2016 2017 2018 2019 2020
ESInet Software Market Growth ($ millions)
Source: Frost & Sullivan, Aug. 2014
Emergency Services IP Network (ESInet) Market Share
TCS 56%
Intrado 31%
Bandwith.com 8%
Solacom 5%
Source: Frost & Sullivan, Aug. 2014
Enabling Convergent Technologies®
NextGen 9-1-1 Growth
TCS estimates ~15% of ESInet business has been awarded to date
15
NG9-1-1 Implementation Status
NG9-1-1 Planning Started
NG9-1-1 Preparation at State Level
NG9-1-1 Preparation at Sub-State Level NG9-1-1 Implementation in Progress at State Level NG9-1-1 Implementation in Progress at Sub-State Level NG9-1-1 Implemented at State Level Pre NG9-1-1 Planning, IP Network Only, or No Available Info
Source: NENA, August 2014 and TCS.
“Dependence on legacy technology will likely hamper the delivery of 911 services going forward, if NG911 transitions are not completed prior to industry’s departure from these same legacy
technologies.” - Industry Council for Emergency Response Technologies (iCERT) May, 2015
Enabling Convergent Technologies®
Voice
Public Safety Communications Ecosystem
VoIP 911
Wireless 911
Wireline 911
Emergency Services IP Networks
$50M
$150M
$60M
Voice
Text
Voice First Responders
LTE
TCS + Partners
TCS Technology Addresses Multiple Data Solutions • Wireless pictures & videos to responders
• Data import for telematics & security solutions
• Deployable LTE & location for FirstNet with partners
Telematics Security
Data
Data
Enterprise 911
$7B FirstNet Fed Funding
Video
Picture
Call Takers
$270M $350M
Wearables e.g. Body Cameras
$380M
Addressable Market Size: ESInet and Call Taker addressable markets: Frost and Sullivan, 2014; All others: TCS estimates
$40M
16
Dispatch
Enabling Convergent Technologies®
First Responder Network Authority (FirstNet)
• Feb. 2015: FCC spectrum auction enabled $7B of funding for the Commerce Dept.’s
FirstNet, a nationwide LTE broadband network for 5M+ first responders (police, fire,
National Guard, etc.) using the 700 MHz spectrum
• TCS designed and is currently installing a similar LTE 700 MHz network for a other
country’s first responders, which includes wearable devices and body cameras.
• TCS has demonstrated a similar system with its partners for the U.S. Border Patrol
• TCS FirstNet opportunities include:
• Systems integration of first responder wearables and body cameras
• Satellite terminals and backhaul & deployable LTE for rural and remote coverage
• Location infrastructure and apps for first responders
• Linkage to next generation for 9-1-1 Emergency Services IP networks
LTE
First Responders
Enabling Convergent Technologies®
Indoor Location Indoor 9-1-1
• In Jan. 2015, FCC adopted Enhanced 9-1-1 rules advancing wireless 9-1-1 location accuracy, including the use of newer technologies to give a ‘dispatchable location’ to first responders adding details such as floor, suite or apartment to the caller’s address.
Voice over WiFi (VoWiFi)
• TCS has been awarded multiple five-year projects with a combined value >$60M to support location-based VoWiFi services, one of the newer technologies that will enhance indoor location accuracy.
Use of small cells for commercial value
• “TCS has huge potential to provide a complete ubiquitous
indoor solution for retail and advertising, as well as commercial
vertical markets (tracking, public safety, healthcare), and
future indoor E911 requirements.”
ABI Research, 12/13
Indoor Location Infrastructure/Fees
Market Outlook¹
1) ABI Research, 9/14. Note: Does not include public safety revenue for 9-1-1 or FirstNet
$0M
$100M
$200M
$300M
$400M
$500M
$600M
$700M
'13 '14 '15 '16 '17 '18
18
Enabling Convergent Technologies®
LBS Infrastructure Market Share
Location Based Services (LBS) Platforms & Apps
Global Revenue for Mobile Location Platforms will
grow to $400 million by 2017 (ABI Research, 12/13)
• Named #1 Carrier Location Platform Vendor by ABI Research (12/14)
• TCS is the clear leader in deployments of high accuracy platforms with 61% market share (ABI Research, 11/14)
• Network operators value TCS as an expert in both applications and infrastructure
• Customers increasingly include OEM device and component companies as LBS business models and technology shift to more “in-device” vs. “in-network”
19
Source: ABI Research, 11/14
Other 21%
Ericsson 29%
Nokia Networks
10%
Polaris 8%
TCS 26%
TruePosition 6%
Enabling Convergent Technologies®
Wireless Applications Requiring Security & Reliability • Architecture: TCS code incorporates
Application Program Interfaces (APIs), which are attractive to device and related platform producers for incorporating LBS in the Internet of Things (which is going far beyond phones and computers)
• Three platform companies have contracted to make TCS toolkits available to their developer communities
• TCS Global Location Agent enables device monitoring and data collection
• Innovative Applications: TCS’s new VirtuMedix® telehealth application incorporates TCS strengths in security, messaging, IP-based connectivity and location. www.virtumedix.com
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Enabling Convergent Technologies®
Commercial Customers
21
North Central Texas Council of
Governments
Enabling Convergent Technologies®
Government Segment Gov’t Systems 2010 revenue: $94 million
22
Services
•Cyber security training, consulting
•Data & telecom network design, deployment and management
•Maintenance & field engineering support of systems
•Resale of space segment airtime
Systems
•Secret / non-secure IP access point (SNAP) satcom and tropo systems
•Secure cellular systems
•Hardened solid-state drives and microprocessors for defense & space programs
Consulting & IT Services
Global Satellite Services
Deployable Wireless Communication kits
Highly Reliable System
Components
Gov’t Services TTM revenue: $103 million Gov’t Systems TTM revenue: $69 million
Enabling Convergent Technologies®
Government Segment
23
Revenue Gross Profit$ Millions $ Millions %
Services $103 $21 21%
Systems 69 16 24%
Total $172 $38 22%
TTM
2013 & 2014 were impacted by
war drawdown and unusual
federal budget conditions
$234M
$305M
$192M $180M $172M
$54M $63M
$50M $40M $38M
2011 2012 2013 2014 TTM
Revenue
Gross Profit
The President’s proposed FY 2016 Budget increases spending on the aerospace and defense sector by 12% versus FY2015. – Deltek, 04/15
Enabling Convergent Technologies®
Cyber Security Market • U.S. Federal cyber security market to grow at 6.2% CAGR
over next five years (2015-2020), with a cumulative
market valued at $66B
• DoD to spend $4B on cyber security in 2015. Steady
growth in cyber spending due to increased threats
against embedded platform software & more discrete
funding for security1
• Pentagon will increase cyber security workforce to 6,000
personnel by 2016. TCS is a key training provider in
building this force2
• TCS secure communications proficiency is applied to
commercial products and customers
24
U.S. Federal Cybersecurity Market
Source: Market Research Media, 05/14
$0B
$2B
$4B
$6B
$8B
$10B
$12B
$14B
'15 '16 '17 '18 '19 '20
1) TechAmerica, 11/14 2) US Cyber Command, 10/14
Enabling Convergent Technologies®
Cyber Intelligence Business
25
• Leading provider of Cyber Training for the DoD;
differentiated by PerformanScore® instant feedback
learning platform tool
• Alliances for courseware distribution to commercial market
with EC-Council (the Certified Ethical Hacker™ guys) and
ISACA (the Certified Info Systems Auditor® guys)
• Certified CISCO Learning Partner. Developed cyber security
courses for the CISCO portfolio
• Experts in protecting against emerging mobile and social
media threats
• Ongoing monitoring and assessment services against
advanced persistent threats
Enabling Convergent Technologies®
Military & Government Satellite
Communications Market Growth*
$0B
$1B
$2B
$3B
$4B
$5B
$6B
$7B
$8B
$9B
'14 '15 '16 '17 '18 '19 '20 '21 '22 '23
C4ISR Market
TCS Business:
• Deployable satcom and tropo systems, solid
state drives & other system components
• Field engineers and maintenance for systems
both domestic & international
• VSAT teleport and managed services
• Engineering support, procurement and quality
assurance for critical electronic components
and systems
26
* Market as defined covers end-user equipment and associated bandwidth services; excludes production, launch and operation of satellites.
Source: Northern Sky Research, 10/14
“The Military Communications Market is expected to grow from $18 billion in 2014 to $30 billion in 2019, a CAGR of 7.2%, as companies continue to search for open and distributed architectures.” – MarketsandMarkets.com 5/14
Enabling Convergent Technologies®
TCS TotalCom® for Government
• TCS TotalCom solutions
enable flexible, secure
end-to-end wireless
communications.
• ~$200M market
opportunity for TCS 3T
Tropo ground
terminals over next 5
years.
27
Enabling Convergent Technologies®
Protected Communications Satellite Terminals
28
Northrop Grumman and Lockheed Martin have teamed with TCS to produce highly affordable satellite terminals for protected communications on the move and at the halt.
The Low Cost Terminal solution uses Northrop and Lockheed’s Milstar and Advanced Extremely High Frequency (AEHF) anti-jam engineering and TCS’ leadership in highly secure, deployable satellite communication systems.
P-SNAP
• TCS is the exclusive marketing and sales agent,
with the sole right to manufacture & sell:
- Protected Comms-on-the-Move (P-COTM) Terminals
- Protected SIPR/NIPR Access Point (P-SNAP) Terminals
• Program expected to be ~$400 million over 7 years Terminal Control Module
Enabling Convergent Technologies®
TCS Terminals with New Ultra Design • Engineered by TCS for use in DoD Comms on the Pause
(COTP), Maritime and Tropo communications, UAV-
Tracking & Protected AEHF communications
• Tested with Army, USAF, USMC and U.S. Central
Command (CENTCOM); ARSTRAT & DISA WGS certifiable
• Used with C, X, Ku, Ka, Q (AEHF) satcom bands with
from 85cm to 2.4m antennas
• Made using carbon fiber materials for < 50 pounds
weight and rugged performance
• High speed acquisition and tracking for GEO, LEO, MEO
and UAV applications
• Commercial airline transportable, with set-up < 10
minutes
LTE
29
Enabling Convergent Technologies®
Government Contracts & “Vehicles”
• Prime vendor for Army’s Global Tactical Advanced Communication
Systems (GTACS) $10.2B IDIQ contract (2012-2017). TCS won 40%+
of all task orders awarded on GTACS’ predecessor Worldwide
Satellite Systems $5B contract
• Prime contractor for the Defense Information Systems Agency 5-
year (2012-2017), $2.6B Custom SATCOM Solutions(CS2) IDIQ
contract
• Prime contractor for DoD Computer Network Operation Training
• Prime awardee for Department of Homeland Security $22B, 7-year
Enterprise Acquisition Gateway for Leading Edge II (Eagle 2)
• Prime or sub on ~25 other contracts, and tracking about 30 “major
capture” opportunities for which TCS is qualified
30
Enabling Convergent Technologies®
Industry Recognition
In 2012, TCS was ranked among the top 25 in
Defense Systems’ first Super 75 which
recognizes “the most innovative and agile
companies in the net-centric battlespace.”
31
“The middle section of the list includes a variety of
companies that dominate their markets, and are
the go-to companies that the military relies on for
specific defense solutions. That includes…
TeleCommunication Systems for satellite
communications...” - Defense Systems, 11/2012
Company Rank
Lockheed Martin 1
Raytheon 2
Northrop Grumman 3
TeleCommunication Systems 21
IBM 30
Microsoft 53
Enabling Convergent Technologies®
Government Segment Customers
PM WIN-T Project Management
Warfighter Information Network - Tactical
Japanese Aerospace Exploration Agency
Army Marine Corps Air Force Navy
Homeland Security State Dept.
Special Operations
Nat’l Aeronautics & Space Admin.
32
Enabling Convergent Technologies®
Cumulative Issued Patents
395
Monetizing TCS Intellectual Property • TCS owns 395 patents & about 300 pending patent
applications (3/31/15)
• Since 2008, TCS’s patent portfolio has generated
over $40 million of gross proceeds
• Sold email patent for $8M net (6/08)
• Settled suit against Sybase for $23M, yielding $16M in net proceeds (12/09)
• 9 patent groups are currently under 14
enforcement actions, including collaborations with:
• Acacia Research subsidiaries
• Marathon Patent Group
• Patent Monetization Associates (Robert Westerlund) for certain messaging patents
33
Enabling Convergent Technologies®
Income Statement Highlights
34
($ millions, except per share amounts)2014
(unaudited)
2015
Guidance³
Total Revenue $360 $390 - $410
Adjusted EBITDA¹ $36 $38 - $42
Adjusted Net Income² $12 $14 - $17
Adjusted Net Income per Diluted
Share²$0.20 $0.23 - $0.28
1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to Net Income, see “Financial Model” referenced above. 2) Adjusted net income is defined as GAAP Net Income plus noncash acquired intangibles amortization, noncash stock-based compensation charges, and noncash tax, noncash
financing charges and noncash foreign exchange. For a reconciliation to Net Income, see “Financial Model” referenced above. 3) Guidance issued and effective only on Apr. 30, 2015.
See further details at www.telecomsys.com in the “Financial Model” section under the “Investors” menu.
Enabling Convergent Technologies®
Balance Sheet Highlights
35
($ millions)3/31/15 (unaudited)
12/31/14
Cash, equivalents and marketable securities $51 $50
Receivables 81 96
Inventory and other current assets 33 25
Property & equipment, net 32 33
Goodwill 104 104
Other assets 25 26
Total Assets $325 $335
Payables and accruals $51 $56
Deferred revenue 22 22
Bank debt and capital leases* 83 89
Convertible notes due 2018 50 50
Total Debt 133 139
Other liabilities 6 4
Stockholders' equity 114 114
Total Liabilities and Equity $325 $335
Net debt* $82 $89
* On 4/30/15 the company drew $19M additional term debt per an option under its facil ity.
Enabling Convergent Technologies®
$58M $70M
$92M $92M
$143M
$102M $125M
$144M
$220M
$300M
$389M
$425M
$487M
$362M $360M
$390M- $410M
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
Returning to Growth • 2013 & 2014 were impacted by war drawdown and unusual federal
budget conditions, and a change in the market business model for
platforms & apps
• 2015 revenue and EBITDA growth is driven by normalization of
government budget conditions, new ground terminal sales, and the
funding ramp for next generation 9-1-1 public safety
communication technology.
36
IPO
August
2000
Enabling Convergent Technologies® 37
Key Takeaways
• Return to growth from converged communication technology
solutions
• Public safety / 9-1-1 leadership in wireless, VoIP, and next generation public safety as upgrade funding ramps over coming years
• Cyber security and C4ISR prime contractor positions with DoD and DHS for deployable comms, training, and support – tracking to program of record funding for new ground terminals from TCS
• Location-based platforms and apps engineered to support the Internet of Things – tech leadership for new markets in addition to carriers
• Extensive patented IP, with monetization initiatives
Revenue & Adj. EBITDA
$362 $360
$390-$410
$36 $36
$38-$42
2013 2014 2015E
Revenue Adj. EBITDA
($ Millions)
Enabling Convergent Technologies®
Investor Relations
Scott Liolios, President
Liolios Group, Inc.
Tel (949) 574-3860
For More Information
38
Tom Brandt, SVP & CFO
TeleCommunication Systems, Inc.
275 West Street, Annapolis, MD 21401
Tel (410) 280-1001
www.telecomsys.com
Enabling Convergent Technologies®