ORBC - ORBCOMM reports strong Q3 EBITDA margin and record cash flow from operations
"Our company's integration plan, which has delivered enhanced efficiencies and greater scale, led to Q3 adj. EBITDA margin of 23.2% and a record $18.7M in cash flow from operations, an $8.8M increase over the prior year," ORBCOMM ([[ORBC]] +4.4%) CEO Marc Eisenberg commented.Revenues dipped 10.8% Y/Y to $61.7M with Service revenues of $39.7M (-3.4% Y/Y) and product sales increased 20.2% sequentially to $22M led by several large, existing customers within its North American transportation business increasing hardware deployments.As of Sep. 30, 2020, total billable subscriber communicators were ~2.17M led by adding ~40K net subscribers in the quarter, and deactivating 90K subscribers, which were predominantly not generating revenue but incurring costs.GAAP service and product gross margin narrowed 170 bps and 240 bps to 56.9% and 26.5% respectively.Net loss stood at $5.5M, or $0.07/share vs. net loss of $4M, or $0.05/share in year ago quarter.Adj. EBITDA of $14.3M vs. $16.9M in the prior year period
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ORBCOMM reports strong Q3 EBITDA margin and record cash flow from operations