KVH Industries, Inc., (Nasdaq: KVHI), reported financial results
for the quarter and full year ended December 31, 2022 today.
The company will hold a conference call to discuss these results at
9:00 a.m. ET today, which can be accessed at investors.kvh.com.
Following the call, a replay of the webcast will be available
through the company’s website.
Fourth Quarter
2022 Highlights
- Total revenues from continuing
operations increased by 2% in the fourth quarter of 2022 to $36.0
million from $35.3 million in the fourth quarter of 2021.
- Our VSAT Broadband airtime revenue
increased 12% year-over-year to $26.8 million, despite the
shutdown of our legacy network on December 31, 2021.
- Net income from continuing
operations in the fourth quarter of 2022 was $0.6 million, or $0.03
per share, compared to a net loss of $2.7 million, or $0.15 per
share, in the fourth quarter of 2021.
- Non-GAAP adjusted EBITDA from
continuing operations was $4.3 million in the fourth quarter of
2022, compared to $0.7 million in the fourth quarter of 2021.
Commenting on the company’s results, Brent Bruun, KVH’s Chief
Executive Officer, said, “Our results for the fourth quarter
highlight the remarkable turnaround underway here at KVH. We
launched a major restructuring in March 2022 with the goals of
bringing our operating expenses more in line with our revenue,
focusing our business on our core areas of strength, bringing to
market innovative products that drive subscriber growth and
profitable operations, and putting us on the path to sustained and
growing profitability. I’m thrilled by the progress we’ve made in
each of these areas to date. We recorded our first operating profit
in more than six years, achieved in part as a result of our
restructuring efforts, reductions in operating expenses, and the
sale of our inertial navigation and non-core media businesses. At
the same time, we introduced our award-winning TracNet hybrid
terminals and KVH ONE network, increased quarterly airtime revenue
12% versus the fourth quarter of last year, ended the quarter with
almost 6,900 subscribers, and achieved a quarterly airtime gross
margin of 43.5%. Thanks to the changes we’ve made and the
commitment of our global team, I expect that we will continue to
drive profitability and shareholder value in 2023 and beyond. For
2023, we anticipate revenue of $145 million to $155 million, with
service revenues growing faster than product revenues with
projected subscriber growth in the double digits, and adjusted
EBITDA in the range of $17 million to $23 million.”
Financial Highlights (in millions, except per
share data)
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP
Results |
|
|
|
|
|
|
|
Revenue |
$ |
36.0 |
|
|
$ |
35.3 |
|
|
$ |
138.9 |
|
|
$ |
133.9 |
|
Net income (loss) from continuing
operations |
$ |
0.6 |
|
|
$ |
(2.7 |
) |
|
$ |
(3.9 |
) |
|
$ |
(11.5 |
) |
Net income (loss) from continuing
operations per share |
$ |
0.03 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
EBITDA |
$ |
4.3 |
|
|
$ |
0.7 |
|
|
$ |
13.2 |
|
|
$ |
0.1 |
|
For more information regarding our non-GAAP
adjusted EBITDA, see the table at the end of this release.
Fourth Quarter Financial
Summary
Revenue was $36.0 million for the fourth
quarter of 2022, an increase of 2% compared to $35.3 million
in the fourth quarter of 2021.
Product revenues for the fourth quarter of 2022
were $7.2 million, a decrease of 13%. The decrease in product
sales was primarily due to a $1.6 million decrease in sales of
VSAT Broadband products, partially offset by a $0.4 million
increase in sales of marine TV products. VSAT Broadband product
sales in the fourth quarter of 2021 benefited from purchases by
customers migrating from our legacy network to our HTS network.
Service revenues for the fourth quarter of 2022
were $28.8 million, an increase of 7%. Service sales increased
primarily due to a $3.0 million increase in our VSAT Broadband
service sales partially offset by a $1.2 million decrease in
our content service sales, primarily driven by the sale of a
subsidiary in April 2022.
Our operating expenses decreased $3.6 million to
$12.0 million for the fourth quarter of 2022 compared to $15.6
million for the fourth quarter of 2021. Operating expenses
decreased primarily due to a $1.9 million decrease in salaries and
employee benefits, $0.9 million of expense reimbursement associated
with the Transition Services Agreement with EMCORE as a result of
the sale of the inertial navigation business in 2022, a $0.4
million decrease in finance and insurance expense, and a $0.3
million decrease in marketing expense. The decrease in salaries and
employee benefits was primarily driven by our March 2022
restructuring.
Full Year Financial Summary
Revenue was $138.9 million for the year
ended December 31, 2022, an increase of 4% compared to $133.9
million for the year ended December 31, 2021.
Product revenues for the year ended December 31,
2022, were $27.0 million, a decrease of 10% compared to the
year ended December 31, 2021. The decrease in product sales was
primarily due to a $2.6 million decrease in sales of marine mobile
connectivity products, which was primarily driven by a
$3.1 million decrease in sales of VSAT Broadband products and
partially offset by a $0.5 million increase in TracVision
product sales.
Service revenues for the year ended December 31,
2022, were $111.9 million, an increase of 8% compared to the year
ended December 31, 2021. The increase in service sales was
primarily due to a $10.4 million increase in our VSAT
Broadband service sales, partially offset by a decrease of $2.6
million in our content service sales.
Our operating expenses decreased $7.1 million to
$58.3 million in the year ended December 31, 2022, compared to
$65.4 million in the year ended December 31, 2021. This
decrease in operating expenses was primarily due to a $5.2 million
decrease in salaries, benefits and taxes (excluding costs
associated with the March 2022 reduction in workforce and executive
retention), a $4.0 million decrease in professional fees, $0.9
million of expense reimbursement associated with the Transition
Services Agreement with EMCORE as a result of the sale of the
inertial navigation business in 2022, a $0.7 million decrease in
amortization expense, a $0.5 million decrease in marketing expense,
and a $0.3 million decrease in external commission expense. The
decrease in professional fees was driven by a $3.1 million decrease
in event-driven legal and advisory fees, primarily arising from a
stockholder’s nomination of a competing slate of directors at our
annual meeting of stockholders in 2021. This decrease in expenses
was partially offset by additional costs of $1.9 million related to
the reduction in our workforce in March 2022, a $0.6 million
increase in warranty expense, a $0.6 million increase in recruiting
expenses, which was driven by professional fees associated with the
search for a new Chief Executive Officer and replacements for two
recently departed members of our board of directors, a $0.5 million
increase in expenses related to the separation and retirement of
Mr. Kits van Heyningen in March 2022 and a $1.0 million increase in
compensation expense related to executive retention agreements.
In our earnings release dated December 6, 2022,
the amounts reported for adjusted EBITDA for the three and nine
months ending September 30, 2022 included certain add-back amounts
that related to discontinued operations, and therefore should not
have been included in adjusted non-GAAP EBITDA for continuing
operations. The revised amounts are shown in the table below,
following the reconciliation of GAAP net loss to non-GAAP EBITDA
and adjusted non-GAAP EBITDA.
Other Recent Announcements
- March 8, 2023 – KVH TracNet wins Editors’ Choice in
Third-annual Best Elex Awards
- February 23, 2023 – KVH TracNet recognized with the 2023
SMART4SEA Connectivity Award
- February 13, 2023 – KVH’s New Crew Internet Service Offers
Vital Connectivity to Mariners and Enables Vessel Traffic
Allocation
- February 10, 2023 – KVH Supports Seafarers with Free VoIP Calls
to Turkey and Syria
- February 3, 2023 – KVH Industries Announces Support Agreement
with Black Diamond Capital Management
- January 19, 2023 – KVH Introduces New Enterprise-grade
Cybersecurity and Email Services for Mariners
Conference Call Details
KVH Industries will host a conference call today
at 9:00 a.m. ET through the company’s website. The conference call
can be accessed at investors.kvh.com and listeners are welcome to
submit questions pertaining to the earnings release and conference
call to ir@kvh.com. The audio archive will be available on the
company website within three hours of the completion of the
call.
Non-GAAP Financial Measures
This release provides non-GAAP financial
information as a supplement to our condensed consolidated financial
statements, which are prepared in accordance with generally
accepted accounting principles (“GAAP”). Management uses these
non-GAAP financial measures internally in analyzing financial
results to assess operational performance. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for the financial information prepared in
accordance with GAAP. The non-GAAP financial measures used in this
press release adjust for specified items that can be highly
variable or difficult to predict. Management generally uses these
non-GAAP financial measures to facilitate financial and operational
decision-making, including evaluation of our historical operating
results and comparison to competitors’ operating results. These
non-GAAP financial measures reflect an additional way of viewing
aspects of our operations that, when viewed with GAAP results and
the reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends
affecting our business.
Some limitations of non-GAAP adjusted EBITDA,
include the following: non-GAAP adjusted EBITDA represents net
income (loss) before, as applicable, interest income, net, income
tax expense (benefit), depreciation, amortization, stock-based
compensation expense, goodwill impairment charges, intangible asset
impairment charge, CEO separation costs, transaction-related and
other variable legal and advisory fees, gains and losses on sale of
subsidiaries, foreign exchange transaction gains and losses, and
income from loan forgiveness.
Other companies, including companies in KVH’s
industry, may calculate these non-GAAP financial measures
differently or not at all, which will reduce their usefulness as a
comparative measure.
Because non-GAAP financial measures exclude the
effect of items that increase or decrease our reported results of
operations, management strongly encourages investors to review our
consolidated financial statements and publicly filed reports in
their entirety. Reconciliations of the non-GAAP financial measures
to the most directly comparable GAAP financial measures are
included in the tables accompanying this release.
About KVH Industries, Inc.
KVH Industries, Inc., is a global leader in
mobile connectivity systems, with innovative technology designed to
enable a mobile world. A market leader in maritime VSAT, KVH
designs, manufactures, and provides connectivity and content
services globally. Founded in 1982, the company has more than a
dozen offices around the globe with research, development, and
manufacturing operations based in Middletown, RI.
This press release contains forward-looking
statements that involve risks and uncertainties. For example,
forward-looking statements include statements regarding our
financial goals for future periods, the success of our new
initiatives, our investment plans, our development goals, our
anticipated revenue and earnings, and the impact of our future
initiatives on revenue, competitive positioning, profitability, and
orders. Actual results could differ materially from the results
projected in or implied by the forward-looking statements made in
this press release. Factors that might cause these differences
include, but are not limited to: uncertainty regarding customer
responses to new product introductions; challenges and potential
additional expenses in retaining our employees, particularly in the
current competitive labor market characterized by rising wages;
uncertainties created by our new business strategy, which may
impact customer recruitment and retention; the uncertain impact of
ongoing disruptions in our supply chain and associated increases in
our costs; the uncertain impact of rising inflation, particularly
with respect to fuel costs, and fears of recession; the uncertain
impact of the war in Ukraine; unanticipated changes or disruptions
in our markets; increased competition, including as a result of
industry consolidation and from companies offering networks with
greater communication security options; technological breakthroughs
by competitors; changes in customer priorities or preferences;
potential customer terminations; unanticipated liabilities; the
potential that competitors will design around or invalidate our
intellectual property rights; a history of losses; continued
fluctuations in quarterly results; the uncertain impact of federal
budget deficits and Congressional deadlock; the uncertain impact of
changes in trade policy, including actual and potential new or
higher tariffs and trade barriers, as well as trade wars with other
countries; unanticipated obstacles in our product and service
development, cost engineering and manufacturing efforts; adverse
impacts of currency fluctuations; our ability to successfully
commercialize our new initiatives without unanticipated additional
expenses or delays; potential reduced sales to companies in or
dependent upon the turbulent oil and gas industry; the impact of
extended economic weakness on the sale and use of marine vessels
and recreational vehicles; the potential inability to increase or
maintain our market share in the market for airtime services; the
need to increase sales of the TracNet H-series and TracPhone V-HTS
series products and related services to maintain and improve
airtime gross margins; the need for, or delays in, qualification of
products to customer or regulatory standards; potential declines or
changes in customer demand, due to economic, weather-related,
seasonal, and other factors, particularly with respect to the
TracNet H-series and TracPhone V-HTS series, including with respect
to new pricing models; increased price and service competition in
the mobile connectivity market; exposure for potential intellectual
property infringement; changes in tax and accounting requirements
or assessments; and export restrictions, delays in procuring export
licenses, and other international risks. These and other factors
are discussed in more detail in our Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on December 6,
2022. Copies are available through our Investor Relations
department and website, investors.kvh.com. We do not assume any
obligation to update our forward-looking statements to reflect new
information and developments.
KVH Industries, Inc., has used, registered, or
applied to register its trademarks in the USA and other countries
around the world, including but not limited to the following marks:
KVH, TracVision, TracPhone, TracNet, and KVH ONE. Other trademarks
are the property of their respective companies.
KVH INDUSTRIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share amounts,
unaudited)
|
Three months ended December 31, |
|
Year endedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Sales: |
|
|
|
|
|
|
|
Product |
$ |
7,162 |
|
|
$ |
8,224 |
|
|
$ |
26,970 |
|
|
$ |
30,012 |
|
Service |
|
28,843 |
|
|
|
27,037 |
|
|
|
111,908 |
|
|
|
103,899 |
|
Net sales |
|
36,005 |
|
|
|
35,261 |
|
|
|
138,878 |
|
|
|
133,911 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Costs of product sales |
|
7,821 |
|
|
|
7,060 |
|
|
|
25,184 |
|
|
|
23,951 |
|
Costs of service sales |
|
15,589 |
|
|
|
16,502 |
|
|
|
61,094 |
|
|
|
64,137 |
|
Research and development |
|
1,989 |
|
|
|
2,800 |
|
|
|
10,369 |
|
|
|
11,070 |
|
Sales, marketing and support |
|
4,874 |
|
|
|
6,527 |
|
|
|
23,229 |
|
|
|
25,554 |
|
General and administrative |
|
5,124 |
|
|
|
6,280 |
|
|
|
24,656 |
|
|
|
28,794 |
|
Total costs and expenses |
|
35,397 |
|
|
|
39,169 |
|
|
|
144,532 |
|
|
|
153,506 |
|
Income (loss) from operations |
|
608 |
|
|
|
(3,908 |
) |
|
|
(5,654 |
) |
|
|
(19,595 |
) |
Interest income |
|
709 |
|
|
|
213 |
|
|
|
1,507 |
|
|
|
886 |
|
Interest expense |
|
— |
|
|
|
4 |
|
|
|
3 |
|
|
|
56 |
|
Other (expense) income, net |
|
(789 |
) |
|
|
937 |
|
|
|
772 |
|
|
|
7,111 |
|
Income (loss) from continuing operations before income tax
(benefit) expense |
|
528 |
|
|
|
(2,762 |
) |
|
|
(3,378 |
) |
|
|
(11,654 |
) |
Income tax (benefit) expense
from continuing operations |
|
(99 |
) |
|
|
(49 |
) |
|
|
546 |
|
|
|
(108 |
) |
Net income (loss) from continuing operations |
$ |
627 |
|
|
$ |
(2,713 |
) |
|
$ |
(3,924 |
) |
|
$ |
(11,546 |
) |
Net (loss) income from
discontinued operations, net of tax |
|
(36 |
) |
|
|
(1,367 |
) |
|
|
28,025 |
|
|
|
1,783 |
|
Net income (loss) |
$ |
591 |
|
|
$ |
(4,080 |
) |
|
$ |
24,101 |
|
|
$ |
(9,763 |
) |
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations per common share |
|
|
|
|
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.63 |
) |
Diluted |
$ |
0.03 |
|
|
$ |
(0.15 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
Net (loss) income from
discontinued operations per common share |
|
|
|
|
|
|
|
Basic |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
1.50 |
|
|
$ |
0.10 |
|
Diluted |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
1.50 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share |
|
|
|
|
|
|
|
Basic |
$ |
0.03 |
|
|
$ |
(0.22 |
) |
|
$ |
1.29 |
|
|
$ |
(0.54 |
) |
Diluted |
$ |
0.03 |
|
|
$ |
(0.22 |
) |
|
$ |
1.29 |
|
|
$ |
(0.54 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
18,805 |
|
|
|
18,408 |
|
|
|
18,632 |
|
|
|
18,217 |
|
Diluted |
|
18,982 |
|
|
|
18,408 |
|
|
|
18,632 |
|
|
|
18,217 |
|
KVH INDUSTRIES, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, unaudited)
|
December 31,2022 |
|
December 31,2021 |
ASSETS |
|
|
|
Cash, cash equivalents and marketable securities |
$ |
76,736 |
|
|
|
24,523 |
|
Accounts receivable, net |
|
27,427 |
|
|
|
27,766 |
|
Inventories, net |
|
22,730 |
|
|
|
15,833 |
|
Other current assets and contract assets |
|
4,310 |
|
|
|
3,867 |
|
Current assets held for sale |
|
— |
|
|
|
15,841 |
|
Total current assets |
|
131,203 |
|
|
|
87,830 |
|
Property and equipment, net |
|
53,118 |
|
|
|
52,945 |
|
Goodwill |
|
5,308 |
|
|
|
6,570 |
|
Intangible assets, net |
|
404 |
|
|
|
1,287 |
|
Right of use assets |
|
2,168 |
|
|
|
3,055 |
|
Other non-current assets and contract assets |
|
8,070 |
|
|
|
9,882 |
|
Non-current deferred income tax asset |
|
259 |
|
|
|
56 |
|
Non-current assets held for sale |
|
— |
|
|
|
7,169 |
|
Total assets |
$ |
200,530 |
|
|
$ |
168,794 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Accounts payable and accrued expenses |
$ |
34,228 |
|
|
|
24,253 |
|
Contract liabilities |
|
3,108 |
|
|
|
3,778 |
|
Current operating lease liability |
|
1,532 |
|
|
|
1,912 |
|
Current liabilities held for sale |
|
— |
|
|
|
3,939 |
|
Total current liabilities |
|
38,868 |
|
|
|
33,882 |
|
Other long-term liabilities |
|
— |
|
|
|
22 |
|
Long-term operating lease liability |
|
636 |
|
|
|
1,224 |
|
Long-term contract liabilities |
|
4,315 |
|
|
|
4,466 |
|
Non-current deferred income tax liability |
|
55 |
|
|
|
215 |
|
Non-current liabilities held for sale |
|
— |
|
|
|
8 |
|
Stockholders’ equity |
|
156,656 |
|
|
|
128,977 |
|
Total liabilities and stockholders’ equity |
$ |
200,530 |
|
|
$ |
168,794 |
|
KVH INDUSTRIES, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME
(LOSS) FROM CONTINUING OPERATIONS TO NON-GAAP EBITDA AND NON-GAAP
ADJUSTED EBITDA FROM CONTINUING OPERATIONS(in
thousands, unaudited)
|
Three months ended December 31, |
|
Year endedDecember 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) from
continuing operations - GAAP |
$ |
627 |
|
|
$ |
(2,713 |
) |
|
$ |
(3,924 |
) |
|
$ |
(11,546 |
) |
Income (benefit) tax expense |
|
(99 |
) |
|
|
(49 |
) |
|
|
546 |
|
|
|
(108 |
) |
Interest income, net |
|
(709 |
) |
|
|
(209 |
) |
|
|
(1,504 |
) |
|
|
(830 |
) |
Depreciation and amortization |
|
3,408 |
|
|
|
3,425 |
|
|
|
13,408 |
|
|
|
13,032 |
|
Non-GAAP
EBITDA |
|
3,227 |
|
|
|
454 |
|
|
|
8,526 |
|
|
|
548 |
|
Stock-based compensation expense |
|
729 |
|
|
|
935 |
|
|
|
2,949 |
|
|
|
3,529 |
|
Employee termination and other non-recurring costs |
|
(62 |
) |
|
|
— |
|
|
|
1,931 |
|
|
|
— |
|
CEO separation costs |
|
— |
|
|
|
— |
|
|
|
539 |
|
|
|
— |
|
Transaction-related and other variable legal and advisory fees |
|
— |
|
|
|
— |
|
|
|
484 |
|
|
|
3,585 |
|
Obsolete inventory recovery |
|
— |
|
|
|
(592 |
) |
|
|
— |
|
|
|
(592 |
) |
Gain on sale of a subsidiary |
|
(51 |
) |
|
|
— |
|
|
|
(682 |
) |
|
|
— |
|
PPP loan forgiveness |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,979 |
) |
Foreign exchange transaction loss (gain) |
|
492 |
|
|
|
(86 |
) |
|
|
(517 |
) |
|
|
3 |
|
Non-GAAP adjusted
EBITDA |
$ |
4,335 |
|
|
$ |
711 |
|
|
$ |
13,230 |
|
|
$ |
94 |
|
KVH INDUSTRIES, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP NET (LOSS)
INCOME FROM CONTINUING OPERATIONS TO NON-GAAP EBITDA AND NON-GAAP
ADJUSTED EBITDA FROM CONTINUING OPERATIONS(in
thousands, unaudited)
|
Three months ended September 30, |
|
Nine months endedSeptember
30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net (loss) income from
continuing operations - GAAP |
$ |
(95 |
) |
|
$ |
3,670 |
|
|
$ |
(4,551 |
) |
|
$ |
(8,833 |
) |
Income tax expense (benefit) |
|
81 |
|
|
|
16 |
|
|
|
645 |
|
|
|
(59 |
) |
Interest income, net |
|
(388 |
) |
|
|
(198 |
) |
|
|
(795 |
) |
|
|
(621 |
) |
Depreciation and amortization |
|
3,373 |
|
|
|
3,412 |
|
|
|
10,000 |
|
|
|
9,607 |
|
Non-GAAP
EBITDA |
|
2,971 |
|
|
|
6,900 |
|
|
|
5,299 |
|
|
|
94 |
|
Stock-based compensation expense |
|
872 |
|
|
|
899 |
|
|
|
2,220 |
|
|
|
2,594 |
|
Employee termination and other non-recurring costs |
|
458 |
|
|
|
— |
|
|
|
1,993 |
|
|
|
— |
|
CEO separation costs |
|
— |
|
|
|
— |
|
|
|
539 |
|
|
|
— |
|
Transaction-related and other variable legal and advisory fees |
|
— |
|
|
|
— |
|
|
|
484 |
|
|
|
3,585 |
|
Gain on sale of a subsidiary |
|
— |
|
|
|
— |
|
|
|
(631 |
) |
|
|
— |
|
PPP loan forgiveness |
|
— |
|
|
|
(6,979 |
) |
|
|
— |
|
|
|
(6,979 |
) |
Foreign exchange transaction (gain) loss |
|
(450 |
) |
|
|
(195 |
) |
|
|
(1,009 |
) |
|
|
89 |
|
Non-GAAP adjusted
EBITDA |
$ |
3,851 |
|
|
$ |
625 |
|
|
$ |
8,895 |
|
|
$ |
(617 |
) |
Contact: |
KVH
Industries, Inc. |
FTI
Consulting |
|
Roger Kuebel |
Christine Mohrmann |
|
401-608-8945 |
212-850-5600 |
|
rkuebel@kvh.com |
|
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