- Needham analyst Ryan Koontz maintained a Buy rating on KVH Industries, Inc (NASDAQ:KVHI) with a price target of $13.00.
- KVHI reported 4Q22 revenue from continuing operations of $36 million, above the $34.3 million consensus.
- Adjusted EBITDA of $4.3 million was solidly above the $3.5 million consensus.
- Total revenue from continued operations increased +2% Y/Y, mainly driven by strengths in airtime revenue.
- Adjusted EPS of $0.03 was ahead of Needham’s $0.00 estimate and was up from ($0.17) in the year-ago period.
- A gross margin of 35% (+350bps Y/Y, -120bps Q/Q) benefited from a solid service gross margin of 46% (+1090bps Y/Y, -10bps Q/Q).
- VSAT airtime service revenue increased 12% Y/Y to $26.8 million with a gross margin of 43.5% (+900bps Y/Y).
- The company reported 6,900 active subscribers on its new, more affordable, and higher-margin HTS network compared to 6,800 subscribers in the previous quarter.
- KVHI is excited about its expansion into India. It currently ships its legacy TracPhone (L-band) systems and plans to shift to the new TracNet H-series after the necessary approvals.
- The company reports strong traction with innovative new hybrid-connectivity TracNet systems, which began shipping in July and offer significant improvements in near-land customer experience.
- Despite its competitive threat, the company has begun integrating Starlink into its hybrid offering, believing that Starlink is a best-effort service unable to offer SLA guarantees.
- Management relayed comfort in sustaining its new, lower level of opex and profitability, supported by KVHI’s first reported operating income in 6 years.
- Price Action: KVHI shares traded lower by 1.71% at $9.79 on the last check Friday.
Jamf Announces Same-Day Support For macOS Ventura And iPadOS 16
Jamf (NASDAQ:JAMF), the standard in Apple Enterprise Management, today announced it is prepared to support and extend key functionality in Apple's macOS Ventura and iPadOS 16 release, which became generally