ORBCOMM Inc. (NASDAQ:ORBC) Files An 8-K Results of Operations and Financial Condition
Results of Operations and Financial Condition.
On May 4, 2017, ORBCOMM Inc. (ORBCOMM or the Company) released
its earnings for the first quarter 2017 and is furnishing a copy
of the earnings release to the Securities and Exchange Commission
under Item 2.02 of this Current Report on Form 8-K. The press
release is attached herewith as Exhibit 99 and is incorporated
herein by reference. In addition, the Company will discuss its
financial results during a webcast and teleconference call
Thursday, May 4, 2017 at 8:30 a.m. (ET). To access the webcast
and teleconference call, go to the Companys website at
The information contained in Exhibit 99 shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the Exchange Act), or incorporated by reference
in any filing under the Securities Act of 1933, as amended, or
the Exchange Act, except as shall be expressly set forth by
specific reference in such filing.
ORBCOMM publically reports its financial information in
accordance with accounting principles generally accepted in the
United States of America (US GAAP). To facilitate external
analysis of the Companys operating performance, ORBCOMM also
presents financial information that are considered non-GAAP
financial measures under Regulation G and related reporting
requirements promulgated by the Securities and Exchange
Commission. Non-GAAP measures should be considered in addition
to, and not as a substitute for, or superior to, Net Income or
other measures of financial performance prepared in accordance
with GAAP and may be different than those presented by other
companies. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are
not performance measures calculated in accordance with GAAP and
are therefore considered non-GAAP measures.
EBITDA is defined as earnings attributable to ORBCOMM Inc. before
interest income (expense), loss on debt extinguishment, provision
for income taxes and depreciation and amortization. ORBCOMM
believes EBITDA is useful to its management and investors in
evaluating operating performance because it is one of the primary
measures used to evaluate the economic productivity of the
Companys operations, including its ability to obtain and maintain
its customers, its ability to operate its business effectively,
the efficiency of its employees and the profitability associated
with their performance. It also helps ORBCOMMs management and
investors to meaningfully evaluate and compare the results of the
Companys operations from period to period on a consistent basis
by removing the impact of its financing transactions and the
depreciation and amortization impact of capital investments from
its operating results. In addition, ORBCOMM management uses
EBITDA in presentations to its board of directors to enable it to
have the same measurement of operating performance used by
management and for planning purposes, including the preparation
of the annual operating budget.
The Company also believes that Adjusted EBITDA, defined as EBITDA
adjusted for stock-based compensation expense, noncontrolling
interests, impairment loss, non-capitalized satellite launch and
in-orbit insurance, insurance recovery, and acquisition-related
and integration costs, is useful to investors to evaluate the
Companys core operating results and financial performance because
it excludes items that are significant non-cash or non-recurring
expenses reflected in the Condensed Consolidated Statements of
Operations. Adjusted EBITDA Margin equals Adjusted EBITDA divided
by Total Revenues.
Item 9.01.Financial Statements and Exhibits.
Press Release of the Company dated May 4, 2017.
About ORBCOMM Inc. (NASDAQ:ORBC)
ORBCOMM Inc. is a provider of machine-to-machine (M2M) solutions, including network connectivity, devices and Web reporting applications. The Company’s M2M products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, intermodal containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in the transportation and distribution, heavy equipment, oil and gas, maritime and government industries. It provides Automatic Identification System (AIS) data services to assist in vessel navigation and to improve maritime safety to government and commercial customers across the world. The Company provides its services using various network platforms, including its own constellation of approximately 40 low-Earth orbit (LEO) satellites and its accompanying ground infrastructure. ORBCOMM Inc. (NASDAQ:ORBC) Recent Trading Information
ORBCOMM Inc. (NASDAQ:ORBC) closed its last trading session down -0.11 at 9.56 with 1,038,279 shares trading hands.