In the 3Q, LMN’v revenue grew 90% to $131M, compared to the same period last year of $66M, which was largely a result of the financial consolation from WideOrbit acquisition (the main purpose for the spin-out), the organic growth improved meaningfully from negative numbers in recent quarter to around 4%. The balance sheet is solid, with net debt of only around $15M, LMN.V still has lots of dry powder to deploy into acquisitions ($141M in cash). LMN’v net income accounting could be confusing for investors, but we think the key numbers going forward is total revenue growth and organic revenue growth. Overall, a very strong quarter for LMN.V. We continue to like it, a lot.
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