Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”) today
reported financial results for the first quarter of 2017 and
affirmed its full-year 2017 and long-range outlook. Net
income was $37.9 million, or $0.30 per diluted share, for the first
quarter of 2017, as compared to $28.5 million, or $0.23 per diluted
share, for the first quarter of 2016. Operational EBITDA
(“OEBITDA”)(1) for the first quarter was $64.3 million, as compared
to $60.7 million for the prior-year period, representing a
year-over-year increase of 6% and an OEBITDA margin(1) of
62%. OEBITDA grew primarily due to the recognition of a $3.2
million cash credit triggered by the Company's insourcing
transaction with Boeing, which took effect in January 2017, as well
as higher commercial service revenue from the Company's
machine-to-machine (“M2M”) business.
Iridium reported first-quarter total revenue of $104.4 million,
which consisted of $81.8 million of service revenue and $22.7
million of revenue related to equipment sales and engineering and
support projects. Though total revenue was essentially flat
versus the comparable period of 2016, service revenue grew 2% from
the year-ago period. Service revenue, which represents
primarily recurring revenue from Iridium’s growing subscriber base,
was 78% of total revenue for the first quarter of 2017.
The Company ended the quarter with 869,000 total billable
subscribers, which compares to 788,000 for the year-ago period and
is up from 850,000 for the quarter ended December 31, 2016.
Total billable subscribers grew 10% year-over-year, driven by
growth in M2M and government customers.
“Strong subscriber additions in commercial M2M helped to fuel
Iridium’s service revenue growth during the first quarter. We
expect this strength to continue in 2017 and remain comfortable
with our full-year guidance, which we affirmed this morning,” said
Matt Desch, CEO, Iridium.
Commenting on Iridium® NEXT, Desch said, “Our first batch of
Iridium NEXT satellites is now operational and working well for
Iridium’s global base of subscribers. We remain on track for
our second launch with SpaceX and have been confirmed for a launch
on June 29th at 1:02pm PDT from Vandenberg Air Force Base.”
Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium’s
business, representing 57% of the Company’s total revenue during
the first quarter. The Company’s commercial customer base is
diverse and includes markets such as maritime, aviation, oil and
gas, mining, recreation, forestry, construction, transportation and
emergency services. These customers rely on Iridium’s
products and services as critical to their daily operations and
integral to their communications and business
infrastructure.
- Commercial service revenue was $59.8 million, up 3% from last
year’s comparable period.
- Commercial voice and data subscribers increased 1% from the
year-ago period to 351,000 customers. Commercial voice and
data average revenue per user (“ARPU”) was down slightly during the
first quarter to $39. Commercial M2M data subscribers grew 18% from
the year-ago period to 432,000 customers. Commercial M2M data
ARPU was down slightly during the first quarter to $13.
- Iridium’s commercial business ended the quarter with 783,000
billable subscribers, which compares to 713,000 for the year-ago
period and is up from 766,000 for the quarter ended December 31,
2016. M2M data subscribers represented 55% of billable
commercial subscribers at the end of the quarter, an increase from
51% at the end of the prior-year period.
Service – Government
Iridium’s voice and data solutions improve situational awareness
for military personnel and track critical assets in tough
environments around the globe, providing a unique value proposition
that is not easily duplicated. The Company operates under two
Defense Information Systems Agency (“DISA”) contracts, which
include a $400 million, five-year, fixed-price agreement for
satellite communications services and a $38 million multi-year
contract to support and maintain the Department of Defense’s
(“DoD”) dedicated gateway.
- Government service revenue was $22 million, consistent with the
prior-year period, as the final step up in the fixed fee under the
Company’s airtime services contract with DISA occurred in
2015.
- Iridium’s government business ended the quarter with 86,000
subscribers, which compares to 75,000 for the year-ago period and
is up from 84,000 for the quarter ended December 31, 2016.
Government voice and data subscribers increased 10% from the
year-ago period to 45,000 as of March 31, 2017. M2M data
subscribers increased 21% year-over-year and represented 48% of
government subscribers, an increase from 45% at the end of the
prior-year period.
Equipment
- Equipment revenue was $17.1 million during the first quarter,
down 3% from the prior-year period.
- As previously indicated, the Company expects lower equipment
sales in 2017.
Engineering & Support
- Engineering and support revenue was $5.5 million during the
first quarter, compared to $6.8 million in the prior-year’s
quarter, primarily due to the episodic nature of
government-sponsored projects.
Capital expenditures were $48.9 million for the first quarter
and primarily related to spending for the Company’s next-generation
satellite constellation, Iridium NEXT. The Company ended the
first quarter with a cash and marketable securities balance of
$419.1 million and gross debt of $1.80 billion. Net debt was
$1.25 billion, calculated as $1.80 billion of gross debt, less
$0.42 billion of cash and marketable securities, as well as $0.14
billion in restricted cash.
2017 Outlook
The Company affirmed its full-year 2017 outlook for total
service revenue growth and OEBITDA. The Company continues to
expect:
- Total service revenue growth between 3% and 5% for the
full-year 2017.
- Full-year 2017 OEBITDA between $255 million and $265
million. OEBITDA for 2016 was $254.2 million.
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2017 Outlook (February 2017) |
2017 Outlook(April 2017) |
Total
ServiceRevenue
Growth |
3% to 5% |
Affirmed |
Operational EBITDA(OEBITDA) |
$255 million to $265 million |
Affirmed |
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Long-Range Outlook
The Company also affirmed its long-range outlook for total
service revenue growth, OEBITDA margin, cash taxes, peak net
leverage and 2019 net leverage. Based on the expected 2018
Iridium NEXT system completion, the Company continues to
expect:
- Total service revenue between $440 million and $465 million for
the full-year 2019.
- OEBITDA margin of approximately 60% in 2019.
- Negligible cash taxes from 2017 to approximately 2020.
- Peak net leverage of 6.0x to 6.5x OEBITDA in 2017.
- Net leverage of below 4x OEBITDA in 2019.
|
|
Long-Range Outlook(February
2017) |
Long-Range Outlook(April
2017) |
Total Service Revenue |
$440 million to $465 million forthe full-year 2019 |
Affirmed |
Operational EBITDA(OEBITDA)
Margin |
Approximately 60% in 2019 |
Affirmed |
Cash Taxes |
Negligible cash taxes from 2017to approximately 2020 |
Affirmed |
Peak Net Leverage |
6.0x - 6.5x OEBITDA in 2017 |
Affirmed |
Net Leverage |
Below 4x OEBITDA in 2019 |
Affirmed |
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Non-GAAP Financial Measures &
Definitions
(1) In addition to disclosing financial results that are
determined in accordance with U.S. GAAP, the Company provides
Operational EBITDA and Operational EBITDA margin, which are
non-GAAP financial measures, as supplemental measures to help
investors evaluate the Company’s fundamental operational
performance. Operational EBITDA represents earnings before
interest, income taxes, depreciation and amortization, Iridium NEXT
revenue and expenses (for periods prior to the deployment of
Iridium NEXT only), loss from investment in Aireon, share-based
compensation expenses, the impact of purchase accounting, and
non-cash gain from the Boeing transaction. Iridium NEXT
revenue and expenses are expected to be excluded from Operational
EBITDA through late 2017. In late 2017, Iridium NEXT revenues
are expected to exceed recurring Iridium NEXT expenses (recurring
Iridium NEXT expenses are not part of the approximately $3 billion
construction cost of Iridium NEXT (the “Construction
Costs”)). Accordingly, the Company expects that
beginning in late 2017, Iridium NEXT revenues and these recurring
expenses will no longer be excluded in calculating Operational
EBITDA. U.S. GAAP requires that certain of the Construction
Costs be expensed. These certain Construction Costs, which
beginning in late 2017 will principally consist of in-orbit
insurance, will continue to be excluded from the calculation of
Operational EBITDA through 2018. The Company also presents
Operational EBITDA expressed as a percentage of GAAP revenue, or
Operational EBITDA margin. Operational EBITDA, along with its
related measure, Operational EBITDA margin, does not represent, and
should not be considered, an alternative to U.S. GAAP measurements
such as net income or loss, and the Company’s calculations thereof
may not be comparable to similarly titled measures reported by
other companies. By eliminating interest, income taxes,
depreciation and amortization, Iridium NEXT revenue and expenses
(for periods prior to the deployment of Iridium NEXT only), loss
from investment in Aireon, share-based compensation expenses, the
impact of purchase accounting, and non-cash gain from the Boeing
transaction, the Company believes the result is a useful measure
across time in evaluating its fundamental core operating
performance. Management also uses Operational EBITDA to
manage the business, including in preparing its annual operating
budget, debt covenant compliance, financial projections and
compensation plans. The Company believes that Operational
EBITDA is also useful to investors because similar measures are
frequently used by securities analysts, investors and other
interested parties in their evaluation of companies in similar
industries. However, there is no standardized measurement of
Operational EBITDA, and Operational EBITDA as the Company presents
it may not be comparable with similarly titled non-GAAP financial
measures used by other companies. As indicated, Operational
EBITDA does not include interest expense on borrowed money, the
payment of income taxes, amortization of the Company’s
definite-lived intangible assets, or depreciation expense on the
Company’s capital assets, which are necessary elements of the
Company’s operations. It also excludes expenses in connection
with the development, deployment and financing of Iridium NEXT and
the loss from investment in Aireon. Since Operational EBITDA
does not account for these and other expenses, its utility as a
measure of the Company’s operating performance has material
limitations. Due to these limitations, the Company’s
management does not view Operational EBITDA in isolation, but also
uses other measurements, such as net income, revenues and operating
profit, to measure operating performance. Please refer to the
schedule below for a reconciliation of consolidated GAAP net income
to Operational EBITDA and Iridium’s Investor Relations webpage at
www.iridium.com for a discussion and reconciliation of this and
other non-GAAP financial measures.
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Iridium Communications Inc. |
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Supplemental Reconciliation of GAAP Net Income to
Operational EBITDA |
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(In thousands) |
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Three Months Ended March 31, |
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|
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|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
GAAP net income |
|
$ |
37,948 |
|
|
$ |
28,520 |
|
|
|
|
|
Interest expense |
|
|
96 |
|
|
|
483 |
|
|
|
|
|
Interest income |
|
|
(929 |
) |
|
|
(1,241 |
) |
|
|
|
|
Income taxes |
|
|
18,400 |
|
|
|
15,000 |
|
|
|
|
|
Depreciation and
amortization |
|
|
13,507 |
|
|
|
12,936 |
|
|
|
|
|
Iridium NEXT expenses,
net |
|
|
2,840 |
|
|
|
3,023 |
|
|
|
|
|
Share-based
compensation |
|
|
3,481 |
|
|
|
2,193 |
|
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Non-cash purchase
accounting |
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- |
|
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(208 |
) |
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Non-cash gain on Boeing
transaction |
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|
(11,003 |
) |
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- |
|
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Operational EBITDA |
|
$ |
64,340 |
|
|
$ |
60,706 |
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Conference Call InformationAs previously
announced, the Company will host a conference call to discuss its
results at 8:30 a.m. ET on Thursday, April 27, 2017. Callers
should dial (877) 334-1964 (U.S. only) or (631) 291-4574 (from
outside the U.S.) to access the call. The conference call ID
is 92473444. The conference call will also be simultaneously
webcast on Iridium’s Investor Relations webpage at
www.iridium.com. An archive of the webcast will be available
following the live conference call.
About Iridium Communications Inc.Iridium® is
the only mobile voice and data satellite communications network
that spans the entire globe. Iridium enables connections
between people, organizations and assets to and from anywhere, in
real time. Together with its ecosystem of partner companies,
Iridium delivers an innovative and rich portfolio of reliable
solutions for markets that require truly global
communications. The company has a major development program
underway for its next-generation network – Iridium NEXT.
Iridium Communications Inc. is headquartered in McLean, Va.,
U.S.A., and its common stock trades on the NASDAQ Global Select
Market under the ticker symbol IRDM. For more information
about Iridium products, services and partner solutions, visit
www.iridium.com. IRDM-F
Forward-Looking Statements Statements in this
press release that are not purely historical facts may constitute
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements regarding Iridium’s expectations with respect to total
service revenue growth and OEBITDA for 2017; service revenue,
OEBITDA margin, cash taxes and leverage over the longer-term; the
development of and timing for launch and completion of Iridium
NEXT; anticipated equipment revenue; and expected revenue from
Iridium’s contracts with the U.S. Department of Defense.
Forward-looking statements can be identified by the words
“anticipates,” “may,” “can,” “believes,” “expects,” “projects,”
“intends,” “likely,” “will,” “to be” and other expressions that are
predictions or indicate future events, trends or prospects. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Iridium to differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, uncertainties
regarding customer demand for Iridium’s products and services,
including demand from the U.S. Government; Iridium’s ability to
maintain the health, capacity and content of its current satellite
constellation; the manufacture and launch of and transition to
Iridium NEXT, and the development of and market for Iridium’s
products and services, as well as general industry and economic
conditions, and competitive, legal, governmental and technological
factors. Other factors that could cause actual results to differ
materially from those indicated by the forward-looking statements
include those factors listed under the caption “Risk Factors” in
the Company’s Form 10-K for the year ended December 31, 2016, filed
with the Securities and Exchange Commission (“SEC”) on February 23,
2017, as well as other filings Iridium makes with the SEC from time
to time. There is no assurance that Iridium’s expectations
will be realized. If one or more of these risks or uncertainties
materialize, or if Iridium’s underlying assumptions prove
incorrect, actual results may vary materially from those expected,
estimated or projected. Iridium’s forward-looking statements are
based on information available to it as of the date of this press
release and speak only as of the date of this press release, and
Iridium undertakes no obligation to update forward-looking
statements.
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Iridium
Communications Inc. |
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|
Consolidated Statements of Operations |
|
|
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|
(In
thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
Revenue |
|
|
|
|
Service
revenue |
|
|
|
|
Commercial |
$ |
59,773 |
|
|
$ |
57,823 |
|
|
Government |
|
22,000 |
|
|
|
22,000 |
|
|
Total
service revenue |
|
81,773 |
|
|
|
79,823 |
|
|
Subscriber equipment |
|
17,114 |
|
|
|
17,560 |
|
|
Engineering and support service |
|
5,539 |
|
|
|
6,819 |
|
|
Total
revenue |
|
104,426 |
|
|
|
104,202 |
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
Cost of
services (exclusive of depreciation and amortization) |
|
16,958 |
|
|
|
15,903 |
|
|
Cost of
subscriber equipment sales |
|
10,104 |
|
|
|
10,463 |
|
|
Research
and development |
|
3,227 |
|
|
|
2,559 |
|
|
Selling,
general and administrative |
|
19,217 |
|
|
|
19,063 |
|
|
Depreciation and amortization |
|
13,507 |
|
|
|
12,936 |
|
|
Total
operating expenses |
|
63,013 |
|
|
|
60,924 |
|
|
|
|
|
|
|
Gain on
Boeing transaction |
|
14,189 |
|
|
|
- |
|
|
|
|
|
|
|
Operating income
(expense) |
|
55,602 |
|
|
|
43,278 |
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|
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Other income
(expense) |
|
|
|
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Interest
income, net |
|
833 |
|
|
|
758 |
|
|
Undrawn
credit facility fees |
|
(25 |
) |
|
|
(503 |
) |
|
Other
expense, net |
|
(62 |
) |
|
|
(13 |
) |
|
Total
other income (expense) |
|
746 |
|
|
|
242 |
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
56,348 |
|
|
|
43,520 |
|
|
Provision
for income taxes |
|
(18,400 |
) |
|
|
(15,000 |
) |
|
Net income (loss) |
|
37,948 |
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|
|
28,520 |
|
|
Series A
Preferred Stock dividends |
|
1,750 |
|
|
|
1,750 |
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|
Series B
Preferred Stock dividends |
|
2,109 |
|
|
|
2,109 |
|
|
Net income (loss)
attributable to common stockholders |
$ |
34,089 |
|
|
$ |
24,661 |
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|
|
|
|
Operational EBITDA |
$ |
64,340 |
|
|
$ |
60,706 |
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Iridium Communications
Inc. |
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Summary Revenue and
OEBITDA Highlights |
|
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(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three Months Ended March 31, |
|
% Change |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Service
revenue(1) |
|
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|
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Commercial |
|
|
|
|
|
|
|
Voice and
M2M data service |
|
|
|
|
|
|
|
Voice and
data |
$ |
42,544 |
|
|
$ |
42,723 |
|
|
0 |
% |
|
|
M2M
data(2) |
|
17,229 |
|
|
|
15,100 |
|
|
14 |
% |
|
|
Total
commercial voice and M2M data service |
|
59,773 |
|
|
|
57,823 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
Government service revenue(3) |
|
22,000 |
|
|
|
22,000 |
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|
0 |
% |
|
|
|
|
|
|
|
|
|
|
Total
service revenue |
|
81,773 |
|
|
|
79,823 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
Subscriber equipment |
|
17,114 |
|
|
|
17,560 |
|
|
-3 |
% |
|
|
|
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|
|
|
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|
|
Engineering and support(4) |
|
|
|
|
|
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|
Government |
|
5,068 |
|
|
|
6,114 |
|
|
-17 |
% |
|
|
Commercial |
|
471 |
|
|
|
705 |
|
|
-33 |
% |
|
|
Total
engineering and support |
|
5,539 |
|
|
|
6,819 |
|
|
-19 |
% |
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
$ |
104,426 |
|
|
$ |
104,202 |
|
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational
EBITDA |
|
|
|
|
|
|
|
Operational EBITDA |
$ |
64,340 |
|
|
$ |
60,706 |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
Capital
expenditures (5) |
$ |
48,944 |
|
|
$ |
75,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt
(6) |
$ |
1,245,865 |
|
|
$ |
1,079,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash,
cash equivalents, and marketable securities |
$ |
419,135 |
|
|
$ |
412,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
facility |
$ |
1,800,000 |
|
|
$ |
1,593,761 |
|
|
|
|
|
Deferred
financing costs |
|
(115,621 |
) |
|
|
(133,314 |
) |
|
|
|
|
Credit
facility, net |
$ |
1,684,379 |
|
|
$ |
1,460,447 |
|
|
|
|
|
|
|
|
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|
(1) Service revenue consists of primarily subscription-based
services which often generate a long-term recurringrevenue stream
from subscribers. |
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(2) M2M data service provides a two-way short burst data
transmission between Iridium Communications Inc.'snetwork and a
telemetry unit, which may be located, for example, on a container
in transit or a buoy monitoringoceanographic conditions.
Additionally, M2M data service provides position, navigation and
timing technologythrough Iridium Communications Inc.'s one-way
satellite timing, location, and authentication services. |
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(3) Government service revenue consists of voice and M2M data
subscription-based services provided to agencies ofthe U.S.
government through prime contracts or subcontracts. |
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(4) Engineering and support includes maintenance services to
the U.S. government's dedicated gateway in Hawaiiand engineering
services to assist customers in developing new technologies for use
on Iridium CommunicationsInc.'s satellite system. |
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(5) Capital expenditures based on cash spent in the respective
period. |
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|
(6) Net debt is calculated by taking the sum of the credit
facility, less cash and cash equivalents, marketablesecurities, and
the debt service reserve for the credit facility. |
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|
Iridium Communications
Inc. |
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Subscriber
Highlights |
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|
(In thousands, except
ARPU) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
|
% Change |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
Billable
Subscribers (1) |
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
Voice and
M2M data service |
|
|
|
|
|
|
Voice and
data |
|
351 |
|
|
|
348 |
|
|
1 |
% |
|
M2M
data |
|
432 |
|
|
|
365 |
|
|
18 |
% |
|
Total commercial voice and M2M data service |
|
783 |
|
|
|
713 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
Government |
|
|
|
|
|
|
Voice and
M2M data service |
|
|
|
|
|
|
Voice and
data |
|
45 |
|
|
|
41 |
|
|
10 |
% |
|
M2M
data |
|
41 |
|
|
|
34 |
|
|
21 |
% |
|
Total government voice and M2M data service |
|
86 |
|
|
|
75 |
|
|
15 |
% |
|
Total
billable subscribers |
|
869 |
|
|
|
788 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
% Change |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
Net Subscriber
Additions |
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
Voice and
M2M data service |
|
|
|
|
|
|
Voice and
data |
|
(2 |
) |
|
|
(3 |
) |
|
33 |
% |
|
M2M
data |
|
19 |
|
|
|
6 |
|
|
217 |
% |
|
Total commercial voice and M2M data service |
|
17 |
|
|
|
3 |
|
|
467 |
% |
|
|
|
|
|
|
|
|
Government |
|
|
|
|
|
|
Voice and
M2M data service |
|
|
|
|
|
|
Voice and
data |
|
1 |
|
|
|
1 |
|
|
0 |
% |
|
M2M
data |
|
1 |
|
|
|
2 |
|
|
-50 |
% |
|
Total government voice and M2M data service |
|
2 |
|
|
|
3 |
|
|
-33 |
% |
|
Total
billable subscribers |
|
19 |
|
|
|
6 |
|
|
217 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
% Change |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
ARPU(2) |
|
|
|
|
|
|
Commercial |
|
|
|
|
|
|
Voice and
data |
$ |
39 |
|
|
$ |
40 |
|
|
-3 |
% |
|
M2M
data |
$ |
13 |
|
|
$ |
14 |
|
|
-7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Subscribers as of the end of the respective period. |
|
|
|
|
|
|
(2) ARPU is calculated by dividing the revenue in the
respective period by the average of billable subscribers at
thebeginning of the period and billable subscribers at the end of
the period and then dividing the results by the months in
theperiod. Non-subscriber generated revenue is excluded from
the ARPU calculation. Historically, government servicerevenue was
driven by changes in subscriber count or ARPU, however under the
terms of the EMSS contract,government service revenue is a
fixed-price for unlimited subscribers. For this and future
comparative periods, ARPUwill not be presented, as it is no longer
a relevant government service revenue metric. |
|
|
|
|
|
|
|
Investor Contact:
Kenneth Levy
Iridium Communications Inc.
+1 (703) 287-7570
ken.levy@iridium.com
Press Contact:
Jordan Hassin
Iridium Communications Inc.
+1 (703) 287-7421
jordan.hassin@iridium.com
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