- Extends estimate of useful life of satellites by five
years
MCLEAN,
Va., Feb. 15, 2024 /PRNewswire/ -- Iridium
Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported
financial results for the fourth quarter and full-year 2023 and
issued its full-year 2024 guidance. Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter
of 2023, as compared to net loss of $0.8
million, or $0.01 per diluted
share, for the fourth quarter of 2022. Operational EBITDA
("OEBITDA")(1) for the fourth quarter was $114.1 million, as compared to $107.0 million for the prior-year period,
representing a year-over-year increase of 7%. Net income benefitted
from a year-over-year decrease in depreciation expense resulting
from a change in the estimated useful lives of the Company's
satellites, an increase in tax benefit and continued growth in
total commercial services revenue.
Iridium reported fourth-quarter total revenue of $194.7 million, which consisted of $148.0 million of service revenue and
$46.7 million of revenue related to
equipment sales and engineering and support projects. Total revenue
was in line with last year's comparable period and included an 8%
increase in service revenue. Service revenue, which represents
primarily recurring revenue from Iridium's growing subscriber base,
was 76% of total revenue for the fourth quarter of 2023.
The Company ended the quarter with 2,279,000 total billable
subscribers, which compares to 1,999,000 for the year-ago period
and is up from 2,236,000 for the quarter ended September 30,
2023. Total billable subscribers grew 14% year-over-year, driven by
growth in commercial IoT.
Full-Year 2023 Iridium Business Highlights
For the full year, Iridium reported net income of $15.4 million, or $0.12 per diluted share, as compared to net
income of $8.7 million, or
$0.07 per diluted share, for 2022.
The change primarily resulted from an increase in income tax
benefit offset in part by an increase in interest expense related
to the fees paid for the refinancing of our Term Loan and the
increase in the Secured Overnight Financing Rate (SOFR), which is
the benchmark interest rate of the Term Loan. The Company reported
record total revenue in 2023 of $790.7
million, which was up 10% from the year-ago period. Total
revenue included $584.5 million of
service revenue and $206.2 million of
revenue related to equipment sales and engineering and support
services. OEBITDA for 2023 was $463.1
million, a 9% increase from $424.0
million in the prior year. Capital expenditures were
$73.5 million for the full-year
2023.
"Iridium executed well in 2023, delivering another solid year of
commercial services growth. Strength was broad based with
subscriber growth across all commercial service lines," said
Matt Desch, CEO, Iridium. Desch
added, "Our strong cash flow supported ongoing return of more than
$310 million of capital to
shareholders, including dividend payments of about $65 million in 2023."
In the fourth quarter of 2023, Iridium conducted its annual
evaluation of asset useful lives. The analysis considered the
health of Iridium's constellation, satellite performance and the
successful launch of five in-orbit spares in 2023. As a result of
this assessment, the satellites' estimated useful lives have been
extended by five years from 12.5 years to 17.5 years. The change
will affect the timing of certain revenue and expense items.
Commenting on the change in estimated useful life of Iridium's
satellites, Desch said, "This action is a validation of our
expectations for Iridium's extended capex holiday."
Fourth-Quarter Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium's
business, representing 62% of the Company's total revenue during
the fourth 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 $121.5
million, up 10% from last year's comparable period due to
broad-based growth across all revenue lines.
- Commercial voice and data: Revenue was $55.6 million, up 12% from the year-ago period.
Subscribers grew 3% from the year-ago period to 408,000. Average
revenue per user ("ARPU") was $45
during the fourth quarter, compared to $41 in last year's comparable period, with the
increase due primarily to higher access fees.
- Commercial IoT data: Revenue was $36.1
million, up 12% from the year-ago period. Subscribers grew
18% from the year-ago period to 1,709,000 customers, driven by
continued growth in consumer personal communications devices. ARPU
was $7.12 in the fourth quarter,
compared to $7.50 in last year's
comparable period. The decrease in ARPU resulted primarily from
customer mix, including the effect of the growing proportion of
personal communications subscribers, who typically utilize lower
ARPU plans.
- Commercial broadband: Revenue was $14.6
million, up 5% from $13.9
million in the year-ago period. ARPU was $294 during the fourth quarter, compared to
$313 in last year's comparable
period, reflecting the increased prevalence of Iridium's use as a
companion service rather than primary.
- Hosted payload and other data service: Revenue was $15.2 million, up 3% from $14.7 million in the year-ago period. There was a
year-over-year decrease in hosted payload revenue related to the
change in the estimated useful lives of Iridium's satellites
described above that went into effect in the fourth quarter of
2023. This decrease was more than offset by higher precision
location service revenues of which $2
million was non-recurring and resulted from an updated
estimate on a customer contract.
- Iridium's commercial business ended the quarter with 2,134,000
billable subscribers, which compares to 1,860,000 for the
prior-year quarter and is up from 2,094,000 for the quarter ended
September 30, 2023. IoT data
subscribers represented 80% of billable commercial subscribers at
the end of the quarter, an increase from 78% at the end of the
prior-year period.
Service – U.S. 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.
Under Iridium's Enhanced Mobile Satellite Services contract (the
"EMSS Contract"), a seven-year, $738.5
million fixed-price airtime contract with the U.S. Space
Force signed in September 2019,
Iridium provides specified satellite airtime services, including
unlimited global standard and secure voice, paging, fax, Short
Burst Data®, Iridium Burst®, RUDICS and
Distributed Tactical Communications System services for an
unlimited number of Department of Defense and other federal
government subscribers. Iridium also provides maintenance and
support work for the U.S. government's dedicated Iridium gateway
under two other contracts with the U.S. Space Force. Iridium
Certus® airtime services are not included under
these contracts and may be procured separately for an additional
fee.
- Government service revenue remained flat at $26.5 million in the fourth quarter reflecting
the contractual rate in the EMSS Contract.
- Iridium's U.S. government business ended the quarter with
145,000 subscribers, which compares to 139,000 for the prior-year
quarter and 142,000 for the quarter ended September 30, 2023. Government voice and data
subscribers increased 3% from the year-ago period to 62,000 as of
December 31, 2023. Government IoT
data subscribers increased 5% year-over-year and represented 57% of
government subscribers at year-end.
Equipment
- Equipment revenue was $15.7
million in the fourth quarter compared to $39.3 million in the prior-year quarter.
- Equipment revenue totaled $105.1
million in 2023, compared to $134.7
million in 2022. In 2024, the Company expects equipment
sales to be lower than 2023 and be more in line with periods prior
to 2022 which experienced supply chain disruptions due to the
pandemic.
Engineering & Support
- Engineering and support revenue was $31.1 million during the fourth quarter, compared
to $17.8 million in the prior-year
quarter, primarily due to a rise in activity with the U.S.
government.
- Engineering and Support revenue totaled $101.1 million in 2023, compared to $51.6 million in 2022. In 2024, the Company
expects Engineering and Support revenue to increase from 2023 with
ongoing work on the Space Development Agency contract.
Capital expenditures were $16.2
million for the fourth quarter, including $1.2 million in capitalized interest. The Company
ended the fourth quarter with gross debt of $1.5 billion and a cash and cash equivalents
balance of $71.9 million, for a net
debt balance of $1.4 billion.
Iridium paid its fourth quarter dividend of $0.13 per common share on December 29, 2023. Total dividends paid to
stockholders during 2023 totaled $64.8
million. The Board of Directors plans to increase the
quarterly dividend to $0.14 per share
starting with the second quarter 2024 dividend, which would result
in a full-year dividend increase of 5.8%.
During the quarter ended December 31, 2023, the Company
repurchased approximately 1.3 million shares of its common
stock under its previously announced share repurchase program at a
total purchase price of $51.6 million. As of December 31, 2023,
$334.0 million remained
available and authorized for repurchase under this program.
2024 and Longer-Term Outlook
The Company issued its full-year 2024 outlook and updated
long-term guidance on cash taxes:
- Total service revenue growth between 4% and 6% for full-year
2024. Total service revenue for 2023 was $584.5 million.
- Full-year 2024 OEBITDA between $460
million and $470 million.
OEBITDA for 2023 was $463.1
million.
- Cash taxes of less than $10
million per year from 2024 through 2026. We now expect that
the longer-term cash tax rate will move closer to the statutory
rate in 2028.
- Net leverage below 2.5 times OEBITDA between 2026 and 2029 and
falling below 2.0 times OEBITDA by the end of the decade, assuming
the completion of the Company's share repurchase authorization and
the payment of quarterly dividends. Net leverage was 3.1 times
OEBITDA at December 31, 2023.
(1) Non-GAAP Financial Measures &
Definitions
In addition to disclosing financial results that are determined
in accordance with U.S. GAAP, the Company provides Operational
EBITDA, which is a non-GAAP financial measure, as a
supplemental measure to help investors evaluate the Company's
fundamental operational performance. Operational EBITDA represents
earnings before interest, income taxes, depreciation and
amortization, income (loss) on equity method investments, net, and
share-based compensation expenses. The Company considers the loss
on early extinguishment of debt to be financing-related costs
associated with interest expense or amortization of financing fees,
which by definition are excluded from Operational EBITDA. Such
charges are incidental to, but not reflective of, the
Company's day-to-day operating performance. Operational
EBITDA does not represent, and should not be considered, an
alternative to U.S. GAAP measurements such as net income or loss.
In addition, there is no standardized measurement of Operational
EBITDA, and the Company's calculations thereof may not be
comparable to similarly titled measures reported by other
companies. The Company believes Operational EBITDA 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. 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. 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 (loss), revenues and operating profit, to measure operating
performance. Please refer to the schedule below for a
reconciliation of consolidated GAAP net income (loss) 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. We do not provide
a forward-looking reconciliation of expected full-year 2024
Operational EBITDA guidance as the amount and significance of
special items required to develop meaningful comparable GAAP
financial measures cannot be estimated at this time without
unreasonable efforts.
Iridium Communications
Inc.
|
Supplemental
Reconciliation of GAAP Net Income (Loss) to Operational
EBITDA
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP net income
(loss)
|
|
$
38,023
|
|
$
(808)
|
|
$
15,415
|
|
$
8,722
|
Interest expense,
net
|
|
19,114
|
|
18,100
|
|
90,387
|
|
65,089
|
Income tax (benefit)
expense
|
|
(9,578)
|
|
(721)
|
|
(26,251)
|
|
292
|
Depreciation and
amortization
|
|
52,787
|
|
75,745
|
|
320,000
|
|
303,484
|
Share-based
compensation
|
|
11,955
|
|
12,102
|
|
57,455
|
|
43,729
|
Loss on extinguishment
of debt
|
|
—
|
|
1,187
|
|
—
|
|
1,187
|
Loss on equity method
investments
|
|
1,768
|
|
1,402
|
|
6,089
|
|
1,496
|
Operational
EBITDA
|
|
$
114,069
|
|
$
107,007
|
|
$
463,095
|
|
$
423,999
|
Conference Call Information
As previously announced, the Company will host a conference call
to discuss its results at 8:30 a.m. Eastern
Time on Thursday, February 15, 2024. Callers should dial
1-412-902-6740 to access the call. 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. In 2019, the company completed a generational
upgrade of its satellite network and launched its specialty
broadband service, Iridium Certus. 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.
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, OEBITDA
and cash taxes for 2024; net leverage and cash taxes over the
longer-term; anticipated equipment sales and engineering and
support service revenue for 2024; amount and timing of share
repurchases and the payment of dividends, and expected revenues
from its EMSS contract with the U.S. government.
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 satellite
constellation, 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, 2023, filed with the Securities and
Exchange Commission ("SEC") on February 15,
2024, 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.
Iridium Communications
Inc.
|
Condensed Consolidated
Statements of Operations
|
(In
thousands)
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
121,513
|
|
$
110,274
|
Government
|
|
26,500
|
|
26,500
|
Total service
revenue
|
|
148,013
|
|
136,774
|
Subscriber
equipment
|
|
15,662
|
|
39,252
|
Engineering and support
service
|
|
31,065
|
|
17,810
|
Total
revenue
|
|
194,740
|
|
193,836
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
45,279
|
|
31,341
|
Cost of subscriber
equipment sales
|
|
10,335
|
|
25,630
|
Research and
development
|
|
5,728
|
|
5,748
|
Selling, general and
administrative
|
|
34,315
|
|
36,599
|
Depreciation and
amortization
|
|
52,787
|
|
75,745
|
Total operating
expenses
|
|
148,444
|
|
175,063
|
Operating
income
|
|
46,296
|
|
18,773
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(19,114)
|
|
(18,100)
|
Loss on extinguishment
of debt
|
|
—
|
|
(1,187)
|
Other income,
net
|
|
3,031
|
|
387
|
Total other
expense, net
|
|
(16,083)
|
|
(18,900)
|
Income (loss) before
income taxes
|
|
30,213
|
|
(127)
|
Income tax
benefit
|
|
9,578
|
|
721
|
Loss on equity
method investments
|
|
(1,768)
|
|
(1,402)
|
Net income
(loss)
|
|
$
38,023
|
|
$
(808)
|
Operational
EBITDA
|
|
$
114,069
|
|
$
107,007
|
Iridium Communications
Inc.
|
Condensed Consolidated
Statements of Operations
|
(In
thousands)
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
478,454
|
|
$
428,721
|
Government
|
|
106,000
|
|
106,000
|
Total service
revenue
|
|
584,454
|
|
534,721
|
Subscriber
equipment
|
|
105,136
|
|
134,714
|
Engineering and support
service
|
|
101,133
|
|
51,599
|
Total
revenue
|
|
790,723
|
|
721,034
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
158,710
|
|
115,137
|
Cost of subscriber
equipment sales
|
|
66,410
|
|
86,012
|
Research and
development
|
|
20,269
|
|
16,218
|
Selling, general and
administrative
|
|
143,706
|
|
123,504
|
Depreciation and
amortization
|
|
320,000
|
|
303,484
|
Total operating
expenses
|
|
709,095
|
|
644,355
|
Operating
income
|
|
81,628
|
|
76,679
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(90,387)
|
|
(65,089)
|
Loss on extinguishment
of debt
|
|
—
|
|
(1,187)
|
Other income,
net
|
|
4,012
|
|
107
|
Total other
expense, net
|
|
(86,375)
|
|
(66,169)
|
Income (loss) before
income taxes
|
|
(4,747)
|
|
10,510
|
Income tax
benefit (expense)
|
|
26,251
|
|
(292)
|
Loss on equity
method investments
|
|
(6,089)
|
|
(1,496)
|
Net income
|
|
$
15,415
|
|
$
8,722
|
Operational
EBITDA
|
|
$
463,095
|
|
$
423,999
|
Iridium Communications
Inc.
|
|
|
|
Summary Revenue and
OEBITDA Highlights
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial service
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
55,649
|
|
$
49,491
|
|
12 %
|
|
$
219,242
|
|
$
193,112
|
|
14 %
|
|
IoT
data(2)
|
36,065
|
|
32,158
|
|
12 %
|
|
141,036
|
|
125,015
|
|
13 %
|
|
Broadband(3)
|
14,620
|
|
13,942
|
|
5 %
|
|
57,878
|
|
51,143
|
|
13 %
|
|
Hosted payload and
other data service(4)
|
15,179
|
|
14,683
|
|
3 %
|
|
60,298
|
|
59,451
|
|
1 %
|
|
Total commercial
service revenue
|
121,513
|
|
110,274
|
|
10 %
|
|
478,454
|
|
428,721
|
|
12 %
|
|
Government service
revenue(5)
|
26,500
|
|
26,500
|
|
0 %
|
|
106,000
|
|
106,000
|
|
0 %
|
|
Total service
revenue
|
148,013
|
|
136,774
|
|
8 %
|
|
584,454
|
|
534,721
|
|
9 %
|
|
Subscriber
equipment
|
15,662
|
|
39,252
|
|
-60 %
|
|
105,136
|
|
134,714
|
|
-22 %
|
|
Engineering and
support(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1,746
|
|
3,553
|
|
-51 %
|
|
11,050
|
|
7,833
|
|
41 %
|
|
Government
|
29,319
|
|
14,257
|
|
106 %
|
|
90,083
|
|
43,766
|
|
106 %
|
|
Total engineering and
support
|
31,065
|
|
17,810
|
|
74 %
|
|
101,133
|
|
51,599
|
|
96 %
|
|
Total
revenue
|
$
194,740
|
|
$
193,836
|
|
0 %
|
|
$
790,723
|
|
$
721,034
|
|
10 %
|
|
Operational
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational
EBITDA
|
$
114,069
|
|
$
107,007
|
|
7 %
|
|
$
463,095
|
|
$
423,999
|
|
9 %
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures(7)
|
$
16,202
|
|
$
26,511
|
|
|
|
$
73,487
|
|
$
71,267
|
|
|
|
Net
debt(8)
|
$ 1,428,130
|
|
$ 1,335,855
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
71,870
|
|
$
168,770
|
|
|
|
|
|
|
|
|
|
Term Loan
|
$ 1,500,000
|
|
$ 1,504,625
|
|
|
|
|
|
|
|
|
|
Deferred financing
costs
|
(17,510)
|
|
(17,440)
|
|
|
|
|
|
|
|
|
|
Term Loan,
net
|
$ 1,482,490
|
|
$ 1,487,185
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Service revenue
consists of primarily subscription-based services which often
generate a long-term recurring revenue stream from
subscribers.
|
(2)
|
IoT data service
provides a two-way short burst data transmission between Iridium
Communications Inc.'s network and a telemetry unit, which may be
located, for example, on a container in transit or a buoy
monitoring oceanographic conditions.
|
(3)
|
Broadband is comprised
of Iridium OpenPort® and Iridium Certus.
|
(4)
|
Hosted payload and
other services consist primarily of services that do not have
traditional billable subscribers. Hosted payload services consist
of hosting and data services to our payload customers, Aireon and
Harris. Other services include primarily Iridium Communications
Inc.'s one-way satellite timing, location, and authentication
services (STL) which provides position, navigation and timing
technology.
|
(5)
|
Government service
revenue consists of voice and IoT data subscription-based services
provided to agencies of the U.S. government through prime
contracts.
|
(6)
|
Engineering and support
includes maintenance services to the U.S. government's dedicated
gateway and engineering services to assist customers in developing
new technologies for use on Iridium Communications Inc.'s satellite
system.
|
(7)
|
Capital expenditures
based on cash spent in the respective period.
|
(8)
|
Net debt is calculated
by taking the sum of the gross Term Loan B and gross drawn
Revolving Facility, less cash and cash equivalents.
|
Iridium Communications
Inc.
|
|
|
|
|
|
Subscriber
Highlights
|
|
|
|
|
|
|
(In thousands, except
ARPU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
|
|
|
|
|
Billable Subscribers
(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data, IoT
data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
408
|
|
397
|
|
3 %
|
|
|
|
|
|
|
IoT data
|
1,709
|
|
1,448
|
|
18 %
|
|
|
|
|
|
|
Broadband
(4)
|
16.7
|
|
15.0
|
|
11 %
|
|
|
|
|
|
|
Total
commercial voice and data, IoT data
and Broadband service
|
2,134
|
|
1,860
|
|
15 %
|
|
|
|
|
|
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data and IoT
data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
62
|
|
60
|
|
3 %
|
|
|
|
|
|
|
IoT data
|
83
|
|
79
|
|
5 %
|
|
|
|
|
|
|
Total
government voice and data and IoT
data service
|
145
|
|
139
|
|
4 %
|
|
|
|
|
|
|
Total billable
subscribers
|
2,279
|
|
1,999
|
|
14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
Net Billable
Subscriber Additions
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data. IoT
data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
(2)
|
|
(4)
|
|
50 %
|
|
11
|
|
27
|
|
-59 %
|
IoT data
|
42
|
|
36
|
|
17 %
|
|
261
|
|
255
|
|
2 %
|
Broadband
|
0.2
|
|
0.3
|
|
-33 %
|
|
1.7
|
|
1.8
|
|
-6 %
|
Total
commercial voice and data, IoT data
and Broadband service
|
40
|
|
32
|
|
24 %
|
|
274
|
|
284
|
|
-4 %
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data and IoT
data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
1
|
|
(2)
|
|
150 %
|
|
2
|
|
(5)
|
|
140 %
|
IoT data
|
2
|
|
(4)
|
|
150 %
|
|
4
|
|
(3)
|
|
233 %
|
Total
government voice and data and IoT
data service
|
3
|
|
(6)
|
|
150 %
|
|
6
|
|
(8)
|
|
175 %
|
Total net billable
subscriber additions
|
43
|
|
26
|
|
64 %
|
|
280
|
|
276
|
|
2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
ARPU (2)
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
45
|
|
$
41
|
|
10 %
|
|
$
45
|
|
$
42
|
|
7 %
|
IoT data
|
$
7.12
|
|
$
7.50
|
|
(5) %
|
|
$
7.45
|
|
$ 7.89
|
|
(6) %
|
Broadband
|
$
294
|
|
$
313
|
|
(6) %
|
|
$
305
|
|
$
302
|
|
1 %
|
|
|
(1)
|
Subscribers as of the
end of the respective period.
|
(2)
|
Billable subscriber and
ARPU data is not applicable for Hosted payload and other data
service revenue items and is excluded from presentation
above.
|
(3)
|
Average monthly revenue
per unit, or ARPU, is calculated by dividing revenue in the
respective period by the average of the number of billable
subscribers at the beginning of the period and the number of
billable subscribers at the end of the period and then dividing the
result by the number of months in the period.
|
(4)
|
Broadband is comprised
of Iridium OpenPort® and Iridium Certus.
|
Investor
Contact:
|
Press
Contact:
|
|
|
Kenneth Levy
|
Jordan
Hassin
|
Iridium Communications
Inc.
|
Iridium Communications
Inc.
|
+1 (703)
287-7570
|
+1 (703)
287-7421
|
ken.levy@iridium.com
|
jordan.hassin@iridium.com
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/iridium-announces-2023-results-company-issues-2024-outlook-302061072.html
SOURCE Iridium Communications Inc.