MCLEAN,
Va., Oct. 19, 2023 /PRNewswire/ -- Iridium
Communications Inc. (Nasdaq:IRDM) ("Iridium"), a leading provider
of global voice and data satellite communications, today reported
financial results for the third quarter of 2023 and updated its
full-year 2023 outlook. Net loss was $1.6
million, or $0.01 per diluted
share, for the third quarter of 2023, as compared to net income of
$2.1 million, or $0.02 per diluted share, for the third quarter of
2022. Operational EBITDA ("OEBITDA")(1) for the third
quarter was $121.3 million, as
compared to $107.8 million for the
prior-year period, representing a year-over-year increase of 12%.
The net loss was primarily the result of costs incurred in
connection with the successful refinancing of Iridium's credit
facility during the quarter, which extends the maturity to
September 2030 and reduces the
interest rate. These refinancing costs fully offset strong revenue
growth in Iridium's commercial service lines and an increase in
engineering and support revenue.
Iridium reported third-quarter total revenue of $197.6 million, which consisted of $152.0 million of service revenue and
$45.6 million of revenue related to
equipment sales and engineering and support projects. Total revenue
increased 7% versus the comparable period of 2022, while service
revenue grew 9% from the year-ago period. Service revenue, which
represents primarily recurring revenue from Iridium's growing
subscriber base, was 77% of total revenue for the third quarter of
2023.
The Company ended the quarter with 2,236,000 total billable
subscribers, which compares to 1,973,000 for the year-ago period
and is up from 2,140,000 for the quarter ended June 30, 2023. Total billable subscribers grew
13% year-over-year, driven by growth in commercial IoT.
"Iridium continues to enjoy strong subscriber momentum and
broad-based revenue growth across its commercial business lines,
which drove record operational EBITDA," said Matt Desch, CEO, Iridium. Desch added, "We are
generating exceptional cash flow, which should continue well into
the future as we projected at our recent Investor Day in
September."
Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium's
business, representing 63% of the Company's total revenue during
the third 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 $125.5
million, up 12% from last year's comparable period due to
broad-based growth across all revenue lines.
- Commercial voice and data: Revenue was $56.2 million, up 12% from the year-ago period.
Subscribers grew 2% from the year-ago period to 410,000. Average
revenue per user ("ARPU") was $46
during the third quarter, compared to $42 in the prior-year period, due to higher
access fees.
- Commercial IoT data: Revenue was $38.5
million, up 14% from the year-ago period. Subscribers grew
18% from the year-ago period to 1,667,000 customers, driven by
continued growth in consumer personal communications devices. ARPU
was $7.90 in the third quarter,
compared to $8.24 in last year's
comparable period. The decrease in ARPU resulted primarily from
shifting mix of subscribers using lower ARPU plans, including
personal communications subscribers.
- Commercial broadband: Revenue was $15.8
million, up 16% from $13.6
million in the year-ago period on subscriber growth and
benefited from a customer arrangement which resulted in revenue
recognition of approximately $1.5
million.
- Iridium's commercial business ended the quarter with 2,094,000
billable subscribers, which compares to 1,828,000 for the
prior-year quarter and is up from 1,999,000 for the quarter ended
June 30, 2023. IoT data subscribers
represented 80% of billable commercial subscribers at the end of
the quarter, an increase from 77% at the end of the prior-year
period.
- Hosted payload and other data service revenue remained
consistent at $15.0 million in the
third quarter compared to the year-ago 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 third quarter, reflecting
the contractual rate in the EMSS Contract.
- Iridium's U.S. government business ended the quarter with
142,000 subscribers, which compares to 145,000 for the prior-year
quarter and 141,000 for the quarter ended June 30, 2023. Government voice and data
subscribers decreased 2% from the year-ago period to 61,000 as of
September 30, 2023. Government IoT
data subscribers decreased 2% year-over-year and represented 57% of
government subscribers at quarter-end.
Equipment
- Equipment revenue was $20.4
million in the third quarter, down 27% compared to
$28.0 million in the prior-year
quarter.
- For full year 2023, the Company expects equipment sales to be
lower than 2022's record level.
Engineering & Support
- Engineering and support revenue was $25.2 million during the third quarter, compared
to $17.1 million in the prior-year
quarter, primarily due to a rise in government activity.
- The Company expects engineering and support revenue in 2023 to
be higher than 2022 primarily due to the full year impact of the
Space Development Agency contract, which was granted in
mid-2022.
Capital expenditures were $12.0
million for the third quarter, including $1.1 million in capitalized interest. The Company
ended the third quarter with gross debt of $1.5 billion and a cash and cash equivalents
balance of $67.9 million, for a net
debt balance of $1.4 billion,
representing net leverage of 3.1 times OEBITDA.
Iridium paid its third dividend of $0.13 per common share on September 29, 2023. Dividends through the third
quarter of 2023 have resulted in a total of $48.8 million in payments to stockholders.
During the quarter, the Company repurchased approximately 1.4
million shares of its common stock under its previously announced
share repurchase program at a total purchase price of $73.8 million. As of September 30, 2023, $385.7
million remained available and authorized for repurchase
under this program through December 31,
2025.
In September, Iridium completed the refinance of its credit
facility. The new facility extends Iridium's debt maturity to
September 2030 and reduces the
interest rate by 10 basis points, which will reduce interest costs
by $1.5 million in the first
year.
2023 Outlook
The Company updated its full-year 2023 outlook:
- Total service revenue growth of approximately 10% for full-year
2023. Total service revenue for 2022 was $534.7 million.
- Full-year 2023 OEBITDA of between $460
million and $465 million.
OEBITDA for 2022 was $424.0
million.
- Negligible cash taxes in 2023. Cash taxes are expected to be
negligible through 2024.
- Net leverage of approximately 3.0 times OEBITDA at the end of
2023, assuming the payment of four quarters of dividends and
completion of expected share repurchases. Net leverage was 3.2
times OEBITDA at December 31,
2022.
(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. 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 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 2023
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
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
GAAP net income
(loss)
|
|
$
(1,642)
|
|
$
2,149
|
|
$
(22,608)
|
|
$
9,530
|
Interest expense,
net
|
|
34,660
|
|
17,632
|
|
71,273
|
|
46,989
|
Income tax (benefit)
expense
|
|
(6,009)
|
|
(2,053)
|
|
(16,673)
|
|
1,013
|
Depreciation and
amortization
|
|
76,825
|
|
76,397
|
|
267,213
|
|
227,739
|
Share-based
compensation
|
|
15,943
|
|
13,716
|
|
45,500
|
|
31,721
|
Loss on equity method
investments
|
|
1,489
|
|
—
|
|
4,321
|
|
—
|
Operational
EBITDA
|
|
$
121,266
|
|
$
107,841
|
|
$
349,026
|
|
$
316,992
|
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, October 19, 2023. 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 new 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,
net leverage and cash taxes for 2023; cash taxes through 2024;
anticipated equipment sales and engineering and support service
revenue for 2023; expected cash flow; amount and timing of share
repurchases, 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, 2022, filed with
the Securities and Exchange Commission ("SEC") on February 16, 2023, 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
September 30,
|
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
125,450
|
|
$
112,477
|
Government
|
|
26,500
|
|
26,500
|
Total service
revenue
|
|
151,950
|
|
138,977
|
Subscriber
equipment
|
|
20,422
|
|
27,959
|
Engineering and support
service
|
|
25,230
|
|
17,124
|
Total
revenue
|
|
197,602
|
|
184,060
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
41,394
|
|
34,378
|
Cost of subscriber
equipment sales
|
|
12,823
|
|
18,406
|
Research and
development
|
|
5,037
|
|
4,865
|
Selling, general and
administrative
|
|
33,368
|
|
32,140
|
Depreciation and
amortization
|
|
76,825
|
|
76,397
|
Total operating
expenses
|
|
169,447
|
|
166,186
|
Operating
income
|
|
28,155
|
|
17,874
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(34,660)
|
|
(17,632)
|
Other income (expense),
net
|
|
343
|
|
(146)
|
Total other expense,
net
|
|
(34,317)
|
|
(17,778)
|
Income (loss) before
income taxes
|
|
(6,162)
|
|
96
|
Income tax
benefit
|
|
6,009
|
|
2,053
|
Loss on equity method
investments
|
|
(1,489)
|
|
—
|
Net income
(loss)
|
|
$
(1,642)
|
|
$
2,149
|
Operational
EBITDA
|
|
$
121,266
|
|
$
107,841
|
Iridium Communications
Inc.
|
|
|
|
|
Condensed Consolidated
Statements of Operations
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
2023
|
|
2022
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
356,941
|
|
$
318,447
|
Government
|
|
79,500
|
|
79,500
|
Total service
revenue
|
|
436,441
|
|
397,947
|
Subscriber
equipment
|
|
89,474
|
|
95,462
|
Engineering and support
service
|
|
70,068
|
|
33,789
|
Total
revenue
|
|
595,983
|
|
527,198
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
113,431
|
|
83,796
|
Cost of subscriber
equipment sales
|
|
56,075
|
|
60,382
|
Research and
development
|
|
14,541
|
|
10,470
|
Selling, general and
administrative
|
|
109,391
|
|
86,905
|
Depreciation and
amortization
|
|
267,213
|
|
227,739
|
Total operating
expenses
|
|
560,651
|
|
469,292
|
Operating
income
|
|
35,332
|
|
57,906
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(71,273)
|
|
(46,989)
|
Other income (expense),
net
|
|
981
|
|
(374)
|
Total other expense,
net
|
|
(70,292)
|
|
(47,363)
|
Income (loss) before
income taxes
|
|
(34,960)
|
|
10,543
|
Income tax benefit
(expense)
|
|
16,673
|
|
(1,013)
|
Loss on equity method
investments
|
|
(4,321)
|
|
—
|
Net income
(loss)
|
|
(22,608)
|
|
9,530
|
Operational
EBITDA
|
|
$
349,026
|
|
$
316,992
|
Iridium Communications
Inc.
|
|
|
|
|
|
|
|
|
|
|
Summary Revenue and
OEBITDA Highlights
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue(1)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial service
revenue
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
56,188
|
|
$
50,256
|
|
12 %
|
|
$ 163,593
|
|
$
143,621
|
|
14 %
|
IoT
data(2)
|
38,460
|
|
33,786
|
|
14 %
|
|
104,971
|
|
92,857
|
|
13 %
|
Broadband(3)
|
15,782
|
|
13,589
|
|
16 %
|
|
43,258
|
|
37,200
|
|
16 %
|
Hosted payload and
other data service(4)
|
15,020
|
|
14,846
|
|
1 %
|
|
45,119
|
|
44,769
|
|
1 %
|
Total commercial
service revenue
|
125,450
|
|
112,477
|
|
12 %
|
|
356,941
|
|
318,447
|
|
12 %
|
Government service
revenue(5)
|
26,500
|
|
26,500
|
|
— %
|
|
79,500
|
|
79,500
|
|
0 %
|
Total service
revenue
|
151,950
|
|
138,977
|
|
9 %
|
|
436,441
|
|
397,947
|
|
10 %
|
Subscriber
equipment
|
20,422
|
|
27,959
|
|
-27 %
|
|
89,474
|
|
95,462
|
|
-6 %
|
Engineering and
support(6)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1,881
|
|
1,783
|
|
5 %
|
|
9,304
|
|
4,280
|
|
117 %
|
Government
|
23,349
|
|
15,341
|
|
52 %
|
|
60,764
|
|
29,509
|
|
106 %
|
Total engineering and
support
|
25,230
|
|
17,124
|
|
47 %
|
|
70,068
|
|
33,789
|
|
107 %
|
Total
revenue
|
$
197,602
|
|
$ 184,060
|
|
7 %
|
|
$ 595,983
|
|
$
527,198
|
|
13 %
|
Operational
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Operational
EBITDA
|
$
121,266
|
|
$ 107,841
|
|
12 %
|
|
$ 349,026
|
|
$
316,992
|
|
10 %
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures(7)
|
$
11,998
|
|
$
13,738
|
|
|
|
$
57,285
|
|
$ 44,756
|
|
|
Net
debt(8)
|
$
1,432,123
|
|
$
1,389,998
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and marketable securities
|
$
67,877
|
|
$ 218,762
|
|
|
|
|
|
|
|
|
Term Loan,
gross
|
$
1,500,000
|
|
$
1,608,750
|
|
|
|
|
|
|
|
|
Deferred financing
costs
|
(18,076)
|
|
(19,724)
|
|
|
|
|
|
|
|
|
Term Loan,
net
|
$
1,481,924
|
|
$
1,589,026
|
|
|
|
|
|
|
|
|
|
|
(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 and gross drawn Revolving
Facility, less cash, cash equivalents and marketable
securities.
|
Iridium Communications
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
Subscriber
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except
ARPU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September
30,
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
|
|
|
|
|
Billable Subscribers
(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data, IoT
data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
410
|
|
401
|
|
2 %
|
|
|
|
|
|
|
IoT data
|
1,667
|
|
1,412
|
|
18 %
|
|
|
|
|
|
|
Broadband
(3)
|
16.5
|
|
14.7
|
|
12 %
|
|
|
|
|
|
|
Total commercial voice
and data, IoT data and Broadband service
|
2,094
|
|
1,828
|
|
15 %
|
|
|
|
|
|
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data and IoT
data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
61
|
|
62
|
|
-2 %
|
|
|
|
|
|
|
IoT data
|
81
|
|
83
|
|
-2 %
|
|
|
|
|
|
|
Total government voice
and data and IoT data service
|
142
|
|
145
|
|
-2 %
|
|
|
|
|
|
|
Total billable
subscribers
|
2,236
|
|
1,973
|
|
13 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
Net Billable
Subscriber Additions
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data. IoT
data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
5
|
|
7
|
|
-29 %
|
|
13
|
|
31
|
|
-58 %
|
IoT data
|
89
|
|
89
|
|
0 %
|
|
219
|
|
219
|
|
0 %
|
Broadband
|
0.4
|
|
0.6
|
|
(33) %
|
|
1.5
|
|
1.5
|
|
0 %
|
Total commercial voice
and data, IoT data and Broadband service
|
94
|
|
97
|
|
-3 %
|
|
233
|
|
251
|
|
-7 %
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data and IoT
data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
1
|
|
—
|
|
NM
|
|
1
|
|
(3)
|
|
133 %
|
IoT data
|
—
|
|
1
|
|
-100 %
|
|
2
|
|
1
|
|
100 %
|
Total government voice
and data and IoT data service
|
1
|
|
1
|
|
0 %
|
|
3
|
|
(2)
|
|
250 %
|
Total net billable
subscriber additions
|
95
|
|
98
|
|
-3 %
|
|
236
|
|
249
|
|
-5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
ARPU (2)
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
46
|
|
$
42
|
|
10 %
|
|
$
45
|
|
$
41
|
|
10 %
|
IoT data
|
$
7.90
|
|
$
8.24
|
|
-4 %
|
|
$
7.49
|
|
$
7.92
|
|
-5 %
|
Broadband
|
$
322
|
|
$
315
|
|
2 %
|
|
$
305
|
|
$
297
|
|
3 %
|
|
|
(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)
|
Broadband is comprised
of Iridium OpenPort® and Iridium Certus.
|
(4)
|
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.
|
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
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SOURCE Iridium Communications Inc.