- Returned a record $469 million to
shareholders in 2024
MCLEAN,
Va., Feb. 13, 2025 /PRNewswire/ -- Iridium
Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported
financial results for the fourth quarter and full-year 2024 and
issued its full-year 2025 guidance. Net income was $36.3 million, or $0.32 per diluted share, for the fourth quarter
of 2024, as compared to net income of $38.0
million, or $0.30 per diluted
share, for the fourth quarter of 2023. Operational EBITDA
("OEBITDA")(1) for the fourth quarter was $117.1 million, as compared to $114.1 million for the prior-year period,
representing a year-over-year increase of 3%.
![Iridium Communications Inc. (PRNewsfoto/Iridium Communications Inc.) Iridium Communications Inc. (PRNewsfoto/Iridium Communications Inc.)](https://mma.prnewswire.com/media/1394616/IRIDIUM_Logo.jpg)
Iridium reported fourth-quarter total revenue of $213.0 million, which consisted of $154.0 million of service revenue and
$59.0 million of revenue related to
equipment sales and engineering and support projects. Total revenue
increased 9% from last year's comparable period, in part due to a
4% increase in total service revenue. Service revenue, which
represents primarily recurring revenue from Iridium's growing
subscriber base, was 72% of total revenue for the fourth quarter of
2024.
The Company ended the quarter with 2,460,000 total billable
subscribers, which is up from 2,279,000 for the year-ago period and
compares to 2,482,000 for the quarter ended September 30,
2024. Total billable subscribers grew 8% year-over-year, driven by
growth in commercial IoT. The sequential decline in billable
subscribers from the third quarter primarily reflected changes to
retail subscriber plans by a large IoT customer, with no impact on
Iridium revenue.
Full-Year 2024 Iridium Business Highlights
For the full year, Iridium reported net income of $112.8 million, or $0.94 per diluted share, as compared to net
income of $15.4 million, or
$0.12 per diluted share, for 2023.
The change primarily resulted from a decrease in depreciation
expense associated with the extension of the estimated useful lives
of the Company's satellites in the prior year and an increase in
engineering and support revenue, offset in part by the change in
income tax expense. The Company reported total revenue in 2024 of
$830.7 million, which was up 5% from
the year-ago period. Total revenue included $614.9 million of service revenue, $124.4 million of engineering and support
services revenue and $91.4 million of
equipment sales revenue. OEBITDA for 2024 was $470.6 million, a 2% increase from $463.1 million in the prior year. Capital
expenditures were $69.9 million for
the full-year 2024.
"Turning our eyes to 2025, Iridium will return to a more
normalized OEBITDA growth profile," said Matt Desch, CEO, Iridium. Desch added, "Our
continued strong cash flow supported return of capital to
shareholders approaching a half billion dollars in 2024, including
dividends and share repurchases."
Fourth-Quarter Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium's
business, representing 60% 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 $127.3
million, up 5% from last year's comparable period due to
broad-based growth across all revenue lines.
- Commercial voice and data: Revenue was $57.1 million, up 3% from the year-ago period.
Subscribers grew 2% from the year-ago period to 415,000. Average
revenue per user ("ARPU") was $45
during the fourth quarter, unchanged from last year's comparable
period.
- Commercial IoT data: Revenue was $41.4
million, up 15% from the year-ago period. Subscribers grew
10% from the year-ago period to 1,887,000 customers, driven by
continued growth in consumer personal communications devices. ARPU
was $7.29 in the fourth quarter,
compared to $7.12 in last year's
comparable period.
- Commercial broadband: Revenue was $13.4
million, down 9% from $14.6
million in the year-ago period, and subscribers declined
modestly from the year-ago period to 16,600. ARPU was $268 during the fourth quarter, compared to
$294 in last year's comparable
period, reflecting the increased prevalence of Iridium's use as a
companion service and the conversion of customers to other
plans.
- Hosted payload and other data service: Revenue was $15.4 million, up 2% from $15.2 million in the year-ago period. The
year-over-year change primarily reflected strong contributions from
Iridium's growing PNT services, which more than offset a
non-recurring benefit from a customer contract recognized in last
year's comparable period.
- Iridium's commercial business ended the quarter with 2,319,000
billable subscribers, which is up from 2,134,000 for the prior-year
quarter and compares to 2,341,000 for the quarter ended
September 30, 2024. The sequential
decline in billable subscribers for the quarter was driven by the
commencement of phasing out annual plans by a large IoT customer,
resulting in higher subscriber seasonality, with no impact on
Iridium revenue due to a fixed-price contract with this customer.
IoT data subscribers represented 81% of billable commercial
subscribers at the end of the quarter, an increase from 80% 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 grew 1% to $26.8 million in the fourth quarter reflecting a
contractual rate increase in the EMSS Contract.
- Iridium's U.S. government business ended the quarter with
141,000 subscribers, which compares to 145,000 for the prior-year
quarter and 141,000 for the quarter ended September 30, 2024. Government voice and data
subscribers remained flat as of December 31,
2024 at 62,000 compared to the year-ago period. Government
IoT data subscribers decreased 5% year-over-year and represented
56% of government subscribers at year-end.
Equipment
- Equipment revenue was $21.6
million in the fourth quarter compared to $15.7 million in the prior-year quarter.
- Equipment revenue totaled $91.4
million in 2024, compared to $105.1
million in 2023. In 2025, the Company expects equipment
sales to be in line with 2024.
Engineering & Support
- Engineering and support revenue was $37.4 million during the fourth quarter, compared
to $31.1 million in the prior-year
quarter, primarily due to increasing activity with the U.S.
government.
- Engineering and support revenue totaled $124.4 million in 2024, compared to $101.1 million in 2023. In 2025, the Company
expects engineering and support revenue to increase from 2024.
Capital expenditures were $24.3
million for the fourth quarter, including $1.3 million in capitalized interest. The Company
ended the fourth quarter with gross debt of $1.8 billion and a cash and cash equivalents
balance of $93.5 million, for a net
debt balance of $1.7 billion.
Iridium paid its fourth quarter dividend of $0.14 per common share on December 31, 2024. Total dividends paid to
stockholders during 2024 totaled $64.7
million.
During the quarter ended December 31, 2024, the Company
repurchased approximately 4.1 million shares of its
common stock under its previously announced share repurchase
program at a total purchase price of $121.9 million. As of December 31,
2024, $430.3 million remained available and
authorized for repurchase under this program through 2027.
2025 and Longer-Term Outlook
The Company issued its full-year 2025 outlook and reaffirmed its
long-term guidance on cash taxes and net leverage:
- Total service revenue growth between 5% and 7% for full-year
2025. Total service revenue for 2024 was $614.9 million.
- Full-year 2025 OEBITDA between $490
million and $500 million.
OEBITDA for 2024 was $470.6
million.
- Cash taxes of less than $10
million per year through 2026. We expect that the
longer-term cash tax rate will move closer to the statutory rate in
2028.
- Net leverage below 4.0 times OEBITDA through 2026 and falling
below 2.0 times OEBITDA by the end of the decade, assuming ongoing
execution of the Company's share repurchase authorization and the
payment of expected quarterly dividends. Net leverage was 3.6 times
OEBITDA at December 31, 2024.
(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, gain (loss) on equity method investments, acquisition
and related costs, 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. Management believes 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, 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. The Company does not provide
a forward-looking reconciliation of expected full-year 2025
Operational EBITDA guidance as the amount and significance of
certain items such as share-based compensation, acquisition related
costs and gain/loss on equity method investments, that are 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 to Operational EBITDA
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
GAAP net
income
|
|
$
36,341
|
|
$
38,023
|
|
$
112,776
|
|
$
15,415
|
Interest expense,
net
|
|
22,428
|
|
19,114
|
|
91,134
|
|
90,387
|
Income tax (benefit)
expense
|
|
(6,242)
|
|
(9,578)
|
|
12,259
|
|
(26,251)
|
Depreciation and
amortization
|
|
51,447
|
|
52,787
|
|
203,127
|
|
320,000
|
Share-based
compensation
|
|
12,431
|
|
11,955
|
|
63,457
|
|
57,455
|
Acquisition and related
costs(1)
|
|
289
|
|
—
|
|
3,074
|
|
—
|
(Gain) loss on equity
method investments
|
|
413
|
|
1,768
|
|
(15,251)
|
|
6,089
|
Operational
EBITDA
|
|
$
117,107
|
|
$
114,069
|
|
$
470,576
|
|
$
463,095
|
|
|
(1)
|
Represents direct costs
incurred in connection with the negotiation, consummation and
integration of acquisition transactions, whether or not actually
completed. These costs generally include legal and advisory fees,
severance and other related costs.
|
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 13, 2025. 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 2025; net leverage and cash taxes over the
longer-term; anticipated equipment sales and engineering and
support service revenue for 2025; 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, 2024, filed with the Securities and
Exchange Commission ("SEC") on February 13,
2025, 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,
|
|
|
2024
|
|
2023
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
127,265
|
|
$
121,513
|
Government
|
|
26,750
|
|
26,500
|
Total service
revenue
|
|
154,015
|
|
148,013
|
Subscriber
equipment
|
|
21,597
|
|
15,662
|
Engineering and support
service
|
|
37,379
|
|
31,065
|
Total
revenue
|
|
212,991
|
|
194,740
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
48,379
|
|
45,279
|
Cost of subscriber
equipment sales
|
|
11,832
|
|
10,335
|
Research and
development
|
|
8,523
|
|
5,728
|
Selling, general and
administrative
|
|
40,695
|
|
34,315
|
Depreciation and
amortization
|
|
51,447
|
|
52,787
|
Total operating
expenses
|
|
160,876
|
|
148,444
|
Operating
income
|
|
52,115
|
|
46,296
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(22,428)
|
|
(19,114)
|
Other income,
net
|
|
825
|
|
3,031
|
Total other
expense, net
|
|
(21,603)
|
|
(16,083)
|
Income before income
taxes
|
|
30,512
|
|
30,213
|
Income tax
benefit
|
|
6,242
|
|
9,578
|
Loss on equity method
investments
|
|
(413)
|
|
(1,768)
|
Net income
|
|
$
36,341
|
|
$
38,023
|
Operational
EBITDA
|
|
$
117,107
|
|
$
114,069
|
Iridium Communications
Inc.
|
Condensed Consolidated
Statements of Operations
|
(In
thousands)
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
2024
|
|
2023
|
Revenue
|
|
|
|
|
Service
revenue
|
|
|
|
|
Commercial
|
|
$
508,618
|
|
$
478,454
|
Government
|
|
106,296
|
|
106,000
|
Total service
revenue
|
|
614,914
|
|
584,454
|
Subscriber
equipment
|
|
91,416
|
|
105,136
|
Engineering and support
service
|
|
124,352
|
|
101,133
|
Total
revenue
|
|
830,682
|
|
790,723
|
Operating
expenses
|
|
|
|
|
Cost of services
(exclusive of depreciation and amortization)
|
|
178,140
|
|
158,710
|
Cost of subscriber
equipment sales
|
|
52,427
|
|
66,410
|
Research and
development
|
|
28,422
|
|
20,269
|
Selling, general and
administrative
|
|
168,182
|
|
143,706
|
Depreciation and
amortization
|
|
203,127
|
|
320,000
|
Total operating
expenses
|
|
630,298
|
|
709,095
|
Operating
income
|
|
200,384
|
|
81,628
|
Other expense,
net
|
|
|
|
|
Interest expense,
net
|
|
(91,134)
|
|
(90,387)
|
Other income,
net
|
|
534
|
|
4,012
|
Total other
expense, net
|
|
(90,600)
|
|
(86,375)
|
Income (loss) before
income taxes
|
|
109,784
|
|
(4,747)
|
Income tax benefit
(expense)
|
|
(12,259)
|
|
26,251
|
Gain (loss) on equity
method investments
|
|
15,251
|
|
(6,089)
|
Net income
|
|
$
112,776
|
|
$
15,415
|
Operational
EBITDA
|
|
$
470,576
|
|
$
463,095
|
Iridium Communications
Inc.
|
Summary Revenue and
OEBITDA Highlights
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
2023
|
|
% Change
|
|
2024
|
|
2023
|
|
% Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue(1)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
service revenue
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
57,072
|
|
$
55,649
|
|
3 %
|
|
$
226,197
|
|
$
219,242
|
|
3 %
|
IoT
data(2)
|
41,407
|
|
36,065
|
|
15 %
|
|
166,166
|
|
141,036
|
|
18 %
|
Broadband(3)
|
13,376
|
|
14,620
|
|
(9) %
|
|
56,095
|
|
57,878
|
|
(3) %
|
Hosted payload and
other data service(4)
|
15,410
|
|
15,179
|
|
2 %
|
|
60,160
|
|
60,298
|
|
— %
|
Total commercial
service revenue
|
127,265
|
|
121,513
|
|
5 %
|
|
508,618
|
|
478,454
|
|
6 %
|
Government service
revenue(5)
|
26,750
|
|
26,500
|
|
1 %
|
|
106,296
|
|
106,000
|
|
— %
|
Total service
revenue
|
154,015
|
|
148,013
|
|
4 %
|
|
614,914
|
|
584,454
|
|
5 %
|
Subscriber
equipment
|
21,597
|
|
15,662
|
|
38 %
|
|
91,416
|
|
105,136
|
|
(13) %
|
Engineering and
support(6)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
2,903
|
|
1,746
|
|
66 %
|
|
7,307
|
|
11,050
|
|
(34) %
|
Government
|
34,476
|
|
29,319
|
|
18 %
|
|
117,045
|
|
90,083
|
|
30 %
|
Total engineering and
support
|
37,379
|
|
31,065
|
|
20 %
|
|
124,352
|
|
101,133
|
|
23 %
|
Total
revenue
|
$
212,991
|
|
$
194,740
|
|
9 %
|
|
$
830,682
|
|
$
790,723
|
|
5 %
|
Operational
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Operational
EBITDA
|
$
117,107
|
|
$
114,069
|
|
3 %
|
|
$
470,576
|
|
$
463,095
|
|
2 %
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures(7)
|
$
24,268
|
|
$
16,202
|
|
|
|
$
69,890
|
|
$
73,487
|
|
|
Net
debt(8)
|
$ 1,714,219
|
|
$ 1,428,130
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
93,526
|
|
$
71,870
|
|
|
|
|
|
|
|
|
Term Loan
|
$ 1,807,745
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
Deferred financing
costs
|
(16,860)
|
|
(17,510)
|
|
|
|
|
|
|
|
|
Term Loan,
net
|
$ 1,790,885
|
|
$ 1,482,490
|
|
|
|
|
|
|
|
|
|
|
(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'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'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'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 and cash equivalents.
|
Iridium Communications
Inc.
|
Subscriber
Highlights
|
(In thousands, except
ARPU)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
% Change
|
|
|
|
|
|
|
Billable Subscribers
(1) (2)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data,
IoT data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
415
|
|
408
|
|
2 %
|
|
|
|
|
|
|
IoT data
|
1,887
|
|
1,709
|
|
10 %
|
|
|
|
|
|
|
Broadband
(3)
|
16.6
|
|
16.7
|
|
(1) %
|
|
|
|
|
|
|
Total commercial voice
and data, IoT data
and Broadband service
|
2,319
|
|
2,134
|
|
9 %
|
|
|
|
|
|
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data
and IoT data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
62
|
|
62
|
|
— %
|
|
|
|
|
|
|
IoT data
|
79
|
|
83
|
|
(5) %
|
|
|
|
|
|
|
Total government voice
and data and IoT
data service
|
141
|
|
145
|
|
(3) %
|
|
|
|
|
|
|
Total billable
subscribers
|
2,460
|
|
2,279
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
2023
|
|
% Change
|
|
2024
|
|
2023
|
|
% Change
|
Net Billable
Subscriber Additions
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data.
IoT data and Broadband service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
(7)
|
|
(2)
|
|
(250) %
|
|
7
|
|
11
|
|
(36) %
|
IoT data
|
(15)
|
|
42
|
|
(136) %
|
|
178
|
|
261
|
|
(32) %
|
Broadband
|
(0.1)
|
|
0.2
|
|
(150) %
|
|
(0.1)
|
|
1.7
|
|
(106) %
|
Total commercial voice
and data, IoT data
and Broadband service
|
(22)
|
|
40
|
|
(155) %
|
|
185
|
|
274
|
|
(32) %
|
Government
|
|
|
|
|
|
|
|
|
|
|
|
Voice and data
and IoT data service
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
(1)
|
|
1
|
|
(200) %
|
|
—
|
|
2
|
|
(100) %
|
IoT data
|
1
|
|
2
|
|
(50) %
|
|
(4)
|
|
4
|
|
(200) %
|
Total government voice
and data and IoT
data service
|
—
|
|
3
|
|
(100) %
|
|
(4)
|
|
6
|
|
(167) %
|
Total net billable
subscriber additions
|
(22)
|
|
43
|
|
(151) %
|
|
181
|
|
280
|
|
(35) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
Year Ended December
31,
|
|
|
|
2024
|
|
2023
|
|
% Change
|
|
2024
|
|
2023
|
|
% Change
|
ARPU
(2) (4)
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
Voice and
data
|
$
45
|
|
$
45
|
|
— %
|
|
$
46
|
|
$
45
|
|
2 %
|
IoT data
|
$
7.29
|
|
$
7.12
|
|
2 %
|
|
$ 7.70
|
|
$ 7.45
|
|
3 %
|
Broadband
|
$
268
|
|
$
294
|
|
(9) %
|
|
$ 282
|
|
$
305
|
|
(8) %
|
|
|
(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
|
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SOURCE Iridium Communications Inc.