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Mar 31, 2020
Iridium Q1 2020 Earnings Report
Iridium reported solid growth in total revenue and billable subscribers, driven by service revenue, engineering and support services, and equipment sales.
Key Takeaways
Iridium Communications Inc. reported a net loss of $31.7 million, or $0.24 per diluted share, for the first quarter of 2020. Total revenue increased 9% to $145.3 million, with service revenue growing 8% to $116.0 million. The company ended the quarter with 1,332,000 total billable subscribers, a 16% increase year-over-year.
Total revenue increased by 9% year-over-year, reaching $145.3 million.
Service revenue grew by 8% year-over-year, totaling $116.0 million.
The company reported 1,332,000 total billable subscribers, a 16% increase year-over-year.
Commercial service revenue was $91.0 million, up 7% from last year.
Iridium
Iridium
Iridium Revenue by Segment
Revenue by Segment
Commercial Voice & Data Revenue
CapyFin.comCommercial IoT Data Revenue
CapyFin.comHosted Payload & Other Revenue
CapyFin.comGovernment Services Revenue
CapyFin.comSubscriber Equipment Revenue
CapyFin.comEngineering & Support Revenue
CapyFin.com Forward Guidance
Given the current global shutdown and macroeconomic uncertainties, the Company updated its full-year 2020 outlook and currently anticipates growth in total service revenue and OEBITDA for full-year 2020.
Positive Outlook
- Growth in total service revenue for full-year 2020.
- Growth in OEBITDA for full-year 2020.
- Negligible cash taxes in 2020.
- Cash taxes are expected to be negligible through approximately 2023.
- Net leverage of no more than 4.4 times OEBITDA at the end of 2020.