Iridium Q1 2020 Earnings Report
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
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.