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Mar 31, 2021
Iridium Q1 2021 Earnings Report
Iridium's first quarter results reflected subscriber growth and strategic share repurchases.
Key Takeaways
Iridium Communications Inc. reported first-quarter 2021 results with a total revenue of $146.5 million, a 1% increase from the previous year. The company's subscriber base grew by 14% year-over-year, driven by commercial and government IoT customers. Iridium also commenced a share buyback program, retiring 1.6 million shares during the quarter.
Total revenue increased by 1% year-over-year, reaching $146.5 million.
Service revenue remained essentially flat compared to the prior year, totaling $116.2 million.
Total billable subscribers grew by 14% year-over-year, reaching 1,518,000.
The company retired 1.6 million shares under its recently authorized share repurchase program.
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
The Company reiterated its full-year 2021 outlook and other elements of long-term guidance:
Positive Outlook
- Total service revenue growth of approximately 3% for full-year 2021. Total service revenue for 2020 was $463.1 million.
- Full-year 2021 OEBITDA between $365 million and $375 million. OEBITDA for 2020 was $355.6 million.
- Negligible cash taxes in 2021.
- Cash taxes are expected to be negligible through approximately 2023.
- Net leverage of below 3.5 times OEBITDA at the end of 2022, assuming $300.0 million in share repurchases.