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Mar 31, 2022
Iridium Q1 2022 Earnings Report
Iridium reported record equipment sales and subscriber growth driven by commercial IoT demand.
Key Takeaways
Iridium Communications Inc. reported a strong first quarter in 2022, with a 15% increase in total revenue to $168.2 million. Net income was $2.8 million, or $0.02 per diluted share, compared to a net loss of $5.2 million in the prior year period. The company reiterated its full-year 2022 outlook.
Total revenue increased by 15% year-over-year, reaching $168.2 million.
Service revenue grew by 9% year-over-year, totaling $126.1 million.
The company ended the quarter with 1,781,000 total billable subscribers, a 17% increase year-over-year.
Commercial IoT data revenue increased by 15% year-over-year, reaching $28.4 million.
Iridium
Iridium
Iridium Revenue by Segment
Forward Guidance
The Company reiterated its full-year 2022 outlook:
Positive Outlook
- Total service revenue growth between 5% and 7% for full-year 2022.
- Full-year 2022 OEBITDA between $400 million and $410 million.
- Negligible cash taxes in 2022.
- Cash taxes are expected to be negligible through approximately 2024.
- Net leverage of between 2.5 and 3.5 times OEBITDA at the end of 2023, assuming the completion of the Company’s total $600 million in authorized share repurchases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income