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Mar 31, 2023
Iridium Q1 2023 Earnings Report
Iridium reported strong Q1 2023 results with double-digit sales growth in the Commercial Business and a record quarter for equipment sales.
Key Takeaways
Iridium Communications Inc. reported a strong start to 2023, with a 22% increase in total revenue to $205.3 million. Net income rose to $9.8 million, or $0.08 per diluted share. The company saw growth across all business areas, driven by a 15% increase in total billable subscribers, particularly in commercial IoT.
Total revenue increased by 22% year-over-year, reaching $205.3 million.
Commercial service revenue was $112.8 million, up 13% from the prior year.
The company ended the quarter with 2,051,000 total billable subscribers, a 15% increase year-over-year.
Iridium paid its inaugural dividend and repurchased over $53 million of common stock, returning capital to shareholders.
Revenue by Segment
Forward Guidance
The Company reiterated its full-year 2023 outlook:
Positive Outlook
- Total service revenue growth between 9% and 11% for full-year 2023.
- Full-year 2023 OEBITDA between $455 million and $465 million.
- Negligible cash taxes in 2023.
- 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 $600.0 million share repurchase authorization and the payment of four quarters of dividends.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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