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Jun 30, 2021
Iridium Q2 2021 Earnings Report
Iridium reported strong second-quarter results, driven by subscriber growth and increased service revenue, and updated its full-year outlook.
Key Takeaways
Iridium Communications Inc. reported a net income of $3.8 million for the second quarter of 2021, a significant improvement compared to the net loss of $12.4 million in the same period last year. Total revenue increased by 7% to $149.9 million, with service revenue reaching $121.3 million, also up 7% year-over-year. The company's subscriber base grew to 1,616,000, driven by strong demand for IoT and broadband services. Iridium raised its full-year outlook for service revenue growth to between 4% and 5%.
Iridium posted record subscriber growth in Q2 2021.
Total revenue and service revenue both increased 7% year-over-year.
Commercial service revenue was $95.6 million, up 8% from last year.
The company increased full-year 2021 service revenue growth outlook to between 4% and 5%.
Revenue by Segment
Forward Guidance
The Company updated its full-year 2021 outlook for total service revenue and currently anticipates total service revenue growth of between 4% and 5% for full-year 2021 and full-year 2021 OEBITDA between $365 million and $375 million.
Positive Outlook
- Total service revenue growth of between 4% and 5% for full-year 2021
- Full-year 2021 OEBITDA between $365 million and $375 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.
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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