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Jun 30, 2024
Iridium Q2 2024 Earnings Report
Iridium reported a net income of $32.3 million and total revenue of $201.1 million, driven by growth in commercial IoT and government engineering revenue.
Key Takeaways
Iridium Communications Inc. reported strong second-quarter results with a 4% increase in total revenue to $201.1 million. Net income was $32.3 million, a significant improvement from the previous year's net loss. The company saw growth in commercial IoT data and voice and data services, as well as higher government engineering revenue. Iridium reiterated its full-year 2024 outlook and continues to focus on returning capital to shareholders.
Total revenue increased by 4% year-over-year to $201.1 million, driven by commercial service revenue and government engineering revenue.
Commercial service revenue grew by 6% year-over-year, primarily due to growth in IoT data and voice and data services.
The company ended the quarter with 2,413,000 total billable subscribers, a 13% increase year-over-year.
Iridium reiterated its full-year 2024 outlook for total service revenue growth between 4% and 6%.
Revenue by Segment
Forward Guidance
Iridium reiterated its full-year 2024 outlook and updated its longer-term guidance on net leverage.
Positive Outlook
- Total service revenue growth between 4% and 6% for full-year 2024.
- Full-year 2024 OEBITDA between $460 million and $470 million.
- Cash taxes of less than $10 million per year from 2024 through 2026.
- Expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.
- Net leverage below 4.0 times OEBITDA through 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company’s share repurchase authorization and the payment of quarterly dividends consistent with the current level.
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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