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Sep 30, 2024
Iridium Q3 2024 Earnings Report
Iridium reported record third-quarter results and improved its 2024 OEBITDA outlook.
Key Takeaways
Iridium Communications Inc. reported a record third-quarter total revenue of $212.8 million, driven by an 8% increase compared to the previous year, with growth in commercial service revenue and government engineering revenue. Net income was $24.4 million, or $0.21 per diluted share, compared to a net loss of $1.6 million, or $0.01 per diluted share, for the third quarter of 2023. The company ended the quarter with 2,482,000 total billable subscribers, an 11% year-over-year increase.
Total revenue increased by 8% year-over-year, reaching a record $212.8 million.
Commercial service revenue grew by 6%, primarily driven by IoT data and voice and data services.
The company ended the quarter with 2,482,000 total billable subscribers, an 11% increase year-over-year.
Iridium's Board of Directors authorized an additional $500 million for share repurchases through December 31, 2027.
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
Iridium updated its full-year 2024 outlook.
Positive Outlook
- Total service revenue growth of approximately 5% for full-year 2024.
- Full-year 2024 OEBITDA between $465 million and $470 million.
- Cash taxes of less than $10 million per year from 2024 through 2026.
- Net leverage below 4.0 times OEBITDA through 2026.
- Net leverage falling below 2.0 times OEBITDA by the end of the decade.
Revenue & Expenses
Visualization of income flow from segment revenue to net income