Iridium Q4 2020 Earnings Report
Key Takeaways
Iridium Communications Inc. reported a net loss of $7.9 million for Q4 2020, an improvement compared to the $107.9 million net loss in Q4 2019. Total revenue for the quarter was $146.5 million, a 5% increase year-over-year, with service revenue growing by 3% to $116.9 million. The company ended the quarter with 1,476,000 total billable subscribers, a 14% increase year-over-year.
Iridium reported a net loss of $7.9 million, an improvement from Q4 2019.
Total revenue increased by 5% to $146.5 million, with service revenue growing by 3%.
The company's subscriber base grew by 14% year-over-year, reaching 1,476,000 total billable subscribers.
Iridium announced a $300.0 million share repurchase authorization.
Iridium
Iridium
Iridium Revenue by Segment
Forward Guidance
Iridium issued its full-year 2021 outlook and reiterated other elements of long-term guidance.
Positive Outlook
- Total service revenue growth of approximately 3% 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