Business
Iridium Announces 2022 Results; Company Issues 2023 Outlook
MCLEAN, Va., Feb. 16, 2023 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported financial results for the fourth quarter and
About this update from Iridium Communications Inc
[{"type":"text","content":"MCLEAN, Va., Feb. 16, 2023 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) (\"Iridium\") today reported financial results for the fourth quarter and full-year 2022 and issued its full-year 2023 guidance. Net loss was $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022, as compared to net loss of $5.9 million, or $0.04 per diluted share, for the fourth quarter of 2021. Operational EBITDA (\"OEBITDA\")(1) for the fourth quarter was $107.0 million, as compared to $93.4 million for the prior-year period, representing a year-over-year increase of 15%. These results benefitted from gains in subscriber equipment and engineering and support, in addition to broad-based growth in commercial service revenues.\n\n \n \n \n \n \n \n\n \nIridium reported fourth-quarter total revenue of $193.8 million, which consisted of $136.8 million of service revenue and $57.0 million of revenue related to equipment sales and engineering and support projects. Total revenue increased 24% versus the comparable period of 2021, while service revenue grew 8% from the year-ago period. Service revenue, which represents primarily recurring revenue from Iridium's growing subscriber base, was 71% of total revenue for the fourth quarter of 2022.\nThe Company ended the quarter with 1,999,000 total billable subscribers, which compares to 1,723,000 for the year-ago period and is up from 1,973,000 for the quarter ended September 30, 2022. Total billable subscribers grew 16% year-over-year, driven by growth in commercial IoT.\nFull-Year 2022 Iridium Business Highlights\nFor the full year, Iridium reported net income of $8.7 million, or $0.07 per diluted share, as compared to net loss of $9.3 million, or $0.07 per diluted share, for 2021. This improvement resulted primarily from higher service revenue and record equipment sales, which more than offset rising operational expenses. The Company reported record total revenue in 2022 of $721.0 million, which was up 17% from the year-ago period. Total revenue included $534.7 million of service revenue and $186.3 million of revenue related to equipment sales and engineering and support projects. OEBITDA for 2022 was $424.0 million, a 12% increase from $378.2 million in the prior year. Capital expenditures were $71.3 million for the full-year 2022.\n\"2022 was another strong year for Iridium, driven ...