Inmarsat — Q1 2023 Earnings Presentation
11 slides from Inmarsat's earnings presentation, May 17, 2023
Slide 1: Q1 2023 Results
INMARSAT Q1 2023 17.05.2023 RESULTS PUBLIC | © INMARSAT
Slide 2: Q1 2023 Headlines
Q1 2023 HEADLINES TRADING PERFORMANCE • The Group had a very strong start to the year, with double digit growth in both revenue and EBITDA – Government revenues benefitted particularly from new contracts starting and high equipment sales – Maritime revenues grew in response to legacy price changes a
Slide 3: Group Financial Performance
GROUP FINANCIAL PERFORMANCE STRONG GROWTH IN ALL BUSINESS UNITS $m Q1 20231 Q1 20222 Change $m Change % Revenue 402.6 348.0 54.6 15.7% o/w Government 142.8 125.5 17.3 13.8% o/w Maritime 133.7 126.6 7.1 5.6% o/w Aviation 93.2 68.7 24.5 35.7% o/w Enterprise 29.2 23.4 5.8 24.8% o/w Central services 3.7
Slide 4: Government Q1 Results
GOVERNMENT Q1 RESULTS NEW CONTRACTS AND HIGH EQUIPMENT SALES • Total Government revenue increased by 14% ($17m) Q1 2023 Revenue & EBITDA ($m) • US revenues up 8% ($6m) – New contracts starting 142.8 – Higher equipment sales 125.5 • Revenues outside the US up 26% ($11m) – Higher equipment sales 86.7
Slide 5: Maritime Q1 Results
MARITIME Q1 RESULTS GOOD GROWTH IN REVENUE AND EBITDA • Revenue increased by 6% ($7m) Q1 2023 Revenue & EBITDA ($m) • VSAT revenue up 16% ($11m) to $83m – 13,900 FX vessels now installed (Q1 2022: 12,200) 133.7 – ARPU flat at $1,870 (Q1 2022: $1,870) 126.6 115.0 • FleetBroadband revenue down 26% ($1
Slide 6: Aviation Q1 Results
AVIATION Q1 RESULTS CONTINUED STRONG GROWTH IN ALL SEGMENTS • Revenue increased by 36% ($25m) Q1 2023 Revenue & EBITDA ($m) • Core revenues up 26% ($15m) to $70m 93.2 – BGA up 28% – Continued growth in installations and usage 80.6 – 1,391 JX aircraft installed (Q1 2022: 1,150) 68.7 – AOS revenues up
Slide 7: Enterprise Q1 Results
ENTERPRISE Q1 RESULTS RETURN TO GROWTH WITH STRONG HANDSET DELIVERIES • Revenue increased 25% ($6m) Q1 2023 Revenue & EBITDA ($m) • M2M and lease revenues up 13% ($1m) to $10m – Subscriber growth and higher pricing 29.2 • Satellite phone revenues up 81% ($5m) to $11m – Strong handset deliveries 23.4
Slide 8: Group Liquidity, Leverage and Outlook
GROUP LIQUIDITY, LEVERAGE AND OUTLOOK SIGNIFICANT LIQUIDITY AND COVENANT HEADROOM $m Q1 2023 Q1 2022 Total cash, cash equivalents and short-term deposits 279.0 464.3 Undrawn RCF 700.0 700.0 Total available liquidity 979.0 1,164.3 Gross debt1 3,772.5 3,790.0 Cash and cash equivalents and short term d
Slide 9: Q&A
Q&A PUBLIC | © INMARSAT 9
Slide 10: Basis of Preparation
BASIS OF PREPARATION Inmarsat’s Q1 2023 Results Presentation should be read alongside the Management Discussion and Analysis which is provided in accordance with the reporting requirements set out in our debt agreements. The financial information has not been prepared in accordance with the requirem
Slide 11: PUBLIC | © INMARSAT
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