Inmarsat — Q1 2022 Earnings Presentation
11 slides from Inmarsat's earnings presentation, May 24, 2022
Slide 1: Inmarsat Q1 2022 Results
INMARSAT Q1 2022 24 MAY 2022 RESULTS PUBLIC | © INMARSAT
Slide 2: Q1 2022 Headlines
Q1 2022 HEADLINES • The Group has delivered another good result in the first quarter, with sustained material growth in revenue, EBITDA and cash flow. – Strong growth reported in Government and Aviation, Maritime continues to stabilise, more than offsetting the supply chain challenges in Enterprise.
Slide 3: Trading Group Financial Performance
TRADING GROUP FINANCIAL PERFORMANCE ROBUST PERFORMANCE AND STRONG FREE CASH GENERATION $m Q1 2022¹ Q1 2021 Change $m Change % Revenue 348.0 322.4 25.6 7.9% o/w Maritime 126.6 129.4 (2.8) (2.2%) o/w Government 125.5 114.5 11.0 9.6% o/w Aviation 68.7 47.3 21.4 45.2% o/w Enterprise 23.4 27.6 (4.2) (15.
Slide 4: Maritime Q1 Results
MARITIME Q1 RESULTS REVENUES CONTINUE TO STABILISE • Underlying revenue¹ up 2% ($2m) Q1 2022 Revenue & EBITDA ($m) – VSAT growth exceeds FleetBroadband decline • VSAT¹ revenue up $12m (20%) to $72m 129.4 126.6 – 12,200 FX vessels now installed (Q1 2021: 10,200) 124.1 108.4 107.1 – ARPU² 1% higher at
Slide 5: Government Q1 Results
GOVERNMENT Q1 RESULTS SUSTAINED REVENUE GROWTH • Total Government revenue up 10% ($11m) Q1 2022 Revenue & EBITDA ($m) • US revenues up $1m (1%) – Higher leasing and one off project revenues 125.5 – Lower SBB streaming and BGAN, driven by reduced op tempo 114.5 • Outside the US revenues up $10m (31%)
Slide 6: Aviation Q1 Results
AVIATION Q1 RESULTS MATERIAL GROWTH IN HIGH MARGIN (CORE AND IFC) REVENUES • Revenue up 45% ($21m) Q1 2022 Revenue & EBITDA ($m) • Core revenues up $18m (48%) at $56m – BGA up 53% due to Covid recovery and JX installations 68.7 ➢ 1,150 JX aircraft installed (Q1 2021: 932) – AOS up 35% reflecting 202
Slide 7: Enterprise Q1 Results
ENTERPRISE Q1 RESULTS PERFORMANCE IMPACTED BY SUPPLY CHAIN CHALLENGES • Revenue down $4m (15%) Q1 2022 Revenue & EBITDA ($m) • Satellite phone revenues down $2m (17%) at $9m 27.6 – Lower airtime and handset sales • Legacy product revenues down $1m (9%) at $9m 23.4 21.2 – Small decreases across the p
Slide 8: Liquidity and Leverage
LIQUIDITY AND LEVERAGE SIGNIFICANT LIQUIDITY AND COVENANT HEADROOM $m Q1 2022 Q4 2021 Total cash, cash equivalents and short term deposits 464.3 394.0 Undrawn RCF 700.0 700.0 Total available liquidity 1,164.3 1,094.0 Gross debt 3,639.1 3,636.6 Cash and cash equivalents and short term deposits (464.3
Slide 9: Q&A
Q&A PUBLIC | © INMARSAT
Slide 10: Basis of Preparation
BASIS OF PREPARATION Inmarsat’s Q1 2022 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
Sete itt marsat ‘ in cry