Inmarsat — Q3 2022 Earnings Presentation
11 slides from Inmarsat's earnings presentation, Nov 28, 2022
Slide 1: Q3 2022 Results
INMARSAT Q3 2022 28 NOVEMBER 2022 RESULTS PUBLIC | © INMARSAT
Slide 2: Q3 2022 Headlines
Q3 2022 HEADLINES TRADING PERFORMANCE • The Group has delivered another solid result in the third quarter, building on the momentum from the first half of the year, with growth in revenue and EBITDA reflecting the strength of its portfolio of diverse businesses. – Maritime is clearly moving into gro
Slide 3: Trading Group Financial Performance
TRADING GROUP FINANCIAL PERFORMANCE ⃰ STRONG REVENUE AND EBITDA GROWTH; POSITIVE FREE CASH GENERATION $m Q3 2022 Q3 2021 Change $m Change % 9M 2022 9M 2021 Change $m Change % Revenue 366.6 342.4 24.2 7.1% 1,078.0 1,010.8 67.2 6.6% o/w Maritime 128.1 125.1 3.0 2.4% 383.3 380.4 2.9 0.8% o/w Government
Slide 4: Maritime Q3 Results
MARITIME Q3 RESULTS CLEARLY MOVING INTO REVENUE GROWTH • Revenue up 2% ($3m) Q3 2022 Revenue & EBITDA ($m) – Sustained momentum into H2 – VSAT growth exceeds FleetBroadband decline 128.1 125.1 • VSAT revenue up $7m (10%) to $75m – 13,100 FX vessels now installed (Q3 2021: 11,300) – ARPU¹ 2% lower at
Slide 5: Government Q3 Results
GOVERNMENT Q3 RESULTS STRENGTH IN THE PORTFOLIO • Total Government revenue up 4% ($5m) Q3 2022 Revenue & EBITDA ($m) • US revenues up $1m (1%) 126.9 132.1 – Material contract wins and renewals secured – Timing of contract milestones 92.8 92.6 – Lower operational tempo • Outside the US revenues up $5
Slide 6: Aviation Q3 Results
AVIATION Q3 RESULTS CONTINUED RECOVERY IN THE MARKET • Revenue up 33% ($19m) Q3 2022 Revenue & EBITDA ($m) • Core revenues up $16m (36%) at $62m – BGA up 45% 77.7 – 1,255 JX aircraft now installed (Q3 2021: 1,043) 68.4 ➢ Post Covid-19 recovery 58.3 ➢ Lower distributor incentives 50.5 – AOS up 12% :
Slide 7: Enterprise Q3 Results
ENTERPRISE Q3 RESULTS PERFORMANCE IMPACTED BY SUPPLY CHAIN CHALLENGES • Revenue down $4m (13%) Q3 2022 Revenue & EBITDA ($m) • Satellite phone revenues down $2m (17%) at $10m – Lower handset sales 29.0 • Legacy product revenues down $1m (9%) at $9m 25.2 – Small decreases across the portfolio 22.9 21
Slide 8: Group Liquidity, Leverage and Outlook
GROUP LIQUIDITY, LEVERAGE AND OUTLOOK SIGNIFICANT LIQUIDITY AND COVENANT HEADROOM $m Q3 2022 Q3 2021 Total cash, cash equivalents and short-term deposits 305.1 462.1 Undrawn RCF 700.0 700.0 Total available liquidity 1,005.1 1,162.1 Gross debt¹ 3,781.2 3,798.7 Cash and cash equivalents and short-term
Slide 9: Q&A
Q&A PUBLIC | © INMARSAT
Slide 10: Basis of Preparation
BASIS OF PREPARATION Inmarsat’s Q3 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
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