Financial Data and Key Metrics Changes - Iridium generated approximately $1 billion in free cash flow since turning cash flow positive in late 2019, with expectations of $3 billion in shareholder returns between 2023 and 2030 [6][31] - Pro forma free cash flow was $303 million in 2023, with dividends and share repurchases totaling $311.8 million during the year [22][32] - Operational EBITDA rose 7% year-over-year to $114 million in Q4 2023, with total revenue growing to $195 million [72] Business Line Data and Key Metrics Changes - Commercial service revenue increased by 10% year-over-year to $121.5 million in Q4 2023, driven by new contract wins and strong equipment sales [72] - Engineering and support revenue grew 74% year-over-year to $31.1 million in Q4 2023, reflecting increased work with the Space Development Agency [26] - Personal satellite communications subscribers increased by 18% year-over-year, ending 2023 with over 900,000 devices on the network [23] Market Data and Key Metrics Changes - Government service revenue remained stable at $26.5 million in Q4 2023, consistent with the terms of the EMSS contract with the U.S. government [25] - Revenue from hosted payload and other data services rose to $15.2 million in Q4 2023, primarily due to higher precision location service revenues [50] Company Strategy and Development Direction - Iridium plans to invest in R&D and product development initiatives, including Project Stardust, to capitalize on long-term growth opportunities [39][42] - The company aims to maintain its lead in traditional growth areas like IoT and U.S. government services while expanding its safety service offerings in maritime and aviation [41][42] - Iridium's strategy includes positioning its services as companions to existing VSAT offerings, differentiating itself from competitors like Starlink [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, despite challenges in 2024 due to expected declines in equipment revenue and ARPU [44][76] - The updated useful life of the satellite constellation to 17.5 years is expected to positively impact net income and earnings per share, although it will reduce annual service revenue by approximately $9.1 million through 2029 [21][46] - Management anticipates service revenue growth of 4% to 6% in 2024, with operational EBITDA projected between $460 million and $470 million [76] Other Important Information - Iridium's cash and cash equivalents balance was approximately $72 million as of December 31, 2023, sufficient to fund operations and support dividend payments [57] - The company expects minimal cash taxes of less than $10 million per year from 2024 through 2026, incorporating additional R&D credits [56] Q&A Session Summary Question: Impact of the extension of useful life on revenue - The extension of the useful life resulted in a $2.3 million non-cash hit in Q4, while a $2 million non-recurring benefit from a contract was recognized [88] Question: Dividend policy review timing - The annual review of the dividend policy will occur in the second quarter, with a planned 6% increase starting then [89] Question: Details on Project Stardust investment - Project Stardust involves incremental investments in updating satellite software and new ground infrastructure, with ongoing discussions with partners [91][92] Question: Certification timeline for safety services - Certification for the safety program is expected later in the year, with trials scheduled with airlines [129] Question: Subscriber equipment revenue outlook - Subscriber equipment revenue is expected to normalize in 2024, with a decline anticipated from 2023 levels [107]

Iridium Communications (IRDM) reported $194.74 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 0.5%. EPS of $0.30 for the same period compares to -$0.01 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $193.25 million, representing a surprise of +0.77%. The company delivered an EPS surprise of +900.00%, with the consensus EPS estimate being $0.03.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Iridium Communications (IRDM) came out with quarterly earnings of $0.30 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 900%. A quarter ago, it was expected that this satellite phone company would post earnings of $0.03 per share when it actually produced a loss of $0.01, delivering a surprise of -133.33%.Over the last four quart ...

2 IRIDIUM PROPRIETARY BUSINESS INFORMATION Reconciliation of GAAP Net Income to OEBITDA | --- | --- | --- | |--------------------------------|-------|---------| | ($ Millions) | 2022 | 2023 | | GAAP Net Income | $ 9 | $ 6 | | Interest Expense, Net | $ 65 | $ 90 | | Income Tax Benefit | $ 0 | ( $ 16) | | Depreciation & Amortization | $ 303 | $ 320 | | Iridium NEXT Expenses, net | $ 0 | $ 0 | | Share-based Compensation | $ 44 | $ 57 | | Loss on Extinguishment of Debt | $ 1 | $ 0 | | Loss on Equity Investments ...

Extends estimate of useful life of satellites by five years MCLEAN, Va., Feb. 15, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported financial results for the fourth quarter and full-year 2023 and issued its full-year 2024 guidance. Net income was $38.0 million, or $0.30 per diluted share, for the fourth quarter of 2023, as compared to net loss of $0.8 million, or $0.01 per diluted share, for the fourth quarter of 2022. Operational EBITDA ("OEBITDA")(1) for the fourt ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________________ FORM 10-K _____________________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For th ...

MCLEAN, Va., Jan. 25, 2024 /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium"), a leading provider of global voice and data satellite communications, will host a conference call on Thursday, February 15, 2024 at 8:30 a.m. Eastern Time (ET) to discuss the Company's fourth-quarter 2023 financial results. In advance of the call on February 15, 2024, Iridium will issue its fourth-quarter 2023 earnings press release, which will be available on the investor relations page of the Company's websi ...

Space is the final frontier. And thanks to technological advancements, ideas that were once science fiction are becoming increasingly possible. With billionaires such as Elon Musk and Jeff Bezos investing huge sums in space firms, the time is right for considering the best space stocks.It’s important to note that this in still an industry in its early days. That means many companies in the industry are more speculative. But, on the other hand, upside could be tremendous as today’s first movers in the space ...

Iridium Communications (IRDM) has unveiled Project Stardust, marking the evolution of its direct-to-device (D2D) strategy through the development of a 3GPP 5G standards-based Narrowband-Internet of Things (NB-IoT) Non-Terrestrial Network (NB-NTN) service.The solution will be integrated into Iridium's existing satellite network, which will position the company uniquely to deliver both proprietary and standardized D2D and IoT services globally. Iridium's low-Earth orbiting (LEO) satellites present a strategic ...

The company plans to upload NB-IoT NTN standards into its operational LEO constellationMCLEAN, Va., Jan. 10, 2024 /PRNewswire/ -- Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced Project Stardust, the evolution of its direct-to-device (D2D) strategy with 3GPP 5G standards-based Narrowband-Internet of Things (NB-IoT) Non-Terrestrial Network (NB-NTN) service development. As a new standards-based solution, it will be deployed on I ...