Iridium Q1 net income $19.7M; OEBITDA $115M; completes Satelles acquisition; raises dividend

Iridium Communications Inc.

2024-Q1 EPS reported $0.16 revenue$203,853,000

Net income $19.7M ($0.16 diluted EPS) vs $9.8M ($0.08) YoY; OEBITDA $115M up 3%.
Total revenue $203.9M, down 1% YoY; service revenue $148.6M up 7%.
Commercial IoT revenue $39.4M (+23% YoY); subscribers up 18% to 1.77M.
Completed acquisition of Satelles on April 1; funded with $125M from term loan increase.
Board raises quarterly dividend to $0.14 (5.8% increase) from $0.13; $56.6M spent on 1.9M share repurchases in Q1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Iridium Communications Inc. reported first quarter ended March 31, 2024 results: revenue $203.9 million, net income $19.7 million, EPS $0.16 per diluted share. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $203.9 million
Net income: $19.7 million
EPS: $0.16 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”), a leading provider of global voice and data satellite communications, today reported financial results for the first quarter of 2024 and reiterated its full-year 2024 outlook. Net income was $19.7 million, or $0.16 per diluted share, for the first quarter of 2024, as compared to net income of $9.8 million, or $0.08 per diluted share, for the first quarter of 2023. Operational EBITDA (“OEBITDA”) (1) for the first quarter was $115.0 million, as compared to $111.9 million for the prior-year period, representing a year-over-year increase of 3%. Net income benefitted from a year-over-year decrease in depreciation expense associated with the extension of the estimated useful lives of the Company’s satellites and continued growth in total commercial services revenue. Iridium reported first-quarter total revenue of $203.9 million, which consisted of $148.6 million of service revenue and $55.3 million of revenue related to equipment sales a

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Source: SEC EDGAR

accession 0001418819-24-000022

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