Iridium communications inc update#
Iridium communications inc full#

As these personal satellite communication devices proliferate, in-part driven by falling retail prices, there is increasing awareness among consumers with the great value and utility they provide when traveling off the grid. We've added a number of new consumer oriented partners in recent years and many are now seeing an acceleration of unit sales and activations. Now, we don't see this demand slowing anytime soon. Some of the strength may surely relate to the new love we all have lately for outdoor activity as personal communication subscribers continue to grow at a record clip. Subscriber activity was strong in IoT as well in fact, we've logged the best quarter of commercial IoT growth in Iridium's history, adding a record 82,000 net new subscribers over the past three months. The seasonal move, which was largely absent last year was visible in the strong activations in commercial voice and data subscribers during the second quarter, and it goes down as our best first half performance in nine years. We've also seen more normal seasonality again this year, which began in March and should carry through to October. Accordingly, we are raising our forecast for service revenue to reflect the strong demand we're now seeing on the back of increased usage and strong subscriber growth.

Iridium communications inc full#

This progress helps to frame our views for the full year. For example, commercial aviation partners are experiencing a nice rebound in activity and end-user demand in maritime is also showing signs of improvement. While the whole world hasn't completely reopened yet, we've seen our subscriber growth recover to the kind of levels we were seeing in 20 before the pandemic slowed things down. So, Iridium's business accelerated in the second quarter as we saw strong demand across the board and very healthy business activity across our partner ecosystem. With that, let me turn things over to Matt. Please refer to today's earnings release and the Investor Relations section of our website for further explanation of these non-GAAP financial measures and a reconciliation of the most directly comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles.

Iridium communications inc update#

Any forward-looking statements represent our views only as of today and while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views or expectations change.ĭuring the call, we'll also be referring to non-GAAP financial measures, including operational EBITDA, pro forma free cash flow, free cash flow yield and free cash flow conversion. Our remarks today should be considered in light of such risks. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Such forward-looking statements are based upon our current beliefs and expectations and are subject to risks, which could cause actual results to differ from forward-looking statements. Forward-looking statements are statements that are not historical fact and include statements about our future expectations, plans and prospects. Before I turn things over to Matt, I'd like to caution all participants that our call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

I trust you've had an opportunity to review this morning's earnings, which is available on Investor Relations section of Iridium's website.