March 7, 2011

Iridium Announces Fourth-Quarter and Full-Year 2010 Results; Company Delivers 19% Operational EBITDA Growth in 2010 and Affirms 2011 Outlook

MCLEAN, Va., March 7, 2011 (GLOBE NEWSWIRE) -- Iridium Communications Inc. (Nasdaq:IRDM) ("Iridium") today reported strong financial results for the fourth quarter of 2010 and affirmed its outlook for the full-year 2011. Iridium's full-year 2010 financial results reflect Iridium Communications Inc. ("the Company") as compared to Iridium Holdings LLC ("predecessor") for the first nine months of 2009 and the Company for the remainder of 2009. Net income was $10.1 million for the fourth quarter of 2010, as compared to a net loss of $5.0 million for the comparable period of 2009. Net income for the fourth quarter of 2010 includes $11.9 million of non-cash expenses for purchase accounting, net of tax, related to GHL Acquisition Corp.'s acquisition of the predecessor, while the comparable period in 2009 had $17.4 million of purchase accounting. Operational EBITDA ("OEBITDA")(1) for the fourth quarter was $42.3 million, as compared to $30.2 million for the prior-year period, representing year-over-year growth of 40 percent and an OEBITDA margin(1)  of 48 percent. OEBITDA benefited from solid growth in commercial service, government service and equipment revenue.

Iridium reported fourth-quarter total revenue of $87.9 million, which included $60.1 million of service revenue and $27.8 million of equipment and engineering and support revenue. Total revenue grew 16 percent versus the comparable period of 2009, while service revenue increased 13 percent from the year-ago period. Service revenue, which represents primarily recurring revenue from Iridium's growing subscriber base, was 68 percent of total revenue for the fourth quarter of 2010. 

The Company ended the quarter with 427,000 total billable subscribers, which compares to 342,000 for the year-ago period and 413,000 for the quarter ended September 30, 2010. Total billable subscribers grew 25 percent year-over-year, driven by ongoing strength in machine-to-machine ("M2M") data, handheld voice and Netted Iridium customers.

Capital expenditures were $103.2 million for the fourth quarter and primarily related to spending for the Company's next-generation satellite constellation, Iridium NEXT, and upgraded ground network infrastructure at its commercial gateway. The Company ended the fourth quarter with net debt of $37.4 million.

"Our success in 2010 showed once again that we have a high-growth subscriber base that drives long-term, sustainable revenue and cash flow," said Matt Desch, Iridium's chief executive officer. "With strong contributions from our commercial M2M business, which grew subscribers 60 percent year-over-year, and one of our best years ever in the government sector, we're entering 2011 on a strong competitive footing in each of our vertical markets. Our large and growing ecosystem of partners also continues to tell us that Iridium is the first choice for many customers because of a superior network and innovative products. Nowhere is this leadership more significant than in the handheld voice and M2M markets." 

Desch continued, "We're particularly pleased with the rapid adoption of our Iridium 9602 Short Burst Data (SBD) Transceiver, with more than 30,000 additional orders received since the start of 2011. Iridium's 9602 device won the 2011 Mobile Satellite Users Association 'Innovation Award,' validating its huge potential in the fast-growing M2M market. In summary, Iridium is healthy and strong, and we'll continue to make the right decisions to support recurring service revenue growth and operating cash flow expansion."     

Full-Year 2010 Iridium Business Highlights

For the full year, Iridium reported net income of $22.7 million, as compared to net income of $48.3 million for 2009. Net income for 2010 includes $54.4 million of non-cash expenses for purchase accounting, net of tax, related to GHL Acquisition Corp.'s acquisition of the predecessor, while 2009 had $17.4 million of purchase accounting. The Company reported 2010 total revenue of $348.2 million, which included $236.4 million of service revenue and $111.8 million of equipment and engineering and support revenue. OEBITDA for 2010 was $158.9 million, as compared to $133.9 million for the prior-year period, representing year-over-year growth of 19 percent and an OEBITDA margin of 45 percent. 

Fourth-Quarter Iridium Business Highlights

Service — Commercial

Commercial service remained the largest part of Iridium's business, representing 51 percent of the Company's total revenue during the fourth quarter. This high-quality and diverse recurring sales stream is supported by a leading network that provides a sustainable competitive advantage, an attractive #1 or fast-growing #2 position in core vertical markets, an expanding product portfolio and a scalable distribution network that leverages the expertise and reach of our partner ecosystem.

  • Commercial service revenue was $44.5 million, a 13 percent increase from the last year's comparable period, primarily supported by a strong gain in Iridium OpenPort and M2M customers.
     
  • Commercial voice average revenue per user ("ARPU") was $47 during the fourth quarter, a 4 percent year-over-year decrease. Commercial M2M data ARPU was $18 during the fourth quarter, a 14 percent decline from last year's comparable period.
     
  • Iridium's commercial business ended the quarter with 384,000 billable subscribers, which compares to 308,000 for the prior-year quarter and to 371,000 for the quarter ended September 30, 2010. M2M data subscribers increased 60 percent year-over-year and represented 29 percent of billable commercial subscribers, an increase from 23 percent at the end of the prior-year period. 

Service - Government

Government service revenue increased by 15 percent during the quarter, as the Company has grown in the last several years from a niche supplier to an integral element in the U.S. Government communications infrastructure. With a robust partner channel, significant investment in devices, a dedicated gateway and innovative new capabilities such as Netted Iridium, the Company provides a unique value proposition that is not easily duplicated.

  • Government service revenue was $15.6 million, a 15 percent increase from the prior-year period, primarily driven by growth in satellite handset and Netted Iridium subscribers.
     
  • Government voice ARPU was $141 during the fourth quarter, a 7 percent year-over-year decrease. Voice ARPU declined as a result of strong growth in lower ARPU Netted Iridium subscribers. Government M2M data ARPU was $22 during the fourth quarter, unchanged from last year's comparable period. 
     
  • Iridium's government business ended the quarter with 43,000 billable subscribers, which compares to 34,000 for the prior-year quarter and to 42,000 for the quarter ended September 30, 2010. M2M data subscribers increased 75 percent year-over-year and represented 16 percent of billable government subscribers, an increase from 12 percent at the end of the prior-year period.   Iridium added the largest number of government subscribers in its history in 2010, which represented a 26 percent increase for the year, primarily led by gains in M2M data and Netted Iridium subscribers.  

Equipment

  • Equipment revenue was $21.0 million during the fourth quarter, a 21 percent year-over-year increase. Revenue increased primarily due to strong handset and M2M sales volumes. Handset unit sales increased 51 percent from the year-ago period, while M2M unit sales grew 58 percent from the year-ago period. Strong sales volumes were partially offset by modestly reduced handset pricing and the rapid adoption of the smaller and lower cost Iridium 9602 SBD Transceiver. 

Engineering & Support

  • Engineering and support revenue was $6.8 million during the fourth quarter, a gain of 20 percent from the prior-year period, primarily resulting from an increase in low-margin contract revenue related to government projects.

2011 Outlook

The Company affirmed its previously issued full-year 2011 outlook for total billable subscriber growth, service revenue, equipment revenue and OEBITDA. The Company expects: 

  • Total billable subscriber growth to be approximately 20 percent for the full-year 2011
     
  • Service revenue growth between 10 percent and 13 percent for the full-year 2011
     
  • Equipment revenue decline between 15 percent and 30 percent for the full-year 2011
     
  • Full-year 2011 OEBITDA to be between $180 million and $190 million. OEBITDA for 2010 was $158.9 million.
     
 Prior 2011 Outlook
(December 2010)
Revised 2011 Outlook
(March 2011)
Total Billable Subscriber Growth Approximately 20% No Change
Total Service Revenue Growth 10% to 13% No Change
Equipment Revenue Decline Decline of 15% to 30% No Change
Operational EBITDA (OEBITDA) $180 million to $190 million No Change

Recent Highlights

  • On February 3, 2011, Iridium announced that Orbital Sciences Corporation signed an agreement with the Company that reserves hosted payload capacity on Iridium's next-generation satellite constellation, Iridium NEXT. Under the terms of the agreement, Orbital will make several non-refundable deposits totaling $10 million in 2011 for a right-of-first refusal on 20 percent of the network's capacity to host third-party payloads. The parties also have agreed to the basic terms of Orbital purchasing this hosted payload capacity on behalf of its customers. Iridium believes the arrangement with Orbital has the potential to be worth more than $100 million, including hosting fees and recurring data service fees once in orbit.
     
  • On January 25, 2011, Iridium announced that it signed agreements with five new value-added partners to market Iridium-based data solutions for the mobile M2M sector. These new partnerships, including the Company's first-ever consumer Iridium SBD relationships, open up numerous consumer opportunities. The new partners include ACR Electronics, DeLorme, Digi International, Kore Telematics and XACT Technology LLC.

Non-GAAP Financial Measures & Definitions

(1) In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company discloses Operational EBITDA and Operational EBITDA margin, which are non-GAAP financial measures, as a supplemental measure to help investors evaluate our fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, Iridium NEXT revenue and expenses (for periods prior to the commencement of operations of Iridium NEXT), stock-based compensation expenses, transaction expenses associated with GHL Acquisition Corp.'s acquisition of Iridium Holdings LLC (the "Acquisition"), the impact of purchase accounting, and changes in the fair value of warrants. The Company also presents Operational EBITDA expressed as a percentage of adjusted revenue, or Operational EBITDA margin. Adjusted revenue excludes purchase accounting and Iridium NEXT revenue.  Operational EBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies. By eliminating interest, income taxes, depreciation and amortization, Iridium NEXT revenue and expenses (for periods prior to the deployment of Iridium NEXT only), stock-based compensation expenses, transaction expenses associated with the Acquisition, the impact of purchase accounting and changes in fair value of the warrants, the Company believes the result is a useful measure across time in evaluating our fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. However, there is no standardized measurement of Operational EBITDA, and Operational EBITDA as the Company presents it may not be comparable with similarly titled non-GAAP financial measures used by other companies. As indicated, Operational EBITDA does not include interest expense on borrowed money or the payment of income taxes or depreciation expense on our capital assets, which are necessary elements of our operations. It also excludes expenses in connection with the development, deployment and financing of Iridium NEXT. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of our operating performance has material limitations. Due to these limitations, our management does not view Operational EBITDA in isolation and also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of Operational EBITDA to consolidated GAAP net income and Iridium's Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures.

Supplemental Reconciliation of Operational EBITDA to GAAP Net Income
(In thousands)
     
  Iridium Communications Inc. Combined
  For the Three Months Ended
December 31,
For the Year
Ended December 31,
For the Year Ended
December 31,
  2010 2009 2010 2009
         
Net income (loss)  $ 10,122  $ (4,975)  $ 22,691 $ 48,309
Interest expense  --   47  23  12,876
Interest income  (222)  (298)  (660)  (585)
Income taxes  2,662  (1,038)  12,921  (1,038)
Depreciation and amortization  23,050  22,376  90,667  33,226
Iridium NEXT expenses, net  5,260  4,109  16,697  13,268
Share-based compensation  1,307  436  4,875  5,841
Transaction expenses  --   --   --   12,478
Non-cash purchase accounting  106  9,554  11,666  9,554
Operational EBITDA  $ 42,285  $ 30,211  $ 158,880  $ 133,929

Conference Call Information

As previously announced, the Company will host a conference call to discuss results at 5:00 p.m. ET on Monday, March 7, 2011. Callers should dial (877) 334-1964 (U.S. only) or (631) 291-4574(from outside the U.S.) to access the call. The conference call will also be simultaneously webcast on Iridium's Investor Relations webpage at www.iridium.com. A replay of the conference call will be available beginning Monday, March 7, 2011 through Monday, March 14, 2011 at Iridium's Investor Relations webpage. Callers can also dial (800) 642-1687 (U.S. only) or (706) 645-9291, Access Code 45165733, for an audio replay of the conference call.

About Iridium Communications Inc.

Iridium Communications Inc. (www.iridium.com) is the only mobile satellite service (MSS) company offering coverage over the entire globe. The Iridium constellation of low-Earth orbiting (LEO) cross-linked satellites provides critical voice and data services for areas not served by terrestrial communication networks. Iridium serves commercial markets through a worldwide network of distributors, and provides services to the U.S. Department of Defense and other U.S. and international government agencies. The Company's customers represent a broad spectrum of industry, including maritime, aeronautical, government/defense, public safety, utilities, oil/gas, mining, forestry, heavy equipment and transportation. Iridium has launched a major development program for its next-generation satellite constellation, Iridium NEXT. The Company is headquartered in McLean, Va., U.S.A. and trades on the NASDAQ Global Select Market under the ticker symbols IRDM (common stock), IRDMW ($7.00 warrants), IRDMZ ($11.50 warrants) and IRDMU (units).

Forward-Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the development of Iridium NEXT, anticipated growth in subscribers and total service revenue, anticipated decline in equipment revenue and anticipated growth in Operational EBITDA for 2011. Other forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding increases in customer demand for Iridium's products and services,  Iridium's ability to maintain the health, capacity and content of its satellite constellation, and the development of and transition to Iridium NEXT, including expanded capacity and features, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the company's Form 10-K for the year ended December 31, 2010 and filed with the Securities and Exchange Commission on March 7, 2011. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Iridium Communications Inc.
Consolidated Statements of Operations
(In thousands)
     
  Three Months Ended
December 31,
Non-Cash Purchase Accounting for the
Three Months Ended December 31, (1)
  2010 2009 2010 2009
         
Revenue:        
Service revenue        
Commercial  $ 44,501  $ 39,373  $ (366)  $ (1,675)
Government  15,635  13,641  --   -- 
Total service revenue  60,136  53,014  (366)  (1,675)
Subscriber equipment  21,002  17,293  --   -- 
Engineering and support service  6,792  5,682  --   -- 
Total revenue  87,930  75,989  (366)  (1,675)
         
Operating expenses:        
Cost of subscriber equipment sales  12,007  18,657  --   8,899
Cost of services (exclusive of depreciation and amortization)  15,584  18,965  (260)  (1,020)
Research and development  4,470  5,974  --   -- 
Depreciation and amortization  23,050  22,376  19,278  18,621
Selling, general and administrative  17,783  16,307  --   -- 
Total operating expenses  72,894  82,279  19,018  26,500
         
Operating profit (loss)  15,036  (6,290)  (19,384)  (28,175)
         
Other (expense) income:        
Interest income (expense), net of capitalized interest  222  251  --   (78)
Other (expense) income, net  (2,474)  26  --   -- 
Total other (expense) income  (2,252)  277  --   (78)
         
Earnings (loss) before provision (benefit) for taxes  12,784  (6,013)  (19,384)  (28,253)
Income tax provision (benefit)  2,662  (1,038)  (7,496)  (10,899)
Net income (loss)  $ 10,122  $ (4,975)  $ (11,888)  $ (17,354)
         
Operational EBITDA  $ 42,285  $ 30,211  $ --   $ -- 
         
(1) The impact of purchase accounting on the carrying value of inventory, property and equipment, intangible assets and accruals of Iridium Communications Inc., was an increase of approximately $19.8 million, $348.2 million, $95.5 million and $29.0 million, respectively, compared to Iridium Holdings LLC's balance sheet as of September 29, 2009. Similarly, Iridium Holdings LLC's deferred revenue decreased by $7.4 million. As a result of the effect of the purchase accounting, the cost of subscriber equipment sales increased in the fourth quarter of 2009 and first quarter of 2010 as compared to those costs and expenses of Iridium Holdings LLC in the prior periods, the decrease in the carrying value of deferred revenue caused a decrease in revenue, which we expect will continue through 2011. In addition, the increase in accruals had the effect of reducing cost of services (exclusive of depreciation and amortization) during 2010, which we expect will continue into future periods. The increase in property and equipment and intangible assets had the effect of increasing depreciation and amortization expense during 2010, which we expect will continue into future periods.
 
Iridium Communications Inc. 
Consolidated Statements of Operations
(In thousands)
       
  Iridium
Communications Inc.
Combined (1) Non-Cash Purchase Accounting for the
Year Ended December 31, (2)
  For the Year Ended
December 31, 2010
For the Year Ended
December 31, 2009
2010 Combined
2009
         
Revenue:        
Service revenue        
Commercial  $ 177,359  $ 159,509  $ (3,315)  $ (1,675)
Government  58,992  53,726  --   -- 
Total service revenue  236,351  213,235  (3,315)  (1,675)
Subscriber equipment  90,184  83,499  --   -- 
Engineering and support service  21,638  22,206  --   -- 
Total revenue  348,173  318,940  (3,315)  (1,675)
         
Operating expenses        
Cost of subscriber equipment sales  61,661  51,922  10,873  8,899
Cost of services (exclusive of depreciation and amortization)  72,579  77,943  (2,522)  (1,020)
Research and development  19,178  23,406  --   -- 
Depreciation and amortization  90,667  33,226  76,983  18,621
Selling, general and administrative  66,728  60,812  --   -- 
Transaction costs  --   12,478  --   -- 
Total operating expenses  310,813  259,787  85,334  26,500
         
Operating profit (loss)  37,360  59,153  (88,649)  (28,175)
         
Other (expense) income:        
Interest income (expense), net of capitalized interest  637  (12,578)  --   (78)
Other (expense) income, net  (2,385)  696  --   -- 
Total other (expense) income  (1,748)  (11,882)  --   (78)
         
Earnings (loss) before provision (benefit) for taxes  35,612  47,271  (88,649)  (28,253)
Income tax provision (benefit)   12,921  (1,038)  (34,281)  (10,899)
Net income (loss)  $ 22,691  $ 48,309  $ (54,368)  $ (17,354)
         
Operational EBITDA  $ 158,880  $ 133,929  $ --   $ -- 
         
(1) The combined presentation is a simple mathematical addition of the pre-Acquisition results of operations of Iridium Holdings LLC for the period from January 1, 2009 to September, 29 2009 and the post-Acquisition results of operations of Iridium Communications Inc. for the three months ended December 31, 2009. Iridium Communications Inc. had no material operating activities from the date of formation of GHL Acquisition Corp. until the Acquisition. There are no other adjustments made in the combined presentation.
         
(2) The impact of purchase accounting on the carrying value of inventory, property and equipment, intangible assets and accruals of Iridium Communications Inc., was an increase of approximately $19.8 million, $348.2 million, $95.5 million and $29.0 million, respectively, compared to Iridium Holdings LLC's balance sheet as of September 29, 2009. Similarly, Iridium Holdings LLC's deferred revenue decreased by $7.4 million. As a result of the effect of the purchase accounting, the cost of subscriber equipment sales increased in the fourth quarter of 2009 and first quarter of 2010 as compared to those costs and expenses of Iridium Holdings LLC in the prior periods, and the decrease in the carrying value of deferred revenue caused a decrease in revenue, which we expect will continue through 2011. In addition, the increase in accruals had the effect of reducing cost of services (exclusive of depreciation and amortization) during 2010, which we expect will continue into future periods. The increase in property and equipment and intangible assets had the effect of increasing depreciation and amortization expense during 2010, which we expect will continue into future periods.
 
Iridium Communications Inc.
Summary Highlights
     
  Three Months Ended December 31, % Change
  2010 2009  
  (In thousands, except ARPU)  
Revenue       
Service revenue(1)      
Commercial      
Voice and M2M data service      
Voice  $ 38,638  $ 35,020 10.3%
M2M data(2)  5,863  4,353 34.7%
Total commercial voice and M2M data service  44,501  39,373 13.0%
       
Government(3)      
Voice and M2M data service      
Voice  15,186  13,383 13.5%
M2M data  449  258 74.0%
Total government voice and M2M data service  15,635  13,641 14.6%
Total service revenue  60,136  53,014 13.4%
       
Subscriber equipment  21,002  17,293 21.4%
       
Engineering and support(4)      
Government   6,295  5,518 14.1%
Commercial  497  164 203.0%
Total engineering and support  6,792  5,682 19.5%
       
Total Revenue  $ 87,930  $ 75,989 15.7%
       
Billable Subscribers (5)      
Commercial      
Voice and M2M data service      
Voice  272  238 14.3%
M2M data  112  70 60.0%
Total commercial voice and M2M data service  384  308 24.7%
       
Government      
Voice and M2M data service      
Voice  36  30 20.0%
M2M data  7  4 75.0%
Total government voice and M2M data service  43  34 26.5%
Total billable subscribers  427  342 24.9%
       
Net Additions      
Commercial      
Voice and M2M data service      
Voice  2  1  
M2M data  11  1  
Total commercial voice and M2M data service  13  2  
       
Government      
Voice and M2M data service      
Voice  --   --   
M2M data  1  1  
Total government voice and M2M data service  1  1  
Total billable subscribers  14  3  
       
ARPU(6)      
Commercial      
Voice  $ 47  $ 49 -4.1%
M2M data  $ 18  $ 21 -14.3%
Government      
Voice  $ 141  $ 152 -7.2%
M2M data  $ 22  $ 22 0.0%
       
Operational EBITDA Margin Reconciliation      
Total revenue  $ 87,930  $ 75,989  
Operational EBITDA adjustments that impact revenue:      
Non-cash purchase accounting   366  1,675  
Iridium NEXT revenue  (31)  (71)  
Adjusted revenue(7)  $ 88,265  $ 77,593  
       
Operational EBITDA  $ 42,285  $ 30,211 40.0%
Operational EBITDA margin(8) 47.9% 38.9% 9.0%
       
Capital expenditures (9)  103,191  7,351  
       
Net debt (10)  37,436  (131,778)  
       
  Iridium Communications Inc. Combined  
  For the Year Ended December 31, 2010 For the Year Ended December 31, 2009 % Change
       
Operational EBITDA Margin Reconciliation      
Total revenue  $ 348,173  $ 318,940  
Operational EBITDA adjustments that impact revenue:      
Non-cash purchase accounting   3,315  1,675  
Iridium NEXT revenue  (89)  (1,082)  
Adjusted revenue(7)  $ 351,399  $ 319,533  
       
Operational EBITDA  $ 158,880  $ 133,929 18.6%
Operational EBITDA margin(8) 45.2% 41.9% 3.3%
       
(1) Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.
 
(2) M2M data service provides a two-way short burst data transmission between Iridium Communications Inc.'s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.
 
(3) Government service revenue consists of voice and M2M data subscription-based services provided to agencies of the U.S. government through prime contracts or subcontracts.
 
(4) Engineering and support includes maintenance services to the U.S. government's dedicated gateway in Hawaii and engineering services to assist customers in developing new technologies for use on Iridium Communications Inc.'s satellite system.
 
(5) Subscribers as of the end of the respective period.      
       
(6) ARPU is calculated by dividing the revenue in the respective period by the average of billable subscribers at the beginning of the period and billable subscribers at the end of the period and then dividing the results by the months in the period.
 
(7) Adjusted revenue is total revenue adjusted for the impact of Operational EBITDA adjustments.
 
(8) Operational EBITDA margin is calculated by dividing Operational EBITDA by adjusted revenue.
 
(9) Capital expenditures based on cash spent in the respective period.
       
(10) Net debt is calculated by taking the sum of the short term and long term debt less cash and cash equivalents.
CONTACT: Investor Contact:

         Steve Kunszabo

         Iridium Communications Inc.

         +1 (703) 287-7570

         steve.kunszabo@iridium.com

         

         Press Contact:

         Marie Knowles

         Iridium Communications Inc.

         +1 (703) 287-7476

         marie.knowles@iridium.com


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