Iridium Communications Inc. 2020 Annual Report
UTCTC: 202020-12-311 11:59::59 POSO N: 17117°87.0644N 76°767°777.577. 58WW MAM YDAY FMM RCCC ATLT ANNTIT C AREA COMD SAFEF TYTY MESSSAS GEG 34/211 ALERT: VEESSEL IN DIISTRESS AT 11-1100-17N 075-5 03-445W5 . ALA L VEESSELS IN VICINIITTY REQUESE TED TOT PROVIDE ASSS ISTANCE. REPE ORRT TO CARTAGENA HAARBOROR MASTER OR ANY COASTTAL RADIO STATION. Safety Calll MSI Saafety Mese sage Company Profile
The world’s only truly global mobile satellite communications company
Iridium Communications Inc. is the only commercial provider of voice and data satellite communications offering true global coverage. Iridium’s L-band satellite network also provides reliable service to mobile assets where terrestrial wireless and wireline networks are limited or do not exist. As a technology innovator and market leader, Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Iridium’s architecture of 66 low-earth orbiting (LEO) satellites operates as a fully meshed, cross-linked network. This network’s one-of-a-kind architecture minimizes the need for local ground infrastructure and facilitates the global reach of our services to allow connectivity in regions where we have no physical presence. In February 2019, the Company completed the Iridium® NEXT program, which replaced our first-generation constellation with advanced new satellites that support more capacity and higher data speeds for new products. Reaching over oceans, through airways and across the polar regions, Iridium solutions are ideally suited for industries such as maritime, aviation, emergency services, mining, forestry, oil and gas, heavy equipment, transportation and utilities. Iridium also provides service to subscribers from the U.S. government, as well as other civil and government agencies around the world. Together with its ecosystem of more than 450 partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. Focused on Growth • We compete in attractive and growing markets with high barriers to entry and favorable competitive dynamics. • We benefit from a large, highly profitable recurring service revenue base and enjoy significant operating leverage created by a largely fixed-cost infrastructure. • We anticipate significant new revenue and subscriber growth emanating from the innovative new products and services supported by our upgraded satellite constellation. • We believe that increasing mobile penetration creates additional demand for the mobile satellite services industry. A 2020 study by the GSM Association projects unique mobile connections, excluding cellular IoT, will reach 5.2 billion by 2025. 2020 Operating Highlights • Generated record total revenue of $583.4 million in 2020. • Surpassed 1,475,000 worldwide subscribers, a three-year compound annual growth rate of 15%. • IoT data subscribers have grown at a 24% compound annual growth rate since 2010, and now represent about 73% of Iridium’s commercial customer base. • U.S. government subscribers surpassed 152,000 total users with 13% subscriber growth in 2020. • Aireon, our primary hosted payload customer, in which we hold a meaningful equity stake, continues to revolutionize the global aviation industry. Aireon operates the only space-based ADS-B system that meets the strict, real-time Air Traffic Service (ATS) surveillance requirements for separation services, anywhere in the world. The company’s aviation dataset is now in operational use across the world, including with the U.S. Federal Aviation Administration (FAA).
Forward-Looking Statements: Our shareholder letter and other portions of this annual report include “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding the results, performance or achievements of Iridium. Words such as “will,” “expect,” “believe” and sim- ilar expressions are used to identify these forward-looking statements. Such statements involve risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to difffer materially from those expressed in such forward-looking statements. These risks and uncertainties include, but are not limited to, those factors listed in the “Risk Factors” sections of our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q (available through the Investor Relations section of our website at iridium.com). Our forward-looking statements speak only as of the date of the letter or as of the date they are made, and we undertake no obligation to update them.
Cover: Dramatization of use case of Iridium Global Maritime Distress and Safety System (GMDSS) service. Financial Highlights (in millions, except for subscriber data) 2016 2017 2018 2019 2020 Iridium Communications Inc. Total Revenue $0,433.6 $0,448.0 $0,523.0 $0,560.4 $0,583.4 Total Service $0,334.8 $0,349.7 $0,406.8 $0,447.2 $0,463.1 Subscriber Equipment $0,074.2 $0,077.1 $00,97.8 $00,82.8 $00,86.1 Engineering and Support Service $0,024.6 $0,021.2 $00,18.4 $00,30.4 $00,34.2 Net Income $0,111.0 $0,233.9 $0 (13.4) $ ( 162.0) $00( 56.1) Operational EBITDA (OEBITDA)* $0,254.2 $0,265.6 $0,302.0 $0,331.7 $0,355.6 OEBITDA Margin* 58.6% 59.3% 57.7% 59.2% 60.9% Subscribers 850,000 969,000 1,121,000 1,300,000 1,476,000 Capital Expenditures $0,405.7 $0,400.1 $0,391.4 $0,117.8 $00,38.7 Net Debt $1,254.2 $1,455.6 $1,579.6 $1,586.4 $1,392.9
Commercial Service Revenue $0,246.8 $0,261.7 $0,318.8 $0,350.0 $0,362.2 Voice and Data(1) $0,177.7 $0,177.7 $0,193.2 $0,173.1 $0,168.6 IoT Data $0,065.5 $0,074.1 $00,85.1 $00,96.4 $00,97.0 Broadband(1) N/A N/A N/A $00,30.5 $00,36.0 Hosted Payload and Other Data Services $00,03.6 $0,009.9 $00,40.5 $00,50.0 $00,60.6 Subscribers 766,000 869,000 1,008,000 1,165,000 1,324,000 Voice and Data(1) 353,000 359,000 361,000 352,000 350,000 IoT Data 413,000 510,000 647,000 802,000 962,000 Broadband(1) N/A N/A N/A 10,800 11,700
Government Service Revenue $0,088.0 $0,088.0 $00,88.0 $00,97.1 $0,100.9 Subscribers 84,000 100,000 113,000 135,000 152,000 Voice and Data 44,000 52,000 54,000 57,000 62,000 IoT Data 40,000 48,000 59,000 78,000 90,000
NOTE: Totals may differ from the sum of the individual items due to rounding. (1) Prior to 2019, Broadband is included within Commerical Voice and Data * See inside back cover and Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures.
Global Subscribers Total Service Revenue Operational EBITDA (subscribers in thousands) (dollars in millions) (dollars in millions)
1500 $500 $360 65% 3-Year CAGR: 15% 3-Year CAGR: 10% 3-Year CAGR: 10% 1400 450 1300 350 1200 400 340 1100 350 1000 330 60% 900 300 800 320 250 700 310 600 200 500 300 55% 150 400 290 300 100 200 50 280 100 0 0 270 50% 2018 2019 2020 2018 2019 2020 2018 2019 2020 Broadband(1) Commercial IoT Data Commercial Government OEBITDA* OEBITDA Margin* Government IoT Data Commercial Voice and Data Government Voice and Data 1 Dear Fellow Shareholders:
2020 will forever be synonymous with a global Approximately 80% of Iridium’s revenue is pandemic that challenged us all in so many ways. recurring, driven by service-level contracts with our It impacted every corner of the world and altered global reselling partners. These partners serve a the way we interacted and businesses transacted. broad range of industries and users, with a focus on Like many companies, Iridium moved swiftly providing mission-critical services and connectivity to ensure the safety of our employees and adjusted for remote applications. As a result, Iridium’s our operations to stay responsive to customers. business rebounded relatively quickly following We were quick to move employees to work-from- initial COVID-related lockdowns in March and April. home, while identifying the essential personnel While certain sectors like aviation will be slower to needing to work from our facilities to run our recover, these remain relatively small contributors to satellite network, utilize our product labs and our overall business and are expected to eventually facilitate product shipments to customers. These recover as the pandemic recedes and global travel early decisions and operational protocols proved resumes. very effective and allowed us to maintain service Our steady performance this year really reflects levels and business activities, even as many other the critical nature of the satellite services that companies were still adjusting to the changing Iridium provides. In times of emergency, governments environment. Our employees transitioned well to need to coordinate, and people need to communicate. new ways of working, as we leveraged investments Reliable connectivity is at the core of Iridium's in IT and remote collaboration tools to maintain business services and was the purpose for which productivity, as well as our cultural identity. We our unique, global constellation was created. really did not miss a beat. Our business proved incredibly resilient during IoT Connectivity and Personal Mobile the pandemic, as it has during previous periods of Communications economic stress. Iridium has worked for decades to Despite social restrictions, business shutdowns and develop a strong global distribution and technology a global recession, Iridium's services were more partnership network, and I credit our vast partner popular than ever in 2020. We extended our offering ecosystem for Iridium’s ability to thrive in the face of finished IoT devices with additions to the Iridium of economic headwinds, illustrated by this year’s Edge® line that make Iridium even more attractive to performance. companies looking to expand into satellite-based
“I credit our vast partner ecosystem for Iridium’s ability to thrive in the face of economic headwinds, illustrated by this year’s performance.”
Matthew J. Desch Chief Executive Officer
2 Iridium Communications Inc. solutions. The launch of our new Iridium Edge Pro partners going after these personal communications and Iridium Edge Solar devices made developing IoT services, this consumer niche should remain an services using Iridium’s network easier for partners important source of growth for Iridium for the and subscribers. These turnkey end-user devices are future. programmable with built-in sensors for asset tracking and performance monitoring, which allow Satellite SOS for Shipping our partners to reduce development costs and Iridium’s Global Maritime Distress and Safety expedite time-to-revenue. Each of these devices can System (GMDSS) service also went live in 2020, pair with Iridium® CloudConnect powered by breaking a decades-long monopoly in maritime Amazon Web Services, which supports cloud safety. The launch of new GMDSS terminals provides applications and simplifies partner solutions. Iridium with access to a fleet of vessels that are Our one-of-a-kind satellite network continued to required by maritime law to maintain this L-band support mission-critical applications and remote safety service. GMDSS is a sophisticated safety services, including use by first responders and safety network designed to provide communication and personnel to organize and respond to emergencies. coordination between people, vessels and even In the case of mobile and remote assets that often aircraft to facilitate rescue and disseminate weather stray outside traditional terrestrial coverage, Iridium and navigation information. Historically, equipment also provided reliable two-way connections for this service has only been required for large supporting voice, data and location-based services. SOLAS-class vessels, like oil tankers and massive In 2020, we continued to see the strong adoption cargo ships, of which there are more than 60,000 of small, portable satellite communicators by retail across the globe. Thanks to the cost, coverage and consumers. Among the strongest trends we capability of Iridium’s new GMDSS service, it is now observed was consumer demand for personal an affordable option for the hundreds of thousands communications devices offered by partners like of smaller vessels not required to have the capability Garmin, ZOLEO, Somewear Labs, and Bivy. Following onboard, but whose safety will greatly benefit from widespread restrictions on travel and social its use. congregation, retail demand for consumer personal Being able to provide GMDSS service is a communications accelerated in the summer. Iridium milestone for Iridium and is just one more critical added more than 120,000 net new retail subscribers service that our network provides the world – for the year. With an increasing number of making Iridium even more relevant and important consumer-oriented SKUs and a growing number of in the global maritime market.
Small, but powerful, Iridium technology supports all Iridium voice Iridium’s satellite technology allows for cost-effective monitoring and data services. One tiny module delivers the capability needed and control of remote assets, including enhanced functionality to develop innovative communications devices, and the technology with Iridium CloudConnect supported by Amazon Web Services. backbone for embedded applications such as GPS and location- Iridium’s most specialized handsets are even capable of Type I based services, Wi-Fi and Bluetooth. encryption accredited by the U.S. National Security Agency for Top Secret communications.
2020 Annual Report 3 Aireon Launches New Commercial Services “Iridium delivered another The pandemic has had an outsized impact on the global aviation industry. In 2020, travel restrictions strong year of financial results curtailed air traffic and, with fewer commercial in 2020, with new product flights, reduced the total number of aircraft being controlled by air navigation service providers introductions, subscriber (ANSPs). While this environment, which is not likely additions and 7% growth to fully recover for several years, remains a headwind to the industry, it did not prevent Aireon from in OEBITDA.” continuing to grow its unique and groundbreaking global business as it continued to revolutionize generate strong cash flow and reduce net leverage – aircraft surveillance and Air Traffic Management. all very much in line with our long planned and now Aireon launched three new commercial data completed financial transformation. The year, services in 2020 that expand its customer base to though, unfolded very differently from our initial include airports, airlines and other aviation plans in the face of a global pandemic. stakeholders. In addition to new partnerships with Following historically strong growth to open the the Civil Aviation Department of Hong Kong and year, regulatory restrictions coinciding with the Passur Aerospace, Aireon greatly expanded its outbreak of COVID-19 served as a headwind to relationship with the FAA. subscriber activations into March and April. Aireon’s space-based ADS-B services are now Widespread health concerns and travel restrictions being deployed by 20 ANSPs covering more than altered seasonal activations and usage patterns for 40 countries, and it continues to be one of the our satellite handsets, and disruptions in industries most dynamic data services shaping the aviation like aviation and energy restrained ARPU in our IoT industry today. data business. However, strong underlying demand for L-band satellite services continued to drive our 2020 Financial Review full-year performance. Service revenue still rose In all, Iridium delivered another strong year of almost 4% in 2020 and billable subscribers grew financial results in 2020, with new product 14%, approaching 1.5 million active users globally. introductions, subscriber additions and 7% growth By summertime, our IoT business had gotten in OEBITDA. Most importantly, we continue to back on track, and we continued to see steady
Original equipment manufacturers of large Fixed-wing and rotary pilots rely on Iridium’sIridium’s constellation constellation of 66 ininterlinkedterlinked industrial equipment use Iridium’s global Iridium’s suite of voice and data services satellites helps first responders organize IoT services to monitor their off-road assets to enhance flight deck communications, in the aftermath of natural disasters and in markets such as construction, mining, situational awareness and aircraft operations effectively deploy humanitarian relief, even agriculture and forestry. Iridium’s polar-orbiting for flight safety. New Iridium Certus terminals when terrestrial connections are unavailable. satellites help to minimize blind spots in designed for aviation will soon provide It is this reliability that has supported Iridium’s monitoring this remote equipment. these users with enterprise-grade long relationship with the U.S. government broadband functionality. and their investment in a dedicated gateway to terminate Iridium voice and data traffic.
4 Iridium Communications Inc. Finally, a Choice with Iridium GMDSS Iridium Global Maritime Distress and Safety System Sets a New Standard in Maritime Safety Services
• Iridium Global Maritime Distress and Safety System (GMDSS) service commenced operation in 2020, and, in doing so, broke the maritime monopoly that had existed since 1979. Iridium’s new maritime emergency response system is noteworthy for its simplicity and enhanced features, and is the first system to provide real-time, emergency response and rescue service everywhere on the planet, including polar regions. • In launching this new service, Iridium was guided by the needs of the 60,000 SOLAS class vessels (subject to the requirements of the Safety of Life at Sea convention) that are required by maritime law to be outfitted with GMDSS safety equipment. Iridium is working closely with its partners to develop terminal designs that improve upon industry standards and provide additional functionality for mariners. Guided by corporate hallmarks of simplicity and reliability, Iridium is collaborating with leading industry manufacturers to design easy-to-use terminals that are affordable and intuitive for users. Iridium’s inaugural GMDSS offering includes lifesaving services, like Distress Alert, Distress Voice and Maritime Safety Information broadcast. • Developing and gaining approval for a new GMDSS system was challenging. It required tremendous testing and validation, as well as a persistence to chart a course for regulatory acceptance where no path existed previously. After receiving the certification of the United Nation’s International Maritime Organization (IMO) in May 2018 for the Iridium GMDSS, Iridium worked closely with the IMO’s Maritime Safety Committee to meet all conditions required for operational service introduction, including technical integrations linking Iridium GMDSS to Rescue Coordination Centers (RCCs) around the world. • Iridium GMDSS offers coverage, capability and cost advantages over the legacy option, and provides mariners with enhanced safety at sea never before possible. Though this service was initially intended for large vessels, new Iridium GMDSS terminals make the system an affordable option for hundreds of thousands of smaller vessels, which should further expand the GMDSS market.
2020 Annual Report 5 commercial demand for our broadband services, “This is the first share even as ship access and travel protocols delayed equipment installations and activations – symptoms repurchase authorization we expect to persist in some form until pandemic in our Company’s history travel and business restrictions subside. Growth from engineering and support revenue and is indicative of the was particularly strong this year, as the U.S. confidence that we have in our government continued R&D work on their dedicated Iridium gateway to allow for secure, ongoing business opportunities private access to Iridium Certus® broadband and midband services. and free cash flow growth.” These financial results drove continued strong cash flow and deleveraging in 2020. Growing Interest in Space Among the most interesting developments in the Capital Planning and Share Repurchase space industry has been the growing investor Authorization interest. New Exchange Traded Funds (ETFs) focused Into 2021, Iridium has been able to take advantage on space, as well as Special Purpose Acquisition of ongoing investor interest in our Company to Companies (SPACs) to fund space enterprises have re-price our Term Loan. This action reduces the really taken off with mainstream investors. While we interest expense on our credit facility and serves as welcome the interest and enthusiasm, history has another tailwind to free cash flow moving forward. shown that space is often a difficult and unforgiving In light of this progress and the continued place to build high capital cost businesses. growth opportunities we see, our Board of Directors authorized a $300 million share repurchase program Iridium occupies a differentiated and unique for Iridium’s common stock, as part of our long- position in the ever-growing satellite market. standing strategy to return capital to our shareholders. We are fortunate to have a one-of-a-kind network This is the first share repurchase authorization that is global, reliable and ideal for mobile in our Company’s history and is indicative of the communications. We focus on IoT and specialty confidence that we have in our ongoing business offerings, rather than the commodity broadband opportunities and free cash flow growth. focus of these many new entrants.
Iridium’s rugged, light-weight satellite Regardless of location, Iridium’s real-time Iridium supports voice and data services for devices are increasingly used by hikers and IoT services allow for instrument telemetry maritime vessel operations and crew welfare. weekend explorers to maintain voice and and sensory data. This critical information Iridium Certus broadband also provides texting, even when off the grid. Safety is important in monitoring remote infra- mariners access to the fastest and most is supported by a dedicated two-way structure, ensuring timely maintenance capable L-band service in the industry, emergency SOS button and integrated and maintaining efficiency in operations. either as a standalone offering or as a location-based services. companion to VSAT service. The reach and dependability of Iridium’s network also allows it to support Global Maritime Distress & Safety System services to alert and offer 6 Iridium Communications Inc. rescue services to vessels in danger. Personal Satellite Communications Iridium IoT is Increasingly Addressing Growing Consumer Needs for Mobile Communications
• As a leading provider of mobile satellite services, Iridium’s network has been used for decades by commercial operators for fleet management, asset tracking, data monitoring and messaging services. The reliability of Iridium’s global IoT data services has made it a mainstay with industrial users in construction, forestry, heavy industry, oil and gas, utilities and transportation. In recent years, however, Iridium has found a new audience with retail consumers. • As people roam further away from home, they seek the convenience of real-time data and communications that their smartphones afford. On-the-go communications, especially texting, is woven into the fabric of our society. For many people it’s their preferred method of communication, so when life takes them to places where cellular coverage is unreliable or even unavailable, frustration can ensue. • As more individuals venture off-the-grid, they are increasingly finding that Iridium’s global network can keep them in touch with others. Several of Iridium’s partners such as Garmin, ACR Group, and Somewear Labs, market small, portable devices that provide personal tracking and data communications services to consumers, as well as commercial end users. Whether sending a brief text message, plotting a map waypoint, or a real-time need for emergency services, Iridium’s network is filling the void left by terrestrial and cellular communications. • We also offer Iridium GO!® as a premium offering in the personal communications space. This small, rugged personal connectivity device connects to the Iridium network to create a Wi-Fi hotspot, enabling the use of smartphones and tablets for voice calls, text messages and emails, posts to social networking sites, and limited use of optimized mobile websites. Iridium GO! also has an emergency SOS button and GPS and location-based services. • Iridium’s small, lightweight, durable devices with true global coverage allow it to maintain a competitive position in the growing market for IoT services. Today, Iridium has over one million IoT data subscribers, including several hundred thousand users on personal communications devices. We believe that increased demand, especially from the retail consumer segment, will fuel meaningful growth for Iridium for several years to come. 2020 Annual Report 7 We welcome the new satellite operators in low “We executed well, managed our earth orbit like SpaceX and OneWeb, who are aggressively working to compete with existing resources effectively, and made Ku- and Ka-band operators, whom we have long strong progress on product complemented. With a long history to draw from and a global ecosystem of partners, Iridium may development – prioritizing growth very well be able to complement and help some of these new entrants, as well as to commercialize and investing for the future.” their offerings. These new megaconstellations were designed for Reflecting on these trends and the unique very different purposes from Iridium. They are business climate of 2020, I am especially proud of focused on supplying very high speed internet Iridium’s strong market position and financial results, service to large, high-powered terminals, and cannot and how our team responded to meet this year’s scale down efficiently to offer the highly mobile challenges. We executed well, managed our services that Iridium was designed for, such as small resources effectively, and made strong progress on IoT or personal communications devices. While product development – prioritizing growth and Iridium recently launched a new, competitive investing for the future. broadband offering called Iridium Certus, we I’m happy to say that the financial transformation anticipate this service will continue to focus on that we have discussed for many years has now been markets like safety and small vessel communications, realized, and we are in a great position to unlock in addition to being sold as an L-band companion additional value for our shareholders. with much larger maritime VSAT terminals. In aviation, Iridium Certus will largely serve the cockpit for pilot communications, while the new megaconstellation – and other commodity Matthew J. Desch broadband satellite – operators target Wi-Fi Chief Executive Officerr entertainment for passengers. April 2021
The transportation industry benefits from Our small antennas and system designs Iridium’s reliability in remote locations has Iridium’s IoT solutions which enhance support a wide range of UAV platforms. made it a fixture in wildlife conservation operations management. Critical data and Reliable beyond-line-of-sight communications and resource management for organizations diagnostics, such as engine performance, for these platforms allow Iridium to serve as and scientists collecting data. We expect an signaling information and brake times, the communication link for remote-piloted increased need for monitoring climate and are relayed over Iridium’s network to help aircraft used in corporate surveying, environmental data associated with global trains operate more safely. medical supply, law enforcement and climate change and human impact on the package delivery. planet will increase demand for these services.
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