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2014 Annual Report

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2014 Annual Report Iridium Communications Inc. 2014 Annual Report Iridium NEXT RELIABLE • CRITICAL • LIFELINES® Company Profile The world’s only truly global mobile satellite communications company Iridium Communications Inc. owns the only mobile voice and data satellite communications network that spans the entire globe. A technology innovator and market leader, Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Iridium’s 66 low-Earth orbiting (LEO) cross-linked satellites – the world's largest commercial constellation – operate as a fully meshed network. The company has a major development program underway for its next-generation network – Iridium NEXT. 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. Department of Defense, as well as other civil and government agencies around the world. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. Who is Iridium? 2014 Operating Highlights • We compete in attractive and growing markets with favorable • Generated 2014 Net Income of $75 million, a 20% competitive dynamics and high barriers to entry. year-over-year increase. Delivered Operational EBITDA (OEBITDA)* of $217 million, resulting in We operate the world’s furthest reaching telecommunications • a five-year compound annual growth rate of 8%. network with 100% global coverage. Our unique network architecture provides a sustainable competitive advantage. • Surpassed 739,000 worldwide subscribers, a We have a comprehensive business plan for our next-generation five-year compound annual growth rate of 15%. satellite constellation, Iridium NEXT, which we expect to begin M2M data subscribers have grown at a 31% deploying in 2015. • compound annual growth rate since 2010, and • We benefit from a large, low-cost and extensive ecosystem now represent 47% of our total customer base. of partners and a robust product portfolio. • Aireon LLC, our global aviation monitoring joint • We benefit from a large, highly profitable recurring service venture, reached critical mass with $270 million in revenue base, which along with the significant operating committed investment from four air traffic control leverage created by a largely fixed-cost infrastructure, agencies and five customer data services contracts has us poised to transform our cash flow profile in 2018. since the beginning of 2013. • Reached total investment of approximately $1.7 billion in the ongoing development of Iridium NEXT. Iridium NEXT RELIABLE • CRITICAL • LIFELINES® Financial Highlights (in millions, except for subscriber data) 2010 2011 2012 2013 2014 Iridium Communications Inc. Revenue $348.2 $384.3 $383.5 $382.6 $408.6 Service $236.4 $262.3 $273.5 $292.1 $309.4 Subscriber Equipment $ 090.2 $094.7 $093.9 $ 073.3 $078.2 Engineering and Support Service $ 021.6 $027.3 $016.2 $ 017.3 $021.0 Net Income $ 019.9 $041.0 $064.6 $ 062.5 $075.0 Operational EBITDA (OEBITDA)* $158.9 $190.4 $205.8 $201.1 $216.5 Subscribers 427,000 523,000 61 1,000 664,000 739,000 Capital Expenditures $237.5 $359.4 $441.7 $403.5 $441.1 Net Debt $ 037.4 $253.8 $443.1 $695.2 $733.0 Commercial Service Revenue $177.4 $198.0 $ 211.7 $232.9 $243.9 Voice and Data $155.6 $167.5 $171.0 $184.0 $185.4 M2M Data $021.8 $030.5 $040.8 $ 048.9 $058.4 Subscribers 384,000 475,000 56 0,000 613,000 679,000 Voice and Data 272,000 307,000 332,000 340,000 354,000 M2M Data 112,000 168,000 228,0 00 273,000 325,000 Government Service Revenue $059.0 $064.3 $061.8 $ 059.2 $065.5 Voice and Data $057.5 $062.0 $058.9 0NMF 0NMF M2M Data $001.5 $002.3 $002.9 0NMF 0NMF Subscribers 43,000 48,000 51,000 51,000 60,000 Voice and Data 36,000 37,000 36,000 31,000 35,000 M2M Data 7,000 11,000 15,000 20,000 25,000 * 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. Robust Subscriber Growth Revenue Quality Significant Operating Leverage subscribers in thousands dollars in millions dollars in millions ue CAGR: 7% GR: 8% scriber Growth CAGR: 15% 800 450 2010 - 2014 Service Reven 250 2010 - 2014 OEBITDA CA 60% 2010 - 2014 Sub 225 700 400 50% 200 350 600 175 300 40% 500 150 250 400 125 30% 200 100 300 150 76% 20% 75 200 100 68% 50 10% 100 50 25 0 0 0 0% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 ■ Commercial Voice and Data ■ Commercial M2M Data ■ Service ■ Subscriber Equipment ■ OEBITDA* OEBITD A Margin* ■ Government Voice and Data ■ Government M2M Data ■ Engineering and Support Service Dear Fellow Shareholders: It’s been a busy and interesting year for the industry As Iridium’s CEO for more than half of its existence, I can reflect on the last twelve months as one of the busiest and most interesting for our space. A number of ventures were announced by some of the biggest names in the technology space that would potentially bring inexpensive broadband access to consumers in remote areas. While these developments result in more attention for our sector, the basic fundamentals have not changed. This is a challenging business with significant capital, regulatory and technical hurdles. You need lots Matthew J. Desch of money, spectrum and significant expertise to build and operate Chief Executive Officer a leading satellite network. You also need time, as these programs often take many years to complete. Perhaps satellite communications is becoming more mainstream, and that’s a good thing. For our part, the blueprint for success is the same. We compete in attractive and growing markets with favorable competitive dynamics. Our satellite constellation is performing at a very high level and our unique network architecture provides a sustainable competitive advantage. We benefit from a large and low cost ecosystem of partners. We have a large, highly profitable recurring service revenue base that’s anchored by a robust product portfolio. We expect our operating margins will continue to expand and we’ll grow cash flow due to the operating leverage created by a largely fixed-cost infrastructure. This proven formula should create significant long-term value for all of our stakeholders. “This proven formula should create significant long-term value for all of our stakeholders.” 2014 was a rewarding year, bringing us one step closer to transformational change in 2018 In 2014, we accomplished our most important strategic objectives and exceeded our financial targets. We grew service revenue 6%, expanded Operational EBITDA 8% to more than $216 million and now have nearly 740,000 customers. When I consider the strength of our service revenue profile, it’s pretty clear that we have many “oars in the water”. It all starts with our largest customer, the U.S. Department of Defense, whose $400 million, five-year, fixed-price contract generates a $22 million increase to service revenue over the next three years. This important customer hit a record subscriber level during the year, and there continues to be significant business development activity underway. They are investing in a global tactical 2014 Annual Report 3 RELIABLE • CRITICAL • LIFELINES® radio system, deploying a wide variety of innovative machine-to-machine (M2M) applications and are actively engaged with us to develop a new, secure handset based on the Iridium Extreme® platform. This all bodes well for future contract renewals and continued growth. Our Aireon joint venture is also an important “oar” as it develops the world’s first global aircraft surveillance system. With four partners that have already invested nearly $200 million and five major customers to date, we’re encouraged that it will become the worldwide standard. Interest continues to build around the globe for the service. In February, Aireon announced collaborative agreements with Singapore’s Civil Aviation Authority and ASECNA, which controls significant parts of the airspace over Africa, to explore tracking and controlling aircraft within their respective areas of responsibility. These deals lay the groundwork for future data services contracts and represent just some of the many prospective customers Aireon is working. Aireon is looking increasingly likely to be adopted by the U.S. too. In fact, the FAA’s proposed fiscal 2016 budget outlines its need to invest ahead of Iridium NEXT’s completion so they can coordinate requirements, engage in pre-operational validation of space-based ADS-B, and ultimately perform service acceptance testing for the potential future procurement of this capability. While Aireon is our primary hosted payload on Iridium NEXT, we’ve also successfully partnered with Harris Corporation “When I consider the strength of our service revenue profile, it’s pretty clear that we have many oars in the water.” to manage the remaining payload space. Taken together, we forecast over $600 million in value from our hosted payload business, without even considering the worth of Iridium’s retained minority ownership interest in Aireon. When evaluating the contribution to our service revenue profile, these opportunities yield about $40 million in 2018. In executing on these two strategic objectives alone, we see $62 million of recurring service revenue growth even before we contemplate expansion in our commercial markets. Given our superior coverage and product portfolio, the M2M business remains a key growth pillar. Whether you’re using the Iridium® network to track personnel, manage fisheries for regulatory compliance or monitor engine diagnostics for a multi-million dollar mining truck, we are the best choice.
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