this performance. capital Iridium's With Thanks, and good provide XXXX morning, morning Matt, color provide results our recap I'd on positions. Iridium's XXXX remarks for quarter outlook year and fourth and on review to released like everyone. today, the also perspective full I'll and we my liquidity
forma more through part XX% return free outstanding. For the cash equipment. full to Iridium XXXX we government its OEBITDA XXXX, normalized beneficiaries growth over shares aided and a returned year equivalent and share $XXX revenue repurchases, as exceeded contract guidance $XXX million awards by million for in shareholders flow demand Pro of our in new service remain and was to
to in the Including revenue. X% X% engineering prior investors billion fourth complemented dividends, in and rose to by drove year's was to from EBITDA the service $XXX the demand $XXX $X.X revenue returned expanding return grew awards, Growth to operational which million. total quarter close Iridium and XXXX. contract quarter, support equipment million In government of revenue and
of weather-resilient reliable experienced durability service Within the the from in and revenue in commercial where million one-of-a-kind recent from gains fourth commercial outages from data business, events rose quarter, years. Revenue reflected the highlight we share market was up and incremental and region, the providers year period, a service the of Iridium's L-band in voice of have the reported These which underscore service X% network. $XXX.X APAC L-band prior year X% earlier. importance other
Commercial personal strong grew part in fueled which the remains in communications, for business IoT quarter, us. XX% by a
note subs IoT will for You were quarter, changing plans. that a this personal customer pricing due communications was retail the its to XX,XXX down
you previewed spike their fourth to a his year. annual call year. started averaged the a and The to monthly our Matt status varied deactivations but in active from subscribers the XXX,XXX plans, subscribers seasonally of on We inactive with and including basis about Something between that toggle that number plans customer out last allow mentioned over phase throughout QX on saw contract the they inactive that in which in remarks. as quarter we
few I of next see these quarters. think the impact over the changes you'll
I This who these quarter-to-quarter they from see prior you are now net going when Subscribers to means we in expected decline in will the numbers previously fourth plans used subscribers the that be underscore subscriber service. forward, periods. and subscriber is in to versus result seasonality greater seasonality using quarter subscribers partner fixed annual months year only on directly the anticipate in attribute believe want that external our a IoT the not other impact in or Iridium's to with to revenue in and increase do will changes XXXX. large our of modifications these planned competition have were no under contract numbers subscriber revenue factors. of terms the this our
In to ago of million in quarter, plants. other Gross strong period reflected remained companion this and our reported service increase from from in broadband, of we fourth we X% activations of the from further quarter, as revenue fourth the customer down expect XXXX customers year increased ARPU conversion $XX.X Iridium's XXXX. revenues to a the the prevalence use as and
revenue the the year, to in our IoT represent share X% subscribers ago line and XX% For grew user largely of all, full year-end, expectations. our In at at continued year-over-year. year commercial base largest broadband with the was of total X% remained XX% up down in period. from the
contributions services the revenue with that data EMSS the the payload reflected supply growth a the our benefit fourth The up strong service drove quarter. $XX.X the period in quarter prolonged tough on Government increased to Subscriber from our prior comp onetime million. government, from was a with associated in chain the $XX.X in other pandemic. increase volatility million step up to year-over-year after to and XX. P&C quarter to in a in despite year's issues fourth million contract from rose service which quarter fourth related a hosted Revenue X% $XX.X reflecting of occurred equipment U.S. September fixed-price new XX%
following normalized of the previously for years to had company. equipment year record more marked XXXX consecutive full forecasted, a sales levels we X As return sales
support grew million from sales XX% year $XX.X work growing Space prior Engineering services. to equipment reflecting the QX the quarter, and the believe period strong revenue and shows Agency. improvement with for fourth contract the support Iridium new We in continued in awards Development Iridium's
the with aligns and priorities. long-term work with U.S. highly Our strategic government's the Iridium remains space FDA closely
XXXX, XXXX OEBITDA and XXXX of the and Moving between Many our and We and that X% million. as allowing to X% of growth improve. impacted service OEBITDA between normalize in $XXX move $XXX factors we anticipate to outlook. our service revenue revenue of into growth growth million are forecasting XXXX
guidance, context of some full provide XXXX year to outlook. our to that To want support I further our drivers highlight the
in we Iridium business the subscriber First, for to revenue growth forecast customer. the new the reliability with to our business largest changes in a I gold seasonality related to anticipate step out contracts continue in up IoT double-digit growth ongoing fixed-price due of part continue partners IoT, voice earlier. revenue our growth as Iridium's mid-band year and be standard global coverage In technology. to featuring plan invest in to this even remains our network. added and revenue XXXX IoT and will pricing our of noted with We another devices subscriber roll
have X we and seen Over government dozen or the products a aviation years, so the maritime introduction last of mobile the across sectors. land
We expect higher new new as these across as consumer-orientated and products applications users will broaden ARPU. adoption attract industries, IoT new drive Iridium's well
and gains as and risks partners. the susceptible revenue GPS-dependent In similar remain and GMDSS and to new attention the help XX share ARPU as but continued broadband, to organizations P&T Certus gains, support Growth government spoofing This XXXX. will in XXXX. another plans applications Iridium gaining tailwind other should revenue to with migration Iridium customers expect service a Hosted are traction other jamming. to both increasingly our payload will and revenue to we is pressure additional revenue to at level associated serve of from that We from with civil signal market services
will cost onetime from equipment with similar U.S. to in in down is 'XX. support continues the however, Engineering and government to Margin, XXXX to be expected modestly expect again recur in 'XX. XXXX. in benefit to be We benefit realized grow sales growing contracts a XXXX not Iridium's and revenue in as will
To On to we ] XXXX. expected more Satelles growth capital-intensive as phase equation, programs in decline the new continue to rates in service a major expense and our move costs of expect of side is to acquisition will mid-single [ development. significantly spending development. the some of support product SG&A into digits XXXX the R&D we normalize begin, following to decline as
our capital adoption depreciation not include: to still about as XGPP touched couple supporting work 'XX the and decade. move reflecting our consumers. testing to form on the in operational $XX L-band be modestly will we change the CapEx million result, in moderate expected to We a which of facility our with be I've As support expenditures standards increase upon here with outlook, a from closer facilitate of end and years yet of based Interest level. which expense Iridium's Other after with as relatively XXXX expect is of new expansion stable assumptions wave current projections XXXX. of credit expense year-over-year, to XXXX will
we Iridium through items, of interest $XXX would less from to million number. growth rate term XXXX. minimal Iridium hedge cash our $XXX has represent than taxes to billion XXXX million and year exposure million reported between continues midpoint, as XXXX. XX. of per through a in $XXX X.X% million expect expect to our At these generate of considering $XX When $X cap on November place EBITDA the levering loan in X%
Moving to balance our sheet. on
of a approximately $XX equivalents of and December Iridium cash million. As balance XXXX, cash XX, had
repurchases. fund price our fourth of X.X operations stock average continued anticipate and an quarter shares of opportunistic Iridium ample payment In of is cash dividends we $XX.XX. XXXX, at retired balance share approximately of the to common million and Our quarterly
through year XXXX, of full price represents XX This shares. XX% total and average This purchased $XXX.X million. left for $XX.XX of million activity Iridium of at Iridium a an Iridium's shares outstanding For XX, the approximately an under at inception authorization XXXX. buyback with of we December have balance repurchased QX billion. million $XXX our year-end Since the XXXX, in and $X.X of almost our outstanding Board-approved program
total maximize deleveraging to with to dividend objective payments on balancing continue through a buyback the expect investment. million of program, desire quarterly return our Iridium to We to our shareholders. In for paid XXXX, $XX.X execute
the increase dividend increase third will for we XXXX, of share quarter, the in $X.XX the full over our Board per to resulting expect to starting Looking an year. in X%
giving share support was issuance term opportunistic free by increase XXXX effect expect in acquisition year loan confidence all our We dividend The on flow. delevers prospects our authorized Board. Iridium management's We and share time our and backs Xx EBITDA. to with think X.Xx over continued earlier and Satelles for company's continued reflects to XXXX below the and leverage net reflects opportunities and This our the net a up from of naturally closed leverage cash X.Xx after exit strong program to additional buybacks. even business
midpoint the current These $XX cash working in back forma interest free Turning our If a XX%. represent to XXXX. million of XXXX we flow use our flow. capital in structure, $XXX XXXX of $X inclusive taxes payload OEBITDA for CapEx appropriate EBITDA of guidance, of the our and over million million in $X $XX pro pro cash year, of conversion free in this million net debt flow forma million and in for for cash pro free hosted cash rate of forma projecting approximately XX% a metrics of adjustment, yield we're would and
strength. of cash on GAAP each with measure that in is Events element of A of our presentation reconciliation Investor free our under Relations a description good continue believe available the is a business to detailed supplemental We calculations, measures, pro along more flow website. forma to these
the year and Iridium's I level recognize runs organization CFO, As through financial capital of my first begin our that investors and should this continuity policies. as discipline
is planned of consistency. model and this remain for year's transition, to business come the Iridium's you've that my know through a I predecessor Our expect will team stability
like and the prospects that, With many turn conference for discussing I'd during upcoming to to topics over Iridium's generation cash with you call I Q&A. have and look of in to these flow forward the confidence business operator great Iridium's appearances.
