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Hughes Communications, Inc. announced record fourth quarter and full year 2009 adjusted EBITDA, with impressive growth in the consumer business and strong growth in enterprise services revenues.
Snapshot of Fourth Quarter 2009 Results
Record fourth quarter adjusted EBITDA of $56 million, an increase of 25% over the fourth quarter of 2008.
Continued solid growth in consumer business: Revenue increased by 15% over the fourth quarter of 2008; record fourth quarter subscriber gross adds of 45,000; net adds of 14,000 for a growth of 18% over the fourth quarter of 2008; consumer ARPU increased to $72 from $68 for the fourth quarter of 2008; churn improved to 2.1% from 2.4% for the fourth quarter of 2008 and 2.3% for the third quarter of 2009.
New orders of $271 million, with major orders from Shell, ConocoPhillips, AGF, Burger King, Barrett Xplore, Rite Aid, Big 5, CSK O’Reilly, Row 44, Realtime, and Comdata in North America broadband business; Avanti Communications, Afsat, Shenzen Securities, Telemar, PT Selindo, and Valuable Media in international business; and STS Romania and Iridium in Telecom Systems business.
Positive net cash from operations of $41 million, a 29% increase over the fourth quarter of 2008.
Snapshot of Full Year 2009 Financial Results
Record adjusted EBITDA of $174 million for a growth of 15% over 2008; excluding the Telematics business, adjusted EBITDA increased by 18% over 2008.
Strong consumer business growth with revenue of $420 million, an increase of 12% over 2008; gross adds of almost 200,000 subscribers resulting in a subscriber base of 504,000 at December 31, 2009, a growth of 17% over the December 31, 2008 subscriber base; net adds of 71,000, a growth of 34% over 2008; consumer ARPU of $70 for 2009 compared to $68 for 2008; churn improved to 2.2% for 2009 from 2.4% for 2008.
Total enterprise revenue of $475 million compared to $529 million in 2008, but enterprise services revenue up 19%.
Telecom Systems revenue down 27% primarily due to completion of mobile satellite development contracts and termination of Telematics contract.
Consolidated revenue of $1,010 million, a decline of 5% from 2008, a 3% decline on a constant dollar basis.
New orders of $1,023 million and a nonconsumer backlog of $835 million as of December 31, 2009.
Positive net cash from operations of $151 million, an increase of 111% over the twelve months ended December 31, 2008.
Please note that Q1 2010 financial results will be released in May 2010.
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