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Hughes Communications, Inc. announced strong third-quarter revenue growth, record adjusted EBITDA of $61 million, impressive growth in the consumer business, record new orders, and renewed growth in the enterprise business.
Snapshot of Third Quarter Financial Results
Consolidated revenues of $266 million for a 6% growth over the third quarter of 2009; a 10% growth if revenues from the discontinued contract with Telematics are excluded.
Consolidated services revenues of $202 million for a growth of 15% over the third quarter of 2009; 18% growth excluding revenues from the discontinued contract with Telematics.
Record Adjusted EBITDA of $61 million, an increase of 38% over the third quarter of 2009.
Operating income of $26 million for a 64% growth over the third quarter of 2009; net income attributable to stockholders of $10.1 million compared to a loss of $2.6 million in the third quarter of 2009; earnings per share (fully diluted) of $0.45 in the third quarter of 2010 compared to a loss per share (fully diluted) of ($0.12) in the third quarter of 2009.
Positive net cash from operating activities of $69 million.New orders of $549 million for a growth of 164% over the third quarter of 2009, with major orders from Barrett Xplore, Rite Aid, Social Security Administration, Dillard’s, TJ Maxx, Buckeye Pipeline, GETN, and ConocoPhillips in the North America Broadband business; JSC Iskra, GTECH Colombia, Camelot, PrimeNet, VIVO, SEDUC, SREI, and Allahabad Bank in our International Broadband business; and Glocom and Harris in our Mobile Satellite business.
Consumer business continued impressive growth trajectory:
Total revenue increased by 14% and services revenue by 19% over the third quarter of 2009.
Strong third-quarter subscriber gross adds of 49,000 and net adds of 13,000.
Consumer ARPU increased to $75 from $71 in the third quarter of 2009.
Churn improved to 2.2% from 2.3% in the third quarter of 2009.
Enterprise business growth resumed both domestically and internationally.
Snapshot of Nine Months Ending September 30, 2010
Consolidated total revenues of $762 million for a 2% growth over the nine months ending September 30, 2009; 5% growth excluding revenues from the discontinued contract with Telematics.
Consolidated services revenues of $583 million for a growth of 14% over the nine months ending September 30, 2009; 18% growth excluding revenues from the discontinued contract with Telematics.
Adjusted EBITDA of $156 million for a growth of 33% over the nine months ending September 30, 2009.
Strong liquidity with cash, cash equivalents, and marketable securities of $222 million as of September 30, 2010.
New orders of $989 million for a growth of 32% over the nine months ending September 30, 2009, resulting in a record non-consumer backlog of $1,038 million, a 26% growth over the backlog at September 30, 2009.
Strong growth in consumer business over the nine months ending September 30, 2009:
Total revenue up 14%; service revenue up 20%.
Subscriber gross adds of 154,000 and net adds of 54,000.
Total subscriber base of 558,000 as of September 30, 2010, for a growth of 14% over the subscriber base as of September 30, 2009.