Financial performance

For full-year 2021, Inmarsat delivered strong market share gains with revenue growth approximately triple that of the overall mobile and government satellite communications sector.  

We achieved our best revenue and EBITDA growth in a decade and we remain well-positioned for the future, with renewed technology leadership and strong market momentum.

Technology leadership and strong market momentum

Overall, 2021 was an excellent year. We gained share in the mobile and government satellite communications market, with revenues that grew approximately three times faster than the market. Our revenue and EBITDA expanded at their fastest rate in a decade, all our business units delivered growth, and free cash flow was strong. 

For the full year 2021, revenue was $1.35 billion, up 9% compared to 2020; EBITDA was $750 million, up 12.8%; and free cash flow was $195 million, a 74.4% increase. All reflect strong improvements and robust momentum in our business. 

We remain the leader in global mobility, the most attractive segment in satellite communications, with no exposure to the declining video distribution segment. We also grew our installed base, positioning the company for further growth. 

For example, we grew the number of vessels with our Fleet Xpress (VSAT) broadband product installed by 20%, and revenues for that product now exceed the earlier-generation FleetBroadband product with a ratio of about 60:40. We ended the year with a record backlog of FX installs, suggesting future opportunity. 

In Aviation, revenues grew by 27% year-on-year as the post-pandemic recovery continued, largely driven by a sharp improvement in services for business aircraft and commercial aviation cockpits. Inflight Connectivity airtime revenue was also up 16% versus 2020, and we saw 26% growth in installations of Jet ConneX in business aircraft. 

Revenues in our Government business rose 11%, marking six straight years of growth. While the U.S. was particularly strong, up 13%, the rest of the world saw solid growth of 6%. Enterprise also grew 2% year-on-year and is accelerating its focus on the fast-growing IoT segment

Beyond the financial performance, Inmarsat bolstered its foundation with a refreshed strategy, strengthened organisation and management team, and ambitious commitments to science-based climate change targets. We also renewed our technology leadership with ORCHESTRA, our global, multi-dimensional, dynamic mesh network; ELERA, the new generation of Inmarsat’s L-band, ideal for IoT; and the launch of I-6 FI, the world’s most advanced commercial communications satellite. 

In November 2021, we announced a major step towards securing Inmarsat’s long-term future by agreeing to combine with Viasat. This transaction is on track and expected to close in the second half of 2022. 

While we are well-positioned for the future, the world remains an uncertain place. We face the challenges of the ongoing pandemic, conflict in Ukraine, and increased risk of component shortages. We have addressed these challenges well to-date and will work hard to continue to do so in the future. 

Finally, a note on Ukraine. We join the international community in strongly supporting sanctions and calling for Russia to cease hostilities immediately. Our thoughts are with the people of Ukraine, and our wish is for a fast return to peace. 

Inmarsat CEO Rajeev Suri

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