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Iridium Communications Management Discusses Q2 2012 Results - Earnings Call Transcript

Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today, and while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our expectations or views change.

During the call, we'll also be referring to certain non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with Generally Accepted Accounting Principles. Please refer to today's earnings release and the Investor Relations section of our website for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

With that, let me turn things over to Matt.

Matthew J. Desch

Thanks, Steve, and good morning, everyone. Thanks for joining us. This morning, we announced second quarter numbers, which is our 10th earnings report since going public in late 2009, and it's probably the first time we haven't lived up to or exceeded expectations as we lowered our service revenue and operational EBITDA outlook for 2012, and I'm obviously disappointed about that. However, I don't think you'll find this to be a trend. We remain very positive about our overall competitive position with the help of our current network and the progress we're making in replacing that with Iridium NEXT and our new hosted payload business and many other factors that give us confidence in our long-term growth path.

I'll first address why we fell short this quarter, which was primarily due to further weakness in our legacy government handset business before taking you through the strategic elements that will underscore our growth in 2013 and beyond. Let me be clear here. While we may have lowered our short-term expectations, I really like our long-term prospects. Tom will then run through the results in our revised financial guidance.

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