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    Mathieu Robilliard • Barclays

    Mathieu Robilliard's questions to Iridium Communications Inc (IRDM) leadership

    Mathieu Robilliard's questions to Iridium Communications Inc (IRDM) leadership • Q2 2025

    Question

    Mathieu Robilliard of Barclays asked for confirmation on the 2025 outlook for R&D and SG&A expenses. He also questioned the revenue model for GMDSS and sought clarification on whether the 'richer experience' of the next-generation network implied services beyond messaging, such as broadband.

    Answer

    CFO Vincent O’Neill confirmed that R&D would decline in 2025 as guided, while SG&A is expected to be flat to low single-digit growth. CEO Matthew Desch clarified that GMDSS is a free, mandated service, but the value is in the combined terminal that offers other revenue-generating services. He confirmed the next-gen network vision extends beyond messaging, aiming to provide a richer, 5G/6G standards-based data experience, potentially including broadband to mobile devices.

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    Mathieu Robilliard's questions to Iridium Communications Inc (IRDM) leadership • Q1 2025

    Question

    Mathieu Robilliard from Barclays asked when the negative revenue impact in the maritime segment from Starlink competition is expected to stabilize and sought clarification on the statement that competing D2D services would only add 10-15% coverage, questioning why it wasn't a larger extension.

    Answer

    CEO Matt Desch expressed hope for maritime stabilization but couldn't forecast a precise end, expecting normalization in 2026 as more Iridium Certus GMDSS terminals become available. He clarified his coverage comment, stating that terrestrial cellular currently covers 10-15% of the globe. Competing D2D services, which use terrestrial cellular frequencies, will face significant regulatory and interference issues, limiting their operation to specific countries and preventing true global coverage, unlike Iridium's L-band service.

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    Mathieu Robilliard's questions to Iridium Communications Inc (IRDM) leadership • Q4 2024

    Question

    Mathieu Robilliard of Barclays asked about Iridium's view on its spectrum assets in light of recent L-band transactions and whether its current holdings are a constraint. He also questioned if the unique competitive advantages of L-band could be eroded over time by innovation in other satellite bands.

    Answer

    CEO Matt Desch affirmed the high value of Iridium's global L-band spectrum, stating they have ample capacity for their mission-critical and safety-focused strategy and do not need to acquire more. He expressed confidence in L-band's durable competitive moat for regulated safety services, noting it is unlikely that shared bands like Ka/Ku will be approved for such applications due to fundamental regulatory and technical differences.

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    Mathieu Robilliard's questions to Telefonica SA (TEF) leadership

    Mathieu Robilliard's questions to Telefonica SA (TEF) leadership • Q1 2025

    Question

    Mathieu Robilliard questioned the free cash flow guidance, asking for clarification on the new baseline excluding discontinued operations and the meaning of "similar" year-over-year performance. He also asked for an update on the situation regarding 1&1 potentially obtaining low-band spectrum in Germany.

    Answer

    Executive Laura de Baquedano clarified that the free cash flow guidance remains unchanged, with "similar" meaning stable or flattish. She explained the new 2024 baseline is higher because the negative cash flow from Peru (due to tax payments) was more significant than the positive contribution from Argentina. Executive Markus Haas stated that while Telefonica will meet its spectrum obligations, 1&1 might first be expected to approach its national roaming host, Vodafone, for low-band spectrum.

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    Mathieu Robilliard's questions to Orange SA (FNCTF) leadership

    Mathieu Robilliard's questions to Orange SA (FNCTF) leadership • Q1 2025

    Question

    Mathieu Robilliard of Barclays questioned the wholesale revenue trajectory in France, suggesting the decline might be less than guided. He also asked for the net free cash flow impact of the EUR 400 million cost-cutting plan.

    Answer

    CEO Christel Heydemann confirmed the company is on track with its wholesale revenue guidance, explaining that a stronger decline is expected in H2 due to base effects. Executive Laurent Martinez clarified that the cost-cutting plan will have a slight positive free cash flow impact starting in 2026, which will increase over the long term as initial restructuring payments phase out.

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    Mathieu Robilliard's questions to Liberty Latin America Ltd (LILA) leadership

    Mathieu Robilliard's questions to Liberty Latin America Ltd (LILA) leadership • Q3 2024

    Question

    Mathieu Robilliard of Barclays followed up on the Puerto Rico segment's performance, questioning the path to EBITDA recovery given flat revenues and asking about the upcoming integration of Echostar subscribers in light of the difficult AT&T migration.

    Answer

    CEO Balan Nair outlined a multi-faceted recovery plan for Puerto Rico involving further cost-cutting, investing in sales growth with a focus on B2B, and leveraging the new 'Liberty Loop' converged offer. Regarding the Echostar deal, he explained the integration will be much smoother because LLA now has its own operational mobile network and IT stack, and the incoming subscribers are prepaid, which is less complex than the postpaid migration from AT&T.

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