Iridium Communications Inc. (Nasdaq: IRDM), a leading provider of global voice and data satellite communications, today announced that its Board of Directors has authorized the repurchase of an additional $500 million of Iridium common stock through December 31, 2027. This is the fourth stock repurchase authorization from the Board of Directors in the past four years and brings the total value of the program to $1.5 billion. This $500 million authorization is also the largest ever approved by the Board of Directors, underscoring the strength of Iridium’s business.
Iridium began its share repurchase program with an authorization of $300 million in February of 2021, a second $300 million authorization in March of 2022, and a third authorization of $400 million in July of 2023. Similar to each previous authorization, share repurchases will be executed with the aim of maximizing return on investment for investors. As updated in its second quarter 2024 earnings release, Iridium continues to target net leverage below 4.0 times through 2026 and falling below 2.0 times operational EBITDA by the end of the decade, including the ongoing effects of this repurchase program.
“With the completion of the Iridium® NEXT program, Iridium began generating meaningful free cash flow and committed to implementing shareholder-friendly activities,” said Matt Desch, CEO, Iridium. “In the last few years, we have already returned over a billion dollars through share repurchases and dividends, and this authorization continues the trend, making us one of the most shareholder-friendly companies, not just in Space, but throughout the tech and telecom industries as well.”
The Company repurchase timeframe can be extended or shortened by the Board of Directors, with any potential transactions being made on the open market at prevailing prices or in negotiated transactions off the market.
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles, Inc. and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.
