Iridium Communications Expects FY24 Service Revenue Growth of 5% (Prior 4%-6%), OEBITDA of $465M-$470M (Prior $460M-$470M)

2024 Outlook and Longer-Term Outlook

The Company updated its full-year 2024 outlook:

• Total service revenue growth of approximately 5% for full-year 2024. Total service revenue for 2023 was $584.5 million. (Previous guidance was for total service revenue growth between 4% and 6% for full-year 2024.)
• Full-year 2024 OEBITDA between $465 million and $470 million. OEBITDA for 2023 was $463.1 million. (Previous guidance was for full-year 2024 OEBITDA of between $460 million and $470 million.)
• Cash taxes of less than $10 million per year from 2024 through 2026. We expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.
• Net leverage below 4.0 times OEBITDA through 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming ongoing execution of the Company's share repurchase authorization and the payment of quarterly dividends consistent with the current level. Net leverage was 3.1 times OEBITDA at December 31, 2023.