Iridium Board of Directors Approves Additional $500 Million Share Repurchase Program; Since Inception Authorizations Now Total $1.5 Billion

Core Insights - Iridium Communications Inc. has authorized an additional $500 million stock repurchase program, bringing the total to $1.5 billion over the past four years, highlighting the company's strong business performance [1][2][3] Stock Repurchase Program - The new $500 million authorization is the largest in the company's history, following previous authorizations of $300 million in February 2021, $300 million in March 2022, and $400 million in July 2023 [2] - The repurchase program aims to maximize return on investment for shareholders, with a target net leverage below 4.0 times through 2026 and below 2.0 times operational EBITDA by the end of the decade [2] Financial Performance and Strategy - Following the completion of the Iridium® NEXT program, the company has started generating significant free cash flow and has committed to shareholder-friendly activities, returning over $1 billion through share repurchases and dividends in recent years [3] - The Board of Directors has the flexibility to adjust the repurchase timeframe, with transactions occurring on the open market or through negotiated deals [3] Company Overview - Iridium Communications Inc. operates the only mobile voice and data satellite communications network that provides global coverage, enabling real-time connections for various markets [4] - In 2024, the company acquired Satelles, Inc. and launched the Iridium Satellite Time and Location service, further expanding its service offerings [4]