Iridium Board of Directors Approves Additional $300 Million Share Repurchase Program

Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium") today announced that its Board of Directors has authorized the repurchase of an additional $300 million of Iridium common stock through December 31, 2023. This is the second $300 million stock repurchase authorization from the Board of Directors in the past two years and underscores the ongoing success and growth of Iridium's business. In total, Iridium has the opportunity to retire $600 million worth of common stock from the public markets over a three-year period.

Similar to the initial authorization announced in February of 2021, share repurchases will be executed with the aim of maximizing return on investment. Iridium believes that even with a fully realized repurchase program having been implemented, the Company will be within its target leverage range of between 2.5 times to 3.5 times operational EBITDA (earnings before interest, income taxes, depreciation and amortization) at the end of 2023.

"Iridium is uniquely positioned in the satellite industry and now enjoying significant free cash flow. Our business success and growth are allowing us to continue to reward our shareholders," said Iridium CEO Matt Desch. "Iridium will continue to look for opportunities to add value and further our industry leading position while maintaining our target leverage level, even while executing on this second authorization."

The Company repurchase time frame 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. The company will comment on this additional authorization when it holds its first-quarter 2022 earnings conference call in April.