This is the third stock repurchase authorization from the Board of Directors in the past three years and brings the total value of the program to $1 billion. This $400 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, and a second $300 million authorization in March of 2022. Similar to each previous authorization, share repurchases will be executed with the aim of maximizing return on investment for investors. Iridium continues to target a leverage range of between 2.5 times to 3.5 times operational EBITDA, including the ongoing effects of this repurchase program.
"The continued growth of our business, combined with the innovations we've developed on our network, has been a boon to our company and in turn, our shareholders," said Iridium CEO Matt Desch.
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.
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