Iridium Communications (IRDM) reported Q3 EPS of $0.02, in-line with the analyst estimate of $0.02. Revenue for the quarter came in at $184.06 million versus the consensus estimate of $180.91 million.
GUIDANCE
The Company updated its full-year 2022 outlook for service revenue growth and OEBITDA and currently anticipates:
Total service revenue growth between 8% and 9% for full-year 2022. Total service revenue for 2021 was $492.0 million (previous outlook was for total service revenue growth between 7% and 9% for full-year 2022).
Full-year 2022 OEBITDA of approximately $420 million. OEBITDA for 2021 was $378.2 million (previous outlook was for full-year 2022 OEBITDA between $410 million and $420 million).
Negligible cash taxes in 2022. Cash taxes are expected to be negligible through approximately 2024.
Net leverage of between 2.5 and 3.5 times OEBITDA at the end of 2023, assuming the completion of the Company's total $600 million in authorized share repurchases. Net leverage was 3.4 times OEBITDA at December 31, 2021