Iridium Communications Raises FY22 Total Service Revenue Growth Guidance From 5-7% To 7-9%
$IRDM
Telecommunications Equipment
Telecommunications
2022 Outlook
The Company updated its full-year 2022 outlook for total service revenue and OEBITDA and currently anticipates:
- Total service revenue growth between 7% and 9% for full-year 2022 (previous outlook was for total service revenue growth between 5% and 7% for full-year 2022). Total service revenue for 2021 was $492.0 million.
- Full-year 2022 OEBITDA between $410 million and $420 million (previous outlook was for full-year 2022 OEBITDA between $400 million and $410 million). OEBITDA for 2021 was $378.2 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.