Iridium Communications Inc. (Nasdaq: IRDM) today announced that its Board of Directors has initiated a quarterly dividend program and declared the first ever cash dividend on its common stock of $0.13 per share. The dividend is payable on March 30, 2023, to stockholders of record at close of business on March 15, 2023. Iridium intends to pay regular quarterly dividends, with each payment subject to Board approval.
This program continues Iridium’s commitment to rewarding its shareholders, joining two previously authorized share repurchase programs that total $600 million. Iridium has repurchased approximately $413 million worth of its common stock as of the end of the third quarter of 2022 and will continue to be disciplined in that program’s execution. Iridium also expects to remain within its target leverage range of 2.5 times to 3.5 times operational EBITDA (earnings before interest, income taxes, depreciation, and amortization) at the end of 2023.
“By remaining focused on our mission of connecting people and “things” from anywhere on the planet, we continue to see record subscriber and free cash flow growth. As a result, Iridium is once again positioned to reward its shareholders,” said Matt Desch, CEO, Iridium. “As we look towards 2023, we remain committed to innovations that exploit the unique capabilities of our network and further our value and position as an industry leader.”
The Company also recently participated in several investor conferences, some of which provide post-event replays that are accessible at https://investor.iridium.com/events