Iridium Q3 net income $2.1M vs loss a year ago; OEBITDA record $107.8M; raises 2022 outlook

Iridium Communications Inc.

2022-Q3 EPS reported $0.06 revenue$527,198,000

Total revenue $184.1M (+14% YoY); service revenue $139.0M (+9%); commercial IoT subs up 22% to 1.412M.
Record OEBITDA $107.8M, margin 59%; net income $0.02/diluted share vs loss $0.02 in Q3 2021.
Full-year 2022 outlook raised: service revenue growth 8-9%, OEBITDA ~$420M (previous $410-420M).
Repurchased 1.8M shares for $80.2M in Q3; $187.2M remaining under $600M buyback program.
Net debt $1.39B; cash $218.8M; gross debt $1.61B as of Sep 30, 2022.

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