Company: IRDM
Filing Date: 2025-03-17
Form Type: PRE 14A
Source: 0001628280-25-013200
Chunk: 75

Company: Iridium Communications Inc.
Filing Date: 2025-03-17
Form: PRE 14A
Chunk 75
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 or IoT, like the Iridium Edge ® line, and cloud connectivity with Iridium ® CloudConnect. We continue to introduce new products and services, including the Iridium Certus TM 9704, our newest IoT module, and the launch of Iridium Certus GMDSS, an advancement in maritime satellite communication safety services.

2024 Business Highlights . We had another strong year in 2024, reporting record total revenue and continued strong cash flow. The continued success of our wholesale business model is a testament to the strength of our global partner network and the growing demand for Iridium’s safety services and mobility platform.

In 2024, we generated total revenue of $830.7 million, a 5% year-over-year increase, and ended the year with 2,460,000 worldwide subscribers, an 8% year-over-year increase. Commercial IoT revenue increased $25.2 million, or 18%, compared to

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the prior year, driven by a 10% increase in IoT billable subscribers from the end of 2023, primarily in users of personal communications devices, and a new contract with a large customer executed in the first quarter of 2024. Growth in engineering and support revenue was also strong, increasing by $23.2 million, or 23%, from 2023, primarily due to the increased work under certain government projects, primarily our contract with the Space Development Agency, or the SDA, offset in part by decreases in commercial engineering projects.

In addition to delivering solid year-over-year subscriber growth and financial performance, we continued to leverage our strong cash position and execute on stockholder-friendly activities. During 2024, we returned a record $469 million to stockholders through share repurchases and dividends. Our Board also increased our total share repurchase authorization to $1.5 billion through the end of 2027 and increased our quarterly dividend payments by approximately 5.8% compared to 2023.

In 2024, we acquired Satelles, Inc., a provider of highly secure, satellite-based position, navigation and timing (PNT) services that complement and protect GPS and other Global Navigation Satellite System, or GNSS, reliant systems. Time synchronization and location data play an important role in the global economy, particularly for major industries supported by critical infrastructure, such as financial services, telecommunications, cybersecurity and transportation. We believe the acquisition of Satelles’s business could generate substantial growth in our service revenue, as