adminIridium Communications Inc. (IRDM) Raymond James TMT & Consumer Conference December 9, 2025 4:20 PM EST
Company Participants
Vincent O’Neill – Chief Financial Officer
Conference Call Participants
Brent Penter – Raymond James & Associates, Inc., Research Division
Presentation
Brent Penter
Raymond James & Associates, Inc., Research Division
All right. Thank you. Thanks, everyone, for being with us today. I’m Brent Penter, on the Raymond James TMT research team working with Ric Prentiss covering satellite, media and towers and digital infrastructure. Some very busy spaces right now with a lot of news going on. So a lot to talk about.
I’m joined by Vince O’Neill, the CFO of Iridium. Vince, thanks for being with us today.
Vincent O’Neill
Chief Financial Officer
Thank you, Ric, for having us. Brent, sorry.
Question-and-Answer Session
Brent Penter
Raymond James & Associates, Inc., Research Division
So you all announced a lot on your recent quarterly call, several changes, I think a change in tone as well. Obviously, there are significant industry developments going on that kind of kicked off by the SpaceX, EchoStar Spectrum deal. And you all announced you paused buybacks, you lowered your leverage target from sub-4 to sub-3x by year-end and delevering thereafter. You withdrew your 2030 guidance. But you also gave free cash flow guidance of $1.5 billion to $1.8 billion from 2026 to 2030. So obviously, some seismic changes in the industry going on right now. And I think a welcome acknowledgment of the current situation. What discussions happened at Iridium that led to those changes that you made?
Vincent O’Neill
Chief Financial Officer
So I think for us, the first thing was the S-band spectrum had been held by EchoStar and obviously been held by them for a number of years. And so our working assumption always was that at some point, EchoStar
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