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Founder

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BWS Financial Inc

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Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device</li>
<li>IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. </li>
<li>The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024</li>
</ul>


IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device
IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. 
The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024


<ul>
<li>The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then</li>
<li>IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend</li>
<li>We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024</li>
</ul>


The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then
IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend
We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024


<ul>
<li>IRDM reported second quarter results showing continued growth in service revenue. Commentary related to direct to device and an increase in equipment revenue that drew the ire of investors</li>
<li>IOT had a larger increase in the number of subscribers than we were expecting, resulting in service revenue remaining towards the higher end of the 9% to 11% growth forecast</li>
<li>We believe IRDM is managing the business for the longer term and not for a specific quarter, which could contrast with investor expectations related to equipment inventory</li>
</ul>


IRDM reported second quarter results showing continued growth in service revenue. Commentary related to direct to device and an increase in equipment revenue that drew the ire of investors
IOT had a larger increase in the number of subscribers than we were expecting, resulting in service revenue remaining towards the higher end of the 9% to 11% growth forecast
We believe IRDM is managing the business for the longer term and not for a specific quarter, which could contrast with investor expectations related to equipment inventory


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Thematic (Sector/Industry)

<ul><li>Earnings Season Thus Far- Meanwhile Mixed Economic Messages Earnings season picks up this week with the technology heavyweights like Alphabet, Microsoft, Amazon, and Meta are all set to report their results.</li><li>During the upcoming week, 180 S&amp;P 500 companies (including 14 Dow 30 components) are scheduled to report results for the first quarter.</li><li>Overall, 18% of the companies in the S&amp;P 500 have reported actual results for Q1 2023 to date.</li></ul>

Earnings Season Thus Far- Meanwhile Mixed Economic Messages Earnings season picks up this week with the technology heavyweights like Alphabet, Microsoft, Amazon, and Meta are all set to report their results.During the upcoming week, 180 S&amp;P 500 companies (including 14 Dow 30 components) are scheduled to report results for the first quarter.Overall, 18% of the companies in the S&amp;P 500 have reported actual results for Q1 2023 to date.

<ul>
<li>IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. </li>
<li>The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially</li>
<li>Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated</li>
</ul>


IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. 
The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially
Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated


United States

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

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