Benzinga | Oct 19, 2021 07:18AM EDT

Iridium Communications Raises FY21 Total Service Revenue Growth Outlook From 4-5% To 5-6%

2021 Outlook

The Company updated its full-year 2021 outlook for total service revenue and OEBITDA and currently anticipates:

* Total service revenue growth of between 5% and 6% for full-year 2021 (previous outlook was for total service revenue growth of between 4% and 5%). Total service revenue for 2020 was $463.1 million.

* Full-year 2021 OEBITDA of approximately $375 million (previous outlook was for OEBITDA of between $365 million and $375 million). OEBITDA for 2020 was $355.6 million.

* Negligible cash taxes in 2021. Cash taxes are expected to be negligible through approximately 2023.

* Net leverage of below 3.5 times OEBITDA at the end of 2022, assuming $300.0 million in share repurchases. Net leverage was 3.6 times OEBITDA at September 30, 2021.