Iridium Communications Inc at Deutsche Bank Media, Internet and Telecom Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Xin Yu - Deutsche Bank AG - Analyst : <_ALACRA_META_ABSTRACT>I won't say too much on the preamble, but Iridium is a leading Satcom operator focusing on narrowband on L-band. It has a long history of being one of the few companies in that has emerged to be successful. And we're here to hear lot more about the story. And also, let me talk about some of the developments going on in the world in just the last couple of weeks.

Question: Xin Yu - Deutsche Bank AG - Analyst : Let's come back to the cash story. You're one of the few companies out there that has a 2030 outlook, so has the confidence to do that gives you this amount of visibility? And what are the growth drivers that get us there?

Question: Xin Yu - Deutsche Bank AG - Analyst : What are the hot topics -- you mentioned that growth driver. How do you make sense of the market right now? You have Apple, you have AST, you have some potentially Starlink or Starlink getting involved. Where do you hope to play and how do you differentiate yourself versus seemingly very well-capitalized big players?

Question: Xin Yu - Deutsche Bank AG - Analyst : Can you remind us just as background, who is part of the standards? What kind of entities are supporting?

Question: Xin Yu - Deutsche Bank AG - Analyst : Just on Samsung recently joined, if I recall right, the standard rate.

Question: Xin Yu - Deutsche Bank AG - Analyst : Let's assume for a second that takes off. Are you comfortable with the amount of spectrum you have at the moment to support that?

Question: Xin Yu - Deutsche Bank AG - Analyst : On the spectrum side, we obviously had a pretty big deal for this year with AST and Ligado. What did you make of that? And what was sort of some read-throughs from your perspective?

Question: Xin Yu - Deutsche Bank AG - Analyst : You've talked about looking at incremental L-band potentially for the next constellation we can talk about later. But -- what's your -- I guess, what's your framework on valuing that L-band? Is it based on some sort of NPV? Or how do you look at the value of that spectrum?

Question: Xin Yu - Deutsche Bank AG - Analyst : Any thoughts on the expand side...

Question: Xin Yu - Deutsche Bank AG - Analyst : So shifting gears to Starlink, generally speaking, we're the view lease, you're mostly inflated, but you have seen a little bit of impact in maritime. Can you just explain what's going on there?

Question: Xin Yu - Deutsche Bank AG - Analyst : You mentioned, obviously, it's complementary. Are there cases or are there instances where it makes sense for actually you and Starlink work together?

Question: Xin Yu - Deutsche Bank AG - Analyst : What about aviation? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 8:20PM, IRDM.OQ - Iridium Communications Inc at Deutsche Bank Media, Internet and Telecom Conference

Question: Xin Yu - Deutsche Bank AG - Analyst : On Aviation, just one more follow-up on that. I think you're in the process of rolling out the -- next Gen product. How is that going?

Question: Xin Yu - Deutsche Bank AG - Analyst : On government, you obviously have a pretty decent amount of business there. Has there been any impact from some of the geopolitics that we've seen recently, go, any risks or opportunities in light of those things?

Question: Xin Yu - Deutsche Bank AG - Analyst : Is there an element of an area on side that you could actually help the FAA?

Question: Xin Yu - Deutsche Bank AG - Analyst : You mentioned the buyback earlier, probably buying back a lot, taking on a little bit more leverage. Can you just remind us what the targets are? And at the pace you're going, I think you'll probably buy back half the company in two, three years?

Question: Xin Yu - Deutsche Bank AG - Analyst : Thinking long term, the next constellation on this CapEx holiday. What are you thinking about or what should people be thinking about as debuted the next year probably in the 2030s?

Question: Xin Yu - Deutsche Bank AG - Analyst : I guess for investors wondering about that long-term number. Do you have any sense how much lower that could be I know you did build the last one? Maybe they're not the cheapest option anymore. Any -- is it 25% less 50% less? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 10, 2025 / 8:20PM, IRDM.OQ - Iridium Communications Inc at Deutsche Bank Media, Internet and Telecom Conference

Question: Xin Yu - Deutsche Bank AG - Analyst : Fantastic. And I know I think time is up. Thank you, Vaibhav.