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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Iridium Communications Inc.    IRDM

IRIDIUM COMMUNICATIONS INC.

(IRDM)
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Iridium Communications : Satellite Data Confirms Consumers are Increasingly Staying Connected when Going Off-the-Grid During COVID-19 Pandemic

10/07/2020 | 10:48am EST

MCLEAN, VA. -- Iridium Communications Inc. (NASDAQ: IRDM), whose technology provides connections beyond where terrestrial cell phones are used, today announced their data shows consumers are indeed heading far off the grid during the COVID-19 pandemic and bringing Iridium devices with them. For example, an analysis of the data shows that in the month of August, there was a 26% year-over-year increase in Iridium subscribers visiting the top 10 most visited national parks in the United States. Iridium Connected® devices like personal trackers, messengers and satellite phones are commonly used by consumers at national parks and other places that lack reliable cell phone coverage. These handheld devices are ideal for those who want to go off the grid, but not be out of touch, while making safety a priority.

The top national parks included in the analysis, based on publicly available 2019 visitor numbers, are Acadia, Glacier, Grand Canyon, Grand Teton, Great Smoky Mountains, Olympic, Rocky Mountain, Yellowstone, Yosemite and Zion. At the start of nationwide quarantines and lockdowns in much of the United States, Iridium saw substantial decreases in subscriber numbers and traffic at these parks, several of which were closed to new visitors for a month or more, resulting in an April decline of 41% year-over-year. A dramatic swing then took place over the following four months, showing gradual increases as restrictions loosened, culminating in the large increases in July and August activity. The data correlates with assumptions that as parts of the United States began to emerge from COVID-19-based quarantines, previously cooped-up individuals and families engaged in new ways to socially distance and enjoy the outdoors.

"As the leading provider of personal satellite communication devices for consumers, it's good to see people escaping their work-from-home confinement and getting truly socially distanced into the wild," said Iridium CEO Matt Desch. "So many of us really have not been able to go to restaurants, concerts, the gym, movie theaters and so many other places. It makes sense that people are taking up activities that let them safely enjoy the summer and our nation's natural beauty."

Month

YoY Percent Decrease or Increase in Subscriber Visits

April 2020

-41%

May 2020

-27%

June 2020

3%

July 2020

23%

August 2020

26%

Monthly analysis of the combined top 10 most visited national parks in the United States and year-over-year Iridium subscriber visitation.

The analysis used GPS boundary information for each national park and satellite geolocation to determine levels of Iridium subscriber visits on a per-month basis. Iridium operates the world's only completely global satellite constellation and supports nearly 1.4 million customers around the world. The combination of Iridium's unique coverage, small-form-factor devices and network of over 450 partners around the world, gives the company unique insight to off-the-grid trends and the positive role played by satellite communications.

For more information about Iridium, visit: www.iridium.com

About Iridium Communications Inc.

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus®. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.

Press Contact:

Jordan Hassin

Iridium Communications Inc.

Jordan.Hassin@Iridium.com

+1 (703) 287-7421

Twitter: @Iridiumcomm

Investor Contact:

Kenneth Levy

Iridium Communications Inc.

Ken.Levy@Iridium.com

+1 (703) 287-7570

.

(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2020 577 M - -
Net income 2020 -59,8 M - -
Net Debt 2020 1 404 M - -
P/E ratio 2020 -113x
Yield 2020 -
Capitalization 6 532 M 6 532 M -
EV / Sales 2020 13,8x
EV / Sales 2021 12,7x
Nbr of Employees 505
Free-Float 87,9%
Chart IRIDIUM COMMUNICATIONS INC.
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Iridium Communications Inc. Technical Analysis Chart | IRDM | US46269C1027 | MarketScreener
Technical analysis trends IRIDIUM COMMUNICATIONS INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 34,50 $
Last Close Price 48,31 $
Spread / Highest target -23,4%
Spread / Average Target -28,6%
Spread / Lowest Target -33,8%
EPS Revisions
Managers and Directors
NameTitle
Matthew J. Desch Chief Executive Officer & Director
Robert H. Niehaus Chairman
Suzanne E. McBride Chief Operating Officer & Director
Thomas J. Fitzpatrick Chief Financial & Administrative Officer, Director
Steven Bernard Pfeiffer Independent Director
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