Iridium Communications Inc

Good morning, everyone, and welcome to the Iridium Communications third quarter 2023 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please say no to a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one using your touch-tone telephones. To withdraw your questions, you may press star and two. We also note today's event is being recorded. At this time, I'd like to turn the floor over to Ken Levy, Vice President of Investor Relations. Sir, please go ahead.

Thanks, Jamie. Good morning, and welcome to Iridium's third quarter 2023 earnings call. Joining me on this morning's call are CEO Matt Desch and our CFO Tom Fitzpatrick. Today's call will begin with a discussion of our third quarter results followed by Q&A. I trust you've had the opportunity to review this morning's earnings release, which is available on the Investor Relations section of Iridium's website. Before I turn things over to Matt, I'd like to caution all participants that our call today may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical fact and include statements about our future expectations, plans, and prospects. Such forward-looking statements are based upon our current beliefs and expectations and are subject to risks which could cause actual results to differ from forward-looking statements. Such risks are more fully discussed in our filings with the Securities and Exchange Commission. Our remarks today should be considered in light of such risks. Any forward-looking statements represent our views only as of today, and while we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views or expectations change. During the call, we'll also be referring to non-GAAP financial measures, including operational EBITDA, pro forma free cash flow, free cash flow yield, and free cash flow conversion. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles. Please refer to today's earnings release and the investor relations section of our website for further explanation of these non-GAAP financial measures, as well as a reconciliation to the most directly comparable GAAP measures. With that, let me turn things over to Matt. Thanks, Ken.

Good morning, everyone. I know that many of you joined us for our Investor Day less than a month ago, where we laid out our strategic growth objectives through 2030. We remain very excited about our business opportunities and bullish about our ability to grow revenues and generate meaningful free cash flow for our business and investors. For those who may not have had the opportunity to listen to our Investor Day remarks, I would highlight our expectations that Iridium will generate about $1 billion in annual service revenue by 2030, and have the capacity to generate approximately $3 billion in shareholder returns during this seven-year period. During the program, we talked about our confidence in Iridium's strong business position and ability to grow revenues and subscribers. You certainly saw that in our results today. This outlook is based upon the ongoing strength of our core business lines and a number of growth vectors we will leverage through the end of the decade to support business expansion while maintaining our CapEx holiday. Despite market uncertainty about broader economic growth, Iridium's financial stability continues to strengthen. Just before our investor day, we completed the refinancing of our term loan B, which lowered our interest rate and extended the maturity of our credit facility by four years to September 2030. In light of all the competitive challenges in the satellite industry this year, Iridium continues to be a standout, not only for our ability to grow revenues and subscribers, but also for the health of our network, and ability to grow organically without the need to buy a new platform or merge with competitors. We do understand that investors would like more information about forecasting new directed device revenues from our partnership with Qualcomm. Adoption of this service by manufacturers is slower than Qualcomm originally projected, but we continue to believe that Iridium will be a player over the coming years in smartphones, automobiles, and other consumer products. In the meantime, As you can see from today's financial results, we are growing well in all our commercial business lines and continue to expect to do so. One area of business momentum has been in engineering revenue, particularly with our growing business with the Space Development Agency and the U.S. government. I'm sure you also saw news last month of Iridium's involvement in the Space Force's Proliferated LEO program. This program supports DOD's rapid response efforts, and positions Iridium's broadband services to be a core capability for the warfighter, even as new government-funded satellites deploy, for which Iridium will provide the ground operations support as well. I should also point out that we made another quarterly dividend payment on September 29th, as we continue to return significant capital to shareholders. The Board's confidence in our business prospects and commitment to capital returns is visible in their expansion of our share repurchase program where they added a $400 million authorization earlier this summer and extended the program through 2025. So given that you've heard a lot from me and my team with the Investor Day a few weeks ago, I'll keep my prepared remarks short today to allow more focus on your questions. We take great pride in the way our business is performing, adding new partners and their new applications that drive growth and support our free cash flow. Like our past, our future will be based on continued strong execution, and capitalizing on what we do best. So let me turn the call over to Tom now for a review of our financials. Tom?