Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<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


<ul>
<li>IRDM grew the number of Internet of things (“IOT”) users in the fourth quarter to offset the seasonal maritime service decline.</li>
<li>Much of the attention is on IRDM’s satellite connectivity partnership with Qualcomm (QCOM) expected to begin generating revenue in the second half of 2023</li>
<li>IRDM reported fourth quarter revenue of $193.8 million compared to our estimate of $176.0 million</li>
</ul>


IRDM grew the number of Internet of things (“IOT”) users in the fourth quarter to offset the seasonal maritime service decline.
Much of the attention is on IRDM’s satellite connectivity partnership with Qualcomm (QCOM) expected to begin generating revenue in the second half of 2023
IRDM reported fourth quarter revenue of $193.8 million compared to our estimate of $176.0 million


<ul>
<li>The technology agreement IRDM had first announced in July 2022 became clear with the official naming during CES. </li>
<li>QCOM has entered into a service provider agreement with IRDM that would result in new Snapdragon with satellite connectivity</li>
<li>The news is more significant than a smartphone maker since QCOM’s mobile processors are used by multiple smartphone makers</li>
</ul>


The technology agreement IRDM had first announced in July 2022 became clear with the official naming during CES. 
QCOM has entered into a service provider agreement with IRDM that would result in new Snapdragon with satellite connectivity
The news is more significant than a smartphone maker since QCOM’s mobile processors are used by multiple smartphone makers


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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