IRDM Iridium Communications Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $70M, Q3 2025: $130M, Q2 2025: $98M, Q1 2025: $57M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $70M vs trailing avg $95M (-26%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-25M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 84,000 shares = 0.1% of 125,902,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 2 insiders

• DESCH MATTHEW J (CHIEF EXECUTIVE OFFICER) bought 20,000 shares at $17.33 on 2025-10-30
• NIEHAUS ROBERT H () bought 30,000 shares at $17.49 on 2025-10-28

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 2 insider purchases by 2 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected