IRDM - NASDAQ
Iridium Communications Inc.
IRDM·NASDAQ
$48.97
-1.7%Communication ServicesTelecommunications Services
Iridium Communications Inc. provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services. It also provides hosted payload and other data services, such as satellite time and location services, and inbound connections from the public switched telephone network, short message, subscriber identity module, activation, customer reactivation, and other peripheral services. In addition, the company offers voice and data solutions comprising personnel tracking devices; asset tracking devices for equipment, vehicles, and aircrafts; beyond-line-of-sight aircraft communications applications; maritime communications applications; specialized communications solutions for high-value individuals; mobile communications and data devices for the military and intelligence agencies, such as secure satellite handsets, as well as netted voice, messaging, and paging services; and maintenance services for the United States government's dedicated gateway. Further, it provides satellite handsets, personal connectivity devices, voice and data modems, broadband data devices, and IoT data devices; various accessories for its devices that include batteries, holsters, earbud headphones, portable auxiliary antennas, antenna adaptors, USB data cables, charging units, and others; and engineering and support services. Iridium Communications Inc. sells its products and services to commercial end users through a wholesale distribution network that include service providers, and value-added resellers and manufacturers. The company was formerly known as Iridium Holdings LLC and changed its name to Iridium Communications Inc. in September 2009. Iridium Communications Inc. was founded in 2000 and is headquartered in McLean, Virginia.
At a Glance
Live SnapshotMarket Cap$5.18B
EPS1.0700
P/E Ratio45.77
Earnings Date07/23/2026
Earnings Call Transcript
IRDM • 2025 • Q1
Operator
Good day, and welcome to the Iridium Communications First Quarter Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Ken Levy. Please, go ahead.
Ken Levy
Thanks, Sagar. Good morning, and welcome to Iridium’s first quarter 2025 earnings call. Joining me on the call this morning are our CEO, Matt Desch; and our CFO, Vince O’Neill. Today’s call will begin with a discussion of our first 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 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 certain non-GAAP financial measures, including operational EBITDA and 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 and a reconciliation to the most directly comparable GAAP measures. With that, let me turn things over to Matt.
Operator
[Operator Instructions] Our first question comes from Ric Prentiss with Raymond James. Please go ahead.
Ric Prentiss
Appreciate the color on tariffs. Obviously, a very fluid and volatile time that really helps us understand it on the cost side. But -- and it sounded like Matt, if you -- if it’s just the 10% tariff stuff, you would prefer not to raise prices to the customer over time. But as we think longer term, any thoughts on what the tariffs would do to sub growth or service revenue as an indicator?
Matt Desch
It’s too early to tell. As I said, we’ve had other economic shocks in the past. And given that we’re a critical service in many cases, it usually doesn’t affect really demand very much for us. So, I’m not expecting right now that’s not the mood we’re getting in the market today. It’s a -- who knows if tariffs go up, and they are -- remain in place for a long time and global trade wars continue and definitely knowing -- no one knows what that territory looks like, and how that would affect the global economies and abilities. But right now, we don’t see demand changes that are anything that concerns us too highly right now.
Ric Prentiss
You’re making the supply chain changes too to help mitigate some of that. Okay. The dose cuts and the government efficiency stuff might be a little more firm since you’ve seen some of those changes. We did note this quarter, the government subs were down. Was that the USAID or was that in the commercial side? And what maybe drove the change in government subs?
Matt Desch
Yes. We called that by the way out there, but it’s one of the few things we’ve kind of seen that’s been directly attributable that we can make aligned to. And as you can see, it’s pretty small and probably relatively deterministic so far. Again, it’s one of the few things that we could really draw a clear line to and -- but I don’t see many other things like that.
Ric Prentiss
And Vince, you called out that we should expect some legacy voice and data price actions in the second half. Historically, you guys like every five years, you’ve increased it maybe 10%. Should we think this is kind of more of that low single-digit increases that might happen annually instead of just such a long wait step function long way?
Matt Desch
Yes. A year or two ago, we decided instead of having like price increases every five years, a smaller price increase every 2.5 years, would be less noticeable really by the market and sort of in line with global inflation sort of things that are happening anyway. So not expecting a lot of reaction from it. We’ve had this in planning really for the last nine months so far. Obviously, didn’t communicate that publicly, so I’m sure you didn’t have that in your models or anything, but it goes into effect as scheduled here middle of the year. And it’s a little bit why our service revenues were a bit higher in the second half than the first half, one of the reasons anyway.
Ric Prentiss
Makes sense. And last one for me is, you touched on obviously the directed device items. You might start seeing some service revenues. It sounds like in ‘26 as you go through the Summer ‘25 trialing. But how should we think about how that ramps up? And what line item would that benefit your directed device plans?
Matt Desch
Well, it really affects IoT, which is a strength of ours anyway. In some ways, the earliest revenues, I think, will be IoT roaming revenues coming from, say, a cellular device that has the right chipset and can just roam into our network without any incremental investment or really development by the end user partner. So how fast that goes. It’s unclear. It depends on how fast release 19 chipsets get into the market and the MNOs that adopt us and that sort of thing. All the interactions we’ve been having are very positive. There’s a lot of interest in having Iridium be a supplier in that marketplace. As I said, we feel good being this complementary service that sort of supports that is kind of a global glue that is there to support all those places where won’t be and even many places where it will be where people want to use this. It will take a little longer to get into phones and consumer devices. So, I’m sure there’s interest there as well. So that may not hit in ‘26 as much. It will be more IoT, but that will ramp up towards the latter part of this decade.
Operator
The next question comes from Edison Yu from Deutsche Bank. Please go ahead.
Edison Yu
First, just on the tariff situation. I know you called out the $3 million and $6 million to $7 million, is that an impact for basically half a year? And then if they continue, we’d have to roll it through for the full year next year, or what’s the, I guess, assumption on the timing of when that hits?
Matt Desch
Well, the $3 million really kind of started already. So, it’s 3/4 of a year kind of effect. The $6 million to $7 million, by the way, is not incremental. That’s a total amount. So, think of it as an incremental $3 million to $4 million on top of that. That is presumably at the end of the 90-day period, those things go into effect and that would affect this year. We’re not giving guidance next year yet on this because, I mean, anybody who can forecast out next year, what tariff policies will be, I think, is -- well, there’s not certainly on the outside like we are. But I don’t think that the overall incremental impact that we see is much more than that, say, $6 million to $7 million on a full year basis right now because we think we can mitigate everything else. So, it’s a tax on our business. It’s a known yearly kind of tax as we see it, but hopefully, it won’t have much impact on business momentum or other things as it relates to other things we’re doing.
Edison Yu
Understood. Higher-level question, obviously, a lot of geopolitical shifts happening. I think for the most part, we see a lot on the K-band side, especially in Europe, given the political developments. I guess how do you see that, or how do you think this could manifest, if at all, on the L-band EMSS side? I realize it’s much different market dynamics, but curious if you have any news there.
Matt Desch
Yes. I mean there is a bit of protectionism. There’s a lot of investment in EU space companies and supply to provide an alternate to Starlink, we see and hear that as well. A lot of people are being careful about getting too tied to U.S. suppliers, et cetera. But so far, we seem to be more of an international global player viewed as having a unique and trusted and valuable service from partners who are all over the world. We obviously haven’t aligned ourselves with anybody specifically, and we support governments all over the world in terms of critical first responder and other services. So, I don’t think it has a lot of impact on us right now. We’re obviously monitoring it, and we’ll -- and are sensitive to seeing if there’s any kind of issues with that. But right now, we’re being, for example, put embedded into some of those European solutions as a backup, say, to support -- to protect against GPS jamming and outages. And really pleased to see that we’re part of really what you could call an EU-centric solution.
Edison Yu
Understood. And just last quick one. On Aviation Certus, do we have a -- I guess what’s the latest update there? Should we expect a ramp in the second half?
Matt Desch
Yes, I mean, it is growing. Now that we have terminals that are available. We’re right now -- this is a year of flight trials to be certified for aviation safety services so they can put us on airplanes now to provide voice and data to, say, a cockpit, but to certify it for air traffic control communications probably won’t happen until early next year according to the current schedule. It just takes a lot of time for enough data to fly on enough airlines for the FAA to kind of approve that application. But we are seeing a lot more applications. You’ve probably seen us on helicopters, some of our partners are ramping Certus and other non-safety applications and general aviation. And so, it’s happening also drones, which is still an early-stage market is very interested in our in our aviation applications, but that’s also ramping slowly. So, I don’t think it’s a big driver of our second half service revenue growth, but it’s a long-term positive trend for our service revenue.
Operator
Our next question comes from Colin Canfield from Cantor. Please go ahead.
Colin Canfield
Apologies on mute there. Matt, I thought your comment was kind of comparing 2020 and 2025, and 2008 was pretty prescient. So maybe if you could talk about kind of previous lessons and digging into lessons from 2008 around everybody’s product portfolio at somewhat about consumer defensive. And then maybe some commentary around 2020 in discussing the trends you saw there regarding consumer electronic spend relative to probably the perception of a softening consumer environment.
Matt Desch
Thanks, Colin. Yes, 2008, obviously, we’re still on our first-generation network quite concerned about the economic shocks that we’re going around the world, the recessions and that sort of thing. And yet I was really pleased, maybe not surprised that none of our product lines actually changed their growth trajectory almost at all because I think we found that in almost every case, what we were doing was an extremely valuable part of an enterprise or a government or it was a critical safety application. I remember some civil governments maybe had to cut back on their safety budgets and maybe had a few less phones, for example, in place, but we didn’t notice it really in the total and the growth continue to grow beyond it. 2020 was obviously had a similar reaction but was different because of just the supply chain shock that occurred. And in that case, again, I think my supply chain team really showed out in terms of their ability to quickly manage the situation. We are actually the one with the most equipment and probably took share from other suppliers who are struggling, but again, it wasn’t really a cutback in service. IoT continue to grow and other things as well, new products that we’re introducing also hit the market and grew as well. So really, this tariff situation has been an exciting last 10 weeks or so as we’ve been on lots of calls with my supply chain team scrambling, really glad we put in this third-party logistics center last year because that will enable us really in weeks to kind of move and mitigate the effects, which would have been a lot higher than $6 million to $7 million if we had kind of had a team that could respond so quickly and professionally. But I think we’re kind of ready for this. No one knows for sure if things continue to get escalator or change around the world, but right now, we’re kind of responding to this in a fairly deterministic way.
Colin Canfield
Got it. Got it. And then maybe one exercise, but kind of the way that you think about true government exposure for the total business. I think a lot of folks look at the engineering line and you look at the pure-play government contract line. I don’t -- I guess, particularly appreciate the level of government exposure on the civil side, public safety stuff like that. So is there a rough way to think about what the total government exposure for the businesses, not just direct the sales, but like what is the end use case of all the products.
Matt Desch
It’s a good question. I can’t say we’ve ever really analyzed it because as a wholesale supplier, we don’t have precise information about exactly whether a device is in a civil -- is in government’s hand or in a commercial or other kind of applications hands. And in some cases, whether it’s a firefighting department or it’s some regulatory. It’s hard to tell whether it’s military or nonmilitary. Usually, these are an IoT device tracking and assets difficult to tell. That being said, I think it’s still a -- it’s a relatively small part of our overall commercial business. If government is roughly 20 some percent -- 20% or so, U.S. government, I would say combined, all the other governments in the world are much less than that really. It’s still small parts it’s dominated really by commercial IoT and other applications. But they’re solid PTT business and by other governments,, there’s voice and data services, and there’s IoT tracking and a lot of applications as well, even using personal communication devices as well is in the hands of other governments. But I still think it’s probably single digits, yes.
Colin Canfield
Okay. Okay. And then last one for me, but maybe conceptually talking through. I know this is just like still early innings on all PNT, but conceptually talking through how you think about like pricing mechanics and pricing levers. I think one of the things that people kind of focus on is the dynamic of Assured Access and how national security in this environment is very much kind of a priceless feature, right? So maybe talk about kind of what you’re seeing from new adders in the government domain. How you think about that mechanic works relative to a jam environment? And then maybe like talking and trying to longer form view of the business of how you think of like the functionality in either a hot versus cold environment from a war fighting perspective?
Matt Desch
Well, I think we’ve talked a lot in the past about how the U.S. government and other governments in the world don’t have a single choice for a communication device, whether it’s in a vehicle or a dismounted soldier or whatever it is, they really want multiple things because even in good times, things can be thwarted, whether it’s the GPS signal being jammed or communications system. So, they talk in terms of PACE, primary, alternative, contingency emergency like four different kind of categories. Sometimes we’re the primary, but almost always where the alternate contingency or emergency sort of in a solution, connecting an asset or a soldier or whatever it might be. In that environment, I think we’re quite resilient around the world to a lot of things. Even as new solutions come forward, obviously, we’re seeing a lot of interest in Starlink and StarShield, but that doesn’t really do what we do. So again, we think that as solutions like that and others, whether it’s the OneWebs and Kuipers and others of the world in Ka and Ku, they’re also looking still for L-band solutions that are more resilient, more global and provide an alternate connection really or as backup or command and control or whatever it might be, particularly given our size, weight and power is different than a lot of those solutions as well. You talked about being denied, of course, I think you’re referring to like our PNT solution. We do have a big advantage there and that we have, I think, the only global solution that can deliver protection to a GNSS system anywhere in the globe, very cost effectively and provide even service a timing signal inside a building or other asset and on that basis, I think the whole world is realizing the importance of that application. And really, the interest has been exploding really over the last year or two, but particularly since we bought Satelles, I think we just have seen lots of applications where that’s applicable to.
Operator
Next question comes from Hamed Khorsand from BWS Financial. Please go ahead.
Hamed Khorsand
First off, I just want to see what kind of response you’re seeing from your partners as far as equipment goes. Are they stocking more? Do they want to stock more? And what kind of level of conversation you’ve been having with them?
Matt Desch
Yes. So far, we haven’t seen nor do we encourage any kind of stocking up or anything like that from -- I mean, around the edges. I think we had a order on chipsets or something that was a little larger than expected and perhaps there were some of that involved. But we don’t see like a direct connection right now today in our supply chains, still see the demand, still see sort of our expectations from a yearly perspective. The fact that we’re not passing on these costs right now to these customers is probably appreciated. If we would have told them that there’d be a big price increase or something on hardware later this year, we might have changed that, but I don’t think that’s really the direction we wanted to be going. So, we really haven’t seen much difference so far.
Matt Desch
Yes. A lot of that growth has been driven by our contract with the Space Development Agency as we’ve built their ground infrastructure and operation centers, and we’re manning the operation centers for their new proliferate warfighter network that they’re launching right now. That’s getting to a maximum sort of spend rate here soon because they’re launching satellites, and we’ll be operating them before long. So, we’ve been ramping up as we’ve been building that system and then we’ll go a bit more of a steady state on that when we go into operational mode.
Operator
Your next question comes from Chris Quilty from Quilty Space. Please go ahead.
Chris Quilty
Just a follow-on to that last statement around the shift from build-out to service. Does the margin profile or the -- I should just say the margin gross profit contribution changed dramatically when you shift from build-out to service or low-margin build-out equal, high margin but smaller service revenue?
Matt Desch
No. It’s -- I mean the margins you can really charge on services or even equipment is pretty fixed. That’s -- and so margins are going to stay pretty consistent. The government pays us for work we do with a profit, and that’s really the incremental margin we can get. So, it doesn’t really change significantly.
Chris Quilty
And one other sort of inventory hardware question. As you move to the NTN Direct, I mean, currently, you source chip billboard, sell to VAMs and VARs that build stuff ostensibly as you move to an NTN model, does the need for hardware diminish or go away because these all become standard D2D IoT devices that are -- that exist?
Matt Desch
Yes. That’s long term, certainly, in certain product lines that will affect like our IoT product line, which we make modules and devices which we sell as we move to more chipsets in general, whether it be by the way, proprietary, which we’re kind of moving towards even a chipset sort of approach on our SBD service down the road. But as we move to standards-based solutions, certainly, there’s a lot less revenue there. In some cases, still good margins when it’s our systems, but it’s certainly higher volumes as well there. So, I think that kind of evens out a little bit. But -- yes, I think that covers. But yes, there’s probably less hardware. As you know, hardware equipment has never been a line we have focused on. It’s a driver for service revenue. So, the less -- the more equipment we can send out with the least amount of margin is just great news because it just gets more potential for service revenue for us. So that’s definitely in line with what our approach is.
Chris Quilty
Great. And final question, just related to safety services, both maritime and aero, where you’ve picked up certifications last year. Is there any opportunity to sort of jump-start customer adoption in those products? I think you’re -- you would claim relative advantage relative to your one competitor on sort of hardware and throughput and whatnot? Or is that simply a market where customers don’t replace existing terminals, you’re really just selling into the new market of new things that are being configured and set up with the GMDSS or aviation safety services.
Matt Desch
We have some ideas about that. I’m probably a little too early to talk about them very publicly, but we have some ideas in which we think we can expand our -- both the adoption, but also the kind of share of wallet that we can address in those areas, particularly around aviation, where we have a kind of a unique capability. It’s differentiated. The market really likes what we can do and others can’t do as well as we can. So, we have some ideas about how to move down the road, but still a little early for that to talk about.
Operator
The next question comes from Matthew Robillard from Barclays. Please go ahead.
Mathieu Robillard
I had first one on the maritime and as you flagged in many quarters, a negative impact from the fact that you’re losing some pure connectivity revenues. And I wanted to understand when exactly you expect that to disappear because when I look at the quarterly transit things, it seems it was really a big impact in Q2 last year, a little bit in Q1. But rather, it started then. And I was wondering if by Q3, Q4 this year, we could see a stabilization both in ARPU, but also in terms of subscribers on that business line.
Matt Desch
I hope so. But I mean we’re not really forecasting a specific time for it. It’s hard to forecast precisely when that will end. But we do think that as more Iridium Certus GMDSS terminals come out, there’s like nine total, if I remember correctly, that our sort of forecast of which just a couple really are available now, one or two. And we do see some of our partners kind of waiting for specific terminals that they -- from suppliers, they particularly like working with. And I think that’s holding that transition up a little bit once that kind of -- and those are all supposed to get into our market this year sometime. So, I really kind of -- I’m expecting 2026 to be the year when it’s definitely over or when we’re normalized, if you will, but exactly when it’s hard to forecast. Fortunately, this is still marginally around the edges. This isn’t -- we’re really looking more for stabilization and maybe even some growth there, but this isn’t like a key part of our overall growth story or driver to 2030 revenues and cash. But we believe it’s important enough, and we have the market position and a defensible market position to maintain a really solid position in this area based on just the success of our GMDSS services.
Mathieu Robillard
That’s clear. So, I guess if we think about maybe some contribution from IRO as you flagged earlier, and some sort of stabilization. That’s how you’re happy to guide for -- not a guidance between decade in the previous quarter that broadband revenues would remain broadly stable year-on-year, which obviously can be [indiscernible].
Matt Desch
I think that’s consistent or even going back to our Investor Day. This wasn’t part of the driver. We would have liked to grow a small amount by now, but I think that, that’s going to turn around. And we really think we have a solid position that’s important and critical and long term and have really kind of worked to make sure we had the best product and market positioning so that we could see that complement to other Ka and Ku solutions. And right now, that’s the way the market sees us and is encouraging us and is telling us we should play out long term.
Mathieu Robillard
And then, I had a second question on D2D. You made some comments at the beginning about what coverage competing services or new constellations could add to the current terrestrial coverage. And maybe I got that wrong, but I think you said 10 or 15 percentage points of increase in coverage, which, if that’s okay, I was surprised it’s so long because I understand some of these constellations don’t cover, say, the polls, but I would have thought it would be a much bigger extension of coverage for regular smartphones. Did I get your numbers right, or is there something you want to add on that one?
Matt Desch
No, what I was talking about is current cellular coverage of the whole world is 10% to 15%. That’s much of the world that it covers. I said that it would be incrementally pretty small even though those networks have satellites that go all around the planet and even polar, it doesn’t matter, they can’t provide service on the ground unless the frequencies that they’re able to use using cellular frequencies are allowed by that government, by that land mass to be able to operate. And right now, we believe there’s really limited markets where currently cellular-based D2D will be operating. Certainly, the U.S. is one of them, and they can fill out the coverage in the U.S., which is very good today, but isn’t 100%. There are other kind of more island nations like Australia and Japan, where I think it will also come into usage pretty quickly. But it won’t cover water. It won’t cover Europe, and it won’t cover other areas because in a lot of countries, the interference environment between those cellular frequencies and adjacent markets where those cellular frequencies are also used would create a lot of interference and inability to really offer those services. And so, governments won’t allow them to operate globally. So unlike mobile satellite service frequencies like our L-band or even S-band frequencies that some others have, those are globally allocated. They don’t cause interference market to market because they’re coordinated on a global basis, which is why our Iridium NTN Direct service being global can be can be really differentiated and complementary to a regional solution that’s providing kind of cellular infill in a specific market where it’s not causing interference and the regulatory agent approves it, and we can provide sort of the glue that provides a global service that complements that.
Operator
Our last question comes from Louie DiPalma from William Blair. Please go ahead.
Louie DiPalma
Should IoT subscribers turn positive later in 2025 after the cleanup is done?
Matt Desch
Yes. I would hope so. I don’t know if it’s -- it depends on when it kind of started at the when it ends. I think it was sort of -- was it late last year?
Louie DiPalma
Late last year.
Matt Desch
Late last year, the changeover that partner made to having customers go to a yearly to a monthly basis sort of affected. So, we expected sort of a one-year transition. And so, I don’t know we’ll see it whether in the fourth quarter, but I would certainly expect to see it in ‘26 where that affect of anybody who the activations really that were occurring on that sort of come out of it. And then we’ll be in a bit more volatile environment where people will see the subscribers on the network as they use only the months that they use it as opposed to all the time, whether they’re using it or not. But again, as we said, that doesn’t really affect our revenues since that a customer has a fixed price contract.
Louie DiPalma
Great. And should that contracts stay fixed price going forward? Is that the expectation?
Matt Desch
Well, we’re talking about that now. I think what we want to do is just have a win-win situation with that partner to encourage their growth, and I’m sure they feel the same about us. So, we grow together, and we’re having good discussions about that now.
Louie DiPalma
Great. And secondly, should the main CapEx associated with NTN Direct be complete in 2025 in terms of the software updates and modifying your ground network?
Matt Desch
Certainly, largely. The big lump, if you will, the kind of incremental amount that would probably in budget a couple of years for is certainly going to be mostly completed this year, but there’s always some kind of cleanup afterwards. So, it will leak into ‘27 as we get into sort of -- into ‘26 as we get into further tweaks and upgrades and things like that. But largely, this year is the biggest part of it.
Louie DiPalma
Great. And one final one. Are all of the $75 million original Iridium NEXT satellites are -- do they all remain functional? And you previously extended the accounting useful life. Is there the potential sometime that you also extend the CapEx holiday?
Matt Desch
I think I’ve said before, I’d be disciplined. Our last generation satellite lasted over 20 years, and they weren’t built to anywhere the standards as the satellites today. So, we haven’t we haven’t projected that yet and may not. But right now, I’d be disappointed, if they don’t extend at least the same length of time as the first generation of satellites did.
Operator
This concludes our question-and-answer session. I would now like to turn the conference back to the management for any closing remarks.
Matt Desch
Yes. Well, thank you. I mean obviously, it’s kind of crazy times globally right now, and we’re -- as you can tell, we’re one of the first to announce. So, I’m interested in seeing what everybody else is doing. I feel as that pretty proud of my team for how we’re kind of managing the current environment as business continues to track to our expectations and to our longer-term expectations as well. So, look forward to talking to you individually, but I hope this is helpful to you. Thanks.
Transcript from April 22, 2025
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