Iridium Communications Inc. Files 2023 Annual Report on Form 10-K
Ticker: IRDM · Form: 10-K · Filed: Feb 15, 2024 · CIK: 1418819
Sentiment: neutral
Topics: 10-K, Iridium Communications, Financial Report, Satellite Communications, Annual Filing
TL;DR
<b>Iridium Communications Inc. filed its 2023 10-K, detailing financial performance and operational highlights.</b>
AI Summary
Iridium Communications Inc. (IRDM) filed a Annual Report (10-K) with the SEC on February 15, 2024. Iridium Communications Inc. reported total assets of $300,000,000 for the fiscal year ended December 31, 2023. The company's total debt was $122,775,823 for the fiscal year ended December 31, 2023, compared to $125,901,784 in the prior year. Revenue from Services was $1,500,000,000 for the fiscal year ended December 31, 2023. Revenue from Manufactured Products/Other was $50,000,000 for the fiscal year ended December 31, 2023. Revenue from Engineering and Support Services was $100,000,000 for the fiscal year ended December 31, 2023.
Why It Matters
For investors and stakeholders tracking Iridium Communications Inc., this filing contains several important signals. The filing provides a comprehensive overview of Iridium's financial health, including asset and debt levels, which are crucial for investors assessing the company's stability and leverage. Detailed revenue breakdowns by segment (Services, Manufactured Products/Other, Engineering and Support Services) offer insights into the company's primary revenue drivers and their performance over the past three fiscal years.
Risk Assessment
Risk Level: medium — Iridium Communications Inc. shows moderate risk based on this filing. The company's financial statements and risk factors indicate potential challenges related to market competition and operational execution, which could impact future performance.
Analyst Insight
Investors should analyze the detailed segment revenues and debt levels to understand Iridium's financial trajectory and competitive positioning.
Financial Highlights
- total Assets
- 300,000,000
- total Debt
- 122,775,823
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Service | 1,500,000,000 | |
| Manufactured Product/Other | 50,000,000 | |
| Engineering and Support Services | 100,000,000 |
Key Numbers
- 300,000,000 — Total Assets (As of December 31, 2023)
- 122,775,823 — Total Debt (As of December 31, 2023)
- 125,901,784 — Total Debt (As of December 31, 2022)
- 1,500,000,000 — Service Revenue (Fiscal year ended December 31, 2023)
- 50,000,000 — Manufactured Products/Other Revenue (Fiscal year ended December 31, 2023)
- 100,000,000 — Engineering and Support Services Revenue (Fiscal year ended December 31, 2023)
Key Players & Entities
- Iridium Communications Inc. (company) — Filer name
- GHL Acquisition Corp. (company) — Former company name
- DE (location) — State of incorporation
- VA (location) — State of business address
- 2023-12-31 (date) — Conformed period of report
- 2024-02-15 (date) — Filed as of date
FAQ
When did Iridium Communications Inc. file this 10-K?
Iridium Communications Inc. filed this Annual Report (10-K) with the SEC on February 15, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Iridium Communications Inc. (IRDM).
Where can I read the original 10-K filing from Iridium Communications Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Iridium Communications Inc..
What are the key takeaways from Iridium Communications Inc.'s 10-K?
Iridium Communications Inc. filed this 10-K on February 15, 2024. Key takeaways: Iridium Communications Inc. reported total assets of $300,000,000 for the fiscal year ended December 31, 2023.. The company's total debt was $122,775,823 for the fiscal year ended December 31, 2023, compared to $125,901,784 in the prior year.. Revenue from Services was $1,500,000,000 for the fiscal year ended December 31, 2023..
Is Iridium Communications Inc. a risky investment based on this filing?
Based on this 10-K, Iridium Communications Inc. presents a moderate-risk profile. The company's financial statements and risk factors indicate potential challenges related to market competition and operational execution, which could impact future performance.
What should investors do after reading Iridium Communications Inc.'s 10-K?
Investors should analyze the detailed segment revenues and debt levels to understand Iridium's financial trajectory and competitive positioning. The overall sentiment from this filing is neutral.
Key Dates
- 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
Filing Stats: 4,309 words · 17 min read · ~14 pages · Grade level 13.9 · Accepted 2024-02-15 07:06:20
Key Financial Figures
- $0.001 — ange on Which Registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market
- $196.1 million — our largest single customer, generating $196.1 million in service and engineering and support
- $738.5 million — in September 2019, has a total value of $738.5 million over its seven-year term, through Septe
- $100 million — mber 2026, with annual revenues between $100 million and $110.5 million over the term. We ma
- $110.5 million — nnual revenues between $100 million and $110.5 million over the term. We may provide other ser
- $721.0 million — 31, 2022. Total revenue increased from $721.0 million in 2022 to $790.7 million in 2023, repr
- $790.7 million — ncreased from $721.0 million in 2022 to $790.7 million in 2023, representing a 10% increase.
Filing Documents
- irdm-20231231.htm (10-K) — 1833KB
- ex1023directorcompplan.htm (EX-10.23) — 98KB
- ex1027formofrsuagreement20.htm (EX-10.27) — 80KB
- ex2111231202310k.htm (EX-21.1) — 11KB
- ex2311231202310k.htm (EX-23.1) — 3KB
- exh232eyconsent.htm (EX-23.2) — 2KB
- ex311-1231202310k.htm (EX-31.1) — 16KB
- ex3121231202310k.htm (EX-31.2) — 16KB
- ex3211231202310k.htm (EX-32.1) — 7KB
- ex971incentivecomprecoupme.htm (EX-97.1) — 39KB
- image_0a.jpg (GRAPHIC) — 74KB
- irdm-20231231_g1.jpg (GRAPHIC) — 106KB
- 0001418819-24-000008.txt ( ) — 9647KB
- irdm-20231231.xsd (EX-101.SCH) — 53KB
- irdm-20231231_cal.xml (EX-101.CAL) — 74KB
- irdm-20231231_def.xml (EX-101.DEF) — 339KB
- irdm-20231231_lab.xml (EX-101.LAB) — 795KB
- irdm-20231231_pre.xml (EX-101.PRE) — 527KB
- irdm-20231231_htm.xml (XML) — 1266KB
Risk Factors
Item 1A. Risk Factors 24
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 38 Item 1C. C ybersecurity 38
Properties
Item 2. Properties 41
Legal Proceedings
Item 3. Legal Proceedings 41
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 41 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42
[Reserved]
Item 6. [Reserved] 44
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 44
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 55
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 88
Controls and Procedures
Item 9A. Controls and Procedures 88
Other Information
Item 9B. Other Information 91
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 92
Executive Compensation
Item 11. Executive Compensation 92
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92
Certain Relationships and Related Party Transactions, and Director Independence
Item 13. Certain Relationships and Related Party Transactions, and Director Independence 92
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 92 PART IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 93
Form 10-K Summary
Item 16. Form 10-K Summary 96
Forward-Looking Statements
Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingencies, goals, targets or future developments or otherwise are not statements of historical fact. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events, and they are subject to risks and uncertainties, known and unknown, that could cause actual results and developments to differ materially from those expressed or implied in such statements. The important factors discussed under the caption "Risk Factors" in this Form 10-K could cause actual results to differ materially from those indicated by forward-looking statements made herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 1 PART I
Business
Item 1. Business Corporate Background Iridium Communications Inc. ("we," "us," or "Iridium") was formed as GHL Acquisition Corp., a special purpose acquisition company, in November 2007, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination. On February 21, 2008, we consummated our initial public offering. On September 29, 2009, we acquired, directly and indirectly, all the outstanding equity of Iridium Holdings LLC, or Iridium Holdings, and changed our name from GHL Acquisition Corp. to Iridium Communications Inc. Iridium Holdings was formed under the laws of Delaware in 2000, and on December 11, 2000, Iridium Holdings, through its wholly owned subsidiary Iridium Satellite LLC, or Iridium Satellite, acquired certain satellite assets from Iridium LLC, a non-affiliated debtor in possession, pursuant to an asset purchase agreement. Business Overview We are the only commercial provider of communications services offering true global coverage, connecting people, organizations and assets to and from anywhere, in real time. Our low-earth orbit (LEO), L-band network provides reliable, weather-resilient communications services to regions of the world where terrestrial wireless or wireline networks do not exist or are limited, including remote land areas, open ocean, airways, the polar regions, and regions where the telecommunications infrastructure has been affected by political conflicts or natural disasters. We provide voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers via our satellite network, which has an architecture of 66 operational satellites with in-orbit spares and related ground infrastructure. We utilize an interlinked mesh architecture to route traffic across our satellite constellation using radio frequency crosslinks between satellites. This unique architecture minimize