Iridium Communications Inc. Files 10-Q for Q1 2024

TL;DR

<b>Iridium Communications Inc. filed its Q1 2024 10-Q report on April 18, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

Iridium Communications Inc. (IRDM) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Iridium Communications Inc. reported financial results for the first quarter of 2024. The company filed its 10-Q report on April 18, 2024. The filing covers the period ending March 31, 2024. Iridium Communications Inc. is incorporated in Delaware. The company's principal executive offices are located in McLean, VA.

Why It Matters

For investors and stakeholders tracking Iridium Communications Inc., this filing contains several important signals. This filing provides investors with the latest financial performance data for Iridium Communications Inc., crucial for understanding the company's current operational and financial health. As a 10-Q filing, it offers a detailed look into the company's financial position, income statement, and cash flows for the specified quarter, enabling informed investment decisions.

Risk Assessment

Risk Level: low — Iridium Communications Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess revenue trends and profitability drivers for Iridium Communications Inc.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Reporting period)
• 2024-04-18 — Filing Date (Date of filing)
• 121,428,519 — Shares Outstanding (approximate) (Common stock)
• 0.16 — EPS (approximate) (Earnings per share)

Key Players & Entities

• Iridium Communications Inc. (company) — Filer name
• 10-Q (document) — Form type
• 2024-03-31 (date) — Period of report
• 2024-04-18 (date) — Filing date
• McLean, VA (location) — Business address
• GHL Acquisition Corp. (company) — Former company name

FAQ

Industry Context

Iridium Communications Inc. operates a global satellite network providing voice and data services. The company serves various markets including government, enterprise, and consumer.

Regulatory Implications

The company is subject to regulations governing telecommunications and satellite operations in the jurisdictions where it operates.

What Investors Should Do

1. Analyze the revenue breakdown by segment to understand growth drivers.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-18: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market
• $1,500.0 m — borrowed is fungible with the original $1,500.0 million, and has the same maturity date,

Filing Documents

• irdm-20240331.htm (10-Q) — 861KB
• ex102formofperformanceshar.htm (EX-10.2) — 93KB
• ex1032024performancebonusp.htm (EX-10.3) — 86KB
• irdm10-q33124exx311.htm (EX-31.1) — 16KB
• irdm10-q33124exx312.htm (EX-31.2) — 16KB
• irdm10-q33124exx321.htm (EX-32.1) — 7KB
• 0001418819-24-000023.txt (&nbsp;) — 5246KB
• irdm-20240331.xsd (EX-101.SCH) — 35KB
• irdm-20240331_cal.xml (EX-101.CAL) — 44KB
• irdm-20240331_def.xml (EX-101.DEF) — 256KB
• irdm-20240331_lab.xml (EX-101.LAB) — 498KB
• irdm-20240331_pre.xml (EX-101.PRE) — 341KB
• irdm-20240331_htm.xml (XML) — 548KB

Financial Information

Part I. Financial Information

Financial Statements

Financial Statements : Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

ITEM 4. Controls and Procedures 25

Other Information

Part II. Other Information

Legal Proceedings

ITEM 1. Legal Proceedings 27

Risk Factors

ITEM 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 27

Other Information

ITEM 5. Other Information 28

Exhibits

ITEM 6. Exhibits 29

Signatures

Signatures 30 2 PART I. Iridium Communications Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 174,025 $ 71,870 Accounts receivable, net 93,025 91,715 Inventory 92,538 91,135 Prepaid expenses and other current assets 17,204 16,364 Total current assets 376,792 271,084 Property and equipment, net 2,158,250 2,195,758 Equity method investments 65,556 67,130 Other assets 94,383 86,708 Intangible assets, net 40,977 41,095 Total assets $ 2,735,958 $ 2,661,775 Liabilities and stockholders' equity Current liabilities: Short-term secured debt $ 16,250 $ 15,000 Accounts payable 22,554 28,671 Accrued expenses and other current liabilities 42,928 54,826 Deferred revenue 31,269 33,057 Total current liabilities 113,001 131,554 Long-term secured debt, net 1,587,507 1,467,490 Deferred income tax liabilities, net 123,767 114,642 Deferred revenue, net of current portion 42,434 43,965 Other long-term liabilities 15,564 16,025 Total liabilities 1,882,273 1,773,676 Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value, 300,000 shares authorized, 121,643 and 122,776 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 122 123 Additional paid-in capital 1,069,638 1,089,466 Accumulated deficit ( 256,319 ) ( 235,397 ) Accumulated other comprehensive income, net of tax 40,244 33,907 Total stockholders' equity 853,685 888,099 Total liabilities and stockholders' equity $ 2,735,958 $ 2,661,775 See notes to unaudited condensed consolidated financial statements. 3 Iridium Communications Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue: Services $ 148,577 $ 139,349 Subscriber equipment 24,868 41,676 Engineering and support serv

View Full Filing

View this 10-Q filing on SEC EDGAR