Iridium Communications Inc. Q2 2024 10-Q Filing
Ticker: IRDM · Form: 10-Q · Filed: Jul 23, 2024 · CIK: 1418819
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
IRDM Q2 10-Q filed. Assets $118M, EPS $0.27. Looks stable.
AI Summary
Iridium Communications Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $118,382,660 and total liabilities of $122,776 for the quarter. Key financial metrics include earnings per share of $0.27 for the period.
Why It Matters
This filing provides investors with a quarterly update on Iridium's financial health and operational performance, crucial for understanding its market position and future prospects.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments indicated.
Key Numbers
- $118.38M — Total Assets (As of June 30, 2024)
- $0.27 — Earnings Per Share (For the period ending June 30, 2024)
- $122.78K — Total Liabilities (As of June 30, 2024)
Key Players & Entities
- Iridium Communications Inc. (company) — Filer
- 20240630 (date) — Period of Report
- $118,382,660 (dollar_amount) — Total Assets
- $122,776 (dollar_amount) — Total Liabilities
- $0.27 (dollar_amount) — Earnings Per Share
FAQ
What were Iridium Communications Inc.'s total assets as of June 30, 2024?
Iridium Communications Inc.'s total assets were $118,382,660 as of June 30, 2024.
What was the earnings per share for Iridium Communications Inc. for the reported period?
The earnings per share for Iridium Communications Inc. for the period ending June 30, 2024, was $0.27.
What were the total liabilities reported by Iridium Communications Inc. on June 30, 2024?
Total liabilities for Iridium Communications Inc. on June 30, 2024, were $122,776.
What is the filing date of this 10-Q report for Iridium Communications Inc.?
This 10-Q report for Iridium Communications Inc. was filed on July 23, 2024.
What fiscal year end does Iridium Communications Inc. observe?
Iridium Communications Inc. observes a fiscal year end on December 31.
Filing Stats: 4,750 words · 19 min read · ~16 pages · Grade level 14.1 · Accepted 2024-07-23 07:03:21
Key Financial Figures
- $0.001 — ange on Which Registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market
- $100.3 million — 1 ), resulting in a goodwill balance of $100.3 million as of June 30, 2024. There was no goodw
- $1,500.0 million — borrowed is fungible with the original $1,500.0 million and has the same maturity date, interes
- $50.0 million — . In April 2024, the Company drew down $50.0 million on its Revolving Facility for general c
Filing Documents
- irdm-20240630.htm (10-Q) — 1264KB
- irdm10-q63024exx311.htm (EX-31.1) — 16KB
- irdm10-q63024exx312.htm (EX-31.2) — 16KB
- irdm10-q63024exx321.htm (EX-32.1) — 7KB
- 0001418819-24-000037.txt ( ) — 6331KB
- irdm-20240630.xsd (EX-101.SCH) — 38KB
- irdm-20240630_cal.xml (EX-101.CAL) — 46KB
- irdm-20240630_def.xml (EX-101.DEF) — 281KB
- irdm-20240630_lab.xml (EX-101.LAB) — 526KB
- irdm-20240630_pre.xml (EX-101.PRE) — 368KB
- irdm-20240630_htm.xml (XML) — 858KB
Financial Information
Part I. Financial Information
Financial Statements
ITEM 1. Financial Statements : Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 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 20
Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
ITEM 4. Controls and Procedures 31
Other Information
Part II. Other Information
Legal Proceedings
ITEM 1. Legal Proceedings 33
Risk Factors
ITEM 1A. Risk Factors 33
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 33
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 33
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 33
Other Information
ITEM 5. Other Information 33
Exhibits
ITEM 6. Exhibits 34
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS PART I. Iridium Communications Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 63,541 $ 71,870 Accounts receivable, net 96,189 91,715 Inventory 85,815 91,135 Prepaid expenses and other current assets 18,871 16,364 Total current assets 264,416 271,084 Property and equipment, net 2,126,618 2,195,758 Equity method investments 43,534 67,130 Other assets 87,145 86,708 Intangible assets, net 95,610 41,095 Goodwill 100,333 — Total assets $ 2,717,656 $ 2,661,775 Liabilities and stockholders' equity Current liabilities: Short-term secured debt $ 16,250 $ 15,000 Accounts payable 15,026 28,671 Accrued expenses and other current liabilities 44,577 54,826 Deferred revenue 41,653 33,057 Total current liabilities 117,506 131,554 Long-term secured debt, net 1,634,714 1,467,490 Deferred income tax liabilities, net 121,846 114,642 Deferred revenue, net of current portion 41,167 43,965 Other long-term liabilities 15,724 16,025 Total liabilities 1,930,957 1,773,676 Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value, 300,000 shares authorized, 118,518 and 122,776 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 119 123 Additional paid-in capital 1,043,691 1,089,466 Accumulated deficit ( 292,178 ) ( 235,397 ) Accumulated other comprehensive income, net of tax 35,067 33,907 Total stockholders' equity 786,699 888,099 Total liabilities and stockholders' equity $ 2,717,656 $ 2,661,775 See notes to unaudited condensed consolidated financial statements. 3 Iridium Communications Inc. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In thousands, except per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Services $ 152,467 $ 145,1