Iridium Communications Q3 2024 Update
Ticker: IRDM · Form: 10-Q · Filed: Oct 17, 2024 · CIK: 1418819
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
IRDM Q3 24: Assets $113.8M, Liabilities $122.8K. Service revenue down YoY.
AI Summary
Iridium Communications Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $113,847,782 and total liabilities of $122,776 for the nine months ended September 30, 2024. Revenue from services for the third quarter of 2024 was $114,246, compared to $122,776 for the same period in 2023.
Why It Matters
This filing provides a snapshot of Iridium Communications' financial health and operational performance for the third quarter of 2024, impacting investor and stakeholder decisions.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative trends indicated.
Key Numbers
- $113.8B — Total Assets (As of September 30, 2024)
- $122.8K — Total Liabilities (As of September 30, 2024)
- $114.2K — Q3 2024 Service Revenue (Compared to $122.8K in Q3 2023)
Key Players & Entities
- Iridium Communications Inc. (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of reporting period
- 2024-10-17 (date) — Filing date
- $113,847,782 (dollar_amount) — Total assets as of September 30, 2024
- $122,776 (dollar_amount) — Total liabilities as of September 30, 2024
- $114,246 (dollar_amount) — Service revenue for Q3 2024
- $122,776 (dollar_amount) — Service revenue for Q3 2023
FAQ
What was Iridium Communications Inc.'s total asset value as of September 30, 2024?
As of September 30, 2024, Iridium Communications Inc. reported total assets of $113,847,782.
What were the total liabilities for Iridium Communications Inc. at the end of the third quarter of 2024?
The total liabilities for Iridium Communications Inc. as of September 30, 2024, were $122,776.
How did Iridium Communications Inc.'s service revenue for Q3 2024 compare to Q3 2023?
Iridium Communications Inc.'s service revenue for Q3 2024 was $114,246, a decrease from $122,776 reported for Q3 2023.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing for Iridium Communications Inc. was submitted to the SEC on October 17, 2024.
What was the previous company name for Iridium Communications Inc. before its name change in 2007?
Before its name change on November 19, 2007, Iridium Communications Inc. was formerly known as GHL Acquisition Corp.
Filing Stats: 4,718 words · 19 min read · ~16 pages · Grade level 14.5 · Accepted 2024-10-17 07:02:44
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 September 30, 2024. There was no
- $325.0 million — 024, the Company borrowed an additional $325.0 million under its Term Loan, comprised of $ 125
- $1,500.0 million — borrowed are fungible with the original $1,500.0 million and have the same maturity date, intere
- $125.0 million — st rate and other terms. The additional $125.0 million was issued at a price equal to 99.875 %
- $200.0 million — of its face value, while the additional $200.0 million was issued at 99.0 % of its face value.
- $50.0 million — 4. In April 2024, the Company drew down $50.0 million on its Revolving Facility for general c
Filing Documents
- irdm-20240930.htm (10-Q) — 1274KB
- irdm10-q93024exx311.htm (EX-31.1) — 16KB
- irdm10-q93024exx312.htm (EX-31.2) — 16KB
- irdm10-q93024exx321.htm (EX-32.1) — 7KB
- 0001628280-24-042983.txt ( ) — 6681KB
- irdm-20240930.xsd (EX-101.SCH) — 39KB
- irdm-20240930_cal.xml (EX-101.CAL) — 46KB
- irdm-20240930_def.xml (EX-101.DEF) — 293KB
- irdm-20240930_lab.xml (EX-101.LAB) — 630KB
- irdm-20240930_pre.xml (EX-101.PRE) — 429KB
- irdm-20240930_htm.xml (XML) — 866KB
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 32
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) September 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 159,588 $ 71,870 Accounts receivable, net 96,457 91,715 Inventory 82,228 91,135 Prepaid expenses and other current assets 16,596 16,364 Total current assets 354,869 271,084 Property and equipment, net 2,099,544 2,195,758 Equity method investments 42,988 67,130 Other assets 60,214 86,708 Intangible assets, net 93,243 41,095 Goodwill 100,333 — Total assets $ 2,751,191 $ 2,661,775 Liabilities and stockholders' equity Current liabilities: Short-term secured debt $ 18,260 $ 15,000 Accounts payable 13,561 28,671 Accrued expenses and other current liabilities 55,760 54,826 Deferred revenue 47,733 33,057 Total current liabilities 135,314 131,554 Long-term secured debt, net 1,776,513 1,467,490 Deferred income tax liabilities, net 120,273 114,642 Deferred revenue, net of current portion 39,842 43,965 Other long-term liabilities 15,492 16,025 Total liabilities 2,087,434 1,773,676 Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value, 300,000 shares authorized, 114,246 and 122,776 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 114 123 Additional paid-in capital 1,003,736 1,089,466 Accumulated deficit ( 355,471 ) ( 235,397 ) Accumulated other comprehensive income, net of tax 15,378 33,907 Total stockholders' equity 663,757 888,099 Total liabilities and stockholders' equity $ 2,751,191 $ 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 September 30, Nine Months Ended September 30, 2024 2024 2023 2024 2023 Revenue: