10-Q Filing

IRIDIUM COMMUNICATIONS INC. CIK: 1418819 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001418819-18-000010`
Period End Date	20180331
Filing Date	20180426
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	irdm-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 56 Cash Flow Statement 48

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$430.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$285.87M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$11.75M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$20.01M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$75.13M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$68.03M	USD	Point-in-time
Inventory	`InventoryNet`	$20.28M	USD	Point-in-time
Inventory	`InventoryNet`	$20.07M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	98.20M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	110.37M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.35M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$26.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$572.18M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	110.37M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$411.07M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	98.20M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.21B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.29B	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$102.38M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$189.18M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$49.65M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$50.02M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.41M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.33M	USD	Point-in-time
Total assets	`Assets`	$3.78B	USD	Point-in-time
Total assets	`Assets`	$4.11B	USD	Point-in-time
Short-term credit facility	`LinesOfCreditCurrent`	$85.50M	USD	Point-in-time
Short-term credit facility	`LinesOfCreditCurrent`	$72.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$43.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$35.01M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$32.22M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$49.56M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$37.61M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$15.02M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$38.39M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$19.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$214.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$213.53M	USD	Point-in-time
Long-term credit facility, net	`LongTermLineOfCredit`	$1.62B	USD	Point-in-time
Long-term credit facility, net	`LongTermLineOfCredit`	$1.63B	USD	Point-in-time
Long-term senior unsecured notes, net	`SeniorLongTermNotes`	-	USD	Point-in-time
Long-term senior unsecured notes, net	`SeniorLongTermNotes`	$350.33M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$246.17M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$253.39M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$47.61M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$54.56M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.19M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$59.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.50B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.19B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 300,000 shares authorized, 110,371 and 98,203 shares issued and outstanding, respectively	`CommonStockValue`	$110.00K	USD	Point-in-time
Common stock, $0.001 par value, 300,000 shares authorized, 110,371 and 98,203 shares issued and outstanding, respectively	`CommonStockValue`	$98.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.08B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.09B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$518.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$526.57M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.80M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.72M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.60B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.61B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.78B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$4.11B	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$89.74M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$81.77M	USD	1 Quarter
Subscriber equipment	`SalesRevenueGoodsNet`	$25.78M	USD	1 Quarter
Subscriber equipment	`SalesRevenueGoodsNet`	$17.11M	USD	1 Quarter
Engineering and support services	`ContractsRevenue`	$3.62M	USD	1 Quarter
Engineering and support services	`ContractsRevenue`	$5.54M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$119.15M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$104.43M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$18.95M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$16.96M	USD	1 Quarter
Cost of subscriber equipment	`CostOfGoodsSold`	$15.21M	USD	1 Quarter
Cost of subscriber equipment	`CostOfGoodsSold`	$10.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.58M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.23M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$22.50M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$19.22M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.51M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$38.47M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$99.71M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$63.01M	USD	1 Quarter
Gain on Boeing transaction	`GainLossFromDerecognitionOfPurchaseAccountingLiabilityAndOperationsAndMaintenanceAgreement`	-	USD	1 Quarter
Gain on Boeing transaction	`GainLossFromDerecognitionOfPurchaseAccountingLiabilityAndOperationsAndMaintenanceAgreement`	$14.19M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$19.44M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$55.60M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$-4.17M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNet`	$833.00K	USD	1 Quarter
Undrawn credit facility fees	`LineOfCreditFacilityCommitmentFeeAmount`	$25.00K	USD	1 Quarter
Undrawn credit facility fees	`LineOfCreditFacilityCommitmentFeeAmount`	-	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-62.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$37.00K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-4.13M	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$746.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$15.31M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$56.35M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.84M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$18.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.95M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$34.09M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$7.61M	USD	1 Quarter
Weighted average shares outstanding - basic, excluding Series A preferred stockholders through the conversion date of March 20, 2018 (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	100.69M	shares	1 Quarter
Weighted average shares outstanding - basic, excluding Series A preferred stockholders through the conversion date of March 20, 2018 (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	96.85M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.34M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	126.37M	shares	1 Quarter
Net income attributable to common stockholders per share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Net income attributable to common stockholders per share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Net income attributable to common stockholders per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Net income attributable to common stockholders per share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Net income	`NetIncomeLoss`	$11.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.95M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.25M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$92.00K	USD	1 Quarter
Unrealized loss on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-13.00K	USD	1 Quarter
Unrealized loss on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$40.19M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.55M	USD	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$58.28M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$63.86M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.94M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$82.96M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$17.01M	USD	1 Quarter
Sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$8.72M	USD	1 Quarter
Sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$6.33M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.62M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-91.25M	USD	1 Quarter
Borrowings under the Credit Facility	`ProceedsFromLinesOfCredit`	$22.21M	USD	1 Quarter
Borrowings under the Credit Facility	`ProceedsFromLinesOfCredit`	-	USD	1 Quarter
Borrowings under the senior unsecured notes	`ProceedsFromIssuanceOfUnsecuredDebt`	$360.00M	USD	1 Quarter
Borrowings under the senior unsecured notes	`ProceedsFromIssuanceOfUnsecuredDebt`	-	USD	1 Quarter
Extinguishment of the Thales bills of exchange	`DebtInstrumentMilestonePayment`	$59.94M	USD	1 Quarter
Extinguishment of the Thales bills of exchange	`DebtInstrumentMilestonePayment`	-	USD	1 Quarter
Payment of deferred financing fees	`PaymentsOfFinancingCosts`	$19.45M	USD	1 Quarter
Payment of deferred financing fees	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$342.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$769.00K	USD	1 Quarter
Tax payment upon settlement of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.41M	USD	1 Quarter
Tax payment upon settlement of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.70M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$264.56M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$15.52M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$58.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$248.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$37.02M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$231.65M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$619.90M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$484.31M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$388.26M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$521.33M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$619.90M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$484.31M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$388.26M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$521.33M	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	$787.00K	USD	1 Quarter
Income taxes paid, net	`IncomeTaxesPaidNet`	$1.09M	USD	1 Quarter
Income taxes paid, net	`IncomeTaxesPaidNet`	$253.00K	USD	1 Quarter
Property and equipment received but not paid for yet	`CapitalExpendituresIncurredButNotYetPaid`	$2.76M	USD	1 Quarter
Property and equipment received but not paid for yet	`CapitalExpendituresIncurredButNotYetPaid`	$42.25M	USD	1 Quarter
Interest capitalized but not paid	`InterestCapitalizedButNotPaid`	$35.38M	USD	1 Quarter
Interest capitalized but not paid	`InterestCapitalizedButNotPaid`	$37.61M	USD	1 Quarter
Capitalized amortization of deferred financing costs	`CapitalizedAmortizationOfDeferredFinancingCosts`	$6.55M	USD	1 Quarter
Capitalized amortization of deferred financing costs	`CapitalizedAmortizationOfDeferredFinancingCosts`	$6.50M	USD	1 Quarter
Capitalized stock-based compensation	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$233.00K	USD	1 Quarter
Capitalized stock-based compensation	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$909.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.