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10-Q Filing

IRIDIUM COMMUNICATIONS INC. CIK: 1418819 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001418819-22-000015
Period End Date 20220331
Filing Date 20220419
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance irdm-20220331_htm.xml
Filing Contents
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 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 128.03M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $320.91M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $232.01M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 131.34M shares Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $63.41M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $80.06M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 128.03M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 131.34M shares Point-in-time
Inventory InventoryNet $29.04M USD Point-in-time
Inventory InventoryNet $28.24M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.04M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $11.11M USD Point-in-time
Total current assets AssetsCurrent $351.42M USD Point-in-time
Total current assets AssetsCurrent $424.41M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $2.60B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $2.66B USD Point-in-time
Other assets OtherAssetsNoncurrent $50.05M USD Point-in-time
Other assets OtherAssetsNoncurrent $86.43M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $43.61M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $44.00M USD Point-in-time
Total assets Assets $3.08B USD Point-in-time
Total assets Assets $3.18B USD Point-in-time
Short-term secured debt LinesOfCreditCurrent $16.50M USD Point-in-time
Short-term secured debt LinesOfCreditCurrent $16.50M USD Point-in-time
Accounts payable AccountsPayableCurrent $16.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $15.10M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $35.17M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $48.12M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $28.91M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $28.02M USD Point-in-time
Total current liabilities LiabilitiesCurrent $95.69M USD Point-in-time
Total current liabilities LiabilitiesCurrent $108.84M USD Point-in-time
Long-term secured debt, net LongTermLineOfCredit $1.58B USD Point-in-time
Long-term secured debt, net LongTermLineOfCredit $1.58B USD Point-in-time
Deferred income tax liabilities, net DeferredIncomeTaxLiabilitiesNet $134.28M USD Point-in-time
Deferred income tax liabilities, net DeferredIncomeTaxLiabilitiesNet $144.71M USD Point-in-time
Deferred revenue, net of current portion DeferredRevenueNoncurrent $48.07M USD Point-in-time
Deferred revenue, net of current portion DeferredRevenueNoncurrent $47.26M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $19.20M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $20.15M USD Point-in-time
Total liabilities Liabilities $1.89B USD Point-in-time
Total liabilities Liabilities $1.89B 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, 128,031 and 131,342 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $128.00K USD Point-in-time
Common stock, $0.001 par value, 300,000 shares authorized, 128,031 and 131,342 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively CommonStockValue $131.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.15B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.13B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $42.92M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $140.81M USD Point-in-time
Accumulated other comprehensive income (loss), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $22.21M USD Point-in-time
Accumulated other comprehensive income (loss), net of tax AccumulatedOtherComprehensiveIncomeLossNetOfTax $-7.05M USD Point-in-time
Total stockholders equity StockholdersEquity $1.42B USD Point-in-time
Total stockholders equity StockholdersEquity $1.29B USD Point-in-time
Total stockholders equity StockholdersEquity $1.36B USD Point-in-time
Total stockholders equity StockholdersEquity $1.19B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $3.08B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $3.18B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $168.22M USD 1 Quarter
Total revenue RevenueFromContractWithCustomerExcludingAssessedTax $146.53M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.72M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $2.62M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $26.10M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $22.66M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $75.66M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $75.91M USD 1 Quarter
Total operating expenses CostsAndExpenses $137.52M USD 1 Quarter
Total operating expenses CostsAndExpenses $148.99M USD 1 Quarter
Operating income OperatingIncomeLoss $19.23M USD 1 Quarter
Operating income OperatingIncomeLoss $9.02M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-14.58M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-22.77M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-8.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-28.00K USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-14.59M USD 1 Quarter
Total other expense, net NonoperatingIncomeExpense $-22.80M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-13.78M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $4.65M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $-8.60M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $1.82M USD 1 Quarter
Net income (loss) NetIncomeLoss $2.82M USD 1 Quarter
Net income (loss) NetIncomeLoss $-5.18M USD 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 130.30M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Basic WeightedAverageNumberOfSharesOutstandingBasic 135.07M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 131.84M shares 1 Quarter
Weighted Average Number of Shares Outstanding, Diluted WeightedAverageNumberOfDilutedSharesOutstanding 135.07M shares 1 Quarter
Earnings Per Share, Basic and Diluted EarningsPerShareBasicAndDiluted $-0.04 USD 1 Quarter
Earnings Per Share, Basic and Diluted EarningsPerShareBasicAndDiluted $0.02 USD 1 Quarter
Net income (loss) NetIncomeLoss $2.82M USD 1 Quarter
Net income (loss) NetIncomeLoss $-5.18M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $1.27M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-757.00K USD 1 Quarter
Unrealized Gain on Cash Flow Hedging, net of tax UnrealizedGainLossOnCashFlowHedgingInstruments $27.99M USD 1 Quarter
Unrealized Gain on Cash Flow Hedging, net of tax UnrealizedGainLossOnCashFlowHedgingInstruments $3.84M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-2.10M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $32.09M USD 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $2.82M USD 1 Quarter
Net income (loss) NetIncomeLoss $-5.18M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-8.85M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $1.16M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $75.66M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $75.91M USD 1 Quarter
Stock-based compensation (net of amounts capitalized) ShareBasedCompensation $8.24M USD 1 Quarter
Stock-based compensation (net of amounts capitalized) ShareBasedCompensation $4.91M USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $949.00K USD 1 Quarter
Amortization of deferred financing fees AmortizationOfFinancingCosts $1.15M USD 1 Quarter
All other items, net OtherOperatingActivitiesCashFlowStatement $-519.00K USD 1 Quarter
All other items, net OtherOperatingActivitiesCashFlowStatement $172.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.53M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $16.54M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-2.56M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $-891.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $634.00K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $3.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $-967.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $-1.24M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-4.23M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.90M USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-10.63M USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-9.52M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-6.16M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $644.00K USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-966.00K USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-942.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $65.77M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $50.77M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $13.57M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $9.42M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-9.42M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.57M USD 1 Quarter
Payments on the Term Loan ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $-4.12M USD 1 Quarter
Payments on the Term Loan ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $-4.12M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $59.34M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $134.17M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $4.39M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $523.00K USD 1 Quarter
Tax payment upon settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $3.56M USD 1 Quarter
Tax payment upon settlement of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $4.20M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-63.26M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-141.33M USD 1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $226.00K USD 1 Quarter
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-428.00K USD 1 Quarter
Net decrease in cash and cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-88.90M USD 1 Quarter
Net decrease in cash and cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-22.34M USD 1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $232.01M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $214.84M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $320.91M USD Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $237.18M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $232.01M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $214.84M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $320.91M USD Point-in-time
Cash, cash equivalents, and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $237.18M USD Point-in-time
Interest paid, net of amounts capitalized InterestPaidNet $13.56M USD 1 Quarter
Interest paid, net of amounts capitalized InterestPaidNet $21.84M USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $482.00K USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $520.00K USD 1 Quarter
Property and equipment received but not paid CapitalExpendituresIncurredButNotYetPaid $2.52M USD 1 Quarter
Property and equipment received but not paid CapitalExpendituresIncurredButNotYetPaid $3.16M USD 1 Quarter
Capitalized amortization of deferred financing costs CapitalizedAmortizationOfDeferredFinancingCosts $29.00K USD 1 Quarter
Capitalized amortization of deferred financing costs CapitalizedAmortizationOfDeferredFinancingCosts $29.00K USD 1 Quarter
Capitalized stock-based compensation EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $699.00K USD 1 Quarter
Capitalized stock-based compensation EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $669.00K USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquity $1.42B USD Point-in-time
Beginning Balance StockholdersEquity $1.29B USD Point-in-time
Beginning Balance StockholdersEquity $1.36B USD Point-in-time
Beginning Balance StockholdersEquity $1.19B USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $5.58M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $8.94M USD 1 Quarter
Stock options exercised and awards vested StockIssuedDuringPeriodValueShareBasedCompensationGross $4.39M USD 1 Quarter
Stock options exercised and awards vested StockIssuedDuringPeriodValueShareBasedCompensationGross $523.00K USD 1 Quarter
Stock withheld to cover employee taxes AdjustmentsToAdditionalPaidInCapitalStockWithheldToCoverEmployeeTaxes $4.20M USD 1 Quarter
Stock withheld to cover employee taxes AdjustmentsToAdditionalPaidInCapitalStockWithheldToCoverEmployeeTaxes $3.56M USD 1 Quarter
Repurchases and retirements of common stock StockRepurchasedAndRetiredDuringPeriodValue $-59.34M USD 1 Quarter
Repurchases and retirements of common stock StockRepurchasedAndRetiredDuringPeriodValue $-134.17M USD 1 Quarter
Cumulative translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $1.27M USD 1 Quarter
Cumulative translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-757.00K USD 1 Quarter
Unrealized Gain on Cash Flow Hedging, net of tax UnrealizedGainLossOnCashFlowHedgingInstruments $27.99M USD 1 Quarter
Unrealized Gain on Cash Flow Hedging, net of tax UnrealizedGainLossOnCashFlowHedgingInstruments $3.84M USD 1 Quarter
Net income (loss) NetIncomeLoss $2.82M USD 1 Quarter
Net income (loss) NetIncomeLoss $-5.18M USD 1 Quarter
Ending Balance StockholdersEquity $1.42B USD Point-in-time
Ending Balance StockholdersEquity $1.29B USD Point-in-time
Ending Balance StockholdersEquity $1.36B USD Point-in-time
Ending Balance StockholdersEquity $1.19B USD Point-in-time

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

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