10-Q Filing

IRIDIUM COMMUNICATIONS INC. CIK: 1418819 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001564590-17-007426`
Period End Date	20170331
Filing Date	20170427
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	irdm-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 55 Cash Flow Statement 44

Balance Sheet 71 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	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	500,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$386.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$371.17M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$287.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$185.66M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$39.33M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$32.93M	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`	$57.37M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$57.55M	USD	Point-in-time
Inventory	`InventoryNet`	$18.20M	USD	Point-in-time
Inventory	`InventoryNet`	$17.77M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	300.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	95.88M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	97.39M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$30.70M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	97.39M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$516.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	95.88M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$516.77M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.81B	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$113.14M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsNoncurrent`	$135.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.84M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$51.14M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.80M	USD	Point-in-time
Total assets	`Assets`	$3.59B	USD	Point-in-time
Total assets	`Assets`	$3.50B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.13M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$23.84M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$23.90M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$14.14M	USD	Point-in-time
Interest payable	`InterestPayableCurrent`	$35.38M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$34.63M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$34.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$104.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$83.19M	USD	Point-in-time
Accrued satellite operations and maintenance expense, net of current portion	`AccruedSatelliteOperationsAndMaintenanceExpenseNoncurrent`	$13.14M	USD	Point-in-time
Credit facility, net	`LongTermLineOfCredit`	$1.66B	USD	Point-in-time
Credit facility, net	`LongTermLineOfCredit`	$1.68B	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$361.66M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredTaxLiabilitiesNoncurrent`	$379.45M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$36.42M	USD	Point-in-time
Deferred revenue, net of current portion	`DeferredRevenueNoncurrent`	$37.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.24M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.16B	USD	Point-in-time
Total liabilities	`Liabilities`	$2.21B	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, 97,388 and 95,879 shares issued and outstanding, respectively	`CommonStockValue`	$97.00K	USD	Point-in-time
Common stock, $0.001 par value, 300,000 shares authorized, 97,388 and 95,879 shares issued and outstanding, respectively	`CommonStockValue`	$96.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.06B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$288.80M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$322.89M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.20M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.38B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.34B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.59B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.50B	USD	Point-in-time

Income Statement 55 line items

Line Item	Tag	Value	Unit	Period
Services	`SalesRevenueServicesNet`	$81.77M	USD	1 Quarter
Services	`SalesRevenueServicesNet`	$79.82M	USD	1 Quarter
Subscriber equipment	`SalesRevenueGoodsNet`	$17.11M	USD	1 Quarter
Subscriber equipment	`SalesRevenueGoodsNet`	$17.56M	USD	1 Quarter
Engineering and support services	`ContractsRevenue`	$5.54M	USD	1 Quarter
Engineering and support services	`ContractsRevenue`	$6.82M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$104.20M	USD	1 Quarter
Total revenue	`SalesRevenueNet`	$104.43M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$16.96M	USD	1 Quarter
Cost of services (exclusive of depreciation and amortization)	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$15.90M	USD	1 Quarter
Cost of subscriber equipment	`CostOfGoodsSold`	$10.10M	USD	1 Quarter
Cost of subscriber equipment	`CostOfGoodsSold`	$10.46M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.23M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.56M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$19.06M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$19.22M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.94M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$13.51M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$60.92M	USD	1 Quarter
Total operating expenses	`CostsAndExpenses`	$63.01M	USD	1 Quarter
Gain on Boeing transaction	`GainLossFromDerecognitionOfPurchaseAccountingLiability`	$14.19M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$43.28M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$55.60M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$833.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$758.00K	USD	1 Quarter
Undrawn credit facility fees	`LineOfCreditFacilityCommitmentFeeAmount`	$25.00K	USD	1 Quarter
Undrawn credit facility fees	`LineOfCreditFacilityCommitmentFeeAmount`	$503.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-62.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-13.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$242.00K	USD	1 Quarter
Total other income, net	`NonoperatingIncomeExpense`	$746.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$56.35M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$43.52M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$18.40M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.95M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.52M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$24.66M	USD	1 Quarter
Net income attributable to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$34.09M	USD	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	95.66M	shares	1 Quarter
Weighted average shares outstanding - basic	`WeightedAverageNumberOfSharesOutstandingBasic`	96.85M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	126.37M	shares	1 Quarter
Weighted average shares outstanding - diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	123.03M	shares	1 Quarter
Net income attributable to common stockholders per share - basic	`EarningsPerShareBasic`	$0.26	USD	1 Quarter
Net income attributable to common stockholders per share - basic	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
Net income attributable to common stockholders per share - diluted	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Net income attributable to common stockholders per share - diluted	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.95M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.52M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.25M	USD	1 Quarter
Foreign currency translation adjustments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.87M	USD	1 Quarter
Unrealized gain (loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Unrealized gain (loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$129.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$30.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$40.19M	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$63.86M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$47.02M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$75.82M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$48.94M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$13.47M	USD	1 Quarter
Sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$6.33M	USD	1 Quarter
Sales and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$91.65M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.36M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-42.62M	USD	1 Quarter
Borrowings under the Credit Facility	`ProceedsFromLinesOfCredit`	$71.94M	USD	1 Quarter
Borrowings under the Credit Facility	`ProceedsFromLinesOfCredit`	$22.21M	USD	1 Quarter
Payment of deferred financing fees	`PaymentsOfFinancingCosts`	$1.47M	USD	1 Quarter
Payment of deferred financing fees	`PaymentsOfFinancingCosts`	$4.47M	USD	1 Quarter
Restricted cash deposits	`CashRestrictedForDebtServiceReserveIncreases`	$21.99M	USD	1 Quarter
Restricted cash deposits	`CashRestrictedForDebtServiceReserveIncreases`	$10.99M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$17.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$342.00K	USD	1 Quarter
Tax payment upon settlement of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.70M	USD	1 Quarter
Tax payment upon settlement of stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$566.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-6.46M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$52.07M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$248.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$93.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$101.54M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.03M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$386.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$371.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$287.20M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$185.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$386.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$371.17M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$287.20M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$185.66M	USD	Point-in-time
Income taxes paid, net	`IncomeTaxesPaidNet`	$1.09M	USD	1 Quarter
Income taxes paid, net	`IncomeTaxesPaidNet`	$500.00K	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`	$3.15M	USD	1 Quarter
Interest capitalized but not paid	`InterestCapitalizedButNotPaid`	$30.38M	USD	1 Quarter
Interest capitalized but not paid	`InterestCapitalizedButNotPaid`	$35.38M	USD	1 Quarter
Capitalized amortization of deferred financing costs	`CapitalizedAmortizationOfDeferredFinancingCosts`	$6.50M	USD	1 Quarter
Capitalized amortization of deferred financing costs	`CapitalizedAmortizationOfDeferredFinancingCosts`	$4.21M	USD	1 Quarter
Capitalized stock-based compensation	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$909.00K	USD	1 Quarter
Capitalized stock-based compensation	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$659.00K	USD	1 Quarter

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