$IRDM
Iridium Communications Inc.

2013 Q2 Form 10-Q Financial Statement

#000114420413042326 Filed on August 01, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $94.68M $97.32M
YoY Change -2.71% 1.48%
Cost Of Revenue $14.21M $15.99M
YoY Change -11.15% -49.72%
Gross Profit $80.48M $81.33M
YoY Change -1.05% 26.88%
Gross Profit Margin 85.0% 83.57%
Selling, General & Admin $18.40M $17.97M
YoY Change 2.39% 10.25%
% of Gross Profit 22.86% 22.09%
Research & Development $1.741M $3.429M
YoY Change -49.23% 0.85%
% of Gross Profit 2.16% 4.22%
Depreciation & Amortization $18.60M $18.37M
YoY Change 1.25% -22.5%
% of Gross Profit 23.11% 22.58%
Operating Expenses $65.84M $69.05M
YoY Change -4.65% 59.09%
Operating Profit $28.85M $28.27M
YoY Change 2.03% 36.59%
Interest Expense $600.0K $100.0K
YoY Change 500.0% -66.67%
% of Operating Profit 2.08% 0.35%
Other Income/Expense, Net -$2.248M -$2.492M
YoY Change -9.79% 13.27%
Pretax Income $26.60M $25.78M
YoY Change 3.17% 37.14%
Income Tax $11.19M $8.119M
% Of Pretax Income 42.06% 31.49%
Net Earnings $15.41M $17.66M
YoY Change -12.74% 43.6%
Net Earnings / Revenue 16.28% 18.15%
Basic Earnings Per Share $0.18 $0.24
Diluted Earnings Per Share $0.18 $0.23
COMMON SHARES
Basic Shares Outstanding 76.90M shares 73.43M shares
Diluted Shares Outstanding 87.53M shares 76.06M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.7M $166.7M
YoY Change 65.39% 60.6%
Cash & Equivalents $196.8M $166.7M
Short-Term Investments $91.40M
Other Short-Term Assets $15.00M $15.70M
YoY Change -4.46% 38.94%
Inventory $28.90M $18.60M
Prepaid Expenses
Receivables $55.10M $59.40M
Other Receivables $1.300M $4.300M
Total Short-Term Assets $376.0M $264.7M
YoY Change 42.05% 35.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.346B $1.009B
YoY Change 33.4% 40.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $202.0M $155.5M
YoY Change 29.9% 41.24%
Total Long-Term Assets $1.699B $1.328B
YoY Change 27.89% 32.21%
TOTAL ASSETS
Total Short-Term Assets $376.0M $264.7M
Total Long-Term Assets $1.699B $1.328B
Total Assets $2.075B $1.593B
YoY Change 30.24% 32.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.90M $48.30M
YoY Change -69.15% -10.06%
Accrued Expenses $42.10M $35.90M
YoY Change 17.27% 15.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $101.1M $123.0M
YoY Change -17.78% 4.24%
LONG-TERM LIABILITIES
Long-Term Debt $853.6M $568.0M
YoY Change 50.28% 114.1%
Other Long-Term Liabilities $20.60M $32.40M
YoY Change -36.42% 16.97%
Total Long-Term Liabilities $20.60M $600.4M
YoY Change -96.57% 104.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.1M $123.0M
Total Long-Term Liabilities $20.60M $600.4M
Total Liabilities $1.167B $857.6M
YoY Change 36.07% 64.48%
SHAREHOLDERS EQUITY
Retained Earnings $110.2M
YoY Change
Common Stock $77.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $907.6M $735.3M
YoY Change
Total Liabilities & Shareholders Equity $2.075B $1.593B
YoY Change 30.24% 32.72%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $15.41M $17.66M
YoY Change -12.74% 43.6%
Depreciation, Depletion And Amortization $18.60M $18.37M
YoY Change 1.25% -22.5%
Cash From Operating Activities $43.10M $53.00M
YoY Change -18.68% 2.12%
INVESTING ACTIVITIES
Capital Expenditures -$132.5M -$151.9M
YoY Change -12.77% 32.43%
Acquisitions
YoY Change
Other Investing Activities -$12.70M
YoY Change
Cash From Investing Activities -$145.2M -$151.9M
YoY Change -4.41% 32.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 93.70M 118.6M
YoY Change -20.99% 89.76%
NET CHANGE
Cash From Operating Activities 43.10M 53.00M
Cash From Investing Activities -145.2M -151.9M
Cash From Financing Activities 93.70M 118.6M
Net Change In Cash -8.400M 19.70M
YoY Change -142.64% -6666.67%
FREE CASH FLOW
Cash From Operating Activities $43.10M $53.00M
Capital Expenditures -$132.5M -$151.9M
Free Cash Flow $175.6M $204.9M
YoY Change -14.3% 22.99%

Facts In Submission

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CY2013Q2 irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
0 shares
CY2012Q2 irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
6000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
28000 shares
CY2012Q2 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
23000 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
10602000 shares
CY2012Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2013Q2 irdm Contribution To Warranty Provision
ContributionToWarrantyProvision
1900000 USD
us-gaap Interest Expense Debt
InterestExpenseDebt
18000000 USD
CY2013Q2 irdm Line Of Credit Facility Interest Payable In Cash
LineOfCreditFacilityInterestPayableInCash
2800000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4050000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5079000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3363000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5766000 USD
CY2013Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1800000000 USD
CY2013Q2 us-gaap Cash
Cash
95975000 USD
CY2012Q4 us-gaap Cash
Cash
166326000 USD
CY2013Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
12676000 USD
CY2013Q2 irdm Available For Sale Securities Debt Maturities After One Year Within Three Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneYearWithinThreeYearsAmortizedCost
48098000 USD
us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
8000 USD
us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
277000 USD
CY2013Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
12668000 USD
CY2013Q2 irdm Available For Sale Securities Debt Maturities After One Year Within Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneYearWithinThreeYearsFairValue
47821000 USD
CY2013Q2 irdm Commercial Paper Mature Within One Year Amortized Cost
CommercialPaperMatureWithinOneYearAmortizedCost
18352000 USD
CY2013Q2 irdm Commercial Paper Mature Within One Year Unrealized Loss
CommercialPaperMatureWithinOneYearUnrealizedLoss
0 USD
CY2013Q2 irdm Commercial Paper Mature Within One Year Estimated Fair Value
CommercialPaperMatureWithinOneYearEstimatedFairValue
18352000 USD
CY2013Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
79126000 USD
us-gaap Availableforsale Securities Gross Unrealized Gain Loss1
AvailableforsaleSecuritiesGrossUnrealizedGainLoss1
285000 USD
CY2013Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
78841000 USD
CY2013Q2 irdm Minimum Required Cash Reserve Balance For Credit Facility
MinimumRequiredCashReserveBalanceForCreditFacility
67500000 USD
CY2013Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
9300000 USD
irdm Minimum Required Cash Reserve Balance For Credit Facility At Beginning Of Repayment Period
MinimumRequiredCashReserveBalanceForCreditFacilityAtBeginningOfRepaymentPeriod
189000000 USD
CY2013Q2 irdm Grant Date Fair Value Of Stock Options
GrantDateFairValueOfStockOptions
100000 USD
irdm Grant Date Fair Value Of Stock Options
GrantDateFairValueOfStockOptions
2900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
irdm First Anniversary Vesting Percentage
FirstAnniversaryVestingPercentage
0.25 pure
CY2013Q2 irdm Line Of Credit Facility Interest Payable In Deemed Loans
LineOfCreditFacilityInterestPayableInDeemedLoans
6500000 USD
irdm Line Of Credit Facility Interest Payable In Cash
LineOfCreditFacilityInterestPayableInCash
5500000 USD
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0080 pure
CY2013Q2 irdm Lineofcreditfacilityinterestpayableincashaccrued
Lineofcreditfacilityinterestpayableincashaccrued
2000000 USD
irdm Line Of Credit Facility Interest Payable In Deemed Loans
LineOfCreditFacilityInterestPayableInDeemedLoans
12500000 USD
irdm Line Of Credit Facility Interest Payments Via Deemed Loan During Period
LineOfCreditFacilityInterestPaymentsViaDeemedLoanDuringPeriod
7900000 USD
CY2013Q2 irdm Lineofcreditfacilityinterestpayableindeemedloansaccrued
Lineofcreditfacilityinterestpayableindeemedloansaccrued
4600000 USD
irdm Line Of Credit Facility Cash Interest Payments During Period
LineOfCreditFacilityCashInterestPaymentsDuringPeriod
3500000 USD
CY2013Q2 irdm Line Of Credit Facility Commitment Fee Payable
LineOfCreditFacilityCommitmentFeePayable
2000000 USD
CY2013Q2 irdm Purchase Obligation Amount For Single Launch
PurchaseObligationAmountForSingleLaunch
51800000 USD
CY2013Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
946400000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
359000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
730000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
755000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
779000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
804000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
4621000 USD
CY2012Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8048000 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
12000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1134000 shares
CY2012 irdm Price Per Share Of Warrants
PricePerShareOfWarrants
7.00
CY2013Q1 irdm Shares Of Warrants Expire
SharesOfWarrantsExpire
655499 shares
CY2013Q1 irdm Unexercised Warrants Price Per Share
UnexercisedWarrantsPricePerShare
7.00
CY2012 irdm Cumulative Cash Dividends Rate
CumulativeCashDividendsRate
0.0700 pure
CY2012Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
100
CY2012Q4 irdm Preferred Stock Conversion Rate
PreferredStockConversionRate
10.6022 shares
CY2012Q4 irdm Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
9.43
CY2013Q2 irdm Preferred Stock Shares Authorized Undesignated And Unissued
PreferredStockSharesAuthorizedUndesignatedAndUnissued
1000000 shares
CY2013Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
16000 USD
CY2012Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
17000 USD
CY2013Q2 irdm Numerator For Basic Net Income Loss Per Share
NumeratorForBasicNetIncomeLossPerShare
13647000 USD
CY2012Q2 irdm Numerator For Basic Net Income Loss Per Share
NumeratorForBasicNetIncomeLossPerShare
17646000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15397000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
17646000 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
37000 USD
irdm Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
0 shares
irdm Dilutive Effect Of Warrants
DilutiveEffectOfWarrants
2281000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
37000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
10602000 shares
irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
0 shares
irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
6000 shares
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
41000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares

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