$IRDM
Iridium Communications Inc.

2014 Q2 Form 10-Q Financial Statement

#000114420414045921 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $102.5M $94.68M
YoY Change 8.28% -2.71%
Cost Of Revenue $16.73M $14.21M
YoY Change 17.77% -11.15%
Gross Profit $85.79M $80.48M
YoY Change 6.6% -1.05%
Gross Profit Margin 83.68% 85.0%
Selling, General & Admin $18.49M $18.40M
YoY Change 0.51% 2.39%
% of Gross Profit 21.56% 22.86%
Research & Development $4.645M $1.741M
YoY Change 166.8% -49.23%
% of Gross Profit 5.41% 2.16%
Depreciation & Amortization $19.67M $18.60M
YoY Change 5.78% 1.25%
% of Gross Profit 22.93% 23.11%
Operating Expenses $72.81M $65.84M
YoY Change 10.59% -4.65%
Operating Profit $29.71M $28.85M
YoY Change 3.0% 2.03%
Interest Expense $12.50M $600.0K
YoY Change 1983.33% 500.0%
% of Operating Profit 42.07% 2.08%
Other Income/Expense, Net -$4.524M -$2.248M
YoY Change 101.25% -9.79%
Pretax Income $25.19M $26.60M
YoY Change -5.3% 3.17%
Income Tax $10.17M $11.19M
% Of Pretax Income 40.37% 42.06%
Net Earnings $15.02M $15.41M
YoY Change -2.56% -12.74%
Net Earnings / Revenue 14.65% 16.28%
Basic Earnings Per Share $0.14 $0.18
Diluted Earnings Per Share $0.14 $0.18
COMMON SHARES
Basic Shares Outstanding 86.79M shares 76.90M shares
Diluted Shares Outstanding 95.65M shares 87.53M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.5M $275.7M
YoY Change 81.54% 65.39%
Cash & Equivalents $88.60M $196.8M
Short-Term Investments $202.3M $91.40M
Other Short-Term Assets $16.50M $15.00M
YoY Change 10.0% -4.46%
Inventory $28.80M $28.90M
Prepaid Expenses
Receivables $70.30M $55.10M
Other Receivables $300.0K $1.300M
Total Short-Term Assets $616.4M $376.0M
YoY Change 63.94% 42.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.655B $1.346B
YoY Change 23.0% 33.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $221.0M $202.0M
YoY Change 9.41% 29.9%
Total Long-Term Assets $2.014B $1.699B
YoY Change 18.56% 27.89%
TOTAL ASSETS
Total Short-Term Assets $616.4M $376.0M
Total Long-Term Assets $2.014B $1.699B
Total Assets $2.630B $2.075B
YoY Change 26.79% 30.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.90M $14.90M
YoY Change 6.71% -69.15%
Accrued Expenses $46.10M $42.10M
YoY Change 9.5% 17.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $102.3M $101.1M
YoY Change 1.16% -17.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.084B $853.6M
YoY Change 27.04% 50.28%
Other Long-Term Liabilities $33.70M $20.60M
YoY Change 63.58% -36.42%
Total Long-Term Liabilities $1.118B $20.60M
YoY Change 5327.41% -96.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.3M $101.1M
Total Long-Term Liabilities $1.118B $20.60M
Total Liabilities $1.439B $1.167B
YoY Change 23.35% 36.07%
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 $1.191B $907.6M
YoY Change
Total Liabilities & Shareholders Equity $2.630B $2.075B
YoY Change 26.79% 30.24%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $15.02M $15.41M
YoY Change -2.56% -12.74%
Depreciation, Depletion And Amortization $19.67M $18.60M
YoY Change 5.78% 1.25%
Cash From Operating Activities $48.70M $43.10M
YoY Change 12.99% -18.68%
INVESTING ACTIVITIES
Capital Expenditures -$49.60M -$132.5M
YoY Change -62.57% -12.77%
Acquisitions
YoY Change
Other Investing Activities -$93.60M -$12.70M
YoY Change 637.01%
Cash From Investing Activities -$143.1M -$145.2M
YoY Change -1.45% -4.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $49.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 246.3M 93.70M
YoY Change 162.86% -20.99%
NET CHANGE
Cash From Operating Activities 48.70M 43.10M
Cash From Investing Activities -143.1M -145.2M
Cash From Financing Activities 246.3M 93.70M
Net Change In Cash 151.9M -8.400M
YoY Change -1908.33% -142.64%
FREE CASH FLOW
Cash From Operating Activities $48.70M $43.10M
Capital Expenditures -$49.60M -$132.5M
Free Cash Flow $98.30M $175.6M
YoY Change -44.02% -14.3%

Facts In Submission

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ComprehensiveIncomeNetOfTax
15295000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
100262000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
91197000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
151688000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
108073000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
91393000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
120473000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
11993000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
32740000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
5000000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-236088000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-195806000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
101765000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
45222000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6540000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4560000 USD
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
13494000 USD
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
13362000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
173000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
37000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
3500000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
3500000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
78256000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
254595000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-57570000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
149986000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
254418000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
196848000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-2927000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
273000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10646000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9172000 USD
irdm Interest Capitalized But Not Paid
InterestCapitalizedButNotPaid
6602000 USD
irdm Interest Capitalized But Not Paid
InterestCapitalizedButNotPaid
8706000 USD
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
4500000 USD
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
4897000 USD
irdm Stock Based Compensation Capitalized
StockBasedCompensationCapitalized
657000 USD
irdm Stock Based Compensation Capitalized
StockBasedCompensationCapitalized
597000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
Iridium Communications Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001418819
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
IRDM
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
93096975 shares
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
98897000 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
120753000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Interest Paid Net
InterestPaidNet
5096000 USD
us-gaap Interest Paid Net
InterestPaidNet
7271000 USD
irdm Capitalized Paidinkind Interest
CapitalizedPaidinkindInterest
11667000 USD
irdm Capitalized Paidinkind Interest
CapitalizedPaidinkindInterest
16542000 USD
CY2014Q2 irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
11000000 USD
irdm Invoice Received Payment Term Description
InvoiceReceivedPaymentTermDescription
The Company currently uses the Credit Facility to pay 85% of each invoice received from Thales under the FSD contract with the remaining 15% funded from cash on hand. Once the Credit Facility is fully drawn, the Company expects to pay 100% of each invoice received from Thales from cash and marketable securities on hand, and internally generated cash flows.
irdm Private Placement
PrivatePlacement
50000000 USD
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7692308 shares
CY2012Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1000000 shares
CY2014Q1 irdm Line Of Credit Facility Minimum Cash Reserve Required Prior To Execution Of Supplemental Agreement
LineOfCreditFacilityMinimumCashReserveRequiredPriorToExecutionOfSupplementalAgreement
94500000 USD
CY2014Q2 irdm Line Of Credit Facility Minimum Cash Reserve Required Prior To Execution Of Supplemental Agreement
LineOfCreditFacilityMinimumCashReserveRequiredPriorToExecutionOfSupplementalAgreement
83500000 USD
CY2012Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5364000 USD
us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
18001000 USD
us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
24541000 USD
irdm Line Of Credit Facility Cash Interest Payments During Period
LineOfCreditFacilityCashInterestPaymentsDuringPeriod
5096000 USD
irdm Line Of Credit Facility Cash Interest Payments During Period
LineOfCreditFacilityCashInterestPaymentsDuringPeriod
7271000 USD
CY2013Q2 us-gaap Interest Payable Current
InterestPayableCurrent
6602000 USD
CY2012Q4 irdm Interest Payable Current Cash
InterestPayableCurrentCash
1630000 USD
CY2013Q4 irdm Interest Payable Current Cash
InterestPayableCurrentCash
2435000 USD
CY2013Q2 irdm Interest Payable Current Cash
InterestPayableCurrentCash
2034000 USD
CY2014Q2 irdm Interest Payable Current Cash
InterestPayableCurrentCash
2663000 USD
irdm Interest Expense Cash
InterestExpenseCash
5500000 USD
irdm Interest Expense Cash
InterestExpenseCash
7499000 USD
irdm Line Of Credit Facility Interest Payments During Period
LineOfCreditFacilityInterestPaymentsDuringPeriod
16763000 USD
irdm Line Of Credit Facility Interest Payments During Period
LineOfCreditFacilityInterestPaymentsDuringPeriod
23813000 USD
CY2012Q4 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
3734000 USD
CY2013Q4 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
5543000 USD
CY2013Q2 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
4568000 USD
CY2014Q2 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
6043000 USD
irdm Interest Expense Deemed Loan
InterestExpenseDeemedLoan
12501000 USD
irdm Interest Expense Deemed Loan
InterestExpenseDeemedLoan
17042000 USD
irdm Line Of Credit Facility Deemed Loan Interest Payments During Period
LineOfCreditFacilityDeemedLoanInterestPaymentsDuringPeriod
11667000 USD
irdm Line Of Credit Facility Deemed Loan Interest Payments During Period
LineOfCreditFacilityDeemedLoanInterestPaymentsDuringPeriod
16542000 USD
us-gaap Interest Expense
InterestExpense
24500000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
12500000 USD
CY2014Q2 irdm Common Stock Purchase Price Per Share
CommonStockPurchasePricePerShare
6.50
irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
0 shares
irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
4000 shares
CY2013Q2 irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
0 shares
CY2014Q2 irdm Dilutive Effect Of Stock Options
DilutiveEffectOfStockOptions
9000 shares
CY2014Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49900000 USD
CY2014Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
100000 USD
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
0 USD
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
11009000 USD
irdm Line Of Credit Facility Delay Of Contributions To Debt Service Reserve Account Description
LineOfCreditFacilityDelayOfContributionsToDebtServiceReserveAccountDescription
The Supplemental Agreement delays $22 million of the Companys 2014 contributions, $22 million of the Companys 2015 contributions and $32 million of the Companys expected 2016 contributions, for a total of $76 million
irdm Line Of Credit Facility Commitment Fee Paid Amount
LineOfCreditFacilityCommitmentFeePaidAmount
3200000 USD

Files In Submission

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