2014 Q4 Form 10-Q Financial Statement

#000114420414063786 Filed on October 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $100.5M $107.5M $102.5M
YoY Change 2.35% 6.88% 8.28%
Cost Of Revenue $26.90M $16.37M $16.73M
YoY Change -5.28% 10.8% 17.77%
Gross Profit $73.60M $91.12M $85.79M
YoY Change 5.44% 6.21% 6.6%
Gross Profit Margin 73.23% 84.77% 83.68%
Selling, General & Admin $22.70M $18.28M $18.49M
YoY Change 12.38% -0.07% 0.51%
% of Gross Profit 30.84% 20.06% 21.56%
Research & Development $5.900M $4.910M $4.645M
YoY Change 28.26% 57.12% 166.8%
% of Gross Profit 8.02% 5.39% 5.41%
Depreciation & Amortization $72.80M $19.68M $19.67M
YoY Change -2.93% 1.55% 5.78%
% of Gross Profit 98.91% 21.59% 22.93%
Operating Expenses $41.80M $74.48M $72.81M
YoY Change -4.13% 4.73% 10.59%
Operating Profit $31.84M $33.01M $29.71M
YoY Change 21.27% 12.09% 3.0%
Interest Expense $1.000M $12.80M $12.50M
YoY Change 150.0% 2033.33% 1983.33%
% of Operating Profit 3.14% 38.77% 42.07%
Other Income/Expense, Net -$1.200M -$557.0K -$4.524M
YoY Change -115.58% -77.08% 101.25%
Pretax Income $31.70M $32.46M $25.19M
YoY Change -7.85% 20.11% -5.3%
Income Tax $8.600M $12.07M $10.17M
% Of Pretax Income 27.13% 37.18% 40.37%
Net Earnings $23.04M $20.39M $15.02M
YoY Change 47.83% 22.93% -2.56%
Net Earnings / Revenue 22.92% 18.97% 14.65%
Basic Earnings Per Share $0.20 $0.18 $0.14
Diluted Earnings Per Share $0.19 $0.17 $0.14
COMMON SHARES
Basic Shares Outstanding 93.74M shares 94.05M 86.79M shares
Diluted Shares Outstanding 121.5M 95.65M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $472.4M $523.1M $500.5M
YoY Change 79.63% 93.5% 81.54%
Cash & Equivalents $211.2M $307.1M $88.60M
Short-Term Investments $280.1M $216.0M $202.3M
Other Short-Term Assets $21.60M $25.70M $16.50M
YoY Change -3.14% 77.24% 10.0%
Inventory $28.43M $29.35M $28.80M
Prepaid Expenses
Receivables $50.67M $60.28M $70.30M
Other Receivables $0.00 $0.00 $300.0K
Total Short-Term Assets $573.1M $638.4M $616.4M
YoY Change 55.08% 68.68% 63.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.972B $1.690B $1.655B
YoY Change 25.15% 16.43% 23.0%
Goodwill $87.04M $87.04M
YoY Change 0.0% 0.0%
Intangibles $47.42M $47.67M
YoY Change -17.47% -21.49%
Long-Term Investments
YoY Change
Other Assets $7.726M $8.552M $221.0M
YoY Change -13.28% 10.95% 9.41%
Total Long-Term Assets $2.337B $2.047B $2.014B
YoY Change 20.43% 12.8% 18.56%
TOTAL ASSETS
Total Short-Term Assets $573.1M $638.4M $616.4M
Total Long-Term Assets $2.337B $2.047B $2.014B
Total Assets $2.910B $2.686B $2.630B
YoY Change 25.97% 22.44% 26.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.68M $11.22M $15.90M
YoY Change 36.67% 22.59% 6.71%
Accrued Expenses $38.42M $63.20M $46.10M
YoY Change -18.6% 11.07% 9.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $102.4M $112.5M $102.3M
YoY Change 0.84% 2.05% 1.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.291B $1.090B $1.084B
YoY Change 24.27% 16.36% 27.04%
Other Long-Term Liabilities $3.284M $16.88M $33.70M
YoY Change -2.98% -17.4% 63.58%
Total Long-Term Liabilities $3.284M $16.88M $1.118B
YoY Change -2.98% -17.4% 5327.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.4M $112.5M $102.3M
Total Long-Term Liabilities $3.284M $16.88M $1.118B
Total Liabilities $1.678B $1.476B $1.439B
YoY Change 22.44% 16.35% 23.35%
SHAREHOLDERS EQUITY
Retained Earnings $201.5M $182.3M
YoY Change 45.14% 45.88%
Common Stock $94.00K $94.00K
YoY Change 22.08% 22.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.232B $1.210B $1.191B
YoY Change
Total Liabilities & Shareholders Equity $2.910B $2.686B $2.630B
YoY Change 25.97% 22.44% 26.79%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $23.04M $20.39M $15.02M
YoY Change 47.83% 22.93% -2.56%
Depreciation, Depletion And Amortization $72.80M $19.68M $19.67M
YoY Change -2.93% 1.55% 5.78%
Cash From Operating Activities $61.60M $62.10M $48.70M
YoY Change 59.17% 41.14% 12.99%
INVESTING ACTIVITIES
Capital Expenditures -$296.2M -$36.80M -$49.60M
YoY Change 111.42% -67.05% -62.57%
Acquisitions
YoY Change
Other Investing Activities -$45.20M -$52.30M -$93.60M
YoY Change 1229.41% -1050.91% 637.01%
Cash From Investing Activities -$341.4M -$89.10M -$143.1M
YoY Change 137.91% -16.1% -1.45%
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 186.4M -2.200M 246.3M
YoY Change 98.09% -103.53% 162.86%
NET CHANGE
Cash From Operating Activities 61.60M 62.10M 48.70M
Cash From Investing Activities -341.4M -89.10M -143.1M
Cash From Financing Activities 186.4M -2.200M 246.3M
Net Change In Cash -93.40M -29.20M 151.9M
YoY Change 772.9% -29300.0% -1908.33%
FREE CASH FLOW
Cash From Operating Activities $61.60M $62.10M $48.70M
Capital Expenditures -$296.2M -$36.80M -$49.60M
Free Cash Flow $357.8M $98.90M $98.30M
YoY Change 100.11% -36.48% -44.02%

Facts In Submission

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us-gaap Contracts Revenue
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us-gaap Contracts Revenue
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us-gaap Cost Of Goods Sold
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us-gaap Cost Of Goods Sold
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us-gaap Research And Development Expense
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6525000 USD
us-gaap Research And Development Expense
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11676000 USD
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4910000 USD
us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2013Q3 us-gaap Selling General And Administrative Expense
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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19677000 USD
us-gaap Operating Expenses
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us-gaap Line Of Credit Facility Commitment Fee Amount
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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NetIncomeLoss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
153335000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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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
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
184503000 USD
us-gaap Proceeds From Lines Of Credit
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us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
11704000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5043000 USD
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
26982000 USD
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
15872000 USD
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
0 USD
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
4000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
619000 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
220000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
5250000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
8109000 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
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
140582000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
252370000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-57421000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
120779000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
254418000 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
196997000 USD
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-138000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8820000 USD
irdm Interest Capitalized But Not Paid
InterestCapitalizedButNotPaid
16912000 USD
irdm Interest Capitalized But Not Paid
InterestCapitalizedButNotPaid
21490000 USD
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
8294000 USD
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
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irdm Capitalized Paidinkind Interest
CapitalizedPaidinkindInterest
11667000 USD
irdm Capitalized Paidinkind Interest
CapitalizedPaidinkindInterest
16542000 USD
irdm Stock Based Compensation Capitalized
StockBasedCompensationCapitalized
996000 USD
irdm Stock Based Compensation Capitalized
StockBasedCompensationCapitalized
867000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
93741773 shares
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2200000 USD
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1300000 USD
CY2013Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
76663000 USD
CY2013 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
45000 USD
us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
138000 USD
CY2013 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
61000 USD
us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
179000 USD
CY2013Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
76647000 USD
CY2014Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Period Increase Decrease
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease
900000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.33 pure
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.33 pure
CY2014Q2 irdm Line Of Credit Facility Minimum Cash Reserve Required After To Execution Of Supplemental Agreement
LineOfCreditFacilityMinimumCashReserveRequiredAfterToExecutionOfSupplementalAgreement
83500000 USD

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