$IRDM
Iridium Communications Inc.

2015 Q4 Form 10-Q Financial Statement

#000156459015008813 Filed on October 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $106.4M $106.0M $107.5M
YoY Change 5.88% -1.36% 6.88%
Cost Of Revenue $26.40M $11.56M $16.37M
YoY Change -1.86% -29.4% 10.8%
Gross Profit $80.00M $94.48M $91.12M
YoY Change 8.7% 3.68% 6.21%
Gross Profit Margin 75.18% 89.1% 84.77%
Selling, General & Admin $24.60M $17.53M $18.28M
YoY Change 8.37% -4.07% -0.07%
% of Gross Profit 30.75% 18.56% 20.06%
Research & Development $4.100M $3.480M $4.910M
YoY Change -30.51% -29.12% 57.12%
% of Gross Profit 5.12% 3.68% 5.39%
Depreciation & Amortization $12.70M $12.93M $19.68M
YoY Change -82.55% -34.28% 1.55%
% of Gross Profit 15.88% 13.69% 21.59%
Operating Expenses $41.60M $59.50M $74.48M
YoY Change -0.48% -20.12% 4.73%
Operating Profit -$48.54M $46.54M $33.01M
YoY Change -252.45% 40.97% 12.09%
Interest Expense $800.0K $16.70M $12.80M
YoY Change -20.0% 30.47% 2033.33%
% of Operating Profit 35.88% 38.77%
Other Income/Expense, Net -$1.000M -$623.0K -$557.0K
YoY Change -16.67% 11.85% -77.08%
Pretax Income -$48.80M $45.92M $32.46M
YoY Change -253.94% 41.47% 20.11%
Income Tax $20.60M $16.37M $12.07M
% Of Pretax Income 35.65% 37.18%
Net Earnings -$69.43M $29.55M $20.39M
YoY Change -401.36% 44.92% 22.93%
Net Earnings / Revenue -65.24% 27.87% 18.97%
Basic Earnings Per Share -$0.77 $0.27 $0.18
Diluted Earnings Per Share -$0.77 $0.24 $0.17
COMMON SHARES
Basic Shares Outstanding 94.95M 95.32M 94.05M
Diluted Shares Outstanding 122.7M 121.5M

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $389.0M $512.6M $523.1M
YoY Change -17.65% -2.0% 93.5%
Cash & Equivalents $185.7M $290.7M $307.1M
Short-Term Investments $203.3M $223.9M $216.0M
Other Short-Term Assets $13.10M $26.80M $25.70M
YoY Change -39.35% 4.28% 77.24%
Inventory $27.93M $31.12M $29.35M
Prepaid Expenses
Receivables $51.67M $51.00M $60.28M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $481.7M $621.6M $638.4M
YoY Change -15.95% -2.64% 68.68%
LONG-TERM ASSETS
Property, Plant & Equipment $2.444B $2.230B $1.690B
YoY Change 23.92% 31.94% 16.43%
Goodwill $0.00 $87.04M $87.04M
YoY Change -100.0% 0.0% 0.0%
Intangibles $46.59M $46.79M $47.67M
YoY Change -1.74% -1.84% -21.49%
Long-Term Investments
YoY Change
Other Assets $8.188M $8.113M $8.552M
YoY Change 5.98% -5.13% 10.95%
Total Long-Term Assets $2.589B $2.593B $2.047B
YoY Change 10.82% 26.62% 12.8%
TOTAL ASSETS
Total Short-Term Assets $481.7M $621.6M $638.4M
Total Long-Term Assets $2.589B $2.593B $2.047B
Total Assets $3.071B $3.214B $2.686B
YoY Change 5.55% 19.67% 22.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.53M $34.25M $11.22M
YoY Change 78.34% 205.17% 22.59%
Accrued Expenses $29.40M $33.26M $63.20M
YoY Change -23.47% -47.38% 11.07%
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 $101.6M $112.1M $112.5M
YoY Change -0.72% -0.42% 2.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.389B $1.444B $1.090B
YoY Change 7.54% 32.54% 16.36%
Other Long-Term Liabilities $12.49M $22.54M $16.88M
YoY Change 280.39% 33.54% -17.4%
Total Long-Term Liabilities $12.49M $22.54M $16.88M
YoY Change 280.39% 33.54% -17.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.6M $112.1M $112.5M
Total Long-Term Liabilities $12.49M $22.54M $16.88M
Total Liabilities $1.842B $1.913B $1.476B
YoY Change 9.81% 29.61% 16.35%
SHAREHOLDERS EQUITY
Retained Earnings $193.2M $266.5M $182.3M
YoY Change -4.13% 46.16% 45.88%
Common Stock $1.045B $95.00K $94.00K
YoY Change 1111158.51% 1.06% 22.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.229B $1.301B $1.210B
YoY Change
Total Liabilities & Shareholders Equity $3.071B $3.214B $2.686B
YoY Change 5.55% 19.67% 22.44%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$69.43M $29.55M $20.39M
YoY Change -401.36% 44.92% 22.93%
Depreciation, Depletion And Amortization $12.70M $12.93M $19.68M
YoY Change -82.55% -34.28% 1.55%
Cash From Operating Activities $54.60M $70.20M $62.10M
YoY Change -11.36% 13.04% 41.14%
INVESTING ACTIVITIES
Capital Expenditures -$243.0M -$77.60M -$36.80M
YoY Change -17.96% 110.87% -67.05%
Acquisitions
YoY Change
Other Investing Activities $16.90M $56.00M -$52.30M
YoY Change -137.39% -207.07% -1050.91%
Cash From Investing Activities -$226.1M -$21.60M -$89.10M
YoY Change -33.77% -75.76% -16.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.40M 43.80M -2.200M
YoY Change -61.7% -2090.91% -103.53%
NET CHANGE
Cash From Operating Activities 54.60M 70.20M 62.10M
Cash From Investing Activities -226.1M -21.60M -89.10M
Cash From Financing Activities 71.40M 43.80M -2.200M
Net Change In Cash -100.1M 92.40M -29.20M
YoY Change 7.17% -416.44% -29300.0%
FREE CASH FLOW
Cash From Operating Activities $54.60M $70.20M $62.10M
Capital Expenditures -$243.0M -$77.60M -$36.80M
Free Cash Flow $297.6M $147.8M $98.90M
YoY Change -16.83% 49.44% -36.48%

Facts In Submission

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us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
185607000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
98897000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
130688000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
212178000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-213331000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-284926000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
152637000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
50336000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
9832000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5043000
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
2527000
irdm Cash Restricted For Debt Service Reserve Increases
CashRestrictedForDebtServiceReserveIncreases
15872000
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
0
irdm Cash Restricted For Debt Service Reserve Decreases
CashRestrictedForDebtServiceReserveDecreases
11009000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2074000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
619000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
829000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
220000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
742000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
252370000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-862000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
0
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
79433000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
120779000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
186342000
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
307121000
us-gaap Interest Paid
InterestPaid
8911000
us-gaap Interest Paid
InterestPaid
7271000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1819000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-138000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
30818000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8820000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
27640000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
21490000
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
6698000
irdm Capitalized Paid In Kind Interest
CapitalizedPaidInKindInterest
20282000
irdm Capitalized Paid In Kind Interest
CapitalizedPaidInKindInterest
16542000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
833000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
867000
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2920000
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3214162000
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2909681000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17534000
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18277000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-112000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-111000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86037000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122696000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
173712000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
45610000
irdm Capitalized Amortization Of Deferred Financing Costs
CapitalizedAmortizationOfDeferredFinancingCosts
13752000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
irdm Line Of Credit Facility Cash Interest Payments During Period
LineOfCreditFacilityCashInterestPaymentsDuringPeriod
7271000
CY2014Q3 irdm Interest Payable Current Cash
InterestPayableCurrentCash
6583000
CY2013Q4 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
5543000
irdm Line Of Credit Facility Deemed Loan Interest Payments During Period
LineOfCreditFacilityDeemedLoanInterestPaymentsDuringPeriod
16542000
CY2014Q3 irdm Interest Payable Current Deemed Loan
InterestPayableCurrentDeemedLoan
14907000
CY2013Q4 us-gaap Interest Payable Current
InterestPayableCurrent
7978000
us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
37325000
irdm Line Of Credit Facility Interest Payments During Period
LineOfCreditFacilityInterestPaymentsDuringPeriod
23813000
CY2015Q3 irdm Line Of Credit Facility Commitment Fee Payable
LineOfCreditFacilityCommitmentFeePayable
1600000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
29547000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
18000
CY2015Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
106000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2200000
CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Period Increase Decrease
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease
3100000
irdm Interest Expense Incurred Deemed Loan
InterestExpenseIncurredDeemedLoan
32827000
us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Period Increase Decrease
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease
9200000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P5Y
CY2015Q3 us-gaap Cash
Cash
182514000
CY2014Q4 us-gaap Cash
Cash
86792000
CY2015Q3 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2014Q3 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2015Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
221874000
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
The Company provides the first end-user purchaser of its subscriber equipment a warranty for one to five years from the date of purchase by such first end-user, depending on the product.
irdm Decrease In Warranty Provision
DecreaseInWarrantyProvision
6200000
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7381000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1140000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1938000
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4303000
CY2015Q3 irdm Amortization Expenses Decreased During Period
AmortizationExpensesDecreasedDuringPeriod
2800000
irdm Amortization Expenses Decreased During Period
AmortizationExpensesDecreasedDuringPeriod
9100000
CY2014Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1300000
CY2015Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
92000
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
261002000
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
450000
CY2014Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
316000
CY2015Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
184423000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
177011000
CY2015Q3 irdm Available For Sale Securities Debt Maturities After One Through Three Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsAmortizedCost
37451000
CY2014Q4 irdm Available For Sale Securities Debt Maturities After One Through Three Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsAmortizedCost
83991000
CY2015Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
184422000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
177145000
CY2015Q3 irdm Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
37466000
CY2014Q4 irdm Available For Sale Securities Debt Maturities After One Through Three Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughThreeYearsFairValue
83991000
CY2015Q3 irdm Minimum Required Cash Reserve Balance For Credit Facility
MinimumRequiredCashReserveBalanceForCreditFacility
91000000
CY2015Q3 us-gaap Interest Expense
InterestExpense
16700000
us-gaap Interest Expense
InterestExpense
47200000
CY2014Q4 irdm Interest Payable Current Cash
InterestPayableCurrentCash
2936000
irdm Interest Expense Incurred Cash
InterestExpenseIncurredCash
14416000
irdm Line Of Credit Facility Cash Interest Payments During Period
LineOfCreditFacilityCashInterestPaymentsDuringPeriod
8911000
CY2015Q3 irdm Interest Payable Current Cash
InterestPayableCurrentCash
8441000
CY2014Q4 irdm Interest Payable Long Term Deemed Loan
InterestPayableLongTermDeemedLoan
6653000
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1000000
irdm Line Of Credit Facility Deemed Loan Interest Payments During Period
LineOfCreditFacilityDeemedLoanInterestPaymentsDuringPeriod
20282000
CY2015Q3 irdm Interest Payable Long Term Deemed Loan
InterestPayableLongTermDeemedLoan
19198000
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
9589000
us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
47243000
us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
29193000
CY2015Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
27639000
CY2013Q4 irdm Interest Payable Current Cash
InterestPayableCurrentCash
2435000
irdm Interest Expense Incurred Cash
InterestExpenseIncurredCash
11419000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
37000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
50000
irdm Interest Expense Incurred Deemed Loan
InterestExpenseIncurredDeemedLoan
25906000
CY2014Q3 us-gaap Interest Payable Current
InterestPayableCurrent
21490000
CY2015Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
2300000
CY2015Q2 irdm Number Of New Board Member Elected
NumberOfNewBoardMemberElected
2
CY2009Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
500000
CY2015Q3 us-gaap Preferred Stock Share Subscriptions
PreferredStockShareSubscriptions
500000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
46700000

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