Iridium Communications Inc
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
IRDM$46.13+2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $15,415 | $8,722 | $(9,319) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Deferred income taxes | (31,828) | (1,189) | (21,314) |
| Depreciation and amortization | 320,000 | 303,484 | 305,431 |
| Loss on extinguishment of debt | — | 1,187 | 879 |
| Stock-based compensation (net of amounts capitalized) | 57,455 | 43,732 | 26,782 |
| Amortization of deferred financing fees | 3,739 | 4,602 | 4,201 |
| Loss on equity method investments | 6,089 | 1,496 | — |
| All other items, net | 732 | 638 | (160) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (9,538) | (18,712) | (1,823) |
| Inventory | (50,958) | (10,183) | 3,592 |
| Prepaid expenses and other current assets | (1,153) | (4,227) | (1,696) |
| Other assets | 3,019 | 3,441 | 3,911 |
| Accounts payable | 2,759 | 4,730 | (2,166) |
| Accrued expenses and other current liabilities | 4,899 | 5,929 | 7,170 |
| Deferred revenue | (2,961) | 4,871 | (7,531) |
| Other long-term liabilities | (2,756) | (3,792) | (5,083) |
| Net cash provided by operating activities | 314,913 | 344,729 | 302,874 |
| Cash flows from investing activities: | |||
| Capital expenditures | (73,487) | (71,267) | (42,147) |
| Investment in related parties | (10,000) | (50,000) | — |
| Purchases of other investments | — | — | (1,635) |
| Sales and maturities of marketable securities | — | — | 7,400 |
| Net cash used in investing activities | (83,487) | (121,267) | (36,382) |
| Cash flows from financing activities: | |||
| Borrowings under the Term Loan | 63,940 | — | 179,285 |
| Payments on the Term Loan | (72,315) | (116,500) | (195,785) |
| Repurchases of common stock | (247,019) | (257,059) | (163,442) |
| Payment of deferred financing fees | (1,162) | — | (4,052) |
| Proceeds from exercise of stock options | 3,958 | 3,872 | 7,443 |
| Tax payments upon settlement of stock awards | (9,680) | (5,293) | (5,918) |
| Payment of common stock dividends | (64,774) | — | — |
| Net cash used in financing activities | (327,052) | (374,980) | (182,469) |
| Effect of exchange rate changes on cash and cash equivalents | (1,274) | (625) | (288) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (96,900) | (152,143) | 83,735 |
| Cash, cash equivalents and restricted cash, beginning of period | 168,770 | 320,913 | 237,178 |
| Cash, cash equivalents and restricted cash, end of period | $71,870 | $168,770 | $320,913 |
Consolidated Statements of Cash Flows, continued
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental cash flow information: | |||
| Interest paid, net of amounts capitalized | $91,936 | $63,880 | $72,195 |
| Income taxes paid, net | $4,225 | $2,224 | $1,784 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Property and equipment received but not paid for yet | $7,070 | $5,697 | $8,225 |
| Capitalized stock-based compensation | $6,684 | $4,635 | $2,834 |
| Dividends accrued on common stock | $1,315 | $16,616 | $— |
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