Iridium Communications Inc
For the period ended Mar 31, 2024. Filed Apr 18, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 18, 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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Condensed Consolidated Statements of Operations and Comprehensive Income
(In thousands, except per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue: | ||
| Services | $148,577 | $139,349 |
| Subscriber equipment | 24,868 | 41,676 |
| Engineering and support services | 30,408 | 24,248 |
| Total revenue | 203,853 | 205,273 |
| Operating expenses: | ||
| Cost of services (exclusive of depreciation and amortization) | 46,449 | 36,605 |
| Cost of subscriber equipment | 13,880 | 27,139 |
| Research and development | 7,198 | 3,878 |
| Selling, general and administrative | 36,811 | 38,684 |
| Depreciation and amortization | 49,744 | 75,819 |
| Total operating expenses | 154,082 | 182,125 |
| Operating income | 49,771 | 23,148 |
| Other income (expense), net: | ||
| Interest expense, net | (20,663) | (17,890) |
| Other income, net | 43 | 219 |
| Total other expense, net | (20,620) | (17,671) |
| Income before income taxes and loss on equity method investments | 29,151 | 5,477 |
| Income tax benefit (expense) | (7,931) | 5,453 |
| Loss on equity method investments | (1,567) | (1,155) |
| Net income | $19,653 | $9,775 |
| Weighted average shares outstanding - basic | 123,151 | 127,058 |
| Weighted average shares outstanding - diluted | 123,993 | 128,738 |
| Net income per share - basic and diluted | $0.16 | $0.08 |
| Comprehensive income: | ||
| Net income | $19,653 | $9,775 |
| Foreign currency translation adjustments | (396) | 91 |
| Unrealized gain (loss) on cash flow hedges, net of tax (see Note 6) | 6,733 | (9,656) |
| Comprehensive income | $25,990 | $210 |
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