Iridium Communications Inc
For the period ended Sep 30, 2024. Filed Oct 17, 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.
Sep 30, 2024 · Filed Oct 17, 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 Cash Flows
(In thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $76,435 | $(22,608) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income taxes | 14,676 | (20,753) |
| Depreciation and amortization | 151,680 | 267,213 |
| Stock-based compensation (net of amounts capitalized) | 51,026 | 45,502 |
| Amortization of deferred financing fees | 1,826 | 3,142 |
| (Gain) loss on equity method investments | (15,664) | 4,321 |
| All other items, net | 688 | 384 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (3,724) | (18,675) |
| Inventory | 8,758 | (30,979) |
| Prepaid expenses and other current assets | 115 | 1,869 |
| Other assets | 11,036 | 2,449 |
| Accounts payable | (26,760) | (9,147) |
| Accrued expenses and other current liabilities | (2,344) | 9,371 |
| Deferred revenue | 3,697 | (3,122) |
| Other long-term liabilities | (279) | (1,861) |
| Net cash provided by operating activities | 271,166 | 227,106 |
| Cash flows from investing activities: | ||
| Capital expenditures | (45,622) | (57,285) |
| Acquisition of Satelles, Inc., net of cash acquired | (110,713) | — |
| Investment in Satelles, Inc. | — | (10,000) |
| Net cash used in investing activities | (156,335) | (67,285) |
| Cash flows from financing activities: | ||
| Borrowings under the Term Loan, net of issuance costs | 419,783 | 63,940 |
| Payments on the Term Loan | (109,629) | (72,315) |
| Borrowings under the Revolving Credit Facility | 50,000 | — |
| Payments on the Revolving Credit Facility | (50,000) | — |
| Repurchases of common stock | (284,603) | (195,139) |
| Payment of deferred financing fees | (345) | (1,164) |
| Proceeds from exercise of stock options | 2,872 | 3,750 |
| Tax payment upon settlement of stock awards | (5,130) | (8,644) |
| Payment of common stock dividends | (49,103) | (48,799) |
| Net cash used in financing activities | (26,155) | (258,371) |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (958) | (2,343) |
| Net increase (decrease) in cash and cash equivalents, and restricted cash | 87,718 | (100,893) |
| Cash, cash equivalents, and restricted cash, beginning of period | 71,870 | 168,770 |
| Cash, cash equivalents, and restricted cash, end of period | $159,588 | $67,877 |
| Supplemental cash flow information: | ||
| Interest paid, net of amounts capitalized | $73,354 | $72,514 |
| Income taxes paid, net | $3,566 | $2,852 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Property and equipment received but not paid | $7,919 | $5,051 |
| Dividends accrued on common stock | $2,175 | $1,087 |
| Capitalized stock-based compensation | $3,536 | $5,259 |
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