Iridium Communications Inc
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 13, 2025
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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Consolidated Statements of Operations and Comprehensive Income (Loss)
(In thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Revenue: | |||
| Services | $614,914 | $584,454 | $534,721 |
| Subscriber equipment | 91,416 | 105,136 | 134,714 |
| Engineering and support services | 124,352 | 101,133 | 51,599 |
| Total revenue | 830,682 | 790,723 | 721,034 |
| Operating expenses: | |||
| Cost of services (exclusive of depreciation and amortization) | 178,140 | 158,710 | 115,137 |
| Cost of subscriber equipment | 52,427 | 66,410 | 86,012 |
| Research and development | 28,422 | 20,269 | 16,218 |
| Selling, general and administrative | 168,182 | 143,706 | 123,504 |
| Depreciation and amortization | 203,127 | 320,000 | 303,484 |
| Total operating expenses | 630,298 | 709,095 | 644,355 |
| Operating income | 200,384 | 81,628 | 76,679 |
| Other income (expense): | |||
| Interest expense, net | (91,134) | (90,387) | (65,089) |
| Loss on extinguishment of debt | — | — | (1,187) |
| Other income, net | 534 | 4,012 | 107 |
| Total other expense | (90,600) | (86,375) | (66,169) |
| Income (loss) before income taxes and equity in net earnings of affiliates | 109,784 | (4,747) | 10,510 |
| Income tax (expense) benefit | (12,259) | 26,251 | (292) |
| Gain (loss) on equity method investments | 15,251 | (6,089) | (1,496) |
| Net income | 112,776 | 15,415 | 8,722 |
| Weighted average shares outstanding - basic | 118,566 | 125,598 | 128,255 |
| Weighted average shares outstanding - diluted | 119,792 | 127,215 | 130,134 |
| Net income attributable to common stockholders per share - basic | $0.95 | $0.12 | $0.07 |
| Net income (loss) attributable to common stockholders per share - diluted | $0.94 | $0.12 | $0.07 |
| Comprehensive income (loss): | |||
| Net income | $112,776 | $15,415 | $8,722 |
| Foreign currency translation adjustments | (3,143) | (58) | (53) |
| Unrealized (loss) gain on cash flow hedges, net of tax (see Note 7) | (12,493) | (17,598) | 58,668 |
| Comprehensive income (loss) | $97,140 | $(2,241) | $67,337 |
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