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.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $112,776 | $15,415 | $8,722 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Deferred income taxes | 6,560 | (31,828) | (1,189) |
| Depreciation and amortization | 203,127 | 320,000 | 303,484 |
| Loss on extinguishment of debt | — | — | 1,187 |
| Stock-based compensation (net of amounts capitalized) | 63,457 | 57,455 | 43,732 |
| Amortization of deferred financing fees | 2,523 | 3,739 | 4,602 |
| (Gain) loss on equity method investments | (15,251) | 6,089 | 1,496 |
| All other items, net | 715 | 732 | 638 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (6,366) | (9,538) | (18,712) |
| Inventory | 9,822 | (50,958) | (10,183) |
| Prepaid expenses and other current assets | (2,985) | (1,153) | (4,227) |
| Other assets | 5,543 | 3,019 | 3,441 |
| Accounts payable | (18,808) | 2,759 | 4,730 |
| Accrued expenses and other current liabilities | 9,790 | 4,899 | 5,929 |
| Deferred revenue | 6,845 | (2,961) | 4,871 |
| Other long-term liabilities | (1,793) | (2,756) | (3,792) |
| Net cash provided by operating activities | 375,955 | 314,913 | 344,729 |
| Cash flows from investing activities: | |||
| Capital expenditures | (69,890) | (73,487) | (71,267) |
| Investment in related parties | — | (10,000) | (50,000) |
| Acquisition of Satelles, Inc., net of cash acquired | (110,713) | — | — |
| Net cash used in investing activities | (180,603) | (83,487) | (121,267) |
| Cash flows from financing activities: | |||
| Borrowings under the Term Loan | 419,783 | 63,940 | — |
| Payments on the Term Loan | (114,194) | (72,315) | (116,500) |
| Repurchases of common stock | (407,725) | (247,019) | (257,059) |
| Payment of deferred financing fees | (345) | (1,162) | — |
| Proceeds from exercise of stock options | 3,441 | 3,958 | 3,872 |
| Tax payments upon settlement of stock awards | (6,702) | (9,680) | (5,293) |
| Payment of common stock dividends | (64,739) | (64,774) | — |
| Net cash used in financing activities | (170,481) | (327,052) | (374,980) |
| Effect of exchange rate changes on cash and cash equivalents | (3,215) | (1,274) | (625) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 21,656 | (96,900) | (152,143) |
| Cash, cash equivalents and restricted cash, beginning of period | 71,870 | 168,770 | 320,913 |
| Cash, cash equivalents and restricted cash, end of period | $93,526 | $71,870 | $168,770 |
Consolidated Statements of Cash Flows, continued
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental cash flow information: | |||
| Interest paid, net of amounts capitalized | $95,311 | $91,936 | $63,880 |
| Income taxes paid, net | $5,248 | $4,225 | $2,224 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Property and equipment received but not paid for yet | $13,169 | $7,070 | $5,697 |
| Capitalized stock-based compensation | $4,870 | $6,684 | $4,635 |
| Dividends accrued on common stock | $2,535 | $1,315 | $16,616 |
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