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Iridium Communications (IRDM)

Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A.

Company profile

Ticker
IRDM
Exchange
Website
CEO
Matthew Desch
Employees
Incorporated
Location
Fiscal year end
Former names
GHL Acquisition Corp.
SEC CIK
Subsidiaries
Iridium Blocker-B Inc. • Syncom-Iridium Holdings Corp. • Iridium Holdings LLC • Iridium Satellite LLC • Iridium Constellation LLC • Iridium Carrier Holdings LLC • Iridium Carrier Services LLC • Iridium Government Services LLC • Iridium Satellite SA LLC • Iridium Serviços de Satélites S.A. ...
IRS number
221344998

IRDM stock data

Calendar

19 Apr 22
29 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 232.02M 232.02M 232.02M 232.02M 232.02M 232.02M
Cash burn (monthly) 29.63M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 87.91M n/a n/a n/a n/a n/a
Cash remaining 144.1M n/a n/a n/a n/a n/a
Runway (months of cash) 4.9 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 22 Matthew J Desch Common Stock Payment of exercise Dispose F No No 37.09 3,343 123.99K 670,312
1 Jun 22 Thomas Fitzpatrick Common Stock Payment of exercise Dispose F No No 37.09 1,737 64.43K 150,950
1 Jun 22 Suzanne E. McBride Common Stock Payment of exercise Dispose F No No 37.09 1,622 60.16K 110,553
1 Jun 22 Bryan J. Hartin Common Stock Payment of exercise Dispose F No No 37.09 1,053 39.06K 80,740
1 Jun 22 Scott Scheimreif Common Stock Payment of exercise Dispose F No No 37.09 1,129 41.87K 120,495
93.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 298 301 -1.0%
Opened positions 39 41 -4.9%
Closed positions 42 41 +2.4%
Increased positions 91 104 -12.5%
Reduced positions 110 94 +17.0%
13F shares Current Prev Q Change
Total value 4.97B 5.4B -8.0%
Total shares 118.98M 126.77M -6.1%
Total puts 134.3K 247.6K -45.8%
Total calls 172.7K 290.9K -40.6%
Total put/call ratio 0.8 0.9 -8.6%
Largest owners Shares Value Change
BLK Blackrock 15.74M $634.64M +0.5%
Bamco 14.52M $585.55M +8.4%
Vanguard 12.17M $490.7M +0.3%
Baralonco 10.43M $419.6M -11.0%
Capital International Investors 7.72M $311.38M +0.4%
STT State Street 4.73M $190.84M +13.5%
IVZ Invesco 2.76M $111.16M +7.6%
Dimensional Fund Advisors 2.56M $103.22M +0.6%
Silver Heights Capital Management 2.48M $100.17M +2.3%
ARK Investment Management 2.35M $94.93M -76.8%
Largest transactions Shares Bought/sold Change
ARK Investment Management 2.35M -7.78M -76.8%
Nikko Asset Management Americas 1.77M -2.51M -58.7%
CMTDF Sumitomo Mitsui Trust 1.77M -2.51M -58.6%
Millennium Management 1.72M +1.59M +1245.1%
Baralonco 10.43M -1.29M -11.0%
Bamco 14.52M +1.12M +8.4%
Select Equity 2.17M +963.39K +79.7%
STT State Street 4.73M +564.37K +13.5%
D. E. Shaw & Co. 880.12K +539.17K +158.1%
GS Goldman Sachs 1.59M -527.75K -24.9%

Financial report summary

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Risks
  • Our satellites may experience operational problems, which could affect our ability to provide an acceptable level of service to our customers.
  • Our products could fail to perform or could perform at reduced levels of service because of technological malfunctions or deficiencies, regulatory compliance issues, or events outside of our control, which would seriously harm our business and reputation.
  • We do not maintain in-orbit satellite insurance for our satellites, as a result of which we may be subject to increased costs.
  • Our satellites have a limited life and may fail prematurely, which could cause our network to be compromised and materially and adversely affect our business, prospects and profitability, or cause us to incur additional expense to launch replacement satellites.
  • If operations at our commercial gateways or operations center were to be disrupted, we may experience interruptions in our ability to provide service to our customers.
  • Our customized hardware and software may be difficult and expensive to service, upgrade or replace.
  • Rapid and significant technological changes in the satellite communications industry may impair our competitive position and require us to make significant additional capital expenditures.
  • Our networks and those of our third-party service providers may be vulnerable to security risks.
  • Our satellites may collide with space debris or another spacecraft, which could adversely affect the performance of our constellation.
  • The space debris created by the February 2009 satellite collision may cause damage to other spacecraft positioned in a similar orbital altitude.
  • Our business has been negatively affected by the COVID-19 pandemic, actions taken to mitigate the pandemic, and economic disruptions that have resulted, but we are unable to predict the full extent or nature of these impacts at this time.
  • Aireon, our primary hosted payload customer, has been negatively affected by reduced air traffic as a result of the COVID-19 pandemic, which could reduce or eliminate the value of our agreements with, and ownership interest in, Aireon.
  • Our business plan depends on increased demand for mobile satellite services, among other factors.
  • Our agreements with U.S. government customers, particularly the Department of Defense, which represent a significant portion of our revenue, are subject to termination and renewal.
  • We depend on intellectual property licensed from third parties to operate our constellation and sell our devices and for the enhancement of our existing devices and services.
  • Our failure to effectively manage the expansion of our portfolio of products and services could impede our ability to execute our business plan, and we may experience increased costs or disruption in our operations.
  • We could lose market share and revenue as a result of increasing competition from companies in the wireless communications industry, including cellular and other satellite operators, and from the extension of land-based communications services.
  • We depend on third parties to market and sell our products and services, and their inability to do so effectively could impair our revenue and our reputation.
  • We rely on a limited number of key vendors for supply of equipment, components and services; the loss of any such supplier, or shortages experienced by such suppliers, could cause us to incur additional costs and delays in the production and delivery of our products, which could reduce the sales of those products and use of the related services.
  • Conducting and expanding our operations outside the United States creates numerous risks, which may harm our operations and compromise our ability to expand our international operations.
  • Pursuing strategic transactions may cause us to incur additional risks.
  • Spectrum values historically have been volatile, which could cause the value of our business to fluctuate.
  • We may be negatively affected by global economic conditions.
  • Our ability to operate our company effectively could be impaired if we lose members of our senior management team or key technical personnel.
  • We have a considerable amount of debt, which may limit our ability to fulfill our obligations and/or to obtain additional financing.
  • If we do not generate sufficient cash flows, we may be unable to repay our Term Loan when it matures.
  • The credit agreement governing our Term Loan contains cross-default or cross-acceleration provisions that may cause all of the debt issued under that instrument to become immediately due and payable because of a default under an unrelated debt instrument.
  • Adverse changes in our credit ratings or withdrawal of the ratings assigned to our debt securities by rating agencies may negatively affect us.
  • If we default under the Term Loan, the lenders may require immediate repayment in full of amounts borrowed or foreclose on our assets.
  • Certain provisions in the credit agreement governing our Term Loan limit our financial and operating flexibility.
  • The LIBOR calculation method may change, and LIBOR is expected to be phased out after June 2023.
  • The market price of our common stock may be volatile.
  • We may not pay dividends on our common stock in the foreseeable future.
  • Our business is subject to extensive government regulation, which mandates how we may operate our business and may increase our cost of providing services and slow our expansion into new markets.
  • Repurposing of satellite spectrum by adjacent operators of L-band spectrum for terrestrial services could interfere with our services.
  • If the FCC revokes, modifies or fails to renew our licenses, or fails to grant a new license or modification, our ability to operate will be harmed or eliminated.
  • As we and our distributors expand our offerings to include more consumer-oriented devices, we are more likely to be subject to product liability claims, recalls or litigation, which could adversely affect our business and financial performance.
  • The collection, storage, transmission, use and disclosure of user data and personal information could give rise to liabilities or additional costs as a result of laws, governmental regulations, and evolving views of personal privacy rights and information security standards.
  • We have been and may in the future become subject to claims that our devices or services violate the patent or intellectual property rights of others, which could be costly and disruptive to us.
  • We may be unable to offer one or more services in important regions of the world due to regulatory requirements, which could limit our growth.
  • Security and emergency services regulations in the U.S. and other countries may affect our ability to operate our system and to expand into new markets.
  • We may be unable to obtain and maintain contractually required liability insurance, and the insurance we obtain may not cover all liabilities to which we may become subject.
  • Wireless devices’ radio frequency emissions are the subject of regulation and litigation concerning their environmental effects, which includes alleged health and safety risks. As a result, we may be subject to new regulations, demand for our services may decrease, and we could face liability based on alleged health risks.
  • Our ability to use our net operating loss carryforwards to offset future taxable income may be subject to certain limitations.
  • We could be subject to adverse determinations by taxing authorities.
  • Changes in tax laws could increase our worldwide tax rate and materially affect our financial position and results of operations.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.

Content analysis

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