IRDM FY 2011 Earnings Report — Iridium Communications Inc. Revenue & Financial Results | Market Cap Arena

Iridium Communications Inc.IRDM

FY 2011 Earnings

Reported March 6, 2012

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$384M	—	$348M	—	10.4%
Op. Income	$80M	—	$37M	—	114.1%
Gross Margin	42.8%	—	35.4%	—	7.4pp
Net Margin	10.3%	—	6.5%	—	3.8pp
EPS (Diluted)	$0.56	—	$0.27	—	107.4%
Free Cash Flow	-$176M	—	-$86M	—	-104.6%

Revenue Flow

Item	Amount
REVENUE	$384M
Cost of Revenue	$220M
GROSS PROFIT	$164M
R&D Expenses	$19M
Selling & Marketing	$66M
General & Administrative	$0
SG&A Expenses	$66M
Other Expenses	$0
Operating Expenses	$84M
Cost & Expenses	$304M
OPERATING INCOME	$80M
Interest Income	$1M
Interest Expense	$42.0K
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$65M
Income Tax Expense	$25M
Net Income from Continuing Ops	$40M
Net Income from Discontinued Ops	$0
Other Adjustments	-$29.0K
NET INCOME	$40M
Net Income Deductions	-$29.0K
BOTTOM LINE NET INCOME	$41M
D&A	$98M
EBIT	$65M
EBITDA	$159M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$384M
Cost of Revenue	$220M
GROSS PROFIT	$164M
R&D Expenses	$19M
Selling & Marketing	$66M
General & Administrative	$0
SG&A Expenses	$66M
Other Expenses	$0
Operating Expenses	$84M
Cost & Expenses	$304M
OPERATING INCOME	$80M
Interest Income	$1M
Interest Expense	$42.0K
Other Income/Expenses	-$15M
INCOME BEFORE TAX	$65M
Income Tax Expense	$25M
Net Income from Continuing Ops	$40M
Net Income from Discontinued Ops	$0
Other Adjustments	-$29.0K
NET INCOME	$40M
Net Income Deductions	-$29.0K
BOTTOM LINE NET INCOME	$41M
D&A	$98M
EBIT	$65M
EBITDA	$159M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$40M
Depreciation & Amortization	$98M
Stock-Based Compensation	$6M
Deferred Income Tax	$23M
Other Non-Cash Items	-$13.0K
Change in Working Capital	$17M
OPERATING CASH FLOW	$183M
Capital Expenditure	-$359M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$67.0K
NET CASH FROM INVESTING	-$359M
Net Debt Issuance	$253M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$60M
NET CASH FROM FINANCING	$192M
FREE CASH FLOW	-$176M
Net Change in Cash	$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$136M
Short-Term Investments	$0
Net Receivables	$62M
Inventory	$15M
Other Current Assets	$14M
TOTAL CURRENT ASSETS	$227M
PP&E (Net)	$843M
Goodwill	$87M
Intangible Assets	$84M
Long-Term Investments	$27M
Tax Assets	$0
Other Non-Current Assets	$106M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.4B
Account Payables	$25M
Short-Term Debt	$6M
Deferred Revenue	$35M
Other Current Liabilities	$65M
TOTAL CURRENT LIABILITIES	$96M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$127M
Other Non-Current Liabilities	$33M
TOTAL NON-CURRENT LIABILITIES	$577M
TOTAL LIABILITIES	$673M
Common Stock	$73.0K
Additional Paid-In Capital	$682M
Retained Earnings	$20M
Treasury Stock	$0
Accum. Other Comp. Income	-$225.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$701M
Minority Interest	$0
TOTAL EQUITY	$701M
TOTAL LIABILITIES & EQUITY	$1.4B
Total Debt	$423M
Net Debt	$287M