Iridium Communications (IRDM) Q3 FY2023 earnings: revenue $198 million, up 7.4% on the year

Iridium Communications Inc. (IRDM) reported revenue of $198 million for Q3 FY2023, the quarter ended 30 September 2023, up 7.4% on the same quarter a year earlier. Net income was -$2 million, and diluted earnings per share $-0.01. The figures are the company's own, from the 10-Q it filed with the SEC on 19 October 2023.

Revenue$198 millionup 7.4%

Net income-$2 million

Diluted EPS$-0.01

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	198	n/a	n/a	n/a
Research and development	5.0	n/a	n/a	n/a
Selling, general and administrative	33.4	n/a	n/a	n/a
Operating income	28.2	n/a	n/a	n/a
Operating margin	14.2%	n/a	n/a
Pre-tax income	-6.2	n/a	n/a	n/a
Income tax	-6.0	n/a	n/a	n/a
Net income	-1.6	n/a	n/a	n/a
Net margin	-0.8%	n/a	n/a
Diluted EPS	-$0.01	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	71.1	n/a	n/a	n/a
Capital expenditure	12.0	n/a	n/a	n/a
Free cash flow	59.1	n/a	n/a	n/a
Free cash flow margin	29.9%	n/a	n/a
Cash from investing	-12.0	n/a	n/a	n/a
Cash from financing	-93.4	n/a	n/a	n/a
Depreciation and amortisation	76.8	n/a	n/a	n/a
Share-based compensation	15.9	n/a	n/a	n/a
Buybacks	75.4	n/a	n/a	n/a
Dividends paid	16.1	n/a	n/a	n/a
Dividend per share	$0.13	n/a	n/a	n/a
Diluted shares, weighted	125m	n/a	n/a	n/a
Shares outstanding at period end	124m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	925	n/a	n/a	n/a
Debt	1,482	n/a	n/a	n/a
Other liabilities	299	n/a	n/a	n/a
Total liabilities and equity	2,706	n/a	n/a	n/a
Fixed assets	2,229	n/a	n/a	n/a
Intangible assets	41.4	n/a	n/a	n/a
Cash and equivalents	67.9	n/a	n/a	n/a
Receivables	101	n/a	n/a	n/a
Inventory	71.1	n/a	n/a	n/a
Other assets	195	n/a	n/a	n/a
Total assets	2,706	n/a	n/a	n/a

Questions

What was Iridium Communications' revenue in Q3 FY2023?

Iridium Communications (IRDM) reported revenue of $198 million for Q3 FY2023, the quarter ended 30 September 2023, up 7.4% on the same quarter a year earlier.

How much did Iridium Communications earn in Q3 FY2023?

Net loss for Q3 FY2023 was $2 million, and the diluted loss per share $0.01.

When did Iridium Communications report Q3 FY2023 results?

Iridium Communications filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 19 October 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	198	195	204	201	213	213	215	217	227	213	219	225
R&D	5.0	5.7	7.2	6.5	6.2	8.5	5.4	4.3	4.9	5.1	6.2	5.5
SG&A	33.4	34.3	36.8	46.7	44.0	40.7	35.8	44.6	35.5	41.8	45.8	67.0
Operating income	28.2	46.3	49.8	43.6	54.9	52.1	60.4	50.3	70.1	55.2	50.7	34.0
Operating margin	14%	24%	24%	22%	26%	24%	28%	23%	31%	26%	23%	15%
Pre-tax income	-6.2	30.2	29.2	19.2	30.9	30.5	36.9	26.6	47.9	33.4	31.2	14.3
Tax rate	n/a	-32%	27%	24%	19%	-20%	16%	14%	21%	24%	28%	22%
Net income	-1.6	38.0	19.7	32.3	24.4	36.3	30.4	22.0	37.1	24.9	21.6	9.7
Net margin	-1%	20%	10%	16%	11%	17%	14%	10%	16%	12%	10%	4%
Diluted EPS	-$0.01	$0.29	$0.16	$0.27	$0.21	$0.30	$0.27	$0.20	$0.35	$0.24	$0.20	$0.09
Operating cash flow	71.1	87.8	71.4	81.1	119	105	61.1	130	101	109	71.6	114
Capital expenditure	12.0	16.2	14.6	12.4	18.6	24.3	24.5	20.7	21.5	33.5	30.0	21.8
Free cash flow	59.1	71.6	56.9	68.7	100	80.5	36.5	109	79.2	75.1	41.7	92.3
Buybacks	75.4	51.9	57.2	97.6	130	123	70.5	65.6	50.4	-0.0	0.0	0.0
Dividends paid	16.1	16.0	16.1	32.8	49.1	-33.2	15.7	30.8	46.9	-30.5	16.5	16.2
Shares outstanding	124m	123m	121m	118m	114m	110m	108m	106m	105m	105m	106m	106m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 19 October 2023, accession 0001418819-23-000033: the filing on EDGAR. All of Iridium Communications Inc.'s filings: EDGAR company page.

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