Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 108

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 108
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inance this amount at or prior to maturity.

Dividends

On December 8, 2022, our Board of Directors initiated a quarterly dividend. For each quarter through March 2024, our Board of Directors declared and paid a quarterly cash dividend in the amount of $0.13 per share of common stock. Beginning in June 2024, the Board of Directors increased the quarterly cash dividend to $0.14 per share of common stock for each quarter through December 2024. Total dividends paid in 2024 were $64.7 million, while total dividends in 2023 were $64.8 million. While we expect to continue the regular cash dividend program, any future dividends declared will be at the discretion of our Board of Directors and will depend, among other factors, upon our results of operations, financial condition and cash requirements, as well as such other factors our Board of Directors deems relevant.

Cash Flows - Comparison of the Years Ended December 31, 2024 and 2023

The following table shows our consolidated cash flows:

Year Ended December 31,Statement of Cash Flows20242023Change(in thousands)Net cash provided by operating activities$375,955 $314,913 $61,042 Net cash used in investing activities$(180,603)$(83,487)$(97,116)Net cash used in financing activities$(170,481)$(327,052)$156,571 

Cash Flows from Operating Activities

Net cash provided by operating activities for the year ended December 31, 2024 increased $61.0 million from the prior year. Cash flows related to changes in working capital increased by approximately $58.7 million, primarily as a result of changes in inventory, offset by corresponding decreases in accounts payable and accrued expenses. In 2023, we replenished finished goods and component inventory, including last time buys. These changes were partially offset by net income, as adjusted for non-cash activities, which decreased by $2.4 million over the prior year. Net income in 2023 was adjusted for non-cash, positive adjustments, including depreciation expense associated with the write-off of the remaining spare satellite in the third quarter, and stock-based compensation expense. 

Cash Flows from Investing Activities

Net cash used in investing activities for the year ended December 31, 2024 increased $97.1 million from the prior year period primarily as a result of our acquisition of Satelles on April 1, 202