Company: IRDM
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001628280-25-035835
Chunk: 62

Company: Iridium Communications Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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 due during 2025, did not change materially from the end of 2024.

Our only material long-term cash requirement is the repayment of the remaining principal amount under the Term Loan upon its maturity in 2030, which is expected to be $1,702.8 million, and repayment of any outstanding Revolving Facility in 2028, which is currently $50.0 million. We expect to refinance the Term Loan at or prior to maturity.

Dividends

Total dividends paid during the six months ended June 30, 2025 and June 30, 2024 were $30.8 million and $32.8 million, respectively. While we expect to continue regular cash dividends, 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. The Board of Directors has increased the quarterly dividend to $0.15 per share starting with the third quarter 2025 dividend. 

Cash Flows

The following table summarizes our cash flows:

 Six Months Ended June 30,  20252024Change (In thousands)Cash provided by operating activities$190,696 $152,540 $38,156 Cash used in investing activities$(45,256)$(137,719)$92,463 Cash used in financing activities$(162,608)$(22,845)$(139,763)

Cash Flows Provided by Operating Activities

Net cash provided by operating activities for the six months ended June 30, 2025 increased by $38.2 million from the prior year period. Working capital increased by approximately $21.9 million, primarily due to higher cash inflows associated with timing of customer and vendor payments, offset in part by recognition of deferred revenue. These changes were also due to increased net income and a decrease in non-cash income from equity method investments as the prior year included a gain on the acquisition of Satelles.

Cash Flows Used in Investing Activities

Net cash used in investing activities for the six months ended June 30, 2025 decreased by $92.5 million as compared to the prior year period, primarily as a result of the Satelles acquisition during the prior year period.

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Cash Flows Used in Financing Activities

Net cash used in financing activities for the six months ended June 30, 2025 increased by $139.8 million