Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 138

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 138
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 In December 2022, the Company’s Board of Directors initiated a quarterly dividend. The Company paid dividends of $0.13 per share of common stock for each quarter of 2023 and for the first quarter of 2024. The Company paid dividends of $0.14 per share of common stock for each of the quarters ended June 30, September 30 and December 31, 2024. The dividends resulted in total payments of $64.7 million and $64.8 million during the years ended 2024 and 2023, respectively. The Company’s liability related to dividends on common stock was $2.5 million and $1.3 million as of December 31, 2024 and 2023, respectively. Share Repurchase ProgramSince February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,500.0 million of the Company’s common stock, including the most recent approval in September 2024 of $500.0 million through December 31, 2027. This time frame can be extended or shortened by the Board of Directors. Repurchases may be made from time to time on the open market at prevailing prices or in negotiated transactions off the market. The Company records share repurchases at cost, which includes broker commissions and related excise taxes. All shares are immediately retired upon repurchase in accordance with the board-approved policy. When treasury shares are retired, the Company’s policy is to allocate the excess of the repurchase price over the par value of shares acquired first, to additional paid-in capital, and then to retained earnings/accumulated deficit. The portion to be allocated to additional paid-in capital is calculated by applying a percentage, determined by dividing the number of shares to be retired by the number of shares outstanding, to the balance of additional paid-in capital as of the date of retirement.The Company repurchased and subsequently retired 14.0 million, 4.8 million and 6.8 million shares of its common stock during the years ended December 31, 2024, 2023 and 2022, respectively, for a total purchase price of $403.8 million, $244.6 million and $257.0 million, respectively, exclusive of $3.6 million and $1.4 million of excise taxes incurred in the year ended December 31, 2024 and 2023, respectively, with no such