Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Our common stock is currently listed on the Nasdaq Global Select Market under the symbol “IRDM.” As of February 5, 2021 there were 118 holders of record of our common stock.
Dividend Policy
We have not paid any dividends on our common stock to date.
Stock Price Performance Graph
The graph below compares the cumulative total return of our common stock from December 31, 2015 through December 31, 2020 with the comparable cumulative return of three indices, the S&P 500 Index, the Dow Jones Industrial Average Index and the Nasdaq Telecommunications Index. The graph plots the growth in value of an initial investment of $100 in each of our common stock, the S&P 500 Index, the Dow Jones Industrial Average Index and the Nasdaq Telecommunications Index over the indicated time periods. The stock price performance shown on the graph is not necessarily indicative of future price performance. The following stock price performance graph shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, nor shall this information be incorporated by reference into any future filing under the Securities Act or the Exchange Act or any other document, except to the extent that we specifically incorporate it by reference into such filing or document.
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Item 6. Selected Financial Data
Iridium Communications Inc.
The following selected historical financial data as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016 was derived from our audited financial statements. The selected financial data below should be read in conjunction with our financial statements and related notes, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Form 10-K. The selected financial data is historical data and is not necessarily indicative of our future results of operations.
Year Ended December 31,
Statement of Operations Data 2020 2019 2018 2017 2016
(In thousands, except per share amounts)
Revenue:
Services $ 463,095 $ 447,158 $ 406,757 $ 349,735 $ 334,822
Subscriber equipment 86,119 82,856 97,848 77,119 74,211
Engineering and support services 34,225 30,430 18,403 21,192 24,607
Total revenue $ 583,439 $ 560,444 $ 523,008 $ 448,046 $ 433,640
Total operating expenses (1)
$ 547,956 $ 550,324 $ 481,355 $ 346,759 $ 257,269
Operating income (2)
$ 35,483 $ 10,120 $ 41,653 $ 115,476 $ 176,371
Net income (loss) (3)
$ (56,054) $ (161,999) $ (13,384) $ 233,856 $ 111,032
Comprehensive income (loss) $ (66,367) $ (160,069) $ (18,385) $ 235,506 $ 114,649
Weighted average shares outstanding - basic 133,491 125,167 108,975 97,934 95,967
Weighted average shares outstanding - diluted 133,491 125,167 108,975 128,130 124,875
Net income (loss) per share - basic $ (0.42) $ (1.33) $ (0.22) $ 2.23 $ 1.00
Net income (loss) per share - diluted $ (0.42) $ (1.33) $ (0.22) $ 1.82 $ 0.89
December 31,
Balance Sheet Data 2020 2019 2018 2017 2016
(In thousands)
Total current assets $ 347,821 $ 342,935 $ 390,384 $ 411,072 $ 516,770
Total assets (1)(3)
$ 3,360,949 $ 3,623,557 $ 4,014,271 $ 3,782,051 $ 3,499,625
Total long-term liabilities (3)
$ 1,828,438 $ 2,050,524 $ 2,149,975 $ 1,971,356 $ 2,072,673
Total stockholders' equity $ 1,419,439 $ 1,459,282 $ 1,601,577 $ 1,596,469 $ 1,343,758
(1) Includes accelerated depreciation of $36.8 million in the fourth quarter of 2017 associated with the write-off of amounts previously paid to International Space Company Kosmotras (“Kosmotras”) which decreased operating income and total assets by that amount.
(2) Includes the impact of $14.2 million related to the gain on the transaction with Boeing, effective January 3, 2017.
(3) Includes the impact of $30.2 million and $111.7 million loss on extinguishment of debt in February 2020 and November 2019, respectively, and the impact of the Tax Cuts and Jobs Act of 2017, or the Tax Act, enacted in December 2017 on our deferred tax assets and liabilities.
Year Ended December 31,
Cash Flow Data 2020 2019 2018 2017 2016
(In thousands)
Cash provided by (used in):
Operating activities $ 249,767 $ 198,143 $ 263,709 $ 259,621 $ 225,199
Investing activities $ (46,470) $ (127,819) $ (378,912) $ (372,680) $ (242,360)
Financing activities $ (188,186) $ (313,280) $ 193,503 $ 16,866 $ 224,178
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