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 7, 2025, there were 130 holders of record of our common stock.
Dividends
Stockholders are entitled to receive, when and if declared by our Board of Directors from time to time, dividends and other distributions in cash, stock or property from our assets or funds legally and contractually available for such purposes. In February 2024, our Board of Directors approved a dividend of $0.13 per share of common stock, which was paid on March 29 to stockholders of record as of March 15. In May 2024, August 2024 and December 2024, our Board of Directors approved dividends of $0.14 per share of common stock, which were paid on June 28, September 30 and December 31, 2024 to stockholders of record as of June 14, September 13 and December 16, 2024, respectively. We made total dividend payments of $ 64.7 million during 2024. Our liability related to dividends on common stock was $ 2.5 million and $ 1.3 million as of December 31, 2024 and 2023, respectively.
We currently expect that comparable cash dividends will continue to be paid in the future, although future dividends will depend on our earnings, capital requirements, financial conditions and other factors considered relevant by the Board. The Board of Directors plans to increase the quarterly dividend to $0.15 per share starting with the third quarter 2025 dividend.
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Stock Price Performance Graph
The graph below compares the cumulative total return of our common stock from December 31, 2019 through December 31, 2024, 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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Issuer Purchases of Equity Securities
The following table presents our monthly share repurchases for the quarter ended December 31, 2024:
Period (a)
Total number of shares purchased (b)
Average price paid per share (c)
Total number of shares purchased as part of publicly announced plans or programs (d)
Maximum dollar value of shares that may yet be purchased under the plans or programs
October 1-31 1,756,195 $29.98 1,756,195 $499.6 million
November 1-30 1,594,591 $29.16 1,594,591 $453.1 million
December 1-31 763,884 $29.85 763,884 $430.3 million
Total 4,114,670 $29.65 4,114,670 $430.3 million
In July 2023, our board of directors authorized a share repurchase program of up to $400.0 million through December 31, 2025, and in September 2024, our board of directors authorized an additional share repurchase program of up to $500.0 million through December 31, 2027. Since initiating share repurchases in February 2021, our board has authorized the repurchase of an aggregate $1,500.0 million of our common stock, including the programs referenced above. All shares included in the table above were purchased under this authorization in open market transactions. Amounts reported in the table above do not include commissions incurred or excise taxes payable in connection with the repurchases.
Item 6. [Reserved].