Iridium Communications (IRDM) 10-Q 18 Apr 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2024	Apr. 11, 2024	Dec. 31, 2023
Document Information [Line Items]
Entity Registrant Name	Iridium Communications Inc.
Entity Central Index Key	0001418819
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	IRDM
Entity Current Reporting Status	Yes
Document Quarterly Report	true
Document Type	10-Q
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Address, Address Line One	1750 Tysons Boulevard
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
Document Transition Report	false
City Area Code	703
Local Phone Number	703-287-7400
Entity File Number	001-33963
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.001 par value
Entity Common Stock, Shares Outstanding (in shares)		121,428,519
Entity Tax Identification Number	26-1344998
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ
Common Stock, Shares [Member]
Document Information [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 174,025	$ 71,870
Accounts receivable, net	93,025	91,715
Inventory	92,538	91,135
Prepaid expenses and other current assets	17,204	16,364
Total current assets	376,792	271,084
Property and equipment, net	2,158,250	2,195,758
Equity Method Investments	65,556	67,130
Other assets	94,383	86,708
Intangible assets, net	40,977	41,095
Total assets	2,735,958	2,661,775
Current liabilities:
Short-term secured debt	16,250	15,000
Accounts payable	22,554	28,671
Accrued expenses and other current liabilities	42,928	54,826
Deferred revenue	31,269	33,057
Total current liabilities	113,001	131,554
Long-term secured debt, net	1,587,507	1,467,490
Deferred income tax liabilities, net	123,767	114,642
Deferred revenue, net of current portion	42,434	43,965
Other long-term liabilities	15,564	16,025
Total liabilities	1,882,273	1,773,676
Commitments and contingencies
Stockholders’ equity:
Additional paid-in capital	1,069,638	1,089,466
Accumulated deficit	(256,319)	(235,397)
Accumulated other comprehensive income, net of tax	40,244	33,907
Total stockholders’ equity	853,685	888,099
Total liabilities and stockholders’ equity	2,735,958	2,661,775
Common Stock, Shares [Member]
Stockholders’ equity:
Common stock, $0.001 par value, 300,000 shares authorized, 121,643 and 122,776 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	$ 122	$ 123

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - Common Stock, Shares [Member] - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	121,643,000	122,776,000
Common stock, shares outstanding (in shares)	121,643,000	122,776,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 203,853	$ 205,273
Operating expenses:
Research and development	7,198	3,878
Selling, general and administrative	36,811	38,684
Depreciation and amortization	49,744	75,819
Total operating expenses	154,082	182,125
Operating income	49,771	23,148
Other income (expense), net:
Interest expense, net	(20,663)	(17,890)
Other income, net	43	219
Total other expense, net	(20,620)	(17,671)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	29,151	5,477
Income tax benefit (expense)	(7,931)	5,453
Loss on equity method investments	(1,567)	(1,155)
Net income	$ 19,653	$ 9,775
Weighted Average Number of Shares Outstanding, Basic	123,151	127,058
Weighted Average Number of Shares Outstanding, Diluted	123,993	128,738
Earnings Per Share, Basic and Diluted	$ 0.16	$ 0.08
Comprehensive income:
Net income	$ 19,653	$ 9,775
Foreign currency translation adjustments	(396)	91
Unrealized Gain on Cash Flow Hedging, net of tax	6,733	(9,656)
Comprehensive income	$ 25,990	$ 210
Earnings Per Share, Diluted	$ 0.16	$ 0.08
Services
Revenue:
Total revenue	$ 148,577	$ 139,349
Operating expenses:
Cost of Goods and Services Sold	46,449	36,605
Subscriber equipment
Revenue:
Total revenue	24,868	41,676
Operating expenses:
Cost of Goods and Services Sold	13,880	27,139
Engineering and support services
Revenue:
Total revenue	$ 30,408	$ 24,248

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock, Shares [Member]	Common Stock, Amount	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Beginning Balance (in shares) at Dec. 31, 2022		125,902
Stock options exercised and awards vested (in shares)		1,024
Stock withheld to cover employee taxes (in shares)		(114)
Repurchases and retirements of common stock (in shares)		(888)
Ending Balance (in shares) at Mar. 31, 2023		125,924
Beginning Balance at Dec. 31, 2022	$ 1,128,555		$ 126	$ 1,124,610	$ 51,563	$ (47,744)
Stock-based compensation	14,446			14,446
Stock options exercised and awards vested	2,744		1	2,743
Stock withheld to cover employee taxes	(7,029)			(7,029)
Repurchases and retirements of common stock	(53,123)		(1)	(7,971)		(45,151)
Dividends	213			213
Cumulative translation adjustment	91				91
Unrealized Gain on Cash Flow Hedging, net of tax	(9,656)				(9,656)
Net income	9,775					9,775
Ending Balance at Mar. 31, 2023	1,085,590		126	1,126,586	41,998	(83,120)
Beginning Balance (in shares) at Dec. 31, 2023		122,776
Stock options exercised and awards vested (in shares)		850
Stock withheld to cover employee taxes (in shares)		(134)
Repurchases and retirements of common stock (in shares)		(1,849)
Ending Balance (in shares) at Mar. 31, 2024		121,643
Beginning Balance at Dec. 31, 2023	888,099		123	1,089,466	33,907	(235,397)
Stock-based compensation	15,026			15,026
Stock options exercised and awards vested	2,078		1	2,077
Stock withheld to cover employee taxes	(3,986)			(3,986)
Repurchases and retirements of common stock	(57,240)		(2)	(16,663)		(40,575)
Dividends	16,282			16,282
Cumulative translation adjustment	(396)				(396)
Unrealized Gain on Cash Flow Hedging, net of tax	6,733				6,733
Net income	19,653					19,653
Ending Balance at Mar. 31, 2024	$ 853,685		$ 122	$ 1,069,638	$ 40,244	$ (256,319)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 19,653	$ 9,775
Deferred income taxes	6,785	(5,937)
Depreciation and amortization	49,744	75,819
Stock-based compensation (net of amounts capitalized)	14,000	12,766
Amortization of deferred financing fees	595	1,045
Loss on equity method investments	1,567	1,155
All other items, net	143	118
Accounts receivable	(1,425)	(18,359)
Inventory	(1,383)	2,630
Prepaid expenses and other current assets	(973)	1,211
Other assets	1,336	1,047
Accounts payable	(4,184)	1,170
Accrued expenses and other current liabilities	(10,669)	(8,532)
Deferred revenue	(3,164)	(3,992)
Other long-term liabilities	(599)	(974)
Net cash provided by operating activities	71,426	68,942
Cash flows from investing activities:
Capital expenditures	(14,564)	(22,905)
Payments to Acquire Equity Method Investments	0	(10,000)
Net cash used in investing activities	(14,564)	(32,905)
Cash flows from financing activities:
Borrowings under the Term Loan	124,844	0
Payments on the Term Loan	(4,063)	(4,125)
Repurchases of common stock	(57,240)	(53,123)
Payments of Debt Issuance Costs	(54)	0
Proceeds from exercise of stock options	2,078	2,744
Tax payment upon settlement of stock awards	3,986	7,029
Payments of Ordinary Dividends, Common Stock	(16,055)	(16,428)
Net cash provided by (used in) financing activities	45,524	(77,961)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(231)	(254)
Net increase (decrease) in cash and cash equivalents, and restricted cash	102,155	(42,178)
Cash, cash equivalents, and restricted cash, beginning of period	71,870	168,770
Cash, cash equivalents, and restricted cash, end of period	174,025	126,592
Supplemental cash flow information:
Interest paid, net of amounts capitalized	20,876	18,774
Income taxes paid, net	1,350	903
Supplemental disclosure of non-cash investing activities:
Property and equipment received but not paid	3,277	6,403
Dividends accrued on common stock	1,556	401
Capitalized stock-based compensation	$ 1,026	$ 1,680

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Iridium Communications Inc. (the “Company”) prepared its condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Company’s operations are primarily conducted through, and its operating assets are owned by, its principal operating subsidiary, Iridium Satellite LLC, Iridium Satellite LLC’s immediate parent, Iridium Holdings LLC, and their respective subsidiaries. The accompanying condensed consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned subsidiaries, and (iii) all less than wholly owned subsidiaries that the Company controls. All material intercompany transactions and balances have been eliminated. In the opinion of management, the condensed consolidated financial statements reflect all normal recurring adjustments that the Company considers necessary for the fair presentation of its results of operations and cash flows for the interim periods covered, and of the financial position of the Company at the date of the interim condensed consolidated balance sheet. The operating results for interim periods are not necessarily indicative of the operating results for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2023, as filed with the SEC on February 15, 2024.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Fair Value Measurements The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. The fair value hierarchy consists of the following tiers: • Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; • Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value estimates are based upon certain market assumptions and information available to the Company. The carrying values of the following financial instruments approximated their fair values as of March 31, 2024 and December 31, 2023: (1) cash and cash equivalents, (2) prepaid expenses and other current assets, (3) accounts receivable, (4) accounts payable, and (5) accrued expenses and other current liabilities. Fair values approximate their carrying values because of their short-term nature. The Level 2 cash equivalents include money market funds, commercial paper and short-term U.S. agency securities. The Company also classifies its derivative financial instruments as Level 2. In determining fair value of Level 2 assets, the Company uses a market approach utilizing valuation models that incorporate observable inputs such as interest rates, bond yields and quoted prices for similar assets. The Company did not hold any Level 3 assets as of March 31, 2024 or December 31, 2023. Leases For new leases, the Company will determine if an arrangement is or contains a lease at inception. Leases are included as (1) right-of-use (“ROU”) assets within other assets and (2) ROU liabilities within accrued expenses and other liabilities and are included within other long-term liabilities on the Company’s condensed consolidated balance sheets. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Certain leases contain variable contractual obligations as a result of future base rate escalations which are estimated based on observed trends and included within the measurement of present value. The Company’s leases do not provide an implicit rate. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as teleport network facilities, the Company elects the practical expedient to combine lease and non-lease components as a single lease component. Taxes assessed on leases in which the Company is either a lessor or lessee are excluded from contract consideration and variable payments when measuring new lease contracts or remeasuring existing lease contracts. Inventory Inventory consists primarily of finished goods and raw materials from third-party manufacturers. The Company outsources manufacturing of subscriber equipment to a third-party manufacturer and purchases accessories from third-party suppliers. The Company’s cost of inventory includes an allocation of overhead, including payroll and payroll-related costs of employees directly involved in bringing inventory to its existing condition, and freight. Inventories are valued using the average cost method and are carried at the lower of cost or net realizable value. The Company has a manufacturing agreement with Benchmark Electronics Inc. (“Benchmark”) to manufacture most of its subscriber equipment. Pursuant to the agreement, the Company may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the agreement. Benchmark will then repurchase such materials from the Company at the same price paid by the Company, as required for the production of the subscriber equipment. The following table summarizes the Company’s inventory balances: March 31, 2024 December 31, 2023 (In thousands) Finished goods $ 47,952 $ 48,698 Raw materials 45,410 43,599 Inventory valuation reserve (824) (1,162) Total $ 92,538 $ 91,135 Property and Equipment The Company assesses its long-lived assets for impairment when indicators of impairment are present. During the fourth quarter of 2023, the Company updated its estimate of the satellites’ remaining useful lives based on the health of the constellation and related engineering data. As a result, the estimated useful lives of the satellites were extended by five years, from 12.5 years to 17.5 years. This change will result in lower depreciation expense and hosted payload revenue for each of the first three quarters of 2024, compared to the corresponding quarter of the prior year. Derivative Financial Instruments The Company uses derivatives to manage its exposure to fluctuating interest rate risk on variable rate debt. Its derivatives are measured at fair value and are recorded on the condensed consolidated balance sheets within other assets and other current liabilities. When the Company’s derivatives are designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and subsequently recognized in earnings when the hedged items impact earnings. Any ineffective portion of a derivative’s change in fair value will be recognized in earnings in the same period in which the hedged interest payments affect earnings. Within the condensed consolidated statements of operations and comprehensive income, the gains and losses related to cash flow hedges are recognized within interest income (expense), net, as this is the same financial statement line item used for any gains or losses associated with the hedged items. Cash flows from hedging activities are included in operating activities within the Company’s condensed consolidated statements of cash flows, which is the same category as the item being hedged. See Note 6 for further information.

Cash and Cash Equivalents, Rest

Cash and Cash Equivalents, Restricted Cash and Marketable Securities	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents, Restricted Cash and Marketable Securities	Cash and Cash Equivalents Cash and Cash Equivalents The following table presents the Company’s cash and cash equivalents: March 31, 2024 December 31, 2023 Recurring Fair (In thousands) Cash and cash equivalents: Cash $ 11,513 $ 32,526 Money market funds 162,512 39,344 Level 2 Total cash and cash equivalents $ 174,025 $ 71,870

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Lessor, Operating Leases [Text Block]	Leases Lessor Arrangements Operating leases in which the Company is a lessor consist primarily of hosting agreements with Aireon LLC (“Aireon”) (see Note 12 ) and L3Harris Technologies, Inc. (“L3Harris”) for space on the Company’s satellites. These agreements provide for a fee that will be recognized over the estimated useful lives of the satellites, currently estimated to be approximately 17.5 years from their respective in-service dates. Lease income related to these agreements was $3.1 million and $5.4 million for the three months ended March 31, 2024 and 2023, respectively. The decrease for the quarter ended March 31, 2024 as compared to March 31, 2023 was solely the result of the change in estimated useful life of the satellites, which was made in the fourth quarter of 2023. Lease income is recorded as hosted payload and other data service revenue within service revenue on the Company’s condensed consolidated statements of operations and comprehensive income. Aireon has made payments to the Company pursuant to its hosting agreement, and the Company expects Aireon will continue to do so. L3Harris has prepaid all amounts owed to the Company pursuant to its hosting arrangement. The following table presents future income with respect to the Company’s operating leases in which it is the lessor existing at March 31, 2024, exclusive of the $3.1 million recognized during the three months ended March 31, 2024, by year and in the aggregate: Year Ending December 31, Amount (In thousands) 2024 $ 9,293 2025 12,391 2026 12,391 2027 12,391 2028 12,391 Thereafter 82,106 Total lease income $ 140,963

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan and Revolving Facility Pursuant to a credit agreement (as amended to date, the “Credit Agreement”), the Company previously entered into a term loan totaling $1,500.0 million (as so amended and restated, the “Term Loan”) and an accompanying $100.0 million revolving loan (the “Revolving Facility”). The Term Loan has been repriced on multiple occasions. The Term Loan was issued at a price equal to 99.75% of its face value and bears interest at an annual rate equal to the Secured Overnight Financing Rate (“SOFR”) plus 2.5%, with a 0.75% SOFR floor. The Company typically selects a one-month interest period, with the result that interest is calculated using one-month SOFR. Interest is paid monthly on the last business day of the month. The Revolving Facility bears interest at the same rate (but without a SOFR floor) if and as drawn, with no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount, which was reduced to 0.375% in the first quarter of 2024 because the Company had a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1. The maturity date of the Term Loan is in September 2030. The Revolving Facility has a maturity date in September 2028. On March 25, 2024, the Company closed on an additional $125.0 million under its Term Loan. On April 1, 2024, the Company used these proceeds, together with cash on hand, to complete the acquisition of Satelles, Inc. (see Note 13 ). The additional amount borrowed is fungible with the original $1,500.0 million, and has the same maturity date, interest rate and other terms, but was issued at a price equal to 99.875% of its face value. The Company paid $0.2 million of original issuance costs related to the expansion of the Term Loan, which, was deferred and will be amortized over the remaining term of the loan. Principal payments, payable quarterly, are equal to approximately $16.3 million per annum (one percent of the full principal amount of the Term Loan following the March 2024 increase), with the remaining principal due upon maturity. The Company had not borrowed under the Revolving Facility as of March 31, 2024. As of March 31, 2024 and December 31, 2023, the Company reported an aggregate of $1,620.9 million and $1,500.0 million in borrowings under the Term Loan, respectively. These amounts do not include $17.1 million and $17.5 million of net unamortized deferred financing costs as of March 31, 2024 and December 31, 2023, respectively. The net principal balance in borrowings in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023 amounted to $1,603.8 million and $1,482.5 million, respectively. As of March 31, 2024 and December 31, 2023, based upon recent trading prices (Level 2 - market approach), the fair value of the Company’s borrowings under the Term Loan was $1,622.0 million and $1,506.6 million, respectively. The Credit Agreement restricts the Company’s ability to incur liens, engage in mergers or asset sales, pay dividends, repay subordinated indebtedness, incur indebtedness, make investments and loans, and engage in other transactions as specified in the Credit Agreement. The Credit Agreement provides for specified exceptions, including baskets measured as a percentage of trailing twelve months of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and unlimited exceptions in the case of incurring indebtedness and liens and making investments, dividend payments, and payments of subordinated indebtedness, based on achievement and maintenance of specified leverage ratios. The Credit Agreement also contains an annual mandatory prepayment sweep mechanism with respect to a portion of the Company’s excess cash flow (as defined in the Credit Agreement) in the event the Company’s net leverage ratio rises above 3.5 to 1. As of December 31, 2023, the Company was below the specified leverage ratio, and a mandatory prepayment sweep was therefore not required. The Credit Agreement permits repayment, prepayment, and repricing transactions. The Credit Agreement contains no financial maintenance covenants with respect to the Term Loan. With respect to the Revolving Facility, the Credit Agreement requires the Company to maintain a consolidated first lien net leverage ratio (as defined in the Credit Agreement) of no greater than 6.25 to 1 if more than 35% of the Revolving Facility has been drawn. The Credit Agreement contains other customary representations and warranties, affirmative and negative covenants, and events of default. The Company was in compliance with all covenants as of March 31, 2024. Interest on Debt Total interest incurred includes amortization of deferred financing fees and capitalized interest. The Company incurred third-party financing costs of $1.6 million in connection with the expansion of the Term Loan in March 2024, materially all of which was expensed. The amounts expensed are included within interest expense on the condensed consolidated statement of operations and comprehensive income. The following table presents the interest and amortization of deferred financing fees related to the Term Loan: Three Months Ended March 31, 2024 2023 (In thousands) Total interest incurred $ 23,185 $ 21,336 Amortization of deferred financing fees $ 623 $ 1,111 Capitalized interest $ 1,058 $ 1,330 As of March 31, 2024 and December 31, 2023, accrued interest on the Term Loan was $1.1 million and $1.0 million, respectively.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Derivative Financial Instruments The Company is exposed to interest rate fluctuations related to the Term Loan. The Company has reduced its exposure to fluctuations in the cash flows associated with changes in the variable interest rate by entering into offsetting positions through the use of interest rate hedges. This will reduce the negative impact of increases in the variable rate over the term of the derivative contracts. These contracts are not used for trading or other speculative purposes. Historically, the Company has not incurred, and does not expect to incur in the future, any losses as a result of counterparty default. Interest Rate Cap In July 2021, the Company entered into an interest rate cap contract (the “Cap”), which had an effective date of December 2021. The Cap manages the Company’s exposure to interest rate movements on a portion of the Term Loan through November 2026. In December 2022, the Company modified the Cap to replace the LIBOR base rate with SOFR, consistent with a prior amendment to the Term Loan. With the change from LIBOR to SOFR, the Company received a credit risk adjustment of 0.064%. The modified Cap now provides the Company with the right to receive payment from the counterparty if one-month SOFR exceeds 1.436%. Prior to the modification the Company received payment under the terms of the Cap if one-month LIBOR exceeded 1.5%. The Company pays a fixed monthly premium based on an annual rate of 0.31% for the Cap. The Cap carried a notional amount of $1.0 billion as of March 31, 2024 and December 31, 2023. The Cap, which was not affected by the expansion of the Term Loan in March 2024, is designed to mirror the terms of the Term Loan and to offset the cash flows being hedged. The Company designated the Cap as a cash flow hedge of the variability of the SOFR-based interest payments on the Term Loan. The effective portion of the Cap’s change in fair value is recorded in accumulated other comprehensive income. Any ineffective portion of the Cap’s change in fair value will be recorded in current earnings as interest expense. Hedge effectiveness of the current interest rate cap contract is based on a long-haul hypothetical derivative methodology and includes all changes in value. The Company formally assesses, both at the hedge’s inception and on an ongoing quarterly basis, whether the designated derivative instruments are highly effective in offsetting changes in the cash flows of the hedged items. When the hedging instrument is sold, expires, is terminated, is exercised, no longer qualifies for hedge accounting, is de-designated, or is no longer probable, hedge accounting is discontinued prospectively. Fair Value of Derivative Instruments As of March 31, 2024 and December 31, 2023, the Company had an asset balance of $74.8 million and $66.5 million, respectively, for the fair value of the Cap and a liability balance of $7.7 million and $8.4 million, respectively, for the fair value of the Cap premium. Both the Cap and the Cap premium are recorded net within other assets on the condensed consolidated balance sheet. During each of the three months ended March 31, 2024 and March 31, 2023, the Company collectively incurred $0.8 million in interest expense for the Cap premium. Interest expense was reduced by $9.9 million and $7.7 million for the three months ended March 31, 2024 and 2023, respectively, for payments received related to the Cap. Gains and losses resulting from fair value adjustments to the Cap are recorded within accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and reclassified to interest expense on the dates that interest payments become due. Cash flows related to the derivative contracts are included in cash flows from operating activities on the condensed consolidated statements of cash flows. Over the next 12 months, the Company expects any gains or losses for cash flow hedges amortized from accumulated other comprehensive income into earnings to have an immaterial impact on the Company’s consolidated financial statements. The following table presents the amount of unrealized gain or loss and related tax impact associated with the derivative instruments that the Company recorded in its condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, 2024 2023 (In thousands) Unrealized gain (loss), net of tax $ 6,733 $ (9,656) Tax benefit (expense) $ (2,346) $ 2,936

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation In May 2023, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan (as so amended and restated, the “Amended 2015 Plan”). As of March 31, 2024, the remaining aggregate number of shares available for future grants under the Amended 2015 Plan was 9,421,592. The Amended 2015 Plan provides for the grant of stock-based awards, including nonqualified stock options, incentive stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights and other equity securities to employees, consultants and non-employee directors of the Company and its affiliated entities. The number of shares of common stock available for issuance under the Amended 2015 Plan is reduced by (i) one share for each share of common stock issued pursuant to an appreciation award, such as a stock option or stock appreciation right with an exercise or strike price of at least 100% of the fair market value of the underlying common stock on the date of grant, and (ii) 1.8 shares for each share of common stock issued pursuant to any stock award that is not an appreciation award, also known as a “full value award.” The Amended 2015 Plan allows the Company to utilize a broad array of equity incentives and performance cash incentives in order to secure and retain the services of its employees, directors and consultants, and to provide long-term incentives that align the interests of its employees, directors and consultants with the interests of the Company’s stockholders. The Company accounts for stock-based compensation at fair value. Restricted Stock Units Beginning in 2024, the RSUs granted to employees for service vest over three years, with 34% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. RSUs granted prior to March 2024 generally vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably on a quarterly basis thereafter, subject to continued employment. Some RSUs granted to employees for performance vest upon the completion of defined performance goals, subject to continued employment. The RSUs granted to non-employee members of the Board of Directors generally vest in full on the first anniversary of the grant date. The RSUs granted to non-employee consultants generally vest 50% on the first anniversary of the grant date, with the remaining 50% vesting quarterly thereafter through the second anniversary of the grant date. The Company’s RSUs are classified as equity awards because the RSUs will be settled in the Company’s common stock upon vesting. The fair value of the RSUs is determined at the grant date based on the closing price of the Company’s common stock on the date of grant. The related compensation expense is recognized over the service period, or shorter periods based on the retirement eligibility of the grantees, and is based on the grant date fair value of the Company’s common stock and the number of shares expected to vest. The fair value of the awards is not remeasured at the end of each reporting period. RSUs do not carry voting rights until they are vested, although certain unvested RSUs are entitled to accrue dividends equivalent rights, and shares (including additional shares issuable upon satisfaction of any accrued dividend equivalent rights) are issued upon settlement in accordance with the terms of the award. RSU Summary The following tables summarize the Company’s RSU activity: Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2023 2,795 $ 40.24 Granted 1,959 30.35 Forfeited (16) 49.49 Released (643) 50.08 Outstanding at March 31, 2024 4,095 $ 33.92 Vested and unreleased at March 31, 2024 (1) 736 Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2022 2,970 $ 31.60 Granted 989 59.47 Forfeited (20) 38.59 Released (656) 37.09 Outstanding at March 31, 2023 3,283 $ 38.85 Vested and unreleased at March 31, 2023 (1) 793 (1) These RSUs were granted to the Company’s Board of Directors as a part of their compensation for board and committee service and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released. Service-Based RSUs The majority of the annual compensation the Company provides to non-employee members of its Board of Directors is paid in the form of RSUs. Some members of the Company’s Board of Directors may elect to receive the remainder of their annual compensation, or a portion thereof, in the form of RSUs. An aggregate amount of approximately 51,000 and 44,000 service-based RSUs were granted to the non-employee members of the Company’s Board of Directors as a result of these payments and elections during the three months ended March 31, 2024 and 2023, respectively, with an estimated grant date fair value of $2.0 million and $2.3 million, respectively. During the three months ended March 31, 2024 and 2023, the Company granted approximately 1,086,000 and 563,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $32.3 million and $34.0 million, respectively. Performance-Based RSUs In March 2024 and 2023, the Company granted approximately 461,000 and 193,000 annual incentive, performance-based RSUs, respectively, to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $13.7 million and $11.9 million, respectively. Vesting of the Bonus RSUs is dependent upon the Company’s achievement of defined performance goals over the respective fiscal year. The Company records stock-based compensation expense related to performance-based RSUs when it is considered probable that the performance conditions will be met. Management believes it is probable that substantially all of the 2024 Bonus RSUs will vest. The level of achievement, if any, of performance goals will be determined by the compensation committee of the Company’s Board of Directors and, if such goals are achieved, the 2024 Bonus RSUs will vest, subject to continued employment, in March 2025. Substantially all of the 2023 Bonus RSUs vested in March 2024 upon the determination of the level of achievement of the performance goals. Additionally, in March 2024 and 2023, the Company granted approximately 278,000 and 134,000 long-term, performance-based RSUs, respectively, to the Company’s executives (the “Executive RSUs”). The estimated aggregate grant date fair value of the Executive RSUs grants was $8.2 million in both 2024 and 2023. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period. The vesting of the March 2023 Executive RSUs will ultimately range from 0% to 150% of the number of shares underlying the Executive RSUs granted, and the vesting of the March 2024 Executive RSUs will ultimately range from 0% to 200% of the number of shares underlying the Executive RSUs granted, in each case based on the level of achievement of the performance goals. If the Company achieves the performance goals, 50% of the number of Executive RSUs earned based on performance will vest on the second anniversary of the grant date, and the remaining 50% will vest on the third anniversary of the grant date, in each case subject to the executive’s continued service as of the vesting date, which may be accelerated based on the retirement eligibility of the grantees. During March 2024 and 2023, the Company awarded approximately 83,000 and 55,000 additional shares, respectively, related to long-term, performance-based RSUs granted to the Company’s executives in 2022 and 2021, respectively, for over-achievement of performance targets for the performance periods ended December 31, 2023 and 2022, respectively. Stock Option Awards Stock option awards granted to employees generally (i) have a term of ten years, (ii) vest over four years with 25% vesting after the first year of service and the remainder vesting ratably on a quarterly basis thereafter, (iii) are contingent upon employment on the vesting date, and (iv) have an exercise price equal to the fair market value of the underlying shares at the date of grant. The fair value of stock options was determined at the grant date using the Black-Scholes option pricing model. Option Summary A summary of the activity of the Company’s stock options is as follows: Shares Weighted- Weighted- Aggregate (In thousands, except years and per share data) Options outstanding at December 31, 2023 676 $ 11.55 2.39 $ 20,036 Cancelled or expired (1) 18.45 Exercised (207) 10.04 $ 3,639 Options outstanding and exercisable at March 31, 2024 468 $ 12.21 2.54 $ 6,540 Shares Weighted- Weighted- Aggregate (In thousands, except years and per share data) Options outstanding at December 31, 2022 1,185 $ 9.97 2.64 $ 49,094 Cancelled or expired (3) 10.25 Exercised (368) 7.46 $ 19,993 Options outstanding and exercisable at March 31, 2023 814 $ 11.10 2.90 $ 41,365

Equity Transactions

Equity Transactions	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Equity Transactions	Equity Transactions Preferred Stock The Company is authorized to issue 2.0 million shares of preferred stock with a par value of $0.0001 per share. The Company previously issued 1.5 million shares of preferred stock, all of which have converted to common stock. The remaining 0.5 million authorized shares of preferred stock remain undesignated and unissued as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, there were no outstanding shares of preferred stock, as all previously designated and issued preferred stock was converted into common stock in prior periods. Dividends Stockholders are entitled to receive, when and if declared by the Company’s Board of Directors from time to time, dividends and other distributions in cash, stock or property from the Company’s assets or funds legally and contractually available for such purposes. In December 2022, the Company’s Board of Directors initiated a quarterly dividend. For the three months ended March 31, 2024 and 2023, the Company paid dividends of $0.13 per share of common stock, on March 28, 2024 and March 30, 2023, to stockholders of record as of March 15, 2024 and 2023. These dividends resulted in total payments of $16.1 million and $16.4 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s liability related to dividends on common shares underlying unvested RSUs was $1.6 million and $1.3 million as of March 31, 2024 and December 31, 2023, respectively. The Board of Directors plans to increase the quarterly dividend to $0.14 per share starting with the second quarter 2024 dividend. Share Repurchase Program Since February 2021, the Company’s Board of Directors has authorized the repurchase of up to $1,000.0 million of the Company’s common stock through December 31, 2025. This timeframe 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.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table summarizes the Company’s services revenue: Three Months Ended March 31, 2024 2023 (In thousands) Commercial services revenue: Voice and data $ 54,977 $ 52,448 IoT data 39,455 31,950 Broadband 13,692 13,448 Hosted payload and other data 13,953 15,003 Total commercial services revenue 122,077 112,849 Government services revenue 26,500 26,500 Total services revenue $ 148,577 $ 139,349 The following table summarizes the Company’s engineering and support services revenue: Three Months Ended March 31, 2024 2023 (In thousands) Commercial $ 1,153 $ 5,686 Government 29,255 18,562 Total engineering and support services revenue $ 30,408 $ 24,248 Approximately 43% and 46% of the Company’s accounts receivable balance at March 31, 2024 and December 31, 2023, respectively, was due from prime contracts or subcontracts with agencies of the U.S. government. The Company’s contracts with customers generally do not contain performance obligations with terms in excess of one year. As such, the Company does not disclose details related to the value of performance obligations that are unsatisfied as of the end of the reporting period. The total value of any performance obligations that extend beyond one year is immaterial to the financial statements. The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the condensed consolidated balance sheets. The Company bills amounts under its agreed-upon contractual terms at periodic intervals (for services), upon shipment (for equipment), or upon achievement of contractual milestones or as work progresses (for engineering and support services). Billing may occur subsequent to revenue recognition, resulting in unbilled accounts receivable (contract assets). The Company may also receive payments from customers before revenue is recognized, resulting in deferred revenue (contract liabilities). The Company recognized revenue that was previously recorded as deferred revenue in the amounts of $11.4 million and $14.3 million for the three months ended March 31, 2024 and 2023, respectively. The Company has also recorded costs of obtaining contracts expected to be recovered in prepaid expenses and other current assets (contract assets or commissions), that are not separately disclosed on the condensed consolidated balance sheets. The commissions are recognized over the estimated usage period. The following table presents contract assets not separately disclosed: March 31, 2024 December 31, 2023 (In thousands) Contract Assets: Commissions $ 964 $ 1,114 Other contract costs $ 1,927 $ 1,970

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes Income before income taxes and loss on equity method investments was $29.2 million for the three months ended March 31, 2024, while the income tax expense was $7.9 million. The effective tax rate was 27.2% for the three months ended March 31, 2024, which differed from the federal statutory rate of 21%, primarily due to the discrete tax expense associated with stock compensation and nondeductible executive compensation partially offset by the deduction for foreign derived intangible income. Income before income taxes and loss on equity method investments was $5.5 million for the three months ended March 31, 2023, while the income tax benefit was $5.5 million. The effective tax rate was (99.6)%, which differed from the federal statutory rate of 21%, primarily due to the discrete tax benefit associated with stock compensation, partially offset by tax expense associated with nondeductible executive compensation.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income Per Share The Company calculates basic net income per share by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. In periods of net income, diluted net income per share takes into account the effect of potential dilutive common shares when the effect is dilutive. Potentially dilutive common shares include (i) shares of common stock issuable upon exercise of outstanding stock options and (ii) contingently issuable RSUs that are convertible into shares of common stock upon achievement of certain service and performance requirements. The effect of potentially dilutive common shares is computed using the treasury stock method. The following table summarizes the computations of basic and diluted net income per share: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Numerator: Net income - basic and diluted $ 19,653 $ 9,775 Denominator: Weighted average common shares — basic 123,151 127,058 Dilutive effect of stock options 337 698 Dilutive effect of RSUs 505 982 Weighted average common shares — diluted 123,993 128,738 Net income per share - basic and diluted $ 0.16 $ 0.08 The following table presents the incremental number of shares underlying stock options and RSUs outstanding with anti-dilutive effects: Three Months Ended March 31, 2024 2023 (In thousands) Service-based RSUs — 102

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	12. Related Party Transactions Aireon LLC and Aireon Holdings LLC The Company’s satellite constellation hosts the Aireon ® system. The Aireon system was developed by Aireon LLC, which the Company formed in 2011 and which received subsequent investments from several air navigation service providers (“ANSPs”) to provide a global air traffic surveillance service through a series of automatic dependent surveillance-broadcast (“ADS-B”) receivers on the Company’s satellites. Aireon has contracted to offer this service to ANSPs, which use the service to provide improved air traffic control services over the oceans, as well as polar and remote regions. Aireon also markets its data and services to airlines and other commercial users. The Company and the other Aireon investors hold their interests in Aireon Holdings LLC (“Aireon Holdings”) through an amended and restated LLC agreement (“Aireon Holdings LLC Agreement”). Aireon Holdings holds 100% of the membership interests in Aireon, which is the operating entity. In June 2022, the Company entered into a subscription agreement with Aireon Holdings and invested $50.0 million in exchange for an approximately 6% preferred membership interest. The Company’s investment in Aireon Holdings is accounted for as an equity method investment. The carrying value of the Company’s investment in Aireon was $43.6 million and $44.6 million as of March 31, 2024 and December 31, 2023, respectively. The investments by the Company prior to June 2022 had previously been written down to a carrying value of zero. At each of March 31, 2024 and December 31, 2023, the Company’s fully diluted ownership stake in Aireon Holdings was approximately 39.5%, which is subject to partial future redemption under provisions contained in the Aireon Holdings LLC Agreement. Under the agreements with Aireon, Aireon will pay the Company fees of $200.0 million to host the ADS-B receivers, of which $94.5 million had been paid as of March 31, 2024. These fees are recognized over the estimated useful life of the satellites, which is expected to result in revenue of approximately $9.3 million per year, following the change in estimate of the useful lives of the satellites that occurred in the fourth quarter of 2023. The Company recognized $2.3 million and $4.0 million of hosting fee revenue under the Hosting Agreement for the three months ended March 31, 2024 and 2023, respectively. Additionally, Aireon pays power and data services fees of approximately $23.5 million per year, in the aggregate for the delivery of air traffic surveillance data over the Iridium ® system. The Company recorded $5.9 million of power and data service fee revenue from Aireon for each of the three months ended March 31, 2024 and 2023. Under two services agreements, the Company also provides Aireon with administrative services and support services, the fees for which are paid monthly. Aireon receivables due to the Company under these two agreements totaled $2.2 million at each of March 31, 2024 and December 31, 2023. The Company and the other Aireon investors have agreed to participate pro-rata, based on their fully diluted ownership stakes, in funding an investor bridge loan to Aireon. The Company’s maximum funding commitment for the bridge loan is $11.9 million. No bridge loan amounts were outstanding as of March 31, 2024 or December 31, 2023. Satelles In the first quarter of 2023, the Company entered into a stock purchase agreement with Satelles, Inc. (“Satelles”) and invested $10.0 million, in addition to its previous equity investment in Satelles. The Company’s fully diluted ownership stake in Satelles was approximately 19.5% at each of March 31, 2024 and December 31, 2023. The Company’s investment in Satelles was accounted for as an equity method investment and had a carrying value of approximately $21.2 million and $21.8 million as of March 31, 2024 and December 31, 2023, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On April 1, 2024, the Company closed its acquisition of Satelles, Inc., a provider of satellite-based time and location services that complement and protect GPS and other GNSS systems. This acquisition supports Iridium’s long-term business objectives. Subject to the terms and conditions of the Merger Agreement, Satelles was merged with a subsidiary of the Company, with Satelles as the surviving entity, now a direct and indirect wholly owned subsidiary of the Company. The Company paid approximately $124.5 million in cash to the shareholders of Satelles to acquire the remaining 80.5% of the outstanding shares of Satelles that it did not previously own.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. Fair value is the price that would be received from the sale of an asset or paid to transfer a liability assuming an orderly transaction in the most advantageous market at the measurement date. U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of observability of inputs used in measuring fair value. The fair value hierarchy consists of the following tiers: • Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; • Level 2, defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Lessee, Leases [Policy Text Block]	Leases For new leases, the Company will determine if an arrangement is or contains a lease at inception. Leases are included as (1) right-of-use (“ROU”) assets within other assets and (2) ROU liabilities within accrued expenses and other liabilities and are included within other long-term liabilities on the Company’s condensed consolidated balance sheets. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Certain leases contain variable contractual obligations as a result of future base rate escalations which are estimated based on observed trends and included within the measurement of present value. The Company’s leases do not provide an implicit rate. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as teleport network facilities, the Company elects the practical expedient to combine lease and non-lease components as a single lease component. Taxes assessed on leases in which the Company is either a lessor or lessee are excluded from contract consideration and variable payments when measuring new lease contracts or remeasuring existing lease contracts.
Inventory, Policy [Policy Text Block]	Inventory Inventory consists primarily of finished goods and raw materials from third-party manufacturers. The Company outsources manufacturing of subscriber equipment to a third-party manufacturer and purchases accessories from third-party suppliers. The Company’s cost of inventory includes an allocation of overhead, including payroll and payroll-related costs of employees directly involved in bringing inventory to its existing condition, and freight. Inventories are valued using the average cost method and are carried at the lower of cost or net realizable value. The Company has a manufacturing agreement with Benchmark Electronics Inc. (“Benchmark”) to manufacture most of its subscriber equipment. Pursuant to the agreement, the Company may be required to purchase excess materials at cost plus a contractual markup if the materials are not used in production within the periods specified in the agreement. Benchmark will then repurchase such materials from the Company at the same price paid by the Company, as required for the production of the subscriber equipment.
Property, Plant and Equipment, Policy	Property and Equipment
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The Company uses derivatives to manage its exposure to fluctuating interest rate risk on variable rate debt. Its derivatives are measured at fair value and are recorded on the condensed consolidated balance sheets within other assets and other current liabilities. When the Company’s derivatives are designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in accumulated other comprehensive income within the Company’s condensed consolidated balance sheets and subsequently recognized in earnings when the hedged items impact earnings. Any ineffective portion of a derivative’s change in fair value will be recognized in earnings in the same period in which the hedged interest payments affect earnings. Within the condensed consolidated statements of operations and comprehensive income, the gains and losses related to cash flow hedges are recognized within interest income (expense), net, as this is the same financial statement line item used for any gains or losses associated with the hedged items. Cash flows from hedging activities are included in operating activities within the Company’s condensed consolidated statements of cash flows, which is the same category as the item being hedged. See Note 6 for further information.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Inventory, Current	The following table summarizes the Company’s inventory balances: March 31, 2024 December 31, 2023 (In thousands) Finished goods $ 47,952 $ 48,698 Raw materials 45,410 43,599 Inventory valuation reserve (824) (1,162) Total $ 92,538 $ 91,135

Cash and Cash Equivalents, Re_2

Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Cash and Cash Equivalents [Abstract]
Summary of Company's Cash and Cash Equivalents	The following table presents the Company’s cash and cash equivalents: March 31, 2024 December 31, 2023 Recurring Fair (In thousands) Cash and cash equivalents: Cash $ 11,513 $ 32,526 Money market funds 162,512 39,344 Level 2 Total cash and cash equivalents $ 174,025 $ 71,870

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The following table presents future income with respect to the Company’s operating leases in which it is the lessor existing at March 31, 2024, exclusive of the $3.1 million recognized during the three months ended March 31, 2024, by year and in the aggregate: Year Ending December 31, Amount (In thousands) 2024 $ 9,293 2025 12,391 2026 12,391 2027 12,391 2028 12,391 Thereafter 82,106 Total lease income $ 140,963

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Interest incurred	The following table presents the interest and amortization of deferred financing fees related to the Term Loan: Three Months Ended March 31, 2024 2023 (In thousands) Total interest incurred $ 23,185 $ 21,336 Amortization of deferred financing fees $ 623 $ 1,111 Capitalized interest $ 1,058 $ 1,330

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gain (Loss)	The following table presents the amount of unrealized gain or loss and related tax impact associated with the derivative instruments that the Company recorded in its condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, 2024 2023 (In thousands) Unrealized gain (loss), net of tax $ 6,733 $ (9,656) Tax benefit (expense) $ (2,346) $ 2,936

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following tables summarize the Company’s RSU activity: Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2023 2,795 $ 40.24 Granted 1,959 30.35 Forfeited (16) 49.49 Released (643) 50.08 Outstanding at March 31, 2024 4,095 $ 33.92 Vested and unreleased at March 31, 2024 (1) 736	Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2022 2,970 $ 31.60 Granted 989 59.47 Forfeited (20) 38.59 Released (656) 37.09 Outstanding at March 31, 2023 3,283 $ 38.85 Vested and unreleased at March 31, 2023 (1) 793
Share-based Payment Arrangement, Option, Activity	Option Summary A summary of the activity of the Company’s stock options is as follows: Shares Weighted- Weighted- Aggregate (In thousands, except years and per share data) Options outstanding at December 31, 2023 676 $ 11.55 2.39 $ 20,036 Cancelled or expired (1) 18.45 Exercised (207) 10.04 $ 3,639 Options outstanding and exercisable at March 31, 2024 468 $ 12.21 2.54 $ 6,540	Shares Weighted- Weighted- Aggregate (In thousands, except years and per share data) Options outstanding at December 31, 2022 1,185 $ 9.97 2.64 $ 49,094 Cancelled or expired (3) 10.25 Exercised (368) 7.46 $ 19,993 Options outstanding and exercisable at March 31, 2023 814 $ 11.10 2.90 $ 41,365

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Summary of Company's service revenue	The following table summarizes the Company’s services revenue: Three Months Ended March 31, 2024 2023 (In thousands) Commercial services revenue: Voice and data $ 54,977 $ 52,448 IoT data 39,455 31,950 Broadband 13,692 13,448 Hosted payload and other data 13,953 15,003 Total commercial services revenue 122,077 112,849 Government services revenue 26,500 26,500 Total services revenue $ 148,577 $ 139,349
Summary of Company's Engineering and Support Services Revenue [Table Text Block]	The following table summarizes the Company’s engineering and support services revenue: Three Months Ended March 31, 2024 2023 (In thousands) Commercial $ 1,153 $ 5,686 Government 29,255 18,562 Total engineering and support services revenue $ 30,408 $ 24,248
Schedule of recognized contract costs	The following table presents contract assets not separately disclosed: March 31, 2024 December 31, 2023 (In thousands) Contract Assets: Commissions $ 964 $ 1,114 Other contract costs $ 1,927 $ 1,970

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income Per Share	The following table summarizes the computations of basic and diluted net income per share: Three Months Ended March 31, 2024 2023 (In thousands, except per share data) Numerator: Net income - basic and diluted $ 19,653 $ 9,775 Denominator: Weighted average common shares — basic 123,151 127,058 Dilutive effect of stock options 337 698 Dilutive effect of RSUs 505 982 Weighted average common shares — diluted 123,993 128,738 Net income per share - basic and diluted $ 0.16 $ 0.08
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following table presents the incremental number of shares underlying stock options and RSUs outstanding with anti-dilutive effects: Three Months Ended March 31, 2024 2023 (In thousands) Service-based RSUs — 102

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Finished goods	$ 47,952	$ 48,698
Raw materials	45,410	43,599
Inventory valuation reserve	(824)	(1,162)
Inventory	$ 92,538	$ 91,135

Significant Accounting Polici_5

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 0	$ 0
Satellites
Property, Plant and Equipment [Line Items]
Impairment of Long-Lived Assets to be Disposed of		$ 0

Cash and Cash Equivalents, Re_3

Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash and cash equivalents:
Total cash and cash equivalents	$ 174,025	$ 71,870
Cash
Cash and cash equivalents:
Cash	11,513	32,526
Money Market Funds | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents:
Money market funds	$ 162,512	$ 39,344

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	$ 3,100	$ 5,400
2022 (Remainder of Fiscal Year)	9,293
2025	12,391
2026	12,391
2027	12,391
2028	12,391
Thereafter	82,106
Total lease income	$ 140,963
Next Generation Satellites
Lessor, Lease, Description [Line Items]
Property, Plant and Equipment, Useful Life	17 years 6 months

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands			3 Months Ended
	Mar. 25, 2024 USD ($) Rate	Sep. 20, 2023 USD ($) Rate	Mar. 31, 2024 USD ($) Rate	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt Issuance Costs, Gross	$ 200
Interest Payable			$ 1,100		$ 1,000
Payments of Financing Costs	$ 1,600
Derivative, Gain on Derivative			$ 9,900	$ 7,700
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 100,000
Debt Instrument, Basis Spread on Variable Rate | Rate			2.50%
Debt Instrument, Fee			0.5
First Lien Net Leverage Ratio		6.25
Credit Facility Drawdown Floor for Application of First Lien Net Leverage Ratio | Rate		35%
Revolving Credit Facility [Member] | Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Fee			0.375
Refinanced Term Loan B
Line of Credit Facility [Line Items]
Long-term Debt, Gross		$ 1,500,000
Discount on Debt Issuance [Line Items] | Rate	9,987.50%	99.75%
Debt Instrument, Basis Spread on Variable Rate | Rate			2.50%
Debt Instrument, Periodic Payment, Principal		$ 16,300
Debt instrument face amount			$ 1,620,900		1,500,000
Unamortized Deferred Financing Costs			(17,100)		(17,500)
Long-term Debt			1,603,800		1,482,500
Long-term Debt, Fair Value			$ 1,622,000		$ 1,506,600
Proceeds from Issuance of Debt	$ 125,000
Proceeds from Issuance of Debt	$ 125,000
Interest Rate Floor [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate			0%
Interest Rate Floor [Member] | Refinanced Term Loan B
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate			0.75%

Debt - Interest Incurred (Detai

Debt - Interest Incurred (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Interest Costs Incurred	$ 23,185	$ 21,336
Amortization of Debt Issuance Costs and Discounts	623	1,111
Interest Costs Capitalized	$ 1,058	$ 1,330

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Rate Swap [Line Items]
Derivative, Gain on Derivative	$ 9,900	$ 7,700
Interest Costs Incurred	$ 23,185	$ 21,336
Refinanced Term Loan B
Interest Rate Swap [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Interest Rate Cap
Interest Rate Swap [Line Items]
Derivative, Fixed Interest Rate	0.31%		0.31%
Derivative, Notional Amount	$ 1,000,000		$ 1,000,000
Interest Rate Cash Flow Hedge Asset at Fair Value	74,800		66,500
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 7,700		$ 8,400
Debt Instrument, Basis Spread on Variable Rate	0.064%	0.064%
Interest Costs Incurred	$ 800	$ 800
Derivative, Cap Interest Rate	1.436%		1.50%

Derivatives - Summary of Unreal

Derivatives - Summary of Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss), net of tax	$ 6,733	$ (9,656)
Tax benefit (expense)	$ (2,346)	$ 2,936

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares available for grant (in shares)	9,421,592
Share-based compensation, reduction in shares available for issuance by shares issued pursuant to any appreciation award (in shares)	1
Share-based compensation, strike price as a percentage of the fair market value of the underlying stock on the date of grant	100%
Share-based compensation, reduction in shares available for issuance by shares issued pursuant to any stock award that is not an appreciation award (in shares)	1.8
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	4 years	4 years
Stock Option Contractual Term	10 years	10 years
Employee Stock Option | Vesting on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	25%	25%
Employee Stock Option | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, grant date fair value of stock options	$ 0	$ 0
Share-based compensation, options granted (in shares)	0	0
Employee Stock Option | Share-based Payment Arrangement, Employee [Member] | Vesting on the last day of each calendar quarter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	6.25%	6.25%
Service Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - restricted stock units	1,086,000	563,000
Share-based compensation, grant date fair value of stock options	$ 32.3	$ 34
Service Based RSU | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - restricted stock units	51,000	44,000
Share-based compensation, grant date fair value of stock options	$ 2	$ 2.3
Restricted Stock Units (RSUs) [Member] | Vesting on the last day of each calendar quarter | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	150%	150%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee [Member] | Vesting on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	50%	50%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee [Member] | Vesting on the last day of each calendar quarter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	12.50%	12.50%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years	4 years
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Vesting on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	34%	25%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Vesting on the last day of each calendar quarter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	6.25%	6.25%
Restricted Stock Units (RSUs) [Member] | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Ratably Vest After	100%	100%
Restricted Stock Units (RSUs) [Member] | Director | Share-based Payment Arrangement, Nonemployee [Member] | Vesting on the last day of each calendar quarter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	100%	100%
Performance Based RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	1 year	1 year
Granted - restricted stock units	461,000	193,000
Share-based compensation, grant date fair value of stock options	$ 13.7	$ 11.9
Performance Based RSU | Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting period	3 years	3 years
Granted - restricted stock units	278,000	134,000
Share-based compensation, grant date fair value of stock options	$ 8.2
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease)	83,000	55,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period	2 years	2 years
Performance Based RSU | Executives | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	0%	0%
Performance Based RSU | Executives | Vesting on first anniversary of grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	50%	50%
Performance Based RSU | Executives | Vesting on the last day of each calendar quarter
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vesting percentage, year one	50%	50%
Outstanding Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - restricted stock units	1,959,000	989,000

Stock-Based Compensation Outsta

Stock-Based Compensation Outstanding RSUs (Details) - Outstanding Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shares Underlying RSUs
Outstanding - restricted stock units	2,795	2,970
Granted - restricted stock units	1,959	989
Forfeited - restricted stock units	(16)	(20)
Released - restricted stock units	(643)	(656)
Outstanding - restricted stock units	4,095	3,283
Vested and unreleased restricted stock units	736	793
Weighted- Average Grant Date Fair Value Per RSU
Outstanding - weighted average grant date fair value per RSU	$ 40.24	$ 31.60
Granted - weighted average grant date fair value per RSU	30.35	59.47
Forfeited - weighted average grant date fair value per RSU	49.49	38.59
Released - weighted average grant date fair value per RSU	50.08	37.09
Outstanding - weighted average grant date fair value per RSU	$ 33.92	$ 38.85

Stock-Based Compensation Activi

Stock-Based Compensation Activity of Company's Common Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Options outstanding, beginning of period (in shares)	676	1,185		1,185
Cancelled or Expired (Shares)	(1)	(3)
Exercised (Shares)	(207)	(368)
Options outstanding, end of period (in shares)	468	814		676
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Options outstanding, beginning of period - weighted average exercise price per share	$ 11.55	$ 9.97		$ 9.97
Options cancelled or expired - weighted average exercise price per share	18.45	10.25
Options exercised - weighted average exercise price per share	10.04	7.46
Options outstanding, end of period - weighted average exercise price per share	$ 12.21	$ 11.10		$ 11.55
Options outstanding, end of period - weighted average remaining contractual term (years)	2 years 6 months 14 days	2 years 10 months 24 days	2 years 7 months 20 days	2 years 4 months 20 days
Aggregate Intrinsic Value
Options outstanding, end of period - aggregate intrinsic value	$ 6,540	$ 41,365		$ 20,036	$ 49,094
Exercised (Dollar Value)	$ 3,639	$ 19,993

Equity Transactions (Details)

Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2016
Class of Stock [Line Items]
Total Authorized Preferred Stock, Number	2,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares issued (in shares)					1,500,000
Shares of preferred stock, undesignated and unissued (in shares)	500,000			500,000
Preferred stock, shares outstanding (in shares)	0			0
Common Stock, Dividends, Per Share, Declared	$ 0.13	$ 0.13
Dividends accrued on common stock	$ 1,556		$ 401
Treasury Stock, Shares, Retired	1,800,000		900,000
Treasury Stock, Retired, Cost Method, Amount	$ 55,600		$ 53,100
Stock Repurchase Program, Remaining Authorized Repurchase Amount	277,400
Treasury Stock, Value	1,000
Treasury Stock, Value, tax	$ 600

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Concentration Risk [Line Items]
Liability, revenue recognized	$ 11.4	$ 14.3
Accounts Receivable [Member] | Customer Concentration Risk | Prime Contracts with the US Government [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	43%	46%

Revenue - Summary of Service Re

Revenue - Summary of Service Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 203,853	$ 205,273
Voice and data
Disaggregation of Revenue [Line Items]
Revenue	54,977	52,448
IoT data
Disaggregation of Revenue [Line Items]
Revenue	39,455	31,950
Commercial Broadband Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,692	13,448
Hosted payload and other data
Disaggregation of Revenue [Line Items]
Revenue	13,953	15,003
Services
Disaggregation of Revenue [Line Items]
Revenue	148,577	139,349
Services | Commercial
Disaggregation of Revenue [Line Items]
Revenue	122,077	112,849
Services | US Government [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,500	26,500
Engineering and support services
Disaggregation of Revenue [Line Items]
Revenue	30,408	24,248
Engineering and support services | Commercial
Disaggregation of Revenue [Line Items]
Revenue	1,153	5,686
Engineering and support services | US Government [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 29,255	$ 18,562

Revenue - Summary of Contract C

Revenue - Summary of Contract Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commissions
Capitalized Contract Cost [Line Items]
Contract Assets	$ 964	$ 1,114
Other contract costs
Capitalized Contract Cost [Line Items]
Contract Assets	$ 1,927	$ 1,970

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	$ 29,151	$ 5,477
Income tax benefit (expense)	$ (7,931)	$ 5,453
Effective Income Tax Rate Reconciliation, Percent	27.20%	(99.60%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) - diluted	$ 19,653	$ 9,775
Weighted Average Number of Shares Outstanding, Basic	123,151	127,058
Weighted Average Number of Shares Outstanding, Diluted	123,993	128,738
Earnings Per Share, Basic and Diluted	$ 0.16	$ 0.08
Earnings Per Share, Diluted	$ 0.16	$ 0.08
Employee Stock Option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	337	698
Restricted Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units	505	982

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-Dilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share	0	102

Related Party Transactions Rela

Related Party Transactions Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Equity Method Investments	$ 65,556,000		$ 67,130,000
Nonconsolidated Investees, Other
Related Party Transaction [Line Items]
Ownership stake			39.50%
Aireon 2022 Preferred Equity Investment
Related Party Transaction [Line Items]
Payments for (Proceeds from) Investments	50,000,000
Equity Method Investments	$ 43,600,000		$ 44,600,000
Aireon 2022 Preferred Equity Investment | Nonconsolidated Investees, Other
Related Party Transaction [Line Items]
Ownership stake	6%
Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenues	$ 2,300,000	$ 4,000,000
Service Agreements [Member] | Equity Method Investee
Related Party Transaction [Line Items]
Revenues	5,900,000	$ 5,900,000
Administrative and support agreement accounts receivable | Equity Method Investee
Related Party Transaction [Line Items]
Nontrade Receivables	2,200,000
Aireon Investor Bridge Loan
Related Party Transaction [Line Items]
Bridge Loan	0		0
Investor Bridge Loan Commitment	11,900,000		11,900,000
Satelles Equity Investment
Related Party Transaction [Line Items]
Payments for (Proceeds from) Investments	10,000,000
Equity Method Investments	$ 21,200,000		$ 21,800,000
Satelles Equity Investment | Nonconsolidated Investees, Other
Related Party Transaction [Line Items]
Ownership stake	19.50%
Maximum [Member] | Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenues	$ 200,000,000
Maximum [Member] | Power Agreement [Member] | Equity Method Investee
Related Party Transaction [Line Items]
Revenues	23,500,000
Minimum [Member] | Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenues	$ 94,500,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Satelles Inc. $ in Millions	Apr. 01, 2024 USD ($) Rate
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 124.5
Business Acquisition, Percentage of Voting Interests Acquired | Rate	80.50%
Payments to Acquire Businesses, Gross	$ 124.5