Iridium Communications (IRDM) 10-Q 20 Apr 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2023	Apr. 13, 2023	Dec. 31, 2022
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, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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
Common Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
Entity Common Stock, Shares Outstanding (in shares)		125,924,403
Entity Tax Identification Number	26-1344998
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member]
Document Information [Line Items]
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 126,592	$ 168,770
Accounts receivable, net	100,636	82,273
Inventory	37,335	39,776
Prepaid expenses and other current assets	14,162	15,385
Total current assets	278,725	306,204
Property and equipment, net	2,383,570	2,433,305
Equity Method Investments	72,018	49,853
Other assets	95,150	122,072
Intangible assets, net	42,187	42,577
Total assets	2,871,650	2,954,011
Current liabilities:
Short-term secured debt	16,500	16,500
Accounts payable	23,674	21,372
Accrued expenses and other current liabilities	43,402	67,963
Deferred revenue	32,745	35,742
Total current liabilities	116,321	141,577
Long-term secured debt, net	1,467,601	1,470,685
Deferred income tax liabilities, net	142,704	151,569
Deferred revenue, net of current portion	44,049	45,265
Other long-term liabilities	15,385	16,360
Total liabilities	1,786,060	1,825,456
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 300,000 shares authorized, 125,924 and 125,902 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	126	126
Additional paid-in capital	1,126,586	1,124,610
Accumulated deficit	(83,120)	(47,744)
Accumulated other comprehensive income, net of tax	41,998	51,563
Total stockholders’ equity	1,085,590	1,128,555
Total liabilities and stockholders’ equity	$ 2,871,650	$ 2,954,011

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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)	125,924,000	125,902,000
Common stock, shares outstanding (in shares)	125,924,000	125,902,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 205,273	$ 168,219
Operating expenses:
Research and development	3,878	2,619
Selling, general and administrative	38,684	26,103
Depreciation and amortization	75,819	75,661
Total operating expenses	182,125	148,986
Operating income	23,148	19,233
Other expense, net:
Interest expense, net	(17,890)	(14,577)
Other income (expense), net	219	(8)
Total other expense, net	(17,671)	(14,585)
Income before income taxes	5,477	4,648
Income tax benefit (expense)	5,453	(1,824)
Income (Loss) from Equity Method Investments	(1,155)	0
Net income	$ 9,775	$ 2,824
Weighted Average Number of Shares Outstanding, Basic	127,058	130,298
Weighted Average Number of Shares Outstanding, Diluted	128,738	131,842
Earnings Per Share, Basic and Diluted	$ 0.08	$ 0.02
Comprehensive income:
Net income	$ 9,775	$ 2,824
Foreign currency translation adjustments	91	1,275
Unrealized Gain on Cash Flow Hedging, net of tax	(9,656)	27,992
Comprehensive income	210	32,091
Services
Revenue:
Total revenue	139,349	126,109
Operating expenses:
Cost of Goods and Services Sold	36,605	24,098
Subscriber equipment
Revenue:
Total revenue	41,676	33,744
Operating expenses:
Cost of Goods and Services Sold	27,139	20,505
Engineering and support services
Revenue:
Total revenue	$ 24,248	$ 8,366

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, 2021		131,342
Beginning Balance at Dec. 31, 2021	$ 1,287,947		$ 131	$ 1,154,058	$ (7,052)	$ 140,810
Stock-based compensation	8,939			8,939
Stock options exercised and awards vested (in shares)		606
Stock options exercised and awards vested	523		1	522
Stock withheld to cover employee taxes (in shares)		(91)
Stock withheld to cover employee taxes	(3,558)			(3,558)
Repurchases and retirements of common stock (in shares)		(3,826)
Repurchases and retirements of common stock	(134,166)		(4)	(33,447)		(100,715)
Dividends	0			0
Cumulative translation adjustment	1,275				1,275
Unrealized Gain on Cash Flow Hedging, net of tax	27,992				27,992
Net income	2,824					2,824
Ending Balance (in shares) at Mar. 31, 2022		128,031
Ending Balance at Mar. 31, 2022	1,191,776		128	1,126,514	22,215	42,919
Beginning Balance (in shares) at Dec. 31, 2022		125,902
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 (in shares)		1,024
Stock options exercised and awards vested	2,744		1	2,743
Stock withheld to cover employee taxes (in shares)		(114)
Stock withheld to cover employee taxes	(7,029)			(7,029)
Repurchases and retirements of common stock (in shares)		(888)
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 (in shares) at Mar. 31, 2023		125,924
Ending Balance at Mar. 31, 2023	$ 1,085,590		$ 126	$ 1,126,586	$ 41,998	$ (83,120)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 9,775	$ 2,824
Deferred income taxes	(5,937)	1,160
Depreciation and amortization	75,819	75,661
Stock-based compensation (net of amounts capitalized)	12,766	8,240
Amortization of deferred financing fees	1,045	1,153
All other items, net	1,273	172
Accounts receivable	(18,359)	(16,540)
Inventory	2,630	891
Prepaid expenses and other current assets	1,211	(3)
Other assets	1,047	1,236
Accounts payable	1,170	1,903
Accrued expenses and other current liabilities	(8,532)	(10,629)
Deferred revenue	(3,992)	644
Other long-term liabilities	(974)	(942)
Net cash provided by operating activities	68,942	65,770
Cash flows from investing activities:
Capital expenditures	(22,905)	(13,568)
Payments to Acquire Equity Method Investments	(10,000)	0
Net cash used in investing activities	(32,905)	(13,568)
Cash flows from financing activities:
Payments on the Term Loan	(4,125)	(4,125)
Repurchases of common stock	(53,123)	(134,166)
Proceeds from exercise of stock options	2,744	523
Tax payment upon settlement of stock awards	7,029	3,558
Payments of Ordinary Dividends, Common Stock	(16,428)	0
Net cash used in financing activities	(77,961)	(141,326)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(254)	226
Net decrease in cash and cash equivalents, and restricted cash	(42,178)	(88,898)
Cash, cash equivalents, and restricted cash, beginning of period	168,770	320,913
Cash, cash equivalents, and restricted cash, end of period	126,592	232,015
Supplemental cash flow information:
Interest paid, net of amounts capitalized	18,774	13,558
Income taxes paid, net	903	482
Supplemental disclosure of non-cash investing activities:
Property and equipment received but not paid	6,403	2,518
Capitalized amortization of deferred financing costs	66	29
Capitalized stock-based compensation	$ 1,680	$ 699

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	3 Months Ended
	Mar. 31, 2023
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”) has 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, 2022, as filed with the SEC on February 16, 2023.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022: (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 may include money market funds, commercial paper and short-term U.S. agency securities. The Company also classifies its derivative financial instruments as Level 2. The Company did not hold any Level 3 assets as of March 31, 2023 or December 31, 2022. In determining fair value, 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. 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 assets also include any lease payments made and exclude 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 elected 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, 2023 December 31, 2022 (In thousands) Finished goods $ 18,084 $ 17,964 Raw materials 20,380 23,014 Inventory valuation reserve (1,129) (1,202) Total $ 37,335 $ 39,776 Commitments During 2022, the Company entered into agreements with Space Exploration Technology Corp. and Thales Alenia Space France for launch and related services, to launch up to five of the Company’s ground spare satellites. The contract price under these agreements is approximately $40.0 million in the aggregate. As of March 31, 2023, the Company had made aggregate payments of $11.4 million related to these services, which were capitalized as construction in progress within property and equipment, net in the accompanying condensed consolidated balance sheets. The Company currently expects the launch to occur in mid-2023. Derivative Financial Instruments The Company uses derivatives (interest rate swap, swaption and cap) 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 current liabilities and other assets. 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, 2023
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 balances: March 31, 2023 December 31, 2022 Recurring Fair (In thousands) Cash and cash equivalents: Cash $ 23,638 $ 16,247 Money market funds 102,954 152,523 Level 2 Total cash and cash equivalents $ 126,592 $ 168,770

Leases

Leases	3 Months Ended
	Mar. 31, 2023
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 life of the satellites, currently estimated to be approximately 12.5 years from their in-service date. Lease income related to these agreements was $5.4 million for each of the three months ended March 31, 2023 and 2022. 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, 2023, exclusive of the $5.4 million recognized during the three months ended March 31, 2023, by year and in the aggregate: Year Ending December 31, Amount (In thousands) 2023 $ 16,084 2024 21,445 2025 21,445 2026 21,445 2027 21,445 Thereafter 56,017 Total lease income $ 157,881

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Term Loan and Revolving Facility Pursuant to a loan agreement (as amended to date, the “Credit Agreement”), the Company previously entered into a term loan totaling $1,650.0 million in aggregate principal amount with Deutsche Bank AG (the “Term Loan”) and an accompanying $100.0 million revolving loan (the “Revolving Facility”). The Term Loan has been repriced on multiple occasions and in December 2022 the Term Loan was amended to replace the original LIBOR base interest rate with SOFR. The Term Loan now bears interest at an annual rate of adjusted SOFR (SOFR plus 0.10%) plus 2.50%, with a 0.75% adjusted SOFR floor. The Company typically selects a one-month interest period, resulting in interest expense incurred using one-month term SOFR. All other terms of the Term Loan remain unchanged, including maturity of the Term Loan in November 2026. The interest rate on the Revolving Facility was also modified to use adjusted SOFR as the base rate beginning December 30, 2022. The Revolving Facility now bears interest at an annual rate of adjusted SOFR plus 3.75%, with no adjusted SOFR floor, and a maturity date in November 2024. Principal payments equal $16.5 million per annum (one percent of the full principal amount of the Term Loan), which are paid quarterly, with the remaining principal due upon maturity. In the fourth quarter of 2022, the Company prepaid $100.0 million of principal on the Term Loan. As of March 31, 2023 and December 31, 2022, the Company reported an aggregate of $1,500.5 million and $1,504.6 million in borrowings under the Term Loan, respectively. These amounts do not include $16.4 million and $17.4 million of net unamortized deferred financing costs as of March 31, 2023 and December 31, 2022, respectively. The net principal balance in borrowings in the accompanying condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022 amounted to $1,484.1 million and $1,487.2 million, respectively. As of March 31, 2023 and December 31, 2022, based upon over-the-counter bid levels (Level 2 - market approach), the fair value of the borrowings under the Term Loan was $1,501.4 million and $1,494.3 million, respectively. The Company had not borrowed under the Revolving Facility as of March 31, 2023 or December 31, 2022. 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” as defined in the Credit Agreement) and unlimited exceptions based on achievement and maintenance of specified leverage ratios, for, among other things, incurring indebtedness and liens and making investments, restricted payments for dividends and share repurchases, and payments of subordinated indebtedness. 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), which is phased out based on achievement and maintenance of specified leverage ratios. As of December 31, 2022, the Company was below the specified leverage ratio, and a mandatory prepayment sweep was therefore not required. 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, 2023. Interest on Debt Total interest incurred includes amortization of deferred financing fees and capitalized interest. The following table presents the interest and amortization of deferred financing fees related to the Term Loan: Three Months Ended March 31, 2023 2022 (In thousands) Total interest incurred $ 21,336 $ 15,303 Amortization of deferred financing fees $ 1,111 $ 1,182 Capitalized interest $ 1,330 $ 389 As of each of March 31, 2023 and December 31, 2022, accrued interest on the Term Loan was $0.3 million.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
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 its 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 hedging instruments. 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 the maturity of the Term Loan in November 2026. In December 2022, the Company modified the Cap to replace the LIBOR base rate with SOFR, consistent with the 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 counter-party 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, 2023 and December 31, 2022. The Cap 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 will be 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, 2023 and December 31, 2022, the Company had an asset balance of $79.1 million and $92.3 million, respectively, for the fair value of the Cap and a liability balance of $10.5 million and $11.0 million, respectively, for the fair value of the Cap premium. Both the Cap and the Cap premium are recorded net within other assets. During each of the three months ended March 31, 2023 and March 31, 2022, the Company collectively incurred $0.8 million, in interest expense for the Cap premium. Interest expense was reduced by $7.7 million for the three months ended March 31, 2023, for payments received related to the Cap. The Company did not receive payments related to the Cap for the three months ended March 31, 2022. 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, 2023 2022 (In thousands) Unrealized gain (loss), net of tax $ (9,656) $ 27,992 Tax expense (benefit) $ (2,936) $ 8,455

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation In May 2019, 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, 2023, the remaining aggregate number of shares available for future grants under the Amended 2015 Plan was 6,181,382. 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 The RSUs granted to employees for service 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 certain 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. The RSUs do not carry voting rights until they are vested, but certain unvested RSUs are entitled to accrue dividends, and shares 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, 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 Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2021 2,550 $ 25.80 Granted 976 39.12 Forfeited (68) 28.49 Released (550) 33.91 Outstanding at March 31, 2022 2,908 $ 28.67 Vested and unreleased at March 31, 2022 (1) 882 (1) These RSUs were granted to the Company’s Board of Directors as a part of their compensation for board and committee service, as detailed below, and had vested but had not yet settled, meaning that the underlying shares of common stock had not been issued and released pursuant to the terms of the applicable compensation program. 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. In addition, 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 44,000 and 54,000 service-based RSUs were granted to the Company’s non-employee members of the Board of Directors as a result of these payments and elections during the three months ended March 31, 2023 and 2022, respectively, with an estimated grant date fair value of $2.3 million and $2.1 million, respectively. During the three months ended March 31, 2023 and 2022, the Company granted approximately 563,000 and 673,000 service-based RSUs, respectively, to its employees, with an estimated aggregate grant date fair value of $34.0 million and $26.4 million, respectively. Performance-Based RSUs In March 2023 and 2022, the Company granted approximately 193,000 and 248,000 annual incentive, performance-based RSUs, respectively, to the Company’s executives and employees (the “Bonus RSUs”), with an estimated grant date fair value of $11.9 million and $9.7 million, respectively. Vesting of the Bonus RSUs is and was 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 2023 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 2023 Bonus RSUs will vest, subject to continued employment, in March 2024. Substantially all of the 2022 Bonus RSUs vested in March 2023 upon the determination of the level of achievement of the performance goals. Additionally, in March 2023 and 2022, the Company granted approximately 134,000 and 167,000 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 for the 2023 and 2022 grants was $8.2 million and $6.5 million, respectively. Vesting of the Executive RSUs is dependent upon the Company’s achievement of defined performance goals over a two-year period. The vesting of Executive RSUs will ultimately range from 0% to 150% of the number of shares underlying the Executive RSUs granted based

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, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, there were no outstanding shares of preferred stock. 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 approved a dividend of $0.13 per share of common stock, which was paid on March 30, 2023 to stockholders of record as of March 15, 2023, resulting in a $16.4 million payment in aggregate. The Company’s liability related to dividends on unvested common shares was $0.4 million as of March 31, 2023. Share Repurchases and Retirement In February 2021, the Company’s Board of Directors authorized the repurchase of up to $300.0 million of its common stock through December 31, 2022. In March 2022, the Board of Directors expanded the authorization of the repurchase program to include up to an additional $300.0 million of its common stock through December 31, 2023. 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. 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, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table summarizes the Company’s services revenue: Three Months Ended March 31, 2023 2022 (In thousands) Commercial services revenue: Voice and data $ 52,448 $ 44,883 IoT data 31,950 28,441 Broadband 13,448 11,514 Hosted payload and other data 15,003 14,771 Total commercial services revenue 112,849 99,609 Government services revenue 26,500 26,500 Total services revenue $ 139,349 $ 126,109 The following table summarizes the Company’s engineering and support services revenue: Three Months Ended March 31, 2023 2022 (In thousands) Commercial $ 5,686 $ 1,111 Government 18,562 7,255 Total engineering and support services revenue $ 24,248 $ 8,366 Approximately 28% and 25% of the Company’s accounts receivable balance at March 31, 2023 and December 31, 2022, 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 $14.3 million and $9.4 million for the three months ended March 31, 2023 and 2022, 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, 2023 December 31, 2022 (In thousands) Contract Assets: Commissions $ 1,042 $ 1,258 Other contract costs $ 2,179 $ 2,255

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes Income before income taxes 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. Income before income taxes was $4.6 million for the three months ended March 31, 2022, while the income tax expense was $1.8 million. The effective tax rate was 39.2% which differed from the federal statutory rate of 21% primarily due to tax expense associated with U.S. state taxes, nondeductible executive compensation, and non-creditable foreign taxes, which was partially offset by U.S. tax credits and a discrete tax benefit associated with stock compensation.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income Per ShareThe 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, 2023 2022 (In thousands, except per share data) Numerator: Net income - basic and diluted $ 9,775 $ 2,824 Denominator: Weighted average common shares — basic 127,058 130,298 Dilutive effect of stock options 698 1,012 Dilutive effect of RSUs 982 532 Weighted average common shares — diluted 128,738 131,842 Net income per share - basic and diluted $ 0.08 $ 0.02 The following table presents the incremental number of shares underlying stock options and RSUs outstanding with anti-dilutive effects: Three Months Ended March 31, 2023 2022 (In thousands) Service-based RSUs 102 277

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	Related Party Transactions Aireon LLC and Aireon Holdings LLC The Company’s satellite constellation hosts the Aireon ® system, which provides a global air traffic surveillance service through a series of automatic dependent surveillance-broadcast (“ADS-B”) receivers. The Company formed Aireon in 2011, with subsequent investments from the air navigation service providers (“ANSPs”) of Canada, Italy, Denmark, Ireland and the United Kingdom, to develop and market this service. The Company and other Aireon investors hold their interests in Aireon Holdings LLC (“Aireon Holdings”) through an amended and restated LLC agreement (the “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 approximate 6% preferred membership interest. The Company’s investment in Aireon is accounted for as an equity method investment. The carrying value of the Company’s investment in Aireon was $47.9 million as of March 31, 2023. The original investments by the Company were previously written down to a carrying value of zero. At each of March 31, 2023 and December 31, 2022, 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. Aireon has contracted to pay the Company a fee to host the ADS-B receivers on its constellation, as well as fees for power and data services in connection with the delivery of the air traffic surveillance data. Pursuant to an agreement with Aireon (the “Hosting Agreement”), Aireon will pay the Company fees of $200.0 million to host the ADS-B receivers, of which $78.5 million had been paid as of March 31, 2023. These fees will be recognized over the life of the satellites, or approximately $16.0 million per year. Additionally, Aireon pays power fees of up to approximately $3.7 million per year. Aireon also pays data services fees of $19.8 million per year for the delivery of the air traffic surveillance data under a data transmission services agreement. Pursuant to ASU 2016-02, the Company considers the Hosting Agreement an operating lease. The Company recognized $4.0 million of hosting fee revenue for each of the three months ended March 31, 2023 and 2022. Aireon unbilled receivables under the Hosting Agreement totaled $3.6 million as of March 31, 2023 . There were no such receivables as of December 31, 2022 . The Company recorded power and data service revenue from Aireon of $5.9 million for each of the three months ended March 31, 2023 and 2022. 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 $2.0 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively. 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 $10.7 million. No bridge loan amounts were outstanding as of March 31, 2023 or December 31, 2022. Satelles In the first quarter of 2023, the Company entered into a stock purchase agreement with Satelles LLC (“Satelles”) and invested $10.0 million (in addition to its previous investment). The total investment in Satelles is now accounted for as an equity method investment. The carrying value of the Company’s equity investment in Satelles was approximately $23.3 million as of March 31, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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. 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, 2023 and December 31, 2022: (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 may include money market funds, commercial paper and short-term U.S. agency securities. The Company also classifies its derivative financial instruments as Level 2. The Company did not hold any Level 3 assets as of March 31, 2023 or December 31, 2022. In determining fair value, 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.
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 assets also include any lease payments made and exclude 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 elected the practical expedient to combine lease and non-lease
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.
Commitments and Contingencies, Policy	CommitmentsDuring 2022, the Company entered into agreements with Space Exploration Technology Corp. and Thales Alenia Space France for launch and related services, to launch up to five of the Company’s ground spare satellites. The contract price under these agreements is approximately $40.0 million in the aggregate. As of March 31, 2023, the Company had made aggregate payments of $11.4 million related to these services, which were capitalized as construction in progress within property and equipment, net in the accompanying condensed consolidated balance sheets. The Company currently expects the launch to occur in mid-2023.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The Company uses derivatives (interest rate swap, swaption and cap) 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 current liabilities and other assets. 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, 2023
Accounting Policies [Abstract]
Schedule of Inventory, Current	The following table summarizes the Company’s inventory balances: March 31, 2023 December 31, 2022 (In thousands) Finished goods $ 18,084 $ 17,964 Raw materials 20,380 23,014 Inventory valuation reserve (1,129) (1,202) Total $ 37,335 $ 39,776

Cash and Cash Equivalents, Re_2

Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Summary of Company's Cash and Cash Equivalents	The following table presents the Company’s cash and cash equivalents balances: March 31, 2023 December 31, 2022 Recurring Fair (In thousands) Cash and cash equivalents: Cash $ 23,638 $ 16,247 Money market funds 102,954 152,523 Level 2 Total cash and cash equivalents $ 126,592 $ 168,770

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023, exclusive of the $5.4 million recognized during the three months ended March 31, 2023, by year and in the aggregate: Year Ending December 31, Amount (In thousands) 2023 $ 16,084 2024 21,445 2025 21,445 2026 21,445 2027 21,445 Thereafter 56,017 Total lease income $ 157,881

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (In thousands) Total interest incurred $ 21,336 $ 15,303 Amortization of deferred financing fees $ 1,111 $ 1,182 Capitalized interest $ 1,330 $ 389

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (In thousands) Unrealized gain (loss), net of tax $ (9,656) $ 27,992 Tax expense (benefit) $ (2,936) $ 8,455

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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, 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	Shares Underlying RSUs Weighted- (In thousands) Outstanding at December 31, 2021 2,550 $ 25.80 Granted 976 39.12 Forfeited (68) 28.49 Released (550) 33.91 Outstanding at March 31, 2022 2,908 $ 28.67 Vested and unreleased at March 31, 2022 (1) 882
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, 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	Shares Weighted- Weighted- Aggregate (In thousands, except years and per share data) Options outstanding at December 31, 2021 1,681 $ 9.35 3.28 $ 53,698 Exercised (56) 9.10 $ 1,666 Forfeited (1) 18.45 Options outstanding at March 31, 2022 1,624 $ 9.35 3.09 $ 50,305 Options exercisable at March 31, 2022 1,573 $ 8.98 2.98 $ 49,318 Options exercisable and expected to vest at March 31, 2022 1,624 $ 9.35 3.09 $ 50,298

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (In thousands) Commercial services revenue: Voice and data $ 52,448 $ 44,883 IoT data 31,950 28,441 Broadband 13,448 11,514 Hosted payload and other data 15,003 14,771 Total commercial services revenue 112,849 99,609 Government services revenue 26,500 26,500 Total services revenue $ 139,349 $ 126,109
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, 2023 2022 (In thousands) Commercial $ 5,686 $ 1,111 Government 18,562 7,255 Total engineering and support services revenue $ 24,248 $ 8,366
Schedule of recognized contract costs	The following table presents contract assets not separately disclosed: March 31, 2023 December 31, 2022 (In thousands) Contract Assets: Commissions $ 1,042 $ 1,258 Other contract costs $ 2,179 $ 2,255

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 (In thousands, except per share data) Numerator: Net income - basic and diluted $ 9,775 $ 2,824 Denominator: Weighted average common shares — basic 127,058 130,298 Dilutive effect of stock options 698 1,012 Dilutive effect of RSUs 982 532 Weighted average common shares — diluted 128,738 131,842 Net income per share - basic and diluted $ 0.08 $ 0.02
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, 2023 2022 (In thousands) Service-based RSUs 102 277

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Finished goods	$ 18,084	$ 17,964
Raw materials	20,380	23,014
Inventory valuation reserve	(1,129)	(1,202)
Inventory	$ 37,335	$ 39,776

Significant Accounting Polici_5

Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Launch Service Costs	$ 40

Cash and Cash Equivalents, Re_3

Cash and Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents:
Total cash and cash equivalents	$ 126,592	$ 168,770
Cash
Cash and cash equivalents:
Cash	23,638	16,247
Money Market Funds | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents:
Money market funds	$ 102,954	$ 152,523

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description [Line Items]
Operating Lease, Lease Income	$ 5,400	$ 5,400
2022 (Remainder of Fiscal Year)	16,084
2024	21,445
2025	21,445
2026	21,445
2027	21,445
Thereafter	56,017
Total lease income	$ 157,881
Next Generation Satellites
Lessor, Lease, Description [Line Items]
Property, Plant and Equipment, Useful Life	12 years 6 months

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Rate	Dec. 31, 2022 USD ($)	Feb. 07, 2020 USD ($)	Nov. 04, 2019 USD ($) Rate
Line of Credit Facility [Line Items]
Debt Instrument, Periodic Payment, Principal	$ 16.5
Unamortized Deferred Financing Costs	(16.4)	$ 17.4
Long-term Debt	1,484.1	1,487.2
Long-term Debt, Fair Value	1,501.4	1,494.3
Interest Payable	$ 0.3	0.3
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Gross				$ 100
Debt Instrument, Basis Spread on Variable Rate | Rate	3.75%
First Lien Net Leverage Ratio				6.25
Credit Facility Drawdown Floor for Application of First Lien Net Leverage Ratio | Rate				35%
Term Loan B (Original)
Line of Credit Facility [Line Items]
Long-term Debt, Gross			$ 1,650
Refinanced Term Loan B
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	2.50%
Debt instrument face amount	$ 1,500.5	$ 1,504.6
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, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Interest Costs Incurred	$ 21,336	$ 15,303
Amortization of Debt Issuance Costs and Discounts	1,111	1,182
Interest Costs Capitalized	$ 1,330	$ 389

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Interest Rate Swap [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0.8	$ 0.8
Derivative, Gain on Derivative	$ 7.7
Interest Rate Cap
Interest Rate Swap [Line Items]
Derivative, Cap Interest Rate	1.436%		1.50%
Derivative, Fixed Interest Rate	0.31%		0.31%
Derivative, Notional Amount	$ 1,000		$ 1,000
Interest Rate Cash Flow Hedge Asset at Fair Value	79.1		92.3
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 10.5		$ 11

Derivatives - Summary of Unreal

Derivatives - Summary of Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss), net of tax	$ (9,656)	$ 27,992
Tax expense (benefit)	$ (2,936)	$ 8,455

Stock-Based Compensation Narrat

Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares available for grant (in shares)	6,181,382
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]
Stock Option Contractual Term	10 years	10 years
Share-based compensation, vesting period	4 years	4 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	563,000	673,000
Share-based compensation, grant date fair value of stock options	$ 34	$ 26.4
Service Based RSU | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted - restricted stock units	44,000	54,000
Share-based compensation, grant date fair value of stock options	$ 2.3	$ 2.1
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	4 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	25%	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	193,000	248,000
Share-based compensation, grant date fair value of stock options	$ 11.9	$ 9.7
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	134,000	167,000
Share-based compensation, grant date fair value of stock options	$ 8.2	$ 6.5
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period	2 years	2 years
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease)			55,000	50,000
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	989,000	976,000

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		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding
Options outstanding, beginning of period (in shares)	1,185	1,681	1,681
Cancelled or Expired (Shares)	(3)
Exercised (Shares)	(368)	(56)
Exercised (Dollar Value)	$ 19,993	$ 1,666
Forfeited (Shares)		(1)
Options outstanding, end of period (in shares)	814	1,624	1,185	1,681
Options exercisable, end of period (in shares)		1,573
Options exercisable and expected to vest, end of period (in shares)		1,624
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	$ 9.97	$ 9.35	$ 9.35
Options cancelled or expired - weighted average exercise price per share	10.25
Options exercised - weighted average exercise price per share	7.46	9.10
Options forfeited - weighted average exercise price per share		18.45
Options outstanding, end of period - weighted average exercise price per share	$ 11.10	9.35	$ 9.97	$ 9.35
Options exercisable, end of period - weighted average exercise price per share		8.98
Options exercisable, end of period - weighted average exercise price per share		$ 9.35
Options outstanding, end of period - weighted average remaining contractual term (years)	2 years 10 months 24 days	3 years 1 month 2 days	2 years 7 months 20 days	3 years 3 months 10 days
Options exercisable, end of period - weighted average remaining contractual term (years)		2 years 11 months 23 days
Options exercisable and expected to vest, end of period - Weighted Average Remaining Contractual Term (Years)		3 years 1 month 2 days
Aggregate Intrinsic Value
Options outstanding, end of period - aggregate intrinsic value	$ 41,365	$ 50,305	$ 49,094	$ 53,698
Options exercisable, end of period - aggregate intrinsic value		49,318
Options exercisable and expected to vest, end of period - aggregate intrinsic value		$ 50,298

Stock-Based Compensation Outsta

Stock-Based Compensation Outstanding RSUs (Details) - Outstanding Restricted Stock Units - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares Underlying RSUs
Outstanding - restricted stock units	2,970	2,550
Granted - restricted stock units	989	976
Forfeited - restricted stock units	(20)	(68)
Released - restricted stock units	(656)	(550)
Outstanding - restricted stock units	3,283	2,908
Vested and unreleased restricted stock units	793	882
Weighted- Average Grant Date Fair Value Per RSU
Outstanding - weighted average grant date fair value per RSU	$ 31.60	$ 25.80
Granted - weighted average grant date fair value per RSU	59.47	39.12
Forfeited - weighted average grant date fair value per RSU	38.59	28.49
Released - weighted average grant date fair value per RSU	37.09	33.91
Outstanding - weighted average grant date fair value per RSU	$ 38.85	$ 28.67

Equity Transactions (Details)

Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 03, 2022	Feb. 05, 2021	Dec. 31, 2015
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
Common Stock, Dividends, Per Share, Cash Paid	$ 0.13
Payments of Ordinary Dividends, Common Stock	$ (16,428)	$ 0
Dividends Payable	$ 400
Stock Repurchase Program, Authorized Amount				$ 300,000	$ 300,000
Treasury Stock, Shares, Retired	900,000	3,800,000
Treasury Stock, Retired, Cost Method, Amount	$ 53,100	$ 134,200
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 126,500

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Liability, revenue recognized	$ 14.3	$ 9.4
Accounts Receivable [Member] | Customer Concentration Risk | Prime Contracts with the US Government [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	28%	25%

Revenue - Summary of Service Re

Revenue - Summary of Service Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 205,273	$ 168,219
Voice and data
Disaggregation of Revenue [Line Items]
Revenue	52,448	44,883
IoT data
Disaggregation of Revenue [Line Items]
Revenue	31,950	28,441
Commercial Broadband Services [Member]
Disaggregation of Revenue [Line Items]
Revenue	13,448	11,514
Hosted payload and other data
Disaggregation of Revenue [Line Items]
Revenue	15,003	14,771
Services
Disaggregation of Revenue [Line Items]
Revenue	139,349	126,109
Services | Commercial
Disaggregation of Revenue [Line Items]
Revenue	112,849	99,609
Services | US Government [Member]
Disaggregation of Revenue [Line Items]
Revenue	26,500	26,500
Engineering and support services
Disaggregation of Revenue [Line Items]
Revenue	24,248	8,366
Engineering and support services | Commercial
Disaggregation of Revenue [Line Items]
Revenue	5,686	1,111
Engineering and support services | US Government [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 18,562	$ 7,255

Revenue - Summary of Contract C

Revenue - Summary of Contract Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commissions
Capitalized Contract Cost [Line Items]
Contract Assets	$ 1,042	$ 1,258
Other contract costs
Capitalized Contract Cost [Line Items]
Contract Assets	$ 2,179	$ 2,255

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 5,477	$ 4,648
Income tax benefit (expense)	$ 5,453	$ (1,824)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%
Effective Income Tax Rate Reconciliation, Percent	(99.60%)	39.20%

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, 2023	Mar. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss) - diluted	$ 9,775	$ 2,824
Weighted Average Number of Shares Outstanding, Basic	127,058	130,298
Weighted Average Number of Shares Outstanding, Diluted	128,738	131,842
Earnings Per Share, Basic and Diluted	$ 0.08	$ 0.02
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	698	1,012
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	982	532

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-Dilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share	102	277

Related Party Transactions Rela

Related Party Transactions Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Equity Method Investments	$ 72,018		$ 49,853
Related Party Transaction, Due from (to) Related Party, Current	3,600
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
Ownership stake	6%
Equity Method Investments	$ 47,900
Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	4,000	$ 4,000
Service Agreements [Member] | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	5,900	$ 5,900
Administrative and support agreement accounts receivable | Equity Method Investee
Related Party Transaction [Line Items]
Related Party Transaction, Due from (to) Related Party	2,000		$ 2,200
Aireon Investor Bridge Loan
Related Party Transaction [Line Items]
Investor Bridge Loan Commitment	10,700		$ 10,700
Satelles Equity Investment
Related Party Transaction [Line Items]
Payments for (Proceeds from) Investments	10,000
Equity Method Investments	23,300
Maximum [Member] | Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	200,000
Maximum [Member] | Power Agreement [Member] | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	3,700
Maximum [Member] | Service Agreements [Member] | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	19,800
Minimum [Member] | Hosting Agreement | Equity Method Investee
Related Party Transaction [Line Items]
Revenue from related parties	$ 78,500