Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 21

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 21
---
. For the three months ended March 31, 2025, the Company updated its estimate related to deferred taxes, which resulted in an increase in goodwill and an decrease to deferred tax assets of $0.8 million. These updates are reflected in the table above.The Company incurred $1.5 million of acquisition related costs that were expensed in the three months ended March 31, 2024. These costs are included within selling, general, and administrative expenses in the condensed consolidated statements of operations and comprehensive income. No such costs were incurred during the three months ended March 31, 2025. The amounts of revenue and earnings of Satelles included in the Company’s condensed consolidated statements of operations and comprehensive income (loss), excluding the impact of the Company’s remeasurement of its prior equity interest in Satelles, are as follows:Three Months Ended March 31, 2025(In thousands)Revenue$4,547 Net loss(921)

16

The following unaudited pro forma data summarizes the results of operations for the periods indicated as if the acquisition of Satelles had been completed as of the beginning of the comparable prior annual reporting period. The unaudited pro forma data gives effect to actual operating results prior to the acquisition, adjusted to include the pro forma effect of amortization of intangibles and the elimination of intercompany sales and acquisition costs. These pro forma amounts are not intended to be indicative of the results that would have actually been obtained if the acquisition had occurred as of the beginning of the comparable prior annual reporting period or that may be obtained in the future. Three Months Ended March 31, 20252024 (In thousands)Revenue$214,878 $205,725 Net income29,534 18,979 Prior to the acquisition date, the Company accounted for its 19.5% interest in Satelles as an equity-method investment. The acquisition date fair value of the previous equity interest was $39.7 million and was included in the measurement of the consideration transferred. The Company recognized a gain of $19.8 million as a result of remeasuring its prior equity interest in Satelles held before the business combination. The gain was included within gain (loss) from equity method investments in the condensed consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024.

12. Income Taxes

Income before income taxes and loss on equity method investments was $36.9 million for the three months ended