Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 139

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 139
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 taxes incurred in the year ended December 31, 2022. In addition, in 

74

December 2023, the Company repurchased 26,000 shares for $1.0 million, which were settled and retired in January 2024. As such, these shares were recorded as treasury stock as of December 31, 2023. As of December 31, 2024, $430.3 million remained available and authorized for repurchase under this program. 

9. Revenue

The following table summarizes the Company’s services revenue: Year Ended December 31, 202420232022 (In thousands)Commercial services:Voice and data$226,197 $219,242 $193,112 IoT data166,166 141,036 125,015 Broadband56,095 57,878 51,143 Hosted payload and other data(1)60,160 60,298 59,451 Total commercial services508,618 478,454 428,721 Government services106,296 106,000 106,000 Total services$614,914 $584,454 $534,721 (1)    Includes immaterial revenue related to the Company’s operating leases in which it is a lessor (see Note 10 for additional information).The following table summarizes the Company’s engineering and support services revenue: Year Ended December 31, 202420232022 (In thousands)Commercial$7,307 $11,050 $7,833 Government117,045 90,083 43,766 Total$124,352 $101,133 $51,599 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 a 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 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