Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 15

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 15
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 available and authorized for repurchase under this program. 

8. Revenue

The following table summarizes the Company’s services revenue: Three Months Ended March 31, 20252024 (In thousands)Commercial services revenue:Voice and data $55,942 $54,977 IoT data43,856 39,455 Broadband12,876 13,692 Hosted payload and other data14,868 13,953 Total commercial services revenue127,542 122,077 Government services revenue26,750 26,500 Total services revenue$154,292 $148,577 The following table summarizes the Company’s engineering and support services revenue: Three Months Ended March 31, 20252024 (In thousands)Commercial$1,638 $1,153 Government35,827 29,255 Total engineering and support services revenue$37,465 $30,408 Approximately 45% and 51% of the Company’s accounts receivable balance at March 31, 2025 and December 31, 2024, 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 $16.2 million and $11.4 million for the three months ended March 31, 2025 and 2024, 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