Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 148

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 148
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 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.

80

 Three Months Ended December 31,Twelve Months Ended December 31, 2024202320242023 (In thousands)(In thousands)Revenue$212,990 $197,231 $832,553 $801,199 Net income (loss)37,617 32,680 96,314 (11,379)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 is included within gain (loss) from equity method investments in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024.

13. Income Taxes

The following table presents U.S. and foreign components of income (loss) before income taxes: Year Ended December 31, 202420232022  (In thousands) U.S. income (loss)$106,340 $(10,596)$10,179 Foreign income3,444 5,849 331 Total income (loss) before income taxes$109,784 $(4,747)$10,510  The following table summarizes the components of the Company’s income tax provision: Year Ended December 31, 202420232022  (In thousands) Current taxes:Federal tax expense$1,128 $— $— State tax expense 1,731 1,032 272 Foreign tax expense2,840 4,545 1,209 Total current tax expense5,699 5,577 1,481 Deferred taxes:Federal tax expense (benefit)10,524 (31,311)(3,354)State tax expense (benefit)(3,542)(226)1,794 Foreign tax expense (benefit)(422)(291)371 Total