XML 16 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Year
Summary Compensation Table Total for PEO ($)(1)
Compensation Actually Paid to PEO ($)(1)(2)
Average Summary Compensation Table Total for Non-PEO NEOs ($)(3)
Average Compensation Actually Paid to Non-PEO NEOs ($)(3)(4)
Value of Initial Fixed $100 Investment Based On Total Stockholder ReturnNet Income (Loss) ($)
(in thousands)
OEBITDA ($)(6)
(in thousands)
Total Stockholder Return ($)
Peer Group Total Stockholder Return ($)(5)
2024
9,197,2325,581,5642,901,8461,666,670117.78119.33112,776470,576
2023
9,017,2734,933,6702,820,2611,570,369167.05107.3615,415463,095
20226,982,98411,449,3492,689,3514,437,963208.6095.618,722423,999
20215,402,9317,716,7512,156,6163,084,021167.57127.87(9,319)378,207
2020
4,007,4405,036,0001,800,9892,165,749159.62122.04(56,054)355,553
        
Named Executive Officers, Footnote Our principal executive officer (“PEO”) was Mr. Desch for all years presented. Non-PEO NEOs consist of Messrs. Fitzpatrick, Hartin and Scheimreif and Ms. McBride. For 2021 only, non-PEO NEOs also include our former Chief Legal Officer, Thomas Hickey.        
Peer Group Issuers, Footnote The peer group used in this disclosure is the Nasdaq Telecommunications Index, which is our peer group used for purposes of Item 201(e) of Regulation S-K. The peer group used by our Compensation Committee for 2024 compensation decisions is described on page 51 of this proxy statement.        
PEO Total Compensation Amount $ 9,197,232 $ 9,017,273 $ 6,982,984 $ 5,402,931 $ 4,007,440
PEO Actually Paid Compensation Amount $ 5,581,564 4,933,670 11,449,349 7,716,751 5,036,000
Adjustment To PEO Compensation, Footnote For Mr. Desch, the following amounts were added to (subtracted from) the respective amounts reported in the Summary Compensation Table for each covered year: (1) the grant date fair value of stock awards granted during the year: 2024 - $(7,594,319); 2023 - $(7,571,432); 2022 - $(5,514,317); 2021 - $(3,714,316); 2020 - $(2,671,402); (2) the fair value as of the end of the year of awards granted during the year that remained outstanding and unvested as of the end of the year: 2024 - $7,277,636; 2023 - $4,505,538; 2022 - $8,917,283; 2021 - $4,447,511; 2020 - $2,065,179; (3) the change as of the end of the year (from the end of the prior year) in fair value of awards granted in a prior year that remained outstanding and unvested as of the end of the year: 2024 - $(1,736,530); 2023 - $(1,799,127); 2022 – $1,122,570; 2021 - $1,359,162; 2020 - $1,315,609; (4) the vesting date fair value of shares granted and vested in the current year: 2024 - $142,603; (5) the change as of the vesting date (from the end of the prior year) in fair value of awards granted in a prior year for which all applicable vesting conditions were satisfied during the year: 2024 - $(1,705,058); 2023 - $781,418; 2022 - $(59,171); 2021 - $221,463; 2020 - $346,611; and (6) for awards granted in a prior year that failed to meet the applicable vesting conditions during the year, the fair value of such awards at the end of the prior year: 2024 - $0; 2023 - $0; 2022 - $0; 2021 - $0; 2020 - $(27,437).        
Non-PEO NEO Average Total Compensation Amount $ 2,901,846 2,820,261 2,689,351 2,156,616 1,800,989
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,666,670 1,570,369 4,437,963 3,084,021 2,165,749
Adjustment to Non-PEO NEO Compensation Footnote For our non-PEO NEOs, the following amounts were added to (or subtracted from) the average of the respective amounts reported in the Summary Compensation Table for each covered year: (1) the average grant date fair value of stock awards granted during the year: 2024 - $(2,201,352); 2023 - $(2,191,145); 2022 - $(2,043,700); 2021 - $(1,362,310); 2020 - $(1,205,942); (2) the average fair value as of the end of the year of awards granted during the year that remained outstanding and unvested as of the end of the year: 2024 - $1,653,879; 2023 - $1,305,904; 2022 - $3,312,023; 2021 - $1,637,702; 2020 - $916,723; (3) the average change as of the end of the year (from the end of the prior year) in fair value of awards granted in a prior year that remained outstanding and unvested as of the end of the year: 2024 - $(378,987); 2023 - $(689,549); 2022 – $489,681; 2021 - $577,304; 2020 - $544,258; (4) the vesting date fair value of shares granted and vested in the current year: 2024 - $496,668; (5) the average change as of the vesting date (from the end of the prior year) in fair value of awards granted in a prior year for which all applicable vesting conditions were satisfied during the year: 2024 - $(805,385); 2023 - $324,897; 2022 - $(9,392); 2021 - $74,709; 2020 - $116,466; and (6) for awards granted in a prior year that failed to meet the applicable vesting conditions during the year, the average fair value of such awards at the end of the prior year: 2024 - $0; 2023 - $0; 2022 - $0; 2021 - $0; 2020 - $(6,745).        
Tabular List, Table
2024 Most Important Measures
OEBITDA
Adjusted Service Revenue
GAAP Service Revenue
Stock Price
        
Total Shareholder Return Amount $ 117.78 167.05 208.60 167.57 159.62
Peer Group Total Shareholder Return Amount 119.33 107.36 95.61 127.87 122.04
Net Income (Loss) $ 112,776 $ 15,415 $ 8,722 $ (9,319) $ (56,054)
Company Selected Measure Amount 470,576 463,095 423,999 378,207 355,553
PEO Name Mr. Desch        
Additional 402(v) Disclosure
The disclosure included in this section is prescribed by SEC rules and does not necessarily align with how we or the Compensation Committee view the link between our company’s performance and named executive officer (“NEO”) pay. For additional information about our pay-for-performance philosophy and how we align executive compensation with company
performance, refer to the “Compensation Discussion and Analysis—Executive Summary—Pay-for-Performance Philosophy” section of this Proxy Statement.
Required Tabular Disclosure of Pay Versus Performance
The amounts set forth below under the headings “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to Non-PEO NEOs” have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Use of the term “compensation actually paid,” or CAP, is required by the SEC’s rules and, as a result of the calculation methodology required by the SEC, such amounts differ from compensation actually received by the individuals and the compensation decisions described in the “Compensation Discussion and Analysis” section of this Proxy Statement.
Required Tabular Disclosure of Most Important Measures
The most important performance measures used to link compensation actually paid to our NEOs for 2024 to our performance are set forth below. For further information regarding OEBITDA and adjusted service revenue and their function in our executive compensation program, please see the “Compensation Discussion and Analysis” section of this Proxy Statement.
Required Disclosure of the Relationship Between Compensation Actually Paid and Financial Performance Measures
As required by Item 402(v) of Regulation S-K, we are providing the following graphs to illustrate the relationship between the pay and performance figures that are included in the pay versus performance tabular disclosure above. In addition, the first graph below further illustrates the relationship between our total stockholder return and that of the Nasdaq Telecommunications Index. As noted above, “compensation actually paid” for purposes of the tabular disclosure and the following graphs were calculated in accordance with SEC rules and do not fully represent the actual final amount of compensation earned by or actually paid to our NEOs during the applicable years. 		       
Measure:: 1          
Pay vs Performance Disclosure          
Name OEBITDA        
Non-GAAP Measure Description “Operational EBITDA” or “OEBITDA” is the financial performance measure from the tabular list of 2024 Most Important Measures shown below, which, in our company’s assessment, represents the most important financial performance measure used to link compensation actually paid to our NEOs for 2024 to our performance. OEBITDA is defined as earnings before interest, income taxes, depreciation and amortization, gain (loss) on equity method investments, acquisition and related costs, share-based compensation expenses, and, for 2020 only, certain expenses associated with the construction of our Iridium NEXT satellite constellation, primarily in-orbit insurance. We consider the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from OEBITDA.        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Service Revenue        
Measure:: 3          
Pay vs Performance Disclosure          
Name GAAP Service Revenue        
Measure:: 4          
Pay vs Performance Disclosure          
Name Stock Price        
PEO | Equity Awards Granted During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards $ (7,594,319) $ (7,571,432) $ (5,514,317) $ (3,714,316) $ (2,671,402)
PEO | Equity Awards Granted During the Year, Unvested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 7,277,636 4,505,538 8,917,283 4,447,511 2,065,179
PEO | Equity Awards Granted in Prior Years, Unvested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (1,736,530) (1,799,127) 1,122,570 1,359,162 1,315,609
PEO | Equity Awards Granted During the Year, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 142,603        
PEO | Equity Awards Granted in Prior Years, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (1,705,058) 781,418 (59,171) 221,463 346,611
PEO | Equity Awards that Failed to Meet Vesting Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 0 0 0 0 (27,437)
Non-PEO NEO | Equity Awards Granted During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (2,201,352) (2,191,145) (2,043,700) (1,362,310) (1,205,942)
Non-PEO NEO | Equity Awards Granted During the Year, Unvested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 1,653,879 1,305,904 3,312,023 1,637,702 916,723
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (378,987) (689,549) 489,681 577,304 544,258
Non-PEO NEO | Equity Awards Granted During the Year, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 496,668        
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (805,385) 324,897 (9,392) 74,709 116,466
Non-PEO NEO | Equity Awards that Failed to Meet Vesting Conditions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards $ 0 $ 0 $ 0 $ 0 $ (6,745)