Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Property and Equipment
The estimated useful lives are as follows:
Estimated useful lives (years)
Satellites 3
Computer equipment and software 3
Site and other equipment
 3 - 5
Office furniture and fixtures 5
Capitalized software
 3
Leasehold improvements shorter of useful life or remaining lease term
The following summarizes property and equipment - net as of:
December 31, December 31,
2023 2022
(in thousands)
Satellites $ 125,124  $ 116,219 
Software 20,384 8,503
Software development in process 2,673 2,942
Computer equipment 1,642 1,996
Office furniture and fixtures 4,039 674
Other equipment 811 631
Site equipment 2,557 2,558
Total 157,230 133,523
Less: accumulated depreciation (90,114) (61,939)
Property and equipment — net $ 67,116  $ 71,584 
Depreciation of property and equipment was $42.9 million and $35.1 million for the years ended December 31, 2023 and 2022, respectively. The Company recognized impairment losses of $121 thousand of capitalized software and leasehold improvements, resulting in a net impairment loss of $81 thousand. As of December 31, 2023 and 2022, the Company's primary long-lived assets, including satellites in service, are owned and operated by United States entities and are classified within the United States geographic region.
Schedule of Finite-Lived Intangible Assets
The estimated useful lives of the Company's finite-lived intangible assets are as follows:
Estimated useful lives (years)
Distribution agreements 2
Customer backlog and relationships
1 - 10
Technology
3 - 5
Schedule of Professional Engineering Services Contracts The following table presents the effect of aggregate net EAC adjustments on our professional and engineering services contracts:
Years Ended December 31,
2023
2022(1)
(in thousands)
Revenue $ (1,477) $ (2,316)
Basic and diluted net loss per share $ (0.01) $ (0.02)
(1) For the year ended December 31, 2022, the amounts represent the effect of aggregate net EAC adjustments on two professional and engineering service contracts