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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense was $235 and $366 for the three months ended June 30, 2025 and 2024, respectively, and $506 and $719 for the six months ended June 30, 2025 and 2024, respectively. Short-term operating lease costs were $24 and $20 for the three months ended June 30, 2025 and 2024, respectively, and $46 and $39 for the six months ended June 30, 2025 and 2024, respectively. Maturities of lease liabilities as of June 30, 2025 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2025 | $ | 468 |
2026 | 406 |
2027 | 251 |
2028 and thereafter | 164 |
Total minimum lease payments | $ | 1,289 |
Less amount representing interest | $ | (76) |
Present value of net minimum operating lease payments | $ | 1,213 |
Less current installments of obligation under current-operating lease liabilities | $ | 651 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 562 |
Weighted-average remaining lease term - operating leases (years) | 2.16
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone and TracNet VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. Upon adoption of ASC 842, the Company elected to apply the practical expedient provided to lessors to combine the lease and non-lease component of a contract where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. The current portion of the net investment in these leases was $3,110 as of June 30, 2025 and the non-current portion of the net investment in these leases was $2,918 as of June 30, 2025. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets, and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $101 and $117 during the three months ended June 30, 2025 and 2024, respectively, and $203 and $246 during the six months ended June 30, 2025 and 2024, respectively. The future undiscounted cash flows from these leases as of June 30, 2025 are:
Remainder of 2025 | $ | 2,165 |
2026 | 2,292 |
2027 | 1,440 |
2028 | 504 |
2029 | 103 |
2030 | 5
Total undiscounted cash flows | $ | 6,509 |
Present value of lease payments | $ | 6,028 |
Difference between undiscounted cash flows and discounted cash flows | $ | 481 |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense was $235 and $366 for the three months ended June 30, 2025 and 2024, respectively, and $506 and $719 for the six months ended June 30, 2025 and 2024, respectively. Short-term operating lease costs were $24 and $20 for the three months ended June 30, 2025 and 2024, respectively, and $46 and $39 for the six months ended June 30, 2025 and 2024, respectively. Maturities of lease liabilities as of June 30, 2025 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2025 | $ | 468 |
2026 | 406 |
2027 | 251 |
2028 and thereafter | 164 |
Total minimum lease payments | $ | 1,289 |
Less amount representing interest | $ | (76) |
Present value of net minimum operating lease payments | $ | 1,213 |
Less current installments of obligation under current-operating lease liabilities | $ | 651 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 562 |
Weighted-average remaining lease term - operating leases (years) | 2.16
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone and TracNet VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. Upon adoption of ASC 842, the Company elected to apply the practical expedient provided to lessors to combine the lease and non-lease component of a contract where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. The current portion of the net investment in these leases was $3,110 as of June 30, 2025 and the non-current portion of the net investment in these leases was $2,918 as of June 30, 2025. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets, and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $101 and $117 during the three months ended June 30, 2025 and 2024, respectively, and $203 and $246 during the six months ended June 30, 2025 and 2024, respectively. The future undiscounted cash flows from these leases as of June 30, 2025 are:
Remainder of 2025 | $ | 2,165 |
2026 | 2,292 |
2027 | 1,440 |
2028 | 504 |
2029 | 103 |
2030 | 5
Total undiscounted cash flows | $ | 6,509 |
Present value of lease payments | $ | 6,028 |
Difference between undiscounted cash flows and discounted cash flows | $ | 481 |
Leases | Leases Lessee The Company has operating leases for office facilities, equipment, and satellite service capacity and related equipment. Lease expense was $235 and $366 for the three months ended June 30, 2025 and 2024, respectively, and $506 and $719 for the six months ended June 30, 2025 and 2024, respectively. Short-term operating lease costs were $24 and $20 for the three months ended June 30, 2025 and 2024, respectively, and $46 and $39 for the six months ended June 30, 2025 and 2024, respectively. Maturities of lease liabilities as of June 30, 2025 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows:
Remainder of 2025 | $ | 468 |
2026 | 406 |
2027 | 251 |
2028 and thereafter | 164 |
Total minimum lease payments | $ | 1,289 |
Less amount representing interest | $ | (76) |
Present value of net minimum operating lease payments | $ | 1,213 |
Less current installments of obligation under current-operating lease liabilities | $ | 651 |
Obligations under long-term operating lease liabilities, excluding current installments | $ | 562 |
Weighted-average remaining lease term - operating leases (years) | 2.16
Weighted-average discount rate - operating leases | 5.50 | %
Lessor The Company enters into leases with certain customers primarily for the TracPhone and TracNet VSAT systems. These leases are classified as sales-type leases because title to the equipment transfers to the customer at the end of the lease term. The Company records the leases at a price typically equivalent to normal selling price and in excess of the cost or carrying amount. Upon delivery, the Company records the net present value of all payments under these leases as product revenue, and the related costs of the product are charged to cost of sales. Interest income is recognized throughout the lease term (typically three to five years) using an implicit interest rate. The sales-type leases do not have unguaranteed residual assets. Upon adoption of ASC 842, the Company elected to apply the practical expedient provided to lessors to combine the lease and non-lease component of a contract where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined component. The current portion of the net investment in these leases was $3,110 as of June 30, 2025 and the non-current portion of the net investment in these leases was $2,918 as of June 30, 2025. The current portion of the net investment in the leases is included in accounts receivable, net of allowance for doubtful accounts on the accompanying consolidated balance sheets, and the non-current portion of the net investment in these leases is included in other non-current assets on the accompanying consolidated balance sheets. Interest income from sales-type leases was $101 and $117 during the three months ended June 30, 2025 and 2024, respectively, and $203 and $246 during the six months ended June 30, 2025 and 2024, respectively. The future undiscounted cash flows from these leases as of June 30, 2025 are:
Remainder of 2025 | $ | 2,165 |
2026 | 2,292 |
2027 | 1,440 |
2028 | 504 |
2029 | 103 |
2030 | 5
Total undiscounted cash flows | $ | 6,509 |
Present value of lease payments | $ | 6,028 |
Difference between undiscounted cash flows and discounted cash flows | $ | 481 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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