Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases

Schedule of components of lease expense


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Operating lease cost		$	122,407		$	166,505		$	250,398		$	333,862

Short-term lease cost (1)			2,507			3,051			5,638			8,341

Finance lease cost:
Amortization of right-of-use assets			4,389			13,238			7,496			26,469
Interest on lease liabilities			1,395			1,342			2,223			2,844
Total finance lease cost			5,784			14,580			9,719			29,313
Total lease costs		$	130,698		$	184,136		$	265,755		$	371,516

(1)	Leases that have terms of 12 months or less.

Summary of supplemental cash flow information related to leases


		For the Six Months Ended
		June 30,
		2026			2025

		(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	63,397		$	284,667
Operating cash flows from finance leases		$	763		$	2,314
Financing cash flows from finance leases		$	904		$	11,406

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		$	28,223		$	110,400
Finance leases		$	125,546		$	—

Summary of supplemental balance sheet information related to leases


		As of
		June 30,			December 31,
		2026			2025

		(In thousands)
Operating Leases: (1)
Operating lease assets		$	66,696		$	214,549

Other current liabilities		$	23,198		$	845,326
Operating lease liabilities			120,325			4,137,269
Total operating lease liabilities		$	143,523		$	4,982,595

Finance Leases: (2)
Property and equipment, gross		$	209,257		$	83,141
Accumulated depreciation			(11,600)			(5,124)
Property and equipment, net		$	197,657		$	78,017

Other current liabilities		$	11,288		$	41,520
Other long-term liabilities			113,353			2,528
Total finance lease liabilities		$	124,641		$	44,048

Weighted Average Remaining Lease Term:
Operating leases			7.9 years			9.5 years
Finance leases			8.3 years			0.8 years

Weighted Average Discount Rate:
Operating leases			9.1%			9.9%
Finance leases			7.3%			10.0%

(1)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries. See Note 3 for further information.

(2)	The June 30, 2026 decreases primarily resulted from the Deconsolidated Subsidiaries, offset by an increase primarily related to the Nimiq 5 satellite. Our prior operating lease was modified in June 2026 and is currently accounted for as a finance lease.

Summary of maturities of lease liabilities


		Maturities of Lease Liabilities
		Operating			Finance
For the Years Ending December 31,		Leases			Leases			Total

		(In thousands)
2026 (remaining six months)		$	16,319		$	10,000		$	26,319
2027			30,175			20,000			50,175
2028			25,685			20,000			45,685
2029			23,258			20,000			43,258
2030			20,463			20,000			40,463
Thereafter			82,427			76,667			159,094
Total lease payments			198,327			166,667			364,994
Less: Imputed interest			(54,804)			(42,026)			(96,830)
Total			143,523			124,641			268,164
Less: Current portion			(23,198)			(11,288)			(34,486)
Long-term portion of lease obligations		$	120,325		$	113,353		$	233,678

Schedule of lease revenue


		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025

		(In thousands)
Lease revenue:
Sales-type lease revenue		$	812		$	1,787		$	1,573		$	3,984
Operating lease revenue			4,381			2,014			8,185			4,415
Total lease revenue		$	5,193		$	3,801		$	9,758		$	8,399

Schedule of operating lease payments to be received


For the Years Ending December 31,		Total
		(In thousands)
2026 (remaining six months)		$	9,078
2027			8,874
2028			4,517
2029			3,286
2030			2,182
Thereafter			708
Total lease payments to be received		$	28,645