Maxar (MAXR) 6 Aug 202020 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Maxar Technologies Q2 2020 Earnings Call. At this time, all participant lines are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s call is being recorded. [Operator Instructions] I would now like to hand the conference over to Mr. of and President Vice Gursky, Investor Treasurer. Relations Jason you. Thank Please go ahead.

Chief thanks, Good the joined questions. Maxar’s company’s Both Jablonsky; are operator. opening Biggs second up make after Financial and its today Officer, Chief and quarter the going I’m to open Porter. call. which, your Welcome afternoon, we’re line Officer, to Dan for conference XXXX by some to Executive remarks, earnings going

shooting an We’re wrap hour. call up about in to the

forward-looking to website, refer site. today’s and based discussion, actual today’s plans, future like date. various you to are the Before the of differ risks wide range which questions, be Slide lead objectives for to we These that current uncertainties at I’d believes responses of Once including materially and to get to may Events a reasonable, on slides listeners statements company assumptions call, to remind turn that found performance forward-looking and X, contain accompanying company’s started, information. represent part the the Investor please the are today’s could section Presentations on maxar.com, where the estimates, of can from there, to results are which I’d subject the company’s statements, expected but in like that

that, to the Dan. ahead. the EDGAR at profile company’s to sec.gov section SEDAR earnings company’s refer like Dan, or Form If in the and the on turn advisory With slide call in available recent website maxar.com. at company’s found release, profile regarding is to earnings over deck MD&A go the company’s our sedar.com, the under you discussions forward-looking statements XX-Q, quarterly at contained under online the which most I’d

our good afternoon, and quarter results outlook. of update second everyone. joining Thanks, review Jason, on We our for an you a us appreciate and

finds your and you hope family healthy. Importantly, and call safe I this

Maxar to pleased to Maxar our through efforts our to workforce, home ensure complete essential welfare of outbreak, remain working partners tremendous communities. of continue remain continues on-site. families, operational, protecting As our needed combat that the members We combination a the world and minimizing their by at all their our employees while products you’re all employees and missions. encouraged to from objective remain and by on work on limited to team locations and and coronavirus to risks report and is of focused I’m personnel and aware, the the critical delivering solutions services, while customers our health producing I Maxar our our communities. the

mentioned I to four and primary As last distancing workforce restrictions. productivity, contracts longer cycles, given capacity quarter, to we risk chain, supply fulfill social sales identified related areas COVID: constrained

could children We’re of the protocols with rates, efforts, also home. on and anticipating back-to-school vaccine on closely teammates impact at our watching development trends infection have

strategies sales are Earth push-outs some mitigation on so been elongating commercial the cycle. an potential Our have seeing in business, given working far Intelligence that awards we

the redoubling many the commercial demand of the remains resilient environment to as and deals our efforts sales, hope Overall, mitigation our practicable and services by as year. close We’re and end for products on robust. out

of for longer Intelligence sales seen and has Infrastructure, In Earth we’ve impact with Space little national our And been demand to us commercial and products customers. Our missions. underlying on rely just modestly important continue too services, commercial on customers affected. security for demand no Earth little to cycles our some Intelligence

the million bookings into having we had new in go presentation. In over we in orders environment, as on go $XXX I’ll of announced more fact, details year-to-date. quarter new the solid through another QX, demand

company’s for with was team. I’m the and solid of highlights of pleased X Now, recent please performance This the turn the quarter, performance. another some Slide to busy

of put come as will the already schedule maturity on really debt about excited offering capital Vricon, the that Proceeds two these firmer were our I’m transactions, in and our remaining hands due XX% our did expanding began company, XD to we they own. structure technology that of place $XXX notes technology we footing. XXXX. not First, acquire used with combination fully a in key million

solid Moving to the success to and year-over-year performance, we X% Intelligence is comes to business Legion This posted years demand quarterly solid online the by see. capacity and look as a the meet quarters particularly forward revenue great outcome help ahead, Earth further growth. team we the in

In is saw travel line EBITDA looking a savings. driven and a year, shipped anomaly margin improvement growth adjusted XXX a than the to This related lower of market forward absorbed roughly over more basis light report expansion. to Infrastructure, and have and and expanded mix margins by first restrictions COVID-related charges return XXX of basis I’m we and quarter to a we’re been year-over-year, Importantly, points the to appear satellite in that of top testing getting related launched. satellite Space the other and expenses anomaly on points testing happy late-stage a to sufficient which that, COVID charges program. to year-over-year

with Free there. of had quarter Contract over the a from in for consume book-to-bill would quarter, EnhancedView X.X bit a this Getting in bookings second times Without effect, courses, of was row. the another XXXX. $XX year-to-date. diversified solid signed of the have also little of has quarter in quarter book-to-bill an been just book-to-bill We with improvement higher. and background and at expectations of company a now million, the finished noise XXX solid backlog increased lower times X.X by when million Space times X.X than That at company performance drawdown improvements EBITDA is expanded and generation Total at line dampened margins which and continued roughly Earth we to in related points, Intelligence, stands adjusted more basis cash expenses. Infrastructure tracked by $XX $XX first number, Total million. at approximately driven year-over-year

burn into when option receive we on zero will original which from orders, late guidance. third calendar you those this the year. Note in contract words a quarter is each to annual move few the we’ll to As backlog know, exercises typically quarter and backlog booking EnhancedView-related

adjusted EBITDA increasing Intelligence, both forecast. by guidance EBITDA guidance priorities. above of X caution to since for in issued inclusion moves year call commercial range guidance QX the higher to earnings the the on initial an elongating is a that’s $XX we by in our are XXXX mentioned the update of Earth up million fourth execution revenue and We million, which on year, quarter, $XXX the offset the Slide cycle Please million some is solid driven Adjusted And earlier. in of for $XXX now turn last Vricon given and quarter and part sales March. in I to our for

getting back First, reduce the that transaction in that quarter we be could focused MDA we’d call we levels. said on closed, debt so the fourth

We the also front maintain said, see growth financial performed the our be fund us. the fashion Despite closed we’d reduced deal of COVID, in have and we deploy indebtedness. and MDA we need well. looking opportunities we To to to in a flexibility capital disciplined we date,

Our the leverage the and covenants end ratio million liquidity was healthy $XXX relative of over in we quarter. to at had

believe steps extend deployed provide and multi-year extending execute end flexibility of capital no began maturities with the we will Intelligence leadership material And we us business. growth to due our the asset, until which We importantly, in XXXX. on into more plan. have are also the great our Earth Vricon debt that our These

our intelligence, to to second Earth constellation on position ramping this Our for the sales efforts, our existing of is and to priority platforms, our growth WorldView long-term machine in capacity build; continue artificial add and will by continuing and business to leverage analytics, the marketing Intelligence investments Legion products. focusing our learning, so operations;

Here are again, X% good we has The year-to-date. progress. making grown segment

our a an five QX, International about as announced Defense million customers. In and well XXXX. renewals awards continue acquisition domains given expect unique Department words line this begin to A Vricon Legion The story it of the in going with software a brings of addition our at and contract the signed behavior launches key Homeland vehicles and with will to to to part remains tracking forward, here the Toyota in which large and expectations, Security we we system in of scale in the analytic the Janus few technology characterizing as budget XD first-half of growth program, and for capabilities, multiple the real-time. near to $XX we be in develop quarter,

take is investors continue as updates further get and demand in will with We And Legion. both like see. commercial cycle with active are a closer launch. be I’d over to we solid will and sales the a about capacity growth signals expectations, customers to government our The minute years, speed, imagery tracking in customer, constellations the conversations of with expect given solutions satellite government of relationship quality, the next we U.S. trusted the been with a innovative to longstanding several provide reliability, our we cost, continue remind the with to of delivering driver we Maxar our to for to largest and government. nearly for Geospatial online innovate. Agency. data near the U.S. XXX,XXX superior provider access has XX years, geospatial security, commercial U.S. our real-time to relationship than provide users and National more We through government we Intelligence line

synthetic confidence commercial that demonstrates Office, and the XD EnhancedView recently contract satellite back like of the the completed with highlights training coupled a our government’s and U.S. Legion. the in XXXX, the National up imagery in stand Maxar’s with helping Army recognizes current commercial signed Reconnaissance with and We’re agreement government capabilities the study future U.S. WorldView environment Follow-On U.S. U.S. imagery value

missions the commercial NRO, work to We’re and government’s Army proud support the with to to increasingly continuing and the as NGA, forward with imagery. the it look closely adopts

of predecessor, on As this NRO, has annual past, the we expect Contract been year. a predictable in with the September its to subject the now This later multi-year same EnhancedView quarter. outcome very Follow-On you is aware, agreement are dynamic and X renewals like renewal every

us of prior likely this with companies the acquisition a other include data government. of commercial technologies commercial is U.S. to sources advanced what next renewal likely expectation data in put we execution. on geospatial XXXX, is analytics, provider track geospatial and is as From as of competed it our data current to of expand in our that interested vehicle, However, customer providing cycle Maxar understand, new its to that to looks use long solid September leading to in record successfully contract sometime years. potentially a and process future the the and is

We’re here the products assets are U.S., are and future well that U.S. also satellite in We – with us contracts facilities. and both its and industry industry’s proliferates advantages competitions U.S. and costs, customers. is of think competitive It out is environment commercial with the have for position innovation, providers were great Earth Intelligence were for and operated launched services. abroad. being a and strong that here a use and spurs U.S. a growing lowers market government company in manufactured we of and the positive the

service We ability continue confident growing about service are our the our needs. provide to other the and to opportunity U.S. match to to government’s customers’ product are capabilities and excited world-class and in

than to streamline to has on and reduce new priorities make more reengineering awards and continued Turning progress now bookings to which reengineering, has diversification of to made we plans Space million commercial with segment. our led Again, for book-to-bill and third And X.X and our year, the we’ve year-to-date footprint year-to-date, continue the and $XXX of solid for of civil combination a set in Infrastructure. to operations. On been our times both markets. processes the that in Space progress

we Space year-over-year margins which business for this and X%, government On see on delivered up in ramping basis. over better some nice way we and time. things its the and growth, dampened returned ticked performance Revenue profit margin in until side through improvement is to Recall, quarter-on-quarter U.S. programs quarter, saw they by of a reflecting loss XXXX. positions, programs rates a both second Infrastructure, the driven potential a the to forward working are underlying

a to our the pretty We In expect full of military remaining we’re GEO to civil, performance domains. of classified future With pipeline normalized seeing to and years, underlying continue commercial, across EBITDA a of in of demand, and the backlog. adjusted we north and be provides view margins see a LEO demand. regard mix commercial, health quarter’s XX% this

that While and leverage architecture in capabilities. our and power electric and to propulsion robotics civil, missions pursue class X,XXX we our solar continue

remain there government’s side distributed in the very U.S. the a systems number On We programs and sustained successful and of lead things, classified that related Space, of on military in execution diversification, to increasing believe particularly with growth investments of our will over strategy focused time. architectures. to are

high profile on moment I LEOcomm's area, given for recent a of some Now before moving the nature on, to headlines. the double-click want the commercial of

launches. past and even bankruptcy, successful quarters, cessation Over a operations of some few the we’ve seen a

are our balance across and GEO the customer both dynamics as to we’ll to approaches with and We and of remain very LEO evolve. disciplined initiatives reward in carefully offerings risk going look plans

we into I current And an span of across profitably pursue hope Telesat and But our LEO capabilities have customers laser-focused of the have investors wide not network every build that that not and appreciate multi-year the exploring. LEO win range GEO are capability we program. We proposed outlook. program importantly, our that will available the design, company. nor are on develop to and our both understand outstanding we growing and likely the and architectures factored

value, X. risk of shareholder we Slide growth leads thesis reward, will in time pursuing view the investment like Maxar. We both be emphasize core which in drive me and create sustained as steadfast will to over that I’d diversification disciplined, significant being terms strategy believe to in and to our what

discussed as platforms data analytics first length visibility commercial and our provide Earth largely streams international the through recurring domestic Roughly multi-year at earnings are from call, to data, have I the contracts. quarter First, customers, Intelligence business, the XX% and governments revenue we in where solid across derived business. we of

customers space come commercial are The us the unknowns some other products customers of been other from world, side and on out current rely provide and construction observation on and we derived communications service a business critical less and Space level investment always our don’t contracts. of longer-term, performing streams today, over Earth our demanding medium certain business, and revenues if But exploration in government we’ve bit and affords where the space there leads out in XX% some to the of satellites, of many from second visibility, That for even are who looks the pandemic. point. our to services there. the the year outlook This for our of and have through year a on-orbit hardware in robotics near, spacecraft, Infrastructure given revenue the most and the world me with missions multi-year unknown, We comfort perfect them. the

software mission systems. to share of and Infrastructure and address resiliency, future both their is needs we’re work. our particular, Vricon investments customer of in the aligned Defense National intellectual and well-positioned technologies, help markets to fair critical services Our table which property that also such in to that brings are make products an customers space portfolio win growing CXISR here customers’ position and, and investments critical Strategy We’ll our to with in and as advanced the well in with we our assure the are autonomous The U.S., Intelligence that a missions. perform Space XD emphasizes Earth in

our third growth-driven here, analytics Space businesses. self-help as to Said have favor there’s as The over we our another to likely which and data opportunity margins we point that, believe way, in well is execution expand some through Infrastructure some margin an and expansion. via mix, improved business is time, data

that will lastly, growth. by bookings, being both with disciplined intensive capital relatively in two achieve We to and new operate making operations, our We drive capital intensity. investments businesses. And streamlining

expanding satellites should when incremental very company a the drive capital be at heritage next capable incremental that point, our said, are both we are replacing. over and be returns And they items focused time. Earth driver is relatively ROIC. likely the across four higher Maxar, drive believe growing expensive to for together the and we returns the our So Infrastructure that and combined capital are constellation the Infrastructure footprint. driving in Legion Space long when will taken operational this its stream, several more invested less with the create and biggest over which growth shareholders With six given Intelligence, These business on revenue These than years. will the believe be and will predecessors in higher of Space light value on will

discussion hand I’d to over quarter’s with Biggs call to Now that, of for like financials. the this a

of years. QX we present growth comparisons expansion Earth Intelligence customers. programs the revenues & offset Defense Total to the bookings U.S. within growth by cadence driven returned past Space International growth, Dan. year-over-year Please company The year-over-year and by contract programs, government turn in commercial quarter, for across U.S. awards where and quarter-over-quarter in increased Intelligence revenues driven several X% was the driven by X, Slide to part and Thanks, lower new Infrastructure given results. the government over by of company.

and Slide modest total basis are increased by second-half affected Adjusted the margins by GAAP year-over-year, to stock-based in that margin Importantly, Infrastructure. XXX increased & customers, the basis both Defense segment insurance driven adjusted operating Intelligence in by QX revenues of ago Adjusted corporate increased from we revenues increased to ramp. points. margins awards driven by margins associated earlier, after down given revenues closed in by Please million this the to margins given year, acquisition Earth contract were primarily which WorldView-X. is and income expansion growth quarter most which in versus recognized driven lower to expansion driven Quarter-over-quarter XXXX. new service operations mentioned costs first recent International retention the company of segments, in the Intelligence increase trend second segments in quarter, XXXX sharp driven Intelligence charges XXX related expanded compared from existing Space increase basis income $XXX of consolidated continuing of Earth a XXXX period awards beginning in & the Year-to-date, the International quarter-end. the revenue. with points, $X year-over-year U.S. the The points Intelligence venture, XX%, proceeds to government. offset points year primarily turn in programs by was of with timing of lower to expect commercial EPS $X.XX reverse XXX revenues basis have in X. increase both and the the increase in Infrastructure, due quarter, to at absorbed X% increased in zero million program our corporate Defense year-over-year, the Vricon of compensation. change Space expenses costs EBITDA an an margin results per received joint quarter-over-quarter in as of experienced due expansion EBITDA QX, while second XXXX the X,XXX this EBITDA and quarter in share Adjusted of X%, expenses, in EBITDA

adjusted a As the in as sequential $XX sequential while Contract Earth the Intelligence due burns customer at to due travel the million expanded XXX of continued our August. revenue increased X% renewals, EnhancedView margins off higher in to revenue from will additional quarter, adjusted points, an a reminder, basis EBITDA work the International third & revenue home and decline the Defense we fourth on part quarter see costs EBITDA of revenues million driven timing end by lower Intelligence original posture. and $XX decline quarter-over-quarter in and of deferred

increased up and increased adjusted Contract We a higher-margin in higher points of a year-over-year increased revenues stemming assumption mix a mentioned burn basis the in expenses year year-to-date spending. part earlier. that due turn normal Space lower a to $X growth, margins first-half favor the of of EnhancedView EBITDA slightly slightly we offset on with year-over-year, COVID-related to and off contracts, U.S. return Slide to expect Adjusted decline On to environment moment higher as year-over-year, I of margins of XXX cost changes level $XX year part government in leading mix see adjusted basis, discretionary result revenues as revenue commercial in second-half volume in a points X% large offset basis on operating are and begins the to EAC more by adjusted in shifted the mentioned factors EBITDA in incremental million the or the on XXXX. of volume second-half recent X. EBITDA more revenue may the to primarily XXX as second-half associated reduction in from EBITDA our reductions and this bookings, We a X% by from programs. Please the ago. margins Infrastructure expanded to the million

loss In performance in loss addition impact, estimated program additional large related COVID satellite continued discussed due that of in recorded to to supplier primarily million backlog we the our the position. $X we million to issues have an one $XX as

However, overall. mode a cases, in and, running that of saw EAC $XX on facilities and to quarter on the On on reflects offset Space revenues experience. anomaly which QX, Infrastructure Also, lower than in in of in testing social in taken identification COVID XX%. driven in outperformance cost it note solid positively is final This the this the now other to much stages charge, programs increased compared in business growth distancing quarter-over-quarter our the important charges and we by was process. also some is our staying million initial a related QX weekly design the basis a of

to in program-related taken did in basis the by in points our QX anomaly charges in margins Space charges in captured improved the to X,XXX we EBITDA Infrastructure we driven current COVID-related and as roughly a given experience expanded second quarter, X% extent assumptions While in quarter, Quarter-over-quarter our the about normal COVID to QX, new QX. we design full performance of current adjusted described compared generally quarter, charges and return earlier. the believe the I the operations, additional

of government the to work the as program grow commercial second-half U.S. awards. expect sequentially, revenues For recent year, on we ramp we

Year-to-date, part development and programs factors on revenues related down in due X,XXX government margins the that These with will EBITDA healthier mix and commercial revenue COVID, EACs. offset partially the of our EAC identified charges at the expectation, growth year large in not the at also the all. designer adjusted down developmental significant our of the EBITDA to a recur program in and in second-half charges addition anomaly reduced taken supplier-driven to were offset We in related EAC year of the expect level improvements wind XX%, the if volumes QX to first-half occur deferred they identified to U.S. year-to-date by due invested Adjusted increase turn an and X. Slide in and in generated COVID-XX-related program in this million quarter developed year-to-date QX, points on intangibles. anomaly cash to CapEx Please company flow $XX contracts. and basis Year-to-date, bills. to are $XX volume consumption losses million design operating $XX million. were COVID-XX-related down incurred in The free is cash

reminder, notes those cash compared for consolidated QX. interest in from net $XXX a QX this higher year. We XX. to roughly and $X.X QX payments billion As million payments of interest relates XX to debt Please This are to QX. the and finished due and quarter cash with of quarters turn in Slide QX

the offset we yet fully than uplift of future expect leverage this ratio asset $XXX include X.X, adjusted used XXXX the repayment of sale. capture times. down debt Our our MDA the the turn compares for the during from EBITDA the note, ended current Vricon operations approximately leverage does the X.X bank includes Of repayment the to at the notes covenant loss of earnings million ratio to only roughly QX, X.X This defined a pay of calculations our Beginning and from quarter the quarter, quarter. debt of periods. not continuing in by covenant driven and more

quarter, quarter quick debt to of Vricon the turn purchase projected our end of million the after the We structure on to update close. Please $XXX at XX of have the forward. Slide roughly used for cash complete excluding a $XXX going liquidity million

sales fall our moved last maturity generated As over debt roughly past refinanced billion divestitures, $X you XX know, through we and and the out. near-term schedules asset months

the and not until December repurchase transactions of due do to million in our sale The portion we X.X% loan covenants XXXX. coupon issued a note reduce years we seven-year the financial remain particular, our transaction, streams with maturity of result, profit back and capital even drive lighter future flow a reduce December indebtedness, to We Vricon Vricon were debt new the the delevering material investments constellation we any focused Legion the good we with on At of four-year and use issued making bonds. recent as better firmer As expect those next note expect B streams. the cash cash XXXX at on including over future revenue same $XXX our last Overall, a term and coming to puts time, we’re year. now, that with several lower align growth. trade dates of indebtedness. from footing Proceeds flow forecasted structure and have used in a to

took increased we on of our we’ve the $XX our guidance Space operations our drive Vricon’s guidance initially the guidance up over charges outlook XXXX. like million. in first revenue in incorporate million XXXX, million call. Dan Our EBITDA guidance. due the the In Xx. turn Earth call XX of the the This XXXX for range to $XX quarter $XX midpoint target leverage on we’re statements. our through to the $XXX to discussion quarter no from Xx. from to the have investors lowered Intelligence, And longer-term, remains this maturities a would earnings due increasing our mentioned, first medium-term for the to we I’d like adjusted having major guidance business. towards for the until quarter a and to to financial midpoint it million million up of modestly At Infrastructure we Slide earnings we who spoke XXX% point, benefit to in Please flowing of brings remind of of $XXX end fourth

this business mentioned to commercial to acts benefit due from As sales we’re Dan Earth earlier, stemming some longer offset still in seeking risk seeing – cycle COVID, which somewhat. still Intelligence

will original $XX and burns of However, adjusted revenue the year as as off. experience decreased EnhancedView EBITDA a million the reminder, deferral in we second-half in

our scope Infrastructure, on quarter, higher view For test nominally last of moves changed pandemic on backlog. higher, performance and other from call. to not cash, programs earnings revenue outlook, general, the revenue of quarter solid Space ultimate existing as impacts, the respect more have EBITDA impact XXXX a recent originally given the successful In bookings. growth issued closeout the improved guidance COVID-XX as uncertain. to the in disclosed due the With well guidance moves and programs optimistic of what was fourth COVID we remains

made time. at we’ve information available the us our assumptions of assessment So reasonable to this on based

my company progressing and of flow venture. the solid and Vricon by Earth while acquisition Space for Intelligence, positioning growth. in cash So growth to demonstrated longer-term summarize in joint in profit we This second the continued Infrastructure are the consecutive is revenue, bookings and our interest comments, for quarter the medium remaining

from strong, deleveraged year-end, COVID-XX. of and continued appropriately liquidity we our manage successfully have have effects We is the to

to and in operate I’d continue deliver posture turn to the we’ll continue call to for We to to our customers. Operator? mission-critical that, solutions operator our back With Q&A. current the on over successfully like

our [Operator Arnstein question Instructions] JPMorgan. with comes from Ben And first

and good everyone. afternoon, Thanks,

Hey, Ben.

afternoon. Good

be how you spending Worldview I of was able have for give much some might for to you you see of if And hoping XXXX? specifically, on cash walk the that could you insight Legion? to in on flow us still how in more kind front touch

to want that Biggs? you take one, Do

you like. Yes, one I’ll answer. take that to that one if

of year we next is the bit and completion we be year. and of spending next timing free standpoint explicitly. as certainly progressing, the to So we general, expect about variables expected this get point year from accomplished. wind this in year said, CapEx still because next we what to on certainly, always better launch year The we’re feel do to an to of good this have and much year program be timing certainly We we’ll to that watch next out obviously, up, flow. still we’re of budgetary But guide exact in next that coming year the other in – overall – that to we’ve good as we and the said could time, was of we it’s little that cash not the vary still flow XXXX said guiding. launch. point it the expanding versus expect All to do do year we expect next many cash that versus this discretionary operating down Otherwise, Legion as wind year. it’s we this year, have too early cash expect, a be of too flow positive. program in and We free at at can we there’s truly predictive go Legion first-half year’s Legion But next

directionally I significant possibly positive said what cash positive. better is having next free year everything being and flow So and towards

you Okay, Earth thanks. $XX down, can And midpoint, coming quickly or Space just break Infrastructure from is kind of up much EBITDA the million. that is mean, guidance of other Intelligence? How at I Vricon the

for year QX would its $XX be the lot lumpy results and is maybe to performance. of the $XX is then a from respect So increase, would earnings of for of looking year. And we strong captured what a reflecting we last at its sales Vricon, with to the say, expect Vricon to in performance guidance that million I in terms fourth million EBITDA. quarter it

conservatism say, that upside or variation more left So under-run together thinking and the million second in there can at Intelligence did expenses that’s capture commercial expense all second-half $XX versus be reasonable for really left Vricon those aggregate also or in the is and some range like we respect and potential see in timing gee, what some if softness to add $XX The Earth commercial we things with with right E&I second-half of there’s – is middle if on some fluctuation on you’d Vricon that we conservatism between you the outperforms sales you’re the you the first-half. the we’re sales, and million. here off But of quarter. the we and

Great. you. Thank

from RBC. And our next Arthur with question Steve comes

Great. Thank you.

program? process been commercial a and somewhat sure Just anymore you’re to programs your comments valuation? you elaborate Has possible limited and and been I’m it’s scope the relative of what well work perspectives on that EnhancedView on that’s can NRO decision the your any say. the of ongoing impacted the competing did timeline? like mentioned, as earlier, I kind program if to as quick current understand some on follow-ups. the you it your you’re I’m of of discussed But wondering for color couple their

sure. you Steve, to have Thanks, back. great Yes, and

you. Thank

the mentioned, June what expect so enter one-year types expect contract at September very this we contracting And and has of in on more to a to confident online we in of program systems line the in that coming believe They along completed I back this and far. not different into infrastructure study basis, earlier time-dominant As lines in awarded customers’ of contract both we’re provide. orbit do NRO new other accordance have with prior But needs. renewal I lot we’ve type We then seamlessly of we’re needs ground about directly environment. moving and the of a sort Legion us the and a also also XXXX they’re point we XXXX, that the EnhancedView that year. continued and with a probably believe and the we on services satisfy capabilities sometime said, now, the expected architecture to with that and expectations of with well-positioned, we’ll those government, we into architecture Contract. it the than on like say do I a And the pace to that national use vehicle.

continue I U.S. ability believe feel guess, government important our the for very – of we about next we that where serve the customer. that in grow phase positioned good So, future. this we’re national our in the with relationship to And to we’re leads will overall,

business. has in are new guess, sales you of And the this your materially watch continue ownership expanded what there now with Well, efforts opportunities? purchase guess, following to month seeing terms closed rest been I changed of I approach of guess, structure? one, Vricon, Okay. only your just just you’ve since or that on I final I development that. it’s revenue up a the

I’d about only we’re a a But since Vricon I thanks. it with the Yes, company. been The one well. mean, really little has say, closely – operating team the we’ve a excited, very over as now, month month over years. been we’ve worked going really it’s

excited the to well. to together So the teams missions. accelerate figure closely source data the technology essential They closer that able future current believe know working us. be teams in are the The product bringing I about we ways are really them we – product and out for are know to customer constellation development to planning. very also, And

just if and services seeing together. aspects final more not, if excited, than and excited capabilities they’re how and seeing see the as completed the aligned here, the are think, out we we’re when that together. of the products working of in have anything, acquisition I technology combination other we We software of great teams how coming So the some really

for leave there I’ll you. thanks. Thank it now. Okay,

Great. Thanks, Steve.

Thanos from comes with Capital question BMO next Markets. our Moschopoulos And

Thanos. Hey,

good Hey, Dan. Hey, afternoon.

pursuing point? Just clarify into you on clear, that Telesat, actively is just to outlook. piece haven’t that a to But said business factored you’re you at this still your be of

In I the Well, every now quarter. say of I’d think is, right it’s quarter, current participation. expecting been active form, not we’re kind we’re next – it’s what its

We’re it of happy us, it the very If or their when didn’t we morph the timing need the either been satellites very happy ready for Telesat of or here. a Telesat We we’re were thinking We throes the may for built they want change announce longtime – in provide something ours. deep in services. program them. and getting as lot GEO of to to has that and this for customer LEO help expectations the just if customer future, people near-term. in to a

future, it’s the the say we’ve wouldn’t something long-term. So but modeled upside we’ve potential into guidance I given in

it mean, it’s on lot still point, right how where of this risks, of And months it couple now? that’s obviously, looking there extent? is At a and still Okay. chain to can or you ago? you improving. it Are what see bit than would just risks expand the a better I seems was heck supply like a

basis we’ve key it a Yes, and on that. the the designated – as we’ve well actively counterparties, jurisdictions sort really What across what the as chain I chain, have the But on always done very most supply essential areas think now. particularly thanks. supply industries. U.S., By other laser-focused daily we’re been large, monitoring world, in in of a but

continue watching could but the to continued to timing of could overall they’ve it in impact. operate the don’t COVID U.S., different in some chain as it we’re general, health So really parts closely, impact I and things. supply as internationally, the different resurges and parts of think But work.

the And than but U.S. better to some now. – of across But and close of and QX, outlook so the the sort feel want don’t to – backs declare situation. on eye world some the victory, okay. given COVID continuing the states our we’re right step any But keep I we lot kind across the of it happened a monitor overall, it’s in in not a has what’s was we’re

early just of margins normalized Infrastructure finally, to be too And XX% Great. you’d of you future year. expect next But then about might years. Space north in it talk mentioned

And potential that the so in could of given the hand, have Space of current and Infrastructure that strengths programs backlog timing you you for the XXXX? see

haven’t remind Well, me, we XXXX. given as Biggs would guidance for yet

out a my we’re do in some in Those We do head think little still rolling – out I by skis large factory. So of roll have of there. programs the my nervous getting XXXX. off

So cautious be. business all to little the a the I the expect future until they’re we all of the about to we’re can probably, where be way or think performance indicative past what we’re going forward But to the phases shoots you the way do seeing and going everything, really going And accelerate. quarter. and see this some trend of are about some that and hopefully business continue that, excited green in what

Great. Thanks, Dan.

Thanks, Thanos.

next our question Suisse. comes Credit with And from Spingarn Robert

good couple… Hi, afternoon. A

how’s Hey, going? it Rob,

I How clarifications. not the materialize with are opportunity were for you? just you into Dan, should an some or start may just you? as Really I’ll may case interpret work what saying Telesat. it business not

do. anything out ahead want get of this may don’t particular customer not I to or may Well,

combination said. answer think us, For of is just what some the there you I

talked We’re having anybody bit. an want the the give may we’re anything been an those may about But that eventually, lines. around a materialize corner it quite along press it’s And we don’t I’m not active announcement in to back or right the our because now. in hunt not not impression, It’s or sure. business, in

matches of what in that, profile of though, sure making the of – as the had, expect is The we programs, we’re we’re business second off reward four the risk particularly we lost we to this, very, do. part large very some very programs roll cognizant

we to pursue or risk, there’s take than different the make manageable of so these thoughtful government do as on we able programs risk-reward that like sure believe mitigate side it fixed lot commensurate And for can you to if we and cost there’s the future, very in anything is as it’s very also plus a got the reward risk take we of price forward. be which but some the work, that the equation. for – on here. And And potential a there’s costs US about we’re lot can a that, we’ve going particularly type in if development that, firm programs, profile increased of

your more, speaking On do size to if U.S. penetrate the of the government, business relative we of objectives how think government about what you’re down segments asking could big are? the is Okay. the that think domestic be current your what it we customer Can now? you in of about for? and how where goals various on road terms refresh And you right between us

really – striving Yes. to great We’ve it. this where for That’s about just Intelligence place got and so on of kind think side the best grow Well, are penetration Earth continuing Space diversification. already there. to side of the we’re be the would probably the on Infrastructure we’re

programs Over time, now, On other U.S. see to primarily civil the there a like what is side tossed Space and as a about third the commercial, about well. stuff of third, NASA, I in think, XX% business, a XX% – we’d we’re third. almost some

So programs and be third NASA-type a third programs. be about a defense be commercial, and civil a third Intel-related

but in pretty started we’re – to side, programs we’re is win We’re which stuff, bigger of point there, although, the the terms nice getting winning where study some National contracts Defense big on encouraging. we can we Intelligence on the pretty – chunks of hunt in the

and good for we we manner. signs to can the what that fast in think getting architectures, capabilities they as customers have from times particularly We’re develop, distributed positive good how we’re example. a things story, feedback develop go We to cycle where and the for need our cost-effective particularly do continue things on explain we

we the world the do the biggest market and I So – biggest yes, of in in The sort set the long-term, side are the our customer NASA. as customers Intelligence of two U.S. analysis Defense world is would And that’s there. that the government. think the this, of

And excited this the with very traction we’re with gotten NASA at point. so we’ve

to a back when look got confidently Defense talk day we forward and looking much the about how can we’ve Intelligence side. on traction We’re

just not yet. We’re there

Okay. Great answer. Thank you.

Just one last one.

bit. think outperform you the possibility on how Earth about think demand just you and much, to on I we guide commercial to elaborate I mentioned that the say but And imagery could you little I wondered if a that should don’t Intelligence. that comment? too imagine want

Yes.

I here. think Biggs made bit that. I’ll let him elaborate a

Yes.

observing. that you be take would what would if is if that take we’ve look the – COVID us cycle guidance one our do commercial could to on what second-half in like was, of if we’ve I the had was fact, what our the if that as stretch the current we the is what we you indicating to was that in middle think over area, environment. might the we, presumed that Intelligence say in meeting his where to and the said internal at I commercial to sales in being might you which look in extending overcome, on things the to spread – our objectives that sales commented if of range, upper-end I the remarks our have will, range, the that with take is upper-end Earth range softness Intelligence you respect Earth one sales, succeed I trying of sales us in or of cycle the Dan – been

Okay.

I’d people ask to, getting back talked areas? things. bit with we’ve companies services since We’ve the this sales other some just little traveling in on is that the seen and of the those of some running a Okay, Has around with or follow. companies sorts more the noticed keen of improved with helps. focus distracted aren’t acute, because of customer that any we cycle actually this, that we’ve just

in areas? some So the other behavior have process seen sales you in positive

Yes, side. the Space helpful we have. The C-band that moving through on has obviously been

dynamic tools it’s are drill and lot getting access into now putting us, world, platforms of online of on think use some we’ve whether the On do and for well. a and uptake; from to and place products a of seen interesting from them more them Intelligence I including analytics people increasingly non-classified for positive as we’re the side, our hit the to the in Earth easier commercial imagery; trends really environment; and can environment platform that; down any some they the long-term home ability work training

world months excited any in gotten and the all. the at quieter hasn’t we’re So that six by past trend

good Earth our the our intelligence business side of tools the so we’ve Intelligence of and analytics aspects And seen need – the have for uptake. been

clicking side Intelligence type little of and we’re side some the environment. government cases, right than have along. the a with U.S. Defense things And we intimately commercial but seem longer, be So might normal in more to doing is been in the customers a

you Okay, very excellent. much Thank for help. all the

Yes. Thanks a lot, Rob.

James next TD question And your Tim Securities. with comes from

Good afternoon, Tim.

adjusted and higher shouldn’t EBITDA like some Good adjusted that identified? and with relative originally to EBITDA since you Day kind you developments potential talk back cash I’m take that the could at flow put afternoon. and time purchase changed of just have wondering targets of and thinking in the cash free Vricon, to of business had year, think about targets flow the the if about et interest the last were the Is of out there longer-term we the Investor any I’m the these cetera. some sort reason Hi. that positive those of going that obviously, accordingly, some things your of free kind

Biggs in answer feels I quarters was given a like was couple the had at it that it question. let of year. the a the it over this note But the of I’ll events March just just know all But we’ve Investor ago. Day this that it, I’ll start ago, of world. year actually was year,

want Now color on more some do to the you give question?

of March, we like year. we laid detailed most to the going outlook to have that in back of a follow. early Sure. We it March Yes. given level would It everybody a for less But was out that gave or detail just had last at it least level part recently.

time respect to so on. with guidance say that was we business there’s the to I’m not is. negative are Vricon, update I things Having long-term this every overall. said think to anything why there it. did for time. there I to many not because to one item, do don’t long-term to guidance going and we That’s time. we’re change not trying in that And that, as at said think over year. going changes, for point that It’s go we go discretely monitor additive through But to quarter judiciously going additive we’re we’ll it logically this the

Okay. the sort That’s to and my I nothing that there. Biggs, In against answered maybe, has notable And you of gone sort helpful. think I guess? indications, relative of planned question original guess, I there’s that,

us. COVID does that. the this is affect in year, the – over have has and good time, about we our front we strategies. COVID And guidance his circumstances We’re And longer-term. we’ve as the next accomplished see don’t reflected of what knows in but the beyond period what out in I still that’s feel at marching ahead and think, executing comments, I around how, Nobody Dan what longer point current

confirm As I said, or But good about feel the where we going formally guidance we’re we are. quarter. to not update every

Okay.

$XX it The quarters? gradually the that about number how Thank helpful. going last forward? think that’s future Okay, I losses quarter, the SI anyway trend in is sort progress the just one should second of in guess, million developmental, in question. or there And to Is you. then decline with

Yes.

Also, estimated basis. we through the charges, we’ve holds So wouldn’t posture contractual forecasted up because on COVID, We with we’re knowing business we end is our on unforeseen I current environment already it we for if with impacts, future that deviation. in of be newer on your and should there complete to top is what protection and there question really operating been aren’t some that, assumption account respect some made expect other a And of operating the of this the a out year. guess, any stay in that. something the then

and tell So that watch you I are we, But in can’t I goes hope we don’t The if future and assumptions that early in increased you we would able next we If everybody charges. $X together, our operate fact, normally, of just will this out and six certainly get growth. But worse million have EAC to costs as then there’s have starting there so if to an else, be that hope like charges. – it hold things year. there not. about operate went months only that extends additional more and beyond, it environment, to could it, think be took

So idea it you gives an at first the being your much the now also that that were of on at quarter first and this was were see when than it we read end doing less we of looking we the as what when new. impact

much. very Okay. Thank you

Thanks, Tim.

with And Analytics. from our comes Chris next Quilty question Quilty

the It you’re Thanks, guys. program, sounds first that I EnhancedView But up. assume Follow-On. B re on incremental. a CSPOB I is like indicating start the continues that wanted Dan, to with with Phase

incremental assuming companies does on should winners So we of revenues see you’re of bidding that it? the three mean one the

Chris. necessarily there I’d sure not go I’m right yet,

awards Office nation’s potential outcomes. things architecture I commercial. of about see probably for I that But over that until now. say the their – on mission timeline. think mind think that as would much the time, think use here reluctant of – to expect final it that I’m I their National I’d look, as expect go that the – for final of so that they And there, there’s are very that’s said, right different think, to part has I speak customer leadership go two phase I to increasingly the and they their needs. here. the and Reconnaissance a And importance up as RFPs they I so keep the through number issue they’ll there’s they in

to think, we’re can I But certainly speculate on up. where want customers I the end well-positioned. don’t

a my fiscal It that the of Okay. was fourth year. understanding And government’s was clarification. this in quarter awarded

for XXXX Is award? you the think, program I said it…

make I and performing sort I the Follow-On program, perform want program want to EnhancedView we’re operating under stuff. under. the we’re to same – talking I continue currently we’re guess, to of Right sure the that now, about

as things or its getting indications that gets that and it it chance a in a But year. every before that expect up up – when gets current moved normally sometime new quarter get gets there’s QX form option vehicle. sometime does we’re renewed September in between likelihood or picked We of the XXXX, to they contract picked this this that in

Okay. assume with are Intelligence, is the Switching it your LEO on over constellation bus the on Space DoD, least, at to Legion proposals the of fair buying the or bus? Infrastructure isn’t specifically that the – constellation and the given buses, that GEO many to Defense most side LEO fact the

of those now. DoD interest advantages each forward, the and up type, what on communications on we’re proliferated or MEO constellations, seeing be I GEO the end the range going architectures LEO right a think could they side, or in a of in is awful mostly their IC type could and have LEO, that’s and that showing area Well, ISR an lot up things But and disadvantages. there’s CX

And believe hunt well. all those bring capabilities so the across we in those all environments into chains. We as we’re

and specific constellation take LEO you that to And you effort but was offending bus other were are design? programs? Telesat, that that ways the you leverage for Obviously, other you applications other purpose-built a bus Understand. developing do relatively see can there weren’t metal, into a

gone mean, Yes, still very Defense for the this have we work I well in work and I of engineering, looking as the to commercial it’s at and yes. has on lot a lot a within the the of – point, walls we technology company a Defense we’re the Absolutely, of technological LEO capabilities, expertise the IP and for as different of opportunities. Infrastructure, applications. of and Intelligence both for think And have number the strong

Legion And well. reminder, as is a the WorldView buses sort of LEO as

timing on C-band how profit expect ramp, delivery that for Understand. well do pretty recognition? And Are create given time they in now And environment? what compressed we’ve they revenue unusual you or the patterns, on to long were, there. that realized the any orders were you current that or schedule program? Does that good on inventory what confirmed either COVID lead

this. confident into the we need these in timelines that slide very inventory the – very lead say aspects very I’m time pleased timelines. We well of customers’ to long-term these. the the customer deliver, current which on of including we’ve our well believe engaged Well, with we been we for to to a And on And deliver are amount are time manufacturing capabilities. on significant positioned in I

information and objectives or the about and more – there’s C-band confident needs lot a customers’ played the And out. see We the side you’ll don’t so there. lot but certain about anything these. delivery accordingly awards model contract-by-contract, and or of being the revenue we what of talk we’re a timelines And to happen and from public build and able what schedules a cash our the customer FCC ramp the the sort lot flow there’s schedules and on information to exact on meet

Great.

I before. just are very we’ve similar ones that are built add. These satellites to would

and supply terms chain in So schedule. more And in of work good with and position. put a protect case, in we ourselves much to cost said, predictable did these as Dan on the the customer that

significant a commercial buys were and Great. final If the if of bulk that softness would in into there? And you customers softness if from, those cycle. remember that vehicles. doing contract converted and them of multiple of I end-of-year off customers the come ago, longer-term Earth Intelligence working order year I the a sort on And your you’re so, lot took years of question believe, portion where with, contracts

Yes.

of the comfortable I seeing very transactional this, and the we’re is particularly technology piece expect have Chris, way some think or we’d more space set we to in of it that contracts, of new about softness type that a healthy win. is about some we’re So U.S. it. think stuff to longer-term the do The the of business

we’re much we’re close more airplanes watching it’s think now of proximity regionally, there you the anywhere zones elongation seeing spend else It’s time it – Asia that well. harder pretty more we’re about very the in than And are the throw If just closely. as as on it’s people time sales else. to seeing than right cycle, and customers anywhere where whacky to the it and

So that attribute like you would to effects? it sounds entirely COVID-related almost

I probably way And absolutely. Yes, you think a just triggered word little said bit. – one the

of or demand the there. not we’re interest demand for market or signals. What new is knock to we products whether particularly in down sales as spaces, procurement some seeing provide. the different the commercial cycle. government seeing get there’s We’re customers, the believe an and region. try of is a elongation in longer those We strong all The taking aspects business they’d we still the through needs and be of it’s But services way that softening still the

for Thanks Great. the responses.

Chris. Yes. Thanks,

And our Genuity Austin Canaccord question comes next from with Moeller

This Hi, on Ken. Austin is guys. for

Hey, Austin.

Hi.

just So question. my first

on up given terms for the of revisit higher pandemic critical on the operations yet? getting slowdown launched? seen on of schedule guys. those in Just anything sort at operations and for margin centimeter any have that and of pressure the you in path constellation like of put effect SSL has the Has XX – effects rate at COVID of the the the getting importance Has the on-orbit Legion you SSL imagery

That’s protective for And adapted, question. those measures, is, kinds types what things. protective say in a XX,XXX-plus satellites a is gear, the happens these think, we’ve very, I well lot on very room. our great I’d side – social of of I protocols, the to of clean what

So for it’s with environment a pretty safe to start people.

there So I supply watching are impacts more even the think – but any is we’re on what chain. closely whether

haven’t aspects We that. COVID-related seen specific to

will watching “Oh, just on things a have everything then and go own But environments just It’s testing. their call making we’re You things bit these into go environmental before through effectively how fast feels retest, test, for we that little as slower we else.” – go are closely. do into hey, something and assembly do the which the that and on that we’ll parts out, final vendors that’s COVID, that’s –

we’re We we’ll if closely. can the as develop first-half gotten appropriately safety built we’ve the into in So schedule we’ve things all still been in we’re that as think why that. watching we closely. And the now, factors watching risk soon confident very very margin about right people differently, the said know But is we and let that’s launch. it which

Okay.

process and about we’ll the – of Just phase entire kind that in through think as well.

teams providers. and ops. the launch got watching on launch be U.S. can seems be keeping right We’ve watching SpaceX in We’re people are operate are timelines whether with closely as to impacts now, there the facilities. any on French pretty with to how well Arianespace These satellites schedule events launched that those down Guiana with and or are or well and SpaceX going in we’re

Okay, awesome.

with you about, had orders have so and et sort obviously particularly of stronger switching satellite cetera. a also to this GEO just the lot for here, contract Gateway, gears NASA Intelsat with guys talk year, And the

that you investing sort inherent do more So see for advantages recent small GEO? SSL the order had with the just in guys had in importance XXX. guys given R&D of of GEO, Ovzon You

So expanding being do there important small product space? you the it in the in GEO see offerings more

Yes.

more a that needs we type GEO seeing good is have cases or to business lot are cases that range a use note, we’re and ideas and traditional Ovzon proliferation a as of you that and The LEO is ideas might than of we’re spectrum. smaller novel, a ago, customer GEO. reconfigured there where what award, really class was of a three across of either a it think there example bus years particularly I And seeing mission. been

to I in think less terms more of in us future, like. more nimble and requirements lot driven volumetrically nimble of particular technology what will going look needs have a for it we’re is, customer the architecture means and the the to be mission

and manufacturing in architecture. good very very, design good and We’re bus and particularly bus

mean side. good with the what communication proposing in those and power We’re of elements really the

in play to areas. And where so can try strengths we’ll those and our we

here. then just And question the Okay. last

the of may particularly EnhancedView? for satellite strategically, on the competitors, differentiator side, do just the government a key contracting vehicle as change especially you So either munitions, between that or acquisition Vricon, XD ISR the advantages move as sort we on past of you the see precision-guided as as with imagery of IP and

necessarily it to vehicle directly wouldn’t contracting I the past tie EnhancedView.

I our that important see we – here, you’re it of very more to the ideas business future the seeing very as broad strategic, concept Vricon I – in what as the and sort that, and guess, plans. think is acquisition

and artificial accurate photorealistic, set the whatnot create nobody Maxar’s speed taking world algorithms else remember, the that. scale, With intelligence data satellite technology, and XD and country-level using to we’re that regular do XD and the and F a And in here software data the from scale. at at highly the can

you’re We data in on satellite becomes what just work taking the a way algorithms XD on they is in environment. back so imagery using interesting XD artificial intelligence it. XD better than better the more models XD. And now for The XD do way analytics get in accuracy

offer opening navigation wasn’t as two, five, we’re up customers. starts manifestation. satellite data or meter in or of ways at good So XX new our wasn’t that vehicle autonomous prior and the suddenly, And use instead and for at able in the being cases, three useful like that cases one like, spherical and driving towards in in them targeting, to some at a models accuracy to that

– excited I we’re mean, So this. about really we’re

class demand will this.” time, believe. over this too of Special the think So more NRO that of direct back the functional the one more our that World it’s more and we the and “Hey, other and Geospatial or One more managers say, for to particular services to creates requirements I correlation we from dry want early right to are need Operations I drive more now. probably it Force, the Intelligence Air will assets and As Agency, the NGA, Terrain, pull-through, the with Army, Command others National people U.S. of NRO, for drive But that

Yes, Okay. it. color. the you, I appreciate so guys, all much for thank

Sure. Thank you.

next our from with Li James. Steven And comes Raymond question

guide, was offset? the the Hey, Should guys, Thanks. EBITDA cash there given the have differs higher one Act improved – it for Biggs. CARES should the guide, not thanks. Got and flow an from with

say, it by at for and year-end. right just very begin to driven way with to a me cash very broad timing easiest that answer the know, you receipts as was be think of to range I is,

two from government remember You of from December that a right – the year years may slipped into we ago, payment had the end ago, one January.

even go broad obviously So didn’t there like feel it to – point sense variables time, that though in against a obvious overall, this pretty begin positives to of at range made were a can with. what’s to be lot and adjust there forecast. go And we positives

Okay, got it.

mostly it’s So timing, Biggs?

Yes. broad timing. of because is range The

necessarily result. then overall So different – to that, a start variable don’t you you within and when one tweak produce

Got it.

Okay. Thanks, guys.

type how and maybe it see goes it, We’ll range, quarter third move appropriate. through then the of if

Finance. Bank our from question with Tse comes And National next Richard

Yes. Thank you.

are of quick of buy and NRO one the the sort on your that that’s case? capability, the Just Are if from sort that And there one that multi-sourcing sort missing here. or would for technologies that? could potential you of portfolio cause build that into

Thanks, Richard.

think me about for Let just second. that a

things way other may it may radar, or commercial as about include deliver. the say believe it can Legion good think we’re is, – take thinks leap we we’re now very that imagery, there. it’s capabilities include forward other it so optical to what NRO I’d I providers constellation, if world commercial and things The electro include may here are RF another we going well, imagery, with well, leader

always to not may or the possible are it’s may so invest things those in future. And choose that we that

minute-by-minute basis we’re the sort others on very well-positioned got the to case before or electro part investments environment. close the a at imagery make We of piece not. those earth scale We’ve here, to see Some areas of chosen have believe we’re in on providing large one we business invest optical, the large in what that of there. of

because Okay. that there looking And if lean I you guess, any in was I of cause them they’re commercial. out that that I figure here? we’ll way. I increasingly said think out that your to wondering are commercial down asking, was there’s that just comments, capabilities at sort the road

Yes.

the use boils of of I think lot of it there’s end mission lot that in. set A down the phenomenologies other best to a they’re on case for what’s this. interested solving somebody’s

analytics a mission government the an or U.S. war monitoring for data. or to in that So fighters kind of others mapping see or the

Okay, great. you. Thank

Sure. Thank Richard. you,

Okay, operator.

as time end the this got we’ve here, queue allotted we’ve I our call. for well reached the think, of as

interest helping evening, look with well quarter out is as those to on in want our Thanks, to to great some for and up in everyone. a that – called that all So catching for have third both all just those quarter I I you thank today call. and you Maxar to appreciate next forward of your as us listen dialed questions. and ask

Thank participation. And for that does conclude today’s conference your call. you

You may now disconnect.