Maxar (MAXR) 10 May 222022 Q1 Earnings call transcript

Good afternoon, and thank you for standing by. Welcome to the Maxar Technologies First Quarter 2022 Earnings Call. [Operator Instructions].

During today's call, there will be a question-and-answer session and instructions will be provided at that time. I will now turn the conference over to Mr. of and President Treasurer. Vice Gursky, Investor Corporate Relations Jason Please go ahead.

about Chief the thanks, and for joined shooting Maxar's company's Both Jablonsky; will operator. after Biggs First line opening we're Financial afternoon, call its today Officer, wrap an Chief and to Quarter the make I'm to the Porter. hour. Call. going We're Welcome Good to your Officer, up Dan in questions. Conference XXXX by up remarks, some Executive which, Earnings open

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to please from our Now in turn on in items XXXX guidance. There upside guidance, and and delay Legion our leasing on XX Slide on those increase revenue, delay. on including with are on any EOCL delay the update slight an the headwinds and the cash for the associated costs some

opportunities, previously within fully are new we the ones remain other offset there those range gave it, However, and those as some including to pressures.

in subsequent guidance year-end. any at issued adjusting guidance not what Revenue we Intelligence are we Earth unchanged for way this So at from remains point.

WorldView driven continue infrastructure intersegment million X is to have pulled spoke Intelligence execution. the Space maintain and We We've roughly account $XX million growth. from award. Legion-X year EAC But and Dan and for growth $XX for the a million to the assigned to $XX we Earth the guidance await work delay, as our for of Space current forward comes EOCL this earlier. Infrastructure WorldView into we wider that modified EAC on by the for eliminations range upwards outcome of Legion to by

revenue roughly change revenues last to guidance Since As this a intersegment is is million result, work, expected $XXX $XXX presented to intercompany million Space the in with quarter. are total Infrastructure no eliminations. be there

Turning to range to for Intelligence. the No adjusted change Earth EBITDA. outlook

by the lesser basis, Earth the of increased revenues result be XD, capital Ukraine, not variety light results adjusted At government EBITDA in $XX an growth, expectations the from we've be EBITDA including expect the million, Legion will is Legion-X for skewing but expenditures. for The again, the WorldView , throughout year, Precision growth sequentially first the Infrastructure eliminations. likely to work first continue to sources. expectations come year-over-year customer full from of was to Intelligence, this year. towards and revenues. we a As first which extent and intercompany adjusted EAC X of Space Space will Legion but upgrades, XX% in a grow by DAF to to offset and the in increase increased growth revenues, the on a there affect At operating cash consolidated not quarter We've guidance quarter half Infrastructure, expected changed a our or some flows the including materially. this is services for but WorldView up

stated timing prior we As the cash flows of the year. the capital the call, and precise during expenditures can throughout vary

Instructions]. [Operator

from Your first question Seth Seifman comes the JPMorgan. line of of

if kind you of And guess, expected launch? you I this anomaly. in probably -- environmental into to testing you guys guess plan of you the could result about -- of launch guess, anomaly this at little a plan that what's one. launch what X that more So satellites a of detail X-month for as delay for leads talk I in kind point, of But again say which at the about the kind point spacecraft can you go did in bit or terms then which the one the the first go I the

Sure.

off, had our tests. that on of the one anomaly first had, anomaly the So we of an configuration we on

for that that, line factoring but time transportation we'd have do a September down out to it also remediated that a and we're So But exploring And launch. which supports we've ground-based reserve a again, the get likely was test figuring I to was transportation. -- potential we're figure in right path up. to a of the on time we're get we've by test taken now ground the little some possibly bit the go to how there, we're in it It's some then with do to done. And to having to wasn't options path fact antennas. hardware, differently, of back substantively or on it set design ourselves as mentioned, how that a but the unavailability had a

-- our we And to through more it us us make risk of ahead terms In these gets But confidence still day. closer that items level, have gives we one of retire we time gating that. to every of us. testing each continue

here we going not support assets And that decade next I've on critical building the plus. in needs do past, pride a on to exercise as it's So type of ourselves in mission out. riskless the from are our stated over XX-year the quality

unfortunate, So with happened, it keeping and forward. it largely dealing but moving and we're

have will just to satellites we have plan, [indiscernible] launch the -- satellites us quarter, of and each. from That's On little do X no launches had the X launches already. launch X But different launch satellites our it's X X than changed that date, on something to guidance each. we first we kind last a and the to the Yes, expect change X little we of And in but reiterate launches, September confidence We give to plan. a more X planned. expect

satellite be expect on up ready continue show So range that do those We to to in lines. center another have X-month go. had anomaly we'd testing any if we the to

And is right that first the after is, months So after then the on. months pace one September, it, that still towards marching now. and the X is X along that path program let's call we're

in in one the follow-up Intelligence the just of a terms kind And what's of of midpoint and guidance maybe EBITDA. implied significant fairly by kind is Earth then of step the up

should And so high it this should year? the to -- where the -- fairly, trajectory a very exit just Earth Intelligence seems And like be that level. year thinking about where drives maybe of up the of about it kind is rate should think what and what we in through how

things. the of it and something some couple into a little some I'll strong and of for bit deals modeling details can't a deals. parts those turn that push-out couple We Not very prognosis happen, and a been Maybe, we've he's but of about talk QX of take over then maintaining this, Yes. I'll did QX. got. see But to from to Biggs

during So then and expect to I throughout QX, the the of complete year. them rest do

also across customers as demand International commercial Intelligence States see across as United Defense We well a pretty healthy our our opportunities, that's customers. government, and and our XD the

of could gotten to set we but products And we're XX% pricing products. on in probably So QX, on that the little expecting color and wanted that. in XD more a really deals some hold had done those we the just fact that have year-over-year suite. growth product We probably that for

And we full so to value patiently for technology that sure that offers. we think what wanting make we're get

we're view DAPs, strong have already in in just throughout growth deals things the of we doing number our A modeling? taking front that But rest to some just the do about instead of company. area the any Biggs, to year. long of see in. are trying and we're the other upgrades a so doing with of of you that the bookings of look, And opportunities more the number want the talk a and pipeline

numbers little bit we But year Yes. first rate basis. total is talk I'll Earth run the Intelligence. between and behind expect I'll driven what about put on clearly, by a quarter company And full improvement some that. for a the

If you relative requires the to of to total over that range that lift first year just first the look million EBITDA about our get X rate. middle to for what quarter X have run $XXX next the that from we at is of the the taking times quarter quarters incremental

should of go obviously time. result at those a the having this is, shares settled thing we've stock first mark-to-market in already away So said, point phenomenon as comp,

that revenue over we comments, And think the I I almost million $XX no would this next in on in business contribute X Intelligence, in to grow do is point would was first there biggest mentioned page, that But $XXX Earth product $XX first. so expect we increases book-to-ship But one to expect it's And significantly. but the number quarters. and contribution my the general, to easy significantly. million not quarter, an of out through XD product the then million, on

'XX. by So and overall, -- million $XXX in product grew

So the not sources our not expense quarters over mind growth, $XX is services And upgrades, pretty to reasonable point contribute out. expect time. Then million $XXX after DAF Legion getting X and at about achievable, and I that, other only million. net then to in much $XX million this variations next would in very but the

again here to contributes point is later. be to we'll the with drivers EOCL, out big to on narrow the term as and would at award this Intelligence. range. time, once There overall hopefully, opposed those I But for the upside company an Earth sooner in which that So for

Markets. line Your the next of Capital of from Herbert RBC question Ken comes

distraction of from in the heard I customer I to appreciate happening sort called right some the And Dan, your but first it's with potential and delays anything of wanted the speculate, just and you've there what's on follow to there, potentially now. you hard up to around Eastern Europe you maybe point comments EOCL. out that timing on could can else the just maybe EOCL award? Is obviously,

of aware for is had we adoption to passed. by as The and in my strongly I points fight budget cycle anything holding point, this the expected up remarks. it We're of The next has been technologies. mentioned commercial not Well, all electro-optical point. at this it in,

not them that So originally point. We we to holding this up think They're things are had March awards customer they aware submitted late anything anymore. we're line. our the expected not But year, proposal said saying in last of and XX. at give by

So continue believe positioned we to think that. I we're just on well

in We've been a the track of Our success. investments architecture, us current operations best-in-class. secure a is got is which to Legion. record and constellation strong making unique pretty We've

plus related We up have the funding some Ukraine operations. incremental to had

that's for the upside the EOCL. awards, to even offset the we'll continue we EOCL they the out under delay of next a bit delays little of of necessary. So were contract year fall kind if if into on some remain existing seeing But

that shape on good So good we're pretty pretty shape in -- front.

from of comes from the -- question of the line of next Barclays. Your apologies, line Canfield comes Colin my

little a talk of while. you've seen environment see And growth NRO. commentary in DoD we and further kind beyond EOCL? best aperture more talking growth just on beyond contract could of for suggests you about that bit a the You're the kind Can consumption

So trending? opportunities maybe you the update also of you're how of on commercial talk defense the and for And can trends that's pipeline what intel of space? us then you about size the the space some that within seeing and in kind

seeing been there that's Ukraine years we've say and related on of data based -- then strongest XD environment my prepared start for and particular imagery a those right in the to and to I in and over of place growth now. Intelligence physics-based And really, solutions. this I've worldwide one process are prominence and for And And by rates that's the a This Maxar. collected now, and think that data seen only really models. strong satellite remarks ever. satellite and highlighted that adoption lot type that's technology. We're about Maxar's our -- lot is create go the did to of solutions. can in you industry solutions really that and capabilities through when our of get But we that's type been is talk the of accurate to just I've Earth the XX There's customers Yes. metaverses I

our strong analytics. that. across the intelligence adoption and the and off side, of and Defense creating that's and and continuing running on XD and realm of government and to and and of downlinking more edge seeing we're solutions, both capabilities satellite see really We're models at commercial so data our more the International particularly analytics all Intelligence the U.S. more customers. ML and other the solutions-based and defense set tactical uplinking the adoption technology of then stuff, customers, more And and defense in And type AI

with hopefully not Legion there. that's to So be see the into on we yet pipeline us strong assets and the that right sure account we're then And for strong of as the licensing trying ahead we strong the that. even the But points see getting well, deals really right orbit we class at price rates, soon adoption demand for pipeline very the we'll for pent-up here taking those. strike really say make terms I'd right

split bit about cash the And or trends it. just of of if kind little that talk a flow step-up then about of expecting Can we Got the you think business. comes to how of about Earth completion? Legion actually think expecting as investments where kind LEO the of Legion you then business your you're term, cost Intelligence out longer between that and you're opportunity the trends WorldView some

probably more growth model expenditure, the and cash opportunity capital up one some Yes. give Legion to big type model move we Biggs is here. after on I expenditure constellation color complete and those from a commentary we'll revenue But will assets. the finish will a first

have been we So on of easiest. products. growing that's we've progress I continuing XD But are the the business the and made of pipeline well. to space support the first have investments been as our some and side on grow good suite making. think And

investments thank, we're lot particularly we for And to strong where on as ones, our seeing the to those higher both light And pick invest so some that some Ukraine really But sides date, wise growth, brings to areas we've the deliver situation making business, and there. returns our a customer of continue I I higher trying hopefully investors got we'll think to there. customers return there. as -- smart adoption, just for we've been of quickly, attractive

Yes.

business you're got current expand have the end cost if standpoint Legion we standpoint, associated satellites we looking plans making of it's the meaningfully and the 'XX. into whether satellites fixed based have we with that or the cost more at your think, pretty for largely, in replacement upon when to including we If investments spend because as Legion and upon would we the the WorldView From of on WorldView-X investments variable in cost the points operating. future Space incremental an operating product, we're as obviously, constellation, -- those weeks, forward of look go based we I is from self-funding. costs as with constellation right, of Infrastructure I as all an aren't Dan the that we well. operating -- number or investments to the X expense also 'XX X, But at that start we're on making the modest expect capital at be today future, question that out, to the standpoint, a it

So not very margins, some there a as and high-margin going on to out we see our success Space growth with strategy put over product should expect execute the particular business we and time Infrastructure in to inventory and side. I'm a target

from the next Peter of Your of line comes Arment question Baird.

that? a cadence, good Space some side, on Infrastructure Biggs, about about be upper to on pretty just just already? of that your the start end the we wondering adjusted guidance should you're parts off on of tracking you're And How the kind well of towards EBITDA start more the to the thinking because of just it's kind year. moving

Infrastructure. Yes. and I about if you're from trend apologize, margins asking the Space the on here

R&D in of full for and to remainder little would the the higher over running of we have But the quarter investments year. continue a little through what bit kind to first revenue mix to expect the go we We the year. change expect the are have as to year. guided a than bit We we do

the because profitable including the are this And put opportunities that add first we to I second going as going that think in higher Having forward change and few have have a get that the exit drop the base to The the more been that, some over quarter of year. significant mix business in potentially position programs. quarters, front-end awards new like the a said really it half. very we off said and it for last just reason of some is some related. to we will was in largely we front the us on good we sort has revenue

about, so. you last And some the the just been better related talk decade to maybe it's that of of or you've sort that. did Dan, environment in

bookings side, considering out. we smaller maybe Just that related but opportunities, the to that some kind there's of just about of they're the parts and how legal because think Space many Infrastructure the with around moving should so market

Yes.

close in to both marketing still Infrastructure Space of to But customer really out foreshadow I think our sets -- win got got with awards as diversifying type terms we to go business. just we do the the think we've the Biggs We've what product regard strong and strategy I opportunities. there. well those year right been to picked as

pleased do side. and continue the So continued infrastructure on been relationships we've strong very That's the there long commercial support business. very to GEO-type and And have to well. to base we're had of the proud

others, like SiriusXM, and business. And EchoStar, customers that we Intelsat so like

business, will we about. customers a awards the cycle we've we're basis been but those, think opportunities, strong longer-term price I of Intel that's commercial and of for and good winning getting we're And on that traction points good at. the excited large very And study product be was seeing there. that that a well for on into customers on a technologies and do be offerings. they're of and the but side, said good very NASA making to always we priming continual the push the performer majors, to sometimes civil got and marks continue a us We a a strong been from side, have one good type But will think sometimes providing I sub-toe of efficient types really it as and trend Defense

product So to to just the Psyche expect the business. we've a which satellite, through mission, we I X,XXX-bus. everything on is long never kilograms something something wet. on of the Jupiter size call, that way from plus a the and straight X -- discussed then see from starting side like It of X,XXX on supports which flow to diversification, And wins moved the do was the X,XXX-bus of

type very Artemis other the we've PLEO we've of I fruit. infrastructure, side Legion being and for bearing also But designing, show starting been PPE. then made is the are type Legion really used which of the of on infrastructure some think, the the in signs investments very, large the Chassis, to for that missions, the So

the So look very look of in future, with Hopefully, wins I some and do all. near forward. awards like what discussing you those

question Noah Goldman of Your next Sachs. comes line Poponak the from of

you Biggs, the to there? is there that targets XXXX out change any have

is of it today. moving guidance are of basis. quarterly, We're few contribution slide contribution from Legion, it's expectations quarterly firming give that, going we already in plans see a enough Having course, we for I There in we a don't its it I other we'll on lowered know the the updating said practice comments. certainly We'd although, X-month to updated I aren't as helpful, not but Legion's will, impact. on quarter. our that assess or Legion change year. continue The and guess, last long-term when lot limited or literally in a not 'XX of our the drivers parts to update later But

pieces under of but like the changing, to happening what's 'XX. sounds moving It flow EBITDA aggregate similar cash and sort surface, not the some in

Yes.

far change trying So it to is help today know I I'd But enough comments I as can I you go. I'm the understand to don't about as obviously just made. say

new eliminations level at forward? Do rate going of kind a this numbers these stay run higher

No. should off to because little, When you get complete. Legion to program very 'XX, there a will be be drop

released that had press some to Planet on of some -- of little and you of of Dan, surprising comment if what then, in say a terms maybe And competitive resolution, revisit specifics Great. landscape? Okay. could were for thought the it the specs, latency. on which Pelican wonder the and what they you I means what

customers doing, by in think outset, generating just at on adopted been probably and growing very widely best-in-class has a I'd which guess I I is Maxar business. what focus large the Noah, sustainable

decisions them, constellation forecast very ones announced We're very going architectural proud and business and here there of plan them have going cognizant excited very and Planet the at companies has so entities we Satellogic. announced big that list plans. well, and Pelican, companies long be take and part plans. how been out are as the of our of how of that we forward. probably course. into is Maxar. with we Blacksky we about, shifting of made can Legion tune There's Airbus a lots theirs them very very constellation in point And lots I'm to of one of is to with with There of we've are the a

any to government use entrants. I to. simulation dynamic that technology pace, That's type the technology. XD adoption what in to training think to want and new to been has dual Terrain I'd growing the physical-based of that But Commercial and and don't the solutions dynamic and able will attract be metaverses for more. that has that. be contribute programs. types U.S. of used One I and of that's is and it's World spending market Maxar look, say a and So particularly is, And same market, continues Army's budgeting should it discount growing a indicated we'll points The

excited one. And do should see something the we're try gain But it wake, about some a where pretty It as competitive our now. us so that really and fast-growing industry. feeling right like, in We and ecosystem about we're different we things from entrance in advantage. are they'll and to do they'll attract good

of Research. the Spingarn Robert Your next Melius question comes line from of

status for have Legion, of I you X? that do terms X X? for then hardware about the just But And #X said is X, the hardware you in think what's and assembled. Dan, all

Yes.

environmental So and it X as assembled fully is well. its actually, started

X good got fully performance through satellites all being assembled, on has integrated, Initial tested been reference testing looking we've going So environmentals. and X.

ready we're September for So time a to launch X path satellites right that on frame. have now

that's looking pretty so And good.

deliver. satellites, system. On in remaining through We're production. waiting for way marching they're to the the They're instrument the all all their fourth

We component So be second that will key expect of that the need to hardware this month. do that the we support launch.

we last I performance had April, and do additional taking think we testing some call, expected happen. quite before signed on quarter's didn't that. in off We reviews wanted to on that we be this deliver and within well And the do for from month. should Raytheon the track it remaining expect is hardware the third X support then on to to launch. satellites bounds We

environmentals? be about months comfortable with you are would what X And for

doesn't actually for long environmentals. that quite take Yes. It

I setting and to and think to going connections sure we through -- satellite, rigorous hardware basis. our got growing time with through, be our first By the protocol teams just program. we tune for assembly, of the the time get very the thermal protocols you've through, a and you the make testing the improve make bit of you testing, different majors sixth, its The thermal should on that testing space because pains and of what's a And componentry vacuum the go environment. bit design we first first kind for fifth to of on more want sure in of little up you ones not a the example, a want do

rigorous come -- we best going even of didn't you notice testing events, to all quite go phases, the criteria can't you into -- So environment and a way you things we the in that than running about of stuff. all you the start actual put that -- come it's on would up even stuff little do less the the the with up the world first-time down, do and but type know expect we actually engineering, know we bit When more and digital that designs do during them.

the We've kind to support So X remaining in just -- the guess about. We've spacecraft I instrument on then We've recap and talked should hardware and I they're along got fourth though. that the of X yes, of centerline the being got tested. due the X-month environmentals. May, launches got in there -- humming

on could are the made? just you those, on the X discussing, forward then what I and CapEx ago? -- of these next either that not to these Biggs And working have then that Noah were this Are these And pull imagine back certainly you year if still to profile or X, change year. and because committed decision going and for are

higher there mix? guide might be So your in CapEx

Yes.

lead Just to we're said we What kind time getting of parts and on X long X. of process in clarify the the there. procured we've -- was

We into take know, things satellites hit longer made the a be we get critical on the that and satellite shorten 'XX gave we for you there system, commitments as able Rob, and both signal go the any those initial be time that's to might So as path. can so from 'XX. program, factored orbit guidance We time to shrink are line certain than had the the vendor parts become that already to others down. base and lead to long time that that into

base not WorldView-X right comment I'll some the Biggs let demand many second like -- us little its on the contemplate long a have to our what with and exceeds do signals do when are we're that, and which just [indiscernible] to to we now then decide build workforce lifetime X. there we it it. satellites very we'll some to extent, But to many done, vendor some have strong, we getting fast on we're Legions got from very, an X, efficiency possible. want a eventually how at eventually thoughtful And standpoint, there. the up time a But to very and potentially extent, depending that's there. really do and more of efficient but want the way we changed moving support And can manage looking So most we in doing will

Right.

some it year. There would upon today, We be X reason part gives of until based lead we're doing us relative -- long Legion to no latter and replace But of long So wouldn't guidance see 'XX and we the spending start wanted for be X what on as as in moving expectations. WorldView-X that option out to. which, put course, to done lead, we've of the there we XXXX. spending this faster need impact the to would

in flow we have in didn't then spending free we're and might down growth down, when flow, CapEx earnings time but So we that period. uptick on over go the also otherwise to even or in that could spending -- time expect operating X period. expect The and if that that's cash cash few We you'd years. next said X or

spend little X, for as X a a management under Earth So on the eliminated, program us doesn't in both CapEx. in infrastructure. Once long to in say, how our Intelligence, we that the It change for part going want this but space the bottom consolidated the is That the that let's we it's space true-up activity's -- this revenue out gave on a made our all for and part it fourth-quarter out or the the historically of see. it said consolidating year. around term. It's base to just over versus this on Historically, we our most it activity And for the I doesn't guidance was just the earnings. so the the a guidance activity guidance again, fourth-quarter, instrument We've certainly you of help. see... is infrastructure. lead and call, CapEx long we or expectations different one an and what managed, thing was why infrastructure Thank time of of instrument-related. have in was for the were program included we not all impact doesn't change line. to all assigned account I that's quarter, corporate

Markets. Musco BMO comes the of line Your from next Capital Paulos of question Thanos

would on get could follow-up and the earliest by X the as that. just signals that? if be about Dan, a Legion be that right would X, those Sorry launched just what demand you that

complicated still they'll be Well, programs.

talking there's quickly. So than -- the [indiscernible] to other are pieces parts there's can big on previous rest time and chain have these we'd of instruments The of have rest the lead supply that in the done over. to the be XX might more that months about control XX from of the probably go we the contract those lot But stuff you're the a long signal.

satellite to around XX some things So the that risk being brought point, lead parts. already. long on generally time programs of We XX we've are that been all down But working the nominal. month

then the just this and in Okay. quarter. And UI to back deals pushouts delayed segment going the

precision was to? business clarify, out factors were as you there alluded to call to in terms XD the the that other Just predominantly Or of [indiscernible]?

the big have didn't lot shipment we just the orders through deals. already booked That's of the the on one. larger -- a come And didn't those been or and PO

a other but of too. also data very are type of deals, strong it, deals that's is There So there. part there pipeline some

the been done, upgrades and in also those quarter out that plus we've get as contributing Precision we've range revenue -- DAP products, in you maps we've and those be pretty XD and get would next got like [indiscernible] other got as pipeline exactly We've it of base you well. to some strong of we will a contributed that upgrades we've around some are of when got As have to know, can facility quarter, revenue kind know this internationally things that sliding beyond but the doing well. different

on the work Okay, great great. you're Thanks... doing. Congrats

you. Thank

comes from Quilty the question next Chris LLC. Analytics Your of Quilty of line

how maybe since do know massive a going pushing And we're a then go balance of QX be course you the segment? it the the Any book-to-bill on a time you up what here. XX-month mentioned I sort I the shape tell the think in X.X. quarter expect I'll to was in out the sense you breakdown book-to-bill try of the and Biggs, levels of Is by the of to it through to year? quarter, through year. Can quick the script orders? trailing us about

third it's quarter other Intelligence. and year, of XX-month So the yes, the on do we big to because, that in award burns the -- there's it on among other then comes important the Earth look it at think a things, [indiscernible] off quarters in basis

space a on look you was if XX-month book-to-bill, X.X basis, a Intelligence X.X% X.X%. at overall trailing So and Earth infrastructure it

and but contract quarter it's the the bit again, think third the once space that And the business in strong And big now keeping I very earth coming in, terms a think amount of it an lower. mind I said all the in really know as of on a alone, both fair for look X.X meaning. the I of of as -- award that also quite a one pipeline, Dan Like said, intelligence, the and business bleed-off is add at EPFO so of as it's a meaningful. it, it intelligence, there's book-to-bill, in we For space much terms quarter good infrastructure. and for and both I is quarter, don't that I doesn't our It's businesses it and X.X awards lumpy just for infrastructure looks has.

million in earth the our Earth not work be in that bookings the is firm remainder Intelligence out end dig quarter, So unexercised it though of point work we term. year and likewise, -- -- the over The infrastructure, the expect that expect quarter, is in on produced you That's that at on to be that that number X.X even executed near you that and better one very will will, further work. strong. they grew up that we options for maybe that's will would intelligence, thing then by numbers X.X $XXX if that the or IDIQ space I to the have

again, sort backlog we of done we basis. given comfortable think we're meaningful. way. once always we it -- That's look this most at been So see that We've the XX-month

that areas good like mean, Great. And infrastructure one Civil very the of had shown I was XX% 'XX, the on think space in strength, you at back of revenue mix. I the least

as longer-term to on the psyche still the expect does do about was civil, you But out and to be the executed civil X/X look years pipeline What out? those plane a And off on picture, we programs. is or a years into with X go program? And You've that mix government? between X like saw rolling away. commercial,

X/X, when think, depending on I would X/X, say, think that a nominally, just that But and call it they comes of Well, and be, to well, variability X%, bit closer X% I in. to X/X, to will yes, and it's what roll comes like the be when I there we'd in it -- quite in in.

the skewed the pretty the dramatically of award example, but our signals hard national side to the pretty from civil like large of Intelligence on things something one awards very Defense commercial do we side infrastructure skews towards and to a the up the do quarter get like very assets. and having see For in C-band something drop artemis running. and business We then Department Community want of business, market strong nascent,

quarter-to-quarter, XX will even business we time, will the XX areas, hard of it modeling all the strength be it and comparison. see think So the as in three sometimes those the over But will be of in months growth to of it be months, forward. a resiliency I

as of commercial putting the and the compared to that little forth know, Chris, defense XXXX type hardest side. more think the of that probably and I one predict. might terms and you in stuff paperwork intel their the civil with programs that's variability programs, budgets In back run or in be on XXXX bidding we're already the to a and NASA, the stuff how on

XXXX Got can Does you that you. mean us give a forecast?

but if the modeling of make decisions, went me because we run on we pretty kick far. tip here do long-term that probably Biggs all will hard kinds We

with stick 'XX. We'll right. That's

about we it don't associated U.S. been in some work. covered have was contracts? current impact So does demand? there thing with Ukraine? revenues can maybe, incremental Or by expect see know, -- by of from to your fixed-price international as quarter, should would One you And we surprised I up picked incremental I and you with talk current of most government contracts the could mentioned you has or kind Ukraine

probably heard what over and that spending as fairly well. I'd about and say they is the and -- some were government these some uplift, some some of some you I U.S. region the of capacity-constrained are customers that think fact small us. in talk that to did of fixed But have that the term. longer went price We more we're

we mission, So thing that we world, to right do other current U.S. the to things it had is the in for impacts long has on some support also the shifting which do. but government situation the do to term, and

for on see think noncapacity-constrained downlinking you'll were I than as example, go theater, seeing and then in, higher that through demand forward, ago before. seen that hadn't that forecasting even of signal the the type information U.S. we're ILC the the products uplifts is we've a constrained government environment capacity with we We're And Legions predominance we tasking because probably and a the or in is should them. type year the second quicker strong which demand two really we is of signals, two the of into snap building. going been uplinking from

work vector and that be we'll XD possibly really software decision-making hardware to -- us. modeling So going factors training forward. even for simulation Sensor Can and really, think into we strong for defense how growth intelligence and and and systems vectors that's for growth and another us.

types strong real and cycle through a a not getting longer-term that very but of well. growth, demand Ukraine, show, products the right big then of some the So are lot to year throughout the now, year the in as impact

uplift I'd it. from just there so say -- is some Yes,

things full there Intelligence for through I and We drivers [Technical the net big walk that are Difficulty] haven't when And of the sort in Earth said quantified I pluses it. mix the minuses of of year. that it's out

just but other it's So there, the are elements bigger. talked about I've

final tranche mentioned question, can Dan, announce had X. per subcontracted And with you you. anything you regard chance to awards Got SDA

already done If have it. I had something would to announce, I

side, intel on on do commercial there And teaming Okay. type decent and Very the of well ongoing now. presumably opportunities. to are side defense the on spirals? see for still pipeline continuing PLO And different a we positive opportunities are team good. Both you as as arrangements right the the strong

comes Your next of Sam Truist question of the [ph] from line Stusiger Securities.

for Ciarmoli. behalf Thanks here me on of Mike sneaking

kind guys you in perhaps just that was about delay launch guys government thinking how announcement be be the guys' line? might I of in -- any curious, each are kind the in related your time So of may interacting the other. I Legion because delays to OCL do considering Or -- possibility think thought the that you guess, with about how the

make leads have planned all need got of what more think Obviously, have the considered otherwise as forward. rather now, We to together. serve and up they've things moving continue thought and We sort But don't us assessment. able on to right to to cause it's really being on, quickly. that we line, tied would and we that it's anything time them had haven't of they

before then the off Great. question of me. kind building And Okay. right

Ukraine in, demand any just international whole heightened the guys kind shift the situation, seen you of terms from result to broader In around of kind a to this? their demand Native kind have relating guess, of of defense of kind also you I in a as market guys audience up seems international of your an seen Do increase ramping how be spend overall.

Yes.

the the thing in governments are of there's that our hardware. trend us. like access Access got It's We that that least we a Rapid positive defense and see in base a the been U.S. job of with same somewhat committing a to locations very XD our at and kind of done the maps world past that, use of some as SecureWatch well software a as a We've what us, positive for allies tasking Southeast strong very and intelligence as that direct have version of availability. strong facility a NATO facility think as upward other across trend number, very Things very go the customers up long-term lot we've strong if good got are as disclosed we've that which over now X% and budgets work countries capturing a Look, adoption. well, and for dozen lot there adoption handle without Asia both different relationships across as is. the well that we've is I and direct access program through a of historically international and like the in

line the from comes question next Genuity. your And Moeller Canaccord of Austin of

Good afternoon Dan and Biggs.

Just think Legion. the about here, if timeline question for we my first

based the of correct? So and one lines, in year, launch second what than the on laid probably center launch then you've X-month September out in first have the we in next December with third should March the

about X-month be the to generally time won't frame center that's date, It there. but lines. calendar reasonable [indiscernible] -- a

far Okay. customer is they on orbit on goes, And satellite testing then assume it can XX testing to appropriate before the days still per capacity? as upon take as about average on-orbit

we're planning. what generally That's

the I environment, not side XX hardware through the do of that planning like the of to some our XX testing to around. delays think are sitting and the teams with we've said days commissioning on it's

and of environment, the on-orbit We through and as those to the lot systems ways backing really through And at customers were we operate But how and go we'll revenue-generating commission direct that availability until through lot capacity we the in off a to calibrated dates not run that more they and low bring they satellite. very from expect they've expect availability it's positive looking through shakeout moves a those come kind environmental the go our gets up operate and how of than of that but data our our testing because as that testing standard very, configuration. kind when it the enhance they're -- the of high a of the just how environment, in So constellation. access crews to data very satellite type yet. on, we're

happy but asset. So defense and it's not a intelligence just of space-based a real couple it's steps,

about question Pelican Planet And helpful. constellation. then That's the just Okay. a

primary it do a Or interesting thought closer earth that resolution that a be they large may mirror resolution? very of able do the in get get achieving the think with they really point? kind I to Do that and out you have transit think was had to are there. that? to So How you wide XX-centimeter they're think a orbit of vantage you in satellites aperture low

types do There's looked of is at with think lot different that. ways has the physics no the say and can of scientists I we And of planet these Maxar, engineers the brightest and different changed to really inside that some nobody point, we I'd yet. kind lots can do done. certainly can I working a things on others thing We've that got be on that. the on regard curve of comment things at of and this

for things the orbitology, the this we customers pretty of a good stability the science. well still think like surface, the from I doing the of way. amount known our the get of to resolution, types need been you of But the So within value do the aperture realm -- job different along photons are creating you we've there size,

Great. Okay.

we've exhausted our operator, questions. and Great I think

you. wrap forward seeing and you that look August, forward report all getting we'll back our to dialing everybody So certainly calls I out way call some up. late look I I to be Operator, again you in or appreciate we the for July today. think seeing it people the along And early face-to-face. here. into hand with Thank those to we second-quarter we'll when earnings to

This concludes today's conference call.

disconnect You lines. now may your