EchoStar (SATS) 7 Nov 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the EchoStar Earnings Conference Call for the Third Quarter of 2020. [Operator Instructions]. I would now like to hand the conference over to your speaker for today, Mr. Terry Brown. Thank you, sir. ahead. go Please

CFO; morning, EchoStar for Good today welcome our General Officer COO to Mike Anders of Thank Chief Counsel. Services; Johnson, third everybody, and quarter call Strategy and Rayner, Dave the our President joined Kaul, of earnings President Dugan, Hughes; of you. and CEO; and Pradman Satellite XXXX. by Manson, I'm Dean

participants mode or we media firms you to on listen-only the invite a that call, usual, report. As not your in identify their in ask and participate

We which also do we ask not allow audio that recording, you respect.

this Let me now the to turn over harbor safe disclosure. for Dean

and Thank All cause our factors results Terry. forward-looking or call fact, any that to during this actual constitute the from expressed different results be from other implied uncertainties than statements. statements and that you, by and historical forward-looking other we of future known results historical statements could statements involve materially make risks, unknown

to risks, wherever cautionary statements statements For a Form applicable understood All being with SEC. list during refer report the quarterly XX-K make XX-Q forward-looking of report and to as filed on we we those please Form and any they on call our appear. be should the factors make annual

over updating the for should Mike any reliance not Dugan. place forward-looking on our I'll You any to consider risks responsibility reports statements. carefully turn undue assume We any in described and call the no should forward-looking now statements.

Thanks, call. thanks Dean, everyone earnings and to XXXX for us joining QX

manner. safe from environment this has a working third work home deliver an we the business another team world saw of is solid done team efficient as EchoStar staying operate new in required. around job, The quarter in great supporting quarter the The

businesses HughesNet our the which consumer across many grow Americas. and families has become to service, essential for so continue internet We satellite

help space, drive cost the these Although some to economic for associated and earnings. savings and business strong risks implement the aggressive enterprise our customers have managing conditions been initiatives we've challenges current in created margins in

business closing turn the Let some segment comments before me final over team now management to you. at the their with Pradman? questions on it end. Thank expand to and

continued at quarter you, our increased EBITDA some we Adjusted to and Thank in grew filings, HughesNet XX,XXX our was earnings compared EBITDA of terrific of last delivered adjusted the third X% subscribers, subs. base economic exchange same Despite X,XXX,XXX headwinds majority Hughes. market, margin recent joint another American customer related the and We approximately quarter year with uncertainty, foreign our integration been with Mike. period the XX%. Yahsat Hughes is has bankruptcy completed. ending to by largest subscriber In venture Brazil, QX Latin which work the

converting and We staff. payload are platform, X the service. synergies services. beginning the broadband providing In subscribers HughesNet Mexico, to the satellite now is duplicate Jupiter transaction consolidating Yahsat the the associated Yah recently with to first OSS/BSS of realize year consumer system after celebrated our integral Al The an eliminating the of we part

out Colombia, Facebook Mexico services partnership connectivity We our community in continue and Brazil, roll to Chile, WiFi Peru. with

and in marketing criteria increase steady these monthly targeted ARPUs a seeing our are at tighter locations, We activities with new sites. community for selection

subscriber markets. to consumer expect international continue our We growth in

care full operating capacity and we Our remote support as virtual learning, such near is telework, U.S. network health requirements. other

also churn. Our managing providing outstanding experience focus on while remains customer an

enable lower capacity in and launch discussions broadband earlier retail unserved the to meet in as launched system the continue expect bit our driven America. competitiveness and satellite the our no on ARPU, Systems/Loral, latest and significant demand We the Based from Space growth an be the remain updated see It robust will U.S. Jupiter of demands. capacity. to increasing North We quarter of add service than delivery The active and as providers. for first regions leverages for usage satellite by and well customers' to to strong our XXXX. high-quality maintain we with X us schedule satellite cost technology in our the per underserved South additional

enterprise QX year. and network to for retail an for American digital had of uptick for a deals and in customer business closed a orders North We media retail sites Our X,XXX relative this customer new services. services with QX new

were with customer, signed retail with an very on a also We in few a QX XX-month projects, to deployments QX COVID. due active we're that existing and delayed including from several extension

industry. overall Although our there operation in of systems due of been the deployment and has state the a IFC airplanes to reduction in

review prospects Inmarsat with our to We the technology our recently capacity. of as opportunities continuation see strategy of the a connectivity. the announced We providers service excited and alliance associated with for industry Jupiter in-flight collaboration with in enabling about satellite and are continue strategic this

activity in We system of platform. ground are our also SES support continuing engineering SES the next-generation with on the XX

project Turning India, now Limited under to project. more connectivity gateway system Consultants panchayats provide Limited X more XX% with the our village broadband, stations enterprise have In and remote of Nigam point we and Jupiter for than this deployment installed announced councils, X,XXX to also passed international Telecommunications the to large previously satellite support gram business. or have

our VSAT service of Hughes broadband satellite Award of Company in Year & addition, won Indian XXXX India the provider In Sullivan Frost leadership the the market. recognition Indian

And joint bring to broadband reach our with with We enterprise Airtel provide Indian joint venture operational this and and Bharti help scale, closing greater in India. market solutions for on will customers continue networks. work venture government efficiencies to us agreement

subsidiary XX% Bharti a VSAT existing a India contribute Communications As Hughes will reminder, business its stake. Indian to our Limited, for

this noted, is approvals. regulatory previously subject As to

their a connectivity support country. an backhaul terminals of base stations. power selected system the schools cellular to telco leading terms effort order We of sales, throughout network, African Education satellite to hundred system several Ministry received hundreds an bring remote supporting to Jupiter African the In for of to

for Also, and continue remote received to see deployed For systems Eutelsat in expansion new satellite. Middle Jupiter have and the Indonesia, Africa equipment with gateway installation operational East on we program, be terminals. stations operators ordering of orders the terminals Konnect gateway to the and the we the of additional and completed have commissioning Konnect

component While a our having Force, program vast of to services State with XXX under Hughes, has Air wins group enterprise and the of States sites on selected commonwealth user still small defense with Police business significant major our provide Pennsylvania Pennsylvania is strong broadband connectivity Army managed primes. the year United government a Also, to Hughes over contract. the

the multi-vendor serves throughout commonwealth. state program Our that agencies

continued business We going see in and growth XXXX. revenue expect segments to into orders these

areas, must market of total in application opportunity. secure of funding, believe lesser involvement and catastrophic As regulatory predicts artificial prevented we've our to across XX,XXX site we the and of we final fires, in our in IT for continuing or pandemics in behavior. cost before our the our systems the business rules would and in call, a preference participate size for expanding SD-WAN to self-heals mention associated investor technology the numerous mentioned targets where Bharti Phase be networks hours We self-healing upside undesirable to automatically and failure the in method, innovate disrupting as solutions our to power norm U.K. addressable our service last Off of technology XX% an but operations can At material business. fiber the do intelligence intelligent of synergies a routers, bidding of an future, completed of we the presence for quarter fix GEO have wireless, rate. and technology and In war. practices our We device our has future. and networks will provide that more network Hughes, filed downtime. consortium with part and network complementary floods, Hard transmission and announced an continue year, and our be the Off join not devices bankruptcy. company estimated of survive availability the We OneWeb that LEO new for earthquakes, complex extent, to network OneWeb intelligence is outages, to of the Intelligent subject recently the and The to I see that of systems U.S. commercial second hybrid with enterprise negative Hard business the this to with a excited anticipate quarter economic a If business. due we able the make principle operations artificial our serving expect regardless thrive owners This cost integral networks. low-density less anticipated as agreed even impact consumer challenges are to to that and future engineers preempts ultimately to strategic remain partner. as It approvals. from sale end sites, of and networks an industry. in will enterprises in the design We the announced the and about firewalls over success distribution become and not its will be use purchasing be government feature FCC's

closing the another and greater and we future. setting successful you had another can achievements very see, quarter, the forward looking as strong out So I'm in to even stage year for

Anders. to over it hand now me Let

revenue Thanks, continuing year. last ESS QX, of up $X Pradman. operations from In was QX morning. million, Good slightly

difficult Ku-band remains pursue our We very market. continue it to opportunities commercial although a lease to capacity,

pandemic of in NGSO subsidiary our the QX delayed global and orbit for the first to the front, the phase. QX, in On from global satellites the took commissioning place and in are our S-band due pair launches of S-band EchoStar satellites currently

XXXX. launch third a expect We to nanosatellite in

services over of of new interest lot and players and EchoStar As subsidiary, including with technologies the Mobile, business we've to ramp in application global last to activities XG see MSS EchoStar continued emerging to in seen our products range interest and quarter integration. distribution strong has pleased been activities and verticals, partners its a development proof-of-concept up the a of supporting autonomous vertical appetite for European platforms multiple mission. a has continue, the express

ways integration it now ground We into authorizations to turn Dave. continue XG longer-term EU explore full strategic our satellite networks our into integrate opportunities. work goal of in and to complementary of other over and towards the to S-band component these to services I'll

year. on customers international enterprise as about and in compared the lower to the release. gains closely impact Anders. third in revenue growth as We investments in measurement. losses certain The previous adjusted large higher the GAAP contributor in BSS EBITDA was $X year, corporate slightly earnings the higher This that year compared speaking and impact by third of the million, quarter measurement million, excludes last enterprise the up EBITDA foreign and negative gains U.S. on unrealized our our believe increase. American services. by $X Hughes Consolidated was in estate despite EFS the adjusted well non-GAAP due to broadband losses QX in higher million, DISH million, QX up Strong The over million, primary primarily financial driven will was on as by exchange and margin last primarily revenue Like of ARPU foreign by $X more performance. part approximately year last our increase last quarters, growth well million quarter adjusted exchange. last More reconciliation EBITDA continued was Thank was operating represents $XXX to sales you, consumer an EBITDA to slightly details million, period equity consumer last being was the decreased other and QX period was to of the due on as losses lower same sales million. and slightly EBITDA year, in other Corporate efficiency I subscribers. $XXX in the affiliates. our OneWeb in be are million real domestic lower the year. of to bankruptcy associated of revenue items to nonrecurring while same as in to with revenue $XX Hughes than and Consolidated adjusted Hughes from revenue offset QX year. last $XXX primarily and $XXX by X% higher Latin transaction. certain was transferred driven growth $XX was equipment to service in the from

higher during EBITDA income to compared increase $XX income last was Free due spend tax $XX our minus The million $XX the $XX of year. $X gains adjusted million. were foreign expenditures higher million. in the was the driven was operations than $XX quarter, quarter CapEx of by net year. in lower period of income flow consumer QX primarily on and Our to investments $X higher $XX cash currency to growth QX, on as from of $XX million million of This equipment, million, Capital consumer last million, million increase defined provision continuing million million change in improvement in transactions was business. an due same operating $XX primarily the in

goal the quarter opportunities into capacity, American generate move and subscribers for yields year, and grow next we Latin business. look fourth is on highest As our continue our enterprise consumer possible operationally, to the U.S. our our within and to

opportunities Our growth. and remains industry, inorganic the both the for seek continue cash balance to to sheet organic strongest and in we deploy

Let me it Mike. now to turn over back

you, Thank take do perform their duties trying up work-from-home and employee team recognize well these Dave. to I whole and to times how donate in through dramatically executive opportunity and situation. want dramatically held this base the has the

continue communications truly satellite at excited has industry, need level, to So short very for definitely services and supporting provide innovate our service our affirmed unprecedented network global demand COVID-XX demand and positioned on and and industry. to the the within term. continued to I'm communications. segment outpace will long well both position on to internationally. of connectivity ways in of domestically the is I all really, an The the remain the networks we broadband we the are currently And and for about The growth more really supply, this for forefront appreciate type, pandemic continue it. Regardless

to turn now it the over to question-and-answer me start the Let operator session.

Instructions]. [Operator

of Raymond first from Ric Prentiss Your question the comes with line James.

you're hear questions these guys. times. troubling I through doing a you to have couple of okay Glad for COVID

grow a Hughes bit from side manufacturer. delayed given the you about First, you been can we But think launch frame? constraints? guys maybe mentioned can time now how ballpark of Jupiter it X service you to How revenues should it, on more the capacity schedule, and little importantly, grow on Pradman, and the the much EBITDA

Dugan. Mike first I'll is question. the This take

industry. satellite there's the - to than now, make that and optimistic? we going been launch it a aggressively office lot delay into that's before. is probably can't the Certainly, to a a going people where have get the things expected the quicker a in lot to launch delivery And We in the going do on believe are of up I restrictions advantage the from going California only home. requirements Is we're of the to going we're service that into satellite can't you slips satellite, the in from of home is production assembled, area has hurt answer but as the to and Jupiter the right assemble by being working of you X know, dramatically work and we

and the we're you get right fairly launch I you tell been that it's of of short to here time. service every can time huge delays some specific be day. We're going and there's there, both the with satellite of of a period work is a can't around as launch to to give commitments to but from a So focus as I now, the optimistic delays quick ways working very manufacturer possible. significant very understand closely and innovate

helped us support done also forth. current until from job under we expand work has at which and on on a of As business we every we to that technology, successful it's to capacity lot the that are customers there grow for in growth to number focus do requirements be been so our have because great get international so so we're We're grow. there. have we beams Jupiter areas that can looking people we've continue second of to to U.S. and home of But that There's on question, a X. operations to We've and easy month, video, remember, the continue the various we please able growing able that. the

I be that your I So question. more sorry I'm specific. can't answers hope

this And Ric, Dave. is

somewhat provide on do America. bit Just clearly, to South said, in I going but a bottom and North to is much in consumer to And growth. restricted said or of seeing add grow, what little which business be in slowdown Mike grow on can any to expect ARPU we're we we not to anticipate do as Mike terms any that consumer America, we're both business how mean, revenue continue top in line going line. we for the the slowdown to

has well potentially In existing as addition, pandemic But on struggling. variety far some upsides. of enterprise so back of related from somewhat there businesses been on this the are a number enterprise year outcomes as side, that held foresee that are a positive we that significant because businesses the horizon business some of the

the bit marketplace Starlink to future? and you in dynamics mean think of see Okay. compares you into we How the your discussion it might in competitive there. little out the as what in you a the beta A what it Can talk that test guys with about lot offering offering? out look

Pradman is never say, beta can only is specific. the grow take going test, to with more before. to Pradman's and got with they've deal a but to dealt we realize it, it's question realize a that segment But that pricing current start

you would take Pradman, over? So

Sure.

bandwidth a video, are are In the generally Continental XX% and lower that in whole we believe are markets, latency terminal. and not traffic meet which the and As big would that the if the have United economics. that in our end, is speed another we the of advantage LEOs it cost that with would per of total which that is we States And which provide markets have highest can of United bunch that lowest Starlink over advantage have with major to the the of needs fundamentals the is Internet, a States. Starlinks lowest is is on the advantage look But requirement we obviously the the the South all have coverage, XX% insensitive really all available markets density our deal GEO latency, biggest is the America. LEOs in, to we latency. in we are you that because per we bit, market. in offerings. at GEO have cost the carrying on But of over the JX

is from can their per month compare month. requires But to the upfront base you at upfront customer As $XXX to and charge the per offering, our $XX offering you then offering, customer the somewhere plan the offering to cost. as $XX we base $X see up basic their at the between $XXX base that put recent for and

So economically, over at Starlink. an we advantage are significantly

the we the reason cost antenna. that phased the Now have array of is

Jupiter, costs to it in antenna $XX. Our $XX

most think are around antenna I the that $X,XXX. agree phased people costs would today, array $X,XXX,

So going the just advantage be for to not economics big a are them.

In fact, it's to attractive. going much more our make offerings

X, region Now that you at be - the terms megabit is plans Starlink if OneWeb per speeds a of have about per will terminal. the over of capacity, X talking gigabits the X.X terabits in this about. spectrum, guys X.X, spectrum which analyze terms we'll think But second terminal. offer look they Starlink And I in another Ku-band in And and in able of capacity of assuming with speeds, the that JX. - gigahertz be add, to Ku-band is XXX maximum we'll usage full Jupiter speeds, have have talked reuse XXX to second people the that the launch of that the the XXX, adding have priority user capacity remember, to with

out spectrum that get the to spectrum share the going two. to have starlings, to they're coordination they the they'll full not has between work assume let's So with be

not market. don't So size markets we case, the think market I all, a the or are the in, to never discount respect on impact this are of the always competitive that in them significant we I see but We expect markets for competition. posture for in, the I that all are in we concerned. in We very a think

One That's of question kind very the from where population We the quick follow-on lives? average a get density, customer helpful. lot base question. What's people. your

ahead. not do all can We've customers answer you Terry, a Go that have that's Well, number definitely everywhere. - we're don't super. got though. It's that? think. I But

- and, mean, I low of majority each other. generally, rural households, very, within what X the very Yes. I the of five or seen subscribers households, I kilometer we've with less think, than think, areas

So very early.

of it's function think to making offering also actual I a that the market you're that segment.

So It's draw. definitely urban the And density. lesser you discrete will it's always the a areas. it's areas. the is less. It's vary. high-density not will rural But be not line It can it not that

Yes.

certainly thing There's what's impacts rural it other offer. a where that alternative very not we're that are is because that better what's to competitive the successful The we're areas available.

in square something homes X Terry? Okay. was specific. that saying, can't On Is if But kilometer. rural, you're average say that what you that pretty - per

the again, But place. number, best one all If can the think you a give I we want it that's varies you. over

to varies stick all to one it over. number. Yes, want I

be time. understand. and employees hope continue you to this your well I I safe and difficult and during families

much. We so you the Thank appreciate same support. for your really And guys. you

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

there wanted where a couple where follow-up I Inmarsat was of different ago years for bid a you incident of made on a a Obviously, the the there company. announcement. partnership back

talk about So of issues Can second of of with hammered the most in those how the been apparently, between you look relationship opportunity, the American of came IFC about do of in in terms Jupiter of And place success where terms contribute the capacity the part got you would then the market? market use arrangement it, at some out. how partnering? or they what see Inmarsat, sort the you and the capacity in you North consumer X have assuming

for available a long time, we Inmarsat had capacity coverage didn't global a the little X, requirement. Yes. Airlines this kind States the And been been years. about we becoming United was combined But big we've consummate That have to for over deal relationship offer because capacity couldn't are Inmarsat and recently, clear existing airlines And States. made a that actively coverage, replace to their sense looking systems. both very for with the over that United Actually, to it's that X we've able parties. because couple now a a of of a of probably talking

and with So technical a a planes together, modem up in had we the multiple waveforms. accommodate that modems discussions series us the solution could where multiple brought or of Inmarsat that came and

to a So technology, Space card they from Inmarsat, segment. planes Inmarsat Space the form Jupiter these modem existing in the and could Hughes we have access both addition segment by adding Jupiter

a capacity over now significant amount because Continental a offer Jupiter States. So of their sense could from that made great the coverage with global United Inmarsat to customers

So that's how with as now And parties, came market makes this we the the other some up with really it both we're for and excited competing arrangement. of folks sense that I in very effectively. about IFC think both can't offer

Understand. the that the could balance more ViaSat over market, aviation market, emphasized And the basket? just their to couple consumer. eggs the put a between ago, consumer years than think their famously How your IFC Inmarsat where the and of they even larger look want said be do of IFC their traditional of at which has that years traditional into you over you maritime balance sort biggest

each iron. that's for beam in piece will designed bear. answer communications beam have we've each system, aeronautical each based market can rest the But market our percentage for beam. of of the we can what application in better the taken we by the segment and each of Beam versus clearly estimation revenues a way other, the beam. and reserved adjust it the The economics one make each and cast Well, and or capacity the economics of that consumer. basically not better is in we on If

system that the which to a through support because enough to flexible pure have all decision is do don't decision, future economic of now So we the it's if satellite.

backhaul returns. and enterprise. But also down not it given return, on move the consumer comes get the it get consumer, That all going at work exclusive and Dave. the applies But as to said, we're capacity. of we to consumer where is to not great other some this Pradman opportunities. the return markets we seller best best has and to mean that Chris, that direction. We prioritize bit in we'll can IFC to us look capacity Historically, that just per doesn't community in to also capacity, applies that we're And WiFi to versus

arms taken sort merchant this Understand. And Pradman, you an to market. have of IFC approach

is including Inmarsat? would But competing years So that in Ku-band any you've with and modems service with and Global partners, Eagle versus Ka-band does Inmarsat be with create relationship that the services where with Inmarsat with that. traditional for consistent ostensibly supplied friction is over a them

that's been No, the problem. not

company, or in this And multiple on in that our of all the other segment that always the we'll are equipment the best to to upfront to our sells carriers, hand. he's market services upfront of very As business carriers our you our with customers. They multiple know, sold that and competitors. of the we've customers. we history And getting he are that the not will the we - to if our best exclusive. thinks us supply And deal ability customer choose the know best

it - keeps toes. our we to on be have So us

But done and are without their we upset if competitors. make We industry in how as long competitor compete against on we and sell all to our open our the fair people available. it's effectively price to we have getting service as

issues on And are that the there that COVID there? delays may cost play the delay second way, at they in redesign the are entirely Or delays? The other related of would Understand. any X satellite? be increase question, Jupiter satellite,

you I think expecting issue, an So huge That's any COVID this know. X, appropriate for impact. is Mike. about I don't a cost. talk us Jupiter the on think we're - of as don't is it's kind issues specific to although to

not. Absolutely

has We've had so Like said, Who on as the anything, actions cost. progress vehicles vehicle industry on. may progressed. so great the launch reduce knows. the and to And there economics be if and I of launch

that positive but anything test situation on expecting we're we're there. way. the assembly think and very don't I a But So focused

redesign has of obviously just It's the But also to been there's problem. been COVID a work helped. And more not not done. technical then getting add Mike It's effort. to all significant said, no what

on Understand. business. international the question the is last And

that you you're You've to Or think with of so? do potential year currently areas? outperform continued sub capacity over type in leasing you Latin constraints your growth. those growth next that sub on satellite have America the maintain or in the Do you can

capacity. years, year with rate maintain year, we or enough is No, think of consistent we so, I next capacity. growth And a lot we've I looking subs good good. the next have should think we'll two have what over Everything past. of the in And done

capacity mean, add gave added satellite last And the but were the in in themes just certain through into year, we constrained us to on Pradman. that, onset We Brazil got we I remember, the bringing additional get markets. to offset ended the starting Chris, we capacity those in JV. to tight

capacity. we've now so adequate got And

or maintaining Our maintain JX. through us to sales capacity to appears current and of the enough be launch sales has capacity forecast certainly what the momentum, momentum

just shifting India. a And of know the final there. political lot ongoing developments been there's international Great. I

JV a big latest in in You give update capacity capacity, that place. obviously an region. you on that's thoughts into market? your There have issue the of us satellite coming opportunity Can the still and is the

Yes.

that largest JV We in the either we're India, enterprise potential and includes there's on India. in continue or focused right cellular - Clearly, And market the the now. largest the the with Bharti, provider community second Wi-Fi. new market partner, backhaul cellular the

going cellular partner own huge. backhaul to the So our market is be from just reasonably

serving. enterprises and gas banks are the In addition stations to and that the the we

international to with open that that codify we terms They facilities. progress. has space foreign all very and The policy available part they're in weeks, going bureaucratic as So announced space will actually now that segment to should new we few ownership segment been the a launch significantly. space more for a always making and and that's prices, and allow that that are has we're more us on up where problem but positive. policy, last be government hopeful The speak, are satellites beginning market just of

Your the Citi. of comes question next Rollins Michael with from line

of share with bring you Hughes is question since First Off, groups what the can subs of up roughly? subject your you in Hard did are us census percent those block

Yes, I now. right don't answer know that how to question

auctions we in have on the hard bids We we're - speak. bidding offs as

to turns how have So we'll it out. see

and the to the the create Boost within And broadband product you with MVNO about customers business, to customers. wireless leverage a Okay. have and or thought future opportunity bundle to satellite your for try DISH

it now? considered? been Are has been with of we so working question All answer we're how that right either. product partnership aspects know and a don't I I considered. Boost specific not. No, on mean, have to

just other Okay. And one then question.

we cash be certain certain cash or should should As in investment on that you the that of certain your initiatives have how sort at of in priorities and there of a balance that should get the just that working you're amount saving you balance of budget consider internal mindful are on that future. terms sheet, terms placeholders in the we look just in used

NGSO a that horizon. significant free not I to be intent could certainly, to we network. the But there an to the build capital would support business come will business have used said tenant past, cash significant from itself organic as meaningful a use of that at in one that supports but flow of an network, be think least the terms mean, enough would we've forward. the that from or our there start on in S-band, scenario amount I that it, either is thing and use that organic going of of the GEO would get out at capital it somewhat deployment and of generates building Where that anchor the building if require

last one just And one.

that type same the gets base seen new opportunities we've grow does Jupiter in through the the the value the opportunity and after pandemic. and delay the going air, adoption of to product in does because the the just Are your marketplace, these that product provides As you're gain of that the your Or accelerate of time? create the once the up that for in broadband satellite? lost satellite customers over share

the we If in today marketplace, relative than if in the no think opportunity. this I question what lack that the more certainly have. and that base share mean, capacity would we grow certainly, specifically I saying, of U.S., had I capacity more understand have ability market There's customer our you're the we to diminishes

of terms the is opportunity there. In I the long think term,

thought more having with like today consumer no of question process But if years the capacity. we'd from Our the by multiple is much hurting going are than us the we that. customer's the something ourselves service Yes, There's buy in promise question. now? capacity? too No, today not shorter term to underlying is, from

follow-up the You from question Raymond do have line of James. with Rick a Prentiss

time of little bit a we Seems left. have

might Is it coming when up of Bharti think Following on So about JV kind make you like far as frame on should the year-end? questions think here? soon can Chris' India. we're should... more What there as close, update we year-end up time an pretty look it Does next middle year?

in We're the by steps. We're year-end. final year-end. hoping It's by hoping

got that a is to but affect the payment. guys I I issue the AGR ongoing? taken in you? That's does have know XX-year that area, resolved over you affecting great. how India How some AGR be in reserves And think

to you take do want Dave, one? that

over Sure elected concerned, we've payment the coming thing, case mute. Supreme as Look, XX-year AGR Yes. plan. just off is is and as the the far Court Dave,

In so the that's play and we Hughes addition owner there. to to have pursuing we're in indemnification lawsuit former going against time more for New as bit pending that to may take to notice, And the a you a that York out of that, aggressively. watching

autonomous S-band Dave, discussions time the talked But coming then about think What of about possible as build tenants? platforms thinking the far be how Anders, you at frame? And think you and brought where time there. this in anchor we as Anders, any you're with I frame should XG. S-band together? should up about we Okay. kind update

Well, certainly...

do Anders, take want to you it?

of running we non-terrestrial whom network the of - are with But have are different competitive that we're on out quarter necessarily first to having implications. have of would But now S-band sort downstream building. sort in with of at another, for we're the continue term, for layers an until through lot those capable effect inability network we 'XX the some piece development of the devices of not Certainly, thinking point and of of be. be one this ecosystem of that due Ric, to near the have of face of of the Sure. product immediate XG sort not parallel anything would which suspended. those probably not with the customers radio, some paths things. conduct has lot travel some we've a standards meetings the the pacing in is of communicating had are network use standards large-scale and of XGPP would But it's not certainly otherwise A

a talking lot with about discussions the vendors from have we to of who off a were the possible continue payload Hard the We standpoint.

are We customers continue step to have some we commitments material of that those until discussions. willing use to of up to the network. for identify But

in reality be All this of some doesn't the delays in become a us, environment I and impacted But XXXX. XXXX, situation. expect is a being XXXX, until network to then really move those hopefully, by behind can it. would it we type with current especially of NGSO realistically, of But forward the

Right. Right.

Okay. sort But anchor we that tenants, obviously, as source thing. announcements topography, of before then, network

up a to of number potential other partners. lot Europe the to users of of the relative bed our off assets. S-band a are in-orbit Correct. the is be these certainly, old. that of we're bunch a picking performance verify And devices now the And the And of test potential some using XXI testing with of testing doing XG standards conducting the capable the Echo of over that'd

of out coming How they're how the the X X that equipment means also play for that we side. what one relationship on coming Hughes next CK at that relationship, as about this hopefully, the Okay. to but OneWeb, you does brought distribution up year. think end far And last as of should years? follow-up over - out

significant sign contracts for to hope services. We equipment Yes. and

as should a and be that's a good relationship. vendor, that So

some When the where are weeks. contracts. of of execute - where with would could next come And in terms distribution in them out We are they hopefully, parallel, the bankruptcy, - other - distribution, could doing be negotiating couple could a we'll we they some of applications, those in agreements we wholesale they to we, the we in be prime us sub be retail we offer. in cases. subcontractor in relationship some and of what a like And also

we technology vendor a relationship partner and So close as as expect distribution a a as a partner.

but it after enterprise side? not that And is more really still the OneWeb going consumer, is Great. of thought

they're go the will On mobility again enterprise markets. on I mean, they focusing the market, - GenX, will consumer the not go past. They for not and

back over to And there questions at call Terry I'd comments Brown closing further the turn remarks. are for to like this any no time. or

today, for to look talking joining Thank to Yes. and quarter. we next you, everybody, forward you

Ladies this you and for call. your may conference today's conclude participation, does disconnect. you We thank and now gentlemen,