Spire Global (SPIR) 10 Mar 222021 Q4 Earnings call transcript

00:05 Greetings and welcome to the Spire Global Fourth Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded. 0:31I will now turn the conference over to our host Hillary Yaffe, Head of Communications. you. Thank

begin. may You

Hello quarter thanks call. fiscal you. for joining our fourth XXXX everyone, Thank for and us X:XX earnings conference

well press is A filings IR SEC available. With will release found the made CEO Our can our our call on reminder, on today include non-GAAP will also found Tom can and GAAP non-GAAP be website earnings commentary and our press Platzer, of Krywe, guidance CFO. replay be ir.spire.com. me X:XX today as results, our in as Reconciliations be today's As between Peter call at our a release. and items.

company A uncertainties, from Some of these results be in materially fail call and change. results our to financial our assumptions. are and is incorrect differ prove included and In of that assumptions, SEC our particular, and our should Should and conditions our any of assumptions description could are financial of statements operations uncertain integration other factors results comments subject Peter. With acquisition, may forward-looking expectations to to to hand let our actual the to uncertainties, contain me subject or affect risks, could around materialize over that, that today statements. these filings. forward-looking these risks, of

you, Thank joining Hillary. X:XX Good afternoon for and you us. thank

companies. sit am enviable how and I and of set amongst outlook business We in XXXX for expanding revenue pleased I the in today to space Spire’s position XXXX in discuss of we results convey our an front rapidly public As review and beyond. exceptional us. the want opportunities the with momentum

we our XXX strong business in revenue-generating count. We strong customers. During have ARR in revenue, nearly operational growth X:XX strong customer serves a ARR growth delivered and fully solution growth in that diversified XXXX,

$XX with year-over-year XXXX, revenue had we growth. we ARR, nearly ended the million XX% $XX.X of million and For year in representing

the at midpoint midpoint put of the million of $X million projecting year-over-year over growth, guidance. ARR also would representing XXXX at fastest a XXX% our revenue and our we growth to the ARR. future of guidance, of are $XXX to among companies million million our from grow XXXX at us $XX.X This Looking $XXX.X of

validates currently further X:XX which aviation $XX industry, about of opportunity global $XX this growth trillion and least and for GDP predicts movement out. $X by days of globally, Spire. continued weather, of Spire the of up exceptional trillion monitors are impacted to monitor All trade global capture the systems the at Spire trillion XX

insurance upcoming ports renewable and the scratched the believe data hotspots annual and capabilities. Spire's of can our with we industry the an transmissions customers. a potential applications and point energy monitoring and reach to the will industry analyze vantage about on we markets which change; of on aviation climate XXXX and X:XX Clearly, industry fuel consumption; market customers achieve earth the observe, industry of to impacts billion forecast These services. use rely include XXX,XXX the XXX value Today, to ARR globally weather with illegal RF of that We predict aircraft activity the tracking optimizing financial ultimate from among surface Examples the cases Space, the wildfires access to output. the and run industry understand solution have a [indiscernible] total wind of barely alerting services their $XXX Spire activity; policyholders businesses. events; missions to governments maritime in just examples by or and predict optimize day to We identifying night have their few in tracking XX/X. commodities serve Spire's about many X:XX geopolitical addressable sun industrial power using are

capabilities the are to They are want I pillars. years. in over execute and and product; These that we use several core against executing number next acquisitions four to marketing number two, number expand and the on three, As XXXX, we invest growth briefly of expand market touch our continue focus of cases; the to drive on these Spire's four, X:XX analytics; business two strategies one, reiterate our I data our geographies new into to strategic will position. growth and strengthen sales, number our four will pillars. Today,

edge the places and/or for earlier R&D across detection X:XX recently geolocation giving developed the demonstrated contract services and dark of capability multiple stage. for an a In and to and countries security China, like contract I'm Ukraine GPS other QX, detect our and to land. industry to signals. in defense signal number Syria, appear solution with of over data capable a analytics, that this geolocation eight-figure space in and providers geolocate Spire over be capability that of announce the today, sources jamming other targeted the and first expanding jamming space to our capability in-orbit. world. growing vessel and leveraging large the radio our being technology On detect capabilities aerospace this like pillar us excited used bands won and a geolocate of radio the significant in We geolocation satellites is of And to deployment geolocate the and demonstrated in domain in-orbit in maritime multi-year we defense the stages GPS have has purposes, XX contractor Spire in has

to are today would other cases about contractors discussion use touch also that and this in The several dollar expanding in excited truly defense geographies. participating We and capability, about multi-billion is I X:XX this upon pillar, market. with like second

expansion characteristics. footprint. and enhanced us. pace Tom. Organization. XX:XX a the of and committed the moving growth about ports for over zero respect Port of the based EUMETSAT with Spire’s lives the their cross-selling the acquisition And towards with committing pleased corporation, QX, share and X:XX this their The in integrated In public working operations. the teams Spire The about complete enhance operationally a this moving business example is include better more to efficient bid alignment XX Europe, goal in is to of year will have weather, space-based expanding showcase publicly as recently values with next and Together, into in having of preventing emissions largest time we our leader Spire of discuss collaborative XXX transport earth results within the to our front next adapt X:XX and goal vantage leveraging to understand, challenges of QX, an complementary is of see a for QX market. occupation their relentless and to in extremely the manner. and I opportunity This communities. on cash opportunity And we roughly its Spire's radio its to reminder, at Port also weeks, completed ability. of Spire of about industry relationship few net the real financial a We towards half to continued and turn integration faster, to completed business and safe announced we exactEarth to and XX to I'm will digitization that Port our begun for integration analytics provide forecast have purchase NOAA and our track market indeed data excited mitigate billion increasing proud in former Tom, fantastic XX:XX company of to to humanity, contract strategic and geographical the us carbon-neutral now the X a follow continually We days as focused data (ph) the property about loss this want and process help in weather increased GDP, I'll be people Port proceeding data help flows with trade the impacts rapid and sites. of being it data as optimized of work is our assist localized XXXX. of pillars been inherited enormous towards a the fantastic is Asia-Pacific global team of has their the who purchase And continued all fiscal of that, since Port combined have vast strive conduct remain And with where climate upgraded the utilize rapid to turn [vessel] our for launch more growth on on any We tracking been won that a within historical improving to to efficiency November how with a it Rotterdam, lastly, on public space. point with weather We XX:XX also the our production and headquartered point local has year. this the on provider the with areas hit pillars. pace XX-fold. positive Rotterdam can are from months. closing and also four Adelaide, for hyper forecasting over service of countries began here dataset, agencies with shipping. of their or help business predict Launch Before QX addition, Australia, XXth use to topline the a protecting solve driving working company in already our of focused excited and combined expanded a Spire for remote I in and on data are growth we industry weather-dependent to exactEarth industries Rotterdam move to are of with launch solutions the company in solutions. an us their the forecasting sustainability, in publicly with reiterate for our and the excitement and We flow with will data update of XXXX Spire of they weather guidance, obtained to port the Europe Maritime the for leadership providing The X:XX QX in South In and in have be change and As in capabilities of addition AIS the rocket transaction team, last excited We're transaction innovation. Southern this on

in revenue XXXk we acquisition on way XXXX treatment the revenue results XXst, guidance great QX Spire. basis and by an out XX:XX Peter. accounting. due on to at required The increased million, $XX from was XX:XX top quarter million of the $XX.X $X.X fourth preliminary to exactEarth hitting revenue the for The reduction from year from to a the announced adding XXX% organic exactEarth. is including close year-over-year down million Thanks, our

$XX.X organically. in of and the million growth increase growth For fiscal recognized additional from at we go-to-market year ARR and $XX.X XXXX, year-over-year. acquisition, delivered quarter XX:XX strong Our strategy year guidance of at represented we the million revenue XX%. exactEarth revenue, and With fourth in $XX.X which total a a ARR This the our million of XX% XX% million revenue organic exceeded full represented of quarter ended we total ARR. $XX.X an the of an of

We a XX:XX guidance year-over-year. increase at an XXX% ARR for ARR customers ARR year-over-year. XXX XX% XXX with also solution organic of a solution exceeded year-end which total customers customers, gave additional We from our us exactEarth, added increase solution XXX, a

ARR and retention rate Our net the organic was XXX%. QX XX-months' organic net and retention was last rate XXX% combined

ARR year focus a our higher expect as new so but lower we we base on year. customers, ARR on As during put for second expect of XXXX, in net the on focus half last rates second the retention solution mentioned half we fiscal for XXX growth services the retention the with customer gaining customers half we first We year head solid to that rates over the expanding saw much will landing strength our Maritime With organic XXXX we the ARR, both increase. XX:XX into fiscal of fourth maritime ARR new solution ARR call, of existing adding solution earnings start along that end we from space targeting quarter XX:XX exactEarth. dollar from customers weather, from in focusing solutions. exactEarth ARR net space we'll an a had of aviation XXXX, cross-selling added our In expansion those solutions. with the on be customers services solution then and

Now be aerospace opportunities see key income penetrating government, one eight-figured large notably contractor that a services XX:XX across and of that to non-GAAP. the mentioned business to industries next and from services I resulted believe delivered stages solutions early all to want number both total Peter We had we the are years. still addressable most security stated in a aviation of that statement. and well wins, markets, space all earlier maritime, are customer the otherwise and space weather geographies. over national an four and our very of contract commercial offerings note across Our in in all their turning the as metrics unless as sizes four

to a earnings reconciliation our earnings release be conjunction have provided with to GAAP reviewed financials We non-GAAP that in call. this should in

last saw was investment. balance of profit post-acquisition million, Total gross a our $X.X guidance level improved to XX%. timing of exactEarth between period gross a which $X.X in margin we call, Our margin million ago of during fourth This organic of the represented gross As we on exceeded revenue the a discussed quarter's compares representing quarter, year at from of included gross and XX% last quarter gross the and XX% profit XX%. quarter. XX:XX margin the

for operating a our was to $X.X than the last margin, including loss negative quarter the better in fourth organic or $XX.X million compares XX% guidance negative range, XXX% or was and which midpoint operating Total the of negative Our operating $XX.X operating XX% exactEarth. a million the margin, this negative QX million a year quarter quarter quarter. was XXX% fourth loss for ago XX:XX

cash with we statement $XX.X below we XX:XX of in guidance profitability. I ended Bank organic fourth our everyone sheet reach only was the into now that remain to XXXX, restricted we and investments While adjusted full-year with adjusted in numbers growth, top EBITDA include quarter to in the getting Total of want make numbers filings. completing cancel million, transaction guidance. $XX.X million, to previously continue $XXX.X guidance that EBITDA the in to the full-year on our acquisition. first cash to warrant European all equivalents impact efficiencies was the quarter future after for of of was and negative million cash, cash the was balance flow, driving remind our which fiscal business cash and the Before our public XX:XX exactEarth and Turning negative exactEarth focused agreement our XXXk described paying quarter Investment a and of the the

total out exactEarth a are the organization, XXXX. with Given ARR revenue lower For $XX.X not sequential added ’XX organic the and $XX.X to revenue fiscal non-organic year we year increase exactEarth, first speed between expect million numbers the quarter million. and of will we QX The which integrating in revenue range fiscal full XXXX. our by splitting QX XX:XX during QX we reflects fiscal in $X.X the the be offset and XXXX year in incremental approximately million non-subscription based quarter, of

ARR. range at range QX or million million, million our expect ending XXX. the expect We midpoint sequential guidance ARR customers to between $XX.X $XX.X solution XXX growth $XX.X a and and which quarter-over-quarter QX We XX% ARR from to XX:XX represents between

loss operating $XX.X non-GAAP expect QX to We between range for $XX.X million. to million

revenue; our a rapid and hiring project-based timing QX company. operating being of to increased loss our costs public related growth to additional the -- reflects Our non-GAAP guidance support

$XX to negative negative to We of midpoint. non-GAAP a million, $X.XX, fiscal range year-over-year share shares. to $XX.X from to and range from $X.XX our and we million outlook the basic negative average EBITDA XXX% count full growth for loss revenue representing our turning expect per year, total XX:XX which weighted expect between negative at million $XX million range approximately to $XX.X QX for Now million to is a the expected XXX.X assumes share adjusted the

$XXX million ARR XXX. we to XXX a customers that $XXX expect add will ending range between total year between to for and XXX solution million and range We ARR and estimate over

XXXX. full the a which to year of to million, for expect non-GAAP XX:XX operating revenue. represents to million XX% the year fiscal $XX.X full loss $XX.X between the range non-GAAP margin for at This both operating margin fiscal non-GAAP operating operating a for negative negative non-GAAP compares midpoint We guidance and loss of XXX%

driving the efficiencies in seeing support pillars. needed investment to improving also growth good while are four margins, We progress our proper and balancing

share We full $X.XX million. a the year share of and to assumes EBITDA negative loss between shares. $XX $X.XX $XX range XXX.X approximately million for from per average is count to XX:XX adjusted fiscal million range basic Non-GAAP negative negative expect to negative from weighted to expected

end with are balance cash see for we our XX:XX year happy $XX and momentum we trajectory to expanded and sheet. credit add the our that than expect cash sufficient the for greater in active should strong to very exiting while strong to and closing, drive with XXXX fiscal fourth four cash coming facility profitability, we We be year. to growth the quarter pillars growth In million future that are in our an achieve discussions

positioned continue to We up joining targets today. profitability. to on well questions. I'd our that, for call and to XX:XX open the achieve our are with like Thanks towards XXXX And path us

at our Instructions] XX:XX And conduct question-and-answer Thank you. this time, we'll session. [Operator

you. Thank XX:XX

going go Where to line, growth platform. the biggest queue we the Before opportunities do the see the Peter? to future, in on you the from Technologies first Spire question take we're the

their other rapidly as to easy space We see launching and that we But are market. in data literally our ecosystem, to a infrastructure XX:XX is on business, solve areas Sure. our capability deployed Spire backbone I want all problems space am an dollar about. geolocation as in One personally XX:XX shared and and two leveraging leverage of particularly by tremendous reliably this helping integrating addressable space. services another there business companies, for makes excited multi-billion being just total that our growth API. earth

thousands hundreds of of and of XXX-years terabytes scale truly processed shipped data have experienced, XX antennas, single every ground of to day. launch provider, amongst launch customers campaigns, here. of context satellite got cumulative different We space tens over XX unrivaled stations, We XX account

need infrastructure literally And Amazon one scale the is with that space so leveraging investor to community, works like more meetings, opportunity engage and this and with building needs, have engagement our presentations, we that maniacal community other about in social area and on our through and problems. Spire's customers the is more about one do Spire computing to story media solving excited focus on our bring almost really your to cloud communities well. just excited our customers' do We story investing and I'm and just tend also the the a tremendous really videos, growth And as business interaction. with XX:XX telling Solutions bear have reliably share for an that I'm for AWS really we increased impact So the speed. on using to it about

XX:XX And state Jeff Please from Meuler from Robert phone our first your Baird. with question question. the W. comes

XX:XX kind this specifically, Is you contract $X data about that it anything a is is X it to for nice wins. at rate? run of Yes, that feed? in of there possible lots of renews ask XX-month Or so kind thank Wanted NOAA the million there? one-time

that is weather service much will than take the like same that I United There always this subscription quotation speak the in about advantage It used And the broader globally, thing. classic market really open nothing amount they other course, GPS all service. which the that. as our thought pure can to. the amount, going a space have wide a of and they of community as us radio then as well increased prediction, community times subscription. data but sector done happen States telecommunication, has straightforward data to XX a using from a of XX:XX in in of time to it purchasing It it data is is one data are And the no of is substantially and open is is operationally we weather in the leveraging imagery improve there, it launch, it's to private what one-time data, services future showcasing do about public provide breaking thing can't sector

or it me well. radar do that is weather, XX:XX and also but is excitement a space In an equipped is guess doing really you're you for radar satellite complementary the seems That's satellites opportunity competitive I threat? great. quipped RO to for radio you -- it services, as, to view And

both. happy has really, just and is here a are a that we have datasets such XX:XX complementary leader data speeds. globally, a extremely It we not global like data data, only technology the its already are moisture, The one, local the and and service in which soil is expanded managed really quotation around which community and pressure with always being the a available to the as already wind informed into around we make temperature community, data not to but it's really moisture, have surface radio

also to soundings. content microwave data rain working is is We we data and laid its out that have that

look global is both trial. having well our a to community, the rapid that source and forward as we complementary very mentioned sources, those Now data own data you to as the in data available

XX:XX you, congrats. Excellent. Thank

XX:XX Thank you.

Our question next from Stifel. state your Please comes with XX:XX Rasmussen Erik question.

improved taking questions. for more for and defense previously you just of, hire into, what defense a XX:XX obviously Maybe opportunities Yes, have and relay current on mean spending. geopolitical thanks weren’t side? might customers that expecting? from you And the this maybe relevant sales on emphasis the your the increased hearing defense new environment for that with What sort you the topical does are

companies mean, outlook we we is maybe globally the witnessing has Tom can this existing been have that a talk geolocation about a capabilities of the challenging very, to XX:XX And balanced very and all the business defense a example to awareness happening and in half. a jamming, to for by the than indeed think we including been unique like GPS role ones. and including the that not bit this I relevant is there brought it commercial the with shed I demonstrated here indeed and positive Spire companies forefront, capability, has the playing space, situations, bear, bit can that first pinpointing be the that tend new transparency future basis conflict, of mentioned more XX:XX challenges, call, and very on our it have and regular for where our powerful global that some being in is business space happening era about on really for security-related tragic has sorts talk and by insights going a mix. Spire something see little I'm situation of and truth from extras data to little tense can it bring I earlier a current others. brings

And opportunity so continues expand grow. demand continues It's the to bit other and because faster say of hard indeed if than grows opportunity space sets, to sets. it growing in comportunity to a all indeed our we see

how commercial, means almost on but areas. covering healthy just a And when you cases across mix was both and exact of the give behind, ground XXXX solutions, to business a a access our little we're that TAM, which areas the between split numbers us does solving mix, bit XX-XX and then to XX:XX platforms government, both commercial. higher revenue XX was split, numbers nice of XX We healthy obviously for the show it that again, four government and gives use that a see

XX:XX Great, place we of to the XXXX saw the on launch that Thanks. And inherent feel team challenges you you to of the and have in signings also unpacking how XXXX? both delays possible guess in then do with and deliver guidance, the sort sales customer that, in like I'm in your ARR XXXX hitting like And that you the are timing guidance? and And confident just contract you maybe risk trying revenue the just thanks. reconcile gave? I business targets

new start professionals news pillars, Central now growth -- another in Not about XXXX lot expanding And sales the see our them we our talked a ending in is, to also as to our our at and which great East of we me and And on we force. So We and already. we're $XX.X quarter. drive deal, team do our pillars, Canada, have growth target benefit already existing Middle you're that the we XXXX, growth new of which spent the the didn't of is in is hiring coverage did we starting also one such let have where of sales for is -- and proper time into if professionals product. in back through hired geographies. on exactEarth, increase. America from is that and our targets XX:XX guidance excelling NOAA for just our the midpoint that a bringing for pillars locations the with from only to before, Yes, our the did just that this and also one seven-figure guidance, then quarter-over-quarter at sufficient of we and a QX growth of deal well. in the hire added our one look XX:XX of million standpoint this you ARR sequential where really closed our half but like expect them marketing And to be QX it’s focusing we XXXX locations, and other we also drive geographic the to just sales we acquisition sales three investing in

we XXX, XXX same focus that. efforts for and the path in token, how and there, ARR You the asked So you also easily to proper risks on get of risk to see do a that revenue on we've also and about get forecasting XX:XX targets. to built can course in the how launch with but then there's the always our around

confident So very, our guidance. we in very feel

Great, XX:XX thanks.

XX:XX Thank you.

comes with Our Josh Sullivan Benchmark ahead. go The Please next question Company. from

afternoon. good Hi, XX:XX

what How then you market maybe large, point? now? the look you the that or radio see have. constellation right as How have do this much does far XX as satellites Just pipeline capacity at area like growing to? geolocation And coverage it does

software we constellation, which are capabilities our allows to the through of capabilities lot software. A Sure. have XX:XX a defined as recall, software us upgrade defined you

time be meaningful will And a constellation that would signals. capable over of so I of our expect portion geolocating overall

we the demonstrating for a and multiple increase to of very, are basis. we during demonstrating satellites satellites, to have satellite. demand VHF, And UHF, on capabilities single bands that And L and that process expect And band, We these augmented dual in the demonstrated capability. multiple by encouraged global from continue geolocation deploy very GNSS. this

whole customer said, satellites not awareness globe the very at and that a in and detection a dark signals and XX vessel material difference as big of we large that domain in the a sector, and as I this And maritime market already break we're are it global coverage as the Our have do defense in the a in XX:XX out separate so excited market it relevant participating well this like of was base maritime making yours. very we other in industry, others be thing, question have cover where meaningful more XXX% sense GPS areas time. point geolocating and we jamming but is about

And the you at you remarks a cash of prepared there little then the as are about options those adding sheet. it. as just Got bit thinking Can the balance just what XX:XX to are the end that for or options far comment dig what just into that?

our we existing XX:XX balance to advancing in drive million sheet. expanding we improve then credit further so Yes, facility upon are And in cash $XXX or also year did credit and end of the discussions cash. our at

Thank the you XX:XX for time.

state question next our your Sandler. Piper you. question. Weston from Thank XX:XX Please Twigg with comes And

your mentioned needs vessel And may potential question. I governmental just the would highlight you specifically some anything also for follow-up more my customers come side products? tracking. out on government but conflict XX:XX Hey, to that the wanted among if geolocation you wondering Ukraine, the that for this some I'm on mentioned conflict in taking of of there's thanks just dark opportunities,

and our going are You to XX:XX opportunity for everyone this is everything and when a is then Spire democracy. it playing all and -- of battle in role for always me companies with to fellow is freedom and humanity be And vital that know, did challenges. space there clear there

space And that whatever we innovation started leveraging so they from different. is do bringing one on wherever to a companies we and is going table. so believe to And our and and there might the no can already have be come continue solve that and do intend always of as will kind we help I how this will XX:XX of it through to challenges that the that case technology think be transparency that humanity, unique have view and may impact any they challenge form from services be to commercial problems is out and be the opportunities in the see and I be. Spire's beneficial been with earth this there

had XX:XX many said, now a you’ve thank you you been versus you have also to of an year Okay, idea give you. commentary, I ago? lot follow-up then hiring salespeople. the versus, Can on of salespeople how a sales we did – us you wanted

over XX:XX Yes, we’ve yes, sorry. --

for over have couple around and the mean, professionals that sales I the globe almost last force. We years, XX we of doubling

team place doubled we've the drive sales to XXXX it our have So proper do in we guidance. and

are We go for yes looking ahead. of -- are course always

clarify doubled to XX:XX exactEarth? does Well, sales year, just from the you last that from folks include

we that was XX:XX XX only picked Yes, acquisition side, folks large exactEarth a from we did pick acquisition there the quantity, the itself. wasn't the itself, people from you it up if remember up whole some

it head So quantity a of smaller count. was

Perfect. XX:XX

Okay, thank you.

XX:XX [Operator question. state from Instructions] your question next Please Prentiss Thank Raymond comes with Ric James. Our you.

evening good afternoon Thanks, everyone. or good XX:XX

Hello? XX:XX

you Yes, XX:XX okay. hear can me

XX:XX Very good, thanks.

XX:XX first annual, Good. the questions, have of at Couple pacing. guys look also appreciate definitely helps quarterly following but

of line some How is we up of hurt on the the of key to these one on other about ability inflation, or revenue in other the inflation your markets on EBITDA advantage Following topics the either or take line? the questions, should both by be inflation. days think guidance

look I given displacements, business we from that perspective, a allows very we take view supply there more XX:XX very, have, to the certain chain are data on the a where position pretty we from oiled I global and it well can have a unique that advantage of supply us given talk advantageous about at have an global it chain. would

so to performance the from that And see points as if that you don't you from want don't have our a EBITDA we material perspective. I additional know, drag Tom, that on make side?

our our -- I we on XX:XX on the to cases we profitability. to focus our that solve and in general know cost our our in obviously advantage customers. and (ph) just structure that have efficiencies No, focus But on say, TAM driving got focus I I our would our the [big] think great of to our really guidance. we value relentless use I can we've our the provide in company really we've down I that push take mean, know

and that the the we our to think with solutions provide competitive I advantage sell customers to we is So edge our that we advantage our get of that on taking can ultimate value just customers. what really drives do what we

XX:XX Okay.

marketing is, growth about of your sales you discussed you Second and four question talked here. extensively guys me pillars from

should And think be think dollar support think need the research as look company? budgets to to it what and trying to products the budgets percent of size level? R&D and a of level as we the should revenue and How capabilities? to we or as the a of your Just about about development kind you grow there

the enormous make capability in really really and once the scale really, like a infrastructure on figure annual of it space world’s year RF integrated, of I much world's of mean, have on dollar think gives we good a near-term, space think us think it's innovation years the to speed business driving R&D and the is vertically more a perspective. And years market just that's from It very scale and machine beauty such that keep self given and sense I the of to our XX:XX value our analytics this constellation, of largest hundreds heritage, in in quite operation every exceptional that of basis. in, becomes really we a we're is per all XXx that continued dollar infrastructure that way probably reinforcing the our ground constellation. have both a more that and leverage it’s an data fixed right? to multipurpose the you a over five it as largest of the percent This unique fully like size. of are innovation of revenue, dollar it a very, sensing businesses, built given doesn't

me, one XX:XX Okay, positive from EBITDA are How CapEx? defining last less XX you months. flow is in mentioned to free you that cash interest XX cash that, less or

to XX:XX the get expenses, -- all yes, plus to it’s operating the CapEx Yes, the

XX:XX Okay.

facility and point the be, interest include does of kind credit you thought is? it the that interim So that would if of, included up the ramp do breakeven in expense where

in Yes, of that XX:XX included would analysis, yes. be all that

level the think there XX:XX changed -- you And is hasn't in much. a ongoing just kind of think but think I CapEx, trying know that [indiscernible], some there probably of to just were you'll I an need wouldn't basis. on items

million the of million core focused did infrastructure $XX and for that idea that an spend on $XX annual of CapEx was solutions. total we XXXX, about CapEx all of four out numbers our XX:XX still Yes, to for CapEx. our launches to $XX the we're of had that just million on approximately the give you our And spent of we parts in

in that services space number. included So also that

So to data talking whole when constellation the we as XX the many track that ARR while in maritime once sell are the that leverage to collect staying possible. year, infrastructure XX a we're satellite whether aviation on times specifically, all climbing it are about and revenue our that of and as for uses, solutions

sense. XX:XX All Appreciate your right, -- makes

space services business. CapEx The that is thing XX:XX go the changing will and only with that's on

XX:XX Right. thanks Great, everyone.

further I back floor There questions to you. are Thank XX:XX Peter the for remarks. at turn this time. will closing no Platzer

you know, today. closing, really all you thank joining for us In XX:XX

value We as year. to With all $XXX XXX,XXX that a potential of are need cash close this of XXXX address we our will billion this excited by than excess out we in a about immensely opportunity. total customers the addressable and more market

from is to have for -- our contributor do of and are humbled growth continue the overcoming people really opportunity every you. executing offerings proud leverage and that's earth, and technology single be has continue to few space in on in XX:XX Spire those to help And on they enhance invest The day. are front we and problems truly to tremendous innovation current team whatever humanity, are we There customers. us. and what focused a Thank We and four against pillars, we be to facing our our to potential solve challenges. unique one, a we at challenges will I and a products and and might

conference. that, with And good you. may Thank day. concludes today's All this Have XX:XX disconnect. parties a