Comtech Telecommunications (CMTL) 18 Jun 242024 Q3 Earnings call transcript

Welcome to Comtech's Fiscal Third Quarter 2024 Earnings Conference Call.

As a reminder, this conference is being recorded today, Tuesday, June 18, 2024. I would now like to turn the conference over to Mrs. Maria Ceriello of Comtech. Please go ahead, Maria.

Thank you, operator, and thanks to our investors for taking the time to dial in today. Corp.'s XXXX. for Telecommunications of third Comtech year fiscal to conference the call quarter Welcome here Comtech's I'm Today, with John Ratigan. Chief Executive Officer, also Mike We're by CFO. today Bondi, Comtech's joined

the forward-looking detailed today, letter information shareholder outlook the on relating objectives plans, and limited performance plans will qualified are our the plans, company's company's presented and assumptions future materially in and we the Before include, in entirety information. company's their in information results in available please and Certain such regarding to of forward-looking performance, this get the quarter the business always cautionary business SEC Any and of outlook forward-looking started have we Actual the and statements company's financial risks contained significant to, differ a outlook, in discussion uncertainties. website. business statements but of our be management. The filings. company, by note objectives involve condition call nature such not and could are from

to introduce John? Ratigan. Comtech's John CEO, pleased I'm Now

also was earnings difference. I'm I quarter, you, and of I'm new as positive said And all making that you priority. that certainly, relatively would it Maria. clear I call, that a of my that know, feeling a our the stakeholders, highest sheet. Comtech, me to executing of of our CEO the refinancing our to foremost our concern but balance shareholders, be was Thank during said I'm already refinancing role Last

$XX asset-based completion Comtech matures loan with in consisting for that million $XXX you million the lending replaces bank important refinancing As facility a of completion that facility million all a and I'm is of refinancing announced facility ways. XXXX. The we credit many of new in the $XXX certain our saw, term a

benefit the distraction balance conduct performance the look associated we growth without our can our all maturity, our from. ahead. will which now We and improved can the of looming and debt is support business business sheet stronger stakeholders First, of as with our

our forward unencumbered by is people conversion operational vendors some all acceleration my downward Our also by excited our top and receivables are priority and unbilled customers, cycle of our cash large our managing reservations of liquidity. It that means now multiyear executing about to our against the move contracts.

progress U.S. we the Marine the against U.S. quarter, This troposcatter with made in awards Corps next-generation and delivering Army. our

customers. This been the value the to accelerating is move Comtech With refinancing completed, second contracts me point. leads Comtech key hasn't on our our my totally team against to and deliver focused forward. these now to both and wholly shareholders to execution waiting

business most the We mission-critical the time, strength have recent solutions. and nature been technologies our of I'll winning of obvious our demonstrating give example. this entire you

Comtech $XX recent next-generation Space and to million voted extension Corps potential award Comtech a the statewide segment, Following XXX of advantage of people million, the Communications XX, demonstrate contract technology. Within the competitive agreement. Washington, contract process continues the for our XX-year extension wins, against our the and a and our Marine awards Satellite in U.S. These the the Public and Commonwealth May competitive Massachusetts initial with deliver our with to team with U.S. over system. The the with of combined X-year a X-year $XXX State of is of troposcatter Army. of excess this of option next-generation their value the contract Safety operations additional with upside life the on maintenance

level value solutions has publicly the with In extraordinarily direct is Comtech the governments connect to its that forefront those remember to just world that a critical made In play underlying what I under do it's remains sure communications ensures any for ability emphasize a that reconsider. this and to businesses to and markets making problem, mission-critical businesses intact, with for what relationship it. We fact easy But recent public Comtech do should conversations continues mission-critical is to my that The and Space calls country, $XX.X one today. in Comtech the unchanged. related call a completing and that a communication and remains award its take U.S. granted. want with history I to that to I fully technology This me services. This our XXX customers. hope an providing the sells complex work few and of have here the infrastructure similar and expand a that superior earth safety conditions. long-standing technology and want on our is anywhere existing is the point addition we is million example, both against people, equipment contracts, investors, develop for they of results at Comtech's investors higher can and role deliver Army a providing capability role Satellite to VSAT in of in leads and markets, can

committed So balance with move now financing what a changed? sheet. First, strengthened has and ahead we

that detail Second, the financial from and will performance buyers demand Communications opportunities from and more upgrade speak traditional quarter's end see leverage we and in successfully moment. to from can a cycles new Space in this Safety in Satellite X each underlying businesses in Public growing markets. Mike

to I about continue attract we hand-off, to other one shareholders. It be to that and our company do very business want our make point that talent. exceptional to able something make says our I positive Before

and he hired Massachusetts, Robertson's to following: of the on say in senior our John seen And fast he's that X in done Space have Vice it's for Public safe Sales. it's teams. I ground had meaningful announced newsletters, Wireless growth, and space. of industry with we as have Satellite Development it Jeff and opportunities. We and Roly April. the markets these or are running. new expert win today. and terms line the offers the this but letter the expertise deeper selling of and and across growing. people public to Whitehead. leader to also Jeff wrote President we our of both both to hit is think added as in existing I safety read got and is sales and known the Guthrie Business terms We've And moving as his and drive business in the markets building our back top a does stronger Tom and Comtech and President Terrestrial team bench the operations it themselves grow may world's other Roly and You Safety as his into secured a that capital improve And here. contract are best ability have than ever the investor will mission-critical repeat Rigual our that don't well-known some of into he's a in demanding even good we Comtech appointment a is business customers. to most has announcements the and XXX well market, technologies in officials, solutions side,

now. Taken it for Mike future stakeholders. I'm ability over and together, about our optimistic turn value remain I Bondi to our all to our to going of create

Thanks, John.

enhanced into which new were our replaces for status facility of very QX, Before be the XX, expected credit entered to let a liquidity. as million a pushed our With to refinancing years. we prior new our is first $XXX facility that cover we discussing credit and night, we have efforts. Last pleased our maturity its And recent XXXX immediately repayment by today, date, of out me lenders, funded June with facility, asset-based about announce have July by to adding our the component XX. results obligations an significantly X which revolver syndicate

is availability loan SOFR on and million, on under defined whereas in a revolver grid at our new long-term eligible our agreement debt million, approximates on SOFR leverage plus status. The As loan approximate million, asset-based the pricing a of X.X%, a the qualified loan approximate consists new under are term on the of and of $XX revolver. revolver dependent and both $XXX pricing revolver, currently million drawn approximately is the to receivables sources its million cash close facility, facility equivalents available borrowings and Blended, term revolver on approximates result once and the plus $XX credit our our grid by usage, credit respectively. Interest consisting net reclass liquidity able credit XX%. excess X%. facility, currently ratio, dependent a approximates as At a of entering $XXX facility the inventory. on currently we defined agreement. revolver on $XX $XX Interest again as on portion close, cash the back our both average major facility the on term based and the reflecting interest this a of loan interest Outstanding backed committed million of based outstanding $XX million rate itself to

Our is set such testing trailing XX, ratio XXXX. date, at maximum is leverage period EBITDA. X.XXx first XX covenant months July At net our

As for initially minimum at that charge the ratio, set fixed coverage X.Xx. is

preferred trailing shares. do existing payments case the ratio Series in Series and in series change rights to April each new convertible financial following preferred cash facility. The shares consent some leverage conversion connection powers, of on million. In did of of changes rate EBITDA XX, The and B-X might include a we Series minimum the first starting entering certain the reflect preferences X.XX as new XX, liquidity B ask, the credit not change. of first XX-month facility, the any not shares holders covenants Series of our price the step-down issuance rights control importantly, to And and in our B-X convertible with to to coverage the stock with initial of preferred XXXX B. related same upon maintain the as fixed X.XX preferred Series minimum October the charge interest July need new B-X sales, we convertible The uptick substantially $XX XXXX. rights shares, occurs terms B-X a the convertible are specified We net of a receive the proceeds $XX in I'm asset exchanged new of and occurs on million an consistent preferred ratio from put those to into credit sure for average of XXXX. Other and

X-K and Now being our the milestone the these every but company strongly the in line. the covered key the term for are Form run the our and I'm not on down not SEC are ground finish vendors, this terms documents our customers, of to I dedicated our agreement. to was a who the documents, a facility amount urge got good each read filed for new key so into over today. Entering with which only investors in themselves going credit just lengthy, employees

business and overhang to significant refinancing receivables, to liquidity facility business and We finally business, liquidating the can significantly prospects. a mirror, growing expect now value this on and we for have resolved hand back With of enhancing are rearview unbilled at very increasing tasks our in our to to credit new our the pleased get our shareholders. contribute our the

conditions Now about Satellite million $XXX.X XXXX, slowed suppliers business primarily during receipt the to principally components in facility, deliver sales challenging third in the quarter. to and results. let's Space ability during talk net and fiscal our quarter temporarily products fiscal sales of 'XX. credit compared the finished down were Communications which quarter during our our from segment, $XXX.X from to and refinance million, fiscal our efforts QX second continue our of reflect prior to our of stemming Net quarter of million in XXXX the quarter $XXX.X Consolidated third

While Space we for periods. Also, certain X, on our reminder, sales PST, our orders in have net Communications conditions related significant the shifted reflect our which in new quarter divested resolving was absence to an backlog November XXXX. into and by progress facility, sales future made credit as important segment net our Satellite towards such to third entering of

our X For including and terminals tropo higher segment terminals customer, toward solutions lower Satellite net April Army. XXXX, customers, months Communications to Army, of net Space Corps by to ended for the primarily our U.S. sales high-power net XX, U.S. an divestiture, delivering government and progress of reflect in solid-state troposcatter sales the troposcatter and to both U.S. sales amplifiers and the than the more offset to Marine PST equipment related VSAT SATCOM international COMET U.S. next-generation

divided bookings X by this Our was for segment XXXX ended X.XXx. XX, April the measure as book-to-bill in defined sales net months ratio

our of this to the for XXXX, over for Canadian related $X.X awarded customer million funding and Agency, from from evaluating well deployed other orders order this XXXX international quarter the previously in U.S. cyber tropo new million to in COMET could the Japan of second that that Army related a a as from orders who was operational over next-generation international maintenance with million million third new the international of of solutions. We VSAT systems, customers transmission $XX.X our upgrade fiscal orders quarter During and transportable funded U.S. support training in over troposcatter equipment services, of Army opportunities placed along fiscal to military believe from the larger an funding $X Aerospace customer, segment X troposcatter modular our the from is over lead solutions, an Exploration system, as evaluate $X scale future.

solutions. for our As year, sales offset call our by compared net segment, and sales higher in Wireless QX to location-based lower of part reflects of period prior NG-XXX comparable our fiscal Network Terrestrial XXXX handling the and the of services, net

short network and an bookings handling for for a our aggregating Midwestern in large multiyear include in multiyear services mobile Our segment over valued state $X this to ended at for operator call over international was a in $XX engineering critical NG-XXX book-to-bill million NG-XXX messaging services the and extension at XX, April months X.XXx. Key a Canada. software county PSAPs for $X extension a valued located service a services million X ratio large of million, XXXX contract

$XXX before, period, includes from Additionally, period XX, operation Commonwealth could for to XXXX, system. the quarter-end, continued initial value of new term as subsequent renew XXXX our into X-year Massachusetts option the the X, the through This a for NG-XXX July an potentially maintenance with total state's X-year exceed we July million. to XX, XXXX. Including the entered August referenced contract John and has contract and contract option through a one of

serves GAAP very and $X.X and second our to the again million into 'XX. QX the in fiscal of proposition for in reported XX.X% visibility strong $X.X a critical quarter 'XX. 'XX services to highlight been fiscal were selected have enhances win to operating XX.X%, operating to quarter of fiscal solutions of communications in value are We an significantly compared third the We a trusted QX our of the to margins the 'XX loss of XX.X% fiscal in quarter compared honored of million, to infrastructure be future. Gross This our provider Commonwealth. revenue competitive loss

in While the both quarter costs. quarters included charges, restructuring transition $X.X loss recent GAAP more CEO of operating million includes

measure quarter, as detail utilize that As more XX-Q we in for explained EBITDA. in a refer reconciled and we the our Form to non-GAAP adjusted

million to to reflects 'XX, decrease of $XX.X of or fiscal QX For in adjusted X.X% that our related more or lower consolidated and research gross strategies a adjusted in percentage sales, net Comtech and as offset EBITDA we unallocated net profit compared dollars in sales, was in as of million expenses $XX.X and development and X.X% than achieved both QX sales by expenses lower dollars reportable net both higher consolidated and The fiscal EBITDA 'XX. lower SG&A operating One segments, in due our consolidated initiatives. of people

refinancing XXXX. Such as close fiscal fiscal net and our backlog fiscal XXXX, visibility quarter prior be challenging targeting being are resulting billion, revenue our conditions we of unpredictable. to of light the today be of enter facility, of $XXX.X to while for continue these of credit fourth have and Comtech to on year-end. pleased of time to In the facility refinancing of to the similar and closed and expectation of business of our successfully One business our challenges, third environment is are fiscal largely our prior anticipate move we and XX, strong quarter time of approximately quarter so do through our conditions the we XXXX credit as sales our variability timing EBITDA the adjusted we XXXX, from fourth our $X.X to transformation million considers As operating April

call Now let back me to turn the over John. John?

recap, Thanks, of is again you To balance strong. to dialed and thanks those who Mike, today. sheet in our

We leadership have made excellent to team. our additions

technology best-in-class, and people, Our continuing by our new are business. winning in equipment success evidenced

we to, that momentum. a positive our downward, is conversion with forward us priority near-term quarter There's the exiting top my and of said, I we're to lot cycle. ahead our significant As unbilled receivables ensuring cash manage improving look

I moment come and I'm to in Comtech it expect I what's need is challenging, forward get to excited lead be. we time, of the won't confident, dedicated come and to value I this to Thank where we'll be continued properly before our and Some business. In much. to but remain employees, would customers appreciate to markets at suppliers closing, Comtech. long thank for their our to like you very and commitment

with NOBLE question [Operator from first Gomes Instructions] Joe We'll our Capital. take

said about congrats you X-K. A was a group. us the those additional the Hat, And Mike, deal. that previously? Also the saw any a if refi, and us and they attached funds you John under was I on wondering compares what I blended new couple was the the the that had remind who questions you to rate, how X.X contribute during scanning old wondering, there's above Did with warrants to million quick And went gave warrants to. what White did just refi. could were of facility. it call of done kind they over just Magnetar, on XX%

unpack Lots missed remind Sure. there. to please if me. or But I X, X

along rate today, about into not of in process in compared their way. And Magnetar and warrants did the and of the deal. warrants the as at investment. sitting what economics the the the The under let's we're lenders to to -- were Magnetar or agreement. That terms going we White cash part the the not of during have put was old go the to helped They terms any currently very us White cover first. Hat Hat. to new supportive did So XX%

that deal the of we're reflective it's but step-up, a striking was there So here.

is I'm and how chain you'd idea supply is get the, and we'll that call challenges with supply the the just of the two, it, has the finished pushed call do that and some for done, clarification. it, of And trying let's to, things normalized to mentioned -- a And Thanks get resolving an the some that getting long getting products process think the this to revenues rate? chain of to the of that one right. take to was back long going you how products, Okay.

Yes.

we through certainly we where equipment the was to we and you to our able things able might get to right. to everything weren't weren't going went suppliers that They period as the low, liquidity needed. pushed imagine, So supply through the

are supply to a reset time of frame, a a answer production of return kind hopeful of our the chain X-month the of within we Does question? and all We can that that, rate normal facilities.

Yes.

One been big maybe have on protest the -- But global contracts, the they give I just know us of stands services, you under some it's maybe some update contract that where and have the field I been that issuances can there denied. think been had protests today.

Yes.

stop of last Contract been from note order as work got So the Command a had we Thursday, that lifted. Army

we are so And taking that contract. anticipating over

might when you then? seeing And out you think do Okay. revenues that start of

view work already has We lifted, up, point, at but order ramping stop Our pretty the Army get would the quickly. to we expressed Joe, the have a do get going. with going this is desire

get meaningfully going in contributing start So we probably It's will to ramped up. XXXX.

the I that transition is right. about think August would X. timing the all time I expect employees, we By

jump then and for And I'll last back Okay. in queue. one me one

when people, to remove a major forward they're like going on Massachusetts. of temporary contract and as refi here Any move new John, to done great So wins some tag? the time to with lot frame finally adding continue news the

fiduciary Board Well, that and ongoing. have one the who, it's of to course, is you do search, the Directors answer, unfortunately, I would but a give responsibility of

the be. more somebody better team performing couldn't the better, added, find very out a to And Quinlan, me to told loving to job going Chairman, You'd place got But that talk of difficult power to take be we've under I'm for think in others our of if then make that. to place can Mark the them to job. they it I this them. with as and Board, to about and I'm have But I

ask normal. Well, Great. back to someone I refi Look will questions. getting allow again And on getting Congrats some done. business the the as to -- to else forward

with B. we Crawford move with And Securities. Mike will next Riley

does bookings With already $XXX the Massachusetts, fourth this go in win quarter? into whole that million July in

yes. be be year option The would would a put not option the would We at in backlog. not fourth booking, That point. this year quarter in

next of And how declining then and troposcatters, just starting mechanisms will with through order tropo walk-through time kind the unbilled for receivables can regarding items some year, similar on contribution regarding relative on delivery maybe example, of those line the that? we the of the is there. maybe the section walk sheet? the from to be Maybe in major of on receivables balance kind other product? unbilled And a what acceptance And to that

footnote, shift notice the total did Mike, headline billed same, you quarter, the with at while we stayed unbilled our looking this that, Government in Sure. U.S. about probably have our towards will receivables. number the receivables a

sign order that to starting I unbilled. So in we a we get take that that to make need are to as starting in, deliveries to the clear the components the

would we felt this liquidation. time year the to see always we this So of around start

us now behind supporting sheet, think in the to in lean balance the with we door on the our out components chain sooner. supply and faster refi I get can and

supply the deliveries tropo out the well thing I and on both think those getting the is planned the that's just as probably manufacturing Army the as do, to order. order as chain, #X get get Marine tropo

couple in particular to months. see next thick I the and of over So expect think it a of do contracts liquidation those we the nice right we're X now, in

it July add is August, are I we're May. of I of into of September. June, -- August. the the the delivering Yes. We'll I believe last would delivery significant And last also think, deliveries, I beginning say, be started trying to the and at throughout deliveries but should we that -- move deliveries, the end month

sort acceptance where things tropo. what Okay. to been of telecom like And delivered customers waiting for the software That's great about it's delivered? you've after for been

Yes.

to need deliveries. do for doing I we think we're our what

we those milestones. Some fiscal out of in so these 'XX, yet were approached haven't milestones

in with see Space probably need drop to and bit T&W we're what Satellite be think, planned. doing along recover working that a our I longer moving customers, think and a little of more The to going unbilleds, probably unbilleds. you're But will expect dramatic we to tail. a the as I think I we

Yes.

long space indicative that market Some that of are times which milestones. those between of contracts in have

I 'XX, start And those milestones. in year to that we'll better off. to so fiscal little and will we place those, roll And with the as believe catch contracts sure up future, in put we make we in a bit to try

And clear, used that XQ then be Yes, covenant in $XX.X those would leverage new this just to similar good. for the the be numbers be a million that adjusted XQ, EBITDA for bank are with for number your expectation facility? will

Yes.

best how compliance, want be only be one supply in in develop how now We're to just want the set we In on we it. themselves, we we opportunities our the this year-end. things up executing we'll servicing This and going and be in guidance. refinancing modeled the the to the we best sensitivities that to based chain. And the expect the and Certainly, move at this the And done. have we is we expedite to certainly, specifics the risks start terms track, feel at probably view covenants the derive felt secured But into now and say we so we the juncture we'll it to day. was out it's we terms moment covenants gate, cautious. appropriate of left. refinancing that, And close we comfortable to our that to having of some of is way getting -- how do

with [Operator move We Burns Greg Instructions] with will Sidoti. next

should comment. step When obviously, rate at the your from of would or growing Just a in look those what you that on levels, how either level you're this view down run imply follow-up And those is XXXX? guess, to, these debt in covenants, up the Are think like on in, EBITDA EBITDA compliance on kicking contracts view stay last a the level in that? staying lending? with in Do maybe these stepping you to reduce going we liquidate expecting with that? compliance? of some a have of How -- receivables and about you I

this. last nailed key the certainly, to receivables point, unbilled driver and liquidating unbilled you I think it the on is a the

summer We have are unwind generate expecting the we cash And us. keep this certainly, those, as we're backlog our backlog grown over earlier, and on to up. pace if flows we I to have for record and said

So to can refinancing we feel things investments to #X right I item unbilled that move direction. And have think now drive secured, think that's bringing the I making comfortable to the forward we compliance. EBITDA. definitely our and our on those left going the in we the But are about whatever trending is the maximizing

you maybe business? disruptions Okay. that quarter you this your the saw quarter products at a I the versus in And much supply the look with lost little probably when timing into is last business chain door that next and and and quarter, guess how just bit, of the getting the out

getting key were in part It up. refinancing this we things. it's hold is components the And as certainly, only manufacture expecting takes have getting say throes the one March. done, in in the majority to of to components, would -- were you back to done I we

was that in coming we old that for under were changes that months, another which we agreement, living had reserve a your for So X agreement this behaviors.

bit They've asset-based last chain. disposal So now little the have service opened under a with very and, supply we us. several with working liquidity structured again, our loan, we'll things at more been the good the over months liquidity this have up this, and partners way new the our

back in the and Maria's get time the and I favor team busy. keeping factories things now to it's return think prioritized

refinancing stability. of that with customer Yes. our about some also would orders, the add base but orders were that well next not boost the problems were in in worried financial business this I being And losing sure we I'm us delayed that that bit a terms resolution there were the completing all as solve year. and the giving as those our market, the for will of of of perception a into

trying When think be able is they solutions, easy I'm find your another for supplier, it to about of waiting to you're Or alternative were -- a maybe you get just them customer Okay. if sense of they... replace or found to if how where see solutions? if at, to would kind a delaying and --

Yes.

side, troposcatter lot in that's the we're a that On market. of in there world technology leader the the And certainly, really competitors aren't space. that in

So they sometimes to to want a equipment that produce. go whether it is to what's will less we or of come their trade-off, piece capable than down what not

satellite there and that places. set the On still yet. there the a say side -- are haven't there could But other was and backlog. competitors seeing go diverse the to they I are, that side, healthy side certainly, a competitors we're there, very but on seen we digital but RF there, wouldn't of

think some is I or to the we that X in in get over We're going of seen out and X be we've much things have as than a as to are ability do way a doing, better to well the our excited delay the months. equipment that customers door. what produce last

And there renewals, in with those how Was a was the go? pricing? step Great. renegotiations XXX those? pricing the did like on what down Or

our I we the opportunity, specific think don't we were say These but as competitive how that we have I good we'll customers. would with price won. Yes. to get relationships awards

the work not and years will. and massive guess, out we a But that outbid we like folks of we've work. were to continuation there is jobs yes, I them, we opportunities. pricing were of the if themselves, been for there win with, seeing competing discounts And this lot the So you the were that doing and that

I customers particularly life at also to in in think point technologies, the the space. they're of looking upgrades do XXX are the where cycles their the

other of gives that expansion so opportunities base have secure bring the and us And in that. top opportunities then we while to on margin

We B. Riley Securities. Crawford do from have Mike a follow-up with

drivers. growth Just other on -- growth

services contract, representative of revenue grow the years? several to million is as anticipated a contribution to So be that kind $XXX as year the much field for for company global still

Yes. X-plus was pretty have a It's in That them And -- contract. steady over positions XXX-something staffing X.X-year once place, it's globally. work. you stable,

the building last first one that think, ], is FISAT time that decade. has articles modem And this this the there. revenue $X over that modem EDIM? we've believe what's you're on And ] developing excited of about EDIM I Okay. Or [ billion [ the maybe line is I then you're the on EBOM next really been about more the generated that other generation of

Yes.

So the September. articles due prototypes are and first in

of significant will till to expecting the the digital our strategy our the fiscal But digitalization end our satellite be about what of probably year. which revenue XXXX is of aligns that. kind would where the in that end industry. going forward, modem the market. yes, with of We're That -- first aren't the that towards excited is be We pretty

XXXX. have been There's other that we has military, getting the in Force modem. By and of them. we're all do Army we've Army-Air in of AXM we bit out is way, production anti-jam the involved which shortly. been as start should significant with very of come modem, the phase on us jump So expect year well programs -- X it revenue the Comtech involved [ we And X That's been into fiscal modems on a a expect that that the for the as in. that AXM, the ], EDIM,and a the LAMs major to the have provide move that

call this additional the further show time. at I any presenters our questions And closing turn to we back or for will no remarks.

everybody, to future. happy excited forward. lots entire move and for and Mike the and his us I the are we're to the We about professionals good things Thanks, and proud Comtech. We're with being that today. team of there work ahead of we very are in calling complete think financial of for refinancing, did

great and the industry to in and of bring continue Safety Thank both expect out you. to businesses. Satellite and We Public additional things leaders Space our on expect

this Thank participation. conclude today's you for And does your program.

at disconnect may any You time.