Maxar Technologies Inc (MAXR) 2022 Q3 法說會逐字稿

Good day, and welcome to Maxar Technologies Third Quarter 2022 Conference Call and Webcast. Today's call is being recorded. And I would now like to turn today's call over to Jonny Bell, Investor Relations. Please go ahead.

美好的一天，歡迎來到 Maxar Technologies 2022 年第三季電話會議和網路廣播。今天的通話正在錄音。現在我想將今天的電話轉給投資者關係部的喬尼貝爾 (Jonny Bell)。請繼續。

Good afternoon, and thanks, operator. Welcome to Maxar's Third Quarter 2022 Earnings Conference Call. I'm joined today by the company's Chief Executive Officer, Dan Jablonsky, Senior Vice President and GM of our Enterprise business, Dan Nord; and Chief Financial Officer, Biggs Porter. Each will make some opening remarks, after which, we're going to open up the line for your questions. We're shooting to wrap up the call in about an hour. Before we get started, I'd like to refer listeners to the accompanying slides for today's presentation, which can be found on the company's website at maxar.com. Once there, please turn to Slide 2, where I'd like to remind you that part of today's discussion, including responses to various questions, may contain forward-looking statements, which represent the company's estimates, future plans, objectives and expected performance at today's date. These statements are based on current assumptions that the company believes are reasonable, but are subject to a wide range of uncertainties and risks that could lead actual results to differ materially from the forward-looking information. You can refer to the advisory regarding forward-looking statements contained in our quarterly earnings releases, earnings call slide deck and the company's most recent MD&A section found in our Form 10-Q on the company's website at maxar.com.

下午好，謝謝接線生。歡迎參加 Maxar 2022 年第三季財報電話會議。今天與我一起出席的還有公司執行長 Dan Jablonsky、資深副總裁兼企業業務總經理 Dan Nord；財務長比格斯·波特。每個人都會做一些開場白，之後，我們將開放您的提問熱線。我們爭取在大約一個小時內結束這通通話。在我們開始之前，我想請聽眾參閱今天簡報所附的幻燈片，這些幻燈片可以在公司網站 maxar.com 上找到。到了那裡，請翻到幻燈片 2，我想提醒您，今天討論的一部分，包括對各種問題的回答，可能包含前瞻性陳述，這些陳述代表了公司的估計、未來計劃、目標和預期業績今天的日期。這些陳述是基於公司認為合理的當前假設，但受到廣泛的不確定性和風險的影響，可能導致實際結果與前瞻性資訊有重大差異。您可以參考我們的季度收益發布、收益電話會議幻燈片以及公司網站 maxar.com 表格 10-Q 中最新的 MD&A 部分中包含的有關前瞻性陳述的諮詢。

And with that, I'll hand the discussion over to Dan. Dan, go ahead.

接下來，我將把討論交給丹。丹，繼續吧。

Thanks, Jonny, and good afternoon, everyone. It's been another busy and productive quarter for Maxar teams. Today, I'll review key highlights for the quarter. Review progress on our annual priorities, give an update on the WorldView Legion program, talk about the Wovenware acquisition that we announced today and then have Dan Nord, GM of our Enterprise business, give an update on some of the investments we've been making in our 3D and platform capabilities. Biggs will then provide a more detailed review of results and an update on guidance.

謝謝喬尼，大家下午好。對於 Maxar 團隊來說，這又是一個忙碌而富有成效的季度。今天，我將回顧本季的主要亮點。回顧我們年度優先事項的進展情況，介紹 WorldView Legion 計劃的最新情況，討論我們今天宣布的 Wovenware 收購，然後請我們企業業務總經理 Dan Nord 介紹我們一直在進行的一些投資的最新情況我們的3D 和平台能力。然後，比格斯將提供更詳細的結果審查和指導更新。

Please turn to Slide 3. Total revenues remained relatively steady at approximately $436 million for the quarter compared to the same period in 2021. Adjusted EBITDA was $115 million, excluding a foreign exchange loss of $5 million, and total company book-to-bill this quarter was 1x and 1.8x on a year-to-date basis. In Earth Intelligence, we continue to gain wider traction with the investments we've been making, especially in our 3D and platform capabilities, and we're looking forward to the enhanced capacity coming online soon from the WorldView Legion satellites. Our space business continues to execute well, win key awards and diversify into new product and customer areas.

請參閱投影片3。總額年初至今，季度成長率分別為 1 倍和 1.8 倍。在地球情報領域，我們的投資繼續獲得更廣泛的關注，特別是在我們的 3D 和平台功能方面，我們期待 WorldView Legion 衛星的增強功能很快上線。我們的航太業務繼續表現良好，贏得了重要獎項，並多元化進入新產品和客戶領域。

Let's now turn to Slide 4. We've made substantial progress on our 2022 priorities and have checked most of our boxes. I'll discuss the WorldView Legion program in more detail in a moment, but the headline is that we expect to ship our first 2 satellites to the launch facility in December for a January launch. The company is in good shape. We have plenty of available capital for the investments we want to make, and we're seeing great adoption of our highest margin, highest growth product sets. Revenue in Earth Intelligence is lighter than we'd expected, though, as a result of our lower margin Services business being behind on award cadence and staffing. We believe we corrected our issues there, have been booking awards for better backlog coverage and have had recent successes in getting personnel onboarded. So expect that to return to growth in future quarters.

現在讓我們轉向幻燈片 4。我稍後將更詳細地討論 WorldView Legion 計劃，但標題是我們預計將在 12 月將前 2 顆衛星運送到發射設施，並於 1 月進行發射。公司狀況良好。我們擁有充足的可用資本來進行我們想要進行的投資，我們看到我們的最高利潤、最高成長的產品組合得到了廣泛的採用。不過，由於我們利潤率較低的服務業務在獎勵節奏和人員配置方面落後，地球情報的收入低於我們的預期。我們相信我們糾正了那裡的問題，已經為更好的積壓覆蓋率預訂了獎勵，並且最近在吸引人員入職方面取得了成功。因此，預計未來幾季將恢復成長。

On the higher-margin products, I'm pleased with the market signals and pipeline opportunities we're seeing across our 3D and platform capabilities and expect they will continue to drive customer value and revenue and profit growth in the quarters ahead. Those are a validation of the investments we've been making. We'll show you some of what we've been rolling out to customers in a bit. But the key thing to focus on is Maxar's unique ability to provide a worldwide, highly accurate and visually appealing, physics-based 3D digital twin of the planet.

對於利潤率較高的產品，我對我們在 3D 和平台功能中看到的市場訊號和管道機會感到滿意，並預計它們將在未來幾個季度繼續推動客戶價值以及收入和利潤成長。這些都是對我們一直在進行的投資的驗證。稍後我們將向您展示我們向客戶推出的一些產品。但值得關注的關鍵是 Maxar 的獨特能力，即提供全球範圍內、高度準確且具有視覺吸引力、基於物理的地球 3D 數位孿生。

No 1 else does that. As we finalize Legion, we'll get the advantages of the additional capacity and enter into an increasingly strong cash generation period moving forward. On the space side of our business, we continue to make good progress. We're doing the hard and important engineering and quality manufacturing work for the world's cutting-edge communications companies and governments. The Space Infrastructure segment performed well this quarter, generating solid margin performance and program execution and continues to be well positioned for wins across national defense, commercial and civil missions. As we discussed during our last call, we've been investing in differentiated capabilities in our space business like proliferated Low-Earth Orbit, I repeat, LEO satellites for both commercial and defense applications. Large infrastructure like the Gateway PPE program for NASA, Legion technology for Maxar and robotics capabilities. And we continue to expand our partnerships with large defense companies as we develop efficient, commercially-oriented solutions for national defense, security and submissions. As a reminder, during the quarter, we announced we were selected by L3Harris as their subcontractor on the SDA T1 Tracking Layer program where we're providing buses for their 14 satellites. We've kicked off this new program, have started bending metal and are making progress towards our first preliminary design review in January. We believe this program will continue to provide upside growth. As we've also previously mentioned, we were down selected on the GeoXO program with NASA to perform paid study phase work for next-gen weather satellites. That has the potential to be another huge win in Maxar's portfolio. We continue to execute on our backlog of other geo communications programs and the Maxar-built Galaxy 31 and Galaxy 32 satellites for Intelsat have arrived at Cape Canaveral and are expected to launch this month. We also shipped another Intelsat satellite via Antonov for launch on an Ariane rocket out of French Guyana. We're in advanced negotiations on a few commercial communications opportunities in Q4 and expect book-to-bill in the space business to exit the year at well over 1x. Regarding financial flexibility, we're positioned well and have opportunities to improve on what we pay in interest as our credit rating improves and we deploy cash to pay down debt. This quarter, we received an upgrade on our credit rating from Standard & Poor's, which is another indication we're moving in the right direction. As we've noted several times in our long-range guidance, we expect 2023 to be a significant year for free cash flow. That's being driven by the continued growth in our Public Sector Earth Intelligence business, the opportunities we see ahead for our enterprise business, especially for 3D capabilities, the continued performance, execution and diversification of our space business, and the roll-off of our large CapEx program as we finalize Legion and transition to operations and bring that capacity online.

沒有其他人這樣做。當我們最終完成《軍團》時，我們將獲得額外產能的優勢，並進入日益強勁的現金生成期。在我們業務的太空方面，我們繼續取得良好進展。我們正在為世界尖端的通訊公司和政府進行艱苦而重要的工程和高品質製造工作。太空基礎設施部門本季表現良好，產生了穩健的利潤表現和項目執行，並繼續為在國防、商業和民用任務中取得勝利做好了準備。正如我們在上次電話會議中討論的那樣，我們一直在投資於我們的航太業務的差異化能力，例如用於商業和國防應用的低地球軌道衛星，我再說一遍。大型基礎設施，例如 NASA 的 Gateway PPE 計畫、Maxar 的 Legion 技術和機器人功能。隨著我們為國防、安全和提交開發高效、以商業為導向的解決方案，我們將繼續擴大與大型國防公司的合作夥伴關係。提醒一下，在本季度，我們宣布我們被 L3Harris 選為他們的 SDA T1 追蹤層計畫的分包商，我們為他們的 14 顆衛星提供總線。我們已經啟動了這個新計劃，開始彎曲金屬，並在一月份的第一次初步設計審查方面取得進展。我們相信該計劃將繼續帶來上行成長。正如我們之前提到的，我們被選中參加 NASA 的 GeoXO 計劃，為下一代氣象衛星進行付費研究階段的工作。這有可能成為 Maxar 產品組合中的另一個巨大勝利。我們繼續執行積壓的其他地理通訊項目，Maxar 為 Intelsat 製造的 Galaxy 31 和 Galaxy 32 衛星已抵達卡納維爾角，預計將於本月發射。我們也透過安東諾夫運送了另一顆國際通訊衛星組織衛星，以便透過阿麗亞娜火箭從法屬圭亞那發射。我們正在就第四季度的一些商業傳播機會進行深入談判，預計今年太空業務的訂單出貨量將遠超 1 倍。在財務靈活性方面，我們處於有利地位，並且隨著我們的信用評級提高以及我們部署現金來償還債務，我們有機會改善我們支付的利息。本季度，標準普爾提升了我們的信用評級，這再次表明我們正朝著正確的方向前進。正如我們在長期指導中多次指出的那樣，我們預計 2023 年將是自由現金流的重要一年。這是由我們的公共部門地球情報業務的持續成長、我們看到的企業業務未來的機會（特別是3D 功能）、我們的太空業務的持續績效、執行和多元化以及我們大型太空業務的推出所推動的。

Please turn to Slide 5. On the Legion program, we're getting ready to send the first 2 satellites to the launch base. We expect to ship them in December for a January launch. Flight software validation testing has taken us a bit longer than we expected in September and October, but teams are in the final stages there. As you see in this slide, we're essentially hardware complete on the first 2 sats. The next 2 are heading into environmental testing, and we're wrapping up manufacturing on the final 2. And then those satellites will follow the well-established environmental testing route of the prior 4. On the rest of our constellation, we continually monitor the health of our satellites and all of our satellites are fully mission capable. In October of each year, we reevaluate based on rigorous engineering simulations, the depreciable lives of our satellites for accounting purposes, which are typically shorter than the lives we use internally for planning purposes. Based on this annual accounting update, we've extended the depreciable lives of GeoEye-1, WorldView-1 and WorldView-2 by 1 year to the second half of 2024.

請翻到幻燈片 5。我們預計將在 12 月發貨，並於 1 月發布。飛行軟體驗證測試花費的時間比我們在 9 月和 10 月的預期要長一些，但團隊已處於最後階段。正如您在這張投影片中看到的，我們在前 2 次測試中基本上硬體已完成。接下來的 2 顆衛星正在進入環境測試，我們正在完成最後 2 顆衛星的製造。狀況以及我們所有的衛星都完全具備執行任務的能力。每年 10 月，我們都會根據嚴格的工程模擬重新評估衛星的折舊壽命（用於會計目的），這些壽命通常短於我們內部用於規劃目的的壽命。根據年度會計更新，我們將 GeoEye-1、WorldView-1 和 WorldView-2 的折舊壽命延長 1 年至 2024 年下半年。

Additionally, as we typically do in October, we have extended the insurance coverage for all of our satellites in our current constellation by 1 year at the same coverage amounts. Please turn to Slide 6. Moving on to another development for use in Earth Intelligence. Today, we announced the acquisition of Wovenware, an AI and software development company based in Puerto Rico. This acquisition deepens Maxar software engineering and AI talent, bolsters our AI/ML and 3D production capabilities and enables growth opportunities in our Earth Intelligence segment. It will be immediately accretive in 2023. The company will become 1 of Maxar's software development and AI machine learning centers of excellence. This acquisition also helps with our Services business and because Wovenware is in U.S. territory, we'll be able to obtain security clearances and do classified work. Wovenware's Co-Founders will continue to oversee day-to-day operations of the company. We're excited to welcome Christian, Carlos and the approximately 150 software engineers and developers to the Maxar team. We're going to do something a little different on this call and have one of our GMs, Dan Nord, brief new technology for 3D AR and simulations that we've been rolling out to customers. Dan joined us 18 months ago in a Senior Vice President and GM of our Enterprise business, where he's responsible for managing our central technology platforms for tech and defense customers and for expanding our business with commercial and enterprise customers. He has a strong background in software engineering, mobile applications and the video game industry. Prior to joining Maxar, he worked at Amazon, where he led product management for Games. Before Amazon, he led product management for mobile and VR at Electronic Arts. Dan?

此外，正如我們通常在 10 月所做的那樣，我們將目前星座中所有衛星的保險範圍延長了 1 年，保險金額相同。請前往投影片 6。今天，我們宣布收購 Wovenware，一家位於波多黎各的人工智慧和軟體開發公司。此次收購深化了 Maxar 軟體工程和人工智慧人才，增強了我們的人工智慧/機器學習和 3D 生產能力，並為我們的地球智慧領域帶來了成長機會。到 2023 年，該業務將立即實現增值。此次收購也有助於我們的服務業務，由於 Wovenware 位於美國領土，我們將能夠獲得安全許可並進行機密工作。 Wovenware 的共同創辦人將繼續監督公司的日常營運。我們很高興歡迎 Christian、Carlos 以及大約 150 名軟體工程師和開發人員加入 Maxar 團隊。我們將在這次電話會議上做一些不同的事情，並請我們的一位總經理 Dan Nord 簡要介紹我們向客戶推出的 3D AR 和模擬新技術。 Dan 於 18 個月前加入我們，擔任企業業務高級副總裁兼總經理，負責管理我們面向技術和國防客戶的中央技術平台，並拓展我們與商業和企業客戶的業務。他在軟體工程、行動應用程式和電玩產業擁有深厚的背景。在加入 Maxar 之前，他曾在 Amazon 工作，負責遊戲產品管理。在加入 Amazon 之前，他在 Electronic Arts 負責行動和 VR 的產品管理。擔？

Thanks, Dan. Please turn to Slide 7. This shows what Maxar is well known for, the stunning high-resolution 30-centimeter satellite inventory that we collect at global scale on satellites we operate and we deliver to the U.S. government, our allies and commercial customers for the past 2 decades. This one is Buckingham Palace during the recent Queen's memorial as seen from space. On Slide 8, Maxar's other key differentiator is our 125-plus petabyte archive of high-resolution satellite imagery that we have added to for every day for decades. This one is Beijing Airport seen on a rare smog-free day. This archive is our one-of-a-kind digital time machine of the world. We've had it stored and accessible in the cloud, and we use it to create unique products for our customers. On Slide 9, I'll talk about one of these unique products, Maxar's Vivid basemaps. These are inventory mosaics of the entire earth, first created in 2015 to support our enterprise customers mapping initiatives. Vivid basemaps are a single cloud list, color-corrected skin of the earth stitched together for more than 440,000 satellite images into what has become really the default base map for consumer mapping. In fact, billions of people around the world have been using Maxar 2D imagery regularly in their cars, in their mobile mapping app for years, often without knowing about it.

謝謝，丹。請參閱幻燈片7。客戶，以供美國政府、我們的盟友和商業客戶使用。這是最近女王紀念活動期間從太空看到的白金漢宮。在幻燈片 8 上，Maxar 的另一個關鍵優勢是我們數十年來每天都在添加的超過 125 PB 的高解析度衛星影像檔案。這是難得的無霧霾天看到的北京機場。該檔案是我們世界上獨一無二的數位時間機器。我們已將其儲存在雲端並可訪問，並使用它為客戶創建獨特的產品。在投影片 9 上，我將討論這些獨特的產品之一，Maxar 的 Vivid 底圖。這些是整個地球的庫存馬賽克，首次創建於 2015 年，旨在支援我們的企業客戶的測繪計劃。 Vivid 底圖是一個單一的雲列表，將超過 440,000 張衛星影像的經過顏色校正的地球皮膚拼接在一起，成為消費者測繪的真正預設底圖。事實上，多年來，世界各地數十億人一直在汽車和行動地圖應用程式中定期使用 Maxar 2D 影像，但他們往往對此一無所知。

We turn to Slide 10. Now with Maxar's acquisition of Vricon in 2020, we've again leveraged our imagery archive to create a sustainable competitive advantage. This time, it's in 3D. Maxar runs AI and ML algorithms on our entire archive to create a 3D globe, a true digital twin of the earth at an accuracy and resolution specification that would take years of imagery collections to match. The resulting product seen on Slide 11 is Maxar's Precision3D. This is Yosemite National Park in California, one of my favorite places where every cliff, boulder and tree is within just a few feet of reality. And we're doing this at global scale. Nobody else can. Slide 12. Here's why we believe 3D is important. We see the world shifting from operating in a 2D paradigm, on flat screen devices like the phones, laptops, TVs, we use every day and the 2D video chats that have started since COVID. We see a shift to 3D immersive technologies, like augmented reality, AR; virtual reality, VR; and digital-twin simulations that mimic the physical world. These are often referred to as the metaverse. This 2D to 3D transition has signals already. VR gaming is already a multibillion-dollar industry, transporting customers around the world, be it virtual tourism and VR games. AR glasses are imminent and will provide our virtual heads-up display of relevant information as you go about your day. Even AR contact lenses, that technology is in active development right now. And with modern GPUs powered by near-infinite compute on the cloud, we're producing true-to-life 3D graphics in near real time. We're on the cusp of another major technology shift.

我們轉向幻燈片 10。這次是 3D 的。 Maxar 在我們的整個檔案上運行 AI 和 ML 演算法，以創建一個 3D 地球儀，這是地球的真正數位孿生，其精度和分辨率規格需要多年的圖像收集才能匹配。幻燈片 11 中看到的最終產品是 Maxar 的 Precision3D。這是加州的約塞米蒂國家公園，也是我最喜歡的地方之一，這裡的每個懸崖、巨石和樹木都距離現實只有幾英尺。我們正在全球範圍內這樣做。其他人都做不到。投影片 12。我們看到世界正在從我們每天使用的手機、筆記型電腦、電視等平板設備以及自新冠疫情以來開始的 2D 視訊聊天中以 2D 模式運行轉變。我們看到向 3D 沉浸式技術的轉變，例如擴增實境、AR；虛擬實境、VR；以及模仿物理世界的數位孿生模擬。這些通常被稱為元節。 2D 到 3D 的轉變已經有訊號了。 VR 遊戲已經是一個價值數十億美元的產業，無論是虛擬旅遊還是 VR 遊戲，都為世界各地帶來了客戶。 AR 眼鏡即將面世，它將在您日常生活時提供相關資訊的虛擬平視顯示。即使是 AR 隱形眼鏡，該技術目前也在積極開發中。借助由近乎無限的雲端運算提供支援的現代 GPU，我們可以近乎即時地生成逼真的 3D 圖形。我們正處於另一場重大技術變革的風口浪尖。

On Slide 13, this is where we fit in. We see an opportunity for our 3D digital twin of the earth to be the reference globe for this shift in technology from 2D to 3D. Immersive 3D applications need an accurate version of the world to use as a base map just as the 2D mapping applications due today with our Vivid basemaps.

在幻燈片 13 上，這就是我們所處的位置。沉浸式 3D 應用程式需要準確的世界版本作為底圖，就像今天使用 Vivid 底圖的 2D 地圖應用程式一樣。

Slide 14. I -- we took a big step forward in our 3D strategy 2 weeks ago at the Unreal Fest conference hosted by Epic Games in New Orleans. For background, Epic Games, they are the makers of the Unreal game engine, which powers thousands of games worldwide, including Epic's own global hit game, Fortnite. If you haven't heard of Fortnite and you're on this call, go ask your kids afterwards. At Unreal Fest, we presented our capabilities to thousands of developers and released a demo of a photo real digital twin of New Orleans, where the conference was being held. And we built it with our partner, Blackshark.ai, a company we made a strategic investment in earlier this year and mentioned on our Q1 earnings call. This demo shows all of New Orleans from Bourbon Street to the Superdome running in the Unreal game engine, built only from satellite imagery and AI models.

投影片 14. I - 兩週前，在 Epic Games 在新奧爾良舉辦的 Unreal Fest 會議上，我們在 3D 策略方面向前邁出了一大步。作為背景，Epic Games 是虛幻遊戲引擎的製造商，為全球數千款遊戲提供支持，包括 Epic 自己的全球熱門遊戲《要塞英雄》。如果您還沒有聽說過《要塞英雄》並且您正在參加這個電話會議，請稍後去詢問您的孩子。在虛幻節上，我們向數千名開發者展示了我們的功能，並發布了會議舉辦地新奧爾良的照片真實數位孿生演示。我們與我們的合作夥伴 Blackshark.ai 一起建立了它，我們在今年早些時候對這家公司進行了戰略投資，並在我們的第一季財報電話會議上提到了這一點。該演示展示了從波旁街到超級圓頂體育場的所有新奧爾良在虛幻遊戲引擎中運行，該引擎僅由衛星圖像和人工智慧模型構建。

If you'd like to see the demo video, you can scan the QR code or click the link on Slide 15. The demo was downloaded by more than 120 companies in industries ranging from automotive and drone delivery and climate protection, all the way to video games and Hollywood film and TV production.

如果您想觀看演示視頻，可以掃描二維碼或點擊幻燈片 15 上的連結。好萊塢電影和電視製作。

Can turn to Slide 15. Hollywood is using game engines, too. This is a picture of the Mandalorian on Disney+, but also the Matrix Awakens and others have gone public about how they use game engines to make their content. So instead of flying a cast and crew to film on location or using green screens that are replaced later with background graphics, like you see here, they now surround actors with a 360-degree screen rendering game engine-produced scenery. So with Maxar's 3D Globe in a game engine next year, film producers could theoretically film anywhere.

可以轉到投影片 15。這是迪士尼+ 上曼達洛人的圖片，矩陣覺醒者和其他人也公開了他們如何使用遊戲引擎來製作內容。因此，他們現在不再像您在此處看到的那樣，讓演員和工作人​​員乘飛機去外景拍攝，也不再使用稍後替換為背景圖形的綠屏，而是用360 度屏幕渲染遊戲引擎生成的場景圍繞著演員。因此，隨著明年 Maxar 的 3D Globe 進入遊戲引擎，電影製片人理論上可以在任何地方拍攝。

Slide 16. A little more on our Blackshark.ai partnership. We met Blackshark when they used our data on the Microsoft Flight Simulator game, pictured here. This is a digital London with digital plans, and it looks great. On Slide 17, talk a little bit more about Blackshark and our own Precision3D. So as mentioned on the Q1 earnings call, we joined Microsoft as an investor in Blackshark using our imagery as a form of currency in exchange for equity in the company and a meaningful royalty on products using our data. We said Blackshark would help us enter the gaming market, and now it has. Blackshark can create a lightweight 3D version of the world that prioritizes rich graphics over high accuracy, and they do it fast. Maxar's own Precision3D processes our entire archive and prioritizes accuracy over visual appeal. Precision3D is also already in the market today and in use cases that require high accuracy like the U.S. Army's One World Terrain program, which uses Maxar's 3D Globe to train our troops in true to life environment.

幻燈片 16。當 Blackshark 在 Microsoft Flight Simulator 遊戲上使用我們的資料時，我們遇到了 Blackshark，如下圖所示。這是一個帶有數字計劃的數位倫敦，看起來很棒。在投影片 17 上，詳細討論 Blackshark 和我們自己的 Precision3D。因此，正如第一季財報電話會議上提到的，我們加入微軟，成為 Blackshark 的投資者，使用我們的圖像作為貨幣形式，以換取公司股權以及使用我們數據的產品的有意義的版稅。我們說過 Blackshark 將幫助我們進入遊戲市場，現在它已經做到了。 Blackshark 可以創建一個輕量級的 3D 世界版本，優先考慮豐富的圖形而不是高精度，而且他們做得很快。 Maxar 自己的 Precision3D 處理我們的整個檔案，並優先考慮準確性而不是視覺吸引力。 Precision3D 現已上市，適用於需要高精度的用例，例如美國陸軍的 One World Terrain 計劃，該計劃使用 Maxar 的 3D Globe 在真實的環境中訓練我們的部隊。

Slide 18. 3D demand is also accelerating in the enterprise market. Precision3D is used by current customers in autonomous navigation, drone delivery and telecommunications. We're also seeing interest from companies in risk management, climate protection and as mentioned before, media production. Also, our largest 3D deals also now include royalties so that Maxar participates in the upside of successful products that use our data, something we haven't always had in 2D. Slide 19, the last slide. We believe that the largest long-term growth driver for the 3D Globe is large-scale simulations that can improve decision-making across governments or enterprises. A few examples. If you take the Queen's memorial from the first slide, an accurate city-scale simulation of London populated by the millions of AI bots to represent people, this would help authorities optimize the experience in advance, lease placement, signage, walking routes, facilitating certain new situations that weather or a car accident to aid in contingency planning in advance. In a commercial example, product scale sense, a global scale sense, to help a new product launch by monitoring inventory distribution, global supply chain throughput and even billboard placement to optimize customer contact. This kind of capability, rapidly testing decision scenarios in a scaled simulation with both real and staged input, that could be a key differentiator for anything, and that's where we're headed. So to wrap up, Maxar has an established high-margin enterprise business with proven capabilities and high-profile customers -- and as we add in WorldView Legion capacity, our strategic investments in 3D that we mentioned today and our transition towards a more scalable data as a service level, we see upside in our enterprise business going forward. Now I'll hand it over to Biggs Porter.

幻燈片 18。 Precision3D 目前被客戶用於自主導航、無人機送貨和電信領域。我們也看到公司對風險管理、氣候保護以及前面提到的媒體製作感興趣。此外，我們最大的 3D 交易現在還包括版稅，以便 Maxar 能夠分享使用我們資料的成功產品的優勢，這是我們在 2D 領域並不總是擁有的。投影片 19，最後一張投影片。我們相信，3D Globe 最大的長期成長動力是大規模模擬，可以改善政府或企業的決策。舉幾個例子。如果你從第一張幻燈片中看到女王紀念碑，這是對倫敦的精確城市規模模擬，由數以百萬計的人工智慧機器人來代表人們，這將有助於當局提前優化體驗、租賃安置、標誌、步行路線，促進某些天氣或車禍等新情況有助於提前製定應急計畫。在商業範例中，產品規模感、全球規模感，透過監控庫存分佈、全球供應鏈吞吐量甚至廣告看板放置來幫助新產品發布，以優化客戶聯繫。這種能力，透過真實和分階段的輸入，在大規模模擬中快速測試決策場景，這可能是任何事物的關鍵差異化因素，這就是我們的發展方向。總而言之，Maxar 擁有成熟的高利潤企業業務，擁有經過驗證的能力和知名客戶 - 當我們添加 WorldView Legion 容量時，我們今天提到的 3D 戰略投資以及我們向更具可擴展性的數據的過渡就服務水平而言，我們看到企業業務的未來發展空間。現在我將把它交給比格斯·波特。

Thanks, Dan. Please turn to Slide 20, where we present year-over-year comparisons for the third quarter. Net loss for Q3 was $4 million, inclusive of a $12 million expense recorded related to the satisfaction of an offset obligation. Net loss per share was $0.05. Revenue was flat year-over-year for the quarter on a consolidated basis. Adjusted EBITDA margins for the quarter are down roughly 70 basis points, inclusive of $5 million in unfavorable foreign exchange charges and increased investments we're making this year to drive future growth. Excluding foreign exchange losses of $5 million tied to the strong dollar, our adjusted EBITDA was $115 million. On a year-to-date basis, total company revenues decreased 2% and adjusted EBITDA margins expanded 50 basis points, including $7 million of foreign exchange charges.

謝謝，丹。請參閱投影片 20，其中我們展示了第三季的同比比較。第三季淨虧損為 400 萬美元，包括與履行抵銷義務相關的 1,200 萬美元費用。每股淨虧損為 0.05 美元。該季度綜合營收與去年同期持平。本季調整後的 EBITDA 利潤率下降了大約 70 個基點，其中包括 500 萬美元的不利外匯費用以及我們今年為推動未來成長而增加的投資。不包括與強勢美元相關的 500 萬美元外匯損失，我們調整後的 EBITDA 為 1.15 億美元。年初至今，公司總營收下降了 2%，調整後 EBITDA 利潤率擴大了 50 個基點，其中包括 700 萬美元的外匯費用。

Please turn to Slide 21. Earth Intelligence revenue increased 1% year-over-year in the quarter, driven by a $15 million increase in U.S. government revenue including $11 million in crisis support services and a $3 million increase in revenues from International Defense and Intelligence customers. These increases were partially offset by a $14 million decrease in revenues from enterprise programs due primarily to a significant enterprise contract in the third quarter of last year. We expect enterprise growth in the fourth quarter. Adjusted EBITDA margins decreased 400 basis points driven by increased spend, particularly on product development efforts. On a year-to-date basis, we continue to experience increases in product revenues from U.S. government programs. However, this online growth continues to be masked by headwinds we're facing in our Services business, driven by contract award delays in prior quarters and slow ramp-up of order work do cleared workforce challenges.

請參閱投影片 21。這些成長被企業計畫收入減少 1,400 萬美元所部分抵消，這主要是由於去年第三季的一項重大企業合約所致。我們預計第四季度企業將實現成長。由於支出增加，特別是在產品開發方面的支出增加，調整後的 EBITDA 利潤率下降了 400 個基點。今年迄今為止，我們來自美國政府專案的產品收入持續成長。然而，這種線上成長繼續被我們在服務業務中面臨的逆風所掩蓋，這是由前幾季的合約授予延遲和訂單工作緩慢增加所推動的，這確實消除了勞動力挑戰。

On a year-to-date basis, our Services business is down roughly $30 million. However, our backlog continues to grow, and we expect our Services business to recover as we catch up on staffing challenges, including some benefit from Wovenware. I should note that we had 1 large Precision3D transaction that we expected in the third quarter that has slipped into the fourth quarter. I will discuss that more in a moment.

今年迄今，我們的服務業務減少了約 3,000 萬美元。然而，我們的積壓訂單持續增加，我們預計，隨著我們應對人員配置挑戰，包括 Wovenware 帶來的一些好處，我們的服務業務將會復甦。我應該指出，我們預計在第三季進行的 1 筆大型 Precision3D 交易已滑至第四季。我稍後會詳細討論這個問題。

Please turn to Slide 22. Space Infrastructure revenue increased 3% year-over-year in the third quarter due to increases in U.S. government and commercial programs. Adjusted EBITDA margins expanded 990 basis points driven by reduced risks on certain programs nearing completion. On a year-to-date basis, revenues have increased 1% and adjusted EBITDA margins have expanded 750 basis points. Normalizing for one significant charge in 2021, adjusted EBITDA margins have expanded 290 basis points.

請參閱投影片 22。由於某些即將完成的專案的風險降低，調整後的 EBITDA 利潤率擴大了 990 個基點。年初至今，營收成長了 1%，調整後的 EBITDA 利潤率成長了 750 個基點。 2021 年一項重大費用正常化後，調整後 EBITDA 利潤率擴大了 290 個基點。

Please turn to Slide 23. The company generated $124 million in operating cash flow from continuing operations in the third quarter and invested $75 million in CapEx. Please turn to Slide 24. We had roughly $379 million liquidity at the end of the quarter. Net debt decreased $44 million this quarter, driven by free cash flow generation. We are well within our covenant ratios and continue to look forward to free cash flow generation continuing in the fourth quarter and strengthening next year. As Dan mentioned, in October, S&P upgraded our credit rating to B+ from B rating on improved credit metrics supported by recent contract awards. We expect improved credit ratings will help drive further drive better pricing and future refinancing transactions, particularly once WorldView Legion launches are underway, combined with free cash flow generation and debt reduction. As we highlighted last quarter, our credit agreement allows us to reprice our Term Loan B loan -- Term Loan B without a premium as early as December 2022 depending on market conditions and loan valuations and our bonds become callable beginning in June 2024.

請參閱投影片 23。請參閱投影片 24。在自由現金流產生的推動下，本季淨債務減少了 4,400 萬美元。我們完全符合我們的契約比率，並繼續期待第四季度繼續產生自由現金流並在明年加強。正如 Dan 所提到的，10 月份，標準普爾將我們的信用評級從 B 評級提升至 B+，原因是最近授予的合約支持了信用指標的改善。我們預計，信用評級的提高將有助於進一步推動更好的定價和未來的再融資交易，特別是在 WorldView Legion 推出後，再加上自由現金流的產生和債務減少。正如我們上季度所強調的那樣，我們的信貸協議允許我們最早在2022 年12 月根據市場狀況和貸款估值對定期貸款B 貸款（無溢價的定期貸款B）重新定價，並且我們的債券從2024 年6 月開始可贖回。

Now please turn to Slide 25 for an update on our '22 guidance. At Earth Intelligence, we lowered our total revenue guidance range by $50 million, driven by a combination of factors. As I spoke to earlier, our service business was down roughly $30 million year-to-date, and we do not think we're going to be able to recover this year. To a lesser extent, we have seen some imagery transaction slide right, and this has hindered our ability to hit the top end of our previous range. Where we ultimately end up depends in large part on 2 large, high-margin multiyear arrangements that we expect to contribute significantly in the fourth quarter, 1 in public and 1 in enterprise. Notably, on the larger of the 2, we're well along in all the customer approvals. Both of these are large multiyear deals with a significant portion expected to be deliverable out of inventory here in. This is subject to the (inaudible) of the contract and the customers' desired delivery schedule. The second deal is with a large commercial customer looking to expand their relationship with us, including access to our 3D product. At the midpoint, this still represents 5% growth in revenue in Earth Intelligence from last year despite capacity constraints and the $30 million of top line headwinds we're seeing in our Services business.

現在請參閱投影片 25，以了解我們的 '22 指南的更新。在 Earth Intelligence，受多種因素的推動，我們將總收入指引降低了 5,000 萬美元。正如我之前所說，我們的服務業務今年迄今已減少了約 3000 萬美元，而且我們認為今年無法恢復。在較小程度上，我們看到一些影像交易向右滑動，這阻礙了我們達到先前範圍上限的能力。我們最終的結果在很大程度上取決於兩項大型、高利潤的多年期安排，我們預計這些安排將在第四季度做出重大貢獻，其中一項是公共領域，一項是企業領域。值得注意的是，就兩者中較大的一個而言，我們在所有客戶認可方面都進展順利。這兩筆交易都是大型的多年期交易，其中很大一部分預計將在庫存中交付。第二筆交易是與一家大型商業客戶合作，希望擴大與我們的關係，包括使用我們的 3D 產品。儘管存在產能限制以及我們在服務業務中看到的 3000 萬美元的頂線逆風，但從中間值來看，地球情報業務的收入仍比去年增長了 5%。

We continue to see a strong pipeline in Earth Intelligence and expect to continue to grow from this base. Revenue guidance for Space Infrastructure and intersegment eliminations have both increased $5 million on the WorldView Legion program, but this has no impact to consolidated results. Turning now to adjusted EBITDA guidance. We are reducing our consolidated adjusted EBITDA guidance by roughly $10 million, reflecting the effect of the ForEx charges we've experienced year-to-date. At Earth Intelligence, our updated expected range for adjusted EBITDA is $500 million to $530 million, which in the middle of the range reflects a 45% adjusted EBITDA margin. Guidance for Space Infrastructure adjusted EBITDA is now at $80 million to $95 million. This is driven primarily on the overperformance in the third quarter.

我們繼續看到地球情報領域的強大管道，並期望在此基礎上繼續發展。空間基礎設施的收入指導和部門間消除都使 WorldView Legion 計劃增加了 500 萬美元，但這對合併結果沒有影響。現在轉向調整後的 EBITDA 指導。我們將綜合調整後 EBITDA 指導減少約 1000 萬美元，反映了我們今年迄今經歷的外匯費用的影響。在 Earth Intelligence，我們更新後的調整後 EBITDA 預期範圍為 5 億至 5.3 億美元，範圍的中間反映了 45% 的調整後 EBITDA 利潤率。空間基礎設施指南調整後的 EBITDA 目前為 8,000 萬至 9,500 萬美元。這主要是由於第三季的超額表現所致。

In terms of trends, we expect our R&D expenditures for the year to be more heavily weighted towards the fourth quarter. Our expectations for corporate and other expenses have increased $10 million to $95 million for the year. This increase was driven by the $7 million of year-to-date foreign exchange losses on a strengthening dollar. All in, our adjusted EBITDA for the company in the middle of the range reflects 11% year-over-year growth. We've tightened the range of our expectations for operating cash flow around the same midpoint of $340 million. I said last quarter, the capital expenditures were tracking towards the top end of our guidance range, and we've increased that slightly to $330 million for the year based primarily on the timing of WorldView Legion expenditures. Please turn to Slide 26. We don't confirm long-range guidance each quarter, and we're currently in our planning cycle. But even though we're still in process on next year's plan and laying out the specific buildup to our targets, we are far enough along to confirm that we are holding the targets that we've guided to for next year. To avoid a confusion, those targets are for $570 million of adjusted EBITDA and $290 million of free cash flow.

從趨勢來看，我們預期今年的研發支出將更加偏重於第四季。我們對今年公司和其他支出的預期增加了 1,000 萬美元，達到 9,500 萬美元。這一增長是由於美元走強導致年初至今 700 萬美元的外匯損失造成的。總而言之，我們調整後的 EBITDA 處於該範圍的中間，年增 11%。我們將營運現金流的預期範圍收緊到 3.4 億美元的中點附近。我在上個季度說過，資本支出正在接近我們指導範圍的上限，我們主要根據 WorldView Legion 支出的時間安排，將今年的資本支出略有增加至 3.3 億美元。請參閱投影片 26。但即使我們仍在製定明年的計劃並製定目標的具體建設，我們已經足夠確認我們正在實現明年的目標。為了避免混淆，這些目標是 5.7 億美元的調整後 EBITDA 和 2.9 億美元的自由現金流。

Although we will not lay out all the line items comparing next year to this year at this point, the drivers of year-over-year improvement remain Legion-related revenue growth, increased imagery product revenues, growth in Space Infrastructure's third-party revenues replacing Legion intercompany revenues and lower CapEx. I should note that CapEx on Legion has currently shifted into 2023 and -- we anticipate being able to offset this through adjusting the timing of other expenditures and by improving operating cash flow. Dan talked earlier about Legion, Precision3D and the diversification of our Space Infrastructure business. And we have, for some time, talked about our ability to drive free cash flow significantly higher in 2023 and each year after that in sequence. I want to lay out what all that means in a few closing thoughts. Maxar is at the front end of high margin, high growth with significantly increasing free cash flow. This is driven by: one, increased capacity and revisit frequency from Legion. Two, accuracy of imagery and products, including proprietary precision 3D capability. Three, long-term customer relationships and contracts, [e.g., 5 years' firm] on EOCL having never lost a DAF customer and solid relationships with large tech players. Four, with Precision3D as the development of the 3D Globe, the ability to capture on a broad scale, new use cases such as simulation, training, planning, targeting, GPS-denied navigation, metaverse, gaming and autonomous vehicles. Five, capture an increased customer base and smoother revenue growth through our investments in platform capabilities and customer access through a Data as a Service model. Six, a lower cost, more capital-efficient cost base with low variable cost to support revenue and margin growth. And seven, a proven low-cost manufacturing capability that has now penetrated civil, defense and intel business with a diverse product offering. We expect to hold an Investor Day following the release of our fourth quarter earnings, where we will drill into all of these. In the meantime, we'll be doing some video presentations by our leadership, we'll put on our website to help with everyone's understanding of these drivers.

儘管我們目前不會列出明年與今年相比的所有項目，但同比改善的驅動因素仍然是與軍團相關的收入增​​長、圖像產品收入的增加、空間基礎設施第三方收入的增長取代了軍團公司間收入和較低的資本支出。我應該指出的是，Legion 的資本支出目前已轉移到 2023 年，我們預計能夠透過調整其他支出的時間表和改善營運現金流來抵消這一損失。 Dan 早些時候談到了 Legion、Precision3D 以及我們空間基礎設施業務的多元化。一段時間以來，我們一直在談論我們在 2023 年以及此後每年大幅提高自由現金流的能力。我想在最後的一些思考中闡明這一切的含義。 Maxar 處於高利潤、高成長的前沿，自由現金流顯著增加。這是由以下因素驅動的：第一，軍團容量和重訪頻率的增加。第二，影像和產品的準確性，包括專有的精確 3D 功能。第三，長期的客戶關係和合同，[例如，5 年的穩定] EOCL 從未失去 DAF 客戶以及與大型科技公司的牢固關係。第四，Precision3D 作為 3D Globe 的發展，能夠大幅捕捉新用例，例如模擬、訓練、規劃、目標定位、GPS 拒絕導航、元宇宙、遊戲和自動駕駛車輛。第五，透過我們對平台功能和透過數據即服務模型存取客戶的投資，擴大客戶群並實現更平穩的收入成長。第六，成本更低、資本效率更高的成本基礎和低變動成本可支持收入和利潤成長。第七，經過驗證的低成本製造能力，現已滲透到民用、國防和英特爾業務，提供多樣化的產品。我們預計在第四季度收益發布後舉行投資者日，我們將深入探討所有這些內容。同時，我們的領導層將進行一些視訊演示，並將放在我們的網站上，以幫助每個人了解這些驅動程式。

With that, I'd like to hand the call back over to the operator to begin Q&A.

這樣，我想將電話轉回接線員以開始問答。

(Operator Instructions)

（操作員說明）

We'll take our first question from Matt Akers with Wells Fargo.

我們將回答富國銀行馬特·埃克斯的第一個問題。

I was wondering if you can go into a little bit more detail on the software delays on Legion. What exactly are you seeing there that led to the delay?

我想知道您是否可以更詳細地了解《軍團再臨》的軟體延遲情況。您到底看到了什麼導致了延誤？

Thanks, Matt. So what we talked about, and we talked about this back in September, but we were seeing some software delays on the verification and validation portions of it. That's before we do all the hardware-software interface work. We've now completed essentially most of that work. The ground teams, the AI&T teams and the others in the program have gotten the software drops. So we're progressing now through the other phases of our testing and expect to start shipping satellites in December for launches in January. So I mean the essential nature of the burn down curve wasn't as fast as we thought it was going to be, but we made our way through that part of the program.

謝謝，馬特。我們在 9 月就談到了這一點，但我們發現驗證和確認部分的軟體出現了一些延遲。那是在我們完成所有硬體-軟體介面工作之前。現在我們基本上已經完成了大部分工作。地面團隊、人工智慧與技術團隊和專案中的其他團隊已經獲得了軟體投放。因此，我們現在正在完成其他階段的測試，預計將於 12 月開始運送衛星，以便在 1 月發射。所以我的意思是，燃盡曲線的本質並不像我們想像的那麼快，但我們已經完成了計畫的這一部分。

Okay. Great. And then I guess -- thanks for the presentation on the 3D kind of virtual earth stuff is pretty interesting. I guess, can you talk a little bit about, I think you've mentioned a lot of different potential customers there, sort of the timing of when that ramps up? What does that business look like in terms of like size and profitability and -- just sort of how you sort of model that coming out of from our perspective?

好的。偉大的。然後我想 - 感謝您對 3D 類型的虛擬地球內容的演示非常有趣。我想，你能談談，我想你已經提到了很多不同的潛在客戶，像是成長的時間？從規模和獲利能力來看，該業務是什麼樣的？

Yes. Why don't I kind of take that, and then I'll turn it over to Dan Nord for some of his perspective as well. One of the things I'd stress right off the bat is the growth you have seen in the company, even as we've been capacity constrained, has been driven by our products, in particular, our 3D capability. So the Army One World Terrain program is 1 area where we're functioning very well at this point, and that's in the order of above a $50 million year program at this point for building simulation and virtual training environments for the U.S. Army. We're seeing strong uptake with our International Defense and Intelligence customers as well, particularly as more functionality as we build out more of the globe first, I guess. And then second is more functionalities being realized from that, particularly with some of the hotspots going on in the world right now. We're also seeing great traction with route planning and navigation planning for, for example, drone companies, autonomous navigation. And any other thing by which you might want to use a digital twin or a 3D reference point for the planet. So I think we've got good business. We're growing the business strongly. We've seen good adoption, and the margins are very much aligned with what we're doing in the rest of the Earth Intelligence business at this point. I think maybe, Dan, do you want to add some perspective on how you're seeing that in the enterprise? .

是的。我為什麼不接受這一點，然後我會將其轉交給丹·諾德（Dan Nord）以獲取他的一些觀點。我要立即強調的一件事是，儘管我們的產能受到限制，但您在公司看到的成長是由我們的產品，特別是我們的 3D 能力推動的。因此，「陸軍同一個世界地形」計劃是我們目前運作良好的領域之一，目前該計劃相當於每年 5000 萬美元以上的計劃，用於為美國陸軍建立模擬和虛擬訓練環境。我想，我們也看到了國際國防和情報客戶的強烈採用，特別是隨著我們首先在全球範圍內建立更多的功能，我們的功能也越來越多。其次是由此實現更多功能，特別是針對目前世界上正在發生的一些熱門議題。我們也看到了路線規劃和導航規劃的巨大吸引力，例如無人機公司、自主導航。以及您可能想要使用地球的數位孿生或 3D 參考點的任何其他事物。所以我認為我們的生意很好。我們正在大力發展業務。我們已經看到了良好的採用，並且利潤與我們目前在地球情報業務的其他部分所做的事情非常一致。我想，丹，您是否想補充一些關於您在企業中如何看待這一點的觀點？ 。

Sure. And I think it's a key point is that this 3D Globe works for our government and allies as well as it works for enterprises. There's going to be one 3D Globe as reference. I think the bigger change when we work on these 3D deals is how we structure the deals and how we deliver the content. The 3D deals are going to be better. We're going to take this impressive one-of-a-kind asset, and we're going to make sure that we participate in the upside. And that's through royalties like you see with our Blackshark deal as well as equity. And we're also going to be delivering more of a Data as a Service model. That's continuous delivery instead of a big lump once a quarter or once a year. I think those are the 2 larger differences for us.

當然。我認為關鍵一點是這個 3D Globe 不僅適用於企業，也適用於我們的政府和盟友。將有一個 3D 地球儀作為參考。我認為，當我們處理這些 3D 交易時，更大的變化是我們如何建立交易以及如何交付內容。 3D 交易將會更好。我們將獲得這令人印象深刻的獨特的資產，並且我們將確保我們參與其中。這是透過特許權使用費來實現的，就像您在我們的 Blackshark 交易以及股權中看到的那樣。我們也將提供更多的數據即服務模式。這是持續交付，而不是每季或每年一次的大量交付。我認為這對我們來說是兩個更大的差異。

We'll take our question from Colin Canfield with Barclays.

我們將回答巴克萊銀行科林·坎菲爾德的問題。

Can we just focus first on the adjusted EBITDA bridge from 2022 guide to 2023? Appreciating, obviously, you're not going to get into segment details, but maybe you can, you just kind of talk us through the high level of operating earnings, interest expense, WorldView Legion CapEx and then also the Wovenware acquisition. I think the employee head count suggests a thing like $25 million to $50 million of adjusted EBITDA, but tell me if the math is crazy.

我們能否先關注從 2022 年指南到 2023 年調整後的 EBITDA 橋？顯然，您不會深入了解細分市場的詳細信息，但也許您可以，您只是向我們介紹一下高水平的營業收入、利息支出、WorldView Legion 資本支出以及 Wovenware 收購。我認為員工人數顯示調整後 EBITDA 約為 2500 萬至 5000 萬美元，但請告訴我這個數學是否瘋狂。

On the final point, I think you're high in terms of the effects of the Wovenware acquisition. We're not going to spike them out separately. I don't think that they are of a value where we expect to discretely change our guidance for '23 associated with that. It is an important value-creating acquisition, but part of that is just in ensuring that we have the workforce to continue the efforts that we're already engaged in as well as the -- accelerating the Services business from its present path, but the total value, I'd say, is lower than your number, but we're not going to discreetly communicate it. The -- in terms of the bridge otherwise, to '23, I guess I'll hit cash first because I think it's only got a couple of moving parts to really point it out. Our Legion CapEx is growing. So CapEx will be higher than the $146 million that we previously guided to for '23. But we're offsetting that through other reductions in CapEx, overall, probably about a $30 million increase in CapEx to be -- the big payments with respect to next year on Legion are really driven by insurance and launch because we're so far away -- so far along otherwise with respect to the program.

關於最後一點，我認為您對 Wovenware 收購的影響評價很高。我們不會單獨將它們剔除。我不認為它們具有我們期望離散地改變與此相關的 23 年指導的價值。這是一項重要的創造價值的收購，但其中的一部分只是為了確保我們有足夠的員工來繼續我們已經從事的工作，以及加速服務業務從目前的道路上發展，但是我想說的是，總價值低於您的數字，但我們不會謹慎地傳達這一點。就橋樑而言，到了 23 年，我想我會首先投入現金，因為我認為它只有幾個移動部件才能真正指出這一點。我們的軍團資本支出正在成長。因此，資本支出將高於我們先前指導的 23 年 1.46 億美元。但我們正在透過其他資本支出削減來抵消這一影響，總體而言，資本支出可能會增加約3000 萬美元——明年《軍團》的巨額付款實際上是由保險和發布驅動的，因為我們距離太遠了——到目前為止，與該計劃有關的其他方面都是如此。

On EBITDA, kind of starting on with Legion, we've always said that the first full year Legion is $80 million roughly. That's the first full year of operation of all 6 satellites line are all in service. In February, when we gave the guidance for '23, we didn't expect that full $80 million in '23 because we were launching late into the year in terms of the last launch even at that point in time. So we weren't at any to start with. But what we're now expecting is full operability would be in the July, August kind of time period based upon the guidance with respect to launches that we've given. So that sort of gives you an idea of what we might expect with respect to the Legion contribution in '23, outputting a fine point number on it.

就 EBITDA 而言，從 Legion 開始，我們一直說 Legion 第一個全年的營收約 8,000 萬美元。這是所有 6 條衛星線路全部投入使用的第一個完整營運年。 2 月份，當我們給出 '23 的指導時，我們並沒有預期 '23 會達到 8000 萬美元，因為即使在那個時間點，就上次發布而言，我們的發佈時間也已晚了。所以我們一開始就什麼都沒有。但我們現在預計，根據我們給出的發布指南，完全可操作性將在 7 月、8 月的時間段內進行。因此，這可以讓您了解我們對 23 年軍團貢獻的期望，並輸出一個精細的點數。

Having said that, we always had some contingency in our plan going back to February for 2023. And -- and we're getting lift from Ukraine knock-on effects and increased demand and also what we see as the opportunities on 3D, including some of the big multiyear awards I've already spoken to.

話雖如此，從 2023 年 2 月開始，我們的計劃中總是有一些意外情況。談過的大型多年獎項。

Got it. And then with respect to -- it sounds like the technological or the kind of the update that you guys made to software allowing you to extend the year life of your legacy assets. Is there any incremental profit to consider from that? Or is that more just kind of like downside production protection in case of Legion delays? .

知道了。然後，這聽起來像是你們對軟體進行的技術或更新，可以延長遺留資產的使用壽命。是否有任何增量利潤值得考慮？或者這更像是軍團延誤時的下行生產保護？ 。

Just to kind of clarify there, we do an engineering assessment once a year in the third quarter to determine for accounting purposes, the life of the satellites. Our internal models generally show them significantly longer than that. But we extended them based on that modeling this year. Those assets will continue, we believe, to produce revenue as long as they continue to be in space even as we bring the Legion capacity online. So the Legion capacity, especially while those assets are operating, will be high incremental capacity at relatively high margins.

只是為了澄清這一點，我們每年在第三季進行一次工程評估，以確定衛星的壽命以用於會計目的。我們的內部模型通常顯示它們的長度要長得多。但今年我們根據該模型對它們進行了擴展。我們相信，只要這些資產繼續存在於太空中，即使我們將軍團的能力帶到網路上，它們也將繼續產生收入。因此，Legion 的產能，特別是當這些資產正在運作時，將以相對較高的利潤率實現高增量產能。

We'll take our next question from Peter Arment with Baird.

我們將回答 Peter Arment 和 Baird 提出的下一個問題。

Dan, Biggs. Dan, thanks for all the details, and I appreciate Dan's contribution there. That was really interesting on the 3D. Dan, could you update us on like kind of expectations now with the cadence of the launches now that you've kind of -- you've got the official date now kind of moving to January? How we expect the others to be launched.

丹、比格斯。丹，感謝您提供的所有細節，我感謝丹的貢獻。 3D 效果真的很有趣。丹，您能否向我們介紹一下現在的最新情況，以及發布的節奏，因為您已經將正式日期移至一月份了？我們期望其他產品如何推出。

Yes. We still expect that after the first launch, we're about 2 months for the second launch. And then the third launch will be in due course. We'll see how the first 2 go. But it's probably that 2 to 3 months after that, depending on how the teams are and how the commissioning process goes. So we would expect a significant amount of revenue and EBITDA from the assets in 2023, and looking forward to getting them down ranging and getting them up in space.

是的。我們仍然預計，在第一次發布後，第二次發布還有大約 2 個月的時間。然後第三次發射將在適當的時候進行。我們將看看前兩個如何進行。但可能是在那之後 2 到 3 個月，具體取決於團隊的情況以及調試過程的進展。因此，我們預計 2023 年這些資產將帶來大量收入和 EBITDA，並期待將其縮小範圍並提高空間。

Yes, I would not -- I just would note, because we're always cautious on how we do the language. And this is a space program. And so we will continue to rigorously test all aspects of each of the satellites right up until the point when we're in final launch phase. And we're known for our quality. One of the reasons we're known for that is the extensive testing we do all the way throughout and right up until the end of the programs.

是的，我不會——我只是想指出，因為我們總是對如何使用語言持謹慎態度。這是一個太空計劃。因此，我們將繼續嚴格測試每顆衛星的各個方面，直到進入最後的發射階段。我們以品質聞名。我們之所以聞名的原因之一是我們在整個專案過程中一直進行廣泛的測試，直到專案結束。

Appreciate that. And you had previously said that kind of a 60-day checkout once in orbit. Is that still accurate?

很欣賞這一點。您之前曾說過，一旦進入軌道，就會進行 60 天的檢查。這仍然準確嗎？

Yes. We're right around that within a few days either way.

是的。無論哪種方式，我們都會在幾天之內解決這個問題。

We'll take our next question from Chris Quilty with Quilty Analytics LLC.

我們將回答 Quilty Analytics LLC 的 Chris Quilty 提出的下一個問題。

I wanted to follow up guidance items. I think I heard you say 45% EBITDA margins for the EI business for the year, which, if I heard that correctly, would imply like close to 50% in Q4. Is that -- am I doing my math correct?

我想跟進指導項目。我想我聽到你說今年 EI 業務的 EBITDA 利潤率為 45%，如果我沒聽錯的話，這意味著第四季度接近 50%。我的數學計算正確嗎？

Yes. 45% for the year, the fourth quarter would end up being about 50%. Keep in mind that that's a step-up in revenue and margin in the fourth quarter driven by product revenues, not service revenues and the product revenues are a higher margin than that 50%. And in fact, to the extent that we're delivering on inventory, the time we deliver the margin is closer to [100].

是的。全年為 45%，第四季最終約為 50%。請記住，第四季度收入和利潤率的成長是由產品收入而非服務收入推動的，而且產品收入的利潤率高於 50%。事實上，就我們交付庫存而言，我們交付利潤的時間更接近 [100]。

Got you. And so that's just mix related. And how should we think about the margins for the Space Infrastructure business, it sounds like you took out some of the management reserves in the third quarter real big margin. I mean, should we be aiming more for the low double digits on a go forward for the next couple of quarters?

明白你了。所以這只是混合相關的。我們應該如何考慮空間基礎設施業務的利潤率，聽起來你在第三季真正的大利潤率中拿出了一些管理儲備。我的意思是，我們是否應該在接下來的幾個季度中將目標更多地瞄準低兩位數？

Well, the -- implied in the middle of our range, the full year margin for Space Infrastructure would be a ramp just under 12% the fourth quarter, I think, would be around 90-ish. We'll continue to see quarter-to-quarter variations attributable to EAC accounting and the variability that creates going forward. We continue to target the 10% kind of range, like it to be better than that, but we will see variability period-to-period.

好吧，在我們的範圍中間隱含著，太空基礎設施的全年利潤率將略低於 12%，我認為第四季將在 90 左右。我們將繼續看到 EAC 會計造成的季度與季度變化以及未來產生的變化。我們繼續以 10% 的範圍為目標，希望它比這個更好，但我們會看到不同時期的變化。

I think kind of on that point, Chris, we are seeing better performance out of the space segment at this point in the journey. Some of that's due to the program mix, some of that's due to just better performance in the programs. And then some of it's due to the roll-off of some of the larger programs that have been impacting us on the downside as we move into programs that were more -- probably more appropriately bid managed out through the future here. But I think we're really excited about the mix of programs we've got. There will be some that are cost plus. We've got the accounting systems in place to do that. There will be some that are firm fixed price, and we'll expect higher margins on those types of programs where we're taking a little more risk on them as well.

我認為在這一點上，克里斯，我們在旅程的這一點上看到了太空領域的更好表現。其中一些是由於程序組合，一些是由於程序中更好的性能。其中一些是由於一些較大項目的退出，這些項目對我們產生了負面影響，因為我們進入了更多的項目——可能更適合在未來在這裡進行投標管理。但我認為我們對我們擁有的各種計劃感到非常興奮。會有一些是成本加成的。我們已經建立了適當的會計系統來做到這一點。有些項目的價格是固定的，我們預期這些類型的項目的利潤率會更高，而我們也會承擔更多的風險。

Got you. One other accounting-related question. Can you give us either the orders or the general book-to-bill for both of the segments?

明白你了。另一個與會計相關的問題。您能否向我們提供這兩個部分的訂單或一般訂單到帳單？

Sure, I can. You want it for the quarter or year-to-date trailing 12? I'll give you trailing 12 because we think -- we like looking over the longer period. I've given -- I've already given some, I think, on year-to-date. But trailing 12 EI is 2.5 book-to-bill Space Infrastructure, trailing 12 is 0.6, but I will emphasize that -- the quarter was high at 1.5. We expect to be over 1x for the year. Consolidated basis, we're at 1.5. So -- all of these things, I think, are trending in the right direction. And we look for sizable orders here in the fourth quarter on Space Infrastructure, in particular.

當然，我可以。您想要本季或年初至今的 12 筆記錄嗎？我會給你追蹤 12 個數據，因為我們認為——我們喜歡關注更長的時期。我已經付出了——我想，今年迄今為止我已經付出了一些。但追蹤 12 的 EI 是太空基礎設施的 2.5 訂單出貨比，追蹤 12 的 EI 是 0.6，但我要強調的是——本季高達 1.5。我們預計今年將超過 1 倍。綜合來看，我們的比率為 1.5。所以，我認為所有這些事情都在朝著正確的方向發展。我們特別希望第四季度在太空基礎設施領域獲得大量訂單。

Got you. And presumably, the guidance includes any contribution from the acquisition, which is probably not hugely material.

明白你了。據推測，該指引包括了收購帶來的任何貢獻，但這可能並不重要。

I said it's not expected to move the needle against the guidance we've already given. So we're not changing it for that.

我說過，預計不會違反我們已經給的指導方針。所以我們不會為此改變它。

Got you. And final question just on the Earth Intelligence commercial side of the business. It looks like there's been some international weakness recently. Again, is that attributed to the same delayed order issues we've been talking about previously. Is there something else going on there?

明白你了。最後一個問題是關於地球情報商業方面的問題。最近國際局勢似乎有些疲軟。同樣，這是否歸因於我們之前討論過的相同延遲訂單問題。還有其他事情發生嗎？

I wouldn't say we've got any weakness on the international side. I think we've seen strong growth throughout the year. We see some fairly large deals to close out the year, as Biggs mentioned, in Q4 here. But just seem very strong, particularly with the situation and use cases that are being shown in some of the crises and conflict areas around the world. We're seeing pretty good adoption of the product sets. We have been limited by satellite capacity with those traditional international customers. And as we bring Legion online, expect to see a lot of tailwinds coming from that.

我不會說我們在國際方面有任何弱點。我認為我們全年都看到了強勁的成長。正如比格斯所提到的，我們在第四季度看到一些相當大的交易將在今年結束。但看起來非常強大，特別是考慮到世界各地一些危機和衝突地區所顯示的情況和用例。我們看到這些產品組得到了很好的採用。我們受到那些傳統國際客戶的衛星容量的限制。當我們將《軍團再臨》上線時，預計會帶來許多好處。

Very good. Can't wait until January.

非常好。等不及一月了。

And I think I just want to add in on the Wovenware acquisition. When I said it doesn't move the needle in terms of the bottom line expectations for next year, and then we're not adjusting our guidance for it is that's in part because we're going to use those resources to fuel our long-term growth. We're using them to further our development of the 3D product. And yes, we will -- we expect to get some support to other areas as well like services, but it's really about being a very efficient resource that we get into over time that will drive the business forward and enable that long-term growth.

我想我只想補充一下對 Wovenware 的收購。當我說這不會對明年的底線預期產生重大影響，然後我們不會調整我們的指導時，部分原因是我們將使用這些資源來推動我們的長期發展——期限增長。我們正在使用它們來進一步開發 3D 產品。是的，我們會——我們希望獲得對其他領域以及服務等方面的一些支持，但這實際上是一種非常有效的資源，隨著時間的推移，我們將獲得這種資源，從而推動業務向前發展並實現長期成長。

We'll take our next question from Robert Spingarn with Melius Research.

我們將回答 Melius Research 的 Robert Spingarn 提出的下一個問題。

Dan, I think that Matt just asked you about WVL software and Peter talked about the launch schedule. But I'm not sure I -- we talked about the hardware status for WVL-3 through 6. Can you update on that?

Dan，我認為 Matt 剛剛問了您有關 WVL 軟體的問題，而 Peter 則談到了發佈時間表。但我不確定 - 我們討論了 WVL-3 到 6 的硬體狀態。

Yes, sure. And just kind of like go back to the 1 slide we referenced in the deck. But the first 2 are essentially hardware ready, ready to ship down range, waiting for the final software packages for the launch and the commissioning phase of the program. We want to make sure we validate that software all the way through the hardware interface and the AI&T sections and with the ground teams. But they've got the software. We'll continue to do any patches to it along the way here as we get ready for launch. And so that's looking good. On the next 2 satellites, they are going into AI&T. So they're going into the environmental testing that we do up in Palo Alto. Rob, I think you've seen some of those facilities, but the thermal vacuum chambers, tables, all that kind of stuff there. They're in that process right now. And we're running -- we'll be running closed-loop software all the way through those testing phases. And then 5 and 6.

是的，當然。就像回到我們在簡報中引用的第一張投影片一樣。但前兩個基本上已經準備好硬件，準備好運送到範圍內，等待最終的軟體包用於該計劃的啟動和調試階段。我們希望確保我們透過硬體介面和人工智慧與技術部分以及地面團隊來驗證該軟體。但他們有軟體。當我們準備好發佈時，我們將繼續對其進行任何修補。所以這看起來不錯。在接下來的兩顆衛星上，他們將進入人工智慧與科技領域。因此，他們將參與我們在帕洛阿爾托進行的環境測試。羅布，我想你已經看到了其中一些設施，但熱真空室、桌子，以及所有類似的東西。他們現在正處於這個過程中。我們正在運行——我們將在整個測試階段運行閉環軟體。然後是5和6。

Hardware is done, Dan, at that point.

丹，硬體已經完成了。

Yes. As they come out of AI&T, they're essentially hardware ready to go down range too. We'll continue to do performance reference testing all the way until we send them down to the base, but they're in very good shape. The last 2 satellites, we've got the instrument for 5. We're still waiting for the instrument for 6 from Raytheon. But when we bring that one in and then 1 or 2 other minor hardware components will be hardware ready on those as well. So at this point, those are further out. That's not unexpected to have them at that phase. But with the exception of that last instrument for the 6 satellite, we're, we're tracking right along to where we want to be with the 3 coordinated launches.

是的。當它們來自 AI&T 時，它們本質上也是準備好進入範圍的硬體。我們將繼續進行效能參考測試，直到我們將它們發送到基地，但它們的狀態非常好。最後 2 顆衛星，我們拿到了 5 顆衛星的儀器。但是，當我們引入其中一個時，其他 1 或 2 個次要硬體組件也將在這些組件上做好硬體準備。所以在這一點上，這些都還很遙遠。他們處於這個階段並不奇怪。但除了 6 顆衛星的最後一個儀器外，我們正在透過 3 顆協調發射沿著我們想要的方向前進。

Okay. And then just a high-level question. Biggs offered up a really nice list of the numerous growth drivers earlier. And if I heard correctly, all but 1 are in the EI business. And you've got a ton of momentum. We've talked about it throughout the call. The other Dan had a really nice description of the innovation you've got in that business. So it's a little bit of a loaded question, and we have some history with this, but does SI fit in the long term as you move past WVL with all the strength you have in EI and just give them how the market is changing on the hardware side with all of the competition and so forth?

好的。然後只是一個高級問題。比格斯早些時候列出了眾多增長動力的非常好的清單。如果我沒聽錯的話，除了 1 個人之外，其他所有人都從事 EI 業務。而且你有很大的動力。我們在整個通話過程中都討論了這個問題。另一位丹對你們在該行業的創新做了非常好的描述。所以這是一個有點複雜的問題，我們對此有一些歷史，但是從長遠來看，當你憑藉 EI 中的所有優勢超越 WVL 並告訴他們市場如何變化時，SI 是否適合長期硬體方面與所有競爭對手等等？

We're very pleased with the performance of the Space Infrastructure side of the business. I think they're doing a great job, we really like the way in which the Legion program will support both sides of the business as well as I think as we've moved our way or started moving our way into defense and intel, there's a lot of customer coordination and overlap, which is particularly nice for example, the National Reconnaissance Office, Space Force, things the Air Force does as well. So we'll continue to push that business forward. Chris and team are doing a great job and like what we see there.

我們對太空基礎設施的業務表現非常滿意。我認為他們做得很好，我們真的很喜歡軍團計劃支持業務雙方的方式，而且我認為隨著我們已經邁向或開始邁向國防和情報領域，有很多客戶協調和重疊，這特別好，例如國家偵察辦公室、太空軍、空軍也做的事情。因此，我們將繼續推動該業務向前發展。克里斯和團隊做得很好，就像我們在那裡看到的那樣。

(Operator Instructions) Our next question comes from Tim James with TD Securities.

（操作員說明）我們的下一個問題來自道明證券的蒂姆·詹姆斯。

Thanks for your time. My first question, housekeeping actually. I just wanted to go back, Dan, you mentioned upfront about the change in the depreciation, the lives for GeoEye-1 will be -- 1 and 2. I'm sorry, when did the lives for accounting purposes get extended to on each of those satellites?

感謝您抽出時間。我的第一個問題，其實是客房服務。我只是想回去，Dan，你預先提到了折舊的變化，GeoEye-1 的壽命將是 -- 1 和 2。

We do that in third quarter -- or I'm sorry, in the fourth quarter. We did that in the fourth quarter review. So it's an October work stream for us, and we do a rigorous engineering assessment and simulation. We do that for accounting purposes because we have to every year. We've got internal models that generally have those running longer than the accounting simulations for our long-range planning and forecasting. And I think the takeaway there is, just like we have in many years in the past, we've extended those 3 satellites by a year. And also, the key point is that we renewed insurance on the entire constellation for the next year as we normally do at the same rates that we've previously been procuring the insurance.

我們在第三季這樣做——或者對不起，在第四季。我們在第四季度的回顧中做到了這一點。所以這是我們十月的工作流程，我們進行了嚴格的工程評估和模擬。我們這樣做是出於會計目的，因為我們每年都必須這樣做。我們的內部模型通常比我們的長期規劃和預測的會計模擬運行時間更長。我認為重點是，就像我們過去很多年所做的那樣，我們將這 3 顆衛星的發射時間延長了一年。而且，關鍵的一點是，我們為明年的整個星座續保了保險，就像我們通常以與之前購買保險相同的費率進行的那樣。

Okay. So it was -- so it's 1 year that you've extended the lives from on those. Is that right? And I believe they were all due to the lives we're finishing up in either Q3 or Q4 and they've each been extended by 1 year. Is that correct?

好的。事實就是這樣——所以你已經延長了這些人的壽命一年了。是這樣嗎？我相信它們都是由於我們在第三季或第四季結束的壽命造成的，而且它們都延長了一年。這是正確的嗎？

Yes -- each by 1 year, second half of '24 for all of them to...

是的——每 1 年，也就是 24 年下半年，他們所有人都會…

Hopefully, you get it. But on the insurance, it's not just a matter of us increasing the -- increasing the coverage by 1 year. That's the insurers taking all the data on the performance of the satellites and assessing that very comfortable with the renewing the insurance for another year as well. So there's a lot of analysis that goes into this, not just for depreciation purposes but also given to the insurers, which supports everybody's decision-making.

希望你能明白。但在保險方面，這不僅僅是我們增加保險範圍一年的問題。保險公司會取得衛星性能的所有數據，並評估是否願意將保險續保一年。因此，對此進行了大量分析，不僅是為了折舊目的，而且還提供給保險公司，以支持每個人的決策。

Okay. My next question on the Services business. And you talked Biggs about the kind of a shortfall or how service business has been lagging, I guess, I guess your expectations. Can you just walk through again the reasons for that and quantify that? I think you mentioned $30 million. I just wanted to understand, is that a kind of difference on a year-over-year basis? Or is that relative to your expectations? Maybe just some additional color there would be helpful.

好的。我的下一個問題是關於服務業務的。你和比格斯談到了那種短缺或服務業務如何滯後，我猜，我猜你的期望。您能否再次回顧原因並對其進行量化？我想你提到了 3000 萬美元。我只是想了解，這是同比的差異嗎？或者這與您的期望有關嗎？也許只是一些額外的顏色會有幫助。

It's really both. The -- and in terms of being against our expectations and also against last year, the -- for some quarters, there was a very high level of proposals that were outstanding with the customers that just weren't being freed up for us to execute against, that has corrected itself such that the book-to-bill actually year-to-date for services, although it's not in what I gave earlier is 1.4x. So backlog is growing and we're catching up on those awards. But we do still have challenges associated with getting cleared personnel available to work on some of these programs. And that is, if you go, tempering the growth that we've hoped for and that we expect to get going forward. And Wovenware will be one of the ways in which we would expect we're going to be able to support growth in the Services business as well as what we talked about in terms of driving product development, otherwise.

確實是兩者兼而有之。就與我們的預期和去年相比而言，在某些季度，有大量的提案對客戶來說很突出，但我們沒有騰出時間來執行相反，這已經自我糾正，使得服務的訂單出貨比實際上是年初至今的，儘管它不是我之前給出的1.4 倍。因此，積壓的訂單正在增加，我們正在追趕這些獎項。但我們仍然面臨與獲得批准的人員參與其中一些專案相關的挑戰。也就是說，如果你去的話，就會緩和我們所希望的和我們期望繼續前進的成長。 Wovenware 將是我們期望能夠支援服務業務成長以及我們在推動產品開發方面所討論的成長的方式之一。

And is it primarily Services work for U.S. government entities?

它主要是為美國政府實體提供服務嗎？

Absolutely. Yes.

絕對地。是的。

The very substantial bulk of all the services work is Defense and Intelligence customers throughout the government.

所有服務工作的很大一部分是整個政府的國防和情報客戶。

And where the delays are or the difference is there, obviously. Okay. And then just my last question, if I could. And again, this maybe is going back to the presentation that was very informative. How big -- is it possible to give us a sense for how -- and I realize this is more about an opportunity for the future. But if we look at the business today, how much revenue or approximately how much comes from customers that are using data or services 3D or otherwise for entertainment purposes, whether it's gaming or is there a slide on Hollywood uses in there. Is it possible to kind of to give us a bit (inaudible) is today.

顯然，延遲在哪裡或差異在哪裡。好的。然後是我的最後一個問題，如果可以的話。再說一遍，這可能又回到了內容豐富的演示。有多大——是否有可能讓我們了解如何——我意識到這更多的是關於未來的機會。但如果我們看看今天的業務，有多少收入或大約有多少收入來自使用 3D 數據或服務或其他娛樂目的的客戶，無論是遊戲還是好萊塢使用的幻燈片。今天是否可以給我們一點（聽不清楚）。

I'm going to turn it over to Dan Nord in a second. We haven't broken it out by industry other than to say, inside of the enterprise business. We've got gaming entertainment, of course, the traditional large tech companies that we work with, mapping applications, geolocation services, risk management, vehicle navigation, those sorts of things. We've seen good growth on the public sector side. We see an opportunity for really substantial growth on the enterprise side as well. So I don't know, Dan, do you have any thoughts on that?

我馬上就把它交給 Dan Nord。除了企業業務內部之外，我們還沒有按行業進行細分。當然，我們有遊戲娛樂、與我們合作的傳統大型科技公司、地圖應用程式、地理定位服務、風險管理、車輛導航等等。我們看到公共部門方面的良好成長。我們也看到了企業方面真正大幅成長的機會。所以我不知道，丹，你對此有什麼想法嗎？

Yes. Some of this is new technology entering Hollywood. And so actually, the Unreal Fest presentation we gave a few weeks ago, that was when some of these customers just learned about it. So we're right on the front end of some of the growth with the Blackshark.ai product. But there's plenty of other applications to use our 3D data in. So yes, I think its opportunity and upside on the gaming and entertainment side and it's a clear opportunity in mapping, drone delivery and some of the more expected areas for 3D Globe.

是的。其中一些是進入好萊塢的新技術。事實上，我們幾週前在虛幻節上進行了演示，當時其中一些客戶剛剛了解到這一點。因此，我們正處於 Blackshark.ai 產品成長的前端。但還有很多其他應用程式可以使用我們的3D 數據。領域中，這顯然是一個機會。

We will take our next question from Michael Ciarmoli with Truist Securities.

我們將回答 Truist Securities 的 Michael Ciarmoli 提出的下一個問題。

Maybe, again, I guess, if you could speak a little bit. I'm thinking about the overall pipeline and the competitive environment. I guess if we were to go back 12 to 15 months ago, there was certainly a lot more buzz about all these upstart satellite competitors. But what are you seeing out there now? I mean, certainly, you've done a lot here on the 3D side and scaling that up. But can you maybe just characterize what as it relates to the pipeline of opportunities and the competition, what you're seeing out there?

也許，我想，如果你能說一點的話。我正在考慮整體通路和競爭環境。我想如果我們回到 12 到 15 個月前，肯定會有更多關於所有這些新興衛星競爭對手的討論。但你現在在外面看到什麼？我的意思是，當然，你們在 3D 方面做了很多工作，並擴大了規模。但您能否描述一下您所看到的與機會和競爭管道相關的內容？

I think we're seeing continued very, very strong adoption and growth of our product sets, particularly on the Earth Intelligence side, I think that as Biggs walked through what our expectations are for the 2023, numbers that have been out there for quite some period of time. some of the crisis spots in the world have yielded sort of an insatiable demand for the types of satellite data and derivative products like the 3D products that Maxar provides, especially as we showed more global scale accurate applications for those things like 3D point clouds and Precision3D applications. So I think we're doing really well there. The broad area components plus the hyper -- accuracy at 30-centimeter quality is really the -- what's driving the engines for the AI and machine learning applications that we're seeing. And that's where we're seeing the growth out into the future. And Legion will do nothing, but contribute pretty dramatically to the amount of capacity that we have, especially in the areas of the world where we have the highest product sets for that. So I kind of not to comment too much on what we're seeing in the marketplace with everybody else. But even as others have come in and are doing some of this, it hasn't really impacted too much or if at all. The trend lines we've been -- that we've been expecting. On the space side of the business, look, we've been doing really good diversification work. We continue to love and serve the customers in the geocommunications market, but being able to diversify products and customers, and we've got a lot more products in that part of the business now. It's allowing us to penetrate and drive real cash flow and real profits in the business there also, and we're excited about those trends.

我認為我們看到我們的產品集持續非常非常強勁的採用和成長，特別是在地球情報方面，我認為當比格斯闡述了我們對2023 年的期望時，這些數字已經存在了相當長的一段時間了。世界上的一些危機點對衛星資料類型和衍生產品（例如Maxar 提供的3D 產品）產生了永不滿足的需求，特別是當我們展示了針對3D 點雲和Precision3D 等更多全球範圍的精確應用程序時應用程式。所以我認為我們在那裡做得很好。大面積組件加上 30 公分品質的超高精度確實是驅動我們所看到的人工智慧和機器學習應用引擎的因素。這就是我們看到未來成長的地方。 Legion 不會做任何事，但會大大提高我們的產能，特別是在我們擁有最高產品集的世界地區。因此，我不會對我們在市場上與其他人看到的情況發表太多評論。但即使其他人已經介入並正在做一些這樣的事情，它並沒有真正產生太大影響，或者根本沒有影響。我們一直在期待的趨勢線。在業務的空間方面，我們一直在做非常好的多元化工作。我們繼續熱愛並服務於地理通訊市場的客戶，但能夠使產品和客戶多樣化，現在我們在該業務部分擁有更多的產品。它使我們能夠滲透並推動當地業務的實際現金流和實際利潤，我們對這些趨勢感到興奮。

Got it. Got it. And then just 1 more -- an update on the WorldView Legion. Do you still just have 1 contract signed, 1 customer? Or what are the expectations there?

知道了。知道了。然後還有 1 條——WorldView Legion 的更新。您還只簽了 1 個合約、1 個客戶嗎？或者說那裡有什麼期望？

No. We've got much more than that. We've got 2 DAF customers that have signed up for the additional capacity all the way through. We've upgraded, gosh, it's 7 now of our ground stations, and that's -- we in anticipation of then picking up the Legion capacity as well. There's some built-in for growth with government -- U.S. government customers. And with that additional capacity also, it meets all the specifications for the commercial customers, the enterprise customers that we've got. And we've got strong backlog for them as well. There are some contracts where we have not been able to deliver close to the requirements for 100% of the contract. And so as we start delivering more with the Legion constellation, we'll snap right into some revenue growth there as well.

不，我們擁有的遠不止這些。我們有 2 家 DAF 客戶已全程簽約獲得額外產能。我們已經升級了，天哪，現在我們的地面站已經有 7 個了，那就是——我們預計屆時也會提升軍團的能力。有一些內建的功能可以促進政府—美國政府客戶的成長。憑藉額外的容量，它還可以滿足我們現有的商業客戶和企業客戶的所有規格。我們也有大量的積壓訂單。有些合約我們無法接近 100% 的合約要求交付。因此，當我們開始透過軍團星座提供更多服務時，我們也將在那裡實現一些收入成長。

We'll take our next question from Austin Moeller with Canaccord Genuity.

我們將接受 Canaccord Genuity 的 Austin Moeller 提出的下一個問題。

So just my main question is on Space Infrastructure. You've had the win with L3Harris to build 14 PLEO buses for the Tracking Layer. What kind of production quantities do you sort of have in your vision for the next few years for PLEO buses? Do you think we could get some like 50, 100 satellites a year, that would enable you to be highly competitive with the Terran Orbitals and Rocket Labs of the world?

我的主要問題是關於太空基礎設施。您與 L3Harris 合作，贏得了為追蹤層建造 14 輛 PLEO 總線的勝利。您對未來幾年 PLEO 客車的生產量有何預期？您認為我們每年可以獲得 50 到 100 顆衛星，這將使您能夠與世界上的人族軌道和火箭實驗室競爭嗎？

Yes, we're certainly building that type of capability. We haven't just been winning awards, but we've been reengineering our manufacturing footprint, our design and our space architecture, engineering architecture groups out there as well. And so we will be set up. Again, the first 14 satellites are really a prototype phase. If that program gets legs and grow significantly or there are other programs in the Defense and Intelligence side that Maxar are certainly bidding on. And there are programs on the commercial side that will require numbers in the dozens to hundreds as you're talking about there, we'll be in a position to scale up to capture that market opportunity. So yes, we're bullish on it, and we're getting lots of good market signals because -- the 1 -- kind of the calling card that Maxar has is the quality. So as we ramp up those types of production levels, we'll expect to keep the same quality our customers are used to and a very efficient delivery points. It's good signals for us right there.

是的，我們確實正在建立這種類型的能力。我們不僅贏得了獎項，而且還重新設計了我們的製造足跡、我們的設計以及我們的空間建築、工程建築團隊。這樣我們就準備好了。再說一遍，前 14 顆衛星確實處於原型階段。如果該項目得到支持並顯著增長，或者 Maxar 肯定會競標國防和情報方面的其他項目。正如您所說，商業方面的項目需要數十到數百個，我們將能夠擴大規模以抓住該市場機會。所以，是的，我們看好它，我們收到了很多良好的市場訊號，因為 Maxar 的第一張名片就是品質。因此，當我們提高這些類型的生產水平時，我們希望保持客戶習慣的相同品質和非常高效的交貨點。這對我們來說是個好訊號。

We will take our next question from (inaudible) with BMO Capital Markets.

我們將接受 BMO 資本市場（聽不清楚）的下一個問題。

Just a couple of quick questions on the Wovenware acquisition. So it sounds like that EBITDA is already baked into the guidance where it's going to be neutral. Is that a fair way of looking at it? .

關於 Wovenware 收購的幾個簡單問題。因此，聽起來 EBITDA 已經納入指引，並將保持中性。這是一個公平的看待它的方式嗎？ 。

At this point, as I said, it's not something we're going to revise the guidance for it at this point in time. I don't expect to do that in the future. From the standpoint of discrete third-party revenues, it's not something to move it. And otherwise, we're going to take those resources and use them to drive our business forward. So you need to think of it that way.

正如我所說，目前我們不會及時修改指南。我不希望將來這樣做。從離散第三方收入的角度來看，這並不是什麼可以改變的事情。否則，我們將利用這些資源並利用它們來推動我們的業務向前發展。所以你需要這樣想。

Okay. And just on the third-party. Is that a business that you're going to continue to carry on once the acquisition closes? Or will this just be an internal part of Maxar?

好的。而且只是在第三方。收購完成後您會繼續經營這項業務嗎？或者這只是 Maxar 的內部部分？

We're planning to certainly carry on with some of the customers. This is a great company, and they've built a really successful long-term business. Christian and Carlos, who the founders -- and it's a great young team of software engineers and developers, many of them from Mayagüez University in Puerto Rico. And they've certainly done a lot of business with us in the past, but they've developed some great third-party work as well. Where that's accretive to the model in our business and where those are good customers to keep going forward. I totally expect we'll be able to do it. The nice thing is as we grow that business, and we expect to grow it significantly down there. we'll be able to moderate between how much we do for outside and third-parties and how much we do for Maxar internal development. And it will give us some flexibility on both fronts.

我們計劃繼續與一些客戶合作。這是一家偉大的公司，他們建立了真正成功的長期業務。 Christian 和 Carlos 是創辦人，這是一支由軟體工程師和開發人員組成的優秀年輕團隊，其中許多人來自波多黎各的馬亞圭斯大學。他們過去確實與我們做了很多業務，但他們也開發了一些很棒的第三方工作。這對我們業務的模式有促進作用，而這些客戶是繼續前進的好客戶。我完全希望我們能夠做到。令人高興的是，隨著我們業務的發展，我們預計它會在那裡大幅成長。我們將能夠在為外部和第三方所做的工作以及為 Maxar 內部開發所做的工作之間進行調整。這將為我們在兩方面提供一定的靈活性。

Okay. Good to hear. And a final quick question. Is the acquisition going to be funded out of cash on hand? Or will you have to draw down on your credit facility?

好的。很高興聽到。最後一個簡短的問題。此次收購是否將以手頭現金提供資金？或者您必須提取信貸額度嗎？

Well, we're presently drawn on the credit facility. So effectively, it really doesn't matter where you think of it as cash on hand or using credit facility because we -- we like to take any excess cash we have and pay down the credit facility as it's available. Having said that, it's not a big cash upfront outlay, it is over 5 years. So there actually is -- the entire outlay is pretty pro rata over the entire 5 years or so. It's not a big cash use upfront.

嗯，我們目前正在使用信貸額度。因此，實際上，你將其視為手頭現金還是使用信貸額度並不重要，因為我們喜歡拿走我們擁有的任何多餘現金，並在可用時償還信貸額度。話雖如此，這並不是一筆很大的前期現金支出，而是超過5年的時間。事實上，在整個 5 年左右的時間裡，整個支出是按比例計算的。這並不是大量的前期現金使用。

Thanks for clarifying this point (inaudible)

感謝您澄清這一點（聽不清楚）

No, I think that was it. We do expect it to be immediately accretive in 2023.

不，我想就是這樣。我們確實預計它會在 2023 年立即增值。

That does conclude the question-and-answer session. I'd like to turn the call back over to Dan Jablonsky for any closing remarks.

問答環節到此結束。我想將電話轉回丹·賈布隆斯基（Dan Jablonsky）以供結束發言。

I'd just like to say thanks to the entire Maxar team for the great work this quarter and the work we're doing to finish out the year. Very much looking forward, as I know our investors are to getting the Legions down range and launched and successfully operating in space, and it's a primary focus for us and look forward to seeing many of you at the launch sites. Thank you.

我只想對整個 Maxar 團隊在本季度所做的出色工作以及我們為完成這一年所做的工作表示感謝。非常期待，因為我知道我們的投資者希望將軍團發射到太空並在太空中成功運行，這是我們的主要關注點，並期待在發射場見到你們中的許多人。謝謝。

And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

今天的演講到此結束。感謝您的參與，您現在可以斷開連接。