Colin Michael Canfield

Colin Michael Canfield inquired about the potential timeline for realizing Iridium's full value, the key assets other partners might want to integrate, and a rank order of potential teammates (e.g., Apple, Amazon, Globalstar) for future partnerships.

Answer

CEO Matthew J. Desch highlighted Iridium's value in its experience, ecosystem, U.S. government business, and unique PNT technology. He noted that the market isn't fully appreciating their assets and that a pivot to more investment in long-term growth areas is prudent. He acknowledged active discussions in the industry but declined to rank potential partners or signal imminent deals.

Colin Michael Canfield asked about the growth dynamics, specifically how much of the Germany and JSAT contracts are included in the current backlog, and the growth mechanics within the U.S. Department of Defense, including trends for Planet Labs PBC to engage directly with combatant command controls for naval maritime domain awareness.

Answer

Will Marshall (Co-Founder, CEO & Director, Planet Labs) explained that the U.S. Department of Defense is increasingly leveraging Planet's broad area monitoring and maritime domain awareness solutions. Ashley Fieglein Johnson (President & CFO, Planet Labs) confirmed that the full amounts of the Germany and JSAT contracts are included in the backlog and will be recognized over multiple years. Regarding multi-year free cash flow dynamics and working capital, Ms. Johnson stated that satellite services contracts generally have a positive impact on working capital, enabling fleet build-out without relying on the balance sheet, with specifics varying quarter-to-quarter and early years being weighted.

Colin Michael Canfield asked about the growth dynamics, specifically the inclusion of Germany and JSAT contracts within the current backlog, and the growth mechanics within the U.S. Department of Defense (DOD), particularly regarding Maritime Domain Awareness and direct engagement with combatant commands. He also inquired about multi-year free cash flow dynamics and the working capital schedule related to these major awards and other international opportunities.

Answer

Will Marshall (Chairman, Co-Founder, and CEO, Planet) explained that the DOD is increasingly leveraging Planet's broad area monitoring capabilities, including GMS and Maritime Domain Awareness solutions, citing recent wins with the U.S. Navy and Defense Innovation Unit. Ashley Fieglein Johnson (President and CFO, Planet) confirmed that the full amounts of the Germany and JSAT contracts are included in the backlog and will be recognized over multiple years. She added that satellite services contracts generally provide positive working capital benefits, aiding fleet build-out without relying on the balance sheet, with significant weighting in the early years of the contracts.