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Sam Gates

Research Analyst at Jefferies Financial Group Inc.

Sam Gates is an Equity Research Analyst at Jefferies, specializing in coverage of the industrials sector with a particular focus on machinery, transportation, and multi-industrial companies. He is known for his in-depth analysis of firms such as Caterpillar, Deere & Co., United Rentals, and PACCAR, with a research track record recognized by institutional investors for accuracy and thoughtful recommendations. Since joining Jefferies in 2017, Sam has delivered sector commentary and stock calls that have contributed to measurable returns, with performance metrics including a consistently above-average success rate on platforms such as TipRanks. He holds FINRA Series 7, 63, and 86/87 registrations, underscoring his professional credentials and regulatory compliance within the securities industry.

Sam Gates's questions to LLAP leadership

Question · Q3 2023

Asked about the economics of the latest Tranche 2 Transfer Layer contract compared to previous tranches, and inquired about the revenue conversion timeline and total addressable market for the new responsive space initiative.

Answer

The new Tranche 2 award is larger and expected to have margins in the mid-to-high teens, comparable to other SDA programs, with expectations for future margin improvement. The responsive space initiative, aimed at delivering satellites in days instead of years, is currently bidding on 6-8 month turnaround programs and is expected to be fully operational by Q4 2024, targeting a very large global market.

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