Thank you, Leo. Good morning, everyone, and thank you for joining Terran Orbital's year-end 2022 earnings call. With me this morning from Terran Orbital are Marc Bell, Co-Founder, Chairman, Chief and Executive Officer, and Gary Hobart, Chief Financial Officer. Marc will provide a business update and highlights for the quarter and full year in 2022, and then Gary will review the quarterly and annual results. Terran Orbital's executive team will be then available to answer your questions. During today's call, we may make certain forward-looking statements. These statements are based on our current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual events to differ materially from forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, each of which can be found on our website, www.terranorbital.com. Readers are cautioned not to put any undue reliance on forward-looking statements, and the company specifically disclaims any obligations to update the forward-looking statements that may be discussed during this call. Please also note that we will refer to certain non-GAAP financial information on today's call. You can find reconciliations of these non-GAAP financial measures with the most comparable GAAP measures in our earnings press release. With that, I will turn it over to Marc. Great. Thank you, John. Welcome and thank you to everyone for joining our year-end 2022 earnings conference call. 2022 was an exciting and pivotal year for Terran Orbital. In March, we became a publicly traded company and started trading on the New York Stock Exchange under the symbol LLAP, live long and prosper. We built backlog, capacity, and revenues throughout 2022. We are well on our way to achieving the vision of industrializing small space satellite production. We made extraordinary progress in a very short time. Today, I am thrilled to review the highlights from 2022 and provide a business update, including the company's record $2.4 billion contract from Rivada Space Networks, which we announced last month. Gary will provide more detail on our financial results. Then we're happy to take all your questions. Starting with a recap of Terran Orbital's achievements from 2022. In March, our company became public via merger with Tailwind Two Acquisition Corp during challenging capital market conditions. Since then, our revenue has grown by 130% year-over-year to $94.2 million. Our backlog rose a similar percentage over the last 12 months from under $74 million to over $170 million as of December 31st. Our backlog includes over 60 satellites in various stages of completion, which we expect to deliver in the coming quarters. Over the last year, escalating geopolitical tensions and new space technology advances drove unprecedented and urgent demand for low Earth orbit satellite solutions beyond even our earlier expectations. Our team has moved decisively and strategically to expand and vertically integrate our production facilities. I am delighted to report to you that our strategy is paying off. We delivered a record 19 satellites in 2022. Our investments in facilities, workforce, and automation are creating an industry-leading production base in Irvine, California facilities. In October 2022, we were thrilled to complete a new $100 million investment and extension of our strategic cooperation agreement to the year 2035 with our partner, Lockheed Martin. Our steady execution was demonstrated by our early delivery of the 10 satellites to Lockheed Martin in support of the Space Development Agency's Transport Layer Tranche 0. I couldn't be any prouder of our Terran Orbital team's performance in delivering this important customer commitment. As discussed on every earnings call since our listing, meeting our commitments to Lockheed Martin, the Space Development Agency, and our nation's war fighters on this critical program was a top goal for our team in 2022 and continues into 2023. I thank the entire production program and engineering teams for working hard to accomplish this goal and serve our customers' missions, which we believe differentiates our performance relative to our competitors. As an established small satellite manufacturer with a first-mover advantage, we are expanding our competitive moat. Accordingly, we are landing bigger and even record-shattering new contracts. For example, the Space Development Agency has awarded the Lockheed Martin Terran Orbital team two successive tranches of the SDA's Transport Layer. The first award was for 10 satellites, which was awarded in early 2020, which we just completed. The second Tranche 1 award is for 42 satellites and was awarded just twelve months ago. We are executing on this tranche and expect to begin deliveries later this year. We expect the Space Development Agency to award the Transport Layer Tranche 2 contracts later this year as well. Just last month, we received our largest contract ever. We were awarded a $2.4 billion contract to deliver 300 satellites and ground support to Rivada Space Networks. Rivada also has the option to purchase an additional 300 satellites as well. This advanced constellation will utilize the most advanced space technologies available to a low- Earth- orbit proliferated constellation and provide cyber-secure communications and data services for the protection of the U.S. and its allies in Europe. Terran Orbital offered Rivada both manufacturing heft to meet the critical mission and regulatory timestones, and a more capable satellite design and architecture to provide mission assurance. To solidify our leadership position in small satellite manufacturing and support diverse customers such as the Space Development Agency, Rivada and others, we are pleased to announce further progress in expanding our capacity. Today, we are in the commissioning phase of our previously announced new facility in Irvine, California. This facility adds 60,000 sq. ft of manufacturing space and once fully ramped, is expected to support the build-up up to 250 satellites per year. We are thrilled to announce today our next capacity expansion step. An incremental 94,000 sq ft of leased manufacturing and assembly space, also in Irvine, California. Importantly, this new facility, which has already begun construction, will have 36- foot- high bay assembly space to accommodate the complete assembly and integration of larger-sized satellites along with their payloads. We are planning to transition all satellite assembly to this new facility and dedicate our existing facilities to the production of components and modules that will comprise our satellites. This optimization will enhance the efficiency and capacity of our entire production system. When fully ramped, this addition has the potential to raise our satellite capacity to multiples of our prior 250 per year target. We will have a formal groundbreaking ceremony in May of this year and expect the facility to begin commissioning in 2024. Let's take a moment and talk about our outlook. As we look to the year ahead, we remain focused on continuing to convert our $14 billion pipeline of opportunities into firm contracts, scaling our capacity, and executing our customer commitments. Given the potential material impact of our contract with Rivada and other opportunities, on our 2023 financial performance, we do not intend to provide 2023 guidance until the first phase of the Rivada program has commenced and progressed sufficiently to permit us to have a good sense of our projected results. We expect progress on this program to accelerate throughout 2023 and 2024, with deliveries concentrated in 2025 and 2026. As a reminder, these affordable low Earth orbit satellites are designed for replacement every few years, with the potential for recurring revenue stream as they need to continuously be replaced, as do all low Earth orbit satellites. Additionally, we expect to begin delivering SDA Transport Layer Tranche 1 satellites in 2023. The SDA has indicated they plan to run their procurements for new tranches of satellites every 2 years. They have announced multiple planned procurements over the next year, which we intend to participate. We are pleased that our on-time delivery in support of the early SDA missions positions us well for future awards. SDA programs, program priorities this year and next include Tranche 2 of the Transport Layer, T2's demonstration and experimentation, and the Tranche 2 of the SDA's Tracking Layer represent nearly 300 additional satellites. We are proud of our team's achievements in 2022. Excited for the year ahead. A highlight of the year was just last week when Terran Orbital's long legacy of satellites was recognized by the receipt of one of our earliest PropCube satellites, which is now on permanent display at the Smithsonian National Air and Space Museum in Washington, D.C. We highly encourage you to go see our success at the museum. Thrilled to have it displayed there in perpetuity. Now, I will hand the meeting over to Gary to review our financial performance and for the year-end 2022. Gary. Thank you, Marc. Good morning, everyone. I'm happy to report our strong finish to the year resulted in revenue of $31.9 million for the fourth quarter, a 197% increase over the prior year. The increase in revenue was primarily due to our continued support of the SDA's Transport Layer, inclusive of the completion and delivery of 10 satellites to Lockheed Martin for the Tranche 0 program and continued progress made in satisfying other customer contracts. Full year 2022 revenues were $94.2 million, a 130% increase over the prior year. Overall, we are actively executing on our growth initiatives in order to position ourselves to be awarded large constellation contracts with recurring revenue opportunities. As a reminder, we recognize revenue on most of our programs on a percentage of completion basis, changes to our estimated cost at completion for a program, or EAC, will generally result in a cumulative impact on program revenues and margins in the period in which we make an EAC adjustment. During 2022, adjustments to our EACs reduced revenues by an estimated $7 million. Gross profit was negative $10.8 million for the fourth quarter and negative $17.3 million for the year in 2022, compared to $0.7 million and $7 million for the fourth quarter and full year in 2021. Excluding share-based compensation and depreciation and amortization included in cost of sales, adjusted gross profit was negative $7.3 million for the fourth quarter and negative $2.2 million for the full year in 2022. This compares with $1.7 million and $9.5 million in the same periods in the prior year. EAC adjustments negatively impacted gross profit and adjusted gross profit by an estimated $18.3 million in 2022. This includes approximately $7 million from revenue previously noted and approximately $11.3 million from cost of sales. A large portion of the adjustments relate to programs that involve prototypes in early phases of potentially large customer missions. During 2022, we focused on delivering quality satellite solutions on tight time frames, often involving technical design and supply chain challenges. While EAC adjustments are possible in the future, I'm pleased to say that most of the drivers of the 2022 EAC adjustments relate to programs that are substantially complete at this point. Selling, general, and administrative expenses were $27.6 million in the fourth quarter of 2022, compared to $13.1 million in the same period in the prior year, and $111.9 million for the full year of 2022, compared to $43.7 million for the full year of 2021. The increase for the full year was primarily due to a increase in share-based compensation expense as a result of the Tailwind II merger, an increase in research and development expense, increases in salaries and wages, facility costs related to capacity expansions, and other operating costs, partially offset by a decrease in accounting and legal fees. During the fourth quarter of 2022, the company abandoned plans to invest in a company-owned constellation of Earth observation satellites. As a result, we recorded a loss on impairment of $22.4 million related to costs previously capitalized as construction in progress associated with the development and construction of those initial satellites. Our net loss for the fourth quarter of 2022 was $33.0 million, compared to a net loss of $40.3 million for the same period in the prior year. Our net loss for the year was $164 million, compared to a net loss of $139 million in the prior year. In addition to the items discussed earlier, the increase in net loss was driven by a higher interest expense recorded in 2022, partially offset by a decrease in loss on extinguishment of debt and a decrease in the fair value of warrant and derivative liabilities in 2022. Adjusted EBITDA was negative $26.1 million in the fourth quarter of 2022. This compares to a negative $11.3 million in the same period for the prior year. Adjusted EBITDA was negative $69.5 million for 2022, compared with negative $26.1 million in the prior year. The decrease in adjusted EBITDA for the year was primarily due to a decrease in adjusted gross profit and an increase in selling, general, and administrative expenses related to salaries and wages, research and development, and other operating costs. Our backlog at the end of the year was approximately $170.8 million, and this does not include any contribution from the Rivada contract award announced in February. Capital expenditures for the year 2022 were $22.5 million. Finally, December 31 of 2022, we had approximately $93.6 million of cash on hand and approximately $302 million in gross debt obligations. I will now turn the call back over to Marc. Great. Thank you, Gary. Thank you everyone on the call for your continued support of Terran Orbital. I now look forward to taking your questions. I'll turn it over to the operator. Hi, Marc and Gary. Good morning. Good morning. Thanks for joining us. I just have a question here on the fiscal year 23 budget. Congress added an incremental $500 million to the Space Development Agency's budget for 2023. How do you see this as benefiting Terran Orbital going in to bid on the Tranche 2 of Tracking and Transport Layer along with other planned constellations like the Deterrence Layer? You know, the fiscal 2024 request, you know, continues to aggressively integrate Space Force into the fabric of national, international security by collaborating across the Department of Defense, interagency, commercial industry, our allies, and our partners. You know, with a request of $26.1 billion, which is 8% of the investment budget request. For perspective, this is 181% higher than the $9.3 billion requested 5 years ago, which represented just less than 4% of the budget. You know, we see this moving in a very positive direction for us. We see the SDA specifically approaching almost $3 billion now of total funding and growing rapidly as Congress gets more and more comfortable with their mission and as they prove results that they're able to deliver satellites quickly, on time, and on budget. Great answer. Then just a follow-up. This is probably a question for Gary, but do we see improvements in the pipeline on materials and labor costs? Is the timeline to be EBITDA and free cash flow positive, is that more would we think maybe in 2024 now? Yes. Hi, Austin. We are seeing improvements. As I mentioned in our prepared remarks, a lot of the programs we've been working on are prototypes and early versions of bigger missions. As we have those programs are retired and we're building and scaling up with bigger programs, our ability to really leverage and scale and have economies of scale are starting to manifest themselves. I think that's gonna play out over the next several quarters. Our general update with regard to your question about EBITDA continues to be that we have a reference to in our debt covenants a requirement to be EBITDA breakeven or positive by LTM June of 2024. Okay, great. Thanks for all the color. Thank you. Hey, Marc, what do you expect to show in your backlog 10 days from now at the end of Q1 for the $2.4 billion Rivada contract? Hi, Mike. We are still evaluating how we want to present the Rivada contract. For now, what you're seeing in this press release in the 10-K is gonna be just a separate reference to the Rivada contract. We'll make determinations as we finish the March quarter on how properly to approach that in terms of backlog of the overall presentation. For now, we're just gonna separately present it to you guys so you can see it separate from our year-end backlog. Okay. Okay, let me try differently. Well, first we find it intriguing that Rivada appears to have spectrum rights that have priority over Starlink. What can you tell us about your understanding of approvals that Rivada needs both to start launching its satellites and also regarding the funding that it has to pay you to build these, at least these first 300 satellites or a portion thereof? Sure. I can't comment on, you know, on Rivada's business specifically. That's a customer's job to do that. I can tell you about what we know about the ITU process. You know, Rivada is entitled to a waiver of the deployment of 10% of the constellation against the deadline this year. The Radio Regulations Board, which consists of 12 elected ITU experts, can grant this. The regulator from the country where Rivada filed its orbital positions, which is the Office of Communications for the Principality of Liechtenstein, submitted all the necessary documentation to the Radiocommunication Bureau on time. Rivada believes that this submission contains full and clear evidence as requested in the relevant procedure. Rivada submitted evidence in time to receive a positive decision as early as possible as the end, in March. It would be the end of March. Understands this framework allows for the actions to be taken, at the July RRB meeting instead. The German letter did not argue against granting the waiver. It merely asked that the RRB uses maximum time foreseen until June and a considered reading of the process will be applied. As far as funding goes, you know, they have given our attorneys comfort, where they are in the funding process. You know, they have to get their ITU doc stuff finished and otherwise I can tell you they did make our first payment to us already. Excellent. Thank you. Just one final question is regarding your new Irvine expansion. You also have the new high bay facility right next to your existing components factory, but that also will just be for higher bigger sized components that then you would move to Irvine. Is that the new plan? The plan is to take what we call Barranca, which is the original facility, and we're going to attach it to the building next door which is Fifty Tech, which is our new facility coming online April 1st. Those two buildings will do all of our module and component manufacturing, development, and testing. All the assembly will move down the street to this new building, and that will just be for assembly and TVAC and final testing. The Fifty tech building with the high bay you're referring to is 25-foot high bay. The new building is 36-foot tall high bay, allowing us to do significantly larger sized satellites. We're seeing satellite buses get larger and larger. You know, even though we invented the CubeSat over a decade ago, we're seeing the requests for. People are going the opposite direction. Everybody wants smaller, and now people want larger. We've seen it go. We're now building, I think we have a single satellite in-house now that's 800 kilograms. We're seeing things get larger and larger. Requests, because people want more power. We've also are learning that responsive space and the go fast model is what is more important than price and more important than anything else is getting it quickly. We're seeing incredible interest in, you know, us being able to deliver stocking buses and reducing down our cycle to do buses. We're also looking to expand into payloads and to go ahead and have payloads that'll be stocking payloads as well. Instead of right now having a two-year cycle to design, build, and deliver a satellite, we wanna shorten that up dramatically. After Especially coming out of SATELLITE 2023, the big conference in D.C., overwhelmingly customers prefer speed to price. It was a very interesting conversation. With all the robotics that we're putting in, speed is something that we will excel at, and price is how, is where we're gonna go make our margin and become profitable. Oh, okay. Thank you very much. Thank you. Yeah, thanks for taking the question. Maybe just staying with the Irvine expansion, seems like you're working on bringing up capacity to 250 satellites throughout the year. When do you expect to be at that run rate? Is there additional capital needed to get there? I expect to be at that run rate in the next 60 days in terms of capacity. The new facility's coming online April 1st. We'll go through some testing to make sure everything's working as planned. Over by the end of Q2, that facility will be humming along. Basically, we look at it as 20 satellites a month is what we're able to produce, give or take. That's how we view these things. We can do 10 a month now. We learned that in T1. We can do 20 a month with the new facility. The facility that we're just constructing now dramatically increases that because it is a space purely designed for assembly and nothing else. Would you say then, you mentioned multiples of that, and so at some point you're looking at 500, 750, 1,000? I mean, which is. It depends on the size of the satellite. It's all size dependent. We haven't released the numbers yet. We will as we get further down this year where we'll be. Just, you know, to preface, you know, we will continue to. We always have to hire ahead, and we have to build ahead of programs that we are getting. Rivada was a great example. People look at our pipeline, and we talk about a $14 billion pipeline, and everyone's like, "Wow, that's such a crazy big number." The reality is we just converted $2.4 billion of that pipeline. That shows that, you know, our pipeline is quite real and quite active. You know, we have to build ahead of programs, and we have to hire people ahead of programs. I would expect for people to see that we will be making later this year other announcements in terms of other new facilities that will be coming online over the next couple of years. Got it. Maybe just, my follow-up. You delivered on time, the 10 satellites by year-end, to support the T0TL program. It seems like you're now transitioning to build the next tranches of 42 satellites. Can you just remind us, though, the timing of delivery for these satellites? What are the milestones you guys are targeting? Maybe just, you know, give a little more color on how you think you're positioned for the other tranches that will be awarded by the SDA. Thanks. Sure. I can tell you we have to have all the satellites delivered by Q1 of 2024, we are well on our way as we've already begun manufacturing. As far as, you know, how we do with the SDA, you know, we believe we've proven ourself to the SDA. They said, you know, "Those who deliver will continue to win," I think was the quote. We will start to. Obviously, we start delivering Tranche 1 in 2023, but, you know, they said, "Those who deliver will continue to win," and we are delivering. We're doing everything we said we're gonna do, and we will continue to do that. I will do it at a price that makes sense. It's obviously a very competitive bid. There were, I think, 17 people who bid on Tranche 1, so we expect to have a lot of bidders. We continue to prove ourselves, and that means something. Great. Thank you. Thank you. Hi, good morning. Good morning. Thank you. I joined the call a little late. Yeah, thanks. Did you give any color on what you expect revenue growth to be this year or CapEx associated with this facility expansions or any additional color in terms of just general modeling for the year? Hi, Elizabeth. In general, what we are doing is not providing guidance, just given the magnitude of the award, regarding Rivada. Away from Rivada, we've said in the past we're looking to double our revenue as a general matter each of the coming years. I would still look to that as a principle guidance, if you will. We're really not guiding until we have more color on, not only Rivada but other pipeline conversions that we're in the middle of doing. Okay. Can you give us any sort of idea around the cadence of how you expect Rivada to come in, and how we should think about that? You know, we are waiting for Rivada. You know, they gotta get their ITU license finished, everything goes full speed ahead. One more step to do, we're good to go. Okay. All right. What about CapEx, associated with these facility expansions, and how should we think about that? At what point is it a little bit of putting the cart before the horse, in the expansion? In our business, you always have to put the cart before the horse because if the horse shows up and there's no place to go, then we're in deep trouble. 'Cause you're always building everybody has an 18 to 24 month horizon, right? We know what programs we believe we're gonna be winning, and we've pretty good insight in our p-win rate of what we think we're gonna get. We're not building for the sake of building. You know, we knew, for example, we were gonna be winning. We had a high degree of confidence we were gonna win Tranche 1. We went ahead and we started building an addition onto our 60,000 sq ft 'cause we knew our existing facility wasn't big enough to do T-1. We won T-1, and now we have enough space to build T-1. We had a good feeling that we were going to be winning something like Rivada, so we went ahead and we found a lease earlier this year to go begin building another facility that gives us the space to build the Rivada. If you look at us, as we sign more leases for more space and assembly space, manufacturing space, that should be a good indicator to the market that we expect to be getting more customers in-house. Okay. Thank you very much. Yes. one other thing I'd like to add is, you know, you know, in building these facilities, you know, there's a very long lead time for a lot of specialized equipment that goes into these things. you know, some of the stuff takes as much as 48 weeks to get. when we get a program, they want it delivered, you know, on time, and we can't say we gotta wait 48 weeks to get equipment. it is, we're not a capital-intensive business. We're a technology-intensive business. we've made massive strides forward. I mean, we just opened up a 3D printing facility. We are opening up in about a month our printed circuit board assembly facility. We will be opening up also in about a month our own testing facility with our own TVAC chambers that can fit an entire satellite and our own shaker tables. We are taking a lot of the stuff we used to send outside, bringing it inside, going back to, if you control your supply chain, you control your destiny. We are vertically integrating so we control our supply chain, so we don't have supply chain issues down the road like a lot of other people are having. This is one of the keys to our success. Hey, good morning. Morning. Maybe just to start, I appreciate that you're not giving guidance, but you called out you delivered 19 satellites in 2022, and it seems like maybe majority of Tranche 2 or, sorry, Tranche 1 delivers in 2023. How many satellites do you plan to deliver in 2023? You know. [cross talk] Gary, you wanna answer that? Gary? Sure, sure. Greg Konrad, this may help at least guide you a little bit. The backlog at the end of the year is about $171 million. In that backlog are a little over 60 satellites that are in various stages of construction. Generally speaking, our backlog converts inside of 2 years from the date of order. While we're not guiding precisely to when that backlog will be converted or those satellites are delivered, it's gonna be closer to inside of 2 years. You can probably start modeling around using those as at least a reference point. Marc Bell had mentioned earlier that the 42 satellites for Tranche 1 are due before the end of the first quarter of 2024. Hopefully that gives you a little more color. Then just on the $14 billion pipeline, I mean, you called out the Rivada award. If you think about just the breakdown, how much of that is these larger chunky awards, you know, versus maybe smaller awards? Just thinking about, you know, Catalyst as some of that pipeline converts. Well, the biggest chunk of the pipeline is the $6 billion NASA Rapid Spacecraft Acquisition IV. That is where NASA can call us up and order satellites off that contract. We just met with NASA the other day. We haven't seen a lot of that. Rivada really demonstrates the size of the things that we are spending our time going after. You know, we are whale hunting, and it is working. You know, we're spending a lot less time with people who are trying to build one satellite, though we do that, but we are spending a bulk of our time with people who wanna build hundreds of satellites. What Rivada did, for us as a business is it gave us credibility in the marketplace that we can build a large satellite. We spent the past week meeting with multiple constellation opportunities the size of Rivada, some smaller, some larger, but it was, you know, an incredibly, you know, people are viewing us now very differently, very credibly, both within the DoD and in the commercial marketplace. We're seeing a lot of interest now from foreign companies and foreign governments that we didn't see before. It's really been a huge transformation. You know, I mean, we have, you know, if you look at our pipeline, you have 125 different opportunities with over 3,700 satellites kicking around in there. You know, with the new facility we just announced today, that gives us a huge advantage and with all the automation we're doing. Keep in mind, we make 85% of our components in-house. Most of our competitors buy components from lots of other manufacturers, and we all know when you buy components from 20 different manufacturers and put them all together, they work perfectly every time. It doesn't work, it doesn't work like that. That's one of the reasons, you know, all of our stuff is plug and play. They're all designed to work with each other. Most of our stuff is flight proven at this point, which gives us also a huge advantage. You know, and you have a lot of foreign entries coming into the United States, people like Airbus, people like Leonardo, a lot of foreigners coming in. The DoD, you know, is getting to, and the Congress is getting to a point that they wanna create jobs here in the U.S., and we shouldn't be spending taxpayer dollars on defense programs built by foreigners. That is becoming a bigger and bigger topic up on the Hill, and we expect that over the next year to have some real impact on our business as we are made in the U.S.A. Then just last one, just two-part question on cash. I might have missed it, but in terms of CapEx for 2023 and given expansion plans, I mean, does CapEx kind of peak in 2023 or 2024? Kind of tied to that, you actually had really good working capital in 2022. Just given the upcoming contracts, would you expect that kind of carry into 2023 and just in terms of staying, you know, positive on working capital? Two, two parts to that question. On CapEx, as we've now ceased pursuing the self-funded constellation, that will reduce to zero that type of spend in the CapEx. Predominantly, CapEx will be a combination of facility and equipment expansion, both in Irvine this year and in the new facility this year and next. Right now we haven't fully scoped that, but think about the two facilities as roughly a number that's maybe $10 million all in. It could be more depending on how exquisite we get for each facility. We've spent a little bit of that already for the existing Irvine expansion. I would also say maybe that there's a maintenance CapEx or an IT spend that's anywhere from $5 million, maybe as high as $10 million, depending on how we think about equipment. Right now, generically speaking, I'm looking at a CapEx profile that's anywhere from ±$15, maybe less, maybe more, depending on how accelerated we are on bringing on this additional facility in Irvine, as well as how we think about the equipment that we're adding, and testing capabilities. Regarding working capital, we do have fairly significant swings in working capital. You saw that a little bit throughout last year. We had positive working capital swings and pretty chunky working capital swings. A part of that is quite frankly the teething of growing. When we had revenue growth in the fourth quarter of almost 200%, the working capital swings can be quite dramatic. Part of how we think about our cash flows is factoring in working capital, and it's one of the reasons why we're looking at our liquidity constantly and thinking about how to manage that, both our growth and also our liquidity profile. Thank you. Hey, good morning, everyone. Marc, just all the color you've given us, net-net, how would you say the market has changed from a demand perspective as the economy changes and, maybe marginalized players are moving away? How has the demand changed, and then how has the supply chain? Are you seeing any of your competition exit the market? Sure. Let's break this down to couple pieces. On the market side, you know, the NDAA is the only thing Democrats or Republicans always agree on. It's recession-proof, it's interest rate-proof. It will be for 61 years. It's always been near unanimous. We don't see us cutting our defense budget anytime soon. With everything going on in Ukraine and China, we just don't see that as a reality. We always see our biggest threat to our business is world peace. We don't see that happening anytime soon as well. What we do see on the commercial side is people are seeing that commercially owned satellite constellations are now economically viable. When they were building billion-dollar satellites in geosynchronous orbit, they weren't economically viable. When you're building $1 million satellites in low Earth orbit, they become business applications economically viable, whether it's 5G, Internet of Things, all sorts of other things. You know, there are things we can do for or there are things we can do to line up to make the world has changed, that has made it more productive for companies to do business. On the supply chain side, you know, by continuing to build things in-house, we are seeing less and less supply chain issues. We are seeing, you know, a lot of our competitors, not competitors per se, a lot of the new space SPACs, we see them continuing to get into trouble. You saw what happened to Virgin Orbit. You know, all these guys are building it and hope they will come. In our case, we don't build something unless they come to us first. We have a very different business model, but we're just lumped into a bad neighborhood. Unfortunately, our stock doesn't represent that. Gary, you talked about a lot of, you know, positives, negatives, just, you know, with regard to the numbers. When you put all that together and how should we expect free cash burn, to continue as we go through the year? I know you're not guiding, but what should the trend be between the facility expansions against the prototyping winding down and so on? Yeah. Rob, thanks for the question. It's a little bit difficult to say in addition to not providing guidance. I can point to the near-term history that we could see swings, particularly in working capital, that impact our liquidity or at least our free cash flow to the tune as much as $25 million-$30 million in any one quarter. Could be a little bit higher than that, could be a little bit lower, particularly if Rivada onboards on the time frame we're thinking about. It is a fairly big swing that we are managing. That one, working capital is probably the biggest one, as well as overall the timing of new awards and the execution of those awards. That has a very dramatic impact, generally positive with new awards as we bring them on. It makes it difficult to guide, but it also is kind of a function of where we're at in terms of growth and use of liquidity. Let me pause there, because it's really difficult to give much more guidance than that. Okay. Just a housekeeping question. Where are you on the B. Riley facility? The B. Riley facility is still open and available to us. We have available to us the lesser of about $98 million of proceeds or the sale of about 27 million shares. Okay -tapped it last year. Okay. Thanks. Okay. Thank you both. Hey, good morning. Good morning. Just as far as the EACs, you know, any areas or aspects of the contracts to call out or lessons learned? You know, I think you mentioned might have been related to some legacy programs. I’ll be more specific.. Yeah, I think. I'm like... I mean, just as far as going forward, should we think about, you know, you mentioned they were part of legacy programs? Should we anticipate that going forward in a better position or just... Like, as I mentioned, it's possible that we have additional EAC adjustments in the future. We finished the year with our estimates and our EAC based on what we knew. What I will just reiterate is a large portion of the EAC adjustments we saw throughout 2022 were on programs that we are substantially completed on. Those programs tended to be more prototype and early phase programs, where quite frankly, technical challenges, supply chain challenges, running additional shifts, all those things contributed to additional costs. Also just, quite frankly, trying to move things and accelerate the speed to get things out the door. There's a little bit of teething here as we bring on board things, but those one-off programs tend to be the ones where you have a $1 million or $2 million impact. If you have a couple of programs like that, it adds up each quarter. That's what we're seeing. What we, what we can see going forward is a lot of our programs now are the bigger, more scaled programs, where if we do have an impact, the size impact relative to the overall program is much more muted. we’re encouraged by where we are to begin the year. A lot of EAC adjustments we hopefully are rearview mirror, but there is possible we have some in the future. Yeah. I mean, 36 months ago, we were building satellites you can hold in the palm of your hand. Today, we're holding things that need to go into a truck. The sizing seems to be stabilizing in the 350-500 kilogram range is where most people are seem to be stabilizing. There was a learning curve to getting to that point. Now the size is stabilizing, we'll see less EACs going forward than we have in the past. Got it. Then maybe just one on the announcement on Monday with Cognitive Space. You know, can you talk about the dual use asset there? Is that gonna be owned by you? Does it include any SAR? you know, Terran Orbital is now scheduling an on-orbit asset using Cognitive Space, CNTIENT software platform. We expect this partnership to help drive down costs of our internal operations as well as our customers grow to larger constellations easier. I can't comment as to what we're, what we're using it for. That's all I can say at this point. Thank you for the time. Hi. Thank you for taking the question. I do have a question regarding the $14 billion pipeline that I would assume doesn't include a $2.4 of Rivada. Can you give us any color on the composition and the stage of that pipeline, and what are you expecting of that to convert in 2023, and what would that go into 2024? Sure. Well, it was a $16.4 billion pipeline. That's now a $14 billion pipeline. There are about 125 programs in there that could make up about 3,700 satellites. The biggest of that $14 billion is a $6 billion NASA Rapid IV contract. After that, you got some very, very large programs and some smaller programs as well. Thank you. Hi. Thank you so much for taking my call. I'm not sure really if I have any kind of a question, but just an observation. I've been a finance guy my whole career. When I see the kinds of losses I see you folks racked up last year, I just get very concerned that there might be fundamental problems in the, in the manufacturing operations that are hard to see. It's just, you know, I have quite a few shares of your stock. I think I'm gonna be acquiring more. I hope you have a very strong cost accounting person on your staff so that when you ship a satellite, they can say immediately, "This is how we did on that satellite or this group of satellites." That, that's my only comment. The only thing I see is I've also been involved in a number of startups, and, unfortunately for me, not one of them, has succeeded. One thing I see very much is that people are very focused on trying to get more and more and more sales. You guys got $2.4 billion worth of a contract. Focus on that. Never mind trying to get any more business. You need to succeed on this $2.4 billion, or you're gonna get overwhelmed. I see people run out of cash very quickly, and all of a sudden there's a problem. The next thing you know, the company's gone. I'm putting a lot of faith in you guys. I've got a lot of shares. I'm gonna acquire some more, but I'm just giving you some of my thoughts and my experience in the future. You got a huge contract and make sure you succeed with what's in front of you, and don't be so focused on trying to get more. We I appreciate very much your comments. We are a... between my business partner, Daniel Staton and I, we've just... we've built 7 unicorns. This will be our eighth. We've taken 17 companies public successfully. We are old, experienced management team. We understand that we've had losses, and part of that is, you know, we are hiring ahead of programs. We are 100% committed to Rivada and getting it out the door on time and profitably and, as we are to all the programs we have going forward. We needed to build up scale, because we knew what programs we would be... We knew that we would be getting some big programs, and you have to hire ahead of scale. You will start to see the financials improve going into 2024 'cause obviously getting to EBITDA positive and free cash flow positive is enormously important to all of us. We had to spend a lot of money to get where we are today. We totally understand your concerns. Trust me, Gary, myself, and the rest of the management team are working to make sure we are in a great place. Thankfully, with a partner like Lockheed Martin, they have been very supportive of us and have been keeping us enormously busy, running two shifts a day, seven days a week in our existing facility. We will be with the new facilities, we will get to a more normal work cycle, which also will help to keep our costs down, especially with all the robotics we're building. As with any investor on the call, we invite people to come to see our facilities, see what we do. We're always welcome to have investors come take a tour. Very good. Thank you so much. Thank you. I appreciate your time, guys. I wonder if you could speak to this Rivada your cash needs and how that could change once the Rivada gets the ITU approval? Is that a benefit to you guys, or would that make your cash needs worse? In other words, is there a possibility of getting a large upfront payment when this project kicks off that could ameliorate some of your cash needs? Yeah. With any commercial program, see, we don't give a lot of credit. We're a cash in advance kind of people. You know, In God we trust, but all others must pay cash. We want... We try... Most commercial contracts are pay in advance, then we work, pay in advance, then work. It's like a law firm working off a retainer. We give very little credit, unlike the Department of Defense, who we give credit to, but they pay very quickly. We are on the commercial side. All of our commercial contracts are written, so we have very, very little cash upfront we have to spend. Okay. kind of a follow-up to that. Regarding, you know, what you're seeing in the market now and the banking crisis, I think part of the reason you're seeing some pressure on the stock even before today, the last few days, we've seen this across the stock market is any companies that require cash have really been punished because of the crunch in regional banks, et cetera. I'm wondering if you have that on your radar and what kind of alternatives you may have in mind to be able to limit dilution if you do need to go out and get that capital. Part of that as well, are there any concerns, I know your lawyers feel comfortable with the financing for Rivada, but if there is some sort of a crunch in the banking space, a further one, would that risk the funding coming into Rivada as far as you know? You know, you know, while we're thrilled that we have Rivada, we don't count on any one contract. We continue to go out and just like we will be bidding on the new SDA programs coming up, we continue to bid on lots of things, and we have a very high success rate in winning what we bid on. We continue to bid. With Lockheed Martin, we've had a tremendously high success rate, and I think we have 11 Lockheed programs in-house right now, and we continue to be. They continue to be a phenomenal partner in working together. We, we don't, you know, we've done very well in the cash management side. We just raised $100 million last year from Lockheed. We feel pretty good about where we are and have no concerns, at this point about our cash. Okay. Thank you. Thanks. Great. Well, on behalf of Gary Hobart, myself, and the rest of the Terran Orbital management team and all of our employees, we thank you very much for your support and your continuing confidence in Terran Orbital. We appreciate everybody tuning in for today's call. As always, we try to make ourselves as accessible as possible to the investing community. We're gonna be at the Sidoti Conference this week, Wednesday and Thursday this week, for those of you who wish to attend. We continue to make ourselves available. Feel free to reach out to us at ir@terranorbital.com. We are happy to answer any and all questions and look forward to seeing you in another quarter. Thank you very much.