I would now like to hand the conference over to your speaker today, Jason Gursky, Vice President of Investor Relations. Please go ahead. Yeah, good afternoon. Thanks, operator. Welcome to Maxar first quarter 2021 earnings conference call. I'm joined today by the company's Chief Executive Officer, Dan Jablonsky, and its Chief Financial Officer, Biggs Porter. Both 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 in the investor events and presentation section of the site. Once there, please turn to slide two, 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 are referred to the advisory regarding forward-looking statements contained in our quarterly earnings releases, earnings call slide decks, and the company's most recent MD&A section found in our Form 10-Q, which is available online under the company's SEDAR profile at sedar.com, under the company's EDGAR profile at sec.gov, or on the company's website at maxar.com. As we get started, I'll ask you to turn to slide three, and then with that, I'll turn the call over to Dan. Dan, go ahead. Thanks, Jason. Good afternoon, everyone. We had another busy quarter at Maxar. Good progress with the business and continued traction on our customer relationships and winning new programs. We're really encouraged that the pace of the vaccines are rolling out, and we've started returning people back to work sites to join the approximately quarter to a third of our people that all along have continued powering through on-site to serve critical customer missions over the past year. Today, I'd like to run through key highlights from the quarter, update you on the progress we're making on our 2021 priorities, provide a view on the demand environment pipeline, and then do a double-click on some of the technologies we're working on with our space technologies that we believe will help us drive growth in the future. With that, please turn to slide three of the accompanying presentation. We generated 12% revenue and 40%+ adjusted EBITDA growth year-over-year without the effects of the EnhancedView deferred revenue, despite charges related to the SiriusXM satellite program. Biggs will go into the details later, but without these charges, growth for both metrics would have been even higher. Importantly, work on SXM-8 is completed, and the satellite's en route to the launch facility. We're looking forward to launch in a few weeks. While I'm definitely not pleased with these rearview-looking charges, putting it in context, I'm really encouraged with the underlying growth we generated across both the intelligence and space segments this quarter. They're both a strong proof point that all the work our teams have been doing to drive sustained growth at Maxar now and into the future are on the right path to continue creating shareholder value. One of our most important metrics, free cash flow trends, have continued to improve as well. Our trailing 12-month consumption neared breakeven this quarter. We continue to expect capital expenditures to trend significantly lower beyond 2021, driving strong cash generation. That'll give us even more flexibility on both debt reduction and those investments that'll drive growth in the business. Bookings trends also remain positive with trailing 12-month book-to-bill at roughly 1.1x. Biggs will go into more details later, but on guidance, excluding the SXM-7 charge, we've increased the outlook for cash flow, maintained it for adjusted EBITDA, and modestly decreased it for revenue. Overall, a pretty good quarter and start to the year, but for the charges on the SiriusXM satellite program. Please turn to slide four for a view of the progress we're making with our 2021 priorities. We remain focused on winning in Earth Intelligence, which means driving bookings growth, including for capacity on WorldView Legion, growing our 3D capabilities, and extending the EnhancedView program. Key wins in the quarter included several renewals with international allies and large technology companies. Some of the large customers have started adding 3D data and point cloud capabilities to their renewals, including a key U.S. ally last week for over $10 million, highlighting and validating the decision we made to acquire Vricon last year. Additionally, we signed contracts with the U.S. Army and the National Geospatial-Intelligence Agency this quarter to support training, mapping, intelligence, and operational missions. We also signed our first deal with a drone delivery service. On WorldView Legion, I'm pleased to announce that we've signed contracts with four international allies to upgrade their direct access facilities to our 3.0 architecture so that they're ready for Legion when the constellation comes online. This is an important step in the deployment of these assets and the eventual ramp in revenue we'll expect in Earth Intelligence over the next several years. On the EnhancedView follow-on program, our customer continues its work on extending the program beyond 2023. It's always tough to predict exact dates, it now appears possible that this award is likely to occur later in 2021. If that's the case, we'll expect a renewal of our existing contract in Q3 like we've seen every year for the past decade. From an execution perspective, it was a good quarter with the team generating solid adjusted EBITDA margin that's tracking in line with our full-year guidance range. On the WorldView Legion program, we continue to progress, and I'm really excited about the capabilities these satellites, this entire constellation, will soon be providing to our customers. All that said, it's a complex program, as anything this exquisite is expected to be, and work continues. Software and engineering teams are getting back into workspaces this week to again be in proximity to the teams that have been conducting the build work, and that's really good to see. It's really impressive to see the morale and energy on these teams. At this point, we're tracking a few critical items that could impact timelines to launch. The first of these is completion and validation of flight software, which is complex, and continued simulation and testing of the spacecraft and its components and subsystems. Next, there's an industry-wide issue with some aspects of Honeywell electronic components that have been identified and need to be corrected. We're using these Honeywell electronic components on the first of our Legion satellites. As I noted, the entire satellite industry is being impacted. Notably, Maxar's Legion program, though, has been designated as a high-priority defense mission and has formally received a DX rating under the Defense Production Act. We're basically front of the line alongside other DX-rated programs, or close to it, in preferential treatment in resolving this issue. At this point, we're optimistic that this is not a pacing item. Finally, we put our satellites and systems through a rigorous set of environmental testing to validate the engineering, the design, the quality and construction, and work that goes into the builds. We and our suppliers do that as additional validation measures. During April, one of our suppliers, Raytheon, had been conducting those same sorts of tests on the high-precision optical instruments. They unexpectedly encountered an issue during testing, not related to design, but due to some workmanship on an assembly of a supporting component. An extensive plan for remediation is being completed, but that's compressing some of the margin we had in our schedule and is leading to other integration and testing delays. This instrument has had some previous schedule delays, but we're pretty sure we've got our arms around it at this point. With exquisite imaging instruments like this, we can't accept anything less than perfection. There's clearly a risk that this will prove to be the critical path for schedule. We have more testing ahead of this and this can always change. That's our best view today of what's driving completion. We're still driving hard and schedule is incredibly important, but so is quality. We haven't earned our hard-won reputation by cutting corners, and we're going to keep going through our extensive mission assurance procedures. At this point, we expect a fourth-quarter launch. Turning now to space infrastructure, where we're committed to delivering the best possible systems for our customers. From a business standpoint, have been focused on establishing a foundation for future growth. Key wins in the quarter included a contract modification with NASA for work on the power propulsion element, which allows Maxar to proceed with NASA's updated requirements for the now combined PPE HALO spacecraft. We also signed several study contracts for national security work as we continue to look to shape new programs and further diversify the business. From an investment standpoint, our recently upgraded mission architecture team is hard at work on new satellite and constellation designs, including modular approaches as we look to serve commercial, civil, and classified programs with highly engineered and affordable solutions. We also remain focused on our payload strategy and are proactively working with partners on comprehensive packages that will solve our customers' most demanding mission needs. On execution, excluding the charge related to Sirius XM, adjusted EBITDA margins continued their improvement, reflecting better performance and healthier program mix. I'm also delighted to note that we recently hired Chris Johnson to lead our space programs organization. Chris comes to us from Boeing, where he's been for over two decades and most recently served as the President of Boeing Satellite Systems and led successful business transformation that reduced balance sheet risk, improved profitability, refined product strategy, and modernized manufacturing approaches. I look forward to working with Chris in the new role to drive sustained revenue, profit, and cash flow growth in our space segment, and I'm glad to be welcoming Chris to the Maxar team. Finally, on financial flexibility, we issued 10 million shares this quarter and used the proceeds to claw back $350 million of expensive debt that was due in 2023. This transaction strengthens our financial position and sets us up for continued growth. We believed at the time and continue to now that the trade-on dilution was advantageous to our shareholders and will drive higher equity performance going forward. Please turn to slide five. Speaking of growth and the demand environment, we continue to see over $25 billion in pipeline opportunities over the next five years, which compares quite favorably to the $1.9 billion of bookings in 2020. In space infrastructure, demand for space systems and architectures is growing along with our other technologies there across both commercial and government markets for missions in LEO, GEO, deep space. On the Earth Intelligence side, we see growing demand for data and analytics, particularly with our government customers, and the Legion constellation will be a key enabler in meeting our customers' needs. We're closely watching, and at this point are encouraged by the Biden administration's assessment of the geopolitical environment and with its priorities in making with regard to spending, both on the national security front and with civil programs at agencies like NASA. We remain confident about the growth trajectory of the company in the years ahead and look forward to updating you over time on the progress we make in growing our backlog. Please turn to slide six. As you recall, last quarter I did a deeper dive on some of the technology we've been developing and deploying in Earth Intelligence to support the U.S. government in reducing sensor-to-shooter timelines on the battlefield and the subsequent growth potential we see for Maxar as a result. What I thought I'd do today is provide some more detail on what we've been up to recently in our space technologies, the strength of our portfolio, and the potential we have to drive growth. As you know, Maxar has a long heritage in space that dates back to the Apollo missions. We've been designing and manufacturing communications and Earth observation satellites, space exploration spacecraft, and space robotics for decades. Slide seven demonstrates some of the use cases of our technology, including satellites for direct broadcasting, two-way broadband, digital audio radio, digital media, and weather. We've been a market leader in the industry for these types of applications and have relied on price, performance, and quality to win market share over time. Going forward, we see our unique capabilities in power and propulsion as key discriminators as we look to serve both commercial and government customers and in building a well-balanced portfolio of programs. Please turn to slide eight. To date, Maxar has built over 35 satellites with solar electric propulsion using an active Hall-effect thruster, including a commercial GEO comms mission that exclusively uses the technology. This approach reduces fuel mass by 80% relative to traditional chemical fuel propulsion systems, allowing more allocation for revenue-generating payload mass. This is a good thing, especially for our commercial customers who are constantly looking for ways to increase the capital efficiency of their operations. On slide nine, we showcase the Psyche mission as an example of how this technology can be used in deep space. As a reminder, Psyche is a NASA mission to explore a metallic asteroid. The mission will require the spacecraft to be on orbit for years and to travel 1 billion mi. To get this done, we're using a more powerful Hall-effect thruster than those used in the typical mission orbiting Earth. In fact, this will be the first time that a Hall thruster has been used beyond lunar orbit, and as such, is a groundbreaking mission that could lead to a different approach in how spacecraft are powered in deep space going forward. Please turn to slide 10. Things start to get even more interesting when this propulsion technique is combined with roll-out solar arrays. As you know, satellites use solar panels to help power their operations. However, traditional arrays have been limited by the mass and carrying capacity of the launch vehicles to get them into space. Roll-out solar arrays allow for compact storage, are highly scalable, and both weigh and cost less than traditional arrays. All this allows for a more flexible, powerful, and cost-effective spacecraft. The best demonstration we have to date of the power of these two technologies working together is the power propulsion element, or PPE, that we're developing for NASA's Lunar Gateway. Please turn to slide 11. The PPE, the power propulsion element, will utilize unprecedentedly large roll-out solar arrays providing 60 kW of electrical power, more than any other spacecraft apart from the International Space Station. It will also deploy the highest power solar electric propulsion system to ever fly on a spacecraft by using several large and larger Hall-effect thrusters. At the time of their launch, both thruster types will be higher power than any other Hall-effect thruster launched to date. The spacecraft will set the standard for solar electric propulsion, and we believe that we'll be able to use the technology and integration techniques developed for the program on future missions for both our commercial and government customers. This is a nice foundation for growth, and we remain excited about the demand backdrop across both our commercial and government customers. We'll continue providing updates like this and look forward to future discussions on our space robotics capabilities, artificial intelligence, and machine learning advances, and augmented and virtual reality applications going forward. With that, I'd like to hand the call over to Biggs for a discussion of this quarter's financials and an outlook for the year. Over to you, Biggs. Thanks, Dan. Please turn to slide 12 where we present year-over-year comparisons for the first quarter. Our net loss from continuing operations for Q1 was $84 million, driven primarily by $41 million in debt extinguishment costs as we retired $350 million of the 2023 notes in connection with our recent equity raise, as well as a $28 million charge related to the Sirius XM-7 satellite. Revenue increased 3% for the quarter on a year-over-year basis. Without the effects of the EnhancedView deferred revenue burn-off, total company revenues increased 12% year-over-year, driven by recent wins in space infrastructure and the expansion of programs at Earth Intelligence. Without the $28 million net charges related to Sirius XM, total company revenues and adjusted EBITDA would have been $420 million and $95 million respectively this quarter. Please turn to slide 13. Earth Intelligence revenue, without the effects of EV deferred revenue, increased 4% year over year in the first quarter, while adjusted EBITDA margins improved modestly with a slightly more favorable program mix. The year-over-year growth was driven by increases in our commercial programs, as well as growth from international defense and intelligence customers. Please turn to slide 14. As noted in our earnings release, space infrastructure revenue and adjusted EBITDA were negatively impacted by the performance issues with the Sirius XM-7 satellite. This included a $25 million cumulative adjustment to revenue related to the loss of the final milestone in orbital payments, net of other adjustments. This compares favorably to the $38 million we expressed as risks from the receivables and LDs. Additionally, we incurred $3 million of costs during the quarter as we attempted to repair and fully recover the satellite. On a reported basis, revenue increased 17% year-over-year, while margins expanded 20 80 basis points, driven by the profitability of recent awards, as well as our reduction in negative EAC impacts, including those related to COVID-19 taken last year as we first adjusted our operating posture due to the pandemic. Without the $28 million impact of the SiriusXM adjustments to revenue and adjusted EBITDA, margins would have been 8.7%, which we feel is more in line with our expectations as we continue to drive margin growth. The space infrastructure segment has a trailing 12-month book-to-bill greater than 1x, and without the SiriusXM charge, our trailing 12-month margins would have been roughly 7%. These are important milestones as we continue to diversify our bookings in this business and drive growth with more profitable margins. Please turn to slide 15. The company generated $27 million in operating cash flow from continuing operations in the first quarter and invested $15 million in CapEx and developed intangibles. Importantly, trailing 12-month cash consumption was $15 million and compares favorably to the $65 million consumed in 2020. We remain confident in the outlook for cash generation as the Legion construction program winds down. Please turn to slide 16. We had roughly $472 million liquidity at the end of the quarter, and our bank-defined leverage ratio ended the year at approximately 3.8x. The leverage metric benefited from the recent $350 million paydown of our 2023 notes. Please turn to slide 17 for a summary of our guidance changes. The following guidance does not include any impact related to the SiriusXM charges taken during the first quarter, which impacted both revenue and adjusted EBITDA by $28 million and will impact full-year cash flow by approximately $20 million. Total company revenue guidance is down modestly given the announcement of the Human Landing System down select. Our adjusted EBITDA guidance remains unchanged, and we have raised the bottom end of our operating cash flow guidance by $20 million. Now please to slide 18 for a more detailed view of those guidance figures. Revenue guidance for Earth Intelligence remains unchanged from what we issued at year-end, with a targeted range of $1.05 billion-$1.095 billion. We have modified our revenue guidance to space infrastructure downward by $35 million to account for our team's loss to the Human Landing System program and now expect to be in a range of $765 million-$800 million. Intersegment eliminations have increased modestly, and we now expect to be in a range of $50 million-$55 million for the year. Turning to adjusted EBITDA, no change to the outlook range for Earth Intelligence. Recall that we expect some incremental costs in future quarters related to the Legion constellation as we continue investments in our ground and secure operations architecture. As such, at the midpoint of guidance, we don't expect margins to expand from Q1 levels despite the forecast for sequential revenue growth. The reduction related to the Human Landing System down select does not materially impact our adjusted EBITDA expectations at space infrastructure, and we've left the same guidance range as presented last quarter. At a consolidated level, our guidance for adjusted EBITDA also is unchanged. We previously stated that revenue and earnings will progress sequentially each quarter as we proceed through the year. This is still the case. This progression is driven by general growth, but more specifically, the continued transition of revenues as space infrastructure, as work transitions to more recent contracts, and as product revenues, notably 3D, continue to ramp up at Earth Intelligence. We've increased the bottom end of our operating cash flow guidance by $20 million for a total range of $260 million-$290 million. This is driven in large part by the interest savings we will realize this year as a result of the debt paydown. We've left the top end of our operating cash flow range unchanged, as it's still early in the year, especially given the typical uncertainty around working capital changes. We will look to tighten this range throughout the year. The ranges for CapEx remain the same. Moving on to other noteworthy items, we've updated our interest expense and share account guidance for the recent equity issuance and subsequent paydown of debt. Interest expense expectations have increased by $5 million to a total of $165 million, but that is inclusive of the $41 million in non-recurring charges taken in Q1 stemming from the early retirement of debt. On an annualized basis, interest expense will decrease by roughly $35 million, which flows into future years and will have a positive impact on our longer-term financial targets. As I just stated, all the guidance I gave is exclusive of the effects of the SiriusXM charge. To make it easier going forward, we've also added a slide which shows how that guidance would look if the SiriusXM effects are added in after rounding numbers off. Before I hand the call back over to the operator for Q&A, I wanted to also briefly address a corporate housekeeping matter that will require public filings in the next several days. Back in 2019, we implemented a tax benefit preservation plan to preserve our NOLs, which included the authorization of the potential issuance of Series A preferred stock as a part of the plan. Because we've not utilized those shares and the plan has since expired, we will be issuing an 8-K outlining certain steps required to formally eliminate those unused preferred shares. There is no change to our NOLs or impact to current shareholders, but I wanted to take a minute to walk through this and explain the rationale before the 8-K is filed next week. Operator, we'd like to now begin Q&A. As a reminder, to ask a question, it is star one on your telephone keypad. Your first question comes from the line of Kenneth Herbert with Canaccord. Please go ahead. Yeah. Hi, good afternoon. Dan and Biggs. Good afternoon. Hey, good afternoon. Dan, I just wanted to start off and follow up on your comments on the Legion and the delays there. Do you have any more specifics around the timing in the fourth quarter you're looking at for the launch? I guess specifically, how are you viewing, sounds like the gating item on the components from Raytheon, you went through some of the detail there, but confidence around the steps over the next few months to further mitigate that risk and any more color around what you can say to help with confidence on a launch at the end of this year on that. Yeah, sure. Thanks. I mean, the Legion program is a complex program. It's been one we've been working on for several years. Everything's starting to come together now. We're getting into the final testing and integration phases, and when you do that, unfortunately, sometimes you uncover things that you'd rather not have go on, but you're glad to get them uncovered on the ground here before we do the launches into space. The Raytheon issue was a workmanship issue. I think we've got it fully resolved and taken care of. I spent some time in person with the Raytheon team this past week looking at the improved test procedures they're doing as well as the modifications they've made to a small component. Everything looks like it's on track, and we're back on pace. That said, it took out some margin and introduced some delays to us, particularly as we roll that into the rest of our testing phase programs, our integration, and the last amount of software and testing we do on the fully integrated satellite. At this point, I think we've accounted for everything. We're planning on a Q4 launch, and we're driving for that. I'm not prepared to say at this point whether that's early or late Q4. We're continuing to drive as hard as we can on schedule, but keeping quality top of mind. I think we've done and dealt with the Honeywell issue pretty well, but we've got to keep on that one as well and keep working that and look forward to launching quality instruments later this year. Great. Thanks. Just a quick follow-up on that. Just on the flight software and on the Honeywell issue, it sounds like those are maybe not as significant of issues, but I'm guessing you feel pretty good about risk mitigation on those as well. We do at this point. We track everything. The software itself is about just under 300,000 lines of code or so not incredibly complex. It's something we want to put through the paces and test over and over on the spacecraft when it's fully integrated, as well as in the normal operating procedure that we'll go through during thermovac and other testing procedures. We want to keep running that, finalize and get everything to the point where we want it. Those are the three big issues we're tracking right now. Obviously, there's always something that could unanticipatedly come into it. That's kind of where we are today as we look at the plan ahead and the schedule and the work to be required or to be done throughout the rest of the year. Great. Thanks, Dan. I'll pass it back there. Yeah. Thank you. Your next question comes from the line of Tim James with TD Securities. Thanks. Good afternoon. Hey, Tim. Hi. If you could maybe talk specifically about the LEO market in particular and kind of, I know it's not a huge part of the SI segment for you now, but just curious kind of how you view that and the opportunities there today. Maybe kind of where that opportunity ranks relative to other buckets of growth for you within space infrastructure. Yeah. Just to kind of clarify, Tim, you may be asking just about the communication side, but we think about the LEO market more expansively. For example, Legion Constellation, other Earth observations, sometimes other government programs we do, and some that we're chasing and will continue to chase are in the lower orbit part of space. There are certainly opportunities we're chasing in the LEO side on the comms side as well. There have been some that have been announced. There are others out there that we're in active pursuit on, and there are others that are people's planning boards right now for which RFIs and RFPs haven't quite been issued, but that we're aware of. One thing that we've done is we've made some really significant investments in our capture group as well as our mission architecture teams. People like Jim McClelland coming on board for the mission systems architecture work are doing a great job, I think, at helping us refine the types of products we can deliver for LEO constellations. I think over time, we're going to have some good success there. Okay. That's helpful. Just one follow-up, if I might. Just on the 4% growth in Earth Intelligence, both commercial and IDI customers accounting for that. I'm just wondering within that, was one customer type or the other sort of more responsible for that growth, or are they both kind of growing currently at that low single-digit rate? How do you see that trajectory through the balance of the year? Yeah. I'll let Biggs chime in here in a second. I think we're seeing growth across commercial and international defense and national programs as well on the Earth Intelligence side. We're really encouraged by that. We're also going to see some strong ramp-up throughout the year. Q1, seasonally adjusted, is a little lighter than the rest of the year is expected to be. Biggs talked about pipeline, some of the backlog statistics there. I didn't go into more detail on that, but we're seeing great uptake on the products, particularly the 3D products, across both the commercial and the government sets as well. I agree. It's a pretty even mix between IDI and commercial in terms of the customer mix, and clearly the product of 3D had an influence as well. Okay. Thank you very much. Thanks, Tim. Your next question comes from the line of Thanos Moschopoulos with BMO Capital Markets. Hi, good afternoon. Hi, Thanos. Hi, Dan, maybe expanding on the 3D aspect in Vricon. How much runway is there as far as upselling that to your existing base of defense and intel customers? Is it still roughly early days in that front, or what kind of color can you provide there? Yeah, I think it's actually really strong. In my remarks, I made a reference to a new $10 million award we got from an existing U.S. ally. That's growth beyond what we would've otherwise expected in our data business and our services business for a customer like that. A very strong growth potential there. In the first quarter, earlier, I guess, the annual conference call about a month and a half ago, we announced the Army One World Terrain program enhancements and what we're doing there. That's what we expect to be used more extensively across U.S. military applications. We think there's just a great set of use cases across U.S. government, international defense intelligence customers, and then commercial applications. We haven't talked about commercial applications a lot, but we've gotten some good early traction with the commercial customers, and including the contract I referenced from my remarks about a drone company that'll be using this type of technology to autonomously navigate drones in urban areas. We're pretty excited about that. See a lot of potential for it. Internally, our forecasts are looking very good for the 3D product set this year, and we expect that to be a strong growth driver for the business going forward. Can you update us on the services business? I know in the past you were maybe a bit head count constrained as far as being able to meet demands. What are you seeing on that side of the business? Is there opportunity materializing internationally, or is that still predominantly being driven by U.S. growth? Right now, as of today, it's being predominantly driven by U.S. growth. If we could hire faster, we'd be growing faster still, even though we're growing healthy. We won some really good programs, including the recently announced Janus Award with NGA that we're staffing out of our St. Louis office, and some other great things we've got going on. On the international front, we're in deep discussions with a number of customers to be able to bring those types of technologies and services and integration things we can do for the U.S. government to their intelligence defense needs. Still early days there. COVID's probably hampered us a little more because we can't travel and do the same kind of demos and integration work. We see over time that can be a strong driver of growth for us as well. Great. Excellent. Last one from me. The Honeywell issue, might that affect any other programs in the factory, or would that be limited to Legion? It's an industry-wide issue, and it has the potential. We're still assessing all the schedule impacts on any other programs. At this point, we don't believe there are any material financial impacts to the business for that. It's one of these things that goes across a broad set of programs across more companies than just Maxar. Okay. All right, thanks a lot for that one. Thanks, Thanos. Thank you. Your next question comes from the line of Seth Seifman from JP Morgan. Oh, great. Thanks very much, and good afternoon. I was wondering just on the 2023 targets, are those still all operative? In general, we're not going to make it a habit to update every quarter. We don't do a new long-range plan every quarter, as you might guess. At this point in time, we wouldn't point out anything that we've learned that changes those. I have made the point of telling people, though, with respect to the refinancing that we did from the equity issuance, that those interest savings were incremental to the guidance we'd previously given. There's, if you will, all other things equal, upward pressure from that on the cash flow part of the guidance. On everything else, I'm not forecasting any change, but we're not literally going to update every quarter. Great. Thank you. That's helpful. Maybe one follow-up on with regard to the guidance in Earth observation, and it seems maybe with the potential for the Legion launch to slip out again. It seems like that was, I guess, first part, the EBITDA guidance for the year is kind of it seems like maybe independent of the timing of that launch. Then second, with regard to the contracts that you have on that capacity, is there a time by which you need to have those first satellites in the constellation launched? Yes. Just on the guidance piece, you're right that Legion impacts are not at all affecting our 2021 guidance or numbers. I think the one big thing to say about Legion is these are being assets designed for a 10+ year life. A couple of weeks here, a couple of weeks there are not impacting our long-term view of their importance to the marketplace and to our customer base. We're going to be very focused on quality and making sure we get the right assets up there on the right time horizon. We're still well within our expectations for how our customers are going to need those and what we're going to do with the assets. All that said, getting to the 2023 numbers with the Legion capacity, maybe a little steeper ramp up in the start date to how we want to end out 2022 going into 2023. We'll continue to work on everything we can on this side, including any place we can do things on the ground or the second set of the constellation or how fast we bring the assets online for customers and any pre-work we can do on the ground to make the revenue flow hit faster. Things like our 3.0 architecture as well feed into that for the direct access facilities. Great. Thanks. Thanks very much. Sure. Your next question comes from the line of Robert Spingarn with Credit Suisse. Hi, everybody. Hey, Rob. Dan, hey there. When I go back to your slide number five, and you talked about this $25 billion five-year pipeline, how does that split between the two businesses? Within space infrastructure, how much of that is GEO satellite demand? I love your questions, Rob. This is great. I'm not going to break it out specifically like that. Biggs, if you want to talk a little bit more about how that balances out. I think what you're seeing generally across the business is we've been growing again on the space infrastructure side, which is really good, and our margins have been increasing, and we've been winning new programs. we got to keep winning and keep doing that, but we're on the right path. On the Earth Intelligence side, probably, if you looked at it, be growing even faster with the types of things we see in front of us here, particularly as Vricon's moving its way forward, the Legion constellation coming online and continued growth in our services side of the business. Does that address that a bit? Just on that last. Sure. Yeah, I don't have anything more specific, Rob, at my fingertips on the split, but I think there's a healthy pipeline in both segments. Keeping in mind that the Earth Intelligence segment is very high margin and the space infrastructure normally 10% or more. From a bottom-line standpoint, that can be a little more heavily weighting to the Earth Intelligence side. I can't remember what are the split on the pipeline from a revenue standpoint. Okay. Just, Dan, given Vricon and the additional capabilities that you have and your ability to move into LEO here, how do you think about the market as it evolves here with all these new competitors in imagery and elsewhere, and your positioning, given your incumbent status, if you will, and how you think about Maxar relative to the competition going forward? Well, we've been very privileged and pleased to be the leader in the Earth observation as well as now the technologies that tie all that together and make sense of the data and propagate the data and pull it into usable formats so that our customers can make decisions. We continue to run as hard and fast as we possibly can to solve customer missions. That's our big focus. If we're taking care of our customers and thinking ahead on what their needs are and building our constellations and our assets and our infrastructure and both secured and unsecured infrastructure to be able to meet their needs going forward, that's our biggest focus and doing that in a cost-effective and profitable way for shareholders. We watch very closely everything that everybody else is doing. I think Jeff Bezos always talked about what day one felt like. We hope we act that way around Maxar here. The biggest thing we're focused on is driving as fast and hard as we can to solve customer problems. We think that's the best way to create value for shareholders. We're aware of what everybody else is doing, but we're not resting for a second in terms of how we're taking care of people and thinking about the future. Okay, just a last one, and this kind of ties to the first question on the $25 billion, but what's your latest progress on getting defense work at space infrastructure as you try to diversify sales there, either directly or maybe through the primes? Yeah, I think we're about where we expect to be. We always said it was a three to five-year journey. We're probably about through the first year of that. We're winning, doing well on study phase contracts, helping, I think, shape the right things going forward. Those have to materialize then into what we would like to see for expectations in larger and more substantial programs. We are very open to, and in certain instances, bidding and teaming with the large primes where we offer a value capability for them that's either better than something they have or something they don't have in their portfolio. We might win some of those as prime. We might win some of those as sub to one of the larger companies in the industry. We're very focused on what our key technologies and capabilities are. I think, from my presentation, the Hall-effect thrusters are one of those types of things that we do really well. Robotics, space robotics is another. We'll be doing some demonstrations on orbit next year and a half or so with what some of those capabilities look like. Getting the Legion capabilities, as well as some of our modular architecture up in space, and having that all space-qualified, I think, will go a long way towards helping us win some of these programs over the next one, two, three, and four years. Okay. Thank you very much. Yeah. Thank you, sir. Your next question comes from the line of Michael Ciarmoli with Truist Securities. Hey, good evening, guys. Thanks for taking the questions. You pulled out the Human Landing System revenues. What's the latest there? It looks like NASA's, I think, issued a stop work order. It sounds like you're being conservative, but any views in light of how that protest or program's progressing? Not a lot. We were not awarded the initial phase contracts. As you know, we were teamed with Dynetics as a sub for them on that for some of the subsystems and thermal and communications work. Look, it's very interesting. We're watching the developments closely. If there's a way to get back in, obviously, we'll certainly take it, but we're not forecasting or planning on it at this point. What we are focused on is trying to figure out how to, as ably and adeptly as we can, to replace those types of opportunities with other NASA or commercial or other government programs. We've got some really great teams that are not going to be working on that right now and have the ability to work on other things, and we're driving efforts in those directions. Got it. Makes sense. Then just back to the WorldView Legion. I know you said there were no real financial implications. Anything we should be aware of to CapEx or cash, if these bottlenecks can continue to endure here? As far as 2021 goes, not likely to have a big impact. we just updated the guidance, basically confirming what we already had out there for CapEx. no real change expected this year. Delay, really, is at this point in time, not further forecasted. I think that what we've got, the right numbers to expect for us from this year. As Dan mentioned, I think the harder thing to call is 2022, and the exact timing of revenue buildup and how that gets affected leading up to hitting the run rate, leaving 2022 going into 2023. Got it. Just last one for me. Do you have the actual bookings number in the quarter? I'd refer you to the 10-Q. I don't know the, have it at my fingertips here. Sorry. Got it. No worries. Thanks a lot, guys. Thank you. Your next question comes from the line of Elizabeth Grenfell with Bank of America. Please go ahead. Hi, good afternoon. Hey, Elizabeth. How should we be thinking about once you have the Legion launched and in constellation, the plans for the existing constellation, and thoughts around extending the life of those satellites or ending their service life and what that might look like? Yeah. Well, first off, we've got a great constellation. We have the world-leading constellation right now. We'll be augmenting and then advancing it with the Legion constellation. Not to take anything away from our current assets, but they've been doing great business for us, and as long as customers have a need for them, which we expect to exist far into the future because they're still going to be some of the very best assets available in the world and are world-class. As we sit here today, they're continuing to do great mission service for U.S., international allies, and commercial customers and we continue to expect to be providing that even as we bring on the new Legion capacity for them. They could go beyond 2022, 2023. Yeah, it's possible. Yeah, we've got actuarial tables in our public reports based on analyses that are done, and assessments of the expected or potential life of those satellites. Those are just engineering simulations. What we've learned is assets in space, the longer they're there and continuing to operate, the longer they're expected to continue operating. We'll adjust and update those as we can. For now, the best numbers on that would be in the tables in our 10-K for what we got. Okay. Thank you. You bet. Your next question comes from the line of Chris Quilty with Quilty Analytics. Please go ahead. Quilty. Hey, Chris. Thanks, guys. I wanted to follow up and just clarify something that you had in the script around the timing of EnhancedView follow-on contract. Did I understand that you expect another one-year extension contract end of August, so during third quarter? The successor contract vehicle, which is now being called the commercial EO layer, gets awarded later in the year at some point, you get folded in, I guess, after that one-year extension. Is that correct? Yeah, I think what we were trying to express, and maybe we weren't as artful as we wanted to be, but earlier in the year and earlier last year when we said that with all the study work that had been done, that the new phases of this, the Electro-Optical Commercial Layer, we thought that might happen this summer, and then that would take over and replace the existing EnhancedView program. We're not so sure that's going to be the case anymore, and I think with the administration change and a few other things going on, it's just moving maybe a little bit slower than what we thought it might have six months ago. if that next version of what happens into the future is not done by September 1st, then we would expect to be renewed under the existing program, the option pickup, as we have been every year, back to 2010 timeframe. at some point, it could be September 2nd, it could be any time in the fall. Who knows how long it exactly takes the federal government to get that done. once that gets hammered out, then we would transition the EnhancedView program onto the new contract vehicles and contract terms of the EOCL. Got you. Okay, you also made mention somewhere in the transcript of a cryptic statement about working with partners to do payloads for customers. Can you unpack that for us? Well, yeah. We've got really good capabilities across our business in some swim lanes. Just as an example, we're really running fast with the Legion architecture on one hand, and as well as some modular architecture on the others. We traditionally haven't done a lot of payload development ourselves. Where someone else has a better payload capability, on the commercial side, we believe digital payloads will be more of a partner strategy for us going forward. Other types of phenomenologies that could be available for either commercial or classified missions that we'll be working with the wider defense industrial base ecosystem to put those on orbit and have them serve customers. Understand. Question on the human lander. I was a little bit surprised that you guys put that in your forecast even before the award was made, and obviously it was a competitive award with three strong teams. Is that sort of traditionally how you would handle a large potential award like this, or was there something special about this that gave you unfounded confidence? Well, I think we always have a certain level of realistic confidence, and when we build up a forecast, there's puts and takes, and probability of wins and probability of programs going forward and all those kind of things, and we take that basket mix of things as we put the forecast together and then give the guidance and the numbers we do. On this one, in the earlier phases, I think we'd been graded very well by NASA in terms of things we'd been doing. We were a little surprised by some of the commentary and results in the final award letters. as I think one of the other folks on the call mentioned, there's some challenges taking place on that front. it was one that we had a reasonable degree of confidence in, and so we included it in the forecast for those reasons. Now that we've been knocked out, we're adjusting and modifying for it. Yeah. Go ahead. I would just add in that the original plan was for a down-select to two of the three competitors. that, of course, increased our confidence level as well. We were confident that we'd be one of the two down-selects. Obviously, that's not the way NASA has gone at this point, but that was a part of the analysis when we built the plan. Understand. Congrats on getting Sirius XM 8 out the door. How is Jupiter 3 moving towards the door?Are there any of those supply chain issues that you previously identified that would impact that program? Yeah, we continue to work very hard on the Jupiter 3 program, and know how critical that is for our customer and their business plans moving forward. We don't believe there are any development risks associated with the program anymore. There is one particular vendor that's the bottleneck on one particular set of parts across border, and we are working with them and they've been a little bit hampered by COVID in terms of how many people they could put into tuning stations and do other things to keep the pipeline moving forward. The products are delivering. They're not delivering at the pace we had originally expected, but things are on track now. We didn't get any additional delays related to the Jupiter 3 program this quarter. We still got to make it all the way through testing and everything to deliver the customer the satellite they expect. We're driving forward. It's really about execution at this point, and we are highly focused on getting this customer the satellite so that they can complete their business operations. Got it. Final question, the first Airbus Neo satellite launched, and I should have written it down, but I think somewhere in the press release, they advertised the fact that they had pre-booked some certain amount of commercial revenues associated with that new satellite and its capability. Brings up the question, are you getting any further along in customer traction and signing contracts and pre-commitments? We've made some great progress on our end. The update of the DAF architecture 3.0 architecture is specifically designed to incorporate the Legion work, so customers are spending money to get that capability online. I think the DX rating on the program is another good indicator for the importance of those missions, and we're having lots of good traction at this point. We want to get it up as timely as we can to start getting the revenue and serving the customer needs that are expected on the constellation. Great. Thank you. Thanks, Chris. Your next question is a follow-up from Tim James with TD Securities. Well, thanks. I just wanted to follow up quickly on the Legion. Dan, you were commenting about if there's a bit of slippage here, it implies a steeper ramp to kind of get the revenue that's included in your 2023 targets. Do you mean that it could be more challenging to get there, or just that it will be a quicker ramp? If we think about what is required to get to 2023, is it more of kind of getting customers signed up, or is it more of a kind of operational challenge on your part? Good question, Tim. I think the way I'd characterize it is we fully still expect to be in that position a year and a half from now, where we want to be. With the delays in where we are in the program, with a couple of these issues that I highlighted in the remarks, Honeywell and Raytheon, the ramp's going to be a little bit steeper. Now, anytime you got a little bit of a steeper ramp, that's a little bit more of a challenge. I don't know, hard to guess at this point exactly how much more of a challenge that presents us. it does mean we'll be focused on getting as much done as we can possibly now on the ground, and then how fast we commission the satellites and start delivering revenue and those kinds of things so that the customers can get their expected service levels from them. There are a few customers, a handful of them, whose procurement agencies won't allow them to contract until they can see the data from the assets. it pushes the signing of those customers out further, if you've got a delay in the satellite program. Okay. That's helpful. Thanks, Dan. Sure. Okay, operator. I think we've exhausted the queue. I'd like to thank you as well as those that dialed in for the call today. Dan Biggs, I think we're all set for now, and we'll bid everybody goodbye until next quarter. Certainly look forward to seeing many of you in the weeks in between on Zoom. Thanks again, operator. This concludes today's conference call. Thank you for your participation. You may now disconnect.