Peter Platzer: Yes, absolutely. It’s a technology that we consider crucial for our competitive mode. We continue to roll it out. We continue to offer it to customers, make it available to them to offer them solutions which have lower latency data. And we feel, very encouraged by the progress and the rollout on both the RF into satellite links as well as the optical into satellite links which is already the next generation technology there.
Stefanos Crist: All right, thanks.
Peter Platzer: Of course.
Operator: Thank you. Our next question comes from Elizabeth Grenfell with Bank of America. Please state your question.
Elizabeth Grenfell: Hi, good afternoon.
Peter Platzer: Good afternoon, Elizabeth.
Elizabeth Grenfell: Hi. So you could delve into the balance sheet a little bit and think how should we think about the minimum amount of cash that you need on the balance sheet to operate the business versus your target for being free cash flow positive?
Tom Krywe: Yes, I can answer that. One thing, the look at is the last two quarters we had the cash that we did in usage was about $11 million, just over $11 million, two quarters in a row. We just got 20 €“ roughly $20 million from the remaining amount of our credit facility. And then our, if you also looked at the path that we’ve been on the free cash flow, going from negative $25 million to negative $13 million in change to negative $8.1 million, we’re really seeing that reduction. We’re really seeing that leverage. And we’re seeing, less and less cash usage on a quarter-over-quarter basis. So we ended the quarter at $70.7 million. We added that extra roughly $20 million of cash. We’ve been only burning about $11 million a quarter. You know, it’s a good path right, you can do that math and it takes us, into the period well past, the period that, we said we’re going to be free cash flow positive. So, we’re very comfortable where we’re sitting on the balance sheet.
Elizabeth Grenfell: So what is, like so what is the minimum amount of cash that you need on the balance sheet though, just to run day-to-day operations?
Tom Krywe: We only spending $11 million, so then so we need 11 million every quarter. That’s the current numbers, but then of course, we’re going to be doing better and better as we go throughout 2023. That number’s going to start diminishing as we keep, delivering on the guidance that we’ve got putting forth on the top-line and then what we’re expecting to do on the cost front.
Peter Platzer: So, I think using that number, Elizabeth, as like a guidance of what we need to run the business is basically what you hear us saying from a modeling perspective.
Elizabeth Grenfell: Great. Thank you very much.
Peter Platzer: Happy.
Operator: Thank you. There are no further questions at this time. I’ll hand the floor back to Peter Platzer for closing remarks.
Peter Platzer: Thank you. And, and as we wrap up, I would really like to thank our customers and employees and the numerous suppliers for partnering with us as we continue in our substantial growth trajectory to its profitability. Without our customers, employees, and business partners, we would not be where we are today. On a daily basis, the news remind us that the shocks of climate change and geopolitical events shake the already fragile world we live in. But with our data and solutions, we strive to provide transparency and stability for the world. And I could not be more excited about the prospects for Spire as we work together to create a more sustainable, equitable and prosperous future right here on planet Earth.
Operator: Thank you. And with that, we conclude today’s conference. All parties may disconnect. Have a great evening.
