That’s why we’ve been ramping the hiring of all the people that we’ve been doing. Like we’re moving out. So, but again, we’ll share more specifics about the financing once it’s all wrapped up.
Arun Seshadri: Got it. Thanks Dan. And then as far as the buybacks, nice to see them continue this quarter and after the quarter. Just two questions there. Do you expect to continue to do buybacks with the cash that sits in the restricted group? In other words, have you any thoughts around other users of cash? Number one. And then number two, I assume as usual, that the choices on what you bought back were primarily governed by liquidity in the appropriate instruments. If you could confirm that as well.
Daniel Goldberg: Yes, I mean, Andrew, if you want, I’ll take the first shot at it. So, I mean, consistent with things we’ve said before, there is cash that has been building up in the restricted group. And we always try to make use of that cash in a way that we think strengthens the business. And so, over the past few quarters, we have used a considerable amount of it to repurchase our debt, and we think that’s been the right thing to do. But equally, we’re open-minded about other uses for that cash if it would strengthen the business, including looking at other satellite programs, particularly geo programs that, would be accretive to the business. We’ve looked at a number of opportunities to do that. To date, we haven’t closed a business case.
We’ve always said we’re never going to invest in a nickel and CapEx if we’re not persuaded that we have a compelling business plan and can achieve the kinds of returns that our shareholders expect. And so, so I guess a long way to say that we will be open-minded about additional debt repurchases going forward, but equally, we will evaluate other ways to use that cash that can strengthen the business. And then as far as what we’ve bought, it’s a range of different considerations. You mentioned liquidity, that’s certainly one. We noted that, we bought some of the term loan be back over the last quarter, certainly, because that floats, that’s sort of a more expensive part of the outstanding debt that’s out there right now. So that’s obviously a consideration.
So, it’s a range of different variables that we think about when we do engage in those debt repurchases. And I would say, we are just kind of pragmatic about all that.
Michael Bolitho: Absolutely, Dan. I mean, just to add the comments. As Dan had said, our business, our margins are so high, which means we generate very, very good amounts of cash and we will do going forward. And we assess our liquidity needs, cash balances, and requirements. And then indeed, as you see, we bought back 587,000,000 face value of bonds, which is pretty attractive and that’s a good use of cash. And I simply would add that, since December 2020, we have reduced our overall debt by 28% that we kind of mentioned. But indeed, we are very focused.
Arun Seshadri: Got it. Thank you. Last question for me is, is this really in terms of capacity deals in the works? Are there any new deals that you kind of working on either from a geographic or a specific business standpoint to sort of add to the capacity commitments that you already have on Lightspeed? Thanks.
Andrew Browne: Thanks for the question. I wouldn’t note anything, in particular. But just suffice to say we are engaged with customers in each of the verticals that we are focused on, in pretty much every region of the world. I mean, the benefit of being an existing operator is that, we are already doing business in virtually every country in the world where, we have regular engagement with the key satellite users, in all those different verticals. And so, there is no one that I would highlight. And again, as we sign material deals, we will announce them. And then we will talk about them on the calls that we do. So, folks will have good visibility into that.
Operator: Thank you. Our following question is from Brandon Karsch from Kennedy Lewis. Please go ahead.
Brandon Karsch: Hi. Thanks for taking the questions. Just turning back to guidance here. If I back out the implied Q4 revenue from what you have done year-to-date, it looks like a pretty steep decline here. And I know there is some noise in Q4 last year from some non-recurring equipment sales. Is the rest of the delta just the Bell Canada renewal, or is there anything else I am missing, or should I view this guidance as conservative at this point? It just looks like a pretty big step down even from the recent run rate.
Andrew Browne: I’m trying to, I mean, and the decline was what, year-over-year, it is 4%, on the quarter. Year-to-date, it is 5% top-line adjusted for FX. So certainly, declines would be driven by the renewal with Bell. So, there was that. And we noted that there was some softness in Latin America. That, we experienced over the quarter. And I would say, kind of, throughout the first three quarters of this year. But anyway, those would be the things that have acted as a headwind and that I think, as I mentioned, will carry on in the next year, given the timing of the Bell renewal and alike.
Andrew Browne: And I would just add in terms of the OpEx in quarter four as there are earlier comments that, as we continue to ramp, we will anticipate sort of the higher run rate of OpEx from ANC [ph] coming in quarter four. So hence, that’s part of the equation also.
Daniel Goldberg : And then maybe one other colleague has just flagged for me, I guess in Q4, last year, we recognized sort of a one-time with DARPA, this is the US government sort of research lab that we’ve been winning different projects for LEO related activities. And so, I think we had said at the time, we had called it out that that’s sort of — there’s other work that we’re doing with DARPA, but that’s that kind of revenue opportunity is lumpier in nature. And I think we even called out the exact amount because I think we’re required to it was — I mean, it’s significant. It was $25 million in the quarter. So, certainly, that would be a big contributor if you’re trying to do the math on the guidance and extrapolate from that.
Brandon Karsch: Yeah, I had been adjusting that out of my number and it still looked like a somewhat meaningful decline, which is why I was asking. But think you’ve answered my question there.
Daniel Goldberg : Then it would be mostly the bell renewal.
Andrew Browne: And as we said, the provision for OpEx as well as we said would like.
