Brandon Karsch: And then on the enterprise side, could you provide a little bit more color on some of that softness in Latin America as well as just general update on the geo side for enterprise?
Daniel Goldberg : Yeah. I mean, LATAM it’s been, I mean, like all these things, it is sort of contract by contract that comes up for renewal. I think, the biggest softness that we had in LATAM over the quarter was one particular contract in Peru, if memory serves, it had been a long-standing contract of ours that came up for renewal. Some of that moved to one of our competitors, something that we expected would be coming. It was a customer that had already made a commitment to a new satellite that was coming on the market, and once that new satellite came online, they migrated traffic off of us over to them. So, there was that. And then beyond that, I’d say, just kind of taking a step back more broadly, the market’s competitive.
I mean, for sure it’s been competitive for some years now. But it continues to be a competitive market in the enterprise segment, and we’re certainly starting to see the impact of Starlink coming into the market. I mean, the reality is enterprise users, like, the value proposition and the performance advantages that you get from low earth orbit satellite constellations, which is why we’re so bullish around our Lightspeed constellation. But I’d say that the enterprise segment remains competitive and I’d say increasingly Starlink is featuring into that.
Brandon Karsch: And then just one last one following-up on Starlink previously that it’d be more of a consumer use case, but I’ve impressed about them moving more into the enterprise space. Have you seen a meaningful pickup in competitive intensity just from their pivot into more of the enterprise use cases?
Daniel Goldberg : I’d say we see it mostly, at this point in time in the maritime space, they’ve been pretty successful in attracting some of the cruise line requirements and some of the other sort of maritime shipping requirements. So, I’d say it’s most evident there. We knew — and we know that we’ll be competing with Starlink for some of the enterprise activities. But I’d say if I had to highlight any particular area, it’s been more there. And we’ve said before for Lightspeed, our focus is on enterprise and government services. A lot of what’s Starling’s doing right now is on the consumer side, and I think that they’re getting good traction on the consumer side, but that’s not an area that we’re focusing on with Lightspeed or really that we focus on with our existing business.
Operator: The following question is some [Indiscernible] Securities. Please go ahead.
Unidentified Analyst : Hi, thank you. So just a question on Lightspeed and the funding. So, when I read the press release, it says that the, it’s fully funded, however, subject to concluding definitive funding agreements through global service delivery. Is this just nailing down your contracts funding with the Canadian Provincial Governments, or is this also entail someone else?
Daniel Goldberg : It is in the main, the funding arrangements with the federal and provincial partners here in Canada. I mean, we’ve said, that in the aggregate is about $2 billion worth of funding. We’ve got $1.6 billion that Telesat is contributing. So that’s exactly what it is. And we had flagged that back in August when we announced the contract with MDA.
Unidentified Analyst : Right. So, when you’re talking about through global service delivery, is this meaning your commitment to provide connectivity in areas that they want? Is that what that means?
Daniel Goldberg : I think what we’re — I don’t know exactly the words that you’re focused on, but I think what we’ve said is with the $1.6 billion, the Telesat’s contributing the $2 billion in federal and provincial government funding that gives us sufficient capital to launch the first 156 satellites plus all the other CapEx in terms of the rockets, the ground infrastructure, and the other capital investments that we need to make that gives us full global coverage and a very capable system. And then we’ve noted that we’ll be launching another 42 satellites to bring us to 198 satellites. Those final 42 satellites will get funded with the cash flows that the constellation is generating. That’s the plan.
Unidentified Analyst : Yes. So, when you talked about closing with the government maybe later this year or early next year, what does closing mean? Does that mean that they’ve entered into a commitment to find that certain dates based on certain milestones? Does that mean they’re actually going to give you the cash right away?
Daniel Goldberg : Yes, I mean, that all, once we’re closed off of the government, we’ll provide more details about exactly all the mechanics around the financing. But yes, I mean, what that means is that the government of the federal and our provincial partners will have committed all to the funding that we need so that we can pay MDA, that we can pay SpaceX and our other vendors. It’ll be — yes, I mean that, we’ll close our financing. Those funds will be available for us to make the payments that we need to make.
Operator: [Operator Instructions]. Our following question is from Matt Lapides from Abry Partners. Please go ahead.
Matt Lapides: Thanks for all the color here. Couple of clarifying ones for me. So, the C-band proceeds, which went into the unrestricted group, can you just clarify whether or not that used any of the $150 million general basket that’s available in the credit agreement? Or is the $150 million that’s available today after those proceeds were moved to the unrestricted entity?
