Erik Rasmussen: Okay. Great. So no update there. And then maybe on the competitive landscape, have you seen any changes, anything in the last 90 days since our last update. There’s been a lot of consolidation in the space and maybe just your thoughts on sort of staying independent.
Marc Bell: We’ve seen — we watch what happened with astronomers. It’s first satellite. They launched brick-into-space. It’s not too easy as we keep trying to tell people. It’s an art form. We are — we like being independent and it gives us — we believe it works for us. We are ever expanding our ability to work with many more and more customers, both around the globe. And we’re very happy with where we are right now.
Erik Rasmussen: Great. And then any other color you can give on the new award, the 16 satellites? Any time line maybe when these satellites would be delivered?
Marc Bell: At the customer request, we’re not giving out any information, sorry.
Erik Rasmussen: Great. Thanks.
Operator: Thank you. With our next question comes from Robert Spingarn from Melius Research. Robert, your line is now open.
Robert Spingarn: Hey, good morning. Gary, just could you dig into the second half revenue cadence, maybe a little bit more in terms of — is it all in the fourth quarter? I guess, Marc, you were suggesting it’s really hockey stick at the end of the year. But on percentage of completion accounting, shouldn’t we see sales ramp to some extent here in Q3. So how do we think about Q3 and Q4? That’s the first question.
Gary Hobart: Sure, Rob. I think my comments a couple of minutes ago, I think are most I’m going to dig into on that. Look at $250 million for the full year, with third quarter being bigger than second and fourth bigger than third. I really don’t want to provide more details on that there. Any changes in particular with third-party deliveries and third-party performances can have a significant move from one week to the next or one month to the next. And so we’re going to limit ourselves in terms of just giving more glossy discussions about how the $250 million plays out, which would be more than $190 million for the second half.
Robert Spingarn: Right. So what’s the right way to think about this implied kind of $190 million in revenue in the second half, how much of that is Rivada’s? How much of it is SDA? It sounds like SDA delivers next year. So just how do we think about the allocation of that revenue across the programs.
Gary Hobart: Sure. I don’t think we’re going to break it down precisely, but I think you can back into our $2.6 billion of backlog as being roughly $2.4 million from Rivada, a little under $100 million from Lockheed Martin, including the SDA program that we’re working on and we’ll expect to finish by the end of this year or April of next year. And then the other $100 million are other programs. I would say that we haven’t really broken down the mix. It comes up to that $190 million number. But if you think about the ramp we’re showing in Rivada and what we started the year with, it’s probably close to a little under half from Rivada and the balance from other backlog.
Robert Spingarn: Okay. And then just to clarify, I think you said, Gary, that from a free cash perspective, it’s kind of plus or minus for the second half. Did I hear that right? In other words, about breakeven?
Gary Hobart: It could be about breakeven
Robert Spingarn: Okay. And then you’d become cash flow positive at some point in ’24. Just want to make sure I got all this.
Gary Hobart: That’s correct. That’s correct.
Robert Spingarn: Okay. And so what is the capital plan at this point going forward, either for you or for Marc, how do you think about raising cash to the extent that you need to?
