Unidentified Analyst : And then just two more. Just one is with regard to return on invested capital. Does the company utilize a specific return on invested capital hurdle rate when allocating capital? And if so, can you just discuss the rate that you use?
Marc Bell: I mean, we look at things that we purchased, whether it be robots or test equipment and such, as we try to get a 12-month ROI or better. So, for example, virtually all of our robotics 12-month ROI on [indiscernible] with less than 12 months. It is on a less than 12 months. So, we look at all the big CapEx that we spend, and we want to get our money back less than 12 months or less. And that’s kind of how we’ve been viewing it. As well we want very quick returns because we’ve been outsourcing a lot of these things. And by bringing them in-house, the returns tend to be very, very fast. So, we try to — we’re very capital efficient as far as the CapEx that we spend. I mean we projected only $30 million of CapEx this year, and we expect to come in below that.
Unidentified Analyst : And then just final thing. So, this morning, there was a tweet out Declan Ganley, talking about they fully expect the payment to Terran Orbital by the end of this year and that the events of October 7 have slowed things down, but they’re confident that they’re getting back on track and that the program remains on schedule. Have you spoken directly with Rivada about this? And can you just maybe talk about that this morning. It looks like you retweeted that. Just wondering if you can just shed any more light on that.
Marc Bell: Yes. I just speak to Declan this morning, and he — we obviously are aware of who their funding source is and we personally know who their funding sources. So, we have confidence in their funding source. That said, yes, I did retweet it because I like the tweet. Feel free to retweet it yourself. It’s always a good thing. But that said, other than that, I don’t — more to comment other than he’s very frustrated that they haven’t closed yet, but they are making progress. We have one more? Two more, two more. This is great. Keep them coming.
Operator: Our next question comes from Peter Singh, a Private Investor. Please go ahead.
Unidentified Analyst : Thank you, Marc, and thank you, everyone, for hosting this call and for taking this format. I appreciate that. I know it’s not easy, given how.
Marc Bell: Yes, we want to hear from everybody. I think this is great.
Unidentified Analyst : Just a quick question regarding Q4 performance. I know you mentioned that the Tranche 1 deliveries are delayed now into Q1 and potentially Q2.
Marc Bell: It’s not delayed the original. Yes, we’re not delayed. The original schedule went out to Q2. We were trying to beat the schedule. There’s a difference. So, we’re on schedule. We were trying to beat it. Making it on schedule is easy, but I like to beat schedule. I don’t like to just make them.
Unidentified Analyst : Fair enough. So, what is the expected revenue now for Q4? I mean if I’m going off of the $130 million target for 2023 and where we are currently, it looks like around $26 million, $27 million for Q4. Is that correct?
Marc Bell: That would be on the low side. As we have mentioned earlier, we’re providing conservative guidance — and the reason for that 130 number, which would imply a lower Q4 revenue is the fact that there’s certain challenges on certain programs, and the ultimate resolution of those challenges aren’t known at this time.
Mathieu Riffel : And I never ever want to get caught again with having to go out with — to raise my revenue target and then have to lower them again. So, we’re going back to the way we used to do it. And for 20 years, we’ve never missed the revenue target, and this is the first. So, we never want to make that mistake again. So, we’re back to being conservative.
Unidentified Analyst : Okay. Fair enough. Yes. I guess, lesson learned from the 250 target. During the Q2 call, you had mentioned about the extreme due diligence done around Rivada funding and payment. Did we research not consider the potential delays that we are experiencing right now? And does Terran not require any alternative funding from Rivada?
Marc Bell: No. We knew their funding source very well. I met with them personally a long time ago. I had extreme confidence and saw no reason why they wouldn’t have been funded. So, this was just a — it was quite a surprise, both to us and to Rivada. But yes, we did — a lot of diligence was done on all sides, and we had extreme confidence on their ability to fund. And we still expect them to get funded. Just there are other some external circumstances that have popped up that have delayed things. But it is a large sovereign and we expect them to come through at the end of the day.
Operator: Our next question comes from Mark Stone, who is a private investor.
Unidentified Analyst : So, the previous mentioned a Twitter reminding of a comments last question I have. As of a few weeks ago, the Terran Twitter site, posts are protected. And I actually submitted and still have pending in a question about two weeks or three weeks ago to have them unprotected. So why are they protected? Was that some kind of mistake by Terran Orbital or on purpose?
