York Space Systems, Inc. (YSS) Earnings Call Transcript & Summary

Hello, everyone. Thank you for joining us, and welcome to York Space Systems First Quarter 2026 Earnings Call. [Operator Instructions]. I will now hand the call over to Christopher Evenden, Vice President of Investor Relations. Please go ahead.

Hello, everyone, and welcome to York Space Systems First Quarter 2026 Earnings Call. With me on the line are Dirk Wallinger, our CEO; and Kevin Messerle, our CFO. Please note that our earnings press release is available at ir.yorksystems.com. In addition, we have posted an earnings presentation to accompany our prepared remarks on the same website. Lastly, after the call, we will post a transcript of our prepared remarks and an audio replay of this call. For those listening to the rebroadcast of this call, we remind you that the remarks made herein are as of today, Thursday, May 14, 2026, and have not been updated subsequent to this call. During this call, we will refer to certain non-GAAP measures. A reconciliation of these measures to the most directly comparable GAAP measures can be found in our earnings press release. We will also make statements that are considered forward-looking, including those related to our 2026 outlook, future revenue, growth prospects, backlog, growth of market share and addressable market, M&A strategy, inventory building and the benefits of the acquisitions of Orbion and ALL.SPACE. Listeners are cautioned that our forward-looking statements involve certain assumptions and are inherently subject to risks and uncertainties that can cause our actual results to differ materially from our current expectations. We advise listeners to review the risk factors and other discussions included in our 2025 annual report on Form 10-K, the Q1 Form 10-Q and our other filings with the SEC. After the completion of our prepared remarks, we will open the call for questions. Now I'll turn the call over to Dirk.

Hello, and welcome to York's First Quarter 2026 Earnings Call. I appreciate you taking the time to join us. Q1 marked a strong and focused start to the year, reflecting disciplined execution against our strategic priorities and the momentum established through our successful January IPO. We delivered revenue of $116 million, up 9% year-on-year, while also adding meaningful commercial and government awards in the quarter, strengthening our backlog and positioning us for continued growth. We also advanced key strategic initiatives, including the acquisition of Orbion to enhance vertical integration and production delivery times and early steps to build out our inventory in support of future demand. In February, we finalized $187 million commercial contract for a 20-plus satellite constellation built on the M-CLASS platform with a clear pathway for additional orders as the customer continues to build out its constellation. We have since completed our kickoff with the customer and begun early design work. We expect significant revenue contribution from this program in 2027. In March, we shared that York won multiple IDIQ awards supporting next-generation national security space architectures. These awards reinforce the continued confidence government customers place in York's mature production line. The IDIQs will support the development and deployment of critical national defense and war fighting space capabilities, including systems relevant to emerging, highly integrated systems that contribute to missions like Golden Dome. We expect task order issuances on the awarded contracts in the near term and are well positioned to compete, win and execute on such orders. We also saw continued growth with our civil government customers, including NASA, where we secured an extension to the PEX contract through 2027. We are seeing strong new business activity across government, classified and commercial markets, and our business development team is fully engaged and at full capacity across this pipeline. Turning to capital allocation. The IPO has expanded our ability to invest in advancing our first-mover advantage. We have scaled our business development organization, adding capabilities across key markets, including Washington, D.C., Colorado, California and Florida. In parallel, we are investing in inventory, initiating the build-out of the first 20 satellite platforms, allowing us to potentially reduce time to orbit by up to 75% to meet the rapid delivery demand signals from the market. The IPO also enabled us to accelerate our M&A strategy, which we are executing with the acquisition of Orbion in Q1 and the signing of ALL.SPACE in April. As I highlighted in our last earnings call, Orbion strengthens our supply chain control and further integrates critical systems with flight proven technology. We are seeing strong alignment and execution across the York and Orbion teams and are enthusiastic about the ability to contribute to accelerating our delivery time lines while operating successfully as a wholly owned subsidiary. ALL.SPACE develops and manufactures next-generation robust jam-resistant multiband mobile tactical terminals for satellite communications. Their Hydra terminal systems provide resilient network-agnostic communications on the move, enabling reliable connectivity across space, air, land and maritime domains designed specifically to ensure connectivity is maintained in dynamic and contested environments. With this acquisition, York expects to advance its strategy to build and complete communication ecosystems operating in contested environments across the commercial and government networks. It will also further position us to expand into adjacent high-growth addressable markets, particularly the rapidly growing unmanned systems market by leveraging our space-based network. Together, York and ALL.SPACE bring complementary proven capabilities to enable real-time access to critical information and improve awareness, coordination and mission execution across distributed operations. ALL.SPACE brings an established and highly credible platform with a track record of execution across critical defense programs and a strong base of existing customers. Upon closing, the business will continue to operate as a wholly owned subsidiary, maintaining its focus and agility while contributing to York's broader strategic objectives. ALL.SPACE has demonstrated success supporting the U.S. Army and U.S. Navy, including through the next-generation tactical terminal and satellite terminal non-geeostationary programs, reinforcing its position as a trusted provider of resilient communication solutions. These relationships not only validate the strength of the platform, but also expand York's opportunity to deepen engagement across key defense customers. We see significant opportunity to scale into the mobile manned and rapidly growing unmanned systems market through our combined space-based network and mobile ground terminals, where demand for resilient on-the-move connectivity is accelerating. As we have seen in current conflicts, assured connectivity in contested environments continues to present significant challenges. ALL.SPACE is a leader in providing multiband-assured communication in contested environments, and this acquisition positions us well to capitalize on that opportunity, particularly as evolving geopolitical dynamics continue to drive increased reliance on unmanned and distributed systems in contested environments. The acquisition is expected to close in the third quarter, subject to regulatory approvals. Looking ahead, we will continue to pursue strategic acquisitions across two primary lanes, assuring supply chain and vertical integration and leveraging our space domain expertise to continue to expand into rapidly growing adjacent markets, further growing our TAM. Let me close by reinforcing that York is well positioned as we move into the second half of 2026. We are deliberately investing to build inventory and reduce delivery time lines by up to 75%, expanding portfolio capabilities like the ATLAS Ground Network and continuing to expand our broad customer base. At the same time, we are leveraging our capital to execute a disciplined M&A strategy to strengthen our ability to deliver at speed, cost and scale while also expanding our total addressable market by leveraging our space expertise to expand in adjacent high-growth segments. Together, these efforts position York to capture significant opportunities emerging across an increasingly dynamic and contested global landscape. And with that, I'll hand the call over to Kevin.

Thanks, Dirk. As Dirk discussed, 2026 is set to be a transformational year for us with our January IPO opening several new avenues of growth. Revenue for the quarter was ahead of our expectations at $116.3 million, up $10.1 million or 9% on the prior year. The increase was primarily driven by growth in our major government programs, offset by a strong performance in Q1 last year as we accelerated production of our first 21 Tranche 1 transport layer communication satellites ahead of their launch last September. Gross margin, which includes allocated labor, overheads and D&A, was 19%, down 4 percentage points year-on-year, driven by the net impact of certain EAC adjustments, which were a tailwind last year and a headwind this year and a nonrecurring depreciation expense this year. Gross margin dollars were $22.2 million in the quarter, down slightly from $24.6 million in the year ago quarter, driven by the items I just mentioned, offset by higher revenues. Contribution margin grew 1 percentage point to 34% in the first quarter, driven by a richer mix of our newer vintage programs, which tend to have higher margins than our older vintage programs. Contribution margin dollars grew to $40.1 million from $35.3 million last year, driven by the aforementioned mix and higher overall revenues. Turning to operating expenses. SG&A plus R&D expenses increased 35% year-over-year. This was primarily driven by an increase in overall headcount at York, increases in overhead related to public company uplift and incremental salaries and costs related to the acquisitions of ATLAS in August 2025 and Orbion in March 2026. As a result, adjusted EBITDA for the quarter was negative $3.6 million compared to $5.5 million last year. With regards to liquidity, as of March 31, 2026, our cash and cash equivalents were $655.7 million and availability under our revolving facility was $150 million for total liquidity of $805.7 million. Loss per share was $1.51 per quarter. Approximately $1.07 of this is due to two substantial nonrecurring noncash charges associated with the IPO. Capital expenditures for Q1 2026 were $2.1 million as compared to $1.2 million in the year ago quarter. Backlog has increased 18% to $642.3 million at quarter end from $542.6 million at December 31, 2025, driven by the commercial win we announced in March, partially offset by revenue recognized in the quarter. Looking ahead, we expect revenue for the year to be in the range of $545 million to $595 million, up 48% year-over-year at the midpoint. This is unchanged from our previous guidance. The recent changes at SDA have not reduced our nation's need for communications and contested environments. We continue to compete for that business based on the strengths we've shown in the past. With regards to Q2, in particular, I would note that we are experiencing delays in supply of certain components that will push a portion of revenue associated with those costs into the second half of the year. We believe these near-term headwinds are balanced by the unprecedented bid activity in other areas, netting out to an unchanged forecast for the full year. And now I'll hand it back over to the operator for questions. Operator?

[Operator Instructions] Your first question comes from the line of Peter Arment from Baird.

Dirk, you're in a position to kind of clear things up and help, I guess, investors try to understand a lot of the moving parts that have really been going on in the Space Development Agency. Since justification books have come out, a lot of -- there's been a lot kind of thrown out there. How do you view kind of the positioning, if anything's changed for you? Or just maybe if you could just -- I know some of this -- obviously a lot of this is restricted and classified, but what you can give us kind of at a high level and how you're viewing it?

Sure thing. So good to hear from you, Peter. I appreciate the question. So yes, I mean, it presents a real opportunity for us to clarify a lot because quite frankly, I mean, there's a little bit of confusion out there, right? So last earnings call, I think you'll recall that there were some questions about transport and how that might relate to Space Data Network. And in that call, we suggested that -- I suggested that more than likely what we expected to see is that the transport capabilities, right, the ability to support the war fighter in theater and in domain was an enduring need and independent of what the agency -- what agency or where that kind of need fell under that it would endure and would continue. So we're happy to see that, that's pretty much exactly what happened. So the transport kind of capability where you have this assured communications and you're going to be able to provide that directly to the war fighter, right, is a capability that continues to exist, and we're seeing that rolled into the Space Data Network. So there's a lot of confusion. And I'll talk to the government about this, and they acknowledge this and they're doing a lot of work to clarify. But there's a lot of confusion because last year, the year before, you're hearing a lot of things about MilNet, things like that, right? And so what they're doing, though, is exactly what I said. They're bringing all the different kinds of capabilities that you need from a military commercial solution, and they're going to put it under one architecture, and that architecture is called the Space Data Network. I think because before there was an assumption that SpaceX was sole-sourced MilNet, people believe that, that was going to perpetuate and that all of Space Data Network would become "MilNet" -- and that's just not accurate. And you see that reflected in the budget. So if you look at the '27 Department of War mandatory budget, you see some line items and you definitely see a Space Data Network backbone at roughly $3 billion. But what you also see is Space Data Network backbone "multiple vendor procurement." And that's a separate line item from Space Data Network, which means this is for other vendors to compete for that backbone. And so obviously, that's very encouraging to see a specific line item specifically for competition at $800 million. And Congress has also been really supportive of more competition and understanding that that's critical to having a strong industrial base in the U.S. And so if that continues, we believe York believes there's opportunity for material expansion into the $685 million for Space Data Network mesh and ground architectures. So with those two alone, you're looking at about York's opportunity at about $1.5 billion. To put that into context, when we were looking at budgets before earlier kind of end part of last year, you'd see $200 million, $400 million as high as $500 million for transport. But what we're seeing now is that in the new architecture under Space Data Network, we're seeing that opportunity more than tripled. So obviously, that's all very promising for us. We're very encouraged to see that. We like to see budgets for things where we are a key contributor triple. So that's great. But another thing to add is there also seems to be a little bit of confusion on kind of where York fits in the ecosystem and what our capabilities are. And obviously, for obvious reasons, there's a lot of focus on transport because it was an unclassified program for the most part as far as what it was asked to do. But we're seeing now that, look, there's very large budgets elsewhere. And so that's why I'm pointing to our other capabilities because right now, we are under contract for seven different mission sets that are not Space Data Network. Right now, we are executing advanced fire control, moving target indicator, remote proximity operations, tracking data relay, advanced waveforms, weather and IBS. -- right? Those are all capabilities across the entire ecosystem from classified programs over to Golden Dome programs, right? And so when you look at the capabilities York has, obviously, we have tremendous capabilities in SDN, seeing that budget triple is phenomenal. But if you look at the classified side, we estimate the classified budget to be about $20.9 billion. And it does have some overlap with the $17.5 billion for Golden Dome. But right now, we're tracking dozens of specific opportunities across five different classified mission areas. We also estimate our total opportunity is roughly about $16.3 billion. And we obviously feel we're well positioned for the unclassified $8 billion allocated to moving target indicators. So when you're looking at the $20 billion for classified, $17 billion for Golden Dome, York looks like we have a target area of about $16 billion for work that we can do. And so that's why those other mission sets matter so much is because we're the incumbent on a lot of those mission capabilities. We are doing it now. And we're one of probably only four companies probably in the U.S. that is actually positioned to deliver hundreds of satellites immediately. So I kind of took it a little broad there, Peter. But hopefully, that gives you a little more insight into what this budget actually says and what it actually looks like.

That is really helpful, and I think it will be very much appreciated. Maybe just a quick follow-up. Kevin, you mentioned kind of there's no change in this year's annual guidance, but you did said things are shifting around. Could you just give us a little color what the supply chain issue is for Q2? Or is it just a timing thing?

Yes, Peter, good question. And yes, so just to reiterate, we are reaffirming our prior guidance of $545 million to $595 million. And so what I mentioned in the prepared remarks is that we think a little bit of our 2Q revenue that we were planning to hit in 2Q will just be delayed into -- likely 3Q, potentially some of that into 4Q. So it's all a timing thing. It doesn't change the overall trajectory for the year. And it is related to, I would say, a handful of suppliers. I don't want to publicly announce who that might be. We're obviously we value our supply chain. And look, they're working on some challenging things for us in some instances. So that's what's causing that, right? Because we recognize revenue on a percentage of completion. So some of the development and the production status on certain of our purchase orders gets a little bit delayed. All that means is that revenue just kind of moves a little bit to the right in the year. I would say directionally, Peter, one way to look at it, although we don't guide quarterly revenue, we anticipate 2Q '26 could be roughly flat year-over-year from 2Q '25. So again, just a little bit of softness there, but it's all just kind of moving to the right.

Your next question comes from the line of Austin Moeller from Canaccord Genuity.

So first, could you just provide a little bit more color on the national security IDIQs? I think you hinted that it's somewhat related to Golden Dome or potentially the Space Data Network solicitations in the J-Book but love any more detail on that.

Yes. No, I appreciate that. Yes, there's -- IDIQs or IDIQs to a lot of other folks. And so it's good for us to clarify that a little bit. So there was some confusion that we kind of understood a little bit in the sense of there are a couple of IDIQs that are for Golden Dome. They're on the unclassified side of things. And there's a lot of people on them, right? It's 20, 40 people, I think 100 or something like that in one case. And so people were confusing that with the IDIQs I was talking about. So now to be clear, we are on those other IDIQs, but we're awarding there, too, but we made no announcement about that. The two that I was referencing for -- are referencing are basically, they're both for national security needs. So I'm not allowed to talk about the actual kind of mission set, but they were very selective. So that's why we were excited about it, and that's why you heard me mention in the last earnings call, and there was a press release as well because they were extraordinarily selective about who they awarded to. It was a very small handful on both of those IDIQs. All the awardees on there were basically had a long storied history of successful execution in orbit and have the ability to produce at scale. Both of those IDIQs, while I can't name what the mission sets are, I can say that they are both operational mission sets, meaning that they are for capabilities that government feels right now in very large quantities. So being onboarded to both those IDIQs is obviously very exciting because it goes along the lines of we can see now the overall theme of what the government has been doing is there's been a lot of frustration with what's going on with Golden Dome, what's going on with Space Data Network, et cetera. And we can see now that what the government is doing has been putting contract vehicles in place with the vendors they think they can actually perform on these contracts and actually execute. And so that takes a lot of work for the government. That's still an area where we're not as fast as we probably need to be. But they've been working the last couple of quarters to get these contract awards in place. And I anticipate a large series of task orders coming out on both those IDIQs over the next couple of months. I can say that our business development team has been very busy responding to task order requests. We actually just signed off on doubling our classified space, facility space as well. So very exciting because they're operational missions, they were for a handful of people, not the hundreds that were on the unclassified IDIQ. So I wish I could tell you more about the mission, but hopefully, that gives you a little bit more insight that these are kind of real IDIQs. And so they're very exciting for us.

Okay. And you already discussed this at length, but I guess just to reiterate, if you can, you would think that on future contracts or program solicitations for Space Data Network, mill net, et cetera, transport layer that it would be quite unusual for the Space Force, given their model for all the other contract vehicles they have to sole source to a single vendor for anything, just given its reduction of competitiveness and you don't have a redundant second supplier.

So this is my perspective and opinion. So thank you for that. I'm in no way speaking on behalf of the government. But I think there's kind of two gears going on. One is, look, we have an immediate need for capability in this country. I think that given events over the past couple of months, it's only really highlighted that. So I do think that, look, if they've been working with suppliers and they've been producing successfully, they're going to continue to do that. You don't want to give up on a great supplier and just suddenly shift gears. But I do think there's a lot of congressional support and frankly, support on the military side of things, too, that we need to have a strong industrial base, which means that we need to have multiple suppliers. So I wouldn't take it so far to say that they'll never sole source anything. I think it probably looks more like, hey, let's continue to do the things that we're doing that are working. But look, we have a lot of dollars here. Congress has been very supportive of multiple suppliers. So let's try and on-ramp other companies to produce at scale and see what they can do as well. So I think it's more like that. I don't think it's quite as discrete. It's more of '26 and '27 and '28 look like, let's get these companies from producing hundreds to producing thousands and let's invest in multiple suppliers. Yes. Well, and I'll add one more comment. So stuff like there was some Starlink terminals that were referenced in the budget. But -- so like, yes, do you need Starlink terminals to work with Starlink? Yes. So that's probably a sole source for that one. But that was $25 million of over, I think, $3.8 billion when you include launch. So I think that's a good example of -- look, we'll continue to use things that work.

Terminals now, right?

What was that?

You've flat panel antennas from ALL.SPACE now.

We do. That's exactly right. So we're very excited about the addition of ALL.SPACE. And obviously, we've just signed a definitive agreement, and we saw regulatory approvals. But yes, that's the real capability that ALL.SPACE is bringing is that it's a multi-beam antenna. I think it has four different beams. It can talk to GEO, HEO, LEO, MEO, all of them. And what the difference there is that it really provides this assured comm. So you noticed that York tends to be really focused on tactical capabilities like in the theater, and that's precisely what the ALL.SPACE capability does is because it's multi-beam, because it's an electronically steered antenna, it's very hard to jam and it's very hard to basically take it out of communication. And we've seen that, right? We've seen in the places that we're in nowadays, we're having -- people are having a really hard time with communications. And so that's what the ALL.SPACE antenna does. In addition, right, you'll notice just generally in the market, -- there's a lot of focus on unmanned systems, right? -- rightfully so. There's a lot of excitement about all the unmanned boats and ships and subs and things like that, that we need capability for in the sea. And same thing on the land, right? We're very focused on production right now. But what we loved about the ALL.SPACE being added in was that when you have the production and it works, if you can't talk to it, then really doesn't matter, right? If they're able to jam your communications, if they're able to jam your GPS, then that's going to be a major problem. And so the fundamental design of the ALL.SPACE system is much more robust towards that. And so that's why it's going to enable the unmanned systems to work in communication denied environments as well. So that's a little bit of a nuance that I think most people didn't get about really the brilliance of what Paul and ALL.SPACE were doing and coupling that with an assured communication and capabilities backbone in space really gives you that global connectivity that, frankly, as a country, we're going to need.

Your next question comes from the line of John Godyn from Citigroup.

This is Max on for John. I was just wondering if you could double-click on the capital allocation strategy a bit. You mentioned M&A strategy of investing in growing adjacent markets. I was curious if this is part of the strategy of diversifying away from the SDN dependency or it's just a part of like your inorganic growth strategy as a whole? And if you can provide some high-level color into these rapidly growing adjacent markets.

Yes. So yes. So on our earnings and today, we've always talked about there's two really areas that we're going to look at as the major focus. One of them is supply chain because -- as Kevin alluded to, there's just a lot of areas where we are highly dependent on China and other countries, and that has to end. Solar cells are one prime example of pretty much everything on solar cells for space, triple junction type of cells comes from China or places that are unfriendly. And so we need to change that. We had the Orbion acquisition as well, like they're a premier supplier of propulsion systems. They're operating phenomenally for us in orbit on numerous missions. And so bringing that kind of high technology capability in and then securing our supply chain from sources who we know will be unfriendly in the future, right, that's important to us. But the other piece is it isn't about diversifying away from SDN. As I kind of alluded to earlier in the call, we have 8 different mission sets. SDN is one of them, but we have 7 other ones. So as far as the diversity of capabilities, and ability for us to grow in numerous mission markets that are all ripe for proliferation. We feel very good about where we're at from a satellite manufacturing capabilities perspective. The strategy, though, is more of, look, we provide global connectivity and global solutions. That's what we do. We build autonomous robots in space, right? They operate for weeks, months, could be years on end, right? And so they have these autonomy and controls and capabilities there. And what we want to do is leverage that knowledge and experience and help adjacent markets. And so that's where we saw that by coupling with ALL.SPACE, we could take advantage of the massively growing and expanding unmanned markets. They are already doing phenomenally well in mobile markets. But unmanned markets, we can support that. And by that terminal being connected to our global system, what it means now is these -- all these manufacturers for boats, subs, ships, land vehicles, et cetera, we can offer them a turnkey, assured connectivity and autonomy solution. And so yes, we have a lot of interest that we see that robots and everything like that is going to be important to what the United States is doing in the future. So we're making offensive moves right now to try and help that market grow and be successful and execute because right now, the focus is a lot on manufacturing. But the next step is how do you get these things to work? How do you connect them? How do you make sure that they understand where they're at? How are you coordinating them? And so that's where we think that there's lots of opportunity for York to grow because, frankly, that's exactly what we do for satellite constellations right now.

I'm going to add a quick little plug here. In the earnings deck that's posted to the website, there's some really helpful slides we think that will help kind of -- or kind of illustrate what Dirk just talked about as it relates to this whole ALL.SPACE ecosystem. So Slides 8, 9 and 10, whenever folks get a chance, I would encourage you to have a look at those slides.

Yes. Kevin is piping up because he told me before the call. He might want to reference those. Fair good, Kevin. Thank you.

Your next question comes from the line of Seth Seifman from JPMorgan.

I wanted to ask about the EACs in the quarter and what drove the cost growth that led to those and whether that's associated at all with the schedule delays you're expecting and whether those delays bring any profitability risk with them?

Yes, I'll take that one, Dirk. Seth, good to hear from you. Yes, what I would say with the first quarter EAC change, it was negative, but there's kind of a good story behind it. And I'll share what I can with it. We have a particular very important government customer that has a very important mission. And there's been over the past year or two, a little bit of uncertainty on particular technical capabilities. And the good news is, in the first quarter, our tech teams and the government's tech teams came to an agreement on what that technical capability should look like. And frankly, it's going to increase a little bit of material cost and a little bit of labor cost on our side. And we felt the right thing to do for this customer and for this mission, which is an extremely important one for our nation, was to absorb that and not get into any sort of back and forth on getting a contract mod put in place for this. So that's really the punchline on that EAC change. And that's about 1 point of the 4 points of margin decline year-over-year is associated with that onetime event. There could be some upside if we end up accomplishing that below those costs we estimated. But we wanted to put forth a reasonably conservative estimate of what it would take to get this very important mission to the finish line, and we're going to get it done, and it's going to be a very important mission. The other thing worth mentioning in the gross margin decline year-over-year, about two points were caused by accelerated depreciation, a nonrecurring depreciation charge of a satellite that we had in orbit -- it's a hosted payload mission. We don't really do those anymore. A few years ago, those were some of the missions we were doing where we would own the satellite, take a customer's payload and then we would operate the satellite and the payload for the customer. We don't do that anymore, but it was a onetime nonrecurring depreciation charge related to that particular asset. So what I would say, Seth, is that absent those two nonrecurring events, we actually would have been up slightly year-over-year on a gross margin basis and up sequentially from fourth quarter on a gross margin basis. So again, things that aren't going to recur again. And actually, like I said, that the EAC is actually sort of a good story when you look at what we're doing here for that customer.

Okay. Okay. Excellent. And maybe just one clarification question follow-up. The revenue guide for the year, the unchanged revenue outlook, that's an organic outlook, correct, with no contribution from ALL.SPACE or any other acquisitions?

That's correct, Seth. We're not until we close that deal, we're not going to be adjusting guidance vis-a-vis ALL.SPACE. So we'll take a look at that later in the year.

Your next question comes from the line of Sheila Kahyaoglu from Jefferies.