Hi T,1. This is unknown and not published. But if we look at...

Hi T,

1. This is unknown and not published. But if we look at Iridium they have consistently had GP margins of 72-75% implying a COGS for users of 25-28%. There might be other items in the GP like equipment so it’s not clean but I have been conservative and have airtime COGS of 30%. BCC is also a price taker in that relationship so I’m comfortable with that assumption. My ARPU is $42.50 - again, this is not published but I’ve shown previously how I got to this #

2. Unknown and I don’t have a view. More importantly Carl’s business remains a key supplier. I don’t see Carl leaving as material to my investment thesis.

3. Yes his REM is high vs the market cap. On his participation in the CR, he already has a lot of skin in the game. With his wage and shares he’s massively overweight to an exposure on BCC. I think he’s good for BCC and while we might want him paid a little less, a couple of hundred grand is immaterial vs our upside. His comp also reduces the risk of him leaving.

Cheers