Overview Key strengths Key risks Favorable industry tailwinds. Leverage of more than 20x. Growth opportunities from uncommitted international aircraft. Uncertain recovery path if additional virus variants diminish consumers? perception of travel safety. Increasing competition from low-Earth-orbit (LEO)-based providers. Dependence on wholesale satellite providers. Negative free operating cash flow (FOCF) generation. Generates 34% of revenue from Southwest Airlines. . While its liquidity has tightened due to reduced commercial air travel and cruise sailings relative to pre-pandemic levels (which resulted in negative free operating cash flow (FOCF)), Anuvu?s near-term liquidity is supported by access to $37.5 million of additional committed funding from its existing lenders. Anuvu recorded a FOCF deficit of $101 million in 2021. Although the company?s performance is highly sensitive
