We decided to break away from that market. It's the most price-sensitive, low-margin, highly competitive one.

The overall picture is of an operator aggressively maintaining its market position in a highly competitive market, and sacrificing margin to do it.

Price matters in this market. This is an increasingly price-sensitive consumer.

be very competitive to the market.

The net result of the competitive tender was that the ESA got two satellites for the price of one.

When the market goes down dramatically, you're going to have more margin calls, and this is definitely one of the higher days,