Virgin Galactic (SPCE) 6 May 222022 Q1 Earnings call transcript

Good afternoon. My name is Jason, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic's First Quarter 2022 Earnings Conference Call. [Operator Instructions] Hosting today's conference call will be Liz Calvillo of Investor Relations.

As a reminder, today's call is being recorded. to conference like to now would turn over the Ms. I Calvillo. ahead. go Please

you. to Call. Earnings Welcome afternoon, Galactic's Thank everyone. XXXX Virgin Good First Quarter Conference

the Chief Michael Ahrens, today with Financial Officer; Chief and Doug On Colglazier, Officer. call me Executive are

we from questions. call Doug, open the Following prepared and will remarks Michael for

and accompany as Our the well press ago slide release today’s our on presentation about issued available was will remarks. as Investor hour that an is Relations website

contains X Let Harbor our me which to the Safe Slide of refer disclaimer. presentation, you

During we statements make and forward-looking are on differ subject Many certain based result, to from assumptions, events uncertainties. to materially a made today’s this and factors the may call. call, actual statements statements. could risks and on These current as cause are expectations forward-looking

that, and time. refer by these not are the with For to Factors company’s company to about filed to the any statements in reliance SEC more time Readers information uncertainties, from please on the forward-looking filings undue and cautioned the to put to any Galactic risks Virgin over Risk financial also Please would Michael. maybe that during discussed will disclaims forward-looking call. statements like call update call. specifically that today’s With on to now certain this we information turn refer non-GAAP the note the I to obligation

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system team data to with all in-house seamless designing production to chain. approach enables captures our and increase a thread supply it property efficiency, production, our deploying which vehicle vehicle, for and focus complex a thread well that critical allows key mothership our elements a real-time across intellectual and allowing benefit are and for our an This for and collaboration, twin this our as the core This reliability. governance for engineering comprehensive final next-generation create digital database underpins design the that assembly. and integration architecture partners, is build-to-class activity approach in that are strong requirements and A We as operations safety the of on schedules. digital digital each digital manufacturing enables

spaceships. facility and We Delta a continue new our assembly final to progress choice design for class location

speed progress towards market, chain and this our us quarter update XXXX. on expect this In the confident to long-term planning in establishing we've for facility look of our and realize hundreds manufacturing made operational minimize technicians that to manufacturing supply We of summary, spaceships engineers We forward capability model. late production disruption eventually X year. improve to up deploy this efficiencies. soon. a meaningful feel to an will Virgin We our sharing approach be with help to Galactic facility We're good

X,XXX first currently President offering. on launch Turning community. our and in Business astronauts to [indiscernible]. well XXX Operations. In Rich to and now Slide XX, Ticket we're building her turn. across Commercial on of our and as brand. experience I'll have track Consumer and customer includes Blair strong and our commercial these journey seeing approximately strategy. as and Chief astronauts February, service. and team focused This we sales, our well, product We X uptake In term, remain sales the for ready our near announced We Blair take in top priorities: have global are Officer, single future commercial seat to our as continue multi-seat the progress committed the

baseline us successful a is to are one our sales scale point also in the sales Astronaut our data starts and The differentiators be sales consumer as customer to experience extremely Our These and our help intentional. our converting purchase of flies extends our build sales. of end-to-end business high insights anticipation is the [family]. early key of of of part refine shared sale us expense. our interest personalized, customer before ticket this and proving at beyond valuable which process journey, that multiyear We is helping as bank, far

around future value pillars: be astronaut an the experience the and We and inspiration. designer to understanding engineering, as explain community, Our for education like training run-up the and families Many opportunities training [indiscernible] technology in customers focus now impact multi-seat use experience planet. and the this The membership I'd place and experience emphasize their and the take membership include moment this you. flight. the like to may to play that of to Examples astronaut during the build X time astronauts components children in astronaut have preflight deepening space community education. on a they high who [indiscernible] and future the X, and enrichment, would teenage provides. by a and we're familiar space, a development experience to their parents the expanding role their educational on to

the is peek experience and our apart. hungry expertise to door are for they and that within giving behind also and team something hanger a customers highly something access knowledge value the them Our and

distinction have to further personalize and attract our product potential curate on our will Virgin enhance our journey, turn customers the customer building membership For customer we community, in opportunity and which leverage signature the brand. experiences,

spike in engagement shown which financials. We've affinity flights. and now events media, as these builds how As our global of an our update effectively we towards attention a Galactic. following in we Doug can resume expect the cultural the milestone we enhancement Virgin period, previous capture to turn we and over with space people use flights brand global the see to our to engages call our saw the on increases global and of millions relevance, for I'll turn imagination

Michael, Thanks, afternoon, and good everyone.

to XX. Turning XX and Slide

GAAP year of in last income for fleet Free revenue is the million primarily compared $XXX was year the fees as growth The increase for primarily $XX to being of to EBITDA million expenses. enhancement value quarter flow was of was well fair spending through was a as Let's first new quarter quarter, no head spend marketing during future period. generated change quarter first their review million we're net to $XX Operating higher with compared count an loss $XX negative $XXX,XXX manufacturing in the loss in million sales. increase We our XXXX. $XX in results million a million first prior for no the in associated net the in of in associated compared $XX period $XX a compared flowing Adjusted longer those year. there in expenses to the membership The first enhancement the $XX The million financial period period. the period. manufacturing quarter. to labor attributable attributable increased astronaut the primarily driven ticket to cash and the expenses fleet progressing negative statement. by same million as primarily ones through the in prior due loss smaller to negative is negative being were

up be $XX Regarding the the operations with driven to projected ongoing leading be the effort investments fleet ramp forecast quarter-over-quarter is the guidance we of enhancement the fleet to as during flow flight our $XX the spending our and for design service. work period scale range of to commercial second well to future million cash growth our quarter, free negative The in in million. for to combined as by expected increase

equivalents $X.X with and remains cash, marketable Our cash balance billion securities. strong, of sheet over

as and I'd of like hand, opportunities well scale to to plan raise forward, the future We commercial objectives. capital Michael. our we over capital Going call continue business. cash flights combination use as to evaluate influence from on to of we'll space fund hand strategic now to a as back to grow our revenue

Thanks, and and progress a our the far. Doug. we've so start supply labor I'm of with backdrop It's to constraints. chains global pleased XXXX positive escalating made

Our teams issues launching forward to look containing the of on first the are majority returning minimize commercial in impact We service to next of QX, quarter space year. to in schedules.

first later of to recap, begin XXXX. flight space quarter launch with expect So to year in we this the commercial

as interest research We are across our uptake offerings, product well seeing and in plans. multi-seat strong including

questions. reservations. generation progress underway, we to for The our for are call. infrastructure the we're very enhancements the work establishing system our portion in spaceflight progress. turn busy future that, business. XXX as looking I'm sharing continue we the to ready we'll astronaut design Coming months our of Operator, With is at be and us begin on community well to commercial approximately next our complete to of updates scale forward making Q&A Our to will approach the service. stands and

question first Melius Robert with Research. Our Instructions] comes [Operator Spingarn from

process the changed scenario changes through the where there different a anything foresee flights? the updates there? go Does all with mothership, the to just FAA a few wants Doug, do a or spaceship the test Michael and to you than certification

do No, foresee We the that, not -- ships are same. the Rob. we

the believe, You're aren't volume and are through there. I Like I updates things of familiar higher process, systems structure our here the strengthening with going the of the foundational use. licensing or ready structures for that said, and changing commercial ship various getting any

on operate we stay that license same. the the So will

both then of the SPXXXXXXXX on and space the this to these ships. mother just talked you've developing the process chain about build the the Okay. -- supply And leveraging -- ships, aerospace ships

struggles these raw issues lot volumes Galactic these supply general them the conditions? they really with labor, low having don't with and to others, a Virgin that have are to decisions? you just under With with to point, the suppliers Or how so work getting they of now agree are and materials the at work this have chain make are

we major is going doing about years are evolution to think to us a got that couple an substantial a right, what down class. that thing that out current people. been that market, just talk those to many Delta because many, when The few substantial such or on. we've we take kind evolving, about you've things of our it's they're I that One behind this the So are ship right? main of subsystems purposeful of dollars, contracts consolidating used few subassemblies There allowing is, as work XX meaningful it into take to to and be subassemblies

attract people us allowed has that to thing to the one that's So table.

of there. doing capacity to that people of money, marketplace still and together But is also I good for for material and think contracts The we're be we're availability need exciting buys the still into is what kind the will putting us. and solid within the make market folks. of essence

And on to the responses starting so process. to turnout as RFI see pleased we were in the the come and they're really

a what the working there's with do. with going try we'll lot out. to of ourselves suppliers The years chains is X, doing supply. determine other what supply with isn't to Upfront world, I'm we're will predict we're this that. not timing, going to ask design part But dealing are going the snarled finish in the what upfront and think X around how on I on of going and major we engineering to the these deciding each things to be

so going material ramp-up later. is main And the to come

just contracts it, that. we're of ahead have big we're everyone have is that we're business. But we making think that time I appropriately. think material the seeing to response sure are So people's And and great thing I will for doing to good manage

over can And get CapEx happen you next just doesn't as we take any more it maybe mentioned more and of several involved? in here dollars, these kind that Doug Or see the movement people Should soon? this. quarters

what see it XXXX, late later stage. XXXX. to It point. a is everything you'll as -- we become XXXX accounting reach is reflected we over expense, cross doesn't get that CapEx R&D The actually in -- perhaps an until until It's actually will that convention like R&D

does then but how Fair enough, that trend?

the yes. trend -- spending in the So

see, we quarter X of guidance $XX million. you'll $XX So what million gave to

spending the that, of the the You'll through We between and into and we're design ramp that in you layers happening the out factory but XXXX. see a coming doing. didn't of see infrastructure can other quantify XXXX, building work

So but haven't XXXX, into you'll quantified see that a we ramp publicly.

question Cowen. next Our from Chen from comes Oliver

the market? the was regards on volatile? rationale give to I you're would to demand ticket been lot QX, yourself updated on about we're out curious Also, in would seeing, On the just to would and seeing I made to and the sales ticket any the thoughts delay there the helpful? uncertainty a And more with the just decision your QX, if it's to have window, that thoughts it of be that given more cushion love that sense

schedule to on accurate forecast improving here. The can. I first our Michael as we've point try been, we we -- the out. one, to it's view provide Oliver, Sure. And ability as think, on of

that a taken week excellent path. enough done cumulatively, extended critical on here, several that But contain that But effort are the away, X back. incredible schedules little we push on May And of to We're have basically still to issues kind they've have right? potential here really that. job there an weeks have now. have we're doing months teams a things So an in been early both these all seeing

further to it's add So appropriate in. we contingency think

So enough? to -- given you slight we a asked we we fourth to the quarter. do space have with As expect ourselves in back Unity have

a bit that of schedule. of gives kind on sense And little you so of containment

And want be but we're so We the commercial own this we're QX appropriate. sense. to we don't spot not a not also in want we so assessment is we've 'XX to for an contingency of be built want our schedule projection in well. don't accurate We've that from schedules, padded accurate of a also service, think to moving new as to day, meeting be added We against of that again. being QX in where and

we've we direction where with on going. up the right think we are given dates. these So these That's how came

you asked ticketing Oliver, I Sorry, Was the again? of it heard we you volatility seeing about could in part what ask the use -- and the volatility you -- way? just that are

Curious about ticket in duration profile demand any updated on of terms sales? the the seeing and thoughts sales window what you're for the of also

no. No,

course. call just work will people our sales and service looking people, going right effectively Of And are generally I a have the now have the people Ticket is the experience processes. of said, with and X-way I'm they're yes, now, a that understanding and it's going how well. there. have really can And we It's interview gone please for, well. -- understand is to ready we you backlog really what what through in CRM go timetable

people the you upcoming said, QX of We bit That's have are about now. as of backlog year. relative right service to a in -- commercial starting we quite XXX

go. an internal We race complete to XXX left say, out. I'd So have ourselves we're to in with not, only

team is a taking one calls that very come So through. they by one small as these it's

add XXX are only that. we people need this don't have more to to excellent. where left, conversion at rates stage, we Our And

the we said our small but feel there. to that replicate track people, launches, basically we the we as effectively people we commercial put And [indiscernible]. right to been So with is, going down are doing put doing -- where scale we're first know service in of what we're And kind it way. and get and to kind teams that’s I as on get from these good further then this of X,XXX we're really the can Delta we’ve we’re wanted learning we started how to get to just the one We ramp. we closer ourselves very that process didn’t

seats and So see starting -- single side mostly life. and have have it’s that’s their people they good still been the been on to this, our understanding but forward as encourage families meaningful really also groups not are of key, going make an been of multiple a spectrum, just both pioneer individual see as well part cross but really to exciting people purchases want a this do we’re to to buyouts. that as also coming are in And part

play So I like now. how that to

real-time And further very partnerships have? community membership Okay. any helpful. kinds of What's thoughts that's was you That And have experiential technology, on agility the speed, then to Last or I it and focuses interesting. implication in what updated Twin. for Do question suppliers? the on Digital enables and on quality that collaborate of assume, across really the kind comments. and/or more you you

Sure.

the not our emphasize say each trying I they piece. necessarily to do we meaningful of community of importance the customers don't with new what these part as It's to of calls. we But come in. on continue So have a dialogue something just in we're it, in

very and they a this to think a that is journey critical matters. much recognize moment journey I

can that going things community. are these some the of to we be moments virtual include So entire

very going up very be will will Some will one purposeful the be in Wyoming. to that gatherings. be that that got very meaningful interesting. things come fall in That are We've speakers with

for more the along are social engagement things Some way.

it think remains that strong. the don't that we discuss to the have appeal and as than they joining on, regard share customers I So the this in with new of anything other we really in are importance as

think think lot. to do that talking want ton that we've then on the Doug, been us a We you And Twin, I Digital that part? our So differentiates of we like part strategy. take a so

Sure. Yes.

suite higher as and really But of think of the Page quality a our deck. digital X tools and velocity of that a a it, have the summary We production design or through you details of -- cycle. go enables of it it into tools of -- in platform kind can to

this and to integrate get So you gives with this so we proven using ability chain a aircraft together. our the for and do the it the it of into leading can to and companies management. product then through requirements all us database systems to and model-based seamlessly CAD. all have on has We optimization database design that design digital of all collaborate gives do But a because do across little by We simulation disciplines governance the engineering such. control we the the change to aerospace and been extends supply out of line go allows system and the we're whole and deeper, the

You did and we together faster very all much, much us to work than put seamlessly before. allows

going it's into. helpful going program be that aircraft development rapid our So to very to we're

from Greg comes question next from Jefferies. Konrad Our

to flights in and think that Unity flights should once get commercial there Or ramped. maybe kind on month month you any X we once Just service, both start, right I about enter mentioned those they're happening service X per Imagine, a those curve? away? learning is is when mean of

think Unity, that with we on this I enhancement many it understand years. what working so ship put been program. We've for well. understand we've into We

that. Our ready getting are to Mexico teams New do in

expect So together that see well. to we come

and period. And we'll release a services of fashion. and dynamics be coming it the X. We what well. enhancement flight, come do -- handling we right, will that flight confirms down out One, as flight the space a will and Unity call you we have all actually of call a then out have if there glide And will kind in air and unpowered we'll just we do an where take test

the to to going allow on we're So teeth our those X also things cut ship. how turn us

barn, practice service, confident midway of we 'XX, the test bit because give and flight able that. we And time be going teeth are be the to do So while by Imagine, will do starting teams be itself speak. service, ones, the that start It time and analysis a first we'll of will it cut good will will it also doing out more so be through series be thing on commercial we'll the through a while on to to our expect we our basically commercial time feel program. same those maintenance that little it

will commercial in There think the a in between. which I by I X we X weeks. may But where on X targeting bit be close we or expecting we're get to So time average, we be learn that service, pretty we're on to little every think turning. flights

So a little commercial maybe bit close. time these after of pretty flights, first X but

planned? And math kind the question. to I fair that checking of on XXX is the then their current about slot time customers Or offered a we they're customers, when assume think are XXXX just about signing XXX frame? to when it how think in we the the flights mean do are

rates for the and for Yes, these with I about have at expected estimate of on really Unity commercial service start a Delta for we do calls. think expected rates talk with the flights in the We coming talk that's fair we as our 'XX about Imagine. on the first same conversation We our customers out as Delta. 'XX

there. of on the likely tail first So and end same math by I'm this says, of 'XX area X,XXX, that's everybody kind does okay, that the time

scarcity now only So not that's, helping only community, and group, why the this up important that. as think is related journey, And to gives to Right of well. be is people going this people I'm And engaged to recognize this again, it's how going on get very what understand helpful I'm the with to now, signing And that's of are and X,XXX X,XXX. by understanding particular also it value here. XXX there's I only left. people there's

next with Osterland question from Pete Our Truist. comes

seeking company labor regarding right just the constraints kind hiring for First, And Mike out, you are of roles for within so on is have expand the called what to This your you now? what mainly encountered next been the seem challenging? it the front? challenges on Do Or becoming be see that quarter over the biggest this or dynamic could situation the does like labor improving you've X? you more

the Primarily labor, constraints within the I engineering group. have we think, where place

contracted where by both X team we've engineering staff great The I'll to and up we're of engineering kind is own able fleet, supplemented piece ways. On actually success hand, our manufacturing, it future people. forces well ramping one So as have amazing having our the with and put in we we go. for there, we're been there. team

I month. think up got People with showing Head XX I spoke we've the Organization, engineers this of our

a Eve experienced program, and more hiring. Imagine, that scope. engineering and our same fleet. on obviously ships. using people to incredible But an engineering because been, we're that more be And the We ships doing all have knows an So they're spread over we're but new our in doing that operational going building force job Unity because And team hiring, more we on of work, enhancement where had the engineering the had ship, there's are fleet. X have flight mostly great future they're much has we team really been were X now test that

on able X So It's we've focus existing supplementing talking the against. been as that labor at within from a than team supplementing working has go, on ship about all we our a split us experienced but they somewhat see them constraints. keep you our engineering been at come to X once. slower we've group as rate that's to schedule main why And

new also as continue in finish of mothership contained box we class with up programs. a those they're existing and engineers ships but as will So that enhancement our right, be will to into designs. transition experienced planned many many We'll rolling has -- the Delta the as it, service,

parameters you that So gives it. around maybe some

Yes, just question on a Okay. And pricing. sense. then makes that

prospective at on suggest that now, everyone's in has would that beginning broad-based Just expecting maybe currently or customers all year? any indication mind your potential to with there there strategy pricing with right conversations reservations all either have at a or demand inflation customers the that modify would were that versus all? the your you what of need at And is has interest down you slowed at been

we're No, -- that seeing things. not two

I think in that good from the early a came They with right? value in been on $XXX,XXX. us $XXX,XXX, position, at really customers are had

value a think I great of point in they're view.

tickets. And $XXX,XXX. full of look pricing cost inflate things. the We're market price -- the And XXX assess inflation in of plan the X,XXX first and for taking thing. good are above of once So there. remaining that's remaining think don't don't rates, the plan to if of call those $XXX,XXX I to it, you we'll XXX up invested we world, think last will We early, these But the XXX not seats. announced. kind is cost a I'll we against rest kind those inflation gone, the to, that I of at those But be at taking other appropriately we've this that's hitting take the they

Liwag question Our comes with from Stanley. next Kristine Morgan

some it chain you're a On if issue, have for could the details more mean, exactly I was that on you I what you lot. would on you parts with touched spares? have wondering facing? provide supply I Inspire, thought would

Sure.

let one that. -- Inspire a ship following we me was going give everybody I'll and Imagine, just is for built you -- that for listening. was So and piece have cut be parts to

use sometimes really are seeing where delivery there epoxies metallics. spaceships metallics we ships, So know the to you're high-performance our and majority things. But It's carbon-carbon joining joining right? sometimes are And Kristine, extended. of aware, the carbon-to-carbon and ships be where all carbon we're I times with of that places motherships pieces, in for throughout quite are into between we join our carbon, metallics

Those chain from I a that's very of So redesign, of out. part couple alternative that this lead size see extending a back has And been material have those X that that. a a need time. weeks those they supply an schedule very an We particular bit standard might being of come a been area. aluminum material, and material Through out aluminum custom. ability really would particular something is in of short process have the what's a more block alloy, a we've aluminum as of block the example, we handling done finding came that into what getting and been give the great often beating to creative in of kind job you could the redesign up. these supply sources impacts raw we for generally of built grew to part And part had is

back these able pull could up. So start to are scheduled things be But we've to what managed. been a that pretty extensions add to complicated from things more cumulatively,

pace allow than which our not instructions of supply to it's where at to as together That's part spread than over but the is experienced early not shifting. add it that, through the where contingency engineers that's X. seeing we as less on that call that. the see work to we topic the The more of why on appropriate schedule. our These we're so to we I X what of really more thought made we question, to And an we are people these think just versus expect things to have earlier to a into the things the talked combined. share get drawings up shifts get kind added we're moving ship It's engineering was our X schedule combination

already Unity been think helpful. you describe really when the And through months Eve, the That's then actions X milestones achieved? and the now. also, on about we You've going can you've process for enhancement

you what have Can just milestones those share some imagine have guys with been? I'd us So of accomplished you a lot. quite

Sure. And them again got the we're again, have to X team obviously, ramp-up And existing the teams watch amazing this growing to because, our work. in on for then go future. been just a Xx

solid up. it shape. scope complete, on is have schedule. It that the people I'll original will will it stepped really call our Unity gave in So Unity, we be

ship of team there. the put pylon. got But we really the So few there. will time the the milestone items today the do just in Unity extra longer to that's about some in Eve of talking probably time piece a the that is have presentation launch was bonus

attaches mothership, where that there. service, the design with more a of with-it that in up. that want probably all fine It's commercial in-flight our level, robust. important air and it's spaceship is wing center the of the hard also the original is at familiar But structural through this only the And but picture the what's who understand. moves part. those for very not a a there, through electricity into X that ships, and amount moves the the open much going the going kind aren't of onto on surgery wing piece to to this we conditions For But of and we test. doing to But work points, would up as we envelope wanted within was the and much, and just it's fly we structurally reasonable had opening doing something and the move that efforts we some of were the

with structural you big new milestone. effort to the of April, was and kind around saw in a the able that. to picture an done together existing efforts a picture And all actually that We in back are a actually part brought where coming fit so we into wing ready got That big go. in everybody

So a I and fit also now us, biggest the But the was we that as one think in So right? through we more as be we've to that we up. that one just finish kind it. and was good to see big, that seen, pleased and behind things have of went one were to milestones, was big far April,

comes Our Myles Walton last from UBS. question from

late had I little the into you said the a for still reiterated think, So target that. Delta maybe 'XX build bit, Michael, on just call to the is

having late still anything of commercial service. any current on entering XXXX? in that, a commercial constraints this terms so in core not It's or way And the like effect flip reentering

it, little to don't table in will believe, be has impacted by later the we've At impact. the some think out is a timing level, there. we that The a Yes. material ourselves We of those, engineers Delta, laid over schedule not this. practical out we've got for a experienced on But party. I'll call

Okay. And of have process or the that in you on RFIs issuing then issued, guess. I are the

that what what are Or to firm going a this what you telling it's you've capabilities in in-source mean at the question in in-source? their deciding this frozen with design you're does So design RFPs versus going this price? what's of are point? you still you know collaborative are to just and outsource you're design, and a is Or going to outsource now that

let's Well, see.

I heavily for current are This doing what that majority because And it's And together is off right? words isn't manufacturability, lot reworking it think This intact. when important a of going vast design that probably an just forward, -- for design that come we're of now done that subassemblies ships. Because allowing listening, sent right? an can grounding. of evolution folks speaking the a brand-new out. be use is our as fewer larger ship again, we is design in to these the matters,

in in standpoint. from that's process is the there's RFI of place through that out as, example item design much we that are mentioned one capabilities capabilities thought people So that work done recognize that -- discussion What things fully it, composites might is or we new finding around call I'll might the we like have where in we're multiple supplier didn't earlier. that some X either a have be But suppliers, finding we that. different maybe

group, that make to we the So to could process that's causing efficient to we us trades continue more to on do way. a get this want what more some along is out do, if

trades be categories. So of types to made that there's category those still -- in

it's an relative this current locked. ton talked of not our select But we've a locked players, these is detail, say to design in I'd the design again, a evolution So down new of to from with making the thought because we're trades them. designs airframe,

it. Got

issued was back point, you in of for type is one assemblies? that the acceptance get sort And contracts issue do and those of which for major the the first end them of frame you where you you supply, year or time the sorry, last think

the year, I end than sure. think sooner the of for

further questions are There this waiting time. no at

pass remarks. any I'll So over conference the back to management closing the team for

your with and you listening excited We're everybody and are I come, always both on for today. time in. think who all thank the call who questions of still for those what's we appreciate are to

Galactic's Virgin Quarter you for That Conference your concludes Call. participation. Thank the XXXX First Earnings

disconnect now may your lines. You