Lilium (LILMF) 6 Dec 222022 Q3 Earnings call transcript

Good morning, everyone. Welcome to Lilium's Q3 2022 Business Update Call. My name is Geoff Richardson, Chief Financial Officer of Lilium.

Before we start, let me go through a couple of housekeeping items. This is a virtual conference call, and for the moment, all participants are in listen-only mode. an September. our you last since give in call we'll update progress on our Today, be for will There time presentation. questions after the We minutes, XX call time. the including scheduled Q&A for conference being Please call that this recorded. note is the be placed Investor soon A recording event. on will Relations Lilium's page after

As closing, posted letter yesterday's our market our website. after a shareholder reminder, we on

it. eVolare. you to take have the release press invite We on the look We at also posted contract signature with a

a reminder cautionary Before these our the of and on refer With to give let statements. Chief such Sebastien me forward-looking Officer, include Senior Securities Executive shareholder Lilium's our the Federal Securities with Vice meaning Roewe, the our Borel. handing laws on subject Klaus that statements Please from President, factors Commercial, other our and that risk today Officer, actual Exchange our could over our the to factors information risks. uncertainties States our and the and more cause will filings Chief Roewe; U.S. in to presentation results are Executive discussed are materially Klaus please within us risks, call that for to United letter Commission differ statements

initial it you, hand over Let me Klaus, words. for to some

achievements. Thank latest gentlemen, this to I'm you, Geoff, with join and our and on call. really share Ladies great you all you excited to

secured commercial deliveries our greater signed eVolare option first it. area the with eVolare XX. contract aircraft of purchase XX London predelivery U.K. with has serve we will Firstly, another The to deposits. operator with the

launch the in details you delivery secure will Sebastien with payment agreement, Lilium to part coincides Pioneer a a the to of make edition. formal deal The the pre-delivery that of As the slots. moment. about aircraft eVolare will give Lilium

Middle SAUDIA. a we Saudi eVTOL XXX pipeline up East total will Secondly, of our will XXX the With Jets the option agreement this, purchase aircrafts. have Lilium Arabia. an network first major SAUDIA in to to have with we and in signed commercial establish order

in We use to will agreements XXXX. convert purchase aircraft will continue and into binding

successfully completed investors Thanks such, strategic a investment raise XX. As fundraising new completed partners, shareholders, capital from million. we our of November and on $XXX further we to existing

also towards certification. significant progress We made

our up in submitted to now about from plans certification XX% EASA, September. XX% have of We

Next conduct third Organization Approval Design week, we will our audit.

flight our testing continued high-speed up Flight is test ground downwash kilometers campaign which XXX Lastly, measurements knots, is advancing. XXX including further hour. tests about to per effects, and have

is ready in Our the to XXXX. early aircraft second demonstrator campaign join

our a to hand to Borel, update detailed you on achievements. me more Commercial Let over commercial you, Sebastien Over for now Vice sir. Senior President,

Earlier Klaus. you, Thank this clearly year, with outlined our two-phase approach. strategy have we commercial a

the first first addressing General address Pioneer as launched premium all phase Lilium and comes to edition aircrafts, limited we and Lilium to training a by of total end to including expect scheduled to support sales the the service, Edition Business exclusive a phase, second regional with the segment Pioneer series market. individuals, compelling phase support, is mass To The to of services aviation Edition. XX private limited a which customization. The Lilium well a XXXX. the of This limited for address as sell cabin tailored packages, the

delivery. payments prior with the price of least XX% purchase at predelivery All them of to of

to Jets the to London This operator. jet Oxford, the Pioneer private subsidiary with partnership U.K. Lilium locations for one of XXX and XX Volare in option a largest provides partnership U.K.'s Klaus eVolare, with with has including received area. Greater As is We Aviation that deploy purchase Kingdom. and including eVolare around mentioned Lilium October, to an kind in first a Lilium's the Edition, from our its a earlier positioning. this best in includes Jets from launch first announced totally to XX, the East prime SAUDIA of intent Lilium Going hear predelivery an back believe base premium up and helicopter eVTOL with additional Lilium an payments Aviation, Pioneer Volare is with in launch MOU with network Presentation] contract the purchase firm to conjunction payments it's Edition directly. predelivery high-speed With aligned Middle access to of binding and to of its the commitment [Video

predelivery as agreements SAUDIA XXXX. more our part bring our with also to aircrafts. continue of the convert in local Geoff, to to future order component These integral from And pipeline agreements, eVolare MAUs Lilium of capital Lilium SAUDIA Over Geoff. will regulatory structure. support XXX Lilium the this, commercial on with payments finances partnership, sales As will into approvals. two total an you, further binding existing now. views aircraft with and

Securities. well Thank the and as a investor shareholders, CEO, November, existing well LGT Riley investors from David million as you, Seb. affiliated announced we This Barry as new raise. board Zennström, Honeywell, successful Niklas and capital closing Lilium's and strategic the raise as participated Lightrock, B. also Roewe, impact in its of capital and three partners. Tencent Participants Engle, members, Aciturri $XXX Klaus included Wallerstein and

as strengthen are Means balance of in with allow us EASA aircraft, of testing with We proceed final high-quality well the to all pleased supporters group proceeds and have as agreement a a sheet challenging environment. such will to macro our reaching Type-conforming Compliance. on These our of assembly and our

governmental operations pre-delivery non-dilutive are sources this earlier active of Certification discussed well to As grants funding in Jet. secure development, include as we These Lilium as in we the subsidies letter. on finance discussions progress payments our to our until as Type additional from authorities, and

$XX.X November. facility the received million in from Overall, Additionally, the proceeds ELOC. equity-line-of-credit terminated of Lilium we approximately

QX results. the look take Let's now financial a at

€X with increase budget approximately million. of in with to QX e-motor supplier €XXX in target XXXX. Our battery the total €XX in cash spend a in ramp-up is quarter of compared million spend driven This one-time line payments, QX. million which The and was million the previous €XX was in by development included industrialization cash our

liquidity end €XXX as of end of and million. the million stood recently QX completed the QX round prior to of investment Our at at €XXX as the

environment, ahead, inflationary the market cost Lilium. uncertainties, conservation initiated significant measures we Looking have at macro and given effects,

We Klaus budget over be XXXX it are currently the budget. to latest program XXXX for to and expect I'll it hand with consistent for finalizing our our update.

Thanks Geoff.

recovered and I bringing Lilium's Lilium to at mentioned to plans, submitted XX% working of the our EASA. of we Design prerequisite DOA type half any to Approval of with making about EASA As our the percentage next with Means EASA Means of first submitted Since to the the The past before, significant several parallel, on certification in will EASA led a the its is September. proposed with discussions obtain with In end and Lilium we propulsion of need cells, our landing Lilium this its a management of in for standards. company rigorous earlier XX% is November, place In submission. we our program significant progress the year. anticipate is have the the more towards partnership engine remaining accelerating. XX% year. progress. others. week and months are and avionics, certification program, our into and our last first cost. our Compliance Means up certification for assembly material Jet. for audit update, requirements to of ready and to to the aircraft key of about aircraft. necessary Lilium's of targeted the with accept the remainder, certification onboarding of proposals remaining design detailed expected that to discussions, Strong audit has the aircraft due for used aerostructures, additional next have certification to for towards are those path Organization maneuvering industrialization. of fundamental process final the selected is our already fourth meet are subsystems over suppliers have of is in XX% XXXX. on agreed the aerospace EASA graphed in type -- Compliance. largely for Detailed and Based industrialization, plans the Compliance aerospace of collaboration are gears EASA go Lilium system, next amongst of for scheduled to All with total the half our inceptors, suppliers suppliers contracted now, e-motors, type aircraft certification X quality conforming aerospace Right the year, is DOA Tier energy the take system, the pass Onto sidesticks now agreements total, fans bill aircraft with and we or battery third interior the place first to

now activities. test to our Turning flight

and focus the important Our downwash working downward ground relate air current from operations. of testing high-speed to Downwash the of the flow continues validate on a effects aircraft to measurements and flight measurements. maneuvers, with

milestones, of our flight precisely of since highlights our our Presentation] some quick to supports series a Jet aircraft real-world program. the a video. perform us continue physics a the aircraft, accomplishment in computer-aided and the call have flight Lilium look enables latest [Video by predicted underpinning An environment little Let's demonstrator to at verify last PhoenixX in our these models, as certification

disposal is the demonstrate year. of testing that stages testing learnings due controlling the Having will next in flight final testing type support In addition, too QX in aircraft. a demonstrate aircraft production for us and called integration and aircraft to before PhoenixX flight of give additional first enter

signing outlook. latest advancing Middle efforts We've manufacturing East in third So and conclude of on out including achieving progress capabilities. let with are summary successfully building please MoU. fully binding and with the supply the deposits commercialization the the following Having our fundraise, chain development SAUDIA of completed breakthrough a Jet first certification me and focused in our and quarter the order and with aircraft Lilium teams pre-delivery the the our made our significant

right be deposits, both first me battery this certification who Compliance signing Type-conforming with government Means Geoff. Thank the hand aircraft. last, assembly starting type-conforming agreeing confident Organization packs, our will we loans binding testing demonstrators, open receiving and Geoff, first bring and agreements of full to further our In you building over to right plan again flight XXXX in securing XXXX, are manned aircraft, Design working and your preparing the you, EASA now Approval, with We and market. with floor of have Q&A. technology full to for let And of the to the will subsidies, the the testing and technology our we transformational steam flight product team towards

Klaus. you, Thank

your begin So take now time now to we the some questions. We [Operator Q&A Instructions] session. have will

much. Thank you very

Please your question. The from comes from first Rusch question ask Colin Oppenheimer.

Thanks so much guys.

video? mentioned Is you start How the over like spending evaluate the are actual hump product and decide it a folks to they around and into at with any having from in cash redundancy, get pretty the seeing actual conversation some here? with key Are What's those the Moving is looking the curious levers? important subsystem been LOI's customers I'm testing? And step. deposits the customers. about you the

Seb, you want please? take that, to

early very during which NetJets, We've and partnership our unique this absolutely. have one are our full number a announced we Yes, on engaged some apparent And Farnborough a very of the it of we and became a sturdy announced year point. with with wing of and selling some features engine. that became unique of the having aircraft only customers, we

So yes, component conventional redundancy compared a to in the helicopters. aspect is absolutely major safety

General is year a really to which engineering hopefully on end. able and an phase with And in progressing the done provide as agreement, terms our we having Business we've performance-related program were right is work so to as put we can Aviation progress everything answers and this and first segment the transform chain, into deposits really contract your we by with of binding all both we warranties also supply question. into need confidence with service which through I own Did absolutely segment, we're our and the all which now the

little here. as step I'll an And that the little to dig one business, element, sense of of over into for the was trying non-dilutive perspective? from Could platform the talk get Obviously, demonstration -- project that Okay. Geoff, you a balance look you deposits, ready go the it look business offline in take and areas finance really development you augmenting for then, looking a a the and where funding the just you're capital but you get that customer at years obviously overall to but commercialization a is opportunities? bit some the through of about this as two bit magnitude sheet see and further. would full spend key important of these next

question, Colin. great Yes,

the we flight assembling is moving aircraft. ultimately that The towards base I additional for think to aircraft the that need the main headcount working so the stable, add spend is to assemble campaign will the we'll type-conforming the don't really to looking be and capital ramping to really need and related up headcount. that supplier add then

subsidies green capital at on allows the you that's a Seb look that you his really the look you why if that leverage and from pieces and jobs product at been look we're manufacturer and so look want, and potentially well. payments at working producing and subsidies add pre-delivery and government as you at CapEx, customers And to on team you non-dilutive have loans to focused

the we look Colin So, important, to as quite are also contracts that.

trying And next so consistent ramping to supplier nonrecurring a costs Colin. get in this the on focusing we year, with the we're up year supplier taking also to with the money the did bit really hold we're what budget going corporate but out base base

guys. much so thanks Great,

Thanks.

you. Thank

Please The question. ask next take our will from Piper question. next Potter Alex comes Sandler. your question We from

much. Great, thanks very

on keep of was cash understand you that, budget spend you're and mentioned million that in €XXX consistent So, number correctly? point I Geoff you in XXXX. same the XXXX, a to it finer to targeting the budget just Did want put a

and next we're looking right of is, side, consistent. the -- looking supplier now at the savings guidance now. we're process That's looking of cost would company you at on we're good side number, the cost our exact Alex. finalizing supplier I give versus kind savings the the I But we'll for That's say assumption guess so But in is sorry, that at we're in a call. Colin,

in those permitted understanding how the update so testing. Germany. it establishing my that you. in in-house. to own maybe conduct believe a to like are right your test that Very facilities things But wanted on that of All thank you battery in of to get Okay, process good. get I then an some takes battery is while

your completed. doing just labs. how So change currently they long is facilities going to then versus battery you're once it with wondering take how testing will those And until what are third-party are

Yes, Klaus speaking. I'll again. Alex, it. to take you good Hi to talk

limitations have it's Germany not you if all. that So at do is in we testing those here on not

by ongoing a battery test long We we also and and the about using, way, cycling Xx couple own our it have lab out per day. test this using to are a the are you it new because and battery recipes is batteries we that of but can years run since takes

always takes meaningful months. So numbers of if size, you get to battery would into want two it

the like we have which see battery density laboratory secondly, renowned also which the laboratory, doing assurance, a So, in is block testing which also are and I Idaho you started energy is it our U.S., we but but that our density of very the are U.S. we that internally, we app need with renowned also think for basically the external National, power the but apps same. the using another have we also doing external missions. batteries in energy the our can results And confirms a of

So we to for wise of sources two want sure. independent would test have

iron also as for ZenLabs also ZenLabs, which conducting sure in tests tests. our you conducting internal and We blocks, known are formally

Okay. Great.

test guess, of do, be you're had, PhoenixX? with or capabilities different question going copy capabilities? that from to How of second to of you a your just quickly now? coming coming able be to PhoenixX? to PhoenixX. going if that you're different less a it as trying of its differ is mentioned that you've going understand that I PhoenixX So I is more and to is test tests I'm just are got to Or in it PhoenixX PhoenixX another with able aircraft do carbon kind Or kinds terms twice

the exactly right that's view. Yes,

effects, there is capable and already we performing saw that compared be basically PhoenixX to maneuvers no was PhoenixX high-speed identical. flights, change to PhoenixX additional you all an PhoenixX And to transition capacity. need of giving would ground is video. And the such testing, So on because with PhoenixX really perform want are PhoenixX it aircraft, us basically what downwash,

that flight we have additional in intensify also testing so the So we crews XXXX. can

one, it Then Great. I'll last then on. one turn Okay. maybe

it So on. I'll pass

extent You that I'm two which your to one. audit got knowing the week. final these third interested differ than from trying stringent to is the or up upcoming audit coming all mentioned in the difficult next or you've that one previous of EASA that here of there more more others? the any terms or Is to four clear. less Are you're out of in same that's they more hurdles the going audits

Just anything you that say would about can helpful. audit upcoming be

they other. building Yes. are Thank a No, great That's each you. question. upon

Basically, the DOA the audit fourth the to basically continuous the capabilities will you're of an with kind attest you only period. a things it's and to but aircraft when that more related able to conclusive audit so need fourth to get service in journey. audit, we do third have is really be to design that And and the

a So to more large DOA done And continued former us for part with a EASA. extent sure, third and conclusive development to fourth to content-wise the are audit we'll on. one enables be for we the awareness the be The be audit. for so which cost from activities, granted will

Very Good Thanks. Okay. good. luck.

you. Thank

Thank you.

our question take comes question. The Peterson will question. Bill next ask from from JPMorgan. next your We Please

Hi, batteries. my Yes. to taking I'd follow for up question. on Thanks afternoon. like good

miss Just to I it. don't to clarify, want

is I now? levels life achieve And the the you're thermal or whether able of, doing I runway, doing guess, you or I of timing secondarily, life, is more to if kind battery internally are speed, types what optimization? what guess, cycle thermal process chemistry especially And charging, so, repeatability, cycle So the performance, what status sufficing guess, is of still externally, Or characteristics, the the you fixed? process? are tests

that. question. Also Yes. great for a you Thank

in are we recipe. process the our say battery would I yes, fine-tuning So of

which power the there's the density up aircraft. internally, the lend have to need the essential is lift have range externally, that aircraft, for but we the also we getting contract energy density, We and of

got that when good also will enough the to position that have life our, get extraordinary enable We we I have flying confirmation say, cycle we battery cost would aircraft.

we a ones consistent we And to test So between the the what we tests our early of way. seen assurance. doing program, XX% assurance are completed ones first and with these they repeated are the in The program, about in coherent test with absolutely lab. the going National see what have we between with year internally next is very internal test through energy the the are of XX% from Lab, which energy are be also from results Idaho

I that the business? thinking for own the network, guess, color. obviously, to on, wanted a Thanks latest Okay. seems Lilium Network. MoUs. gotten I get Is like, three this you've still, if the additional from its of preorders, It this? XXX years about two, of Or lot we Will the Lilium And sales? team is like I thinking what should this critical to how in be so, terms guess, think timing? after

table. Yes, certainly off the it's not

to And to We intend today more timeline, really then think two. I pushed first this, but together our years, opening for first but energy our segment. honor it SAUDIA our to want the put also aircraft plan, and we in in other with three difficult about own and we give kind customers the to the but has been behind a all have say would been of sure, a largely then still like two we pursue not we type years, the aviation So intention That's for serving first premium our general one network. of getting afterwards are and has agreements the our certified. MoUs

on I may this add one. if And

helping paving it's looking as the the I that authorities, actually sites, as the the what's all those is helping as actually premium we're for network. to tremendously we premium us well, important talking for to segment are way understand of customers, at lending is us think

do, it's developing So us it's start actually with want it. definitely to we segment, something good to another but helps which

of Okay. development. of in Lilium could haven't sneak to infrastructure in. I one doing what heard more related thing If is is terms One we recently

private you I infrastructure heliports of Will individuals. lot are agreements terms partners talked requirements these guess existing have to applications? any like What your the for And with in about of you Ferrovial. think I specific past, or you use in airports infrastructure? commercial doing these a

you. Excellent Thank question.

working the the infrastructure. And to few this if you are regions We accelerate. partners of we others just still exactly actively different on actually with world is our discussed. in at a what places to with higher look a at We're some looking we to some network, get some place. land and of a like of time service it the where agreement the Florida other have takes get in to permitting But scheduled

So them. we are working with actively

you for as as However, well mentioned the individuals, easier. much private just

luxury at You're estates, golf at looking clubs. private looking resorts, you're

go many, would say, have industry vertiport where tourism a talks with players industry existing and many, been a into upgrade actually go of helipads and But easier a We luxury really them it's can top station commercialization to charging general that a it I is segment with ground on we have looking the from from at than segment. some private side. to much

So it's yes, absolutely right.

We us will work and with us have they them on sharing working we're locations their with with it. and

Thanks for the color.

Thank you.

We take question. will next our

your question. Next from Longspur Please ask Adam comes from question Capital. Forsyth

Good morning.

Just to on obviously. Pioneer edition, see the Limited launched, that great

of are dealership-type more aircraft single a are In kind to to likely see being as the to of numbers going through structure? Volare similar something we terms filled sales? these deal of see going aircraft forward, we Or sales

be make around with a the reseller direct that And and sure cetera, honest discussion, sales type et is and to We're have maintenance have question. important they specific cetera. we look us into they can fly to what's aircraft, both, aircraft for have right end to of a location. looking that it We in the do you. have our at customer have also people ecosystem the Good have people we et

out the customer, we interest us -- So always to us. someone do but you with going directly end have always time, the have have you helping of most

within in wondered in a that's it an and And any of effect ground design. your difficulty] I been on if advantages have effect. And been Okay. mentioned with one, particular technical [technical you terms that going around testing slightly issues has issue area just the just ground

what a really, which all, devalue, first aircraft, of Well, called the on have of is diameter side, of meters. a we aircraft is XX the

of [indiscernible]. we So called actually can use most it what's

helipads have at So most in meters of a Europe diameter. of the least XX

can use them. And so we

Now have this we actually with trajectory terrain. ways specific look how look then there we And us downwash. and on to at for look its ground the the from effect accommodate a to are to can perspective

right doing which not a helipad of lot we're concerned vertiports It's perspective, a like about. analysis said, now some too we're from manage, upgrade the our on So of or fit and we can something that that aircraft. I to trajectory

Great, thanks very much.

Thank you.

Thank you. [Operator Instructions] Please The next question David comes from question. from Zazula the your line Barclays. of ask

Hi, question. for thanks taking afternoon, my and

Just band significant of and first to make first around little one It of on side, there. going and a compliance half. a is not wide the that's on light means the a of uncertainty the challenge bit it seems

could it or Just the other they one asked as to are wondering on that key side levers you're cause what the working what drivers go or that?

the Yes. It's basically workload.

through discussing the as we basically of pile and our are have them. So at working I proposals. It's They said, are submitted EASA, the documents. we

say, I or significantly on work technical, uncertainty. I'm as we can done. It's you progressed certification also any So have not the foreseeing the see, would surprise And getting plans. just

we So together with moment. we this EASA it's have to through keep for pace. the two, working decided, And the which are

are also and FAA. We permanent with with exchange in them vis-à-vis

and work also of So it's balancing the plans. just the completion out getting done MLCs certification the and

on little what the as what gone convert looking the advent far could of seems as Phoenix like you it That's but helpful. bit maybe And range it's as with the a flight just more plan flight not discuss flight, you've a testing to then to the is range XXXX? X, in demonstration, so and far at range designed

Yes.

have done demonstrate in lot and using haven't of testing, Phoenixes batteries aircraft. the to and are on we are that we facilities, the going They now our don't both range Pegasus. -- test a Phoenix We the are use

do flight So also take of to away. kind not able a But be one-hour it's is because by would with it's them. flying learn technically, we don't to meaningless anything straight we

it as ground given people some on this the on with from our effect, the us the in what have gives take maneuvers feel now, to like is in learning it for do point may the XX whilst delicate much on more we to at We nothing XX are We a doing be style. us could the no, business, rather laws business. we in from flying vertical fruitful. and but flight are aircraft, batteries perspective, control tuning minutes one time, very likes which seen it's drive technical we spending our making a landing We video what time

that have we may have do aircraft next this. bandwidth. longer when preferred faster available the to have year much do we may capacity second do we also So in flights We and we more so and

that plan the Helpful. ELOC was behind though, terminate And guess the I disclose fill you on what then filing recent an choose discussion did to why the that? and significant for in given that, option, there's it. to your how Geoff, that thinking most you capital wondering appreciate was I would I'm you

Yes.

utilizing offering, the and planning wanted this given of were settle message to think I send let that. we the size the on that market we

one. that's So

that something We seasoned issuer. your also found before in is that you an place ELOC put

bit mechanics the of suboptimal. a some So were

want it of perspective, main a really as reason. the most much as but we mechanical let from then market we out deal could recent to given settle get we So is the the

Okay. Thanks, much appreciate it.

Thank you.

will the of from take line Raymond Savanthi your next comes from question. Please ask We the question James. our question. Syth And

those afternoon. be the the in expect start good agreements those? you little Pioneer like will Like just and timing how to when or PDPs, how you, you flowing a talk Thank Can XX% -- done? of the is bit about

they the milestones imagine Yes. kind until time of schedule of deposit with can in delivery are line very I going deposits. first to of delivery the the a the in aircraft. the first industry between mean in much And have standard, whereby and have we you we're

earlier, a said going the some than on XX% Based delivery. purchase milestones it's aircraft PDP the I more spread of getting be So prior price and we're schedule. like of to to

Does that in more event? PDPs of Or mean coming to be seeing XXXX is some a kind XXXX? that of

correct. coming deposits definitely are 'XX, There into

interesting to that was setting up that, support the of are you thought being Got And uncertainties a with still? training kind like things and it. provide bit how could that if Jet. given of color the service the going on if that a I that's around you're little I set just And in-house terms partners how doing wondering pricing have and more was around have -- then included training or lot of package you gone you around Pioneer all it might and of in

Yes, absolutely.

to has solution, so of like, take all, and for So Z would Lilium edition A about and the about they on. they I package it's make flight can of we're first to type everything different the that can So Pioneer a right? things do care have to comprehensive on partner maintenance service if aero. going of Pioneer, do certified type flight talking we're talking on the are sure depending maintenance, we operations, two packages obviously, have training say, of We

flight training, trainings the have back to to an Going more side mechanics do the I'm FlightSafety we aviation so crew, and to training on partner comment can to so we able this, MOU an on. but not working also we we but Lufthansa have agreement International. on the with and training, do have with provide flight

quite options. tailored the Pioneer package, a services services -- customization exclusive cabin training So it's maintenance with with, -- edition cabin along of really course, and bit and comes

That's helpful. ask follow-up quick And just a if I question. might

describe more that's about savings that of can you're kind talk of little you kind Could bit do. about to looking coming Just a the cost from? you where

company, reviewed Cost all reviewed activities. savings I external necessary all think we spend, the for

is and I is the progressed really have. think a that really really to So lot eliminating be what it needs happening as to defining program anything nice a of has

reducing the any best could spending goals it. kind sharpening time So really of and spend describe of lot as a the way extraneous I it's

it. you, everyone. Got Thank

there on no I Geoff. Thank are moment, to the you. give line. At Therefore, questions more back the

Okay. We With that, come once with speaking of great start great have I joining you a XXXX QX next a Year. think the and Thank year. the New to you again for Cheers. again to business look Everyone update. to end forward we've break our us.