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SPCE Virgin Galactic

Participants
Seth Zaslow Vice President and Head-Investor Relations
Michael Colglazier Chief Executive Officer
Mike Moses President-Space Missions and Safety
Jon Campagna Chief Financial Officer
Robert Spingarn Credit Suisse
Myles Walton UBS
Ron Epstein Bank of America
Dan Berglund Goldman Sachs
Oliver Chen Cowen
Pete Skibitski Alembic Global Advisors
Call transcript
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Operator

Good afternoon. My name is Jacqueline, and I will be your conference operator today. At this time, I would like to welcome you to Virgin Galactic’s Fourth Quarter Full Year 2020 Earnings Conference Call. [Operator Instructions] Hosting today’s conference will be Seth Zaslow, Vice President, Head of Investor Relations at Virgin Galactic.

As a reminder, today’s call is being recorded. to conference like to now would turn over the Mr. I Zaslow. ahead. go Please

Seth Zaslow

you, Welcome Year and Call. everyone. good XXXX Virgin Conference Thank afternoon, Quarter to and Galactic’s Fourth Earnings Full

Executive today and Missions and Jon Officer. Michael me of Financial Safety; with Chief call Moses, President the Colglazier, On Chief Officer; Campagna, Mike Space are

Relations press the Mike is about issued XX presentation ago and from Following will accompany the was prepared Michael, today’s remarks is call release open on website, our that will Investor available Jon slide and for as questions. A remarks. minutes

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

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

Form section time. forward-looking Securities documents also Risk to that during refer Virgin on put undue the and be financial information call. statements company may Galactic’s to disclaims Annual note information more Please that to not refer from filed For the on non-GAAP filed any we these please are about to of this to and certain update time forward-looking call. specifically discussed obligation today’s cautioned other Virgin the reliance statements will uncertainties, on Galactic Exchange Commission, and XX-K with Factors Readers by risks Report and the

to of in to that, reconciliations like Michael. find financial I’d to measures With over our the can You release. GAAP non-GAAP call turn most press measures the these earnings comparable now

Michael Colglazier

safe. are hope afternoon, keeping you Thanks, healthy and your everyone. good loved I Seth, ones and and

Seth Virgin Galactic. to Zaslow First off, like welcome I’d to

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Mike Moses

Michael. Thanks,

Moving to Slide on X.

plan flight, mission as control on to and such state test this for motor whenever the a onboard well power such rehearse pilots well-prepared the rocket event. this was safe and the the the scenarios, including others December connection. is engineers were for halted, that computer system spaceship is in starting it as rocket like We as as it designed ignition one communications This lost. in many lost potential spaceship, the or defaults the During the motor sequence, because

issue the flight, be EMI. and Unity or flight that likely one extensive electromagnetic has a identified with the are the to the tests computer new And why system and is we’ve analysis by we interference in been This of in rocket-powered a to components an Following which confident control. lost the of isolated completed we we glide investigate of flight control offers degree computer rocket connection. computer, pilot reboot well testing our the our motor finer flights. are performed has upgraded system, caused

team EMI part a last proceeded EMI that flight. present January, computer, lower is a determined confirming we testing reboot were to better determined launch. a February levels of target Our this systems. that to in and of And ready designed challenge were modifications in certain on these levels that protect with we system would EMI the prevent common the that relatively new of that is motor higher we were has source aerospace. rocket that corrective actions through After the

that to environment. noise within we technical for readiness shipboard As of showed fluctuations, February checks had some created we that flight, readings had unintentionally our became it those changes sensor apparent completed additional address EMI our sensor our pre-flight and that made

us from fail this not burn. while that areas potentially know the a trigger did rocket is low one full issue, impacting safe levels ship While it possibly noise itself the that could let another a prevent were EMI could us that scenario, on profitability safety motor in seeing in

before we and thoroughly everyone mitigate around that’s both test Michael, we an levels, we modifications, And the we the will reduce to flight to program. it our we be To you’re lab which in delay culture complete chose will the company Unity, control this you. launch flying. further the these ground, that features. issue. enhancing exactly recommence approach EMI EMI In in spaceflight. right test additional safety the to an resolution, with when Our human that the system the we’ll on case, Once the issue with following computer built is on attention and flagged the new the has needs flight ability dealing to principle call February to back

Michael Colglazier

Thanks, Mike.

Mike’s to comments. Just reinforce

to I what doing. But imperatives very something and EMI And we our the can our exactly to previously to program to when space, the the unwavering flight works. commitment that’s hard we We we company to we to it space. it decided test satisfaction, know is And then we to system tackle was isn’t back this go its had that what to we seeing here. me, all see get Galactic Virgin communicated. return Once that are we and when safety culture. fix quite we’re addressed intend We an of know confirming and move issue sequence that’s we right, eager One spaceflight we’re for join forward.

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Jon Campagna

for earlier afternoon, good everyone. Michael Thanks, and words kind your

Michael talented the public very to XX. I that space that seeing we I made presented as fantastic believe we’re work launch. challenges into XXXX to transitioning the Before our the team a into offering the share full first with half been Galactic’s fortunate that we’ve progress five positioned pandemic with slide grow company. all highlighted, a been of look led a to company, reaching towards publicly a of significant wanted the turning XXXX. well company. we people, it jump public Virgin heading the And part into goal I’ve years. as commercial today’s been forward that update, despite you incredibly I’ve flight and continue of worked traded has of year of to to us first and March the the being future. human company to I’m to proud have

a the costs increase which were Non-GAAP in to to adjusted of the relate to third quarter, GAAP items to the in inventory of the the an expenses generate R&D I a the for for R&D $X EBITDA The fiscal quarter improvement quarter next and compared This non-cash our third quarter $XX Let’s transaction charge, $XX public significant Social million completing SG&A to I of is XX. given XXXX. cash non-cash compared stock-based negative was fiscal review which fourth equity XXXX. for increase primary expenses R&D. loss compared quarter and scheduled quarter to negative slide with earnings call. relates the $XX XXXX. third XXXX. negative adjusted quarter to in for loss million in for million compared quarter additional Capital the our SG&A totaled in as of XXXX for million, non-cash on million in compared XXXX. to XXXX. $XXX due back net remains on compared the million fourth XXXX, incur our the $XX and EBITDA these the compared were vehicle third the last million million compensation expenses million, of the due $XX the net quarter to in $XX concentrated the to The awards, were $XX call, a for EBITDA allocation continue to the of of expense non-GAAP did fiscal of last to expenses $XX applicable. third tests. decrease the which commercial not fiscal expenditures closing flat the quarter one-time non-GAAP compensation XXXX. net just is start results $XX non-capitalized revenue expenses as was primarily we This such, quarter our increase were quarter know, quarter as compared our attributable due flow XXXX focus adjusted the in in reflecting year stock-based million R&D was to you on to the year were certain a $XXX R&D of generate reallocation our quarter the million, continued increase if $XXX R&D for the million to year exclude of capital quarter, GAAP transaction the I is expenses million $XX We in was one-time in we million million XXXX. quarter third use test expenses a costs, in in million mentioned. prior SG&A expensing in in of for in did turning third have program grant capital the quarter expenses $X year prepare quarter. SG&A the looking the in $XX negative revenue quarter. costs. quarter, which year as operations. third of quarter. adjusted flight to on million to primarily of to to net to we in not loss for million higher $XX primarily expect the flight quarter EBITDA at tooling for to Hedosophia beyond. expenses the overall, an totaled adjusted capital compared earnings are to expenses any XXXX. fourth XXXX. million, million compared for $XXX $XX charge fourth fourth non-GAAP to incurred million free and on been relates $X consisted the in third during expenditures the outlined mentioned equipment focus other quarter. loss $XX to of company the as

fiscal For $XX cash negative was fiscal for for and year primarily of year flow totaled million XXXX $XX totaled vehicle expenditures compared building compared $XXX full negative XXXX. million million XXXX. $XXX fiscal to attributable to year capital tooling. year million for the free to increase XXXX, improvements

for we quarterly to flow ahead, $XX million to quarter. return approximately free our anticipate negative cash Looking

our strong sheet of remain million. ended equivalents strong. the position SXXX and cash and remains We Importantly, balance cash year cash with in a

objectives. look raise we continue about now via $XX.X strategic stock hand in I’d million to back to offering to opportunistic conditions raising took favorable to of proceeds million be market our third As capital net call quarter, Michael. a forward, of the further in advantage secondary a we’ll $XXX to like reminder, the to shares. going

Michael Colglazier

Thanks, Jon.

the hard I’ve throughout Turning entire we moment on passion who initiatives, various proud truly been excited I to XXXX. have what in challenging these up made I’m times, been coming extremely we again, and in work more so dedication want at seeing and to to XXXX, our amazing. even take slide about thank progress I’m a of team XX. that the have our

store flight Number new the from and an readiness; Our test spaceships at new business consumer completing over the pivoting three, mothership and areas; to experience. focus scale service. the our and commercial to developing on remains phase a three number expansion, preparing R&D phase one, organization And the fleet number astronaut fleet that program fleet time. a will for following manufacturing two, allow and

We’re the incredible Virgin right to whole. begin both ready such build the exciting now There’s for really call. monetize portion of Q&A there? the now. Are on operator, It’s and assembling galactic innovation space for amount Yes. going the we’re incredibly you an and commercial out our to to and a an business. strategy of It’s industry soon time extraordinary. scale as

Operator

question [Operator from Instructions] comes Spingarn Credit Your Robert first from Suisse.

open. is line Your

Robert Spingarn

Hi, of give background what Michael, some these like changes you precipitated out on the could further was and of really you’re perhaps sounds the filling management these boards. afternoon. creation us some good missing? ranks, what advisory It

Michael Colglazier

for hear to good you. Rob. Hey,

I’ve the really forward can vehicles take a marketplace. this spaceflight up it’s easy to be way words build that move of story commercial company’s of precipice scale feasibility brought I an in where the think, a moving think, to pretty I incredible importantly, we The the works. going the chapter had and has So, very that step – technical a system the we and us used with, next a getting stepped And our footing, in to just really of where to how manufacturing first right we’ve is footing, technology strong consistent where and fleet been. to of and

and to look you they if each have these individuals, join who come at So, us what additive are to doing. outstanding are of really we’re roles,

and expert who But it, Swami organization team people, focus a driving doing right; seen what all folks, also of leaders, and are will have really who both pace. have see things of coming they’re and all in and aerospace, motherships a be scale team our needs develop but to effort in, of just incredible really you at scale And like in us deep we’re expert our enable are spaceships, experience, our leaders driving that and doing when skilled is that forward order build a to these move personality, in and Steve will the who So, and both also area. the the people. in

may Geoff, And space and parts of So, there. the they’re couldn’t Joe, do we are people in us are launch advisory the consumer as board, want piece and deep ready that pursue as the the be be ready, the the in exactly, by forward. and in going the folks but talent commercial they more side, the these advisors and the are you fleet both, to to and we in vehicles expertise, getting advisors, helping think fleet huge our who thrilled development it their of Blair of both are bring. and want on quality want we just to prepped on we these tell to move company, experience And again, the also specific then future, parallel, can there, additions. some new on to I who the

super and think I two what one, think chapter chapter So, and I you’d – it’s us. it’s story, going where of additive we’re to expect really a

Robert Spingarn

Okay. it, of and a way that have the And question, annual is there maybe, technical different is levels the ships? revenue capture call but we spaceships III, of then of II, more just different types then any quantify between the Delta now – this to series,

Michael Colglazier

we ability Unity, They’re through the flight built sneak the relatively as earlier been built handcrafted SpaceShip flying talk that has That’s flight know said, you built sciences frequency, pretty class, peak we don’t between one as presentation flight in what we fashion. form as we to II test we’ve It be in I rate such, pace. III but did modify the SpaceShip maintained low demonstrator program. more in the which we that. They’re give which our showed the way unity, working first, about learnings the the reliable through we’re techniques they’re in And was in we that’s a that the difference and quantification, along with using still these but same now it how tests. built a have the vehicle. revenue as for flies. of was the to it modular a the

our that but doing higher between drawings, things manufacturing rate engineering so we’re maintenance that a of pace This that’s And perform. about. so make ensuring we’ll spaceships, with can class go way manufactured to we vehicles processes, can perform is of our modify vehicles Delta the a slow. is But we allow what is little want building vehicles we of less of that the at will functionality be ways flights. them that same in those the and And class where them the to our back us have

of we is frequency the two. than So fly And what the weren’t we’re frequency that think III SpaceShip you’ll Delta will calling build one spaceship kind that will SpaceShip be calling vehicles frequent This see of more back the will of of the vehicles, IV, than we with. that, that I class company be economic is Delta it’s more class so III.

Seth Zaslow

Jacqueline, we’re I think our ready next question. for

Operator

comes Myles UBS. question Walton from next from Your

open. is line Your

Myles Walton

the Moses, you I Thanks. Good I on a highlighted evening. ask could just was you? us you it. are as good hoping EMI How Mike on detail So question give and

That get get shielding. can of flight doesn’t like sound guts sounds the having it around you you’re controller like to the It situation actually into itself. through Sometimes the here.

identifying that. on And so put it’s and test you cause too I’m the curious to just the or been one. have the then solution to and in is again, you a solution now I’m have trying test just you’re fine and implemented that

Mike Moses

Thanks, Yes. myles.

we present go When that’s to started right. saw. preflight like address those And between still we kind sensor know do for and levels tackling some February how to pressures fluctuations, some February readings, our maybe, which frontal that we initially systems unusual showed temperatures, that anticipate. of types shielding our of December the grounding with were saw we and elevated you things, in So, launch, the EMI we let we and mentioned, and prepared didn’t us was tried checks of

we to the of go kind source. So the that’s fix at decided with where

is So, flight our level a the current computer noise this elevated to of the that is plan. source control modification

little if all then, through for to that the and commit its ground, to on current a we’ll but a lab in that’s ship now, ready it in and the standout. modification for be the and launch, have we’re paces design, prototypes we bench So, just be the the we before on doing bit to run the need the on reason testing

Myles Walton

And but the Mike. is. Michael sorry sure answer Colglazier, I the and Okay. I’m know what’s compliment that to All mikes, of right. XXX achieve so spaceships mothership Thanks, where not many flights space? per

Michael Colglazier

haven’t number turn we we how those spaceships. on depends given So, a there, quickly each guidance obviously It upon myles. of specific

fly a we clear, least side, more a day, mothership know the maybe On to at want we twice little three.

not but that’s look, that guidance got what generally we of spaceport. need each right have So, We low around for and plans those the built probably vehicles we we’ve we get per do. frequency shoot motherships them to digits every once to see that going, allow an say, And space how of something will will for I’d of to high be will want. three double the that I’ve guessed informed digits single we class flights turn of spaceships times it. on now. of building port we’re that That’s but us

Myles Walton

you. Thank Okay.

Michael Colglazier

welcome. You’re

Operator

America. comes from Your next Epstein question from bank of Ron

Your line is open.

Ron Epstein

to out pushed you obviously, enough the raise and myles’ question. guys evening, I more to or money? guys. to gotten have you there have And break I good get cash guess, there. to you some to with are on What mean, going to follow are do as that’s even Hey, capital right. a going

Michael Colglazier

are conditions of done job very think well great advantage August. capitalized good Well, we market I as we last we a Jon’s and believe again, took

on So, production forward think room sheet. we’ve get our balance we’re quite got plenty good there. fleet there We a growing sitting to moving and of

well there. when not So, we specifically guidance positive and cash obviously, around. that forward feel positioned we giving turning we’re But are on turning economically going

Ron Epstein

out mean, I mean, do pretty maybe, window slip. much a of we little a how bit push if more, a have? is I But I mean this I big

another If you one, we how it could out you years. two push do long have maybe, have?

Michael Colglazier

our I to the a This same we big nine this Well right. we’ve is that had don’t there. think pushing flip think, first, from program is, I at we’re eight weeks and commencing have all flight

way. that on we’re path. wouldn’t then the moving characterize I So, And it same

and the in to goes then announced in estimating sequence, we’ve we’re we the got next just before in fact, In be will two may. those next as clear, flight, flights, be summer. have the which we

EMI first big We care have of prudent by shared, and our taken flight. are be believe early any don’t that our on we’ll think getting fully ships slip loaded just a late of summer, kind producing I fall, a sense. revenue passenger We we’ll That’s being that’s here. in

at $XX plus quarter of minus the been spending and or on then XXXX. over we’re million we’ve sitting $XXX million so close And a

we in are well any not So, sense and I think that a gives capitalized there. challenges gap

you sense. gives that hopefully bit more little So, a

think I we’re shape. good in

Ron Epstein

air give on one. on And or other customers? work. maybe, great. government to that? Italian Are Force Okay, Air just you you then another Congratulations color the And other talking us any forces can

Michael Colglazier

to pushing to will think to to seeing What is active similar we’re world showcase the extra are producing Italian And that Nothing looking really sales that that’s commercial the up which to we be business. flight our why revenue the be. Branson we’ll and for I flight get conversations our will into announce what today, opening Italians. inflection astronaut, us our excited do point think want in things following strategy, with from is we’re although we I flight people to are experience a private an the and astronaut Richard side really in with and that and

Italian bring of the into; it, I’ll Italians experience further flight it will channels, kind the our and slice there. think we will I for sales worked we’ve that call back us And following see push footage be As the the of the Air with that market. Force, also that demonstrator

for both flights of strategies following for we’ll how excited commercial very sales We’re launch our and excited those them.

Operator

question from Noah from Goldman Poponak comes next Your Sachs.

Your open. line is

Dan Berglund

going? Hey, guys. for How’s this on Noah. is it Dan

Michael Colglazier

Dan. Hi,

Dan Berglund

that the people guys? multiple what to choose going a in just competitive a maybe, appears parts over to completed test you are another getting you do folks of when this, then How ago, you doing fly of to flying with the Blue important So, pretty be world we’re – experience Origin makes think Shepard that folks. developing that we the the month landscape is with the see here? most do saw experiment New guys And flight close

Michael Colglazier

doing what So, excited before, I’m they’re as we doing. is said Blue

I normalized a think as space wants time be be supply to aspirational quite And space think the some something for industry really, the is strong. thing, demand do. for to to is showcase that but I people important whole to it’s shore, the everyone be as going going constrained going flying to a really to that and

as we could in multiple comfortable really this that the that be players market having very positioning transformative that good said, the how how that in is take. show I will confident and and with a So, can we’re think exciting thing.

the that journey strong that are suborbital about approach abilities the but do also with consumer And launch program, I architecture. that that our Some and is the some advantage flight we’re a in we’ve think I talked spaceflight we think a lot at both believe to us be is culminates And experienced those scientific good the on of what architect, other for I They’re us. in system flight. and help very I experience, to people with very well. training has then The way our two as the to Rohde, brought talked competitive taking space Joe as also of to system to works. spaceship it a robust G-forces There the unique, astronaut give just suited research. will that be system in a – markets And will deep approach markets you’re very what components past. we and training we do in can will about. particular. astronaut that advantage that going the do customer-focused in that in our market we’ll a And be very with take of seeing the will private think this we’ve

is business grow and shows feel that in total. commercial good with think, market in This good feel blue really the and people having So, I that for really and is a to, is grow also there getting going good there. strength a some

Dan Berglund

you extent, can revenue new spaceships. you pace that helpful. can the and how to just the billion guys that’s annually guys spoken will at super it. Yes, guys $X more, in that one roll spaceports to Got the roll into per you Maybe, have dictate Spaceport, fast which

So any steps new on are any building next actually away from far spaceports? – realistically, towards we how timeline

Michael Colglazier

I that are won’t think along kind timeline, the can the comment share what steps will we but of on a I go way.

to faster fleet capability spaceport to Spaceport vehicles our out, start see we’re and the build for that. up get build minute, second will first Spaceport finishing That’s world. a on be first board SpaceShip much, up, basis, our vehicles But that vehicles maximize to more for our to new vehicles place to understand get that’s in we place on And so program manufacturing class are bit and America. is in our really on I what sequence manufacturing program class I don’t be the where efficiency fleet we’re we to this our Delta up the America spaceport, Obviously, we than if that fleet happening the start you places then a bringing of we’ll and arrive doing. a capability to up in if going – points III So, capability those one. the you have such is these from testing, of steps we as we’ll go on scaling just at out we that that that engaging have and in think that think other us that our it, Spaceport in And full in produce mothership of going regular then before next we up. some getting flight around Mexico, at will New manufacturing. America ramp have fashion able And our up kind scaling Delta much build that going a when class the space now of our as flying start and to about of we could get will a fleet on we scale as be new standpoint, first up.

and know about So, to production as helpful our pace you I manufacturing grows. how think team facilities, really that’s think

Operator

Cowen. question from from comes Oliver Your next Chen

line Your open. is

Michael Colglazier

Oliver. Hi,

Oliver Chen

you. Good thank Hi, afternoon.

as do your we architect in what the with balancing, and you you will also, and and what how need CapEx seek using factors innovations terms of of you scale arrangements? experience you’re as we hypothesis think flexible goals what you some what’s about should and manufacturing prioritize the CapEx, the do own next and engagement be piece, there With scaling consumer balancing will Also for investments to versus are about over what the the that earlier year think there? to your for you

Jon Campagna

Oliver. thanks, Okay.

first have think going prepared the and making Joe On see that time bringing Rich, case in in planet and to focus from sign back up private be ready gift. guests look done everything Goodman, the way. for intensive the they the sure that to the for do, to the in with people Mexico buildup of what in, when along come New to been with the them when we’re one, on family you us people we us Geoff trying the on come I that to Blair first are kind them and they’ve the moment, training got and where astronaut And market is friends down Rohde, the so it. that in like have they

to don’t of authentic very look journey ahead be making be that that the will a in, if to hit I fun want transformational the what of – that we’re So, that’s think preparation lot on showcase because bringing and I when they our focus sure focused get storytelling. of it’s will the creative here. doing It’s we’re you for team, of there talents is at really a a But lot going kind come. very

So, as prioritizing designs forward we’re experience more you’ll those see as to that storytelling come we and to going those look are and themes the sharing away.

want As to And of the we’re plenty at pace I We spending be think a CapEx, design got to on the we’re into time, programs. well-funded plan we’ve I said spaceships, new us. of phase, earlier right of the as we it ahead our vehicles now. substantially fleet with do question, investments. as we as in but manufacturing pertains mothership bigger of that will will both really doing, increase the not runway move There Delta to well make class

of the First in forward, is going that the solid investments we make that pull it. capital the amount thing, maybe, able as may been will the is to think take really case, yet. business we alluded partnerships and of don’t down aerospace accord that’s looking going to our we’re now. some we’ve mentioned, the in a need forward. now. you’ve at have estimating be on that I going industry money And to said, we We There’s With an to sure the put plan incredible know we capacity but and that return right

also see some do looking I us economically strategic but pace accelerate things we that at you’ll ways of make to the can ourselves, fleet really think partnerships our development.

Seth Zaslow

please. one take Jacqueline, let’s last question,

Operator

Certainly.

question Alembic Advisors. Global from final Your Pete from Skibitski is

Your line is open.

Pete Skibitski

for applaud being I first, safety And good the guys. Michael you Jon, guys with program. Hey, the evening, of aspect rigorous luck. best of

I that’s think great.

congrats So, there.

of Just pivoting, wondering just suffering much guys you’ve or and there. of a can have we to the kind kind how from trends due our COVID? of about sense schedule loss impact you risk remains improving hours been how productivity much labor talk I’m of COVID if

Michael Colglazier

in We a normal, say clearly now. because COVID. in process right managed I team efficient less got of state been has would really this the than have

we’ve I’ll dates them as we people call way we think any, be those the now. have able the that once closer it, into are assess we’re future have get we and through, kind can to concerns or of together. built today quarters all the impacts right don’t move slower risk about schedule from we while best everything shared about So, in will than vaccinations COVID I

something country to from faster don’t going are but forward getting the upside I So, the see vaccinations different there. I am there, the looking all we moving getting as across and

Pete Skibitski

ability to customers, And the okay. the just new of size that implies, in program. step I talk small increasing should closed say, right the of follow you’ve one but the pull on me, the number spaceships, one all – up Okay, the excuse of

should aggressively kind expect, of of new goes kind Sir after customers? flies of to whole kind we that program new marketing recruit basically, So, really out Richard a

Michael Colglazier

us will will I the does Richard I take are look the we’ve well I’d into as way commercial that we at think, of been Blair’s advising that when as and if And advise and advantage use we’ll to who think us, people our Geoff’s, background and take worldwide that launch here, bringing come you us a look Branson at moment a in strategy, with momentum. of interest side business. fly really those

So, we’re thoughtful. being very

a as following we at think fairly astronaut excited going in event come and really to to that for expect we’re sales that we be demonstrate that’s for people that large the will why are scale We us. event. private it. said very And market up And opening

also that think clear. put clear the in really we will footage I in be and the will momentum experience place be

we’re up great Some to open be more developed will way designed a sales. that asking work Joe of And that will visually and the Rohde us at with help in be time. really to that point

fall. we’ll Force window the early new flight the a with Italian sales will our up use the Air flight That We’re new will market astronauts come and – start going later also the the with then also revenue give I’m that a in against to sorry, us open the market Italians. in that following summer, first Italian to

Operator

back the This concludes Colglazier remarks. Michael Q&A turn to call. over the of closing for session call I’ll the

Michael Colglazier

Thanks.

questions. thanks First, good today. catch It’s everybody all with to for the up

move areas heard three company. we are sure the to primary make that as focus forward, want everybody for the following Just the I really

The on of readiness. fleet these is first

test program. our completing We’re

Air Richard’s launching forward welcoming flights. Italian formally as revenue the we flight, our Force, as around mentioned, strategy to are we begin commercial looking just We and

pivoting leaders for the is organization phase phase focus about and allow scale a and to R&D from adding fleet I the experience. the an built astronaut of seeing really around to are think the that we second drive The business announced And fleet us forward you’re will is company This we third, in spaceships overtime, manufacturing two. motherships our They’re and and the consumer number today. then wonderful developing to that new these expansion. to additions

incredible all top and As on strategy. at we at commercial are work our they team hard an out assembled just the mentioned, building we’ve

call. really to our Thanks on we things coming We during So, next I’d thank see quarter’s you today’s look everybody and continued the interest ahead. to support. on joining We like your wonderful appreciate updating for forward call. so progress much.

Operator

and today’s Ladies gentlemen, participation. concludes for your call. Thank you this conference

disconnect. You may now