Intuitive Machines - Q3 2023

Transcript

Operator (participant)

Welcome to Intuitive Machines' third quarter 2023 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone that you are live in the question queue. You may press star and then two if you would like to remove your question from the queue. If anyone should require operator assistance during the conference, please press star, then zero to signal an operator. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Stephen Zhang. Please go ahead, sir.

Stephen Zhang (Head of Investor Relations)

Good morning. Welcome to the Intuitive Machines third quarter 2023 earnings call. Chief Executive Officer, Steve Altemus, and Chief Financial Officer, Erik Sallee, are leading the call today. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy, and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's press release and the company's most recent 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements. We also expect to discuss certain financial measures and information that are non-GAAP measures, as defined in the applicable SEC rules and regulations.

Reconciliation to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation on our website, which provides additional context on our financial performance. You can find this presentation on our investor relations page at www.intuitivemachines.com/investors. Now I'll turn the call over to Steve Altemus.

Steve Altemus (CEO)

Thanks, Stephen. Welcome, everyone, and thank you for joining us. In today's presentation, I will provide updates and accomplishments across the company's four business units. After, I will hand the call to our Chief Financial Officer, Erik Sallee, to review our financial results for the third quarter of 2023. Let's begin with our Lunar Access Services accomplishments. During our second quarter call, we mentioned that we believed launch pad congestion was going to determine the priority of launches through the rest of the year. In coordination with NASA and SpaceX, liftoff of the IM-1 lunar mission is now targeted for a multi-day launch window, which opens on January 12, 2024. In case of unfavorable launch conditions, such as poor weather, backup opportunities are available and will be determined based on the lunar blackout window and other factors.

I'd like to take a moment to expand on this change to add context and perspective. Intuitive Machines completed its lunar lander actually in September, and we were looking forward to launching it in November. We also know better than most, that there are inherent challenges of spaceflight. Schedule changes and mission adjustments are a natural consequence of pioneering lunar exploration. Preparing to return the United States to the surface of the Moon has been an incredible journey. Our lunar lander is performing beautifully in all its testing, and we are authorized to deliver it to Florida later this month. We have a launch date and the necessary approvals ready to go. This is a great achievement for the company and a lesson in patience. This delay is a small price for making history.

Meanwhile, we are smartly using this extended interval before the planned launch date to continue offline confidence testing. Specifically, we've pulled in work planned for pad processing, which included a fit check to our separation ring and spacecraft adapter. We tested the fitment and the separation of the vehicle to the spacecraft adapter. In addition, we still plan to run another mission sequence test to provide additional training for the operations team in preparation for the mission and to do additional testing on the flight and ground software. Finally, we continue confidence testing with our propulsion system in our offline vertical test facility, continually refining propulsion system parameters. Our second planned mission is benefiting from all the testing we have done for Mission 1 and is quickly taking shape. Intuitive Machines engineers completed helicopter testing of the LIDAR navigation system for IM-2 at the Kennedy Space Center.

The use of LIDAR to land our second mission allows us to land in shaded regions of the Moon targeted by NASA's Artemis Program. IM-2's propulsion and structural components are in-house, undergoing assembly, and we're working on the integration of NASA's ice mining drill and commercial payloads. Our Micro-Nova Hopper, which is designed to search for water ice in permanently shadowed regions of the Moon, is assembled and undergoing thermal vacuum and vibration testing. Nokia's lunar 4G LTE network is taking shape, including integration with the lunar surface rover, which will deploy from the lander to test and validate the robustness and performance of Nokia's cellular network communication between the rover and the lander in the harsh lunar environment. At the end of the quarter, we submitted a proposal for another contracted mission with NASA.

This is the CP-22 task order contract under the agency's Commercial Lunar Payload Services initiative. We believe this is still on target for award notification later this month. Looking ahead, we're excited to share that this past week, we were selected by a leading international space agency for a $16.8 million contract to deliver two payloads through our lunar rover services. These services include the deployment of the rover and payloads with our Nova-C lander, along with data relay and communication services back to Earth. This award is our largest international payload contract to date, and demonstrates our continued focus on diversifying our customer base as we expand into international markets.

For Lunar Data Services, as we look forward to providing communication capabilities between assets using Nokia's 4G LTE on the lunar surface, we're continuing to expand our Lunar Data Services business line to support the evolving needs of the future cislunar market communications and data between the Earth and Moon. In preparation for our lunar mission, the operations team and Mission Control has completed all required ground station interface checks. These checks give assurance that our commercial lunar telemetry and tracking network is operational and prepared to provide near 24/7 coverage of our mission and any future tracking missions, whether that's from the civil, defense, or commercial sectors. In addition, the Mission Control team is continuing to complete payload data transmission and mission sequence testing.

These functional practice sessions will continue all the way through the scheduled launch in January to fully appreciate and understand all the nuances in the software and the ground network. As mentioned last quarter, NASA's award for the Near Space Network Services contract award is expected in early 2024. In Orbital Services, we began customer transition for NASA's five-year, $719 million Omnibus Multidiscipline Engineering Services contract, or OMES III, and expect revenue to start December 1st. To date, we've secured more than 87% of the total workforce for the contract and will be ready to support NASA in the next month. For Space Products and Infrastructure, we believe the energy sector will continue to develop across our Space Products and Infrastructure business line.

In the days leading up to this call, Intuitive Machines announced a $9.5 million award from the Air Force Research Laboratory to develop satellite positioning and maneuverability solutions using radioisotope power systems. The award feeds into our growing Space Products and Infrastructure business line and is an exciting opportunity for Intuitive Machines to evolve as a dynamic, adaptable, and forward-looking company, diversifying into defense and energy. During the third quarter, we started our one-year program to develop a radioisotope power system to enable in-space assets, like our lunar landers, to survive the lunar night, potentially extending lunar missions from roughly two weeks to several years. As we mentioned in our second quarter call, Intuitive Machines completed Phase 1 of its Fission Surface Power reactor contract for the Department of Energy and NASA.

Now, the company is proposing Phase 1A, which would extend the contract by eight months for early risk reduction on hardware and design maturation. We expect the work completed during Phase 1 and 1A will give the company valuable insights for Department of Energy and NASA's $4.5 million second Phase of the contract. Looking ahead, we submitted our bid as the prime contractor for NASA's Lunar Terrain Vehicle Services contract earlier this year for the exploration and development of the South Pole region of the Moon. The Lunar Terrain Vehicle is a key part of NASA's Artemis program and would be our prime contractor debut in human space flight. We're expecting multiple down-selected prime contract awards, and the expected award timing is now the end of quarter one, 2024.

Finally, Intuitive Machines has expanded its ability to support each of the business units in our fully operational Lunar Production and Operations Center at the Houston Spaceport. We opened the facility with a ribbon cutting with over 400 people in attendance, including federal and state representatives, Houston mayor and city council members. By moving into our new operations center, the company now has the ability to simultaneously manufacture multiple spacecraft, including up to four lunar landers. Moving into our new home, designed to support NASA's $93 billion Artemis program, marks a new beginning on our journey for growth and expansion. With that, I'll turn the call over to Intuitive Machines' Chief Financial Officer, Erik Sallee.

Erik Sallee (CFO)

Thank you, Steve, and thanks to everyone joining us today. We ended the third quarter with a contracted backlog of $135.2 million. This backlog does not include the $719 million NASA OMES III contract, which will be booked as task orders are received. As Steve mentioned earlier, the OMES transition is nearly complete, and we expect revenue to begin in December. Revenue for the quarter was driven primarily by NASA's Commercial Lunar Payload Services initiative, or CLPS, as the company concluded third quarter 2023 with $12.7 million in revenue, compared to $10.3 million for the third quarter of 2022. Revenue run rate was down from the first half due to updated launch timing and an increase in cost estimates required to successfully deliver our three lunar landings with NASA.

Operating loss was -$23.2 million, versus -$11.8 million in the year prior period. This was primarily due to the updated cost estimates as well as public company costs. G&A also included $1.4 million of one-time transaction costs related to the equity raise we secured in the quarter. On the cash side, we ended the third quarter with a cash balance of $40.7 million. Free cash flow in the quarter was an outflow of $14.6 million, of which $7.2 million was operating cash use and $7.5 million was CapEx. The primary use of CapEx was related to the new lunar production and operations center. Within financing cash flows, we received a $20 million equity investment from an institutional investor in the quarter.

This was partially offset by a one-time member distribution of $3.7 million relating to taxes. As we discussed last quarter, the OMES III protest, along with the timing of major awards, have impacted our results this year. However, none of the significant awards were lost. We won OMES III and are still looking forward to successful outcomes on NSNS, LTV, and additional CLPS missions in the first half of 2024. In the interim, we are taking steps to retire risk and manage costs. For example, our SG&A of approximately $9 million per quarter is best in class as we remain capital and cost efficient. On the portfolio side, we continue to diversify across not only various government entities in civil, energy, and national security, but also across budgetary line items within each entity.

The JETSON Contract moves us into the Department of Defense, and Steve mentioned earlier our success with the international market. Additionally, should we be successful with the Lunar Terrain Vehicle award next year, we will secure a spot on a key piece of infrastructure within the Artemis program and budget, capitalizing on the growing lunar and space economy. We remain optimistic on the over $3 billion in outstanding proposals and look forward to the prime contract award decisions on CP-22, NSNS, and LTV, while we focus on execution and manage costs efficiently in the interim. With that, operator, we are now ready for questions.

Operator (participant)

Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Josh Sullivan with The Benchmark Company. Please proceed.

Josh Sullivan (Senior Analyst)

Hey, good morning.

Erik Sallee (CFO)

Good morning, Josh.

Steve Altemus (CEO)

Good morning, Josh.

Josh Sullivan (Senior Analyst)

Just wanted to get your thoughts on NASA's, you know, commitment to the commercial service model. You know, this International Lunar Services contract, you know, appears to be following that model, and just curious on your current thoughts there.

Steve Altemus (CEO)

Yeah, thanks for the question, Josh. It's really interesting. Last week, I was up on Capitol Hill and talking to the staffers associated with you know, the authorization appropriations for Artemis, and we see quite a bit of support for NASA's programs and in particular, CLPS, as a precursor to Artemis, as a ability to set a regular cadence of missions, as and if, Artemis launches move around on the schedule. As you know, that those missions are highly complex, and they have a tendency to move to the right. And CLPS offers an opportunity for, for NASA to have this cadence of mission and activities towards the Moon.

By doing so, we see the international partners coming up and suggesting to fly their payloads earlier, using the CLPS vendors and the CLPS program, as opposed to waiting for manifesting on the Artemis missions. So we're very encouraged about the House and the Senate commitment to CLPS and the Artemis program. And the way it's structuring now, CLPS is in a position to serve any in covering any gaps that might occur in delays in the Artemis program.

Josh Sullivan (Senior Analyst)

And then, as far as the Near Space Network contract, does your January mission, you know, help provide any past performance metrics which might be helpful in the scoring for NSN?

Steve Altemus (CEO)

Well, I believe that the relevant experience of past performance would have already been considered in the competition and the evaluation of the proposals by January already. So what we have done is included all of the validation work that we've done with our ground sites against the Lunar Reconnaissance Orbiter in space around the Moon, and validate that the whole system works and is tied together and able to bring the communications back down to the ground. So even prior to flying our first mission in January, we've done the groundwork or the legwork to test our ground against the lunar distance communication, and that will go into contributing to our experience when the NSN is selected.

Josh Sullivan (Senior Analyst)

Got it. And then, and then just one last one. On OMES, can you just help us with the cadence through, through 2024, how we should think about that?

Erik Sallee (CFO)

Yeah, Josh, this is Erik. As you know, it's the top-line dollar value of the contract is $719 million. That's over five years. There'll be an initial ramp-up period of, you know, a matter of months. But then after that, we think it'll be pretty steady state, month-over-month, you know, equally divided over that time period, contributing to our top line.

Josh Sullivan (Senior Analyst)

Okay. Thank you for the time.

Steve Altemus (CEO)

... Thank you, Josh.

Operator (participant)

Our next question is from Edison Yu with Deutsche Bank. Please proceed.

Edison Yu (Director and Senior Equity Research Analyst)

Hey, thanks for taking our question. Just one on the, I guess, the government funding situation. Are we concerned at all about the Continuing Resolution, anything about the government shutdown that could be impacting the money side?

Steve Altemus (CEO)

Good morning, Edison. Glad to have you with us. And, yeah, great question. Like I said, to Josh, that I was up on Capitol Hill talking to the staffers, and generally, I would say there is quite a bit of optimism, and hard work going on to get us through at least a partial CR or a CR for a short term to keep the government open. And so nobody's wanting a shutdown. It seems like, generally, everyone was optimistic that a CR, or at least interim, would be approved to get us time into January before the full CR or budget could be passed. So, that was encouraging, and I'm optimistic there.

We're well into our transition for the OMES contract, with 87% of the workforce on board or at least captured. That will continue on. We think, you know, the commitment to Artemis program, the outlook is good for Intuitive Machines. These CRs tend, and government shutdown associated with it, tend to be short-term outlook. In the long term, it doesn't look like it's going to have any effect on the company, this year.

Edison Yu (Director and Senior Equity Research Analyst)

Got it. And longer-term question, I know you had some advancements on the nuclear side. Do you have any sense of timeline on when we could see some actual, you know, real applications of that? I know typically it's, you know, when we hear about it, it's quite long term, but curious if you have any sort of views on that.

Steve Altemus (CEO)

Yeah. So you see in what we outlined, there's been some movement there in three different areas of nuclear space that we've captured, and that's a follow-on to... Well, we're negotiating a follow-on to the Fission Surface Power. That's Phase 1A, which is a continuation of Phase 1 for another eight months, and lining up for Phase 2. We think that will eventually, in the long term, like you say, turn into a development activity for a fission reactor. You see the JETSON satellite procurement, that's a new AFRL contract. And what's great about that one is that one can actually grow faster into a real satellite.

So we'll do this first execution on the low-power JETSON satellite, and then we'll see if they pick that up at the end of the year. That's about a 12-month runway. And then also that technology from the JETSON contract, we're also developing under a NASA STMD Tipping Point award for the radioisotope power system. So there's some dovetailing of technologies between those two. And I'm really happy to see that while they're not large dollars for those contracts, what they are is, they're a commitment and some movement in the right direction for an overall cohesive story in the government about nuclear space and how we should advance in nuclear space.

So it's quite an encouraging sign that we're starting to converge on the types of materials we'll use, the types of systems we'll use, and to make some progress in the design so that maybe the appropriators can make some decisions about the systems of the future.

Edison Yu (Director and Senior Equity Research Analyst)

Great. Thank you.

Steve Altemus (CEO)

Thank you, Edison.

Operator (participant)

Our next question is from Andres Sheppard with Cantor Fitzgerald. Please proceed.

Andres Sheppard (Senior Research Analyst)

Hi, good morning, everyone. Congrats on the quarter, and thanks for taking our questions.

Steve Altemus (CEO)

Good morning, Andres.

Andres Sheppard (Senior Research Analyst)

Hey, good morning, guys. Was just wondering if you can give us an update on the IM Missions 2 and Missions 3, just when they're scheduled for, or what is the current target for? I know in the past you had mentioned about the second mission being in the first half of next year, possibly into first quarter. So just wondering if that delay in the IM one mission might have an impact on the second mission and so forth. Thank you.

Steve Altemus (CEO)

Yeah, I appreciate that. Yeah, and everyone's interested in launch dates. We are planning three missions in 2024. You know, obviously, you see how we did with our first mission, balancing all the stakeholder needs between NASA and SpaceX and our payload customers. You know, that's a pretty complicated set of negotiations that gets you to everybody's needs and where you can actually launch and land. The other complication in terms of pinpointing a date for those missions is really in the orbital dynamics and trying to get to the South Pole, and specifically, there's seasons for that. And so trying to shuffle the missions around and find the particular month we want to go and for each of the missions based on not only our stakeholder needs, but on the landing site and the landing site selection.

So we're currently negotiating with NASA on the landing site for Mission 2. And like I said, we have an initial date, and the landing site determination will adjust. We'll move that around, and then as a result, Mission 3 will fall out in a few months following Mission 2. So more to come on that in terms of specific dates as we get closer and as we pinpoint the exact position of the Mission 2 South Pole ice drilling mission... So we're excited about that one. So, but you can count on, you know, at least our firm plans are to put Mission 1, 2, and 3 in the history books in 2024.

Andres Sheppard (Senior Research Analyst)

Got it. Thanks, Steve. That's super helpful. Maybe one question for Erik. With a cash balance now about $40 million as of Q3, would you mind just reminding us the run rate? Looks like cash use in the quarter was about $7.2 million, so pretty low burn rate. But just what is the expected run rate, particularly as you get closer and closer to these missions? Thank you.

Erik Sallee (CFO)

Yeah, you bet. So that's a pretty good indication from an operational cash standpoint. There's not necessarily increased cash outflows associated with a mission specifically. Obviously, there's some costs related to launch, but you know, then other costs associated with the mission, such as material procurements and other things, are dying down at that point, right? So it's not-- we're not gonna see, that's not gonna cause a necessarily a big increase or decrease in operating cash one way or the other. So I would say from an operational perspective, that's a good indicator. Obviously, the from the investing cash flows, you saw the new building was the main use there, and we're completing that this quarter, so that should tail off. So we're happy about that.

So from that perspective, you know, we can, we can even become even more capital efficient as we talk about, right, moving forward. So I don't know if you have a follow-up on that or if that kind of gives you an idea of what you were looking for.

Andres Sheppard (Senior Research Analyst)

Yeah. No, that's perfect. That's helpful. Thanks, Erik, and congrats again on the quarter, and I'll pass it on. Thank you.

Erik Sallee (CFO)

Thank you, Andres.

Operator (participant)

Our next question is from Austin Moeller with Canaccord Genuity. Please proceed.

Austin Moeller (Director of Equity Research)

Hi, good morning. So, it sounds like you've spent some time on the Hill in the past couple of weeks, but if we just think about the fiscal year 2024 budget as it comes together, I mean, we've got a split Congress now. And so do you think that, despite the fact that there's a lot of bipartisan support for NASA, especially Artemis, that there could be some prioritization in the budget, for Artemis versus CLPS or, or other related programs, just given that it looks like there's gonna be a lot more control on spending at this point?

Steve Altemus (CEO)

Austin, good morning, and thanks for the question. Yeah, I think there's quite a number of competing priorities within the NASA budget, for sure. You see the Mars Sample Return is under independent review and possibly replanning as it's over budget. You see the Artemis program having a large price tag and moving to the right. What we find is there's strong support for Artemis, bipartisan support, as you said, but we do understand that it's gonna flip to the right as it's a complex program. So what happens with CLPS, in our position, is CLPS has been a nontraditional procurement, as you know, and is able to move with some speed and agility at lower cost than these major programs of record.

And so CLPS is in a position to be a tool for appropriators and NASA to keep in the public's mind a regular cadence of missions and the Moon as an activity that's of importance. And so it serves to make some near-term accomplishments while the major programs get their capabilities in place and get ready to launch. You see that the other parts of the budget are going to be affected as they figure out which programs are of higher priority and which ones need to be trimmed. Like I mentioned, Mars Sample Return is probably twice or over budget by 100%, over its life cycle, and so there's some room there that's got to be reprioritized.

Then you'll see some of that trimming coming out of the Science Mission Directorate, possibly, and planetary science and those areas in terms of what can be accomplished with all these other priorities. So you'll see this mix occurring, but I think in the long term, CLPS is the right type of contract at the right time in history to provide great value to the government and to NASA. So I'm hopeful that we'll see more CLPS-like type contracts as a solution to trimming areas of overspend in the NASA budget.

Austin Moeller (Director of Equity Research)

Great, that's helpful. And then it looks like one of your competitors on the CLPS program is trying to get on board a competing launch vehicle, though, like the Vulcan hasn't launched yet. So just what are your-- what is your thinking there in terms of that timing and how it might impact additional down selects for future task orders on CLPS?

Steve Altemus (CEO)

Well, I think it's fantastic that the country, we have multiple missions aiming to land on the Moon in the same kind of time frame. Currently, the Astrobotic mission is set to launch on Christmas Eve, on December 24th, with a landing on January 20th. If all goes well, they'll touch down on the 20th. We're set to launch on January 12th, with a landing, believe it or not, on January 19th.

So we'll make it there on a day ahead, but to have two missions flying in space at the same time aiming for the Moon is quite incredible, actually. And Austin, you know, I think we've talked before about our particular mission and how our propulsion system's design and the kind of trajectory that we fly gets us to the Moon in about four and half days with about one day of loiter. And that's how we're able to land, you know, roughly a week after we launch. Whereas the other trajectories used by other CLPS vendors tend to be a more circuitous route to the Moon using gravity assist with a lower specific impulse propulsion system that takes up to 30-60 days to get to the Moon.

That's what the big disparity is between the two types of missions. But we're excited for our competitors in Astrobotic to make a shot at the Moon and to be in space at the same time.

Austin Moeller (Director of Equity Research)

Just taking that gravity assist maneuver approach to getting into lunar orbit, I mean, that puts you in space longer period of time, and you're subject to more radiation, correct?

Steve Altemus (CEO)

That's right, Austin, and that's one of the architectural decisions that we made, was to minimize the risk of transition through the Van Allen Radiation Belts, and minimize those radiation hits to our electronics, sensitive electronics. So we make one pass through and on to the Moon, where the radiation environment is fundamentally different and somewhat easier than the high concentration of radiation you get in the Van Allen Radiation Belts. So yeah, great observation.

Austin Moeller (Director of Equity Research)

Awesome. Thanks for the detail.

Steve Altemus (CEO)

Thanks, Austin.

Operator (participant)

As a reminder to star one on your telephone keypad if you would like to ask a question. Our next question is from Suji Desilva with Roth Capital Partners. Please proceed.

Suji Desilva (Managing Director and Senior Research Analyst)

Hi, Steve. Hi, Eric. Good to catch up, guys. Just want to understand the payloads the customers are committing to you on IM-1, 2, and 3. As the dates move later and the customer variance increases, does that mean you can take on more payloads and increase your revenue opportunity, or are all those payloads already committed today? I just want to understand how that works as these missions may be moved out, that can be a tailwind in some ways.

Steve Altemus (CEO)

Yeah. Good morning, Suji. Actually, you know, the manifest for this particular mission has been set for some time now. And we've maximized this mission so that it is sold out. And so we don't have any opportunity to take on additional payloads. All the payloads that we started with have stayed with us. So that's a series of NASA payloads and commercial payloads that make up the complement for this mission. And they've been quite understanding about the delays we've had during the development of this particular mission. They understood that when we started, and everybody's getting very excited about our launch date. All the payloads are integrated. All the payloads have been tested both on our offline flat sat and on the vehicle.

And so, everything seems to be working in perfect order, and folks are trained and ready for the mission, so looking forward to early January.

Suji Desilva (Managing Director and Senior Research Analyst)

Okay. And Steve, IM-2 and IM-3 are those already fully committed at this point? Just to understand.

Steve Altemus (CEO)

Yeah. IM-2 and IM-3 mission payloads are essentially committed in terms of what we're taking to the surface. And again, a combination of NASA and commercial and international payloads. The area that we're still shuffling around and have some capacity that we're negotiating to take on additional revenues is in the rideshare component. As you know, we fly a lander attached to a spacecraft adapter, which is attached to a payload adapter ring. On that payload adapter ring, we can take some 800 kg of payloads to a Trans-Lunar Injection orbit.

We have a complement of those payloads, but filling out both mission two and mission three and having a complete set of payloads to fly on those, we're moving those around and adjusting them as payload customers are keenly interested in taking rideshare out this far into space, which in the past has not been available to them. And our missions to the Moon provide that availability, and that seems to be the fastest growing area of our Lunar Access Business.

Suji Desilva (Managing Director and Senior Research Analyst)

Okay. Thanks, Steve. Thanks, guys.

Steve Altemus (CEO)

Thanks, Suji.

Operator (participant)

We have reached the end of our question and answer session. I would like to turn the conference back over to management for closing comments.

Steve Altemus (CEO)

Well, thank you, everyone, for joining us this morning. The coming months are set to be a pivotal moment in history for the company, and indeed for the United States as a whole. So thank you for listening in, and wish us luck for January.

Operator (participant)

Thank you. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.