2.28. 2024, 1630 EST Cantor Fitzgerald Andres Sheppard's Fireside Chat w/ Intuitive Machines CEO Steve Altemus Following Successful Lunar Landing - Transcript

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Andres (a): Good afternoon, everyone. We're just gonna allow a few seconds here for everyone to dial in and then we'll go ahead and get started. Alright, looks like we're ready to get started. So good afternoon, everyone. And thank you for joining our fireside chat. We have a great conversation schedule for today. We are joined by Steve Altemus. He is the President, co-founder, and CEO of Intuitive Machines. Hi, Steve. Good to see you, good to have you on.

Steve (s): Thanks for having me, Andres. It's great to be on and great to be talking about this momentous occasion we just have experienced. 

a: Yeah, no, I echo your enthusiasm. And so why don't we go ahead and get started. You know, maybe first and foremost, obviously congratulations on what truly was an incredible achievement. I'm sure you and your team is very proud. Can you maybe please talk about what this means for you, what this means for the company, and what this means for the entire space econ.

s: Yeah, great. Hello, everyone. It's been an incredible 13 days where what we've done is we've carried on our shoulders as a company, Intuitive Machines, the responsibility to return the United States to the Moon for the first time in 52 years. And we had to do it in a fixed price environment. We had to do it in the four years or so, the time it takes to get an undergraduate degree, and we were asked and expected to do it on the first shot. We launched on a SpaceX rocket. We went off into space and separated from the launch vehicle and made our way out to the Moon - not without our challenges on the way - and we operated a first-time spacecraft in space and went successfully into orbit, successfully down to the surface and touched down softly and have returned all the scientific and engineering data that NASA was looking for. And our mission draws to a quiet close this afternoon exactly as predicted with 144 hours plus on the surface of the Moon. So it's just an unqualified success. We've received compliments from the President and the Vice President, the NASA administrator and a whole lot of different countries are just celebrating the success of this major milestone. 

a: That's great to hear. And that's a great segue maybe to my next question, which is, how would you characterize the landing itself in terms of execution, the milestones, and the significance? and what is the impact of the fact that the lander may be tilted slightly? and when it landed, what is the impact of that and particularly in respect to, again, to the mission milestones and to the success rate? 

s: Yeah, there has not been one mission in the history of space missions that have gone absolutely perfectly with no issues to resolve. When we came into the mission, the piece that you're talking about is our power descent initiation and then the terminal phase where we touched down softly on the Moon. We ended up having a challenge with our laser range finders and so we had no altitude measurements with precision to land and so we touched down a little bit harder than we had liked and the landing gear did their job, they absorbed that impact but as the engine stayed on we were vertical, and then, you know, we tipped over about 30 degrees based on the landing gear failure that was due to an impact on the surface. But none of the systems were damaged. We figured out the communications and we ended up communicating back to Earth and getting all the telemetry and all the commanding we needed to activate all the payloads and get the customers back to payloads, the data that they were looking for. And in a lot of cases, we gave them more and more information about the future of Artemis program than they were anticipating. We took some of their advanced technologies and moved them out of the laboratory from a Technology Readiness Level [TRL] of about 5 or 6 and we put them into an operational scenario, where they actually helped us in some occasions, and got them to TRL9. These are systems that will be used in the Artemis program. So this idea of a precursor scout mission for the United States, for NASA, to come off with an unqualified success on the first try is just, you know, it's just incredible. And so, you know, there's been a lot of media and back and forth about the lander tipping over and whatever. Well, that's okay, because it works, and it's a robust lander and it's a fantastic design, and I'm just really proud of the team who put it together.

a: Yeah. I know the landing was quite of a nail-biter for those of us that were watching it live alongside you and your team. I'm curious, how would you, how do you think NASA is characterizing the mission in terms of it being a success?

s: Yeah, we heard from the, I'm sorry, the NASA administrator, Senator Nelson. and he said this is an unqualified success where we aced the landing and what an incredible mission. So that comes from the top of the agency, and I've been congratulated from that level all the way down and even the payload scientists are happy with everything they've gotten. So just a fantastic mission for us.

a: That's great to hear. And maybe Steve, maybe just take a quick step back, you know, for those who may be less familiar with the mission and the process, can you maybe remind us, you know, what were some of the key milestones that you set out to accomplish during this mission, you know, in maybe, in addition to the landing itself?

s: Well, you know, we invented and created the first ever in space liquid oxygen/liquid methane propulsion system. We made that completely in-house. We use additive manufacturing or 3D printing, and we could print an engine injector that is our design in five days and get it ready to test in total of 10 days. So we were able to iterate very rapidly and produce a high performing engine that no one else in the world has, a liquid oxygen/liquid methane cryogenic engine that now can serve the solar system. And we proved it out, and that engine flew perfectly firing over 20 minutes full duration, reigniting six times, and the last four times we flew that engine, I'm sorry, fired that engine in space, it was totally autonomous. So the whole pressurization sequence, the whole firing sequence, the main stage, full thrust, throttle down and shut off, all hands off. Just an amazing system. And you didn't hear a lot about it because it went perfectly; what you heard about was the landing gear, that was a piece of structure that snapped, but other than that, it's just perfect. 

a: Yeah, I think that's a great point, right, is a lot of folks are maybe just focusing on the landing itself, but not necessarily on the milestones that you achieved to get there, which were also very significant. And obviously all of the data that you collected and then subsequently transmitted back to Earth. Can you maybe remind us, you know, what were some of the payloads that you were carrying? How many of those were? Who were you carrying them for? Just maybe some examples of what some of those payloads were. 

s: So, and I'll dovetail that with some of the key firsts in space, but we carried six NASA payloads to study the environment. One was for dust and how the plume would impinge on the surface and create the dust cloud. Another one was to study the radio frequency background around the Moon where we were getting noise from the Sun, from exoplanets and from Earth. Another one was a navigation instrument that used radio frequency navigation and then one that used lasers, and then a retroreflector that serves as a navigation beacon once we're on the surface. Other commercial payloads were to take a picture of the Milky Way galaxy from the south pole region of the Moon. Another one was Columbia Sportswear, great partnership, where we tested a thermal insulator, that they're using in their high performance, on the heat shield jackets. There's just a number of those kinds of things that are blending government activity with commercial success. And so I'm really proud of that. For us, there were a number of firsts. We built a Lunar Distance Communication Network around the world that used radio astronomy dishes, eight different dishes from six different countries. And we had to integrate and work together with different countries like the UK, with India, Australia, Japan, South Africa, and pull that off in order to be able to communicate and execute this mission. And then we had to take and fire the engine for the first time in space. We flew a flight control system on a new spacecraft for the first time in space, we did orbit determination and ranging and found ourselves in space from that ground network. So just a lot of things that had to go right, that everything went what we needed. We got a result, even though we learned how to operate this spacecraft, that will increase our success going forward in every subsequent mission - mission two, mission three, our commercial mission, mission four, et cetera; and really just puts us as a pioneer in this industry, creating a new lunar economy, you know, really kicking the doors down on a lunar economy, and by demonstrating, we did this at a price point that was unheard of, and did it on the first try. So it really is something to marvel at. I'm really impressed with the quality of the team for this.

a: Yeah, I think you made a lot of great points there. I think the cost and the fact that it was the first mission, again, maybe that sometimes gets missed by my investors, but it really is an indication of, I think, you and your team and how hard you've all worked to make it happen. I know you alluded to this just now briefly, but maybe if you could expand, is what sort of data have you been compiling and sharing back to Earth? And has that data been affected by the fact that the vehicle landed slightly tilted?

s: Oh, the data coming back to Earth is from the payloads, as expected. Obviously, one of the payloads was supposed to take data on the way down as we were descending, and it had an internal problem that was a NASA payload called SCALPSS and it didn't activate. But since then we've been able to activate it and get some data down and actually share with NASA the data we collected on our plume or engine plume impingement on the surface of the Moon. So they'll be able to reconstruct data from what we sent down to them, plus what we give them additionally to make that experiment a full success. So it's been what we expected. We've gotten great data for our own reconstruction, for our guidance, our navigation, control, propulsion, communications, power, all of these things that will help us analyze the mission and make sure that there's a plan for any improvements, refinements, lessons learned, and feed that back into the program, the lunar program, in a way that we're always improving. That's something I kicked off a couple of days ago was, the data repository, organize all the data we get back, study the mission and all the different features in terms of the systems and the operations, and then suggest improvements on where we can do better, where we can increase reliability. And so all of that then is going in over the next 30 day period to see how's that going to impact, if at all, our second mission and our third mission.

a: And I think maybe just to add to that, you announced earlier today that you now may have the possibility of reigniting Odie in a few weeks. So maybe if you could just talk a little bit more about that and to my understanding, and again, please correct me if I'm wrong, but if you are able to do that, then whatever data you would gather and compile, then it would be in addition [to] which you initially were targeting for this mission. Is that the correct way to think about it?

s: Yeah, we knew when we signed up for taking on this first pioneering mission for the United States, that we were going to only live on the surface of the Moon during sunlight. You know, we're not yet carrying the technologies for warming the batteries and the electronics to stay alive during the cold of night. Just think about a Tesla and how it can't charge itself in the cold winter of Chicago. Well, this is about minus 280 degrees Fahrenheit during the winter or the cold of night on the Moon. So we expected the batteries and the flight computer and electronics to kind of freeze over and not survive. And so we've only said we were going to be alive for 144 hours on the Moon, and we're going to do that. But what we've done is left the vehicle in such a way that when the sun hits the solar arrays, from the, and gets illuminated during the lunar noon in about two or three weeks, we're going to see whether or not Odysseus or Odie, we call it, the lander, springs back to life and sends some data down. And that's all gravy. And boy, NASA would be very interested in understanding how that behaves, you know, because none of the vendors in our supply chain have ever experienced anything like this. So they've never committed to selling us batteries that are good down to minus 280 degrees. That's just not what they certify those batteries for. So this is an interesting data point, not just for NASA, not just for Intuitive Machines, but for the vendors of the systems, the computers and the batteries and the electronics that we flew. They'll want to know how their system performed in this very, very extreme environment.

a: Yeah, no, that's very, very exciting. Maybe to switch gears slightly is, can you maybe at a high level just remind us what are some of your key partnerships, obviously particularly NASA and SpaceX, and how do you plan on continuing to work with them in the future after the landing?

s: Yeah, well, certainly we're going to continue to compete for and win missions within the CLPS program, the Commercial Lunar Payload Service program. What's interesting is CLPS 1 was a $2.6 billion program over 10 years. That ends in 2028. And so the new program has to start putting out, it's called CLPS 2.0, it has to, putting out proposals or requests for proposal for missions that'll fly in 2028. So that means that has to start in 2025. Already there's requirements in that new contract that they're gonna seek demonstrated relevant experience and past performance as one of the criteria is to be in that pool, and we have just done that, and I think ensured ourselves a position in the next follow-on contract for keeping these lunar missions going and feeding forward into the Artemis program. We've also worked with NASA and we put in over 3 billion dollars of contracts into supplying NASA for the Artemis Program communication services using that commercial network we put in place around the world and will include data relay satellites and things to communicate. So we'll land on the Moon via the Eclipse program and commercially do that. Also we're planning, we'll communicate around the Moon and back to Earth using this near space network contract should we win that, so we expect that here in the, I don't know, within the few coming months, I'll say. And then the other one is to build infrastructure for Artemis, and that is to build and deploy and deliver the lunar terrain vehicle, which is about the size of an F-150 pickup truck, to steward astronauts around the surface of the Moon. And so that we are expecting the award announcement at the end of March. So those are a few things of where we're going and the kind of things that are going to continue to go in terms of business with NASA. And certainly we're going to diversify and continue. We're getting calls from international governments and commercial companies, including ESA, the European union in terms of their interest in going to the Moon with us, and we'll cultivate those international relationships as well as commercial partnerships. And then finally, talking with and working with the Space Force and seeing what needs they might have that we can fulfill in transportation or transporting systems out to orbit around the Moon.

a: Yeah, thanks, Steve. I think that's very, very comprehensive and it's a great segue to my next question, which I wanna touch on your OMS contract right now, this is a 719 million dollar contract that you have with NASA. Can you maybe just remind us, you know, what, what that contract is and also more importantly, you know, is this, is the revenue opportunity from this contract, is this connected to the launches at all or is this entirely separate from from the launches?

s: Well, it's a great question. [I will] address that. OMS contract is an omnibus multi-engineering services contract with the Goddard Space Flight Center. And the primary objective is to fly a mission called the On-Orbit Satellite Servicing and Manufacturing mission to finish out that build and [to] test and to fly it and demonstrate the ability to capture a non-cooperative satellite and service it and refuel it, and it's targeting refueling the Landsat 7. And so we won that contract as a prime contractor. It's 719 million dollars over five years. It's up and in operation at a steady burn rate. At this point, it started December 1st, and we're already running on that contract for several months, and we'll continue that way. That was all intended to help us diversify revenue streams as the Artemis program may be moving to the right, as the landings on the Moon are competitive, sometimes that business can be a little bit lumpy. It's very transactional. And so getting a nice base of about $800 million contract to over five years is a good base. And it's relevant to our skills and abilities as a company to be able to do this kind of thing like orbital servicing of satellites and really kind of puts us at a next level of performance. And all of this is driving towards moving Intuitive Machines to a tier one aerospace company eventually.

a: Yeah, I think it's a great point. I think it's important to emphasize that Intuitive Machines, you know, you have essentially four different revenue streams with the lunar axes or the lunar missions really only being one of those four. I think that's something that sometimes can, I think might get missed by investors. You know, staying on the same topic, you're currently bidding on some exciting contract. There's a multi-billion dollar contract for NASA's lunar terrain vehicle. There's also the Nearspace Network Services contract. Can you maybe give us some details at a high level as to what these contracts are and what you think could potentially mean for Intuitive Machines?

s: Yeah, I touched on them just a moment ago, but let me say a little bit more, is the Nearspace Network contract is NASA figuring out how are we going to provide communication services in the future in and around the Moon as this burgeoning cislunar economy starts to take off. Using the Deep Space Network, which is the national assets of the US government, they're oversubscribed bringing down critical science data like the James Webb Space Telescope images and Hubble images and all the Mars data and all the deep space probes and interplanetary probes. There is no room left for the Moon. And so how might NASA conduct the Artemis program? And so they went out with a procurement to say, can we buy this service commercially? Well, I'll tell you something, because we're flying to the Moon, we bid on that and said, look, we're [the] ones that are actually putting the infrastructure in place to fly to the Moon ourselves. And this mission not only demonstrated we could land successfully on the Moon, but that we could operate a spacecraft all the way out to the Moon and on the surface using our own network. And we showed, which is even more important, that we could dovetail with the Deep Space Network and work seamlessly, handoff between our dishes and the Deep Space Network big dishes and have a continuity of data service that NASA would ideally like to have. So this represents a significant milestone, if, should we be awarded this, and we have the experience to do this job for them. And that's 10 years at $2.2 billion contract should we win that to provide that service. So that's what that one's about and it's very relevant and adjacent to the lunar access business line. The other one I talked about is like a space products and infrastructure business line where we build space systems. You know, we just built a world-class lunar lander. And we have other spacecraft going on mission two and three. So we have a production line of building spacecraft. Well, a spacecraft to us can be a mobility device like a lunar terrain vehicle, a big moon buggy for astronauts, or it could be a lunar lander or it could be a satellite. And so the skills and the production capability we have, we bid on this contract to supply this lunar terrain vehicle to NASA as a service. So we would deliver it to the surface of the Moon using a cargo lander that we develop and we would deliver it and operate it and commercialize it until astronauts arrive. And NASA would buy that as a service when astronauts were there. If not, astronauts are not there, we're selling mobility services and science payload and research payload and engineering payloads to move around the surface of the Moon. And so we're very excited about that one too, and we expect that award to come out here in the second quarter.

a: And those are some sizable contract opportunities, and the fact that you've landed on the Moon probably puts you in a good position to hopefully get those contracts awarded. So I guess we'll have to wait and see, but very, very exciting. Steve, I want to come back maybe to the lunar axis and to the launches. Can you remind us, you know, what's next? When and how are the next mission, what would that mission attempt to do? And then you also have a third mission that I think you've talked about in the past as well. So maybe just remind us when you're targeting these missions and how they might be different from this first mission.

s: Yeah, the first mission we did here was in the south pole region. We went further south [than] in the history of mankind. So we landed within 10 degrees of the pole. So this is like landing on Antarctica, which is just amazing in itself. On the second mission, we're going to Shackleton Ridge, which is much, much closer to the pole, and we're going to drill for water ice, and we're going to hop into a permanently shadowed crater and measure the constituents on what's on the bottom of that crater that's never seen sunlight in its history. Is there any water ice there? and then we're gonna test how does 4G LTE work on the surface of the Moon so we can get longer range cellular communication between mobility devices and our lander. So we have a rover doing that and we have this micronova or hopper [µNova Hopper] doing that. It's a drone that hops about 25 kilometers away from the lander; we're doing that in partnership with Nokia and The Drill in partnership with NASA's Space Technology Group, and so we built and designed the Hopper ourselves, and the Space Technology Group paid us for that. Very exciting mission. We expect based on the schedule of all the other competitors, Intuitive Machines is yet next again. So we will be the next first mission to the South Pole coming later this year. And that's depending on the engineering changes that might have to roll into that vehicle, you know, radios, cameras, things like that that we might want to think about. We might say, it's not important to go by the end of this year. It's important to go when it's ready, to make sure it's correct. And as you can see by the results of this mission, the most important thing is not when you go, it's that you go and you succeed. 

a: Yeah, I think that's a great, great point. And then in terms of the payloads that you'll be carrying for that second mission, where do those stand? Are you still working to secure those payloads or have those been essentially filled by now?

s: Yeah, they're all completely sold and they're all here in the factory. The Drill is integrated onto a panel. The Hopper just has a vibration test to do yet. It's fully functional and assembled. The 4G LTE hardware is in the laboratory being tested with Nokia. So that's full. We, the, pardon me, the third mission is being built also, and we have a lot of components for the lander itself being in the laboratories or the shops being handcrafted. That will go a few months after the second mission. And we don't yet have all the payloads in-house for that, but we have some of those. But NASA's trying to deliver those here in the next few months. And so that'll come together quickly. But again, that mission is sold out. And so now we're cultivating payloads for our first completely commercial mission. And we have several of those payloads that are under contract that we will fly on IMC-1, which is commercial mission one. And I haven't set a date for that, because what we're doing is we're aggregating and manifesting a set of payloads before we say, okay, IMC-1 is full enough to put and cement on the manifest on a certain calendar day.

a: I see. Well, that's great to hear that the payloads for the second and third mission have already been filled. I think, again, that's an important point to touch on and for investors to be aware of. And that's, again, very, very exciting. We touched on this and it might be obvious to yourself and to perhaps me now having covered you for a little bit, but can you maybe remind us why is the South Pole of the Moon so significant? Why is that such a differentiator than landing elsewhere on the Moon? You touched on the drilling and the potential to find some water there. I'm just wondering if maybe you can expand on that. What are some of the use cases of landing in the South Pole of the Moon specifically?

s: Well, from hyperspectral imagery data that we gather from Earth-based telescopes, we know that there is, we believe, as the global scientific community believes, there's a higher concentration of entrained water ice in the lunar surface in the soil in that region. And so, you know, the geopolitical space race on who's gonna get to the the Moon first or return to the Moon first are both China and the United States are focused on the South Pole. So as scout payloads or scout landers, we are going to the South Pole ahead of everyone to kind of scout for that water ice. And so it's great to be in a position to do that.

a: What would you use that for?

s: Well, as both China and the United States have declared, they're going to the Moon in a sustainable way, with humans you'll need habitats. And with humans and habitats and ascent and return for astronauts, you need consumables, mainly water. You need propulsion, propellants like oxygen, and in our case, methane, so oxygen and methane, and maybe hydrogen for the liquid hydrogen. So it's very useful in terms of having some of the resources that you'll need to sustain life on the Moon and to actually make propellants on the Moon out of the regolith. So that means you don't have to carry all of that with you when you go. And there becomes a business model that says if you can use the resources in situ on the Moon, and the companies that can turn that around and sell that as a service back to the people who governments who wanna be there and do research, there's a business there. And so that's kind of the way that future of the lunar economy will adapt and grow over the coming years.

a: That's super helpful. Thanks, Steve. You know, we're getting close to our time here, so maybe our last three questions here. The first one is, how would you characterize the current regulatory and political climate as it pertains to the growing space economy? You know, do you expect this bipartisan support to continue? Are there any implications in the event of a potential Republican president? Just curious as to your thoughts on how the government and the regulatory environment look like currently for space and for the space economy. 

s: Yeah, I appreciate you asking this one in particular because this has been on my mind and I've been politicking or lobbying in a certain direction for this. But we ran this mission, was really a global enterprise to conduct this mission and part of it was working closely with NASA, with the FAA, with the F for the launch license and the ability to fly and do no harm to people back on Earth, work the disposal of the spacecraft and what was going to happen there. With the FCC, for all the transmitting permissions, we worked with the ITU internationally to get the permissions to transmit and receive on certain frequencies. So we've had to work with the regulatory agencies very closely. I'll tell you it worked, but it can work better. And so I've been up to Capitol Hill, um, in the fourth quarter, I think it was last year, and I talked to the staffers and the authorizers and the appropriators about how can we, um, modify the regulatory, um, uh, approach to enable as far out as the Moon. And there's been a pretty seamless regulatory approvals for LEO-based satellites and GEO-based communications satellites, but they're not really thinking about the Moon. And so I've been advocating for somewhat of a dashboard that says these regulatory agencies must answer back within, say, 30 or 60 days and give us a status on where our applications are so that our business is not hanging in the balance while they figure out whether they're going to approve us or not. And it can't be last minute right up to launch day before you get your approval because that's not sustainable and that's not what the U.S. government wants. And it's gotten great bipartisan support. I think there's a commercial space bill that was drafted that will be on the next budget that's passed that will include some of these ideas. And so I think that's been fairly successful and we'll continue to lobby in that direction so that we can help, the government can help us establish this commercial cislunar economy. I'd say the last one is, you know, the Artemis Accords are the international treaty that's gonna govern how we live and work on the Moon. And we're carving out a space for commercial business at the Moon in the Artemis Accords. And fortunately, the framework is in place, and now it's just to build the regulatory structure underneath that to allow us to coexist, if you will. 

a: Got it. That's super helpful. Thanks for giving us your perspective there. Our last two questions is, Steve, what do you think is most important for investors to be aware of, to understand, as it pertains to Intuitive Machines? If there's one or two takeaways that you'd want to press and emphasize to investors, what would you say?

s: Well, the, you know, for institutional investors in particular, Intuitive Machines is somewhat confounding in terms of we don't fit a category perfectly and we're a category defining kind of business. But the cislunar economy is upon us. And essentially I said today to NASA that we've just kicked down the door to a robust cislunar economy to follow and knock the barriers down for this price, disruptive pricing, to get there. So we're defining a category, and I know that's sometimes frustrating if we don't fit exactly someplace. And I've been trying to talk about that, and I'd be open to ideas about how the institutional analysts might think about cislunar space as a whole nother genre of space company. That's something that's very important. And then the other thing is what we saw is, what I'm after is resilience in the investor community, and commitment and resilience. If this is gonna go forward for the United States and for the world, we have to be able to accept failure. We had our competitor fail, several of the other internationals have failed. Actually every commercial entity that's gone before us has failed. But the resilience of investors to say, no, we're going to keep at this and provide the funds to let these companies go and try and succeed eventually is really important to the future of this cislunar economy. You know, as a CEO, we stepped into the ring and took on this responsibility to land on the Moon, fixed price in four years. And we did it, but we could also not have done it and so putting that much on our shoulders and having to carry it successfully, I've just asked for some continuity and resilience should things not go quite right, even though we demonstrated that we just did it right.

a: I think that's very well said. That's all the time that we have, but Steve, let me once again congratulate you on an incredible, historic and inspirational achievements, obviously you and your team worked very hard. And to your point, right, these missions never go exactly as planned, but the fact that you were able to pivot, to land successfully, to compile and transmit that data, I think is an incredible milestone. And hopefully we'll see a lot more of these launches in the coming years. I want to give you maybe last opportunity to share any closing remarks, any last thoughts that you'd like to provide?

s: Well, I just got out of a NASA press conference before this call and I got this question as like, are you humbled or are you emboldened by this mission? And I'll tell you, I was humbled leading up to this just by the sheer weight of what we were asked to do. The team has helped me in terms of emboldening all of us to carry this load. And now I can say with confidence that we're emboldened. We stepped up, we stepped in the arena, like I like to say, and we delivered on what we said. It's a very difficult thing for companies to do. And we did that. And we said it a long time ago, here's what we're gonna do. And as a result, the United States is winning. And as a result, the Artemis program and sustained human space flight to the Moon is winning. And NASA's winning. And that means a bright future for Intuitive Machines.

a: Wonderful. Well, thanks again, Steve. Thank you so much for joining us. And thank you to everyone that dialed in as well. A replay link will be available after this call. Steve, thank you very much and keep doing the great job that you and your team are doing.

s: Thank you, Andres. I appreciate the time.

a: Thank you, everyone. Take care. Bye bye.

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