Virgin Galactic Holdings, Inc. (NYSE:SPCE) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET

Company Participants

Eric Cerny - Vice President-Investor Relations

Michael Colglazier - Chief Executive Officer

Doug Ahrens - Chief Financial Officer

Conference Call Participants

Eric Yan - Wells Fargo

Greg Konrad - Jefferies

Myles Walton - Wolfe Research

Michael Leshock - KeyBanc Capital Markets

Oliver Chen - TD Cowen

Operator

Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to Virgin Galactic’s Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now turn the call over to Eric Cerny, Vice President of Investor Relations.

Eric Cerny

Thank you. Good afternoon, everyone. Welcome to Virgin Galactic’s third quarter 2023 earnings conference call. On the call with me today are Michael Colglazier, Chief Executive Officer; and Doug Ahrens, Chief Financial Officer.

Following prepared remarks from Michael and Doug, we will open the call for questions. Our press release and slide presentation that will accompany today’s remarks are available on our Investor Relations website.

Please see slide two of the presentation for our Safe Harbor disclaimer. During today’s call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result are subject to risks and uncertainties. Many factors could cause actual events to differ materially from the forward-looking statements made on this call. For more information about these risks and uncertainties, please refer to the Risk Factors in the Company’s filings with the SEC filed by Virgin Galactic from time to time.

You are cautioned not to put undue reliance on forward-looking statements and the Company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call, whether as a result of new information, future events or otherwise. Please also note that we will refer to certain non-GAAP financial information on today’s call. Please refer to our earnings release for a reconciliation of these non-GAAP financial metrics.

With that, I would like to now turn the call over to Michael. Go ahead.

Michael Colglazier

Good afternoon, everyone. Virgin Galactic successfully achieved several important milestones in the third quarter, which, in combination with some important adjustments we are making in our near-term operating model has set the company on course to define and lead the suborbital space travel industry. We're going to cover a lot of ground today, so I'll open the call with four key headlines.