- Commercial Service Remains on Track for Q4 2022
- Current Fleet Enhancement Program On Schedule to be Completed
in Q3 2022
- Opened Ticket Sales to the General Public
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”
or the "Company”) today announced its financial results for the
fourth quarter and full year ended December 31, 2021 and provided a
business update.
“We remain on track and on schedule to complete our enhancement
program and launch commercial service later this year,” said
Michael Colglazier, Chief Executive Officer of Virgin Galactic. “We
achieved many important milestones in 2021 that laid an essential
foundation towards becoming a scaled, commercial operation. In
recent weeks, we opened sales to the general public and launched
our new global consumer brand. Demand for our one-of-a-kind
experience remains strong, and we are currently building our
operations to accommodate our growing customer base.”
Fourth Quarter and Full Year 2021 Business
Highlights:
- Opened sales at new price point of USD $450,000 for private
astronauts in Q3 2022.
- Opened a new Engineering, Design and Corporate headquarters,
which will serve as the primary hub for R&D and the development
of both the Delta class spaceship and the next generation
motherships.
- In July 2021, successfully completed first fully crewed
spaceflight, Unity 22, which fulfilled test objectives including
evaluating the cabin and customer experience.
- In June 2021, received approval from the Federal Aviation
Administration for full commercial launch license, marking the
first time that the agency licensed a company to fly customers to
space.
- In May 2021, successfully completed first spaceflight from
Spaceport America, New Mexico, Unity 21, which fulfilled various
test objectives and carried revenue-generating scientific research
experiments.
- Rolled out Spaceship III, VSS Imagine, the second spaceship in
the current fleet.
Fourth Quarter 2021 Financial Highlights:
- Cash position remains strong, with cash, cash equivalents, and
marketable securities of approximately $931 million as of December
31, 2021. This does not reflect our recent fundraise.
- GAAP selling, general, and administrative expenses of $40
million, compared to $33 million in the fourth quarter of 2020.
Non‐GAAP selling, general and administrative expenses of $29
million in the fourth quarter of 2021, compared to $21 million in
the fourth quarter of 2020.
- GAAP research and development expenses of $42 million, compared
to $41 million in the fourth quarter of 2020. Non‐GAAP research and
development expenses of $36 million in the fourth quarter of 2021,
compared to $38 million in the fourth quarter of 2020.
- Adjusted EBITDA totaled $(65) million, compared to $(60)
million in the fourth quarter of 2020.
- Net loss of $81 million, compared to a $104 million net loss in
the fourth quarter of 2020.
Recent Updates:
- Expected launch of private astronaut commercial service remains
on track for Q4 2022.
- Fleet enhancement program for mothership Eve and spaceship
Unity remains on track to be completed in Q3 2022. This enhancement
program is designed to improve the vehicles’ durability,
reliability, and flight rate frequency leading into commercial
service.
- On February 15, 2022, announced the opening of tickets sales to
the general public and launched new consumer brand.
- On February 8, 2022, announced the appointment of Blair Rich as
President and Chief Business Officer, Commercial and Consumer
Operations.
- Progressed plans for the design and location of new final
assembly manufacturing facility for the Delta class
spaceships.
- In final stages of negotiations with preferred suppliers to
manufacture the next generation of our motherships.
- In January 2022, we consummated a convertible debt offering
that resulted in $425 million in gross proceeds to us. The proceeds
of the offering are expected to be used to fund working capital,
general and administrative matters and capital expenditures to
accelerate the development of the Delta class spaceship fleet and
next generation motherships.
Financial Guidance:
The following forward-looking statements reflect our
expectations for the first quarter of 2022 as of February 22, 2022,
and are subject to substantial uncertainty. Our results are based
on assumptions that we believe to be reasonable as of this date,
but may be materially affected by many factors, as discussed below
in “Forward-Looking Statements.”
- Forecasted free cash flow for the first quarter of 2022 is
expected to be in the range of $(75) to $(85) million.
Conference Call Information
Virgin Galactic will host a conference call to discuss the
results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today.
To access the conference call, parties should dial +1 844 200 6205
or +1 646 904 5544 and enter the conference ID number 022958. The
live audio webcast along with supplemental information will be
accessible on the Company’s Investor Relations website at
https://investors.virgingalactic.com/events-and-presentations/. A
recording of the webcast will also be available following the
conference call.
About Virgin Galactic Holdings
Virgin Galactic is an aerospace and space travel company,
pioneering human spaceflight for private individuals and
researchers with its advanced air and space vehicles. It is
developing a spaceflight system designed to connect the world to
the love, wonder and awe created by space travel and to offer
customers a transformative experience. You can find more
information at https://www.virgingalactic.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of federal securities laws with respect to
Virgin Galactic Holdings, Inc. (the "Company"), including
statements regarding the Company’s spaceflight systems, markets and
expected flight schedule. These forward-looking statements
generally are identified by words such as “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” and
similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to the
factors, risks and uncertainties included in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2021, as such
factors may be updated from time to time in our other filings with
the Securities and Exchange Commission (the "SEC"), accessible on
the SEC’s website at www.sec.gov and the Investor Relations section
of our website at www.virgingalactic.com. These filings identify
and address other important risks and uncertainties that could
cause the Company’s actual events and results to differ materially
from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, the Company assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
USE OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
This presentation references certain financial measures that are
not prepared in accordance with generally accepted accounting
principles in the United States (GAAP), including Adjusted EBITDA,
non-GAAP selling, general, and administrative expense, non-GAAP
research and development expense and free cash flow. The Company
defines Adjusted EBITDA as earnings before interest expense, taxes,
depreciation and amortization, stock-based compensation, and
certain other items the Company believes are not indicative of its
core operating performance. It defines non-GAAP selling, general,
and administrative expenses as selling, general, and administrative
expenses other than stock-based compensation and non-capitalized
transaction costs, and non-GAAP research and development expenses
as research and development expenses other than stock-based
compensation. It defines free cash flow as net cash used by
operating activities less capital expenditures. None of these
non-GAAP financial measures is a substitute for or superior to
measures prepared in accordance with GAAP and should not be
considered as an alternative to any other measures derived in
accordance with GAAP.
The Company believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about the Company in understanding and evaluating its operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. However,
there are a number of limitations related to the use of non-GAAP
measures and their nearest GAAP equivalents. For example, other
companies may calculate non-GAAP measures differently, or may use
other measures to calculate their financial performance, and
therefore any non-GAAP measures the Company uses may not be
directly comparable to similarly titled measures of other
companies.
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In thousands except for per
share data)
Three Months Ended
Years Ended
(Unaudited)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Revenue
$
141
$
—
$
3,292
$
238
Cost of revenue
2
—
272
173
Gross profit
139
—
3,020
65
Selling, general, and administrative
expenses
39,902
32,854
173,178
116,592
Research and development expenses
41,518
41,481
149,377
158,757
Operating loss
(81,281
)
(74,335
)
(319,535
)
(275,284
)
Change in fair value of warrants
—
(30,080
)
(34,650
)
(371,852
)
Interest income, net
417
262
1,183
2,241
Other income (expense)
72
9
182
14
Loss before income taxes
(80,792
)
(104,144
)
(352,820
)
(644,881
)
Income tax (benefit) expense
5
(28
)
79
6
Net loss
(80,797
)
(104,116
)
(352,899
)
(644,887
)
Other comprehensive loss:
Foreign currency translation
adjustment
118
(48
)
129
(54
)
Unrealized loss on marketable
securities
(1,566
)
—
(2,003
)
—
Total comprehensive loss
$
(82,245
)
$
(104,164
)
$
(354,773
)
$
(644,941
)
Net loss per share:
Basic and diluted
$
(0.31
)
$
(0.44
)
$
(1.43
)
$
(2.94
)
Weighted-average shares outstanding:
Basic and diluted
257,887,722
236,722,884
247,618,557
219,107,905
VIRGIN GALACTIC HOLDINGS,
INC.
Consolidated Balance
Sheets
(In thousands, except share
data)
December 31, 2021
December 31, 2020
Assets
Current assets
Cash and cash equivalents
$
524,481
$
665,924
Restricted cash
25,549
13,031
Marketable securities, short-term
79,418
—
Inventories
29,668
30,483
Prepaid expenses and other current
assets
19,476
18,489
Total current assets
678,592
727,927
Marketable securities, long-term
301,463
—
Property, plant, and equipment, net
47,498
53,148
Other non-current assets
41,281
22,915
Total assets
$
1,068,834
$
803,990
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
9,237
5,998
Accrued liabilities
28,787
22,982
Customer deposits
90,863
83,211
Other current liabilities
2,636
2,830
Total current liabilities
131,523
115,021
Non-current liabilities
Warrant liability
—
135,440
Other long-term liabilities
43,047
26,451
Total liabilities
$
174,570
$
276,912
Stockholders' Equity
Preferred stock, $0.0001 par value;
10,000,000 authorized; none issued and outstanding
—
—
Common stock, $0.0001 par value;
700,000,000 shares authorized; 258,166,417 and 236,123,659 shares
issued and outstanding as of December 31, 2021 and 2020,
respectively
26
23
Additional paid-in capital
2,019,750
1,297,794
Accumulated deficit
(1,123,643
)
(770,744
)
Accumulated other comprehensive income
(1,869
)
5
Total stockholders' equity
894,264
527,078
Total liabilities and stockholders'
equity
$
1,068,834
$
803,990
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
Three Months Ended
Years Ended
(Unaudited)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Cash flows from operating activities
Net loss
$
(80,797
)
$
(104,116
)
$
(352,899
)
$
(644,887
)
Stock-based compensation
13,101
11,749
61,805
30,324
Depreciation and amortization
2,883
2,783
11,518
9,781
Change in fair value of warrant
liability
—
30,080
34,650
371,852
Other operating activities, net
53
21
11
96
Change in assets and liabilities
Inventories
(363
)
176
815
1,371
Other current and non-current assets
(9,807
)
(8,569
)
(3,465
)
(2,417
)
Accounts payable and accrued
liabilities
6,111
(1,729
)
7,935
(1,010
)
Customer deposits
5,504
21
7,652
(151
)
Other current and non-current
liabilities
(1,811
)
(512
)
1,215
1,882
Net cash used in operating activities
(65,126
)
(70,096
)
(230,763
)
(233,159
)
Cash flows from investing activities
Capital expenditures
(2,183
)
(3,540
)
(4,635
)
(17,201
)
Purchases of marketable securities
(96,752
)
—
(382,884
)
—
Net cash used in investing activities
(98,935
)
(3,540
)
(387,519
)
(17,201
)
Cash flows from financing activities
Payments of finance lease obligations
(35
)
(34
)
(140
)
(123
)
Repayment of notes payable
—
(310
)
(310
)
(310
)
Proceeds from issuance of common stock
pursuant to stock options exercised
1,124
2,582
19,980
2,582
Withholding taxes paid on behalf of
employee on net settled stock-based awards
(7,622
)
(4,368
)
(23,401
)
(4,767
)
Proceeds from issuance of common
stocks
—
—
500,000
460,200
Transaction costs
(19
)
(122
)
(6,772
)
(20,988
)
Net cash provided by (used in) by
financing activities
(6,552
)
(2,252
)
489,357
436,594
Net increase (decrease) in cash and cash
equivalents
(170,613
)
(75,888
)
(128,925
)
186,234
Cash, cash equivalents and restricted cash
at beginning of period
720,643
754,843
678,955
492,721
Cash, cash equivalents and restricted cash
at end of period
$
550,030
$
678,955
$
550,030
$
678,955
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
Three Months Ended
Years Ended
(Unaudited)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Cash and cash equivalents
$
524,481
$
665,924
$
524,481
$
665,924
Restricted cash
25,549
13,031
25,549
13,031
Cash, cash equivalents and restricted
cash
$
550,030
$
678,955
$
550,030
$
678,955
Use of Non-GAAP Financial Measures (Unaudited)
This press release references certain financial measures that
are not prepared in accordance with generally accepted accounting
principles in the United States (GAAP), including Adjusted EBITDA,
non-GAAP selling, general, and administrative expense and non-GAAP
research and development expense. The Company defines Adjusted
EBITDA as earnings before interest expense, taxes, depreciation and
amortization, stock-based compensation, and certain other items the
Company believes are not indicative of its core operating
performance. It defines non-GAAP selling, general, and
administrative expenses as selling, general, and administrative
expenses other than stock-based compensation and non-capitalized
transaction costs, and non-GAAP research and development expenses
as research and development expenses other than stock-based
compensation. None of these non-GAAP financial measures is a
substitute for or superior to measures of financial performance
prepared in accordance with GAAP and should not be considered as an
alternative to any other performance measures derived in accordance
with GAAP.
The Company believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about the Company in understanding and evaluating its operating
results, enhancing the overall understanding of its past
performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. However,
there are a number of limitations related to the use of non-GAAP
measures and their nearest GAAP equivalents. For example, other
companies may calculate non-GAAP measures differently, or may use
other measures to calculate their financial performance, and
therefore any non-GAAP measures the Company uses may not be
directly comparable to similarly titled measures of other
companies.
A reconciliation of Adjusted EBITDA to net loss for the three
months ended December 31, 2021 and 2020 and years ended December
31, 2021 and 2020, respectively, are set forth below (in
thousands):
Three Months Ended
Years Ended
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Net Loss
$
(80,797
)
$
(104,116
)
$
(352,899
)
$
(644,887
)
Income tax (benefit) expense
5
(28
)
79
6
Interest expense
6
10
25
36
Depreciation & amortization
2,883
2,783
11,518
9,781
EBITDA
(77,903
)
(101,351
)
(341,277
)
(635,064
)
Non-capitalized transaction costs*
—
—
—
697
Stock-based compensation
13,101
11,749
61,805
30,324
Change in fair value of warrants
—
30,080
34,650
371,852
Adjusted EBITDA
$
(64,802
)
$
(59,522
)
$
(244,822
)
$
(232,191
)
A reconciliation of selling, general, and administrative
expenses to non-GAAP selling, general, and administrative expenses
for the three months ended December 31, 2021 and 2020 and years
ended December 31, 2021 and 2020, respectively, are set forth below
(in thousands):
Three Months Ended
Years Ended
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Selling, general, and administrative
expenses
$
39,902
$
32,854
$
173,178
$
116,592
Stock-based compensation
9,177
9,800
46,181
21,272
Depreciation and amortization
1,590
1,579
6,364
5,388
Non-capitalized transaction costs*
—
—
—
697
Non-GAAP selling, general, administration
expenses
$
29,135
$
21,475
$
120,633
$
89,235
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three months
ended December 31, 2021 and 2020 and years ended December 31, 2021
and 2020, respectively, are set forth below (in thousands):
Three Months Ended
Years Ended
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Research and development expenses
$
41,518
$
41,481
$
149,377
$
158,757
Stock-based compensation
3,924
1,949
15,624
9,052
Depreciation and amortization
1,293
1,204
5,155
4,393
Non-GAAP Research and development
expenses
$
36,301
$
38,328
$
128,598
$
145,312
_______________
*
Non-capitalized transaction costs include
non-recurring expenses related to preparation and filing of an S-1
registration statement in the first quarter of 2020.
The following table reconciles forecasted net cash used in
operating activities to forecasted free cash flow for the three
months ended March 31, 2022 (in thousands):
Forecasted Range
Net cash used in operating activities
($ 74,000) - ($ 82,000)
Capital expenditures
($ 1,000) - ($ 3,000)
Free cash flow
($ 75,000) - ($ 85,000)
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version on businesswire.com: https://www.businesswire.com/news/home/20220222006075/en/
For media inquiries:
Aleanna Crane - Vice President Communications
Virgingalacticpress@virgingalactic.com 575.800.4422
For investor inquiries:
vg-ir@virgingalactic.com
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