Advancement of Strategic Initiatives
Positions the Company for Scaled Growth
- Selected Aurora Flight Sciences, a Boeing Subsidiary, to Build
Two New Motherships; First Next-Generation Mothership Planned to
Enter Service in 2025
- Delta Class Spaceship Manufacturing Facility in Phoenix Area,
Expected to be Fully Operational in Late 2023
- Commercial Launch Anticipated for Q2 2023
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”
or the "Company”) today announced its financial results for the
second quarter ended June 30, 2022 and provided a business
update.
Michael Colglazier, Chief Executive Officer of Virgin Galactic
said “As we prepare to return to the skies, we have put in place
many powerful initiatives to drive our long-term success. Our
agreement with Aurora to develop new motherships, selection of
Phoenix as the location for our new Spaceship factory in Phoenix,
and acquisition of an incredible land parcel in New Mexico for our
Future Astronaut Campus are cornerstone elements of how we will
build and operate our global Spaceline. While our short-term plans
now call for commercial service to launch in the second quarter of
2023, progress on our future fleet continues and many of the key
elements of our roadmap are now in place to scale the business in a
meaningful way."
Second Quarter 2022 Financial Highlights:
- Cash position remains strong, with cash and cash equivalents
and marketable securities of $1.1 billion as of June 30, 2022.
- Net loss of $111 million compared to a $94 million net loss in
the second quarter of 2021.
- GAAP selling, general, and administrative expenses of $45
million, compared to $37 million in the second quarter of 2021.
Non-GAAP selling, general and administrative expenses of $36
million in the second quarter of 2022, compared to $26 million in
the second quarter of 2021.
- GAAP research and development expenses of $62 million, compared
to $35 million in the second quarter of 2021. Non-GAAP research and
development expenses of $59 million in the second quarter of 2022,
compared to $31 million in the second quarter of 2021.
- Adjusted EBITDA totaled $(93) million, compared to $(56)
million in the second quarter of 2021.
- Net cash used in operating activities totaled $(87) million,
compared to $(65) million in the second quarter of 2021.
- Free cash flow totaled $(91) million, compared to $(66) million
in the second quarter of 2021.
- Cash paid for capital expenditures totaled $5 million, compared
to $1 million in the second quarter of 2021.
Business Highlights and Recent Updates:
- On July 6, 2022, announced selection of Boeing subsidiary,
Aurora Flight Sciences, to build two new motherships, each designed
to fly up to 200 launches per year. The first new mothership is
planned to enter service in 2025.
- On July 14, 2022, announced new Delta class manufacturing
facility in Mesa, Arizona. This site is expected to have the
capacity to produce up to six spaceships per year and is expected
to be fully operational in late 2023, bringing hundreds of new
highly skilled jobs to the Greater Phoenix area.
- On July 21, 2022, announced partnership with Virtuoso to make a
limited number of reservations within Virgin Galactic's first 1,000
seats available to their exclusive global portfolio offering.
- On August 2, 2022, announced expanded presence in New Mexico to
support scaled operations.
- Commercial service expected to launch in Q2 2023 due to
extended completion dates within the mothership enhancement
program.
Financial Guidance:
The following forward-looking statements reflect our
expectations for the third quarter of 2022 as of August 04, 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 third quarter of 2022 is
expected to be in the range of $(110) million to $(120)
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 643846. 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,
expected flight schedule, timing of commercial launch, completion
of new motherships and launch capacity, expected timing of
completion and benefits from the Mesa manufacturing facility and
the Company’s financial forecast. 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,” “can,”
“continue,” 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 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, 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-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.
Second Quarter 2022 Financial Results
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(Unaudited and in thousands
except for per share data)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Revenue
$
357
$
571
$
676
$
571
Operating expenses:
Customer experience
122
63
147
63
Selling, general, and administrative
44,700
36,916
81,707
80,235
Research and development
62,340
34,619
114,167
69,708
Depreciation and amortization
2,915
2,871
5,767
5,740
Total operating expenses
110,077
74,469
201,788
155,746
Operating loss
(109,720
)
(73,898
)
(201,112
)
(155,175
)
Interest income
1,985
220
2,803
545
Interest expense
(3,157
)
(6
)
(5,631
)
(13
)
Change in fair value of warrants
—
(20,363
)
—
(69,082
)
Other income, net
194
13
210
40
Loss before income taxes
(110,698
)
(94,034
)
(203,730
)
(223,685
)
Income tax expense
(23
)
(6
)
(48
)
(49
)
Net loss
(110,721
)
(94,040
)
(203,778
)
(223,734
)
Other comprehensive income (loss):
Foreign currency translation
adjustment
(108
)
(19
)
(133
)
8
Unrealized loss on marketable
securities
(1,862
)
—
(7,642
)
—
Total comprehensive loss
$
(112,691
)
$
(94,059
)
$
(211,553
)
$
(223,726
)
Net loss per share:
Basic and diluted
$
(0.43
)
$
(0.39
)
$
(0.79
)
$
(0.94
)
Weighted-average shares outstanding:
Basic and diluted
258,589,270
240,733,497
258,439,051
238,774,515
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated Balance
Sheets
(In thousands, except share
data)
June 30, 2022
December 31, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
329,857
$
524,481
Restricted cash
40,207
25,549
Marketable securities, short-term
587,716
79,418
Inventories
33,804
29,668
Prepaid expenses and other current
assets
18,576
19,476
Total current assets
1,010,160
678,592
Marketable securities, long-term
164,777
301,463
Property, plant, and equipment, net
49,183
47,498
Other non-current assets
44,356
41,281
Total assets
$
1,268,476
$
1,068,834
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
12,768
$
9,237
Accrued liabilities
36,707
28,787
Customer deposits
104,596
90,863
Other current liabilities
2,803
2,636
Total current liabilities
156,874
131,523
Non-current liabilities
Convertible senior notes, net
414,563
—
Other long-term liabilities
46,464
43,047
Total liabilities
617,901
174,570
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; 258,690,646 and 258,166,417 shares
issued and outstanding as of June 30, 2022 and December 31, 2021,
respectively
26
26
Additional paid-in capital
1,987,614
2,019,750
Accumulated deficit
(1,327,421
)
(1,123,643
)
Accumulated other comprehensive income
(9,644
)
(1,869
)
Total stockholders' equity
650,575
894,264
Total liabilities and stockholders'
equity
$
1,268,476
$
1,068,834
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(Unaudited and in thousands)
Six Months Ended June
30,
2022
2021
Cash flows from operating activities
Net loss
$
(203,778
)
$
(223,734
)
Stock-based compensation
22,978
36,535
Depreciation and amortization
5,767
5,740
Amortization of debt issuance costs
841
—
Change in fair value of warrants
—
69,082
Other operating activities, net
241
(17
)
Change in assets and liabilities
Inventories
(4,136
)
518
Other current and non-current assets
1,410
319
Accounts payable and accrued
liabilities
10,109
(751
)
Customer deposits
13,733
(1,252
)
Other current and non-current
liabilities
(125
)
88
Net cash used in operating activities
(152,960
)
(113,472
)
Cash flows from investing activity
Capital expenditures
(6,293
)
(1,647
)
Purchases of marketable securities
(379,254
)
—
Cash used in investing activity
(385,547
)
(1,647
)
Cash flows from financing activities
Payments of lease obligations
(66
)
(69
)
Proceeds from convertible senior notes
425,000
—
Debt issuance costs
(11,278
)
—
Capped call premium
(52,318
)
—
Proceeds from issuance of common stock
pursuant to stock options exercised
49
12,965
Transaction costs
—
(274
)
Withholding taxes paid on behalf of
employees on net settled stock-based awards
(2,846
)
(11,803
)
Net cash provided by financing
activities
358,541
819
Net decrease in cash and cash
equivalents
(179,966
)
(114,300
)
Cash, cash equivalents and restricted cash
at beginning of year
550,030
678,955
Cash, cash equivalents and restricted cash
ending balances
$
370,064
$
564,655
Cash and cash equivalents
$
329,857
$
551,624
Restricted cash
40,207
13,031
Cash, cash equivalents and restricted
cash
$
370,064
$
564,655
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-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
and six months ended June 30, 2022 and June 30, 2021 ,
respectively, are set forth below:
Amounts in thousands ($)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Net Loss
$
(110,721
)
$
(94,040
)
$
(203,778
)
$
(223,734
)
Income tax expense
23
6
48
49
Interest expense
3,157
6
5,631
13
Depreciation & amortization
2,915
2,871
5,767
5,740
Stock-based compensation
12,083
14,423
22,978
36,535
Change in fair value of warrants
—
20,363
—
69,082
Adjusted EBITDA
$
(92,543
)
$
(56,371
)
$
(169,354
)
$
(112,315
)
A reconciliation of selling, general, and administrative
expenses to non-GAAP selling, general, and administrative expenses
for the three and six months ended June 30, 2022 and June 30, 2021,
respectively, are set forth below:
Amounts in thousands ($)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Selling, general, and administrative
$
44,700
$
36,916
$
81,707
$
80,235
Stock-based compensation
8,650
10,426
15,942
28,465
Non-GAAP selling, general, and
administration expenses
$
36,050
$
26,490
$
65,765
$
51,770
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three and six
months ended June 30, 2022 and June 30, 2021, respectively, are set
forth below:
Amounts in thousands ($)
Three Months Ended
Six Months Ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Research and development
$
62,340
$
34,619
$
114,167
$
69,708
Stock-based compensation
3,433
3,997
7,037
8,070
Non-GAAP Research and development
expenses
$
58,907
$
30,622
$
107,130
$
61,638
The following table reconciles forecasted net cash used in
operating activities to forecasted free cash flow for the third
quarter of 2022 (in thousands):
Forecasted Range
Net cash used in operating activities
($ 107,000) - ($ 115,000)
Capital expenditures
($ 3,000) - ($ 5,000)
Free cash flow
($ 110,000) - ($ 120,000)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220804005994/en/
For media inquiries: Aleanna Crane - Vice President
Communications Virgingalacticpress@virgingalactic.com
575.800.4422
For investor inquiries: Eric Cerny - Vice President
Investor Relations vg-ir@virgingalactic.com
Virgin Galactic (NYSE:SPCE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Virgin Galactic (NYSE:SPCE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024