- Commercial Service Remains on Track for Q2 2023
- Enhancements to VMS Eve and VSS Unity Complete
- VMS Eve Has Returned to Spaceport America to Begin Flights with
VSS Unity
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, 2022 and provided a
business update.
Michael Colglazier, Chief Executive Officer of Virgin Galactic
said, “It is great to see our mothership back in the skies, and we
are thrilled to have VMS Eve rejoin spaceship Unity back home at
Spaceport America. With our enhancement program complete and
validation flights underway, we remain on track to launch
commercial service in the second quarter of 2023. Our near-term
objective for commercial spaceline operations is to safely deliver
recurring flights with our current ships while providing an
unrivaled experience for private astronauts and researchers.”
Fourth Quarter 2022 Financial Highlights
- Cash position remains strong, with cash and cash equivalents
and marketable securities of $980 million as of December 31,
2022.
- Net loss of $151 million, compared to a $81 million net loss in
the fourth quarter of 2021.
- GAAP selling, general and administrative expenses of $47
million, compared to $38 million in the fourth quarter of 2021.
Non‐GAAP selling, general and administrative expenses of $39
million in the fourth quarter of 2022, compared to $29 million in
the fourth quarter of 2021.
- GAAP research and development expenses of $103 million,
compared to $40 million in the fourth quarter of 2021. Non‐GAAP
research and development expenses of $99 million in the fourth
quarter of 2022, compared to $36 million in the fourth quarter of
2021.
- Adjusted EBITDA totaled $(133) million, compared to $(65)
million in the fourth quarter of 2021.
- Net cash used in operating activities totaled $131 million,
compared to $65 million in the fourth quarter of 2021.
- Cash paid for capital expenditures totaled $4 million, compared
to $2 million in the fourth quarter of 2021.
- Free cash flow totaled $(135) million, compared to $(67)
million in the fourth quarter of 2021.
- Generated $3.8 million in gross proceeds through the issuance
of 0.7 million shares of common stock as part of the Company's
at-the-market offering program announced on August 4, 2022.
Full Year 2022 Financial Highlights
- Net loss of $500 million, compared to a $353 million net loss
in 2021.
- GAAP selling, general and administrative expenses of $175
million, compared to $167 million in 2021. Non-GAAP selling,
general and administrative expenses of $143 million, compared to
$121 million in 2021.
- GAAP research and development expenses of $314 million,
compared to $144 million in 2021. Non-GAAP research and development
expenses of $300 million, compared to $129 million in 2021.
- Adjusted EBITDA totaled $(431) million, compared to $(245)
million in 2021.
- Net cash used in operating activities totaled $380 million,
compared to $231 million in 2021.
- Cash paid for capital expenditures totaled $16 million,
compared to $5 million in 2021.
- Free cash flow totaled $(397) million, compared to $(235)
million in 2021.
- Generated $103.3 million in gross proceeds through the issuance
of 16.3 million shares of common stock as part of the Company's
at-the-market offering program announced on August 4, 2022.
- Generated $425 million in gross proceeds through the issuance
of convertible senior notes on January 19, 2022.
Recent Updates and Full Year Business Highlights
- Commercial service remains on track for Q2 2023.
- On November 2, 2022, announced Bell Textron and Qarbon
Aerospace as primary suppliers to provide major subassemblies for
Delta Class spaceships.
- On August 2, 2022, announced land in New Mexico secured for a
new astronaut campus and training facility.
- On July 14, 2022, announced new final assembly manufacturing
facility in Mesa, Arizona for the Delta Class spaceships.
- On July 6, 2022, announced agreement with Aurora Flight
Sciences to build the next generation motherships.
Financial Guidance
The following forward-looking statements reflect our
expectations for the first quarter of 2023 as of February 28, 2023
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 2023 is
expected to be in the range of $(135) million to $(145)
million.
Non-GAAP Financial Measures
In addition to the Company's results prepared in accordance with
generally accepted accounting principles in the United States
(GAAP), the Company is also providing certain non-GAAP financial
measures. A discussion regarding the use of non-GAAP financial
measures and a reconciliation of such measures to the most directly
comparable GAAP information is presented later in this press
release.
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 237767. 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 forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact,
including, without limitation, statements regarding our spaceflight
systems, expected flight schedule, timing of commercial launch,
completion of our Delta class spaceship and motherships, our
objectives for future operations and the Company’s financial
forecasts, are forward-looking statements. The words “believe,”
“may,” “will,” “estimate,” “potential,” “continue,” “anticipate,”
“intend,” “expect,” “strategy,” “future,” “could,” “would,”
“project,” “plan,” “target,” and similar expressions are intended
to identify forward-looking statements, though not all
forward-looking statements use these words or expressions. These
statements are neither promises nor guarantees, but involve known
and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, 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, 2022, 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, which could cause our actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
Fourth Quarter 2022 Financial
Results
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(In thousands, except for per
share amounts)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
$
869
$
141
$
2,312
$
3,292
Operating expenses:
Customer experience
1,169
2
1,906
272
Selling, general and administrative
47,298
38,311
175,118
166,814
Research and development
102,596
40,226
314,174
144,223
Depreciation and amortization
3,117
2,883
11,098
11,518
Total operating expenses
154,180
81,422
502,296
322,827
Operating loss
(153,311
)
(81,281
)
(499,984
)
(319,535
)
Interest income
6,175
423
12,502
1,208
Interest expense
(3,206
)
(6
)
(12,130
)
(25
)
Change in fair value of warrants
—
—
—
(34,650
)
Other income, net
51
72
58
182
Loss before income taxes
(150,291
)
(80,792
)
(499,554
)
(352,820
)
Income tax expense
529
5
598
79
Net loss
(150,820
)
(80,797
)
(500,152
)
(352,899
)
Other comprehensive income (loss):
Foreign currency translation
adjustment
167
118
(146
)
129
Unrealized gain (loss) on marketable
securities
2,916
(1,566
)
(5,311
)
(2,003
)
Total comprehensive loss
$
(147,737
)
$
(82,245
)
$
(505,609
)
$
(354,773
)
Net loss per share:
Basic and diluted
$
(0.55
)
$
(0.31
)
$
(1.89
)
$
(1.43
)
Weighted-average shares outstanding:
Basic and diluted
274,902
257,888
263,947
247,619
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated Balance
Sheets
(In thousands)
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
302,291
$
524,481
Restricted cash
40,336
25,549
Marketable securities, short-term
606,716
79,418
Inventories
24,043
29,668
Prepaid expenses and other current
assets
28,228
19,476
Total current assets
1,001,614
678,592
Marketable securities, long-term
30,392
301,463
Property, plant and equipment, net
53,658
47,498
Other non-current assets
54,274
41,281
Total assets
$
1,139,938
$
1,068,834
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
16,326
9,237
Accrued liabilities
61,848
28,787
Customer deposits
102,647
90,863
Other current liabilities
3,232
2,636
Total current liabilities
184,053
131,523
Non-current liabilities:
Convertible senior notes, net
415,720
—
Other long-term liabilities
59,942
43,047
Total liabilities
659,715
174,570
Stockholders' Equity
Preferred stock
—
—
Common stock
28
26
Additional paid-in capital
2,111,316
2,019,750
Accumulated deficit
(1,623,795
)
(1,123,643
)
Accumulated other comprehensive loss
(7,326
)
(1,869
)
Total stockholders' equity
480,223
894,264
Total liabilities and stockholders'
equity
$
1,139,938
$
1,068,834
VIRGIN GALACTIC HOLDINGS,
INC.
Condensed Consolidated
Statements of Cash Flows
(In thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Cash flows from operating activities:
Net loss
$
(150,820
)
$
(80,797
)
$
(500,152
)
$
(352,899
)
Stock-based compensation
11,221
13,101
45,709
61,805
Depreciation and amortization
3,123
2,883
11,098
11,518
Amortization of debt issuance costs
532
—
1,998
—
Change in fair value of warrant
liability
—
—
—
34,650
Other non-cash items
538
53
10,800
11
Change in operating assets and
liabilities:
Inventories
(1,192
)
(363
)
5,625
815
Other current and non-current assets
(5,063
)
(9,807
)
(2,810
)
(3,465
)
Accounts payable and accrued
liabilities
11,323
6,111
35,151
7,935
Customer deposits
(1,324
)
5,504
11,784
7,652
Other current and long-term
liabilities
420
(1,811
)
556
1,215
Net cash used in operating activities
(131,242
)
(65,126
)
(380,241
)
(230,763
)
Cash flows from investing activities:
Capital expenditures
(4,183
)
(2,183
)
(16,489
)
(4,635
)
Purchases of marketable securities
(99,620
)
(96,752
)
(704,565
)
(382,884
)
Proceeds from maturities and calls of
marketable securities
140,277
—
434,889
—
Net cash provided by (used in) investing
activities
36,474
(98,935
)
(286,165
)
(387,519
)
Cash flows from financing activities:
Payments of finance lease obligations
(102
)
(35
)
(234
)
(140
)
Proceeds from convertible senior notes
—
—
425,000
—
Debt issuance costs
—
—
(11,278
)
—
Purchase of capped call
—
—
(52,318
)
—
Repayment of commercial loan
—
—
(310
)
(310
)
Proceeds from issuance of common stock
3,753
—
103,326
500,000
Proceeds from issuance of common stock
pursuant to stock options exercised
—
1,124
49
19,980
Withholding taxes paid on behalf of
employees on net settled stock-based awards
(505
)
(7,622
)
(3,984
)
(23,401
)
Transaction costs related to issuance of
common stock
(111
)
(19
)
(1,248
)
(6,772
)
Net cash provided by (used in) financing
activities
3,035
(6,552
)
459,003
489,357
Net decrease in cash, cash equivalents and
restricted cash
(91,733
)
(170,613
)
(207,403
)
(128,925
)
Cash, cash equivalents and restricted cash
at beginning of period
434,360
720,643
550,030
678,955
Cash, cash equivalents and restricted cash
at end of period
$
342,627
$
550,030
$
342,627
$
550,030
Cash and cash equivalents
$
302,291
$
524,481
$
302,291
$
524,481
Restricted cash
40,336
25,549
40,336
25,549
Cash, cash equivalents and restricted
cash
$
342,627
$
550,030
$
342,627
$
550,030
USE OF NON-GAAP FINANCIAL MEASURES
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 expenses, non-GAAP
research and development expenses and free cash flow. The Company
defines Adjusted EBITDA as earnings before interest expense, income
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 provided 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.
A reconciliation of net loss to Adjusted EBITDA for the three
months ended December 31, 2022 and 2021 and years ended December
31, 2022 and 2021, respectively, is set forth below (in
thousands):
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net loss
$
(150,820
)
$
(80,797
)
$
(500,152
)
$
(352,899
)
Income tax expense
529
5
598
79
Interest expense
3,206
6
12,130
25
Depreciation and amortization
3,117
2,883
11,098
11,518
EBITDA
(143,968
)
(77,903
)
(476,326
)
(341,277
)
Stock-based compensation
11,221
13,101
45,709
61,805
Change in fair value of warrants
—
—
—
34,650
Adjusted EBITDA
$
(132,747
)
$
(64,802
)
$
(430,617
)
$
(244,822
)
A reconciliation of selling, general and administrative expenses
to non-GAAP selling, general and administrative expenses for the
three months ended December 31, 2022 and 2021 and years ended
December 31, 2022 and 2021, respectively, is set forth below (in
thousands):
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Selling, general and administrative
expenses
$
47,298
$
38,311
$
175,118
$
166,814
Stock-based compensation
7,887
9,177
31,955
46,181
Non-GAAP selling, general
and administrative expenses
$
39,411
$
29,134
$
143,163
$
120,633
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three months
ended December 31, 2022 and 2021 and years ended December 31, 2022
and 2021, respectively, are set forth below (in thousands):
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Research and development expenses
$
102,596
$
40,226
$
314,174
$
144,223
Stock-based compensation
3,334
3,924
13,754
15,624
Non-GAAP research and
development expenses
$
99,262
$
36,302
$
300,420
$
128,599
The following table reconciles forecasted net cash used in
operating activities to forecasted free cash flow for the three
months ending March 31, 2023 (in thousands):
Forecasted Range
Net cash used in operating activities
$(127,000)-$(133,000)
Capital expenditures
$(8,000)-$(12,000)
Free cash flow
$(135,000)-$(145,000)
_______________
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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 949.774.7637
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