Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q1 2023 Earnings Presentation
14 slides from Virgin Galactic's earnings presentation, May 9, 2023
Slide 1: First Quarter 2023 Earnings Update
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Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation 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 o
Slide 3: Agenda
AGENDA * Commercial Spaceline Operations * Future Fleet Development * Financial Overview YGALACTIC First Quarter 2023 Earnings Update
Slide 4: Completed final validation tests
Completed final validation tests Cleared the path to return to space Scheduled for late May Two pilots and four Virgin Galactic mission specialists Final assessment of ground-based training, spaceflight and overall customer experience First Commercial Flight Planned for late June Civilian Astronauts
Slide 5: Commercial Spaceline Operations
COMMERCIAL SPACELINE OPERATIONS Recurring flights of VMS Eve and VSS Unity a aN VSS Unity Begins Journey To Space Delta Spaceship Development Phoenix, Arizona Facility Operational in 2024 Delta Class Fleet Development First Quarter 2023 Earnings Update 5 ALAC!
Slide 6: First Quarter 2023 Results
FIRST QUARTER 2023 RESULTS FIRST QUARTER Ended March 31, 2023 + Revenue of $392,000, compared to $319,000 in the prior year period. + Operating expenses were $164 million, compared to $92 million in the prior year period, primarily driven by higher R&D expenses related to the development of the futu
Slide 7: Free cash flow and cash position
1. Virgin Galactic uses Free Cash Flow as a key measure of its performance. Free Cash Flow is defined as cash flows provided by operating activities less capital expenditures. Refer to the appendix of this presentation for a reconciliation to GAAP. 2. Amount includes $40M of restricted cash. 3. Amou
Slide 8: Delta Class = The Economic Engine
DELTA CLASS = THE ECONOMIC ENGINE $2.7M+ $50M - $60M - Cost to build each REVENUE PER FLIGHT incremental Delta Class ship * 6 seats @ $450K+ per seat + 500 - Approximate flights for useful life of each Delta Class ship Approximately $400K - * $100K - $120K - Approximate Variable operating costs amor
Slide 9: Appendix
APPENDIX
Slide 10: Adjusted EBITDA reconciliation
THREE MONTHS ENDED (In thousands) March 31, 2023 March 31, 2022 Net loss $ (159,385) $ (93,057) Interest expense 3,211 2,474 Income tax expense 128 25 Depreciation and amortization 3,245 2,852 Stock-based compensation 12,976 10,895 Adjusted EBITDA $ (139,825) $ (76,811)
Slide 11: Non-GAAP SG&A and R&D reconciliation
THREE MONTHS ENDED (In thousands) March 31, 2023 March 31, 2022 Selling, general and administrative expenses $ 50,365 $ 37,007 Stock-based compensation 9,960 7,277 Non-GAAP selling, general and $ 40,405 $ 29,730 administrative expenses THREE MONTHS ENDED (In thousands) March 31, 2023 March 31, 2022
Slide 12: Free cash flow reconciliation
THREE MONTHS ENDED (In thousands) March 31, 2023 March 31, 2022 Net cash used in operating activities $ (136,069) $ (66,051) Capital expenditures (2,767) (1,773) Free cash flow (138,836) (67,824)
Slide 13: Forecasted range of free cash flow
FORECASTED RANGE (In thousands) Net cash used in operating activities $ (123,000) – (129,000) Capital expenditures $ (7,000) – (11,000) Free cash flow $ (130,000) – (140,000) FORECASTED RANGE (In thousands) Free cash flow $ (120,000) – (130,000)
Slide 14: Slide 14
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