Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q1 2024 Earnings Presentation
17 slides from Virgin Galactic's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Update
FIRST QUARTER 2024 EARNINGS UPDATE 5.7.2024 1
Slide 2: Disclosures: Forward-Looking Statements
DISCLOSURES 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 S
Slide 3: Agenda
AGENDA • Commercial Operations • Celebrating VSS Unity • VMS Eve • Delta Class Progress • Financial Overview • Q&A First Quarter 2024 Earnings Update 3
Slide 4: Commercial Operations
COMMERCIAL OPERATIONS • Celebrating the final commercial flight for VSS Unity • Blended manifest of research mission and private astronauts yielding average price per seat in excess of $800K First Quarter2024 2024 Earnings EarningsUpdate First Quarter Update 4
Slide 5: Building a Production Spaceship
BUILDING A PRODUCTION SPACESHIP (Illustrative Phase Sequencing) DESIGN TOOLING DEVELOPMENT PARTS FABRICATION ASSEMBLY GROUND AND FLIGHT TESTING COMMERCIAL SERVICE First Quarter 2024 Earnings Update 5
Slide 6: Delta Progress
DELTA PROGRESS Finished Part Example Tool Examples First Quarter 2024 Earnings Update 6
Slide 7: Delta Final Assembly Facility and Interior Mockup
Delta Final Assembly Facility Delta Interior Mockup First Quarter 2024 Earnings Update 7
Slide 8: Iron Bird: Delta Ground Testing
IRON BIRD Delta Ground Testing First Quarter 2024 Earnings Update 8
Slide 9: Building a Production Spaceship
BUILDING A PRODUCTION SPACESHIP (Illustrative Phase Sequencing) DESIGN TOOLING DEVELOPMENT PARTS FABRICATION ASSEMBLY GROUND AND FLIGHT TESTING COMMERCIAL SERVICE First Quarter 2024 Earnings Update 9
Slide 10: Robust Business Flying VMS Eve and First Two Delta Class Spaceships
Robust Business Flying VMS Eve and First Two Delta Class Spaceships FLIGHT ASSUMPTIONS – VMS Eve & 2 Deltas • Contribution margin exceeds fixed costs required to run the business and generates strong operating cash flow VMS Eve Weekly Flights 3 • Reinvesting profits to build out the fleet and drive
Slide 11: Financial Results: First Quarter 2024
Financial Results FIRST QUARTER 2024 Ended March 31, 2024 • Revenue of $2 million, compared to $0.4 million in the prior year period, driven by commercial spaceflight and membership fees related to future astronauts. • Total operating expenses were $113 million, compared to $164 million in the prior
Slide 12: Cash Flow and Balance Sheet
CASH FLOW AND BALANCE SHEET CASH, CASH EQUIVALENTS, AND FREE CASH FLOW (1) MARKETABLE SECURITIES Q1 2024 $1B $867M(2) $874M(3) $(126) million $(493) million $800M $600M Q2 2024 Guidance Expected to be in the range of $400M $(110) million to $(120) million . $200M $0 March 31, 2024 March 31, 2023 1.
Slide 13: Appendix
APPENDIX First Quarter 2024 Earnings Update 13
Slide 14: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED (In thousands) March 31, 2024 March 31, 2023 Net loss $ (102,012) $ (159,385) Interest expense 3,227 3,211 Income tax expense 80 128 Depreciation and amortization 3,699 3,245 Stock-based compensation 8,244 12,976 Adjusted EBITD
Slide 15: Reconciliation of Non-GAAP Measures – Operating Expenses
RECONCILIATION OF NON-GAAP MEASURES – Operating Expenses (In thousands) THREE MONTHS ENDED March 31, 2024 March 31, 2023 Total operating expenses $ 113,143 $ 163,798 Stock-based compensation 8,244 12,976 Depreciation and amortization 3,699 3,245 Total non-GAAP operating expenses $ 101,200 $ 147,577
Slide 16: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED (In thousands) March 31, 2024 March 31, 2023 Net cash used in operating activities $ (113,229) $ (136,069) Capital expenditures (13,072) (2,767) Free cash flow $(126,301) $(138,836) First Quarter 2024 Earnings Update 16
Slide 17: First Quarter 2024 Earnings Update
FIRST QUARTER 2024 | EARNINGS UPDATE | 5.7.24
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