Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q3 2024 Earnings Presentation
16 slides from Virgin Galactic's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024 Earnings Update
THIRD QUARTER 11.6.2024 ARTIST RENDERING OF FUTURE FLEET AT SPACEPORT AMERICA
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
• Spaceship Program Progress • Business Model Highlights • Fleet Expansion Plans • Financial Overview • Q&A Third Quarter 2024 Earnings Update 3
Slide 4: Fuselage access panel, wing skin tool, wing leading edge tool
FUSELAGE ACCESS PANEL WING SKIN TOOL WING LEADING EDGE TOOL Third Quarter 2024 Earnings Update 4
Slide 5: Third Quarter 2024 Earnings Update
Third Quarter 2024 Earnings Update 5
Slide 6: Third Quarter 2024 Earnings Update
Third Quarter 2024 Earnings Update 6
Slide 7: Click here to watch the video
Click here to watch the video Third Quarter 2024 Earnings Update 7
Slide 8: Economies of Scale Expected as Fleet Size Grows
Economies of Scale Expected as Fleet Size Grows (Illustrative Economics) SPACEPORT AMERICA Initial Fleet Expanded Fleet Growth with Expanded Fleet Annual Revenue1 $450M $990M Approx. 2x Revenue - Variable Spaceflight Costs2 (80M) (165M) Contribution Margin $370M $825M - Spaceline Operation Costs (10
Slide 9: Illustrative Timeline: Design, Build, Test, Commercial Service
(Illustrative Timeline) DESIGN BUILD TEST COMMERCIAL SERVICE 2025 2026 2027 2028 + Third Quarter 2024 Earnings Update 9
Slide 10: Third Quarter 2024
THIRD QUARTER 2024 Ended September 30, 2024 • Revenue of $0.4 million, compared to $1.7 million in the prior year period, with the decrease driven by the pause in commercial spaceflights to focus efforts on the production of the Delta Class spaceships. • Total operating expenses were $82 million, co
Slide 11: Free Cash Flow and Cash Position
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES FREE CASH FLOW (1) Q3 2024 $744M(3) $(118) million $800M $600M Q4 2024 GUIDANCE (2) $400M Expected to be in the range of $(115) million to $(125) million $200M $0 September 30, 2024 1. Virgin Galactic uses Free Cash Flow as a key measure of its perfo
Slide 12: Appendix
APPENDIX Third Quarter 2024 Earnings Update 12
Slide 13: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – Adjusted EBITDA THREE MONTHS ENDED (In thousands) September 30, 2024 September 30, 2023 Net loss $ (74,540) $ (104,604) Interest expense 3,233 3,221 Income tax expense 105 53 Depreciation and amortization 4,341 3,286 Stock-based compensation 7,560 10,763 Adjuste
Slide 14: Reconciliation of Non-GAAP Measures – Operating Expenses
RECONCILIATION OF NON-GAAP MEASURES – Operating Expenses (In thousands) THREE MONTHS ENDED September 30, 2024 September 30, 2023 Total operating expenses $ 82,130 $ 116,000 Stock-based compensation 7,560 10,763 Depreciation and amortization 4,341 3,286 Non-GAAP total operating expenses $ 70,229 $ 10
Slide 15: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED (In thousands) September 30, 2024 September 30, 2023 Net cash used in operating activities $ (79,307) $ (91,497) Capital expenditures (38,659) (13,325) Free cash flow $(117,966) $(104,822) Third Quarter 2024 Earnings Update 15
Slide 16: Third Quarter 2024 Earnings Update
THIRD QUARTER 2024 | EARNINGS UPDATE | 11.6.24
Virgin Galactic Holdings — Q3 2024 Earnings Presentation on 6ix