Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q2 2024 Earnings Presentation
16 slides from Virgin Galactic's earnings presentation, Aug 7, 2024
Slide 1: Second Quarter 2024 Earnings Update
— GALACTIC — SECOND QUARTER eg
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: Links to video and investor website
https://www.youtube.com/ https://investors.virgingalactic.com watch?v=DOa9QroTyIQ Second Quarter 2024 Earnings Update 3
Slide 4: Second Quarter 2024 Earnings Update
Second Quarter 2024 Earnings Update 4
Slide 5: Second Quarter 2024 Earnings Update
5 Second Quarter 2024 Earnings Update
Slide 6: Fixed Cost Leverage Enables Substantial EBITDA Expansion as Fleet Size Grows
Fixed Cost Leverage Enables Substantial EBITDA Expansion as Fleet Sizes Grows (Illustrative Economics) ONE SPACEPORT TWO SPACEPORTS Initial Fleet Expanded Fleet Annual Revenue1 $450M $990M $1,980M - Variable Spaceflight Costs2 (80M) (165M) (330M) Contribution Margin $370M $825M $1,650M - Spaceline O
Slide 7: Second Quarter 2024 Earnings Update
Second Quarter 2024 Earnings Update 7
Slide 8: Second Quarter 2024 Earnings Update
Second Quarter 2024 Earnings Update 8
Slide 9: Delta Final Assembly Facility
Delta Final Assembly Facility Second Quarter 2024 Earnings Update 9
Slide 10: Second Quarter 2024
SECOND QUARTER 2024 Ended June 30, 2024 • Revenue of $4 million, compared to $2 million in the prior year period, driven by commercial spaceflight and membership fees related to future astronauts. • Total operating expenses were $106 million, compared to $141 million in the prior year period. • Spac
Slide 11: Free Cash Flow and Cash Position
CASH, CASH EQUIVALENTS, AND FREE CASH FLOW (1) MARKETABLE SECURITIES Q2 2024 $1B $821M(3) $980M(4) $(114) million $800M $600M Q3 2024 Guidance (2) Expected to be in the range of $400M $(115) million to $(125) million $200M $0 June 30, 2024 June 30, 2023 1. Virgin Galactic uses Free Cash Flow as a ke
Slide 12: Appendix
APPENDIX Second 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) June 30, 2024 June 30, 2023 Net loss $ (93,775) $ (134,364) Interest expense 3,230 3,216 Income tax expense 34 34 Depreciation and amortization 3,256 3,192 Stock-based compensation 8,236 11,859 Adjusted EBITDA $
Slide 14: Reconciliation of Non-GAAP Measures – Operating Expenses
RECONCILIATION OF NON-GAAP MEASURES – Operating Expenses (In thousands) THREE MONTHS ENDED June 30, 2024 June 30, 2023 Total operating expenses $ 106,010 $ 141,437 Stock-based compensation 8,236 11,859 Depreciation and amortization 3,256 3,192 Non-GAAP total operating expenses $ 94,518 $ 126,386 Sec
Slide 15: Reconciliation of Non-GAAP Measures – Free Cash Flow
RECONCILIATION OF NON-GAAP MEASURES – Free Cash Flow THREE MONTHS ENDED (In thousands) June 30, 2024 June 30, 2023 Net cash used in operating activities $ (79,132) $ (125,318) Capital expenditures (34,415) (9,849) Free cash flow $(113,547) $(135,167) Second Quarter 2024 Earnings Update 15
Slide 16: Second Quarter 2024 Earnings Update
SECOND QUARTER 2024 | EARNINGS UPDATE | 8.7.24
Virgin Galactic Holdings — Q2 2024 Earnings Presentation on 6ix