Virgin Galactic Holdings, Inc. · NYSE:SPCE
Virgin Galactic — Q3 2022 Earnings Presentation
17 slides from Virgin Galactic's earnings presentation, Nov 3, 2022
Slide 1: Third Quarter 2022 Earnings Update
THIRD QUARTER 2022 EARNINGS UPDATE 11.03.2022
Slide 2: Disclosures
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 Readiness • Future Fleet Development • Financial Overview Third Quarter 2022 Earnings Update 3
Slide 4: Commercial Readiness
COMMERCIAL READINESS Third Quarter 2022 Earnings Update 4
Slide 5: Unity
UNITY Estimated Commercial Service: Q2 2023 Estimated to fly:1x/month Third Quarter 2022 Earnings Update 5
Slide 6: Inaugural "Space for the Curious" Future Astronaut Event – Wyoming
INAUGURAL “SPACE FOR THE CURIOUS” FUTURE ASTRONAUT EVENT – WYOMING Third Quarter 2022 Earnings Update 6
Slide 7: Future Fleet Development
FUTURE FLEET DEVELOPMENT Third Quarter 2022 Earnings Update 7
Slide 8: Third Quarter 2022 Earnings Update
Third Quarter 2022 Earnings Update 8
Slide 9: Financial Overview
FINANCIAL OVERVIEW Third Quarter 2022 Earnings Update 9
Slide 10: Q3 2022 Results
Q3 2022 RESULTS THIRD QUARTER Ended September 30, 2022 • Revenue of $767,000, compared to $2.6 million in the prior year period • Operating expenses were $146 million, compared to $86 million in the prior year period • Net loss of $(146) million, compared to $(48) million in the prior year period •
Slide 11: Q3 2022 Results: Free Cash Flow and Cash, Q4 Guidance
Q3 2022 RESULTS CASH, CASH EQUIVALENTS, AND FREE CASH FLOW (1) MARKETABLE SECURITIES $1,200 $1.1 B 3 Q3 2022 $1,000 $1.0 B ² $(107) million . $800 $600 Q4 2022 Guidance $400 Expected to be in the range of $200 $(120) million to $(130) million . $- September 30, 2021 September 30, 2022 1. Virgin Gala
Slide 12: Third Quarter 2022 Earnings Update
Third Quarter 2022 Earnings Update 12
Slide 13: Appendix
APPENDIX Third Quarter 2022 Earnings Update 13
Slide 14: Reconciliation to Non-GAAP Measures
RECONCILIATION TO NON-GAAP MEASURES (Amounts in thousands) T H R EE MO NTH S E ND E D September 30, 2022 September 30, 2021 Net Loss $ (145,554) $ (48,368) Income tax expense 21 25 Interest expense 3,293 6 Depreciation & amortization 2,214 2,895 Stock-based compensation 11,510 12,169 Change in fair
Slide 15: Reconciliation to Non-GAAP Measures
RECONCILIATION TO NON-GAAP MEASURES (Amounts in thousands) T H R EE MO NTH S E ND E D September 30, 2022 September 30, 2021 Selling, general, and administrative expenses $ 46,113 $ 48,268 Stock-based compensation 8,158 8,540 Non-GAAP selling, general, $ 37,955 $ 39,728 administration expenses (Amoun
Slide 16: Reconciliation to Non-GAAP Measures
RECONCILIATION TO NON-GAAP MEASURES (Amounts in thousands) T H R EE MO NTH S E ND E D September 30, 2022 September 30, 2021 Net cash used in operating activities $ (101,183) $ (52,165) Capital expenditures (6,013) (805) Free cash flow (107,144) (52,970) Third Quarter 2022 Earnings Update 16
Slide 17: Reconciliation to Non-GAAP Measures – Q4 2022 Guidance
RECONCILIATION TO NON-GAAP MEASURES – Q4 2022 GUIDANCE (Amounts in thousands) F O RECASTED R ANGE Net cash used in operating activities $ (118,000) – (125,000) Capital expenditures $ (2,000) – (5,000) Free cash flow $ (120,000) – (130,000) Third Quarter 2022 Earnings Update 17
Virgin Galactic Holdings — Q3 2022 Earnings Presentation on 6ix