VIRGIN GALACTIC HOLDINGS, INC. | ||||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||||||
(In thousands except for per share data) | ||||||||||||||||||||
|
| Three Months Ended |
| Year Ended | ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
|
| December 31, |
| September 30, |
| December 31, |
| December 31, |
| December 31, | ||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenue |
| $ | — |
|
| $ | — |
|
| $ | 529 |
|
| $ | 238 |
|
| $ | 3,781 |
|
Cost of revenue |
| — |
|
| — |
|
| 314 |
|
| 173 |
|
| 2,004 |
| |||||
Gross profit |
| — |
|
| — |
|
| 215 |
|
| 65 |
|
| 1,777 |
| |||||
Selling, general, and administrative expenses |
| 32,854 |
|
| 30,936 |
|
| 37,447 |
|
| 116,592 |
|
| 82,166 |
| |||||
Research and development expenses1 |
| 41,463 |
|
| 46,095 |
|
| 36,754 |
|
| 158,757 |
|
| 132,873 |
| |||||
Operating loss |
| (74,317 | ) |
| (77,031 | ) |
| (73,986 | ) |
| (275,284 | ) |
| (213,262 | ) | |||||
Interest income |
| 272 |
|
| 322 |
|
| 1,160 |
|
| 2,277 |
|
| 2,297 |
| |||||
Interest expense |
| (10 | ) |
| (9 | ) |
| (34 | ) |
| (36 | ) |
| (36 | ) | |||||
Other income (expense) |
| 9 |
|
| (44 | ) |
| — |
|
| 14 |
|
| 128 |
| |||||
Loss before income taxes |
| (74,046 | ) |
| (76,762 | ) |
| (72,860 | ) |
| (273,029 | ) |
| (210,873 | ) | |||||
Income tax (benefit) expense |
| (28 | ) |
| 40 |
|
| (61 | ) |
| 6 |
|
| 62 |
| |||||
Net loss |
| (74,018 | ) |
| (76,802 | ) |
| (72,799 | ) |
| (273,035 | ) |
| (210,935 | ) | |||||
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Foreign currency translation adjustment |
| (48 | ) |
| 48 |
|
| 56 |
|
| (54 | ) |
| (23 | ) | |||||
Total comprehensive loss |
| $ | (74,066 | ) |
| $ | (76,754 | ) |
| $ | (72,743 | ) |
| $ | (273,089 | ) |
| $ | (210,958 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net loss per share: |
|
|
|
|
|
|
|
|
|
| ||||||||||
Basic and diluted |
| $ | (0.31 | ) |
| $ | (0.34 | ) |
| $ | (0.37 | ) |
| $ | (1.25 | ) |
| $ | (1.09 | ) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
| ||||||||||||||
Basic and diluted |
| 236,722,884 |
|
| 225,253,536 |
|
| 194,378,154 |
|
| 219,107,905 |
|
| 194,378,154 |
| |||||
1Please refer to Reclassification section for prior period adjustment. |
VIRGIN GALACTIC HOLDINGS, INC. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In thousands, except share data) | ||||||||
|
| As of | ||||||
|
| December 31, |
| December 31, | ||||
|
| (unaudited) | ||||||
Assets |
|
|
|
| ||||
Current assets |
|
|
|
| ||||
Cash and cash equivalents |
| $ | 665,924 |
|
| $ | 480,443 |
|
Restricted cash |
| 13,031 |
|
| 12,278 |
| ||
Accounts receivable |
| 470 |
|
| 461 |
| ||
Inventories1 |
| 30,483 |
|
| 31,855 |
| ||
Prepaid expenses and other current assets |
| 17,949 |
|
| 16,672 |
| ||
Due from related party, net |
| 70 |
|
| — |
| ||
Total current assets |
| 727,927 |
|
| 541,709 |
| ||
Property, plant, and equipment, net1 |
| 53,148 |
|
| 44,295 |
| ||
Right-of-use asset |
| 19,914 |
|
| 16,927 |
| ||
Other non-current assets |
| 3,001 |
|
| 2,615 |
| ||
Total assets |
| $ | 803,990 |
|
| $ | 605,546 |
|
Liabilities and Stockholders' Equity |
|
|
|
| ||||
Current liabilities |
|
|
|
| ||||
Accounts payable |
| $ | 5,998 |
|
| $ | 7,038 |
|
Current portion of operating lease obligation |
| 2,384 |
|
| 2,354 |
| ||
Current portion of finance lease obligation |
| 136 |
|
| 47 |
| ||
Current portion of note payable |
| 310 |
|
| — |
| ||
Accrued expenses |
| 22,982 |
|
| 22,277 |
| ||
Customer deposits |
| 83,211 |
|
| 83,362 |
| ||
Due to related party, net |
| — |
|
| 767 |
| ||
Total current liabilities |
| 115,021 |
|
| 115,845 |
| ||
Finance lease obligation, net of current portion |
| 236 |
|
| 274 |
| ||
Operating lease obligation, net of current portion |
| 24,148 |
|
| 21,867 |
| ||
Note payable, net of current portion |
| 310 |
|
| — |
| ||
Other long-term liabilities |
| 1,757 |
|
| — |
| ||
Total liabilities |
| $ | 141,472 |
|
| $ | 137,986 |
|
Stockholders' Equity |
|
|
|
| ||||
Preferred stock, $0.0001 par value; 10,000,000 authorized; none issued and outstanding |
| $ | — |
|
| $ | — |
|
Common stock, $0.0001 par value; 700,000,000 shares authorized; 236,123,659 and 196,001,038 shares issued and outstanding as of December 31, 2020 and 2019, respectively |
| 23 |
|
| 20 |
| ||
Additional paid-in capital |
| 1,057,202 |
|
| 589,158 |
| ||
Accumulated deficit |
| (394,712) |
|
| (121,677) |
| ||
Accumulated other comprehensive income |
| 5 |
|
| 59 |
| ||
Total stockholders' equity |
| 662,518 |
|
| 467,560 |
| ||
Total liabilities and stockholders' equity |
| $ | 803,990 |
|
| $ | 605,546 |
|
1Please refer to Reclassification section for prior period adjustment. |
VIRGIN GALACTIC HOLDINGS, INC. | ||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
|
| Three Months Ended |
| Year Ended | ||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
|
| December |
| September |
| December |
| December |
| December | ||||||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
| ||||||||||
Net loss |
| $ | (74,018 | ) |
| $ | (76,802 | ) |
| $ | (72,799 | ) |
| $ | (273,035 | ) |
| $ | (210,935 | ) |
Stock-based compensation |
| 11,749 |
|
| 8,625 |
|
| 2,535 |
|
| 30,324 |
|
| 2,535 |
| |||||
Depreciation and amortization |
| 2,765 |
|
| 2,529 |
|
| 2,079 |
|
| 9,781 |
|
| 6,999 |
| |||||
Deferred rent |
| — |
|
| — |
|
| 375 |
|
| — |
|
| — |
| |||||
(Gain) Loss on disposal of property and equipment1 |
| 21 |
|
| 8 |
|
| (555 | ) |
| 96 |
|
| (555 | ) | |||||
Change in assets and liabilities |
|
|
|
|
|
|
|
|
|
| ||||||||||
Accounts receivable |
| (100 | ) |
| 414 |
|
| 431 |
|
| (106 | ) |
| 819 |
| |||||
Inventories1 |
| 176 |
|
| 3,182 |
|
| (6,256 | ) |
| 1,371 |
|
| (8,566 | ) | |||||
Prepayments and other current assets |
| (8,674 | ) |
| 4,724 |
|
| (13,089 | ) |
| (342 | ) |
| (12,476 | ) | |||||
Other non-current assets |
| 47 |
|
| (1,251 | ) |
| 8,107 |
|
| (1,131 | ) |
| 1,178 |
| |||||
Due from related party, net |
| 158 |
|
| (996 | ) |
| 9,734 |
|
| (838 | ) |
| 9,734 |
| |||||
Accounts payable and accrued expenses |
| (1,729 | ) |
| 1,633 |
|
| (2,883 | ) |
| (1,010 | ) |
| (323 | ) | |||||
Customer deposits |
| 21 |
|
| 1,456 |
|
| 1,160 |
|
| (151 | ) |
| 2,479 |
| |||||
Other current and non-current liabilities |
| (512 | ) |
| 1,502 |
|
| (9,664 | ) |
| 1,882 |
|
| — |
| |||||
Net cash used in operating activities |
| (70,096 | ) |
| (54,976 | ) |
| (80,825 | ) |
| (233,159 | ) |
| (209,111 | ) | |||||
Cash flows from investing activity |
|
|
|
|
|
|
|
|
|
| ||||||||||
Capital expenditures1 |
| (3,540 | ) |
| (3,721 | ) |
| (176 | ) |
| (17,201 | ) |
| (13,856 | ) | |||||
Cash used in investing activity1 |
| (3,540 | ) |
| (3,721 | ) |
| (176 | ) |
| (17,201 | ) |
| (13,856 | ) | |||||
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
| ||||||||||
Payments of finance lease obligations |
| (34 | ) |
| (40 | ) |
| (49 | ) |
| (123 | ) |
| (104 | ) | |||||
Repayment of notes payable |
| (310 | ) |
| — |
|
| — |
|
| (310 | ) |
| — |
| |||||
Net transfer from Parent Company |
| — |
|
| — |
|
| — |
|
| — |
|
| 106,119 |
| |||||
Proceeds from Parent Company |
| — |
|
| — |
|
| 16,310 |
|
| — |
|
| 56,310 |
| |||||
Proceeds from issuance of common stock pursuant to stock options exercised |
| 2,582 |
|
| — |
|
| — |
|
| 2,582 |
|
| — |
| |||||
Proceeds from issuance of common stocks |
| — |
|
| 460,200 |
|
| 20,000 |
|
| 460,200 |
|
| 20,000 |
| |||||
Proceeds from reverse acquisition |
| — |
|
| — |
|
| 500,000 |
|
| — |
|
| 500,000 |
| |||||
Transaction costs |
| (122 | ) |
| (19,399 | ) |
| (48,005 | ) |
| (20,988 | ) |
| (48,005 | ) | |||||
Withholding taxes paid on behalf of employee on net settled stock-based awards |
| (4,368 | ) |
| (399 | ) |
| — |
|
| (4,767 | ) |
| — |
| |||||
Net cash provided by (used in) by financing activities |
| (2,252 | ) |
| 440,362 |
|
| 488,256 |
|
| 436,594 |
|
| 634,320 |
| |||||
Net increase (decrease) in cash and cash equivalents1 |
| (75,888 | ) |
| 381,665 |
|
| 407,255 |
|
| 186,234 |
|
| 411,353 |
| |||||
Cash, cash equivalents and restricted cash at beginning of period |
| 754,843 |
|
| 373,178 |
|
| 85,466 |
|
| 492,721 |
|
| 81,368 |
| |||||
Cash, cash equivalents and restricted cash at end of period |
| $ | 678,955 |
|
| $ | 754,843 |
|
| $ | 492,721 |
|
| $ | 678,955 |
|
| $ | 492,721 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Cash and cash equivalents |
| $ | 665,924 |
|
| $ | 741,575 |
|
| $ | 480,443 |
|
| $ | 665,924 |
|
| $ | 480,443 |
|
Restricted cash |
| 13,031 |
|
| 13,268 |
|
| 12,278 |
|
| 13,031 |
|
| 12,278 |
| |||||
Cash, cash equivalents and restricted cash |
| $ | 678,955 |
|
| $ | 754,843 |
|
| $ | 492,721 |
|
| $ | 678,955 |
|
| $ | 492,721 |
|
1Please refer to Reclassification section for prior period adjustment. | ||||||||||||||||||||