Pegasystems Inc
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Information Technology : Software | Mid Cap Growth
Company profile

Pegasystems Inc. develops, markets, licenses and supports software applications for marketing, sales and onboarding, and customer service needs. The Company also offers software applications built on the Pega platform. Its software is designed to assist clients in building, deploying and evolving enterprise applications. Its applications and platform intersect with and encompass several traditional software markets, including Customer Relationship Management (CRM); Business Process Management (BPM); Business Rules Management Systems (BRMS); Dynamic Case Management (DCM); Decision Management, which includes Predictive and Adaptive analytics, and the Vertical Specific Software (VSS) market of industry solutions and packaged applications. It provides implementation, consulting, training, technical support and hosting services to facilitate the use of its software. The Company offers real-time speech analytics solution powered by artificial intelligence (AI) for customer service teams.

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$97.35
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10-day average volume:
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Virgin Galactic Announces Third Quarter 2021 Financial Results

4:05 pm ET November 8, 2021 (BusinessWire) Print

Virgin Galactic Holdings, Inc. (NYSE: SPCE) ("Virgin Galactic" or the "Company") today announced its financial results for the third quarter ended September 30, 2021.

"We are entering our fleet enhancement period with a clear roadmap for increasing the durability, reliability and predictability of our vehicles in preparation for commercial service next year," said Michael Colglazier, Chief Executive Officer of Virgin Galactic. "Demand for space travel is strong, and we've been selling seats ahead of the pace we had planned. This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer. It's a pivotal time for the Company as we transition from a prototyping space innovator to the global, scaled, commercial operation we are becoming."

Business Highlights:

Expected start of private astronaut commercial service on track for Q4 2022. On July 11, 2021, successfully completed first fully crewed spaceflight, Unity 22. The flight fulfilled several test objectives including evaluating the cabin and customer experience. The livestream was watched by tens of millions around the world and brought in tens of thousands of requests for information on future Virgin Galactic spaceflights. In August 2021, opened sales to our Spacefarer community, the group of early hand-raisers who had reserved the right to be first in line for tickets. The Company announced a target of 1,000 reservations prior to the launch of private astronaut commercial service. Approximately 700 of these 1,000 have been sold to date. Current pricing of $450,000 per seat has been well received. On October 14, 2021, announced the beginning of planned vehicle enhancement period. This program will increase vehicle service life and flight-rate capability in preparation for commercial service. In October 2021, the Company entered into a lease agreement for a new design and collaboration center where the next generation vehicles will be designed and engineered.

Third Quarter 2021 Financial Highlights:

Cash position remains strong at approximately $1.0 billion, which includes cash and cash equivalents of $721 million and marketable securities of $286 million as of September 30, 2021. In July 2021, the Company completed an "at-the-market" equity offering program (the "ATM Offering"). In connection with the ATM Offering, the Company filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to $500 million of shares of the Company's common stock from time to time. The Company ultimately generated $500 million in gross proceeds through the sale of approximately 13.7 million shares of common stock. The Company intends to use the net proceeds generated from the ATM Offering for general corporate purposes, with a priority on expansion of its spaceship fleet. GAAP selling, general, and administrative expenses of $50 million, compared to $31 million in the third quarter of 2020. Non-GAAP selling, general and administrative expenses of $40 million in the third quarter of 2021, compared to $24 million in the third quarter of 2020. GAAP research and development expenses of $36 million, compared to $46 million in the third quarter of 2020. Non-GAAP research and development expenses of $31 million in the third quarter of 2021, compared to $41 million in the third quarter of 2020. Adjusted EBITDA totaled $(68) million, compared to $(66) million in the third quarter of 2020. Net loss of $48 million, compared to a $92 million net loss in the third quarter of 2020. Cash paid for capital expenditures totaled $1 million, compared to $4 million in the third quarter of 2020.

Conference Call Information

Virgin Galactic will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial (844) 200-6205 and enter the conference ID number 284644. The live audio webcast along with supplemental information will be accessible on the Company's Investor Relations website at investors.virgingalactic.com. A recording of the webcast will also be available following the conference call.

About Virgin Galactic Holdings

Virgin Galactic Holdings, Inc. is a vertically integrated aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the "Company"), including statements regarding the Company's spaceflight systems, markets and expected flight schedule. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in Amendment No. 2 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

                                                                                                                            Third Quarter 2021 Financial Results
                                                                                                                                     
                                                                                                                               VIRGIN GALACTIC HOLDINGS, INC.
                                                                                                           Condensed Consolidated Statements of Operations and Comprehensive Loss
                                                                                                                   (Unaudited and in thousands except for per share data)
 
                                                                      Three Months Ended                                                                                    Nine Months Ended
                                                                   ----------------------------------------------------------------------------------------------                            -----------------------------------------------------------------------------------------
                                      September 30, 2021                        September 30, 2020                        September 30, 2021                      September 30, 2020
                                                                   ---------------------------------                        -----------------------------------------                        ----------------------------------                        -----------------------------------
                                                                (As restated)                                                  (As restated)
Revenue                                         $        2,580     $       --     $         3,151     $            238  
Cost of revenue                                            207             --                 270                  173  
                                                                   -------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      ---------------  --------------------
                                                         2,373             --               2,881                   65  
      Gross profit
Selling, general, and administrative expenses           49,859                     30,936             133,276               83,738  
Research and development expenses                       35,593                     46,075             107,859              117,276  
                                                                   -------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      ---------------  --------------------
                                                       (83,079 )                                     (77,011 )                             (238,254 )                              (200,949 )
      Operating loss
Change in fair value of warrants                        34,432                    (15,280 )                              (34,650 )                              (341,772 )
Interest income, net                                       234                        313                 766                1,979  
Other income (loss), net                                    70                        (44 )                                  110                    5  
                                                                   -------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      ---------------  --------------------
                                                       (48,343 )                                     (92,022 )                             (272,028 )                              (540,737 )
      Loss before income taxes
Income tax expense                                         (25 )                                         (40 )                                  (74 )                                   (34 )
                                                                   -------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      ---------------  --------------------
                                                       (48,368 )                                     (92,062 )                             (272,102 )                              (540,771 )
      Net loss
Other comprehensive loss:                                                                                          
                                                             3                         48                  11                   (6 )
  Foreign currency translation adjustment
                                                          (437 )                              --                (437 )                        --  
  Unrealized loss on marketable securities
                                                                   -------------  --------------------                      ---------------------  --------------------                      --------------  --------------------                      ---------------  --------------------
                                                $      (48,802 )                      $              (92,014 )                      $      (272,528 )                      $       (540,777 )
      Total comprehensive loss
                                                                   ====== ======= ====================                      ======= ============== ====================                      ====== ======== ====================                      ======= ======== ====================
                                                                                                
Net loss per share:                                                                                                
                                                         (0.19 )                                       (0.41 )                                (1.11 )                                 (2.54 )
      Basic
                                                         (0.32 )                                       (0.41 )                                (1.11 )                                 (2.54 )
      Diluted
                                                                                                
Weighted-average shares outstanding:                                                                               
                                                   254,749,195                225,253,536         244,157,923          213,193,386  
      Basic
                                                                                                                                             VIRGIN GALACTIC HOLDINGS, INC.
                                                                                                                                          Condensed Consolidated Balance Sheets
                                                                                                                                            (In thousands, except share data)
                                                                                                                                                                                   September 30, 2021                             December 31, 2020
                                                                                                                                                                                                            -----------------------------------------                        -----------------------------------------
                                                                                                                                                                                       (Unaudited)                                  (As restated)
Assets                                                                                                                                                                                                               
Current assets                                                                                                                                                                                                       
                                                                                                                                                                                         $              702,565     $              665,924  
    Cash and cash equivalents
                                                                                                                                                                                                         18,078                     13,031  
    Restricted cash
                                                                                                                                                                                                         29,441             --  
    Marketable securities, short-term
                                                                                                                                                                                                         29,306                     30,483  
    Inventories
                                                                                                                                                                                                          8,963                     18,489  
    Prepaid expenses and other current assets
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                                                                                                                                        788,353                    727,927  
        Total current assets
Marketable securities, long-term                                                                                                                                                                        256,691             --  
Property, plant, and equipment, net                                                                                                                                                                      48,130                     53,148  
Other non-current assets                                                                                                                                                                                 24,449                     22,915  
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                                                                                                                         $            1,117,623     $              803,990  
        Total assets
                                                                                                                                                                                                            ======= ============== ====================                      ======= ============== ====================
Liabilities and Stockholders' Equity                                                                                                                                                                                 
Current liabilities                                                                                                                                                                                                  
                                                                                                                                                                                         $                7,997     $                5,998  
    Accounts payable
                                                                                                                                                                                                         23,298                     22,982  
    Accrued expenses
                                                                                                                                                                                                         84,769                     83,211  
    Customer deposits
                                                                                                                                                                                                          2,416                      2,830  
    Other current liabilities
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                                                                                                                                        118,480                    115,021  
        Total current liabilities
Non-current liabilities                                                                                                                                                                                              
                                                                                                                                                                                                 --                    135,440  
    Warrant liability
                                                                                                                                                                                                         29,214                     26,451  
    Other long-term liabilities
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                                                                                                                         $              147,694     $              276,912  
        Total liabilities
                                                                                                                                                                                                            ------- -------------- --------------------                      ------- -------------- --------------------
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; 257,397,850 and 236,123,659 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively                       25                         23  
Additional paid-in capital                                                                                                                                                                            2,013,171                  1,297,794  
Accumulated deficit                                                                                                                                                                                  (1,042,846 )                                    (770,744 )
Accumulated other comprehensive income                                                                                                                                                                     (421 )                                           5  
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                                                                                                                                        969,929                    527,078  
        Total stockholders' equity
                                                                                                                                                                                                            ---------------------  --------------------                      ---------------------  --------------------
                                                                                     VIRGIN GALACTIC HOLDINGS, INC.
                                                                             Condensed Consolidated Statements of Cash Flows
                                                                                      (Unaudited and in thousands)
                                                                                                    Nine Months Ended September 30,
                                                                                                         -----------------------------------------------------------------------------------------
                                                                                   2021                                    2020
                                                                                                         ----------------------------------                        -----------------------------------
                                                                                                    (As restated)
Cash flows from operating activities                                                                       
                                                                                      $      (272,102 )                      $       (540,771 )
    Net loss
                                                                                               48,704               18,575  
    Stock-based compensation
                                                                                                8,635                6,998  
    Depreciation and amortization
                                                                                               34,650              341,772  
    Change in fair value of warrant liability
                                                                                                  (42 )                                    75  
    Other operating activities, net
                                                                                                           
    Change in assets and liabilities
                                                                                                1,178                1,195  
        Inventories
                                                                                                6,342                6,152  
        Other current and non-current assets
                                                                                                1,824                  719  
        Accounts payable and accrued expenses
                                                                                                2,148                 (172 )
        Customer deposits
                                                                                                3,026                2,394  
        Other current and non-current liabilities
                                                                                                         --------------  --------------------                      ---------------  --------------------
                                                                                             (165,637 )                              (163,063 )
           Net cash used in operating activities
Cash flows from investing activity                                                                         
                                                                                               (2,452 )                               (13,661 )
        Capital expenditures
                                                                                             (286,132 )                        --  
        Purchases of marketable securities
                                                                                                         --------------  --------------------                      ---------------  --------------------
                                                                                             (288,584 )                               (13,661 )
           Cash used in investing activity
                                                                                                         --------------  --------------------                      ---------------  --------------------
Cash flows from financing activities                                                                       
                                                                                                 (105 )                                   (89 )
    Payments of finance lease obligations
                                                                                               18,856       --  
    Proceeds from issuance of common stock pursuant to stock options exercised
                                                                                                 (310 )                        --  
    Payment of notes payable
                                                                                              500,000              460,200  
    Proceeds from issuance of common stock
                                                                                               (6,753 )                               (20,866 )
    Transaction costs
                                                                                              (15,779 )                                  (399 )
    Withholding taxes paid on behalf of employees on net settled stock-based awards
                                                                                                         --------------  --------------------                      ---------------  --------------------
                                                                                              495,909              438,846  
           Net cash provided by (used in) by financing activities
                                                                                                         --------------  --------------------                      ---------------  --------------------
                                                                                               41,688              262,122  
           Net increase in cash and cash equivalents
Cash, cash equivalents and restricted cash at beginning of period                             678,955              492,721  
                                                                                                         --------------  --------------------                      ---------------  --------------------
Cash, cash equivalents and restricted cash at end of period                           $       720,643     $        754,843  
                                                                                                         ====== ======== ====================                      ======= ======== ====================
                                                                                        
Cash and cash equivalents                                                             $       702,565     $        741,575  
Restricted cash                                                                                18,078               13,268  
                                                                                                         --------------  --------------------                      ---------------  --------------------

Use of Non-GAAP Financial Measures (Unaudited)

This press release references certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. It defines non-GAAP selling, general, and administrative expenses as selling, general, and administrative expenses other than stock-based compensation and non-capitalized transaction costs, and non-GAAP research and development expenses as research and development expenses other than stock-based compensation. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

A reconciliation of adjusted EBITDA to net loss for the three and nine months ended September 30, 2021 and September 30, 2020 , respectively, are set forth below:

Amounts in thousands ($)                                                      Three Months Ended                                                                                 Nine Months Ended
                                                           ----------------------------------------------------------------------------------------                            -----------------------------------------------------------------------------------------
                              September 30, 2021                     September 30, 2020                      September 30, 2021                     September 30, 2020
                                                           ----------------------------------                        ----------------------------------                        -----------------------------------                        ----------------------------------
Net Loss                                $       (48,368 )                      $       (92,062 )                      $       (272,102 )                      $      (540,771 )
                                                     25                  40                   74                  34  
   Income tax expense
                                                      6                   9                   19                  26  
   Interest expense
                                                  2,895               2,509                8,635               6,998  
   Depreciation & amortization
                                         --      --       --                 697  
   Non-capitalized transaction costs*
                                                 12,169               8,625               48,704              18,575  
   Stock-based compensation
                                                (34,432 )                               15,280               34,650             341,772  
   Change in fair value of warrants
                                                           --------------  -------------------- -------------------- --------------  -------------------- -------------------- ---------------  -------------------- -------------------- --------------  --------------------

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the three and nine months ended September 30, 2021 and September 30, 2020, respectively, are set forth below:

Amounts in thousands ($)                                                                           Three Months Ended                                                                               Nine Months Ended
                                                                                ----------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                                   September 30, 2021                     September 30, 2020                     September 30, 2021                    September 30, 2020
                                                                                ----------------------------------                        ----------------------------------                        ----------------------------------                        --------------------------------
Selling, general, and administrative expenses                         49,859              30,936             133,276            83,738  
Stock-based compensation                                               8,540               5,056              37,004            11,472  
Non-capitalized transaction costs*                            --      --      --               697  
                                                                       1,592               1,448               4,774             3,809  
  Depreciation & amortization
                                                                                --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ------------  --------------------
                                                             $        39,727     $        24,432     $        91,498     $      67,760  
    Non-GAAP selling, general, and administration expenses
                                                                                ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ====== ====== ====================

A reconciliation of research and development expenses to non-GAAP research and development expenses for the three and nine months ended September 30, 2021 and September 30, 2020, respectively, are set forth below:

Amounts in thousands ($)                                                            Three Months Ended                                                                             Nine Months Ended
                                                                   ------------------------------------------------------------------------------------                            -------------------------------------------------------------------------------------
                                     September 30, 2021                   September 30, 2020                   September 30, 2021                    September 30, 2020
                                                                   --------------------------------                        --------------------------------                        --------------------------------                        ---------------------------------
Research and development expenses                      35,593            46,075           107,859            117,276  
Stock-based compensation                                3,629             3,570            11,700              7,103  
Depreciation & amortization                             1,304             1,156             3,861              3,189  
                                                                   ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      -------------  --------------------
                                                $      30,660     $      41,349     $      92,298     $      106,984  
   Non-GAAP Research and development expenses
                                                                   ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================

_____________

a^- Non-capitalized transaction costs include non-recurring expenses related to preparation and filing of an S-1 registration statement in the first quarter of 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211108005984/en/

SOURCE: Virgin Galactic Holdings, Inc.

For investor relations inquiries: 
Seth Zaslow - Vice President, Investor Relations
seth.zaslow@virgingalactic.com

For media inquiries: 
Aleanna Crane - Vice President, Communications
aleanna.crane@virgingalactic.com
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