Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38202 | |
Entity Registrant Name | Virgin Galactic Holdings, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3608069 | |
Entity Address, Address Line One | 1700 Flight Way | |
Entity Address, City or Town | Tustin | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92782 | |
City Area Code | (949) | |
Local Phone Number | 774-7640 | |
Title of 12(b) Security | Common stock, $0.0001 par value per share | |
Trading Symbol | SPCE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 411,361,910 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Entity Central Index Key | 0001706946 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 195,433 | $ 216,799 |
Restricted cash | 34,918 | 36,793 |
Marketable securities, short-term | 569,778 | 657,238 |
Other current assets | 37,324 | 39,999 |
Total current assets | 837,453 | 950,829 |
Marketable securities, long-term | 67,105 | 71,596 |
Property, plant and equipment, net | 110,610 | 93,806 |
Other non-current assets | 63,093 | 63,286 |
Total assets | 1,078,261 | 1,179,517 |
Current liabilities: | ||
Accounts payable | 32,886 | 32,415 |
Customer deposits | 92,334 | 97,841 |
Other current liabilities | 46,534 | 55,404 |
Total current liabilities | 171,754 | 185,660 |
Non-current liabilities: | ||
Convertible senior notes, net | 418,438 | 417,886 |
Other non-current liabilities | 70,487 | 70,495 |
Total liabilities | 660,679 | 674,041 |
Commitments and contingencies (Note 14) | ||
Stockholders' Equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 700,000,000 shares authorized; 405,272,587 and 399,908,982 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 41 | 40 |
Additional paid-in capital | 2,646,186 | 2,631,197 |
Accumulated deficit | (2,228,144) | (2,126,132) |
Accumulated other comprehensive income (loss) | (501) | 371 |
Total stockholders' equity | 417,582 | 505,476 |
Total liabilities and stockholders' equity | $ 1,078,261 | $ 1,179,517 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 405,272,587 | 399,908,982 |
Common stock, shares outstanding (in shares) | 405,272,587 | 399,908,982 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 1,985 | $ 392 |
Operating expenses: | ||
Spaceline operations | 22,591 | 318 |
Research and development | 58,969 | 109,870 |
Selling, general and administrative | 27,884 | 50,365 |
Depreciation and amortization | 3,699 | 3,245 |
Total operating expenses | 113,143 | 163,798 |
Operating loss | (111,158) | (163,406) |
Interest income | 12,308 | 7,330 |
Interest expense | (3,227) | (3,211) |
Other income, net | 145 | 30 |
Loss before income taxes | (101,932) | (159,257) |
Income tax expense | 80 | 128 |
Net loss | (102,012) | (159,385) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (8) | 35 |
Unrealized gain (loss) on marketable securities | (864) | 3,101 |
Total comprehensive loss | $ (102,884) | $ (156,249) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.25) | $ (0.57) |
Diluted (in dollars per share) | $ (0.25) | $ (0.57) |
Weighted-average shares outstanding: | ||
Basic (in shares) | 400,387 | 278,450 |
Diluted (in shares) | 400,387 | 278,450 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2022 | 275,397,229 | ||||
Beginning balance at Dec. 31, 2022 | $ 480,223 | $ 28 | $ 2,111,316 | $ (1,623,795) | $ (7,326) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (159,385) | (159,385) | |||
Other comprehensive income (loss) | 3,136 | 3,136 | |||
Stock-based compensation for equity-classified awards | 12,976 | 12,976 | |||
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares) | 508,159 | ||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (1,870) | (1,870) | |||
Issuance of common stock pursuant to at-the-market offering (in shares) | 5,759,499 | ||||
Issuance of common stock pursuant to at-the-market offering | 32,044 | 32,044 | |||
Transaction costs | (343) | (343) | |||
Ending balance (in shares) at Mar. 31, 2023 | 281,664,887 | ||||
Ending balance at Mar. 31, 2023 | $ 366,781 | $ 28 | 2,154,123 | (1,783,180) | (4,190) |
Beginning balance (in shares) at Dec. 31, 2023 | 399,908,982 | 399,908,982 | |||
Beginning balance at Dec. 31, 2023 | $ 505,476 | $ 40 | 2,631,197 | (2,126,132) | 371 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (102,012) | (102,012) | |||
Other comprehensive income (loss) | (872) | (872) | |||
Stock-based compensation for equity-classified awards | 8,045 | 8,045 | |||
Issuance of common stock pursuant to stock-based compensation, net of withholding taxes (in shares) | 274,709 | ||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (269) | (269) | |||
Issuance of common stock pursuant to at-the-market offering (in shares) | 5,088,896 | ||||
Issuance of common stock pursuant to at-the-market offering | 7,272 | $ 1 | 7,271 | ||
Transaction costs | $ (58) | (58) | |||
Ending balance (in shares) at Mar. 31, 2024 | 405,272,587 | 405,272,587 | |||
Ending balance at Mar. 31, 2024 | $ 417,582 | $ 41 | $ 2,646,186 | $ (2,228,144) | $ (501) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (102,012) | $ (159,385) |
Stock-based compensation | 8,244 | 12,976 |
Depreciation and amortization | 3,699 | 3,245 |
Amortization of debt issuance costs | 552 | 535 |
Other non-cash items | (5,328) | (236) |
Change in operating assets and liabilities: | ||
Other current and non-current assets | 3,835 | 7,594 |
Accounts payable | (7,480) | 2,146 |
Customer deposits | (5,507) | (569) |
Other current and non-current liabilities | (9,232) | (2,375) |
Net cash used in operating activities | (113,229) | (136,069) |
Cash flows from investing activities: | ||
Capital expenditures | (13,072) | (2,767) |
Purchases of marketable securities | (161,843) | (83,287) |
Proceeds from maturities and calls of marketable securities | 257,414 | 305,791 |
Other investing activities | 598 | 0 |
Net cash provided by investing activities | 83,097 | 219,737 |
Cash flows from financing activities: | ||
Payments of finance lease obligations | (60) | (59) |
Proceeds from issuance of common stock | 7,272 | 32,044 |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (269) | (1,870) |
Transaction costs related to issuance of common stock | (52) | (320) |
Net cash provided by financing activities | 6,891 | 29,795 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (23,241) | 113,463 |
Cash, cash equivalents and restricted cash at beginning of period | 253,592 | 342,627 |
Cash, cash equivalents and restricted cash at end of period | 230,351 | 456,090 |
Cash and cash equivalents | 195,433 | 415,682 |
Restricted cash | 34,918 | 40,408 |
Cash, cash equivalents and restricted cash | $ 230,351 | $ 456,090 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Virgin Galactic Holdings, Inc., together with its consolidated subsidiaries ("Virgin Galactic" or the "Company"), is an aerospace and space travel company focused on the development, manufacture and operation of spaceships and related technologies. The Company provides access to space for private individuals, researchers and government agencies. The Company's missions include flying passengers to space, as well as flying scientific payloads and researchers to space in order to conduct experiments for scientific and educational purposes. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. However, in management's opinion, the condensed consolidated financial statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | Cash, Cash Equivalents and Marketable Securities The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. The amortized cost, unrealized gains (losses) and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 9,665 $ — $ 9,665 Money market 220,686 — 220,686 Marketable securities: U.S. treasuries 113,081 (59) 113,022 Corporate bonds 524,364 (503) 523,861 $ 867,796 $ (562) $ 867,234 December 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426 Interest receivable of $4.4 million and $4.6 million is included in other current assets in the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities in interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $5.3 million and $0.4 million in accretion income, net for its marketable securities for the three months ended March 31, 2024 and 2023, respectively. The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2024: March 31, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 570,361 $ 569,778 Matures between one to two years 67,084 67,105 $ 637,445 $ 636,883 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are included in other current assets in the accompanying condensed consolidated balance sheets and are comprised of the following: March 31, 2024 December 31, 2023 (In thousands) Raw materials and work-in-process $ 13,960 $ 13,875 Spare parts 2,761 2,426 $ 16,721 $ 16,301 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment consists of the following: March 31, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,092 Flight vehicles and rotables 4,099 4,074 Machinery and equipment 41,005 39,983 Information technology software and equipment 42,576 43,256 Leasehold improvements 37,424 37,141 Construction in progress 54,025 34,584 189,523 169,432 Less: accumulated depreciation and amortization 78,913 75,626 $ 110,610 $ 93,806 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 % The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets. |
Leases | Leases The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 % The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | Other Current Liabilities The components of other current liabilities are as follows: March 31, 2024 December 31, 2023 (In thousands) Accrued compensation $ 16,555 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 9,154 9,500 Other 20,825 13,725 $ 46,534 $ 55,404 |
Convertible Senior Notes
Convertible Senior Notes | 3 Months Ended |
Mar. 31, 2024 | |
Convertible Debt [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes In January 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted. The net carrying value of the 2027 Notes is as follows: March 31, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 6,562 7,114 Net carrying amount $ 418,438 $ 417,886 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity In August 2022, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an “Agent” and collectively, the “Agents”) providing for the offer and sale of up to $300 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2022 ATM Program"). During the three months ended March 31, 2023, the Company sold 5.8 million shares of common stock under the 2022 ATM Program, generating $32.0 million in gross proceeds, before deducting $0.3 million in underwriting discounts, commissions and other expenses. The Company completed the 2022 ATM Program in June 2023. In June 2023, the Company entered into a distribution agency agreement with the Agents providing for the offer and sale of up to $400 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2023 ATM Program"). During the three months ended March 31, 2024, the Company sold 5.1 million shares of common stock under the 2023 ATM Program, generating $7.3 million in gross proceeds, before deducting $0.1 million in underwriting discounts, commissions and other expenses. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company maintains two equity incentive plans -- the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "A&R Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). Pursuant to the A&R Plan, the Company has granted time-based stock options, performance-based stock options ("PSOs"), restricted stock units ("RSUs"), and performance stock units ("PSUs"). Pursuant to the Inducement Plan, the Company has granted RSUs. Liability-Classified Stock Awards During the three months ended March 31, 2024, the Company granted 5.5 million RSUs under the A&R Plan that are expected be settled in cash. Changes in the fair value of these liability-classified awards are reported on a quarterly basis through their final vesting. Expense is recognized over the requisite service period of the award, with recognition of a corresponding liability recorded in other current liabilities in the accompanying condensed consolidated balance sheet as of March 31, 2024. Changes in fair value are recognized in stock-based compensation expense. A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976 As of March 31, 2024, the Company had unrecognized stock-based compensation expense of $2.9 million for stock options, which is expected to be recognized over a weighted-average period of 0.7 years. There was no unrecognized stock-based compensation expense for PSOs. Unrecognized stock-based compensation expense as of March 31, 2024 for RSUs and PSUs totaled $48.3 million and $4.8 million, respectively, which are expected to be recognized over weighted-average periods of 1.2 years and 0.8 years, respectively. |
Special Charges
Special Charges | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Special Charges | Special Charges In November 2023, the Company commenced a restructuring plan designed to decrease costs and strategically realign its resources. In connection with this plan, the Company announced a workforce reduction constituting approximately 18% of its workforce. As a result, the Company recorded $4.4 million in severance and related benefit costs for the involuntarily terminated employees as special charges during the fourth quarter of 2023. During the three months ended March 31, 2024, the Company fully paid the $1.4 million liability balance associated with these costs that were accrued at December 31, 2023. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense was $80,000 and $128,000 for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate was nil for each of the three months ended March 31, 2024 and 2023. The effective tax rate differs from the U.S. statutory rate primarily due to a full valuation allowance against net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents net loss per share and related information: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (102,012) $ (159,385) Weighted average common shares outstanding 400,387 278,450 Basic and diluted net loss per share $ (0.25) $ (0.57) Basic and diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net loss per share excludes the effect of all potential common shares outstanding as their impact would have been anti-dilutive. The Company has excluded stock-based awards and shares issuable upon conversion of the 2027 Notes from the diluted loss per share calculation because their effect was anti-dilutive. The total number of shares excluded for the three months ended March 31, 2024 and 2023 were 49.1 million and 47.2 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories: • Level 1 inputs — Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 220,686 $ — $ — $ 220,686 U.S. treasuries 113,022 — — 113,022 Corporate bonds — 523,861 — 523,861 Total assets at fair value $ 333,708 $ 523,861 $ — $ 857,569 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,685 $ — $ 156,685 Total liabilities at fair value $ — $ 156,685 $ — $ 156,685 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937 The estimated fair value of the 2027 Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the 2027 Notes in an over-the-counter market on the last business day of the period. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556 Legal Proceedings From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at March 31, 2024, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected. The Boeing Company and Aurora Flight Sciences Corporation v. the Company On March 21, 2024, The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company (collectively, “Boeing”), filed suit against the Company in the Eastern District of Virginia, captioned The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In its complaint, Boeing alleges that the Company breached the parties’ Master Agreement. Boeing further alleges trade secret misappropriation under the Delaware Uniform Trade Secrets Act (“DUTSA”), 6 Del C. § 2001, et. seq., and the Defend Trade Secrets Act (“DTSA”), 18 U.S.C. § 1836, et. seq., and filed a motion for preliminary injunction to destroy certain disputed documents. The complaint seeks damages in excess of $25 million, expenses, attorneys’ fees and other equitable relief. On April 4, 2024, the Company filed suit against Boeing in the Central District of California. In its complaint, the Company sought: (1) declaratory judgment of no misappropriation of trade secrets under either DUTSA or DTSA by the Company, (2) declaratory judgment of no breach of contract by the Company, and (3) damages related to Boeing’s breach of contract for failure to adequately perform, including incomplete work on design phases of the project. On April 12, 2024, Boeing filed a motion for an anti-suit injunction in connection with the Company’s California suit. That same day, the Company filed an answer to Boeing’s Virginia complaint and an opposition to Boeing’s motion for preliminary injunction. A hearing on the motions for the preliminary injunction and anti-suit injunction is set for May 24, 2024. The Company intends to continue to vigorously defend against this matter. Lavin v. the Company On May 28, 2021, a class action complaint was filed against the Company in the Eastern District of New York captioned Lavin v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In September 2021, the Court appointed Robert Scheele and Mark Kusnier as co-lead plaintiffs for the purported class. Co-lead plaintiffs amended the complaint in December 2021, asserting violations of Sections 10(b), 20(a) and 20A of the Exchange Act of 1934 against the Company and certain of its current and former officers and directors on behalf of a putative class of investors who purchased the Company's common stock between July 10, 2019 and October 14, 2021. The amended complaint alleges, among other things, that the Company and certain of its current and former officers and directors made false and misleading statements and failed to disclose certain information regarding the safety of the Company's ships and success of its commercial flight program. Co-lead plaintiffs seek damages, interest, costs, expenses, attorneys' fees, and other unspecified equitable relief. The defendants moved to dismiss the amended complaint and, on November 7, 2022, the court granted in part and denied in part the defendants’ motion and gave the plaintiffs leave to file a further amended complaint. Plaintiffs filed a second amended complaint on December 12, 2022. The second amended complaint contains many of the same allegations as in the first amended complaint. The defendants moved to dismiss the second amended complaint and, on August 8, 2023, the court granted in part and denied in part the defendants’ motion and did not give plaintiffs leave to file a further amended complaint. Plaintiffs moved for reconsideration of the court’s dismissal order and, on December 19, 2023, the court denied plaintiffs’ motion. On March 27, 2024, the defendants moved for judgment on the pleadings as to the remaining Section 10(b) insider trading claim alleged against Branson. On April 2, 2024, the court stayed briefing on defendants’ motion for judgment on the pleadings pending resolution of plaintiffs’ anticipated motion for leave to add a new representative plaintiff. On April 11, 2024, the court set the following briefing schedule on plaintiffs’ motion: plaintiffs’ motion is due May 1, 2024; defendants’ opposition is due May 21, 2024; and plaintiffs’ reply is due May 31, 2024. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, and St. Jean derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 21, 2022, March 1, 2022, September 21, 2022, and December 13, 2022, four alleged shareholders filed separate derivative complaints purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22-cv-00933 (“Spiteri Action”), Grenier v. Branson et al., Case No. 1:22-cv-01100 (“Grenier Action”), Laidlaw v. Branson et al., Case No. 1:22-cv-05634 (“Laidlaw Action”), and St. Jean v. Branson et al., Case No. 1:22-cv-7551 (“St. Jean Action”), respectively. On May 4, 2022, the Spiteri and Grenier Actions were consolidated and recaptioned In re Virgin Galactic Holdings, Inc. Derivative Litigation, Case No. 1:22-cv-00933 (“Consolidated Derivative Action”). On September 30, 2023, the Laidlaw Action was consolidated into the Consolidated Derivative Action. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaints seek an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The cases are at a preliminary stage. Abughazaleh derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 13, 2023, alleged shareholder Yousef Abughazaleh filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-156-MN. The complaint asserts violations of Section 14(a) of the Exchange Act of 1934 and SEC Rule 14a-9, and claims of breach of fiduciary duty, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage. Molnar and Tubbs derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On April 9, 2024, alleged shareholders Crystal Molnar and Cleveland Tubbs filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Central District of California captioned Molnar v. Branson et al., Case No. 8:24-cv-775. The complaint asserts violations of Section 10(b) and 21D of the Exchange Act of 1934, and claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, restitution, expenses, attorneys’ fees, and other equitable relief. The case is at a preliminary stage. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalties payable, excluding sponsorship royalties, are the greater of (a) a low single-digit percentage of gross sales and (b) (i) prior to the first spaceflight for paying astronauts, a mid-five figure amount in dollars and (ii) from the first spaceflight for paying astronauts, a low-six figure amount in dollars, which increases to a low-seven figure amount in dollars over a four-year ramp up and thereafter increases in correlation with the consumer price index. Royalties payable on sponsorships are based on a mid-double-digit percentage of the related gross sales. During the three months ended March 31, 2024 and 2023, the Company incurred royalty expenses of $0.3 million and less than $0.1 million, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Three Months Ended March 31, 2024 2023 (in thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 94 $ 128 Interest — 5,313 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,951 $ 7,125 Issuance of common stock through RSUs vested 585 4,218 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (102,012) | $ (159,385) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During the three months ended March 31, 2024, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement," except as described in the table below: Name Title Action Applicable Date Duration of Trading Arrangement Rule 10b5-1 Trading Arrangement (Y/N) Aggregated Number of Securities Subject to Trading Arrangement (3) Aparna Chitale Chief People Officer Terminated 3/15/2024 3/16/2023-3/18/2024 N (1) 56,996 Aparna Chitale Chief People Officer Adopted 3/15/2024 3/15/2024-3/14/2025 Y (2) 80,802 (1) Complied with the then-applicable requirements of Rule 10b5-1(c) when adopted in 2023. (2) Denotes whether the trading arrangement is intended to satisfy the affirmative defense Rule 10b5-1(c). (3) This number represents the maximum number of shares of our common stock that may be sold pursuant to the trading arrangement. The number of shares actually sold will depend on the satisfaction of certain conditions set forth in the trading arrangement. |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Aparna Chitale, March 15, 2024 Terminated Plan [Member] | Aparna Chitale [Member] | |
Trading Arrangements, by Individual | |
Name | Aparna Chitale |
Title | Chief People Officer |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | 3/15/2024 |
Aggregate Available | 56,996 |
Aparna Chitale, March 15, 2024 Adopted Plan [Member] | Aparna Chitale [Member] | |
Trading Arrangements, by Individual | |
Name | Aparna Chitale |
Title | Chief People Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 3/15/2024 |
Arrangement Duration | 364 days |
Aggregate Available | 80,802 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Statement of Operations Presentation | Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprise the Company’s current spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense. |
Restricted Cash | Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. |
Fair Value Measurements | Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories: • Level 1 inputs — Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Marketable Securities | The amortized cost, unrealized gains (losses) and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: March 31, 2024 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 9,665 $ — $ 9,665 Money market 220,686 — 220,686 Marketable securities: U.S. treasuries 113,081 (59) 113,022 Corporate bonds 524,364 (503) 523,861 $ 867,796 $ (562) $ 867,234 December 31, 2023 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426 |
Schedule of Contractual Maturities | The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2024: March 31, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 570,361 $ 569,778 Matures between one to two years 67,084 67,105 $ 637,445 $ 636,883 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories are included in other current assets in the accompanying condensed consolidated balance sheets and are comprised of the following: March 31, 2024 December 31, 2023 (In thousands) Raw materials and work-in-process $ 13,960 $ 13,875 Spare parts 2,761 2,426 $ 16,721 $ 16,301 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | Property, plant and equipment consists of the following: March 31, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,092 Flight vehicles and rotables 4,099 4,074 Machinery and equipment 41,005 39,983 Information technology software and equipment 42,576 43,256 Leasehold improvements 37,424 37,141 Construction in progress 54,025 34,584 189,523 169,432 Less: accumulated depreciation and amortization 78,913 75,626 $ 110,610 $ 93,806 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Summary of Lease Expense and Cash Flow Information | The components of expense related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands) Operating lease cost $ 3,459 $ 2,810 Variable lease cost 1,144 701 Short-term lease cost 6 6 Finance lease cost: Amortization of assets under finance leases 67 65 Interest on finance lease liabilities 19 19 Total finance lease cost 86 84 Total lease cost $ 4,695 $ 3,601 The components of supplemental cash flow information related to leases are as follows: Three Months Ended March 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 3,250 $ 2,055 Operating cash flows from finance leases $ 19 $ 19 Financing cash flows from finance leases $ 60 $ 59 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ — $ — Finance leases $ — $ 86 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.5 10.4 Finance leases (in years) 3.0 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.1 % 12.7 % |
Summary of Balance Sheet Information | The supplemental balance sheet information related to leases is as follows: March 31, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,476 $ 58,526 Short-term operating lease liabilities $ 4,538 $ 4,350 Long-term operating lease liabilities 68,900 68,864 Total operating lease liabilities $ 73,438 $ 73,214 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | The components of other current liabilities are as follows: March 31, 2024 December 31, 2023 (In thousands) Accrued compensation $ 16,555 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 9,154 9,500 Other 20,825 13,725 $ 46,534 $ 55,404 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Convertible Debt [Abstract] | |
Schedule of Convertible Debt | The net carrying value of the 2027 Notes is as follows: March 31, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 6,562 7,114 Net carrying amount $ 418,438 $ 417,886 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units Activity | A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976 |
Schedule of Performance Stock Unit Activity | A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976 |
Summary of Stock Option and RSU Expense | A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended March 31, 2024 2023 (in thousands) Stock option and PSO expense: Spaceline operations $ — $ — Research and development — 533 Selling, general and administrative 617 1,638 Total stock option and PSO expense 617 2,171 RSU and PSU expense: Spaceline operations 1,168 — Research and development 1,106 2,483 Selling, general and administrative 5,353 8,322 Total RSU and PSU expense 7,627 10,805 Total stock-based compensation expense 8,244 12,976 Less: stock-based compensation expense for liability-classified awards 199 — Stock-based compensation expense for equity-classified awards $ 8,045 $ 12,976 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share | The following table presents net loss per share and related information: Three Months Ended March 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (102,012) $ (159,385) Weighted average common shares outstanding 400,387 278,450 Basic and diluted net loss per share $ (0.25) $ (0.57) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 220,686 $ — $ — $ 220,686 U.S. treasuries 113,022 — — 113,022 Corporate bonds — 523,861 — 523,861 Total assets at fair value $ 333,708 $ 523,861 $ — $ 857,569 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: March 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 156,685 $ — $ 156,685 Total liabilities at fair value $ — $ 156,685 $ — $ 156,685 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Operating Lease Maturities | Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556 |
Summary of Finance Lease Maturities | Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 9,793 $ 178 2025 13,240 227 2026 13,233 176 2027 12,919 61 2028 12,706 22 Thereafter 65,072 — Total payments 126,963 664 Less: present value discount/imputed interest 53,525 108 Present value of lease liabilities $ 73,438 $ 556 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Three Months Ended March 31, 2024 2023 (in thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 94 $ 128 Interest — 5,313 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,951 $ 7,125 Issuance of common stock through RSUs vested 585 4,218 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | $ 230,351 | $ 253,592 | $ 456,090 | $ 342,627 |
Marketable securities, Amortized Cost | 637,445 | |||
Cash, cash equivalents and marketable securities, Amortized Cost | 867,796 | 982,124 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses) | (562) | 302 | ||
Marketable securities, Fair Value | 636,883 | |||
Total assets at fair value | 867,234 | 982,426 | ||
U.S. treasuries | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Marketable securities, Amortized Cost | 113,081 | 198,639 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses) | (59) | 44 | ||
Marketable securities, Fair Value | 113,022 | 198,683 | ||
Corporate bonds | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Marketable securities, Amortized Cost | 524,364 | 529,893 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gains (Losses) | (503) | 258 | ||
Marketable securities, Fair Value | 523,861 | 530,151 | ||
Cash and restricted cash | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | 9,665 | 17,727 | ||
Cash and cash equivalents, Fair Value | 9,665 | 17,727 | ||
Money market | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | 220,686 | 235,865 | ||
Cash and cash equivalents, Fair Value | $ 220,686 | $ 235,865 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |||
Interest receivable | $ 4.4 | $ 4.6 | |
Amortization expense for marketable securities | $ 5.3 | $ 0.4 |
Cash, Cash Equivalents and Ma_5
Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized Cost | |
Matures within one year | $ 570,361 |
Matures between one to two years | 67,084 |
Marketable securities, Total | 637,445 |
Estimated Fair Value | |
Matures within one year | 569,778 |
Matures between one to two years | 67,105 |
Marketable securities, Total | $ 636,883 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and work-in-process | $ 13,960 | $ 13,875 |
Spare parts | 2,761 | 2,426 |
Inventories | $ 16,721 | $ 16,301 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 189,523 | $ 169,432 |
Less: accumulated depreciation and amortization | 78,913 | 75,626 |
Property, plant and equipment, net | 110,610 | 93,806 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 1,302 | 1,302 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 9,092 | 9,092 |
Flight vehicles and rotables | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 4,099 | 4,074 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 41,005 | 39,983 |
Information technology software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 42,576 | 43,256 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 37,424 | 37,141 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 54,025 | $ 34,584 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,459 | $ 2,810 |
Variable lease cost | 1,144 | 701 |
Short-term lease cost | 6 | 6 |
Finance lease cost: | ||
Amortization of assets under finance leases | 67 | 65 |
Interest on finance lease liabilities | 19 | 19 |
Total finance lease cost | 86 | 84 |
Total lease cost | $ 4,695 | $ 3,601 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flow Information: | ||
Operating cash flows from operating leases | $ 3,250 | $ 2,055 |
Operating cash flows from finance leases | 19 | 19 |
Financing cash flows from finance leases | 60 | 59 |
Assets acquired in exchange for lease obligations: | ||
Operating leases | 0 | 0 |
Finance leases | $ 0 | $ 86 |
Weighted-average remaining lease term: | ||
Operating leases (in years) | 9 years 6 months | 10 years 4 months 24 days |
Finance leases (in years) | 3 years | 3 years 2 months 12 days |
Weighted-average discount rates: | ||
Operating leases | 12.10% | 12.10% |
Finance leases | 13.10% | 12.70% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Long-term right-of-use assets | $ 58,476 | $ 58,526 |
Short-term operating lease liabilities | 4,538 | 4,350 |
Long-term operating lease liabilities | 68,900 | 68,864 |
Total operating lease liabilities | $ 73,438 | $ 73,214 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 16,555 | $ 32,179 |
Accrued manufacturing sub-contractor and contract labor costs | 9,154 | 9,500 |
Other | 20,825 | 13,725 |
Total | $ 46,534 | $ 55,404 |
Convertible Senior Notes - Narr
Convertible Senior Notes - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Jan. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Interest expense | $ 3,227,000 | $ 3,211,000 | |
Amortization of debt issuance costs | 552,000 | 535,000 | |
2027 Notes | Convertible Debt | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, face amount | $ 425,000,000 | ||
Interest rate | 2.50% | ||
Interest expense | 3,200,000 | 3,200,000 | |
Amortization of debt issuance costs | $ 600,000 | $ 500,000 |
Convertible Senior Notes - 2027
Convertible Senior Notes - 2027 Notes (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Principal | $ 425,000 | $ 425,000 |
Less: unamortized debt issuance costs | 6,562 | 7,114 |
Net carrying amount | $ 418,438 | $ 417,886 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 10 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Aug. 30, 2022 | |
Class of Warrant or Right [Line Items] | |||||
Stock issuance costs | $ 52 | $ 320 | |||
2022 At The Market Offering Program | |||||
Class of Warrant or Right [Line Items] | |||||
Stock offering, maximum sale amount | $ 300,000 | ||||
Stock sold (in shares) | 5.8 | ||||
Proceeds from sale of common stock | $ 32,000 | ||||
Stock issuance costs | $ 300 | ||||
2023 At The Market Offering Program | |||||
Class of Warrant or Right [Line Items] | |||||
Stock offering, maximum sale amount | $ 400,000 | ||||
Stock sold (in shares) | 5.1 | 84.8 | |||
Proceeds from sale of common stock | $ 7,300 | $ 294,700 | |||
Stock issuance costs | $ 100 | $ 2,900 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) plan shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of equity incentive plans | plan | 2 |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | shares | 5.5 |
Unrecognized compensation cost, period for recognition | 1 year 2 months 12 days |
Unrecognized stock-based compensation expense, excluding options | $ 48.3 |
Stock option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 2.9 |
Unrecognized compensation cost, period for recognition | 8 months 12 days |
Performance stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 0 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation cost, period for recognition | 9 months 18 days |
Unrecognized stock-based compensation expense, excluding options | $ 4.8 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,244 | $ 12,976 |
Stock option and PSO | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 617 | 2,171 |
Stock option and PSO | Spaceline operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0 | 0 |
Stock option and PSO | Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 0 | 533 |
Stock option and PSO | Selling, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 617 | 1,638 |
RSU and PSU | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 7,627 | 10,805 |
RSU and PSU | Spaceline operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,168 | 0 |
RSU and PSU | Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,106 | 2,483 |
RSU and PSU | Selling, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,353 | 8,322 |
Liability-classified award | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | (199) | 0 |
Equity-classified award | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 8,045 | $ 12,976 |
Special Charges - Narrative (De
Special Charges - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Workforce reduction (percent of workforce) | 18% | ||
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related benefit costs | $ 4.4 | ||
Payments for restructuring | $ (1.4) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 80 | $ 128 |
Effective income tax rate | 0% | 0% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic and diluted: | ||
Net loss, basic | $ (102,012) | $ (159,385) |
Net loss, diluted | $ (102,012) | $ (159,385) |
Weighted average common shares outstanding - basic (in shares) | 400,387 | 278,450 |
Weighted average common share outstanding - diluted (in shares) | 400,387 | 278,450 |
Basic net loss per share (in dollars per share) | $ (0.25) | $ (0.57) |
Diluted net loss per share (in dollars per share) | $ (0.25) | $ (0.57) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock-based Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential effect of warrants to purchase stock (in shares) | 49.1 | 47.2 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | $ 636,883 | |
Total assets at fair value | 867,234 | $ 982,426 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 113,022 | 198,683 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 523,861 | 530,151 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 857,569 | 964,699 |
Total liabilities at fair value | 156,685 | 189,937 |
Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 156,685 | 189,937 |
Fair Value, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 113,022 | 198,683 |
Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 523,861 | 530,151 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 333,708 | 434,548 |
Total liabilities at fair value | 0 | 0 |
Level 1 | Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 0 | 0 |
Level 1 | Fair Value, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 113,022 | 198,683 |
Level 1 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 0 | 0 |
Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 523,861 | 530,151 |
Total liabilities at fair value | 156,685 | 189,937 |
Level 2 | Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 156,685 | 189,937 |
Level 2 | Fair Value, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 0 | 0 |
Level 2 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 523,861 | 530,151 |
Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 3 | Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 0 | 0 |
Level 3 | Fair Value, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 0 | 0 |
Level 3 | Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 0 | 0 |
Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 220,686 | 235,865 |
Money market | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 220,686 | 235,865 |
Money market | Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 220,686 | 235,865 |
Money market | Level 2 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Money market | Level 3 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Lease Maturities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Leases | |
2024 (for the remaining period) | $ 9,793 |
2025 | 13,240 |
2026 | 13,233 |
2027 | 12,919 |
2028 | 12,706 |
Thereafter | 65,072 |
Total payments | 126,963 |
Less: present value discount/imputed interest | 53,525 |
Present value of lease liabilities | 73,438 |
Finance Leases | |
2024 (for the remaining period) | 178 |
2025 | 227 |
2026 | 176 |
2027 | 61 |
2028 | 22 |
Thereafter | 0 |
Total payments | 664 |
Less: present value discount/imputed interest | 108 |
Present value of lease liabilities | $ 556 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | 10 Months Ended | |
Mar. 21, 2024 USD ($) | Dec. 13, 2022 allegedShareholder | |
Loss Contingencies [Line Items] | ||
Number of alleged shareholders that filed a complaint | allegedShareholder | 4 | |
The Boeing Company and Aurora Flight Sciences Corporation | ||
Loss Contingencies [Line Items] | ||
Loss contingency, damages sought, value | $ | $ 25 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Royalty expense | $ 0.3 | $ 0.1 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash payments for: | ||
Income taxes | $ 94 | $ 128 |
Interest | 0 | 5,313 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Unpaid purchases of property, plant and equipment | 7,951 | 7,125 |
Issuance of common stock through RSUs vested | $ 585 | $ 4,218 |