Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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, $0.0001 par value per share | |
Trading Symbol | SPCE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 367,136,598 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0001706946 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 358,309 | $ 302,291 |
Restricted cash | 39,726 | 40,336 |
Marketable securities, short-term | 581,913 | 606,716 |
Inventories | 18,250 | 24,043 |
Prepaid expenses and other current assets | 26,510 | 28,228 |
Total current assets | 1,024,708 | 1,001,614 |
Marketable securities, long-term | 0 | 30,392 |
Property, plant and equipment, net | 69,869 | 53,658 |
Other non-current assets | 52,208 | 54,274 |
Total assets | 1,146,785 | 1,139,938 |
Current liabilities: | ||
Accounts payable | 24,728 | 16,326 |
Accrued liabilities | 59,118 | 61,848 |
Customer deposits | 100,112 | 102,647 |
Other current liabilities | 4,035 | 3,232 |
Total current liabilities | 187,993 | 184,053 |
Non-current liabilities: | ||
Convertible senior notes, net | 416,795 | 415,720 |
Other long-term liabilities | 57,456 | 59,942 |
Total liabilities | 662,244 | 659,715 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 700,000,000 shares authorized; 336,760,534 and 275,397,229 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 34 | 28 |
Additional paid-in capital | 2,404,322 | 2,111,316 |
Accumulated deficit | (1,917,544) | (1,623,795) |
Accumulated other comprehensive loss | (2,271) | (7,326) |
Total stockholders' equity | 484,541 | 480,223 |
Total liabilities and stockholders' equity | $ 1,146,785 | $ 1,139,938 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
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) | 336,760,534 | 275,397,229 |
Common stock, shares outstanding (in shares) | 336,760,534 | 275,397,229 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 1,871 | $ 357 | $ 2,263 | $ 676 |
Operating expenses: | ||||
Customer experience | 234 | 122 | 552 | 147 |
Research and development | 86,574 | 62,340 | 196,444 | 114,167 |
Selling, general and administrative | 51,437 | 44,700 | 101,802 | 81,707 |
Depreciation and amortization | 3,192 | 2,915 | 6,437 | 5,767 |
Total operating expenses | 141,437 | 110,077 | 305,235 | 201,788 |
Operating loss | (139,566) | (109,720) | (302,972) | (201,112) |
Interest income | 8,404 | 1,985 | 15,734 | 2,803 |
Interest expense | (3,216) | (3,157) | (6,427) | (5,631) |
Other income, net | 48 | 194 | 78 | 210 |
Loss before income taxes | (134,330) | (110,698) | (293,587) | (203,730) |
Income tax expense | 34 | 23 | 162 | 48 |
Net loss | (134,364) | (110,721) | (293,749) | (203,778) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 34 | (108) | 69 | (133) |
Unrealized income (loss) on marketable securities | 1,885 | (1,862) | 4,986 | (7,642) |
Total comprehensive loss | $ (132,445) | $ (112,691) | $ (288,694) | $ (211,553) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.46) | $ (0.43) | $ (1.03) | $ (0.79) |
Diluted (in dollars per share) | $ (0.46) | $ (0.43) | $ (1.03) | $ (0.79) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 293,222 | 258,589 | 285,877 | 258,439 |
Diluted (in shares) | 293,222 | 258,589 | 285,877 | 258,439 |
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 Loss |
Beginning balance (in shares) at Dec. 31, 2021 | 258,166,417 | ||||
Beginning balance at Dec. 31, 2021 | $ 894,264 | $ 26 | $ 2,019,750 | $ (1,123,643) | $ (1,869) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (93,057) | (93,057) | |||
Other comprehensive income (loss) | (5,805) | (5,805) | |||
Stock-based compensation | 10,895 | 10,895 | |||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) | 307,471 | ||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (1,882) | (1,882) | |||
Purchase of capped calls | (52,318) | (52,318) | |||
Ending balance (in shares) at Mar. 31, 2022 | 258,473,888 | ||||
Ending balance at Mar. 31, 2022 | 752,097 | $ 26 | 1,976,445 | (1,216,700) | (7,674) |
Beginning balance (in shares) at Dec. 31, 2021 | 258,166,417 | ||||
Beginning balance at Dec. 31, 2021 | 894,264 | $ 26 | 2,019,750 | (1,123,643) | (1,869) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (203,778) | ||||
Ending balance (in shares) at Jun. 30, 2022 | 258,690,646 | ||||
Ending balance at Jun. 30, 2022 | 650,575 | $ 26 | 1,987,614 | (1,327,421) | (9,644) |
Beginning balance (in shares) at Mar. 31, 2022 | 258,473,888 | ||||
Beginning balance at Mar. 31, 2022 | 752,097 | $ 26 | 1,976,445 | (1,216,700) | (7,674) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (110,721) | (110,721) | |||
Other comprehensive income (loss) | (1,970) | (1,970) | |||
Stock-based compensation | 12,083 | 12,083 | |||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) | 216,758 | ||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (914) | (914) | |||
Ending balance (in shares) at Jun. 30, 2022 | 258,690,646 | ||||
Ending balance at Jun. 30, 2022 | $ 650,575 | $ 26 | 1,987,614 | (1,327,421) | (9,644) |
Beginning balance (in shares) at Dec. 31, 2022 | 275,397,229 | 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 | 12,976 | 12,976 | |||
Issuance of common stock pursuant to stock-based awards, 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, 2022 | 275,397,229 | 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 | $ (293,749) | ||||
Ending balance (in shares) at Jun. 30, 2023 | 336,760,534 | 336,760,534 | |||
Ending balance at Jun. 30, 2023 | $ 484,541 | $ 34 | 2,404,322 | (1,917,544) | (2,271) |
Beginning balance (in shares) at Mar. 31, 2023 | 281,664,887 | ||||
Beginning balance at Mar. 31, 2023 | 366,781 | $ 28 | 2,154,123 | (1,783,180) | (4,190) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (134,364) | (134,364) | |||
Other comprehensive income (loss) | 1,919 | 1,919 | |||
Stock-based compensation | 11,859 | 11,859 | |||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares) | 485,076 | ||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (446) | $ 1 | (447) | ||
Issuance of common stock pursuant to at-the-market offering (in shares) | 54,610,571 | ||||
Issuance of common stock pursuant to at-the-market offering | 241,393 | $ 5 | 241,388 | ||
Transaction costs | $ (2,601) | (2,601) | |||
Ending balance (in shares) at Jun. 30, 2023 | 336,760,534 | 336,760,534 | |||
Ending balance at Jun. 30, 2023 | $ 484,541 | $ 34 | $ 2,404,322 | $ (1,917,544) | $ (2,271) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (293,749) | $ (203,778) |
Stock-based compensation | 24,835 | 22,978 |
Depreciation and amortization | 6,437 | 5,767 |
Amortization of debt issuance costs | 1,075 | 841 |
Other non-cash items | (2,020) | 241 |
Change in operating assets and liabilities: | ||
Inventories | 5,793 | (4,136) |
Other current and non-current assets | 4,736 | 1,410 |
Accounts payable and accrued liabilities | (4,307) | 10,108 |
Customer deposits | (2,535) | 13,733 |
Other current and long-term liabilities | (1,652) | (125) |
Net cash used in operating activities | (261,387) | (152,961) |
Cash flows from investing activities: | ||
Capital expenditures | (12,616) | (6,293) |
Purchases of marketable securities | (409,920) | (379,254) |
Proceeds from maturities and calls of marketable securities | 471,287 | 0 |
Net cash provided by (used in) investing activities | 48,751 | (385,547) |
Cash flows from financing activities: | ||
Payments of finance lease obligations | (116) | (66) |
Proceeds from convertible senior notes | 0 | 425,000 |
Debt issuance costs | 0 | (11,278) |
Purchase of capped call | 0 | (52,318) |
Proceeds from issuance of common stock | 273,437 | 0 |
Proceeds from issuance of common stock pursuant to stock options exercised | 0 | 49 |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (2,316) | (2,845) |
Transaction costs related to issuance of common stock | (2,961) | 0 |
Net cash provided by financing activities | 268,044 | 358,542 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 55,408 | (179,966) |
Cash, cash equivalents and restricted cash at beginning of period | 342,627 | 550,030 |
Cash, cash equivalents and restricted cash at end of period | 398,035 | 370,064 |
Cash and cash equivalents | 358,309 | 329,857 |
Restricted cash | 39,726 | 40,207 |
Cash, cash equivalents and restricted cash | $ 398,035 | $ 370,064 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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 focused on the development, manufacture and operation of spaceships and related technologies for the purpose of conducting commercial human spaceflight and flying commercial research and development payloads into space. 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 and six months ended June 30, 2023 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, 2022. 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. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
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 loss and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: June 30, 2023 Amortized Cost Gross Unrealized Gain (Loss) Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 46,036 $ — $ 46,036 Money market 351,999 — 351,999 Marketable securities: U.S. treasuries 98,873 29 98,902 Corporate bonds 485,368 (2,357) 483,011 $ 982,276 $ (2,328) $ 979,948 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735 The Company included $2.7 million and $4.5 million of interest receivable in prepaid expenses and other current assets as of June 30, 2023 and December 31, 2022, respectively. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities within interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $2.0 million in accretion income, net and $1.8 million in amortization expense, net for its marketable securities for the three months ended June 30, 2023 and 2022, respectively. The Company recognized $2.5 million in accretion income, net and $4.0 million in amortization expense, net for its marketable securities for the six months ended June 30, 2023 and 2022, respectively. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following: June 30, 2023 December 31, 2022 (In thousands) Raw materials $ 13,625 $ 15,033 Spare parts 4,625 9,010 $ 18,250 $ 24,043 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consists of the following: June 30, 2023 December 31, 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Aircraft 784 195 Machinery and equipment 38,144 37,223 Information technology software and equipment 38,457 33,387 Leasehold improvements 31,610 31,086 Construction in progress 19,578 4,339 138,967 116,649 Less: accumulated depreciation and amortization 69,098 62,991 $ 69,869 $ 53,658 The following table sets forth a summary of depreciation and amortization expense related to property, plant and equipment: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Research and development $ 1,217 $ 1,248 $ 2,461 $ 2,501 Selling, general and administrative 1,975 1,667 3,976 3,266 $ 3,192 $ 2,915 $ 6,437 $ 5,767 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The components of expense related to leases are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 2,800 $ 2,092 $ 5,610 $ 4,069 Variable lease cost 584 2,106 1,285 3,316 Short-term lease cost 6 — 12 — Finance lease cost: Amortization of assets under finance leases 66 29 131 58 Interest on finance lease liabilities 20 4 39 9 Total finance lease cost 86 33 170 67 Total lease cost $ 3,476 $ 4,231 $ 7,077 $ 7,452 The components of supplemental cash flow information related to leases are as follows: Six Months Ended June 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 4,245 $ 5,087 Operating cash flows for finance leases $ 39 $ 9 Financing cash flows for finance leases $ 116 $ 66 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 270 $ 4,924 Finance leases $ 140 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 10.2 11.2 Finance leases (in years) 3.2 1.7 Weighted average discount rates: Operating leases 12.2 % 11.7 % Finance leases 12.9 % 8.1 % The supplemental balance sheet information related to leases is as follows: June 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 47,230 $ 48,463 Short-term operating lease liabilities $ 3,822 $ 3,020 Long-term operating lease liabilities 55,905 56,645 Total operating lease liabilities $ 59,727 $ 59,665 Right-of-use assets are presented in other non-current assets and lease liabilities are presented in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets. |
Leases | Leases The components of expense related to leases are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 2,800 $ 2,092 $ 5,610 $ 4,069 Variable lease cost 584 2,106 1,285 3,316 Short-term lease cost 6 — 12 — Finance lease cost: Amortization of assets under finance leases 66 29 131 58 Interest on finance lease liabilities 20 4 39 9 Total finance lease cost 86 33 170 67 Total lease cost $ 3,476 $ 4,231 $ 7,077 $ 7,452 The components of supplemental cash flow information related to leases are as follows: Six Months Ended June 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 4,245 $ 5,087 Operating cash flows for finance leases $ 39 $ 9 Financing cash flows for finance leases $ 116 $ 66 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 270 $ 4,924 Finance leases $ 140 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 10.2 11.2 Finance leases (in years) 3.2 1.7 Weighted average discount rates: Operating leases 12.2 % 11.7 % Finance leases 12.9 % 8.1 % The supplemental balance sheet information related to leases is as follows: June 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 47,230 $ 48,463 Short-term operating lease liabilities $ 3,822 $ 3,020 Long-term operating lease liabilities 55,905 56,645 Total operating lease liabilities $ 59,727 $ 59,665 Right-of-use assets are presented in other non-current assets and lease liabilities are presented in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities The components of accrued liabilities are as follows: June 30, 2023 December 31, 2022 (In thousands) Accrued compensation $ 24,158 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 15,272 19,398 Other accrued expenses 19,688 15,896 $ 59,118 $ 61,848 |
Convertible Senior Notes
Convertible Senior Notes | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Debt [Abstract] | |
Convertible Senior Notes | Convertible Senior Notes On January 19, 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, beginning on August 1, 2022. 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: June 30, 2023 December 31, 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 8,205 9,280 Net carrying amount $ 416,795 $ 415,720 During each of the three months ended June 30, 2023 and 2022, the Company recognized $3.2 million of interest expense on the 2027 Notes, including $0.5 million and $0.4 million of amortized debt issuance costs, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized $6.4 million and $5.6 million of interest expense on the 2027 Notes, respectively, including $1.1 million and $0.8 million of amortized debt issuance costs, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesIncome tax expense was $34,000 and $23,000 for the three months ended June 30, 2023 and 2022, respectively. Income tax expense was $162,000 and $48,000 for the six months ended June 30, 2023 and 2022, respectively. The effective income tax rate was nil for three and six months ended June 30, 2023 and 2022. 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. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
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"). The Company completed the 2022 ATM Program in June 2023, selling a total of 59.4 million shares of common stock and generating $300 million in gross proceeds since its inception, before deducting $3.0 million in underwriting discounts, commissions and other expenses. 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 June 30, 2023, the Company sold 17.2 million shares of common stock under the 2023 ATM Program and generated $76.8 million in gross proceeds, before deducting $0.8 million in underwriting discounts, commissions and other expenses. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents net loss per share and related information: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands, except per share amounts) Basic and diluted: Net loss $ (134,364) $ (110,721) $ (293,749) $ (203,778) Weighted average common shares outstanding 293,222 258,589 285,877 258,439 Basic and diluted net loss per share $ (0.46) $ (0.43) $ (1.03) $ (0.79) 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 and six months ended June 30, 2023 were 46.7 million. The total number of shares excluded for the three and six months ended June 30, 2022 were 42.7 million. |
Stock-Based Plans and Compensat
Stock-Based Plans and Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Plans and Compensation | Stock-Based Plans and Compensation Equity Incentive Plans The Company maintains two equity incentive plans -- the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "2019 Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). Pursuant to the 2019 Plan, the Company has the ability to grant incentive stock options and non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units ("RSUs") and other stock or cash-based awards to employees and other service providers of the Company and its subsidiaries and members of the Company’s board of directors. The 2019 Plan, as amended and restated, was adopted by the Company's board of directors and became effective in April 2023, subject to the approval of the Company’s stockholders, and was approved by the Company’s stockholders in June 2023. Prior to the amendment and restatement of the Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the “Original Plan”), the Company initially reserved 21,208,755 shares of common stock for issuance. The amendment and restatement of the Original Plan increased the number of shares available for issuance by 8,200,000 shares. Pursuant to the Inducement Plan, the Company has the ability to grant non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units and other stock or cash-based awards to any prospective employee in connection with their commencement of employment with the Company, who (i) is being hired by the Company or (ii) is being rehired following a bona fide period of interruption of employment by the Company, as an inducement material to their commencing employment. The Company's board of directors adopted the Inducement Plan in June 2023 and reserved 2,800,000 shares of common stock for the issuance of awards thereunder. Stock-Based Compensation Pursuant to both the 2019 Plan and the Inducement Plan, the Company has the ability to grant performance stock units ("PSUs") and performance stock options ("PSOs"). PSUs are RSUs that vest based on achievement of specified performance criteria. PSOs are stock options that vest based on achievement of specified performance criteria. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Research and development $ 492 $ 731 $ 1,025 $ 1,416 Selling, general and administrative 1,382 2,192 3,020 3,917 Total stock option and PSO expense 1,874 2,923 4,045 5,333 RSU and PSU expense: Research and development 2,525 2,702 5,008 5,620 Selling, general and administrative 7,460 6,458 15,782 12,025 Total RSU and PSU expense 9,985 9,160 20,790 17,645 Total stock-based compensation expense $ 11,859 $ 12,083 $ 24,835 $ 22,978 As of June 30, 2023, the Company had unrecognized stock-based compensation expense of $6.1 million for stock options and $0.1 million for PSOs. These amounts are expected to be recognized over weighted-average periods of 0.9 years and 0.2 years, respectively. Unrecognized stock-based compensation expense as of June 30, 2023 for RSUs and PSUs totaled $63.7 million and $8.7 million, respectively, which are expected to be recognized over weighted-average periods of 1.2 years and 1.2 years, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company estimates fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which is categorized in one of the following levels: • Level 1 inputs : Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date; • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability; and • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. 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: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 351,999 $ — $ — $ 351,999 U.S. treasuries 98,902 — — 98,902 Corporate bonds — 483,011 — 483,011 Total assets at fair value $ 450,901 $ 483,011 $ — $ 933,912 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificates of deposit 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 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: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 218,833 $ — $ 218,833 Total liabilities at fair value $ — $ 218,833 $ — $ 218,833 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company has certain non-cancelable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and the Company recognizes rent expense for such arrangements on a straight line basis. Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of June 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 5,069 $ 151 2024 10,114 233 2025 10,190 203 2026 10,347 152 2027 10,313 38 Thereafter 61,372 14 Total payments 107,405 791 Less: present value discount/imputed interest 47,678 146 Present value of lease liabilities $ 59,727 $ 645 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 June 30, 2023, 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. 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 Securities 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 on February 24, 2023 and their motion was fully briefed as of May 23, 2023. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, St. Jean, and D. Abughazaleh 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 its 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, Grenier v. Branson et al., Case No. 1:22-cv-01100, Laidlaw v. Branson et al., Case No. 1:22-cv-05634, and St. Jean v. Branson et al., Case No. 1:22-cv-7551, respectively. On February 13, 2023, an alleged shareholder filed a derivative complaint purportedly on behalf of the Company against certain of its current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-cv-00156. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Securities 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Six Months Ended June 30, 2023 2022 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 533 $ 43 Interest 10,625 — Supplemental disclosure of non-cash investing and financing activities: Unpaid property, plant and equipment $ 9,848 $ 1,343 Issuance of common stock through RSUs vested 6,662 7,440 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net loss | $ (134,364) | $ (159,385) | $ (110,721) | $ (93,057) | $ (293,749) | $ (203,778) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Cash, Cash Equivalents and Ma_2
Cash, Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Marketable Securities | The amortized cost, unrealized loss and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: June 30, 2023 Amortized Cost Gross Unrealized Gain (Loss) Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 46,036 $ — $ 46,036 Money market 351,999 — 351,999 Marketable securities: U.S. treasuries 98,873 29 98,902 Corporate bonds 485,368 (2,357) 483,011 $ 982,276 $ (2,328) $ 979,948 December 31, 2022 Amortized Cost Gross Unrealized Loss Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories are comprised of the following: June 30, 2023 December 31, 2022 (In thousands) Raw materials $ 13,625 $ 15,033 Spare parts 4,625 9,010 $ 18,250 $ 24,043 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | June 30, 2023 December 31, 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Aircraft 784 195 Machinery and equipment 38,144 37,223 Information technology software and equipment 38,457 33,387 Leasehold improvements 31,610 31,086 Construction in progress 19,578 4,339 138,967 116,649 Less: accumulated depreciation and amortization 69,098 62,991 $ 69,869 $ 53,658 The following table sets forth a summary of depreciation and amortization expense related to property, plant and equipment: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Research and development $ 1,217 $ 1,248 $ 2,461 $ 2,501 Selling, general and administrative 1,975 1,667 3,976 3,266 $ 3,192 $ 2,915 $ 6,437 $ 5,767 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Summary of Lease Expense and Cash Flow Information | The components of expense related to leases are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Operating lease cost $ 2,800 $ 2,092 $ 5,610 $ 4,069 Variable lease cost 584 2,106 1,285 3,316 Short-term lease cost 6 — 12 — Finance lease cost: Amortization of assets under finance leases 66 29 131 58 Interest on finance lease liabilities 20 4 39 9 Total finance lease cost 86 33 170 67 Total lease cost $ 3,476 $ 4,231 $ 7,077 $ 7,452 The components of supplemental cash flow information related to leases are as follows: Six Months Ended June 30, 2023 2022 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 4,245 $ 5,087 Operating cash flows for finance leases $ 39 $ 9 Financing cash flows for finance leases $ 116 $ 66 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 270 $ 4,924 Finance leases $ 140 $ — Other Information: Weighted average remaining lease term: Operating leases (in years) 10.2 11.2 Finance leases (in years) 3.2 1.7 Weighted average discount rates: Operating leases 12.2 % 11.7 % Finance leases 12.9 % 8.1 % |
Summary of Balance Sheet Information | The supplemental balance sheet information related to leases is as follows: June 30, 2023 December 31, 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 47,230 $ 48,463 Short-term operating lease liabilities $ 3,822 $ 3,020 Long-term operating lease liabilities 55,905 56,645 Total operating lease liabilities $ 59,727 $ 59,665 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | The components of accrued liabilities are as follows: June 30, 2023 December 31, 2022 (In thousands) Accrued compensation $ 24,158 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 15,272 19,398 Other accrued expenses 19,688 15,896 $ 59,118 $ 61,848 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Debt [Abstract] | |
Convertible Debt | The net carrying value of the 2027 Notes is as follows: June 30, 2023 December 31, 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 8,205 9,280 Net carrying amount $ 416,795 $ 415,720 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share | The following table presents net loss per share and related information: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands, except per share amounts) Basic and diluted: Net loss $ (134,364) $ (110,721) $ (293,749) $ (203,778) Weighted average common shares outstanding 293,222 258,589 285,877 258,439 Basic and diluted net loss per share $ (0.46) $ (0.43) $ (1.03) $ (0.79) |
Stock-Based Plans and Compens_2
Stock-Based Plans and Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Research and development $ 492 $ 731 $ 1,025 $ 1,416 Selling, general and administrative 1,382 2,192 3,020 3,917 Total stock option and PSO expense 1,874 2,923 4,045 5,333 RSU and PSU expense: Research and development 2,525 2,702 5,008 5,620 Selling, general and administrative 7,460 6,458 15,782 12,025 Total RSU and PSU expense 9,985 9,160 20,790 17,645 Total stock-based compensation expense $ 11,859 $ 12,083 $ 24,835 $ 22,978 |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Research and development $ 492 $ 731 $ 1,025 $ 1,416 Selling, general and administrative 1,382 2,192 3,020 3,917 Total stock option and PSO expense 1,874 2,923 4,045 5,333 RSU and PSU expense: Research and development 2,525 2,702 5,008 5,620 Selling, general and administrative 7,460 6,458 15,782 12,025 Total RSU and PSU expense 9,985 9,160 20,790 17,645 Total stock-based compensation expense $ 11,859 $ 12,083 $ 24,835 $ 22,978 |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Stock option and PSO expense: Research and development $ 492 $ 731 $ 1,025 $ 1,416 Selling, general and administrative 1,382 2,192 3,020 3,917 Total stock option and PSO expense 1,874 2,923 4,045 5,333 RSU and PSU expense: Research and development 2,525 2,702 5,008 5,620 Selling, general and administrative 7,460 6,458 15,782 12,025 Total RSU and PSU expense 9,985 9,160 20,790 17,645 Total stock-based compensation expense $ 11,859 $ 12,083 $ 24,835 $ 22,978 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 351,999 $ — $ — $ 351,999 U.S. treasuries 98,902 — — 98,902 Corporate bonds — 483,011 — 483,011 Total assets at fair value $ 450,901 $ 483,011 $ — $ 933,912 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificates of deposit 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 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: June 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 218,833 $ — $ 218,833 Total liabilities at fair value $ — $ 218,833 $ — $ 218,833 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Operating Lease Maturities | Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of June 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 5,069 $ 151 2024 10,114 233 2025 10,190 203 2026 10,347 152 2027 10,313 38 Thereafter 61,372 14 Total payments 107,405 791 Less: present value discount/imputed interest 47,678 146 Present value of lease liabilities $ 59,727 $ 645 |
Summary of Finance Lease Maturities | Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) and future minimum finance lease payments as of June 30, 2023 are as follows: Operating Leases Finance Leases (In thousands) 2023 (for the remaining period) $ 5,069 $ 151 2024 10,114 233 2025 10,190 203 2026 10,347 152 2027 10,313 38 Thereafter 61,372 14 Total payments 107,405 791 Less: present value discount/imputed interest 47,678 146 Present value of lease liabilities $ 59,727 $ 645 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Six Months Ended June 30, 2023 2022 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 533 $ 43 Interest 10,625 — Supplemental disclosure of non-cash investing and financing activities: Unpaid property, plant and equipment $ 9,848 $ 1,343 Issuance of common stock through RSUs vested 6,662 7,440 |
Cash, Cash Equivalents and Ma_3
Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | $ 398,035 | $ 342,627 | $ 370,064 | $ 550,030 |
Cash, cash equivalents and marketable securities, Amortized Cost | 982,276 | 987,050 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gain (Loss) | (2,328) | (7,315) | ||
Total assets at fair value | 979,948 | 979,735 | ||
U.S. treasuries | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Marketable securities, Amortized Cost | 98,873 | 79,570 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gain (Loss) | 29 | (53) | ||
Marketable securities, Fair Value | 98,902 | 79,517 | ||
Corporate bonds | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Marketable securities, Amortized Cost | 485,368 | 564,853 | ||
Cash, cash equivalents and marketable securities, Gross Unrealized Gain (Loss) | (2,357) | (7,262) | ||
Marketable securities, Fair Value | 483,011 | 557,591 | ||
Cash and restricted cash | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | 46,036 | 51,651 | ||
Cash and cash equivalents, Fair Value | 46,036 | 51,651 | ||
Money market | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | 351,999 | 249,249 | ||
Cash and cash equivalents, Fair Value | $ 351,999 | 249,249 | ||
Certificates of deposit | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash and cash equivalents, Amortized Cost | 41,727 | |||
Cash and cash equivalents, Fair Value | $ 41,727 |
Cash, Cash Equivalents and Ma_4
Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |||||
Interest receivable | $ 2.7 | $ 2.7 | $ 4.5 | ||
Accretion income on marketable securities | 2 | 2.5 | |||
Amortization expense for marketable securities | $ 1.8 | $ 4 | |||
Maturity within one year, amortize cost | 584.2 | 584.2 | |||
Maturity within one year, fair value | $ 581.9 | $ 581.9 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 13,625 | $ 15,033 |
Spare parts | 4,625 | 9,010 |
Inventories | $ 18,250 | $ 24,043 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 138,967 | $ 116,649 |
Less: accumulated depreciation and amortization | 69,098 | 62,991 |
Property, plant and equipment, net | 69,869 | 53,658 |
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 | 9,117 |
Aircraft | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 784 | 195 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 38,144 | 37,223 |
Information technology software and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 38,457 | 33,387 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 31,610 | 31,086 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 19,578 | $ 4,339 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Depreciation and Amortization (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 3,192 | $ 2,915 | $ 6,437 | $ 5,767 |
Research and development | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | 1,217 | 1,248 | 2,461 | 2,501 |
Selling, general and administrative | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation and amortization | $ 1,975 | $ 1,667 | $ 3,976 | $ 3,266 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,800 | $ 2,092 | $ 5,610 | $ 4,069 |
Variable lease cost | 584 | 2,106 | 1,285 | 3,316 |
Short-term lease cost | 6 | 0 | 12 | 0 |
Finance lease cost: | ||||
Amortization of assets under finance leases | 66 | 29 | 131 | 58 |
Interest on finance lease liabilities | 20 | 4 | 39 | 9 |
Total finance lease cost | 86 | 33 | 170 | 67 |
Total lease cost | $ 3,476 | $ 4,231 | $ 7,077 | $ 7,452 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flow Information: | ||
Operating cash flows for operating leases | $ 4,245 | $ 5,087 |
Operating cash flows for finance leases | 39 | 9 |
Financing cash flows for finance leases | 116 | 66 |
Assets acquired in exchange for lease obligations: | ||
Operating leases | 270 | 4,924 |
Finance leases | $ 140 | $ 0 |
Weighted average remaining lease term: | ||
Operating leases (in years) | 10 years 2 months 12 days | 11 years 2 months 12 days |
Finance leases (in years) | 3 years 2 months 12 days | 1 year 8 months 12 days |
Weighted average discount rates: | ||
Operating leases | 12.20% | 11.70% |
Finance leases | 12.90% | 8.10% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Long-term right-of-use assets | $ 47,230 | $ 48,463 |
Short-term operating lease liabilities | 3,822 | 3,020 |
Long-term operating lease liabilities | 55,905 | 56,645 |
Total operating lease liabilities | $ 59,727 | $ 59,665 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 24,158 | $ 26,554 |
Accrued manufacturing sub-contractor and contract labor costs | 15,272 | 19,398 |
Other accrued expenses | 19,688 | 15,896 |
Accrued liabilities, current, total | $ 59,118 | $ 61,848 |
Convertible Senior Notes - Narr
Convertible Senior Notes - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 19, 2022 | |
Line of Credit Facility [Line Items] | |||||
Interest expense | $ 3,216,000 | $ 3,157,000 | $ 6,427,000 | $ 5,631,000 | |
Amortization of debt issuance costs | 1,075,000 | 841,000 | |||
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 | 6,400,000 | 5,600,000 | ||
Amortization of debt issuance costs | $ 500,000 | $ 400,000 | $ 1,100,000 | $ 800,000 |
Convertible Senior Notes - 2027
Convertible Senior Notes - 2027 Notes (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal | $ 425,000 | $ 425,000 |
Less: unamortized debt issuance costs | 8,205 | 9,280 |
Net carrying amount | $ 416,795 | $ 415,720 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 34 | $ 23 | $ 162 | $ 48 |
Effective income tax rate | 0% | 0% | 0% | 0% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 11 Months Ended | ||
Jun. 30, 2023 | Aug. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Class of Warrant or Right [Line Items] | ||||||
Stock issuance costs | $ 2,961 | $ 0 | ||||
2022 ATM program | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock sold, aggregate consideration | $ 300,000 | |||||
Stock sold (in shares) | 59.4 | |||||
Proceeds from sale of common stock | $ 300,000 | |||||
Stock issuance costs | $ 3,000 | |||||
2023 ATM program | ||||||
Class of Warrant or Right [Line Items] | ||||||
Stock sold, aggregate consideration | $ 400,000 | |||||
Stock sold (in shares) | 17.2 | |||||
Proceeds from sale of common stock | $ 76,800 | |||||
Stock issuance costs | $ 800 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic and diluted: | ||||
Net loss, basic | $ (134,364) | $ (110,721) | $ (293,749) | $ (203,778) |
Net loss, diluted | $ (134,364) | $ (110,721) | $ (293,749) | $ (203,778) |
Weighted average common shares outstanding - basic (in shares) | 293,222 | 258,589 | 285,877 | 258,439 |
Weighted average common share outstanding - diluted (in shares) | 293,222 | 258,589 | 285,877 | 258,439 |
Basic net loss per share (in dollars per share) | $ (0.46) | $ (0.43) | $ (1.03) | $ (0.79) |
Diluted net loss per share (in dollars per share) | $ (0.46) | $ (0.43) | $ (1.03) | $ (0.79) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-based Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential effect of warrants to purchase stock (in shares) | 46.7 | 42.7 | 46.7 | 42.7 |
Stock-Based Plans and Compens_3
Stock-Based Plans and Compensation - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 USD ($) plan shares | Jun. 08, 2023 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity incentive plan | plan | 2 | |
Stock option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 6.1 | |
Unrecognized compensation cost, period for recognition | 10 months 24 days | |
Performance stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 0.1 | |
Unrecognized compensation cost, period for recognition | 2 months 12 days | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, period for recognition | 1 year 2 months 12 days | |
Unrecognized stock-based compensation expense, excluding options | $ 63.7 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, period for recognition | 1 year 2 months 12 days | |
Unrecognized stock-based compensation expense, excluding options | $ 8.7 | |
Stock Plan, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock reserved for issuance (in shares) | shares | 21,208,755 | |
Increase in number of shares reserved for future issuance (in shares) | shares | 8,200,000 | |
2023 Equity Inducement Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock reserved for issuance (in shares) | shares | 2,800,000 |
Stock-Based Plans and Compens_4
Stock-Based Plans and Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 11,859 | $ 12,083 | $ 24,835 | $ 22,978 |
Stock option and PSO | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,874 | 2,923 | 4,045 | 5,333 |
Stock option and PSO | Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 492 | 731 | 1,025 | 1,416 |
Stock option and PSO | Selling, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,382 | 2,192 | 3,020 | 3,917 |
RSU and PSU | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 9,985 | 9,160 | 20,790 | 17,645 |
RSU and PSU | Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,525 | 2,702 | 5,008 | 5,620 |
RSU and PSU | Selling, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 7,460 | $ 6,458 | $ 15,782 | $ 12,025 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 979,948 | $ 979,735 |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 98,902 | 79,517 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 483,011 | 557,591 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 933,912 | 928,084 |
Total liabilities at fair value | 218,833 | 193,439 |
Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 218,833 | 193,439 |
Fair Value, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 98,902 | 79,517 |
Fair Value, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities, Fair Value | 483,011 | 557,591 |
Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 450,901 | 370,493 |
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 | 98,902 | 79,517 |
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 | 483,011 | 557,591 |
Total liabilities at fair value | 218,833 | 193,439 |
Level 2 | Fair Value, Recurring | 2027 Notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
2027 Notes | 218,833 | 193,439 |
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 | 483,011 | 557,591 |
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 | 351,999 | 249,249 |
Money market | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 351,999 | 249,249 |
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 | 351,999 | 249,249 |
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 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 41,727 | |
Certificates of deposit | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 41,727 | |
Certificates of deposit | Level 1 | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 41,727 | |
Certificates of deposit | 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 | |
Certificates of deposit | 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 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - shareholder | Jun. 30, 2023 | Dec. 13, 2022 |
Operating Leased Assets [Line Items] | ||
Number of shareholders | 4 | |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Operating lease, renewal term (in years) | 3 years | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Operating lease, renewal term (in years) | 20 years |
Commitments and Contingencies_2
Commitments and Contingencies - Lease Maturities (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Operating Leases | |
2023 (for the remaining period) | $ 5,069 |
2024 | 10,114 |
2025 | 10,190 |
2026 | 10,347 |
2027 | 10,313 |
Thereafter | 61,372 |
Total payments | 107,405 |
Less: present value discount/imputed interest | 47,678 |
Present value of lease liabilities | 59,727 |
Finance Leases | |
2023 (for the remaining period) | 151 |
2024 | 233 |
2025 | 203 |
2026 | 152 |
2027 | 38 |
Thereafter | 14 |
Total payments | 791 |
Less: present value discount/imputed interest | 146 |
Present value of lease liabilities | $ 645 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash payments for: | ||
Income taxes | $ 533 | $ 43 |
Interest | 10,625 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Unpaid property, plant and equipment | 9,848 | 1,343 |
Issuance of common stock through RSUs vested | $ 6,662 | $ 7,440 |