Quarterly total revenues reached
Quarterly deliveries reached 25,116 vehicles
Quarterly gross margin reached 23.3%
Operating Highlights for the Third Quarter of 2021
- Deliveries of Li ONEs were 25,116 vehicles in the third quarter of 2021, representing a 190.0% year-over-year increase.
2021 Q3 | 2021 Q2 | 2021 Q1 | 2020 Q4 | |||||
Deliveries | 25,116 | 17,575 | 12,579 | 14,464 | ||||
2020 Q3 | 2020 Q2 | 2020 Q1 | 2019 Q4 | |||||
Deliveries | 8,660 | 6,604 | 2,896 | 973 | ||||
- As of
September 30, 2021 , the Company had 153 retail stores covering 85 cities and 223 servicing centers andLi Auto -authorized body and paint shops operating in 165 cities.
Financial Highlights for the Third Quarter of 2021
- Vehicle sales were
RMB7.39 billion (US$1.15 billion ) in the third quarter of 2021, representing an increase of 199.7% fromRMB2.46 billion in the third quarter of 2020 and an increase of 50.6% fromRMB4.90 billion in the second quarter of 2021.
- Vehicle margin2 was 21.1% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.7% in the second quarter of 2021.
- Total revenues were
RMB7.78 billion (US$1.21 billion ) in the third quarter of 2021, representing an increase of 209.7% fromRMB2.51 billion in the third quarter of 2020 and an increase of 54.3% fromRMB5.04 billion in the second quarter of 2021.
- Gross profit was
RMB1.81 billion (US$281.2 million ) in the third quarter of 2021, representing an increase of 264.8% fromRMB496.8 million in the third quarter of 2020 and an increase of 90.2% fromRMB952.8 million in the second quarter of 2021.
- Gross margin was 23.3% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.9% in the second quarter of 2021.
- Loss from operations was
RMB97.8 million (US$15.2 million ) in the third quarter of 2021, representing a decrease of 45.7% fromRMB180.0 million in the third quarter of 2020 and a decrease of 81.8% fromRMB535.9 million in the second quarter of 2021. Non-GAAP income from operations3 wasRMB259.4 million (US$40.3 million ) in the third quarter of 2021, compared withRMB45.0 million Non-GAAP loss from operations3 in the third quarter of 2020 andRMB365.5 million Non-GAAP loss from operations in the second quarter of 2021.
- Net loss was
RMB21.5 million (US$3.3 million ) in the third quarter of 2021, representing a decrease of 79.9% fromRMB106.9 million in the third quarter of 2020 and a decrease of 90.9% fromRMB235.5 million in the second quarter of 2021. Non-GAAP net income3 wasRMB335.7 million (US$52.1 million ) in the third quarter of 2021, compared withRMB16.0 million Non-GAAP net income in the third quarter of 2020 andRMB65.1 million Non-GAAP net loss3 in the second quarter of 2021.
- Operating cash flow was
RMB2.17 billion (US$336.7 million ) in the third quarter of 2021, representing an increase of 133.3% fromRMB929.8 million in the third quarter of 2020 and an increase of 54.1% fromRMB1.41 billion in the second quarter of 2021.
- Free cash flow4 was
RMB1.16 billion (US$180.8 million ) in the third quarter of 2021, representing an increase of 55.4% fromRMB749.9 million in the third quarter of 2020 and an increase of 18.6% fromRMB982.1 million in the second quarter of 2021.
Key Financial Results
(in millions, except for percentages)
For the Three Months Ended | % Change5 | |||||||||
YoY | QoQ | |||||||||
RMB | RMB | RMB | ||||||||
Vehicle sales | 2,464.7 | 4,903.3 | 7,385.8 | 199.7% | 50.6% | |||||
Vehicle margin | 19.8% | 18.7% | 21.1% | 1.3% | 2.4% | |||||
Total revenues | 2,510.8 | 5,039.0 | 7,775.2 | 209.7% | 54.3% | |||||
Gross profit | 496.8 | 952.8 | 1,812.0 | 264.8% | 90.2% | |||||
Gross margin | 19.8% | 18.9% | 23.3% | 3.5% | 4.4% | |||||
Loss from operations | (180.0) | (535.9) | (97.8) | (45.7)% | (81.8)% | |||||
Non-GAAP (loss)/income from operations | (45.0) | (365.5) | 259.4 | N/A | N/A | |||||
Net loss | (106.9) | (235.5) | (21.5) | (79.9)% | (90.9)% | |||||
Non-GAAP net income/(loss) | 16.0 | (65.1) | 335.7 | 1,998.1% | N/A | |||||
Operating cash flow | 929.8 | 1,407.6 | 2,169.5 | 133.3% | 54.1% | |||||
Free cash flow | 749.9 | 982.1 | 1,165.0 | 55.4% | 18.6% |
Recent Developments
Deliveries Update
- In
October 2021 , the Company delivered 7,649 Li ONEs, representing a 107.2% increase fromOctober 2020 . As ofOctober 31, 2021 , the Company had 162 retail stores covering 86 cities, in addition to 223 servicing centers andLi Auto -authorized body and paint shops operating in 165 cities.
Extraordinary General Meeting
- On
November 16, 2021 , the Company held an extraordinary general meeting (the "EGM") of shareholders together with the respective class meetings of holders of Class A ordinary shares and Class B ordinary shares (the "Class Meetings") inBeijing, China . Following the EGM and the Class Meetings, the Fifth Amended and Restated Memorandum of Association and Articles of Association was adopted by special resolution, and general unconditional mandates were granted to the directors of the Company by ordinary resolution to issue and repurchase shares.
Updates on Manufacturing Facilities
- Beijing Manufacturing Base
InOctober 2021 , the Company officially commenced construction of itsBeijing manufacturing base which is scheduled to be operational in 2023. It will serve as an important manufacturing base for Li Auto’s premium BEVs, allowing the Company to meet rising market demand with a more diversified product lineup.
Aligned with the Company’s ESG goals, theBeijing manufacturing base will be built on and leverage the existing site’s infrastructure to achieve high reutilization. It will also adopt leading environmentally friendly production processes in addition to being highly automated, intelligent, and flexible.
- Changzhou Manufacturing Base
InNovember 2021 , the Company acquired fromChangzhou Wunan New Energy Vehicle Investment Co., Ltd. 100% of the equity interest inChangzhou Chehejin Standard Factory Construction Co., Ltd. (“Chehejin”), which owns the land use rights and plants that previously had been leased to the Company for the currentChangzhou manufacturing base. This transaction strengthens the Company’s control of theChangzhou manufacturing base.
CEO and CFO Comments
Mr.
"On the heels of the successful 2021 Li ONE launch in May, we delivered strong results in the third quarter, achieving revenue growth of 209.7% year over year, a robust vehicle margin of 21.1%, and operating cash flow at a historical high of
Financial Results for the Third Quarter of 2021
Revenues
- Total revenues were
RMB7.78 billion (US$1.21 billion ) in the third quarter of 2021, representing an increase of 209.7% fromRMB2.51 billion in the third quarter of 2020 and an increase of 54.3% fromRMB5.04 billion in the second quarter of 2021.
- Vehicle sales were
RMB7.39 billion (US$1.15 billion ) in the third quarter of 2021, representing an increase of 199.7% fromRMB2.46 billion in the third quarter of 2020 and an increase of 50.6% fromRMB4.90 billion in the second quarter of 2021. The increase in revenue from vehicle sales over the third quarter of 2020 and the second quarter of 2021 was mainly attributable to the increase of vehicle delivery in the third quarter of 2021.
- Other sales and services were
RMB389.4 million (US$60.4 million ) in the third quarter of 2021, representing an increase of 745.1% fromRMB46.1 million in the third quarter of 2020 and an increase of 187.0% fromRMB135.7 million in the second quarter of 2021. The increase in revenue from other sales and services over the third quarter of 2020 and the second quarter of 2021 was mainly attributable to sales of automotive regulatory credits as well as increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.
Cost of Sales and Gross Margin
- Cost of sales was
RMB5.96 billion (US$925.5 million ) in the third quarter of 2021, representing an increase of 196.1% fromRMB2.01 billion in the third quarter of 2020 and an increase of 45.9% fromRMB4.09 billion in the second quarter of 2021. The increase in cost of sales over the third quarter of 2020 and the second quarter of 2021 was in line with revenue growth, which was mainly driven by the increase in vehicle delivery in third quarter of 2021.
- Gross profit was
RMB1.81 billion (US$281.2 million ) in the third quarter of 2021, representing an increase of 264.8% fromRMB 496.8 million in the third quarter of 2020 and an increase of 90.2% fromRMB952.8 million in the second quarter of 2021.
- Vehicle margin was 21.1% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.7% in the second quarter of 2021. The increase in vehicle margin over the third quarter of 2020 and the second quarter of 2021 was primarily driven by higher average selling price attributable to increasing deliveries of 2021 Li ONE in the third quarter of 2021.
- Gross margin was 23.3% in the third quarter of 2021, compared with 19.8% in the third quarter of 2020 and 18.9% in the second quarter of 2021, mainly driven by the increase in vehicle margin.
Operating Expenses
- Operating expenses were
RMB1.91 billion (US$296.4 million ) in the third quarter of 2021, representing an increase of 182.2% fromRMB676.7 million in the third quarter of 2020 and an increase of 28.3% fromRMB1.49 billion in the second quarter of 2021.
- Research and development expenses were
RMB888.5 million (US$137.9 million ) in the third quarter of 2021, representing an increase of 165.6% fromRMB334.5 million in the third quarter of 2020 and an increase of 36.0% fromRMB653.4 million in the second quarter of 2021. The increase in research and development expenses over the third quarter of 2020 and the second quarter of 2021 was primarily attributable to increased employee compensation as a result of growing research and development staff as well as increased costs associated with new products developments.
- Selling, general and administrative expenses were
RMB1.02 billion (US$158.5 million ) in the third quarter of 2021, representing an increase of 198.5% fromRMB342.2 million in the third quarter of 2020 and an increase of 22.3% fromRMB835.3 million in the second quarter of 2021. The increase in selling, general and administrative expenses over the third quarter of 2020 was primarily driven by increased marketing and promotional activities, as well as increased employee compensation and rental expenses associated with the expansion of the Company’s distribution network. The increase in selling, general and administrative expenses over the second quarter of 2021 was primarily driven by increased employee compensation and rental expenses associated with the expansion of the Company’s distribution network.
Income/Loss from Operations
- Loss from operations was
RMB97.8 million (US$15.2 million ) in the third quarter of 2021, representing a decrease of 45.7% fromRMB180.0 million in the third quarter of 2020 and a decrease of 81.8% fromRMB535.9 million in the second quarter of 2021. Non-GAAP income from operations wasRMB259.4 million (US$40.3 million ) in the third quarter of 2021, compared withRMB45.0 million Non-GAAP loss from operations in the third quarter of 2020 andRMB365.5 million Non-GAAP loss from operations in the second quarter of 2021.
Net Income/Loss and Earnings/Loss Per Share
- Net loss was
RMB21.5 million (US$3.3 million ) in the third quarter of 2021, representing a decrease of 79.9% fromRMB106.9 million in the third quarter of 2020 and a decrease of 90.9% fromRMB235.5 million in the second quarter of 2021. Non-GAAP net income wasRMB335.7 million (US$52.1 million ) in the third quarter of 2021, compared withRMB16.0 million Non-GAAP net income in the third quarter of 2020 andRMB65.1 million Non-GAAP net loss in the second quarter of 2021.
- Basic and diluted loss per ADS6 attributable to ordinary shareholders were both
RMB0.02 (US$0.00 ) in the third quarter of 2021. Non-GAAP basic and diluted earnings per ADS attributable to ordinary shareholders3 wereRMB0.36 (US$0.06 ) andRMB0.34 (US$0.05 ), respectively in the third quarter of 2021.
Cash Position, Operating Cash Flow and Free Cash Flow
- Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was
RMB48.83 billion (US$7.58 billion ) as ofSeptember 30, 2021 .
- Operating cash flow was
RMB2.17 billion (US$336.7 million ) in the third quarter of 2021, representing an increase of 133.3% fromRMB929.8 million in the third quarter of 2020 and an increase of 54.1% fromRMB1.41 billion in the second quarter of 2021.
- Free cash flow was
RMB1.16 billion (US$180.8 million ) in the third quarter of 2021, representing an increase of 55.4% fromRMB749.9 million in the third quarter of 2020 and an increase of 18.6% fromRMB982.1 million in the second quarter of 2021.
Business Outlook
For the fourth quarter of 2021, the Company expects:
- Deliveries of vehicles to be between 30,000 and 32,000 vehicles, representing an increase of 107.4% to 121.2% from the fourth quarter of 2020.
- Total revenues to be between
RMB8.82 billion (US$1.37 billion ) andRMB9.41 billion (US$1.46 billion ), representing an increase of 112.7% to 126.9% from the fourth quarter of 2020.
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.
Conference Call
Management will hold a conference call at 7:30 a.m. U.
For participants who wish to join the call, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an e-mail with detailed instructions to join the conference call.
Participant Online Registration: http://apac.directeventreg.com/registration/event/4527276
A replay of the conference call will be accessible through December 6, 2021, by dialing the following numbers:
+1-855-452-5696 | |
Mainland | +86-400-602-2065 |
+852-3051-2780 | |
International: | +61-2-8199-0299 |
Conference ID: | 4527276 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lixiang.com.
Non-GAAP Financial Measure
The Company uses Non-GAAP measures, such as Non-GAAP income/loss from operations, Non-GAAP net income/loss, Non-GAAP basic and diluted net earnings/loss per ADS attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value, net and the effect of exchange rate changes on convertible redeemable preferred shares, the Company believes that the Non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the Non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The Non-GAAP financial measures are not presented in accordance with
The Company mitigates these limitations by reconciling the Non-GAAP financial measures to the most comparable
For more information on the Non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
About
For more information, please visit: http://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the
For investor and media inquiries, please contact:
Investor Relations
Email: ir@lixiang.com
Tel: +86-10-6508-0677
Email: Li@tpg-ir.com
Tel: +1-212-481-2050
Email: Li@tpg-ir.com
Unaudited Condensed Consolidated Statements of Loss | ||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||||
For the Three Months Ended | ||||||||
RMB | RMB | RMB | US$ | |||||
Revenues: | ||||||||
Vehicle sales | 2,464,724 | 4,903,295 | 7,385,785 | 1,146,256 | ||||
Other sales and services | 46,075 | 135,657 | 389,389 | 60,432 | ||||
Total revenues | 2,510,799 | 5,038,952 | 7,775,174 | 1,206,688 | ||||
Cost of sales: | ||||||||
Vehicle sales | (1,976,078) | (3,988,609) | (5,830,322) | (904,852) | ||||
Other sales and services | (37,970) | (97,563) | (132,890) | (20,624) | ||||
Total cost of sales | (2,014,048) | (4,086,172) | (5,963,212) | (925,476) | ||||
Gross profit | 496,751 | 952,780 | 1,811,962 | 281,212 | ||||
Operating expenses: | ||||||||
Research and development | (334,527) | (653,438) | (888,460) | (137,887) | ||||
Selling, general and administrative | (342,180) | (835,277) | (1,021,299) | (158,503) | ||||
Total operating expenses | (676,707) | (1,488,715) | (1,909,759) | (296,390) | ||||
Loss from operations | (179,956) | (535,935) | (97,797) | (15,178) | ||||
Other (expense)/income: | ||||||||
Interest expense | (12,862) | (19,741) | (19,236) | (2,985) | ||||
Interest income and investment income, net | 70,269 | 232,522 | 150,123 | 23,299 | ||||
Changes in fair value of warrants and derivative liabilities | 12,008 | — | — | — | ||||
Others, net | 3,612 | 120,899 | 67,595 | 10,491 | ||||
(Loss)/income before income tax expense | (106,929) | (202,255) | 100,685 | 15,627 | ||||
Income tax expense | — | (33,234) | (122,195) | (18,964) | ||||
Net loss | (106,929) | (235,489) | (21,510) | (3,337) | ||||
Accretion on convertible redeemable preferred shares to redemption value | (120,617) | — | — | — | ||||
Effect of exchange rate changes on convertible redeemable preferred shares | (93,104) | — | — | — | ||||
Net loss attributable to ordinary shareholders | (320,650) | (235,489) | (21,510) | (3,337) | ||||
Weighted average number of ADSs | ||||||||
Basic | 614,802,583 | 904,997,063 | 933,507,739 | 933,507,739 | ||||
Diluted | 614,802,583 | 904,997,063 | 933,507,739 | 933,507,739 | ||||
Net loss per ADS attributable to ordinary shareholders | ||||||||
Basic | (0.52) | (0.26) | (0.02) | (0.00) | ||||
Diluted | (0.52) | (0.26) | (0.02) | (0.00) | ||||
Weighted average number of ordinary shares | ||||||||
Basic | 1,229,605,165 | 1,809,994,125 | 1,867,015,478 | 1,867,015,478 | ||||
Diluted | 1,229,605,165 | 1,809,994,125 | 1,867,015,478 | 1,867,015,478 | ||||
Net loss per share attributable to ordinary shareholders | ||||||||
Basic | (0.26) | (0.13) | (0.01) | (0.00) | ||||
Diluted | (0.26) | (0.13) | (0.01) | (0.00) |
Unaudited Condensed Consolidated Statements of Loss | ||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||||
For the Three Months Ended | ||||||||
RMB | RMB | RMB | US$ | |||||
Revenues: | ||||||||
Vehicle sales | 2,464,724 | 4,903,295 | 7,385,785 | 1,146,256 | ||||
Other sales and services | 46,075 | 135,657 | 389,389 | 60,432 | ||||
Total revenues | 2,510,799 | 5,038,952 | 7,775,174 | 1,206,688 | ||||
Cost of sales: | ||||||||
Vehicle sales | (1,976,078) | (3,988,609) | (5,830,322) | (904,852) | ||||
Other sales and services | (37,970) | (97,563) | (132,890) | (20,624) | ||||
Total cost of sales | (2,014,048) | (4,086,172) | (5,963,212) | (925,476) | ||||
Gross profit | 496,751 | 952,780 | 1,811,962 | 281,212 | ||||
Operating expenses: | ||||||||
Research and development | (334,527) | (653,438) | (888,460) | (137,887) | ||||
Selling, general and administrative | (342,180) | (835,277) | (1,021,299) | (158,503) | ||||
Total operating expenses | (676,707) | (1,488,715) | (1,909,759) | (296,390) | ||||
Loss from operations | (179,956) | (535,935) | (97,797) | (15,178) | ||||
Other (expense)/income: | ||||||||
Interest expense | (12,862) | (19,741) | (19,236) | (2,985) | ||||
Interest income and investment income, net | 70,269 | 232,522 | 150,123 | 23,299 | ||||
Changes in fair value of warrants and derivative liabilities | 12,008 | — | — | — | ||||
Others, net | 3,612 | 120,899 | 67,595 | 10,491 | ||||
(Loss)/income before income tax expense | (106,929) | (202,255) | 100,685 | 15,627 | ||||
Income tax expense | — | (33,234) | (122,195) | (18,964) | ||||
Net loss | (106,929) | (235,489) | (21,510) | (3,337) | ||||
Accretion on convertible redeemable preferred shares to redemption value | (120,617) | — | — | — | ||||
Effect of exchange rate changes on convertible redeemable preferred shares | (93,104) | — | — | — | ||||
Net loss attributable to ordinary shareholders | (320,650) | (235,489) | (21,510) | (3,337) | ||||
Weighted average number of ADSs | ||||||||
Basic | 614,802,583 | 904,997,063 | 933,507,739 | 933,507,739 | ||||
Diluted | 614,802,583 | 904,997,063 | 933,507,739 | 933,507,739 | ||||
Net loss per ADS attributable to ordinary shareholders | ||||||||
Basic | (0.52) | (0.26) | (0.02) | (0.00) | ||||
Diluted | (0.52) | (0.26) | (0.02) | (0.00) | ||||
Weighted average number of ordinary shares | ||||||||
Basic | 1,229,605,165 | 1,809,994,125 | 1,867,015,478 | 1,867,015,478 | ||||
Diluted | 1,229,605,165 | 1,809,994,125 | 1,867,015,478 | 1,867,015,478 | ||||
Net loss per share attributable to ordinary shareholders | ||||||||
Basic | (0.26) | (0.13) | (0.01) | (0.00) | ||||
Diluted | (0.26) | (0.13) | (0.01) | (0.00) |
Unaudited Condensed Consolidated Balance Sheets | ||||||
(All amounts in thousands) | ||||||
As of | ||||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 8,938,341 | 32,073,075 | 4,977,663 | |||
Restricted cash | 1,234,178 | 1,888,116 | 293,031 | |||
Time deposits and short-term investments | 19,701,382 | 14,871,699 | 2,308,051 | |||
Trade receivable | 115,549 | 267,641 | 41,537 | |||
Inventories | 1,048,004 | 1,534,283 | 238,117 | |||
Prepayments and other current assets | 353,655 | 717,316 | 111,326 | |||
Total current assets | 31,391,109 | 51,352,130 | 7,969,725 | |||
Non-current assets: | ||||||
Long-term investments | 162,853 | 134,526 | 20,878 | |||
Property, plant and equipment, net | 2,478,687 | 3,734,471 | 579,581 | |||
Operating lease right-of-use assets, net | 1,277,006 | 1,904,076 | 295,508 | |||
Intangible assets, net | 683,281 | 706,527 | 109,651 | |||
Deferred tax assets | 59,156 | 1,548 | 240 | |||
Other non-current assets | 321,184 | 1,182,584 | 183,536 | |||
Total non-current assets | 4,982,167 | 7,663,732 | 1,189,394 | |||
Total assets | 36,373,276 | 59,015,862 | 9,159,119 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Trade and notes payable | 3,160,515 | 7,043,912 | 1,093,198 | |||
Amounts due to related parties | 19,206 | 6,304 | 978 | |||
Deferred revenue, current | 271,510 | 244,083 | 37,881 | |||
Operating lease liabilities, current | 210,531 | 425,516 | 66,039 | |||
Accruals and other current liabilities | 647,459 | 1,836,895 | 285,082 | |||
Total current liabilities | 4,309,221 | 9,556,710 | 1,483,178 | |||
Non-current liabilities: | ||||||
Long-term borrowings | 511,638 | 5,988,392 | 929,384 | |||
Deferred revenue, non-current | 135,658 | 311,938 | 48,412 | |||
Operating and finance lease liabilities, non-current | 1,392,136 | 1,741,030 | 270,204 | |||
Deferred tax liabilities | 36,309 | 160,084 | 24,845 | |||
Other non-current liabilities | 184,717 | 510,810 | 79,276 | |||
Total non-current liabilities | 2,260,458 | 8,712,254 | 1,352,121 | |||
Total liabilities | 6,569,679 | 18,268,964 | 2,835,299 | |||
Total shareholders’ equity | 29,803,597 | 40,746,898 | 6,323,820 | |||
Total liabilities and shareholders’ equity | 36,373,276 | 59,015,862 | 9,159,119 |
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
(All amounts in thousands) | ||||||||
For the Three Months Ended | ||||||||
RMB | RMB | RMB | US$ | |||||
Net cash provided by operating activities | 929,759 | 1,407,627 | 2,169,517 | 336,704 | ||||
Net cash (used in)/provided by investing activities | (9,883,509) | (1,217,758) | 6,962,534 | 1,080,568 | ||||
Net cash provided by financing activities | 14,885,719 | 5,533,762 | 11,010,741 | 1,708,839 | ||||
Effect of exchange rate changes | (233,245) | (78,935) | (8,659) | (1,343) | ||||
Net change in cash, cash equivalents and restricted cash | 5,698,724 | 5,644,696 | 20,134,133 | 3,124,768 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 1,112,102 | 8,182,362 | 13,827,058 | 2,145,926 | ||||
Cash, cash equivalents and restricted cash at end of period | 6,810,826 | 13,827,058 | 33,961,191 | 5,270,694 | ||||
Net cash provided by operating activities | 929,759 | 1,407,627 | 2,169,517 | 336,704 | ||||
Capital expenditures | (179,880) | (425,488) | (1,004,543) | (155,903) | ||||
Free cash flow | 749,879 | 982,139 | 1,164,974 | 180,801 |
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
For the Three Months Ended | |||||||||
RMB | RMB | RMB | US$ | ||||||
Loss from operations | (179,956) | (535,935) | (97,797) | (15,178) | |||||
Shared-based compensation expenses | 134,933 | 170,391 | 357,181 | 55,433 | |||||
Non-GAAP (loss)/income from operations | (45,023) | (365,544) | 259,384 | 40,255 | |||||
Net loss | (106,929) | (235,489) | (21,510) | (3,337) | |||||
Shared-based compensation expenses | 134,933 | 170,391 | 357,181 | 55,433 | |||||
Changes in fair value of warrants and derivative liabilities | (12,008) | — | — | — | |||||
Non-GAAP net income/(loss) | 15,996 | (65,098) | 335,671 | 52,096 | |||||
Net loss attributable to ordinary shareholders | (320,650) | (235,489) | (21,510) | (3,337) | |||||
Shared-based compensation expenses | 134,933 | 170,391 | 357,181 | 55,433 | |||||
Changes in fair value of warrants and derivative liabilities | (12,008) | — | — | — | |||||
Accretion on convertible redeemable preferred shares to redemption value | 120,617 | — | — | — | |||||
Effect of exchange rate changes on convertible redeemable preferred shares | 93,104 | — | — | — | |||||
Non-GAAP net income/(loss) attributable to ordinary shareholders | 15,996 | (65,098) | 335,671 | 52,096 | |||||
Weighted average number of ADSs (Non-GAAP) | |||||||||
Basic | 614,802,583 | 904,997,063 | 933,507,739 | 933,507,739 | |||||
Diluted | 832,252,188 | 904,997,063 | 1,000,412,702 | 1,000,412,702 | |||||
Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders | |||||||||
Basic | 0.03 | (0.07) | 0.36 | 0.06 | |||||
Diluted | 0.02 | (0.07) | 0.34 | 0.05 | |||||
Weighted average number of ordinary shares (Non-GAAP) | |||||||||
Basic | 1,229,605,165 | 1,809,994,125 | 1,867,015,478 | 1,867,015,478 | |||||
Diluted | 1,664,504,376 | 1,809,994,125 | 2,000,825,404 | 2,000,825,404 | |||||
Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders7 | |||||||||
Basic | 0.01 | (0.04) | 0.18 | 0.03 | |||||
Diluted | 0.01 | (0.04) | 0.17 | 0.03 |
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1 All translations from Renminbi(“RMB”) to
2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
3 The Company’s Non-GAAP financial measures exclude share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value, and the effect of exchange rate changes on convertible redeemable preferred shares. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
4 Free cash flow represents operating cash flow less capital expenditures.
5 Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented.
6 Each ADS represents two Class A ordinary shares.
7 Non-GAAP basic net earnings/loss per ordinary share attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings/loss per ordinary share attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible redeemable preferred shares and convertible senior notes as determined under the if-converted method, and dilutive effect of share-based awards as determined under the treasury stock method.
Source:
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