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LUCID GROUP, INC.

(LCID)
  Report
Real-time Estimate Cboe BZX  -  09:16 2022-09-26 am EDT
14.03 USD    0.00%
09/15Citigroup Reinstates Lucid Group at Buy With $28 Price Target
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Lucid : Q2 2022 Earnings Release Presentation August 2022

08/03/2022 | 05:19pm EDT

SECOND QUARTER EARNINGS RELEASE

Second Quarter 2022 Earnings Release

August 3, 2022

LUCID GROUP, INC.

SECOND QUARTER EARNINGS RELEASE

Forward Looking Statements

This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook, amount of reservations and related potential sales, future capital expenditures and other operating expenses, expectations and timing related to commercial product launches, including the Project Gravity SUV and the various Air models, production and delivery volumes, the range and performance of Lucid's vehicles, Lucid's estimate of the length of time its existing cash, cash equivalents and investments will be sufficient to fund planned operations, the timing of deliveries, future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, benefits of relocating Lucid's logistics operations center, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, including Lucid's launch plans for the European market and planned manufacturing facility in Saudi Arabia, Lucid Financial Services, the potential success of Lucid's go-to-market strategy and future vehicle programs, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions, including the ongoing conflict between Russia and Ukraine; risks related to prices and availability of commodities, Lucid's supply chain, logistics, inventory management and quality control, and Lucid's ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles; risks related to the uncertainty of Lucid's projected financial information; risks related to the timing of expected business milestones and commercial product launches, including Lucid's ability to mass produce the Lucid Air and complete the tooling of its manufacturing facility; risks related to the expansion of Lucid's manufacturing facility, the construction of new manufacturing facilities and the increase of Lucid's production capacity; Lucid's ability to manage expenses; risks related to future market adoption of Lucid's offerings; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid's future business; changes in regulatory requirements, governmental incentives and fuel and energy prices; Lucid's ability to rapidly innovate; Lucid's ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers; Lucid's ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; risks related to potential vehicle recalls; Lucid's ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid's ability to effectively utilize zero emission vehicle credits and obtain and utilize certain tax and other incentives; Lucid's ability to issue equity or equity-linked securities in the future; Lucid's ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and the impact of the global COVID- 19 pandemic on Lucid's supply chain, including COVID-related shutdowns of Lucid's suppliers' facilities in China, projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this presentation. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this presentation. Accordingly, undue reliance should not be placed upon the forward- looking statements.

Trademarks

This presentation contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Non-GAAP Financial Measures and Key Business Metrics

Consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement Lucid's consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA and Free Cash Flow which are discussed below.

Adjusted EBITDA is defined as net loss before (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) change in fair value of forward contracts, (6) change in fair value of convertible preferred stock warrant liability, (7) change in fair value of common stock warrant liability and (8) stock-based compensation. Adjusted EBITDA is a performance measure that Lucid believes provides useful information to Lucid's management and investors about Lucid's profitability. Free Cash Flow is defined as net cash used in operating activities reduced by capital expenditures. Free Cash Flow is a performance measure that Lucid believes provides useful information to Lucid's management and investors about the amount of cash generated by the business after necessary capital expenditures.

These non-GAAP financial measures facilitate management's internal comparisons to Lucid's historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid's investors regarding measures of Lucid's financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid's performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of Lucid's results as reported under GAAP.

Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid's

operating performance. In addition, other companies, including companies in Lucid's industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid's non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented at the end of the presentation.

LUCID GROUP, INC.

2

SECOND QUARTER EARNINGS RELEASE

Contents

Mission

4

Second Quarter Update

5

Air Grand Touring Performance Debut

6

Vertically Integrated Production

8

Studio and Service Network

9

Financial Highlights

10

Outlook

11

Imagery

12

Financials

20

Appendix

25

LUCID GROUP, INC.

3

SECOND QUARTER EARNINGS RELEASE

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience.

LUCID GROUP, INC.

4

Reservations
(as of 08/03/22)
Potential Sales(1, 2)
(as of 08/03/22)
KSA Purchase Commitments Installed Annual Production Capacity Studios / Service Centers Number of Employees
Cash, Cash Equivalents, & Investments Capital Expenditures
Lucid Air Customer Deliveries

SECOND QUARTER EARNINGS RELEASE

Second Quarter Update

Lucid continued to achieve key milestones demonstrating product leadership. We debuted the 1,050 horsepower Lucid Air Grand Touring Performance at the Goodwood Festival of Speed, recording the fastest time of any production car in the timed Shootout. And we continue to see strong demand for our vehicles with over 37,000 customer reservations representing potential sales of approx. $3.5 billion.

Despite all this positive momentum, along with the entire industry we experienced supply chain and logistics challenges that limited our ability to ramp our production volumes; a challenge compounded by limitations of our logistics systems. As a result, we are reducing our 2022 production guidance to a range of 6,000 to 7,000 vehicles.

We are taking decisive actions to remedy the challenges by bringing our logistics operations in-house, restructuring our logistics and manufacturing organization, adding to our leadership, and addressing these issues with relentless tenacity. We remain confident in our ability to overcome these near-term challenges and capture the tremendous opportunities ahead.

Highlights:

  • Announced launch plans for the European market concurrent with the opening of our first European Studio in Munich, Germany
  • Broke ground on the construction of AMP-2 in Saudi Arabia
  • Launched Lucid Financial Services, a digital platform offering a flexible financing process, including lease and loan purchase options
  • Secured a $1 billion ABL facility and was added to the Russell 1000 Index

KEY STATISTICS

Quarter-to-date as of June 30, 2022; unless otherwise stated 679

Production (first half of 2022)1,405

37,000+

Approx. $3.5B Up to 100,000 34,000

29

5,600+

$4.6B

~$310M

Note: (1) Based on mix assumptions on reservations of 37,000+; (2) Excludes up to 100,000 purchase commitment by the government of Saudi Arabia

LUCID GROUP, INC.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Lucid Group Inc. published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 21:13:06 UTC.


© Publicnow 2022
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Sales 2022 758 M - -
Net income 2022 -1 643 M - -
Net Debt 2022 765 M - -
P/E ratio 2022 -13,6x
Yield 2022 -
Capitalization 23 540 M 23 540 M -
EV / Sales 2022 32,1x
EV / Sales 2023 9,32x
Nbr of Employees 3 900
Free-Float 95,8%
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Managers and Directors
Peter Rawlinson Chief Executive, Technology Officer & Director
Sherry House Chief Financial & Accounting Officer
Andrew N. Liveris Chairman
Eric Bach Chief Engineer & Senior Vice President-Product
Sanjay Chandra Vice President-Information Technology
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