Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Operating Highlights for the Fourth Quarter of 2020
2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 FY | ||||||||
Deliveries | 2,896 | 6,604 | 8,660 | 14,464 | 32,624 |
Financial Highlights for the Fourth Quarter of 2020
Key Financial Results | |||||||||
(in millions, except for percentages) | |||||||||
For the Three Months Ended | |||||||||
December 31, | September 30, | Q o Q | |||||||
2020 | 2020 | % Change5 | |||||||
(RMB) | (RMB) | ||||||||
Vehicle sales | 4,057.7 | 2,464.7 | 64.6% | ||||||
Vehicle margin | 17.1% | 19.8% | (2.7%) | ||||||
Total revenues | 4,146.9 | 2,510.8 | 65.2% | ||||||
Gross profit | 724.6 | 496.8 | 45.9% | ||||||
Gross margin | 17.5% | 19.8% | (2.3%) | ||||||
Loss from operations | (78.9) | (180.0) | (56.2%) | ||||||
Non-GAAP loss from operations | (71.1) | (45.0) | 58.0% | ||||||
Net income/(loss) | 107.5 | (106.9) | N/A | ||||||
Non-GAAP net income | 115.4 | 16.0 | 621.3% | ||||||
Operating cash flow | 1,821.3 | 929.8 | 95.9% | ||||||
Free cash flow | 1,599.1 | 749.9 | 113.2% |
Recent Developments
Deliveries Update
Completion of Offering of American Depositary Shares
Safety Evaluation Results
New Research and Development (“R&D”) Center
CEO and CFO Comments
Mr. Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “Against the backdrop of a once-in-a-century shift in the automotive industry to smart electric vehicles, the fourth quarter capped off a year of significant growth for our company. We delivered 14,464 Li ONEs during the quarter, up 67.0% on a quarter-over-quarter basis. With 32,624 vehicles delivered to our users in 2020, Li ONE became the best-selling new energy SUV of the year in China. This outstanding performance was fueled by strong demand driven by our distinctive product offering and superior user experience, and made possible by our focused product strategy and our ability to rapidly scale up a consistent and high-quality manufacturing process, a critical pillar of our business. We are especially thankful to our teams for their dedication and focus as they faced the unprecedented impact of the COVID-19 pandemic in 2020. With our donations to the affected regions in China, including the cities of Wuhan and Shijiazhuang, we want to shoulder some of the burden and lend a hand to those in need. We are also proud that Li ONE users’ clubs in various cities have been mobilized to help in the fight against the pandemic.
“As always, we are grateful for the consistent support and trust from our users. Looking ahead, we will accelerate the development of the second-generation extended-range platform and high-voltage BEV technologies, aiming to enrich our model mix to cater to the needs of a wider range of family users, while adhering to the brand positioning of premium smart electric vehicles, all in an effort to maximize the value proposition for our users. We are planning on the reconfiguration of our state-of-the-art Changzhou factory for our new model pipeline, especially the full-size premium SUV based on brand new architecture to be launched in 2022. With the establishment of our Shanghai R&D center, we are also expediting R&D across the board to provide safer, more convenient, and more refined products and services.
“Having successfully completed the first phase of our strategic cycle and entered the second stage this year, we will continue racing ahead toward our mission - creating homes on the move that bring happiness to the entire family (“创造移动的家,创造幸福的家”),” concluded Mr. Li.
Mr. Tie Li, chief financial officer of Li Auto, added, “Our robust results in the fourth quarter once again demonstrate the effectiveness of our product strategy and outstanding operational efficiencies. Our total revenues reached RMB4.15 billion, 65.2% higher than the third quarter and significantly exceeding the top end of our revenue guidance by 22.4%. Our gross margin remained robust at 17.5% in the fourth quarter, reflecting our manufacturing efficiency and disciplined cost management approach. Most notably, we nearly doubled our operating cash flow quarter-over-quarter to a record high of RMB1.82 billion, and raised US$1.53 billion in net proceeds through our successful follow-on offering, setting a solid financial foundation as we increase investments for autonomous driving technologies and BEV platforms for our future growth. We are excited to enter 2021 on an upbeat note and look forward to effectively executing our roadmap to deliver value for our users and shareholders alike.”
Financial Results for the Fourth Quarter of 2020
Revenues
Cost of Sales and Gross Margin
Operating Expenses
Loss from Operations
Net Income and Earnings Per Share
Cash position, Operating Cash Flow and Free Cash Flow
Financial Results for the Fiscal Year 2020
Revenues
Cost of Sales and Gross Margin
Operating Expenses
Loss from Operations
Net Loss and Earnings Per Share
Operating Cash Flow and Free Cash Flow
Employees
Business Outlook
For the first quarter of 2021, the Company expects:
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.S. Eastern Time on Thursday, February 25, 2021 (8:30 p.m. Beijing Time on February 25, 2021) to discuss financial results and answer questions from investors and analysts.
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/7869500
A replay of the conference call will be accessible through March 5, 2021, by dialing the following numbers:
United States: | +1-855-452-5696 |
Mainland China: | +86-400-602-2065 |
Hong Kong, China: | +852-3051-2780 |
International: | +61-2-8199-0299 |
Conference ID: | 7869500 |
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 research and development expenses, Non-GAAP selling, general and administrative expenses, Non-GAAP loss from operations, Non-GAAP net income/(loss), Non-GAAP basic and diluted net income/(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, deemed dividend to preferred shareholders upon extinguishment, 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 U.S. GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the Non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
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 Li Auto Inc.
Li Auto Inc. is an innovator in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric SUVs. Through innovative products, technology, and business model, the Company provides customers with safe, convenient, and cost-effective mobility solutions. Li Auto is the first to successfully commercialize extended-range electric vehicles in China. The Company started volume production of its first model, Li ONE, in November 2019. With Li ONE, the Company leverages its in-house technology to create value for our customers, focusing on range extension, smart technology, and autonomous driving solutions. Beyond Li ONE, the Company aims to expand its product line by developing new vehicles to target a broader consumer base.
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 U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles, Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
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Brandi Piacente
Tel: +1-212-481-2050
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Li Auto Inc. Unaudited Condensed Consolidated Statements of (Loss)/Income | |||||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||||
For the Three Months Ended | For the Year Ended | ||||||||||||||||||
September 30, 2020 | December 31, 2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2020 | ||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (audited) | (unaudited) | (unaudited) | ||||||||||||||
(RMB) | (RMB) | (US$) | (RMB) | (RMB) | (US$) | ||||||||||||||
Revenues: | |||||||||||||||||||
Vehicle sales | 2,464,724 | 4,057,737 | 621,875 | 280,967 | 9,282,703 | 1,422,636 | |||||||||||||
Other sales and services | 46,075 | 89,160 | 13,664 | 3,400 | 173,906 | 26,652 | |||||||||||||
Total revenues | 2,510,799 | 4,146,897 | 635,539 | 284,367 | 9,456,609 | 1,449,288 | |||||||||||||
Cost of sales: | |||||||||||||||||||
Vehicle sales | (1,976,078 | ) | (3,362,111 | ) | (515,266 | ) | (279,555 | ) | (7,763,628 | ) | (1,189,828 | ) | |||||||
Other sales and services | (37,970 | ) | (60,189 | ) | (9,224 | ) | (4,907 | ) | (143,642 | ) | (22,014 | ) | |||||||
Total cost of sales | (2,014,048 | ) | (3,422,300 | ) | (524,490 | ) | (284,462 | ) | (7,907,270 | ) | (1,211,842 | ) | |||||||
Gross profit/(loss) | 496,751 | 724,597 | 111,049 | (95 | ) | 1,549,339 | 237,446 | ||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | (334,527 | ) | (374,200 | ) | (57,349 | ) | (1,169,140 | ) | (1,099,857 | ) | (168,560 | ) | |||||||
Selling, general and administrative | (342,180 | ) | (429,335 | ) | (65,798 | ) | (689,379 | ) | (1,118,819 | ) | (171,467 | ) | |||||||
Total operating expenses | (676,707 | ) | (803,535 | ) | (123,147 | ) | (1,858,519 | ) | (2,218,676 | ) | (340,027 | ) | |||||||
Loss from operations | (179,956 | ) | (78,938 | ) | (12,098 | ) | (1,858,614 | ) | (669,337 | ) | (102,581 | ) | |||||||
Other income/(expense) | |||||||||||||||||||
Interest expense | (12,862 | ) | (13,123 | ) | (2,011 | ) | (83,667 | ) | (66,916 | ) | (10,255 | ) | |||||||
Interest income and investment income, net | 70,269 | 169,284 | 25,944 | 79,631 | 254,916 | 39,068 | |||||||||||||
Changes in fair value of warrants and derivative liabilities | 12,008 | — | — | (426,425 | ) | 272,327 | 41,736 | ||||||||||||
Others, net | 3,612 | 7,477 | 1,146 | (128,799 | ) | 20,133 | 3,085 | ||||||||||||
(Loss)/income before income tax expense | (106,929 | ) | 84,700 | 12,981 | (2,417,874 | ) | (188,877 | ) | (28,947 | ) | |||||||||
Income tax benefit | — | 22,847 | 3,501 | — | 22,847 | 3,501 | |||||||||||||
Net (loss)/income from continuing operations | (106,929 | ) | 107,547 | 16,482 | (2,417,874 | ) | (166,030 | ) | (25,446 | ) | |||||||||
Net (loss)/income from discontinued operations, net of tax | — | — | — | (20,662 | ) | 14,373 | 2,203 | ||||||||||||
Net (loss)/income | (106,929 | ) | 107,547 | 16,482 | (2,438,536 | ) | (151,657 | ) | (23,243 | ) | |||||||||
Accretion on convertible redeemable preferred shares to redemption value | (120,617 | ) | — | — | (743,100 | ) | (651,190 | ) | (99,799 | ) | |||||||||
Deemed dividend to preferred shareholders upon extinguishment, net | — | — | — | (217,362 | ) | — | — | ||||||||||||
Effect of exchange rate changes on convertible redeemable preferred shares | (93,104 | ) | — | — | 117,391 | 10,862 | 1,665 | ||||||||||||
Net (loss)/income attributable to ordinary shareholders | (320,650 | ) | 107,547 | 16,482 | (3,281,607 | ) | (791,985 | ) | (121,377 | ) | |||||||||
Weighted average number of ADSs | |||||||||||||||||||
Basic | 614,802,583 | 863,519,155 | 863,519,155 | — | 435,001,639 | 435,001,639 | |||||||||||||
Diluted | 614,802,583 | 891,416,573 | 891,416,573 | — | 435,001,639 | 435,001,639 | |||||||||||||
Net (loss)/income per ADS attributable to ordinary shareholders | |||||||||||||||||||
Basic | (0.52 | ) | 0.12 | 0.02 | — | (1.82 | ) | (0.28 | ) | ||||||||||
Diluted | (0.52 | ) | 0.12 | 0.02 | — | (1.82 | ) | (0.28 | ) | ||||||||||
Li Auto Inc. Unaudited Condensed Consolidated Balance Sheets | |||||||
(in thousands, except for share and per share data) | |||||||
As of December 31, | |||||||
2019 | 2020 | 2020 | |||||
(audited) | (unaudited) | (unaudited) | |||||
(RMB) | (RMB) | (US$) | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,296,215 | 8,938,341 | 1,369,861 | ||||
Restricted cash | 140,027 | 1,234,178 | 189,146 | ||||
Time deposits and short-term investments | 2,272,653 | 19,701,382 | 3,019,369 | ||||
Trade receivable | 8,303 | 115,549 | 17,709 | ||||
Inventories | 518,086 | 1,048,004 | 160,614 | ||||
Prepayments and other current assets | 812,956 | 353,655 | 54,200 | ||||
Assets held for sale, current | 17,599 | — | — | ||||
Total current assets | 5,065,839 | 31,391,109 | 4,810,899 | ||||
Non-current assets: | |||||||
Long-term investments | 126,181 | 162,853 | 24,958 | ||||
Property, plant and equipment, net | 2,795,122 | 2,478,687 | 379,875 | ||||
Operating lease right-of-use assets, net | 510,227 | 1,277,006 | 195,710 | ||||
Intangible assets, net | 673,867 | 683,281 | 104,717 | ||||
Other non-current assets | 311,933 | 321,184 | 49,224 | ||||
Deferred tax assets | — | 59,156 | 9,066 | ||||
Assets held for sale, non-current | 30,253 | — | — | ||||
Total non-current assets | 4,447,583 | 4,982,167 | 763,550 | ||||
Total assets | 9,513,422 | 36,373,276 | 5,574,449 | ||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short-term borrowings | 238,957 | — | — | ||||
Trade and notes payable | 624,666 | 3,160,515 | 484,370 | ||||
Amounts due to related parties | 9,764 | 19,206 | 2,943 | ||||
Deferred revenue, current | 56,695 | 271,510 | 41,611 | ||||
Operating and finance lease liabilities, current | 538,307 | 210,531 | 32,265 | ||||
Warrants and derivative liabilities | 1,648,690 | — | — | ||||
Accruals and other current liabilities | 867,259 | 647,459 | 99,227 | ||||
Convertible debts, current | 692,520 | — | — | ||||
Liabilities held for sale, current | 2,862 | — | — | ||||
Total current liabilities | 4,679,720 | 4,309,221 | 660,416 | ||||
Non-current liabilities: | |||||||
Long-term borrowings | — | 511,638 | 78,412 | ||||
Deferred revenue, non-current | 5,943 | 135,658 | 20,790 | ||||
Operating and finance lease liabilities, non-current | 241,109 | 1,392,136 | 213,354 | ||||
Deferred tax liabilities | — | 36,309 | 5,565 | ||||
Other non-current liabilities | 5,519 | 184,717 | 28,309 | ||||
Total non-current liabilities | 252,571 | 2,260,458 | 346,430 | ||||
Total liabilities | 4,932,291 | 6,569,679 | 1,006,846 | ||||
Mezzanine equity | 10,255,662 | — | — | ||||
Total shareholders’ (deficit)/equity | (5,674,531 | ) | 29,803,597 | 4,567,603 | |||
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity | 9,513,422 | 36,373,276 | 5,574,449 | ||||
Li Auto Inc. Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||
For the Three Months Ended | For the Year Ended | |||||||||||||||||
September 30, 2020 | December 31, 2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2020 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (audited) | (unaudited) | (unaudited) | |||||||||||||
(RMB) | (RMB) | (US$) | (RMB) | (RMB) | (US$) | |||||||||||||
Net cash provided by/(used in) operating activities | 929,759 | 1,821,341 | 279,133 | (1,793,710 | ) | 3,139,804 | 481,196 | |||||||||||
Net cash used in investing activities | (9,883,509 | ) | (8,300,693 | ) | (1,272,137 | ) | (2,574,836 | ) | (18,737,725 | ) | (2,871,683 | ) | ||||||
Net cash provided by financing activities | 14,885,719 | 9,990,955 | 1,531,181 | 5,655,690 | 24,710,697 | 3,787,080 | ||||||||||||
Effect of exchange rate changes | (233,245 | ) | (149,910 | ) | (22,975 | ) | 53,722 | (376,646 | ) | (57,722 | ) | |||||||
Net change in cash, cash equivalents and restricted cash | 5,698,724 | 3,361,693 | 515,202 | 1,340,866 | 8,736,130 | 1,338,871 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,112,102 | 6,810,826 | 1,043,805 | 95,523 | 1,436,389 | 220,136 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | 6,810,826 | 10,172,519 | 1,559,007 | 1,436,389 | 10,172,519 | 1,559,007 | ||||||||||||
Net cash provided by/(used in) operating activities | 929,759 | 1,821,341 | 279,133 | (1,793,710 | ) | 3,139,804 | 481,196 | |||||||||||
Capital expenditures | (179,880 | ) | (222,228 | ) | (34,058 | ) | (952,901 | ) | (675,187 | ) | (103,477 | ) | ||||||
Free cash flow | 749,879 | 1,599,113 | 245,075 | (2,746,611 | ) | 2,464,617 | 377,719 |
Li Auto Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||
For the Three Months Ended | For the Year Ended | |||||||||||||||||
September 30, 2020 | December 31, 2020 | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2020 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
(RMB) | (RMB) | (US$) | (RMB) | (RMB) | (US$) | |||||||||||||
Cost of sales | (2,014,048 | ) | (3,422,300 | ) | (524,490 | ) | (284,462 | ) | (7,907,270 | ) | (1,211,842 | ) | ||||||
Shared-based compensation expenses | 1,225 | 290 | 44 | — | 1,515 | 232 | ||||||||||||
Non-GAAP cost of sales | (2,012,823 | ) | (3,422,010 | ) | (524,446 | ) | (284,462 | ) | (7,905,755 | ) | (1,211,610 | ) | ||||||
Research and development | (334,527 | ) | (374,200 | ) | (57,349 | ) | (1,169,140 | ) | (1,099,857 | ) | (168,560 | ) | ||||||
Shared-based compensation expenses | 55,715 | 5,074 | 778 | — | 60,789 | 9,316 | ||||||||||||
Non-GAAP research and development expenses | (278,812 | ) | (369,126 | ) | (56,571 | ) | (1,169,140 | ) | (1,039,068 | ) | (159,244 | ) | ||||||
Selling, general and administrative | (342,180 | ) | (429,335 | ) | (65,798 | ) | (689,379 | ) | (1,118,819 | ) | (171,467 | ) | ||||||
Shared-based compensation expenses | 77,993 | 2,498 | 383 | — | 80,491 | 12,336 | ||||||||||||
Non-GAAP selling, general and administrative expenses | (264,187 | ) | (426,837 | ) | (65,415 | ) | (689,379 | ) | (1,038,328 | ) | (159,131 | ) | ||||||
Loss from operations | (179,956 | ) | (78,938 | ) | (12,098 | ) | (1,858,614 | ) | (669,337 | ) | (102,581 | ) | ||||||
Shared-based compensation expenses | 134,933 | 7,862 | 1,205 | — | 142,795 | 21,884 | ||||||||||||
Non-GAAP loss from operations | (45,023 | ) | (71,076 | ) | (10,893 | ) | (1,858,614 | ) | (526,542 | ) | (80,697 | ) | ||||||
Net (loss)/income | (106,929 | ) | 107,547 | 16,482 | (2,438,536 | ) | (151,657 | ) | (23,243 | ) | ||||||||
Shared-based compensation expenses | 134,933 | 7,862 | 1,205 | — | 142,795 | 21,884 | ||||||||||||
Changes in fair value of warrants and derivative liabilities | (12,008 | ) | — | — | 426,425 | (272,327 | ) | (41,736 | ) | |||||||||
Non-GAAP net income/(loss) | 15,996 | 115,409 | 17,687 | (2,012,111 | ) | (281,189 | ) | (43,095 | ) | |||||||||
Net (loss)/income attributable to ordinary shareholders | (320,650 | ) | 107,547 | 16,482 | (3,281,607 | ) | (791,985 | ) | (121,377 | ) | ||||||||
Shared-based compensation expenses | 134,933 | 7,862 | 1,205 | — | 142,795 | 21,884 | ||||||||||||
Changes in fair value of warrants and derivative liabilities | (12,008 | ) | — | — | 426,425 | (272,327 | ) | (41,736 | ) | |||||||||
Accretion on convertible redeemable preferred shares to redemption value | 120,617 | — | — | 743,100 | 651,190 | 99,799 | ||||||||||||
Deemed dividend to preferred shareholders upon extinguishment, net | — | — | — | 217,362 | — | — | ||||||||||||
Effect of exchange rate changes on convertible redeemable preferred shares | 93,104 | — | — | (117,391 | ) | (10,862 | ) | (1,665 | ) | |||||||||
Non-GAAP net income/(loss) attributable to ordinary shareholders | 15,996 | 115,409 | 17,687 | (2,012,111 | ) | (281,189 | ) | (43,095 | ) | |||||||||
Weighted average number of ADSs (Non-GAAP) | ||||||||||||||||||
Basic | 614,802,583 | 863,519,155 | 863,519,155 | — | 435,001,639 | 435,001,639 | ||||||||||||
Diluted | 832,252,188 | 891,416,573 | 891,416,573 | — | 435,001,639 | 435,001,639 | ||||||||||||
Non-GAAP net income/(loss) per ADS attributable to ordinary shareholders7 | ||||||||||||||||||
Basic | 0.03 | 0.13 | 0.02 | — | (0.65 | ) | (0.10 | ) | ||||||||||
Diluted | 0.02 | 0.13 | 0.02 | — | (0.65 | ) | (0.10 | ) |
____________________
1All translations from Renminbi(“RMB”) to U.S. dollar(“US$”) are made at a rate of RMB6.5250 to US$1.00, the noon buying rate in effect on December 31, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.
2Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
3The 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, deemed dividend to preferred shareholders upon extinguishment, net 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.
4Free cash flow represents operating cash flow less capital expenditures.
5Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented.
6Each ADS represents two Class A ordinary shares.
7Non-GAAP basic net income/(loss) per ADS attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/(loss) attributable to ordinary shareholders by the weighted average number of shares outstanding during the periods. Non-GAAP diluted net income/(loss) per ADS attributable to ordinary shareholders is calculated by dividing Non-GAAP net income/(loss) attributable to ordinary shareholders by the weighted average number of shares and dilutive potential shares outstanding during the periods, including the dilutive effect of convertible redeemable preferred shares as determined under the if-converted method and share-based awards as determined under the treasury stock method.
Last Trade: | US$23.65 |
Daily Change: | -1.96 -7.65 |
Daily Volume: | 10,866,855 |
Market Cap: | US$20.890B |
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