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
- Deliveries of Li ONEs were 14,464 vehicles in the fourth
quarter of 2020, representing a 67.0% quarter-over-quarter increase
and setting a new quarterly record. Deliveries for the full year
2020 reached 32,624 vehicles.
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2020 Q1 |
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2020 Q2 |
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2020 Q3 |
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2020 Q4 |
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2020 FY |
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Deliveries |
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2,896 |
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6,604 |
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8,660 |
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14,464 |
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32,624 |
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- As of December 31, 2020, the Company had 52 retail stores
covering 41 cities in addition to 114 servicing centers and Li
Auto-authorized body and paint shops operating in 83 cities.
Financial Highlights for the Fourth Quarter of
2020
- Vehicle sales were RMB4.06 billion (US$621.9
million) in the fourth quarter of 2020, representing a 64.6%
increase from RMB2.46 billion in the third quarter of 2020.
- Vehicle margin2 was 17.1% in the fourth
quarter of 2020, compared with 19.8% in the third quarter of
2020.
- Total revenues were RMB4.15 billion (US$635.5
million) in the fourth quarter of 2020, representing a 65.2%
increase from RMB2.51 billion in the third quarter of 2020.
- Gross profit was RMB724.6 million (US$111.0
million) in the fourth quarter of 2020, representing a 45.9%
increase from RMB496.8 million in the third quarter of 2020.
- Gross margin was 17.5% in the fourth quarter
of 2020, compared with 19.8% in the third quarter of 2020.
- Loss from operations was RMB78.9 million
(US$12.1 million) in the fourth quarter of 2020, representing a
56.2% decrease from RMB180.0 million in the third quarter of 2020.
Non-GAAP loss from operations3 was RMB71.1 million
(US$10.9 million) in the fourth quarter of 2020, representing a
58.0% increase from RMB45.0 million in the third quarter of
2020.
- Net income was RMB107.5 million (US$16.5
million) in the fourth quarter of 2020, compared with RMB106.9
million net loss in the third quarter of 2020. Non-GAAP net
income3 was RMB115.4 million (US$17.7 million) in the
fourth quarter of 2020, representing a 621.3% increase from RMB16.0
million in the third quarter of 2020.
- Operating cash flow was RMB1.82 billion
(US$279.1 million) in the fourth quarter of 2020, representing a
95.9% increase from RMB929.8 million in the third quarter of
2020.
- Free cash flow4 was RMB1.60 billion (US$245.1
million) in the fourth quarter of 2020, representing a 113.2%
increase from RMB749.9 million in the third quarter of 2020.
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Key
Financial Results |
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(in
millions, except for percentages) |
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For the Three Months Ended |
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|
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December 31, |
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September 30, |
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Q o Q |
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2020 |
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2020 |
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% Change5 |
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(RMB) |
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(RMB) |
|
|
Vehicle sales |
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4,057.7 |
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2,464.7 |
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64.6% |
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Vehicle
margin |
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17.1% |
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19.8% |
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(2.7%) |
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Total
revenues |
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4,146.9 |
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2,510.8 |
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65.2% |
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Gross
profit |
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724.6 |
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496.8 |
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45.9% |
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Gross
margin |
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17.5% |
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19.8% |
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(2.3%) |
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Loss
from operations |
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(78.9) |
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(180.0) |
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(56.2%) |
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Non-GAAP
loss from operations |
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(71.1) |
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(45.0) |
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58.0% |
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Net
income/(loss) |
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107.5 |
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(106.9) |
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N/A |
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Non-GAAP
net income |
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115.4 |
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16.0 |
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621.3% |
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Operating cash flow |
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1,821.3 |
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929.8 |
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95.9% |
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Free
cash flow |
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1,599.1 |
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749.9 |
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113.2% |
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Recent Developments
Deliveries Update
- In January 2021, the Company delivered 5,379 Li ONEs,
representing a 355.8% increase compared to January 2020. As of
January 31, 2021, the Company had 60 retail stores covering 47
cities, in addition to 121 servicing centers and Li Auto-authorized
body and paint shops operating in 89 cities.
Completion of Offering of American Depositary
Shares
- In December 2020, the Company completed a follow-on offering of
54,050,000 American depositary shares (the “ADSs”), each
representing two Class A ordinary shares of the Company, including
the underwriters’ full-exercise of the option to purchase
additional ADSs, at a price of US$29.00 per ADS. The net proceeds
of this offering were US$1.53 billion.The Company plans to use the
net proceeds from the offering for research and development of (i)
next-generation electric vehicle technologies, including
high-voltage platforms, high C-rate battery, and ultra-fast
charging, (ii) the next BEV platform and future car models, and
(iii) autonomous driving technologies and solutions, as well as for
general corporate purposes.
Safety Evaluation Results
- In January 2021, the Company announced the safety evaluation
results for Li ONE published by the China Insurance Automotive
Safety Index (“C-IASI” or “中国保险汽车安全指数”) Management Center based on
crash tests. Li ONE achieved the G rating, the highest safety
rating, in three out of four evaluation categories – occupant
safety, pedestrian safety, and assistance safety. In the category
of crashworthiness and repair economy, Li ONE received an M rating,
one of the top results received by large premium SUVs.
- In January 2021, Li ONE received five-star ratings for both
volatile organic compounds (“VOC”) & vehicle odor intensity
(“VOI”), and electromagnetic radiation (“EMR”) in the China
Automobile Health Index (“C-AHI” or “中国汽车健康指数”) assessment by China
Automotive Engineering Research Institute Co., Ltd.
(“中国汽车工程研究院股份有限公司”).
- In February 2021, Li ONE achieved a five-star safety rating in
the latest China-New Car Assessment Program (“C-NCAP” or
“中国新车评价规程”) test released by China Automotive Technology and
Research Center Co., Ltd. (“中国汽车技术研究中心有限公司”). Li ONE received a
weighted score of 92.2%, including 94.73% on occupant protection,
72.89% on pedestrian protection, and 100% on active safety. Li ONE
is the only large SUV model that received top C-IASI, C-AHI and
C-NCAP scores.
New Research and Development (“R&D”)
Center
- In February 2021, the Company announced the establishment of a
new R&D center in Shanghai, China dedicated to the development
of cutting-edge electric vehicle technologies. These technologies
include high-voltage platforms, ultra-fast charging technologies,
autonomous driving technologies, next generation intelligent
cockpits, operating systems and computing platforms. This R&D
center will have end-to-end development capabilities for new
models. The R&D center has already started recruiting, and
expects to ultimately house over 2,000 staff in the future.
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
- Total revenues were RMB4.15 billion (US$635.5
million) in the fourth quarter of 2020, representing a 65.2%
increase from RMB2.51 billion in the third quarter of 2020.
- Vehicle sales were RMB4.06 billion (US$621.9
million) in the fourth quarter of 2020, representing a 64.6%
increase from RMB2.46 billion in the third quarter of 2020. The
increase in revenue from vehicle sales was mainly attributable to a
67.0% increase in vehicle deliveries to 14,464 vehicles in the
fourth quarter of 2020 from 8,660 vehicles in the third quarter of
2020.
- Other sales and services were RMB89.2 million
(US$13.7 million) in the fourth quarter of 2020, representing a
93.5% increase from RMB46.1 million in the third quarter of 2020.
The increase in revenue from other sales and services was in line
with the increased vehicle sales and the increased number of
vehicles using the Company’s services.
Cost of Sales and Gross Margin
- Cost of sales was RMB3.42 billion (US$524.5
million) in the fourth quarter of 2020, representing a 70.1%
increase from RMB2.01 billion in the third quarter of 2020.
- Gross profit was RMB724.6 million (US$111.0
million) in the fourth quarter of 2020, representing a 45.9%
increase from RMB496.8 million in the third quarter of 2020. The
increase of gross profit was primarily attributable to increased
vehicle sales.
- Vehicle margin was 17.1% in the fourth quarter
of 2020, compared with 19.8% in the third quarter of 2020. The
decrease in vehicle margin was primarily due to a decrease in
one-time rebate from suppliers compared with the third quarter of
2020.
- Gross margin was 17.5% in the fourth quarter
of 2020, compared with 19.8% in the third quarter of 2020, which
was mainly attributable to the decrease of vehicle margin.
Operating Expenses
- Total operating expenses were RMB803.5 million
(US$123.1 million) in the fourth quarter of 2020, representing an
18.7% increase from RMB676.7 million in the third quarter of
2020.
- Research and development expenses were
RMB374.2 million (US$57.3 million) in the fourth quarter of 2020,
representing an 11.9% increase from RMB334.5 million in the third
quarter of 2020. Non-GAAP research and development
expenses3 were RMB369.1 million (US$56.6 million) in the
fourth quarter of 2020, representing a 32.4% increase from RMB278.8
million in the third quarter of 2020. The increase in research and
development expenses was primarily attributable to increased
research and development activities for the Company’s next vehicle
model and increased headcount, offset by the significant decrease
in share-based compensation expenses over the third quarter of
2020, in which period higher cumulative share-based compensation
expenses were recognized related to the stock options granted to
employees with service conditions and a performance condition
related to the IPO.
- Selling, general and administrative expenses
were RMB429.3 million (US$65.8 million) in the fourth quarter of
2020, representing a 25.5% increase from RMB342.2 million in the
third quarter of 2020. Non-GAAP selling, general and
administrative expenses3 were RMB426.8 million (US$65.4
million) in the fourth quarter of 2020, representing a 61.5%
increase from RMB264.2 million in the third quarter of 2020. The
increase in selling, general and administrative expenses was
primarily driven by increased marketing and promotional activities
and increased headcount, offset by the significant decrease in
share-based compensation expenses over the third quarter of 2020,
in which period higher cumulative share-based compensation expenses
were recognized related to the stock options granted to employees
with service conditions and a performance condition related to the
IPO.
Loss from Operations
- Loss from operations was RMB78.9 million
(US$12.1 million) in the fourth quarter of 2020, representing a
56.2% decrease from RMB180.0 million in the third quarter of 2020.
Non-GAAP loss from operations was RMB71.1 million
(US$10.9 million) in the fourth quarter of 2020, representing a
58.0% increase from RMB45.0 million in the third quarter of
2020.
Net Income and Earnings Per Share
- Net income was RMB107.5 million (US$16.5
million) in the fourth quarter of 2020, compared with RMB106.9
million net loss in the third quarter of 2020. Non-GAAP net
income was RMB115.4 million (US$17.7 million) in the
fourth quarter of 2020, representing a 621.3% increase from RMB16.0
million in the third quarter of 2020.
- Basic and diluted net income per
ADS6 attributable to ordinary
shareholders were RMB0.12 (US$0.02) and RMB0.12 (US$0.02),
respectively, in the fourth quarter of 2020, compared with both
RMB0.52 net loss per ADS in the third quarter of 2020.
Non-GAAP basic and diluted net income per ADS attributable
to ordinary shareholders3 were RMB0.13 (US$0.02) and
RMB0.13 (US$0.02), respectively, in the fourth quarter of 2020,
compared with RMB0.03 and RMB0.02, respectively, in the third
quarter of 2020.
Cash position, Operating Cash Flow and Free Cash
Flow
- Balance of cash and cash equivalents, restricted cash,
time deposits and short-term investments was RMB29.87
billion (US$4.58 billion) as of December 31, 2020.
- Operating cash flow was RMB1.82 billion
(US$279.1 million) in the fourth quarter of 2020, representing a
95.9% increase from RMB929.8 million in the third quarter of
2020.
- Free cash flow was RMB1.60 billion (US$245.1
million) in the fourth quarter of 2020, representing a 113.2%
increase from RMB749.9 million in the third quarter of 2020.
Financial Results for the Fiscal Year
2020
Revenues
- Total revenues were RMB9.46 billion (US$1.45
billion) in 2020, compared with RMB284.4 million in 2019. The
Company began making deliveries of Li ONEs in December 2019 and the
fiscal year 2020 was the first full year after commencing making
deliveries.
- Vehicle sales were RMB9.28 billion (US$1.42
billion) in 2020, compared with RMB281.0 million in 2019.
- Other sales and services were RMB173.9 million
(US$26.7 million) in 2020, compared with RMB3.4 million in
2019.
Cost of Sales and Gross Margin
- Cost of sales was RMB7.91 billion (US$1.21
billion) in 2020, compared with RMB284.5 million in 2019.
- Gross profit was RMB1.55 billion (US$237.4
million) in 2020, compared with RMB0.1 million gross loss in
2019.
- Vehicle margin was 16.4% in 2020, compared
with 0.5% in 2019.
- Gross margin was 16.4% in 2020, compared with
0.0% in 2019.
Operating Expenses
- Total operating expenses were RMB2.22 billion
(US$340.1 million) in 2020, representing a 19.4% increase from
RMB1.86 billion in 2019.
- Research and development expenses were RMB1.10
billion (US$168.6 million) in 2020, representing a 6.0% decrease
from RMB1.17 billion in 2019. Non-GAAP research and
development expenses were RMB1.04 billion (US$159.2
million) in 2020, representing an 11.1% decrease from RMB1.17
billion in 2019. The decrease in research and development expenses
was primarily due to higher validation and testing fees incurred in
2019 to prepare for the production of Li ONE, partially offset by
an increase in employee compensation expenses due to share-based
compensation expenses recognized for stock options with service
conditions and a performance condition related to the IPO as well
as increased headcount.
- Selling, general and administrative expenses
were RMB1.12 billion (US$171.5 million) in 2020, representing a
62.5% increase from RMB689.4 million in 2019. Non-GAAP
selling, general and administrative expenses were RMB1.04
billion (US$159.1 million) in 2020, representing a 50.9% increase
from RMB689.4 million in 2019. The increase in selling, general and
administrative expenses was primarily attributable to (i) an
increase in employee compensation due to increased headcount and
share-based compensation expenses recognized for stock options with
service conditions and a performance condition related to the IPO,
(ii) increased marketing and promotional activities, and (iii)
increased rental and related expenses with the expansion of our
network of retail stores and delivery and servicing centers.
Loss from Operations
- Loss from operations was RMB669.3 million
(US$102.6 million) in 2020, representing a 64.0% decrease from
RMB1.86 billion in 2019. Non-GAAP loss from
operations was RMB526.5 million (US$80.7 million) in 2020,
representing a 71.7% decrease from RMB1.86 billion in 2019.
Net Loss and Earnings Per Share
- Net loss was RMB151.7 million (US$23.2
million) in 2020, representing a 93.8% decrease from RMB2.44
billion in 2019. Non-GAAP net loss was RMB281.2
million (US$43.1 million) in 2020, representing an 86.0% decrease
from RMB2.01 billion in 2019.
- Basic and diluted net loss per
ADS attributable to ordinary
shareholders were both RMB1.82 (US$0.28) for the full year
2020. Non-GAAP basic and diluted net loss per ADS
attributable to ordinary shareholders were both RMB0.65
(US$0.10) for the full year 2020. As of December 31, 2020, the
Company had 1,809,288,310 ordinary shares outstanding.
Operating Cash Flow and Free Cash Flow
- Operating cash flow was RMB3.14 billion
(US$481.2 million) in 2020, compared with negative RMB1.79 billion
in 2019.
- Free cash flow was RMB2.46 billion (US$377.7
million) in 2020, compared with negative RMB2.75 billion in
2019.
Employees
- As of December 31, 2020, we had a total of 4,181
employees.
Business Outlook
For the first quarter of 2021, the Company expects:
- Deliveries of vehicles to be between 10,500
and 11,500 vehicles, representing an increase of 262.6% to 297.1%
from the first quarter of 2020.
- Total revenues to be between RMB2.94 billion
(US$450.6 million) and RMB3.22 billion (US$493.5 million),
representing an increase of 245.9% to 278.8% from the first 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.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 RelationsEmail: ir@lixiang.com
The Piacente Group, Inc.Yang SongTel:
+86-10-6508-0677Email: Li@tpg-ir.com
Brandi PiacenteTel: +1-212-481-2050Email: Li@tpg-ir.com
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Li Auto
Inc.Unaudited Condensed Consolidated Statements of
(Loss)/Income |
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(in thousands,
except for share and per share data) |
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|
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For the Three Months Ended |
|
For the Year Ended |
|
|
September30, 2020 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2020 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
(RMB) |
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(RMB) |
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(US$) |
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(RMB) |
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(RMB) |
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(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 |
|
|
September30, 2020 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31, 2019 |
|
December31, 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.
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