Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015),
a leader in China’s new energy vehicle market, today announced its
unaudited financial results for the quarter ended June 30, 2022.
Operating Highlights for the Second Quarter of
2022
- Deliveries of Li ONE were 28,687
vehicles in the second quarter of 2022, representing a 63.2%
year-over-year increase.
Deliveries |
2022 Q2 |
2022 Q1 |
2021 Q4 |
2021 Q3 |
28,687 |
31,716 |
35,221 |
25,116 |
|
|
|
|
|
Deliveries |
2021 Q2 |
2021 Q1 |
2020 Q4 |
2020 Q3 |
17,575 |
12,579 |
14,464 |
8,660 |
- As of June 30, 2022, the Company
had 247 retail stores covering 113 cities, as well as 308 servicing
centers and Li Auto-authorized body and paint shops operating in
226 cities.
Financial Highlights for the Second Quarter of
2022
- Vehicle sales were
RMB8.48 billion (US$1.27 billion) in the second quarter of 2022,
representing an increase of 73.0% from RMB4.90 billion in the
second quarter of 2021 and a decrease of 8.9% from RMB9.31 billion
in the first quarter of 2022.
- Vehicle
margin2 was 21.2% in the second quarter
of 2022, compared with 18.7% in the second quarter of 2021 and
22.4% in the first quarter of 2022.
- Total revenues
were RMB8.73 billion (US$1.30 billion) in the second quarter of
2022, representing an increase of 73.3% from RMB5.04 billion in the
second quarter of 2021 and a decrease of 8.7% from RMB9.56 billion
in the first quarter of 2022.
- Gross profit was
RMB1.88 billion (US$280.4 million) in the second quarter of 2022,
representing an increase of 97.1% from RMB952.8 million in the
second quarter of 2021 and a decrease of 13.2% from RMB2.16 billion
in the first quarter of 2022.
- Gross margin was
21.5% in the second quarter of 2022, compared with 18.9% in the
second quarter of 2021 and 22.6% in the first quarter of 2022.
- Loss from
operations was RMB978.5 million (US$146.1 million) in the
second quarter of 2022, representing an increase of 82.6% from
RMB535.9 million in the second quarter of 2021 and an increase of
136.9% from RMB413.1 million in the first quarter of 2022.
Non-GAAP loss from operations3
was RMB520.8 million (US$77.8 million) in the second quarter of
2022, representing an increase of 42.5% from RMB365.5 million in
the second quarter of 2021, and compared with RMB74.9 million
non-GAAP income from operations3 in the first quarter of 2022.
- Net loss was
RMB641.0 million (US$95.7 million) in the second quarter of 2022,
representing an increase of 172.2% from RMB235.5 million in the
second quarter of 2021, and compared with RMB10.9 million net loss
in the first quarter of 2022. Non-GAAP net
loss3 was RMB183.4 million (US$27.4
million) in the second quarter of 2022, representing an increase of
181.7% from RMB65.1 million in the second quarter of 2021, and
compared with RMB477.1 million non-GAAP net income3 in the first
quarter of 2022.
- Operating cash
flow was RMB1.13 billion (US$168.6 million) in the second
quarter of 2022, representing a decrease of 19.8% from RMB1.41
billion in the second quarter of 2021 and a decrease of 38.4% from
RMB1.83 billion in the first quarter of 2022.
- Free cash
flow4 was RMB451.7 million (US$67.4
million) in the second quarter of 2022, representing a decrease of
54.0% from RMB982.1 million in the second quarter of 2021 and a
decrease of 10.0% from RMB502.0 million in the first quarter of
2022.
Key
Financial Results(in millions, except for
percentages) |
|
For the Three Months Ended |
|
% Change5 |
|
June 30, 2021 |
|
March 31, 2022 |
|
June 30, 2022 |
|
YoY |
|
QoQ |
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
Vehicle sales |
4,903.3 |
|
9,308.6 |
|
8,483.6 |
|
73.0% |
|
(8.9)% |
Vehicle margin |
18.7% |
|
22.4% |
|
21.2% |
|
2.5% |
|
(1.2)% |
|
|
|
|
|
|
|
|
|
|
Total revenues |
5,039.0 |
|
9,562.0 |
|
8,732.6 |
|
73.3% |
|
(8.7)% |
Gross profit |
952.8 |
|
2,163.9 |
|
1,878.3 |
|
97.1% |
|
(13.2)% |
Gross margin |
18.9% |
|
22.6% |
|
21.5 % |
|
2.6% |
|
(1.1)% |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(535.9) |
|
(413.1) |
|
(978.5) |
|
82.6% |
|
136.9% |
Non-GAAP (loss)/income from
operations |
(365.5) |
|
74.9 |
|
(520.8) |
|
42.5% |
|
N/A |
|
|
|
|
|
|
|
|
|
|
Net loss |
(235.5) |
|
(10.9) |
|
(641.0) |
|
172.2% |
|
N/A |
Non-GAAP net
(loss)/income |
(65.1) |
|
477.1 |
|
(183.4) |
|
181.7% |
|
N/A |
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
1,407.6 |
|
1,833.8 |
|
1,129.4 |
|
(19.8)% |
|
(38.4)% |
Free cash flow |
982.1 |
|
502.0 |
|
451.7 |
|
(54.0)% |
|
(10.0)% |
Recent Developments
Delivery Update
- In July 2022, the Company delivered
10,422 Li ONEs, representing a 21.3% increase from July 2021. As of
July 31, 2022, the Company had 259 retail stores covering 118
cities, in addition to 311 servicing centers and Li Auto-authorized
body and paint shops operating in 226 cities.
Li L9
- On June 21, 2022, the Company
officially unveiled Li L9, the flagship smart SUV for families. Li
L9 is a six-seat, full-size flagship SUV, offering superior space
and comfort for family users. Its self-developed flagship range
extension and chassis systems provide excellent drivability with a
CLTC range of 1,315 kilometers and a WLTC range of 1,100
kilometers. With a 44.5 kilowatt-hour new-generation NCM lithium
battery, it can support a CLTC range of 215 kilometers and a WLTC
range of 180 kilometers under the EV mode. Li L9 also features
top-notch vehicle safety measures and the Company’s self-developed
autonomous driving system, Li AD Max, powered by dual Orin-X chips
with 508 TOPS of computing power to protect every family passenger.
Li L9’s innovative five-screen, three-dimensional interactive
intelligent cockpit brings a new level of driving and entertainment
experience. Li L9 comes standard with over 100 flagship features at
a retail price of RMB459,800.
At-The-Market Offering
- On June 28, 2022, the Company
announced an at-the-market offering program (the “ATM Offering”) to
sell up to US$2,000,000,000 of American depositary shares (“ADSs”),
each representing two Class A ordinary shares of the Company.As of
the date of this press release, the Company has sold 9,431,282 ADSs
representing 18,862,564 Class A ordinary shares of the Company
under the ATM Offering raising gross proceeds of US$366.5 million
before deducting fees and commissions payable to the distribution
agents of up to US$4.8 million and certain other offering
expenses.
CEO and CFO Comments
Mr. Xiang Li, founder, chairman, and chief
executive officer of Li Auto, commented, “We delivered solid second
quarter results in an environment with challenges and uncertainties
through operational and product excellence. Our vehicles continued
to win family users, not only illustrating the strength of our
vehicle and the growing appeal of our brand, but also reaffirming
the effectiveness of our strategy.”
“Our second model, Li L9, a flagship smart SUV
for families, has received positive feedback from our users since
its launch on June 21, as evidenced by the especially strong number
of non-refundable orders received for the vehicle. The great
perception and vehicle control capabilities of our self-developed
autonomous driving system, Li AD Max, the excellent drivability
empowered by our flagship range extension system, and the all
new entertainment experience featured in Li L9’s innovative,
interactive space, have all garnered highly positive reviews from
users in test drives.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “We are pleased with our solid second quarter results in the
face of numerous pandemic-related challenges. Driven by our strong
vehicle deliveries, our revenues reached RMB8.73 billion for the
second quarter, up 73.3% year over year. The power of our product,
our execution consistency, and operational resilience enabled us to
mitigate the cost inflation affecting the entire industry. As a
result, our second quarter gross margin remained relatively solid
at 21.5%, up 2.6 percentage points year over year, and our cash
flow from operations reached RMB1.13 billion. In addition, with the
ongoing at-the-market offering of up to US$2.0 billion of American
depositary shares, we are further strengthening our capital base to
support our robust growth trajectory going forward.”
Financial Results for the Second Quarter of
2022
Revenues
- Total revenues
were RMB8.73 billion (US$1.30 billion) in the second quarter of
2022, representing an increase of 73.3% from RMB5.04 billion in the
second quarter of 2021 and a decrease of 8.7% from RMB9.56 billion
in the first quarter of 2022.
- Vehicle sales were
RMB8.48 billion (US$1.27 billion) in the second quarter of 2022,
representing an increase of 73.0% from RMB4.90 billion in the
second quarter of 2021 and a decrease of 8.9% from RMB9.31 billion
in the first quarter of 2022. The increase in revenue from vehicle
sales over the second quarter of 2021 was mainly attributable to
the increase in vehicle deliveries in the second quarter of 2022.
The decrease in revenue from vehicle sales over the first quarter
of 2022 was mainly attributable to the decrease in vehicle
deliveries, which was affected by supply shortage due to the
COVID-19 resurgence in the second quarter of 2022.
- Other sales and
services were RMB249.0 million (US$37.2 million) in the
second quarter of 2022, representing an increase of 83.6% from
RMB135.7 million in the second quarter of 2021 and a decrease of
1.7% from RMB253.4 million in the first quarter of 2022. The
increase in revenue from other sales and services over the second
quarter of 2021 was mainly attributable to 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
RMB6.85 billion (US$1.02 billion) in the second quarter of 2022,
representing an increase of 67.7% from RMB4.09 billion in the
second quarter of 2021 and a decrease of 7.4% from RMB7.40 billion
in the first quarter of 2022. The increase in cost of sales over
the second quarter of 2021 was mainly driven by the increase in
vehicle deliveries in the second quarter of 2022. The decrease in
cost of sales over the first quarter of 2022 was mainly due to the
decrease in vehicle deliveries in the second quarter of 2022.
- Gross profit was
RMB1.88 billion (US$280.4 million) in the second quarter of 2022,
representing an increase of 97.1% from RMB952.8 million in the
second quarter of 2021 and a decrease of 13.2% from RMB2.16 billion
in the first quarter of 2022.
- Vehicle margin was
21.2% in the second quarter of 2022, compared with 18.7% in the
second quarter of 2021 and 22.4% in the first quarter of 2022. The
increase in vehicle margin over the second quarter of 2021 was
primarily driven by a higher average selling price attributable to
the increase of vehicle deliveries of 2021 Li ONE since its release
in May 2021.
- Gross margin was
21.5% in the second quarter of 2022, compared with 18.9% in the
second quarter of 2021 and 22.6% in the first quarter of 2022.
Operating Expenses
- Operating expenses
were RMB2.86 billion (US$426.5 million) in the second quarter of
2022, representing an increase of 91.9% from RMB1.49 billion in the
second quarter of 2021 and an increase of 10.9% from RMB2.58
billion in the first quarter of 2022.
- Research and development
expenses were RMB1.53 billion (US$228.7 million) in the
second quarter of 2022, representing an increase of 134.4% from
RMB653.4 million in the second quarter of 2021 and an increase of
11.5% from RMB1.37 billion in the first quarter of 2022. The
increase in research and development expenses over the second
quarter of 2021 and the first quarter of 2022 was primarily driven
by increased employee compensation as a result of our growing
number of research and development staff as well as increased
expenses associated with new models to be introduced in the
future.
- Selling, general and
administrative expenses were RMB1.33 billion (US$197.8
million) in the second quarter of 2022, representing an increase of
58.6% from RMB835.3 million in the second quarter of 2021 and an
increase of 10.2% from RMB1.20 billion in the first quarter of
2022. The increase in selling, general and administrative expenses
over the second quarter of 2021 and the first quarter of 2022 was
primarily driven by increased employee compensation as a result of
our growing number of staff, as well as increased rental expenses
associated with the expansion of the Company’s sales network.
Loss from Operations
- Loss from
operations was RMB978.5 million (US$146.1 million) in the
second quarter of 2022, representing an increase of 82.6% from
RMB535.9 million in the second quarter of 2021 and an increase of
136.9% from RMB413.1 million in the first quarter of 2022.
Non-GAAP loss from operations was RMB520.8 million
(US$77.8 million) in the second quarter of 2022, representing an
increase of 42.5% from RMB365.5 million in the second quarter of
2021, and compared with RMB74.9 million non-GAAP income from
operations in the first quarter of 2022.
Net Loss and Net Loss Per Share
- Net loss was
RMB641.0 million (US$95.7 million) in the second quarter of 2022,
representing an increase of 172.2% from RMB235.5 million in the
second quarter of 2021, and compared with RMB10.9 million net loss
in the first quarter of 2022. Non-GAAP net loss
was RMB183.4 million (US$27.4 million) in the second quarter of
2022, representing an increase of 181.7% from RMB65.1 million in
the second quarter of 2021, and compared with RMB477.1 million
non-GAAP net income in the first quarter of 2022.
- Basic and diluted net loss
per ADS6 attributable to ordinary shareholders were both
RMB0.64 (US$0.10) in the second quarter of 2022, compared with both
RMB0.26 in the second quarter of 2021, and both RMB0.01 in the
first quarter of 2022. Non-GAAP basic and diluted net loss
per ADS attributable to ordinary
shareholders3 were both RMB0.17 (US$0.02)
in the second quarter of 2022, compared with both RMB0.07 in the
second quarter of 2021, and RMB0.49 and RMB0.47 non-GAAP basic and
diluted net income per ADS attributable to ordinary shareholders3
in the first quarter of 2022, respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Balance of cash and cash
equivalents, restricted cash, time deposits and short-term
investments was RMB53.65 billion (US$8.01 billion) as of
June 30, 2022.
- Operating cash
flow was RMB1.13 billion (US$168.6 million) in the second
quarter of 2022, representing a decrease of 19.8% from RMB1.41
billion in the second quarter of 2021 and a decrease of 38.4% from
RMB1.83 billion in the first quarter of 2022.
- Free cash flow was
RMB451.7 million (US$67.4 million) in the second quarter of 2022,
representing a decrease of 54.0% from RMB982.1 million in the
second quarter of 2021 and a decrease of 10.0% from RMB502.0
million in the first quarter of 2022.
Business Outlook
For the third quarter of 2022, the Company expects:
- Deliveries of
vehicles to be between 27,000 and 29,000 vehicles,
representing an increase of 7.5% to 15.5% from the third quarter of
2021.
- Total revenues to
be between RMB8.96 billion (US$1.34 billion) and RMB9.56 billion
(US$1.43 billion), representing an increase of 15.3% to 22.9% from
the third quarter of 2021.
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 8:00
a.m. U.S. Eastern Time on Monday, August 15, 2022 (8:00 p.m.
Beijing Time on August 15, 2022) 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
prior to the scheduled call start time. Upon registration,
participants will receive the conference call access information,
including dial-in numbers, passcode, and a unique access PIN. To
join the conference, please dial the number provided, enter the
passcode followed by your PIN, and you will join the conference
instantly.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10024172-3mfk5a.html
A replay of the conference call will be accessible through
August 22, 2022, by dialing the following numbers:
United States: |
+1-855-883-1031 |
Mainland China: |
+86-400-1209-216 |
Hong Kong, China: |
+852-800-930-639 |
International: |
+61-7-3107-6325 |
Replay PIN: |
10024172 |
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 financial measures,
such as non-GAAP cost of sales, non-GAAP research and development
expenses, non-GAAP selling, general and administrative expenses,
non-GAAP income/loss from operations, non-GAAP net income/loss,
non-GAAP net income/loss attributable to ordinary shareholders,
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, 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 a leader in China’s new energy
vehicle market. The Company designs, develops, manufactures, and
sells premium smart electric vehicles. Its mission is: Create a
Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations
in product, technology, and business model, the Company provides
families with safe, convenient, and comfortable products and
services. Li Auto is a pioneer to successfully commercialize
extended-range electric vehicles in China. The Company started
volume production in November 2019. Its model lineup includes Li
ONE, a six-seat, large premium smart electric SUV, and Li L9, a
six-seat, full-size, flagship smart SUV. The Company leverages
technology to create value for its users. It concentrates its
in-house development efforts on its proprietary range extension
system, next-generation electric vehicle technology, and smart
vehicle solutions while expanding its product line by developing
new BEVs and EREVs to target a broader user 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”) and The Stock
Exchange of Hong Kong Limited (the “HKEX”), 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 and
the HKEX. 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
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Comprehensive (Loss)/Income(All amounts in thousands,
except for ADS/ordinary share and per ADS/ordinary share data) |
|
For the Three Months Ended |
|
June 30, 2021 |
|
March 31, 2022 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
Vehicle sales |
4,903,295 |
|
9,308,609 |
|
8,483,612 |
|
1,266,570 |
Other sales and services |
135,657 |
|
253,427 |
|
249,009 |
|
37,176 |
Total
revenues |
5,038,952 |
|
9,562,036 |
|
8,732,621 |
|
1,303,746 |
Cost of
sales: |
|
|
|
|
|
|
|
Vehicle sales |
(3,988,609) |
|
(7,219,912) |
|
(6,687,273) |
|
(998,384) |
Other sales and services |
(97,563) |
|
(178,269) |
|
(167,048) |
|
(24,940) |
Total cost of
sales |
(4,086,172) |
|
(7,398,181) |
|
(6,854,321) |
|
(1,023,324) |
Gross
profit |
952,780 |
|
2,163,855 |
|
1,878,300 |
|
280,422 |
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
(653,438) |
|
(1,373,962) |
|
(1,531,644) |
|
(228,668) |
Selling, general and administrative |
(835,277) |
|
(1,202,967) |
|
(1,325,113) |
|
(197,834) |
Total operating
expenses |
(1,488,715) |
|
(2,576,929) |
|
(2,856,757) |
|
(426,502) |
Loss from
operations |
(535,935) |
|
(413,074) |
|
(978,457) |
|
(146,080) |
Other
(expense)/income: |
|
|
|
|
|
|
|
Interest expense |
(19,741) |
|
(10,138) |
|
(21,172) |
|
(3,161) |
Interest income and investment income, net |
232,522 |
|
162,874 |
|
249,662 |
|
37,274 |
Others, net |
120,899 |
|
279,703 |
|
104,695 |
|
15,631 |
(Loss)/Income before
income tax expense |
(202,255) |
|
19,365 |
|
(645,272) |
|
(96,336) |
Income tax (expense)/benefit |
(33,234) |
|
(30,231) |
|
4,226 |
|
631 |
Net loss |
(235,489) |
|
(10,866) |
|
(641,046) |
|
(95,705) |
Less: Net loss attributable to noncontrolling interests |
– |
|
– |
|
(23,080) |
|
(3,446) |
Net loss attributable
to ordinary shareholders of Li Auto Inc. |
(235,489) |
|
(10,866) |
|
(617,966) |
|
(92,259) |
|
|
|
|
|
|
|
|
Net loss |
(235,489) |
|
(10,866) |
|
(641,046) |
|
(95,705) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
(306,229) |
|
(85,116) |
|
1,058,208 |
|
157,986 |
Total other
comprehensive (loss)/income |
(306,229) |
|
(85,116) |
|
1,058,208 |
|
157,986 |
Total comprehensive
(loss)/income |
(541,718) |
|
(95,982) |
|
417,162 |
|
62,281 |
Less: Net loss attributable to noncontrolling interests |
– |
|
– |
|
(23,080) |
|
(3,446) |
Comprehensive
(loss)/income attributable to ordinary shareholders of Li Auto
Inc. |
(541,718) |
|
(95,982) |
|
440,242 |
|
65,727 |
Weighted average
number of ADSs |
|
|
|
|
|
|
|
Basic |
904,997,063 |
|
964,870,446 |
|
965,395,732 |
|
965,395,732 |
Diluted |
904,997,063 |
|
964,870,446 |
|
965,395,732 |
|
965,395,732 |
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic |
(0.26) |
|
(0.01) |
|
(0.64) |
|
(0.10) |
Diluted |
(0.26) |
|
(0.01) |
|
(0.64) |
|
(0.10) |
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
Basic |
1,809,994,125 |
|
1,929,740,892 |
|
1,930,791,463 |
|
1,930,791,463 |
Diluted |
1,809,994,125 |
|
1,929,740,892 |
|
1,930,791,463 |
|
1,930,791,463 |
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic |
(0.13) |
|
(0.01) |
|
(0.32) |
|
(0.05) |
Diluted |
(0.13) |
|
(0.01) |
|
(0.32) |
|
(0.05) |
Li Auto
Inc.Unaudited Condensed Consolidated Balance
Sheets(All amounts in thousands) |
|
As of |
|
December 31, 2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
27,854,224 |
|
33,888,442 |
|
5,059,411 |
Restricted cash |
2,638,840 |
|
3,206,578 |
|
478,729 |
Time deposits and short-term investments |
19,668,239 |
|
16,553,080 |
|
2,471,310 |
Trade receivable |
120,541 |
|
81,773 |
|
12,208 |
Inventories |
1,617,890 |
|
3,006,695 |
|
448,888 |
Prepayments and other current assets |
480,680 |
|
1,149,869 |
|
171,671 |
Total current assets |
52,380,414 |
|
57,886,437 |
|
8,642,217 |
Non-current assets: |
|
|
|
|
|
Long-term investments |
156,306 |
|
709,121 |
|
105,869 |
Property, plant and equipment, net |
4,498,269 |
|
7,367,707 |
|
1,099,970 |
Operating lease right-of-use assets, net |
2,061,492 |
|
3,117,056 |
|
465,364 |
Intangible assets, net |
751,460 |
|
801,940 |
|
119,726 |
Deferred tax assets |
19,896 |
|
11,652 |
|
1,740 |
Other non-current assets |
1,981,076 |
|
2,593,042 |
|
387,131 |
Total non-current assets |
9,468,499 |
|
14,600,518 |
|
2,179,800 |
Total assets |
61,848,913 |
|
72,486,955 |
|
10,822,017 |
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short‑term borrowings |
37,042 |
|
387,346 |
|
57,829 |
Trade and notes payable |
9,376,050 |
|
13,090,146 |
|
1,954,307 |
Amounts due to related parties |
37,455 |
|
6,176 |
|
922 |
Deferred revenue, current |
305,092 |
|
346,306 |
|
51,702 |
Operating lease liabilities, current |
473,245 |
|
567,559 |
|
84,734 |
Accruals and other current liabilities |
1,879,368 |
|
3,414,526 |
|
509,777 |
Total current liabilities |
12,108,252 |
|
17,812,059 |
|
2,659,271 |
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
5,960,899 |
|
8,040,405 |
|
1,200,401 |
Deferred revenue, non-current |
389,653 |
|
548,272 |
|
81,855 |
Operating lease liabilities, non-current |
1,369,825 |
|
1,712,981 |
|
255,741 |
Deferred tax liabilities |
153,723 |
|
122,430 |
|
18,278 |
Other non-current liabilities |
802,259 |
|
1,599,082 |
|
238,736 |
Total non-current liabilities |
8,676,359 |
|
12,023,170 |
|
1,795,011 |
Total liabilities |
20,784,611 |
|
29,835,229 |
|
4,454,282 |
Total Li Auto Inc. shareholders’ equity |
41,064,302 |
|
42,356,138 |
|
6,323,605 |
Noncontrolling interests |
– |
|
295,588 |
|
44,130 |
Total shareholders’ equity |
41,064,302 |
|
42,651,726 |
|
6,367,735 |
Total liabilities and shareholders’ equity |
61,848,913 |
|
72,486,955 |
|
10,822,017 |
|
|
|
|
|
|
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(All amounts in thousands) |
|
|
For the Three Months Ended |
|
|
June 30, 2021 |
|
March 31, 2022 |
|
June 30, 2022 |
|
June 30, 2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Net cash provided by operating
activities |
|
1,407,627 |
|
1,833,769 |
|
1,129,407 |
|
168,616 |
Net cash (used in)/provided by
investing activities |
|
(1,217,758) |
|
1,564,251 |
|
(740,518) |
|
(110,556) |
Net cash provided by financing
activities |
|
5,533,762 |
|
902,991 |
|
1,026,855 |
|
153,305 |
Effect of exchange rate
changes |
|
(78,935) |
|
(77,503) |
|
962,704 |
|
143,727 |
Net change in cash, cash equivalents and restricted
cash |
|
5,644,696 |
|
4,223,508 |
|
2,378,448 |
|
355,092 |
Cash, cash equivalents and
restricted cash at beginning of period |
|
8,182,362 |
|
30,493,064 |
|
34,716,572 |
|
5,183,048 |
Cash, cash equivalents
and restricted cash at end of period |
|
13,827,058 |
|
34,716,572 |
|
37,095,020 |
|
5,538,140 |
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
1,407,627 |
|
1,833,769 |
|
1,129,407 |
|
168,616 |
Capital expenditures |
|
(425,488) |
|
(1,331,814) |
|
(677,755) |
|
(101,186) |
Free cash
flow |
|
982,139 |
|
501,955 |
|
451,652 |
|
67,430 |
|
|
|
|
|
|
|
|
|
Li Auto
Inc.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 |
|
|
June 30,2021 |
|
March 31,2022 |
|
June 30,2022 |
|
June 30,2022 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Cost of sales |
|
(4,086,172) |
|
(7,398,181) |
|
(6,854,321) |
|
(1,023,324) |
Share-based compensation expenses |
|
6,204 |
|
10,665 |
|
9,301 |
|
1,389 |
Non-GAAP cost of
sales |
|
(4,079,968) |
|
(7,387,516) |
|
(6,845,020) |
|
(1,021,935) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(653,438) |
|
(1,373,962) |
|
(1,531,644) |
|
(228,668) |
Share-based compensation
expenses |
|
109,771 |
|
324,532 |
|
301,449 |
|
45,005 |
Non-GAAP research and
development expenses |
|
(543,667) |
|
(1,049,430) |
|
(1,230,195) |
|
(183,663) |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(835,277) |
|
(1,202,967) |
|
(1,325,113) |
|
(197,834) |
Share-based compensation
expenses |
|
54,416 |
|
152,754 |
|
146,858 |
|
21,925 |
Non-GAAP selling,
general and administrative expenses |
|
(780,861) |
|
(1,050,213) |
|
(1,178,255) |
|
(175,909) |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(535,935) |
|
(413,074) |
|
(978,457) |
|
(146,080) |
Share-based compensation
expenses |
|
170,391 |
|
487,951 |
|
457,608 |
|
68,319 |
Non-GAAP (loss)/income from operations |
|
(365,544) |
|
74,877 |
|
(520,849) |
|
(77,761) |
|
|
|
|
|
|
|
|
|
Net loss |
|
(235,489) |
|
(10,866) |
|
(641,046) |
|
(95,705) |
Share-based compensation
expenses |
|
170,391 |
|
487,951 |
|
457,608 |
|
68,319 |
Non-GAAP net
(loss)/income |
|
(65,098) |
|
477,085 |
|
(183,438) |
|
(27,386) |
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of Li Auto Inc. |
|
(235,489) |
|
(10,866) |
|
(617,966) |
|
(92,259) |
Share-based compensation
expenses |
|
170,391 |
|
487,951 |
|
457,608 |
|
68,319 |
Non-GAAP net
(loss)/income attributable to ordinary
shareholders of Li Auto Inc. |
|
(65,098) |
|
477,085 |
|
(160,358) |
|
(23,940) |
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs (Non-GAAP) |
|
|
|
|
|
|
|
|
Basic |
|
904,997,063 |
|
964,870,446 |
|
965,395,732 |
|
965,395,732 |
Diluted |
|
904,997,063 |
|
1,035,309,021 |
|
965,395,732 |
|
965,395,732 |
Non-GAAP net
(loss)/earnings per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
Basic |
|
(0.07) |
|
0.49 |
|
(0.17) |
|
(0.02) |
Diluted |
|
(0.07) |
|
0.47 |
|
(0.17) |
|
(0.02) |
Weighted average
number of ordinary shares (Non-GAAP) |
|
|
|
|
|
|
|
|
Basic |
|
1,809,994,125 |
|
1,929,740,892 |
|
1,930,791,463 |
|
1,930,791,463 |
Diluted |
|
1,809,994,125 |
|
2,070,618,042 |
|
1,930,791,463 |
|
1,930,791,463 |
Non-GAAP net
(loss)/earnings per share attributable to ordinary
shareholders7 |
|
|
|
|
|
|
|
|
Basic |
|
(0.04) |
|
0.25 |
|
(0.08) |
|
(0.01) |
Diluted |
|
(0.04) |
|
0.23 |
|
(0.08) |
|
(0.01) |
__________________________
1 All translations from Renminbi (“RMB”) to
U.S. dollar (“US$”) are made at a rate of RMB6.6981 to US$1.00, the
noon buying rate in effect on June 30, 2022 as set forth in the
H.10 statistical release of the Federal Reserve Board.
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. 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, which is considered a non-GAAP financial
measure.
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 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 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, dilutive potential
ordinary shares outstanding during the periods, including the
dilutive effects of convertible senior notes as determined under
the if-converted method and the dilutive effect of share-based
awards as determined under the treasury stock method.
Li Auto (NASDAQ:LI)
Historical Stock Chart
From Apr 2024 to May 2024
Li Auto (NASDAQ:LI)
Historical Stock Chart
From May 2023 to May 2024