NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’s
premium electric vehicle market, today announced its unaudited
financial results for the third quarter ended September 30,
2019.
Operating Highlights for the Third quarter of
2019
- Deliveries of vehicles were 4,799 in the third
quarter of 2019 including 4,196 ES6s and 603 ES8s, compared with
3,553 vehicles delivered in the second quarter of 2019.
Key Operating Results |
|
|
|
|
2019 Q3 |
2019 Q2 |
2019 Q1 |
Deliveries |
4,799 |
3,553 |
3,989 |
Financial Highlights for the Third
quarter of 2019
- Vehicle sales were RMB1,733.5 million
(US$242.5 million) in the third quarter of 2019, representing an
increase of 22.5% from the second quarter of 2019 and an increase
of 21.5% from the same quarter of 2018.
- Vehicle margin1 was negative 6.8%, compared
with negative 24.1% in the second quarter of 2019 and negative 4.3%
in the same quarter of 2018.
- Total revenues were RMB1,836.8 million
(US$257.0 million) in the third quarter of 2019, representing an
increase of 21.8% from the second quarter of 2019 and an increase
of 25.0% from the same quarter of 2018.
- Gross margin was negative 12.1%, compared with
negative 33.4% in the second quarter of 2019 and negative 7.9% in
the same quarter of 2018.
- Loss from operations was RMB2,409.2 million
(US$337.1 million) in the third quarter of 2019, representing a
decrease of 25.3% from the second quarter of 2019 and a decrease of
14.3% from the same quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,338.8 million (US$327.2 million) in the third quarter of 2019,
representing a decrease of 25.4% from the second quarter of 2019
and a 1.6% decrease from the same quarter of 2018.
- Net loss was RMB2,521.7 million (US$352.8
million) in the third quarter of 2019, representing a decrease of
23.3% from the second quarter of 2019 and a decrease of 10.3% from
the same quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB2,451.2 million
(US$342.9 million) in the third quarter of 2019, representing a
decrease of 23.2% from the second quarter of 2019 and a 3.1%
increase from the same quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders was RMB2,553.6 million (US$357.3 million) in
the third quarter of 2019, representing a decrease of 22.9% from
the second quarter of 2019 and a decrease of 73.8% from the same
quarter of 2018. Excluding share-based compensation expenses and
accretion on redeemable non-controlling interests to redemption
value, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB2,451.3 million (US$342.9
million).
- Basic and diluted net loss per American depositary
share (ADS)2 were both RMB2.48 (US$0.35) in the third
quarter of 2019. Excluding share-based compensation expenses and
accretion on redeemable non-controlling interests to redemption
value, adjusted basic and diluted net loss per ADS (non-GAAP) were
both RMB2.38 (US$0.33).
- Cash and cash equivalents, restricted cash and
short-term investment were RMB1,960.7 million (US$274.3
million) as of September 30, 2019.
Key Financial Results
(in RMB million, except for per ordinary share data and
percentage) |
|
|
|
|
|
|
|
|
|
2019 Q3 |
2019 Q2 |
|
2018 Q3 |
|
% Change3 |
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
|
1,733.5 |
|
1,414.5 |
|
|
1,426.9 |
|
|
22.5 |
% |
21.5 |
% |
Vehicle Margin |
|
-6.8 |
% |
-24.1 |
% |
|
-4.3 |
% |
|
17.3 |
% |
-2.5 |
% |
Total Revenues |
|
1,836.8 |
|
1,508.6 |
|
|
1,469.6 |
|
|
21.8 |
% |
25.0 |
% |
Gross Margin |
|
-12.1 |
% |
-33.4 |
% |
|
-7.9 |
% |
|
21.3 |
% |
-4.2 |
% |
Loss from Operations |
|
(2,409.2 |
) |
(3,226.1 |
) |
|
(2,809.9 |
) |
|
-25.3 |
% |
-14.3 |
% |
Adjusted Loss from Operations (non-GAAP) |
(2,338.8 |
) |
(3,133.9 |
) |
|
(2,377.7 |
) |
|
-25.4 |
% |
-1.6 |
% |
Net Loss |
|
(2,521.7 |
) |
(3,285.8 |
) |
|
(2,810.4 |
) |
|
-23.3 |
% |
-10.3 |
% |
Adjusted Net Loss (non-GAAP) |
(2,451.2 |
) |
(3,193.6 |
) |
|
(2,378.2 |
) |
|
-23.2 |
% |
3.1 |
% |
Net Loss Attributable to Ordinary Shareholders |
(2,553.6 |
) |
(3,313.7 |
) |
|
(9,756.8 |
) |
|
-22.9 |
% |
-73.8 |
% |
Net Loss per Ordinary Share-Basic and Diluted |
(2.48 |
) |
(3.23 |
) |
|
(42.59 |
) |
|
-23.1 |
% |
-94.2 |
% |
Adjusted Net Loss per Ordinary Share-Basic and Diluted
(non-GAAP) |
(2.38 |
) |
(3.11 |
) |
|
(10.35 |
) |
|
-23.3 |
% |
-77.0 |
% |
New Product Announcements
- On December 28, 2019, the third NIO Day was held in Shenzhen,
China. The Company announced the 100-kWh battery pack and 20-kW DC
Power Home. Deliveries of 100-kWh battery pack are estimated to
begin in 2020 Q4 and expected to significantly improve the driving
range of all NIO vehicle models. Aided by the Company’s proprietary
battery-swap technologies, NIO offers its users flexible battery
upgrade programs, making “Battery as a Service” a unique value
proposition.
- At this event, the Company unveiled its third production model,
the EC6, a smart premium electric coupe SUV. The EC6 performance
version is equipped with a 160-kW permanent magnet motor and a
240-kW induction motor and capable of accelerating from zero to 100
kph in just 4.7 seconds. With the 100-kWh battery pack, the EC6
performance version boasts an NEDC range of up to 615 km. NIO plans
to announce the prices and specifications of EC6 in July and the
delivery is expected to begin in September 2020.
- During the NIO Day, the Company released the all-new ES8, the
flagship smart premium electric SUV. With the 100-kWh battery pack,
the all-new ES8 has an NEDC range of up to 580 km, a major
improvement in its range performance. The Company plans to commence
deliveries of the new ES8 in April 2020.
CEO and CFO Comments
“NIO delivered a total of 4,799 ES8 and ES6
vehicles in the third quarter of 2019, representing a 35.1%
increase from the second quarter. The electric vehicle sector
experienced substantial softness in the second half of 2019 after
the reduction of EV subsidies in China. Despite the challenges,
NIO’s sales improved solidly since September,” said William Bin Li,
founder, chairman and chief executive officer of NIO. “Our strong
performance was attributable to the competitiveness of our products
and services, the recognition and strong support from our user
community, and our sales network expansion strategy as we continue
to launch more efficient NIO Spaces. We expect over 8,000 vehicles
to be delivered in the fourth quarter, a record of quarterly
deliveries in our history. With that, the total aggregate
deliveries in 2019 are estimated to reach over 20,300.
“On December 28, we hosted our third annual NIO
Day, dedicated to and for, our user community. During the event, we
unveiled a brand-new model, the EC6, a smart premium electric coupe
SUV, showcasing our pursuit of both high performance and stylish
design in our products. We also launched the all-new ES8, NIO’s
flagship model, being well positioned to become the most
competitive electric SUV in the mid to large size segment.
Furthermore, we will make available a 100-kWh battery pack, which
will significantly increase the NEDC driving range of the new ES8,
ES6 and EC6 to 580, 610 and 615 kilometers respectively.
“We had delivered over 30,000 vehicles in 296
cities since June 2018, expanded our product offerings to 3
competitive SUV models, and successfully established the only
premium EV brand from China. We are proud of our team for the
speedy and solid execution. We will continue to drive forward by
improving our products and services, enhancing our sales and
service network, as well as building our user community,” concluded
Mr. Li.
“Facing a continuous soft auto market, we
strongly believe the smart premium EV sector will outperform the
industry in its growth rate in the foreseeable future. NIO ranked
the highest in new vehicle quality among all brands in JD Power’s
2019 New Energy Vehicle Experience Index Study. Additionally, ES6
achieved No.1 in electric SUV sales and top 10 ranking in mid-size
premium SUV sales, including ICE and electric vehicle models, in
China in October and November. We are pleased to see the momentum
continues,” added Wei Feng, NIO’s chief financial officer. “During
the quarter, we also implemented comprehensive cost control
measures across the organization to improve operational efficiency.
As a result, our third quarter SG&A and R&D expenses
decreased by 18.1% and 21.3% respectively, compared with the second
quarter, and we expect further efficiency gains in the fourth
quarter.” Financial Results for the Third Quarter of
2019
Revenues
- Vehicle sales in the third quarter of 2019
were RMB1,733.5 million (US$242.5 million) in the third quarter of
2019, representing an increase of 22.5% from the second quarter of
2019 and an increase of 21.5% from the same quarter of 2018. The
increase in vehicle sales over the second quarter of 2019 was
mainly contributed by the sales of ES6s.
- Other sales in the third quarter of 2019 were
RMB103.4 million (US$14.5 million), representing an increase of
9.9% from the second quarter of 2019 and an increase of 142.1% from
the same quarter of 2018. The increase in other sales over the
second quarter of 2019 was mainly attributed by the increased sales
of charging piles and accessories, which was in line with the
increase in vehicle deliveries.
- Total revenues in the third quarter of 2019
were RMB1,836.8 million (US$257.0 million), representing an
increase of 21.8% from the second quarter of 2019 and an increase
of 25.0% from the same quarter of 2018.
Cost of Sales and Gross Margin
- Cost of sales in the third quarter of 2019 was
RMB2,058.4 million (US$288.0 million), representing an increase of
2.3% from the second quarter of 2019 and an increase of 29.8% from
the same quarter of 2018. The slight increase in cost of sales over
the second quarter of 2019 was due to the increase of sales in the
third quarter of 2019 and was offset by the decreased cost of sales
compared to cost of sales in the second quarter, which included
accrued recall costs in relation to the Company’s voluntary recall
of 4,803 vehicles announced on June 27, 2019.
- Vehicle margin in the third quarter of 2019
was negative 6.8%, compared with negative 24.1% in the second
quarter of 2019 and negative 4.3% in the same quarter of 2018. The
improved vehicle margin was mainly due to the recall costs in the
second quarter of 2019 as above mentioned, and the lack thereof in
the third quarter of 2019.
- Gross margin in the third quarter of 2019 was
negative 12.1%, compared with negative 33.4% in the second quarter
of 2019 and negative 7.9% in the same quarter of 2018. The increase
of gross margin over the second quarter of 2019 was mainly due to
the improved vehicle margin in the third quarter.
Operating Expenses
- Research and development expenses in the third
quarter of 2019 were RMB1,023.2 million (US$143.2 million),
representing a decrease of 21.3% from the second quarter of 2019
and relatively unchanged compared with the same quarter of 2018.
Excluding share-based compensation expenses, adjusted research and
development expenses (non-GAAP) were RMB1,003.6 million (US$140.4
million), representing a decrease of 21.7% from the second quarter
of 2019 and an increase of 5.9% from the same quarter of 2018. The
decrease in research and development expenses over the second
quarter of 2019 was primarily attributed to less testing expenses
incurred in the third quarter after the initial launch of ES6 in
June.
- Selling, general and administrative expenses
in the third quarter of 2019 were RMB1,164.4 million (US$162.9
million), representing a decrease of 18.1% from the second quarter
of 2019 and a decrease of 30.3% from the same quarter of 2018.
Excluding share-based compensation expenses, adjusted selling,
general and administrative expenses (non-GAAP) were RMB1,116.3
million (US$156.2 million), representing a decrease of 17.4% from
the second quarter of 2019 and a decrease of 15.6% from the same
quarter of 2018. The decrease in selling, general and
administrative expenses over the second quarter of 2019 was
primarily driven by the Company’s overall cost-saving measures in
marketing and other supporting functions.
Loss from Operations
- Loss from operations in the third quarter of
2019 was RMB2,409.2 million (US$337.1 million) in the third quarter
of 2019, representing a decrease of 25.3% from the second quarter
of 2019 and a 14.3% decrease from the same quarter of 2018.
Excluding share-based compensation expenses, adjusted loss from
operations (non-GAAP) was RMB2,338.8 million (US$327.2 million) in
the third quarter of 2019, representing a decrease of 25.4% from
the second quarter of 2019 and a 1.6% decrease from the same
quarter of 2018.
Share-based Compensation
Expenses
- Share-based compensation expenses in the third
quarter of 2019 were RMB70.4 million (US$9.9 million), representing
a decrease of 23.6% from the second quarter of 2019 and a decrease
of 83.7% from the same quarter of 2018. The decrease in share-based
compensation expenses over the second quarter of 2019 was primarily
due to the continuous decrease of employee numbers, as well as the
decreased expenses part of the share-based compensation recognized
under the accelerated method.
Net Loss and Earnings Per
Share
- Net loss was RMB2,521.7 million (US$352.8
million) in the third quarter of 2019, representing a decrease of
23.3% from the second quarter of 2019 and a 10.3% decrease from the
same quarter of 2018. Excluding share-based compensation expenses,
adjusted net loss (non-GAAP) was RMB2,451.2 million (US$342.9
million) in the third quarter of 2019, representing a decrease of
23.2% from the second quarter of 2019 and a 3.1% increase from the
same quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders in the third quarter of 2019 was RMB2,553.6
million (US$357.3 million) in the third quarter of 2019,
representing a decrease of 22.9% from the second quarter of 2019
and a decrease of 73.8% from the same quarter of 2018. Excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value, adjusted net loss
attributable to NIO’s ordinary shareholders (non-GAAP) was
RMB2,451.3 million (US$342.9 million).
- Basic and diluted net loss per ADS in the
third quarter of 2019 were both RMB2.48 (US$0.35). Excluding
share-based compensation expenses and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per ADS (non-GAAP) were both RMB2.38
(US$0.33).
Balance Sheets
- Balance of cash and cash equivalents, restricted cash
and short-term investment was RMB1,960.7 million (US$274.3
million) as of September 30, 2019.
- The Company operates with continuous loss and negative equity.
The Company’s cash balance is not adequate to provide the required
working capital and liquidity for continuous operation in the next
12 months. The Company’s continuous operation, which has also
constituted the basis of preparing the Company’s third quarter
unaudited financial information, depends on the Company’s
capability to obtain sufficient external equity or debt financing.
The Company is currently working on several financing projects, the
consummation of which is subject to certain uncertainties. The
Company will announce any material developments or information
subject to the requirements by applicable laws.
- On January 1, 2019, the Company adopted ASC 842 Leases and used
the additional transition method to initially apply this new lease
standard at the adoption date. Right-of-use assets and lease
liabilities were recognized on the Company's consolidated financial
statements.
Business Outlook
For the fourth quarter of 2019, the Company
expects:
- Deliveries of vehicles to be over 8,000 units,
representing an increase of over 66.7% from the third quarter of
2019.
- Total revenues to be approximately RMB2,810
million (US$393.2 million), representing an increase by
approximately 53.0% from the third quarter of 2019.
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 7:00
a.m. Eastern Time (8:00 p.m. Beijing Time) on December 30, 2019 to
discuss financial results and answer questions from investors and
analysts. Listeners may access the call by dialing in:
United States: |
+1-845-675-0437 |
International: |
+65-6713-5090 |
Hong Kong: |
+852-3018-6771 |
Conference ID: |
6378226 |
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.nio.com.
A replay of the conference call will be
accessible by phone approximately two hours after the conclusion of
the live call at the following numbers, until January 7, 2020 07:59
a.m. Eastern Time:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong: |
+852-3051-2780 |
Conference ID: |
6378226 |
About NIO Inc.
NIO Inc. is a pioneer in China’s premium
electric vehicle market. Founded in November 2014, NIO’s mission is
to shape a joyful lifestyle by offering premium smart electric
vehicles and being the best user enterprise. NIO designs, jointly
manufactures, and sells smart and connected premium electric
vehicles, driving innovations in next generation technologies in
connectivity, autonomous driving and artificial intelligence.
Redefining the user experience, NIO provides users with
comprehensive, convenient and innovative charging solutions and
other user-centric services. NIO began deliveries of the ES8, a
7-seater high-performance premium electric SUV
in China in June 2018, and its variant, the
six-seater ES8, in March 2019. NIO officially launched the ES6, a
5-seater high-performance premium electric SUV, in December 2018
and began deliveries in June 2019. NIO officially launched the EC6,
a 5-seater smart premium electric Coupe SUV, in December 2019 and
plans to commence deliveries in 2020.
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. Among other things, the Business Outlook
and quotations from management in this announcement, as well as
NIO’s strategic and operational plans, contain forward-looking
statements. NIO 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 NIO’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: NIO’s strategies; NIO’s future business development,
financial condition and results of operations; NIO’s ability to
obtain sufficient external equity or debt financing; NIO’s ability
to develop and manufacture a car of sufficient quality and appeal
to customers on schedule and on a large scale; its ability to grow
manufacturing in collaboration with partners; its ability to
provide convenient charging solutions to our customers; its ability
to satisfy the mandated safety standards relating to motor
vehicles; its ability to secure supply of raw materials or other
components used in our vehicles; its ability to secure sufficient
reservations and sales of the ES8 and ES6; its ability to control
costs associated with our operations; its ability to build our NIO
brand; general economic and business conditions globally and in
China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in NIO’s filings with the SEC. All information provided in
this press release is as of the date of this press release, and NIO
does not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as
adjusted cost of sales (non-GAAP), adjusted research and
development expenses (non-GAAP), adjusted selling, general and
administrative expenses (non-GAAP), adjusted loss from operations
(non-GAAP), adjusted net loss (non-GAAP), adjusted net loss
attributable to ordinary shareholders (non-GAAP), adjusted basic
and diluted net loss per share (non-GAAP) and adjusted basic and
diluted net loss per ADS (non-GAAP), in evaluating its operating
results and for financial and operational decision-making purposes.
By excluding the impact of share-based compensation expenses,
accretion on convertible redeemable preferred shares to redemption
value and accretion on redeemable non-controlling interests to
redemption value, 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.
Exchange Rate
This announcement contains translations of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from Renminbi to U.S. dollars were made at the
rate of RMB7.1477 to US$1.00, the noon buying rate in effect on
September 30, 2019 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-3681Email: ir@nio.com
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050Email: nio@tpg-ir.com
Ross WarnerTel: +86-10-6508-0677Email:
nio@tpg-ir.com
Source: NIO
NIO INC. |
|
Consolidated Statements of Comprehensive Loss |
|
|
|
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
|
(in thousands, except for share and per share data) |
|
|
December 31, 2018 |
|
September 30, 2019 |
|
September 30, 2019 |
|
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
(US$) |
|
ASSETS |
Current
assets: |
Cash and cash equivalents |
3,133,847 |
|
980,991 |
|
137,246 |
|
Restricted cash |
57,012 |
|
177,744 |
|
24,867 |
|
Short-term investment |
5,154,703 |
|
802,000 |
|
112,204 |
|
Trade receivable |
756,508 |
|
1,269,840 |
|
177,657 |
|
Amounts due from related
parties |
88,066 |
|
52,813 |
|
7,389 |
|
Inventory |
1,465,239 |
|
1,815,329 |
|
253,974 |
|
Prepayments and other current
assets |
1,514,257 |
|
1,911,963 |
|
267,493 |
|
Total current
assets |
12,169,632 |
|
7,010,680 |
|
980,830 |
|
|
|
|
|
|
|
|
Non-current
assets: |
Long-term restricted cash |
33,528 |
|
38,870 |
|
5,438 |
|
Property, plant and equipment,
net |
4,853,157 |
|
5,469,538 |
|
765,217 |
|
Intangible assets, net |
3,470 |
|
2,681 |
|
375 |
|
Land use rights, net |
213,662 |
|
210,027 |
|
29,384 |
|
Long-term investments |
148,303 |
|
149,007 |
|
20,847 |
|
Amounts due from related
parties |
7,970 |
|
7,970 |
|
1,115 |
|
Right-of-use assets -
operating lease |
— |
|
2,047,594 |
|
286,469 |
|
Other non-current assets |
1,412,830 |
|
1,908,134 |
|
266,958 |
|
Total non-current
assets |
6,672,920 |
|
9,833,821 |
|
1,375,803 |
|
Total
assets |
18,842,552 |
|
16,844,501 |
|
2,356,633 |
|
|
|
|
|
|
|
|
LIABILITIES |
Current liabilities: |
|
|
|
|
|
|
Short-term borrowings |
1,870,000 |
|
1,488,045 |
|
208,185 |
|
Trade payable |
2,869,953 |
|
3,188,825 |
|
446,133 |
|
Amounts due to related
parties |
219,583 |
|
268,722 |
|
37,596 |
|
Taxes payable |
51,317 |
|
35,836 |
|
5,014 |
|
Current portion of operating
lease liabilities |
— |
|
418,524 |
|
58,554 |
|
Current portion of long-term
borrowings |
198,852 |
|
315,848 |
|
44,189 |
|
Accruals and other
liabilities |
3,383,681 |
|
3,248,884 |
|
454,536 |
|
Total current
liabilities |
8,593,386 |
|
8,964,684 |
|
1,254,207 |
|
|
|
|
|
|
|
|
Non-current
liabilities: |
Long-term borrowings |
1,168,012 |
|
7,044,832 |
|
985,608 |
|
Non-current operating lease
liabilities |
— |
|
1,792,108 |
|
250,725 |
|
Other non-current
liabilities |
930,812 |
|
1,150,741 |
|
160,995 |
|
Total non-current
liabilities |
2,098,824 |
|
9,987,681 |
|
1,397,328 |
|
Total
liabilities |
10,692,210 |
|
18,952,365 |
|
2,651,535 |
|
|
NIO
INC. |
|
Consolidated Balance Sheets |
|
|
|
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
|
(in thousands, except for share and per share data) |
|
|
December 31, 2018 |
September 30, 2019 |
September 30, 2019 |
|
(audited) |
(unaudited) |
(unaudited) |
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
1,329,197 |
|
|
1,423,880 |
|
|
199,208 |
|
|
Total mezzanine
equity |
1,329,197 |
|
|
1,423,880 |
|
|
199,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
Ordinary shares |
1,809 |
|
|
1,824 |
|
|
255 |
|
|
Treasury shares |
(9,186 |
) |
|
— |
|
|
— |
|
|
Additional paid in
capital |
41,918,936 |
|
|
40,295,567 |
|
|
5,637,557 |
|
|
Accumulated other
comprehensive loss |
(34,708 |
) |
|
(294,837 |
) |
|
(41,249 |
) |
|
Accumulated deficit |
(35,039,810 |
) |
|
(43,559,110 |
) |
|
(6,094,144 |
) |
|
Total NIO Inc.
shareholders’ equity |
6,837,041 |
|
|
(3,556,556 |
) |
|
(497,581 |
) |
|
Non-controlling interests |
(15,896 |
) |
|
24,812 |
|
|
3,471 |
|
|
Total shareholders’
equity |
6,821,145 |
|
|
(3,531,744 |
) |
|
(494,110 |
) |
|
Total liabilities,
mezzanine equity and shareholders’ equity |
18,842,552 |
|
|
16,844,501 |
|
|
2,356,633 |
|
|
|
|
|
|
|
|
|
|
NIO
INC. |
|
Consolidated Statements of Comprehensive
Loss |
|
|
|
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
|
(in thousands, except for share and per share data) |
|
|
|
|
Three Months Ended |
|
September 30, 2018 |
June 30, 2019 |
September 30, 2019 |
September 30, 2019 |
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
Vehicle sales |
1,426,879 |
|
|
1,414,533 |
|
|
1,733,469 |
|
|
242,521 |
|
|
Other sales |
42,694 |
|
|
94,037 |
|
|
103,375 |
|
|
14,463 |
|
|
Total
revenues |
1,469,573 |
|
|
1,508,570 |
|
|
1,836,844 |
|
|
256,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales: |
|
|
|
|
Vehicle sales |
(1,488,538 |
) |
|
(1,755,017 |
) |
|
(1,850,943 |
) |
|
(258,956 |
) |
|
Other sales |
(97,353 |
) |
|
(257,737 |
) |
|
(207,485 |
) |
|
(29,028 |
) |
|
Total cost of
sales |
(1,585,891 |
) |
|
(2,012,754 |
) |
|
(2,058,428 |
) |
|
(287,984 |
) |
|
Gross loss |
(116,318 |
) |
|
(504,184 |
) |
|
(221,584 |
) |
|
(31,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Research and development |
(1,023,435 |
) |
|
(1,300,531 |
) |
|
(1,023,193 |
) |
|
(143,150 |
) |
|
Selling, general and administrative |
(1,670,100 |
) |
|
(1,421,392 |
) |
|
(1,164,443 |
) |
|
(162,912 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
(2,693,535 |
) |
|
(2,721,923 |
) |
|
(2,187,636 |
) |
|
(306,062 |
) |
|
Loss from
operations |
(2,809,853 |
) |
|
(3,226,107 |
) |
|
(2,409,220 |
) |
|
(337,062 |
) |
|
Interest income |
21,820 |
|
|
46,519 |
|
|
28,669 |
|
|
4,011 |
|
|
Interest expenses |
(27,582 |
) |
|
(96,884 |
) |
|
(103,211 |
) |
|
(14,440 |
) |
|
Share of losses of equity
investees |
(4,035 |
) |
|
(28,214 |
) |
|
(38,419 |
) |
|
(5,375 |
) |
|
Other income, net |
10,588 |
|
|
22,600 |
|
|
1,067 |
|
|
149 |
|
|
Loss before income tax
expense |
(2,809,062 |
) |
|
(3,282,086 |
) |
|
(2,521,114 |
) |
|
(352,717 |
) |
|
Income tax expense |
(1,374 |
) |
|
(3,679 |
) |
|
(536 |
) |
|
(75 |
) |
|
Net loss |
(2,810,436 |
) |
|
(3,285,765 |
) |
|
(2,521,650 |
) |
|
(352,792 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on convertible
redeemable preferred shares to redemption value |
(6,923,008 |
) |
|
— |
|
|
— |
|
|
— |
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,399 |
) |
|
(31,561 |
) |
|
(31,907 |
) |
|
(4,464 |
) |
|
Net (profit)/loss attributable
to non-controlling interests |
8,000 |
|
|
3,670 |
|
|
(58 |
) |
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(9,756,843 |
) |
|
(3,313,656 |
) |
|
(2,553,615 |
) |
|
(357,264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(2,810,436 |
) |
|
(3,285,765 |
) |
|
(2,521,650 |
) |
|
(352,792 |
) |
|
Other comprehensive
(loss)/income |
|
|
|
|
Foreign currency translation
adjustment, net of nil tax |
95,189 |
|
|
(70,139 |
) |
|
(129,405 |
) |
|
(18,104 |
) |
|
Total other
comprehensive (loss)/income |
95,189 |
|
|
(70,139 |
) |
|
(129,405 |
) |
|
(18,104 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss |
(2,715,247 |
) |
|
(3,355,904 |
) |
|
(2,651,055 |
) |
|
(370,896 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on convertible redeemable preferred
shares to redemption value |
(6,923,008 |
) |
|
— |
|
|
— |
|
|
— |
|
|
Accretion on redeemable
non-controlling interests to redemption
value |
(31,399 |
) |
|
(31,561 |
) |
|
(31,907 |
) |
|
(4,464 |
) |
|
Net (profit)/loss attributable to
non- controlling interests |
8,000 |
|
|
3,670 |
|
|
(58 |
) |
|
(8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to ordinary shareholders of NIO
Inc. |
(9,661,654 |
) |
|
(3,383,795 |
) |
|
(2,683,020 |
) |
|
(375,368 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net
loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
229,083,029 |
|
|
1,026,505,444 |
|
|
1,028,698,303 |
|
|
1,028,698,303 |
|
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(42.59 |
) |
|
(3.23 |
) |
|
(2.48 |
) |
|
(0.35 |
) |
|
Weighted average
number of ADS used in computing net loss per
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
229,083,029 |
|
|
1,026,505,444 |
|
|
1,028,698,303 |
|
|
1,028,698,303 |
|
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
(42.59 |
) |
|
(3.23 |
) |
|
(2.48 |
) |
|
(0.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIO
INC. |
|
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
|
|
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
|
(in thousands, except for share and per share data) |
|
|
Three Months Ended September 30, 2019
|
|
GAAPResult |
% of Total |
Non-GAAPAdjustment |
% of Total |
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
Cost of sales |
(2,058,428 |
) |
|
-112.1 |
% |
|
2,749 |
|
0.1 |
% |
|
(2,055,679 |
) |
|
-112.0 |
% |
|
Research and development
expenses |
(1,023,193 |
) |
|
-55.7 |
% |
|
19,578 |
|
1.1 |
% |
|
(1,003,615 |
) |
|
-54.6 |
% |
|
Selling, general and administrative expenses |
(1,164,443 |
) |
|
-63.4 |
% |
|
48,111 |
|
2.6 |
% |
|
(1,116,332 |
) |
|
-60.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(4,246,064 |
) |
|
-231.2 |
% |
|
70,438 |
|
3.8 |
% |
|
(4,175,626 |
) |
|
-227.4 |
% |
|
|
|
|
|
|
|
|
Loss from operations |
(2,409,220 |
) |
|
-131.2 |
% |
|
70,438 |
|
3.8 |
% |
|
(2,338,782 |
) |
|
-127.4 |
% |
|
|
|
|
|
|
|
|
Net loss |
(2,521,650 |
) |
|
-137.3 |
% |
|
70,438 |
|
3.8 |
% |
|
(2,451,212 |
) |
|
-133.5 |
% |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,907 |
) |
|
-1.7 |
% |
|
31,907 |
|
1.7 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(2,553,615 |
) |
|
-139.0 |
% |
|
102,345 |
|
5.6 |
% |
|
(2,451,270 |
) |
|
-133.4 |
% |
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(2.48 |
) |
|
|
|
|
|
0.10 |
|
|
|
|
|
(2.38 |
) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.48 |
) |
|
|
|
|
|
0.10 |
|
|
|
|
|
(2.38 |
) |
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.35 |
) |
|
|
|
|
|
0.02 |
|
|
|
|
|
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019
|
|
GAAPResult |
% of Total |
Non-GAAPAdjustment |
% of Total |
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
Share-based compensation included
in cost of sales and operating expenses is as follows: |
|
|
|
|
|
|
Cost of sales |
(2,012,754 |
) |
-133.4 |
% |
3,362 |
0.2 |
% |
(2,009,392 |
) |
-133.2 |
% |
Research and development
expenses |
(1,300,531 |
) |
-86.2 |
% |
18,784 |
1.2 |
% |
(1,281,747 |
) |
-85.0 |
% |
Selling, general and
administrative expenses |
(1,421,392 |
) |
-94.2 |
% |
70,064 |
4.6 |
% |
(1,351,328 |
) |
-89.6 |
% |
|
|
|
|
|
|
|
Total |
(4,734,677 |
) |
-313.8 |
% |
92,210 |
6.0 |
% |
(4,642,467 |
) |
-307.8 |
% |
|
|
|
|
|
|
|
Loss from operations |
(3,226,107 |
) |
-213.8 |
% |
92,210 |
6.0 |
% |
(3,133,897 |
) |
-207.8 |
% |
|
|
|
|
|
|
|
Net loss |
(3,285,765 |
) |
-217.8 |
% |
92,210 |
6.0 |
% |
(3,193,555 |
) |
-211.8 |
% |
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,561 |
) |
-2.1 |
% |
31,561 |
2.1 |
% |
— |
|
0.0 |
% |
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders of NIO Inc |
(3,313,656 |
) |
-219.7 |
% |
123,771 |
8.2 |
% |
(3,189,885 |
) |
-211.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(3.23 |
) |
|
|
0.12 |
|
|
(3.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(3.23 |
) |
|
|
0.12 |
|
|
(3.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018
|
|
GAAPResult |
% of Total |
Non-GAAPAdjustment |
|
% of Total |
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
Share-based compensation included
in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
Cost of sales |
(1,585,891 |
) |
|
-107.9 |
% |
|
8,020 |
|
0.5 |
% |
|
(1,577,871 |
) |
|
-107.4 |
% |
Research and development
expenses |
(1,023,435 |
) |
|
-69.6 |
% |
|
76,148 |
|
5.2 |
% |
|
(947,287 |
) |
|
-64.5 |
% |
Selling, general and
administrative expenses |
(1,670,100 |
) |
|
-113.6 |
% |
|
348,025 |
|
23.7 |
% |
|
(1,322,075 |
) |
|
-90.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(4,279,426 |
) |
|
-291.2 |
% |
|
432,193 |
|
29.4 |
% |
|
(3,847,233 |
) |
|
-261.8 |
% |
|
|
|
|
|
|
|
|
Loss from operations |
(2,809,853 |
) |
|
-191.2 |
% |
|
432,193 |
|
29.4 |
% |
|
(2,377,660 |
) |
|
-161.8 |
% |
|
|
|
|
|
|
|
|
Net loss |
(2,810,436 |
) |
|
-191.2 |
% |
|
432,193 |
|
29.4 |
% |
|
(2,378,243 |
) |
|
-161.8 |
% |
Accretion on convertible
redeemable preferred shares to redemption value |
(6,923,008 |
) |
|
-471.1 |
% |
|
6,923,008 |
|
471.1 |
% |
|
— |
|
|
0.0 |
% |
Accretion on redeemable
non-controlling interests to redemption value |
(31,399 |
) |
|
-2.1 |
% |
|
31,399 |
|
2.1 |
% |
|
— |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc |
(9,756,843 |
) |
|
-663.9 |
% |
|
7,386,600 |
|
502.6 |
% |
|
(2,370,243 |
) |
|
-161.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(42.59 |
) |
|
|
|
|
32.24 |
|
|
|
|
(10.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(42.59 |
) |
|
|
|
|
32.24 |
|
|
|
|
(10.35 |
) |
|
|
|
1 Vehicle margin is the margin of vehicle sales,
which is calculated based on revenues and cost of sales derived
from vehicle sales only.
2 Each ADS represents one ordinary share.
3 Except for gross margin and vehicle margin,
where absolute changes instead of percentage changes are
calculated.
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