Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015),
an innovator in China’s new energy vehicle market, today announced
its unaudited financial results for the quarter ended June 30,
2021.
Operating Highlights for the Second Quarter of
2021
- Deliveries of Li ONEs were 17,575
vehicles in the second quarter of 2021, representing a 166.1%
year-over-year increase.
|
|
2020 Q2 |
|
2020 Q3 |
|
2020 Q4 |
|
2021 Q1 |
|
2021 Q2 |
|
|
|
|
|
|
|
|
|
|
|
Deliveries |
|
6,604 |
|
8,660 |
|
14,464 |
|
12,579 |
|
17,575 |
- As of June 30, 2021, the Company
had 97 retail stores covering 64 cities and 167 servicing centers
and Li Auto-authorized body and paint shops operating in 127
cities.
Financial Highlights for the Second Quarter of
2021
- Vehicle sales were
RMB4.90 billion (US$759.4 million) in the second quarter of 2021,
representing an increase of 41.6% from RMB3.46 billion in the first
quarter of 2021.
- Vehicle
margin2 was 18.7% in the second quarter
of 2021, compared with 16.9% in the first quarter of 2021.
- Total revenues
were RMB5.04 billion (US$780.4 million) in the second quarter of
2021, representing an increase of 40.9% from RMB3.58 billion in the
first quarter of 2021.
- Gross profit was
RMB952.8 million (US$147.6 million) in the second quarter of 2021,
representing an increase of 54.5% from RMB616.7 million in the
first quarter of 2021.
- Gross margin was
18.9% in the second quarter of 2021, compared with 17.3% in the
first quarter of 2021.
- Loss from
operations was RMB535.9 million (US$83.0 million) in the
second quarter of 2021, representing an increase of 31.4% from
RMB407.7 million in the first quarter of 2021. Non-GAAP
loss from operations3 was RMB365.5
million (US$56.6 million) in the second quarter of 2021,
representing an increase of 62.6% from RMB224.8 million in the
first quarter of 2021.
- Net loss was
RMB235.5 million (US$36.5 million) in the second quarter of 2021,
representing a decrease of 34.6% from RMB360.0 million net loss in
the first quarter of 2021. Non-GAAP net
loss3 was RMB65.1 million (US$10.1
million) in the second quarter of 2021, compared with RMB177.0
million net loss in the first quarter of 2021.
- Operating cash
flow was RMB1,407.6 million (US$218.0 million) in the
second quarter of 2021, representing an increase of 52.0% from
RMB926.3 million in the first quarter of 2021.
- Free cash
flow4 was RMB982.1 million (US$152.1
million) in the second quarter of 2021, representing an increase of
72.2% from RMB570.2 million in the first quarter of 2021.
Key Financial Results
(in millions, except for percentages)
|
For the Three Months Ended |
|
% Change5 |
|
|
June 30, 2020 |
|
March 31, 2021 |
|
June 30, 2021 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
1,919.2 |
|
3,463.7 |
|
4,903.3 |
|
155.5% |
|
41.6% |
|
Vehicle margin |
13.7% |
|
16.9% |
|
18.7% |
|
5.0% |
|
1.8% |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
1,947.2 |
|
3,575.2 |
|
5,039.0 |
|
158.8% |
|
40.9% |
|
Gross profit |
259.7 |
|
616.7 |
|
952.8 |
|
266.9% |
|
54.5% |
|
Gross margin |
13.3% |
|
17.3% |
|
18.9% |
|
5.6% |
|
1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(176.3) |
|
(407.7) |
|
(535.9) |
|
204.0% |
|
31.4% |
|
Non-GAAP loss from operations |
(176.3) |
|
(224.8) |
|
(365.5) |
|
107.3% |
|
62.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(75.2) |
|
(360.0) |
|
(235.5) |
|
213.2% |
|
(34.6)% |
|
Non-GAAP net loss |
(159.2) |
|
(177.0) |
|
(65.1) |
|
(59.1)% |
|
(63.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
451.7 |
|
926.3 |
|
1,407.6 |
|
211.6% |
|
52.0% |
|
Free cash flow |
300.8 |
|
570.2 |
|
982.1 |
|
226.5% |
|
72.2% |
|
Recent Developments
Deliveries Update
- In July 2021, the Company delivered
8,589 Li ONEs, representing a 251.3% increase from July 2020. As of
July 31, 2021, the Company had 109 retail stores covering 67
cities, in addition to 176 servicing centers and Li Auto-authorized
body and paint shops operating in 134 cities.
Hong Kong Dual Primary Listing
- On August 12, 2021, the Company
successfully completed its global offering (the “Global Offering”)
and dual primary listing of Class A ordinary shares on the Main
Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong
Stock Exchange”) under the stock code "2015." The net proceeds from
the Global Offering, after deducting underwriting discounts and
commissions and estimated offering expenses payable by the Company,
were HK$11.6 billion (US$1.5 billion), assuming no exercise of the
option to purchase additional Class A ordinary shares.
- The Company plans to use the net
proceeds from the Global Offering for research and development of
HPC BEV technologies, platforms, and future models, intelligent
vehicle and autonomous driving technologies, and future EREV
models; expansion of production capacity, retail stores, delivery
and servicing centers, roll-out of HPC network, and marketing and
promotion; and working capital and other general corporate
purposes.
Collaboration in New Production Base
- In July 2021, the Company signed a
memorandum of understanding with a local company for collaboration
in a reconstruction and expansion project of an automobile
manufacturing plant in Shunyi District, Beijing, China.
Investment Agreement
- On August 27, 2021, the Company
signed an investment agreement with a wholly-owned subsidiary of
Xinchen China Power Holdings Limited relating to the formation of a
company to be held in the majority by the Company in Mianyang,
Sichuan Province, China, to develop and manufacture a next
generation range extension system for the Company.
CEO and CFO Comments
Mr. Xiang Li, founder, chairman, and chief
executive officer of Li Auto, commented, "Our remarkable second
quarter results reflect the undeniable strength and appeal of our
Li ONE. The 2021 Li ONE received rave reviews and strong
endorsement from users, contributing to our second quarter
deliveries of 17,575 vehicles and July deliveries of 8,589
vehicles, resulting in cumulative deliveries of over 70,000
vehicles. We are also excited to share that Li ONE topped sales
charts in the large SUV and new energy SUV categories in July,
making us a leading domestic NEV manufacturer in China."
"We have achieved outstanding performance in the
second quarter, with total revenues hitting a record high of
RMB5.04 billion, up 158.8% from the same period last year and an
increase of 40.9% from RMB3.58 billion of last quarter, mainly
driven by higher deliveries. Our vehicle margin reached 18.7% this
quarter, up 5.0 percentage points year over year, and gross
margin stood at 18.9%, demonstrating our consistently effective
cost management approach," added Mr. Tie Li, Li Auto’s chief
financial officer. "With the completion of our global offering and
dual primary listing, we successfully raised over US$1.5 billion in
net proceeds, positioning us well for future growth. We expect our
enhanced product lineup and increased deliveries following
production ramp-up to help us continue to deliver strong
results."
Financial Results for the Second Quarter of
2021
Revenues
- Total revenues
were RMB5.04 billion (US$780.4 million) in the second quarter of
2021, representing an increase of 40.9% from RMB3.58 billion in the
first quarter of 2021.
- Vehicle sales were
RMB4.90 billion (US$759.4 million) in the second quarter of 2021,
representing an increase of 41.6% from RMB3.46 billion in the first
quarter of 2021. The increase in revenue from vehicle sales from
the first quarter of 2021 was mainly attributable to the increase
in delivery of the 2021 Li ONE since its release on May 25,
2021.
- Other sales and
services were RMB135.7 million (US$21.0 million) in the
second quarter of 2021, representing an increase of 21.7% from
RMB111.5 million in the first quarter of 2021. The increase in
revenue from other sales and services over the first 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
RMB4.09 billion (US$632.9 million) in the second quarter of 2021,
representing an increase of 38.2% from RMB2.96 billion in the first
quarter of 2021.
- Gross profit was
RMB952.8 million (US$147.6 million) in the second quarter of 2021,
representing an increase of 54.5% from RMB616.7 million in the
first quarter of 2021.
- Vehicle margin was
18.7% in the second quarter of 2021, compared with 16.9% in the
first quarter of 2021. The increase in vehicle margin from the
first quarter of 2021 was primarily driven by higher average
selling price in the second quarter of 2021 due to our launch of
the 2021 Li ONE in late May.
- Gross margin was
18.9% in the second quarter of 2021, compared with 17.3% in the
first quarter of 2021, mainly driven by the increase of vehicle
margin.
Operating Expenses
- Operating expenses
were RMB1.49 billion (US$230.6 million) in the second quarter of
2021, representing an increase of 45.3% from RMB1.02 billion in the
first quarter of 2021.
- Research and development
expenses were RMB653.4 million (US$101.2 million) in the
second quarter of 2021, representing an increase of 27.0% from
RMB514.5 million in the first quarter of 2021. Non-GAAP
research and development expenses3 were
RMB543.7 million (US$84.2 million) in the second quarter of 2021,
representing an increase of 36.6% from RMB397.9 million in the
first quarter of 2021. The increase in research and development
expenses over the first quarter of 2021 was primarily attributable
to increased headcount and increased research and development
activities for the Company’s next vehicle models.
- Selling, general and
administrative expenses were RMB835.3 million (US$129.4
million) in the second quarter of 2021, representing an increase of
63.8% from RMB509.9 million in the first quarter of 2021.
Non-GAAP selling, general and administrative
expenses3 were RMB780.9 million (US$120.9
million) in the second quarter of 2021, representing an increase of
73.6% from RMB449.8 million in the first quarter of 2021. The
increase in selling, general and administrative expenses over the
first quarter of 2021 was primarily driven by increased marketing
and promotional activities, as well as increased headcount and
rental expense with the expansion of the Company’s distribution
network.
Loss from Operations
- Loss from
operations was RMB535.9 million (US$83.0 million) in the
second quarter of 2021, representing an increase of 31.4% from
RMB407.7 million in the first quarter of 2021. Non-GAAP
loss from operations was RMB365.5 million (US$56.6
million) in the second quarter of 2021, representing an increase of
62.6% from RMB224.8 million in the first quarter of 2021.
Net Loss and Loss Per Share
- Net loss was
RMB235.5 million (US$36.5 million) in the second quarter of 2021,
compared with RMB360.0 million net loss in the first quarter of
2021. Non-GAAP net loss was RMB65.1 million
(US$10.1 million) in the second quarter of 2021, compared with
RMB177.0 million net loss in the first quarter of 2021.
- Basic and diluted net loss
per ADS6 attributable to ordinary
shareholders were both RMB0.26 (US$0.04) in the second
quarter of 2021. Non-GAAP basic and diluted net loss per
ADS attributable to ordinary
shareholders3 were both RMB0.07 (US$0.01)
in the second quarter of 2021.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Balance of cash and cash
equivalents, restricted cash, time deposits and short-term
investments was RMB36.53 billion (US$5.66 billion) as of
June 30, 2021.
- Operating cash
flow was RMB1,407.6 million (US$218.0 million) in the
second quarter of 2021, representing an increase of 52.0% from
RMB926.3 million in the first quarter of 2021.
- Free cash flow was
RMB982.1 million (US$152.1 million) in the second quarter of 2021,
representing an increase of 72.2% from RMB570.2 million in the
first quarter of 2021.
Business Outlook
For the third quarter of 2021, the Company expects:
- Deliveries of
vehicles to be between 25,000 and 26,000 vehicles,
representing an increase of 188.7% to 200.2% from the third quarter
of 2020.
- Total revenues to
be between RMB6.98 billion (US$1.08 billion) and RMB7.25 billion
(US$1.12 billion), representing an increase of 177.8% to 188.9%
from the third quarter of 2020.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, in particular, the ongoing industry-wide semiconductor
shortage due to the global COVID-19 pandemic, which are all subject
to change.
Conference Call
Management will hold a conference call at 8:00
a.m. U.S. Eastern Time on Monday, August 30, 2021 (8:00
p.m. Beijing Time on August 30, 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/7679774
A replay of the conference call will be accessible
through September 7, 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: |
7679774 |
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 loss, Non-GAAP basic and diluted net 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, 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 vehicles. Through innovations in
product, technology, and business model, the Company provides
families with safe, convenient, and refined products and services.
Li Auto is a pioneer to successfully commercialize extended-range
electric vehicles in China. Its first model, Li ONE, is a six-seat,
large premium electric SUV equipped with a range extension system
and advanced smart vehicle solutions. The Company started volume
production of Li ONE in November 2019 and released the 2021 Li ONE
in May 2021. 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. Beyond Li ONE, the
Company will expand its product line by developing new vehicles,
including BEVs and EREVs, 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
Li Auto Inc.Unaudited Condensed
Consolidated Statements of Loss
(All amounts in thousands, except for ADS/share and per
ADS/share data)
|
|
For the Three Months Ended |
|
|
June 30, 2020 |
|
March 31, 2021 |
|
June 30, 2021 |
|
June 30, 2021 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
Vehicle sales |
|
1,919,184 |
|
3,463,673 |
|
4,903,295 |
|
759,424 |
Other sales and services |
|
28,054 |
|
111,528 |
|
135,657 |
|
21,011 |
Total revenues |
|
1,947,238 |
|
3,575,201 |
|
5,038,952 |
|
780,435 |
Cost of sales: |
|
|
|
|
|
|
|
|
Vehicle sales |
|
(1,655,443) |
|
(2,878,994) |
|
(3,988,609) |
|
(617,757) |
Other sales and services |
|
(32,092) |
|
(79,474) |
|
(97,563) |
|
(15,111) |
Total cost of sales |
|
(1,687,535) |
|
(2,958,468) |
|
(4,086,172) |
|
(632,868) |
Gross profit |
|
259,703 |
|
616,733 |
|
952,780 |
|
147,567 |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
(201,440) |
|
(514,500) |
|
(653,438) |
|
(101,205) |
Selling, general and administrative |
|
(234,543) |
|
(509,924) |
|
(835,277) |
|
(129,368) |
Total operating expenses |
|
(435,983) |
|
(1,024,424) |
|
(1,488,715) |
|
(230,573) |
Loss from operations |
|
(176,280) |
|
(407,691) |
|
(535,935) |
|
(83,006) |
Other (expense)/income: |
|
|
|
|
|
|
|
|
Interest expense |
|
(21,296) |
|
(14,582) |
|
(19,741) |
|
(3,057) |
Interest income and investment income, net |
|
31,538 |
|
178,472 |
|
232,522 |
|
36,013 |
Changes in fair value of warrants and derivative liabilities |
|
84,036 |
|
— |
|
— |
|
— |
Others, net |
|
6,840 |
|
(90,211) |
|
120,899 |
|
18,725 |
Loss before income tax expense |
|
(75,162) |
|
(334,012) |
|
(202,255) |
|
(31,325) |
Income tax expense |
|
— |
|
(25,955) |
|
(33,234) |
|
(5,147) |
Net loss |
|
(75,162) |
|
(359,967) |
|
(235,489) |
|
(36,472) |
Accretion on convertible redeemable preferred shares to redemption
value |
|
(264,208) |
|
— |
|
— |
|
— |
Effect of exchange rate changes on convertible redeemable preferred
shares |
|
(5,780) |
|
— |
|
— |
|
— |
Net loss attributable to ordinary
shareholders |
|
(345,150) |
|
(359,967) |
|
(235,489) |
|
(36,472) |
Weighted average number of ADSs |
|
|
|
|
|
|
|
|
Basic |
|
127,500,000 |
|
904,696,628 |
|
904,997,063 |
|
904,997,063 |
Diluted |
|
127,500,000 |
|
904,696,628 |
|
904,997,063 |
|
904,997,063 |
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
Basic |
|
(2.71) |
|
(0.40) |
|
(0.26) |
|
(0.04) |
Diluted |
|
(2.71) |
|
(0.40) |
|
(0.26) |
|
(0.04) |
Weighted average number of Shares |
|
|
|
|
|
|
|
|
Basic |
|
255,000,000 |
|
1,809,393,256 |
|
1,809,994,125 |
|
1,809,994,125 |
Diluted |
|
255,000,000 |
|
1,809,393,256 |
|
1,809,994,125 |
|
1,809,994,125 |
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
Basic |
|
(1.35) |
|
(0.20) |
|
(0.13) |
|
(0.02) |
Diluted |
|
(1.35) |
|
(0.20) |
|
(0.13) |
|
(0.02) |
|
|
|
|
|
|
|
|
|
Li Auto Inc.Unaudited Condensed
Consolidated Balance Sheets
(All amounts in thousands)
|
|
As of |
|
|
|
December 31, 2020 |
|
June 30, 2021 |
|
June 30, 2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
8,938,341 |
|
12,095,920 |
|
1,873,419 |
|
Restricted cash |
|
1,234,178 |
|
1,731,138 |
|
268,119 |
|
Time deposits and short-term investments |
|
19,701,382 |
|
22,700,436 |
|
3,515,850 |
|
Trade receivable |
|
115,549 |
|
119,477 |
|
18,505 |
|
Inventories |
|
1,048,004 |
|
1,136,785 |
|
176,066 |
|
Prepayments and other current assets |
|
353,655 |
|
601,029 |
|
93,088 |
|
Total current assets |
|
31,391,109 |
|
38,384,785 |
|
5,945,047 |
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
|
162,853 |
|
148,620 |
|
23,018 |
|
Property, plant and equipment, net |
|
2,478,687 |
|
2,735,392 |
|
423,658 |
|
Operating lease right-of-use assets, net |
|
1,277,006 |
|
1,559,612 |
|
241,553 |
|
Intangible assets, net |
|
683,281 |
|
693,631 |
|
107,430 |
|
Deferred tax assets |
|
59,156 |
|
59,156 |
|
9,162 |
|
Other non-current assets |
|
321,184 |
|
1,082,891 |
|
167,719 |
|
Total non-current assets |
|
4,982,167 |
|
6,279,302 |
|
972,540 |
|
Total assets |
|
36,373,276 |
|
44,664,087 |
|
6,917,587 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short‑term borrowings |
|
— |
|
425,119 |
|
65,843 |
|
Trade and notes payable |
|
3,160,515 |
|
5,153,624 |
|
798,195 |
|
Amounts due to related parties |
|
19,206 |
|
5,568 |
|
862 |
|
Deferred revenue, current |
|
271,510 |
|
283,156 |
|
43,855 |
|
Operating lease liabilities, current |
|
210,531 |
|
317,097 |
|
49,112 |
|
Accruals and other current liabilities |
|
647,459 |
|
1,233,555 |
|
191,053 |
|
Total current liabilities |
|
4,309,221 |
|
7,418,119 |
|
1,148,920 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term borrowings |
|
511,638 |
|
5,562,062 |
|
861,454 |
|
Deferred revenue, non-current |
|
135,658 |
|
271,718 |
|
42,084 |
|
Operating and finance lease liabilities, non-current |
|
1,392,136 |
|
1,600,532 |
|
247,891 |
|
Deferred tax liabilities |
|
36,309 |
|
95,498 |
|
14,791 |
|
Other non-current liabilities |
|
184,717 |
|
354,490 |
|
54,903 |
|
Total non-current liabilities |
|
2,260,458 |
|
7,884,300 |
|
1,221,123 |
|
Total liabilities |
|
6,569,679 |
|
15,302,419 |
|
2,370,043 |
|
Total shareholders’ equity |
|
29,803,597 |
|
29,361,668 |
|
4,547,544 |
|
Total liabilities and shareholders’ equity |
|
36,373,276 |
|
44,664,087 |
|
6,917,587 |
|
Li Auto Inc.Unaudited Condensed
Consolidated Statements of Cash Flows
(All amounts in thousands)
|
|
For the Three Months Ended |
|
|
|
June 30, 2020 |
|
March 31, 2021 |
|
June 30, 2021 |
|
June 30, 2021 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Net cash provided by operating activities |
|
451,711 |
|
926,343 |
|
1,407,627 |
|
218,014 |
|
Net cash used in investing activities |
|
(372,106) |
|
(2,892,396) |
|
(1,217,758) |
|
(188,607) |
|
Net cash (used in)/ provided by financing activities |
|
(30,000) |
|
— |
|
5,533,762 |
|
857,070 |
|
Effect of exchange rate changes |
|
1,849 |
|
(24,104) |
|
(78,935) |
|
(12,225) |
|
Net change in cash, cash equivalents and restricted
cash |
|
51,454 |
|
(1,990,157) |
|
5,644,696 |
|
874,252 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
1,060,648 |
|
10,172,519 |
|
8,182,362 |
|
1,267,286 |
|
Cash, cash equivalents and restricted cash at end of
period |
|
1,112,102 |
|
8,182,362 |
|
13,827,058 |
|
2,141,538 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
451,711 |
|
926,343 |
|
1,407,627 |
|
218,014 |
|
Capital expenditures |
|
(150,933) |
|
(356,131) |
|
(425,488) |
|
(65,900) |
|
Free cash flow |
|
300,778 |
|
570,212 |
|
982,139 |
|
152,114 |
|
Li Auto Inc.Unaudited Reconciliation of
GAAP and Non-GAAP Results
(All amounts in thousands, except for ADS/share and per
ADS/share data)
|
|
For the Three Months Ended |
|
|
|
June 30, 2020 |
|
March 31, 2021 |
|
June 30, 2021 |
|
June 30, 2021 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Cost of sales |
|
(1,687,535) |
|
(2,958,468) |
|
(4,086,172) |
|
(632,868) |
|
Shared-based compensation expenses |
|
— |
|
6,209 |
|
6,204 |
|
961 |
|
Non-GAAP cost of sales |
|
(1,687,535) |
|
(2,952,259) |
|
(4,079,968) |
|
(631,907) |
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
(201,440) |
|
(514,500) |
|
(653,438) |
|
(101,205) |
|
Shared-based compensation expenses |
|
— |
|
116,609 |
|
109,771 |
|
17,001 |
|
Non-GAAP research and development expenses |
|
(201,440) |
|
(397,891) |
|
(543,667) |
|
(84,204) |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
(234,543) |
|
(509,924) |
|
(835,277) |
|
(129,368) |
|
Shared-based compensation expenses |
|
— |
|
60,110 |
|
54,416 |
|
8,428 |
|
Non-GAAP selling, general and administrative
expenses |
|
(234,543) |
|
(449,814) |
|
(780,861) |
|
(120,940) |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(176,280) |
|
(407,691) |
|
(535,935) |
|
(83,006) |
|
Shared-based compensation expenses |
|
— |
|
182,928 |
|
170,391 |
|
26,390 |
|
Non-GAAP loss from operations |
|
(176,280) |
|
(224,763) |
|
(365,544) |
|
(56,616) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(75,162) |
|
(359,967) |
|
(235,489) |
|
(36,472) |
|
Shared-based compensation expenses |
|
— |
|
182,928 |
|
170,391 |
|
26,390 |
|
Changes in fair value of warrants and derivative liabilities |
|
(84,036) |
|
— |
|
— |
|
— |
|
Non-GAAP net loss |
|
(159,198) |
|
(177,039) |
|
(65,098) |
|
(10,082) |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders |
|
(345,150) |
|
(359,967) |
|
(235,489) |
|
(36,472) |
|
Shared-based compensation expenses |
|
— |
|
182,928 |
|
170,391 |
|
26,390 |
|
Changes in fair value of warrants and derivative liabilities |
|
(84,036) |
|
— |
|
— |
|
— |
|
Accretion on convertible redeemable preferred shares to redemption
value |
|
264,208 |
|
— |
|
— |
|
— |
|
Effect of exchange rate changes on convertible redeemable preferred
shares |
|
5,780 |
|
— |
|
— |
|
— |
|
Non-GAAP net loss attributable to ordinary
shareholders |
(159,198) |
|
(177,039) |
|
(65,098) |
|
(10,082) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADSs (Non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
127,500,000 |
|
904,696,628 |
|
904,997,063 |
|
904,997,063 |
|
Diluted |
|
127,500,000 |
|
904,696,628 |
|
904,997,063 |
|
904,997,063 |
|
Non-GAAP net loss per ADS attributable to ordinary
shareholders7 |
|
|
|
|
|
|
|
|
|
Basic |
|
(1.25) |
|
(0.20) |
|
(0.07) |
|
(0.01) |
|
Diluted |
|
(1.25) |
|
(0.20) |
|
(0.07) |
|
(0.01) |
|
Weighted average number of shares (Non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
255,000,000 |
|
1,809,393,256 |
|
1,809,994,125 |
|
1,809,994,125 |
|
Diluted |
|
255,000,000 |
|
1,809,393,256 |
|
1,809,994,125 |
|
1,809,994,125 |
|
Non-GAAP net loss per share attributable to ordinary
shareholders7 |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.62) |
|
(0.10) |
|
(0.04) |
|
(0.01) |
|
Diluted |
|
(0.62) |
|
(0.10) |
|
(0.04) |
|
(0.01) |
|
1 All translations from Renminbi(“RMB”) to
U.S. dollar(“US$”) are made at a rate of RMB 6.4566 to US$1.00, the
noon buying rate in effect on June 30, 2021 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, changes in fair value of
warrants and derivative liabilities, accretion on convertible
redeemable preferred shares to redemption value, 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.
4 Free cash flow represents operating cash
flow less capital expenditures.
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 loss/income per ADS
attributable to ordinary shareholders is calculated by dividing
Non-GAAP net loss attributable to ordinary shareholders by the
weighted average number of shares outstanding during the periods.
Non-GAAP diluted net loss per ADS attributable to ordinary
shareholders is calculated by dividing Non-GAAP net 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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