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 fourth quarter and full year ended
December 31, 2019.
Operating Highlights for the Fourth
Quarter and Full Year 2019
- Deliveries of vehicles were 8,224 in the
fourth quarter of 2019 including 6,824 ES6s and 1,400 ES8s,
compared with 4,799 vehicles delivered in the third quarter of
2019.
- Deliveries of vehicles were 20,565 in 2019,
compared with 11,348 vehicles delivered in 2018ii.
|
Key Operating Results |
|
|
|
|
|
|
2019 Q4 |
2019 Q3 |
2019 Q2 |
2019 Q1 |
2019 FY |
|
Deliveries |
8,224 |
4,799 |
3,553 |
3,989 |
20,565 |
|
Deliveries |
2018 Q47,980 |
2018 Q33,268 |
2018 Q2100 |
2018 Q1— |
2018 FY11,348 |
Financial Highlights for the Fourth
Quarter of 2019
- Vehicle sales were RMB2,683.9 million
(US$385.5 million) in the fourth quarter of 2019, representing an
increase of 54.8% from the third quarter of 2019 and a decrease of
20.6% from the same quarter of 2018.
- Vehicle marginiii was negative 6.0%, compared
with negative 6.8% in the third quarter of 2019 and 3.7% in the
same quarter of 2018.
- Total revenues were RMB2,848.3 million
(US$409.1 million) in the fourth quarter of 2019, representing an
increase of 55.1% from the third quarter of 2019 and a decrease of
17.1% from the same quarter of 2018.
- Gross margin was negative 8.9%, compared with
negative 12.1% in the third quarter of 2019 and 0.4% in the same
quarter of 2018.
- Loss from operations was RMB2,826.2 million
(US$406.0 million) in the fourth quarter of 2019, representing an
increase of 17.3% from the third quarter of 2019 and a decrease of
18.0% from the same quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,774.9 million (US$398.6 million) in the fourth quarter of
2019, representing an increase of 18.6% from the third quarter of
2019 and a decrease of 16.0% from the same quarter of 2018.
- Net loss was RMB2,864.6 million (US$411.5
million) in the fourth quarter of 2019, representing an increase of
13.6% from the third quarter of 2019 and a decrease of 18.2% from
the same quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB 2,813.4 million
(US$404.1 million) in the fourth quarter of 2019, representing an
increase of 14.8% from the third quarter of 2019 and a decrease of
16.3% from the same quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders was RMB2,893.8 million (US$415.7 million) in
the fourth quarter of 2019, representing an increase of 13.3% from
the third quarter of 2019 and a decrease of 17.7% 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 RMB2,810.7 million (US$403.7
million).
- Basic and diluted net loss per American Depositary
Share (ADS)iv were both RMB2.81 (US$0.40) in the fourth
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 RMB2.73 (US$0.39).
- Cash and cash equivalents, restricted cash and
short-term investment were RMB1,056.3 million (US$151.7
million) as of December 31, 2019.
|
Key Financial Results
(in RMB million, except for perordinary share data and
percentage) |
|
|
|
|
|
|
|
|
|
|
2019 Q4 |
2019 Q3 |
|
2018 Q4 |
|
% Change |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
QoQ |
YoY |
|
Vehicle Sales |
|
2,683.9 |
|
1,733.5 |
|
|
3,381.2 |
|
|
54.8 |
% |
-20.6 |
% |
|
Vehicle Margin |
|
-6.0 |
% |
-6.8 |
% |
|
3.7 |
% |
|
0.8 |
% |
-9.7 |
% |
|
Total Revenues |
|
2,848.3 |
|
1,836.8 |
|
|
3,435.6 |
|
|
55.1 |
% |
-17.1 |
% |
|
Gross Margin |
|
-8.9 |
% |
-12.1 |
% |
|
0.4 |
% |
|
3.2 |
% |
-9.3 |
% |
|
Loss from Operations |
|
(2,826.2 |
) |
(2,409.2 |
) |
|
(3,446.9 |
) |
|
17.3 |
% |
-18.0 |
% |
|
Adjusted Loss from Operations (non-GAAP) |
(2,774.9 |
) |
(2,338.8 |
) |
|
(3,305.2 |
) |
|
18.6 |
% |
-16.0 |
% |
|
Net Loss |
|
(2,864.6 |
) |
(2,521.7 |
) |
|
(3,503.0 |
) |
|
13.6 |
% |
-18.2 |
% |
|
Adjusted Net Loss (non-GAAP) |
(2,813.4 |
) |
(2,451.2 |
) |
|
(3,361.3 |
) |
|
14.8 |
% |
-16.3 |
% |
|
Net Loss Attributable to Ordinary Shareholders |
(2,893.8 |
) |
(2,553.6 |
) |
|
(3,516.5 |
) |
|
13.3 |
% |
-17.7 |
% |
|
Net Loss per Ordinary Share-Basic and Diluted |
(2.81 |
) |
(2.48 |
) |
|
(3.37 |
) |
|
13.3 |
% |
-16.6 |
% |
|
Adjusted Net Loss per Ordinary Share-Basic and Diluted
(non-GAAP) |
(2.73 |
) |
(2.38 |
) |
|
(3.20 |
) |
|
14.7 |
% |
-14.7 |
% |
Financial Highlights for the Full Year
2019
- Vehicle sales were RMB7,367.1 million
(US$1,058.2 million) for the full year 2019, representing an
increase of 51.8% from the previous year.
- Vehicle margin was negative 9.9% for the full
year 2019, compared with negative 1.6% for the previous year.
Excluding the negative impact of battery recall costs, vehicle
margin was negative 6.0%.
- Total revenues were RMB7,824.9 million
(US$1,124.0 million) for the full year 2019, representing an
increase of 58.0% from the previous year.
- Gross margin was negative 15.3% for the full
year 2019, compared with negative 5.2% for the previous year.
Excluding the negative impact of battery recall costs, gross margin
was negative 10.9%.
- Loss from operations was RMB11,079.2 million
(US$1,591.4 million) for the full year 2019, representing an
increase of 15.5% from the previous year. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB10,745.7 million (US$1,543.5 million) in 2019, representing an
increase of 20.5% from the previous year.
- Net loss was RMB11,295.7 million (US$1,622.5
million) for the full year 2019, representing an increase of 17.2%
from the previous year. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB10,962.2 million
(US$1,574.6 million) for the full year 2019, representing an
increase of 22.4% from the previous year.
- Net loss attributable to NIO’s ordinary
shareholders was RMB11,413.1 million (US$1,639.4 million)
for the full year 2019, representing a decrease of 51.1% from the
previous year. 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 RMB10,953.0 million (US$1,573.3
million).
- Basic and diluted net loss per ADS were both
RMB11.08 (US$1.59) for the full year 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 RMB10.63 (US$1.53).
|
Key Financial Results |
|
|
|
|
|
|
(in RMB million, except for per ordinary |
|
|
|
|
|
|
share data and percentage) |
2019 |
|
2018 |
|
% Change |
|
|
|
|
|
|
|
|
Vehicle Sales |
7,367.1 |
|
|
4,852.5 |
|
|
51.8 |
% |
|
Vehicle Margin |
-9.9 |
% |
|
-1.6 |
% |
|
-8.3 |
% |
|
Total Revenues |
7,824.9 |
|
|
4,951.2 |
|
|
58.0 |
% |
|
Gross Margin |
-15.3 |
% |
|
-5.2 |
% |
|
-10.1 |
% |
|
Loss from Operations |
(11,079.2 |
) |
|
(9,595.6 |
) |
|
15.5 |
% |
|
Adjusted Loss from Operations (non-GAAP) |
(10,745.7 |
) |
|
(8,916.1 |
) |
|
20.5 |
% |
|
Net Loss |
(11,295.7 |
) |
|
(9,639.0 |
) |
|
17.2 |
% |
|
Adjusted Net Loss (non-GAAP) |
(10,962.2 |
) |
|
(8,959.5 |
) |
|
22.4 |
% |
|
Net Loss Attributable to Ordinary Shareholders |
(11,413.1 |
) |
|
(23,327.9 |
) |
|
-51.1 |
% |
|
Net Loss per Ordinary Share-Basic and Diluted |
(11.08 |
) |
|
(70.23 |
) |
|
-84.2 |
% |
|
Adjusted Net Loss per Ordinary Share-Basic and Diluted
(non-GAAP) |
(10.63 |
) |
|
(26.85 |
) |
|
-60.4 |
% |
CEO and CFO Comments
“We delivered, on a combined basis, 8,224 ES8
and ES6 vehicles in the fourth quarter of 2019, representing a
71.4% sequential increase from the prior quarter. Cumulative
deliveries of ES8 and ES6 reached 20,565 in 2019, representing an
81.2% increase from 2018,” said William Bin Li, founder, chairman
and chief executive officer of NIO. “As a leading premium smart EV
brand from China, we are proudly serving over 34,218 NIO users
across 296 cities in China as of the end of February 2020. Our ES6
ranked No.1 in electric SUV sales in China for the fifth
consecutive month since October 2019.
“We started 2020 in a challenging environment
due to the COVID-19 outbreak. While we keep safety and health of
our global employees a top priority, our teams strive to resume
productions, expand our traffic channels, integrate our online and
offline sales efforts and offer best services possible to bring
business and operation back to normal. Looking into year 2020, we
are confident that we will produce the most competitive electric
SUVs in China, including ES6, all-new ES8 and EC6, together with
more comprehensive battery and power solutions. We are pleased to
see our growing user community becoming an essential part of our
brand and business growth. We have covered 59 cities with 22 NIO
Houses and 62 NIO Spaces in China, which efficiently support our
branding and sales efforts. We are well prepared to proceed through
the headwind and become stronger in 2020,” concluded Mr. Li.
“We are pleased with our financial performance
in the fourth quarter of 2019, with the top line growing 55.1% from
the previous quarter,” added Wei Feng, NIO’s chief financial
officer. “We have put great efforts to optimize our organizations
and to improve operation efficiency, which resulted in certain
one-off expenses in the fourth quarter. However, we believe that
these efforts will significantly reduce our operating expenses and
improve our cash flows in 2020 and beyond. We will continue to
improve operation efficiency in all business fronts to bring
positive changes to the performance of our margins in the
future.
“Additionally, we made several private
placements of convertible notes in February and March 2020, in an
aggregate principal amount of US$435 million, which supported our
daily operations and business development. On February 25, 2020, we
entered into a collaboration framework agreement with the municipal
government of Hefei, Anhui Province, who expects to provide
resources and funding support for NIO to establish NIO China
headquarters in Hefei for our long-term growth. The parties are
working on the legally binding definitive documents to be
signed.”
Financial Results for the Fourth Quarter
and Full Year 2019
Revenues
- Total revenues in the fourth quarter of 2019
were RMB2,848.3 million (US$409.1 million), representing an
increase of 55.1% from the third quarter of 2019 and a decrease of
17.1% from the same quarter of 2018.
- Total revenues for the full year 2019 were
RMB7,824.9 million (US$1,124.0 million), representing an increase
of 58.0% from the previous year.
- Vehicle sales in the fourth quarter of 2019
were RMB2,683.9 million (US$385.5 million), representing an
increase of 54.8% from the third quarter of 2019 and a decrease of
20.6% from the same quarter of 2018. The increase in vehicle sales
over the third quarter of 2019 was attributed to higher deliveries
achieved from the existing users’ referrals and the expansion of
our sales network through the continued launch of more efficient
NIO Spaces in the fourth quarter of 2019. The decrease in vehicle
sales over the fourth quarter of 2018 was due to a higher
proportion of ES6 sold in the fourth quarter of 2019, of which the
selling price is lower than that of the ES8, which accounted for a
larger portion of the sales in the fourth quarter of
2018.
- Vehicle sales for the full year 2019 were
RMB7,367.1 million (US$1,058.2 million), representing an increase
of 51.8% from the previous year.
- Other sales in the fourth quarter of 2019 were
RMB164.4 million (US$23.6 million), representing an increase of
59.0% from the third quarter of 2019 and an increase of 202.1% from
the same quarter of 2018. The increase in other sales over the
third quarter of 2019 was mainly attributed to increased revenues
derived from the home chargers installed and accessories sold in
line with the incremental vehicle sales in the fourth quarter.
- Other sales for the full year 2019 were
RMB457.8 million (US$65.8 million), representing an increase of
363.8% from the previous year.
Cost of Sales and Gross
Margin
- Cost of sales in the fourth quarter of 2019
was RMB3,102.1 million (US$445.6 million), representing an increase
of 50.7% from the third quarter of 2019 and a decrease of 9.3% from
the same quarter of 2018. The increase in cost of sales over the
third quarter of 2019 was mainly driven by the increase of delivery
volume of the ES6 and ES8 in the fourth quarter of 2019.
- Cost of sales for the full year 2019 was
RMB9,023.7 million (US$1,296.2 million), representing an increase
of 73.3% from the previous year.
- Gross margin in the fourth quarter of 2019 was
negative 8.9%, compared with negative 12.1% in the third quarter of
2019 and 0.4% in the same quarter of 2018. The increase of gross
margin compared to the third quarter of 2019 was mainly driven by
the increase of vehicle margin in the fourth quarter of 2019.
- Gross margin for the full year 2019 was
negative 15.3%, compared with negative 5.2% for the full year 2018.
Excluding the negative impact of battery recall costs, gross margin
was negative 10.9%.
- Vehicle margin in the fourth quarter of 2019
was negative 6.0%, compared with negative 6.8% in the third quarter
of 2019 and 3.7% in the same quarter of 2018. The increase of
vehicle margin compared to the third quarter of 2019 was mainly
driven by the increase of production and delivery volume of ES6 and
ES8 in the fourth quarter of 2019.
- Vehicle margin for the full year 2019 was
negative 9.9%, compared with negative 1.6% for the full year 2018.
Excluding the negative impact of battery recall costs, vehicle
margin was negative 6.0%
Operating Expenses
- Research and development expenses in the
fourth quarter of 2019 were RMB1,026.4 million (US$147.4 million),
representing an increase of 0.3% from the third quarter of 2019 and
a decrease of 32.3% from the same quarter of 2018. Excluding
share-based compensation expenses (non-GAAP), research and
development expenses were RMB1,014.4 million (US$145.7 million),
representing an increase of 1.1% from the third quarter of 2019 and
a decrease of 32.1% from the same quarter of 2018. The slight
increase in research and development expenses over the third
quarter of 2019 was primarily attributed to the incremental design
and development costs for EC6 and all-new ES8 launched in December
2019, offset by less employee compensation due to a reduced number
of R&D personnel. The decrease in research and development
expenses over the fourth quarter of 2018 was caused by the decrease
of R&D expenses related to ES6, which came to mass production
in June 2019.
- Research and development expenses for the full
year 2019 were RMB4,428.6 million (US$636.1 million), representing
an increase of 10.8% from the previous year. Excluding share-based
compensation charges (non-GAAP), research and development expenses
were RMB4,345.9 million (US$624.2 million).
- Selling, general and administrative expenses
in the fourth quarter of 2019 were RMB 1,546.0 million (US$222.1
million), representing an increase of 32.8% from the third quarter
of 2019 and a decrease of 20.5% from the same quarter of 2018.
Excluding share-based compensation expenses (non-GAAP), selling,
general and administrative expenses were RMB1,509.0 million
(US$216.8 million), representing an increase of 35.2% from the
third quarter of 2019 and a decrease of 17.3% from the same quarter
of 2018. The increase in selling, general and administrative
expenses over the third quarter of 2019 was primarily attributed to
increased marketing and promotional activities and costs on the
optimization of our organization and sales network, offset by
less employee compensation due to a reduced number of selling,
general and administrative employees. The decrease in selling,
general and administrative expenses over the fourth quarter of 2018
was mainly due to less marketing and promotional activities and
less employee compensation due to the reduced number of selling,
general and administrative employees.
- Selling, general and administrative expenses
for the full year 2019 were RMB5,451.8 million (US$783.1 million),
representing an increase of 2.1% from the previous year. Excluding
share-based compensation charges (non-GAAP), selling, general and
administrative expenses were RMB5,210.7 million (US$748.5
million).
Loss from Operations
- Loss from operations in the fourth quarter of
2019 was RMB2,826.2 million (US$406.0 million), representing an
increase of 17.3% from the third quarter of 2019 and a decrease of
18.0% from the same quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,774.9 million (US$398.6 million) in the fourth quarter of
2019, representing an increase of 18.6% from the third quarter of
2019 and a decrease of 16.0% from the same quarter of
2018.
- Loss from operations for the full year 2019
was RMB11,079.2 million (US$1,591.4 million), compared with loss
from operations of RMB9,595.6 million in 2018. Excluding
share-based compensation charges, adjusted loss from operations
(non-GAAP) was RMB10,745.7 million (US$1,543.5 million) in
2019.
Share-based Compensation
Expenses
- Share-based compensation expenses in the
fourth quarter of 2019 were RMB51.2 million (US$7.4 million),
representing a decrease of 27.3% from the third quarter of 2019 and
a decrease of 63.9% from the same quarter of 2018. The decrease in
share-based compensation expenses over the third quarter of 2019
was primarily attributed to the continuous decline in the number of
employees, and the impact of part of the share-based compensation
expenses being recognized by using the accelerated method
previously.
- Share-based compensation expenses for the full
year 2019 were RMB333.5 million (US$47.9 million), compared with
RMB679.5 million for the previous year.
Net Loss and Earnings Per
Share
- Net loss was RMB2,864.6 million (US$411.5
million) in the fourth quarter of 2019, representing an increase of
13.6% from the third quarter of 2019 and a decrease of 18.2% from
the same quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB2,813.4 million
(US$404.1 million) in the fourth quarter of 2019, representing an
increase of 14.8% from the third quarter of 2019 and a decrease of
16.3% from the same quarter of 2018.
- Net loss for the full year 2019 was
RMB11,295.7 million (US$1,622.5 million), compared with net loss of
RMB9,639.0 million in 2018. Excluding share-based compensation
charges, adjusted net loss (non-GAAP) was RMB10,962.2 million
(US$1,574.6 million) in 2019.
- Net loss attributable to NIO’s ordinary
shareholders in the fourth quarter of 2019 was RMB 2,893.8
million (US$415.7 million) in the fourth quarter of 2019,
representing an increase of 13.3% from the third quarter of 2019
and a decrease of 17.7% 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
RMB2,810.7 million (US$403.7 million) in 2019.
- Net loss attributable to NIO’s ordinary
shareholders for the full year 2019 was RMB11,413.1
million (US$1,639.4 million), compared with net loss attributable
to NIO’s ordinary shareholders of RMB23,327.9 million in 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
RMB10,953.0 million (US$1,573.3 million) in 2019.
- Basic and diluted net loss per ADS in the
fourth quarter of 2019 were both RMB2.81 (US$0.40). 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 RMB2.73 (US$0.39).
- Basic and diluted net loss per ADS for the
full year 2019 were both RMB11.08 (US$1.59). 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 RMB10.63 (US$1.53) in 2019.
Balance Sheets
- Balance of cash and cash equivalents, restricted cash
and short-term investment was RMB 1,056.3 million
(US$151.7 million) as of December 31, 2019. 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 depends on the Company’s capability
to obtain sufficient external equity or debt financing. The Company
will continue to work on financing projects to improve its
liquidity and cash position. However, the consummation of any
additional financing project is subject to inherent uncertainties.
Based on the management’s assessment, as a result of the relevant
conditions and events including continuous losses, net cash
outflows, negative working capital, negative equity and
uncertainties on consummation of the financing projects, there is
substantial doubt about the Company’s ability to continue as a
going concern. The fourth quarter and full year unaudited financial
information does not include any adjustment that is reflective of
this uncertainty. 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
Given the COVID-19 outbreak in China since the
end of January 2020, the China auto industry in general and the
production and delivery of vehicles of the Company have taken a hit
for the first quarter of 2020. Therefore, the Company expects:
- Deliveries of the
vehicles to be between 3,400 and 3,600 vehicles,
representing a decrease of approximately 56.2% to 58.7% from the
fourth quarter of 2019, and a decrease of approximately 9.8% to
14.8% from the first quarter of 2019.
- Total
revenues to be between RMB1,209.0 million (US$173.7
million) and RMB1,273.2 million (US$182.9 million), representing a
decrease of approximately 55.3% to 57.6% from the fourth quarter of
2019, and a decrease of approximately 21.9% to 25.9% from the first
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 8:00
a.m. U.S. Eastern Daylight Time on March 18, 2020 (8:00 p.m.
Beijing Time on March 18, 2020) 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: |
8283746 |
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 March 25, 2020 08:59
a.m. ET:
|
United States: |
+1-646-254-3697 |
|
International: |
+61-2-8199-0299 |
|
Hong Kong: |
+852-3051-2780 |
|
Conference ID: |
8283746 |
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 RMB6.9618 to US$1.00, the
noon buying rate in effect on December 31, 2019 in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollars amounts
referred could be converted into U.S. dollars or Renminbi, as the
case may be, at any particular rate or at all. Statement
Regarding Preliminary Unaudited Financial Information The
unaudited financial information set out in this earnings release is
preliminary and subject to potential adjustments. Adjustments to
the consolidated financial statements may be identified when audit
work has been performed for the Company’s year-end audit, which
could result in significant differences from this preliminary
unaudited financial information. For more information, please
visit: http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-3474Email: ir@nio.com
Source: NIONIO INC.
Unaudited Consolidated Balance Sheets
| Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
| (in thousands, except for share and per share data) |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
December 31, 2019 |
|
|
|
|
|
|
(US$) |
| ASSETS |
|
|
|
|
|
| Current assets: |
|
|
|
|
|
| Cash and cash equivalents |
3,133,847 |
|
862,839 |
|
123,939 |
| Restricted cash |
57,012 |
|
82,507 |
|
11,851 |
| Short-term investment |
5,154,703 |
|
111,000 |
|
15,944 |
| Trade receivable |
756,508 |
|
1,352,093 |
|
194,216 |
| Amounts due from related
parties |
88,066 |
|
50,783 |
|
7,295 |
| Inventory |
1,465,239 |
|
889,528 |
|
127,773 |
| Prepayments and other current
assets |
1,514,257 |
|
1,579,258 |
|
226,846 |
| Total current
assets |
12,169,632 |
|
4,928,008 |
|
707,864 |
| Non-current assets: |
|
|
|
|
|
| Long-term restricted cash |
33,528 |
|
44,523 |
|
6,395 |
| Property, plant and equipment,
net |
4,853,157 |
|
5,533,064 |
|
794,775 |
| Intangible assets, net |
3,470 |
|
1,522 |
|
219 |
| Land use rights, net |
213,662 |
|
208,815 |
|
29,994 |
| Long-term investments |
148,303 |
|
115,325 |
|
16,565 |
| Amounts due from related
parties |
7,970 |
|
— |
|
— |
| Right-of-use assets - operating
lease |
— |
|
1,997,672 |
|
286,948 |
| Other non-current assets |
1,412,830 |
|
1,753,100 |
|
251,817 |
| Total non-current
assets |
6,672,920 |
|
9,654,021 |
|
1,386,713 |
| Total
assets |
18,842,552 |
|
14,582,029 |
|
2,094,577 |
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
| Short-term borrowings |
1,870,000 |
|
885,620 |
|
127,211 |
| Trade payable |
2,869,953 |
|
3,111,699 |
|
446,968 |
| Amounts due to related
parties |
219,583 |
|
309,729 |
|
44,490 |
| Taxes payable |
51,317 |
|
43,986 |
|
6,318 |
| Current portion of operating
lease liabilities |
— |
|
608,747 |
|
87,441 |
| Current portion of long-term
borrowings |
198,852 |
|
322,436 |
|
46,315 |
| Accruals and other
liabilities |
3,383,681 |
|
4,216,641 |
|
605,682 |
| Total current
liabilities |
8,593,386 |
|
9,498,858 |
|
1,364,425 |
| Non-current liabilities: |
|
|
|
|
|
| Long-term borrowings |
1,168,012 |
|
7,154,798 |
|
1,027,722 |
| Non-current operating lease
liabilities |
— |
|
1,598,372 |
|
229,592 |
| Other non-current
liabilities |
930,812 |
|
1,151,813 |
|
165,448 |
| Total non-current
liabilities |
2,098,824 |
|
9,904,983 |
|
1,422,762 |
| Total
liabilities |
10,692,210 |
|
19,403,841 |
|
2,787,187 |
|
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated Balance Sheets
| Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
| (in thousands, except for share and per share data) |
|
|
December 31, 2018 |
December 31, 2019 |
December 31, 2019 |
|
|
|
|
(US$) |
| MEZZANINE
EQUITY |
|
|
|
|
Redeemable non-controlling interests |
1,329,197 |
|
1,455,787 |
|
209,111 |
|
| Total mezzanine
equity |
1,329,197 |
|
1,455,787 |
|
209,111 |
|
| |
|
|
|
|
|
|
| SHAREHOLDERS’
EQUITY/(DEFICIT) |
|
|
|
| Ordinary shares |
1,809 |
|
1,827 |
|
262 |
|
| Treasury shares |
(9,186 |
) |
— |
|
— |
|
| Additional paid in capital |
41,918,936 |
|
40,227,856 |
|
5,778,370 |
|
| Accumulated other comprehensive
loss |
(34,708 |
) |
(203,048 |
) |
(29,166 |
) |
| Accumulated deficit |
(35,039,810 |
) |
(46,326,321 |
) |
(6,654,360 |
) |
| Total NIO Inc.
shareholders’ equity/(deficit) |
6,837,041 |
|
(6,299,686 |
) |
(904,894 |
) |
| Non-controlling interests |
(15,896 |
) |
22,087 |
|
3,173 |
|
| Total shareholders’
equity/(deficit) |
6,821,145 |
|
(6,277,599 |
) |
(901,721 |
) |
| Total liabilities,
mezzanine equity and shareholders’ equity |
18,842,552 |
|
14,582,029 |
|
2,094,577 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of Comprehensive
Loss
| Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
| (in thousands, except for share and per share data) |
| |
Three Months Ended |
| |
December 31, 2018 |
September 30, 2019 |
December 31,2019 |
December 31, 2019 |
| |
|
|
|
(US$) |
| Revenues: |
|
|
|
|
|
Vehicle sales |
3,381,192 |
|
1,733,469 |
|
2,683,921 |
|
385,521 |
|
|
Other sales |
54,415 |
|
103,375 |
|
164,408 |
|
23,616 |
|
| Total
revenues |
3,435,607 |
|
1,836,844 |
|
2,848,329 |
|
409,137 |
|
| |
|
|
|
|
|
|
|
|
| Cost of sales: |
|
|
|
|
|
Vehicle sales |
(3,256,066 |
) |
(1,850,943 |
) |
(2,844,886 |
) |
(408,642 |
) |
|
Other sales |
(165,911 |
) |
(207,485 |
) |
(257,196 |
) |
(36,944 |
) |
| Total cost of
sales |
(3,421,977 |
) |
(2,058,428 |
) |
(3,102,082 |
) |
(445,586 |
) |
| Gross
profit/(loss) |
13,630 |
|
(221,584 |
) |
(253,753 |
) |
(36,449 |
) |
| |
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
Research and development |
(1,515,163 |
) |
(1,023,193 |
) |
(1,026,408 |
) |
(147,434 |
) |
|
Selling, general and administrative |
(1,945,393 |
) |
(1,164,443 |
) |
(1,546,015 |
) |
(222,071 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Total
operating expenses |
(3,460,556 |
) |
(2,187,636 |
) |
(2,572,423 |
) |
(369,505 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Loss from
operations |
(3,446,926 |
) |
(2,409,220 |
) |
(2,826,176 |
) |
(405,954 |
) |
| |
|
|
|
|
| Interest income |
61,999 |
|
28,669 |
|
22,353 |
|
3,211 |
|
| Interest
expenses |
(76,419 |
) |
(103,211 |
) |
(102,323 |
) |
(14,698 |
) |
| Share of
losses/(profit) of equity investees |
1,671 |
|
(38,419 |
) |
43 |
|
6 |
|
| Other (loss)/income,
net |
(27,037 |
) |
1,067 |
|
43,817 |
|
6,294 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Loss before
income tax expense |
(3,486,712 |
) |
(2,521,114 |
) |
(2,862,286 |
) |
(411,141 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Income tax
expense |
(16,302 |
) |
(536 |
) |
(2,332 |
) |
(335 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Net
loss |
(3,503,014 |
) |
(2,521,650 |
) |
(2,864,618 |
) |
(411,476 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Accretion on
convertible redeemable preferred shares to redemption value |
— |
|
— |
|
— |
|
— |
|
| Accretion on
redeemable non-controlling interests to redemption value |
(31,898 |
) |
(31,907 |
) |
(31,908 |
) |
(4,583 |
) |
| Net (profit)/loss
attributable to non-controlling interests |
18,427 |
|
(58 |
) |
2,725 |
|
391 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Net loss
attributable to ordinary shareholders of NIO Inc. |
(3,516,485 |
) |
(2,553,615 |
) |
(2,893,801 |
) |
(415,668 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Net
loss |
(3,503,014 |
) |
(2,521,650 |
) |
(2,864,618 |
) |
(411,476 |
) |
| Other
comprehensive income/(loss) |
|
|
|
|
| Foreign currency translation
adjustment, net of nil tax |
37,180 |
|
(129,405 |
) |
91,789 |
|
13,185 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Total other comprehensive
income/(loss) |
37,180 |
|
(129,405 |
) |
91,789 |
|
13,185 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
| Total comprehensive
loss |
(3,465,834 |
) |
(2,651,055 |
) |
(2,772,829 |
) |
(398,291 |
) |
| Accretion on convertible
redeemable preferred shares to redemption value |
— |
|
— |
|
— |
|
— |
|
| Accretion on redeemable
non-controlling interests to redemption value |
(31,898 |
) |
(31,907 |
) |
(31,908 |
) |
(4,583 |
) |
| Net (profit)/loss attributable to
non-controlling interests |
18,427 |
|
(58 |
) |
2,725 |
|
391 |
|
| Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(3,479,305 |
) |
(2,683,020 |
) |
(2,802,012 |
) |
(402,483 |
) |
| Weighted
average number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
|
|
|
| Basic and diluted |
1,044,777,745 |
|
1,028,698,303 |
|
1,029,874,883 |
|
1,029,874,883 |
|
| Net loss per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
| Basic and diluted |
(3.37 |
) |
(2.48 |
) |
(2.81 |
) |
(0.40 |
) |
| Weighted average number
of ADS used in computing net loss per share |
|
|
|
|
|
|
|
|
| Basic and diluted |
1,044,777,745 |
|
1,028,698,303 |
|
1,029,874,883 |
|
1,029,874,883 |
|
| Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
| Basic and diluted |
(3.37 |
) |
(2.48 |
) |
(2.81 |
) |
(0.40 |
) |
| |
|
|
|
|
| |
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of Comprehensive
Loss
| Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
| (in thousands, except for share and per share data) |
| |
For the Year Ended December 31, |
| |
2018 |
|
2019 |
|
2019 |
|
| |
|
|
(USD) |
| Revenues: |
|
|
|
|
Vehicle sales |
4,852,470 |
|
7,367,113 |
|
1,058,220 |
|
|
Other sales |
98,701 |
|
457,791 |
|
65,758 |
|
| Total
revenues |
4,951,171 |
|
7,824,904 |
|
1,123,978 |
|
| |
|
|
|
|
|
|
| Cost of sales: |
|
|
|
|
Vehicle sales |
(4,930,135 |
) |
(8,096,035 |
) |
(1,162,923 |
) |
|
Other sales |
(276,912 |
) |
(927,691 |
) |
(133,254 |
) |
| Total cost of
sales |
(5,207,047 |
) |
(9,023,726 |
) |
(1,296,177 |
) |
| Gross loss |
(255,876 |
) |
(1,198,822 |
) |
(172,199 |
) |
| |
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
Research and development |
(3,997,942 |
) |
(4,428,580 |
) |
(636,126 |
) |
|
Selling, general and administrative |
(5,341,790 |
) |
(5,451,787 |
) |
(783,100 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Total operating
expenses |
(9,339,732 |
) |
(9,880,367 |
) |
(1,419,226 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Loss from
operations |
(9,595,608 |
) |
(11,079,189 |
) |
(1,591,425 |
) |
| |
|
|
|
| Interest income |
133,384 |
|
160,279 |
|
23,023 |
|
| Interest expenses |
(123,643 |
) |
(370,536 |
) |
(53,224 |
) |
| Share of losses of equity
investee |
(9,722 |
) |
(64,478 |
) |
(9,262 |
) |
| Other (loss)/income, net |
(21,346 |
) |
66,160 |
|
9,503 |
|
| |
|
|
|
|
|
|
| |
|
|
|
| Loss before income tax
expense |
(9,616,935 |
) |
(11,287,764 |
) |
(1,621,385 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Income tax expense |
(22,044 |
) |
(7,888 |
) |
(1,133 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Net loss |
(9,638,979 |
) |
(11,295,652 |
) |
(1,622,518 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Accretion on convertible
redeemable preferred shares to redemption value |
(13,667,291 |
) |
— |
|
— |
|
| Accretion on redeemable
non-controlling interests to redemption value |
(63,297 |
) |
(126,590 |
) |
(18,184 |
) |
| Net loss attributable to
non-controlling interests |
41,705 |
|
9,141 |
|
1,313 |
|
| |
|
|
|
|
|
|
| |
|
|
|
| Net loss attributable to
ordinary shareholders of NIO Inc. |
(23,327,862 |
) |
(11,413,101 |
) |
(1,639,389 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Net loss |
(9,638,979 |
) |
(11,295,652 |
) |
(1,622,518 |
) |
| Other comprehensive
loss |
|
|
|
| Foreign currency translation
adjustment, net of nil tax |
(20,786 |
) |
(168,340 |
) |
(24,181 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Total other comprehensive
loss |
(20,786 |
) |
(168,340 |
) |
(24,181 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Total comprehensive
loss |
(9,659,765 |
) |
(11,463,992 |
) |
(1,646,699 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
| Accretion on convertible
redeemable preferred shares to redemption value |
(13,667,291 |
) |
— |
|
— |
|
| Accretion on redeemable
non-controlling interests to redemption value |
(63,297 |
) |
(126,590 |
) |
(18,184 |
) |
| Net loss attributable to
non-controlling interests |
41,705 |
|
9,141 |
|
1,313 |
|
| |
|
|
|
|
|
|
| |
|
|
|
| Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(23,348,648 |
) |
(11,581,441 |
) |
(1,663,570 |
) |
| |
|
|
|
|
|
|
| |
|
|
|
| Weighted average number
of ordinary shares used in computing net loss per
share |
|
|
|
| Basic and diluted |
332,153,211 |
|
1,029,931,705 |
|
1,029,931,705 |
|
| Net loss per share
attributable to ordinary shareholders |
|
|
|
| Basic and diluted |
(70.23 |
) |
(11.08 |
) |
(1.59 |
) |
| Weighted average number
of ADS used in computing net loss per share |
|
|
|
|
|
|
| Basic and diluted |
332,153,211 |
|
1,029,931,705 |
|
1,029,931,705 |
|
| Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
| Basic and diluted |
(70.23 |
) |
(11.08 |
) |
(1.59 |
) |
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 December 31, 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 |
(3,102,082 |
) |
-108.8 |
% |
2,177 |
|
0.1 |
% |
(3,099,905 |
) |
-108.7 |
% |
| Research and development
expenses |
(1,026,408 |
) |
-36.0 |
% |
12,037 |
|
0.4 |
% |
(1,014,371 |
) |
-35.6 |
% |
| Selling, general and
administrative expenses |
(1,546,015 |
) |
-54.3 |
% |
37,014 |
|
1.3 |
% |
(1,509,001 |
) |
-53.0 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Total |
(5,674,505 |
) |
-199.1 |
% |
51,228 |
|
1.8 |
% |
(5,623,277 |
) |
-197.3 |
% |
| |
|
|
|
|
|
|
|
| Loss from operations |
(2,826,176 |
) |
-99.2 |
% |
51,228 |
|
1.8 |
% |
(2,774,948 |
) |
-97.4 |
% |
| |
|
|
|
|
|
|
|
| Net loss |
(2,864,618 |
) |
-100.6 |
% |
51,228 |
|
1.8 |
% |
(2,813,390 |
) |
-98.8 |
% |
| |
|
|
|
|
|
|
|
| Accretion on redeemable
non-controlling interests to redemption value |
(31,908 |
) |
-1.1 |
% |
31,908 |
|
1.1 |
% |
— |
|
0.0 |
% |
| |
|
|
|
|
|
|
|
| Net loss attributable to ordinary
shareholders of NIO Inc. |
(2,893,801 |
) |
-101.6 |
% |
83,136 |
|
2.9 |
% |
(2,810,665 |
) |
-98.7 |
% |
| Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.81 |
) |
|
|
0.08 |
|
|
|
(2.73 |
) |
|
|
| Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(2.81 |
) |
|
|
0.08 |
|
|
|
(2.73 |
) |
|
|
| Net loss per ADS attributable to
ordinary shareholders, basic and diluted (USD) |
(0.40 |
) |
|
|
0.01 |
|
|
|
(0.39 |
) |
|
|
| |
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 |
) |
|
|
| |
Three Months Ended December 31, 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 |
(3,421,977 |
) |
-99.6 |
% |
1,269 |
|
0.0 |
% |
(3,420,708 |
) |
-99.6 |
% |
| Research and development
expenses |
(1,515,163 |
) |
-44.1 |
% |
20,557 |
|
0.6 |
% |
(1,494,606 |
) |
-43.5 |
% |
| Selling, general and
administrative expenses |
(1,945,393 |
) |
-56.6 |
% |
119,884 |
|
3.5 |
% |
(1,825,509 |
) |
-53.1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Total |
(6,882,533 |
) |
-200.3 |
% |
141,710 |
|
4.1 |
% |
(6,740,823 |
) |
-196.2 |
% |
|
|
|
|
|
|
|
|
|
| Loss from operations |
(3,446,926 |
) |
-100.3 |
% |
141,710 |
|
4.1 |
% |
(3,305,216 |
) |
-96.2 |
% |
| |
|
|
|
|
|
|
|
| Net loss |
(3,503,014 |
) |
-102.0 |
% |
141,710 |
|
4.1 |
% |
(3,361,304 |
) |
-97.8 |
% |
|
|
|
|
|
|
|
|
|
| Accretion on redeemable
non-controlling interests to redemption value |
(31,898 |
) |
-0.9 |
% |
31,898 |
|
0.9 |
% |
— |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
| Net loss attributable to ordinary
shareholders of NIO Inc. |
(3,516,485 |
) |
-102.4 |
% |
173,608 |
|
5.1 |
% |
(3,342,877 |
) |
-97.3 |
% |
| Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(3.37 |
) |
|
|
0.17 |
|
|
|
(3.20 |
) |
|
|
| |
(3.37 |
) |
|
|
0.17 |
|
|
|
(3.20 |
) |
|
|
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) |
| |
Year Ended December 31, 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 |
(9,023,726 |
) |
-115.3 |
% |
9,763 |
|
0.1 |
% |
(9,013,963 |
) |
-115.2 |
% |
| Research and development
expenses |
(4,428,580 |
) |
-56.6 |
% |
82,680 |
|
1.1 |
% |
(4,345,900 |
) |
-55.5 |
% |
| Selling, general and
administrative expenses |
(5,451,787 |
) |
-69.7 |
% |
241,052 |
|
3.1 |
% |
(5,210,735 |
) |
-66.6 |
% |
| Total |
(18,904,093 |
) |
-241.6 |
% |
333,495 |
|
4.3 |
% |
(18,570,598 |
) |
-237.3 |
% |
| Loss from operations |
(11,079,189 |
) |
-141.6 |
% |
333,495 |
|
4.3 |
% |
(10,745,694 |
) |
-137.3 |
% |
| Net loss |
(11,295,652 |
) |
-144.4 |
% |
333,495 |
|
4.3 |
% |
(10,962,157 |
) |
-140.1 |
% |
| Accretion on redeemable
non-controlling interests to redemption value |
(126,590 |
) |
-1.6 |
% |
126,590 |
|
1.6 |
% |
— |
|
0.0 |
% |
| Net loss attributable to ordinary
shareholders of NIO Inc. |
(11,413,101 |
) |
-145.9 |
% |
460,085 |
|
5.9 |
% |
(10,953,016 |
) |
-140.0 |
% |
| Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(11.08 |
) |
|
|
0.45 |
|
|
|
(10.63 |
) |
|
|
| Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(11.08 |
) |
|
|
0.45 |
|
|
|
(10.63 |
) |
|
|
| Net loss per ADS attributable to
ordinary shareholders, basic and diluted (USD) |
(1.59 |
) |
|
|
0.06 |
|
|
|
(1.53 |
) |
|
|
| |
Year Ended December 31, 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 |
(5,207,047 |
) |
-105.2 |
% |
9,289 |
|
0.2 |
% |
(5,197,758 |
) |
-105.0 |
% |
| Research and development
expenses |
(3,997,942 |
) |
-80.7 |
% |
109,124 |
|
2.2 |
% |
(3,888,818 |
) |
-78.5 |
% |
| Selling, general and
administrative expenses |
(5,341,790 |
) |
-107.9 |
% |
561,055 |
|
11.3 |
% |
(4,780,735 |
) |
-96.6 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Total |
(14,546,779 |
) |
-293.8 |
% |
679,468 |
|
13.7 |
% |
(13,867,311 |
) |
-280.1 |
% |
|
|
|
|
|
|
|
|
|
| Loss from operations |
(9,595,608 |
) |
-193.8 |
% |
679,468 |
|
13.7 |
% |
(8,916,140 |
) |
-180.1 |
% |
| |
|
|
|
|
|
|
|
| Net loss |
(9,638,979 |
) |
-194.7 |
% |
679,468 |
|
13.7 |
% |
(8,959,511 |
) |
-181.0 |
% |
| |
|
|
|
|
|
|
|
| Accretion on convertible
redeemable preferred shares to redemption value |
(13,667,291 |
) |
-276.0 |
% |
13,667,291 |
|
276.0 |
% |
— |
|
0.0 |
% |
| Accretion on redeemable
non-controlling interests to redemption value |
(63,297 |
) |
-1.3 |
% |
63,297 |
|
1.3 |
% |
— |
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
| Net loss attributable to ordinary
shareholders of NIO Inc. |
(23,327,862 |
) |
-471.2 |
% |
14,410,056 |
|
291.0 |
% |
(8,917,806 |
) |
-180.1 |
% |
| Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(70.23 |
) |
|
|
43.38 |
|
|
|
(26.85 |
) |
|
|
| Net loss per ADS attributable to
ordinary shareholders, basic and diluted (RMB) |
(70.23 |
) |
|
|
43.38 |
|
|
|
(26.85 |
) |
|
|
i All translations from RMB to USD for the fourth quarter and
the full year of 2019 were made at the rate of RMB6.9618 to
US$1.00, the noon buying rate in effect on December 31, 2019 in the
H.10 statistical release of the Federal Reserve Board.
ii NIO started deliveries of the ES8 on June 28, 2018.
iii Vehicle margin is the margin of vehicle sales, which is
calculated based on revenues and cost of sales derived sales
only.
iv Each ADS represents one ordinary share.
v Except for gross margin and vehicle margin, where absolute
changes instead of percentage changes are calculated.
NIO (NYSE:NIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
NIO (NYSE:NIO)
Historical Stock Chart
From Apr 2023 to Apr 2024
