NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in China’s
premium smart electric vehicle market, today announced its
unaudited financial results for the quarter ended March 31, 2020.
Operating Highlights for the First
Quarter of 2020
- Deliveries of
vehicles were 3,838 in the first quarter of 2020,
including 3,643 ES6s and 195 ES8s, compared with 3,989 vehicles
delivered in the first quarter of 2019. The decrease of the vehicle
deliveries was attributed to the impact of the COVID-19 outbreak in
the first quarter of 2020.
Key Operating Results
|
2020 Q1 |
2019 Q4 |
2019 Q3 |
2019 Q2 |
2019 Q1 |
Deliveries |
3,838 |
8,224 |
4,799 |
3,553 |
3,989 |
Financial Highlights for the First
Quarter of 2020
- Vehicle sales were
RMB1,255.6 million (US$177.3 million) in the first quarter of 2020,
representing a decrease of 53.2% from the fourth quarter of 2019
and a decrease of 18.2% from the same quarter of 2019.
- Vehicle marginii
was negative 7.4%, compared with negative 6.0% in the fourth
quarter of 2019 and negative 7.2% in the same quarter of 2019.
- Total revenues
were RMB1,372.0 million (US$193.8 million) in the first quarter of
2020, representing a decrease of 51.8% from the fourth quarter of
2019 and a decrease of 15.9% from the same quarter of 2019.
- Gross margin was
negative 12.2%, compared with negative 8.9% in the fourth quarter
of 2019 and negative 13.4% in the same quarter of 2019.
- Loss from
operations was RMB1,570.3 million (US$221.8 million) in
the first quarter of 2020, representing a decrease of 44.4% from
the fourth quarter of 2019 and a decrease of 40.0% from the same
quarter of 2019. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB1,537.9 million
(US$217.2 million) in the first quarter of 2020, representing a
decrease of 44.6% from the fourth quarter of 2019 and a decrease of
38.4 % from the same quarter of 2019.
- Net loss was
RMB1,691.8 million (US$238.9 million) in the first quarter of 2020,
representing a decrease of 40.9% from the fourth quarter of 2019
and a decrease of 35.5% from the same quarter of 2019. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB1,659.4 million (US$234.4 million) in the first quarter of 2020,
representing a decrease of 41.0% from the fourth quarter of 2019
and a decrease of 33.7% from the same quarter of 2019.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,722.8 million
(US$243.3 million) in the first quarter of 2020, representing a
decrease of 40.5% from the fourth quarter of 2019 and a decrease of
35.0% from the same quarter of 2019. 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 RMB1,658.9 million
(US$234.3 million).
- Basic and diluted net loss
per American Depositary Share (ADS)iii were both RMB1.66
(US$0.23) in the first quarter of 2020. 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 RMB1.60 (US$0.22).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB2,397.4
million (US$338.6 million) as of March 31, 2020.
Key Financial Results
(in RMB million, except for perordinary share data
and percentage)
|
2020 Q1 |
2019 Q4 |
|
2019 Q1 |
|
% Changeiv |
|
|
|
|
|
|
|
|
QoQ |
YoY |
Vehicle Sales |
1,255.6 |
|
2,683.9 |
|
|
1,535.2 |
|
|
-53.2 |
% |
-18.2 |
% |
Vehicle Margin |
-7.4 |
% |
-6.0 |
% |
|
-7.2 |
% |
|
-1.4 |
% |
-0.2 |
% |
Total Revenues |
1,372.0 |
|
2,848.3 |
|
|
1,631.2 |
|
|
-51.8 |
% |
-15.9 |
% |
Gross Margin |
-12.2 |
% |
-8.9 |
% |
|
-13.4 |
% |
|
-3.3 |
% |
1.2 |
% |
Loss from Operations |
(1,570.3 |
) |
(2,826.2 |
) |
|
(2,617.7 |
) |
|
-44.4 |
% |
-40.0 |
% |
Adjusted Loss from Operations
(non-GAAP) |
(1,537.9 |
) |
(2,774.9 |
) |
|
(2,498.1 |
) |
|
-44.6 |
% |
-38.4 |
% |
Net Loss |
(1,691.8 |
) |
(2,864.6 |
) |
|
(2,623.6 |
) |
|
-40.9 |
% |
-35.5 |
% |
Adjusted Net Loss
(non-GAAP) |
(1,659.4 |
) |
(2,813.4 |
) |
|
(2,504.0 |
) |
|
-41.0 |
% |
-33.7 |
% |
Net Loss Attributable to
Ordinary Shareholders |
(1,722.8 |
) |
(2,893.8 |
) |
|
(2,652.0 |
) |
|
-40.5 |
% |
-35.0 |
% |
Net Loss per Ordinary
Share-Basic and Diluted |
(1.66 |
) |
(2.81 |
) |
|
(2.56 |
) |
|
-40.8 |
% |
-35.0 |
% |
Adjusted Net Loss per Ordinary
Share-Basic and Diluted (non-GAAP) |
(1.60 |
) |
(2.73 |
) |
|
(2.42 |
) |
|
-41.4 |
% |
-33.9 |
% |
Recent Developments
Deliveries in April 2020
- Deliveries of the ES8 and ES6 were
3,155 vehicles in April 2020, representing a strong growth of
105.8% month over month and a 180.7% growth year over year. The
deliveries consisted of 2,907 ES6s, the Company’s 5-seater
high-performance premium smart electric SUV, and 248 ES8s, the
Company’s 7-seater high-performance premium smart electric SUV and
its 6-seater variant. The Company commenced deliveries of the
all-new ES8 with more than 180 improvements on April 19, 2020. As
of April 30, cumulative deliveries of the ES8 and the ES6 reached
38,906 vehicles, of which 6,993 were delivered in 2020.
Entry into Definitive Agreements for
Investments in NIO China
- On April 29, 2020, the Company
announced that it entered into definitive agreements for
investments in NIO China with a group of investors (collectively,
the “Strategic Investors”) led by Hefei City Construction and
Investment Holding (Group) Co., Ltd., CMG-SDIC Capital Co., Ltd.,
and Anhui Provincial Emerging Industry Investment Co., Ltd..Under
the definitive agreements, the Strategic Investors will invest an
aggregate of RMB7 billion in cash into NIO (Anhui) Holding Ltd.,
the legal entity of NIO China. NIO will inject its core businesses
and assets in China, including vehicle research and development,
supply chain, sales and services and NIO Power (the “Asset
Consideration”), into NIO China. The Asset Consideration is valued
at RMB17.77 billion, as calculated based on 85% of the average
market value of NIO Inc. over the thirty public trading days
preceding April 21, 2020. Further, NIO will invest RMB4.26 billion
in cash into NIO China. Upon the completion of the investments, NIO
will hold 75.9% of controlling equity interests in NIO China, and
the Strategic Investors will collectively hold the remaining
24.1%.The Company expects the closing of the investments to take
place in the second quarter of 2020, subject to the satisfaction of
customary closing conditions. The Strategic Investors and NIO will
each inject cash into NIO China in five installments, namely (i)
RMB3.5 billion and RMB1.278 billion respectively within five
business days of the satisfaction of closing conditions, (ii)
RMB1.5 billion and RMB1.278 billion respectively on or prior to
June 30, 2020, (iii) RMB1 billion and RMB0.852 billion respectively
on or prior to September 30, 2020, (iv) RMB0.5 billion and RMB0.426
billion respectively on or prior to December 31, 2020, and (v)
RMB0.5 billion and RMB0.426 billion respectively on or prior to
March 31, 2021. Moreover, the Asset Consideration shall be injected
into NIO China within one year of closing.NIO China will establish
its headquarters in the Hefei Economic and Technological
Development Area (HETA), where the Company’s main manufacturing hub
is located, for its business operation, research and development,
sales and services, supply chain and manufacturing functions. NIO
will collaborate with the Strategic Investors and HETA to develop
NIO China’s business and to support the accelerated development of
the smart electric vehicle sectors in Hefei in the future.
CEO and CFO Comments
“We delivered a total of 3,838 ES8 and ES6
vehicles in the first quarter of 2020, representing a 3.8% year on
year decrease, due to the impact of the COVID-19 outbreak in China
in the first quarter,” said William Bin Li, founder, chairman and
chief executive officer of NIO. “In April 2020, we delivered 3,155
vehicles, a robust increase of 105.8% month over month. Meanwhile,
we have witnessed the order growth to have rebounded to the level
prior to the COVID-19 outbreak since late April. Our strong
recovery and growth were attributable to the competitiveness of our
products and services, the continuous support from our user
community, and the effective expansion of our sales network. We
expect to deliver 9,500 to 10,000 vehicles in the second quarter, a
record of quarterly deliveries since our first deliveries.”
“On April 29, 2020, NIO entered into the
definitive agreements with the strategic investors for the
investment in NIO China. The strategic investment will provide
sufficient funds to support NIO’s business development, enhance our
leadership in the products and technologies of smart electric
vehicles, and offer services exceeding users’ expectations. The
establishment of NIO China’s headquarters in Hefei will
further improve our operating efficiency in the long run,”
concluded Mr. Li.
“We are pleased to achieve the overall
operational efficiency and cash management improvement in the first
quarter of 2020,” added Wei Feng, NIO’s chief financial officer.
“Our operating loss significantly decreased by approximately 44.4%
quarter over quarter. While these results are partially
attributable to our enhanced cost control measures taken during the
COVID-19 outbreak, the improved operational efficiency reflects the
initial returns of our continuous efforts in the operation
optimization and expense control during the past quarters. We
believe these efforts will drive positive trend of our performance
in the rest of 2020 and beyond.”
Financial Results for the First Quarter
of 2020
Revenues
- Total revenues
were RMB1,372.0 million (US$193.8 million) in the first quarter of
2020, representing a decrease of 51.8% from the fourth quarter of
2019 and a decrease of 15.9% from the same quarter of 2019.
- Vehicle sales were
RMB1,255.6 million (US$177.3 million) in the first quarter of 2020,
representing a decrease of 53.2% from the fourth quarter of 2019
and a decrease of 18.2% from the same quarter of 2019. The decrease
in vehicle sales of the first quarter of 2020, compared to the
fourth quarter of 2019, was due to the decrease of vehicle
deliveries during the COVID-19 outbreak in China. The decrease in
vehicle sales of the first quarter of 2020, compared to the same
quarter of 2019, was due to a higher proportion of ES6 sold in the
first quarter of 2020, of which the selling price is lower than
that of the ES8, which was the sole model sold in the first quarter
of 2019.
- Other sales in the
first quarter of 2020 were RMB116.4 million (US$16.4 million),
representing a decrease of 29.2% from the fourth quarter of 2019
and an increase of 21.2% from the same quarter of 2019. The
decrease in other sales of the first quarter of 2020, compared to
the fourth quarter of 2019, was mainly attributed to decreased
revenues derived from the home chargers installed and accessories
sold, which were in line with the decreased vehicle sales in the
first quarter of 2020.
Cost of Sales and Gross
Margin
- Cost of sales in
the first quarter of 2020 was RMB1,539.4 million (US$217.4
million), representing a decrease of 50.4% from the fourth quarter
of 2019 and a decrease of 16.8% from the same quarter of 2019. The
decrease in cost of sales compared to the fourth quarter of 2019
was mainly driven by the decrease of delivery volume of the ES6 and
ES8 in the first quarter of 2020.
- Gross margin in
the first quarter of 2020 was negative 12.2%, compared with
negative 8.9% in the fourth quarter of 2019 and negative 13.4% in
the same quarter of 2019. The decrease of gross margin compared to
the fourth quarter of 2019 was mainly driven by the decrease of
vehicle margin in the first quarter of 2020.
- Vehicle margin in
the first quarter of 2020 was negative 7.4%, compared with negative
6.0% in the fourth quarter of 2019 and negative 7.2% in the same
quarter of 2019. The decrease of vehicle margin compared to the
fourth quarter of 2019 was mainly driven by the decrease of
production and delivery volume of ES6 and ES8 in the first quarter
of 2020.
Operating Expenses
- Research and development
expenses in the first quarter of 2020 were RMB522.4
million (US$73.8 million), representing a decrease of 49.1% from
the fourth quarter of 2019 and a decrease of 51.6% from the same
quarter of 2019. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB514.4 million
(US$72.6 million), representing a decrease of 49.3% from the fourth
quarter of 2019 and a decrease of 50.8% from the same quarter of
2019. The substantial decrease in research and development expenses
was primarily attributed to the COVID-19 outbreak that caused the
significant reduction in design and development
activities.
- Selling, general and
administrative expenses in the first quarter of 2020 were
RMB848.3 million (US$119.8 million), representing a decrease of
45.1% from the fourth quarter of 2019 and a decrease of 35.7% from
the same quarter of 2019. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB824.8 million (US$116.5 million), representing a decrease
of 45.3% from the fourth quarter of 2019 and a decrease of 33.2%
from the same quarter of 2019. The decrease in selling, general and
administrative expenses over the fourth quarter of 2019 was
primarily attributed to some one-off expenses incurred for the
optimization of our sales network structure in late 2019 and the
COVID-19 outbreak that caused significant decrease in marketing and
promotional activities, as well as decrease of activities in
business support functions in the first quarter of 2020. The
decrease in selling, general and administrative expenses over the
first quarter of 2019 was mainly attributed to less employee
compensation due to the reduced number of employees and more
efficient promotional activities during the outbreak of the
COVID-19.
Loss from Operations
- Loss from
operations was RMB1,570.3 million (US$221.8 million) in
the first quarter of 2020, representing a decrease of 44.4% from
the fourth quarter of 2019 and a decrease of 40.0% from the same
quarter of 2019. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB1,537.9 million
(US$217.2 million) in the first quarter of 2020, representing a
decrease of 44.6% from the fourth quarter of 2019 and a decrease of
38.4% from the same quarter of 2019.
Share-based Compensation
Expenses
- Share-based compensation expenses
in the first quarter of 2020 were RMB32.4 million (US$4.6 million),
representing a decrease of 36.8% from the fourth quarter of 2019
and a decrease of 72.9% from the same quarter of 2019. The decrease
in share-based compensation expenses over the fourth 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.
Net Loss and Earnings Per
Share
- Net
loss was RMB1,691.8 million (US$238.9 million) in the
first quarter of 2020, representing a decrease of 40.9% from the
fourth quarter of 2019 and a decrease of 35.5% from the same
quarter of 2019. Excluding share-based compensation expenses,
adjusted net loss (non-GAAP) was RMB1,659.4 million (US$234.4
million) in the first quarter of 2020, representing a decrease of
41.0% from the fourth quarter of 2019 and a decrease of 33.7% from
the same quarter of 2019.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,722.8 million
(US$243.3 million) in the first quarter of 2020, representing a
decrease of 40.5% from the fourth quarter of 2019 and a decrease of
35.0% from the same quarter of 2019. 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 RMB1,658.9 million
(US$234.3 million).
- Basic and diluted net loss
per ADS were both RMB1.66 (US$0.23) in the first quarter
of 2020. 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
RMB1.60 (US$0.22).
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB2,397.4 million (US$338.6 million) as of March 31, 2020. 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
foreseeable future. The Company’s continuous operation depends on
the successful implementation of the management's plans which
considers the improvements in its operating cash flows and the
consummation of the Investments in NIO China. Based on its
evaluation, the Company believes that its existing working capital,
the funds from the Investments in NIO China and available loan
facilities will be sufficient to support the Company's continuous
operations and developments in the next twelve months.
Business Outlook
For the second quarter of 2020, the Company
expects:
- Deliveries of the
vehicles to be between 9,500 and 10,000 vehicles,
representing an increase of approximately 147.5% to 160.6% from the
first quarter of 2020, and an increase of approximately 167.4% to
181.5% from the second quarter of 2019.
- Total revenues to
be between RMB3,368.4 million (US$475.7 million) and RMB3,534.2
million (US$499.1 million), representing an increase of
approximately 145.5% to 157.6% from the first quarter of 2020, and
an increase of approximately 123.3% to 134.3% from the second
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
The Company’s management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on May 28, 2020 (8:00
PM Beijing/Hong Kong Time on May 28, 2020) to discuss financial
results and answer questions from investors and analysts. Listeners
may register in advance of the conference using the link provided
below and dial in 10 minutes prior to the call, using participant
dial-in numbers, Direct Event passcode and unique registrant ID
which would be provided upon registering.
http://apac.directeventreg.com/registration/event/8574289
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 June 5, 2020 09:59 AM
ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong: |
+852-3051-2780 |
Conference ID: |
8574289 |
About NIO Inc.
NIO Inc. is a pioneer in China’s premium smart
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 6-seater ES8, in March 2019. NIO
officially launched the ES6, a 5-seater high-performance premium
electric SUV, in December 2018 and began the first deliveries of
the ES6 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, 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 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 its 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 its vehicles; its ability to secure sufficient
reservations and sales of the ES8 and ES6; its ability to control
costs associated with its operations; its ability to build the 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 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
RMB7.0808 to US$1.00, the noon buying rate in effect on March 31,
2020 in the H.10 statistical release of the Federal Reserve Board.
The Company makes no representation that the Renminbi or U.S.
dollars amounts referred could be converted into U.S. dollars or
Renminbi, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited
Financial Information
The unaudited financial information set out in this
earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-2018Email: ir@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance Sheets
Amounts
expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands,
except for share and per share data) |
|
|
December 31, 2019 |
|
March 31, 2020 |
|
March 31, 2020 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(US$) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
862,839 |
|
1,977,260 |
|
279,242 |
Restricted cash |
82,507 |
|
25,846 |
|
3,650 |
Short-term investment |
111,000 |
|
394,255 |
|
55,679 |
Trade receivable |
1,352,093 |
|
1,208,987 |
|
170,742 |
Amounts due from related
parties |
50,783 |
|
51,224 |
|
7,234 |
Inventory |
889,528 |
|
955,080 |
|
134,883 |
Prepayments and other current
assets |
1,579,258 |
|
1,756,416 |
|
248,053 |
Total current
assets |
4,928,008 |
|
6,369,068 |
|
899,483 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
44,523 |
|
45,114 |
|
6,371 |
Property, plant and equipment,
net |
5,533,064 |
|
5,263,752 |
|
743,384 |
Intangible assets, net |
1,522 |
|
1,325 |
|
187 |
Land use rights, net |
208,815 |
|
207,603 |
|
29,319 |
Long-term investments |
115,325 |
|
111,310 |
|
15,720 |
Right-of-use assets -
operating lease |
1,997,672 |
|
1,788,389 |
|
252,569 |
Other non-current assets |
1,753,100 |
|
1,550,613 |
|
218,988 |
Total non-current
assets |
9,654,021 |
|
8,968,106 |
|
1,266,538 |
|
|
|
|
|
|
Total
assets |
14,582,029 |
|
15,337,174 |
|
2,166,021 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
885,620 |
|
3,870,342 |
|
546,597 |
Trade payable |
3,111,699 |
|
3,132,301 |
|
442,365 |
Amounts due to related
parties |
309,729 |
|
379,799 |
|
53,638 |
Taxes payable |
43,986 |
|
27,016 |
|
3,815 |
Current portion of operating
lease liabilities |
608,747 |
|
698,719 |
|
98,678 |
Current portion of long-term
borrowings |
322,436 |
|
431,436 |
|
60,930 |
Accruals and other
liabilities |
4,216,641 |
|
3,574,615 |
|
504,832 |
Total current
liabilities |
9,498,858 |
|
12,114,228 |
|
1,710,855 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
7,154,798 |
|
7,198,157 |
|
1,016,574 |
Non-current operating lease
liabilities |
1,598,372 |
|
1,365,135 |
|
192,794 |
Other non-current
liabilities |
1,151,813 |
|
1,218,877 |
|
172,138 |
Total non-current
liabilities |
9,904,983 |
|
9,782,169 |
|
1,381,506 |
|
|
|
|
|
|
Total
liabilities |
19,403,841 |
|
21,896,397 |
|
3,092,361 |
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, 2019 |
|
March 31, 2020 |
|
March 31, 2020 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
|
|
Redeemable non-controlling
interests |
1,455,787 |
|
1,487,348 |
|
210,054 |
Total mezzanine
equity |
1,455,787 |
|
1,487,348 |
|
210,054 |
SHAREHOLDERS’
DEFICIT |
|
|
|
|
|
Ordinary shares |
1,827 |
|
1,832 |
|
259 |
Additional paid in
capital |
40,227,856 |
|
40,298,197 |
|
5,691,193 |
Accumulated other
comprehensive loss |
(203,048) |
|
(312,590) |
|
(44,148) |
Accumulated deficit |
(46,326,321) |
|
(48,040,565) |
|
(6,784,624) |
Total NIO Inc.
shareholders’ deficit |
(6,299,686) |
|
(8,053,126) |
|
(1,137,320) |
Non-controlling interests |
22,087 |
|
6,555 |
|
926 |
Total shareholders’
deficit |
(6,277,599) |
|
(8,046,571) |
|
(1,136,394) |
Total liabilities,
mezzanine equity and shareholders’ deficit |
14,582,029 |
|
15,337,174 |
|
2,166,021 |
NIO INC.
Unaudited Consolidated Statements of Comprehensive
Loss
Amounts
expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands,
except for share and per share data) |
|
|
Three Months Ended |
|
March 31, 2019 |
|
December 31, 2019 |
|
March 31, 2020 |
|
March 31, 2020 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
|
|
|
Vehicle sales |
1,535,190 |
|
2,683,921 |
|
1,255,597 |
|
177,324 |
Other sales |
95,971 |
|
164,408 |
|
116,355 |
|
16,432 |
Total
revenues |
1,631,161 |
|
2,848,329 |
|
1,371,952 |
|
193,756 |
Cost of sales: |
|
|
|
|
|
|
|
Vehicle sales |
(1,645,189) |
|
(2,844,886) |
|
(1,348,749) |
|
(190,480) |
Other sales |
(205,273) |
|
(257,196) |
|
(190,682) |
|
(26,929) |
Total cost of
sales |
(1,850,462) |
|
(3,102,082) |
|
(1,539,431) |
|
(217,409) |
Gross loss |
(219,301) |
|
(253,753) |
|
(167,479) |
|
(23,653) |
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
(1,078,448) |
|
(1,026,408) |
|
(522,359) |
|
(73,771) |
Selling, general and administrative |
(1,319,937) |
|
(1,546,015) |
|
(848,346) |
|
(119,809) |
Other operating loss |
— |
|
— |
|
(32,084) |
|
(4,531) |
Total operating
expenses |
(2,398,385) |
|
(2,572,423) |
|
(1,402,789) |
|
(198,111) |
Loss from
operations |
(2,617,686) |
|
(2,826,176) |
|
(1,570,268) |
|
(221,764) |
|
|
|
|
|
|
|
|
Interest income |
62,738 |
|
22,353 |
|
17,649 |
|
2,493 |
Interest expenses |
(68,118) |
|
(102,323) |
|
(110,496) |
|
(15,605) |
Share of profit/(losses) of
equity investees, net of tax |
2,112 |
|
43 |
|
(14,015) |
|
(1,979) |
Other (loss)/income, net |
(1,324) |
|
43,817 |
|
(13,204) |
|
(1,865) |
Loss before income tax
expense |
(2,622,278) |
|
(2,862,286) |
|
(1,690,334) |
|
(238,720) |
Income tax expense |
(1,341) |
|
(2,332) |
|
(1,474) |
|
(208) |
Net loss |
(2,623,619) |
|
(2,864,618) |
|
(1,691,808) |
|
(238,928) |
Accretion on redeemable
non-controlling interests to redemption value |
(31,214) |
|
(31,908) |
|
(31,561) |
|
(4,457) |
Net loss attributable to
non-controlling interests |
2,804 |
|
2,725 |
|
532 |
|
75 |
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
(2,652,029) |
|
(2,893,801) |
|
(1,722,837) |
|
(243,310) |
|
|
|
|
|
|
|
|
Net loss |
(2,623,619) |
|
(2,864,618) |
|
(1,691,808) |
|
(238,928) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil tax |
(60,585) |
|
91,789 |
|
(109,542) |
|
(15,470) |
|
|
|
|
|
|
|
|
Total other
comprehensive (loss)/income |
(60,585) |
|
91,789 |
|
(109,542) |
|
(15,470) |
Total comprehensive
loss |
(2,684,204) |
|
(2,772,829) |
|
(1,801,350) |
|
(254,398) |
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,214) |
|
(31,908) |
|
(31,561) |
|
(4,457) |
Net loss attributable to
non-controlling interests |
2,804 |
|
2,725 |
|
532 |
|
75 |
Comprehensive loss
attributable to ordinary shareholders of NIO Inc. |
(2,712,614) |
|
(2,802,012) |
|
(1,832,379) |
|
(258,780) |
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss per
share |
|
|
|
|
|
|
|
Basic and diluted |
1,034,648,189 |
|
1,029,874,883 |
|
1,037,488,350 |
|
1,037,488,350 |
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic and diluted |
(2.56) |
|
(2.81) |
|
(1.66) |
|
(0.23) |
Weighted average
number of ADS used in computing net loss per share |
|
|
|
|
|
|
|
Basic and diluted |
1,034,648,189 |
|
1,029,874,883 |
|
1,037,488,350 |
|
1,037,488,350 |
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic and diluted |
(2.56) |
|
(2.81) |
|
(1.66) |
|
(0.23) |
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 March 31, 2020 |
|
GAAPResult |
|
% ofTotalRevenues |
|
Non-GAAPAdjustment |
|
% ofTotalRevenues |
|
Non-GAAPResult |
|
% ofTotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(1,539,431) |
|
-112.2% |
|
908 |
|
0.1% |
|
(1,538,523) |
|
-112.1% |
Research and development
expenses |
(522,359) |
|
-38.1% |
|
7,939 |
|
0.6% |
|
(514,420) |
|
-37.5% |
Selling, general and
administrative expenses |
(848,346) |
|
-61.8% |
|
23,520 |
|
1.7% |
|
(824,826) |
|
-60.1% |
Total |
(2,910,136) |
|
-212.1% |
|
32,367 |
|
2.4% |
|
(2,877,769) |
|
-209.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,570,268) |
|
-114.5% |
|
32,367 |
|
2.4% |
|
(1,537,901) |
|
-112.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,691,808) |
|
-123.4% |
|
32,367 |
|
2.4% |
|
(1,659,441) |
|
-121.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,561) |
|
-2.3% |
|
31,561 |
|
2.3% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(1,722,837) |
|
-125.6% |
|
63,928 |
|
4.7% |
|
(1,658,909) |
|
-120.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(1.66) |
|
|
|
0.06 |
|
|
|
|
|
(1.60) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(1.66) |
|
|
|
0.06 |
|
|
|
|
|
(1.60) |
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.23) |
|
|
|
0.01 |
|
|
|
|
|
(0.22) |
|
Three Months Ended December 31, 2019 |
|
GAAPResult |
|
% ofTotalRevenues |
|
Non-GAAPAdjustment |
|
% ofTotalRevenues |
|
Non-GAAPResult |
|
% ofTotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
Three Months Ended March 31, 2019 |
|
GAAPResult |
|
% ofTotalRevenues |
|
Non-GAAPAdjustment |
|
% ofTotalRevenues |
|
Non-GAAPResult |
|
% ofTotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(1,850,462) |
|
-113.4% |
|
1,475 |
|
0.0% |
|
(1,848,987) |
|
-113.4% |
Research and development
expenses |
(1,078,448) |
|
-66.1% |
|
32,281 |
|
2.0% |
|
(1,046,167) |
|
-64.1% |
Selling, general and
administrative expenses |
(1,319,937) |
|
-80.9% |
|
85,863 |
|
5.3% |
|
(1,234,074) |
|
-75.6% |
Total |
(4,248,847) |
|
-260.4% |
|
119,619 |
|
7.3% |
|
(4,129,228) |
|
-253.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,617,686) |
|
-160.5% |
|
119,619 |
|
7.3% |
|
(2,498,067) |
|
-153.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(2,623,619) |
|
-160.8% |
|
119,619 |
|
7.3% |
|
(2,504,000) |
|
-153.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,214) |
|
-1.9% |
|
31,214 |
|
1.9% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(2,652,029) |
|
-162.7% |
|
150,833 |
|
9.2% |
|
(2,501,196) |
|
-153.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(2.56) |
|
|
|
0.14 |
|
|
|
(2.42) |
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.56) |
|
|
|
0.14 |
|
|
|
(2.42) |
|
|
_____________________________________________
i All translations from RMB to USD for the first
quarter of 2020 were made at the rate of RMB7.0808 to US$1.00, the
noon buying rate in effect on March 31, 2020 in the H.10
statistical release of the Federal Reserve Board.
ii Vehicle margin is the margin of vehicle sales,
which is calculated based on revenues and cost of sales derived
sales only.
iii Each ADS represents one ordinary share.
iv 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