Quarterly Total Revenues reached RMB1,469.6
million (US$214.0 million)(1)Quarterly Deliveries of the ES8
reached 3,268 vehicles
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 quarter ended September 30, 2018.
Financial Highlights for the Third
Quarter of 2018
- Total revenues were RMB1,469.6 million
(US$214.0 million) in the third quarter of 2018, representing an
increase of 3,095.3% from the second quarter of 2018.
- Gross margin was negative 7.9%, compared with
negative 333.1% in the second quarter of 2018.
- Loss from operations was RMB2,809.9 million
(US$409.1 million) in the third quarter of 2018, representing an
increase of 49.9% from the second quarter of 2018. Excluding
share-based compensation expenses, adjusted loss from operations
(non-GAAP)(2) was RMB2,377.7 million (US$346.2 million) in the
third quarter of 2018, representing an increase of 31.3% from the
second quarter of 2018.
- Net loss was RMB2,810.4 million (US$409.2
million) in the third quarter, representing an increase of 56.6%
from the second quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB2,378.2 million
(US$346.3 million) in the third quarter, representing an increase
of 37.4% from the second quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders for the third quarter of 2018 was RMB9,756.8
million (US$1,420.6 million), representing an increase of 59.7%
from the second quarter of 2018. Accretion on convertible
redeemable preferred shares to redemption value contributed
RMB6,923.0 million (US$1,008.0 million) to net loss attributable to
NIO’s ordinary shareholders for the third quarter of 2018, which
was a non-cash event and will no longer recur after the initial
public offering of the Company on September 12, 2018. Excluding
share-based compensation expenses, accretion on convertible
redeemable preferred shares to redemption value and accretion on
redeemable non-controlling interests to redemption value, adjusted
net loss attributable to NIO’s ordinary shareholders (non-GAAP) was
RMB2,370.2 million (US$345.1 million).
- Basic and diluted net loss per ADS(3) in the
third quarter were both RMB42.59 (US$6.20). Excluding
share-based compensation expenses, accretion on convertible
redeemable preferred shares to redemption value and accretion on
redeemable non-controlling interests to redemption value, adjusted
basic and diluted net loss per ADS (non-GAAP) were both RMB10.35
(US$1.51).
- Cash and cash equivalents, restricted cash and
short-term investment were RMB9,153.4 million (US$1,332.8
million) as of September 30, 2018.
(1) All translations from RMB to USD were made at
the rate of RMB6.8680 to US$1.00, the noon buying rate in effect on
September 28, 2018 in the H.10 statistical release of the Federal
Reserve Board.(2) See "Reconciliation of GAAP and Non-GAAP Results"
included in the accompanying tables of this release for further
details.(3) Each ADS represents one ordinary share.
Key Financial Results |
|
|
|
|
|
|
|
|
|
(in RMB
million, |
|
2018 |
|
2017 |
|
% Change |
except
for per ordinary share data and percentage) |
|
Q3 2018 |
Q2 2018 |
|
Q3 2017 |
|
QoQ |
YoY |
Total
Revenue |
|
1,469.6 |
46.0 |
|
- |
|
3095.3% |
- |
Gross
Margin |
|
-7.9% |
-333.1% |
|
- |
|
97.6% |
- |
Loss
from Operations |
|
(2,809.9) |
(1,875.0) |
|
(1,287.9) |
|
49.9% |
118.2% |
Adjusted
Loss from Operations (non-GAAP) |
|
(2,377.7) |
(1,811.5) |
|
(1,270.4) |
|
31.3% |
87.2% |
Net
Loss |
|
(2,810.4) |
(1,794.5) |
|
(1,300.7) |
|
56.6% |
116.1% |
Adjusted
Net Loss (non-GAAP) |
|
(2,378.2) |
(1,731.1) |
|
(1,283.3) |
|
37.4% |
85.3% |
Net Loss
Attributable to Ordinary Shareholders |
|
(9,756.8) |
(6,110.6) |
|
(1,648.5) |
|
59.7% |
491.9% |
Net Loss
per ordinary share-Basic and Diluted |
|
(42.59) |
(204.93) |
|
(75.47) |
|
-79.2% |
-43.6% |
Adjusted
Net Loss per ordinary share-Basic and Diluted (non-GAAP) |
|
(10.35) |
(57.82) |
|
(58.52) |
|
-82.1% |
-82.3% |
Operating Highlights for the Third
Quarter of 2018
- Production of the ES8 totaled 4,206 in the
third quarter, compared with 500 vehicles produced in the second
quarter.
- Deliveries of the ES8 reached 3,268 in the
third quarter, compared with 100 vehicles delivered in the second
quarter (4).
(4) NIO started deliveries of ES8 on June 28,
2018. Deliveries for the second quarter of 2018 represent the 3-day
period from June 28 to June 30, 2018.
|
|
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|
Key Operating Results |
|
|
|
|
|
|
|
2018 |
|
% Change |
|
|
Q3 2018 |
Q2 2018 |
|
QoQ |
Production |
|
|
|
|
|
ES8 |
|
4,206 |
500 |
|
741.2% |
Deliveries |
|
|
|
|
|
ES8 |
|
3,268 |
100 |
|
3,168.0% |
|
|
|
|
|
|
Recent Developments
- Deliveries of the ES8 in October 2018 reached
1,573 vehicles. October deliveries were partially impacted by the
seven-day Golden Week national holiday, during which the deliveries
were slowed down for vehicle registration office closures and the
Company made production line modifications to accommodate ES6
production, the 5-seater premium SUV targeted for launch by the end
of 2018.
CEO and CFO Comments
“The third quarter 2018 marked multiple
milestones for NIO in the journey to achieve our ‘blue sky coming’
vision,” said William Li, Founder, Chairman and Chief Executive
Officer of NIO Inc. “We completed our first full quarter of
production and delivery of the ES8 and successfully executed the
Company’s initial public offering on the New York Stock
Exchange.”
Mr. Li continued, “We have delivered 4,941
ES8s to users in over 170 cities in China by the end of October
2018. NIO Power has successfully supported initial needs of ES8
users and NIO Service has exceeded expectations. We have been
receiving valuable feedback from the NIO community, represented by
increasing active users of NIO APP, and the NIO brand is gaining
acceptance as a premium brand. Our focus remains resolute to
deliver vehicles with the highest quality, to improve the holistic
experience and to prepare for the launch of the ES6, the Company’s
five-seater electric SUV. ”
Louis T. Hsieh, NIO’s Chief Financial Officer,
added “We delivered solid results in the third quarter of 2018 as
production accelerated and we began generating meaningful revenue
of over RMB1.4 billion. We now have 12 NIO Houses and 9 pop-up NIO
Houses across 19 major cities in China. Our ES8 order pipeline
continues to grow and production is on track, giving us confidence
in our ability to meet our delivery goal of 10,000 ES8s by the end
of 2018.”
Financial Results for the Third Quarter
of 2018
Revenues
- Total revenues in the third quarter of 2018
were RMB1,469.6 million (US$214.0 million), representing an
increase of 3,095.3% from the second quarter of 2018.
- Vehicle sales in the third quarter of 2018
were RMB1,426.9 million (US$207.8 million), representing an
increase of 3,113.8% from the second quarter of 2018. The increase
in vehicle sales over the second quarter of 2018 was attributed to
accelerated deliveries of the ES8 in the third quarter. Deliveries
for the second quarter of 2018 represent deliveries made during the
3-day period from June 28 to June 30, 2018.
- Other sales in the third quarter of 2018 were
RMB42.7 million (US$6.2 million), representing an increase of
2,581.8% from the second quarter of 2018. The increase in other
sales over the second quarter of 2018 was mainly attributed to
increased revenues recognized from the home chargers installed in
the third quarter.
Cost of Sales and Gross
Margin
- Cost of sales in the third quarter of 2018 was
RMB1,585.9 million (US$230.9 million), representing an increase of
696.2% from the second quarter of 2018. The increase in cost of
sales over the second quarter of 2018 was mainly driven by the
substantial delivery volume increase of ES8s in the quarter.
- Gross margin in the third quarter of 2018 was
negative 7.9%, compared with negative 333.1% in the second quarter
of 2018, mainly driven by the larger scale of production and
deliveries of the ES8.
Operating Expenses
- Research and development expenses in the third
quarter of 2018 were RMB1,023.4 million (US$149.0 million),
representing an increase of 37.0% from the third quarter of 2017
and an increase of 33.7% from the second quarter of 2018. Excluding
share-based compensation expenses (non-GAAP), research and
development expenses were RMB947.3 million (US$137.9 million),
representing an increase of 27.5% from the third quarter of 2017
and an increase of 24.4% from the second quarter of 2018. The
increase in research and development expenses over the second
quarter of 2018 was primarily attributed to increased share-based
compensation expenses recognized related to the stock options
granted to the Company’s non-US employees with a performance
condition of an IPO and an increased number of personnel related to
product and software development teams, as well as increased
development expenses of the ES6, the five-seater premium electric
SUV, expected to be launched by the end of 2018.
- Selling, general and administrative expenses
in the third quarter of 2018 were RMB1,670.1 million (US$243.2
million), representing an increase of 208.9% from the third quarter
of 2017 and an increase of 74.6% from the second quarter of 2018.
Excluding share-based compensation expenses (non-GAAP), selling,
general and administrative expenses were RMB1,322.1 million
(US$192.5 million), representing an increase of 150.7% from the
third quarter of 2017 and an increase of 47.5% from the second
quarter of 2018. The increase in selling, general and
administrative expenses over the second quarter of 2018 was
primarily attributed to increased share-based compensation expenses
recognized related to the stock options granted to the Company’s
non-US employees with a performance condition of an IPO and an
increased number of the personnel related to user development and
service related teams, as well as increased selling expenses for
test drives and other promotional events.
Operating Income/Loss and Operating
Margin
- Loss from operations in the third quarter of
2018 was RMB2,809.9 million (US$409.1 million), representing an
increase of 118.2% from the third quarter of 2017 and an increase
of 49.9% from the second quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,377.7 million (US$346.2 million) in the third quarter,
representing an increase of 87.2% from the third quarter of 2017
and an increase of 31.3% from the second quarter of
2018.
- Operating margin was negative 191.2% in the
third quarter of 2018, compared with negative 4,076.8% in the
second quarter of 2018. Excluding share-based compensation
expenses, adjusted operating margin (non-GAAP) was negative 161.8%,
compared with negative 3,938.9% in the second quarter of 2018.
Share-based Compensation
Expenses
- Share-based compensation expenses in the third
quarter of 2018 were RMB432.2 million (US$62.9 million),
representing an increase of 2,380.6% from the third quarter of 2017
and an increase of 581.2% from the second quarter of 2018. The
increase in share-based compensation expenses was primarily
attributed to the share-based compensation expenses related to the
stock options granted pre-IPO to the Company’s certain employees,
with a performance condition of an IPO, which was satisfied in the
third quarter of 2018.
Net Income/Loss and Earnings Per
Share
- Net loss was RMB2,810.4 million (US$409.2
million) in the third quarter of 2018, representing an increase of
116.1% from the third quarter of 2017 and an increase of 56.6% from
the second quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB2,378.2 million
(US$346.3 million) in the third quarter of 2018, representing an
increase of 85.3% from the third quarter of 2017 and an increase of
37.4% from the second quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders in the third quarter of 2018 was RMB9,756.8
million (US$1,420.6 million), representing an increase of 491.9%
from the third quarter of 2017 and an increase of 59.7% from the
second quarter of 2018. Accretion on convertible redeemable
preferred shares and accretion on redeemable non-controlling
interests to redemption value were RMB6,923.0 million (US$1,008.0
million) and RMB31.4 million (US$4.6 million) respectively in the
third quarter of 2018, among which, accretion on convertible
redeemable preferred shares to redemption value will no longer
recur after the convertible redeemable preferred shares converted
to ordinary shares after the initial public offering of the Company
on September 12, 2018. Excluding share-based compensation expenses,
accretion on convertible redeemable preferred shares to redemption
value and accretion on redeemable non-controlling interests to
redemption value, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB2,370.2 million (US$345.1
million).
- Basic and diluted net loss per ADS in the
third quarter were both RMB42.59 (US$6.20). Excluding share-based
compensation expenses, accretion on convertible redeemable
preferred shares to redemption value and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per ADS (non-GAAP) were both RMB10.35
(US$1.51).
Balance Sheets
- Balance of cash and cash equivalents, restricted cash
and short-term investment was RMB9,153.4 million
(US$1,332.8 million) as of September 30, 2018.
Business Outlook
For the fourth quarter of 2018, the Company
expects:
- Deliveries of the ES8 to be between 6,700 and
7,000 vehicles, representing an increase of approximately 105.0% to
114.2% from the third quarter of 2018.
- Total revenues forecasted to be between
RMB2,874.0 million (US$418.5 million) and RMB2,994.3 million
(US$436.0 million), an increase of approximately 95.6% to 103.8%
from the third quarter of 2018.
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. Eastern Time on Tuesday, November 6, 2018 (9:00 p.m. Beijing
Time on November 6, 2018) to discuss financial results and answer
questions from investors and analysts. Listeners may access the
call by dialing:
United
States: |
+1-845-675-0437 |
International: |
+65-6713-5090 |
Hong
Kong: |
+852-3018-6771 |
Conference ID: |
7667738 |
|
|
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 November 14, 2018
07:59 a.m. ET:
United
States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong
Kong: |
+852-3051-2780 |
Conference ID: |
7667738 |
|
|
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 electric SUV in China from June 2018
and plans to launch ES6, a 5-seater electric SUV in late
2018.
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, 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 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; 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
non-GAAP cost of sales, non-GAAP operating expenses, non-GAAP loss
from operations, non-GAAP net loss attributable to ordinary
shareholders, non-GAAP basic loss per weighted average number of
ordinary shares and non-GAAP basic loss per ADS, 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 “Reconciliation of GAAP
and non-GAAP Results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB6.8680
to US$1.00, the noon buying rate in effect on September 28, 2018 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, 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.Jade WeiTel:
+86-21-6908-3681Email: ir@nio.com
Heather DiwuTel: +86-10-5687-4108Email:
ir@nio.com
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050Email: nio@tpg-ir.com
Ross WarnerTel: +86-10-5730-6201Email:
nio@tpg-ir.com
Source: NIO
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NIO
Inc. |
|
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
Amounts expressed in Renminbi ("RMB"), unless otherwise
stated |
|
(in thousands, except
for share and per share data) |
|
|
|
|
|
|
|
December 31, 2017 |
|
September 30, 2018 |
|
September 30, 2018 |
|
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
(USD) |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
7,505,954 |
|
|
6,743,487 |
|
|
981,871 |
|
|
Restricted cash |
10,606 |
|
|
32,536 |
|
|
4,737 |
|
|
Short-term
investment |
- |
|
|
2,377,384 |
|
|
346,154 |
|
|
Trade receivable |
- |
|
|
248,873 |
|
|
36,237 |
|
|
Amount due from related
parties |
29,556 |
|
|
35,303 |
|
|
5,140 |
|
|
Inventory |
89,464 |
|
|
1,361,434 |
|
|
198,229 |
|
|
Prepayments and other
current assets |
674,425 |
|
|
1,505,378 |
|
|
219,187 |
|
|
Total current
assets |
8,310,005 |
|
|
12,304,395 |
|
|
1,791,555 |
|
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
Long-term restricted
cash |
14,293 |
|
|
37,825 |
|
|
5,507 |
|
|
Property, plant and
equipment, net |
1,911,013 |
|
|
3,821,209 |
|
|
556,379 |
|
|
Intangible assets,
net |
4,457 |
|
|
3,988 |
|
|
581 |
|
|
Land use rights,
net |
- |
|
|
219,969 |
|
|
32,028 |
|
|
Long-term
investments |
47,125 |
|
|
139,083 |
|
|
20,251 |
|
|
Amounts due from
related parties |
50,000 |
|
|
53,821 |
|
|
7,836 |
|
|
Other non-current
assets |
131,141 |
|
|
439,025 |
|
|
63,923 |
|
|
Total
non-current assets |
2,158,029 |
|
|
4,714,920 |
|
|
686,505 |
|
|
|
|
|
|
|
|
|
Total
assets |
10,468,034 |
|
|
17,019,315 |
|
|
2,478,060 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term
borrowings |
28,787 |
|
|
430,583 |
|
|
62,694 |
|
|
Trade payable |
234,011 |
|
|
1,786,727 |
|
|
260,152 |
|
|
Amount due to related
parties |
40,069 |
|
|
189,773 |
|
|
27,631 |
|
|
Taxes payable |
30,055 |
|
|
40,543 |
|
|
5,903 |
|
|
Current portion of
long-term borrowings |
- |
|
|
168,940 |
|
|
24,598 |
|
|
Accurals and other
liabilities |
1,285,592 |
|
|
2,184,032 |
|
|
318,000 |
|
|
Total current
liabilities |
1,618,514 |
|
|
4,800,598 |
|
|
698,978 |
|
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
Long-term
borrowings |
642,401 |
|
|
1,079,202 |
|
|
157,135 |
|
|
Other non-current
liabilities |
141,113 |
|
|
681,043 |
|
|
99,164 |
|
|
Total
non-current liabilities |
783,514 |
|
|
1,760,245 |
|
|
256,299 |
|
|
|
|
|
|
|
|
|
Total liabilities |
2,402,028 |
|
|
6,560,843 |
|
|
955,277 |
|
|
|
|
|
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
|
|
|
Convertible redeemable
preferred shares |
19,657,786 |
|
|
- |
|
|
- |
|
|
Redeemable
non-controlling interests |
- |
|
|
1,296,299 |
|
|
188,745 |
|
|
Total mezzanine
equity |
19,657,786 |
|
|
1,296,299 |
|
|
188,745 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
DEFICIT |
|
|
|
|
|
|
Ordinary shares |
60 |
|
|
1,767 |
|
|
257 |
|
|
Treasury shares |
(9,186 |
) |
|
(9,186 |
) |
|
(1,338 |
) |
|
Additional paid in
capital |
131,907 |
|
|
40,762,274 |
|
|
5,935,101 |
|
|
Accumulated other
comprehensive loss |
(13,922 |
) |
|
(71,888 |
) |
|
(10,467 |
) |
|
Accumulated
deficit |
(11,711,948 |
) |
|
(31,523,325 |
) |
|
(4,589,884 |
) |
|
Total NIO Inc.
shareholders’ (deficit)/equity |
(11,603,089 |
) |
|
9,159,642 |
|
|
1,333,669 |
|
|
Non-controlling
interests |
11,309 |
|
|
2,531 |
|
|
369 |
|
|
Total
shareholders’ (deficit)/equity |
(11,591,780 |
) |
|
9,162,173 |
|
|
1,334,038 |
|
|
|
|
|
|
|
|
|
Total
liabilities, mezzanine equity and
shareholders' equity |
10,468,034 |
|
|
17,019,315 |
|
|
2,478,060 |
|
|
|
|
|
|
|
|
|
Note: All
translations from RMB to USD were made at the rate of RMB6.8680 to
US$1.00, the noon buying rate in effect on September 28, 2018
in the H.10 statistical release of the Federal Reserve Board. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIO
Inc. |
|
Consolidated Statements of
Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts expressed in Renminbi ("RMB"), unless
otherwise stated |
|
(in
thousands, except for share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
|
September 30,
2017 |
|
June 30,
2018 |
|
September 30,
2018 |
|
September 30,
2018 |
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
(USD) |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
- Vehicle
sales |
|
|
- |
|
|
44,399 |
|
|
1,426,879 |
|
|
207,758 |
|
|
- Other
sales |
|
|
- |
|
|
1,592 |
|
|
42,694 |
|
|
6,216 |
|
|
Total
revenues |
|
|
- |
|
|
45,991 |
|
|
1,469,573 |
|
|
213,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Sales: |
|
|
|
|
|
|
|
|
|
|
- Vehicle
sales |
|
|
- |
|
|
(185,531 |
) |
|
(1,488,538 |
) |
|
(216,735 |
) |
|
- Other
sales |
|
|
- |
|
|
(13,648 |
) |
|
(97,353 |
) |
|
(14,175 |
) |
|
Total cost of
sales |
|
- |
|
|
(199,179 |
) |
|
(1,585,891 |
) |
|
(230,910 |
) |
|
Gross loss |
|
|
- |
|
|
(153,188 |
) |
|
(116,318 |
) |
|
(16,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research
and development expenses |
(747,209 |
) |
|
(765,205 |
) |
|
(1,023,435 |
) |
|
(149,015 |
) |
|
Selling,
general and administrative expenses |
(540,648 |
) |
|
(956,568 |
) |
|
(1,670,100 |
) |
|
(243,171 |
) |
|
Total operating
expenses |
|
(1,287,857 |
) |
|
(1,721,773 |
) |
|
(2,693,535 |
) |
|
(392,186 |
) |
|
Loss from operations |
|
(1,287,857 |
) |
|
(1,874,961 |
) |
|
(2,809,853 |
) |
|
(409,122 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
4,802 |
|
|
21,128 |
|
|
21,820 |
|
|
3,177 |
|
|
Interest
expenses |
|
|
(2,304 |
) |
|
(14,442 |
) |
|
(27,582 |
) |
|
(4,016 |
) |
|
Share of
losses of equity investee |
(1,900 |
) |
|
(6,525 |
) |
|
(4,035 |
) |
|
(588 |
) |
|
Investment
income |
|
1,507 |
|
|
- |
|
|
- |
|
|
- |
|
|
Other
(loss)/income, net |
|
(13,667 |
) |
|
82,778 |
|
|
10,588 |
|
|
1,542 |
|
|
Loss before income tax
expense |
(1,299,419 |
) |
|
(1,792,022 |
) |
|
(2,809,062 |
) |
|
(409,007 |
) |
|
Income tax
expense |
|
(1,256 |
) |
|
(2,485 |
) |
|
(1,374 |
) |
|
(200 |
) |
|
Net
loss |
|
|
|
(1,300,675 |
) |
|
(1,794,507 |
) |
|
(2,810,436 |
) |
|
(409,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion
on convertible redeemable preferred shares to redemption value |
(352,892 |
) |
|
(4,323,154 |
) |
|
(6,923,008 |
) |
|
(1,008,009 |
) |
|
Accretion
on redeemable non-controlling interests to redemption value |
- |
|
|
- |
|
|
(31,399 |
) |
|
(4,572 |
) |
|
Net loss
attributable to non-controlling interests |
5,102 |
|
|
7,036 |
|
|
8,000 |
|
|
1,165 |
|
|
Net loss attributable to
ordinary |
|
|
|
|
|
|
|
|
shareholders of NIO
Inc. |
|
(1,648,465 |
) |
|
(6,110,625 |
) |
|
(9,756,843 |
) |
|
(1,420,623 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
|
|
(1,300,675 |
) |
|
(1,794,507 |
) |
|
(2,810,436 |
) |
|
(409,207 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment, net of nil tax |
(68,497 |
) |
|
1,217 |
|
|
95,189 |
|
|
13,860 |
|
|
Total other comprehensive
(loss)/income |
(68,497 |
) |
|
1,217 |
|
|
95,189 |
|
|
13,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss |
|
(1,369,172 |
) |
|
(1,793,290 |
) |
|
(2,715,247 |
) |
|
(395,347 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion
on convertible redeemable preferred shares to redemption value |
(352,892 |
) |
|
(4,323,154 |
) |
|
(6,923,008 |
) |
|
(1,008,009 |
) |
|
Accretion
on redeemable non-controlling interests to redemption value |
- |
|
|
- |
|
|
(31,399 |
) |
|
(4,572 |
) |
|
Net loss
attributable to non-controlling interests |
5,102 |
|
|
7,036 |
|
|
8,000 |
|
|
1,165 |
|
|
Comprehensive loss attributable
to |
|
|
|
|
|
|
|
|
ordinary shareholders of NIO
Inc. |
(1,716,962 |
) |
|
(6,109,408 |
) |
|
(9,661,654 |
) |
|
(1,406,763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares used |
|
|
|
|
|
|
|
|
in
computing net loss per share, basic and diluted |
21,841,382 |
|
|
29,818,067 |
|
|
229,083,029 |
|
|
229,083,029 |
|
|
Weighted
average number of ADS used in |
|
|
|
|
|
|
|
|
computing net loss per share, basic and diluted |
— |
|
|
— |
|
|
229,083,029 |
|
|
229,083,029 |
|
|
Net loss
per share attributable to |
|
|
|
|
|
|
|
|
ordinary shareholders, basic and diluted |
(75.47 |
) |
|
(204.93 |
) |
|
(42.59 |
) |
|
(6.20 |
) |
|
Net loss
per ADS attributable to |
|
|
|
|
|
|
|
|
ordinary shareholders, basic and diluted |
— |
|
|
— |
|
|
(42.59 |
) |
|
(6.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All
translations from RMB to USD were made at the rate of RMB6.8680 to
US$1.00, the noon buying rate in effect on September 28, 2018
in the H.10 statistical release of the Federal Reserve Board. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NIO Inc. |
|
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts expressed in Renminbi ("RMB"), unless
otherwise stated |
|
(in thousands, except
for percentage and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Result |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
|
|
|
|
Revenue |
|
Adjustment |
|
Revenue |
|
Result |
|
Revenue |
|
Share-based
compensation included in Cost of sales and Operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
(1,585,891 |
) |
|
-107.9 |
% |
|
8,020 |
|
0.5 |
% |
|
(1,577,871 |
) |
|
-107.4 |
% |
|
Research and
development expenses |
|
(1,023,435 |
) |
|
-69.6 |
% |
|
76,148 |
|
5.2 |
% |
|
(947,287 |
) |
|
-64.5 |
% |
|
Selling, general and
administrative expenses |
|
(1,670,100 |
) |
|
-113.6 |
% |
|
348,025 |
|
23.7 |
% |
|
(1,322,075 |
) |
|
-90.0 |
% |
|
Total |
|
(4,279,426 |
) |
|
-291.2 |
% |
|
432,193 |
|
29.4 |
% |
|
(3,847,233 |
) |
|
-261.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(2,809,853 |
) |
|
-191.2 |
% |
|
432,193 |
|
29.4 |
% |
|
(2,377,660 |
) |
|
-161.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on
convertible redeemable preferred shares to redemption value |
|
(6,923,008 |
) |
|
-471.1 |
% |
|
6,923,008 |
|
471.1 |
% |
|
- |
|
|
0.0 |
% |
|
Accretion on redeemable
non-controlling interests to redemption value |
|
(31,399 |
) |
|
-2.1 |
% |
|
31,399 |
|
2.1 |
% |
|
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
|
(9,756,843 |
) |
|
-663.9 |
% |
|
7,386,600 |
|
502.6 |
% |
|
(2,370,243 |
) |
|
-161.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(42.59 |
) |
|
|
|
32.24 |
|
|
|
(10.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(42.59 |
) |
|
|
|
32.24 |
|
|
|
(10.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS
attributable to ordinary shareholders, basic and diluted (USD) |
|
(6.20 |
) |
|
|
|
4.69 |
|
|
|
(1.51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Result |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
|
|
|
|
Revenue |
|
Adjustment |
|
Revenue |
|
Result |
|
Revenue |
|
Share-based
compensation included in Cost of sales and Operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
(199,179 |
) |
|
-433.1 |
% |
|
- |
|
0.0 |
% |
|
(199,179 |
) |
|
-433.1 |
% |
|
Research and
development expenses |
|
(765,205 |
) |
|
-1,663.8 |
% |
|
3,498 |
|
7.6 |
% |
|
(761,707 |
) |
|
-1,656.2 |
% |
|
Selling, general and
administrative expenses |
|
(956,568 |
) |
|
-2,079.9 |
% |
|
59,946 |
|
130.3 |
% |
|
(896,622 |
) |
|
-1,949.6 |
% |
|
Total |
|
(1,920,952 |
) |
|
-4,176.8 |
% |
|
63,444 |
|
137.9 |
% |
|
(1,857,508 |
) |
|
-4,038.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(1,874,961 |
) |
|
-4,076.8 |
% |
|
63,444 |
|
137.9 |
% |
|
(1,811,517 |
) |
|
-3,938.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on
convertible redeemable preferred shares to redemption value |
|
(4,323,154 |
) |
|
-9,400.0 |
% |
|
4,323,154 |
|
9,400.0 |
% |
|
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
|
(6,110,625 |
) |
|
-13,286.6 |
% |
|
4,386,598 |
|
9,537.9 |
% |
|
(1,724,027 |
) |
|
-3,748.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(204.93 |
) |
|
|
|
147.11 |
|
|
|
(57.82 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Result |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
Non-GAAP |
|
% of Net |
|
|
|
|
|
Revenue |
|
Adjustment |
|
Revenue |
|
Result |
|
Revenue |
|
Share-based
compensation included in Cost of sales and Operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
- |
|
|
— |
|
- |
|
— |
|
- |
|
|
— |
|
Research and
development expenses |
|
(747,209 |
) |
|
— |
|
4,075 |
|
— |
|
(743,134 |
) |
|
— |
|
Selling, general and
administrative expenses |
|
(540,648 |
) |
|
— |
|
13,348 |
|
— |
|
(527,300 |
) |
|
— |
|
Total |
|
(1,287,857 |
) |
|
— |
|
17,423 |
|
— |
|
(1,270,434 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(1,287,857 |
) |
|
— |
|
17,423 |
|
— |
|
(1,270,434 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on
convertible redeemable preferred shares to redemption value |
|
(352,892 |
) |
|
— |
|
352,892 |
|
— |
|
- |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc. |
|
(1,648,465 |
) |
|
— |
|
370,315 |
|
— |
|
(1,278,150 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
|
(75.47 |
) |
|
|
|
16.95 |
|
|
|
(58.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All
translations from RMB to USD were made at the rate of RMB6.8680 to
US$1.00, the noon buying rate in effect on September 28, 2018
in the H.10 statistical release of the Federal Reserve Board. |
|
|
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|
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