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 fourth quarter and full year
ended December 31, 2020.
Operating Highlights for the Fourth Quarter and Full Year
2020 |
- Deliveries of
vehicles were 17,353 in the fourth quarter of 2020,
including 4,873 ES8s, 7,574 ES6s and 4,906 EC6s, compared with
8,224 in the fourth quarter of 2019 and 12,206 vehicles delivered
in the third quarter of 2020.
- Deliveries of
vehicles were 43,728 in 2020, compared with 20,565
vehicles delivered in 2019.
Key Operating Results |
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2020 Q4 |
2020 Q3 |
2020 Q2 |
2020 Q1 |
Deliveries |
17,353 |
12,206 |
10,331 |
3,838 |
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2019 Q4 |
2019 Q3 |
2019 Q2 |
2019 Q1 |
Deliveries |
8,224 |
4,799 |
3,553 |
3,989 |
Financial Highlights for the Fourth Quarter of
2020 |
- Vehicle sales were
RMB6,174.0 million (US$946.2 million) in the fourth quarter of
2020, representing an increase of 130.0% from the fourth quarter of
2019 and an increase of 44.7% from the third quarter of 2020.
- Vehicle
marginii was 17.2% in the fourth quarter of 2020,
compared with negative 6.0% in the fourth quarter of 2019 and 14.5%
in the third quarter of 2020.
- Total revenues
were RMB6,641.1 million (US$1,017.8 million) in the fourth quarter
of 2020, representing an increase of 133.2% from the fourth quarter
of 2019 and an increase of 46.7% from the third quarter of
2020.
- Gross profit was
RMB1,141.9 million (US$175.0 million) in the fourth quarter of
2020, representing an increase of RMB1,395.7 million from a gross
loss of RMB253.8 million in the fourth quarter of 2019 and an
increase of RMB556.1 million from the third quarter of 2020.
- Gross margin was
17.2% in the fourth quarter of 2020, compared with negative 8.9% in
the fourth quarter of 2019 and 12.9% in the third quarter of
2020.
- Loss from
operations was RMB931.4 million (US$142.7 million) in the
fourth quarter of 2020, representing a decrease of 67.0% from the
fourth quarter of 2019 and a decrease of 1.5% from the third
quarter of 2020. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB871.2 million
(US$133.5 million) in the fourth quarter of 2020, representing a
decrease of 68.6% from the fourth quarter of 2019 and a decrease of
2.9% from the third quarter of 2020.
- Net loss was
RMB1,388.6 million (US$212.8 million) in the fourth quarter of
2020, representing a decrease of 51.5% from the fourth quarter of
2019 and an increase of 32.6% from the third quarter of 2020.
Excluding share-based compensation expenses, adjusted net loss
(non-GAAP) was RMB 1,328.4 million (US$203.6 million) in the fourth
quarter of 2020, representing a decrease of 52.8% from the fourth
quarter of 2019 and an increase of 33.1% from the third quarter of
2020.
- Net loss attributable to
NIO’s ordinary shareholders was RMB1,492.2 million
(US$228.7 million) in the fourth quarter of 2020, representing a
decrease of 48.4% from the fourth quarter of 2019 and an increase
of 25.6% from the third quarter of 2020. 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 RMB1,326.2 million
(US$203.2 million).
- Basic and diluted net loss
per American Depositary Share (ADS)iii were both
RMB1.05 (US$0.16) in the fourth 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 RMB0.93
(US$0.14).
- Cash and cash equivalents,
restricted cash and short-term investment were RMB42.5
billion (US$6.5 billion) as of December 31, 2020.
Key Financial Results |
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(in RMB million, except for per ordinary share data and
percentage) |
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2020 Q4 |
|
2020 Q3 |
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2019 Q4 |
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% Changeiv |
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|
QoQ |
|
YoY |
Vehicle Sales |
6,174.0 |
|
4,266.8 |
|
2,683.9 |
|
44.7% |
|
130.0% |
Vehicle Margin |
17.2% |
|
14.5% |
|
-6.0% |
|
270bp |
|
2320bp |
Total Revenues |
6,641.1 |
|
4,526.0 |
|
2,848.3 |
|
46.7% |
|
133.2% |
Gross Profit/(Loss) |
1,141.9 |
|
585.8 |
|
(253.8) |
|
94.9% |
|
549.9% |
Gross Margin |
17.2% |
|
12.9% |
|
-8.9% |
|
430bp |
|
2610bp |
Loss from Operations |
(931.4) |
|
(946.0) |
|
(2,826.2) |
|
-1.5% |
|
-67.0% |
Adjusted Loss from Operations
(non-GAAP) |
(871.2) |
|
(896.7) |
|
(2,774.9) |
|
-2.9% |
|
-68.6% |
Net Loss |
(1,388.6) |
|
(1,047.0) |
|
(2,864.6) |
|
32.6% |
|
-51.5% |
Adjusted Net Loss (non-GAAP) |
(1,328.4) |
|
(997.8) |
|
(2,813.4) |
|
33.1% |
|
-52.8% |
Net Loss Attributable to
Ordinary Shareholders |
(1,492.2) |
|
(1,187.9) |
|
(2,893.8) |
|
25.6% |
|
-48.4% |
Net Loss per Ordinary Share-Basic and Diluted |
(1.05) |
|
(0.98) |
|
(2.81) |
|
7.1% |
|
-62.6% |
Adjusted Net Loss per Ordinary
Share-Basic and Diluted (non-GAAP) |
(0.93) |
|
(0.82) |
|
(2.73) |
|
13.4% |
|
-65.9% |
Financial Highlights for the Full Year 2020 |
- Vehicle sales were
RMB15,182.5 million (US$2,326.8 million) for the full year 2020,
representing an increase of 106.1% from the previous year.
- Vehicle margin was
12.7% for the full year 2020, compared with negative 9.9% for the
previous year.
- Total revenues
were RMB16,257.9 million (US$2,491.6 million) for the full year
2020, representing an increase of 107.8% from the previous
year.
- Gross profit was
RMB1,873.4 million (US$287.1 million) for the full year 2020,
representing an increase of RMB3,072.2 million from a gross loss of
RMB1,198.8 million from the previous year.
- Gross margin was
11.5% for the full year 2020, compared with negative 15.3% for the
previous year.
- Loss from
operations was RMB4,607.6 million (US$706.2 million) for
the full year 2020, representing a decrease of 58.4% from the
previous year. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB4,420.6 million
(US$677.5 million) in 2020, representing a decrease of 58.9% from
the previous year.
- Net loss was
RMB5,304.1 million (US$ 812.9 million) for the full year 2020,
representing a decrease of 53.0% from the previous year. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB5,117.0 million (US$784.2 million) for the full year 2020,
representing a decrease of 53.3% from the previous year.
- Net loss attributable to
NIO’s ordinary shareholders was RMB5,610.8 million
(US$859.9 million) for the full year 2020, representing a decrease
of 50.8% 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 RMB5,112.0 million (US$783.5
million).
- Basic and diluted net loss
per ADS were both RMB4.74 (US$0.73) for the full year
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 RMB4.32
(US$0.66).
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Key Financial Results |
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(in RMB million, except for per ordinary |
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share data and percentage) |
2020 |
|
2019 |
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% Change |
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|
Vehicle Sales |
15,182.5 |
|
7,367.1 |
|
106.1% |
Vehicle Margin |
12.7% |
|
(9.9%) |
|
2260bp |
Total Revenues |
16,257.9 |
|
7,824.9 |
|
107.8% |
Gross Profit/(Loss) |
1,873.4 |
|
(1,198.8) |
|
256.3% |
Gross Margin |
11.5% |
|
(15.3%) |
|
2680bp |
Loss from Operations |
(4,607.6) |
|
(11,079.2) |
|
-58.4% |
Adjusted Loss from Operations (non-GAAP) |
(4,420.6) |
|
(10,745.7) |
|
-58.9% |
Net Loss |
(5,304.1) |
|
(11,295.7) |
|
-53.0% |
Adjusted Net Loss (non-GAAP) |
(5,117.0) |
|
(10,962.2) |
|
-53.3% |
Net Loss Attributable to Ordinary Shareholders |
(5,610.8) |
|
(11,413.1) |
|
-50.8% |
Net Loss per Ordinary Share-Basic and Diluted |
(4.74) |
|
(11.08) |
|
-57.2% |
Adjusted Net Loss per Ordinary
Share-Basic and Diluted (non-GAAP) |
(4.32) |
|
(10.63) |
|
-59.4% |
Recent Developments
Deliveries in January and February
2021
- Deliveries of the ES8, ES6 and EC6 were 7,225 vehicles in
January 2021 and 5,578 vehicles in February 2021, representing
strong 352% and 689% year-over-year growth, respectively. In
February 2021, the deliveries consisted of 1,327 ES8s, the
Company’s 6-seater and 7-seater flagship premium smart electric
SUV, 2,216 ES6s, the Company’s 5-seater high-performance premium
smart electric SUV, and 2,035 EC6s, the Company’s 5-seater premium
smart electric coupe SUV. As of February 28, 2021, cumulative
deliveries of the ES8, ES6 and EC6 reached 88,444 vehicles.
Completion of Registered Follow-on
Offering of American Depositary Shares
- In December 2020, NIO completed the offering of 78,200,000
American depositary shares, each representing one Class A ordinary
share of the Company, at a price of US$39.00 per ADS, which
included 10,200,000 American depositary shares issued in connection
with the underwriters’ full exercise of their overallotment
option.
Completion of Offering of Convertible
Senior Notes
- In January 2021, NIO completed the
offering of US$750 million of convertible senior notes due 2026
(the “2026 Notes”) and US$750 million of convertible senior notes
due 2027 (the “2027 Notes”), which included the exercise in full by
the initial purchasers to purchase up to an additional US$100
million of the 2026 Notes and the 2027 Notes, respectively.
- In addition, NIO entered into
separate and individually privately negotiated agreements with
certain holders of its outstanding 4.50% convertible senior notes
due 2024 (the “2024 Notes”) to exchange approximately US$581.7
million principal amount of the outstanding 2024 Notes for its
American Depositary Shares (“ADSs”), each representing one Class A
ordinary share of the Company (the “2024 Notes Exchanges”). The
2024 Notes Exchanges closed on January 15, 2021.
- In connection with the 2024 Notes
Exchanges, NIO also entered into agreements with certain financial
institutions that are parties to its existing capped call
transactions (which NIO had entered into in February 2019 in
connection with the issuance of the 2024 Notes) to terminate a
portion of the relevant existing capped call transactions in a
notional amount corresponding to the portion of the principal
amount of such 2024 Notes exchanged. In connection with such
terminations of the existing capped call transactions, NIO received
deliveries of the ADSs in such amounts as specified pursuant to
such termination agreements on January 15, 2021.
Completion of Increase of Controlling Equity Interests
in NIO China
- In February 2021, NIO completed the increase of its controlling
equity interests in NIO China through the purchase of certain
investors’ equity interests and the subscription for newly
increased registered capital. The Company currently holds an
aggregate of 90.360% controlling equity interests in NIO
China.
CEO and CFO Comments
“NIO concluded a transformational 2020 with a
new quarterly delivery record of 17,353 vehicles in the fourth
quarter of 2020. The strong momentum has continued in 2021 as we
achieved a historic monthly delivery of 7,225 vehicles in January
and a resilient delivery of 5,578 vehicles in February,
representing strong 352% and 689% year-over-year growth,
respectively,” said William Bin Li, founder, chairman and chief
executive officer of NIO. “Supported by competitive product
offerings, outstanding services and innovative business models, we
have won increasing recognition from our users and expect to
deliver 20,000 to 20,500 vehicles in the first quarter of
2021.”
“At our fourth NIO Day on January 9, 2021, we
launched the ET7, our first flagship sedan. Boosted by its
class-leading dimensions, sophisticated design, superior driving
performance and industry-leading AD capabilities, ET7 has received
remarkable feedback from users, media and the industry. ET7 is also
equipped with NIO’s latest inhouse full stack NIO Autonomous
Driving (NAD) powered by NIO Aquila Super Sensing and NIO Adam
Super Computing. NAD will be offered through a monthly subscription
service, or AD as a Service (ADaaS). We owe our achievements in
2020 to our loyal and supportive user community and will stay
committed to our vision of building a community starting with smart
EVs where we share joy and grow together with users,” concluded Mr.
Li.
“Our solid performance in 2020 was strong
evidence of NIO’s unyielding strength and our users’ unwavering
support. With steadily increasing deliveries, stable average
selling price, improving material cost and manufacturing
efficiency, our vehicle margin reached 17.2% in the fourth quarter.
Moreover, we achieved positive cash flow from operating activities
for the fourth quarter and the full fiscal year of 2020,” added Wei
Feng, NIO’s chief financial officer. “Looking ahead, underpinned by
our continuous technology innovation, strengthening financial
performance and unswerving determination of achieving the best user
experience, we are confident about the company’s long-term
competitiveness and will continue to make decisive and efficient
investments in products, core technologies and user service.”
Financial Results for the Fourth Quarter and Full Year
2020
Revenues
- Total revenues in
the fourth quarter of 2020 were RMB6,641.1 million (US$1,017.8
million), representing an increase of 133.2% from the fourth
quarter of 2019 and an increase of 46.7% from the third quarter of
2020.
- Total revenues for
the full year 2020 were RMB16,257.9 million (US$2,491.6 million),
representing an increase of 107.8% from the previous year.
- Vehicle sales in
the fourth quarter of 2020 were RMB6,174.0 million (US$946.2
million), representing an increase of 130.0% from the fourth
quarter of 2019 and an increase of 44.7% from the third quarter of
2020. The increase in vehicle sales over the fourth quarter of 2019
was attributed to higher deliveries achieved from more product
offerings to our users and the expansion of our sales network in
2020. The increase in vehicle sales over the third quarter of 2020
was mainly attributed to the sales of EC6s which began deliveries
in late September 2020.
- Vehicle sales for
the full year 2020 were RMB15,182.5 million (US$2,326.8 million),
representing an increase of 106.1% from the previous year.
- Other sales in the
fourth quarter of 2020 were RMB467.0 million (US$71.6 million),
representing an increase of 184.1% from the fourth quarter of 2019
and an increase of 80.2% from the third quarter of 2020. The
increase in other sales over the fourth quarter of 2019 and the
third quarter of 2020 was mainly attributed to sales of automotive
regulatory credits as well as the 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 2020 were RMB1,075.4 million (US$164.8 million),
representing an increase of 134.9% from the previous year.
Cost of Sales and Gross
Margin
- Cost of sales in
the fourth quarter of 2020 was RMB5,499.1 million (US$842.8
million), representing an increase of 77.3% from the fourth quarter
of 2019 and an increase of 39.6% from the third quarter of 2020.
The increase in cost of sales over the fourth quarter of 2019 and
the third quarter of 2020 was mainly driven by the increase of
delivery volume of the ES8, the ES6 and the EC6 in the fourth
quarter of 2020.
- Cost of sales for
the full year 2020 was RMB14,384.5 million (US$2,204.5 million),
representing an increase of 59.4% from the previous year.
- Gross Profit in
the fourth quarter of 2020 was RMB1,141.9 million (US$175.0
million), representing an increase of RMB1,395.7 million from a
gross loss of RMB253.8 million in the fourth quarter of 2019 and an
increase of RMB556.1 million from the third quarter of 2020.
- Gross Profit for
the full year was RMB1,873.4 million (US$287.1 million),
representing an increase of RMB3,072.2 million from a gross loss of
RMB1,198.8 million from the previous year.
- Gross margin in
the fourth quarter of 2020 was 17.2%, compared with negative 8.9%
in the fourth quarter of 2019 and 12.9% in the third quarter of
2020. The increase of gross margin compared to the fourth quarter
of 2019 and the third quarter of 2020 was mainly driven by the
increase of vehicle margin in the fourth quarter of 2020.
- Gross margin for
the full year 2020 was 11.5%, compared with negative 15.3% for the
full year 2019.
- Vehicle margin in
the fourth quarter of 2020 was 17.2%, compared with negative 6.0%
in the fourth quarter of 2019 and 14.5% in the third quarter of
2020. The increase of vehicle margin compared to the fourth quarter
of 2019 and the third quarter of 2020 was jointly driven by the
increase of delivery volume of the vehicles in the fourth quarter
of 2020 as well as the decrease in purchase price of certain
production materials.
- Vehicle margin for
the full year 2020 was 12.7%, compared with negative 9.9% for the
full year 2019.
Operating Expenses
- Research and development
expenses in the fourth quarter of 2020 were RMB829.4
million (US$127.1 million), representing a decrease of 19.2% from
the fourth quarter of 2019 and an increase of 40.4% from the third
quarter of 2020. Excluding share-based compensation expenses
(non-GAAP), research and development expenses were RMB811.0 million
(US$124.3 million), representing a decrease of 20.0% from the
fourth quarter of 2019 and an increase of 40.4% from the third
quarter of 2020. The decrease in research and development expenses
over the fourth quarter of 2019 was caused by the decrease of
R&D expenses related to the EC6, which came to mass production
in September 2020, and the Company’s overall cost-saving efforts
and the improved operational efficiency in research and development
functions. The increase in research and development expenses over
the third quarter of 2020 was primarily attributed to the
incremental design and development costs for new products and
technologies.
- Research and development
expenses for the full year 2020 were RMB2,487.8 million
(US$381.3 million), representing a decrease of 43.8% from the
previous year. Excluding share-based compensation charges
(non-GAAP), research and development expenses were RMB2,436.7
million (US$373.4 million). The decrease in research and
development expenses was mainly attributed to the decrease in
design and development costs and employee compensation, driven by
the Company’s overall cost-saving efforts and the improved
operational efficiency in research and development functions.
- Selling, general and
administrative expenses in the fourth quarter of 2020 were
RMB1,206.8 million (US$185.0 million), representing a decrease of
21.9% from the fourth quarter of 2019 and an increase of 28.3% from
the third quarter of 2020. Excluding share-based compensation
expenses (non-GAAP), selling, general and administrative expenses
were RMB1,167.0 million (US$178.9 million), representing a decrease
of 22.7% from the fourth quarter of 2019 and an increase of 28.9%
from the third quarter of 2020. The decrease in selling, general
and administrative expenses over the fourth quarter of 2019 was
primarily driven by the Company’s overall cost-saving efforts and
the improved operational efficiency. The increase in selling,
general and administrative expenses over the third quarter of 2020
was primarily attributed to more employee compensation due to the
increased number of selling, general and administrative employees
as well as the increased marketing and promotional activities and
costs on the expansion of our sales network.
- Selling, general and
administrative expenses for the full year 2020 were
RMB3,932.3 million (US$602.6 million), representing a decrease of
27.9% from the previous year. Excluding share-based compensation
charges (non-GAAP), selling, general and administrative expenses
were RMB3,801.8 million (US$582.6 million). The decrease in
selling, general and administrative expenses was mainly attributed
to the decrease of employee compensation and rental and related
expenses, driven by the Company’s overall cost-saving efforts, the
improved operational efficiency, and our sales network structure
optimization.
Loss from Operations
- Loss from
operations in the fourth quarter of 2020 was RMB931.4
million (US$142.7 million), representing a decrease of 67.0% from
the fourth quarter of 2019 and a decrease of 1.5% from the third
quarter of 2020. Excluding share-based compensation expenses,
adjusted loss from operations (non-GAAP) was RMB871.2 million
(US$133.5 million) in the fourth quarter of 2020, representing a
decrease of 68.6% from the fourth quarter of 2019 and a decrease of
2.9% from the third quarter of 2020.
- Loss from
operations for the full year 2020 was RMB4,607.6 million
(US$706.2 million), compared with loss from operations of
RMB11,079.2 million in 2019. Excluding share-based compensation
charges, adjusted loss from operations (non-GAAP) was RMB4,420.6
million (US$677.5 million) in 2020.
Share-based Compensation
Expenses
- Share-based compensation
expenses in the fourth quarter of 2020 were RMB60.2
million (US$9.2 million), representing an increase of 17.6% from
the fourth quarter of 2019 and an increase of 22.3% from the third
quarter of 2020. The increase in share-based compensation expenses
over the fourth quarter of 2019 and the third quarter of 2020 was
primarily attributed to the incremental options granted with
relatively higher grant date fair values due to the increased share
price.
- Share-based compensation
expenses for the full year 2020 were RMB187.1 million
(US$28.7 million), compared with RMB333.5 million for the previous
year.
Net Loss and Earnings Per
Share
- Net loss in the
fourth quarter of 2020 was RMB1,388.6 million (US$212.8 million),
representing a decrease of 51.5% from the fourth quarter of 2019
and an increase of 32.6% from the third quarter of 2020. Excluding
share-based compensation expenses, adjusted net loss (non-GAAP) was
RMB1,328.4 million (US$203.6 million) in the fourth quarter of
2020, representing a decrease of 52.8% from the fourth quarter of
2019 and an increase of 33.1% from the third quarter of 2020. The
increase in net loss over the third quarter of 2020 was primarily
attributed to the unrealized foreign exchange losses derived from
the depreciation of US dollar cash balance held by domestic
entities with functional currency of RMB in the fourth quarter of
2020.
- Net loss for the
full year 2020 was RMB5,304.1 million (US$812.9 million), compared
with net loss of RMB11,295.7 million in 2019. Excluding share-based
compensation charges, adjusted net loss (non-GAAP) was RMB5,117.0
million (US$784.2 million) in 2020.
- Net loss attributable to
NIO’s ordinary shareholders in the fourth quarter of 2020
was RMB1,492.2 million (US$228.7 million), representing a decrease
of 48.4% from the fourth quarter of 2019 and an increase of 25.6%
from the third quarter of 2020. 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 RMB 1,326.2 million (US$203.2 million)
in 2020.
- Net loss attributable to
NIO’s ordinary shareholders for the full year 2020 was
RMB5,610.8 million (US$859.9 million), compared with net loss
attributable to NIO’s ordinary shareholders of RMB11,413.1 million
in 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 RMB5,112.0 million (US$783.5 million) in 2020.
- Basic and diluted net loss
per ADS in the fourth quarter of 2020 were both RMB1.05
(US$0.16). 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 RMB0.93 (US$0.14).
- Basic and diluted net loss
per ADS for the full year 2020 were both RMB4.74
(US$0.73). 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 RMB4.32 (US$0.66) in 2020.
Balance Sheets
- Balance of cash and cash
equivalents, restricted cash and short-term investment was
RMB 42.5 billion (US$6.5 billion) as of December 31, 2020.
- In the fourth quarter of 2020,
certain convertible notes were exercised by their holders with the
aggregate amount of RMB834.9 million (US$124.5 million).
For the first quarter of 2021, the Company
expects:
- Deliveries of the
vehicles to be between 20,000 and 20,500 vehicles,
representing an increase of approximately 421% to 434% from the
same quarter of 2020, and an increase of approximately 15% to 18%
from the fourth quarter of 2020.
- Total revenues to
be between RMB7,382.3 million (US$1,131.4 million) and RMB7,557.2
million (US$1,158.2 million), representing an increase of
approximately 438.1% to 450.8% from the same quarter of 2020, and
an increase of approximately 11.2% to 13.8% from the fourth quarter
of 2020.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, which is subject to change.
The Company’s management will host an earnings
conference call at 8:00 PM U.S. Eastern Time on March 1, 2021 (9:00
AM Beijing/Hong Kong Time on March 2, 2021) to discuss financial
results and answer questions from investors and analysts.
A live and archived webcast of the conference
call will be available on the Company’s investor relations website
at https://ir.nio.com/news-events/events.
For participants who wish to join the conference
using dial-in numbers, please register in advance using the link
provided below and dial in 10 minutes prior to the call. Direct
Event passcode and unique registrant ID would be provided upon
registering.
http://apac.directeventreg.com/registration/event/1281888
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 09, 2021 07:59
AM ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong, China: |
+852-3051-2780 |
Mainland, China |
+86-400-602-2065 |
Conference ID: |
1281888 |
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. NIO aims to build a community starting
with smart electric vehicles to share joy and grow together with
users. NIO designs, jointly manufactures, and sells smart 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 and convenient power solutions, the Battery as a
Service (BaaS), NIO Pilot and NIO Autonomous Driving (NAD),
Autonomous Driving as a Service (ADaaS) and other user-centric
services. NIO began deliveries of the ES8, a 7-seater flagship
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 deliveries of the ES6 in June 2019. NIO officially
launched the EC6, a 5-seater premium electric coupe SUV, in
December 2019 and began deliveries of the EC6 in September 2020. On
January 9, 2021, NIO ET7, the smart electric flagship sedan and
NIO’s first autonomous driving model, was officially launched.
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. 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 its customers; the
viability, growth potential and prospects of the newly introduced
BaaS and ADaaS; NIO’s 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,
ES6, EC6 and ET7; 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.
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.
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 RMB6.5250 to US$1.00, the noon buying rate in effect on
December 31, 2020 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information |
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com.
NIO Inc.Investor RelationsTel:
+86-21-6908-2018Email: ir@nio.com
Source: NIO
NIO INC.
Unaudited Consolidated Balance
Sheets
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2020 (US$) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
862,839 |
|
38,425,541 |
|
5,888,972 |
Restricted cash |
82,507 |
|
78,010 |
|
11,956 |
Short-term investment |
111,000 |
|
3,950,747 |
|
605,478 |
Trade receivable |
1,352,093 |
|
1,083,372 |
|
166,034 |
Amounts due from related parties |
50,783 |
|
169,288 |
|
25,945 |
Inventory |
889,528 |
|
1,081,553 |
|
165,755 |
Prepayments and other current assets |
1,579,258 |
|
1,418,306 |
|
217,365 |
Total current assets |
4,928,008 |
|
46,206,817 |
|
7,081,505 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
44,523 |
|
41,547 |
|
6,367 |
Property, plant and equipment, net |
5,533,064 |
|
4,996,228 |
|
765,705 |
Intangible assets, net |
1,522 |
|
613 |
|
94 |
Land use rights, net |
208,815 |
|
203,968 |
|
31,259 |
Long-term investments |
115,325 |
|
300,121 |
|
45,996 |
Amounts due from related parties |
— |
|
617 |
|
95 |
Right-of-use assets - operating lease |
1,997,672 |
|
1,350,294 |
|
206,942 |
Other non-current assets |
1,753,100 |
|
1,541,724 |
|
236,280 |
Total non-current assets |
9,654,021 |
|
8,435,112 |
|
1,292,738 |
|
|
|
|
|
|
Total assets |
14,582,029 |
|
54,641,929 |
|
8,374,243 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
885,620 |
|
1,550,000 |
|
237,548 |
Trade and notes payable |
3,111,699 |
|
6,368,253 |
|
975,977 |
Amounts due to related parties |
309,729 |
|
344,603 |
|
52,813 |
Taxes payable |
43,986 |
|
181,658 |
|
27,840 |
Current portion of operating lease liabilities |
608,747 |
|
547,142 |
|
83,852 |
Current portion of long-term borrowings |
322,436 |
|
380,560 |
|
58,323 |
Accruals and other liabilities |
4,216,641 |
|
4,604,024 |
|
705,600 |
Total current liabilities |
9,498,858 |
|
13,976,240 |
|
2,141,953 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
7,154,798 |
|
5,938,279 |
|
910,081 |
Non-current operating lease liabilities |
1,598,372 |
|
1,015,261 |
|
155,596 |
Other non-current liabilities |
1,151,813 |
|
1,849,906 |
|
283,510 |
Total non-current liabilities |
9,904,983 |
|
8,803,446 |
|
1,349,187 |
|
|
|
|
|
|
Total liabilities |
19,403,841 |
|
22,779,686 |
|
3,491,140 |
|
|
|
|
|
|
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 |
December 31, 2020 |
December 31, 2020 (US$) |
|
|
|
|
MEZZANINE
EQUITY |
|
|
|
Redeemable non-controlling interests |
1,455,787 |
|
4,691,287 |
|
718,971 |
Total mezzanine
equity |
1,455,787 |
|
4,691,287 |
|
718,971 |
SHAREHOLDERS’
(DEFICIT)/EQUITY |
|
|
|
|
|
Ordinary
shares |
1,827 |
|
2,679 |
|
411 |
Additional paid in
capital |
40,227,856 |
|
78,880,014 |
|
12,088,891 |
Accumulated other
comprehensive
loss |
(203,048) |
|
(65,452) |
|
(10,031) |
Accumulated
deficit |
(46,326,321) |
|
(51,648,410) |
|
(7,915,465) |
Total NIO Inc.
shareholders’
(deficit)/equity |
(6,299,686) |
|
27,168,831 |
|
4,163,806 |
Non-controlling
interests |
22,087 |
|
2,125 |
|
326 |
Total shareholders’
(deficit)/equity |
(6,277,599) |
|
27,170,956 |
|
4,164,132 |
Total liabilities,
mezzanine equity and shareholders’
(deficit)/equity |
14,582,029 |
|
54,641,929 |
|
8,374,243 |
|
|
|
|
|
|
NIO INC.
Unaudited Consolidated Statements of
Comprehensive Loss
Amounts expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share data) |
|
Three Months Ended |
|
December 31, 2019 |
|
September 30, 2020 |
|
December 31, 2020 |
|
December 31, 2020 (US$) |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Vehicle sales |
2,683,921 |
|
4,266,788 |
|
6,174,048 |
|
946,214 |
Other sales |
164,408 |
|
259,172 |
|
467,043 |
|
71,577 |
Total
revenues |
2,848,329 |
|
4,525,960 |
|
6,641,091 |
|
1,017,791 |
Cost of sales: |
|
|
|
|
|
|
|
Vehicle sales |
(2,844,886) |
|
(3,649,069) |
|
(5,109,331) |
|
(783,039) |
Other sales |
(257,196) |
|
(291,079) |
|
(389,815) |
|
(59,742) |
Total cost of
sales |
(3,102,082) |
|
(3,940,148) |
|
(5,499,146) |
|
(842,781) |
Gross
(loss)/profit |
(253,753) |
|
585,812 |
|
1,141,945 |
|
175,010 |
Operating expenses: |
|
|
|
|
|
|
|
Research and
development |
(1,026,408) |
|
(590,783) |
|
(829,443) |
|
(127,118) |
Selling, general and
administrative |
(1,546,015) |
|
(940,331) |
|
(1,206,806) |
|
(184,951) |
Other operating loss, net |
— |
|
(686) |
|
(37,082) |
|
(5,683) |
Total operating
expenses |
(2,572,423) |
|
(1,531,800) |
|
(2,073,331) |
|
(317,752) |
Loss from
operations |
(2,826,176) |
|
(945,988) |
|
(931,386) |
|
(142,742) |
|
|
|
|
|
Interest
income |
22,353 |
|
51,652 |
|
77,019 |
|
11,804 |
Interest
expenses |
(102,323) |
|
(108,761) |
|
(93,841) |
|
(14,382) |
Share of profits/(losses) of equity
investees |
43 |
|
(13,638) |
|
(33,969) |
|
(5,206) |
Other income/(loss),
net |
43,817 |
|
(29,049) |
|
(404,782) |
|
(62,036) |
Loss before income tax
expense |
(2,862,286) |
|
(1,045,784) |
|
(1,386,959) |
|
(212,562) |
Income tax
expense |
(2,332) |
|
(1,213) |
|
(1,664) |
|
(255) |
Net
loss |
(2,864,618) |
|
(1,046,997) |
|
(1,388,623) |
|
(212,817) |
Accretion on redeemable non-controlling interests to redemption
value |
(31,908) |
|
(142,742) |
|
(105,806) |
|
(16,215) |
Net loss attributable to non-controlling
interests |
2,725 |
|
1,802 |
|
2,259 |
|
346 |
Net loss attributable to ordinary shareholders of NIO
Inc. |
(2,893,801) |
|
(1,187,937) |
|
(1,492,170) |
|
(228,686) |
Net
loss |
(2,864,618) |
|
(1,046,997) |
|
(1,388,623) |
|
(212,817) |
Other comprehensive income |
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil
tax |
91,789 |
|
207,985 |
|
32,676 |
|
5,008 |
Total other comprehensive income |
91,789 |
|
207,985 |
|
32,676 |
|
5,008 |
Total comprehensive loss |
(2,772,829) |
|
(839,012) |
|
(1,355,947) |
|
(207,809) |
Accretion on redeemable non-controlling interests to redemption
value |
(31,908) |
|
(142,742) |
|
(105,806) |
|
(16,215) |
Net loss attributable to non-controlling
interests |
2,725 |
|
1,802 |
|
2,259 |
|
346 |
Comprehensive loss attributable to ordinary shareholders of
NIO
Inc. |
(2,802,012) |
|
(979,952) |
|
(1,459,494) |
|
(223,678) |
Weighted average number of ordinary shares used in
computing net loss per
share |
|
|
|
|
|
|
|
Basic and
diluted |
1,029,874,883 |
|
1,210,613,409 |
|
1,421,322,474 |
|
1,421,322,474 |
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
Basic and
diluted |
(2.81) |
|
(0.98) |
|
(1.05) |
|
(0.16) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
|
|
|
Basic and
diluted |
1,029,874,883 |
|
1,210,613,409 |
|
1,421,322,474 |
|
1,421,322,474 |
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
Basic and
diluted |
(2.81) |
|
(0.98) |
|
(1.05) |
|
(0.16) |
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, |
|
2019 |
|
2020 |
|
2020 (US$) |
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
Vehicle sales |
7,367,113 |
|
15,182,522 |
|
2,326,823 |
Other sales |
457,791 |
|
1,075,411 |
|
164,814 |
Total
revenues |
7,824,904 |
|
16,257,933 |
|
2,491,637 |
Cost of sales: |
|
|
|
|
|
Vehicle sales |
(8,096,035) |
|
(13,255,770) |
|
(2,031,536) |
Other sales |
(927,691) |
|
(1,128,744) |
|
(172,988) |
Total cost of
sales |
(9,023,726) |
|
(14,384,514) |
|
(2,204,524) |
Gross
(loss)/profit |
(1,198,822) |
|
1,873,419 |
|
287,113 |
Operating expenses: |
|
|
|
|
|
Research and
development |
(4,428,580) |
|
(2,487,770) |
|
(381,267) |
Selling, general and
administrative |
(5,451,787) |
|
(3,932,271) |
|
(602,647) |
Other operating loss |
— |
|
(61,023) |
|
(9,352) |
Total operating
expenses |
(9,880,367) |
|
(6,481,064) |
|
(993,266) |
Loss from
operations |
(11,079,189) |
|
(4,607,645) |
|
(706,153) |
|
|
|
|
|
|
Interest
income |
160,279 |
|
166,904 |
|
25,579 |
Interest
expenses |
(370,536) |
|
(426,015) |
|
(65,290) |
Share of losses of equity
investees |
(64,478) |
|
(66,030) |
|
(10,120) |
Other income/(loss),
net |
66,160 |
|
(364,928) |
|
(55,928) |
|
|
|
|
|
|
Loss before income tax
expense |
(11,287,764) |
|
(5,297,714) |
|
(811,912) |
Income tax
expense |
(7,888) |
|
(6,368) |
|
(976) |
Net
loss |
(11,295,652) |
|
(5,304,082) |
|
(812,888) |
Accretion on redeemable non-controlling interests to redemption
value |
(126,590) |
|
(311,670) |
|
(47,766) |
Net loss attributable to non-controlling
interests |
9,141 |
|
4,962 |
|
760 |
Net loss attributable to ordinary shareholders of NIO
Inc. |
(11,413,101) |
|
(5,610,790) |
|
(859,894) |
Net
loss |
(11,295,652) |
|
(5,304,082) |
|
(812,888) |
Other comprehensive (loss)/income |
|
|
|
Foreign currency translation adjustment, net of nil
tax |
(168,340) |
|
137,596 |
|
21,088 |
Total other comprehensive
(loss)/income |
(168,340) |
|
137,596 |
|
21,088 |
Total comprehensive
loss |
(11,463,992) |
|
(5,166,486) |
|
(791,800) |
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(126,590) |
|
(311,670) |
|
(47,766) |
Net loss attributable to non-controlling
interests |
9,141 |
|
4,962 |
|
760 |
Comprehensive loss attributable to ordinary shareholders of
NIO
Inc. |
(11,581,441) |
|
(5,473,194) |
|
(838,806) |
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net loss per
share |
|
|
|
|
|
Basic and
diluted |
1,029,931,705 |
|
1,182,660,948 |
|
1,182,660,948 |
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
Basic and
diluted |
(11.08) |
|
(4.74) |
|
(0.73) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
Basic and
diluted |
1,029,931,705 |
|
1,182,660,948 |
|
1,182,660,948 |
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
Basic and
diluted |
(11.08) |
|
(4.74) |
|
(0.73) |
|
|
|
|
|
|
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, 2020 |
|
GAAPResult |
|
%
ofTotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included in cost of sales and operating
expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(5,499,146) |
|
-82.8% |
|
1,989 |
|
0.0% |
|
(5,497,157) |
|
-82.8% |
Research and development
expenses |
(829,443) |
|
-12.5% |
|
18,429 |
|
0.3% |
|
(811,014) |
|
-12.2% |
Selling, general and administrative
expenses |
(1,206,806) |
|
-18.2% |
|
39,781 |
|
0.6% |
|
(1,167,025) |
|
-17.6% |
Total |
(7,535,395) |
|
-113.5% |
|
60,199 |
|
0.9% |
|
(7,475,196) |
|
-112.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
(931,386) |
|
-14.0% |
|
60,199 |
|
0.9% |
|
(871,187) |
|
-13.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,388,623) |
|
-20.9% |
|
60,199 |
|
0.9% |
|
(1,328,424) |
|
-20.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(105,806) |
|
-1.6% |
|
105,806 |
|
1.6% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(1,492,170) |
|
-22.5% |
|
166,005 |
|
2.5% |
|
(1,326,165) |
|
-20.0% |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.05) |
|
|
0.12 |
|
|
(0.93) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(1.05) |
|
|
0.12 |
|
|
(0.93) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(0.16) |
|
|
0.02 |
|
|
(0.14) |
|
|
|
Three Months Ended September 30, 2020 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of
TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included in cost of sales and operating
expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(3,940,148) |
|
-87.1% |
|
1,371 |
|
0.0% |
|
(3,938,777) |
|
-87.1% |
Research and development
expenses |
(590,783) |
|
-13.1% |
|
12,996 |
|
0.3% |
|
(577,787) |
|
-12.8% |
Selling, general and administrative
expenses |
(940,331) |
|
-20.8% |
|
34,872 |
|
0.8% |
|
(905,459) |
|
-20.0% |
Total |
(5,471,262) |
|
-121.0% |
|
49,239 |
|
1.1% |
|
(5,422,023) |
|
-119.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
(945,988) |
|
-20.9% |
|
49,239 |
|
1.1% |
|
(896,749) |
|
-19.8% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,046,997) |
|
-23.1% |
|
49,239 |
|
1.1% |
|
(997,758) |
|
-22.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(142,742) |
|
-3.2% |
|
142,742 |
|
3.2% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(1,187,937) |
|
-26.2% |
|
191,981 |
|
4.2% |
|
(995,956) |
|
-22.0% |
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(0.98) |
|
|
|
0.16 |
|
|
|
(0.82) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(0.98) |
|
|
|
0.16 |
|
|
|
(0.82) |
|
|
|
Three
Months Ended December 31, 2019 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2020 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included in cost of sales and operating
expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(14,384,514) |
|
-88.5% |
|
5,564 |
|
0.0% |
|
(14,378,950) |
|
-88.5% |
Research and development
expenses |
(2,487,770) |
|
-15.3% |
|
51,024 |
|
0.3% |
|
(2,436,746) |
|
-15.0% |
Selling, general and administrative
expenses |
(3,932,271) |
|
-24.2% |
|
130,506 |
|
0.8% |
|
(3,801,765) |
|
-23.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(20,804,555) |
|
-128.0% |
|
187,094 |
|
1.1% |
|
(20,617,461) |
|
-126.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
(4,607,645) |
|
-28.3% |
|
187,094 |
|
1.1% |
|
(4,420,551) |
|
-27.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(5,304,082) |
|
-32.6% |
|
187,094 |
|
1.1% |
|
(5,116,988) |
|
-31.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable non-controlling interests to redemption
value |
(311,670) |
|
-1.9% |
|
311,670 |
|
1.9% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(5,610,790) |
|
-34.5% |
|
498,764 |
|
3.1% |
|
(5,112,026) |
|
-31.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary shareholders, basic and
diluted (RMB) |
(4.74) |
|
|
|
0.42 |
|
|
|
(4.32) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (RMB) |
(4.74) |
|
|
|
0.42 |
|
|
|
(4.32) |
|
|
Net loss per ADS attributable to ordinary shareholders, basic and
diluted (USD) |
(0.73) |
|
|
|
0.07 |
|
|
|
(0.66) |
|
|
|
Year Ended December 31, 2019 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% ofTotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
____________________________
i All translations from RMB to USD for the fourth
quarter and the full year of 2020 were made at the rate of
RMB6.5250 to US$1.00, the noon buying rate in effect on December
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
from new vehicle 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.
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