EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the
world’s leading autonomous aerial vehicle (“AAV”) technology
platform company, today announced its unaudited financial results
for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial and Operational
Highlights
- Total revenues were RMB54.6 million (US$8.4
million), on par with RMB54.7 million in the fourth quarter of
2019. Revenues from air mobility solutions were RMB33.4 million
(US$5.1 million), reflecting a 10.1% decrease year over year mainly
due to the resurgence of the COVID-19 pandemic in China in the
fourth quarter and its impact on tourism industry customers.
- Gross margin was 59.4%, a decrease of 1.3
percentage points year over year. The decrease was mainly due to
the increase in share-based compensation expenses charged to costs
of revenues.
- Adjusted gross margin1
(non-GAAP) was 63.8%, an increase of 3.1
percentage points year over year and a record quarterly adjusted
gross margin in the Company’s history.
- Operating loss was RMB49.2 million (US$7.5
million), compared with operating profit of RMB2.1 million in the
fourth quarter of 2019. The change in operating loss was mainly due
to the increase in share-based compensation expenses charged to
costs of revenues and operating expenses.
- Adjusted operating loss2
(non-GAAP) was RMB10.6 million (US$1.6 million),
compared with adjusted operating profit of RMB3.8 million in the
fourth quarter of 2019.
- Net loss was RMB50.8 million (US$7.8 million),
compared with net loss of RMB0.2 million in the fourth quarter of
2019.
- Adjusted net loss3
(non-GAAP) was RMB12.3 million (US$1.9 million),
compared with adjusted net income of RMB2.9 million in the fourth
quarter of 2019.
- Sales of the EHang 216, our flagship
passenger-grade AAV product, were 22 units, compared with 26 units
in the fourth quarter of 2019.
Full Year 2020 Financial and Operational
Highlights
- Total revenues were RMB180.1 million (US$27.6
million), an increase of 47.8% from RMB121.8 million in 2019.
Revenues from air mobility solutions were RMB106.0 million (US$16.2
million), an increase of 23.3% from RMB85.9 million in 2019.
Revenues from aerial media solutions were RMB65.7 million (US$10.1
million), increased by 113.5% from RMB30.7 million in 2019.
- Gross margin was 59.0%, an increase of 0.5
percentage points from 58.5% in 2019.
- Adjusted gross margin was 60.3%, an increase
of 1.5 percentage points from 58.8% in 2019 and the highest annual
adjusted gross margin in the Company’s history.
- Operating loss was RMB91.3 million (US$14.0
million), an increase of 97.0% from RMB46.3 million in 2019. The
increase in operating loss was mainly due to the increase in
share-based compensation expenses charged to costs of revenues and
operating expenses.
- Adjusted operating loss (non-GAAP) was RMB36.4
million (US$5.6 million), an increase of 15.3% from RMB31.6 million
in 2019.
- Net loss was RMB92.0 million (US$14.1
million), an increase of 91.8% from RMB48.0 million in 2019.
- Adjusted net loss (non-GAAP) was RMB37.2
million (US$5.7 million), an increase of 16.7% from RMB31.9 million
in 2019.
- Sales of the passenger-grade AAVs reached 70
units in 2020, compared with 61 units in 2019.
Business Highlights for the Fourth Quarter and Full Year
2020
- Autonomous Trial Flights in Korea of EH216 with Special
Certificate of Airworthiness
In November 2020, the Ministry of Land, Infrastructure and
Transport (“MOLIT”) of Korea issued a Special Certificate of
Airworthiness (“SAC”) for the EH216, the first SAC for
passenger-grade AAVs in Korea. With the SAC, the EH216 completed
autonomous trial flights in three Korean locations: Seoul, Daegu
and Jeju Island. The flights demonstrated a variety of Urban Air
Mobility (“UAM”) application scenarios including urban
transportation, emergency medical services and aerial
sightseeing.
- Long-term Trial Flight Permit for EH216 Across Austrian
National Airspace
In December 2020, the Civil Aviation Authority of Austria issued
a trial flight permit for the EH216 that allows trial operation of
unmanned flights in Austrian national airspace. This permit was
obtained through the joint efforts of the Civil Aviation Authority
of Austria, the EHang European team, and local partners.
Thereafter, test flights of the EH216 were conducted in St. Martin
im Innkreis, Austria after completing a Specific Operational Risk
Assessment (“SORA”) procedure under the supervision of the Civil
Aviation Authority of Austria.
- Strategic Partnership with Greenland Hong Kong for
Aerial Tourism Programs
In December 2020, EHang entered a strategic partnership with a
PRC subsidiary of Greenland Hong Kong Holdings Limited (SEHK:
00337) (“Greenland”), an HKEX-listed real estate company, to roll
out air mobility services, such as aerial sightseeing and aerial
media show services, in Greenland’s tourism real estate projects in
China. The collaboration began with trial aerial sightseeing
flights in Greenland’s Forest Lake project in Zhaoqing city,
Guangdong.
- Participation in Formulating China’s First National
Standard for Express Delivery Services via Unmanned
Aircraft
EHang collaborated with industry-leading players, such as JD.com
(Nasdaq: JD) and ZTO Express (NYSE: ZTO), to participate in the
formulation of the Specification for Express Delivery Service by
Unmanned Aircraft, which was issued by the State Post Bureau of PRC
and became effective in China on January 1, 2021.
- EH216 Trial Flights and Locations Across the
Globe
As a pioneer in the global Urban Air Mobility (“UAM”) industry,
by year-end 2020 EHang 216 had safely carried out approximately
10,000 autonomous trial flights (including passenger-carrying
flights). The flights showcased a variety of UAM application
scenarios in 40 cities of 8 countries across Asia, Europe and North
America.
Recent Developments
- US$40 Million Investment from Carmignac
In January 2021, Carmignac, a leading European asset management
firm, invested US$40 million on behalf of its funds in EHang
through a private placement of newly issued Class A ordinary shares
of the Company.
- Trial Flights to Initiate a UAM Plan in the Hengqin New
Area in Southeast China
In January 2021, EHang announced strategic partnerships with
local partners to jointly initiate trial air mobility operations in
the Hengqin New Area (“Hengqin”), the largest of the islands
surrounding Zhuhai city in the Guangdong-Hong Kong-Macao Greater
Bay Area of China. A total of 36 passengers experienced trial
autonomous flights conducted by our local partners for aerial
sightseeing in Hengqin on the announcement date. In February 2021,
our local partner further carried out the first autonomous trial
flights of the EH216 over the sea of southern China from Hengqin to
Dong’ao Island, a tourist destination island, showcasing its
potential application in air mobility use cases such as aerial
sightseeing.
- Participation in a Series of UAM Projects Initiated by
the European Union
In January and February 2021, as a pioneer of cutting-edge AAV
products and technological solutions, EHang was selected to
participate in a series of UAM projects initiated and supported by
the European Union to demonstrate ways to achieve safe,
sustainable, socially acceptable, and effective UAM. These projects
include: 1) the Air Mobility Urban - Large Experimental
Demonstration (AMU-LED) project in Spain, the United Kingdom and
the Netherlands; 2) the Re-Invent Air Mobility initiative in
France; 3) the Safe and Flexible Integration of Advanced U-Space
Services for Medical Air Mobility (SAFIR-Med) project in Belgium,
Germany, the Netherlands, Greece and Czech Republic; and 4) the GOF
2.0 Integrated Urban Airspace VLD very large demonstration
project.
- Partnership with Giancarlo Zema Design Group to Build
an Eco-sustainable Vertiport in Italy
In March 2021, EHang entered a partnership with Giancarlo Zema
Design Group (“GZDG”), a leading Italian architecture firm. GZDG
has designed and intends to build an eco-sustainable vertiport in
Italy using EHang’s passenger-grade AAV technologies and air
mobility solutions. The vertiport will use green design and
construction materials and can generate energy to recharge the
EH216 passenger-grade AAVs.
- Partnership with Dongfeng USharing to Co-develop a
Solution for Seamlessly-Connected Mobility Services Leveraging AAV
Technologies
In March 2021, EHang entered a partnership with Dongfeng
USharing Technology Co., Ltd., a subsidiary of Dongfeng Motor
Corporation, a Fortune Global 500 company and one of the largest
auto makers in China, to co-develop a solution for Seamlessly
Connected Mobility Services for logistics using EHang’s AAV
technologies.
CEO Remarks
Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive
Officer, commented, “In the unusual year of 2020, we achieved
revenue growth of nearly 50% despite the challenges and
uncertainties caused by COVID-19 globally. Our gross margin
increased again in 2020 and specifically, the adjusted gross margin
reached a new high of 63.8% in the fourth quarter and 60.3% for the
year, reflecting our competitive strengths. Our record of more than
10,000 safe trial flights of the EH216, including
passenger-carrying flights, in 40 cities of 8 countries across
Asia, Europe and North America to date and in various extreme
environments demonstrates the robustness of our integrated
technologies for autonomous flying, full redundancy and cluster
management. Our technologies laid a solid foundation for obtaining
a series of approvals or permits for trial flights issued by
regulators in China, the U.S., Canada, Austria, Norway and Korea in
2020.”
Mr. Hu continued, “Leveraging our world-leading integrated
technology platform, we have been developing and diversifying our
product portfolio under our long-term development roadmap to meet a
wider range of market needs. In addition to our current
flagship EH216 AAV series, we plan to roll out another series of
eVTOL (e-Vertical-Take-Off-and-Landing) models, namely the VT
series, which includes the major large-sized passenger-grade VT30
as well as smaller-sized non-passenger-grade ones. This vehicle
series adopts a new hybrid configuration that integrates
multi-rotor and fixed-wing configurations and enables both vertical
take-off/landing capability and long-range horizontal flights.
Combining the EH216 series with this new VT series, we will be able
to offer a more well-rounded suite of AAV solutions to better
satisfy more UAM application needs, covering both short-haul
intra-city and long-range inter-city uses.”
“Looking ahead, we intend to launch a ‘100 Air Mobility Routes
Initiative’ in China as part of our UAM platform operator strategy.
This initiative will be underpinned by our reliable integrated
technologies, comprehensive product offerings, intelligent systems,
growing customer base, infrastructure designs and expanding
production facilities. The initiative is expected to be implemented
in next 24 months with an initial focus on the Guangdong-Hong
Kong-Macao Greater Bay Area of China. To support this important
strategic initiative and also fulfill customer orders in 2021, we
are aiming to produce approximately 250 units of the EH216 in the
year which will be a new record of the Company once achieved,” Mr.
Hu concluded.
Fourth Quarter 2020 Financial Results
Revenues
Total revenues were RMB54.6 million (US$8.4 million), on par
with RMB54.7 million in the fourth quarter of 2019. Revenues from
air mobility solutions were RMB33.4 million (US$5.1 million), down
10.1% year over year. The decrease was mainly due to the resurgence
of the COVID-19 pandemic in China in the fourth quarter and its
impact on our customers in the tourism industry.
Costs of revenues
Costs of revenues were RMB22.1 million (US$3.4 million), up 3.1%
year over year, primarily due to the change in the sales volume mix
of AAV products and solutions.
Gross profit
Gross profit was RMB32.5 million (US$5.0 million), down 2.2%
from RMB33.2 million in the fourth quarter of 2019.
Gross margin was 59.4%, down 1.3 percentage points from 60.7% in
the fourth quarter of 2019. The decrease was primarily due to the
increase in share-based compensation expenses charged to cost of
revenues.
Adjusted gross profit
Adjusted gross profit was RMB34.8 million (US$5.3 million), up
4.9% from RMB33.2 million in the fourth quarter of 2019.
Adjusted gross margin was 63.8%, up 3.1 percentage points from
60.7% in the fourth quarter of 2019. The adjusted gross margin
increased due to a favorable revenue mix, as the Company derived a
greater proportion of revenues from sales of higher-margin models
of EHang 216 AAVs.
Operating expenses
Total operating expenses were RMB83.4 million (US$12.8 million),
up 152.8% from RMB33.0 million in the fourth quarter of 2019.
Operating expense as a percentage of total revenues was 152.8%,
compared with 60.3% in the fourth quarter of 2019. The increase in
operating expenses was primarily due to an increase of RMB34.6
million (US$5.3 million) in share-based compensation expenses
charged to operating expenses.
- Sales and marketing expenses were RMB13.8 million (US$2.1
million), up 69.8% from RMB8.2 million in the fourth quarter of
2019. The increase was mainly due to an increase of RMB5.6 million
in share-based compensation expenses.
- General and administration expenses were RMB18.6 million
(US$2.9 million), up 98.8% from RMB9.4 million in the fourth
quarter of 2019. The increase was mainly due to an increase of
RMB4.2 million in share-based compensation expenses, additional
expenses related to being a publicly traded company, and prudent
provisions related to the COVID-19 impacts.
- Research and development expenses were RMB50.9 million (US$7.8
million), up 229.4% from RMB15.5 million in the fourth quarter of
2019. The increase was mainly due to an increase of RMB24.7 million
in share-based compensation expenses and expanded expenditure in
development of new models, which covers both passenger-grade and
non-passenger-grade AAV models, and related operating systems with
enhanced functionalities.
Adjusted operating expenses4
(non-GAAP)
Adjusted operating expenses were RMB47.2 million (US$7.2
million), representing an increase of 50.5% from RMB31.4 million in
the fourth quarter of 2019. Adjusted operating expenses as a
percentage of total revenues was 86.5%, compared with 57.3% in the
fourth quarter of 2019.
Operating loss
Operating loss was RMB49.2 million (US$7.5 million), compared
with operating profit of RMB2.1 million in the fourth quarter of
2019. Operating loss as a percentage of total revenues was negative
90.1%, compared with an operating margin of 3.9% in the fourth
quarter of 2019.
Adjusted operating loss (non-GAAP)
Adjusted operating loss was RMB10.6 million (US$1.6 million),
compared with adjusted operating profit of RMB3.8 million in the
fourth quarter of 2019. Adjusted operating loss as a percentage of
total revenues was negative 19.5%, compared to adjusted operating
margin of 6.9% in the fourth quarter of 2019.
Net loss
Net loss was RMB50.8 million (US$7.8 million), compared with net
loss of RMB0.2 million in the fourth quarter of 2019.
Adjusted net loss (non-GAAP)
Adjusted net loss was RMB12.3 million (US$1.9 million), compared
with adjusted net income of RMB2.9 million in the fourth quarter of
2019.
Adjusted net loss attributable to EHang’s ordinary shareholders
was RMB10.6 million (US$1.6 million).
Loss per share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.45
(US$0.07). Adjusted basic and diluted net loss per ordinary share5
(non-GAAP) were both RMB0.10 (US$0.01).
Basic and diluted net loss per ADS were both RMB0.90 (US$0.14).
Adjusted basic and diluted net loss per ADS6 (non-GAAP) were both
RMB0.20 (US$0.02).
Balance Sheet and Cash Flow
The cash, cash equivalents, restricted cash and short-term
investments balances were RMB189.4 million (US$29.0 million) as of
December 31, 2020. Further, the accounts receivable balance of
RMB179.4 million (US$27.5 million) as of December 31, 2020 have
been reduced to RMB103.1 million (US$15.8 million) with subsequent
collections of RMB76.3 million (US$11.7 million) as of March 31,
2021, representing 42.5% of the above balance having been
collected. Together with the private investment of US$40 million in
late January 2021, it is expected that the Company has adequate
funding to support the operations in the next 12 to 24 months at
least.
Full Year 2020 Financial Results
Revenues
Total revenues were RMB180.1 million (US$27.6 million), up 47.8%
from RMB121.8 million in 2019, primarily driven by the increase in
revenues generated from air mobility solutions and aerial media
solutions. Sales of the EHang 216, the Company’s flagship
passenger-grade AAVs, reached 70 units in 2020 compared to 61 units
in 2019.
Costs of revenues
Costs of revenues were RMB73.9 million (US$11.3 million),
representing an increase of 46.1% from RMB50.6 million in 2019,
which was in line with the growth of revenues.
Gross profit
Gross profit was RMB106.2 million (US$16.3 million), up 49.1%
from RMB71.2 million in 2019. Gross margin was 59.0%, an increase
of 0.5% from 58.5% in 2019. The increase in gross profit was driven
by our revenue growth.
Adjusted gross profit
Adjusted gross profit was RMB108.6 million (US$16.6 million), up
51.7% from RMB71.6 million in 2019. Adjusted gross margin was
60.3%, up 1.5 percentage points from 58.8% in 2019. The increase
was mainly due to a favorable revenue mix with a greater proportion
of revenues from sales of higher-margin models of EHang 216
AAVs.
Operating expenses
Total operating expenses were RMB204.1 million (US$31.3
million), up 68.7% from RMB121.0 million in 2019. Operating expense
as a percentage of total revenues was 113.3%, compared with 99.3%
in 2019. The increase in operating expenses was primarily due to
the increase of RMB38.0 million (US$5.8 million) in share-based
compensation expenses charged to operating expenses.
- Sales and marketing expenses were RMB37.2 million (USD$5.7
million), up 38.5% from RMB26.9 million in 2019. The increase was
primarily due to an increase of RMB10.1 million in share-based
compensation expenses.
- General and administration expenses were RMB61.6 million
(US$9.4 million), up 66.8% from RMB36.9 million in 2019. The
increase was mainly due to additional expenses related to being a
public company, prudent provisions related to COVID-19 impacts, and
an increase of RMB5.9 million in share-based compensation
expenses.
- Research and development expenses were RMB105.3 million
(US$16.1 million), up 84.1% from RMB57.2 million in 2019. The
increase was mainly due to continuously growing expenditure for the
development of new AAV models, which covered both passenger-grade
and non-passenger-grade AAVs, such as EHang 216F and EHang 216L and
the new VT series, and related operating systems with enhanced
functionalities. R&D expenses were also impacted by an increase
of RMB22.0 million in share-based compensation expenses.
Adjusted operating expenses (non-GAAP)
Adjusted operating expenses were RMB151.6 million (US$23.2
million), up 42.3% from RMB106.6 million in 2019. Adjusted
operating expenses as a percentage of total revenue was 84.2%,
compared to 87.5% in 2019.
Operating loss
Operating loss was RMB91.3 million (US$14.0 million), up 97.0%
from RMB46.3 million in 2019. Operating loss as a percentage of
total revenues was 50.7%, compared to 38.0% in 2019.
Adjusted operating loss (non-GAAP)
Adjusted operating loss was RMB36.4 million (US$5.6 million), up
15.3% from RMB31.6 million in 2019. Adjusted operating loss as a
percentage of total revenues was 20.2%, compared to 25.9% in
2019.
Net loss
Net loss was RMB92.0 million (US$14.1 million), up 91.8% from
RMB48.0 million in 2019. Net loss as a percentage of total revenues
was 51.1%, compared to 39.4% in 2019.
Adjusted net loss (non-GAAP)
Adjusted net loss was RMB37.2 million (US$5.7 million), up 16.7%
from RMB31.9 million in 2019. Adjusted net loss as a percentage of
total revenues was 20.6%, compared to 26.2% in 2019.
Loss per share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.80
(US$0.12). Adjusted basic and diluted net loss per ordinary share
(non-GAAP) were both RMB0.30 (US$0.05).
Basic and diluted net loss per ADS were both RMB1.60 (US$0.24).
Adjusted basic and diluted net loss per ADS (non-GAAP) were both
RMB0.60 (US$0.10).
Business Outlook
Our business is experiencing a gradual transition into a more
operation-driven model. Given our ultimate strategic goal is to
build a UAM platform operator company, we view now is the right
time to accelerate this process for better commercialization.
Specifically, we are planning to launch a “100 Air Mobility Route
Initiative” in China from 2021 and onward. We believe the time is
opportune as we are getting into the final stages of airworthiness
certification of our EH216 AAVs. As result, we expect the annual
revenues in 2021 to range between RMB130 million and RMB180
million.
The above outlook is based on information available as of the
date of this press release and reflects the Company’s current and
preliminary expectations regarding its business situation and
market conditions. The outlook is subject to change, especially
considering uncertainties and situations related to how the
COVID-19 pandemic further develops.
Conference Call
EHang’s management team will host an earnings conference call at
8:00 AM on Friday, April 16, 2021, U.S. Eastern Time (8:00 PM on
April 16, 2021, Beijing/Hong Kong Time).
Please register in advance for the conference using the link
provided below and dial in 10 minutes before the conference is
scheduled to begin. Conference access information will be provided
upon registration.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/7533345
A replay of the conference call may be accessed by phone at the
following numbers until April 24, 2021. To access the replay,
please reference the conference ID 7533345.
|
Phone Number |
International |
+61 2 8199 0299 |
United States |
+1 646 254 3697 |
Hong Kong |
+852 800963117 |
Mainland China |
+86 4006322162+86 8008700205 |
A live and archived webcast of the conference call will be
available on the company’s investors relations website at
http://ir.ehang.com/.
About EHang
EHang (Nasdaq: EH) is the world's leading autonomous aerial
vehicle (AAV) technology platform company. EHang’s mission is to
make safe, autonomous, and eco-friendly air mobility accessible to
everyone. EHang provides customers in various industries with AAV
products and commercial solutions: urban air mobility (including
passenger transportation and logistics), smart city management, and
aerial media solutions. As the forerunner of cutting-edge AAV
technologies and commercial solutions in the global Urban Air
Mobility (UAM) industry, EHang continues to explore the boundaries
of the sky to make flying technologies benefit our life in smart
cities. For more information, please visit www.ehang.com.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking” statements pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. Management has based these forward-looking
statements on its current expectations, assumptions, estimates and
projections. While they believe these expectations, assumptions,
estimates and projections are reasonable, such forward-looking
statements are only predictions and involve known and unknown risks
and uncertainties, many of which are beyond management's control.
These statements involve risks and uncertainties that may cause
EHang's actual results, performance or achievements to differ
materially from any future results, performance or achievements
expressed or implied by these forward-looking statements.
Non-GAAP Financial
Measures
The Company uses adjusted gross profit, adjusted operating
profit/(loss), adjusted net income/(loss), adjusted operating
expenses, adjusted basic and diluted loss per ordinary share and
adjusted basic and diluted loss per ADSs (the “Non-GAAP Financial
Measures”) in evaluating its operating results and for financial
and operational decision-making purposes. There was no income tax
impact on the Company’s non-GAAP adjustments because the non-GAAP
adjustments are usually recorded in entities located in tax-free
jurisdictions, such as the Cayman Islands.
The Company believes that the Non-GAAP Financial Measures help
identify underlying trends in its business that could otherwise be
distorted by the effects of items such as share-based compensation
expenses that are included in their comparable GAAP measures. The
Company believes that the Non-GAAP Financial Measures provide
useful information about its operating results, enhance the overall
understanding of its past performance and future prospects and
allow for greater visibility with respect to key metrics used by
its management members in their financial and operational
decision-making.
Each of the Non-GAAP Financial Measures should not be considered
in isolation or construed as an alternative to its comparable GAAP
measure, operating profit margin and net margin or any other
measure of performance or as an indicator of the Company’s
operating performance. Investors are encouraged to review the
Company’s most directly comparable GAAP measures in conjunction
with the Non-GAAP Financial Measures. The Non-GAAP Financial
Measures presented here may not be comparable to similarly titled
measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to the Company’s data. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
Exchange Rate
This press release 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 RMB6.5250 to
US$1.00, the noon buying rate in effect on December 31, 2020 in the
H.10 statistical release of the Federal Reserve Board. The Company
makes no representation that the RMB or USD amounts referred to
could be converted into USD or RMB, as the case may be, at any
particular rate or at all.
Statement Regarding Preliminary Unaudited Financial
Information
The unaudited financial information set out in this earnings
release is preliminary and subject to potential adjustments.
Adjustments to the consolidated financial statements may be
identified when audit work has been performed for the Company’s
year-end audit, which could result in significant differences from
this preliminary unaudited financial information.
Investor Contact:ir@ehang.comIn the
U.S.: Julia@blueshirtgroup.comIn
China: Susie@blueshirtgroup.com
Media Contact:pr@ehang.com
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts in thousands
of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
|
|
|
|
|
As of |
|
As of |
|
|
December31, 2019 |
|
December31, 2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
321,662 |
|
137,840 |
|
21,125 |
Restricted cash |
|
- |
|
2,333 |
|
358 |
Short-term investments |
|
7,674 |
|
49,271 |
|
7,551 |
Accounts receivable, net |
|
41,103 |
|
179,388 |
|
27,492 |
Unbilled revenue |
|
4,807 |
|
- |
|
- |
Cost and estimated earnings in
excess of billings |
|
14,212 |
|
717 |
|
110 |
Inventories |
|
18,490 |
|
47,094 |
|
7,217 |
Prepayments and other current
assets |
|
20,565 |
|
24,060 |
|
3,687 |
Total current assets |
|
428,513 |
|
440,703 |
|
67,540 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property and equipment,
net |
|
16,272 |
|
20,869 |
|
3,198 |
Intangible assets, net |
|
1,209 |
|
1,062 |
|
163 |
Long term loans receivable |
|
- |
|
14,934 |
|
2,289 |
Long-term investments |
|
2,983 |
|
2,919 |
|
447 |
Deferred tax assets |
|
184 |
|
- |
|
- |
Other non-current assets |
|
252 |
|
4,062 |
|
623 |
Total non-current assets |
|
20,900 |
|
43,846 |
|
6,720 |
|
|
|
|
|
|
|
Total assets |
|
449,413 |
|
484,549 |
|
74,260 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Short-term bank loans |
|
5,000 |
|
15,000 |
|
2,299 |
Accounts payable |
|
27,285 |
|
53,147 |
|
8,145 |
Contract liabilities |
|
9,918 |
|
7,492 |
|
1,148 |
Accrued expenses and other
liabilities |
|
53,310 |
|
81,578 |
|
12,502 |
Deferred income |
|
- |
|
750 |
|
115 |
Deferred government
subsidies |
|
80 |
|
80 |
|
12 |
Income taxes payable |
|
5 |
|
- |
|
- |
Total current liabilities |
|
95,598 |
|
158,047 |
|
24,221 |
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
Long-term loans |
|
32,534 |
|
- |
|
- |
Mandatorily redeemable
non-controlling interests |
|
- |
|
40,000 |
|
6,130 |
Deferred tax liabilities |
|
292 |
|
292 |
|
45 |
Unrecognized tax benefit |
|
5,494 |
|
5,480 |
|
840 |
Deferred income |
|
- |
|
2,970 |
|
455 |
Deferred government subsidies |
|
140 |
|
60 |
|
9 |
Total non-current liabilities |
|
38,460 |
|
48,802 |
|
7,479 |
|
|
|
|
|
|
|
Total liabilities |
|
134,058 |
|
206,849 |
|
31,700 |
|
|
|
|
|
|
|
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED BALANCE SHEETS (CONT’D)(Amounts in
thousands of Renminbi (“RMB”) and US dollars (“US$”)) |
|
|
|
|
|
|
|
As of |
|
As of |
|
|
December31, 2019 |
|
December31, 2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
LIABILITIES AND
SHAREHOLDERS’ EQUITY(CONTINUED) |
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
44 |
|
|
44 |
|
|
7 |
|
Class B ordinary shares |
|
28 |
|
|
28 |
|
|
4 |
|
Additional paid-in
capital |
|
1,020,691 |
|
|
1,081,299 |
|
|
165,716 |
|
Statutory reserves |
|
1,035 |
|
|
1,035 |
|
|
159 |
|
Accumulated deficit |
|
(720,419 |
) |
|
(808,038 |
) |
|
(123,837 |
) |
Accumulated other
comprehensive income |
|
10,195 |
|
|
1,950 |
|
|
299 |
|
Total EHang Holdings
Limited shareholders’ equity |
|
311,574 |
|
|
276,318 |
|
|
42,348 |
|
Non-controlling interests |
|
3,781 |
|
|
1,382 |
|
|
212 |
|
Total shareholders’
equity |
|
315,355 |
|
|
277,700 |
|
|
42,560 |
|
Total liabilities and shareholders’ equity |
|
449,413 |
|
|
484,549 |
|
|
74,260 |
|
|
|
|
|
|
|
|
|
|
|
EHANG
HOLDINGS LIMITEDCONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS(Amounts in thousands of
Renminbi (“RMB”) and US dollars (“USD”) except for number of shares
and per share data) |
|
|
|
Three Months Ended |
|
For the Year Ended |
|
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
Total
revenues |
|
54,684 |
|
|
70,980 |
|
|
54,595 |
|
8,367 |
|
|
121,814 |
|
|
180,093 |
|
27,600 |
|
Costs of revenues |
|
(21,488 |
) |
|
(28,958 |
) |
|
(22,145 |
) |
(3,394 |
) |
|
(50,596 |
) |
|
(73,914 |
) |
(11,328 |
) |
Gross profit |
|
33,196 |
|
|
42,022 |
|
|
32,450 |
|
4,973 |
|
|
71,218 |
|
|
106,179 |
|
16,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
(8,157 |
) |
|
(8,344 |
) |
|
(13,848 |
) |
(2,122 |
) |
|
(26,855 |
) |
|
(37,186 |
) |
(5,699 |
) |
General and administrative
expenses |
|
(9,364 |
) |
|
(16,044 |
) |
|
(18,613 |
) |
(2,853 |
) |
|
(36,948 |
) |
|
(61,613 |
) |
(9,443 |
) |
Research and development
expenses |
|
(15,468 |
) |
|
(19,777 |
) |
|
(50,945 |
) |
(7,808 |
) |
|
(57,167 |
) |
|
(105,252 |
) |
(16,131 |
) |
Total operating
expenses |
|
(32,989 |
) |
|
(44,165 |
) |
|
(83,406 |
) |
(12,783 |
) |
|
(120,970 |
) |
|
(204,051 |
) |
(31,273 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income |
|
1,938 |
|
|
333 |
|
|
1,750 |
|
268 |
|
|
3,407 |
|
|
6,576 |
|
1,008 |
|
Operating
profit/(loss) |
|
2,145 |
|
|
(1,810 |
) |
|
(49,206 |
) |
(7,542 |
) |
|
(46,345 |
) |
|
(91,296 |
) |
(13,993 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
237 |
|
|
738 |
|
|
671 |
|
103 |
|
|
883 |
|
|
3,795 |
|
582 |
|
Interest expenses |
|
(428 |
) |
|
(669 |
) |
|
(692 |
) |
(106 |
) |
|
(837 |
) |
|
(2,337 |
) |
(358 |
) |
Foreign exchange
gain/(loss) |
|
(287 |
) |
|
(233 |
) |
|
(107 |
) |
(16 |
) |
|
109 |
|
|
(333 |
) |
(51 |
) |
Other income |
|
199 |
|
|
678 |
|
|
224 |
|
34 |
|
|
440 |
|
|
1,227 |
|
188 |
|
Other expense |
|
(1,390 |
) |
|
(56 |
) |
|
(1,382 |
) |
(212 |
) |
|
(1,416 |
) |
|
(3,127 |
) |
(479 |
) |
Total other
(expense)/income |
|
(1,669 |
) |
|
458 |
|
|
(1,286 |
) |
(197 |
) |
|
(821 |
) |
|
(775 |
) |
(118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income tax
and (loss)/gain from equity method investment |
|
476 |
|
|
(1,352 |
) |
|
(50,492 |
) |
(7,739 |
) |
|
(47,166 |
) |
|
(92,071 |
) |
(14,111 |
) |
Income tax expenses |
|
(627 |
) |
|
- |
|
|
(351 |
) |
(54 |
) |
|
(754 |
) |
|
(206 |
) |
(32 |
) |
Loss before
(loss)/gain from equity method investment |
|
(151 |
) |
|
(1,352 |
) |
|
(50,843 |
) |
(7,793 |
) |
|
(47,920 |
) |
|
(92,277 |
) |
(14,143 |
) |
(Loss)/gain from equity method
investment |
|
(5 |
) |
|
288 |
|
|
- |
|
- |
|
|
(74 |
) |
|
236 |
|
36 |
|
Net loss |
|
(156 |
) |
|
(1,064 |
) |
|
(50,843 |
) |
(7,793 |
) |
|
(47,994 |
) |
|
(92,041 |
) |
(14,107 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(CONT’D)(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“USD”) except for number of shares and per share
data) |
|
|
|
Three Months Ended |
|
For the Year Ended |
|
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
Net loss |
|
(156 |
) |
|
(1,064 |
) |
|
(50,843 |
) |
(7,793 |
) |
|
(47,994 |
) |
|
(92,041 |
) |
(14,107 |
) |
Net (income)/loss attributable
to non-controlling interests |
|
(1,777 |
) |
|
798 |
|
|
1,657 |
|
254 |
|
|
(551 |
) |
|
4,422 |
|
678 |
|
Net loss attributable
to EHang Holdings Limited |
|
(1,933 |
) |
|
(266 |
) |
|
(49,186 |
) |
(7,539 |
) |
|
(48,545 |
) |
|
(87,619 |
) |
(13,429 |
) |
Accretion to redemption value
of redeemable convertible preferred shares |
|
(13,554 |
) |
|
- |
|
|
- |
|
- |
|
|
(27,248 |
) |
|
- |
|
- |
|
Net loss attributable
to ordinary shareholders |
|
(15,487 |
) |
|
(266 |
) |
|
(49,186 |
) |
(7,539 |
) |
|
(75,793 |
) |
|
(87,619 |
) |
(13,429 |
) |
Net loss per
Class A and Class B ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
(0.22 |
) |
|
(0.002 |
) |
|
(0.45 |
) |
(0.07 |
) |
|
(1.24 |
) |
|
(0.80 |
) |
(0.12 |
) |
Shares used in net
loss per Class A and Class B ordinary share computation (in
thousands of shares): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
71,236 |
|
|
109,608 |
|
|
109,641 |
|
109,641 |
|
|
61,136 |
|
|
109,566 |
|
109,566 |
|
Diluted |
|
71,236 |
|
|
109,950 |
|
|
109,641 |
|
109,641 |
|
|
61,136 |
|
|
109,566 |
|
109,566 |
|
Loss per ADS (2 ordinary
shares equal to 1 ADS)Basic and Diluted |
|
(0.44 |
) |
|
(0.004 |
) |
|
(0.90 |
) |
(0.14 |
) |
|
(2.48 |
) |
|
(1.60 |
) |
(0.24 |
) |
EHANG HOLDINGS LIMITEDCONDENSED
RECONCILIATIONS OF GAAP AND NON-GAAP
RESULTS(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
Three Months Ended |
|
For the Year Ended |
|
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Gross profit |
|
33,196 |
|
|
42,022 |
|
|
32,450 |
|
4,973 |
|
|
71,218 |
|
|
106,179 |
|
16,272 |
|
Plus: Share-based
compensation |
|
- |
|
|
80 |
|
|
2,363 |
|
362 |
|
|
365 |
|
|
2,443 |
|
374 |
|
Adjusted gross
profit |
|
33,196 |
|
|
42,102 |
|
|
34,813 |
|
5,335 |
|
|
71,583 |
|
|
108,622 |
|
16,646 |
|
Adjusted gross
margin |
|
60.7 |
% |
|
59.3 |
% |
|
63.8 |
% |
63.8 |
% |
|
58.8 |
% |
|
60.3 |
% |
60.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
(32,989 |
) |
|
(44,165 |
) |
|
(83,406 |
) |
(12,783 |
) |
|
(120,970 |
) |
|
(204,051 |
) |
(31,273 |
) |
Plus: Share-based
compensation |
|
1,632 |
|
|
6,258 |
|
|
36,208 |
|
5,549 |
|
|
14,382 |
|
|
52,414 |
|
8,033 |
|
Adjusted operating
expenses |
|
(31,357 |
) |
|
(37,907 |
) |
|
(47,198 |
) |
(7,234 |
) |
|
(106,588 |
) |
|
(151,637 |
) |
(23,240 |
) |
Adjusted operating
expenses percentage |
|
57.3 |
% |
|
53.4 |
% |
|
86.5 |
% |
86.5 |
% |
|
87.5 |
% |
|
84.2 |
% |
84.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit/(loss) |
|
2,145 |
|
|
(1,810 |
) |
|
(49,206 |
) |
(7,542 |
) |
|
(46,345 |
) |
|
(91,296 |
) |
(13,993 |
) |
Plus: Share-based
compensation |
|
1,632 |
|
|
6,338 |
|
|
38,571 |
|
5,911 |
|
|
14,747 |
|
|
54,857 |
|
8,407 |
|
Adjusted operating
profit/(loss) |
|
3,777 |
|
|
4,528 |
|
|
(10,635 |
) |
(1,631 |
) |
|
(31,598 |
) |
|
(36,439 |
) |
(5,586 |
) |
Adjusted operating
margin |
|
6.9 |
% |
|
6.4 |
% |
|
(19.5 |
%) |
(19.5 |
%) |
|
(25.9 |
%) |
|
(20.2 |
%) |
(20.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(156 |
) |
|
(1,064 |
) |
|
(50,843 |
) |
(7,793 |
) |
|
(47,994 |
) |
|
|
(92,041 |
) |
|
(14,107 |
) |
Plus: Share-based
compensation |
|
1,632 |
|
|
6,338 |
|
|
38,571 |
|
5,911 |
|
|
14,747 |
|
|
|
54,857 |
|
|
8,407 |
|
Plus: One-time non-operational
expense |
|
1,384 |
|
|
- |
|
|
- |
|
- |
|
|
1,384 |
|
|
|
- |
|
|
- |
|
Adjusted net
income/(loss) |
|
2,860 |
|
|
5,274 |
|
|
(12,272 |
) |
(1,882 |
) |
|
(31,863 |
) |
|
|
(37,184 |
) |
|
(5,700 |
) |
Adjusted net
margin |
|
5.2 |
% |
|
7.4 |
% |
|
(22.5 |
%) |
(22.5 |
%) |
|
(26.2 |
%) |
|
|
(20.6 |
%) |
|
(20.6 |
%) |
EHANG HOLDINGS LIMITEDCONDENSED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(CONT’D)(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“US$”) except for number of shares and per share
data) |
|
|
|
Three Months Ended |
|
For the Year Ended |
|
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Net loss attributable to ordinary
shareholders |
|
(15,487 |
) |
|
(266 |
) |
|
(49,186 |
) |
(7,539 |
) |
|
(75,793 |
) |
|
(87,619 |
) |
(13,429 |
) |
Plus: Share-based
compensation |
|
1,632 |
|
|
6,338 |
|
|
38,571 |
|
5,911 |
|
|
14,747 |
|
|
54,857 |
|
8,407 |
|
Plus: One-time non-operational
expense |
|
1,384 |
|
|
- |
|
|
- |
|
- |
|
|
1,384 |
|
|
- |
|
- |
|
Plus: Accretion to redemption
value of redeemable convertible preferred shares |
|
13,554 |
|
|
- |
|
|
- |
|
- |
|
|
27,248 |
|
|
- |
|
- |
|
Adjusted net
(loss)/income attributable to ordinary shareholders |
|
1,083 |
|
|
6,072 |
|
|
(10,615 |
) |
(1,628 |
) |
|
(32,414 |
) |
|
(32,762 |
) |
(5,022 |
) |
Adjusted net
(loss)/income attributable to ordinary shareholders
margin |
|
2.0 |
% |
|
8.6 |
% |
|
(19.4 |
%) |
(19.4 |
%) |
|
(26.6 |
%) |
|
(18.2 |
%) |
(18.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted basic and diluted net
(loss)/income per Class A and Class B ordinary share |
|
0.02 |
|
|
0.06 |
|
|
(0.10 |
) |
(0.01 |
) |
|
(0.53 |
) |
|
(0.30 |
) |
(0.05 |
) |
Adjusted basic and diluted net
(loss)/income per ADS |
|
0.04 |
|
|
0.12 |
|
|
(0.20 |
) |
(0.02 |
) |
|
(1.06 |
) |
|
(0.60 |
) |
(0.10 |
) |
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in
thousands of Renminbi (“RMB”) and US dollars (“USD”)) |
|
|
Three Months Ended |
|
For the Year Ended |
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(156 |
) |
|
(1,064 |
) |
|
(50,843 |
) |
(7,793 |
) |
|
(47,994 |
) |
|
(92,041 |
) |
(14,107 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization |
1,488 |
|
|
1,550 |
|
|
1,452 |
|
223 |
|
|
5,673 |
|
|
6,192 |
|
949 |
|
Deferred income tax
expenses/(benefits) |
(49 |
) |
|
- |
|
|
184 |
|
28 |
|
|
(49 |
) |
|
184 |
|
28 |
|
Share-based compensation |
1,632 |
|
|
6,338 |
|
|
38,571 |
|
5,911 |
|
|
14,747 |
|
|
54,857 |
|
8,407 |
|
Loss/(gain) on disposal of
intangible assets |
- |
|
|
77 |
|
|
(5 |
) |
(1 |
) |
|
- |
|
|
72 |
|
11 |
|
Loss on disposal of property
and equipment |
28 |
|
|
- |
|
|
228 |
|
35 |
|
|
28 |
|
|
456 |
|
70 |
|
Gain on disposal of long-term
investment |
- |
|
|
(288 |
) |
|
- |
|
- |
|
|
- |
|
|
(288 |
) |
(44 |
) |
Share of net loss from an
equity investee |
5 |
|
|
- |
|
|
- |
|
- |
|
|
74 |
|
|
52 |
|
8 |
|
Allowance for doubtful
accounts |
836 |
|
|
4,650 |
|
|
4,794 |
|
735 |
|
|
619 |
|
|
13,313 |
|
2,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
(4,869 |
) |
|
(65,317 |
) |
|
(45,612 |
) |
(6,990 |
) |
|
(39,035 |
) |
|
(150,920 |
) |
(23,130 |
) |
Unbilled revenue |
(4,807 |
) |
|
- |
|
|
2,800 |
|
429 |
|
|
(4,807 |
) |
|
4,281 |
|
656 |
|
Cost and estimated earnings in
excess of billings |
952 |
|
|
- |
|
|
3,005 |
|
461 |
|
|
4,199 |
|
|
13,495 |
|
2,068 |
|
Inventories |
(559 |
) |
|
(8,844 |
) |
|
9,596 |
|
1,471 |
|
|
(12,305 |
) |
|
(29,269 |
) |
(4,486 |
) |
Prepayments and other current
assets |
858 |
|
|
(2,422 |
) |
|
(4,845 |
) |
(743 |
) |
|
(5,771 |
) |
|
(7,640 |
) |
(1,171 |
) |
Other non-current assets |
(24 |
) |
|
22 |
|
|
22 |
|
3 |
|
|
20 |
|
|
87 |
|
14 |
|
Accounts payable |
3,163 |
|
|
11,809 |
|
|
660 |
|
102 |
|
|
10,358 |
|
|
26,611 |
|
4,078 |
|
Contract liabilities |
7,685 |
|
|
101 |
|
|
986 |
|
151 |
|
|
4,011 |
|
|
(2,426 |
) |
(372 |
) |
Income taxes payable |
(44 |
) |
|
- |
|
|
- |
|
- |
|
|
5 |
|
|
(5 |
) |
(1 |
) |
Deferred income |
- |
|
|
4,080 |
|
|
(360 |
) |
(55 |
) |
|
- |
|
|
3,720 |
|
570 |
|
Deferred government
subsidies |
(20 |
) |
|
(20 |
) |
|
(20 |
) |
(3 |
) |
|
(80 |
) |
|
(80 |
) |
(12 |
) |
Unrecognized tax benefits |
602 |
|
|
- |
|
|
166 |
|
25 |
|
|
602 |
|
|
(14 |
) |
(1 |
) |
Accrued expenses and other
liabilities |
8,010 |
|
|
7,370 |
|
|
1,287 |
|
197 |
|
|
14,187 |
|
|
5,667 |
|
869 |
|
Net cash provided
by/(used in) operating activities |
14,731 |
|
|
(41,958 |
) |
|
(37,934 |
) |
(5,814 |
) |
|
(55,518 |
) |
|
(153,696 |
) |
(23,556 |
) |
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONT’D)(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“USD”)) |
|
|
Three Months Ended |
|
For the Year Ended |
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
(1,731 |
) |
|
(170 |
) |
|
(7,414 |
) |
(1,136 |
) |
|
(2,740 |
) |
|
(8,742 |
) |
(1,339 |
) |
Disposal of property and
equipment |
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
192 |
|
29 |
|
Acquisition of intangible
assets |
(819 |
) |
|
- |
|
|
(59 |
) |
(9 |
) |
|
(999 |
) |
|
(337 |
) |
(52 |
) |
Proceeds from maturity of
short-term investments |
66,200 |
|
|
20,900 |
|
|
35,596 |
|
5,456 |
|
|
105,730 |
|
|
71,996 |
|
11,034 |
|
Purchase of short-term
investments |
(55,774 |
) |
|
(76,265 |
) |
|
(2,000 |
) |
(307 |
) |
|
(113,404 |
) |
|
(115,364 |
) |
(17,680 |
) |
Loans to third parties |
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(53,900 |
) |
(8,260 |
) |
Repayment of loan from a third
party |
- |
|
|
30,000 |
|
|
- |
|
- |
|
|
- |
|
|
40,000 |
|
6,130 |
|
Loan to a related party |
- |
|
|
- |
|
|
- |
|
- |
|
|
(425 |
) |
|
- |
|
- |
|
Repayment of loan from a
related party |
425 |
|
|
- |
|
|
- |
|
- |
|
|
850 |
|
|
- |
|
- |
|
Others |
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(54 |
) |
(8 |
) |
Net cash flow provided
by/(used in) investing activities |
8,301 |
|
|
(25,535 |
) |
|
26,123 |
|
4,004 |
|
|
(10,988 |
) |
|
(66,209 |
) |
(10,146 |
) |
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONT’D)(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“USD”)) |
|
|
Three Months Ended |
|
For the Year Ended |
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from short-term bank loans |
- |
|
5,000 |
|
|
- |
|
- |
|
|
5,000 |
|
|
15,000 |
|
2,299 |
|
Repayment of a short-term bank
loan |
- |
|
- |
|
|
- |
|
- |
|
|
(5,000 |
) |
|
(5,000 |
) |
(766 |
) |
Proceeds from a loan from a
third party |
- |
|
- |
|
|
- |
|
- |
|
|
30,000 |
|
|
- |
|
- |
|
Repayment of loans from third
parties |
- |
|
- |
|
|
- |
|
- |
|
|
(5,000 |
) |
|
- |
|
- |
|
Shares issued upon vesting of
restricted share units |
2 |
|
- |
|
|
- |
|
- |
|
|
5 |
|
|
- |
|
- |
|
Proceeds from issuance of
mandatorily redeemable non-controlling interests of a
subsidiary |
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
40,000 |
|
6,130 |
|
Proceeds from issuance of
subsidiaries’ equity to non-controlling interest holders |
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
2,023 |
|
310 |
|
Proceeds from issuance of
Class A ordinary shares pursuant to underwriters’ exercise of
over-allotment option |
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
7,313 |
|
1,121 |
|
Proceeds from initial public
offering, net of issuance costs |
252,861 |
|
- |
|
|
- |
|
- |
|
|
252,861 |
|
|
- |
|
- |
|
Proceeds from issuance of
Series C redeemable convertible preferred shares |
- |
|
- |
|
|
- |
|
- |
|
|
47,436 |
|
|
- |
|
- |
|
Payment of issuance of Class A
ordinary shares pursuant to underwriters’ exercise of
over-allotment option’s issuance costs |
- |
|
(199 |
) |
|
(35 |
) |
(5 |
) |
|
- |
|
|
(750 |
) |
(115 |
) |
Payment of issuance costs for
initial public offering |
- |
|
(2,408 |
) |
|
(2,075 |
) |
(318 |
) |
|
- |
|
|
(13,906 |
) |
(2,131 |
) |
Net cash provided
by/(used in) financing activities |
252,863 |
|
2,393 |
|
|
(2,110 |
) |
(323 |
) |
|
325,302 |
|
|
44,680 |
|
6,848 |
|
EHANG HOLDINGS LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(CONT’D)(Amounts in thousands of Renminbi (“RMB”)
and US dollars (“USD”)) |
|
|
Three Months Ended |
|
For the Year Ended |
|
December 31,2019 |
|
September,2020 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
RMB |
|
RMB |
|
RMB |
US$ |
|
RMB |
|
RMB |
US$ |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(605 |
) |
|
(5,285 |
) |
|
(3,710 |
) |
(569 |
) |
|
1,347 |
|
(6,264 |
) |
(960 |
) |
Net decrease in cash, cash
equivalents and restricted cash |
275,290 |
|
|
(70,385 |
) |
|
(17,631 |
) |
(2,702 |
) |
|
260,143 |
|
(181,489 |
) |
(27,814 |
) |
Cash, cash equivalents and
restricted cash at the beginning of the period/year |
46,372 |
|
|
228,189 |
|
|
157,804 |
|
24,185 |
|
|
61,519 |
|
321,662 |
|
49,297 |
|
Cash, cash equivalents
and restricted cash at the end of the period/year |
321,662 |
|
|
157,804 |
|
|
140,173 |
|
21,483 |
|
|
321,662 |
|
140,173 |
|
21,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid issuance cost for Series C redeemable convertible preferred
shares included in Accrued expenses and other liabilities |
743 |
|
743 |
|
48 |
7 |
|
743 |
|
48 |
7 |
Unpaid issuance costs for
initial public offering included in Accrued expenses and other
liabilities |
14,727 |
|
2,896 |
|
821 |
126 |
|
14,727 |
|
821 |
126 |
Unpaid issuance costs for
issuance of Class A ordinary shares pursuant to underwriters’
exercise of over-allotment option included in Accrued expenses and
other liabilities |
- |
|
847 |
|
812 |
124 |
|
- |
|
812 |
124 |
______________________
1 Adjusted gross profit is a non-GAAP financial measure, which
is defined as gross profit excluding share-based compensation
expenses. See “Non-GAAP Financial Measures” at the end of this
press release.2 Adjusted operating profit/(loss) is a non-GAAP
financial measure, which is defined as operating profit/(loss)
excluding share-based compensation expenses. See “Non-GAAP
Financial Measures” at the end of this press release.3 Adjusted net
income/(loss) is a non-GAAP financial measure, which is defined as
net income/(loss) excluding share-based compensation expenses and a
one-time non-operational item. See “Non-GAAP Financial Measures” at
the end of this press release.4 Adjusted operating expenses is a
non-GAAP financial measure, which is defined as operating expenses
excluding share-based compensation expenses. See “Non-GAAP
Financial Measures” at the end of this press release.5 Adjusted
basic and diluted loss per ordinary share is a non-GAAP financial
measure, which is defined as basic and diluted loss per ordinary
share excluding share-based compensation expenses. See “Non-GAAP
Financial Measures” at the end of this press release.6 Adjusted
basic and diluted loss per ADS is a non-GAAP financial measure,
which is defined as basic and diluted loss per ADS excluding
share-based compensation expenses. See “Non-GAAP Financial
Measures” at the end of this press release.
JD com (NASDAQ:JD)
Historical Stock Chart
From Aug 2024 to Sep 2024
JD com (NASDAQ:JD)
Historical Stock Chart
From Sep 2023 to Sep 2024