Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015),
a leader in China’s new energy vehicle market, today announced its
unaudited financial results for the quarter ended March 31, 2022.
Operating Highlights for the First Quarter of
2022 |
|
• Deliveries
of Li ONE were 31,716 vehicles in the first quarter of 2022,
representing a 152.1% year-over-year increase. |
|
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|
|
|
|
|
|
2022 Q1 |
|
2021 Q4 |
|
2021 Q3 |
|
2021 Q2 |
|
Deliveries |
31,716 |
|
35,221 |
|
25,116 |
|
17,575 |
|
|
|
|
|
|
|
|
|
|
|
2021 Q1 |
|
2020 Q4 |
|
2020 Q3 |
|
2020 Q2 |
|
Deliveries |
12,579 |
|
14,464 |
|
8,660 |
|
6,604 |
|
|
|
|
|
|
|
|
|
|
• As of
March 31, 2022, the Company had 217 retail stores covering 102
cities, as well as 287 servicing centers and Li Auto-authorized
body and paint shops operating in 211 cities. |
Financial Highlights for the First Quarter of
2022
- Vehicle sales were
RMB9.31 billion (US$1.47 billion) in the first quarter of 2022,
representing an increase of 168.7% from RMB3.46 billion in the
first quarter of 2021 and a decrease of 10.3% from RMB10.38 billion
in the fourth quarter of 2021.
- Vehicle
margin2 was 22.4% in the first quarter of
2022, compared with 16.9% in the first quarter of 2021 and 22.3% in
the fourth quarter of 2021.
- Total revenues
were RMB9.56 billion (US$1.51 billion) in the first quarter of
2022, representing an increase of 167.5% from RMB3.58 billion in
the first quarter of 2021 and a decrease of 10.0% from RMB10.62
billion in the fourth quarter of 2021.
- Gross profit was
RMB2.16 billion (US$341.3 million) in the first quarter of 2022,
representing an increase of 250.9% from RMB616.7 million in the
first quarter of 2021 and a decrease of 9.1% from RMB2.38 billion
in the fourth quarter of 2021.
- Gross margin was
22.6% in the first quarter of 2022, compared with 17.3% in the
first quarter of 2021 and 22.4% in the fourth quarter of 2021.
- Loss from
operations was RMB413.1 million (US$65.2 million) in the
first quarter of 2022, compared with RMB407.7 million loss from
operations in the first quarter of 2021 and RMB24.1 million income
from operations in the fourth quarter of 2021. Non-GAAP
income from operations3 was RMB74.9
million (US$11.8 million) in the first quarter of 2022, compared
with RMB224.8 million non-GAAP loss from operations3 in the first
quarter of 2021 and RMB415.0 million non-GAAP income from
operations in the fourth quarter of 2021.
- Net loss was
RMB10.9 million (US$1.7 million) in the first quarter of 2022,
compared with RMB360.0 million net loss in the first quarter of
2021 and RMB295.5 million net income in the fourth quarter of 2021.
Non-GAAP net income3 was RMB477.1
million (US$75.3 million) in the first quarter of 2022, compared
with RMB177.0 million non-GAAP net loss3 in the first quarter of
2021 and RMB686.4 million non-GAAP net income in the fourth quarter
of 2021.
- Operating cash
flow was RMB1.83 billion (US$289.3 million) in the first
quarter of 2022, representing an increase of 98.0% from RMB926.3
million in the first quarter of 2021 and a decrease of 52.2% from
RMB3.84 billion in the fourth quarter of 2021.
- Free cash
flow4 was RMB502.0 million (US$79.2
million) in the first quarter of 2022, compared with RMB570.2
million in the first quarter of 2021 and RMB1.62 billion in the
fourth quarter of 2021.
Key
Financial Results |
|
|
(in millions,
except for percentages) |
|
|
|
For the Three Months Ended |
|
|
% Change5 |
|
|
|
March 31,2021 |
|
December 31, 2021 |
|
March 31,2022 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
3,463.7 |
|
10,375.7 |
|
9,308.6 |
|
168.7% |
|
(10.3)% |
|
Vehicle margin |
16.9% |
|
22.3% |
|
22.4% |
|
5.5% |
|
0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
3,575.2 |
|
10,620.5 |
|
9,562.0 |
|
167.5% |
|
(10.0)% |
|
Gross profit |
616.7 |
|
2,380.0 |
|
2,163.9 |
|
250.9% |
|
(9.1)% |
|
Gross margin |
17.3% |
|
22.4% |
|
22.6% |
|
5.3% |
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
(407.7) |
|
24.1 |
|
(413.1) |
|
1.3% |
|
N/A |
|
Non-GAAP (loss)/income from
operations |
(224.8) |
|
415.0 |
|
74.9 |
|
N/A |
|
(82.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(360.0) |
|
295.5 |
|
(10.9) |
|
(97.0)% |
|
N/A |
|
Non-GAAP net
(loss)/income |
(177.0) |
|
686.4 |
|
477.1 |
|
N/A |
|
(30.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
926.3 |
|
3,836.9 |
|
1,833.8 |
|
98.0% |
|
(52.2)% |
|
Free cash flow |
570.2 |
|
1,615.4 |
|
502.0 |
|
(12.0)% |
|
(68.9)% |
|
Recent Developments
Delivery Update
- In April 2022, the Company
delivered 4,167 Li ONEs. As of April 30, 2022, the Company had 225
retail stores covering 106 cities, in addition to 292 servicing
centers and Li Auto-authorized body and paint shops operating in
211 cities.
Inaugural Environmental, Social and Governance
Report
- On April 19, 2022, the Company
published its 2021 Environmental, Social and Governance (ESG)
report (https://ir.lixiang.com/esg), highlighting the Company’s ESG
initiatives and achievements.
Inclusion in the Shenzhen- and Shanghai-Hong Kong Stock
Connect Programs
- The Company’s Class A ordinary
shares, which are listed and traded on the Stock Exchange of Hong
Kong Limited, have been included in the Shenzhen- and Shanghai-Hong
Kong Stock Connect programs, effective on March 14 and April 25,
2022, respectively.
CEO and CFO Comments
Mr. Xiang Li, founder, chairman, and chief
executive officer of Li Auto, commented, “We sincerely appreciate
our users’ consistent support, which, combined with our
self-discipline for efficient operations, continued to drive robust
financial performance in the first quarter of 2022 and ensured the
scale and pace of our investments in research and development.
While the recent pandemic resurgence and associated supply chain
interruptions have been challenging for our industry, and
uncertainty remains for the near future, we are confident in the
resilience of our organization.”
“Despite recent pandemic-related bumps on the
road, we are forging ahead with our plan to commence the deliveries
of our second model, the L9, in the third quarter. The L9 is a
flagship smart SUV for family users based on our new-generation
EREV platform, offering best-in-class performance, safety, and
intelligence. It features our fully self-developed range extension
system, chassis control system, and central vehicle domain
controller, which empower its flagship dynamic performance and
drivability. Every L9 comes standard with our proprietary
autonomous driving system, Li AD Max, capable of all-scenario
Navigation on ADAS (NOA) for enhanced driving safety and
convenience.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “Our solid performance in the first quarter of 2022 speaks
to the enduring strength of our product. Driven by our strong
vehicle deliveries despite the supply chain constraints facing the
industry, we achieved revenues of RMB9.56 billion for the first
quarter, up 167.5% year over year. Our vehicle margin in the first
quarter remained healthy at 22.4%, and our cash flow from
operations was positive for the eighth consecutive quarter at
RMB1.83 billion. Amidst this volatile environment, we will continue
to execute with discipline and further strengthen our financial
flexibility and resilience, persevering through challenges while
maintaining a steadfast commitment to innovation.”
Financial Results for the First Quarter of
2022
Revenues
- Total revenues
were RMB9.56 billion (US$1.51 billion) in the first quarter of
2022, representing an increase of 167.5% from RMB3.58 billion in
the first quarter of 2021 and a decrease of 10.0% from RMB10.62
billion in the fourth quarter of 2021.
- Vehicle sales were
RMB9.31 billion (US$1.47 billion) in the first quarter of 2022,
representing an increase of 168.7% from RMB3.46 billion in the
first quarter of 2021 and a decrease of 10.3% from RMB10.38 billion
in the fourth quarter of 2021. The increase in revenue from vehicle
sales over the first quarter of 2021 was mainly attributable to the
increase in vehicle deliveries in the first quarter of 2022. The
decrease in revenue from vehicle sales over the fourth quarter of
2021 was mainly attributable to the decrease in vehicle deliveries
which were affected by seasonal factors related to the Chinese New
Year holiday in the first quarter of 2022.
- Other sales and
services were RMB253.4 million (US$40.0 million) in the
first quarter of 2022, representing an increase of 127.2% from
RMB111.5 million in the first quarter of 2021 and an increase of
3.6% from RMB244.7 million in the fourth quarter of 2021. The
increase in revenue from other sales and services over the first
quarter of 2021 was mainly attributable to increased sales of
charging stalls, accessories and services in line with higher
accumulated vehicle sales.
Cost of Sales and Gross Margin
- Cost of sales was
RMB7.40 billion (US$1.17 billion) in the first quarter of 2022,
representing an increase of 150.1% from RMB2.96 billion in the
first quarter of 2021 and a decrease of 10.2% from RMB8.24 billion
in the fourth quarter of 2021. The increase in cost of sales over
the first quarter of 2021 was in line with revenue growth, mainly
driven by the increase in vehicle deliveries in the first quarter
of 2022. The decrease in cost of sales over the fourth quarter of
2021 was mainly due to the decrease in vehicle deliveries in the
first quarter of 2022.
- Gross profit was
RMB2.16 billion (US$341.3 million) in the first quarter of 2022,
representing an increase of 250.9% from RMB616.7 million in the
first quarter of 2021 and a decrease of 9.1% from RMB2.38 billion
in the fourth quarter of 2021.
- Vehicle margin was
22.4% in the first quarter of 2022, compared with 16.9% in the
first quarter of 2021 and 22.3% in the fourth quarter of 2021. The
increase in vehicle margin over the first quarter of 2021 was
primarily driven by higher average selling price attributable to
the increase of vehicle deliveries of 2021 Li ONE since its release
in May 2021.
- Gross margin was
22.6% in the first quarter of 2022, compared with 17.3% in the
first quarter of 2021 and 22.4% in the fourth quarter of 2021.
Operating Expenses
- Operating expenses
were RMB2.58 billion (US$406.5 million) in the first quarter of
2022, representing an increase of 151.5% from RMB1.02 billion in
the first quarter of 2021 and an increase of 9.4% from RMB2.36
billion in the fourth quarter of 2021.
- Research and development
expenses were RMB1.37 billion (US$216.7 million) in the
first quarter of 2022, representing an increase of 167.0% from
RMB514.5 million in the first quarter of 2021 and an increase of
11.7% from RMB1.23 billion in the fourth quarter of 2021. The
increase in research and development expenses over the first
quarter of 2021 was primarily driven by increased employee
compensation as a result of our growing number of research and
development staff as well as increased costs associated with new
product development. The increase in research and development
expenses over the fourth quarter of 2021 was mainly driven by
increased employee compensation as a result of our growing number
of research and development staff.
- Selling, general and
administrative expenses were RMB1.20 billion (US$189.8
million) in the first quarter of 2022, representing an increase of
135.9% from RMB509.9 million in the first quarter of 2021 and an
increase of 6.8% from RMB1.13 billion in the fourth quarter of
2021. The increase in selling, general and administrative expenses
over the first quarter of 2021 was primarily driven by increased
employee compensation as a result of our growing number of staff,
as well as increased marketing and promotional activities and
rental expenses associated with the expansion of the Company’s
sales network.
Loss/Income from Operations
- Loss from
operations was RMB413.1 million (US$65.2 million) in the
first quarter of 2022, compared with RMB407.7 million loss from
operations in the first quarter of 2021 and RMB24.1 million income
from operations in the fourth quarter of 2021. Non-GAAP
income from operations was RMB74.9 million (US$11.8
million) in the first quarter of 2022, compared with RMB224.8
million non-GAAP loss from operations in the first quarter of 2021
and RMB415.0 million non-GAAP income from operations in the fourth
quarter of 2021.
Net Loss/Income and Net Loss/Earnings Per
Share
- Net loss was
RMB10.9 million (US$1.7 million) in the first quarter of 2022,
compared with RMB360.0 million net loss in the first quarter of
2021 and RMB295.5 million net income in the fourth quarter of 2021.
Non-GAAP net income was RMB477.1 million (US$75.3
million) in the first quarter of 2022, compared with RMB177.0
million non-GAAP net loss in the first quarter of 2021 and RMB686.4
million non-GAAP net income in the fourth quarter of 2021.
- Basic and diluted net loss
per ADS6 attributable to ordinary shareholders were
RMB0.01 (US$0.00) and RMB0.01 (US$0.00) in the first quarter of
2022, respectively. Non-GAAP basic and diluted net earnings
per ADS attributable to ordinary
shareholders3 were RMB0.49 (US$0.08) and
RMB0.47 (US$0.07) in the first quarter of 2022, respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Balance of cash and cash
equivalents, restricted cash, time deposits and short-term
investments was RMB51.19 billion (US$8.07 billion) as of
March 31, 2022.
- Operating cash
flow was RMB1.83 billion (US$289.3 million) in the first
quarter of 2022, representing an increase of 98.0% from RMB926.3
million in the first quarter of 2021 and a decrease of 52.2% from
RMB3.84 billion in the fourth quarter of 2021.
- Free cash flow was
RMB502.0 million (US$79.2 million) in the first quarter of 2022,
compared with RMB570.2 million in the first quarter of 2021 and
RMB1.62 billion in the fourth quarter of 2021.
Business Outlook
For the second quarter of 2022, the Company expects:
- Deliveries of vehicles to be between
21,000 and 24,000 vehicles, representing an increase of 19.5% to
36.6% from the second quarter of 2021.
- Total revenues to be between RMB6.16
billion (US$972.3 million) and RMB7.04 billion (US$1.11 billion),
representing an increase of 22.3% to 39.8% from the second quarter
of 2021.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, in particular, the encouraging signs of recovery from
the resurging pandemic in the Yangtze Delta region, which are all
subject to change due to uncertainties related to factors such as
the pace of pandemic recovery, among others.
Conference Call
Management will hold a conference call at 8:00
a.m. U.S. Eastern Time on Tuesday, May 10, 2022 (8:00
p.m. Beijing Time on May 10, 2022) to discuss financial
results and answer questions from investors and analysts.
For participants who wish to join the call,
please complete online registration using the link provided below
at least 20 minutes prior to the scheduled call start time. Upon
registration, participants will receive the conference call access
information, including dial-in numbers, Direct Event passcode, a
unique registrant ID and an e-mail with detailed instructions to
join the conference call.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/4179921
A replay of the conference call will be accessible
through May 18, 2022, by dialing the following numbers:
United States: |
+1-855-452-5696 |
Mainland China: |
+86-400-820-9703 |
Hong Kong, China: |
+852-3051-2780 |
International: |
+61-2-8199-0299 |
Conference ID: |
4179921 |
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.lixiang.com.
Non-GAAP Financial Measure
The Company uses non-GAAP measures, such as
non-GAAP cost of sales, non-GAAP research and development expenses,
non-GAAP selling, general and administrative expenses, non-GAAP
income/loss from operations, non-GAAP net income/loss, non-GAAP net
loss/income attributable to ordinary shareholders, non-GAAP basic
and diluted net earnings/loss per ADS attributable to ordinary
shareholders and free cash flow, in evaluating its operating
results and for financial and operational decision-making purposes.
By excluding the impact of share-based compensation expenses, 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.
About Li Auto Inc.
Li Auto Inc. is a leader in China’s new energy
vehicle market. The Company designs, develops, manufactures, and
sells premium smart electric vehicles. Its mission is to create
homes on the move that bring happiness to the entire family
(“创造移动的家,创造幸福的家”). Through innovations in product, technology, and
business model, the Company provides families with safe,
convenient, and comfortable products and services. Li Auto is a
pioneer to successfully commercialize extended-range electric
vehicles in China. Its first model, Li ONE, is a six-seat, large
premium smart electric SUV. The Company started volume production
of Li ONE in November 2019 and released the 2021 Li ONE in May
2021. The Company leverages technology to create value for its
users. It concentrates its in-house development efforts on its
proprietary range extension system, next-generation electric
vehicle technology, and smart vehicle solutions. Beyond Li ONE, the
Company will expand its product line by developing new vehicles,
including BEVs and EREVs, to target a broader consumer base.
For more information, please visit: http://ir.lixiang.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. Li Auto may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”) and The Stock
Exchange of Hong Kong Limited (the “HKEX”), 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 Li Auto’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: Li Auto’s strategies, future business development, and
financial condition and results of operations; Li Auto’s limited
operating history; risks associated with extended-range electric
vehicles, Li Auto’s ability to develop, manufacture, and deliver
vehicles of high quality and appeal to customers; Li Auto’s ability
to generate positive cash flow and profits; product defects or any
other failure of vehicles to perform as expected; Li Auto’s ability
to compete successfully; Li Auto’s ability to build its brand and
withstand negative publicity; cancellation of orders for Li Auto’s
vehicles; Li Auto’s ability to develop new vehicles; and changes in
consumer demand and government incentives, subsidies, or other
favorable government policies. Further information regarding these
and other risks is included in Li Auto’s filings with the SEC and
the HKEX. All information provided in this press release is as of
the date of this press release, and Li Auto does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.Investor RelationsEmail: ir@lixiang.com
The Piacente Group, Inc.Yang SongTel:
+86-10-6508-0677Email: Li@tpg-ir.com
Brandi PiacenteTel: +1-212-481-2050Email: Li@tpg-ir.com
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Comprehensive Loss |
(All amounts in
thousands, except for ADS/ordinary share and per ADS/ordinary share
data) |
|
|
For the Three Months Ended |
|
|
|
March 31, 2021 |
|
December 31, 2021 |
|
March 31, 2022 |
|
March 31, 2022 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
3,463,673 |
|
10,375,716 |
|
9,308,609 |
|
1,468,397 |
|
Other sales and services |
|
111,528 |
|
244,736 |
|
253,427 |
|
39,977 |
|
Total revenues |
|
3,575,201 |
|
10,620,452 |
|
9,562,036 |
|
1,508,374 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(2,878,994) |
|
(8,057,653) |
|
(7,219,912) |
|
(1,138,913) |
|
Other sales and services |
|
(79,474) |
|
(182,820) |
|
(178,269) |
|
(28,121) |
|
Total cost of sales |
|
(2,958,468) |
|
(8,240,473) |
|
(7,398,181) |
|
(1,167,034) |
|
Gross profit |
|
616,733 |
|
2,379,979 |
|
2,163,855 |
|
341,340 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
(514,500) |
|
(1,229,991) |
|
(1,373,962) |
|
(216,737) |
|
Selling, general and administrative |
|
(509,924) |
|
(1,125,885) |
|
(1,202,967) |
|
(189,763) |
|
Total operating expenses |
|
(1,024,424) |
|
(2,355,876) |
|
(2,576,929) |
|
(406,500) |
|
(Loss)/Income from operations |
|
(407,691) |
|
24,103 |
|
(413,074) |
|
(65,160) |
|
Other (expense)/income: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
(14,582) |
|
(9,685) |
|
(10,138) |
|
(1,599) |
|
Interest income and investment income, net |
|
178,472 |
|
179,315 |
|
162,874 |
|
25,693 |
|
Others, net |
|
(90,211) |
|
89,037 |
|
279,703 |
|
44,122 |
|
(Loss)/Income before income tax expense |
|
(334,012) |
|
282,770 |
|
19,365 |
|
3,056 |
|
Income tax (expense)/benefit |
|
(25,955) |
|
12,741 |
|
(30,231) |
|
(4,769) |
|
Net (loss)/income |
|
(359,967) |
|
295,511 |
|
(10,866) |
|
(1,713) |
|
Net (loss)/income attributable to ordinary
shareholders |
|
(359,967) |
|
295,511 |
|
(10,866) |
|
(1,713) |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(359,967) |
|
295,511 |
|
(10,866) |
|
(1,713) |
|
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
107,644 |
|
(372,067) |
|
(85,116) |
|
(13,427) |
|
Total other comprehensive income/(loss) |
|
107,644 |
|
(372,067) |
|
(85,116) |
|
(13,427) |
|
Total comprehensive loss |
|
(252,323) |
|
(76,556) |
|
(95,982) |
|
(15,140) |
|
Comprehensive loss attributable to ordinary
shareholders |
|
(252,323) |
|
(76,556) |
|
(95,982) |
|
(15,140) |
|
Weighted average number of ADSs |
|
|
|
|
|
|
|
|
|
Basic |
|
904,696,628 |
|
962,726,533 |
|
964,870,446 |
|
964,870,446 |
|
Diluted |
|
904,696,628 |
|
1,027,358,848 |
|
964,870,446 |
|
964,870,446 |
|
Net (loss)/earnings per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.40) |
|
0.31 |
|
(0.01) |
|
(0.00) |
|
Diluted |
|
(0.40) |
|
0.29 |
|
(0.01) |
|
(0.00) |
|
Weighted average number of ordinary shares |
|
|
|
|
|
|
|
|
|
Basic |
|
1,809,393,256 |
|
1,925,453,066 |
|
1,929,740,892 |
|
1,929,740,892 |
|
Diluted |
|
1,809,393,256 |
|
2,054,717,696 |
|
1,929,740,892 |
|
1,929,740,892 |
|
Net (loss)/earnings per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.20) |
|
0.15 |
|
(0.01) |
|
(0.00) |
|
Diluted |
|
(0.20) |
|
0.15 |
|
(0.01) |
|
(0.00) |
|
Li Auto
Inc.Unaudited Condensed Consolidated Balance
Sheets |
(All amounts in
thousands) |
|
|
As of |
|
|
|
December 31, 2021 |
|
March 31, 2022 |
|
March 31, 2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
27,854,224 |
|
32,055,546 |
|
5,056,638 |
|
Restricted cash |
|
2,638,840 |
|
2,661,026 |
|
419,767 |
|
Time deposits and short-term
investments |
|
19,668,239 |
|
16,471,460 |
|
2,598,309 |
|
Trade receivable |
|
120,541 |
|
140,747 |
|
22,202 |
|
Inventories |
|
1,617,890 |
|
1,916,562 |
|
302,330 |
|
Prepayments and other current
assets |
|
480,680 |
|
1,091,652 |
|
172,204 |
|
Total current
assets |
|
52,380,414 |
|
54,336,993 |
|
8,571,450 |
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
|
156,306 |
|
301,685 |
|
47,590 |
|
Property, plant and equipment,
net |
|
4,498,269 |
|
5,098,372 |
|
804,248 |
|
Operating lease right-of-use
assets, net |
|
2,061,492 |
|
2,903,906 |
|
458,080 |
|
Intangible assets, net |
|
751,460 |
|
765,464 |
|
120,749 |
|
Deferred tax assets |
|
19,896 |
|
11,811 |
|
1,863 |
|
Other non-current assets |
|
1,981,076 |
|
2,376,114 |
|
374,820 |
|
Total non-current
assets |
|
9,468,499 |
|
11,457,352 |
|
1,807,350 |
|
Total
assets |
|
61,848,913 |
|
65,794,345 |
|
10,378,800 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short‑term borrowings |
|
37,042 |
|
136,744 |
|
21,571 |
|
Trade and notes payable |
|
9,376,050 |
|
11,113,443 |
|
1,753,103 |
|
Amounts due to related
parties |
|
37,455 |
|
8,159 |
|
1,287 |
|
Deferred revenue, current |
|
305,092 |
|
321,423 |
|
50,703 |
|
Operating lease liabilities,
current |
|
473,245 |
|
501,053 |
|
79,039 |
|
Accruals and other current
liabilities |
|
1,879,368 |
|
1,870,524 |
|
295,066 |
|
Total current
liabilities |
|
12,108,252 |
|
13,951,346 |
|
2,200,769 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term borrowings |
|
5,960,899 |
|
7,040,929 |
|
1,110,679 |
|
Deferred revenue,
non-current |
|
389,653 |
|
473,903 |
|
74,756 |
|
Operating and finance lease
liabilities, non-current |
|
1,369,825 |
|
1,495,883 |
|
235,970 |
|
Deferred tax liabilities |
|
153,723 |
|
142,042 |
|
22,407 |
|
Other non-current
liabilities |
|
802,259 |
|
1,233,480 |
|
194,576 |
|
Total non-current
liabilities |
|
8,676,359 |
|
10,386,237 |
|
1,638,388 |
|
Total
liabilities |
|
20,784,611 |
|
24,337,583 |
|
3,839,157 |
|
Total shareholders’
equity |
|
41,064,302 |
|
41,456,762 |
|
6,539,643 |
|
Total liabilities and
shareholders’ equity |
|
61,848,913 |
|
65,794,345 |
|
10,378,800 |
|
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows |
(All amounts in
thousands) |
|
|
For the Three Months Ended |
|
|
|
March 31, 2021 |
|
December 31, 2021 |
|
March 31, 2022 |
|
March 31, 2022 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Net cash provided by operating
activities |
|
926,343 |
|
3,836,898 |
|
1,833,769 |
|
289,270 |
|
Net cash (used in)/provided by
investing activities |
|
(2,892,396) |
|
(7,109,624) |
|
1,564,251 |
|
246,755 |
|
Net cash provided by financing
activities |
|
— |
|
165,030 |
|
902,991 |
|
142,443 |
|
Effect of exchange rate
changes |
|
(24,104) |
|
(360,431) |
|
(77,503) |
|
(12,226) |
|
Net change in cash, cash equivalents and restricted
cash |
|
(1,990,157) |
|
(3,468,127) |
|
4,223,508 |
|
666,242 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
10,172,519 |
|
33,961,191 |
|
30,493,064 |
|
4,810,163 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
8,182,362 |
|
30,493,064 |
|
34,716,572 |
|
5,476,405 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities |
|
926,343 |
|
3,836,898 |
|
1,833,769 |
|
289,270 |
|
Capital expenditures |
|
(356,131) |
|
(2,221,529) |
|
(1,331,814) |
|
(210,088) |
|
Free cash
flow |
|
570,212 |
|
1,615,369 |
|
501,955 |
|
79,182 |
|
Li Auto
Inc.Unaudited Reconciliation of GAAP and Non-GAAP
Results |
(All amounts in
thousands, except for ADS/ordinary share and per ADS/ordinary share
data) |
|
|
For the Three Months Ended |
|
|
|
March 31,2021 |
|
December 31,2021 |
|
March 31,2022 |
|
March 31,2022 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Cost of sales |
|
(2,958,468) |
|
(8,240,473) |
|
(7,398,181) |
|
(1,167,034) |
|
Shared-based compensation
expenses |
|
6,209 |
|
8,185 |
|
10,665 |
|
1,682 |
|
Non-GAAP cost of
sales |
|
(2,952,259) |
|
(8,232,288) |
|
(7,387,516) |
|
(1,165,352) |
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(514,500) |
|
(1,229,991) |
|
(1,373,962) |
|
(216,737) |
|
Shared-based compensation
expenses |
|
116,609 |
|
270,065 |
|
324,532 |
|
51,194 |
|
Non-GAAP research and
development expenses |
|
(397,891) |
|
(959,926) |
|
(1,049,430) |
|
(165,543) |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(509,924) |
|
(1,125,885) |
|
(1,202,967) |
|
(189,763) |
|
Shared-based compensation
expenses |
|
60,110 |
|
112,606 |
|
152,754 |
|
24,096 |
|
Non-GAAP selling,
general and administrative expenses |
|
(449,814) |
|
(1,013,279) |
|
(1,050,213) |
|
(165,667) |
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
|
(407,691) |
|
24,103 |
|
(413,074) |
|
(65,160) |
|
Shared-based compensation
expenses |
|
182,928 |
|
390,856 |
|
487,951 |
|
76,972 |
|
Non-GAAP (loss)/income from operations |
|
(224,763) |
|
414,959 |
|
74,877 |
|
11,812 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(359,967) |
|
295,511 |
|
(10,866) |
|
(1,713) |
|
Shared-based compensation
expenses |
|
182,928 |
|
390,856 |
|
487,951 |
|
76,972 |
|
Non-GAAP net
(loss)/income |
|
(177,039) |
|
686,367 |
|
477,085 |
|
75,259 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable
to ordinary shareholders |
|
(359,967) |
|
295,511 |
|
(10,866) |
|
(1,713) |
|
Shared-based compensation
expenses |
|
182,928 |
|
390,856 |
|
487,951 |
|
76,972 |
|
Non-GAAP net
(loss)/income attributable to ordinary
shareholders |
|
(177,039) |
|
686,367 |
|
477,085 |
|
75,259 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs (Non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
904,696,628 |
|
962,726,533 |
|
964,870,446 |
|
964,870,446 |
|
Diluted |
|
904,696,628 |
|
1,027,358,848 |
|
1,035,309,021 |
|
1,035,309,021 |
|
Non-GAAP net
(loss)/earnings per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.20) |
|
0.71 |
|
0.49 |
|
0.08 |
|
Diluted |
|
(0.20) |
|
0.68 |
|
0.47 |
|
0.07 |
|
Weighted average
number of ordinary shares (Non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
1,809,393,256 |
|
1,925,453,066 |
|
1,929,740,892 |
|
1,929,740,892 |
|
Diluted |
|
1,809,393,256 |
|
2,054,717,696 |
|
2,070,618,042 |
|
2,070,618,042 |
|
Non-GAAP net
(loss)/earnings per share attributable to ordinary
shareholders7 |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.10) |
|
0.36 |
|
0.25 |
|
0.04 |
|
Diluted |
|
(0.10) |
|
0.34 |
|
0.23 |
|
0.04 |
|
1 All translations from Renminbi (“RMB”) to
U.S. dollar (“US$”) are made at a rate of RMB6.3393 to US$1.00, the
noon buying rate in effect on March 31, 2022 as set forth in
the H.10 statistical release of the Federal Reserve Board.
2 Vehicle margin is the margin of vehicle
sales, which is calculated based on revenues and cost of sales
derived from vehicle sales only.
3 The Company’s non-GAAP financial measures
exclude share-based compensation expenses. See “Unaudited
Reconciliation of GAAP and Non-GAAP Results” set forth at the end
of this press release.
4 Free cash flow represents operating cash flow
less capital expenditures, which is considered a non-GAAP financial
measure.
5 Except for vehicle margin and gross
margin, where absolute changes instead of percentage changes are
presented.
6 Each ADS represents two Class A ordinary
shares.
7 Non-GAAP basic net earnings/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during
the periods. Non-GAAP diluted net earnings/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss attributable to ordinary shareholders by
the weighted average number of ordinary shares, dilutive potential
ordinary shares outstanding during the periods, including the
dilutive effects of convertible senior notes as determined under
the if-converted method and the dilutive effect of share-based
awards as determined under the treasury stock method.
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