Quarterly Total Revenues reached RMB3,435.6
million (US$499.7 million)(1)Quarterly Deliveries of the ES8
reached 7,980 vehicles Full Year Total Revenues reached
RMB4,951.2 million (US$720.1 million)Full Year Deliveries of the
ES8 reached 11,348 vehicles (2)
NIO Inc. (“NIO” or the “Company”) (NYSE: NIO), a pioneer in
China’s premium electric vehicle market, today announced its
unaudited financial results for the fourth quarter and full year
ended December 31, 2018.
Operating Highlights for the Fourth
Quarter and Full Year
2018
- Production of the ES8 totaled 8,069 in the
fourth quarter, compared with 4,206 vehicles produced in the third
quarter. Production of the ES8 reached 12,775 for
the full year 2018.
- Deliveries of the ES8 reached 7,980 in the
fourth quarter, compared with 3,268 vehicles delivered in the third
quarter. Deliveries of the ES8 reached 11,348 for
the full year 2018.
Key Operating
Results |
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|
|
|
|
|
|
|
2018 |
|
% Change |
|
|
Q4 |
Q3 |
Full Year |
|
QoQ |
Production |
|
|
|
|
|
|
ES8 |
|
8,069 |
4,206 |
12,775 |
|
91.8% |
Deliveries |
|
|
|
|
|
|
ES8 |
|
7,980 |
3,268 |
11,348 |
|
144.2% |
Financial Highlights for the Fourth
Quarter of 2018
- Total revenues were RMB3,435.6 million
(US$499.7 million) in the fourth quarter of 2018, representing an
increase of 133.8% from the third quarter of 2018.
- Gross margin was positive 0.4%, compared with
negative 7.9% in the third quarter of 2018.
- Vehicle sales were RMB3,381.2 million
(US$491.8 million) in the fourth quarter of 2018, representing an
increase of 137.0% from the third quarter of 2018.
- Vehicle margin(3) was positive 3.7%, compared
with negative 4.3% in the third quarter of 2018.
- Loss from operations was RMB3,446.9 million
(US$501.3 million) in the fourth quarter of 2018, representing an
increase of 22.7% from the third quarter of 2018 and a 106.4%
increase from the same period of 2017. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP)(4)
was RMB3,305.2 million (US$480.7 million) in the fourth quarter of
2018, representing an increase of 39.0% from the third quarter of
2018 and a 102.4% increase from the same period of 2017.
- Net loss was RMB3,503.0 million (US$509.5
million) in the fourth quarter of 2018, representing an increase of
24.6% from the third quarter of 2018 and a 106.1% increase from the
same period of 2017. Excluding share-based compensation expenses,
adjusted net loss (non-GAAP) was RMB3,361.3 million (US$488.9
million) in the fourth quarter of 2018, representing an increase of
41.3% from the third quarter of 2018 and a 102.1% increase from the
same period of 2017.
- Net loss attributable to NIO’s ordinary
shareholders was RMB3,516.5 million (US$511.5 million) in
the fourth quarter of 2018, representing a decrease of 64.0% from
the third quarter of 2018 and an increase of 26.4% from the same
period of 2017. 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 RMB3,342.9 million (US$486.2
million).
- Basic and diluted net loss per American Depositary
Share (ADS)(5) were both RMB3.37 (US$0.49) in the fourth
quarter of 2018. 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 RMB3.20 (US$0.47).
- Cash and cash equivalents, restricted cash and
short-term investment were RMB8,345.6 million (US$1,213.8
million) as of December 31, 2018.
(1) All translations from RMB to USD for the
fourth quarter and the full year of 2018 were made at the rate of
RMB6.8755 to US$1.00, the noon buying rate in effect on December
31, 2018 in the H.10 statistical release of the Federal Reserve
Board.(2) NIO started deliveries of the ES8 on June 28, 2018.(3)
Vehicle margin is the margin of vehicle sales, which is calculated
based on revenues and cost of sales derived from vehicle sales
only. (4) See "Unaudited Reconciliation of GAAP and Non-GAAP
Results" included in the accompanying tables of this release for
further details.(5) Each ADS represents one ordinary share.
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|
|
|
Key Financial Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in RMB
million, except for per ordinary share data and percentage) |
|
2018 |
|
2017 |
|
% Change |
|
Q4 |
Q3 |
|
Q4 |
|
QoQ |
YoY |
Total Revenues |
|
3,435.6 |
|
1,469.6 |
|
|
- |
|
|
133.8 |
% |
- |
|
Gross
Margin |
|
0.4 |
% |
(7.9 |
%) |
|
- |
|
|
105.0 |
% |
- |
|
Vehicle
Sales |
|
3,381.2 |
|
1,426.9 |
|
|
- |
|
|
137.0 |
% |
- |
|
Vehicle
Margin |
|
3.7 |
% |
(4.3 |
%) |
|
- |
|
|
185.6 |
% |
- |
|
Loss
from Operations |
|
(3,446.9 |
) |
(2,809.9 |
) |
|
(1,670.1 |
) |
|
22.7 |
% |
106.4 |
% |
Adjusted Loss from Operations (non-GAAP) |
(3,305.2 |
) |
(2,377.7 |
) |
|
(1,633.1 |
) |
|
39.0 |
% |
102.4 |
% |
Net
Loss |
|
(3,503.0 |
) |
(2,810.4 |
) |
|
(1,700.0 |
) |
|
24.6 |
% |
106.1 |
% |
Adjusted Net Loss (non-GAAP) |
(3,361.3 |
) |
(2,378.2 |
) |
|
(1,662.9 |
) |
|
41.3 |
% |
102.1 |
% |
Net Loss Attributable to Ordinary Shareholders |
(3,516.5 |
) |
(9,756.8 |
) |
|
(2,782.6 |
) |
|
(64.0 |
%) |
26.4 |
% |
Net Loss per Ordinary Share-Basic and Diluted |
(3.37 |
) |
(42.59 |
) |
|
(119.73 |
) |
|
(92.1 |
%) |
(97.2 |
%) |
Adjusted Net Loss per Ordinary Share-Basic and Diluted
(non-GAAP) |
(3.20 |
) |
(10.35 |
) |
|
(71.47 |
) |
|
(69.1 |
%) |
(95.5 |
%) |
|
|
|
|
|
|
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|
|
|
|
|
|
Financial Highlights for the Full Year
2018
- Total revenues were RMB4,951.2 million
(US$720.1 million) for the full year 2018.
- Gross margin was negative 5.2% for the full
year 2018.
- Vehicle sales were RMB4,852.5 million
(US$705.8 million) for the full year 2018, which accounted for
98.0% of total revenues in 2018.
- Vehicle margin was negative 1.6% for the full
year 2018.
- Loss from operations was RMB9,595.6 million
(US$1,395.6 million) for the full year 2018, representing an
increase of 93.7% from the previous year. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB8,916.1 million (US$1,296.8 million) in 2018, representing an
increase of 83.3% from the previous year.
- Net loss was RMB9,639.0 million (US$1,401.9
million) for the full year 2018, representing an increase of 92.0%
from the previous year. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB8,959.5 million
(US$1,303.1 million) for the full year 2018, representing an
increase of 81.7% from the previous year.
- Net loss attributable to NIO’s ordinary
shareholders was RMB23,327.9 million (US$3,392.9 million)
for the full year 2018, representing an increase of 208.5% from the
previous year. Excluding share-based compensation expenses,
accretion on convertible redeemable preferred shares to redemption
value and accretion on redeemable non-controlling interests to
redemption value, adjusted net loss attributable to NIO’s ordinary
shareholders (non-GAAP) was RMB8,917.8 million (US$1,297.0
million).
- Basic and diluted net loss per ADS were both
RMB70.23 (US$10.21) for the full year 2018. Excluding
share-based compensation expenses, accretion on convertible
redeemable preferred shares to redemption value and accretion on
redeemable non-controlling interests to redemption value, adjusted
basic and diluted net loss per ADS (non-GAAP) were both RMB26.85
(US$3.90).
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|
Key Financial Results |
|
|
|
|
|
|
|
(in RMB
million, except for per ordinary |
|
|
|
|
|
|
|
share
data and percentage) |
|
2018 |
|
2017 |
|
|
% Change |
|
|
|
|
|
|
|
|
Total Revenues |
|
4,951.2 |
|
|
- |
|
|
|
- |
|
Gross
Margin |
|
(5.2 |
%) |
|
- |
|
|
|
- |
|
Vehicle
Sales |
|
4,852.5 |
|
|
- |
|
|
|
- |
|
Vehicle
Margin |
|
(1.6 |
%) |
|
- |
|
|
|
- |
|
Loss
from Operations |
|
(9,595.6 |
) |
|
(4,953.6 |
) |
|
|
93.7 |
% |
Adjusted
Loss from Operations (non-GAAP) |
|
(8,916.1 |
) |
|
(4,863.3 |
) |
|
|
83.3 |
% |
Net
Loss |
|
(9,639.0 |
) |
|
(5,021.2 |
) |
|
|
92.0 |
% |
Adjusted
Net Loss (non-GAAP) |
|
(8,959.5 |
) |
|
(4,930.9 |
) |
|
|
81.7 |
% |
Net Loss
Attributable to Ordinary Shareholders |
|
(23,327.9 |
) |
|
(7,561.7 |
) |
|
|
208.5 |
% |
Net Loss
per Ordinary Share-Basic and Diluted |
|
(70.23 |
) |
|
(346.84 |
) |
|
|
(79.8 |
%) |
Adjusted
Net Loss per Ordinary Share-Basic and Diluted (non-GAAP) |
|
(26.85 |
) |
|
(224.50 |
) |
|
|
(88.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
Recent Developments
Deliveries in January and February
2019
- Deliveries of the ES8 in January and February 2019 were 1,805
and 811 vehicles respectively, which reflect a greater than
anticipated slowdown in monthly deliveries compared to December
2018. The sequential slowdown in vehicle deliveries in January and
February was mainly caused by accelerated deliveries made at the
end of last year in anticipation of EV subsidy reductions in China
in 2019, the seasonal slowdowns surrounding the January 1st and
Chinese New Year holidays, as well as the current slowdown of
macro-economic conditions in China, particularly in the automotive
sector.
Shanghai Manufacturing Plant
- In 2017, NIO signed framework agreements and memorandums with
the government and related entities in Jia Ding, Shanghai, to build
a manufacturing plant for NIO. Recently, the Company has agreed in
principle with these contractual counterparties to terminate the
plan for this manufacturing plant, pending signing of definitive
termination agreement.
- This new initiative allows NIO to focus on the joint
manufacturing model in the long term. The Company believes that the
existing NIO/JAC plant in Hefei will give it capacity and
flexibility to support its market penetration and growth plans for
the next two to three years.
Convertible Senior Notes due
2024
- On February 4, 2019, NIO issued $650,000,000 aggregate
principal amount of 4.50% Convertible Senior Notes due 2024 (the
“2024 Notes”). The initial purchasers of the 2024 Notes were
granted an option to purchase, exercisable within a 30-day period,
up to an additional $100 million principal amount of the 2024
Notes. The initial purchasers of the 2024 Notes have exercised the
option in full by purchasing $51,773,000 aggregate principal amount
of the 2024 Notes on February 15, 2019 and $48,227,000 aggregate
principal amount of the 2024 Notes on February 28, 2019.
- On January 30, 2019, in connection with the pricing of the 2024
Notes, NIO entered into capped call transactions. On February 15,
2019 and February 26, 2019, NIO entered into additional capped call
transactions. NIO used a portion of the net proceeds of the 2024
Notes to pay the cost of such transactions. The cap price of these
capped call transactions is initially US$14.92 per ADS and is
subject to adjustment under the terms of the capped call
transactions.
- On January 30, 2019, in connection with the pricing of the 2024
Notes, NIO also entered into privately negotiated zero-strike call
option transactions and used a portion of the net proceeds of the
2024 Notes to pay the aggregate premium under such transactions.
Pursuant to the zero-strike call option transactions, NIO purchased
in the aggregate approximately 26.8 million ADSs.
CEO and CFO Comments
“2018 was a year of important milestones for
NIO, and we are pleased to have achieved many goals that we
established for the year,” said William Li, founder, chairman and
chief executive officer of NIO. “During the year, we began
deliveries of the ES8, a 7-seater high-performance premium electric
SUV, in June and delivered 11,348 ES8s to users in 2018; we
successfully completed our initial public offering on the NYSE in
September; and we launched our second production model, the ES6, a
5-seater high-performance premium electric SUV, in December.”
“In the fourth quarter of 2018, with 7,980
vehicles delivered to our users, the ES8 became the best-selling
7-seater SUV model in the premium sector with a MSRP over
RMB400,000. As the number of NIO vehicles on the road across the
country continues to grow, top-quality service is a competitive
distinction and is core to our strategy of delivering a holistic
experience that exceeds expectations. We are proud of our dedicated
NIO Power and NIO Service teams for their hard work and seamless
24/7 support to users during the past year, especially during the
Chinese New Year season, the busiest travel period of the year.”
Mr. Li continued, “Looking to the year ahead, we believe that our
user community will continue to grow, and we are excited that we
are about to begin deliveries of the ES6 and the 6-seater ES8
variant as we remain focused on continued market penetration
through enhanced products and services.”
“We exceeded our production and delivery targets
in 2018, which allowed us to beat the revenue targets we set for
the year,” added Louis T. Hsieh, NIO’s chief financial officer. “We
are pleased to have received continuous support from the financial
markets and strengthened our balance sheet, which allows us to
expand our sales, service and charging networks and to prepare for
production and delivery of our ES6. That said, we expect a greater
than anticipated sequential decrease in deliveries in the first
quarter 2019, partially due to accelerated deliveries made at the
end of last year in anticipation of EV subsidy reductions in China
in 2019, as well as the seasonal slowdowns surrounding the January
1st and Chinese New Year holidays. We also expect deliveries in the
second quarter 2019 to reflect continued weakness as we await the
results of the 2019 EV subsidy policy in China and improvement in
the macro-economic conditions. On the positive side, we have
witnessed strong interest in the ES6 from consumers and media, and
particularly from referrals of existing ES8 owners. We expect our
ES6 order backlog to increase as ES6 show cars are delivered to our
NIO Houses in May so potential buyers can actually see, touch, test
drive and experience the ES6's exceptional driving performance and
comfort.”
Financial Results for the Fourth Quarter
and Full Year 2018
Revenues
- Total revenues in the fourth quarter of 2018
were RMB3,435.6 million (US$499.7 million), representing an
increase of 133.8% from the third quarter of 2018.
- Total revenues for the full year 2018 were
RMB4,951.2 million (US$720.1 million).
- Vehicle sales in the fourth quarter of 2018
were RMB3,381.2 million (US$491.8 million), representing an
increase of 137.0% from the third quarter of 2018. The increase in
vehicle sales over the third quarter of 2018 was attributed to
accelerated deliveries of the ES8 in the fourth quarter.
- Vehicle sales for the full year 2018 were
RMB4,852.5 million (US$705.8 million), which accounted for 98.0% of
total revenues in 2018.
- Other sales in the fourth quarter of 2018 were
RMB54.4 million (US$7.9 million), representing an increase of 27.5%
from the third quarter of 2018. The increase in other sales over
the third quarter of 2018 was mainly attributed to increased
revenues recognized from the home chargers installed and services
provided in the fourth quarter.
- Other sales for the full year 2018 were
RMB98.7 million (US$14.4 million), which accounted for 2.0% of
total revenues in 2018.
Cost of Sales and Gross
Margin
- Cost of sales in the fourth quarter of 2018
was RMB3,422.0 million (US$497.7 million), representing an increase
of 115.8% from the third quarter of 2018. The increase in cost of
sales over the third quarter of 2018 was mainly driven by the
increase of delivery volume of the ES8 in the quarter.
- Cost of sales for the full year 2018 was
RMB5,207.0 million (US757.3 million).
- Gross margin in the fourth quarter of 2018 was
positive 0.4%, compared with negative 7.9% in the third quarter of
2018, mainly driven by the increase of vehicle margin in the
quarter.
- Vehicle margin in the fourth quarter of 2018
was positive 3.7%, compared with negative 4.3% in the third quarter
of 2018. The increase of vehicle margin was mainly driven by the
increase of production and delivery volume of the ES8 in the
quarter.
- Gross margin for the full year 2018 was
negative 5.2%.
- Vehicle margin for the full year 2018 was
negative 1.6%.
Operating Expenses
- Research and development expenses in the
fourth quarter of 2018 were RMB1,515.2 million (US$220.4 million),
representing an increase of 83.8% from the fourth quarter of 2017
and an increase of 48.0% from the third quarter of 2018. Excluding
share-based compensation expenses (non-GAAP), research and
development expenses were RMB1,494.6 million (US$217.4 million),
representing an increase of 83.1% from the fourth quarter of 2017
and an increase of 57.8% from the third quarter of 2018. The
increase in research and development expenses over the third
quarter of 2018 was primarily attributed to an increased number of
personnel and the increase in design and professional expenses
related to research and development activities of the ES6, a
5-seater high-performance premium electric SUV launched in December
2018.
- Research and development expenses for the full
year 2018 were RMB3,997.9 million (US$581.5 million), representing
an increase of 53.6% from the previous year. Excluding share-based
compensation charges, non-GAAP research and development expenses
were RMB3,888.8 million (US$565.6 million).
- Selling, general and administrative expenses
in the fourth quarter of 2018 were RMB1,945.4 million (US$282.9
million), representing an increase of 130.0% from the fourth
quarter of 2017 and an increase of 16.5% from the third quarter of
2018. Excluding share-based compensation expenses (non-GAAP),
selling, general and administrative expenses were RMB1,825.5
million (US$265.5 million), representing an increase of 123.5% from
the fourth quarter of 2017 and an increase of 38.1% from the third
quarter of 2018. The increase in selling, general and
administrative expenses over the third quarter of 2018 was
primarily attributed to 1) increased marketing and promotional
activities; 2) increased expenditure on rental and other expenses
related to the sales network expansion; and 3) increased number of
selling, general and administrative employees.
- Selling, general and administrative expenses
for the full year 2018 were RMB5,341.8 million (US$776.9 million),
representing an increase of 127.2% from the previous year.
Excluding share-based compensation charges, non-GAAP selling,
general and administrative expenses were RMB4,780.7 million
(US$695.3 million).
Loss from Operations
- Loss from operations in the fourth quarter of
2018 was RMB3,446.9 million (US$501.3 million), representing an
increase of 106.4% from the fourth quarter of 2017 and an increase
of 22.7% from the third quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB3,305.2 million (US$480.7 million) in the fourth quarter,
representing an increase of 102.4% from the fourth quarter of 2017
and an increase of 39.0% from the third quarter of 2018.
- Loss from operations for the full year 2018
was RMB9,595.6 million (US$1,395.6 million), compared to loss from
operations of RMB4,953.6 million in 2017. Excluding share-based
compensation charges, non-GAAP adjusted loss from operations was
RMB8,916.1 million (US$1,296.8 million).
Share-based Compensation
Expenses
- Share-based compensation expenses in the
fourth quarter of 2018 were RMB141.7 million (US$20.6 million),
representing an increase of 282.6% from the fourth quarter of 2017
and a decrease of 67.2% from the third quarter of 2018. The
increase in share-based compensation expenses over the fourth
quarter of 2017 was primarily attributed to increased options
granted to employees in 2018. The decrease in share-based
compensation expenses over the third quarter of 2018 was primarily
attributed to the higher cumulative share-based compensation
expenses recognized in the third quarter which was related to the
satisfaction of stock options granted pre-IPO to certain employees
with a performance condition of an IPO.
- Share-based compensation expenses for the full
year 2018 were RMB679.5 million (US$98.8 million).
Net Loss and Earnings Per
Share
- Net loss was RMB3,503.0 million (US$509.5
million) in the fourth quarter of 2018, representing an increase of
106.1% from the fourth quarter of 2017 and an increase of 24.6%
from the third quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB3,361.3 million
(US$488.9 million) in the fourth quarter of 2018, representing an
increase of 102.1% from the fourth quarter of 2017 and an increase
of 41.3% from the third quarter of 2018.
- Net loss for the full year 2018 was RMB9,639.0
million (US$1,401.9 million), compared with net loss of RMB5,021.2
million in 2017. Excluding share-based compensation charges,
adjusted net loss (non-GAAP) was RMB8,959.5 million (US$1,303.1
million).
- Net loss attributable to NIO’s ordinary
shareholders in the fourth quarter of 2018 was RMB3,516.5
million (US$511.5 million), representing an increase of 26.4% from
the fourth quarter of 2017 and a decrease of 64.0% from the third
quarter of 2018. 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 RMB3,342.9 million (US$486.2 million).
- Net loss attributable to NIO’s ordinary
shareholders for the full year 2018 was RMB23,327.9
million (US$3,392.9 million), compared to net loss attributable to
NIO’s ordinary shareholders of RMB7,561.7 million in 2017.
Accretion on convertible redeemable preferred shares and accretion
on redeemable non-controlling interests to redemption value were
RMB13,667.3 million (US$1,987.8 million) and RMB63.3 million
(US$9.2 million). Accretion on convertible redeemable preferred
shares will no longer recur after the convertible redeemable
preferred shares converted to ordinary shares after the initial
public offering of the Company on September 12, 2018. Excluding
share-based compensation expenses, accretion on convertible
redeemable preferred shares to redemption value and accretion on
redeemable non-controlling interests to redemption value, adjusted
net loss attributable to NIO’s ordinary shareholders (non-GAAP) was
RMB8,917.8 million (US$1,297.0 million) in 2018.
- Basic and diluted net loss per ADS in the
fourth quarter were both RMB3.37 (US$0.49). 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 RMB3.20 (US$0.47).
- Basic and diluted net loss per ADS for the
full year 2018 were both RMB70.23 (US$10.21). Excluding share-based
compensation expenses, accretion on convertible redeemable
preferred shares to redemption value and accretion on redeemable
non-controlling interests to redemption value, adjusted basic and
diluted net loss per ADS (non-GAAP) were both RMB26.85 (US$3.90) in
2018.
Balance Sheets
- Balance of cash and cash equivalents, restricted cash
and short-term investment was RMB8,345.6 million
(US$1,213.8 million) as of December 31, 2018.
Business Outlook
For the first quarter of 2019, the Company
expects:
- Deliveries of the ES8 to be between 3,500 and
3,800 vehicles, representing a decrease of approximately 56.1% to
52.4% from the fourth quarter of 2018.
- Total revenues to be between RMB1,390.9
million (US$202.3 million) and RMB1,515.7 million (US$220.5
million), representing a decrease of approximately 59.5% to 55.9%
from the fourth quarter of 2018.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, which is subject to change.
Conference Call
Management will hold a conference call at 7:00
p.m. Eastern Time on Tuesday, March 5, 2019 (8:00 a.m. Beijing Time
on March 6, 2019) to discuss financial results and answer questions
from investors and analysts. Listeners may access the call by
dialing in:
United States: |
+1-845-675-0437 |
International: |
+65-6713-5090 |
Hong
Kong: |
+852-3018-6771 |
Conference
ID: |
6083209 |
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.nio.com.
A replay of the conference call will be
accessible by phone approximately two hours after the conclusion of
the live call at the following numbers, until March 12, 2018 08:59
a.m. ET:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong
Kong: |
+852-3051-2780 |
Conference
ID: |
6083209 |
About NIO Inc.
NIO Inc. is a pioneer in China’s premium
electric vehicle market, founded in November 2014. NIO’s mission is
to shape a joyful lifestyle by offering premium smart electric
vehicles and being the best user enterprise. NIO designs, jointly
manufactures, and sells smart and connected premium electric
vehicles, driving innovations in next generation technologies in
connectivity, autonomous driving and artificial intelligence.
Redefining the user experience, NIO provides users with
comprehensive, convenient and innovative charging solutions and
other user-centric services. NIO began deliveries of the ES8, a
7-seater high-performance premium electric SUV
in China from June 2018 and officially launched
the ES6, a 5-seater high-performance premium electric SUV, in
December 2018.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “likely to”
and similar statements. Among other things, the Business Outlook
and quotations from management in this announcement, as well as
NIO’s strategic and operational plans, contain forward-looking
statements. NIO may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about NIO’s
beliefs, plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: NIO’s
strategies; NIO’s future business development, financial condition
and results of operations; NIO’s ability to develop and manufacture
a car of sufficient quality and appeal to customers on schedule and
on a large scale; its ability to grow manufacturing in
collaboration with partners; its ability to provide convenient
charging solutions to our customers; its ability to satisfy the
mandated safety standards relating to motor vehicles; its ability
to secure supply of raw materials or other components used in our
vehicles; its ability to secure sufficient reservations and sales
of the ES8 and ES6; its ability to control costs associated with
our operations; its ability to build our NIO brand; general
economic and business conditions globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in NIO’s
filings with the SEC. All information provided in this press
release is as of the date of this press release, and NIO does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as
non-GAAP cost of sales, non-GAAP research and development expenses,
non-GAAP selling, general and administrative expenses, non-GAAP
loss from operations, non-GAAP operating margin, non-GAAP net loss,
non-GAAP net loss attributable to ordinary shareholders, non-GAAP
basic and diluted net loss per share and non-GAAP basic and diluted
net loss per ADS, in evaluating its operating results and for
financial and operational decision-making purposes. By excluding
the impact of share-based compensation expenses, accretion on
convertible redeemable preferred shares to redemption value and
accretion on redeemable non-controlling interests to redemption
value, the Company believes that the non-GAAP financial measures
help identify underlying trends in its business and enhance the
overall understanding of the Company’s past performance and future
prospects. The Company also believes that the non-GAAP financial
measures allow for greater visibility with respect to key metrics
used by the Company’s management in its financial and operational
decision-making.
The non-GAAP financial measures are not
presented in accordance with U.S. GAAP and may be different from
non-GAAP methods of accounting and reporting used by other
companies. The non-GAAP financial measures have limitations as
analytical tools and when assessing the Company’s operating
performance, investors should not consider them in isolation, or as
a substitute for net loss or other consolidated statements of
comprehensive loss data prepared in accordance with U.S. GAAP. The
Company encourages investors and others to review its financial
information in its entirety and not rely on a single financial
measure.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of GAAP
and non-GAAP Results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain RMB amounts into U.S. dollars (“USD”) at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from RMB to USD were made at the rate of RMB6.8755
to US$1.00, the noon buying rate in effect on December 31, 2018 in
the H.10 statistical release of the Federal Reserve Board. The
Company makes no representation that the RMB or USD amounts
referred could be converted into USD or RMB, as the case may be, at
any particular rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com
Contacts:
NIO Inc.Jade WeiTel:
+86-21-6908-3681Email: ir@nio.com
Heather DiwuTel: +86-10-5687-4108Email:
ir@nio.com
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050Email: nio@tpg-ir.com
Ross WarnerTel: +86-10-5730-6201Email:
nio@tpg-ir.com
Source: NIO
NIO INC.
Consolidated Balance Sheets
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for per share data) |
|
As of December 31, |
|
2017 |
|
2018 |
|
2018 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
(USD) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents |
7,505,954 |
|
3,133,847 |
|
455,799 |
Restricted cash |
10,606 |
|
57,012 |
|
8,292 |
Short-term
investment |
- |
|
5,154,703 |
|
749,720 |
Trade receivable |
- |
|
756,508 |
|
110,030 |
Amounts due from
related parties |
29,556 |
|
88,066 |
|
12,809 |
Inventories |
89,464 |
|
1,465,239 |
|
213,110 |
Prepayments and other
current assets |
674,425 |
|
1,514,257 |
|
220,240 |
Total current
assets |
8,310,005 |
|
12,169,632 |
|
1,770,000 |
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
Long-term restricted
cash |
14,293 |
|
33,528 |
|
4,876 |
Property, plant and
equipment, net |
1,911,013 |
|
4,853,157 |
|
705,862 |
Intangible assets,
net |
4,457 |
|
3,470 |
|
505 |
Land use rights,
net |
- |
|
213,662 |
|
31,076 |
Long-term
investments |
47,125 |
|
148,303 |
|
21,570 |
Amounts due from
related parties |
50,000 |
|
7,970 |
|
1,159 |
Other non-current
assets |
131,141 |
|
1,412,830 |
|
205,488 |
Total
non-current assets |
2,158,029 |
|
6,672,920 |
|
970,536 |
Total
assets |
10,468,034 |
|
18,842,552 |
|
2,740,536 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Short-term
borrowings |
28,787 |
|
1,870,000 |
|
271,980 |
Trade payable |
234,011 |
|
2,869,953 |
|
417,417 |
Amounts due to related
parties |
40,069 |
|
219,583 |
|
31,937 |
Taxes payable |
30,055 |
|
51,317 |
|
7,464 |
Current portion of
long-term borrowings |
- |
|
198,852 |
|
28,922 |
Accruals and other
liabilities |
1,285,592 |
|
3,383,681 |
|
492,136 |
Total current
liabilities |
1,618,514 |
|
8,593,386 |
|
1,249,856 |
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
Long-term
borrowings |
642,401 |
|
1,168,012 |
|
169,880 |
Other non-current
liabilities |
141,113 |
|
930,812 |
|
135,382 |
Total
non-current liabilities |
783,514 |
|
2,098,824 |
|
305,262 |
Total
liabilities |
2,402,028 |
|
10,692,210 |
|
1,555,118 |
|
|
|
|
|
|
|
|
|
|
|
|
NIO INC.
Consolidated Balance Sheets
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share
data) |
|
As of December 31, |
|
2017 |
|
2018 |
|
2018 |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
(USD) |
MEZZANINE
EQUITY |
|
|
|
Convertible redeemable
preferred shares |
19,657,786 |
|
|
- |
|
|
- |
|
Redeemable
non-controlling interests |
- |
|
|
1,329,197 |
|
|
193,324 |
|
Total mezzanine
equity |
19,657,786 |
|
|
1,329,197 |
|
|
193,324 |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
(DEFICIT)/EQUITY |
|
|
|
Ordinary shares |
60 |
|
|
1,809 |
|
|
263 |
|
Treasury shares |
(9,186 |
) |
|
(9,186 |
) |
|
(1,336 |
) |
Additional paid in
capital |
131,907 |
|
|
41,918,936 |
|
|
6,096,856 |
|
Accumulated other
comprehensive loss |
(13,922 |
) |
|
(34,708 |
) |
|
(5,048 |
) |
Accumulated
deficit |
(11,711,948 |
) |
|
(35,039,810 |
) |
|
(5,096,329 |
) |
Total NIO Inc.
shareholders’ (deficit)/equity |
(11,603,089 |
) |
|
6,837,041 |
|
|
994,406 |
|
Non-controlling
interests |
11,309 |
|
|
(15,896 |
) |
|
(2,312 |
) |
Total
shareholders’ (deficit)/equity |
(11,591,780 |
) |
|
6,821,145 |
|
|
992,094 |
|
Total
liabilities, mezzanine equity and shareholders’
equity |
10,468,034 |
|
|
18,842,552 |
|
|
2,740,536 |
|
|
|
|
|
|
|
|
|
|
Note: All translations from RMB to USD were made
at the rate of RMB6.8755 to US$1.00, the noon buying rate in effect
on December 31, 2018 in the H.10 statistical release of the Federal
Reserve Board.
NIO INC.
Consolidated Statements of Comprehensive
Loss
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share
data) |
|
Three Months Ended |
|
December 31, 2017 |
|
September 30, 2018 |
|
December 31, 2018 |
|
December 31, 2018 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
(USD) |
Revenues: |
|
|
|
|
Vehicle sales |
- |
|
|
1,426,879 |
|
|
3,381,192 |
|
|
491,774 |
|
Other
sales |
- |
|
|
42,694 |
|
|
54,415 |
|
|
7,914 |
|
Total
revenues |
- |
|
|
1,469,573 |
|
|
3,435,607 |
|
|
499,688 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
Vehicle
sales |
- |
|
|
(1,488,538 |
) |
|
(3,256,066 |
) |
|
(473,575 |
) |
Other
sales |
- |
|
|
(97,353 |
) |
|
(165,911 |
) |
|
(24,131 |
) |
Total cost of
sales |
- |
|
|
(1,585,891 |
) |
|
(3,421,977 |
) |
|
(497,706 |
) |
Gross
(loss)/profit |
- |
|
|
(116,318 |
) |
|
13,630 |
|
|
1,982 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
(824,427 |
) |
|
(1,023,435 |
) |
|
(1,515,163 |
) |
|
(220,371 |
) |
Selling,
general and administrative |
(845,696 |
) |
|
(1,670,100 |
) |
|
(1,945,393 |
) |
|
(282,946 |
) |
Total operating
expenses |
(1,670,123 |
) |
|
(2,693,535 |
) |
|
(3,460,556 |
) |
|
(503,317 |
) |
Loss from
operations |
(1,670,123 |
) |
|
(2,809,853 |
) |
|
(3,446,926 |
) |
|
(501,335 |
) |
|
|
|
|
|
Interest income |
9,438 |
|
|
21,820 |
|
|
61,999 |
|
|
9,017 |
|
Interest expenses |
(3,099 |
) |
|
(27,582 |
) |
|
(76,419 |
) |
|
(11,115 |
) |
Share of
(losses)/income of equity investee |
(489 |
) |
|
(4,035 |
) |
|
1,671 |
|
|
243 |
|
Other (loss)/income,
net |
(33,379 |
) |
|
10,588 |
|
|
(27,037 |
) |
|
(3,932 |
) |
Loss before
income tax expense |
(1,697,652 |
) |
|
(2,809,062 |
) |
|
(3,486,712 |
) |
|
(507,122 |
) |
Income tax expense |
(2,325 |
) |
|
(1,374 |
) |
|
(16,302 |
) |
|
(2,371 |
) |
Net
loss |
(1,699,977 |
) |
|
(2,810,436 |
) |
|
(3,503,014 |
) |
|
(509,493 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on
convertible redeemable preferred shares to redemption
value |
(1,084,702 |
) |
|
(6,923,008 |
) |
|
- |
|
|
- |
|
Accretion on redeemable
non-controlling interests to redemption value |
- |
|
|
(31,399 |
) |
|
(31,898 |
) |
|
(4,639 |
) |
Net loss attributable
to non-controlling interests |
2,067 |
|
|
8,000 |
|
|
18,427 |
|
|
2,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to ordinary shareholders of NIO
Inc. |
(2,782,612 |
) |
|
(9,756,843 |
) |
|
(3,516,485 |
) |
|
(511,452 |
) |
|
|
|
|
|
Net
loss |
(1,699,977 |
) |
|
(2,810,436 |
) |
|
(3,503,014 |
) |
|
(509,493 |
) |
Other
comprehensive loss |
|
|
|
|
Foreign currency
translation adjustment, net of nil tax |
(26,199 |
) |
|
95,189 |
|
|
37,180 |
|
|
5,408 |
|
Total other
comprehensive (loss)/income |
(26,199 |
) |
|
95,189 |
|
|
37,180 |
|
|
5,408 |
|
Total
comprehensive loss |
(1,726,176 |
) |
|
(2,715,247 |
) |
|
(3,465,834 |
) |
|
(504,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on convertible
redeemable preferred shares to redemption value |
(1,084,702 |
) |
|
(6,923,008 |
) |
|
- |
|
|
- |
|
Accretion on redeemable
non-controlling interests to redemption value |
- |
|
|
(31,399 |
) |
|
(31,898 |
) |
|
(4,639 |
) |
Net loss attributable
to non-controlling interests |
2,067 |
|
|
8,000 |
|
|
18,427 |
|
|
2,680 |
|
Comprehensive
loss attributable to ordinary shareholders of NIO
Inc. |
(2,808,811 |
) |
|
(9,661,654 |
) |
|
(3,479,305 |
) |
|
(506,044 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss
per share |
|
|
|
|
Basic and diluted |
23,240,274 |
|
|
229,083,029 |
|
|
1,044,777,745 |
|
|
1,044,777,745 |
|
Net loss per share
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
(119.73 |
) |
|
(42.59 |
) |
|
(3.37 |
) |
|
(0.49 |
) |
Weighted average
number of ADS used in computing net loss per
share |
|
|
|
|
Basic and diluted |
- |
|
|
229,083,029 |
|
|
1,044,777,745 |
|
|
1,044,777,745 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
Basic and diluted |
- |
|
|
(42.59 |
) |
|
(3.37 |
) |
|
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Note: All translations from RMB to USD were made
at the rate of RMB6.8755 to US$1.00, the noon buying rate in effect
on December 31, 2018 in the H.10 statistical release of the Federal
Reserve Board.
NIO INC.
Consolidated Statements of Comprehensive
Loss
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share
data) |
|
For the Year Ended December 31, |
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
(audited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
(USD) |
|
Revenues: |
|
|
|
|
|
|
|
|
Vehicle sales |
- |
|
|
4,852,470 |
|
|
705,762 |
|
Other sales |
- |
|
|
98,701 |
|
|
14,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
- |
|
|
4,951,171 |
|
|
720,117 |
|
Cost of sales: |
|
|
|
|
|
|
|
|
Vehicle sales |
- |
|
|
(4,930,135 |
) |
|
(717,058 |
) |
Other sales |
- |
|
|
(276,912 |
) |
|
(40,275 |
) |
Total cost of sales |
- |
|
|
(5,207,047 |
) |
|
(757,333 |
) |
Gross loss |
- |
|
|
(255,876 |
) |
|
(37,216 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
(2,602,889 |
) |
|
(3,997,942 |
) |
|
(581,477 |
) |
Selling, general and administrative |
(2,350,707 |
) |
|
(5,341,790 |
) |
|
(776,931 |
) |
Total operating expenses |
(4,953,596 |
) |
|
(9,339,732 |
) |
|
(1,358,408 |
) |
Loss from operations |
(4,953,596 |
) |
|
(9,595,608 |
) |
|
(1,395,624 |
) |
|
|
|
|
|
|
|
|
|
Interest income |
18,970 |
|
|
133,384 |
|
|
19,400 |
|
Interest expenses |
(18,084 |
) |
|
(123,643 |
) |
|
(17,983 |
) |
Share of losses of equity investee |
(5,375 |
) |
|
(9,722 |
) |
|
(1,414 |
) |
Investment income |
3,498 |
|
|
- |
|
|
- |
|
Other loss, net |
(58,681 |
) |
|
(21,346 |
) |
|
(3,105 |
) |
Loss before income tax expense |
(5,013,268 |
) |
|
(9,616,935 |
) |
|
(1,398,726 |
) |
Income tax expense |
(7,906 |
) |
|
(22,044 |
) |
|
(3,206 |
) |
Net loss |
(5,021,174 |
) |
|
(9,638,979 |
) |
|
(1,401,932 |
) |
Accretion on convertible redeemable preferred shares to redemption
value |
(2,576,935 |
) |
|
(13,667,291 |
) |
|
(1,987,825 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
- |
|
|
(63,297 |
) |
|
(9,206 |
) |
Net loss attributable to non-controlling interests |
36,440 |
|
|
41,705 |
|
|
6,066 |
|
Net loss attributable to ordinary shareholders of NIO
Inc. |
(7,561,669 |
) |
|
(23,327,862 |
) |
|
(3,392,897 |
) |
Net loss |
(5,021,174 |
) |
|
(9,638,979 |
) |
|
(1,401,932 |
) |
Other comprehensive loss |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
(124,374 |
) |
|
(20,786 |
) |
|
(3,023 |
) |
Total other comprehensive loss |
(124,374 |
) |
|
(20,786 |
) |
|
(3,023 |
) |
Total comprehensive loss |
(5,145,548 |
) |
|
(9,659,765 |
) |
|
(1,404,955 |
) |
|
|
|
|
|
|
|
|
|
Accretion on convertible redeemable preferred shares to redemption
value |
(2,576,935 |
) |
|
(13,667,291 |
) |
|
(1,987,825 |
) |
Accretion on redeemable non-controlling interests to redemption
value |
- |
|
|
(63,297 |
) |
|
(9,206 |
) |
Net loss attributable to non-controlling interests |
36,440 |
|
|
41,705 |
|
|
6,066 |
|
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(7,686,043 |
) |
|
(23,348,648 |
) |
|
(3,395,920 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
|
|
|
|
Basic and diluted |
21,801,525 |
|
|
332,153,211 |
|
|
332,153,211 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
Basic and diluted |
(346.84 |
) |
|
(70.23 |
) |
|
(10.21 |
) |
Weighted average
number of ADS used in computing net loss per
share |
|
|
|
|
|
Basic and diluted |
- |
|
|
332,153,211 |
|
|
332,153,211 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
Basic and diluted |
- |
|
|
(70.23 |
) |
|
(10.21 |
) |
|
|
|
|
|
|
|
|
|
Note: All translations from RMB to USD were made
at the rate of RMB6.8755 to US$1.00, the noon buying rate in effect
on December 31, 2018 in the H.10 statistical release of the Federal
Reserve Board.
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP
Results
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for per share data) |
|
Three Months Ended December 31,
2018 |
|
GAAPResult |
% ofTotal |
Non-GAAPAdjustment |
|
% ofTotal |
Non-GAAPResult |
% ofTotal |
|
|
Revenues |
|
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
|
Share-based
compensation included in cost of sales and operating
expenses is as follows: |
|
|
|
|
|
|
|
|
Cost of sales |
(3,421,977 |
) |
|
-99.6 |
% |
|
1,269 |
|
|
0.0 |
% |
|
(3,420,708 |
) |
|
-99.6 |
% |
Research and
development expenses |
(1,515,163 |
) |
|
-44.1 |
% |
|
20,557 |
|
|
0.6 |
% |
|
(1,494,606 |
) |
|
-43.5 |
% |
Selling, general and
administrative expenses |
(1,945,393 |
) |
|
-56.6 |
% |
|
119,884 |
|
|
3.5 |
% |
|
(1,825,509 |
) |
|
-53.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(6,882,533 |
) |
|
-200.3 |
% |
|
141,710 |
|
|
4.1 |
% |
|
(6,740,823 |
) |
|
-196.2 |
% |
|
|
|
|
|
|
|
|
|
Loss from
operations |
(3,446,926 |
) |
|
-100.3 |
% |
|
141,710 |
|
|
4.1 |
% |
|
(3,305,216 |
) |
|
-96.2 |
% |
|
|
|
|
|
|
|
|
|
Net loss |
(3,503,014 |
) |
|
-102.0 |
% |
|
141,710 |
|
|
4.1 |
% |
|
(3,361,304 |
) |
|
-97.8 |
% |
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,898 |
) |
|
-0.9 |
% |
|
31,898 |
|
|
0.9 |
% |
|
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc |
(3,516,485 |
) |
|
-102.4 |
% |
|
173,608 |
|
|
5.1 |
% |
|
(3,342,877 |
) |
|
-97.3 |
% |
Net loss per share
attributable to ordinary shareholders, basic and
diluted (RMB) |
(3.37 |
) |
|
|
0.17 |
|
|
(3.20 |
) |
|
Net loss per ADS
attributable to ordinary shareholders, basic and
diluted (RMB) |
(3.37 |
) |
|
|
0.17 |
|
|
(3.20 |
) |
|
Net loss per ADS
attributable to ordinary shareholders, basic and
diluted (USD). |
(0.49 |
) |
|
|
0.02 |
|
|
(0.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2018 |
|
GAAPResult |
% of Total |
Non-GAAPAdjustment |
|
% of Total |
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is
as follows: |
|
|
|
|
|
|
|
|
Cost of sales |
(1,585,891 |
) |
|
-107.9 |
% |
|
8,020 |
|
|
0.5 |
% |
|
(1,577,871 |
) |
|
-107.4 |
% |
Research and development
expenses |
(1,023,435 |
) |
|
-69.6 |
% |
|
76,148 |
|
|
5.2 |
% |
|
(947,287 |
) |
|
-64.5 |
% |
Selling, general and
administrative expenses |
(1,670,100 |
) |
|
-113.6 |
% |
|
348,025 |
|
|
23.7 |
% |
|
(1,322,075 |
) |
|
-90.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(4,279,426 |
) |
|
-291.2 |
% |
|
432,193 |
|
|
29.4 |
% |
|
(3,847,233 |
) |
|
-261.8 |
% |
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,809,853 |
) |
|
-191.2 |
% |
|
432,193 |
|
|
29.4 |
% |
|
(2,377,660 |
) |
|
-161.8 |
% |
|
|
|
|
|
|
|
|
|
Net loss |
(2,810,436 |
) |
|
-191.2 |
% |
|
432,193 |
|
|
29.4 |
% |
|
(2,378,243 |
) |
|
-161.8 |
% |
|
|
|
|
|
|
|
|
|
Accretion on convertible
redeemable preferred shares to redemption value |
(6,923,008 |
) |
|
-471.1 |
% |
|
6,923,008 |
|
|
471.1 |
% |
|
- |
|
|
0.0 |
% |
Accretion on redeemable
non-controlling interests to redemption value |
(31,399 |
) |
|
-2.1 |
% |
|
31,399 |
|
|
2.1 |
% |
|
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc |
(9,756,843 |
) |
|
-663.9 |
% |
|
7,386,600 |
|
|
502.6 |
% |
|
(2,370,243 |
) |
|
-161.3 |
% |
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to ordinary shareholders, basic and
diluted (RMB) |
(42.59 |
) |
|
|
32.24 |
|
|
|
(10.35 |
) |
|
|
Net loss per ADS
attributable to ordinary shareholders, basic and
diluted (RMB) |
(42.59 |
) |
|
|
32.24 |
|
|
|
(10.35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2017 |
|
GAAPResult |
% ofTotal |
|
Non-GAAPAdjustment |
|
% ofTotal |
|
Non-GAAPResult |
% ofTotal |
|
|
Revenues |
|
|
|
|
Revenues |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
(824,427 |
) |
|
- |
|
|
8,235 |
|
|
- |
|
|
(816,192 |
) |
|
- |
Selling, general and
administrative expenses |
(845,696 |
) |
|
- |
|
|
28,800 |
|
|
- |
|
|
(816,896 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(1,670,123 |
) |
|
- |
|
|
37,035 |
|
|
- |
|
|
(1,633,088 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
(1,670,123 |
) |
|
- |
|
|
37,035 |
|
|
- |
|
|
(1,633,088 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,699,977 |
) |
|
- |
|
|
37,035 |
|
|
- |
|
|
(1,662,942 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on
convertible redeemable preferred shares to redemption
value |
(1,084,702 |
) |
|
- |
|
|
1,084,702 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders of NIO Inc |
(2,782,612 |
) |
|
- |
|
|
1,121,737 |
|
|
- |
|
|
(1,660,875 |
) |
|
- |
Net loss per share
attributable to ordinary shareholders, basic and
diluted (RMB) |
(119.73 |
) |
|
|
48.27 |
|
|
(71.47 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All translations from RMB to USD were made
at the rate of RMB6.8755 to US$1.00, the noon buying rate in effect
on December 31, 2018 in the H.10 statistical release of the Federal
Reserve Board.
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP
Results
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for per share data) |
|
Year Ended December 31, 2018 |
|
GAAPResult |
% of
Total |
Non-GAAPAdjustment |
|
|
% of
Total |
Non-GAAPResult |
% of
Total |
|
|
Revenues |
|
|
|
Revenues |
|
Revenues |
|
|
|
|
|
|
|
|
|
Share-based compensation included in cost
of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
Cost of sales |
(5,207,047 |
) |
|
-105.2 |
% |
|
9,289 |
|
|
0.2 |
% |
|
(5,197,758 |
) |
|
-105.0 |
% |
Research and development expenses |
(3,997,942 |
) |
|
-80.7 |
% |
|
109,124 |
|
|
2.2 |
% |
|
(3,888,818 |
) |
|
-78.5 |
% |
Selling, general and administrative expenses |
(5,341,790 |
) |
|
-107.9 |
% |
|
561,055 |
|
|
11.3 |
% |
|
(4,780,735 |
) |
|
-96.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
(14,546,779 |
) |
|
-293.8 |
% |
|
679,468 |
|
|
13.7 |
% |
|
(13,867,311 |
) |
|
-280.1 |
% |
|
|
|
|
|
|
|
|
|
Loss from operations |
(9,595,608 |
) |
|
-193.8 |
% |
|
679,468 |
|
|
13.7 |
% |
|
(8,916,140 |
) |
|
-180.1 |
% |
|
|
|
|
|
|
|
|
|
Net loss |
(9,638,979 |
) |
|
-194.7 |
% |
|
679,468 |
|
|
13.7 |
% |
|
(8,959,511 |
) |
|
-181.0 |
% |
|
|
|
|
|
|
|
|
|
Accretion on convertible redeemable
preferred shares to redemption value |
(13,667,291 |
) |
|
-276.0 |
% |
|
13,667,291 |
|
|
276.0 |
% |
|
- |
|
|
0.0 |
% |
Accretion on redeemable non-controlling
interests to redemption value |
(63,297 |
) |
|
-1.3 |
% |
|
63,297 |
|
|
1.3 |
% |
|
- |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc |
(23,327,862 |
) |
|
-471.2 |
% |
|
14,410,056 |
|
|
291.0 |
% |
|
(8,917,806 |
) |
|
-180.1 |
% |
Net loss per share attributable to ordinary
shareholders, basic and diluted (RMB) |
(70.23 |
) |
|
|
43.38 |
|
|
(26.85 |
) |
|
|
Net loss per ADS attributable to ordinary
shareholders, basic and diluted (RMB) |
(70.23 |
) |
|
|
43.38 |
|
|
(26.85 |
) |
|
|
Net loss per ADS attributable to ordinary
shareholders, basic and diluted (USD). |
(10.21 |
) |
|
|
6.31 |
|
|
(3.90 |
) |
|
|
|
Year Ended December 31,
2017 |
|
GAAPResult |
% of Total |
|
|
Non-GAAPAdjustment |
|
|
% ofTotal |
|
|
Non-GAAPResult |
% of Total |
|
|
Revenues |
|
|
|
|
|
Revenues |
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included in
operating expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
(2,602,889 |
) |
|
- |
|
|
23,210 |
|
|
- |
|
|
(2,579,679 |
) |
|
- |
Selling, general and administrative expenses |
(2,350,707 |
) |
|
- |
|
|
67,086 |
|
|
- |
|
|
(2,283,621 |
) |
|
- |
Total |
(4,953,596 |
) |
|
- |
|
|
90,296 |
|
|
- |
|
|
(4,863,300 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(4,953,596 |
) |
|
- |
|
|
90,296 |
|
|
- |
|
|
(4,863,300 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(5,021,174 |
) |
|
|
|
|
90,296 |
|
|
|
|
|
(4,930,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on convertible redeemable
preferred shares to redemption value |
(2,576,935 |
) |
|
- |
|
|
2,576,935 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders
of NIO Inc |
(7,561,669 |
) |
|
- |
|
|
2,667,231 |
|
|
- |
|
|
(4,894,438 |
) |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary
shareholders, basic and diluted (RMB) |
(346.84 |
) |
|
|
|
|
122.34 |
|
|
|
|
|
(224.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All translations from RMB to USD were made at the rate of
RMB6.8755 to US$1.00, the noon buying rate in effect on December
31, 2018 in the H.10 statistical release of the Federal Reserve
Board.
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