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 first quarter ended March 31, 2019.
Operating Highlights for the First
Quarter of 2019
- Deliveries of the ES8 reached 3,989 in the
first quarter of 2019, compared with 7,980 vehicles delivered in
the fourth quarter of 2018.
Key Operating Results |
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|
2019 Q1 |
2018 Q4 |
2018 Q3 |
2018 Q21 |
|
Deliveries |
|
|
|
|
|
ES8 |
3,989 |
7,980 |
3,268 |
100 |
|
Financial Highlights for the First
Quarter of 2019
- Vehicle sales were RMB1,535.2 million
(US$228.8 million) in the first quarter of 2019, representing a
decrease of 54.6% from the fourth quarter of 2018.
- Vehicle margin2 was negative 7.2%, compared
with positive 3.7% in the fourth quarter of 2018.
- Total revenues were RMB1,631.2 million
(US$243.1 million) in the first quarter of 2019, representing a
decrease of 52.5% from the fourth quarter of 2018.
- Gross margin was negative 13.4%, compared with
positive 0.4% in the fourth quarter of 2018.
- Loss from operations was RMB2,617.7 million
(US$390.0 million) in the first quarter of 2019, representing a
decrease of 24.1% from the fourth quarter of 2018 and a 78.8%
increase from the same period of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,498.1 million (US$372.2 million) in the first quarter of 2019,
representing a decrease of 24.4% from the fourth quarter of 2018
and a 75.7% increase from the same period of 2018.
- Net loss was RMB2,623.6 million (US$390.9
million) in the first quarter of 2019, representing a decrease of
25.1% from the fourth quarter of 2018 and a 71.4% increase from the
same period of 2018. Excluding share-based compensation expenses,
adjusted net loss (non-GAAP) was RMB2,504.0 million (US$373.1
million) in the first quarter of 2019, representing a decrease of
25.5% from the fourth quarter of 2018 and a 68.2% increase from the
same period of 2018.
- Net loss attributable to NIO’s ordinary
shareholders was RMB2,652.0 million (US$395.2 million) in
the first quarter of 2019, representing a decrease of 24.6% from
the fourth quarter of 2018 and a decrease of 32.8% from the same
period 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 RMB2,501.2 million (US$372.7
million).
- Basic and diluted net loss per American depositary
share (ADS)3 were both RMB2.56 (US$0.38) in the first
quarter of 2019. 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 RMB2.42 (US$0.36).
- Cash and cash equivalents, restricted cash and
short-term investment were RMB7,536.5 million (US$1,123.0
million) as of March 31, 2019.
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2019 Q1 |
|
2018 Q4 |
|
2018 Q1 |
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% Change4 |
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|
QoQ |
YoY |
Vehicle Sales |
1,535.2 |
|
3,381.2 |
|
— |
|
-54.6% |
— |
Vehicle Margin |
-7.2% |
|
3.7% |
|
— |
|
-1,087 bp |
— |
Total Revenues |
1,631.2 |
|
3,435.6 |
|
— |
|
-52.5% |
— |
Gross Margin |
-13.4% |
|
0.4% |
|
— |
|
-1,384 bp |
— |
Loss from Operations |
(2,617.7) |
|
(3,446.9) |
|
(1,463.9) |
|
-24.1% |
78.8% |
Adjusted Loss from Operations (non-GAAP) |
(2,498.1) |
|
(3,305.2) |
|
(1,421.7) |
|
-24.4% |
75.7% |
Net Loss |
(2,623.6) |
|
(3,503.0) |
|
(1,531.0) |
|
-25.1% |
71.4% |
Adjusted Net Loss (non-GAAP) |
(2,504.0) |
|
(3,361.3) |
|
(1,488.9) |
|
-25.5% |
68.2% |
Net Loss Attributable to Ordinary Shareholders |
(2,652.0) |
|
(3,516.5) |
|
(3,943.9) |
|
-24.6% |
-32.8% |
Net Loss per Ordinary Share-Basic and Diluted |
(2.56) |
|
(3.37) |
|
(150.96) |
|
-24.0% |
-98.3% |
Adjusted Net Loss per Ordinary Share-Basic and |
|
|
|
|
|
|
|
|
Diluted (non-GAAP) |
(2.42) |
|
(3.20) |
|
(56.67) |
|
-24.4% |
-95.7% |
Recent Developments
Deliveries in April 2019
- Deliveries of the ES8 in April 2019 were 1,124 vehicles, which
reflected a greater than anticipated slowdown in monthly deliveries
primarily due to the electric vehicle (EV) subsidy reduction
announced in late March, as well as the slowdown of macro-economic
conditions in China which has been exacerbated by the US-China
trade war, particularly in the automotive sector where wholesale
passenger vehicle sales were down approximately 15% year on year
from January to April 2019, compared to the same period of last
year.
Framework Agreement with Beijing E-Town
International Investment and Development Co. Ltd.
- In May, the Company entered into a framework agreement with
Beijing E-Town International Investment and Development Co. Ltd.
(“E-Town Capital"), an investment corporation headquartered in
Beijing Economic-Technological Development Area (BDA).
Pursuant to this agreement, the Company will establish an
entity, NIO China, in Beijing Economic-Technological Development
Area and contribute certain businesses and assets into NIO China,
while E-Town Capital will initially target to invest up to RMB10
billion through its affiliated entities or jointly with third
parties in NIO China in exchange for a minority equity stake of NIO
China. Furthermore, it is expected that E-Town Capital will help
NIO China to build or to find third-party partners to build a
new manufacturing facility for the Company’s next-generation
platform 2.0 (NP2) vehicles. The parties are continuing to work
towards a final binding definitive agreement for this
investment.
Manufacturing Arrangement of
ES6
- In April 2019, the Company entered into a manufacturing
cooperation agreement with Jianghuai Automobile Group Co., Ltd., or
JAC, for the manufacture of the ES6, which is a supplement to the
agreement that Company entered into with JAC in May 2016. Pursuant
to these agreements, the Company pays JAC manufacturing fees on a
per-vehicle basis monthly and compensates JAC for its operating
losses for the initial three-year period after the start of
production of the ES8 from April 10, 2018. The Company may fund
additional investments in equipment in the Hefei manufacturing
plant of JAC for the production of the ES6.
New Product Development
- In April 2019, the Company showcased a preview version of the
ET7, its high-performance premium electric sedan, at the Shanghai
Auto Show. Recently, the Company made the decision to design and
develop the ET series with the future NIO NP2 platform, our next
generation product platform featuring Level 4 autonomous driving
capabilities, and will provide an update on the launch timeline of
the ET series in the future. Meanwhile, the Company plans to
leverage the platform technologies from the ES8 and ES6 to create a
new model design and expects to launch the third vehicle model in
2020.
Update on GAC-NIO Joint
VentureIn April 2018, the Company, together with NIO
Capital, Guangqi New Energy Automobile Co., Ltd., and Guangzhou
Automobile Group Co., Ltd, or GAC, established a joint venture
company, GAC-NIO New Energy Vehicle Technology Co., Ltd., or
GAC-NIO, to mainly engage in electric vehicle and parts
development, sales and services. William Li, NIO’s founder,
chairman and chief executive officer, is also serving as the
chairman of GAC-NIO. On May 20, 2019, GAC-NIO announced its new
brand, Hycan He Chuang, and plans to launch its first vehicle model
this year. The Company expects to work strategically with GAC-NIO
in a variety of areas including technologies, supply chains and
service
networks. CEO
and CFO Comments
“We delivered 3,989 ES8s, the Company’s
high-performance premium electric SUVs, in the first quarter of
2019, followed by 1,124 ES8s in April, bringing our total aggregate
deliveries to 16,461 vehicles as of April 30, 2019,” said William
Li, founder, chairman and chief executive officer of NIO. “We are
excited that in June, as scheduled, our second production model,
the ES6, a 5-seater high-performance premium electric SUV, will
roll off the production line and the first deliveries to NIO users
will begin in the same month. The ES6 received broad-based
positive feedback from the recent Shanghai Auto Show, and the early
reviews from our ES6 test drive campaign launched in May bode well
for continued positive momentum. We currently have more than 12,000
ES6 pre-orders (refundable deposit orders), among which over 5,000
pre-orders were placed since the Shanghai Auto Show began five and
a half weeks ago. We are confident that as more and more new
potential users start to experience the ES6 first-hand, the
vehicle’s competitive features and price will appeal to a growing
number of premium automobile buyers.”
“Deliveries of the ES8 in the first quarter of
2019 exceeded the Company’s expectation despite headwinds from EV
subsidy reductions, slowing macro-economic conditions, increased
competition, and seasonal factors around the Chinese New Year
holiday period,” added Louis T. Hsieh, NIO’s chief financial
officer. “Looking ahead to the second quarter, we expect an even
more challenging sales environment and anticipate overall
sequential demand and deliveries to decrease, as competition
continues to accelerate and the general automobile market in China
remains muted. Against this backdrop, NIO is focusing on rolling
out our ES6 nationwide, and at the same time, improving
overall network utilization and operating efficiencies.”
Financial Results for the First Quarter
of 2019
Revenues
- Vehicle sales in the first quarter of 2019
were RMB1,535.2 million (US$228.8 million), representing a decrease
of 54.6% from the fourth quarter of 2018. The decrease in vehicle
sales over the fourth quarter of 2018 was attributed to accelerated
deliveries of the ES8 in the fourth quarter of 2018 in anticipation
of EV subsidy reductions in China in 2019, as well as the seasonal
slowdowns surrounding the Chinese New Year holidays in the first
quarter of 2019.
- Other sales in the first quarter of 2019 were
RMB96.0 million (US$14.3 million), representing an increase of
76.4% from the fourth quarter of 2018. The increase in other sales
over the fourth quarter of 2018 was mainly attributed to an
increase in revenues derived from NIO life merchandise and services
provided in the first quarter of 2019.
- Total revenues in the first quarter of 2019
were RMB1,631.2 million (US$243.1 million), representing a decrease
of 52.5% from the fourth quarter of 2018.
Cost of Sales and Gross
Margin
- Cost of sales in the first quarter of 2019 was
RMB1,850.5 million (US$275.7 million), representing a decrease of
45.9% from the fourth quarter of 2018. The decrease in cost of
sales over the fourth quarter of 2018 was mainly driven by the
decrease in delivery volume of the ES8 in the first quarter of
2019.
- Vehicle margin in the first quarter of 2019
was negative 7.2%, compared with positive 3.7% in the fourth
quarter of 2018. The decrease of vehicle margin was mainly driven
by the decrease in delivery volume of the ES8 in the first quarter
of 2019.
- Gross margin in the first quarter of 2019 was
negative 13.4%, compared with positive 0.4% in the fourth quarter
of 2018, mainly driven by the decrease in vehicle margin in the
first quarter of 2019.
Operating Expenses
- Research and development expenses in the first
quarter of 2019 were RMB1,078.4 million (US$160.7 million),
representing an increase of 55.4% from the first quarter of 2018
and a decrease of 28.8% from the fourth quarter of 2018. Excluding
share-based compensation expenses, adjusted research and
development expenses (non-GAAP) were RMB1,046.2 million (US$155.9
million), representing an increase of 52.7% from the first quarter
of 2018 and a decrease of 30.0% from the fourth quarter of 2018.
The decrease in research and development expenses over the fourth
quarter of 2018 was primarily attributed to the higher design and
professional expenses incurred in the fourth quarter of 2018 to
support the frequent test, research and development stage of the
ES6, the Company’s 5-seater high-performance premium electric SUV
launched in December 2018.
- Selling, general and administrative expenses
in the first quarter of 2019 were RMB1,319.9 million (US$196.7
million), representing an increase of 71.5% from the first quarter
of 2018 and a decrease of 32.2% from the fourth quarter of 2018.
Excluding share-based compensation expenses, adjusted selling,
general and administrative expenses (non-GAAP) were RMB1,234.1
million (US$183.9 million), representing an increase of 67.6% from
the first quarter of 2018 and a decrease of 32.4% from the fourth
quarter of 2018. The decrease in selling, general and
administrative expenses over the fourth quarter of 2018 was
primarily attributed to decreases in marketing and promotional
activities and expenditure on outsourced professional
services.
Loss from Operations
- Loss from operations in the first quarter of
2019 was RMB2,617.7 million (US$390.0 million), representing an
increase of 78.8% from the first quarter of 2018 and a decrease of
24.1% from the fourth quarter of 2018. Excluding share-based
compensation expenses, adjusted loss from operations (non-GAAP) was
RMB2,498.1 million (US$372.2 million), representing an increase of
75.7% from the first quarter of 2018 and a decrease of 24.4% from
the fourth quarter of 2018.
Share-based Compensation
Expenses
- Share-based compensation expenses in the first
quarter of 2019 were RMB119.6 million (US$17.8 million),
representing an increase of 184.0% from the first quarter of 2018
and a decrease of 15.6% from the fourth quarter of 2018. The
decrease in share-based compensation expenses over the fourth
quarter of 2018 was primarily attributed to a decrease in
share-based compensation expenses relating to certain directors and
executive officers.
Net Loss and Earnings Per
Share
- Net loss was RMB2,623.6 million (US$390.9
million) in the first quarter of 2019, representing an increase of
71.4% from the first quarter of 2018 and a decrease of 25.1% from
the fourth quarter of 2018. Excluding share-based compensation
expenses, adjusted net loss (non-GAAP) was RMB2,504.0 million
(US$373.1 million) in the first quarter of 2019, representing an
increase of 68.2% from the first quarter of 2018 and a decrease of
25.5% from the fourth quarter of 2018.
- Net loss attributable to NIO’s ordinary
shareholders in the first quarter of 2019 was RMB2,652.0
million (US$395.2 million), representing a decrease of 32.8% from
the first quarter of 2018 and a decrease of 24.6% from the fourth
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 RMB2,501.2 million (US$372.7 million).
- Basic and diluted net loss per ADS in the
first quarter of 2019 were both RMB2.56 (US$0.38). 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 RMB2.42
(US$0.36).
Balance Sheets
- Balance of cash and cash equivalents, restricted cash
and short-term investment was RMB7,536.5 million
(US$1,123.0 million) as of March 31, 2019.
- On January 1, 2019, the Company adopted ASC 842, Leases and
used the additional transition method to initially apply this new
lease standard at the adoption date. Right-of-use assets and lease
liabilities were recognized on the Company's consolidated financial
statements.
Business Outlook
For the second quarter of 2019, the Company
expects:
- Deliveries of vehicles to be between 2,800 and
3,200 units, representing a decrease of approximately 19.8% to
29.8% from the first quarter of 2019. This outlook incorporates the
planned deliveries of several hundred ES6s in June
2019.
- Total revenues to be between RMB1,134 million
(US$169 million) and RMB1,294 million (US$193 million),
representing a decrease by approximately 20.7% to 30.5% from the
first quarter of 2019.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, which is subject to change.
Conference Call
Management will hold a conference call at 8:00
a.m. Eastern Time on Tuesday, May 28, 2019 (8:00 p.m. Beijing Time
on May 28, 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: |
1251815 |
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 June 5, 2019 08:59
a.m. Eastern Time:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Hong Kong: |
+852-3051-2780 |
Conference ID: |
1251815 |
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 in June 2018, and its variant, the
six-seater ES8, in March 2019. NIO officially launched the ES6, a
5-seater high-performance premium electric SUV, in December 2018
and plans to make the first batch of deliveries of ES6 in June
2019.
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 (the “SEC”), 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
adjusted cost of sales (non-GAAP), adjusted research and
development expenses (non-GAAP), adjusted selling, general and
administrative expenses (non-GAAP), adjusted loss from operations
(non-GAAP), adjusted net loss (non-GAAP), adjusted net loss
attributable to ordinary shareholders (non-GAAP), adjusted basic
and diluted net loss per share (non-GAAP) and adjusted basic and
diluted net loss per ADS (non-GAAP), in evaluating its operating
results and for financial and operational decision-making purposes.
By excluding the impact of share-based compensation expenses,
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 “Unaudited Reconciliation
of GAAP and non-GAAP Results” set forth at the end of this press
release.
Exchange Rate
This announcement contains translations of
certain Renminbi amounts into U.S. dollars at specified rates
solely for the convenience of the reader. Unless otherwise stated,
all translations from Renminbi to U.S. dollars were made at the
rate of RMB6.7112 to US$1.00, the noon buying rate in effect on
March 29, 2019 in the H.10 statistical release of the Federal
Reserve Board. The Company makes no representation that the
Renminbi or U.S. dollars amounts referred could be converted into
U.S. dollars or Renminbi, as the case may be, at any particular
rate or at all.
Statement Regarding Preliminary
Unaudited Financial Information
The unaudited financial information set out in
this earnings release is preliminary and subject to potential
adjustments. Adjustments to the consolidated financial statements
may be identified when audit work has been performed for the
Company’s year-end audit, which could result in significant
differences from this preliminary unaudited financial
information.
For more information, please visit:
http://ir.nio.com
Contacts:
NIO Inc.Investor RelationsTel:
+86-21-6908-3681Email: ir@nio.com
The Piacente Group, Inc.Brandi
PiacenteTel: +1-212-481-2050Email: nio@tpg-ir.com
Ross WarnerTel: +86-10-5730-6201Email:
nio@tpg-ir.com
Source: NIO
NIO INC.
Consolidated Balance Sheets
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share
data) |
|
December 31, 2018 |
March 31, 2019 |
March 31, 2019 |
|
(audited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
(US$) |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
3,133,847 |
|
4,956,114 |
|
738,484 |
Restricted cash |
57,012 |
|
85,394 |
|
12,724 |
Short-term investment |
5,154,703 |
|
2,495,000 |
|
371,767 |
Trade receivable |
756,508 |
|
1,021,422 |
|
152,197 |
Amounts due from related
parties |
88,066 |
|
85,901 |
|
12,800 |
Inventory |
1,465,239 |
|
1,140,889 |
|
169,998 |
Prepayments and other current
assets |
1,514,257 |
|
1,674,989 |
|
249,581 |
Total current
assets |
12,169,632 |
|
11,459,709 |
|
1,707,551 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Long-term restricted cash |
33,528 |
|
20,196 |
|
3,009 |
Property, plant and equipment,
net |
4,853,157 |
|
5,181,351 |
|
772,045 |
Intangible assets, net |
3,470 |
|
3,008 |
|
448 |
Land use rights, net |
213,662 |
|
212,450 |
|
31,656 |
Long-term investments |
148,303 |
|
154,415 |
|
23,009 |
Amounts due from related
parties |
7,970 |
|
7,970 |
|
1,188 |
Right-of-use assets - operating
lease |
- |
|
2,250,893 |
|
335,394 |
Other non-current assets |
1,412,830 |
|
1,754,588 |
|
261,442 |
Total non-current
assets |
6,672,920 |
|
9,584,871 |
|
1,428,191 |
Total
assets |
18,842,552 |
|
21,044,580 |
|
3,135,742 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term borrowings |
1,870,000 |
|
2,378,800 |
|
354,452 |
Trade payable |
2,869,953 |
|
1,862,176 |
|
277,473 |
Amounts due to related
parties |
219,583 |
|
263,696 |
|
39,292 |
Taxes payable |
51,317 |
|
37,850 |
|
5,640 |
Current portion of operating
lease liabilities |
- |
|
256,350 |
|
38,197 |
Current portion of long-term
borrowings |
198,852 |
|
251,754 |
|
37,513 |
Accruals and other
liabilities |
3,383,681 |
|
2,638,733 |
|
393,185 |
|
|
|
|
|
|
Total current
liabilities |
8,593,386 |
|
7,689,359 |
|
1,145,752 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Long-term borrowings |
1,168,012 |
|
6,618,557 |
|
986,196 |
Non-current operating lease
liabilities |
- |
|
2,114,881 |
|
315,127 |
Other non-current
liabilities |
930,812 |
|
922,287 |
|
137,425 |
Total non-current
liabilities |
2,098,824 |
|
9,655,725 |
|
1,438,748 |
Total
liabilities |
10,692,210 |
|
17,345,084 |
|
2,584,500 |
|
|
|
|
|
|
NIO INC.
Consolidated Balance Sheets
Amounts expressed in
Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for share and per share
data) |
|
|
|
|
|
|
|
December 31, 2018 |
March 31, 2019 |
March 31, 2019 |
|
(audited) |
(unaudited) |
(unaudited) |
|
|
|
|
|
(US$) |
MEZZANINE
EQUITY |
|
|
|
|
|
Redeemable non-controlling interests |
1,329,197 |
|
1,360,411 |
|
202,708 |
Total mezzanine
equity |
1,329,197 |
|
1,360,411 |
|
202,708 |
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Ordinary shares |
1,809 |
|
1,813 |
|
270 |
Treasury shares |
(9,186) |
|
— |
|
— |
Additional paid in capital |
41,918,936 |
|
40,095,980 |
|
5,974,487 |
Accumulated other comprehensive
loss |
(34,708) |
|
(95,293) |
|
(14,199) |
Accumulated deficit |
(35,039,810) |
|
(37,691,839) |
|
(5,616,259) |
Total NIO Inc.
shareholders’ equity |
6,837,041 |
|
2,310,661 |
|
344,299 |
Non-controlling interests |
(15,896) |
|
28,424 |
|
4,235 |
Total shareholders’
equity |
6,821,145 |
|
2,339,085 |
|
348,534 |
Total liabilities,
mezzanine equity and shareholders’ equity |
18,842,552 |
|
21,044,580 |
|
3,135,742 |
|
|
|
|
|
|
NIO INC.
Consolidated Statements of Comprehensive
Loss
|
|
Amounts
expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for
share and per share data) |
|
|
Three Months Ended |
|
March 31, 2018 |
December 31, 2018 |
March 31, 2019 |
March 31, 2019 |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
(US$) |
Revenues: |
|
|
|
|
|
|
|
Vehicle sales |
— |
|
3,381,192 |
|
1,535,190 |
|
228,750 |
Other sales |
— |
|
54,415 |
|
95,971 |
|
14,300 |
Total
revenues |
— |
|
3,435,607 |
|
1,631,161 |
|
243,050 |
Cost of sales: |
|
|
|
|
|
|
|
Vehicle sales |
— |
|
(3,256,066) |
|
(1,645,189) |
|
(245,141) |
Other sales |
— |
|
(165,911) |
|
(205,273) |
|
(30,587) |
Total cost of
sales |
— |
|
(3,421,977) |
|
(1,850,462) |
|
(275,728) |
Gross profit/(loss) |
— |
|
13,630 |
|
(219,301) |
|
(32,678) |
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
(694,139) |
|
(1,515,163) |
|
(1,078,448) |
|
(160,694) |
Selling, general and administrative |
(769,729) |
|
(1,945,393) |
|
(1,319,937) |
|
(196,677) |
Total operating
expenses |
(1,463,868) |
|
(3,460,556) |
|
(2,398,385) |
|
(357,371) |
Loss from
operations |
(1,463,868) |
|
(3,446,926) |
|
(2,617,686) |
|
(390,049) |
|
|
|
|
|
|
|
|
Interest income |
28,437 |
|
61,999 |
|
62,738 |
|
9,348 |
Interest expenses |
(5,200) |
|
(76,419) |
|
(68,118) |
|
(10,150) |
Share of (losses)/income of
equity investees |
(833) |
|
1,671 |
|
2,112 |
|
315 |
Other loss, net |
(87,675) |
|
(27,037) |
|
(1,324) |
|
(197) |
Loss before income tax
expense |
(1,529,139) |
|
(3,486,712) |
|
(2,622,278) |
|
(390,733) |
Income tax expense |
(1,883) |
|
(16,302) |
|
(1,341) |
|
(200) |
Net loss |
(1,531,022) |
|
(3,503,014) |
|
(2,623,619) |
|
(390,933) |
Accretion on convertible
redeemable preferred shares to redemption value |
(2,421,129) |
|
— |
|
— |
|
— |
Accretion on redeemable
non-controlling interests to redemption value |
— |
|
(31,898) |
|
(31,214) |
|
(4,651) |
Net loss attributable to
non-controlling interests |
8,242 |
|
18,427 |
|
2,804 |
|
418 |
Net loss attributable to
ordinary shareholders of NIO Inc. |
(3,943,909) |
|
(3,516,485) |
|
(2,652,029) |
|
(395,166) |
Net loss |
(1,531,022) |
|
(3,503,014) |
|
(2,623,619) |
|
(390,933) |
Other comprehensive
(loss)/income |
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil tax |
(154,372) |
|
37,180 |
|
(60,585) |
|
(9,027) |
Total other comprehensive
(loss)/income |
(154,372) |
|
37,180 |
|
(60,585) |
|
(9,027) |
Total comprehensive
loss |
(1,685,394) |
|
(3,465,834) |
|
(2,684,204) |
|
(399,960) |
|
|
|
|
|
|
|
|
Accretion
on convertible redeemable preferred shares to redemption
value.. |
(2,421,129) |
|
— |
|
— |
|
— |
Accretion
on redeemable non-controlling interests to redemption value |
— |
|
(31,898) |
|
(31,214) |
|
(4,651) |
Net loss
attributable to non-controlling interests |
8,242 |
|
18,427 |
|
2,804 |
|
418 |
Comprehensive loss attributable to ordinary shareholders of
NIO Inc. |
(4,098,281) |
|
(3,479,305) |
|
(2,712,614) |
|
(404,193) |
Weighted average number of ordinary shares used in
computing net loss per share |
|
|
|
|
|
|
|
Basic and
diluted |
26,126,279 |
|
1,044,777,745 |
|
1,034,648,189 |
|
1,034,648,189 |
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
Basic and
diluted |
(150.96) |
|
(3.37) |
|
(2.56) |
|
(0.38) |
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
|
|
|
Basic and
diluted. |
— |
|
1,044,777,745 |
|
1,034,648,189 |
|
1,034,648,189 |
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
Basic and
diluted |
— |
|
(3.37) |
|
(2.56) |
|
(0.38) |
|
|
|
|
|
|
|
|
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP
Results
Amounts
expressed in Renminbi (“RMB”), unless otherwise stated |
(in thousands, except for
share and per share data) |
|
|
|
|
Three Months Ended March 31, 2019 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
included in cost of sales and operating expenses is as
follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(1,850,462) |
|
-113.5% |
|
1,475 |
|
0.0% |
|
(1,848,987) |
|
-113.4% |
Research and development
expenses |
(1,078,448) |
|
-66.1% |
|
32,281 |
|
2.0% |
|
(1,046,167) |
|
-64.1% |
Selling, general and
administrative expenses |
(1,319,937) |
|
-80.9% |
|
85,863 |
|
5.3% |
|
(1,234,074) |
|
-75.6% |
Total |
(4,248,847) |
|
-260.5% |
|
119,619 |
|
7.3% |
|
(4,129,228) |
|
-253.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,617,686) |
|
-160.5% |
|
119,619 |
|
7.3% |
|
(2,498,067) |
|
-153.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(2,623,619) |
|
-160.8% |
|
119,619 |
|
7.3% |
|
(2,504,000) |
|
-153.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on redeemable
non-controlling interests to redemption value |
(31,214 ) |
|
-1.9% |
|
31,214 |
|
1.9% |
|
— |
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to
ordinary shareholders of NIO Inc. |
(2,652,029) |
|
-162.7% |
|
150,833 |
|
9.2% |
|
(2,501,196) |
|
-153.5% |
Net loss per share
attributable to ordinary shareholders, basic and diluted (RMB) |
(2.56) |
|
|
|
0.14 |
|
|
|
(2.42) |
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (RMB) |
(2.56) |
|
|
|
0.14 |
|
|
|
(2.42) |
|
|
Net loss per ADS attributable
to ordinary shareholders, basic and diluted (USD) |
(0.38) |
|
|
|
0.02 |
|
|
|
(0.36) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2018 |
|
GAAPResult |
% of TotalRevenues |
Non-GAAPAdjustment |
% of TotalRevenues |
Non-GAAPResult |
|
% of TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included
in cost of sales and operating expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
(3,421,977) |
|
-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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2018 |
|
GAAPResult |
|
% of TotalRevenues |
|
Non-GAAPAdjustment |
|
% of TotalRevenues |
|
Non-GAAPResult |
|
% of
TotalRevenues |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included
in operating expenses is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
(694,139) |
|
— |
|
8,920 |
|
— |
|
(685,219) |
|
— |
Selling, general and
administrative expenses |
(769,729) |
|
— |
|
33,200 |
|
— |
|
(736,529) |
|
— |
Total |
(1,463,868) |
|
— |
|
42,120 |
|
— |
|
(1,421,748) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
(1,463,868) |
|
— |
|
42,120 |
|
— |
|
(1,421,748) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
(1,531,022) |
|
— |
|
42,120 |
|
— |
|
(1,488,902) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Accretion on convertible
redeemable preferred shares to redemption value |
(2,421,129) |
|
— |
|
2,421,129 |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders of NIO Inc. |
(3,943,909) |
|
— |
|
2,463,249 |
|
— |
|
(1,480,660) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable
to ordinary shareholders, basic and diluted (RMB) |
(150.96) |
|
|
|
94.28 |
|
|
|
(56.68) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 NIO started deliveries of ES8 on June 28,
2018. Deliveries for the second quarter of 2018 represent the 3-day
period from June 28 to June 30, 2018.2 Vehicle margin is the margin
of vehicle sales, which is calculated based on revenues and cost of
sales derived from vehicle sales only.3 Each ADS represents one
ordinary share.4 Except for gross margin and vehicle margin, where
absolute changes instead of percentage changes are calculated.
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