Quarterly total revenues reached
Quarterly deliveries reached 52,584 vehicles
Operating Highlights for the First Quarter of 2023
- Total vehicle deliveries were 52,584 units in the first quarter of 2023, representing a 65.8% year-over-year increase.
Deliveries | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | ||||
52,584 | 46,319 | 26,524 | 28,687 | |||||
Deliveries | 2022 Q1 | 2021 Q4 | 2021 Q3 | 2021 Q2 | ||||
31,716 | 35,221 | 25,116 | 17,575 | |||||
- As of
March 31, 2023 , the Company had 299 retail stores covering 123 cities, as well as 318 servicing centers andLi Auto -authorized body and paint shops operating in 223 cities.
Financial Highlights for the First Quarter of 2023
- Vehicle sales were
RMB18.33 billion (US$2.67 billion ) in the first quarter of 2023, representing an increase of 96.9% fromRMB9.31 billion in the first quarter of 2022 and an increase of 6.1% fromRMB17.27 billion in the fourth quarter of 2022. - Vehicle margin2 was 19.8% in the first quarter of 2023, compared with 22.4% in the first quarter of 2022 and 20.0% in the fourth quarter of 2022.
- Total revenues were
RMB18.79 billion (US$2.74 billion ) in the first quarter of 2023, representing an increase of 96.5% fromRMB9.56 billion in the first quarter of 2022 and an increase of 6.4% fromRMB17.65 billion in the fourth quarter of 2022. - Gross profit was
RMB3.83 billion (US$557.7 million ) in the first quarter of 2023, representing an increase of 77.0% fromRMB2.16 billion in the first quarter of 2022 and an increase of 7.4% fromRMB3.57 billion in the fourth quarter of 2022. - Gross margin was 20.4% in the first quarter of 2023, compared with 22.6% in the first quarter of 2022 and 20.2% in the fourth quarter of 2022.
- Income from operations was
RMB405.2 million (US$59.0 million ) in the first quarter of 2023, compared withRMB413.1 million loss from operations in the first quarter of 2022 andRMB133.6 million loss from operations in the fourth quarter of 2022. Non-GAAP income from operations3 wasRMB885.4 million (US$128.9 million ) in the first quarter of 2023, compared withRMB74.9 million non-GAAP income from operations in the first quarter of 2022 and representing an increase of 55.7% fromRMB568.7 million non-GAAP income from operations in the fourth quarter of 2022. - Net income was
RMB933.8 million (US$136.0 million ) in the first quarter of 2023, compared withRMB10.9 million net loss in the first quarter of 2022 and representing an increase of 252.0% fromRMB265.3 million net income in the fourth quarter of 2022. Non-GAAP net income3 wasRMB1.41 billion (US$205.9 million ) in the first quarter of 2023, representing an increase of 196.4% fromRMB477.1 million non-GAAP net income in the first quarter of 2022 and an increase of 46.1% fromRMB967.6 million non-GAAP net income in the fourth quarter of 2022. - Net cash provided by operating activities was
RMB7.78 billion (US$1.13 billion ) in the first quarter of 2023, representing an increase of 324.3% fromRMB1.83 billion net cash provided by operating activities in the first quarter of 2022 and an increase of 58.0% fromRMB4.93 billion net cash provided by operating activities in the fourth quarter of 2022. - Free cash flow4 was
RMB6.70 billion (US$975.9 million ) in the first quarter of 2023, compared withRMB502.0 million free cash flow in the first quarter of 2022, and representing an increase of 105.8% fromRMB3.26 billion free cash flow in the fourth quarter of 2022.
Key Financial Results
(in millions, except for percentages)
For the Three Months Ended | % Change5 | |||||||||||||
2022 | 2022 | 2023 | YoY | QoQ | ||||||||||
RMB | RMB | RMB | ||||||||||||
Vehicle sales | 9,308.6 | 17,268.3 | 18,327.3 | 96.9% | 6.1% | |||||||||
Vehicle margin | 22.4% | 20.0% | 19.8% | (2.6)% | (0.2)% | |||||||||
Total revenues | 9,562.0 | 17,649.9 | 18,787.1 | 96.5% | 6.4% | |||||||||
Gross profit | 2,163.9 | 3,566.3 | 3,830.1 | 77.0% | 7.4% | |||||||||
Gross margin | 22.6% | 20.2% | 20.4% | (2.2)% | 0.2% | |||||||||
(Loss)/income from operations | (413.1) | (133.6) | 405.2 | N/A | N/A | |||||||||
Non-GAAP income from operations | 74.9 | 568.7 | 885.4 | N/A | 55.7% | |||||||||
Net (loss)/income | (10.9) | 265.3 | 933.8 | N/A | 252.0% | |||||||||
Non-GAAP net income | 477.1 | 967.6 | 1,414.1 | 196.4% | 46.1% | |||||||||
Operating cash flow | 1,833.8 | 4,925.4 | 7,780.4 | 324.3% | 58.0% | |||||||||
Free cash flow (non-GAAP) | 502.0 | 3,257.3 | 6,702.1 | N/A | 105.8% | |||||||||
Recent Developments
Delivery Update
- In
April 2023 , the Company delivered 25,681 vehicles, representing an increase of 516.3% fromApril 2022 . As ofApril 30, 2023 , the Company had 302 retail stores covering 123 cities, in addition to 318 servicing centers andLi Auto -authorized body and paint shops operating in 222 cities.
Autonomous Driving and BEV Roadmap
- On
April 18, 2023 , the Company unveiled its autonomous driving and BEV roadmap at the 20th Shanghai International Automobile Industry Exhibition. In terms of autonomous driving, the Company expects to release its city NOA for beta testing in its full-stack self-developed Li AD Max 3.0 in the second quarter of 2023, and targets to roll out in 100 cities nationwide by the end of 2023. In addition, the Company introduced its 800-volt fast charging solution, which allows its BEVs to achieve a driving range of 400 kilometers with around 10 minutes of charging. It will strive to establish a model portfolio of one super flagship vehicle, five EREVs, and five HPC BEVs by 2025. The Company endeavors to build over 300 charging stations along highways by the end of 2023 and will strive to expand its charging network to 3,000 charging stations by 2025.
Safety Evaluation Results
- In
April 2023 , the China Insurance Automotive Safety Index (“C-IASI”) Management Center published the safety evaluation results for Li L8 based on crash tests. Li L8 achieved a G rating, the highest safety rating, in three out of four evaluation categories — occupant safety, pedestrian safety, and assistance safety — and an M rating in the crashworthiness and repair economy category. With respect to occupant safety, Li L8 received G ratings in the crash tests of 25% frontal offset impact on both the driver and passenger sides.
InApril 2023 , Li L9 achieved a five-star safety rating in the latest China New Car Assessment Program (“C-NCAP”) tests released byChina Automotive Technology and Research Center Co., Ltd. It received currently the highest weighted score of 91.3% among vehicles tested under the C-NCAP management protocol (2021 edition), including 93.37% on occupant protection, 75.87% on pedestrian protection, and 95.55% on active safety.
2022 Environmental, Social and Governance Report
- On
April 21, 2023 , the Company published its 2022 Environmental, Social and Governance (ESG) report (https://ir.lixiang.com/esg), detailing its ESG strategies, practices, and performance in 2022.
At-The-Market Offering
- On
June 28, 2022 , the Company announced an at-the-market offering program (the “ATM Offering”) to sell up toUS$2,000,000,000 of American depositary shares (“ADSs”), each representing two Class A ordinary shares of the Company.
As of the date of this press release, the Company has sold 9,431,282 ADSs representing 18,862,564 Class A ordinary shares of the Company under the ATM Offering, raising gross proceeds ofUS$366.5 million before deducting fees and commissions payable to the distribution agents of up toUS$4.8 million and certain other offering expenses. These figures remain unchanged compared to the Company's last update of the ATM Offering in the fourth quarter and full year 2022 earnings release.
CEO and CFO Comments
Mr.
“The autonomous driving and BEV roadmap that we announced on
Mr.
Financial Results for the First Quarter of 2023
Revenues
- Total revenues were
RMB18.79 billion (US$2.74 billion ) in the first quarter of 2023, representing an increase of 96.5% fromRMB9.56 billion in the first quarter of 2022 and an increase of 6.4% fromRMB17.65 billion in the fourth quarter of 2022. - Vehicle sales were
RMB18.33 billion (US$2.67 billion ) in the first quarter of 2023, representing an increase of 96.9% fromRMB9.31 billion in the first quarter of 2022. The increase in vehicle sales over the first quarter of 2022 was mainly attributable to the increase in vehicle deliveries, as well as the higher average selling price contributed by the Li L series. The increase of 6.1% fromRMB17.27 billion in the fourth quarter of 2022 was mainly attributable to the increase in vehicle deliveries, partially offset by the lower average selling price due to different product mix between two quarters. - Other sales and services were
RMB459.7 million (US$66.9 million ) in the first quarter of 2023, representing an increase of 81.4% fromRMB253.4 million in the first quarter of 2022 and an increase of 20.5% fromRMB381.5 million in the fourth quarter of 2022. The increase in revenue from other sales and services over the first quarter of 2022 and the fourth quarter of 2022 was mainly attributable to increased sales of accessories and services in line with higher accumulated vehicle sales.
Cost of Sales and Gross Margin
- Cost of sales was
RMB14.96 billion (US$2.18 billion ) in the first quarter of 2023, representing an increase of 102.2% fromRMB7.40 billion in the first quarter of 2022 and an increase of 6.2% fromRMB14.08 billion in the fourth quarter of 2022. The increase in cost of sales over the first quarter of 2022 was mainly attributable to the increase in vehicle deliveries as well as higher average vehicle cost due to different product mix between two quarters. The increase in cost of sales over the fourth quarter of 2022 was mainly attributable to the increase in vehicle deliveries, partially offset by lower average vehicle cost due to different product mix between two quarters. - Gross profit was
RMB3.83 billion (US$557.7 million ) in the first quarter of 2023, representing an increase of 77.0% fromRMB2.16 billion in the first quarter of 2022 and an increase of 7.4% fromRMB3.57 billion in the fourth quarter of 2022. - Vehicle margin was 19.8% in the first quarter of 2023, compared with 22.4% in the first quarter of 2022 and 20.0% in the fourth quarter of 2022. The decrease in vehicle margin over the first quarter of 2022 was mainly due to different product mix between two quarters.
- Gross margin was 20.4% in the first quarter of 2023, compared with 22.6% in the first quarter of 2022 and 20.2% in the fourth quarter of 2022. The decrease in gross margin over the first quarter of 2022 was mainly driven by the decrease of vehicle margin.
Operating Expenses
- Operating expenses were
RMB3.42 billion (US$498.7 million ) in the first quarter of 2023, representing an increase of 32.9% fromRMB2.58 billion in the first quarter of 2022 and a decrease of 7.4% fromRMB3.70 billion in the fourth quarter of 2022. - Research and development expenses were
RMB1.85 billion (US$269.7 million ) in the first quarter of 2023, representing an increase of 34.8% fromRMB1.37 billion in the first quarter of 2022 and a decrease of 10.5% fromRMB2.07 billion in the fourth quarter of 2022. The increase in research and development expenses over the first quarter of 2022 was primarily driven by increased expenses to support our expanding product portfolios as well as increased employee compensation as a result of our growing number of staff. The decrease in research and development expenses over the fourth quarter of 2022 was mainly in line with timing and progress of new vehicle programs. - Selling, general and administrative expenses were
RMB1.65 billion (US$239.6 million ) in the first quarter of 2023, representing an increase of 36.8% fromRMB1.20 billion in the first quarter of 2022 and an increase of 0.9% fromRMB1.63 billion in the fourth quarter of 2022. The increase in selling, general and administrative expenses over the first quarter of 2022 was primarily driven by increased employee compensation as a result of our growing number of staff as well as increased rental expenses associated with the expansion of our sales and servicing network.
Income/(Loss) from Operations
- Income from operations was
RMB405.2 million (US$59.0 million ) in the first quarter of 2023, compared withRMB413.1 million loss from operations in the first quarter of 2022 andRMB133.6 million loss from operations in the fourth quarter of 2022. Non-GAAP income from operations wasRMB885.4 million (US$128.9 million ) in the first quarter of 2023, compared withRMB74.9 million non-GAAP income from operations in the first quarter of 2022 and representing an increase of 55.7% fromRMB568.7 million non-GAAP income from operations in the fourth quarter of 2022.
Net Income/(Loss) and Net Earnings/(Loss) Per Share
- Net income was
RMB933.8 million (US$136.0 million ) in the first quarter of 2023, compared withRMB10.9 million net loss in the first quarter of 2022 and representing an increase of 252.0% fromRMB265.3 million net income in the fourth quarter of 2022. Non-GAAP net income wasRMB1.41 billion (US$205.9 million ) in the first quarter of 2023, representing an increase of 196.4% fromRMB477.1 million non-GAAP net income in the first quarter of 2022 and an increase of 46.1% fromRMB967.6 million non-GAAP net income in the fourth quarter of 2022. - Basic and diluted net earnings per ADS6 attributable to ordinary shareholders were
RMB0.95 (US$0.14 ) andRMB0.89 (US$0.13 ) in the first quarter of 2023, respectively, compared withRMB0.01 for both basic and diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2022, andRMB0.26 andRMB0.25 basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth quarter of 2022, respectively. Non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders3 wereRMB1.44 (US$0.21 ) andRMB1.35 (US$0.20 ) in the first quarter of 2023, respectively, compared withRMB0.49 andRMB0.47 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the first quarter of 2022, respectively, andRMB0.98 andRMB0.93 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the fourth 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
RMB65.00 billion (US$9.46 billion ) as ofMarch 31, 2023 . - Net cash provided by operating activities was
RMB7.78 billion (US$1.13 billion ) in the first quarter of 2023, representing an increase of 324.3% fromRMB1.83 billion net cash provided by operating activities in the first quarter of 2022 and an increase of 58.0% fromRMB4.93 billion net cash provided by operating activities in the fourth quarter of 2022. The increase in net cash provided by operating activities over both the first quarter of 2022 and the fourth quarter of 2022 was mainly due to the increase in cash received from customers resulting from the increase in vehicle deliveries. - Free cash flow was
RMB6.70 billion (US$975.9 million ) in the first quarter of 2023, compared withRMB502.0 million free cash flow in the first quarter of 2022, and representing an increase of 105.8% fromRMB3.26 billion free cash flow in the fourth quarter of 2022. The increase in free cash flow over both the first quarter of 2022 and the fourth quarter of 2022 was mainly due to the increase of operating cash inflow from vehicle deliveries as well as the decrease in capital expenditures.
Business Outlook
For the second quarter of 2023, the Company expects:
- Deliveries of vehicles to be between 76,000 and 81,000 vehicles, representing an increase of 164.9% to 182.4% from the second quarter of 2022.
- Total revenues to be between
RMB24.22 billion (US$3.53 billion ) andRMB25.86 billion (US$3.77 billion ), representing an increase of 177.4% to 196.1% from the second quarter of 2022.
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
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10030396-a6jw52.html
A replay of the conference call will be accessible through
+1-855-883-1031 | |
Mainland | +86-400-1209-216 |
+852-800-930-639 | |
International: | +61-7-3107-6325 |
Replay PIN: | 10030396 |
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 financial 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 income/loss 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
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
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
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
For investor and media inquiries, please contact:
Investor Relations
Email: ir@lixiang.com
Tel: +86-10-6508-0677
Email: Li@tpg-ir.com
Tel: +1-212-481-2050
Email: Li@tpg-ir.com
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income | |||||||||
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
For the Three Months Ended | |||||||||
RMB | RMB | RMB | US$ | ||||||
Revenues: | |||||||||
Vehicle sales | 9,308,609 | 17,268,330 | 18,327,316 | 2,668,664 | |||||
Other sales and services | 253,427 | 381,544 | 459,737 | 66,943 | |||||
Total revenues | 9,562,036 | 17,649,874 | 18,787,053 | 2,735,607 | |||||
Cost of sales: | |||||||||
Vehicle sales | (7,219,912) | (13,818,255) | (14,705,143) | (2,141,235) | |||||
Other sales and services | (178,269) | (265,288) | (251,804) | (36,666) | |||||
Total cost of sales | (7,398,181) | (14,083,543) | (14,956,947) | (2,177,901) | |||||
Gross profit | 2,163,855 | 3,566,331 | 3,830,106 | 557,706 | |||||
Operating expense: | |||||||||
Research and development | (1,373,962) | (2,070,091) | (1,852,297) | (269,715) | |||||
Selling, general and administrative | (1,202,967) | (1,629,859) | (1,645,307) | (239,575) | |||||
Other operating income, net | — | — | 72,701 | 10,586 | |||||
Total operating expenses | (2,576,929) | (3,699,950) | (3,424,903) | (498,704) | |||||
(Loss)/Income from operations | (413,074) | (133,619) | 405,203 | 59,002 | |||||
Other (expense)/income: | |||||||||
Interest expense | (10,138) | (38,393) | (32,438) | (4,723) | |||||
Interest income and investment income, net | 162,874 | 255,772 | 418,531 | 60,943 | |||||
Others, net | 279,703 | 84,706 | 181,488 | 26,427 | |||||
Income before income tax expense | 19,365 | 168,466 | 972,784 | 141,649 | |||||
Income tax (expense)/benefit | (30,231) | 96,836 | (38,947) | (5,671) | |||||
Net (loss)/income | (10,866) | 265,302 | 933,837 | 135,978 | |||||
Less: Net income attributable to noncontrolling interests | — | 8,364 | 4,169 | 607 | |||||
Net (loss)/income attributable to ordinary shareholders of | (10,866) | 256,938 | 929,668 | 135,371 | |||||
Net (loss)/income | (10,866) | 265,302 | 933,837 | 135,978 | |||||
Other comprehensive (loss)/income | |||||||||
Foreign currency translation adjustment, net of tax | (85,116) | 42,097 | 27,607 | 4,020 | |||||
Total other comprehensive (loss)/income | (85,116) | 42,097 | 27,607 | 4,020 | |||||
Total comprehensive (loss)/income | (95,982) | 307,399 | 961,444 | 139,998 | |||||
Less: Net income attributable to noncontrolling interests | — | 8,364 | 4,169 | 607 | |||||
Comprehensive (loss)/income attributable to ordinary shareholders of | (95,982) | 299,035 | 957,275 | 139,391 | |||||
Weighted average number of ADSs | |||||||||
Basic | 964,870,446 | 976,970,967 | 979,166,653 | 979,166,653 | |||||
Diluted | 964,870,446 | 1,045,583,572 | 1,052,402,047 | 1,052,402,047 | |||||
Net (loss)/earnings per ADS attributable to ordinary shareholders | |||||||||
Basic | (0.01) | 0.26 | 0.95 | 0.14 | |||||
Diluted | (0.01) | 0.25 | 0.89 | 0.13 | |||||
Weighted average number of ordinary shares | |||||||||
Basic | 1,929,740,892 | 1,953,941,934 | 1,958,333,306 | 1,958,333,306 | |||||
Diluted | 1,929,740,892 | 2,091,167,144 | 2,104,804,095 | 2,104,804,095 | |||||
Net (loss)/earnings per share attributable to ordinary shareholders | |||||||||
Basic | (0.01) | 0.13 | 0.47 | 0.07 | |||||
Diluted | (0.01) | 0.13 | 0.45 | 0.06 | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(All amounts in thousands) | |||||||
As of | |||||||
RMB | RMB | US$ | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | 38,478,016 | 43,624,822 | 6,352,266 | ||||
Restricted cash | 1,940,142 | 1,659,887 | 241,698 | ||||
Time deposits and short-term investments | 18,031,395 | 19,712,197 | 2,870,318 | ||||
Trade receivable | 48,381 | 54,033 | 7,868 | ||||
Inventories | 6,804,693 | 6,262,437 | 911,881 | ||||
Prepayments and other current assets | 1,689,860 | 1,753,640 | 255,350 | ||||
Total current assets | 66,992,487 | 73,067,016 | 10,639,381 | ||||
Non-current assets: | |||||||
Long-term investments | 1,484,491 | 1,478,869 | 215,340 | ||||
Property, plant and equipment, net | 11,187,898 | 12,785,988 | 1,861,784 | ||||
Operating lease right-of-use assets, net | 3,538,911 | 3,618,909 | 526,954 | ||||
Intangible assets, net | 832,620 | 840,674 | 122,412 | ||||
5,484 | 5,484 | 799 | |||||
Deferred tax assets | 74,767 | 19,704 | 2,869 | ||||
Other non-current assets | 2,421,293 | 2,195,788 | 319,731 | ||||
Total non-current assets | 19,545,464 | 20,945,416 | 3,049,889 | ||||
Total assets | 86,537,951 | 94,012,432 | 13,689,270 | ||||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Short‑term borrowings | 390,750 | 827,868 | 120,547 | ||||
Trade and notes payable | 20,024,329 | 25,329,361 | 3,688,241 | ||||
Amounts due to related parties | 7,190 | 7,846 | 1,142 | ||||
Deferred revenue, current | 569,234 | 555,910 | 80,947 | ||||
Operating lease liabilities, current | 696,454 | 753,950 | 109,784 | ||||
Accruals and other current liabilities | 5,684,644 | 6,283,057 | 914,885 | ||||
Total current liabilities | 27,372,601 | 33,757,992 | 4,915,546 | ||||
Non-current liabilities: | |||||||
Long-term borrowings | 9,230,807 | 8,516,026 | 1,240,029 | ||||
Deferred revenue, non-current | 581,598 | 583,025 | 84,895 | ||||
Operating lease liabilities, non-current | 1,946,367 | 1,987,594 | 289,416 | ||||
Deferred tax liabilities | 77,809 | 61,673 | 8,980 | ||||
Other non-current liabilities | 2,142,462 | 2,474,482 | 360,312 | ||||
Total non-current liabilities | 13,979,043 | 13,622,800 | 1,983,632 | ||||
Total liabilities | 41,351,644 | 47,380,792 | 6,899,178 | ||||
44,858,701 | 46,299,865 | 6,741,782 | |||||
Noncontrolling interests | 327,606 | 331,775 | 48,310 | ||||
Total shareholders’ equity | 45,186,307 | 46,631,640 | 6,790,092 | ||||
Total liabilities and shareholders’ equity | 86,537,951 | 94,012,432 | 13,689,270 | ||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||||||
(All amounts in thousands) | |||||||||
For the Three Months Ended | |||||||||
2022 | 2022 | 2023 | 2023 | ||||||
RMB | RMB | RMB | US$ | ||||||
Net cash provided by operating activities | 1,833,769 | 4,925,350 | 7,780,366 | 1,132,909 | |||||
Net cash provided by/(used in) investing activities | 1,564,251 | (5,308,274) | (2,692,753) | (392,095) | |||||
Net cash provided by/(used in) financing activities | 902,991 | 251,024 | (195,821) | (28,514) | |||||
Effect of exchange rate changes | (77,503) | (19,686) | (25,241) | (3,676) | |||||
Net change in cash, cash equivalents and restricted cash | 4,223,508 | (151,586) | 4,866,551 | 708,624 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 30,493,064 | 40,569,744 | 40,418,158 | 5,885,340 | |||||
Cash, cash equivalents and restricted cash at end of period | 34,716,572 | 40,418,158 | 45,284,709 | 6,593,964 | |||||
Net cash provided by operating activities | 1,833,769 | 4,925,350 | 7,780,366 | 1,132,909 | |||||
Capital expenditures | (1,331,814) | (1,668,021) | (1,078,295) | (157,012) | |||||
Free cash flow (non-GAAP) | 501,955 | 3,257,329 | 6,702,071 | 975,897 | |||||
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 | |||||||||
2022 | 2022 | 2023 | 2023 | ||||||
RMB | RMB | RMB | US$ | ||||||
Cost of sales | (7,398,181) | (14,083,543) | (14,956,947) | (2,177,901) | |||||
Share-based compensation expenses | 10,665 | 16,644 | 11,186 | 1,629 | |||||
Non-GAAP cost of sales | (7,387,516) | (14,066,899) | (14,945,761) | (2,176,272) | |||||
Research and development expenses | (1,373,962) | (2,070,091) | (1,852,297) | (269,715) | |||||
Share-based compensation expenses | 324,532 | 476,522 | 336,220 | 48,957 | |||||
Non-GAAP research and development expenses | (1,049,430) | (1,593,569) | (1,516,077) | (220,758) | |||||
Selling, general and administrative expenses | (1,202,967) | (1,629,859) | (1,645,307) | (239,575) | |||||
Share-based compensation expenses | 152,754 | 209,135 | 132,823 | 19,341 | |||||
Non-GAAP selling, general and administrative expenses | (1,050,213) | (1,420,724) | (1,512,484) | (220,234) | |||||
(Loss)/Income from operations | (413,074) | (133,619) | 405,203 | 59,002 | |||||
Share-based compensation expenses | 487,951 | 702,301 | 480,229 | 69,927 | |||||
Non-GAAP income from operations | 74,877 | 568,682 | 885,432 | 128,929 | |||||
Net (loss)/income | (10,866) | 265,302 | 933,837 | 135,978 | |||||
Share-based compensation expenses | 487,951 | 702,301 | 480,229 | 69,927 | |||||
Non-GAAP net income | 477,085 | 967,603 | 1,414,066 | 205,905 | |||||
Net (loss)/income attributable to ordinary shareholders of | (10,866) | 256,938 | 929,668 | 135,371 | |||||
Share-based compensation expenses | 487,951 | 702,301 | 480,229 | 69,927 | |||||
Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc. | 477,085 | 959,239 | 1,409,897 | 205,298 | |||||
Weighted average number of ADSs (non-GAAP) | |||||||||
Basic | 964,870,446 | 976,970,967 | 979,166,653 | 979,166,653 | |||||
Diluted | 1,035,309,021 | 1,045,583,572 | 1,052,402,047 | 1,052,402,047 | |||||
Non-GAAP net earnings per ADS attributable to ordinary shareholders | |||||||||
Basic | 0.49 | 0.98 | 1.44 | 0.21 | |||||
Diluted | 0.47 | 0.93 | 1.35 | 0.20 | |||||
Weighted average number of ordinary shares (non-GAAP) | |||||||||
Basic | 1,929,740,892 | 1,953,941,934 | 1,958,333,306 | 1,958,333,306 | |||||
Diluted | 2,070,618,042 | 2,091,167,144 | 2,104,804,095 | 2,104,804,095 | |||||
Non-GAAP net earnings per share attributable to ordinary shareholders7 | |||||||||
Basic | 0.25 | 0.49 | 0.72 | 0.10 | |||||
Diluted | 0.23 | 0.46 | 0.67 | 0.10 | |||||
1 All translations from Renminbi (“RMB”) to
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.
Source:
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