News Release
NIO Inc. Reports Unaudited Third Quarter 2018 Financial Results
Quarterly Total Revenues reached
Quarterly Deliveries of the ES8 reached 3,268 vehicles
Financial Highlights for the Third Quarter of 2018
- Total revenues were
RMB1,469.6 million (US$214.0 million ) in the third quarter of 2018, representing an increase of 3,095.3% from the second quarter of 2018. - Gross margin was negative 7.9%, compared with negative 333.1% in the second quarter of 2018.
- Loss from operations was
RMB2,809.9 million (US$409.1 million ) in the third quarter of 2018, representing an increase of 49.9% from the second quarter of 2018. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)(2) wasRMB2,377.7 million (US$346.2 million ) in the third quarter of 2018, representing an increase of 31.3% from the second quarter of 2018. - Net loss was
RMB2,810.4 million (US$409.2 million ) in the third quarter, representing an increase of 56.6% from the second quarter of 2018. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB2,378.2 million (US$346.3 million ) in the third quarter, representing an increase of 37.4% from the second quarter of 2018. - Net loss attributable to NIO’s ordinary shareholders for the third quarter of 2018 was
RMB9,756.8 million (US$1,420.6 million ), representing an increase of 59.7% from the second quarter of 2018. Accretion on convertible redeemable preferred shares to redemption value contributedRMB6,923.0 million (US$1,008.0 million ) to net loss attributable to NIO’s ordinary shareholders for the third quarter of 2018, which was a non-cash event and will no longer recur after the initial public offering of the Company onSeptember 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) wasRMB2,370.2 million (US$345.1 million ). - Basic and diluted net loss per ADS(3) in the third quarter were both
RMB42.59 (US$6.20) . 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 bothRMB10.35 (US$1.51) . - Cash and cash equivalents, restricted cash and short-term investment were
RMB9,153.4 million (US$1,332.8 million ) as ofSeptember 30, 2018 .
(1) All translations from RMB to USD were made at the rate of
(2) See "Reconciliation of GAAP and Non-GAAP Results" included in the accompanying tables of this release for further details.
(3) Each ADS represents one ordinary share.
Key Financial Results | ||||||||
(in RMB million, | 2018 | 2017 | % Change | |||||
except for per ordinary share data and percentage) | Q3 2018 | Q2 2018 | Q3 2017 | QoQ | YoY | |||
Total Revenue | 1,469.6 | 46.0 | - | 3095.3% | - | |||
Gross Margin | -7.9% | -333.1% | - | 97.6% | - | |||
Loss from Operations | (2,809.9) | (1,875.0) | (1,287.9) | 49.9% | 118.2% | |||
Adjusted Loss from Operations (non-GAAP) | (2,377.7) | (1,811.5) | (1,270.4) | 31.3% | 87.2% | |||
Net Loss | (2,810.4) | (1,794.5) | (1,300.7) | 56.6% | 116.1% | |||
Adjusted Net Loss (non-GAAP) | (2,378.2) | (1,731.1) | (1,283.3) | 37.4% | 85.3% | |||
Net Loss Attributable to Ordinary Shareholders | (9,756.8) | (6,110.6) | (1,648.5) | 59.7% | 491.9% | |||
Net Loss per ordinary share-Basic and Diluted | (42.59) | (204.93) | (75.47) | -79.2% | -43.6% | |||
Adjusted Net Loss per ordinary share-Basic and Diluted (non-GAAP) | (10.35) | (57.82) | (58.52) | -82.1% | -82.3% |
Operating Highlights for the Third Quarter of 2018
- Production of the ES8 totaled 4,206 in the third quarter, compared with 500 vehicles produced in the second quarter.
- Deliveries of the ES8 reached 3,268 in the third quarter, compared with 100 vehicles delivered in the second quarter (4).
(4) NIO started deliveries of ES8 on
Key Operating Results | |||||
2018 | % Change | ||||
Q3 2018 | Q2 2018 | QoQ | |||
Production | |||||
ES8 | 4,206 | 500 | 741.2% | ||
Deliveries | |||||
ES8 | 3,268 | 100 | 3,168.0% | ||
Recent Developments
- Deliveries of the ES8 in
October 2018 reached 1,573 vehicles. October deliveries were partially impacted by the seven-day Golden Week national holiday, during which the deliveries were slowed down for vehicle registration office closures and the Company made production line modifications to accommodate ES6 production, the 5-seater premium SUV targeted for launch by the end of 2018.
CEO and CFO Comments
“The third quarter 2018 marked multiple milestones for NIO in the journey to achieve our ‘blue sky coming’ vision,” said
Mr. Li continued, “We have delivered 4,941 ES8s to users in over 170 cities in
Financial Results for the Third Quarter of 2018
Revenues
- Total revenues in the third quarter of 2018 were
RMB1,469.6 million (US$214.0 million ), representing an increase of 3,095.3% from the second quarter of 2018.
- Vehicle sales in the third quarter of 2018 were
RMB1,426.9 million (US$207.8 million ), representing an increase of 3,113.8% from the second quarter of 2018. The increase in vehicle sales over the second quarter of 2018 was attributed to accelerated deliveries of the ES8 in the third quarter. Deliveries for the second quarter of 2018 represent deliveries made during the 3-day period fromJune 28 to June 30, 2018 .
- Other sales in the third quarter of 2018 were
RMB42.7 million (US$6.2 million ), representing an increase of 2,581.8% from the second quarter of 2018. The increase in other sales over the second quarter of 2018 was mainly attributed to increased revenues recognized from the home chargers installed in the third quarter.
Cost of Sales and Gross Margin
- Cost of sales in the third quarter of 2018 was
RMB1,585.9 million (US$230.9 million ), representing an increase of 696.2% from the second quarter of 2018. The increase in cost of sales over the second quarter of 2018 was mainly driven by the substantial delivery volume increase of ES8s in the quarter.
- Gross margin in the third quarter of 2018 was negative 7.9%, compared with negative 333.1% in the second quarter of 2018, mainly driven by the larger scale of production and deliveries of the ES8.
Operating Expenses
- Research and development expenses in the third quarter of 2018 were
RMB1,023.4 million (US$149.0 million ), representing an increase of 37.0% from the third quarter of 2017 and an increase of 33.7% from the second quarter of 2018. Excluding share-based compensation expenses (non-GAAP), research and development expenses wereRMB947.3 million (US$137.9 million ), representing an increase of 27.5% from the third quarter of 2017 and an increase of 24.4% from the second quarter of 2018. The increase in research and development expenses over the second quarter of 2018 was primarily attributed to increased share-based compensation expenses recognized related to the stock options granted to the Company’s non-US employees with a performance condition of an IPO and an increased number of personnel related to product and software development teams, as well as increased development expenses of the ES6, the five-seater premium electric SUV, expected to be launched by the end of 2018.
- Selling, general and administrative expenses in the third quarter of 2018 were
RMB1,670.1 million (US$243.2 million ), representing an increase of 208.9% from the third quarter of 2017 and an increase of 74.6% from the second quarter of 2018. Excluding share-based compensation expenses (non-GAAP), selling, general and administrative expenses wereRMB1,322.1 million (US$192.5 million ), representing an increase of 150.7% from the third quarter of 2017 and an increase of 47.5% from the second quarter of 2018. The increase in selling, general and administrative expenses over the second quarter of 2018 was primarily attributed to increased share-based compensation expenses recognized related to the stock options granted to the Company’s non-US employees with a performance condition of an IPO and an increased number of the personnel related to user development and service related teams, as well as increased selling expenses for test drives and other promotional events.
Operating Income/Loss and Operating Margin
- Loss from operations in the third quarter of 2018 was
RMB2,809.9 million (US$409.1 million ), representing an increase of 118.2% from the third quarter of 2017 and an increase of 49.9% from the second quarter of 2018. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) wasRMB2,377.7 million (US$346.2 million ) in the third quarter, representing an increase of 87.2% from the third quarter of 2017 and an increase of 31.3% from the second quarter of 2018.
- Operating margin was negative 191.2% in the third quarter of 2018, compared with negative 4,076.8% in the second quarter of 2018. Excluding share-based compensation expenses, adjusted operating margin (non-GAAP) was negative 161.8%, compared with negative 3,938.9% in the second quarter of 2018.
Share-based Compensation Expenses
- Share-based compensation expenses in the third quarter of 2018 were
RMB432.2 million (US$62.9 million ), representing an increase of 2,380.6% from the third quarter of 2017 and an increase of 581.2% from the second quarter of 2018. The increase in share-based compensation expenses was primarily attributed to the share-based compensation expenses related to the stock options granted pre-IPO to the Company’s certain employees, with a performance condition of an IPO, which was satisfied in the third quarter of 2018.
Net Income/Loss and Earnings Per Share
- Net loss was
RMB2,810.4 million (US$409.2 million ) in the third quarter of 2018, representing an increase of 116.1% from the third quarter of 2017 and an increase of 56.6% from the second quarter of 2018. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) wasRMB2,378.2 million (US$346.3 million ) in the third quarter of 2018, representing an increase of 85.3% from the third quarter of 2017 and an increase of 37.4% from the second quarter of 2018.
- Net loss attributable to NIO’s ordinary shareholders in the third quarter of 2018 was
RMB9,756.8 million (US$1,420.6 million ), representing an increase of 491.9% from the third quarter of 2017 and an increase of 59.7% from the second quarter of 2018. Accretion on convertible redeemable preferred shares and accretion on redeemable non-controlling interests to redemption value wereRMB6,923.0 million (US$1,008.0 million ) andRMB31.4 million (US$4.6 million ) respectively in the third quarter of 2018, among which, accretion on convertible redeemable preferred shares to redemption value will no longer recur after the convertible redeemable preferred shares converted to ordinary shares after the initial public offering of the Company onSeptember 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) wasRMB2,370.2 million (US$345.1 million ).
- Basic and diluted net loss per ADS in the third quarter were both
RMB42.59 (US$6.20) . 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 bothRMB10.35 (US$1.51) .
Balance Sheets
- Balance of cash and cash equivalents, restricted cash and short-term investment was
RMB9,153.4 million (US$1,332.8 million ) as ofSeptember 30, 2018 .
Business Outlook
For the fourth quarter of 2018, the Company expects:
- Deliveries of the ES8 to be between 6,700 and 7,000 vehicles, representing an increase of approximately 105.0% to 114.2% from the third quarter of 2018.
- Total revenues forecasted to be between
RMB2,874.0 million (US$418.5 million ) andRMB2,994.3 million (US$436.0 million ), an increase of approximately 95.6% to 103.8% from the third 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
United States: | +1-845-675-0437 |
International: | +65-6713-5090 |
Hong Kong: | +852-3018-6771 |
Conference ID: | 7667738 |
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
United States: | +1-646-254-3697 |
International: | +61-2-8199-0299 |
Hong Kong: | +852-3051-2780 |
Conference ID: | 7667738 |
About
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
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as non-GAAP cost of sales, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic 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
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:
Tel: +86-21-6908-3681
Email: ir@nio.com
Tel: +86-10-5687-4108
Email: ir@nio.com
Tel: +1-212-481-2050
Email: nio@tpg-ir.com
Tel: +86-10-5730-6201
Email: 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, 2017 | September 30, 2018 | September 30, 2018 | |||||||
(audited) | (unaudited) | (unaudited) | |||||||
(USD) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 7,505,954 | 6,743,487 | 981,871 | ||||||
Restricted cash | 10,606 | 32,536 | 4,737 | ||||||
Short-term investment | - | 2,377,384 | 346,154 | ||||||
Trade receivable | - | 248,873 | 36,237 | ||||||
Amount due from related parties | 29,556 | 35,303 | 5,140 | ||||||
Inventory | 89,464 | 1,361,434 | 198,229 | ||||||
Prepayments and other current assets | 674,425 | 1,505,378 | 219,187 | ||||||
Total current assets | 8,310,005 | 12,304,395 | 1,791,555 | ||||||
Non-current assets: | |||||||||
Long-term restricted cash | 14,293 | 37,825 | 5,507 | ||||||
Property, plant and equipment, net | 1,911,013 | 3,821,209 | 556,379 | ||||||
Intangible assets, net | 4,457 | 3,988 | 581 | ||||||
Land use rights, net | - | 219,969 | 32,028 | ||||||
Long-term investments | 47,125 | 139,083 | 20,251 | ||||||
Amounts due from related parties | 50,000 | 53,821 | 7,836 | ||||||
Other non-current assets | 131,141 | 439,025 | 63,923 | ||||||
Total non-current assets | 2,158,029 | 4,714,920 | 686,505 | ||||||
Total assets | 10,468,034 | 17,019,315 | 2,478,060 | ||||||
LIABILITIES | |||||||||
Current liabilities: | |||||||||
Short-term borrowings | 28,787 | 430,583 | 62,694 | ||||||
Trade payable | 234,011 | 1,786,727 | 260,152 | ||||||
Amount due to related parties | 40,069 | 189,773 | 27,631 | ||||||
Taxes payable | 30,055 | 40,543 | 5,903 | ||||||
Current portion of long-term borrowings | - | 168,940 | 24,598 | ||||||
Accurals and other liabilities | 1,285,592 | 2,184,032 | 318,000 | ||||||
Total current liabilities | 1,618,514 | 4,800,598 | 698,978 | ||||||
Non-current liabilities: | |||||||||
Long-term borrowings | 642,401 | 1,079,202 | 157,135 | ||||||
Other non-current liabilities | 141,113 | 681,043 | 99,164 | ||||||
Total non-current liabilities | 783,514 | 1,760,245 | 256,299 | ||||||
Total liabilities | 2,402,028 | 6,560,843 | 955,277 | ||||||
MEZZANINE EQUITY | |||||||||
Convertible redeemable preferred shares | 19,657,786 | - | - | ||||||
Redeemable non-controlling interests | - | 1,296,299 | 188,745 | ||||||
Total mezzanine equity | 19,657,786 | 1,296,299 | 188,745 | ||||||
SHAREHOLDERS’ DEFICIT | |||||||||
Ordinary shares | 60 | 1,767 | 257 | ||||||
Treasury shares | (9,186 | ) | (9,186 | ) | (1,338 | ) | |||
Additional paid in capital | 131,907 | 40,762,274 | 5,935,101 | ||||||
Accumulated other comprehensive loss | (13,922 | ) | (71,888 | ) | (10,467 | ) | |||
Accumulated deficit | (11,711,948 | ) | (31,523,325 | ) | (4,589,884 | ) | |||
Total NIO Inc. shareholders’ (deficit)/equity | (11,603,089 | ) | 9,159,642 | 1,333,669 | |||||
Non-controlling interests | 11,309 | 2,531 | 369 | ||||||
Total shareholders’ (deficit)/equity | (11,591,780 | ) | 9,162,173 | 1,334,038 | |||||
Total liabilities, mezzanine equity and shareholders' equity | 10,468,034 | 17,019,315 | 2,478,060 | ||||||
Note: All translations from RMB to USD were made at the rate of RMB6.8680 to US$1.00, the noon buying rate in effect on September 28, 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 | |||||||||||||||
September 30, 2017 | June 30, 2018 | September 30, 2018 | September 30, 2018 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
(USD) | |||||||||||||||
Revenue: | |||||||||||||||
- Vehicle sales | - | 44,399 | 1,426,879 | 207,758 | |||||||||||
- Other sales | - | 1,592 | 42,694 | 6,216 | |||||||||||
Total revenues | - | 45,991 | 1,469,573 | 213,974 | |||||||||||
Cost of Sales: | |||||||||||||||
- Vehicle sales | - | (185,531 | ) | (1,488,538 | ) | (216,735 | ) | ||||||||
- Other sales | - | (13,648 | ) | (97,353 | ) | (14,175 | ) | ||||||||
Total cost of sales | - | (199,179 | ) | (1,585,891 | ) | (230,910 | ) | ||||||||
Gross loss | - | (153,188 | ) | (116,318 | ) | (16,936 | ) | ||||||||
Operating expenses: | |||||||||||||||
Research and development expenses | (747,209 | ) | (765,205 | ) | (1,023,435 | ) | (149,015 | ) | |||||||
Selling, general and administrative expenses | (540,648 | ) | (956,568 | ) | (1,670,100 | ) | (243,171 | ) | |||||||
Total operating expenses | (1,287,857 | ) | (1,721,773 | ) | (2,693,535 | ) | (392,186 | ) | |||||||
Loss from operations | (1,287,857 | ) | (1,874,961 | ) | (2,809,853 | ) | (409,122 | ) | |||||||
Interest income | 4,802 | 21,128 | 21,820 | 3,177 | |||||||||||
Interest expenses | (2,304 | ) | (14,442 | ) | (27,582 | ) | (4,016 | ) | |||||||
Share of losses of equity investee | (1,900 | ) | (6,525 | ) | (4,035 | ) | (588 | ) | |||||||
Investment income | 1,507 | - | - | - | |||||||||||
Other (loss)/income, net | (13,667 | ) | 82,778 | 10,588 | 1,542 | ||||||||||
Loss before income tax expense | (1,299,419 | ) | (1,792,022 | ) | (2,809,062 | ) | (409,007 | ) | |||||||
Income tax expense | (1,256 | ) | (2,485 | ) | (1,374 | ) | (200 | ) | |||||||
Net loss | (1,300,675 | ) | (1,794,507 | ) | (2,810,436 | ) | (409,207 | ) | |||||||
Accretion on convertible redeemable preferred shares to redemption value | (352,892 | ) | (4,323,154 | ) | (6,923,008 | ) | (1,008,009 | ) | |||||||
Accretion on redeemable non-controlling interests to redemption value | - | - | (31,399 | ) | (4,572 | ) | |||||||||
Net loss attributable to non-controlling interests | 5,102 | 7,036 | 8,000 | 1,165 | |||||||||||
Net loss attributable to ordinary | |||||||||||||||
shareholders of NIO Inc. | (1,648,465 | ) | (6,110,625 | ) | (9,756,843 | ) | (1,420,623 | ) | |||||||
Net loss | (1,300,675 | ) | (1,794,507 | ) | (2,810,436 | ) | (409,207 | ) | |||||||
Other comprehensive (loss)/income | |||||||||||||||
Foreign currency translation adjustment, net of nil tax | (68,497 | ) | 1,217 | 95,189 | 13,860 | ||||||||||
Total other comprehensive (loss)/income | (68,497 | ) | 1,217 | 95,189 | 13,860 | ||||||||||
Total comprehensive loss | (1,369,172 | ) | (1,793,290 | ) | (2,715,247 | ) | (395,347 | ) | |||||||
Accretion on convertible redeemable preferred shares to redemption value | (352,892 | ) | (4,323,154 | ) | (6,923,008 | ) | (1,008,009 | ) | |||||||
Accretion on redeemable non-controlling interests to redemption value | - | - | (31,399 | ) | (4,572 | ) | |||||||||
Net loss attributable to non-controlling interests | 5,102 | 7,036 | 8,000 | 1,165 | |||||||||||
Comprehensive loss attributable to | |||||||||||||||
ordinary shareholders of NIO Inc. | (1,716,962 | ) | (6,109,408 | ) | (9,661,654 | ) | (1,406,763 | ) | |||||||
Weighted average number of ordinary shares used | |||||||||||||||
in computing net loss per share, basic and diluted | 21,841,382 | 29,818,067 | 229,083,029 | 229,083,029 | |||||||||||
Weighted average number of ADS used in | |||||||||||||||
computing net loss per share, basic and diluted | — | — | 229,083,029 | 229,083,029 | |||||||||||
Net loss per share attributable to | |||||||||||||||
ordinary shareholders, basic and diluted | (75.47 | ) | (204.93 | ) | (42.59 | ) | (6.20 | ) | |||||||
Net loss per ADS attributable to | |||||||||||||||
ordinary shareholders, basic and diluted | — | — | (42.59 | ) | (6.20 | ) | |||||||||
Note: All translations from RMB to USD were made at the rate of RMB6.8680 to US$1.00, the noon buying rate in effect on September 28, 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 percentage and per share data) | ||||||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||||||||||
Revenue | Adjustment | Revenue | Result | Revenue | ||||||||||||||
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 | % | |||||||
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 | ) | |||||||||||||
Net loss per ADS attributable to ordinary shareholders, basic and diluted (USD) | (6.20 | ) | 4.69 | (1.51 | ) | |||||||||||||
Three Months Ended June 30, 2018 | ||||||||||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||||||||||
Revenue | Adjustment | Revenue | Result | Revenue | ||||||||||||||
Share-based compensation included in Cost of sales and Operating expenses is as follows: | ||||||||||||||||||
Cost of sales | (199,179 | ) | -433.1 | % | - | 0.0 | % | (199,179 | ) | -433.1 | % | |||||||
Research and development expenses | (765,205 | ) | -1,663.8 | % | 3,498 | 7.6 | % | (761,707 | ) | -1,656.2 | % | |||||||
Selling, general and administrative expenses | (956,568 | ) | -2,079.9 | % | 59,946 | 130.3 | % | (896,622 | ) | -1,949.6 | % | |||||||
Total | (1,920,952 | ) | -4,176.8 | % | 63,444 | 137.9 | % | (1,857,508 | ) | -4,038.9 | % | |||||||
Loss from operations | (1,874,961 | ) | -4,076.8 | % | 63,444 | 137.9 | % | (1,811,517 | ) | -3,938.9 | % | |||||||
Accretion on convertible redeemable preferred shares to redemption value | (4,323,154 | ) | -9,400.0 | % | 4,323,154 | 9,400.0 | % | - | 0.0 | % | ||||||||
Net loss attributable to ordinary shareholders of NIO Inc. | (6,110,625 | ) | -13,286.6 | % | 4,386,598 | 9,537.9 | % | (1,724,027 | ) | -3,748.6 | % | |||||||
Net loss per share attributable to ordinary shareholders, basic and diluted (RMB) | (204.93 | ) | 147.11 | (57.82 | ) | |||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||||||||||
Revenue | Adjustment | Revenue | Result | Revenue | ||||||||||||||
Share-based compensation included in Cost of sales and Operating expenses is as follows: | ||||||||||||||||||
Cost of sales | - | — | - | — | - | — | ||||||||||||
Research and development expenses | (747,209 | ) | — | 4,075 | — | (743,134 | ) | — | ||||||||||
Selling, general and administrative expenses | (540,648 | ) | — | 13,348 | — | (527,300 | ) | — | ||||||||||
Total | (1,287,857 | ) | — | 17,423 | — | (1,270,434 | ) | — | ||||||||||
Loss from operations | (1,287,857 | ) | — | 17,423 | — | (1,270,434 | ) | — | ||||||||||
Accretion on convertible redeemable preferred shares to redemption value | (352,892 | ) | — | 352,892 | — | - | — | |||||||||||
Net loss attributable to ordinary shareholders of NIO Inc. | (1,648,465 | ) | — | 370,315 | — | (1,278,150 | ) | — | ||||||||||
Net loss per share attributable to ordinary shareholders, basic and diluted (RMB) | (75.47 | ) | 16.95 | (58.52 | ) | |||||||||||||
Note: All translations from RMB to USD were made at the rate of RMB6.8680 to US$1.00, the noon buying rate in effect on September 28, 2018 in the H.10 statistical release of the Federal Reserve Board. | ||||||||||||||||||