XPeng Reports Third Quarter 2020 Unaudited Financial Results
XPeng Inc. (XPEV) announced its third-quarter financial results for 2020, showcasing a 342.5% increase in total revenues to RMB1,990.1 million (US$293.1 million) from RMB449.7 million in Q3 2019. Vehicle deliveries surged 265.8% year-over-year to 8,578 units, with the P7 model accounting for 6,210 of those deliveries. However, the company reported a net loss of RMB1,148.8 million (US$169.2 million). Looking ahead, XPeng anticipates approximately 10,000 vehicle deliveries and revenues of RMB2,200 million in Q4 2020, reflecting significant growth expectations.
- Total revenues increased by 342.5% year-over-year to RMB1,990.1 million.
- Vehicle deliveries reached 8,578 units, a 265.8% increase from Q3 2019.
- Achieved a gross margin of 4.6%, compared to negative 10.1% in Q3 2019.
- Strong cash position with RMB19,998.4 million (US$2,945.4 million) as of September 30, 2020.
- Guidance for Q4 2020 includes approximately 10,000 vehicle deliveries, up 210.8% year-over-year.
- Net loss increased to RMB1,148.8 million (US$169.2 million) compared to RMB776.3 million in Q3 2019.
- R&D expenses rose significantly, impacting profitability amid growth.
GUANGZHOU, China--(BUSINESS WIRE)--XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Third Quarter 2020 Operational Highlights
-
Deliveries of vehicles reached 8,578, representing an increase of
265.8% from 2,345 in the third quarter of 2019 and an increase of165.7% from 3,228 in the second quarter of 2020. - Deliveries of the P71 reached 6,210, compared with 325 in the second quarter of 2020.
-
Among the total P7s delivered for the quarter,
98% can support XPILOT 2.5 or XPILOT 3.0. - As of September 30, 2020, XPeng’s physical sales and service network consisted of a total of 116 stores and 50 service centers, covering 58 cities.
- As of September 30, 2020, Xpeng-branded super charging stations expanded to 135, covering 50 cities.
1 XPeng started mass delivery of the P7 in late June 2020.
Third Quarter 2020 Financial Highlights
-
Total revenues were RMB1,990.1 million (US
$293.1 million ) for the third quarter of 2020, representing an increase of342.5% from RMB449.7 million for the same period of 2019 and an increase of236.9% from RMB590.8 million for the second quarter of 2020. -
Revenues from vehicle sales were RMB1,898.0 million (US
$279.6 million ) for the third quarter of 2020, representing an increase of376.0% from RMB398.8 million for the same period of 2019, and an increase of250.8% from RMB541.1 million for the second quarter of 2020. -
Gross margin was
4.6% for the third quarter of 2020, compared with negative10.1% for the same period of 2019 and negative2.7% for the second quarter of 2020. -
Vehicle margin, which is gross profit or gross loss of vehicle sales as a percentage of revenues from vehicle sales, was
3.2% for the third quarter of 2020, compared to negative10.8% for the same period of 2019 and negative5.6% for the second quarter of 2020. -
Net loss was RMB1,148.8 million (US
$169.2 million ) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB864.9 million (US$127.4 million ) in the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020. -
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US
$298.4 million ) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020. Fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value were non-cash events and will no longer recur after the listing of the Company on the New York Stock Exchange on August 27, 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB864.9 million (US$127.4 million ) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020. -
Basic and diluted net loss per American depositary share (ADS) were both RMB5.07 (US
$0.75) for the third quarter of 2020. Non-GAAP basic and diluted net loss per ADS were both RMB2.16 (US$0.32) for the third quarter of 2020. Each ADS represents two Class A ordinary shares. -
Cash and cash equivalents, restricted cash and short-term investments were RMB19,998.4 million (US
$2,945.4 million ) as of September 30, 2020.
“In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.
“Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy,” Mr. He concluded.
Following its official launch in April this year, P7 deliveries helped to more than triple the total Smart EV delivery number in the third quarter, fueling a
“The robust results we achieved in the third quarter, from delivery numbers, production ramp-up, and advancement in R&D, to expansion plans for the new factory and overseas business, reflect the strong market appeal of our products, the resonance of our strategy, and our ability to adeptly execute our operational plan,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Achieving our first positive gross profit also underscores our growth and our ability to realize economies of scale.”
Closing Initial Public Offering (“IPO”)
The Company closed its initial public offering of 114,693,333 American depositary shares ("ADSs"), each representing two Class A ordinary shares, on August 31, 2020. At a price to the public of US
Recent Developments
Deliveries in October 2020
Total Smart EV deliveries reached 3,040 units in October 2020, representing a
New Smart EV Manufacturing Base
On September 28, 2020, the Company announced the cooperation agreement (“Cooperation Agreement”) with Guangzhou GET Investment Holdings Co., Ltd, a wholly owned investment company of Guangzhou Economic and Technological Development Zone (“GETDZ”), for developing and building a new Smart EV manufacturing base (“Smart EV Manufacturing Base”) for XPeng in Guangzhou. Pursuant to the cooperation agreement, Guangzhou GET Investment will invest RMB4 billion to support the development and construction of the Smart EV Manufacturing Base in the GETDZ.
The Smart EV Manufacturing Base is expected to commence production by December 2022 and will provide a comprehensive range of facilities for R&D, manufacturing, vehicle testing, sales and other smart mobility functions.
The Cooperation Agreement marks another milestone in XPeng’s strategy to expand its manufacturing capabilities, and bolsters the Company’s leadership position in the Smart EV market. In addition to its wholly owned plant in Zhaoqing, Guangdong province, which has an annual production capacity of 100,000 units, XPeng’s new Smart EV Manufacturing Base in Guangzhou will significantly expand the Company’s production capacity and accelerate XPeng’s momentum to achieve its goals in innovation, technological advancement and growth.
XPeng 2020 Tech Day
On October 24, 2020, XPeng held its second annual Tech Day where it showcased its differentiated end-to-end R&D capabilities, featuring an array of cutting-edge autonomous driving and in-car smart technologies. These innovative features include Navigation Guided Pilot (NGP) for highways and memory auto parking for carparks, both are features of XPILOT 3.0, our upcoming advanced autonomous driving system. In conjunction with this event, XPeng also launched another OTA upgrade to its Xmart OS operating system, which features a prominent in-car voice system that is able to engage in continuous driver-vehicle dialogues.
Third Quarter 2020 Unaudited Financial Results
Total revenues were RMB1,990.1 million (US
Revenues from vehicle sales were RMB1,898.0 million (US
Revenues from services and others were RMB92.1 million (US
Cost of sales was RMB1,898.6 million (US
Gross margin was
Vehicle margin was
Research and development expenses were RMB635.4 million (US
Selling, general and administrative expenses were RMB1,203.8 million (US
Loss from operations was RMB1,744.2 million (US
Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB822.6 million (US
Net loss was RMB1,148.8 million (US
Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB864.9 million (US
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB864.9 million (US
Basic and diluted net loss per ADS were both RMB5.07 (US
Non-GAAP basic and diluted net loss per ADS were both RMB2.16 (US
Balance Sheets
As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB19,998.4 million (US
Business Outlook
For the fourth quarter of 2020, the Company expects:
-
Deliveries of vehicles to be approximately 10,000 vehicles, representing a year-over-year increase of approximately
210.8% . -
Total revenues to be approximately RMB2,200 million, representing a year-over-year increase of approximately
243.7% .
The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 12, 2020 (9:00 PM Beijing/Hong Kong time on November 12, 2020).
Dial-in details for the earnings conference call are as follows:
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United States: |
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+1-833-350-1333 |
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United Kingdom |
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+44-0203-547-8612 |
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International: |
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+1-236-389-2427 |
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Hong Kong, China: |
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+852-3012-6671 |
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Mainland China: |
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400-820-9391 |
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Conference ID: |
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7269200 |
Participants should dial-in at least 5 minutes before the scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 19, 2020, by dialing the following telephone numbers:
United States: |
+1-800-585-8367 |
|
International: |
+1-416-621-4642 |
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Replay Access Code: |
7269200 |
About XPeng Inc.
XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, 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, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares 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 Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7896 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs 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: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data)
|
|
As of |
||||
|
|
December 31, 2019 |
|
September 30, 2020 |
|
September 30, 2020 |
|
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
RMB |
|
RMB |
|
USD |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
1,946,931 |
|
12,221,210 |
|
1,799,990 |
Restricted cash |
|
460,812 |
|
2,008,811 |
|
295,866 |
Short-term investments |
|
407,844 |
|
5,768,347 |
|
849,586 |
Accounts receivable, net |
|
539,199 |
|
893,567 |
|
131,608 |
Current portion of finance lease
|
|
45,836 |
|
61,649 |
|
9,080 |
Inventory |
|
454,116 |
|
860,919 |
|
126,800 |
Amounts due from related parties |
|
22,605 |
|
8,441 |
|
1,243 |
Prepayments and other current assets |
|
1,083,307 |
|
1,438,787 |
|
211,910 |
Total current assets |
|
4,960,650 |
|
23,261,731 |
|
3,426,083 |
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Property, plant and equipment, net |
|
3,229,952 |
|
3,107,556 |
|
457,694 |
Right-of-use assets |
|
440,097 |
|
402,641 |
|
59,303 |
Intangible assets, net |
|
117,932 |
|
607,340 |
|
89,452 |
Land use rights, net |
|
255,257 |
|
251,265 |
|
37,007 |
Finance lease receivables, net |
|
109,965 |
|
104,154 |
|
15,340 |
Other non-current assets |
|
137,512 |
|
60,905 |
|
8,970 |
Long-term investments |
|
- |
|
1,000 |
|
147 |
Total non-current assets |
|
4,290,715 |
|
4,534,861 |
|
667,913 |
Total assets |
|
9,251,365 |
|
27,796,592 |
|
4,093,996 |
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share and per share data)
|
|
As of |
||||
|
|
December 31, 2019 |
|
September 30, 2020 |
|
September 30, 2020 |
|
|
(audited) |
|
(unaudited) |
|
(unaudited) |
|
|
RMB |
|
RMB |
|
USD |
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term borrowings |
|
419,950 |
|
227,900 |
|
33,566 |
Accounts and notes payable |
|
953,946 |
|
3,491,965 |
|
514,311 |
Amount due to a related party |
|
678 |
|
8,301 |
|
1,223 |
Current portion of lease liabilities |
|
90,740 |
|
100,174 |
|
14,754 |
Current portion of deferred revenue |
|
16,382 |
|
72,034 |
|
10,609 |
Current portion of long-term
|
|
60,000 |
|
52,500 |
|
7,732 |
Accruals and other liabilities |
|
1,755,995 |
|
1,979,582 |
|
291,562 |
Total current liabilities |
|
3,297,691 |
|
5,932,456 |
|
873,757 |
Non-current liabilities |
|
|
|
|
|
|
Long-term borrowings |
|
1,690,000 |
|
1,667,490 |
|
245,595 |
Lease liabilities |
|
361,404 |
|
309,065 |
|
45,520 |
Deferred revenue |
|
69,116 |
|
85,157 |
|
12,542 |
Other non-current liabilities |
|
73,015 |
|
56,844 |
|
8,372 |
Derivative liabilities |
|
897,091 |
|
17,570 |
|
2,588 |
Total non-current liabilities |
|
3,090,626 |
|
2,136,126 |
|
314,617 |
Total liabilities |
|
6,388,317 |
|
8,068,582 |
|
1,188,374 |
|
|
|
|
|
|
|
Mezzanine Equity |
|
|
|
|
|
|
Convertible redeemable preferred
|
|
9,693,478 |
|
- |
|
- |
Total mezzanine equity |
|
9,693,478 |
|
- |
|
- |
|
|
|
|
|
|
|
Shareholder's equity |
|
|
|
|
|
|
Class A Ordinary shares |
|
2 |
|
56 |
|
8 |
Class B Ordinary shares |
|
19 |
|
26 |
|
4 |
Class C Ordinary shares |
- |
|
12 |
|
2 |
|
Additional paid in capital |
- |
|
30,427,485 |
|
4,481,484 |
|
Accumulated other comprehensive
|
(5,948) |
|
(164,567) |
|
(24,238) |
|
Accumulated deficit |
(6,824,503) |
|
(10,535,002) |
|
(1,551,638) |
|
Total shareholders' equity |
|
(6,830,430) |
|
19,728,010 |
|
2,905,622 |
Noncontrolling interests |
|
- |
|
- |
|
- |
Total shareholders' equity |
|
(6,830,430) |
|
19,728,010 |
|
2,905,622 |
Total liabilities, mezzanine equity
|
|
9,251,365 |
|
27,796,592 |
|
4,093,996 |
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except for share and per share data)
|
|
Three Months Ended |
|||||||
|
|
September 30, 2019 |
|
June 30, 2020 |
|
September 30, 2020 |
|
September 30, 2020 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
-Vehicle sales |
|
398,775 |
|
541,118 |
|
1,898,041 |
|
279,551 |
|
-Services and others |
|
50,942 |
|
49,663 |
|
92,078 |
|
13,562 |
|
Total revenues |
|
449,717 |
|
590,781 |
|
1,990,119 |
|
293,113 |
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
|
|
|
|
-Vehicle sales |
|
(441,728) |
|
(571,400) |
|
(1,836,756) |
|
(270,525) |
|
-Services and others |
|
(53,293) |
|
(35,624) |
|
(61,822) |
|
(9,105) |
|
Total cost of sales |
|
(495,021) |
|
(607,024) |
|
(1,898,578) |
|
(279,630) |
|
|
|
|
|
|
|
|
|
|
|
Gross loss |
|
(45,304) |
|
(16,243) |
|
91,541 |
|
13,483 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
(435,002) |
|
(319,796) |
|
(635,373) |
|
(93,580) |
|
Selling, general and administrative
|
|
(286,049) |
|
(477,149) |
|
(1,203,792) |
|
(177,299) |
|
Total operating expenses |
|
(721,051) |
|
(796,945) |
|
(1,839,165) |
|
(270,879) |
|
Other income |
|
4,808 |
|
34,096 |
|
3,440 |
|
507 |
|
Loss from operations |
|
(761,547) |
|
(779,092) |
|
(1,744,184) |
|
(256,889) |
|
Interest income |
|
22,575 |
|
10,295 |
|
23,216 |
|
3,419 |
|
Interest expense |
|
(10,468) |
|
(7,676) |
|
(3,926) |
|
(578) |
|
Fair value (loss)/gain on derivative
|
|
(25,364) |
|
623,410 |
|
620,209 |
|
91,347 |
|
Other non-operating (loss)/income, net |
|
(1,472) |
|
7,021 |
|
(44,070) |
|
(6,491) |
|
Loss before income taxes |
|
(776,276) |
|
(146,042) |
|
(1,148,755) |
|
(169,192) |
|
Income tax expenses |
|
- |
|
- |
|
(6) |
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(776,276) |
|
(146,042) |
|
(1,148,761) |
|
(169,193) |
|
Accretion on Preferred Shares to redemption value |
|
(206,328) |
|
(995,444) |
|
(877,007) |
|
(129,169) |
|
Net loss attributable to ordinary shareholders of XPeng Inc. |
|
(982,604) |
|
(1,141,486) |
|
(2,025,768) |
|
(298,362) |
|
Net loss |
|
(776,276) |
|
(146,042) |
|
(1,148,761) |
|
(169,193) |
|
Other comprehensive loss |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
|
30,621 |
|
(3,423) |
|
(143,220) |
|
(21,094) |
|
Total other comprehensive loss |
|
30,621 |
|
(3,423) |
|
(143,220) |
|
(21,094) |
|
Total comprehensive loss |
|
(745,655) |
|
(149,465) |
|
(1,291,981) |
|
(190,287) |
|
|
|
|
|
|
|
|
|
|
|
Accretion on Preferred Shares to redemption value |
|
(206,328) |
|
(995,444) |
|
(877,007) |
|
(129,169) |
|
Comprehensive loss attributable to ordinary shareholders of XPeng Inc. |
|
(951,983) |
|
(1,144,909) |
|
(2,168,988) |
|
(319,456) |
|
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except for share and per share data)
|
|
Three Months Ended |
||||||
|
|
September 30, 2019 |
|
June 30, 2020 |
|
September 30, 2020 |
|
September 30, 2020 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
Weighted average number of ordinary shares used in computing net loss per share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
349,414,050 |
|
362,747,375 |
|
799,364,696 |
|
799,364,696 |
|
|
|
|
|
|
|
|
|
Net loss per share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
Basic and diluted |
|
(2.81) |
|
(3.15) |
|
(2.53) |
|
(0.37) |
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in computing net loss per ADS |
|
|
|
|
|
|
|
|
Basic and diluted |
|
174,707,025 |
|
181,373,688 |
|
399,682,348 |
|
399,682,348 |
|
|
|
|
|
|
|
|
|
Net loss per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
Basic and diluted |
|
(5.62) |
|
(6.29) |
|
(5.07) |
|
(0.75) |
XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share and per share data)
|
|
Three Months Ended |
||||||
|
|
September 30, 2019 |
|
June 30, 2020 |
|
September 30, 2020 |
|
September 30, 2020 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
Loss from operations |
|
(761,547) |
|
(779,092) |
|
(1,744,184) |
|
(256,889) |
Share-based compensation expenses |
|
130 |
|
- |
|
921,610 |
|
135,738 |
Non-GAAP loss from operations |
|
(761,417) |
|
(779,092) |
|
(822,574) |
|
(121,151) |
Net loss |
|
(776,276) |
|
(146,042) |
|
(1,148,761) |
|
(169,193) |
Fair value change on derivative liabilities |
|
25,364 |
|
(623,410) |
|
(637,779) |
|
(93,935) |
Share-based compensation expenses |
|
130 |
|
- |
|
921,610 |
|
135,738 |
Non-GAAP net (loss)/Gain |
|
(750,782) |
|
(769,452) |
|
(864,930) |
|
(127,390) |
|
|
|
|
|
|
|
|
|
Net loss attributable to ordinary shareholders |
|
(982,604) |
|
(1,141,486) |
|
(2,025,768) |
|
(298,362) |
Fair value change on derivative liabilities |
|
25,364 |
|
(623,410) |
|
(637,779) |
|
(93,935) |
Share-based compensation expenses |
|
130 |
|
- |
|
921,610 |
|
135,738 |
Accretion on Preferred Shares to redemption value |
|
206,328 |
|
995,444 |
|
877,007 |
|
129,169 |
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. |
|
(750,782) |
|
(769,452) |
|
(864,930) |
|
(127,390) |
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
349,414,050 |
|
362,747,375 |
|
799,364,696 |
|
799,364,696 |
Non-GAAP net loss per ordinary share |
|
|
|
|
|
|
|
|
Basic and diluted |
|
(2.15) |
|
(2.12) |
|
(1.08) |
|
(0.16) |
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | ||||||||
Basic and diluted | 174,707,025 |
181,373,688 |
399,682,348 |
399,682,348 |
||||
Non-GAAP net loss per ADS | ||||||||
Basic and diluted | (4.30) |
(4.24) |
(2.16) |
(0.32) |