XPeng Reports Third Quarter 2021 Unaudited Financial Results

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

 

31 December,

 

As of

30 September,

 

 

30 September,

2020
(audited)
RMB

 

2021
(unaudited)
RMB

 

2021
(unaudited)
USD

Assets

 

 

 

 

 

Current assets
Cash and cash equivalents

 

29,209,388

 

 

15,393,548

 

 

2,389,041

Restricted cash

2,332,145

 

829,652

 

128,760

Short-term deposits

979,897

 

23,201,524

 

3,600,820

Short-term investments

2,820,711

 

3,393,298

 

526,632

Derivative assets-current

105,183

 

5,037

 

782

Accounts receivable, net

1,128,892

 

2,072,972

 

321,720

Current portion of finance lease
   receivables, net

 

156,069

 

 

573,879

 

 

89,065

Inventory

1,343,025

 

2,306,979

 

358,038

Amounts due from related parties

682

 

22,456

 

3,485

Prepayments and other current assets

1,603,286

 

2,467,881

 

383,005

 

Total current assets

 

39,679,278

 

 

50,267,226

 

 

7,801,348

 

 

 

 

 

 

Non-current assets

 

 

 

Property, plant and equipment, net

3,081,502

4,551,409

706,368

Right-of-use assets

461,184

 

1,250,949

 

194,144

Intangible assets, net

607,781

 

856,911

 

132,991

Land use rights, net

249,934

 

598,578

 

92,898

Finance lease receivables, net

397,467

 

1,333,751

 

206,995

Long-term deposits

 

2,539,886

 

394,184

Other non-current assets

228,633

 

152,444

 

23,659

Long-term investments

1,000

 

44,830

 

6,958

 

Total non-current assets

 

5,027,501

 

 

11,328,758

 

 

1,758,197

 

Total assets

 

44,706,779

 

 

61,595,984

 

 

9,559,545

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for share and per share data)

 

 

 

31 December,

As of

30 September,

 

30 September,

2020
(audited)
RMB

2021
(unaudited)
RMB

2021
(unaudited)
USD

Liabilities

 

 

 

Current liabilities

 

 

 

Short-term borrowings

127,900

57,000

8,846

Accounts and notes payable

5,111,745

8,840,669

1,372,050

Amount due to a related party

12,062

19,371

3,006

Current portion of lease liabilities

119,565

328,604

50,999

Current portion of deferred revenue

163,617

223,473

34,682

Current portion of long-term borrowings

45,000

Accruals and other liabilities

2,256,165

3,516,042

545,681

Income taxes payable

1,209

 

 

 

 

Total current liabilities

7,837,263

12,985,159

2,015,264

 

 

 

 

Non-current liabilities

 

Long-term borrowings

1,645,000

1,323,656

205,428

Lease liabilities — non current

352,501

922,528

143,174

Deferred revenue

144,767

383,089

59,454

Other non-current liabilities

297,439

2,067,996

320,948

 

 

 

 

Total non-current liabilities

2,439,707

4,697,269

729,004

 

 

 

 

Total liabilities

10,276,970

17,682,428

2,744,268

 

 

 

 

Shareholder’s equity

 

 

 

Class A Ordinary shares

63

87

14

Class B Ordinary shares

26

25

4

Class C Ordinary shares

12

Additional paid in capital

46,482,512

59,891,688

9,295,044

Accumulated other comprehensive loss

(730,381)

(1,079,890)

(167,596)

Accumulated deficit

(11,322,423)

(14,898,354)

(2,312,189)

 

 

 

 

Total shareholders’ equity

34,429,809

43,913,556

6,815,277

 

 

 

 

Noncontrolling interests

 

 

 

 

Total shareholders’ equity

34,429,809

43,913,556

6,815,277

 

 

 

 

Total liabilities, mezzanine equity and
   shareholders’ equity

44,706,779

61,595,984

9,559,545

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,

June 30,

September 30,

September 30,

 

2020
(unaudited)

2021
(unaudited)

2021
(unaudited)

2021
(unaudited)

RMB

RMB

RMB

USD

Revenues

 

 

 

 

— Vehicle sales

1,898,041

 

3,584,364

 

5,460,063

 

847,388

 

— Services and others

92,078

 

176,915

 

259,855

 

40,329

 

 

Total revenues

1,990,119

 

3,761,279

 

5,719,918

 

887,717

 

 

Cost of sales

 

 

 

 

— Vehicle sales

(1,836,756

)

(3,191,489

)

(4,718,809

)

(732,348

)

— Services and others

(61,822

)

(121,210

)

(180,285

)

(27,980

)

 

Total cost of sales

(1,898,578

)

(3,312,699

)

(4,899,094

)

(760,328

)

 

Gross profit

91,541

 

448,580

 

820,824

 

127,389

 

 

Operating expenses

 

 

 

 

Research and development

 

 

 

 

   expenses

(635,373

)

(863,524

)

(1,264,240

)

(196,207

)

Selling, general and administrative

 

 

 

 

   expenses

(1,203,792

)

(1,030,767

)

(1,538,420

)

(238,759

)

 

Total operating expenses

(1,839,165

)

(1,894,291

)

(2,802,660

)

(434,966

)

 

Other income

3,440

 

2,546

 

179,196

 

27,811

 

 

Loss from operations

(1,744,184

)

(1,443,165

)

(1,802,640

)

(279,766

)

 

Interest income

23,216

 

150,029

 

193,888

 

30,091

 

Interest expense

(3,926

)

(24,006

)

(16,347

)

(2,537

)

Fair value gain on derivative

 

 

 

 

   liabilities

620,209

 

77,790

 

30,190

 

4,685

 

Other non-operating (loss)/income,

   net

(44,070

)

44,783

 

411

 

64

 

 

Loss before income taxes

(1,148,755

)

(1,194,569

)

(1,594,498

)

(247,463

)

 

Income tax expenses

(6

)

 

(303

)

(47

)

 

Net loss

(1,148,761

)

(1,194,569

)

(1,594,801

)

(247,510

)

 

Accretion on Preferred Shares to

 

 

 

 

   redemption value

(877,007

)

 

 

 

 

Net loss attributable to ordinary

 

 

 

 

   shareholders of XPeng Inc.

(2,025,768

)

(1,194,569

)

(1,594,801

)

(247,510

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS) (CONTINUED)

(All amounts in thousands, except for share and per share data)

 

Three Months Ended

September 30,

June 30,

September 30,

September 30,

 

2020
(unaudited)

2021
(unaudited)

2021
(unaudited)

2021
(unaudited)

 

RMB

RMB

RMB

USD

Net loss

(1,148,761)

(1,194,569)

(1,594,801)

(247,510)

Other comprehensive loss

 

 

 

 

Foreign currency translation

 

 

 

 

   adjustment, net of nil tax

(143,220)

(424,123)

(26,478)

(4,109)

Total comprehensive loss

(1,291,981)

(1,618,692)

(1,621,279)

(251,619)

 

 

 

 

 

Accretion on Preferred Shares to
   redemption value

(877,007)

 

 

 

 

 

Comprehensive loss attributable
to ordinary shareholders of
   XPeng Inc.

(2,168,988)

(1,618,692)

(1,621,279)

(251,619)

 

 

Weighted average number
   of ordinary shares used in

   computing net loss per share
Basic and diluted

 

799,364,696

 

1,592,387,877

 

1,689,885,370

 

1,689,885,370

 

Net loss per share attributable to
   ordinary shareholders
Basic and diluted

(2.53)

(0.75)

(0.94)

(0.15)

 

Weighted average number of
   ADS used in computing net loss
   per share
Basic and diluted

399,682,348

796,193,938

844,942,685

844,942,685

 

Net loss per ADS attributable to
   ordinary shareholders

 

 

 

 

Basic and diluted

(5.07)

(1.50)

(1.89)

(0.29)

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,

 

June 30,

 

September 30,

 

September 30,

 

 

2020
(unaudited)

 

2021
(unaudited)

 

2021
(unaudited)

 

2021
(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Loss from operations

 

(1,744,184

)

 

(1,443,165

)

 

(1,802,640

)

 

(279,766

)

Share-based compensation

 

 

 

 

 

 

 

 

expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

         

Non-GAAP loss from operations

 

(822,574

)

 

(1,345,012

)

 

(1,699,967

)

 

(263,831

)

Net loss

 

(1,148,761

)

 

(1,194,569

)

 

(1,594,801

)

 

(247,510

)

Fair value gain of convertible

 

 

 

 

 

 

 

 

   redeemable preferred shares

 

(637,779

)

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

   expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

         

Non-GAAP net loss

 

(864,930

)

 

(1,096,416

)

 

(1,492,128

)

 

(231,575

)

         

Net loss attributable to ordinary

 

 

 

 

 

 

 

 

   shareholders

 

(2,025,768

)

 

(1,194,569

)

 

(1,594,801

)

 

(247,510

)

Fair value gain of convertible

 

 

 

 

 

 

 

 

   redeemable preferred shares

 

(637,779

)

 

 

 

 

 

 

Share-based compensation

   

 

 

 

 

 

   expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

Accretion on Preferred Shares to

   

 

 

 

 

 

   redemption value

 

877,007

 

 

 

 

 

 

 

 

Non-GAAP net loss attributable

 

 

 

 

 

 

 

 

to ordinary shareholders of

 

 

 

 

 

 

 

 

XPeng Inc.

 

(864,930

)

 

(1,096,416

)

 

(1,492,128

)

 

(231,575

)

         

Weighted average number
   of ordinary shares used in

   calculating Non-GAAP net loss
   per share
Basic and diluted

 

799,364,696

 

 

1,592,387,877

 

 

1,689,885,370

 

 

1,689,885,370

 

         

Non-GAAP net loss per ordinary
   share
Basic and diluted

 

(1.08

)

 

(0.69

)

 

(0.88

)

 

(0.14

)

         

Weighted average number of
   ADS used in calculating
   Non-GAAP net loss per share
Basic and diluted

 

399,682,348

 

 

796,193,938

 

 

844,942,685

 

 

844,942,685

 

         

Non-GAAP net loss per ADS
Basic and diluted

 

(2.16

)

 

(1.38

)

 

(1.77

)

 

(0.27

)


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