EHang Reports Third Quarter 2020 Unaudited Financial Results

Nachrichtenquelle: globenewswire
03.12.2020, 12:00  |  584   |   |   

- Achieved Record High Quarterly Revenues and Gross Profit
- Maintained Stable and High Gross Margin
- Attained Second Quarter of Adjusted Operating Profitability

GUANGZHOU, China, Dec. 03, 2020 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (AAV) technology platform company, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

Financial and Operational Highlights

  • Total revenues were RMB71.0 million (US$10.5 million), up 104.3% year over year, with growth across the main revenue streams.
     
  • Gross margin was 59.2%, an increase of 4.3 percentage points year over year, driven by optimized cost structure of certain products and the change in revenue mix. Gross profit was RMB42.0 million (US$6.2 million), an increase of 120.3% year over year.
     
  • Operating loss was RMB1.8 million (US$0.3 million), shrinking from an operating loss of RMB10.6 million in the third quarter of 2019.
     
  • Adjusted operating profit1 (non-GAAP) was achieved again at RMB4.5 million (US$0.7 million), turning around from an adjusted operating loss of RMB7.4 million in the third quarter of 2019.
     
  • Net loss was RMB1.1 million (US$0.2 million), narrrowing from net loss of RMB10.2 million in the third quarter of 2019.
     
  • Adjusted net income2 (non-GAAP) was achieved again at RMB5.3 million (US$0.8 million), turning around from an adjusted net loss of RMB7.0 million in the third quarter of 2019.
     
  • Sales of the EH216, the Company’s flagship passenger-grade AAV, reached 23 units in the third quarter of 2020 versus 18 units in the third quarter of 2019. Of the 23 units, 2 were the newly launched EH216F.

Business Highlights

  • Launched the EH216F AAV and intelligent aerial firefighting solution: In July, EHang introduced the EH216F, the firefighting version of EH216.  The EH216F is the world’s first large-payload AAV for high-rise aerial firefighting.  With a peak altitude of up to 600 meters, it is superior to conventional extinguisher equipment for high-rise fires. Given significant market demand, it has attracted strong interest from emergency management departments and fire departments at national and local level in China.
     
  • Unveiled the heavy-lift EH216L AAV for aerial logistics: In September, EHang unveiled another new product, the aerial logistics version of EH216 named the EH216L.  The EH216L is a multi-rotor AAV with the record payload capacity.  This model opens up more commercial opportunities for various urban and rural aerial logistics uses that require frequent and point-to-point deliveries.
     
  • Capacity expansion to meet high demand for AAVs in China: In July, EHang announced that it will build a new AAV production facility in Yunfu, Guangdong.  This factory expands upon the current facility in Guangzhou and will support the growth of the air mobility business in China with a planned initial capacity of 600 units of passenger-grade AAVs per annum.  The Yunfu factory is designed to be an industry-leading AAV production center and will feature an R&D facility and a training center for air mobility.
     
  • Obtained the first operational flight permit for passenger-grade AAVs in North America: In July, the EH216 was awarded a Special Flight Operations Certificate issued by the Transport Canada Civil Aviation with which trial flights have been permitted and are routinely conducted in Québec province, Canada.
     
  • Joined an international project to develop an air ambulance: In August 2020, EHang was selected to join Ambular, an important international project supported by the International Civil Aviation Organization, which is dedicated to the development of a flying ambulance for emergency medical uses.

Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented: “In the third quarter we had significant growth in revenues and gross profit, both year-over-year and quarter-over-quarter.  Notably, we have attained positive quarterly operating profitability on an adjusted basis again since last time in the fourth quarter of 2019.  This reflects our improving business operations despite the impact of COVID-19 around the world.”

Hu continued, “We are excited by the launch of two new products based on the cutting-edge EH216 passenger-grade AAV technology platform.  The EH216F and the EH216L are designed to meet strong market demand for high-rise firefighting solutions and heavy-lift aerial logistics solutions.  Both are expected to drive revenue growth in the years to come.  With increasing demand and stronger government emphasis on supporting the development of urban air mobility and unmanned civil aviation in China, we have started to ramp up our production capacity with the new facility in Yunfu. This is an important step forward as we get ourselves ready for the next phase of growth.”

“We are confident in our long-term growth prospects.  We are the recognized world leader in UAM. Further regulatory breakthroughs should drive faster growth of the global UAM market.  We are creating new use cases, increasing our air mobility operations, and most importantly, providing compelling and integrated technologies and solutions.  With the government support and relevant infrastructure upgrade, it is expected that we will receive the airworthiness certificate for EH216 in 2021 and start to provide commercial operation services,” concluded Mr. Hu.

Third Quarter 2020 Financial Results

Total Revenues

Total revenues were RMB71.0 million (US$10.5 million), up 104.3% year over year, with growth across the main revenue streams.  Air mobility solutions represented 49.0% of total revenues in the third quarter of 2020.  Sales of the EH216, the Company’s flagship passenger-grade AAV, reached 23 units, including 2 units of the EH216F, in the third quarter of 2020, compared with 18 units in the same period of 2019.

Costs of revenues

Costs of revenues were RMB29.0 million (US$4.3 million), up 84.8% year over year. The increase tracked growth in revenues.

Gross profit

Gross profit was RMB42.0 million (US$6.2 million), up 120.3% from RMB19.1 million in the third quarter of 2019.

Gross margin was 59.2%, up 4.3 percentage points from 54.9% in the third quarter of 2019. The steady increase in gross margin was mainly due to the optimization of cost structure of certain products and changes in revenue mix.

Operating expenses

Total operating expenses were RMB44.2 million (US$6.5 million), up 47.3% from RMB30.0 million in the third quarter of 2019. Operating expenses as a percentage of total revenues were 62.2%, 24.1 percentage points lower when compared with 86.3% in the third quarter of 2019. The increase in operating expenses were primarily due to higher research and development expenses related to continuous product development and increased general and administrative expenses.

  • Sales and marketing expenses were RMB8.4 million (US$1.2 million), up 35.4% from RMB6.2 million in the third quarter of 2019, as we expanded operations in European markets.
     
  • General and administration expenses were RMB16.0 million (US$2.4 million), up 65.5% from RMB9.7 million in the third quarter of 2019. The increase was mainly due to the additional expenses related to being a public company and prudent provisions related to potential COVID-19 impacts.
     
  • Research and development expenses were RMB19.8 million (US$2.9 million), up 40.0% from RMB14.1 million in the third quarter of 2019. The increase was mainly due to continued investment in new model development.  The Company had been preparing new versions of both passenger-grade AAV and non-passenger-grade AAV models, such as the newly-announced EH216F and EH216L as well as related operating systems with enhanced functionalities.

Adjusted operating expenses3 (non-GAAP)

Adjusted operating expenses were RMB37.9 million (US$5.6 million), representing an increase of 41.2% from RMB26.8 million in the third quarter of 2019. Adjusted operating expenses as a percentage of total revenues were 53.4%, compared with 77.3% in the third quarter of 2019.

Operating loss

Operating loss was RMB1.8 million (US$0.3 million), compared with operating loss of RMB10.6 million in the third quarter of 2019. Operating margin was negative 2.6%, compared with negative 30.5% in the third quarter of 2019. 

Adjusted operating profit/(loss) (non-GAAP)

Adjusted operating profit was achieved again with RMB4.5 million (US$0.7 million) compared with adjusted operating loss of RMB7.4 million in the third quarter of 2019. Adjusted operating margin was 6.4%, compared to negative 21.2% in the third quarter of 2019.

Net loss

Net loss was RMB1.1 million (US$0.2 million) compared with net loss of RMB10.2 million in the third quarter of 2019. Net margin was negative 1.5%, compared with negative 29.4% in the third quarter of 2019.

Adjusted net income/(loss) (non-GAAP)

Adjusted net income was achieved again with RMB5.3 million (US$0.8 million) compared with adjusted net loss of RMB7.0 million in the third quarter of 2019. Adjusted net margin was 7.4%, compared to negative 20.1% in the third quarter of 2019.

Adjusted net income attributable to EHang’s ordinary shareholders was RMB6.1 million (US$0.9 million) with an adjusted net margin of 8.6%, compared to negative 20.7% in the third quarter of 2019.

Earnings/(loss) per share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.002 (US$0.0004). Adjusted basic and diluted earnings per ordinary share4 (non-GAAP) were both RMB0.06 (US$0.01).

Basic and diluted net loss per ADS were both RMB0.004 (US$0.0008). Adjusted basic and diluted earnings per ADS5 (non-GAAP) were both RMB0.12 (US$0.02).

Business Outlook

Due to continuous uncertainties surrounding the impacts and duration of COVID-19 in China and international markets, the Company is adjusting its outlook to at least 50% annual revenues growth for full year 2020.  However, the Company has become more optimistic and confident in its long-term growth outlook given the increasing practical uses and demands for AAVs and stronger government emphasis on supporting the industry growth in the global UAM markets, especially in China. 

The above outlook is based on information available and market conditions as of the date of this press release and reflects the Company’s current and preliminary expectations, which are subject to change.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Thursday, December 3, 2020, U.S. Eastern Time (9:00 PM on December 3, 2020, Beijing/Hong Kong Time).

To join the conference, please register in advance using the link below. Conference access information will be provided upon registration.

Participant Online Registration: http://apac.directeventreg.com/registration/event/8538989

A replay of the conference call may be accessed by phone at the following numbers until December 11, 2020. To access the replay, please reference the conference ID 8538989.

  Phone Number
International +61 2 8199-0299
United States +1 (646) 254-3697
Hong Kong +852 800963117
Mainland China +86 4006322162
+86 8008700205

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world's leading autonomous aerial vehicle (AAV) technology platform company. EHang’s mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (UAM) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.

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. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management's control. These statements involve risks and uncertainties that may cause EHang's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Non-GAAP Financial Measures

The Company uses adjusted operating profit/(loss), adjusted net income/(loss), adjusted operating expenses, adjusted basic and diluted earnings/(loss) per ordinary share and adjusted basic and diluted earnings/(loss) per ADSs (the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands.

The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of items such as share-based compensation expenses that are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management members in their financial and operational decision-making.

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure, operating margin and net margin or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate

This press release 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 RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Investor Contact:
ir@ehang.com

In the U.S.: Julia@blueshirtgroup.com
In China: Susie@blueshirtgroup.com

Media Contact:
pr@ehang.com


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
         
    As of   As of
    December
31, 2019
  September
30, 2020
    RMB   RMB   US$
        (Unaudited)   (Unaudited)
ASSETS            
Current assets:            
Cash and cash equivalents   321,662   157,804   23,242
Short-term investments   7,674   84,696   12,474
Accounts receivable, net   41,103   137,253   20,215
Unbilled revenue   4,807   2,800   412
Cost and estimated earnings in excess of billings   14,212   3,722   548
Inventories   18,490   56,690   8,350
Prepayments and other current assets   20,565   22,450   3,307
Total current assets   428,513   465,415   68,548
             
Non-current assets:            
Property and equipment, net   16,272   12,266   1,807
Intangible assets, net   1,209   1,108   163
Long-term loans receivable   -   14,835   2,185
Long-term investments   2,983   2,919   430
Deferred tax assets   184   184   27
Other non-current assets   252   187   28
Total non-current assets   20,900   31,499   4,640
             
Total assets   449,413   496,914   73,188
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Current liabilities            
Short-term bank loans   5,000   15,000   2,209
Accounts payable   27,285   52,487   7,730
Contract liabilities   9,918   6,506   958
Accrued expenses and other liabilities   53,310   77,516   11,418
Deferred income   -   783   115
Deferred government subsidies   80   80   12
Income taxes payable   5   -   -
Total current liabilities   95,598   152,372   22,442
             
Non-current liabilities:            
Long-term loans   32,534   -   -
Mandatorily redeemable non-controlling interests   -   40,000   5,891
Deferred tax liabilities   292   292   43
Unrecognized tax benefit   5,494   5,314   783
Deferred income   -   3,297   486
Deferred government subsidies   140   80   12
Total non-current liabilities   38,460   48,983   7,215
             
Total liabilities   134,058   201,355   29,657
             




 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
         
    As of   As of
    December
31, 2019
  September
30, 2020
    RMB   RMB   US$
        (Unaudited)   (Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
(CONTINUED)
           
Shareholders’ equity:            
Class A ordinary shares   44     44     6  
Class B ordinary shares   28     28     5  
Additional paid-in capital   1,020,691     1,042,728     153,577  
Statutory reserves   1,035     1,035     152  
Accumulated deficit   (720,419 )   (758,852 )   (111,767 )
Accumulated other comprehensive income   10,195     7,537     1,110  
Total EHang Holdings Limited shareholders’ equity   311,574     292,520     43,083  
Non-controlling interests   3,781     3,039     448  
Total shareholders’ equity   315,355     295,559     43,531  
Total liabilities and shareholders’ equity   449,413     496,914     73,188  
                   


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”) except for number of shares and per share data)
 
    Three Months Ended   Nine Months Ended
    September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
    RMB   RMB   RMB US$   RMB   RMB US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Total revenues   34,745     35,700     70,980   10,454     67,130     125,498   18,484  
Costs of revenues   (15,674 )   (15,147 )   (28,958 ) (4,265 )   (29,108 )   (51,769 ) (7,625 )
Gross profit   19,071     20,553     42,022   6,189     38,022     73,729   10,859  
                         
Operating expenses:                        
Sales and marketing expenses   (6,162 )   (9,218 )   (8,344 ) (1,229 )   (18,698 )   (23,338 ) (3,437 )
General and administrative expenses   (9,692 )   (16,348 )   (16,044 ) (2,363 )   (27,584 )   (43,000 ) (6,333 )
Research and development expenses   (14,123 )   (17,870 )   (19,777 ) (2,913 )   (41,699 )   (54,307 ) (7,999 )
Total operating expenses   (29,977 )   (43,436 )   (44,165 ) (6,505 )   (87,981 )   (120,645 ) (17,769 )
                         
Other operating income   326     3,724     333   49     1,469     4,826   711  
Operating loss   (10,580 )   (19,159 )   (1,810 ) (267 )   (48,490 )   (42,090 ) (6,199 )
                         
Other income/(expense):                        
Interest income   150     974     738   109     646     3,124   460  
Interest expenses   (110 )   (488 )   (669 ) (99 )   (409 )   (1,645 ) (242 )
Foreign exchange gain/(loss)   360     278     (233 ) (34 )   396     (226 ) (33 )
Other income   88     244     678   100     241     1,003   148  
Other expense   -     (1,689 )   (56 ) (8 )   (26 )   (1,745 ) (257 )
Total other income/(expense)   488     (681 )   458   68     848     511   76  
                         
Loss before income tax and (loss)/gain from equity method investment   (10,092 )   (19,840 )   (1,352 ) (199 )   (47,642 )   (41,579 ) (6,123 )
Income tax (expenses)/benefits   (49 )   145     -   -     (127 )   145   21  
Loss before (loss)/gain from equity method investment   (10,141 )   (19,695 )   (1,352 ) (199 )   (47,769 )   (41,434 ) (6,102 )
(Loss)/gain from equity method investment   (59 )   (33 )   288   42     (69 )   236   35  
Net loss   (10,200 )   (19,728 )   (1,064 ) (157 )   (47,838 )   (41,198 ) (6,067 )
                                       


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”) except for number of shares and per share data)
 
    Three Months Ended   Nine Months Ended
    September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
    RMB   RMB   RMB US$   RMB   RMB US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Net loss   (10,200 )   (19,728 )   (1,064 ) (157 )   (47,838 )   (41,198 ) (6,067 )
Net (income)/loss attributable to non-controlling interests   (192 )   1,111     798   118     1,226     2,765   407  
Net loss attributable to EHang Holdings Limited   (10,392 )   (18,617 )   (266 ) (39 )   (46,612 )   (38,433 ) (5,660 )
Accretion to redemption value of redeemable convertible preferred shares   (10,660 )   -     -   -     (13,694 )   -   -  
Net loss attributable to ordinary shareholders   (21,052 )   (18,617 )   (266 ) (39 )   (60,306 )   (38,433 ) (5,660 )
Net loss per ordinary share:                        
Basic and diluted (0.35 )             (1.04 )      
Net loss per Class A and Class B ordinary share:                        
Basic and diluted       (0.17 )   (0.002 ) (0.0004 )       (0.35 ) (0.05 )
Shares used in net loss per ordinary share computation (in thousands of shares):                        
Basic and diluted 59,582               57,732        
Shares used in net loss per Class A and Class B ordinary share computation (in thousands of shares):                        
Basic       109,548     109,608   109,608         109,541   109,541  
Diluted       109,548     109,950   109,950         109,541   109,541  
Loss per ADS (2 ordinary shares equal to 1 ADS)
Basic and Diluted
      (0.34 )   (0.004 ) (0.0008 )       (0.70 ) (0.10 )


 
EHANG HOLDINGS LIMITED
CONDENSED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

    Three Months Ended   Nine Months Ended
    September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
    RMB   RMB   RMB US$   RMB   RMB US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Gross profit   19,071     20,553     42,022   6,189     38,022     73,729   10,859  
Plus: Share-based compensation   71     -     80   12     365     80   12  
Adjusted gross profit   19,142     20,553     42,102   6,201     38,387     73,809   10,871  
Adjusted gross margin   55.1 %   57.6 %   59.3 % 59.3 %   57.2 %   58.8 % 58.8 %
                         
Operating expenses   (29,977 )   (43,436 )   (44,165 ) (6,505 )   (87,981 )   (120,645 ) (17,769 )
Plus: Share-based compensation   3,132     8,012     6,258   921     12,750     16,206   2,387  
Adjusted operating expenses   (26,845 )   (35,424 )   (37,907 ) (5,584 )   (75,231 )   (104,439 ) (15,382 )
Adjusted operating expenses percentage   77.3 %   99.2 %   53.4 % 53.4 %   112.1 %   83.2 % 83.2 %
                         
Operating loss   (10,580 )   (19,159 )   (1,810 ) (267 )   (48,490 )   (42,090 ) (6,199 )
Plus: Share-based compensation   3,203     8,012     6,338   933     13,115     16,286   2,399  
Adjusted operating (loss)/profit   (7,377 )   (11,147 )   4,528   666     (35,375 )   (25,804 ) (3,800 )
Adjusted operating margin   (21.2 %)   (31.2 %)   6.4 % 6.4 %   (52.7 %)   (20.6 %) (20.6 %)
                         
Net loss   (10,200 )   (19,728 )   (1,064 ) (157 )   (47,838 )   (41,198 ) (6,067 )
Plus: Share-based compensation   3,203     8,012     6,338   933     13,115     16,286   2,399  
Adjusted net (loss)/income   (6,997 )   (11,716 )   5,274   776     (34,723 )   (24,912 ) (3,668 )
Adjusted net margin   (20.1 %)   (32.8 %)   7.4 % 7.4 %   (51.7 %)   (19.9 %) (19.9 %)
                                       


 
EHANG HOLDINGS LIMITED
CONDENSED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
 
    Three Months Ended   Nine Months Ended
    September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
    RMB   RMB   RMB US$   RMB   RMB US$
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Net loss attributable to ordinary shareholders   (21,052 )   (18,617 )   (266 ) (39 )   (60,306 )   (38,433 ) (5,660 )
Plus: Share-based compensation   3,203     8,012     6,338   933     13,115     16,286   2,399  
Plus: Accretion to redemption value of redeemable convertible preferred shares   10,660     -     -   -     13,694     -   -  
Adjusted net (loss)/income attributable to ordinary shareholders   (7,189 )   (10,605 )   6,072   894     (33,497 )   (22,147 ) (3,261 )
Adjusted net income attributable to ordinary shareholders margin   (20.7 %)   (29.7 %)   8.6 % 8.6 %   (49.9 %)   (17.6 %) (17.6 %)
                         
Adjusted basic and diluted net loss per ordinary share   (0.12 )             (0.58 )      
Adjusted basic and diluted net (loss)/income per Class A and Class B ordinary share       (0.10 )   0.06   0.01         (0.20 ) (0.03 )
Adjusted basic and diluted net (loss)/income per ADS       (0.20 )   0.12   0.02         (0.40 ) (0.06 )
                                   


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
 
  Three Months Ended   Nine Months Ended
  September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
  RMB   RMB   RMB US$   RMB   RMB US$
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES                      
Net loss (10,200 )   (19,728 )   (1,064 ) (157 )   (47,838 )   (41,198 ) (6,067 )
Adjustments to reconcile net loss to net cash used in operating activities:                      
Depreciation and Amortization 1,388     1,620     1,550   228     4,185     4,740   698  
Share-based compensation 3,203     8,012     6,338   933     13,115     16,286   2,399  
Loss on disposal of intangible assets -     -     77   11     -     77   11  
Loss on disposal of property and equipment -     228     -   -     -     228   34  
Gain on disposal of long-term investment -     -     (288 ) (42 )   -     (288 ) (42 )
Share of net loss from an equity investee 59     33     -   -     69     52   8  
(Reversal) allowance for doubtful accounts (7 )   3,727     4,650   685     (217 )   8,519   1,255  
                       
Changes in operating assets and liabilities:                      
Accounts receivable (23,658 )   (30,900 )   (65,317 ) (9,619 )   (34,166 )   (105,308 ) (15,510 )
Unbilled revenue -     -     -   -     -     1,481   218  
Cost and estimated earnings in excess of billings -     -     -   -     3,247     10,490   1,545  
Inventories (6,942 )   (18,868 )   (8,844 ) (1,303 )   (11,746 )   (38,865 ) (5,724 )
Prepayments and other current assets (4,579 )   1,388     (2,422 ) (357 )   (6,629 )   (2,795 ) (412 )
Other non-current assets 15     21     22   3     44     65   10  
Accounts payable 4,727     11,446     11,809   1,740     7,195     25,951   3,822  
Contract liabilities 618     (170 )   101   15     (3,674 )   (3,412 ) (503 )
Income taxes payable 49     -     -   -     49     (5 ) (1 )
Deferred income -     -     4,080   601     -     4,080   601  
Deferred government subsidies (20 )   (20 )   (20 ) (3 )   (60 )   (60 ) (9 )
Unrecognized tax benefits -     (151 )   -   -     -     (180 ) (26 )
Accrued expenses and other liabilities 4,989     (1,387 )   7,370   1,085     6,177     4,380   645  
Net cash used in operating activities (30,358 )   (44,749 )   (41,958 ) (6,180 )   (70,249 )   (115,762 ) (17,048 )
                                     


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
 
  Three Months Ended   Nine Months Ended
                   
  September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
  RMB   RMB   RMB US$   RMB   RMB US$
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
CASH FLOWS FROM INVESTING ACTIVITIES                      
Purchase of property and equipment (147 )   (866 )   (170 ) (25 )   (1,009 )   (1,328 ) (196 )
Disposal of property and equipment -     192     -   -     -     192   28  
Acquisition of intangible assets (180 )   (269 )   -   -     (180 )   (278 ) (41 )
Proceeds from maturity of short-term investments 25,130     2,500     20,900   3,078     39,530     36,400   5,361  
Purchase of short-term investments (34,730 )   (19,899 )   (76,265 ) (11,233 )   (57,630 )   (113,364 ) (16,697 )
Loans to third parties -     -     -   -     -     (53,900 ) (7,939 )
Repayment of loan from a third party -     -     30,000   4,419     -     40,000   5,891  
Loan to a related party -     -     -   -     (425 )   -   -  
Repayment of loan from a related party -     -     -   -     425     -   -  
Others -     -     -   -     -     (54 ) (8 )
Net cash flow used in investing activities (9,927 )   (18,342 )   (25,535 ) (3,761 )   (19,289 )   (92,332 ) (13,601 )
                                     


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
 
  Three Months Ended   Nine Months Ended
  September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
  RMB   RMB   RMB US$   RMB   RMB US$
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
CASH FLOWS FROM FINANCING ACTIVITIES                      
Proceeds from short-term bank loans -     5,000     5,000   736     5,000     15,000   2,209  
Repayment of a short-term bank loan -     -     -   -     (5,000 )   (5,000 ) (736 )
Proceeds from a loan from a third party 30,000     -     -   -     30,000     -   -  
Repayment of loans from third parties (5,000 )   -     -   -     (5,000 )   -   -  
Shares issued upon vesting of restricted share units 3     -     -   -     3     -   -  
Proceeds from issuance of mandatorily redeemable non-controlling interests of a subsidiary -     40,000     -   -     -     40,000   5,891  
Proceeds from issuance of subsidiaries’ equity to non-controlling interest holders -     2,023     -   -     -     2,023   298  
Proceeds from issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option -     -     -   -     -     7,313   1,077  
Proceeds from issuance of Series C redeemable convertible preferred shares -     -     -   -     47,436     -   -  
Payment of issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option’s issuance costs -     -     (199 ) (29 )   -     (715 ) (105 )
Payment of issuance costs for initial public offering -     (304 )   (2,408 ) (355 )   -     (11,831 ) (1,743 )
Net cash provided by financing activities 25,003     46,719     2,393   352     72,439     46,790   6,891  
                                     


 
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
 
  Three Months Ended   Nine Months Ended
  September 30,
2019
  June 30,
2020
  September 30,
2020
  September 30,
2019
  September 30,
2020
  RMB   RMB   RMB US$   RMB   RMB US$
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                       
Effect of exchange rate changes on cash and cash equivalents 1,501     (454 )   (5,285 ) (778 )   1,952     (2,554 ) (376 )
Net decrease in cash and cash equivalents (13,781 )   (16,826 )   (70,385 ) (10,367 )   (15,147 )   (163,858 ) (24,134 )
Cash and cash equivalents at the beginning of the period/year 60,153     245,015     228,189   33,609     61,519     321,662   47,376  
Cash and cash equivalents at the end of the period 46,372     228,189     157,804   23,242     46,372     157,804   23,242  
                                     


Unpaid issuance cost for Series C redeemable convertible preferred shares included in Accrued expenses and other liabilities 743   743   743 109   743   743 109
Unpaid issuance costs for initial public offering included in Accrued expenses and other liabilities -   5,304   2,896 427   -   2,896 427
Unpaid issuance costs for issuance of Class A ordinary shares pursuant to underwriters’ exercise of over-allotment option included in Accrued expenses and other liabilities -   1,046   847 125   -   847 125

_____________________

1 Adjusted operating profit/(loss) is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
2 Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
3 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. See “Non-GAAP Financial Measures” at the end of this press release.
4 Adjusted basic and diluted earnings per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net loss per ordinary share excluding share-based compensation expenses and accretion to redemption value of redeemable convertible preferred shares. See “Non-GAAP Financial Measures” at the end of this press release.
5 Adjusted basic and diluted earnings per ADS is a non-GAAP financial measure, which is defined as basic and diluted net loss per ADS excluding share-based compensation expenses and accretion to redemption value of redeemable convertible preferred shares. See “Non-GAAP Financial Measures” at the end of this press release. 


EHang Holdings (A) (A) Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



Diesen Artikel teilen

0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

EHang Reports Third Quarter 2020 Unaudited Financial Results - Achieved Record High Quarterly Revenues and Gross Profit- Maintained Stable and High Gross Margin- Attained Second Quarter of Adjusted Operating Profitability GUANGZHOU, China, Dec. 03, 2020 (GLOBE NEWSWIRE) - EHang Holdings Limited (“EHang” or …

Nachrichten des Autors

Titel
Titel
Titel
Titel