UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2020
Commission File Number 001-39151
EHANG HOLDINGS LIMITED
Building C, Yixiang Technology Park
No.72 Nanxiang Second Road, Huangpu District
Guangzhou, 510700
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| EHang Holdings Limited | ||
| By: | /s/ Richard Jian Liu | |
| Name: | Richard Jian Liu | |
| Title: | Chief Financial Officer | |
Date: May 29, 2020
Exhibit Index
Exhibit 99.1—Press Release
Exhibit 99.1
EHang Reports First Quarter 2020 Unaudited Financial Results
- Solid Results Despite Pandemic Challenges
- YoY Growth in Revenue, Gross Margin and Air Mobility Solutions
- Global Progress: U.S., Spain, Norway and China
- Pandemic Reveals New Applications in Emergency Response
Guangzhou, China, May 29, 2020 – 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 quarter ended March 31, 2020.
First Quarter 2020 Highlights
Financial and Operational Highlights
| • | Total revenues were RMB18.8 million (US$2.7 million), an increase of 80.3% year over year. Revenues from air mobility solutions were RMB15.1 million (US$2.1 million), 80.4% of the total revenues and up 256.0% year over year. |
| • | Gross margin was 59.3%, an increase of 0.8 percentage points year over year. Gross profit was RMB11.2 million (US$1.6 million), an increase of 82.7% year over year. |
| • | Operating loss was RMB21.1 million (US$3.0 million), compared with operating loss of RMB21.2 million in the first quarter of 2019. |
| • | Adjusted operating loss1 (non-GAAP) was RMB19.2 million (US$2.7 million), compared with adjusted operating loss of RMB16.2 million in the first quarter of 2019. |
| • | Net loss was RMB20.4 million (US$2.9 million), compared with net loss of RMB21.3 million in the first quarter of 2019. |
| • | Adjusted net loss2 (non-GAAP) was RMB18.5 million (US$2.6 million), compared with adjusted net loss of RMB16.3 million in the first quarter of 2019. |
| • | Sales of the EHang 216, the world’s first commercially-delivered passenger-grade AAV, reached 9 units, an increase of 200% from 3 units in the first quarter of 2019. |
Business Highlights
| • | In January 2020, EHang achieved a new landmark, conducting the first-ever flight in the United States of a passenger-grade AAV. The EHang 216 flight was performed in the state of North Carolina, which is known in aviation history for the Wright Brothers initial flight there a century ago. EHang’s AAV flight was underpinned by permit and other support from the North Carolina Department of Transportation (NCDOT) and the U.S. Federal Aviation Administration (FAA). |
| 1 | Adjusted operating profit/loss is a non-GAAP financial measure, which is defined as operating profit/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 income/loss excluding share-based compensation expenses and a one-time non-operational item. See “Non-GAAP Financial Measures” at the end of this press release. |
| • | In January 2020, EHang solidified its industry leadership by issuing a white paper “The Future of Transportation: White Paper on Urban Air Mobility Systems”, which deeply explored the potential of Urban Air Mobility (UAM) to transform transportation globally. The white paper offered insights into vehicle design, an overview of potential applications and the current regulatory landscape, and recommendations for the optimization of UAM’s path towards commercialization. |
| • | In February 2020, EHang 216 obtained the first operational permit in Europe for flight testing of an AAV from the Civil Aviation Authority of Norway, laying a solid foundation for future UAM operations in other European countries. |
| • | Furthering its penetration in Europe, in March 2020 EHang established partnerships for UAM with the city governments of Seville and Llíria in Spain. Both cities are members of the “UAM Initiative Cities Community”, one of the European Union’s EIP-SCC (European Innovation Partnership on Smart Cities and Communities) projects, which was established to promote the transformation of urban three-dimensional transportation. |
| • | During the outbreak of COVID-19, EHang pursued opportunities in medical emergency response. Both the EHang 216 passenger-grade AAVs and the Falcon B non-passenger-grade AAVs demonstrated a number of valuable applications, such as transport of medical supplies and personnel, as well as in-air inspection and broadcast of instructions above populated areas in several cities of China, including Guangzhou, Shaoguan and Hezhou. These time-and-cost-efficient solutions created new use cases and market demands for AAVs in emergency services. |
Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented: “We are pleased to deliver solid financial and operational results in the first quarter of 2020. Despite the challenges posed by the virus outbreak, we still achieved significant year-over-year top line growth. Although there was some short-term impact to our supply chain and customers, since mid-March our operations have gradually resumed and our business initiatives are back on track. Meanwhile, we have continued to increase our customer base for emerging use cases, such as medical emergency transportation and air tourism. We have also expanded the UAM pilot city network and successively achieved regulatory breakthroughs in the U.S. and Europe, paving the way for global business expansion in the post-COVID-19 world. Looking forward, we will continue to invest in technology and talents to accelerate commercialization of AAVs and related solutions. We are confident we can achieve our targets for 2020 and further strengthen our leadership in the promising UAM market.”
First Quarter 2020 Financial Results
Revenues
Total revenues were RMB18.8 million (US$2.7 million), up 80.3% year over year. The year-over-year growth was driven by the Company’s core business of air mobility solutions, which represented 80.4% of total revenues in the first quarter 2020. Sales of the EHang 216, the Company’s flagship passenger-grade AAV, reached 9 units compared with 3 units in the same period of 2019, representing an increase of a 200% year over year.
Costs of revenues
Costs of revenues were RMB7.7 million (US$1.1 million), up 76.9% year over year. The year-over-year increase was primarily due to the increased volume of AAVs sold.
Gross profit
Gross profit was RMB11.2 million (US$1.6 million), up 82.7% from RMB6.1 million in the first quarter of 2019.
Gross margin was 59.3%, up 0.8 percentage points from 58.5% in the first quarter of 2019. Gross margin increased due to favorable revenue mix, as the Company derived a greater proportion of revenues from sales of higher-margin AAVs and other high-margin solutions including Smart City Management solutions.
Operating expenses
Total operating expenses were RMB33.0 million (US$4.7 million), up 16.8% from RMB28.3 million in the first quarter of 2019. Operating expenses as a percentage of total revenues was 175.6%, compared with 271.0% in the first quarter of 2019. The increase in operating expenses was primarily due to higher research and development expenses related to product development, and higher sales and marketing expenses as the Company commercializes the EHang 216, its flagship passenger-grade AAV product.
| • | Sales and marketing expenses were RMB5.8 million (US$0.8 million), up 16.3% from RMB5.0 million in the first quarter of 2019. The increase in sales and marketing expenses was mainly due to the increased sales and marketing human costs as the Company prepared to expand its presence in the European markets. |
| • | General and administration expenses were RMB10.6 million (US$1.5 million), up 22.2% from RMB8.7 million in the first quarter of 2019. The increase was mainly due to the increased expenses related to being publicly traded. |
| • | Research and development expenses were RMB16.7 million (US$2.4 million), up 13.8% from RMB14.6 million in the first quarter of 2019. The increase was mainly due to more resources devoted in development of the new models of passenger-grade AAV and non-passenger-grade AAV products as well as related operating systems with enhanced functionalities, as the Company continued to strengthen its product development efforts to drive sales growth. |
Adjusted operating expenses3 (non-GAAP)
Adjusted operating expenses were RMB31.1 million (US$4.4 million), representing an increase of 32.9% from RMB23.4 million in the first quarter of 2019. Adjusted operating expenses as a percentage of total revenues was 165.3%, compared with 224.3% in the first quarter of 2019.
Operating loss
Operating loss was RMB21.1 million (US$3.0 million), compared with operating loss of RMB21.2 million in the first quarter of 2019. Operating margin was negative 112.2%, compared with negative 203.1% in the first quarter of 2019.
| 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. |
Adjusted operating loss (non-GAAP)
Adjusted operating loss was RMB19.2 million (US$2.7 million) compared with adjusted operating loss of RMB16.2 million in the first quarter of 2019. Adjusted operating margin was negative 102.0%, compared to negative 154.7% in the first quarter of 2019.
Net loss
Net loss was RMB20.4 million (US$2.9 million) with a net loss margin of 108.4%, compared with net loss of RMB21.3 million in the first quarter of 2019.
Adjusted net loss (non-GAAP)
Adjusted net loss was RMB18.5 million (US$2.6 million) compared with adjusted net loss of RMB16.3 million in the first quarter of 2019. Adjusted net loss margin was negative 98.2%, compared to negative 156.0% in the first quarter of 2019.
Adjusted net loss attributable to EHang’s ordinary shareholders was RMB17.6 million (US$2.5 million) with an adjusted net margin of 93.6%, compared to negative 153.3% in the first quarter of 2019.
Loss per share and per ADS
Basic and diluted net loss per ordinary share were both RMB0.18 (US$0.03). Adjusted basic and diluted net loss per ordinary share4 (non-GAAP) were both RMB0.16 (US$0.02).
Basic and diluted net loss per ADS were both RMB0.36 (US$0.06). Adjusted basic and diluted net loss per ADS5 (non-GAAP) were both RMB0.32 (US$0.04).
Business Outlook
Despite the short-term impact of the COVID-19 outbreak on the Company’s supply chain and some of the customers’ industries, the Company has gradually recovered to normal operations and business initiatives. The Company is confident the year-over-year growth of its annual total revenues in 2020 will be at least 200%.
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation, which is subject to change in light of uncertainties and situations related to how COVID-19 develops.
| 4 | Adjusted basic and diluted net income/loss per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted net income/loss per ordinary share excluding share-based compensation expenses, a one-time non-operational item 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 net income/loss per ADS is a non-GAAP financial measure, which is defined as basic and diluted net income/loss per ADS excluding share-based compensation expenses, a one-time non-operational item and accretion to redemption value of redeemable convertible preferred shares. See “Non-GAAP Financial Measures” at the end of this press release. |
Conference Call
EHang’s management team will host an earnings conference call at 8:00 AM on Friday, May 29, 2020, U.S. Eastern Time (8:00 PM on May 29, 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/3297267
A replay of the conference call may be accessed by phone at the following numbers until June 6, 2020. To access the replay, please reference the conference ID 3297267.
| 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 net income/loss per ordinary share and adjusted basic and diluted net income/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 profit 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 RMB7.0808 to US$1.00, the noon buying rate in effect on March 31, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Investor Contact:
ir@ehang.com
In the U.S.: Julia@blueshirtgroup.com
In China: Susie@blueshirtgroup.com
Media Contact:
pr.cn@ehang.com
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| As of December 31, 2019 |
As of March |
|||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| ASSETS |
||||||||||||
| Current assets: |
||||||||||||
| Cash and cash equivalents |
321,662 | 245,015 | 34,603 | |||||||||
| Short-term investments |
7,674 | 11,994 | 1,694 | |||||||||
| Accounts receivable, net |
41,103 | 49,404 | 6,977 | |||||||||
| Unbilled revenue |
4,807 | 2,800 | 395 | |||||||||
| Cost and estimated earnings in excess of billings |
14,212 | 3,722 | 526 | |||||||||
| Inventories |
18,490 | 28,978 | 4,092 | |||||||||
| Prepayments and other current assets |
20,565 | 21,877 | 3,090 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current assets |
428,513 | 363,790 | 51,377 | |||||||||
|
|
|
|
|
|
|
|||||||
| Non-current assets: |
||||||||||||
| Property, plant and equipment, net |
16,272 | 14,583 | 2,060 | |||||||||
| Intangible assets, net |
1,209 | 1,129 | 159 | |||||||||
| Long term loans receivable |
— | 44,265 | 6,251 | |||||||||
| Long-term investments |
2,983 | 2,964 | 419 | |||||||||
| Deferred tax assets |
184 | 184 | 26 | |||||||||
| Other non-current assets |
252 | 230 | 32 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total non-current assets |
20,900 | 63,355 | 8,947 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total assets |
449,413 | 427,145 | 60,324 | |||||||||
|
|
|
|
|
|
|
|||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
| Current liabilities |
||||||||||||
| Short-term bank loan |
5,000 | 5,000 | 706 | |||||||||
| Accounts payable |
27,285 | 29,232 | 4,128 | |||||||||
| Contract liabilities |
9,918 | 6,575 | 929 | |||||||||
| Accrued expenses and other liabilities |
53,310 | 43,721 | 6,175 | |||||||||
| Deferred government subsidies |
80 | 80 | 11 | |||||||||
| Income taxes payable |
5 | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total current liabilities |
95,598 | 84,608 | 11,949 | |||||||||
|
|
|
|
|
|
|
|||||||
| Non-current liabilities: |
||||||||||||
| Long-term loans |
32,534 | 30,723 | 4,339 | |||||||||
| Deferred tax liabilities |
292 | 292 | 41 | |||||||||
| Unrecognized tax benefit |
5,494 | 5,465 | 772 | |||||||||
| Deferred government subsidies |
140 | 120 | 17 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total non-current liabilities |
38,460 | 36,600 | 5,169 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities |
134,058 | 121,208 | 17,118 | |||||||||
|
|
|
|
|
|
|
|||||||
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
| As of December 31, 2019 |
As of March |
|||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
| Shareholders’ equity: |
||||||||||||
| Class A ordinary shares |
44 | 44 | 6 | |||||||||
| Class B ordinary shares |
28 | 28 | 4 | |||||||||
| Additional paid-in capital |
1,020,691 | 1,028,378 | 145,235 | |||||||||
| Statutory reserves |
1,035 | 1,035 | 146 | |||||||||
| Accumulated deficit |
(720,419 | ) | (739,969 | ) | (104,504 | ) | ||||||
| Accumulated other comprehensive income |
10,195 | 13,496 | 1,906 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total EHang Holdings Limited shareholders’ equity |
311,574 | 303,012 | 42,793 | |||||||||
| Non-controlling interests |
3,781 | 2,925 | 413 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total shareholders’ equity |
315,355 | 305,937 | 43,206 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total liabilities and shareholders’ equity |
449,413 | 427,145 | 60,324 | |||||||||
|
|
|
|
|
|
|
|||||||
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)
| 2019 Q1 | 2019 Q4 | 2020 Q1 | ||||||||||||||
| Single quarter |
Single quarter |
Single quarter | ||||||||||||||
| RMB | RMB | RMB | USD | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| Total revenues |
10,439 | 54,684 | 18,818 | 2,658 | ||||||||||||
| Costs of revenues |
(4,333 | ) | (21,488 | ) | (7,664 | ) | (1,082 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
6,106 | 33,196 | 11,154 | 1,576 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Sales and marketing expenses |
(4,966 | ) | (8,157 | ) | (5,776 | ) | (816 | ) | ||||||||
| General and administrative expenses |
(8,679 | ) | (9,364 | ) | (10,608 | ) | (1,498 | ) | ||||||||
| Research and development expenses |
(14,645 | ) | (15,468 | ) | (16,660 | ) | (2,353 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
(28,290 | ) | (32,989 | ) | (33,044 | ) | (4,667 | ) | ||||||||
| Other operating income |
980 | 1,938 | 769 | 109 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating (loss)/profit |
(21,204 | ) | 2,145 | (21,121 | ) | (2,982 | ) | |||||||||
| Other (expense)/income: |
||||||||||||||||
| Interest income |
79 | 237 | 1,412 | 199 | ||||||||||||
| Interest expenses |
(141 | ) | (428 | ) | (488 | ) | (69 | ) | ||||||||
| Foreign exchange loss |
(68 | ) | (287 | ) | (271 | ) | (38 | ) | ||||||||
| Other income |
53 | 199 | 81 | 11 | ||||||||||||
| Other expense |
(26 | ) | (1,390 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other (expense)/income |
(103 | ) | (1,669 | ) | 734 | 103 | ||||||||||
| (Loss)/Income before income tax and share of net loss from an equity investee |
(21,307 | ) | 476 | (20,387 | ) | (2,879 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income tax expenses |
(26 | ) | (627 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss before share of net loss from an equity investee |
(21,333 | ) | (151 | ) | (20,387 | ) | (2,879 | ) | ||||||||
| Share of net loss from an equity investee |
(5 | ) | (5 | ) | (19 | ) | (3 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
(21,338 | ) | (156 | ) | (20,406 | ) | (2,882 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss |
(21,338 | ) | (156 | ) | (20,406 | ) | (2,882 | ) | ||||||||
| Net loss/(income) attributable to non-controlling interests |
281 | (1,777 | ) | 856 | 121 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to EHang Holdings Limited |
(21,057 | ) | (1,933 | ) | (19,550 | ) | (2,761 | ) | ||||||||
| Accretion to redemption value of redeemable convertible preferred shares |
(1,475 | ) | (13,554 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net loss attributable to ordinary shareholders |
(22,532 | ) | (15,487 | ) | (19,550 | ) | (2,761 | ) | ||||||||
| Net loss per ordinary share/Class A and Class B ordinary share: |
||||||||||||||||
| Basic and diluted |
(0.40 | ) | (0.22 | ) | (0.18 | ) | (0.03 | ) | ||||||||
| Shares used in net loss per share/Class A and Class B ordinary share computation (in thousands of shares): |
||||||||||||||||
| Basic and diluted |
56,792 | 71,236 | 109,066 | 109,066 | ||||||||||||
| Loss per ADS (2 ordinary shares equal to 1 ADS) |
— | (0.44 | ) | (0.36 | ) | (0.06 | ) | |||||||||
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)
| 2019 Q1 | 2019 Q4 | 2020 Q1 | ||||||||||||||
| Single quarter |
Single quarter |
Single quarter | ||||||||||||||
| RMB | RMB | RMB | USD | |||||||||||||
| Gross profit |
6,106 | 33,196 | 11,154 | 1,576 | ||||||||||||
| Plus: Share-based compensation |
178 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted gross profit |
6,284 | 33,196 | 11,154 | 1,576 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted gross margin |
60.2 | % | 60.7 | % | 59.3 | % | 59.3 | % | ||||||||
| Operating expenses |
(28,290 | ) | (32,989 | ) | (33,044 | ) | (4,667 | ) | ||||||||
| Plus: Share-based compensation |
4,876 | 1,632 | 1,936 | 273 | ||||||||||||
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|
|
|
|
|
|
|
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| Adjusted operating expenses |
(23,414 | ) | (31,357 | ) | (31,108 | ) | (4,394 | ) | ||||||||
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|
|
|
|
|
|
|
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| Adjusted operating expenses percentage |
224.3 | % | 57.3 | % | 165.3 | % | 165.3 | % | ||||||||
| Operating (loss)/profit |
(21,204 | ) | 2,145 | (21,121 | ) | (2,982 | ) | |||||||||
| Plus: Share-based compensation |
5,054 | 1,632 | 1,936 | 273 | ||||||||||||
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|
|
|
|
|
|
|
|
|||||||||
| Adjusted operating (loss)/profit |
(16,150 | ) | 3,777 | (19,185 | ) | (2,709 | ) | |||||||||
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|
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| Adjusted operating (loss)/profit margin |
(154.7 | %) | 6.9 | % | (102.0 | %) | (102.0 | %) | ||||||||
| Net loss |
(21,338 | ) | (156 | ) | (20,406 | ) | (2,882 | ) | ||||||||
| Plus: Share-based compensation |
5,054 | 1,632 | 1,936 | 273 | ||||||||||||
| Plus: One-time non-operational expense |
— | 1,384 | — | — | ||||||||||||
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|
|
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| Adjusted net (loss)/income |
(16,284 | ) | 2,860 | (18,470 | ) | (2,609 | ) | |||||||||
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|
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| Adjusted net (loss)/income margin |
(156.0 | %) | 5.2 | % | (98.2 | %) | (98.2 | %) | ||||||||
| Net loss attributable to ordinary shareholders |
(22,532 | ) | (15,487 | ) | (19,550 | ) | (2,761 | ) | ||||||||
| Plus: Share-based compensation |
5,054 | 1,632 | 1,936 | 273 | ||||||||||||
| Plus: One-time non-operational expense |
— | 1,384 | — | — | ||||||||||||
| Plus: Accretion to redemption value of redeemable convertible preferred shares |
1,475 | 13,554 | — | — | ||||||||||||
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|
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| Adjusted net (loss)/income attributable to ordinary shareholders |
(16,003 | ) | 1,083 | (17,614 | ) | (2,488 | ) | |||||||||
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| Adjusted net (loss)/income attributable to ordinary shareholders margin |
(153.3 | %) | 2.0 | % | (93.6 | %) | (93.6 | %) | ||||||||
| Adjusted basic and diluted net loss per share |
(0.16 | ) | — | — | — | |||||||||||
| Adjusted basic and diluted net income/(loss) per Class A and Class B ordinary share |
— | 0.02 | (0.16 | ) | (0.02 | ) | ||||||||||
| Adjusted basic and diluted net income/(loss) per ADS |
— | 0.04 | (0.32 | ) | (0.04 | ) | ||||||||||
EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
| 2019 Q1 | 2019 Q4 | 2020 Q1 | ||||||||||||||
| Single quarter | Single quarter | Single quarter | ||||||||||||||
| RMB | RMB | RMB | USD | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||||||
| Net loss |
(21,338 | ) | (156 | ) | (20,406 | ) | (2,882 | ) | ||||||||
| Adjustments to reconcile net loss to net cash (used in)/ provided by operating activities: |
||||||||||||||||
| Depreciation and amortization |
1,431 | 1,488 | 1,570 | 222 | ||||||||||||
| Deferred income tax benefit |
— | (49 | ) | — | — | |||||||||||
| Share-based compensation |
5,054 | 1,632 | 1,936 | 273 | ||||||||||||
| Loss on disposal of property, plant and equipment |
— | 28 | — | — | ||||||||||||
| Share of net loss from an equity investee |
5 | 5 | 19 | 3 | ||||||||||||
| Allowance for doubtful accounts |
(215 | ) | 836 | 142 | 20 | |||||||||||
| Changes in operating assets and liabilities: |
||||||||||||||||
| Accounts receivable |
(3,386 | ) | (4,869 | ) | (9,091 | ) | (1,284 | ) | ||||||||
| Unbilled revenue |
— | (4,807 | ) | 1,481 | 209 | |||||||||||
| Cost and estimated earnings in excess of billings |
3,247 | 952 | 10,490 | 1,481 | ||||||||||||
| Inventories |
(1,963 | ) | (559 | ) | (11,153 | ) | (1,575 | ) | ||||||||
| Prepayments and other current assets |
(3,521 | ) | 858 | (1,761 | ) | (249 | ) | |||||||||
| Other non-current assets |
15 | (24 | ) | 22 | 3 | |||||||||||
| Accounts payable |
237 | 3,163 | 2,696 | 381 | ||||||||||||
| Contract liabilities |
2,722 | 7,685 | (3,343 | ) | (472 | ) | ||||||||||
| Income taxes payable |
26 | (44 | ) | (5 | ) | (1 | ) | |||||||||
| Deferred government subsidies |
(20 | ) | (20 | ) | (20 | ) | (3 | ) | ||||||||
| Unrecognized tax benefits |
— | 602 | (29 | ) | (4 | ) | ||||||||||
| Accrued expenses and other liabilities |
(959 | ) | 8,010 | (1,603 | ) | (225 | ) | |||||||||
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| Net cash (used in)/provided by operating activities |
(18,665 | ) | 14,731 | (29,055 | ) | (4,103 | ) | |||||||||
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EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“USD”))
| CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||||||
| Deconsolidation of a subsidiary |
— | — | (54 | ) | (8 | ) | ||||||||||
| Acquisition of intangible assets |
— | (819 | ) | (9 | ) | (1 | ) | |||||||||
| Proceeds from maturity of short-term investments |
3,300 | 66,200 | 13,000 | 1,836 | ||||||||||||
| Purchase of short-term investments |
(12,900 | ) | (55,774 | ) | (17,200 | ) | (2,429 | ) | ||||||||
| Purchase of property and equipment |
(645 | ) | (1,731 | ) | (292 | ) | (41 | ) | ||||||||
| Loans to third parties |
— | — | (53,900 | ) | (7,612 | ) | ||||||||||
| Repayment of loan from a third party |
— | — | 10,000 | 1,412 | ||||||||||||
| Loan to a related party |
(425 | ) | — | — | — | |||||||||||
| Repayment of loan from a related party |
425 | 425 | — | — | ||||||||||||
| Net cash flow (used in)/provided by investing activities |
(10,245 | ) | 8,301 | (48,455 | ) | (6,843 | ) | |||||||||
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|
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| CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||||||
| Proceeds from a short-term bank loan |
5,000 | — | 5,000 | 706 | ||||||||||||
| Repayment of a short-term bank loan |
(5,000 | ) | — | (5,000 | ) | (706 | ) | |||||||||
| Proceeds from issuance of Series C redeemable convertible preferred shares |
47,436 | — | — | — | ||||||||||||
| Shares issued upon vesting of restricted share units |
— | 2 | — | — | ||||||||||||
| Proceeds from initial public offering, net of issuance costs |
— | 252,861 | — | — | ||||||||||||
| Proceeds from issuance of Class A ordinary shares, net of issuance costs |
— | — | 6,797 | 960 | ||||||||||||
| Payment of issuance costs for initial public offering |
— | — | (9,119 | ) | (1,288 | ) | ||||||||||
| Net cash provided by/(used in) by financing activities |
47,436 | 252,863 | (2,322 | ) | (328 | ) | ||||||||||
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|
|||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(567 | ) | (605 | ) | 3,185 | 450 | ||||||||||
| Net increase/(decrease) in cash and cash equivalents |
17,959 | 275,290 | (76,647 | ) | (10,824 | ) | ||||||||||
| Cash and cash equivalents at the beginning of the period |
61,519 | 46,372 | 321,662 | 45,427 | ||||||||||||
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|
|
|
|
|
|
|
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| Cash and cash equivalents at the end of the period |
79,478 | 321,662 | 245,015 | 34,603 | ||||||||||||
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|
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|
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|
|
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| Non-cash financing activities: |
||||||||||||||||
| Issuance costs for Series C redeemable convertible preferred shares included in Accrued expenses and other liabilities |
743 | 743 | 743 | 105 | ||||||||||||
| Issuance costs for initial public offering included in Accrued expenses and other liabilities |
— | 14,727 | 5,608 | 792 | ||||||||||||
| Issuance costs for Class A ordinary shares included in Accrued expenses and other liabilities |
— | — | 1,046 | 148 |