Press Release: Li Auto Inc. Announces Unaudited Third Quarter 2024 Financial Results

                        RMB            RMB            RMB            US$ 
Cost of sales       (27,034,971)   (25,501,454)   (33,649,545)    (4,795,022) 
Share-based 
 compensation 
 expenses                 10,662          7,652          8,213          1,170 
                   -------------  -------------  -------------  ------------- 
Non-GAAP cost of 
 sales              (27,024,309)   (25,493,802)   (33,641,332)    (4,793,852) 
                   =============  =============  =============  ============= 
 
Research and 
 development 
 expenses            (2,817,206)    (3,027,581)    (2,586,534)      (368,578) 
Share-based 
 compensation 
 expenses                431,294        224,332        296,778         42,291 
                   -------------  -------------  -------------  ------------- 
Non-GAAP research 
 and development 
 expenses            (2,385,912)    (2,803,249)    (2,289,756)      (326,287) 
                   =============  =============  =============  ============= 
 
Selling, general 
 and 
 administrative 
 expenses            (2,543,770)    (2,815,105)    (3,359,640)      (478,745) 
Share-based 
 compensation 
 expenses                212,443        170,129        725,500        103,383 
                   -------------  -------------  -------------  ------------- 
Non-GAAP selling, 
 general and 
 administrative 
 expenses            (2,331,327)    (2,644,976)    (2,634,140)      (375,362) 
                   =============  =============  =============  ============= 
 
Income from 
 operations            2,339,378        468,029      3,432,673        489,152 
Share-based 
 compensation 
 expenses                654,399        402,113      1,030,491        146,844 
                   -------------  -------------  -------------  ------------- 
Non-GAAP income 
 from operations       2,993,777        870,142      4,463,164        635,996 
                   =============  =============  =============  ============= 
 
Net income             2,812,874      1,100,940      2,820,490        401,917 
Share-based 
 compensation 
 expenses                654,399        402,113      1,030,491        146,844 
Non-GAAP net 
 income                3,467,273      1,503,053      3,850,981        548,761 
                   =============  =============  =============  ============= 
 
Net income 
 attributable to 
 ordinary 
 shareholders of 
 Li Auto Inc.          2,823,231      1,102,593      2,814,262        401,030 
Share-based 
 compensation 
 expenses                654,399        402,113      1,030,491        146,844 
Non-GAAP net 
 income 
 attributable to 
 ordinary 
 shareholders of 
 Li Auto Inc.          3,477,630      1,504,706      3,844,753        547,874 
                   =============  =============  =============  ============= 
 
Weighted average 
number of ADSs 
    Basic            985,819,450    994,833,579    997,934,606    997,934,606 
    Diluted        1,059,821,062  1,062,428,185  1,062,727,888  1,062,727,888 
Non-GAAP net 
earnings per ADS 
attributable to 
ordinary 
shareholders 
    Basic                   3.53           1.51           3.85           0.55 
    Diluted                 3.29           1.42           3.63           0.52 
Weighted average 
number of 
ordinary shares 
    Basic          1,971,638,899  1,989,667,158  1,995,869,212  1,995,869,212 
    Diluted        2,119,642,125  2,124,856,370  2,125,455,776  2,125,455,776 
Non-GAAP net 
earnings per 
share 
attributable to 
ordinary 
shareholders(8) 
    Basic                   1.76           0.76           1.93           0.27 
    Diluted                 1.64           0.71           1.81           0.26 
 
 

___________________________

(1) All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

(2) Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

(3) The Company's non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.

(4) Each ADS represents two Class A ordinary shares.

(5) Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

(6) Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

(7) Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

(8) Non-GAAP basic net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Non-GAAP diluted net earnings per share attributable to ordinary shareholders is calculated by dividing non-GAAP net income attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of convertible senior notes as determined under the if-converted method and the dilutive effect of share-based awards as determined under the treasury stock method.

(END) Dow Jones Newswires

October 31, 2024 04:30 ET (08:30 GMT)