- 3,493 vehicles produced in Q4, up 53 percent sequentially
- 7,180 vehicles produced in 2022, exceeding annual production
guidance of 6,000 to 7,000 vehicles
- Q4 revenue of over $257M and
annual revenue of over $608M
- Ended the quarter with approximately $4.9B total liquidity
- 2023 production guidance of 10,000 to 14,000 vehicles
NEWARK,
Calif., Feb. 22, 2023 /PRNewswire/ -- Lucid
Group, Inc. (NASDAQ: LCID), setting new standards with the
longest-range, fastest-charging electric car on the market, today
announced financial results for its fourth quarter and full year
ended December 31, 2022. The Company produced 3,493 vehicles
during Q4 at its manufacturing facility in Arizona and delivered 1,932 vehicles during
the same period. On a full-year basis, the Company produced 7,180
vehicles, exceeding the 2022 annual production guidance of 6,000 to
7,000 vehicles, and delivered 4,369 vehicles in 2022. Lucid today
also announced its 2023 annual production guidance of 10,000 to
14,000 vehicles.
![Lucid announced financial results for its fourth quarter and full year ended December 31, 2022, with the Company having produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and having delivered 1,932 vehicles during the same period. On a full-year basis, the Company produced 7,180 vehicles, exceeding the 2022 annual production guidance of 6,000 to 7,000 vehicles. Lucid announced financial results for its fourth quarter and full year ended December 31, 2022, with the Company having produced 3,493 vehicles during Q4 at its manufacturing facility in Arizona and having delivered 1,932 vehicles during the same period. On a full-year basis, the Company produced 7,180 vehicles, exceeding the 2022 annual production guidance of 6,000 to 7,000 vehicles.](https://mma.prnewswire.com/media/2008073/Lucid_Air_Touring_2.jpg)
Lucid reported fourth quarter revenue of $257.7 million and annual revenue of $608.2 million, ending the quarter with
approximately $4.9 billion total
liquidity, which is expected to fund the Company at least into the
first quarter of 2024. The Company reported reservations of over
28,000, as of February 21, 2023,
representing potential sales of over $2.7
billion. This reservation number does not include the up to
100,000 vehicles under the agreement with the government of Saudi
Arabia.
"Last year was a challenging year for everyone, yet despite the
extraordinary supply chain and logistics challenges, the team
persevered with an unrelenting focus on delivering what we believe
is the best luxury sedan on the market," said Peter Rawlinson, Lucid's CEO and CTO.
"Lucid Air has it all — industry-leading range, exceptional
driving dynamics, and superior performance all wrapped up in a
truly elegant design with a spacious interior cabin. But more
importantly, the technological advances of Lucid Air are developed
entirely in-house with the singular goal to advance the adoption of
EVs around the world for future generations to come. Lucid Air is
the quintessential luxury sedan, and our goal in 2023 is to amplify
our sales and marketing efforts to get this amazing product into
the hands of even more customers around the world," Rawlinson
added.
"In 2022, we scaled every part of our business while keeping a
sharp focus on execution. In our first full year of production, we
manufactured 7,180 vehicles and delivered 4,369 vehicles,
generating revenue of just over $608
million," said Sherry House,
Lucid's CFO. "As we look ahead to 2023, we'll continue to focus on
strong capital discipline, leaving no stone unturned for every cost
optimization. We are proud of our technology and product
achievements. We're gearing for growth, while simultaneously taking
a comprehensive look at reducing costs, and I'm very excited about
the opportunities that lie ahead of us."
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy
by creating advanced technologies and the most captivating luxury
electric vehicles centered around the human experience. Lucid Air,
is a state-of-the-art luxury sedan with a California-inspired design that features
full-size interior space in a mid-size exterior footprint. Lucid
Air Grand Touring features an official EPA estimated 516 miles of
range or 1,050 horsepower. Produced at Lucid's factory in
Casa Grande, Arizona, deliveries
of Lucid Air are currently underway to customers in the U.S.,
Canada, Europe and the Middle East.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries and
other companies, which are the property of their respective
owners.
Forward Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"shall," "expect," "anticipate," "believe," "seek," "target,"
"continue," "could," "may," "might," "possible," "potential,"
"predict" or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding financial and operating outlook
and guidance, amount of reservations and related potential sales,
future capital expenditures and other operating expenses, ability
to control costs, expectations and timing related to commercial
product launches, including the Gravity SUV and the various Air
models, production and delivery volumes, expectations regarding
market opportunities and demand for Lucid's products, the range and
performance of Lucid's vehicles, plans and expectations regarding
Lucid's software, product recalls, estimate of the length of time
Lucid's existing cash, cash equivalents and investments will be
sufficient to fund planned operations, plans and expectations
regarding its future capital raises and funding strategy, the
timing of deliveries, future manufacturing capabilities and
facilities, studio and service center openings, ability to mitigate
supply chain and logistics risks, plans regarding the Phase 2
expansion of Lucid's AMP-1 factory, including timing, installed
capacity and potential benefits, ability to vertically integrate
production processes, future sales channels and strategies, future
market launches and international expansion, including plans for
the European and Middle Eastern markets and the AMP-2 manufacturing
facility in Saudi Arabia, the
potential success of Lucid's direct-to-consumer sales strategy and
future vehicle programs, and the promise of Lucid's technology.
These statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of Lucid's management. These forward-looking statements are not
intended to serve as, and must not be relied on by any investor as,
a guarantee, an assurance, or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and may differ from these forward-looking
statements. Many actual events and circumstances are beyond the
control of Lucid. These forward-looking statements are subject to a
number of risks and uncertainties, including changes in domestic
and foreign business, market, financial, political and legal
conditions, including a potential global economic recession or
other downturn and the ongoing conflict between Russia and Ukraine; risks related to changes in overall
demand for Lucid's products and services and cancellation of
reservations and orders for Lucid's vehicles; risks related to
prices and availability of commodities, Lucid's supply chain,
logistics, inventory management and quality control, and Lucid's
ability to complete the tooling of its manufacturing facilities
over time and scale production of the Lucid Air and other vehicles;
risks related to the uncertainty of Lucid's projected financial
information; risks related to the timing of expected business
milestones and commercial product launches; risks related to the
expansion of Lucid's manufacturing facility, the construction of
new manufacturing facilities and the increase of Lucid's production
capacity; Lucid's ability to manage expenses and control costs;
risks related to future market adoption of Lucid's offerings; the
effects of competition and the pace and depth of electric vehicle
adoption generally on Lucid's future business; changes in
regulatory requirements, governmental incentives and fuel and
energy prices; Lucid's ability to rapidly innovate; Lucid's ability
to enter into or maintain partnerships with original equipment
manufacturers, vendors and technology providers; Lucid's ability to
effectively manage its growth and recruit and retain key employees,
including its chief executive officer and executive team; risks
related to potential vehicle recalls; Lucid's ability to establish
and expand its brand and capture additional market share, and the
risks associated with negative press or reputational harm; Lucid's
ability to effectively utilize zero emission vehicle credits and
obtain and utilize certain tax and other incentives; Lucid's
ability to issue equity or equity-linked securities in the future;
Lucid's ability to pay interest and principal on its indebtedness;
future changes to vehicle specifications which may impact
performance, pricing and other expectations; the outcome of any
potential litigation, government and regulatory proceedings,
investigations and inquiries; and the impact of the global COVID-19
pandemic on Lucid's supply chain, projected results of operations,
financial performance or other financial metrics, or on any of the
foregoing risks; and those factors discussed under the heading
"Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2022, as well as
other documents Lucid has filed or will file with the Securities
and Exchange Commission. If any of these risks materialize or
Lucid's assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Lucid currently does
not know or that Lucid currently believes are immaterial that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lucid's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Non-GAAP Financial Measures and Key Business Metrics
Consolidated financial information has been presented in
accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to
supplement our consolidated financial results. Lucid's non-GAAP
financial measures include Adjusted EBITDA and Free Cash Flow which
are discussed below.
Adjusted EBITDA is defined as net loss before (1) interest
expense, (2) interest income, (3) provision for (benefit from)
income taxes, (4) depreciation and amortization, (5) change in fair
value of forward contracts, (6) change in fair value of convertible
preferred stock warrant liability, (7) change in fair value of
common stock warrant liability, (8) transaction costs expensed and
(9) stock-based compensation. Adjusted EBITDA is a performance
measure that Lucid believes provides useful information to Lucid's
management and investors about Lucid's profitability. Free Cash
Flow is defined as net cash used in operating activities less
capital expenditures. Free Cash Flow is a performance measure that
Lucid believes provides useful information to Lucid's management
and investors about the amount of cash generated by the business
after necessary capital expenditures.
These non-GAAP financial measures facilitate management's
internal comparisons to Lucid's historical performance. Management
believes that it is useful to supplement its GAAP financial
statements with this non-GAAP information because management uses
such information internally for its operating, budgeting, and
financial planning purposes. Management also believes that
presentation of the non-GAAP financial measures provides useful
information to Lucid's investors regarding measures of our
financial condition and results of operations that Lucid uses to
run the business and therefore allows investors to better
understand Lucid's performance. However, these non-GAAP financial
and key performance measures have limitations as analytical tools
and you should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set
of accounting rules and therefore, should only be read in
conjunction with financial information reported under GAAP when
understanding Lucid's operating performance. In addition, other
companies, including companies in Lucid's industry, may calculate
non-GAAP financial measures and key performance measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of Lucid's
non-GAAP financial measures and key performance measures as tools
for comparison. A reconciliation between GAAP and non-GAAP
financial information is presented below.
LUCID GROUP,
INC. CONSOLIDATED BALANCE
SHEETS1 (in thousands, except share and
per share data)
|
|
|
|
December 31,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
1,735,765
|
|
$ 6,262,905
|
Short-term
investments
|
|
2,177,231
|
|
—
|
Accounts receivable,
net
|
|
19,542
|
|
3,148
|
Inventory
|
|
834,401
|
|
127,250
|
Prepaid
expenses
|
|
63,548
|
|
70,346
|
Other current
assets
|
|
81,541
|
|
43,328
|
Total current
assets
|
|
4,912,028
|
|
6,506,977
|
Property, plant and
equipment, net
|
|
2,166,776
|
|
1,182,153
|
Right-of-use
assets
|
|
215,160
|
|
161,974
|
Long-term
investments
|
|
529,974
|
|
—
|
Other noncurrent
assets
|
|
55,300
|
|
30,609
|
TOTAL
ASSETS
|
|
$
7,879,238
|
|
$
7,881,713
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
229,084
|
|
$
41,342
|
Accrued
compensation
|
|
63,322
|
|
32,364
|
Finance lease
liabilities, current portion
|
|
10,586
|
|
4,183
|
Other current
liabilities
|
|
634,567
|
|
318,212
|
Total current
liabilities
|
|
937,559
|
|
396,101
|
Finance lease
liabilities, net of current portion
|
|
81,336
|
|
6,083
|
Common stock warrant
liability
|
|
140,590
|
|
1,394,808
|
Long-term
debt
|
|
1,991,840
|
|
1,986,791
|
Other long-term
liabilities
|
|
378,212
|
|
188,575
|
Total
liabilities
|
|
3,529,537
|
|
3,972,358
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
Preferred stock, par
value $0.0001; 10,000,000 shares authorized as of December 31,
2022 and
2021; no shares
issued and outstanding as of December 31, 2022 and
2021
|
|
—
|
|
—
|
Common stock, par value
$0.0001; 15,000,000,000 shares authorized as of December 31,
2022 and
2021; 1,830,172,561 and 1,648,413,415 shares
issued and 1,829,314,736 and 1,647,555,590 shares
outstanding as of December 31, 2022 and
2021, respectively
|
|
183
|
|
165
|
Additional paid-in
capital
|
|
11,752,138
|
|
9,995,778
|
Treasury stock, at
cost, 857,825 shares at December 31, 2022 and 2021
|
|
(20,716)
|
|
(20,716)
|
Accumulated other
comprehensive loss
|
|
(11,572)
|
|
—
|
Accumulated
deficit
|
|
(7,370,332)
|
|
(6,065,872)
|
Total stockholders'
equity
|
|
4,349,701
|
|
3,909,355
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
7,879,238
|
|
$
7,881,713
|
LUCID GROUP,
INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS1 (in thousands, except
share and per share data)
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue
|
$
257,713
|
|
$
26,392
|
|
$
608,181
|
|
$
27,111
|
|
|
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
Cost of
revenue
|
615,291
|
|
151,473
|
|
1,646,086
|
|
154,897
|
Research and
development
|
221,294
|
|
163,606
|
|
821,512
|
|
750,185
|
Selling, general and
administrative
|
170,867
|
|
196,997
|
|
734,574
|
|
652,475
|
Total cost and
expenses
|
1,007,452
|
|
512,076
|
|
3,202,172
|
|
1,557,557
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(749,739)
|
|
(485,684)
|
|
(2,593,991)
|
|
(1,530,446)
|
|
|
|
|
|
|
|
|
Other income
(expense), net
|
|
|
|
|
|
|
|
Change in fair value of
forward contracts
|
—
|
|
—
|
|
—
|
|
(454,546)
|
Change in fair value of
convertible preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
(6,976)
|
Change in fair value of
common stock warrant liability
|
255,899
|
|
(557,973)
|
|
1,254,218
|
|
(582,760)
|
Transaction costs
expensed
|
—
|
|
—
|
|
—
|
|
(2,717)
|
Interest
income
|
29,472
|
|
—
|
|
56,756
|
|
—
|
Interest
expense
|
(8,075)
|
|
(1,263)
|
|
(30,596)
|
|
(1,374)
|
Other income (expense),
net
|
(366)
|
|
(742)
|
|
9,532
|
|
(893)
|
Total other income
(expense), net
|
276,930
|
|
(559,978)
|
|
1,289,910
|
|
(1,049,266)
|
Loss before provision
for (benefit from) income taxes
|
(472,809)
|
|
(1,045,662)
|
|
(1,304,081)
|
|
(2,579,712)
|
Provision for (benefit
from) income taxes
|
(161)
|
|
18
|
|
379
|
|
49
|
Net
loss
|
(472,648)
|
|
(1,045,680)
|
|
(1,304,460)
|
|
(2,579,761)
|
Deemed dividend related
to the issuance of Series E convertible preferred
stock
|
—
|
|
—
|
|
—
|
|
(2,167,332)
|
Net loss
attributable to common stockholders, basic
|
(472,648)
|
|
(1,045,680)
|
|
(1,304,460)
|
|
(4,747,093)
|
Change in fair value of
dilutive warrants
|
—
|
|
—
|
|
(1,254,218)
|
|
—
|
Net loss
attributable to common stockholders, diluted
|
$ (472,648)
|
|
$
(1,045,680)
|
|
$
(2,558,678)
|
|
$
(4,747,093)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in computing net loss per share
attributable to common stockholders, basic
|
1,712,951,982
|
|
1,636,215,509
|
|
1,678,346,079
|
|
740,393,759
|
Weighted average shares
outstanding used in computing net loss per share
attributable to common stockholders, diluted
|
1,712,951,982
|
|
1,636,215,509
|
|
1,693,258,608
|
|
740,393,759
|
Net loss per share
attributable to common stockholders, basic
|
$
(0.28)
|
|
$
(0.64)
|
|
$
(0.78)
|
|
$
(6.41)
|
Net loss per share
attributable to common stockholders, diluted
|
$
(0.28)
|
|
$
(0.64)
|
|
$
(1.51)
|
|
$
(6.41)
|
|
|
|
|
|
|
|
|
Other comprehensive
loss
|
|
|
|
|
|
|
|
Net unrealized gains
(losses) on investments, net of tax
|
$
1,694
|
|
$
—
|
|
$
(11,572)
|
|
$
—
|
Comprehensive
loss
|
(470,954)
|
|
(1,045,680)
|
|
(1,316,032)
|
|
(2,579,761)
|
Deemed dividend related
to the issuance of Series E convertible preferred
stock
|
—
|
|
—
|
|
—
|
|
(2,167,332)
|
Comprehensive loss
attributable to common stockholders
|
$ (470,954)
|
|
$
(1,045,680)
|
|
$
(1,316,032)
|
|
$
(4,747,093)
|
LUCID GROUP,
INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS1 (in thousands)
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net loss
|
$
(472,648)
|
|
$
(1,045,680)
|
|
$
(1,304,460)
|
|
$
(2,579,761)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
55,240
|
|
36,286
|
|
186,583
|
|
62,907
|
Amortization of
insurance premium
|
10,432
|
|
11,290
|
|
35,620
|
|
18,474
|
Non-cash operating
lease cost
|
5,457
|
|
3,934
|
|
19,711
|
|
12,563
|
Stock-based
compensation
|
71,255
|
|
150,557
|
|
423,500
|
|
516,757
|
Inventory and firm
purchase commitments write-downs
|
204,926
|
|
48,884
|
|
569,479
|
|
48,884
|
Change in fair value
of contingent forward contract liability
|
—
|
|
—
|
|
—
|
|
454,546
|
Change in fair value
of preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
6,976
|
Change in fair value
of common stock warrant liability
|
(255,899)
|
|
557,973
|
|
(1,254,218)
|
|
582,760
|
Other non-cash
items
|
(5,322)
|
|
233
|
|
(10,342)
|
|
289
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(16,987)
|
|
(2,887)
|
|
(16,498)
|
|
(2,888)
|
Inventory
|
(350,295)
|
|
(114,979)
|
|
(1,256,349)
|
|
(175,091)
|
Prepaid
expenses
|
(16,721)
|
|
(1,283)
|
|
(28,822)
|
|
(66,980)
|
Other current
assets
|
(10,329)
|
|
(23,003)
|
|
(43,591)
|
|
(14,704)
|
Other noncurrent
assets
|
(4,148)
|
|
11,750
|
|
(43,230)
|
|
5,889
|
Accounts
payable
|
128,253
|
|
18,529
|
|
180,469
|
|
4,354
|
Accrued
compensation
|
14,314
|
|
3,415
|
|
30,958
|
|
16,167
|
Operating lease
liability
|
(4,721)
|
|
(5,503)
|
|
(15,482)
|
|
(10,019)
|
Other current
liabilities
|
(12,159)
|
|
47,622
|
|
269,386
|
|
65,456
|
Other long-term
liabilities
|
10,837
|
|
(9,870)
|
|
31,028
|
|
(4,712)
|
Net cash used in
operating activities
|
(648,515)
|
|
(312,732)
|
|
(2,226,258)
|
|
(1,058,133)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
(289,888)
|
|
(121,907)
|
|
(1,074,852)
|
|
(421,220)
|
Proceeds from sale of
property, plant and equipment
|
—
|
|
3
|
|
—
|
|
22
|
Proceeds from
government grant
|
—
|
|
—
|
|
97,267
|
|
—
|
Purchases of
investments
|
(1,127,452)
|
|
—
|
|
(3,854,129)
|
|
—
|
Proceeds from
maturities of investments
|
1,024,361
|
|
—
|
|
1,149,714
|
|
—
|
Proceeds from sale of
short term investments
|
—
|
|
505
|
|
—
|
|
505
|
Proceeds from
insurance claims
|
323
|
|
—
|
|
323
|
|
—
|
Net cash used in
investing activities
|
(392,656)
|
|
(121,399)
|
|
(3,681,677)
|
|
(420,693)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceed from issuance
of convertible notes, net of issuance costs
|
—
|
|
2,002,437
|
|
—
|
|
2,002,437
|
Payment of transaction
costs for the issuance of convertible notes
|
—
|
|
(15,883)
|
|
—
|
|
(15,883)
|
Proceeds from issuance
of common stock under At-the-Market Offering, net of issuance
costs
|
594,317
|
|
—
|
|
594,317
|
|
—
|
Proceeds from issuance
of common stock under Subscription Agreement
|
915,000
|
|
—
|
|
915,000
|
|
—
|
Proceeds from
short-term insurance financing note
|
—
|
|
—
|
|
—
|
|
41,935
|
Payment for short-term
insurance financing note
|
—
|
|
(11,068)
|
|
(15,330)
|
|
(27,887)
|
Payment for finance
lease liabilities
|
(1,372)
|
|
(1,173)
|
|
(4,977)
|
|
(3,088)
|
Proceeds from
borrowings
|
9,590
|
|
—
|
|
29,818
|
|
—
|
Repayments for
borrowings
|
(13,570)
|
|
—
|
|
(20,223)
|
|
—
|
Proceeds from failed
sale-leaseback transaction
|
—
|
|
—
|
|
31,700
|
|
—
|
Repurchase of Series B
convertible preferred stock
|
—
|
|
—
|
|
—
|
|
(3,000)
|
Proceeds from issuance
of Series D convertible preferred stock
|
—
|
|
—
|
|
—
|
|
3,000
|
Proceeds from issuance
of Series E convertible preferred stock
|
—
|
|
—
|
|
—
|
|
600,000
|
Proceeds from exercise
of stock options
|
3,050
|
|
2,105
|
|
17,788
|
|
8,132
|
Proceeds from the
exercise of public warrants
|
—
|
|
—
|
|
—
|
|
173,273
|
Proceeds from the
reverse capitalization
|
—
|
|
—
|
|
—
|
|
4,439,153
|
Payment of transaction
costs related to the reverse recapitalization
|
—
|
|
(34,054)
|
|
—
|
|
(38,865)
|
Proceeds from employee
stock purchase plan
|
11,680
|
|
—
|
|
24,562
|
|
—
|
Treasury stock
repurchase
|
—
|
|
(20,716)
|
|
—
|
|
(20,716)
|
Stock repurchases from
employees for tax withholdings
|
(5,894)
|
|
(22,063)
|
|
(218,789)
|
|
(22,063)
|
Payment for credit
facility issuance costs
|
—
|
|
—
|
|
(6,631)
|
|
—
|
Net cash provided by
financing activities
|
1,512,801
|
|
1,899,585
|
|
1,347,235
|
|
7,136,428
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
471,630
|
|
1,465,454
|
|
(4,560,700)
|
|
5,657,602
|
Beginning cash, cash
equivalents, and restricted cash
|
1,265,690
|
|
4,832,566
|
|
6,298,020
|
|
640,418
|
Ending cash, cash
equivalents, and restricted cash
|
$
1,737,320
|
|
$
6,298,020
|
|
$
1,737,320
|
|
$
6,298,020
|
LUCID GROUP,
INC.
Reconciliation of GAAP to Non-GAAP Financials
Measures1 Unaudited
(in thousands)
|
|
Adjusted
EBITDA
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss
(GAAP)
|
$
(472,648)
|
|
$
(1,045,680)
|
|
$
(1,304,460)
|
|
$
(2,579,761)
|
Interest
expense
|
8,075
|
|
1,263
|
|
30,596
|
|
1,374
|
Interest
income
|
(29,472)
|
|
—
|
|
(56,756)
|
|
—
|
Provision for (benefit
from) income taxes
|
(161)
|
|
18
|
|
379
|
|
49
|
Depreciation and
amortization
|
55,240
|
|
36,286
|
|
186,583
|
|
62,907
|
Change in fair value of
forward contracts
|
—
|
|
—
|
|
—
|
|
454,546
|
Change in fair value of
convertible preferred stock warrant liability
|
—
|
|
—
|
|
—
|
|
6,976
|
Change in fair value of
common stock warrant liability
|
(255,899)
|
|
557,973
|
|
(1,254,218)
|
|
582,760
|
Transaction costs
expensed
|
—
|
|
—
|
|
—
|
|
2,717
|
Stock-based
compensation
|
71,255
|
|
150,557
|
|
423,500
|
|
516,757
|
Adjusted EBITDA
(non-GAAP)
|
$
(623,610)
|
|
$
(299,583)
|
|
$
(1,974,376)
|
|
$
(951,675)
|
Free Cash
Flow
|
|
|
|
Three Months
Ended December
31,
|
|
Twelve Months
Ended December
31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net cash used in
operating activities (GAAP)
|
|
$
(648,515)
|
|
$
(312,732)
|
|
$
(2,226,258)
|
|
$
(1,058,133)
|
Capital
expenditures
|
|
(289,888)
|
|
(121,907)
|
|
(1,074,852)
|
|
(421,220)
|
Free cash flow
(non-GAAP)
|
|
$
(938,403)
|
|
$
(434,639)
|
|
$
(3,301,110)
|
|
$
(1,479,353)
|
___________________________________
|
1 The
business combination (the "Merger") between Lucid Group Inc.'s
predecessor, Atieva, Inc. ("Legacy Lucid"), and Churchill Capital
Corp IV ("CCIV"), which closed on July 23, 2021, is accounted for
as a reverse recapitalization under U.S. GAAP. Under this method of
accounting, CCIV has been treated as the acquired company for
financial reporting purposes. Accordingly, for accounting purposes,
the financial statements of Lucid represent a continuation of the
financial statements of Legacy Lucid with the Merger being treated
as the equivalent of Legacy Lucid issuing shares for the net assets
of CCIV, accompanied by a recapitalization. The net assets of CCIV
were recognized as of the closing of the Merger at historical cost,
with no goodwill or other intangible assets recorded. Operations
prior to the Merger are presented as those of Legacy Lucid and the
accumulated deficit of Legacy Lucid has been carried forward after
the closing of the Merger. All periods prior to the Merger have
been retrospectively adjusted using the applicable exchange ratio
for the equivalent number of shares outstanding immediately after
the closing of the Merger to effect the reverse recapitalization.
See our Form 10-Q for the quarter ended September 30,
2022 for additional information.
|
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SOURCE Lucid Group