$LCID
Lucid Group, Inc.

2020 Q4 Form 8-K Financial Statement

#000110465921148150 Filed on December 09, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $0.00 $3.976M
YoY Change -13.38%
Cost Of Revenue $2.500M $3.070M
YoY Change -21.8%
Gross Profit $1.100M $906.0K
YoY Change 36.45%
Gross Profit Margin 22.79%
Selling, General & Admin $31.30M $89.02M
YoY Change 131.98%
% of Gross Profit 2845.45% 9825.94%
Research & Development $169.5M $511.1M
YoY Change 132.09%
% of Gross Profit 15409.09% 56413.91%
Depreciation & Amortization $4.770M $10.20M
YoY Change 168.42%
% of Gross Profit 433.64% 1125.83%
Operating Expenses $2.643M $600.1M
YoY Change 132.07%
Operating Profit -$1.543M -$599.2M
YoY Change 132.32%
Interest Expense -$58.41M $64.00K
YoY Change -99.25%
% of Operating Profit
Other Income/Expense, Net -$2.168M -$120.3M
YoY Change 520.31%
Pretax Income -$63.22M -$719.6M
YoY Change 159.46%
Income Tax $90.45K -$188.0K
% Of Pretax Income
Net Earnings -$63.31M -$719.4M
YoY Change 159.37%
Net Earnings / Revenue -18093.06%
Basic Earnings Per Share -$28.42
Diluted Earnings Per Share -$280.9K -$28.42
COMMON SHARES
Basic Shares Outstanding 24.83M shares
Diluted Shares Outstanding 24.83M shares

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.593M $614.9M
YoY Change 74.6%
Cash & Equivalents $614.4M $614.4M $379.7M
Short-Term Investments $505.0K
Other Short-Term Assets $24.50M $46.34M $20.58M
YoY Change 19.04% -33.76%
Inventory $1.043M $1.043M $684.0K
Prepaid Expenses $21.84M $29.61M
Receivables $260.0K $260.0K $408.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $662.6M $662.6M $423.2M
YoY Change 56.55% 56.55%
LONG-TERM ASSETS
Property, Plant & Equipment $713.3M $713.3M $142.8M
YoY Change 399.45% 399.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.070B
YoY Change
Other Assets $26.85M $26.85M $2.124M
YoY Change 1164.17% 98.12%
Total Long-Term Assets $740.1M $740.1M $156.4M
YoY Change 373.33% 373.33%
TOTAL ASSETS
Total Short-Term Assets $662.6M $662.6M $423.2M
Total Long-Term Assets $740.1M $740.1M $156.4M
Total Assets $1.403B $1.403B $579.6M
YoY Change 142.01% 142.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.33M $17.33M $12.66M
YoY Change 36.95% 36.95%
Accrued Expenses $162.3M
YoY Change 230.99%
Deferred Revenue
YoY Change
Short-Term Debt $980.0K $980.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $185.3M $185.3M $65.86M
YoY Change 181.34% 91.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.996M
YoY Change 718.03%
Other Long-Term Liabilities $39.14M $40.10M $27.79M
YoY Change 40.82% 34.91%
Total Long-Term Liabilities $39.14M $42.10M $27.79M
YoY Change 40.82% 40.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $185.3M $185.3M $65.86M
Total Long-Term Liabilities $39.14M $42.10M $27.79M
Total Liabilities $227.4M $227.4M $126.7M
YoY Change 79.5% 79.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.357B -$637.5M
YoY Change 112.84%
Common Stock $3.000K $2.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity -$1.319B $1.175B -$621.1M
YoY Change
Total Liabilities & Shareholders Equity $1.403B $1.403B $579.6M
YoY Change 142.01% 142.01%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$63.31M -$719.4M
YoY Change 159.37%
Depreciation, Depletion And Amortization $4.770M $10.20M
YoY Change 168.42%
Cash From Operating Activities -$1.076M -$570.2M
YoY Change 142.33%
INVESTING ACTIVITIES
Capital Expenditures $103.7M -$459.6M
YoY Change 340.68%
Acquisitions
YoY Change
Other Investing Activities $450.0K
YoY Change
Cash From Investing Activities $450.0K -$459.6M
YoY Change 340.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $1.291B
YoY Change 107.67%
NET CHANGE
Cash From Operating Activities -1.076M -$570.2M
Cash From Investing Activities 450.0K -$459.6M
Cash From Financing Activities 0.000 $1.291B
Net Change In Cash -625.5K $260.8M
YoY Change -7.48%
FREE CASH FLOW
Cash From Operating Activities -$1.076M -$570.2M
Capital Expenditures $103.7M -$459.6M
Free Cash Flow -$104.8M -$110.6M
YoY Change -15.57%

Facts In Submission

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364000
CY2020 us-gaap Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
12101000
CY2019 us-gaap Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
50000000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3285000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
483000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1290545000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
621432000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
260767000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
281843000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379651000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97808000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
640418000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379651000
CY2020Q4 us-gaap Cash
Cash
614412000
CY2019Q4 us-gaap Cash
Cash
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CY2020Q4 us-gaap Restricted Cash
RestrictedCash
26006000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
27967000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
640418000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379651000
CY2019 lcid Notes Converted
NotesConverted
300000000
CY2019 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
36797000
CY2019 lcid Conversion Of Convertible Notes Accrued Interest
ConversionOfConvertibleNotesAccruedInterest
8747000
CY2019 lcid Reclassification From Deferred Financing Costs To Temporary Equity
ReclassificationFromDeferredFinancingCostsToTemporaryEquity
10253000
CY2021Q1 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
4400300000
CY2020 lcid Exchange Ratio
ExchangeRatio
2.644
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-719400000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-277400000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
14728000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
8200000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
640418000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379651000
CY2020Q4 us-gaap Cash
Cash
614412000
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
428000
CY2020Q4 us-gaap Inventory Net
InventoryNet
1043000
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates, assumptions and judgments made by management include, among others, the determination of the useful lives of property and equipment, fair values of warrants, fair value of contingent forward contracts liability, fair values of common shares, accounting for income taxes, and share-based compensation expense. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.</p>
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
11300000
CY2019Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
19800000
CY2020Q4 lcid Customer Reservation Payments Current
CustomerReservationPaymentsCurrent
500000
CY2019Q4 lcid Customer Reservation Payments Current
CustomerReservationPaymentsCurrent
300000
CY2020Q4 lcid Escrow Deposit Current
EscrowDepositCurrent
10800000
CY2019Q4 lcid Escrow Deposit Current
EscrowDepositCurrent
19500000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
14700000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
8200000
CY2020Q4 lcid Escrow Deposit Non Current
EscrowDepositNonCurrent
1700000
CY2019Q4 lcid Escrow Deposit Non Current
EscrowDepositNonCurrent
1700000
CY2019Q4 us-gaap Inventory Net
InventoryNet
684000
CY2019Q4 us-gaap Cash
Cash
351684000
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
11278000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
20578000
CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
100000
CY2019Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
205000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
70000
CY2019Q4 us-gaap Inventory Work In Process
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51000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
312000
CY2019Q4 us-gaap Short Term Investments
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500000
CY2020Q4 us-gaap Short Term Investments
ShortTermInvestments
500000
CY2020 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, short-term investments, and accounts receivable. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits, but at times its deposits may exceed federally insured limits. Further, accounts receivable consists of current trade receivables from a single customer as of December 31, 2020 and 2019, and all of the Company’s revenue is from the same customer for the years ended December 31, 2020 and 2019.</p>
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CY2020Q4 lcid Accrued Construction Of Arizona Plant
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CY2019Q4 lcid Accrued Construction Of Arizona Plant
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27906000
CY2020Q4 lcid Accrued Engineering Design And Testing
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42518000
CY2019Q4 lcid Accrued Engineering Design And Testing
AccruedEngineeringDesignAndTesting
11179000
CY2019 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2020 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2020 us-gaap Foreign Currency Transaction Gain Loss Realized
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2500000
CY2020 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Warranties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company provides a manufacturer’s warranty on all battery packs it sells and accrues a warranty reserve for such battery packs, as applicable. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. Current estimates of the warranty reserve are immaterial, but changes to the Company’s historical or projected warranty experience may cause material changes to the warranty reserve in the future. The portion of the warranty reserve expected to be incurred within the next 12 months is included within accrued liabilities and other, while the remaining balance is included within other long-term liabilities in the consolidated balance sheets. The Company recorded warranty expense of zero and $0.1 million as a component of cost of revenue in the consolidated statements of operations for the years ended December 31, 2020 and 2019, respectively.</p>
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ProductWarrantyExpense
0
CY2019 us-gaap Product Warranty Expense
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100000
CY2019Q4 lcid Prepayment For Vehicle Engineering
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CY2020Q4 us-gaap Other Prepaid Expense Current
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2338000
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
969000
CY2020Q4 us-gaap Prepaid Expense Current
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21840000
CY2019Q4 us-gaap Prepaid Expense Current
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29610000
CY2020Q4 lcid Tenant Allowance Receivable
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12905000
CY2020Q4 lcid Prepayment For Engineering Design And Testing
PrepaymentForEngineeringDesignAndTesting
14871000
CY2019Q4 lcid Prepayment For Engineering Design And Testing
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8016000
CY2020Q4 lcid Prepayment For Software Subscriptions
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4531000
CY2019Q4 lcid Prepayment For Software Subscriptions
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1875000
CY2020Q4 lcid Prepayment For Manufacturing Equipment
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80000
CY2019Q4 lcid Prepayment For Manufacturing Equipment
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13895000
CY2020Q4 lcid Prepayment For Vehicle Engineering
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20000
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CY2019Q4 lcid Accrued Tooling
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2019Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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619000
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738039000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
157367000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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24771000
CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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14554000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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142813000
CY2020Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
636851000
CY2019Q4 us-gaap Construction In Progress Gross
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119739000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10200000
CY2019 us-gaap Depreciation Depletion And Amortization
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3800000
CY2020 lcid Depreciation On Capital Leased Assets
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500000
CY2019 lcid Depreciation On Capital Leased Assets
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200000
CY2019 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
494000
CY2019 lcid Amortization Of Debt Discount From Contingent Forward Contracts
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2900000
CY2019 us-gaap Amortization Of Financing Costs And Discounts
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3394000
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ConvertibleNotesPayable
263200000
CY2019Q2 lcid Debt Issuance Costs And Accrued Interest
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8800000
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34221332
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2702200
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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2702200
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210000000
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22763000
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1623000
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188860000
CY2019Q2 lcid Convertible Notes Issued
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90000000
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19051000
CY2019Q2 us-gaap Amortization Of Financing Costs And Discounts
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3394000
CY2019Q2 us-gaap Convertible Notes Payable
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CY2019Q2 lcid Debt Issuance Costs And Accrued Interest
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8782000
CY2019Q2 us-gaap Debt Conversion Original Debt Amount1
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271984000
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0.73
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19398663
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2494076000
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69305845
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0.60
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CY2020Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2020 lcid Convertible Preferred Shares Shares Authorized
ConvertiblePreferredSharesSharesAuthorized
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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21236000
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50917795
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0.43
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14947923
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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14947923
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0.40
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3497913000
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CY2019Q4 us-gaap Temporary Equity Shares Outstanding
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502582535
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1074010000
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0.08
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0
CY2020Q4 lcid Number Of Shares Issuable Upon Conversion Of Each Convertible Preferred Stock
NumberOfSharesIssuableUponConversionOfEachConvertiblePreferredStock
1
CY2020Q4 lcid Minimum Pre Offering Market Capitalization Required For Automatic Conversion
MinimumPreOfferingMarketCapitalizationRequiredForAutomaticConversion
2500000000
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200000000.0
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957159704
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502582535
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70675318
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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69305845
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1546799
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
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1546799
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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10526235
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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19398663
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CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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P10Y
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118155000
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3257000
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23820351
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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23820351
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1.16
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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10526235
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70675318
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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0.66
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
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