2023 Q4 Form 20-F Financial Statement

#000110465924044514 Filed on April 08, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $7.065B $24.90B
YoY Change 91.2% 87.34%
Cost Of Revenue $5.211B $16.06B
YoY Change 126.14% 100.52%
Gross Profit $1.854B $8.843B
YoY Change 33.3% 67.36%
Gross Profit Margin 26.24% 35.51%
Selling, General & Admin $1.474B $5.237B
YoY Change 51.27% 52.27%
% of Gross Profit 79.52% 59.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $208.3M $604.6M
YoY Change 119.74% 54.25%
% of Gross Profit 11.24% 6.84%
Operating Expenses $1.682B $5.841B
YoY Change 57.34% 52.48%
Operating Profit $171.3M $3.002B
YoY Change -46.7% 106.6%
Interest Expense $34.45M $111.7M
YoY Change 79.96% 54.85%
% of Operating Profit 20.11% 3.72%
Other Income/Expense, Net $17.97M $62.28M
YoY Change 20.32% -127.6%
Pretax Income $265.1M $3.107B
YoY Change -23.66% 175.78%
Income Tax -$31.27M $259.4M
% Of Pretax Income -11.79% 8.35%
Net Earnings $296.4M $2.848B
YoY Change 443.65% 483.3%
Net Earnings / Revenue 4.2% 11.44%
Basic Earnings Per Share $0.16
Diluted Earnings Per Share $0.12 $1.13
COMMON SHARES
Basic Shares Outstanding 2.532B
Diluted Shares Outstanding 2.533B

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.490B $3.490B
YoY Change -1.26% -1.26%
Cash & Equivalents $2.926B $2.926B
Short-Term Investments $564.0M $564.0M
Other Short-Term Assets $1.611B $1.611B
YoY Change 48.4% 48.4%
Inventory $2.204B $2.204B
Prepaid Expenses
Receivables $294.8M $294.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.600B $7.600B
YoY Change 25.88% 25.88%
LONG-TERM ASSETS
Property, Plant & Equipment $9.356B $9.356B
YoY Change 141.67% 141.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $150.0M $150.0M
YoY Change
Other Assets $1.186B $1.186B
YoY Change 107.43% 107.43%
Total Long-Term Assets $10.69B $10.69B
YoY Change 140.64% 140.64%
TOTAL ASSETS
Total Short-Term Assets $7.600B $7.600B
Total Long-Term Assets $10.69B $10.69B
Total Assets $18.29B $18.29B
YoY Change 74.54% 74.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $814.7M $814.7M
YoY Change 84.57% 84.57%
Accrued Expenses $4.408B $4.408B
YoY Change 95.38% 95.38%
Deferred Revenue $17.38M
YoY Change 23.14%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.463B $5.463B
YoY Change 93.11% 93.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.115B $3.115B
YoY Change 204.1% 204.1%
Total Long-Term Liabilities $3.115B $3.115B
YoY Change 204.1% 204.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.463B $5.463B
Total Long-Term Liabilities $3.115B $3.115B
Total Liabilities $8.578B $8.578B
YoY Change 122.61% 122.61%
SHAREHOLDERS EQUITY
Retained Earnings -$1.226B
YoY Change -25.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.714B $9.714B
YoY Change
Total Liabilities & Shareholders Equity $18.29B $18.29B
YoY Change 74.54% 74.54%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $296.4M $2.848B
YoY Change 443.65% 483.3%
Depreciation, Depletion And Amortization $208.3M $604.6M
YoY Change 119.74% 54.25%
Cash From Operating Activities -$926.7M $408.5M
YoY Change -2019.05% 1961.34%
INVESTING ACTIVITIES
Capital Expenditures $387.4M
YoY Change 241.79%
Acquisitions
YoY Change
Other Investing Activities -$176.1M -$696.9M
YoY Change -60.95% -12.68%
Cash From Investing Activities -$176.1M -$485.5M
YoY Change -60.95% -39.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -926.7M 408.5M
Cash From Investing Activities -176.1M -485.5M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -1.103B -75.96M
YoY Change 173.95% -97.51%
FREE CASH FLOW
Cash From Operating Activities -$926.7M $408.5M
Capital Expenditures $387.4M
Free Cash Flow $21.16M
YoY Change -122.62%

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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023 lkncy Amount Transferred From Subsidiaries To Variable Interest Entities
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CY2023 lkncy Amount Transferred From Variable Interest Entities To Subsidiaries
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CY2023 lkncy Amount Transferred From Variable Interest Entities To Subsidiaries
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 18pt;"><span style="font-style:italic;">(d)    Use of estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and revenues and expenses during the reporting periods. Accounting estimates reflected in the Group’s consolidated financial statements include, but not limited to, estimates for allowance for credit losses of accounts receivable and other receivables, inventory provision, and short-term investments, useful lives and impairment of long-lived assets, revenue recognized from breakage amount, refund liability, accounting for deferred income taxes and uncertain tax benefits, valuation allowance for deferred tax assets, fair value of share-based payments, provision of contingent liabilities, and valuations for derivative financial instruments, convertible senior preferred shares and convertible senior notes. Changes in facts and circumstances may result in revised estimates.</p>
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CY2023 us-gaap Comparability Of Prior Year Financial Data
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 8pt 18pt;"><span style="font-style:italic;font-weight:bold;">(ff)    Comparative information</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 8pt 17.85pt;">Certain items in prior years’ consolidated financial statements or disclosures have been reclassified to conform to the current period’s presentation to facilitate comparison.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 8pt 18pt;">Revenues from self-operated stores include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operating stores, and delivery fees derived from self-operated stores paid by the Company’s customers. Before 2023, the definition of revenues from self-operated stores did not include delivery fees derived from self-operated stores paid by the Company’s customers. Comparative figures from previous periods presented were also adjusted to be consistent.</p>
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