$RIVN
Rivian Automotive Inc

2022 Q1 Form 10-Q Financial Statement

#000187417822000029 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $95.00M $0.00
YoY Change
Cost Of Revenue $597.0M $0.00
YoY Change
Gross Profit -$502.0M $0.00
YoY Change
Gross Profit Margin -528.42%
Selling, General & Admin $530.0M $121.0M
YoY Change 338.02% 195.12%
% of Gross Profit
Research & Development $547.0M $289.0M
YoY Change 89.27% 104.96%
% of Gross Profit
Depreciation & Amortization $118.0M $14.00M
YoY Change 742.86%
% of Gross Profit
Operating Expenses $1.077B $410.0M
YoY Change 162.68% 125.27%
Operating Profit -$1.579B -$410.0M
YoY Change 285.12%
Interest Expense $22.00M $5.000M
YoY Change 340.0%
% of Operating Profit
Other Income/Expense, Net $5.000M $0.00
YoY Change -100.0%
Pretax Income -$1.593B -$414.0M
YoY Change 284.78% 133.9%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.593B -$414.0M
YoY Change 284.78% 133.9%
Net Earnings / Revenue -1676.84%
Basic Earnings Per Share -$1.77 -$4.10
Diluted Earnings Per Share -$1.77 -$4.10
COMMON SHARES
Basic Shares Outstanding 901.0M shares 101.0M shares
Diluted Shares Outstanding 901.0M shares 101.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.43B
YoY Change
Cash & Equivalents $16.43B $4.781B
Short-Term Investments
Other Short-Term Assets $98.00M
YoY Change
Inventory $494.0M
Prepaid Expenses
Receivables $22.00M
Other Receivables $0.00
Total Short-Term Assets $17.05B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.396B
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $585.0M
YoY Change
Total Long-Term Assets $4.251B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $17.05B
Total Long-Term Assets $4.251B
Total Assets $21.30B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $571.0M
YoY Change
Accrued Expenses $746.0M
YoY Change
Deferred Revenue $81.00M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $1.524B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $1.227B
YoY Change
Other Long-Term Liabilities $30.00M
YoY Change
Total Long-Term Liabilities $1.257B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.524B
Total Long-Term Liabilities $1.257B
Total Liabilities $3.037B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$7.967B
YoY Change
Common Stock $1.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.26B -$1.797B
YoY Change
Total Liabilities & Shareholders Equity $21.30B
YoY Change

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$1.593B -$414.0M
YoY Change 284.78% 133.9%
Depreciation, Depletion And Amortization $118.0M $14.00M
YoY Change 742.86%
Cash From Operating Activities -$1.034B -$362.0M
YoY Change 185.64%
INVESTING ACTIVITIES
Capital Expenditures $418.0M $440.0M
YoY Change -5.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$418.0M -$440.0M
YoY Change -5.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M $2.651B
YoY Change -99.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $2.572B
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$1.034B -$362.0M
Cash From Investing Activities -$418.0M -$440.0M
Cash From Financing Activities $0.00 $2.572B
Net Change In Cash -$1.452B $1.770B
YoY Change -182.03%
FREE CASH FLOW
Cash From Operating Activities -$1.034B -$362.0M
Capital Expenditures $418.0M $440.0M
Free Cash Flow -$1.452B -$802.0M
YoY Change 81.05%

Facts In Submission

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4781000000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16971000000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
344000000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
406000000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
34000000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
54000000 USD
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
13500000000 USD
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
Accounting estimates are an integral part of the condensed consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, and expenses in the periods presented. The Company believes that the accounting estimates and related assumptions employed by the Company are appropriate and the resulting balances are reasonable under the circumstances. However, due to the inherent uncertainties involved in making estimates, the actual results could differ from original estimates, requiring adjustments to these balances in future periods.
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
290000000 USD
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
539000000 USD
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 USD
CY2022Q1 us-gaap Inventory Write Down
InventoryWriteDown
188000000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
236000000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
344000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3396000000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14000000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
118000000 USD
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Counterparty Credit Risk </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of counterparty credit risk consist of cash and cash equivalents, restricted cash, deposits, and loans. The Company is exposed to credit risk to the extent that its cash balance with a financial institution is in excess of Federal Deposit Insurance Company insurance limits. The degree of counterparty credit risk will vary based on many factors including the duration of the transaction and the contractual terms of the agreement. Management evaluates and approves credit standards and oversees the credit risk management function related to investments. As of December 31, 2021 and March 31, 2022, all of the Company’s cash and cash equivalents were placed at financial institutions that management believes are of high credit quality. These amounts are typically in excess of insured limits. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Supply Risk</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks related to its dependence on suppliers, the majority of which are single source providers of parts or components for the Company’s products. Any inability of the Company’s suppliers to deliver necessary product components, including semiconductors, at timing, prices, quality, and volumes that are acceptable to the Company could have a material and adverse impact on Rivian’s business, growth prospects, and financial and operating results. </span></div>The Company’s manufacturing facility in Normal, Illinois (the “Normal Factory”) is operational, and Rivian is continuing to invest in the Normal Factory. The Company’s ability to sustain production depends, among other things, on the readiness and solvency of suppliers and vendors through various macroeconomic factors, including factors resulting from the COVID-19 pandemic, and economic uncertainties, such as geopolitical instability and its effects on commodity prices.
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3416000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3768000000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
233000000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
372000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3183000000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1250000000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1250000000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
24000000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
23000000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1226000000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
1227000000 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1226000000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1227000000 USD
CY2021Q4 rivn Accrued Capital Expenditures And Other Purchases Current
AccruedCapitalExpendituresAndOtherPurchasesCurrent
490000000 USD
CY2022Q1 rivn Accrued Capital Expenditures And Other Purchases Current
AccruedCapitalExpendituresAndOtherPurchasesCurrent
482000000 USD
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
94000000 USD
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
140000000 USD
CY2021Q4 rivn Accrued Services Current
AccruedServicesCurrent
27000000 USD
CY2022Q1 rivn Accrued Services Current
AccruedServicesCurrent
53000000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
56000000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
71000000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
667000000 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
746000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
317000000 USD
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
17000000 USD
CY2022Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
20000000 USD
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
658000000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
116000000 shares
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-414000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-1593000000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-414000000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-414000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1593000000 USD
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1593000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
901000000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
901000000 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.10
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.10
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.77
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.77

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