2022 Q4 Form 10-K Financial Statement

#000187417823000009 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $663.0M $1.658B
YoY Change 1127.78% 2914.55%
Cost Of Revenue $1.777B $4.781B
YoY Change 306.64% 819.42%
Gross Profit -$1.114B -$3.123B
YoY Change 190.86% 571.61%
Gross Profit Margin -168.02% -188.36%
Selling, General & Admin $369.0M $1.789B
YoY Change -45.89% 44.04%
% of Gross Profit
Research & Development $373.0M $1.944B
YoY Change -48.62% 5.08%
% of Gross Profit
Depreciation & Amortization $199.0M $652.0M
YoY Change 76.11% 230.96%
% of Gross Profit
Operating Expenses $795.0M $3.733B
YoY Change -61.61% -0.59%
Operating Profit -$1.909B -$6.856B
YoY Change -22.21% 62.46%
Interest Expense $66.00M $103.0M
YoY Change -414.29% 255.17%
% of Operating Profit
Other Income/Expense, Net $6.000M $0.00
YoY Change -300.0% -100.0%
Pretax Income -$1.723B -$6.748B
YoY Change -29.99% 43.94%
Income Tax $0.00 $4.000M
% Of Pretax Income
Net Earnings -$1.723B -$6.752B
YoY Change -29.99% 44.03%
Net Earnings / Revenue -259.88% -407.24%
Basic Earnings Per Share -$7.40
Diluted Earnings Per Share -$1.86 -$7.40
COMMON SHARES
Basic Shares Outstanding 913.0M shares
Diluted Shares Outstanding 913.0M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.57B $11.57B
YoY Change -36.2% -36.2%
Cash & Equivalents $11.57B $11.57B
Short-Term Investments
Other Short-Term Assets $112.0M $112.0M
YoY Change -11.11% -11.11%
Inventory $1.348B $1.348B
Prepaid Expenses
Receivables $102.0M $102.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.13B $13.13B
YoY Change -29.25% -29.25%
LONG-TERM ASSETS
Property, Plant & Equipment $3.758B $4.088B
YoY Change 18.06% 19.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $658.0M $658.0M
YoY Change 103.09% 103.09%
Total Long-Term Assets $4.746B $4.746B
YoY Change 27.07% 27.07%
TOTAL ASSETS
Total Short-Term Assets $13.13B $13.13B
Total Long-Term Assets $4.746B $4.746B
Total Assets $17.88B $17.88B
YoY Change -19.82% -19.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000B $1.000B
YoY Change 107.04% 107.04%
Accrued Expenses $1.154B $1.222B
YoY Change 73.01% 71.39%
Deferred Revenue $37.00M
YoY Change -50.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.424B $2.424B
YoY Change 84.62% 84.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.231B $1.231B
YoY Change 0.41% 0.41%
Other Long-Term Liabilities $111.0M $422.0M
YoY Change 382.61% 75.1%
Total Long-Term Liabilities $1.342B $1.653B
YoY Change 7.45% 12.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.424B $2.424B
Total Long-Term Liabilities $1.342B $1.653B
Total Liabilities $4.077B $4.077B
YoY Change 46.65% 46.65%
SHAREHOLDERS EQUITY
Retained Earnings -$13.13B
YoY Change 105.93%
Common Stock $1.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.80B $13.80B
YoY Change
Total Liabilities & Shareholders Equity $17.88B $17.88B
YoY Change -19.82% -19.82%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.723B -$6.752B
YoY Change -29.99% 44.03%
Depreciation, Depletion And Amortization $199.0M $652.0M
YoY Change 76.11% 230.96%
Cash From Operating Activities -$1.446B -$5.052B
YoY Change 33.15% 92.68%
INVESTING ACTIVITIES
Capital Expenditures $294.0M $1.369B
YoY Change -164.62% -23.69%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$294.0M -$1.369B
YoY Change -35.53% -23.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $102.0M
YoY Change -96.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.00M $99.00M
YoY Change -99.75% -99.5%
NET CHANGE
Cash From Operating Activities -1.446B -$5.052B
Cash From Investing Activities -294.0M -$1.369B
Cash From Financing Activities 37.00M $99.00M
Net Change In Cash -1.703B -$6.324B
YoY Change -112.88% -141.03%
FREE CASH FLOW
Cash From Operating Activities -$1.446B -$5.052B
Capital Expenditures $294.0M $1.369B
Free Cash Flow -$1.740B -$6.421B
YoY Change 175.75% 45.4%

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Accounting estimates are an integral part of the consolidated financial statements. These estimates require the use of judgments and assumptions that may affect the reported amounts of assets, liabilities, revenues, and expenses in the periods presented. Estimates are used for, but not limited to, inventory valuation, property, plant, and equipment, warranty reserves, leases, income taxes, stock-based compensation, and commitments and contingencies. 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 the original estimates, requiring adjustments to these amounts in future periods.
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<div style="text-align:justify"><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 style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><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, customer deposits, derivative instruments, and debt. We are exposed to credit risk to the extent that the Company’s 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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the credit risk management function related to investments. As of December 31, 2021 and 2022, all of the Company’s cash, cash equivalents, and restricted cash were placed at financial institutions that management believes are of high credit quality. These amounts are typically in excess of insured limits. In addition, the counterparties to the Company’s derivative instruments are financial institutions that management believes are of high credit quality.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><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>The Company is subject to risks related to its dependence on its suppliers, the majority of which are single-source providers of parts or components for the Company’s products. Any inability or unwillingness of the Company’s suppliers to deliver necessary input materials or product components, including semiconductors, at timing, prices, quality, and volumes that are acceptable to the Company could have a material impact on Rivian’s business, prospects, financial condition, results of operations, and cash flows. Fluctuations in the cost of input materials or product components and supply interruptions or shortages could materially impact the Company’s business.
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