$RIVN
Rivian Automotive Inc

2024 Q3 Form 10-Q Financial Statement

#000187417824000063 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $874.0M
YoY Change -34.63%
Cost Of Revenue $1.266B
YoY Change -30.21%
Gross Profit -$392.0M
YoY Change -17.82%
Gross Profit Margin -44.85%
Selling, General & Admin $427.0M
YoY Change -1.61%
% of Gross Profit
Research & Development $350.0M
YoY Change -33.84%
% of Gross Profit
Depreciation & Amortization $248.0M
YoY Change -1.59%
% of Gross Profit
Operating Expenses $777.0M
YoY Change -19.31%
Operating Profit -$1.169B
YoY Change -18.82%
Interest Expense $8.000M
YoY Change -85.45%
% of Operating Profit
Other Income/Expense, Net $1.000M
YoY Change -50.0%
Pretax Income -$1.100B
YoY Change -19.53%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.100B
YoY Change -19.53%
Net Earnings / Revenue -125.86%
Basic Earnings Per Share -$1.08
Diluted Earnings Per Share -$1.08
COMMON SHARES
Basic Shares Outstanding 1.014B shares
Diluted Shares Outstanding 1.014B shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.739B
YoY Change -26.21%
Cash & Equivalents $5.396B
Short-Term Investments $1.343B
Other Short-Term Assets $201.0M
YoY Change 8.06%
Inventory $2.680B
Prepaid Expenses
Receivables $217.0M
Other Receivables $0.00
Total Short-Term Assets $9.837B
YoY Change -18.61%
LONG-TERM ASSETS
Property, Plant & Equipment $4.216B
YoY Change 10.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $209.0M
YoY Change -2.79%
Total Long-Term Assets $4.425B
YoY Change 1.26%
TOTAL ASSETS
Total Short-Term Assets $9.837B
Total Long-Term Assets $4.425B
Total Assets $14.26B
YoY Change -13.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $617.0M
YoY Change -45.59%
Accrued Expenses $887.0M
YoY Change -20.52%
Deferred Revenue $96.00M
YoY Change 24.68%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.933B
YoY Change -26.33%
LONG-TERM LIABILITIES
Long-Term Debt $5.468B
YoY Change 101.03%
Other Long-Term Liabilities $601.0M
YoY Change 149.38%
Total Long-Term Liabilities $6.069B
YoY Change 104.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.933B
Total Long-Term Liabilities $6.069B
Total Liabilities $8.363B
YoY Change 41.65%
SHAREHOLDERS EQUITY
Retained Earnings -$22.56B
YoY Change 32.42%
Common Stock $1.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.899B
YoY Change
Total Liabilities & Shareholders Equity $14.26B
YoY Change -13.33%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$1.100B
YoY Change -19.53%
Depreciation, Depletion And Amortization $248.0M
YoY Change -1.59%
Cash From Operating Activities -$876.0M
YoY Change -0.11%
INVESTING ACTIVITIES
Capital Expenditures $277.0M
YoY Change 45.79%
Acquisitions
YoY Change
Other Investing Activities $778.0M
YoY Change -421.49%
Cash From Investing Activities $501.0M
YoY Change -215.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000M
YoY Change -150.0%
NET CHANGE
Cash From Operating Activities -876.0M
Cash From Investing Activities 501.0M
Cash From Financing Activities 4.000M
Net Change In Cash -371.0M
YoY Change -71.83%
FREE CASH FLOW
Cash From Operating Activities -$876.0M
Capital Expenditures $277.0M
Free Cash Flow -$1.153B
YoY Change 8.06%

Facts In Submission

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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, 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, commitments and contingencies, and residual value risk sharing (“RVRS”) liability. 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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us-gaap Concentration Risk Credit Risk
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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, short-term investments, accounts receivable, customer deposits, derivative instruments, and debt. The Company is exposed to credit risk on cash to the extent that a balance with a financial institution exceeds the Federal Deposit Insurance Company insurance limits. The Company is exposed to credit risk on cash equivalents and short-term investments to the extent that counterparties are unable to settle maturities or sales of investments. The Company is exposed to credit risk on accounts receivable to the extent that counterparties are unable to pay for the sales transaction and on customer deposits to the extent that counterparties are unable to complete the corresponding purchase transaction. The Company is </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%">exposed to credit risk on derivative instruments to the extent that counterparties are unable to settle derivative asset positions and on debt to the extent that the senior secured asset-based revolving credit facility (“ABL Facility”) lenders are not able to extend credit. The degree of counterparty credit risk varies based on many factors, including the duration of the transaction and the contractual terms of the agreement.</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%">As of December 31, 2023 and September 30, 2024, all of the Company’s cash, typically in amounts exceeding insured limits, was distributed across several large financial institutions that the Company believes are of high credit quality. Management evaluates and approves credit standards and oversees the credit risk management function related to cash equivalents, short-term investments, accounts receivable, and customer deposits. As of December 31, 2023 and September 30, 2024, the counterparties to the Company’s derivative instruments, the ABL Facility lenders, and Chase Bank are financial institutions that the Company 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><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%">The Company is subject to risks related to its dependence on its suppliers, the majority of which are single source providers of input materials or components for the Company’s products. Any inability or unwillingness of the Company’s suppliers to deliver necessary input materials or product components at timing, prices, quality, and volumes that are acceptable to the Company could have a material impact on the Company’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. For example, during the quarter ended September 30, 2024, the Company experienced a production disruption due to a shortage of a component within the Enduro motor system on the R1 and RCV platforms.</span></div>
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
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