Ecarx Holdings Inc. · NASDAQ:ECX
Ecarx — FY2022 Earnings Presentation
25 slides from Ecarx's earnings presentation, Apr 24, 2023
Slide 1: Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter and Full Year 2022 Financial Results April 24, 2023
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Non-GAAP Financial Measure This presentation contains statements that are forward-looking statements within the meaning of the U.S. We use adjusted EBITDA in evaluating our operating results and for financial and operational decision- Private Securities Litigat
Slide 3: Our past, our present, our future
Our past, our present, our future History NASDAQ Listing Strong Growth 2017-2022 2022 2023 onwards • Co-founded in 2017 by Ziyu Shen • Positioned to capture market share in • Strong relationships with 12 OEMs & Eric Li the rapidly growing and evolving across 21 vehicle brands, as well as 8 automotiv
Slide 4: Focused execution against a well-defined growth strategy
Focused execution against a well-defined growth strategy Operate in a large and growing market Hardware TAM of $400bn+ Differentiated technology and product vision Vertically integrated full-stack technology solution Reported Segments Rapidly growing Software Services customer base Diversified custo
Slide 5: FY 2022: Strong demand for products and optimizing operating costs
FY 2022: Strong demand for products and optimizing operating costs drove strong performance for full year Revenue Gross Profit Gross Margin $515.7mn $143.6mn 28% +28% yoy* +21% yoy* Down 160 bps Adj. EBITDA Cash Products in Vehicles $(99.7)mn $112.8mn 4.7mn Down from ($122.0mn) yoy Down $17.8mn +32%
Slide 6: Tech Day Highlights: Enable & Accelerate
Tech Day Highlights: Enable & Accelerate Participating OEMs and partners included: Antora 1000 Antora 1000 Pro ECARX Makalu Super Brain Central Computing Platform All powered by ECARX Cloudpeak, our cross-domain system capability foundation All copyright shall belong to ECARX. No person shall copy o
Slide 7: Strategy
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Slide 8: Antora Series
Antora Series Powerful 7nm, auto-focused SoC Certified for functional safety and information security Enables longer cycles between OEM hardware updates Increases overall computing power of the car with lower power consumption Increase the overall computing power of the car All copyright shall belon
Slide 9: Makalu
Makalu Our next-generation, immersive intelligent cockpit computing platform Equipped with AMD Ryzen embedded V2000 processor and Radeon RX 6000 series GPU Delivers server-level performance Supports latest graphics processing interfaces of PC platforms – ideal for gaming and real-time 3D environment
Slide 10: Super Brain Central Computing Platform
Super Brain Central Computing Platform Our “all-in-one” solution that integrates the cockpit, driving, and vehicle control with our full- stack hardware and software technologies Reduces wiring harness in the entire vehicle by 5% Cuts R&D costs by 15% 20% BOM savings when compared to distributed con
Slide 11: Cloudpeak
Cloudpeak Our cross-domain system built by our global R&D teams in collaboration with HaleyTek – the joint venture by ECARX and Volvo Meets functional safety and information security requirements of vehicles Supports multiple operating systems and the global mobility ecosystem Meets both national an
Slide 12: Strong Partnerships Across Industries
Strong Partnerships Across Industries Strong Partnerships Whose innovations are deployed in All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.
Slide 13: Financials
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Slide 14: Q4 2022: Significant growth driven by strong demand, higher volumes and favorable pricing
Q4 2022: Significant growth driven by strong demand, higher volumes and favorable pricing Total revenue Gross profit $221.4mn $62.0mn +44% yoy* +31% yoy* Adj. EBITDA International EV launches $(30.2)mn Lotus Eletre smart #1 Down from $(36.0)mn yoy *Growth rates at constant currency (non-GAAP) All co
Slide 15: Revenue by quarter – note seasonality
Revenue by quarter – note seasonality Q4 ~40% Q1 ~17% Q2 ~20% Q3 ~23% Q1 Q2 Q3 Q4 2021 2022 All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations. | www.ecarxgroup.
Slide 16: Strong Revenue Performance Drives Improved Profitability
Strong Revenue Performance Drives Improved Profitability Q4’22 Total Revenue ($mn) Q4’22 Gross Profit ($mn) Q4’22 Adj. EBITDA ($mn) $62 Q4 2021 Q4 2022 $221 $49 $158 44% 31% ($23) Q4 2021 Q4 2022 Q4 2021 Q4 2022 ($30) FY’22 Total Revenue ($mn) FY’22 Gross Profit ($mn) FY’22 Adj. EBITDA ($mn) FY 2021
Slide 17: Strong Balance Sheet and FY22 Cash Flow
Strong Balance Sheet and FY22 Cash Flow 6.9 (18.5) 33.9 130.6 (99.7) (11.5) (8.3) 1.4 112.8 78.0 $mn Opening Cash* Adj. EBITDA Financing Working Capital Other Operating Capex L/Term Inv Rel Party Loans Other /Forex Closing Cash* 1 Jan Activities 31 Dec * Cash plus Restricted Cash All copyright shall
Slide 18: Guidance
Guidance Revenue Adj. EBITDA $700mn-$720mn Breakeven by end of 2024 Investor Day We will provide an in-depth review of our longer-term financial objectives and strategy during our Investor Day on May 9, 2023 in New York City. May 9 All copyright shall belong to ECARX. No person shall copy or distrib
Slide 19: Summary
Summary • Strong FY22 and Q4 results driven by robust partnerships, technology advancement and shift towards fully electric platforms • Production levels improved throughout the year and the secular adoption of electric vehicles is expected to be a continued tailwind • Launch of products Antora seri
Slide 20: Appendix
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Slide 21: Condensed consolidated balance sheets (unaudited)
Condensed consolidated balance sheets (unaudited) As of December 31 LIABILITIES (Unaudited) Current liabilities Millions, otherwise noted 2021 2022 2022 Short-term borrowings 932.0 870.0 126.1 RMB RMB US$ Accounts payable - third parties 650.0 1,024.2 148.5 ASSETS Accounts payable - related parties
Slide 22: Condensed consolidated balance sheets (unaudited)
Condensed consolidated balance sheets (unaudited) As of December 31 (Unaudited) Millions, otherwise noted 2021 2022 2022 RMB RMB US$ MEZZANINE EQUITY Series Angel Redeemable Convertible Preferred Shares 283.6 - - Series A Redeemable Convertible Preferred Shares 1,429.3 - - Series A+ Redeemable Conve
Slide 23: Consolidated statements of operations and comprehensive loss (unaudited)
Consolidated statements of operations and comprehensive loss (unaudited) Year Ended Three Months Ended Interest income 11.8 12.4 1.8 2.6 4.6 0.7 December 31 Dec-31 Interest expenses (131.7) (51.1) (7.4) (1.2) (17.5) (2.5) Millions, otherwise noted 2021 2022 2022 2021 2022 2022 Loss from equity metho
Slide 24: Unaudited Reconciliation of GAAP and Non-GAAP Results
Unaudited Reconciliation of GAAP and Non-GAAP Results We use adjusted EBITDA in evaluating our operating results and for financial and operational decision-making purposes. Adjusted EBITDA is defined as net loss excluding interest income, interest expense, income tax expenses, depreciation of proper
Slide 25: Thank you.
Thank you. ECARX www.ecarxgroup.com All copyright shall belong to ECARX. No person shall copy or distribute any or all part of the content in any way. ECARX shall reserve the right to take legal action against such violations.