Luckin Coffee(LKNCY) - 2024 Q3 - Quarterly Results

Revenue Growth - Total net revenues in Q3 2024 were RMB10,180.8 million (US$1,452.1 million), a 41.4$1,069.9 million), a 45.9% increase from RMB5,141.0 million in Q3 2023[3] - Revenues from partnership stores in Q3 2024 were RMB2,341.3 million (US$333.9 million), a 27.2$1,028.5 million), representing 70.8% of total net revenues, compared to 67.6% in Q3 2023[13] - Total net revenues for the three months ended September 30, 2024, reached RMB 10,180,766 (US$1,452,092), a significant increase from RMB 7,200,039 in the same period of 2023[55] - Revenues from product sales for the three months ended September 30, 2024, were RMB 7,839,479 (US$ 1,118,152), compared to RMB 5,359,262 in the same period of 2023[55] Customer Metrics - Average monthly transacting customers in Q3 2024 reached 79.8 million, a 36.5% increase from 58.5 million in Q3 2023[3] - Average monthly transacting customers reached 79,846 thousand in September 2024, up from 29,489 thousand in March 2023[30] Store Performance - Same-store sales growth for self-operated stores in Q3 2024 was negative 13.1%, compared to positive 19.9% in Q3 2023[3] - Store level operating profit margin for self-operated stores in Q3 2024 was 23.3%, compared to 23.1% in Q3 2023[24] - Net new store openings in Q3 2024 were 1,382, resulting in a total of 21,343 stores, including 13,936 self-operated stores and 7,407 partnership stores[2] - Total stores increased to 21,343 as of September 30, 2024, from 9,351 as of March 31, 2023[30] - Self-operated stores increased to 13,936 as of September 30, 2024, from 6,310 as of March 31, 2023[30] - Same-store sales growth for self-operated stores was -13.1% in September 2024, compared to 29.6% in March 2023[30] Profitability and Margins - GAAP operating income in Q3 2024 was RMB1,557.5 million (US$222.1 million), with a GAAP operating margin of 15.3$185.8 million), with a net margin of 12.8%, compared to RMB988.0 million and a net margin of 13.7% in Q3 2023[27] - Non-GAAP net income in Q3 2024 was RMB1,400.8 million (US$199.8 million), with a non-GAAP net margin of 13.8$ 185,796), compared to RMB 988,011 in the same period of 2023[55] - Operating income for the three months ended September 30, 2024, was RMB 1,557,472 (US$222,143), up from RMB 961,724 in the same period of 2023[55] - Total comprehensive income for the three months ended September 30, 2024, was RMB 1,211,645 (US$ 172,817), compared to RMB 987,772 in the same period of 2023[56] - Non-GAAP operating income for the nine months ended September 30, 2024, was RMB 2,811,235 thousand (USD 400,969 thousand), an increase from RMB 2,992,216 thousand in the same period in 2023[58] - Non-GAAP net income for the nine months ended September 30, 2024, was RMB 2,358,758 thousand (USD 336,432 thousand), a decrease from RMB 2,823,035 thousand in the same period in 2023[58] Earnings Per Share - Basic and diluted net income per ADS in Q3 2024 was RMB4.08 (US$0.56), compared to RMB3.12 in Q3 2023[28] - Non-GAAP basic and diluted net income per ADS in Q3 2024 was RMB4.40 (US$0.64), compared to RMB3.60 in Q3 2023[28] - Net income per diluted ADS for the three months ended September 30, 2024, was US$0.56, compared to US$ 0.07 in the same period of 2023[55] - Non-GAAP net income per share (basic) for the nine months ended September 30, 2024, was RMB 0.93 (USD 0.13), a decrease from RMB 1.11 in the same period in 2023[59] - Non-GAAP net income per ADS (basic) for the nine months ended September 30, 2024, was RMB 7.44 (USD 1.04), a decrease from RMB 8.88 in the same period in 2023[59] Cash Flow and Financial Position - Net cash provided by operating activities in Q3 2024 was RMB1,316.1 million (US$187.7 million), compared to RMB1,310.1 million in Q3 2023[29] - Cash and cash equivalents, restricted cash, term deposits, and short-term investments were RMB4,753.2 million (US$678.0 million) as of September 30, 2024, compared to RMB3,752.7 million as of December 31, 2023[30] - Cash and cash equivalents as of September 30, 2024, stood at RMB 3,802,087 (US$542,295), up from RMB 2,925,709 at the end of 2023[53] - Net cash provided by operating activities for the nine months ended September 30, 2024, was RMB 2,600,897 thousand (USD 370,969 thousand), a decrease from RMB 3,827,171 thousand in the same period in 2023[57] - Net cash used in investing activities for the nine months ended September 30, 2024, was RMB 2,097,443 thousand (USD 299,161 thousand), a decrease from RMB 3,271,026 thousand in the same period in 2023[57] - Net cash provided by financing activities for the nine months ended September 30, 2024, was RMB 300,000 thousand (USD 42,789 thousand), compared to no financing activities in the same period in 2023[57] - Cash and cash equivalents and restricted cash at the end of the period for the nine months ended September 30, 2024, was RMB 3,847,792 thousand (USD 548,814 thousand), an increase from RMB 4,140,971 thousand at the end of the same period in 2023[57] Operating Expenses - Total operating expenses in Q3 2024 were RMB8,623.3 million (US$1,229.9 million), a 38.2% increase from RMB6,238.3 million in Q3 2023[16] - Total operating expenses for the three months ended September 30, 2024, were RMB 8,623,294 (US$1,229,949), up from RMB 6,238,315 in the same period of 2023[55] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 22,093,766 (US$ 3,151,255), up from RMB 18,291,978 at the end of 2023[53] - Total liabilities as of September 30, 2024, were RMB 10,082,383 (US$ 1,438,061), compared to RMB 8,577,533 at the end of 2023[51] Share-Based Compensation and Shares Outstanding - Share-based compensation expenses for the nine months ended September 30, 2024, were RMB 268,188 thousand (USD 38,252 thousand), an increase from RMB 179,311 thousand in the same period in 2023[58] - Weighted average shares outstanding used in calculating basic and diluted income per share for the nine months ended September 30, 2024, were 2,545,551,167, an increase from 2,532,072,783 in the same period in 2023[58]