Rivian Automotive, Inc. (RIVN) 10-K Annual Report February 2023

Rivian Automotive, Inc. (NASDAQ: RIVN) has today published a letter to its shareholders containing the company’s fourth quarter and full year 2022 financial results. The letter is available on its investor relations website (https://rivian.com/investors).

Rivian will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET today, February 28. The live webcast will be available at https://edge.media-server.com/mmc/p/z8jemjnq and a replay will be available for four weeks at https://rivian.com/investors.

About Rivian:

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at www.rivian.com.

Contacts:
Investors: ir@rivian.com

Media: Harry Porter: media@rivian.com

The following information was filed by Rivian Automotive, Inc. (RIVN) on Tuesday, February 28, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Rivian Automotive, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Rivian Automotive, Inc.'s 10-K Annual Report:

Financial - Expense Highlight
The majority of our costs of revenues is driven by direct parts, material and labor costs, manufacturing overhead (e.g., depreciation of machinery and tooling), shipping and logistics costs, and reserves including for estimated warranty costs related to the production of consumer and commercial vehicles, adjustments to write down the carrying value of inventory when it exceeds its estimated net realizable value ("NRV"), losses on firm purchase commitments, and to adjust for excess and obsolete inventory based upon expectations of forecasted demand.

Revenue - Product Highlight
This increase was primarily driven by higher cash outlays to support overall growth of the business, especially the manufacturing and sale of our products from our Normal Factory and building up inventory to support our increasing production levels.
Financial - Shares Highlight
Financing Activities Net cash provided by financing activities during the year ended December 31, 2021 was primarily driven by $13.5 billion in net proceeds from our IPO, $2.7 billion in proceeds from the issuance of shares of Series F contingently redeemable convertible preferred stock, $2.5 billion in proceeds from the issuance of the 2021 Convertible Notes, and $1.2 billion in net RIVIAN AUTOMOTIVE, INC. proceeds from the issuance of the 2026 Notes.
Financial - Expense Highlight
Decrease in Inventory Write-DownIncrease in Inventory Write-DownChange in estimated selling prices$115 $(115)Change in estimated remaining costs$144 $(128) Decrease in Inventory Write-Down Increase in Inventory Write-Down Change in estimated selling prices 115 (115) Change in estimated remaining costs 144 (128) Recent Accounting Pronouncements See Note 3 "New Accounting Standards" to our consolidated financial statements included in this Form 10-K for a description of recently adopted accounting pronouncements and recently issued accounting pronouncements not yet adopted.
Financial - Expense Highlight
As we invest in our business for long-term growth, leading to increases in operating expenses as well as capital expenditures, we expect to experience additional losses, which could delay our ability to achieve profitability and positive operating cash flow.
Financial - Expense
These expenses include higher headcount...Read more
Revenue - Product
However, our ability to grow...Read more
Financial - Expense
Interest expense increased for the...Read more
Revenue - Product
Liquidity and Capital Resources Our...Read more
Revenue - Product
We offer a variety of...Read more
Financial - Cash Flow
Cash Flows Operating Activities Net...Read more
Financial - Debt
The ABL Facility contains certain...Read more
Financial - Expense
There have been sizable increases...Read more
Financial - Expense
We expect interest expense to...Read more
Financial - Expense
Additionally, we had a $920...Read more
Financial - Expense
R&D expenses increased compared to...Read more
Revenue - Product
The increase in inventory write-downs...Read more
Financial - Expense
SG&A expenses increased compared to...Read more
Financial - Expense
In addition to our capital...Read more
Financial - Income
Interest income increased for the...Read more
Financial - Expense
The primary drivers for these...Read more
Other - Other
Our international expansion has significant...Read more
M & A - Other
We believe that customer acquisition...Read more
Revenue - Product
Any inability or unwillingness of...Read more
Financial - Earnings
We believe the services portion...Read more
Revenue - Product
Our ability to grow revenue...Read more
Other - Other
We also anticipate continuing to...Read more
Financial - Expense
We believe our long-term ability...Read more
Other - Other
Any failure to preserve our...Read more
Financial - Earnings
Our ability to become profitable...Read more
Financial - Expense
Personnel costs consist of salaries...Read more
Revenue - Product
An inability to attract new...Read more
Other - Other
There can be no assurances...Read more
Financial - Expense
If we are unable to...Read more
Other - Other
These prices have declined from...Read more
Financial - Debt
As of December 31, 2021...Read more
Financial - Expense
In addition, over the prior...Read more
Other - Other
We have invested in building...Read more
Financial - Expense
Once a write-off occurs, a...Read more
Other - Other
We believe our culture has...Read more
Financial - Expense
We expect to continue to...Read more
Financial - Expense
Other expenses Other expenses decreased...Read more
Revenue - Product
Historically, the automotive industry has...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Rivian Automotive, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.3: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.20: Material Contract

Exhibit 10.26: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: RIVN
CIK: 1874178
Form Type: 10-K Annual Report
Accession Number: 0001874178-23-000009
Submitted to the SEC: Tue Feb 28 2023 5:15:26 PM EST
Accepted by the SEC: Tue Feb 28 2023
Period: Saturday, December 31, 2022
Industry: Motor Vehicles And Passenger Car Bodies