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Exam Code: CTFA Practice exam 2022 by Killexams.com team
CTFA Certified Trust and Financial Advisor (CTFA)

The knowledge areas below are the basis for the Certified Trust and Financial Advisor (CTFA) examination. These knowledge areas were derived from a job analysis study and were validated by the CTFA Advisory Board. Postcertification programs that address these knowledge areas are eligible for CTFA continuing education credits through the American Bankers Association.

I. Fiduciary & Trust Activities (25%)
A. Nature and Characteristics of Account Relationship
1. Trusts
2. Estates
3. Guardianships/ Conservatorships
4. Custodians
5. Financial and Health Care Powers of Attorney
6. Agencies
B. Formal Requisites of Establishing Account
1. Written Agreements or Documents
2. Trust Situs
3. Acceptance of Fiduciary Appointment
4. Disclaiming of Interest
C. Fiduciary Responsibilities
1. Powers
2. Duties
3. Uniform Acts/Codes
4. Safekeeping of Assets
5. Environmental Issues
D. Investment Responsibilities
1. Investment Powers
2. Investment Types & Restrictions
3. Sale/Retention by Bank of Its Own Holding Company Securities
4. Prudent Investor
E. Receipts, Payments and Distributions
1. Duty in Making Payments or Distributions
2. Uniform Principal & Income Act
F. Accounting and Compensation
1. Duty to Keep Records
2. Duty to Furnish Information
to Beneficiaries
3. Duty to Render Court Accountings
4. Fiduciary Compensation
G. Alteration or Termination of the Trust
1. Power to Change Terms
2. Power to Revoke or Terminate
H. Regulatory/Compliance
1. Due Diligence
2. Know Your Customer
3. Privacy Issues
4. Bank Secrecy Act
5. OCC Regulation 9
6. Securities Laws
II. Financial Planning (25%)
A. Personal Finance
1. Time Value of Money Principles
2. Statement of Assets and Liabilities
3. Cash Flow Management
4. Debt Management
5. Investment Planning
6. Education Planning
7. Health Care & Disability Planning
B. Retirement
1. Capital Sufficiency
2. Investment Strategies
3. Wealth Accumulation & Distribution
4. Social Security & Other Programs
5. IRAs
6. Qualified and non-Qualified Plans
7. Income Needs & Sources
C. Insurance
1. Life Insurance
2. Long Term Care Insurance
3. Disability
4. Annuities
5. Health Insurance
6. Property/Casualty Insurance
7. Insurance Company, Product, and Intermediary Selection Criteria
D. Transfer Assistance
1. Wealth Transfer During Lifetime
2. The Flow of Property at Death
3. Business Succession Planning
4. Planning Documents
5. Planning Considerations
6. Charitable Giving Strategies
7. Special Needs Planning
E. Financial Modeling
1. Risk Assessment
2. Asset Allocation
III. Tax Law & Planning (25%)
A. Income Tax
1. Individuals
2. Fiduciaries
3. Charitable Trusts, Private Foundations, and Split Interest Trusts
4. Business
B. Transfer Tax
1. Gift Tax
2. Estate Tax
3. Generation-Skipping Transfers (GST)
IV. Investment Management (20%)
A. Economics and Markets
1. Gross Domestic Product
2. Interest Rates
3. Inflation & Employment
4. Government Fiscal Policy
5. Monetary Policy
6. International Influences
7. Market Operations
8. Currency
B. Portfolio Management Theories and Concepts
1. Modern Portfolio Theory
2. Equity Investment Management Approaches
3. Fixed Income Investment Management Approaches
4. Hedging Strategies
5. Risk Management
6. Total Return
C. Types of Investments/Selection & Analysis
1. Equities
2. Fixed Income
3. Convertible Securities
4. Mutual Funds
5. Common Trust Funds
6. Closely-Held Businesses
7. Real Estate & Farms
8. International
9. Nontraditional
10. Master Limited Partnerships
11. Stock Options
12. ETFs
13. Oil, Gas & Minerals
14. Commodities & Precious Metals
D. Client Objectives & Constraints
1. Investment Objectives
2. Risk Tolerance
3. Time Horizons
4. Tax Considerations
5. Current vs Future Objectives 6. Investment Restrictions & Preferences
7. Asset Allocation
E. Performance Measurement
1. Time-Weighted vs. Dollar-Weighted
2. Risk Adjusted
3. Benchmarks & Indicies
V. Ethics (5%)
A. Advisory
1. Unauthorized Practice of Law
2. Conflict of Interest
3. Confidentiality
4. Undue Influence
5. Related Parties
6. Client Competence/Capacity
B. Fiduciary
1. Duty of Loyalty
2. Breach of Trust
3. Trust Officer as Beneficiary
4. Personal Liability
5. Self Dealing
6. Gifts to/from Clients & Vendors
C. Business Development
1. Business Solicitation
2. Compensation Arrangements
D. Investment
1. Insider Information
2. Equal Treatment of Accounts
3. Directed Brokerage
4. Disclosures
5. Prudent Investor Standard
E. Other
1. Relationship with Other Professionals
2. Fraud Prevention

Certified Trust and Financial Advisor (CTFA)
Financial Certified basics
Killexams : Financial Certified basics - BingNews https://killexams.com/pass4sure/exam-detail/CTFA Search results Killexams : Financial Certified basics - BingNews https://killexams.com/pass4sure/exam-detail/CTFA https://killexams.com/exam_list/Financial Killexams : 5 Basic Finance Lessons Many Clients (and Some Advisors) Forgot This Year

What You Need to Know

  • The value of financial advice is often greatest when markets are rockiest.
  • Advisors must ensure clients don’t forget the basics of taking risk and seeking reward in the markets.
  • Healthy skepticism and a long-term perspective are essential for client success.

The American College of Financial Services published a new podcast this week featuring Michael Finke, a senior leader at the college who directs the wealth management certified professional designation program, and David Blanchett, managing director and head of retirement research at Prudential Financial’s asset management business, PGIM.

During the discussion, Finke and Blanchett spotlighted the market challenges investors have experienced in 2022, with a particular focus on what they called the “spectacular decline” in the value of cryptocurrencies and related digital assets.

According to Finke and Blanchett, the crypto losses and the broader client pain suffered during 2022 offer some key lessons for financial advisors to carry into the next year. The pair emphasized how advisors must work hard to remind their clients that there is no free lunch in investing — and to combat their own feelings of “FOMO” when exciting new investment opportunities appear that seem too good to be true.

In the conversation highlights presented below, Blanchett and Finke offer up five basic finance lessons that clients (and many advisors) seem to have forgotten this year.

1. Hindsight Remains 20/20

As Blanchett pointed out, individuals are really good at spotting what they perceive to be attractive investments — but only after they go up and much of the potential profit has already been reaped by others. As it is commonly put, investors are prone to chase past performance and buy assets only after they have appreciated in value.

This hindsight bias applies to traditional assets, Blanchett said, but especially to new and emerging assets and specifically to cryptocurrencies. Prior to this year’s meltdown, investors of all stripes, from the most sophisticated to the most novice, were simply dazzled by the meteoric rise of the value of cryptocurrencies. They could not help but buy into the hype generated by celebrity endorsements and Super Bowl ads.

As Blanchett noted, many investors probably did feel some degree of uneasiness with respect to piling into cryptocurrencies that were hovering at or near record highs, but they couldn’t help chasing the possibility of magical returns.

2. Reward Only Comes From Taking Risk

“Another related lesson learned this year that will be carried into next year is the simple fact that, if you are trying to make a return above and beyond what is reasonable, you are going to be taking excessive risk in the attempt to accomplish that outcome,” Blanchett said.

As Finke and Blanchett pointed out, a huge amount of wealth has been destroyed in 2022 simply because people forgot the basic mantra of investing and life: If an opportunity seems too good to be true, it probably is.

“That’s true about crypto-type assets and also about any other asset type, for that matter,” Blanchett said. “This type of magical thinking has happened before, sadly, and it will happen again. What we have been reminded of is that opportunities for an outsized return are only possible because you are taking excess risk and because you could lose much more than you might anticipate.”

3. No Free Lunch Means No Free Lunch

Finke said that prior to the crypto crash, it was all too common to hear investors say they had found a no-risk investment opportunity that would deliver returns in the realm of 9% or 10% — for example, by investing funds in the FTX or Celsius platforms.

“When you hear something like this, your first thought should be, wait a minute: There is no free lunch in investing,” Finke said. “Another point to make is a little more subtle. You have to ask yourself, well, if this really were a true risk-free opportunity, what is stopping people from borrowing Treasurys and putting all their money in Celsius or FTX as an arbitrage opportunity?”

As Finke explains, such an investor could reliably pay back the 2% or 3% interest on the Treasurys while they are at the same time enjoying a 9% return. In other words, they could enjoy a free lunch!

“That is what we would think of as a classic arbitrage opportunity,” Finke said. “As such, there are plenty of sophisticated hedge funds and other sophisticated actors out there in the market who would have done this — but they wanted nothing to do with this approach. Why? Because they understood that you have to be taking risk in order to be compensated for risk.”

Thu, 01 Dec 2022 05:12:00 -0600 en text/html https://www.thinkadvisor.com/2022/12/01/5-basic-finance-lessons-many-clients-and-some-advisors-forgot-this-year/
Killexams : 14 Key Signs You Will Run Out of Money in Retirement

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You don't want to go broke in retirement. Despite all your preparation, however, you might discover that your retirement is going to cost more than you planned.

Take a Look Back: 2022 Year in Review
More: 5 Things You Must Do When Your Savings Reach $50,000

First and foremost, you need to become aware of the reasons that the budget you have in mind could be smaller than it needs to be. If you're thinking about having enough money, check out the signs that you might not be saving enough for retirement.

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You Don't Have a Long-Term Care Plan

You could quickly run out of money in retirement if you need long-term care but didn't have a plan to pay for it. More than half of adults turning 65 today will need long-term care and about 1 in 7 will need care for more than five years, according to the Department of Health and Human Services.

If you receive care in an assisted living facility or nursing home, you'll have to shell out big bucks. The average annual cost of care in an assisted living facility was $48,612 in 2019, according to the Genworth Cost of Care Survey. The annual cost of a private room in a nursing home is over $102,000.

"Even the wealthiest people are at risk if they have a lot of long-term care expenses," said Dave Littell, professor emeritus of taxation at The American College.

Take Our Poll: Do You Think You Will Be Able To Retire at Age 65?

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What To Do

You can use several strategies to be financially prepared for long-term care, Littell said. Options include getting a long-term-care insurance policy or hybrid life insurance policy that will pay out if you have a long-term-care event. Another option is a longevity annuity, Littell said.

This is an insurance product that requires a lump-sum investment and will provide a steady stream of retirement income. But, you have to wait several years or until a certain age to start receiving your payout. As a result, "you can't time it exactly with a long-term care need," Littell said. Ideally, you should meet with a financial planner who specializes in long-term care planning to help you devise a strategy, he said.

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You Underestimated Your Life Expectancy

Your retirement could easily be more expensive than you thought if you live a lot longer than you expected you would. About 1 in 4 65-year-olds today will live to age 90, according to the Social Security Administration.

If you saved enough to cover expenses for 20 years in retirement but end up living for 30 years in retirement, you'll have to find a way to stretch your savings for another 10 years.

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What To Do

Littell recommended using the life expectancy calculator at Livingto100.com to get an estimate of how long you will live based on your health and family history. To reduce the risk of outliving your savings, you shouldn't rely on just one source of income in retirement.

You should also have a portfolio of diversified investments in a retirement account from which you can withdraw money over time. Additionally, you should take a balanced approach by having a source of lifetime income such as an annuity if you won't have a pension, Littell recommended. Limit withdrawals to about 4% annually to ensure your nest egg lasts long enough.

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You Didn't Plan for High Healthcare Costs

You know you'll need to pay for healthcare in retirement. But you might not realize how high that expense will be.

"When I tell clients in their 40s that basic healthcare costs in retirement are currently more than $250,000, they about fall out of their chair," said Brandon Hayes, a certified financial planner with oXYGen Financial in Atlanta. In fact, retirees can expect to spend even more than that. Fidelity Investments estimates that a 65-year-old couple retiring in 2019 would need $285,000 to cover medical expenses in retirement.

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What To Do

When calculating how much you need to save for retirement, be sure to figure in healthcare costs, which could be drastically higher than what you're paying now. "Also, don't overlook small items like prescription co-pays for those who have diabetes and other health issues that require years of medication, which certainly won't end in retirement," Hayes said.

When you're in retirement, compare Medicare options to make sure you get the right plan for your needs. It can be worth spending more on the premium for a comprehensive Medicare Advantage plan or supplemental Medicare plans to get better coverage and reduce out-of-pocket costs, Littell said.

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You Didn't Take Inflation Into Consideration

When you're working, you might not feel the impact of inflation if your wages are rising along with prices. So, you might not factor inflation into your retirement savings calculations.

"On average in the USA, we see that the prices of goods and services rise by 3% per year," said Michael Hardy, a certified financial planner and vice president at Mollot & Hardy in Amherst, New York. "This means that over a 20-year time period, your $100,000 of retirement savings will likely be worth in terms of buying power 60% less."

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What To Do

If you didn't factor inflation into your retirement calculations, you might have to save more than previously projected, Hardy said. "I find that most people fail to account for this change and it ends up costing them dearly years later."

In addition to saving more to prepare for inflation, consider delaying Social Security benefits. You can maximize your Social Security benefit by waiting to claim it until age 70. Not only will your monthly check be bigger, but the Social Security Administration's cost-of-living adjustment -- which helps benefits keep up with inflation -- will be applied to that bigger payout. "Now a greater proportion of your income will be inflation-adjusted," Littell said.

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You Didn't Factor In Big-Ticket Items

One of the things you need to do before you retire is to create a post-retirement budget to estimate your expenses and how much income you'll need to cover them. However, you might end up spending more than expected in retirement if you don't factor in big-ticket items into your budget along with regular expenses, Littell recommended.

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What To Do

It's easy to overlook expenses such as a new car or home repairs when creating a retirement budget. That's a mistake. "When you're building your retirement budget, make sure you pay attention to those things as well," Littell said.

Make a list of big-ticket items you'll likely need to pay for in retirement and an estimate of how much they'll cost, then build an emergency fund in a savings account that's big enough to cover those expenses.

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You Changed Your Spending Habits

Your retirement budget projections might also be off if your spending habits change. "You might be a penny pincher now, but when you retire, that could all change," said Neal Frankle, a certified financial planner and founder of the financial blog Wealth Pilgrim.

For example, many retirees end up spending more money in retirement to keep themselves entertained. "Shopping and eating out become their way to remain social," Frankle said.

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What To Do

Look for free and low-cost ways to stay active and connected with others in retirement. "This is one great reason to join book clubs and volunteer in the community," Frankle said. "They cost you nothing yet provide great interaction."

There are plenty of other free ways to stay busy after retirement. You can take walks or hike, research your family's history or take advantage of free community events.

Check Out: The Most Affordable Places To Retire in the U.S.

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You Loaned Money to Your Kids

You could end up spending a lot more in retirement than expected if you lend money to your children. "I know that it's very difficult to say no to our kids," Frankle said. "But if you are going to help them out, you have to do so judiciously."

If you're not careful, you could run out of money. "I have a number of clients who were forced back to work because they didn't put a limit on the support they provided to their kids," Frankle said.

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What To Do

Having a solid financial plan will help you understand the risks of raiding your retirement savings to help your kids. "Your retirement security depends on the balance you create between your retirement income, assets and spending," Frankle said. "If you spend down your assets by making loans to the kids, you might not have sufficient assets to create the income you need to stay retired."

You'll realize this if you have a plan, he said. Without one, you'll have trouble establishing boundaries when it comes to your kids' requests for money.

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You Spoiled Your Grandkids

It's easy to fall into the trap of overspending on grandchildren. "Who doesn't want to spoil the heck out of their grandchildren, especially when you don't have to change the diapers?" Hayes said.

Grandchildren can bring so much joy, but they also can threaten your nest egg if you travel frequently to see them, take them and their parents on vacation, pay for their college tuition or move to be closer to them, Hayes said.

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What To Do

Have a plan for what you're willing to pay for before any grandchildren are born. "This protects everyone from the 'cute' factor of seeing that baby's smile for the first time and then sacrificing your own financial freedom in retirement," Hayes said.

Also, make sure your children know what expenses you're willing -- or not willing -- to cover. This is especially important when it comes to education costs. "Make this clear to your children so they can focus on their own financial plan and know what to expect in the future," Hayes said.

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You Didn't Take Taxes Into Consideration

You might not realize how big of a bite taxes will take out of your retirement income. For example, you'll have to pay income taxes on withdrawals from a 401(k) or IRA. So if you need $50,000 a year to cover expenses, you'll have to withdraw even more to cover the tax bill. If you don't take taxes into consideration, you could go through your savings quicker than you expected.

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What To Do

A 401(k) is a tax-deferred account because contributions are made from your paycheck before taxes. The money grows tax-free, but you have to pay taxes on withdrawals at your regular income-tax rate. A Roth IRA is a tax-free account because you can withdraw money tax-free in retirement.

"You can reduce the tax bite on your retirement income by saving in a combination of taxable, tax-deferred and tax-free accounts," said Mark Wilson, president of MILE Wealth Management in Irvine, California. For example, a taxable account would be an account with a brokerage company where you invest in stocks, bonds or mutual funds.

Contribute after-tax dollars to this sort of account. But, when you cash out your investments, you'll pay the capital gains tax rate, which is typically lower than the regular income tax rate. If you have a traditional IRA, consider converting it to Roth IRA in early retirement for a source of tax-free income, Wilson said.

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You Didn't Consider Fees

Retirement can cost more than expected because of the high fees people are paying on investments and retirement accounts. Somebody with $100,000 in a retirement account and terms of 2.5% over 30 years would be paying about $40,000 more in fees over that time than if the fees on their account had been just 1.5%.

"This could ultimately take a huge chunk out of your retirement savings over a long period of time," Hardy said.

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What To Do

Check your retirement account statements to see what fees are being charged. If the investments you have chosen have high fees, it might be time to switch. "We advocate for the average investor to have a passive, low-cost retirement portfolio to protect from the loss of value over time from fees," Hardy said.

If your retirement account offers low-cost index or target-date funds, consider those. An index fund is a mutual fund that tracks the performance of a major index, such as the S&P 500. A target-date fund reduces the risk in your portfolio by shifting from stocks to bonds as you near retirement.

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You Got Divorced

Many people aren't prepared for this scenario. "One sure way for retirement to cost a whole lot more than you'd planned on is to lose half of your retirement savings in a divorce," said Timothy R. Sobolewski, a certified financial planner with the Financial Planning Center in Amherst, New York.

"Frequently, a marriage fails as people near retirement age, making the problem even worse," Sobolewski said. "Armed with no skills that might have sustained a healthy marriage and no planning for the often unforeseen divorce, their hoped-for retirement will suffer greatly."

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What To Do

One way to avoid some of the financial fallout from a divorce in retirement is to have a prenuptial agreement. However, that might not be an option if you're already married, Sobolewski said. In that case, consider spending some money now on counseling to avoid the bigger cost of divorce down the road.

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You Took On New Debt

Ideally, you'll have paid off all debts -- including your mortgage -- before you retire. But taking on new debt in retirement by living beyond your means is a recipe for disaster.

"You can't run away from debt in retirement," Greg DuPont, a financial planner in Columbus, Ohio, told Business Insider.

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What To Do

If you take on new debt in retirement, be sure you are taking proactive steps to pay it down as soon as possible. One option is to refinance if lower interest rates are available. Another option is debt consolidation, which can be useful if you have multiple high-interest-rate debts. You should also try cutting down on spending to have more money to dedicate to paying down debt and should consider taking on a side hustle to bring in income in retirement that can be used specifically for paying off your debts.

Want To Retire Early in Your State? Aim To Save This Much

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You Withdraw Too Much Money Each Year

Conventional wisdom dictates that you should plan to withdraw 4% from your nest egg each year, but this might actually be too much. A Morningstar study found that with a 4% withdrawal rate, there was only a 50% chance that funds would last for a 30-year period in retirement. The amount you should withdraw will depend on the size of your nest egg and economic circumstances, so don't just follow a blanket rule and assume your withdrawal amounts will work out.

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What To Do

The Morningstar study found that the ideal withdrawal rate is closer to 2.8%, but again, this will vary based on your individual circumstances. It's best to meet with a financial professional to come up with a withdrawal strategy that will allow you to live comfortably without having to worry about running out of money in retirement.

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You're Not Taking Market Fluctuations Into Account

Even if you take the time to come up with a withdrawal strategy that works for your specific financial situation, keep in mind that this might have to change based on the market.

"If people are not adjusting when we have the inevitable downs in the market, that's one of the things to look for," DuPont told Business Insider. "Because that has an acceleration effect if they have money in the market and they're still pulling out the same way they were before. It just needs to be part of a monitored plan."

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What To Do

Due to the inevitable volatility of the market throughout your retirement, Forbes recommends assessing your withdrawal and return rates each year to determine if your withdrawal rate needs to be raised or lowered. An annual check-in with a financial advisor can help ensure your retirement strategy stays on the right track.

More From GOBankingRates

Gabrielle Olya contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com: 14 Key Signs You Will Run Out of Money in Retirement

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Killexams : Social Security: What’s the First Thing You Should Do With Your Check?

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Whether you're 20 years old or 10 years away from retirement, it's important to plan how you're going to supplement your income and spend your money during your golden years. For many soon-to-be retirees, this means making a plan for their Social Security checks.

Learn: What Is the Average Social Security Benefit at Age 62?
More: 5 Things You Must Do When Your Savings Reach $50,000

Americans 65 and older spend an average of about $48,791 annually between 2016 and 2020 on essentials such as food, housing, transportation and healthcare, according to the Bureau of Labor Statistic's 2019 Consumer Expenditure Survey. But the average monthly Social Security benefit for retired workers is $1,619.67 -- which comes out to only $19,436.04 annually. If you plan to rely on Social Security alone, you'll quickly realize that this amount probably isn't enough to fully fund your retirement lifestyle.

Still, you don't want to blow through your Social Security check. That's why it's important to carefully budget and spend your benefits wisely. Keep reading to learn more about what you should do with your Social Security check.

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Defer It

Even if you've just turned 62 and qualify for Social Security retirement benefits, it's important to keep in mind that you don't have to take them right away. In fact, for some people, waiting as much as an additional eight years is a smart financial move.

Why would anyone wait to receive benefits they're entitled to? In a word: money. The longer you wait, the bigger your monthly payment. For those born in 1943 or later, Social Security checks increase by 8% per year for every year of deferral after age 62, up until age 70. If you don't need the money right away and have other income or savings to live on, do the math and see if waiting longer to draw your checks makes sense.

Take Our Poll: How Long Do You Think It Will Take You To Pay Off Your Credit Card Debt?

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Verify Your Income Record

Your Social Security payout is based on your highest 35 years of earnings, as recorded by the Social Security Administration. Because any record can have errors or gaps, you should verify your Social Security income record before you file for benefits. If the Social Security Administration is missing one or two of your highest-earning years, for example, your benefit could be permanently reduced by a significant amount.

To verify your Social Security record, create an account. This is where you can see your earnings record and other important information, such as your estimated future retirement, disability and survivors benefits. If you find any mistakes, you can contact the SSA at 1-800-772-1213.

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Create a Monthly Budget for Your Social Security Check

The first thing retirees should do with their Social Security check is confirm they received the correct amount, said Kimberly Foss, certified financial planner and founder of Empyrion Wealth Management. After you confirm that your payment is accurate, it's time to budget it properly.

Bill Kearney, owner of Integrated Financial Concepts, recommends creating a spending plan before spending your Social Security checks. Here's how:

  1. Assess your expected monthly costs, including rent or mortgage payments, food, healthcare, debt and other living expenses.

  2. Tally expected income and where the income will come from.

  3. Match up your expenses with your expected income sources. In other words, figure out what your Social Security payments cover vs. your pension or withdrawals from retirement accounts.

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Keep Your Income in Check

If you want to maximize your Social Security benefits, you'll have to keep an eye on your outside earnings. For 2022, if you're younger than full retirement age, your Social Security benefit will be reduced by $1 for every $2 you earn above $19,560. If you reached full retirement age in 2021, your benefit will be reduced by $1 for every $3 you earn above $50,520 until you hit the month of full retirement age. After you hit full retirement age, there are no Social Security benefit reductions.

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Prioritize Your Basic Needs

Next, it's time to allocate your Social Security benefits. Leonard Hayduchok, CEO and president of Dedicated Financial Services, suggests treating your Social Security check as you would a paycheck. Use the benefits to pay for regularly occurring expenses such as housing costs and groceries. According to the BLS survey, people 65 and older spend an average of the following amounts on food and related housing expenses a year:

  • Housing: $17,472

  • Utilities: $3,810

  • Food: $6,599

You should try to allocate about 60% to 70% of your annual Social Security benefits to pay for these expenses, though that won't be possible for many retirees. If your annual benefits equal the national average of $1,619.67 a month or $19,436.04 a year, that means 60% of your Social Security check -- which comes out to $11,633.83 annually -- won't be enough to cover the expenses above.

Still, it's a good idea to dedicate as much as you can to food and housing. After all, these are your basic needs -- without them, you won't live well. Just keep in mind that once you've used your check to cover these basic expenses, you'll likely need to dip into your additional income sources to cover other costs.

Retirees whose food and housing costs are greater than their Social Security checks should look for ways to cut back on these expenses. For example, one option might be to move to a city where you can live comfortably off Social Security.

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Use Your Social Security Checks To Cover Healthcare Expenses

After budgeting to cover your basic needs, you should next pay for your medical expenses. Let's assume that you'll spend close to the national healthcare cost average for Americans 65 and older, which the BLS estimates at $6,833 per year. If you spend close to this amount, it's wise to dedicate the remainder of your check toward this expense. But it's also important to plan for rising healthcare costs that your Social Security checks likely won't cover.

The 2021 Retirement Health Care Costs Report by HealthView Insights recently reported that a healthy, national average couple, 65 or older, paid an average of $662,156 on retirement health care in 2020. Most 65-year-old couples in 2021 spent between $156,208 and 1,022,997 on healthcare depending on the state they retired in and the type of healthcare they needed.

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Put What You Have Left in Your Savings

After you've paid for necessities and healthcare, you might only be left with a few hundred dollars a year if you get the average retirement benefit. So what should you do with that leftover cash?

Edwin Cruz, owner of Prosperity Financial Group, tells his clients to set aside 10% to 20% of their Social Security checks to cover the unexpected. He also recommends adjusting this amount over time until the retiree has six to nine months of living expenses built up.

Following this strategy -- and assuming you get the average retirement benefit -- you should aim to save at least $1,825.91 each year until you reach your six to nine months' worth of emergency savings. But since you've already used your Social Security checks to cover other high-priority expenses, you'll likely need to tap into other income sources to build an emergency fund.

Shutterstock.com

Don't Forget To Claim for Your Children

If you claim retirement, disability or survivors benefits and have dependent children, you can file a claim for them as well. A qualifying child can receive up to 50% of a parent's full retirement or disability benefit, and up to 75% of a deceased parent's benefit. However, there's a limit to the amount of money that can be paid to a family, with the maximum amount determined as part of every Social Security benefit computation.

To qualify, a child must be either younger than age 18, age 18-19 and a full-time student in grade 12 or lower, or 18 or older with a disability that began before age 18. Although this is not technically your Social Security benefit, it's still an SSA payment that can help your family make ends meet.

Jacob Lund / Shutterstock.com

Other Expenses Your Social Security Benefits Likely Won't Cover

Retirees must be mindful of how they allocate their retirement spending to make sure they can cover everything. In addition to basic necessities, healthcare and savings, there will likely be other expenses that your Social Security benefits might not be large enough to cover. This will be especially important to remember if benefits get cut in the future.

For example, you'll still have to pay taxes in retirement. Depending on your financial situation, you might have to pay taxes on your Social Security benefits, which can make it even harder to cover retirement expenses. You'll also need to make a plan for transportation costs and any vacations you want to take.

Although Social Security might not be enough to fund every aspect of your retirement, you can still find ways to lower your expenses and generate income. By doing so, you'll Strengthen your chances of enjoying a comfortable retirement.

More From GOBankingRates

Barbara Friedberg contributed to the reporting for this article.

This article originally appeared on GOBankingRates.com: Social Security: What’s the First Thing You Should Do With Your Check?

Thu, 08 Dec 2022 07:59:00 -0600 en-US text/html https://www.aol.com/finance/social-security-first-thing-check-230002793.html
Killexams : Thrive Money launches 30-day financial wellbeing

Thrive Money, an online financial education platform founded by B Corp certified financial planning company First Wealth and lifestyle and content creator Zanna van Dijk, announces the launch of its new financial wellbeing programme this January. It will be the first in a series designed to help people secure financial freedom, achieve financial confidence and develop a positive and healthy relationship with money.

The 30 Day Financial Wellbeing Programme comprises seven no-nonsense modules featuring step-by-step exercises, activities and online videos designed to introduce and educate participants on the basics of financial planning.

The course spans budgeting, goal-setting, investments, pensions and savings with the final module introducing participants to a one-page financial plan. A comprehensive library of downloadable resources and evidence-based tools is available alongside a Facebook community group that has been set up to help participants support one another and stay accountable.

With 24 million adults admitting they don’t feel comfortable managing their money, Thrive Money was founded earlier this summer to break down the barriers that currently exist through practical and accessible information and guidance from a team of qualified financial professionals.

Its mission is to democratise access to financial planning for underrepresented and marginalised groups who have been let down by traditional financial institutions through free personal finance tips, webinars, and now, digital courses.

Thrive Money currently provides content and guidance through a dedicated Instagram channel, fortnightly newsletter and a programme of live events. Over 90% of Thrive Money’s followers are women.

Co-founder Zanna van Dijk says, “I launched Thrive Money with First Wealth because I am passionate about wellbeing in all senses, not just moving our bodies and nourishing them with wholesome food, but mental and financial wellness too. Everyone is talking about reducing stress, but nobody is talking about how money plays into this. It is one of the biggest sources of pressure and anxiety for the majority of the population. If we can reach these people and provide them educational tools, like our easy-to-follow online course, we hope to empower them to take control of their finances and vastly Strengthen their wellbeing. As a woman, I am hugely passionate about tackling the glaring gender pay gap, gender savings gap and gender wealth gap. I hope that Thrive Money can provide more women the resources they need to push for the equality they deserve.”

Robert Caplan, director, First Wealth and co-founder, Thrive Money, says: “As the founder of an award-winning financial planning company I truly believe in, and have seen first hand that, great financial planning can change people’s lives for the better. I also, however, understand that the clients I deal with day to day do not represent the majority of people and that for most, high quality and reliable advice is out of reach. Thrive Money is our solution to this problem as we strive to close the advice gap. Almost all low cost financial advice in the UK is product led and aims to sell something. Thrive Money will look to deliver the fundamentals of proper financial planning in an engaging and low cost environment through the launch of our new digital online courses, live events and webinars. We will Strengthen people’s relationship with money and ultimately enhance their financial wellbeing through creating a community where like-minded individuals who have been let down by the financial institutions can share their experiences and
journey.”

Thrive Money is supported by a team of financial advisors and client managers at First Wealth as part of the company’s commitment to using the power of business to solve social and environmental challenges by making financial advice accessible to everyone.

As part of this, Thrive Money is partnering with GAIN – Girls are Investors – to offer 100 of its students complimentary access to the programme as part of the charity’s mission to Strengthen gender diversity in investment management by building a talent pipeline of entry-level female and non-binary candidates.

The Thrive Money 30 Day Financial Wellbeing Programme will be available to obtain from 31st January 2023 at https://www.thrivemoneyhq.co.uk/ and will cost £199 + VAT.

Wed, 07 Dec 2022 03:46:00 -0600 Rebecca Tomes en-US text/html https://ifamagazine.com/article/thrive-money-launches-30-day-financial-wellbeingprogramme/
Killexams : Are your clients’ kids learning the basics of money management?

Young adults shouldn’t learn about money the hard way — in other words, by losing it.

A latest national survey found that 88% of adults believe that every student should take a one-semester or full-year course in personal finance. Unfortunately, less than half of high school students are now receiving instruction in personal finance.

But that statistic is rapidly changing, according to Tim Ranzetta, co-founder of Next Gen Personal Finance, as more schools across the country adopt his no-fee educational programs.    

InvestmentNews caught up with Ranzetta to learn about the current state of financial education in American schools, as well how basketball great Michael Jordan got involved in the mission to teach high school students the basics of money management.

InvestmentNews: What is the current state of financial education in high school and junior high school classrooms in America?

Tim Ranzetta: There is tremendous momentum for financial education in U.S. high schools. In just the last two years, we have seen the number of states that certain a one-semester personal finance course more than double, from 8 to 17. Ohio, Rhode Island and Nebraska made this commitment in 2021 while Florida, Georgia, South Carolina, Michigan, New Hampshire and Kansas joined this group in 2022. When these states have completed the implementation of these courses in future years, nearly 40% of high school students will be guaranteed to have taken this course. 

IN: Why the sudden momentum in the number of states guaranteeing this course? 

TR: We have seen a significant increase in advocacy at all levels of education. From teachers, students and parents standing up at school board meetings to attest to the value of the course, to legislative sponsors making personal finance education their top priority during legislative sessions, to state boards of education rethinking the skills students need to succeed in the 21st century, to state superintendents of education realizing the importance of real-life, relevant skills that come from this education. 

IN: How has Next Gen Personal Finance supported this movement? 

TR: I co-founded this nonprofit in 2014 with Jessica Endlich with the simple belief that all high school students deserve a course in personal finance before they cross the graduation stage. We then set out to create an organization to accomplish that goal by serving educators with a comprehensive, current and customizable curriculum. Our courses include our flagship NGPF semester course, financial algebra and a middle school course. In addition, we provide supplemental resources including arcade games, questions of the day and current events videos and quizzes through our FinCap Friday.  More than 71,000 teachers rely on NGPF as their one-stop source for personal finance curriculum.

We also offer professional development to increase teacher content knowledge. NGPF offers three ways for teachers to learn: a one-hour virtual PD sessions offered weekly, certification courses which offer deep dives in 10 different content areas, and on-demand modules on over 40 different topics. Each of these offerings align to the curriculum which provides teachers with the skills and confidence to teach this subject. In just the past few years, 15,000 educators have invested more than 300,000 hours through these workshops and modules.

Finally, we provide advocacy tools to assist advocates to increase access to this essential course. Our documentaries, The Most Important Class You Never Had and Real-World Class, have demonstrated the importance and impact of personal finance courses from a teacher and student perspective. 

Most importantly, we provide all of this at no cost to teachers or schools and can do so since we are funded through an endowment. 

IN: Do you work with state and local governments and school boards? Is there a lot of red tape?

TR: We have engaged with advocates at every level. At the grassroots, our Gold Standard Challenge provided more than $1 million in grants to 194 schools and districts committed to ensuring universal access to personal finance courses in their schools. We found that coalitions of teachers, students and parents were the driving force persuading local school boards to meet the needs of their students. 

To more effectively advocate at the state level, we created an affiliated organization, NGPF Mission 2030 Fund, in 2021. Over the past year, we have had dozens of conversations with legislators, state education leaders, state boards of education and policymakers in 25 states. They see the momentum behind this movement and understand why there is a tremendous need and parents and students are demanding it.

IN: How did you get involved? 

TR: I was one of the fortunate few who received this education at home. My dad worked as a banker and my mom could stretch a food dollar when buying groceries for our eight-person household. When an opportunity to start a personal finance course opened up at a school serving students seeking to be first in their family to go to college, I jumped at it. That experience as a volunteer teacher showed me how much students wanted to learn about money and also the ripple effect of these lessons as parents reached out to me wanting to learn about budgeting and investing. Soon thereafter, Jessica and I started Next Gen Personal Finance. 

IN: How did Michael Jordan get involved in financial education and sponsoring Next Gen?

TR: In 2020, Michael Jordan and his Jordan Brand company set up a $100 million fund for social organizations assisting black people with social justice and greater access to education. One area of focus for this fund was increasing access to financial education. We developed a successful model to increase access in large districts serving Black students. Our Financial Empowerment and Equity program places a personal finance specialist in districts to provide curriculum support and professional development. Their funding enabled us to expand this program into the following districts: Fulton County (Georgia), New York, Charlotte and Guilford County (North Carolina), Detroit and Philadelphia. 

‘IN the Nasdaq’ with Gary Shapiro of the Consumer Technology Association

Mon, 28 Nov 2022 05:59:00 -0600 en-US text/html https://www.investmentnews.com/are-your-clients-kids-learning-the-basics-of-money-management-229451
Killexams : It’s been a turbulent year. December is a good time for a financial plan review No result found, try new keyword!Ideally, this exercise will build confidence that your financial plan and investment decisions are in good order. Sun, 04 Dec 2022 21:00:00 -0600 text/html https://www.thenewstribune.com/news/business/biz-columns-blogs/article269541307.html Killexams : 5 ways grocery stores get you to pay more — and how to outsmart them Grocery shopping in Rosemead, California on April 21, 2022. Frederic J. Brown/AFP/Getty Images © Frederic J. Brown/AFP/Getty Images Grocery shopping in Rosemead, California on April 21, 2022. Frederic J. Brown/AFP/Getty Images
  • With inflation and the rising cost of food, writer Jen Glantz wants to be more strategic with groceries.
  • She asked experts about the sneaky ways grocery stores get customers to buy and pay more.
  • "Outsmart the store by buying what you need, not falling for sales tricks," financial planner Andrew Rosen says.

One of the biggest financial drains on my wallet every month is from how much I spend on groceries. I'm not an extravagant cook, and most of my meals are basic and easy to throw together — such as pasta and vegetables for dinner or a hummus and chicken wrap for lunch — yet food bills can range from $160 to over $200 a week. 

The rising cost of food due to inflation has made me attempt to be more strategic and cautious when filling up my cart at the grocery store. I started to wonder what tactics stores use to target customers and get us to spend more while we shop.

I asked five experts, from recipe developers to nutritionists, to share how I can outsmart grocery stores and lower my bill every week. Here are the five top tips they shared.

Grabbing prepared foods can hurt your wallet 

When I know I have a busy week ahead, or am feeling extra lazy, I'll load up on prepared food options that my local grocery store offers. My go-to is a prepared chicken dish with two sides, which can cost me anywhere from $13 to $15 per meal.

MaryAnne Hoekstra-Shekar, a recipe developer and food photographer, said that while it might feel like I'm making my meal planning easier by grabbing a pre-made meal, it could be costing me more in the long run.

"You can avoid paying a significant markup for additional labor and packaging," Hoekstra-Shekar told me. 

Instead, Hoekstra-Shekar said it's beneficial to spend extra time planning what to make for the week before you head to the store, so you have a general idea of what to get on your shopping trip and what things you can use that are already in your pantry and freezer. 

Grocery stores target your cell phone 

One long-standing tradition I have is hunting for coupons before heading to the grocery store. However, Dustin York, an associate professor of communication at Maryville University who's worked with PepsiCo in the past, said grocers can try to convince customers to buy more by targeting their cell phones. 

York said digital coupons can cause shoppers to buy items they wouldn't have otherwise purchased.

"The grocers can then utilize the most powerful resource in the world to target you for personalized marketing, which is your data," York said.

This kind of targeting can encourage customers to make more impulse purchases, which is something I'm guilty of. 

To prevent this, York advises to only use the grocery store app after your shopping cart is complete to avoid giving into any tempting deals. 

Beware of the layout of stores  

While I go to the grocery store weekly, I never thought about how the layout of the products could influence my spending habits.

Veronica Rouse, a registered dietitian and nutritionist, explained how grocery stores manipulate customers into buying certain items just through the setup of the store.

For example, Rouse said many stores will put the expensive items at eye level and the less expensive items on lower shelves. She recommends always looking below your line of vision to find a better price.

She also said stores will purposely place essential items like eggs and meat in the back of the store to get customers to travel through as much inventory as possible.

"Stores know what most people have on their grocery list," Rouse said. "Therefore, even if you're going for a quick trip to pick up eggs, you'll be exposed to many other items along the way that could influence you to impulse buy."

By being cognizant of this, shoppers can keep their eye on their grocery list and not get distracted by other items along the way that they don't actually need. 

Buying in bulk isn't always best

Signs that alerts customers that there's a sale could just be a way that the store is tempting you to spend more, certified financial planner Andrew Rosen told me.

Rosen said it's important to watch out for items that are marked on sale, like purchasing 15 yogurts for the price of 12, because it can lead to people buying more of something than they usually would just to get a discounted price.

"Do you really need the 15 yogurts just to get $5 off?" Rosen said. "Outsmart the store by buying what you need and not falling for gimmicky sales tricks." 

Healthy options can cost more 

As someone who tries to exclusively buy organic produce, I often find the markup to be quite high. That's why Amy Shapiro, a registered dietitian, said it's a good idea to read labels closely.

Labels that use terms like vegan, organic, and Whole30 can cost more because clients who are focused on their health are willing to pay for it, Shapiro said.

"It is important to recognize that many brands still offer items with those same health benefits, but just don't pay for the certifications," Shapiro said. "This allows them to charge less. So read the nutrition label and ingredients."

Shapiro also recommends buying organic items that are expensive in stores on the brand's website instead — which might be cheaper than buying the product at a retailer — or searching for competitive pricing as a way to save money. 

After speaking to these experts, It became clear that the only way I can save money when grocery shopping is to be extra prepared. I've started to plan meals and write out a shopping list before leaving my house. That way, I don't provide into any of the temptations these stores are hoping my wallet and I succumb to during our weekly trip to the grocery store. 

Thu, 08 Dec 2022 20:06:00 -0600 en-US text/html https://www.msn.com/en-us/money/other/5-ways-grocery-stores-get-you-to-pay-more-and-how-to-outsmart-them/ar-AA155hLV
Killexams : Financial Friday: Budgeting for life Financial Friday: Budgeting tips to remember © Provided by Huntsville-Decatur WAFF Financial Friday: Budgeting tips to remember

HUNTSVILLE, Ala. (WAFF) - Budgeting is important when it comes to financial wellness. A budget is basically our cash management plan. It’s a spending plan that allows us to tell our money what to do, instead of it telling us what to do with it. Financial experts say if you’re prepared this holiday season and managing your money can be a breeze.

WAFF talked to Redstone Federal Credit Union’s, Financial Education Coordinator, Kaeshier Fernandez. He works with kids and people of all ages educating them about finances and budgeting. He came up with a simple acronym for the basics of starting a budget or reworking one “LOW.”

  1. L = List It: They say the easiest way to clean your closet is to take it all out and take stock of what you have. The same applies to budgeting. List all of your common expenses and bills. Looking at your last few monthly statements will help, at least the last three.
  2. O = Organize It: With all of your expenses and debts out in the open, now you can start creating budgeting categories. Get an idea of how much you currently spend in each category. Start taking a look at where you can cut down on spending, or where you can make adjustments and find more affordable options.
  3. W = Work It: Now start working to implement your new spending plan. Track your spending in a spreadsheet or with a budgeting app so that you can see how close you are to your budgets in each category. And then just continue to adjust as necessary.

Fernandez said the important thing to remember with budgeting is that it is a constant work in progress. “Life happens, good or bad and that is going to impact your budget. So remember to be flexible and adjust when you need to cut back and save,” said Fernandez.

Let Redstone’s certified financial counseling help you with your budgeting process. Go to redfcu.org/financialwellness for more information.

Fri, 02 Dec 2022 05:01:19 -0600 en-US text/html https://www.msn.com/en-us/money/personalfinance/financial-friday-budgeting-for-life/ar-AA14QcOb
Killexams : EHang Reports Third Quarter 2022 Unaudited Financial Results

EHang Holdings Limited

- EH216-S Type Certification in Final Phase

- Continued High Quarterly Gross Margin of 65.9%

- Partnership with Swire Group’s HAECO for Advanced Air Mobility

- Continued Flight Demonstrations in Asia and Europe

GUANGZHOU, China, Dec. 02, 2022 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading autonomous aerial vehicle (“AAV”) technology platform company, today announced its unaudited financial results for the third quarter ended September 30, 2022.

Financial and Operational Highlights for the Third Quarter 2022

  • Total revenues were RMB8.2 million (US$1.2 million), compared with RMB14.6 million in the second quarter of 2022.

  • Gross margin was 65.9%, representing a continued high gross margin level with a slight decrease of 1.2 percentage points from 67.1% in the second quarter of 2022.

  • Operating loss was RMB73.7 million (US$10.4 million), compared with RMB74.3 million in the second quarter of 2022.

  • Adjusted operating loss1 (non-GAAP) was RMB52.9 million (US$7.4 million), compared with RMB51.2 million in the second quarter of 2022.

  • Net loss was RMB76.5 million (US$10.8 million), compared with RMB73.9 million in the second quarter of 2022.

  • Adjusted net loss2 (non-GAAP) was RMB55.1 million (US$7.7 million), compared with RMB50.8 million in the second quarter of 2022.

  • Cash, cash equivalents, restricted cash and short-term investments balances were RMB208.8 million (US$29.4 million) as of September 30, 2022.

  • Sales and deliveries of EH216 AAVs were 4 units, compared with 8 units in the second quarter of 2022.

Business Highlights for the Third Quarter 2022 and latest Updates

The EH216-S Unmanned Aircraft System (“UAS”) Type Certification (“TC”) process with the Civil Aviation Administration of China (“CAAC”) has progressed into the final phase of Demonstration and Verification of Compliance, after passing through the phases of Concept Design, Requirements Definition, and Compliance Planning.

With all of the certification plans have been officially approved by CAAC, all specified review subjects have been confirmed, including performance and flight, structural strength, design and configuration, ground control station, airborne human-computer interaction, continued airworthiness, etc.

The final phase is specifically to conduct verification reviews through laboratory tests, ground tests and inspections, flight tests, data analysis, in accordance with the approved certification plans. Over the past few years, EH216 AAVs have completed more than 30,000 trial flights, including passenger-carrying trial flights and tests in extreme environments involving high altitudes, typhoons, deserts and heavy fog. The accumulated data, experience and safe records have been compiled to support the demonstration and verification of compliance, and an appropriate number of test flights are being conducted to further supplement and accelerate the completion of the final phase.

In September and November 2022, EHang was invited by the International Civil Aviation Organization (“ICAO”) and CAAC to participate in the ICAO 41st Assembly, 2022 Innovation Fair, and RPAS Symposia Unmanned Aviation 2022 at ICAO’s headquarter in Montréal, Canada, sharing the exploration and practice on the EH216-S type certification project and innovative results with global aviation authorities. In particular, CAAC introduced the Special Conditions for EH216-S as China’s first airworthiness standard for human-carrying unmanned aircraft system at the ICAO 41st Assembly, for other countries’ reference in formulating related regulations, which received positive feedback from aviation authorities from other new regions, such as Latin America and Africa.

Since the launch of EHang’s 100 Air Mobility Routes Initiative in 2021 to date, EHang has carried out operational trial flights with EH216 AAVs at 15 operation spots in China, where more than 6,800 operational trial flights have been completed in practical scenarios mainly for aerial sightseeing. EHang’s self-developed AAV operational system has been put into trial use for these operation spots and is expected to facilitate AAV operation management efficiency and prepare the operating team for post-certification commercial operations.

In October 2022, EHang signed a memorandum of understanding regarding the partnership with Hong Kong Aircraft Engineering Company Limited (“HAECO”), a world leading aircraft engineering and maintenance company and a subsidiary of Swire Group. The two parties plan to cooperate in multiple areas such as manufacturing and assembly, continued airworthiness, digital platforms, aircraft maintenance, and talent training. The focus of this partnership is to co-develop systems and solutions that meet the needs of continued airworthiness and after-sales maintenance services in preparation for the EH216 commercial operations.

  • EH216 Flight Demonstrations in 4 Japanese Cities to Mark 1,000-Day Countdown of Expo 2025 Osaka, Kansai

In July 2022, EH216 AAV successfully completed a demo flight tour across 4 cities in Japan and expanded its footprint for the first time into the Kansai, Kyushu and Shikoku regions after its demo flights in the cities of Okayama and Fukushima last year. Notably, EH216 made an extraordinary appearance on the ceremonial day marking the 1,000-day countdown to the opening of the Expo 2025 Osaka, Kansai. These unmanned EH216 demo flights in Japan included over-the-sea flights as well as point-to-point flights, both believed to be respective firsts for an electric vertical take-off and landing (“eVTOL”) vehicle in Japan.

In October 2022, EH216 AAV successfully completed flight demonstrations in Spain under the European Union (“EU”)’s Air Mobility Urban - Large Experimental Demonstration (“AMU-LED”) project, one of Europe’s largest Urban Air Mobility (“UAM”) demonstration projects. These flight demonstrations Tested and validated the UAM Concepts of Operations (“ConOps”) in the furtherance of the AMU-LED project objectives.

In November 2022, EHang participated in the SBAS (EGNOS) Adoption in Multicopter VTOL Aircraft (“SAMVA”) project. Under an initiative of the European Union Agency for the Space Programme (“EUSPA”), the SAMVA project is for deploying European Geostationary Navigation Overlay Service (“EGNOS”) on eVTOL aircraft operations, such as EH216 AAVs, to enhance advanced air mobility services and U-Space airspace integration across the continent.

CEO Remarks

Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, said, “While the unfavorable market impact of the COVID-19 resurgence in China added pressure to our third-quarter results, we made meaningful progress in type certification and other areas that will fuel our long-term growth. Specifically, the EH216-S Type Certification process has entered into the final phase of Demonstration and Verification of Compliance after all the certification plans were officially approved by CAAC. This reflects the diligent work from our team and tremendous support from the aviation authorities and the aviation industry. As we have almost completed the most arduous points in the process, we remain fully confident to complete the world’s first airworthiness certification for the human-carrying unmanned aircraft system. We will continue our efforts to expedite what remains to make it happen as soon as possible.”

“We also entered into a partnership with HAECO for advanced air mobility that addresses the needs of continued airworthiness and after-sales maintenance services in preparation for the EH216 commercial operations. Meanwhile, we continued with more flight demonstrations across Asia and Europe to lay solid foundation for our overseas market development. We remain focused on executing our comprehensive growth strategies. These concentrated efforts, combined with our leading AAV technologies and intelligent command and control systems, empower us to be well-positioned to capture growth when the market recovers from the pandemic resurgence and after obtaining the type certificate.”

Financial Results for the Third Quarter 2022

Revenues

Total revenues were RMB8.2 million (US$1.2 million), compared with RMB14.6 million in the second quarter of 2022.

Costs of revenues

Costs of revenues were RMB2.8 million (US$0.4 million), compared with RMB4.8 million in the second quarter of 2022.

Gross profit

Gross profit was RMB5.4 million (US$0.8 million), compared with RMB9.8 million in the second quarter of 2022.

Gross margin was 65.9%, down 1.2 percentage points from 67.1% in the second quarter of 2022. The decrease in gross margin was mainly due to changes in revenue mix.

Operating expenses

Total operating expenses were RMB80.5 million (US$11.3 million), compared with RMB86.5 million in the second quarter of 2022.

  • Sales and marketing expenses were RMB12.7 million (US$1.8 million), compared with RMB12.2 million in the second quarter of 2022.

  • General and administrative expenses were RMB36.5 million (US$5.1 million), compared with RMB39.6 million in the second quarter of 2022. The decreases were mainly attributed to higher professional service fees primarily due to the filing of our annual report and some other legal matters as well as share-based compensation expenses in the second quarter, partially offset by the additional provisions for accounts receivable in consideration of the impact of the continuous COVID-19 epidemic and control measures in China.

  • Research and development expenses were RMB31.3 million (US$4.4 million), compared with RMB34.7 million in the second quarter of 2022. The decrease was mainly attributed to the different development processes of new AAV models and the ongoing EH216-S certification process.

Adjusted operating expenses3 (non-GAAP)

Adjusted operating expenses were RMB59.7 million (US$8.4 million), representing an improvement of 5.9% from RMB63.4 million in the second quarter of 2022. Adjusted sales and marketing expenses, adjusted general and administration expenses, and adjusted research and development expenses were RMB7.9 million (US$1.1 million), RMB28.8 million (US$4.0 million) and RMB23.0 million (US$3.3 million) in the third quarter of 2022, respectively. The decrease in adjusted operating expenses was primarily due to the same reasons discussed under the heading “Operating expenses” above.

Operating loss

Operating loss was RMB73.7 million (US$10.4 million), compared with RMB74.3 million in the second quarter of 2022.

Adjusted operating loss (non-GAAP)4

Adjusted operating loss was RMB52.9 million (US$7.4 million), compared with RMB51.2 million in the second quarter of 2022.

Net loss

Net loss was RMB76.5 million (US$10.8 million), compared with RMB73.9 million in the second quarter of 2022.

Adjusted net loss (non-GAAP)5

Adjusted net loss was RMB55.1 million (US$7.7 million), compared with RMB50.8 million in the second quarter of 2022.

Adjusted net loss attributable to EHang’s ordinary shareholders was RMB54.7 million (US$7.7 million), compared with RMB50.4 million in the second quarter of 2022.

Loss per share and per ADS

Basic and diluted net loss per ordinary share were both RMB0.66 (US$0.09). Adjusted basic and diluted net loss per ordinary share6 (non-GAAP) were both RMB0.48 (US$0.07).

Basic and diluted net loss per ADS were both RMB1.32 (US$0.18). Adjusted basic and diluted net loss per ADS7 (non-GAAP) were both RMB0.96 (US$0.14).

Balance Sheets

  • Cash, cash equivalents, restricted cash and short-term investments balances were RMB208.8 million (US$29.4 million) as of September 30, 2022.

Business Outlook

Due to the continued uncertainties and challenges surrounding the impacts and duration of the COVID-19 epidemic and control measures in China, we have adjusted the annual revenues forecast for 2022 to be in the range of RMB55 million to RMB65 million.

Nevertheless, we remain optimistic and confident in our long-term growth outlook given our leading advantages in AAV technologies and certification process which has reached the final phase, the increasing global UAM market demands, our growing AAV pre-orders, our ongoing preparations and deployment for commercial operations, and the relevant policy support, especially in China.

The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations regarding its business situation and market conditions. The outlook is subject to changes, especially uncertainties and situations related to the EH216-S certification process, COVID-19 epidemic and control measures, and global political and economic landscape, etc.

Conference Call

EHang’s management team will host an earnings conference call at 8:00 AM on Friday, December 2, 2022, U.S. Eastern Time (9:00 PM on December 2, 2022, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration: https://register.vevent.com/register/BI2c85c1a84e214dd289b963a4ef393b7c

A live and archived webcast of the conference call will be available on the Company’s investors relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world’s leading autonomous aerial vehicle (“AAV”) technology platform company. EHang’s mission is to make safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: urban air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (“UAM”) industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause genuine results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to EH216 Type Certification, our expectations regarding demand for, and market acceptance of, our AAV products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s genuine results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Non-GAAP Financial Measures

The Company uses adjusted gross profit, adjusted operating expenses, adjusted sales and marketing expenses, adjusted general and administration expenses, adjusted research and development expenses, adjusted operating loss, adjusted net loss, adjusted net loss attributable to ordinary shareholders, adjusted basic and diluted loss per ordinary share and adjusted basic and diluted loss per ADS (collectively, the “Non-GAAP Financial Measures”) in evaluating its operating results and for financial and operational decision-making purposes. There was no income tax impact on the Company’s non-GAAP adjustments because the non-GAAP adjustments are usually recorded in entities located in tax-free jurisdictions, such as the Cayman Islands.

The Company believes that the Non-GAAP Financial Measures help identify underlying trends in its business that could otherwise be distorted by the effects of items of (i) share-based compensation expenses and (ii) certain non-operational expenses, such as provisions for legal proceedings, which are included in their comparable GAAP measures. The Company believes that the Non-GAAP Financial Measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management members in their financial and operational decision-making.

The Non-GAAP Financial Measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The Non-GAAP Financial Measures have limitations as analytical tools. One of the key limitations of using the Non-GAAP Financial Measures is that they do not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of the Non-GAAP Financial Measures. Further, the Non-GAAP Financial Measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP Financial Measures to the nearest U.S. GAAP measures, all of which should be considered when evaluating the Company’s performance.

Each of the Non-GAAP Financial Measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance or financial results. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the Non-GAAP Financial Measures. The Non-GAAP Financial Measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on the Non-GAAP Financial Measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1135 to US$1.00, the noon buying rate in effect on September 30, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to in this press release could have been converted into USD or RMB, as the case may be, at any particular rate or at all.

Investor Contact: ir@ehang.com

Media Contact: pr@ehang.com

______________________________

1 Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.
2 Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures” below.
3 Adjusted operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.
4 Adjusted operating loss is a non-GAAP financial measure, which is defined as operating loss excluding share-based compensation expenses. See “Non-GAAP Financial Measures” below.
5 Adjusted net loss is a non-GAAP financial measure, which is defined as net loss excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures” below.
6 Adjusted basic and diluted loss per ordinary share is a non-GAAP financial measure, which is defined as basic and diluted loss per ordinary share excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures” below.
7 Adjusted basic and diluted loss per ADS is a non-GAAP financial measure, which is defined as basic and diluted loss per ADS excluding share-based compensation expenses and certain non-operational expenses. See “Non-GAAP Financial Measures” below.

EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

As of

December 31, 2021

September 30, 2022

RMB

RMB

US$

(Unaudited)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

246,863

137,421

19,318

Restricted cash

160

-

-

Short-term investments

65,108

71,360

10,032

Accounts receivable, net

56,189

39,125

5,500

Inventories

78,075

79,463

11,171

Prepayments and other current assets

29,395

48,620

6,835

Amount due from a related party

1,360

-

-

Total current assets

477,150

375,989

52,856

Non-current assets:

Property and equipment, net

33,821

36,532

5,136

Operating lease right‑of‑use assets, net8

-

79,237

11,139

Intangible assets, net

745

1,534

216

Long-term loans receivable

15,208

1,850

260

Long-term investments

6,143

8,007

1,126

Other non-current assets

2,367

1,406

198

Total non-current assets

58,284

128,566

18,075

Total assets

535,434

504,555

70,931

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Short-term bank loans

10,000

39,794

5,594

Accounts payable

45,560

34,665

4,873

Contract liabilities

14,831

17,569

2,470

Current portion of long-term bank loans

3,000

14,269

2,006

Accrued expenses and other liabilities

61,851

69,788

9,811

Current portion of lease liabilities8

-

11,112

1,562

Deferred income

733

816

115

Deferred government subsidies

468

1,612

227

Income taxes payable

4

5

1

Total current liabilities

136,447

189,630

26,659

Non-current liabilities:

Long-term bank loans

17,000

4,231

595

Mandatorily redeemable non-controlling interests

40,000

40,000

5,623

Deferred tax liabilities

292

292

41

Unrecognized tax benefit

5,480

5,480

770

Lease liabilities8

-

70,183

9,866

Deferred income

2,169

1,805

254

Other non-current liabilities

-

1,428

201

Total non-current liabilities

64,941

123,419

17,350

Total liabilities

201,388

313,049

44,009

______________________________

8 On January 1, 2022, the Company adopted ASC 842, the new lease standard, using the modified retrospective transition method and will not restate comparative periods.

EHANG HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

As of

December 31, 2021

September 30, 2022

RMB

RMB

US$

(Unaudited)

(Unaudited)

LIABILITIES AND SHAREHOLDERS’ EQUITY (CONTINUED)

Shareholders’ equity:

Ordinary shares

75

75

11

Additional paid-in capital

1,459,374

1,513,835

212,812

Statutory reserves

1,191

1,191

167

Accumulated deficit

(1,122,153

)

(1,340,492

)

(188,443

)

Accumulated other comprehensive (loss) income

(5,886

)

16,256

2,285

Total EHang Holdings Limited shareholders’ equity

332,601

190,865

26,832

Non-controlling interests

1,445

641

90

Total shareholders’ equity

334,046

191,506

26,922

Total liabilities and shareholders’ equity

535,434

504,555

70,931

EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

Three Months Ended

Nine Months Ended

September 30, 2021

June 30, 2022

September 30, 2022

September 30, 2021

September 30, 2022

RMB

RMB

RMB

US$

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Total revenues

12,965

14,618

8,226

1,156

48,106

28,634

4,025

Costs of revenues

(4,955

)

(4,805

)

(2,801

)

(394

)

(17,303

)

(9,780

)

(1,375

)

Gross profit

8,010

9,813

5,425

762

30,803

18,854

2,650

Operating expenses:

Sales and marketing expenses

(10,740

)

(12,243

)

(12,669

)

(1,781

)

(30,988

)

(37,609

)

(5,287

)

General and administrative expenses

(36,845

)

(39,563

)

(36,555

)

(5,139

)

(125,713

)

(99,628

)

(14,005

)

Research and development expenses

(38,699

)

(34,727

)

(31,257

)

(4,394

)

(98,322

)

(97,985

)

(13,775

)

Total operating expenses

(86,284

)

(86,533

)

(80,481

)

(11,314

)

(255,023

)

(235,222

)

(33,067

)

Other operating income

4,945

2,424

1,393

196

9,775

4,595

646

Operating loss

(73,329

)

(74,296

)

(73,663

)

(10,356

)

(214,445

)

(211,773

)

(29,771

)

Other income (expense):

Interest and investment income

1,427

1,139

984

138

3,945

3,493

491

Interest expenses

(474

)

(440

)

(543

)

(76

)

(1,342

)

(1,458

)

(205

)

Foreign exchange loss

(162

)

(1,018

)

(801

)

(113

)

(430

)

(2,242

)

(315

)

Other non-operating income (expenses), net

299

721

(2,522

)

(355

)

3,032

(7,290

)

(1,025

)

Total other income (expense)

1,090

402

(2,882

)

(406

)

5,205

(7,497

)

(1,054

)

Loss before income tax and income from equity method investment

(72,239

)

(73,894

)

(76,545

)

(10,762

)

(209,240

)

(219,270

)

(30,825

)

Income tax expenses

(12

)

(1

)

(73

)

(10

)

(129

)

(72

)

(10

)

Loss before income from equity method investment

(72,251

)

(73,895

)

(76,618

)

(10,772

)

(209,369

)

(219,342

)

(30,835

)

Income from equity method investment

-

30

71

10

-

114

16

Net loss

(72,251

)

(73,865

)

(76,547

)

(10,762

)

(209,369

)

(219,228

)

(30,819

)

EHANG HOLDINGS LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

Three Months Ended

Nine Months Ended

September 30, 2021

June 30, 2022

September 30, 2022

September 30, 2021

September 30, 2022

RMB

RMB

RMB

US$

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net loss

(72,251

)

(73,865

)

(76,547

)

(10,762

)

(209,369

)

(219,228

)

(30,819

)

Net loss attributable to non-controlling interests

276

312

422

59

834

889

125

Net loss attributable to ordinary shareholders

(71,975

)

(73,553

)

(76,125

)

(10,703

)

(208,535

)

(218,339

)

(30,694

)

Net loss per ordinary share:

Basic and diluted

(0.65

)

(0.64

)

(0.66

)

(0.09

)

(1.88

)

(1.91

)

(0.27

)

Shares used in net loss per ordinary share computation (in thousands of shares):

Basic and diluted

111,240

114,410

114,734

114,734

110,861

114,503

114,503

Loss per ADS (2 ordinary shares equal to 1 ADS)
Basic and diluted

(1.30

)

(1.28

)

(1.32

)

(0.18

)

(3.76

)

(3.82

)

(0.54

)

Other comprehensive income (loss)

Foreign currency translation adjustments net of nil tax

1,234

12,444

10,812

1,520

(319

)

22,142

3,113

Realized gains on available-for-sale investments, net of nil tax

-

-

-

-

(1,729

)

-

-

Total other comprehensive income (loss), net of tax

1,234

12,444

10,812

1,520

(2,048

)

22,142

3,113

Comprehensive loss

(71,017

)

(61,421

)

(65,735

)

(9,242

)

(211,417

)

(197,086

)

(27,706

)

Comprehensive loss attributable to non-controlling interests

276

312

422

59

834

889

125

Comprehensive loss attributable to ordinary shareholders

(70,741

)

(61,109

)

(65,313

)

(9,183

)

(210,583

)

(196,197

)

(27,581

)

EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

Three Months Ended

Nine Months Ended

September 30, 2021

June 30, 2022

September 30, 2022

September 30, 2021

September 30, 2022

RMB

RMB

RMB

US$

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Gross profit

8,010

9,813

5,425

762

30,803

18,854

2,650

Plus: Share-based compensation expenses

-

-

-

-

-

-

-

Adjusted gross profit

8,010

9,813

5,425

762

30,803

18,854

2,650

Sales and marketing expenses

(10,740

)

(12,243

)

(12,669

)

(1,781

)

(30,988

)

(37,609

)

(5,287

)

Plus: Share-based compensation expenses

4,652

4,545

4,797

675

13,856

13,694

1,925

Adjusted sales and marketing expenses

(6,088

)

(7,698

)

(7,872

)

(1,106

)

(17,132

)

(23,915

)

(3,362

)

General and administrative expenses

(36,845

)

(39,563

)

(36,555

)

(5,139

)

(125,713

)

(99,628

)

(14,005

)

Plus: Share-based compensation expenses

11,741

10,726

7,779

1,094

60,982

28,758

4,043

Adjusted general and administrative expenses

(25,104

)

(28,837

)

(28,776

)

(4,045

)

(64,731

)

(70,870

)

(9,962

)

Research and development expenses

(38,699

)

(34,727

)

(31,257

)

(4,394

)

(98,322

)

(97,985

)

(13,775

)

Plus: Share-based compensation expenses

8,058

7,834

8,235

1,158

23,973

23,608

3,319

Adjusted research and development expenses

(30,641

)

(26,893

)

(23,022

)

(3,236

)

(74,349

)

(74,377

)

(10,456

)

Operating expenses

(86,284

)

(86,533

)

(80,481

)

(11,314

)

(255,023

)

(235,222

)

(33,067

)

Plus: Share-based compensation expenses

24,451

23,105

20,811

2,927

98,811

66,060

9,287

Adjusted operating expenses

(61,833

)

(63,428

)

(59,670

)

(8,387

)

(156,212

)

(169,162

)

(23,780

)

Operating loss

(73,329

)

(74,296

)

(73,663

)

(10,356

)

(214,445

)

(211,773

)

(29,771

)

Plus: Share-based compensation expenses

24,451

23,105

20,811

2,927

98,811

66,060

9,287

Adjusted operating loss

(48,878

)

(51,191

)

(52,852

)

(7,429

)

(115,634

)

(145,713

)

(20,484

)

EHANG HOLDINGS LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONT’D)
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for per share data and per ADS data)

Three Months Ended

Nine Months Ended

September 30, 2021

June 30, 2022

September 30, 2022

September 30, 2021

September 30, 2022

RMB

RMB

RMB

US$

RMB

RMB

US$

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Net loss

(72,251

)

(73,865

)

(76,547

)

(10,762

)

(209,369

)

(219,228

)

(30,819

)

Plus: Share-based compensation expenses

24,451

23,105

20,811

2,927

98,811

66,060

9,287

Plus: Certain non-operational expenses

-

-

636

89

-

6,439

905

Adjusted net loss

(47,800

)

(50,760

)

(55,100

)

(7,746

)

(110,558

)

(146,729

)

(20,627

)

Net loss attributable to ordinary shareholders

(71,975

)

(73,553

)

(76,125

)

(10,703

)

(208,535

)

(218,339

)

(30,694

)

Plus: Share-based compensation expenses

24,451

23,105

20,811

2,927

98,811

66,060

9,287

Plus: Certain non-operational expenses

-

-

636

89

-

6,439

905

Adjusted net loss attributable to ordinary shareholders

(47,524

)

(50,448

)

(54,678

)

(7,687

)

(109,724

)

(145,840

)

(20,502

)

Adjusted basic and diluted net loss per ordinary share

(0.43

)

(0.44

)

(0.48

)

(0.07

)

(0.99

)

(1.27

)

(0.18

)

Adjusted basic and diluted net loss per ADS

(0.86

)

(0.88

)

(0.96

)

(0.14

)

(1.98

)

(2.54

)

(0.36

)

Thu, 01 Dec 2022 20:00:00 -0600 en-NZ text/html https://nz.finance.yahoo.com/news/ehang-reports-third-quarter-2022-100000178.html
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