On
Third Quarter 2019 Operational Highlights
- 2C Transaction volume increased to 23,566 units in the third quarter of 2019, representing a year-over-year growth of 107.3%.
- 2B Transaction volume decreased to 30,658 units in the third quarter of 2019, representing a year-over-year decline of 66.6%, as a result of the Company’s continuing shift of strategic focus towards its 2C business.
- 2C GMV1increased to
RMB2,828 million in the third quarter of 2019, representing a year-over-year growth of 110.0%. - 2B GMV decreased to
RMB1,537 million in the third quarter of 2019, representing a year-over-year decline of 64.1%.
Third Quarter 2019 Financial Highlights
- Total revenues were
RMB461.4 million (US$65.2 million ) in the third quarter of 2019, representing a year-over-year growth of 33.4%.- 2C Revenue was
RMB327.5 million (US$46.3 million ) in the third quarter of 2019, representing a year-over-year growth of 246.9%. - 2B Revenue was
RMB71.7 million (US$10.1 million ) in the third quarter of 2019, representing a year-over-year decline of 62.5%.
- 2C Revenue was
- Gross profit was
RMB254.8 million (US$36.0 million ) in the third quarter of 2019, representing a year-over-year growth of 60.8%. Gross margin increased to 55.2% in the third quarter of 2019, compared to 45.8% in the same period last year. - Loss from continuing operations was
RMB253.1 million (US$35.8 million ) in the third quarter of 2019, a decrease fromRMB489.8 million in the same period last year. - Non-GAAP adjusted loss from continuing operations was
RMB254.3 million (US$36.0 million ) in the third quarter of 2019, a decrease fromRMB418.1 million in the same period last year. - Net loss from continuing operations was
RMB267.2 million (US$37.8 million ) in the third quarter of 2019, a decrease fromRMB516.9 million in the same period last year. - Non-GAAP adjusted net loss from continuing operations was
RMB268.4 million (US$37.9 million ) in the third quarter of 2019, a decrease fromRMB445.2 million in the same period last year. Non-GAAP adjusted net loss from continuing operations as a percentage of total revenues was 58.2% in the third quarter of 2019, a decrease from 128.7% in the same period last year.
Mr.
Mr. Dai added, “As China’s leading online used car dealer, through our online virtual inventory system connecting over 20,000 used car suppliers across China, we are able to provide consumers with a wider selection of used cars and better prices by directly matching the diversified used car demand and nationwide supply in a highly efficient manner, no matter where the consumer lives or where the inventory is located. This, coupled with our one-stop online purchasing experience and high-quality professional customer services, has increasingly reinforced our value propositions that differentiate us in the market and strengthened our monetization ability. As we are committed to building the best destination for consumers to buy used cars online in China, we believe the growing traction from our target clientele will translate into expanded topline and improved margins over the long term.”
Mr.
Mr. Zeng added, “Looking forward, we are confident that our business is well supported by our current cash position. First, divesting the loan facilitation related business has significantly lowered our cash requirement. Second, we believe our losses will continue to narrow as a result of our ongoing efforts in cost control and enhancing operating efficiency. Third, pursuant to the definitive agreements we entered into with
Third Quarter 2019 Financial Results
Total revenues increased to
2C Business: Revenue of 2C business was
- Commission revenue was
RMB176.2 million (US$24.9 million ) in the third quarter of 2019, representing an increase of 192.6% fromRMB60.2 million in the same period last year, primarily due to the increases in the transaction volume, GMV and commission rate. Benefiting from the Company’s stronger value propositions to consumers, improved user experience and higher pricing power, the commission rate increased to 6.2% during the quarter from 4.5% in the same period last year. - Value-added service revenue was
RMB151.4 million (US$21.4 million ) in the third quarter of 2019, representing an increase of 342.2% fromRMB34.2 million in the same period last year, primarily due to the increases in the transaction volume, GMV and VAS take rate. The VAS take rate increased to 5.4% in the third quarter of 2019 from 2.5% in the same period last year, primarily driven by higher pricing power brought by the optimized and diversified services.
2B Business:
- 2B transaction facilitation revenue was
RMB71.7 million (US$10.1 million ) in the third quarter of 2019, representing a decrease of 62.5% from the same period last year, due to the decline in transaction volume. 2B transaction volume decreased by 66.6% year-over-year to 30,658 units in the third quarter of 2019, due to the Company’s continuing shift of strategic focus towards its 2C business. 2B GMV decreased toRMB1,537 million in the third quarter of 2019, representing a year-over-year decrease of 64.1%. The take rate for 2B transaction facilitation4 slightly increased to 4.7% in the third quarter of 2019 from 4.5% in the same period last year.
Cost of revenues increased to
Gross profit increased to
Total operating expenses were
- Sales and marketing expenses decreased by 26.4% year-over-year to
RMB330.3 million (US$46.7 million ) in the third quarter of 2019. The decrease mainly reflects the Company’s continuous efforts to enhance operating efficiency. Sales and marketing expenses, excluding share-based compensation expenses of nil, as a percentage of total revenues decreased to 71.6% during the quarter from 129.8% in the same period last year.
- General and administrative expenses decreased by 24.0% year-over-year to
RMB125.8 million (US$17.8 million ) in the third quarter of 2019. The decrease was mainly due to the decrease in share-based compensation expenses. General and administrative expenses, excluding immaterial share-based compensation expenses, wereRMB125.8 million , which represented 27.3% of total revenues, remaining stable compared to the same period last year.
- Research and development expenses increased by 57.8% year-over-year to
RMB53.8 million (US$7.6 million ) in the third quarter of 2019. The increase was primarily due to the increase in salaries and benefits expenses. Research and development expenses, excluding the impact of share-based compensation, wereRMB55.0 million , which represented 11.9% of total revenues, compared to 9.7% in the same period last year.
Loss from continuing operations was
Non-GAAP adjusted loss from continuing operations, which excludes the impact of share-based compensation of
Net loss from continuing operations was
Non-GAAP adjusted net loss from continuing operations, which excludes the impact of share-based compensation of
As of
Recent Update - Changes of Directors
Mr. Muyuan Wang has been appointed as a director of the Company's board of directors on
Mr.
Business Outlook
For the fourth quarter of 2019, taking into account the divestiture of the Company’s loan facilitation related business to
As the Company is focused on cost control and efficiency measures to build a more sustainable and profitable business in the long run,
This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Conference Call
The Company’s management will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
| U.S.: International: Mainland China: Hong Kong: Conference ID: |
+1 866 519 4004 or +1 845 675 0437 +65 6713 5090 400 620 8038 or 800 819 0121 800 906 601 or +852 3018 6771 1882428 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xin.com.
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until
| U.S.: | +1 646 254 3697 |
| International: | +61 2 8199 0299 |
| Conference ID: | 1882428 |
About
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses a non-GAAP measure, adjusted loss from operations, adjusted net loss and adjusted net loss per share, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted loss from operations excluding share-based compensation. The Company defines adjusted net loss as net (loss)/income excluding share-based compensation and fair value change of derivative liabilities. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Adjusted net loss enables the management to assess the Company’s operating results without considering the impact of share-based compensation and fair value change of derivative liabilities, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors' assessment of its operating performance.
The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using adjusted net loss is that it does not reflect all items of income and expense that affect the Company’s operations. Share-based compensation and fair value change of derivative liabilities have been and may continue to be incurred in the business and is not reflected in the presentation of adjusted net loss. Further, the non-GAAP measure 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 measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Uxin’s non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin’s strategic and operational plans, contain forward-looking statements.
For investor enquiries, please contact:
Uxin Investor Relations
Tel: +86 10 5691-6765
Email: ir@xin.com
____________
1 GMV is gross merchandise value as measured by gross selling price of used cars, excluding service fees charged.
2 The commission rate is measured by 2C commission revenue divided by 2C GMV.
3 The VAS take rate is measured by 2C VAS revenue divided by 2C GMV.
4 The take rate for 2B transaction facilitation is measured by 2B transaction facilitation revenue divided by 2B GMV.
| Uxin Limited | ||||||||||||||||
| Unaudited Consolidated Statements of Comprehensive (Loss)/Income | ||||||||||||||||
| (In thousands except for number of shares and per share data) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2018 | 2019 | 2018 | 2019 | |||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
| Revenues | ||||||||||||||||
| To consumers (“2C”) | ||||||||||||||||
| - Commission revenue | 60,200 | 176,169 | 24,908 | 80,560 | 503,910 | 71,245 | ||||||||||
| - Value-added service revenue | 34,224 | 151,350 | 21,399 | 46,410 | 413,234 | 58,425 | ||||||||||
| To businesses (“2B”) | ||||||||||||||||
| - Transaction facilitation revenue | 191,192 | 71,655 | 10,131 | 460,940 | 209,571 | 29,630 | ||||||||||
| Others | 60,255 | 62,243 | 8,800 | 235,767 | 162,062 | 22,913 | ||||||||||
| Total revenues | 345,871 | 461,417 | 65,238 | 823,677 | 1,288,777 | 182,213 | ||||||||||
| Cost of revenue | (187,427 | ) | (206,594 | ) | (29,209 | ) | (482,170 | ) | (595,935 | ) | (84,256 | ) | ||||
| Gross profit | 158,444 | 254,823 | 36,029 | 341,507 | 692,842 | 97,957 | ||||||||||
| Operating expenses | ||||||||||||||||
| Sales and marketing | (448,674 | ) | (330,260 | ) | (46,694 | ) | (1,267,910 | ) | (1,085,134 | ) | (153,421 | ) | ||||
| General and administrative | (165,521 | ) | (125,848 | ) | (17,793 | ) | (1,157,851 | ) | (430,198 | ) | (60,823 | ) | ||||
| Research and development | (34,069 | ) | (53,763 | ) | (7,601 | ) | (102,321 | ) | (156,392 | ) | (22,111 | ) | ||||
| Total operating expenses | (648,264 | ) | (509,871 | ) | (72,088 | ) | (2,528,082 | ) | (1,671,724 | ) | (236,355 | ) | ||||
| Other operating income | - | 1,915 | 271 | - | 1,915 | 271 | ||||||||||
| Loss from continuing operations | (489,820 | ) | (253,133 | ) | (35,788 | ) | (2,186,575 | ) | (976,967 | ) | (138,127 | ) | ||||
| Interest income | 7,638 | 7,177 | 1,015 | 22,953 | 9,585 | 1,355 | ||||||||||
| Interest expenses | (29,552 | ) | (29,796 | ) | (4,213 | ) | (39,778 | ) | (82,728 | ) | (11,696 | ) | ||||
| Other income | 9,085 | 9,760 | 1,380 | 15,019 | 40,753 | 5,762 | ||||||||||
| Other expenses | (2,506 | ) | (16,458 | ) | (2,327 | ) | (14,063 | ) | (26,634 | ) | (3,766 | ) | ||||
| Foreign exchange (losses)/gains | (10,805 | ) | 4,942 | 699 | (7,522 | ) | 4,239 | 599 | ||||||||
| Fair value change of derivative liabilities | - | - | - | 1,185,090 | - | - | ||||||||||
| Gain from disposal of investment | - | - | - | - | 28,257 | 3,995 | ||||||||||
| Impairment of long-term investment | - | - | - | - | (37,775 | ) | (5,341 | ) | ||||||||
| Loss from continuing operations before income tax expense | (515,960 | ) | (277,508 | ) | (39,234 | ) | (1,024,876 | ) | (1,041,270 | ) | (147,219 | ) | ||||
| Income tax (expense)/credit | (895 | ) | 384 | 54 | (1,722 | ) | 4,459 | 630 | ||||||||
| Equity in gains of affiliates | - | 9,942 | 1,406 | - | 24,105 | 3,408 | ||||||||||
| Net loss from continuing operations, net of tax | (516,855 | ) | (267,182 | ) | (37,774 | ) | (1,026,598 | ) | (1,012,706 | ) | (143,181 | ) | ||||
| Less: net loss attributable to non-controlling interests shareholders | (1,479 | ) | (332 | ) | (47 | ) | (15,219 | ) | (1,123 | ) | (159 | ) | ||||
| Net loss from continuing operations, attributable to UXIN LIMITED | (515,376) | (266,850) | (37,727) | (1,011,379) | (1,011,583) | (143,022) | ||||||||||
| Discontinued operations | ||||||||||||||||
| (Loss)/income from discontinued operations before income tax | (73,021 | ) | - | - | (188,442 | ) | 107,227 | 15,160 | ||||||||
| Income tax expense | (4,123 | ) | - | - | (8,680 | ) | (12,689 | ) | (1,794 | ) | ||||||
| Net (loss)/income from discontinued operations | (77,144 | ) | - | - | (197,122 | ) | 94,538 | 13,366 | ||||||||
| Net (loss)/income from discontinued operations attributable to UXIN LIMITED | (77,144 | ) | - | - | (197,122 | ) | 94,538 | 13,366 | ||||||||
| Net loss | (593,999 | ) | (267,182 | ) | (37,774 | ) | (1,223,720 | ) | (918,168 | ) | (129,815 | ) | ||||
| Less: net loss attributable to non-controlling interests shareholders | (1,479 | ) | (332 | ) | (47 | ) | (15,219 | ) | (1,123 | ) | (159 | ) | ||||
| Net loss attributable to UXIN LIMITED | (592,520 | ) | (266,850 | ) | (37,727 | ) | (1,208,501 | ) | (917,045 | ) | (129,656 | ) | ||||
| Accretion on redeemable preferred shares | - | - | - | (318,951 | ) | - | - | |||||||||
| Deemed dividend to preferred shareholders | - | - | - | (544,773 | ) | - | - | |||||||||
| Net loss attributable to ordinary shareholders | (592,520 | ) | (266,850 | ) | (37,727 | ) | (2,072,225 | ) | (917,045 | ) | (129,656 | ) | ||||
| Net loss | (593,999 | ) | (267,182 | ) | (37,774 | ) | (1,223,720 | ) | (918,168 | ) | (129,815 | ) | ||||
| Foreign currency translation | 15,337 | (32,381 | ) | (4,578 | ) | (4,251 | ) | (39,213 | ) | (5,544 | ) | |||||
| Total comprehensive loss | (578,662 | ) | (299,563 | ) | (42,352 | ) | (1,227,971 | ) | (957,381 | ) | (135,359 | ) | ||||
| Less: total comprehensive loss attributable to non-controlling interests shareholders | (1,479 | ) | (332 | ) | (47 | ) | (20,350 | ) | (1,123 | ) | (159 | ) | ||||
| Total comprehensive loss attributable to UXIN LIMITED | (577,183 | ) | (299,231 | ) | (42,305 | ) | (1,207,621 | ) | (956,258 | ) | (135,200 | ) | ||||
| Net loss attributable to ordinary shareholders | (592,520 | ) | (266,850 | ) | (37,727 | ) | (2,072,225 | ) | (917,045 | ) | (129,656 | ) | ||||
| Weighted average shares outstanding – basic | 877,180,394 | 882,780,751 | 882,780,751 | 345,484,292 | 882,463,904 | 882,463,904 | ||||||||||
| Weighted average shares outstanding – diluted | 877,180,394 | 882,780,751 | 882,780,751 | 345,484,292 | 882,463,904 | 882,463,904 | ||||||||||
| (Loss)/earnings per share for ordinary shareholders, basic | ||||||||||||||||
| Continuing operations | (0.59 | ) | (0.30 | ) | (0.04 | ) | (5.43 | ) | (1.15 | ) | (0.16 | ) | ||||
| Discontinued operations | (0.09 | ) | - | - | (0.57 | ) | 0.11 | 0.02 | ||||||||
| (Loss)/earnings per share for ordinary shareholders, diluted | ||||||||||||||||
| Continuing operations | (0.59 | ) | (0.30 | ) | (0.04 | ) | (5.43 | ) | (1.15 | ) | (0.16 | ) | ||||
| Discontinued operations | (0.09 | ) | - | - | (0.57 | ) | 0.10 | 0.01 | ||||||||
| Uxin Limited | |||||||||
| Unaudited Consolidated Balance Sheets | |||||||||
| (In thousands except for number of shares and per share data) | |||||||||
| As of December 31, | As of September 30, | ||||||||
| 2018 | 2019 | ||||||||
| RMB | RMB | US$ | |||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 800,997 | 627,062 | 88,657 | ||||||
| Restricted cash | 548 | 2 | - | ||||||
| Accounts receivable | 51,610 | 46,142 | 6,525 | ||||||
| Short-term investments | 596,078 | 123,586 | 17,473 | ||||||
| Advance to sellers | 692,714 | 655,912 | 92,736 | ||||||
| Other receivables, net | 204,454 | 192,446 | 27,209 | ||||||
| Inventory | 19,380 | 13,350 | 1,888 | ||||||
| Amounts due from related parties(i) | - | 243,126 | 34,374 | ||||||
| Prepaid expenses and other current assets | 316,386 | 255,198 | 36,081 | ||||||
| Financial lease receivables, net | 56,801 | 15,746 | 2,226 | ||||||
| Assets held for sale, current | 3,929,666 | 4,071,522 | 575,651 | ||||||
| Total current assets | 6,668,634 | 6,244,092 | 882,820 | ||||||
| Non-current assets | |||||||||
| Property, equipment and software, net | 199,271 | 129,306 | 18,282 | ||||||
| Intangible assets, net | 21,179 | 14,125 | 1,997 | ||||||
| Goodwill | 110,424 | 110,424 | 15,612 | ||||||
| Long term investments | 349,882 | 266,854 | 37,729 | ||||||
| Operating lease right-of-use assets, net(ii) | - | 198,694 | 28,092 | ||||||
| Total non-current assets | 680,756 | 719,403 | 101,712 | ||||||
| Total assets | 7,349,390 | 6,963,495 | 984,532 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Current liabilities | |||||||||
| Short-term borrowings | 142,888 | 20,000 | 2,828 | ||||||
| Accounts payable | 156,320 | 159,716 | 22,581 | ||||||
| Advance from buyers collected on behalf of sellers | 375,803 | 391,161 | 55,304 | ||||||
| Other payables and accruals, current | 1,197,300 | 1,376,596 | 194,629 | ||||||
| Deferred revenue | 115,160 | 77,101 | 10,901 | ||||||
| Convertible bonds, current(iii) | 1,188,192 | 101,432 | 14,341 | ||||||
| Operating lease liability, current(ii) | - | 137,360 | 19,421 | ||||||
| Liabilities held for sale | 1,436,325 | 1,086,860 | 153,665 | ||||||
| Total current liabilities | 4,611,988 | 3,350,226 | 473,670 | ||||||
| Non-current liabilities | |||||||||
| Long-term borrowings | 361,000 | 233,000 | 32,943 | ||||||
| Deferred tax liabilities | 4,759 | 3,480 | 492 | ||||||
| Other payables and accruals, non-current | - | 20,892 | 2,954 | ||||||
| Convertible bonds, non-current(iv) | - | 1,804,950 | 255,192 | ||||||
| Operating lease liability, non-current(ii) | - | 54,361 | 7,686 | ||||||
| Total non-current liabilities | 365,759 | 2,116,683 | 299,267 | ||||||
| Total liabilities | 4,977,747 | 5,466,909 | 772,937 | ||||||
| Shareholders’ equity | |||||||||
| Ordinary shares | 575 | 577 | 82 | ||||||
| Additional paid-in capital | 12,967,986 | 13,050,308 | 1,845,114 | ||||||
| Accumulated other comprehensive income | 86,061 | 46,848 | 6,624 | ||||||
| Accumulated deficit | (10,680,489 | ) | (11,597,534 | ) | (1,639,714 | ) | |||
| Total Uxin’s shareholders’ equity | 2,374,133 | 1,500,199 | 212,106 | ||||||
| Non-controlling interests | (2,490 | ) | (3,613 | ) | (511 | ) | |||
| Total shareholders' equity | 2,371,643 | 1,496,586 | 211,595 | ||||||
| Total liabilities and shareholders’equity | 7,349,390 | 6,963,495 | 984,532 | ||||||
| Notes: | |||||||||
| (i) According to the definitive agreements the Company entered into with Golden Pacer, the change of net assets related to the divestiture will be belonged to Golden Pacer. Thus, all changes of net assets were recorded in amounts due from related party. | |||||||||
| (ii) The Company adopted ASC 842 using the additional transition method with an effective date of January 1, 2019 for leases that existed on that date. Prior period results continue to be presented under ASC 840 based on the accounting standards originally in effect for such periods. No cumulative effect adjustment to the opening balance of retained earnings was required. | |||||||||
| (iii) The Company entered into a convertible note purchase agreement with PacificBridge Asset Managment on July 12, 2019, pursuant to which the Company issued and sold 12-month convertible notes in an aggregate principal amount of US$7.7 million in July and US$ 6.6 million in August. | |||||||||
| (iv) Correction of an error - The Company entered into a convertible note purchase agreement with affiliates of 58.com, Warburg Pincus, TPG and certain other investors on May 28, 2019, pursuant to which the Company issued and sold convertible notes in an aggregate principal amount of US$230 million (equivalent to Rmb1,581 million) in June 2019. It is noted that the Company mis-classified these convertible notes in current liabilities section of the Balance Sheet as of June 30, 2019, previously furnished to the SEC as part of the Company's earnings release for the second quarter of 2019 on Form 6-K on September 23, 2019, the "as-revised" current liability as of June 30, 2019 should have been Rmb 3,155 million, and the long-term liability as of June 30, 2019 should have been Rmb1,938 million. This error of mis-classification has been corrected and reclassified to non-current liabilities as of September 30, 2019. Management concluded the error was not material to the previously issued financial statements. | |||||||||
| The Company also entered into a convertible note purchase agreement with PacificBridge Asset Management on July 12, 2019, pursuant to which the Company issued and sold 15-month convertible notes in an aggregate principal amount of US$17.1 million in July and US$7.9 million in August 2019. | |||||||||
| * Share-based compensation charges from continuing operations included are as follows: | |||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||
| 2018 | 2019 | 2018 | 2019 | ||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
| Cost of revenue | (16 | ) | - | - | 137 | - | - | ||||||||
| Sales and marketing | (157 | ) | - | - | 387 | - | - | ||||||||
| General and administrative | 71,213 | 37 | 5 | 917,352 | 75,846 | 10,723 | |||||||||
| Research and development | 634 | (1,239 | ) | (175 | ) | 15,893 | (410 | ) | (58 | ) | |||||
| Uxin Limited | ||||||||||||||||
| Unaudited Reconciliations of GAAP And Non-GAAP from Continuing Operation Results | ||||||||||||||||
| (In thousands except for number of shares and per share data) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2018 | 2019 | 2018 | 2019 | |||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||
| Loss from continuing operations | (489,820 | ) | (253,133 | ) | (35,788 | ) | (2,186,575 | ) | (976,967 | ) | (138,127 | ) | ||||
| Add: Share-based compensation expenses | 71,674 | (1,202 | ) | (170 | ) | 933,769 | 75,436 | 10,665 | ||||||||
| - Cost of revenue | (16 | ) | - | - | 137 | - | - | |||||||||
| - Sales and marketing | (157 | ) | - | - | 387 | - | - | |||||||||
| - General and administrative | 71,213 | 37 | 5 | 917,352 | 75,846 | 10,723 | ||||||||||
| - Research and development | 634 | (1,239 | ) | (175 | ) | 15,893 | (410 | ) | (58 | ) | ||||||
| Non-GAAP adjusted loss from continuing operations | (418,146 | ) | (254,335 | ) | (35,958 | ) | (1,252,806 | ) | (901,531 | ) | (127,462 | ) | ||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2018 | 2019 | 2018 | 2019 | |||||||||||||
| Net income/(loss) from continuing operations | (516,855 | ) | (267,182 | ) | (37,774 | ) | (1,026,598 | ) | (1,012,706 | ) | (143,181 | ) | ||||
| Add: Share-based compensation expenses | 71,674 | (1,202 | ) | (170 | ) | 933,769 | 75,436 | 10,665 | ||||||||
| - Cost of revenue | (16 | ) | - | - | 137 | - | - | |||||||||
| - Sales and marketing | (157 | ) | - | - | 387 | - | - | |||||||||
| - General and administrative | 71,213 | 37 | 5 | 917,352 | 75,846 | 10,723 | ||||||||||
| - Research and development | 634 | (1,239 | ) | (175 | ) | 15,893 | (410 | ) | (58 | ) | ||||||
| Fair value change of derivative liabilities | - | - | - | (1,185,090 | ) | - | - | |||||||||
| Non-GAAP adjusted net loss from continuing operations | (445,181 | ) | (268,384 | ) | (37,944 | ) | (1,277,919 | ) | (937,270 | ) | (132,516 | ) | ||||
| Non-GAAP adjusted net loss from continuing operations per share – basic | (0.51 | ) | (0.30 | ) | (0.04 | ) | (3.70 | ) | (1.06 | ) | (0.15 | ) | ||||
| Non-GAAP adjusted net loss from continuing operations per share – diluted | (0.51 | ) | (0.30 | ) | (0.04 | ) | (3.70 | ) | (1.06 | ) | (0.15 | ) | ||||
| Weighted average shares outstanding – basic | 877,180,394 | 882,780,751 | 882,780,751 | 345,484,292 | 882,463,904 | 882,463,904 | ||||||||||
| Weighted average shares outstanding – diluted | 877,180,394 | 882,780,751 | 882,780,751 | 345,484,292 | 882,463,904 | 882,463,904 | ||||||||||
| Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.0729 as of the end of September 2019 stipulated by the People’s Bank of China. | ||||||||||||||||
Source: Uxin Limited