Letter to Shareholders
So far this year, 2020 has presented just as many challenges for our business as it has created exciting achievements, marking another significant milestone for
As a first mover in China’s used car market, we believe that auto financing is a natural and convenient option to facilitate the desire to buy a used car. Built on the foundation of this belief and our expertise in the used car industry, we initiated partnership with our financing partners under the business model of loan facilitation, but we needed to provide guarantees for all facilitated loans. As large as the market opportunity is for used car financing, and as much as our financing-related volume grew rapidly in recent years, these guarantee liabilities have, in fact, put significant pressure on our cashflow. We also experienced a tightening regulatory environment for the overall financing industry and an overall economic downturn, which only intensified the pressure we faced. As we continue to operate in this environment, we believe that well-funded banks and licensed financial institutions are better positioned to play their role as a loan provider, while also taking on the credit risk, given their strong skills in risk management and capacity for higher risk tolerance.
With the drag of guarantee liabilities behind us,
Equally as important, I want to highlight that the transformation of our business and service model is not just about cost savings, but rather about fundamentally optimizing our overall cost structure, increasing long-term operational efficiency and improving cashflow. Our focus on selecting “best value” used cars effectively reduces inspector headcount, so we only need to dedicate inspection resources to a smaller number of better value-for-money cars. In addition, a simplified transaction process, coupled with transparent pricing, lowers the reliance on salespeople who used to meet customers in person to navigate the complex process of buying a used car. As a result, our current online sales team is only about one-tenth the size of the previous offline team. With a fundamentally optimized cost structure in place, we believe we have created a clear path to profitability and thus are better positioned to create long-term value for our shareholders. We are confident that the net effect will reinforce our competitive advantages and further differentiate us from our peers.
We believe that online purchasing of used cars in
The second challenge is that it takes time to build
China’s used car market has great growth potential, but customers have been underserved for quite a long time. With a determination to become our customers’ most trusted online car vendor, we aim to become the first company in the industry who wholeheartedly creates meaningful and long-lasting customer value. We will only sell a car to our customers that we would also sell to our most loved friends and family. This is our pledge and though we understand the challenge in taking this approach, we firmly believe that it is the best way to achieve sustainable success.
For almost a decade,
There is no better time than now to face our challenges head-on and seize the opportunity before us. We believe this approach underpins the long-term strategy that will elevate
Chairman and Chief Executive Officer
Transition Period Highlights
The Company’s results for the Transition Period has been materially and adversely affected by the COVID-19 pandemic. During this period, the Company expedited its ongoing transformation of the entire used car transaction process and migrated every sales step online.
- 2C transaction volume was 6,584 units for the three months ended
March 31, 2020 , compared with 20,647 in the same period last year. - 2C GMV1 was
RMB723 million for the three months endedMarch 31, 2020 , compared withRMB2,268 million in the same period last year. - Total revenues were
RMB103.9 million (US$14.7 million ) for the three months endedMarch 31, 2020 , compared withRMB335.8 million in the same period last year.- 2C revenue was
RMB88.5 million (US$12.5 million ) for the three months endedMarch 31, 2020 , compared withRMB284.3 million in the same period last year.
- 2C revenue was
- Gross margin was negative 6.6% for the three months ended
March 31, 2020 , compared with a gross margin of 53.4% in the same period last year. - Loss from continuing operations was
RMB2,186.0 million (US$308.7 million ) for the three months endedMarch 31, 2020 , compared withRMB295.0 million in the same period last year. Loss from continuing operations primarily resulted from a significant provision for credit losses ofRMB1,939.6 million recorded for the quarter. - Non-GAAP adjusted loss from continuing operations was
RMB2,218.1 million (US$313.3 million ) for the three months endedMarch 31, 2020 , compared withRMB245.5 million in the same period last year. On a non-GAAP basis, loss from continuing operations was also materially impacted by a significant provision for credit losses recorded for the quarter. - Net loss from continuing operations was
RMB2,034.4 million (US$287.3 million ) for the three months endedMarch 31, 2020 , compared withRMB295.5 million in the same period last year. Net loss from continuing operations primarily resulted from a significant provision for credit losses ofRMB1,939.6 million recorded for the quarter. - Non-GAAP adjusted net loss from continuing operations was
RMB2,066.5 million (US$291.8 million ) for the three months endedMarch 31, 2020 , compared withRMB246.0 million in the same period last year. On a non-GAAP basis, net loss from continuing operations was also materially impacted by a significant provision for credit losses recorded for the quarter.
Transition Period Financial Results
Total revenues were
2C revenue was
- Commission revenue was
RMB48.0 million (US$6.8 million ) for the three months endedMarch 31, 2020 , compared withRMB148.8 million in the same period last year. The decrease was primarily due to decreases in transaction volume and GMV. Commission rate2 expanded to 6.6% for the three months endedMarch 31, 2020 from 6.3% in the previous quarter as a result of the Company’s strong pricing power bolstered by its unique offerings of nationwide selection of best value-for-money used cars as well as quality transaction services to consumers. - Value-added service revenue was
RMB40.5 million (US$5.7 million ) for the three months endedMarch 31, 2020 , compared withRMB135.5 million in the same period last year. The decrease was primarily due to decreases in transaction volume and GMV. VAS take rate3 slightly increased to 5.6% for the three months endedMarch 31, 2020 from 5.5% in the previous quarter as a result of our increasingly enhanced and diversified services.
Other revenue4 was
Cost of revenues was
Gross margin was negative 6.6% for the three months ended
Total operating expenses were
- Sales and marketing expenses decreased by 45.2% year-over-year to
RMB189.5 million (US$26.8 million ) for the three months endedMarch 31, 2020 . The decrease was mainly due to a decrease in salaries and benefits expenses. Share-based compensation expenses associated with sales and marketing expenses were nil during the quarter.
- General and administrative expenses decreased by 13.8% year-over-year to
RMB74.9 million (US$10.6 million ) for the three months endedMarch 31, 2020 . The decrease was mainly due to a decrease in salaries and benefits as well as share-based compensation expenses. General and administrative expenses excluding the impact of share-based compensation wereRMB104.9 million .
- Research and development expenses decreased by 4.5% year-over-year to
RMB31.2 million (US$4.4 million ) for the three months endedMarch 31, 2020 . The decrease was primarily due to a decrease in salaries and benefits expenses. Research and development expenses excluding the impact of share-based compensation wereRMB33.3 million .
- Loss from guarantee liabilities was nil for the three months ended
March 31, 2020 . The Company incurred guarantee liabilities associated with the remaining guarantee obligations from its historically-facilitated loans which were not transferred toGolden Pacer . The Company adopted Accounting Standards Update (ASU) 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” onJanuary 1, 2020 under a modified retrospective method. Before the adoption of ASC 326, gain or loss related to guarantee liabilities accounted for the under the greater of the amount determined based on ASC 460 and the amount determined under ASC 450 was recorded as “gain or loss from guarantee liabilities”. After the adoption of ASC 326, expected credit losses of contingent guarantee liabilities shall be accounted for in addition to and separately from the stand ready guarantee liabilities accounted for under ASC 460, and the provision for contingent guarantee liabilities is currently recorded within “provision for credit losses”; and the gain released from the stand ready guarantee liabilities accounted for under ASC 460 is currently recorded within “other operating income”.
- Provision for credit losses was
RMB1,939.6 million (US$273.9 million ) for the three months endedMarch 31, 2020 . Due to the impact of the COVID-19 pandemic, a significant impairment ofRMB1,039.4 million was incurred as a result of the adversely-affected performance of the Company’s historically-facilitated loans, mainly including loans recognized as a result of payment under the guarantee. After the adoption of ASC 326, a provision ofRMB804.3 million for contingent guarantee liabilities measured under the current expected credit losses model is recorded within “provision for credit losses”.
Loss from continuing operations was
Non-GAAP adjusted loss from continuing operations which excludes the impact of share-based compensation was
Net loss from continuing operations was
Non-GAAP adjusted net loss from continuing operations which excludes the impact of share-based compensation was
As of
In response to the situation, the Company has taken actions to improve its liquidity and cash position. As disclosed in the section titled “Recent Update” below, the Company entered into a supplemental agreement with one of its major financing partners to settle its remaining guarantee liabilities associated with the historically-facilitated loans with an agreed amount by instalment payment over a period from 2020 to 2025, which minimizes cash flow commitment in next few years. In addition, the Company entered into agreements with one of its convertible note holders to adjust the repayment plan for the convertible notes. With these agreements in place, the Company’s liquidity and cash position will be significantly improved. More importantly, the Company has also proactively taken actions to fundamentally optimize its overall cost structure by upgrading its business and service model and implemented other cost control measures. For example, the Company has streamlined overall operations by better allocating inspection resources and deploying an online sales consultant team to provide services more efficiently. Considering all the actions mentioned above, which have alleviated the substantial doubt of the Company’s ability to continue as a going concern, the Company believes that its current cash and cash equivalents, cash considerations received from recent divestiture transactions and the anticipated cash flows from operations will be sufficient to meet its anticipated working capital requirements for the next 12 months.
Recent Update
- Settlement of Guarantee Liabilities Associated with Historically-facilitated Loans
OnJuly 23, 2020 , the Company entered into a supplemental agreement with WeBank to settle the Company’s remaining guarantee liabilities associated with the historically-facilitated loans for WeBank. Pursuant to the agreement, the Company will pay an aggregate amount ofRMB372 million to WeBank from 2020 to 2025 in instalments based on an agreed upon settlement schedule, pursuant to which, the settlement amount for any single year will be no more thanRMB84 million . Upon the signing of the supplemental agreement, the Company is no longer subject to guarantee obligations in relation to its historically-facilitated loans for WeBank under the condition that the Company makes the instalment payment based on the agreed schedule.
- Amendment to the Company’s Convertible Notes
OnJuly 23, 2020 , the Company entered into agreements with PacificBridge Asset Management (“PacificBridge”) to amend the terms of the convertible notes in an aggregate principal amount ofUS$50 million that were issued by the Company to the affiliate of PacificBridge between July andNovember 2019 . Pursuant to the agreements, the parties have agreed that the conversion prices of the original convertible notes will be adjusted down to a discounted price of the Company’s volume weighted average price for the last 30 trading days prior to the signing of the agreements, and PacificBridge will convert all the convertible notes into the Company’s Class A ordinary shares upon the signing of the agreements. As of the date of this earnings release, PacificBridge has converted all the convertible notes it held into 136,279,973 Class A ordinary shares of the Company at the discounted price.
Business Outlook
For the three months ended
Conference Call
The Company’s management will host an earnings conference call at
Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants must preregister online prior to the call to receive the dial-in details.
Conference Call Preregistration
Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/5889109. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.
To join the conference, please dial the number you receive, enter the event passcode followed by your unique registrant ID, and you will be joined to the conference instantly.
A telephone replay of the call will be available after the conclusion of the conference call until
| U.S.: | +1 646 254 3697 |
| International: | +61 2 8199 0299 |
| Conference ID: | 5889109 |
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin’s website at http://ir.xin.com.
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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
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 and media enquiries, please contact:
Nancy Song
Uxin Investor Relations
Tel: +86 10 5691-6765
Email: ir@xin.com
Eric Yuan
Christensen
Tel: +86 10 5900 1548
Email: uxin@christensenir.com
____________________________
1 GMV is gross merchandise value as measured by gross selling price of used cars, excluding service fees charged.
2 Commission rate is measured by 2C commission revenue divided by 2C GMV.
3 VAS take rate is measured by 2C VAS revenue divided by 2C GMV.
4 Other revenue mainly consists of the revenues from salvage car business and other miscellaneous revenue streams.
| Unaudited Consolidated Statements of Comprehensive Loss | |||||||
| (In thousands except for number of shares and per share data) | |||||||
| For the three months ended |
|||||||
| 2019 | 2020 | ||||||
| RMB | RMB | US$ | |||||
| Revenues | |||||||
| To consumers (“2C”) | |||||||
| - Commission revenue | 148,840 | 48,038 | 6,784 | ||||
| - Value-added service revenue | 135,475 | 40,456 | 5,713 | ||||
| Others | 51,476 | 15,367 | 2,170 | ||||
| Total revenues | 335,791 | 103,861 | 14,667 | ||||
| Cost of revenues | (156,372 | ) | (110,714 | ) | (15,636 | ) | |
| Gross profit | 179,419 | (6,853 | ) | (969 | ) | ||
| Operating expenses | |||||||
| Sales and marketing | (345,673 | ) | (189,503 | ) | (26,763 | ) | |
| General and administrative | (86,970 | ) | (74,926 | ) | (10,582 | ) | |
| Research and development | (32,634 | ) | (31,176 | ) | (4,403 | ) | |
| Loss from guarantee liabilities (i) | (9,188 | ) | - | - | |||
| Provision for credit losses (i) | - | (1,939,570 | ) | (273,920 | ) | ||
| Total operating expenses | (474,465 | ) | (2,235,175 | ) | (315,668 | ) | |
| Other operating income | - | 56,043 | 7,915 | ||||
| Loss from continuing operations | (295,046 | ) | (2,185,985 | ) | (308,722 | ) | |
| Interest income | 1,990 | 3,081 | 435 | ||||
| Interest expenses | (26,493 | ) | (29,029 | ) | (4,100 | ) | |
| Other income | 25,140 | 2,420 | 342 | ||||
| Other expenses | (4,751 | ) | (10,118 | ) | (1,429 | ) | |
| Foreign exchange losses | (779 | ) | (388 | ) | (55 | ) | |
| Gain from disposal of subsidiaries | - | 179,020 | 25,282 | ||||
| Loss from continuing operations before income tax expense | (299,939 | ) | (2,040,999 | ) | (288,247 | ) | |
| Income tax expense | (1,556 | ) | (326 | ) | (46 | ) | |
| Equity in income of affiliates | 5,956 | 6,940 | 980 | ||||
| Net loss from continuing operations, net of tax | (295,539 | ) | (2,034,385 | ) | (287,313 | ) | |
| Less: net loss attributable to non-controlling interests shareholders | (445 | ) | (5,383 | ) | (760 | ) | |
| Net loss from continuing operations, attributable to |
(295,094 | ) | (2,029,002 | ) | (286,553 | ) | |
| Discontinued operations | |||||||
| Income/(loss) from discontinued operations before income tax | 22,977 | (455,177 | ) | (64,283 | ) | ||
| Income tax expense | (12,422 | ) | - | - | |||
| Net income/(loss) from discontinued operations | 10,555 | (455,177 | ) | (64,283 | ) | ||
| Net income/(loss) from discontinued operations attributable to |
10,555 | (455,177 | ) | (64,283 | ) | ||
| Net loss | (284,984 | ) | (2,489,562 | ) | (351,596 | ) | |
| Less: net loss attributable to non-controlling interests shareholders | (445 | ) | (5,383 | ) | (760 | ) | |
| Net loss attributable to |
(284,539 | ) | (2,484,179 | ) | (350,836 | ) | |
| Net loss | (284,984 | ) | (2,489,562 | ) | (351,596 | ) | |
| Foreign currency translation | 6,027 | 40,028 | 5,653 | ||||
| Total comprehensive loss | (278,957 | ) | (2,449,534 | ) | (345,943 | ) | |
| Less: total comprehensive loss attributable to non-controlling interests shareholders | (445 | ) | (3,927 | ) | (555 | ) | |
| Total comprehensive loss attributable to |
(278,512 | ) | (2,445,607 | ) | (345,388 | ) | |
| Net loss attributable to ordinary shareholders | (284,539 | ) | (2,484,179 | ) | (350,836 | ) | |
| Weighted average shares outstanding – basic | 881,704,014 | 888,460,868 | 888,460,868 | ||||
| Weighted average shares outstanding – diluted | 881,704,014 | 888,460,868 | 888,460,868 | ||||
| (Loss)/earnings per share for ordinary shareholders, basic | |||||||
| Continuing operations | (0.33 | ) | (2.28 | ) | (0.32 | ) | |
| Discontinued operations | 0.01 | (0.51 | ) | (0.07 | ) | ||
| (Loss)/earnings per share for ordinary shareholders, diluted | |||||||
| Continuing operations | (0.33 | ) | (2.28 | ) | (0.32 | ) | |
| Discontinued operations | 0.01 | (0.51 | ) | (0.07 | ) | ||
| (i) We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (“ASU 2016-13”) effective After the adoption of ASU 2016-13, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded within “other operating income” and the relevant credit losses of guarantee liabilities are recorded within “provision for credit losses”. |
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| Uxin Limited | |||||||
| Unaudited Consolidated Balance Sheets | |||||||
| (In thousands except for number of shares and per share data) | |||||||
| As of |
As of |
||||||
| 2019 | 2020 | ||||||
| RMB | RMB | US$ | |||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 478,200 | 342,504 | 48,371 | ||||
| Restricted cash | 706,988 | 454,931 | 64,249 | ||||
| Accounts receivable, net | 44,605 | 6,397 | 903 | ||||
| Amounts due from related parties | 51,590 | 28,070 | 3,964 | ||||
| Advance to consumers on behalf of financing partners | 2,135 | - | - | ||||
| Loan recognized as a result of payment under the guarantee, net of provision for credit losses of |
1,580,464 | 404,174 | 57,080 | ||||
| Advance to sellers, net | 288,550 | 132,526 | 18,716 | ||||
| Other receivables, net of provision for credit losses of |
440,056 | 287,753 | 40,639 | ||||
| Inventory | 13,792 | 10,314 | 1,458 | ||||
| Prepaid expenses and other current assets | 158,908 | 137,148 | 19,369 | ||||
| Financial lease receivables, net of provision for credit losses of |
121,820 | 15,048 | 2,125 | ||||
| Assets held for sale | 230,051 | - | - | ||||
| Net assets transferred (i) | 827,710 | 420,000 | 59,315 | ||||
| Total current assets | 4,944,869 | 2,238,865 | 316,189 | ||||
| Non-current assets | |||||||
| Property, equipment and software, net | 110,114 | 87,558 | 12,366 | ||||
| Intangible assets, net | 190 | 139 | 20 | ||||
| 9,541 | 9,541 | 1,347 | |||||
| Long term investments | 272,936 | 276,762 | 39,086 | ||||
| Right-of-use assets, net | 45,446 | 34,466 | 4,868 | ||||
| Total non-current assets | 438,227 | 408,466 | 57,687 | ||||
| Total assets | 5,383,096 | 2,647,331 | 373,876 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY/(DEFICIT) | |||||||
| Current liabilities | |||||||
| Short-term borrowings and current portion of long-term borrowings | 263,425 | 119,069 | 16,816 | ||||
| Accounts payable | 127,836 | 132,357 | 18,692 | ||||
| Guarantee liabilities (ii) | 388,307 | 910,949 | 128,651 | ||||
| Deposit of interests from consumers and payable to financing partners – current | 42,199 | 25,968 | 3,667 | ||||
| Advance from buyers collected on behalf of sellers | 147,923 | 110,493 | 15,605 | ||||
| Other payables and accruals | 1,302,292 | 1,175,914 | 166,072 | ||||
| Deferred revenue | 54,267 | 50,348 | 7,110 | ||||
| Convertible notes, current | 324,644 | 375,449 | 53,024 | ||||
| Operating lease liabilities, current | 32,892 | 32,842 | 4,638 | ||||
| Liabilities held for sale (iii) | 310,029 | 143,009 | 20,197 | ||||
| Total current liabilities | 2,993,814 | 3,076,398 | 434,472 | ||||
| Non-current liabilities | |||||||
| Long-term borrowings | 241,026 | 234,585 | 33,130 | ||||
| Deposit of interests from consumers and payable to financing partners, non-current | 265 | - | - | ||||
| Convertible bonds, non-current | 1,672,796 | 1,679,130 | 237,138 | ||||
| Operating lease liabilities, non-current | 10,075 | 1,865 | 263 | ||||
| Total non-current liabilities | 1,924,162 | 1,915,580 | 270,531 | ||||
| Total liabilities | 4,917,976 | 4,991,978 | 705,003 | ||||
| Shareholders’ equity/(deficit) | |||||||
| Ordinary shares | 581 | 581 | 82 | ||||
| Additional paid-in capital | 13,069,560 | 13,036,989 | 1,841,175 | ||||
| Accumulated other comprehensive income | 68,192 | 106,764 | 15,078 | ||||
| Accumulated deficit | (12,669,165 | ) | (15,488,827 | ) | (2,187,440 | ) | |
| Total Uxin’s shareholders’ equity/(deficit) | 469,168 | (2,344,493 | ) | (331,105 | ) | ||
| Non-controlling interests | (4,048 | ) | (154 | ) | (22 | ) | |
| Total shareholders’ equity/(deficit) | 465,120 | (2,344,647 | ) | (331,127 | ) | ||
| Total liabilities and shareholders’ equity/(deficit) | 5,383,096 | 2,647,331 | 373,876 | ||||
| (i) Pursuant to the supplemental agreements entered into with (ii) The guarantee liabilities are in relation to the historically-facilitated loans for WeBank and other financing partners, which were not transferred to We have adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) (“ASU 2016-13”) effective After the adoption of ASU 2016-13, the gain released from the guarantee liabilities accounted for under ASC 460 is recorded within “other operating income” and the relevant credit losses of guarantee liabilities are recorded within “provision for credit losses”. (iii) Liabilities held for sales were related with the divestiture of 2B business. |
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| - | - | ||||||
| * Share-based compensation charges from continuing operations included are as follows: | ||||||
| For the three months ended |
||||||
| 2019 | 2020 | |||||
| RMB | RMB | US$ | ||||
| Cost of revenue | - | - | - | |||
| Sales and marketing | - | - | - | |||
| General and administrative | 49,043 | (29,925 | ) | (4,226 | ) | |
| Research and development | 520 | (2,158 | ) | (305 | ) | |
| 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 |
|||||||
| 2019 | 2020 | ||||||
| RMB | RMB | US$ | |||||
| Loss from continuing operations | (295,046 | ) | (2,185,985 | ) | (308,722 | ) | |
| Add: Share-based compensation expenses | 49,563 | (32,083 | ) | (4,531 | ) | ||
| - Cost of revenue | - | - | - | ||||
| - Sales and marketing | - | - | - | ||||
| - General and administrative | 49,043 | (29,925 | ) | (4,226 | ) | ||
| - Research and development | 520 | (2,158 | ) | (305 | ) | ||
| Non-GAAP adjusted loss from continuing operations | (245,483 | ) | (2,218,068 | ) | (313,253 | ) | |
| For the three months ended |
|||||||
| 2019 | 2020 | ||||||
| Net loss from continuing operations | (295,539 | ) | (2,034,385 | ) | (287,313 | ) | |
| Add: Share-based compensation expenses | 49,563 | (32,083 | ) | (4,531 | ) | ||
| - Cost of revenue | - | - | - | ||||
| - Sales and marketing | - | - | - | ||||
| - General and administrative | 49,043 | (29,925 | ) | (4,226 | ) | ||
| - Research and development | 520 | (2,158 | ) | (305 | ) | ||
| Non-GAAP adjusted net loss from continuing operations | (245,976 | ) | (2,066,468 | ) | (291,844 | ) | |
| Non-GAAP adjusted net loss from continuing operations per share – basic | (0.28 | ) | (2.33 | ) | (0.33 | ) | |
| Non-GAAP adjusted net loss from continuing operations per share – diluted | (0.28 | ) | (2.33 | ) | (0.33 | ) | |
| Weighted average shares outstanding – basic | 881,704,014 | 888,460,868 | 888,460,868 | ||||
| Weighted average shares outstanding – diluted | 881,704,014 | 888,460,868 | 888,460,868 | ||||
| Note: The conversion of Renminbi (RMB) into |
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Source: Uxin Limited