Strategic Business Updates
On
On
On
Specific assets and liabilities related to the aforementioned divested businesses as of
Fourth Quarter 2019 Highlights
- 2C transaction volume increased to 28,302 units in the fourth quarter of 2019, representing a year-over-year increase of 26.5%.
- 2C GMV1increased to
RMB3,308 million in the fourth quarter of 2019, representing a year-over-year increase of 31.9%. - Total revenues were
RMB466.4 million (US$66.9 million ) in the fourth quarter of 2019, representing a year-over-year increase of 61.2%.- 2C revenue was
RMB387.8 million (US$55.6 million ) in the fourth quarter of 2019, representing a year-over-year increase of 64.6%.
- 2C revenue was
- Gross profit was
RMB276.0 million (US$39.6 million ) in the fourth quarter of 2019, representing a year-over-year increase of 108.8%. - Gross margin was 59.2% in the fourth quarter of 2019, an increase from 45.7% in the same period last year.
- Loss from continuing operations was
RMB585.5 million (US$83.9 million ) in the fourth quarter of 2019, compared withRMB368.3 million in the same period last year. Loss from continuing operations was significantly impacted by guarantee liabilities and provision for credit losses recorded for the quarter; otherwise loss from continuing operations in the fourth quarter of 2019 would beRMB144.3 million if not taking into account loss from guarantee liabilities and provision for credit losses. - Non-GAAP adjusted loss from continuing operations was
RMB576.5 million (US$82.6 million ) in the fourth quarter of 2019, compared withRMB299.8 million in the same period last year. Loss from continuing operations was significantly impacted by guarantee liabilities and provision for credit losses recorded for the quarter; otherwise non-GAAP adjusted loss from continuing operations in the fourth quarter of 2019 would beRMB135.3 million if not taking into account loss from guarantee liabilities and provision for credit losses. - Net loss from continuing operations was
RMB589.0 million (US$84.4 million ) in the fourth quarter of 2019, compared withRMB391.6 million in the same period last year. Net loss from continuing operations was significantly impacted by guarantee liabilities and provision for credit losses recorded for the quarter; otherwise net loss from continuing operations in the fourth quarter of 2019 would beRMB147.8 million if not taking into account loss from guarantee liabilities and provision for credit losses. - Non-GAAP adjusted net loss from continuing operations was
RMB580.0 million (US$83.1 million ) in the fourth quarter of 2019, compared withRMB323.1 million in the same period last year. Net loss from continuing operations was significantly impacted by guarantee liabilities and provision for credit losses recorded for the quarter; otherwise non-GAAP adjusted net loss from continuing operations in the fourth quarter of 2019 would beRMB138.8 million if not taking into account loss from guarantee liabilities and provision for credit losses.
Full Year 2019 Highlights
- 2C transaction volume increased to 97,100 units in the full year 2019, representing a year-over-year increase of 153.8%.
- 2C GMV increased to
RMB11,268 million in the full year 2019, representing a year-over-year increase of 155.3%. - Total revenues were
RMB1,588.0 million (US$227.6 million ) in the full year 2019, representing a year-over-year increase of 140.9%.- 2C revenue was
RMB1,347.4 million (US$193.1 million ) in the full year 2019, representing a year-over-year increase of 264.5%.
- 2C revenue was
- Gross profit was
RMB898.7 million (US$128.8 million ) in the full year 2019, representing a year-over-year increase of 274.1%. - Gross margin was 56.6% in the full year 2019, an increase from 36.4% in the prior year.
- Loss from continuing operations was
RMB1,292.1 million (US$185.2 million ) in the full year 2019, a decrease fromRMB2,488.4 million in the prior year. - Non-GAAP adjusted loss from continuing operations was
RMB1,207.7 million (US$173.1 million ) in the full year 2019, a decrease fromRMB1,486.1 million in the prior year. - Net loss from continuing operations was
RMB1,327.7 million (US$190.3 million ) in the full year 2019, a decrease fromRMB1,351.8 million in the prior year. - Non-GAAP adjusted net loss from continuing operations was
RMB1,243.2 million (US$178.2 million ) in the full year 2019, a decrease fromRMB1,534.6 million in the prior year.
Mr.
“Our strategic focus is now squarely on our 2C online transaction business. Divesting from the loan facilitation, salvage car and 2B businesses will allow us to devote all our attention and resources towards developing and scaling up our 2C online transaction business. In addition, the divestiture of our loan facilitation business will enable us to drive future growth without incurring additional guarantee obligation or credit risk. This will place us on a much stronger footing for the next stage of our development.”
Fourth Quarter 2019 Financial Results
Total revenues were
2C revenue was
- Commission revenue was
RMB207.5 million (US$29.7 million ) in the fourth quarter of 2019, representing an increase of 69.2% fromRMB122.6 million in the same period last year, primarily due to increases in transaction volume, GMV and commission rate. The Company’s unique value proposition to consumers along with an improved user experience and higher pricing power resulted in its commission rate expanding to 6.3% during the quarter from 4.9% in the same period last year. - Value-added service revenue was
RMB180.4 million (US$25.9 million ) in the fourth quarter of 2019, representing an increase of 59.6% fromRMB113.0 million in the same period last year, primarily due to increases in transaction volume, GMV and VAS take rate. VAS take rate increased to 5.5% in the fourth quarter of 2019 from 4.5% in the same period last year, primarily driven by higher pricing power as a result of Uxin’s increasingly optimized and diversified services.
Other revenue4 was
Cost of revenues was
Gross profit was
Total operating expenses were
- Sales and marketing expenses decreased by 30.7% year-over-year to
RMB255.0 million (US$36.6 million ) in the fourth quarter of 2019. The decrease mainly reflects the Company’s continuous efforts to enhance operating efficiency. Share-based compensation expenses associated with sales and marketing expenses were nil during the quarter. As a percentage of total revenues, sales and marketing expenses excluding share-based compensation expenses decreased to 54.7% from 127.1% in the same period last year.
- General and administrative expenses increased by 19.8% year-over-year to
RMB124.5 million (US$17.8 million ) in the fourth quarter of 2019. The increase was mainly due to increases in salaries and benefits as well as professional fees. General and administrative expenses excluding share-based compensation expenses ofRMB8.4 million wereRMB116.1 million . As a percentage of total revenues, general and administrative expenses excluding share-based compensation expenses was 24.9%, compared with 12.5% in the same period last year.
- Research and development expenses increased by 26.4% year-over-year to
RMB40.8 million (US$5.8 million ) in the fourth quarter of 2019. The increase was primarily due to an increase in IT infrastructure services-related expenses. Research and development expenses excluding share-based compensation expenses ofRMB0.6 million wereRMB40.2 million . As a percentage of total revenues, research and development expenses excluding share-based compensation expenses was 8.6%, a decrease from 10.9% in the same period last year.
- Loss from guarantee liabilities was
RMB169.9 million (US$24.4 million ) in the fourth quarter of 2019. The Company incurred guarantee liabilities associated with the remaining guarantee obligations from its historically-facilitated loans which were not transferred toGolden Pacer . In addition, due to the impact of a series of regulations in relation to lending and debt collection in the fourth quarter of 2019, the performance of the aforementioned portion of loans was adversely affected, which led to a significant loss from guarantee liabilities in the reported quarter.
- Provision for credit losses was
RMB271.4 million (US$38.9 million ) in the fourth quarter of 2019, compared with nil in the same period last year. Due to the impact of the aforementioned new regulations in relation to lending and debt collection, an impairment was incurred as a result of the adversely-affected performance of the Company’s financial assets, mainly including loans recognized as a result of payment under the guarantee and financial lease receivables.
Loss from continuing operations was
Non-GAAP adjusted loss from continuing operations, which excludes the impact of share-based compensation expenses of
Net loss from continuing operations was
Non-GAAP adjusted net loss from continuing operations, which excludes the impact of share-based compensation expenses of
As of
Full Year 2019 Financial Results
Total revenues were
2C revenue was
- Commission revenue was
RMB711.4 million (US$102.0 million ) in the full year 2019, representing an increase of 250.2% fromRMB203.2 million in the prior year, primarily due to increases in transaction volume, GMV and commission rate. The Company’s unique value proposition to consumers along with an improved user experience and higher pricing power resulted in its commission rate expanding to 6.3% in the full year 2019 from 4.6% in the prior year. - Value-added service revenue was
RMB636.0 million (US$91.2 million ) in the full year 2019, representing an increase of 282.1% fromRMB166.5 million in the prior year, primarily due to increases in transaction volume, GMV and VAS take rate. VAS take rate increased to 5.6% in the full year 2019 from 3.8% in the prior year, primarily driven by higher pricing power as a result of Uxin’s increasingly optimized and diversified services.
Other revenue was
Cost of revenues was
Gross profit was
Total operating expenses were
- Sales and marketing expenses decreased by 20.4% year-over-year to
RMB1,185.0 million (US$169.9 million ) in the full year 2019. The decrease mainly reflects the Company’s continuous efforts to enhance operating efficiency. Share-based compensation expenses associated with sales and marketing expenses were nil in the full year 2019. As a percentage of total revenues, sales and marketing expenses excluding share-based compensation expenses decreased to 74.6% in the full year 2019 from 225.8% in the prior year.
- General and administrative expenses decreased by 62.4% year-over-year to
RMB402.0 million (US$57.6 million ) in the full year 2019. The decrease was mainly due to a decrease in share-based compensation expenses. General and administrative expenses excluding share-based compensation expenses ofRMB84.3 million wereRMB317.7 million . As a percentage of total revenue, general and administrative expenses excluding share-based compensation expenses was 20.0%, an increase from 12.9% in the prior year.
- Research and development expenses increased by 12.4% year-over-year to
RMB140.0 million (US$20.1 million ) in the full year 2019. The increase was primarily due to an increase in salaries and benefits. Research and development expenses excluding share-based compensation ofRMB0.2 million wereRMB139.8 million . As a percentage of total revenues, research and development expenses excluding share-based compensation expenses was 8.8%, a decrease from 16.4% in the prior year.
- Loss from guarantee liabilities was
RMB194.4 million (US$27.9 million ) in the full year 2019, which resulted from the guarantee obligations associated with the remaining portion of Uxin’s historically-facilitated loans that were not transferred toGolden Pacer , as well as the adversely-affected performance of the aforementioned remaining portion of loans.
- Provision for credit losses was
RMB271.4 million (US$38.9 million ) in the full year 2019, compared withRMB40.6 million in the prior year. The impairment was a result of the adversely-affected performance of the Company’s financial assets, mainly including loans recognized as a result of payment under the guarantee and financial lease receivables.
Loss from continuing operations was
Non-GAAP adjusted loss from continuing operations, which excludes the impact of share-based compensation expenses of
Net loss from continuing operations was
Non-GAAP adjusted net loss from continuing operations, which excludes the impact of share-based compensation expenses of
Recent Update
• The Impact from the Outbreak of COVID-19
The outbreak of COVID-19 has severely affected the used car industry with disruptions impacting the industry’s infrastructure and supply chains since
Since late
• Change in Fiscal Year End to Adapt to Seasonality
China’s used car market follows clear seasonal patterns where the fourth quarter is typically peak season and the first quarter is typically slower due to the
On
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/1956958. 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
+1 646 254 3697 | |
International: | +61 2 8199 0299 |
Conference ID: | 1956958 |
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
Christian Arnell
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 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 Other revenue mainly consists of the revenues from salvage car business and other miscellaneous revenue streams.
Uxin Limited | |||||||||||||||
Unaudited Consolidated Statements of Comprehensive Loss | |||||||||||||||
(In thousands except for number of shares and per share data) | |||||||||||||||
For the three months ended |
For the year ended |
||||||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
Revenues | |||||||||||||||
To consumers (“2C”) | |||||||||||||||
- Commission revenue | 122,598 | 207,452 | 29,737 | 203,158 | 711,362 | 101,970 | |||||||||
- Value-added service revenue | 113,025 | 180,352 | 25,852 | 166,482 | 636,046 | 91,174 | |||||||||
Others | 53,757 | 78,561 | 11,261 | 289,450 | 240,623 | 34,492 | |||||||||
Total revenues | 289,380 | 466,365 | 66,850 | 659,090 | 1,588,031 | 227,636 | |||||||||
Cost of revenues | (157,190 | ) | (190,336 | ) | (27,284 | ) | (418,852 | ) | (689,292 | ) | (98,806 | ) | |||
Gross profit | 132,190 | 276,029 | 39,566 | 240,238 | 898,739 | 128,830 | |||||||||
Operating expenses | |||||||||||||||
Sales and marketing | (367,718 | ) | (255,010 | ) | (36,554 | ) | (1,488,699 | ) | (1,184,997 | ) | (169,863 | ) | |||
General and administrative | (103,886 | ) | (124,505 | ) | (17,847 | ) | (1,070,419 | ) | (402,040 | ) | (57,630 | ) | |||
Research and development | (32,290 | ) | (40,802 | ) | (5,849 | ) | (124,513 | ) | (140,006 | ) | (20,069 | ) | |||
Gain/(loss) from guarantee liabilities | 3,424 | (169,881 | ) | (24,352 | ) | (4,414 | ) | (194,385 | ) | (27,864 | ) | ||||
Provision for credit losses | - | (271,372 | ) | (38,900 | ) | (40,626 | ) | (271,372 | ) | (38,900 | ) | ||||
Total operating expenses | (500,470 | ) | (861,570 | ) | (123,502 | ) | (2,728,671 | ) | (2,192,800 | ) | (314,326 | ) | |||
Other operating income | - | 10 | 1 | - | 1,925 | 276 | |||||||||
Loss from continuing operations | (368,280 | ) | (585,531 | ) | (83,935 | ) | (2,488,433 | ) | (1,292,136 | ) | (185,220 | ) | |||
Interest income | 1,601 | 1,803 | 258 | 24,554 | 14,958 | 2,144 | |||||||||
Interest expenses | (24,102 | ) | (29,858 | ) | (4,280 | ) | (63,880 | ) | (112,587 | ) | (16,139 | ) | |||
Other income | 8,702 | 30,389 | 4,356 | 23,721 | 71,142 | 10,198 | |||||||||
Other expenses | (11,505 | ) | (9,935 | ) | (1,424 | ) | (25,568 | ) | (36,569 | ) | (5,242 | ) | |||
Foreign exchange (losses)/gains | (710 | ) | 8 | 1 | (8,232 | ) | 4,247 | 609 | |||||||
Fair value change of derivative liabilities | - | - | - | 1,185,090 | - | - | |||||||||
Gain from disposal of investments, net | - | - | - | - | 28,257 | 4,050 | |||||||||
Impairment of long-term investment | - | - | - | - | (37,775 | ) | (5,415 | ) | |||||||
Loss from continuing operations before income tax expense | (394,294 | ) | (593,124 | ) | (85,024 | ) | (1,352,748 | ) | (1,360,463 | ) | (195,015 | ) | |||
Income tax credit/(expense) | 78 | (2,038 | ) | (292 | ) | (1,644 | ) | 2,554 | 366 | ||||||
Equity in income of affiliates | 2,631 | 6,126 | 878 | 2,631 | 30,231 | 4,333 | |||||||||
Net loss from continuing operations, net of tax | (391,585 | ) | (589,036 | ) | (84,438 | ) | (1,351,761 | ) | (1,327,678 | ) | (190,316 | ) | |||
Less: net loss attributable to non-controlling interests shareholders | (552 | ) | (329 | ) | (47 | ) | (15,771 | ) | (1,452 | ) | (208 | ) | |||
Net loss from continuing operations, attributable to |
(391,033 | ) | (588,707 | ) | (84,391 | ) | (1,335,990 | ) | (1,326,226 | ) | (190,108 | ) | |||
Discontinued operations | |||||||||||||||
Income/(loss) from discontinued operations before income tax | 81,281 | (387,522 | ) | (55,549 | ) | (173,583 | ) | (659,458 | ) | (94,530 | ) | ||||
Income tax (expense) /credit | (4,261 | ) | 9,830 | 1,409 | (12,941 | ) | (2,992 | ) | (429 | ) | |||||
Net income/(loss) from discontinued operations | 77,020 | (377,692 | ) | (54,140 | ) | (186,524 | ) | (662,450 | ) | (94,959 | ) | ||||
Net income/(loss) from discontinued operations attributable to |
77,020 | (377,692 | ) | (54,140 | ) | (186,524 | ) | (662,450 | ) | (94,959 | ) | ||||
Net loss | (314,565 | ) | (966,728 | ) | (138,578 | ) | (1,538,285 | ) | (1,990,128 | ) | (285,275 | ) | |||
Less: net loss attributable to non-controlling interests shareholders | (552 | ) | (329 | ) | (47 | ) | (15,771 | ) | (1,452 | ) | (208 | ) | |||
Net loss attributable to |
(314,013 | ) | (966,399 | ) | (138,531 | ) | (1,522,514 | ) | (1,988,676 | ) | (285,067 | ) | |||
Accretion on redeemable preferred shares | - | - | - | (318,951 | ) | - | - | ||||||||
Deemed dividend to preferred shareholders | - | - | - | (544,773 | ) | - | - | ||||||||
Net loss attributable to ordinary shareholders | (314,013 | ) | (966,399 | ) | (138,531 | ) | (2,386,238 | ) | (1,988,676 | ) | (285,067 | ) | |||
Net loss | (314,565 | ) | (966,728 | ) | (138,578 | ) | (1,538,285 | ) | (1,990,128 | ) | (285,275 | ) | |||
Foreign currency translation | 9,069 | 21,237 | 3,044 | 4,818 | (17,976 | ) | (2,577 | ) | |||||||
Total comprehensive loss | (305,496 | ) | (945,491 | ) | (135,534 | ) | (1,533,467 | ) | (2,008,104 | ) | (287,852 | ) | |||
Less: total comprehensive loss attributable to non-controlling interests shareholders | (2,009 | ) | (435 | ) | (62 | ) | (22,359 | ) | (1,558 | ) | (223 | ) | |||
Total comprehensive loss attributable to |
(303,487 | ) | (945,056 | ) | (135,472 | ) | (1,511,108 | ) | (2,006,546 | ) | (287,629 | ) | |||
Net loss attributable to ordinary shareholders | (314,013 | ) | (966,399 | ) | (138,531 | ) | (2,386,238 | ) | (1,988,676 | ) | (285,067 | ) | |||
Weighted average shares outstanding – basic | 877,898,987 | 888,454,361 | 888,454,361 | 477,848,763 | 886,613,598 | 886,613,598 | |||||||||
Weighted average shares outstanding – diluted | 877,898,987 | 888,454,361 | 888,454,361 | 477,848,763 | 886,613,598 | 886,613,598 | |||||||||
(Loss)/earnings per share for ordinary shareholders, basic | |||||||||||||||
Continuing operations | (0.45 | ) | (0.66 | ) | (0.09 | ) | (4.60 | ) | (1.50 | ) | (0.21 | ) | |||
Discontinued operations | 0.09 | (0.43 | ) | (0.06 | ) | (0.39 | ) | (0.75 | ) | (0.11 | ) | ||||
(Loss)/earnings per share for ordinary shareholders, diluted | |||||||||||||||
Continuing operations | (0.45 | ) | (0.66 | ) | (0.09 | ) | (4.60 | ) | (1.50 | ) | (0.21 | ) | |||
Discontinued operations | 0.08 | (0.43 | ) | (0.06 | ) | (0.39 | ) | (0.75 | ) | (0.11 | ) | ||||
Uxin Limited | |||||||
Unaudited Consolidated Balance Sheets | |||||||
(In thousands except for number of shares and per share data) | |||||||
As of |
As of |
||||||
2018 | 2019 | ||||||
RMB | RMB | US$ | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | 800,997 | 478,200 | 68,547 | ||||
Restricted cash | 1,011,705 | 706,988 | 101,343 | ||||
Accounts receivable | 51,610 | 44,605 | 6,395 | ||||
Short-term investments | 596,078 | - | - | ||||
Advance to consumers on behalf of financing partners | 521,908 | 2,135 | 306 | ||||
Loan recognized as a result of payment under the guarantee, net | 553,688 | 1,580,464 | 226,551 | ||||
Advance to sellers | 692,714 | 288,550 | 41,362 | ||||
Other receivables, net | 707,404 | 440,056 | 63,080 | ||||
Inventory | 19,380 | 13,792 | 1,977 | ||||
Amounts due from related parties | - | 51,590 | 7,395 | ||||
Prepaid expenses and other current assets | 417,314 | 158,908 | 22,779 | ||||
Financial lease receivables, net | 294,511 | 121,820 | 17,462 | ||||
Assets held for sale(i) | 1,001,325 | 1,057,761 | 151,625 | ||||
Total current assets | 6,668,634 | 4,944,869 | 708,822 | ||||
Non-current assets | |||||||
Property, equipment and software, net | 199,271 | 110,114 | 15,784 | ||||
Intangible assets, net | 21,179 | 190 | 27 | ||||
110,424 | 9,541 | 1,368 | |||||
Long term investments | 349,882 | 272,936 | 39,124 | ||||
Right-of-use assets, net | - | 45,446 | 6,514 | ||||
Total non-current assets | 680,756 | 438,227 | 62,817 | ||||
Total assets | 7,349,390 | 5,383,096 | 771,639 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Short-term borrowings and current portion of long-term borrowings | 624,588 | 263,425 | 37,761 | ||||
Accounts payable | 156,320 | 127,836 | 18,325 | ||||
Guarantee liabilities(ii) | 146,427 | 388,307 | 55,662 | ||||
Deposit of interests from consumers and payable to financing partners – current | 314,231 | 42,199 | 6,049 | ||||
Advance from buyers collected on behalf of sellers | 270,347 | 147,923 | 21,204 | ||||
Other payables and accruals, current | 1,128,068 | 1,302,292 | 186,676 | ||||
Deferred revenue | 115,160 | 54,267 | 7,779 | ||||
Convertible notes, current | 1,188,192 | 324,644 | 46,536 | ||||
Operating lease liabilities, current | - | 32,892 | 4,715 | ||||
Liabilities held for sale(i) | 528,498 | 310,029 | 44,441 | ||||
Total current liabilities | 4,471,831 | 2,993,814 | 429,148 | ||||
Non-current liabilities | |||||||
Long-term borrowings | 481,801 | 241,026 | 34,550 | ||||
Deposit of interests from consumers and payable to financing partners, non-current | 19,356 | 265 | 38 | ||||
Deferred tax liabilities | 4,759 | - | - | ||||
Convertible bonds, non-current | - | 1,672,796 | 239,786 | ||||
Operating lease liabilities, non-current | - | 10,075 | 1,444 | ||||
Total non-current liabilities | 505,916 | 1,924,162 | 275,818 | ||||
Total liabilities | 4,977,747 | 4,917,976 | 704,966 | ||||
Shareholders’ equity | |||||||
Ordinary shares | 575 | 581 | 83 | ||||
Additional paid-in capital | 12,967,986 | 13,069,560 | 1,873,450 | ||||
Accumulated other comprehensive income | 86,061 | 68,192 | 9,775 | ||||
Accumulated deficit | (10,680,489 | ) | (12,669,165 | ) | (1,816,055 | ) | |
Total Uxin’s shareholders’ equity | 2,374,133 | 469,168 | 67,253 | ||||
Non-controlling interests | (2,490 | ) | (4,048 | ) | (580 | ) | |
Total shareholders’ equity | 2,371,643 | 465,120 | 66,673 | ||||
Total liabilities and shareholders’ equity | 7,349,390 | 5,383,096 | 771,639 | ||||
(i) Pursuant to the supplemental agreements entered into in (ii) The guarantee liabilities are in relation to the historically-facilitated loans for WeBank and other financing partners, which were not transferred to |
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* Share-based compensation charges from continuing operations included are as follows: | |||||||||
For the three months ended |
For the year ended |
||||||||
2018 | 2019 | 2018 | 2019 | ||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||
Cost of revenue | - | - | - | 137 | - | - | |||
Sales and marketing | 7 | - | - | 394 | - | - | |||
General and administrative | 67,753 | 8,419 | 1,207 | 985,105 | 84,265 | 12,079 | |||
Research and development | 756 | 604 | 87 | 16,649 | 194 | 28 | |||
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 |
For the year ended |
||||||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||
Loss from continuing operations | (368,280 | ) | (585,531 | ) | (83,935 | ) | (2,488,433 | ) | (1,292,136 | ) | (185,220 | ) | |||
Add: Share-based compensation expenses | 68,516 | 9,023 | 1,294 | 1,002,285 | 84,459 | 12,107 | |||||||||
- Cost of revenue | - | - | - | 137 | - | - | |||||||||
- Sales and marketing | 7 | - | - | 394 | - | - | |||||||||
- General and administrative | 67,753 | 8,419 | 1,207 | 985,105 | 84,265 | 12,079 | |||||||||
- Research and development | 756 | 604 | 87 | 16,649 | 194 | 28 | |||||||||
Non-GAAP adjusted loss from continuing operations | (299,764 | ) | (576,508 | ) | (82,641 | ) | (1,486,148 | ) | (1,207,677 | ) | (173,113 | ) | |||
For the three months ended |
For the year ended |
||||||||||||||
2018 | 2019 | 2018 | 2019 | ||||||||||||
Net loss from continuing operations | (391,585 | ) | (589,036 | ) | (84,438 | ) | (1,351,761 | ) | (1,327,678 | ) | (190,316 | ) | |||
Add: Share-based compensation expenses | 68,516 | 9,023 | 1,294 | 1,002,285 | 84,459 | 12,107 | |||||||||
- Cost of revenue | - | - | - | 137 | - | - | |||||||||
- Sales and marketing | 7 | - | - | 394 | - | - | |||||||||
- General and administrative | 67,753 | 8,419 | 1,207 | 985,105 | 84,265 | 12,079 | |||||||||
- Research and development | 756 | 604 | 87 | 16,649 | 194 | 28 | |||||||||
Fair value change of derivative liabilities | - | - | - | (1,185,090 | ) | - | - | ||||||||
Non-GAAP adjusted net loss from continuing operations | (323,069 | ) | (580,013 | ) | (83,144 | ) | (1,534,566 | ) | (1,243,219 | ) | (178,209 | ) | |||
Non-GAAP adjusted net loss from continuing operations per share – basic | (0.37 | ) | (0.65 | ) | (0.09 | ) | (3.21 | ) | (1.40 | ) | (0.20 | ) | |||
Non-GAAP adjusted net loss from continuing operations per share – diluted | (0.37 | ) | (0.65 | ) | (0.09 | ) | (3.21 | ) | (1.40 | ) | (0.20 | ) | |||
Weighted average shares outstanding – basic | 877,898,987 | 888,454,361 | 888,454,361 | 477,848,763 | 886,613,598 | 886,613,598 | |||||||||
Weighted average shares outstanding – diluted | 877,898,987 | 888,454,361 | 888,454,361 | 477,848,763 | 886,613,598 | 886,613,598 | |||||||||
Note: The conversion of Renminbi (RMB) into |
|||||||||||||||
Uxin Limited | ||||||||||||||
Unaudited Consolidated Statements of Comprehensive Loss | ||||||||||||||
(In thousands except for number of shares and per share data) | ||||||||||||||
For the three months ended | For the year ended | |||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | December 31, 2019 | ||||||||||
RMB | RMB | RMB | RMB | RMB | ||||||||||
Revenues | ||||||||||||||
To consumers (“2C”) | ||||||||||||||
- Commission revenue | 148,840 | 178,901 | 176,169 | 207,452 | 711,362 | |||||||||
- Value-added service revenue | 135,475 | 162,054 | 158,165 | 180,352 | 636,046 | |||||||||
Others | 51,476 | 48,343 | 62,243 | 78,561 | 240,623 | |||||||||
Total revenues | 335,791 | 389,298 | 396,577 | 466,365 | 1,588,031 | |||||||||
Cost of revenue | (156,372 | ) | (171,693 | ) | (170,891 | ) | (190,336 | ) | (689,292 | ) | ||||
Gross profit | 179,419 | 217,605 | 225,686 | 276,029 | 898,739 | |||||||||
Operating expenses | ||||||||||||||
Sales and marketing | (345,673 | ) | (293,664 | ) | (290,650 | ) | (255,010 | ) | (1,184,997 | ) | ||||
General and administrative | (86,970 | ) | (122,369 | ) | (68,196 | ) | (124,505 | ) | (402,040 | ) | ||||
Research and development | (32,634 | ) | (31,897 | ) | (34,673 | ) | (40,802 | ) | (140,006 | ) | ||||
(Loss)/gain from guarantee liability | (9,188 | ) | 7,147 | (22,463 | ) | (169,881 | ) | (194,385 | ) | |||||
Provision for credit losses | - | - | - | (271,372 | ) | (271,372 | ) | |||||||
Total operating expenses | (474,465 | ) | (440,783 | ) | (415,982 | ) | (861,570 | ) | (2,192,800 | ) | ||||
Other operating income | - | - | 1,915 | 10 | 1,925 | |||||||||
Loss from continuing operations | (295,046 | ) | (223,178 | ) | (188,381 | ) | (585,531 | ) | (1,292,136 | ) | ||||
Interest income | 1,990 | 3,988 | 7,177 | 1,803 | 14,958 | |||||||||
Interest expenses | (26,493 | ) | (26,440 | ) | (29,796 | ) | (29,858 | ) | (112,587 | ) | ||||
Other income | 25,140 | 5,853 | 9,760 | 30,389 | 71,142 | |||||||||
Other expenses | (4,751 | ) | (5,425 | ) | (16,458 | ) | (9,935 | ) | (36,569 | ) | ||||
Foreign exchange (losses)/gains | (779 | ) | 76 | 4,942 | 8 | 4,247 | ||||||||
Gain from disposal of investment | - | 28,257 | - | - | 28,257 | |||||||||
Impairment of long-term investment | - | (37,775 | ) | - | - | (37,775 | ) | |||||||
Loss from continuing operations before income tax expense | (299,939 | ) | (254,644 | ) | (212,756 | ) | (593,124 | ) | (1,360,463 | ) | ||||
Income tax (expense)/credit | (1,556 | ) | 5,632 | 516 | (2,038 | ) | 2,554 | |||||||
Equity in gains of affiliates | 5,956 | 8,207 | 9,942 | 6,126 | 30,231 | |||||||||
Net loss from continuing operations, net of tax | (295,539 | ) | (240,805 | ) | (202,298 | ) | (589,036 | ) | (1,327,678 | ) | ||||
Less: net loss attributable to non-controlling interests shareholders | (445 | ) | (346 | ) | (332 | ) | (329 | ) | (1,452 | ) | ||||
Net loss from continuing operations, attributable to |
(295,094 | ) | (240,459 | ) | (201,966 | ) | (588,707 | ) | (1,326,226 | ) | ||||
Discontinued operations | ||||||||||||||
Income/(loss) from discontinued operations before income tax | 22,977 | (124,930 | ) | (169,983 | ) | (387,522 | ) | (659,458 | ) | |||||
Income tax (expense) /credit | (12,422 | ) | (268 | ) | (132 | ) | 9,830 | (2,992 | ) | |||||
Net income/(loss) from discontinued operations | 10,555 | (125,198 | ) | (170,115 | ) | (377,692 | ) | (662,450 | ) | |||||
Net income/(loss) from discontinued operations attributable to |
10,555 | (125,198 | ) | (170,115 | ) | (377,692 | ) | (662,450 | ) | |||||
Net loss | (284,984 | ) | (366,003 | ) | (372,413 | ) | (966,728 | ) | (1,990,128 | ) | ||||
Less: net loss attributable to non-controlling interests shareholders | (445 | ) |