Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), the largest
used car e-commerce platform in China, today announced its
unaudited financial results for the first quarter ended March 31,
2019.
Changes in Certain Operational Metrics
DisclosureStarting from the first quarter of 2019, Uxin
will only disclose the transaction volume and the corresponding GMV
for the transactions which generate revenues, in order to better
reflect the Company’s ability to enhance monetization and the
development of its 2C cross-regional and intra-regional services.
This new method of disclosure has been applied to the transaction
volume, GMV and take rate calculations, as well as all the
corresponding year-over-year comparisons discussed in this earnings
release.
First Quarter 2019 Operational
Highlights
- Transaction volume for the
2C business increased to 78,277 units in the first quarter
of 2019, representing year-over-year growth of
39.6%.- Cross-regional transaction volume
increased to 20,647 units in the first quarter of 2019,
representing year-over-year growth of 48
times.- Intra-regional transaction volume
increased to 57,630 units in the first quarter of 2019,
representing year-over-year growth of 3.6%.
- Transaction volume for the
2B business decreased to 36,522 units in the first quarter
of 2019, representing year-over-year decline of 42.6%, due to the
Company’s change of approach in serving consumers with car-selling
needs, as well as dealers’ growing appetite for retail transactions
through Uxin’s 2C platform.
- GMV for the 2C
business increased to RMB8,892 million in the first
quarter of 2019, representing year-over-year growth of
61.5%.- GMV for the cross-regional business
increased to RMB2,268 million in the first quarter of 2019,
representing year-over-year growth of 33 times.- GMV
for the intra-regional business increased to RMB6,624
million in the first quarter of 2019, representing year-over-year
growth of 21.8%.
- GMV for the 2B
business decreased to RMB1,851 million in the first
quarter of 2019, representing year-over-year decline of 39.8%.
- Loan facilitation
service was provided to facilitate financing for 74,579
used car transactions in the first quarter of 2019, representing
year-over-year growth of 63.8%.
- M3+ delinquency rate by
balance1 was 1.45% as of March 31, 2019, relatively stable
compared to 1.41% as of December 31, 2018.
First Quarter 2019 Financial
Highlights
- Total revenues were RMB1,003.9 million
(US$149.1 million) in the first quarter of 2019, representing
year-over-year growth of 54.6%.- Revenue of 2C
cross-regional business was RMB284.3 million (US$42.2
million) in the first quarter of 2019, representing year-over-year
growth of 54 times.- Revenue of 2C intra-regional
business was RMB598.5 million (US$88.9million) in the
first quarter of 2019, representing year-over-year growth of
33.3%.- Revenue of 2B business was RMB69.6
million (US$10.3 million) in the first quarter of 2019,
representing year-over-year decline of 36.2%.
- Gross profit was RMB707.5 million (US$105.1
million) in the first quarter of 2019, representing year-over-year
growth of 65.6%. Gross margin increased to 70.5% in the first
quarter of 2019, compared to 65.8% in the same period last
year.
- Loss from operations was RMB261.2 million
(US$38.8 million) in the first quarter of 2019, compared to
RMB452.9 million in the same period last year.
- Non-GAAP adjusted loss from operations was
RMB207.5 million (US$30.8 million) in the first quarter of 2019,
compared to RMB450.5 million in the same period last year.
- Net loss was RMB285.0 million (US$42.3
million) in the first quarter of 2019, compared to a net loss of
RMB839.4 million in the same period last year. Net loss as a
percentage of total revenues was 28.4% in the first quarter of
2019, a decrease from 129.3% in the same period last year.
- Non-GAAP adjusted net loss was RMB231.3
million (US$34.3 million) in the first quarter of 2019, compared to
RMB478.0 million in the same period last year. Non-GAAP adjusted
net loss as a percentage of total revenues was 23.0% in the first
quarter of 2019, a decrease from 73.6% in the same period last
year.
Mr. Kun Dai, Founder, Chairman and Chief
Executive Officer of Uxin, said, “We are excited to start the year
by delivering another strong quarter of growth with total revenues
exceeding the high end of our guidance. More encouragingly, our 2C
cross-regional business continued the robust growth momentum from
the peak season in the fourth quarter, and recorded transaction
volume of over 20,000 used cars in the first quarter, an increase
of almost 50 times from the same period last year. The
cross-regional business is playing an increasingly integral role in
driving the overall growth of our 2C business and, in the first
quarter of 2019, cross-regional transactions contributed 26% of
total 2C transaction volume and 32% of total 2C revenues, with both
percentages being only 1% in the same period last year.”
Mr. Dai added, “Over the past several years, we
have continuously evolved Uxin’s business model to better meet
consumer demand and have experienced rapid growth in both
transaction volume and revenues. As we continue to expand our
business, we will increase our focus on achieving more sustainable
growth by implementing the following three initiatives. First, we
will continue shifting our resources to the cross-regional
business, where we see great market opportunities. In addition to
targeting this significant growth potential, our strategic focus on
cross-regional transactions will enable us to generate greater
revenue and take us one step closer to profitability. Second, we
will continue to improve our operational efficiency by taking a
more rigorous approach to cost control and expense management.
Third, we will adopt more stringent risk-control procedures and
concentrate our resources on used car assets with better risk
profiles. This will ensure that we build an even stronger
foundation and improve cashflow. With our commitment to executing
these strategic initiatives and continuing to enhance our value
proposition, we are confident that we can extend our market
leadership in China’s used car e-commerce sector and build a
sustainable business over the long term.”
Mr. Zhen Zeng, Chief Financial Officer of Uxin,
said, “We are pleased to see another quarter of rapid growth in our
2C business with the corresponding revenue increasing by 94% to
RMB883 million in the first quarter. The growth of our
cross-regional business far outpaced the overall 2C business, with
related revenue increasing by 54 times year-over-year to RMB284
million. Moreover, benefiting from greater economies of scale and
more effective cost control, gross margin improved to 70% from 66%
in the same period a year ago. In addition, we continued to gain
operating leverage during the quarter, which enabled us to cut
adjusted net loss by over 50% year-over-year to RMB231 million, and
significantly reduce adjusted net loss as a percentage of total
revenues to 23% from 74% in the same period last year. Looking
ahead, we will take more prudent measures to control costs and
manage expenses, maximize the impact of every dollar we spend and
continue to optimize operational efficiency. We are confident that
this will drive sustainable growth, better position us to achieve
profitability and create long-term value for our shareholders.”
First Quarter 2019 Financial
Results
Total revenues increased to
RMB1,003.9 million (US$149.1 million) in the first quarter of 2019,
representing an increase of 54.6% from RMB649.4 million in the same
period last year, primarily due to the increases in 2C transaction
volume, GMV, transaction facilitation take rate2 and amount of
loans facilitated.
2C Business: Revenue of
the 2C business increased to RMB882.9 million (US$131.1
million) in the first quarter of 2019, representing an increase of
94.4% from RMB454.1 million in the same period last year.
- Revenue of 2C
cross-regional business was RMB284.3 million (US$42.2
million) in the first quarter of 2019, representing a substantial
increase of 54 times from RMB5.2 million in the same period last
year. Cross-regional transaction volume increased by 48 times
year-over-year to 20,647 units in the first quarter of 2019, and
its corresponding GMV increased by 33 times year-over-year to
RMB2,268 million.- Cross-regional transaction
facilitation revenue was RMB140.0 million (US$20.8
million) in the first quarter of 2019, representing a substantial
increase of 47 times from RMB2.9 million in the same period last
year, primarily due to the increases in the transaction volume, GMV
and transaction facilitation take rate of used cars sold through
the cross-regional business. Benefiting from enhanced service, user
experience and higher pricing power, the take rate for
cross-regional transaction facilitation increased to 6.2% during
the quarter, compared to 4.4% in the same period last
year.- Cross-regional loan facilitation
revenue was RMB144.3 million (US$21.4 million) in the
first quarter of 2019, representing a substantial increase of 64
times from RMB2.2 million in the same period last year, primarily
due to the increases in the financing transaction volume and amount
of loans facilitated, as well as the increase in loan facilitation
take rate of the used cars facilitated through the cross-regional
services. The take rate for cross-regional loan facilitation, as
measured by the cross-regional loan facilitation revenue divided by
the corresponding GMV of used cars financed, was 6.4% in the first
quarter of 2019, an increase from 3.3% in the same period last
year.
- Revenue of 2C
intra-regional business was RMB598.5 million (US$88.9
million) in the first quarter of 2019, representing an increase of
33.3% from RMB448.9 million in the same period last year.
Intra-regional transaction volume increased by 3.6% year-over-year
to 57,630 units in the first quarter of 2019, and its corresponding
GMV increased by 21.8% year-over-year to RMB6,624
million.- Intra-regional transaction facilitation
revenue was RMB168.4 million (US$25.0 million) in the
first quarter of 2019, representing an increase of 82.7% from
RMB92.2 million in the same period last year, primarily due to the
increases in transaction facilitation take rate and GMV of the used
cars sold through the intra-regional services. As a result of
greater pricing power generated from enhanced service and user
experience, the take rate for intra-regional transaction
facilitation increased to 2.5% during the quarter, compared to 1.7%
in the same period last year.- Intra-regional loan
facilitation revenue was RMB430.1 million (US$63.9
million) in the first quarter of 2019, representing an increase of
20.6% from RMB356.7 million in the same period last year, primarily
due to the increases in the financing transaction volume and amount
of loans facilitated for the used cars sold through the
intra-regional services. The take rate for intra-regional loan
facilitation, as measured by the intra-regional used car loan
facilitation revenue divided by the corresponding GMV of used cars
financed, was 5.9% in the first quarter of 2019, which remained
stable compared to the same period last year.
2B Business:
- 2B transaction facilitation
revenue was RMB69.6 million (US$10.3 million) in the first
quarter of 2019, representing a decrease of 36.2% from the same
period last year, due to the decline in transaction volume. The
transaction volume for the 2B business decreased by 42.6%
year-over-year to 36,522 units in the first quarter of 2019, due to
the Company’s change of approach in serving consumers with
car-selling needs starting from the third quarter of 2018, as well
as dealers’ growing appetite for retail transactions through the
Company’s 2C platform. The GMV for the 2B business decreased to
RMB1,851 million in the first quarter, representing year-over-year
decrease of 39.8%. The take rate for 2B transaction facilitation
increased to 3.8% in the first quarter, compared to 3.5% in the
same period last year, as a result of Uxin’s increasing pricing
power.
Cost of revenues increased to
RMB296.3 million (US$44.0 million) in the first quarter of 2019,
representing an increase of 33.3% from RMB222.3 million in the same
period last year, primarily due to the increase in costs of
fulfillment, title transfer and registration which were
correspondingly driven by the increase in the transaction volume,
as well as the increase in salaries and benefits of employees
engaged in car inspection, quality control, customer service and
after-sales service.
Gross profit increased to
RMB707.5 million (US$105.1 million) in the first quarter of 2019,
representing an increase of 65.6% from RMB427.2 million in the same
period last year. Gross margin increased to 70.5% in the first
quarter of 2019 from 65.8% in the same period last year.
Total operating expenses were
RMB968.8 million (US$143.9 million) in the first quarter of 2019.
Total operating expenses excluding share-based compensation
expenses were RMB915.0 million.
- Sales and
marketing expenses slightly increased by
7.6% year-over-year to RMB681.2 million (US$101.2 million) in the
first quarter of 2019. The slight increase in sales and marketing
expenses reflects the Company’s continuous efforts to enhance
operating efficiency and improve conversion rates. Sales and
marketing expenses as a percentage of total revenues decreased to
67.9% during the quarter from 97.5% in the same period last year.
- General and administrative
expenses increased by 16.5% year-over-year to RMB187.8
million (US$27.9 million) in the first quarter of 2019. The
increase was mainly due to the increase in share-based compensation
expenses. The general and administrative expenses, excluding
share-based compensation expenses of RMB53.2 million, were RMB134.6
million, which represented 13.4% of total revenues, decreasing from
24.5% in the same period last year.
- Research and development
expenses increased by 17.5% year-over-year to RMB80.0
million (US$11.9 million) in the first quarter of 2019. The
increase was primarily due to the increase in salaries and benefits
expenses. The research and development expenses, excluding
share-based compensation expenses of RMB0.6 million, were RMB79.4
million, which represented 7.9% of total revenues, decreasing from
10.5% in the same period last year.
- Losses from guarantee
liability were RMB19.8 million (US$2.9 million) in the
first quarter of 2019, which resulted from the fluctuation in the
delinquency rate from the fourth quarter of 2018.
Loss from operations was
RMB261.2 million (US$38.8 million) in the first quarter of 2019, a
decrease from RMB452.9 million in the same period last year.
Non-GAAP adjusted loss from
operations was RMB207.5 million (US$30.8 million) in the
first quarter of 2019, a decrease from RMB450.5 million in the same
period last year.
Fair value change of derivative
liabilities was nil in the first quarter of 2019, compared
to a loss of RMB359.1 million in the same period last year. The
impact of derivative liabilities will no longer exist going forward
as the preferred shares were converted into ordinary shares at the
time of IPO.
Net loss was RMB285.0 million
(US$42.3 million) in the first quarter of 2019, a decrease from
RMB839.4 million in the same period last year. The narrowed net
loss was primarily due to the Company’s greater operating leverage
and a decrease in the loss from the fair value change of derivative
liabilities.
Non-GAAP adjusted net loss,
which excludes share-based compensation expenses of RMB53.7
million, was RMB231.3 million (US$34.3 million) in the first
quarter of 2019, a decrease from RMB478.0 million in the same
period last year.
As of March 31, 2019, the Company had cash and
cash equivalents of RMB454.9 million (US$67.6 million), short-term
investment in the form of other investment products of RMB597.5
million (US$88.7 million), and restricted cash of RMB2,025.4
million (US$300.8 million).
Recent UpdateThe Company
recently entered into a convertible note purchase agreement with
affiliates of 58.com, Warburg Pincus, TPG and certain other
investors, pursuant to which Uxin will issue and sell convertible
notes in an aggregate principal amount of US$230 million to the
investors through a private placement. The transaction is expected
to close soon. The Company and 58.com also have entered into
strategic cooperation in areas including traffic and inventory
acquisition, used-car inspections, big data analysis and SaaS.
Business OutlookIn order to
achieve more sustainable growth, the Company will increase its
focus on its core business and further expand 2C cross-regional
services, adopt more rigorous measures to control costs and manage
expenses to enhance operational efficiency, and take a more
stringent approach to risk control to improve overall asset quality
and cashflow.
Taking into account the effects of these
measures, Uxin expects total revenues for the second quarter of
2019 to be in the range of RMB900 million to RMB950 million. This
forecast reflects the Company's current and preliminary views on
the market and operational conditions, which are subject to
change.
1 M3+ delinquency rate is defined as the outstanding principal
balance of used car loans that were 90 or more calendar days past
due as a percentage of the sum of total outstanding principal
balance of the used car loans facilitated through the Company’s 2C
business (including the principal of loans it paid financing
partners under its guarantee to financing partners) as of a
specific date.2 Take rate is measured by the revenue of the 2C/2B
used car business divided by the GMV of the 2C/2B used car
business.
Conference CallThe Company’s
management will host an earnings conference call at 8:00 AM on June
10, 2019 U.S. Eastern Time (8:00 PM on June 10, 2019 Beijing/Hong
Kong time).
Dial-in details for the earnings conference call
are as follows:
U.S.: |
|
+1 866 519
4004 or +1 845 675 0437 |
International: |
|
+65 6713 5090 |
Mainland China: |
|
400 620 8038 or 800 819 0121 |
Hong Kong: |
|
800 906 601 or +852 3018 6771 |
Conference ID: |
|
4478162 |
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 June 25, 2019, by dialing the following telephone
numbers:
U.S.: |
|
+1 646 254
3697 |
International: |
|
+61 2 8199 0299 |
Conference ID: |
|
4478162 |
About UxinUxin Limited (Nasdaq:
UXIN) is the largest used car e-commerce platform in China. Uxin’s
mission is to enable people to buy the car of their choice, no
matter where they are located or what their budget is. Uxin enables
consumers and dealers to buy and sell cars through an innovative
integrated online and offline platform that addresses each step of
the transaction and covers the entire value chain. Its online
presence is bolstered by an offline network of more than 1,300
service centers in over 400 prefecture-level cities throughout
China.
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 RMB6.7468 to US$1.00,
representing the index rate as of the end of March 2019 stipulated
by the People’s Bank of China. The Company makes no representation
that the RMB or US$ amounts referred could be converted into US$ or
RMB, as the case may be, at any particular rate or at all.
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. Uxin may also make written or
oral forward-looking statements in its periodic reports to the SEC,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Uxin’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Uxin’s goal and strategies; its expansion
plans; its future business development, financial condition and
results of operations; Uxin’s expectations regarding demand for,
and market acceptance of, its services; its ability to provide
differentiated and superior customer experience, maintain and
enhance customer trust in its platform, and assess and mitigate
various risks, including credit; its expectations regarding
maintaining and expanding its relationships with business partners,
including financing partners; trends and competition in China’s
used car e-commerce industry; the laws and regulations relating to
Uxin’s industry; the general economic and business conditions; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in Uxin’s
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Uxin does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor enquiries, please
contact: Nancy SongUxin Investor RelationsTel: +86 10
5691-6765Email: ir@xin.com
For media enquiries, please
contact:Yi-Ke HongBrunswick GroupTel: +86 10
5960-8600Email: uxin@brunswickgroup.com
|
|
|
|
|
Uxin Limited |
Unaudited Consolidated Statements of Comprehensive
Loss |
(In thousands except for number of shares and per share data) |
|
|
|
|
|
|
For the three months ended March 31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
Revenues |
|
|
|
|
To consumers (“2C”) – cross-regional |
5,152 |
|
|
284,315 |
|
42,224 |
|
- Transaction facilitation revenue |
2,927 |
|
|
140,011 |
|
20,793 |
|
- Loan facilitation revenue |
2,225 |
|
|
144,304 |
|
21,431 |
|
To consumers (“2C”) – intra-regional |
448,941 |
|
|
598,537 |
|
88,889 |
|
- Transaction facilitation revenue |
92,208 |
|
|
168,433 |
|
25,014 |
|
- Loan facilitation revenue |
356,733 |
|
|
430,104 |
|
63,875 |
|
To businesses (“2B”) |
109,045 |
|
|
69,556 |
|
10,330 |
|
- Transaction facilitation revenue |
109,045 |
|
|
69,556 |
|
10,330 |
|
Others |
86,302 |
|
|
51,476 |
|
7,645 |
|
Total revenues |
649,440 |
|
|
1,003,884 |
|
149,088 |
|
|
|
|
|
|
Cost of revenue |
(222,286 |
) |
|
(296,348 |
) |
(44,011 |
) |
Gross profit |
427,154 |
|
|
707,536 |
|
105,077 |
|
|
|
|
|
|
Operating expenses |
|
|
|
|
Sales and marketing |
(633,071 |
) |
|
(681,167 |
) |
(101,161 |
) |
General and administrative |
(161,208 |
) |
|
(187,821 |
) |
(27,894 |
) |
Research and development |
(68,063 |
) |
|
(79,956 |
) |
(11,874 |
) |
Losses from guarantee liability |
(17,665 |
) |
|
(19,825 |
) |
(2,944 |
) |
Total operating expenses |
(880,007 |
) |
|
(968,769 |
) |
(143,873 |
) |
|
|
|
|
|
Loss from operations |
(452,853 |
) |
|
(261,233 |
) |
(38,796 |
) |
|
|
|
|
|
Interest expenses |
(21,723 |
) |
|
(32,019 |
) |
(4,755 |
) |
Other (expenses)/income |
(3,950 |
) |
|
17,070 |
|
2,535 |
|
Foreign exchange gains/(losses) |
1,225 |
|
|
(779 |
) |
(116 |
) |
Fair value change of derivative liabilities |
(359,115 |
) |
|
- |
|
- |
|
Loss before income tax expense |
(836,416 |
) |
|
(276,961 |
) |
(41,132 |
) |
Income tax expense |
(3,021 |
) |
|
(13,978 |
) |
(2,076 |
) |
Equity in gains of affiliates |
- |
|
|
5,956 |
|
885 |
|
Net loss |
(839,437 |
) |
|
(284,983 |
) |
(42,323 |
) |
|
|
|
|
|
Less: net loss attributable to non-controlling interests
shareholders |
(7,734 |
) |
|
(445 |
) |
(66 |
) |
Net loss attributable to UXIN LIMITED |
(831,703 |
) |
|
(284,538 |
) |
(42,257 |
) |
Accretion on redeemable preferred shares |
(157,539 |
) |
|
- |
|
- |
|
Deemed dividend to preferred shareholders |
(544,773 |
) |
|
- |
|
- |
|
|
|
|
|
|
Net loss attributable to ordinary
shareholders |
(1,534,015 |
) |
|
(284,538 |
) |
(42,257 |
) |
|
|
|
|
|
Net loss |
(839,437 |
) |
|
(284,983 |
) |
(42,323 |
) |
Foreign currency translation |
12,135 |
|
|
6,027 |
|
895 |
|
|
|
|
|
|
Total comprehensive loss |
(827,302 |
) |
|
(278,956 |
) |
(41,428 |
) |
Less: total comprehensive loss attributable to non-controlling
interests shareholders |
(7,755 |
) |
|
(445 |
) |
(66 |
) |
Total comprehensive loss attributable to Uxin’s
shareholders |
(819,547 |
) |
|
(278,511 |
) |
(41,362 |
) |
|
|
|
|
|
Net loss attributable to ordinary
shareholders |
(1,534,015 |
) |
|
(284,538 |
) |
(42,257 |
) |
Weighted average shares outstanding – basic |
49,318,860 |
|
|
881,704,014 |
|
881,704,014 |
|
Weighted average shares outstanding – diluted |
49,318,860 |
|
|
881,704,014 |
|
881,704,014 |
|
Net loss per share – basic |
(31.10 |
) |
|
(0.32 |
) |
(0.05 |
) |
Net loss per share – diluted |
(31.10 |
) |
|
(0.32 |
) |
(0.05 |
) |
|
|
|
|
|
* Share-based compensation charges included are as follows: |
|
|
|
|
|
|
|
For the three months ended March 31, |
|
2018 |
|
2019 |
|
RMB |
|
RMB |
US$ |
Cost of revenue |
- |
|
|
- |
|
- |
|
Sales and marketing |
- |
|
|
- |
|
- |
|
General and administrative |
(2,331 |
) |
|
(53,170 |
) |
(7,896 |
) |
Research and development |
- |
|
|
(552 |
) |
(82 |
) |
|
|
|
|
|
|
|
|
|
|
Uxin Limited |
Unaudited Consolidated Balance
Sheets |
(In thousands except for number of shares and per share data) |
|
|
|
|
|
|
As of December 31, |
|
As of March 31, |
|
2018 |
|
2019 |
RMB |
|
RMB |
US$ |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
800,997 |
|
|
454,890 |
|
67,556 |
|
Restricted cash |
2,013,030 |
|
|
2,025,382 |
|
300,792 |
|
Accounts receivable |
51,610 |
|
|
54,441 |
|
8,085 |
|
Short-term investments |
596,078 |
|
|
597,474 |
|
88,732 |
|
Advance to consumers on behalf of financing partners |
521,908 |
|
|
357,731 |
|
53,127 |
|
Loan recognized as a result of payment under the guarantee,
net |
553,688 |
|
|
769,127 |
|
114,224 |
|
Advance to sellers |
692,714 |
|
|
665,915 |
|
98,896 |
|
Other receivables, net |
707,404 |
|
|
741,974 |
|
110,191 |
|
Inventory |
19,380 |
|
|
15,773 |
|
2,344 |
|
Prepaid expenses and other current assets |
417,314 |
|
|
316,268 |
|
46,969 |
|
Financial lease receivables, net |
294,511 |
|
|
166,862 |
|
24,781 |
|
Total current assets |
6,668,634 |
|
|
6,165,837 |
|
915,697 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, equipment and software, net |
199,271 |
|
|
181,769 |
|
26,995 |
|
Intangible assets, net |
21,179 |
|
|
18,958 |
|
2,815 |
|
Goodwill |
110,424 |
|
|
110,424 |
|
16,399 |
|
Long term investments |
349,882 |
|
|
354,596 |
|
52,661 |
|
Operating lease right-of-use assets, net (1) |
- |
|
|
267,709 |
|
39,758 |
|
Total non-current assets |
680,756 |
|
|
933,456 |
|
138,628 |
|
|
|
|
|
|
Total assets |
7,349,390 |
|
|
7,099,293 |
|
1,054,325 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Short-term borrowings |
624,588 |
|
|
515,106 |
|
76,499 |
|
Accounts payable |
156,320 |
|
|
157,474 |
|
23,387 |
|
Guarantee liabilities |
321,255 |
|
|
426,432 |
|
63,330 |
|
Deposit of interests from consumers and payable to financing
partners – current |
482,827 |
|
|
299,168 |
|
44,430 |
|
Advance from buyers collected on behalf of sellers |
375,803 |
|
|
204,141 |
|
30,317 |
|
Other payables and accruals |
1,197,300 |
|
|
1,395,648 |
|
207,269 |
|
Deferred revenue |
115,160 |
|
|
64,632 |
|
9,599 |
|
Convertible bonds |
1,188,192 |
|
|
1,165,737 |
|
173,125 |
|
Operating lease liability, current (1) |
- |
|
|
62,281 |
|
9,249 |
|
Total current liabilities |
4,461,445 |
|
|
4,290,619 |
|
637,205 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Long-term borrowings |
481,801 |
|
|
452,542 |
|
67,208 |
|
Deposit of interests from consumers and payable to financing
partners – non-current |
29,742 |
|
|
21,903 |
|
3,253 |
|
Deferred tax liabilities |
4,759 |
|
|
4,278 |
|
635 |
|
Operating lease liability, non-current (1) |
- |
|
|
183,529 |
|
27,256 |
|
Total non-current liabilities |
516,302 |
|
|
662,252 |
|
98,352 |
|
|
|
|
|
|
Total liabilities |
4,977,747 |
|
|
4,952,871 |
|
735,557 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
Ordinary shares |
575 |
|
|
577 |
|
86 |
|
Additional paid-in capital |
12,967,986 |
|
|
13,021,718 |
|
1,933,871 |
|
Accumulated other comprehensive income |
86,061 |
|
|
92,088 |
|
13,676 |
|
Accumulated equity |
(10,680,489 |
) |
|
(10,965,027 |
) |
(1,628,429 |
) |
Total Uxin’s shareholders’ equity |
2,374,133 |
|
|
2,149,356 |
|
319,204 |
|
Non-controlling interests |
(2,490 |
) |
|
(2,934 |
) |
(436 |
) |
Total shareholders' equity |
2,371,643 |
|
|
2,146,422 |
|
318,768 |
|
|
|
|
|
|
Total liabilities and shareholders’equity |
7,349,390 |
|
|
7,099,293 |
|
1,054,325 |
|
|
|
|
|
|
Note: |
|
|
|
|
(1) 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. |
|
|
|
|
|
Uxin Limited |
|
Unaudited Reconciliations of GAAP And Non-GAAP
Results |
(In thousands except for number of shares and per share data) |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, |
2018 |
|
2019 |
RMB |
|
RMB |
US$ |
Loss from operations |
(452,853 |
) |
|
(261,233 |
) |
(38,796 |
) |
Add: Share-based compensation expenses |
2,331 |
|
|
53,722 |
|
7,978 |
|
- Cost of revenue |
- |
|
|
- |
|
- |
|
- Sales and marketing |
- |
|
|
- |
|
- |
|
- General and administrative |
2,331 |
|
|
53,170 |
|
7,896 |
|
- Research and development |
- |
|
|
552 |
|
82 |
|
|
|
|
|
|
Non-GAAP adjusted loss from operations |
(450,522 |
) |
|
(207,511 |
) |
(30,818 |
) |
|
|
|
|
|
|
For the three months ended March 31, |
2018 |
|
2019 |
RMB |
|
RMB |
US$ |
Net loss |
(839,437 |
) |
|
(284,983 |
) |
(42,323 |
) |
|
|
|
|
|
Add: Share-based compensation expenses |
2,331 |
|
|
53,722 |
|
7,978 |
|
- Cost of revenue |
- |
|
|
- |
|
- |
|
- Sales and marketing |
- |
|
|
- |
|
- |
|
- General and administrative |
2,331 |
|
|
53,170 |
|
7,896 |
|
- Research and development |
- |
|
|
552 |
|
82 |
|
|
|
|
|
|
Fair value change of derivative liabilities |
359,115 |
|
|
- |
|
- |
|
|
|
|
|
|
Non-GAAP adjusted net loss |
(477,991 |
) |
|
(231,261 |
) |
(34,345 |
) |
|
|
|
|
|
Non-GAAP adjusted net loss per share – basic |
(9.69 |
) |
|
(0.26 |
) |
(0.04 |
) |
Non-GAAP adjusted net loss per share – diluted |
(9.69 |
) |
|
(0.26 |
) |
(0.04 |
) |
Weighted average shares outstanding – basic |
49,318,860 |
|
|
881,704,014 |
|
881,704,014 |
|
Weighted average shares outstanding – diluted |
49,318,860 |
|
|
881,704,014 |
|
881,704,014 |
|
|
|
|
|
|
Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is
based on the certified exchange rate of USD1.00 = RMB6.7335 as of
the end of March 2019 stipulated by the People’s Bank of
China. |
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