BEIJING, June 11, 2019 /PRNewswire/ -- Renren Inc.
(NYSE: RENN) ("Renren" or the "Company"), which operates a leading
premium used auto business in China through its subsidiary Kaixin Auto
Holdings (NASDAQ: KXIN) as well as several U.S.-based SaaS
businesses, today announced its unaudited financial results for the
first quarter ended March 31,
2019.
First Quarter 2019 Highlights
- Total net revenues were US$110.4
million, a 17.6% decrease from the corresponding period
in 2018.
- Kaixin revenues (1) were US$104.6 million,
a 7.5% increase from the corresponding period in 2018.
- Operating loss was US$11.1
million, improved from an operating loss of US$23.7 million in the corresponding period in
2018.
- Net loss attributable to the Company was US$27.9 million, improved from a net loss of
US$41.6 million in the corresponding
period in 2018.
- Adjusted loss from continuing operations
(2) (non-GAAP) was US$8.2
million, improved from an adjusted loss from continuing
operations of US$11.3 million in the
corresponding period in 2018.
- Adjusted net loss (2) (non-GAAP) was
US$7.4 million, improved from an
adjusted net loss of US$18.8 million
in the corresponding period in 2018.
(1) Kaixin
revenues are the net revenue from the Company's subsidiary Kaixin
Auto Group, which are included in the Company's Auto Group segment.
Please refer to the table of additional information for
details.
|
(2) Adjusted
loss from continuing operations and net loss are non-GAAP measures,
which are defined as loss from operations excluding share-based
compensation expenses and amortization of intangible assets and net
loss excluding share-based compensation expenses, fair value change
of contingent consideration and amortization of intangible assets,
respectively. See "About Non-GAAP Financial Measures"
below.
|
"Kaixin Auto, our premium used auto dealership business, has
seen its business model progress and expand over the last several
years. Looking ahead, we are prepared to further refine and evolve
our business model as needed with the ultimate objective of
deepening our market penetration and attaining profitability," said
Joseph Chen, Chairman and Chief
Executive Officer.
"With incomes rising, many Chinese consumers are looking to
upgrade their vehicle or procure one for the first time, often with
an eye on U.S. and international premium brands. At the same time,
in light of the uncertain macroeconomic environment, consumers are
looking to hedge their spending exposure with the tremendous value
proposition offered by a used vehicle. This has all led to an
extraordinary opportunity that Kaixin, with its current 14
dealerships in 14 cities across 12 provinces in China, is well positioned to capture. We
believe focusing on the premium car segment provides the greatest
growth and consolidation opportunity in this still highly
fragmented and growing market," Mr. Chen added.
First Quarter 2019 Results
Total net revenues for the first quarter of 2019
were US$110.4 million, representing a
17.6% decrease from the corresponding period in 2018.
Used auto sales revenues for the first quarter of
2019 were US$102.6 million,
representing a 17.0% decrease from the corresponding period in
2018. The decrease was mainly due to the closing of our Ji'nan
dealership in the third quarter of 2018.
Others revenues were US$7.7
million, representing a 25.2% decrease from the
corresponding period in 2018. The decrease was mainly due to the
decreases of live streaming revenue from our Woxiu business and the
shift in Kaixin's business focus to used car sales as opposed to
third-party floor financing since the first quarter of 2018. We do
not expect to have any financing income related to the financing
business in the near future.
Cost of revenues was US$101.5
million, compared to US$123.5
million from the corresponding period of 2018. The decrease
was in line with the decrease of revenue.
Operating expenses were US$19.9 million, a 41.7% decrease from the
corresponding period of 2018.
Selling and marketing expenses were US$6.7 million, a 32.4% decrease from the
corresponding period of 2018. The decrease was primarily due to the
decrease in headcount and personnel-related expenses due to the
shift in Kaixin's business described above.
Research and development expenses were US$6.8 million, a 5.7% increase from the
corresponding period in 2018. The increase was primarily due to an
increase in headcount and personnel-related expenses for our SaaS
businesses.
General and administrative expenses were US$6.4 million, a 64.1% decrease from the
corresponding period in 2018. The decrease was primarily due to a
decrease in share-based compensation expenses and a decrease in
headcount and personnel-related expenses.
Share-based compensation expenses, which were all
included in operating expenses, were US$2.8
million, compared to US$12.3
million in the corresponding period in 2018. The decrease
was mainly due to stock options granted during the first quarter of
2018 by Kaixin, over half of which were vested on the grant date,
which led to the higher share-based compensation expenses in the
three months ended March 31, 2018
compared to the three months ended March 31,
2019.
Loss from operations was US$11.1 million, compared to a loss from
operations of US$23.7 million in the
corresponding period in 2018.
Net loss attributable to the Company was US$27.9 million, compared to a net loss of
US$41.6 million in the corresponding
period in 2018.
Adjusted loss from continuing operations (non-GAAP) was
US$8.2 million, compared with an
adjusted loss from continuing operations of US$11.3 million in the corresponding period in
2018. Adjusted loss from operations is defined as loss from
operations excluding share-based compensation expenses and
amortization of intangible assets.
Adjusted net loss (non-GAAP) was US$7.4 million, compared to an adjusted net loss
of US$18.8 million in the
corresponding period in 2018. Adjusted net loss is defined as net
loss excluding share-based compensation expenses, fair value change
of contingent consideration and amortization of intangible
assets.
Business Outlook
The Company expects to generate revenues in an amount ranging
from US$98 million to US$103 million in the second quarter of 2019.
This forecast reflects the Company's current and preliminary view,
which is subject to change.
Conference Call Information
The Company's management will host an earnings conference call
at 9:00 PM U.S. Eastern Time on June 11,
2019 (9:00 AM Beijing/Hong Kong time on June
12, 2019).
Interested parties may participate in the conference call by
dialing the numbers below and entering passcode Renren.
Dial-in Information:
United States: +1 845-675-0437
Hong Kong: +852-3018-6771
China: 400-620-8038
International: +65-6713-5090
Passcode: Renren
A replay of the conference call will be accessible by phone at
the following number until June 18, 2019:
United States: +1
646-254-3697
Hong Kong: +852-3051-2780
China: 400-632-2162
International: + 61 2-8199-0299
Passcode: 6486988
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website
at http://ir.renren-inc.com/.
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a leading premium used
auto business in China through its
subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) as well as several
US-based SaaS business. Renren's American depositary shares,
each of which represents fifteen Class A ordinary shares, trade
on NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook for the second quarter of 2019 and quotations
from management in this announcement, as well as Renren's strategic
and operational plans, contain forward-looking statements. Renren
may also make written or oral forward-looking statements in its
filings with the U.S. Securities and Exchange Commission ("SEC"),
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 Renren'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: Renren's goals and strategies; Renren's future business
development, financial condition and results of operations;
Renren's expectations regarding demand for and market
acceptance of its services; Renren's expectations regarding the
retention and strengthening of its relationships with used auto
dealerships; Renren's plans to enhance user experience,
infrastructure and service offerings; competition in the used auto
industry in China; and government
policies and regulations relating to the used auto industry in
China. Further information
regarding these and other risks is included in our annual report on
Form 20-F and other documents filed with the SEC. All
information provided in this press release and in the
attachments is as of the date of this press release, and Renren
does not undertake any obligation to update
any forward-looking statement, except as required under
applicable law.
About Non-GAAP Financial Measures
To supplement Renren's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Renren uses "adjusted income (loss) from
operations" and "net income (loss)" which are defined as non-GAAP
financial measures by the SEC, in evaluating its business. Renren
defines adjusted income (loss) from operations as income (loss)
from operations excluding share-based compensation expenses and
amortization of intangible assets and adjusted net income (loss) as
net income (loss) excluding share-based compensation expenses, fair
value change of contingent consideration and amortization of
intangible assets, respectively. Renren continuously and
periodically reviews its operating results and business
performance. Starting from the first quarter of 2018, there was a
significant impact on net income (loss) due to the material and
significant noncash amount of fair value change of contingent
consideration relating to the used auto dealerships of the emerging
used auto business. Due to the nature of the business, Renren
believes that including adjusted income (loss) from operations and
excluding the impact of such fair value changes more appropriately
reflects Renren's results of operations, and provides investors
with a better understanding of Renren's business performance. To
facilitate investors and analysts, the aforesaid impact is
presented retrospectively in "Reconciliation of non-GAAP results of
operations measures to the comparable GAAP financial measures".
Renren presents adjusted income (loss) from operations and net
income (loss) because they are used by Renren's management to
evaluate its operating performance. Renren also believes that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating Renren's consolidated
results of operations in the same manner as Renren's management and
in comparing financial results across accounting periods and to
those of Renren's peer companies.
These non-GAAP financial measures are not intended to be
considered in isolation from, or as a substitute for, the financial
information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see
the table captioned "Reconciliation of non-GAAP results of
operations measures to the comparable GAAP financial measures" at
the end of this release.
For more information, please contact:
Cynthia Liu
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com
RENREN
INC.
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
|
|
(In thousands of US
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
|
15,333
|
|
$
|
8,667
|
Restricted
cash
|
|
|
|
|
|
5,818
|
|
|
5,960
|
Accounts
receivable, net
|
|
|
|
|
|
2,584
|
|
|
3,159
|
Financing
receivable, net
|
|
|
|
|
|
3,486
|
|
|
3,259
|
Prepaid
expenses and other current assets
|
|
|
|
|
|
49,515
|
|
|
54,718
|
Amounts due
from related parties
|
|
|
|
|
|
20,829
|
|
|
18,688
|
Inventory,
net
|
|
|
|
|
|
59,197
|
|
|
46,670
|
Total
current assets
|
|
|
|
|
|
156,762
|
|
|
141,121
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
|
|
|
1,555
|
|
|
1,392
|
Goodwill and
intangible assets, net
|
|
|
|
|
|
85,526
|
|
|
87,266
|
Long-term
investments
|
|
|
|
|
|
22,341
|
|
|
22,552
|
Amount due from
related parties- non-current
|
|
|
|
|
|
133,880
|
|
|
135,711
|
Restricted cash
– non-current
|
|
|
|
|
|
36,362
|
|
|
16,905
|
Right-of-use
lease assets
|
|
|
|
|
|
-
|
|
|
7,992
|
Other
non-current assets
|
|
|
|
|
|
767
|
|
|
746
|
Total
non-current assets
|
|
|
|
|
|
280,431
|
|
|
272,564
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
|
|
$
|
437,193
|
|
$
|
413,685
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
|
8,255
|
|
$
|
7,305
|
Convertible
loan
|
|
|
|
|
|
-
|
|
|
20,000
|
Short-term
debt
|
|
|
|
|
|
49,887
|
|
|
26,746
|
Accrued
expenses and other current liabilities
|
|
|
|
|
|
33,055
|
|
|
30,754
|
Short-term
lease liabilities
|
|
|
|
|
|
-
|
|
|
3,403
|
Payable to
investors
|
|
|
|
|
|
15
|
|
|
15
|
Amounts due to
related parties
|
|
|
|
|
|
55
|
|
|
580
|
Deferred
revenue and advance from customers
|
|
|
|
|
|
3,716
|
|
|
2,380
|
Income tax
payable
|
|
|
|
|
|
20,602
|
|
|
22,205
|
Contingent
consideration
|
|
|
|
|
|
11,929
|
|
|
14,250
|
Total
current liabilities
|
|
|
|
|
|
127,514
|
|
|
127,638
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
|
|
|
35,000
|
|
|
15,000
|
Long-term lease
liabilities
|
|
|
|
|
|
-
|
|
|
3,603
|
Long-term
contingent consideration
|
|
|
|
|
|
93,741
|
|
|
111,829
|
Total
non-current liabilities
|
|
|
|
|
|
128,741
|
|
|
130,432
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
|
|
$
|
256,255
|
|
$
|
258,070
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
Class A
ordinary shares
|
|
|
|
|
|
737
|
|
|
740
|
Class B
ordinary shares
|
|
|
|
|
|
305
|
|
|
305
|
Additional
paid-in capital
|
|
|
|
|
|
709,137
|
|
|
711,678
|
Statutory
reserves
|
|
|
|
|
|
6,712
|
|
|
6,712
|
Accumulated
deficit
|
|
|
|
|
|
(563,737)
|
|
|
(591,684)
|
Accumulated
other comprehensive income
|
|
|
|
|
|
(5,689)
|
|
|
(4,292)
|
|
|
|
|
|
|
|
|
|
|
Total Renren
Inc. shareholders' equity
|
|
|
|
|
|
147,465
|
|
|
123,459
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
|
|
|
33,473
|
|
|
32,156
|
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
|
|
|
180,938
|
|
|
155,615
|
|
|
|
|
|
|
|
|
|
|
TOAL
LIABILITIES AND EQUITY
|
|
|
|
|
$
|
437,193
|
|
$
|
413,685
|
|
|
|
|
|
|
|
|
|
|
RENREN
INC.
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
(In thousands of US
dollars, except share data and per share data, ADS data, and per
ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
|
2018
|
|
|
2018
|
|
|
2019
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
Used auto
sales
|
|
|
$
|
123,606
|
|
$
|
114,560
|
|
$
|
102,620
|
Others
|
|
|
|
10,348
|
|
|
7,610
|
|
|
7,743
|
Total net
revenues
|
|
|
|
133,954
|
|
|
122,170
|
|
|
110,363
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
(123,519)
|
|
|
(111,641)
|
|
|
(101,537)
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
|
10,435
|
|
|
10,529
|
|
|
8,826
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
|
(9,972)
|
|
|
(7,218)
|
|
|
(6,745)
|
Research and
development
|
|
|
|
(6,394)
|
|
|
(7,160)
|
|
|
(6,760)
|
General and
administrative
|
|
|
|
(17,778)
|
|
|
(7,609)
|
|
|
(6,387)
|
Impairment of
goodwill
|
|
|
|
-
|
|
|
(29,055)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating expenses
|
|
|
|
(34,144)
|
|
|
(51,042)
|
|
|
(19,892)
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(23,709)
|
|
|
(40,513)
|
|
|
(11,066)
|
|
|
|
|
|
|
|
|
|
|
|
Other
(expenses) income
|
|
|
|
(411)
|
|
|
(3,135)
|
|
|
771
|
Fair value
change of contingent consideration
|
|
|
|
(10,265)
|
|
|
(39,837)
|
|
|
(17,733)
|
Interest
income
|
|
|
|
803
|
|
|
2,158
|
|
|
2,427
|
Interest
expenses
|
|
|
|
(1,264)
|
|
|
(1,078)
|
|
|
(918)
|
Realized gain
on disposal of long-term investments
|
|
|
|
-
|
|
|
68
|
|
|
-
|
Total
non-operating income
|
|
|
|
(11,137)
|
|
|
(41,824)
|
|
|
(15,453)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
provision of income tax and loss in equity method investments, net
of tax
|
|
|
|
(34,846)
|
|
|
(82,337)
|
|
|
(26,519)
|
Income tax
expenses
|
|
|
|
(831)
|
|
|
(7,807)
|
|
|
(1,100)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
loss in equity method investments, net of tax
|
|
|
|
(35,677)
|
|
|
(90,144)
|
|
|
(27,619)
|
Loss in equity
method investments, net of tax
|
|
|
|
(808)
|
|
|
(342)
|
|
|
(436)
|
Loss from
continuing operations
|
|
|
|
(36,485)
|
|
|
(90,486)
|
|
|
(28,055)
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations of discontinued operations, net of income
tax
|
|
|
|
(5,085)
|
|
|
(277)
|
|
|
-
|
Gain on
deconsolidation of the subsidiaries, net of income
tax
|
|
|
|
-
|
|
|
59,656
|
|
|
-
|
(Loss)
income from discontinued operations, net of
tax
|
|
|
|
(5,085)
|
|
|
59,379
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
|
(41,570)
|
|
|
(31,107)
|
|
|
(28,055)
|
Net loss
attributable to noncontrolling interests
|
|
|
|
20
|
|
|
7,837
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
income attributable to Renren Inc.
|
|
|
$
|
(41,550)
|
|
$
|
(23,270)
|
|
$
|
(27,947)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share from continuing operations attributable to Renren
Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.04)
|
|
$
|
(0.08)
|
|
$
|
(0.03)
|
Diluted
|
|
|
$
|
(0.04)
|
|
$
|
(0.08)
|
|
$
|
(0.03)
|
Net loss per
share from discontinued operations attributable to Renren
Inc.shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.00)
|
|
$
|
0.06
|
|
$
|
-
|
Diluted
|
|
|
$
|
(0.00)
|
|
$
|
0.06
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share attributable to Renren Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.04)
|
|
$
|
(0.02)
|
|
$
|
(0.03)
|
Diluted
|
|
|
$
|
(0.04)
|
|
$
|
(0.02)
|
|
$
|
(0.03)
|
Net loss
attributable to Renren Inc. shareholders per ADS*:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.60)
|
|
$
|
(0.34)
|
|
$
|
(0.40)
|
Diluted
|
|
|
$
|
(0.60)
|
|
$
|
(0.34)
|
|
$
|
(0.40)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in calculating net loss per ordinary
share attributable to Renren Inc. shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,033,468,103
|
|
|
1,040,385,805
|
|
|
1,043,848,165
|
Diluted
|
|
|
|
1,033,468,103
|
|
|
1,040,385,805
|
|
|
1,043,848,165
|
Weighted
average number of shares used in calculating net loss per ordinary
share from discontinued operations attributable to Renren Inc.
shareholders:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
1,033,468,103
|
|
|
1,040,385,805
|
|
|
1,043,848,165
|
Diluted
|
|
|
|
1,033,468,103
|
|
|
1,079,618,090
|
|
|
1,043,848,165
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS
represents 15 Class A ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP results of
operations measures to the comparable GAAP financial
measures
|
|
|
(In thousands
of US dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
March
31,
|
|
|
|
2018
|
|
|
2018
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
opeartions
|
|
|
$
|
(23,709)
|
|
$
|
(40,513)
|
|
$
|
(11,066)
|
Add back:
Shared-based compensation expenses
|
|
|
|
12,327
|
|
|
2,898
|
|
|
2,809
|
Add back: Amortization of
intangible assets
|
|
|
|
131
|
|
|
101
|
|
|
96
|
Adjusted
loss from continuing operations
|
|
|
$
|
(11,251)
|
|
$
|
(37,514)
|
|
$
|
(8,161)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
$
|
(41,570)
|
|
$
|
(31,107)
|
|
$
|
(28,055)
|
Add back:
Shared-based compensation expenses
|
|
|
|
12,327
|
|
|
2,898
|
|
|
2,809
|
Add back: Fair
value change of contingent consideration
|
|
|
|
10,265
|
|
|
39,837
|
|
|
17,733
|
Add back: Amortization of
intangible assets
|
|
|
|
131
|
|
|
101
|
|
|
96
|
Adjusted net
(loss) income
|
|
|
$
|
(18,847)
|
|
$
|
11,729
|
|
$
|
(7,417)
|
RENREN
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
INFORMATION (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands of US
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
March 31,
2018
|
|
December 31,
2018
|
|
March 31,
2019
|
|
|
|
Kaixin
|
|
Ji'nan dealership
*
|
|
Renren
|
|
Total
|
|
|
Kaixin
|
|
Renren
|
|
Total
|
|
|
Kaixin
|
|
Renren
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Used auto
sales
|
$
|
92,856
|
$
|
30,750
|
$
|
-
|
$
|
123,606
|
|
$
|
114,560
|
$
|
-
|
$
|
114,560
|
|
$
|
102,620
|
$
|
-
|
$
|
102,620
|
|
Others
|
|
4,475
|
|
420
|
|
5,453
|
|
10,348
|
|
|
2,861
|
|
4,749
|
|
7,610
|
|
|
2,026
|
|
5,717
|
|
7,743
|
|
Total
|
|
97,331
|
|
31,170
|
|
5,453
|
|
133,954
|
|
|
117,421
|
|
4,749
|
|
122,170
|
|
|
104,646
|
|
5,717
|
|
110,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
|
90,508
|
$
|
29,081
|
$
|
3,930
|
$
|
123,519
|
|
$
|
108,841
|
$
|
2,800
|
$
|
111,641
|
|
$
|
98,529
|
$
|
3,008
|
$
|
101,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Ji'nan dealership
was transferred from Kaixin Auto Group to Renren in the fourth
quarter of 2018. Ji'nan dealership and Kaixin were included in the
Company's Auto Group segment in 2018.
|
View original
content:http://www.prnewswire.com/news-releases/renren-announces-unaudited-first-quarter-2019-financial-results-300865613.html
SOURCE Renren Inc.